/raid1/www/Hosts/bankrupt/TCRAP

/raid1/www/Hosts/bankrupt/TCRAP_Public/060209.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 Thursday, February 9, 2006, Vol. 9, No. 029 Headlines A U S T R A L I A A.C.N. 090 706 844: Liquidates Business AAT&T LIMITED: Court to Hear Wind-up Petition on Feb. 13 ALAN SNOWDEN: Jack Currie Lodges Petition to Liquidate Firm AQUA GLASS: Receives Petition to Liquidate Business BRAYTECH PTY: Prepares to Pay Dividend CALIFORNIAN CLEARANCE: Decides to Close Operations CBG PACKAGING: Enters Voluntary Liquidation CHOICE PROPERTY: Inability to Pay Debts Leads to Wind-up HOLLYWOOD HOLDINGS: To Declare Dividend on Feb. 15 HYMANS PROFESSIONAL: Creditors Agree to Shut Down Firm JAMES HARDIE: To Conduct Briefing on Q3 Results JANS NOMINEES: To Hold Final Meeting on Feb. 10 KILBRIDE PASTORAL: Liquidator to Give Wind-Up Report MACDONALD EARTHMOVING: Liquidator to Distribute Assets MANIFEST CLOTHING: Enters Liquidation Proceedings MARTIN HONAN: Winds Up Business MYER LIMITED: Denies Move Against Supermarket Head MYER LIMITED: Bidders Ready to Replace Managing Director NEW ZEALAND THEME: CIR Files Liquidation Petition NT LAND RESOURCE: Placed Under Voluntary Liquidation ONE.TEL LIMITED: PBL Counsel Denies One.Tel Rights Role PHILLIPS & HOUSE: Creditors' Claims Due on Feb. 25 RANDOS ROOFING: Appoints Official Liquidators SANDERSONS INVESTMENTS: Unable to Pay its Debts STOCKMANS STATION: Members Decide to Wind Up Firm SUPERIOR RUBBER: Creditors Wind Up Operations SYDNEY CITY: To Distribute Final Dividend TIPDELL PTY: Roderick Sutherland Named Liquidator TRIMEX HOLDINGS: Schedules Final Meeting for Feb. 10 WANGANUI SKINS: Court Fixes Liquidation Hearing Feb. 13 WESTPOINT GROUP: Mezzanine Wind Up Unveils AU$54 Mln Lost Funds WESTPOINT GROUP: ASIC Heads To Face Senate Over Group's Collapse WESTPOINT GROUP: Secured Creditors' Aide Needed to Recover Funds * Fitch: Neg. Credit Outlook For Australian Utilities In 2006 C H I N A & H O N G K O N G BANK OF CHINA: Targets Hong Kong IPO in May CANARE ELECTRIC: Named Lai Kar Yan to Oversee Wind-up CHINA SOUTHERN: Appoints Tan Wan Geng as Vice President DICKSON CONSTRUCTION: Commences Winding Up Process EAST CREATION: Names Official Liquidator GEORGIA TRADING: C. Hall Ceases to Act as Liquidator JAPAN ASIA: Members Meeting Slated for Feb. 28 JDC CORPORATION: To Pay Dividend to Creditors KING TAT: Members Approve Unaudited Results OMEGA TRADEMARK: Shuts Down Business SHARELAND LIMITED: To Hold Final Meeting on March 1 STATE INTERNATIONAL: Liquidator to Present Company Report SURELIGHT HOLDINGS: Members & Creditors to Meet on Feb. 22 V&T INVESTMENTS: Names Official Liquidators WORLDPEX INVESTMENT: Liquidator to Present Company Report I N D I A DUNDEE INVESTMENT: SEBI Cancels Certificate of Registration FILMCITY MEDIA: Appoints New Directors and Transfer Agent ISIBARS LIMITED: Cuts Paid Equity Share Capital * Ministries Fight Over Oil Firms' Bailout I N D O N E S I A PERUSAHAAN LISTRIK: Police to Investigate New Corruption Case J A P A N JAPAN AIRLINES: To Fly Under oneworld's Wings JAPAN AIRLINES: Shareholder Wants President to Step Down LIVEDOOR CO.: Admits Accounting Fraud LIVEDOOR CO.: Likely to Dissolve Partnership With Dynacity MITSUBISHI MOTORS: Orders for 'i' Minicar Hit 10,000 SANBISHI COMPANY: Zensho Supports Rehabilitation TAIHEIYO CEMENT: Standard & Poor's Assigns 'BB' Rating TOYOBO CO.: Settles Suit with Police Injured by Xylon-Made Vest K O R E A LG CARD: Merrill Mulls Joint Bid with Shinhan M A L A Y S I A ACP INDUSTRIES: Thai Unit Inks Contract with National Housing AFFIN HOLDINGS: Forms Joint Venture with National Mutual ANCOM BERHAD: Repurchases Ordinary Shares ANTAH HOLDING: To Convene EGM Feb. 23 DATUK KERAMAT: Faces Suspension Over Failure to Submit Report GEORGE TOWN: Restructuring Scheme Delays Report Submission MAGNUM CORPORATION: Holds Shares Buy Back NHF MOULD: Ceases Business Operations PACIFIC & ORIENT: Repurchases 3,500 Ordinary Shares PILECON ENGINEERING: Unit's Default Status Remains Unchanged SUREMAX GROUP: Books MYR834,000 Net Loss in 1Q/FY05 SYARIKAT KAYU: Net Loss Hits MYR19,150,000 in 4Q/FY05 TEXCHEM RESOURCES: Unit Begins Wind Up Process P H I L I P P I N E S ABS-CBN BROADCASTING: May Lose License to Operate ABS-CBN BROADCASTING: Top Exec Cries Foul Over Report ABS-CBN BROADCASTING: Says Stampede Won't Hurt Ad Revenues ABS-CBN BROADCASTING: Potential Suits Weigh Down Shares APEX MINING: Masara Project Gets New Lease on Life NATIONAL POWER: Coast Guard Demands Speedy Oil Spill Clean-up VICTORIAS MILLING: Posts ASM and Organizational Meeting Results WELLEX INDUSTRIES: Asks Partner to Revive Dormant Operations * Pre-need Industry Wants More Leeway S I N G A P O R E ALIPH HOLDINGS: Creditors' Claims Due March 6 CHINA AVIATION(S): Approves Restructuring Plan at AGM DESIGN-THAI PTE: Placed Under Voluntary Liquidation EI-NETS LIMITED: Appoints New Director and Secretary FHTK HOLDINGS: Borrows SGD6.5-Mln from Investors INFORMATICS HOLDINGS: Cannot Explain Increase in Shares Trading JIANGSHAN INVESTMENT: Prepares to Declare Creditors Dividend T H A I L A N D EASTERN WIRE: Pays for THB84.7 Mln 35% Enersol Stake THAI AIRWAYS: To Create Another Domestic Airline - - - - - - - - ================= A U S T R A L I A ================= A.C.N. 090 706 844: Liquidates Business --------------------------------------- The members of A.C.N. 090 706 844 Pty Limited convened on January 16, 2006, and concurred that the Company should wind up its operations voluntarily. In addition, the members appointed Anthony Robert, of Romanis Cant Chartered Accountants, as liquidator. AAT&T LIMITED: Court to Hear Wind-up Petition on Feb. 13 -------------------------------------------------------- On December 5, 2005, the Commissioner of Inland Revenue filed an application to wind up AA&T Limited. The High Court at Christchurch will hear the application on February 13, 2006, at 10:00 a.m. Any person, other than the defendant company, who wishes to appear on the hearing of the application, must file an appearance not later than February 11, 2006 to: Julia Dykema Solicitor for the Plaintiff Inland Revenue Department, Technical and Legal Support Group, South Island Service Centre, Ground Floor Reception, 518 Colombo Street (P.O. Box 1782), Christchurch New Zealand Telephone: (03) 363 1809 Facsimile: (03) 363 1889 ALAN SNOWDEN: Jack Currie Lodges Petition to Liquidate Firm ----------------------------------------------------------- On December 22, 2005, John Thomas Currie (trading as Jack Currie Electrical), filed an application with the High Court to put Alan Snowden Builders Limited into liquidation. The application is set for hearing before the High Court at Nelson today, February 9, 2006. AQUA GLASS: Receives Petition to Liquidate Business --------------------------------------------------- The Commissioner of Inland Revenue filed an application with the High Court on November 21, 2005, to liquidate Aqua Glass and Aluminum Limited. The application will be heard before the High Court at Palmerston North on February 13, 2006, at 10:30 a.m. Any person, other than the defendant company, who wishes to appear on the hearing of the application, must file an appearance not later than February 11, 2006 to: P. J. Smith Crown Solicitor Marsden Woods Inskip & Smith Solicitors 122 Bank Street (P.O. Box 146) Whangarei BRAYTECH PTY: Prepares to Pay Dividend -------------------------------------- Braytech Pty Limited will declare a dividend on February 15, 2006. Creditors who are not able to prove their claims to the liquidator -- Paul Burness, of Worrells Solvency & Forensic Accountants -- will be excluded from the benefit of any distribution. CALIFORNIAN CLEARANCE: Decides to Close Operations -------------------------------------------------- At Californian Clearance Company Pty Limited's general meeting on January 13, 2006, members resolved that it is in the Company's best interests to liquidate its operations. Adrian Lawrence Brown and George Georges, of Ferrier Hodgson, were appointed to oversee the wind-up. CBG PACKAGING: Enters Voluntary Liquidation ------------------------------------------- Members of CBG Packaging Pty Limited convened on January 16, 2006, to close the Company's business. In addition, P. Ngan and G. Parker were appointed as liquidators to supervise CBG Packaging's wind-up activities. The Company's creditors confirmed the liquidator's appointment at a creditors' meeting held that same day. CHOICE PROPERTY: Inability to Pay Debts Leads to Wind-up -------------------------------------------------------- Choice Property Corporation 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, Barry Keith Taylor, of B. K. Taylor & Co., was appointed to oversee the Company's liquidation activities. HOLLYWOOD HOLDINGS: To Declare Dividend on Feb. 15 -------------------------------------------------- Hollywood Holdings (Nom) Pty Limited will declare a first and final dividend to its creditors on February 15, 2006. Creditors who are not able to prove their claims will be excluded from the benefit of the dividend. HYMANS PROFESSIONAL: Creditors Agree to Shut Down Firm ------------------------------------------------------ On January 16, 2006, the creditors of Hymans Professional Services Pty Limited agreed that a voluntary wind-up of the Company is necessary and in its best interests. As a result, Stephen Neville Hall, of Forsyths Chartered Accountants, was appointed as official liquidator. JAMES HARDIE: To Conduct Briefing on Q3 Results ----------------------------------------------- James Hardie will conduct a management briefing on its third quarter results for Fiscal Year 2006 on February 27. A briefing for media will be held at the Museum of Sydney, Corner of Bridge and Phillip Street, in Sydney, commencing at 10:00 a.m. A teleconference and video Web cast will also be available on: Domestic: 03 8660 4945 International: +61 3 8660 4945 Web site: http://www.ir.jameshardie.com.au/ A further briefing for analysts and investors will be held on February 28, 2006, at 11:00 a.m., at The Westin Room IV, The Westin, 205 Collins Street, Melbourne. James Hardie Industries Limited -- http://www.jameshardie.com/ -- manufactures, markets and distributes fiber cement and gypsum products, fiberglass reinforced plastic and PVC products, sanitary ware and bathroom products, insulating materials and fillers, strippers and adhesives. JANS NOMINEES: To Hold Final Meeting on Feb. 10 ----------------------------------------------- The final meeting of the members of Jans Nominees Pty Limited is slated for February 10, 2006, at 10:00 a.m., to get an account of the manner of the Company's wind-up and property disposal from liquidator Stephen Neville Hall, Forsyths Chartered Accountants. KILBRIDE PASTORAL: Liquidator to Give Wind-Up Report ---------------------------------------------------- The members of Kilbride Pastoral Co. Pty Limited will convene on February 10, 2006, at 10:00 a.m., to receive the liquidator's account regarding the Company's completed wind-up and disposal of property. MACDONALD EARTHMOVING: Liquidator to Distribute Assets ------------------------------------------------------ After their meeting on January 13, 2006, the members of MacDonald Earthmoving Co. Pty Limited resolved to close the Company's business operations and distribute the proceeds of its assets. Subsequently, Barry J. Tognola was appointed as liquidator. MANIFEST CLOTHING: Enters Liquidation Proceedings ------------------------------------------------- On November 21, 2005, the Commissioner of Inland Revenue lodged an application with the High Court to have Manifest Clothing Company Limited liquidated. The High Court at Whangarei will hear the application on February 13, 2006, at 10:45 a.m. Any person, other than the defendant company, who wishes to appear on the hearing of the application, must file an appearance not later than February 11, 2006 to: P. J. Smith Crown Solicitor Marsden Woods Inskip & Smith Solicitors 122 Bank Street (P.O. Box 146) Whangarei MARTIN HONAN: Winds Up Business ------------------------------- The members of Martin Honan Holdings Pty Limited held a meeting on January 18, 2006, and agreed on the Company's need to liquidate. They named James Shaw, of Ferrier Hodgson Chartered Accountants, to manage the Company's wind-up activities. MYER LIMITED: Denies Move Against Supermarket Head -------------------------------------------------- As reported in the Troubled Company Reporter - Asia Pacific on February 7, 2006, analysts speculate that Coles Myer Ltd. will be forced to replace supermarket, liquor and petrol head Hani Zayadi, due to the division's continuous losses. However, Coles Myer denied any move against Mr. Zayadi, saying that he is "in the chair, on the job, busy doing what he is here to do." Mr. Zayadi has led the supermarkets business since December 2004. However, he is not employed on a fixed-term contract and can be sacked with 12 months' pay, which, according to The Australian, is currently set at AU$1.8 million a year, plus benefits. Analysts expect Coles Myer to report no more than 2.5% growth in supermarket and liquor sales in the second quarter, which is behind rival Woolworths' 4.2% increase in food and liquor sales, as reported last month. The paper relates that Coles Myer shares hit an eight-week low of AU$9.96. Coles stock has fallen more than 6% since the Company announced that it would delist from the New York Stock Exchange, where its American Depositary Receipts were quoted, from February 6. Coles Myer had said that the Australian Stock Exchange was accessible to international investors that maintaining an offshore listing is no longer necessary to attract investors. One investor, however, said that without a U.S. listing for at least one class of securities, none of Coles Myer's scrip, including the ordinary shares, would be eligible for investment by many large fund managers. Headquartered in Melbourne, Victoria, Coles Myer Ltd. -- http://www.colesmyer.com/-- operates around 2,500 stores in Australia and New Zealand and employs with over 165,000 staff. The Company is listed on the stock exchanges of Australia, London, and New Zealand. MYER LIMITED: Bidders Ready to Replace Managing Director -------------------------------------------------------- The Troubled Company Reporter - Asia Pacific earlier stated that serious bidders for Coles Myer Ltd.'s department store chain had been reduced to three: * Edgars Consolidated Stores Limited; * CVC Asia Pacific; and * Newbridge Capital Inc. The Advertiser relates that Edgars Consolidated and Newbridge Capital already have their respective prospects for the managing director position, to replace Coles Myer's Dawn Robertson should their bids win. An insider to the Myer sale negotiations told The Advertiser that the remaining bidders had reached agreements with Coles Myer's Board of Directors that the Company would pay Ms. Robertson's retrenchment costs. NEW ZEALAND THEME: CIR Files Liquidation Petition ------------------------------------------------- On December 15, 2005, the Commissioner of Inland Revenue filed an application with the High Court to put New Zealand Theme Bars Limited into liquidation. The application will be heard before the High Court at Palmerston North on February 13, 2006, at 10:00 a.m. Any person, other than the defendant company, who wishes to appear on the hearing of the application, must file an appearance not later than February 11, 2006 to: Ellen-Marie Carpenter Solicitor for the Plaintiff Technical and Legal Support Group Napier Service Centre Level Four, Library Building 22 Station Street (P.O. Box 1144), Napier Telephone: (06) 834 2315 Facsimile: (06) 834 2301 NT LAND RESOURCE: Placed Under Voluntary Liquidation ---------------------------------------------------- The members of NT Land Resource Management Pty Limited convened on January 13, 2006, and concurred that the Company should wind up its operations. In addition, the members appointed Austin Robert Meerten Taylor, of Meertens Chartered Accountants, as liquidator to oversee the disposition and distribution of assets. ONE.TEL LIMITED: PBL Counsel Denies One.Tel Rights Role ------------------------------------------------------- Publishing & Broadcasting Limited's chief counsel, Guy Jalland, denies any involvement in instructing Minter Ellison lawyers to investigate if PBL could get out of a AU$132 million rights issue to One.Tel Limited, The Australian reports. The Australian's Kevin Andrusiak relates that PBL and Consolidated Press Holdings had engaged Minter Ellison to help them share the legal workload over One.Tel right before its collapse. PBL and News Limited had agreed to underwrite the AU$132 million rights issue at a meeting of One.Tel's board of directors on May 17, 2005. Mr. Andrusiak says that it was not until the final One.Tel board meeting on May 29 that the rights issue was dropped. The paper says that Mr. Jelland received e-mail messages indicating that Minter Ellison had begun work on rescission and termination options for the rights issue a day before the final meeting of One.Tel's board of directors. The paper cites Mr. Jalland as stating that he had no idea who instructed Minter Ellison to begin the work on rescission and termination of the rights issue a day before the final meeting, just so PBL could bail out of the deal. The New South Wales Supreme Court was told that Mr. Jalland had received e-mail messages containing the details of what went on within 24 hours before the final One.Tel board meeting. The Australian Securities and Investments Commission has initiated actions against One.Tel's executive officers -- Jodee Rich and Mark Silbermann -- for allowing the Company to trade while it is insolvent. PHILLIPS & HOUSE: Creditors' Claims Due on Feb. 25 -------------------------------------------------- Creditors of Phillips & House (Properties) Pty Limited are required to submit their proofs of claim by February 25, 2006, to liquidator Julie Deryl House. Failure to comply with this requirement will exclude creditors from the benefit of the Company's dividend distribution. RANDOS ROOFING: Appoints Official Liquidators --------------------------------------------- At an extraordinary general meeting of the members of Randos Roofing Pty Limited on January 12, 2006, it was agreed that a voluntary wind-up of the Company is appropriate and necessary. Moreover, Victor Raymond Dye and Nicholas Giasoumi, of Dye & Rennie Chartered Accountants, were appointed as liquidators. SANDERSONS INVESTMENTS: Unable to Pay its Debts ----------------------------------------------- Sandersons Investments 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, Anthony Maher was appointed to oversee the Company's liquidation activities. STOCKMANS STATION: Members Decide to Wind Up Firm ------------------------------------------------- Members of The Stockmans Station Pty Limited held a general meeting on January 13, 2006, and agreed to voluntarily wind up the Company's business operations. SUPERIOR RUBBER: Creditors Wind Up Operations --------------------------------------------- On January 16, 2006, the creditors of Superior Rubber & Plastics Pty Limited agreed to liquidate the Company's operations voluntarily. David Patrick Watson was appointed as liquidator. SYDNEY CITY: To Distribute Final Dividend ----------------------------------------- Sydney City Plumbing Maintenance Services Pty Limited will declare its first and final dividend on February 14, 2006. Creditors whose debts or claims have not already been admitted are required to formally prove their claims before that date, to liquidators Brian H. Allen and Peter G. Burton, of Burton Glenn Allen Chartered Accountants. Any failure to submit a proof of their claims will disqualify them from any distribution. TIPDELL PTY: Roderick Sutherland Named Liquidator ------------------------------------------------- At a meeting of the creditors of Tipdell Pty Limited on Jan. 17, 2006, it was agreed that the Company commence liquidation. Roderick Mackay Sutherland, of Jirsch Sutherland Chartered Accountants, was appointed as liquidator to supervise the Company's wind-up activities. TRIMEX HOLDINGS: Schedules Final Meeting for Feb. 10 ---------------------------------------------------- A final meeting of the members of Trimex Holdings Pty Limited will be held on February 10, 2006, at 10:00 a.m. At the meeting, liquidator David Clement Pratt, of PricewaterhouseCoopers, will report the activities that took place during the wind-up period as well as the manner by which the Company's property was disposed of. WANGANUI SKINS: Court Fixes Liquidation Hearing Feb. 13 ------------------------------------------------------- On December 15, 2005, the Commissioner of Inland Revenue filed an application with the High Court to liquidate Wanganui Skins & Hides 2003 Limited. The application will be heard before the High Court at Palmerston North on February 13, 2006, at 10:00 a.m. Any person, other than the defendant company, who wishes to appear on the hearing of the application, must file an appearance not later than February 11, 2006 to: Ellen-Marie Carpenter Solicitor for the Plaintiff Technical and Legal Support Group Napier Service Centre Level Four, Library Building 22 Station Street (P.O. Box 1144), Napier Telephone: (06) 834 2315 Facsimile: (06) 834 2301 WESTPOINT GROUP: Mezzanine Wind Up Unveils AU$54 Mln Lost Funds --------------------------------------------------------------- Westpoint Corporation went into voluntary administration on January 25, 2006. That same day, Kordamentha was appointed as its receiver. As previously reported in the Troubled Company Reporter - Asia Pacific, PricewaterhouseCoopers was appointed administrator to seven mezzanine finance companies associated with Westpoint after a legal action by the Australian Securities and Exchange Commission last year. As two of the mezzanine firms were wound up, it was found that an additional AU$54 million worth of investors' funds had been lost. According to PwC, 789 creditors of Market Street Mezzanine Ltd and 67 creditors of Market Street Mezzanine No. 2 Pty Ltd, who funded a project at 60 Market Street, Melbourne, were owed AU$43.2 million and AU$9.76 million, respectively. The project had encountered significant delays and cost overruns and there were not enough pre-sales to return their investment. The two companies were the fifth and sixth of Westpoint's mezzanine firms to be wound up as a result of the Perth developer's collapse, which is expected to bring about AU$1 billion in losses. Westpoint estimates its liabilities to more than 400 employees around Australia, as well as to the Australian Taxation Office, to be over AU$21 million. In addition, Westpoint's administrators, Taylor Woodings, says that the Company's greatest single liability was its guarantees to holders of promissory notes issued by its mezzanine finance companies to fund development projects -- which aggregate to AU$250 million. The ASIC's application with the Federal Court of Australia, seeking to wind up Westpoint, will be heard on Friday. WESTPOINT GROUP: ASIC Heads To Face Senate Over Group's Collapse ---------------------------------------------------------------- Top officers of the Australian Securities & Investments Commission will face the Federal Parliament next week in connection with their alleged delays in taking action to protect investors who are affected by Westpoint Group's AU$300 million- plus collapse, The West Australian reports. According to the paper, ASIC Chairman Jeff Lucy and his deputy Jeremy Cooper, as well as ASIC's investigations chief, Jan Redfern, will answer queries from the Senate Estimates Committee in Canberra. Opposition financial services and superannuation spokesman, Nick Sherry, will also question them with regard to ASIC's failure to act on the Westpoint matter sooner. Senator Sherry said that Westpoint's investment schemes had been distributed by ASIC-regulated financial advisers, who are believed to have behaved irresponsibly. The West Australian also relates Senator Sherry's plan to examine senior officials from the Australian Taxation Office in connection with allegations that a significant proportion of the money ploughed into Westpoint schemes was from small, self- managed superannuation funds, which are regulated by the tax office. WESTPOINT GROUP: Secured Creditors' Aide Needed to Recover Funds ---------------------------------------------------------------- The Troubled Company Reporter - Asia Pacific previously reported that a group of financial planners has set up a fund to help restore investor confidence in Westpoint Group. Ian Bristow, head of the Westpoint Recovery Fund, has called on Westpoint's secured creditors to help recover their investments in the Company before it gets too late, The Financial Standard relates. Mr. Bristow says that one way for the investors to get back their money would be to allow some of Westpoint's projects to be completed, rather than abort them immediately. Mr. Bristow cites as an example the Mount Street property in North Sydney, which he believes could double in value if development plans are finalized and needed funds are provided. The Standard cites Mr. Bristow as saying that "advisers and creditors should exert pressure on LM Investments and MFS in respect of Mount St and ING in respect of Emu Brewery to look for and work with creditors on alternative strategies to the universal approach of PwC and Ferriers to liquidate." Mr. Bristow maintains that the unsecured creditors, such as the financial planners and mums-and-dads, are not going to get the best deal out of Westpoint's liquidation process. * Fitch: Neg. Credit Outlook For Australian Utilities In 2006 ------------------------------------------------------------- Fitch Ratings said that the credit outlook for the Australian utility sector is negative for 2006. The negative outlook reflects a move towards more aggressive corporate and financial strategies. "The agency's view is premised on an increasing prevalence of highly-geared acquisitive strategies, shareholder-friendly distribution policies and high asset purchase prices," said Carolyn Martin, Regional Head of Fitch's Energy & Utilities team in a 2006 outlook report for the Australian utility sector published today. "These factors call for increased investor caution towards the Australian utility sector in 2006," warned Ms. Martin. Fitch suggests that M&A (mergers and acquisitions) event risk is likely to continue in 2006, driven by increased vertical integration and the emergence of infrastructure investment funds. Integrated utilities want to strengthen the quality of their internal hedges by combining generation and retail operations through further acquisitions. Moreover, the resulting combination of size, synergies and the increased degree of vertical integration is placing pressure on disaggregated entities such as state government-owned generators and retailers to consider structural and ownership changes to better manage industry risks. Meanwhile, infrastructure investment vehicles, such as the Diversified Utility and Energy Trusts, SP AusNet, Spark Infrastructure, Alinta Infrastructure Holdings along with the proposed AGL Infrastructure, have mandates to increase their assets under management, in part to fuel yield-hungry shareholders. Fitch states that offshore acquisitions and expansion in new areas such as water infrastructure will add diversification, but also new business risks. The agency also observes that regulated network utilities are witnessing unprecedented growth in peak energy demand and minimal public tolerance of electricity outages, particularly when blamed on ageing network assets. These dynamics are fuelling the demands for exceptionally high levels of capital expenditure. Fitch's estimates of cash flow from operations (less dividends) for 2006, indicates most Australian network utilities will need to draw upon additional debt to meet their high capex requirements. The report also discusses various challenges for the Australian generators, including operating in a low, but volatile, pool price environment. Upward pressure on operating and financial costs is also starting to emerge, as the next tranche of base- load generation will clearly need to absorb more stringent environmental regulations. On the regulatory side, the report notes that the newly- established Australian Energy Regulator ("AER") will assume its regulatory functions in phases over the 24 months to end-2007. While there will be changes to the regulatory process in Australia as the AER finalizes national policies for regulation, Fitch does not expect these to be material to the creditworthiness of the Australian utilities. Fitch will be hosting a teleconference on Tuesday, February 14, 2006, at 9:00 a.m. (Australian EDST) to discuss the agency's 2006 outlook for Australian and New Zealand utilities. Details of the teleconference and a copy of the report "Australian Utilities: What's the Mix for 2006?" can be found on the agency's Web sites at http://www.fitchratings.com.auand the subscription-based http://www.fitchresearch.com Fitch's rating definitions and the terms of use of such ratings are available on the agency's public site at http://www.fitchratings.com ============================== C H I N A & H O N G K O N G ============================== BANK OF CHINA: Targets Hong Kong IPO in May ------------------------------------------- The Bank of China plans to launch a US$8 billion initial public offering in Hong Kong by May 2006, as well as to list in China, Economy News relates. The Chinese lender has already submitted an application for the approval of an initial public offering to the State Council and the China Securities Regulatory Commission. Headquartered in Beijing, China, the Bank of China -- http://www.bank-of-china.com/-- provides corporate banking, retail banking and investment banking. Other activities include provision of corporate deposits, corporate loans, foreign exchange business, savings deposits, consumer credit and bankcards. It has 12,967 domestic branches and 559 overseas branches. CANARE ELECTRIC: Named Lai Kar Yan to Oversee Wind-up ----------------------------------------------------- At a meeting on January 20, 2006, the members of Canare Electric Company (Hong Kong) Limited decided to shut down the Company's operations. They named Lai Kar Yan (Derek) and Darach E. Haughey to act as liquidator for that purpose. CHINA SOUTHERN: Appoints Tan Wan Geng as Vice President ------------------------------------------------------- China Southern Airlines Co. has appointed Tan Wan Geng as vice president, effective as of February 5, 2006, Infocast News says. Mr. Tan also serves as secretary of the Company's Chinese Communist Party Committee. As previously reported in the Troubled Company Reporter - Asia Pacific, the Chinese carrier incurred a net loss of CNY843 million in the first half of 2005, versus a net profit of CNY103 million in the same period a year earlier. DICKSON CONSTRUCTION: Commences Winding Up Process -------------------------------------------------- On January 27, 2006, Kenworth Engineering Limited filed a petition to wind-up Dickson Construction Company Limited. In its petition, Kenworth claims a HK$420,000 debt owed by Dickson on account of construction works completed in January 2006. The Company also owes Atal Engineering Limited HK$2.5 million for electrical installation projects finished in 2005. Dickson disputes the amount and intends to contest the proceedings. EAST CREATION: Names Official Liquidator ---------------------------------------- At a meeting of East Creation Limited on January 18, 2006, members agree on the Company's need to undergo voluntary liquidation. Sze Sau Wan was appointed as liquidator to supervise the Company's wind-up activities. GEORGIA TRADING: C. Hall Ceases to Act as Liquidator ---------------------------------------------------- Christopher Harvey Hall, of 99 Queen's Road in Central, Hong Kong, had ceased to act as liquidator of Georgia Trading Limited on January 26, 2006. JAPAN ASIA: Members Meeting Slated for Feb. 28 ---------------------------------------------- A final meeting of the members of Japan Asia Re Limited will be held for the parties to receive the liquidator's final account showing how the Company was wound up and how its property was disposed of. The meeting will be held on February 28, 2006, at 2:30 p.m. Lau Siu Hung serves as the Company's liquidator. JDC CORPORATION: To Pay Dividend to Creditors --------------------------------------------- JDC Corporation (General Contractor) Limited will declare a first ordinary dividend on February 16, 2006. Creditors who are not able to prove their claims will be excluded from the benefit of the dividend. KING TAT: Members Approve Unaudited Results ------------------------------------------- At a meeting on January 20, 2006, members of King Tat Lee (Group) Limited have approved the unaudited final accounts produced by the Company's liquidators. OMEGA TRADEMARK: Shuts Down Business ------------------------------------ At a meeting of East Creation Limited on January 18, 2006, members resolved that the Company undergo voluntary liquidation. Sze Sau Wan was appointed as liquidator to facilitate the Company's wind-up process. SHARELAND LIMITED: To Hold Final Meeting on March 1 --------------------------------------------------- A meeting of Shareland Limited's creditors will be held on March 1, 2006, at 11:00 a.m., at: Room 703, Wah Ying Cheong Central Building 158-164 Queen's Road Central Hong Kong Forms of proxies for the meeting must be lodged not later than February 28, 2006, at the meeting location. STATE INTERNATIONAL: Liquidator to Present Company Report --------------------------------------------------------- A final meeting of the members of State International Limited will be held for them to receive the liquidator's final account showing how the Company was wound up and how its property was disposed of. The meeting will be held on February 27, 2006, at 3:00 p.m. Lam Ying Sui serves as the Company's liquidator. SURELIGHT HOLDINGS: Members & Creditors to Meet on Feb. 22 ---------------------------------------------------------- The members and creditors of Surelight Holdings will meet on February 22, 2006, at 10:15 a.m. and 10:45 a.m., respectively. Both meetings will be held at the 27th Floor, Alexandra House, 18 Chater Road, in Central, Hong Kong. The members and creditors of the Company will consider the liquidator's final account on wind-up. V&T INVESTMENTS: Names Official Liquidators ------------------------------------------- Lo Siu Ki and Kong Chi How, Johnson, were appointed as liquidators to manage V&T Investments Limited's wind-up activities. The High Court of Hong Kong Special Administrative Region issued the appointment order on February 3, 2006. WORLDPEX INVESTMENT: Liquidator to Present Company Report --------------------------------------------------------- The meetings of the members and creditors of Worldpex Investment Limited will be held for the parties to receive the liquidator's final account showing how the Company was wound up. The meeting among members will be held on February 22, 2006, at 10:30 a.m. at the 27th Floor, Alexandra House, 18 Chater Road, in Central, Hong Kong. The creditors' meeting will take place at 4:00 p.m. ========= I N D I A ========= DUNDEE INVESTMENT: SEBI Cancels Certificate of Registration ----------------------------------------------------------- Dundee Mutual Fund surrendered its certificate of registration to the Securities and Exchange Board of India, who cancelled it on February 2, 2006. At Dundee Mutual Funds' request, SEBI also withdrew approval of Dundee Investment Management and Research Pvt Limited to act as its asset management company. Dundee Mutual Fund has wound up all its schemes in accordance with SEBI (Mutual Fund) Regulations, 1996, and has transferred its unclaimed funds to Escorts Mutual Fund. With immediate effect, the Dundee Mutual Fund, the Board of Trustees of Dundee Mutual Fund and Dundee Investment Management and Research can no longer carry out any activity as a mutual fund, as trustees, or as asset management company as the case may be, in accordance with the regulations. FILMCITY MEDIA: Appoints New Directors and Transfer Agent --------------------------------------------------------- On January 31, 2006, Filmcity Media Limited's Board of Directors considered and approved: -- the immediate appointment of Bhupendrabhai Amrutlal Shah and Maheshbhai Chhotalal Shah as additional directors of the Company; and -- the change of the Company's register and transfer agent from Intime Spectrum Registry Pvt Ltd to Adroit Corporate Services Pvt Ltd. Filmcity Media Limited is a multimedia company headquartered at Mumbai, in Maharashtra, India. Rising expenses and falling operating profits have contributed to the firm's losses over the past years. In the first quarter of the fiscal 2005-06, the Company suffered a net loss of INR0.7 million as against a net loss of INR0.26 million in the same period last year. ISIBARS LIMITED: Cuts Paid Equity Share Capital ----------------------------------------------- At Isibars Limited's 18th Annual General Meeting on December 27, 2005, members approved: -- the adoption of the audited Profit and Loss Account for the year ended March 31, 2005, and the balance sheet as at March 31, 2005, together with the schedules and notes on accounts, as well as the Auditors Report and Directors Report; -- the re-appointment of S P Khosla as Director of the Company; -- the re-appointment of Messrs Thanawala & Company as Auditors of the Company to hold office from the conclusion of this meeting until the conclusion of the Company's next Annual General Meeting and to examine and the audit the accounts of the Company for the accounting year April 1, 2005, to March 31, 2006; and -- the reduction of the Company's paid equity share capital INR24,27,00,000, consisting of 2,42,70,000 equity shares of INR10/- each fully paid up to INR12,13,50,000 consisting of 2,42,70,000 equity shares of INR5 each fully paid-up by writing off INR5 per share. The Company has incurred a net loss of INR23.27 million in the April 1, 2005, to June 30, 2005 quarter, as against a net loss of INR34.3 million in the same period the previous fiscal year. Headquartered in Mumbai, India, Isibars Limited -- http://www.isibar.com/-- is engaged in the manufacture and export of stainless steel long products. * Ministries Fight Over Oil Firms' Bailout ------------------------------------------ The finance and petroleum ministries are locked in a dispute over a demand to bail out the country's loss-making oil marketing firms, The Telegraph reports. The finance ministry revealed that it has received a letter from the petroleum ministry requesting the Government to either issue a INR19,000-crore three-year zero interest bonds or issue 7% bonds of INR15,500 crore with high interest rates. The Telegraph says the finance department is not amenable to the petroleum ministry's request since the huge figures would translate to losses in the country's budget sheets and that the high interest bonds would create its own set of problems. In September 2005, the Union cabinet has approved the issuance of a three-year, zero-interest oil bonds worth INR11,500. To date, the finance ministry has already floated bonds worth INR5,750 crore. The oil companies, however, feel the bonds issued by the finance ministry are not enough to offset the hefty losses they have incurred for subsidizing kerosene and cooking gas below market prices. Also, oil companies will not get the full amount as the bonds are taxable. Instead, they will receive only INR4,300 crore from these bonds. Oil companies Indian Oil, Bharat Petroleum, Hindustan Petroleum and IBP Company Limited suffered under-recoveries of INR12,000 crore from selling kerosene and cooking gas at below market price in the first half of the current fiscal year. The projected under-recovery or loss for the full year is estimated to be around INR26,000 crore. The four firms have notched up a combined loss of INR2,898 crore during April-December this year and these losses are mounting, The Telegraph adds. ================= I N D O N E S I A ================= PERUSAHAAN LISTRIK: Police to Investigate New Corruption Case ------------------------------------------------------------- Indonesian police are set to investigate a new corruption case on PT Perusahaan Listirk Negara regarding a power plant project in Cilacap, East Java, The Jakarta Post reports. At present however, police are focusing their efforts into the investigation of an alleged price mark-up of three generators, which the Company had purchased in 2004, according to National Police spokesman Brig. Gen. Anton Bachrul Alam. Once their probe into the generator mark-up case is concluded, police will look into the new corruption report against PLN, The Post says. No details were released on the corruption report. Headquartered in Jakarta, Indonesia, PT Perusahaan Listrik Negara -- http://www.pln.co.id/-- is Indonesia's state-owned utility company. The Company transmits and distributes electricity to approximately 30 million customers, or about 60% of Indonesia's population. The Indonesian government decided to end PLN's power supply monopoly to spark interest for independents to build more capacity for sale directly to consumers. The decision comes as many areas of the country are experiencing power shortages. ========= J A P A N ========= JAPAN AIRLINES: To Fly Under oneworld's Wings --------------------------------------------- Japan Airlines Corporation and oneworld have exchanged a memorandum of understanding, completing the Asian carrier's first step toward joining the world's leading quality global airline alliance. The agreement was signed just three months after JAL first indicated its intention to seek oneworld membership. The deal sets out a framework for the remaining steps to be taken before the alliance can formally invite the airline to join. The parties have committed to complete the process in the next few months -- and then to bring the new recruit on board oneworld on a fast track program. Assuming all remaining agreements can be reached, JAL should be flying as a full-fledged member of the alliance in about one year. American Airlines will be supporting JAL through these tasks as its prime oneworld sponsor, assisted by Cathay Pacific. oneworld brings together some of the best and biggest names in the airline business -- American Airlines, British Airways, Qantas, Iberia, Cathay Pacific, LAN, Finnair and Aer Lingus, plus their 12 affiliates. Member designates airlines' Royal Jordanian and Hungary's Malev will start offering the alliance's services and benefits in early 2007. The alliance enables its member airlines to offer their customers more services and benefits than any airline can provide on its own, including a broader route network, opportunities to earn and redeem frequent flyer miles and points across the whole alliance network, and access to more airport lounges. Headquartered in Tokyo, Japan, Japan Airlines Corporation (formerly Japan Airlines System Corporation) -- http://www.jal.com/en/-- was created as a result of the merger of Japan Airlines and Japan Air Systems to boost domestic coverage. Combined, the airlines serve more than 170 cities in some 30 countries and operate more than 270 mostly jet aircraft. Both carriers continue to operate separately as Japan Airlines International Co. Ltd. and Japan Airlines Domestic, though they are combined in a single brand as JAL/Japan Airlines. JAPAN AIRLINES: Shareholder Wants President to Step Down -------------------------------------------------------- Eitaro Itoyama has called on Japan Airlines Corporation President Toshiyuki Shinmachi to resign and answer for the Company's poor performance, Japan Today says. Mr. Itoyama, who has a 4.05% interest in JAL's, stressed that the ailing carrier's ongoing restructuring plan would fail under Mr. Shinmachi. JAL has suffered a series of safety lapses under Mr. Shinmachi's management. The airline also incurred a net loss of JPY23 billion in the April 2005 to December 2005 period. Headquartered in Tokyo, Japan, Japan Airlines Corporation (formerly Japan Airlines System Corporation) -- http://www.jal.com/en/-- was created as a result of the merger of Japan Airlines and Japan Air Systems to boost domestic coverage. Combined, the airlines serve more than 170 cities in some 30 countries and operate more than 270 mostly jet aircraft. Both carriers continue to operate separately as Japan Airlines International Co. Ltd. and Japan Airlines Domestic, though they are combined in a single brand as JAL/Japan Airlines. LIVEDOOR CO.: Admits Accounting Fraud ---------------------------------------- Livedoor Co. conceded to allegations that one of its subsidiaries has tampered its financial statement, Japan Economic Newswire reports. The Company acknowledged in a statement that Livedoor Marketing Co. falsely stated it had incurred pretax and net profits during the third quarter of fiscal 2004, when in fact it booked pretax and net losses. The Troubled Company Reporter - Asia Pacific reported last month that a Livedoor subsidiary has allegedly provided false information in the 2004 takeover of publisher Money Life and that Livedoor itself concealed a US$8.7 million loss for results ending September 2004. Livedoor Co. Chief Executive Officer Takafumi Horie and Chief Financial Officer Ryoji Miyauchi were allegedly involved in the fiasco. Headquartered in Tokyo, Japan, Livedoor Co. Ltd. -- http://corp.livedoor.com/en/-- is expanding into many sectors, including out portal site "livedoor", financial business, corporate web solution, data center and IP telephony business. Livedoor's line of business encompasses everything related to the Internet. LIVEDOOR CO.: Likely to Dissolve Partnership With Dynacity ---------------------------------------------------------- Livedoor Co. will review its business alliance with condo developer Dynacity Corporation, as it evaluates non-core investments, relates Japan Economic Newswire. The Company is expected to announce a business reconstruction plan on February 24, 2006, the report says. Dynacity is in talks with Livedoor on the premise that it will dissolve its ties with the embattled Net firm. Sources said that the two companies have agreed that Livedoor will consider selling its Dynacity shareholdings to third parties. The Livedoor group acquired a 21.5% stake in Dynacity after the two firms agreed on capital and business alliances in December 2005. Headquartered in Tokyo, Japan, Livedoor Co. Ltd. -- http://corp.livedoor.com/en/-- is expanding into many sectors, including out portal site "livedoor", financial business, corporate web solution, data center and IP telephony business. Livedoor's line of business encompasses everything related to the Internet. MITSUBISHI MOTORS: Orders for 'i' Minicar Hit 10,000 ---------------------------------------------------- Mitsubishi Motors Corporation received 10,000 orders for its new minicar "i" model in two weeks since its launch in January, reaching twice its monthly sales target, Japan Today says. The Company said that the new vehicle was favored by customers for its style. Female customers often perceive the model as cute, while male customers tend to look at it as futuristic. The rounded shape of the new sporty minicar was designed to project the protective image of a silkworm cocoon as well as the image of a nimble rabbit, the carmaker added. Headquartered in Tokyo, Japan, Mitsubishi Motors Corporation -- http://www.mitsubishi-motors.co.jp-- is one of the few automobile companies in the world that produces a full line of automotive products ranging from 660-cc mini cars and passenger cars to commercial vehicles and heavy-duty trucks and buses. The Company also operates consumer-financing services and provides this to its customer base. Mitsubishi's problems stem, in part, from the scandal surrounding years of systematically covering up defects and ill-advised auto lending policies in the United States. SANBISHI COMPANY: Zensho Supports Rehabilitation ------------------------------------------------ Soy Sauce maker Sanbishi Company will receive support for its management rehabilitation efforts from Zensho Company, the operator of the Sukiya chain of restaurants, according to Japan Today. The two companies agreed that a Zensho subsidiary would acquire the operations of Sanbishi and its two units, including all employees, effective April 1, 2006. No further details were disclosed. TAIHEIYO CEMENT: Standard & Poor's Assigns 'BB' Rating ------------------------------------------------------ Standard & Poor's Rating Services assigned its 'BB' long-term corporate credit and senior unsecured debt ratings to Taiheiyo Cement Corporation. The outlook on the long-term corporate credit rating on the Company is stable. The outlook on the long-term corporate credit rating is stable. With 40% market share, Taiheiyo Cement is Japan's leading cement manufacturer. Earnings throughout the Japanese cement industry will be under pressure over the medium-to-long term because of diminishing demand and high distribution costs. The industry also has had to cope with surging material prices. In spite of this, Taiheiyo Cement has improved its profitability through price hikes and costs reductions, including payroll cuts and consolidation of manufacturing facilities. As a result, the Company's operating margin increased to 5.5% as of March 2005 from 3.7% as of March 2002. Given the improvement in Taiheiyo Cement's earnings profile, any substantial deterioration of profitability is unlikely, even if domestic demand continues to decline over the next few years. Taiheiyo Cement's financial profile is still weak, as its debt- to-capital ratio remained high at 71.4% as of September 2005, despite large-scale debt reductions over the past few years. Funds from operations (FFO, before working capital adjustments) is expected to remain weak at about 11% as of March 2006, and the Company relies heavily on short-term debt. However, the outlook on the long-term corporate credit rating is stable as a substantial decline in cash flow is unlikely, given the increased stability of earnings. Still, Taiheiyo Cement's rating could be lowered if a loss associated with the investment in its South Korean equity-method subsidiary, Ssangyong Cement Industrial Co. Ltd. expands more than expected, or if Taiheiyo Cement tries to acquire the management rights of Ssangyong Cement, straining the Company's financials. Headquartered in Tokyo, Japan, Taiheiyo Cement Corporation -- http://www.taiheiyo-cement.co.jp/-- formed by the 1998 merger of Chichibu Onoda Cement and Nihon Cement, is Japan's leading cement manufacturer. Taiheiyo's other interests include minerals and aggregates, construction materials (ready-mix concrete and concrete products), and real estate. The Company also operates materials recycling businesses that include the conversion of sewage sludge from power plants. Taiheiyo provides real estate management services in the Tokyo area. TOYOBO CO.: Settles Suit with Police Injured by Xylon-Made Vest --------------------------------------------------------------- Toyobo Co. of Osaka Japan said it has settled a lawsuit filed in the United States by an American police officer, who claimed he suffered injuries because a bulletproof vest made with the firm's material failed to protect him, Kyodo News International reports. According to the report, the agreement was reached between the plaintiff and all defendants, including the vest maker Second Chance Armor Inc. Financial terms of the deal were not disclosed, but Toyobo said it will only have a modest effect on its earnings performance. Toyobo has outstanding lawsuits filed by the U.S. government and the Michigan-based vest producer in connection with Xylon fiber used to make the vests. In July, it settled a class action filed by a coalition of United States police unions. Toyobo used the synthetic fiber Xylon in about 2,900 bullet- resistant vests sold to the LAPD by Second Chance Body Armor Inc., which replaced the vests in fall 2003 with those made with Kevlar. Second Chance though related reported that tests were showing that the material was degrading from sweat and heat before reaching its supposed five-year life expectancy. Headquartered in Osaka, Japan, Toyobo Co. Limited -- http://www.toyobo.co.jp-- manufactures synthetic fibers, cottons, and wool. ========= K O R E A ========= LG CARD: Merrill Mulls Joint Bid with Shinhan --------------------------------------------- Merrill Lynch and Shinhan Financial Group are likely to lodge a joint bid for LG Card Co., Reuters relates. Shinhan hinted in December on its plan to team up with a strategic partner to help finance the possible deal. It wants to bid for LG Card to boost its credit card business and overtake rival Kookmin Bank in assets by 2008. However, Shinhan and Merrill have not discussed any concrete steps yet. Merrill Lynch is interested to bid for LG Card in order to tap into growing private consumption in Korea, an informed source told Reuters. JP Morgan the lead manager for the sale of LG Card has been conducting due diligence on LG Card since January, along with its legal and accounting advisers. Headquartered in Seoul, South Korea, LG Card Co. -- http://www.lgcard.com-- is a leading credit card player and unsecured consumer lender with over 11 million card members and an approximate 20% share of the Korean credit card market. Credit card penetration, transaction volumes and credit balances have grown dramatically in Korea since 1998 due to government policy encouraging the use of credit cards as a means of payment, deregulation of consumer lending and the introduction of unsecured consumer loan products more convenient than those provided by the banks. LG Card's principal products are credit card based which account for over 80% of total risk assets. =============== M A L A Y S I A =============== ACP INDUSTRIES: Thai Unit Inks Contract with National Housing ------------------------------------------------------------- On January 31, 2006, ACP Industries' Thai subsidiary ASCE Construction Limited and its Thailand consortium partner SKS Global Company Limited entered into a contract agreement with the National Housing Authority of Thailand. The total contract value is THB359,100,000 and will only last for 14 months. The collaboration between ACL and SKS will be named ACL-SKS Consortium. ACL will be responsible of undertaking and completing the building design, mechanical and electrical as well as civil and structural construction works of the contract while SKS will undertake and complete the development works which include the complete surrender of the identified land to the NHA and all other land related matters pertaining to and in connection with the contract. The contract agreement will not have material effect on the earnings of ACPI Group nor will it have material impact on the net tangible assets of ACPI Group for the financial year ending March 31, 2006. However, the deal is expected to contribute positively to the future earnings of ACPI Group. ACL will fund the contract through project advances, internally generated funds and bank borrowings. None of the directors or major shareholders of ACPI Group or persons connected to them has any direct or indirect interest in the contract agreement. The Company's directors believe that the terms of the contract are fair, reasonable and in the best interest of the Company. Headquartered in Petaling Jaya, Malaysia, ACP Industries Berhad's (ACPI) -- http://www.acpibhd.com-- principal activities are divided into three divisions namely: -- Infrastructure which includes specializing in the heavy engineering sector and dealing with traditional products. -- Buildings consist of fast track projects throughout Malaysia such as hospitals, matriculation centers and schools and supplies and installs architectural facades for the high profile Government office complex project. -- Services include water and wastewater engineering. The Company is also engaged in manufacturing and marketing of precast concrete, specialty, highway, safety, heavy element precast (for viaducts, elevated highways, LRT guideways and bridges), and metal based and timber (for building and construction) products; investment holding; provision of training and information technology services; steel fabrication; construction management and contracting in the fields of environmental systems and engineering; and property development. AFFIN HOLDINGS: Forms Joint Venture with National Mutual -------------------------------------------------------- Affin Holdings Berhad has entered into a conditional joint agreement in relation to its proposed joint venture with National Mutual International Pty. Limited, a wholly owned subsidiary of AXA Asia Pacific Holdings Limited. Under the proposal, a joint venture company would be incorporated where Affin and AXA shall be the two shareholders to undertake the life insurance business of Tahan Insurance Malaysia Berhad. The JV shall then assume the rights and obligations of Affin and AXA under the business transfer agreement for the proposed acquisition of the life insurance business of Tahan dated November 18, 2005 (BTA). The JV's authorized share capital will be MYR1,000,000,000 comprising 1,000,000,000 ordinary shares of MYR1.00 each. Under the salient terms of the joint venture agreement: * the JV will undertake the business of promoting, distributing and selling life insurance products in Malaysia under the name of AXA Affin Life; * the parties will increase the initial and paid-up share capital of JV to such an amount as is required for JV to meet its payment obligations under the BTA and to comply with the capital and minimum solvency and other requirements, and Affin and AXA shall subscribe for new shares in JV at par value so that, following such subscription and allotment of such shares, Affin will hold 51% and AXA 49% in the JV; and * the parties' obligations under the JVA are conditional on: -- the approval of Bank Negara Malaysia for the scheme of transfer of the assets and liabilities of Tahan to JV (Scheme of Transfer); -- the confirmation of the High Court of Malaya for the Scheme of Transfer; -- the approval of the Foreign Investment Committee; -- the approval of each of the Minister of Finance and BNM in respect of the bancassurance agreement to be entered into by Affin Bank Berhad and the relevant Affin Group entities with JV; and -- JV having been granted a license to carry on life insurance business as an insurance company under the Insurance Act 1996. Rationale for Proposed JV The Proposed JV will enable the Affin Group to tap into the AXA Group's vast experience in insurance business globally, in particular, the life insurance business. The Proposed JV will also enable JV to leverage on AXA's brand name, which is globally accepted. Additionally, the Proposed JV will strengthen and complement the existing relationship between Affin and AXA which had been fostered through AXA Affin Assurance Berhad, a 40% owned associate company of Affin involved in general insurance business. Approvals Required The Proposed JV is conditional upon approvals of: (i) FIC; (ii) BNM (if required); and (ii) any other authorities, if required. The Proposed JV is not subject to the approval of the shareholders of Affin. Effects On share capital and substantial shareholders' shareholdings The Proposed JV will not have any effect on the issued and paid up share capital and substantial shareholders' shareholdings of Affin. On earnings The Proposed JV is not expected to have a material effect on the earnings of the Affin Group for the financial year ending December 31, 2006. On net asset (NA) The Proposed JV does not have an immediate effect on the NA of AFFIN Group. Directors' Recommendation The Board of Directors of Affin is of the opinion that the terms of the Proposed JV are fair and reasonable and are in the best interest of the Affin Group. Expected Completion Date Barring unforeseen circumstances, the Proposed JV is expected to be completed by the second quarter of 2006. Departure from securities commission's guidelines To the best knowledge of the Board, the Proposed JV has not departed from the Securities Commission's Policies and Guidelines on Issue/ Offer of Securities. Document for Inspection The JVA dated February 7, 2006, will be made available at the Company's registered office at 1st Floor, Bangunan LTAT, Jalan Bukit Bintang, 55100 Kuala Lumpur from Mondays to Fridays (except public holidays) during business hours for a period of three months from the date of this announcement. Headquartered in Kuala Lumpur, Malaysia, Affin Holdings Berhad - - http://www.affin.com.my-- is an investment holding company with subsdiaries involved in commercial and merchant banking, property management, share nominee services, trustee management services, money-broking, stock-broking, asset management, unit trust management, insurance broking, leasing and hire purchase financing and factoring services, and general insurance. ANCOM BERHAD: Repurchases Ordinary Shares ----------------------------------------- On February 7, 2006, Ancom Berhad conducted a shares buy back and was able to repurchase 34,200 ordinary shares for MYR1.00 each. The minimum price paid for each share purchased was MYR0.695 while the maximum price paid for each share purchased MYR0.710. The number of shares purchased retained in treasury are 34,200 shares. The cumulative net outstanding treasury shares as at to-date are 9,432,603 shares. Headquartered in Petaling Jaya, Selangor Darul Ehsan, Malaysia, Ancom Berhad -- http://www.ancom.com.my-- is engaged in manufacturing and selling of agricultural products (timber preservatives) and chemical products (ethanol, sealants and adhesive). The Company is also involved in trading in petroleum- based products and industrial chemicals; building, operating and managing own chemical tank farm; supply of goods and services to oil and gas industry; ship-owning, ship operating and ship management; investment holding, property development and trading of computer hardware and software; and the rendering of IT related consulting service. ANTAH HOLDING: To Convene EGM Feb. 23 ------------------------------------- Antah Holding Berhad will hold its Extraordinary General Meeting on February 23, 2006, at 10:00 a.m., to consider and pass: * its proposed vesting arrangement; * the proposed subscription; and * the proposed Call Option. The EGM will be held at Balai Tunku Abdul Rahman, Royal Commonwealth Society, No. 4, Jalan Birah, Off Jalan Batai, Damansara Heights, 50490 Kuala Lumpur. A full copy of the EGM Notice is available for free at: http://bankrupt.com/misc/AntahHoldingNoticeEGM020806.doc Headquartered in Selangor Darul Ehsan, Malaysia, Antah Holding Berhad -- http://www.antah.com.my/-- is engaged in manufacturing and trading of pharmaceutical products and fluid engineering and manufacturing. The Company's other activities include retailing of housewares and kitchenware, property development, insurance broking, provision of management services and investment holding. It has already discontinued its beverage and security services operations. Antah Holding operates in Malaysia, Australia, United Kingdom and Singapore. DATUK KERAMAT: Faces Suspension Over Failure to Submit Report ------------------------------------------------------------- Bursa Malaysia Securities Berhad will possibly suspend or delist Datuk Keramat Holdings Berhad if it fails to submit its: -- Annual Audited Accounts for financial period ended December 31, 2004 by the due date of April 30, 2005; -- First Quarterly Report ended March 31, 2005 by the due date of May 31, 2005; -- Annual Report for financial period ended December 31, 2004 by the due date of June 30, 2005; -- Second Quarterly Report ended June 30, 2005 by the due date of August 31, 2005; and -- Third Quarterly Report ended September 30, 2005 by the due date of November 30, 2005. The Company explained the issuance of the Company's Financial Statements was delayed because the Company is still working on the proposed restructuring scheme as announced earlier to Bursa Malaysia Securities Berhad. The expected deadline for submission of the Financial Statements will depend on the outcome of the proposed restructuring scheme. Headquartered in Pulau Pinang, Malaysia, Datuk Keramat Holdings Berhad is engaged in investment and property holding. The Company is also involved in management services; property investment services; project management services and development; credit and financing activities; distribution and publication of magazines; media design and advertising; management of supermarket and departmental store; trading and distribution of pharmaceutical, management of car park, garment manufacturing and financial services. GEORGE TOWN: Restructuring Scheme Delays Report Submission ---------------------------------------------------------- George Town Holdings Berhad may be suspended or delisted from Bursa Malaysia Securities Berhad for failure to submit its: * Annual Audited Accounts for financial period ended December 31, 2004, by the due date of April 30, 2005; * First Quarterly Report ended March 31, 2005, by the due date of May 31, 2005; * Annual Report for financial period ended December 31, 2004, by the due date of June 30, 2005; * Second Quarterly Report ended June 30, 2005, by the due date of August 31, 2005; and * Third Quarterly Report ended September 30, 2005, by the due date of November 30, 2005 pursuant to Paragraph 9.22 and 9.23 of the Bursa Securities LR. The Company explained the issuance of the Company's Financial Statements was delayed because the Company is still working on the proposed restructuring scheme as announced earlier to Bursa Malaysia Securities Berhad. The expected deadline for submission of the Financial Statements will depend on the outcome of the proposed restructuring scheme. Headquartered in Petaling Jaya, Selangor Darul Ehsan, Malaysia, George Town Holdings Berhad operates supermarkets, department stores and convenience stores. Its other activities include property development, trading in pharmaceutical products, media design and advertising, management services, goldsmith and jewelers, management of car parks, bakery, pastry and fast food centre, financial services, hotel management and investment holding. The Group operates in Malaysia, Continental Europe/Offshore Islands and other countries. MAGNUM CORPORATION: Holds Shares Buy Back ----------------------------------------- Magnum Corporation Berhad purchased 500,000 ordinary shares at MYR0.50 each during its shares buy back on February 7, 2006. The minimum price paid for each share purchased is MYR1.950 and the maximum price is MYR1.960. The cumulative net outstanding treasury shares as at to-date is 100,044,400 units. Headquartered in Kuala Lumpur, Malaysia, Magnum Corporation Berhad -- http://www.magnum.com.my-- operates a four-digit number forecast betting game. It is also engaged in property holding and development and letting of properties, operation of hotel, general investment holding and trading, printing activities, credit services, securities dealing and brokerage, and provision of computer software and other related services. The group sponsors Alex Yoong, the first Malaysian Formula One driver, and KL Minardi Formula One Team. Operations of the group are carried out in Malaysia, Hong Kong, The People's Republic of China, Philippines and other countries. NHF MOULD: Ceases Business Operations ------------------------------------- NHF Mould Manufacturing Sdn Bhd has been struck off from the Register maintained by the Companies Commission of Malaysia, pursuant to the powers conferred by subsection 308(4) of the Companies Act, 1965 and the subsidiary has accordingly been dissolved. PACIFIC & ORIENT: Repurchases 3,500 Ordinary Shares --------------------------------------------------- On February 2, 2006, Pacific & Orient Berhad repurchased 3,500 ordinary shares of MYR1.00 each for a total consideration of MYR6,251.87. The minimum price paid for each share purchased was MYR1.770 while the maximum price was MYR 1.780. The number of shares purchased retained in treasury is 3,500. And cumulative net outstanding treasury shares as at to-date stands at 5,591,256. Headquartered in Kuala Lumpur, Malaysia, Pacific & Orient Berhad -- http://www.pacific-orient.com-- is engaged in the provision of general insurance and management services. The firm's other activities include provision of information technology services, sale of information technology equipment, distribution of consumer products, provision of sales and administrative services, provision of management and privilege card programmed services, research and development and trading activities and money lending and investment holding. PILECON ENGINEERING: Unit's Default Status Remains Unchanged ------------------------------------------------------------ There have been no changes to the status of default of Transbay Ventures Sdn Bhd, a subsidiary of Pilecon Engineering Berhad since Jan. 4, 2006. Transbay was presented with a winding up order on Jan. 27, 2006, by the Kuala Lumpur High Court. Headquartered in Selangor Darul Ehsan, Pilecon Engineering Berhad is involved in foundation engineering, civil engineering, building contracting works, property development and ancillary functions. Its other activities include housing development; investment holding; trading in tensar; rental of machinery and industrial products; research and development; casting of piles; concrete repair and corrosion protection; marine engineering; wholesale nursery and plant production; design, manufacture, assembly and maintenance of custom built production machine jigs and fixtures; water treatment and supply; hi-tech electronics and communication; welding equipment; manufacture and installation of pre-cast concrete piles; and operation and management of Malaysian supermarket business; related business; manufacture and supply of high performance paints and coating, club house and resort operations; and patent holding SUREMAX GROUP: Books MYR834,000 Net Loss in 1Q/FY05 --------------------------------------------------- Suremax Group Berhad has released its unaudited first quarter report for the financial period ended Nov. 30, 2005. Summary of Key Financial Information November 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 0 4,122 0 4,122 (2) Profit/(loss) before tax -834 -1,072 -834 -1,072 (3) Profit/(loss) after tax and minority interest -834 -1,075 -834 -1,075 (4) Net profit/(loss) for the period -834 -1,075 -834 -1,075 (5) Basic earnings/(loss) per shares (sen) -1.26 -1.63 -1.26 -1.63 (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 (RM) 0.4200 0.4300 Full-text copies of the financial statement is available for free at: http://bankrupt.com/misc/SuremaxGroupQuarterlyResult.xls http://bankrupt.com/misc/SuremaxGroupQuarterlyResults.doc SYARIKAT KAYU: Net Loss Hits MYR19,150,000 in 4Q/FY05 ----------------------------------------------------- Syarikat Kayu Wangi Berhad has released its unaudited fourth quarter report for the financial period ended Nov. 30, 2005. - The net loss for the year was amended from MYR1,733,000 and MYR5,384,000 to MYR19,150,000 and MYR23,200,000 for the current quarter ended Nov. 30, 2005, and 12 months cumulative to Nov. 30, 2005, respectively. - The weighted average number of ordinary shares in issue for 12 months cumulative to Nov. 30, 2005 was amended from MYR24,670,000 to MYR24,699,000. Summary of Key Financial Information November 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 4,422 7,455 21,456 27,633 (2) Profit/(loss) before tax -19,549 -1,611 -24,017 -3,216 (3) Profit/(loss) after tax and minority interest -19,150 -1,510 -23,200 -3,044 (4) Net profit/(loss) for the period -19,150 -1,510 -23,200 -3,044 (5) Basic earnings/(loss) per shares (sen) -45.00 -9.28 -93.93 -18.70 (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) 0.1400 0.4700 Full-text copies of the financial report is available for at: http://bankrupt.com/misc/SyarikatWayuNotesInterim30Nov2005.doc http://bankrupt.com/misc/SyarikatWayuNotesInterimReport30Nov2005.doc TEXCHEM RESOURCES: Unit Begins Wind Up Process ---------------------------------------------- The Board of Directors of Texchem Resources Bhd reported that Texchem Consumers (East Malaysia) Sdn Bhd, a wholly owned subsidiary of Texchem Consumers Sdn Bhd which in turn is a wholly owned subsidiary of TRB, has commenced voluntary winding- up proceedings in accordance with Section 254 of the Companies Act, 1965. Jony Raw of 41 Jalan Loh Poh Heng, Hillside, Tanjung Bungah, 11200 Penang has been appointed as liquidator of Texchem at the Company's Extraordinary General Meeting deemed held on February 7, 2006. Texchem was incorporated in Malaysia on May 14, 2001. It was principally engaged as an agent to distribute and market a wide range of consumer products. Texchem had ceased operations on January 1, 2005 and became dormant since then. The Company has an authorized share capital of MYR500,000 comprising 500,000 ordinary shares of MYR1 each and an issued and paid-up share capital of MYR500,000 comprising 500,000 ordinary shares of MYR1. The Company's net book value of its remaining assets as to date is MYR500,169.09. Other than the winding-up expenses, there are no losses expected to arise from the Proposed Winding-Up. As Texchem does not have any future plans to reactivate its operations, the Proposed Winding-Up will enable TRB and TCSB to: -- wind up Texchem which is currently a dormant company; and -- reduce TRB's and TCSB's financial exposure to further expected expenses. Effects of the proposed winding-up -- Net Assets (NA) Based on the Audited Financial Statements of the TRB Group as at December 31, 2004 and on the assumption that the Proposed Winding-Up of Texchem has been effected on that date, the Proposed Winding-Up of Texchem is not expected to have any material effect on the NA of the TRB Group for the financial year ended December 31, 2004. -- Earnings Per Share (EPS) The Proposed Winding-Up is not expected to have any material effect on the EPS of the TRB Group for the financial year ending December 31, 2006. The Directors of Texchem are of the opinion that it is solvent and will be able to pay its debts in full within a period of 12 months after the commencement of the winding-up. Headquartered in Penang Malaysia, Texchem Consumers -- http://www.texchemgroup.com/-- is proud to manage in its stable of products, successful global brandnames and domestic brand leaders where we represent both global MNCs and local manufacturers. The Company's main product categories include insecticide, oral care, toiletries, household detergents, beverages, confectionery and toys. ===================== P H I L I P P I N E S ===================== ABS-CBN BROADCASTING: May Lose License to Operate ------------------------------------------------- The National Telecommunications Commission is set to review the government fact-finding committee's report on Saturday's deadly stampede involving ABS-CBN Broadcasting Corporation's noontime show, "Wowowee," The Philippine Daily Inquirer reports. The state agency, which oversees radio and television networks, said it would possibly revoke ABS-CBN's license to operate if the network is found guilty of neglecting its responsibilities as the show's organizer. The fact-finding team headed by the Undersecretary of the Department of Interior and Local Government, Marius Corpus, said it found that ABS-CBN failed to prepare adequate security for the event and can be held liable for criminal negligence. According to The Inquirer, the NTC would hold hearings to determine if administrative sanctions are warranted. NTC said that their rules required organizers of special television events to make sure that they put in place sufficient security measures and safeguards to protect the public. The Inquirer explains that the NTC issues all types of authorizations for the television and radio networks to operate and these permits carry certain responsibilities and duties, as well as rules and regulations they should comply. Meanwhile, survivors and families of victims have asked the Volunteers Against Crime and Corruption to help them in filing a class action suit against the network. The VACC's lawyers called on those injured in the stampede, especially relatives of those who perished, to file formal complaints. ABS-CBN Broadcasting or Alto Broadcasting System-Chronicle Broadcasting Network -- http://www.abscbn-ir.com-- is a leading radio and television broadcasting network and multimedia company in the Philippines. It was founded in 1953, and was the first television station in the Philippines. The network's main broadcast facilities are located at the ABS-CBN Broadcast Center in Mother Ignacia St., Diliman, Quezon City, Philippines. ABS-CBN BROADCASTING: Top Exec Cries Foul Over Report ----------------------------------------------------- The stampede fact-finding team's statement that Wowowee organizers "treated the crowd like animals" angered ABS-CBN Broadcasting Corporation's chairman, Eugenio Lopez III, The Philippine Daily Inquirer reveals. Mr. Lopez said that ABS-CBN has successfully covered events over the last 30 years, some of them with well over a hundred thousand people. He acknowledged that the network may have had some shortcomings, but "a callous and malicious disregard for the people is not one of them." Nevertheless, Mr. Lopez vowed that the network will continue to coordinate with government agencies in the investigation following the release of the fact-finding panel's report on the tragedy, the Inquirer says. The inter-agency committee investigating the incident, led by Department of Interior and Local Government Undersecretary Marius Corpus, earlier said that a mad rush for limited raffle tickets caused the stampede during the first anniversary celebration of ABS-CBN noontime show Wowowee last Saturday. Mr. Corpus, however, declined to name the persons or entities responsible for the tragedy pending the Department of Justice's evaluation of the report. Mr. Corpus also pointed out that ABS-CBN management apparently failed to learn from similar incidents of a stampede in past events. The committee included representatives of the DILG, National Bureau of Investigation, Bureau of Fire Protection, the National Disaster Coordinating Council Office of Civil Defense, Department of Health and the local police. ABS-CBN Broadcasting or Alto Broadcasting System-Chronicle Broadcasting Network -- http://www.abscbn-ir.com-- is a leading radio and television broadcasting network and multimedia company in the Philippines. It was founded in 1953, and was the first television station in the Philippines. The network's main broadcast facilities are located at the ABS-CBN Broadcast Center in Mother Ignacia St., Diliman, Quezon City, Philippines. ABS-CBN BROADCASTING: Says Stampede Won't Hurt Ad Revenues ---------------------------------------------------------- ABS-CBN Broadcasting Corporation disclosed that the weekend stampede at the Philsports arena will not have a negative impact on the network's advertising revenues, BusinessWorld relates. According to the report, ABS-CBN may have been earning Php3.6 million to Php5.4 million per day from advertisers for a noontime show like "Wowowee." So far, no advertiser has pulled out since Alay Kapamilya took over the slot of the Wowowee program on Monday. The substitute show is geared at raising funds for the victims of the stampede, which killed 74 people and injured 627. Advertisers interviewed by BusinessWorld would not confirm or deny pulling out advertising contracts, but one marketing executive from a multinational beverage firm ruled out plans of pulling out an advertisement. ABS-CBN has already incurred millions in medical and funeral expenses, but the network's management declines to provide figures on how much it had spent for the tragedy. BusinessWorld research showed that ABS-CBN will have to shell out Php5.5 million in funeral expenses for the Php75,000 cheapest package of Arlington Funeral Homes, where the victims were brought. The estimate does not include hospital expenses for the injured victims, who were brought to different hospitals in Metro Manila. As earlier reported by Troubled Company Reporter - Asia Pacific, the tragedy occurred when a crowd of over 25,000 surged towards a gate at the Philsports Arena to get into the first anniversary celebration of ABS-CBN's popular television game show, "Wowowee." ABS-CBN Broadcasting or Alto Broadcasting System-Chronicle Broadcasting Network -- http://www.abscbn-ir.com-- is a leading radio and television broadcasting network and multimedia company in the Philippines. It was founded in 1953, and was the first television station in the Philippines. The network's main broadcast facilities are located at the ABS-CBN Broadcast Center in Mother Ignacia St., Diliman, Quezon City, Philippines. ABS-CBN BROADCASTING: Potential Suits Weigh Down Shares ------------------------------------------------------- ABS-CBN Broadcasting Corporation's shares continue to dive with news that the network's executives could be held criminally liable after a deadly stampede involving its noontime game show, "Wowowee," The Philippine Daily Inquirer says. The shares decline was also a result of a report that the network's license to operate may be suspended or revoked by the National Telecommunications Commission, the paper relates. On Wednesday, ABS-CBN was down Php0.75 of 6.52% at 10.75, on volume 54,200 shares. The firm's Philippine Deposit Receipts, available to foreign investors, dipped 6.52% to Php0.75 at 10.75, on 175,200 shares. ABS-CBN Broadcasting or Alto Broadcasting System-Chronicle Broadcasting Network -- http://www.abscbn-ir.com-- is a leading radio and television broadcasting network and multimedia company in the Philippines. It was founded in 1953, and was the first television station in the Philippines. The network's main broadcast facilities are located at the ABS-CBN Broadcast Center in Mother Ignacia St., Diliman, Quezon City, Philippines. APEX MINING: Masara Project Gets New Lease on Life -------------------------------------------------- Norwegian-owned Crew Mining Philippines, which bought majority stocks of the Masara mines from Apex Mining Corporation, has started rehabilitation and development efforts of the gold mining sites, BusinessWorld reports. Crew Mining has earmarked around US$21 million to rehabilitate the project at Masara, in Maco, Compostela Valley. However, before Crew Mining could continue operations at the site, the Company will drill about 9,000 holes to reconfirm old mineral data from Apex Mining. It was earlier reported that the 1,476-hectare area contains gold ores. The Philippine Information Agency says that the old Masara mines was formerly a progressive mining community in the 1950s until its shutdown in 1989 due to high costs of mining in the area and threats from the active communist insurgency in the locality. In the last quarter of 2005, Crew Mining took over the estimated 3,000-hectare mineral area from Apex Mining. Apex Mining is majority owned by Norwegian firm Crew Gold Corporation, which is based in United Kingdom. It owns the Masara gold mine in Compostela Valley on the island of Mindanao. Apex Mining is a corporation that is principally engaged in the business of mining gold, silver, copper, lead and other precious metals. The company was initially involved in copper mining and shifted to gold mining in the late 70s when copper prices started to plummet. NATIONAL POWER: Coast Guard Demands Speedy Oil Spill Clean-up ------------------------------------------------------------- The Philippine Coast Guard has directed National Power Corporation to bring in more workers to expedite the clean-up of the oil spill at Semirara Island in Antique, The Philippine Daily Inquirer reports. The PCG suggested Napocor to hire 150 more workers to add to the initial 250 in order to speed up the removal of the bunker oil, which is quickly spreading out to the island's 236-hectare mangrove forest, the report says. Napocor explained that it would be difficult to hire more workers because it has problems collecting money from its insurance company. But the PCG, which is more concerned on the effect of the spill on the environment, continues to put pressure on the power firm. According to The Inquirer, less than 10% of the affected area has been cleaned up. The Troubled Company Reporter - Asia Pacific had reported that on December 18, a Napocor barge ran aground off Semirara, spilling between 200,000 and 350,000 liters of bunker fuel. Headquartered in Quezon City, Philippines, National Power Corporation -- http://www.napocor.gov.ph-- is a state-owned utility that builds and operates nuclear, hydroelectric, thermal, and alternative power-generating facilities. It works with independent producers under a build-operate-transfer program. Its transmission network has a line length of nearly 13,000 circuit miles. With a generating capacity of more than 11,500 MW, Napocor sells electricity to distributors and industrial companies. To comply with the privatization bill approved by the Philippine Congress, the Company has begun selling off its generation assets. It has also separated its transmission operations into a new subsidiary. VICTORIAS MILLING: Posts ASM and Organizational Meeting Results --------------------------------------------------------------- Victorias Milling Incorporated held its Annual Stockholders' Meeting on February 7, 2006. On the said meeting, the Company's stockholders appointed CL Manabat as the Company's External Auditor for Crop Year 2005-2006. New directors were also elected to the Company's Board. -- Representing the existing stockholders are: * Abelardo E. Bugay * Norberto B. Capay * Wilson T. Young -- Hubert d. Tubio represents the secured creditors. -- Representing the creditors with debt conversion (unsecured creditors) are: * Alexis R. Borlaza * Cecilia C. Borromeo * Jose M. Chan, Jr. * Jaime C. Laya * Omar Byron T. Mier * Armando O. Samia -- Mariano C. Tanenglian represents the Joint Venture Partner. On the same date, the Company's Board of Directors also held an organizational meeting and elected: -- Omar Byron T. Mier as chairman of the Board; -- Jose M. Chan, Jr., as vice-chairman of the Board; -- Abelardo E. Bugay as president; -- Cecilia C. Borromeo as treasurer; -- Nilo A. Florcruz as vice-president for manufacturing; -- Teresita V. Ilagan as controller; and -- Eva A. Vivencio-Rodriguez as assistant corporate secretary and compliance information officer. The Board also reconstituted the Board of Committees. Executive Committee: * Omar Byron T. Mier - Chairman * Alexis R. Borlaza - Member * Cecilia C. Borromeo - Member * Armando O. Samia - Member * Mariano C. Tanenglian - Member * Hubert D. Tubio - Member * Wilson T. Young - Alternative Voting Member Nominations and Remuneration Committee: * Jaime C. Laya - Chairman * Cecilia C. Borromeo - Member * Armando O. Samia - Member * Hubert D. Tubio - Member Audit Committee: * Alexis R. Borlaza - Chairman * Cecilia C. Borromeo - Member * Jose M. Chan, Jr. - Member * Omar Byron T. Mier - Member * Armado O. Samia - Member * Wilson T. Young - Member * Hubert D. Tubio - Member Planter Relations and Security Committee: * Norberto B. Capay - Chairman * Armando O. Samia - Member * Hubert D. Tubio - Member Legal, Budget and Finance Committee: * Wilson T. Young - Chairman * Cecilia C. Borromeo - Member * Alexis R. Borlaza - Member * Armando O. Samia - Member * Hubert D. Tubio - Member Victorias Milling Company Inc. -- http://www.victoriasmilling.com/-- was organized in 1919 and is engaged in the business of acquiring, constructing, maintaining and operating sugar mills, as well as other related business activities. Through the years, the company has expanded its operations to include a foundry, a machine shop, a fabrication shop, a food canning company, an organic fertilizer plant and a piggery. However, the company has incurred significant losses from operations, which adversely affected its financial condition and cash flow position. On July 4, 1997, the company filed an application with the Securities and Exchange Commission for suspension of payments to creditors. On July 8, 1997, the SEC issued a stay order restraining all creditors of the company or any of its subsidiaries from enforcing their claims to allow the company or any of its subsidiaries to continue to their normal business operations. The SEC also ordered the formation of a Management Committee to oversee the company's operations and rehabilitation. WELLEX INDUSTRIES: Asks Partner to Revive Dormant Operations ------------------------------------------------------------ Wellex Industries Incorporated is inviting investors to buy at least 30% of its subsidiaries, as it plans to resume operations of its dormant unit, Pacific Plastic Corporation, The Philippine Daily Inquirer relates. The Inquirer says that Wellex was in talks with a China-based plastic manufacturer and a local firm engaged in consumer products manufacturing. The firms are reportedly interested in acquiring 30% to 40% of Pacific Plastic. In a statement to the Philippine Stock Exchange, Wellex confirmed there are preliminary talks with prospective partners but said talks are not yet definite and final. Wellex Industries Incorporated was originally incorporated as Republic Resources and Development Corporation, whose primary purpose was to engage in the business of mining and oil exploration. But due to financial distress, the firm's business operations have been suspended. The Company's present activity is focused on reorganizing its operations in preparation for its new business. In 1996, WIN's new management has developed a business plan for the rehabilitation of the company, principally by changing its primary business from mining and oil exploration to real estate and energy development. In 1997, it subsequently transformed to a holding company for manufacturing concerns with the entry of the Wellex Group. In November 1999, WIN formalized the entry of Plastic City Industrial Corporation into the Group. * Pre-need Industry Wants More Leeway ------------------------------------- A group of pre-need providers is seeking the support of the Securities and Exchange Commission in order to prevent the early collapse of the country's ailing pre-need industry, The Philippine Star reports. The Federation of Philippine Pre-need Plan Companies Incorporated has urged the corporate regulator to ease some pre- need rules to allow its members to operate under a "more comfortable environment," The Star says. The FPPCI said it wants to adopt the actuarial reserve liability computation proposed by SEC Commissioner Jesus Martinez since the existing ARL formula has caused confusion among pre-need firms and damage to the industry. Mr. Martinez has proposed an ARL formula equivalent to 100% of the fully paid plans plus termination value for active accounts and an additional 10% buffer. The group believes this computation will yield more realistic figures. According to The Star, the group also asked the SEC to allow its members to deposit the shortfall in interest income if the firm fails to produce the required hurdle rate. By funding the shortfall, a pre-need firm will be allowed to use the hurdle rate in computing for its ARL. Aside from this, the FPPCI asked the SEC to give trustee banks more leeway in the investment of the trust fund, saying the current rules and regulations are too restrictive and limit the yields of the trust fund. As reported by the Troubled Company Reporter - Asia Pacific, the country's pre-need industry has been struggling to recover from dwindling sales and falling investor confidence after the demise of former major players College Assurance Plans Philippines Incorporated, Pacific Plans Incorporated and Platinum Plans Incorporated. The pre-need industry provides employment to over 250,000 sales associates and employees who rely on the industry for their livelihood. It helps the Government in the payment of taxes worth over Php1.5 billion annually. ================= S I N G A P O R E ================= ALIPH HOLDINGS: Creditors' Claims Due March 6 --------------------------------------------- Aliph Holdings (1990) Pte Limited is preparing to declare a dividend to its creditors. The Company's creditors are required to prove their claims By March 6, 2006, to liquidators John Thong How Ley and Lim Jen Howe of 27 Cantonment Road, Singapore 089745. Failure to comply with this requirement will exclude creditors from the benefit of the Company's dividend distribution. CHINA AVIATION(S): Approves Restructuring Plan at AGM ----------------------------------------------------- On February 3, 2006, China Aviation Oil (Singapore) Corp. Limited held its 11th Annual General Meeting in order to seek approval for its proposed restructuring plan. The Company passed all resolutions at the meeting. A full-text copy of the results of CAO's AGM is available for free at: http://bankrupt.com/misc/tcrap_chinaaviation020806.pdf Incorporated in 1983, China Aviation Oil (Singapore) Corp. Limited -- http://www.caosco.com/-- deals primarily in jet fuel procurement, although it is also active in international oil trading and oil-related investment. The firm commands a near- 100% market share of the procurement of imported jet fuel for China's civil aviation industry, and has expanded its market to include ASEAN countries, the Far East and the United States. CAO's oil-trading business has expanded beyond jet fuel to include fuel oil, gasoline, naphtha, crude oil, and petrochemical products. DESIGN-THAI PTE: Placed Under Voluntary Liquidation --------------------------------------------------- Vantage Corporation Limited has decided to voluntarily liquidate the operations of its subsidiary, Design-Thai (Singapore) Pte Limited. As a result Lim Say Wan of Messrs. Ewe, Loke & Partners was appointed to supervise the Company's wind-up activities. EI-NETS LIMITED: Appoints New Director and Secretary ---------------------------------------------------- On January 4, 2006, Ei-Nets Limited named Chandra Mohan K. Nair as an independent and non-executive director of the Company, and Lim Tiong Beng as Company Secretary effective January 26, 2006. Furthermore, Ei-Nets Limited's disclosed changes to its Board of Committees: Audit Committee Ang Meng Huat, Anthony (Chairman) Chandra Mohan K. Nair Ngo Gim Kang, Peter Remuneration Committee Ang Meng Huat, Anthony (Chairman) Chandra Mohan K. Nair Hans Waldemar Gutsch Employee Share Option Scheme Chandra Mohan K. Nair (Chairman) Ang Meng Huat, Anthony Hans Waldemar Gutsch Liau Beng Chye Nominating Committee Chandra Mohan K. Nair (Chairman) Ang Meng Huat, Anthony Ngo Gim Kang, Peter Hans Waldemar Gutsch Ei-Nets Limited - http://www.ei-nets.com/-- was initially incorporated on September 3, 1999, under the name Ei-Nets.com Pte Limited. The Company changed its name to Ei-Nets Limited on December 12, 2000. As of 2001, Ei-Nets Limited has an issued and paid-up capital of SGD5.5 million, comprised of 550,000,000 shares. Aside from its IT businesses, Ei-Nets also diversified into the education business to generate an alternative stable and recurrent income stream for its business operations. FHTK HOLDINGS: Borrows SGD6.5-Mln from Investors ------------------------------------------------ On January 11, 2006, FHTK Holdings Limited entered into facility agreements with five separate investors for loans totaling SGD6.5 million. The Company will use the loans to fund its working capital and pay off its maturing debts. The loans are repayable within six months after each drawdown date, with a 12% annual interest. Under each facility agreement, FHTK Holdings can repay the loans in cash or by issuing new ordinary shares at SGD0.005 each in its capital. A copy of the Company's report on the matter is available for free at: http://bankrupt.com/misc/tcrap_fhtkholdings0208061.pdf FHTK Holdings Limited - http://www.fhtk.com.sg/-- distributes fruits and agricultural products such as apples, banana, nectarines, pears and peaches through its own SunMoon brand. The Company's agricultural products division distributes fresh garlic as well as manufactures dehydrated garlic and onion products. The Group currently leases and manages 18 plantations and totalling 1,630 hectares in the Shandong province in China. INFORMATICS HOLDINGS: Cannot Explain Increase in Shares Trading --------------------------------------------------------------- On February 7, 2006, Informatics Holdings Limited received a letter from the Singapore Exchange Securities Trading Limited asking to clarify a significant increase in the Company's shares trading volume. In response to the SGX-ST's queries, Informatics Holdings is not aware of any material information that might explain the increase in the trading of its shares. Furthermore, the Company cannot explain the sudden increase in the trading of its shares, and is operating in compliance with the listing rules of the SGX-ST. Informatics Holdings Limited - http://www.informatics.edu.sg/-- was established in 1983, in response to Asia's economic growth fostering tremendous demands for skilled Information Technology (IT) manpower and knowledge-based workers to build and sustain the rapid economic development in the region. Informatics' core business activities are training and education, IT-related services and franchise operations. Today, Informatics Holdings Limited has established itself as the global leader in providing quality lifelong learning services for individuals and corporations. JIANGSHAN INVESTMENT: Prepares to Declare Creditors Dividend ------------------------------------------------------------ Jiangshan Investment Consortium Limited will declare a dividend to its creditors. Creditors of the Company must submit formal proofs of claim by February 23, 2006, to: Chia Soo Hien Liquidator c/o 5 Shenton Way #07-01 UIC Building Singapore 068808 Failure to comply will exclude creditors from the benefit of such dividend. =============== T H A I L A N D =============== EASTERN WIRE: Pays for THB84.7 Mln 35% Enersol Stake ---------------------------------------------------- Eastern Wire Public Company Limited has bought a 35% stake in Enersol for THB84.7 million, The Nation reports. Eastern Wire will pay the 847,000 shares it purchased from Enersol in two waves. The first payment will be made after the deal is signed and the rest by April 15. The purchase will pave the way for the Company to diversify its business and boost its long-term income, as well. Enersol, a cogeneration power producer which expects to generate 3.6 million kilowatts of electricity and 168 million British thermal units of heating gas per year. Headquartered in Bangkok Thailand, Eastern Wire Public Co. Ltd. -- http://www.ewc.co.th/index-en.asp-- is engaged in Property & Construction and Construction Material business. THAI AIRWAYS: To Create Another Domestic Airline ------------------------------------------------ Thai Airways Public Company Limited is setting up another domestic airline this year to cater to its high-end passengers, relates The Nation. Euarng Luang will be Thai Airways' second domestic venture following Nok Air. But unlike Nok Air, Euarng Luang will be entirely owned by Thai Air. Chairman Wanchai Sarathulthat told the Nation that Euarng Luang would only cater to domestic passengers who prefer premium service. It is expected to start operating from Don Muang airport after Suvarnabhumi Airport opens, possibly in the second half of this year. Meanwhile, Thai Airways have conducted an interview with the four candidates for the Company's President. The interview touches management strategies, marketing strategies, organization administration, revenue-generating measures and cost-reduction plans. The candidates only have a week to hand in their proposals for the topic. The result will be known next month. A source close to the recruiting committee told the Nation that if none of the applicants qualify, Somchainuk Engtrakul would stay on as acting president until the company can find a permanent replacement. Headquartered in Bangkok, Thailand, Thai Airways International Public Company Limited -- http://www.thaiairways.com/-- is engaged in the operation of domestic and international air transportation service. This includes support services such as freight forwarding, warehousing, on-line ticketing, hotel and restaurant operations, fuel storage and filling for aircraft at the airport Air catering and fuel pipeline transportation. The Group also provides services in other type of transportation in connection with the information technology services, distributes computer services, flight reservation and other travel-related services. ********* 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 publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. The TCR -- Asia Pacific subscription rate is $575 for 6 months delivered via e-mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are $25 each. For subscription information, contact Christopher Beard at 240/629-3300. *** End of Transmission ***