/raid1/www/Hosts/bankrupt/TCRAP_Public/051129.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 29, 2005, Vol. 8, No. 236
Headlines
A U S T R A L I A
21ST CENTURY: Members Resolve to Wind Up Firm
ANZERE PTY: Court Orders Winding Up
ARCTIC SNOW: Peter Kane Named Official Liquidator
BAMGILT PTY: Declares Final Dividend
CSW CONSTRUCTIONS: Winds Up Operations
FELTEX CARPETS: Appoints Peter Thomas New CEO
FRANGIPANI NOMINEES: Liquidator Details Wind Up Manner
H TREVAIL: Members Pass Winding Up Resolution
INVESTA COLLINS: Multiplex Acumen Winds Up Trust
ISABELLA DESIGN: Court Releases Winding Up Order
JAMES HARDIE: Compensation Deal Still Vague After Talks
JAMES HARDIE: ACTU Presses Gov't to Grant Tax Breaks
JAMES HARDIE: Union Tells Gov't to Boycott Products
LAKEVIEW INVESTMENTS: Intends to Pay Dividend to Creditors
LIGHTNING EXPRESS: Decides to Close Business
MCCONNELL INDUSTRIES: Schedules Final Meeting Dec. 6
N. MORIARTY: Declares Dividend Today
NORTH BEACH: To Undergo Voluntary Liquidation
NYLEX LIMITED: Future Cloudy After Asset Sale
PRIMELIFE CORPORATION: Inks First JV Project with B&B
REDI-PILE SALES: Court Appoints Official Liquidator
RIVERGUM PROPERTIES: Liquidator to Explain Wind Up to Members
ROSENDALE PTY: Members Agree to Shut Down Business
SENNGLADE PTY: Liquidator to Distribute Company Assets
SYDNEY GAS: Securities Placed in Trading Halt
TABUTEAU MARINE: Members, Creditors Receive Wind Up Report
TELSTRA CORPORATION: Labor Says Sale Banks 'Waste of Money'
WINTER GROUP: Failure to Pay Debt Prompts Winding Up
ZENISTER PTY: Creditors Confirm Liquidator's Appointment
C H I N A & H O N G K O N G
ASIA ZIRCONIUM: Expects Battery Business to Break Even
ASSOCIATE KEY: Prepares to Shut Down Business
EICHHORN INVESTMENT: Releases Notice of Intended Dividend
EZCOM ELECTRONICS: Winding Up Hearing Slated for Dec. 7
FRIENDS OF MINE: Winding Up Hearing Set Jan. 11
GEELONG INDUSTRIES: Court Releases Winding Up Order
GOLDEN CRYSTAL: Court to Hear Receiver's Application Dec. 7
GUANGDONG DEVELOPMENT: Bank Stake Sale Earlier Next Year
PACIFIC (WING HONG) OFFSET: Prepares to Shut Down Business
TOPFINE MACHINERY: Creditor's Meeting Set Dec. 8
WELLAGE LIMITED: To Undergo Winding Up Process
YI ALLIANCE: Court Issues Winding Up Order
I N D I A
INDIAN RAILWAY: 'BB+' Ratings Affirmed With Stable Outlook
I N D O N E S I A
MERPATI NUSANTARA: To Lay Off Idle Workers
NEWMONT MINING: Witness Says Disposal Process Approved
PERTAMINA: Allowed to Buy Crude Oil from Local Sources
PERTAMINA: To Drill Cepu Oil Block Alone Next Year
J A P A N
FUJITSU LIMITED: Slaps Chief With 50% Pay Cut
MEIJI YASUDA: New Contracts Fall 25% in H1
MITSUBISHI FUSO: Strengthens Ties with DaimlerChrysler
MITSUBISHI MOTORS: Honors Dealer in Qatar
UFJ BANK: S&P Raises OPCO Preferred Securities to 'BBB'
K O R E A
LG CARD: Shinhan Shows Interest in Buying Stake
M A L A Y S I A
ACP INDUSTRIES: Book MYR2,268,000 Profit in 3Q/FY05
AFFIN HOLDINGS: Enters Into SSA with MEH
AYER HITAM: Unveils Payment Default as of October
BELL & ORDER: Updates Wind Up Petition Status
BELL & ORDER: Net Loss Narrows in 3Q/FY05
BOUSTEAD HOLDINGS: Gets SC's Nod to Issue Islamic ABS
CYGAL BERHAD: Court Sanctions Share Exchange
FOUNTAIN VIEW: Unveils Director's Dealing in Securities
KEMAYAN CORPORATION: Court Releases Schedule of Petitions
MAXIS COMMUNICATIONS: Unit Enters Into Loan Agreement with MMT
PAN MALAYSIA: Suffers MYR3,767,000 Net Loss in 3Q/FY05
PAN MALAYSIA: Incurs Net Loss in 3Q/FY05
PAN PACIFIC: Unveils Dates for Renounceable Restricted Issue
PUNCAK NIAGA: Buys Back 963,000 Shares
SOUTHERN BANK: Holds Share Buy Back
P H I L I P P I N E S
LAFAYETTE MINING: Set to Open RP Base Metals Plant Next Month
MARIWASA MANUFACTURING: Provides Amended SEC form 17-A
NATIONAL POWER: YNN Pacific Assures Payment for Masinloc
NATIONAL POWER: Pulangui Power Plant Gets ISO Certification
PHILIPPINE AIRLINES: To Stay Under SEC's Roof
PHILIPPINE TELEGRAPH: Further Postpones ASM to July 28
S I N G A P O R E
BERGERAC PTE: Receiving Claims Until Next Month
CITIRAYA INDUSTRIES: Court Appoints Judicial Manager
KIAN FOO: Creditor Seeks Winding Up
NAM CHUAN: To Hold Creditors' Meeting Dec. 2
PKA INTERNATIONAL: Court Issues Winding Up Order
SPEAR, LEEDS & KELLOGG: Asks Creditors to Submit Debt Claims
T H A I L A N D
PICNIC CORPORATION: Clarifies Financial Standing
RS PROMOTION: Amends Exercise Date of ESOP
THAI ENGINE: Net Loss Widens to THB12,211,000 in 2Q/FY05
THAI ENGINE: Registers Change in Directors
BOND PRICING: For the Week 28 November to 2 December 2005
- - - - - - - -
=================
A U S T R A L I A
=================
21ST CENTURY: Members Resolve to Wind Up Firm
---------------------------------------------
Notice is hereby given that at a meeting of creditors of 21st
Century Entertainment Pty Limited held on Oct. 28, 2005, it was
resolved that the Company be wound up, and Stan Traianedes of
Hall Chadwick Chartered Accountants & Business Advisers, Level
12, 459 Collins Street, Melbourne, was appointed as Liquidator
for the winding up.
Dated this 28th day of October 2005
Stan Traianedes
Liquidator
Hall Chadwick Chartered Accountants & Business Advisers
Level 12, 459 Collins Street
Melbourne Vic 3000
ANZERE PTY: Court Orders Winding Up
-----------------------------------
On Nov. 4, 2005, the Federal Court of Australia, NSW District
Registry ordered the winding up of Anzere Pty Limited, and
appointed Stephen James Parbery to be the Company Liquidator.
Dated this 8th day of November 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
ARCTIC SNOW: Peter Kane Named Official Liquidator
-------------------------------------------------
Notice is hereby given that at a general meeting of the members
of Arctic Snow Pty Limited held on Oct. 28, 2005, it was
resolved that the Company be wound up voluntarily, and that
Peter David Kane of Tax Strategies Pty Limited, Suite 6, "Plaza
Links" Plaza Parade, Maroochydore, Queensland 4558 be appointed
as Liquidator for such purpose.
Dated this 1st day of November 2005
Peter D. Kane
Liquidator
Tax Strategies Pty Limited
Suite 6, Plaza Links Plaza Parade
Maroochydore, Queensland 4558
BAMGILT PTY: Declares Final Dividend
------------------------------------
Bamgilt Pty Limited will declare a first and final dividend to
its unsecured creditors today, Nov. 29, 2005.
Creditors who were not able to prove their debts or claims will
be excluded from the benefit of the dividend.
Dated this 17th day of October 2005
T. J. Clifton
M. C. Hall
Joint Liquidators
PPB Chartered Accountants
10th Floor, 26 Flinders Street
Adelaide SA 5000
Phone: 08 8211 7800
Fax: 08 8211 8922
CSW CONSTRUCTIONS: Winds Up Operations
--------------------------------------
Notice is hereby given that at an extraordinary general meeting
of the members of CSW Constructions (NSW) Pty Limited held on
Oct. 31, 2005, it was resolved that the Company be wound up
voluntarily, and Daniel I. Cvitanovic of Daniel I. Cvitanovic
Chartered Accountant, Level 1, 121-123 Crown Street, Wollongong
NSW 2500 was appointed as Liquidator at a creditors' meeting
held that same day.
Dated this 31st day of October 2005
Daniel I. Cvitanovic
Liquidator
Level 1, 121-123 Crown Street
Wollongong NSW 2500
FELTEX CARPETS: Appoints Peter Thomas New CEO
---------------------------------------------
Floorcovering manufacturer Feltex Carpets Ltd. has appointed
board member and Executive Director Peter Thomas to be its new
chief executive, Reuters reports.
Mr. Thomas has been acting-chief executive officer since August
after the departure of the previous chief executive.
The troubled carpet-maker is in the midst of a restructuring to
cut costs. The company has been discussing a possible link-up
with Australian based rival Godfrey Hirst.
CONTACT:
Feltex Carpets Ltd
Feltex Centre
145 Symonds Street
PO Box 2884
Auckland
Telephone: +64 9 379 1900
Fax: +64 9 379 1911
E-mail: feedback@feltex.com
Web site: http://www.feltex.com/
FRANGIPANI NOMINEES: Liquidator Details Wind Up Manner
------------------------------------------------------
Notice is hereby given that a special general meeting of the
members of Frangipani Nominees Pty Limited will be held on Dec.
6, 2005, 8:30 a.m. at 374 Grieve Road, Rochedale, to present the
Liquidator's account showing the manner in which the winding up
was conducted and the property of the Company disposed of, and
to hear any explanations that may be given by the Liquidator.
Dated this 26th day of October 2005
Christopher R. Patel
Liquidator
Cranstoun & Hussein Chartered Accountants
Level 2, 102 Adelaide Street
Brisbane Qld 4000
H TREVAIL: Members Pass Winding Up Resolution
---------------------------------------------
Notice is hereby given that at a general meeting of the members
of H Trevail & Son Pty Limited held on Oct. 31, 2005, it was
resolved that the Company be wound up voluntarily, and that John
Eric Ellis, Chartered Accountant of Ellis, Norton & Co., 8th
Floor, 60 Pitt Street, Sydney NSW be appointed as Liquidator for
such winding up.
Dated this 2nd day of November 2005
John E. Ellis
Liquidator
Ellis, Norton & Co.
8th Floor, 60 Pitt Street
Sydney NSW
INVESTA COLLINS: Multiplex Acumen Winds Up Trust
------------------------------------------------
The Multiplex Acumen Property Fund (the Fund) announced two
positive impacts for the Fund following unitholder approval to
wind-up of the Investa Collins Property Trust. The sale of the
trust's single asset at 350 Collins St., Melbourne is expected
to settle to settle by Nov. 30, 2005.
Firstly, the Fund received approximately AU$1.03 per unit on its
5.435 million unit investment, an increase of 12% on Collins
Property Trust's NTA at June 30, 2005. This in turn increases
the Fund's un-audited NTA by approximately 0.3%.
Secondly, it is expected that re-investment of the returned
capital will be earnings accretive for the Fund. The Collins
Property Trust was expected to yield 4.0% over 2006. re-
investment of the returned AU$5.6 million in capital is expected
to be re-invested to produce an income return in line with the
Fund's AU$240 million portfolio, which is currently yielding
circa 9.0%.
It is expected that capital will returned to Collins Property
Trust unitholders by Feb. 2006.
CONTACT:
Multiplex Acumen Property Fund
1 Kent Street, Sydney
NSW 2000
Phone: 02 9256 5700
Fax: 02 9256 5001
ISABELLA DESIGN: Court Releases Winding Up Order
------------------------------------------------
On Oct. 28, 2005, the Federal Court of Australia ordered that
Isabella Design Collection Pty Limited be wound up, and
appointed Steven Nicols to be the Company Liquidator.
Steven Nicols
Liquidator
Level 2, 350 Kent Street
Sydney NSW 2000
JAMES HARDIE: Compensation Deal Still Vague After Talks
-------------------------------------------------------
A marathon session of discussions regarding asbestos
compensation agreement between James Hardie and the State
Government showed signs of progress but failed to end the
deadlock between the two parties, Sydney Morning Herald says.
State Government officials were making progress in talks with
James Hardie over compensation for victims of asbestos poisoning
on Sunday, as Friday's deadline for a deal came and went.
Premier Morris Iemma had demanded an agreement by the end of
last week to meet payouts currently estimated at AU$1.7 billion,
which could rise to AU$4.5 billion over the next four decades.
A series of talks continued well until Sunday, with both sides
reporting positive signs. Unless a settlement is reached, the
Premier intends to begin moves in Parliament today that could
force James Hardie to pay up.
Pressure is mounting on the federal Treasurer, Peter Costello,
to let Jamie Hardie write off any compensation payments against
tax. He has refused to do so, pointing out that the company is
no longer Australian, having moved its base to the Netherlands.
NSW is keen to settle the issue by Christmas. The last
legislative window in the parliamentary session closes this
week.
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: ACTU Presses Gov't to Grant Tax Breaks
----------------------------------------------------
The Australian Council of Trade Unions (ACTU) is asking the
Federal Government to give James Hardie Industries tax breaks
for its multi-billion dollar asbestos compensation fund,
according to the Sydney Morning Herald.
ACTU Secretary Greg Combet said the sought-after tax deductions
were the only thing standing between asbestos victims and a
payout.
Federal Treasurer Peter Costello has ruled out giving the
building products company access to tax breaks as a special case
because it was no longer an Australian company.
Mr. Combe recently told ABC television that Mr. Costello would
come under a lot of pressure to change his decision.
But Mr. Combet said he would not be doing the negotiating with
Mr. Costello.
James Hardie, unions, and the NSW Government have been locked in
negotiations for almost a year to reach a final compensation
agreement.
Mr. Combet said that if the NSW legislation went ahead it would
destroy James Hardie's restructuring and hold the directors
responsible for the compensation.
JAMES HARDIE: Union Tells Gov't to Boycott Products
---------------------------------------------------
A major construction union has urged the federal government to
boycott James Hardie Industries products until a compensation
agreement for asbestos victims is reached, according to The Age.
The embattled building products manufacturer has already agreed
to compensate victims, but has taken almost 12 months to sign
off on the deal.
The company spent the weekend in negotiations with the NSW
government after Premier Morris Iemma gave it a deadline to
finalize the package.
Mr. Iemma said legislation guaranteeing compensation for victims
will be introduced to parliament this week, whether an agreement
is reached or not.
LAKEVIEW INVESTMENTS: Intends to Pay Dividend to Creditors
----------------------------------------------------------
Lakeview Investments Pty Limited will declare a final dividend
to its unsecured creditors today, Nov. 29, 2005.
Creditors who were not able to prove their debts or claims will
be excluded from the benefit of the dividend.
Dated this 13th day of October 2005
Schon G. Condon
Liquidator
C/o Jones Condon Chartered Accountants
Phone: 02 9893 9499
LIGHTNING EXPRESS: Decides to Close Business
--------------------------------------------
At separate meetings of the members and creditors of Lightning
Express Transport Services Pty Limited held on Nov. 3, 2005, it
was resolved that the Company be wound up voluntarily, and that
Ozem Kassem of Bentleys MRI Sydney Business Recovery &
Insolvency Partnership, Level 8, Carrington House, 50 Carrington
Street, Sydney NSW, be appointed as Liquidator for the winding
up.
Dated this 4th day of November 2005
Ozem Kassem
Liquidator
Bentleys MRI Sydney Business Recovery & Insolvency Partnership
Level 8, Carrington House
50 Carrington Street, Sydney NSW
MCCONNELL INDUSTRIES: Schedules Final Meeting Dec. 6
----------------------------------------------------
Notice is given that the final meeting of the members and
creditors of McConnell Industries Pty Limited will be held on
Dec. 6, 2005, 10:00 a.m. in the meeting room of SimsPartners,
Level 11, 145 Eagle Street, Brisbane, for the following
purposes:
AGENDA
To consider Liquidators' final account and report, and to give
an explanation thereof;
Any other business.
Dated this 26th day of October 2005
Ray Richards
Liquidator
SimsPartners
Level 11, 145 Eagle Street
Brisbane Qld 4001
Phone: 07 3831 2700
Fax: 07 3831 2799
N. MORIARTY: Declares Dividend Today
------------------------------------
N. Moriarty Proprietary Limited will declare a first and final
dividend today, Nov. 29, 2005.
Creditors who were not able to prove their debts or claims will
be excluded from the benefit of the dividend.
Dated this 25th day of October 2005
Barry K. Taylor
Liquidator
B. K. Taylor & Co.
8/608 St. Kilda Road, Melbourne Vic 3004
NORTH BEACH: To Undergo Voluntary Liquidation
---------------------------------------------
Notice is hereby given that at a creditors' meeting of North
Beach Bistro Pty Limited held on Nov. 11, 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 the winding up.
Dated this 22nd 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
NYLEX LIMITED: Future Cloudy After Asset Sale
---------------------------------------------
Nylex Limited's future earnings are uncertain after shareholders
sold the company's profitable asset, despite having been told
the rest of the group is sick, The Age reports.
Lucrative AH Plant Hire will be sold to a rival controlled by
Nylex shareholder and Seven Network Chairman Kerry Stokes.
Shareholders agreed to sell AH Plant Hire to the Stokes-
controlled National Hire group for AU$111 million, which just
scrapped in at the bottom of the valuation range calculated by
independent expert Ernst & Young Valuation Services.
Nylex directors decided to sell AH Plant Hire after failing to
complete the sale of the group's automotive business, which had
been expected to bring in AU$40 million.
Nylex is operating under the close supervision of a group of
banks, which are keen to end the five-year asset sell-off.
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
PRIMELIFE CORPORATION: Inks First JV Project with B&B
-----------------------------------------------------
Primelife Corporation Limited announced that it had signed a
binding agreement for a 150-unit retirement village and nine-
hole golf course development at Innnes Park, Bundaberg,
Queensland. This project, which will be undertaken on a 50/50
basis, will be the first in Primelife's development joint
venture with Babcock & Brown Limited (B&B).
Mr. Jim Hazel, Primelife Managing Director said, "we are very
pleased to announce such a quality project as our initial
transaction in the Development Joint Venture. This transaction
will allow Primelife to extend its operating platform in
Queensland. The proposed development will involve reconfiguring
the 18 hectare site, currently a public golf course, into a 150-
unit retirement village and a nine-hole gold course,
complemented by extensive community facilities".
"As previously indicated, the Development Joint Venture enhances
our capabilities to identify development opportunities and
allows Primelife to reduce the risks associated with its future
development book."
Rob Topfer, Babcock & Brown Head of Corporate Finance said, "We
are very pleased with the Innes Park announcement as the first,
in what we expect to be, a series of such announcements by the
Development Joint Venture."
The agreement is subject to due diligence and obtaining relevant
planning permits.
CONTACT:
Primelife Corporation Limited
Melbourne
Victoria, Victoria 3000
Australia
Phone: +61 3 9618 5500
Fax: +61 3 9618 5599
Web site: http://www.primelife.com.au/
REDI-PILE SALES: Court Appoints Official Liquidator
---------------------------------------------------
On Nov. 4, 2005, the Federal Court of New South Wales District
Registry ordered that Christopher J. Palmer be appointed as the
Official Liquidator in the winding up of Redi-Pile Sales Pty
Limited.
Dated this 22nd day of November 2005
Christopher J. Palmer
Liquidator
O'Brien Palmer
Level 4, 23-25 Hunter Street
Sydney NSW 2000
RIVERGUM PROPERTIES: Liquidator to Explain Wind Up to Members
-------------------------------------------------------------
Notice is given that a final meeting of the members of Rivergum
Properties Pty Limited will be held on Dec. 6, 2005, 10:00 a.m.
at Level 3, 63 Market Street, Wollongong, to receive the
Liquidator's account showing how the winding up was conducted
and the property of the Company disposed of, and to receive any
explanation of the account.
Dated this 18th day of October 2005
P. J. Fitzgerald
Liquidator
KPMG
Level 3, 63 Market Street
Wollongong NSW 2500
Phone: 02 4229 2633
ROSENDALE PTY: Members Agree to Shut Down Business
--------------------------------------------------
Notice is hereby given that at a general meeting of the members
of Rosendale Pty Limited held on Oct. 29, 2005, it was resolved
that the Company be wound up voluntarily, and that John William
Woods, Chartered Accountant of 30 Davey Street, Hobart, Tasmania
7000 be appointed as Liquidator for such purpose.
Dated this 31st day of October 2005
John W. Woods
Liquidator
Wilson Woods & Partners Chartered Accountant
30 Davey Street, Hobart Tas 7000
Phone: 03 6223 4343
SENNGLADE PTY: Liquidator to Distribute Company Assets
------------------------------------------------------
Notice is hereby given that at a meeting of the members of
Sennglade Pty Limited held on Nov. 8, 2005, a special resolution
was passed that the Company be wound up as a members'
voluntarily 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 10th day of November 2005
John Vouris
Liquidator
Vouris & Bell Chartered Accountants
Level 9, 4 O'Connell Street
Sydney NSW 2000
Phone: 9232 6800
SYDNEY GAS: Securities Placed in Trading Halt
---------------------------------------------
The securities of Sydney Gas Limited (the Company) will be
placed in pre-open at the request of the Company, pending the
release of an announcement by the Company.
Unless the Australian Stock Exchange (ASX) decides otherwise,
the securities will remain in pre-open until the earlier of the
commencement of normal trading on Wednesday, Nov. 30, 2005 or
when the announcement is released to the market.
Security Codes: SGL
SGLG
SGLGA
CONTACT:
Sydney Gas Limited
Level 11, 1 O'Connell Street
Sydney NSW 2000
Australia
Telephone: (61 2) 9253 5555
Facimile: (61 2) 9241 5155
E-mail: office@sydneygas.com
Web site: http://www.sydneygas.com/
TABUTEAU MARINE: Members, Creditors Receive Wind Up Report
----------------------------------------------------------
Notice is given that a final meeting of the members and
creditors of Tabuteau Marine Pty Limited will be held on Dec. 6,
2005, 10:00 a.m. at the office of Gary Anderson, Chartered
Accountant, 12 Prowse Street, West Perth WA 6005, for the
following purposes:
AGENDA
(1) To receive the Liquidator's report on the conduct
of the liquidation.
(2) To receive a statement of the receipts and payments
for the liquidation period.
(3) General business.
Dated this 24th day of October 2005
Gary Anderson
Liquidator
PO Box 1661, West Perth WA 6872
Phone: 08 9486 7822
Fax: 08 9226 4250
Email: garya@iinet.net.au
TELSTRA CORPORATION: Labor Says Sale Banks 'Waste of Money'
-----------------------------------------------------------
Labor expressed its skepticism on the recent appointment of
three investment banks to handle the planned sale of the
Government's share in Telstra Corporation, The Age relates.
Opposition finance spokesman Lindsay Tanner said the decision to
appoint the banks before a timetable for the Telstra sale was a
"waste of money".
Last week, Finance Minister Nick Minchin announced ABN Amro
Rothschild, Goldman Sachs JBWere and BS Australia had been
appointed to co-ordinate the sale. They will share in a AU$12.3
million pay packet for co-coordinating the sale of the
Government's 51.8 percent shareholding in Australia's biggest
telco. The three banks will also be paid hefty commissions to
sell the Government's Telstra shares.
But Mr. Tanner said there was still a huge amount of confusion
about the sale, its timing and the future of shares in the
company.
"The appointment of bankers before the sale timetable is
finalized is a classic case of putting the cart before the
horse," he said.
There were also questions over whether the shares would be put
into the Government's proposed Future Fund.
"The accountability, governance and investment arrangements for
the Future Fund are still a mystery with legislation yet to be
introduced into Parliament," Mr. Tanner said.
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/
WINTER GROUP: Failure to Pay Debt Prompts Winding Up
----------------------------------------------------
Notice is hereby given that at a general meeting of Winter Group
Pty Limited held on Nov. 4, 2005, the following special
resolution was passed:
That by reason of its deficiency in assets to meet its
liabilities, the Company be wound up voluntarily.
G. G. Woodgate
Liquidator
C/o Woodgate & Co.
Phone: 9233 6088
ZENISTER PTY: Creditors Confirm Liquidator's Appointment
--------------------------------------------------------
Notice is hereby given that at a general meeting of the members
of Zenister Pty Limited held on Nov. 7, 2005, it was resolved
that the Company be wound up voluntarily, and that Sule
Arnautovic of Jirsch Sutherland Chartered Accountants be
appointed as Liquidator for such purpose. Creditors confirmed
the Liquidator's appointment at a creditors' meeting held later
that day.
Dated this 7th day of November 2005
Sule Anrautovic
Liquidator
Jirsch Sutherland Chartered Accountants
GPO Box 4256, Sydney NSW 2001
Phone: 02 9233 2111
Fax: 02 9233 2144
==============================
C H I N A & H O N G K O N G
==============================
ASIA ZIRCONIUM: Expects Battery Business to Break Even
------------------------------------------------------
Asia Zirconium expects its loss-making rechargeable battery
business to break even in the second half of 2006, as it
increases sales of military-grade products that yield higher
profit margins, The Standard reports.
Though the market for zirconium- added batteries is smaller,
Company Chairman Yang Ximin said the company would be able to
generate about 30 percent gross profit margins from their sales,
compared to about 15 percent for nickel hydroxide batteries.
"We are more concerned about profitability than volumes," Mr.
Yang said.
The company's battery factory in Nanjing, reported an operating
loss of CNY877,000 in the first half as shipment currently
averages about 30,000 units per day, even though the factory has
a daily capacity of 200,000 units, he added.
CONTACT:
Asia Zirconium Limited
Suite 3509, Lippo Centre
Tower, 89 Queensway
Hong Kong
Telephone 852-2123 9986
Facsimile 852-2530 1699
Web site: www.asiazirconium.com
ASSOCIATE KEY: Prepares to Shut Down Business
---------------------------------------------
Associate Key Development Limited, whose office address is
located at Rm 502 Trend Centre 29-31 Cheung Lee Street Chai 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 14, 2005.
Date of Presentation of Petition: September 5, 2005
Dated this 25th day of November 2005
ET O'Connell
Official Receiver
EICHHORN INVESTMENT: Releases Notice of Intended Dividend
---------------------------------------------------------
Eichhorn Investment Limited issued a notice of intended dividend
in the High Court of the Hong Kong Special Administrative Region
Court of First Instance. The details are as follows:
Name of Liquidator: The Official Receiver
Registered office and Liquidator's Address: 10th Floor,
Queensway Government Offices, 66 Queensway, Hong Kong.
Last Date for Receiving Proofs: December 10, 2005
Dated this 25th day of November 2005
ET O'Connell
Official Receiver & Liquidator
EZCOM ELECTRONICS: Winding Up Hearing Slated for Dec. 7
-------------------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Ezcom Electronics Limited by the High Court of Hong Kong Special
Administrative Region was on October 7, 2005 presented to the
said Court by Famous Way Group Limited whose registered office
is situated at TrustNet Chambers, P. O. Box 3444, Road Town,
Tortola, British Virgin Islands.
The said Petition is directed to be heard before the Court at
9:30 a.m. on December 7, 2005.
Any creditor or contributory of the said company desirous to
support or oppose the making of an order on the said petition
may appear at the time of hearing by himself or his counsel for
that purpose.
A copy of the petition will be furnished to any creditor or
contributory of the said company requiring the same by the
undersigned on payment of the regulated charge for the same.
LOVELLS
Solicitors for the Petitioner
23rd Floor, Cheung Kong Center
2 Queen's Road Central
Central, Hong Kong
Note: Any person who intends to appear at the hearing of the
said petition must serve on or send by post to the abovenamed,
notice in writing of his intention to do so. The Notice must
state the name and address of the person, or if a firm or his or
their Solicitor (if any) and must be served or if posted, must
be sent by post in sufficient time to reach the abovenamed not
later than six o'clock in the afternoon of December 6, 2005.
FRIENDS OF MINE: Winding Up Hearing Set Jan. 11
-----------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Friends of Mine Group Limited by the High Court of Hong Kong
Special Administrative Region was on November 16, 2005 presented
to the said Court by Bank of China (Hong Kong) Limited (the
successor banking corporation to Kincheng Banking Corporation
pursuant to Bank of China (Hong Kong) Limited (Merger) Ordinance
(Cap.1167) whose registered office is situated at 14th Floor,
Bank of China Tower, 1 Garden Road, Hong Kong.
The said Petition is directed to be heard before the Court at
9:30 a.m. on January 11, 2006.
Any creditor or contributory of the said company desirous to
support or oppose the making of an order on the said petition
may appear at the time of hearing by himself or his counsel for
that purpose.
A copy of the petition will be furnished to any creditor or
contributory of the said company requiring the same by the
undersigned on payment of the regulated charge for the same.
TONY KAN & CO.
Solicitors for the Petitioner
Suite 1408, Hang Seng Building
No. 77 Des Voeux Road Central
Central, Hong Kong
Note: Any person who intends to appear at the hearing of the
said petition must serve on or send by post to the abovenamed,
notice in writing of his intention to do so. The Notice must
state the name and address of the person, or if a firm or his or
their Solicitor (if any) and must be served or if posted, must
be sent by post in sufficient time to reach the abovenamed not
later than six o'clock in the afternoon of January 10, 2006.
GEELONG INDUSTRIES: Court Releases Winding Up Order
---------------------------------------------------
Geelong Industries Limited, whose office address is located at
Rm 1505 Flat B 14th Floor Ph 1 Kwai Shing Industrial Building
36-40 Tailin Pai Road Kwai Chung New Territories, issued a
winding up order notice in the High Court of the Hong Kong
Special Administrative Region Court of First Instance on
November 16, 2005.
Date of Presentation of Petition: September 8, 2005
Dated this 25th day of November 2005
ET O'Connell
Official Receiver
GOLDEN CRYSTAL: Court to Hear Receiver's Application Dec. 7
-----------------------------------------------------------
Golden Crystal Development Limited hereby gives notice that an
application by the Official Receiver and Provisional Liquidator
will be heard before Master S. Kwang of the High Court in
Chambers for consideration of the resolutions and determinations
(if any) of the first meeting of creditors and contributories
both held on July 28, 2005 deciding the differences (if any) and
making such order of appointments as the court may think fit.
Date and Time of Hearing: December 7, 2005 (Wednesday) at
14:30 p.m.
Place of hearing: High Court Building, No. 38 Queensway,
Hong Kong
Any creditor or contributory of the Company is entitled to
attend and be heard at the above hearing.
Dated this 25th day of November, 2005.
E. T. O'Connell
Official Receiver & Provisional Liquidator
GUANGDONG DEVELOPMENT: Bank Stake Sale Planned for Next Year
------------------------------------------------------------
The auction of Guangdong Development Bank isn't likely to be
completed until the first quarter of next year as the local
government plans to re-capitalize the State-owned institution
first, Xinhua News reports.
In its plans earlier this year, the Guangdong Provincial
Government was aiming to sell 51 percent to foreign investors.
Former frontrunner for Guangdong Development Bank, DBS Group
Holdings, has pulled out of the bidding because its bid was too
low, leaving three bidders, Citigroup Inc., ABN Amro Holding and
Societe Generale SA to vie for a stake in the bank through joint
ventures with Chinese partners, the report said.
China's regulators have been eager to bring in foreign investors
to allow the Guangdong lender to improve its capital adequacy
ratio.
CONTACT:
Guangdong Development Bank
Building No.40
Shandong Road
Shinan District
Qingdao, PR.
China 266071
PACIFIC (WING HONG) OFFSET: Prepares to Shut Down Business
----------------------------------------------------------
Pacific (Wing Hong) Offset Printing Company Limited, whose
office address is located at 13th Floor Block A Wah Ha Factory
Building 8 Shipyard Lane 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 16,
2005.
Date of Presentation of Petition: September 5, 2005
Dated this 25th day of November 2005
ET O'Connell
Official Receiver
TOPFINE MACHINERY: Creditor's Meeting Set Dec. 8
------------------------------------------------
Topfine Machinery Co. Ltd. issued a notice of first meetings of
creditors and contributories on December 8, 2005 at 3 p.m. and 4
p.m. respectively, at the Official Receiver's Office, 10th
Floor, Queensway Government Offices, 66 Queensway, Hong Kong.
Dated this 25th day of November 2005
ET O'Connell
Official Receiver & Provisional Liquidator
WELLAGE LIMITED: To Undergo Winding Up Process
----------------------------------------------
Wellage Limited, whose office address is located at Flat 1209
12/F Kwai Shu House Lei Muk Shue Est Kwai Chung New Territories,
issued a winding up order notice in the High Court of the Hong
Kong Special Administrative Region Court of First Instance on
November 16, 2005.
Date of Presentation of Petition: September 12, 2005
Dated this 25th day of November 2005
ET O'Connell
Official Receiver
YI ALLIANCE: Court Issues Winding Up Order
------------------------------------------
Yi Alliance Limited, whose office address is located at Rms
1203-8 12th Floor Hang Seng Building 77 Des Voeux Road Central
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 16, 2005.
Date of Presentation of Petition: August 29, 2005
Dated this 25th day of November 2005
ET O'Connell
Official Receiver
=========
I N D I A
=========
INDIAN RAILWAY: 'BB+' Ratings Affirmed With Stable Outlook
-----------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB+' long-term
foreign and local currency issuer credit ratings on Indian
Railway Finance Corp. Ltd. (IRFC). The outlook is stable.
"The ratings reflect IRFC's unique position as the designated
sole agent of India's Ministry of Railways for raising capital
market funds for the acquisition of rolling stock," said
Standard & Poor's credit analyst Agost Benard.
"We believe that the fundamental importance of IRFC's operations
to Indian Railways, and the business and payment links between
the two entities strongly support IRFC's credit quality."
However, extraordinary support for IRFC from the Railway
Ministry, including early payment of lease rentals, requires
parliamentary approval.
This means timeliness in meeting debt-servicing obligations is
not guaranteed.
Nevertheless, IRFC's need for extraordinary support from the
Ministry of Railways is likely to be minimal, given that the
ministry is well informed of IRFC's cash flows and that its
operations are limited to financing the ministry's agencies.
The stable outlook on IRFC's ratings reflects the sovereign
ratings on India (foreign currency BB+/Stable/B, local currency
BB+/Stable/B). In the medium term, the ratings on IRFC are
likely to remain equal with the sovereign, unless its business
changes significantly beyond financing transactions backed by
the Railway Ministry, or if there is a change in the ownership
structure of Indian Railways, and/or IRFC.
=================
I N D O N E S I A
=================
MERPATI NUSANTARA: To Lay Off Idle Workers
------------------------------------------
State owned airline PT Merpati Nusantara is planning to dismiss
workers next year due to poor performance, reports the Jakarta
Post.
According to Minister of State Enterprises Sugiharto, the mass
dismissal was unavoidable, and had already been discussed by the
Company's management and its workers, as well as with the House
of Representatives. The workers and their labor unions were
given detailed reports of their performance, and they
akncnowledge that the Company has been unable to turn around
despite receiving financial aid from the government several
times.
Minister Sugiharto also said that Merpati Nusantara would have
to abide by labor laws in properly compensating the dismissed
workers. He stressed, however, that the government has asked
employers of private firms to seek other alternatives besides
dismissals, due to the negative impact of such actions.
Merpati Nusantara was forced to ground its aircraft after some
routes had proved to be unprofitable.
CONTACT:
Merpati Nusantara Airlines
PO Box 323, Jln. Angkasa
Block 815 Kav 2-3
Jakarta 10720 Indonesia
Phone: +61 (0) 8 8941 1606
Fax: +62 21 654 6789
Web site: http://www.merpati.co.id
NEWMONT MINING: Witness Says Disposal Process Approved
------------------------------------------------------
In an update on a pollution case against the Indonesian unit of
U.S.-based Newmont Mining Corporation, a witness testified in
favor of the Company, the Jakarta Post reports.
According to the witness, the Environmental Impact Analysis
(Amdal) Commission at the Ministry of Mines & Energy approved PT
Newmont Minhasa Raya's installment of an undersea tailings
outlet pipe in Buyat Bay. He added that officials from the
Ministry of Environment were also on the Amdal commission.
Amdal commission chariman Siegried Lesiasals said that the Amdal
commission gathered that it was riskier for the Company to
dispose of its mine waste (tailings) on land rather than to
dispose of them at sea.
A district court had already dismissed the case, saying that it
had no authority and that the matter had to be brought up before
an internatinal arbitration court.
CONTACT:
Newmont Minhasa Raya
C/o Newmont Mining Corp.
1700 Lincoln Street
Denver, Colorado U.S.A 80203
Phone: (303) 863-7414
Web site: http://www.newmont.co.id
PERTAMINA: Allowed to Buy Crude Oil from Local Sources
------------------------------------------------------
State-owned oil and gas firm PT Pertamina can buy crude oil from
local production-sharing contractors at market prices by
December, reports Asia Pulse.
Oil contractors initially hesitated in selling fuel to
Pertamina, as the government-set price is lower than market
prices.
According to Pertamina official Nina Sulistyowati, the Company
would be able to reduce its crude oil imports by 140,000 barrels
per day if it is able to buy crude oil from oil production-
sharing contractors. The Company had imported 400,000 barrels of
crude oil from the Middle East in order to keep up with demand.
CONTACT:
PT Pertamina Tbk
Jalan Merdeka, Timur No. 1 A
Jakarta 10110
Indonesia
Phone: (62)(21) 3815111
Fax: 3846865/ 3843882
Web site: http://www.pertamina.com
PERTAMINA: To Drill Cepu Oil Block Alone Next Year
--------------------------------------------------
State oil firm PT Pertamina will start drilling its oil block
located in the Cepu field next year without its U.S.-based
partner ExxonMobil Corp., Reuters News reports.
Pertamina spokesman Mochamad Harun said that the Company will
start developing its Cepu oil block alone, and will submit a
development to the Downstream Oil Regulatory Agency (BP Migas)
next month.
Pertamina President Widya Purnama said the Company plans to
drill a total of 30 wells in the Cepu oil block by January or
February.
He did not specify, however, if Pertamina would act unilaterally
in the development process. The Company is still deadlocked with
ExxonMobil over the block's operation.
=========
J A P A N
=========
FUJITSU LIMITED: Slaps Chiif With 50% Pay Cut
---------------------------------------------
Fujitsu Limited will slash the pay of its President and several
other executive after problems in its software forced the Tokyo
Stock Exchange to shut down trading earlier on November 1, MSN
Money reports.
The company's board of directors cut President Hiroaki
Kurokawa's salary by 50 percent for six months, and imposed pay
cuts of 10-25 percent on other executives, including those in
charge of its financial information systems business.
CONTACT:
Fujitsu Limited
Shiodome City Center
1-5-2 Higashi-Shimbashi
Minato-ku, Tokyo
Japan, 105-7123
Phone: +81 (0) 3-6252-2176
Fax: +81 (0) 3-6252-2783
Web site: http://www.fujitsu.com
MEIJI YASUDA: New Contracts Fall 25% in H1
------------------------------------------
New contracts at Meiji Yasuda Life Insurance fell 25.6 percent
in the six months to September from the same period last year,
according to Reuters.
The number of surrendered and lapsed contracts dropped 3.1
percent in the first half, the life insurer said in announcing
its earnings for the period.
Meiji Yasuda named new top executives earlier this month after
its President and Chairman quit over its failure to pay $44
million in benefits owed to policyholders.
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 FUSO: Strengthens Ties with DaimlerChrysler
------------------------------------------------------
Mitsubishi Fuso Truck & Bus Corporation will restructure its
domestic operations and strengthen cooperation with its German
parent DaimlerChrysler AG to raise efficiency and reduce costs,
the Mainichi Daily News reports.
The troubled automaker will also transfer its sales financing
functions to DaimlerChrysler's financing unit, DaimlerChrysler
Financial Services, from automaker Mitsubishi Motors Co.
subsidiary Auto Credit-Lease Corporation, the Nihon Keizai said.
Fuso is still dealing with a massive number of recalls. In
September, it said defective vehicles recalled since March last
year topped 2.64 million, affecting 68 percent of Fuso trucks
and buses on the road in Japan, and that repair costs would
reach JPY149 billion.
CONTACT:
Mitsubishi Fuso Truck & Bus Corporation
2-16-4, Kounan, Minato-ku
Tokyo 108-8285, Japan
Web site: http://www.mitsubishi-fuso.com
MITSUBISHI MOTORS: Honors Dealer in Qatar
-----------------------------------------
Qatar Automobiles Company (QAC) has been named as the best
Mitsubishi Motors dealers in the Middle East for its competitive
promotions, advertising campaigns and customer service, Gulf
Times reports.
"QAC has secured this title for the third consecutive year. We
achieved our objective of providing high quality products at
competitive prices to all segments," QAC General Manager Ali
said in a statement.
In 2005, QAC offered the most competitive promotions and the
best advertising campaigns, he added.
CONTACTS:
Mitsubishi Motors Corporation
2-16-4 Konan, Minato-ku
Tokyo 108-8410, Japan
Phone: +81-3-6719-2111
Fax: +81-3-6719-0014
UFJ BANK: S&P Raises OPCO Preferred Securities to 'BBB'
-------------------------------------------------------
Standard & Poor's Ratings Services raised its rating on the
preferred securities issued by Tokai Preferred Capital Co. LLC
to 'BBB' from 'D', and removed the rating from CreditWatch with
positive implications where it was placed on November 9, 2005.
Tokai Preferred is an operating company (OPCO) of UFJ Bank Ltd.
(A/Stable/A-1). At the same time, Standard & Poor's affirmed its
counterparty ratings, bank fundamental strength rating, and bank
survivability assessment on UFJ Bank.
The upgrade reflects the strength of Mitsubishi UFJ Financial
Group (MUFG), the holding company parent of UFJ Bank Ltd. which
announced yesterday that dividend payments on the OPCO preferred
securities would resume on Dec. 30, 2005.
"The upgrade of the OPCO preferred securities also reflects our
assessment that the capitalization of the newly formed Bank of
Tokyo-Mitsubishi UFJ on Jan. 1, 2006, will be sufficient to
ensure future dividend payments," said Standard & Poor's credit
analyst, Ryoji Yoshizawa.
The rating on the securities was placed on CreditWatch with
positive implications, reflecting strengthening prospects that
dividend payments on the securities would resume. The rating on
the securities had been lowered to 'D' on July 1, 2005,
following nonpayment of dividends due on June 30, 2005.
The UFJ Group and Mitsubishi Tokyo Financial Group (MTFG) merged
on October 1, 2005, excluding the commercial bank units UFJ Bank
and Bank of Tokyo-Mitsubishi (BTM). Through the merger, UFJ Bank
became a part of MUFG, the world's largest financial group, with
total assets of JPY197 trillion. UFJ Bank is scheduled to merge
with BTM in January 2006. UFJ Bank's financial standing will
strengthen if the integration proceeds smoothly and the bank is
able to leverage post-merger resources to expand revenue.
CONTACT:
UFJ Bank Limited
6 Raffles Quay
#24-01 John Hancock Tower
Singapore 048580
Telephone, 65384838
=========
K O R E A
=========
LG CARD: Shinhan Shows Interest in Buying Stake
-----------------------------------------------
Shinhan Financial Group will seek for foreign partners to bid
for LG Card Co., Reuters reveals.
Shinhan is willing to spend KRW1.5 trillion of its own money for
the card company. It plans to let the foreign partner that it
is seeking to finance the rest of the deal. LG Card is valued
at KRW5 trillion.
"We plan to bid for LG Card jointly with foreign strategic
investors as we cannot fund such a big deal alone," the Shinhan
spokesman said by telephone. "UBS, our adviser on the deal, is
currently looking for possible overseas partners."
A UBS spokeswoman declined to comment.
With about 10 million cardholders, LG Card's big consumer base
and brand recognition are expected to give its buyer a strong
foothold in South Korea's consumer finance market.
LG Card has shown improvements in business after averting
bankruptcy last year.
Last week JP Morgan was picked as lead manager for the sale.
CONTACT:
LG Card Company Limited
Fax: (02) 3420-7002
E-mail: webmaster@card.lg.co.kr
Web site: http://www.lgcard.com
===============
M A L A Y S I A
===============
ACP INDUSTRIES: Book MYR2,268,000 Profit in 3Q/FY05
---------------------------------------------------
ACP Industries Berhad furnished Bursa Malaysia Securities Berhad
a copy of its Second Quarter 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
80,652 90,502 152,708 159,560
(2) Profit/(loss) before tax
2,633 -1,760 7,422 -4,284
(3) Profit/(loss) after tax and minority interest
2,268 -2,242 6,268 -4,364
(4) Net profit/(loss) for the period
2,268 -2,242 6,268 -4,364
(5) Basic earnings/(loss) per shares (sen)
1.71 -1.67 4.72 -3.27
(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)
2.5400 2.4900
To view a full copy of the financial statement, go to
http://bankrupt.com/misc/ACPIndustriesQuarterlyReport2005.xls
To view a full copy of the notes to FS, go to
http://bankrupt.com/misc/ACPIndustriesQuarterlyNotes2005.doc
CONTACT:
ACP Industries Berhad
18A Jalan 51A/223
46100 Petaling Jaya, Selangor Darul Ehsan 46100
Malaysia
Telephone: +60 3 7956 5186 / +60 3 7958 6130
AFFIN HOLDINGS: Enters Into SSA with MEH
----------------------------------------
Affin Holdings Berhad issued to Bursa Malaysia Securities Berhad
details of the proposed acquisition of the remaining 69,078,947
ordinary shares of MYR1.00 each representing 36.84 percent of
the issued and paid-up share capital in Affin Merchant Bank
Berhad (Affin Merchant) from MISC Enterprises Holdings Sdn Bhd
(MEH) for a cash consideration of MYR169,964,000 (Proposed
Acquisition).
(1) Introduction
The company refers to its announcements dated April 4, 2005 and
November 15, 2005 in relation to the above.
The Board of Directors of AHB (Board) advised that AHB (the
Purchaser), had on November 24, 2005 entered into a conditional
share sale agreement (SSA) with MEH (the Vendor) pursuant to the
Proposed Acquisition.
(2) Details of Proposed Acquisition
(2.1) Particulars
The Proposed Acquisition involves the acquisition by AHB of the
remaining 69,078,947 ordinary shares of RM1.00 each representing
36.84 percent of the issued and fully paid-up share capital in
Affin Merchant (Sale Shares) from MEH for a cash consideration
of MYR169,964,000.
(2.2) Information on Affin Merchant
Affin Merchant was incorporated on October 3, 1970 in Malaysia
as Chartered Merchant Bankers Malaysia Berhad. It changed its
name to Permata Chartered Merchant Bank Berhad in 1982, to
Permata Merchant Bank Berhad in 1989 and to Perwira Affin
Merchant Bank Berhad in 1996. Affin Merchant assumed its present
name since March 1, 2001. The principal activities of Affin
Merchant are merchant banking and related financial services.
The authorized share capital of Affin Merchant is
MYR1,000,000,000 comprising 1,000,000,000 ordinary shares of
MYR1.00 each of which 187,500,000 ordinary shares have been
issued and fully paid-up as at October 31, 2005.
Based on the latest available audited financial statements for
the financial year ended December 31, 2004, the consolidated net
assets value of Affin Merchant was approximately MYR369.065
million and the consolidated profit after tax and zakat of Affin
Merchant was approximately MYR26.821 million.
(2.3) Information on MEH
MEH was incorporated in Malaysia under the Companies Act, 1965
on January 6, 1984 as a private limited liability company. The
principal activity of MEH is investment holding. The subsidiary
companies of MEH are currently dormant.
The authorized share capital of MEH is RM700,000,000 comprising
700,000,000 ordinary shares of MYR1.00 each of which 250,000,000
ordinary shares have been issued and fully paid-up as at October
31, 2005.
For the financial year ended March 31, 2005, MEH registered an
audited profit after taxation of approximately MYR78.378 million
and net assets of approximately MYR434.32 million.
MEH, is a wholly owned subsidiary of MISC Berhad (formerly known
as Malaysia International Shipping Corporation Berhad), a
company incorporated in Malaysia and listed on the Main Board of
Bursa Malaysia Securities Berhad.
The original cost of investment in the Sale Shares by the Vendor
was MYR109,807,498 made on September 1, 1975.
(2.4) Salient terms of SSA
Among the salient terms of the SSA are set out below.
(i) MEH shall sell and AHB shall purchase all the Sale Shares
free from all liens, pledges, charges or encumbrances and
equities whatsoever with all rights attached which are now or
which at any time prior to the Completion Date (as defined
below) may become attached thereto, including but not limited to
any bonus issue, rights issue, dividends and distributions
declared, paid or made thereafter.
(ii) Upon execution of the SSA, AHB shall pay MEH the sum of
MYR16,996,400 being ten per centum (10 percent) of the purchase
price of RM169,964,000 as deposit and part payment (Deposit).
The balance of the purchase price of MYR152,967,600 shall be
paid within fourteen (14) days from the unconditional date,
being the date when the last condition precedent is fulfilled
pursuant to the SSA.
(iii) The agreement is subject to the following conditions
precedent:
(1) The approval of the Foreign Investment Committee ("FIC");
(2) The approval of the Board of MEH and AHB which was obtained
via the resolution dated 5 August 2005 and 4 August 2005
respectively;
(3) The approval of the shareholder(s) of MEH and AHB, if
required; and
(4) The approval of other relevant authority, if any.
(iv) The agreement shall be terminated in the event any of the
conditions precedent is not fulfilled within three (3) months
from the date of the agreement or within such longer period as
the parties may agree, whereupon the Vendor shall refund the
Deposit free of interest and neither party shall have any claim
against the other.
(v) The sale and purchase of the Sale Shares shall be deemed
completed within fourteen (14) days of the date when the last of
the conditions precedent is fulfilled ("Completion Date").
(2.5) Basis of arriving at purchase consideration
The purchase consideration of MYR169,964,000 for the Proposed
Acquisition was arrived at on a willing buyer willing seller
basis, which represents approximately 36.84 percent of one point
twenty-five (1.25) times the audited consolidated net tangible
assets of Affin Merchant as at December 31, 2004 of
MYR369,065,000.
(2.6) Source of funding
The purchase consideration for the Proposed Acquisition would be
funded by AHB from internally generated funds.
(2.7) Assumption of liabilities
Save for the liabilities of Affin Merchant in the ordinary
course of business, there are no liabilities to be assumed by
AHB pursuant to the Proposed Acquisition.
(3) Rationale for proposed acquisition
The Proposed Acquisition would result in Affin Merchant becoming
a wholly owned subsidiary of AHB, hence enhancing the future
earnings of the AHB Group through the contribution from the
investment banking activities of Affin Merchant.
(4) Financial effects of proposed acquisition
(4.1) On share capital and substantial shareholders'
shareholdings
The purchase consideration for the Proposed Acquisition will be
satisfied entirely in cash and will not have any effect on the
issued and paid-up share capital and substantial shareholding
structure of AHB.
(4.2) On earnings
The Proposed Acquisition is not expected to have any material
effect on the earnings of the AHB Group. Barring any unforeseen
circumstances, the Proposed Acquisition is expected to enhance
the future earnings of the AHB Group from the additional
contribution from Affin Merchant.
(4.3) On net assets
The Proposed Acquisition is not expected to have any material
effect on the consolidated net assets of AHB.
(5) Approvals required
The Proposed Acquisition is subject, inter alia to the following
regulatory approvals:
(i) The Minister of Finance which was obtained through the
letter from Bank Negara Malaysia dated November 11, 2005;
(ii) The FIC; and
(iii) Other relevant authorities, if any.
The approval of the shareholders of AHB is not required for the
Proposed Acquisition.
(6) Directors' and substantial shareholders' interests
None of the substantial shareholder or the Directors of AHB or
any persons connected to them have any interest, directly or
indirectly in the Proposed Acquisition.
(7) Prospects and risk factors
(7.1) Prospects of Malaysian economy
The Government's macroeconomic policies in 2005 focus on
sustaining the growth momentum of the economy as well as
improving the nation's capacity to generate growth. During the
course of the year, the economy continues to face greater
external challenges, in particular moderation in global growth,
revival in inflationary pressures as well as rising trends in
tightening of monetary policy, particularly in the United States
(US). There were notable shocks to the world economy when oil
prices rose sharply to almost US$70 per barrel on August 30,
2005, the highest recorded in recent years.
Notwithstanding these developments, the Malaysian economy
remained resilient, growing by 4.9 percent during the first half
of the year. The prospects for the rest of the year will
continue to remain favorable and, therefore, the economy is
expected to register a sustained growth of five percent for the
whole of this year. The growth reflects a more broad based
expansion of the economy, with the impetus to growth originating
from stronger domestic demand, primarily private sector
activities.
The rationalization of banking and financial institutions saw
further efficiency improvements in the banking industry. The
recent entry of foreign players in Islamic banking and increased
foreign equity up to 49 percent in Islamic subsidiaries from 30
percent previously is expected to spur competition and enhance
global financial linkages.
The Government's strategic move in the development of small and
medium enterprises (SMEs) is the establishment of the SME Bank.
An outcome of the merger between Bank Industri & Teknologi
Malaysia Berhad and Bank Pembangunan dan Infrastruktur Malaysia
Berhad, the SME Bank will specialize in providing both financial
and non-financial assistance to SMEs. The new bank will also
function as a one-stop centre to integrate and meet the business
advisory needs of SMEs and continuing education and training
programmes, especially for start-ups. The bank will also promote
the creation of entrepreneurs in new areas, including
commercialization of research and development.
To further promote SMEs to venture abroad and expand their
exports of goods and services, the Export-Import Bank of
Malaysia will be strengthened and also absorb the functions of
Malaysia Export Credit Insurance Berhad. This will enhance the
availability of trade finance and export insurance to further
increase Malaysian exporters' competitiveness in the global
market.
To further widen and deepen the domestic bond market,
supranational agencies such as the International Finance
Corporation, Asian Development Bank and Islamic Development Bank
were allowed to raise Ringgit denominated bonds in the domestic
capital market, including Syariah-compliant issues. A total of
MYR1.7 billion has so far been raised by these agencies. The
successful issuances reflect the confidence of international
institutions in the Malaysian capital market.
In this context, the prospects for the Malaysian economy remains
favorable, supported by both domestic and external demand. The
Government is confident that with the strength of the economy
and its strong fundamentals, Malaysia will achieve a Gross
Domestic Product (GDP) growth of 5.5 percent in 2006.
(Source: Economic Report 2005 / 2006)
(7.2) Industry overview and prospects of banking industry
Affin Merchant is principally involved in merchant banking and
related financial services. As such, the prospects of Affin
Merchant will to a large extent be dependent on the performance
and developments in the banking sector.
Banking system loans and private debt securities outstanding
increased at an annual rate of 9.2 percent at end-September,
while total bank loans outstanding also grew by 9.2 percent on
an annual basis. Financing to the SMEs particularly, continued
to be strong as reflected by the higher annual growth of 9.8
percent in loans outstanding to the SMEs during the month.
Meanwhile, the banking system's net non-performing loan ratio
based on the six (6)-month classification declined further to
4.8percent in September.
The banking system remained strong, with the risk weighted
capital ratio (RWCR) remaining high at 13.3percent and net non-
performing loan (NPL) ratio based on the six (6)-month
classifications declining to 4.8 percent.
Capitalization of the banking system remained at strong levels
with the RWCR and core capital ratio stood at 13.3 percent and
10.6 percent respectively as at end-September 2005. The capital
ratios declined slightly due mainly to an increase in risk-
weighted assets.
The net NPLs ratio based on the six (6)-month classification
continued to decline to 4.8 percent, along with improvement in
the net NPL ratio based on the three (3)-month classification to
6.1 percent. This was attributed largely to write-offs by
several banking institutions.
(Source: http://www.bnm.gov.my,Monetary and Financial
Developments September 2005 Highlights of the Press Release)
(7.3) Risks
Affin Merchant is principally involved in the merchant banking
business and related financial services, which include Islamic
banking business and therefore is subject to risks inherent in
the merchant banking industry. The merchant banking services are
primarily related to the volume of corporate exercises
undertaken by companies such as fund raising, mergers and
acquisitions, restructuring, fund raising through private debt
securities (PDS) issuance, advisory, structuring and execution
of PDS based financing solutions, loan syndication and others.
These activities are very much dependent on the general economic
climate and the performance of the equity and the debt capital
markets.
Principally the risks involved in the merchant banking industry
comprise the following risks, which are not exhaustive:
(i) Credit risk
Credit risk is the risk of financial loss due to defaults by
borrower or counter. Exposure to credit risk arises primarily
from lending activities, investment and trading activities and
from participation in securities settlements and payment
transactions.
(ii) Market risk
Market risk refers to the impact on Affin Merchant's financial
condition resulting from future adverse price or volatility
movements of the assets contained in Affin Merchant's portfolio.
(iii) Liquidity risk
Liquidity risk arises primarily from withdrawals of deposits,
repayments of purchased funds at maturity, extensions of credit
and working capital needs.
(iv) Operational risk
Operational risk relates to the risk involved in the management
of day-to-day operational risk inherent in their respective
business and functional areas.
(8) Statement by directors
The Board, having considered all aspects of the Proposed
Acquisition is of the opinion that the Proposed Acquisition is
in the best interest of the Company.
(9) Departure from Securities Commission's (SC) guidelines
To the best knowledge of the Board, the Proposed Acquisition has
not departed from the SC's Policies and Guidelines on Issue /
Offer of Securities.
(10) Estimated Timeframe for Completion
Barring unforeseen circumstances, the Proposed Acquisition is
expected to be completed by the end of 2005.
(11) Document available for inspection
The SSA dated November 24, 2005 will be made available at the
Company's registered office at 1st Floor, Bangunan LTAT, Jalan
Bukit Bintang, 55100 Kuala Lumpur from Monday to Friday (except
public holiday) during business hours for a period of two (2)
weeks from the date of this announcement.
This announcement is dated 24 November 2005.
CONTACT:
Affin Holdings Berhad
Jalan Bukit Bintang
55100 Kuala Lumpur, Kuala Lumpur 55100
Malaysia
Telephone: +60 3 2142 9569 / +60 2143 1057
AYER HITAM: Unveils Payment Default as of October
-------------------------------------------------
Pursuant to Practice Note No. 1/2001, Ayer Hitam Tin Dredging
Malaysia Berhad (AHTIN) provided Bursa Malaysia Securities
Berhad an update on its default in payments position as at
October 31, 2005 as shown in Table A.
To view a full copy of Table A, go to
http://bankrupt.com/misc/AyerHitamTin112405.pdf
The total default by AHTIN Group in principal sums plus interest
as at October 31, 2005 amounted to MYR39,031,923.03. The default
in payments owing to the lenders are in respect of the term loan
and syndicated term loan as per the Company's announcement made
on August 27, 2004.
Save as disclosed in Table A, there is no material development
which requires an announcement since the previous monthly
announcement on October 25, 2005 with regard to this Practice
Note.
This announcement is dated 25 November 2005.
CONTACT:
Ayer Hitam Tin Dredging Malaysia Berhad
8 Jalan Raja Chulan
50200 Kuala Lumpur, 50200
Malaysia
Telephone: +60 3 2031 9633 /+60 3 2031 6920
BELL & ORDER: Updates Wind Up Petition Status
---------------------------------------------
Bell & Order Berhad (B&O) issued to Bursa Malaysia Securities
Berhad details of the petition on Winding Up Served on Bell &
Order Engineering Pte Ltd (BOE).
Reference is made to B&O's announcement dated November 22, 2005
and the letter from Bursa Malaysia Securities Berhad (Bursa
Securities) to the Company dated November 24, 2005.
B&O revealed the following:
(a) The total cost of investment in BOE by B&O Investment (ie:
shareholding) was SGD1,000,000.00
(b) The expected losses, if any, arising from the aforesaid
petition
There are no additional expected material losses arising from
the petition as the amount claimed had already been taken into
the books of BOE and is recorded as amount owing to other
creditors.
(c) The date of presentation of the winding up petition
The date of presentation of the winding up petition was November
14, 2005.
(d) The interest rate on the amount claimed for
The interest rate on the amount claimed for was not mentioned in
the petition.
(e) The details of the default or circumstances leading to the
filing of the winding up petition
The Petitioners are Directors of BOE who guaranteed a facility
granted by United Overseas Bank (UOB) to BOE. The Petitioners
claim to have paid SGD106,468.24 to UOB to settle the
indebtedness of BOE to UOB.
This announcement is dated 25 November 2005.
CONTACT:
Bell & Order Berhad
28 & 30 Jalan Pjs 11/14
Bandar Sunway
Petaling Jaya 46150
Malaysia
Phone: 03 - 56336966
Fax: 03 - 56345081
BELL & ORDER: Net Loss Narrows in 3Q/FY05
-----------------------------------------
Bell & Order Berhad issued to Bursa Malaysia Securities Berhad a
copy of its Third Quarterly 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
291 750 905 4,347
(2) Profit/(loss) before tax
-2,399 -11,832 -3,999 -13,603
(3) Profit/(loss) after tax and minority interest
-2,399 -11,832 -3,999 -13,603
(4) Net profit/(loss) for the period
-2,399 -11,832 -3,999 -13,603
(5) Basic earnings/(loss) per shares (sen)
-12.50 -61.70 -20.81 -70.90
(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)
-1.8300 -1.6200
Remarks:
(a) On the Unaudited Condensed Consolidated Income Statement,
the EPS should be read as (20.81) instead of (12.50)
(b) Included a sentence, ie: "The Unaudited Condensed
Consolidated Income Statement should be read in conjunction with
the annual financial report for the year ended December 31,
2004" on the Unaudited Condensed Consolidated Income Statement
for the period ended September 30, 2005.
Included a sentence, ie: "The Unaudited Condensed Consolidated
Balance Sheet should be read in conjunction with the annual
financial report for the year ended December 31, 2004" on the
Unaudited Condensed Consolidated Balance Sheet as at November
30, 2005.
Included a sentence, ie: "The Unaudited Condensed Consolidated
Income Statement of Statement of Changes in Equity should be
read in conjunction with the annual financial report for the
year ended December 31, 2004" on the Unaudited Condensed
Consolidated Statement of Changes in Equity for the period ended
September 30, 2005.
Included a sentence, ie: "The Unaudited Condensed Consolidated
Cash Flow Statements should be read in conjunction with the
annual financial report for the year ended December 31, 2004" on
the Unaudited Condensed Consolidated Cash Flow Statements for
the period ended September 30, 2005.
(c) Included the comparison of last year Third quarter onto the
Unaudited Condensed Consolidated Statement of Changes in Equity.
To view a full copy of the financial statement, go to
http://bankrupt.com/misc/Bell&Order3rdQtrResult112405.xls
To view a full copy of the notes to FS, go to
http://bankrupt.com/misc/Bell&Order3rdQtrNotes.pdf
BOUSTEAD HOLDINGS: Gets SC's Nod to Issue Islamic ABS
-----------------------------------------------------
Boustead Holdings Berhad furnished Bursa Malaysia Securities
Berhad details of the MYR742 million Asset Backed Securities
comprising MYR442 million Sukuk Al-Ijarah (Sukuk Al-Ijarah) and
MYR300 million Musyarakah Facility (Musyarakah Facility).
With reference to the announcements dated March 22, 2005, the
Board of Directors of Boustead Holding Berhad, advised Bursa
Malaysia Securities Berhad that the Securities Commission (SC)
had, vide its letter dated October 27, 2005 approved the issue
of MYR442 million nominal value Islamic Asset Backed Securities
(Sukuk Al-Ijarah) by Golden Crop Returns Berhad (GCRB).
The MYR742 million Asset Backed Securities transaction comprises
the following:
- MYR442 million Sukuk Al-Ijarah issue by GCRB; and
- MYR300 million Musyarakah Facility provided to GCRB by Lembaga
Tabung Angkatan Tentera.
The MYR742 million Asset Backed Securities transaction was
successfully completed on November 22, 2005 with the issuance of
the MYR442 million Sukuk Al-Ijarah and drawdown of the MYR300
million Musyarakah Facility.
This successful issue represents the largest plantation asset
backed securitization (ABS) in the Malaysian capital markets
todate and the only off-balance sheet ABS issue backed by
plantation assets.
In addition, this is the first Islamic Facility based on the
Islamic principle of Musyarakah provided for a plantation asset
backed securitization transaction.
It also marks the largest asset backed securitization/capital
market issue todate for the Boustead Holdings Berhad group of
companies.
The Sukuk Al-Ijarah issue and the Musyarakah Facility were
advised by Affin Bank Berhad and Pacific Alliance Capital Sdn
Bhd as Joint Advisers. Affin Bank was the Lead Arranger for the
transaction.
CONTACT:
Boustead Holdings Berhad
18th Floor, Menara Boustead,
69 Jalan Raja Chulan,
50200 Kuala Lumpur
Telephone: 03-2141 9044
Fax: 03-21430075
Web site: http://www.boustead.com.my
CYGAL BERHAD: Court Sanctions Share Exchange
--------------------------------------------
Cygal Berhad issued to Bursa Malaysia Securities Berhad with the
following announcements:
- Share exchange;
- Debt restructuring comprising:
(I) Financial institutions scheme;
(II) Non financial institutions scheme; AND
(III) Part settlement of amount owing to an offshore
financial institution;
- Additional issue to commerce international merchant
Bankers berhad;
- Rights issue of shares together with warrants;
- Acquisition of Property Development Companies; and
- Delisting of Cygal and the listing of a new investment holding
company, Active Accord Sdn Bhd (NEWCO), which will be converted
into a public company, in place of Cygal.
The company refers to the announcements on September 16, 2005
and October 11, 2005.
On behalf of Cygal, the company advised that the High Court of
Malaya has on November 24, 2005 sanctioned the share exchange of
47,778,000 ordinary shares of MYR1.00 each in Cygal (Cygal
Shares) with 35,833,500 new ordinary shares of MYR1.00 each in
Newco (Newco Shares) on the basis of three (3) new Newco Shares
for every four (4) Cygal Shares held, which will be implemented
through a members' scheme of arrangement under Section 176 of
the Companies Act, 1965 to be made between Cygal and its
shareholders (Court Order).
The Court Order shall be lodged with the Companies Commission of
Malaysia once it is sealed and extracted from the High Court of
Malaya at Kuala Lumpur.
This announcement is dated 24 November 2005.
FOUNTAIN VIEW: Unveils Director's Dealing in Securities
-------------------------------------------------------
Fountain View Development Berhad issued to Bursa Malaysia
Securities Berhad a copy of the Notification of intention to
deal in securities by directors during the closed period
pursuant to Paragraph 14.08(a) of the Bursa Malaysia Securities
Berhad (Bursa Securities).
Pursuant to Paragraph 14.08(a) of Bursa Securities Listing
Requirements, Datin Yam Yuet Chew, an Executive Director of FVDB
has notified the Company that she and/or her spouse Dato' Chin
Chan Leong, intends to deal in the securities of FVDB during the
closed period pending the announcement by FVDB of its third
quarterly financial results ended September 30, 2005 and has
requested the Company to notify Bursa Securities accordingly.
As at November 24, 2005, her direct and indirect interest in the
securities of the Company are as follows:
Direct percent Indirect
percent
No. of Ordinary Shares 17,885,900 4.38 7,330,496 1.80
No. of ICULS 80,800 0.22
CONTACT:
Fountain View Development Bhd
Jalan Semangat
46100 Petaling Jaya, Selangor Darul Ehsan
Malaysia
Telephone: +60 3 7960 8822
Fax: +60 3 7960 8812
KEMAYAN CORPORATION: Court Releases Schedule of Petitions
---------------------------------------------------------
Kemayan Corporation Bhd issued an update to the following
petitions.
- Kuala Lumpur High Court Petition No. D4-26-78-2005 Kemayan
Corporation Berhad (KCB Petition)
- Kuala Lumpur High Court Petition No. D6-26-79-2005 Kemayan
Bina Sdn. Bhd. & 18 others (Subsidiaries' Petition)
Further to the announcement dated November 21, 2005, the Board
of Directors of Kemayan Corporation Berhad informed Bursa
Malaysia Securities Berhad (Bursa Securities) that on November
23, 2005 the High Court of Malaya, Kuala Lumpur has fixed the
hearing on November 28, 2005 for the Summons for Directions of
KCB's Petition as mentioned above.
The hearing date for the Subsidiaries' Petition will be
announced to Bursa Securities in due course.
CONTACT:
Kemayan Corp. Berhad
167, Jln Glasiar Taman Tasek
80200 Johor Bahru Johor
Telephone: 07-2362390
Fax: 07-2365307
MAXIS COMMUNICATIONS: Unit Enters Into Loan Agreement with MMT
--------------------------------------------------------------
The Board of Directors of Maxis Communications Berhad advised
Bursa Malaysia Securities Berhad that Advanced Wireless
Technologies Sdn Bhd (AWT), a 75 percent owned subsidiary of
Maxis, has on November 24, 2005 entered into a Shareholders'
Loan Agreement with Multimedia Technologies Sdn Bhd (MMT) for
the acceptance of a loan amounting to MYR24,166,666 from MMT
(the Loan).
The terms of the Loan are, inter-alia, interest rate of 1.0
percent above Malayan Banking Berhad's base lending rate (BLR)
per annum for a term of 5 years commencing from the date of
drawdown of the Loan.
The Loan is made pursuant to the Shareholders' Agreement dated
August 25, 2004 entered into between Maxis, MMT and AWT, wherein
MMT had, inter alia, agreed to make a contribution to AWT in the
form of a shareholder's loan in proportion to the 25 percent
equity interest it holds in the share capital of AWT. The Loan
will be utilized to partially repay shareholder's loan obtained
from Maxis.
The Board of Directors of Maxis is of the opinion that the
acceptance of the Loan is in the best interest of the Company.
This announcement is dated 24 November 2005
CONTACT:
Maxis Communications Bhd
Level 18, Menara Maxis
Kuala Lumpur City Centre
Off Jalan Ampang
50088 Kuala Lumpur
Malaysia
Phone: 03-23307000
Fax: 03-2330059
PAN MALAYSIA: Suffers MYR3,767,000 Net Loss in 3Q/FY05
------------------------------------------------------
Pan Malaysia Holdings Berhad submitted 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 30/09/2005
MYR'000 MYR'000 MYR'000 MYR'000
(1) Revenue
9,118 21,143 23,700 60,811
(2) Profit/(loss) before tax
-3,695 1,757 -11,053 -2,412
(3) Profit/(loss) after tax and minority interest
-3,767 33 -11,182 -3,493
(4) Net profit/(loss) for the period
-3,767 33 -11,182 -3,493
(5) Basic earnings/(loss) per shares (sen)
-0.41 0.00 -1.20 -0.38
(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)
0.1000 0.1200
To view a full copy of the financial statement, go to
http://bankrupt.com/misc/PanMalaysiaHldgSept05112405.xls
CONTACT:
Pan Malaysia Holdings Berhad
Jalan P Ramlee
Kuala Lumpur, 50250
Malaysia
Telephone: +60 3 2031 6722
Fax: +60 3 2031 1299
PAN MALAYSIA: Incurs Net Loss in 3Q/FY05
----------------------------------------
Pan Malaysia Capital Berhad furnished Bursa Malaysia Securities
Berhad a copy of its Third Quarter 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
6,333 11,029 27,990 33,853
(2) Profit/(loss) before tax
-5,533 1,590 -26,772 -272
(3) Profit/(loss) after tax and minority interest
-5,587 -119 -26,898 -2,036
(4) Net profit/(loss) for the period
-5,587 -119 -26,898 -2,036
(5) Basic earnings/(loss) per shares (sen)
-0.69 -0.05 -3.30 -0.80
(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)
-0.0200 0.0100
To view a full copy of the financial statement, go to
http://bankrupt.com/misc/PanMalaysia112705.xls
PAN PACIFIC: Unveils Dates for Renounceable Restricted Issue
------------------------------------------------------------
Pan Pacific Asia Berhad (PPAB) issued to Bursa Malaysia
Securities Berhad the following announcement:
- Acquisition;
- Exemption;
- Scheme of arrangement with creditors;
- Scheme of arrangement with shareholders;
- Restricted Issue;
- Listing Transfer; and
- Disposal/Liquidation
(collectively, the Restructuring Scheme)
Further to the announcement dated November 9, 2005 in relation
to the Restructuring Scheme, Avenue Securities Sdn Bhd on behalf
of PPAB advised the following important dates for the
renounceable restricted issue of 25,000,000 new ordinary shares
of MYR1.00 each in Compugates Holdings Berhad (CHB) (CHB Shares)
to the entitled shareholders of PPAB (Entitled Shareholders) on
the basis of 5.609 new CHB Shares for every one (1) CHB Share to
be received by the Entitled Shareholders pursuant to the Scheme
of Arrangement with Shareholders at an issue price of MYR1.00
per CHB Share payable in full on application (Restricted Issue)
which forms an integral part of the Restructuring Scheme:
Entitlement date November 15, 2005 at 5:00 p.m.
Opening date November 23, 2005
Last day and time for splitting: December 2, 2005 at 5:00 p.m.*
Last day and time for renunciation/acceptance and payment:
December 9, 2005 at 5:00 p.m.*
Last day and time for excess share application and payment:
December 9, 2005 at 5:00 p.m.*
Tentative date for dispatch of notices of allotment: On or
before December 23, 2005
Tentative listing date: December 30, 2005
* The Directors of CHB and the Underwriter may in their absolute
discretion mutually decide to extend the closing date for
renunciation, acceptance and/or excess share application to a
further date or dates. Should the aforesaid closing dates be
extended, the dates for the dispatch of notices of allotment and
listing would also be extended accordingly.
This announcement is dated 22 November 2005.
CONTACT:
Pan Pacific Asia Bhd
5 Jalan SS 21/39 Damansara Uptown
Unit No. 602b Level 6, Tower B, Uptown 5
47400 Petaling Jaya, Selangor Darul Ehsan 47400
Malaysia
Telephone: +60 3 7727 8168 / +60 3 7727 1622
Web site: http://www.dno.no
PUNCAK NIAGA: Buys Back 963,000 Shares
--------------------------------------
Puncak Niaga Holdings Berhad furnished Bursa Malaysia Securities
Berhad a notice of shares buy back with the following details:
Date of buy back from: November 23, 2005
Date of buy back to: November 23, 2005
Total number of shares purchased (units): 963,000
Minimum price paid for each share purchased (MYR): 2.490
Maximum price paid for each share purchased (MYR): 2.500
Total amount paid for shares purchased (MYR): 2,414,746.38
The name of the stock exchange through which the shares were
purchased: Bursa Malaysia
Number of shares purchased retained in treasury (units): 963,000
Total number of shares retained in treasury (units): 3,848,700
Number of shares purchased which were cancelled (units): 0
Total issued capital as diminished: 0
Date lodged with registrar of companies: 24/11/2005
Lodged by: Puncak Niaga Holdings Berhad (416087-U)
CONTACT:
Puncak Niaga Holdings Berhad
Suite 1401-1406, 14th Floor
Plaza See Hoy Chan
Jalan Raja Chulan
50200 Kuala Lumpur
Tel: 03-20318648
Fax: 03-20784386
Web site: http://www.puncakniaga.com.my
SOUTHERN BANK: Holds Share Buy Back
-----------------------------------
Southern Bank Berhad furnished Bursa Malaysia Securities Berhad
a copy of its shares buy back notice with the following details:
Date of buy back from: November 14, 2005
Date of buy back to: November 23, 2005
Total number of shares purchased (units): 2,199,200
Minimum price paid for each share purchased (MYR): 3.900
Maximum price paid for each share purchased (MYR): 4.020
Total amount paid for shares purchased (MYR): 8,727,084.17
The name of the stock exchange through which the shares were
purchased: Bursa Malaysia Securities Berhad
Number of shares purchased retained in treasury (units):
2,199,200
Total number of shares retained in treasury (units): 51,537,200
Number of shares purchased which were cancelled (units): 0
Total issued capital as diminished: 0
Date lodged with registrar of companies: November 25, 2005
Lodged by: Southern Bank Berhad
CONTACT:
Southern Bank Berhad
83 Medan Setia 1 Plaza Damansara Bukit
Damansara, 50490 Kuala Lumpur, Kuala Lumpur 50490
Malaysia
Telephone: +60 3 2087 3000
Fax: +60 3 2093 3157
=====================
P H I L I P P I N E S
=====================
LAFAYETTE MINING: Set to Open RP Base Metals Plant Next Month
-------------------------------------------------------------
Despite its Rapu Rapu gold plant crisis, Lafayette Mining
Limited is poised to commission its Philippine base metals plant
in December, according to The Philippine Star.
However, Lafayette country Manager Rod Watt said the firm will
only open the plant next month if the government approves the
measures the company has taken to ensure there won't be a repeat
of the waste spills at its gold plant in the Rapu-Rapu
polymetallic project site in Albay.
Mr. Watt added that the base metals plant that is projected to
process 10,000 metric tons (MT) of copper concentrates and
14,000 MT of zinc concentrates yearly, is being checked
thoroughly to ensure its preparedness. On the other hand, the
gold plant is projected to produce 50,000 ounces of gold and
600,000 ounces of silver annually during the entire six-year
mine life of Rapu-Rapu.
The gold plant which was due for a decommissioning to pave the
way for the use of the shared crusher by the base metals plant
that will produce copper and zinc, was ordered closed by the
Mines and Geosciences Bureau ahead of the schedule last end
October after about eight cubic meters of mine tailings
containing cyanide spilled from the tailings dam into the creeks
surrounding the Rapu-Rapu gold plant last Oct. 11. The incident
was repeated last Oct. 31 due to heavy rains.
Lafayette is under heavy pressure to take corrective steps
because the entire mining industry is looking at development at
the Rapu-Rapu island.
Being the first foreign-funded mining project in 30 years, the
Rapu-Rapu projects boosts the government's efforts to sustain
the revived interest in the local mining industry.
The Philippine mining sector is getting its second wind after
more than a decade of being in the doldrums.
CONTACT:
Lafayette Mining Limited
Suite 1, Level 5
189 Flinders Lane
Melbourne
Australia VIC 3000
Telephone: +61 (0)3 9654 6044
Facsimile: +61 (0)3 9654 6010
E-mail: info@lafayettemining.com
Web site: http://www.lafayettemining.com
MARIWASA MANUFACTURING: Provides Amended SEC form 17-A
------------------------------------------------------
Mariwasa Manufacturing Inc. (MMI) furnished the Philippine Stock
Exchange (PSE) a copy of its Amended Annual report, using SEC
Form 17-A, for the year ended Dec. 31, 2004.
Attached to the said report is a copy of the Company's reply to
the comments of the Securities and Exchange Commission (SEC).
A copy of MMI's Amended 2004 Annual Report shall be made
available for downloading at
http://bankrupt.com/misc/tcrap_mariwasamanufacturing112805.pdf.
CONTACT:
Mariwasa Manufacturing Inc.
C. Raymundo Avenue
Barrio Rosario, Pasig City
Phone: 628-1986 to 89; 628-3871 to 80
Fax: 625-1985/3991; 628-3991; 628-1983 to 85
E-mail Address: hotline@mariwasa.com
Web site: http://www.mariwasa.com
NATIONAL POWER: YNN Pacific Assures Payment for Masinloc
--------------------------------------------------------
The winning bidder of National Power Corporation's (Napocor)
Masinloc power plant assured the public it will remain committed
to completing its closing deliverables under the acquisition
agreement, The Philippine Star has learned.
The Power Sector Assets and Liabilities Management Corp. (PSALM)
confirmed that the YNN Pacific consortium will deliver the
upfront payment for its acquisition of the 600-megawatt (MW)
Masinloc power facility.
In a letter to PSALM president Nieves L. Osorio, YNN president
Sunny Sun said the consortium is "exerting best efforts to
comply with (its) obligations and conditions for closing in a
timely manner".
Mr. Osorio welcomed the move of YNN group to immediately
acknowledge the receipt of PSALM's notice.
According to Mr. Osorio, PSALM has notified YNN Pacific
Consortium Inc. that the group has completed all conditions
precedent as specified in the asset purchase agreement that the
two parties executed after YNN won the bidding for coal-fired
power plant last year.
In its letter dated Nov. 21, PSALM informed YNN that it has
complied with all the requirements, including securing the
consent of all of National Power Corp.'s creditors for the sale
and transfer of the Masinloc plant. The creditors are the Asian
Development Bank, (ADB) the World Bank and the Japan Bank for
International Cooperation.
YNN consortium is composed of YNN Holdings with Filipino
investors and Great Pacific Financial Group of Australia. The
Australian group will reportedly tie up with a big power firm in
Australia to help in the running of the newly-acquired power
facility.
CONTACT:
National Power Corporation
Quezon Ave., East Triangle, Diliman
Quezon City, Metro Manila, Philippines
Phone: +63-2921-3541
Fax: +63-2921-2468
Web site: http://www.napocor.gov.ph/
NATIONAL POWER: Pulangui Power Plant Gets ISO Certification
-----------------------------------------------------------
National Power Corp.'s (Napocor) Pulangui IV Hydroelectric Power
Plant recently became the first-ever power facility in Mindanao
to get the ISO (International Organization for Standardization)
certification for Integrated Management System (IMS), The
Philippine Star says.
At the same time, Pulangui IV also became the first
hydroelectric power plant of Napocor to bag an IMS
certification, which consists of the ISO 9001:2000 certification
for Quality Management, the ISO 14001:2004 for Environmental
Management, and the OHSAS (Occupational Health and Safety
Assessment Series) 18001:1999.
The triple ISO certification was formally awarded to Pulangui IV
by TUV Phils. Inc., an ISO-certifying agency, in simple rites at
the power plant complex in Maramag, Bukidnon last Nov. 15.
The triple ISO is the latest feather in the cap of the 20-year-
old Pulangui IV, which was Napocor's ISO pilot project in the
Mindanao region.
Among other accomplishments, Pulangui IV had bagged the ISO
9002:1994 in 1997, and had reaped various awards from Napocor in
the areas of safety and good housekeeping, energy conservation,
and plant operations.
The power plant had also been given the Pag-asa Award (Group
Category) by the Civil Service Commission in 2002, and had been
named "Healthy Workplace" by the Department of Health for three
consecutive years.
With the IMS certification, Pulangui IV has become the second
power plant of the Napocor to receive the triple ISO.
Earlier this year, LGPP in Bgy. Kananga, Tongonan in Leyte
became the first government-owned power plant in the country and
the first National Power facility to be conferred the much-
coveted ISO certification for IMS.
PHILIPPINE AIRLINES: To Stay Under SEC's Roof
---------------------------------------------
Philippine Airlines (PAL) is keen on completing its 10-year debt
rehabilitation program ending 2009, amid the aviation
industries' woes caused by soaring fuel prices and the bird flu
scare, The Philippine Daily Inquirer reports.
PAL President Jaime Bautista said the national flag carrier
recently met officials of the Securities and Exchange Commission
to discuss whether or not the company would like to get out of
SEC supervision.
Last year, PAL wanted to cut short the 10-year rehabilitation
period as some of the terms of the program were restricting its
expansion plans.
"We are completing our 10-year rehab. For the meantime, we have
also decided to stay within the SEC protection," Mr. Bautista
said in an interview.
The SEC supervision, he clarified, was different from the
rehabilitation.
Following labor problems and its failure to settle debts, PAL
asked creditors in 1999 to restructure its loans and extend the
maturity by three years. Mr. Bautista said not all lenders
agreed to the extension.
PAL therefore had no choice but to stay under SEC protection.
CONTACT:
Philippine Airlines
Mabuhay Miles Service Center
Ground Floor, Philippine Airlines Center
Legazpi Street, Legaspi Village
Makati City 0750, Philippines
Phone : Manila (632) 817-8000
USA/CANADA 1-800-747-1959
Fax : (632) 818-4921 ; 893-6884
E-mail : mabuhaymiles@pal.com.ph
Web site: www.philippineairlines.com
PHILIPPINE TELEGRAPH: Further Postpones ASM to July 28
------------------------------------------------------
Per Resolution of the Board during its Regular Meeting held on
25 November 2005, the Annual Stockholders' meeting of Philippine
Telegraph and Telephone Corporation (PT&T) scheduled on 6
January 2006 for Fiscal Year ending 2004 and 28 April 2006 for
Fiscal Year 2005 has been reset to 28 July 2006 pending
finalization of the company's audited Financial Statements for
Fiscal year ending 2004 and 2005.
CONTACT:
Philippine Telegraph & Telephone Corporation
106 Carlos Palanca Jr St Legaspi Village
Spirit Of Communication Centre Building
Makati City 1229
Philippines
Phone: +63 2 818 0511
Fax: +63 2 8180511
=================
S I N G A P O R E
=================
BERGERAC PTE: Receiving Claims Until Next Month
-----------------------------------------------
Notice is hereby given that the creditors of Bergerac Pte
Limited, which is being wound up voluntarily, are required on or
before Dec. 27, 2005 to send in their names and addresses and
particulars of their debts or claims, and the names and
addresses of their solicitors (if any) to the Cmopany
Liquidators.
If so required by written notice from the said Liquidators, they
are by their solicitors or personally to come in and prove their
debts or claims at such time and place as shall be specified in
such notice. In default thereof, they will be excluded from the
benefit of any distribution made before such debts are proven.
Dated this 25th day of November 2005
Chee Yoh Chuang
Lim Lee Meng
Liquidators
18 Cross Street
#08-01 Marsh & McLennan Centre
Singapore 048423
CITIRAYA INDUSTRIES: Court Appoints Judicial Manager
----------------------------------------------------
Citiraya Industries Limited announced that the Company's
application seeking the appointment of judicial managers for the
Company was heard at the Singapore High Court on Nov. 25, 2005.
With the approval of the Company's creditors, the Singapore High
Court ordered that the Company be placed in judicial management,
and that Ong Yew Huat and Seshadri Rajagopalan of Ernst & Young
be appointed as Judicial Managers for such purpose.
The winding up petition of creditor DBS Bank against the Company
was withdrawn.
CONTACT:
Citiraya Industries Limited
65 Tech Park Crescent
Singapore 637787
Phone: 65 62644338
Fax: 65 62666731
Web site: http://www.citiraya.com/
KIAN FOO: Creditor Seeks Winding Up
-----------------------------------
Notice is hereby given that United Overseas Bank Limited, a
creditor of Kian Foo Building Contractor Pte Limited, filed a
winding up petition against the Company in the Singapore High
Court on Nov. 11, 2005.
The petition is directed to be heard before the Court sitting at
the Singapore High Court on Dec. 9, 2005, 10:00 a.m.
Any Company creditor or contributory desiring to support or
oppose the making of an order on the 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 copy of the petition by the
undersigned on payment of the regulated charge for the same.
The Petitioner's address is at 80 Raffles Place, UOB Plaza,
Singapore 048624.
The Petitioner's solicitors are Messrs Rajah & Tann of 4 Battery
Road #15-01, Bank of China Building, Singapore 049908.
Dated this 25th day of November 2005
Messrs Rajah & Tann
Solicitors for the Petitioner
Note:
Any person who intends to appear at the hearing of the petition
must serve on or send by post to the Petitioner's solicitors, a
written notice of his intention to do so. The notice must state
the name and address of the person, or if a firm, the name and
address of the firm, and must be signed by the person, firm, or
his or their solicitors (if any) and must be served, or, if
posted, must be sent by post in sufficient time to reach the
Petitioner's solicitors not later than 12:00 p.m. of Dec. 8,
2005 (the day before the day appointed for the hearing of the
petition).
NAM CHUAN: To Hold Creditors' Meeting Dec. 2
--------------------------------------------
Notice is hereby given that a meeting of the creditors of Nam
Chuan Enterprise Pte Limited will be held on Dec. 2, 2005, 3:00
p.m. at 190 Middle Road, #16-03 Fortune Centre, Singapore
188979, for the following purposes:
AGENDA
1. To receive the Liquidator's report on the progress of the
liquidation.
2. To update on the status of the liquidation.
3. Any other matters.
Proxies to be used at the meeting must be lodged with me not
later than 5:00 p.m. of Nov. 30, 2005.
Dated this 21st day of November 2005
Robert Yam Mow Lam
Liquidator
C/o 190 Middle Road
#16-03 Fortune Centre
Singapore 188979
PKA INTERNATIONAL: Court Issues Winding Up Order
------------------------------------------------
In the matter of PKA International Pte Limited, the Singapore
High Court issued a winding up order against the Company on Nov.
11, 2005, with the following details:
Name and Address of Liquidator: The Official Receiver
The URA Centre (East Wing)
45 Maxwell Road #05-11/#06-11
Singapore 069118
(a) All Company creditors should file their proof of debt with
the Liquidator who will be administering all affairs of the
company.
(b) All debts due to the Company should be forwarded to the
Liquidator.
SPEAR, LEEDS & KELLOGG: Asks Creditors to Submit Debt Claims
------------------------------------------------------------
Notice is hereby given that the creditors of Spear, Leeds &
Kellogg (Singapore) Pte Limited, which is being wound up
voluntarily, are required on or before Dec. 27, 2005 to send in
their names and addresses and particulars of their debts or
claims, and the names and addresses of their solicitors (if any)
to the Company Liquidator.
If so required by written notice from the said Liquidator, they
are by their solicitors or personally to come in and prove their
debts or claims at such time and places as shall be specified in
such notice.
In default thereof they will be excluded from the benefit of any
distribution made before such debts are proven.
Dated 25th day of November 2005
Timothy James Reid
Liquidator
50 Raffles Place #16-06
Singapore Land Tower
Singapore 048623
===============
T H A I L A N D
===============
PICNIC CORPORATION: Clarifies Financial Standing
------------------------------------------------
With reference to the news reported about the Company's
financial situation, Picnic Corporation Public Company Limited
clarified to the Stock Exchange of Thailand (SET) about the debt
obligations to the financial institutions as indicated in the
financial statement of the third quarter of 2005:
(1) Short-term loan from financial institutions amounting to
THB4,760 million.
(1.1) Discounted bill of exchange totaling THB2,050 million:
The Company has paid THB1,540 million so that the present
outstanding balance is THB510 million. The Company would
gradually repay all the outstanding balance.
(1.2) Promissory note, aval and check returned totaling THB2,097
million. The Company has paid THB24.65 million since September
30, 2005. The present outstanding balance is THB2,072.35
million. The Company has negotiated to change the terms and
conditions as follow:
(1.2.1) Promissory note for working capital amounting to
THB250 million.
(1.2.2) Promissory notes with 2 financial institutions
amounting to THB153.44 million which will be due in the first
quarter of 2006
(1.2.3) Long-term loan with 3 financial institutions which are
converted from short-term loan totaling THB838.91 million. The
loan will gradually mature in 2010.
(1.2.4) Loans with 2 financial institution totaling THB830
million are being considered by the financial institutions to
convert to long-term loan.
(1.3) Loans of subsidiaries, SCT about USD2.5 million and
World Gas about THB350 million are working capital loan. The
loans have normal status.
(2) Long-term loan from financial institution THB1,613 million
(2.1) Long-term loan totaling THB1,267 million: The Company
is negotiating with the financial institution to adjust
repayment schedule to match the company's cash flow.
(2.2) Promissory note totaling Baht 42 million due in 2007:
The Company anticipates that it will be able to pay when the
note is due.
(2.3) Borrowing by a subsidiary to buy 5 vessels totaling
THB305 million will be due in 2010. The amount due in 2005 is
THB10.43 million. The Subsidiary will use the cash flow from
operation to pay the debt.
Please be informed accordingly
Yours sincerely
Mr. Nattachai Aramrasmewanich
Managing Director
CONTACT:
Picnic Corporation Public Company Limited
805 Srinakarin Road, Suan Luang Bangkok
Telephone: 0-2721-3600-59
Fax: 0-2721-3571
Web site: http://www.picniccorp.com
RS PROMOTION: Amends Exercise Date of ESOP
------------------------------------------
According to the resolutions of the Board of Directors Meeting
of RS Promotion Public Company Limited held on February 28, 2005
and the Annual General Meeting of Shareholders Year 2005 held on
April 20, 2005, the company advised the Stock Exchange of
Thailand (SET) that the meeting approved the issuance of
Warrants issued and offered to the employees of the Company and/
or its subsidiaries (ESOP).
In this regard, the Company reported to the SET the amendment of
the exercise date of the aforementioned Warrants from the
details reported to the Stock Exchange of Thailand together with
the resolutions of the Board of Directors Meeting No. 1/2005 on
February 28, 2005 as following:
Previous
Exercise period:
Each Warrant has the exercise period as followings:
1st Warrant
Each Warrant holder is entitled to exercise the warrants not
more than 25 percent of the total allocated warrants. The first
exercise date is the 25th date of the month next to the month
the SEC grants the approval.
2nd Warrant
Each Warrant holder is entitled to exercise the warrants not
more than 50 percent of the total allocated warrants. The first
exercise date is the 25th date of the 12th month since the
issuing date.
3rd Warrant
Each Warrant holder is entitled to exercise the warrants not
more than 75 percent of the total allocated warrants. The first
exercise date is the 25th date of the 24th month since the
issuing date.
4th Warrant
Each Warrant holder is entitled to exercise total allocated
warrants. The first exercise date is the 25th date of the
36th month since the issuing date.
A Warrant holder is entitled to exercise the right to purchase
ordinary shares on the 25th date of the month on quarterly basis
(every 3 months). The last exercise date is 5 years from the
first exercise date.
Amended
Exercise period:
Each Warrant has the exercise period as followings:
1st Warrant
Each Warrant holder is entitled to exercise the warrants not
more than 25 percent of the total allocated warrants. The first
exercise date is the 25th date of the month next to the month
the Warrants have been issued.
2nd Warrant
Each Warrant holder is entitled to exercise the warrants not
more than 50 percent of the total allocated warrants. The first
exercise date is the 25th date of the 12th month since the
issuing date.
3rd Warrant
Each Warrant holder is entitled to exercise the warrants not
more than 75 percent of the total allocated warrants. The first
exercise date is the 25th date of the 24th month since the
issuing date.
4th Warrant
Each Warrant holder is entitled to exercise total allocated
warrants. The first exercise date is the 25th date of the
36th month since the issuing date.
A Warrant holder is entitled to exercise the right to purchase
ordinary shares on the 25th date of the month on quarterly basis
(every 3 months). The last exercise date is the mature date of
the Warrants.
In addition, the aforementioned amendment of the exercise date
of the Warrants is in compliance with the resolutions of the
Annual General Meeting of Shareholders Year 2005 of which
authorized the Managing Director to have the power to determine
and amend the relevant details of the ESOP project and the
Warrants, provided that such amendment shall not be material in
nature and not contrary to the law.
Please be informed accordingly.
Yours faithfully,
Mr. Surachai Chetchotisak
Chief Executive Officer, Managing Director
CONTACT:
R.S. Promotion Public Company Limited
Chetchotisak Building, 419/1 Ladphrao 15,
Ladphrao Road, Chomphon, Chatuchak Bangkok
Telephone: 0-2511-0555
Fax: 0-2511-2324
Web site: http://www.rs-promotion.com
THAI ENGINE: Net Loss Widens to THB12,211,000 in 2Q/FY05
--------------------------------------------------------
Thai Engine Manufacturing Public Company Limited furnished Bursa
Malaysia Securities Berhad a copy of its Reviewed Quarter 2 and
Consolidated F/S.
Reviewed
Ending June 30
(In thousands)
Quarter 2 For 6 Months
Year 2005 2004 2005 2004
Net profit (loss) (12,211) 44 (180,170) 1,634
EPS (baht) (1.63) 0.01 (24.02) 0.22
Type of report: Unqualified Opinion
Comment: Please see details in financial statements, auditor's
report and remarks from SET SMART.
"The company hereby certifies that the information above is
correct and complete. In addition, the company has already
reported and disseminated its financial statements in full via
the SET Electronic Listed Company Information Disclosure
(ELCID), and has also submitted the original report to the
Securities and Exchange Commission."
CONTACT:
Thai Engine Manufacturing Pcl
Alfa Bldg, Floor 8-12,69/8-12
Vibhavadi Rangsit Road, Phaya Thai Bangkok
Telephone: 0-2644-4151-75
Fax: 0-2644-4181-2
Web site: http://www.thaiengine.com
THAI ENGINE: Registers Change in Directors
------------------------------------------
On September 29, 2005, the Central Bankruptcy Court approved the
appointment of Thai Engine Manufacturing Public Company Limited
as the Plan Administrator and the change of the directors and
the authorized directors of the Company.
Accordingly, the Company informed the Stock Exchange of Thailand
(SET) that the change of directors by adding another two
directors, namely Mr. Teerachai Riensubdee and Mr. Suthisak
Lohsawat and the amendment to the names and numbers of the
authorized directors to be read as "Mr. Suthisak Lohsawat, the
director, signs with the Company's seal being affixed" have
already been registered.
Please be informed accordingly.
Yours faithfully,
Mr. Chakkrit Thanavirun
Assistant-Managing Director
BOND PRICING: For the Week 28 November to 2 December 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 4
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 10
Hudson Timber Products Ltd 7.000% 12/31/10 1
Hutchison Telecoms Australia 5.500% 7/12/07 1
Infrastructure & Utilities NZ Ltd 8.500% 9/15/13 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 10
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 9
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
---------
Indonesia Government Bond 9.500% 6/15/15 75
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
*********
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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