/raid1/www/Hosts/bankrupt/TCRAP_Public/051014.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
A S I A P A C I F I C
Friday, October 14, 2005, Vol. 8, No. 204
Headlines
A U S T R A L I A
AGC & WPP: Court Winds Up Firm
ALKAY NOMINEES: Appoints Official Liquidator
BERMEL PTY: Members Convene to Discuss Wind Up Report
BIRRETTUM PTY: Placed Under Voluntary Liquidation
BURGUNDY LANE: Wound Up by Creditors
CARTER HOLT: Hart Extends US$2.3-Bln Offer
FERNFIELD PTY: Liquidator to Distribute Company Assets
FORTESCUE METALS: Joins Battle for Shovelanna
FORTESCUE METALS: Inks Additional Sales Agreements
G.T. TRANSPORT: Court Issues Wind Up Order
HAZELMERE HOLDINGS: Schedules Final Meeting on Oct. 21
JAMES HARDIE: Staff Strike Over Contract Dispute
J PAUL: Names A. R. Nicholls as Liquidator
MATERIALS PTY: Members Agree to Close Business
MOREE RUGBY: Set to Distribute Dividend Soon
MORE THAN: Inability to Pay Debts Prompts Wind Up
NEW AGE: Liquidator Explains Wind Up to Members, Creditors
OFFICEFORCE PREMIER: Pays Dividend to Creditors
QANTAS AIRWAYS: To Focus on Fuel Cost Next Year
QANTAS AIRWAYS: Adds 5th Non-stop Brisbane-Los Angeles Flight
RABINDAMIR PTY: Initiates Winding Up Proceedings
RGLL PTY: Decides to Shut Down
SAGA HOLIDAYS: Members to Receive Liquidation Report
TELSTRA CORPORATION: Trims Advertising Budget
TELSTRA CORPORATION: Stake Sale Goes Global
VALLEY PARK: Enters Liquidation
WHANAU TRANSPORT: Members Pass Winding Up Resolution
WK CONTRACTING: Declares Dividend Today
* ASIC Welcomes Insolvency Reforms Package
C H I N A & H O N G K O N G
ABC MULTIACTIVE: Net Loss Widens to HK$4.17 Mln
ASIATEX INTERNATIONAL: Court Issues Winding Up Order
BEIJING MEDIA: Employees Face Bribery Charges
INDUSTRIAL AND COMMERCIAL: Plans to Sell More Stakes
JADELING ADMINISTRATIVE: Issues Winding Up Notice
LIAONING SECURITIES: J.P. Morgan Eyes Tie-Up
LONG VACATION: Winding Up Process Initiated
LONG PANTIUM: Court Issues Winding Up Order
NFY NURSERY: Prepares to Cease Operations
STARBOW HOLDINGS: Notes Unusual Price, Volume Movements
I N D I A
SANYO-BPL: Sanyo's Restructuring Plans Will Not Affect JV
I N D O N E S I A
PERTAMINA: May Build Petrochemical Gas Plant in Donggi
PERUSAHAAN LISTRIK: Set to Build Geothermal Plant
J A P A N
FUJIYUGYO COMPANY: IRCJ Offloads Entire Equity
JAPAN AIRLINES: Expands Code-share Flights in China
KAJIMA CORPORATION: Revises 1H05 Financial Results
MITSUBISHI MOTORS: Malaysia Plans More Major Launches
MITSUBISHI MOTORS: New Eclipse Named 'GT of the Year'
MITSUBISHI MOTORS: Australia Launches "380" Large Sporty Sedan
K O R E A
ASIANA AIRLINES: To Reopen Phuket Route October 26
M A L A Y S I A
ANCOM BERHAD: Purchases 43,500 Ordinary Shares
ASIAN PAC: EGM Slated End of the Month
CONSOLIDATED FARMS: Amends Proposed Restructuring Scheme
HAP SENG: Buys Back Ordinary Shares
KIG GLASS: BCB Claims Payment of Unit's Debt Facilities
K.P. KENINGAU: Provides Info on De-listing of Securities
METROPLEX BERHAD: Amount of Default Reaches MYR1,715,120,061.96
OLYMPIA INDUSTRIES: Extends Time to Fulfill Conditions of SPA
OLYMPIA INDUSTRIES: Still No Progress of MoU
PAN MALAYSIA: Shareholders OK All Resolutions at EGM
PAN MALAYSIA: Issues List of Dissolved Units
PANTAI HOLDINGS: Issues New Shares for Listing, Quotation
PUNCAK NIAGA: Bourse to List, Quote New Shares
SUREMAX GROUP: Unit Enters Winding Up Process
TRANSOCEAN HOLDINGS: Unveils Unit's Payment Default
P H I L I P P I N E S
C&P HOMES: Provides Additional Info on Capital Restructure
COLLEGE ASSURANCE: AGILE Blamed for Collapse
COLLEGE ASSURANCE: Planholders Junk Insolvency Petition
NATIONAL BANK: Delay in Privatization Seen
PHILIPPINE LONG: Seeks Noteholders' Consent; No Rating Impact
PHILIPPINE LONG: Moody's Reviews Ratings for Possible Upgrade
SWIFT FOODS: Elects New Director
S I N G A P O R E
CHEMQUEST INTERNATIONAL: Creditors Asked to Submit Debt Claims
CITIRAYA INDUSTRIES: Former Official Pleads Guilty to Corruption
LIBRARY EXCHANGE: Creditors Must Submit Debt Claims
L&M INTERNATIONAL: Schedules Meeting to Discuss Wind Up
SEINO MERCHANTS: To Pay Dividend to Creditors This Month
WALSHE PTE: Liquidator Sets Deadline for Creditors' Claims
WING TAI: Passes Resolutions at AGM and EGM
T H A I L A N D
EASTERN PRINTING: Trading of Securities Still Suspended
THAI-GERMAN: Concludes Share Capital Increase, Decrease
THAI PETROCHEMICAL: PTT Confident in Investment's Success
TPI POLENE: To Seek Extension of Restructuring Process
- - - - - - - -
=================
A U S T R A L I A
=================
AGC & WPP: Court Winds Up Firm
------------------------------
Notice is hereby given that on Sept. 7, 2005, the Supreme Court
of Victoria ordered the winding up of AGC & WPP Pty Limited, and
appointed Gregory Stuart Andrews of 22 Drummond Street, Carlton
3053 was appointed Official Liquidator of the company.
Dated this 13th day of September 2005
Gregory S. Andrews
Liquidator
G. S. Andrews & Associates
Certified Practising Accountants
22 Drummond Street, Carlton Vic 3053
Phone: 03 9662 2666
Fax: 03 9662 9544
ALKAY NOMINEES: Appoints Official Liquidator
--------------------------------------------
Notice is hereby given that at an extraordinary general meeting
of the members and creditors of Alkay Nominees Pty Limited held
on Sept. 8, 2005, it was resolved that the Company be wound up
voluntarily, and that Joseph Loebenstein, Chartered Accountant
and Registered Liquidator of Loebenstein Insolvency Services Pty
Limited, 203 Balaclava Road, Caulfield North, Victoria, be
appointed liquidator for such purpose.
Dated this 8th day of September 2005
Joseph Loebenstein
Liquidator
Loebenstein Insolvency Services Pty Limited
203 Balaclava Road, Caulfield North Vic 3161
BERMEL PTY: Members Convene to Discuss Wind Up Report
-----------------------------------------------------
Notice is given that a final meeting of members of Bermel Pty
Limited will be held on Oct. 21, 2005, 10:30 a.m. at Level 30,
Central Plaza One, 345 Queen Street, Brisbane Qld.
The purpose of the meeting is 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 of the account.
Accounts have been compiled in accordance with
Section 539(1) and are available for inspection at the
Liquidator's office during normal business hours.
Dated this 6th day of September 2005
M. J. Fitzpatrick
Liquidator
KPMG
Level 30, Central Plaza One
345 Queen Street, Brisbane Qld 4000
Phone: 07 3233 3111
BIRRETTUM PTY: Placed Under Voluntary Liquidation
-------------------------------------------------
Notice is hereby given that at a general meeting of the members
of Birrettum Pty Limited held on Sept. 7, 2005, it was resolved
that the Company be wound up voluntarily, and that Dennis
Anthony Turner, Chartered Accountant of PKF Chartered
Accountants, Level 11, 485 La Trobe Street, Melbourne Vic 3000
be nominated to act as Liquidator for the winding up.
Dated this 8th day of September 2005
Dennis A. Turner
Liquidator
PKF Chartered Accountants
Level 11, 485 La Trobe Street
Melbourne Vic 3000
BURGUNDY LANE: Wound Up by Creditors
------------------------------------
At a meeting of the creditors of Burgundy Lane Pty Limited held
on Sept. 7, 2005, it was resolved that the Company be wound up.
Administrator Kim David Holbrook of Holbrook & Associates
Chartered Accountants, Level 2, 19 Pier Street, Perth, Western
Australia, was appointed Liquidator of the Company.
Dated this 7th day of September 2005
Kim D. Holbrook
Holbrook & Associates
Chartered Accountants
Level 2, 19 Pier Street
(GPO Box M925) Perth WA 6001
CARTER HOLT: Hart Extends US$2.3-Bln Offer
------------------------------------------
Graeme Hart has extended his NZ$3.3 billion (US$2.3 billion)
offer for wood products firm Carter Holt Harvey by 21 days,
Reuters reports.
The offer, which was due to expire on Thursday, would remain
open at the same price until Nov. 3.
New Zealand-based Mr. Hart, majority owner of Australian food
group Burns, Philp & Co., has already installed five directors
on the Carter Holt board with a further two due to resign after
the offer period.
Mr. Hart has not commented publicly on his intentions but has
announced a review of Carter Holt, which includes forestry, pulp
and paper, packaging and wood products businesses. Analysts
expect him to break up and sell parts of the company.
CONTACT:
NEW ZEALAND
Carter Holt Harvey Limited
640 Great South Road
Manukau City
Auckland 1020
Phone: +64 9 262 6000
Facsimile: +64 9 262 6099
AUSTRALIA
Carter Holt Harvey Limited
Como Office Tower
Level 16, 644 Chapel Street
South Yarra
Melbourne, VIC 3141
Telephone: +61 3 9823 1600
Facsimile: +61 3 9823 1620
Web site: http://www.chh.com
FERNFIELD PTY: Liquidator to Distribute Company Assets
------------------------------------------------------
Notice is hereby given that at a General Meeting of Fernfield
Pty Limited held on Sept. 12, 2005 the following special
resolutions were passed:
That the Company be wound up voluntarily.
That the Company assets may be distributed in specie to the
members.
Dated this 12th day of September 2005
Richard Auricht
Liquidator
Richard Auricht
Chartered Accountant
242 Grenfell Street, Adelaide SA 5000
Phone: 08 8223 1033
FORTESCUE METALS: Joins Battle for Shovelanna
---------------------------------------------
Andrew Forrest's Fortescue Metals Group has joined the fight for
the rich Shovelanna Hill ore deposit in the Pilbara region,
according to the Sydney Morning Herald.
Fortescue Metals is the fourth company to lay claim to leases
inadvertently relinquished by Rio Tinto last month.
Rio has reportedly lobbied the West Australian Government to
have leases returned under the Mining Act, arguing it would not
be in the public's interest to award the ground to explorer
Cazaly Resources, which applied for the tenements in late
August.
Cazaly is now attracting all BHP Billiton, Rio, Andrew Forrest,
Gina Rinehart and the Wright family - making Shovelanna the most
hotly contested bit of dirt since prospectors Mark Creasy and
Leith Beal waged a 10-year war for the South Bronzewing gold
project.
Shovelanna Hill is potentially one of the most strategic
resources in the Pilbara, between BHP Billiton's Orebody 17 and
Orebody 31 and believed to host rich extensions to the Orebody
18 deposit now being stripped for development.
Cazaly Managing Director Nathan McMahon said a date had not been
set for a Warden's Court hearing, but noted no one had
challenged Cazaly's status as the first to lay claim to arguably
vacant ground. Tenements are typically awarded on a "first-in,
first-served" basis.
CONTACT:
Fortescue Metals Group Limited
Fortescue House
50 Kings Park Road
WEST PERTH
WESTERN AUSTRALIA WA 6005
Phone: +61 8 9266 0111
Fax: +61 8 9266 0188
E-mail: fmgl@fmgl.com.au
Web site: http://www.fmgl.com.au/
FORTESCUE METALS: Inks Additional Sales Agreements
--------------------------------------------------
Fortescue Metals Group Limited advised that it has signed
additional sales agreements representing an aggregate of 7.5
million tonnes per annum (Mt/a) with four Chinese steel mills.
This brings the total sales agreements signed by the Company to
date to 17Mt/a which is 38% of Fortescue's initial planned
production of 45 Mt/a.
These agreements are for terms of 10 years and prices have been
set with reference to industry standards.
The names of the counterparties are confidential. However,
Fortescue can report that three of the steel groups are ranked
within China's Top 15 mills by volume of steel production over
2004. The fourth is a new mill.
Fortescue believes that the current imbalance of iron ore supply
and demand which resulted in the 71.5% price rise effective from
April 2005 is causing international steel mills to actively seek
out future supply lines for iron ore. These new sales agreements
will further underwrite Fortescue's plan of becoming a major
alternative supplier on the world market.
G.T. TRANSPORT: Court Issues Wind Up Order
------------------------------------------
On Sept. 1, 2005, the Supreme Court of Sydney ordered the
winding up of G. T. Transport Group Pty Limited, and appointed
Dennis Offermans to be Liquidator for such purpose.
Dated this 16th day of September 2005
Dennis Offermans
c/o PPB
Chartered Accountants and Business
Reconstruction Specialists
15th Floor, 25 Bligh Street
Sydney NSW 2000
Phone: 02 9233 4955
Fax: 02 9221 1310
HAZELMERE HOLDINGS: Schedules Final Meeting on Oct. 21
------------------------------------------------------
Notice is given that a final meeting of members of Hazelmere
Holdings Pty Limited will be held on Oct. 21, 2005, 11:00 a.m.
at Level 30, Central Plaza One, 345 Queen Street, Brisbane Qld
4000, to present the Liquidator's account showing the manner of
the winding up and disposal of the property of the Company, and
to receive any explanation of the account.
Accounts have been compiled in accordance with section 539(1)
and are available for inspection at the Liquidator's office
during normal business hours.
Dated this 7th day of September 2005
M. J. Fitzpatrick
Liquidator
KPMG
Level 30, Central Plaza One
345 Queen Street, Brisbane Qld 4000
Phone: 07 3233 3111
JAMES HARDIE: Staff Strike Over Contract Dispute
------------------------------------------------
Around 240 Workers at James Hardie Industries in Brisbane walked
off yesterday after they failed to reach workplace agreements
with the firm's management, ABC News Online.
The company wants to establish separate agreements for staff
working at a building products plant at Carole Park, west of
Brisbane and a pipe manufacturing facility at Meander, east of
the city.
Steve Baker, from the Australian Workers Union, said the
employees fear the separate agreements will erode their
bargaining power.
Mr. Baker said the company is attacking the employees' rights to
collective bargain, saying it is trying to separate them into
two separate agreements when they've always had one agreement.
James Hardie reportedly decided on the move in abid to raise
penalty rates by up to 30 percent.
CONTACT:
Investor and Analyst Inquiries:
Steve Ashe
Vice President, Investor Relations
Telephone: 61 2 8247 5246
Mobile: 0408 164 011
E-mail: steve.ashe@jameshardie.com.au
Media Inquiries:
James Richards
Telephone: 61 2 8274 5304
Mobile: 0419 731 371
Facsimile: 61 2 8274 5218
E-mail: media@jameshardie.com.au
Web site: http://jameshardie.com
J PAUL: Names A. R. Nicholls as Liquidator
------------------------------------------
On Sept. 8, 2005, the Supreme Court of New South Wales ordered
that J Paul Haulage Pty Limited be wound up, and A. R. Nicholls
was appointed as Liquidator of the Company.
A. R. Nicholls
Liquidator
c/o Nicholls & Co.
Chartered Accountants
Suite 6, 459 Peel Street, PO Box 271
Tamworth NSW 2340
MATERIALS PTY: Members Agree to Close Business
----------------------------------------------
At an Extraordinary General Meeting of Materials Pty Limited
held on Sept. 8, 2005, members resolved to wind up the
Company voluntarily, and to appoint Justin Denis Walsh and
Richard John Dennis of Ernst & Young, Level 5, Waterfront Place,
1 Eagle Street, Brisbane, Qld, 4000 as Liquidators for the
winding up.
Dated this 8th day of September 2005
Richard J. Dennis
Justin D. Walsh
Liquidator
Ernst & Young
Level 5, Waterfront Place
1 Eagle Street, Brisbane Qld 4000
Phone: 07 3243 3607
MOREE RUGBY: Set to Distribute Dividend Soon
--------------------------------------------
Moree Rugby League Club Limited will declare a first and final
dividend on Oct. 17, 2005.
Creditors who were not able to prove their debts or claims will
be excluded from the benefit of the dividend.
Dated this 23rd day of August 2005
A. R. Nicholls
Liquidator
c/o Nicholls & Co.
Chartered Accountants
PO Box 271, Tamworth NSW 2340
MORE THAN: Inability to Pay Debts Prompts Wind Up
-------------------------------------------------
Notice is hereby given that at a meeting of More Than Just
Copies Pty Limited held on Sept. 12, 2005, the following Special
Resolution was passed:
That as it is unable to pay its debts as and when they fall due,
the Company be wound up voluntarily, and that Robert Moodie be
appointed Liquidator for such winding up.
Robert Moodie
Liquidator
c/o Rodgers Reidy
Level 8, 333 George Street
Sydney NSW 2000
NEW AGE: Liquidator Explains Wind Up to Members, Creditors
----------------------------------------------------------
Notice is given that the final meeting of the members and
creditors of New Age Interiors (NSW) Pty Limited will be held on
Oct. 21, 2005, 10:30 a.m. at Level 1, 32 Martin Place, Sydney,
NSW for the following purposes:
AGENDA
To consider the Liquidator's account on the conduct of the
winding up and the disposal of the Company's property.
Proxies to be used at the meeting should be lodged prior to the
commencement of the meeting.
Dated this 12th day of September 2005
Adam Shepard
Liquidator
C/o Level 1, 32 Martin Place
Sydney NSW
OFFICEFORCE PREMIER: Pays Dividend to Creditors
-----------------------------------------------
Officeforce Premier City Pty Limited will declare a first and
final dividend on Oct. 17, 2005.
Creditors who were not able to prove their debts or claims will
be excluded from the benefit of the dividend.
Dated this 9th day of September 2005
I. W. Burford
Liquidator
Hood Sweeney Pty Limited
110 Hutt Street, Adelaide SA 5000
Phone: 08 8223 6868
QANTAS AIRWAYS: To Focus on Fuel Cost Next Year
-----------------------------------------------
Fuel is the key factor in the coming year for Qantas Airways,
according to Asia Pulse.
Qantas chairman Margaret Jackson said fuel was a major issue for
the airline and would be "the key factor in the year ahead".
The national flag carrier said that its fuel expenditure will be
30 percent of its total operating costs, up from 15 percent in
the year to June 2004 and 19 percent in the year to June 2005.
This financial year, we will face a rise in fuel costs of around
AU$1.1 billion (US$830.28 million), if you take the price effect
alone," Ms Jackson told shareholders at the company's annual
general meeting in Canberra.
She said the airline was able to offset some of expenses through
hedging and surcharges. But the carrier still faces a shortfall
of between AU$400 million and AU$500 million this financial year
compared to last.
Ms. Jackson said these numbers, however, are constantly changing
as fuel prices remain volatile.
"This is going to have a profound impact as we go forward," she
said.
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
QANTAS AIRWAYS: Adds 5th Non-stop Brisbane-Los Angeles Flight
-------------------------------------------------------------
Qantas Airways Ltd has added a fifth non-stop service from
Brisbane to Los Angeles on the lucrative trans-Pacific route.
Qantas executive general manager John Borghetti said the
introduction of non-stop flights last year between Brisbane and
Los Angeles had been very successful.
"The latest capacity growth reflects the confidence that Qantas
has in further growth in tourism and travel between the USA and
Queensland," Mr. Borghetti said.
Mr. Borghetti said all Brisbane-Los Angeles services would be
operated by two-class Boeing 747 aircraft.
He said further changes to Qantas' US schedules included moving
from eight flights a week on Melbourne-Los Angeles to a double-
daily service - seven operating non-stop and seven via Auckland.
Qantas services between Australia and mainland USA will increase
to a record 39 a week from March 2006 when the airline commences
new services to San Francisco.
The fifth service from Brisbane to LA will begin on January 28,
2006.
RABINDAMIR PTY: Initiates Winding Up Proceedings
------------------------------------------------
Notice is hereby given that at a General Meeting of the members
of Rabindamir Pty Limited held on Sept. 5, 2005, it was resolved
that the Company be wound up voluntarily, and that Duncan Plante
of 1st Floor, 350 Peel Street, Tamworth be appointed Liquidator
for that purpose.
Dated this 14th day of September 2005
Duncan Plante
Liquidator
1st Floor, 350 Peel Street
Tamworth
RGLL PTY: Decides to Shut Down
------------------------------
At a general meeting of the members of RGLL Pty Limited held on
Sept. 9, 2005, it was resolved to voluntarily wind up the
Company.
David C. Pratt
Simon J. Cathro
Liquidators
Level 15, 201 Sussex Street
Sydney NSW 1171
SAGA HOLIDAYS: Members to Receive Liquidation Report
----------------------------------------------------
Notice is given that the final meeting of the members of Saga
Holidays (Australasia) Pty Limited will be held on Oct. 21,
2005, 10:00 a.m. at the offices of Deloitte Touche Tohmatsu,
Level 3, 225 George Street, Sydney, to lay before the meeting an
account showing how the winding up was conducted and the
property of the Company disposed of, and to give any explanation
of the account.
Dated this 6th day of September 2005
C. R. Campbell
P. G. Yates
Liquidators
c/o Deloitte Touche Tohmatsu
Level 3, 225 George Street
Sydney NSW 2000
TELSTRA CORPORATION: Trims Advertising Budget
---------------------------------------------
Media buyers predict Telstra Corporation's advertising budget
will continue to fall for the current financial year by as much
as AU$30 million, reports the Sydney Morning Herald.
The telco is reportedly trimming AU$90-million promotion costs
by up to a third ahead of a marketing blueprint to be unveiled
to investors next month.
Telstra refused to reveal what proportion of its AU$330 million
total promotion and advertising budget is devoted solely to
mainstream advertising, but the latest recorded figure for the
year ending June 30, 2004, puts it at around AU$92 million, in
itself a 13 per cent drop on the previous year.
The reductions are continuation of the telco's strategy of the
past two years to head away from mass-media advertising in favor
of techniques that demonstrate a quantifiable return on its
investment.
Telstra will unveil a marketing blueprint in the middle of next
month as part of chief executive Sol Trujillo's strategic
review.
Two months ago Telstra and its media buying advisers dismissed
rumors that it was preparing to slash the budget by up to a
third. But now, amid a sharp reduction in spend, some media
buyers have been told to expect further cuts.
CONTACT:
Telstra Corporation
Level 41 - Telstra Centre, 242 Exhibition Street,
Melbourne , Victoria, Australia, 3000
Telephone: (03) 9634 6400
Fax: (03) 9632 3215
Web site: http://www.telstra.com.au/
TELSTRA CORPORATION: Stake Sale Goes Global
-------------------------------------------
The Federal Government is considering forming a team of
investment banks to sell a big portion of Telstra's shares to
international investors, The Advertiser relates.
The Government is expanding its scope for investment banks to
sell its AU$27-billion stake in Telstra to boost demand fro
stock from global institutions.
The move would pave the way for the Government to sell its 6.4
billion shares with one option being a rapid sale of a parcel of
shares to international institutions early next year before a
public offering to small investors in Australia.
The plan would involve forming a team of investment banks to
sell convertible bonds to global investors.
Investment banks bid to Finance Department officials to win a
role in the sale and share up to AU$100 million in fees.
VALLEY PARK: Enters Liquidation
-------------------------------
At a General Meeting of Valley Park Pty Limited duly convened
and held on Sept. 9, 2005, the following Special Resolution was
passed:
That the Company be wound up as a Members' Voluntary
Liquidation, and that its assets may be distributed (in whole or
in part) to the members in specie, should the liquidator so
desire.
Dated this 9th day of September 2005
James L. Wilson
Liquidator
10 Rosslyn Street, Mile End South SA 5031
WHANAU TRANSPORT: Members Pass Winding Up Resolution
----------------------------------------------------
Notice is hereby given that at an extraordinary general meeting
of members of Whanau Transport Pty Limited held on Sept. 19,
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 Richard Herbert Judson of Judson & Co. Chartered
Accountants, Level 1, 10 Park Road, Cheltenham be appointed
liquidator.
Dated this 19th day of September 2005
Richard H. Judson
Liquidator
Judson & Co. Chartered Accountants
Suite 4, Level 1, 10 Park Road
Cheltenham Vic 3192
Phone: 9585 4155
WK CONTRACTING: Declares Dividend Today
---------------------------------------
WK Contracting (Qld) Pty Limited will declare a second and final
dividend today, Oct. 14, 2005.
Creditors who were not able to prove their debts or claims will
be excluded from the benefit of the dividend.
Dated this 8th day of September 2005
J. R. Park
Liquidator
Ramsay Clout
Chartered Accountants
Suite 2, 63 The Esplanade
Maroochydore Qld 4558
Phone: 07 5479 6411
Fax: 07 5479 6350
* ASIC Welcomes Insolvency Reforms Package
------------------------------------------
The Chairman of the Australian Securities and Investments
Commission (ASIC), Mr. Jeffrey Lucy has welcomed the package of
corporate insolvency reforms announced by the Australian
Government.
Speaking at the National Conference of the Insolvency
Practitioners Association of Australia (IPAA) today Mr Lucy said
the initiatives released by the Parliamentary Secretary to the
Treasurer, the Hon Chris Pearce MP, would assist ASIC in
addressing corporate insolvency in Australia.
"ASIC believes the establishment of an Assetless Administration
Fund is a significant and valuable development for corporate
Australia," Mr. Lucy said.
The Assetless Administration Fund will be established to finance
investigations by liquidators in cases where it appears to ASIC
that further investigation and reporting may lead to enforcement
action. This approach utilizes the skills of private sector
practitioners to ensure that ASIC is provided with adequate
information to identify and pursue misconduct by company
officers in the lead-up to a company failure.
"This approach helps close a systemic problem with behavior by
some directors that use corporate structures to deliberately
avoid their responsibilities to creditors by structuring Phoenix
type transactions," Mr. Lucy said.
'Phoenix' activity is typically associated with directors who
transfer the assets of an indebted company into a new company of
which they are also directors. They then place the initial
company into administration/liquidation with no assets to pay
creditors, and continue the business using the new company
structure.
Mr. Lucy said that ASIC will use additional funding provided in
the reform package to establish an enforcement program targeting
misconduct by the officers of assetless companies. This program
will focus on disqualifying directors of assetless companies who
are involved in repeat Phoenix activity and that deliberately
incur debt knowing that creditors will not be paid.
"This initiative is a significant step towards helping honest
business compete on a level playing field and will address
dishonest and unfair behavior that costs business
significantly."
"ASIC looks forward to working closely with the insolvency
profession to ensure the implementation of this important
initiative, and prevent Phoenix type behavior," Mr. Lucy said.
==============================
C H I N A & H O N G K O N G
==============================
ABC MULTIACTIVE: Net Loss Widens to HK$4.17 Mln
-----------------------------------------------
ABC Multiactive Limited incurred a net loss of HK$4.174 million
for the nine months ended August 31, versus a net loss of
HK$2.491 million a year earlier, Infocast reports.
Loss per share was 2.6 cents. No dividend was declared for the
fiscal third quarter.
The Group is principally engaged in the provision of the
software solutions for e-business and CRM, E-finance and
Internet trading and E-training.
CONTACT:
ABC Multiactive Limited
17/F Regent Centre
88 Queen's Road
Central, Hong Kong
Phone: 25982888
Fax: 28682083
Web site: http://www.abcmultiactive.com
ASIATEX INTERNATIONAL: Court Issues Winding Up Order
----------------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Asiatex International Limited by the High Court of Hong Kong
Special Administrative Region was on September 7, 2005 presented
to the said Court by Ip Chui Ha of Flat 2, 30th Floor, Wo Yat
House, Wo Ming Court, Tseung Kwan O, New Territories, Hong Kong.
The said Petition is to be heard before the Court at 9:30 a.m.
on November 2, 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.
MESSRS. LIU, CHAN AND LAM
Solicitors for the Petitioner
Room 1710-18, 17th Floor, Hutchison House
10 Harcourt Road
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 November 1, 2005.
BEIJING MEDIA: Employees Face Bribery Charges
---------------------------------------------
Reference is made to the announcement of Beijing Media
Corporation Limited (BYDM) dated October 3, 2005 in relation to
the detention of 6 employees of BYDM by the Prosecution Office
of the Beijing Dongcheng District and the Second Prosecution
Branch Office of the Beijing City, the People's Republic of
China (the PRC Authorities).
The board of directors of BYDM announced that, among the 6
employees of BYDM being detained by the PRC Authorities, formal
allegations of bribery were made against Mr. Duan Tao (Officer
of Advertising Department) on September 27, 2005, and Mr. Yu
Dagong (Head of Advertising Department), Mr. Zhu Weijing (Deputy
Head of Advertising Department) and Mr. Lu Jianning (Officer of
Advertising Department) on October 10, 2005.
The Board became aware of the above allegations on October 1,
2005 and October 12, 2005, respectively. BYDM and the PRC
Authorities continue to be in communications regarding these
maters. However, the Board is uncertain as to whether the
allegations have any relationship with BYDM and has not been
officially notified by the PRC Authorities regarding the
allegations, if any, concerning Mr. Zheng Yijun (Vice-President)
and Mr. Niu Ming (Vice-President). BYDM will announce the
findings of the investigation referred to in the Announcement as
soon as the report becomes available and is approved by the
Board.
As disclosed in the Announcement, measures have been implemented
to ensure minimal disruption of the operation of BYDM and the
Board does not anticipate any significant disruption to be
caused to its daily operations.
This announcement is made pursuant to Rule 13.09(1) of the Rules
Governing the Listing of Securities on The Stock Exchange of
Hong Kong Limited.
CONTACT:
Beijing Media Corporation Limited
24/F, Prince's Building
Central, Hong Kong
INDUSTRIAL AND COMMERCIAL: Plans to Sell More Stakes
----------------------------------------------------
Industrial and Commercial Bank of China (ICBC) plans to sell
further stakes to foreigners ahead of a listing planned for next
year, Panorama Network reports.
The bank has already signed a deal to sell a 10-percent stake to
a consortium of Goldman Sachs' private equity arm, European
insurer Allianz and American Express Co., for more than US$3
billion.
The lender aims to seal that deal after it turns into a joint
stock holding company by the end of this month and deepens
negotiations on cooperation.
ICBC received US$15 billion cash infusion from the government
earlier this year. As a result, the bank's nonperforming loan
ratio stood at 4.5 percent by the end of June. The bad loan
ratio for loans after 1999 stood at just 2 percent.
CONTACT:
Industrial and Commercial Bank of China (Asia) Limited
ICBC Tower, 3 Garden Road
Central, Hong Kong
Phone: 25343333
Fax: 28051166
Web site: http://www.icbcasia.com
JADELING ADMINISTRATIVE: Issues Winding Up Notice
-------------------------------------------------
Notice is hereby given that the creditors of Jadeling
Administrative Services (Hong Kong) Limited, which is being
voluntarily wound up, are required on or before November 14,
2005, to send in their names, addresses and particulars of their
debts or claims, and the name and address of their solicitors.
If so required by notice in writing from the said Liquidators,
they are to come in personally or by their solicitors and prove
their said debts or claims at such time and place as shall be
specified in such notice.
In default thereof, they will be excluded from the benefit of
any distribution before such debts are proved.
Dated this 3rd day of October, 2005
LO WAI TSUN
Joint and Several Liquidator
27th Floor, Chater House
8 Connaught Road Central
Hong Kong
LIAONING SECURITIES: J.P. Morgan Eyes Tie-Up
--------------------------------------------
J.P. Morgan & Chase (JPM) is in talks with the troubled
securities house Liaoning Securities in a deal to get a foothold
in the mainland securities market, Panorama Network reports,
citing the Financial Times.
A J.P. Morgan spokesman in Hong Kong declined to comment.
Liaoning Securities is in effect owned by the People's Bank of
China, the central bank, through its investment arm, Central
Huijin, which in turn controls Cinda, the fund management
company now in charge of the bankrupt brokerage.
The central bank is at the forefront of efforts to allow a
greater role for foreigners in an effort to lift standards in
the sector.
LONG VACATION: Winding Up Process Initiated
-------------------------------------------
Long Vacation Travel Limited whose place of business is located
at Rm 1602, The Centre Mark, 287-299 Queen's Road Central, Hong
Kong was issued a winding up order notice by the High Court of
the Hong Kong Special Administrative Region Court of First
Instance on September 28, 2005.
Date of Presentation of Petition: August 1, 2005
Dated this 7th day of October 2005
ET O'Connell
Official Receiver
LONG PANTIUM: Court Issues Winding Up Order
-------------------------------------------
Long Pantium Holiday Limited whose place of business is located
at Rm 1602, The Centre Mark, 287-299 Queen's Road Central, Hong
Kong was issued a winding up order notice by the High Court of
the Hong Kong Special Administrative Region Court of First
Instance on September 28, 2005.
Date of Presentation of Petition: August 1, 2005
Dated this 7th day of October 2005
ET O'Connell
Official Receiver
NFY NURSERY: Prepares to Cease Operations
-----------------------------------------
NFY Nursery Limited whose place of business is located at G/F,
34 Kat Tin Village, Ping Che, Fanling, New Territories was
issued a winding up order notice by the High Court of the Hong
Kong Special Administrative Region Court of First Instance on
September 28, 2005.
Date of Presentation of Petition: August 1, 2005
Dated this 7th day of October 2005
ET O'Connell
Official Receiver
STARBOW HOLDINGS: Notes Unusual Price, Volume Movements
-------------------------------------------------------
The Stock Exchange of Hong Kong has received a message from
Starbow Holdings Limited, which is reproduced as follows:
"This statement is made at the request of The Stock Exchange of
Hong Kong Limited.
The company has noted the recent decrease in price and the
increase in the trading volume of the shares of the Company and
wishes to state that it is not aware of any reasons for such
Unusual Movement.
The Company also confirm that there are no negotiations or
agreements relating to intended acquisitions or realizations
which are discloseable under rule 13.23, neither is the Board
aware of any matter discloseable under the general obligation
imposed by rule 13.09 of the Listing Agreement, which is or may
be of a price-sensitive nature.
Made by the order of the Board of Starbow Holdings Limited the
directors of which individually and jointly accept
responsibility for the accuracy of this statement.
At the date of this announcement, the Board comprises two
Executive Directors, namely Mr. Chi Chi Hung, Kenneth and Mr.
Wong Hin Shek, Hans and three Independent Non-executive
Directors namely Mr. Chan Chi Yuen, Mr. Chun Jay and Mr. Lau Man
Tak.
CONTACT:
Starbow Holdings Limited
Unit 905, 9/F
Asia Orient Tower
Tower Place
33 Lockhart Road
WanChai, Hong Kong
Phone: 28021822
Fax: 28051989
Web site: http://www.ecopro.net
=========
I N D I A
=========
SANYO-BPL: Sanyo's Restructuring Plans Will Not Affect JV
---------------------------------------------------------
Sanyo's global restructuring plans will not impact its joint
venture with the BPL Group called Sanyo-BPL, Business Standard
says.
BPL is confident Sanyo is committed its the joint venture and
does not see any adverse effect of the latter's global revamp.
Last month, Sanyo said it was exiting the DVD player, DVD
recorder and video recorder businesses, besides scaling down its
home appliances divisions and pruning its workforce globally.
In August 2004, Sanyo inked a 50:50 joint venture with BPL for
which it will pay US$80 million to the BPL Group and, in turn,
BPL would transfer its entire CTV assets (manufacturing units,
sales and marketing network) to the joint venture.
The Sanyo-BPL JV in India would be primarily focused on color
televisions besides refrigerators, microwave ovens and air-
conditioners.
Sanyo-BPL had earlier stated that they will adopt a dual brand
strategy wherein the Sanyo brand will be used for high-end
products, while the BPL brand for mass market.
=================
I N D O N E S I A
=================
PERTAMINA: May Build Petrochemical Gas Plant in Donggi
------------------------------------------------------
State oil & gas firm PT Pertamina plans to develop a gas block
in Donggi, central Sulawesi by building a petrochemical plant,
reports the Jakarta Post.
According to Pertamina Vice President Mustiko Saleh said that
the Company had originally planned to put up a liquefied natural
gas (LNG) plant, but thinks that petromechicals would be more
profitable. He added that some countries such as Iran had
expressed interest in helping to build a petrochemical plant.
The Company had teamed up with Malaysian oil firm Petroliam
Nasional Berhad (Petronas) to build the LNG plant, but scrapped
the plan after discovering that the Donggi gas block held fewer
gas reserves than previously estimated. Pertamina needs at least
9 trillion cubic feet (tcf) of gas reserves before it can start
builidng a gas plant; the Donggi gas block only has 2.1 tcf of
gas reserves.
However, the Company hopes to raise this amount to 3.5 tcf, by
continuing to drill in search for additional gas reserves.
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
PERUSAHAAN LISTRIK: Set to Build Geothermal Plant
-------------------------------------------------
State power firm PT Perusahaan Listrik Negara (PLN) announced
that on Oct. 11, 2005, Sumitomo Corporation and its partners
were awarded a contract to build a geothermal power plant for
the Company, Bloomberg News reports.
According to PLN president director Eddie Widiono, Sumitomo
Corporation and partners Fuji Electric Holdings Co. and PT
Rekayasa Industri are set to build the IDR289.23 billion , 20-
megawatt PLTP Lahendong II plant in Northern Sulawesi;
construction is set to be completed within 20 months, so as it
could start operations by October 2007.
The construction project, which would be financed by loans from
the Asian Development Bank and the Japan Bank for International
Cooperation, is expected to reduce the Company's fuel use by
50,000 kiloliters, resulting to a savings of around IDR255
billion in fuel expenses. The new plant will enable PLN to be
less dependent on expensive fuel, resulting in reduced subsidy
payments.
PLN aims to slash its fuel use up to 32% by 2007. The Company
says it needs to invest in 47 power plants and 14 high-
transmission power lines nationwide in order to keep up with
demand.
CONTACT:
PT Perusahaan Listrik Negara (Persero)
Jl. Trunojoyo Blok M-1 No. 135, Kebayoran Baru
Jakarta, 12160, Indonesia
Phone: 62 21 725 1234
Fax: 62 21 722 1330
Web site: http://www.pln.co.id
=========
J A P A N
=========
FUJIYUGYO COMPANY: IRCJ Offloads Entire Equity
----------------------------------------------
The Industrial Revitalization Corporation of Japan (IRCJ) has
resolved to sell the equity it holds in Fujiyugyo Company Ltd.
Following this sale the IRCJ will no longer hold any equity,
debt or other obligations of Fujiyugyo.
1. Background
On December 19, 2003 the IRCJ approved an application for
assistance by Fujiyugyo under Article 22, Clause 3 of the
Industrial Revitalization Corporation Act of 2003. On February
13, 2004 the IRCJ reached agreement on the purchase of
Fujiyugyo's debt under Article 25, Clause 1 of the same act, and
in March of that year a capital decrease and subsequent
recapitalization was implemented. Since then, the IRCJ has been
supporting the operational management of Fujiyugyo in
cooperation with Fuji Kosan, a sponsor company since Fujiyugyo
was accepted for support.
A certain amount of progress has been made toward
revitalization, enabling the IRCJ to begin preparations for and
reach agreement on the sale of its equity to the sponsor Fuji
Kosan. A sale contract with Fuji Kosan has been formed, and in
line with this contract the transfer of shares is expected to
take place by the end of October 2005.
2. Capital amounts, etc.
The IRCJ, through a capital injection of JPY300 million,
currently holds voting shares amounting to 13.0% of voting
rights in Fujiyugyo. Following this sale, the IRCJ will retain
no shares in Fujiyugyo.
3. Comment from the State Ministers in charge of the Industrial
Revitalization Corporation of Japan: None expressed.
Note on comments from ministers: The IRCJ is a quasi-
governmental organization. As such the IRCJ is required to
obtain comments from the government ministers in charge of the
IRCJ about decisions to assist or engage in other initiatives
relating to private sector companies.
About the IRCJ
The IRCJ was established jointly by the public and private
sector on April 16, 2003, with the aim of providing
revitalization assistance beneficial to both the industrial and
the financial sectors in Japan. It targets assistance at
companies that have sound business fundamentals but are unable
to thrive because of excessive debt levels or other factors. The
IRCJ has approximately 200 employees and is based in Tokyo.
CONTACT:
Corporate Planning Department
The Industrial Revitalization Corporation of Japan
Phone: 03-6212-6437
Web site: http://www.ircj.co.jp
JAPAN AIRLINES: Expands Code-share Flights in China
---------------------------------------------------
Japan Airlines (JAL) will launch domestic code-share flights in
China with China Eastern Airlines (MU) on three routes,
Shanghai-Chengdu, Shanghai-Chongqing, and Shanghai-Shenzhen from
October 30, 2005.
Presently, JAL operates seven domestic code-share flights a week
with Hainan Airlines (HU) between Beijing and Chengdu, but as
the result of the new code-share flights with China Eastern,
JAL's code-share domestic flights in China will increase to four
routes and 49 flights per week, providing more convenience to
JAL's customers.
JAL also provides smooth connection services in China under the
brand name `'JAL China Express'' on three routes with Hainan
Airlines at Beijing Airport as from March 2004 (Beijing-Xian,
Beijing-Chongqing and Beijing-Chengdu), and on six routes from
Beijing with China Southern Airlines (CZ) as from March 2005
(between Beijing and Harbin, Changchun, Zhengzhou, Wuhan,
Shenyang, and Urumuqi).
Taking advantage of the largest network between Japan and China,
with a total of weekly 238 flights to 12 cities on 29 routes (as
of October 31, 2005 and including flights to Hong Kong and code-
share flights), JAL will continue to expand its services in
China, building a customer-friendly network.
CONTACT:
Japan Airlines
Telephone: 81-3-5460-3109
Fax: 81-3-5769-6487
E-mail: geoffrey.tudor@jal.com
stephen.pearlman@jal.com
Web site: http://www.jal.com/en/corporate/
KAJIMA CORPORATION: Revises 1H05 Financial Results
--------------------------------------------------
Kajima Corporation has revised the interim consolidated and non-
consolidated financial projections for the first half of the
financial year ending on March 31, 2006, which were announced on
May 18, 2005 upon the release of its financial result for the
financial year ending on March 31, 2005.
The company has made the revisions based on the latest financial
performance of the group.
1. Revisions to the interim consolidated financial projection
for the six-month period from 1 April to 30 September 2005
(Millions of Yen)
Revenues Recurring Profit Net Profit
Projection announced on 18 May 2005 (A)
770,000 15,000 7,000
Revisions announced herein (B)
770,000 17,000 3,000
Change (B)-(A)
- 2,000 (-) 4,000
Change in % -% 13.3% (-) 57.1%
Result in the equivalent period last year
732,664 18,642 (-) 2,612
2. Revisions to the interim non-consolidated financial
projection for the six-month period from April 1 to September
30, 2005
(Millions of Yen)
Revenues Recurring Profit Net Profit
Projection announced on 18 May 2005 (A)
590,000 15,000 7,000
Revisions announced herein (B)
590,000 19,500 2,500
Change (B)-(A) - 4,500 (-) 4,500
Change in % -% 30.0% (-) 64.3%
Result in the equivalent period last year
578,005 24,883 1,931
3. Causes for the revisions
(1) Loss on investments in subsidiaries (on a non-consolidated
basis)
As a result of deteriorated operating performance of a
construction business related subsidiary in the U.K. under
Kajima Europe B.V., the holding company of our operations in
Europe, a loss on investments in Kajima Europe B.V. shall be
recorded in the approximate amount of JPY14.5 billion.
The company is reviewing all options available concerning our
construction operations in the U.K.
(2) Loss on restructuring of business (on a consolidated basis)
A loss on restructuring of business shall be recorded in the
approximate amount of JPY5.5 billion for restructuring charges
to be incurred in the U.K.
(3) Increase in interim recurring profit
The non-consolidated recurring profit is projected to reach
JPY19.5 billion, up by JPY4.5 billion against the earlier
projection.
The consolidated recurring profit is projected to reach JPY17.0
billion, up by JPY2.0 billion against the earlier projection,
which is attributable to the improved financial results of
Kajima Corporation as well as overseas subsidiaries in other
countries that enabled us to absorb the loss derived from Kajima
Europe B.V. group.
(4) Decrease in interim net profit
The interim net profit on a consolidated basis shall drop to
JPY3.0 billion, falling short of the earlier projection by
JPY4.0 billion.
The interim net profit on a non-consolidation basis shall drop
to JPY2.5 billion due to the loss on investments in Kajima
Europe B.V. despite an increase in recurring profit.
3. The consolidated and the non-consolidated financial
projections for the full year ending on March 31, 2006 shall be
made available on November 17, 2005 when we officially announce
the interim financial result.
Projections contained herein are based on information available
as at the date of this announcement and are subject to risks and
uncertainties that may cause the actual results to vary.
Reference:
Non-consolidated interim contract awards from 1 April to 30
September 2005 (based on latest information, but yet to be
finalized)
(Billions of Yen)
Construction Real Estate Total
(Civil Eng.)(Building) (Total) & Other
Projection announced on May 18, 2005 (A)
125.0 370.0 495.0 40.0 535.0
Actual (B)
163.1 371.5 534.7 55.1 589.8
Change (B)-(A)
38.1 1.5 39.7 15.1 54.8
Change in %
30.5% 0.4% 8.0% 37.8% 10.3%
Result in the equivalent period last year
111.7 436.7 548.5 104.0 652.4
CONTACT:
Mr. Hironobu Takano
General Manager,
Accounting Department, Treasury Division,
Kajima Corporation
2-7, Motoakasaka 1-chome,
Minato-ku, Tokyo 107-8388, Japan
Telephone 03-3404-3311
International 81-3-3404-3311
Facsimile 03-3746-7168
International 81-3-3746-7168
MITSUBISHI MOTORS: Malaysia Plans More Major Launches
-----------------------------------------------------
Mitsubishi Motors Malaysia Sdn Berhad, the exclusive distributor
of Mitsubishi's passenger cars and commercial vehicles in
Malaysia, plans to start assembling certain Mitsubishi vehicles
locally in two years, Business Times reports.
Mitsubishi Malaysia wants to capture 20 to 30 per cent of the
four-wheel drive (FWD) vehicles market with the new Mitsubishi
L200.
The full L200 line-up includes recently launched three new
variants of the 4x4 2.8L automatic with turbo intercooler, 4x2
manual single cab and 4x2 manual double cab to complement the
existing 4x4 2.5L manual with turbo intercooler.
The company expects to rake in monthly sales of 500 units of
Mitsubishi vehicles within the next few months.
Besides the L200, Mitsubishi Malaysia recently launched five
other models - the Lancer sedan, Colt hatchback, Grandis MPV,
Outlander SUV and Lancer Evolution IX high performance sedan.
CONTACT:
Mitsubishi Motors Corporation
Address: 2-16-4 Konan, Minato-ku
Tokyo 108-8410, Japan
Phone: +81-3-6719-2111
Fax: +81-3-6719-0014
MITSUBISHI MOTORS: New Eclipse Named 'GT of the Year'
-----------------------------------------------------
Maxim magazine, the highest-circulation men's lifestyle magazine
in the United States, has chosen the all-new 2006 Mitsubishi
Eclipse as "GT of the Year" in its fourth annual "Cars of the
Year" issue.
The Eclipse was selected from a field of more than 45 vehicles
reviewed by the magazine and will be featured with nine other
winning vehicles in the November 2005 issue of Maxim, scheduled
to hit newsstands on October 15.
"Mitsubishi Motors is excited to receive this award because it
confirms that the Eclipse offers unrivaled performance, styling
and value," said Dave Schembri, executive vice president of
sales and marketing at Mitsubishi Motors North America. "We are
pleased that Maxim's editors recognize the thrill you get
driving an Eclipse."
Every year, Maxim's editorial board gathers and identifies the
year's most significant new vehicles. The editors select the 10
that most impress them as "Cars of the Year" and categorize each
according to its segment. This is the first time a Mitsubishi
Motors product has made the Maxim list.
"The 2006 Mitsubishi Eclipse delivers key features a guy desires
in a sporty car, and it comes at a price that won't drain his
wallet," said Maxim Automotive Editor Jon Wilde. "The Eclipse
looks fast even while parked, and we truly appreciated the GT
when cranking the 650-watt Rockford Fosgate sound system while
testing the MIVEC-enabled V-6 on the open road."
The 2006 Eclipse, launched in May 2005, is new from the ground
up, including dynamic performance enhancements that now surpass
the Ford Mustang V6 with 263 horsepower and overwhelm the Acura
RSX with 260 lbs.-ft. of torque. Add to that an eye-catching
bold design, and it's not surprising that Maxim would bestow
this honor upon the Eclipse.
Mitsubishi Motors North America, Inc., (MMNA) is responsible for
all manufacturing, finance, sales, marketing, research and
development operations of the Mitsubishi Motors Corporation in
the United States and Canada. Mitsubishi Motors sells coupes,
convertibles, sedans and sport utility vehicles through a
network of approximately 570 dealers. For more information,
contact the Mitsubishi Motors News Bureau at (888) 560-6672 or
visit media.mitsubishicars.com.
CONTACT:
Mitsubishi Motors North America Inc.
6400 Katella Ave.
Cypress, CA 90630-0064
Phone: 714-372-6000
Fax: 714-373-1020
Web Site: http://media.mitsubishicars.com
MITSUBISHI MOTORS: Australia Launches "380" Large Sporty Sedan
--------------------------------------------------------------
Mitsubishi Motors Corporation announced that its Australian
subsidiary Mitsubishi Motors Australia Ltd (MMAL) has launched
the new Mitsubishi 380, a sporty and powerful large sedan. The
380 were developed to offer the highest levels of quality and
performance, and is built at the MMAL factory in Adelaide.
The 380 is the first new built-in-Australia model in nine years
and Mitsubishi Motors has high expectations that the 380 will
contribute to achieve the 2005 Business Plan goals. MMAL plans
to sell 3,000 of the new 380 models each month.
Development of the 380 was focused on meeting five customer
requirements: true large car power and performance, sporty
styling, outstanding value for money, comfortable large car
space and world-class quality, and refinement.
380 is powered by a 3.8-liter SOHC MPI V6 engine that develops a
maximum power of 175 kW and a maximum torque of 343 Nm and is
mated to Mitsubishi's INVECS-II Sport Mode 5-speed automatic
transmission, a 5-speed manual transmission is also available
for enthusiasts. Derived from the North American Galant, built
and sold by Mitsubishi Motors North America, Inc. since 2003,
380 delivers Euro3 compliant environmental performance and has
been tailored to Australian market needs that including massive
overall leg room.
CONTACT:
Mitsubishi Motors Australia, Ltd. (MMAL)
Head Office: 1284 South Road
Clovelly Park South Australia, 5042 AUSTRALIA
Phone: 08 8275 7443
Fax: 08 8275 7309
E-mail: careers@mmal.com.au
Web site: www.mitsubishi-motors.com.au
=========
K O R E A
=========
ASIANA AIRLINES: To Reopen Phuket Route October 26
--------------------------------------------------
Asiana Airlines International will resume its flight service to
the Thai resort of Phuket by the end of this month, Asia Pulse
relates.
The flight is scheduled to resume on October 26, through the
200-seat B767 from Incheon International Airport on Wednesdays
and Saturdays. Incheon International Airport, about 60
kilometers west of Seoul, is the main gateway to South Korea.
The flight service was suspended late last year following the
tsunami that hit the scenic island off the southern coast of
Thailand. Prior to the tsunami, South Korean tourists frequent
the Phuket area.
After the disaster struck, Asiana experienced a slump in its
passenger numbers from an average 99 percent during the holiday
season because of massive cancellations.
Asiana Airlines is the flagship of Kumho Asiana Group, a midsize
South Korean conglomerate whose businesses range from tire
manufacturing to chemical production, insurance and investment
banking.
CONTACT:
Asiana Airlines Incorporated
47 Osoe-Dong Kangseo-Gu
157-270
Korea (South)
Telephone: +82 2 669 3114 / +82 2 669 3170
===============
M A L A Y S I A
===============
ANCOM BERHAD: Purchases 43,500 Ordinary Shares
----------------------------------------------
Ancom Berhad issued to Bursa Malaysia Securities Berhad a notice
of shares buy back with the following details:
Date of buy back: October 13, 2005
Description of shares purchased: Ordinary shares of MYR1.00 each
Total number of shares purchased (units): 43,500
Minimum price paid for each share purchased (MYR): 0.670
Maximum price paid for each share purchased (MYR): 0.680
Total consideration paid (MYR):
Number of shares purchased retained in treasury (units): 43,500
Number of shares purchased which are proposed to be cancelled
(units):
Cumulative net outstanding treasury shares as at to-date
(units): 14,897,200
Adjusted issued capital after cancellation (no. of shares)
(units):
CONTACT:
Ancom Berhad
Level 14, Uptown 1
No. 1 Jalan SS21/58
Damansara Uptown
47400 Petaling Jaya
Selangor
Telephone: 03-77252888
Fax: 03-77257791
Website: http://www.ancom.com.my
ASIAN PAC: EGM Slated End of the Month
--------------------------------------
Asian Pac Holdings Berhad (Asianpac) issued to Bursa Malaysia
Securities the following Notices:
- Extraordinary general meeting (EGM);
To view a full copy of the notice click
http://bankrupt.com/misc/AsianPacEGM101205.pdf
- 7-year 4 percent redeemable convertible secured loan stocks
2000/2007 (RCSLS) holders' meeting;
To view a full copy of the notice, click
http://bankrupt.com/misc/AsianPacRCSLS101205.pdf
- 5-year 4 percent irredeemable convertible unsecured loan
stocks 2000/2005 (ICULS) holders' meeting; and
Click to view a full copy of the notice
http://bankrupt.com/misc/AsianPacICULS101205.pdf
- Warrants 2001/2006 (Warrants) holders' meeting
Click to view a full copy of the notice
http://bankrupt.com/misc/AsianPacWarrantHolders101205.pdf
On behalf of the Board of Directors of Asianpac, Hwang-DBS
Securities Berhad advised the bourse that the EGM, RCSLS
holders' meeting, ICULS holders' meeting and Warrants holders'
meeting of the Company will be held at The Ballroom, Mezzanine
Floor, Hotel Equatorial, Jalan Sultan Ismail, 50250 Kuala Lumpur
on Monday, October 31, 2005.
This announcement in dated 7 October 2005.
CONTACT:
Asian Pac Holdings Berhad
11th Floor, Menara SMI, No.6,
Lorong P. Ramlee,
Kuala Lumpur Wilayah
Persekutuan 50250
Malaysia
Telephone: 03-20705152
Fax: 03-20705195
CONSOLIDATED FARMS: Amends Proposed Restructuring Scheme
--------------------------------------------------------
Consolidated Farms Berhad (Consfarm) issued to Bursa Malaysia
Securities Berhad details of the following acquisitions:
- Proposed Acquisition of Bun Seng Group;
- Proposed Scheme of Arrangement With Shareholders;
- Proposed Debt Settlement;
- Proposed Special Issue;
- Proposed Distribution by the Major Shareholders;
- Proposed Restricted Issue;
- Proposed Offer for Sale;
- Proposed Transfer of Listing Status; and
- Proposed Disposal of Consfarm
(Collectively, the Proposed Restructuring Scheme)
(1) Introduction
Reference is made to the announcement made on September 16, 2005
wherein Avenue on behalf of ConsFarm announced that the Proposed
Restructuring Scheme of ConsFarm was not approved by the
Securities Commission (SC) as the SC is of the view that the
Proposed Restructuring Scheme is not a comprehensive proposal
capable of resolving all the financial issues faced by ConsFarm
(SC Decision).
In conjunction with the SC Decision, the Company and the Bun
Seng Group Shareholders have on October 12, 2005 agreed to
revise certain terms of the Proposed Restructuring Scheme
namely, the Proposed Acquisition of Bun Seng Group, the Proposed
Scheme of Arrangement with Shareholders and the Proposed Offer
for Sale (Revised Proposed Restructuring Scheme).
The Company had on the same date submitted an appeal against the
SC Decision setting out, inter alia, the terms of the Revised
Proposed Restructuring Scheme.
(2) Details of the Revised Proposed Restructuring Scheme
The details of the Revised Proposed Restructuring Scheme are as
follows:
Proposed Acquisition of Bun Seng Group
AimReach will acquire the Bun Seng Group for a total purchase
consideration of MYR108,395,448 to be satisfied by the issuance
of 108,395,448 new AimReach Shares.
Revised Proposed Acquisition of Bun Seng Group
AimReach will acquire the Bun Seng Group for a total purchase
consideration of MYR108,395,448 to be satisfied by the issuance
of:
(a) 81,295,448 new AimReach Shares; and
(b) 27,100,000 new Irredeemable convertible preference shares
(ICPS) of MYR0.10 each in AimReach at an issue price of MYR1.00
per ICPS (AimReach ICPS).
The salient terms of the AimReach ICPS are set out in Table 1.
Click to view a full copy of Table 1
http://bankrupt.com/misc/ConsolidatedFarmsTable1101205.doc
Proposed Scheme of Arrangement with Shareholders
(a) Proposed reduction of the existing issued and paid-up share
capital of ConsFarm of MYR20,898,000 comprising 20,898,000
ConsFarm Shares held by the existing shareholders of ConsFarm,
at a cut-off date to be determined later to MYR2,089,800
comprising 20,898,000 ordinary shares of MYR0.10 each. The
proposed reduction of ConsFarm's share capital will result in a
credit of MYR18,808,200 which will be utilized to reduce the
accumulated losses of ConsFarm;
(b) Proposed consolidation of 20,898,000 ordinary shares of
MYR0.10 each in ConsFarm into 2,089,800 ConsFarm Shares of
MYR1.00 each; and
(c) Proposed share exchange between the shareholders of ConsFarm
and AimReach, after the completion of the Proposed Acquisition
of Bun Seng Group, on the basis of one (1) new AimReach Share
with one (1) ConsFarm Share held by the shareholders of ConsFarm
after the Proposed Capital Reduction and the Proposed
Consolidation.
Revised Proposed Scheme of Arrangement with Shareholders
a) Proposed reduction of the existing issued and paid-up share
capital of ConsFarm of MYR20,898,000 comprising 20,898,000
ConsFarm Shares held by the existing shareholders of ConsFarm,
at a cut-off date to be determined later to MYR12,538,800
comprising 20,898,000 ordinary shares of MYR0.60 each. The
proposed reduction of ConsFarm's share capital will result in a
credit of MYR8,359,200 which will be utilized to reduce the
accumulated losses of ConsFarm;
(b) Proposed consolidation of 20,898,000 ordinary shares of
MYR0.60 each in ConsFarm into 12,538,800 ConsFarm Shares of
MYR1.00 each; and
(c) Proposed share exchange between the shareholders of ConsFarm
and AimReach, after the completion of the Proposed Acquisition
of Bun Seng Group, on the basis of one (1) new AimReach Share
with one (1) ConsFarm Share held by the shareholders of ConsFarm
after the Proposed Capital Reduction and the Proposed
Consolidation.
Proposed Offer For Sale
The Proposed Restricted Offer For Sale is removed.
(3) Effects of the Revised Proposed Restructuring Scheme
The detailed effects of the Revised Proposed Restructuring
Scheme are set out in Table 2.
Click to view a full copy of Table 2
http://bankrupt.com/misc/ConsolidatedFarmsTable2Effects101205.do
c
This announcement is dated 12 October 2005.
CONTACT:
Consolidated Farms Berhad
24-1 Jalan 24/70A,
Desa Sri Hartamas,
50480 Kuala Lumpur
Telephone: 03-23001199
Fax: 03-23002299
HAP SENG: Buys Back Ordinary Shares
-----------------------------------
Hap Seng Consolidated Berhad issued to Bursa Malaysia Securities
Berhad a notice of shares buy back with the following details:
Date of buy back: October 12, 2005
Description of shares purchased: Ordinary shares of MYR1.00 each
Total number of shares purchased (units): 2,000
Minimum price paid for each share purchased (MYR): 2.140
Maximum price paid for each share purchased (MYR): 2.160
Total consideration paid (MYR): 4,332.52
Number of shares purchased retained in treasury (units): 2,000
Number of shares purchased which are proposed to be cancelled
(units): 0
Cumulative net outstanding treasury shares as at to-date
(units): 33,540,000
Adjusted issued capital after cancellation (no. of shares)
(units): 0
KIG GLASS: BCB Claims Payment of Unit's Debt Facilities
-------------------------------------------------------
KIG Glass Industrial Berhad (KIG) furnished Bursa Malaysia
Securities Berhad a copy of the Notice of Demand from Bumiputra
Commerce Bank Berhad (BCB).
The Board of Directors of KIG advised that a Notice of Demand
was served to KIG on October 7, 2005 from a legal firm
representing Bumiputra Commerce Bank Bhd (BCB), for claim of
defaulted banking facilities granted by Bank of Commerce (M)
Berhad to KIG's subsidiary KIG Ceramics Industrial Sdn Bhd. for
an aggregate outstanding sum of MYR9,861,015.39. The Company is
guarantor for the said facilities.
The Company's legal representative is currently addressing the
matter.
CONTACT:
KIG Glass Industrial Berhad
PLO 340 Jalan Perak 4
81707 Pasir Gudang, Johor Darul Ta'zim 80400
Malaysia
Telephone: +60 7 251 5282 / +60 7 251 5
K.P. KENINGAU: Provides Info on De-listing of Securities
--------------------------------------------------------
K. P. Keningau Bhd. (KPK) issued details of the decision by
Bursa Malaysia Securities Bhd. in respect of the de-listing of
securities of K. P. Keningau Bhd. from the official list of
Bursa Securities.
The Board of Directors of KPK disclosed that the Company
received a letter dated October 6, 2005 from Bursa wherein Bursa
after due consideration of all facts and circumstances of the
case including the written representations made by the Company
vide its letters dated August 4, 2005, September 1, 2005 and
oral representations at the hearing held on September 6, 2005,
and upon consultation with the Securities Commission, has
decided to grant an extension of time of:
(I) One (1) month as from October 6, 2005 for KPK to make the
Requisite Announcement (RA) as per the Concept Scheme Proposal
as described to Bursa; and
(II) Two (2) months from the date of the RA for the Company to
submit its proposed regularization plans (as per the Concept
Scheme Proposal) to the relevant authorities for approval.
(The Extended Time Frame)
Further, Bursa's decision to grant the Extended Time Frame is
conditional on the RA being based on the Concept Scheme Proposal
as represented by the Company to Bursa in KPK's written and oral
representations with no material variations therefrom. In this
regard, Bursa would not accept an announcement to be an RA
pursuant to PN4 if Bursa is of the view that the Scheme
contained therein is not based on the Concept Scheme Proposal or
if there are material variations therefrom.
Bursa's decision is without prejudice to Bursa' s right to
proceed to de-list the securities of KPK from the Official List
of Bursa Securities in the event:
(a) KPK fails to make the RA within 1 month from date hereof;
(b) KPK fails to submit its proposed regularization plans to the
relevant authorities within 2 months from the date of the RA;
(c) KPK fails to obtain the approval from any of the regulatory
authorities necessary for the implementation of its
regularization plans; or
(d) KPK fails to implement its regularization plans within the
timeframe or extended timeframes stipulated by the relevant
authorities.
Bursa also decided that where any of the above event occurs, a
decision on whether to de-list the securities of the Company
from the Official List of Bursa Securities will only be made
after due consideration of all the facts and circumstances of
the case, including any written representation that is filed by
KPK (if any) provided that the same is made within seven (7)
days from the occurrence of any one of the above events.
This announcement is dated 7 October 2005.
CONTACT:
K.P. Keningau Berhad
Lot 10, The Highway Centre
Jln 51/205 46050 Petaling Jaya,
Selangor
Telephone: 03-7784 3922
Fax: 03-7784 1988
METROPLEX BERHAD: Amount of Default Reaches MYR1,715,120,061.96
---------------------------------------------------------------
Further to the announcement dated September 12, 2005 on PN1,
Metroplex Berhad (MB) provided Bursa Malaysia Securities Berhad
an update on the status in default in payment of MB Group's
various loan facilities as at September 30, 2005 as set out in
Table A attached.
The estimated amount of default (principal and interest) as at
September 30, 2005 is MYR1,715,120,061.96.
Currently, MB is in negotiations with its lenders on the
Proposed Composite Schemes of Arrangement (Proposed Scheme)
which will essentially address the default in payment. Upon the
finalization of the Proposed Scheme, an announcement will be
made to Bursa Securities.
This announcement is dated 12 October 2005.
CONTACT:
Metroplex Berhad
Level 10, Grand Seasons Avenue,
No. 72, Jalan Pahang,
53000 Kuala Lumpur.
Telephone: 03-2931828, 03-4431828
Fax: 03-2912798
OLYMPIA INDUSTRIES: Extends Time to Fulfill Conditions of SPA
-------------------------------------------------------------
Olympia Industries Berhad (OIB) provided Bursa Malaysia
Securities Berhad with details of the acquisition of land and
disposal of companies and assets.
(1) Introduction
Reference is made to the announcement dated May 3, 2005.
Alliance, on behalf of the Board of Directors of OIB, disclosed
that OIB had on October 12, 2005 entered into two (2) separate
agreements for the extension of time for another six (6) months
for the fulfillment of conditions precedent pursuant to the
following conditional sale and purchase agreements (Extension
Agreements):
(a) A conditional land acquisition agreement dated August 14,
2000 and the subsequent extensions dated December 12, 2000, June
12, 2001, December 12, 2001, July 11, 2002, January 30, 2003,
September 18, 2003, December 12, 2003, September 23, 2004 and
April 27, 2005, and the supplemental agreement dated February
14, 2003 between OIB and Kenny Height Developments Sdn Bhd for
the acquisition by OIB of approximately 32.3 acres of land
situated at Mukim Batu, Wilayah Persekutuan for a purchase
consideration of MYR189,000,000; and
(b) A conditional assets disposal agreement dated August 14,
2000 and the subsequent extensions dated December 12, 2000, June
12, 2001, December 12, 2001, July 11, 2002, January 30, 2003,
September 18, 2003, December 12, 2003, September 23, 2004 and
April 27, 2005, and the supplemental agreement dated February
14, 2003 between OIB and its subsidiaries, namely United
Malaysian Properties Sdn Bhd, Mascon Sdn Bhd and Regal Unity Sdn
Bhd and Mycom Berhad (Mycom), for the disposal to Mycom of 100
percent equity interest in Olympia Land Berhad, 100 percent
equity interest in City Properties Development Sdn Bhd, 100
percent equity interest in Olympia Plaza Sdn Bhd, 100 percent
equity interest in Rambai Realty Sdn Bhd, 70 percent equity
interest in Maswarna Colour Coatings Sdn Bhd, 100 percent equity
interest in Salhalfa Sdn Berhad, 100 percent equity interest in
Mascon Construction Sdn Bhd together with four (4) storey shop
office situated at Taman Shamelin Perkasa, Kuala Lumpur and a
factory unit situated at Beranang Industrial Estate, Selangor
and five (5)-acre land situated at District of Kota Kinabalu,
Sabah for an aggregate sale consideration of MYR56,377,660.
The date for fulfillment of the conditions precedent of the
abovementioned two (2) conditional sale and purchase agreements
has been further extended for a further period of six (6) months
from September 12, 2005 to March 12, 2006 or to such later date
as the parties may agree.
(2) Documents for inspection
The Extension Agreements are available for inspection at OIB's
registered office, Level 23, Menara Olympia, No. 8, Jalan Raja
Chulan, 50200 Kuala Lumpur during normal business hours from
Monday to Friday (except for public holidays) for a period of
three (3) months from the date of this announcement.
This announcement is dated 12 October 2005.
CONTACT:
Olympia Industries Bhd.
Malaysia
Phone: 60 3 2070 0033
Fax: 60 3 2070 0011
E-mail: olympia@oib.com.my
OLYMPIA INDUSTRIES: Still No Progress of MoU
--------------------------------------------
Olympia Industries Berhad (OIB) advised Bursa Malaysia
Securities Berhad that there has been no major development on
the Memorandum of Understanding (MOU) between OIB, Vinci
Construction Grand Projects and Invescor-Dumez Jaya-Woh Hup JV
subsequent to the last update on July 12, 2005.
PAN MALAYSIA: Shareholders OK All Resolutions at EGM
----------------------------------------------------
Pan Malaysia Holdings Berhad informed Bursa Malaysia Securities
Berhad that at the Extraordinary Shareholders Meeting (EGM), the
shareholders of the Company have approved all the resolutions as
set out in the notice of EGM dated September 27, 2005.
CONTACT:
Pan Malaysia Holdings Berhad
Jalan P Ramlee
Kuala Lumpur, 50250
Malaysia
Telephone: +60 3 2031 6722
+60 3 2031 1299
PAN MALAYSIA: Issues List of Dissolved Units
--------------------------------------------
Pan Malaysia Holdings Berhad (PMH) unveiled to Bursa Malaysia
Securities Berhad the striking-off of subsidiaries of Pengkalen
(UK) Plc (PUK) (In Liquidation).
Further to our announcement made on May 11, 2005, the company
advised that the following dormant UK subsidiaries of PUK were
dissolved on October 11, 2005:
(a) Meltis Holdings Limited
(b) Nagolle (Ceylon) Rubber and Tea Plantations, Limited
(c) Nagolle Holdings Limited
(d) Network Foods International Limited
(e) The Panawatte Tea & Rubber Estates Limited
(f) The Yatiyantota Ceylon Rubber Company Limited
PANTAI HOLDINGS: Issues New Shares for Listing, Quotation
---------------------------------------------------------
Pantai Holdings Berhad informed that its additional 435,700 new
ordinary shares of MYR1.00 each arising from the conversion of
MYR435,700 Nominal Value of Irredeemable Convertible Unsecured
Loan Stocks 2002/2007 into 435,700 New Ordinary Shares will be
granted listing and quotation with effect from 9:00 a.m.,
Friday, October 14, 2005.
CONTACT:
Pantai Holdings Berhad
8 Jalan Damansara Endah
Damansara Heights Kuala Lumpur, Malaysia 50490
Malaysia
Telephone: +60 3 2713 2282 / +60 3 2094 4528
PUNCAK NIAGA: Bourse to List, Quote New Shares
----------------------------------------------
Puncak Niaga Holdings Berhad advised that the its additional
161,000 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., Thursday, October 13,
2005.
CONTACT:
Puncak Niaga Holdings Berhad
Suite 1401-1406, 14th Floor
Plaza See Hoy Chan
Jalan Raja Chulan
50200 Kuala Lumpur
Tel: 03-20318648
Fax: 03-20784386
Web site: http://www.puncakniaga.com.my
SUREMAX GROUP: Unit Enters Winding Up Process
---------------------------------------------
Suremax Group Berhad informed Bursa Malaysia Securities Berhad
that it had on October 7, 2005 announced that a winding-up
petition was served on Suremax Land Sdn Bhd, a subsidiary of the
Company.
CONTACT:
Suremax Group Bhd
No. 7-1, Faber Imperial Court,
Sheraton Imperial Hotel,
Jalan Sultan Ismail,
Kuala Lumpur Wilayah
Persekutuan 50250
Malaysia
Telephone: 03-76606080
Fax: 03-76606090
TRANSOCEAN HOLDINGS: Unveils Unit's Payment Default
---------------------------------------------------
Further to the announcement made on September 13, 2005,
Transocean Holdings Bhd provided Bursa Malaysia Securities
Berhad an update on the banking facilities in default by the
Company's 75 percent owned subsidiary, Transocean Biotec (M) Sdn
Bhd (TBM) to Malayan Banking Berhad (MBB) as at September 30,
2005 as below:
Type of Facilities Principal and Interest (MYR)
Overdraft Facility 1,920,560.88
Term Loan 181,126.37
Total Outstanding 2,101,687.25
In compliance with Paragraph 3.2 of Practice Note 1/2001, the
Company disclosed that TBM has on September 29, 2005 informed by
its lawyers, Messrs Hoe & Ahmad Zaki (the Vendor's Solicitor)
that the purchaser has obtained banking facilities to part
finance the acquisition of the Properties.
TBM has on October 5, 2005 informed MBB on the authorization of
the Vendor's Solicitor to attend to the Discharge of Charge and
any matters pertaining to the redemption of the Charged
Properties.
This announcement is dated 12 October 2005.
CONTACT:
TransOcean Holdings Berhad
Wisma Transocean,
No. 46, Weld Quay,
Penang 10400
Telephone: 04-2622518
Fax: 04-2614843
=====================
P H I L I P P I N E S
=====================
C&P HOMES: Provides Additional Info on Capital Restructure
----------------------------------------------------------
This is in reference to Circular for Brokers No. 4322-2005 dated
September 26, 2005 pertaining to the results of the Special
Meeting of the Board of Directors of C&P Homes Inc. approving,
among others, the following matters:
" (2) A capital restructuring that will involve:
(ii) the decrease in the authorized capital stock of the
Company from Five Billion Pesos (Php5,000,000,000.00) to Five
Hundred Million Pesos (Php500,000,000.00) divided into Five
Hundred Million (500,000,000) common shares with par value of
One Peso (Php1.00) per share, and in its subscribed and paid-up
capital stock from Four Billion Seven Hundred Ninety Six Million
Seventy One Thousand Nine Hundred Twenty Nine (4,796,071,929)
shares to Four Hundred Seventy Nine Million Six Hundred Seven
Thousand One Hundred Ninety Two (479,607,192) shares;
(iii) the application of the reduction surplus resulting from
the aforementioned capital decrease to partially wipe out the
accumulated deficit of the Company;
(iv) the increase in the Company's authorized capital stock
to Five Billion Pesos (Php5,000,000,000.00) divided into Five
Billion (5,000,000,000) common shares with par value of One Peso
(Php1.00) per share; and
(v) the issuance of shares out of the said capital increase
to certain holders of the outstanding Long Term Commercial
Papers of the Company who have agreed to convert their LTCP
holdings to equity in the Company;"
In relation thereto, the Company submitted to the Exchange the
attached disclosures providing additional information on the
abovementioned matter.
Please note that the issuance by the Company of 3,681,911,641
shares out of the proposed increase in the authorized capital
stock to identified LTCP holders is subject to the following
provisions of the Rule Additional Listing of Securities:
"Section 1. Rule on Additional Listing of Shares - The Rule
shall apply to transactions resulting into issuance by a listed
company (Issuer) of new voting shares to any party or to any
persons acting in concert (Subscribers) amounting to at least
ten percent (10%) but not more than thirty-five percent (35%) of
the total issued and outstanding capital stock of the Issuer
through a single or creeping transactions within a period of
twelve (12) months from the initial disclosure. Such
transactions may include private placements, share swaps,
property-for-share swaps, or conversion of securities into
equity.
Section 3. Trading Halt - The trading of the shares of the
Issuer shall be halted for one (1) hour upon announcement or
disclosure of any information leading to the transaction/s.
Another one (1) hour trading halt shall be implemented upon
dissemination of the Comprehensive Corporate Disclosure required
herewith."
In view thereof and in order to give all concerned parties
sufficient time to evaluate the disclosures submitted by the
Company, the Exchange implemented a trading halt on CMP shares
on October 13, 2005.
CONTACT:
C&P Homes Incorporated
Las Pinas Business Centre
National Road, Las Pi as City
Phone: 874-5758; 873-2178; 772-1093; 726-6143
Fax: 872-4697; 726-6143
E-mail: ltan@cmphomes.com.ph
Web site: http://www.cmphomes.com.ph
COLLEGE ASSURANCE: AGILE Blamed for Collapse
--------------------------------------------
The downfall of the country's top pre-need firms, including
College Assurance Plans Philippines (CAP), was blamed on a
requirement of a U.S. lobby firm to infuse huge capital into the
firms, The Philippines Star reports, citing former Securities
and Exchange Commission Chairman Perfecto Yasay Jr.
Mr. Yasay told the House oversight committee and planholders of
CAP and Pacific Plans Inc. the main culprit for the collapse of
the pre-need firms is the Accelerating Growth for Investment
Liberalization and Equity (AGILE).
The revised actuarial reserve limitation (ARL) was pointed as a
major part of the dire condition of the pre-need industry at
present. ARL is the amount of reserve money that an entity must
have at any time.
"The ARL wreaked havoc on the industry itself. I don't know why
they adopted it (AGILE proposal) hook, line and sinker," Mr.
Yasay said, pointing to Sen. Mar Roxas as the culprit, since it
was he who endorsed it to the SEC, even if it was not under the
Department of Trade and Industry.
Mr. Yasay said that SEC is under the Department of Finance (DOF)
and not under the DTI. SEC is the government body tasked to
regulate pre-need companies, like CAP and Pacific Plans.
To prove his point, the former SEC chief revealed that in 2002,
pre-need firms were compelled to put up a Php2.5 billion ARL,
which grew to Php7.5 billion the following year (2003) and
ballooned to Php15 billion in 2004, which made it very difficult
for companies to cope.
CONTACT:
College Assurance Plans Philippines Inc.
CAP I Building
126 Amorsolo cor. Herrera Streets
Legazpi Ville, Makati City
Malaysia
Phone: 817-6586, 759-2000
Fax: (0632) 818-0560
COLLEGE ASSURANCE: Planholders Junk Insolvency Petition
-------------------------------------------------------
College Assurance Plans Philippines Inc.'s (CAP) planholders
have rejected the proposal of a regulator-appointed actuarial
for CAP to file for voluntary insolvency, according to
BusinessWorld.
Maricel Lopez, a lawyer representing CAP planholders, said the
proposal of Isagani de Castro is not viable.
According to Ms. Lopez, the planholders' group opposes the
proposal because urging CAP to file for insolvency will only
give the pre-need firm an upper hand.
Ms. Lopez also clarified that planholders could not file for
insolvency because they are the beneficiaries and not the
creditors.
A CAP official said Mr. de Castro must stop urging CAP to pay
planholders when it is only complying with the suspension of
payments as ordered by a Makati court.
The CAP official also clarified that "huge liabilities do not
necessarily mean that they cannot be met", further stating that
the payment of the obligations are outlined in CAP's business
plan.
Mr. de Castro was reportedly appointed a member of the
Securities and Exchange Commission (SEC) panel in the supposed
Actuarial Reserve Liabilities Study Group created by Chairman Fe
Barin.
NATIONAL BANK: Delay in Privatization Seen
------------------------------------------
The National Government is likely to postpone the sale of its
remaining 21 million shares in the Philippine National Bank
(PNB) due to dwindling share prices, The Manila Times reports.
The fall in PNB's share price since its privatization last
August would mean that the government is not likely to sell them
at the same price it did before.
The development has prompted the Philippine Deposit Insurance
Corp. (PDIC) to seek legal basis for the delay.
PDIC executive vice president Cristina Orbeta said there is no
rush to sell government's remaining 21 million shares in PNB,
adding that they are now seeking a legal opinion to postpone the
sale.
By law, government is bound to offer its remaining shares to
small local investors at the same price by mid-December, or 120
days after Aug. 17 when the Privatization Council approved the
transaction.
Ms. Orbeta said that selling government's remaining PNB shares
at Php43.77 each when the market prices are well below it will
only result in a failed bidding. At Php43.77 per share,
government's remaining shares in PNB should yield it another
Php900 million.
The departure of some key officials in the bank, including its
former executive vice presidents Federico Cadiz and Ismael
Sandig, and the probable exodus of managers recruited by its
former president Lorenzo Tan weighed down the issue.
Another issue that weighed down sentiment about the bank was the
reprimand it got from Japanese regulators last September for
selling lottery tickets within its branches and alleged improper
handling of remittances.
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/
PHILIPPINE LONG: Seeks Noteholders' Consent; No Rating Impact
-------------------------------------------------------------
Standard & Poor's Ratings Services said Wednesday that
Philippine Long Distance Telephone Co.'s (PLDT; foreign currency
BB-/Negative/--) solicitation of consent from holders of some of
its senior notes to amend certain covenants by itself has no
impact on the rating or its outlook. Although the amendments for
11.375% senior notes due 2012 and 10.625% senior notes due 2007
will increase PLDT's flexibility to make restricted payments,
particularly common dividends, its financial profile is expected
to remain consistent with the current rating level.
The company's rating reflects that of the sovereign rating on
the Philippines.
PLDT's two most significant proposed amendments that could
affect its credit quality are: (1) a change in the formula for
computing the restricted payments basket, or the amount
available for dividend distribution that PLDT is permitted to
make; and (2)a stricter leverage ratio below 3.5x instead of
4.5x in the previous covenants.
Based on the proposed change, PLDT's restricted payments will be
calculated on a cash flow-based formula (which includes PLDT's
stand-alone EBITDA, cash dividends from subsidiaries and cash
proceeds from the redemption of subsidiary's preferred shares
held by PLDT) instead of net earnings.
Standard & Poor's expects PLDT's increasing focus on delivering
shareholder value through higher dividend policy will not delay
the expected leverage reduction. PLDT generates about US$800
million free cash flow annually. Consolidated debt to EBITDA,
which reached 2x at June 30, 2005, is expected to improve to
below 1.5x by year-end 2006.
CONTACT:
Philippine Long Distance Telephone Co.
Ramon Cojuangco Building
Makati Avenue, Makati City
Telephone Numbers: 814-3552; 888-0188
Fax Number: 813-2292
Web site: http://www.pldt.com.ph
PHILIPPINE LONG: Moody's Reviews Ratings for Possible Upgrade
-------------------------------------------------------------
Moody's Investors Service on Thursday placed the ratings of
Philippine Long Distance Company (PLDT) on review for possible
upgrade. At the same time, Moody's assigned PLDT a local
currency corporate family rating of Ba2 and placed it on review
for possible upgrade. The review for upgrade results from
continual improvements in PLDT's financial risk profile.
The review will focus on: [1] the sustainability of improvements
in PLDT's operating and financial profile; [2] Prospective capex
requirements, particularly as it relates to any investment in 3G
technology; [3] Possible structural subordination given debt at
the Smart Cellular subsidiary; [4] Ongoing exposure to movements
in the USD/PHP exchange rate; and [5] PLDT's investment
strategy. Moody's expects to complete its review by end-2005.
The ratings on review are:
Local Currency Corporate Family Rating of Ba2
Foreign Currency Senior Unsecured Rating of Ba3
Foreign Currency Senior Unsecured Shelf Rating of (P)Ba3
Foreign Currency Preferred Stock Rating of B1
Foreign Currency Preferred Stock Shelf Rating of (P)B1
Moody's went onto say that PLDT will be approaching holders of
certain bonds, roughly US$312 million, to either gain their
consent to a change in the restrictive payments covenant or to
tender their bonds. The company is offering bondholders a
reduction in its debt incurrence test ratio to 3.5x from 4.5x.
Moody's does not expect either the covenant changes or the
prospective tendering of the bonds to adversely impact PLDT's
credit profile.
PLDT is well advanced in its debt reduction program, which is
leading to lower interest costs, increased cash flows, and
reduced exposure to foreign exchange rate risk. The company is
targeting a reduction of over US$600 million in 2005, and has
already achieved roughly $550 million of this objective. It has
over US$530 million in cash at present.
Moody's notes up to five 3G licences may be awarded in the next
6 months. Upfront fees are unlikely; rather licensees will be
required to provide an operable service offering within 12
months and a ubiquitous offering within 5 years. Current players
are likely to acquire licences and continue to dominate the
market.
PLDT does not expect capex to rise above PhP16-18 billion per
annum. This projection encompasses funding for both 3G build-out
and fixed-line network upgrades. Such a level of capex
represents only a moderate increase on current levels.
Moody's continued to say that PLDT's current foreign currency
senior unsecured debt rating of Ba3 is above the Philippines'
foreign currency country ceiling of B1. The foreign currency
senior unsecured debt rating incorporates convertibility risk,
which is the likelihood of the government declaring a debt
moratorium to counter a foreign currency crisis. Moody's views
foreign currency bonds subject to international law as less
likely to be subject to a debt moratorium than foreign currency
obligations subject to local law.
Therefore, a differential is present between PLDT's foreign
currency bond rating and the sovereign rating. As such, PLDT's
foreign currency bond rating is a function of its own risk of
default and the probability of a Philippine government default
on its foreign debt (implied by its B1 rating), the likelihood
that the government would declare a moratorium in the event of a
default, and if it did, the chances that it would exempt a
company such as PLDT.
Philippine Long Distance Company, based in Manila, Republic of
Philippines, is that country's leading provider of integrated
telecommunications services.
CONTACT:
Sydney
Charles F. Macgregor
VP - Senior Credit Officer
Corporate Finance Group
Moody's Investors Service Pty Ltd
JOURNALISTS: (612) 9270-8102
SUBSCRIBERS: (612) 9270-8100
Hong Kong
Clara Lau
Senior Vice President
Corporate Finance Group
Moody's Asia Pacific Ltd.
JOURNALISTS: (852) 2916-1150
SUBSCRIBERS: (852) 2916-1121
SWIFT FOODS: Elects New Director
--------------------------------
Swift Foods Inc. advised that in the meeting held on 12 October
2005 by the Board of Directors of the Company, Mr. Eleuterio D.
Coronel was elected as Director of the Corporation effective
upon his acceptance thereof, who will serve as such for the
remaining term of 2005-2006 and until his successor is elected
and qualified.
As of August 8, 2005, Mr. Coronel is the owner of 8,213 common
shares of Swift Foods, Inc.
CONTACT:
SWIFT FOODS, INC.
Pioneer Corner Sheridan Streets
RFM Corporate Center
Mandaluyong City 1603
Philippines
Phone: +63 2 631 8101
Fax: +63 2 631 5064
Web site: http://www.rfm.com.ph/
=================
S I N G A P O R E
=================
CHEMQUEST INTERNATIONAL: Creditors Asked to Submit Debt Claims
--------------------------------------------------------------
Notice is hereby given that the creditors of Chemquest
International Pte Limited, which is being wound up voluntarily,
are required on or before Nov. 7, 2005 to send in their names
and addresses and the particulars of their debts or claims, and
the names and addresses of their solicitors (if any), to the
liquidators, c/o 47 Hill Street, #05-01 Chinese Chamber of
Commerce & Industry Building, Singapore 179365; and, if so
required, are to come in and prove their debts or claims as
shall be specified or in default will be excluded from the
benefits of any distribution made before such proof.
Kon Yin Tong
Wong Kian Kok
Aw Eng Hai
Joint Liquidators
C/o 47 Hill Street, #05-01 Chinese Chamber of Commerce &
Industry Building
Singapore 179365
Date: Oct. 7, 2005
CITIRAYA INDUSTRIES: Former Official Pleads Guilty to Corruption
----------------------------------------------------------------
Troubled recylcer Citiraya Industries' former assistant general
manager will plead guilty to 24 charges of corruption against
him,in line with a recent investigation on the Company, Channel
NewsAsia reports.
Mr. Ng Teck Boon will plead guilty to 24 of the total 193
corruption charges made against him, according to his lawyer
Leslie Chew. The defendant appeared in court earlier this week
for a pre-trial conference.
Mr. Ng is accused of bribing Company officials and employees
with a total of SGD115,000 in exchange for selling
microprocessor chips, which were originally meant for recycling,
in the black market.
The prosecution had offered to reduce the charges against Mr.
Ng, who was advised by his lawyer to accept the offer.
Prosecutors are slated to proceed with 12 other counts of
falsifying documents, 11 charges of bribery and one count of
criminal breach of trust.
Mr. Ng is expected to reappear in court on Nov. 8, 2005, in
order to take the stand and plead guilty to the 24 corruption
charges.
CONTACT:
Citiraya Industries Limited
65 Tech Park Crescent
Singapore 637787
Phone: 65 62644338
Fax: 65 62666731
Web site: http://www.citiraya.com/
LIBRARY EXCHANGE: Creditors Must Submit Debt Claims
---------------------------------------------------
Notice is hereby given that the creditors of Library Exchange
Pte Limited, which is being wound up voluntarily, are required
on or before Nov. 7, 2005 to send in their names and addresses
and particulars of their debts or claims, and the names and
addresses of their solicitors (if any) to the Company
liquidators, and, if so required by notice in writing by the
said liquidators are, by their solicitors or personally, to come
in and prove their debts or claims at the time and place
speicified in such notice. In default thereof, they will be
excluded from the benefit of any distribution made before such
debts are proved.
Dated this 7th day of October 2005
Bob Yap Cheng Ghee
Neo Ban Chuan
Liquidators
c/o 16 Raffles Quay
#22-00 Hong Leong Building
Singapore 048581
L&M INTERNATIONAL: Schedules Meeting to Discuss Wind Up
-------------------------------------------------------
Notice is hereby given that the first meeting of creditors of
L&M International Limited will be held on Oct. 20, 2005, 4:00
p.m. at 5 Shenton Way, #07-01 UIC Building, Singapore 068808,
for the following purposes:
AGENDA
1. To receive a status update from the Liquidators.
2. To appoint a Committee of Inspection.
3. Any other matters.
Dated this 10th day of October 2005.
Chia Soo Hien
Ng Geok Mui
Joint Liquidators
c/o BDO Raffles
5 Shenton Way
#07-01 UIC Building
Singapore 068808
To entitle creditors to vote at the meeting, their proof of debt
must be lodged at the Liquidator's office not later than 4:00
p.m. of Oct. 19, 2005. Forms of general and special proxies are
enclosed herewith. Proxies to be used at the meeting must be
lodged at the Liquidator's office no later than 4.00 p.m. on
Oct. 19, 2005.
SEINO MERCHANTS: To Pay Dividend to Creditors This Month
--------------------------------------------------------
Seino Merchants Singapore Pte Limited of Changi Airfreight
Centre,#01-03/04 Cargo Agents Building E, Singapore 918102
posted a notice of intended dividend at the Government Gazette,
Electronic Edition with the following details:
Name of Company: Seino Merchants Singapore Pte Limited
Last day for receiving proofs: Oct. 24, 2005
Name & address of Liquidator: Goh Thien Phong
c/o 8 Cross Street, #17-00 PWC Building
Singapore 048424
Dated this 7th day of October 2005
WALSHE PTE: Liquidator Sets Deadline for Creditors' Claims
----------------------------------------------------------
Notice is hereby given that the creditors of Walshe Pte Limited,
which is being wound up voluntarily, are required to send in
their names and addresses and particulars of their debts or
claims, and the names and addresses of their solicitors (if any)
to the Liquidator of the Company on or before Nov. 7, 2005.
If so required by notice in writing by the said liquidator,
creditors are (by their solicitors or personally) to come in and
prove their debts or claims at such time and place as shall be
specified in such notice; in default thereof, they will be
excluded from the benefit of any distribution made before such
debts are proved.
Dated this 7th day of October 2005
Koichi Yano
Liquidator
c/o 9 Raffles Place
#41-01 Republic Plaza
Singapore 048619
WING TAI: Passes Resolutions at AGM and EGM
-------------------------------------------
Wing Tai Holdings Limited announces that the Company held its
41st Annual General Meeting (AGM) and its Extraordinary General
Meeting (EGM) on the same day, Oct. 13, 2005, and all the
resolutions it had set forth in its AGM and EGM Notice (released
last Sept. 28, 2005) were duly passed.
By Order of the Board
Gabrielle Tan
Company Secretary
Oct. 13, 2005
To view the Company's AGM and EGM Notices, go to:
http://bankrupt.com/misc/tcrap_wingtai1092805.pdf
http://bankrupt.com/misc/tcrap_wingtai2092805.pdf
CONTACT:
Wing Tai Holdings Limited
107 Tampines Road
Singapore 535129
Phone: 65 62809111
Fax: 65 63838940
Web site: http://www.wingtaiasia.com.sg
===============
T H A I L A N D
===============
EASTERN PRINTING: Trading of Securities Still Suspended
-------------------------------------------------------
Starting October 14, 2005, the Stock Exchange of Thailand (SET)
allowed the securities of Eastern Printing Public Company
Limited (EPCO) to be listed on the SET after finishing capital
increase procedures.
However, EPCO is a listed company under REHABCO sector and is in
the rehabilitation process, therefore, the SET has still
suspended trading all securities of EPCO until the causes of
delisting are eliminated.
Name: EPCO
Issued and Paid up Capital Old: THB1,028,031,572
Number of common stock 257,007,893 Shares
New: THB1,194,965,760
Number of common stock 298,741,440 Shares
Par value: THB4/Share
Allocate to: Financial Creditors warrants 41,733,547 units
convert to 41,733,547 shares of common stock
Exercise Ratio: 1 warrant: 1 ordinary share
Exercise Price: THB 0 per share
Exercise Date: September 30, 2005
THAI-GERMAN: Concludes Share Capital Increase, Decrease
-------------------------------------------------------
The Central Bankruptcy Court issued an order approving the
petition requesting the amendment of the business reorganization
plan of Thai-German Products Public Company Limited (TGPRO) on
July 23, 2004. TGPRO, through PLV and Associates Company
Limited, the plan administrator, informed the Stock Exchange of
Thailand (SET) that it has completed its share capital increase
and decrease as reference No. 2 already.
However, TGPRO is in the process of preparing the information
with the financial advisor to issue warrant to small
shareholders.
Faithfully yours,
Mr. Apinun Ratchatasombat)
CONTACT:
Thai-German Products Pcl
99 Huaypong-Nongbon Road,
Tambol Huaypong, Amphur Muang Rayong
Telephone: 0-3868-4901-5
Fax: 0-3868-4906
Website: http://www.tgpro.co.th
THAI PETROCHEMICAL: PTT Confident in Investment's Success
---------------------------------------------------------
PTT Plc is optimistic that there would be no hitches on their
planned investment in Thai Petrochemical Industry PCL by its
debt-restructuring time limit, reveals The Nation.
According to PTT President Prasert Bunsumpun, if the November 4
deadline cannot be honoured, the company would be willing to
extend the validity of the Memorandum of Understanding if
necessary.
Pichit Akrathit, managing director of MFC Asset Management, the
manager of the Vayupak Fund, said the fund's THB6.6-billion
payment should be made before November 4.
"We're ready to pump in the money as soon as the Central
Bankruptcy Court rules that new investors are allowed to call
for a shareholders meeting after TPI exits from the debt-
restructuring process," Mr. Pichit said.
Mr. Pichit said the Vayupak fund was ready to switch some of its
THB10-billion holdings in bonds to TPI and the rest will be
invested in the initial public offerings of state enterprises,
primarily Egat Plc and TOT Plc.
A court ruling will be released on October 25 to determine the
right of new investors to call a meeting, so they can shake up
TPI's board of directors, now dominated by TPI founder Prachai
Lephairatana.
Meanwhile, TPI issued a request to the Central Bankruptcy Court
to extend its rehabilitation by three months to the end of March
2006.
The court has scheduled the hearing for the extension of the
rehab plan on November 1.
PTT wants to have a 30 percent stake in TPI, while the
Government Pension Fund and Vayupak will hold a combined 20 per
cent. The Government Savings Bank and other parties will buy 10
per cent.
CONTACT:
Thai Petrochemical Industry Pcl
TPI Tower, Floor 8, 26/56
New Jun Road, Thungmahamek, Sathon Bangkok
Telephone: 0-2678-5000, 0-2678-5100
Fax: 0-2678-5001-5
Web site: http://www.tpigroup.co.th
TPI POLENE: To Seek Extension of Restructuring Process
------------------------------------------------------
TPI Polene mulls of asking the Central Bankruptcy Court for an
extension of its debt-restructuring period by one year to
December 2006, Bangkok Post reports, citing the plan
administrator, Prachai Leophairatana.
The move was to protect TPI Polene from the impact of price-
cutting by rivals which is a result of fierce competition in the
cement industry. The planner plans to file the petition this
month.
Stiff competition in the local cement market, which has led to a
decline of cement price by THB150-200 per tonne now from last
year, has adversely affected its performance.
Senior Vice-President Prasert Ittimekin said creditors have
allowed the extension of the plan since the beginning of the
restructuring process.
CONTACT:
TPI Polene Public Company Limited
26/56 New Jun Road,
Thungmahamek, Sathon Bangkok
Telephone: 0-2678-5100, 0-2678-5000
Fax: 0-2678-5001-5
Website: http://www.tpipolene.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 S. Bacatan,
Reiza Dejito, and Erica Fernando, Editors.
Copyright 2005. All rights reserved. ISSN: 1520-9482.
This material is copyrighted and any commercial use, resale or
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
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The TCR -- Asia Pacific subscription rate is $575 for 6 months
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subscription or balance thereof are $25 each. For subscription
information, contact Christopher Beard at 240/629-3300.
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