/raid1/www/Hosts/bankrupt/TCRAP_Public/060125.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
Wednesday, January 25, 2006, Vol. 9, No. 018
Headlines
A U S T R A L I A
AGRIPPO PTY: Members, Creditors Agree to Liquidate
ARTHEENA PTY: Enters Voluntary Liquidation
AUSTRALIAN MICROELECTRONICS: Liquidator to Give Wind-up Report
BAIRNS INVESTMENTS: Decides to Close Operations
BOJESS PTY: To Liquidate Business Voluntarily
CARTER HOLT: Mulls ASX Delisting
CITY BUILD: Creditors to Get Liquidation Report
COMMUNITY CHOICE: Creditors Resolve to Wind Up Firm
DCCR PTY: Enters Voluntary Liquidation
EMPEROR MINES: Asks Shareholders To OK Purchase Plan
FRANKSTON AUTO: To Pay Dividend to Creditors
INCITEC PIVOT: Looks at Offshore Ops to Cut Costs
KEY REFRIGERATED: Appoints Liquidator
LEADING EDGE: To Declare Dividend on Feb. 1
LUSS PTY: Winds Up Business Operations
MERIMCP PTY: Voluntarily Liquidates Business
PERFORMANCE PRESSURE: Commences Wind-Up Operations
RNP INTERNATIONAL: Members Vote For Liquidation
SOFT CENTRE: To Distribute Proceeds of Assets
STOCKMOND GROUP: To Pay Creditors' Claims
SULZER AUSTRALIA: Shuts Down Business
SYDNEY GAS: AU$88-Mln Bid Causes Shares To Rise
TAB TRANSPORT: Liquidator to Report on Company Wind-up
TELSTRA CORPORATION: Rival Slams Appeal
VOLANTE GROUP: Wins SA Government's Favor
WURLTECH PTY: Members Agree on Voluntary Liquidation
C H I N A & H O N G K O N G
CHINA MARINA: Company Gets Wind-up Order
CLOSE TO HEART: Court to Hear Wind-Up Petition Feb. 15
EASYKNIT INTERNATIONAL: Koon Resigns as Chairman
GOLDCO DEVELOPMENT: Receives Wind-Up Order From Court
GUANGDONG KELON: Updates KPMG Probe
GUANGDONG KELON: Mulls Lawsuit Against Ex-chairman
IIYAMA HONG KONG: Creditors' Meeting Slated for Feb. 9
KONMORE LIMITED: Creditors to Meet on Feb. 10
L&M FOUNDATION: Court Enters Wind-Up Order
LUCKY REGENT: Creditors' Meeting Scheduled on Feb. 10
LUEN NGAI: Creditor Files Winding Up Petition
MAGIC WORLD: Meeting of Creditors Slated for February 10
SHENZHEN DEVELOPMENT: President Set to Resign
TAI SUN: Set to Close Business
YUE SHING: Court to Hear Wind-Up Petition March 8
* Securities Firms Record US$148 Million in Combined Losses
I N D I A
CHENNAKESAVA FINANCE: RBI Cancels Certificate of Registration
MIDPOINT SOFTWARE: Wants to Venture Into Merchant Exporting
SOUTH INDIAN: To Launch Follow on Public Offering Next Month
THOMAS COOK: Revises Financial Year
WESTERN INDIA: Secures Restructuring Packages
I N D O N E S I A
GARUDA INDONESIA: Reduces 2005 Losses
KIANI KERTAS: Sampoerna Eager to Buy if Conditions Change
MITRA GLOBAL: Moody's Hands Out Upgraded Rating for Secured Bond
PERUSAHAAN LISTRIK: Audit Board to Look Into Production Costs
PERUSAHAAN LISTRIK: To Receive Additional Fuel Subsidy
J A P A N
DENKI KAGAKU: Moody's Upgrades Rating to Baa2
LIVEDOOR CO.: Bourse Shortens Trading Hours
LIVEDOOR CO.: TSE Monitors Stocks Ahead of Possible Delisting
LIVEDOOR CO.: Officials Busted for Alleged Fraud
MITSUBISHI MOTORS: Enjoys Brisk Orders for New Model in Taiwan
SOJITZ CORPORATION: JCR Assigns BBB- Rating to Bonds
K O R E A
LG CARD: KDB Head Keen on Finding Ideal Investor
M A L A Y S I A
AFFIN HOLDINGS: Issues New Shares for Listing, Quotation
AFFIN HOLDINGS: Joint Venture to Handle Life Business
KEMAYAN CORPORATION: Incurs MYR23,229,000 Net Loss in 2Q/FYO5
K.P. KENINGAU: Bourse Removes Securities from List
MAGNUM CORPORATION: Buys Back Ordinary Shares
MALAYSIAN BULK: Restructures Unit to Streamline Business
MEDIA PRIMA: Bourse to List, Quote New Shares
MENTIGA CORPORATION: SC Sets Out Guidelines for Proposals
MWE HOLDINGS: Sub-unit Enters Winding-Up Proceedings
NAM FATT: New Shares Up for Listing, Quotation
PANTAI HOLDINGS: Shares Granted Quotation Today
POS MALAYSIA: Issues Additional Shares for Listing
SOUTHERN BANK: Repurchases 25,000 Shares
WCT ENGINEERING: Issues New Shares for Listing, Quotation
P H I L I P P I N E S
ABOITIZ TRANSPORT: Cuts Passenger-Travel Fares by 50%
C&P HOMES: Issuing New Stock Certificates
MANILA ELECTRIC: Sets Record Date on Feb. 28
NATIONAL POWER: Metrobank Sets Eyes on Generating Assets
* Pre-need Sales Downtrend Slowing Down
S I N G A P O R E
ACCORD CUSTOMER: Court Schedules Hearing for Ex-CEO's Case
APPLIED FOOD: Receiving Debt Claims Until Feb. 20
ENDUE ELECTRONICS: Court Issues Winding Up Order
INFORMATICS HOLDINGS: Court Adjourns Case of Ex-Execs to Feb. 22
SHINZEN PTE: Creditors' Proofs of Claim Due Feb. 20
T H A I L A N D
SUN TECH GROUP: Trims Registered Capital
THAI AIRWAYS: Allows Nok Air to Take Over Routes
- - - - - - - -
=================
A U S T R A L I A
=================
AGRIPPO PTY: Members, Creditors Agree to Liquidate
--------------------------------------------------
After their general meeting on December 30, 2005, the members of
Agrippo Pty Limited resolved to voluntarily wind up the
Company's operations.
A creditors' meeting was also held on the same day.
Subsequently, M. F. Cooper was appointed as liquidator.
M. F. Cooper
Liquidator
Frasers Insolvency Advisory
Level 9, 99 Elizabeth Street
Sydney NSW 2000
ARTHEENA PTY: Enters Voluntary Liquidation
------------------------------------------
On December 20, 2005, the members of Artheena Pty Limited agreed
to commence wind-up operations for the Company. They also
appointed Paul Burness and Morgan Lane as liquidators for that
purpose.
Paul Burness
Morgan Lane
Liquidators
Worrells Solvency & Forensic Accountants
Level 5, 15 Queen Street
Melbourne Vic 3000
Phone: 03 9613 5500
Fax: 03 9614 3233
Web site: http://www.worrells.net.au
AUSTRALIAN MICROELECTRONICS: Liquidator to Give Wind-up Report
--------------------------------------------------------------
A final meeting of the members of Australian Microelectronics
Network Limited will be held for them to receive the
liquidator's final account showing how the Company was wound up
and how its assets were disposed of.
The meeting will be held on February 2, 2006, at 10:00 a.m.
Wayne Harry Price
Liquidator
Castletons
Suite 1, Level 4, 3 Carlingford Road
Epping NSW 2121
BAIRNS INVESTMENTS: Decides to Close Operations
-----------------------------------------------
After their general meeting on December 23, 2005, the members of
Bairns Investments Pty Limited resolved to close the Company's
business operations and distribute the proceeds of its assets.
As a result, Allan William Donald FCA was appointed as
liquidator.
Allan W. Donald FCA
Liquidator
Level 8, 37 York Street
Sydney NSW 2000
BOJESS PTY: To Liquidate Business Voluntarily
---------------------------------------------
Bojess Pty Limited's members agreed to shut down the Company's
operations. They named Tarquin Raoul Koch to oversee the
liquidation activities.
Tarquin Koch
Liquidator
Anthony Matthews & Associates Chartered Accountants
Ground Floor, 91 Hutt Street
Adelaide SA 5000
Phone: 08 8232 8885
Fax: 08 8232 8886
e-mail: info@matthewsassociates.com.au
CARTER HOLT: Mulls ASX Delisting
--------------------------------
Carter Holt Harvey Group is planning to delist from the
Australian Stock Exchange, Asia Pulse reports.
In a statement to the bourse, Carter Holt said that its board
would discuss with the ASX the steps required to complete the
delisting process.
However, the Company will continue to trade at the New Zealand
Stock Exchange.
The New Zealand forestry group is currently the subject of a
AU$3-billon (US$2.25 billion) takeover bid by Rank Group
Investments, a company owned by New Zealand's richest man,
Graeme Hart.
CONTACT:
Carter Holt Harvey Limited
640 Great South Road
Manukau City, Auckland 1030
NEW ZEALAND
Phone: +64 9 262 6000
Fax: +64 9 262 6099
Web site: http://www.chh.com
CITY BUILD: Creditors to Get Liquidation Report
-----------------------------------------------
The creditors of City Build Pty Limited will convene on
February 2, 2006, at 11:00 a.m., in order to:
-- receive the liquidator's account regarding the Company's
completed wind-up and disposal of property;
-- consider, and if thought fit, adopt the liquidator's
account of Receipts and Payments for the period from
March 13, 1998, to February 2, 2006;
-- consider and approve payment of the liquidator's
remuneration; and
-- consider and approve the destruction of the Company's
books and records.
K. E. Judge
Liquidator
Judge Constable
67 Burswood Road, Burswood WA 6100
Phone: 08 9470 4100
COMMUNITY CHOICE: Creditors Resolve to Wind Up Firm
----------------------------------------------------
Creditors of Community Choice Home Loans Pty Limited held a
meeting on December 15, 2005, and agreed to wind up the Company
voluntarily.
Moreover, the creditors appointed Kim David Holbrook as
liquidator to oversee the Company's wind-up operations.
Kim David Holbrook
Holbrook & Associates Chartered Accountants
Level 2, 19 Pier Street (GPO Box M925)
Perth WA 6001
DCCR PTY: Enters Voluntary Liquidation
--------------------------------------
At an extraordinary general meeting of the members of DCCR Pty
Limited on December 22, 2005, it was resolved that a voluntary
wind-up of the Company is appropriate and necessary.
In addition, the members appointed William Bernard Abeyratne and
Loke Ching Wong to manage the closing activities of the Company.
William B. Abeyratne
Loke Ching Wong
Liquidators
c/o Harrisons Insolvency
Level 5, 150 Albert Road
South Melbourne Vic 3205
Phone: 9696 2885
EMPEROR MINES: Asks Shareholders To OK Purchase Plan
----------------------------------------------------
Shareholders of Emperor Mines will meet on February 20, 2006, to
approve the transfer of shares and the AU$51.2 million payment
to DRDGold. The DRDGold Payment is on account of a conditional
sale and purchase agreement entered into between the parties.
Pursuant to the Agreement, Emperor Mines will acquire interests
in Tolukuma Mine and Porgera Mine in Papua New Guinea.
Specifically, Emperor Mines will purchase a 20% interest in
Porgera and a 100% interest in Tolukuma, as well as certain of
the mines' assets, for AU$392.8 million.
The acquisition will be paid through Emperor Mines' issuance of
751,879,699 shares and AU$51.2 million in cash.
If the transaction is made, Emperor Mines will be the third
largest gold producer on the Australian Stock Exchange and will
be producing 375,000 ounces of gold a year.
Emperor Mines' chairman, Jim Wall, stated that the DRDGold
Transaction had been well received by the market. He said the
Company's share price and liquidity had increased significantly
since the purchase plan was announced in November 2005.
According to Mr. Wall, the independent directors would negotiate
and evaluate the proposed transaction on behalf of the
shareholders and independent directors. An independent expert,
Grant Thornton, has also reviewed the transaction.
CONTACT:
Emperor Mines Limited
Level 1 WBM Building
490 Upper Edward Street
Spring Hill QLD 4004
e-mail: emperor@emperor.com.au
Web site: http://www.emperor.com.au
FRANKSTON AUTO: To Pay Dividend to Creditors
--------------------------------------------
Frankston Auto Parts Pty Limited will declare a dividend on
January 30, 2006.
Creditors who are not able to prove their claims will be
excluded from the benefit of any distribution.
Bruce N. Mulvaney
Liquidator
Bruce Mulvaney & Co.
1st Floor, 613 Canterbury Road
Surrey Hills Vic 3127
INCITEC PIVOT: Looks at Offshore Ops to Cut Costs
-------------------------------------------------
Incitec Pivot is looking at offshore operations in its effort to
further cut costs, The Age reports.
The fertilizer producer attributed "comfortable" first-quarter
performance to its cost-cutting efforts, The Age says. The
Company recently boasted of exceeding its financial targets
after suffering a 94% net profit decline in the previous year.
Incitec's chief executive officer, Julian Segal, said that the
recent focus had been on cutting costs and building its position
in the market, but the company was "alert to growth
opportunities".
According to The Age, Incitec is allocating around AU$6 million
to help revive mining operations in the island of Nauru. The
firm will provide materials and engineering expertise for the
project, but will have no operating role.
The Company is also a part of a consortium investigating the
feasibility of an ammonia-urea facility in Brunei. The result
of the study is expected in the second quarter 2006.
The Troubled Company Reporter - Asia Pacific reported on
November 18, 2005, that Incitec has booked a disappointing 2005
financial result, with its AU$4.16 million net profit
representing a 94% decline compared to the previous year.
The poor result, as previously reported, was affected by poor
seasonal conditions and strong competition in the wholesale
fertilizer market. The profit decline was also blamed on
restructuring costs, which comprised the majority of AU$33.4
million in significant items booked during the year.
CONTACT:
Incitec Pivot Limited
ABN 42 004 080 264
70 Southbank Boulevard
Southbank
Victoria
Australia 3006
Telephone: + 61 3 8695 4400
Facsimile: + 61 3 8695 4419
Web site: http://www.incitecpivot.com.au
KEY REFRIGERATED: Appoints Liquidator
-------------------------------------
At a general meeting of Key Refrigerated Transport Pty Limited
on December 16, 2005, Bruce Neil Mulvaney was appointed as
liquidator to supervise the Company's wind-up activities.
Bruce N. Mulvaney
Bruce Mulvaney & Co. Chartered Accountants
1st Floor, 613 Canterbury Road
Surrey Hills Vic 3127
LEADING EDGE: To Declare Dividend on Feb. 1
-------------------------------------------
Leading Edge Services Pty Limited will declare a dividend on
February 1, 2006.
Creditors who are not able to prove their claims will be
excluded from the benefit of any distribution.
John Park
Liquidator
KordaMentha (Qld)
22 Market Street, Brisbane Qld 4000
Phone: 07 3225 4000
Fax: 07 3225 4999
LUSS PTY: Winds Up Business Operations
--------------------------------------
Members of Luss Pty Limited convened on December 21, 2005, to
liquidate the Company's business operations.
The members named Michael John Morris Smith to administer the
wind-up activities.
Michael J. M. Smith
Liquidator
Smith Hancock Chartered Accountants
Level 4, 88 Phillip Street
Parramatta NSW 2150
MERIMCP PTY: Voluntarily Liquidates Business
--------------------------------------------
On December 15, 2005, members of MERIMCP Pty Limited agreed that
a voluntary wind-up of the Company is necessary and in its best
interests.
As a result, David H. Scott was appointed as official
liquidator.
David H. Scott
Liquidator
Jones Condon Chartered Accountants
77 Station Street, Malvern Vic 3144
PERFORMANCE PRESSURE: Commences Wind-Up Operations
--------------------------------------------------
Performance Pressure Cleaning Contractors Pty Limited has
determined that, due to its inability to pay its debts, a
voluntary wind-up of its business operations is appropriate and
necessary.
In that regard, Richard Albarran was appointed to oversee the
Company's liquidation activities.
Richard Albarran
Liquidator
c/o Hall Chadwick
Level 29, 31 Market Street
Sydney NSW 2000
RNP INTERNATIONAL: Members Vote For Liquidation
-----------------------------------------------
On December 19, 2005, members of RNP International Pty Limited
convened and agreed that:
-- the Company be wound up voluntarily; and
-- William Bernard Abeyratne and Loke Ching Wong be appointed
to supervise the wind-up activities of the Company.
William B. Abeyratne
Loke Ching Wong
Joint Liquidators
c/o Harrisons Insolvency
Level 5, 150 Albert Road
South Melbourne Vic 3205
Phone: 03 9696 2885
SOFT CENTRE: To Distribute Proceeds of Assets
---------------------------------------------
After their general meeting on December 21, 2005, the members of
Soft Centre R. & D. Pty Limited resolved to close the Company's
business operations and distribute the proceeds of its assets.
B. A. Secatore
D. P. Juratowich
Liquidators
Bentleys MRI
Level 7, 114 William Street
Melbourne 3000
STOCKMOND GROUP: To Pay Creditors' Claims
-----------------------------------------
Stockmond Group Pty Limited will declare its first and final
interim dividend on February 1, 2006.
Creditors who are not able to prove their claims will be
excluded from the benefit of the dividend.
C. Wykes
Liquidator
Lawler Partners
Level 7, 1 Margaret Street
Sydney NSW 2000
Phone: 02 8346 6000
SULZER AUSTRALIA: Shuts Down Business
-------------------------------------
On December 23, 2005, Sulzer Australia Compression Services Pty
Limited's members agreed to shut down the Company's operations.
They named M. C. Smith to act as liquidator for that purpose.
M. C. Smith
Liquidator
c/o McGrathNicol+Partners
Level 9, 10 Shelley Street
Sydney NSW 2000.
Phone: 02 9338 2629
02 9338 2666
Web site: http://www.mcgrathnicol.com.au
SYDNEY GAS: AU$88-Mln Bid Causes Shares To Rise
-----------------------------------------------
Queensland Gas Company's AU$88-million takeover bid for Sydney
Gas Limited has sent the latter's shares leaping to as much as
27% on Monday, reports Sydney Morning Herald.
As previously reported in the Troubled Company Reporter - Asia
Pacific, QGC had launched its AU$0.36 per share offer amid
investor concern regarding Sydney Gas' ability to meet the full
redemption and interest due on all currently outstanding
convertible notes due in April and June 2006.
According to the Sydney Herald, QGC believes that its bid of one
share for every two Sydney Gas shares would give shareholders
"earnings stability".
Sydney Gas declined to comment on the QGC bid, but analysts
think it was "well priced." Wilson HTM analyst Andrew Pedler,
specifically, told the Sydney Herald that the QGC bid offers
Sydney Gas a solution to the repayment of the convertible notes
and should also remove concerns about the company's "volatile"
management.
The TCR-AP also reported on December 8, 2005, that Sydney Gas'
entire board, including its Chairman Michael Knight, resigned
rather than be ejected by rebel shareholders.
CONTACT:
Sydney Gas Limited
Level 11, 1 O'Connell Street
Sydney NSW 2000
Australia
Telephone: (61 2) 9253 5555
Fax: (61 2) 9241 5155
e-mail: office@sydneygas.com
Web site: http://www.sydneygas.com/
TAB TRANSPORT: Liquidator to Report on Company Wind-up
------------------------------------------------------
The members and creditors of Tab Transport Pty Limited will
convene on February 1, 2006, at 10:30 a.m., to receive the
liquidator's account regarding the Company's completed wind-up.
The parties will also approve the liquidator's remuneration and
discuss other matters that may arise.
Cliff Rocke
Liquidator
PPB Chartered Accountants
Level 1, 5 Mill Street
Perth WA
TELSTRA CORPORATION: Rival Slams Appeal
---------------------------------------
Optus has accused Telstra Corporation of "gaming" the
competition regulator after the telco lodged its first appeal to
the Australian Competition Tribunal, relates The Australian.
Telstra's lawyers, Mallesons, lodged the appeal on January 11,
2006, after the Australian Competition and Consumer Commission
rejected its access pricing for the national copper phone
network last month.
The Australian says that the appeal is part of the telco's two-
pronged strategy to try and supersede the ACCC's rejection of
its pricing for competitors to access its raw copper wires.
The ACT appeal concerns Telstra's line sharing service (LSS)
where its competitors rent the high-frequency part of a copper
line to supply their own broadband services. With LSS, Telstra
retains the low-frequency part of the line to provide voice
services.
Optus, which is Telstra's biggest competitor, has already lodged
a complaint over Telstra's ULL pricing with the ACCC.
Telstra's move to appeal an ACCC decision for the first time
accentuates the more aggressive approach to regulation under
chief executive Sol Trujillo, who has been in charge of the
company for seven months.
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/
VOLANTE GROUP: Wins SA Government's Favor
-----------------------------------------
Volante Group is the South Australian Government's preferred
bidder for its Distributed Computing Support Services
procurement program, IT Wire reports.
The contract includes:
* work for server management and support services;
* client management and support services;
* service integration services and solution design; and
* advisory services.
Under the deal, Volante will provide server management and
support services for half of the South Australian Government's
fleet.
The services contract will be worth $10-20 million a year to
Volante over five years, IT Wire relates, citing industry
sources.
IT Wire also explains that, unlike the case with low margin
hardware products, services is a highly profitable business with
margins ranging 20-30%. Thus, the deal is expected to add $2-5
million to Volante's bottom line annually.
The information and communications technology firm expects to
add more employees to its current 80-staff workforce if the
contract pushes through.
IT Wire says that this latest development has become a threat to
Commander Communications, which launched a hostile takeover bid
for Volante on December 23, 2005. Industry sources believe that
Commander may need to raise its offer from AU$1.01 a share to as
much as AU$1.30 apiece in order for its bid to succeed.
CONTACT:
Volante Group Limited
Binary Centre, Level 1, 3 Richardson Place,
Riverside Corporate Park,
NORTH RYDE, NSW,
AUSTRALIA, 2113
Telephone: (02) 8870 2070
Fax: (02) 8870 2139
Web site: http://www.volante.com.au
WURLTECH PTY: Members Agree on Voluntary Liquidation
----------------------------------------------------
At a general meeting on December 22, 2005, members of Wurltech
Pty Limited concurred that the Company must voluntarily commence
liquidation.
Gregory Stuart Andrews was nominated to manage the Company's
wind-up activities.
Gregory S. Andrews
Liquidator
G. S. Andrews & Associates
Certified Practicing Accountants
22 Drummond Street, Carlton Vic 3053
Phone: 03 9662 2666
Fax: 03 9662 9544
==============================
C H I N A & H O N G K O N G
==============================
CHINA MARINA: Company Gets Wind-up Order
----------------------------------------
The High Court of the Hong Kong Special Administrative Region
Court of First Instance has entered an order approving China
Marina Club Developments Limited's wind-up.
CONTACT:
China Marina Club Developments Limited
Rm 601 6/F Kam Hing Bldg 20
Hillwood Road Tsim Sha Tsui Kowloon
West Hong Kong
CLOSE TO HEART: Court to Hear Wind-Up Petition Feb. 15
------------------------------------------------------
On December 21, 2005, Ng Wing Yi filed a petition for the
winding up of Close to Heart Company Limited.
The Petition will be heard before the High Court of Hong Kong
Special Administrative Region on February 15, 2006, at 9:30 a.m.
Creditors or contributories who wish to support or oppose the
Petition may appear in Court at the time of the hearing. A
written notice of the creditor's or contributory's intention
must be sent not later than 6:00 p.m., on February 14, 2006 to:
Betty Chan
For Director of Legal Aid
34th Floor, Hopewell Centre
183 Queen's Road East, Wanchai
Hong Kong
EASYKNIT INTERNATIONAL: Koon Resigns as Chairman
------------------------------------------------
Easyknit International Holdings Limited reports that Koon Wing-
yee has resigned from its post as president; chief executive
officer; and executive director and authorized representative,
as well as member and chairman of the executive committee and
the remuneration committee of the Company's board of directors,
effective as of January 20, 2006.
In December 2005, the Insider Dealing Tribunal identified Mr.
Koon as an insider dealer. Mr. Koon intends to lodge an appeal
against certain aspects of the Tribunal's orders.
Easyknit announces in a press release that the Company's vice-
president, Ricky Wing-chiu Tse, has been re-designated to take
over Mr. Koon's posts.
In turn, Lui Yuk-chu, who holds approximately 36.74% of
Easyknit, has been named as the new vice-president of the
company. Mr. Lui is also a director of Magical Profits Limited
and Accumulate More Profits Limited, which are both substantial
shareholders of Easyknit. The director's fee for Mr. Lui is
$1.2 million per annum. Lui also holds 35.93% of Asia Alliance.
CONTACT:
Easyknit International Holdings Ltd.
Unit A, 7/F Hong Kong Spinners Ind. Bldg.
Phase 6, 481 Castle Peak Road
Cheung Sha Wan, Kowloon
Hong Kong
Phone: (852) 2745 6338
Fax: (852) 2745 7131
GOLDCO DEVELOPMENT: Receives Wind-Up Order From Court
-----------------------------------------------------
On January 9, 2006, The High Court of the Hong Kong Special
Administrative Region Court of First Instance issued a wind-up
order to Goldco Development Limited.
CONTACT:
Goldco Development Limited
Flat 18 17th Floor
Block A Wah Tat Industrial Center
8-10 Wahsing Street, Kwai Chung New Territories.
GUANGDONG KELON: Updates KPMG Probe
-----------------------------------
KPMG unveiled that the abnormal cash flows incurred between
Guangdong Kelon Electrical Holdings Company and the Greencool
Companies during the investigation period amounted to cash
outflows of approximately RMB2,169 million and cash inflows of
approximately RMB2,462 million.
In a company press release, the abnormal cash flows posted
between the Group and the companies, which KPMG suspected to be
associated with the Greencool Companies, amounted to cash
outflows of approximately RMB1,902 million and cash inflows of
approximately RMB1,017 million.
Other abnormal cash flows amounted to cash outflows of
approximately RMB208 million and cash inflows of approximately
RMB28 million.
A full-text copy of the Company's release on the KPMG Report is
available for free at:
http://bankrupt.com/misc/tcrap_guangdong0124.pdf
CONTACT:
Guangdong Kelon Electrical Holdings Company Limited
8 Ronggang Road Ronggui
Shunde, Guangdong Province 528303
China
Phone: +86 765 836 2570
Fax: +86 765 836 1055
GUANGDONG KELON: Mulls Lawsuit Against Ex-chairman
--------------------------------------------------
Guangdong Kelon Electrical Holdings Ltd. is preparing to sue its
former chairman, Gu Chujun, for alleged fraud and embezzlement,
Xinhuanet relates.
According to a report by KPMG, at least CNY592 million was
channeled out of the company by Mr. Gu through Guangdong
Greencool Enterprise Development, a company which he controlled,
and Kelon's other affiliates.
Mr. Gu and six other executives were arrested in Guangdong in
September 2005, just a month after he was ousted for suspected
economic crimes.
Kelon said in a legal notice that KPMG, which it had hired to
investigate its cash flow, found substantial movement of money
between Kelon and companies associated with Greencool Companies
over nearly four years.
IIYAMA HONG KONG: Creditors' Meeting Slated for Feb. 9
------------------------------------------------------
Iiyama Hong Kong Co. Limited notifies its creditors that a
meeting among them will be held on February 9, 2006, at 3:00
p.m. at the 26/F, Wing On Centre, in 111 Connaught Road Central,
Hong Kong.
At the meeting, creditors will resolve whether or not the
company will undergo liquidation. They will also appoint a
liquidator.
Proxies who will vote on behalf of creditors must be lodged not
later than 4:00 p.m. on February 9, 2006.
KONMORE LIMITED: Creditors to Meet on Feb. 10
---------------------------------------------
Pursuant to Section 241 of the Hong Kong Companies Ordinance, a
meeting of Konmore Limited's creditors will be held at 1:45 p.m.
on February 10, 2006, at 5th Floor, Allied Kajima Building, 138
Gloucester Road, in Wanchai, Hong Kong. At the meeting, the
creditors will consider and, if deemed appropriate, approve the
Company's voluntary wind-up.
The creditors will also name joint and several liquidators to
oversee the wind-up activities.
Proxies who will vote on behalf of creditors must be lodged no
later than 12:00 p.m. on February 9, 2006, at the meeting
location.
L&M FOUNDATION: Court Enters Wind-Up Order
------------------------------------------
L&M Foundation Specialist Limited presented a petition to wind
up its operations on August 3, 2005.
Accordingly, on January 11, 2006, The High Court of the Hong
Kong Special Administrative Region Court of First Instance
entered its wind-up order pertaining to the Company.
CONTACT:
L&M Foundation Specialist Limited
Room A 22/F Yue
On Commercial Building
385-387 Lockhart Road
Wanchai Hong Kong
Yuen Hing Shing Steel Company Limited
Flat 18 17th Floor Blk A Wah Tat Ind Center
8-10 Wahsing St.
Kwai Chung New Territories
LUCKY REGENT: Creditors' Meeting Scheduled on Feb. 10
-----------------------------------------------------
The creditors of Lucky Regent International Limited will meet at
2:00 p.m. on February 10, 2006, at the 5th Floor, Allied Kajima
Building, 138 Gloucester Road, in Wanchai, Hong Kong, to
consider the Company's voluntary liquidation. They will also
name joint and several liquidators for the Company's wind-up.
Creditors may vote either in person or by proxy, who must be
lodged no later than February 9, 2006.
LUEN NGAI: Creditor Files Winding Up Petition
---------------------------------------------
Wing Fung Decoration & Painting has filed a winding up petition
against Luen Ngai Decoration Company Limited on November 18,
2005.
The Petition will be heard before the High Court of Hong Kong
Special Administrative Region at 9:30 a.m. on February 8, 2006.
Creditors or contributories of Luen Ngai who wish to support or
oppose the Petition may appear in Court at the time of the
hearing.
Any person who intends to appear at the hearing must serve a
written notice of his intention not later than 6:00 p.m. on
February 7, 2006, to:
Jimmie K.S. Wong & Partners
Solicitors for the Petitioner
2nd Floor, Double Building
22 Stanley Street
Central, Hong Kong
MAGIC WORLD: Meeting of Creditors Slated for February 10
--------------------------------------------------------
A meeting of Magic World Limited's creditors will be held on
February 10, 2006, at 2:15 p.m., so that they may approve the
Company's plan to wind-up its operations voluntarily. At the
meeting -- which will take place at the 5th Floor, Allied Kajima
Building, 138 Gloucester Road, in Wanchai, Hong Kong -- the
creditors will also appoint the Company's joint and several
liquidators.
A person who would vote on a creditor's behalf must be lodged by
February 9, 2006, at the meeting's location.
SHENZHEN DEVELOPMENT: President Set to Resign
---------------------------------------------
Shenzhen Development Bank's president, Jeffrey Williams, is
expected to step down in a few days as part of an internal
reshuffle, The Standard relates.
The Chinese lender, which has the highest bad-debt burden and
lowest capital adequacy of China's listed banks, hired former
U.S. Deputy Treasury Secretary Frank Newman as Chairman in 2005.
GE Consumer Finance, a unit of General Electric, said last
October that it would pay US$100 million for a 7.3% stake of
Shenzhen Bank. The deal still awaits regulatory approval.
TAI SUN: Set to Close Business
------------------------------
On January 9, 2006, the High Court of the Hong Kong Special
Administrative Region Court of First Instance released an order
approving a petition to wind up Tai Sun Construction Engineering
Company Limited.
YUE SHING: Court to Hear Wind-Up Petition March 8
-------------------------------------------------
Bank of China (Hong Kong) Limited presented a petition for the
winding up of Yue Shing Industrial Limited on January 9, 2006.
The Petition will be heard before the High Court of Hong Kong
Special Administrative Region on March 8, 2006, at 9:30 a.m.
Creditors or contributories of Yue Shing who wish to support or
oppose the Petition may appear in Court at the time of the
hearing. A written notice of the creditor's or contributory's
intention must be sent not later than 6:00 p.m., on February 7,
2006 to:
Chow, Griffiths & Chan
Solicitors for the Petitioner
Rooms 1902-4, 19th Floor
Hang Seng Building
77 Des Voeux Road Central
Central, Hong Kong
* Securities Firms Record US$148 Million in Combined Losses
-----------------------------------------------------------
Twenty-one securities firms reported a combined CNY1.2 billion
(US$148 million) loss in their 2005 pre-audited financial
reports, China Daily says. The losses are mainly in traditional
brokerage and proprietary business.
The paper specifically cites domestic investment bank BOC
International China, which incurred a CNY139 million loss, as
well as Dong Wu Securities and Minsheng Securities, which
recorded a CNY99.8 million and a CNY76.3 million loss in 2005,
respectively.
China Daily relates that the industry has had heavy losses for
four consecutive years already. It attributes the heavy losses
to assets provisions, high expenses and low margins. Moreover,
due to the country's "gloomy" stock market, brokerage and
proprietary businesses have greatly declined.
According to the paper, some firms are reducing staff and
closing branches.
However, China Daily notes that there are also some firms that
are able to withstand the losses due to their profits during the
previous years. Investment bank China International Capital Co
Ltd, for one, made a CNY588 million profit in 2005 and is
expected to top the list of good performers.
Moreover, the paper says that the China Securities Regulatory
Commission is planning for a tighter financial measurement
system -- the net capital measurement -- which will gauge the
domestic securities firms' capability to trade stock. The CSRC
also plans to get rid of "poor players" who fail to meet net
capital requirements.
China has about 130 securities firms, about 63 of which are
reportedly "problematic," the paper adds. The CSRC has listed
20 of these firms as needing "high risk monitoring."
=========
I N D I A
=========
CHENNAKESAVA FINANCE: RBI Cancels Certificate of Registration
-------------------------------------------------------------
On January 4, 2006, the Reserve Bank of India cancelled the
certificate of registration granted to Chennakesava Finance and
Investments Private Limited to carry or transact the business of
a non-banking financial institution.
Under powers conferred by Section 45-IA (6) of the Reserve Bank
of India Act, 1934, the Reserve Bank can cancel the registration
certificate of a non-banking financial company. The business of
a non-banking financial institution is defined in clause (a) of
Section 45-I of the Reserve Bank of India Act, 1934.
CONTACT:
Chennakesava Finance and Investments Private Limited
304, Aditya Trade Centre,
Ameerpet, Hyderabad- 500 038
India
MIDPOINT SOFTWARE: Wants to Venture Into Merchant Exporting
-----------------------------------------------------------
On January 23, 2006, The Board of Directors of Midpoint Software
& Electro Systems Ltd decided to hold an Extraordinary General
Meeting on February 24, 2006.
The meeting will be held to seek shareholders' approval to
commence merchant exporting business.
CONTACT:
Midpoint Software & Electro Systems Ltd
Kshmalaya, 3rd Floor, 37-New Marine Lines
Mumbai 400020
Maharashtra
Phone: 22009397, 22004272
Fax: 22005238
SOUTH INDIAN: To Launch Follow on Public Offering Next Month
------------------------------------------------------------
South Indian Bank Limited's Committee to Decide and Monitor
Augmentation of Share Capital unanimously passed a resolution on
January 23, 2006, to open a proposed Follow on Public Offering
on February 10, 2006.
The closing date of the FPO will be on February 15, 2006.
CONTACT:
South Indian Bank Ltd
Thrissur, Kerala
India
THOMAS COOK: Revises Financial Year
-----------------------------------
On January 21, 2006, the Board of Directors of Thomas Cook
(India) Ltd decided to change the financial year of the Company
so that it ends on December 31, each year, starting with the 14
months ended December 2006.
CONTACT:
Thomas Cook (India) Ltd
Thomas Cook Building, Dr D Naoroji Road,
Mumbai 400001
Maharashtra
Phone: 22048556; 22048557; 22048558
Fax: 22871069; 22872876
WESTERN INDIA: Secures Restructuring Packages
---------------------------------------------
Western India Shipyard Limited has received restructuring
packages from members of the Corporate Debt Restructuring Group
under the Reserve Bank of India guidelines.
The group includes:
-- ICICI Bank Ltd,
-- Stressed Assets Stabilization Fund,
-- Industrial Investment Bank of India,
-- State Bank of India, and
-- Bank of India.
CONTACT:
Western India Shipyard Limited
P.O.Box No. 21, Mormugao Harbour,
Mormugao, Goa - 403803
India
Phone:(+91) 0832 2520252/3/4/5/6/7
Fax:(+91) 0832 2520258, 2520264
Web site: http://www.westinshp.com/
=================
I N D O N E S I A
=================
GARUDA INDONESIA: Reduces 2005 Losses
-------------------------------------
PT Garuda Indonesia reduced its losses for 2005 as it improved
its cost efficiencies, the Jakarta Post reports. However, the
Company also posted lower revenues due to recent terrorist
attacks and increased fuel prices.
The Post cites Garuda Indonesia President Emirsyah Satar as
saying that the Company reduced its 2005 losses by 17.14%, or
IDR672 billion, as it managed its costs more effectively. It
was heavily affected, however, by a declining number of
passengers after suicide bombing attacks occurred in Indonesia
last October.
According to the paper, by the end of 2005, Garuda Indonesia's
total assets stood at IDR9 trillion, while total debts equaled
IDR12 trillion.
Moreover, the Company failed to repay a IDR519.6 billion debt
that matured last month, the Post says. Rising fuel prices took
away IDR139.9 billion from the Company's revenues as fuel costs
now made up for more than 40% of total expenses, while it only
comprised an average of 30% in earlier years.
The Office of State Enterprises Deputy Mahuddin Yasin stated
that Garuda Indonesia was unable to make its December 2005 debt
repayments due to depleted cash flow, thus, it needed cash
injection from the government or from its creditors, or attract
investor interest.
CONTACT:
PT Garuda Indonesia
Garuda Indonesia Bldg.,
Jalan Merdeka Selatan No. 13
Jakarta, 10110, Indonesia
Phone: +62 21 231 0082
Fax: +62 21 231 1679
Web site: http://www.garuda-indonesia.com
KIANI KERTAS: Sampoerna Eager to Buy if Conditions Change
---------------------------------------------------------
Indonesian billionaire Putera Sampoerna is still willing to
acquire ailing pulp and paper firm PT Kiani Kertas if its
largest creditor, Bank Mandiri, changes the sale terms, the
Jakarta Post says.
Bank Mandiri had previously rejected Mr. Sampoerna's bid for the
Company despite an initial deal signed on January 2, 2006. Bank
Mandiri is believed to have set unacceptable terms for the Kiani
Kertas Sale, which terms are unacceptable to Mr. Sampoerna.
The Post relates that Mr. Sampoerna wants to give Bank Mandiri
and Kiani Kertas investor Prabowo Subianto enough time to decide
whether or not they want him to buy out the Company.
Kingsclere Finance Limited is also interested in taking over
Kiani Kertas, the paper says.
Kingsclere had signed a non-binding agreement in December 2005
to acquire the Company. It plans to later sell Kiani Kertas to
Singaporean firm United Fiber System Limited, whose takeover bid
was also rejected by Bank Mandiri.
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/
MITRA GLOBAL: Moody's Hands Out Upgraded Rating for Secured Bond
----------------------------------------------------------------
Moody's Investors Service has upgraded the local currency
corporate family rating of P.T. Mitra Global Telekomunikasi
Indonesia from Ba3 to Ba1, and the senior secured foreign
currency bond rating of MGTI Finance Company Limited (guaranteed
by MGTI and MGTI Finance B.V.) from B2 to Ba3. The outlook for
the ratings is stable.
The upgrade reflects Moody's receipt and review of MGTI's
audited FY2004 financial statements, and which show no material
discrepancy from management accounts and are in line with the
rating agency's own projections. Total investor revenue for
2004 was US$60.9 million, translating into a debt service
coverage ratio of 2.7x on an average annual basis. Moody's also
notes revenue for KSO IV (a key counter-party for honoring
investor revenues to MGTI) was US$140 million in 2004,
sufficient to cover 2.3x those investor revenues paid to MGTI.
According to the agency, MGTI's rating reflects its cash flow
being backed by the Investor Revenues payable monthly by KSO IV
under the Amended KSO Agreement with Telkom and the rating is
closely aligned with that of PT Telekomunikasi Indonesia (Ba1
local currency rating/stable). Under the Amended KSO Agreement,
if KSO IV does not have sufficient funds to pay the investor
revenues, then Telekom will undertake to cover any shortfalls.
This obligation ranks pari passu with Telekom's other unsecured
obligations. Under the Agreement, MGTI is also entitled to
assume operational and financial control of KSO IV until any
overdue payment is satisfied.
The undertaking from Telekom (although not a direct guarantee)
and Moody's view that KSO IV is an integral part and core asset
of Telekom's nationwide fixed-line business mean it is highly
likely Telekom will ensure payments -- sufficient to cover the
investor revenues -- are made to MGTI. These projected investor
revenue payments are sufficient to pay the interest and
principal due on MGTI's bonds. In addition, the investor
revenues are payable in US$, helping mitigate currency risk.
Moody's notes that the financials of KSO IV and potential
liabilities under MGTI were consolidated under Telekom's audited
accounts starting FY2004. This situation further highlights the
core nature of that business to Telekom, and supports the
possibility of ensuring investor revenue payments are made.
Key challenges for MGTI's rating include its exposure to the
uncertain political and legal environment in Indonesia. If
Telekom would not make the shortfall payments under the
Agreement, then it is likely KSO IV and therefore MGTI would
find it a difficult to force Telekom to comply. As a result, it
would quickly threaten MGTI's liquidity position.
Moody's says that downward pressure on the local currency rating
could arise if there is evidence of deterioration in KSO IV's
operating performance, such that its revenue falls to a level
insufficient to cover the investor revenues and operating
expenses. Furthermore, adverse changes in the regulatory and
operating environment -- that affect Telkom's ability to honor
its obligations under the Amended KSO Agreement -- would trigger
a rating downgrade of MGTI.
On the other hand, the rating agency says upward rating pressure
for MGTI is limited because of its single asset and thus revenue
stream to support debt repayment.
P.T. Mitra Global Telekomunikasi Indonesia (MGTI), headquartered
in Indonesia, was established in 1995. Its owns the KSO IV
concession in central Java that owns the core fixed
telecommunications lines in that area operated by Telekom.
PERUSAHAAN LISTRIK: Audit Board to Look Into Production Costs
-------------------------------------------------------------
The House of Representatives has asked the State Audit Board to
investigate PT Perusahaan Listrik Negara's production costs
before the Company implements an increase in its electricity
tariff, Asia Pulse reports.
The audit will be conducted to confirm PLN's production costs,
and the government must submit the audit results to the House of
Representatives so as to garner approval for increased fuel
subsidy, the Pulse relates, citing House Commission VII Member
Tjatur Sapto Edy. Mr. Edy added that the government has asked
for one month to complete the audit.
The House of Representatives were initially shocked at PLN's
production costs, which stood at IDR152 per kilowatt-hour.
PLN's is reportedly one of the highest production costs in Asia.
PT Perusahaan Listrik Negara (Persero)
Jl. Trunojoyo Blok M-1 No. 135, Kebayoran Baru
Jakarta, 12160, Indonesia
Phone: +62-21-725-1234
Fax: +62-21-722-1330
Web site: http://www.pln.co.id/
PERUSAHAAN LISTRIK: To Receive Additional Fuel Subsidy
------------------------------------------------------
Indonesia's House of Representatives will consider approving an
additional fuel subsidy for PT Perusahaan Listrik Negara if the
Company will not raise its power rates, Asia Pulse relates.
An additional subsidy may be included in the deliberation of
Indonesia's state budget in July 2006, Asia Pulse says, citing
House Commission VII Legislator Ramson Sia Gian. PLN has yet to
submit a precise calculation of its production costs, as was
requested by the House of Representatives.
Earlier reports stated that PLN was planning to increase its
electricity tariff in order to reduce its IDRIDR38 trillion
deficit. The government, according to Asia Pulse, had offered
to inject funds worth IDR15 trillion into the Company, but it is
not enough to cover PLN's financial needs.
PLN expects to post a IDR23 trillion loss this year alone, and
estimates to spend up to IDR51 trillion in fuel purchases for
its fuel-based power plants.
=========
J A P A N
=========
DENKI KAGAKU: Moody's Upgrades Rating to Baa2
---------------------------------------------
Moody's Investors Service has upgraded its senior unsecured
long-term debt ratings for Denki Kagaku Kogyo Kabushiki Kaisha
(Denka) to Baa2 from Ba1. The rating outlook is stable.
The rating action recognizes the accelerated improvement in the
company's balance sheet structure and reinforced ability in cash
flow generation. These trends are supported by steadily
enhanced market positions in its core businesses, achieved in
turn through ongoing reinforcement of its business portfolio.
The action concludes the review initiated on November 24, 2005.
Denka's portfolio is diversified into organic chemicals,
inorganic chemicals, electronic materials, and functional &
processed products. In each area, the company maintains unique
products that have leading market positions, such as functional
ceramics, clear polymer, chloroprene rubber, food and electronic
packaging materials, carbide, and pharmaceutical products. Sales
of each product are not large, but the company's technological
advantages and product development ability -- so as to reflect
user needs in a timely manner -- enable it to maintain its
strong positions. Therefore, its diversified portfolio and
customer base should contribute to stable cash flow through the
economic cycle.
In line with the mid-term business plan started in April 2004,
Denka is further strengthening its business portfolio by
focusing in particular on three major areas for future growth --
functional resins, electronic materials, and processed resin
products. The strategic action includes reorganization of its
domestic production facilities and R&D functions, and
reinforcement of its global supply systems aimed at accelerating
the development of new applications and new products. As a
result, the company has improved and maintained operating profit
margins since its mid-term business plan started.
Moody's expects constant demand for each product in its three
major businesses, supported by each product's characteristics,
and which play very important roles in deciding the quality of
end products in various industries. In addition, its other
product lines, such as organic chemical products, inorganic
chemical products, and pharmaceutical products, are expected to
help sustain overall cash flow, given the stable nature of
demand for them. Therefore, profit stability should be
maintained over the medium term.
At the same time, Denka is focusing on further improving its
financial fundamentals, based on its mid-term business strategy,
which aims to reduce interest-bearing debt to JPY65 billion in
FYE3/2007 and for an equity ratio of more than 50%. Total debt
to total capitalization ratio already improved to 39.5% for the
first half of FYE3/2006 from 48.6% for FYE3/2004. Aggressive
investment in core growth areas will continue over the next few
years for the purposes of enhancing its market positions.
However, Moody's believes that Denka will manage the associated
capital investment within cash flow and continue to take a well-
thought-out approach, balancing the business strategy and
financial targets stated in its current mid-term plan.
Therefore, Denka's balance sheet structure should continue to
improve over the medium term.
Denki Kagaku Kogyo Kabushiki Kaisha, headquartered in Tokyo, is
a producer of diversified business lines, such as organic
chemicals, inorganic chemicals, electronic materials, and
functional & processed products. Consolidated sales for the
fiscal year to March 2005 were JPY280.0 billion.
CONTACT:
Denki Kagaku Kogyo Kabushiki Kaisha
Nihonbashi Mitsui Tower
1-1,Nihonbashi-Muromachi 2-chomeChuo-Tokyo
103-8338, Japan
Phone: +81-3-3507-5055
Fax: +81-3-3507-5059
LIVEDOOR CO.: Bourse Shortens Trading Hours
-------------------------------------------
The Tokyo Stock Exchange will allow trading in Livedoor Co.
shares only between 1:30-3:00 p.m. from January 25, Reuters
reports.
According to Reuters, the bourse also said it could suspend
trading in the stock depending on how it trades.
Livedoor is facing allegations that it released false
information to push up its stock price. The company is also
accused of falsifying its earnings report.
CONTACT:
Livedoor Co., Ltd.
Roppongi Hills Mori Tower 38th Floor
6-10-1 Roppongi
Minato-ku, Tokyo
Japan
e-mail: info@livedoor.jp
LIVEDOOR CO.: TSE Monitors Stocks Ahead of Possible Delisting
-------------------------------------------------------------
The Tokyo Stock Exchange has moved Livedoor Co. and Livedoor
Marketing Co. stocks to the monitoring post on January 23,
possibly for delisting, reports Japan Today.
Japan Today says the monitoring post does not restrict shares
trading. However, it means the TSE has started examining whether
the Company meets its listing standards.
LIVEDOOR CO.: Officials Busted for Alleged Fraud
------------------------------------------------
Prosecutors arrested Livedoor Co. President Takafumi Horie and
three other executives Monday night on suspicion they violated
the securities law, Japan Today reports.
Also arrested were Livedoor Chief Financial Officer Ryoji
Miyauchi, Livedoor Director Fumito Okamoto, and Livedoor Finance
Co. President Osanari Nakamura.
Investigators believe the four are to blame for the unfolding
financial scandal, including dubious corporate takeover deals
and allegations of falsifying financial figures in 2004.
MITSUBISHI MOTORS: Enjoys Brisk Orders for New Model in Taiwan
--------------------------------------------------------------
Mitsubishi Motors Corporation reported that orders taken by its
local partner in Taiwan, China Motor Corporation (CMC), for the
new 2.4-liter multi-purpose vehicle (MPV) Zinger in the first
month of sales have reached 2,285 vehicles, a lot more than the
monthly target of 1,200 vehicles.
Developed as a multi-purpose vehicle, the attractively priced
Zinger brings the essence of SUV power into a boldly original
design with versatile seating arrangements to make it ideally
suited to a wide range of leisure, town and other driving
purposes. Zinger is the first new Mitsubishi brand model to be
introduced in Taiwan since the Grunder in December 2004 and is
expected to spark an increase in sales.
Working with CMC, Mitsubishi Motors has a long history of
producing and selling Mitsubishi brand vehicles in Taiwan. Both
companies expect the introduction of the new model to lead to
further sales growth in Lancer and other Mitsubishi models.
Zinger will be manufactured and distributed by South East
(Fujian) Motor Co., Ltd., a joint venture between Fujian Motor
Industrial Corporation and CMC, in the second half of fiscal
2007.
CONTACT:
Mitsubishi Motors Corporation
2-16-4 Konan, Minato-ku
Tokyo 108-8410, Japan
Phone: +81-3-6719-2111
Fax: +81-3-6719-0059
SOJITZ CORPORATION: JCR Assigns BBB- Rating to Bonds
----------------------------------------------------
Japan Credit Rating Agency (JCR) has assigned a BBB- rating to
the bonds of Sojitz Corporation.
Sojitz improved the financial structures and quality of assets,
disposing of the money-losing assets in accordance with the new
business plan and issuing preferred shares. However, there
remain some unprofitable operations. Such operations will
continue their operations to be examined on its feasibility.
They may incur additional loss, though the amount will not be
large. The operating performance has been going well, supported
by rise in prices of energies and metals.
There also remains issue on quality of the capital, which
consists of preferred shares issued to lenders for debt-for-
equity swaps, although the Company repurchased and extinguished
the 1st series class I preferred shares in the current fiscal
year. Sojitz plans to keep the current level of capital. It
will repurchase the preferred shares using the periodic earnings
to prevent dilution of the common stocks due to conversion of
these preferred shares into common stocks in and after next
fiscal year.
JCR deems it necessary to examine whether the Company can ensure
earnings stably by changing its business portfolio and making
investments in new businesses with thorough risk management.
CONTACT:
Sojitz Holdings Corporation
1-20 Akasaka 6-chome, Minato-ku
Tokyo 107-8655, Japan
Phone: +81-3-5446-3600
Fax: +81-3-5446-1542
=========
K O R E A
=========
LG CARD: KDB Head Keen on Finding Ideal Investor
------------------------------------------------
Korea Development Bank Chairman Kim Chang-lok hopes to find a
strategic investor capable of maintaining growth and stability
at LG Card Co., reveals JoongAng Daily.
According to the Korean Daily, Mr. Kim prefers an investor with
management expertise to take over the card issuer. That way,
the Company would be ensured long-term.
Korea's top two and top three lenders, Shinhan Financial Group
Co. and Woori Finance Holdings Co., have expressed interest in
buying LG Card. Whoever succeeds in taking over LG Card will
become Korea's largest lender.
LG Card's woes began in 2003 following a credit bubble burst.
Parent company LG group and management were handed over to
creditors in November of the same year.
LG Card is considered as one of the sought-after acquisition
targets with nearly 10 million customers.
CONTACT:
LG Card Company Limited
Fax: (02) 3420-7002
e-mail: webmaster@card.lg.co.kr
Web site: http://www.lgcard.com
===============
M A L A Y S I A
===============
AFFIN HOLDINGS: Issues New Shares for Listing, Quotation
--------------------------------------------------------
Bursa Malaysia Securities Berhad will list and quote Affin
Holdings Berhad's additional 7,000 new ordinary shares of
MYR1.00 each issued pursuant to the Employees' Share Option
Scheme on January 25, 2006.
CONTACT:
Affin Holdings Berhad
Jalan Bukit Bintang
55100 Kuala Lumpur, Kuala Lumpur 55100
Malaysia
Telephone: +60 3 2142 9569 / +60 2143 1057
AFFIN HOLDINGS: Joint Venture to Handle Life Business
-----------------------------------------------------
The Minister of Finance had approved the proposed transfer of
the life insurance business of Tahan Insurance Malaysia Berhad
(Life Business) for a total consideration of MYR121 million to
AXA Affin Life Insurance Berhad.
AXA Affin is a joint venture of Affin, which holds 51% and AXA
Asia Pacific Holdings Limited, which holds 49%.
AXA Affin will thereafter operate the Life Business.
KEMAYAN CORPORATION: Incurs MYR23,229,000 Net Loss in 2Q/FYO5
-------------------------------------------------------------
Kemayan Corporation Berhad has released its unaudited Second
Quarterly report for the financial period ended November 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
30/11/2005 30/11/2004 30/11/2005 30/11/2004
MYR'000 MYR'000 MYR'000 MYR'000
(1) Revenue
3,507 6,271 5,258 7,779
(2) Profit/(loss) before tax
-22,941 -25,084 -50,415 -52,229
(3) Profit/(loss) after tax and minority interest
-23,229 -25,264 -50,903 -52,599
(4) Net profit/(loss) for the period
-23,229 -25,264 -50,903 -52,599
(5) Basic earnings/(loss) per shares (sen)
-6.37 -6.93 -13.96 -14.43
(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 assets per share (MYR)
-4.6000 4.4700
A full-text copy of the Company's financial statement can be
viewed free of charge at:
http://bankrupt.com/misc/KemayanCorpNov05announce.xls
The Notes to Quarterly Report Ended November 30, 2005 can be
viewed for free at:
http://bankrupt.com/misc/KemayanCorp012006.doc
CONTACT:
Kemayan Corp. Berhad
167, Jln Glasiar Taman Tasek
80200 Johor Bahru Johor
Telephone: 07-2362390
Fax: 07-2365307
K.P. KENINGAU: Bourse Removes Securities from List
--------------------------------------------------
After consulting with the Securities Commission (SC), Bursa
Malaysia Securities Berhad had on October 6, 2005 decided to
grant an extension of time of:
(i) One month from the date of the notification of Bursa
Securities' decision on October 6, 2005 for KPK to make the
Requisite Announcement (RA) as per the Concept Scheme
Proposal as described to Bursa Securities; and
(ii) Two months from the date of the RA for the Company to
submit its proposed regularization plans (as per the
Concept Scheme Proposal) to the relevant authorities for
approval.
KPK has failed to make the RA before the due date of November 5,
2005.
After having considered all the facts and circumstances of the
matter, Bursa Malaysia Securities Berhad (Bursa Securities) has
decided to de-list the securities of KPK from the Official List
of Bursa Securities as the Company does not have an adequate
level of financial condition to warrant continued listing on the
Official List of Bursa Securities.
Accordingly, the securities of the Company will be removed from
the Official List of Bursa Securities at 9:00 am on February 8,
2006.
With respect to the securities of KPK that are currently
deposited with Bursa Malaysia Depository Sdn Bhd (Bursa
Depository), the securities may remain deposited with Bursa
Depository notwithstanding the de-listing of the securities from
the Official List of Bursa Securities. It is not mandatory for
the securities of a company, which has been de-listed to be
withdrawn from Bursa Depository.
Alternatively, shareholders of KPK who intend to hold their
securities in the form of physical certificates can withdraw
these securities from their Central Depository System (CDS)
accounts maintained with Bursa Depository at anytime after the
securities of KPK has been de-listed from the Official List of
Bursa Securities. This can be affected by the shareholders
submitting an application form for withdrawal in accordance with
the procedures prescribed by Bursa Depository.
The shareholders can contact any Participating Organization of
Bursa Securities and/or Bursa Depository's helpline at 03-
20347711 for further information on the withdrawal procedures.
CONTACT:
K.P. Keningau Berhad
Lot 10, The Highway Centre
Jln 51/205 46050 Petaling Jaya,
Selangor
Telephone: 03-7784 3922
Fax: 03-7784 1988
MAGNUM CORPORATION: Buys Back Ordinary Shares
---------------------------------------------
Magnum Corporation Berhad conducted a shares buy back on January
23, 2006.
These are the details of the transaction:
Description of shares purchased: Ordinary shares of MYR0.50 each
Total number of shares purchased (units): 401,000
Minimum price paid for each share purchased (MYR): 1.940
Maximum price paid for each share purchased (MYR): 1.950
Total consideration paid (MYR):
Number of shares purchased retained in treasury (units): 401,000
Number of shares purchased which are proposed to be cancelled
(units): 0
Cumulative net outstanding treasury shares as at to-date
(units): 96,329,900
Adjusted issued capital after cancellation (no. of shares)
(units):
CONTACT:
Magnum Corporation Berhad
No 8 Jalan Munshi Abdullah
50100 Kuala Lumpur, 50100
Malaysia
Telephone: +60 3 2698 8033/ +60 3 2698 9885
MALAYSIAN BULK: Restructures Unit to Streamline Business
--------------------------------------------------------
Malaysian Bulk Carriers Berhad (MBC) issued details of the
restructuring of PSM Perkapalan Sdn. Bhd., a wholly owned
subsidiary of the MBC Group.
(1) Introduction
Malaysian Bulk Carriers Berhad (MBC) unveiled that it has
re-structured one of its subsidiaries, whereby PSM
Perkapalan Sdn. Bhd. (PPSB) is now a wholly owned subsidiary
of MBC.
Prior to this restructure, PPSB was wholly owned by Pacific
Ship-Managers Sdn. Bhd (PSM) who is in turn a wholly owned
subsidiary of MBC.
In this regard, PSM transferred to MBC the entire 200,000
issued and fully paid-up ordinary shares of MYR1.00 each in
PPSB, at PSM's cost of investment of Ringgit Malaysia Two
Hundred Thousand (MYR200,000) only.
No approval from regulatory body and shareholders is
required.
(2) Information on PPSB
Country of Authorized Issued and Principal
Incorporation Share Capital Paid-up Activities
Share Capital
(MYR)
Malaysia MYR500,000 MYR200,000 Ship-managers
comprising and Ship-
200,000 Operators
ordinary
shares of
MYR1.00 each
(3) Rationale for the acquisition
The restructuring was made to reorganize and streamline MBC
Group's business activities.
(4) Financial Effect
The restructuring does not have any effect on the earnings,
net tangible assets and share capital of the Company for the
current financial year ended December 31, 2005, and the
substantial shareholding of the Company.
The consideration will be funded by internally generated
funds and that there are no liabilities to be assumed by the
Company arising from this exercise.
(5) Directors' and major shareholders' interest
As far as the Directors of MBC are aware, none of the
Directors, major shareholders and/or persons connected to
the Directors and/or major shareholders has any interest,
direct or indirect, in this exercise.
MEDIA PRIMA: Bourse to List, Quote New Shares
---------------------------------------------
Media Prima Berhad's additional 500,000 new ordinary shares of
MYR1.00 each arising from the Exercise of 500,000 Warrants
2003/2008 will be granted listing and quotation by Bursa
Malaysia Securities Berhad on January 25, 2006.
CONTACT:
Media Prima Berhad
Sri Pentas,
No. 3 Persiaran Bandar Utama,
Bandar Utama,
47800 Petaling
Selangor
Phone: 03-77266333
Fax: 03-77280787
Web site: http://www.mediaprima.com.my/index.asp
MENTIGA CORPORATION: SC Sets Out Guidelines for Proposals
---------------------------------------------------------
Mentiga Corporation Berhad (Mentiga) updates the:
(I) Proposed revaluation of the property assets of Mentiga and
its subsidiaries;
(II) Proposed debt settlement via the issue of new ordinary
shares of MYR1.00 each in Mentiga as settlement of an
amount owing by Mentiga to its shareholder, Amanah Saham
Pahang Berhad (ASPA);
(III) Proposed restricted issue of 20,000,000 Redeemable
Convertible Preference Shares of MYR1.00 each in Mentiga
to ASPA; and
(IV) Proposed disposal by Selat Bersatu Sdn Bhd, a 56 percent-
owned subsidiary of Mentiga, of 18,900 ordinary shares of
IDR1,000,000 each in PT Rebinmas Jaya (PTRJ), representing
its entire 90 percent equity interest in PTRJ to Delloyd
Plantation Sdn Bhd and Taipan Hectares Sdn Bhd, for a cash
consideration of MYR61,200,000.
The Securities Commission (SC) has imposed, among others, a
condition for the implementation of the Proposals which requires
Mentiga to obtain the necessary approvals for building plans and
Certificate of Fitness for Occupancy (CF) concerning a sawmill
factory located on a piece of land held under H.S. (D) 13/P.T.
361, Mukim of Rompin, District of Rompin, Pahang Darul Makmur
(Rompin Timber Complex) before occupation of the premises
(Condition).
An application to vary the Condition to allow Mentiga to occupy
the Rompin Timber Complex pending the receipt of approvals for
the building plans and CF was made to the SC on September 22,
2005.
On behalf of Mentiga, Commerce International Merchant Bankers
Berhad (CIMB) advised that the SC has in its letter dated
January 18, 2006 (which was received on January 19, 2006),
approved a variation to the Condition, subject to the following
conditions:
(i) Mentiga is required to obtain the approvals for the
building plans and CF for the Rompin Timber Complex
within a year from the date of occupation of the
premises;
(ii) Mentiga is required to make an announcement to Bursa
Malaysia Securities Berhad (Bursa Securities) upon
occupation of the Rompin Timber Complex;
(iii) Mentiga is required to disclose in quarterly
announcements to Bursa Securities on the status of its
application for the approvals of the building plans of
the Rompin Timber Complex; and
(iv) CIMB/Mentiga is required to inform the SC on the status
of the application for the approvals of the building
plans of the Rompin Timber Complex upon announcement to
Bursa Securities.
CONTACT:
Mentiga Corporation Berhad
Peramu Jaya 26607 Pekan,
Pahang Darul Makmur 50400
Malaysia
Telephone: +60 443 9411/ +60 443 1233
MWE HOLDINGS: Sub-unit Enters Winding-Up Proceedings
----------------------------------------------------
At an Extraordinary General Meeting on January 23, 2006, the
shareholders of MWE Holdings Berhad decided to voluntarily wind
up its sub-unit, Davex Trading (PG) Sdn Bhd.
DTSB was incorporated in Malaysia on August 28, 1982. DTSB has
an authorized share capital of MYR500,000 divided into 500,000
ordinary shares of MYR1.00 each of which 450,000 ordinary shares
of MYR1.00 each are issued and fully-paid. DTSB is a wholly
owned subsidiary of Davex (Malaysia) Sdn Bhd, which in turn is a
subsidiary of DHB and which in turn is a subsidiary of MWE.
Rationale for the winding-up exercise
The Members' Voluntary Winding-up is part of MWE group's
continuing rationalization efforts to wind-up dormant and
inactive subsidiaries.
Financial effect of the winding-up exercise
The winding-up exercise is not expected to have any material
impact on the MWE group's earnings and net tangible assets for
the financial year ending December 31, 2006.
Directors' and substantial shareholders' interests
Save as disclosed above and to the best knowledge of the Board
of Directors, none of the Directors or substantial shareholders
of MWE and persons connected to the directors or substantial
shareholders has any interest, direct or indirect in the
winding-up exercise.
Directors' opinion
The Board of Directors of the Company, having taking into
consideration all aspects of the winding-up exercise, is of the
opinion that the winding-up exercise is in the best interest of
MWE group.
Approval required
The winding-up exercise is not subject to the approval of
shareholders of MWE nor any other relevant authorities.
CONTACT:
MWE Holdings Berhad
846 Jalan Raya Sungei Bakap
Seberang Perai Selatan,
Pulau Penang 14209
Malaysia
Telephone: +60 4 582 4811
+60 4 582 4707
NAM FATT: New Shares Up for Listing, Quotation
----------------------------------------------
On January 25, 2006, Bursa Malaysia Securities Berhad will list
and quote the additional 3,000,000 new ordinary shares of
MYR1.00 each of Nam Fatt Corporation Berhad arising from the
conversion of MYR3,000,000 Irredeemable Convertible Unsecured
Loan Stocks-A 2003/2011.
CONTACT:
Nam Fatt Corporation Berhad
No. 40, Persiaran Sultan Ibrahim,
Klang Selangor 41300 Malaysia
Telephone: 03-33420767
Fax: 03-33427830
PANTAI HOLDINGS: Shares Granted Quotation Today
-----------------------------------------------
Bursa Malaysia Securities Berhad will grant listing and
quotation of Pantai Holdings Berhad's additional 1,053,000 new
ordinary shares of MYR1.00 each arising from the exercise of
1,053,000 Warrants 2002/2007 today, January 25, 2006.
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: Issues Additional Shares for Listing
--------------------------------------------------
POS Malaysia & Services Holdings Berhad's additional 127,000 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 today, January 25, 2006.
CONTACT:
POS Malaysia & Services Holdings Berhad
189 Jalan Tun Razak
50400 Kuala Lumpur, 50400
Malaysia
Telephone: +60 3 2166 2323 / +60 3 2166 2266
SOUTHERN BANK: Repurchases 25,000 Shares
----------------------------------------
Southern Bank Berhad's shares buy back on January 23, 2006 came
up with these results:
Description of shares purchased: Ordinary shares of MYR1.00 each
Total number of shares purchased (units): 25,000
Minimum price paid for each share purchased (MYR): 3.960
Maximum price paid for each share purchased (MYR): 4.000
Total consideration paid (MYR): 99,398.31
Number of shares purchased retained in treasury (units): 25,000
Number of shares purchased which are proposed to be cancelled
(units): 0
Cumulative net outstanding treasury shares as at to-date
(units): 55,854,700
Adjusted issued capital after cancellation (no. of shares)
(units):
CONTACT:
Southern Bank Berhad
83 Medan Setia 1 Plaza Damansara Bukit
Damansara, 50490 Kuala Lumpur, Kuala Lumpur 50490
Malaysia
Telephone: +60 3 2087 3000
+60 3 2093 3157
WCT ENGINEERING: Issues New Shares for Listing, Quotation
---------------------------------------------------------
Bursa Malaysia Securities Berhad will grant listing and
quotation of WCT Engineering Berhad additional 2,000 new
ordinary shares of MYR1.00 each issued pursuant to the
Employees' Share Option Scheme on January 26, 2006.
CONTACT:
WCT Engineering Berhad
12, Jalan Majistret U1/26
Seksyen U1, Lot 44, Hicom-Glenmarie Industrial Park
40150 Shah Alam, Selangor Darul Ehsan, Malaysia
Telephone: 603-7805 2266
Fax: 603-7804 9877
e-mail: wctbhd@wcte.com.my
=====================
P H I L I P P I N E S
=====================
ABOITIZ TRANSPORT: Cuts Passenger-Travel Fares by 50%
-----------------------------------------------------
Aboitiz Transport System Corp. will reduce its passenger-travel
fares by as much as half as it seeks to expand its already
dominant market share, Dow Jones relates.
According to Dow Jones, Aboitiz Transport's promotional fares
are meant to tap new markets, including students and middle-
class families. The reduced fares will be offered until the end
of next month.
In the nine months to September, Aboitiz Transport saw its net
profit decline to Php213.7 million from Php254.9 million in the
year-earlier period due to higher operating expenses and
depreciation charges. Revenue in the period rose to Php6.3
billion from Php6.2 billion in the year-earlier period.
Superferry, Abotiz Transport's passenger travel arm, serves 20
destinations in the Philippines.
CONTACT:
Aboitiz Transport System Corp.
12/F Times Plz. Bldg.,
United Nations Ave. cor Taft Ave.,
Ermita, Manila PH-1000, Philippines
Phone: 63 2 528 7501
Fax: 63 2 528 7618 fax
Web site: http://www.wgasuperferry.com
C&P HOMES: Issuing New Stock Certificates
-----------------------------------------
On December 6, 2005, the Securities & Exchange Commission (SEC)
approved the decrease in the authorized capital of C&P Homes Inc
from Php5 billion divided into 5,000,000,000 shares valued at
Php1.00 per share to Php500 million divided into 500,000,000
shares valued at Php1.00 per share.
Due to the decrease of the authorized capital stock, every 10
shares held by each shareholder as of the date of the SEC
approval will be consolidated into one share. All resulting
fractional shares will be dropped.
Accordingly, the Company requests shareholders to surrender
their stock certificates for replacement with new stock
certificates reflecting the aforesaid change in shareholdings.
They may be surrendered starting February 15, 2006 to:
Securities Transfer Services Incorporated
4th Floor, Benpres Building
Exchange Road, Ortigas Center
Pasig City, Philippines
The old certificates will be eligible for trading up to February
28, 20063 only, which means that starting March 1, 2006 only the
new stock certificate will be accepted by brokers as settlement
of the seller's obligation.
CONTACT:
C&P Homes Incorporated
Las Pinas Business Centre
National Road, Las Pinas City
Phone: 874-5758; 873-2178; 772-1093; 726-6143
Fax: 872-4697; 726-6143
e-mail: ltan@cmphomes.com.ph
Web site: http://www.cmphomes.com.ph
MANILA ELECTRIC: Sets Record Date on Feb. 28
--------------------------------------------
At a regular meeting of the Board of Directors of Manila
Electric Company on January 23, 2006, the Board has fixed
February 28, 2006 as the record date for the determination of
stockholders entitled to notice of, and to vote at the Annual
Stockholders Meeting of Meralco to be held on Tuesday, May 30,
2006 starting at 9:00 a.m. at the Meralco Theater, Lopez
Building, Ortigas Avenue, Pasig City.
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: Metrobank Sets Eyes on Generating Assets
--------------------------------------------------------
The Metrobank Group has hinted on plans to bid for the
generating assets of state-owned National Power Corporation, The
Philippine Star reports.
Metrobank owner George Ty told the Star his Company is
interested in Napocor facilities based in Visayas, where one of
Metrobank's major power investments is located.
The banking group is considering expanding its investment in the
region because of the looming power shortage in the area, the
Star says.
The Metrobank Group, through Global Business Holdings Inc. and
Mirant Philippines formed a joint venture company called Mirant
Global Philippines Corp. to acquire the 72-megawatt Panay Power
Corp.
Metrobank's move to invest in the power sector has also prompted
another major investment banking firm, Ayala Group, to create a
vehicle for its power-related investments.
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
* Pre-need Sales Downtrend Slowing Down
---------------------------------------
Government data reveals the downtrend in pre-need sales is
slowing down, reports The Philippine Daily Inquirer.
Latest figures from the Securities and Exchange Commission show
that pre-need plan sales dropped 35.7% in November from a year
earlier, compared with 82.16% year-on-year in October.
January-November sales fell 54.72% year-on-year, compared with
56.12 percent in January-October.
Prudentialife and Philam Plans continued to lead in sales,
although both recorded major declines.
The country's pre-need industry is still struggling to cope with
declining sales and dwindling investor confidence brought about
by the collapse of industry leaders College Assurance Plans
Philippines Inc., Pacific Plans Inc. and Platinum Plans Inc.
=================
S I N G A P O R E
=================
ACCORD CUSTOMER: Court Schedules Hearing for Ex-CEO's Case
----------------------------------------------------------
The application for single trial of former Accord Customer Care
Solutions Limited chief executive officer will be heard in the
Singapore Court on February 20 and 21, Channel News Asia
reports.
According to Channel NewsAsia, Victor Tan appeared in Court last
month to request that he face all 99 charges against him in one
trial.
Mr. Tan is facing 99 counts of cheating Finnish
telecommunications giant Nokia of SGD4.3 million in fake
warranty repair claims.
According to his lawyers, Mr. Tan would have to stand two
separate trials if the court denies his request, which also
means that the prosecution would have another chance to prove
allegations against him.
The prosecution has asked that Mr. Tan's case be heard in Court
on February 13, 2006.
CONTACT:
Accord Customer Care Solutions Limited
20 Toh Guan Road #07-00
Accord District Center
Singapore 608839
Phone: 65 6410 2600
Fax: 65 6410 2610
Web site: http://www.accordccs.com
APPLIED FOOD: Receiving Debt Claims Until Feb. 20
-------------------------------------------------
Creditors of Applied Food Biotechnology Asia/Pacific Pte Limited
are required to submit proofs of claim on February 20, 2006, to:
Lau Chin Huat
Liquidator
c/o 6 Shenton Way
#32-00 DBS Building Tower Two
Singapore 068809
Failure to comply with the requirement will exclude creditors
from the benefit of the Company's dividend distribution.
ENDUE ELECTRONICS: Court Issues Winding Up Order
------------------------------------------------
On January 13, 2006, the Singapore High Court issued a wind-up
order against Endue Electronics Pte Limited.
All creditors of the Company should file their proofs of debt
with:
The Official Receiver
45 Maxwell Road #06-11
Singapore 069118
All debts due to the Company should be forwarded to the
Liquidator.
INFORMATICS HOLDINGS: Court Adjourns Case of Ex-Execs to Feb. 22
----------------------------------------------------------------
The Singapore Court adjourned the cases of Informatics Holdings
founder Wong Tai and former Chief Executive Officer Ong Boon
Kheng to February 22, 2006, when both will stand trial, reports
Channel News Asia.
Both executives are charged with four counts each of overstating
Company profits.
The Company earlier disclosed that it overstated its profits for
nine months ended December 2003. Informatics' external
investigator Ernst and Young had announced on April 30, 2004
that there was no fault in the Company's financial results, but
later retracted its statement when Mr. Ong resigned from his
position as CEO.
Mr. Wong and Mr. Ong did not say whether they will plead guilty
to the charges.
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
SHINZEN PTE: Creditors' Proofs of Claim Due Feb. 20
---------------------------------------------------
Creditors of Shinzen (Singapore) Pte Limited, whose debts or
claims have not already been submitted, are required to submit a
formal proof on or before February 20, 2006 to:
Lau Chin Huat
Liquidator
c/o 6 Shenton Way
#32-00 DBS Building Tower Two
Singapore 068809
===============
T H A I L A N D
===============
SUN TECH GROUP: Trims Registered Capital
----------------------------------------
Sun Tech Group Public Co. Ltd. has decreased its registered
capital to THB2,144,999,360 shares from the previous
THB3,300,000,000.
The Company slashed its capital by reducing the number of shares
from 3,300,000,000 to 214,499,936. The ratio of existing shares
to the new one is 15.3846 at par value of THB10 per share.
The capital decrease was registered with the Ministry of Finance
on January 6, 2006.
CONTACT:
Sun Tech Group Public Company Limited
U.M. Tower, Floor 17, 9 Ramkhamhaeng Road,
Suan Luang, Bangkok
Telephone: 0-2719-9743
Fax: 0-2719-9744
THAI AIRWAYS: Allows Nok Air to Take Over Routes
------------------------------------------------
Nok Air will be running two of Thai Airways International Public
Co. Ltd.'s domestic routes to help the latter curb losses,
Bangkok Post reports.
Thai Airways will lease its 149-seat Boeing 737-400 jet and a
66-seat ATR-72 propeller to Nok Air.
The agreement follows Thai's plan to slowly wipe out its loss-
making operation on Bangkok-Nakhon Si Thammarat, Bangkok-Trang
routes and the Mae Hong Son-bound service, The Post says.
Thai Airways has gradually cut back flights operated by its own
aircraft. In fact, it has set up a code-share arrangement with
Nok Air to fly its passengers with its low-cost aircraft.
Effective February 1, Thai Airways will trim down its daily
services to two flights a week, Vice-President for commercial
department, Vasing Kittikul, told the Post.
Subsequently, Nok Air will launch seven jet flights a week to
Trang, bringing the total number of flights on the route to
nine. Thai Airways is the only carrier serving the Bangkok-Trang
route.
Under a code-share agreement, Thai Airways passenger will be
allotted 12 seats on Nok Air's aircraft on the Bangkok-Trang
route on a permanent basis.
Thai Airways will keep flying to Trang provided that occupancy
will not fall below 60% for three months. The current occupancy
still stands at 62% to 64%.
In addition, Thai Airways will reduce its frequency on Chiang
Mai-Mae Hong Son route to three flights a day from four. One
flight will be handed over to Nok.
Thai Airways cut by 50% its services on Bangkok-Nakhon last
week. The carrier used to fly the route twice a day.
CONTACT:
Thai Airways International Public Co., Ltd. (TG)
89 Viphavadi-Rangsit Road
Ladyao Chatuchak
Bangkok 10900 Thailand
Telephone: 662-5451000
Fax: 662-5122173
*********
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, Erica Fernando, Freya Natasha Fernandez, and Peter A.
Chapman, Editors.
Copyright 2006. All rights reserved. ISSN: 1520-9482.
This material is copyrighted and any commercial use, resale or
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*** End of Transmission ***