/raid1/www/Hosts/bankrupt/TCRAP_Public/051220.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
A S I A P A C I F I C
Tuesday, December 20, 2005, Vol. 8, No. 251
Headlines
A U S T R A L I A
ACTIVE INTERIOR: Creditors OK Liquidator's Appointment
AIR NEW ZEALAND: 110 Layoffs First of Many
ARAFURA EQUITIES: Receivers Appointed Over Investment Scheme
AUDBURY INVESTMENTS: Winds Up Operations
BISLAL PTY: Liquidator to Distribute Company Assets
BROOKVALE CAR: Declares Dividend Today
CHERRY TREE: Wind Up Process Initiated
EMPEROR MINES: Extends Time for Completion of Alcaston Deal
EVANS & TATE: Troubles Far From Over
FLOUNDER HOLDINGS: Members Pass Winding Up Resolution
FS ADMINISTRATION: Schedules Final Meeting Dec. 30
GABRIELLE CONSTRUCTIONS: Court Appoints Official Liquidator
HADOWAND PTY: Intends to Distribute Final Dividend
HIH INSURANCE: High Court Releases Judgment on English Assets
INFORM BUSINESS: Members Resolve to Wind Up Business
J&I CABINET: Decides to Close Business
LKT PROPERTIES: Members to Receive Liquidator's Report
MAZCORP INTERNATIONAL: Court Issues Winding Up Order
MODERN ART: Gregory S. Andrews Named Company Liquidator
MULTIPLEX: Concludes Global Switch, Strathford Agreements
MULTIPLEX: Posts Wembley Update, Earnings Guidance Commentary
NYLEX LIMITED: Sell Three of Non-core Automotive Businesses
PESCANA PTY: Intends to Pay Dividend to Creditors
P.E.T. MODIFICATIONS: Creditors Place Firm in Liquidation
SBT PROJECT: Inability to Pay Debt Prompts Winding Up
SLATERS HAULAGE: Liquidator to Explain Wind Up to Members
TELSTRA CORPORATION: Faces Damages Suit from Shareholders
T. GLEESON: Placed Under Voluntary Liquidation
VELMA 95: Court Orders Liquidation
WATTYL LIMITED: AEP Denies Making Takeover Bid
C H I N A & H O N G K O N G
ACCESS FAITH: Enters Winding Up Process
BEKK SOLUTIONS: Court to Hear Wind Up Petition Jan. 18
DEFG LIMITED: Receiving Proofs of Debt Until Jan. 16
FAIRCO INVESTMENTS: Seeks to Appoint Provisional Liquidators
FAMOUS FAITH: Set to Close Operations
HAPPY EVER: Court Releases Winding Up Order
HONG KONG URBAN: Creditors Meeting Fixed Dec. 30
MAGICIAN INDUSTRIES: 1H Net Loss Rises to HK$39 Mln
METZLER INTERNATIONAL: Enters Winding Up Process
RCH DEVELOPMENT: Set to Liquidate Business
SELBO INDUSTRIES: Court to Hear Liquidator's Application Jan. 17
SMART FAME: Winding Up Hearing Slated for Jan. 11
SQUARE FUND: Receiver's Application Due for Hearing Jan. 17
XIAN DAI: Unveils EGM Resolutions
ZIDA COMPUTER: Results Sink to Red; 1H05 Loss Hits HK$6.7 Mln
I N D I A
AMIT SPINNING: Allots Shares to Promoters
THOMAS COOK: Unveils Outcome of Board Meeting
THOMAS COOK: Fixes Book Closure
I N D O N E S I A
DIRGANTARA INDONESIA: To Sell 10 CN-235 Planes to Thailand
INDOSAT: S&P Raises Currency Rating
KIANI KERTAS: Attracts New Investor
TELEKOMUNIKASI INDONESIA: S&P Upgrades Currency Rating
TELEKOMUNIKASI SELULAR: Receives Rating Upgrade from S&P
J A P A N
KANEBO LIMITED: Buyer on Watch Negative After Purchase Deal
KANEBO LIMITED: IRCJ OKs Disposal of Equity, Debt
SEIYU LIMITED: Wal-Mart Moves to Reduce Costs
* 147 Companies Get Debt Forgiveness in Third Quarter
K O R E A
DAEWOO ELECTRONICS: Due Diligence Begins to Fast Track Sale
HANSUNG AIRLINES: Crisis Holds Off Operations
INCHON OIL: SK Corp. to Safeguard Employees after Takeover
M A L A Y S I A
ANCOM BERHAD: Buys Back Ordinary Shares
HARRISONS HOLDINGS: Harrisons Herbals Enters Wind-Up Process
HOCK SIN: Books MYR128,000 Net Loss in 4Q/FY05
HUBLINE BERHAD: Directors Mull Corporate Reorganization
KIG GLASS: Enters Into Agreement to Negotiate Rehab Scheme
LION INDUSTRIES: Unit Ceases Business
LITYAN HOLDINGS: Details Unit's Disposal of Shares
MAGNUM CORPORATION: Issues New Shares for Listing, Quotation
OLYMPIA INDUSTRIES: Hires Proposal Implementation Facilitator
PACIFIC & ORIENT: Bourse Lists, Quotes New Shares
PAN PACIFIC: Unveils Default Status
PANTAI HOLDINGS: New Shares Up for Listing, Quotation
POS MALAYSIA: Bourse to Grant Listing, Quotation of New Shares
PSC INDUSTRIES: Danaharta Obtains Summary Judgment
PUNCAK NIAGA: Summary Judgment to Proceed in February
WEMBLEY INDUSTRIES: Issues Appeal to Bourse's Decision
P H I L I P P I N E S
ABS-CBN BROADCASTING: Wins Court Favor
ATLAS CONSOLIDATED: Anglo Takes 60 Million Shares
MAKATI MEDICAL: Losses President Over BOD Power Play
MANILA ELECTRIC: Denies Php42-Bln Debt to Government
NATIONAL POWER: Meralco Eyes Generation Assets
S I N G A P O R E
CHARTERED SEMICONDUCTOR: Appoints Indpependent Director
INFORMATICS HOLDINGS: Provides Information on Rights Issue
INTERNOC SINGAPORE: Declares Dividend Today
ONG YEW: Asks Creditors to Submit Debt Claims
SINGLAND MACHINERY: Creditors Meet to Review Wind Up Report
T H A I L A N D
PAE THAILAND: Clarifies Q3/05 Financial Statement
SIAM AGRO-INDUSTRY: Concludes Legal Process for Stock Split
BOND PRICING: For the Week 19 December to 23 December 2005
- - - - - - - -
=================
A U S T R A L I A
=================
ACTIVE INTERIOR: Creditors OK Liquidator's Appointment
------------------------------------------------------
Notice is hereby given that at a general meeting of the members
of Active Interior Linings Pty Limited held on Nov. 23, 2005, a
Special Resolution was passed to voluntarily wind up the
Company.
Mr. P. Ngan and Mr. G. Parker were appointed as Joint and
Several Liquidators for such purpose.
Creditors confirmed the Liquidators' appointment at a creditors'
meeting held that same day.
Dated this 25th day of November 2005
P. Ngan
G. Parker
Joint Liquidators
Ngan & Co. Chartered Accountants
Level 5, 49 Market Street
Sydney NSW 2000
AIR NEW ZEALAND: 110 Layoffs First of Many
------------------------------------------
Air New Zealand's decision to outsource heavy maintenance of its
wide body aero-engines will result in the loss of around 600
jobs, Sydney Morning Herald reports.
The national flag carrier plans to outsource the under-
performing business from next year, in a move expected to save
NZ$53 million (AU$49 million) in costs.
Air New Zealand Chief Executive Rob Fyfe said the decision came
after 18 months of talks, and the state of the business was
bleak.
The carrier will initially lay off 110 heavy maintenance
workers, and more than 500 other jobs may also go.
About 13 per cent of the 110 jobs to be cut are licensed
aircraft engineer positions. The remainder is made up of non-
licensed aircraft engineers, other trades, supervisory,
planning, cleaning, administrative and clerical roles.
Mr. Fyfe said a final decision concerning another 507 jobs in
the wide-body frame, overhead and support areas of the airline's
engineering operations, would be made in February.
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/
ARAFURA EQUITIES: Receivers Appointed Over Investment Scheme
------------------------------------------------------------
The Australian Investments and Securities Commission (ASIC) has
successfully sought interim orders from the Supreme Court in
Brisbane appointing receivers over the property of Arafura
Equities Pty Ltd (Arafura), Mr Brett Tony Best, of Brookfield in
Brisbane, Mr. Richard Stanley Harris, of Caboolture, Brisbane
and Ricstan Enterprises Pty Ltd trading as Creative Mortgage
Solutions.
ASIC alleges these companies and individuals were concerned in
an illegal investment scheme (the scheme) involving
approximately AU$20 million.
Mr. Lachlan McIntosh and Ms Ginette Muller, of KordaMentha, were
appointed as receivers and will report to the court on the
scheme within three weeks.
Previously, ASIC obtained consent orders on Nov. 21, 2005 in the
Supreme Court in Brisbane appointing Mr. Lachlan McIntosh and Ms
Ginette Muller, of KordaMentha, both as receivers over the
property owned by Mrs. Patricia Rayleen Jenkins, of Shailer Park
in Brisbane, in her personal capacity, and as trustee for the
Papaya Trust and the Solomon Trust. Mrs. Jenkins was one of the
promoters of the scheme.
Mr. McIntosh and Ms Muller were also appointed as liquidators
over Jenkins Increase Pty Ltd as trustee for the Jenkins Family
Trust. The trusts were comprised of members who had invested
funds through Ms Jenkins to be traded by Arafura.
The matter will return to Court on 20 March 2006.
Background
ASIC alleges that from January 2003, Arafura and its promoters,
Mr. Best, Mr. Harris and Mrs. Jenkins, induced up to 200
clients, primarily located in and around south-east Queensland,
to invest money with Arafura. The funds invested by clients
totaled approximately AU$17 million and were to be traded by Mr.
Best in the foreign currency market. Some clients mortgaged
their homes to invest in the scheme.
It is alleged that the outstanding capital and interest payments
owed to investors in the scheme totals approximately $20
million.
On investing in Arafura, clients entered into an agreement to
receive interest payments of five per cent per month, or 60 per
cent per annum.
Previous injunctive orders obtained over the assets of the
related entities to the scheme will continue until the matter is
resolved. A previous court order that Mr. Best surrender his
passport was continued.
AUDBURY INVESTMENTS: Winds Up Operations
----------------------------------------
Notice is hereby given that a general meeting of Audbury
Investments Pty Limited will be held on Dec. 30, 2006, 11:00
a.m. at 280 Main Road, Cambewarra, New South Wales, to present
the Liquidator's account on the Company's winding up and the
disposal of its property, together with any explanations
required in relation thereto.
Dated this 2nd day of November 2005
Robert J. Redenbach
Liquidator
PO Box 80, Cambewarra NSW 2540
Phone: 02 4446 0905
BISLAL PTY: Liquidator to Distribute Company Assets
---------------------------------------------------
Notice is hereby given that at an extraordinary general meeting
of Bislal Pty Limited held on Nov. 29, 2005, the following
Special Resolution was passed:
That the Company be wound up as a Members' Voluntary
Liquidation, and that its assets may be distributed (in whole or
in part) to the members in specie, should the Liquidators so
desire.
Mr. David Charles Williamson and Mr. William Keith Chaseling of
21 Merewether Street, Newcastle, New South Wales were appointed
as Joint and Several Liquidators for the winding up.
Dated this 29th day of November 2005
William K. Chaseling
David C. Williamson
Joint Liquidators
21 Merewether Street, Newcastle NSW
BROOKVALE CAR: Declares Dividend Today
--------------------------------------
Brookvale Car World Pty Limited will declare a first and final
dividend today, Dec. 20, 2005.
Creditors who were not able to prove their debts or claims will
be excluded from the benefit of the dividend.
Dated this 10th day of November 2005
Brian Silvia
Liquidator
Ferrier Hodgson
Level 17, 2 Market Street
Sydney NSW 2000
CHERRY TREE: Wind Up Process Initiated
--------------------------------------
Notice is given that at a general meeting of the members of
Cherry Tree Hill Pastoral Co. Pty Limited held on Nov. 25, 2005,
it was resolved that the Company be wound up voluntarily, and
that Mr. Stuart Thomas be appointed liquidator for the winding
up.
Dated this 29th day of November 2005
Stuart Thomas
Liquidator
WHK Darcy Kennedy
151 Lachlan Street, Forbes NSW 2871
EMPEROR MINES: Extends Time for Completion of Alcaston Deal
-----------------------------------------------------------
As part of the restructured deal between Emperor Mines Limited
and Alcaston Mining NL announced on Oct. 18, 2005, it was agreed
that the transaction will be completed by Dec. 31, 2005.
The Board of Directors of Alcaston announced that the Company
has agreed with Emperor for an extension of time until Jan. 31,
2006 for the transaction to be completed.
CONTACT:
Emperor Mines Limited
Level 1 WBM Building
490 Upper Edward Street
Spring Hill QLD 4004
EVANS & TATE: Troubles Far From Over
------------------------------------
Evans & Tate could face a worse crisis if its convertible note
holders do not pass a critical resolution this week, according
to the Sydney Morning Herald.
The troubled winemaker is advised to brace itself for trouble if
a resolution that will quarantine the company from the effect of
new accounting standards is not passed by Friday.
Under International Financial Reporting Standards (IFRS), which
come into effect on January 1, the AU$20-odd million of
convertible notes on issue by Evans & Tate will no longer be
treated as equity but as debt.
This would result in the already debt-ridden company breaching
its debt covenants and expose it to being "wound up" by
creditors.
According to its latest set of accounts, Evans & Tate's total
liabilities (AU$164.4 million) were about 76 per cent of its
total assets (AU$215.8 million). The IFRS changes could push the
company's liabilities up AU$28.6 million and well over the 80
per cent threshold.
But Evans & Tate Chairman John Hopkins played down any notion
that the company was hanging in the balance, saying it had the
support of its banker. ANZ threw the company an AU$10 million
lifeline this year on the proviso it ditched its executive
chairman, Franklin Tate.
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/
FLOUNDER HOLDINGS: Members Pass Winding Up Resolution
-----------------------------------------------------
Notice is hereby given that at an extraordinary general meeting
of the members of Flounder Holdings Pty Limited held on Nov. 28,
2005, it was resolved that the Company be wound up voluntarily,
and Mr. David Leigh of SimsPartners Chartered Accountants, Suite
6A, 10-12 Short Street, Port Macquarie, NSW was appointed as
Liquidator at a creditors' meeting held that same day.
Dated this 13th day of December 2005
David Leigh
Liquidator
SimsPartners Chartered Accountants
Suite 6A, 10-12 Short Street
Port Macquarie NSW 2444
FS ADMINISTRATION: Schedules Final Meeting Dec. 30
--------------------------------------------------
Notice is given that a final meeting of the members and
creditors of FS Administration Pty Limited will be held on Dec.
30, 2005, 10:45 a.m. at Ngan & Co., Level 5, 49 Market Street,
Sydney NSW 2000, for the following purposes:
AGENDA
(1) To receive the Liquidator's account showing how the
Company's winding up was conducted and its property disposed of,
and to receive any explanation required thereof.
(2) To consider any other business brought before the meeting.
Dated this 29th day of November 2005
P. Ngan
Liquidator
Ngan & Co.
Level 5, 49 Market Street
Sydney NSW 2000
GABRIELLE CONSTRUCTIONS: Court Appoints Official Liquidator
-----------------------------------------------------------
On Nov. 25, 2005, the Supreme Court of New South Wales, Equity
Division appointed Mr. Christopher J. Palmer as the Official
Liquidator in the winding up of Gabrielle Constructions Pty
Limited.
Dated this 13th day of December 2005
Christopher J. Palmer
Liquidator
O'Brien Palmer
Level 4, 23-25 Hunter Street
Sydney NSW 2000
HADOWAND PTY: Intends to Distribute Final Dividend
--------------------------------------------------
Notice is hereby given that Hadowand Pty Limited will declare
first and final dividend today, Dec. 20, 2005.
Creditors who were not able to prove their debts or claims will
be excluded from the benefit of the dividend.
Dated this 17th day of November 2005
S. K. Preen
Liquidator
C/o HLB Mann Judd
Level 19, 207 Kent Street
Sydney NSW 2000
HIH INSURANCE: High Court Releases Judgment on English Assets
-------------------------------------------------------------
The English assets of the Australian insurance group, HIH
Insurance Limited, should not be released by the English
provisional liquidators for distribution in accordance with the
Australian statutory distribution priorities, the High Court
ruled Dec. 16, 2005.
The HIH group was the second largest general insurance group in
Australia when it failed in March 2001. The principal
liquidations occurred in Australia, but ancillary provisional
liquidations were also commenced in England, where HIH operated
a branch.
Tom Riddell, KPMG partner and joint provisional liquidator of
the HIH companies in England, said: "This judgment, together
with the judgment of the Australian court in March this year,
clarifies the distribution priorities that should be applied to
the assets in each location.
"We will continue to work in close co-operation with the
liquidators in Australia to ensure that the schemes of
arrangement are finalized for approval by the court and
creditors, with the intention of an interim distribution being
paid in the first half of 2006."
Background
The Australian legislative priorities for distributions in an
insurance liquidation are different to the English legislative
priorities. In December 2004 the Australian liquidators applied
to the Supreme Court of New South Wales for an order to convene
meetings of creditors to consider proposed schemes of
arrangement to deal with distribution of all of the assets of
each company. The intention in the proposed schemes was to apply
the Australian distribution priorities to most assets, but to
apply the English distribution priorities to the assets in
England. The proposed schemes were developed in co-operation
with the English provisional liquidators.
A number of Australian creditors objected, arguing that the
Australian priorities should be applied to all assets, including
the English assets.
To resolve this issue the English provisional liquidators
applied to the English High Court for directions as to whether
the assets they control should be released to the Australian
Liquidators or not. Justice Richards has now ruled that the
assets in England should not be released, because the Australian
legislative priorities would involve a materially different
basis of distribution than would apply in an English
liquidation.
The Australian liquidators had opposed the English provisional
liquidators in the proceedings to ensure that the issues were
fully tested. It is not yet known whether the decision will be
appealed.
INFORM BUSINESS: Members Resolve to Wind Up Business
----------------------------------------------------
Notice is hereby given that on Nov. 28, 2005, it was resolved by
special resolution that Inform Business Development Pty Limited
be wound up voluntarily, and that Mr. John Lord of PKF Chartered
Accountants, Level 10, 1 Margaret Street, Sydney, be appointed
as Liquidator for such purpose.
Dated this 29th day of November 2005
John Lord
Liquidator
PKF Chartered Accountants
Level 10, 1 Margaret Street
Sydney NSW 2000
J&I CABINET: Decides to Close Business
--------------------------------------
Notice is hereby given that at a general meeting of the members
of J&I Cabinet Makers Pty Limited held on Nov. 29, 2005, it was
resolved that the Company be wound up voluntarily, and that Con
Kokkinos of O'Keeffe Walton Richwol Chartered Accountants, Suite
3, 431 Burke Road, Glen Iris 3146 be appointed as Liquidator for
such purpose.
Dated this 29th day of November 2005
Con Kokkinos
Liquidator
O' Keefe Walton Richwol Chartered Accountants
Suite 3, 431 Burke Road
Glen Iris 3146
LKT PROPERTIES: Members to Receive Liquidator's Report
------------------------------------------------------
Notice is given that a final meeting of the members and
creditors of LKT Properties Pty Limited will be held on Dec. 30,
2005, 10:00 a.m. at Rodgers Reidy, Level 8, 333 George Street,
Sydney, for the following purposes:
(a) To receive an account from the Liquidator.
(b) To pass a resolution to destroy the books & records of the
Company.
(c) To consider any other business.
Daniel Civil
Liquidator
Rodgers Reidy
Level 8, 333 George Street
Sydney NSW 2000
MAZCORP INTERNATIONAL: Court Issues Winding Up Order
----------------------------------------------------
On Nov. 28, 2005, the Supreme Court of New South Wales ordered
the winding up of Mazcorp International Pty Limited, and
appointed Mr. Brian Hugh Allen to be the Company Liquidator.
Brian H. Allen
C/o Burton Glenn Allen Chartered Accountants
Level 2, 57 Grosvenor Street
Neutral Bay NSW 2089
Phone: 02 9904 4644
Fax: 02 9904 9644
MODERN ART: Gregory S. Andrews Named Company Liquidator
-------------------------------------------------------
Notice is hereby given that at a general meeting of the members
and creditors of Modern Art Constructions Pty Limited held on
Nov. 30, 2005, it was resolved that the Company be wound up
voluntarily, and Mr. Gregory Stuart Andrews of G. S. Andrews &
Associates, 22 Drummond Street, Carlton 3053 was appointed as
Liquidator for such purpose.
Dated this 1st day of December 2005
G. S. Andrews
Liquidator
G. S. Andrews & Associates
22 Drummond Street, Carlton Vic 3053
Phone: 03 9662 2666
Fax: 03 9662 9544
MULTIPLEX: Concludes Global Switch, Strathford Agreements
---------------------------------------------------------
On Friday, Dec. 16, 2005 (London time), Multiplex concluded
arrangements with entities associated with Simon and David
Reuben under which Multiplex has disposed of certain interests
and rights in relation to the Strathford project and Global
Switch.
The total proceeds received by Multiplex were approximately
AU$300 million (GBP127.5 million).
Multiplex will maintain the potential to participate in the
development and construction opportunities in the Strathford
project.
CONTACT:
Multiplex Group
Level 4, 1 Kent Street,
SYDNEY, NSW, AUSTRALIA, 2000
Telephone: (02) 9256 5000
Fax: (02) 9256 5001
Web site: http://www.multiplex.com.au
MULTIPLEX: Posts Wembley Update, Earnings Guidance Commentary
-------------------------------------------------------------
A report has been received by the Board of Multiplex, following
a detailed further review of the Wembley project, for an audit
committee meeting this afternoon.
The report indicates that an assessment of the final loss
position on the project is subject to considerable variability
depending upon the final outcome of steel costs, preliminary and
acceleration costs, and final negotiation of numerous
subcontractor claims, as well as finalization of recoveries,
including final settlement of variations with the client.
The report indicates that the likely loss position is now
expected to be substantially adverse from the position that was
indicated at the full year and the update commentary provided at
the most recent AGM.
The Board advised that any additional losses on the Wembley
project are likely to lead to a direct reduction in 2006
earnings guidance provided at the full year.
As soon as the Board is in a position to advise of the final
expected outcome of negotiations between various parties
(subcontractors and client), and the final expected revenue and
cost position (and therefore the revised project loss position)
it will provide a market update and revised earnings guidance.
Depending on the progress of negotiations, the Board hopes to be
in a position to provide revised assessment of the impact on
2006 earnings over the next few weeks. Multiplex continues to
target completion of the Wembley stadium to enable the 2006 FA
Cup Final to be played, with progressive hand over of parts of
the stadium expected to commence from Jan. 31, 2006.
Aside from Wembley, Multiples Group operations in all geographic
regions and across all business divisions continue to perform
strongly.
NYLEX LIMITED: Sell Three of Non-core Automotive Businesses
-----------------------------------------------------------
Nylex Limited announced the sale of three of its four non-core
automotive businesses.
The three businesses include Empire Rubber, Mills Elastomers and
Nylex Frankston. The businesses were sold to Huon Corporation
which is a private company.
Commercial terms on the divestment of the remaining non-core
automotive business, Exacto Plastics in Adelaide, have been
largely agreed and management expects the sale to be completed
early in the New Year.
The proceeds of the sale of the combined non-core automotive
businesses remains as previosuly advised, at approximately AU$30
million.
Mr. Casey went on to say, "this has been a long haul, however,
these sales together with the sale of AH Plant Hire will provide
the company with a more conventional risk profile and business
model going forward.
Update on Divestment of AH Plant Hire
The meeting of shareholders to approve the sale of AH Plant Hire
will be held on Dec. 23, 2005. For the convenience of
shareholders, and given the significance of the transaction of
the company, the Company reported that votes received to date
are strongly in favor of the divestment. The firm also noted
that the Australian Shareholders Associated (ASA) is
recommending that its members approve the sale. The ASA's view
on the transaction has been published on the ASA web site
http://www.asa.asn.au.
CONTACT:
Nylex Limited
Level 2/ 564 St Kilda Rd
Melbourne 3004
Phone:
Phone: (03) 9533 9333
Fax: (03) 9533 9388
E-mail: contactus@nylexlimited.com.au
Web site: http://www.nylexlimited.com.au
PESCANA PTY: Intends to Pay Dividend to Creditors
-------------------------------------------------
Pescana Pty Limited will declare a first and final dividend for
its unsecured creditors today, Dec. 20, 2005.
Creditors who were not able to prove their debts or claims will
be excluded from the benefit of the dividend
Dated this 2nd day of November 2005
A. G. Scott
Liquidator
SimsPartners
Level 4, 12 Pirie Street
Adelaide SA 5000
P.E.T. MODIFICATIONS: Creditors Place Firm in Liquidation
---------------------------------------------------------
Notice is hereby given that on Nov. 23, 2005, P.E.T.
Modifications Pty Limited passed the following resolution:
That the Company be wound up voluntarily relating to a
Creditors' Voluntary Winding Up, and that Mr. K. L. Sutherland,
Chartered Accountant of Level 5, 332 St. Kilda Road, Melbourne
be appointed as Liquidator for the wind up.
Dated this 24th day of November 2005
K. L. Sutherland
Liquidator
Bent & Cougle Pty Limited Chartered Accountants
Level 5, 332 St. Kilda Road
Melbourne Vic 3004
SBT PROJECT: Inability to Pay Debt Prompts Winding Up
-----------------------------------------------------
Notice is hereby given that at a meeting of SBT Project Pty
Limited held on Nov. 29, 2005, the following Special Resolution
was passed:
That as it is unable to pay its debts as and when they fall due,
the Company be wound up voluntarily; and that Mr. Daniel Civil
be appointed as Liquidator for such purpose.
Daniel Civil
Liquidator
C/o Rodgers Reidy
Level 8, 333 George Street
Sydney NSW 2000
SLATERS HAULAGE: Liquidator to Explain Wind Up to Members
---------------------------------------------------------
Notice is hereby given that the final meeting of the members of
Slaters Haulage Pty Limited will be held on Dec. 30, 2005, 10:00
a.m. at the offices of NorthCorp Accountants, 51 Cameron Street,
Wauchope NSW 2446, to receive the Liquidators' final account on
the Company's winding up and report, and to give any explanation
thereof.
Dated this 29th day of November 2005
Paul Andrew Fahey
Winifred Gibson
Joint Liquidators
NorthCorp Accountants
51 Cameron Street, Wauchope NSW 2446
TELSTRA CORPORATION: Faces Damages Suit from Shareholders
---------------------------------------------------------
Disgruntled shareholders of Telstra Corporation are poised to
file a class action suit against the telco, The Australian
relates.
The planned action stemmed from Telstra's alleged failure to
disclose a big drop in future earnings that later resulted in
its share pricing dwindling.
Consultant Joanne Rees of Slater and Gordon said the legal
action is planned for the Federal Court in the new year. It will
cover investor share market losses incurred after August 11,
when Telstra Chief Executive Officer Sol Trujillo and Finance
Chief John Stanhope presented the annual financial result to the
market at a briefing attended by market analysts and the media.
Last week, the Australian Securities and Investments Commission
(ASIC) issued a warning to Telstra, which it characterized as a
"yellow card".
In its statement, ASIC said, "Also of concern was a briefing to
analysts following the release of Telstra's annual results on 11
August, 2005. It is clear that some information given during
that briefing was not available in Telstra's ASX announcements,
either before or after the briefing."
Despite ASIC's criticism, Telstra said it did not breach its
disclosure obligations, while the corporate regulator made clear
it did not intend to take any enforcement action over the issue.
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/
T. GLEESON: Placed Under Voluntary Liquidation
----------------------------------------------
Notice is hereby given that at a general meeting of the members
of T. Gleeson & Manton Pty Limited held on Nov. 22, 2005, it was
resolved that the Company be wound up voluntarily, and that Mr.
Christopher Wykes of Level 7, 1 Margaret Street, Sydney NSW
2000 be nominated to act as Liquidator for such purpose.
Dated this 5th day of December 2005
Christopher Wykes
Liquidator
Lawler Partners Chartered Accountants
Level 7, 1 Margaret Street
Sydney NSW 2000
VELMA 95: Court Orders Liquidation
----------------------------------
On Nov. 18, 2005, the Federal Court of Australia ordered the
winding up of Velma 95 Cleaning Services Pty Limited, and
appointed Mr. Antony de Vries to be the Company Liquidator.
Dated this 29th day of November 2005
Antony de Vries
Liquidator
de Vries Tayeh
Level 3, 95 Macquarie Street
Parramatta NSW 2150
WATTYL LIMITED: AEP Denies Making Takeover Bid
----------------------------------------------
There was a report in The Australian on Saturday, Dec. 17, 2005
to the effect that Allco Equity Partners Limited (AEP) will be
making a takeover bid for Wattyl Limited.
As required by ASX Listing Rule 3.1 (and in anticipation of the
application of ASX Listing Rule 3.1B), AEP notes that it has
made no decision to make a takeover bid for Wattyl.
AEP approached the Chairman and Managing Director of Wattyl on a
confidential basis on Dec. 6, 2005 to discuss an indicative
potential proposal for AEP (or a wholly owned subsidiary) to
make a takeover bid for Wattyl on a basis to be agreed between
AEP and the board of directors of Wattyl. AEP was subsequently
informed by the Chairman of Wattyl that Wattyl did not at this
time wish to engage in further discussions with AEP on the basis
of the indicative potential terms suggested by AEP.
Whether or not AEP (or any subsidiary of AEP) makes a takeover
bid for Wattyl, and if so, the price, conditions, timing and
other terms of any such bid, are matters to be determined by the
Board of Directors of AEP. The Board of Directors of AEP has
made no decision on any of such matters at this time.
AEP will notify the market in the event of any material
developments.
CONTACT:
Wattyl Limited
Level 1
68 Waterloo Road
North Ryde NSW 2113
Phone: +61 2 9813 3333
Fax: +61 2 9813 3311
==============================
C H I N A & H O N G K O N G
==============================
ACCESS FAITH: Enters Winding Up Process
---------------------------------------
Access Faith Development Limited, whose office address is
located at 8/F CNT Commercial Building 302 Queen's Road Central
Hong Kong, issued a winding up order notice in the High Court of
the Hong Kong Special Administrative Region Court of First
Instance on December 5, 2005.
Date of Presentation of Petition: September 29, 2005
Dated this 16th day of December 2005
ET O'Connell
Official Receiver
BEKK SOLUTIONS: Court to Hear Wind Up Petition Jan. 18
------------------------------------------------------
A Petition for the Winding up of Bekk Solutions Limited by the
High Court of Hong Kong Special Administrative Region was on
November 19, 2005 presented to the said Court by Tam
International Consultants H.K. Limited of Room 1009, 10th Floor,
Concordia Plaza, 1 Science Museum Road, Tsim Sha Tsui East,
Kowloon, Hong Kong.
The said Petition is directed to be heard before the Court at
9:30 a.m. on January 18, 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.
TANNER DE WITT
Solicitors for the Petitioner
2308, Tower Two, Lippo Centre
89 Queensway
Hong Kong
Phone: 2573 5000
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 17, 2006.
DEFG LIMITED: Receiving Proofs of Debt Until Jan. 16
----------------------------------------------------
Notice is hereby given that the Creditors of DEFG Limited (DEFG
Limited), which is being voluntarily wound up, are required on
or before January 16, 2006 to send their names, addresses and
descriptions, full particulars of their debts or claims, as well
as the names and addresses of their solicitors (if any) to the
Liquidators of the said Company.
If so required by notice in writing from the said liquidators to
prove their debts or claims at such time and place as shall be
specified in such notice.
In default thereof, they will deemed to waive all of such debts
or claims and the Liquidators will be entitled seven days after
the above date, to distribute the funds available or any part
thereof to the Members.
Dated this 16th day of December 2005
SUEN PUI YEE
IAIN FERGUSON BRUCE
Liquidators
8th Floor, Gloucester Tower
The Landmark
11 Pedder Street, Central
Hong Kong
FAIRCO INVESTMENTS: Seeks to Appoint Provisional Liquidators
------------------------------------------------------------
Fairco Investments Limited hereby gives notice that a hearing
will be held at the High Court of the Hong Kong Special
Administrative Region, High Court Building, 38 Queensway, Hong
Kong on February 23, 2006 (Thursday), at 9:30 a.m. before Master
S. Kwang for the purpose of appointing Mr. Leung King Wai
William and Mr. Lee Kwok Wai, the Joint and Several Provisional
Liquidators of the Company pursuant to Rule 45 (2) of the
Companies (Winding-up) Rules.
Any creditor or contributory of the Company desirous to support
or oppose the appointment may appear at the time of hearing
himself or his Solicitors for that purpose.
Dated this 19th day of December 2005
WILLIAM LEUNG KING WAI
LEE KWOK WAI
Joint and Several Provisional Liquidators
Unit 2704, 27th Floor
Vicwood Plaza
No. 199 Des Voeux Road Central
Central, Hong Kong
Phone: 2810 6199
FAMOUS FAITH: Set to Close Operations
-------------------------------------
Famous Faith Limited, whose office address is located at 8/F CNT
Commercial Building 802 Queen's Road Central Hong Kong, issued a
winding up order notice in the High Court of the Hong Kong
Special Administrative Region Court of First Instance on
December 5, 2005.
Date of Presentation of Petition: September 29, 2005
Dated this 16th day of December 2005
ET O'Connell
Official Receiver
HAPPY EVER: Court Releases Winding Up Order
-------------------------------------------
Happy Ever Development Limited, whose office address is located
at 8/F CNT Commercial Building 302 Queen's Road Central Hong
Kong, issued a winding up order notice in the High Court of the
Hong Kong Special Administrative Region Court of First Instance
on December 5, 2005.
Date of Presentation of Petition: September 29, 2005
Dated this 16th day of December 2005
ET O'Connell
Official Receiver
HONG KONG URBAN: Creditors Meeting Fixed Dec. 30
------------------------------------------------
Notice is hereby given that pursuant to Section 241(2) of he
Companies Ordinance (Cap 32) that a meeting of the creditors of
Hong Kong Urban Railway Engineering Group Limited will be held
at 1503 Eastern Harbour Centre, 28 Hoi Chak Street, Quarry Bay,
Hong Kong on December 30, 2005 at 4:30 p.m. for the purposes of
considering matters in relation to Sections 241, 242, 243 and
244 of the Companies Ordinance.
Creditors may vote either in person or by proxy.
Proxies to be used at the meetings must be duly completed and
lodged at 1503 Eastern Harbour Centre, 28 Hoi Chak Street,
Quarry Bay, Hong Kong, not later than 4:00 p.m. prior to the day
of the meeting or adjourned meeting.
Dated this 18th day of November 2005
CHOW MING KUEN JOSEPH
Director
HONG KONG URBAN RAILWAY ENGINEERING GROUP LIMITED
MAGICIAN INDUSTRIES: 1H Net Loss Rises to HK$39 Mln
---------------------------------------------------
Magician Industries (Holdings) Limited (0526) posted a net loss
of HK$39.076 million for the fiscal first half ended September
30, versus a net loss of HK$5.905 million for the previous
corresponding period.
Loss per share (LPS) was HK$0.045. No interim dividend was
declared.
The Group is engaged in the manufacturing and trading of plastic
and metal household products and plastic packaging materials and
related products.
CONTACT:
Magician Industries (Holdings) Limited
Flat E-H, 24/F Phase II Superluck Industrial
Centre 57 Sha Tsui Road
Tsuen Wan, Hong Kong
Phone: 24117878
Fax: 24117808
Web site: http://www.magician.com.hk
METZLER INTERNATIONAL: Enters Winding Up Process
------------------------------------------------
Metzler International (Asia) Limited, whose office address is
located at 4/F Kenning Industrial Building 19 Wang Hoi Road
Kowloon Bay Kowloon, issued a winding up order notice in the
High Court of the Hong Kong Special Administrative Region Court
of First Instance on December 5, 2005.
Date of Presentation of Petition: July 8, 2005
Dated this 16th day of December 2005
ET O'Connell
Official Receiver
RCH DEVELOPMENT: Set to Liquidate Business
------------------------------------------
RCH Development Limited, whose office address is located at 8/F
CNT Commercial Building 302 Queen's Road Central Hong Kong,
issued a winding up order notice in the High Court of the Hong
Kong Special Administrative Region Court of First Instance on
December 5, 2005.
Date of Presentation of Petition: September 29, 2005
Dated this 16th day of December 2005
ET O'Connell
Official Receiver
SELBO INDUSTRIES: Court to Hear Liquidator's Application Jan. 17
----------------------------------------------------------------
Selbo Industries Limited hereby gives notice that an application
by the Official Receiver and Provisional Liquidator will be
heard before Master S. Kwang of the High Court for consideration
of the resolutions and determinations (if any) of the adjourned
first meeting of creditors held on September 20, 2005 and the
first meeting of contributories held on September 6, 2005,
deciding the differences (if any), and making such order of
appointments as the court may think fit.
Date and Time of Hearing: January 17, 2006 (Tuesday) at 11:00
a.m.
Place of Hearing: High Court Building, No. 38 Queensway, Hong
Kong.
Any creditor or contributory of the Company is entitled to
attend and be heard at the above hearing.
Dated this 16th day of December 2005
E T O'CONNELL
Official Receiver & Provisional Liquidator
SMART FAME: Winding Up Hearing Slated for Jan. 11
-------------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Smart Fame Industrial Limited by the High Court of Hong Kong
Special Administrative Region was on November 14, 2005 presented
to the said Court by Industrial And Commercial Bank Of China
(Asia) Limited whose registered office is situated at 33rd
Floor, ICBC Tower, 3 Garden Road, Central, Hong Kong.
The said Petition is directed to be heard before the Court at
9:30 a.m. on January 11, 2006.
Any creditor or contributory of the said company desirous to
support or oppose the making of an order on the said petition
may appear at the time of hearing by himself or his counsel for
that purpose.
A copy of the petition will be furnished to any creditor or
contributory of the said company requiring the same by the
undersigned on payment of the regulated charge for the same.
Y. T. CHAN & CO.
Solicitors for the Petitioner
5th Floor, The Chinese Bank Building
61-65 Des Voeux Road Central
Central, Hong Kong
Phone: 2522 5157
Fax: 2810 6280
Note: Any person who intends to appear at the hearing of the
said petition must serve on or send by post to the abovenamed,
notice in writing of his intention to do so. The Notice must
state the name and address of the person, or if a firm or his or
their Solicitor (if any) and must be served or if posted, must
be sent by post in sufficient time to reach the abovenamed not
later than six o'clock in the afternoon of January 10, 2006.
SQUARE FUND: Receiver's Application Due for Hearing Jan. 17
-----------------------------------------------------------
Square Fund Industrial Limited hereby gives notice that an
application by the Official Receiver and Provisional Liquidator
will be heard before Master S. Kwang of the High Court for
consideration of the resolutions and determinations (if any) of
the adjourned first meeting of creditors held on September 20,
2005 and the first meeting of contributories held on September
6, 2005, deciding the differences (if any), and making such
order of appointments as the court may think fit.
Date and Time of Hearing: 17th January 2006 (Tuesday) at 11:30
a.m.
Place of Hearing: High Court Building, No. 38 Queensway, Hong
Kong.
Any creditor or contributory of the Company is entitled to
attend and be heard at the above hearing.
Dated this 16th day of December 2005
E T O'CONNELL
Official Receiver & Provisional Liquidator
XIAN DAI: Unveils EGM Resolutions
---------------------------------
At an Extraordinary General Meeting of Shareholders of the above
Company held at 3, Rue Du Mont Blance Geneva, Switzerland on 3rd
December, 2005 the following resolutions were duly passed as
Special Resolutions:
"That the Company be wound up voluntarily and Ms. Kwan Sau Lan
of Room 703, 37 Queen's Road Central, Hong Kong be and she is
hereby appointed Liquidator of Xian Dai Shipping Limited for the
purpose of such winding up."
"That the Accounts of the Liquidator be not required to be
audited."
KWAN SAU LAN
Chairman
ZIDA COMPUTER: Results Sink to Red; 1H05 Loss Hits HK$6.7 Mln
-------------------------------------------------------------
Zida Computer Technologies Limited (0859) incurred a net loss of
HK$6.696 million for the fiscal first half ended September 30,
against a net profit of HK$1.118 million a year earlier.
Loss per share was HK$0.031. No interim dividend of was
declared.
The Group is engaged in the design, development, manufacture and
sale of PC motherboards. The Group is also engaged in the
trading of high quality PC components, principally CPUs and
memory.
CONTACT:
Zida Computer Technology Limited
28/F, Henry House,
42 Yun Ping Road,
Causeway Bay,
Hong Kong
Phone: 22766000
Fax: 24560717
Web site: http://www.zida.com
=========
I N D I A
=========
AMIT SPINNING: Allots Shares to Promoters
-----------------------------------------
Amit Spinning Industries Ltd has informed BSE that the Board of
Directors of the Company at its meeting held on December 16,
2005, has made allotment of 1,00,00,000 equity shares of INR5/-
each to the promoters of the Company.
CONTACT:
Amit Spinning Industries Ltd
33 A, Lotus House, 5th Floor, New Marine Lines
Mumbai 400020
Maharashtra
Phone: 56315801 56315802 56315803 56315804/5/6/7/8
Fax: 56315808 56315809
THOMAS COOK: Unveils Outcome of Board Meeting
---------------------------------------------
Thomas Cook (India) Ltd has informed Bombay Stock Exchange (BSE)
that the Board of Directors of the Company at its meeting held
on December 15, 2005, inter alia, has taken on record the
following change in the Company Board:
1. Cessation and reappointment of Ms Annette Hoeher as an
Alternate Director to Dr Juergen Bueser.
2. Cessation and reappointment of Ms Ellen Nehs as an Alternate
Director to Mr. Roland Zeh.
3. Cessation and reappointment of Mr. Bernd Lienhard as an
Alternate Director to Dr Thomas Doering.
4. Cessation of Mr. Peter Fischer as an Alternate Director to
Mr. Heinz Ludger Heuberg and appointment of Mr. Uwe Jurgen
Kroger as an Alternate Director to Mr. Heinz Ludger Heuberg.
5. Cessation and reappointment of Mr. Collin Mckinlay as an
Alternate Director to Mr. Ian Ailles.
CONTACT:
Thomas Cook (India) Ltd
Thomas Cook Building, Dr D Naoroji Road,
Mumbai 400001
Maharashtra
Phone: 22048556 22048557 22048558
Fax: 22871069 22872876
THOMAS COOK: Fixes Book Closure
-------------------------------
Thomas Cook (India) Ltd has informed BSE that the Register of
Members & Share Transfer Books of the Company will remain closed
from February 3, 2006 to February 24, 2006 (both days inclusive)
for the purpose of payment of Dividend & Annual General Meeting
of the Company to be held on February 24, 2006.
=================
I N D O N E S I A
=================
DIRGANTARA INDONESIA: To Sell 10 CN-235 Planes to Thailand
----------------------------------------------------------
State aircraft maker PT Dirgantara Indonesia (DI) will sell 10
CN-235 aircraft to Thailand for a total of IDR1.98 trillion to
IDR2.17 trillion, reports Asia Pulse.
According to State Enterprises Minister Sugiharto, the Company
will begin manufacturing the airplanes next year, six of which
would be used by Thailand for agricultural purposes, while the
rest would go to its military forces.
In the past, Thailand has paid in kind (glutinous rice) for its
airplane orders from PT DI in a counter-trade deal, but this
time Indonesia insisted on being paid in cash for the aircraft.
Accepting rice in payment for orders from Thailand would create
problems for Indonesia, says Minister Sugiharto as it suffered
from controversy surrounding the state's importation of 70,000
tons of rice from Vietnam.
Thai officials are set to visit Indonesia to tour the production
and defense equipment facilities of PT DI in Bandung, Jakarta
and Surabaya, East Java, in light of their plans to increase
investments in Indonesia. The Company can produce ammunition and
other weapons which are marketable in Thailand.
CONTACT:
PT Dirgantara Indonesia
Jl. Pajajaran no. 154 Bandung 40174,
Indonesia
Phone: 62-22-6034562, 62-22-6010754, 62-22-6010759
Fax: 62-22-6019538, 62-22-6075671, 62-22-6031696
E-mail: infosales@indonesian-aerospace.com
Web site: http://www.indonesian-aerospace.com
INDOSAT: S&P Raises Currency Rating
-----------------------------------
Standard & Poor's Ratings Services had on Dec. 12, 2005 raised
the foreign currency corporate credit ratings of Indonesian
telecommunications firm PT Indosat Tbk from BB- to BB with a
stable outlook, following a review of the impact of risk factors
such as economic structure, growth prospects, political
stability, depth and liquidity of capital markets and transfer
and convertibility risk on these issuers.
According to Standard & Poor's credit analyst Yasmin Wirjawan,
"The local currency rating upgrades reflect the improved country
risk factors and the business environment in which the companies
operate. Indonesian telecommunication firms continue to benefit
from robust business revenue growth, a pro-incumbent regulatory
environment, and rational competition. The benefits are expected
to help maintain these companies' adequate strong financial
profiles."
The foreign currency rating upgrades reflect Standard & Poor's
recent revision of the Transfer and Convertibility ("T&C") Risk
Assessment for Indonesia to 'BB+', three notches above the
foreign currency rating of Indonesia. The T&C Risk Assessment
more narrowly indicates the likelihood that the sovereign
government would restrict access to foreign exchange needed
For debt service. Entities that demonstrate a strong ability to
mitigate country risks can have foreign currency ratings
exceeding the sovereign up to the T&C Risk Assessment. In
consideration of the foreign currency ratings of these
companies, Standard & Poor's assesses and opines that their
respective abilities to generate adequate cash flow from
operations under an economic and sovereign stress scenario
remain strong. These companies continue to benefit from very
strong to strong financial profiles, modest debt level, and
robust free cash flow generation from their core businesses.
Ms. Wirjawan noted that despite being government-owned, there
has been limited government intervention in the Company, even in
the difficult years of the 1997 Asian financial crisis. Standard
& Poor's expects the government to continue to refrain from
intervention in view of the competitive nature of the
telecommunication industry and active private and foreign
investors' participation in these companies.
The stable outlook on Indosat reflects its improving cash flow
generation, which is supported by the growing cellular business
and better operating efficiency. It is also based on
expectations that the Company will maintain a moderate capital
structure and significant liquidity, despite large capital
requirements for the company's expansion program.
Conversely, any downward movement of the sovereign rating could
prompt a reduction in the T&C Risk Assessment or deterioration
in country risk factors, which in turn could result in
downgrades of the Company's ratings.
CONTACT:
PT Indosat Tbk.
Jalan Medan Merdeka Barat No 21
Jakarta, 10110
Indonesia
Phone: 62 21 386 9614
Fax: 62 21 380 4045
Web site: http://www.indosat.com
KIANI KERTAS: Attracts New Investor
-----------------------------------
Despite the signing of an initial takeover agreement on local
pulp and paper mill PT Kiani Kertas, the Company has attracted
the interest of another investor, Asia Pulse reports.
Putera Sampoerna, former owner of Indonesia's third largest
cigarette maker HM Sampoerna, formed a consortium with financial
services firm Panin Group to acquire the Company.
Earlier reports cited Sampoerna as having paid IDR2.96 trillion
into Kiani Kertas' account with state lender PT Bank Mandiri.
The Company owes IDR1.68 trillion to Bank Mandiri.
A Kiani Kertas official stated, however, that management prefers
to sell the Company to a consortium of Deutsche Bank and
Singapore firm United Fiber System Limited, which had already
signed a conditional purchase agreement to take over KK for
IDR1.98 trillion. The consortium has agreed to pay the Company's
debt to Bank Mandiri before November 2007.
CONTACT:
PT Kiani Kertas
Bidakara Building, 9th Floor
Jl. Gatot Subroto Kav. 71-73
Jakarta, 12870
Indonesia
Phone : +62(021)8379-3211
Fax: +62(21)8379-3215
Web site: http://www.kiani.com
TELEKOMUNIKASI INDONESIA: S&P Upgrades Currency Rating
------------------------------------------------------
Standard & Poor's Ratings Services had on Dec. 12, 2005 raised
the foreign and local currency corporate credit ratings of
Indonesian telecommunications firm PT Telekomunikasi Indonesia
(Telkom) from BB- to BB+ with a stable outlook, following a
review of the impact of risk factors such as economic structure,
growth prospects, political stability, depth and liquidity of
capital markets and transfer and convertibility risk on these
issuers.
According to Standard & Poor's credit analyst Yasmin Wirjawan,
"The local currency rating upgrades reflect the improved country
risk factors and the business environment in which the companies
operate. Indonesian telecommunication firms continue to benefit
from robust business revenue growth, a pro-incumbent regulatory
environment, and rational competition. The benefits are expected
to help maintain these companies' adequate strong financial
profiles."
The foreign currency rating upgrades reflect Standard & Poor's
recent revision of the Transfer and Convertibility ("T&C") Risk
Assessment for Indonesia to 'BB+', three notches above the
foreign currency rating of Indonesia. The T&C Risk Assessment
more narrowly indicates the likelihood that the sovereign
government would restrict access to foreign exchange needed
For debt service. Entities that demonstrate a strong ability to
mitigate country risks can have foreign currency ratings
exceeding the sovereign up to the T&C Risk Assessment. In
consideration of the foreign currency ratings of these
companies, Standard & Poor's assesses and opines that their
respective abilities to generate adequate cash flow from
operations under an economic and sovereign stress scenario
remain strong. These companies continue to benefit from very
strong to strong financial profiles, modest debt level, and
robust free cash flow generation from their core businesses.
Ms. Wirjawan noted that despite being government-owned, there
has been limited government intervention in the Company, even in
the difficult years of the 1997 Asian financial crisis. Standard
& Poor's expects the government to continue to refrain from
intervention in view of the competitive nature of the
telecommunication industry and active private and foreign
investors' participation in these companies.
The stable outlook for Telkom is underpinned by its solid market
position and strong cash flow generations. An upward revision
of the T&C Risk Assessment for Indonesia will be needed for the
Company, before S& P would consider an upgrade of its foreign
currency ratings.
Conversely, any downward movement of the sovereign rating could
prompt a reduction in the T&C Risk Assessment or deterioration
in country risk factors, which in turn could result in
downgrades of the Company's ratings.
CONTACT:
P.T. Telekomunikasi Indonesia (Persero)
Jalan Japati No 1
Bandung 40133
Indonesia
Phone: +62 22 452 1108
Fax: +62 22 452 1408
Web site: http://www.telkom.co.id/
TELEKOMUNIKASI SELULAR: Receives Rating Upgrade from S&P
--------------------------------------------------------
Standard & Poor's Ratings Services had on Dec. 12, 2005 raised
the foreign currency corporate credit ratings of Indonesian
telecommunications firm PT Telekomunikasi Selular (Telkomsel)
from BB- to BB+ with a stable outlook, and its local currency
corporate rating from BB to BB+ with a stable outlook, following
a review of the impact of risk factors such as economic
structure, growth prospects, political stability, depth and
liquidity of capital markets and transfer and convertibility
risk on these issuers.
According to Standard & Poor's credit analyst Yasmin Wirjawan,
"The local currency rating upgrades reflect the improved country
risk factors and the business environment in which the companies
operate. Indonesian telecommunication firms continue to benefit
from robust business revenue growth, a pro-incumbent regulatory
environment, and rational competition. The benefits are expected
to help maintain these companies' adequate strong financial
profiles."
The foreign currency rating upgrades reflect Standard & Poor's
recent revision of the Transfer and Convertibility ("T&C") Risk
Assessment for Indonesia to 'BB+', three notches above the
foreign currency rating of Indonesia. The T&C Risk Assessment
more narrowly indicates the likelihood that the sovereign
government would restrict access to foreign exchange needed
For debt service. Entities that demonstrate a strong ability to
mitigate country risks can have foreign currency ratings
exceeding the sovereign up to the T&C Risk Assessment. In
consideration of the foreign currency ratings of these
companies, Standard & Poor's assesses and opines that their
respective abilities to generate adequate cash flow from
operations under an economic and sovereign stress scenario
remain strong. These companies continue to benefit from very
strong to strong financial profiles, modest debt level, and
robust free cash flow generation from their core businesses.
Ms. Wirjawan noted that despite being government-owned, there
has been limited government intervention in the Company, even in
the difficult years of the 1997 Asian financial crisis. Standard
& Poor's expects the government to continue to refrain from
intervention in view of the competitive nature of the
telecommunication industry and active private and foreign
investors' participation in these companies.
The stable outlook for Telkomsel is underpinned by its solid
market position and strong cash flow generations. An upward
revision of the T&C Risk Assessment for Indonesia will be needed
for the Company, before S& P would consider an upgrade of its
foreign currency ratings.
Conversely, any downward movement of the sovereign rating could
prompt a reduction in the T&C Risk Assessment or deterioration
in country risk factors, which in turn could result in
downgrades of the Company's ratings.
=========
J A P A N
=========
KANEBO LIMITED: Buyer on Watch Negative After Purchase Deal
-----------------------------------------------------------
Standard & Poor's Ratings Services has placed its 'AA' long-term
corporate credit rating on Kao Corp. on CreditWatch with
negative implications, following Kao's agreement with the
Industrial Revitalization Corporation of Japan (IRCJ) to acquire
Kanebo Limited subsidiary, Kanebo Cosmetics Inc.
The IRCJ approved the transfer or disposal of equity and debt
held in Kanebo Cosmetics and Kanebo Ltd. on December 16, 2005.
Under the agreement, Kao will purchase 100% stake in Kanebo
Cosmetics from the IRCJ and revitalize the segment as a wholly
owned subsidiary.
"Although full details of the transaction have not yet been
disclosed, we don't expect Kao will be able to maintain its
financial profile at a level consistent with the current rating
due to an increase in debt for the acquisition and refinancing
of debt held at Kanebo Cosmetics totaling about JPY425 billion,"
said Standard & Poor's credit analyst Machiko Amano.
The cosmetics segment of Kanebo has a high level of brand
recognition and marketing capability, and Kao's purchase of the
segment is expected to enable it to strengthen the market
position and earnings sources of its cosmetics business in the
long term. On the other hand, Kao is not aiming to streamline
both companies' brand mixes, although both target the same
customers. Consequently, Kao may not be able to achieve
improvements in operating efficiency, as it is not expected to
achieve the benefits from synergies in the near term.
The CreditWatch status will be resolved after reviewing
additional key information including Kao's fundraising methods
and repayment schedule, as well as the impact on its business
and financial profiles.
CONTACT:
Kanebo Limited
20-20, Kaigan 3-chome
Minato-ku, Tokyo
108-8080 JAPAN
Telephone +81-3-5446-3002
KANEBO LIMITED: IRCJ OKs Disposal of Equity, Debt
-------------------------------------------------
The Industrial Revitalization Committee of the Industrial
Revitalization Corporation of Japan (IRCJ) has approved the
transfer or disposal of equity and debt, etc., held in Kanebo
Cosmetics Ltd. and Kanebo, Ltd. After the transfer, the IRCJ
will no longer hold any claims against these Kanebo companies.
1. Name of companies concerned
Main companies:
Kanebo Cosmetics Ltd. (formerly Kanebo Boutique Co., Ltd.;
Kanebo Cosmetics) Kanebo, Ltd. (hereafter, Kanebo) and other
group companies
2. Process to date
Kanebo Cosmetics: On March 10, 2004, the IRCJ approved an
application for assistance by this company under Article 22,
Clause 3 of the Industrial Revitalization Corporation Act of
2003. On March 30 of the same year, under Article 25, Clause 1
of the same act, the IRCJ reached agreement with financial
institutions on the purchase of this company's debts.
Kanebo: On March 10, 2004 and May 31, 2004, the IRCJ approved an
application for assistance by this company under Article 22,
Clause 3 of the Industrial Revitalization Corporation Act of
2003. On July 30 of the same year, under Article 25, Clause 1 of
the same act, the IRCJ reached agreement with financial
institutions on the purchase of this company's debts.
The IRCJ has been pursuing the business revitalization of Kanebo
Cosmetics and Kanebo, and considering that their revitalization
prospects look somewhat brighter, the IRCJ has been in the
process of transferring the equity and claims it holds in these
companies and has come to a decision to transfer its equity and
claims to Kao Corporation (hereafter, KAO) and Trinity
Investment Co., Ltd. Trinity Investment Co., Ltd. is capitalized
by a fund (hereafter, "3Fund") that is managed by Advantage
Partners LLP, MKS Partners Limited, and Unison Capital, Inc.
Upon this decision, a contract will soon be formed with the
relevant parties, with the aim of executing the transfers by the
end of January 2006.
3. Capital amounts, etc.
The IRCJ, through a capital injection of JPY86,000 million,
currently holds voting shares amounting to 86% of voting rights
in Kanebo Cosmetics, and through a debt equity swap totaling
JPY150,000 million holds all Class A preferred shares issued by
Kanebo Cosmetics.
Also, through a capital injection of JPY10,000 million and a
debt equity swap totaling JPY10,000 million, the IRCJ holds
Class C shares in Kanebo amounting to 32.11% of voting rights.
Under the decision announced today, the IRCJ will transfer all
of the shares it holds in Kanebo Cosmetics and Kanebo.
4. Amount of debt
The principal value of Kanebo Cosmetic's debts purchased from
Kanebo by the IRCJ was JPY150 million, for which the IRCJ paid
JPY1 (one yen). Thereafter, debt forgiveness of JPY150 million
was implemented in accordance with the revitalization plan.
Following this, new financing of JPY280,000 million was
implemented concomitant with the transfer of the cosmetics
business. With regard to the JPY130,000 million of debts
remaining after the JPY150,000 debt equity swap outlined above,
a certain amount has been repaid from operating profit and other
sources. All the remaining amount at the time of the contract
closure will be transferred at face value.
The IRCJ also purchased Kanebo's debts with a principal value of
JPY103,821 million from financial institutions and others, for
which the IRCJ paid JPY47,235 million. Financial support of
JPY66,543 million was undertaken in accordance with the
revitalization plan, comprising debt forgiveness of JPY56,543
million and a debt equity swap of JPY10,000 million. With regard
to the JPY37,278 million of debt remaining after implementation
of this financial support, a certain amount has been repaid
through the sale of certain business operations and asset
disposals, etc. All the remaining amount at the time of the
contract closure will be transferred at face value.
CONTACT:
Corporate Planning Department
The Industrial Revitalization Corporation of Japan
Phone: 03-6212-6437
SEIYU LIMITED: Wal-Mart Moves to Reduce Costs
---------------------------------------------
Wal-Mart plans to step up the integration of Seiyu Limited into
its global operations in an effort to bring down costs at the
struggling Japan retailer, Financial Times reports.
Mr. Mike Duke, EVP, President and CEO of Wal-Mart Stores Inc.
Division (USA), said Wal-Mart expected to use its global
procurement operations to source a greater proportion of items
supplied to the Japanese market, as the U.S. group took full
control of Seiyu as part of a $1 billion rescue plan.
This year Seiyu stores have been integrated into Wal-Mart's
global data network - another measure that is likely to reduce
costs.
Wal-Mart is to inject JPYY67.5 billion into Seiyu to increase
its stake from 42 percent to 54 percent, while Mizuho Corporate
Bank will also inject JPY47.5 billion.
CONTACT:
Seiyu Limited
Office 1-1, Higashi-Ikebukuro 3-chome
Toshima-ku, Tokyo, Japan
170-6071
* 147 Companies Gets Debt Forgiveness in Third Quarter
------------------------------------------------------
Teikoku Databank conducted research on companies that received
debt forgiveness, which include surviving companies as well as
companies that had reorganized, dissolved, or merged after the
agreement of debt forgiveness from 1985 to September 30, 2005.
All are principally counted at the time of reaching an agreement
in debt forgiveness. This is Teikoku's 13th research effort
after the most recent one in June 2005.
Research Results:
Since 1985, the number of companies that reached agreements in
debt forgiveness was 1,291. In 1994, the self-reduction of
excess debt hit its limit, which created an upward increase in
the number of companies in debt forgiveness. However, since it
set a record-high with 251 cases in 2001, the number has
declined. Then, it soared again in 2004, setting a new record-
high with 253 cases. During the first nine month of 2005, the
number has been rapidly increasing with 147 cases, setting the
second highest record in history.
By pattern: Based on the total number of debt forgiveness cases
from 1985 to Sep 30, 2005, the most common pattern of debt
forgiveness was "Parent Company (Non-Bank) to Group Company"
with 689 cases (53.4%), followed by "Bank to General Company"
with 269 cases (20.8%) and "Bank to Group Company" with 112
(8.7%). In 2005, the number of debt forgiveness cases by "Bank
to General Company" remained high with 67 cases.
By Sector: Based on the total number of debt forgiveness cases
from 1985 to Sep 30, 2005, "Manufacturing" was the top with 214
companies (16.6%) followed by "Service" with 166 (12.9%), "Non-
Bank" and "Wholesale" with 151 (11.7%), "Construction" with 122
(9.5%), "Real Estates/Housing" with 115 (8.9%), "Retail" with
112 (8.7%), and "Third Sector" with 22 (1.7%).
Large sized debt forgiveness was seen in the "Construction"
sector including "Ishihara Construction Co., Ltd" (1995), "Aoki
Corporation" (1999), and "Sato Kogyo Co., Ltd."(1999). In 2005,
large sums of debt forgiveness continues to be seen such as
"Fujita Corporation (JPY98.9 billion)" and "Sumitomo Mitsui
Construction Co., Ltd (JPY178,624 million)".
In 2005, debt forgiveness and financial support are seen more
often due to the support decision by the "Industrial
Revitalization Corporation of Japan", in a wide range of sectors
including "The Daiei Inc." and "Misawa Homes Holdings Inc.". The
use of debt forgiveness has also increased in local hotels and
inns, which resulted in a large number of debt forgiveness cases
(39 cases) in the "Service" sector, reaching the highest record
in history.
CONTACT:
Teikoku Databank America, Inc.
747 Third Avenue, 25th Floor
New York, NY 10017
Phone: 1-212-421-9805
Fax: 1-212-421-9806
Web site: http://www.teikoku.com
This is a company press release.
=========
K O R E A
=========
DAEWOO ELECTRONICS: Due Diligence Begins to Fast Track Sale
-----------------------------------------------------------
Creditors of Daewoo Electronics Corporation have began
conducting due diligence on the company's assets and debts to
facilitate the sale of the South Korean electronics maker,
reveals Asia Pulse.
Creditors including the Korea Asset Management Corp. (KAMCO) and
Woori Bank said a local account company was chosen last week to
conduct due diligence, aiming to complete the process by the end
of next March.
The creditors are expecting to receive letters of intent from
investors starting mid April and select the preferential
negotiators. The selling process is expected to be finalized by
the end of September.
Haier Group Co. was reportedly chosen as the buyer for the
Company last month for US$1 billion, but Haier Vice Chairman Yu
Zida chose not to elaborate on the report. Haier Korea, its
South Korean unit, however, declined to comment on it.
"Many investors not just from China but also from India, Europe
and the United States are inquiring about Daewoo Electronics,"
said an official of the creditors.
Daewoo Electronics has been under a debt workout program since
January 2000, months after its parent group collapsed under
debts of nearly US$80 billion in 1999.
CONTACT:
Daewoo Electronics Company Ltd
541 Namdaemunno 5-Ga
Chung-Gu Seoul, 100-714
Korea (South)
Telephone: +82 2 360 7114
HANSUNG AIRLINES: Crisis Holds Off Operations
---------------------------------------------
Operations at Hansung Airlines will be temporarily suspended
starting this week due to financial troubles, Digital Chosunilbo
relates. The suspension is said to last until January next
year.
According Chief Executive Officer Han Woo-bong, the airline's
service seemed impossible to continue because of an assortment
of factors.
Hansung Airlines brought ATR72-200 aircraft on lease from France
and reconfigured them into 66-seat passenger models, and began
running flights on a Cheongju-Jeju line on August 31.
However, internal power struggle, decline in the number of
passengers, and an accident caused by flat tires in October have
made keeping the company afloat an impossible task. When the
company fulfills necessary conditions to resume operation, it
will apply for resumption authority from the Ministry, said Han.
Hansung Airlines is based in Cheongju City in North Chungcheong
Province.
INCHON OIL: SK Corp. to Safeguard Employees after Takeover
----------------------------------------------------------
Employees at Inchon Oil Refinery Co. have nothing to worry about
since SK Corp. promised job security for employees once it has
fully assumed operations, Asia Pulse reports, citing Yonhap News
Agency.
By March next year, SK Corp. will formally acquire bankrupt
Inchon Oil after it signed the final contract Friday.
The contract bars SK Corp. from "artificially cutting" the 490-
member workforce of Inchon Oil, an SK official said.
Once the acquisition is completed, SK Corp's daily refining
capacity will increase to 1.1 million barrels, making it the
fourth-largest refiner in the Asia-Pacific region. The takeover
will also enable SK Corp. penetrate energy-hungry China.
CONTACT:
Inchon Oil Refinery Co. Ltd.
100 Wonchang-dong
Seo-gu, Inchon 404-210
Korea (South)
Telephone: +82 32 570 5151 / +82 2 7292378
===============
M A L A Y S I A
===============
ANCOM BERHAD: Buys Back Ordinary Shares
---------------------------------------
Ancom Berhad issued to Bursa Malaysia Securities Berhad a notice
of shares buy back with the following details:
Date of buy back: December 9, 2005
Description of shares purchased: Ordinary shares of MYR1.00 each
Total number of shares purchased (units): 38,500
Minimum price paid for each share purchased (MYR): 0.675
Maximum price paid for each share purchased (MYR): 0.690
Total consideration paid (MYR):
Number of shares purchased retained in treasury (units): 38,500
Number of shares purchased which are proposed to be cancelled
(units):
Cumulative net outstanding treasury shares as at to-date
(units): 8,558,903
Adjusted issued capital after cancellation (no. of shares)
(units):
CONTACT:
Ancom Berhad
Level 14, Uptown 1
No. 1 Jalan SS21/58
Damansara Uptown
47400 Petaling Jaya
Selangor
Telephone: 03-77252888
Fax: 03-77257791
Web site: http://www.ancom.com.my
HARRISONS HOLDINGS: Harrisons Herbals Enters Wind-Up Process
------------------------------------------------------------
Harrisons Holdings (Malaysia) Berhad issued to Bursa Malaysia
Securities Berhad details of the members' voluntary winding-up
of Harrisons Herbals Sdn Berhad.
(1) Date of Appointment of Liquidators
The Board of Directors of Harrisons Holdings (Malaysia) Berhad
(Harrisons) advised that at the Extraordinary General Meeting of
Harrisons Herbals Sdn Bhd (Harrisons Herbals) held on December
13, 2005, the sole shareholder of Harrisons Herbal, namely
Harrisons Trading (Peninsular) Sdn Bhd, which in turn is a
wholly-owned subsidiary of Harrisons, had approved the special
resolution to undertake a Members' Voluntary Winding-up of
Harrisons Herbals and the appointment of Mr. Mok Yuen Lok and
Mr. Onn Kien Hoe of Horwath of Level 16, Tower C, Megan Avenue
II, 12 Jalan Yap Kwan Seng, 50450 Kuala Lumpur as Liquidators
for the purpose of winding-up.
(2) Information on Harrisons Herbals
Harrisons Herbals was incorporated in Malaysia on November 21,
2000 under the Companies Act, 1965 as a private limited company.
It has an authorized share capital of MYR100,000.00 comprising
of 100,000 ordinary shares of MYR1.00 each of which MYR2.00
comprising 2 ordinary shares of MYR1.00 each have been issued
and fully paid-up.
As at the date of the appointment of Liquidators, Harrisons
Herbals has not commenced its intended business operations.
(3) Rationale for the Members' Voluntary Winding-Up of Harrisons
Herbals
Harrisons Herbals has not commenced its intended business
operations since its incorporation and has no intention
whatsoever to commence operation in the future. It is in the
long-term interest of Harrisons that Harrisons Herbals be wound
up.
(4) Total Cost of Investment in Harrisons Herbals
The cost of investment in Harrisons Herbals is MYR2.00.
(5) Financial Effects of the Members' Voluntary Winding-Up
The financial effects of the Members' Voluntary Winding-Up are
as follows:
(i) Share Capital
It will not have any effect on the issued and paid-up share
capital of Harrisons.
(ii) Net Tangible Assets (NTA)
It has no significant effect on the NTA of Harrisons Group for
the financial year 2005.
(iii) Earnings
It has no significant effect on the earnings of Harrisons Group
for financial year 2005.
(6) Interests of Directors, Substantial Shareholders and Persons
connected to the Directors and Substantial Shareholders
None of the Directors or substantial shareholders of Harrisons
or persons connected to them has any interest, direct or
indirect, in the said Members' Voluntary Winding-Up.
This announcement is dated 13th day of December 2005.
CONTACT:
Harrisons Holdings (M) Bhd
Suite 17.03, 17th Floor,
Wisma Nusantara, Jalan Puncak, Off Jalan P. Ramlee,
Kuala Lumpur Wilayah Persekutuan 50250
Malaysia
Telephone: 03-20725360
Fax: 03-20725415
HOCK SIN: Books MYR128,000 Net Loss in 4Q/FY05
----------------------------------------------
Hock Sin Leong Group Berhad submitted to Bursa Malaysia
Securities Berhad its Fourth 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
40,665 45,742 167,706 187,725
(2) Profit/(loss) before tax
-100 -622 -5,950 -2,721
(3) Profit/(loss) after tax and minority interest
-128 -667 -5,978 -2,766
(4) Net profit/(loss) for the period
-128 -667 -5,978 -2,766
(5) Basic earnings/(loss) per shares (sen)
-0.21 -1.11 -9.96 -4.61
(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)
1.1682 1.1279
To view a full copy of the financial statement, go to
http://bankrupt.com/misc/HockSinQ42005.doc
CONTACT:
Hock Sin Leong Group Bhd
No. 1-11, Jalan Perdana 10/6, Pandan Perdana,
Kuala Lumpur Wilayah Persekutuan 55300
Malaysia
Telephone: 03-92743288
Fax: 03-92743299
HUBLINE BERHAD: Directors Mull Corporate Reorganization
-------------------------------------------------------
Hubline Berhad (Hubline) issued to Bursa Malaysia Securities
Berhad a copy of the Proposed Reorganization of the Corporate
Structure of the Hubline Group of Companies (Proposed
Reorganization).
(1) Introduction
The Board of Directors of Hubline (Board) advised that the
Company intends to reorganize the corporate structure of the
Hubline group of companies (the Hubline Group) involving its
wholly owned subsidiaries, as follows:
(i) Proposed transfer by Wonder Link Sdn Bhd (WL), a wholly
owned subsidiary of Hubline, to Hubline of the entire equity
interests in the following companies incorporated in Malaysia:
(a) Hub Shipping Sdn Bhd (HS);
(b) Hub Continental Shipping Sdn Bhd (HCS);
(c) Hub Fleet Sdn Bhd (HF);
(d) Chatlink Sdn Bhd (CSB);
(e) Patimico Sdn Bhd (PSB);
(f) Hub Warrior Sdn Bhd (HW);
(g) Hub Explorer Sdn Bhd (HE); and
(h) Ozlink Sdn Bhd (OZL); and
(2) Proposed Reorganization
The corporate structure of the Hubline Group before and after
the Proposed Reorganization is as per attachment:
(3) Rationale
The Proposed Reorganization represents an internal restructuring
exercise of the Group to streamline the activities of the
subsidiaries incorporated in Malaysia.
(4) Financial Effects
The Proposed Reorganization does not have any effect on the
share capital, substantial shareholding structure, consolidated
net assets and consolidated earnings per share of Hubline.
(5) Directors' and Substantial Shareholders' Interests
None of the Directors, substantial shareholders or persons
connected with the Directors and substantial shareholders has
any interest, whether direct or indirect in the Proposed
Reorganization.
(6) Approvals Required
The Proposed Reorganization is subject to the approval of the
Foreign Investment Committee. The approval from the shareholders
of Hubline is not required for the Proposed Reorganization as it
is an internal exercise.
(7) Statement by Directors
The Board is of the opinion that the Proposed Reorganization is
in the best interest of the Company.
(8) Estimated Time Frame for Completion
Barring any unforeseen circumstances, the Proposed
Reorganization is expected to be completed by March 2006.
(9) Compliance with Securities Commission's policies and
guidelines on issue/offer of securities.
The Proposed Reorganization is not subject to the approval of
the Securities Commission (SC) and does not fall under the SC's
Policies and Guidelines on Issue/Offer of Securities.
For more information, go to
http://bankrupt.com/misc/HublineBerhad121305.doc
This Announcement is dated 13 December 2005.
KIG GLASS: Enters Into Agreement to Negotiate Rehab Scheme
----------------------------------------------------------
KIG Glass Industrial Berhad (KIG Glass) furnished Bursa Malaysia
Securities Berhad details of the execution of an agreement to
negotiate for the purposes of the company's proposed
Restructuring Scheme in compliance with Practice Note 17/2005
(Proposed Restructuring).
(1) Introduction
With reference to the Company's announcement dated October 13,
2005 where the Company announced that it had entered into a firm
letter of intent with Neu Investment Holdings Ltd for the
purpose of a recapitalization and restructuring exercise. On
behalf of KIG Glass, AmMerchant Bank Berhad (a member of
AmInvestment Group) (AmMerchant Bank) advised that KIG Glass has
accepted the withdrawal of intent from Neu Investment Holdings
Ltd dated December 8, 2005.
The Company refers to the announcement dated November 8, 2005
and December 1, 2005, where the Company announced that it was in
the midst of formulating a restructuring plan to regularize its
financial condition with its advisers in compliance with
Practice Note 17/2005.
In this respect, on behalf of the Company, AmMerchant Bank
announced that the Company has on December 13, 2005 entered into
an Agreement to Negotiate with the vendor of Permintex
Industries Sdn Bhd (PISB), Permintex Sanko Technologies Sdn Bhd
(PSTSB) and Permintex Electronic Sdn Bhd (PESB), namely
Permintex Holdings Sdn Bhd (PHSB) to negotiate exclusively with
each other with the objective of restructuring KIG Glass which
generally involves the acquisition of PISB, PSTSB and PESB
(White Knight Companies) by a new company to be incorporated
(Newco) and the transfer of the listing status of KIG Glass to
Newco (Agreement To Negotiate).
(2) Salient Terms of the Agreement to Negotiate
The salient terms of the Agreement To Negotiate are as follows:
(2.1) Proposed Restructuring
The proposed principal terms of Proposed Restructuring is as
follows:
(2.1.1) Proposed Acquisition of the White Knight Companies
(i) Newco will acquire 95 percent of the issued and paid-up
share capital of PISB from PHSB, in exchange of the issuance of
new shares in Newco (Newco Shares) after taking into
consideration of the earnings, net tangible assets (NTA) and
prospects of PISB;
(ii) Newco will acquire 70 percent of the issued and paid-up
share capital of PSTSB from PHSB in exchange of the issuance of
new Newco Shares after taking into consideration of the
earnings, NTA and prospects of PSTSB; and
(iii) Newco will acquire the entire issued and paid-up share
capital of PESB from PHSB in exchange of the issuance of new
Newco Shares after taking into consideration of the earnings,
NTA and prospects of PESB.
(2.1.2) Proposed Shareholders' Scheme
KIG Glass will undertake a capital reduction exercise in
accordance to Section 64 of the Companies Act, 1965 (Act) which
comprise of the following:
(i) Reduce existing issued and paid-up share capital into an
amount to be agreed upon between the parties hereto;
(ii) Consolidation of the then existing issued and paid-up share
capital of KIG Glass;
(iii) Cancellation of entire issued and paid-up share capital of
KIG Glass resulting in credit reserve;
(iv) In consideration of the proposed cancellation, Newco will
allot and issue to KIG Glass shareholders new Newco Shares on
the basis to be agreed between the parties thereto;
(v) KIG Glass will apply the credit reserve arising from the
proposed cancellation in paying in full the ordinary shares of
MYR1.00 each (Shares) in KIG Glass, to be allotted and issued,
credited as fully paid-up to Newco.
Upon completion of the Proposed Shareholders' Scheme, KIG Glass
will be a wholly owned subsidiary of Newco.
(2.1.3) Proposed Debt Settlement
(i) KIG Glass will settle its secured and unsecured creditors
(including creditors of KIG Glass' subsidiaries with corporate
guarantee from KIG Glass). Some of the debts of the secured
creditors will be settled from the disposal proceeds of the
respective security. The remaining outstanding debts will be
settled through the issuance of new Newco Shares to such
creditors as full settlement of their entire debts.
(ii) The new Newco shares issued pursuant to the Proposed Debt
Settlement shall rank pari passu in all respects with the
existing issued Newco shares.
(2.1.4) Proposed Placement
In compliance with the public shareholding spread of 25 percent
required for listing, PHSB will place out new Newco Shares to
identified investors who qualify as public.
(2.1.5) Proposed Transfer of Listing Status
KIG Glass will be de-listed from Bursa Malaysia Securities
Berhad (Bursa Securities) and Newco will be admitted to the
Official List of Bursa Securities with the listing of and
quotation of its entire enlarged issued and paid-up share
capital.
(2.1.6) Proposed Disposal
Upon de-listing of KIG Glass, Newco will dispose the entire
issued and paid-up share capital of KIG Glass to a special
purpose vehicle whereby KIG Glass will not be a subsidiary of
Newco upon completion of the Proposed Restructuring.
(2.2) Due Diligence
Mutual due diligence will be carried out by PHSB and KIG Glass
as follows:
(2.2.1) PHSB shall be entitled to carry out a due diligence
audit with respect to the affairs of KIG Glass and for this
purpose, KIG Glass shall provide and arrange for access by PHSB,
its agents, servants or professional advisers to carry out the
due diligence audit on KIG Glass upon execution of the Agreement
To Negotiate and in particular to make available to PHSB all
information as may be requested by PHSB from time to time.
(2.2.2) KIG Glass shall be entitled to carry out a due diligence
audit with respect to the affairs of the White Knight Companies
and for this purpose PHSB shall provide and arrange for access
by KIG Glass, its agents, servants or professional advisers to
carry out the due diligence audit on the White Knight Companies
upon execution of the Agreement To Negotiate and in particular
to make available to KIG Glass all information as may be
requested by KIG Glass from time to time.
(2.3) Binding Effect And Definitive Agreement
The terms in the Agreement To Negotiate shall operate as a
binding agreement to negotiate.
The parties propose to negotiate to reach a formal proposal to
be set out in a definitive agreement (Definitive Agreement) in
relation to the reverse take-over within two (2) months of the
date of the Agreement To Negotiate.
In the event that the Definitive Agreement is not executed
within two (2) months from the date of the Agreement To
Negotiate or such other mutually extended date as the parties
may mutually agree in writing, the Agreement To Negotiate shall
lapse and the parties thereto shall have no claim against each
other save for any antecedent breaches.
(2.4) Costs
KIG Glass and PHSB shall be responsible for its own solicitors'
costs in connection with the preparation of the Agreement To
Negotiate.
(3) Information on the companies to be acquired pursuant to the
proposed acquisitions
(3.1) Background Information On PISB
PISB was incorporated in Malaysia on May 6, 1993 under the Act
as a private limited company. The authorized share capital of
PISB is MYR10,000,000 comprising 10,000,000 Shares, all of which
are currently issued and paid-up and held by PHSB.
PHSB is in the midst of disposing 500,000 Shares in PISB
representing 5% of PISB's issued and paid-up share capital to
its joint venture partner, Furukawa Electric Company, Japan.
Accordingly, only 9,500,000 Shares in PISB will be disposed by
PHSB to Newco pursuant to the Proposed Acquisitions.
The company is principally involved in wire harnessing mainly
for automotive parts, which manufactures products such as wire
engine, wire engine room, wire floor and wire instrument panel.
PISB has three (3) production plants located in Kedah employing
more than two thousand four hundred (2,400) workers. At present,
the production capacity is up to one thousand two hundred
(1,200) car sets of wire harness per day. PISB's customers are
largely automobile manufacturers such as Perusahaan Otomobil
Kedua Sdn Bhd (Perodua), Perusahaan Otomobil Nasional Berhad
(PROTON), Motosikal Dan Enjin Nasional Sdn Bhd and Malaysian
Truck and Bus Sdn Bhd which require specific and custom-made
specifications on their raw material purchased in order to
maintain high standards of the end products.
(3.2) Background Information On PSTSB
PSTSB was incorporated in Malaysia under the Act on November 3,
1999 as a private limited company under the name of Permintex
Technologies Sdn Bhd. The company assumed its current name on
August 12, 2004 upon joint venture with Sanko Gosei, Japan. The
authorized share capital of PSTSB is MYR5,000,000 comprising
5,000,000 Shares, of which 4,212,002 Shares are currently issued
and paid-up.
The shareholders of PSTSB and their respective shareholdings are
as follows:
(i) PHSB holding 2,948,400 Shares representing 70.0 percent in
PSTSB;
(ii) Sanko Gosei, Japan holding 842,400 Shares representing 20.0
percent in PSTSB; and
(iii) Mitsui Co. Ltd holding 421,200 Shares representing 10.0
percent in PSTSB.
PSTSB is principally involved in the business of manufacturing
of plastic parts and assembly of large automotive plastic parts
such as instrument panel. It is one of the main vendors of
Perodua. At present the company is supplying instrument panels
for Kancil, Kelisa and MyVI models.
(3.3) Background Information On PESB
PESB was incorporated in Malaysia on 29 December 1997 under the
Act as a private limited company. The authorized share capital
of PESB is MYR1,000,000 comprising 1,000,000 Shares, of which
985,000 Shares are currently issued and paid-up. Currently, PESB
is wholly owned by PHSB.
PESB is principally a manufacturer of electrical parts, such as
street lantern, electronic ballast and photo-electric control
unit, mainly supplying its products to Tenaga Nasional Berhad.
In addition, since early 2005, PESB started to manufacture
plastic parts such as meter hood, center cluster, glove
compartment, floor consoles and steering column cover for
automotive manufacturers such as Perodua. Some of the smaller
plastic parts are supplied to PSTSB to be assembled into the
instrument panel manufactured by PSTSB.
Pursuant to the Proposed Acquisitions, the principal activities
of the White Knight Companies will be the core business of the
Newco group of companies going forward.
(4) Effects of the agreement to negotiate
The effects of the Agreement To Negotiate will be announced upon
finalization of the terms of the Proposed Restructuring.
(5) Directors' and substantial shareholders' interests
At present, to the best of the knowledge and belief of the Board
of Directors of KIG Glass, none of the Directors, substantial
shareholders or persons connected with them has any interest,
direct or indirect, in the Proposed Restructuring.
(6) Inspection of document
The Agreement To Negotiate will be available for inspection at
the Company's registered office during normal business hours for
a period of two (2) weeks from the date of this announcement.
(7) Announcement upon execution of agreement
A detailed announcement will be made upon finalization of the
terms of the Proposed Restructuring and the execution of the
Definitive Agreements.
This announcement is dated 13 December 2005.
CONTACT:
KIG Glass Industrial Berhad
PLO 340 Jalan Perak 4
81707 Pasir Gudang, Johor Darul Ta'zim 80400
Malaysia
Telephone: +60 7 251 5282 / +60 7 251 5278
LION INDUSTRIES: Unit Ceases Business
-------------------------------------
The Board of Directors of Lion Industries Corporation Berhad
(LICB) advised that Hebei Weiyuan Heilen Bio-Chemical Co. Ltd.
(Hebei Weiyuan) ceased to be a subsidiary of the Company upon
the completion of the disposal by Zhongsin Biotech Pte Ltd, a
subsidiary of the Company, of its entire investment in Hebei
Weiyuan, representing 55 percent of the registered capital of
Hebei Weiyuan to Jomax Investment Limited, for a cash
consideration of HKD6.22 million (approximately MYR3.0 million)
(Disposal).
The Disposal does not have any material impact on the earnings
and net assets of the LICB Group.
LITYAN HOLDINGS: Details Unit's Disposal of Shares
--------------------------------------------------
Lityan Holdings Berhad (LHB) furnished Bursa Malaysia Securities
Berhad details of the proposed disposal by LHB on behalf of
Lityan Overseas Sdn Bhd, a wholly owned subsidiary of LHB, of
2,580,303 ordinary shares in Chariot Limited (Chariot) (Chariot
Shares) to Unique Base Pty Limited and/or Rafiki Nominees Pty
Limited for a total cash consideration of AUD1,806,212
(equivalent to MYR5,245,240 based on the exchange rate as at
September 15, 2005) (Proposed Disposal).
Reference is made to the announcement dated October 28, 2004 for
the Proposed Disposal and the Company's quarterly report for the
9-month financial period ended September 30, 2005 (Quarterly
Announcement) on the status of the Proposed Disposal.
As the LHB group of companies (LHB Group) is in a position of
net tangible liability (NTL) (amounting to MYR35.89 million as
at December 31, 2004) and the sale consideration of the Proposed
Disposal exceeds MYR1 million, the Proposed Disposal would be
considered material and require the approval of the Securities
Commission (SC) under Chapter 12 of the SC's Policies and
Guidelines on Issue/Offer of Securities (SC Guidelines)
LHB had applied for a waiver from the SC from having to seek the
approval of the SC for the Proposed Disposal on the basis that
the Proposed Disposal is not significant and would not result in
a change of the business direction of the LHB Group as, inter
alia, the Chariot Shares are not considered by the management of
LHB as part of the operating assets of the LHB Group and
accounted for only 6.6 percent of LHB's audited consolidated
total assets as at December 31, 2004.
LHB announces that the SC had vide its letter dated December 8,
2005, approved LHB's waiver application from having to seek the
approval of the SC for the Proposed Disposal.
As explained in the Quarterly Announcement by the Company, the
LHB Group had earlier entered into a conditional sale and
purchase agreement for the proposed disposal of the Chariot
Shares where the deadline to fulfill the conditions precedent
was October 31, 2005.
As also explained in the Quarterly Announcement, the LHB Group
is endeavouring to seek a further extension to fulfill the
conditions precedent. In the event that the extension of time is
not granted, the LHB Group would still proceed to dispose of the
Chariot Shares through open market or placements on a best-
effort basis.
This announcement is dated 13 December 2005.
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
MAGNUM CORPORATION: Issues New Shares for Listing, Quotation
------------------------------------------------------------
Magnum Corporation Berhad advised that its additional 390,000
new ordinary shares of MYR0.50 each issued pursuant to
Employees' Share Option Scheme will be granted listing and
quotation by Bursa Malaysia Securities Berhad with effect from
9:00 a.m., Friday, December 16, 2005.
CONTACT:
Magnum Corporation Berhad
No 8 Jalan Munshi Abdullah
50100 Kuala Lumpur, 50100
Malaysia
Telephone: +60 3 2698 8033/ +60 3 2698 9885
OLYMPIA INDUSTRIES: Hires Proposal Implementation Facilitator
-------------------------------------------------------------
Olympia Industries Berhad refers to the announcement dated
November 30, 2005 on the Modified Workout Proposal of Jupiter
Securities Sdn Bhd.
Olympia Industries Berhad advised Bursa Malaysia Securities
Berhad that Pengurusan Danaharta Nasional Berhad has confirmed
and Jupiter Securities Sdn Bhd (JSSB) has acknowledged the
appointment of Messrs KPMG Corporate Services Sdn Bhd as the
Creditors' Agent of JSSB to facilitate the implementation of the
Modified Workout Proposal.
The appointment commenced from December 1, 2005 until at least
five years from the Implementation Date or until the obligations
of JSSB have been fully discharged, whichever is earlier.
CONTACT:
Olympia Industries Bhd.
Malaysia
Phone: 60 3 2070 0033
Fax: 60 3 2070 0011
E-mail: olympia@oib.com.my
PACIFIC & ORIENT: Bourse Lists, Quotes New Shares
-------------------------------------------------
Pacific & Orient Berhad advised that its additional 1,000 new
ordinary shares of MYR1.00 each issued pursuant to the
Employees' Share Option Scheme will be granted listing and
quotation by Bursa Malaysia Securities Berhad \with effect from
9:00 a.m., Thursday, December 15, 2005.
CONTACT:
Pacific & Orient Bhd
11th Floor, Wisma Bumi Raya,
No 10, Jalan Raja Laut,
PO Box 10953,
Kuala Lumpur Wilayah
Persekutuan 50730
Malaysia
Telephone: 03-26985033
Fax: 03-26944209
PAN PACIFIC: Unveils Default Status
-----------------------------------
In behalf of the Board of Directors of Pan Pacific Asia Bhd
(PPAB), the company informed Bursa Malaysia Securities Berhad
the Default in Payment as at November 30, 2005 of PPAB and its
subsidiaries in accordance with the Practice Note 1/2001.
The company also informed that there are no material changes in
PPAB's status of default from the date of the last announcement
until November 30, 2005.
For more details on default status, go to
http://bankrupt.com/misc/PanPacificdefaultpaymentppabnov05.xls
CONTACT:
Pan Pacific Asia Bhd
5 Jalan SS 21/39 Damansara Uptown
Unit No. 602b Level 6, Tower B, Uptown 5
47400 Petaling Jaya, Selangor Darul Ehsan 47400
Malaysia
Telephone: +60 3 7727 8168 / +60 3 7727 1622
Web site: http://www.dno.no
PANTAI HOLDINGS: New Shares Up for Listing, Quotation
-----------------------------------------------------
Pantai Holdings Berhad advised that its additional 200,700 new
ordinary shares of MYR1.00 each issued pursuant to the
Employees' Share Option Scheme will be granted listing and
quotation by Bursa Malaysia Securities Berhad with effect from
9:00 a.m., Thursday, December 15, 2005.
CONTACT:
Pantai Holdings Berhad
8 Jalan Damansara Endah
Damansara Heights Kuala Lumpur, Malaysia 50490
Malaysia
Telephone: +60 3 2713 2282 / +60 3 2094 4528
POS MALAYSIA: Bourse to Grant Listing, Quotation of New Shares
--------------------------------------------------------------
POS Malaysia & Services Holdings Berhad advised that its
additional 72,000 new ordinary shares of MYR1.00 each issued
pursuant to the Employee Share Option Scheme will be granted
listing and quotation by Bursa Malaysia Securities Berhad with
effect from 9:00 a.m., Thursday, December 15, 2005.
CONTACT:
Pos Malaysia & Services Holdings Berhad
189 Jalan Tun Razak
50400 Kuala Lumpur, 50400
Malaysia
Telephone: +60 3 2166 2323 / +60 3 2166 2266
PSC INDUSTRIES: Danaharta Obtains Summary Judgment
--------------------------------------------------
The Board of Directors of PSC Industries Bhd advised Bursa
Malaysia Securities Berhad that on December 9, 2005, Danaharta
Managers Sdn Bhd obtained summary judgement against the Company
in respect of a judgment sum of MYR39,802,687.54 (as at January
31, 2004) plus interests and costs.
The Company intends to appeal against the said summary judgment
which will be heard by the judge in chambers.
CONTACT:
PSC Industries Berhad
3rd Flr, Ming Building
Jln Bukit Nanas
50250 Kuala Lumpur
Telephone: 03-20787770/ 20716516
Fax: 03-20787768
PUNCAK NIAGA: Summary Judgment to Proceed in February
-----------------------------------------------------
Puncak Niaga Holdings Berhad issued to Bursa Malaysia Securities
Berhad an update on Kuala Lumpur High Court Civil Suit No. S2-
22-725-2005 Premier Ayer Sdn Bhd v Perbadanan Urus Air Selangor
Berhad.
Reference is made to Puncak's earlier announcement dated
November 24, 2005 in relation to the abovementioned legal suit.
The Company informed the Exchange that the Plantiff's
application for summary judgment proceeded on December 12, 2005
and is now scheduled for continuation on February 6 and 7, 2006
respectively.
This announcement is dated 13 December 2005.
CONTACT:
Puncak Niaga Holdings Berhad
Suite 1401-1406, 14th Floor
Plaza See Hoy Chan
Jalan Raja Chulan
50200 Kuala Lumpur
Phone: 03-20318648
Fax: 03-20784386
Web site: http://www.puncakniaga.com.my
WEMBLEY INDUSTRIES: Issues Appeal to Bourse's Decision
------------------------------------------------------
Wembley Industries Holdings Berhad (WIHB) furnished Bursa
Malaysia Securities Berhad details of the following proposals:
(I) Proposed Capital Reduction and Consolidation;
(II) Proposed Debt Restructuring; and
(III) Proposed Rights Issue
Reference is made to WIHB's announcement of December 7, 2005 in
relation to Bursa Malaysia Securities Berhad's (Securities
Exchange) decision to de-list the securities of the Company from
the Official List of the Securities Exchange.
On December 13, 2005, WIHB had submitted an appeal to the
Securities Exchange on the decision to remove the securities of
the Company from the Official List of the Securities Exchange.
This announcement is dated 13 December 2005.
CONTACT:
Wembley Industries Holdings Berhad
No 1 Jalan Pandungan
Kuching, Sarawak 93100
Malaysia
Phone: +60 82 236920
Fax: +60 82 236922
=====================
P H I L I P P I N E S
=====================
ABS-CBN BROADCASTING: Wins Court Favor
--------------------------------------
The Court of Appeals has barred Dream Satellite TV operator
Philippine Multi-Media System Inc. from airing the free channels
of ABS-CBN Broadcasting Corp, reports The Philippine Daily
Inquirer.
While not reversing the January decision of the Intellectual
Property Office allowing the DTH TV operator to carry ABS-CBN's
signal in its programming, the appellate court said its ruling
would hold while the network's case against Dream Satellite was
being heard.
In its decision, the court said it was convinced that Dream
Satellite's transmission of ABS-CBN Channels 2 and 23 "had
caused damage and injury to petitioner".
ABS-CBN had complained that the nationwide broadcast of its free
TV channels was causing the network to incur losses due to loss
of advertisers in its regional broadcasts.
CONTACT:
ABS-CBN Broadcasting Corp
Mother Ignacia St
Corner Sgt
Quezon City 1100
Philippines
Phone: 2 924 4101
Fax: 2 921 5888
Web site: http://www.abscbn-ir.com
ATLAS CONSOLIDATED: Anglo Takes 60 Million Shares
-------------------------------------------------
Anglo Philippine Holdings Corp. affiliate Alakor Corp. had
transferred 60 million shares of Atlas Consolidated Mining and
Development Corp. at Php6 each to Anglo as debt payment.
The transfer was done through a block sale today worth Php360
million.
CONTACT:
Atlas Consolidated Mining and Development Corporation
7/F, Quad Alpha Centrum
125 Pioneer St., Mandaluyong City
Phone No: 635-2387/4495
Fax No: 633-3759; 634-2312
E-mail: acmdcmla@info.com.ph
MAKATI MEDICAL: Losses President Over BOD Power Play
----------------------------------------------------
In yet another power play among the influential members of its
board of directors (BOD), Makati Medical Center witnessed the
resignation of its president, the Philippine Daily Inquirer has
learned.
Gabino Mendoza had tendered his resignation on Dec. 13 after the
BOD decided it wanted more control of Makati Med's management
and eventually clipped the powers of the president, which the
owners appointed in May.
According to Mr. Mendoza, he had fired some people as part of
the reforms management to stop the institution from bleeding.
But apparently the people he dismissed have ties to influential
board members.
Sources said two doctors, who were board members, and an heir of
a doctor who also sat in the board, threw their support behind
those affected by the management shakeup.
Mr. Mendoza has agreed to stay until the end of the month,
during which the board must find a replacement for him.
CONTACT:
Makati Medical Center
2 Amorsolo St., Legaspi Village,
Makati City
Philippines
Phone 815-9911
Web site: http://www.makatimed.ph
MANILA ELECTRIC: Denies Php42-Bln Debt to Government
----------------------------------------------------
Manila Electric Co. (Meralco) refutes a claim of a top
government official that it owes state-owned National Power
Corporation (Napocor) Php42 billion, The Philippine Daily
Inquirer has learned.
The Malacanang executive earlier disclosed the alleged debt and
said he wants the amount converted into equity in Meralco to
bring down electricity costs.
But Meralco Vice President Elpi O. Cuna Jr. said the power
distributor has not recognized any liability arising from the
10-year contract for the sale of electricity (CSE).
The takeover of Meralco was one of the options the Malacanang
official had presented to President Gloria Macapagal-Arroyo in a
July memorandum to settle the dispute between Napocor and
Meralco.
Another option proposed by the memorandum was for the government
to bind Meralco to a deal requiring it to pay the debt through
the issuance of promissory notes.
Napocor claims that the debt represents the amount of power
Meralco had committed to buy from it since 2001 under the terms
of a supply contract signed in November 1994.
However, Meralco's purchases from Napocor had been declining
over the years, resulting in higher electricity rates for
consumers and more debt for Napocor.
The power distribution company had been getting its supply from
independent power producers (IPPs) Quezon Power Philippines and
First Gas Holdings Corp.
CONTACT:
Manila Electric Co.
Lopez Building
Ortigas Avenue, Pasig City
Phone: 16220 (TL); 633-4553 (Corp. Sec.)
Fax: (0632) 631-5572
E-mail Address: corcom@meralco.com.ph
Web site: http://www.meralco.com.ph
NATIONAL POWER: Meralco Eyes Generation Assets
----------------------------------------------
Manila Electric Company is planning to join the bidding for
National Power Corporation's (Napocor) power generation assets,
according to BusinessWorld.
Meralco President Jesus P. Francisco confirmed the power
distributor is looking at Napocor's assets because its other
power suppliers could not cover its total power requirements.
Mr. Francisco said Meralco is interested in three power plants
that Napocor is selling, but declined to identify which these
were.
Mr. Francisco said Meralco prefers to look into the possible
purchase of Napocor assets rather than put up a new power plant
because there is still an oversupply of power in Luzon.
Meralco has tapped Meralco Energy, Inc., one of its distribution
utility's subsidiaries, to focus on the effort.
CONTACT:
National Power Corporation
Quezon Ave., East Triangle, Diliman
Quezon City, Metro Manila, Philippines
Phone: +63-2921-3541
Fax: +63-2921-2468
Web site: http://www.napocor.gov.ph/
=================
S I N G A P O R E
=================
CHARTERED SEMICONDUCTOR: Appoints Indpependent Director
-------------------------------------------------------
Chartered Semiconductor Manufacturing Limited has appointed Mr.
Stevn H. Hamblin as its independent director, as well as a
member of ita audit committee beginning on Jan. 1, 2006.
Mr. Hamblin holds a Bachelor of Science degree in Civil
Engineering from the University of Missouri, Columbia and a
Master of Science degree in Industrial Administration from
Carnegie-Mellon University. He held a senior position in Compaq
Computer Corporation from 1984 to 1996, and is currently a
director of STATS ChipPAC Limited.
By Order of the Board
Looi Lee Hwa
Company Secretary
CONTACT:
Chartered Semiconductor Manufacturing Limited
60 Woodlands Industrial Park D Street 2
Singapore 738406
Phone: 65 63622838
Fax: 65 63622938
Web site: http://www.charteredsemi.com
INFORMATICS HOLDINGS: Provides Information on Rights Issue
----------------------------------------------------------
Informatics Holdings had on Dec. 15, 2005 dispatched an offer
information statement relating to a rights issue, as well as a
copy of the application form for rights shares with warrants and
excess rights shares with warrants to the registered
shareholders of the Company.
A full copy of the information statement can be viewed at:
http://bankrupt.com/misc/tcrap_informaticsholdings122005.pdf
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
INTERNOC SINGAPORE: Declares Dividend Today
-------------------------------------------
Internoc Singapore Pte Limited will declare a first and final
dividend to its unsecured creditors today, Dec. 20, 2005.
Dated: Dec. 13, 2005
Winston Loong Sie Yoke
C/o Winston Loong & Co.
140 Chow House
#06-03 Chow House
Singapore 068907
ONG YEW: Asks Creditors to Submit Debt Claims
---------------------------------------------
Notice is hereby given that the creditors of Ong Yew Hai Realty
Company Pte Limited, which is being wound up, are required on or
before Jan. 8, 2006 to send their names and addresses with
particulars of their debts or claims, and the names and
addresses of their solicitors (if any) to the Company
Liquidator.
If so required by written notice from the said Liquidator, they
are to come in by their solicitors or personallyand prove their
said debts or claims at such time and place as shall be
specified in such notice.
In default thereof, they will be excluded from the benefit of
any distribution made before such debts are proven.
Dated this 8th December 2005
Madame Ng Liew Peng
Liquidator
133 New Bridge Road
#12-06 Chinatown Point
Singapore 059413
SINGLAND MACHINERY: Creditors Meet to Review Wind Up Report
-----------------------------------------------------------
Notice is given that a meeting of the creditors of Singland
Machinery & Constructions Pte Limited will be held on Dec. 23,
2005, 11:00 a.m. at 30 Robinson Road, #04-01 Robinson Towers,
Singapore 048546, for the following purposes:
AGENDA
(1) To update creditors on the status of the Company's
liquidation.
(2) To consider and if thought fit, to appoint a committee of
inspection.
(3) Any other business.
Dated this 16th day of December 2005
Tay Swee Sze
Liquidator
C/o Tay Swee Sze & Associates
30 Robinson Road
#04-01 Robinson Towers
Singapore 048546
Note:
(1) Proxies to be used at the meeting must be lodged with the
Liquidator no later than 4:00 p.m. of Dec. 22, 2005.
(2) To entitle a creditor to vote at the meeting, proof of debt
must be lodged with the Liquidator no later than 4:00 p.m. of
Dec. 22, 2005.
===============
T H A I L A N D
===============
PAE THAILAND: Clarifies Q3/05 Financial Statement
-------------------------------------------------
PAE (Thailand) submitted to the Stock Exchange of Thailand (SET)
an additional explanation to the Third Quarter 2005 financial
statement:
(1) Province Electricity of Thailand (PEA) jointly Optic
Installation project in which Freeinternet Co. Ltd. has secured
the project bidding and has signed the equipment procurement and
installation agreement with PAE (Thailand) Public Co. Ltd. for
the project value of THB125 million at general market price.
Freeinternet Co. Ltd. has granted the right to collect from
Directorate of joint Communications. At present, PAE (Thailand)
Public Co. Ltd. has completed the work at the value of THB95
million or 76 percent of the total project and has been paid
THB64.49 million. The outstanding amount of THB30.513 million
is being followed up.
(2) The THB17 million loan to Internet Protocal Network Co. Ltd.
has been settled on March 31, 2005 and thereby not shown in the
financial statement since the Second quarter 2005.
The project is awaiting the approval on the transmission
frequency by Directorate of joint Communications. The agreed
project value is at the general marker price.
(3) The THB8.64 million loan granted by Warba National
Contrading Co. Ltd. to Oasis Development Co. Ltd. is being
negotiated and the conclusion is expected soon.
(4) The current THB29.76 million loan to Prodrive Co. Ltd. will
be refinanced to be settled within four months starting December
2005 to March 2006.
(5) PAE Technical Service Co., Ltd. has secured a loan from Mr.
Chalerm Ngarmkham in an amount of THB2,000,000 to be used as
operating funds.
The three percent loan interest is being negotiated to change
the conditions on loan repayment. The results will be reported
soon.
Sincerely Yours,
Soradej Choothesa
Director of Finance & Accounting
PAE (Thailand) Public Company
CONTACT:
PAE (Thailand) Pcl
69 Sinakharin Road, Suan Luang, Bangkok
Telephone: 0-2322-0222
Fax: 0-2322-2970-1
Web site: http://www.pae.co.th
SIAM AGRO-INDUSTRY: Concludes Legal Process for Stock Split
-----------------------------------------------------------
The Siam Agro-Industry Pineapple and Others Public Company
Limited (SAICO) has informed the SET that it has completed the
legal process required for splitting the par value of its stocks
from THB10 to TH1.
As a result of all actions taken, effective December 21, 2005
onwards, the par value of the SAICO securities in the trading
system will be adjusted as stated above.
Remark: As SAICO stocks are still suspended from trading the
stocks can be traded under the new par value of THB1 when the
stocks are allowed to resume for trading.
CONTACT:
Siam Agro-Industry Pineapple And Others Pcl
Ocean Tower 2, Floor38,
75/105 Sukhumvit Road,
Watthana Bangkok
Telephone: 0-2661-7878
Fax: 0-2661-7865
Web site: http://www.saico.co.th
BOND PRICING: For the Week 19 December to 23 December 2005
----------------------------------------------------------
Issuer Coupon Maturity Price
------ ------ -------- -----
AUSTRALIA
---------
Advantage Group Ltd 10.000% 4/15/06 1
Ainsworth Game 8.000% 12/31/09 1
Amcom Telecommunications Ltd 10.000% 10/28/07 2
APN News & Media Ltd 7.250% 10/31/08 5
A&R Whitcoulls Group 9.500% 12/15/10 9
Arrow Energy NL 10.000% 3/31/08 1
Babcock & Brown Pty Ltd 8.500% 12/31/49 8
Becton Property Group 9.500% 6/30/10 1
BIL Finance Ltd 8.000% 10/15/07 9
BIL Finance Ltd 9.250% 10/15/06 9
Capital Properties NZ Ltd 8.500% 4/15/07 8
Capital Properties NZ Ltd 8.500% 4/15/09 8
Cardno Limited 9.000% 6/30/08 4
CBH Resources 9.500% 12/16/09 1
Chrome Corporation Ltd 10.000% 2/28/08 1
Clean Seas Tuna Ltd 9.000% 9/30/08 1
Djerriwarrh Investments Ltd 6.500% 9/30/09 4
eBet Limited 10.000% 11/29/06 22
Evans & Tate Ltd 8.250% 10/29/07 1
Fletcher Building Ltd 7.550% 3/15/11 8
Fletcher Building Ltd 7.800% 3/15/09 8
Fletcher Building Ltd 7.900% 10/31/06 8
Fletcher Building Ltd 8.300% 10/31/06 8
Fletcher Building Ltd 8.600% 3/15/08 8
Fletcher Building Ltd 8.750% 3/15/06 8
Fletcher Building Ltd 8.850% 3/15/10 8
Fernz Corp Ltd 8.560% 10/15/06 8
Futuris Corporation Ltd 7.000% 12/31/07 2
Gympie Gold Ltd 8.500% 9/30/07 1
Hy-Fi Securities Ltd 7.000% 8/15/08 8
Hy-Fi Securities Ltd 8.750% 8/15/08 10
Hudson Timber Products Ltd 7.000% 12/31/10 1
Hutchison Telecoms Australia 5.500% 7/12/07 1
Infrastructure & Utilities NZ Ltd 8.500% 9/15/13 8
Investa Property Group Ltd 6.000% 5/28/08 6
Kagara Zinc Ltd 9.750% 5/06/07 2
Kiwi Income Properties Ltd 8.000% 6/30/10 1
Longreach Group Ltd 10.000% 10/31/08 1
Minerals Corporation Ltd 10.500% 9/30/07 1
Nuplex Industries Ltd 9.300% 9/15/07 8
Pacific Print Group Ltd 10.250% 10/15/09 11
Primelife Corporation 9.500% 12/08/06 1
Primelife Corporation 10.000% 1/31/08 1
Riversdale Mining Ltd 8.000% 12/31/05 2
Salomon SB Australia 4.250% 2/01/09 8
Sherlock Bay Nickel 12.000% 9/01/07 1
Silver Chef Ltd 10.000% 8/31/08 1
Software of Excellence 7.000% 8/09/07 1
Sydney Gas Company 12.000% 4/01/06 1
Sydney Gas Limited 12.000% 6/01/06 1
Tower Finance Ltd 8.650% 10/15/09 8
Tower Finance Ltd 8.750% 10/15/07 8
TrustPower Ltd 8.300% 9/15/07 8
TrustPower Ltd 8.300% 12/15/08 8
TrustPower Ltd 8.500% 9/15/12 8
TrustPower Ltd 8.500% 3/15/14 8
Vision Systems Ltd 9.000% 12/15/08 2
MALAYSIA
--------
Aliran Ihsan Resources Bhd 5.000% 11/29/11 1
Artwright Holdings Bhd 5.500% 3/06/07 1
Asian Pac Holdings Bhd 4.000% 12/22/05 1
Berjaya Group Bhd 5.000% 10/17/09 1
Berjaya Land Bhd 5.000% 12/30/09 1
Camerlin Group Bhd 5.500% 7/15/07 1
Crescendo Corporation Bhd 3.000% 8/25/07 1
Crest Builder Holdings Bhd 7.000% 2/24/06 2
Dataprep Holdings Bhd 4.000% 8/06/07 1
Eden Enterprises (M) Bhd 2.500% 12/02/07 1
EG Industries Bhd 5.000% 6/16/10 1
Equine Capital Bhd 3.000% 8/26/08 1
Fountain View Development Sdn Bhd 3.500% 11/03/06 1
Furqan Business Organization 2.000% 12/19/05 1
Greatpac Holdings Bhd 2.000% 12/11/08 1
Gula Perak Bhd 6.000% 4/23/08 1
Hong Leong Industries Bhd 4.000% 6/28/07 1
Huat Lai Resources Bhd 5.000% 3/28/10 1
I-Berhad 5.000% 4/30/07 1
Insas Bhd 8.000% 4/19/09 1
Integrax Bhd 3.000% 12/24/05 1
Kamdar Group Bhd 3.000 11/09/09 1
Killinghall Bhd 5.000% 4/13/09 2
Kiwi Income Properties Ltd 8.000% 6/30/10 1
Konsortium Lebuhraya 4.000% 7/15/20 74
Kosmo Technology Industrial Bhd 2.000% 6/23/08 1
Kretam Holdings Bhd 1.000% 8/10/10 1
Kumpulan Jetson 5.000% 11/27/12 1
LBS Bina Group Bhd 4.000% 12/29/06 1
LBS Bina Group Bhd 4.000% 12/31/07 1
LBS Bina Group Bhd 4.000% 12/31/08 1
LBS Bina Group Bhd 4.000% 12/31/09 1
Lebar Daun Bhd 2.000% 1/06/07 4
Lion Diversified Holdings Bhd 2.000% 6/01/09 1
Media Prima Bhd 2.000% 7/18/08 1
Mithril Bhd 3.000% 4/05/12 1
Mithril Bhd 8.000% 4/05/09 1
Mutiara Goodyear Development Bhd 2.500% 1/15/07 1
Naim Indah Corporation Bhd 0.500% 8/24/06 1
Nam Fatt Corporation Bhd 2.000% 6/24/11 1
Pantai Holdings Bhd 5.000% 7/31/07 2
Patimas Computers Bhd 6.000% 2/19/06 1
Pelikan International Corp Bhd 3.000% 4/08/10 1
Poh Kong Holdings Bhd 3.000% 1/20/07 1
Prinsiptek Corporation Bhd 3.000% 11/20/06 1
Puncak Niaga Holdings Bhd 2.500% 11/18/16 1
Ramunia Holdings 1.000% 12/20/07 1
Rashid Hussain Bhd 0.500% 12/24/12 1
Rashid Hussain Bhd 3.000% 12/24/12 1
Rhythm Consolidated Bhd 5.000% 12/17/08 1
Silver Bird Group Bhd 1.000% 2/15/09 1
Southern Steel 5.500% 7/31/08 1
Tanah Emas Corporation Bhd 2.000% 12/09/06 1
Tap Resources Bhd 2.000% 6/29/06 1
Tenaga Nasional Bhd 3.050% 5/10/09 1
Time Engineering Bhd 2.000% 12/25/05 1
VTI Vintage Bhd 4.000% 8/22/06 1
WCT Land Bhd 3.000% 8/02/09 1
Wah Seong Corp 3.000% 5/21/12 3
YTL Cement Bhd 4.000% 11/10/15 1
SINGAPORE
---------
Sengkang Mall 8.000% 11/20/12 1
Structural System Singapore 11.000% 6/30/07 1
Tampines Assets Ltd 5.625% 12/07/06 1
Tampines Assets Ltd 6.000% 12/07/06 1
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter -- Asia Pacific is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Trenton, NJ
USA, and Beard Group, Inc., Frederick, Maryland USA. Lyndsey
Resnick, Ma. Cristina Pernites-Lao, Faith Marie Bacatan, Reiza
Dejito and Erica Fernando, Editors.
Copyright 2005. All rights reserved. ISSN: 1520-9482.
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