/raid1/www/Hosts/bankrupt/TCRAP_Public/051122.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
A S I A P A C I F I C
Tuesday, November 22, 2005, Vol. 8, No. 231
Headlines
A U S T R A L I A
A.D. LAZZ: Liquidator to Explain Wind Up Manner
APACHE PADDLE: Winds Up Business
COAST & COUNTRY: Placed Under Voluntary Liquidation
DANIEL WELDING: Court Appoints Official Liquidator
EATON PARTNERS: Intends to Pay Dividend to Unsecured Creditors
EMPEROR MINES: Relocates to Queensland
GOOD SERVICE: Members, Creditors to Discuss Liquidator's Report
HENABAIT PTY: Liquidator to Distribute Company Assets
IBIS RIDGE: Winding Up Process Initiated
INCITEC PIVOT: To Help Boost Nauru's Phosphate Ops
JAMES HARDIE: Provides Update on Compensation Agreement Talks
JAMES HARDIE: Protesters to Rally Over Compo
KAI LIMITED: Members Pass Winding Up Resolution
KINDMONT PTY: Schedules Final Meeting Nov. 29
LDD CONSULTING: Members Final Meeting Fixed Nov. 29
MATTHEWS FLEET: Failure to Pay Debt Prompts Winding Up
MEDIA MARKET: Appoints Official Liquidators
M.&T. PERFORMANCE: Declares First, Final Dividend
NYLEX LIMITED: AH Plant Hire Due Diligence Completed
OAT COMPANY: Liquidator to Explain Winding Up to Members
PS AUSTRALIA: Members Decide to Cease Business
QANTAS AIRWAYS: Pushes for Foreign Ownership
REDPOINT COMMUNICATIONS: Court Orders Winding Up
RYAN'S LANDING: Decides to Close Operations
SGIS PTY: Declares Interim Dividend
TELSTRA CORPORATION: Urged to Help Customers Convert
TELSTRA CORPORATION: Labor Hits Minister over Job Cuts
TINEPELL PTY: Members Agree to Wind Up Firm
UTE MANAGEMENT: Disqualified Perth Director Faces Charge
WYTOMIC LIMITED: Recapitalization Proposal Gets Creditors' Nod
C H I N A & H O N G K O N G
C.B. CARGO: Set to End Operations
CHONG YIU: Receives Winding Up Order
ENITY TECHNOLOGY: Set to Close Down Business
ESUN HOLDINGS: Incurs HK$789 Mln Net Loss in First Half
GREAT POWER: Enters Winding Up Process
SIMON JACKSON: Tony Nedderman Named Joint Liquidators
STRAW FIELD: Ordered to Wind Up Operations
MOKLEE LIMITED: Issues Debt Claim Notice
STAR CRUISES: Posts 43.6 Mln Profit in 3Q/2005
STAR CRUISES: Adds European Itineraries for the First Time
SUN FUNG: Creditors Meeting Slated for November 29
WORLD WIDE: Creditors Meeting Set Dec. 9
I N D I A
KOTAGIRI CO-OPERATIVE: Faces Winding Up Action
MUKAT FINANCE: RBI Cancels Certificate of Registration
NATIONAL HYDROELECTRIC: S&P Affirms Ratings at 'BB+'
I N D O N E S I A
PERTAMINA: Explores Five Oil Wells in Java
PERTAMINA: To Reduce Industry Fuel Price
PERTAMINA: To Build Small-Scale LNG Plant
PERUSAHAAN LISTRIK: Snags Healthy Rating Despite 2004 Losses
J A P A N
ISHIHARA SANGYO: Head to Resign Over Disposal Violation
MEIJI YASUDA: To Punish Over 120 for Scandal
MITSUBISHI MOTORS: Al Habtoor Hosts Honorary Visit by Carmaker
MITSUBISHI MOTORS: DaimlerChrysler Pockets $1.14 Bln in Disposal
ORIENTAL LAND: S&P Revises Rating Outlook to Negative
PIONEER CORPORATION: President, Chairman to Step Down
PIONEER CORPORATION: To Slash 1,000 Jobs
SANYO ELECTRIC: Posts JPY142.5 Bln 1H/2005 Net Loss
SANYO ELECTRIC: JCR Downgrades Rating to BBB+/J-2
K O R E A
ASIANA AIRLINES: Boeing 777s Experience Problems
DOOSAN HEAVY: Strike Kicks Off as Talks Fail
M A L A Y S I A
ANCOM BERHAD: Holds Shares Buy Back
ASIAN PAC: ICULS to Mature December 22
AVENUE CAPITAL: Bourse OKs Listing of New Ordinary Shares
FARLIM GROUP: Net Loss Widens in 3Q/FY05
FOREMOST HOLDINGS: Issues Clarification to Announcement
FURQAN BUSINESS: Warrants to Expire December 19
HARVEST COURT: Unit Inks SPA with Contilogic
HEXZA CORPORATION: Unit Placed in Voluntary Liquidation
MAGNUM CORPORATION: Purchases 428,100 Ordinary Shares
MAJOR TEAM: Books MYR1,583,000 Net Loss
MBF HOLDINGS: Court Junks Defendant's Appeal
METROPLEX BERHAD: Warrant Subscription Rights End Next Month
METROPLEX BERHAD: Trading of Warrants Suspended December 9
PANTAI HOLDINGS: Issues New Shares for Listing, Quotation
SEAL INCORPORATED: Releases 1Q Financial Statement
TELEKOM MALAYSIA: Bourse to List, Quote New Shares
P H I L I P P I N E S
ABS-CBN BROADCASTING: Earmarks Php1.2 Bln for '06 Capital
LEPANTO CONSOLIDATED: Fully Paid Shares Total 363,564,533
NATIONAL POWER: Mulls Bond Sale to Raise US$101 Mln
PHILIPPINE AIRLINES: To Enforce Stringent Rules on H.K. Flights
UNIOIL RESOURCES: Unveils Matters Resolved at Meeting
S I N G A P O R E
CHINA AVIATION: U.K. Oil Giant Acquires Stake
DEBTDOMAIN PTE: Judicial Manager Files Wind Up Petition
EI-NETS LIMITED: Singapore Exchange OKs Shares Listing
L&M GROUP: Court Likely to Appoint Judicial Manager
NEOCORP INTERNATIONAL: Completes Sale of Unit
T H A I L A N D
ADVANCE AGRO: SET Resumes Security Trading
PRASIT PATTANA: Reorganization Termination Ruled Invalid
WYNCOAST INDUSTRIAL: To Reduce Shares
BOND PRICING: For the Week 21 November to 25 November 2005
- - - - - - - -
=================
A U S T R A L I A
=================
A.D. LAZZ: Liquidator to Explain Wind Up Manner
-----------------------------------------------
Notice is hereby given that a final meeting of the members and
creditors of A.D. Lazz Holdings Pty Limited will be held on Nov.
29, 2005, 10:00 a.m. at the office of Messrs SV Partners, Level
16, 120 Edward Street, Brisbane Qld, for the following purposes:
AGENDA
(1) To receive the Liquidator's account.
(2) To pass a resolution to destroy the Company books and
records.
(3) General business.
Dated this 10th day of October 2005
Glenn Michael Shannon
Liquidator
C/o Messrs. SV Partners
Level 16, 120 Edward Street
Brisbane Qld
APACHE PADDLE: Winds Up Business
--------------------------------
Notice is hereby given that on Oct. 24, 2005, a special
resolution was passed that Apache Paddle Sports Pty Limited be
wound up voluntarily.
Creditors resolved to appoint John William Cunningham and John
Richard Park of Ramsay Clout, Suite 2, 63 The Esplanade, Cotton
Tree as Joint and Several Liquidators for the winding up.
Dated this 24th day of October 2005
John W. Cunningham
John R. Park
Ramsay Clout
Suite 2, 64 The Esplanade
Cotton Tree
COAST & COUNTRY: Placed Under Voluntary Liquidation
---------------------------------------------------
Notice is hereby given that at a creditors' meeting of Coast &
Country Brick & Blocklaying Specialists Pty Limited held on Oct.
21, 2005, it was resolved that the Company be wound up
voluntarily, and that Danny Vrkic of Jirsch Sutherland & Co. -
Wollongong Chartered Accountants be appointed as Liquidator for
such purpose.
Dated this 1st day of November 2005
Danny Vrkic
Liquidator
Jirsch Sutherland & Co. - Wollongong Chartered Accountants
Level 2, 63B Market Street
Wollongong NSW 2500
Phone: 02 4225 2545
Fax: 02 4225 2546
DANIEL WELDING: Court Appoints Official Liquidator
--------------------------------------------------
On Oct. 28, 2005, the Federal Court of Australia, New South
Wales District Registry appointed Christopher J. Palmer to be
the Official Liquidator in the winding up of Daniel Welding Tig
& Stick Australia Pty Limited.
Dated this 8th day of November 2005
Christopher J. Palmer
Liquidator
O'Brien Palmer
Level 4, 23-25 Hunter Street
Sydney NSW 2000
EATON PARTNERS: Intends to Pay Dividend to Unsecured Creditors
--------------------------------------------------------------
Eaton Partners Pty Limited will declare a first and final
dividend to its unsecured creditors today, Nov. 22, 2005.
Creditors who were not able to prove their debts or claims will
be excluded from the benefit of the dividend.
Dated this 18th day of October 2005
M. E. Slaven
Liquidator
Rangott Slaven Hundy
Unit 12, Level 3, Engineering House
11 National Circuit, Barton ACT 2600
Phone: 02 6285 1430
Fax: 02 6281 1966
EMPEROR MINES: Relocates to Queensland
--------------------------------------
Emperor Mines Limited advised that it has relocated its
Registered Office and principal Place of Business to Brisbane:
Level 1 WBM Building
490 Upper Edward Street
Srping Hill QLD 4004
GOOD SERVICE: Members, Creditors to Discuss Liquidator's Report
---------------------------------------------------------------
Notice is hereby given that a final meeting of the members and
creditors of Good Service Publications Pty Limited will be held
on Nov. 29, 2005 at the offices of Draper Dillon, Level 4, 499
St. Kilda Road, Melbourne, to lay before the meeting an account
of the Liquidator's acts and dealings, and of the conduct of the
winding up.
Dated this 17th day of October 2005
S. L. Horne
Liquidator
Draper Dillon
499 St. Kilda Road, Melbourne Vic 3004
HENABAIT PTY: Liquidator to Distribute Company Assets
-----------------------------------------------------
At a general meeting of Henabait Pty Limited held on Oct. 28,
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 31st day of October 2005
Frank Carbone
Liquidator
Suite 11, 46-48 Urunga Parade
Miranda NSW 2228
IBIS RIDGE: Winding Up Process Initiated
----------------------------------------
Notice is hereby given that at a general meeting of the members
of Ibis Ridge Pty Limited held on Oct. 25, 2005, it was resolved
that the Company be wound up voluntarily, and that Timothy Mark
Shuttleworth Holden of INPACT McDonald Carter, Level 6, 31 Queen
Street, Melbourne, Victoria, be appointed as Liquidator for such
purpose.
Dated this 25th day of October 2005
Timothy M. S. Holden
Liquidator
INPACT McDonald Carter
Level 6, 31 Queen Street
Melbourne, Victoria 3600
Phone: 03 8613 8888
Fax: 03 8613 8800
INCITEC PIVOT: To Help Boost Nauru's Phosphate Ops
--------------------------------------------------
The Pacific islet of Nauru is teaming up with fertilizer group
Incitec Pivot to try to revive its phosphate industry, The
Advertiser reports.
Under the agreement, Incitec will provide materials and
expertise to a new company set up by the Nauruan Government to
operate its phosphate rock operations, at an expected cost of
AU$6 million.
The phosphate will be used to make fertilizer.
CONTACT:
Incitec Pivot Limited
ABN 42 004 080 264
70 Southbank Boulevard
Southbank
Victoria
Australia 3006
Telephone: + 61 3 8695 4400
Facsimile: + 61 3 8695 4419
Web site: http://www.incitecpivot.com.au/
JAMES HARDIE: Provides Update on Compensation Agreement Talks
-------------------------------------------------------------
In recognition of the launch of National Asbestos Awareness
week, James Hardie provided the following update on the status
of its negotiations with the NSW Government to achieve along-
term compensation arrangement.
James Hardie CEO, Louis Gries said, "Constructive discussions
with the NSW Government continue, and both parties are working
towards signing a Principal Deed as soon as possible given the
complexity of the deal.
"James Hardie is committed to a long-term compensation
arrangement for Australian claimants and has invested
significant resources in developing a fully negotiated and
binding agreement which can be put to its shareholders for
approval."
Contrary to accusations that have been leveled at the company,
so far as James Hardie is aware, all claimants with proven
claims have received compensation. Payments continue to be made
by the Medical Research and Compensation Foundation (MRCF),
which has funds to meet proven claims well into 2006.
TO the best of James Hardie's knowledge, no proven claim has
gone unpaid.
Contrary to recent speculation, James Hardie has no plans to
leave Australia.
Mr. Gries said, "While both the NSW Government and James Hardie
conceded the negotiations have taken longer than initially
anticipated, progress continues to be made. We have delivered
draft 12 of the Principal Deed to the NSW Government for their
review and would like to conclude negotiations as soon as
possible."
The success of the long-term funding arrangement is dependent
upon the continued financial viability and growth of James
Hardie.
Mr. Gries also confirmed James Hardie was continuing to work
with the Australian Taxation Office and Federal Treasury to
ensure all options regarding the company's application for tax
deductibility of payments to the proposed Special Purpose Fund
(SPF) were considered.
James Hardie has been advised the NSW Government continues to
provide key stakeholders, such as unions and asbestos support
groups, with updates on the status of the ongoing negotiations.
All parties are aware that current claimants continue to receive
their compensation payments.
CONTACT:
Investor and Analyst Inquiries:
Steve Ashe
Vice President, Investor Relations
Telephone: 61 2 8247 5246
Mobile: 0408 164 011
E-mail: steve.ashe@jameshardie.com.au
Media Inquiries:
James Richards
Telephone: 61 2 8274 5304
Mobile: 0419 731 371
Facsimile: 61 2 8274 5218
E-mail: media@jameshardie.com.au
Web site: http://jameshardie.com
JAMES HARDIE: Protesters to Rally Over Compo
--------------------------------------------
Protesters warned they will picket outside James Hardie's Sydney
headquarters to urge the company to hasten the signing of a
long-term compensation agreement, according to the Sydney
Morning Herald.
The embattled building products manufacturer said it would ink a
compensation deal with the New South Wales (NSW) government as
soon as possible.
But protestors, which have organized the rally to coincide with
the start of the Asbestos Awareness Week on Monday, demand the
company to pay now.
James Hardie agreed last December it would provide part of its
profit over the next 40 years to compensate victims of the
asbestos products it used to manufacture.
However, a final binding agreement is yet to be signed as the
company continues negotiations with the NSW government.
KAI LIMITED: Members Pass Winding Up Resolution
-----------------------------------------------
At a general meeting of the members of Kai Limited held on Oct.
27, 2005, a Special Resolution was passed that the Company be
wound up voluntarily.
Geoffrey F. Totterdell
Derrick Craig Vickers
Joint Liquidators
PricewaterhouseCoopers
Level 19, QV1, 250 St. George's Terrace
Perth WA 6000
KINDMONT PTY: Schedules Final Meeting Nov. 29
---------------------------------------------
Notice is hereby given that the final meeting of the members and
creditors of Kindmont Pty Limited will be held on Nov. 29, 2005,
10:00 a.m. at the offices of Jones Condon Chartered Accountants,
Level 1, 34 Charles Street, Parramatta NSW, to present the
Liquidator's account showing how the winding up was conducted
and the property of the Company disposed of, and to give any
explanation thereof.
Dated this 21st day of October 2005
Schon G. Condon RFD
Liquidator
C/o Jones Condon Chartered Accountants
Level 1, 34 Charles Street
Parramatta NSW
Phone: 02 9893 9499
LDD CONSULTING: Members Final Meeting Fixed Nov. 29
---------------------------------------------------
Notice is hereby given that at a general meeting of the members
of LDD Consulting Pty Limited held on Oct. 28, 2005, it was
resolved that the Company be wound up voluntarily, and that
William Balfour Rangott of Rangott Slaven Hundy, Level 3,
Engineering House, 11 National Circuit, Barton ACT 2600 be
appointed as Liquidator for the winding up.
Dated this 8th day of November 2005
William B. Rangott
Liquidator
Rangott Slaven Hundy
Level 3, Engineering House
11 National Circuit, Barton ACT 2600
MATTHEWS FLEET: Failure to Pay Debt Prompts Winding Up
------------------------------------------------------
Notice is hereby given that at an extraordinary general meeting
of Matthews Fleet Management Pty Limited held on Oct. 28, 2005,
the following Special Resolution was passed:
That as it will not be able to pay its debts within 12 months,
the Company be wound up by a Creditors' Voluntary Winding Up.
Stephen Jay of Nicholls & Co. Chartered Accountants, Suite 103,
1st Floor, Wollundry Chambers, Johnston Street, Wagga Wagga, NSW
was appointed as Liquidator for the winding up.
Dated this 28th day of October 2005
Stephen Jay
Liquidator
Suite 103, 1st Floor, Wollundry Chambers
Johnston Street, Wagga Wagga NSW 2650
MEDIA MARKET: Appoints Official Liquidators
-------------------------------------------
Notice is given that at a general meeting of the members of
Media Market Place Pty Limited held on Oct. 21, 2005, Susan
Carter and Jason Bettles of Downie Insolvency, Level 6, Fifty
Cavill Avenue, Surfers Paradise, Queensland were appointed as
Liquidators in the Company's winding up.
Dated this 27th day of October 2005
Jason Bettles
Susan Carter
Liquidator
Downie Insolvency
Level 6, Fifty Cavill Avenue
Surfers Paradise, Queensland
Web site: http://www.downieinsolvency.com.au/
M.&T. PERFORMANCE: Declares First, Final Dividend
-------------------------------------------------
M.&T. Performance Pty Limited will declare a first and final
dividend to its priority unsecured creditors today, Nov. 22,
2005.
Creditors who were not able to prove their debts or claims will
be excluded from the benefit of the dividend.
Dated this 20th day of September 2005
Andrew Fielding
Julie Williams
Joint Liquidators
PPB Chartered Accountants & Business Reconstruction Specialists
Level 4, 31 Sherwood Road
Toowong Qld 4066
Phone: 07 3371 7244
Fax: 07 3371 7311
NYLEX LIMITED: AH Plant Hire Due Diligence Completed
----------------------------------------------------
On Oct. 21, 2005, Nylex Limited announced that it had agreed in
principle to a divestment of Nylex's plant hire business by way
of a sale of the shares in Australian Highway Plant Services Pty
Ltd to National Hire Group Limited.
Nylex announced that National Hire has now completed its due
diligence of AH Plant Hire and contracts have been executed.
The contracted purchase price for the shares is an enterprise
value of AU$111 million which follows further negotiations
undertaken during the due diligence process. Completion is
scheduled for early January 2006.
As noted in a company release on Oct. 21, 2005, the sale remains
subject to the approval of Nylex shareholders. A meeting of
shareholders will be convened shortly and the company will
dispatch to shareholders full details of the transaction in a
Notice of Meeting, Explanatory Memorandum and Independent
Expert's Report.
The divestment of the plant hire business will enable Nylex to
focus on and develop the scale and profitability of its core
Water Solutions, Industrial and Consumer businesses.
Nylex intends to invest in synergistic and earnings accretive
businesses during 2006. The directors look forward to updating
shareholders on developments at the company's upcoming Annual
General Meeting scheduled for this Friday, Nov. 25 at 9:30 a.m.
CONTACT:
Nylex Limited
Level 2/ 564 St Kilda Rd
Melbourne 3004
Phone:
Phone: (03) 9533 9333
Fax: (03) 9533 9388
E-mail: contactus@nylexlimited.com.au
Web site: http://www.nylexlimited.com.au
OAT COMPANY: Liquidator to Explain Winding Up to Members
--------------------------------------------------------
Notice is hereby given that a final meeting of the members of
The Oat Company Pty Limited will be held on Nov. 29, 2005, 11:00
a.m. at the Liquidator's office, 1st Floor, Lexen Building, 200
Malop Street, Geelong, to present the Liquidator's account
showing the manner of the winding up and disposal of the
property of the Company, and to hear any explanations that may
be given by the Liquidator.
Dated this 20th day of October 2005
Russell Peake
Liquidator
Jenkins Peake & Co. Chartered Accountants
PO Box 1570, Geelong, 3220
Phone: 03 5223 1000
Fax: 03 5221 4938
PS AUSTRALIA: Members Decide to Cease Business
----------------------------------------------
Notice is given that at a general meeting of the members of PS
Australia Pty Limited held on Oct. 21, 2005, Susan Carter and
Jason Bettles of Downie Insolvency, Level 6, Fifty Cavill
Avenue, Surfers Paradise, Queensland, were appointed as
Liquidators in the Company's winding up.
Dated this 27th day of October 2005
Jason Bettles
Susan Carter
Liquidators
Downie Insolvency
Level 6, Fifty Cavill Avenue
Surfers Paradise, Queensland
Web site: http://www.downieinsolvency.com.au/
QANTAS AIRWAYS: Pushes for Foreign Ownership
--------------------------------------------
National flag carrier Qantas Airways is seeking to increase its
level of ownership and still retain its status as a great
Australian brand, The Advertiser reports, citing the airline's
chairman Margaret Jackson.
The present maximum level of foreign ownership in Qantas is 49
percent, but Prime Minister John Howard has encouraged Qantas
and Singapore Airlines to work more closely or to consider a
merger.
Singapore Airlines has dismissed a potential union with Qantas
unless the Federal Government allows more competition on routes
between Australia and the U.S.
The Government is considering an application by Singapore
Airlines to operate flights between Melbourne and Los Angeles.
Meanwhile, Ms. Jackson is pushing for the removal of the foreign
ownership limit because it cost Qantas billions of dollars in
capital.
CONTACT:
Qantas Airways Limited
Qantas Centre, Level 9,
Building A, 203 Coward Street,
Mascot, NSW, Australia, 2020
Head Office Telephone: (02) 9691 3636
Head Office Fax: (02) 9691 3339
Web site: http://www.qantas.com.au
REDPOINT COMMUNICATIONS: Court Orders Winding Up
------------------------------------------------
On Oct. 27, 2005, the Supreme Court of New South Wales ordered
the winding up of Redpoint Communications Pty Limited, and
appointed Stephen James Parbery to be Liquidator for such
purpose.
Dated this 31st day of October 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
RYAN'S LANDING: Decides to Close Operations
-------------------------------------------
Notice is hereby given that at a general meeting of the members
of Ryan's Landing Pty Limited held on Oct. 27, 2005, a Special
Resolution was passed that the Company be wound up voluntarily,
and Nick Orfanos was appointed as Liquidator for such purpose.
Dated this 2nd day of November 2005
Nickk Orfanos
Level 1, 147 Frome Street
Adelaide SA 5000
Phone: 08 8224 0440
Fax: 08 8224 0470.
E-mail: Nick.orfanos@adelaide.on.net
SGIS PTY: Declares Interim Dividend
-----------------------------------
SGIS Pty Limited will declare an interim dividend today, Nov.
22, 2005.
Creditors who were not able to prove their debts or claims will
be excluded from the benefit of the dividend.
Dated this 21st day of October 2005
Jason Bettles
Liquidator
Downie Insolvency
Level 6, 50 Cavill Avenue
Surfers Paradise Qld
Web site: http://www.downieinsolvency.com.au/
TELSTRA CORPORATION: Urged to Help Customers Convert
----------------------------------------------------
The Federal Government has asked Telstra Corporation to ensure
rural customers can afford the switch to new hi-tech mobile
phone services, the Sydney Morning Herald says.
Last week, Telstra announced plans to replace its CMDA mobile
network in the bush with a 3G (third generation) service, which
would give access to features including video footage on their
mobile handsets.
But there are fears Telstra's 1.4 million CDMA customers would
have to buy expensive new 3G mobile phones once its CDMA network
was switched off in 2008.
Telstra spokesman Rod Bruem said the existing phones, some
costing as much as AU$1000, would not work on the new network
and all Telstra customers would need to upgrade.
The Deputy Prime Minister, Mark Vaile, vowed to keep a close
watch on Telstra as it switches to a national 3G network.
CONTACT:
Telstra Corporation
Level 41 - Telstra Centre, 242 Exhibition Street,
Melbourne, Victoria, Australia, 3000
Telephone: (03) 9634 6400
Fax: (03) 9632 3215
Web site: http://www.telstra.com.au/
TELSTRA CORPORATION: Labor Hits Minister over Job Cuts
------------------------------------------------------
Labor criticized Deputy Prime Minister Mark Vaile for claiming
the Government did not know of Telstra Corporation's plan to lay
off thousands of workers, The Australia.
Telstra announced last week it is seeking to cut up to 12,000
staff in the next five years.
Mr. Vaile insisted the Government was given no warning about the
telco's huge job-shedding program.
But Labor's telecommunications spokesman Stephen Conroy said
this was hard to believe and that his party had loudly warned
the Government's privatization agenda would result in more than
10,000 job cuts when the Telstra Sale Bill was being debated in
the Senate.
"The media widely reported the existence of a document outlining
Telstra's plans for its workforce during the privatization
debate in the Senate," Senator Conroy said.
"Apparently everybody knew about it except the deputy prime
minister."
Senator Conroy said Mr. Vaile was either being dishonest with
the Australian public or was claiming to be spectacularly naive.
"Mr. Vaile should come clean and admit that the Government knew
full well that thousands of jobs would be slashed at Telstra as
a result of the Government's extreme privatization agenda," he
said.
TINEPELL PTY: Members Agree to Wind Up Firm
-------------------------------------------
Notice is hereby given that at a general meeting of the members
of Tinepell Pty Limited held on Oct. 28, 2005, it was resolved
that the Company be wound up voluntarily, and M. F. Cooper was
appointed as Liquidator for such purpose.
Creditors confirmed the Liquidator's appointment at a creditors'
meeting held that same day.
Dated this 31st day of October 2005
M. F. Cooper
Liquidator
Frasers Insolvency Advisory
Level 9, 99 Elizabeth Street
Sydney NSW 2000
UTE MANAGEMENT: Disqualified Perth Director Faces Charge
--------------------------------------------------------
Mr. Roy Albert Edwards, of Perth, Western Australia, has
appeared in the Magistrates Court of Western Australia on one
charge brought by ASIC.
ASIC alleges that having been disqualified from managing
corporations under the Corporations Act 2001 (the Act), Mr.
Edwards made decisions that affected a substantial part of the
business of UTE Management Pty Ltd (UTE), between 30 October
2003 and 31 December 2004.
UTE operated a bartercard business and Mr. Edwards was formerly
the managing director of the company.
Mr. Edwards was not required to enter a plea and was granted
bail on his own undertaking. He was also ordered to provide
notification of any travel outside of the state and is subject
to a residency condition. He was ordered to reappear in Court
for a mention hearing on 16 December 2005.
The matter is being prosecuted by the Commonwealth Director of
Public Prosecutions.
Background
Mr. Edwards was appointed a director of UTE on 17 April 2002.
However, Mr. Edwards was convicted of fraud under the Criminal
Code of Western Australia on 29 October 2003 and 11 November
2003.
Mr. Edwards was made a bankrupt pursuant to a court order on 6
September 2004. Subsequently, Mr. Edwards was automatically
disqualified from managing corporations for five years under the
Act.
On 17 January 2005, pursuant to a creditor's application, the
Supreme Court of Western Australia made an order to wind up UTE
in insolvency.
WYTOMIC LIMITED: Recapitalization Proposal Gets Creditors' Nod
--------------------------------------------------------------
The Deed Administrators of Wytomic Limited announced that on
Oct. 7, 2005 the creditors of the Company approved a variation
to the existing Deed of Company Arrangement that would allow the
facilitation of a proposal submitted by Mr. Jonathan Remta to
recapitalize the Company.
The recapitalization, when completed, will see the Company in a
position to seek the lifting of the suspension of its securities
on the Australian Stock Exchange (ASX).
The Varied Deed of Company Arrangement was executed on Oct. 18,
2005.
The Deed Administrators and Mr. Remta are now preparing the
documentation necessary to convene a meeting of the shareholders
of the Company. The documentation to be issued to shareholders
will detail the terms of the recapitalization proposal.
Shareholders may then consider anf if thought appropriate
approve the transacions required to faciliatet the
recapitalization of the Company.
At this time, it is anticipated that the shareholders meeting
will be held during January 2006. As such, it is expected that
the Notice of Meeting and an Explanatory Memorandum will be
issued to shareholders during December 2005.
CONTACT:
Messrs V Smith & B Hughes
Pitcher Partners,
(Administrators)
PO Box 777, WEST PERTH,
AUSTRALIA, 6872
==============================
C H I N A & H O N G K O N G
==============================
C.B. CARGO: Set to End Operations
---------------------------------
C.B. Cargo Agencies Limited, whose office address is located at
1st Floor Yue Thai Commercial Building 128 Connaught Road
Central, Shueng Wan Hong Kong, issued a winding up order notice
in the High Court of the Hong Kong Special Administrative Region
Court of First Instance on November 9, 2005.
Date of Presentation of Petition: September 5, 2005
Dated this 18th day of November 2005
ET O'Connell
Official Receiver
CHONG YIU: Receives Winding Up Order
------------------------------------
Chong Yiu Knitting Factory Company Limited, whose office address
is located at Flat 1715 17/F Kwong Sang Hong Center 151-153 Hoi
Bun Road Kwun Tong Kowloon, issued a winding up order notice in
the High Court of the Hong Kong Special Administrative Region
Court of First Instance on November 9, 2005.
Date of Presentation of Petition: September 5, 2005
Dated this 18th day of November 2005
ET O'Connell
Official Receiver
ENITY TECHNOLOGY: Set to Close Down Business
--------------------------------------------
Enity Technology Limited, whose office address is located at Rm
2701-8 Shui On Centre Nos 6-8 Harbour Road Wanchai Hong Kong,
issued a winding up order notice in the High Court of the Hong
Kong Special Administrative Region Court of First Instance on
November 9, 2005.
Date of Presentation of Petition: August 26, 2005
Dated this 18th day of November 2005
ET O'Connell
Official Receiver
ESUN HOLDINGS: Incurs HK$789 Mln Net Loss in First Half
-------------------------------------------------------
This announcement is made by eSun Holdings Limited pursuant to
Rule 13.09 of the Rules Governing the Listing of Securities on
The Stock Exchange of Hong Kong Limited.
The Directors of the Company refer to the audited consolidated
results of Lai Sun Development Company Limited (LSD) for the
year ended July 31, 2005 announced by LSD on November 18, 2005
(the LSD Final Results Announcement).
The Company was allotted a total of 5,200 million new ordinary
shares of LSD on December 7, 2004, following completion of
settlement of the indebtedness due from Furama Hotel Enterprises
Limited, a wholly-owned subsidiary of LSD, to the Group. The
Company currently holds a 40.8% interest in LSD, which in turns
holds a 38.31% interest in the Company.
In the LSD Final Results Announcement, LSD reported a turnover
of HK$789 million and a net loss attributable to equity holders
of the parent of HK$706 million for the year ended July 31,
2005. As disclosed in the LSD Final Results Announcement, a loss
of HK$1,484 million arising from the settlement had been charged
to the consolidated profit and loss account of the LSD Group on
completion of the settlement of the indebtedness due to the
Group and the bondholders of LSD.
LSD has resolved to early adopt all Hong Kong Financial
Reporting Standards (HKFRS), which also include all Hong Kong
Accounting Standards and Interpretations issued by the Hong Kong
Institute of Certified Public Accountants in the financial year
ended July 31, 2005.
The results of the LSD Group for the year ended July 31, 2005
have reflected, inter alia, the gain arising from the gains on
revaluation of investment properties of approximately HK$600
million, as required under the new HKFRS. The directors of LSD
have not recommended the payment of a final dividend for the
year ended July 31, 2005.
By Order of the Board
eSun Holdings Limited
Yeung Kam Hoi
Company Secretary
Hong Kong, 18th November, 2005
CONTACT:
Esun Holdings Limited
11/F, Lai Sun Commercial Centre
680 Cheung Sha Wan Road, Kowloon
Hong Kong
Phone: 25416778
Fax: 25448321
Web site: http://www.esun.com/
GREAT POWER: Enters Winding Up Process
--------------------------------------
Great Power Transportation Limited, whose office address is
located at 2/F Alliance Building 130-136 Connaught Road Central
Sheung Wan Hong Kong, issued a winding up order notice in the
High Court of the Hong Kong Special Administrative Region Court
of First Instance on November 9, 2005.
Date of Presentation of Petition: September 5, 2005
Dated this 18th day of November 2005
ET O'Connell
Official Receiver
SIMON JACKSON: Tony Nedderman Named Joint Liquidators
-----------------------------------------------------
By an order of the High Court of the Hong Kong Special
Administrative Region dated October 3, 2005, Mr. Anthony
Nedderman and Ms. YAN Miu Ping, both of Tony Nedderman & Co.
Ltd. At 11th Floor, China Hong Kong Tower, 8 Hennessy Road, Hong
Kong, has been appointed as the Joint and Several Liquidators of
Simon Jackson and Associates Limited without a Committee of
Inspection.
Dated this 18th day of November, 2005
ANTHONY NEDDERMAN
Joint and Several Liquidator
STRAW FIELD: Ordered to Wind Up Operations
------------------------------------------
Straw Field Holdings Limited, whose office address is located at
Unit 2 23/F Westlands Centre 20 Westland Rod Quarry Bay Hong
Kong, issued a winding up order notice in the High Court of the
Hong Kong Special Administrative Region Court of First Instance
on November 9, 2005.
Date of Presentation of Petition: September 5, 2005
Dated this 18th day of November 2005
ET O'Connell
Official Receiver
MOKLEE LIMITED: Issues Debt Claim Notice
----------------------------------------
Notice is hereby given that the Creditors of Moklee Limited (In
Members' Voluntary Liquidation), which is being voluntarily
wound up, are required on or before December 16, 2005 to send in
their names, addresses and descriptions, full particulars of
their debts or claims, as well as the names and addresses of
their solicitors (if any) to the Liquidators of the said
Company.
If so required by notice in writing from the said liquidators to
prove their debts or claims at such time and place as shall be
specified in such notice.
In default thereof, they will deemed to waive all of such debts
or claims and the Liquidators will be entitled seven days after
the above date, to distribute the funds available or any part
thereof to the Members.
Dated this 18th day of November 2005
THOMAS ANDREW CORKHILL
KEVIN JOHN O'SHAUGHNESSY
Liquidators
8th Floor, Gloucester Tower
The Landmark
11 Pedder Street, Central
Hong Kong
STAR CRUISES: Posts 43.6 Mln Profit in 3Q/2005
----------------------------------------------
Star Cruises Limited disclosed its quarterly report in the year
ended September 30, 2005. The details are as follows:
Year end date: 31/12/2005
Currency: USD
Auditors' Report: N/A
Interim/Quarterly report reviewed by: Both Audit Committee and
Auditors
(Unaudited )
(Unaudited ) Last
Current Corresponding
Period Period
from 01/01/2005 from 01/01/2004
to 30/09/2005 to 30/09/2004
Note ('000 ) ('000 )
Turnover : 1,443,186 1,282,808
Profit/(Loss) from Operations : 131,963 115,365
Finance cost : (107,944) (77,720)
Share of Profit/(Loss) of
Associates 3 : (5,219) N/A
Share of Profit/(Loss) of
Jointly Controlled Entities 4 : (110) (177)
Profit/(Loss) after Tax & MI : 43,613 28,241
% Change over Last Period : +54.43 %
EPS/(LPS)-Basic (in dollars) 2 : 0.0082 0.0053
-Diluted (in dollars) 2 : 0.0082 0.0049
Extraordinary (ETD) Gain/(Loss) : N/A N/A
Profit/(Loss) after ETD Items : 43,613 28,241
3rd Quarter Dividend : NIL NIL
per Share
(Specify if with other : N/A N/A
options)
B/C Dates for
3rd Quarter Dividend : N/A
Payable Date : N/A
B/C Dates for (-)
General Meeting : N/A
Other Distribution for : N/A
Current Period
B/C Dates for Other
Distribution : N/A
Remarks:
(1) Basis of presentation of results
The unaudited accounts of the Group have been prepared in
accordance with accounting principles generally accepted in Hong
Kong and comply with accounting standards issued by the Hong
Kong Institute of Certified Public Accountants (HKICPA) and
Appendix 16 of the Rules Governing the Listing of Securities on
the Stock Exchange of Hong Kong Limited (the Listing Rules). The
accounting policies and methods of computation used in the
preparation of these accounts are consistent with those used in
the annual accounts for the year ended 31 December 2004.
The HKICPA has issued a number of new and revised Hong Kong
Financial Reporting Standards and Hong Kong Accounting Standards
(new HKFRSs), which are effective for accounting periods
beginning on or after January 1, 2005. As at 1 January 2005, the
Group adopted these new HKFRSs, which are relevant to its
operations. The adoption of these new HKFRSs did not have any
significant impact on its results of operations and financial
position, except for the adoption of HKFRS 2, HKFRS 3, HKAS 38,
HKAS 17, HKAS 32 and HKAS 39. Please refer the results
announcement for more details.
(2) Basis of calculation for basic earnings per share and
diluted earnings per share
Basic earnings per share is computed by dividing net profit by
the weighted average number of ordinary shares outstanding
during each period. Fully diluted earnings per share is computed
by dividing net profit by the weighted average number of
ordinary shares, potential ordinary shares and other potential
dilutive securities outstanding during each period.
Earnings per share has been calculated as follows:
Nine months ended
30 September
2005 2004
US$'000 US$'000
unaudited unaudited
BASIC
Net profit 43,613 28,241
Weighted average outstanding ordinary
shares in thousands 5,295,656 5,293,181
Basic earnings per share in US dollars 0.0082 0.0053
FULLY DILUTED
Net profit 43,613 28,241
Weighted average outstanding ordinary
shares in thousands 5,295,656 5,293,181
Effect of dilutive ordinary shares
in thousands 3,668 438,614
Weighted average outstanding ordinary
shares after assuming dilution in
thousands 5,299,324 5,731,795
Fully diluted earnings per share in
US dollars 0.0082 0.0049
(3) For the nine months ended September 30, 2005, the Group
recorded its share of loss of an associated company of
US$5,219,000 from the date of acquisition in mid-December 2004
to the date the Group ceased to have significant influence in
July 2005.
(4) The share of loss of a jointly controlled entity of
US$110,000 and US$177,000 is included in other non-operating
expenses in the unaudited consolidated profit and loss accounts
for the nine months ended September 30, 2005 and 2004
respectively.
(5) Certain comparative figures have been reclassified to
conform to the current period's presentation.
The Company posted a net loss of HK$70.25 million in the year
ended December 31, 2004, versus a net loss of HK$970.89 million
a year earlier, Chong Hing Securities Ltd reports.
CONTACT:
Star Cruises Limited
Suite 1501, Ocean Centre
5 Canton Road, Tsimshatsui
Kowloon, Hong Kong
Phone: 23782000
Fax: 23143809
Web site: http://www.starcruises.com
STAR CRUISES: Adds European Itineraries for the First Time
----------------------------------------------------------
Star Cruises announced that for the very first time it will have
a ship based in the Eastern Mediterranean during the summer 2006
season.
Currently sailing from the homeport of Mumbai, India, the 1,480-
passenger capacity SuperStar Libra will reposition to the
homeport of Valletta, Malta in June 2006.
The deployment to the Eastern Mediterranean follows from
SuperStar Libra's season in India, which ends in May 2006. To
dovetail with the Eastern Mediterranean deployment, her season
in India will be extended from end April to late May 2006.
SuperStar Libra will then proceed with her relocation cruise on
21 May 2006 from Mumbai with showcases at Dubai and Bahrain
before arriving at her homeport of Valletta, Malta on 6 June
2006.
"Going forward, as part of our fleet deployment and product
development strategy, we have identified SuperStar Libra as the
vessel to be based in Eastern Mediterranean and marks the
expansion of the Star Cruises brand into further international
markets backed by the Asian -style hospitality that we are well-
known for", said Mr. Chong Chee-Tut, Star Cruises' Chief
Operating Officer.
"The summer 2006 deployment will offer more interesting and
different itineraries and from an international point of view,
Star Cruises will also be selling the SuperStar Libra Eastern
Mediterranean cruises in its core markets in Asia-Pacific and
the Middle East in addition to the European market. This is
part of Star Cruises' ongoing strategy to contribute to the
growth of the international cruise market by increasing the
awareness of cruising in the Mediterranean to a wider base",
added Mr. Chong.
SuperStar Libra's seasonal deployment in India is from October
to May during which sea and weather conditions are more ideal.
"Bearing in mind the monsoon season on the west coast of India
in the summer months, Star Cruises has been evaluating the
viability of various options before arriving at the decision.
Further, her being based in Mumbai has facilitated the decision
as the deployment distance has been reduced and fits in with the
company's deployment strategy timelines and objectives", added
Mr. Chong.
SuperStar Libra will be the first ever ship in the Star Cruises
Asian fleet to operate in Europe. Most cruises will depart from
the homeport of Malta and Star Cruises has received exceptional
support from both the Prime Minister and the Tourism Minister of
Malta in developing these itineraries.
"The decision to homeport the ship in Malta stems from the
conducive port conditions and strategic location for Star
Cruises to plan interesting and appealing itineraries in the
Eastern Mediterranean".
Ports of call on the new Eastern Mediterranean cruises are
scheduled to include Rome (Civitavecchia), La Spezia (for
Florence and Pisa), Olbia, Naples, Venice and Messina (Sicily)
in Italy; Athens (Piraeus), Santorini, Corfu and Crete in
Greece; Valetta in Malta; Istanbul and Izmir in Turkey;
Dubrovnik in Croatia; and Alexandria in Egypt.
Cruises available in the Eastern Mediterranean will range from
seven to 12-nights and Star Cruises is currently working closely
with travel partners, such the Maltese Tourism Board, tour
operators, cruise specialist agents and airlines, to ensure
these new cruises are on sale from early 2006.
In line with all other Star Cruises ships, the SuperStar Libra
will feature an Asian flavour onboard. In addition to Asian
restaurants, the ship will retain the high standards of Asian
warmth and hospitality in all aspects of service. The ship
features a range of leisure facilities including swimming pool
and jacuzzis, outdoor golf driving range, basketball court,
jogging track, fully equipped gym with sauna, beauty salon,
children's play room and karaoke lounge.
The SuperStar Libra was transferred to the Star Cruises fleet
from the NCL fleet in summer 2005. The move was the first of
five further mid-size ship transfers from NCL to Star Cruises.
NCL and Orient Lines are part of the Star Cruises Group.
This is a company press release.
SUN FUNG: Creditors Meeting Slated for November 29
--------------------------------------------------
Notice is hereby given, pursuant to Section 228A of the Hong
Kong Companies Ordinance, that a meeting of the creditors of Sun
Fung Plastic Factory Limited (In Creditors' Voluntary
Liquidation) will be held at Harbour Chiu Chow Restaurant, 2/F.,
Allied Kajima Building, 138 Gloucester Road, Wanchai, Hong Kong
on November 29, 2005 at 3 p.m. for the following purposes:
1. To receive a full statement of the position of the Company's
affairs together with a list of the creditors of the Company and
the estimated amount of their claims;
2. If thought fit, to appoint one or more persons to act as
liquidator(s) for the purposes of the winding-up of the Company;
3. If thought fit, to appoint not more than five persons to
serve on a committee of inspection for the purposes of the
winding-up of the Company; and to review the appointment to such
committee of any persons nominated by the Company;
4. To fix the remuneration of the Provisional Liquidator and of
the Liquidator if no committee of inspection is appointed; and
5. If thought fit, to waive the audit of liquidator's account.
A creditor may appoint a proxy to attend and vote instead of him
and that proxy need not be a creditor. Proxies to be used at the
meetings must be lodged with the Provisional Liquidator, Mr. YU
Kwong Fat at Rooms 1304-5, Easey Commercial Building, 253-261
Hennessy Road, Wanchai, Hong Kong, not later than 48 hours
before the meeting or the adjourned meeting.
Dated this 18th day of November 2005
YU KWONG FAT
Provisional Liquidator
WORLD WIDE: Creditors Meeting Set Dec. 9
----------------------------------------
Notice is hereby given that the General Meeting of the Creditors
of Ng Fuk Mun trading as World Wide P.S. Company will be held at
the Official Receiver's Office, 10th Floor, Queensway Government
Offices, 66 Queensway, Hong Kong on December 9, 2005 at 9:30 in
the morning.
Dated this 18th day of November 2005
E T O'CONNELL
Official Receiver
=========
I N D I A
=========
KOTAGIRI CO-OPERATIVE: Faces Winding Up Action
----------------------------------------------
The Reserve Bank of India (RBI) has on November 17, 2005
rejected the license application of the Kotagiri Co-operative
Urban Bank Ltd., Kotagiri, in view of the fact that it had
ceased to be solvent.
All efforts to revive it had failed and the depositors were
being inconvenienced by continued uncertainty. The Registrar of
Co-operative Societies, Chennai has also been requested to issue
an order for winding up the bank and appoint a liquidator for
the bank.
It may be highlighted that on liquidation every depositor is
entitled to repayment of his deposits up to a monetary ceiling
of Rs.1,00,000/- from the Deposit Insurance and Credit Guarantee
Corporation (DICGC).
The Reserve Bank of India decided to reject the license
application of the Kotagiri Co-operative Urban Bank Ltd,
Kotagiri, Tamil Nadu as a final step after examining all the
options for revival of the bank and in order to protect the
interest of the depositors.
The bank was classified as weak on February 7,1996. The
financial position of the bank deteriorated considerably from
2001-2002 onwards and the bank was advised by the Reserve Bank
of India to go out of the purview of the Banking Regulation Act
1949 (AACS) on October 26, 2002. However, no progress was made
in this direction by the bank. The statutory inspection with
reference to its position as on March 31, 2004 revealed further
deterioration in its financial condition and its deposits were
getting eroded as realizable value of paid-up capital and
reserve was in the negative.
In view of the bank's precarious financial position and
considering that it was not in a position to repay its deposits,
a show cause notice under Section 22 of the Act, ibid, was
issued to the bank on November 4, 2004 calling upon it to show
cause as to why its application for banking license dated
October 31,1976 should not be rejected and the bank taken into
liquidation. In the reply submitted by the bank to the show
cause notice, the bank had projected to reduce the net NPAs and
enhance its share capital by March 31,2005.
A scrutiny of the bank's books of accounts carried out by the
Reserve Bank of India with reference to its position as on March
31,2005 revealed that the bank had failed to achieve the targets
projected by it for the year ended March 31,2005 and its
financial position was precarious. With a view to protecting the
interests of the present and future depositors, the Reserve Bank
of India issued directions on September 21,2005 to the bank
under Section 35A of the Act, ibid, restricting its operations.
As the bank did not have a viable plan of action for revival and
the chances of its revival were remote, the Reserve Bank of
India took the extreme measure of rejecting the license
application of the bank in the interest of the bank's
depositors.
With the rejection of its application for license and with the
commencement of liquidation proceedings, the process of paying
the depositors of the Kotagiri Co-operative Urban Bank Ltd.,
Kotagiri, the amount insured as per the DICGC Act would be set
in motion.
Consequent to the rejection of its license application, the
Kotagiri Co-operative Urban Bank Ltd., Kotagiri, is prohibited
from carrying on `banking business' as defined in Section 5(b)
of the Act, ibid, including acceptance and repayment of
deposits.
CONTACT:
Shri. K.M. Abraham
Deputy General Manager, Urban Banks Department
Reserve Bank of India, Fort Glacis,
16,Rajaji Salai, P.B.No 40,
Chennai-600001.
Telephone Number: (044) 25360042
Fax Number: (044) 25368045
E-mail address: ubdchennai@rbi.org.in
MUKAT FINANCE: RBI Cancels Certificate of Registration
------------------------------------------------------
The Reserve Bank of India (RBI), has on September 2, 2005
cancelled the certificate of registration granted to Mukat
Finance Limited, having its registered office at Clerk House,
1st Floor, 8-Nathalal Parekh Marg, Colaba, Mumbai-400039 for
carrying on the business of a non-banking financial institution.
Following cancellation of registration certificate, Mukat
Finance Limited, cannot transact the business of a non-banking
financial institution. The company has also been prohibited from
acceptance of deposits and alienation of assets.
Under powers conferred by Section 45-IA (6) of the Reserve Bank
of India Act, 1934, the Reserve Bank can cancel the registration
certificate of non-banking financial company. Under Section 45-
MB (1) of this Act, the Reserve Bank can prohibit non-banking
financial company from accepting deposits and under Section 45-
MB (2) it can prohibit the company from alienating its assets.
The business of a non-banking financial institutions is defined
in clause (a) of Section 45-I of the Reserve Bank of India Act,
1934.
CONTACT:
Reserve Bank of India
Central Office, Post Box 406
Mumbai 400001
Phone: 2266 0502
Fax: 2266 0358, 2270 3279
E-mail: helpprd@rbi.org.in
Web site: http://www.rbi.org.in
NATIONAL HYDROELECTRIC: S&P Affirms Ratings at 'BB+'
----------------------------------------------------
Standard & Poor's Ratings Services (S&P) said it affirmed its
'BB+' long-term foreign and local currency corporate credit
ratings for India's National Hydroelectric Power Corp. Ltd.
(NHPC). The outlook is stable.
"The ratings on NHPC are constrained by the weak credit-quality
of its customers and the relatively aggressive capital
expenditure plan of the company," said Standard & Poor's credit
analyst Anshukant Taneja. The ratings do reflect the support
from the government of India and the favorable tariff structure
for the company. For the fiscal year 2005 ended March 31, NHPC
had an overall adequate liquidity.
Standard & Poor's expects that the company's credit protection
measures may weaken in the medium term, as the company deploys
additional debt for funding its relatively ambitious expansion
plans in the hydroelectric generation sector in India.
NHPC owns and operates hydroelectric generation units in India.
It is wholly owned by the government of India (BB+/Stable/B).
For the year ended March 31, 2005, NHPC had sales revenue of
Indian rupee (Re) 16.5 billion (US$380 million) and net income
of Re6.8 billion. The credit quality of NHPC is closely linked
to the sovereign because of the high priority given to the
hydroelectric sector by the government of India.
The outlook on the ratings is stable. The rating also
incorporates the well-demonstrated sovereign support for this
entity. In the medium term, the rating on NHPC is likely to
remain equal with the sovereign, unless there is a substantial
deterioration in its stand-alone credit quality or the
government's policy for hydroelectric generation is amended
significantly, resulting in a change in NHPC's ownership and
lower emphasis and support for this sector.
"A substantial improvement in credit-protection measures and the
profile of its customers may be positive for the outlook or the
ratings," said Mr. Taneja.
CONTACT:
National Hydroelectric Power Corp. Ltd.
NHPC Office Complex,
Sector - 33, Faridabad - 121 003,
Haryana, India
EPABX : +91-129-2278421
Web site: http://www.nhpcindia.com/
=================
I N D O N E S I A
=================
PERTAMINA: Explores Five Oil Wells in Java
------------------------------------------
State-owned oil and gas firm PT Pertamina is presently exploring
five new oil wells in West Java through its West Java-based
unit, reports the Jakarta Post.
The Cipicung, Cemara Selatan and Karang Baru Wells in Indramayu,
the Sukamandi well in Subang and the Tegal Pacing Well in Bekasi
were drilled from May to September this year, in preparation for
exploration. The reserves and production lifespan of the wells
have yet to be assessed by the Company.
According to Pertamina Western Java unit spokesman Sri Kustini,
exploration and productipn for each oil well may cost roughly
between IDR15 billion to IDR20 billion. But despite the huge
costs, Pertamina is determined to explore and develop the wells
on its own.
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
PERTAMINA: To Reduce Industry Fuel Price
----------------------------------------
Since global oil prices have recently declined, state oil firm
PT Pertamina wil also reduce its industry fuel price
accordingly, Asia Pulse reports.
Pertamina fuel division chief Achmad Faisal said that the Mid
Oil Platts Singapore (MOPS) price had dropped by 3%. The MOPS is
the Company's guide in determining local fuel prices.
Mr. Faisal said that the industri diesel price this month is
IDR6,170 per liter, but it may go down to IDR5,900 per liter
next month. Fuel prices for other fuel oils would also go down,
he added.
Aside from that, Pertamina is slated to slash the prices of its
nonsubsidized fuels, such as Pertamax (from IDR5,700 to IDR5,500
per liter), Pertamax Plus (from IDR5,900 to IDR5,700 per liter)
and Pertamina Dex (from IDR6,300 to IDR6,000 per liter).
Pertamina denies that its price reductions are due to the fact
of the upcoming arrival of foreign oil firms, since the market
share of these firms is small, according to Mre. Faisal.
PERTAMINA: To Build Small-Scale LNG Plant
-----------------------------------------
State-owned oil firm PT Pertamina is planning to build a small
liquefied natural gas (LNG) plant in eastern Sulawesi together
with PT Medco Energi Internasional, reports Reuters News.
According to Pertamina Vice-President Mustikoh saleh, both firms
are in talks to build the plant, with an expected annual
capacity of two million tonnes.
Mr. Saleh added that both firms have natural gas reserves in
Sulawesi, but since the reserves are small, they decided to
combine resources to build the LNG plant. He said that there is
market for LNG but decline to elaborate further.
Indonesia hopes to be able to export up to 25 million tonnes of
LNG to neighboring countries, namely Japan, South Korea and
Taiwan.
PERUSAHAAN LISTRIK: Snags Healthy Rating Despite 2004 Losses
------------------------------------------------------------
The Supreme Audit Agency (BPK) rated state power firm PT
Perusahaan Listrik Negara (PLN) as a healthy firm, despite
incurring a IDR2.02 trillion losses last year, Asia Pulse
reports.
The Company's healthy rating is based on its administration,
financial and operating performance.
PLN incurred heavy losses in 2004 despite a 14.1% increase in
sales, due to damagaes caused by the tsunami-triggered
earthquake in Aceh, as well as in other areas.
The Company had reported a IDR1.45 trillion pre-tax profit in
2004, with a tax of IDR3.1 trillion as well as damages amounting
to around IDR286.1 billion,and IDR59.7 trillion in operating
expenses.
CONTACT:
PT Perusahaan Listrik Negara (Persero)
Jl. Trunojoyo Blok M-1 No. 135, Kebayoran Baru
Jakarta, 12160, Indonesia
Phone: 62 21 725 1234
Fax: 62 21 722 1330
Web site: http://www.pln.co.id
=========
J A P A N
=========
ISHIHARA SANGYO: Head to Resign Over Disposal Violation
-------------------------------------------------------
Ishihara Sangyo Kaisa Ltd President Fujio Tamura will step down
by September to take the blame for the company's noncompliance
involving contaminated recycled products, Japan Today reports.
On November 8, police raided the company's headquarters in Osaka
and its factory in Mie Prefecture on suspicion that the company
has sold contaminated soil-like products, which can be made
using the byproducts of titanium oxides, to unauthorized garbage
disposal firms.
Meanwhile, Bloomberg reported that Ishihara Sangyo posted a loss
of JPY10.8 billion ($91.3 million) in the six months ended
September 30, from a previous net income estimate of JPY1.1
billion, the company. The company expects a loss of JPY7 billion
for the year ending March 2006.
MEIJI YASUDA: To Punish Over 120 for Scandal
--------------------------------------------
More than 120 employees of Meiji Yasuda Life Insurance Co. are
to be disciplined by the firm as it seeks to regain consumer
confidence following a scandal over the nonpayment of insurance
claims, The Yomiuri Shimbun reports.
Eleven top executives are stepping down over the scandal,
including President Ryotaro Kaneko, who will be replaced by
Matsuo.
The main measures are cuts in executive pay, ranging from 10
percent to 30 percent, with some to be suspended from work and
given reprimands. Executives to escape disciplinary action will
have to repay part of their salaries voluntarily.
CONTACT:
Meiji Yasuda Life Insurance Company
1-1, Marunouchi 2-chome, Chiyoda-ku
Tokyo 100-0005, Japan
Phone: +81-3-3283-8293
Fax: +81-3-3215-8123
MITSUBISHI MOTORS: Al Habtoor Hosts Honorary Visit by Carmaker
--------------------------------------------------------------
Al Habtoor Group and Al Habtoor Motors has recently welcomed the
President of Mitsubishi Motors Corporation, Osamu Masuko, on his
first visit to the region and the UAE, AME Info reports.
President of Mitsubishi Motors Corporation, Osamu Masuko, on his
first visit to the region and the UAE, accompanied by Mr.
Hiroshi Harunari, Managing Director in charge of Overseas
Operations for Mitsubishi Motors and Al Habtoor representatives.
Mr. Hiroshi Harunari, Managing Director in charge of Overseas
Operations for Mitsubishi Motors, accompanies Mr. Masuko on this
landmark visit.
The visit of the two most senior executives in MMC comes at a
time when Mitsubishi cars and light commercial vehicles are
enjoying significant growths in volumes throughout the GCC but
especially here in the UAE where sales show an increase of 65%
over 2004 which in itself was over 50% above the result of 2003.
The range of Mitsubishi cars, SUVs and light commercial vehicles
offers the customer value for money, reliability, durability and
excellent whole of life costs and it is these factors together
with the continued investments being made by Al Habtoor Motors
in people, training and facilities which contribute to the
continued growth in demand for the Mitsubishi range. The visit
of Mr. Masuko and Mr. Harunari reinforces the importance of the
UAE and the GCC to the global resurgence of Mitsubishi Motors.
About Al Habtoor Group:
Al Habtoor Motors is the exclusive distributor of Mitsubishi,
Bentley, Aston Martin and TEMSA in the UAE and a part of the UAE
based diversified multi billion dirhams business conglomerate Al
Habtoor Group. Al Habtoor Group has varied interests and
substantial investments ranging from Engineering, Real Estate,
Hotels, Leasing, Education, Publication and Automobiles. The
relationship between Al Habtoor Motors and Mitsubishi Motors
goes way back to 1983, and ever since Al Habtoor Motors has been
the exclusive partner for Mitsubishi in UAE
For further information, please contact:
Ms. Anamita Chakraboty
Marketing Communications Specialist
Al Habtoor Motors
Phone: 04 269 1110
Fax: 04 269 2545
MITSUBISHI MOTORS: DaimlerChrysler Pockets $1.14 Bln in Disposal
----------------------------------------------------------------
DaimlerChrysler AG said it raised $1.14 billion from selling its
entire stake in Mitsubishi Motors Co. and that the disposal will
lift its 2005 net income, The Detroit News reports.
The German-U.S. automaker said the proceeds would increase its
2005 financial income by $799 million and lift its full-year net
profit by $589 million. It did not make any precise forecast of
full-year profit.
DaimlerChrysler has ended its ill-fated involvement with the
Japanese carmaker by selling the shares to Goldman Sachs.
The world's fifth-largest automaker once held 37 percent of
Mitsubishi Motors as part of CEO Juergen Schrempp's drive to
build a global auto powerhouse. But it has changed tack in the
face of mounting losses and Schrempp is to stand down at the end
of this year.
CONTACT:
DaimlerChrysler AG
70546 Stuttgart
Germany
Phone: +49 711 17 0
Fax: +49 711 17 22244
Mitsubishi Motors Corporation
2-16-4 Konan, Minato-ku
Tokyo 108-8410, Japan
Phone: +81-3-6719-2111
Fax: +81-3-6719-0014
ORIENTAL LAND: S&P Revises Rating Outlook to Negative
-----------------------------------------------------
Standard & Poor's Ratings Services has revised the outlook on
its long-term corporate credit rating on Oriental Land Co. Ltd.
to negative from stable, reflecting growing concern over
deterioration in its profitability and cash flow due to a two-
year slump in total visitors to its theme parks, compounded with
large fixed costs. At the same time, Standard & Poor's affirmed
its 'A' long-term corporate credit and unsecured debt ratings on
the company.
"Oriental Land has a competitive advantage in the Japanese
domestic leisure industry, but it has not been able to maintain
annual capacity of 25 million visitors to its theme parks
because of diversifying consumer preferences and high
vulnerability of visitor numbers to weather conditions," said
Standard & Poor's credit analyst Junko Miyakawa.
Total theme park visitors declined by 1.8% year-on-year in
fiscal 2004 (ended March 31, 2005), and continued to drop by
3.1% year-on-year for the first half of fiscal 2005 (ended Sept.
30, 2005) as the company lost visitors to the "EXPO 2005 AICHI
JAPAN" world exposition held in central Japan.
While the company expects to raise the number of theme park
visitors by 2.7% in the second half of fiscal 2005 by holding
special events, its current measures are unlikely to be
sufficient to achieve this target.
The rating on Oriental Land may be lowered if its stable
earnings base deteriorates as a result of additional capital
investments and larger costs from measures to stimulate demand
in conjunction with a continuing fall in the total theme park
visitors.
CONTACT:
Oriental Land Company Ltd
1-1 Maihama
Urayasu 279-8511, Chiba 279-8511
JAPAN
Phone: +81 47 305 2034
Fax: +81 47 355 9621
Web Site: http://www.olc.co.jp
PIONEER CORPORATION: President, Chairman to Step Down
-----------------------------------------------------
The board of directors of Pioneer Corporation, at its meeting
held on November 21, 2005, resolved to appoint Mr. Tamihiko
Sudo, currently Executive Vice President and Representative
Director, as its new President and Representative Director,
effective as of January 1, 2006.
Mr. Kanya Matsumoto, currently Chairman and Representative
Director, and Mr. Kaneo Ito, currently President and
Representative Director, will assume the office of Director and
Advisor, respectively, effective January 1, 2006.
This change in management is an indication of their assuming
responsibility for the steep decline in Pioneer's financial
performance due to the smaller-than-planned number of units sold
of plasma displays and DVD recorders, both strategic products.
Mr. Sudo has held various top executive posts, including
president of Pioneer's Mobile Entertainment Company (MEC) and
Pioneer's overseas subsidiary. He has a wealth of experience in
managerial methods, and was project leader when MEC won the
Japan Quality Award.
Under his new leadership, Pioneer Corporation will expedite
restructuring of operations and seek to improve its business
performance as soon as possible.
Pioneer Corporation is one of the leading manufacturers of
consumer and business-use electronics products such as audio,
video and car electronics on a global scale. Its shares are
traded on the New York Stock Exchange (ticker symbol PIO),
Euronext Amsterdam, Tokyo Stock Exchange, and Osaka Securities
Exchange.
For further information, please contact:
Public Relations
Pioneer Corporation, Tokyo, Japan
Phone: +81-3-3495-9885
E-mail: pioneer_prd@post.pioneer.co.jp
Web site: http://www.pioneer.co.jp
This is a company press release.
PIONEER CORPORATION: To Slash 1,000 Jobs
----------------------------------------
Electronics maker Pioneer Corporation plans to cut 10 percent of
its domestic workforce, or about 1,000 jobs, as part of its cost
cutting scheme and shore up its ailing operations, according to
Reuters.
Pioneer in March unveiled a plan to cut 2,000 jobs, but said
most of the cuts will come from overseas. The restructuring
steps are set to be approved at a board of directors' meeting on
Monday.
Company officials were not immediately available for comment.
SANYO ELECTRIC: Posts JPY142.5 Bln 1H/2005 Net Loss
---------------------------------------------------
Sanyo Electric Co. reported a net loss of JPY142.53 billion for
year ended September 30, versus a net profit of JPY3.4 billion
in the same period a year earlier, Japan Today reports.
Analysts had expected a loss of JPY81.3 billion.
The company widened its full-year loss forecast, now expecting a
net loss of JPY233 billion, worse than the JPY140 billion loss
forecast given in September. It said the revision is made as it
writes down the value of inventory and other assets, closes
plants and eliminate jobs.
CONTACT:
Sanyo Electric Co Ltd
5-5 Keihan-Hondori 2-Chome
Moriguchi 570-8677, Osaka 570-8677
JAPAN
Phone: +81 6 6991 1181
Fax: +81 6 6991 6566
Web site: http://www.sanyo.co.jp/koho/index_e.html
SANYO ELECTRIC: JCR Downgrades Rating to BBB+/J-2
-------------------------------------------------
Japan Credit Rating Agency (JCR) has downgraded the ratings on
the bonds and CP program of Sanyo Electric Co. Ltd from A and J-
1 to BBB+ and J-2, respectively. It continues placing the
ratings under Credit Monitor.
Issues Amount (bn) Issue Date Due Date Coupon
JPY bonds no.8 Y20 May 20, 1997 May 18, 2007 3.10%
JPY bonds no.9 Y30 May 20, 1997 May 20, 2009 3.35%
JPY bonds no.14 Y30 Aug. 8, 2000 Aug. 8, 2007 1.82%
JPY bonds no.15 Y30 May 22, 2002 May 22, 2007 0.78%
JPY bonds no.16 Y20 May 22, 2002 May 22, 2009 1.25%
JPY bonds no.17 Y20 June 17, 2003 June 17, 2010 0.53%
JPY bonds no.18 Y10 June 17, 2003 June 17, 2013 0.82%
JPY bonds no.19 Y30 Aug. 26, 2004 Aug. 26, 2011 1.52%
JPY bonds no.20 Y30 Aug. 26, 2004 Aug. 26, 2014 2.02%
JPY CP Maximum Backup Line
Y250 billion 0%
Sanyo Electric announced that the operating results for the
first half of fiscal year through September 30, 2005 and
earnings forecasts for fiscal year through March 31, 2006. The
net loss for fiscal year through March 31, 2006 is expected to
increase to 233 billion yen from the originally forecasted 140
billion yen. Restructuring charges including write-downs of
fixed assets as well as stagnant sales of consumer electronics
and damage on semiconductor business caused by earthquake
increased the loss estimate.
The loss combined with loss incurred for fiscal year through
March 31, 2005 will amount to more than 400 billion yen. It will
have significant impact on the financial structure. JCR
downgraded the ratings on both the bonds and CP program of the
issuer, believing that deterioration in the earnings and
financial structure should be reflected on the ratings. The
Company also announced its three-year mid-term management plan
through March 31, 2008.
It plans to drastically change the business portfolio. The
Company will discontinue or shrink semiconductor, audio &
visual, white goods appliances and finance businesses while
strengthening core businesses such as power solution, allocating
management resources to them. Sanyo Electric also disclosed that
it has been negotiating with the primary lenders on enhancement
of its capital. Details of some of these restructuring measures,
however, have yet to be made clear. JCR will examine thoroughly
feasibility and effectiveness of restructuring plan, size of
capital enhancement and its timing, and quality of capital to
announce the new rating for the Company.
=========
K O R E A
=========
ASIANA AIRLINES: Boeing 777s Experience Problems
------------------------------------------------
The three newly acquired Boeing 777s of Asiana Airlines were
recalled to Incheon International airport due to defects, Yonhap
News Agency relates.
Some 280 passengers of the Saipan-bound flight at 8:10 p.m. on
Thursday, were brought back to Incheon International Airport
immediately two hours after take-off due to radar defects. The
defects were discovered while crossing over Gimhae in the
southeastern tip of the country.
The passengers were inconvenienced as Asiana's substitute
flights were grounded due to mechanical problems. Ten more
International flights were delayed. Following the two delays on
separate aircraft. Passengers demonstrated in the departure area
until 1:00 am on Friday morning.
Disgruntled customers were compensated with free hotel
accommodations. After eight and a half hours the stranded group
left for Saipan while some 20 passengers cancelled their flight.
Another of Asiana's Boeing 777 was denied permission to leave
for Ho Chi Minh City, Vietnam due to aircraft defects, affecting
310 more passengers.
The upset had a domino effect on subsequent flights, grounding
Asiana flight OZ214 to San Francisco for four hours until 11pm
and delaying 12 more planes bound for Asian destinations in
Taiwan, Vietnam, Saipan, and Japan.
Asiana Airlines attributed the delay to the shortage of
available aircraft.
CONTACT:
Asiana Airlines Incorporated
47 Osoe-Dong Kangseo-Gu
157-270
Korea (South)
Telephone: +82 2 669 3114
Phone: +82 2 669 3170
DOOSAN HEAVY: Strike Kicks Off as Talks Fail
--------------------------------------------
The labor union of Doosan Heavy Industries & Construction Co.
commenced strike Monday as talks over collective bargaining
agreement with management failed, Yonhap News Agency reveals.
Despite about 50 rounds of meetings since April, both parties
still failed to reach common ground.
"We launched an indefinite strike because both sides are poles
apart over key issues," a union official said.
Aside from the collective bargaining agreement, the union also
calls for the reinstatement of fired workers and a 9.1 percent
pay increase. Offering a 5 percent wage hike, the management
insists that it can never reinstate dismissed workers.
The union mobilized non-union workers to minimize the negative
impact of the labor strife.
CONTACT:
Doosan Heavy Industries and Construction Company Ltd.
Phone: 82 55 278 7114
Fax: 82 55 264 5552
Web site: http://www.doosanheavy.com
===============
M A L A Y S I A
===============
ANCOM BERHAD: Holds Shares Buy Back
-----------------------------------
Ancom Berhad issued to Bursa Malaysia Securities Berhad a notice
of shares buy back with the following details:
Date of buy back: November 17, 2005
Description of shares purchased: Ordinary shares of MYR1.00 each
Total number of shares purchased (units): 41,000
Minimum price paid for each share purchased (MYR): 0.680
Maximum price paid for each share purchased (MYR): 0.700
Total consideration paid (MYR):
Number of shares purchased retained in treasury (units): 41,000
Number of shares purchased which are proposed to be cancelled
(units):
Cumulative net outstanding treasury shares as at to-date
(units): 17,127,400
Adjusted issued capital after cancellation (no. of shares)
(units):
CONTACT:
Ancom Berhad
Level 14, Uptown 1
No. 1 Jalan SS21/58
Damansara Uptown
47400 Petaling Jaya
Selangor
Telephone: 03-77252888
Fax: 03-77257791
Web site: http://www.ancom.com.my
ASIAN PAC: ICULS to Mature December 22
--------------------------------------
On behalf of Asian Pac Holdings Berhad (Asianpac), Hwang-DBS
Securities Berhad advised Bursa Malaysia Securities Berhad that
pursuant to the conditions stipulated in the Trust Deed
constituting MYR148,259,308 nominal value of five (5)-year four
percent irredeemable convertible unsecured loan stocks 2000/2005
(ICULS) issued by Asianpac on December 23, 2000:
(i) The ICULS will mature on Thursday, December 22, 2005 at 5:00
p.m. and thereafter, shall not be interest bearing; and
(ii) The final payment of interest on the ICULS for the period
December 23, 2004 to December 22, 2005 will be paid on December
23, 2005 to the ICULS Holders duly registered in the Register of
Depositor at the close of business at 5:00 p.m. on December 15,
2005.
The ICULS will be removed from the Official List of Bursa
Malaysia Securities Berhad with effect from 9:00 a.m. on Friday,
December 23, 2005.
To view a full copy of the notice, go to
http://bankrupt.com/misc/AsianPacNotice.doc
This announcement is dated 18 November 2005.
CONTACT:
Asian Pac Holdings Berhad
11th Floor, Menara SMI, No.6,
Lorong P. Ramlee,
Kuala Lumpur Wilayah
Persekutuan 50250
Malaysia
Telephone: 03-20705152
Fax: 03-20705195
AVENUE CAPITAL: Bourse OKs Listing of New Ordinary Shares
---------------------------------------------------------
Avenue Capital Resources Berhad (ACRB) issued to Bursa Malaysia
Securities Berhad details of the proposed establishment of an
Employees' Share Option Scheme (ESOS) by Avenue International
Capital Berhad (AICB), the proposed new holding company of ACRB.
The company refers to the announcement made on May 19, 2005 in
relation to the above matter.
Avenue Securities Sdn Bhd, on behalf of the Company, advised
that Bursa Malaysia Securities Berhad had vide its letter dated
November 18, 2005 approved in-principle the listing and
quotation of such number of new ordinary shares of MYR1.00 each
in AICB to be issued pursuant to the exercise of options granted
under the ESOS, representing up to 15 percent of the issued and
paid-up share capital of AICB at any time during the duration of
the ESOS.
This announcement is dated 18 November 2005.
FARLIM GROUP: Net Loss Widens in 3Q/FY05
----------------------------------------
Farlim Group (Malaysia) Bhd furnished Bursa Malaysia Securities
Berhad a copy of its unaudited Third Quarter Result for the
financial period ended September 30, 2005.
Summary of Key Financial Information
September 30, 2005
Individual Period Cumulative Period
Current Year Preceding Year Current Year Preceding Year
Quarter Corresponding to Date Corresponding
Quarter Period
30/09/2005 30/09/2004 30/09/2005 30/09/2004
MYR'000 MYR'000 MYR'000 MYR'000
(1) Revenue
52,301 49,707 163,743 144,340
(2) Profit/(loss) before tax
-5,857 -2,372 -17,120 -11,357
(3) Profit/(loss) after tax and minority interest
-3,662 74 -11,871 -6,233
(4) Net profit/(loss) for the period
-3,662 74 -11,871 -6,233
(5) Basic earnings/(loss) per shares (sen)
-3.05 0.06 -9.89 -5.19
(6) Dividend per share (sen)
0.00 0.00 0.00 0.00
As at end of As at Preceding
Current Quarter Financial Year End
(7) Net tangible assets per share (MYR)
0.6600 0.7500
To view a full copy of the financial statement, go to
http://bankrupt.com/misc/FarlimGroup111705.xls
To view a full copy of the notes to FS, go to
http://bankrupt.com/misc/FarlimGroupscqtrlyreportSept05.doc
CONTACT:
Farlim Group Berhad
No. 2-8, Bangunan Farlim
Jalan PJS 10/32, Bandar Sri Subang
46000 Petaling Jaya, Selangor
Telephone: 03-5635 5533
Fax: 03-5635 0301
Web site: http://www.farlim.com.my
FOREMOST HOLDINGS: Issues Clarification to Announcement
-------------------------------------------------------
Foremost Holdings Berhad advised Bursa Malaysia Securities
Berhad on the appointment of receivers and managers in respect
to Yaku Shin (Malaysia) Sdn Bhd (YKS) 58.75 percent owned
subsidiary of Foremost Holdings Berhad.
The company refers to its announcement dated November 17, 2005.
The company highlighted that the first paragraph of the details
of the events of the said announcement should be read as
MYR5,048,467 instead of MYR5,048,047. Therefore, the
announcement should be read as follow:
Details of the events
The Company's subsidiary, YKS had on October 17, 2005 received a
default notice for the payment of principal and/or interest in
respect of banking facilities of MYR5,048,467 granted by BCBB.
This amended announcement is dated November 18, 2005 and
supercedes the previous announcement dated November 17, 2005.
FURQAN BUSINESS: Warrants to Expire December 19
-----------------------------------------------
Furqan Business Organisation Berhad issued to Bursa Malaysia
Securities Berhad a notice of expiry and final exercise date of
warrants 2002/2005.
Notice is hereby given that pursuant to the conditions
stipulated in the Deed Poll dated November 1, 2002, the
subscription rights of the Warrants 2002/2005 will expire at
5:00 p.m. on Monday, December 19, 2005 (Expiry Date). The number
of Warrants 2002/2005 as at November 11, 2005 not exercised is
37,655,072.
Warrants 2002/2005 not exercised by 5:00 p.m. on the Expiry Date
will lapse and will cease thereafter to be valid for any purpose
and accordingly will be removed from the Official List of Bursa
Malaysia Securities Berhad (Bursa Securities) with effect from
9:00 a.m. on Tuesday, December 20, 2005.
Therefore, the Holders of Warrants 2002/2005 intending to
exercise their Warrants 2002/2005 are advised to submit the
documents referred to in Section 4 below to the Registrar of FBO
not later than 5:00 p.m. on Monday, December 19, 2005.
Holders of Warrants 2002/2005 are therefore advised to carefully
read the procedures set out below:
(1) Suspension of trading and last day for trading
To facilitate the exercise of the subscription rights of the
Warrants 2002/2005, the last trading date and time of the
Warrants 2002/2005 will be on Thursday, December 1, 2005 at 5:00
p.m.
The trading of Warrants 2002/2005 will be suspended with effect
from 9:00 a.m. on Friday, December 2, 2005 until the Expiry
Date.
(2) Exercise Price
The exercise price of the Warrants 2002/2005 is MYR1.00 in
respect of each new ordinary shares of MYR1.00 each in Furqan
Business Organisation Berhad (FBO).
Accordingly, if a Holder of Warrants 2002/2005 subscribed for
100 new FBO shares, the Exercise Price is MYR100.00.
(3) Payment of Exercise Price
The Exercise Price for new shares must be paid by way of
banker's draft or cashier's order or money order or postal order
in Ringgit Malaysia drawn on a bank or post office operating in
Malaysia made out in favour of Furqan Business Organisation
Berhad Warrant Proceeds Account, crossed A/C Payee Only, and
endorsed on the reverse side with the name, address,
NRIC/passport number/company number and Central Depository
System (CDS) account number of the Holder of Warrants 2002/2005.
(4) Exercise of Subscription Rights
In order to exercise the subscription rights, the Warrants
2002/2005 Holder must complete and sign the Exercise Form as
enclosed, and which can also be obtained from the Company's
Registrar, Tenaga Koperat Sdn. Bhd. of 20th Floor, Plaza
Permata, Jalan Kampar, Off Jalan Tun Razak, 50400 Kuala Lumpur
and deliver the following to the Company's Registrar not later
than 5:00 p.m. on Monday, December 19, 2005:
(i) The Exercise Form duly completed and executed by the
Warrants 2002/2005 Holder;
(ii) The remittance in full satisfaction of the Exercise Price
as mentioned in Item 2 and 3 above; and
(iii) Remittance for a processing fee of MYR20.00 for each
Exercise Form submitted payable by a banker's draft or cashier's
order drawn on a bank in Malaysia or money order or postal order
made out in favour of Tenaga Koperat Sdn. Bhd.
The Company shall not later than ten (10) market days after the
date of delivery of the Exercise Form together with the
requisite payment, or such other period as may be prescribed by
the Bursa Securities, issue and allot the new FBO shares and
dispatch notice of allotment to the Warrants 2002/2005 Holder,
and submit the application to the Bursa Securities for the
quotation of the new FBO shares.
All new FBO shares issue shall be credited directly into the
respective Warrants 2002/2005 Holders' Securities Account
specified in the Exercise Form. No physical share certificates
will be issued.
The new FBO Shares to be issued and allotted pursuant to
exercise of subscription rights of the Warrants 2002/2005 shall,
upon allotment and issue, rank pari passu in all respects with
the existing shares of the Company shall be entitled to
participate in such rights, dividends or other distributions
declared, made and paid except for any dividend or other
distributions declared, made and paid in respect of the
financial years prior to the financial year in which the date of
Warrants 2002/2005 exercised falls.
(5) Book Closure Date
Bursa Malaysia Depository Sdn. Bhd. (Bursa Depository) will not
be accepting any request for the ordinary transfer of Warrants
2002/2005 for the period commencing from 4:00 p.m. on Monday,
December 12, 2005 to 5:00 p.m. on Monday, December 19, 2005.
A Holder of Warrants 2002/2005 shall qualify for entitlement to
subscribe for new FBO shares in respect of:
(a) Warrants 2002/2005 transferred into the depositor's
securities account before 4:00 p.m. on December 12, 2005 in
respect of ordinary transfers; and
(b) Warrants 2002/2005 bought on the Bursa Malaysia Securities
Berhad on or before 5:00 p.m. on Thursday, December 1, 2005,
being the last trading day of the Warrants 2002/2005.
(6) Expiry of Warrants 2002/2005
Warrants 2002/2005 not exercised by 5:00 p.m. on Monday,
December 19, 2005, the Expiry Date, will lapse and will cease
thereafter to be valid for any purpose.
All unexercised Warrants 2002/2005 in a depositor's CDS account
with Bursa Depository as at December 19, 2005 will be debited
from the respective depositor's CDS account on December 20,
2005.
(7) Directors' Responsibility Statement
This Notice has been seen and approved by the Directors of the
Company and they collectively and individually accept full
responsibility for the accuracy of the information given in this
Notice and confirm that after making all reasonable enquiries
and, to the best of their knowledge and belief, there are no
other facts, the omission of which would make any statement
therein misleading.
(8) Contact Details for Enquiries
All enquiries concerning the above should be addressed to the
Registrar at:
Tenaga Koperat Sdn. Bhd.
20th Floor, Plaza Permata, Jalan Kampar
Off Jalan Tun Razak, 50400 Kuala Lumpur
Telephone: 03-40416522
Fax: 03-40426352
By Order of the Board
Tan Kok Aun
Sew Youk Ming
Company Secretaries
Kuala Lumpur
November 18, 2005
CONTACT:
Furqan Business Organisation Berhad
247 Jalan Tun Razak
Kuala Lumpur 50400
Malaysia
Phone: +60 3 2148 9999
Fax: +60 3 2148 9992
HARVEST COURT: Unit Inks SPA with Contilogic
--------------------------------------------
Harvest Court Industries Bhd unveiled to Bursa Malaysia
Securities Berhad the disposal of land by its wholly owned
subsidiary, Harvest Rimba Sdn. Bhd. to Contilogic Sdn. Bhd.
(1) Introduction
The Board of Directors of Harvest Court Industries Berhad (HCIB)
advised that its wholly owned subsidiary, Harvest Rimba Sdn.
Bhd. (HRSB) has entered into a Sale and Purchase Agreement (the
said Agreement) with Contilogic Sdn. Bhd. (the Purchaser) to
dispose off a piece of vacant land forming a part of the Master
Land measuring approximately in total 2.81 acres and more
specifically identified as Lot 1113 Bakau Charcoal & Container
Lot measuring approximately 2.81 acres all in Mukim Linggi
Daerah Alor Gajah in the State of Malacca (the Land).
(2) Details of the Disposal
Basis of arriving at the consideration
The aggregating value of the consideration is MYR1,000,000.00
which is equivalent to 13.09 percent of its group Net Tangible
Assets as at December 31, 2004. The sale consideration was
arrived through negotiations on a willing buyer-willing seller
basis after taking into consideration the location and the
present state of the Land.
Raine & Horne International Zaki + Partners Sdn. Bhd. was
appointed to conduct the property valuation, valued
MYR680,000.00 as at September 9, 2005.
The net book value of the property as per HRSB's latest audited
financial statements as at December 31, 2004 was MYR1,089,957.00
(pro-rated)
The original cost of investment and the date of such investment
is MYR429,858 (pro-rated) and December 26, 1995 respectively.
The expected losses arising from the transaction is MYR89,957.
Details of the Purchaser
Contilogic Sdn. Bhd. (Company No. 712857 V) is a company
incorporated in Malaysia having its business address at No. 52A,
Lebuh Enggang, 41150 Klang, Selangor Darul Ehsan.
The activity of the company is involved in logistic consultancy.
The shareholders are Mr. See Teong Beng and Mr. Soo Quai Meng.
(3) Rationale for the Disposal
The disposal is to raise working capital.
(4) Utilization of Proceeds
The total proceeds from the disposal of land will be utilized
for working capital.
(5) Financial Effect of Disposal
Earnings
The disposal is expected to result in loss of disposal after
minority interest of MYR89,957 at the HCIB Group level. HCIB
Group does not expect such disposal has any material effect on
the consolidated earnings of HCIB Group for the financial year
ending December 31, 2005.
Net tangible assets per share (NTA)
The impact of the Disposal on the consolidated NTA per share,
based on the audited consolidated financial statements of HCIB
as at December 31, 2004 is to reduce from MYR0.35 (as at
December 31, 2004) to MYR0.34.
Share capital
The disposal will not have any effect on the issued and paid-up
share capital of HCIB.
Substantial shareholders' shareholdings
The disposal will not have any effect on the substantial
shareholders' shareholdings of HCIB.
(6) Condition of the Disposal
The disposal is subject to approval being obtained from the
Developer's and the Proprietor's consent to the sale and/or the
consent of the State Authority.
(7) Sale & Purchase Agreement
The salient terms of the said Agreement are as follows:
The Land shall be purchased free from all liens claims and
encumbrances together with possession subject however to the
conditions and restrictions of title at the purchase price of
MYR1,000,000.00 upon the terms and conditions contained therein.
The Purchaser has paid earnest deposit amounting to
MYR100,000.00.
The balance consideration of MYR900,000.00 shall be paid to the
HRSB's solicitors as stakeholders within three (3) months from
the day on which the last of the Conditions Precedent are
fulfilled by HRSB (the Completion Period, which expression
shall, where the context so admits, include any extension
thereto and the date on which payment of the Balance Purchase
Price shall be made shall be the Completion Date).
The date on which the terms of the transaction were agreed upon
is November 11, 2005.
Barring any unforeseen circumstances the time frame for the
completion of the above transaction is approximately three (3)
months from the date of the Sale and Purchase Agreement.
The salient terms of the valuation report are as follows:
Market Value
The Market Value of part of the proposed Barter Trade
Development Area on Lot 1113 which comprises Bakau Charcoal &
Container approximately 2.81 acres out of the whole total of 35
acres, Mukim of Kuala Linggi, District of Alor Gajah, State of
Melaka on the assumption that it would eventually be issued with
separate unencumbered valid individual title document conveying
at least 99 years leasehold interest, with vacant possession and
free from all encumbrances is MYR680,000.00.
Forced Sale Value
The Forced Sale Value of the subject property is assessed at
MYR476,000.00.
(8) Directors and Major Shareholders' Interest
Save as disclosed above, none of the Directors and/or major
shareholders of HCIB and/or persons connected to them have any
interest, direct or indirect in the disposal of the Land.
The Board also announced that in their opinion, the transaction
is in the best interest of the Company.
(9) Statement in respect of SC'S Guidelines and offer of
securities
The transaction does not involve any issuance or offer of
securities. Hence it has not departed from the Commission's
Policies and Guidelines on Issue/Offer of Securities.
By Order of the Board
Lim Seck Wah
Company Secretary
18 November 2005
CONTACT:
Harvest Court Industries Sdn Bhd
111, Pusat Perniagaan NBC
Jalan Menu 41050
Klang Selangor
Telephone: +603-3165 2218/345/1150
Fax Number: +603-3168 1336/345 /1151
HEXZA CORPORATION: Unit Placed in Voluntary Liquidation
-------------------------------------------------------
Hexza Corporation Berhad issued to Bursa Malaysia Securities
Berhad details of the members' voluntary liquidation of Hexza
Marketing Services Sdn Berhad
The company advised that Hexza Marketing Services Sdn. Bhd.
(HMS), a wholly owned subsidiary of Hexza Corporation Berhad
(Hexza), has been placed under members' voluntary liquidation
pursuant to Section 254(1)(b) of the Companies Act, 1965.
Ms. Chong Yoke Seng has been appointed as liquidator of HMS on
November 16, 2005 for the purpose of the winding-up.
The principal activities of HMS were marketing and distribution
of consumer products and industrial chemicals and it is
presently dormant. The winding-up exercise will save costs in
maintaining the company.
The voluntary winding-up of HMS is not expected to have any
material effect on the earnings and net tangible assets of the
Hexza Group.
MAGNUM CORPORATION: Purchases 428,100 Ordinary Shares
-----------------------------------------------------
Magnum Corporation Berhad submitted to Bursa Malaysia Securities
Berhad a notice of shares buy back with the following details:
Date of buy back: November 17, 2005
Description of shares purchased: Ordinary shares of MYR0.50 each
Total number of shares purchased (units): 428,100
Minimum price paid for each share purchased (MYR): 1.860
Maximum price paid for each share purchased (MYR): 1.910
Total consideration paid (MYR):
Number of shares purchased retained in treasury (units): 428,100
Number of shares purchased which are proposed to be cancelled
(units): 0
Cumulative net outstanding treasury shares as at to-date
(units): 75,478,500
Adjusted issued capital after cancellation (no. of shares)
(units):
CONTACT:
Magnum Corporation Berhad
No 8 Jalan Munshi Abdullah
50100 Kuala Lumpur, 50100
Malaysia
Telephone: +60 3 2698 8033/ +60 3 2698 9885
MAJOR TEAM: Books MYR1,583,000 Net Loss
---------------------------------------
Major Team Holdings Berhad issued to Bursa Malaysia Securities
Berhad a copy of its Third Quarter Report for the financial
period ended September 30, 2005.
Summary of Key Financial Information
June 30, 2005
Individual Period Cumulative Period
Current Year Preceding Year Current Year Preceding Year
Quarter Corresponding to Date Corresponding
Quarter Period
30/09/2005 30/09/2004 30/09/2005 30/09/2004
MYR'000 MYR'000 MYR'000 MYR'000
(1) Revenue
1,679 18,323 6,719 37,290
(2) Profit/(loss) before tax
-1,510 4,530 -4,617 6,170
(3) Profit/(loss) after tax and minority interest
-1,583 3,064 -4,690 4,011
(4) Net profit/(loss) for the period
-1,583 3,064 -4,690 4,011
(5) Basic earnings/(loss) per shares (sen)
-0.02 3.12 -0.05 4.08
(6) Dividend per share (sen)
0.00 0.00 0.00 0.00
As at end of As at Preceding
Current Quarter Financial Year End
(7) Net tangible assets per share (MYR)
0.8200 0.8700
To view a full copy of the financial statement, go to
http://bankrupt.com/misc/MajorTeamCondensedConsoIncomeQ3.xls
To view a full copy of the notes to FS, go to
http://bankrupt.com/misc/MajorTeamNotetoFS.doc
MBF HOLDINGS: Court Junks Defendant's Appeal
--------------------------------------------
MBf Holdings Berhad advised Bursa Malaysia Securities Berhad
that on November 16, 2005, the Defendant's appeal in respect of
the summary judgement application via Kuala Lumpur High Court
Suit No.D7-22-1598-2004 had been dismissed with costs.
MBfH's previous announcement pertaining to Kuala Lumpur High
Court Suit No.D3-22-1497-2004 the company & four others (the
Plaintiffs) vs MBf Leasing Sdn Bhd (the Defendant) was dated
July 11, 2005.
Yours faithfully,
For and on behalf of
MBf Holdings Berhad
Ding Lien Bing
Company Secretary
17 November 2005
CONTACT:
Mbf Holdings Berhad
No 8 Jalan Yap Kwan Seng
50450 Kuala Lumpur, Selangor Darul Ehsan 46150
Malaysia
Telephone: +60 2167 8000 / +60 2164 6985
METROPLEX BERHAD: Warrant Subscription Rights End Next Month
------------------------------------------------------------
The Board of Directors of Metroplex Berhad (MB) informed Bursa
Malaysia Securities Berhad that the Subscription Rights of MB's
Warrants 1995/2005 will expire at 5:00 p.m. on Tuesday, December
20, 2005 (Expiry Date) in accordance with the provisions of the
Deed Poll dated December 18, 1995 and as amended by Supplemental
Deed Poll No. 1 dated April 29, 1997 and Supplemental Deed Poll
No. 2 dated August 20, 1999.
In order to facilitate the exercise of the Subscription Rights
of MB's Wrrants 1995/2005, the last trading day of the Warrants
1995/2005 shall be up to 5:00 p.m. on Friday, December 2, 2005.
The said Warrants will be suspended from trading on Bursa
Malaysia Securities Berhad with effect from 9:00 a.m. on Monday,
December 5, 2005 until the Expiry Date.
MB's Notice to Warrant Holders 1995/2005 to be dated November
16, 2005 will be dispatched to all holders of Warrants 1995/2005
on November 16, 2005. The said Notice, a copy of which is
attached herewith, will be published in The New Straits Times on
November 16, 2005.
This announcement is dated 15 November 2005.
CONTACT:
Metroplex Berhad
Level 10, Grand Seasons Avenue,
No. 72, Jalan Pahang,
53000 Kuala Lumpur
Telephone: 03-2931828, 03-4431828
Fax: 03-2912798
METROPLEX BERHAD: Trading of Warrants Suspended December 9
----------------------------------------------------------
Metroplex Berhad advised Bursa Malaysia Securities Berhad that:
(1) Trading of the Warrants 1995/2005 will be suspended with
effect from 9:00 a.m., Monday, December 5, 2005.
(2) The Warrants 1995/2005 will be removed from the Official
List of the Exchange with effect from 9:00 a.m., Wednesday,
December 21, 2005.
PANTAI HOLDINGS: Issues New Shares for Listing, Quotation
---------------------------------------------------------
Pantai Holdings Berhad informed Bursa Malaysia Securities Berhad
that its additional 253,000 new ordinary shares of MYR1.00 each
issued pursuant to the Employees' Share Option Scheme would be
granted listing and quotation with effect from 9:00 a.m.,
Tuesday, November 22, 2005.
CONTACT:
Pantai Holdings Berhad
8 Jalan Damansara Endah
Damansara Heights Kuala Lumpur, Malaysia 50490
Malaysia
Telephone: +60 3 2713 2282 / +60 3 2094 4528
SEAL INCORPORATED: Releases 1Q Financial Statement
--------------------------------------------------
Seal Incorporated Berhad issued to Bursa Malaysia Securities
Berhad a copy of its First Quarter financial report for the
financial period ended September 30, 2005.
Summary of Key Financial Information
September 30, 2005
Individual Period Cumulative Period
Current Year Preceding Year Current Year Preceding Year
Quarter Corresponding to Date Corresponding
Quarter Period
30/09/2005 30/09/2004 30/09/2005 30/09/2004
MYR'000 MYR'000 MYR'000 MYR'000
(1) Revenue
3,572 4,192 3,572 4,192
(2) Profit/(loss) before tax
-545 -1,536 -545 -1,536
(3) Profit/(loss) after tax and minority interest
-437 -1,191 -437 -1,191
(4) Net profit/(loss) for the period
-437 -1,191 -437 -1,191
(5) Basic earnings/(loss) per shares (sen)
-0.25 -0.01 -0.25 -0.01
(6) Dividend per share (sen)
0.00 0.00 0.00 0.00
As at end of As at Preceding
Current Quarter Financial Year End
(7) Net tangible assets per share (MYR)
1.0500 1.0500
To view a full copy of the financial statement, click
http://bankrupt.com/misc/SealIncorporatedconsolQ106.xls
TELEKOM MALAYSIA: Bourse to List, Quote New Shares
--------------------------------------------------
Telekom Malaysia Berhad informed Bursa Malaysia Securities
Berhad that its additional 71,000 new ordinary shares of MYR1.00
each issued pursuant to the Employee Share Option Scheme will be
granted listing and quotation with effect from 9:00 a.m.,
Tuesday, November 22, 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
=====================
P H I L I P P I N E S
=====================
ABS-CBN BROADCASTING: Earmarks Php1.2 Bln for '06 Capital
---------------------------------------------------------
Beleaguered ABS-CBN Broadcasting Corp. is setting aside Php1.2
billion for its working capital requirements next year, The
Philippine Star reports.
The network's Chief Financial Officer Randolph Estrellado said
the capital budget for 2006 is mostly at the same level as this
year's as the network tries to bring down costs to a more
manageable level.
According to Mr. Estrallado, the network continues to look for
the right formula that will allow them to regain the spot in the
broadcasting industry, a position now held by rival GMA Network
Inc.
Due to its poor performance in the past months, ABS-CBN has been
overhauling operations and cutting down workforce to improve
operating efficiency. It is retiring 20 percent of its workforce
by the end of the year as part of its strategy to recapture
leadership in the broadcasting industry.
The retirement program, which affects 360 employees, is expected
to cost the company around Php500 million. So far, the network
has axed around 150 employees.
ABS-CBN is confident that it can recoup the cost of the
retirements in less than two year and could save Php350 million
a year.
Mr. Estrellado said 2006 should be a better year for the
network.
CONTACT:
ABS-CBN Broadcasting Corp
Mother Ignacia St
Corner Sgt
Quezon City 1100
Philippines
Phone: 2 924 4101
Fax: 2 921 5888
Web site: http://www.abscbn-ir.com
LEPANTO CONSOLIDATED: Fully Paid Shares Total 363,564,533
---------------------------------------------------------
In connection with Circular for Brokers No. 4864-2005, dated
Nov. 3, 2005, pertaining to the listing of 4,264,671,951 common
shares of Lepanto Consolidated Mining Company (the Company),
divided into 2,558,803,769 Class "A" shares and 1,705,868,182
Class "B" shares, with a par value of Php0.10 per share, to
cover its 1: pre-emptive rights offering to all stockholders of
record as of September 21, 2005 at an offer price of Php0.20 per
share.
In a letter dated Nov. 21, 2005, the Company advised that
further to the 292,542,389 fully paid shares, an additional
71,022,144 shares were fully paid as of Nov. 16, 2005, broken
down as follows:
Class "A" shares 32,629,911
Class "B" shares 38,392,233
TOTAL 71,022,144
This brings the number of fully paid shares to a total of
363,564,533 common shares and the number of partially paid
shares to 3,901,107,418 common shares.
In view thereof, the additional fully paid 71,022,144 common
shares may be traded starting Tuesday, Nov. 22, 2005. Actual
trading of the remaining 3,901,107,418 partially paid shares
shall commence upon full payment of such shares.
The designated stock transfer agent is authorized to record and
register in its books the additional fully paid 71,022,144
shares. The transfer agent shall be authorized to record and
register the remaining 3,901,107,418 partially paid shares only
upon full payment of the same by the concerned subscribers.
CONTACT:
Lepanto Consolidated Mining Co.
21st Floor, Lepanto Building
8747 Paseo de Roxas
1226 City of Makati
Telephone No. 815-9447
Fax: 63 (2) 812-0451/63 (2) 810-5583
E-mail: mis@lepantomining.com
Web site: http://www.lepantomining.com
NATIONAL POWER: Mulls Bond Sale to Raise US$101 Mln
---------------------------------------------------
State power firm National Power Corporation (Napocor) will sell
seven-year zero-coupon bonds to raise around Php5.5 billion
(US$101 million), National Treasurer Omar Cruz told Today News.
An auction is set today to determine the discount of the bonds,
which would be guaranteed by the National Government.
Proceeds of the bond issuance would be used to settle Napocor's
maturing obligations for capital spending this year.
Earlier, the power firm said it needs US$500-US$700 million this
year to fund operations.
In May, Napocor raised Php5 billion by floating Php2 billion in
five-year bonds at a coupon rate of 9.125 percent and Php3
billion in seven-year bonds at 10.375 percent.
The government this year absorbed about Php200 billion of
Napocor's total debt of almost Php600 billion to try to speed up
the sale of its power plants and transmission facilities to
private investors.
The power firm is expected to turn around this year after having
a net loss of Php29.9 billion last year.
ING Bank NV is the arranger and lead issue manager of the latest
NAPOCOR bond offering, with PCI Capital Corp. and BDO Capital
and Investment Corp. as issue managers.
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/
PHILIPPINE AIRLINES: To Enforce Stringent Rules on H.K. Flights
---------------------------------------------------------------
Philippine Airlines will impose strict rules on its Hong Kong
flights, SunStar Daily has learned.
The national flag carrier said it would staunchly enforce a new
Hong Kong aviation security ordinance that lists "prohibited
acts" by passengers onboard commercial aircraft flying to or out
of the territory.
The offenses, contained in Ordinance No. 14 of the Hong Kong
Police Rules, cover all airlines serving Hong Kong International
Airport.
These include acts of violence, threats to the flight crew and
destruction of property, or willfully obstructing a member of
the crew in the performance of duties.
Also included are failing to comply with instructions for safety
precautions and the maintenance of discipline onboard, behaving
in a disorderly manner where good order onboard is jeopardized
and tampering or interfering with any component, equipment or
system installed in the aircraft.
Being in a state of intoxication onboard as to jeopardize the
safety of other persons and property, as well as good order
onboard, smoking in the aircraft and operating any electronic
device in violation of instructions are also among the
prohibited in flight acts.
The offenses are punishable by fines and imprisonment ranging
from six months to five years.
CONTACT:
Philippine Airlines
Mabuhay Miles Service Center
Ground Floor, Philippine Airlines Center
Legazpi Street, Legaspi Village
Makati City 0750, Philippines
Phone : Manila (632) 817-8000
USA/CANADA 1-800-747-1959
Fax : (632) 818-4921 ; 893-6884
E-mail : mabuhaymiles@pal.com.ph
Web site: www.philippineairlines.com
UNIOIL RESOURCES: Unveils Matters Resolved at Meeting
-----------------------------------------------------
At the Special Meeting of the Board of Directors of Unioil
Resources & Holdings Company Inc. held on November 14, 2005 at
3:00 P.M., at the Green Room, Manila Golf and Country, Inc.,
Makati City, at which meeting a quorum was present and acting
throughout, the following matters were resolved as contained in
the Minutes of the Board of Director's Meeting.
The following matters were resolved:
(1) Postponement of the schedule of the Annual Stockholders'
Meeting of Unioil Resources & Holdings, Co., Inc. from November
15, 2005 to December 15, 2005, 10:00 a.m., at the Roces Room,
Club Filipino Eisenhower Street corner Club Filipino Avenue,
Greenhills, San Juan, Metro Manila.
(2) Amendment of the By-Laws to reflect the process for the
nomination of the Independent Directors of the Corporation.
IMPACT OF THE REPORTED FACTS ON THE REGISTRANT'S CURRENT OR
FUTURE OPERATIONS, ITS FINANCIAL POSITION OR RESULTS OF
OPERATIONS
The matters taken up and approved at the aforementioned meeting
shall ensure timely and full compliance with the
reportorial/disclosure requirements of both SEC and the PSE.
CONTACT:
Unioil Resources & Holdings Company Inc.
6/F, Saguittarius Building
H.V. dela Costa St.
Salcedo Village, Makati City
Phone: 893-5718
Fax: 893-5718
=================
S I N G A P O R E
=================
CHINA AVIATION: U.K. Oil Giant Acquires Stake
---------------------------------------------
U.K. oil Firm BP bought an equity stake in troubled firm China
Aviation Oil (Singapore) Corp. Limited (CAO), reports Channel
NewsAsia.
According to a CAO spokesman, the Company iwll issue a formal
announcement regarding the stake sale, but he declined to give
further details on the deal.
The Company issued heavy losses amounting to SGD935.27 million
in oil derivatives trading last year, and last month's reports
cited BP and three other investors as looking to acquire stake
in the troubled Company in order to restructure its debts.
CONTACT:
China Aviation Oil (S) Corp. Ltd.
Phone: (65)6334 8979
Fax: (65)6333 5283
Web site: http://www.caosco.com/
DEBTDOMAIN PTE: Judicial Manager Files Wind Up Petition
-------------------------------------------------------
Notice is hereby given that Veerappan Subramanian, the judicial
manager of Debtdomain Pte Limited, filed a winding up petition
against the Company in the Singapore High court on Oct. 17,
2005.
The Petition is directed to be heard before the Court sitting at
Singapore on Dec. 2, 2005, 9:45 a.m.
Any Company creditor or contributory desiring 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 Company creditor
or contributory requiring the same by the undersigned on payment
of the regulated charge for the same.
The Petitioner's address is: C/o 105 Cecil Street, #10-04 The
Octagon, Singapore 069532
The Petitioner's solicitor is Yeo Wee Kiong Law Corporation of 1
Raffles Place, #39-02 OUB Centre, Singapore 048616.
Yeo Wee Kiong Law Corporation
Solicitors for the Petitioners
Note:
Any person who intends to appear at the hearing of the Petition
must serve on or send by post to solicitor Yeo Wee Kiong Law
Corporation, notice in writing of his intention so to do. The
notice must state the name and address of the person, or, if a
firm, the name and address of the firm, and must be signed by
the person or firm, or his or their solicitor (if any) and must
be served, or, if posted, must be sent by post in sufficient
time to reach the solicitor not later than 12:00 p.m. of Dec. 1,
2005.
EI-NETS LIMITED: Singapore Exchange OKs Shares Listing
------------------------------------------------------
Ei-Nets Limited announced that the Singapore Exchange &
Securities Trading Limited (SGX-ST) has granted its in-principle
approval for the listing of 20 million new ordinary shares,
valued at SGD0.01 each, in the Company's capital, subject to
compliance with SGX-ST's listing requirements.
The listing and quotation of shares is the result of the
capitalization of SGD200,000 advanced by Ngo Gim Kang to the
Company.
By Order of the Board
Liau Beng Chye
Executive Deputy Chairman
Oct. 18, 2005
CONTACT:
Ei-Nets Limited (Singapore)
152 Ubi Avenue 4 #03-00
ArmorCoat Technologies Building
Singapore 408826
Phone: 65 6846 8826
Fax: 65 6846 8827
Email: enquiry@ei-nets.com
Web site: http://www.ei-nets.com/
L&M GROUP: Court Likely to Appoint Judicial Manager
---------------------------------------------------
L&M Group Investments Limited announced that on Dec. 2, 2005,
the Singapore High Court is scheduled to hear a winding up
petition filed against the Company.
In line with the matter, the Compant has not lifted the
suspension on the trading of its shares for the following
purposes:
1. unless the Company is able to : (a) settle the winding up
petition (which is fixed for hearing on Dec. 2, 2005) amicably
with the Petitioning Creditor; or
(b) successfully challenge the petitioner's claim, the Company
may be wound up on Dec. 2, 2005. The Company presently does not
know whether any other creditors will support the winding-up
petition. If any other creditors support the winding-up
petition, the Company may not be able to continue as a going
concern; and
2. the Company is also considering the appointment of a judicial
manager, as a judicial management order would achieve one or
more of the following :
(a) the survival of the Company (or the whole or part of its
undertaking) as a going concern;
(b) the approval under section 210 of the Companies Act (Cap.
50) of a compromise or arrangement between the Company and its
creditors; and
(c) a more advantageous realization of the Company's assets than
would be effected on a winding up.
CONTACT:
L & M Group Investments Pte Limited
28 Tuas Crescent
Singapore 638719
Phone: 65 6268 8688
Fax: 65 6265 5511
NEOCORP INTERNATIONAL: Completes Sale of Unit
---------------------------------------------
Neocorp International Limited announced that it has sold its
wholly owned subsidiary, Adventure Systems Pte Limited (ASPL).
The sale of ASPL was completed on Nov. 8, 2005, and was based on
a write-off of a SGD46,612.32 outstanding debt owed to the
Company, and a write-off of another SGD70,125.50 debt from ASPL
to its other subsidiary, Presscrete Engineering Pte Limited.
CONTACT:
NeoCorp International Ltd
(formerly: Presscrete Holdings Ltd)
31 Changi South Avenue 2
Singapore 486478
Phone: 65 65429315
Fax: 65 65457880
Web site: http://www.neocorp.com.sg
===============
T H A I L A N D
===============
ADVANCE AGRO: SET Resumes Security Trading
------------------------------------------
The Stock Exchange of Thailand (SET) has lifted the SP
(Suspension) sign from the securities of Advance Agro Public
Company Limited (AA) and permitted resumption of trading of AA's
securities effective on the second trading session of November
16, 2005 onwards as the company has now submitted its financial
statements for the period ending September 30, 2005 to the SET.
The SET first posted the SP sign on the securities of the
company on the first trading session of November 15, 2005
because the company failed to submit the financial statements
for the period ending September 30, 2005 by the deadline
specified by the SET.
CONTACT:
Advance Agro Public Company Limited
1 Moo 2, Tambol Tha Toom, Amphoe Si Maha Phot Prachinburi
Telephone: 0-3720-8800
Fax: 0-3720-8850-1
Web site: http://www.advanceagro.com
PRASIT PATTANA: Reorganization Termination Ruled Invalid
--------------------------------------------------------
On September 29, 2003 the Court passed an order to terminate the
business reorganization of Prasit Pattana Pcl. because the
business reorganization of the Company had been successfully
completed pursuant to the business reorganization plan. However,
an appeal against the order was made with the Supreme Court.
Therefore, the Company informed the Stock Exchange of Thailand
(SET) of the decision, which the Supreme Court has rendered
(Supreme Court Judgment No. 4277/2548).
The Court read the judgment paper before the parties on November
15, 2005. The Supreme Court dismissed the Court order regarding
the termination of the business reorganization of the Company.
This is because the Court had not made decisions on all the
issues in dispute and has not given supporting reasons.
Therefore the termination was invalid pursuant to Section 12 of
the Establishment of the Bankruptcy Court and Procedure for the
Bankruptcy Case Act B.E. 2542 and Clause 14 of the Bankruptcy
Regulation B.E. 2542. In addition, the Supreme Court ordered the
Court conduct a re-trial and render a new order.
If there is any further progress with the case, the Company will
provide you with an additional report on the development later.
The above is for your information.
Yours Sincerely,
Mrs. Sakara Punyashthiti
Executive Director-Finance and Accounting
Phyathai Hospital Group
CONTACT:
Prasit Patana Public Company Limited
943 Phahonyotin Road, Samsennai, Phaya Tai Bangkok
Telephone: 0-2617-2444
Fax: 0-2617-2463
Web site: http://www.pyathai.com
WYNCOAST INDUSTRIAL: To Reduce Shares
-------------------------------------
The Extraordinary General Meeting of Wyncoast Industrial Park
Public Company Limited (the Company), held on September 20,
2005, resolved to reduce 1,101,626,730 shares of the Company,
equal to THB1,101,626,730 by reducing the number of shares held
by each shareholder in proportion.
Currently, the Company is in the period of waiting for the
objections from the creditors of the Company which must be
raised within two months from the date the creditors received
the notice from the Company.
The Company sent the said notice to the creditors on September
22, 2005, and objections will be due on November 22, 2005.
Therefore, the Company held the Board of Directors Meeting
No. 10/2005 on November 14, 2005 to unanimously resolve to close
the register of shareholders to determine the number of shares
to be reduced in proportion on November 29, 2005, at 12:00 a.m.
Furthermore, the reduction of shares of each shareholder will be
in a ratio of 4:1. However, to reduce the said shares, the
company shall;
(1) In the case where the decrease of shareholding proportion in
accordance with the said ratio causes fractions of the number of
ordinary shares to be derived from the calculation in a number
of less than 0.5 share, such number shall be rounded down to the
nearest whole number; or
(2) If the decrease of shareholding proportion in accordance
with the said ratio causes fractions of the number of ordinary
shares to be derived from the calculation in a number of more
than or equivalent to 0.5 share, such number shall be rounded up
to the nearest whole number.
In this regard, the shares added to the fractions of the number
of shares to constitute the nearest whole number shall be the
shares derived from the rounding down of number in clause 1)
and/or the shares received from the major shareholder of the
Company, i.e. Miss Chinnicha Wongsawat.
Please be informed accordingly.
Sincerely yours,
Mr. Pathrlap Davivongsa
Chief Executive Officer
CONTACT:
Wyncoast Industrial Park Public Company Limited
105 Moo 3,Bangna-Trat Road,
Thakham, Bang Pakong Chacherngsao
Telephone: 0-3857-3161-72
Fax: 0-3857-3173-4
BOND PRICING: For the Week 21 November to 25 November 2005
----------------------------------------------------------
Issuer Coupon Maturity Price
------ ------ -------- -----
AUSTRALIA
---------
Advantage Group Ltd 10.000% 4/15/06 1
Ainsworth Game 8.000% 12/31/09 1
Amcom Telecommunications Ltd 10.000% 10/28/07 2
APN News & Media Ltd 7.250% 10/31/08 5
A&R Whitcoulls Group 9.500% 12/15/10 9
Arrow Energy NL 10.000% 3/31/08 1
Babcock & Brown Pty Ltd 8.500% 12/31/49 8
Becton Property Group 9.500% 6/30/10 1
BIL Finance Ltd 8.000% 10/15/07 8
BIL Finance Ltd 9.250% 10/15/06 9
Capital Properties NZ Ltd 8.500% 4/15/07 8
Capital Properties NZ Ltd 8.500% 4/15/09 8
Capital Properties Nz Ltd 8.000% 4/15/10 8
Cardno Limited 9.000% 6/30/08 3
CBH Resources 9.500% 12/16/09 1
Chrome Corporation Ltd 10.000% 2/28/08 1
Djerriwarrh Investments Ltd 6.500% 9/30/09 4
eBet Limited 10.000% 11/29/06 22
Evans & Tate Ltd 8.250% 10/29/07 1
Fletcher Building Ltd 7.550% 3/15/11 8
Fletcher Building Ltd 7.800% 3/15/09 8
Fletcher Building Ltd 7.900% 10/31/06 8
Fletcher Building Ltd 8.300% 10/31/06 8
Fletcher Building Ltd 8.600% 3/15/08 8
Fletcher Building Ltd 8.750% 3/15/06 8
Fletcher Building Ltd 8.850% 3/15/10 8
Fernz Corp Ltd 8.560% 10/15/06 8
Futuris Corporation Ltd 7.000% 12/31/07 2
Gympie Gold Ltd 8.500% 9/30/07 1
Hy-Fi Securities Ltd 7.000% 8/15/08 8
Hy-Fi Securities Ltd 8.750% 8/15/08 9
Hudson Timber Products Ltd 7.000% 12/31/10 1
Hutchison Telecoms Australia 5.500% 7/12/07 1
Infrastructure & Utilities NZ Ltd 8.500% 9/15/13 9
Investa Property Group Ltd 6.000% 5/28/08 6
Kagara Zinc Ltd 9.750% 5/06/07 2
Longreach Group Ltd 10.000% 10/31/08 1
MacArthur Coal 10.000% 12/11/05 5
Minerals Corporation Ltd 10.500% 9/30/07 1
Nuplex Industries Ltd 9.300% 9/15/07 8
Pacific Print Group Ltd 10.250% 10/15/09 9
Primelife Corporation 9.500% 12/08/06 1
Primelife Corporation 10.000% 1/31/08 1
Riversdale Mining Ltd 8.000% 12/31/05 2
Salomon SB Australia 4.250% 2/01/09 8
Sapphire Securities Ltd 9.150% 9/20/35 9
Sherlock Bay Nickel 12.000% 9/01/07 1
Silver Chef Ltd 10.000% 8/31/08 1
Software of Excellence 7.000% 8/09/07 1
Strathfield Group 11.000% 12/31/05 1
Sydney Gas Company 12.000% 4/01/06 1
Sydney Gas Limited 12.000% 6/01/06 1
Tower Finance Ltd 8.650% 10/15/09 8
Tower Finance Ltd 8.750% 10/15/07 8
TrustPower Ltd 8.300% 9/15/07 8
TrustPower Ltd 8.300% 12/15/08 8
TrustPower Ltd 8.500% 9/15/12 8
TrustPower Ltd 8.500% 3/15/14 8
Vision Systems Ltd 9.000% 12/15/08 2
INDONESIA
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Indonesia Government Bond 9.500% 6/15/15 74
Indonesia Government Bond 10.000% 7/15/17 74
MALAYSIA
--------
Aliran Ihsan Resources Bhd 5.000% 11/29/11 1
Artwright Holdings Bhd 5.500% 3/06/07 1
Asian Pac Holdings Bhd 4.000% 12/22/05 1
Berjaya Group Bhd 5.000% 10/17/09 1
Berjaya Land Bhd 5.000% 12/30/09 1
Camerlin Group Bhd 5.500% 7/15/07 1
Crescendo Corporation Bhd 3.000% 8/25/07 1
Crest Builder Holdings Bhd 7.000% 2/24/06 2
Dataprep Holdings Bhd 4.000% 8/06/07 1
Eden Enterprises (M) Bhd 2.500% 12/02/07 1
EG Industries Bhd 5.000% 6/16/10 1
Equine Capital Bhd 3.000% 8/26/08 1
Fountain View Development Sdn Bhd 3.500% 11/03/06 1
Furqan Business Organization 2.000% 12/19/05 1
Greatpac Holdings Bhd 2.000% 12/11/08 1
Gula Perak Bhd 6.000% 4/23/08 1
Hong Leong Industries Bhd 4.000% 6/28/07 1
Huat Lai Resources Bhd 5.000% 3/28/10 1
I-Berhad 5.000% 4/30/07 1
Insas Bhd 8.000% 4/19/09 1
Integrax Bhd 3.000% 12/24/05 1
Kamdar Group Bhd 3.000 11/09/09 1
Killinghall Bhd 5.000% 4/13/09 2
Konsortium Lebuhraya 4.000% 1/15/16 72
Konsortium Lebuhraya 4.000% 7/15/20 74
Konsortium Lebuhraya 4.000% 1/15/21 73
Konsortium Lebuhraya 4.000% 7/15/21 72
Konsortium Lebuhraya 4.000% 1/14/22 70
Kosmo Technology Industrial Bhd 2.000% 6/23/08 1
Kretam Holdings Bhd 1.000% 8/10/10 1
Kumpulan Jetson 5.000% 11/27/12 1
LBS Bina Group Bhd 4.000% 12/29/06 1
LBS Bina Group Bhd 4.000% 12/31/07 1
LBS Bina Group Bhd 4.000% 12/31/08 1
LBS Bina Group Bhd 4.000% 12/31/09 1
Lebar Daun Bhd 2.000% 1/06/07 3
Lion Diversified Holdings Bhd 2.000% 6/01/09 1
Media Prima Bhd 2.000% 7/18/08 1
Mithril Bhd 3.000% 4/05/12 1
Mithril Bhd 8.000% 4/05/09 1
Mutiara Goodyear Development Bhd 2.500% 1/15/07 1
Naim Indah Corporation Bhd 0.500% 8/24/06 1
Nam Fatt Corporation Bhd 2.000% 6/24/11 1
Pantai Holdings Bhd 5.000% 3/28/07 2
Pantai Holdings Bhd 5.000% 7/31/07 2
Patimas Computers Bhd 6.000% 2/19/06 1
Pelikan International Corp Bhd 3.000% 4/08/10 1
Poh Kong Holdings Bhd 3.000% 1/20/07 1
Prinsiptek Corporation Bhd 2.000% 11/20/06 1
Puncak Niaga Holdings Bhd 2.500% 11/18/16 1
Ramunia Holdings 1.000% 12/20/07 1
Rashid Hussain Bhd 0.500% 12/24/12 1
Rashid Hussain Bhd 3.000% 12/24/12 1
Rhythm Consolidated Bhd 5.000% 12/17/08 1
Silver Bird Group Bhd 1.000% 2/15/09 1
Southern Steel 5.500% 7/31/08 1
Tanah Emas Corporation Bhd 2.000% 12/09/06 1
Talam Corporation Bhd 7.000% 4/19/06 1
Tap Resources Bhd 2.000% 6/29/06 1
Tenaga Nasional Bhd 3.050% 5/10/09 1
Time Engineering Bhd 2.000% 12/25/05 1
VTI Vintage Bhd 4.000% 8/22/06 1
WCT Land Bhd 3.000% 8/02/09 1
Wah Seong Corp 3.000% 5/21/12 3
YTL Cement Bhd 4.000% 11/10/15 1
SINGAPORE
---------
Sengkang Mall 8.000% 11/20/12 1
Structural System Singapore 11.000% 6/30/07 1
Tampines Assets Ltd 5.625% 12/07/06 1
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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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*** End of Transmission ***