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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, May 12, 2006, Vol. 9, No. 094
Headlines
A U S T R A L I A & N E W Z E A L A N D
ADABRI PTY: To Hold Final Meeting Today
CATHEDRAL HOLDINGS: Creditors Proofs of Claim Due on May 31
CHRISTIES NORTHLANDS: Proofs of Claim Welcome Until May 31
DATAFLOW COMPUTER: Receiver Steps Aside
G&M MAKRIGIANNIS: Members Agree to Wind Up Firm
GOLDEN PROSPECTS: Creditors' Proofs of Claim Due on May 26
GRACE LIONS: Stone Cold Lodges Liquidation Petition
HI-TECH INSTALLATIONS: Enters Voluntary Liquidation
I.R. EDWARDS EMPLOYMENT: Court to Hear Liquidation Bid on June 2
JAMES HARDIE: Gregory Clark Steps Down From Board
JET LEASING: Members Agree on Liquidation
JULY PTY: Court Issues Wind-up Order
KARRI OAK: Set to Declare Dividend on May 16
KERNEYS TYRES: Creditors Opt to Close Firm
OCCIDENTAL CHEMICAL: To Declare Final Dividend on May 12
MITSOU PTY: Members and Creditors to Receive Wind-up Report
NATIONAL AUSTRALIA: Half-Year Profit Drops 27.7%
NATIONAL AUSTRALIA: Considers Acquiring Assets in United Kingdom
NATIONAL FINANCE 2000: Investors Face Losses as Firm Collapses
NATIONAL FINANCE 2000: S&P Cautions NZ Finance Company Investors
PKD CONSTRUCTIONS: Appoints Official Liquidators
R RASING: Faces Liquidation Proceeding
RAJ STEEL: Liquidation Petition Hearing Set on June 8
RAUTARA HOLDINGS: Liquidator to Receive Claims Until May 31
SHELLWAY PTY: To Distribute Dividend on May 12
SHOUT IT OUT: Winds Up Business
SOUTH COAST BRICKLAYING: Liquidator to Present Wind-up Report
TRANSFORMATIONS NZ: Faces Liquidation Proceedings
WALERI NOMINEES: Members and Creditors Convene in Final Meeting
WESTPOINT FINANCE: Begins Wind-up Proceedings
C H I N A & H O N G K O N G
AMOY INDUSTRIES: Members Hold Final General Meeting on May 22
ARTHUR YEN COMPANY: Liquidator Ceases to Act for Company
CONACAN COMPANY: Final Members' Meeting Set on June 9
CRESVALE FINANCE: Final Meetings Slated for June 8
CRESVALE FUTURES: Creditors and Members to Meet on June 8
DRS. SHENG: Members to Hear Liquidator's Wind-up Report May 22
ETERNAL GLORY: Wind-up Petition Hearing Set on May 24
FAR EAST (CHINA): Members to Hold Final Meeting on May 13
FILA MARKETING: Members' Final Meeting Set on June 5
FU SHING REALTY: Creditors' Proofs of Debt Due on May 19
GLOBAL NET: Special Resolution Appoints Liquidator
GIA INDUSTRIAL: Creditors' Proofs of Claim Due on June 21
HINTONS PROPERTIES: Creditors Must Prove Debts by June 5
HONG KONG ENGINEERING: Chan Ceases to Act as Liquidator
HUNG HING: Final Meeting Slated for May 30
INSIGNIA CAPITAL: Joint Liquidators Cease to Act for Company
INTEGER (H.K.) PAVILION: Liquidators to Present Wind-up Report
KAM REAL ESTATE: Appoints Official Liquidator
KAM KIU: Creditors Have Until June 14 to Prove Claims
LG.PHILIPS DISPLAYS: Rules Out Sale of Asian Operations
MMO HONG KONG: Shareholders Opt to Wind Up Operations
OLIVER-DAVEY: Appoints Official Liquidator
PRINCETON ECONOMICS: Creditors and Members to Meet on June 8
QUICK REACH: Commences Winding Up Proceedings
QUOMARK LIMTED: Final Meeting Set on May 22
SOUND SPARK: Creditors' Proofs of Debt Due on June 14
SUCCESS CALL: Creditors Must Submit Claims by May 19
VIMAK TRADING: Liquidator to Present Wind-up Report May 30
WAYFORD DEVELOPMENT: Cheng Appointed as Liquidator
WELL VICTORY: Liquidator to Issue Wind-up Report
WOL COMMUNICATIONS: Final Meetings Slated for May 23
I N D I A
BHARAT PETROLEUM: Taps NCR for Retail Automation Project
BHARAT PETROLEUM: Buys Crude for June and July Deliveries
FEDDERS CORPORATION: Annual Stockholders Meeting Set for June 20
I N D O N E S I A
PERTAMINA: To Sell Biodiesel Oil in Jakarta
PERTAMINA: Unit Elnusa Seeks New Investors for Refinery
J A P A N
JAPAN AIRLINES: Posts JPY47 Billion Loss on Rising Fuel Costs
JAPAN AIRLINES: Denies Report of Plan to Sell New Shares
LIVEDOOR COMPANY: Ex-Founder Denies Fraud Charge
K O R E A
DAEWOO GROUP: Founder Faces 15 Years in Jail
HYUNDAI MOTOR: Raises Automobile Prices in U.S. by 4.5%
HYUNDAI MOTOR: Farmers' Bank Chief Held in Hyundai Graft Probe
M A L A Y S I A
HARVEST COURT: Provides Updates on Loan Default
KUMPULAN BELTON: Shareholders' Equity Falls Short of Requirement
MALAYSIA AIRLINES: Prepares Separation Package for Staff
MALAYSIA AIRLINES: Ties up with SITA for New Service System
PAXELENT CORPORATION: Triggers Three PN17 Criteria
PAXELENT CORPORATION: Defaults on MYR48-Million Debt
PILECON ENGINEERING: Seeks to Avail of Transitional Provision
POHMAY HOLDINGS: Bourse to Delist Securities on May 19
POLYMATE HOLDINGS: Updates on Units' Default Status
TENGGARA OIL: Ordered to Regularize Financial Condition
P H I L I P P I N E S
ABOITIZ TRANSPORT: Reports PHP192.4 Million Quarterly Net Loss
NATIONAL POWER: Prepares to Pay Damages to Semirara Residents
S I N G A P O R E
INFORMATICS HOLDINGS: Unveils Changes to Board Committees
INTEGRATED BUSINESS SOLUTIONS: Wind-up Process Initiated
KT OH GENERAL: Goes Through Wind-Up Proceedings
MINDMAKER PTE: Court to Hear Wind-up Petition on May 19
T H A I L A N D
BANK OF AYUDHYA: Fitch Upgrades IDR Ratings to 'BB+' from 'BB'
DAIDOMON GROUP: Appoints Auditor to Review Financial Statements
EASTERN PRINTING: SET Allows Trading and Transfers of Security
NFC FERTILIZER: Seeks Clarification on Fertilizer Feasibility
* Large Companies With Insolvent Balance Sheets
- - - - - - - -
============================================
A U S T R A L I A & N E W Z E A L A N D
============================================
ADABRI PTY: To Hold Final Meeting Today
---------------------------------------
The members and creditors of Adabri Pty Limited will convene
today, May 11, 2006, to receive Liquidator Peter P. Krecji's
account regarding the Company's completed wind-up and disposal
of its property.
Contact: Peter P. Krecji
Liquidator
GHK Green Krejci
Level 9, 179 Elizabeth Street
Sydney, New South Wales 2000
Australia
CATHEDRAL HOLDINGS: Creditors Proofs of Claim Due on May 31
-----------------------------------------------------------
The liquidator of Cathedral Holdings Ltd require the Company's
creditors to submit their proofs of claim on or before May 31,
2006.
Failure to comply with the requirement will exclude any creditor
from sharing in any distribution the Company will make.
Contact: Glen Allan Stapley
Liquidator
PO Box 2056, Christchurch,
New Zealand
Telephone: (03) 365 0768
Facsimile: (03) 365 2362
CHRISTIES NORTHLANDS: Proofs of Claim Welcome Until May 31
----------------------------------------------------------
Warwick John Ainger and Mark John O'Reilly, joint and several
liquidators for Christies Northlands Ltd, require the Company's
creditors to submit their proofs of claim on or before May 31,
2006.
Contact: Mark O'Reilly
Ainger Tomlin, Chartered Accountants
1/F., AMI Building, 116 Riccarton Rd
Christchurch, New Zealand
Telephone: (03) 343 0046
Facsimile: (03) 348 9312
DATAFLOW COMPUTER: Receiver Steps Aside
---------------------------------------
Martin Madden ceased as receiver and manager of the property of
Dataflow Computer Services Pty Limited.
Mr. Madden was previously appointed as receiver of the Company
on May 31, 2000.
G&M MAKRIGIANNIS: Members Agree to Wind Up Firm
-----------------------------------------------
The members of G&M Makrigiannis Pty Limited, at a general
meeting on March 30, 2006, decided to close the Company's
business voluntarily.
In this regard, Con Kokkinos was appointed as liquidator.
Contact: Con Kokkinos
Liquidator
O' Keefe Walton Richwol Chartered Accountants
Suite 3, 431 Burke Road
Glen Iris 3146, Australia
GOLDEN PROSPECTS: Creditors' Proofs of Claim Due on May 26
----------------------------------------------------------
Jeffrey Philip Meltzer and Michael Lamacraft were appointed
joint and several liquidators of Golden Prospects Limited on
April 27, 2006.
The Liquidators require the Company's creditors to submit their
proofs of claim on or before May 26, 2006.
Failure to comply with the requirement will exclude any creditor
from sharing in any distribution the Company will make.
Contact: M. Lamacraft
Liquidator
Meltzer Mason Heath, Accountants
PO Box 6302, Wellesley Street,
Auckland, New Zealand
Telephone: (09) 357 6150
Facsimile: (09) 357 6152
GRACE LIONS: Stone Cold Lodges Liquidation Petition
---------------------------------------------------
An application to put Grace Lions Limited into liquidation will
be heard before the High Court at Palmerston North on May 15,
2006 at 10:00 a.m.
The High Court received the application from Stone Cold
Distributors Limited on March 19, 2006.
Parties wishing to appear at the hearing must file an appearance
not later than May 11, 2006.
Contact: Malcolm David Whitlock
Whitlock & Co
C/O Level 2, Baycorp House
15 Hopetoun Street, Auckland
New Zealand
HI-TECH INSTALLATIONS: Enters Voluntary Liquidation
---------------------------------------------------
Members of Hi-Tech Installations Pty Limited held a general
meeting on March 29, 2006, and agreed to:
-- voluntarily wind up the Company's business operations; and
-- appoint Anthony William James and Austin Robert Meerten
Taylor as liquidator.
Contact: Anthony W. James
Austin R. M. Taylor
Joint & Several Liquidators
Meertens Chartered Accountants
Level 10, 68 Grenfell Street
Adelaide, South Australia 5000
Australia
Telephone: (08) 8418 8900
Fax: (08) 8232 5077
I.R. EDWARDS EMPLOYMENT: Court to Hear Liquidation Bid on June 2
----------------------------------------------------------------
The Commissioner of Inland Revenue, on March 6, 2006, filed an
application to liquidate I.R. Edwards Employment Solutions Ltd
before the High Court at Gisborne.
The application will be heard before the Court on June 2, 2006,
at 9:00 a.m.
Parties wishing to appear at the hearing must file an appearance
not later than May 31, 2006.
Contact: R. J. Collins
Solicitor for the Plaintiff
Elvidge & Partners, Solicitors
Corner Raffles and Bower Streets
Napier, New Zealand
JAMES HARDIE: Gregory Clark Steps Down From Board
-------------------------------------------------
Gregory Clark has resigned from the Supervisory and Joint Boards
of James Hardie Industries NV, Aggregate Research reports,
citing the Company's Chairman of the Board, Meredith Hellicar.
Mr. Clark joined the Board in July 2002. He has advised the
Board that he has other interests he wants to pursue.
Ms. Hellicar stated that, "[w]ith the signing of the Final
Funding Agreement last December and progress in the on-going
work to resolve issues associated with our voluntary asbestos
funding proposal, [Mr. Clark] feels that now is an appropriate
time to depart."
In announcing Mr Clark's resignation, Ms. Hellicar confirmed
that the Board is well advanced in its search for new directors
who have relevant business, financial and board experience in
both the United States and Europe, and the personal qualities
and values important for contributing to the balanced
composition of the Board.
About James Hardie
James Hardie Industries Limited -- http://www.jameshardie.com/-
- manufactures, markets and distributes fiber cement and gypsum
products, fiberglass reinforced plastic and PVC products,
sanitary ware and bathroom products, insulating materials and
fillers, strippers and adhesives. After beginning Australian
operations in 1888, it reincorporated into a Netherlands-based
company in 2001 to focus on its American growth businesses.
Nearly 80% of its sales are in North America. The Company's
troubles began with its "under-funded" allocation for asbestos
claims, which were brought in by people who suffer or may have
diseases caused by exposure to the asbestos-related products
produced by James Hardie. In 2001, James Hardie set up an
independent entity, Medical Research and Compensation
Foundation, to handle asbestos claims. The Foundation has
warned that it could run out of money within five years. The
Asbestos Diseases Foundation of Australia and workers unions
called for all the Company's asbestos profits to be immediately
placed in the fund. James Hardie was later accused of topping
up the dwindling asbestos fund it established. By 2004, James
Hardie's former asbestos manufacturing subsidiaries, Amaca and
Amaba, are two of around 150 defendants in asbestos litigation,
and based on the Foundation's own figures, they account for
US$1,000,000,000 of the predicted US$6,000,000,000 future
liabilities in Australia. Although James Hardie stopped making
asbestos products in 1987, the average 35-year latency of
mesothelioma, an asbestos-related disease, means asbestos
compensation funds will be needed until mid-century. In a 2005
report by a Company-hired actuary from KPMG, it was predicted
that 4,915 Australians would contract mesothelioma from exposure
to Hardie products in the coming decades. When less serious
forms of asbestos-related disease are included, James Hardie
should expect to compensate 8,725 victims.
JET LEASING: Members Agree on Liquidation
-----------------------------------------
The members of Jet Leasing Pty Limited met on March 27, 2006,
and decided to liquidate the Company's operations.
They also appointed David Clement Pratt and Timothy James Cuming
as liquidator for the wind-up.
Contact: Timothy J. Cuming
David C. Pratt
Liquidators
Level 15, 201 Sussex Street
Sydney, New South Wales 1171
Australia
JULY PTY: Court Issues Wind-up Order
------------------------------------
The Federal Court of Australia issued a wind-up order against
July Pty Limited on March 24, 2006, and appointed Stephen James
Parbery to act as liquidator.
Contact: Stephen J. Parbery
Liquidator
PPB Chartered Accountants
and Business Reconstruction Specialists
15th Floor, 25 Bligh Street
Sydney, New South Wales 2000
Australia
Telephone: (02) 9233 4955
Fax: (02) 9221 1310
KARRI OAK: Set to Declare Dividend on May 16
--------------------------------------------
Karri Oak Limited will declare a dividend on May 16, 2006.
Creditors who were not able to prove their claims are excluded
from participating in the dividend distribution.
Contact: Bryan Hughes
Liquidator
c/o Pitcher Partners
PO Box 7191, Cloisters Square
Western Australia 6850
Australia
Telephone: (08) 9322 2022
Fax: (08) 9322 1262
KERNEYS TYRES: Creditors Opt to Close Firm
------------------------------------------
The creditors of Kerneys Tyres Pty Limited convened on
March 27, 2006, and decided to shut down the Company's business
operations.
Martin John Green and Peter Paul Krecji were subsequently
appointed as joint liquidators.
Contact: Martin J. Green
Peter P. Krecji
Liquidators
GHK Green Krejci
Level 9, 179 Elizabeth Street
Sydney, New South Wales 2000
Australia
OCCIDENTAL CHEMICAL: To Declare Final Dividend on May 12
--------------------------------------------------------
Occidental Chemical Corporation (Australia) Pty Limited will
declare its final dividend on May 12, 2006, to the exclusion of
creditors who were not able to prove their claims.
Contact: Keiran Hutchison
Liquidator
Ernst & Young
Level 37, 680 George Street
Sydney, New South Wales 2000
Australia
Telephone: 02 9248 5862
MITSOU PTY: Members and Creditors to Receive Wind-up Report
-----------------------------------------------------------
A final meeting of the members and creditors of Mitsou Pty
Limited will be held today, May 11, 2006, for the parties to
receive an account of the manner of the Company's wind-up and
property disposal from Liquidator Peter P. Krecji.
Contact: Peter P. Krecji
Liquidator
GHK Green Krejci
Level 9, 179 Elizabeth Street
Sydney, New South Wales 2000
Australia
NATIONAL AUSTRALIA: Half-Year Profit Drops 27.7%
------------------------------------------------
National Australia Bank reported a net profit of AU$1.99 billion
for the six months ended March 31, 2006. The current figure is
a 27.7% fall from the AU$2.76 billion net profit the bank posted
for the same period in 2005.
NAB's cash profit, which excludes one-off items and adjustments,
rose 11.4% to AU$1.84 billion on growth in business borrowings.
NAB said that last year's results benefited from a gain of
AU$1.1 billion from the sale of its National Irish Bank and
Northern Bank to Denmark's Danske Bank.
NAB plans to increase business lending by an additional AU$12
billion, or 14% of its total loans to companies in Australia, as
miners and manufacturers spend more on expansion, Bloomberg News
relates.
According to Real Time Traders News, NAB's AU$1.84 billion cash
earnings in the first half was almost the same as the AU$1.85
billion it recorded for the same period two years ago before its
profits were hit by the foreign exchange trading scandal in
early 2004. Net interest margin, a measure of profitability,
increased in the first six months to 2.31% from 2.12% for the
same period last year. The bank attributed this to accounting
changes and reduction in low margin assets in several
businesses.
According to NAB Chief Executive Officer John Stewart, the
biggest threat to the bank's growth was from within the business
rather than from outside. Pointing to the recent interest rate
hike, he said that while the bank remained comfortable with the
global economic outlook, it was concerned about the risks to
growth and inflation in its core business regions Australia, New
Zealand and the United Kingdom.
Mr. Stewart also noted that NAB was progressing in its work to
fulfill the list of 81 requirements set by the financial
regulator related to the foreign exchange issue. He said that
only 11 requirements remained and were expected to be completed
by the end of 2006.
In addition, RTT News says, NAB is halfway through the 4,700 job
cuts it has charted out for its global operations. NAB had
indicated that there have been 1,280 redundancies in Australia
until the end of March 2006 and a further 968 would be cut,
during the remainder of the restructuring program, over the next
12 months.
* * *
National Australia Bank Limited -- http://wwww.national.com.au/
-- is an international banking group, which operates in
Australia, New Zealand, Europe, Asia, and the United States.
The Group offers banking services; credit and access card
facilities; leasing, housing and general finance; international
and investment banking; wealth and funds management; life
insurance; and custodian, trustee and nominee services.
In January 2004, NAB announced that it had identified AU$326
million in losses relating to unauthorized trading in foreign
currency options. In the investigation of those losses, NAB
found out that there were significant issues in relation to risk
systems, procedures and organizational culture.
NAB is undertaking a three-year revival program after the
foreign exchange trading scandal, which cost it several profit
downgrades in 2005 that hammered its share price. Part of its
revival scheme is to cut costs by slashing 11% of its total
workforce in the next two years. As of May 2006, NAB disclosed
that it is "half-way" through eliminating 4,662 jobs worldwide.
In February 2006, NAB said that it has turned around, was
"moving ahead," and its post-recovery phase was under way.
NATIONAL AUSTRALIA: Considers Acquiring Assets in United Kingdom
----------------------------------------------------------------
National Australia Bank Ltd is considering making acquisitions
in the United Kingdom, the Sydney Morning Herald reports, citing
NAB chief executive officer John Stewart. Mr. Stewart disclosed
that the bank was considering all possibilities for the future
of its presence in the UK, such as making a large acquisition to
exiting the market altogether.
The Australian Associated Press recounts that NAB owns the
Clydesdale and Yorkshire banks in the UK, which have been
undergoing major restructures including the slashing of
thousands of jobs.
According to the Sydney Herald, NAB's UK business lifted cash
earnings by 12.2% to AU$257 million in the first half of
compared to the second half of fiscal year 2004/05.
Mr. Stewart said that he expects NAB's UK interests to take
about a year longer to become "truly competitive" than the rest
of the group. However, he said that he was very happy with the
progress there.
* * *
National Australia Bank Limited -- http://wwww.national.com.au/
-- is an international banking group, which operates in
Australia, New Zealand, Europe, Asia, and the United States.
The Group offers banking services; credit and access card
facilities; leasing, housing and general finance; international
and investment banking; wealth and funds management; life
insurance; and custodian, trustee and nominee services.
In January 2004, NAB announced that it had identified AU$326
million in losses relating to unauthorized trading in foreign
currency options. In the investigation of those losses, NAB
found out that there were significant issues in relation to risk
systems, procedures and organizational culture.
NAB is undertaking a three-year revival program after the
foreign exchange trading scandal, which cost it several profit
downgrades in 2005 that hammered its share price. Part of its
revival scheme is to cut costs by slashing 11% of its total
workforce in the next two years. As of May 2006, NAB disclosed
that it is "half-way" through eliminating 4,662 jobs worldwide.
In February 2006, NAB said that it has turned around, was
"moving ahead," and its post-recovery phase was under way.
NATIONAL FINANCE 2000: Investors Face Losses as Firm Collapses
--------------------------------------------------------------
National Finance 2000 went into receivership on May 9, 2006,
after failing to meet asset-to-debt ratios, The Independent
reported.
According to National Business Review, thousands of investors
are now facing millions of dollars in losses due to the auto
finance company's collapse.
According to the reports, National Finance is the first major
finance company to collapse in recent years and has re-ignited
fears of a wider rout in a sector weighed down by debt following
several years of strong economic growth. Depositrates.co noted
that accounting firm KPMG had earlier warned of a shake-out in
the finance lending industry, due to the slowing economy and
slowing property market, in its annual survey of financial
institutions.
National Finance's managing director, Allan Ludlow, shouldered
the blame for the Company's collapse, but assures that he will
work closely with the trustee-appointed receivers, John Waller
and Colin McCloy of PricewaterhouseCoopers, to get the maximum
amount of money back for investors.
The company's trustee is Covenant Trustee Company.
Business Review says that National Finance's troubles escalated
when Nichibo Motor Company of Japan, the supplier of Mr.
Ludlow's struggling used car operation, Payless Car, lost
patience over debts of up to NZ$3 million. Those debts prompted
Mr. Ludlow to launch a prime-time ad campaign to seduce
potential National Finance investors with an offer of 10%
debenture stock.
According to Business Review, the last published figure for
debenture stock issued by National Finance 2000 was NZ$19.2
million as at March 2005 -- a 50% increase compared to the
previous year.
One Payless employee told the Business Review that Mr. Ludlow
"hasn't been able to make the mortgage repayments, or pay the
rent, and he's been using money from National Finance to stack
up the car yards."
NATIONAL FINANCE 2000: S&P Cautions NZ Finance Company Investors
----------------------------------------------------------------
Standard & Poor's Ratings Services said that the recent
appointment of receivers to New Zealand-based finance company
National Finance 2000 -- not rated -- shows that parts of New
Zealand's non-bank financial institutions sector exhibit high
risk.
"Transparency of companies in this sector remains low, with
debenture holders experiencing difficulty in identifying
relevant benchmarks to guide their investments," said Standard &
Poor's credit analyst Craig Bennett, Financial Services Ratings.
"Our view remains that there are many companies in this sector
that are vulnerable to a change in industry or economic
conditions."
Standard & Poor's continues its research of the NZ NBFI sector,
especially the credit quality of its larger participants. "We
expect the larger, more diversified and better capitalized
entities to survive sudden adverse economic conditions," added
Mr. Bennett.
Standard & Poor's research, together with its credit ratings,
plays an important role in both guiding investors to better
understand their investment risks and improving the general
level of transparency of market participants. "Standard &
Poor's will continue to expand its analysis and opinions on
finance companies, as well as commentary on the broader sector",
added Mr. Bennett.
PKD CONSTRUCTIONS: Appoints Official Liquidators
------------------------------------------------
Anthony Warner and Clifford Sanderson were, on March 29, 2006,
appointed as liquidators in the wind-up of PKD Constructions Pty
Limited.
Contact: Clifford Sanderson
Anthony Warner
Liquidators
CRS Warner Sanderson
Level 5, 30 Clarence Street
Sydney, New South Wales 2000
Australia
R RASING: Faces Liquidation Proceeding
--------------------------------------
An application to put R Rasing Limited into liquidation will be
heard before the High Court of Auckland on June 15, 2006, at
10:45 a.m.
The High Court received the application from the Commissioner of
Inland Revenue on March 30, 2006.
Parties wishing to appear at the hearing must file an appearance
not later than June 13, 2006.
Contact: Geraldine Ann Ryan
Solicitor for the Plaintiff
Auckland Service Centre
17 Putney Way, Manukau City
New Zealand
Telephone: (09)984 2002
RAJ STEEL: Liquidation Petition Hearing Set on June 8
-----------------------------------------------------
The High Court of Auckland will hear an application to liquidate
Raj Steel Fixers Ltd on June 8, 2006.
The Commissioner of Inland Revenue filed the wind-up petition
before the Court on March 30, 2006.
Parties, other than the defendant Company, wishing to appear at
the hearing are required to file an appearance not later than
June 6, 2006.
Contact: Geraldine Ann Ryan
Solicitor for the Plaintiff
Auckland Service Centre
17 Putney Way, Manukau City
New Zealand
Telephone: (09) 984 2002
RAUTARA HOLDINGS: Liquidator to Receive Claims Until May 31
-----------------------------------------------------------
The Joint and Several Liquidators of Rautara Holdings Limited
require the Company's creditors to submit their proofs of claim
on or before May 31, 2006.
Failure to comply with the requirement will exclude any creditor
from sharing in any distribution the Company will make.
Contact: Peri Finnigan
McDonald Vague
Wellesley Street, Auckland
New Zealand
Telephone: (09) 303 0506
Facsimile: (09) 303 0508
Web site: www.mvp.co.nz
SHELLWAY PTY: To Distribute Dividend on May 12
----------------------------------------------
Shellway Pty Limited will distribute a final dividend on May 12,
2006.
Creditors who were not able to prove their claims are excluded
from sharing in any distribution the Company will make.
Contact: John Gibbons
Liquidator
Ernst & Young
Level 37, 680 George Street
Sydney, New South Wales 2000
Australia
Telephone: (02) 9248 4124
SHOUT IT OUT: Winds Up Business
-------------------------------
The members and creditors of Shout It Out Loud Promotions Pty
Limited convened at a meeting on March 29, 2006.
During the meeting, they concurred that a wind-up of the
Company's operations is appropriate and necessary.
Gideon Isaac Rathner and David John Coyne were named liquidators
for the wind-up.
Contact: David J. Coyne
Gideon I. Rathner
Liquidators
Lowe Lippmann
5 St. Kilda Road, St. Kilda
Victoria 3182, Australia
SOUTH COAST BRICKLAYING: Liquidator to Present Wind-up Report
-------------------------------------------------------------
Members of South Coast Bricklaying Pty Limited will hold a
meeting today, May 11, 2006, for them to get an account of the
manner of the Company's wind-up and property disposal from
Liquidator Geoffrey Reidy.
Contact: Geoffrey Reidy
Liquidator
Rodgers Reidy
Level 8, 333 George Street
Sydney, New South Wales 2000
Australia
TRANSFORMATIONS NZ: Faces Liquidation Proceedings
-------------------------------------------------
The Commissioner of Inland Revenue, on March 23, 2006, lodged
before the High Court of Auckland an application to have
Transformations NZ Ltd liquidated.
The High Court will hear the application on June 15, 2006, at
10:00 a.m.
Parties wishing to appear at the hearing must file an appearance
not later than June 13, 2006.
Contact: Geraldine Ann Ryan
Solicitor for the Plaintiff
Auckland Service Centre
17 Putney Way, Manukau City
New Zealand
Telephone: (09)984 2002
WALERI NOMINEES: Members and Creditors Convene in Final Meeting
---------------------------------------------------------------
A final meeting of the members and creditors Waleri Nominees Pty
Limited will be held today, May 11, 2006, for the parties to
receive an account of the manner of the Company's wind-up and
property disposal from Liquidator John Lindholm.
Contact: John Lindholm
Liquidator
Ferrier Hodgson
Level 29, 600 Bourke Street
Melbourne, Victoria 3000
Australia
WESTPOINT FINANCE: Begins Wind-up Proceedings
---------------------------------------------
The creditors of Westpoint Finance Pty Limited convened on
March 27, 2006, and decided to wind up the Company's operations
voluntarily.
Gess Michael Rambaldi and A. R. Yeo were named liquidators for
the wind-up.
Contact: Gess M. Rambaldi
A. R. Yeo
Liquidators
Pitcher Partners
Level 19, 15 William Street
Melbourne, Victoria 3000
Australia
================================
C H I N A & H O N G K O N G
================================
AMOY INDUSTRIES: Members Hold Final General Meeting on May 22
-------------------------------------------------------------
The members of Amoy Industries (International) Limited will
gather on May 22, 2006, for a final general meeting at:
Level 28, Three Pacific Place
1 Queen's Road East, Hong Kong
During the meeting, Liquidator Peng Qin will present his
accounts on the Company's voluntary winding up.
ARTHUR YEN COMPANY: Liquidator Ceases to Act for Company
--------------------------------------------------------
Chan Sek Kwan Rays ceased to act as liquidator for Arthur Yen
Company Ltd on April 22, 2006.
CONACAN COMPANY: Final Members' Meeting Set on June 9
-----------------------------------------------------
Members of Conacan Company Ltd will meet for its final meeting
at 8/F., Wing On Centre, 111 Connaught Road, in Central, Hong
Kong, on June 9, 2006, at 2:30 p.m.
At the meeting, the Company's liquidator will present an account
showing the manner in which the winding up has been conducted
and in which the Company's property had been disposed of.
CRESVALE FINANCE: Final Meetings Slated for June 8
--------------------------------------------------
The final meeting of members and creditors of Cresvale Finance
Limited will be held at 20th Floor, Prince's Building, 10 Chater
Road, in Central, Hong Kong, on June 8, 2006, at 9:00 a.m. and
10:00 a.m., respectively.
At the meetings, the Company's liquidator will report on how the
Company's winding up was conducted and its property disposed of.
CRESVALE FUTURES: Creditors and Members to Meet on June 8
---------------------------------------------------------
Members of Cresvale Futures Asia Limited will hold its final
meeting on June 8, 2006, at 20th Floor, Prince's Building, 10
Chater Road, in Central, Hong Kong, at 2:00 p.m. A creditors'
meeting will follow at 3:00 p.m.
At the meeting, Liquidator Joanne Oswin will present her reports
on the conduct of the Company's winding up.
DRS. SHENG: Members to Hear Liquidator's Wind-up Report May 22
--------------------------------------------------------------
The final general meeting of Drs. Sheng Wang Missionary
Institute Limited will be held on May 22, 2006.
At the meeting, the members will receive Liquidator Ngai Shuk
Wan Stephenie's final account showing how the Company was wound
up and its property disposed of.
Contact: Ngai Shuk Wan Stephenie
Liquidator
Shops 107-8
Hop Yick Commercial Centre
33 Hop Choi Street
Yuen Long, New Territories
Hong Kong
ETERNAL GLORY: Wind-up Petition Hearing Set on May 24
-----------------------------------------------------
On March 27, 2006, the High Court of Hong Kong received an
application from Leung Hei Wan to wind up Eternal Glory
International Limited.
The High Court will hear the Petition on May 24, 2006, at 9:30
a.m.
Any person who wishes to appear on the hearing must file an
appearance not later than May 23, 2006.
Contact: Betty Chan
34/F., Hopewell Centre
183 Queen's Road East
Wanchai, Hong Kong
FAR EAST (CHINA): Members to Hold Final Meeting on May 13
---------------------------------------------------------
The members of Far East (China) Investment Limited will gather
on May 13, 2006, for its annual general meeting at:
Suite No. A, 11th Floor,
Ritz Plaza, 122 Austin Road
Tsimshatsui, Kowloon, Hong Kong
Liquidator Ma Wing Hung's accounts on the Company's voluntary
winding will be presented during the meeting.
FILA MARKETING: Members' Final Meeting Set on June 5
----------------------------------------------------
Members of Fila Marketing (P.R.C.) Ltd will meet for its final
meeting at Level 28, Three Pacific Place, 1 Queen's Road East,
in Hong Kong, on June 5, 2006, at 10:00 a.m
FU SHING REALTY: Creditors' Proofs of Debt Due on May 19
--------------------------------------------------------
Liquidator Stephen Briscoe requires the creditors of Fu Shing
Realty Development Company Ltd to send their proofs of debt on
or before May 19, 2006.
Failure to comply with the requirement will exclude any creditor
from sharing in any distribution the Company will make.
Contact: Stephen Briscoe
5/F., Allied Kajima Building
138 Gloucester Road, Wanchai
Hong Kong
GLOBAL NET: Special Resolution Appoints Liquidator
--------------------------------------------------
Chan Wah Kie was appointed liquidator for Global Net Garment
Manufacturing Ltd, by virtue of a special resolution passed by
members of the Company on April 24, 2006.
Mr. Chan will receive creditors' proofs of claim until June 5,
2006.
Failure to comply with the requirement will exclude any creditor
from sharing in any distribution the Company will make.
Contact: Chan Wah Kie, Brian
Room 1105, Eastern Commercial Centre
393-407 Hennessy Road
Hong Kong
GIA INDUSTRIAL: Creditors' Proofs of Claim Due on June 21
---------------------------------------------------------
Creditors of Gia Industrial Limited have until June 21, 2006, to
submit their proofs of claim, as well as any information
regarding their solicitors, to Liquidator Sung Yuen Lam.
Creditors who are unable to formally prove their claims will be
excluded from any distribution the Company will make.
Contact: Sung Yuen Lam
Liquidator
Room 601 Far East Consortium Building
121 Des Voeux Road Central
Hong Kong
HINTONS PROPERTIES: Creditors Must Prove Debts by June 5
--------------------------------------------------------
Liquidators Kam Chi Kan and Yu Shi Kuen require the creditors of
Hintons Properties Ltd to send proofs of debt on or before
June 5, 2006.
Failure to comply with the requirement will exclude any creditor
from sharing in any distribution the Company will make.
Contact: Kam Chi Kan & Yu Shi Kuen
Room 801, The Centre Mark
287-299 Queen's Road, Central
Hong Kong
HONG KONG ENGINEERING: Chan Ceases to Act as Liquidator
-------------------------------------------------------
Chan Sek Kwan ceased to act in behalf of Hong Kong Engineering
Holding Ltd on April 22, 2006.
HUNG HING: Final Meeting Slated for May 30
------------------------------------------
The final meetings of the members and creditors of Hung Hing
Decoration Company Limited will be held at Suite 1304, C C Wu
Building, 302-4 Hennessy Road, in Wanchai, Hong Kong, on May 30,
2006, at 5:00 p.m. and 5:30 p.m., respectively.
At the meetings, Liquidator Kwan Pak Kong will lay an account on
how the Company's winding up was conducted and its property
disposed of.
INSIGNIA CAPITAL: Joint Liquidators Cease to Act for Company
------------------------------------------------------------
John James Toohey and Rainier Hok Chung Lam ceased to act as
joint and several liquidators of Insignia Capital Investments
(H.K.) Ltd on April 25, 2006.
INTEGER (H.K.) PAVILION: Liquidators to Present Wind-up Report
--------------------------------------------------------------
Members of Integer (H.K.) Pavilion Ltd will meet for its final
meeting at Level 28, Three Pacific Place, 1 Queen's Road East,
in Hong Kong, on June 5, 2006, at 10: a.m.
At the meeting, the liquidator of the Company will present an
account showing the manner in which the winding up has been
conducted and the property of the Company disposed of.
KAM REAL ESTATE: Appoints Official Liquidator
---------------------------------------------
Members of Kam Kiu Real Estate (China) Company Ltd, on April 24,
2006, passed a special resolution to appoint Chu Chi Wa as the
Company's liquidator.
The Liquidator requires the Company's creditors to send their
proofs of debt on or before June 14, 2006.
Failure to comply with the requirement will exclude any creditor
from sharing in any distribution the Company will make.
Contact: Chu Chi Wa
Flat B, 16/F.,
Kwong on Bank Building
Nathan Road, Mongkok
Hong Kong
KAM KIU: Creditors Have Until June 14 to Prove Claims
-----------------------------------------------------
Creditors of Kam Kiu Real Estate (China) Company Limited have
until June 14, 2006, to submit their proofs of claims, as well
as any information regarding their solicitors to Liquidator Chu
Chi Wa.
Creditors who are unable to formally prove their claims will be
excluded from any distribution.
Contact: Chu Chi Wa
Liquidator
Flat B, 16/F, Kwong On Bank
(Mongkok Branch) Building
728-730 Nathan Road, Mongkok
Hong Kong Special Administrative Region
LG.PHILIPS DISPLAYS: Rules Out Sale of Asian Operations
-------------------------------------------------------
LG.Philips Displays clarified that it has no current plans to
sell part of the company, Dow Jones Newswires relates.
The Company's statement on May 11, 2006, came after the
Financial Times reported on Wednesday that the company has begun
talks with investment banks and creditors led by JPMorgan Chase
& Co. to start restructuring its Asian operations.
However, LG.Philips confirmed that it is in "constructive
discussions" with a syndicated lenders group to support the
company's operations, and it is also evaluating strategic
options as part of a regular process.
* * *
Headquartered in Central, Hong Kong, LG Philips Displays
International Ltd. -- http://www.lgphilips-displays.com/-- is
the world's largest supplier of cathode ray tubes (CRTs) used in
televisions and computer monitors. While CRT products face
growing competition from newer flat panel technologies (LCD,
plasma, SED), they still represent a large portion of the
display market. LG.Philips Displays was formed in 2001 when
Philips Electronics and LG Electronics merged their picture tube
operations. Another joint venture between the companies,
LG.Philips LCD, makes liquid crystal display products.
MMO HONG KONG: Shareholders Opt to Wind Up Operations
-----------------------------------------------------
Shareholders of MMO Hong Kong Limited resolved on April 24,
2006, that the Company's operations be wound up voluntarily.
Subsequently, Lai Kar Yan and Daraqch E. Haughey were appointed
as joint liquidators.
The Liquidators are authorized to divide any part of the
company's assets in their own discretion.
In this regard, the Liquidators require the Company's creditors
to send in their proofs of claim until June 5, 2006. Failure to
comply with the requirement will exclude any creditor from
sharing in any distribution the Company will make.
Contact: Lai Kar Yan (Derek)
Darach E. Haughey
Joint Liquidators
26th Floor, Wing On Centre
111 Connaught Road
Central, Hong Kong
OLIVER-DAVEY: Appoints Official Liquidator
------------------------------------------
By virtue of a special resolution, Lam Wing Cheong was appointed
as liquidator of Oliver-Davey (Asia) Limited on April 24, 2006.
Contact: Lam Wing Cheong
Unit 301-302, 3/F.,
New East Ocean Centre
9 Science Museum Road
Tsimshatsui, Kowloon
PRINCETON ECONOMICS: Creditors and Members to Meet on June 8
------------------------------------------------------------
The members and creditors of Princeton Economics International
Hong Kong Limited will hold final meetings on June 8, 2006, at
Prince's Building, 10 Chater Road, in Central, Hong Kong, at
2:00 p.m. and Creditors 3:00 p.m., respectively.
During the meetings, Liquidator Joanne Oswin will present a
report on his acts and dealings and the conduct of Company's
winding up.
QUICK REACH: Commences Winding Up Proceedings
---------------------------------------------
After their extraordinary general meeting on April 7, 2006, the
members of Quick Reach Trading and Transportation Limited
decided to voluntarily wind up the Company's operations.
Subsequently, Li Man Wai was appointed as liquidator.
Contact: Li Man Wai
Liquidator
Room 1001, 10th Floor
Tai Yau Building
181 Johnston Road
Wanchai, Hong Kong
QUOMARK LIMTED: Final Meeting Set on May 22
-------------------------------------------
A final meeting of the members of Quomark Limited will be held
on May 22, 2006, for the parties to receive Liquidator
Christopher Harvey Hall's final account showing how the Company
was wound up and how its property was disposed of.
SOUND SPARK: Creditors' Proofs of Debt Due on June 14
-----------------------------------------------------
The liquidator of Sound Spark Ltd requires the Company's
creditors to send in their proofs of debt on or before June 14,
2006.
Failure to comply with the requirement will exclude any creditor
from sharing in any distribution the Company will make.
Contact: Chu Chi Wa
Flat B, Kwong On Bank
(Mongkok Branch) Building
728-730 Nathan Road, Mongkok
Hong Kong
SUCCESS CALL: Creditors Must Submit Claims by May 19
----------------------------------------------------
Creditors of Success Call Company Limited are required to submit
the particulars of their debts on or before May 19, 2006, to
Liquidator Ip Pui Sum.
Failure to do so will exclude them from sharing in any
distribution that the Company will make.
Contact: Ip Pui Sum
Liquidator
2/F, Jonsim Place
228 Queen's Road East
Wanchai, Hong Kong
VIMAK TRADING: Liquidator to Present Wind-up Report May 30
----------------------------------------------------------
The final meeting of the members and creditors of Vimak Trading
Limited will be held at Suite 1304, C C Wu Building, 302-4
Hennessy Road, in Wanchai, Hong Kong, on May 30, 2006, at 2:00
p.m. and 2:30 p.m., respectively.
At the meetings, Liquidator Kwan Pak Kong will lay an account on
how the Company's winding up was conducted and its property
disposed of.
WAYFORD DEVELOPMENT: Cheng Appointed as Liquidator
--------------------------------------------------
Cheng Wing Tao was appointed liquidator of Wayford Development
Ltd by virtue of a special resolution passed by the Company's
members on April 26, 2006.
Contact: Cheng Wing Tao
2/F., San Francisco Tower 'A'
29-35 Ventris Road, Happy Valley
Hong Kong
WELL VICTORY: Liquidator to Issue Wind-up Report
------------------------------------------------
A joint meeting of the members and creditors of Well Victory
Enterprises Limited will be held for the parties to receive
Liquidator Kwan Pak Kong's final account showing how the Company
was wound up and how its property was disposed of.
The meetings will be held on May 30, 2006, at 3:00 p.m. for
members and 4:00 p.m. for creditors.
WOL COMMUNICATIONS: Final Meetings Slated for May 23
----------------------------------------------------
The final meeting of members and creditors of Wol Communications
Limited will be held at Unit 1005, Tower B, Hunghom Commercial
Centre, 37 Ma Tau Wai Road, in Kowloon, Hong Kong, on May 23,
2006, at 11:00 a.m. and 11:15 a.m., respectively.
At the meetings, Liquidators Cheung Hok Fung Alexander and Lin
Kin Ming will report on how the winding up has been conducted
and the property of the Company was disposed of.
=========
I N D I A
=========
BHARAT PETROLEUM: Taps NCR for Retail Automation Project
--------------------------------------------------------
State-owned Bharat Petroleum Corporation Ltd will install
technology developed by IT solution provider NCR at its outlets
to ensure better inventory management and customer service, Sify
Business reports.
NCR would install Octane 2000 software solution, a comprehensive
business management system developed specifically for the fuel
retail industry at 73 Bharat Petroleum outlets across eastern
and southern India, the Company said in a press release.
NCR would also provide point-of-sale hardware as well as
integration and installation services for the project in
addition to a complete electronic fund transfer solution to
handle debit, credit and smart-card transactions, Sify says.
Complete integration between BPCL's head office and the retail
network would enable it to monitor and control fuel dispensed
from its outlets and offer its customers more payment options,
Sify adds.
About Bharat Petroleum
Headquartered in Maharashtra, India, Bharat Petroleum
Corporation Limited -- http://www.bharatpetroleum.com/-- is
engaged in refining and marketing petroleum, liquefied petroleum
gas and petrochemical products including middle distillates,
light distillate, lubricants, benzene and toluene. During the
year 2002, the Group introduced Petro Card and SmartFleet Card
and had around 700,000 customers enrolled in 28 cities. There
are 4,711 retail outlets and 1,729 LPG distributors that operate
in the country. The plants of the Group are located in Mahul
and Mallet Road in Mumbai and in Budge.
Bharat Petroleum is currently working to reverse its losses
resulting from the Government's mandate to sell kerosene,
liquefied petroleum gas, petrol and diesel way below market
rates. On September 23, 2005, the Company delisted its shares
from Madras Stock Exchange Ltd, Calcutta Stock Exchange
Association Ltd and Delhi Stock Exchange Association Ltd. In
November 2005, Bharat Petroleum's November 2004 profits
dissipated and the Company registered a INR203-crore (US$45.7
million) net loss. By the end of the third quarter ending
December 31, 2005, the Company posted a US$231 million net loss.
In January 2006, Bharat Petroleum entered into a merger with
Koichi Refineries Ltd, which shareholders for both companies
accepted, after an initial merger bid was disapproved in
September 2005. Even with its aggressive expansion moves,
Bharat Petroleum has decided to put aside a US$1.4 million
dollar expansion project due to losses brought about by oil
subsidies, as the Company -- and the entire industry -- suffered
huge losses and has difficulty implementing expansion activities
due to the Government's refusal to allow oil companies to raise
fuel prices despite global crude oil price crossing US$70 a
barrel. On February 20, 2006, the Petroleum Ministry, however,
has proposed an increase of INR3 per liter each in petrol and
diesel prices and INR20 per cylinder increase in liquefied
petroleum gas price to save the oil companies from going
bankrupt.
BHARAT PETROLEUM: Buys Crude for June and July Deliveries
---------------------------------------------------------
Bharat Petroleum Corporation has purchased 2.2 million barrels
of crude for June and July loading in its tender this month, The
Economic Times reveals.
The state oil firm bought 600,000 barrels of Yemeni Marib Light,
500,000 barrels of Dubai and 500,000 barrels of Malaysian Miri
crude, all for June loading.
The refiner also bought 600,000 barrels of Qatar's al Shaheen
crude for July delivery.
According to The Times, the Company has not awarded a contract
in its tender last month, therefore the orders for the two
months were made at the same time.
About Bharat Petroleum
Headquartered in Maharashtra, India, Bharat Petroleum
Corporation Limited -- http://www.bharatpetroleum.com/-- is
engaged in refining and marketing petroleum, liquefied petroleum
gas and petrochemical products including middle distillates,
light distillate, lubricants, benzene and toluene. During the
year 2002, the Group introduced Petro Card and SmartFleet Card
and had around 700,000 customers enrolled in 28 cities. There
are 4,711 retail outlets and 1,729 LPG distributors that operate
in the country. The plants of the Group are located in Mahul
and Mallet Road in Mumbai and in Budge.
Bharat Petroleum is currently working to reverse its losses
resulting from the Government's mandate to sell kerosene,
liquefied petroleum gas, petrol and diesel way below market
rates. On September 23, 2005, the Company delisted its shares
from Madras Stock Exchange Ltd, Calcutta Stock Exchange
Association Ltd and Delhi Stock Exchange Association Ltd. In
November 2005, Bharat Petroleum's November 2004 profits
dissipated and the Company registered a INR203-crore (US$45.7
million) net loss. By the end of the third quarter ending
December 31, 2005, the Company posted a US$231 million net loss.
In January 2006, Bharat Petroleum entered into a merger with
Koichi Refineries Ltd, which shareholders for both companies
accepted, after an initial merger bid was disapproved in
September 2005. Even with its aggressive expansion moves,
Bharat Petroleum has decided to put aside a US$1.4 million
dollar expansion project due to losses brought about by oil
subsidies, as the Company -- and the entire industry -- suffered
huge losses and has difficulty implementing expansion activities
due to the Government's refusal to allow oil companies to raise
fuel prices despite global crude oil price crossing US$70 a
barrel. On February 20, 2006, the Petroleum Ministry, however,
has proposed an increase of INR3 per liter each in petrol and
diesel prices and INR20 per cylinder increase in liquefied
petroleum gas price to save the oil companies from going
bankrupt.
FEDDERS CORPORATION: Annual Stockholders Meeting Set for June 20
----------------------------------------------------------------
Fedders Corporation will hold its Annual Meeting of Stockholders
at 10:30 a.m., on June 20, 2006, at the Westgate Corporate
Center, 505 Martinsville Road in Liberty Corner, New Jersey.
During the meeting, stockholders will be asked to:
-- elect 11 directors to hold office until the next annual
meeting of stockholders and until each director's
successor will have qualified and elected;
-- approve the adoption of the Fedders Corporation Restricted
Stock Plan and certain previous grants of restricted
stock; and
-- ratify the appointment of UHY LLP as Fedders' independent
registered public accounting firm.
The close of business on April 21, 2006, has been designated as
the record date for the determination of stockholders entitled
to notice of and to vote at the annual stockholders' meeting.
A full-text copy of the Preliminary Proxy Statement for the 2006
annual stockholders' meeting is available for free at:
http://researcharchives.com/t/s?8b9
About Fedders
Headquartered in Liberty Corner, New Jersey, Fedders
Corporation, -- http://www.fedders.com/-- is a leading global
manufacturer and marketer of air treatment products, including
air conditioners, air cleaners, dehumidifiers, and humidifiers.
The company has production facilities in the United States in
Illinois, North Carolina, New Mexico, and Texas and
international production facilities in China, India and the
Philippines. All products are manufactured to Fedders' one
worldwide standard of quality.
The Company's balance sheet at Dec. 31, 2005, showed
$331,050,000 in total assets and $331,110,000 in total
liabilities, resulting in a de minimis stockholders' deficit.
* * *
As reported in the Troubled Company Reporter on July 5, 2005,
Standard & Poor's Ratings Services lowered its corporate credit
ratings on air treatment products manufacturer Fedders Corp. and
Fedders North America Inc. to 'CC' from 'CCC'. At the same
time, Fedders North America's senior unsecured debt rating was
lowered to 'C' from 'CC'. S&P said the outlook remains
negative.
=================
I N D O N E S I A
=================
PERTAMINA: To Sell Biodiesel Oil in Jakarta
-------------------------------------------
The Troubled Company Reporter - Asia Pacific reported on
April 26, 2006, that PT Pertamina intends to sell two types of
biodiesel fuel starting May 2006 in order to minimize the use of
fossil fuel in the country.
The TCR-AP recounts that B10, containing 10% biodiesel, and 90%
ordinary diesel, and B5 containing 5% biodiesel and 95% ordinary
diesel, will be sold at between IDR4,800 and IDR5,000 per liter.
In an update on May 9, 2006, Antara News reported that PT
Pertamina and the Jakarta City Administration have agreed to
sell the two types of diesel oil through all gas stations in
Jakarta starting on May 20, at the rate of 2,000 kiloliters a
day.
State Minister for Research and Technology, Kusmayanto Kadiman,
had expressed hope that with the replacement of 5% and 10% of
diesel oil content with pure plan oil in every liter of diesel
oil throughout the country, Indonesia would be capable of
reducing diesel oil import.
Mr. Kusmayanto added that the price of B5 would not be far
different from subsidized diesel oil price and said that people
should not hesitate to use the new kind of diesel oil as it
would not damage vehicle machine.
Mr. Kusmayanto, however, said that he was unsure that the supply
for the new diesel oil could meet public consumption, as there
were no major biodiesel factories that can meet public
consumption for diesel oil.
According to Antara, Mr. Kusmayanto disclosed that the Industry
Ministry has agreed to allocate IDR60 billion to build four
biodiesel factories.
About PT Pertamina
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 implements an integrated system
from upstream to downstream. Pertamina operates seven oil
refineries with a total output capacity of around 1 million
barrels per day. However, these refineries only cover about
three-quarters of domestic oil demand, with the rest being met
by imports.
In 2003, PT Pertamina director of finance Alfred Rohimone
disclosed that the state-owned oil company's financial condition
was in critical condition because its expenditure was surpassing
its income due to its obligation to meet domestic demand with
fuel oil bought at higher prices on he international market.
Mr. Rohimone stated that with a liquidity position below IDR2
trillion, the Company was already "bleeding."
Despite reporting a net profit of IDR3.03 trillion for the first
six months of 2005, Pertamina's failure to service its financial
obligations was pegged as one of the contributors to Indonesia's
decreased income for the year.
In August 2005, a debt owed by Pertamina to United States firm
Karaha Bodas Company has risen from IDR2.54 trillion to IDR2.99
trillion. The debt increased when, in 2003, a U.S. court
ordered the Company to pay compensation to KBC, relating to an
international arbitration decision, when the Indonesian
Government halted a geothermal project in Karaha Bodas, East
Java. Since that time, the debt has steadily risen due to the
Company's failure to pay the compensation immediately.
PERTAMINA: Unit Elnusa Seeks New Investors for Refinery
-------------------------------------------------------
PT Pertamina's unit, PT Elnusa, has signed a joint operation
agreement with National Iranian Oil Refining and Distribution
Company to build a US$3-billion oil refinery in Tuban in East
Java, the Troubled Company Reporter - Asia Pacific reported on
April 17, 2006. The signing of the contract was held on May 10,
2006, with further agreement to be signed in Iran on May 22.
In an update, AFX News relates that Elnusa's advisor, Global
Union Energy Ventures Ltd, will invite Middle East crude
producers, as well as fuel buyers in the Southeast Asian region,
Japan, Korea and China to complete the project.
According to the report, the memorandum of understanding signed
by the two parties calls for Iran to supply part of the
refinery's crude requirements and provide up to 30% of the
required equity investment.
Elnusa decided to take up the other 20% stake in the project.
The rest will have to be covered by other investors, led by
Elnusa president Rudy Radjab.
With a capacity of 300,000 barrels of oil per day, the refinery
will be one of the largest refineries in Southeast Asia, the
report said.
About PT Pertamina
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 implements an integrated system
from upstream to downstream. Pertamina operates seven oil
refineries with a total output capacity of around 1 million
barrels per day. However, these refineries only cover about
three-quarters of domestic oil demand, with the rest being met
by imports.
In 2003, PT Pertamina director of finance Alfred Rohimone
disclosed that the state-owned oil company's financial condition
was in critical condition because its expenditure was surpassing
its income due to its obligation to meet domestic demand with
fuel oil bought at higher prices on he international market.
Mr. Rohimone stated that with a liquidity position below IDR2
trillion, the Company was already bleeding.
Despite reporting a net profit of IDR3.03 trillion for the first
six months of 2005, Pertamina's failure to service its financial
obligations was pegged as one of the contributors to Indonesia's
decreased income for the year.
In August 2005, a debt owed by Pertamina to United States firm
Karaha Bodas Company has risen from IDR2.54 trillion to IDR2.99
trillion. The debt increased when, in 2003, a U.S. court
ordered the Company to pay compensation to KBC, relating to an
international arbitration decision, when the Indonesian
Government halted a geothermal project in Karaha Bodas, East
Java. Since that time, the debt has steadily risen due to the
Company's failure to pay the compensation immediately.
=========
J A P A N
=========
JAPAN AIRLINES: Posts JPY47 Billion Loss on Rising Fuel Costs
-------------------------------------------------------------
Japan Airlines International Company Limited posted a
consolidated net loss of JPY47.24 billion for the business year
2005, ended March 31, 2006, against a JPY30.10 billion net
profit in 2004. The current figure is blamed on safety-related
incidents and rising aviation fuel costs, Crisscross News
reports.
The Company also incurred an operating loss of JPY26.8 billion
in 2005, Mainichi Daily News reveals, compared to an operating
profit of JPY56.15 billion in 2004. Despite a 3.3% increase in
revenues to JPY2.2 trillion, the number of domestic passengers
fell 1.9% on operating difficulties, causing domestic ticket
sales to drop 2.2% to JPY659.9 billion. According to the
Associated Press, Japan Airlines spent JPY33 billion on
retirement benefit changes, whereas currency fluctuations
adversely affected the Company and prompted JPY6 billion in
losses.
Fuel costs rose to JPY88.2 billion in 2005. Channel NewsAsia
says that according to JAL chief executive designate Haruka
Nishimatsu, the rising fuel costs for international routes and
safety problems at the airline were the main reasons for its
losses. For 2006, the Company hedged some 75% of its jet fuel
needs to cushion the impact of further fuel price increases.
Japan Airlines has had several operating problems in recent
years, the AP notes, such as wheels fallowing off during
landing, an engine that burst into flames, and a flight that
took off with a faulty latch, though no injuries were reported.
The incidents have created a negative image for the Company,
causing friction among its management. Despite promises last
March to fix safety problems and cut costs to improve
profitability, the Company's safety incidents still continue,
when an undercarriage flap of a JAL MD90 plane broke upon
landing on April 7, 2006, causing a slight scare to passengers
on board.
JAL president Toshiyuki Shinmachi was pressured by board members
to resign, and on March 2, 2006, the Troubled Company Reporter -
Asia Pacific reported that he tendered in his resignation
effective June 2006. JAL's board members had asked Mr.
Shinmachi to step down from his position to take the blame for
the Company's poor performance that equaled a JPY11 billion loss
for the quarter ended December 31, 2005, due partly to safety
scares that reduced passenger confidence in the airline.
The Company indicated in its report that its weak earnings were
also the result of slow demand for flights to other Asian
countries on the heels of an anti-Japan protest held in China in
April 2005, The Age relates. The airline's troubles were
worsened by weak sales in its United States and Asia-bound air
cargo business, forcing it to scrap certain low-margin flights.
In spite of all its problems, Japan Airlines remains optimistic
and expects to return to profit this year, targeting a net
profit of JPY3 billion via increased airfares on local and
international flights, salary cuts, suspension of low-profit
routes and replacing older aircraft with fuel-efficient planes.
The Company does not plan to pay out dividends this year, The
Age adds.
About Japan Airlines
Tokyo-based Japan Airlines International Company, Limited --
http://www.jal.com/en/-- was created as a result of the merger
of Japan Airlines and Japan Air Systems to boost domestic
coverage. JAL's international passenger operations incurred
losses in recent years due to negative factors such as the
severe acute respiratory distress syndrome epidemic and
terrorism fears. Due to a series of safety related incidents,
the JAL Group was subjected to a business improvement order and
administrative warnings relating to assurances on air
transportation safety issued by the Ministry of Land,
Infrastructure and Transport in March 2005. For the JAL Group,
there was a year-on-year decline in passenger demand on
international routes, due mainly to a delay in the recovery of
demand on routes to China and Southeast Asia. Domestic
passenger demand also fell below its year-earlier level,
particularly among individual passengers, as a result of factors
such as the series of safety problems that occurred. Demand for
international cargo services also fell year-on-year, due to weak
demand on routes from Japan to East Asian countries and the
United States. Rising aviation fuel prices compounded JAL's
situation.
Japan Airlines currently need to refinance a JPY100 billion debt
in order to graduate from rehabilitation by its March 2007
deadline.
JAPAN AIRLINES: Denies Report of Plan to Sell New Shares
--------------------------------------------------------
Japan Airlines denied a Nihon Keizai report saying that it plans
to sell JPY150 billion in new shares in order to refinance
bonds, Bloomberg News says.
According to the news report, the airline was planning to sell
the shares to Mizuho Corporate Bank, Bank of Tokyo-Mitsubishi
UFJ and other lenders. Bloomberg did not disclose the source of
the information.
JAL released a statement to the Tokyo Stock Exchange, saying
that it acknowledged the need to strengthen its financial
position, but there were no plans to conduct a share sale.
Mizuho Bank spokesman Ken Atobe said that they have yet to
receive details on a share sale, whereas Bank 0f Tokyo-
Mitsubishi UFJ spokesman Masahiro Okuda was not available to
comment on the planned sale.
Bloomberg News states that Japan Airlines may have to refinance
a JPY100 billion debt in order to graduate from rehabilitation
earlier than its March 2007 deadline. JAL spokesman Yoshiteru
Suzuki did not comment. The Company reported an expected JPY47
billion net loss on rising aviation fuel costs, a series of
safety-related incidents that tarnished its reputation as a safe
airline, a decline in the number of passenger, provisions for
retirement benefits, and lesser demand for local and
international flights.
About Japan Airlines
Tokyo-based Japan Airlines International Company, Limited --
http://www.jal.com/en/-- was created as a result of the merger
of Japan Airlines and Japan Air Systems to boost domestic
coverage. JAL's international passenger operations incurred
losses in recent years due to negative factors such as the
severe acute respiratory distress syndrome epidemic and
terrorism fears. Due to a series of safety related incidents,
the JAL Group was subjected to a business improvement order and
administrative warnings relating to assurances on air
transportation safety issued by the Ministry of Land,
Infastructure and Transport in March 2005. For the JAL Group,
there was a year-on year decline in passenger demand on
international routes, due mainly to a delay in the recovery of
demand on routes to China and Southeast Asia. Domestic
passenger demand also fell below its year-earlier level,
particularly among individual passengers, as a result of factors
such as the series of safety problems that occurred. Demand for
international cargo services also fell year-on-year, due to weak
demand on routes from Japan to East Asian countries and the
United States, and rising fuel costs led the Company to JPY47
billion in losses for the business year 2005.
Japan Airlines currently need to refinance a JPY100 billion debt
in order to graduate from rehabilitation by its March 2007
deadline.
LIVEDOOR COMPANY: Ex-Founder Denies Fraud Charge
------------------------------------------------
Livedoor Company Limited's ex-founder and president, Takafumi
Horie, denied the financial charges brought against him at a
court-led meeting between his lawyers and Tokyo District Court
prosecutors, Kyodo News writes.
The charges were brought against Mr. Horie after he and other
Livedoor directors were found to have conspired to cover up the
Company's JPY310 million loss for the business year ended
September 2004, by doctoring the Company's accounts to show an
inflated pre-tax profit of JPY5.03 billion for the period.
Moreover, Mr. Horie and other Livedoor executives allegedly
relayed false information on a merger, with the intent to boost
the stock price of a Company subsidiary.
The Troubled Company Reporter - Asia Pacific stated on Jan. 26,
2006, that Mr. Horie was detained on January 23, on account of
the alleged fraud and securities law violations.
In a statement released by his lawyers, Mr. Horie said that he
was not aware that he had engaged in any illegal activities.
As a consequence of the accounting scandal, Livedoor stock
prices fell to JPY94 per share as of March 2006 from JPY800 per
share in January, causing the Tokyo Stock Exchange to delist the
Company's shares on April 14, 2006. A subsequent report by the
TCR-AP on May 3, 2006, says that a group of around 100 Livedoor
shareholders filed damages suit with the Tokyo District Court
against the Company, Mr. Horie and the other former Company
executives involved, seeking compensation for the losses caused
by the share price fall. A separate group of 1,000 shareholders
are planning to file another damages lawsuit against Livedoor by
the end of the month.
Kyodo News states that according to unnamed court sources, Mr.
Horie is slated to go on trial in July 2006.
Headquartered in Tokyo, Japan, Livedoor Company, Limited --
http://corp.livedoor.com/en/-- is involved in out portal site
"livedoor", financial business, corporate web solutions, data
center and IP telephony business.
=========
K O R E A
=========
DAEWOO GROUP: Founder Faces 15 Years in Jail
--------------------------------------------
Prosecutors sought a 15-year prison sentence for Kim Woo-choong,
the founder and former chairman of Daewoo Group, for an alleged
accounting fraud and embezzlement of funds, The Standard
reports.
According to the report, Mr. Kim was charged of illegally
securing loans worth KRW10 trillion between 1997 and 1998,
"misallocating" about US$20 billion in Daewoo funds through
overseas accounts, and helping doctor Daewoo's and its
subsidiaries' books to falsify assets of about KRW41 trillion.
The Troubled Company Reporter - Asia Pacific has reported on
December 23, 2005, that Mr. Kim flew to China in October 1999,
and did not return to South Korea. Since then, Mr. Kim had
stayed in France, Germany, Sudan and Vietnam, and had heart
surgery in Germany in 2001.
The TCR-AP recounts that Mr. Kim's return to Korea in June 2005
led to his arrest after a nearly six-year exile abroad. He was
arrested upon arrival at the Incheon International Airport, and
was indicted in July 2005.
According to the People's Daily, prosecutors also requested the
Seoul Central District Court to order Mr. Kim to surrender US$25
billion. The court is expected to deliver a ruling at the end
of May.
* * *
The Troubled Company Reporter - Asia Pacific reported on
February 20, 2006, that Daewoo Group collapsed after the 1997
Asian financial crisis with a debt of around US$80 billion as of
July 1999.
As stated in that TCR-AP report, five former affiliates of
Daewoo Group, which individually went bankrupt and were
separated from the group in 1999, had been up for sale:
1. Daewoo Engineering & Construction Co.,
2. Daewoo International Corp.,
3. Daewoo Shipbuilding & Marine Engineering Co.,
4. Daewoo Electronics Corp., and
5. Daewoo Precision Industries Co.
HYUNDAI MOTOR: Raises Automobile Prices in U.S. by 4.5%
-------------------------------------------------------
Hyundai Motor Co. has raised the price of its Verna models in
the United States by 4.5% to US$13,845 in February 2006, The
Korea Times reports.
According to the report, the recent surge of the South Korean
currency has become a disturbing hurdle for Hyundai's U.S.
operations because it is expected that their overseas auto
shipments will reap lower profits than before.
The Korea Times disclosed that the won has risen sharply against
the greenback since mid-December 2005, ending at a new eight-
year high of KRW927.90 on May 8, 2006.
However, the automaker ended up offering US$1,000 in incentives
to local dealers for each Verna sold. A Hyundai official told
the Korea Times that Hyundai has to give up a substantial part
of its profits to secure market share.
The Company's foreign exchange problems can also be seen through
pricing changes in other models.
About Hyundai Motor
Headquartered in Seoul, South Korea, Hyundai Motor Company --
http://www.hyundai-motor.com/-- has been selling cars in the
United States since 1986, but it only started selling its heavy
trucks stateside in 1998. Hyundai produces 14 models of cars
and minivans, as well as trucks, buses, and other commercial
vehicles. The Company reestablished itself as Korea's leading
carmaker in 1998 by acquiring a 51% stake in Kia Motors -- since
reduced to about 45%. The Company also manufactures machine
tools for factory automation and material- handling equipment.
The Troubled Company Reporter - Asia Pacific reported that the
Hyundai Automotive Group is facing its deepest crisis since
chairman Chung Mong-koo took over in 1999, with problems like
the falling United States dollar, high oil prices and union
demands aggravated by a sweeping criminal investigation
regarding the carmaker's alleged creation of slush funds that
were used by at least two lobbyists to bribe government
officials for business favors, including having KRW55 billion of
Hyundai's bad debts written off.
Some of the group's official business has been on hold since the
probe on the slush fund started and several top executives were
summoned for questioning.
On May 2, 2006, Mr. Chung was arrested pursuant to the
recommendation of prosecutors. Mr. Chung was suspected of
embezzling about US$106 million since 2002 to create a slush
fund, as well as of incurring about US$320 million in damages to
Hyundai.
Amid all this, Hyundai Motor's labor union is demanding a wage
increase of 9.1% or KRW125,524 (US $125), significantly more
than 2005's 6.9% or KRW89,000. The union is expected to
capitalize on the slush fund allegations in support of its case
and make matters worse for management.
HYUNDAI MOTOR: Farmers' Bank Chief Held in Hyundai Graft Probe
--------------------------------------------------------------
Prosecutors have arrested Chung Dae-kun, head of the National
Agricultural Cooperative Federation, on suspicion of accepting
bribes from Hyundai Motor Co. in a shady real-estate deal, The
Korea Times reports.
Mr. Chung is accused of receiving hundreds of thousands of
dollars from Hyundai Motor in 2001 in return for allowing the
automaker to buy an NACF building in Southern Seoul at a bargain
price.
According to the report, Mr. Chung's arrest came as prosecutors
were investigating where the Hyundai slush fund was spent on and
who received the money.
A court warrant issued on May 9, 2006, will allow the
prosecutors to detain and investigate Mr. Chung until May 11,
2006.
About Hyundai Motor
Headquartered in Seoul, South Korea, Hyundai Motor Company --
http://www.hyundai-motor.com/-- has been selling cars in the
United States since 1986, but it only started selling its heavy
trucks stateside in 1998. Hyundai produces 14 models of cars
and minivans, as well as trucks, buses, and other commercial
vehicles. The Company reestablished itself as Korea's leading
carmaker in 1998 by acquiring a 51% stake in Kia Motors -- since
reduced to about 45%. The Company also manufactures machine
tools for factory automation and material- handling equipment.
The Troubled Company Reporter - Asia Pacific reported that the
Hyundai Automotive Group is facing its deepest crisis since
chairman Chung Mong-koo took over in 1999, with problems like
the falling United States dollar, high oil prices and union
demands aggravated by a sweeping criminal investigation
regarding the carmaker's alleged creation of slush funds that
were used by at least two lobbyists to bribe government
officials for business favors, including having KRW55 billion of
Hyundai's bad debts written off.
Some of the group's official business has been on hold since the
probe on the slush fund started and several top executives were
summoned for questioning.
On May 2, 2006, Mr. Chung was arrested pursuant to the
recommendation of prosecutors. Mr. Chung was suspected of
embezzling about US$106 million since 2002 to create a slush
fund, as well as of incurring about US$320 million in damages to
Hyundai.
Amid all this, Hyundai Motor's labor union is demanding a wage
increase of 9.1% or KRW125,524 (US $125), significantly more
than 2005's 6.9% or KRW89,000. The union is expected to
capitalize on the slush fund allegations in support of its case
and make matters worse for management.
===============
M A L A Y S I A
===============
HARVEST COURT: Provides Updates on Loan Default
-----------------------------------------------
Harvest Court Industries Berhad Group and its affiliate
companies have, on July 23, 2004, defaulted in the repayment of
various facilities granted by its bankers:
1. Affin Bank Berhad;
2. Utama Merchant Bank Berhad;
3. RHB Bank Berhad;
4. Alliance Merchant Bank Berhad;
5. Public Bank Berhad; and
6. United Overseas Bank (M) Berhad.
In order to address the default issue, Harvest Court had, on
April 27, 2006, appointed Hwang-DBS Securities Berhad to advise
it on a corporate exercise to restructure the Company. The
Exercise may involve:
-- a capital reduction;
-- a capital raising;
-- a debt restructuring and settlement; and
-- the acquisition of suitable assets/businesses which are
currently being identified.
These proposals are preliminary and will be finalized upon the
completion of a financial and viability assessment and receipt
of feedback after discussions with the Company's lenders and
major creditors.
There are no financial and legal implications in respect of the
default in payments as none of Harvest Court's bankers have
initiated legal action or recalled their facilities. The HCIB
Group's operations are still ongoing and certain of its bankers'
facilities are still being utilized.
In the event of default, the bankers are empowered to appoint
receiver or receiver and manager. However, as of the present,
the bankers have taken no action.
The default in payment to any one of Harvest Court's bankers
will cause a cross default with other banks. Since the Group
has already defaulted in its repayments to each and every one of
the bankers, the issue of cross default has no material
consequences.
About Harvest Court Industries Berhad
Headquartered in Selangor, Malaysia, Harvest Court Industries
Berhad -- http://www.harvestcourt.com/-- is engaged in kiln
drying, saw milling and manufacturing of timber doors and
related products. Other activities include development of
residential and commercial properties and jetty services and
provision of construction works and related maintenance
services. The Group is also involved in the provision of
marketing and management services and investment in shares and
securities. The Group operates in Malaysia and Australia. The
Group has defaulted on several loan facilities because of a
reduction in sales from 2002 onwards due to a weak global market
as a result of the Iraqi and the severe acute respiratory
syndrome, or SARS, as well as its inability to raise funds via
the equity market due to weak market sentiment. Due to its
unfavorable financial position, Harvest Court had embarked on an
exercise to restructure the Company, including a debt
restructuring and capital reduction. The Company's proposed
corporate exercise was rejected by the Securities Commission in
August 2005. Its appeal to reconsider the rejection was also
junked by the Commission on February 24, 2006. The Harvest
Court Board is now in talks with lenders and major creditors for
its next course of action.
KUMPULAN BELTON: Shareholders' Equity Falls Short of Requirement
----------------------------------------------------------------
Kumpulan Belton Berhad, on April 28, 2006, released its annual
audited accounts for the year ended December 31, 2005, which
indicated that its shareholders' equity on a consolidated basis
is less than 25% of its issued and paid up capital. Thus, the
Company is an affected listed issuer and is to comply with the
provisions of the Bursa Malaysia Securities Berhad's Amended
Practice Note 17/2005.
As an affected listed issuer, the Company is required to:
-- submit a Regularization Plan to the relevant authorities
for approval or, where the relevant authorities' approvals
are not required, obtain all other approvals necessary for
the implementation of the plan within eight months;
-- implement the Regularization Plan within the timeframe
stipulated by the relevant authorities or where no
timeframe has been stipulated or allowed by the relevant
authorities, within the timeframe as imposed by the Bursa
Securities;
-- announce the status of the Regularization Plan on a
monthly basis until further notice from the Bursa
Securities; and
-- announce its compliance or non-compliance with a
particular obligation imposed pursuant to Amended
PN17/2005 on an immediate basis.
In the event that the Company fails to comply with the
obligation to regularize its condition, all its listed
securities will be suspended from trading, as the case may be,
and delisting procedures will be commenced against the Company.
The Company will be drawing up a plan to regularize the
condition in due course.
Headquartered in Perak Darul Ridzuan, Malaysia, Kumpulan Belton
Berhad -- http://www.beltongroup.com/-- manufactures and sells
automotive suspension parts and components. Other activities
include property development and investment, provision of
machining and heat treatment services and investment holding.
Operations of the Group are carried out in Malaysia and
Australia. The Company and some of its subsidiaries are
involved in litigations and winding-up petitions. These legal
actions arose from the Company's inability to meet its payment
obligations due to its tight liquidity and weak cashflow.
MALAYSIA AIRLINES: Prepares Separation Package for Staff
---------------------------------------------------------
Malaysia Airlines is finalizing the Voluntary Separation Scheme
for its staff, Bernama reports, citing Transport Minister Datuk
Seri Chan Kong Choy.
Mr. Choy said that the national carrier is currently working on
the details to be included in the Separation Scheme, which is
expected to be ready in a month's time. However, the number of
staff affected is not yet determined.
As reported by the Troubled Company Reporter - Asia Pacific on
May 1, 2006, the Mutual Separation Scheme being worked out by
Malaysia Airlines' management is likely to see the airline's
workers receiving up to three month's pay for every year of
service. The airline is offering a quantum of between 1.25
months and three months of an employee's last drawn salary for
every year of service.
Sources told The Malay Mail that the payout is believed to be
among the highest offered by any company, adding that the
affected staff should be "happy" with the offer.
The reduction of manpower is one of the strategies taken by
Malaysia Airlines under its domestic rationalization plan that
was announced by the Prime Minister's Department in March this
year, Bernama relates.
The TCR-AP reported on March 29, 2006, that the carrier will
reduce its 23,000-strong workforce by about 6,500 as part of the
downsizing exercise.
About Malaysia Airlines
Headquartered in Selangor, Malaysia, Malaysia Airlines
-- http://www.malaysiaairlines.com/-- services domestic and
international flights. Its global network comprised 32 domestic
and 86 international destinations. Of the 86 international
destinations, 17 were operated in collaboration with our airline
partners.
The carrier made a loss after tax of MYR1.3 billion for fiscal
year 2005, and MYR616 million for the nine-month ended Dec. 31,
2005, due to high fuel and operating costs, and unprofitable
routes. In late February 2006, it unveiled a radical rescue
plan to raise MYR4 billion in order to stay afloat and return to
profitability by 2007. Under the restructuring plan, the
airline pledged to cut its budget by 20% across the board,
terminate many unprofitable routes, freeze recruitment except
for front-line staff, crack down on corruption by encouraging
Whistle-blowing and stop corporate sponsorship.
MALAYSIA AIRLINES: Ties up with SITA for New Service System
-----------------------------------------------------------
Malaysia Airlines has selected SITA as its preferred partner to
provide software solutions for its new Passenger Service System,
Asia Pulse reveals.
"SITA will provide IT software from its Horizon portfolio of
passenger management solutions to consolidate Malaysia Airlines'
business requirements," the national flag carrier said in a
statement.
The PSS software solution by SITA will allow Malaysia Airlines
to upgrade its operational capability and business processes.
The Troubled Company Reporter - Asia Pacific recounts that the
new system could be worth some MYR400 million over the next 10
years and will replace its 20-year-old Kommas system, which
handles reservations and departure control.
Asia Pulse says that these solutions will keep the airline
abreast of the industry best practices. It will also provide
flexibility to support its growing business requirements in the
most cost effective manner.
Malaysia Airlines said this will be achieved with the phased
introduction of the PSS solutions, among others e-ticketing and
pricing decision support. These will also replace some core
components of its existing KOMMAS reservations and inventory
management system within three to five years.
The state-of-art PSS will support Malaysia Airlines' Business
Turnaround Plan through a structured implementation strategy
focused on several enhanced revenue improvement modules,
according to Asia Pulse.
The PSS will thus automate validation of business processes and
rules to optimize yield and load.
The solutions will also prepare Malaysia Airlines' readiness or
total e-ticketing by December 2007 as required by the
International Air Transport Association, Asia Pulse adds.
About SITA
SITA -- http://www.sita.aero.com/-- is the world's leading
service provider of IT business solutions and communications
services to the air transport industry. SITA manages complex
communication solutions for its air transport, government and
GDS customers over the world's most extensive communication
network, complemented by consultancy in the design, deployment
and integration of communication services. Its extensive range
of airline and airport applications and services includes
airport operations and integrated baggage services, common use
and desktop services, flight operations and air-to-ground
communications and end-to-end airline distribution and fares
services.
About Malaysia Airlines
Headquartered in Selangor, Malaysia, Malaysia Airlines
-- http://www.malaysiaairlines.com/-- services domestic and
international flights. Its global network comprised 32 domestic
and 86 international destinations. Of the 86 international
destinations, 17 were operated in collaboration with our airline
partners.
The carrier made a loss after tax of MYR1.3 billion for fiscal
year 2005, and MYR616 million for the nine-month ended Dec. 31,
2005, due to high fuel and operating costs, and unprofitable
routes. In late February 2006, it unveiled a radical rescue
plan to raise MYR4 billion in order to stay afloat and return to
profitability by 2007. Under the restructuring plan, the
airline pledged to cut its budget by 20% across the board,
terminate many unprofitable routes, freeze recruitment except
for front-line staff, crack down on corruption by encouraging
Whistle-blowing and stop corporate sponsorship.
PAXELENT CORPORATION: Triggers Three PN17 Criteria
--------------------------------------------------
Paxelent Corporation Berhad was classified as an affected listed
issuer after triggering three of the Bursa Malaysia Securities
Berhad's enhanced Practice Note 17 criteria.
Based on the Company's audited financial statements for the
financial year ended December 31, 2005;
-- Paxelent shareholders' equity on a consolidated basis
has fallen below 25% of its issued and paid up share
capital, which is lesser than the minimum listing
requirement;
-- the auditors have expressed a modified opinion with
emphasis on the listed issuer's going concern in its
latest audited accounts and the shareholders' equity of
the listed issuer on a consolidated basis is equal to or
less than 50% of its issued and paid up capital; and
-- the Company and its subsidiaries have defaulted on
several loan facilities and is unable to provide a
solvency declaration.
As an affected listed issuer, Paxelent Corporation was ordered
to:
* submit a Regularization Plan to the relevant authorities
for approval or, where the relevant authorities approvals
are not required, obtain all other approvals necessary for
the implementation of the Plan within eight months;
* announce its compliance or non-compliance with a particular
obligation imposed pursuant to amended PN 17/2005 on an
immediate basis ;
* announce the status of its plan to regularize its condition
on a monthly basis until further notice from Bursa
Securities; and
* implement the Plan within the timeframe stipulated by the
relevant authorities or where no timeframe has been
stipulated or allowed by the relevant authorities, within
the timeframe as imposed by Bursa Securities.
Paxelent Corporation's board of directors is deliberating on the
Regularization Plan and will disclose the Plan as soon as it is
finalized. The Company will face delisting if it fails to
comply with the Bourse's requirements.
About Paxelent Corporation
Paxelent Corporation is engaged in investment holding. The
principal activities of the subsidiaries are property
investment, provision of information technology solutions,
investment holding, marketing and sale of hard disk drive
components. The Company is a public limited liability company,
incorporated and domiciled in Malaysia, and is listed on the
Second Board of Bursa Malaysia Securities Berhad.
In the fourth quarter of the year ending December 31, 2005, the
Group recorded lower revenue of MYR8.7 million as compared to
MYR12.2 million in the preceding year's corresponding period due
to the disposal of its foreign subsidiaries -- Xiptech Holdings
Pte Ltd and Xiptech Corporation Ltd. Both subsidiaries have
substantial revenue contribution during the preceding year
corresponding period. With the said disposal, the
materialization of Paxelent's consolidation reserve has resulted
in profit before tax of MYR21.8 million as compared to the loss
before tax of MYR 20.8 million in the preceding quarter.
However, despite booking in positive earnings, the Company has
not met the scheduled repayment obligations of its settlement
agreements with several financial institutions arising from the
crystalisation of corporate guarantees to the Company's former
subsidiaries, which had been wound up. The Company's Board is
currently actively pursuing various restructuring schemes to
address the default. These schemes would involve, inter alia,
raising funds through partial disposal of assets, potential
debts waivers and rescheduling of the debts. On-going
discussions with the financial institutions have been positive
and the directors are confident that agreements could be reached
on debts waivers and rescheduling of the debts in the near
future.
PAXELENT CORPORATION: Defaults on MYR48-Million Debt
----------------------------------------------------
Paxelent Corporation has defaulted on its loan payments, the
Company said in a statement to Bursa Malaysia Securities Berhad.
The default occurred since Paxelent has been experiencing
financial difficulties and the cash flow of its operating
subsidiaries is not sufficient to meet their working capital
requirements pending the launching of new phase of the e-
government project.
The Company said that is in the process of formulating a debt-
restructuring scheme with its lenders.
The estimated total outstanding as of March 31 2006, in relation
to the payments, which are in default amounts to
MYR47,619,040.79.
Details of the default in payments by the Company are available
for free at:
http://bankrupt.com/misc/tcrap_paxelentcorp051006.pdf
About Paxelent Corporation
Paxelent Corporation is engaged in investment holding. The
principal activities of the subsidiaries are property
investment, provision of information technology solutions,
investment holding, marketing and sale of hard disk drive
components. The Company is a public limited liability company,
incorporated and domiciled in Malaysia, and is listed on the
Second Board of Bursa Malaysia Securities Berhad.
In the fourth quarter of the year ending December 31, 2005, the
Group recorded lower revenue of MYR8.7 million as compared to
MYR12.2 million in the preceding year corresponding period due
to the disposal of its foreign subsidiaries -- Xiptech Holdings
Pte Ltd and Xiptech Corporation Ltd. Both subsidiaries have
substantial revenue contribution during the preceding year
corresponding period. With the said disposal, the
materialization of Paxelent's consolidation reserve has resulted
in profit before tax of MYR21.8 million as compared to the loss
before tax of MYR 20.8 million in the preceding quarter.
However, despite booking in positive earnings, the Company has
not met the scheduled repayment obligations of Settlement
Agreements with several financial institutions arising from the
crystalisation of corporate guarantees to the Company's former
subsidiaries, which had been wound up. The Company's Board is
currently actively pursuing various restructuring schemes to
address the default. These schemes would involve, inter alia,
raising funds through partial disposal of assets, potential
debts waivers and rescheduling of the debts. On-going
discussions with the financial institutions have been positive
and the directors are confident that agreements could be reached
on debts waivers and rescheduling of the debts in the near
future.
PILECON ENGINEERING: Seeks to Avail of Transitional Provision
-------------------------------------------------------------
Based on the Pilecon Engineering Berhad's audited consolidated
results for the financial year ended December 31, 2005, the
Company has triggered three criteria of Bursa Malaysia
Securities Berhad's Amended Practice Note 17 category.
Pilecon is therefore classified as an affected listed issuer
because:
-- its shareholders' equity on a consolidated basis of
approximately MYR10.916 million is less than 25% of the
issued and paid up capital of the Company of about
MYR199.821 million and is less than the minimum MYR60
million issued and paid up capital required of companies
listed on the Main Board of the Securities Exchange;
-- the auditors have expressed a modified opinion with
emphasis on Pilecon's going concern in the Company's
latest audited consolidated financial statements and the
shareholders' equity of Pilecon on a consolidated basis
is less than 50% of its issued and paid up capital; and
-- the Company is in default of payment and is unable to
provide a solvency declaration, as it is currently in
the midst of implementing a debt-restructuring scheme.
However, in a transitional provision, the Securities Exchange
will not classify a listed issuer that has triggered the amended
PN17/2005 as an Affected Listed Issuer within three months from
the Effective Date, if that listed issuer fulfills certain
conditions prescribed by the Securities Exchange. The
determination as to whether an affected listed issuer fulfils
all the conditions set out under category A or B provided under
the Transitional Provision will be at the absolute discretion of
the Securities Exchange.
Of the two Transitional Provision categories provided, Pilecon
falls under category B, involving an affected listed issuer that
is in implementation stage of its regularization plans and whose
proforma figures upon completion of the relevant stage of
implementation show that it will not trigger any of the Enhanced
PN17 Criteria. In this regard, the Securities Exchange will
consider a listed issuer as being eligible for this condition if
the books closing date for determining the entitlement to
participate in the regularization plans has been fixed or the
approval-in-principle by the Securities Exchange for the
quotation of its new shares has been obtained, or in such other
circumstances as may be determined by the Securities Exchange,
in its absolute discretion.
As Pilecon had, on March 3, 2006, obtained the approval-in-
principle by the Securities Exchange for the listing of and
quotation for its new securities pursuant to its debt-
restructuring scheme, Pilecon will be seeking to avail itself of
the Transitional Provision. In this regard, Pilecon has made an
application to the Securities Exchange for approval to be
subject to the Transitional Provision on May 8, 2005.
About Pilecon Engineering Berhad
Headquartered in Selangor Darul Ehsan, Pilecon Engineering
Berhad is engaged in building construction and civil engineering
works. The Company is also involved in trading and hiring of
plant and equipment for foundation engineering and civil
engineering works. It also undertakes resort operation and
complex management services. The Group operates in Malaysia,
Hong Kong and Singapore. The Company is currently undergoing a
MYR354-million debt-restructuring exercise. The scheme,
however, was placed in jeopardy following the Securities
Commission's rejection of an inter-conditional proposal to
acquire a piece of land in Johor at a cost of MYR75 million.
The Commission also rejected the Company's scheme of arrangement
with certain secured creditors.
POHMAY HOLDINGS: Bourse to Delist Securities on May 19
------------------------------------------------------
Bursa Malaysia Securities Berhad will delist and remove the
securities of Pohmay Holdings Berhad from the Official List on
May 19, 2006. Pohmay Holdings is a Practice Note No. 17/2005
company.
Bursa Securities had earlier announced that the securities of
Pohmay would be delisted from the Official List of Bursa
Securities on April 20, 2006, as reported by the Troubled
Company reporter - Asia Pacific. However, the Company has filed
an application at the High Court seeking for, among others, an
order restraining all further proceedings in any action or
proceedings against it and its subsidiaries, including
proceedings by Bursa Securities, for a period of not more than
90 days from the date of the Court Order.
Pending the determination of the application for a Restraining
Order, the High Court had, on April 18, 2006, granted an interim
stay against Bursa Securities' decision to delist Pohmay's
securities from the official list of Bursa Securities.
The High Court had, on May 2, 2006, decided that Bursa
Securities is not restrained from taking proceedings against
Pohmay. In the circumstances and in accordance with the
decision of Bursa Securities announced on April 7, 2006,
Pohmay's securities will be delisted from the Official List of
Bursa Securities.
Pohmay's securities, which are currently deposited with Bursa
Malaysia Depository Sdn Bhd, may remain deposited with the Bursa
Depository notwithstanding the delisting of the securities from
the Official List of Bursa Securities. It is not mandatory for
the securities of a company, which has been de-listed to be
withdrawn from the Bursa Depository.
Upon the de-listing, Pohmay will continue to exist but as an
unlisted entity. The Company is still able to continue its
operations and business and proceed with its corporate
restructuring and its shareholders can still be rewarded by the
Company's performance. However, the shareholders will be
holding shares which are no longer quoted and traded on Bursa
Securities.
About Pohmay Holdings Berhad
Headquartered in Kuala Lumpur, Malaysia, Pohmay Holdings Berhad
manufactures furniture. Products include laminated bendwood
furniture and furniture components, wood and metal furniture and
general products made of metal and wood. Its other activities
are cultivation and harvesting of rattan and investment holding.
Pohmay, a Practice Note 17 company, is a defendant of a wind-up
petition filed by AmBank (M) Berhad. The legal action is
expected to have a significant financial and operational impact
on the Company. The Company is negotiating with its lenders to
restructure the Group's loans and is actively working on various
schemes to alleviate the Group from its current financial
predicament.
POLYMATE HOLDINGS: Updates on Units' Default Status
---------------------------------------------------
Polymate Holdings Berhad disclosed that among its three
subsidiaries, which have defaulted in various credit facilities
to the financial institutions, ABI Malaysia Sdn Bhd is its major
subsidiary.
The other two -- Polymate Packaging Sdn Bhd and Polymate
Industries (M) Sdn Bhd -- are not the major subsidiaries.
As reported by the Troubled Company Reporter - Asia Pacific on
May 4, 2006, the three subsidiaries have defaulted on loans
aggregating MYR224 million.
A full-text list of the various credit facilities in default is
available for free at:
http://bankrupt.com/misc/tcrap_polymateholdings050306.pdf
Polymate says that it is still negotiating with its lenders to
restructure the Group's credit facilities and is working on
various schemes to regulate its financial position.
About Polymate Holdings Berhad
Headquartered in Selangor Malaysia, Polymate Holdings Berhad
-- http://www.polymate.com.my/Hprofile_html.htm-- is engaged in
the manufacturing and marketing of lead acid batteries for the
automotive and related industries. It is also engaged in the
manufacturing and dealing of plastic articles and products,
corrugated carton boxes and related products, manufacturing and
trading of door closers and trading of building materials,
investment holding and provision of corporate and financial
support services. The Group operates in Malaysia, Australia,
New Zealand and Europe. Polymate Holdings is in the process of
working out possible plans to regularize its condition.
Operations in its subsidiaries will be revived when a workable
restructuring scheme is formalized with its lenders and when
fresh working capital can be injected into the operations. On
April 28, 2006, Bursa Malaysia Securities Berhad publicly
reprimanded and imposed a total fine of MYR84,000 on Polymate
Holdings Berhad for breach of the Bourse's Listing Requirements.
TENGGARA OIL: Ordered to Regularize Financial Condition
-------------------------------------------------------
Pursuant to the Amended Practice Note 17 criteria, Tenggara Oil
Berhad is classified as an affected listed issuer as its
shareholders' equity on a consolidated basis is less than 25% of
its issued and paid up capital and such shareholders equity is
less than the minimum issued and paid-up capital as required
under the Listing Requirements.
As an affected listed issuer, Tenggara is required to:
-- make immediate announcement of falling under one of the
prescribed criteria which is the subject of this
disclosure;
-- submit a plan to regularize its condition to the relevant
authorities for approval within eight months from the date
of the First Announcement;
-- implement the Plan within the timeframe stipulated by the
relevant authorities;
-- announce the status of its Regularization Plan on a
monthly basis; and
-- announce its compliance or non-compliance with a
particular obligation imposed pursuant to PN17/2005 on
an immediate basis.
In the event Tenggara Oil fails to comply with all the
provisions of Amended PN 17, Bursa Securities initiate delisting
proceedings against the Company.
The Company is evaluating various options in its endeavor to
formulate a plan to regularize its financial condition. Once
the Tenggara Board of Directors has prepared and completed the
restructuring scheme, the requisite announcement outlining the
restructuring scheme will be made to Bursa Securities,
accordingly.
About Tenggra Oil Berhad
Tenggara Oil Berhad is undertaking a divestment and
restructuring exercise, which will reposition it as a service-
oriented and trading group from its current resource-based
businesses. Current businesses include investment holding,
supply of ready mixed concrete, property holding, management and
construction. The Group intends to dispose of its property and
construction operations and had ceased its general timber
merchant activities by the end of year 2000. As part of a
corporate revamp exercise, the Company has repositioned itself
in the oil and gas business, which will be its core business.
The Group will accelerate its involvement in this industry,
through investment in joint ventures and through acquisitions.
The Company is headquartered in Kuala Lumpur, Malaysia.
Tenggara Oil incurred a lower pre-tax loss of MYR3.9 million for
the fourth quarter of the fiscal year ended January 31, 2006, as
against a loss of MYR8.3 million in the corresponding quarter
last fiscal year due to the lower operating losses in the
lubricant division, investment holding and other divisions. The
Company's current pre-tax loss is, however, higher compared to
the MYR1.9-million loss in the preceding quarter. The pre-tax
loss for the quarter under review was largely attributable to
the higher operating loss of investment holding, as well as the
ready mix concrete division. Higher losses in these divisions
were primarily due to provision for doubtful debts.
In view of the current high oil prices especially as it impacts
on the Group's lubricant business, Tenggara Oil is planning to
reactivate its construction activities and is actively
negotiating for a number of projects to sustain its operations.
The Group is negotiating with interested parties for acquisition
of appropriate assets to strengthen the foundation and future
earnings stream of the Group.
=====================
P H I L I P P I N E S
=====================
ABOITIZ TRANSPORT: Reports PHP192.4 Million Quarterly Net Loss
--------------------------------------------------------------
Aboitiz Transport System Corporation suffered a PHP192.4 million
net loss in the first quarter of the 2006 fiscal year due to
weak sales from its international charter business, as well as
falling passenger and freight volumes in its shipping business,
the Philippine Inquirer reports.
The Company posted a lower PHP167.2 million net loss for the
same quarter last year. For the first quarter of 2006, year-on-
year consolidated revenues fell 12% to PH2.5 billion. Aboitiz
Transport released a statement explaining that its capacity
reduction in the shipping business led to lower passenger and
freight volumes, and unfavorable market conditions caused a
decline in its international charter business from Company unit
Jebsen Management BVI Limited.
The Inquirer says Aboitiz Transport established cost cuts in the
face of higher fuel prices, which translated to an 8% drop in
expenses to PHP2.7 billion, from PHP3 billion in 2005. The
Company also shrank its total bank debt to PHP2.55 million in
the first quarter this year.
Aboitiz Transport System Corporation -- http://www.atsc.com.ph/
-- is the only total and integrated transport and logistic
solutions provider in the country, and is engaged in the
movement of people (via its SuperFerry shippping business) and
the movement of cargoes (via its 2GO freight business).
It is a member of the Aboitiz & Company under its publicly
listed entity, Aboitiz Equity Ventures. The Aboitiz group is
one of the largest and most diversified corporations in the
country with business interests spanning various industries in
the Philippines such as power, banking, food production,
property development, construction, shipbuilding, and
leisure/resort.
As of September 30, 2005, Aboitiz Transport's current assets
equaled PHP1.88 billion, whereas its total current liabilities
amounted to PHP3.38 billion. The Company's debt-to-equity ratio
was at 1.3:1.00 as of September 30, 2005.
NATIONAL POWER: Prepares to Pay Damages to Semirara Residents
-------------------------------------------------------------
National Power Corporation will start paying compensation to
around 188 residents of Semirara Island in Caluya, Antique,
within the next two months, for damages caused by an oil spill
from a Company barge in December 2005, ABS-CBN News reveals.
Napocor corporate communications consultant Dennis Gana
announced the payment plan in a press conference last week,
adding that the Company is now evaluating the damage caused by
the oil spill, with the help of the Antique provincial
government and the Philippine Coast Guard.
On December 18, 2005, some 200,000 liters of bunker fuel spilled
over from Napocor Power Barge 106 into the waters of Semirara
Island, and damaged 113 hectares of mangrove and beach area.
The Manila Times says that according to a study by the
University of the Philippines-Visayas, the oil spill destroyed
coral reefs, mangroves, sea grasses and other aquatic life in
the area.
A report by the Troubled Company Reporter - Asia Pacific on
January 30, 2006, indicated that the Joint Congressional Power
Committee ordered National Power to clean up the oil spill
immediately. The Company employed 250 fishermen to facilitate
the clean-up, spending over PHP21 million.
Mr. Gana added that National Power is slated to pay damages up
to PHP8 million, as well as PHP4.5 million to PHP5 million in
livelihood compensation to the affected residents. The
livelihood payments would be released first, so that the
residents could start earning a living again. The Coast Guard
and Semirara barangay officials will determine how much each
resident would receive.
Aside from damages payments, ABS-CBN News relates, National
Power plans to provide a deep-sea fishing vessel for the
fishermen's use, as well as lessons on seaweed planting and
gathering, to reduce the dependence on fishing as the sole means
of livelihood.
Antique Representative Exequiel B. Javier told the Times in an
interview that he visited Semirara Island to ensure that the
payment would go directly to the affected residents.
About National Power
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. With a generating capacity of more than 11,500
megawatts, 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 to help pay for its estimated
debt of PHP600 billion. It also separated its transmission
operations into a new subsidiary, the National Transmission
Corporation.
National Power first incurred losses in 1998 after the Asian
financial crisis and expensive contract terms from independent
power producers. The Company posted a PHP29.9 billion loss in
2004, after a net loss of PHP117 billion in 2003.
The Government absorbed National Power's PHP200 billion debt,
which was incurred when the government-owned-and-controlled
corporation adopted international accounting standards, forcing
the Company to report its foreign exchange losses.
The Troubled Company Reporter - Asia Pacific reported on April
5, 2006, that for 2005, National Power posted a PHP16 million
profit for the first time in seven years, on the Energy
Regulation Commission's approval of a rate increase, the use of
an improved fuel mix and better fuel prices.
=================
S I N G A P O R E
=================
INFORMATICS HOLDINGS: Unveils Changes to Board Committees
---------------------------------------------------------
Informatics Holdings Ltd has disclosed certain changes to its
Board Committees effective May 8, 2006.
The Board has retained the Audit Committee as Audit & Risk
Management Committee, and has formed a new group known as
Banking Committee.
In addition, new appointments to the Board Committees were made.
Chew Soon Beng, an independent director, has been appointed as
an additional member of the Audit & Risk Management Committee,
Remuneration & Strategic Human Resource Committee and Nominating
Committee.
Freddie Pang Hock Cheng, a non-executive director, has been
appointed as Chairman of the Remuneration & Strategic Human
Resource Committee in place of Tan Sri Dato' Seri Vincent Tan
Chee Yioun.
Ortega Valentine Philip, Acting Chief Executive Officer and
executive director, has been appointed as an additional member
of the Remuneration & Strategic Human Resource Committee.
Consequent to these changes, the Board Committees and their
compositions will be:
* Audit & Risk Management Committee
Ung Gim Sei -- Chairman and Independent Director
Anderson Tang Siu Ki -- Independent Director
Freddie Pang Hock Cheng -- Non-Executive Director
Chew Soon Beng -- Independent Director
* Remuneration & Strategic Human Resource Committee
Freddie Pang Hock Cheng -- Chairman & Non-Executive
Director
Ung Gim Sei -- Independent Director
Chew Soon Beng -- Independent Director
Ortega Valentine Philip -- Acting CEO and Executive Director
* Nominating Committee
Ung Gim Sei -- Chairman and Independent Director
Freddie Pang Hock Cheng -- Non-Executive Director
Anderson Tang Siu Ki -- Independent Director
Chew Soon Beng -- Independent Director
* Banking Committee
Anderson Tang Siu Ki -- Chairman and Independent Director
Ortega Valentine Philip -- Acting CEO and Executive Director
Wong Wee Woon -- Executive Director
Cecilia Tong Chiu Fai -- Executive Director
About Informatics Holdings Limited
Informatics Holdings Limited -- http://www.informatics.edu.sg/
-- was established in 1983, in response to Asia's economic
growth fostering tremendous demands for skilled Information
Technology manpower and knowledge-based workers to build and
sustain the rapid economic development in the region.
Informatics' core business activities are training and
education, IT-related services and franchise operations.
Informatics was at the center of a scandal that began in mid-
April 2004 when it admitted that it has overstated profits and
understated costs for the nine months ended December 2003 in its
quarterly financial statement. The scandal started a string of
losses for the education services provider. Informatics
Holdings, however, managed to cut its losses for the fourth
successive quarter in its third-quarter financial results for
the fiscal year 2006.
Savings in staff costs and other operating expenses, which was
due to a group consolidation exercise, led to a 36% decrease in
net loss from a SGD12.2 million net loss in 2004 to a SGD7.8
million net loss in 2005. Despite a decline in revenue from
SGD21. 7 million to the current SGD14.5 million, it has
continued to improve in its quarterly performance through lower
staff costs and substantial savings in operating costs.
Due to continued financial support from majority shareholder
Berjaya and efforts to sell non-core assets, Informatics
holdings hopes to get back to black by continuing to increase
revenue and control costs. The Company is currently looking
into agreements with underwriters on an earlier proposed rights
issue, in order to raise working capital.
INTEGRATED BUSINESS SOLUTIONS: Wind-up Process Initiated
--------------------------------------------------------
WYWY Office Solutions Pte Limited, on April 27, 2006, filed an
application to have Integrated Business Solution Asia Pte
Limited wound up by the High Court of Singapore.
The Petition is fixed for hearing before the Court on May 19,
2006, at 10:00 a.m.
Any creditor or contributory of the Integrated Business desiring
to support or oppose the Wind-Up Application is allowed to
appear at the time of hearing by himself or his counsel.
Contact: Tan, Lee & Choo
Solicitor for the Plaintiff
No. 1 Park Road
#04-04 People's Park Complex
Singapore 059108
KT OH GENERAL: Goes Through Wind-Up Proceedings
-----------------------------------------------
A petition for the winding up of KT OH General Contractors Pte
Limited was, on March 24, 2006, presented before the High Court
of Singapore.
The Petition, which was lodged by Oh Kew Yew, is fixed for
hearing before the Court on May 19, 2006, at 10:00 a.m.
Any creditor or contributory of the company desiring to support
or oppose the Wind-Up Application is allowed to appear at the
hearing.
Contact: Loy & Company
Solicitors for the Petitioner
133 New Bridge Road
#08-06 Chinatown Point
Singapore 059413
MINDMAKER PTE: Court to Hear Wind-up Petition on May 19
-------------------------------------------------------
The High Court of Singapore will hear a wind-up petition against
Mindmaker Pte Limited on May 19, 2006, at 10:00 a.m.
The Petition was lodged before the High Court by Jozsef Kiraly
on April 20, 2006.
Any Mindmaker creditor or contributory wishing to support or
oppose the Wind-Up Petition is allowed to appear at the hearing.
Contact: Nanyang Law Llc
Solicitors for the Petitioner
No. 80 Robinson Road
#11-02, Singapore 068898
===============
T H A I L A N D
===============
BANK OF AYUDHYA: Fitch Upgrades IDR Ratings to 'BB+' from 'BB'
--------------------------------------------------------------
Fitch Ratings has upgraded Bank of Ayudhya Public Company
Limited's:
* long-term foreign currency issuer default rating to 'BB+'
Outlook Stable from 'BB'
* foreign currency subordinated debt rating to 'BB' from
'BB-'
* national long-term rating to 'A(tha)' Outlook Stable from
'A-(tha)' and
* national subordinated debt rating to 'A-(tha)' from
'BBB+(tha)'.
Individual and Support ratings of 'D' and '3', respectively, are
affirmed.
The upgrades primarily reflect the continued improvement in
profitability. While provisioning risks remain, revenue growth
and warrant conversion should enable BAY to gradually strengthen
reserve coverage and capital adequacy.
The Outlook for the ratings is Stable given underlying
profitability and asset quality should be maintained
notwithstanding a more challenging operating environment in
2006. A further significant decline in impaired and
restructured loans, and stronger reserve coverage and capital
positions, will be necessary to support further improvement in
the bank's ratings. Given BAY's deposit share and systemic
importance in Thailand, there is a moderate probability of
government support, should this be needed.
BAY reported net income of THB6.1 billion in 2005, significantly
higher than the THB4.7 billion seen in 2004, aided primarily by
stronger loan growth, improved fee income, as well as higher
gains from investments and sales of foreclosed properties. Its
net interest margin continued to rise to 2.7% in 2005 from 2.5%
in 2004 following the redemption of hybrids in March 2004, loan
growth and improved asset quality. Its ROAA and ROAE have
improved steadily to 1% and 16.8% respectively in 2005. In
Q106, BAY continued to report improved performance with net
income rising to THB1.8 billion from THB1.5 billion in Q105
owing to loan growth and rising lending rates, although higher
funding costs may see further margin improvement constrained.
Impaired loans totalled THB64.9 billion or 14.3% at end-2005,
down from THB65.6 billion or 15.6% at end-2004 due mainly to bad
loan write-offs. Loan loss reserves at end-2005 totalled
THB21.4 billion, or about 33% of impaired loans, still below
most other Thai banks, underscoring the risks of further
provisioning. BAY justifies this difference by highlighting its
lower level of impaired syndicated loans and a higher ratio of
collateral-backed loans to small and medium-sized businesses.
At end-2005, BAY's total capital improved to 11% of risk-
weighted assets from 10.7% at end-2004 while with Tier 1 capital
rose to 6.6% from 6.2% due mainly to earnings growth and the
exercise of warrants, although the figures exclude H205 profits.
Including this net income, the figures improve to approximately
11.6% and 7.2%, respectively. Although at 110.8% its net
impaired loans/equity ratio remained very high, earnings
recovery and warrant conversion by its major shareholder over
the next two to three years should help restore capital buffers.
BAY was established in 1945 and is currently Thailand's sixth-
largest commercial bank, with 502 branches, a 9.2% share of the
system's loans and 9.6% of deposits. It has affiliates in
finance, securities, insurance, fund management and leasing.
The major shareholder, the Ratanarak family, has controlled the
bank since the mid-1960s, and with related group holdings,
currently holds about 37% of BAY's shares and is involved in the
board and management of the bank.
DAIDOMON GROUP: Appoints Auditor to Review Financial Statements
---------------------------------------------------------------
On May 3, 2006, Daidomon Group Public Company Ltd informed the
Managing Director of the Securities and Exchange of Thailand
regarding the Company's appointment of auditors and the date of
submission of its financial statement.
Somchai Kurujitkosol, Ampol Chamnongwat, and Wanraya
Puttasatiean, were appointed to act as auditors of the Company
for the review of three quarterly financial statement for fiscal
2005 and to audit it afterwards. The auditor's fee is
THB1,300,000.
The Company intends to submit its financial statement by May 15,
2006.
* * *
Headquartered in Bangkok, Thailand, Daidomon Group Public Co.
Limited -- http://www.daidomon.co.th/-- operates barbecue and
Japanese food restaurants under the brand name of Daidomon. The
Group's products include barbecue, dessert and drinks, and
bottled sauce. The Company is currently undergoing
rehabilitation.
The Central Bankruptcy Court of Thailand, on September 30, 2005,
ordered for the rehabilitation of Daidomon Group's business and
appointed the Company to act as planner.
Daidomon Groups submitted a business rehabilitation plan to the
official receiver on April 18, 2006, which includes a debt
repayment scheme for creditors.
The official receiver set June 9, 2006, as the date for the
creditors' meeting on the Company's business rehabilitation
plan.
EASTERN PRINTING: SET Allows Trading and Transfers of Security
--------------------------------------------------------------
The Stock Exchange of Thailand decided to transfer the
securities of Eastern Printing Public Company Ltd from the
Rehabco Sector to the Media and Publishing Sector on May 18,
2006, Suthichai Chitvanich, SET's executive vice-president,
says.
Mr. Suthichai added that trading of Eastern Printing securities
would be allowed from May 18 onwards.
On March 31, 2006, the Troubled Company Reporter - Asia Pacific
reported that the Company posted a net profit of THB112.19
million for the year 2005. The result was 9.99% better than the
Company's net profit of THB102.00 million in 2004.
The TCR-AP added that due to the Company's commendable
performance, SET allowed the posting of the Company's securities
on April 21, 2006. SET had stated that trading of securities is
subject to Eastern Printing's return to its former sector.
* * *
Headquartered in Bangkok, Thailand, Eastern Printing Public
Company Limited provides general printing services.
After suffering a THB1.33 billion capital deficit and a
THB276.25 million, the Company was placed under rehabilitation
since January 17, 2002 with EPCO Management Company Limited as
Plan Administrator. In a December 27, 2005 company release, the
Company stated that it has met all of its obligations under the
rehabilitation plan, and that the Plan Administrator has
petitioned Thailand's Central Bankruptcy Court seeking to exit
rehabilitation.
NFC FERTILIZER: Seeks Clarification on Fertilizer Feasibility
-------------------------------------------------------------
On March 3, 2006, the Troubled Company Reporter - Asia Pacific
reported that NFC Fertilizer Public Company Ltd employed Seamico
Securities Public Company Limited as financial advisor to study
alternatives in respect of the Company's fertilizer
manufacturing business, including risk assessment.
The Company informed the Stock Exchange of Thailand on April 5,
2006, that Seamico's financial viability study reported that
NFC's fertilizer factory is currently running below break-even
level, and thus has inadequate revenue to offset expenses. As a
result, the Company will suffer more operating loss if it
continues production.
Seamico's study is divided into four scenarios with these
alternatives:
1. NFC should discontinue production of Unit 300 (Sulfuric
Acid) since it would cost THB59 million more by producing
sulfuric acid than by importing;
2. NFC should continue production of Unit 400 (Phosphoric
Acid) since it costs THB11 million less by producing
phosphoric acid than by importing;
3. Produce NPK fertilizer; NFC needs annual production volume
of 0.83 million ton to cover its total fixed cost given
that the contribution margin is approximately THB1,400 per
ton. However, NFC's ability to achieve that production
volume is uncertain since the highest level of historical
production that the company achieved was only 0.54 million
ton per annum;
4. Whereas if the Company discontinues production of NPK
fertilizer, its net operating loss will be decreased by
THB183 million compared if it continues its production.
In response to the report, the Company's Board of Directors has
approved a temporary plant shutdown to prevent further operating
loss and protect the Company's cash flow.
In a subsequent filing with the SET, NFC Fertilizer stated that
it is seeking further clarification of the report from Seamico
regarding the Company's fertilizer manufacturing business.
The Company is currently consulting its technical advisor to
consider the budget projections to improve the plant for
fertilizer production and investment opportunity and viability
of further investment.
* * *
Headquartered in Bangkok, NFC Fertilizer Public Company Limited
-- http://www.nfc.co.th/-- produces chemical fertilizer
containing nitrogen, phosphate, and potash, under its Nation
Fertilizer brand name. Additionally, it imports and distributes
urea, ammonium sulfate, and potassium chloride fertilizers. The
Company also distributes phosphoric acid and gypsum, which are
by-products of its fertilizer production.
In the third quarter of 2004, the Company had entered into a
debt restructuring in accordance with its business
rehabilitation plan. The Company then reported a gain on debt
restructuring of THB11.29 billion, which was presented as an
extraordinary item in the statement of income for the year ended
December 31, 2004. Subsequently, on August 24, 2004, the Plan
Administrator made a request to Thailand's Central Bankruptcy
Court to cancel its business rehabilitation, which the Court
approved on September 13, 2004.
Currently, the management sees the Company as facing high risks
both in business and environmental matters. The Company's
fertilizer factory is greatly deteriorated and suffers from a
lack of maintenance from the past as a result of insufficient
working capital for a long time. Consequently, the Company
needs significant investment funds to repair the factory. This
results in increasing high costs, whereas the sale of fertilizer
is subject to seasonal factors, especially weather. Also,
government policy dictates a decrease in the use of chemical
fertilizers, which directly impacts the Company's revenues and
consequently further investment is not worthwhile. Therefore,
the management proposed to change the Company's business plan
toward providing logistic services including all warehouses and
related services.
* Large Companies With Insolvent Balance Sheets
-----------------------------------------------
Total
Shareholders Total
Equity Assets
Company Ticker ($MM) ($MM)
------ ------ ------------ ------
AUSTRALIA
Acma Engineering & Const.
Group Limited ACX (-2.24) 21.39
Allstate Explorations NL ALX (-51.62) 12.65
Austar United
Communications Ltd AUN (-52.58) 231.54
Global Wine Ventures Limited GWV (-0.84) 22.04
Hutchison Telecommunications
(Aust) Ltd. HTA (-786.31) 1696.65
Indophil Resources NL IRN (-69.96) 37.79
Intellect Holdings Limited IHG (-11.13) 23.98
Namberry Limited NMB (-4.26) 15.12
Orbital Corporation Limited OEC (-3.67) 17.14
RMG Limited RMGDA (-2.16) 22.33
Stadium Australia Group SAX (-45.03) 132.81
Tooth & Company Limited TTH (-72.91) 170.09
Tourism, Hotels & Leisure Ltd. TLC (-0.66) 15.76
CHINA & HONG KONG
Asia Telemedia Limited 000376 (-5.50) 10.89
Anhui Feicai Vehicle Co. Ltd. 000887 N.A. 129.80
Bestway International 000718 (-0.67) 25.00
China Liaoning International
Cooperation (Group)
Holdings Ltd. 000638 (-43.45) 25.79
Chiang Ling Group 000561 N.A. 77.29
China Kejian Co. Ltd. 000035 (-151.52) 57.73
Chonqing International
Enterprise Investment Co. 000736 (-74.97) 36.00
Datasys Technology Holdings 008057 (-2.07) 14.10
Daiei Inc. 008263 (-3726.85) 15571.19
Daishinto Inc. 009785 (-13.65) 203.96
Eforce Holdings Limited 000943 (-0.51) 10.31
Fujian Changyuan Investment
Holdings Limited 000592 (-17.88) 61.49
Gold-Face Holdings Limited 000396 N.A. 193.41
Guangdong Sunrise Group
Company Ltd-A 000030 (-182.94) 35.98
Guangdong Sunrise
Group Co. Ltd-B 200030 (-182.94) 35.98
Guangxi Wuzhou Zhongheng
Group Co Ltd 000557 (-115.50) 62.19
Hainan Dadonghai Tourism 200613 (-6.63) N.A.
Hainan Overseas Chinese
Investment Co. Ltd. 600759 (-15.28) 32.70
Hans Energy Company Limited 000554 (-10.76) 94.75
Heilongjiang Longdi Co. Ltd. 000832 (-61.22) 134.62
Heilongjiang Sun & Field
Science & Tech 000620 (-49.18) 29.96
Heilongjiang Black Dragon
Co. Ltd. 600187 (-29.45) 153.92
Heilong Jiang Long Di Co. Ltd 000832 (-61.20) 134.62
Hualing Holdings Limited 000382 (-28.15) 242.26
Huda Technology & Education
Development Co. Ltd. 600892 (-0.19) 17.29
Hunan Genuine New Material 000156 (-65.04) 94.17
Innovo Leisure Recreation
Holdings Ltd. 000703 (-2.01) 13.68
Jiangsu Chinese.com Co. Ltd. 000805 (-34.56) 15.86
Jiangxi Paper Industry Co. Ltd 600053 N.A. 19.58
Loulan Holdings Limited 008039 (-1.04) 13.01
Magnum International
Holdings Limited 000035 (-5.83) 10.35
Mindong Electric Group
Co., Ltd. 000536 (-1.68) 21.46
New City (Beijing)
Development Limited 000456 (-19.15) 151.61
New World Mobile Holdings Ltd 000862 (-126.57) 215.47
Plus Holdings Ltd 001013 (-3.15) 24.00
Prosperity International
Holdings (HK) Limited 008139 (-2.45) N.A.
Shanghai Xingye Housing
Company Ltd 600603 (-72.98) 14.90
Shenz China Bi-A 000017 (-206.90) 50.08
Shenz China Bi-B 200017 (-206.90) 50.08
Shenzhen Shenxin Taifeng
Group Co. Ltd. 000034 (-21.06) 123.68
Sichuan Changjiang Packaging
Holding Co. Ltd. 600137 (-72.76) 13.11
Sichuan Topsoft Investment
Company Limited 000583 (-45.54) 228.05
SMI Publishing Group Ltd. 008010 (-7.83) 10.48
Songliao Automobile Co. Ltd 600715 (-3.76) 49.56
Sun's Group Manufacturing
Company Limited 000988 (-72.80) 103.02
Taiyuan Tianlong Group Co. Ltd 600234 (-46.27) 55.29
Theme International Holdings
Limited 000990 (-0.77) 22.46
UDL Holdings Limited 000620 (-7.15) 12.48
Wealthmark International
(Holdings) Limited 000039 (-2.43) 11.32
Winowner Group Co. Ltd. 600681 (-62.88) 38.03
Xinjiang Hops Co. Ltd 600090 (-135.99) 101.34
Yantai Hualian Development
Group Co. Ltd. 600766 (-7.66) N.A.
Yueyang Hengli Air-Cooling
Equipment Inc. 000622 (-17.71) 49.89
INDIA
PT Dharmala Intiland DILD (-6.62) 197.91
INDONESIA
Ades Waters Indonesia Tbk ADES (-8.93) 21.35
Bukaka Teknik Utama Tbk BUKK (-107.00) 44.45
Hotel Sahid Jaya SHID (-4.26) 71.05
Jakarta Kyoei Ste JKSW (-38.57) 44.72
Mas Murni Indonesia Tbk MAMI (-24.95) 61.32
Mas Murni Tbk (Saham Preferen) MAMIP (-24.95) 61.32
Modernland Realty Terbuka MDLN (-13.90) 136.73
Mulialand Tbk MLND (-19.82) 160.45
Multibreeder Adirama Indonesia MBAI (-2.31) 64.54
Pakuwon Jati Tbk PWON (-50.78) 188.41
Panca Wiratama Sakti Tbk PWSI (-18.82) 39.72
PT Dharmala Intiland DILD (-6.62) 197.91
PT Steady Safe SAFE (-2.43) 19.65
PT Toba Pulp Lestrari Tbk INRU (-198.86) 403.58
PT Unitex Tbk UNTX (-5.87) 29.08
PT Voksel Electric Tbk VOKS (-11.74) 44.01
Sekar Bumi Tbk SKBM -41.95 23.07
Surya Dumai Industri Tbk SUDI (-30.49) 105.06
PT Wicaksana Overseas
International Tbk WICO (-32.88) 84.36
JAPAN
Advanced Technology and
Systems Co. Ltd. 006739 (-11.87) 114.01
Daiei Inc. 008263 (-3726.85) 15571.19
Daishinto Inc. 009785 (-13.65) 203.96
Fujita Corporation 001725 (-1112.31) 2496.47
Hanaten Co Ltd 009870 (-1.63) 167.79
Misawa Homes Holdings Inc. 001722 (-1489.96) 2457.23
Miyakoshi Corp. 006766 (-28.22) N.A.
Sumitomo Mitsui Construction
Company Limited 001821 (-2048.19) 5048.11
Tenryu Lumber Co., Ltd. 007904 N.A. 187.75
Tokai Aluminum Foil Co., Ltd 005756 (-12.55) 106.49
MALAYSIA
CHG Industries Bhd CHG (-41.38) 25.95
Cygal Bhd CYG N.A. 57.63
Consolidated Farms Berhad CFARM (-11.55) 38.50
Emico Holdings Bhd EMI (-1.92) 42.56
Jin Lin Wood Industries Berhad JLW (N.A.) 21.68
Mentiga Corporation Berhad MENT (-13.41) 21.59
Mycom Bhd MYC (-114.64) 227.68
Lityan Holdings Bhd IT (-8.43) 28.86
Olympia Industries Bhd OLYM (-227.85) 255.84
Panglobal Bhd PGL (-50.36) 189.92
Park May Bhd PMY (-12.26) 14.45
Polymate Holdings Bhd PYMT 34.75 102.11
PSC Industries Bhd PSC 51.63 639.35
Setegap Berhad STG (-12.54) 34.44
Tru-Tech Holdings Berhad TRU (-16.71) 15.86
Wembley Industries Holdings Bhd WMY (-176.02) 118.32
PHILIPPINES
APC Group Inc. APC (-124.26) 87.34
Atlas Consolidated Mining
and Development Corp. AT (-35.77) 32.94
East Asia Power Resources Corp. PWR (-19.44) 128.99
Fil-Estate Corporation FC (-6.12) 59.32
Filsyn Corporation FYN (-2.91) 21.90
Global Equities Inc. GEI (-1.81) 24.18
Gotesco Land, Inc. GO (-7.05) 14.44
Gotesco Land, Inc. GOB (-7.05) 14.44
Prime Media Holdings Inc. PRIM (-15.52) 11.12
Prime Orion Philippines Inc. POPI (-83.47) 105.76
Swift Foods Inc. SFI (-8.23) 26.95
Unioil Resources & Holdings
Company Inc. UNI (-2.38) 22.71
United Paragon Mining Corp. UPM (-12.04) 18.19
Universal Rightfield Property
Holdings Inc. UP (-13.48) 45.12
Victorias Milling Company Inc. VMC (-32.21) 127.83
Vitarich Corporation VITA (-4.27) 75.04
SINGAPORE
ADV Systems Auto ASA (-6.50) 18.68
China Aviation Oil (Singapore)
Corporation CAO (-390.07) 211.96
Compact Metal Industries Ltd. CMI (-10.18) 69.38
Falmac Limited FAL (-0.73) 10.90
Gul Technologies
Singapore Limited GUL (-27.74) 152.80
Informatics Holdings Ltd INFO (-6.73) 27.59
L&M Group of Companies LNM (-10.59) 56.91
Liang Huat Aluminium Ltd. LHA (-59.95) 39.20
Lindeteves-Jacoberg Limited LG (-53.23) 225.52
LKN-Primefield Limited LKN (-12.72) 150.70
Mae Engineering Ltd MAE (-7.79) 11.42
PDC Corporation Limited PDC (-7.88) 11.63
Pacific Century Regional PAC (-107.11) 1381.26
SOUTH KOREA
Cenicone Co. Ltd. 056060 (-1.46) 36.82
C & C Enterprise Co. Ltd. 038420 (-14.50) 28.05
Everex Inc. 047600 (-5.10) 23.15
Inno Metal Inc. 070080 (-0.33) 28.56
KP&L Company Limited 009810 (-3.81) 15.03
Radix Co. Ltd. 016160 (-17.69) 53.78
Quality & Tech 015260 (-1.14) 32.33
Shinil Industrial Co., Ltd. 002700 (-3.44) 41.51
THAILAND
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 Electronic
Industries PCL CIRKIT (-25.80) 61.30
Circuit Electronic
Industries PCL CIRKIT/F (-25.80) 61.30
Daidomon Group Pcl DAIDO (-8.51) 12.92
Daidomon Group Pcl DAIDO/F (-8.51) 12.92
Datamat PCL DTM (-1.72) 17.55
Datamat PCL DTM/F (-1.72) 17.55
Diana Department Store Pcl DIANA (-1.71) 12.71
Diana Department Store Pcl DIANA/F (-1.71) 12.71
Everland Public Company Ltd EVER (-311.47) 56.71
Everland Public Company Ltd EVER/F (-311.47) 56.71
Hantex PCl HTX (-1.83) 12.36
Hantex PCl HTX/F (-1.83) 12.36
Sahamitr Pressure Container
Public Company Ltd. SMPC (-29.97) 24.18
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
Sri Thai Food & Beverage
Public Co. Ltd. SRI (-43.37) 18.29
Tanayong PCL TYONG (-694.22) 1439.26
Thai-Denmark Swine Breeder Pcl DMARK (-5.52) 33.18
Thai-Denmark Swine Breeder Pcl DMARK/F (-5.52) 33.18
Thai Wah Public
Company Limited-F TWC (-47.01) 158.87
Thai Wah Public
Company Limited-F TWC/F (-47.01) 158.87
Tuntex (Thailand) Pcl TUNTEX (-94.93) 399.78
*********
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
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