/raid1/www/Hosts/bankrupt/TCRAP_Public/051205.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
A S I A P A C I F I C
Monday, December 5, 2005, Vol. 8, No. 240
Headlines
A U S T R A L I A
3PL SOLUTIONS: Members Agree to Wind Up Firm
A.A.D. INVESTMENTS: Court Appoints Official Liquidator
AINSWORTH GAME: Unveils New Director Nomination
AIR NEW ZEALAND: Union Commences Legal Battle on Outsourcing
AIR PARADISE: Terror Attacks Force Closure
BKM INTERNATIONAL: Declares Dividend Today
CONDER PTY: Court Issues Winding Up
ENTERPRISE CRANE: Liquidator to Detail Wind Up Manner
EVANS & TATE: Investors Want to Hear Former Boss' Apology
FILM INVESTMENTS: Decides to Close Operations
FORTESCUE METALS: Inks State Agreement for Mining
GARDNERS DENVER: Enters Voluntary Liquidation
ION GROUP: Tax-free Deal to Secure Jobs
J&J TRANSPORT: Members Pass Winding Up Resolution
KAMBOS PAINTING: Members, Creditors to Get Liquidator's Report
MATSU PTY: Court Orders Winding Up
MOVIEFINDERS AUSTRALIA: Set to Liquidate Business
MYER LIMITED: David Jones Keeps Strong Interest in Stores
NATIONAL AUSTRALIA: Boss Enjoys a Pay Rise
NEWMAN CARRYING: Court Junks Appeal by Trans Otway
NISH PTY: Liquidator to Distribute Company Assets
NORTHERN AUSTRALIAN: Creditors Opt for Voluntary Liquidation
OUT WEST: Creditors OK Liquidators' Appointment
PREMIER FORGE: Placed Under Voluntary Liquidation
PROFORM FURNITURE: Schedules Final Meeting Dec. 12
ROB REYNOLDS: To Declare Dividend Dec. 6
ROWAN REEVES: Robert K. Hunter Named Company Liquidator
RUGS GALORE: Intends to Pay Dividend to Creditors
TELSTRA CORPORATION: Warns of AU$8-Bln Plunge in Value
WINDSOR CARPORTS: To Hold Final Meeting Dec. 12
C H I N A & H O N G K O N G
AUTO-TECHNIC ENGINEERING: Appoints Official Liquidators
CHINA WORLDBEST: China Chengtong Arranges US$618-Mln Bailout
GEOMAXIMA ENERGY: Notes Increase in Shares Volume
GUANGDONG KELON: Unveils Board Meeting Resolutions
GUANGDONG KELON: Schedules EGM Jan. 20
HEILONGJIANG LONGMEI: Authorities Shut Coal Mine
INTERCHINA HOLDINGS: Notes Unusual Volume Movement
JAPAN LEASING: Sets Agenda for Creditors Meeting
JONESKY DEVELOPMENT: Winding Up Hearing Set Jan. 4
NEW ZEALAND FIRE: Court to Hear Wind Up Petition Dec. 14
O'CLASSIC INTERNATIONAL: Winding Up Hearing Fixed Jan. 4
RIGHT SELECTION: Issues Debt Claim Notice
VICTORY GROUP: General Meeting Fixed Dec. 20
I N D I A
BHARAT PETROLEUM: Aims to Expand Retail Outlets
I N D O N E S I A
NEWMONT MINING: Government Won't Appeal Court Ruling
PERTAMINA: Cuts Industrial Fuel Prices
PERTAMINA: To Form Joint Venture with ExxonMobil on Cepu Block
J A P A N
DAIEI INCORPORATED: Changes Logo, Seeks Fresh Start
KANEBO LIMITED: Holds Final Round of Bidding
KIMURA CONSTRUCTION: Files for Bankruptcy After Building Scam
PIONEER CORPORATION: To Cut 600 Domestic Jobs
MITSUBISHI MOTORS: Gets 'CCC+' Rating on Improving Profitability
MITSUBISHI MOTORS: India Launches Cedia, Montero in Q1/2006
SOFTBANK CORPORATION: To Sell Modem Leasing Business
UBE INDUSTRIES: R&I Affirms BB+ Rating
K O R E A
CITIBANK KOREA: Union Launches Two-Day Strike
M A L A Y S I A
AMTEK HOLDINGS: Suffers MYR1,593,000 Net Loss in 1Q/FY05
BUKIT KATIL: Releases 1Q/FY05 Financial Report
EKRAN BERHAD: Issues Status Report Re Listing Requirements
GOLD BRIDGE: Books MYR3,814,000 Net Loss in 2Q/FY05
GUNUNG CAPITAL: Updates Status of Financial Assistance Rendered
LITYAN HOLDINGS: Awaits Restructuring Scheme Approval
MENANG CORPORATION: Incurs Net Loss in 3Q/FY05
MERCES HOLDINGS: Unveils 3Q/FY05 Financial Report
OLYMPIA INDUSTRIES: Issues Update to Proposals
PILECON ENGINEERING: Sees No Change in Default Status
SBBS CONSORTIUM: Default Status Unchanged
SBBS CONSORTIUM: 3Q/FY05 Net Loss Hits MYR2,814,000
TAP RESOURCES: In Talks with RCSLS Holders over Proposals
TENCO BERHAD: Sees No Change in Default Status
TRU-TECH HOLDINGS: Unveils 3Q/FY05 Financial Report
WAH SEONG: Converts ICULS to Ordinary Shares
P H I L I P P I N E S
KUOK PHILIPPINE: Poised to Offload KPPI Stake
LAFAYETTE MINING: Shelves Local Expansion Plans
MARIWASA MANUFACTURING: Amends Audited Financial Statements
MAYNILAD WATER: CoA Says Rehab Plan Disadvantageous to MWSS
PACIFIC PLANS: Rehab Plan Gets Court's Nod
S I N G A P O R E
CHINA AVIATION (S): Former CEO, CFO to Stand Trial by March 8
CHINA AVIATION (S): Unit's Fuel Tender is Oversubscribed
DIGILAND INTERNATIONAL: Sells Shares in Indonesian Unit
INFORMATICS HOLDINGS: Denies Franchisees' Allegations
L&M GROUP: Appoints Bob Low Siew Sie as Judicial Manager
YUKI FURNITURE: Creditor Seeks Winding Up
T H A I L A N D
BANGKOK STEEL: Court to Hear Petition Dec. 14
THAI HEAT: To Undertake Warrant Exercise
WYNCOAST INDUSTRIAL: Registers Capital Reduction at MoC
- - - - - - - -
=================
A U S T R A L I A
=================
3PL SOLUTIONS: Members Agree to Wind Up Firm
--------------------------------------------
Notice is hereby given that at an extraordinary general meeting
of the members of 3PL Solutions Pty Limited held on Nov. 4,
2005, it was resolved that the Company be wound up voluntarily,
and Messrs Nicholas Martin and Rodney Slattery of PPB Chartered
Accountants, Level 10, 90 Collins Street, Melbourne, Victoria
were appointed as Joint and Several Liquidators at a creditors'
meeting held later that day.
Dated this 7th day of November 2005
Nicholas Martin
Liquidator
PPB Chartered Accountants
Level 10, 90 Collins Street
Melbourne Vic 3000
A.A.D. INVESTMENTS: Court Appoints Official Liquidator
------------------------------------------------------
On Nov. 11, 2005, the Federal Court of Australia, New South
Wales District Registry appointed Mr. Christopher J. Palmer to
be the Liquidator in the winding up of A.A.D. Investments Pty
Limited.
Dated this 22nd day of November 2005
Christopher J. Palmer
Liquidator
O'Brien Palmer
Level 4, 23 Hunter Street
Sydney NSW 2000
AINSWORTH GAME: Unveils New Director Nomination
-----------------------------------------------
Ainsworth Game Technology Limited (AGT) announced that Mr.
Graeme Campbell has been nominated for appointment as an
independent non-executive Director of the Company. The
appointment to the position of Director of the Company is
subject to approval of gaming regulatory authorities.
AGT Executive Chairman Len Ainsworth said, "As foreshadowed at
the Company's recent Annual General Meeting, we are delighted to
announce the nomination of Graeme to join the Board of the
Company."
"Graeme has considerable experience within the gaming industry
and once appointed will further complement and strengthen the
AGT Board," Mr. Ainsworth said.
For the past 18 years, Graeme has specialized in the area of
liquor and hospitality, with particular emphasis on hotels and
registered clubs. Mr. Campbell has over 25 years experience in
corporate consultancy services.
Mr. Campbell was a speaker at the Australasian Gaming
Conferences in 2002 and 2005 and regularly provides updates to
financial institutions in gaming industry developments.
He is also retained by a number of leading industry groups to
advise on strategic matters and by major industry bodies
including Clubs NSW.
CONTACT:
Ainsworth Game Technology Limited
10 Hoker Street
Newington, New South Wales 2127
Australia
Phone: +61 9 7398 000
Fax: +61 9 7379 483
E-mail: sales@a-g-t.com.au
Web site: http://www.ainsowrth.com.au
AIR NEW ZEALAND: Union Commences Legal Battle on Outsourcing
------------------------------------------------------------
Air New Zealand faces a legal battle over its plans to outsource
heavy engineering to an overseas supplier - with the cost of
some 617 New Zealand jobs.
Engineering, Printing and Manufacturing Union national secretary
Andrew Little said that legal action had been filed yesterday in
Auckland after the company rejected the unions' request for
undertakings to allow enough time for appropriate consultation.
"Getting rid of Air New Zealand's heavy engineering capacity is
a huge step - not only for the company, but for the country as
well," he said.
"This is a decision that should not be rushed, and we are asking
the authority to tell Air New Zealand to slow down the decision-
making process."
The action is being taking by the EPMU and the Aviation and
Marine Engineers' Association.
Mr. Little said that the unions were asking the Employment
Relations Authority to stop the 58-day decision-making process
and to order proper consultation over the issues.
CONTACT:
Air New Zealand Limited
Air New Zealand Airpoints Service Centre
Private Bag 4755
Christchurch
New Zealand
Phone: +64 (0)9 488 8777
Fax: +64 (0)9 488 8787
E-mail: enquiry@computershare.co.nz
Web site: http://www.airnz.co.nz/
AIR PARADISE: Terror Attacks Force Closure
------------------------------------------
Recent terrorist attacks involving the aircraft of local airline
Air Paradise have caused the Company to cease its operations,
reports Associated Press.
The airline catered to budget tourists from Australia who wanted
to visit Bali. The resort island was attacked by suicide bombers
who hit three restaurants, killing 20 people including 4
Australians. As a result, foreign direct arrivals into Bali fell
by almost 37%, compared to a year earlier.
Air Paradise shut down on Nov. 23, 2005, which left about 2,000
passengers stranded on the island. They were later able to get
flights on other airlines.
Air Paradise owner Kadek Wiranatha said he could not afford to
keep the airline afloat after the Oct. 1 attacks, which had an
adverse effect on its operations. He apologized to his 35
employees, creditors, and the passengers who were stranded by
his decision, according to Antara News.
The Company has appointed Australian corporate adviser
KordaMentha and claims it cannot discharge creditors' claims as
yet.
CONTACT:
Air Paradise International
Email: inf@airparadise.com.au
Web site: http://www.airparadise.com.au
BKM INTERNATIONAL: Declares Dividend Today
------------------------------------------
BKM International Investments Pty Limited will declare a first
dividend today, Dec. 5, 2005.
Creditors who were not able to prove their debts or claims will
be excluded from the benefit of the dividend.
Dated this 31st day of October 2005
A. M. Sims
Administrator
Sims Partners Chartered Accountants
Level 24, Australia Square
264 George Street, Sydney NSW 2000
CONDER PTY: Court Issues Winding Up
-----------------------------------
On Nov. 4, 2005, the Federal Court of Australia, New South Wales
District Registry ordered the winding up of Conder Pty Limited,
and appointed Mr. Steven Nicols to be the Company Liquidator.
Steven Nicols
Liquidator
Level 2, 350 Kent Street
Sydney NSW 2000
ENTERPRISE CRANE: Liquidator to Detail Wind Up Manner
-----------------------------------------------------
Notice is given that a meeting of the members and creditors of
Enterprise Crane Service Pty Limited will be held on Dec. 12,
2005, 9:00 a.m. at the Conference Room, Worrells, 8th Floor, 102
Adelaide Street, for the following purposes:
AGENDA
(1) To receive the final receipts and payments from the
Liquidator;
(2) To receive formal notice of the end of the administration.
(3) Any other business that may be considered with the
foregoing.
Dated this 9th day of November 2005
Michael Peldan
Liquidator
Worrells Solvency & Forensic Accountants
8th Floor, 102 Adelaide Street
Brisbane Qld 4000
Phone: 07 3225 4385
Fax: 07 3225 4311
Web site: http://www.worrells.net.au/
EVANS & TATE: Investors Want to Hear Former Boss' Apology
---------------------------------------------------------
Stockholders voiced their discontent during last week's Annual
General Meeting (AGM) of struggling wine group Evans & Tate,
according to The West Australian.
The disgruntled investors argued former Evans & Tate Chief
Executive Franklin Tate owes them an apology. They also claimed
Mr. Tate was only re-elected as board member because of his 31-
percent interest in the West Australian winemaker.
Current chief executive, John Hopkins, at one stage suspended
the meeting for 20 minutes to prepare his answers to a number of
shareholder questions.
Mr. Hopkins rejected claims that the board had failed to
properly disclose issues such as bonuses paid to Mr. Tate.
Meanwhile, a planned attempt by West Australian wine sector
identity Mike Calniggia to install an insolvency specialist on
the board did not proceed at the AGM.
CONTACT:
Evans & Tate
54 Salvado Road,
Wembley WA 6014
PO Box 451
Wembley WA 6913
Telephone: (08) 6462 1799
Facsimile: (08) 6462 1798
E-mail: et@evansandtate.com.au
Web site: http://www.evansandtate.com.au/
FILM INVESTMENTS: Decides to Close Operations
---------------------------------------------
Notice is hereby given that at a general meeting of the members
of Film Investments Pty Limited held on Nov. 4, 2005, a Special
Resolution was passed that the Company be wound up voluntarily,
and Mr. John D. Scarfe was appointed as Liquidator for such
purpose.
Dated this 11th day of November 2005
John D. Scarfe
Liquidator
C/o Borough Mazars
Level 6, 77 Castlereagh Street
Sydney NSW 2000
FORTESCUE METALS: Inks State Agreement for Mining
-------------------------------------------------
Fortescue Metals Group Limited advised that the mining State
Agreement between the Fortescue Group and the State of Western
Australia has been signed.
The agreement is titled the Iron Ore (FMG Chichester Pty Ltd)
Agreement and establishes the legislative framework for the
implementation of Fortescue's mining operation. FMG Chichester
is a wholly owned subsidiary of Fortescue and holds the
Chichester Range tenements.
The Agreement covers Fortescue's proposed mining activities
within the Chichester Range deposits and accommodates the
Company's plans for an initial production target of 45 million
tonnes per annum. The Agreement also provides for an expansion
of this production program after consultation and approval from
the relevant Government Minister.
The finalization of the Mining State Agreement follows the prior
signing of the Infrastructure State Agreement and completes the
State Government's requisite legislative process under the State
Agreement route.
The execution of the Agreement represents the culmination of
many months of work and negotiation between various Government
departments and Fortescue. Fortescue would like to thank those
involved from the Department of Industry and Resources and the
State Solicitors Office for their support through the process.
CONTACT:
Fortescue Metals Group Limited
Fortescue House
50 Kings Park Road
WEST PERTH
WESTERN AUSTRALIA WA 6005
Phone: +61 8 9266 0111
Fax: +61 8 9266 0188
E-mail: fmgl@fmgl.com.au
Web site: http://www.fmgl.com.au/
GARDNERS DENVER: Enters Voluntary Liquidation
---------------------------------------------
Notice is hereby given that at a meeting of the members of
Gardners Denver (Aust) Pty Limited held on Nov. 1, 2005, it was
resolved that the Company be wound up voluntarily, and that Mr.
Peter William Marsden and Mr. David John Kerr of RSM Bird
Cameron Partners, Level 12, 60 Castlereagh Street, Sydney NSW be
appointed as joint and several liquidators for the winding up.
Dated this 8th day of November 2005
Peter W. Marsden
Liquidator
C/o RSM Bird Cameron Partners
Level 12, 60 Castlereagh Street
Sydney NSW 2000
Phone: 9233 8933
ION GROUP: Tax-free Deal to Secure Jobs
---------------------------------------
The government will grant tax breaks to the potential buyer of
ION Group's struggling automotive plant to protect the jobs of
its 500 workers, Daily Telegraph reports.
New South Wales Premier Morris Iemma said the government would
act to protect the jobs of the workers at ION Automotive
Industries plant in Albury, which has been in receivership for
12 months.
He said the government would waive business transfer duty as an
incentive to Powertrain Products International, which is
interested, to buy ION and ensure workers kept their jobs.
The ION plant supplies gearboxes to Ford and exports to
SsangYong in Korea.
CONTACT:
McGrathNicol and Partners
Level 9, 10 Shelley Street,
Sydney NSW 2000
Australia
Phone: +61 2 9338 2600
Fax: +61 2 9338 2699
E-mail: cnicol@mcnp.com.au
Web site: http://www.mcgrathnicol.com.au
J&J TRANSPORT: Members Pass Winding Up Resolution
-------------------------------------------------
Notice is hereby given that at an extraordinary general meeting
of the members of J&J Transport & Distribution Pty Limited held
on Nov. 2, 2005, it was resolved that the Company be wound up
voluntarily, and Mr. John Morgan and Mr. David Levi of PKF
Chartered Accountants, Level 10, 1 Margaret Street, Sydney NSW
2000 were appointed as Joint and Several Liquidators for such
purpose.
Dated this 2nd day of November 2005
David Levi
John Morgan
Liquidator
PKF Chartered Accountants
Level 10, 1 Margaret Street
Sydney NSW 2000
KAMBOS PAINTING: Members, Creditors to Get Liquidator's Report
--------------------------------------------------------------
Notice is given that a final meeting of the members and
creditors of Kambos Painting Services Pty Limited will be held
on Dec. 12, 2005 11:00 a.m. at Rodgers Reidy, Level 8, 333
George Street, Sydney.
The purpose of the meeting is:
(a) To receive the Liquidator's account.
(b) A resolution to destroy the Company books & records.
(c) To consider any other business.
Geoffrey Reidy
Liquidator
Rodgers Reidy
Level 8, 333 George Street
Sydney NSW 2000
MATSU PTY: Court Orders Winding Up
----------------------------------
On Nov. 4, 2005, the Federal Court of Australia ordered that
Matsu Pty Limited be wound up, and appointed Mr. Antony de Vries
to be the Company Liquidator.
Dated this 7th day of November 2005
Antony de Vries
Liquidator
de Vries Tayeh
Level 3, 95 Macquarie Street
Parramatta NSW 2125
MOVIEFINDERS AUSTRALIA: Set to Liquidate Business
-------------------------------------------------
Notice is hereby given that at an extraordinary general meeting
of members and creditors of The Moviefinders Australia Pty
Limited held on Nov. 2, 2005, it was resolved that the Company
be wound up voluntarily, and that Mr. Joseph Loebenstein,
Chartered Accountant and Registered Liquidator of Loebenstein
Insolvency Services Pty Limited, 203 Balaclava Road,
Caulfield North, Victoria be appointed as Liquidator for the
winding up.
Dated this 2nd day of November 2005
Joseph Loebenstein
Liquidator
Loebenstein Insolvency Services Pty Limited
203 Balaclava Road, Caulfield North Vic 3161
MYER LIMITED: David Jones Keeps Strong Interest in Stores
---------------------------------------------------------
David Jones (DJ) stressed it is the logical buyer of Myer
Limited's department stores business, if parent Coles Myer
decides to sell, according to Sydney Morning Herald.
David Jones Chairman Robert Savage explained that his company
would most likely want to pursue any purchase of the assets with
parties who have compatible interests.
Mr. Savage told shareholders at the company's annual general
meeting that David Jones is a logical buyer of several Myer
stores since the stores of interest are located in areas which
it does not currently have an existing presence.
Earlier David Jones Chief Executive Mark McInnes said if his
firm fails in his bid for Myer, then he would like to open David
Jones in those areas within five years.
David Jones said it is open to discussing opportunities
regarding the sale of Myer with others who have compatible
interests and where such an arrangement could provide a mutually
beneficial outcome.
CONTACT:
Myer Limited
295 Lonsdale Street
Melbourne Vic 3000
Telephone: (61 3) 9661 1111
Facsimile: (61 3) 9661 3770
Web site: http://www.myer.com.au
NATIONAL AUSTRALIA: Boss Enjoys a Pay Rise
------------------------------------------
The chief executive of National Australia Bank (NAB) had a total
remuneration package of AU$5.9 million in 2004/05, Sydney
Morning Herald says. The amount includes extra payment for
exceeding incentive targets.
John Stewart's fixed cash salary of AU$2.09 million was boosted
by short-term incentive payments of AU$2.81 million in shares
and cash made after targets were exceeded by 25 percent. Last
year, Mr. Stewart's short-term incentives payment was AU$1.45
million.
The bank's annual report showed that the total remuneration
package for Ahmed Fahour, the chief executive for NAB's
Australian operations, was on par with Mr. Stewart at AU$5.9
million.
But the payments made to Mr. Fahour when he joined the bank on
Oct. 7, 2004, were represented in the report as his 2004
remuneration totaled AU$10.36 million.
Meanwhile, Mr. Stewart said 2004/05 had been an important year
for the bank, with net profit rising 30.1 percent to AU$4.132
billion.
He said the changes the bank had made and its focus on risk
management and culture change meant it was now, "on a path for
sustainable long-term growth in shareholder value".
CONTACT:
National Australia Bank Ltd.
Level 24, 500 Bourke Street,
Melbourne, Victoria, Australia, 3000
Head Office Telephone: (03) 8641-4160
Head Office Fax: (03) 8641-4927
Web site: http://www.national.com
NEWMAN CARRYING: Court Junks Appeal by Trans Otway
--------------------------------------------------
The Supreme Court has dismissed an appeal by Trans Otway Ltd
against lower court judgments holding that it received an
advantage over other creditors of an insolvent company, Newman
Carrying Ltd, when shortly before Newman's liquidation it bought
assets from Newman and arranged that part of the price would be
off-set against an unsecured debt already owing to it by Newman.
That arrangement enabled it to receive payment of its debt in
priority to other creditors and was a voidable preference, which
could be set aside under the Companies Act 1993.
The Supreme Court has held that Trans Otway was advantaged
because it would not have been entitled to claim a set-off in
the liquidation because it could not show that at the time of
the purchase of the assets it did not have good reason to
suspect that Newman was insolvent.
This summary is provided to assist in the understanding of the
Court's judgment. It does not comprise part of the reasons for
that judgment. The full judgment with reasons is the only
authoritative document. The full text of the judgment and
reasons can be found at
http://bankrupt.com/misc/tcrap_newmancarrying120205.pdf.
CONTACT:
Supreme Court of New Zealand
PO Box 61, Wellington
New Zealand
Phone: 64 4 918 8222
Fax: 64 4 914 3560
Web site: http://www.courts.govt.nz
NISH PTY: Liquidator to Distribute Company Assets
-------------------------------------------------
At a general meeting of Nish Pty Limited held on Nov. 14, 2005,
the following Special Resolutions were passed:
(1) That the Company be wound up voluntarily, and that Mr. Mark
Thomson of Lockwood Partners Pty Limited, 12 Percy Street,
Echuca, Victoria be appointed as Liquidator for the winding up.
(2) That the Liquidator is hereby authorized to distribute (in
specie) such assets of the Company as he may deem fit.
(3) That the Liquidator be authorized to exercise any powers
given by paragraphs 477(1) and (2) of the Act to a Liquidator in
a winding up by the court.
Dated this 14th day of November 2005
Mark A. Thomson
Liquidator
12 Percy Street, Echuca Vic 3564
NORTHERN AUSTRALIAN: Creditors Opt for Voluntary Liquidation
------------------------------------------------------------
Notice is hereby given that at a meeting of creditors of
Northern Australian Livestock Pty Limited held on Nov. 8, 2005,
it was resolved that the Company be wound up voluntarily and
that Mr. Robert P. Whitehouse of Wise Lord & Ferguson Chartered
Accountants be appointed as Liquidator for such purpose.
Dated this 8th day of November 2005
Robert P. Whitehouse
Liquidator
Wise Lord & Ferguson Chartered Accountants
160 Collins Street, Hobart Tas 7000
Phone: 03 6223 6155
OUT WEST: Creditors OK Liquidators' Appointment
-----------------------------------------------
Notice is hereby given that at a general meeting of the members
of Out West Mechanical Repairs Pty Limited held on Nov. 4, 2005,
a Special Resolution was passed to voluntarily wind up the
Company, and Mr. P. Ngan and Mr. G. Parker were appointed as
Joint and Several Liquidators.
Creditors confirmed the Liquidators' appointment at a creditors'
meeting held later that day.
Dated this 10th day of November 2005
P. Ngan
G. Parker
Joint Liquidators
Ngan & Co. Chartered Accountants
Level 5, 49 Market Street
Sydney NSW 2000
PREMIER FORGE: Placed Under Voluntary Liquidation
-------------------------------------------------
Notice is hereby given that at a meeting of the members and
creditors of Premier Forge Pty Limited held on Nov. 3, 2005, it
was agreed by Special Resolution that the Company be wound up
voluntarily as a creditors' voluntary winding up, and that Mr.
Russell Graeme Peake & Mr. Geoffrey Charles Ridgeway, Chartered
Accountants and Registered Liquidators of Jenkins Peake & Co.,
1st Floor, Lexen Building, 200 Malop Street, Geelong, 3220, be
appointed as Joint and Several Liquidators for the winding up.
Dated this 7th day of November 2005
Russell Peake
Geoffrey Ridgeway
Liquidators
Jenkins Peake & Co.
PO Box 1570, Geelong 3220
Phone: 03 5223 1000
Fax: 03 5221 4938
PROFORM FURNITURE: Schedules Final Meeting Dec. 12
--------------------------------------------------
Notice is hereby given a final general meeting of shareholders
of Proform Furniture Pty Limited will be held on Dec. 12, 2005,
10:00 a.m. at the offices of Borough Mazars, Level 6, 77
Castlereagh Street, Sydney NSW 2000, to present the Liquidator's
account showing how 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 and to
determine the manner in which the books, accounts and documents
of the company and of the Liquidator thereof shall be disposed
of.
Dated this 31st day of October 2005
Alan Kenneth Moffat
Liquidator
C/o Borough Mazars
Level 6, 77 Castlereagh Street
Sydney NSW 2000
ROB REYNOLDS: To Declare Dividend Dec. 6
----------------------------------------
Rob Reynolds Investments Pty Limited will declare a dividend on
Dec. 6, 2005.
Dated this 4th day of November 2005
Susan Carter
Liquidator
Downie Insolvency
Level 6, 50 Cavill Avenue
Surfers Paradise Qld
Web site: http://www.downieinsolvency.com.au/
ROWAN REEVES: Robert K. Hunter Named Company Liquidator
-------------------------------------------------------
Notice is hereby given that at a general meeting of the members
of Rowan Reeves Pty Limited held on Nov. 7, 2005, it was
resolved that the Company be wound up voluntarily, and that Mr.
Robert Keith Hunter of Ure Lynam & Co. Chartered Accountants,
17th Floor, 1 York Street, Sydney NSW 2000 be appointed as
Liquidator for such winding up.
Dated this 7th day of November 2005
Robert K. Hunter
Ure Lynam & Co.
17th Floor, 1 York Street
Sydney NSW 2000
RUGS GALORE: Intends to Pay Dividend to Creditors
-------------------------------------------------
Rugs Galore Pty Limited will declare a first and final dividend
on Dec. 6, 2005.
Creditors who were not able to prove their debts or claims will
be excluded from the benefit of the dividend.
Dated this 20th day of October 2005
David J. Lofthouse
Liquidator
CJL Partners
Level 3, 180 Flinders Lane
Melbourne Vic 3000
Phone: 9639 4779
Fax: 9639 4773
TELSTRA CORPORATION: Warns of AU$8-Bln Plunge in Value
------------------------------------------------------
Senior executives of Telstra Corporation warned that the telco's
decline will drop by almost AU$8 billion over 10 years if the
pricing scheme favored by the Australian Competition and
Consumer Commission (ACCC) and Communications Minister Helen
Coonan is imposed, The Age reveals.
Telstra Chief Financial Officer (CFO) John Stanhope said the
proposed pricing scheme would have a further impact on the
telco's already dwindling share price.
In a long and detailed presentation to industry analysts in
Sydney, Mr. Stanhope detailed a dire scenario and pushed the
case for reform of the regulatory regime under which Telstra
operated.
Senior executives claimed that "onerous, outdated and intrusive"
regulations cloud the company's future.
Telstra warned it will not build a new-generation network if it
does not get the regime it says it needs. Instead, it would
concentrate on developing wireless networks, including the high-
speed third-generation mobile network announced earlier this
month.
If, as analysts expect, the ACCC and Senator Coonan slashes the
ULL or copper network access price, Telstra would not give up.
It even threatened the campaign could go on for years.
Telstra executives offered no direct criticism of the ACCC or
Senator Coonan. Telstra had had "some very focused discussions"
with Senator Coonan on "her preparedness to intervene" with the
ACCC on ULL pricing, said Telstra's principal government
negotiator, Kate McKenzie.
"We are looking for a decision before the end of the year."
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/
WINDSOR CARPORTS: To Hold Final Meeting Dec. 12
-----------------------------------------------
Notice is given that a final meeting of the members and
creditors of Windsor Carports and Patio Covers Pty Limited will
be held on Dec. 12, 2005, 10:30, a.m. at Rodgers Reidy, Level 8,
333 George Street, Sydney, for the following purposes:
(a) To receive the Liquidator's account.
(b) A resolution to destroy the Company books & records.
(c) To consider any other business.
Robert Moodie
Liquidator
Rodgers Reidy
Level 8, 333 George Street
Sydney NSW 2000
==============================
C H I N A & H O N G K O N G
==============================
AUTO-TECHNIC ENGINEERING: Appoints Official Liquidators
-------------------------------------------------------
By orders of the High Court of the Hong Kong Special
Administrative Region dated the 18th day of November 2005,
Stephen Briscoe and Cosimo Borrelli of 5th Floor, Allied Kajima
Building, 138 Gloucester Road, Wanchai, Hong Kong have been
appointed as Joint and Several Liquidators of Auto-Technic
Engineering Company Limited (In Compulsory Liquidation) with no
Committee of Inspection.
Dated this 2nd day of December 2005.
STEPHEN BRISCOE
COSIMO BORRELLI
Joint and Several Liquidators
Presented by: Alvarez & Marsal Asia Limited
CHINA WORLDBEST: China Chengtong Arranges US$618-Mln Bailout
------------------------------------------------------------
State-owned assets management firm China Chengtong Group has
arranged a CNY5 billion (HK$4.8 billion) bailout for China
Worldbest Group, The Associated Press reports.
The funds from Chengtong will be used to help reduce the
company's loans totaling CNY25 billion.
Worldbest, set up in 1992, is a conglomerate of drug makers and
textile companies formed through about 90 mergers of smaller
state enterprises. It has 60,000 employees and reported assets
of CNY57 billion last year.
The report did not explain why China Worldbest was having
trouble repaying its loans.
CONTACT:
China Worldbest Group Co. Ltd.
Shanghai Zhongshan
North Road 1958th
China 200063
Telephone: 62031188
GEOMAXIMA ENERGY: Notes Increase in Shares Volume
-------------------------------------------------
The Stock Exchange has received a message from GeoMaxima Energy
Holdings Limited (0702), which is reproduced as follows:
"This statement is made at the request of The Stock Exchange of
Hong Kong Limited.
The company has noted the increase in price and increases of
trading volume of the shares of GeoMaxima Energy Holdings
Limited on December 1, 2005 and wishes to state that it is not
aware of any reasons for such movement.
The company also confirm that there are no negotiations or
agreements relating to intended acquisitions or realizations
which are discloseable under Rule 13.23, neither is the Board
aware of any matter discloseable under the general obligation
imposed by Rule 13.09, which is or may be of a price-sensitive
nature.
According to Chong Hing Securities, the company has current
assets of HK$84.57 million in the year ended December 31, 2004,
while current liabilities stood at HK$141.91 million.
CONTACT:
Geomaxima Energy Holdings Limited
1 Harbour Road Wanchai
15A Two Chinachem Plaza
Wanchai
HONG KONG
Phone: +852 2571 8028
Fax: +852 2512 8327
GUANGDONG KELON: Unveils Board Meeting Resolutions
--------------------------------------------------
The board of directors of Guangdong Kelon Electrical Holdings
Company Limited held a board meeting on December 1, 2005,
Thursday at the conference room of the Company's head office
located at Shunde District, Foshan City, Guangdong Province, the
People's Republic of China (the PRC) and a notice of the Board
Meeting was despatched to all directors of the Company by mail
and by fax on November 20, 2005.
Out of the nine Directors, six Directors, namely Executive
Directors Mr. Liu Cong Meng, Mr. Li Zhen Hua and Mr. Fang Zhi
Guo and independent non-executive directors Mr. Li Kung Man, Mr.
Xu Xiao Lu and Mr. Chan Pei Cheong, Andy attended the Board
Meeting in person. The Board Meeting was presided by Vice
Chairman Mr. Liu Cong Meng and was convened in accordance with
the Company Law of the PRC and the articles of association of
the Company. The Directors passed the following resolutions
after careful consideration:
1. As Mr. Gu Chu Jun, Mr. Yan You Song and Mr. Zhang Hong, the
executive directors of the Company, cannot properly fulfill
their duties as executive directors of the Company, the proposed
resolutions of the First 2006 Extraordinary General Meeting of
the Company to be held on January 20,2006 (the EGM) for the
removal of such persons as executive directors of the Company
was considered and approved.
2. The formal appointment of KPMG to carry out an investigation
on material cash flows of the Company and its subsidiaries
incurred between October 1, 2001 and July 31, 2005 was
considered and approved.
3. The "Notice of the First 2006 Extraordinary General Meeting"
was considered and approved. The Notice will be published
separately.
This announcement is made by the order of the Board.
At the request of the Company, trading in H Shares of the
Company was suspended with effect from 10:00 a.m. on June 16,
2005 pending the release of an announcement in relation to price
sensitive information. Subject to the publication of a further
announcement in relation to, amongst others, the financial,
production and trading position of the Group, trading in H
shares of the Company will remain suspended until further
notice.
By order of the Board of
Guangdong Kelon Electrical Holdings Company Limited
Liu Cong Meng
Vice Chairman
CONTACT:
Guangdong Kelon Electrical Holdings Co Ltd
12 Qiaodong Road
Ronggui District, Shunde
Guangdong, China
Phone: (86 757) 28361159 (86 757) 28261545
Fax: (86 757) 28361060
GUANGDONG KELON: Schedules EGM Jan. 20
--------------------------------------
Notice is hereby given that the extraordinary general meeting
(the EGM) of Guangdong Kelon Electrical Holdings Company Limited
will be held at the conference room of the Company's head
office, Shunde District, Foshan City, Guangdong Province, the
People's Republic of China (the PRC) on January 20, 2006 at
10:30 a.m. to review and, if appropriate, pass the following
resolutions as ordinary resolutions:
1. (a) To remove Mr. Gu Chu Jun as an executive director of the
Company; (b) To remove Mr. Yan You Song as an executive director
of the Company; (c) To remove Mr. Zhang Hong as an executive
director of the Company; and (d) To approve and pass, in general
and unconditionally, the Sales Agency Agreement (as defined in
the circular regarding the continuing connected transaction
dated November 29, 2005 (the Circular)), the Supplemental
Agreement (as defined in the Circular) and the Continuing
Connected Transaction (as defined in the Circular) (including
the fixing of the Cap in relation to the Continuing Connected
Transaction for the period from September 16, 2005 to March 31,
2006 as disclosed in the Circular) contemplated under the Sales
Agency Agreement and the Supplemental Agreement and to approve,
ratify and confirm that any executive directors of the Company
is authorized to take all actions and carry out execution of all
documents in accordance with his personal opinions under
necessary, required and appropriate conditions, in order to
implement and validate anything related to the Sales Agency
Agreement and the Supplemental Agreement.
By order of the Board of
Guangdong Kelon Electrical Holdings Company Limited
Liu Cong Meng
Vice Chairman
Foshan City, Guangdong, the PRC, 1 December 2005
1. The register of members of the Company will be closed from
December 21, 2005 to January 20, 2006, both days inclusive,
during which period no share transfers will be registered. To
qualify for attendance at the extraordinary general meeting, all
transfers accompanied by the relevant share certificates must be
lodged with the Company's Branch Share Registrar in Hong Kong,
Hong Kong Registrars Limited of Rooms 1712-1716, 17/F Hopewell
Centre, 183 Queen's Road East, Wanchai, Hong Kong, no later than
4 p.m. on December 20, 2005 for registration.
2. Shareholders intending to attend the extraordinary general
meeting shall return to the Company the reply slip, which shall
be lodged at the registered office of the Company on or before 4
p.m. on December 20, 2005.
3. Shareholders entitled to attend and vote at the extraordinary
general meeting are entitled to appoint one or more persons
(whether or not a shareholder of the Company) as their proxy to
attend and vote on behalf of themselves.
4. In order to be valid, the form of proxy, together with a duly
notarized power of attorney or other document of authority, if
any, under which the form is signed must be deposited at the
registered office of the Company not later than 24 hours before
the time for holding the extraordinary general meeting.
5. The registered address of the Company is: No. 8 Ronggang
Road, Ronggui Street, Shunde District, Foshan City, Guangdong
Province.
Postal code: 528303
Phone: (86) 757 28362570
Contact person: Li Lin, Lv Yan Song
As at the date of this announcement, the Company's executive
directors are Mr. Gu Chu Jun, Mr. Liu Cong Meng, Mr. Li Zhen
Hua, Mr. Yan You Song, Mr. Zhang Hong and Mr. Fang Zhi Guo; and
the independent non-executive directors are Mr. Chan Pei Cheong,
Andy, Mr. Li Kung Man and Mr. Xu Xiao Lu.
As disclosed in the Company's previous announcements, Mr. Gu,
Mr. Yan and Mr. Zhang Hong had been formally arrested by the
Foshan City Police. None of them can be contacted as at the date
hereof. As such, Mr. Gu, Mr. Yan and Mr. Zhang Hong do not
accept responsibility for the contents of this announcement.
HEILONGJIANG LONGMEI: Authorities Shut Coal Mine
------------------------------------------------
Chinese authorities closed down a state-owned colliery in
northeast China and detained top officials after 164 miners died
in an explosion, according to Reuters.
The coal mine was run by a branch of the Heilongjiang Longmei
Mining (Group) Co. Ltd., a conglomerate of four major coal firms
in northeastern Heilongjiang province.
Heilongjiang and the party Chief of the coal mine were removed
from posts and detained by police for investigation. The General
Manager of Longmei Group's Qitaihe branch was also dismissed.
INTERCHINA HOLDINGS: Notes Unusual Volume Movement
--------------------------------------------------
The Stock Exchange has received a message from Interchina
Holdings Company Limited, which is reproduced as follows:
"This statement is made at the request of The Stock Exchange of
Hong Kong Limited.
The company has noted the recent increase in trading volume of
the shares of the Company.
Save for the matters and circumstances more particularly
disclosed in the items (i) to (iii) and (v) of the announcement
of the Company dated July 11, 2005 and the announcement of the
Company dated October 14, 2005, the company is not aware of any
reason for such increase in trading volume of the shares of the
Company and confirm that there are no other negotiations or
agreements relating to intended acquisitions or realizations
which are discloseable under rule 13.23, neither is the Board
aware of any matter discloseable under the general obligation
imposed by rule 13.09, which is or may be of a price-sensitive
nature.
Made by the order of Interchina Holdings Company Limited the
Board of directors of which individually and jointly accept
responsibility for the accuracy of this statement.
As at the date of this statement, the Executive Directors are
Mr. Zhang Yang, Mr. Chan Wing Yuen, Hubert and Mr. Lam Cheung
Shing, Richard, the non-executive Directors are Mr. Hui Ho Ming,
Herbert, J.P. and the independent non-executive Directors are
Mr. Lee Peng Fei, Allen, J.P., Mr. Wu Wai Chung, Michael, Mr.
Wong Hon Sum and Ms. Ha Ping.
Hong Kong, this 1st day of December, 2005
Lam Cheung Shing, Richard"
CONTACT:
Interchina Holdings Company Limited
16 Harcourt Road Admiralty
Admiralty,
Hong Kong
Phone: +852 2528 9910
Fax: +852 2528 9737
JAPAN LEASING: Sets Agenda for Creditors Meeting
------------------------------------------------
Notice is hereby given that, that a meeting of the creditors of
Japan Leasing (Hong Kong) Limited (In Creditors' Voluntary
Liquidation) will be held at 27th Floor, Alexandra House, 18
Chater Road, Central, Hong Kong on the 16th day of December,
2005 at 12 o'clock noon.
Agenda:
An annual Meeting of Creditors called pursuant to Section 247 of
the Companies Ordinance for the purpose of laying before it an
account the liquidators' acts and dealings and of the conduct of
the winding up during the proceeding year.
Proxies used at the meeting must be lodged at 8/F., Prince's
Building, 10 Chater Road, Central, Hong Kong not later than 4:00
p.m. on December 15, 2005.
Dated this 2nd day of December 2005
GABRIEL CK TAM
Joint and Several Liquidator
JONESKY DEVELOPMENT: Winding Up Hearing Set Jan. 4
--------------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Jonesky Development Limited by the High Court of Hong Kong
Special Administrative Region was on November 11, 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 4, 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.
ANTHONY CHIANG & PARTNERS
Solicitors for the Petitioner
3903 Tower 2, Lippo Centre
89 Queensway
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 3, 2006.
NEW ZEALAND FIRE: Court to Hear Wind Up Petition Dec. 14
--------------------------------------------------------
Notice is hereby given that a Petition for the Winding up of New
Zealand Fire Service Engineer Company Limited by the High Court
of Hong Kong Special Administrative Region was October 25, 2005
presented to the said Court by Mok Lok Kong of Room 43, 8th
Floor, Block F, Wah Lok Industrial Centre, 31-35 Shan Mei
Street, Shatin, New Territories, Hong Kong.
The said Petition is directed to be heard before the Court at
9:30 a.m on the December 14, 2005.
Any creditor or contributory of the said company desirous to
support or oppose the making of an order on the said petition
may appear at the time of hearing by himself or his counsel for
that purpose.
A copy of the petition will be furnished to any creditor or
contributory of the said company requiring the same by the
undersigned on payment of the regulated charge for the same.
MESSRS. CHAK & ASSOCIATES
Solicitors for the Petitioner
11th Floor, HK Diamond Exchange Building
8-10 Duddell Street
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 13, 2006.
O'CLASSIC INTERNATIONAL: Winding Up Hearing Fixed Jan. 4
--------------------------------------------------------
Notice is hereby given that a Petition for the winding up of
O'Classic International Limited by the High Court of Hong Kong
Special Administrative Region was on November 8, 2005 presented
to the said Court by Hong Kong Legend Wai Lam International
Limited whose registered office is situate at Flat H, 3rd Floor,
Block 14, Lung Mun Oasis, Lung Mun Road, Tuen Mun, New
Territories, Hong Kong.
The said Petition is directed to be heard before the Court at
9:30 a.m. on January 4, 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.
LIAU, HO & CHAN
Solicitors for the Petitioner
6th Floor, United Chinese Bank Building
31-37 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 3, 2006.
RIGHT SELECTION: Issues Debt Claim Notice
-----------------------------------------
Notice is hereby given that the creditors of Right Selection
Limited (In Member's Voluntary Winding Up) which is being wound
up voluntarily are required on or before 5:30 p.m. on January 3,
2006 to send particulars of their debts or claims and the names
and addresses of their solicitors, if any, to the liquidators.
If so required by notice in writing from the liquidators, they
are to come in and prove their said debts or claims by
themselves or their solicitors at such time and place as shall
be specified in the Notice.
In default thereof they will be deemed to have waived all or any
of such debts or claims and the liquidators shall be entitled
seven days after the above date to distribute the funds
available or any part thereof to the members.
Dated this 2nd day of December, 2005.
Natalia Seng Sze Ka Mee
Cynthia Wong Tak Yee
Joint and Several Liquidators
28/F., Bank of East Asia Harbour View Centre
56 Gloucester Road, Wanchai, Hong Kong
VICTORY GROUP: General Meeting Fixed Dec. 20
--------------------------------------------
Notice is hereby given that a special general meeting of Victory
Group Limited will be held at 3:00 p.m. on Tuesday, December 20,
2005 at Garden Room, 2nd Floor, Hotel Nikko Hong Kong, 72 Mody
Road, Tsimshatsui East, Kowloon, Hong Kong for the purpose of
considering and, if thought fit, passing with or without
amendments, the following resolution as an Ordinary Resolution:
"THAT: conditional upon the Listing Committee of The Stock
Exchange of Hong Kong Limited (Stock Exchange) granting the
listing of, and permission to deal in, the Consolidated Shares
(as defined in paragraph (a) below):
(a) The 2,205,586,400 shares of HK$0.01 each in the authorized
share capital of the Company be consolidated into 220,558,640
shares of HK$0.10 each on the basis that every 10 existing
issued and unissued shares of HK$0.01 each in the share capital
of the Company be consolidated into one (1) share of HK$0.10
(Consolidated Share) with effect from 4:00 p.m. on the date on
which this resolution is passed, being a day on which the Stock
Exchange is open for the business of dealing in securities (or
such later date as may be determined by the Directors);
(b) Any fractions of the Consolidated Shares to which
shareholders of the Company would otherwise be entitled
resulting from the consolidation referred to in paragraph (a)
above shall be aggregated and sold for the benefit of the
Company by an agent to be appointed by the board of directors of
the Company for the purpose as set out in the circular of the
Company dated December 2, 2005; and
(c) Any one director of the Company be and is hereby authorized
to take any and all steps, and to do and/or procure to be done
any and all such acts and things, and to approve, sign and
execute any documents which in his opinion may be necessary,
desirable or expedient, to implement and carry into effect this
resolution."
On behalf of the Board
Chan Chun Choi
Chairman
Hong Kong, 2 December 2005
Notes:
1. A member of the Company who is entitled to attend and vote at
the meeting convened by the above notice is entitled to appoint
a proxy to attend and vote on his behalf. A proxy needs not be a
member of the Company but must attend in person to represent the
member. A member who is the holder of two or more shares may
appoint more than one proxy to represent him and vote on his
behalf. If more than one proxy is so appointed, the appointment
shall specify the number and class of shares in respect of which
each such proxy is so appointed.
2. Where there are joint holders of any share, any one of such
joint holder may vote, either in person or by proxy, in respect
of such share as if he were solely entitled thereto, but if more
than one of such joint holders be present or any meeting, the
vote of the senior who tenders a vote, whether in person or by
proxy, shall be accepted to the exclusion of the votes of the
other joint holders, and, for this purpose, seniority shall be
determined by the order in which the names stand in the register
in respect of the joint holding.
3. In order to be valid, the form of proxy together with any
power of attorney or other authority under which it is signed or
a notarially certified copy of such power of authority, must be
deposited with the Company's branch share registrar in Hong
Kong, Tengis Limited, at Ground Floor, Bank of East Asia Harbour
View Centre, 56 Gloucester Road, Wanchai, Hong Kong not less
than 48 hours before the time for holding the Meeting, or any
adjournment thereof.
4. As at the date of this notice, the Board comprises Mr. Chan
Chun Choi and Ms. Lu Su Hua as executive directors and Mr. Ng
Chi Shing, Mr. Yuen Kwok Wah, Bernard and Mr. Lam Williamson as
independent non-executive directors.
As at the date of this announcement, the Board comprises Mr.
Chan Chun Choi and Ms. Lu Su Hua as executive Directors and Mr.
Ng Chi Shing, Mr. Yuen Kwok Wah, Bernard and Mr. Lam Williamson
as independent non-executive Directors.
=========
I N D I A
=========
BHARAT PETROLEUM: Aims to Expand Retail Outlets
-----------------------------------------------
Bharat Petroleum Corporation Limited is looking at 600 to 800
strategic sites across the country for its retail outlets
expansion, Sify Finance reports.
BPCL Executive Director for Retail Sanjay Krishnamurti said that
out of the 600 to 800, 250 each will be in North and West zones
200 in South and 100 in East zone.
Mr. Krishnamurti said, "The last three years have seen 33 per
cent capacity expansion from 2000 retail outlets in 2003 to
6,600 at present. Our focus now will be on consolidating the new
retail outlets."
BPCL, which has been a forerunner in innovative technologies,
came up with this high-octane petrol for high-performance cars,
which were making do with the available petrol because of lack
of such fuel resulting in performance lower than that designed,
he said.
Speed 97 has specially designed components for "high-performance
engines like that in Opel Astra, Hyundai Accent, Palio to
Porsche, Mercedes Benz, Ferrari," he said.
"Out of the 55 BPCL outlets in Bangalore, the fuel is already
available in 10 and will be extended to another four outlets,"
Krishnamurti said, adding that 21 cities across the country are
being targeted for this fuel.
The product now available in select outlets in Delhi, Mumbai,
Chennai and Bangalore will be extended to Coimbatore, Hyderabad
and Cochin.
"We are looking at Jalandhar, Ludhiana and Jamshedpur where a
number of high-end cars are used," he added.
CONTACT:
Bharat Petroleum Corp. Ltd.
Bharat Bhavan,
4 & 6 Currimbhoy Road,
Ballard Estate,
Mumbai 400001
Phone: 022-22713000/ 022-22714000
Fax: 022-22713874
E-mail: info@bharatpetroleum.com
Web site: http://www.bharatpetroleum.com/
=================
I N D O N E S I A
=================
NEWMONT MINING: Government Won't Appeal Court Ruling
----------------------------------------------------
The Indonesian government decided that it would not appeal a
court ruling dismissing a pollution case against PT Newmont
Minhasa Raya, a local unit of U.S.-based mining firm Newmont
Mining Corp., the Jakarta Post reports.
According to State Minister for Environment Rachmat Witoelar,
the government decided not to appeal since it had opted to take
up the matter with an international arbitration court. But it is
likely that both parties involved in the case would reach an
out-of-court settlement, as negotiations between the government
and the Company are drawing to a close.
A South Jakarta District Court had earlier dismissed the
government's IDR1.33 trillion civil suit against the Company.
The government had accused Newmont of polluting Buyat Bay in
Sulawesi due to its waste disposal processes from its mining
operations.
Environmentalists alleged that the Company's disposal process
released toxic chemicals into the waters of Buyat Buy, making
local residents sick.
A criminal case against Newmont is pending in the Manado
District Court.
Minister Witoelar said that the negotiations were agreed upon in
order to facilitate quick compensation to the villagers of Buyat
Bay and to rehabilitate the area.
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: Cuts Industrial Fuel Prices
--------------------------------------
State-owned oil and gas firm PT Pertamina has decided to cut the
price of its industrial fuel products by 5% this month, in
response to the decline in golbal fuel prices, reports Asia
Pulse.
Pertamina spokesman Achmad Faisal said that Pertamina uses the
Mid Oil Platts Singapore (MOPS) price reference as a guide in
pricing its fuel products, and since it has declined, the
Company's fuel prices would decline accordingly.
Effective Dec. 1, 2005, the prices per liter of industrial fuel
products will be as follows: IDR5,150 for premium gasoline,
IDR5,550 for kerosene, IDR5,340 for automotive diesel fuel,
IDR5,180 for industrial diesel fuel and IDR3,680 for fuel oil.
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 Form Joint Venture with ExxonMobil on Cepu Block
--------------------------------------------------------------
In order to resolve a long-standing dispute on the operations of
an oil-rich gas block, state oil firm PT Pertamina may form a
joint venture company with its U.S.-based partner ExxonMobil
Corp., Reuters News reports.
According to Pertamina's upstream division President Kun
Kurnely, both firms have agreed to a compromise of creating a
joint venture, with the share still under negotiation. He hopes
to arrive at a resolution by year's end.
A joint venture is a positive resolution to the deadlocked talks
by Pertamina and ExxonMobil. Pertamina had offered a rotating
ownership of the Cepu oil block, which could yield up to 180,000
barrels of oil on a daily basis, while ExxonMobil insisted that
it had the right to operate the Cepu block based on an agreement
it had signed with a government-led negotiating team.
=========
J A P A N
=========
DAIEI INCORPORATED: Changes Logo, Seeks Fresh Start
---------------------------------------------------
Daiei Inc. unveiled its new logo Thursday at the opening of its
renovated supermarket in Sakai, Osaka Prefecture, The Japan
Times reports.
The move comes as the struggling supermarket chain moves toward
the completion of its large-scale restructuring scheme, which
includes closing down 54 stores nationwide.
Daiei also announced Thursday that same-store sales in November
rose three percent from a year before, logging a first increase
since February 2004.
The company's former logo, roughly three-decades old, was a
semicircle, resembling a waxing moon. The new logo is in the
shape of an orange heart, to symbolize the firm's rebirth,
officials said.
CONTACT:
Daiei Inc. Company
4-1-1, Minatojima Nakamachi,, Chuo-ku
Kobe 650-0046, Japan
Phone: +81-78-302-5001
Fax: +81-3-3433-9226
KANEBO LIMITED: Holds Final Round of Bidding
--------------------------------------------
Three groups made bids Thursday in the final round to select a
buyer for struggling Kanebo Ltd. and Kanebo Cosmetics Inc., now
managed by the government-backed Industrial Revitalization Corp.
of Japan, according to Japan Times.
They are a consortium made up of cosmetics maker Kao Corp., MKS
Partners Ltd. and two investment funds; Daiwa Securities SMBC
Co. and Belgium-based RHJ International, a holding company for
the U.S. investment fund formerly called Ripplewood Holdings
LLC; and a team made up of Jafco Co. and British investment fund
CVC Capital Partners Ltd.
Kao had originally planned to merge with Kanebo before they
decided to seek government help in February 2004.
IRCJ will consider the bids and business plans submitted by the
three groups and is expected to make a final decision by mid-
December.
CONTACT:
Kanebo Limited
20-20, Kaigan 3-chome
Minato-ku, Tokyo
108-8080 JAPAN
Phone: Telephone +81-3-5446-3002
KIMURA CONSTRUCTION: Files for Bankruptcy After Building Scam
-------------------------------------------------------------
Kimura Construction Co. filed for bankruptcy with the Tokyo
District Court following alleged involvement in a number of
defective condominiums and hotels built using faked quake-
resistance data, Japan Today reports.
The construction company in Kumamoto Prefecture applied for
court protection from 1,069 creditors with an estimated JPY5.7
billion of debts.
PIONEER CORPORATION: To Cut 600 Domestic Jobs
---------------------------------------------
Electronics maker Pioneer Corporation will cut 600 jobs in Japan
via early retirements under a revival plan, the Nihon Keizai
Shimbun reported Friday.
The job cuts will come through early retirements and are in
addition to the 2,000 worldwide job cuts Pioneer announced in
March. The plan will be presented to Pioneer's labor
representatives on Friday, the report said.
The company has been cutting jobs, trimming its product lineup
and introducing a new inventory system to cut annual costs by
JPY30 billion ($252 million). The money-losing company has been
hammered by tumbling prices for plasma display televisions and
DVD recorders, its core products.
CONTACT:
Pioneer Corporation Company
4-1, Meguro 1-chome, Meguro-ku
Tokyo 153-8654, Japan
Phone: +81-3-3495-6774
Fax: +81-3-3495-4301
MITSUBISHI MOTORS: Gets 'CCC+' Rating on Improving Profitability
----------------------------------------------------------------
Standard & Poor's Ratings Services placed its 'CCC+' long-term
corporate credit and senior unsecured debt ratings on Mitsubishi
Motors Corp. on CreditWatch with positive implications,
reflecting progress in the company's efforts to revitalize and
improve its profitability, as well as reduced downside risks.
"Although the pace of improvement in profitability is within
expectations, uncertainties over progress and downside risk in
performance are likely to have decreased compared with earlier
this year," said Standard & Poor's credit analyst Chizuko
Satsukawa. "The recent dissolution of a capital tie-up with
DaimlerChrysler AG, and Mitsubishi Heavy Industries Ltd.
converting Mitsubishi Motors into an equity-method affiliate,
have already been incorporated into the rating and are not
directly related to the CreditWatch placement," added Ms.
Satsukawa.
In the first half of fiscal 2005 (ended Sept. 30, 2005),
Mitsubishi Motors substantially reduced its losses, and recorded
unit sales slightly higher than planned despite initial concerns
about a drop in unit sales. The prolonged deterioration in sales
in the Japanese market due to a deteriorated brand image appears
to have stabilized, with sales volume increasing year-on-year
for the last seven months. In addition, thanks to a shift to a
new captive financing system in North America, burdens and risks
associated with captive finance seem to have been reduced.
On the other hand, concerns remain over the company's financial
profile, which may weaken as free cash flow, albeit improved,
remains negative. There also remains uncertainty over the
prospects for recovery in earnings as the company faces various
challenges, including prolonged sluggishness in the North
American market and resulting stagnant operating rates at its
U.S. factory, and declining earnings in its most profitable
geographic segment of Asia and other regions (excluding Japan,
North America, and Europe).
Standard & Poor's will resolve the CreditWatch status after
confirming and examining the earnings prospects in North
America, and the recovery trend in Japanese domestic sales.
However, considering the significant challenges the company
faces, an upgrade is likely to be limited to one notch.
CONTACT:
Mitsubishi Motors Corporation
2-16-4 Konan, Minato-ku
Tokyo 108-8410, Japan
Phone: +81-3-6719-2111
Fax: +81-3-6719-0014
MITSUBISHI MOTORS: India Launches Cedia, Montero in Q1/2006
-----------------------------------------------------------
Mitsubishi Motors Corporation plans to launch its Cedia sedan
and Montero sports utility vehicle (SUV) in January 2006 in
partnership with Hindustan Motors, Asia Pulse reports, citing
Hindustan Motors CBU Business Assistant General Manager Sumit
Seth.
The carmaker had recently launched a new variant of its existing
model 'Pajero', is also looking forward to a better performance
in 2006.
CONTACT:
Mitsubishi Motors Corporation
2-16-4 Konan, Minato-ku
Tokyo 108-8410, Japan
Phone: +81-3-6719-2111
Fax: +81-3-6719-0014
SOFTBANK CORPORATION: To Sell Modem Leasing Business
----------------------------------------------------
Softbank Corporation will sell its modem leasing business of
unit Softbank BB Corporation for JPY85 billion, Japan Today
reports.
The move is in line with a reorganization of the broadband
communications service in the Softbank group, the Internet
investor said.
The modem leasing business, which has more than 5 million
customers, will be sold to an investment firm through a deal to
be arranged by major U.S. commercial bank Citibank N.A. In a
related development, Softbank has split Softbank BB into two
units specializing in ADSL services and content production and
sales.
CONTACT:
Softbank Corporation
1-9-1 Higashi Shinbashi
Minato-ku, Tokyo
105-7303, Japan
Phone: +81-3-5642-8000
Fax: +81-3-5543-0431
UBE INDUSTRIES: R&I Affirms BB+ Rating
--------------------------------------
Rating and Investment Information, Inc. (R&I) has affirmed
ratings of Ube Industries Ltd. as follows:
Issuer Rating
R&I RATING: BB+ (Affirmed)
RATING OUTLOOK: Positive
Preliminary Rating for the Shelf Registration scheme
Long-term Issue Rating
R&I RATING: BB+ (Upgraded from BB)
Ube Industries, Ltd., is one of Japan's major diversified
chemical companies. The company has strengths as the leading
manufacturer in Asia for production and sales of caprolactum
(CPL). Products in mature markets, such as CPL and cement,
account for a high proportion of sales, and Ube Industry's
earnings and cash flow tend to lack stability. The company is
working to develop high added value functional and fine
chemicals businesses in a bid to build a stable earnings
structure.
The effects of this are gradually appearing in polyimide and
battery materials, but further development, including expansion
in scale, is an issue. The prolonged deficit in North America as
a result of production problems, which include a labor dispute
at a US aluminum wheel subsidiary, had been a concern, but the
company can expect to move into the black through centralization
at its Canadian plant. The level of earnings and cash flow looks
likely to be stable for the time being, benefiting from an
upturn in market conditions, primarily for CPL. With expectation
that the financial base, which had been an issue, will likely to
improve along with increasing cash flows, R&I has affirmed the
company's Issuer Rating while placing the Rating Outlook
Positive.
In addition, R&I has upgraded its rating of the company's bonds
from BB to BB+ due to decreasing need to reflect collection risk
as a result of the decrease in debt with seniority over the
bonds along with the decline in the level of total debt. With
few saleable assets remaining, Ube Industries will have little
scope to take measures to put its business on a growth path if a
further decline in financial resilience looks likely. R&I will
pay attention to what kind of investment and financial
strategies the company formulates and carries out in its next
medium term plan in order to further stabilize its earnings base
and strengthen the financial base.
CONTACT:
Ube Industries, Ltd.
1978-96, Kogushi
Ube, Yamaguchi 755-8633, Japan
Phone: +81-836-31-1111
Fax: +81-836-21-2252
Web site: http://www.ube-ind.co.jp
=========
K O R E A
=========
CITIBANK KOREA: Union Launches Two-Day Strike
---------------------------------------------
Citibank Korea Inc. is currently facing turmoil as unionized
workers launched a two-day strike accusing the Company with
discrimination against former employees of KorAm Bank, Asia
Pulse relates.
Around 2,500 former KorAm employees led the strike. The
employees were forced to launch the strike since they believe
that management has been insincere in the past collective
bargaining talks.
The bank's management said it cannot accept the union's demands.
"If we accept all the demands from the union, it will cost us an
additional KRW130 billion (US$125.7 million) every year," the
management claimed.
Citibank Korea plans to open 156 units to minimize
inconveniences to customers. Some 81 units will operate
normally out of the total 253 branches. Automated teller
machines, Internet banking, telephone banking and call center
services will operate as usual, the bank said.
Citibank Korea is a result of a merger between the local banking
unit of U.S.-based financial giant Citigroup and KorAm.
CONTACT:
Citigroup PAO Office
Citibank Korea Inc.
39, Da-Dong, Chung-gu
Seoul, Korea 100-180
Telephone: 82-2-3455-2114
Fax: 82-2-3455-2966
Media Matters
Sun-Oh Park
Telephone: 82-2-3455-2340
Administrative Matters
Kun-Sang Kim
Telephone: 82-2-3705-0609
===============
M A L A Y S I A
===============
AMTEK HOLDINGS: Suffers MYR1,593,000 Net Loss in 1Q/FY05
--------------------------------------------------------
Amtek Holdings Berhad furnished Bursa Malaysia Securities Berhad
a copy of its First Quarter financial report for the financial
period ended September 30, 2005.
Summary of Key Financial Information
September 30, 2005
Individual Period Cumulative Period
Current Year Preceding Year Current Year Preceding Year
Quarter Corresponding to Date Corresponding
Quarter Period
30/09/2005 30/09/2004 30/09/2005 30/09/2004
MYR'000 MYR'000 MYR'000 MYR'000
(1) Revenue
20,832 19,685 20,832 19,685
(2) Profit/(loss) before tax
-1,228 -2,315 -1,288 -2,315
(3) Profit/(loss) after tax and minority interest
-1,593 -2,156 -1,593 -2,156
(4) Net profit/(loss) for the period
-1,593 -2,156 -1,593 -2,156
(5) Basic earnings/(loss) per shares (sen)
-3.19 -4.31 -3.19 -4.31
(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)
0.7000 1.1000
To view a full copy of the financial statement, go to
http://bankrupt.com/misc/AmtekHoldings113005.xls
To view a full copy of the notes to FS, go to
http://bankrupt.com/misc/AmtekHoldingsQ12006.doc
CONTACT:
Amtek Holdings Berhad
No. 3, Jalan 2/118C, Desa Tun Razak,
Industrial Park Cheras, Kuala Lumpur
Wilayah Persekutuan 56000
Malaysia
Telephone: 03-91737080
Fax: 03-91736146
BUKIT KATIL: Releases 1Q/FY05 Financial Report
----------------------------------------------
Bukit Katil Resources Berhad furnished Bursa Malaysia Securities
Berhad a copy of its First Quarter financial report for the
financial period ended September 30, 2005.
Summary of Key Financial Information
September 30, 2005
Individual Period Cumulative Period
Current Year Preceding Year Current Year Preceding Year
Quarter Corresponding to Date Corresponding
Quarter Period
30/09/2005 30/09/2004 30/09/2005 30/09/2004
MYR'000 MYR'000 MYR'000 MYR'000
(1) Revenue
842 755 842 755
(2) Profit/(loss) before tax
-978 -1,478 -978 -1,478
(3) Profit/(loss) after tax and minority interest
-978 -1,478 -978 -1,478
(4) Net profit/(loss) for the period
-978 -1,478 -978 -1,478
(5) Basic earnings/(loss) per shares (sen)
-1.48 -2.23 -1.48 -2.23
(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)
-0.7042 -0.6894
Go to the link below to view a full copy of the financial
statement
http://bankrupt.com/misc/BukitKatilQ3results.doc
CONTACT:
Bukit Katil Resources Berhad
Damasara Town Centre
Jalan Damanlela, Pusat Bandar
Damansara, Damansara Heights
Kuala Lumpur, 50490 Malaysia
Phone: +60 3 2095 7077
Fax: +60 3 2094 9940
EKRAN BERHAD: Issues Status Report Re Listing Requirements
----------------------------------------------------------
Ekran Berhad issued to Bursa Malaysia Securities Berhad a Status
Report in respect of Practice Note 1/2002 of the Listing
Requirements.
To view a full copy of the status report in respect of the
default in payment of the credit facilities of Ekran Group, go
to
http://bankrupt.com/misc/EkranBehradLoanDefault113005.doc
GOLD BRIDGE: Books MYR3,814,000 Net Loss in 2Q/FY05
---------------------------------------------------
Gold Bridge Engineering & Construction Berhad furnished Bursa
Malaysia Securities Berhad a copy of its Second Quarter
financial report for the financial period ended September 30,
2005.
Remark:
(1) The Company had on September 5, 2005 announced the change of
its financial year end from March 31 to December 31 and that its
next audited financial statements shall be for a nine (9) months
period made up from April 1, 2005 to December 31, 2005.
(2) The cumulative quarter for this interim financial report is
made up for a period of six months from April 1, 2005 to
September 30, 2005 with the comparison of its financial results
for the preceding year corresponding period ended September 30,
2004 as announced earlier.
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
13,453 18,749 21,507 46,734
(2) Profit/(loss) before tax
-3,778 -27 -6,386 -513
(3) Profit/(loss) after tax and minority interest
-3,814 -1,290 -6,389 -2,186
(4) Net profit/(loss) for the period
-3,814 -1,290 -6,389 -2,186
(5) Basic earnings/(loss) per shares (sen)
-1.81 -0.61 -3.02 -1.03
(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)
0.8800 0.9000
To view a full copy of the financial statement, go to
http://bankrupt.com/misc/GoldBridge2Q30Sept2005.pdf
CONTACT:
Gold Bridge Engineering & Construction Berhad
Metro Building 214 & 215,
Jalan Negara 2, Taman Melawati,
Kuala Lumpur Wilayah Persekutuan
53100
Telephone: 03-41069301
Fax: 03-41069337
GUNUNG CAPITAL: Updates Status of Financial Assistance Rendered
---------------------------------------------------------------
Pursuant to paragraph 8.23(1)(ii) of the Listing Requirements of
Bursa Securities and paragraph 3 of the Practice Note 11/2001,
Gunung Capital Berhad (GCB) advised Bursa Malaysia Securities
Berhad that a corporate guarantee amounting to MYR1.2 million
issued in the first quarter of 2003 for a hire purchase
facilities granted to a third party as a form of financial
assistance in order to facilitate the ordinary business of a
subsidiary is still subsisting.
The said financial assistance provided during the quarter does
not have any material effect on the earnings, net tangible
assets and liquidity of the Group.
None of the Directors or major shareholders of GCB or persons
connected to them have any interest, direct or indirect in the
said financial assistance.
LITYAN HOLDINGS: Awaits Restructuring Scheme Approval
-----------------------------------------------------
Lityan Holdings Berhad issued to Bursa Malaysia Securities
Berhad a monthly status report on default in payment pursuant to
Practice Note 1/2001 of the Listing Requirements.
Further to the announcement on October 28, 2005, Lityan Holdings
Berhad (LHB) issued an update on the details of the various
credit facilities in default by the Company and its subsidiaries
to the financial institutions as at November 30, 2005, as
detailed in Table A below:
To view Table A, go to
http://bankrupt.com/misc/LityanHoldingsTableA.doc
LHB is in the midst of submitting its Proposed Restructuring
Scheme to the authorities for approval and had commenced
discussion with the lenders on the Scheme of Arrangement. LHB is
concurrently also looking into other business opportunities
within its core activities and also actively taking steps to
dispose the Group's non-core investments and non-operating
assets to address its current financial position and to generate
cashflow for settlement of defaults and redemption of loans.
CONTACT:
Lityan Holdings Berhad
Bangunan Lityan,
Peremba Square Saujana Resort,
Section U2, 40150 Shah Alam
Selangor Darul Ehsan, Malaysia
Phone: + 603-7622-1188
Fax: +603-7666-6870
E-mail: enquiry@lityan.com.my
MENANG CORPORATION: Incurs Net Loss in 3Q/FY05
----------------------------------------------
Menang Corporation (M) Berhad issued to Bursa Malaysia
Securities Berhad a copy of its Third Quarter financial report
for the financial period ended September 30, 2005.
Summary of Key Financial Information
September 30, 2005
Individual Period Cumulative Period
Current Year Preceding Year Current Year Preceding Year
Quarter Corresponding to Date Corresponding
Quarter Period
30/09/2005 30/09/2004 30/09/2005 30/09/2004
MYR'000 MYR'000 MYR'000 MYR'000
(1) Revenue
5,074 5,938 18,388 7,191
(2) Profit/(loss) before tax
-4,346 1,601 -10,231 -7,099
(3) Profit/(loss) after tax and minority interest
-4,352 -199 -10,911 -8,905
(4) Net profit/(loss) for the period
-4,352 -199 -10,911 -8,905
(5) Basic earnings/(loss) per shares (sen)
-1.63 -0.07 -4.08 -3.33
(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)
0.7361 0.7770
To view a full copy of the financial statement, go to
http://bankrupt.com/misc/MenangCorp092005.xls
To view a full copy of the notes to FS, go to
http://bankrupt.com/misc/MenangCorpNotes092005.rtf
CONTACT:
Menang Corporation (M) Bhd
8th Floor, South Block,
Wisma Selangor Dredging, 142A, Jalan Ampang,
Kuala Lumpur Wilayah Persekutuan 50450
Telephone: 03-21613366
Fax: 03-21613393
MERCES HOLDINGS: Unveils 3Q/FY05 Financial Report
-------------------------------------------------
Merces Holdings Berhad issued to Bursa Malaysia Securities
Berhad a copy of its Third Quarter financial report for the
financial period ended September 30, 2005.
Summary of Key Financial Information
September 30, 2005
Individual Period Cumulative Period
Current Year Preceding Year Current Year Preceding Year
Quarter Corresponding to Date Corresponding
Quarter Period
30/09/2005 30/09/2004 30/09/2005 30/09/2004
MYR'000 MYR'000 MYR'000 MYR'000
(1) Revenue
4,413 5,680 8,676 9,667
(2) Profit/(loss) before tax
-308 1,147 -2,690 -1,246
(3) Profit/(loss) after tax and minority interest
-308 1,147 -2,689 -931
(4) Net profit/(loss) for the period
-308 1,147 -2,689 -931
(5) Basic earnings/(loss) per shares (sen)
-0.60 2.25 -5.27 -1.83
(6) Dividend per share (sen)
0.00 0.00 0.00 0.00
As at end of As at Preceding
Current Quarter Financial Year End
(7) Net tangible assets per share (MYR)
0.5600 0.6510
To view a full copy of the financial statement, go to
http://bankrupt.com/misc/MercesHoldingsQuarterlyResults.xls
CONTACT:
Merces Holdings Bhd
Malaysia
Phone: 60 3 2072 8100
Fax: 60 3 2072 8101
OLYMPIA INDUSTRIES: Issues Update to Proposals
----------------------------------------------
Olympia Industries Berhad furnished Bursa Malaysia Securities
Berhad the following announcements:
(A) Modified Workout Proposal of Jupiter Securities Sdn Bhd
(Special Administrators Appointed) proposed pursuant to Section
48 of the Pengurusan Danaharta Nasional Berhad Act, 1998 as
amended by Pengurusan Danaharta Nasional Berhad (Amendment) Act,
2000.
(B) Settlement Agreement between Olympia Industries Berhad,
Danaharta Managers Sdn Bhd, Bulan Jelita Sdn Bhd, Jupiter
Securities Sdn Bhd (Special Administrators Appointed) and
Naturelle Sdn Bhd
(C) Discharge of Dato' Gan Ah Tee and Mr. Ooi Woon Chee as
Special Administrators for Jupiter Securities Sdn Bhd.
The company refers to the announcement on October 11, 1999,
whereby Olympia Industries Berhad (OIB) had announced the
Workout Proposal prepared by the Special Administrators (SA) of
Jupiter Securities Sdn Bhd (JSSB) in accordance with Section 44
of Danaharta Act, which had been approved by the secured
creditors of JSSB. JSSB is a 60.06 percent owned subsidiary of
OIB.
OIB now advised that pursuant to Section 48 of the Danaharta
Act, the SA has proposed the following modifications to be
effected under the Workout Proposal:
(1) Proposed Reduction of Interest Rates to a flat rate of 8
percent p.a. with effect from the Cut-Off Date.
In line with the current loan restructuring rates, the existing
interest rates charged by the lenders of between eight percent
p.a. to 22 percent p.a. will be reduced to a flat rate of eight
percent p.a. The revised interest rate of eight percent shall
run from April 30, 1999 (Cut-Off Date), being the date used for
determination and classification of creditors for the purpose of
the Modified Workout Proposal (MWOP) up to the date on which the
MWOP is to be implemented, which shall be a date where monies
for the proposed capital injection by OIB is received by JSSB on
or before March 31, 2006 (Implementation Date).
(2) Proposed Swap of Redeemable Convertible Cumulative
Preference Shares under series B (RCCPS-B) with OIB Irredeemable
Convertible Unsecured Loan Stocks (ICULS).
Since the source of repayment/redemption of RCCPS-B rely
substantially on JSSB's disposal of OIB ICULS, it would be more
advantageous for lenders to have a direct exposure to the source
of repayment. Hence, it has been proposed that 50 percent of the
balance outstanding as at Implementation Date owing to the
Unsecured Creditors be issued with OIB ICULS instead of RCCPS-B
as set out in the Workout Proposal at MYR1.00 nominal value for
every MYR1 outstanding.
(3) Proposed Settlement of Put Option Liability
In the Workout Proposal, the SA had classified a landed property
known as Naturelle Land as security charged for a Put Option
Liability (POL) owing by JSSB to Sime International Bank (L)
Limited (Sime International). The Naturelle Land formed part of
the security for the loan granted to Bulan Jelita Sdn Bhd (BJ).
The POL is not secured by the Naturelle Land and the exclusion
of the same may result in changes to be made to OIB's
restructuring scheme. In view thereof, the SA has proposed in
the MWOP that JSSB, BJ, OIB, Naturelle Sdn Bhd (Naturelle), and
Danaharta Managers Sdn Bhd (DMSB) enter into a settlement
agreement in respect of the settlement of BJ's debt and JSSB's
POL. Among other terms, Naturelle, being the land owner shall
give its consent for a lien-holder's caveat to be created to
secure JSSB's POL
(4) Proposed Implementation of the MWOP
A Creditor's Agent will be appointed to facilitate the
implementation of the MWOP.
Save for the above modifications, all other terms and conditions
of the Workout Proposal remain unchanged.
The implementation of the MWOP is subject to the following:
(1) Approval by the secured creditors on the proposed
modifications pursuant to Section 46 of the Danaharta Act;
(2) Approval from the Securities Commission (SC) on the proposed
modifications and waiver of the condition stipulated by the SC
earlier that the SA should not be discharged until the Workout
Proposal is implemented to the satisfaction of the SC; and
(3) Proceeds from the capital injection exercise amounting to
MYR53.2 million by OIB to be received by JSSB on or before March
31, 2006.
In the event the above conditions for the implementation of the
MWOP are not met by March 31, 2006, the MWOP shall lapse and
cease to be in force.
(B) Settlement Agreement between Olympia Industries Berhad,
Danaharta Managers Sdn Bhd, Bulan Jelita Sdn Bhd, Jupiter
Securities Sdn Bhd (Special Administrators Appointed) and
Naturelle Sdn Bhd.
Further to the proposed settlement of POL mentioned above, OIB
has on November 29, 2005 entered into a Settlement Agreement
with DMSB, BJ, JSSB and Naturelle to define and set out the
manner in which the POL is to be settled
(C) Discharge of Dato' Gan Ah Tee and Mr Ooi Woon Chee of Messrs
KPMG Peat Marwick as Special Administrators of Jupiter
Securities Sdn Bhd
Dato' Gan Ah Tee and Mr Ooi Woon Chee of Messrs KPMG Peat
Marwick will be discharged as Special Adminstrators for JSSB
with effect from November 30, 2005.
CONTACT:
Olympia Industries Bhd.
Malaysia
Phone: 60 3 2070 0033
Fax: 60 3 2070 0011
E-mail: olympia@oib.com.my
PILECON ENGINEERING: Sees No Change in Default Status
-----------------------------------------------------
Further to the announcement made by Pilecon Engineering Berhad
on October 31, 2005 with regards to the status of default in
payment pursuant to Practice Note 1/2001, the Company advised
that there have not been any changes to the status of default
since then.
The steps undertaken by the Company to rectify the default are
comprised in the Company's Proposed Scheme of Arrangement
pursuant to Section 176 of the Companies Act, 1965 (Scheme). The
Company had at its Extraordinary General Meeting held on
November 11, 2005 obtained the shareholders approval for the
Scheme.
Please refer to the announcement made by the Company on November
11, 2005 on the latest development of the Scheme and previous
announcements made from time to time for more details and
information of the Scheme.
CONTACT:
Pilecon Engineering Berhad
2, Jalan U1/26, Seksyen U1,
HICOM Glenmarie Industrial Park,
Shah Alam Selangor 40150 Malaysia
Telephone: 03-78041888,03-21446164
Fax: 03-78041888,03-21446164
SBBS CONSORTIUM: Default Status Unchanged
-----------------------------------------
SBBS Consortium Berhad submitted to Bursa Malaysia Securities
Berhad a monthly announcement on the status of default in
payment pursuant to Practice Note No. 1/2001 of the Listing
Requirements (PN 1/2001).
Further to the announcement made by the Company on October 28,
2005 in relation to the status of default in payment pursuant to
PN 1/2001, the Board of Directors of the Company informed the
Exchange that there is no significant change in the status of
default in payment to lenders since then.
The Board of Directors of the Company will make available to
Bursa Malaysia Securities Berhad the status of the debt-
restructuring scheme under Section 176 of the Companies Act,
1965 from time to time. Details of the scheme had been announced
on September 21, 2005.
CONTACT:
SBBS Consortium Berhad
No. 1 - 4, Jalan 1/114,
Kuchai Business Centre, Jalan Kuchai Lama,
Kuala Lumpur Wilayah Persekutuan 58200
Malaysia
Telephone: 03-79825188
Fax: 03-79813551
SBBS CONSORTIUM: 3Q/FY05 Net Loss Hits MYR2,814,000
---------------------------------------------------
SBBS Consortium Berhad submitted to Bursa Malaysia Securities
Berhad a copy of its Third Quarter financial report for the
financial period ended September 30, 2005.
Summary of Key Financial Information
September 30, 2005
Individual Period Cumulative Period
Current Year Preceding Year Current Year Preceding Year
Quarter Corresponding to Date Corresponding
Quarter Period
30/09/2005 30/09/2004 30/09/2005 30/09/2004
MYR'000 MYR'000 MYR'000 MYR'000
(1) Revenue
913 24,658 4,021 65,485
(2) Profit/(loss) before tax
-2,814 1,449 -7,911 1,869
(3) Profit/(loss) after tax and minority interest
-2,814 1,447 -7,911 1,867
(4) Net profit/(loss) for the period
-2,814 1,447 -7,911 1,867
(5) Basic earnings/(loss) per shares (sen)
-6.82 3.51 -19.18 4.53
(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)
0.6900 0.8800
To view a full copy of the financial statement, go to
http://bankrupt.com/misc/SBBSConsortium3Qended30Sept2005.xls
To view a full copy of the notes to FS, go to
http://bankrupt.com/misc/SBBSConsortium3qended30Sept2005Notes.do
c
TAP RESOURCES: In Talks with RCSLS Holders over Proposals
---------------------------------------------------------
Further to the announcement made on October 28, 2005 on monthly
announcement pursuant to Practice Note No. 1/2001, the Board of
Directors of Tap Resources Berhad (Tap) informed Bursa Malaysia
Securities Berhad that it is still discussing the proposals on
the redemption and interest payment of the Redeemable
Convertible Secured Loan Stocks (RCSLS) with the RCSLS Holders.
Further development if any, will be announced accordingly.
This announcement is dated 30 November 2005.
Issues & Investment Division
Securities Commission
Encik Kris Azman Abdullah, Director
CONTACT:
Tap Resources Berhad
No. 18, Block B,
Jalan 1/89B (Seksyen 92A),
Batu 3 1/2 Off Jalan Sungei Besi,
57100 Kuala Lumpur
Malaysia
Phone: 03-79823388
Fax: 03-79811329
TENCO BERHAD: Sees No Change in Default Status
----------------------------------------------
The Board of Directors of Tenco Berhad informed Bursa Malaysia
Securities Berhad that there is no material development to the
status of default payment to Lenders as announced previously on
October 28, 2005.
CONTACT:
Tenco Berhad
No. 5, Jalan Pelabur 23/1
40000 Shah Alam, Selangor
Malaysia
Phone: (60) 3 541 0612
Fax: (60) 3 541 0132
TRU-TECH HOLDINGS: Unveils 3Q/FY05 Financial Report
---------------------------------------------------
Tru-Tech Holdings Bhd furnished Bursa Malaysia Securities Berhad
a copy of its Third Quarter financial report for the financial
period ended September 30, 2005.
Summary of Key Financial Information
September 30, 2005
Individual Period Cumulative Period
Current Year Preceding Year Current Year Preceding Year
Quarter Corresponding to Date Corresponding
Quarter Period
30/09/2005 30/09/2004 30/09/2005 30/09/2004
MYR'000 MYR'000 MYR'000 MYR'000
(1) Revenue
6,273 8,704 16,369 88,379
(2) Profit/(loss) before tax
-1,147 -2,977 -4,789 -8,395
(3) Profit/(loss) after tax and minority interest
-1,147 -2,981 -4,790 -8,285
(4) Net profit/(loss) for the period
-1,147 -2,981 -4,790 -8,285
(5) Basic earnings/(loss) per shares (sen)
-2.66 -6.92 -11.11 -19.22
(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)
-1.5900 -0.9900
To view a full copy of the financial statement, go to
http://bankrupt.com/misc/TruTechHoldingsKLSE305.xls
CONTACT:
Tru-tech Holdings Berhad
Lot 45, Batu 12
Jalan Johor Bahru - Kota Tinggi
Mukim Plentong
81800 Ulu Tiram
Johor
Telephone: 07-8615220
Fax: 07-8616371
WAH SEONG: Converts ICULS to Ordinary Shares
--------------------------------------------
Wah Seong Corporation Berhad advised that its additional 2,000
new ordinary shares of MYR0.50 each arising from the conversion
of MYR1,000 Nominal Value of Irredeemable Convertible Unsecured
Loan Stocks 2002/2012 into 2,000 New Ordinary Shares will be
granted listing and quotation with effect from 9:00 a.m.,
Friday, December 2, 2005.
CONTACT:
Wah Seong Corporation Bhd
Lingkaran Syed Putra
59200 Kuala Lumpur,
Malaysia
Telephone: +60 3 2288 1212 / +60 3 2288 1272
=====================
P H I L I P P I N E S
=====================
KUOK PHILIPPINE: Poised to Offload KPPI Stake
---------------------------------------------
Kuok Philippine Properties Inc. has agreed to sell its interests
in KPPI Land Corporation (KLC) in exchange for the assumption of
the balance of its loan from Rhinestone Limited.
The buyer is Atea Tierra Corporation (ATC), a company indirectly
and beneficially owned and controlled by Ramon S. Ang.
The outstanding balance of the loan is US$66.3 million (Php3.62
billion).
Kuok's interests represent 60 percent of KLC's issued and
outstanding capital stock and Php3.9 billion in advances and
deposits. The other 40 percent is owned by its joint venture
partner, Pelangi Berhad, a property development company based in
Johor Bahru, Malaysia. KLC owns 946 hectares of land in the
Municipalities of Carmona and Silang, Province of Cavite.
CONTACT:
Kuok Philippine Properties Inc
5th Level, Shangri-La Plaza
EDSA corner Shaw Boulevard
Mandaluyong City 1550
Phone No/s: 635-8300
Fax No/s: 638-2107
LAFAYETTE MINING: Shelves Local Expansion Plans
-----------------------------------------------
Despite saying it is still committed to its Philippine
operations, Lafayette Mining Limited announced that it will set
aside expansion plans and proposals to list in the local stock
market, The Manila Times relates.
Country Manager Rod Watt explained the firm has dropped their
plans to concentrate on complying with government requirements.
Although the firm expects to restart operations next month on
Rapu-Rapu Island in Albay province, Mr. Watt said this would
depend on whether the government could approve the six
procedures that Lafayette should address.
Australia-based Lafayette said it is stepping up efforts to put
things back on track after the mine tailing spillage at its Ra-
Rapu site.
Mr. Watt said the firm is working to increase the height of its
dam, detoxify contaminated areas and assess the damage and pay
compensation. Lafayette may use its Php5-million trust fund for
emergencies to pay fishers affected by the pond overflow after a
government assessment.
Lafayette, which has been losing US$50,000 a day owing to the
mine closure, has also set aside funds due to the spillage.
Even as it has temporarily shelved expansion plans, Lafayette
would continue exploring areas outside its current 180-hectare
mine site.
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: Amends Audited Financial Statements
-----------------------------------------------------------
Mariwasa Manufaturing Inc. (MMI) furnished the Philippine Stock
Exchange a copy of its Amended Audited Financial Statements 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 Audited Financial Statements are
available for downloading free of charge at:
http://bankrupt.com/misc/tcrap_mariwasamanufacturing120205.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
MAYNILAD WATER: CoA Says Rehab Plan Disadvantageous to MWSS
-----------------------------------------------------------
The Commission on Audit (CoA) claimed Maynilad Water Services'
rehabilitation plan will not benefit the Metropolitan Waterworks
and Sewerage System (MWSS), according to BusinessWorld.
The state auditor said MWSS is not authorized by its charter to
provide financial assistance to Maynilad, as calle for in the
rehabilitation plan's debt and capital restructuring agreement.
The revised rehabilitation plan, approved by a Quezon City court
last April, paves the way for the exit of Lopez-owned Benpres
Holdings Corp from the financially troubled water distributor.
According to the terms of the debt and capital restructuring
agreement, the MWSS has to borrow US$31 million from the World
Bank. The amount will be used for Maynilad's capital and
operating expenses and to finance programs identified under the
rehabilitation plan.
In an October 25 report, however, the CoA said, "To provide
financial assistance is not within the acts of MWSS enumerated
within its charter ... Though MWSS may opt to source the funding
for the financial assistance from the proceeds of the World Bank
loan, it shall bear the burden of paying interests and
commitment fees to the said bank including foreign exchange
losses."
CoA pointed out that the MWSS shall be not entitled to immediate
repayment of its financial assistance of US$31 million by
Maynilad since it will take until 2013 before it can be repaid.
CONTACT:
Maynilad Water Services Inc.
G/F MWSI Building, Katipunan Road
MWSS Compound, Balara
Quezon City
Philippines
PACIFIC PLANS: Rehab Plan Gets Court's Nod
------------------------------------------
The Makati City Regional Trial Court has approved the
rehabilitation petition of Pacific Plans Inc., BusinessWorld
reports.
The court has ignored an appeal from the Securities and Exchange
Commission (SEC) to deny the pre-need firm's plea. The corporate
regulator has opposed Pacific Plans' rehabilitation petition,
saying it remains solvent as shown by its rosy financial
position. The SEC also insisted the firm does not need to go
through corporate rehabilitation.
Pacific Plans had sought rehabilitation earlier this year,
blaming its financial woes on the government's removing curbs on
tuition fee increases.
The court also ordered the appointed receiver, Mamerto Marcelo,
to review the company's rehabilitation plan. It also directed
the receiver to determine the best way to rehabilitate the pre-
need firm and resolve questions involving its financial
statements raised by the SEC.
Meanwhile, Pacific Plans President Alfredo J. Non welcomed the
Makati court's decision and committed to settle the company's
obligations to planholders.
The latest development will allow Pacific Plans to suspend
payments, while it works to turn its business around.
CONTACT:
Pacific Plans Inc.
2nd Flr., Grepalife Bldg,
221 Sen. Gil Puyat Ave.
Makati City
E-mail: bizialcita@grepa.com
=================
S I N G A P O R E
=================
CHINA AVIATION (S): Former CEO, CFO to Stand Trial by March 8
-------------------------------------------------------------
The former key officials of oil trader China Aviation Oil
(Singapore) Corp. Limited (CAO) are set to stand trial early
next year, Channel NewsAsia reports.
A court set aside from March 8 to March 21, 2006 and April 3 to
April 21, 20006 as the trial dates for CAO's former president,
Chen Jiulin, and former Chief Financial Officer, Peter Lim. Mr.
Chen is charged with 15 counts of cheating, forgery, insider
trading and false statements, while Mr. Lim is accused of 5
counts of cheating and fraud. Both men will be tried together.
Mr. Chen's lead counsel, Michael Hwang, said that the defense
had clarified the charges which they earlier sought from the
prosecution. The defense team is now preparing its case in
preparation for the trial.
CONTACT:
China Aviation Oil (S) Corp. Ltd.
Phone: (65)6334 8979
Fax: (65)6333 5283
Web site: http://www.caosco.com/
CHINA AVIATION (S): Unit's Fuel Tender is Oversubscribed
--------------------------------------------------------
China Aviation Oil (Singapore) Corporation Limited (CAO)
announced on Dec. 1, 2005 that its wholly owned subsidiary,
China Aviation Oil Trading Pte Limited (CAOT), closed its latest
physical Jet Fuel tender for deliveries for January-February
2006.
CAOT's latest tender continues to be successful and has received
a strong response from 17 physical jet fuel suppliers
(tenderers), including oil majors and major trading houses. For
this January-February 2006 tender, a total volume of 630,000
metric tonnes of Jet A1 Fuel was awarded and the tender was
approximately 4.6 times over-subscribed.
CAO Chairman Jia Changbin said, "I am pleased that our Jet Fuel
procurement business continues to be a strong growth driver and
that we continue to receive strong support from various industry
players for our Jet Fuel business."
CAOT will award the mandates to the most competitive tenderers
and states that the tenders received for this latest tender
exercise complied with its standard terms and conditions.
The Company, on behalf of CAOT, expresses its appreciation and
thanks to all tenderers for their continued support of its jet
fuel procurement business.
DIGILAND INTERNATIONAL: Sells Shares in Indonesian Unit
-------------------------------------------------------
Digiland International Pte Limited announces that on Dec. 1,
2005, the Company entered into an agreement to sell its entire
shareholding (1.02 million shares) in its unit, Digiland
Indonesia Pte Limited (DGI), and the assignment of book debts
owed by DGI, to its business manager Toto Tanamas for a
consideration of USD1.9 million (SGD3.2 million).
The sale is required by a scheme of arrangement entered into by
the Company and its scheme creditors on June 28, 2005, and is
part of the disposal of some of its non-core assets. The
proceeds from the sale would go to paying part of the Company's
non-core loan.
To view the Company's announcement on the matter, go to:
http://bankrupt.com/misc/tcrap_digilandinternational120205.pdf
CONTACT:
Digiland International Limited
31 Ubi Road 1
#02-00 Aztech Building
Singapore 408694
Phone: 65 6788 9898
Fax: 65 6369 1613
Web site: http://www.digiland.com.sg
INFORMATICS HOLDINGS: Denies Franchisees' Allegations
-----------------------------------------------------
Informatics Holdings Limited will fight a lawsuit filed by KS
Consultants Pte Limited and Kim Seng Holdings Pte Limited in the
Singapore High Court for the return of the fees, costs incurred
and damages, after the claimants found that the franchises for
Informatics Computer School (ICS) and Thames Business School
were allegedly unviable.
The Company's view on the alleged breach or breaches stated by
the claimants is that they are unfounded, as the validation
agreement with the University of Cambridge Local Syndicate
(UCLES) will expire in April 2006. All existing students and new
students who enroll on or before Dec. 31, 2004 will have the
opportunity to sit for their examinations until Dec. 31, 2007.
Furthermore, all students on the UCLES validated programs can
switch over to similar Informatics programmes that are validated
by NCC Education.
Informatics denies that without UCLES validation, its
qualifications would not obtain worldwide recognition, as the
Company's courses and qualifications are also validated by NCC
Education. Informatics' courses and qualifications are still
being recognized by a variety of foreign universities,
regardless of the validating body.
The allegations of misrepresentation are baseless and misleading
because Informatics does not make any representations on the
potential of a territory, or on obtaining relevant government
approvals for any territory. The claimants are well aware, and
they do recognize, that this franchise venture not only involves
business risks but is also dependent on the ability of the
franchisee.
Depsite a two-year lapse since the Hainan franchisee first
signed its agreement, it still does not have a center, and has
yet to put up such a center.
Informatics Holdings Limited is presently seeking legal advice
and shall vigorously contest the claim.
CONTACT:
Informatics Holdings Limited
Informatics Campus
12 Science Centre Road
Singapore 609080
Phone: 65 6562 5625
Fax: 65 6565 1371
Web site: http://www.informaticsgroup.com
L&M GROUP: Appoints Bob Low Siew Sie as Judicial Manager
--------------------------------------------------------
L&M Group Investments announced that on Nov. 30, 2005, the
Company filed an application with the Singapore High Court in
order to appoint a juducial manager.
In the application, the Company proposed to appoint Mr. Bob Low
Siew Sie if Bob Low & Co. as its judicial manager; Mr. Low Siew
Sie accepted the position, if he is appointed as such by the
Singapore High Court.
The Company will announce further developments on the
application.
CONTACT:
L & M Group Investments Pte Limited
28 Tuas Crescent
Singapore 638719
Phone: 65 6268 8688
Fax: 65 6265 5511
YUKI FURNITURE: Creditor Seeks Winding Up
-----------------------------------------
Notice is hereby given that Prominent Site Pte Limited, a
creditor of Yuki Furniture & Home Appliances Pte Limited, filed
a winding up petition against the Company with the Singapore
High Court on Nov. 15, 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 said petition may appear at
the time of hearing by himself or his counsel for that purpose.
A copy of the petition will be furnished to any Company creditor
or contributory requiring the same by the undersigned on payment
of the regulated charge for the same.
The Petitioner's address is at 101 Cecil Street #26-01/07, Tong
Eng Building, Singapore 069533.
The Petitioner's solicitors are Messrs Tan Kim Seng & Partners
of 101 Cecil Street #18-01/05, Tong Eng Building, Singapore
069533.
Messrs Tan Kim Seng & Partners
Solicitors for the Petitioner
Note:
Any person who intends to appear at the hearing of the said
petition must serve on or send by post to solicitors Messrs Tan
Kim Seng & Partners of 101 Cecil Street #18-01/05, Tong Eng
Building, Singapore 069533, a written of his intention so to do.
The notice must state the name and address of the person, or, if
a firm, the name and address of the firm, and must be signed by
the person or firm, or his or their solicitor (if any) and must
be served, or, if posted, must be sent by post in sufficient
time to reach the solicitors not later than 12:00 p.m. of Dec.
8, 2005.
===============
T H A I L A N D
===============
BANGKOK STEEL: Court to Hear Petition Dec. 14
---------------------------------------------
Bangkok Steel Industry Public Co. Ltd., on behalf of the plan
administrators, Economic Intellect Co. Ltd. and C.J. Morgan Co.
Ltd. advised the Stock Exchange of Thailand (SET) that it has
faced several problems with its business rehabilitation plan.
In order to implement the plan, the plan administrators filed a
petition to correct the said plan with the official receivers on
November 8, 18 and 21, 2005 respectively.
On November 30, 2005, the creditors' meeting resolved to correct
the plan according to the petition of the plan administrators
with the vote of 78.37 percent.
The court made an appointment to consider the motion on December
14, 2005, which the plan administrators will inform further.
Please be informed accordingly.
Yours sincerely,
Economic Intellect Co. Ltd.
C.J. Morgan Co. Ltd.
Plan Administrators
CONTACT:
Bangkok Steel Industry Public Company Limited
United Flour Mill Bldg,
205 Rajawong Road,
Samphanthawong Bangkok
Telephone: 0-2226-0088, 0-2226-0680, 0-2226-6120-29
Fax: 0-2224-7698, 0-2222-7497
Web site: http://www.bangkoksteel.co.th
THAI HEAT: To Undertake Warrant Exercise
----------------------------------------
Thai Heat Exchange Public Company Limited issued to the Stock
Exchange of Thailand (SET) a report on the information regarding
the process of exercising the THECO-WA with the following
details:
(1) Submission
For the end of Fourth Quarter as of June 2005, The submission
period will be during December 2-20, 2005.
(2) Exercise Ratio: 1 warrant for 1 ordinary share
(3) Exercise Price: THB1.00 per share
(4) Documents to be submitted
- The completed subscription form
- Warrant certificate or the substitution of warrant certificate
(for scrip less)
- Certified copy of Identification card for normal citizen or
certified copy of letter of guarantee from The Ministry of
Commerce for Corporate entity.
- Cheque, draft, or bank order collectable within Bangkok
Metropolitan
(Payment to the account of: Account for right issue shares of
Thai Heat Exchange Public Company Limited)
Bank: Siam Commercial Bank - Klongton
Account No. 028-3-06892-4
(5) Contact Place
Finance Department
Thai Heat Exchange Public Company Limited
2st Floor 1364 Ramkhamhaeng Road, Suanluang, Bangkok 10250
Telephone No. 02-319-1911-5
Ext: 22, 72
Fax: 02-319-1908
Yours Faithfully,
Mr. Surin Wanpensakul
Director
CONTACT:
Thai Heat Exchange Pcl
1364 Ramkhamhaeng Road,
Suan Luang Bangkok
Telephone: 0-2318-2478-9, 0-2314-4582, 0-2319-1911-5
Fax: 0-2318-2655, 0-2319-4268
Web site: http://www.thaiheat.com
WYNCOAST INDUSTRIAL: Registers Capital Reduction at MoC
-------------------------------------------------------
The Extraordinary Shareholders Meeting of Wyncoast Industrial
Public Co. Ltd. held on September 20, 2005 resolved to approve
the decrease of registered capital of the Company from
THB1,468,835,640 to THB367,208,910.
The paid-up capital of Company was also reduced from
THB1,400,937,360 to THB350,234,340 by canceling a certain number
of shares held by each shareholder based on their shareholding
ratio.
As a result of the said decrease of the registered capital, the
number of ordinary shares for accommodating the exercise of the
warrants decreased from 67,898,280 shares to 16,974,570 shares.
Therefore, the conversion ratio is required to be adjusted to
one unit of warrant for 0.2685 ordinary shares at the exercise
price of Baht One per share.
The company advised the Exchange that the registration of
capital reduction with the Ministry of Commerce (MoC) was
completed on the December 2, 2005.
Presently, The Company has a registered capital amounting to
THB367,208,910 (Three hundred sixty-seven million two hundred
eight thousand nine hundred and ten Baht) and paid-up capital
amounting to THB350,234,340 (Three hundred fifty million two
hundred thirty-four thousand three hundred and forty Baht) and
the number of ordinary shares for accommodating the exercise of
the warrants to 16,974,570 shares (Sixteen hundred million nine
hundred seventy-four thousand five hundred and seventy Shares)
by the exercise price is Baht One per share and exercise ratio
is One unit of warrant for 0.2685 ordinary shares.
Please be informed accordingly.
Yours sincerely,
Mr. Pathrlap Davivongsa
Chief Executive Officer
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter -- Asia Pacific is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Trenton, NJ
USA, and Beard Group, Inc., Frederick, Maryland USA. Lyndsey
Resnick, Ma. Cristina Pernites-Lao, Faith Marie Bacatan, Reiza
Dejito and Erica Fernando, Editors.
Copyright 2005. All rights reserved. ISSN: 1520-9482.
This material is copyrighted and any commercial use, resale or
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