/raid1/www/Hosts/bankrupt/TCRAP_Public/051017.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
A S I A P A C I F I C
Monday, October 17, 2005, Vol. 8, No. 205
Headlines
A U S T R A L I A
ABATIS AUSTRALIA: Members Opt for Voluntary Liquidation
AIR NEW ZEALAND: Welcomes New Chief Executive Officer
AIR NEW ZEALAND: Seeks to Commence Shanghai Services
AUS WIDE: To Declare First, Final Dividend
AVSPARES PTY: Court Orders Winding Up
BB MILK: Liquidator to Report Liquidation Process
COVERECHO PTY: Andrew Hewitt Named Liquidator
DEOJILL PTY: Court Issues Winding Up Order
EVANS & TATE: Appoints New Director
HARRIS GROUP: Final Meeting Fixed October 24
I.&J. CLEANING: Members Resolve to Liquidate Firm
INDYWELD PTY: Creditors Approve Liquidator's Appointment
JAMEVE HOLDINGS: Prepares to Declare Dividend
JMDJA PTY: Placed Under Voluntary Liquidation
KIBPARK PTY: Liquidator Set to Distribute Company Assets
LIHIR GOLD: Gold Production to Resume Next Month
MAIN CORP: Winds Up Business
MILLENIUM YOUTH: Members, Creditors to Review Winding Up Report
ML MACCAFFERY: Court Orders Winding Up
P&K ROOFING: Members Pass Winding Up Resolution
QANTAS AIRWAYS: Unveils Results of 2005 AGM
QANTAS AIRWAYS: Wants Foreign-Owner Limit Relaxed
PRIMELIFE CORPORATION: Establishes Presence in New Zealand
SIMMER DOWNS: Declares Dividend Today
SJ&H TRANSPORT: Winding Up Process Initiated
SOVEREIGN CAPITAL: ASIC Stops Misleading Mortgage Fund Product
TRACKO PTY: Enters Liquidation
TREVILYAN PASTORAL: Members Convene to Discuss Wind Up
* ASIC Bans Sydney Man for Three Years
C H I N A & H O N G K O N G
CHINA CONSTRUCTION: To Start Public Offering in Hong Kong
CHINA CONSTRUCTION: Vows to Cover Bad Loans in Three Years
CHINA INTERNATIONAL: Appoints Provisional Liquidators
CHINA SOUTHERN: Makes Major Presence at Vietnam Trade Fair
CHINA SPECIALISED: To Delist Shares on October 17
GOLDCO DEVELOPMENT: Winding Up Hearing Slated for November 23
INDUSTRIAL AND COMMERCIAL: Online Services Bustling
KIN WING: Creditors Meeting Set November 9
NOBLE VIEW: Court to Hear Bankruptcy Petition Next Month
SKYPLANET LIMITED: First Meeting of Creditors Fixed October 27
TINGKONG-REXCAPITAL HOLDINGS: SFC Reprimands Firm
UDL HOLDINGS: Harbour Front Ups Stake to 50%
WELL FAVOUR: Winding Up Hearing Fixed November 2
I N D I A
AIR INDIA: Panel Endorses Jet Buy Plan
BHARAT PETROLEUM: Members Agree to Delist Shares in 3 Bourses
HINDUSTAN PETROLEUM: Seals Strategic Alliance with British Firm
I N D O N E S I A
PERTAMINA: Buys 1.2 Mln Barrels of Oil for December Delivery
PERUSAHAAN LISTRIK: Cuts Illegal Connections in Jakarta
* Indonesia Allots IDR54.28 Trillion for 2006 Fuel Subsidy
J A P A N
MITSUBISHI FUSO: Sees 195,000 Vehicle Sales This Year
MITSUBISHI FUSO: To Launch Hybrid Truck In Japan in 2006
MITSUBISHI UFJ: Mulls Repayment of State Funds by September 2006
MITSUI SUMITOMO: Six Executives to Suffer Pay Cuts
PIONEER CORPORATION: Shuts Down Belgian Car Audio Plant
SANYO ELECTRIC: Remains On Watch Negative
SKYMARK AIRLINES: Withdraws Domestic Routes
UFJ HOLDINGS: Merger Forms Mitsubishi UFJ Financial Group
VICTOR COMPANY: First Half Loss Widens to JPY16.5 Bln
K O R E A
COCA-COLA KOREA: Shows Little Sign of Turnaround
DOOSAN GROUP: Former Chief Faces Probe Over Fraud
M A L A Y S I A
ANTAH HOLDING: Enters Into Call Option Agreement with IJM
BUKIT KATIL: Scraps MOU with Potential White Knight
BUKIT KATIL: Enters Into Conditional Restructuring Deal
HONG LEONG: Unveils Details of Shares Buy Back
MAGNUM CORPORATION: Issues New Shares for Listing
MERCES HOLDINGS: Still Unable to Pay Debt to Southern Bank
PANTAI HOLDINGS: Purchases Ordinary Shares on Buy Back
PATIMAS COMPUTERS: Bourse to Grant Listing of New Shares
POLY GLASS: Unveils Director's Dealings in Securities
SUREMAX GROUP: Finances Unaffected by Unit's Winding Up
TELEKOM MALAYSIA: New Shares Up for Listing, Quotation
TENAGA NASIONAL: Inks US$500-Mln MCRCF
UNITED CHEMICAL: Sees No Developments on Default Status
P H I L I P P I N E S
ATLAS CONSOLIDATED: Completion of Off-take Deals Nears
CAWC INCORPORATED: Watchdog OKs Quasi-Reorganization
C&P HOMES: Aims to Trim Debt to Php379.43 Mln
EPIXTAR PHILIPPINES: Files for Debt Relief
NATIONAL BANK: Declines to Comment on Privatization Delay
NATIONAL POWER: IMF Worried About Privatization Delay
S I N G A P O R E
CITIRAYA INDUSTRIES: Seeks for New Creditors to Buy Debt
ELPEDIA PTE: Creditors Asked to Submit Debt Claims
GARBAGEMASTER PTE: Liquidator Sets Deadline to Submit Claims
GWEE MOTOR: To Declare Dividend Soon
LEADING ELECTRON: Creditors to Submit Debt Claims by Next Month
NH CERAMICS: To Hold End-of-Month AGM
PB INTERIOR: Court Orders Winding Up
T H A I L A N D
BANGKOK STEEL: Unveils Restructuring Plan's Progress
PREECHA GROUP: Releases 6 Months Operating Results
T.C.J ASIA: Administrator Completes Reorganization
- - - - - - - -
=================
A U S T R A L I A
=================
ABATIS AUSTRALIA: Members Opt for Voluntary Liquidation
-------------------------------------------------------
At a meeting of members of Abatis Australia Pty Limited held on
Sept. 16, 2005, it was unanimously resolved that the Company be
wound up, and Stephen Gower Baker be appointed Liquidator.
Stephen Baker & Co.
Liquidator
Suite 2, 98 Woolwich Road
Woolwich NSW 2110
Phone: 9817 6427
Fax: 9879 0964
AIR NEW ZEALAND: Welcomes New Chief Executive Officer
-----------------------------------------------------
Air New Zealand announced Friday that Rob Fyfe will assume the
role of Chief Executive Officer effective immediately.
Mr. Fyfe is currently the Group General Manager Airlines and has
been with the company for almost three years.
Air New Zealand Chairman John Palmer said Mr Fyfe's appointment
follows a global search that included the evaluation of strong
internal candidates for the role.
Mr. Palmer said Rob Fyfe has been appointed on merit after an
extensive and rigorous selection process, which attracted high
quality overseas candidates through to the final stage.
"It is a great testament to Air New Zealand's leadership
development and succession planning that Mr Fyfe has gained the
position against international benchmarks," he said.
Mr. Palmer said Air New Zealand would now be entering a new
phase in its history with a new leader who has the full support
of the Board and who is focused on delivering value for
shareholders.
"I would also like to thank Chief Financial Officer Rob McDonald
for his stewardship as interim CEO while the search for a new
Chief Executive took place," Mr. Palmer said.
Commenting on his appointment, Rob Fyfe said he was delighted
and greatly appreciative of the unique opportunity presented to
him by the Board.
"I feel privileged to lead this iconic company that has such a
pivotal role in the life of so many New Zealanders and
businesses. I have a passion for Air New Zealand and look
forward to guiding the company through this next stage in its
history. I am committed to ensuring that Air New Zealand
continues to develop into a company that everyone in our nation
can feel justifiably proud of."
Mr. Fyfe said it was clear that Air New Zealand was currently
operating in a particularly challenging business environment.
"But I believe the company has the resilience, the vision and
the people to deal with these challenges and to become an
enduring, internationally successful airline."
CONTACT:
Air New Zealand Limited
Air New Zealand Airpoints Service Centre
Private Bag 4755
Christchurch
New Zealand
Phone: +64 (0)9 488 8777
Fax: +64 (0)9 488 8787
E-mail: enquiry@computershare.co.nz
Web site: http://www.airnz.co.nz/
AIR NEW ZEALAND: Seeks to Commence Shanghai Services
----------------------------------------------------
Air New Zealand has applied to the New Zealand Ministry of
Transport for the necessary regulatory approvals to commence
non-stop flights between Auckland and Shanghai.
The airline will also shortly apply to relevant Chinese
authorities as well as seek landing slots at Shanghai's Pudong
Airport.
"Under current bilateral agreements New Zealand airlines have
rights to operate up to seven return services per week to
China," says Air New Zealand Group General Manager Marketing,
Network and Sales, Norm Thompson.
"Because Air New Zealand is seeking to fly to a new country, the
process to gain the regulatory approvals will take approximately
six months. Our expectations are that we will begin selling
fares from early-mid next year, with services to commence
towards the end of 2006."
Air New Zealand will seek approval for a service operating three
times per week utilizing new Boeing 777-200ER aircraft.
The 313 seat aircraft includes 26 lie-flat Business Premier
seats, 18 Pacific Premium Economy seats and 269 seats in Pacific
Economy.
Flight duration northbound will be approximately 12 hours 45
minutes, with the flight south taking approximately 11 hours and
45 minutes.
"A great deal of work has taken place over the past twelve
months to evaluate the feasibility of Auckland-Shanghai as a new
route option. Our desires to fly to the region have been well
documented and we are pleased to now get the process formally
underway after completing our market feasibility studies."
More than 84,000 people visited New Zealand from China for the
year ending December 2004, up 28% on 2003. In addition, more
than 45,000 Kiwis traveled to China over the same period, up 38%
on 2003. China is now the fifth most visited country behind
Australia, Fiji, USA and UK.
Tourism Research Council of New Zealand forecasts predict
substantial inbound growth over the next few years building to
more than 110,000 arrivals from China in 2007 and up to 188,000
in 2011.*
"If the service becomes as successful as we expect it will be,
we look forward to increasing to daily flights in the longer
term," says Mr. Thompson.
Airfares and flight schedules will be announced once the
relative regulatory approvals have been gained next year.
AUS WIDE: To Declare First, Final Dividend
------------------------------------------
Aus Wide Interiors Pty Limited will declare a first and final
dividend on Oct. 18, 2005.
Creditors who were not able to prove their debts or claims will
be excluded from the benefit of the dividend.
Dated this 30th day of August 2005
I. J. Purchas
Liquidator
Star Dean-Willcocks
Level 1, 32 Martin Place
Sydney NSW 2000
AVSPARES PTY: Court Orders Winding Up
-------------------------------------
On Sept. 15, 2005, the Supreme Court of New South Wales ordered
that Avspares Pty Limited be wound up, and appointed Brian Hugh
Allen to be Liquidator of the Company.
Brian H. Allen
c/o Burton Glenn Allen
Chartered Accountants
Level 2, 57 Grosvenor Street
Neutral Bay NSW 2089
Phone: 02 9904 4644
Fax: 02 9904 9644
BB MILK: Liquidator to Report Liquidation Process
-------------------------------------------------
Notice is hereby given that a final meeting of members and
creditors of BB Milk Supplies Pty Limited will be held on Oct.
24, 2005, 11:00 a.m. in the Boardroom of Andrew Dunner &
Associates Chartered Accountants, 23 Erin Street, Richmond.
The purpose of the meeting is to lay accounts before it showing
the manner in which the winding up was conducted and the
property of the Company disposed of, and to hear any explanation
that may be given by the liquidator.
Dated this 20th day of September 2005
Andrew L. Dunner
Liquidator
Andrew Dunner & Associates
23 Erin Street, Richmond
COVERECHO PTY: Andrew Hewitt Named Liquidator
---------------------------------------------
Notice is hereby given that an extraordinary general meeting of
members of Coverecho Pty Limited held on Sept. 9, 2005, it was
resolved that the Company be wound up voluntarily and at a
meeting of creditors held that same day, it was resolved that
Andrew Stewart Reed Hewitt of Grant Thornton be appointed
Liquidator.
Dated this 15th day of September 2005
Andrew S. R. Hewitt
Liquidator
Grant Thornton
Rialto Towers, Level 35, South Tower
525 Collins Street, Melbourne Vic 3000
DEOJILL PTY: Court Issues Winding Up Order
------------------------------------------
On Sept. 9, 2005, the Federal Court of Australia, NSW District
Registry ordered the winding up of Deojill Pty Limited, and
appointed Stephen James Parbery to be Liquidator for the winding
up.
Dated this 13th day of September 2005
Stephen J. Parbery
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
EVANS & TATE: Appoints New Director
-----------------------------------
Evans & Tate Limited announced the appointment of Mr. Peter
Wallace as a Non-Executive Director.
Mr. Wallace is currently Head of Corporate at Bell Potter
Securities Limited in Perth and has over 38 years experience in
the banking and finance industry. Prior to joining Bell Potter,
Mr. Wallace held various senior roles with Challenge Bank
Limited (a division of Westpac Banking Corporation), most
recently as General Manager, Business and Regional Banking.
Mr. Wallace was set to fill a vacancy on the Board following the
retirement of Mr. Ross Chappell on October 13. Mr. Chappell
steps downs from the Board after more than 10 years service.
Commenting on the Board changes, Evans & Tate Chairman John
Hopkins said he was delighted that Mr. Wallace had agreed to
join the Board.
"Peter has a wealth of experience in capital markets and will be
a welcome addition to the Evans & Tate Board," he said.
"Peter's knowledge and skill set will nicely complement the
existing capabilities of the Evans & Tate Board following the
retirement of Ross Chappell."
"Ross has been a strong contributor to the Board and he has
indicated that he believes it would be appropriate for him to
retire at this point given corporate governance guidelines
recommending that length of service be considered in determining
the ongoing independence of Non-Executive Directors."
"I would like to thank him for his dedicated service to the
company over many years and, on behalf of the Board, wish him
well for the future."
"The search for a new Chief Executive Officer is progressing
well. We have now identified a strong list of candidated and
interviews have commenced. Further information will be provided
to the market as soon as we are in a position to do so.'
Evans & Tate continues its inventory reduction program and
expects to be able to announce the completion of the program in
the near future.
Evans & Tate wines win awards at major shows
The premium quality of Evans & Tate wines continues to be
recognized, winning 17 medals at the recent Mt. Barker Wine
Show, including 7 Golds. The Evans & Tate Margaret River Shiraz
was also awarded the Trophy for best older red wine.
The 2002 Margaret River Shiraz also recently won the trophy as
best overall wine in the Super Premium Class at the 2005 FBAT
International Wine Challenge in Thailand.
The latest awards for Evans & Tate wines come on the back of
winning 2 Trophies and 46 medals at the Perth, Griffith and
Rutherglen shows, including 2 Top Gold medals and 7 Golds.
Evans & Tate Chairman John Hopkins said the awards reflected the
strength of the group's portfolio and the experience and skill
of its winemakers throughout Australia.
CONTACT:
Evans & Tate
54 Salvado Road,
Wembley WA 6014
PO Box 451
Wembley WA 6913
Telephone: (08) 6462 1799
Facsimile: (08) 6462 1798
E-mail: et@evansandtate.com.au
Web site: http://www.evansandtate.com.au/
HARRIS GROUP: Final Meeting Fixed October 24
--------------------------------------------
Notice is hereby given that the final meeting of members of
Harris Group Properties Pty Limited will be held on Oct. 24,
2005, 10:00 a.m. at 21 Waldheim Road, Bayswater, to present the
Liquidator's final account and report, and to give any
explanation thereof.
Dated this 12th day of September 2005
Gary Andrews
Liquidator
Unit 1A, 88 Maroondah Highway
Ringwood Vic 3134
I.&J. CLEANING: Members Resolve to Liquidate Firm
-------------------------------------------------
Notice is hereby given that at a General Meeting of Members of
I.&J. Cleaning Services Pty Limited held on Sept. 8, 2005 it was
resolved that the Company be wound up voluntarily, and that
Messrs. Stirling L. Horne and Petr Vrsecky of Draper Dillon,
Level 4, 499 St. Kilda Road, Melbourne, be appointed Joint and
Several Liquidators.
Dated this 14th day of September 2005
Stirling L. Horne
Petr Vrsecky
Liquidators
Draper Dillon
Level 4, 499 St. Kilda Road
Melbourne Vic 3004
INDYWELD PTY: Creditors Approve Liquidator's Appointment
--------------------------------------------------------
Notice is hereby given that at a general meeting of members of
Indyweld Pty Limited held on Sept. 12, 2005 it was resolved that
the Company be wound up voluntarily, and that Danny Vrkic of
Jirsch Sutherland & Co - Wollongong Chartered Accountants be
appointed Liquidator for such purpose. A meeting of creditors
held later that day confirmed this appointment.
Dated this 27th day of September 2005
Danny Vrkic
Liquidator
Jirsch Sutherland & Co - Wollongong
Chartered Accountants
Level 3, 6-8 Regent Street
Wollongong NSW 2500
Phone: 02 4225 2545
Fax: 02 4225 2546
JAMEVE HOLDINGS: Prepares to Declare Dividend
---------------------------------------------
Jameve Holdings Pty Limited will declare a first and final
dividend on Oct. 19, 2005.
Creditors who were not able to prove their debts or claims will
be excluded from the benefit of the dividend.
Dated this 30th day of August 2005
Ginette Muller
Liquidator
KordaMentha (Qld)
22 Market Street, Brisbane Qld 4000
Phone: 07 3225 4000
Fax: 07 3225 4999
JMDJA PTY: Placed Under Voluntary Liquidation
---------------------------------------------
At a General Meeting of JMDJA Pty Limited duly convened and held
on Sept. 9, 2005, the following Special Resolution 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; and that Mark Peter Barson of Suite 4, 10-12 Chapel
Street, Blackburn, be appointed liquidator to act for the
purposes of such winding up.
Dated this 9th day of September 2005
Mark P. Barson
Liquidator
Suite 4, 10-12 Chapel Street
Blackburn Vic 3130
KIBPARK PTY: Liquidator Set to Distribute Company Assets
--------------------------------------------------------
At a General Meeting of Kibpark Pty Limited held on Sept. 13,
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 14th day of September 2005
S. J. Tremellen
Liquidator
Clark and Associates
49 Rogers Street, Stanthorpe Qld 4380
Phone: 07 4681 5400
Fax: 07 4681 5444
LIHIR GOLD: Gold Production to Resume Next Month
------------------------------------------------
Lihir Gold Limited expects to resume full production at the
company's Lihir Island process plant by the first week in
November.
Two employees were tragically lost as a result of the landslide,
which occurred on the morning of October 9, affecting the
hillside to the north of the mine site. The slide cut the road
between the township and the mine, over a distance of
approximately 900 meters, rupturing the water pipeline supplying
the process plant and thereby preventing further gold
processing. The process plant and mining infrastructure were not
directly affected. Mining operations have continued.
The PNG Mines Department is carrying out am investigation into
the landslide, in accordance with standard procedures.
The landslide area will take some time to stabilize, preventing
the roadway from being rebuilt immediately. In the meantime,
daily access to the mine and process plant is being maintained
primarily by sea transport, supplemented by use of the island
ring road.
All efforts are being made to accelerate the recovery process,
while ensuring the safety of staff. Alternative means of
supplying water to the process plant are being investigated,
which may allow partial gold production to resume prior to
November. Further details, including a revised production
forecast, will be provided as soon as the position is clarified.
It should be noted that this is a deferral rather than loss of
scheduled production.
The estimated cost of repairs to the damaged water pipeline is
about US$1 million.
CONTACT:
Lihir Gold Limited
Papua New Guinea
Head Office
Level 7, Pacific Place
Cnr. Champion Parade & Musgrave Street
Port Moresby
Phone: (+675) 321 7711
Fax: (+675) 321 4705
Australia
Level 14, 12 Creek Street
Brisbane
Queensland 4000
Phone: (+617) 3229 5483
Fax: (+617) 3229 5950
E-mail: Joe.Dowling@lihir.com.pg
Web site: http://www.lihir.com.pg
MAIN CORP: Winds Up Business
----------------------------
Notice is hereby given that at a general meeting of members of
Main Corp Facilities Management Pty Limited held on Sept. 12,
2005, it was duly resolved that the Company be wound up
voluntarily, and that Antony de Vries and Riad Tayeh of de Vries
Tayeh, Level 3, 95 Macquarie Street, Parramatta NSW 2150 be
appointed Joint and Several Liquidators.
Dated this 12th day of September 2005
Riad Tayeh
Antony de Vries
Joint Liquidators
de Vries Tayeh
Level 3, 95 Macquarie Street
Parramatta NSW 2125
MILLENIUM YOUTH: Members, Creditors to Review Winding Up Report
---------------------------------------------------------------
Notice is hereby given that a final meeting of members and
creditors of Millenium Youth Services Pty Limited will be held
on Oct. 24, 2005, 10:00 a.m. at the office of Woodgate & Co.,
Level 14, 25 Bligh Street, Sydney, New South Wales, for the
purpose of having an account laid before them showing the manner
of the winding up and the disposal of the property of the
Company, and to hear any explanations that may be given by the
Liquidator.
Dated this 20th day of September 2005
G. G. Woodgate
Liquidator
Woodgate & Co.
Phone: 02 9233 6088
Fax: 02 9233 1616
ML MACCAFFERY: Court Orders Winding Up
--------------------------------------
On Sept. 13, 2005, the Supreme Court of New South Wales, Equity
Division ordered that ML MacCaffery Pty Limited be wound up, and
appointed R. J. Porter to be Liquidator for such purpose.
R. J. Porter
Liquidator
Moore Stephens
Chartered Accountants
Level 6, 460 Church Street
Parramatta NSW 2150
P&K ROOFING: Members Pass Winding Up Resolution
-----------------------------------------------
Notice is hereby given that at an extraordinary general meeting
of members of P&K Roofing & Scaffolding Pty Limited held on
Sept. 15, 2005, it was resolved that the Company be wound up
voluntarily.
At a meeting of creditors held on the same day, it was resolved
that Brent Kijurina of Smith Hancock Chartered Accountants,
Level 4, 88 Phillip Street, Parramatta NSW 2150 be appointed
Liquidator for the winding up.
Dated this 15th day of September 2005
Brent Kijurina
Liquidator
Smith Hancock
Chartered Accountants
Level 4, 88 Phillip Street
Parramatta NSW 2150
QANTAS AIRWAYS: Unveils Results of 2005 AGM
-------------------------------------------
As required by Listing Rule 3.13.2, Qantas Airways advised that
the following Resolutions were passed by shareholders at the
2005 Annual General Meeting held in Canberra on October 13,
2005:
3. Election of Directors
3.1 Paul Anderson - Ordinary Resolution
"That, Paul Anderson, a Non-executive Director retiring in
accordance with the Constitution, being eligible, is re-elected
as a Non-Executive Director of Qantas Airways Limited."
3.2 John Schubert - Ordinary Resolution
"That, John Schubert, a Non-Executive Director retiring in
accordance with the Constitution, being eligible, is re-elected
as a Non-Executive Director of Qantas Airways Limited."
3.3 Garry Hounsell - Ordinary Resolution
"That, Garry Hounsell, a Non-Executive Director appointed by the
Directors of January 1, 2005 pursuant to clause 6.5(a) of the
Constitution and retiring in accordance with the Constitution,
being eligible, is elected as a Non-Executive Director of Wantas
Airways Limited."
3.4 Peter Cosgrove - Ordinary Resolution
"That, Peter Cosgrove, a Non-Executive Director appointed by the
Directors on July 6, 2005 pursuant to clause 6.5(a) of the
Constitution and retiring in accordance with the Constitution,
being eligible, is elected as a Non-Executive Director of Qantas
Airways Limited."
4. Remuneration Report - Advisory Resolution
"That, the Remuneration Report for the year ended June 30, 2005
(set out in the Director's Report) is adopted."
5. Amendments to the Constitution - Special Resolution
"That, the Constitution of Qantas Airways Limited is amended in
the manner set out in Annexure A to the 2005 Notice of Meeting."
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: Wants Foreign-Owner Limit Relaxed
-------------------------------------------------
Qantas Airways Limited said foreign restrictions have made the
airline uncompetitive by limiting access to more profitable
global capital markets, The Advertiser relates.
Qantas Chairman Margaret Jackson has signified her intention to
bid for the removal of the law that half of the airline's stock
be held by Australian interests.
Presently the Federal Government is reviewing the law, as well
as Qantas' access in the potentially lucrative Pacific air
routes.
Ms. Jackson acknowledged Qantas would never be wholly foreign-
owned, but she explained the limit drives away potential
overseas investors. The foreign buyers fear they might breach
the limit when they buy too much stock.
Qantas is now 45 percent foreign-owned, down from an average of
48 percent when British Airways held shares.
Meanwhile, the national flag carrier is looking at placing
another large order for aircraft in the next few months but has
refused to reveal the size. It is to take delivery of the firth
of 12 Airbus A380s in 2007.
Funding the new purchases, Ms. Jackson said, was more costly
than it could be if Qantas had more foreign investors.
PRIMELIFE CORPORATION: Establishes Presence in New Zealand
----------------------------------------------------------
Primelife Corporation Limited on Friday announced that the
PrimeLiving Trust, an unlisted acquisition trust jointly owned
and managed by Primelife, Babcock & Brown Limited and MFS
Limited, signed a binding right to acquire the Primecare
Holdings portfolio of 5 retirement villages in New Zealand.
Mr. Jim Hazel, Primelife Managing Director said "we are excited
that this acquisition takes Primelife's coverage to every
mainland state in Australia, and New Zealand, increasing the
total number of residents under Primelife's care by more than
2,500. The portfolio comprises 5 quality retirement villages
with 941 existing units and apartments with a further 80 units
under development in the growth corridors for seniors living in
the Auckland and Bay of Plenty regions in New Zealand".
"As I have previously indicated, industry consolidation is a
major theme unfolding in Australia and New Zealand. Primelife
has this week expanded into both New South Wales, through the
Henry Kendall acquisition, and New Zealand, through this
transaction."
Under the asset management arrangement, Primelife will be
responsible for all operational management of the Primecare
Holdings retirement villages and will have an option to acquire
the retirement villages from the Trust at appropriate market
prices.
This transaction takes the Trust's gross assets to more than
$250 million comprising 1,873 existing units and 378 units under
development. The acquisition will be funded by a combination of
bank debt and equity, together with debt investment funds
sourced through MFS.
As part of the acquisition, the Trust has entered into a
management and development arrangement with Equity Partners. Its
affiliate, Darby Partners Limited will play a key role in this
arrangement through facilitating future infill and broad acre
retirement developments in New Zealand. Equity Partners has
indicated that it will initially introduce a further 300 units
for development.
Further details of the portfolio can be viewed at:
http://bankrupt.com/misc/tcrap_primelifecorporation101405.pdf.
CONTACT:
Primelife Corporation Limited
Melbourne
Victoria, Victoria 3000
Australia
Phone: +61 3 9618 5500
Fax: +61 3 9618 5599
Web site: http://www.primelife.com.au/
SIMMER DOWNS: Declares Dividend Today
-------------------------------------
Simmer Downs Pty Limited will declare a first and final dividend
today, 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 15th day of September 2005
A. A. Gaffney
Liquidator
c/o RSM Bird Cameron
1st Floor, 8 St George's Terrace
Perth WA 6000
Phone: 08 9261 9100
SJ&H TRANSPORT: Winding Up Process Initiated
--------------------------------------------
Notice is now given that at a meeting of the members and
creditors of SJ&H Transport Pty Limited held on Sept. 15, 2005,
creditors resolved that the Company be wound up, and R. A.
Sutcliffe was appointed Liquidator.
Dated this 15th day of September 2005
R. A. Sutcliffe
Liquidator
Ground Floor, 192-198 High Street
Northcote Vic 3070
Phone: 03 9482 6277
SOVEREIGN CAPITAL: ASIC Stops Misleading Mortgage Fund Product
--------------------------------------------------------------
The Australian Securities and Investments Commission (ASIC) has
put a final stop order on a product disclosure statement (PDS)
relating to the "Sovereign Prudential Fund" (the Fund) issued by
Gold Coast based financier Sovereign Capital Limited.
The Fund on-lent investor funds in contributory mortgages to
finance construction by property developers. ASIC received a
number of complaints about the level of defaults on these loans
and decided to investigate.
ASIC found that over 50 per cent of the Fund's loan book was in
default, yet the PDS misled investors with statements like: `all
investors.have received monthly interest payments with an
average return of 10 per cent pa' and other representations
aimed at conveying a level of security and reliability of income
that did not exist.
Sovereign's website said `Your Funds Fully Secured' which was
misleading because the loans were not fully secured and
investors have or are likely to suffer significant capital
losses on a number of loans.
There were also misleading statements implying that the Fund
invested only in first mortgages, which was not the case.
ASIC Deputy Chairman, Jeremy Cooper said that this product
proves, once again, that lending for property development is
risky.
"I can only repeat our messages about putting your money into
property-related high-yield investments:
Investors in products like this have to realise that they are
lending money where banks and professional investors would not
be prepared to take the level of risk involved in exchange for
the return offered. Ask yourself whether the banks and
professionals are investing along with you;
The yield is high because the risk is high;
Don't be fooled by the fact that mortgages are involved and the
lending relates to property - it is still risky;
Ask a licensed financial adviser about the product before
investing; and
You might think that you are merely putting your money on
deposit to get an attractive-looking interest rate, but you are
actually taking on the risks of property development for a
relatively modest return."
"The risk associated with a mortgage fund of this type is
potentially high because investors are typically investing in
only one loan to a property developer. In that case, there is no
diversification of risk and so if the developer runs into a
problem it directly affects the investor," Mr. Cooper said.
Following ASIC's inquiries, Sovereign has agreed to appoint an
independent accountant to conduct a review of the Fund's loan
book, including an assessment of the adequacy of the Fund's due
diligence processes. The independent accountant is required to
report its findings to ASIC by 24 October 2005.
TRACKO PTY: Enters Liquidation
------------------------------
At a general meeting of the members of Tracko Pty Limited held
on Sept. 16, 2005, a Special Resolution was duly passed that the
Company be wound up voluntarily.
Dated this 16th day of September 2005
Peter W. Marsden
Director
C/o RSM Bird Cameron
Chartered Accountants
Level 12, 60 Castlereagh Street
Sydney NSW 2000
Phone: 02 9233 8933
Fax: 02 9233 8521
TREVILYAN PASTORAL: Members Convene to Discuss Wind Up
------------------------------------------------------
Notice is hereby given that a Meeting of Members of Trevilyan
Pastoral Co Pty Limited will be held on Oct. 24, 2005, 10:30
a.m. at the Liquidator's office, c/o Genders & Wishart, Third
Floor, 27 Leigh Street, Adelaide SA 5000, to present the
Liquidator's account showing how the winding up was conducted
and the property of the Company disposed of, and to given an
explanation of the account.
Dated this 15th day of September 2005
R. J. Wishart
Liquidator
Genders & Wishart
3rd Floor, 27 Leigh Street
Adelaide SA 5000
* ASIC Bans Sydney Man for Three Years
--------------------------------------
The Australian Securities and Investments Commission (ASIC) has
take action against a Sydney man involved in the sale and
marketing of internet kiosks and mobile phone ring tones.
Mr. Daniel Albert, of Maroubra, New South Wales, was banned from
managing corporations for three years.
ASIC banned Mr. Albert following an investigation into his
involvement in three failed companies, I E Networks Pty Limited,
Photo Safe Australia Pty Limited and Data Vault Services Pty
Limited. They were wound up leaving debts totaling approximately
AU$2.4 million.
ASIC found that Mr. Albert had breached the Corporations Act by:
- managing the corporations in such a way that they incurred
substantial debts and were unable to pay creditors more than 50
cents in the dollar;
- failing to comply with the requirement to keep adequate
financial records; and
- entering into agreements on the company's behalf with members
of the public to supply internet kiosks in circumstances where
he knew that he could not supply them.
ASIC found that Mr. Albert had demonstrated:
- a propensity to operate companies unsuccessfully thereby
causing loss to creditors;
- a failure to comply with the accounting requirements of the
law thereby preventing an independent assessment by the a
liquidator of his conduct as a director; and
- an intentional disregard for the interests of deposit paying
customers.
In arriving at the decision to disqualify Mr. Albert from
managing corporations ASIC recognized the need to protect
potential creditors and customers from Mr. Albert using the
corporate structure.
"People who become officeholders without understanding their
role and responsibilities risk regulatory action if they fail to
conduct their duties properly. Company officers have important
responsibilities to uphold and must not disregard their
obligations to consumers, creditors and the like," ASIC's
Director of National Assessment and Action, Mr. Adrian Borchok
said.
"ASIC also monitors those people it bans to ensure they abide by
their disqualification, and we will prosecute those who
disregard their banned status," Mr. Borchok added.
Mr. Albert has the right to appeal to the Administrative Appeals
Tribunal for a review of ASIC's decision.
Background
Section 206F of the Corporations Act 2001 provides that ASIC may
disqualify a person from managing a corporation for up to five
years if a person has been the director of two or more failed
corporations within seven years that have been wound up and
their liquidator has lodged a report with ASIC about the
corporations inability to pay its debts.
Since 1 July 2005 ASIC has banned six company officers for a
total of 19 years under this section of the law.
==============================
C H I N A & H O N G K O N G
==============================
CHINA CONSTRUCTION: To Start Public Offering in Hong Kong
---------------------------------------------------------
China Construction Bank Corporation hereby gives notice that an
application has been made to the Listing Committee of the Hong
Kong Stock Exchange for the granting of the listing of, and
permission to deal in, the H shares of the Company, comprising:
(a) 26,485,944,000 Offer Shares; (b) 166,842,297,904 H shares to
be converted from domestic shares held by the Company's
promoters upon completion of the Global Offering; (c)
27,387,952,096 H shares to be converted from the Company's
unlisted foreign shares held by Bank of America Corporation and
Asia Financial Holdings Pte. Ltd. upon completion of the Global
Offering; and (d) any H shares to be issued as a result of any
exercise of the over-allotment option (which, if exercised in
full, amounts to 3,972,890,000 H shares).
Dealings in the H shares on the Hong Kong Stock Exchange are
expected to commence on Thursday, October 27, 2005.
Applicants who wish to be allotted the Hong Kong Offer Shares in
their own names should complete and sign the WHITE application
forms. Applicants who wish to have the Hong Kong Offer Shares
allotted and issued in the name of HKSCC Nominees Limited and
deposited directly into CCASS for credit to their CCASS Investor
Participant stock accounts or the stock accounts of their
designated CCASS Participants should (i) complete and sign the
YELLOW application forms, copies of which, together with the
Prospectus, may be obtained during normal business hours from
9:00 a.m. on Friday, October 14, 2005 until 12:00 noon on
Wednesday, October 19, 2005 at the Depository Counter of HKSCC
at 2nd Floor, Vicwood Plaza, 199 Des Voeux Road Central, Hong
Kong or the Customer Service Centre of HKSCC at Upper Ground
Floor, V-Heun Building, 128-140 Queen's Road Central, Hong Kong;
or (ii) give electronic application instructions to HKSCC via
CCASS.
Copies of the Prospectus, together with the WHITE application
forms, may be obtained during business hours from 9:00 a.m. on
Friday, October 14, 2005 until 12:00 noon on Wednesday, October
19, 2005, from the following locations:
1. Any participant of the Hong Kong Stock Exchange;
2. China International Capital Corporation (Hong Kong) Limited,
Suite 2307, 23rd Floor, One International Finance Centre, 1
Harbour View Street, Central, Hong Kong;
3. Morgan Stanley Dean Witter Asia Limited, 8th Floor, Two
Exchange Square, Central, Hong Kong;
4. Credit Suisse First Boston (Hong Kong) Limited, 45th Floor,
Two Exchange Square, Central, Hong Kong;
5. CCB International Capital Limited, Suites 2815-21, 28th
Floor, Two Pacific Place, 88 Queensway, Admiralty, Hong Kong;
6. BNP Paribas Peregrine Capital Limited, 61/F, Two
International Finance Centre, 8 Finance Street, Central, Hong
Kong;
7. CITIC Capital Markets Limited, 26/F CITIC Tower, 1 Tim Mei
Avenue, Central, Hong Kong;
8. The Hongkong and Shanghai Banking Corporation Limited, Level
15, 1 Queen's Road Central, Hong Kong;
9. Oriental Patron Asia Limited, 27th Floor, Two Exchange
Square, 8 Connaught Place, Central, Hong Kong;
10. Bank of America (Asia) Limited, 41/F Two International
Finance Centre, 8 Finance Street, Central, Hong Kong;
11. China Merchants Securities (HK) Co., Limited, 48/F, One
Exchange Square, Central, Hong Kong;
12. CMB International Capital Corporation Limited, 21/F Bank of
America Tower, 12 Harcourt Road, Hong Kong;
13. Guotai Junan Securities (Hong Kong) Limited, 27th Floor, Low
Block, Grand Millennium Plaza, 181 Queen's Road Central, Hong
Kong;
14. Shenyin Wanguo Capital (H.K.) Limited, 28th Floor, Citibank
Tower, Citibank Plaza, Garden Road, Central, Hong Kong;
15. South China Securities Limited, Bank of China Tower, 28th
Floor, One Garden Road, Central, Hong Kong;
16. Tai Fook Securities Company Limited, 25th Floor, New World
Tower, 16-18 Queen's Road Central, Hong Kong; or
17. The following branches or sub-branches of China Construction
Bank Corporation can be accessed at
http://bankrupt.com/misc/tcrap_ccb101405.pdf
By order of the board of
China Construction Bank Corporation
Guo Shuqing
Chairman
Hong Kong, October 14, 2005
CHINA CONSTRUCTION: Vows to Cover Bad Loans in Three Years
----------------------------------------------------------
China Construction Bank (CCB) expects to comply in three years
with the new mainland requirement that banks set aside at least
one percent of total loans to cover "impairment losses" from bad
loans, The Standard reports, citing CCB Vice President Fan
Yifei.
The Chinese lender has already received orders for more than
four times as many shares as offered in the institutional
portion of its IPO, lifting its price range to HK$1.90 to
HK$2.40 from HK$1.80 to HK$2.25.
The bank has set aside 95 percent of its IPO for international
institutional investors and 5 percent for Hong Kong retail
investors.
As of June 30, the company has total assets of CNY4,224 billion
and total loans of CNY2,374 billion. Total deposits stood at
CNY3,781 billion. Its market share was about 12 percent of total
loans and 13 percent of total deposits.
The Chinese Government is committed in salvaging the bad loan-
ridden banks, injecting US$60 billion into the CCB, the Bank of
China (BOC) and the Industrial and Commercial Bank of China
(ICBC) in the past two years, alongside with subsidies to their
disposal of massive non-performing loans.
The Agricultural Bank of China, the last and least healthy of
the Big Four, is still awaiting help from the State's rescue
plan.
CONTACT:
China Construction Bank
25 Finance St.
Beijing, 100032, China
Phone: +86-10-6759-7114
Fax: +86-10-6360-3194
Web site: http://www.ccb.cn/portal/cn/home/index.html
CHINA INTERNATIONAL: Appoints Provisional Liquidators
-----------------------------------------------------
China International Business Development (Hong Kong) Limited
whose place of business is located at 2nd Floor, Regal Dragon
Centre, 149 & 151 Woosung Street, Kowloon, Hong Kong disclosed
the appointment of provisional liquidators in the High Court of
the Hong Kong Special Administrative Region Court of First
Instance.
Joint & Several Provisional Liquidators' Names: Mr. Lai Kar Yan
(Derek) and Mr. Darach E. Haughey, both of Messrs. Deloitte
Touche Tohmatsu.
Liquidators' Address: 26th Floor, Wing On Centre, 111 Connaught
Road Central, Hong Kong.
Date of Appointment: August 25, 2005
Dated this 14th day of October 2005
LAI KAR YAN (DEREK)
DARACH E. HAUGHEY
CHINA SOUTHERN: Makes Major Presence at Vietnam Trade Fair
----------------------------------------------------------
China Southern Airlines, with the largest and most technically
advanced aircraft fleet in The People's Republic of China, had a
major presence at Southern Vietnam's just completed and first
ever travel trade show.
"China Southern Airlines made a big splash," said Mr. Luo
Youghong, General Manager, China Southern Airlines, Ho Chi Minh
City.
China Southern code shares its daily service between Ho Chi Minh
City and Guangzhou with Vietnam Airlines.
Mr. Luo added that "China Southern Airlines was well received by
the growing business and travel community here and we look
forward participating in many other such trade events in the
near future."
Ho Chi Minh City's first International Travel Expo opened on
October 7, bringing together 70 European and Asian travel
companies and 80 local travel businesses for this three-day-
conference.
According to the Ho Chi Minh City Tourism Department, more than
70 local and foreign businesses registered for the International
Travel Expo Ho Chi Minh City-Vietnam 2005 (ITE-HCMC 2005), of
whom 30% were foreign companies. The fair was held in Military
Zone 7 Stadium with space for 100 booths and the department
invited travel agencies from key tourism markets, such as ASEAN,
France, Germany, China, Singapore, Malaysia, Thailand,
Indonesia, the Philippines, Brunei, Hong Kong, the Republic of
Korea and Japan introduced a variety of outbound tour products.
Tourism boards and tour operators such as Viettravel and Saigon
Tours also participated at this ground-breaking event.
Located in the heart of Ho Chi Minh's vibrant business district
and steps away from the U.S. Consulate, China Southern Airlines'
Ho Chi Minh City office is located at 1st Floor, Unit 1C, 21-23
Nguyen Thi Ming Khai Street, District 1, Ho Chi Ming City,
Vietnam. The airline's office telephone number is 00848-823-
5588. The airline's fax number is: 00848-8237-003, with SITA at
SGNDDCZ.
For reservations and ticketing, please kindly contact China
Southern Airlines' Ho Chi Minh City office in Vietnam or email:
passengerservice@cs-sgn.com.
For additional information regarding the airline's services in
Vietnam, please see China Southern Airlines' Vietnam web site
at: http://www.cs-sgn.com.
The largest airline in The People's Republic of China for the
past 26 years, China Southern Airlines -- www.cs-air.com/en --
connects more than 80 cities around the globe. Major business
and vacation destinations served in China include: Beijing,
Chengdu, Guangzhou, Guilin, Hong Kong, Kunming, Shanghai,
Shenzhen and Wuhan and as well as international service,
including: Amsterdam, Bangkok, Fukuoka, Hanoi, Ho Chi Minh City,
Islamabad, Kuala Lumpur, Jakarta, Los Angeles, Manila,
Melbourne, Moscow, Osaka, Paris, Penang, Phnom Penh, Seoul,
Singapore, Sydney and Tokyo.
For China Southern Airlines reservations and information, please
contact your local travel agent.
China Southern Airlines posted a net loss of HK$44.88 million in
the year ended December 31, 2004, versus a net loss of HK$334.98
million in the same period a year earlier, according to Chong
Hing Securities.
CONTACT:
China Southern Airlines
Mr. Jeff Ruffolo, 714-532-2054
RuffoloPR@aol.com
Web site: http://www.cs-air.com
CHINA SPECIALISED: To Delist Shares on October 17
-------------------------------------------------
The Stock Exchange of Hong Kong Limited announced that the
listing of the shares of China Specialised Fibre Holdings
Limited (In Liquidation) will be cancelled with effect from 9:30
a.m. on October 17, 2005 in accordance with the delisting
procedures stipulated in Practice Note 17 to the Listing Rules
(the Delisting Procedures). Practice Note 17 to the Listing
Rules formalises the procedures to be adopted to delist long-
suspended companies.
Dealings in the Company's shares have been suspended since
November 26, 2002. Accordingly, dealings in the Company's shares
have effectively been suspended for over 34 months.
The Company was put into the third stage of the Delisting
Procedures on March 23, 2005. Pursuant to the Delisting
Procedures, at the end of the third stage, which in the case of
the Company was September 22, 2005 (the Deadline), where no
proposals have been received for resumption, the listing of the
Company's shares will be cancelled. By the end of the third
stage of the Delisting Procedures, the Company had not submitted
any resumption proposal.
The Exchange has notified the Company of its obligation under
paragraph 3.1 of Practice Note 17 to issue an announcement on
the same day of this announcement informing the public of the
cancellation of the listing of its shares.
The Exchange advises shareholders of the Company who have any
queries about the implications of the delisting to obtain
appropriate professional advice.
The Group's principal activities are investment holding and the
production and distribution of differential chemical fibre
products.
CONTACT:
China Specialise4d Fibre Holdings Ltd
Zhanggang Industrial Zone of Changle
Changle City, Fujian Province
HONG KONG
GOLDCO DEVELOPMENT: Winding Up Hearing Slated for November 23
-------------------------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Goldco Development Limited by the High Court of Hong Kong
Special Administrative Region was on September 8, 2005 presented
to the said Court by the Government of the Hong Kong Special
Administrative Region acting by and/or through the Secretary for
Justice of 2nd Floor, High Block, Queensway Government Offices,
66 Queensway, Hong Kong.
The said Petition is directed to be heard before the Court at
9:30 a.m. on November 23, 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.
CHAN YUEN PING
Government Counsel
Counsel for the Petitioner
Department of Justice
2nd Floor, High Block
Queensway Government Offices
66 Queensway, Hong Kong
Note: Any person who intends to appear at the hearing of the
said petition must serve on or send by post to the abovenamed,
notice in writing of his intention to do so. The Notice must
state the name and address of the person, or if a firm or his or
their Solicitor (if any) and must be served or if posted, must
be sent by post in sufficient time to reach the abovenamed not
later than six o'clock in the afternoon of November 22, 2005.
INDUSTRIAL AND COMMERCIAL: Online Services Bustling
---------------------------------------------------
The Industrial and Commercial Bank of China (ICBC) said on
Wednesday that individual online financial transactions through
its Web site reached a record of CNY80.2 billion (US$10 Bln) in
September, People's Daily reports.
The lender said total online remittances surged month-on-month
48.5 percent in September, hitting CNY34.5 billion (US$4.25
billion). Other online services include payment of various fees
and salaries.
A survey conducted earlier by the China Financial Certification
Authority (CFCA) shows that about one fifth of individual
clients and 10 percent of corporate clients in China's ten major
cities are already enjoying online services -- and users are
expected to surge.
ICBC received US$15 billion cash infusion from the government
earlier this year. As a result, the bank's non-performing 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
KIN WING: Creditors Meeting Set November 9
------------------------------------------
Notice is hereby given that pursuant to Section 241 of the
Companies Ordinance (Cap 32) that a meeting of the creditors of
Kin Wing Toys Company Limited will be held at Room 714 Concordia
Plaza, 1 Science Museum Road, TST East, Kowloon, Hong Kong on
November 9, 2005 at 10:30 a.m. for the purposes of considering
matters in relation to Sections 241, 242, 243 244 and 255A of
the Companies Ordinance.
Creditors may vote either in person or by proxy.
Proxies to be used at the meetings must be duly completed and
lodged at Room 714 Concordia Plaza, 1 Science Museum Road, TST
East, Kowloon, Hong Kong, not later than 4:00 p.m. on November
7, 2005.
Dated this 10th day of October 2005
By order of the Board
LEE KIN CHUNG
Director
NOBLE VIEW: Court to Hear Bankruptcy Petition Next Month
--------------------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Noble View Limited by the High Court of Hong Kong Special
Administrative Region was September 7, 2005 presented to the
said Court by Bank of China (Hong Kong) Limited (the successor
banking corporation to Kincheng Banking Corporation pursuant to
Bank of China (Hong Kong) Limited (Merger) Ordinance (Cap.1167)
whose registered office is situated at 14th Floor, Bank of China
Tower, 1 Garden Road, Hong Kong.
The said Petition is to be heard before the Court at 9:30 a.m.
on 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.
ARCULLI FONG & NG
Solicitors for the Petitioner
Suite 1101, 11th Floor
Nine Queen's Road Central
Central, Hong Kong
Note: Any person who intends to appear at the hearing of the
said petition must serve on or send by post to the abovenamed,
notice in writing of his intention to do so. The Notice must
state the name and address of the person, or if a firm or his or
their Solicitor (if any) and must be served or if posted, must
be sent by post in sufficient time to reach the abovenamed not
later than six o'clock in the afternoon of November 1, 2005.
SKYPLANET LIMITED: First Meeting of Creditors Fixed October 27
--------------------------------------------------------------
Notice is hereby given that pursuant to Section 241 of the
Companies Ordinance (Cap 32) that a meeting of the creditors of
Skyplanet Limited will be held at Room 501-3, 5th Floor, Hang
Seng Building, 77 Des Voeux Road Central, Central, Hong Kong on
October 27, 2005 at 11 o'clock in the morning.
Creditors may vote either in person or by proxy.
Proxies to be used at the meetings must be duly completed and
lodged at Room 501-3, 5th Floor, Hang Seng Building, 77 Des
Voeux Road Central, Central, Hong Kong, not later than 4 p.m. on
the day before the meeting or adjourned meeting at which they
are to be used.
Dated this 14th day of October 2005
By order of the Board
GUAN JING XUAN
Director
TINGKONG-REXCAPITAL HOLDINGS: SFC Reprimands Firm
-------------------------------------------------
The Securities and Futures Commission of Hong Kong (SFC) has
successfully prosecuted TingKong-RexCapital Holdings Limited,
Rexcapital Partners Incorporated and Tees Corporation under Part
XV of the Securities and Futures Ordinance.
At the material time, TingKong-RexCapital was the holding
company of TKR Finance Limited (in liquidation) and Rexcapital
Partners was the majority shareholder of Tingkong-RexCapital.
Tees was a substantial shareholder of eForce Holdings Limited.
TingKong-RexCapital, Rexcapital Partners and Tees each pleaded
guilty on Thursday to three summonses related to their failure
to timely notify Hong Kong Exchanges and Clearing Limited and
eForce regarding three occasions of eForce share transfers
between Tees and TKR on September 23, 2003, February 9, 2004 and
February 10, 2004.
Mr. Patrick Li, Chief Magistrate at Eastern Magistracy, fined
each of TingKong-RexCapital, Rexcapital Partners and Tees
Corporation $18,000, and ordered them to pay investigation costs
of $26,154 in total to the SFC.
CONTACT:
The Securities and Futures Commission of Hong Kong
8th Floor
Chater House
8 Connaught Road Central
Hong Kong
Phone: 852-2840-9222; 852-2842-7666
Fax: 852-2521-7836
UDL HOLDINGS: Harbour Front Ups Stake to 50%
--------------------------------------------
UDL Holdings Limited announced that as at October 13, 2005 valid
acceptances in respect of a total of 7.873 million UDL shares
under the share offer had been received by Harbour Front Limited
(the largest shareholder of UDL), Infocast News reports.
The shares represent 0.8% of the issued share capital of UDL as
enlarged by the allotment and issuance on October 13 of 7.168
million new shares.
Taking into account the shares accepted under the share offer,
Harbour Front and its concert parties in aggregate hold 50.04%
of the issued share capital of UDL. The offers have become
unconditional on October 13. The offers will remain open for
acceptance for a period of not less than 14 days thereafter. The
latest time and date for acceptance of the offers is 4:00 p.m.
on November 2.
UDL announced in early September that The Harbour Front Concert
Group had, as required under the Takeovers Code, made mandatory
conditional cash offers for all the issued shares of UDL at
$0.04 per share, and for cancellation of all the outstanding
options at $0.016 per option, not already owned by them after
Irene Oi-ling Yu Leung has exercised options to subscribe for
10.355 million new shares in UDL. Leung is a party acting in
concert with Harbour Front. Immediately after the exercise, the
Harbour Front and parties acting in concert with it in aggregate
owns 487.18 million shares in UDL, representing approximately
49.61% of the issued share capital of UDL as enlarged by the
shares issued pursuant to the exercise.
As of July 31, 2004, UDL Holdings has total assets of HK$100.49
million while total liabilities stood at HK$145.14 million,
according to Chong Hing Securities Ltd.
For a copy of the press release, go to
http://bankrupt.com/misc/tcrap_udl101405.pdf
CONTACT:
UDL Holdings Limited
Room 702, 7/F
Aitken Vanson Centre
61 Hoi Yuen Road
Kwun Tong, Kowloon
Hong Kong
Phone: 23312488
Fax: 27548974
WELL FAVOUR: Winding Up Hearing Fixed November 2
------------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Well Favour Properties Limited by the High Court of Hong Kong
Special Administrative Region was September 7, 2005 presented to
the said Court by Bank of China (Hong Kong) Limited (the
successor banking corporation to Kincheng Banking Corporation
pursuant to Bank of China (Hong Kong) Limited (Merger) Ordinance
(Cap.1167) whose registered office is situated at 14th Floor,
Bank of China Tower, 1 Garden Road, Hong Kong.
The said Petition is to be heard before the Court at 9:30 a.m.
on 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.
ARCULLI FONG & NG
Solicitors for the Petitioner
Suite 1101, 11th Floor
Nine Queen's Road Central
Central, Hong Kong
Note: Any person who intends to appear at the hearing of the
said petition must serve on or send by post to the abovenamed,
notice in writing of his intention to do so. The Notice must
state the name and address of the person, or if a firm or his or
their Solicitor (if any) and must be served or if posted, must
be sent by post in sufficient time to reach the abovenamed not
later than six o'clock in the afternoon of November 1, 2005.
=========
I N D I A
=========
AIR INDIA: Panel Endorses Jet Buy Plan
--------------------------------------
A state investment panel has approved Air India's plan to
acquire up to 68 long-range aircraft from U.S. aircraft
manufacturer, Boeing Company, Reuters reports.
The Public Investment Board (PIB) has decided to recommend the
proposal of Air-India for acquisition of 50 aircraft for Air-
India and 18 for its budget airline, Air-India Express. PIB's
will then be presented to the cabinet for final approval.
Civil Aviation Secretary Ajay Prasad confirmed PIB's move but
declined to give the size of the deal but said the amount was
under discussion.
However, at the time the Air India Board approved the purchase
of 50 aircraft in April this year, the deal was valued at US$6.9
billion.
India's flagship international carrier Air India has been facing
cutthroat competition as private carriers Jet Airways and Air
Sahara have launched flights to Southeast Asia and have also
firmed up plans to fly to major western destinations.
BHARAT PETROLEUM: Members Agree to Delist Shares in 3 Bourses
-------------------------------------------------------------
Bharat Petroleum Corporation Ltd (BPCL) has informed Bombay
Stock Exchange that the members at the Annual General Meeting of
the Company held on September 23, 2005, inter alia, have
approved delisting of share of the Company from Madras Stock
Exchange Ltd, Calcutta Stock Exchange Association Ltd and Delhi
Stock Exchange Association Ltd, by way of Special Resolution.
CONTACT:
Bharat Petroleum Corp. Ltd.
Bharat Bhavan,
4 & 6 Currimbhoy Road,
Ballard Estate,
Mumbai 400001
Phone: 022-22713000/ 022-22714000
Fax: 022-22713874
E-mail: info@bharatpetroleum.com
Web site: http://www.bharatpetroleum.com/
HINDUSTAN PETROLEUM: Seals Strategic Alliance with British Firm
---------------------------------------------------------------
Hindustan Petroleum Corporation Ltd (HPCL) has informed Bombay
Stock Exchange (BSE) that the Company and British Petroleum (BP)
PLC, U.K. on October 13, 2005, has signed a "Letter of Intent"
envisaging a new strategic partnership for refining and
marketing in India and joint participation in areas of mutual
benefit to both the Companies.
Apart from broad areas to be agreed for strategic partnership,
this would also include participation on setting up of the
grassroot refinery in Punjab, including supply of crude as well
as marketing of products from the said Refinery.
CONTACT:
Hindustan Petroleum
17, Jamshedji Tata Road, P O Box No 11041
Mumbai 400020
Maharashtra
Phone: 22026151
Fax: 22872992
=================
I N D O N E S I A
=================
PERTAMINA: Buys 1.2 Mln Barrels of Oil for December Delivery
------------------------------------------------------------
State-owned oil and gas firm PT Pertamina bought 1.2 million
barrels of sweet crude oil for delivery in December, much lower
than its usual monthly intake of 4 million barrels, reports Dow
Jones.
The Company bought one cargo from Vietnamese Rang Dong and
Chinese Nanhai Light, compared to the 2.4 million barrels of
crude oil it secured for November delivery.
But according to an unnamed Pertamina official, the reduced spot
take was expected after the Company announces that it would
reduce its crude exports by 110,000 barrels/day, in order to
keep up with domestic demand.
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: Cuts Illegal Connections in Jakarta
-------------------------------------------------------
State power firm PT Perusahaan Listrik Negara (PLN) and the
National Police cut power at the Beverly Hill Hotel & Spa in
West Jakarta and temporarily disconnected the electricity at a
chemical factory in Tangerang due to illegal connections, the
Jakarta Post reports.
A joint team led by Harry Ronald Wattilete discovered that the
owner of the hotel and spa, PT Arifin Wijaya, broke seals
protecting the power meter. He had a statement from the owner
that said that it had tampered with the meter and was willing to
pay a IDR601 million fine. Hotel management had promised to pay
its dues by Aug. 5, but failed to do so, hence the
disconnection.
Mr. Wattilete said that Beverly Hill Hotel & Spa must first pay
its dues, along with a new connection fee worth at least IDR82
million before it can be reconnected.
The team also cut the power to a chemical factory owned by PT
Indo Nan Pau Resins Chemical, after finding out that the company
tried to defraud PLN by reporting that its meter had been
stolen, and so its power consumption records were also lost.
This was the second time the firm's meter had been stolen, and
PLN Greater Jakarta manager Fahmi Mochtar realized this was a
scma in order to defraud the Company. PT Indo Nan Pay Resins
Chemical was ordered to pay a fine of IDR946 million.
This shows that PLN is serious in its crackdown on illegal
connections. The Company has even offered a cash reward to
persons who could provide information on illegal connections.
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
* Indonesia Allots IDR54.28 Trillion for 2006 Fuel Subsidy
----------------------------------------------------------
The Indonesian government has set next year's fuel subsidy at
IDR54.28 trillion, which much lower than a previous estimate of
IDR89.2 trillion, reports Asia Pulse.
According to Committee member A Ramson Siagian, the government
arrived at that amoutn assuming there would be no more fuel
price increases next year, though global oil prices are still
expected to rise. This is due to the fact that the government
has already raised fuel prices twice this year; first in March
by 30%, and then this month by more than 100%.
The government hopes to provide 41.58 million kiloliters of
subsidized fuel (diesel oil, gasoline, kerosene) for domestic
consumption next year with the fuel subsidy.
=========
J A P A N
=========
MITSUBISHI FUSO: Sees 195,000 Vehicle Sales This Year
-----------------------------------------------------
Mitsubishi Fuso Truck & Bus Corporation expects unit sales of
195,000 vehicles for the full year, after selling 179,000
vehicles in 2004, Dow Jones reports.
Unit sales on its domestic market in Japan are expected to
decrease to 70,000 from 75,000 vehicles last year.
The company is still feeling the aftereffects of a recall of
around 1 million vehicles in a scandal that first surfaced in
2000.
CONTACT:
Mitsubishi Fuso Truck & Bus Corporation
2-16-4, Kounan, Minato-ku,
Tokyo 108-8285, Japan
Global Communication
Phone: +81-3-6719-4889
Fax: +81-3-6719-0104
Web site: http://www.mitsubishi-fuso.com
MITSUBISHI FUSO: To Launch Hybrid Truck In Japan in 2006
--------------------------------------------------------
Mitsubishi Fuso Truck & Bus Corp. will launch a hybrid-engine-
powered light truck in spring 2006, Dow Jones reports, citing
Mitsubishi Fuso Chief Executive Harald Boelstler.
The hybrid-engine-powered Canter reduces both carbon dioxide
emissions and fuel consumption by around 30% compared to
conventional trucks, Boelstler said.
The carmaker will also enter markets in the Baltic States, the
Czech Republic, Slovakia and Romania, but didn't specify any
date.
German-U.S. firm DaimlerChrysler owns a 85% stake in the Tokyo-
based truck maker.
MITSUBISHI UFJ: Mulls Repayment of State Funds by September 2006
----------------------------------------------------------------
Mitsubishi UFJ Financial Group is considering repaying some $9.4
billion it owes the government by September 2006, according to
Reuters, citing Company President Nobuo Kuroyanagi.
Mr. Kuroyanagi was expressing a desire to pay back the funds as
early as the first-half of the business year to March 2007, but
declined to give a specific target date.
Japan's government injected about 11 trillion yen ($96.3
billion) into major banks in sector-wide rescues in 1998 and
1999, providing a capital cushion at a time when banks were
struggling with problem loans.
Mitsubishi UFJ, the product of a merger between Mitsubishi Tokyo
Financial Group and UFJ Holdings Inc. on October, said earlier
this month it would pay 349.8 billion yen to retire government-
held shares, which had a face value of JPY323.6 billion yen.
Mitsubishi UFJ's currently owes the government some JPY1.07
trillion.
CONTACT:
Mitsubishi UFJ Financial Group Inc.
Address: 7-1 Marunouchi 2-chome, Chiyoda-ku
Tokyo 100-8330, Japan
Phone: +81-3-3240-8111
Fax: +81-3-3240-8203
MITSUI SUMITOMO: Six Executives to Suffer Pay Cuts
--------------------------------------------------
Mitsui Sumitomo Insurance Co. Ltd. will cut the pay of President
Hiroyuki Uemura and five more executives over a scandal in which
it failed to make payments in some 25,000 cases over a three-
year period, Japan Today reports.
The company became the first nonlife insurer to take self-
disciplinary measures among Japan's major nonlife insurers at
which similar payment failures came to light earlier this year.
PIONEER CORPORATION: Shuts Down Belgian Car Audio Plant
-------------------------------------------------------
Pioneer Corporation will shut down its car stereo factory plant
in Belgium next year, as part of its restructuring plan aimed at
restoring its profitability, according to Reuters.
Belgian plant Erpe-Mere said it could no longer keep up with
rapidly falling prices, the result of a massive influx of cheap
imports in recent years. It also cited the euro's strength
against the dollar as a negative factor. The company said 279 of
the employees in the plant would lose their jobs.
Pioneer reported a group net loss of JPY8.79 billion in the
business year ended March 31, mainly due to falling prices of
home electronics such as DVD recorders and plasma TVs, but
declining margins in the car audio sector have also hurt.
CONTACT:
Pioneer Corporation, Tokyo
Phone: +81-3-3494-1111
Fax: +81-3-3495-4431
Web site: http://www.pioneer.co.jp/ir-e/
SANYO ELECTRIC: Remains On Watch Negative
-----------------------------------------
Standard & Poor's Ratings Services said Wednesday its 'BBB'
corporate credit and debt ratings on Sanyo Electric Co. Ltd.
remain on CreditWatch with negative implications, following the
resignation of Sanyo Electric's Executive Vice President and CFO
Yoichiro Furuse on Oct. 7, 2005.
The ratings on the company were placed on CreditWatch on Sept.
28, 2005, after the company's downward revision of its profit
forecast for fiscal 2005 (ending March 31, 2006).
Mr. Furuse assumed the position of executive vice president in
June 2002 after serving at the former Sumitomo Bank Co. Ltd.,
Sanyo Electric's primary bank. Together with Chairwoman Tomoyo
Nonaka and President Toshimasa Iue, Mr. Furuse was one of the
key persons involved with Sanyo Electric's extensive
restructuring plan. According to media reports, Mr. Furuse and
Ms. Nonaka clashed over differing opinions on management policy.
"The change in management is a new concern with respect to the
restructuring of the company," said Standard & Poor's credit
analyst Katsuyuki Nakai.
"If Mr. Furuse's resignation leads to a delayed recovery of the
company's financial health or changes in support from its major
creditor banks, it will have a negative impact on the credit
quality of the company," added Mr. Nakai.
Critical issues in resolving the CreditWatch status include
clarification of the impact on Sanyo Electric's financial
profile from fiscal 2005's weaker earnings and costs related to
the restructuring plan. In addition, the company's prospects for
improving its balance sheet and earnings are still uncertain, as
is the impact of Mr. Furuse's resignation. A downgrade of Sanyo
Electric could be by more than one notch.
CONTACT:
Sanyo Electric Co. Ltd.
5-5 Keihan-Hondori, 2-chome
Moriguchi, Osaka 570-8677, Japan
Phone: +81-6-6991-1181
Fax: +81-6-6991-2086
SKYMARK AIRLINES: Withdraws Domestic Routes
-------------------------------------------
Skymark Airlines Co. said it would review its flight services
and fare system, which includes withdrawal from three domestic
routes, as part of its cost reduction scheme, Kyodo News
reports.
Under the plan, the airline will end its flights between Haneda
and Kansai airport at the end of next March, and those between
Haneda and Kagoshima and Tokushima on April 21 next year, as all
but the Haneda-Fukuoka service are in the red.
The airline company will also review its fare system to make its
services about 35 percent less expensive than those of major
airlines and offer one-way fares at less than 20,000 yen on all
of its routes, in a bid to lure more individual customers.
UFJ HOLDINGS: Merger Forms Mitsubishi UFJ Financial Group
---------------------------------------------------------
On October 1, 2005 Mitsubishi Tokyo Financial Group, Inc.
(President and CEO: Nobuo Kuroyanagi) and UFJ Holdings, Inc.
(President and CEO: Ryosuke Tamakoshi) merged and began
operations as Mitsubishi UFJ Financial Group, Inc. (MUFG).
Also on October 1, subsidiary companies The Mitsubishi Trust and
Banking Corporation (President: Haruya Uehara) and UFJ Trust
Bank Limited (President: Shintaro Yasuda) merged to form
Mitsubishi UFJ Trust and Banking Corporation, and subsidiary
companies Mitsubishi Securities Co., Ltd. (President: Koichi
Kane) and UFJ Tsubasa Securities Co., Ltd. (President: Kimisuke
Fujimoto) merged to form Mitsubishi UFJ Securities Co., Ltd.
Now that we have concluded preparations and launched operations
as MUFG, we would like to express our sincere gratitude for the
support and cooperation we have received since we began talks
regarding management integration in July 2004.
The merger to form MUFG also marks the establishment, on October
1, of new subsidiaries such as Mitsubishi UFJ Asset Management,
UFJ Nicos, Mitsubishi UFJ Capital, Mitsubishi UFJ Factors and
Mitsubishi UFJ Real Estate Services, and heralds the creation of
a group with a strong presence in each of its business
categories. The Bank of Tokyo-Mitsubishi, Ltd. (President: Nobuo
Kuroyanagi) and UFJ Bank Limited (President: Takamune Okihara)
are also currently making preparations to merge on January 1,
2006 to form The Bank of Tokyo-Mitsubishi UFJ, Ltd.
Through pursuing a thoroughly customer-focused approach, the new
group MUFG aims to provide the highest standard of products and
services and to be a premier, comprehensive, global financial
group that benefits from strong customer support. By leveraging
our integrated financial services strength and unparalleled
domestic and overseas network, we hope to open the way for a new
financial era, both globally and in Japan.
We look forward to the valued support and input of our
stakeholders as we begin operations as a new group, Mitsubishi
UFJ Financial Group, or "MUFG".
Contact:
Mitsubishi UFJ Financial Group, Inc.
Public Relations Division
(81-3-3240-7651)
This is a company press release.
VICTOR COMPANY: First Half Loss Widens to JPY16.5 Bln
-----------------------------------------------------
Victor Co. of Japan incurred a half-year loss of about JPY16.5
billion ($144 million) on costs to cut jobs and falling sales of
consumer electronics such as DVD recorders, reports Bloomberg
News.
For the year ending March 31, it expects a JPY11.5 billion loss,
reversing its previous forecast of a JPY7 billion. The company
is scheduled to report earnings on October 27.
CONTACT:
Victor Company of Japan
12, Moriya-cho, 3-chome, Kanagawa-ku
Yokohama 221-8528, Japan
Phone: +81-45-450-1445
Fax: +81-45-450-1425
=========
K O R E A
=========
COCA-COLA KOREA: Shows Little Sign of Turnaround
------------------------------------------------
Coca-Cola Amatil's troubled South Korean soft drink arm, Coca-
Cola Korea Bottling Company Ltd, is unlikely to post a profit
this year, according to the Sydney Morning Herald. CC Amatil
said its South Korean operation is again heading for another
half-year loss.
In a statement to the market, CC Amatil said Coca-Cola sales in
South Korea had grown 4 percent in volume in the third quarter
and Minute Maid fruit juice sales in the country were performing
in line with forecasts.
But the firm said it expected a second-half Korean result in
line with the previous year in local currency terms.
Given the Korean won has appreciated more than 8 percent against
the Australian dollar in the past year, this means the company
is expected to top the AU$8.8 million loss it posted there in
second-half 2004. It also raises more questions about Coca-
Cola's patience with the Asian business it bought for AU$975
million.
Shares of CC Amatil, Asia's biggest Coke bottler, had their
largest slump in five months on concern that the costs of fuel,
aluminium, sugar and plastic bottles were rising faster than
expected.
The shares dropped as much as 5.2 percent after the Sydney-based
company said cost pressures had intensified in the second half.
CONTACT:
Coca-Cola Korea Bottling Company Ltd
84-11, 5-Ka, Namdaemun-Ro, Chung-Ku
Seoul 100-753
South Korea
Telephone: 822 2259 5888
Fax: 822 2259 5593
DOOSAN GROUP: Former Chief Faces Probe Over Fraud
-------------------------------------------------
The former chairman of Doosan Group, Park Yong-oh, was summoned
on Friday to answer questions over the group's controversial
slush fund and accounting fraud scandal, according to The Korea
Times.
The prosecution called in Mr. Park after he filed a complaint
against Doosan in July, claiming that his younger brother Yong-
sung raised slush funds by appropriating company money. Yong-
sung is currently the chairman of the Doosan Group.
Mr. Park claimed that his brother had masterminded the
accounting fraud at Doosan Industrial Development, virtually the
holding company of the family-controlled chaebol.
He also alleged that his brother raised the secret funds in a
bid to manage his private organizations and control unionized
workers.
The two brothers' dispute started when Doosan's board axed Yong-
oh from the group in July. The Company also requested the
Federation of Korean Industries (FKI) to fire Yong-oh from his
position as vice chairman of FKI.
On Wednesday last week, the prosecution called in Yong-sung's
son Jin-won, executive director at Doosan Infracore, to inquire
about the slush fund and accounting fraud allegations. Jin-won
reportedly admitted to his involvement in the raising of the
secret funds through the group's subsidiaries, including Doosan
Industrial Development and Donghyun Engineering.
Investigators also plan to summon Doosan's vice chairman Park
Yong-man this week to grill him over allegations that he
instructed some of group executives to raise secret funds.
===============
M A L A Y S I A
===============
ANTAH HOLDING: Enters Into Call Option Agreement with IJM
---------------------------------------------------------
Antah Holding Berhad issued to Bursa Malaysia Securities Berhad
an update to the Call Option Agreement with IJM Corp. Berhad
(IJM).
Further to the announcement on October 3, 2005 in relation to
the execution of the Definitive Agreement on September 30, 2005
between the Company and Kaseh Lebuhraya Sdn. Bhd. (KASEH), a
wholly-owned subsidiary of the Company, and IJM Corporation
Berhad (IJM) and Lebuhraya-Kajang Seremban Sdn. Bhd. (LEKAS),
the Board of Directors of Antah disclosed that consequent to the
execution of the Definitive Agreement, the Company had on
October 12,l 2005 entered into a Call Option Agreement with IJM,
whereby IJM had granted the right to the Company the option to
purchase up to 100,000,000 7 percent Redeemable Convertible
Unsecured Loan Stocks (RCULS) during the period of seven (7)
days commencing on and from the first anniversary of the date of
issuance of the final completion certificate for the final stage
or phase of the construction works in respect of the Concession,
upon the terms and conditions as contained in the Call Option
Agreement.
At the same time, LEKAS, a wholly owned subsidiary of KASEH and
sub-subsidiary of the Company had entered into the Vesting
Agreement, Subscription Agreement and Shareholders' Agreement
with KASEH and IJM on October 12, 2005.
None of the Directors nor major shareholders of the Company, or
persons connected with them, has any interest, direct or
indirect, in the above transactions.
The announcement is dated October 13, 2005.
CONTACT:
Antah Holding Berhad
9577 Jalan SS16/1 Subang Jaya
47500 Petaling Jaya Selangor
Telephone: 03-5632 8668
Fax: 03-5635 1234
BUKIT KATIL: Scraps MOU with Potential White Knight
---------------------------------------------------
On behalf of Bukit Katil Resources Berhad (the Company), Avenue
Securities Sdn Bhd announced that the Memorandum of
Understanding (MOU) between the Company and Wong Hak Yan @ Ooi
Kheok Jin has been mutually terminated by the parties therein.
A copy of the Company's announcement in relation to the new
proposed restructuring scheme of the Company is available free
of charge at:
http://bankrupt.com/misc/tcrap_bukitkatil101405.pdf.
This announcement is dated 13 October 2005.
CONTACT:
Bukit Katil Resources Berhad
Damasara Town Centre
Jalan Damanlela, Pusat Bandar
Damansara, Damansara Heights
Kuala Lumpur, 50490 Malaysia
Phone: +60 3 2095 7077
Fax: +60 3 2094 9940
BUKIT KATIL: Enters Into Conditional Restructuring Deal
-------------------------------------------------------
On behalf of Bukit Katil Resources Berhad (BKRB), Avenue
Securities Sdn Bhd (Avenue) announced that BKRB had on 13
October 2005 entered into a conditional restructuring agreement
(Restructuring Agreement) wherein BKRB and Foremost View Sdn
Bhd, Kang Kim Poh, Low Teck Sin, Kang Kim Sin and Heng Lai Yoong
(collectively, the "Vendors") have agreed in principle to
undertake the Proposed Restructuring Scheme with the intention
of restoring BKRB onto stronger financial footing via inter-
alia, the injection of new viable businesses, a capital
restructuring exercise and a debt restructuring exercise.
Pursuant to the Restructuring Agreement, BKRB and the Vendors
have agreed to incorporate a new company (NewCo) to serve as the
holding company and to facilitate the implementation of the
Proposed Restructuring Scheme.
DETAILS OF THE PROPOSED RESTRUCTURING SCHEME
The preliminary details of the Proposed Restructuring Scheme are
as follows:
2.1 Proposed Acquisition of Seribu Emas Berhad Group
NewCo will acquire the entire equity interest in Seribu Emas
Berhad (SEB) and its subsidiaries (SEB Group) from the Vendors
for an indicative total purchase consideration of MYR120,000,000
(SEB Group Purchase Consideration) to be satisfied by the
allotment and issuance of 120,000,000 new ordinary shares of
MYR1.00 each in NewCo (NewCo Shares) at par or such value as
ascribed under the definitive agreements (Proposed Acquisition
of SEB Group).
The indicative purchase consideration of RM120,000,000 was
arrived at on a willing-buyer willing-seller basis after taking
into consideration inter-alia, the following:-
(i) the potential future earnings of SEB Group; and
(ii) the historical performance of SEB Group.
The proposed issue price of the NewCo Shares of MYR1.00 each
pursuant to the Proposed Acquisition of SEB Group (Consideration
Shares) was arrived at after taking into consideration the
following:
(i) the Proposed Restructuring Scheme;
(ii) the future earnings of SEB Group; and
(iii) the par value of the NewCo Shares of RM1.00 per share.
All the Consideration Shares to be issued shall rank pari passu
in all respects with the then existing NewCo Shares except that
they will not be entitled to any rights, dividends, allotment
and/or other distributions that may be declared, made or paid
prior to the date of allotment of the Consideration Shares.
The detailed terms and conditions of the Proposed Acquisition of
SEB Group will be finalized and announced upon the execution of
the relevant definitive agreements.
2.1.1 Information on SEB
SEB was incorporated in Malaysia as a company limited by shares
on 7 June 1988. The authorised share capital of SEB is
RM50,000,000 comprising 50,000,000 ordinary shares of MYR1.00
each. As at 30 September 2005, the issued and paid-up share
capital of SEB is MYR30,215,000 comprising 30,215,000 ordinary
shares of MYR1.00 each.
The principal activities of SEB are manufacturing and sale of
packaging of boxes and printing of publication materials,
magazines, technical manuals, labels, point of sale materials
and investment holding. As at 30 September 2005, SEB has 2
wholly owned subsidiaries namely, Paduan Harum Sdn Bhd (PH) and
GK Plastics (M) Sdn Bhd (GKP). SEB does not have any associate
companies.
2.1.2 Information on PH
PH was incorporated in Malaysia as a company limited by shares
on 13 September 2001. As at 30 September 2005, the authorized
share capital of PH is MYR1,000,000 comprising 1,000,000
ordinary shares of MYR1.00 each which have been fully issued and
paid-up.
The principal activities of PH are manufacturing and sale of
furniture and related products. PH does not have any subsidiary
or associate companies.
2.1.3 Information on GKP
GKP was incorporated in Malaysia as a company limited by shares
on 15 May 1999. As at 30 September 2005, the authorized share
capital of GKP is MYR1,000,000 comprising 1,000,000 ordinary
shares of MYR1.00 each which have been fully issued and paid-up.
The principal activity of GKP is in precision plastic injection
moulding. GKP does not have any subsidiary or associate
companies.
2.1.4 Liabilities to be Assumed
NewCo will not directly assume any liabilities of the SEB Group
under the Proposed Acquisition of SEB Group.
Further details of the SEB Group (including the financial data
and the Vendors' original dates/cost of investment) will be
announced upon execution of the relevant definitive agreements
for the Proposed Acquisition of SEB Group.
2.2 Proposed Scheme of Arrangement with Shareholders
BKRB proposes to undertake the following:
(i) proposed reduction of the existing issued and paid-up share
capital of BKRB of MYR66,150,000 comprising 66,150,000 ordinary
shares of MYR1.00 each (BKRB Shares) held by the existing
shareholders of BKRB to MYR3,307,500 comprising 66,150,000
ordinary shares of MYR0.05 each in BKRB (BKRB Reduced Shares)
(Proposed Capital Reduction). The Proposed Capital Reduction
will result in a credit of RM62,842,500 which will be utilized
to reduce the accumulated losses of BKRB; and
(ii) proposed share exchange of the entire issued and paid-up
share capital in BKRB of 66,150,000 BKRB Reduced Shares for
3,307,500 new NewCo Shares at par on the basis of one (1) NewCo
Share for approximately every twenty (20) BKRB Reduced Shares.
(collectively, the "Proposed Scheme of Arrangement with
Shareholders")
The Proposed Scheme of Arrangement with Shareholders will be
effected pursuant to Sections 64 and 176 of the Companies Act,
1965 (Act). The 3,307,500 new NewCo Shares to be issued pursuant
to the Proposed Scheme of Arrangement with Shareholders shall
rank pari passu in all respects with the then existing NewCo
Shares except that they will not be entitled to any dividends,
rights, allotments or other forms of distribution that may be
declared, made or paid prior to the date of allotment and issue
of the new NewCo Shares.
2.3 Proposed Scheme of Arrangement with Creditors
BKRB proposes to enter into discussions with its secured and
unsecured creditors (Scheme Creditors) to reach an agreement
and/or compromise on the liabilities (including liabilities that
are actual and contingent) owing by BKRB to the Scheme Creditors
based on the following parameters:
(i) the settlement of debts owing to the Scheme Creditors
amounting to approximately MYR123.97 million as at 30 September
2005 to be implemented by way of a scheme of arrangement
pursuant to Section 176 of the Act;
(ii) the waiver by the Scheme Creditors of all interest,
penalties, costs, fees and other charges accrued after 30
September 2005;
(iii) the release of the contingent liabilities under the
corporate guarantees and other security arrangements provided by
BKRB and its subsidiaries (BKRB Group) (if any);
(iv) the repayment of the debts owing to the secured Scheme
Creditors (after taking into account paragraphs (i) and (ii)
above) from the proceeds of the disposal of certain assets of
BKRB without recourse to any of the Vendors or NewCo; and
(v) the issuance by NewCo of not more than 10,000,000 new NewCo
Shares to the Scheme Creditors or such persons as they may each
nominate, as full and final settlement of the debts owing to
them (after taking into account paragraphs (i) to (iv) above).
(Proposed Scheme of Arrangement with Creditors)
The new NewCo Shares arising from the Proposed Scheme of
Arrangement with the Scheme Creditors shall upon allotment and
issue, rank pari passu in all respects with the then existing
NewCo Shares except that they will not be entitled to any
dividends, rights, allotments or other forms of distribution
that may be declared, made or paid prior to the date of
allotment and issue of the new NewCo Shares.
Further details of the Proposed Scheme of Arrangement with
Creditors will be announced when all terms and conditions have
been finalized.
2.4 Proposed Private Placement
It is proposed for NewCo to implement a private placement of
20,000,000 new NewCo Shares to the existing shareholders of BKRB
and/or eligible investors to be identified at an indicative
minimum issue price of MYR1.00 per share (Proposed Private
Placement) to meet public spread requirement as stipulated under
the Listing Requirements of Bursa Malaysia Securities Berhad
(Bursa Securities) (Listing Requirements). The Proposed Private
Placement will raise minimum gross proceeds of MYR20,000,000
which will be utilized for the working capital requirements of
NewCo and its proposed subsidiaries after the Proposed
Restructuring Scheme as well as defray the expenses relating to
the Proposed Restructuring Scheme.
The new NewCo Shares arising from the Proposed Private Placement
shall upon allotment and issue, rank pari passu in all respects
with the then existing NewCo Shares except that they will not be
entitled to any dividends, rights, allotments or other forms of
distribution that may be declared, made or paid prior to the
date of allotment and issue of the new NewCo Shares.
2.5 Proposed Offer for Sale
The Vendors will undertake an offer for sale of up to 20,000,000
NewCo Shares to the existing shareholders of BKRB and/or
eligible investors to be identified at an indicative offer price
of MYR1.00 per share (Proposed Offer for Sale) in order to meet
the public spread requirement as stipulated under the Listing
Requirements.
2.6 Proposed Transfer of Listing Status
It is proposed that the entire issued and paid-up capital of
BKRB be de-listed from the Official List of the Main Board of
Bursa Securities and that the entire issued and paid-up capital
of NewCo be admitted to the Official List of the Main Board of
Bursa Securities in its place (Proposed Transfer of Listing
Status).
3. SALIENT TERMS OF THE RESTRUCTURING AGREEMENT
The salient terms of the Restructuring Agreement include,
amongst others, the following:
(i) The Proposed Restructuring Scheme shall be conditional upon
the following conditions precedent being fulfilled on or before
the date falling 1 year from the date of the Restructuring
Agreement or by such later date(s) as the parties thereto may
mutually agree in writing (Cut-off Date):
(a) the approvals from the relevant parties/authorities as set
out in Section 8 of this announcement;
(b) written confirmation from BKRB and the white knight of the
termination of the Memorandum of Understanding referred to in
Section 4 herein in accordance with its terms and that the
parties thereto have no claims against the other on any grounds
whatsoever;
(c) the due execution and delivery of all agreements, documents
and instruments necessary to document and give effect to the
Proposed Restructuring Scheme including but without limitation
the entry into, execution and delivery of the definitive
agreement(s) by NewCo and the Vendor in respect of the Proposed
Acquisition of SEB Group;
(d) BKRB being reasonably satisfied with the results of the due
diligence on the SEB Group;
(e) the results of the due diligence on BKRB do not reveal or
identify any prohibition or restriction in respect of the
implementation for the Proposed Restructuring Scheme;
(f) if required, the approval and/or consent of the minority
shareholders BKRB's non-wholly owned subsidiaries, namely BK
Energy Sdn Bhd (60%-owned by BKRB), Regional Information Systems
Sdn Bhd (80%-owned by BKRB) and Vest Bridge (M) Sdn Bhd (85%-
owned by BKRB); and
(g) the incorporation of NewCo for the purposes of assuming the
listing status of BKRB and to undertake the acquisition of the
SEB Group resulting in the backdoor listing of the SEB Group.
(ii) The parties agree that the SEB Group Purchase Consideration
(and the number of NewCo Shares to be issued in satisfaction
thereof) shall be adjusted accordingly to reflect the purchase
consideration as may be approved by the Securities Commission
(SC) (Approved Purchase Consideration) PROVIDED ALWAYS that the
Approved Purchase Consideration shall not be varied by more than
10% from the SEB Group Purchase Consideration. Should the
Approved Purchase Consideration be varied by more than (10%),
the parties hereto shall be allowed to renegotiate the terms and
conditions of the Restructuring Agreement and mutually agree on
a new purchase consideration in respect of the Proposed
Acquisition of SEB Group. In the event that the parties thereto
are unable to agree on a new purchase consideration within 14
days of the determination by the SC being notified to BKRB or
its adviser, any of the parties thereto may terminate
Restructuring Agreement by giving 14 days notice in writing to
the other parties.
4. RATIONALE FOR THE PROPOSED RESTRUCTURING SCHEME
Presently, BKRB Group is an affected listed issuer as defined
under Practice Note 4/2001 (PN4) of the Listing Requirements. As
an affected listed issuer under the Listing Requirements, BKRB
is required to comply with certain obligations, which include,
inter-alia, the obligation to undertake a corporate proposal
which will enable the Company to regularize its financial
position and continue trading and/or listing on Bursa
Securities.
On 18 August 2005, BKRB announced that the Company on even date
entered into a Memorandum of Understanding (MoU) with a white
knight, in which the latter expressed his interest to
participate in the proposed restructuring scheme of BKRB, aimed
to regularize the financial condition of the Company. Pursuant
to the MoU, BKRB and the white knight agreed to negotiate
exclusively with each other with the intention to enter into
definitive agreements on or before the expiry of 60 days from
the date of the MoU. Subsequently, on 7 October 2005, the
Company announced that Bursa Securities via its letter dated 6
October 2005, granted an extension of time for the de-listing of
the securities of the Company from the Official List of Bursa
Securities on the following conditions:
(i) BKRB to make the Requisite Announcement (RA) within 60 days
from the date of signing of the MoU i.e. by 17 October 2005; and
(ii) BKRB to submit its regularization plans (as per the MoU) to
the relevant authorities within 2 months from the date of the
RA.
On 13 October 2005 the company announced that the MoU was
mutually terminated by the parties thereto. In substitution
thereof, BKRB intends to undertake the Proposed Restructuring
Scheme in order to regularize its financial position and
continue trading and/or listing on Bursa Securities and
ultimately to protect the interest of its shareholders. The
Proposed Restructuring Scheme is intended to restore BKRB onto
stronger financial footing via inter-alia, the injection of new
viable businesses, a capital restructuring exercise and a debt
restructuring exercise.
The Proposed Acquisition of SEB Group and Proposed Scheme of
Arrangement with Shareholders will provide an opportunity for
the existing shareholders of BKRB to participate in a new profit
generating businesses via the SEB Group. The new businesses are
expected to provide the existing shareholders of BKRB with a
return that is otherwise, not available from the existing
businesses of the BKRB Group.
The Scheme of Arrangement with Creditors will allow the Scheme
Creditors to recover part of their debts otherwise not
recoverable from the current position of BKRB.
5. PROSPECTS OF THE SEB GROUP
Upon completion of the Proposed Restructuring Scheme, NewCo will
be involved in the following businesses via the SEB Group:
(i) Manufacture and sale of packaging of boxes and printing of
publication materials, magazines, technical manuals, labels,
point of sale materials and investment holding;
(ii) Manufacture and sale of furniture and related products; and
(iii) Precision plastic injection moulding.
5.1 Overview of the Malaysian Economy
The prospects for the Malaysian economy in 2005 remain sound.
Real gross domestic product (GDP) is expected to expand by 5-
6%. The sustained global growth, the modest downturn in the
global semiconductor industry as well as relatively favorable
prices for primary commodities are expected to provide support
to export growth. While the global electronics industry is
consolidating after reaching peak in mid-2004, the cyclical
downturn is forecast to be modest in view of the strong Asian
demand, rapid inventory adjustments and relatively low inventory
levels. Current indications point to an expected upturn in the
global electronics cycle in the second half-year. In the
domestic economy, the private sector would remain as the main
driver of growth, as the Government remains committed to
optimizing expenditure in order to strengthen the fiscal
position. With the core inflation projected to remain low in
2005 (1.87%), monetary policy is able to remain supportive of
the further expansion in private sector activities.
The manufacturing sector, which accounts for about a third of
total private sector investments, is projected to record a
strong positive growth for the third consecutive year. Capital
expenditure for projects already committed to would extend into
2005. In periods of favorable business operating conditions,
manufacturers are expected to continue to replace their old or
obsolete machinery and equipment to improve their efficiency and
enhance flexibility to meet changing demand.
The Malaysian economy remained resilient despite a moderation in
global economic activity amidst high oil prices and continued
downcycle of the global semiconductor industry. Real GDP of the
Malaysian economy remained favorable and was within
expectations, expanding by 5.7% in the first quarter of 2005.
During the period under review, Malaysia continued to be one of
the strong economic performers in the region.
Going forward, the near-term outlook for Malaysia remains
favorable despite some signs of moderating growth in the global
economy and rising prices. Global growth is nevertheless still
expected to be strong, supported by continued growth in consumer
and investment demand.
5.2 Overview of the Paper, Printing and Packaging Industry
The paper, printing and publishing industry covers the
manufacture of pulp, paper and paper products and printing and
publishing activities. In 2004, the total sales value of the
industry was MYR9.5 billion, representing an increase of 13.1%
from MYR8.4 billion in 2003.
The printing and publishing industry in Malaysia caters mainly
for the domestic market. The types of printing and publishing
activities undertaken include printing of books and magazines,
packaging materials, newspaper, security printing and other
miscellaneous printing activities such as greeting cards,
calendars, diaries, signages, labels and stickers and wall
coverings. A total of 126 companies are in production employing
23,950 workers. The industry has invested considerably in
advanced printing technology and equipment which has resulted in
improved quality and productivity. The sales value of the
printing and publishing industry increased by 12.8% to MYR4.4
billion in 2004 from MYR3.9 billion in 2003.
5.3 Overview of the Furniture and Fixture Sector
The wooden furniture sub-sector is one of the major contributors
in the wood-based industry, accounting for 27.7% of total export
earnings for the wood sector. In 2004, Malaysia exported RM5.4
billion worth of wooden furniture mainly to the United States of
America, United Kingdom, Japan, Australia and Singapore.
Malaysia ranks as the 10th largest exporter of furniture and the
third in Asia after China and Indonesia, with exports to more
than 160 countries.
With the challenges from globalization and liberalization,
Malaysian furniture manufacturers have given greater emphasis to
the finishing, design and production of higher quality products
coupled with local branding, mostly for the export market. Some
of these companies have moved from supplying ready-to-assemble
furniture to manufacturing self-designed furniture. In this
regard, AutoCAD is one of the more widely-used software systems
employed by Malaysian furniture manufacturers today. In order to
produce designs which are both functional and aesthetic,
Malaysian furniture companies have ventured to utilize a wide
range of other materials such as metal, glass, plastic and other
composite materials, in combination with rubber wood or other
wood species, for the increasingly sophisticated global market.
5.4 Overview of the Petrochemical and Polymer Industry
The petrochemical industry is an important sector in Malaysia
with investments totaling RM28 billion (US$7.4 billion) as at
the end of 2004. From being an importer of petrochemicals,
Malaysia is today an exporter of major petrochemical products. A
wide range of petrochemicals are produced in Malaysia such as
olefins, polyolefins, aromatics, ethylene oxides, glycols, oxo-
alcohols, exthoxylates, acrylic acids, phthalic anhydride,
acetic acid, styrene monomer, polystyrene, ethylbenzene, vinyl
chloride monomer and polyvinyl chloride.
The plastic products industry has become one of the most dynamic
industries in Malaysia's manufacturing sector, with an average
annual growth of 15% over the last 10 years. In 2004, the sales
value of the industry was RM11.07 billion (US$2.9 billion) or
2.7% of the country's total manufacturing sector sales value.
There are more than 1,400 companies in operation, producing
products ranging from common household items, packaging
materials and conveyance articles to parts and components for
the electrical and electronics, automotive, office automation,
computer and telecommunications industries.
6. RISK FACTORS
(i) Change in Control
Following the completion of the Proposed Restructuring Scheme,
the Vendors are expected to emerge as the controlling
shareholders of NewCo. As new controlling shareholders of NewCo,
the Vendors may introduce new Directors who will effectively
determine the future business direction of NewCo. Further, the
Vendors will be able to influence the outcome of matters
requiring the vote of NewCo's shareholders, unless they are
required to abstain from voting by law and/or the relevant
authorities.
(ii) Business Risks
The SEB Group's business activities are subjected to certain
risks inherent in the paper, printing and publishing, furniture
and plastics industries. These may include changes in general
economic conditions and political conditions, inflation,
taxation, interest rates and exchange rates of foreign
currencies and changes in business conditions such as, but not
limited to, deterioration in prevailing market conditions, labor
and material supply shortages and increase in costs of labor.
(iii) Competition
The SEB Group competes in a competitive industry where its
success is dependent on its ability to increase market share and
market presence within its target markets. The ability to
compete depends upon many factors both internal and external,
including stock availability, product distribution channels,
pricing and customer service and support. The SEB Group's
strategy is to constantly meet and improve on fulfilling
customers' needs and requirements. Nevertheless, there can be no
assurances that any changes in the competitive environment will
not have a material effect on the SEB Group's businesses.
(iv) Dependence on Key Personnel
The continued success of the SEB Group will depend on the
abilities and continuous efforts of its existing Directors and
key management. The loss of any key member of the SEB Group may,
to a certain extent, affect the group's continued ability to
maintain and improve its performance.
(v) Shortage of Skilled Labor
Skilled labor in the areas such as assembly, manual insertion
and operation of automatic insertion are critical parts of the
manufacturing and assembly processes. Shortages in such skilled
labor would have an impact on SEB Group's operations and
business. According to the Directors and management of SEB
Group, the Group has not experienced any significant shortage of
such types of skilled labor thus far. Notwithstanding the above,
there can be no assurance that the SEB Group will be able to
continue to attract and retain skilled labor for its
manufacturing operations.
7. EFFECTS OF THE PROPOSED RESTRUCTURING SCHEME
The proforma effects of the Proposed Restructuring Scheme on the
share capital, net tangible assets, gearing and substantial
shareholders of BKRB and NewCo can only be determined upon
finalization of the terms of the Proposed Restructuring Scheme.
A detailed announcement will be made in due course upon
finalization of the Proposed Restructuring Scheme and execution
of the relevant definitive agreements in relation thereto.
The Proposed Restructuring Scheme is expected to contribute
positively to the future earnings of BKRB via NewCo.
8. CONDITIONS OF THE PROPOSED RESTRUCTURING SCHEME
The Proposed Restructuring Scheme is subject to and conditional
upon approvals from, amongst others, the following:
(i) the SC;
(ii) the SC (on behalf of the Foreign Investment Committee);
(iii) the Ministry of International Trade and Industry (if
required);
(iv) Bursa Securities, for the admission of NewCo to the
Official List, the listing of and quotation for the entire
enlarged issued and paid-up share capital of NewCo on the Main
Board of Bursa Securities and the delisting of BKRB;
(v) the shareholders of BKRB at general meeting(s) to be
convened for the Proposed Restructuring Scheme;
(vi) the sanction and confirmation of the High Court of Malaya;
(vii) the Scheme Creditors; and
(viii) other relevant authorities, if required.
9. DIRECTORS' AND SUBSTANTIAL SHAREHOLDERS' INTEREST
To the best knowledge of the Directors and/or substantial
shareholders of BKRB and persons connected to them, none of the
Directors and/or substantial shareholders of BKRB and persons
connected with them have any interest, direct or indirect, in
the Proposed Restructuring Scheme.
10. ADVISER
Avenue has been appointed as adviser for the Proposed
Restructuring Scheme.
11. OTHER MATTERS
An announcement in relation to compliance with the relevant
provisions of the SC's Policies and Guidelines on Issue/Offer of
Securities and Listing Requirements will be made in due course
upon the finalisation of the Proposed Restructuring Scheme and
execution of the relevant definitive agreements in relation
thereto. An application will made to Bursa Securities to allow
BKRB an extension of time to make the RA and to submit its
regularisation plans to the relevant authorities.
Barring any unforeseen circumstances, the Proposed Restructuring
Scheme is expected to be completed within 12 months from the
date of this announcement.
12. DOCUMENTS FOR INSPECTION
The Restructuring Agreement may be inspected at the registered
office of BKRB at 312, 3rd Floor, Blok C, Kelana Square, 17,
Jalan SS 7/26, 47301 Petaling Jaya, Selangor Darul Ehsan during
normal business hours from Mondays to Fridays (except public
holidays) for a period of 3 months from the date of this
announcement.
This announcement is dated 13 October 2005.
HONG LEONG: Unveils Details of Shares Buy Back
----------------------------------------------
Hong Leong Industries Berhad issued to Bursa Malaysia Securities
Berhad details of its shares buy back on October 3, 2005.
Total number of shares purchased (units) : 30,000
Minimum price paid for each share purchased (MYR) : 5.200
Maximum price paid for each share purchased (MYR) : 5.300
Total amount paid for shares purchased (MYR) : 157,500.00
The name of the stock exchange through which the shares were
purchased : Main Board of BMSB
Number of shares purchased retained in treasury (units) : 30,000
Total number of shares retained in treasury (units) : 52,182,700
Number of shares purchased which were cancelled (units) : 0
Total issued capital as diminished : N/A
Date lodged with registrar of companies : 13/10/2005
Lodged by : HLC Management Co Sdn Bhd
Remarks:
BMSB is defined as Bursa Malaysia Securities Berhad.
This announcement is dated 13 October 2005.
CONTACT:
Hong Leong Industries Berhad
Level 9, Wisma Hong Leong
18, Jalan Perak
50450 Kuala Lumpur
Malaysia
Phone: 03-2164 2631
Fax: 03-2164 2514
Web site: http://www.hongleong.com
MAGNUM CORPORATION: Issues New Shares for Listing
-------------------------------------------------
Magnum Corp. Berhad advised that its additional 15,000 new
ordinary shares of MYR0.50 each issued pursuant to the
Employees' Share Option Scheme will be granted listing and
quotation by Bursa Malaysia Securities Berhad with effect from
9:00 a.m., Monday, October 17, 2005.
CONTACT:
Magnum Corporation Berhad
No 8 Jalan Munshi Abdullah
50100 Kuala Lumpur, 50100
Malaysia
Telephone: +60 3 2698 8033
Fax: +60 3 2698 9885
MERCES HOLDINGS: Still Unable to Pay Debt to Southern Bank
----------------------------------------------------------
The Board of Directors of Merces Holdings Berhad advised that
there is no change in the status of default payments of
interests and principal sum due to Southern Bank Berhad since
the last announcement on September 19, 2005.
This announcement is dated October 13, 2005.
CONTACT:
Merces Holdings Bhd
Malaysia
Phone: 60 3 2072 8100
Fax: 60 3 2072 8101
PANTAI HOLDINGS: Purchases Ordinary Shares on Buy Back
------------------------------------------------------
Pantai Holdings 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): 191,000
Minimum price paid for each share purchased (MYR): 1.800
Maximum price paid for each share purchased (MYR): 1.800
Total consideration paid (MYR): 345,168.92
Number of shares purchased retained in treasury (units): 191,000
Number of shares purchased which are proposed to be cancelled
(units):
Cumulative net outstanding treasury shares as at to-date
(units): 38,632,300
Adjusted issued capital after cancellation (no. of shares)
(units):
CONTACT:
Pantai Holdings Berhad
8 Jalan Damansara Endah
Damansara Heights Kuala Lumpur, Malaysia 50490
Malaysia
Telephone: +60 3 2713 2282
Fax: +60 3 2094 4528
PATIMAS COMPUTERS: Bourse to Grant Listing of New Shares
--------------------------------------------------------
Patimas Computers Berhad advised that its additional 20,000 new
ordinary shares of RM1.00 each arising from the conversion of
MYR76,000 Nominal Value of 6 percent Irredeemable Convertible
Unsecured Loan Stocks 2001/2006 into 20,000 Ordinary Shares of
MYR1.00 each will be granted listing and quotation by Bursa
Malaysia Securities Berhad with effect from 9:00 a.m., Monday,
October 17, 2005.
CONTACT:
Patimas Computers Bhd
Patimas Technology Centre,
Technology Park Malaysia, Bukit Jalil,
Kuala Lumpur Wilayah Persekutuan 57000
Malaysia
Telephone: 03-89941818
Fax: 03-89941188
POLY GLASS: Unveils Director's Dealings in Securities
-----------------------------------------------------
Pursuant to Paragraph 14.08 of the Listing Requirements of the
Bursa Malaysia Securities Berhad , this is to notify that Poly
Glass Fibre (M) Berhad has on October 13, 2005 received a
notification dated October 12, 2005 from Mr. Fong Wah Kai , the
Executive Director of the Company in relation to his indirect
acquisition of 98,000 ordinary shares of MYR1.00 each in the
Company as per the information below:
Date of Dealing: October 12, 2005
Consideration for the dealing: MYR0.135 per ordinary share
Amount of Securities acquired: 98,000 ordinary shares of MYR1.00
each
Percentage of Securities acquired: 0.06 percent
Total number of Securities and percentage held after
acquisition:
Direct : 5,611,500 (3.51 percent)
Indirect: 51,773,200 (32.36 percent)
Dated this 13th day of October 2005.
CONTACT:
Poly Glass Fibre (M) Bhd.
2449, Lorong Perusahaan 10,
Kawasan Perusahaan Prai,
Perai Penang 10600
Malaysia
Telephone: 04-3908460
Fax: 04-3996197
SUREMAX GROUP: Finances Unaffected by Unit's Winding Up
-------------------------------------------------------
The Board of Directors of Suremax Group Berhad having made due
and diligent enquiry, informed the following to Bursa Malaysia
Securities Berhad.
(1) There was no interest claimed under the Winding-Up Petition
dated September 12, 2005, filed by Long Kee Piling Works Sdn.
Bhd. (LKPW) in the Johor Bahru High Court and served on SLSB on
October 6, 2005.
(2) The total cost of investment held by Suremax in SLSB is
MYR2,461,411.00.
(3) As SLSB will settle the outstanding amount with LKPW, the
financial and operational impact of the winding-up proceedings
will be negligible as the cost incurred will be legal and
administration cost only.
(4) In view of the aforesaid, the Board of Directors of SUREMAX
will not expect any losses to be incurred arising from the
winding-up proceedings.
To view a full copy of the query letter content, click:
http://bankrupt.com/misc/tcrap_SuremaxGroupBerhad101305.pdf
This announcement is dated 13 October 2005.
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
TELEKOM MALAYSIA: New Shares Up for Listing, Quotation
------------------------------------------------------
Telekom Malaysia Berhad advised that its additional 54,000 new
ordinary shares of RM1.00 each issued pursuant to the Employee
Share Option Scheme will be granted listing and quotation by
Bursa Malaysia Securities Berhad with effect from 9:00 a.m.,
Monday, October 17, 2005.
CONTACT:
Telekom Malaysia Berhad
Level 51, North Wing, Menara Telekom,
Off Jalan Pantai Baharu
50672 Kuala Lumpur, Malaysia
Phone: +60-3-2240-9494
Fax: +60-3-2283-2415S
TENAGA NASIONAL: Inks US$500-Mln MCRCF
--------------------------------------
Tenaga Nasional Berhad issued to Bursa Malaysia Securities
Berhad details of the Signing of US$500 million Multi-Currency
Revolving Credit Facility programme agreement (MCRCF).
Pursuant to announcement dated July 21, 2005, Tenaga Nasional
Berhad (TNB) advised that it has signed a Master Programme
Agreement for the above mentioned MCRCF Program with United
Overseas Bank (Malaysia) Berhad (UOBM), being the Global
Coordinating Lead Arranger. This debuts the country's first
MCRCF that incorporates not only multiple foreign currencies
namely Pound Sterling, US Dollar and Euro but also feature
domestic Ringgit tranche.
The MCRCF comprises three sub-facilities: the Euro Medium Term
Notes Programme (EMTN); the Transferable Revolving Credit
Facility (TRCF) and the Ringgit Malaysia Murabahah Medium Term
Notes Programme (MMTN). At any point, the amount outstanding of
the EMTN, TRCF and/or MMTN shall not in aggregate exceed US$500
million (equivalent).
CONTACT:
Tenaga Nasional Berhad
129 Jalan Bangsar
59200 Kuala Lumpur, 59200
Malaysia
Telephone: +60 3 2296 5566
Fax: +60 3 2283 3686
UNITED CHEMICAL: Sees No Developments on Default Status
-------------------------------------------------------
The Board of Directors of United Chemical Industries Berhad
(UCI) informed Bursa Malaysia Securities Berhad that further to
the announcement made on September 13, 2005, there are no new
significant developments in relation to the various default in
payment.
The Board of Directors of UCI would like to further provide an
update on the details of all facilities currently in default in
compliance with Section 3.1 of Practice Note No.1/2001.
The details of the default are available free of charge at:
http://bankrupt.com/misc/TCRAP_UnitedChemicalLoanDefaulted101305
.pdf
This announcement is made on 13 October 2005.
CONTACT:
United Chemical Industries Berhad
20th Floor, West Wing,
IGB Plaza, Jalan Kampar,
Kuala Lumpur
Wilayah Persekutuan 50400
Malaysia
Telephone: 03-40420488
Fax: 03-40448711
Web site: http://www.uci.com.my
=====================
P H I L I P P I N E S
=====================
ATLAS CONSOLIDATED: Completion of Off-take Deals Nears
------------------------------------------------------
Atlas Consolidated Mining and Development Corporation expects to
clinch very soon off-take agreements for the expected output of
its Toledo/Carmen copper mine in Cebu, according to The
Philippine Star.
Atlas's assistant vice president and resident manager of the
Cebu copper operations Rodrigo C. Cal confirmed the mining firm
has already shortlisted possible off-takers for the
Toledo/Carmen mine, which will be rehabilitated starting next
year. The candidates include two Chinese companies, a Japanese,
Indian and local smelter plant.
Mr. Cal explained that the off-take deal is one of the funding
schemes to be used by the company to raise the estimated US$156
million cost of rehabilitating the mine.
The firm aims to source 50 percent of its rehabilitation
expenses through the off-take agreement with a copper smelting
plant. The remaining 50 percent will be raised via an initial
public offering at the Philippine Stock Exchange (PSE).
Earlier this year, Atlas formed Carmen Copper Corp., a special
purpose vehicle that will operate the Toledo/Carmen copper mine
complex in Cebu. The rehabilitation of the Toledo/Carmen mine
complex will involve dewatering the Carmen underground mine,
restoring the open pit and replacement of existing surface
facilities and modernization of the Carmen concentrator plus the
addition of a magnetite recovery station. The rehabilitation of
the mine complex will extend the mine life by another 20 years.
Atlas used to operate the biggest copper mine in the Asian
region before it shut down in 1993 due to flooding and
mudslides, with production reaching more than 100,000 metric
tons (MT) a day.
Presently, the company is scouting for joint venture partners
for its Toledo mining operations.
CONTACT:
Atlas Consolidated Mining and Development Corporation
7/F, Quad Alpha Centrum
125 Pioneer St., Mandaluyong City
Phone No: 635-2387/4495
Fax No: 633-3759; 634-2312
E-mail Address: acmdcmla@info.com.ph
CAWC INCORPORATED: Watchdog OKs Quasi-Reorganization
----------------------------------------------------
The Securities and Exchange Commission (SEC) approved on October
10, 2005 CAWC Incorporated's request for Quasi-Reorganization to
wipe out the corporation's deficit as of December 31, 2004
amounting to Php73,973,943.00 against the revaluation Increment
amounting to Php134,174,669.00 by the SEC subject to the
following conditions:
(1) That the remaining appraisal increment will not be used to
wipe out future losses that may be incurred in the future
without prior approval of the SEC; and
(2) That for the purpose of dividend declaration, the retained
earnings of the Corporation shall be restricted to the extent of
the deficit wiped out by the appraisal increment.
About CAWC Inc.
Chemphil Albright & Wilson Corp. (CAWC) changed its name to
CAWC, Inc. upon the approval by the Securities & Exchange
Commission of the revisions in the Company's Articles of
Incorporation.
CAWC has, through its 31 years of continued existence, achieved
the status of a world class manufacturer of quality food,
technical and ceramic grade phosphates and phosphoric acid
products. As such CAWC has earned the acceptance and
accreditation as a top ranking chemical producer and supplier by
its multinational customers in the detergent and in the food
industries.
CAWC will continue to pursue excellence in serving the needs of
its domestic and export markets. CAWC, being an accredited food
grade company by BFAD for its food products, endeavors to
continue to develop new high value food grade phosphates. It
hopes that in this way CAWC will continue to contribute to the
economic development of the Philippines and the Asia Pacific
Region.
CAWC's original name was Polyphosphates Inc. when it was
established by Chemical Industries of the Phils. Inc (CIP) as a
wholly owned subsidiary. In 1980, Albright & Wilson (UK) then
one of the leading phosphate chemicals producers bought into the
Company. In due time, the corporate name was changed to Chemphil
Albright & Wilson Corp. In 2000, Rhodia acquired Albright &
Wilson worldwide. Sometime in 2003, CIP bought back the shares
once held by A&W. Thus, CAWC is now once again a wholly owned
subsidiary of CIP.
CONTACT:
Chemical Industries of the Philippines Inc.
Chemphil Building
851 Antonio S. Arnaiz Avenue
Legaspi Village, Makati City 1229
Phone: 818-8711 to 28; 894-4413
Fax: 817-4803
E-mail: chemphilgroup@chemphil.com.ph
Web site: http://www.chemphil.com.ph
C&P HOMES: Aims to Trim Debt to Php379.43 Mln
---------------------------------------------
Low-cost housing developer C&P Homes Inc. expects to reduce its
accumulated deficit by 96.02% to Php379.43 million from Php9.53
billion through a quasi-reorganization, BusinessWorld reports.
The Philippine Stock Exchange on Thursday suspended the trading
of the firm's shares starting 9 a.m. to "give all concerned
parties sufficient time to evaluate the disclosures submitted by
the company".
C&P has decided to implement a discretionary quasi-
reorganization to trigger the desired financial statement
adjustments and achieve the intended fresh start by minimizing
the deficit in its retained earnings account. The measure is
also aimed at enticing creditors to convert a portion of their
claims to equity.
By next month, C&P will ask stockholders to approve the
company's restructuring for the US$150-million floating rate
notes and the capital restructuring program. It will file
certificate of quasi-reorganization in the authorized capital
stock and other documents required and amendments to the
articles of incorporation.
The Securities and Exchange Commission (SEC) is expected to
approved the amended articles of incorporation. By December, C&P
will file listing application with the stock exchange. Out of
the capital hike, it will issue shares to holders of its
outstanding long-term commercial papers who have agreed to
convert their debt holdings into equity.
CONTACT:
C&P Homes Incorporated
Las Pinas Business Centre
National Road, Las Pinas 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
EPIXTAR PHILIPPINES: Files for Debt Relief
------------------------------------------
Epixtar Philippines IT-Enabled Services Corp., the local unit of
an American call center, is seeking to have its debt suspended,
according to BusinessWorld.
Epixtar Phils. on October 7 filed for corporate rehabilitation,
just a day after Florida-based Epixtra Corp. applied for
bankruptcy protection.
The parent firm filed for Chapter 11, which allows the company
to review its operations and ensure that creditors would not
pursue their claims.
The local operations also filed for corporate rehabilitation, in
the same structure as its parent.
Harry Fozzart, marketing consultant of Epixtar Philippines,
refused to reveal the exact figure of local firm's debts nor the
details of the business plan. However, he said he is confident
the court will approve the firm's petition.
Earlier, Epixtar's Chief Executive Martin Miller said the filing
for Chapter 11 "is the necessary and responsible step to
preserve Epixtar's value for our creditors, customers,
employees, business partners and other stakeholders as we
address our financial challenges and work to secure our future."
To view Epixtar Corp.'s press release on its bankruptcy filing,
click:
http://bankrupt.com/misc/tcrap_EpixtarCorp101405.pdf.
CONTACT:
Epixtar Corp.
11900 Biscayne Blvd Ste 700
Miami , FL 33181
Phone: 305-503-8600
Fax: 305-503-8610
Web site: http://www.epixtar.com
NATIONAL BANK: Declines to Comment on Privatization Delay
---------------------------------------------------------
Philippine National Bank (PNB) has answered the Exchange's
request for disclosure regarding the news article entitled
"Delay in PNB privatization seen", which was published in the
October 13, 2005 issue of the Manila Standard, which mentioned
that:
"Government is seemingly shelving the sale of its remaining 21
million shares in the Philippine National Bank because of the
falling share prices. As this developed, the Philippine Deposit
Insurance Corporation (PDIC) is now seeking legal basis for the
sale delay. 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 then.
"PDIC Executive Vice President Cristina Orbeta said there is no
rush to sell government remaining 21 million shares in PNB
adding that they are now seeking a legal opinion to postpone the
sale.
"Orbeta told reporters that selling government's remaining PNB
shares at Php43.77 each when market prices are well below it
will only result in a failed bidding."
PNB advised that the quoted news article refers to a shareholder
issue to which PNB is not privy to involving as it is certain
policy and discretionary matters purely within the coverage of
the PDIC and the National Government.
Accordingly, the bank said it was not in a position to confirm,
deny, or make any qualification regarding the contents of the
above-quoted article.
CONTACT:
Philippine National Bank
Pres Diosdado P Macapagal Boulevard
PNB Financial Center
Pasay 1300
Philippines
Phone: +63 2 891 6040
Fax: +63 2 551 5187
Web site: http://www.pnb.com.ph/
NATIONAL POWER: IMF Worried About Privatization Delay
-----------------------------------------------------
The International Monetary Fund (IMF) has expressed concern
about the delays in the bidding process for National Power
Corporation's (Napocor) transmission and generation assets, The
Philippine Star has learned.
IMF acknowledges that the "power sector privatization is
essential to restore the financial viability of the sector and
to facilitate the investments needed to ensure adequate power
supply".
In this regard, the agency has urged authorities to finalize the
agreements holding up the privatization of Napocor's assets. It
has also been working closely with multilateral creditors of
Napocor to ensure that the privatization program will be fully
supported.
In its latest assessment report, the IMF said it sees the need
for further increase in power rates of Napocor to make the state
power firm more competitive.
It noted that the financial position of Napocor, being one of
the heavily indebted state-owned firms, should be carefully
watched.
CONTACT:
National Power Corporation
Quezon Ave., East Triangle, Diliman
Quezon City, Metro Manila, Philippines
Phone: +63-2921-3541
Fax: +63-2921-2468
Web site: http://www.napocor.gov.ph/
=================
S I N G A P O R E
=================
CITIRAYA INDUSTRIES: Seeks for New Creditors to Buy Debt
--------------------------------------------------------
Troubled recycler Citiraya Industries filed an apllication with
the Singapore High Court to allow new investors to buy out its
debt to creditor United Overseas Bank (UOB), Channel NewsAsia
reports.
According to UOB lawyer Kannan Ramesh, the Company committed to
pay off its SGD6 million debt to UOB by Oct. 21. Citiraya and
its lawyers could not be reached to comment on the matter.
At Citiraya's judicial management hearing held last Sept. 23,
2005, the court gave the Company up to Oct. 17, 2005 to presenty
a debt repayment scheme to UOB, since it has a secured mortgage
on Citiraya's two recycling plants. The Company's debt to UOB is
a top priority debt because it would not be able to continue its
operations if the two plants should be reposessed by UOB.
Meanwhile, Citiraya must be able to draw up a debt restructuring
scheme for its other creditors within three weeks.
CONTACT:
Citiraya Industries Limited
65 Tech Park Crescent
Singapore 637787
Phone: 65 62644338
Fax: 65 62666731
Web site: http://www.citiraya.com/
ELPEDIA PTE: Creditors Asked to Submit Debt Claims
--------------------------------------------------
Notice is hereby given that the creditors of Elpedia 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 Company liquidators on or before Nov. 7, 2005.
If so required by notice in writing by the said liquidators,
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.
Bob Yap Cheng Ghee
Neo Ban Chuan
Liquidators
c/o 16 Raffles Quay
#22-00 Hong Leong Building
Singapore 048581
GARBAGEMASTER PTE: Liquidator Sets Deadline to Submit Claims
------------------------------------------------------------
Notice is hereby given that the creditors of Garbagemaster 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.
Date: Oct. 7, 2005
Kon Yin Tong
Wong Kian Kok
Aw Eng Hai
Joint Liquidators
C/o 47 Hill Street, #05-01 Chinese Chamber of Commerce &
Industry Building
Singapore 179365
GWEE MOTOR: To Declare Dividend Soon
------------------------------------
Gwee Motor Credit Pte Limited, formerly of 455 MacPherson Road,
Gwee Motor House, Singapore 368173 posted a notice of intended
dividend at the Government Gazette, Electronic Edition with the
following details:
Name of Company: Gwee Motor Credit Pte Limited
Court: Supreme Court, Singapore
Number of Matter: Companies Winding Up No. 266 of 2000
Last day for receiving proofs: Oct. 28, 2005
Name & address of Liquidators: The Official Receiver
The URA Centre (East Wing)
45 Maxwell Road #06-11
Singapore 069118
Dated: Oct. 14, 2005
Sunari Bin Kateni
Assistant Official Receiver
LEADING ELECTRON: Creditors to Submit Debt Claims by Next Month
---------------------------------------------------------------
Notice is hereby given that the creditors of Leading Electron
Microscopy Pte Limited, which is being wound up voluntarily, are
required 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 Company liquidators on or
before Nov. 7, 2005.
If so required by notice in writing from the said Liquidators,
are by their solicitors, or personally, to come in 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 made before such
debts are proved.
Dated this 5th 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
NH CERAMICS: To Hold End-of-Month AGM
-------------------------------------
NH Ceramics Limited announced that the Company will hold its
Annual General Meeting (AGM) on Oct. 28, 2005, 10:00 a.m. at 1 &
3 Tuas Avenue, 8 Jurong Industrial Estate, Singapore 639217 to
transact the following business:
ORDINARY BUSINESS
1. To receive and consider the audited accounts for the year
ended June 30, 2005 and the reports of the Directors and
Auditors thereon.
2. To approve Directors' Fees of SGD44,000 for the year ended
June 30, 2005. [Year 2004: S$44,000/-].
3. To re-elect Ms Margaret Tay Hui Hia retiring by rotation in
accordance with Article 94 of the Company's Articles of
Association.
4. To re-elect Mr Ong Siew Peng retiring in accordance with
Article 95 of the Company's Articles of Association. [See
Explanatory Note (a)]
5. To re-appoint Ernst & Young as Auditors and to authorise the
Directors to fix their remuneration.
SPECIAL BUSINESS
6. To consider and, if thought fit, to pass the following
resolution with or without amendments as an ordinary resolution:
6.1 Authority to Issue Shares
"That pursuant to Section 161 of the Companies Act, Cap. 50 and
the listing rules of the Singapore Exchange Securities Trading
Limited, authority be and is hereby given to the Directors of
the Company to allot and issue shares in the Company at any time
to such persons and upon such terms and conditions and for such
purposes as the Directors may in their absolute discretion deem
fit, provided that the aggregate number of shares to be issued
pursuant to this resolution does not exceed 50 per cent of the
issued share capital of the Company, of which the aggregate
number of shares to be issued other than on a pro-rata basis to
existing shareholders of the Company does not exceed 20 per cent
of the issued share capital of the Company, and for the purpose
of this resolution, the issued share capital shall be the
Company's issued share capital at the time this resolution is
passed (after adjusting for new shares arising from the
conversion or exercise of convertible securities or exercise of
share options or vesting of share awards outstanding or
subsisting at the time this resolution is passed and any
subsequent consolidation or subdivision of the Company's
shares), and unless revoked or varied by the Company in general
meeting, such authority shall continue in force until the
conclusion of the next Annual General Meeting of the Company or
the date by which the next Annual General Meeting of the
Company is required by law to be held, whichever is the
earlier." [See Explanatory Note (b)]
7. To transact any other business which may properly be
transacted at an Annual General Meeting.
By Orderof the Board
Louis Pang Nghee Thiam
Secretary
Date: Oct. 13, 2005
Proxies:
A member entitled to attend and vote at the meeting is entitled
to appoint a proxy to attend and vote in his stead. A proxy need
not be a member of the Company.
An instrument appointing a proxy must be deposited at the
Company's registered office at 1 & 3 Tuas Avenue, 8 Jurong
Industrial Estate, Singapore 639217 not less than 48 hours
before the time appointed for holding the Meeting.
Notes:
(a) Mr Ong Siew Peng, if re-elected, will remain as chairman of
the audit committee and will be considered as an independent
director.
(b) The ordinary resolution set out in item 6.1 above, if
passed, will empower the Directors from the date of the above
Meeting until the date of the next Annual General Meeting, to
issue shares in the Company. The number of shares which the
Directors may issue under this Resolution would not exceed 50%
of the issued share capital of the Company. For issues of shares
other than on a pro-rata basis to all shareholders, the
aggregate number of shares to be issued shall not exceed 20% of
the total issued share capital of the Company.
CONTACT:
NH Ceramics Limited
1 & 3 Tuas Ave.
8 Jurong Industrial Estate
Singapore 639217
Phone: 65 6861 2626
Fax: 65 6861 4023
Web site: http://www.namhuat.com.sg/
PB INTERIOR: Court Orders Winding Up
------------------------------------
In the matter of PB Interior Builder Pte Limited, the Singapore
High Court issued a winding up order against the Company on Oct.
7, 2005, with the following details:
Name and Address of Liquidator: Official Receiver
The Insolvency Service
Insolvency & Public Trustee's Office
The URA Centre (East Wing)
45 Maxwell Road #06-11
Singapore 069118
Dated this 14th day of October 2005
Messrs Wong Yoong Phin & Co.
Solicitors for the Petitioners
===============
T H A I L A N D
===============
BANGKOK STEEL: Unveils Restructuring Plan's Progress
----------------------------------------------------
Economic Intellect Co. Ltd. and C.J. Morgan on behalf of the
plan administrators of Bangkok Steel Industry Public Co. Ltd.
issued a report on the progress of the restructuring plan of the
company in compliance to the regulation of the Stock Exchange of
Thailand (SET) with the following summary:
(1) The progress of the debt contention:
Burden of the obligation
No. of Principal Interest Total
creditors
Creditors applied to receive performance
29 38,529,176,606.84 20,562,660,801.88 9,091,837,408.71
Non-contend
7 12,927,642.94 3,827,686.79 16,755,329.73
Contend
22 38,516,248,963.90 20,558,833,115.09 59,075,082,078.98
The official
receiver revoked
the application
to receive
performance
9 7,626,063,197.82 7,499,497,067.11 15,125,560,264.93
The official receiver permitted the revocation to receive
performance
1 98,077,464.88 72,842,415.30 170,919,880.18
The official receiver had the decision
15 19,571,267,356.66 2,883,642,173.51 2,454,909,530.17
The official receiver had no decision
4 1,233,768,587.48 10,106,679,145.96 21,340,447,733.43
Burden of obligation
18 30,804,145,850.14 12,990,321,319.47 43,794,467.169.60
(2) Performing with the rehabilitation plan for the period of 8
months starting from the date that the court had the consent
till September 30, 2005, the company has paid the principal to
the creditors accounting for 5.19% of the liability
THB7,534,015,470.99 with the following details:
(2.1) The company appraised and transferred ownership of its
collateral to the creditors group 1-Kor. amounting to
130,942,396.20 on September 7, 2005 in accordance with the
provision No. 8.2.2.1. (Kor) of the rehabilitation plan,
accounting for 16% of the principal THB818,212,396.20 within 36
months.
The outstanding collaterals owned by outsiders are under the
process of appraisal and transferal to pay debt to creditors.
(2.2) The company paid by installment the principal of
THB8,969,860.57 with interest of THB31,710,677.43 accounting for
0.28 percent of the total principal THB3,166,300,522.69 within
136 months in accordance with provision 8.2.2.3 of the
rehabilitation plan.
(2.3) The company coordinated with the guarantors who paid for
the company in accordance with the provision 8.2.2.4 of the
rehabilitation plan as follows:
(2.3.1) The guarantors performed the appraisal and transfer of
their collateral to creditors group 2 amounting to
THB111,000,000, accounting for 100% of the principal to
creditors in accordance with the provision 8.2.2.4. (Kor) of the
rehabilitation plan.
(2.3.2) The guarantor paid by installment the principal of
THB140,000,000 to creditors group 2, accounting for 14% of the
principal THB1,000,000,000 within 50 months in accordance with
the provision 8.2.2.4 (Khor) of the rehabilitation plan.
Please be informed accordingly.
Yours sincerely,
Economic Intellect Co. Ltd.
On behalf of the plan administrator
C. J. Morgan Co., Ltd.
On behalf of the plan administrator
CONTACT:
Bangkok Steel Industry Public Company Limited
United Flour Mill Bldg,
205 Rajawong Road,
Samphanthawong Bangkok
Telephone: 0-2226-0088, 0-2226-0680, 0-2226-6120-29
Fax: 0-2224-7698, 0-2222-7497
Web site: http://www.bangkoksteel.co.th
PREECHA GROUP: Releases 6 Months Operating Results
--------------------------------------------------
Preecha Group PLC furnished the Stock Exchange of Thailand with
a report of the progress of financial and operating results
every six months.
The company and subsidiary company negotiated with the
individual creditors and informed about the progress of its debt
restructuring on September 30, 2005 to the amount of 290 MB as
follows:
(1) Normal debt amounted to 289 MB
(i) KTB: 198 MB
(ii) SCIB: 38 MB
(iii) BBL: 12 MB
The company has signed the contract of restructuring debt on
April 5, 2001 at first and the second on April 27, 2003. The
essence of restructuring debt is to extend the period of the
debt to December 31, 2005.
The company can operate by contract and now it is in normal
status.
(iv) KBANK: 10 MB of Bank overdraft
(v) The company has borrowed 42 MB from F.M.A Co. Ltd. on
November 29, 2004 and paid part of the debt of 10 MB. As at
September 30, 2005 it has a balance of 32 MB in borrowings.
(2) The restructuring of the debt was processed in the period of
six months between April and September 30, 2005.
(i) Mr. Jaturong Mitrnoy: 163 MB of debt
On July 1, 2005 the Company had sold land by method of
transferring it to the group of Mr. Jaturong Mitrnoy in order to
repay the debt.
Please be acknowledged.
Yours faithfully,
Mr. Preecha Tirakitpong
President
CONTACT:
Preecha Group Public Company Limited
1919 Pattanakarn Road, Suan Luang Bangkok
Telephone: 0-2722-8855
Fax: 0-2722-8844-5
Web site: http://www.preecha.com
T.C.J ASIA: Administrator Completes Reorganization
--------------------------------------------------
T.C.J. ASIA PLC (TCJ) informed the Stock Exchange of Thailand
that it had completed the implementation of the Business
Reorganization Plan and had submitted to the Central Bankruptcy
Court for Termination of Business Reorganization on April 11,
2005.
The court had set the hearing on May 18, 2005 and the official
receiver reported to the court on the hearing date that the Plan
Administrator had completed the implementation of the Business
Reorganization Plan.
The Plan Administrator had also reported to the court that TCJ
was under the procedure to comply to the SET's regulation on the
damage relief to the minor shareholders and on the clarification
of the investment in new business under the reorganization plan
to the Securities and Exchange Commission (SEC). Hence, the
court had extended the hearing schedule to August 2, 2005.
On May 24, 2005, the Plan Administrator had completed the share
transfer of 1,465,192 shares to the minor shareholders.
On August 2, 2004, the court had allowed the Plan Administrator
to withdraw the petition for Termination of Business
Reorganization dated April 11, 2005 from the court's
consideration.
Hereupon the order granting of SET and the SEC for TCJ's
security to resume trading, the Plan Administrator will proceed
to submit the petition to the court order to terminate the
business reorganization. Subsequently TCJ had completed the
clarification and conducted to the SEC's order on investment in
new business by submitting the special audit report on goodwill
in the investment in new business according to the Business
Reorganization Plan to SEC on August 4, 2005. TCJ also had
disclosed the goodwill and the transaction with major customers
in the Financial Statements'
Note. In addition, TCJ submitted the Revised Second Quarter
Financial Statements which has reviewed by the auditor to SEC on
September 16, 2005.
Please be informed accordingly.
Yours Faithfully,
Ms. Srivilai Chatjuthamard
As Plan Administrator of
T.C.J. Asia Public Company Limited
CONTACT:
T.C.J. Asia Pcl
89/169 Moo 7, Vibhavadi Rangsit Road,
Don Muang Bangkok
Telephone: 0-2552-6611, 0-2552-6622
Fax: 0-2552-7185-6
Web site: http://www.tcj.co.th
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter -- Asia Pacific is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Trenton, NJ
USA, and Beard Group, Inc., Frederick, Maryland USA. Lyndsey
Resnick, Ma. Cristina Pernites-Lao, Faith Marie Bacatan, Reiza
Dejito and Erica Fernando, Editors.
Copyright 2005. All rights reserved. ISSN: 1520-9482.
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