/raid1/www/Hosts/bankrupt/TCRAP_Public/060210.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
Friday, February 10, 2006, Vol. 9, No. 030
Headlines
A U S T R A L I A
A.C.N. 093 222 434: Decides to Close Business
AUSTRALIAN GAS: Sells Gas From PNG Project to First Costumer
BREYLEIGH INVESTMENTS: To Declare Dividend
CAHSLIMA INVESTMENTS: Liquidator to Give Wind-up Report
CARTER HOLT: Rank Bid May Not Comply with Takeovers Code
CHRISTOMAR PTY: David Calver Named to Wind Up Firm
CLYNES BUS: Placed Under Voluntary Liquidation
ELLEX PAUL: Court to Hear Wind-up Petition on Feb. 13
EMBREY MANUFACTURING: Prepares Dividend Payment
FIRST STATE: Liquidator to Distribute Assets
FREE INTERNET: Shareholders Agree on Liquidation
J S CRAIG: Members Resolve to Wind Up Firm
J & S SHOPFITTERS: To Hold Final Meeting Feb. 13
MARTIN HONAN: Opts To Liquidate Business
MASONRY CONSTRUCTION: CIR Lodges Liquidation Petition
MHR RAILWAY: Enters Voluntary Liquidation
M&M FISH: Enters Liquidation Proceedings
MOTORPLAN LIMITED: Shareholders Agree on Liquidation
MYER LIMITED: U.S. SEC Reveals AU$18 Mln Pay for D. Robertson
O'CONNOR STOCK: Prepares to Close Shop
QANTAS AIRWAYS: Jetstar Asia May Name Singaporean CEO
SALASON PTY: Members & Creditors to Review Wind-up
SCOTTO'S SERVICES: Shuts Down Operations
SEA LION: Members Pass Winding Up Resolution
SEATWISE PTY: To Declare Final Dividend on Feb. 15
SHAW SECURITY: Faces Possible Liquidation
SIMONSON ADMIN: Creditors Agree to Liquidate
TELSTRA CORPORATION: Welcomes New Chief Information Officer
TELSTA CORPORATION: Posts AU$2.14 Bln in First-Half Profit
TELSTA CORPORATION: To Launch Branding Campaign
TELSTA CORPORATION: Four Rivals Allowed To Join ACCC Case
TRUCAST PTY: Inability to Pay Debts Prompts Wind-up
VILLAGE LIFE: Could Face Fraud Lawsuit After Share Suspension
WESTPOINT MANAGEMENT: Receiver Appointed
WRNB PTY: Schedules Final Meeting For Feb. 13
C H I N A & H O N G K O N G
CANDY DIMARTINO: To Hold Final Meeting on Feb. 27
CHINA JITONG: Zeng Xianggao Ceases to Act as Liquidator
CORPORATE COMPANY: Names Official Liquidator
FOCUS HOLDINGS: Members Seek Liquidation
FUYO LEASE: Final General Meeting Set for Feb. 28
GUANGDONG FINANCE: Creditors' Proofs of Claim Due Feb. 20
HEILONGJIANG BLACK: Releases Delisting Risk Warning
HIGH VIEW: Creditors' Proofs of Claim Due on Feb. 20
LANDCOM REALTY: Members Agree to Liquidate
NORWEGIAN ASSET: Members' Issue Resolutions
OMEGA TRADEMARK: Shuts Down Business
SEMICONDUCTOR MANUFACTURING: Goldman Sees Break Even in Q4
SHANGHAI LENGGUANG: Warns of Suspension Risk
TWIN-STAR INTERNATIONAL: Appoints Joint Liquidators
YEAR TREND: Final Meeting Slated for Feb. 27
I N D I A
SRG INFOTEC: Unveils Outcome of AGM
TATA TELESERVICES: Allots Equity Shares Under ESOP
TATA TELESERVICES: Sets EGM to Amend Articles of Association
THYROCARE LABORATORIES: To Abandon Two Bourse Listings
I N D O N E S I A
BOMA BISMA: Up for Liquidation Due to Losses
KERETA API: Faces Liquidation Possibility
PERTAMINA: CEO To Quit If Cepu Dispute Remains Unresolved
J A P A N
HUSER LIMITED: Government To Impose Sanctions
LIVEDOOR CO.: Group Firms See Stocks Jump
MITSUBISHI MOTORS: Global Sales Volume Up in 2005
MITSUBISHI MOTORS: Posts JPY61.8 Bln Loss in 3Q/2005
NORITSU KOKI: To Trim 400 Jobs
K O R E A
SAMSUNG GROUP: CEO Spares KRW800 Bln For Society
M A L A Y S I A
ANCOM BERHAD: Buys Back 90,500 Shares
AMSTEEL CORPORATION: Unveils Resolutions Approved at Meeting
CAMERLIN GROUP: Converts ICULS to Ordinary Shares
COMSA FARMS: Shows Cause on Securities Delisting
FOREMOST HOLDINGS: Unit's Winding Up Won't Affect Group
HONG LEONG: Bourse to List & Quote New Shares Today
MULTI-USAGE HOLDINGS: K & N Kenanga Gives Updates on Proposals
K.P. KENINGAU: Bourse Removes Securities from List
MAGNUM CORPORATION: Buys Back 995,800 Shares
PACIFIC & ORIENT: Buys Back Ordinary Shares
POS MALAYSIA: Unit Subscribes to RMEX Shares
RANHILL BERHAD: Questions Wind-Up Petition Filed Against Unit
SOUTHERN BANK: Board Junks Potential Merger with CIMB Group
TELEKOM MALAYSIA: Unit's Wind-Up Hearing Set for Feb. 28
P H I L I P P I N E S
ABS-CBN BROADCASTING: Probe Panel's Head Says Sorry for Remarks
ABS-CBN BROADCASTING: Analysts Retain 'Buy' Recommendation
ABS-CBN BROADCASTING: DOJ Asks NBI to Conduct Stampede Probe
ABS-CBN BROADCASTING: NTC Warned Against Probe
AL-AMANAH BANK: PDIC Snubs Plea for Php400-Mln Credit Line
MAYNILAD WATER: Books Php2.1-Bln Record Profit in 2005
NATIONAL FOOD: Bids out 400,000 MT Rice Import
NATIONAL POWER: SMBI Begins Marathon Hearings on Oil Spill Case
S I N G A P O R E
CHINA AVIATION: Seeks Approval of Restructuring Plan at EGM
CIH LIMITED: Posts Loss in Third Quarter FY05
HESHE HOLDINGS: Half-Year FY05 Loss Drops 11%
H. M. COLMAR: To Distribute Dividend in March
UNITED GINSENG: Creditors' Claims Due on March 8
T H A I L A N D
THAI AIRWAYS: Board Appoints S. Engtrakul Acting President
THAI AIRWAYS: Transport Ministry Orders Cargo Load Increase
* Large Companies With Insolvent Balance Sheets
- - - - - - - -
=================
A U S T R A L I A
=================
A.C.N. 093 222 434: Decides to Close Business
---------------------------------------------
On January 20, 2006, members of A.C.N. 093 222 434 Pty Limited
agreed to voluntarily wind up the Company's operations.
The Members appointed Peter Paul Krecji, of GHK Green Krecji, to
administer the wind-up activities.
AUSTRALIAN GAS: Sells Gas From PNG Project to First Costumer
------------------------------------------------------------
As previously reported in the Troubled Company Reporter - Asia
Pacific, the Australian Gas Light Company acquired a 10%
interest, for AU$541.79 million, in the Papua New Guinea Gas
Project in January 2006.
Under the PNG Agreement, AGL will buy 1,500 petajoules of gas
from the PNG Project within the course of 20 years, valued at
around AU$4.5 billion. AGL will use the PNG gas to supply its
existing retail and industrial customers.
According to the Australian Associated Press, AGL has sold gas
from the PNG Project to its first customer -- Flinders Osborne
Trading Pty Ltd. Flinders agreed to take more than 100 PJ of
gas from AGL for its Osborne Cogeneration plant in Adelaide.
The AAP notes that Flinders and AGL already have a gas supply
contract, which runs until 2010. The contract term has been
extended to 2018, provided that the PNG Project gets going.
The Flinders Gas Contract is managed by the Merchant Energy
business, which will become part of AGL Energy if the proposed
demerger of AGL is approved by shareholders in March 2006, the
AAP says.
Headquartered in New South Wales, Australia, Australian Gas
Light -- http://www.agl.com.au/-- is a gas and electricity
retailer to about three million customers. It has an extensive
portfolio of wholly and partly owned investments in energy
infrastructure, infrastructure management and other energy
companies. AGL's business involves buying and selling gas and
electricity from gas producers and electricity generators;
transporting gas and electricity to customers via gas pipelines
and power lines; owning and investing in power generation
plants, electricity and natural gas distribution networks;
providing customers with a wide range of energy products and
services; and designing, constructing, operating, maintaining
and managing energy infrastructure through its wholly owned
business, Agility.
BREYLEIGH INVESTMENTS: To Declare Dividend
------------------------------------------
Breyleigh Investments Pty Limited will declare a dividend to
creditors on February 15, 2006.
Creditors who are not able to prove their claims will be
excluded from the benefit of the dividend.
CAHSLIMA INVESTMENTS: Liquidator to Give Wind-up Report
-------------------------------------------------------
A final meeting of the members of Cashliman Investments Pty
Limited will be held on February 13, 2006, at 10:00 a.m.
At the meeting, liquidator Alan Douglas Charles Pears 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.
CARTER HOLT: Rank Bid May Not Comply with Takeovers Code
--------------------------------------------------------
Rank Group Investments Limited's takeover bid for Carter Holt
Harvey Limited may not comply with the Takeovers Code, the
Australian Associated Press says, citing the Takeovers Panel.
The Panel expressed concerns that Rank's NZ$2.75-a-share price
offer would only be available if enough shareholders accepted it
within seven working days to get Rank over the 90% threshold.
The 90% shareholding level is the level at which the compulsory
acquisition procedure can be implemented.
Rank currently holds 85.7% of Carter Holt. If the time limit is
not met, the bid reduces to NZ$2.70 a share.
According to the Panel, "the terms of Rank's proposed offer may
not comply with the requirement in the code that an offer be
open for 30 days." It adds that "the limiting terms of the
proposed offer in respect of the full offer price of NZ$2.75
have the effect of shortening the offer period for an offer at
that full price from 30 days to seven business days."
The Panel will hold a meeting in Auckland on February 13, 2006,
to determine the bid complies. Results are expected within two
days after that meeting. The bid is due to be mailed on
February 17 and the seven-day deadline is February 28.
Headquartered in Auckland, New Zealand, Carter Holt Harvey
Limited -- http://www.chh.com-- is a forest products company in
the Australasia region, with significant interests in wood
products, pulp, paper and packaging, supported by forests.
Leading Carter Holt Harvey brands include Bestwood, Customwood,
Ecoply, Kopine and Pinex, and the Company's packaging can be
found in most supermarket aisles. Carter Holt Harvey is listed
on both the NZX and ASX, and employs approximately 10,500 people
across New Zealand, Australia and Asia.
CHRISTOMAR PTY: David Calver Named to Wind Up Firm
--------------------------------------------------
At a general meeting of Christomer Pty Limited on January 16,
2006, members agreed that a voluntary wind-up of the Company's
business is appropriate and necessary.
As a result, David Calver was appointed as liquidator of the
Company.
CLYNES BUS: Placed Under Voluntary Liquidation
----------------------------------------------
Members of Clynes Bus Services Pty Limited held a meeting on
January 13, 2006, and agreed to close the Company's business.
Moreover, the members appointed Russell Graeme Peake, of Jenkins
Peake & Co., as liquidator to oversee the wind-up operations.
ELLEX PAUL: Court to Hear Wind-up Petition on Feb. 13
-----------------------------------------------------
On December 22, 2005, the Land Transport New Zealand (previously
known as Land Transport Safety Authority and trading as
Transport Registry Centre) filed an application to put Ellex
Paul Haulage Limited under liquidation.
The application will be heard before the High Court at
Christchurch 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:
Malcolm David Whitlock
Solicitor for the Plaintiff
Whitlock & Co.
c/o Level Two, Baycorp Advantage House,
15 Hopetoun Street, Auckland
EMBREY MANUFACTURING: Prepares Dividend Payment
-----------------------------------------------
Embrey Manufacturing Pty Limited will declare a dividend on
February 15, 2006.
Creditors who are unable to prove their claims will be excluded
from the benefit of the dividend.
FIRST STATE: Liquidator to Distribute Assets
--------------------------------------------
After their general meeting on January 19, 2006, the members of
First State Group Pty Limited resolved to close the Company's
business operations and distribute the proceeds of its assets.
Subsequently, Vincent Heufel, of Heufel Partners, was appointed
as liquidator.
FREE INTERNET: Shareholders Agree on Liquidation
------------------------------------------------
On January 30, 2006, the shareholders of Free Internet Access
Limited passed a special resolution to liquidate the Company's
operations.
Jugdis Hira Parbhu, chartered accountant of Ross Melville PKF,
was appointed liquidator for the purpose.
Accordingly, the Liquidator has called for a meeting of the
Company's creditors on February 14, 2006, at 9:00 a.m. to
consider:
-- whether to appoint another liquidator in his place; and
-- whether the liquidator should be asked to have regard to
the views, if any, of creditors in conducting the
liquidation.
J S CRAIG: Members Resolve to Wind Up Firm
------------------------------------------
At J S Craig Panelbeating (NSW) Pty Limited's general meeting on
January 19, 2006, members resolved that it is in the Company's
best interests to liquidate its operations.
William Balfour Rangott, of Rangott Slaven Hundy, was appointed
to oversee the wind-up.
J & S SHOPFITTERS: To Hold Final Meeting Feb. 13
------------------------------------------------
The members and creditors of J & S Shopfitters (Australia) Pty
Limited will convene on February 13, 2006, at 10:00 a.m., to
receive the liquidator's account regarding the Company's
completed wind-up and disposal of property.
MARTIN HONAN: Opts To Liquidate Business
----------------------------------------
Members of Martin Honan Trading Pty Limited held a meeting on
January 18, 2006, and agreed on the Company's need to liquidate.
They named James Alexander Shaw, of Ferrier Hodgson (Newcastle)
Chartered Accountants, to manage the Company's wind-up
activities.
MASONRY CONSTRUCTION: CIR Lodges Liquidation Petition
-----------------------------------------------------
On November 3, 2005, the Commissioner of Inland Revenue filed an
application with the High Court to liquidate Masonry
Construction Limited.
The petition will be heard before the Auckland High Court on
February 16, 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 14, 2006, to:
Simon John Eisdell Moore
Crown Solicitor
Level Seventeen, Forsyth Barr Tower,
55-65 Shortland Street
(P.O. Box 2213 or D.X. C.P. 24-063)
Auckland, New Zealand
Telephone: (09) 336 7556
MHR RAILWAY: Enters Voluntary Liquidation
-----------------------------------------
On January 13, 2006, MHR Railway Consulting Services Pty
Limited's members agreed to shut down the Company's operations.
They named H. A. MacKinnon and K. L. Sutherland, of Bent &
Cougle Pty Limited, to act as liquidators for that purpose.
M&M FISH: Enters Liquidation Proceedings
----------------------------------------
On November 14, 2005, the Commissioner of Inland Revenue lodged
an application with the High Court to have M&M Fish 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
MOTORPLAN LIMITED: Shareholders Agree on Liquidation
----------------------------------------------------
On January 27, 2006, the shareholders of Motorplan Limited
passed a special resolution to liquidate the Company's
operations.
Robert Laurie Merlo, an insolvency practitioner in Auckland, was
appointed to oversee the liquidation process.
The Liquidator requests the Company's creditors to submit their
proofs of claim by February 28, 2006, to:
Merlo Burgess & Co. Limited
P.O. Box 51-486, Pakuranga,
Auckland, New Zealand
Telephone: (09) 520 7101
Facsimile: (09) 529 1360
e-mail: merloburgess&co@xtra.co.nz
Failure to comply with the requirement will exclude them from
the benefit of any distribution.
MYER LIMITED: U.S. SEC Reveals AU$18 Mln Pay for D. Robertson
-------------------------------------------------------------
Coles Myer Limited's managing director, Dawn Robertson, has
earned as much as AU$18 million within over three years of
running the department store chain, The Sydney Morning Herald
reports.
According to The Sydney Herald, Ms. Robertson's employment
contract and correspondence with Coles Myer's chief executive
officer, John Fletcher, which have been lodged with the United
States Securities and Exchange Commission before the Company
delisted from the New York Stock Exchange, outline her salary,
bonus schemes and share options. Ms. Robertson is reportedly
the highest-paid shopkeeper in Australia.
The Sydney Herald says that Ms. Robertson's salary and bonuses
for her more than three years of office are almost AU$7.5
million. Aside from this, Coles Myer paid her a staggered
AU$1.6 million on account of bonuses she forfeited upon her
resignation from Federated Department Stores, which owns
Bloomingdales and Macy's in the United States. Last year, she
exercised 1 million of her 2.5 million share options at AU$6.44
per share, for a profit of about AU$3.2 million.
O'CONNOR STOCK: Prepares to Close Shop
--------------------------------------
At O'Connor Stock Investments Pty Limited's extraordinary
general meeting on January 13, 2006, members agreed that it is
in the Company's best interests to liquidate its operations.
Paul William Gidley, of Lawler Partners Chartered Accountants,
was appointed to oversee the wind-up.
QANTAS AIRWAYS: Jetstar Asia May Name Singaporean CEO
-----------------------------------------------------
Qantas Airways' Jetstar Asia venture is expected to appoint its
first Singaporean chief executive officer in a few days, The
Sydney Morning Herald says. Speculations abound that the budget
carrier had chosen the head of the Singapore Mint, Chong Phit
Lian, to be its new CEO.
Sydney Herald also relates that Jetstar Asia has been forced to
lease one of its Airbus A320s to its Australian sister airline,
Jetstar, for three months. This after the Singapore-based
carrier had to scale back expansion plans in 2005 when it failed
to secure rights to fly on several key routes into Indonesia and
China. It also had to sublease three of its A320s to a Turkish
airline.
The paper recounts that Qantas and partner Temasek Holdings,
which is backed by the Singaporean Government, injected
additional funds into the low-budget venture last year when
Jetstar Asia absorbed failed Singapore carrier Valuair. The
deal also provided Jetstar Asia rights to travel routes from
Singapore to Indonesia.
However, Sydney Herald says that despite Jetstar Asia and
Valuair now flying to 13 destinations, they are still struggling
to properly use their nine-Airbus fleet. And, one reason cited
for the airlines' inability to obtain traffic rights into China
is its management.
Naming a head from Singapore could partly address the perception
that Jetstar Asia is an Australian-run airline, the paper notes.
Considering that Ms. Chong does not possess the experience in
running the airline, it is expected that she will act as a
figurehead and leave Jetstar Asia's operations to managers
appointed by Qantas. It has been suggested that Jetstar Asia's
acting chief executive officer, Neil Thompson, will stay on as
the its chief operating officer.
About Qantas
Qantas Airways -- http://www.qantas.com.au/-- is the world's
second oldest airline. Qantas is also recognized as one of the
world's leading long-distance airlines, having pioneered
services from Australia to North America and Europe. The Qantas
Group employs approximately 38,000 staff across a network that
spans 145 destinations (including codeshare services) in
Australia, Asia-Pacific, Americas, Europe and Africa. The
Qantas Group also operates a diverse portfolio of airline-
related businesses, including Engineering Technical Operations
and Maintenance Services, Airports and Catering, Qantas Freight,
Qantas Holidays, Qantas Defence Services and Qantas Consulting.
In the year ended June 30, 2005, Qantas recorded a profit before
tax of AU$1,027.2 million, up AU$62.6 million or 6.5% on the
previous year. Net profit after tax of AU$763.6 million was
17.8% up on the prior year. Revenue increased by 11.4% to
AU$12.6 billion. The Directors declared a fully franked final
dividend of 10 cents per share, bringing total fully franked
dividends for the year to 20 cents per share.
SALASON PTY: Members & Creditors to Review Wind-up
--------------------------------------------------
A final meeting of the members and creditors of Salason Pty
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 13, 2006, at 10:20 a.m.
SCOTTO'S SERVICES: Shuts Down Operations
----------------------------------------
At a general meeting of the members of Scotto's Services Pty
Limited on January 17, 2006, it was agreed that a voluntary
wind-up of the Company is appropriate and necessary.
Michael Edward Slaven, of Rangott Slaven Hundy, was appointed as
liquidator to facilitate the wind-up.
SEA LION: Members Pass Winding Up Resolution
--------------------------------------------
The members of Sea Lion Shipping Pty Limited convened on
January 16, 2006, at 10:00 a.m., and concurred that the Company
should wind up its operations.
In addition, the members appointed Peter Barrow as liquidator.
SEATWISE PTY: To Declare Final Dividend on Feb. 15
--------------------------------------------------
Seatwise Pty Limited will declare its final dividend on Feb. 15,
2006.
Creditors who are unable to prove their claims will be excluded
from the benefit of the dividend.
SHAW SECURITY: Faces Possible Liquidation
-----------------------------------------
On November 2, 2005, the High Court of Auckland received an
application from Telecom New Zealand to liquidate the business
of Shaw Security Limited.
The application will be heard before the Court on February 16,
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 14, 2006 to:
Malcolm David Whitlock
Solicitor for the Plaintiff
Level Two, Baycorp Advantage House,
15 Hopetoun Street, Auckland
SIMONSON ADMIN: Creditors Agree to Liquidate
--------------------------------------------
At a meeting held among the creditors of Simonson Admin Services
Pty Limited on January 17, 2006, it was agreed that the Company
will wind up voluntarily.
As a result, Daniel I. Cvitanovic was appointed as the official
liquidator to oversee the wind-up operations.
TELSTRA CORPORATION: Welcomes New Chief Information Officer
-----------------------------------------------------------
Telstra Corporation's chief executive officer, Sol Trujillo,
disclosed that Fiona Balfour has been appointed as the Company's
new chief information officer. Ms. Balfour will report directly
to Chief Operations Officer Greg Winn.
Ms. Balfour will officially join Telstra in early April after 14
years with Qantas Airways. Ms. Balfour joined Qantas as an IT
senior executive in 1992 and held a variety of portfolios before
being appointed chief information officer and a member of the
Qantas Executive Committee in 2001. Her portfolio was expanded
in 2004 with the creation of Qantas Business Services that
delivered information technology, procurement, property,
transport and people services to the Group.
In her role as Qantas CIO, Ms. Balfour implemented an extensive
program of replacing key legacy systems and introducing new
infrastructure through a series of strategic outsourced
relationships servicing Qantas' data center, global and domestic
network and desktop environments.
Ms. Balfour will be responsible for leading Telstra's
centralized IT organization and core IT programs as well as
overseeing the Company's Operations Support System and Business
Support System transformational programs over the next three to
five years.
Ms. Balfour holds a Bachelor of Arts from Monash University
(1979), a Graduate Diploma in Information management from the
University of New South Wales (1981 and a Master of Business
Administration from the Royal Melbourne Institute of Technology
(1987).
Vish Padmanabhan has accepted the role of Deputy Chief
Information Officer. He joined Telstra in 2004 after spending
20 years with IBM.
Headquartered in Melbourne, Victoria, Australia, Telstra
Corporation -- http://www.telstra.com.au/-- is an Australian
telecommunications and information services company. Telstra
offers a full range of services and compete in all
telecommunications markets throughout Australia, providing more
than 10.3 million Australian fixed line and more than 6.5
million mobile services. Telstra's international business
includes Hong Kong CSL Limited, TelstraClear Limited, and Reach
Ltd.
TELSTA CORPORATION: Posts AU$2.14 Bln in First-Half Profit
----------------------------------------------------------
Telstra Corporation reported a net profit of AU$2.14 billion in
the first half of 2005/06. This is down from the AU$2.39
billion net profit in the same period last year.
The company has maintained its interim dividend at 14 cents per
share, but will also reward shareholders with a six cent special
dividend, the Australian Associated Press reports.
The telco reiterated its previous guidance for the 2005/06 year,
saying earnings before interest and tax (EBIT) would decline in
the range of 15% to 20%, excluding a year-end restructuring and
redundancy provision. With the provision, EBIT is expected to
fall by 21% to 26%.
"The recent deterioration in operating trends and our investment
in transforming the business will see earnings fall in the near
term," the AAP quotes Telstra Chief Executive Officer Sol
Trujillo said. "Consistent with our plan, we are taking some
tough medicine now to bring the company to financial health and
deliver sustainable growth in shareholder value over time."
Telstra said its total income or revenue rose to AU$11.58
billion in the first half, up from AU$11.36 billion in the
previous corresponding period.
The Company added that a 1.9% growth in total income was due to
increases in broadband, mobiles, IP solutions, advertising and
directories and pay TV bundling, offset by a decline in revenues
from PSTN calling products, specialised data and ISDN products.
Telstra's EBIT fell 7% cent to AU$3.5 billion in the first half.
"The trends of decelerating revenue growth, PSTN erosion and
accelerating costs so evident in the second half of fiscal 2005
have continued, producing an earnings decline in line with our
negative guidance," Mr. Trujillo said. "We are hard at work
rebuilding the company and we are making progress on the
strategic plan announced on November 15, 2005, but it will take
time to have a significant impact on our figures."
The PSTN or fixed line decline had accelerated slightly faster
than expected, the telco said.
PSTN revenue fell 7.6% or AU$313 million for the half year.
Te Company states that further migration to mobiles and the
internet saw volume reductions across most call types and
reduced yields.
Headquartered in Melbourne, Victoria, Australia, Telstra
Corporation -- http://www.telstra.com.au/-- is an Australian
telecommunications and information services company. Telstra
offers a full range of services and compete in all
telecommunications markets throughout Australia, providing more
than 10.3 million Australian fixed line and more than 6.5
million mobile services. Telstra's international business
includes Hong Kong CSL Limited, TelstraClear Limited, and Reach
Ltd.
TELSTA CORPORATION: To Launch Branding Campaign
-----------------------------------------------
Troubled Company Reporter - Asia Pacific recently reported that
Telstra Corporation and Network Nine are set to finalize
their online and mobile content deal with the Melbourne 2006
Commonwealth Games.
The Sydney Morning Herald says that just before the Commonwealth
Games, Telstra will unveil its branding campaign, in which it
will push the benefits of convergence. A large media schedule
has been booked ahead of the Games' opening ceremony on
March 15, 2006, featuring a new corporate line: "It's great when
it all comes together."
The line, according to The Sydney Herald, will sign off the
Company's brand ads. It sums up Telstra Chief Executive Officer
Sol Trujillo's vision for the Company as a one-stop shop for
products ranging from mobile phones and land lines to broadband
and online directories. Moreover, Telstra's ads highlight its
different arms, such as BigPond and Sensis.
According to the paper, the new campaign is the brand element of
Telstra's marketing chief Bill Stewart's strategy, which aims to
drive up awareness of different products and services and then
target micro-segments of the community with specific offers.
Headquartered in Melbourne, Victoria, Australia, Telstra
Corporation -- http://www.telstra.com.au/-- is an Australian
telecommunications and information services company. Telstra
offers a full range of services and compete in all
telecommunications markets throughout Australia, providing more
than 10.3 million Australian fixed line and more than 6.5
million mobile services. Telstra's international business
includes Hong Kong CSL Limited, TelstraClear Limited, and Reach
Ltd.
TELSTA CORPORATION: Four Rivals Allowed To Join ACCC Case
---------------------------------------------------------
The Australian Competition and Consumer Commission had earlier
rejected Telstra Corporation's plan to charge its rivals
AU$9 a month for them to access its national copper phone
network and for line-sharing services, which allows them to
offer broadband internet services to their customers.
Telstra then appealed the ACCC's decision to the Australian
Competition Tribunal. The Company claimed that the ACCC used
wrong assumptions about the underlying cost of the network and a
poor methodology for setting LSS prices.
At a directions hearing in the Tribunal, lawyers representing
eight of Telstra's phone and internet rivals argued that they
should be allowed to join in the case.
Accordingly, at another directions hearing on Thursday, the
Tribunal's president, Alan Goldberg, gave the go signal for
trans-Tasman telco AAPT to join in the case. He also granted
Primus, Macquarie Corporate Telecommunications, and PowerTel
leave to intervene, as long as they were represented as one
party.
However, Justice Goldberg rejected submissions to join from the
Competitive Carriers Coalition, which is an industry body
representing Primus, Comindico, Macquarie and PowerTel. He says
that the CCC is an industry group having no direct interest in
the same way Primus and Macquarie do.
Justice Goldberg also brought forward the hearing date for the
case from May 2, 2006, to April 4. The hearings will be in
Melbourne.
Justice Goldberg earlier allowed Optus to be a party in the
case.
Headquartered in Melbourne, Victoria, Australia, Telstra
Corporation -- http://www.telstra.com.au/-- is an Australian
telecommunications and information services company. Telstra
offers a full range of services and compete in all
telecommunications markets throughout Australia, providing more
than 10.3 million Australian fixed line and more than 6.5
million mobile services. Telstra's international business
includes Hong Kong CSL Limited, TelstraClear Limited, and Reach
Ltd.
TRUCAST PTY: Inability to Pay Debts Prompts Wind-up
---------------------------------------------------
Trucast 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, Bruce Neil Mulvaney, of Bruce Mulvaney & Co.,
was appointed to oversee the Company's liquidation activities.
VILLAGE LIFE: Could Face Fraud Lawsuit After Share Suspension
-------------------------------------------------------------
Litigation financier IMF is planning to launch a class action
against Village Life Ltd. in the Federal Court of Australia in
behalf of investors who lost money after buying shares in the
firm's flotation last year, The Sydney Morning Herald reports.
IMF claims the retirement village operator, based at Milton, in
Queensland, Australia, misled investors in the 2004 share
offering. Shares in the company, which listed at AU$1.05 in 2003
and hit an all-time high of AU$2.88 early last year, has been
suspended at AU$0.35. The company recently warned it could post
a first-half loss and could need significant new capital to stay
afloat.
Village Life Managing Director Stephen Lonie said that under
International Financial Reporting Standards, the Company's
balance sheet could show net liabilities. He is not promising
that the company could remain a going concern.
The firm failed to meet its target of filling 95% of its 81
retirement villages with enough residents to pay fees it pays to
the villages' owner, ING Real Estate Community Living Fund. It
only achieved average occupancy rates of 84%.
Headquartered in Milton, Queensland, Australia, Village Life --
http://www.villagelife.com.au/-- is one of Australia's largest
providers of rental accommodation for seniors, providing
residents with a safe, affordable and comfortable community
lifestyle; and investors with a unique and secure investment for
life. Village Life villages can be found throughout Australia.
The sites are chosen for their proximity to preferred
neighborhoods for seniors and adequate access to transport,
shopping, entertainment and health care facilities.
WESTPOINT MANAGEMENT: Receiver Appointed
----------------------------------------
On January 19, 2006, Martin Madden and Brian Keith McMaster, of
KordaMentha, were appointed as Receivers and Managers of the
property of Westpoint Management Limited.
WRNB PTY: Schedules Final Meeting For Feb. 13
---------------------------------------------
The final meeting of the members and creditors of WRNB Pty
Limited is slated for February 13, 2006, at 10:00 a.m., to get
an account of the manner of the Company's wind-up and property
disposal from liquidator Riad Tayeh.
==============================
C H I N A & H O N G K O N G
==============================
CANDY DIMARTINO: To Hold Final Meeting on Feb. 27
-------------------------------------------------
The members of Candy Dimartino Agency Limited will meet on
February 27, 2006, at 3:30 p.m., to receive the liquidators'
account regarding the Company's wind-up and disposal of
property.
Lam Ying Sui is the Company's liquidator.
CHINA JITONG: Zeng Xianggao Ceases to Act as Liquidator
-------------------------------------------------------
On January 20, 2006, Zeng Xianggao ceased to act as liquidator
of China Jitong Communications Holdings (HK) Limited.
No further details were disclosed.
CORPORATE COMPANY: Names Official Liquidator
--------------------------------------------
Leung Fung Yee Alice was appointed as Corporate Company
Limited's liquidator, where she will manage its wind-up
operations.
The High Court of Hong Kong Special Administrative Region issued
the appointment order on January 23, 2006.
FOCUS HOLDINGS: Members Seek Liquidation
----------------------------------------
On January 27, 2006, the members of Focus Holdings Asia Limited
convened and agreed that:
-- the Company be wound up voluntarily.
-- Wong Man Hung be appointed to supervise the Company's
wind-up activities.
-- the books, accounts and documents of the Company and of
the liquidator be retained by the liquidator, and at the
expiration of the three months from the dissolution, be
destroyed; and
-- the liquidator will not be required to cause the account
of receipts and payments to be audited.
FUYO LEASE: Final General Meeting Set for Feb. 28
-------------------------------------------------
The final general meeting of the members of Fuyo Lease Company
Limited is scheduled on February 28, 2006, at 5:30 p.m.
At the meeting, liquidator Natalia K. M. Seng 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.
GUANGDONG FINANCE: Creditors' Proofs of Claim Due Feb. 20
---------------------------------------------------------
Creditors of Guangdong Finance (Nominees) Company Limited are
required to submit the particulars of their debts or claims, as
well as information regarding their solicitors, if any, by
February 20, 2006. The proofs of claims must be submitted to
the Company's liquidator Ng Kwok Wai.
If the liquidator requires, the creditors must come in
personally or by their solicitors and prove their claims at the
time and place specified in the notice.
Creditors who are unable to formally prove their claims will be
excluded from any distribution.
HEILONGJIANG BLACK: Releases Delisting Risk Warning
---------------------------------------------------
The share price of Heilongjiang Black Dragon Co. Limited has
dropped to the down-limit on daily price fluctuation for the
three consecutive trading days, says Panorama News.
In accordance with relevant regulations, dealing in the
Company's shares will be suspended as of the disclosure of its
2005 annual report.
In the event that the Company still records losses in 2006, its
shares will be delisted.
The Chinese firm manufactures and sells machine-made paper and
ice equipment. Other activity includes the manufacture of paper
pulp.
HIGH VIEW: Creditors' Proofs of Claim Due on Feb. 20
----------------------------------------------------
Creditors of High View Estate Limited are required to submit to
the liquidator -- Ng Kwok Wai -- the particulars of their debts
or claims, as well as information regarding their solicitors, if
any, by February 20, 2006.
If the liquidators require, the creditors must come in
personally or by their solicitors and prove their claims at the
time and place specified in the notice.
Creditors who are unable to formally prove their claims will be
excluded from any distribution.
LANDCOM REALTY: Members Agree to Liquidate
------------------------------------------
On January 18, 2006, the members of Landcom Realty Limited
convened and decided that:
-- the Company be wound up voluntarily;
-- Tse Chun Yip be appointed to supervise the Company's
wind-up activities; and
-- the audit of the liquidator's accounts of receipts and
payments will not be required.
NORWEGIAN ASSET: Members' Issue Resolutions
-------------------------------------------
On January 23, 2006, the members of Norwegian Asset Management
Limited convened and agreed that:
-- the Company be wound up voluntarily.
-- Tse Chun Yip be appointed to supervise the Company's
wind-up activities; and
-- the audit of the liquidator's accounts of receipts and
payments shall not be required.
OMEGA TRADEMARK: Shuts Down Business
------------------------------------
At a meeting of Omega Trademark 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.
SEMICONDUCTOR MANUFACTURING: Goldman Sees Break Even in Q4
----------------------------------------------------------
The profitability outlook of Semiconductor Manufacturing
International Corporation in 2006 remains challenging in light
of higher research and development and interest expenses,
Infocast News reports, citing Goldman Sachs.
The brokerage forecasts the Company to see a loss per share of
US$0.15 for 2006 and earnings per share of US$0.4 for 2007.
Semiconductor Manufacturing is expected to record a profit in
the third quarter of 2006. However, Goldman remains cautious on
the Company, estimating it would achieve a breakeven in the
fourth quarter of 2006.
Headquartered in Shanghai, China, Semiconductor Manufacturing
International Corporation -- http://www.smics.com/-- is an
international Company and one of the leading semiconductor
foundries in the world, providing integrated circuit (IC)
manufacturing at 0.35um to 90nm and finer line technologies to
customers worldwide. Established in 2000, SMIC has four 8-inch
wafer fabrication facilities in volume production in Shanghai
and Tianjin. In the first quarter of 2005, SMIC commenced
commercial production at its 12-inch wafer fabrication facility
in Beijing, the first 12-inch fab in China. SMIC also maintains
customer service and marketing offices in the U.S., Europe, and
Japan, and a representative office in Hong Kong. SMIC's employs
over 2,500 semiconductor industry experts and technical staff.
SHANGHAI LENGGUANG: Warns of Suspension Risk
--------------------------------------------
Shanghai Lengguang Industrial Co. Limited expects to report a
further loss in the fiscal year 2005, after two consecutive
years of losses, Panorama News relates.
As a result, the Company's share trading may be suspended as of
the disclosure of its 2005 annual report, and the Shanghai Stock
Exchange will make a decision on whether or not to halt the
Company's trading within 10 days.
In addition, the Company reminded the investors that the
Company's stock might be delisted in the event it continues
posting losses this year.
The Chinese Company manufactures and sells chemical industry-use
products. Other activities include the lease of transportation
vehicle; production of electronic meter, semiconductor
materials, electric products, textile, daily-used merchandise,
automobile parts and other and provision of freight
transportation services. Chemical products consist of chlorine,
hydrogen, silicone and quartz glass.
TWIN-STAR INTERNATIONAL: Appoints Joint Liquidators
---------------------------------------------------
At a meeting on January 23, 2006, members of Twin-Star
International Hong Kong Limited resolved that the Company
undergo voluntary liquidation.
Michael David Horvitz, Cheung Yuk Yee and Mark Asofsky, were
named to supervise the Company's wind-up activities.
YEAR TREND: Final Meeting Slated for Feb. 27
--------------------------------------------
A final meeting of the members of Year Trend 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 27, 2006, at 4:00 p.m.
=========
I N D I A
=========
SRG INFOTEC: Unveils Outcome of AGM
-----------------------------------
At SRG Infotec Limited's 21st Annual General Meeting on Dec. 30,
2005, the members approved:
-- the adoption of the Company's Profit & Loss account for
the financial year ended July 31, 2005, and the Balance
Sheet as reported by the auditors and directors;
-- the re-appointment of Shri. Dilip Bansal as Director of
the Company; and
-- the appointment of chartered accountants M/s J Kumar and
Associate as the Company's auditors to replace retiring
auditors, M/s. Grover Gupta & Associates.
The new auditors will hold office from the conclusion of the AGM
until the conclusion of the Company's next Annual General
Meeting.
Headquartered in New Delhi India, SRG Infotec (India) Limited
has been in the business of financial activities with its main
thrust being on Information Technology. SRG Infotech and
computer education company BITS entered into an in-principle
agreement with the Datapro group to pick up 50% equity in the
latter's five unlisted companies. SRG Infotech has also
acquired PC Point, a hardware training company, for INR 40
million. SRG Infotech has been suffering negative operating and
net margins in the past fiscal years. The Company has also been
embroiled in net losses, the latest of which is INR24.9 net loss
in first quarter of fiscal 2005/06.
TATA TELESERVICES: Allots Equity Shares Under ESOP
--------------------------------------------------
Tata Teleservices Maharashtra Limited has allotted 51,049 Equity
Shares of INR10 each for cash at par to holders of stock options
issued under the Company's Employees Stock Option Plan.
Tata Teleservices has incurred a net loss of INR1276.9 million
in the April 2005 to June 2005 quarter of financial year
2005/06. The result is lower than the previous quarter's
INR1,779.6 million net loss but higher than the INR989.3 million
net loss it incurred in the same quarter last year.
Headquartered in Mumbai, India, Tata Teleservices Maharashtra
Limited is engaged in providing basic telecommunication and
Internet services in major cities in India.
TATA TELESERVICES: Sets EGM to Amend Articles of Association
------------------------------------------------------------
An extraordinary general meeting of the members of Tata
Teleservices Maharashtra Limited will be held on March 2, 2006,
to consider:
-- the alteration of the Company's Memorandum of Association
by adding Clause VI after existing Clause V;
-- the alteration of the Company's Article of Association by
adding Article 121 after existing Article 120; and
-- the alteration of the Company's Article of Association by
adding sub-clause (c) after existing sub-clause (b) of
Article 82.
Headquartered in Mumbai, India, Tata Teleservices Maharashtra
Limited is engaged in providing basic telecommunication and
Internet services in major cities in India.
THYROCARE LABORATORIES: To Abandon Two Bourse Listings
------------------------------------------------------
The Board of Directors of Thyrocare Laboratories Limited will
meet on February 11, 2006, to agree on plans of voluntarily
delisting the Company's shares from The Calcutta Stock Exchange
Association Ltd and The Uttar Pradesh Stock Exchange Association
Ltd.
If the proposal gets a majority vote, the Board will call a
general meeting to obtain shareholders' approval.
Thyrocare Laboratories Limited is a pharmaceuticals firm
headquartered in Mumbai, India. The Company has been racking up
losses since 2003. In the April 2005 to June 2005 period of the
current fiscal year, Thyrocare posted a net loss of INR0.03
million, up against a net loss of INR0.01 million in the same
period last year. The losses are primarily balmed on
skyrocketing operating costs.
=================
I N D O N E S I A
=================
BOMA BISMA: Up for Liquidation Due to Losses
--------------------------------------------
According to Bisnis Inodnesia, industrial firm PT Boma Bisma
Indra may be headed for liquidation, Asia Pulse relates.
Roes Aryawijaya, deputy at the Office of the Minister of State
Enterprises, said that the Indonesian Government sees no hope to
bail out the troubled diesel engine manufacturer, which had
posted IDR22.3 billion in losses last year.
The Government will conduct an extraordinary general meeting
with BBI shareholders in June 2006, in order to discuss what to
do about the Company.
Mr. Aryawijaya said that BBI may be merged with another state
firm, but it will depend on the outcome of the upcoming
shareholders' meeting.
PT Boma Bisma Indra - http://www.ptbbi.co.id/-- is the result
of the Indonesian government's merger of three Dutch sugar firms
in 1971. In 1989, the Government adopted BBI under the National
Strategic Industry. Since then, the Company has expanded into
the manufacture of diesel engines and industrial equipment.
KERETA API: Faces Liquidation Possibility
-----------------------------------------
PT Industri Kerepi Api is in danger of being liquidated due to
its losses, Asia Pulse reports, citing newspaper Bisnis
Indonesia.
According to the newspaper, the Government cannot find a
solution to save the ailing railway factory, which had posted
IDR12.89 billion in losses for 2004. The Indonesian Government
is slated to hold an extraordinary general meeting with the
Company's shareholders in June 2006 to decide its fate.
Deputy for the Minister of State Enterprises Roes Aryawijaya
said that the Company may be merged with state railway firm PT
Kereta Api.
PERTAMINA: CEO To Quit If Cepu Dispute Remains Unresolved
---------------------------------------------------------
PT Pertamina Tbk's president-director Widya Purnama is
threatening to quit his position if ownership of an oil-rich
block in Cepu would not go to the Company, The Jakarta Post
reports.
Mr. Purnama is insisting that Pertamina should become the
operator of the Cepu oil & gas block, which it co-owns with
United States-based partner ExxonMobil Corp. He added that
ownership can be rotated or a joint ownership of the block may
be formed, but that Pertamina would be holding the reigns, the
Bloomberg News adds.
The dispute between Pertamina and ExxonMobil on the operation of
the Cepu oil block has delayed its development for four years,
as both firms cannot come to an agreement regarding the block.
The Indonesian government threatened to take over the block's
development if both firms did not come to a resolution by the
end of last year, The Post says.
The Government has suggested that both Pertamina and ExxonMobil
form a joint venture firm, which would be responsible for the
developemtn of the Cepu block, but the firms are still
deadlocked on who will manage the block once it is developed and
ready to begin operations.
Production from the Cepu oil block is slated to increase
Indonesia's crude oil output by at least 18%, The Post relates.
PT Pertamina (Persero) -- http://www.pertamina.com-- is
a wholly state-owned enterprise. The enactment of Oil and Gas
Law No. 22/2001 in November 2001 and Government Regulation No.
31/2003 has changed its legal status from a special state-owned
enterprise into a Limited Liability Company. In carrying out
its activities, PT Pertamina (Persero) implements an
integrated system from upstream to downstream. Under the
Ministry of State-owned Enterprises, PT Pertamina (Persero)
commits to deliver high quality products and services to the
stakeholders as well as increase its contribution to the
nation's wealth. PT Pertamina (Persero) has 14 subsidiaries,
among which include viz Pertamina Energy Trading Limited
(Petra)/oil and gas trading, PT Elnusa Harapan/marketing and
trading, PT Pelita Air Service/airline service and PT Perta
Medika/hospital.
=========
J A P A N
=========
HUSER LIMITED: Government To Impose Sanctions
---------------------------------------------
The Tokyo Metropolitan Government may impose sanctions against
Huser Limited for concluding condominium sales contracts on
defective units, Japan Today relates.
The Japanese Government will hear from Huser President Susumu
Ojima and the head of the Company's sales agent firm, Shoichi
Inuyama, on February 17, 2006, before announcing the measures it
will take.
As previously reported in the Troubled Company Reporter - Asia
Pacific, around 300 buyers of condominiums developed by Huser
Limited filed a petition on Tuesday with the Tokyo District
Court to have the Company declared bankrupt.
LIVEDOOR CO.: Group Firms See Stocks Jump
-----------------------------------------
The stock prices of Dynacity Corporation and five other listed
group companies of Livedoor Co. surged on Wednesday, as they
moved to review their relations with the scandal-hit Internet
Company.
The stock of Dynacity scored a daily limit gain of JPY3,000 over
the previous day to finish at JPY28,330, up by nearly 12%.
Other Livedoor group companies, including Cecile Co., Turbolinux
Inc. and Livedoor Auto Co., scored sharp gains in stock prices
for the second day in a row.
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.
MITSUBISHI MOTORS: Global Sales Volume Up in 2005
-------------------------------------------------
Global market sales of Mitsubishi Motors Corp. vehicles in the
three months ended December 31, 2005, totaled 985,000 vehicles,
an increase of 34,000 on the 951,000 sold in the same period a
year earlier.
A Company press release said the Company sold 163,000 vehicles
in Japan, a year-on-year increase of 17,000 that reflected
strong sales of the new Outlander model introduced in October
2005.
In North America, the carmaker sold 121,000 vehicles, 10,000
fewer than the same period last year. Sales grew steadily in
Mexico and Puerto Rico but failed to counter the impact of
changes in the United States market environment following sharp
rises in gasoline prices and the ongoing cut back in fleet sales
that is one of the measures in the Company's drive to normalize
its sales activities.
In Europe, Mitsubishi Motors sold 195,000 vehicles, a year-on-
year increase of 24,000 driven by robust sales in markets such
as Russia, Germany, and the U.K.
In Asia and other markets, MMC sold 506,000 vehicles, an
increase of 3,000 over the same period last year. Slower sales
in markets such as China were offset by firm growth mainly in
Latin America, the Middle East, and Africa.
MITSUBISHI MOTORS: Posts JPY61.8 Bln Loss in 3Q/2005
----------------------------------------------------
Mitsubishi Motors Corporation posted a net loss of JPY68.1
billion in the third quarter ended December 31, 2005, and an
ordinary loss of JPY33.8 billion in the same period.
Mitsubishi stated in a press release that the smaller ordinary
loss stems mainly from improvement in income from equity method
affiliates and from the non-recurrence of costs associated with
the issue of new shares in the previous fiscal year.
The Company incurred an operating loss of JPY18.2 billion, an
improvement of JPY81.5 billion over the same period last year.
Factors offsetting the weaker revenue and contributing to this
improvement include higher retail unit volume and higher margin
model mix and a weaker yen.
These were complemented by a number of favorable factors,
including:
-- lower depreciation costs as a result of asset impairment
charges taken in the U.S. and Australia during the previous
fiscal year;
-- non-recurrence of one-time charges resulting from the sales
of sales-finance receivables in the U.S. financial services
subsidiary; and
-- lower sales promotion costs, mainly advertising, in the
U.S. and Europe; and lower warranty expenses mainly in
Japan.
The carmaker's consolidated net sales in the third quarter ended
December 31, 2005, totaled JPY1,529.6 billion, down JPY88.3
billion versus JPY1,617.9 billion in the same period last year.
The decrease reflects lower OEM supply volumes in North America
and Europe that were not offset by an increase in revenues in
Japan driven by the introduction of a new model.
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.
NORITSU KOKI: To Trim 400 Jobs
------------------------------
Noritsu Koki Co. will cut 400 employees in Tokyo to cope with
rapidly shrinking demand for film photo developing due to the
rising popularity of digital cameras, Japan Today relates.
The photo developing machine maker will seek applications for an
early retirement program starting next month.
Headquartered in Wakayama City, Japan, Noritsu Koki Co.
-- http://noritsu-www.noritsu.co.jp/-- manufactures high-speed
mini-photo processing lab system. The operations are carried
out through the following divisions: Mini lab systems;
Operational and replacement parts. The Group's operations
involve manufacturing of automatic photo print rinsers, photo
processors and original equipment supply. It is also involved
in developing software for printing system of digital cameras,
retailing photography machinery and tools and operating
insurance agencies.
=========
K O R E A
=========
SAMSUNG GROUP: CEO Spares KRW800 Bln For Society
------------------------------------------------
Samsung Group's chief executive officer, Lee Kun-hee, and his
family, will donate KRW800 billion to the Korean society, the
Company disclosed in a filing with the Korea Stock Exchange.
In a press conference on February 7, 2006, Samsung Vice-Chairman
Lee Hak-soo held a press conference on February 7 and said that
"Chairman Lee sincerely apologizes for the scandal involving his
children's illegal purchase of Everland convertible bonds in
1996 and will donate KRW800 billion to social causes including
the establishment of the Lee Kun-hee Scholarship Foundation."
Chairman Lee, Director Lee, and Samsung affiliates have donated
a total of KRW450 billion to establish the Lee Kun-hee
Scholarship Foundation. Samsung plans to continue to carry out
its other scholarship activities separately in addition to
establishing the foundation.
Moreover, Samsung said that it would create a watch group
composed of various professionals to provide constructive
criticism for the group.
Furthermore, Samsung Group plans to reduce the size of its
corporate restructuring office to give more autonomy to its
affiliates, separate its legal office from the restructuring
office, fill its financial affiliates' board of director
positions with outside directors and appoint an outside director
as chairman of the board.
In addition, Samsung Group has decided to drop its lawsuits
against the Government in connection with KRW44.3 billion in
gift tax and the revision of the fair trade law.
Vice-Chairman Lee said, "In order to enhance our financial
affiliates' management transparency, we have decided to
establish a new organization to assist the board of directors by
providing outside directors with management information in a
timely manner."
"We plan to provide around 200 billion won to conduct social
welfare activities this year, paying particular attention to
establishing nursery schools, supporting farming villages, and
helping unfortunate youths. We are also preparing separate
measures to support small and medium companies and our
partners," Vice-Chairman Lee added.
Headquartered in Seoul, Korea, Samsung Group --
http://www.samsung.co.kr/-- the "chaebol" or industrial group
has surpassed its former archrival, the erstwhile Hyundai Group,
to become the number one business group in South Korea.
Samsung's flagship unit is Samsung Electronics, the world's top
maker of dynamic random-access memory (DRAM) and other memory
chips, as well as a global heavyweight in all sorts of
electronic gear including LCD panels, DVD players, and cellular
phones.
Other affiliated companies include credit-card unit Samsung
Card, Samsung General Chemicals, Samsung Life Insurance, Samsung
Securities, and trading arm Samsung Corporation.
===============
M A L A Y S I A
===============
ANCOM BERHAD: Buys Back 90,500 Shares
-------------------------------------
During a shares buy-back on February 6, 2006, Ancom Berhad
repurchased 90,500 shares for MYR1.00 each.
The maximum price paid for each share purchased was MYR0.690
while the maximum price paid was MYR0.725.
The number of shares purchased retained in treasury is 90,500
units, and cumulative net outstanding treasury shares as at to-
date are 9,398,403 units.
Headquartered in Petaling Jaya, Selangor Darul Ehsan, Malaysia,
Ancom Berhad's -- http://www.ancom.com.my-- principal
activities are the manufacturing and selling of agricultural
products (timber preservatives) and chemical products (ethanol,
sealants and adhesive). The Group 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.
AMSTEEL CORPORATION: Unveils Resolutions Approved at Meeting
------------------------------------------------------------
At the extraordinary meeting on February 8, 2006, Amsteel Corp.
Berhad's shareholders approved:
1. The proposed Executive Share Option Scheme
Subject to the approval-in-principle of Bursa Malaysia
Securities Berhad for the listing of and quotation for the
new ordinary shares to be issued and the approvals of any
other relevant authorities, the Directors are authorized:
(a) to establish and administer for the benefit of eligible
executives, including Executive Directors of the Company
and its subsidiaries which are not dormant, an executive
share option scheme to be identified as the Amsteel
Corporation Berhad Executive Share Option Scheme, under
which offers of options will be granted in accordance
with the provisions of the ESOS Bylaws for the
subscription of new ordinary shares of MYR1.00 each in
the capital of the Company and to give effect to the ESOS
with full power to assent to any conditions, variations,
modifications and amendments as may be required or
approved by the relevant authorities;
(b) to allot and issue from time to time during the duration
of the ESOS the number of new Shares to Eligible
Executives up to 15% of the issued and paid-up share
capital of the Company at any one time as may be required
to be issued pursuant to the exercise of the options and
that the new Shares will, upon allotment and issue, rank
pari passu in all respects with the existing Shares in
the Company in accordance with the provisions of the
Bylaws except that the new Shares will not be entitled to
any dividends, rights, allotments and any other
distributions, the entitlement date of which is prior to
the date on which the new Shares are credited into the
grantee's individual/nominee securities account
maintained with Bursa Malaysia Depository Sdn Bhd; and
(c) to modify and amend the terms and conditions of the ESOS
from time to time and extend the duration of the ESOS,
provided that such modifications, amendments and
extensions are effected in accordance with the provisions
of the Bylaws, and to do all acts, enter into all
transactions, arrangements, agreements or undertakings,
make rules or regulations, impose terms and conditions,
or delegate part of their powers necessary or expedient
in order to give full effect to the ESOS.
2. The Proposed Grant of Options to Jen (b) Tan Sri Dato' Zain
Mahmud Hashim
The Company is authorized to offer and grant to Jen (B) Tan
Sri Dato' Zain Mahmud Hashim, an executive director of a
subsidiary of the Company, options to subscribe for up to
400,000 new Shares in the capital of the Company, subject
always to the terms and conditions and or to any adjustment
which may be made in accordance with the provisions of the
Bylaws.
Headquartered in Kuala Lumpur, Malaysia, AMSteel Corporation
Berhad is involved the provision of plantation management,
property development, management and contractor; hotel operation
and foodcourt. The Company is also involved in transportation
and logistic services, department stores, nominee services,
trading securities, manufacture and sale of tools, dies, tyres,
rubber compound, light trucks and buses, financial management;
distributes steel products, develops real estate property;
cultivation of rubber and oil palm, golf and country club, sale
and distribute Suzuki motorcycles, beer brewing and mineral
water bottling.
CAMERLIN GROUP: Converts ICULS to Ordinary Shares
-------------------------------------------------
Bursa Malaysia Securities Berhad will list and quote Camerlin
Group Berhad's additional 100,000 new ordinary shares of MYR1.00
each arising from the conversion of MYR100,000 Nominal Value of
5.5% five-year Irredeemable Convertible Unsecured Loan Stocks
2002/2007 today, February 10, 20006.
Headquartered in Kuala Lumpur, Malaysia, Camerlin Group Berhad
Group's principal activity is that of an investment holding and
its only investment is in the quoted share of BIL International
Limited. Operations of the Group are carried out in Malaysia
and the British Virgin Island.
COMSA FARMS: Shows Cause on Securities Delisting
------------------------------------------------
Comsa Farms Berhad has submitted to Bursa Malaysia its
representation on the Notice to Show Cause in connection with
the de-listing of its securities on February 7, 2006, which is
within the period stipulated by the bourse.
Headquartered in Sabah, Malaysia, Comsa Farms Berhad is engaged
in the wholesaling and retailing of fresh and frozen chicken
products, meat and foodstuff.
FOREMOST HOLDINGS: Unit's Winding Up Won't Affect Group
-------------------------------------------------------
Foremost Holdings Berhad clarified certain points in the
advertisement of winding-up petition of Tong Giap Feedmills
-- a 50% plus one share-owned subsidiary of Axasupreme Sdn.
Bhd., which is 51% owned subsidiary of Foremost, appearing in
the New Straits Times, Life & Times Section, page N5 on Tuesday,
February 7, 2006.
Foremost says that:
-- The winding-up Petition No. MT1-28-136-2005 to Penang High
Court from Sin Heng Chan Pte. Ltd. was presented on
December 5, 2005, and only served on February 8, 2006.
-- The amount claimed on principal sum in respect of purchase
of goods is MYR1,569,228.06 and there is no interest
charge.
-- TGF purportedly purchased animal feed component material,
namely Maize, Soyabean and Rapeseed meal from the
Petitioner.
-- The total cost of investment in TGF is MYR6,500,000.00
(indirect interest through ASB, 51% owned subsidiary of
FHB).
-- FHB is of the opinion that the winding-up proceedings has
no significant financial and operational impact on the
Group.
-- Save for the legal cost and interest (if any), FHB does
not expect to incur losses from the winding-up
proceedings.
-- FHB are in the process of seeking an explanation from the
Directors of TGF as to the causes for the winding-up
petition and their response to the proceeding.
Foremost Holdings Berhad is engaged in the manufacture and sale
of automobile speakers, home audio speakers, general-purpose
speakers and speaker wooden cabinets. The Company is also
engaged in trading of auto accessories, investment holdings and
the provision of management services. Products are distributed
in Malaysia, Singapore, United Kingdom, Italy, Taiwan, USA,
other Asian countries, other European countries and other
countries.
HONG LEONG: Bourse to List & Quote New Shares Today
---------------------------------------------------
Hong Leong Industries Berhad's additional 20,000 new ordinary
shares of MYR0.50 each issued pursuant to the conversion of
MYR124,000 Irredeemable Convertible Unsecured Loan Stocks
2002/2007 into 20,000 new ordinary shares of MYR0.50 each
will be granted listing and quotation by Bursa Malaysia
Securities Berhad today, February 10, 2006.
Hong Leong Industries Berhad -- http://www.hli.com.my/index.asp
-- manufactures, tests and sells integrated circuits, semi-
conductor devices and electronic components. The Company is
also engaged in the manufacture and sale of ceramic tiles,
shipbuilding and ship repairing, production of motorcycles,
motorcycle engines and spare parts and investment holding.
The Group has ceased its activities in the manufacture, sale and
research and development of packaging products and polyester
resin. Operations are principally carried out in Malaysia.
MULTI-USAGE HOLDINGS: K & N Kenanga Gives Updates on Proposals
--------------------------------------------------------------
On behalf of Multi-Usage Holdings Berhad, K & N Kenanga Bhd
Kenanga reported that:
(1) Bank Negara Malaysia had granted approval to the issuance of
Rights Warrants to non-resident shareholders of MUHB
pursuant to ECM 12 of the Exchange Control Act, 1953 in
relation to the Proposed Two-Call Rights Issue With Free
Detachable Warrants, vide its letter dated January 24, 2006,
(which was received on February 8, 2006); and
(2) In relation to the Proposed Acquisition of PCP, the Vendor
of the PCP Shares has filed an application on Dec. 26, 2005,
at the High Court of Malaya at Alor Setar for an extension
of the validity of the restraining order from January 1,
2006, until December 31, 2006, under Section 176(10A)
of the Companies Act, 1965. The hearing of the said
application is fixed on February 21, 2006.
Headquartered in Penang, Malaysia, Multi-Usage Holdings Berhad's
-- http://www.muh.com.my-- principal activity is that of
investment holding and management services.
K.P. KENINGAU: Bourse Removes Securities from List
--------------------------------------------------
Bursa Malaysia Securities Berhad had previously extended K.P.
Keningau Berhad's time to make the Requisite Announcement as per
the Concept Scheme Proposal for an additional one month from the
date of the Bursa Securities' decision on October 6, 2005.
Bursa also extended the Company's time to submit its proposed
regularization plans to the relevant authorities for approval
through an additional two months from the date of the RA.
However, KPK has failed to make the RA before the November 5,
2005 deadline.
Thus, after having considered all the facts and circumstances of
the matter, Bursa Securities has de-listed the securities of KPK
from the Official List of Bursa Securities on February 8, 2006.
It believes that the Company does not have an adequate level of
financial condition to warrant continued listing on the Official
List of Bursa Securities.
With respect to the securities of KPK which are currently
deposited with Bursa Malaysia Depository Sdn Bhd, the securities
may remain deposited with Bursa Depository notwithstanding the
de-listing of the securities from the Official List of Bursa
Securities. It is not mandatory for the securities of a de-
listed company to be withdrawn from Bursa Depository.
Alternatively, shareholders of KPK who intend to hold their
securities in the form of physical certificates can withdraw
these securities from their Central Depository System accounts
maintained with Bursa Depository at any time after the
securities of KPK has been de-listed from the Official List of
Bursa Securities.
The shareholders can withdraw their securities upon submission
of an application form for withdrawal in accordance with the
procedures prescribed by Bursa Depository.
These shareholders can contact any Participating Organization of
Bursa Securities and Bursa Depository's helpline at 03-20347711
for further information on the withdrawal procedures.
Headquartered in Petaling Jaya, Selangor, K.P. Keningau Berhad
is engaged in sawmilling, timber processing and trading of
timber and timber related products. The Company is also into
trading of machinery and equipment, property investment,
provision of management services and investment holding.
Operations are carried out in Malaysia and Indonesia.
MAGNUM CORPORATION: Buys Back 995,800 Shares
--------------------------------------------
On February 8, 2006, Magnum Corp. Berhad conducted a shares buy-
back and repurchased 995,800 ordinary shares for MYR0.50 each.
The minimum price paid for each share purchased was MYR1.960,
while the maximum was MYR1.970.
The cumulative net outstanding treasury shares as at to-date is
101,040,200 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.
PACIFIC & ORIENT: Buys Back Ordinary Shares
-------------------------------------------
During a shares buy-back on February 8, 2006, Pacific & Orient
Berhad repurchased 9,600 ordinary shares for MYR1.00 each, for a
total consideration of MYR16,994.08.
The minimum price paid for each share purchased was MYR1.740,
while the maximum price was MYR1.770.
The number of shares purchased retained in treasury is 9,600
units. The cumulative net outstanding treasury shares as at
to-date are 5,600,856 units.
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.
POS MALAYSIA: Unit Subscribes to RMEX Shares
--------------------------------------------
POS Malaysia & Services Holdings Berhad reported that on
February 8, 2006, its wholly owned subsidiary, POS Malaysia
Berhad, has subscribed to 1,500,000 ordinary shares of MYR1.00
each in RMEX Payment Services Sdn Bhd, representing 33% equity
in RMEX for a consideration of MYR1.5 million.
The subscription of shares in RMEX is the first of six tranches
for PMB to subscribe to a minimum 60% equity shareholding in
RMEX, representing 4,500,000 ordinary shares of MYR1.00 each at
a total consideration of MYR4.5 million.
Before the subscription, Royal Mint Exchange Sdn Bhd wholly owns
RMEX. Khazanah Nasional Berhad owns 10% equity in RMINT as well
as 17.33% equity in PSH. By virtue of Kazanah being a common
shareholder of both RMINT and PSH, the subscription by PMB is a
related party transaction.
RMEX is a private limited company incorporated in Malaysia and
has an authorized capital of MYR5,000,000 divided into 5,000,000
ordinary shares of MYR1.00 each of which 3,000,000 ordinary
shares of MYR1.00 each, constituting the entire issued paid up
capital. RMEX is principally engaged in the business of
electronic financial services general trading and is currently
developing and intends to launch an on-line payment system known
as PosPay.
RMEX has been granted the approval by Bank Negara Malaysia,
pursuant to Section 25(1) of the Payment Systems Act 2003, to
issue electronic money under the Virtual Account (VA) system for
the purposes of making online payments to facilitate electronic
commerce transactions and bill payments via the Internet.
The subscription of MYR4.5 million was arrived based on net
tangible assets of RMEX as at June 30, 2005. The acquisition
will be financed from internally generated funds. The purpose
of the subscription is to enable PMB to further develop its
presence in the e-payment sector and to seek new sources of
revenue. The subscription is not expected to have any material
effect on the earnings, net tangible assets, share capital and
substantial shareholders' shareholding of PSH for the year
ending December 31, 2006.
The subscription of shares in RMEX is not subject to the
approval of the shareholders of PSH.
The Board of Directors is of the opinion that the subscription
is in the interest of the Group. The Board is not aware of any
departure from Securities Commission's Policies and Guidelines.
Salient Features of the Subscription
(a) The subscription of shares in RMEX shall be undertaken in
six tranches, with the subscription of 1,500,000 ordinary
shares at a consideration of MYR1.5 million being the first
tranche.
(b) The equity shareholding by PMB will be increased to a
minimum 60% upon completion of the subscription of shares
within twenty months.
(c) The subscription of shares for the remaining second to
sixth tranches shall be subject to RMINT achieving certain
milestone within the specified timeline in respect of
PosPay.
Headquartered in Kuala Lumpur, Malaysia, POS Malaysia & Services
Holdings Berhad(PMS) formerly known as Phileo Allied Berhad
provides postal and its related services. The firm's other
activities include property investment, financing, management
services and investment holding, fund management, unit trust
management, options, sale of digital certificates and financial
futures broking. During the year, the Group discontinued its
fund management, unit trust management, options and financial
futures broking operations. The Group activities are
principally conducted in Malaysia. On December 8, 2000, the
Company disposed PhileoAllied Bank (Malaysia Bhd and Phileo
Allied Securities Sdn Bhd this subsidiaries are responsible in
the banking and stockbroking segments.
RANHILL BERHAD: Questions Wind-Up Petition Filed Against Unit
-------------------------------------------------------------
On December 7, 2005, Ranhill Engineers and Constructors Sdn Bhd
-- a wholly owned subsidiary of Ranhill Berhad -- has been
served with a statutory notice pursuant to Section 218 of the
Companies Act 1965, stating that it owes Mohamad Mazlan bin
Abdul Manaf MYR500,000.
The Company's Solicitors have been informed that a winding-up
petition against REC has recently been lodged by Mr. Mazlan at
the Kuala Lumpur High Court on account of its claim. The
petition has yet to be extracted from Court and served on REC.
No other prior action has been filed or judgment obtained
against the Company. A hearing date for the said petition is
yet to be fixed by the High Court.
REC asserts that there is no basis for the filing of the
Petition and that the Petition is frivolous as it is a solvent
company with strong financial backing and thus is neither
insolvent nor unable to pay its debts.
Furthermore, REC disputes the alleged debt on the grounds that
it has a valid and meritorious set-off against the alleged debt
for various acts of contractual and fiduciary breaches by Mr.
Mazlan during his tenure as REC's chief operating officer, chief
executive officer and director, which has led to the company and
other companies within the Ranhill Group to suffer losses (no
losses recorded in RB accounts) and damages.
REC has engaged solicitors Messrs Zaid Ibrahim & Co. to contest
the Petition and to file a motion to strike it out. Moreover,
REC will take all necessary legal action to pursue a claim
against Mr. Mazlan.
The total costs of investment of Ranhill in REC amounts to
MYR65,446,960.00. There is no operational impact on Ranhill
Group and the financial impact is negligible pertaining to the
alleged disputed claim of MYR500,000.00.
Headquartered in Kuala Lumpur, Malaysia, Ranhill Berhad --
http://www.ranhill.com.my-- provides engineering, procurement
and construction services. The firm's other activities include
provision of engineering, procurement, construction and project
management services; facilities management, property investment
and investment holding. It operates solely in the domestic
market.
SOUTHERN BANK: Board Junks Potential Merger with CIMB Group
-----------------------------------------------------------
The Board of Southern Bank Bhd has unanimously decided to
discontinue negotiations with CIMB Group Sdn Bhd regarding a
potential merger of the businesses of Southern Bank with that of
CIMBG.
After an extensive period of negotiations of almost three
months, SBB has not received from CIMBG a formal offer of the
price, structure and value proposition relating to the proposed
merger. The Board is of the view that prolonged discussions
would not be in the best interests of SBB and its shareholders
and other stakeholders, including its customers.
The Board is informs Bank Negara Malaysia of its intention to
abort the merger discussions with CIMBG.
The Board says, however, that it remains committed to explore
other options to maximize shareholder value and will make
appropriate announcements in due course. Hence, the Board will
immediately and actively seek a near term merger alternative
that is in the best interest of all shareholders and
stakeholders, subject to the approval of Bank Negara Malaysia.
Headquartered in Kuala Lumpur, Malaysia, Southern Bank Berhad --
http://www.southernbank.com.my/-- is engaged in the provision
of commercial banking business and other related financial
services which include Islamic banking services. Other
activities are accepting deposits and advancing loans, property
ownership and management, provision of risk capital,
stockbroking, sale and management of unit trusts, building
construction, property investment and investment holding.
TELEKOM MALAYSIA: Unit's Wind-Up Hearing Set for Feb. 28
--------------------------------------------------------
On February 7, 2006, the Court dismissed Inmiss Communication
Sdn Berhad's ex-parte application for leave to commence
committal proceedings against certain directors and officers of
Telekom Malaysia and its subsidiary, Mobikom Sdn Bhd.
Meanwhile, Inmiss' application to appoint a provisional
liquidator and Mobikom's application for stay of the winding-up
proceedings were both heard on February 8, 2006. The Court has
adjourned the meeting with regard to both matters to Feb. 28,
2006.
Headquartered in Kuala Lumpur, Malaysia, Telekom Malaysia --
http://www.telekom.com.my-- which once owned Malaysia's
telecommunications landscape, now faces growing competition.
Telekom Malaysia provides voice and data services through three
primary operating units: TelCo, its core telecom business;
Telekom Multimedia, which develops new media businesses; and
ServiceCo, which oversees operational activities such as fleet
and property management. The company is also a leading ISP.
Among Telekom Malaysia subsidiaries are units that publish phone
directories and operate fiber optic networks. It sold its
cellular unit in 2002 but gained control of Celcom (Malaysia) in
2003. The company also owns stakes in businesses in nine
countries in Asia and Africa. It is controlled by the state.
=====================
P H I L I P P I N E S
=====================
ABS-CBN BROADCASTING: Probe Panel's Head Says Sorry for Remarks
---------------------------------------------------------------
The head of the fact-finding committee tasked to investigate the
weekend stampede at the Philsports Arena has apologized for
hurting the feelings of ABS-CBN Broadcasting Corporation's
executives, The Manila Times reports.
The Undersecretary of the Department of Interior and Local
Government, Marius Corpus, earlier commented that ABS-CBN
officials treated the fans gathered outside the PhilSports
stadium for the "Wowowee" game show "like animals" and
recommended the filing of criminal charges against three ABS-CBN
officials for failing to prepare adequate security at the site,
The Manila Times says.
Mr. Corpus' remarks had elicited an outrage from ABS-CBN
Chairman Eugenio Lopez III, who went on the air hours after the
task force's press conference.
Mr. Corpus stood by his remark but denied that he had meant to
put the network or any of its executives in a bad light, saying
he has the highest regard for Mr. Lopez and ABS-CBN.
Mr. Corpus, however, stood pat on the panel's findings that
network officials were liable and that they treated poorly the
fans of the show. He explained that his statement was based on
investigations and statements from those who flocked to the
Philsports Arena in Pasig for Wowowee's anniversary special.
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: Analysts Retain 'Buy' Recommendation
----------------------------------------------------------
Analysts from the Bank of Commerce and First Grade Holdings have
maintained a "buy" recommendation for ABS-CBN Broadcasting
Corporation's securities despite the recent share price fall,
ABS-CBN News relates.
The network's shares have continuously nose-dived following
Saturday's stampede that killed 74 people, the report says.
Bank of Commerce analyst Mike Ordinanza blamed the drop on
concerns that advertisers may pull out, which would hurt the
network's revenues.
On the other hand, First Grade Holdings' managing director,
Astro del Castillo, said that emotional statements from the head
of the task force investigating the stampede also affected the
investing public.
ABS-CBN shares were also hurt by reports that the firm's
franchise to operate television and radio broadcasting stations
in the Philippines could be revoked if found guilty of neglect.
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: DOJ Asks NBI to Conduct Stampede Probe
------------------------------------------------------------
The Department of Justice has called on the National Bureau of
Investigation to conduct a more thorough investigation of the
weekend stampede at ABS-CBN Broadcasting Corporation's "Wowowee"
game show, after receiving the special fact-finding team's
report on the incident, BusinessWorld reports.
Chief State Prosecutor Jovencito Zuno said that the report
prepared by the fact-finding team formed by the Department of
Interior and Local Government, which team was headed by DILG
Undersecretary Marius Corpus, could not be used as basis for
preliminary investigation since it lacked essential details.
The report simply narrated what happened at Philsports Arena in
Pasig City, where 74 people were killed and hundreds injured in
a mad rush for raffle tickets to "Wowowee," which promised to
hand out big cash prizes on its first anniversary edition last
Saturday.
Assistant Chief State Prosecutor Richard Anthony Fadullon told
BusinessWorld that the complaint should have included the names
and addresses of the people responsible for the tragedy as well
as their possible liabilities. Documentary evidence such as
medical certificates, affidavits and photos of the victims
should also have supported the report, Atty. Fadullon added.
However, Atty. Fadullon said the DILG's fact-finding panel could
not be faulted for producing incomplete findings since President
Gloria Macapagal-Arroyo gave the team only 72 hours to finish
the investigation.
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: NTC Warned Against Probe
----------------------------------------------
A law professor from the University of the Philippines Law
Center said that the National Telecommunications Commission
should not investigate ABS-CBN Broadcasting Corporation for the
deadly stampede at the Philsports Arena as it has no
jurisdiction over the incident, The Manila Times relates.
Professor Harry Roque explained that NTC's mandate only covers
what may be broadcast over the airwaves, which is not an issue
in the incident since the tragedy happened outside of the venue.
Prof. Roque warned the NTC of violating press freedom rights by
using regulatory powers to look into matters outside its
jurisdiction, The Manila Times relates.
On Tuesday, the NTC vowed to conduct a speedy evaluation of the
report on the stampede from the Department of Interior and Local
Government special task force, as well as an impartial probe of
the possible liability of ABS-CBN and its officials in the
tragedy.
NTC Commissioner Ronald Solis contended that under NTC rules, it
is his mandate to look into the report and determine if the
broadcasting network violated any regulations. The NTC also
said that ABS-CBN could lose its license if found guilty of
neglecting its responsibilities as the show's organizer.
However, Prof. Rogue reiterated that the Department of Justice
and the local courts will determine who is liable in the
tragedy, not NTC. He added that aside from ABS-CBN, probers
should also go after the local government, the local police and
the national government, who are all liable in the incident.
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.
AL-AMANAH BANK: PDIC Snubs Plea for Php400-Mln Credit Line
----------------------------------------------------------
The Philippine Deposit Insurance Corporation has denied Al-
Amanah Islamic Investment Bank of the Philippines' request for a
Php400-million credit line, saying the liquidity assistance is
normally granted by the central bank and not by PDIC,
BusinessWorld reveals.
The state-owned bank has asked for PDIC's support after the Land
Bank of the Philippines, which was supposed to help out in Al-
Amanah's rehabilitation, backed out last year.
According to BusinessWorld, PDIC's rejection is a major
roadblock to Al-Amanah's rehabilitation, which is aimed at
making the bank more profitable to attract potential buyers.
The Government is currently selling off unprofitable assets in
order to fund its rehabilitation. Al-Amanah Chairman Ali B.
Sanki said the bank is having difficulty seeking capital
infusion because the government has little knowledge on the
potential of Islamic banking.
Al Amanah's operations adhere to the laws of the Koran, treating
depositors and borrowers as partners who do not earn or pay
interest but share in the profit of businesses where the bank's
funds were used.
The bank is currently saddled with Php7 million in bad loans and
Php32 million in foreclosed assets, BusinessWorld says.
Al-Amanah Islamic Investment Bank of the Philippines --
http://www.islamicbank.com.ph/-- is the Philippines first and
only Islamic bank. It is primarily an institution providing not
only the key financial and interest-free banking services to the
actively growing Muslim population in the country, but also
ensuring the development of vital corporate businesses in the
area. The Al-Amanah Bank came into existence by virtue of
Republic Act No. 6848 signed into law by then President Corazon
C. Aquino on January 26, 1990.
MAYNILAD WATER: Books Php2.1-Bln Record Profit in 2005
------------------------------------------------------
Maynilad Water Services finally turned around in 2005, posting a
net income of Php2.1 billion, The Philippine Daily Inquirer
reports.
An unaudited financial report submitted for review by auditing
firm Sycip, Gorres, Velayo and Company showed that Maynilad has
recovered due to huge savings in interest payments and reduced
production costs, The Inquirer says.
Maynilad's court-appointed receiver, Rosario Bernaldo, confirmed
the Company's contractual interest rates resulted in big
savings. Ms. Bernaldo added that the profit partly resulted
from the Company's service-improvement efforts and cost-cutting
measures.
Ms. Bernaldo told The Inquirer that Maynilad's 2005 financial
performance bode well for the company's re-privatization.
This would be the first time in seven years for the water
concessionaire to record a profit, The Inquirer reveals.
Headquartered in Quezon City, Philippines, Maynilad Water
Services Incorporated distributes water to the western part of
Metro Manila. The Company went under court rehabilitation after
it suffered financial difficulties due to heavy debt burden and
operational woes.
NATIONAL FOOD: Bids out 400,000 MT Rice Import
----------------------------------------------
The National Food Authority has already received 13 offers from
Vietnam, Pakistan, and Thailand for its second tranche of rice
importation totaling to 400,000 metric tons out of its approved
1.838 million MT approved rice import for 2006, Manila Bulletin
reports.
The report states that NFA will purchase within five days a
total of 300,000 MT of 25% broken rice, 50,000 MT of 15% broken
rice, and 50,000 MT of iron-fortified rice. The rice will be
delivered between February and May.
The NFA, however, is asking for more time to review the bid, as
it is also holding a separate bidding for freight coming from
proposals from Filipino shippers to offer possibly competitive
shipping costs.
The decision on whether NFA will buy free-on-board grains or
cost-and-freight depends on the freight price offer.
National Food Authority -- http://www.nfa.gov.ph/-- is a
government organization regulating the rice and corn industry by
stabilising grain supply and prices and maintaining food
security in cereals. The agency is headquartered in Quezon
City, Philippines.
NATIONAL POWER: SMBI Begins Marathon Hearings on Oil Spill Case
---------------------------------------------------------------
The Special Board of Marine Inquiry on Monday began a series of
hearings to investigate the grounding of a National Power
Corporation barge which caused the massive oil spill at Semirara
Island in Antique, reports The Philippine Daily Inquirer.
The four-member board has summoned Napocor representatives,
Coast Guard personnel and the captain of the tugboat that towed
the barge, The Inquirer says. The hearings are expected to last
until today.
The Troubled Company Reporter - Asia Pacific reported earlier
that a Napocor barge that carried bunker oil ran aground on
December 18, 2006, 200 meters off Semirara after encountering
huge waves and strong winds.
According to the report, the spilled bunker fuel has
contaminated 236 hectares of mangroves and 40 square kilomter of
marine life near Semirara Island. The spill, which contaminated
fish sanctuaries and damaged sea grasses and coral reefs, has
affected at least 10,000 residents.
Meanwhile, the Philippine Coast Guard revealed that the oil
spill has reached 364,120 liters or around on a third of the
total 874,570 liters carried by the power barge, The Inquirer
states. The Coast Guard estimates were higher than the 195,000
liters reported by Napocor's field personnel.
The Coast Guard also reported that Napocor's cleanup crew in
Semirara has already collected 25,085 sacks of contaminated
material.
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, the National
Transmission Corporation.
=================
S I N G A P O R E
=================
CHINA AVIATION: Seeks Approval of Restructuring Plan at EGM
-----------------------------------------------------------
China Aviation Oil (Singapore) Corp. Limited will hold an
extraordinary general meeting on March 3, 2006, to seek approval
for its restructuring plans, Dow Jones reports.
CAO also proposes to appoint a new board of directors and adopt
new measures to improve corporate governance, according to Dow
Jones. CAO has yet to name a new chief executive officer to
manage the Company.
The restructuring plan will entail a SGD212.8 million
investment, to be provided by CAO's Chinese parent, China
Aviation Holdings Limited, and white knights BP Plc and Temasek
Holdings Pte Limited.
A full-text copy of CAO's 36-page Scheme of Arrangement is
available for free at:
http://bankrupt.com/misc/tcrap_chinaaviation0209062.pdf
A full-text copy of CAO's 92-page Circular to Shareholders is
available for free at:
http://bankrupt.com/misc/tcrap_chinaaviation0209063.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.
CIH LIMITED: Posts Loss in Third Quarter FY05
---------------------------------------------
CIH Limited posted a net loss of SGD2.22 million in the third
quarter ended December 31, 2005, against a net profit of
SGD861,000 in the same period last year.
The Company has been experiencing losses for the first and
second quarters of fiscal year 2005.
A full-text copy of CIH Limited's third quarter financial report
is available for free at:
http://bankrupt.com/misc/tcrap_cihlimited020906.pdf
Incorporated in Singapore in 1991, CIH Limited --
http://www.cihltd.com/-- is the holding company of CIHL Group
and is principally engaged in the development, manufacture and
marketing of electrical installation products. It is one of the
major suppliers of electrical installation products in Asia.
HESHE HOLDINGS: Half-Year FY05 Loss Drops 11%
---------------------------------------------
Heshe Hodlings Limited posted an 11% drop in its net loss for
the first half of fiscal year 2005. The Company's net loss for
the six months ended December 31, 3005, amounted to SGD1.16
million, as compared to a SGD1.3 million loss in the same period
in 2004.
A full-text copy of Heshe Holdings' half-year financial results
is available for free at:
http://bankrupt.com/misc/tcrap_hesheholdings020906.pdf
Heshe Holdings Limited - http://www.heshe.com.sg/-- has been an
active participant in highly competitive fields in Indonesia and
China. In its core business, the Company is engaged in property
investment and development, which comprises the building of
light industrial factory units and residential apartments.
Heshe Holdings Limited also runs the Country Manna Restaurant
chain for its innovative, creative and freshly home-cooked puff
pastry soup.
H. M. COLMAR: To Distribute Dividend in March
---------------------------------------------
H. M. Colmar Pte Limited is preparing to declare a dividend to
its creditors.
Creditors of the Company are required to submit formal proofs of
claim by March 8, 2006, to its liquidator:
Patrick Tay Kim Chuan
c/o BDO Raffles,
5 Shenton Way, #07-01 UIC Building,
Singapore 068808.
Failure to submit proofs of claim will exclude creditors from
the benefit of the dividend distribution.
UNITED GINSENG: Creditors' Claims Due on March 8
------------------------------------------------
Creditors of United Ginseng Importers & Exporters (Singapore)
Pte Limited are required to submit their formal proofs of claim
by March 8, 2006, to liquidators Chee Yoh Chuang and Lim Lee
Meng, at 18 Cross Street, #08-01 Marsh & McLennan Center, in
Singapore 048423, in order to participate in the Company's
dividend distribution.
Failure to comply with this requirement will exclude creditors
from the benefit of the dividend.
===============
T H A I L A N D
===============
THAI AIRWAYS: Board Appoints S. Engtrakul Acting President
---------------------------------------------------------
At a meeting of the Board of Directors of Thai Airways
International Public Company Limited on February 8, 2006,
Somchainuk Engtrakul was permitted to act as president of the
Company for three months starting February 11, 2006.
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.
THAI AIRWAYS: Transport Ministry Orders Cargo Load Increase
-----------------------------------------------------------
The management of Thai Airways International was directed by the
Transport Ministry to increase its share of the air cargo market
to 50%, The Nation reports.
Minister Phumtam Wechayachai believes that by increasing Thai
Airways' cargo load, the country would be able to meet its goal
of becoming a regional aviation hub.
Thai Air's cargo and mail commercial department was charged with
drawing up a new cargo business plan, which would be submitted
to the ministry, the department's managing director, Chanchai
Singtoroj, told the paper. However, the number of additional
cargo aircraft will depend on whether they will be worth the
cost.
"It should not be too hard to improve the airline's cargo
business because it has cargo alliances with more than 70
international airlines worldwide," Mr. Chanchai said, adding
that the cargo area at the new Suvarnabhumi International
Airport was about three times larger than at Don Muang Airport.
Thai Airways cargo business produces an average of THB38 billion
a year, or about 30% of the total cargo business market value.
Thai Airways' cargo load is 343,000 tonnes a year or 31% of the
1.1 million-tonne cargo market.
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.
* Large Companies With Insolvent Balance Sheets
-----------------------------------------------
Total
Shareholders Total
Equity Assets
Company Ticker ($MM) ($MM)
------ ------ ------------ ------
CHINA & HONG KONG
-----------------
Guangdong Meiya Group Co. Ltd. 000529 27.43 178.19
Guangdong Sunrise
Group Co. Ltd-A 000030 (-182.94) 35.98
Guangdong Sunrise
Group Co. Ltd-B 200030 (-182.94) 35.98
Hainan Dadong-A 000613 (-6.63) 17.81
Hainan Dadong-B 200613 (-6.63) 17.81
Heilongjiang Black Dragon
Co. Ltd. 600187 (-29.45) 153.92
Shenz China Bi-A 000017 (-206.90) 50.08
Shenz China Bi-B 200017 (-206.90) 50.08
Xinjiang Tunhe Investment
Co. Ltd. 600737 47.57 476.47
INDONESIA
---------
Barito Pacific Timber Tbk Pt BRPT (-62.86) 360.72
MALAYSIA
--------
Kemayan Corp Bhd KOP (-353.12) 84.89
Lityan Holdings Bhd IT (-8.43) 28.86
Panglobal Bhd PGL (-50.36) 189.92
PSC Industries Bhd PSC 51.63 639.35
PHILIPPINES
-----------
Pilipino Telephone Co. PLTL (-159.78) 280.22
SINGAPORE
---------
China Aviation Oil (Singapore)
Corporation AO 132.64 351.87
Informatics Holdings Ltd INFO (-6.73) 27.59
Lindeteves-Jacoberg Limited LG 39.61 332.07
Pacific Century Regional PAC (-145.53) 1289.71
THAILAND
--------
Asia Hotel PCL ASIA (-30.12) 101.17
Asia Hotel PCL ASIA/F (-30.12) 101.17
Bangkok Rubber PCL BRC (-57.11) 78.78
Bangkok Rubber PCL BRC/F (-57.11) 78.78
Central Paper Industry PCL CPICO (-37.02) 40.41
Central Paper Industry PCL CPICO/F (-37.02) 40.41
Circuit Elect PCL CIRKIT (-25.89) 61.30
Circuit Elect PCL CIRKIT/F (-25.89) 61.30
Datamat PCL DTM (-1.72) 17.55
Datamat PCL DTM/F (-1.72) 17.55
National Fertilizer PCL NFC 70.66 142.61
National Fertilizer PCL NFC/F 70.66 142.61
Siam Agro-Industry Pineapple
And Others PCL SAICO (-14.71) 13.38
Siam Agro-Industry Pineapple
And Others PCL SAIC0/F (-14.71) 13.38
Thai Wah Public
Company Limited-F TWC (-47.01) 158.87
Thai Wah Public
Company Limited-F TWC/F (-47.01) 158.87
*********
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.
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