TCRAP_Public/050211.mbx            T R O U B L E D   C O M P A N Y   R E P O R T E R

                       A S I A   P A C I F I C


              Friday, February 11, 2005, Vol. 8, No. 30

                             Headlines


A U S T R A L I A

ADDERTON ADVERTISING: To Convene Final Meeting February 18
AGENCY AUSTRALIA: To Hear Liquidator's Report During Meeting
A.H. BRODRIBB: Members, Creditors to Meet February 18
ANDREW PASTORAL: Members Resolve to Wind Up Company
ARAC PTY: Accepting Proofs of Debt Until February 18

AS PROMOTIONAL: To Hear Report on Manner of Winding Up
B.F. GEISSLER: Creditors Should Prove Claims by February 18
BUILDING GENERAL: Final Meeting Set February 22
CENTURY DOWNEY: Lays Out Agenda of Final Meeting
E&A PTY: To Convene Final Meeting February 15

FOYLE ELECTRICS: To Hear Liquidator's Report During Meeting
GENIX PTY: Sets February 21 as Date of Final Meeting
GRENADIER INVESTMENTS: Names Peter Fletcher as Liquidator
HENRY WALKER: Administrators Blame Collapse on Big Coal Deal
ITEM3 PTY: To Undergo Winding Up Process

MAYNE GROUP: U.S. FDA Warns of Importance of ADE Reporting
OLBB PTY: Final Dividend to be Declared February 23
OZ-TEX SOLUTIONS: Appoints Ferrier Hodgson Receiver and Manager
PRIMELIFE CORPORATION: Vows to Remedy Error in Notice
RETAILX: Suspended by NZX Over Failure to File Report

SECOND BYTE: Lays Out Final Meeting Agenda
TAILORED INSURANCE: Picks Liquidator for Winding Up Purposes
TELDON AUSTRALIA: To Declare Final Dividend February 25
TOWN & COUNTRY: Appoints Liquidator to Wind Up Company
WALTER CONSTRUCTION: Bidders Line up for Mining Operations

WALTER CONSTRUCTION: Unionists Picket Outside Meeting


C H I N A  &  H O N G  K O N G

GUARANTY COMPANY: Receives Winding Up Order from Court
KONG WAH: Annual Meeting Set February 18
KONG WAH: Court Appoints Managers and Receivers
LEE YAN: Creditors Should Prove Debt by February 19
LEUNG LAI: Receiving Proofs of Debt Until February 19

NEW TUNG: Court Issues Winding Up Order
OPUS FASHION: Faces Winding Up Proceedings
RIGHTIME SHIPPING: Begins Bankruptcy Proceedings
SINO PEAK: Receiving Proofs of Claims Until February 23
UNION BEST: Court to Hear Winding Up Petition March 16


I N D O N E S I A

TELKOM INDONESIA: Selects Smartner to Mobilize Customers' Email


J A P A N

FUJITSU LIMITED: Develops New Technology for Mobile Phones
HAKKO SANGYO: Enters Bankruptcy
MINOBUGORUFUKURABU K.K.: Begins Bankruptcy Proceedings
MITSUBISHI FUSO: Reveals 19 Serious Vehicle Flaws
* 2004 Bankruptcies Drop for the First Time Since 1994


K O R E A

CHOHUNG BANK: To Cut 400 Jobs Through Early Retirement Program


M A L A Y S I A

AMSTEEL CORPORATION: Completes Disposal of Parkson Retail Group
ANTAH HOLDINGS: Issues Status Update on Litigation Involvement
BOUSTEAD HOLDINGS: Resumes Trading of Shares
CEPATWAWASAN GROUP: Unveils January Production Figures
GULA PERAK: Repurchases Additional Shares

HABIB CORPORATION: Requests Suspension of Counter on Feb. 8, 14
HABIB CORPORATION: Trading of Shares Suspended
HONG LEONG: Notes Listing of Additional Shares
JIN LIN: Updates on Restructuring Scheme
JIN LIN: Trading of Shares Suspended

MMC CORPORATION: Creditors Voluntarily Wind Up Unit
NAIM INDAH: Unit Posts Zero Log Production in January
PAN MALAYSIA: Issues Update on Material Litigation
POS MALAYSIA: Resells 190,000 Treasury Shares
PSC INDUSTRIES: May Be Sued For Collapse of Sub-Subsidiary

PSC INDUSTRIES: Won't Appeal SC Decision on Restructuring Scheme


P H I L I P P I N E S

BR LEGASPI: PDIC Takes Over, Starts Payouts
MANILA ELECTRIC: Nasecore Raps "Misleading Ad"
MANILA ELECTRIC: Delays Refund for Big Factories
MANILA ELECTRIC: Not Rushing to Issue New Bonds
NATIONAL POWER: ERC to Rule on Rate Hike by End-February

NATIONAL POWER: 12% VAT to Raise Rates by Only 44 Cents


S I N G A P O R E

CHINA AVIATION (S): Faces Third U.S. Class Action Suit
INNO-SINO INVESTMENTS: Court to Hear Bankruptcy Petition
INNOVATION WORLD-WIDE: Winding Up Hearing Set February 18
POWSEN ELECTRIC: Enters Winding Up Proceedings


T H A I L A N D

ADVANCE PAINT: Unveils Resolution of Board Meeting
EMC: Issues Report on EGM Resolutions
* Large Companies With Insolvent Balance Sheets

     -  -  -  -  -  -  -  -

=================
A U S T R A L I A
=================


ADDERTON ADVERTISING: To Convene Final Meeting February 18
----------------------------------------------------------
Notice is given pursuant to Section 509 of the Corporations Act
2001 that a joint meeting of the members and creditors of
Adderton Advertising Pty Limited (In Liquidation) A.C.N. 054 619
493 will be held at the offices of Ferrier Hodgson (Newcastle),
Chartered Accountants, Level 3, 2 Market Street, Newcastle NSW
2300 on February 18, 2005 at 10:00 a.m., for the purpose of
having an account laid before them showing the manner in which
the winding up has been conducted and the property of the
Company disposed of and of hearing any explanations that may be
given by the Liquidators.

Dated this 7th day of January 2005

A. E. Lewis
J. A. Shaw
Liquidators
Ferrier Hodgson
Chartered Accountants
PO Box 840, Newcastle NSW 2300
Telephone: (02) 4908 4444
Facsimile: (02) 4908 4499


AGENCY AUSTRALIA: To Hear Liquidator's Report During Meeting
------------------------------------------------------------
Notice is given pursuant to Section 509 of the Corporations Act
2001 that a joint meeting of the members, and creditors of The
Agency Australia Pty Limited (In Liquidation) A.C.N. 075 061 184
will be held at the offices of Ferrier Hodgson (Newcastle),
Chartered Accountants, Level 3, 2 Market Street, Newcastle NSW
2300 on February 18, 2005 at 10:05 a.m., for the purpose of
having an account laid before them showing the manner in which
the winding up has been conducted and the property of the
Company disposed of and of hearing any explanations that may be
given by the Liquidators.

Dated this 7th day of January 2005

A. E. Lewis
J. A. Shaw
Liquidators
Ferrier Hodgson
Chartered Accountants
PO Box 840, Newcastle NSW 2300
Telephone: (02) 4908 4444
Facsimile: (02) 4908 4499


A.H. BRODRIBB: Members, Creditors to Meet February 18
------------------------------------------------------
Notice is hereby given pursuant to section 509 of the
Corporations Act that a general meeting of members and creditors
of A.H. Brodribb (Holdings) Pty Limited (In Liquidation) A.C.N.
000 292 106 will be held at the offices of Jirsch Sutherland,
Chartered Accountants, Level 2, 84 Pitt Street, Sydney NSW on
Friday, February 18, 2005 at 10:00 a.m. for the purpose of
having an account laid before them showing the manner in which
the winding up has been conducted, the property of the Company
disposed of and of hearing any explanations that may be given by
the Liquidator.

Dated this 18th day of January 2005

R. M. Sutherland
Liquidator


ANDREW PASTORAL: Members Resolve to Wind Up Company
---------------------------------------------------
At a General Meeting of The Andrew Pastoral Company Proprietary
Limited (In Liquidation) A.C.N. 007 692 382, duly convened and
held under section 249A of the Corporations Law, the following
resolution passed:

That the Company be wound up as a Members' Voluntary Liquidation
and that the assets of the Company may be distributed in whole
or in part to the members in specie should the liquidators so
desire.

Dated this 12th day of December 2004

David R. Pyke
Joint & Several Liquidators
Bush & Campbell Pty Ltd
Accountants
30 Blake Street,
Wagga Wagga NSW 2650


ARAC PTY: Accepting Proofs of Debt Until February 18
----------------------------------------------------
Take notice that creditors of Arac (NSW) Pty Ltd (In Voluntary
Liquidation) A.C.N. 000 379 411, whose debts or claims have not
already been admitted are required on or before February 18,
2005 to prove their debts or claims and to establish any title
they may have to priority by delivery or posting to the
liquidator at Level 3, Suite 301, 304-318 Kingsway, Caringbah
NSW 2229 a formal proof of debt or claim in accordance with Form
535 or 536 containing their respective debts or claims. If they
do not they will be excluded from:

(a) The benefit of any distribution made before the debts or
claims are proved or their priority is established; and

(b) Objecting to the distribution.

Form of Proof may be obtained from me.

Dated this 10th day of January 2005

Gary Bruce Holbrook
Liquidator
PKF
Level 3, Suite 301, 304-318 Kingsway,
Caringbah NSW 2229


AS PROMOTIONAL: To Hear Report on Manner of Winding Up
------------------------------------------------------
Notice is given pursuant to Section 509 of the Corporations Act
2001 that a joint meeting of the members, and creditors of AS
Promotional Management Pty Limited (In Liquidation) A.C.N. 063
236 162 will be held at the offices of Ferrier Hodgson
(Newcastle), Chartered Accountants, Level 3, 2 Market Street,
Newcastle NSW 2300 on February 18, 2005 at 10:10 a.m., for the
purpose of having an account laid before them showing the manner
in which the winding up has been conducted and the property of
the Company disposed of and of hearing any explanations that may
be given by the Liquidator.

Dated this 7th day of January 2005

A. E. Lewis
J. A. Shaw
Liquidators
Ferrier Hodgson
Chartered Accountants
PO Box 840, Newcastle NSW 2300
Telephone: (02) 4908 4444
Facsimile: (02) 4908


B.F. GEISSLER: Creditors Should Prove Claims by February 18
-----------------------------------------------------------
Take notice that creditors of B.F. Geissler Holdings Pty Limited
(In Voluntary Liquidation) A.C.N. 008 416 180, whose debt or
claims have not already been admitted are required on or before
February 18, 2005 to prove their debt or claims and to establish
any title they may have to priority by delivery or posting to
the liquidator at Level 3, Suite 301, 304-318 Kingsway,
Caringbah NSW 2229 a formal proof of debt or claim in accordance
with Form 535 or 536 containing their respective debts or
claims. If they do not they will be excluded from:

(a) The benefit of any distribution made before the debts or
claims are proved or their priority is established; and

(b) Objecting to the distribution.

Form of Proof may be obtained from me.

Dated this 10th day of January 2005

Gary Bruce Holbrook
Liquidator
PKF
Level 3, Suite 301, 304-318 Kingsway,
Caringbah NSW 2229


BUILDING GENERAL: Final Meeting Set February 22
-----------------------------------------------
Notice is given pursuant to Section 509(2) of the Corporations
Act 2001 that a Final Meeting of the Members and Creditors of
Building General Contractors Pty Limited (In Liquidation) A.C.N.
060 922 821 will be held at Ngan & Co, Level 5, 49 Market
Street, Sydney NSW 2000 on Tuesday, February 22, 2005 at 10:30
a.m.

AGENDA

(1) To receive an account made up by the Liquidator showing how
the winding up has been conducted, the property of the Company
has been disposed of and to receive any explanation required
thereof.

(2) To consider any other business brought before the meeting.

Dated this 10th day of January 2005

P. Ngan
Liquidator


CENTURY DOWNEY: Lays Out Agenda of Final Meeting
------------------------------------------------
Notice is hereby given that a final combined meeting of the
members and creditors of Century Downey Pty Ltd (In Liquidation)
A.C.N. 082 911 439 will be held at the offices of Knights
Insolvency Administration, Level 27, The Chifley Tower, 2
Chifley Square, Sydney on February 21, 2005 at 10:00 a.m.

AGENDA

(1) To receive an account made up by the Liquidator showing how
the winding up has been conducted and how the property of the
Company has been disposed of, and to receive any explanation
required thereof.

(2) Any other business which may be lawfully considered with the
foregoing.

Dated this 5th day of January 2005

Adrian S. Duncan
Liquidator
Level 27, The Chifley Tower,
2 Chifley Square,
Sydney NSW 2000


E&A PTY: To Convene Final Meeting February 15
---------------------------------------------
Notice is given that pursuant to Section 509 of the Corporations
Act 2001, the final meeting of members of E&A Pty Limited (In
Liquidation) A.C.N. 000 282 048 will be held at the offices of
Robert Boulter Partners, Level 2, 25-29 Berry Street, North
Sydney on Tuesday, February 15, 2005 at 9:00 a.m. for the
purpose of laying before the meeting the liquidator's final
account and report and giving any explanation thereof.

Dated this 6th day of January 2005

John Duncan Green
Liquidator


FOYLE ELECTRICS: To Hear Liquidator's Report During Meeting
-----------------------------------------------------------
Notice is hereby given that the final meeting of members of
Foyle Electrics Pty Limited (In Voluntary Liquidation) A.C.N.
002 780 341 will be held on February 18, 2005 at 93a Young
Street, Carrington NSW 2294 at 10:00 a.m.

The purpose of the meeting shall be for the presentation of the
final liquidator's report on the conduct of the liquidation to
members.

Lawrence Rundle
Accountants & Business Advisers
93a Young Street, Carrington NSW 2294


GENIX PTY: Sets February 21 as Date of Final Meeting
----------------------------------------------------
Notice is hereby given pursuant to Section 509 of the
Corporations Act that a general meeting of the Members and
Creditors of Genix Pty Limited (In Liquidation) A.C.N. 088 104
787 will be held at the offices of de Vries Tayeh, Corporate
Strategy and Insolvency, Level 3, 95 Macquarie Street,
Parramatta NSW 2150 on February 21, 2005 at 10:00 a.m. for the
purpose of having an account laid before them showing the manner
in which the winding up has been conducted and the property of
the Company disposed of and of hearing any explanations that may
be given by the Liquidator.

Dated this 6th day of January 2005

Riad Tayeh
Joint Liquidator
Level 3, 95 Macquarie Street,
Parramatta NSW 2150


GRENADIER INVESTMENTS: Names Peter Fletcher as Liquidator
---------------------------------------------------------
Notice is hereby given that at a meeting of the members of
Grenadier Investments Pty Ltd (In Liquidation) A.C.N. 097 164
200 held on Thursday, December 23, 2004, it was resolved that
the Company be wound up voluntarily and Peter Fletcher be
appointed liquidator.

Dated this 6th day of January 2005

Peter Fletcher
Liquidator
14 Meakem Street,
Hurstville NSW 2220


HENRY WALKER: Administrators Blame Collapse on Big Coal Deal
------------------------------------------------------------
The administrators of failed Henry Walker Eltin (HWE) blame the
firm's AU$570-million collapse on a failure to secure financing
for the AU$1.7 billion Bengalon coal mining contract in
Indonesia, reports The West Australian.

At a creditors meeting held Tuesday, administrator Shaun Fraser
explained to HWE creditors that upfront costs in the deal with
Kaltim Prima Coal and the fact that HWE won the deal without
financing in place had left HWE insolvent on a cash basis
despite having AU$620 million worth of assets.

Mr. Fraser assured creditors that HWE had some solid core
businesses, boosting hopes of reviving the collapsed engineering
and mining contracting group.

However, the administrators warned creditors that it is too
early to estimate the return on debts of AU$570 million,
excluding employee entitlements, and what form the restructured
HWE group will take.

The administrators are likely to apply to a judge to extend the
deadline for the next meeting beyond the statutory 28-day period
so they can bed down a restructure.

The Company called in an administrator after Glencore Finance AG
withdrew an AU$100 million recapitalization plan. The Company's
shares have been suspended from trading.

CONTACT:

Henry Walker Eltin Group Limited
33 Paul Street North
North Ryde, New South Wales 2113
Australia
Phone: +61 02 9887 6400
Fax: +61 02 9805 0945
Web site: http://www.hwe.com.au/


ITEM3 PTY: To Undergo Winding Up Process
----------------------------------------
Notice is hereby given that at a general meeting of the members
of Item3 Pty Limited (In Liquidation) A.C.N. 092 796 328 held on
December 21, 2004, it was resolved that the Company be wound up
voluntarily and that, Martin John Green, Chartered Accountant of
GHK Green Krejci, Level 9, 179 Elizabeth Street, Sydney NSW 2000
be nominated to act as Liquidator for the purpose of the winding
up.

Dated this 4th day of January 2005

Martin J. Green
Liquidator
GHK Green Krejci
Level 9, 179 Elizabeth Street,
Sydney NSW 2000


MAYNE GROUP: U.S. FDA Warns of Importance of ADE Reporting
----------------------------------------------------------
Under United States Food and Drug Administration (USFDA)
regulations, pharmaceutical companies are required to follow
guidelines that deal with the receipt, documentation, assessment
and reporting of adverse drug events (ADEs), or suspected
adverse patient reactions to medicines, to the appropriate
regulatory authorities within a prescribed period of time. These
administrative processes are known in the pharmaceutical
industry as pharmacovigilance.

Mayne Group Limited advised that its Mayne Pharma business unit
on Thursday received a warning letter from the USFDA relating to
its pharmacovigilance processes and procedures.

The warning letter does not relate to the quality of Mayne
Pharma's products, the processes used for manufacturing its
products, or the Company's ability to continue to supply the
market. Accordingly, Mayne does not believe there will be a
material impact to its fiscal 2005 financial results.

Mayne takes its quality, its qualifying and compliance
responsibilities seriously. Prior to the routine audit by the
USFDA at Mayne Pharma's U.S. head office in October and November
2004, Mayne had identified areas for improvement with respect to
its procedures for ADE reporting and was in the process of
implementing the necessary changes.

The USFDA audit confirmed many of the issues previously
identified by Mayne Pharma during its internal review.

Since the audit, Mayne Pharma has worked closely with the USFDA
to resolve the issues that were identified and the USFDA has
advised that it considers Mayne Pharma's "proposed corrective
actions to be adequate." Accordingly, Mayne does not consider
that there will be a material impact to its operating results.

In making the improvements to its pharmacovigilance program,
Mayne Pharma has increased its resources to support ADE
reporting, strengthened the procedures for the identification,
reporting and follow-ups of ADEs, and is in the process of
implementing an upgraded training program.

Mayne Group Limited is listed on the Australian Stock Exchange
and has businesses in international specialty pharmaceuticals
(the manufacture of injectable and oral pharmaceuticals for
distribution to more than 50 countries), diagnostic services
(pathology, diagnostic imaging and medical centers), pharmacy,
and health-related consumer products.

To view a copy of USFDA's warning letter, click on:
http://bankrupt.com/misc/TCRAP_MAYNEGROUP021005.pdf

CONTACT:

Mayne Group
Head Office Address:
Level 21/390 St Kilda Rd Melbourne 3004
Head Office Phone: +613 9868-0700
Web site: http://www.maynegroup.com/


OLBB PTY: Final Dividend to be Declared February 23
---------------------------------------------------
A first & final dividend to priority and unsecured creditors is
to be declared on February 23, 2005 for OLBB Pty Limited (In
Liquidation) A.C.N. 002 246 225.

Creditors who were not able to formally prove their debt or
claims will be excluded from the benefit of the dividend.

Dated this 6th day of January 2005

A. L. Lewis
Official Liquidator
c/- Ferrier Hodgson
Level 17, 2 Market Street, Sydney NSW 2000


OZ-TEX SOLUTIONS: Appoints Ferrier Hodgson Receiver and Manager
---------------------------------------------------------------
Notice is given pursuant to Section 427(1B) of the Corporations
Act 2001 that Brian Silvia was appointed Receiver and Manager of
Oz-Tex Solutions Pty Ltd (Receiver And Manager Appointed) A.C.N.
096 505 369 on January 5, 2005 pursuant to the provisions
contained in a registered debenture charge created by the
Company in favour of Sahco Pty Ltd A.C.N. 106 341 771.

Dated this 6th day of January 2005

Brian Silvia
Receiver and Manager
Ferrier Hodgson
Level 17, 2 Market Street,
Sydney NSW 2000


PRIMELIFE CORPORATION: Vows to Remedy Error in Notice
-----------------------------------------------------
In response to an announcement made by Aevum limited, Primelife
Corporation Limited (Primelife) intends to immediately seek
remedial orders from the Court in relation to the notice of
variation extending the offer period dated January 31, 2005
(Notice), issued by Primelife.

Primelife will seek orders to remedy a technical deficiency in
the Notice. This deficiency was first raised by Aevum Limited in
its ASX announcement.

The orders will be sought to confirm the extension of
Primelife's off-market takeover offer for Aevum Limited to 7:00
p.m. on March 9, 2005.

George Dixon
Company Secretary
Primelife Corporation Limited

CONTACT:

Primelife Corporation Limited
Melbourne
Victoria, Victoria 3000
Australia
Phone: +61 3 9618 5500
Fax: +61 3 9618 5599
Web site: http://www.primelife.com.au/


RETAILX: Suspended by NZX Over Failure to File Report
-----------------------------------------------------
The New Zealand Exchange (NZX) on Tuesday suspended struggling
RetailX for failing to lodge its half-year report, according to
the New Zealand Press.

NZX Regulation said RetailX had not filed its half-year report
for the period ending September 30, which was due by January 31
and had to be issued within five business days from the deadline
to avert suspension.

RetailX's woes started when The Building Depot, a nationwide
chain of do-it-yourself stores owned by Christchurch businessman
Mark Taylor, was placed under receivership in September with
more than $8 million in liabilities.

The problems spilled over to RetailX, which was controlled by
Mr. Taylor and was paid management fees by The Building Depot.

Last month an investor, Brett Wilkinson, injected $30,000 into
RetailX in a bid to keep the retail management business afloat.
But there is speculation the rescue package may be a precursor
to a full takeover and a backdoor listing.

Creditors have gone to the High Court to get RetailX wound up
but the proceedings have been adjourned until February 14.

CONTACT:

RetailX Limited
15 North Ave., Devonport
Auckland, New Zealand
Phone: 0800 244 244


SECOND BYTE: Lays Out Final Meeting Agenda
------------------------------------------
Notice is given pursuant to Section 509(2) of the Corporations
Act 2001 that a Final Meeting of the Members and Creditors of
Second Byte Technology Pty Limited (In Liquidation) A.C.N. 073
332 813 will be held at Ngan & Co, Level 5, 49 Market Street,
Sydney NSW 2000 on Tuesday, February 22, 2005 at 10:15 a.m.

AGENDA

(1) To receive an account made up by the Liquidator showing how
the winding up has been conducted, the property of the Company
has been disposed of and to receive any explanation required
thereof.

(2) To consider any other business brought before the meeting.

Dated this 10th day of January 2005

P. Ngan
Liquidator


TAILORED INSURANCE: Picks Liquidator for Winding Up Purposes
------------------------------------------------------------
Notice is hereby given that at a general meeting of members of
Tailored Insurance Brokers Armidale Pty Ltd (In Voluntary
Liquidation) A.C.N. 101 234 897 held on December 22, 2004, it
was resolve that the Company be wound up voluntarily and that
for such purposes Mr. John D Malcolm, ACA and James M Abbo CA,
of Malcolm & Associates, 117 Barney Street, Armidale, NSW 2350
be appointed Liquidator.

Dated this 5th day of January 2005

J. D. Malcolm
J. M. Abbo
Liquidators


TELDON AUSTRALIA: To Declare Final Dividend February 25
-------------------------------------------------------
A first dividend is to be declared on February 25, 2005 for
Teldon Australia Pty Limited (Subject To Deed Of Company
Arrangement) A.C.N. 101 667 010.

Creditors who were not able to formally prove their debts or
claims will be excluded from the benefit of the dividend.


Dated this 10th day of January 2005

Kenneth Whittingham
Deed Administrator
BDO
Level 19, 2 Market Street, Sydney
Telephone: 9286 5854


TOWN & COUNTRY: Appoints Liquidator to Wind Up Company
------------------------------------------------------
Notice is hereby given that at an extraordinary general meeting
of members of Town & Country Security & K9 Hire Pty Limited (In
Liquidation) A.C.N. 105 725 022 held on January 7, 2005, it was
resolved that the Company be wound up voluntarily and at a
meeting of creditors held on the same day it was resolved that
for such purpose, Daniel I. Cvitanovic of Ferrier Hodgson,
Chartered Accountants, Level 1, 121-123 Crown Street,
Wollongong, NSW 2500 be appointed Liquidator.

Dated this 7th day of January 2005

Daniel I. Cvitanovic
Liquidator
Ferrier Hodgson
Level 1, 121-123 Crown Street,
Wollongong NSW 2500


WALTER CONSTRUCTION: Bidders Line up for Mining Operations
----------------------------------------------------------
Six potential investors are reportedly eyeing the mining
operations of collapsed Walter Construction Group, Suddeutsche
Zeitung says.

Walter Construction's mining activities have reportedly
attracted six potential bidders, which include John Holland,
indirectly owned by construction group Hochtief; Baulderstone
Hornibrook, Australian arm of Bilfinger-Berger group; Clough
Ltd., Continental Conveyors, and Roche and McMahon Construction.

Walter Construction's insolvency administrators expect to
receive bids soon, a source close to the group says.  The
Company, which mining operations employ around 350 people,
expects to post a loss of AU$245 million for 2004.

The Company's parent, Walter Bau, filed for insolvency at the
start of the month after failing to secure a new EUR1.65 billion
credit line from banks, which halted its proposed restructuring
plan. Walter Construction and 11 other subsidiaries followed
suit days after.  Walter Bau, which has around 50 subsidiaries,
did not rule out the possibility that more of its units will
declare insolvency.

CONTACT:  WALTER BAU AG
          Boheimstr. 8
          86153 Augsburg
          Phone: +49 (0)8 21/55 82-00
          Fax: +49 (0)8 21/55 82-3 20
          Web site: http://www.walter-bau.de

          JOHN HOLLAND GROUP
          70 Trenerry Crescent
          Abbotsford, Victoria 3067
          Phone: 61 3 9934 5209
          Fax: 61 3 9934 5275
          Web site: http://www.johnholland.com.au

          BAULDERSTONE HORNIBROOK ENGINEERING PTY. LTD.
          Level 10, 40 Miller Street,
          North Sydney, New South Wales 2060
          Phone: (02) 9935 7100
          Fax: (02) 9935 7080
          E-mail: bh@bh.com.au
          Web site: http://www.bh.com.au

          CLOUGH LIMITED
          Level 6, 251 St Georges Terrace
          Perth, Western Australia 6000
          Phone: +618 9281 9281
          Fax: +618 9481 6699
          E-mail: clough@clough.com.au
          Web site: http://www.clough.com.au

          CONTINENTAL CONVEYOR & EQUIPMENT PTY LTD.
          10 Somersby Falls Road,
          Somersby NSW 2250 Australia
          Phone: (+612) 4340 1488
          Fax: (+612) 4340 2695
          Web site: http://www.continentalconveyor.com.au


WALTER CONSTRUCTION: Unionists Picket Outside Meeting
-----------------------------------------------------
Members of a labor union on Tuesday held a demonstration outside
a Sydney hotel where creditors of failed Walter Construction
met, relates The Australian Associated Press.

Members of the Construction Forestry and Mining and Energy Union
(CFMEU) were there to back union officials who attended the
meeting. The CFMEU officials represented Walter's direct
employees and subcontractors, who they say are owed millions of
dollars.

Around 1,000 workers hired by the failed firm face unemployment
after the Company followed its German parent into liquidation
last week.

The construction and mining firm's workforce is now fighting for
entitlements worth an estimated AU$20 million.

Walter Construction was forced into voluntary administration
Tuesday last week after its German parent, Walter Bau, filed for
insolvency when it failed to secure a line of credit from its
financiers. Martin Madden and David Winterbottom, from
KordaMentha, were appointed as administrators.


==============================
C H I N A  &  H O N G  K O N G
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GUARANTY COMPANY: Receives Winding Up Order from Court
------------------------------------------------------
Guaranty Company Limited of Unit 4, 6th Floor, Sunray Ind Ctr,
610 Cha Kwo Ling Rd, Yau Tong, KLN received a winding up order
from the High Court of the Hong Kong Special Administrative
Region Court of First Instance on January 26, 2005.

The winding up petition was presented December 3, 2004.


KONG WAH: Annual Meeting Set February 18
----------------------------------------
Notice is hereby given that pursuant to Section 247 of the
Companies Ordinance (Chapter 32), the Annual Meeting of the
Members and Creditors of Kong Wah International Company Limited
(In Creditors' Voluntary Liquidation) will be held at 7th Floor,
Allied Kajima Building, 138 Gloucester Road, Wanchai, Hong Kong
on February 18, 2005 at 10:00 a.m. for the members.

A meeting of the creditors of the Company will follow to be held
at the same place at 10:30 a.m. for the purpose of receiving an
account of the liquidator's act and dealings and of the conduct
of the winding up of the Company during the year ended 22nd
November 2004.

Forms of proxies for both meetings must be lodged at 7th Floor,
Allied Kajima Building, 138 Gloucester Road, Wanchai, Hong Kong
not later than 4:00 p.m. on the day before the meeting or
adjourned meeting at which it is to be held.

Dated this 4th day of February 2005

Nicholas Timothy Cornforth Hill
Joint and Several Liquidator
Presented by: RSM Nelson Wheeler Corporate Advisory Services
Limited


KONG WAH: Court Appoints Managers and Receivers
-----------------------------------------------
Cosimo Borrelli (HKID No. P863558(0) and Nicholas Timothy
Cornforth Hill (HKID No. K669511(6), both of 7th Floor, Allied
Kajima Building, 138 Gloucester Road, Wanchai, Hong Kong, give
notice that they have been appointed as Joint and Several
Liquidators of Kong Wah Video Company Limited (In Compulsory
Liquidation) by an order of the High Court of the Hong Kong
Special Administrative Region Court of First Instance dated
February 14, 2005.

Dated this 4th day of February 2005

Cosimo Borrelli
Joint and Several Liquidators
Kong Wah Video Company Limited


LEE YAN: Creditors Should Prove Debt by February 19
---------------------------------------------------
Notice is hereby given that dividends are to be declared for Lee
Yan Shing.

Creditors who have not proved their debts by February 19, 2005
will be excluded from the above dividends.

Dated this 4th day of February 2005

E T O'Connell
Official Receiver & Trustee


LEUNG LAI: Receiving Proofs of Debt Until February 19
-----------------------------------------------------
Notice is hereby given that dividends are to be declared for
Leung Lai Ying.

Creditors who have not proved their debts by February 19, 2005
will be excluded from the above dividends.

Dated this 4th day of February 2005

E T O'Connell
Official Receiver & Trustee


NEW TUNG: Court Issues Winding Up Order
---------------------------------------
New Tung Kong Chicken King Limited of Flat 614, 6/F, Fu Yuet
Hse, Fu Cheong Est, Sham Shui Po, KLN received a winding up
order from the High Court of the Hong Kong Special
Administrative Region Court of First Instance on January 26,
2005.

The winding up petition was presented December 6, 2004.


OPUS FASHION: Faces Winding Up Proceedings
------------------------------------------
Opus Fashion Limited of Room 1907, 19/F, Prosper Commercial
Bldg, 9 Yin Chong Street, Mongkok, KLN received a from the High
Court of the Hong Kong Special Administrative Region Court of
First Instance a winding up order on January 26, 2005.

The winding up petition was presented December 3, 2004.


RIGHTIME SHIPPING: Begins Bankruptcy Proceedings
------------------------------------------------
Rightime Shipping Limited of Rm 304, 3rd Floor, Bonham Trade
Centre, 50 Bonham Strand, Sheung Wan, HK received a winding up
order from the High Court of the Hong Kong Special
Administrative Region Court of First Instance on January 26,
2005.

The winding up petition was presented December 3, 2005.


SINO PEAK: Receiving Proofs of Claims Until February 23
-------------------------------------------------------
Sino Peak Finance Limited announced in a notice issued to the
Government Gazette Electronic Edition that it intends to declare
a preferential dividend.

Name and Address of Liquidator: The Official Receiver 10th
Floor, Queensway Government Offices, 66 Queensway, Hong Kong.

Last Date for Receiving Proofs: February 23, 2005

Dated this 8th day of February 2005

E T O'Connell
Official Receiver & Liquidator


UNION BEST: Court to Hear Winding Up Petition March 16
------------------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Union Best Limited by the High Court of Hong Kong Special
Administrative Region was on January 13, 2005 presented to the
said Court by Goldwin Asia Limited whose registered office is
situate at Flat D, 15th Floor, Oscar Court, 232-242 Fa Yuen
Street, Mongkok, Kowloon, Hong Kong.

The said Petition is to be heard before the Court at 9:30 a.m.
on March 16, 2005.

Any creditor or contributory of the said Company desirous to
support or oppose the making of an order on the said petition
may appear at the time of hearing by himself or his counsel for
that purpose.

A copy of the petition will be furnished to any creditor or
contributory of the said Company requiring the same by the
undersigned on payment of the regulated charge for the same.

Messrs. Huen & Partners
Solicitors for the Petitioner
Units 3309-11, 33rd Floor, West Tower
Shun Tak Centre
168-200 Connaught Road Central
Sheung Wan
Hong Kong

Note:

Any person who intends to appear at the hearing of the said
petition must serve on or send by post to the above named,
notice in writing of his intention to do so.  The Notice must
state the name and address of the person, or if a firm or his or
their Solicitor (if any) and must be served or if posted, must
be sent by post in sufficient time to reach the above named not
later than six o'clock in the afternoon of the 15th day of March
2005.


=================
I N D O N E S I A
=================


TELKOM INDONESIA: Selects Smartner to Mobilize Customers' Email
---------------------------------------------------------------
PT Telekomunikasi Indonesia, Tbk or Telkom Indonesia (NYSE :
TLK; LSE: TKIA; JSX: TLKM), one of the largest providers of
telecommunications services in South-East Asia, announced in a
press release Monday it has selected Smartner's Always-On Mail
to mobilize its customers with email and calendar.

Telkom will be hosting the end-to-end service in their Indonesia
Internet Data Center (IDC) for Always-On Mail. The new service
is branded as Ventus and it is already available for purchase.
As part of the agreement, Smartner will also offer its solution
to Telkom Indonesia's affiliates, Telkomsel (the main GSM
operator in the country) as well as Telkom Indonesia's own CDMA
product, Telkom Flexi.

Smartner's device-independent solution delivers all the benefits
of real-time desktop messaging to the mobile devices with a very
comfortable user experience. It automatically pushes Email and
Calendar to standard mobile devices instantly mirroring changes
to the desktop and vice-versa. In addition, it enables viewing,
editing and sending of native attachments.

"For the first year in operation, we target to have at least
5000 users both for Microsoft Exchange and Lotus Domino Server
environment. And we believe that working together with Smartner
and Microsoft as our technology partner can make push email
service in Indonesia a major driver of Mobile and Internet-
Multimedia business", says Suryatin Setiawan, Director of
Telecommunications Services Business at Telkom Indonesia. "Even
though there is another push email provider in Indonesia,
VENTUS, which has more open platform for devices, can attract
more customer to sign up for the service since they don't have
to change their existing numbers and devices," he adds
at the current soft launch on Jan. 31, 2005, attended by
potential corporate customers and the press.

Kristiono, CEO of Telkom Indonesia, says, "VENTUS answers the
need for converged service between mobile and multimedia-
internet. This kind of service can put Telkom Indonesia ahead of
the competition in the region and shows the commitment of the
Company to meet our customers' expectations for fast growing
mobile-multimedia services"

Smartner CEO Paul Hedman says, "Smartner is committed to
building a strong presence in the Asian market and the
partnership with Telkom Indonesia is a very important step
towards that commitment. We are very proud to bring together
with Telkom Indonesia our award-winning solution to one of the
largest markets for smart phones in South-East Asia. Always-on
Mail keeps people connected to email and calendar data through
their preferred mobile device very cost efficiently. We strongly
believe this is the solution Indonesian customers need right
now."

Smartner Always-On Mail extends access to email and calendar to
smartphones and connected PDAs with real-time push technology.
For enterprise customers, Smartner Always-on Mail Enterprise
Edition tightly integrates with Microsoft Exchange and IBM Lotus
Domino and works with existing enterprise systems to enable
secure mobile access to e-mail and calendar. For individual
users, Smartner Always-On Mail Internet Edition enables access
to ISP email accounts from the users' preferred mobile device
and without complicated procedures.

About Telkom Indonesia

Perusahaan Perseroan (Persero) P.T. Telekomunikasi Indonesia
Tbk. (TELKOM), a majority state-owned Company, is the principal
provider of fixed-line services in Indonesia. TELKOM's objective
is to become the leading full service and network provider in
Indonesia through the provision of a wide range of information
and communications (InfoCom) services. Telkom provides local and
domestic, international direct telecommunications services,
including fixed-wireline services, mobile, view (pay TV and
cable TV), internet service and multimedia, and other corporate
services both directly and through its subsidiaries. Currently,
Telkom holds a majority ownership in PT Telekomunikasi Selular
(Telkomsel, 65.0%), PT Dayamitra Telekomunikasi (Dayamitra,
90.32%), PT Indonusa Telemedia (Indonusa, 57.5%), PT Infomedia
Nusantara (Infomedia, 51.0%), PT Graha Sarana Duta (GSD,
99.99%), PT Pramindo Ikat Nusantara (Pramindo, 100.0%), PT
Multimedia Nusantara (Metra, 100%), PT AriaWest International
(AriaWest, 100%), PT Napsindo Primatel Internasional (Napsindo,
60%) and PT Pro Infokom Indonesia (PII, 51%). Telkom also holds
ownership in other association companies.

About Smartner

Smartner delivers solutions that mobilize your desktop. A
European market leader, Smartner offers an open standards
solution for always-on mobile email to large, middle size and
small enterprises as well as individual users. Over 120, 000
customers in several hundred enterprises now rely on Smartner's
mobile solutions to increase their productivity and customer
responsiveness. Our goal is to further expand the range and
possibility of mobile communications across the globe with
intelligent and user-friendly solutions.

Smartner has licensed its solutions to a number of service
providers and device manufacturers including DNA, eLPDT, E-Plus,
Ericsson, Fujitsu, Manx Telecom, Nokia, O2, Radiolinja, Sony
Ericsson, Starhub, Telefonica Mobile of Spain, Telkom Flexi,
Telkom Indonesia, Telkomsel, Vodafone Italy, Vodafone
Ireland and MTC Vodafone among others. For details, see:
www.smartner.com.

CONTACT:

P.T. Telekomunikasi Indonesia (Persero)
Jalan Japati No 1
Bandung 40133
Indonesia
Phone: +62 22 452 1108
Fax:   +62 22 452 1408
Web site: http://www.telkom.co.id/


=========
J A P A N
=========


FUJITSU LIMITED: Develops New Technology for Mobile Phones
----------------------------------------------------------
Fujitsu Limited announced the development of a low-power analog
to-digital (AD) converter that employs a delta-sigma(*1)
modulator for mobile phones that are capable of receiving
digital terrestrial television and radio broadcasts(*2).

The new delta-sigma modulator-based AD converter can reduce
power consumption levels of tuners embedded in mobile phones to
30 milliwatts (mW), approximately one-sixth to one-third the
power drain of current levels, thereby enabling prolonged
viewing of terrestrial digital broadcasting on mobile phones by
significantly lessening the power consumption of mobile phone
batteries. In addition, the integration of the new AD converter
with OFDM demodulator (*3) onto a single chip is expected to
facilitate the development of mobile phones that are more
compact than currently available.

Fujitsu will present details of this new AD converter and its
acCompanying technologies at the 2005 IEEE International Solid-
State Circuit Conference which started on February 6 in San
Francisco.

Research for these developments has been supported by the
National Institute for Information and Communications Technology
(NICT), an incorporated administrative agency of the Japanese
government.

Background

Digital terrestrial television broadcasting began in Japan in
December 2003, and broadcasts for mobile phone reception ("1-
segment broadcasts") are scheduled to start at the end of 2005.
Digitization of terrestrial radio broadcasting, for which test
broadcasting began in Japan October 2003, is also expected to
begin in the near future.

Technological Challenges

In order to view or listen to digital terrestrial television or
radio broadcasts on mobile phones for prolonged periods of time,
the tuners and OFDM demodulators of the phone must be able to
operate with low power consumption, to allow extended battery
operation. The components of a tuner that demand the most power
are the analog channel-selection filter and the high-frequency
RF (radio frequency) amplifier. By replacing the analog filter
with a low-power digital channel-selection filter and
incorporating part of the high-frequency amplifier's variable-
gain function (*4) into the AD converter, it is possible to
significantly lower the power demand for the tuner. However,
replacing the analog filter with a digital filter requires a
very precise converter. In addition, in order for the AD
converter to incorporate the variable-gain function, it must
have an amplifier circuit, which leads to increased power
consumption within the AD converter.

Newly Developed Technology

Fujitsu has succeeded in developing a low-power delta-sigma AD
converter which enables prolonged viewing of digital terrestrial
broadcasts on mobile phones. The converter was designed using
Fujitsu's 0.11 micrometer CMOS technology.

Key features of the new delta-sigma AD converter are as follows:

1. Wide dynamic range (*5) achieved with delta-sigma modulators

Fujitsu's new converter and technology represent the world's
first use of a delta-sigma AD converter for digital terrestrial
broadcasts. Delta-sigma modulators provide a wide dynamic range
and heighten the precision of the converter.

2. Power reduction achieved with a variable scale

A delta-sigma AD converter with variable scale was developed,
enabling the converter to have a variable-gain function without
increasing its power consumption.

3. New phase-compensation circuit reduces power demands

In delta-sigma AD converters, phase-compensation (*6) is
necessary to maintain stable operation. Fujitsu developed a new
phase-compensation method utilizing capacitors and resistors,
and succeeded in reducing the number of amplifiers in the
converter by half, thereby achieving lower power consumption.

Results

Fujitsu achieved low power consumption of just 3.5mW during 1.2V
operation with the new delta-sigma AD converter. This makes it
possible to reduce the power consumption of tuners being
developed for terrestrial digital broadcasting with consumption
levels of 100 to 200mW, to 30mW, enabling such broadcasting to
be viewed over prolonged periods of time. In addition, by
integrating this AD converter and an OFDM demodulator into a
single chip, it is anticipated that mobile phones can become
further compact.

Future Developments

Fujitsu intends to commercialize within a year a compact, low-
power tuner incorporating its new delta-sigma AD converter.

Glossary

*1. Delta-sigma

An analog-to-digital conversion technique that is known as a
method that enables the development of high-precision AD
converters by employing high-speed sampling and loop structures.
This method is widely used for sound-based AD converters.

*2. Digital terrestrial television and radio broadcasts

Refers to the Japanese terrestrial broadcasting standards, ISDB-
T for television, and ISDB-TSB for radio.

*3. OFDM demodulator

A demodulator that uses orthogonal frequency-division
multiplexing (OFDM) conversion frequencies. This type of
demodulator is used for digital terrestrial television and radio
broadcasting.

*4. Variable-gain function

A function that enables an amplifier's gain (degree of
amplification) to be varied. In order to be able to receive a
weak signal, it is necessary to amplify the signal into a strong
one by using an amplifier. However, if an amplifierfs gain is
fixed at a set level, it amplifies even strong incoming signals
and thereby overwhelms a receiverfs processing capacity. Thus,
it is essential to vary gain accordingly with the strength of
incoming signals.

*5. Dynamic range

The ratio between the maximum and minimum values of a usable
signal.

*6. Phase-compensation

In negative-feedback loop systems such as for delta-sigma
modulators, a large phase lag of the loop causes instability to
the system because the lag makes the feedback positive. To
stabilize the system, phase lag must be reduced and controlled
by means of phase-compensation.

All Company and product names mentioned herein are trademarks or
registered trademarks of their respective companies.

About Fujitsu Limited

Fujitsu is a leading provider of customer-focused IT and
communications solutions for the global marketplace. Pace-
setting technologies, highly reliable computing and
communications platforms, and a worldwide corps of systems and
services experts uniquely position Fujitsu to deliver
comprehensive solutions that open up infinite possibilities for
its customers' success. Headquartered in Tokyo, Fujitsu Limited
reported consolidated revenues of JPY4.7 trillion (US$45
billion) for the fiscal year ended March 31, 2004.

CONTACT:

Fujitsu Limited
1-1, Kami-kodanaka 4-Chome
Marunouchi Center Building
Nakahara-ku, Kawasaki-City 211-0053,
Kanagawa 100-8211
Japan
Phone: +81 44 777 1111
Fax: +81 3 32169365
Web site: http://www.fujitsu.com/


HAKKO SANGYO: Enters Bankruptcy
-------------------------------
Hakko Sangyo K.K. has entered bankruptcy with total liabilities
of US$85.71 million, says Teikoku Databank America.

The firm, which is engaged in enameled ironware manufacturing,
is based in Kitakyushu-shi, Fukuoka 802-0001.

For more information visit http://www.teikoku.com/or contact
office@teikoku.com or +1-212-421-9805.


MINOBUGORUFUKURABU K.K.: Begins Bankruptcy Proceedings
------------------------------------------------------
Golf course operator Minobugorufukurabu K.K. has begun
bankruptcy proceedings with total liabilities of US$203.81
million, according to Teikoku Databank America.

The firm is based in Minamikoma-gun, Yamanashi 409-2522.

For more information visit http://www.teikoku.com/or contact
office@teikoku.com or +1-212-421-9805.


MITSUBISHI FUSO: Reveals 19 Serious Vehicle Flaws
-------------------------------------------------
Mitsubishi Fuso Truck & Bus Corporation has revealed that at
least 19 of the 44 defects reported after 1987 were extremely
dangerous ones, says the Yomiuri Shimbun.

The embattled truck maker included the 19 cases in an
announcement of 41 new cases disclosed last week.

According to Fuso, the flaws occurred on 50 ton-class purpose
trucks used to pull trailers. Most of the 19 defects were
reportedly caused by lack of lubricant and other manufacturing
glitches, but the Company failed to recall the trucks sooner,
believing that the problems with the new trucks would lessen
over time.

The Company said it was currently rushing to produce axle parts
to repair the defects and would recall affected trucks at the
end of next month.

CONTACT:

Mitsubishi Motors Corporation
2-16-4 Konan, Minato-ku
Tokyo, 108-8410, Japan
Phone: +81-3-6719-2111
Fax: +81-3-6719-0014
Web site: http://www.mitsubishi-motors.co.jp


* 2004 Bankruptcies Drop for the First Time Since 1994
------------------------------------------------------
The number of individual and corporate bankruptcies lodged with
Japanese courts fell by more than 31,500 from 2003 to about
219,000 in 2004, marking its first decline in 10 years,
according to Kyodo News.

Data from the Supreme Court showed that the drop stemmed from a
sharp decline in individual bankruptcies, which account for the
bulk of the total.

Of the 219,000 cases last year, about 211,000 were individual
bankruptcies, according to the preliminary figure. The remaining
8,000 cases were bankruptcies by companies and other
organizations.

The number of bankruptcy cases had risen every year from about
42,000 in 1994 to about 251,000, a record high, in 2003.


=========
K O R E A
=========

CHOHUNG BANK: To Cut 400 Jobs Through Early Retirement Program
--------------------------------------------------------------
Chohung Bank is set to slash some 400 jobs through an early
retirement program, Yonhap News reports. The bank's move comes
as it plans to merge with Shinhan Bank, the flagship subsidiary
of Shinhan Financial Group, in September.

According to banking sources, the bank's management is
negotiating with the labor union on the issue of early
retirement. Union leader Yoon Tae-Su said that management
shouldn't decide who will retire early, and that the proposed
retirement program should be geared to those employees who want
to quit.

Opposing any layoffs, the labor union hinted it may accept a
voluntary retirement program for employees aged 45 or older.

Chohung, which has a current workforce of about 6,200, booked a
net profit of KRW260 billion in 2004, and is aiming for a bottom
line of around KRW600 billion this year.

CONTACT:

Chohung Bank
South Korea
Web site: http://www.chohungbank.co.kr/
E-mail: zpwcho2@chohungbank.co.kr


===============
M A L A Y S I A
===============


AMSTEEL CORPORATION: Completes Disposal of Parkson Retail Group
---------------------------------------------------------------
Amsteel Corporation Berhad refers to the announcements made on
March 19, 25, 26, 2004, April 15, 2004, June 1 & June 30, 2004
in relation to the disposal of Parkson Retail Group.

Amsteel Corporation Berhad announced that on Feb. 4, 2005, the
parties to the agreement for the Disposal of Parkson Retail
Group had mutually agreed that the Company (as nominee for the
Amsteel Group Vendors and Lion Asia Investment Pte Ltd) shall
refund to Lion Diversified Holdings Berhad (LDHB) the following:

1. RM6,959,000 being the excess amount paid by LDHB for the
Disposal of Parkson Retail Group arising from the excess in the
computation of inter-Company balances as at the completion date
of the Parkson SPA (Refund Amount); and

2. interest at the rate of 1% per annum above the base lending
rate of Malayan Banking Berhad on yearly rest prevailing on June
1, 2004, payable on the Refund Amount calculated from June 1,
2004 until the date of full repayment of the Refund Amount
(Interest Payable).

The total sum of RM7,293,985.29, comprising the Refund Amount
and RM334,985.29 being the Interest Payable, was refunded by the
Company to LDHB on Feb. 7, 2005.

Unless otherwise stated, defined terms used in this announcement
shall carry the same meanings as defined in the previous
announcements.

CONTACT:

Amsteel Corporation Berhad
165 Jalan Ampang
Kuala Lumpur, 50450
Malaysia
Phone: +60 3 2162 2155/2161 3166
Fax:   +60 3 2162 3448


ANTAH HOLDINGS: Issues Status Update on Litigation Involvement
--------------------------------------------------------------
The Board of Directors of Antah Holdings Berhad made the
following updates on the status of the Company's involvement in
litigation for the period from Jan. 11, 2005 to Feb. 7, 2005.

1. Financial Institutions

Following the announcement on Jan. 11, 2005, there are no
material developments to the claims by the financial
institutions against the Company.

2. Non-Financial Institution

Following the announcement on Jan. 11, 2005, there are no
material developments to the claims by the non-financial
institutions against the Company.

3. Corporate Guarantee

The status in respect of the claims made by the following
corporate guarantee which have been provided by the Company:

No.    Case No.                                 Status

1.    Kuala Lumpur High Court Suit No.       - March 18, 2005
      D2-22-653-2003                             /Mention
      Bank Pertanian Malaysia -vs-
      (i)  Pacific Asia Fishing Sdn. Bhd.
      (ii) Antah Holdings Berhad

There are no material developments to the other claims against
companies where corporate guarantees have been provided by the
Company.

CONTACT:

Antah Holdings Berhad
Level 7, Menara Milenium,
Jalan Damanlela,
Pusat Bandar Damansara,
Damansara Heights 50490
Kuala Lumpur, Malaysia
Phone: 03-20849000
Fax:   03-20949940


BOUSTEAD HOLDINGS: Resumes Trading of Shares
--------------------------------------------
Further to Listing's Circular No. L/Q 29377 of 2005, trading in
Boustead Holdings Berhad's shares has resumed effective Monday,
Feb. 7, 2005, 9:00 a.m.

Please refer to the Company announcement dated Feb. 4, 2005.

CONTACT:

Boustead Holdings Berhad
18th Floor, Menara Boustead,
69 Jalan Raja Chulan,
50200 Kuala Lumpur
Malaysia
Phone: 03-2141 9044
Fax:   03-21430075
Web site: http://www.boustead.com.my


CEPATWAWASAN GROUP: Unveils January Production Figures
------------------------------------------------------
The Board of Directors of Cepatwawasan Group Berhad announced
that the production figures of the Group for January 2005 are as
follows:

FFB - 9,348.54 MT
Crude Palm Oil - 5,987.394 MT
Palm Kernel - 1,606.874 MT

CONTACT:

Cepatwawasan Group Berhad
Lot 39-40, Block C
Taman Indah Jaya Shophouses
Mile 4, North Road
P O Box 1562
90717 Sandakan
Sabah, Malaysia
Phone: 089-271775/ 089-221569
Fax:   089-220881


GULA PERAK: Repurchases Additional Shares
-----------------------------------------
Gula Perak Berhad's additional 5,000 new ordinary shares of
RM1.00 each issued pursuant to the Conversion of 5,000
irredeemable convertible secured loan stocks 2000/2005 into
5,000 new ordinary shares will be granted listing and quotation
effective Tuesday, Feb. 15, 2005, 9:00 a.m.

CONTACT:

Gula Perak Berhad
Level 7, Dynasty Hotel
Kuala Lumpur 218, Jln Ipoh,
51200 Kuala Lumpur
Phone: 03-4044 2828
Fax:   03-4044 6688


HABIB CORPORATION: Requests Suspension of Counter on Feb. 8, 14
---------------------------------------------------------------
Habib Corporation Berhad on Feb. 7, 2005 requested for the
suspension of its counter on Feb. 8, 2005 and Feb. 14, 2005 (2
market days). The Company is negotiating to acquire foreign
assets which will result in a significant change in business
direction of the Company and the introduction of a new dominant
shareholder. A detailed announcement of the aforesaid proposed
acquisitions and other material transactions by the Company will
be made on Monday, Feb. 14, 2005.

CONTACT:

Habib Corporation Berhad
Lot 106
Lorong Memanda 2,
Ampang Point,
68000 Ampang,
Selangor, Malaysia
Phone: 03-42527777
Fax:   03-42527484

This announcement is dated Feb. 7, 2005.


HABIB CORPORATION: Trading of Shares Suspended
----------------------------------------------
At the request of Habib Corporation Berhad, trading in its
shares was suspended effective Monday, Feb. 7, 2005, 9:00 a.m.,
pending an announcement.


HONG LEONG: Notes Listing of Additional Shares
----------------------------------------------
Hong Leong Industries Berhad's additional 441,000 new ordinary
shares of RM0.50 each arising from the Conversion of RM2,734,200
nominal value of 4% 5-year irredeemable convertible unsecured
loan stocks will be granted listing and quotation effective
Tuesday, Feb. 15, 9:00 a.m.

CONTACT:

Hong Leong Industries Berhad
Level 9, Wisma Hong Leong
18, Jalan Perak
50450 Kuala Lumpur
Malaysia
Phone: 03-2164 2631
Fax: 03-2164 2514
Web site: http://www.hongleong.com


JIN LIN: Updates on Restructuring Scheme
----------------------------------------
Further to the announcements made on Feb. 9, 2004 and June 29,
2004, Jin Lin Wood Industries Berhad (JLWIB) announced that, on
Feb. 4, 2005, the Company entered into a supplemental
restructuring agreement with Seo Aik Leong in respect of the
Proposed Restructuring Scheme.

On even date, Gefung Holdings Berhad (Gefung) has also entered
into the following:

(a) A supplemental sale and purchase agreement with Seo Aik
Leong and Siw Seng Chiw @ Seo Seng Chew in respect of the
Proposed SBG Acquisition (Supplemental SPA-SBG);

(b) A supplemental sale and purchase agreement with Seo Aik
Leong in respect of the Proposed SGMG Acquisition (Supplemental
SPA-SGMG); and

(c) A supplemental sale and purchase agreement with Hillitake
Timber Sdn Bhd (HTSB) in respect of the Proposed Disposal
(Supplemental SPA-Disposal).

The Supplemental Agreement, Supplemental SPA-SBG, Supplemental
SPA-SGMG and Supplemental SPA-Disposal are in relation to
extending the time period for a further period of nine (9)
months expiring on Nov. 9, 2005 to fulfill all conditions
precedent of the said agreements.

CONTACT:

Jin Lin Wood Industries Berhad
177, 2nd Floorn
Taman Sri Dagang
P O Box 3181
97013 Bintulu, Sarawak
Malaysia
Phone: 086-334661/335570
Fax:   086-330866/334808

This announcement is dated Feb. 7, 2005.


JIN LIN: Trading of Shares Suspended
------------------------------------
Jin Lin Wood Industries Berhad announced that the Company's
shares were suspended effective Monday, Feb. 7, 2005, 9:00 a.m.
until further notice.

Please refer to the Company announcement dated Feb. 4, 2005.


MMC CORPORATION: Creditors Voluntarily Wind Up Unit
---------------------------------------------------
MMC Corporation Berhad (MMC) announced that the shareholders of
MMC-LDAH Concrete Sdn Bhd (MMC-LDAH) had at an Extraordinary
General Meeting held on Feb. 8, 2005 passed a Special Resolution
to wind up MMC-LDAH by way of Creditors' Voluntary Winding-up
and has appointed Mr. Sathiea Seelean a/l Manickam (I.C. No:
641019-10-6869) of Messrs. Anuarul Azizan Chew & Co as the
Liquidator of MMC-LDAH.

MMC-LDAH was incorporated on Jan. 6, 1989 and is 100% owned by
MMC Engineering Services Sdn Bhd, a 99.99% subsidiary of MMC.
MMC-LDAH has an issued and paid-up capital of RM2.00 and has
ceased operations since 1998. MMC-LDAH was established to
manufacture concrete mixes and related products for Wilayah
Persekutuan Labuan market.

The Creditors' Voluntary Winding-up of MMC-LDAH will have no
material impact on the earnings or net tangible assets of the
MMC Group for the current financial year.

The Creditors' Voluntary Winding-up is part of MMC Group's
rationalization efforts as there is no future plan to activate
MMC-LDAH.

CONTACT:

MMC Corporation Berhad
10th Floor, Block B, HP Towers
No. 12, Jalan Gelenggang
Damansara Heights, 50490
Kuala Lumpur, Malaysia
Phone: +603 2092 5588
Fax:   +603 2093 9917

This announcement is dated Feb. 8, 2005.


NAIM INDAH: Unit Posts Zero Log Production in January
-----------------------------------------------------
In accordance with Paragraph 9.29 of the Bursa Malaysia
Securities Berhad listing requirements, the Board of Directors
of Naim Indah Corporation Berhad announces that its wholly owned
subsidiary Jernih Makmur Sdn Bhd (which owns a Timber Concession
located at Hutan Simpanan Lebir, Mukim of Relai, District of
Chiku, Jajahan Gua Musang, Kelantan Darul Naim) was not able to
extract any round timber logs due to the East Coast Monsoon
Season. Thus, there were no log productions for the month of
January 2005.

CONTACT:

Naim Indah Corporation Berhad
Jalan Kampar Off Jalan Tun Razak
50400 Kuala Lumpur
Malaysia
Phone: +60 3 4043 9411


PAN MALAYSIA: Issues Update on Material Litigation
--------------------------------------------------
Pan Malaysia Holdings Berhad refers to the announcement on Dec.
9, 2004 concerning the suit filed on May 17, 1996 in the High
Court of Kuala Lumpur by Loyal Design Sdn Bhd (LDSB), a wholly-
owned subsidiary of Malayan United Industries Berhad (MUI),
against the Company and all its then existing directors for
breach of directors' duties in conducting the affairs of the
Company during the period involved with the takeover offer by
MUI through LDSB in respect of the Company. The suit also seeks
to declare, inter-alia, that various options granted by the
Company under the Company's Executive Share Option Scheme are
void.

The Company informs Bursa Securities that the matter has now
been fixed for further case management on March 29, 2005.

CONTACT:

Pan Malaysia Industries Berhad
14/F MUI Plaza, Jalan P. Ramlee,
50250 Kuala Lumpur
Malaysia
Phone: (60) 3244-1470
Fax:   (60) 3244-7789


POS MALAYSIA: Resells 190,000 Treasury Shares
---------------------------------------------
In a disclosure to the Bursa Malaysia Securities Berhad, Pos
Malaysia & Services Holdings Berhad issued a notice of resale
and cancellation of treasury shares on Feb. 7, 2005.

Date of transaction: 07/02/2005

Total number of treasury shares sold (units):       190,000

Total number of treasury shares cancelled (units):

Minimum price paid for each share sold (RM):            2.700

Maximum price paid for each share sold (RM):            2.700

Total amount received for treasury shares sold (RM): 513,000.00

Cumulative net outstanding treasury shares as at to-date
(units): 33,828,000

Adjusted issued capital after cancellation/resale
(no. of shares) (units):

CONTACT:

Pos Malaysia & Services Holdings Berhad
189 Jalan Tun Razak
Kuala Lumpur, 50400
Malaysia
Phone: +60 3 2166 2323
Fax:   +60 3 2166 2266


PSC INDUSTRIES: May Be Sued For Collapse of Sub-Subsidiary
----------------------------------------------------------
PSC Industries faces potential litigation from the AU$10 million
collapse and closure of former ferry offshoot Wave Master
International, reports West Australian News.

Wave Master administrator Brian McMaster recommended in a report
to creditors on Feb. 8 that they liquidated Wave Master,
enabling him to investigate the PSC group's dealings with
the Australian offshoot and pursue potential recovery actions
against the Company, which might be the only way for unsecured
creditors and employees to get any return on debts exceeding
AU$10 million.

Mr. McMaster's report outlined the problematic financial state
of Wave Master for more than a year before its directors called
in administrators on November 4, just six days after Penang
Shipbuilding sold ownership of the ferry Company to Singapore-
based JR Marine Systems Pte Ltd.

The Company owes AU$1.3 million to secured creditor National
Australia Bank, about AU$528,000 to the Australian Taxation
Office and more than AU$1 million to its laid off employees -
including about AU$315,003 in wages, AU$231,500 in
superannuation and more than AU$200,000 in leave entitlements.

Its directors have listed more than AU$6 million in assets, but
this included intellectual property for the closed aluminum
ferry operation and an incomplete vessel whose valuation Mr
McMaster would not release and which was subject to a legal
dispute.

Mr. McMaster told creditors that further investigation was
necessary to establish whether other offences under the
Corporations Act were committed, including directors failing to
act with a reasonable degree of care and diligence, failing to
act in good faith, failure to appoint a director living in
Australia and a series of offenses relating to the keeping and
lodging of Company records.

There was a strong argument the Company was insolvent from at
least March 2004 and, if that were the case, directors could be
liable for up to AU$4 million in debts.

A creditors' meeting is set in Perth, Australia for Feb. 15.

CONTACT:

PSC Industries Berhad
Jalan Bukit Nanas
Kuala Lumpur, 50250
Malaysia
Phone: +60 3 201 6516
Fax:   +60 3 232 6214


PSC INDUSTRIES: Won't Appeal SC Decision on Restructuring Scheme
----------------------------------------------------------------
PSC Industries (PSCI) refers to the announcement dated Jan. 12,
2005, in relation to the Revised Proposals wherein the Company
had announced that the Securities Commission (SC) had via its
letter dated Jan. 10, 2005 (received on Jan. 11, 2005) rejected
the Company's application for an extension of the deadline to
complete the Revised Proposals from Dec. 31, 2004 up June 30,
2005.

PSC Industries (PSCI) announced that its Board of Directors had
on Feb. 7, 2005 resolved not to appeal to the SC to reconsider
its decision to reject the Application at this stage, as the
Company will await for the outcome of the dispute between Affin
Bank Berhad (ABB) and Business Focus Capital Sdn Bhd (BF
Capital) in relation to the debt purchase agreement by BF
Capital from ABB, which forms part of the Revised Proposals.

This announcement is dated Feb. 7, 2005.


=====================
P H I L I P P I N E S
=====================

BR LEGASPI: PDIC Takes Over, Starts Payouts
-------------------------------------------
The Philippine Deposit Insurance Corporation (PDIC) started the
payout operations last January 20 in two more rural banks in the
Bicol Region, Banco Rural Legaspi, Inc. (BR Legaspi) and Banco
Sorsogon. Payout commenced three working days after PDIC
simultaneously took over the banks last January 14. The MB
ordered the closures last January 13.

Banco Rural Legaspi, established in 1956, has estimated total
insured deposit liabilities of P210.6 million consisting of
6,675 insured deposit accounts. It is a five-unit rural bank
with head office in Legaspi City and branches in Daet, Camarines
Norte; Pili, Camarines Sur; Tabaco, Albay; and Naga City. PDIC
will accept insurance claims at the premises of the closed
bank's head office and branches until February 8, with the
exception of Pili branch that will accept insurance claims
onsite only until January 27. After these dates, claims may be
filed in person or by mail at the PDIC office up to January 13,
2007.

Established in 1959, Banco Sorsogon is a four-unit rural bank
with head office in Sorsogon City and branches in Gubat and
Bulan, Sorsogon; and Daraga, Albay. It has estimated deposit
insured liabilities amounting to P193.8 million consisting of
7,764 insured deposit accounts. The PDIC team will service
claims at the premises of the head office and Gubat branch until
February 8; and at the Bulan and Daraga branches until February
2. After these dates, claims may be filed in person or by mail
at the PDIC office up to January 13, 2007.

The PDIC announced that after said dates of onsite payout,
claims from depositors of said banks may either be filed
personally or through mail; or followed up at the PDIC claims
office located at the SSS Building, Ayala Avenue corner V.A.
Rufino St., Makati City.

CONTACTS:

Banco Rural Legaspi
Rizal St., Legaspi City, Albay
Phone: (052) 480-7567

Banco Sorsogon
Rizal St., City of Sorsogon, Sorsogon
Phone: (056) 211-2182 / 1759


MANILA ELECTRIC: Nasecore Raps "Misleading Ad"
----------------------------------------------
The National Association of Electricity Consumers for Reforms
(Nasecore) has accused Manila Electric Company (Meralco) of
"spreading lies" after the utility firm placed a paid
advertisement despite a Court of Appeals ruling to stop the
imposition of unbundled rates, The Manila Times says.

Nasecore, a nongovernmental organization, claimed Meralco issued
a "misleading ad" regarding the re-inclusion of the
controversial power purchased adjustment (PPA) in consumers'
monthly bills.

In the paid ad, Meralco warned that on top of the PPA, subsidy
of lifeline consumers would be removed and consumers using 100
kilowatt-hours or less would have to pay more. The ad also
stated these consumers may be requested to return to Meralco
some Php2,000, which they supposedly saved from the lifeline
subsidy. To date, around four million Meralco consumers are
still paying the PPA.

Nasecore President Pete L. Ilagan explained that PPA was
scratched from the monthly unbundled electric bill because the
Energy Regulatory Commission (ERC) decided to include it in the
generation and transmission charges.

The consumer group pointed out that Meralco's old bundled rate
structure was more beneficial to consumers because it included
those consuming 300 kilowatts-an-hour or less. Thus, households
with consumption of 300 kilowatts-an-hour enjoy subsidized rates
for the first 50 kilowatts-an-hour of total consumption.

In the new unbundled rate structure, the lifeline subsidy
applies only to those consuming 100 kilowatts-an-hour or less.
Cost of power under the existing structure has also increased.

But Meralco Vice President Ivanna G. de la Pena denied the
veracity of Nasecore's claims, saying that returning to bundled
rates will "take away" the lifeline rates for consumers.

CONTACT:

Manila Electric Co.
Lopez Building
Ortigas Avenue, Pasig City
Phone:  16220 (TL); 633-4553 (Corp. Sec.)
Fax:  (0632) 631-5572
E-mail Address: corcom@meralco.com.ph
Web site: http://www.meralco.com.ph


MANILA ELECTRIC: Delays Refund for Big Factories
------------------------------------------------
The Manila Electric Company (Meralco) warned their big customers
on the possibility of delayed payments on their refund for
overbillings from 1994 to 2003, Business World reports.

Meralco saw the need to postpone the entire phase four of the
refund process after the Bureau of Internal Revenue (BIR)
designated the Company as a withholding tax agent.

Meralco, which was set to refund its industrial and commercial
customers last month, has already sought the Energy Regulatory
Commission's (ERC) permission for the refund delay.

The power utility firm said it would still discuss with the BIR
the mechanics for withholding tax refunds due to big customers,
as well as its responsibilities as a withholding tax agent.

Meralco is the largest electricity distribution utility in the
country. The Supreme Court had ruled its income tax was not part
of operational costs that could be charged to customers. The
court thus ordered it to refund its customers an estimated Php30
billion in overcharges collected from February 1994 to May 2003.
Residential customers have been refunded.


MANILA ELECTRIC: Not Rushing to Issue New Bonds
-----------------------------------------------
The Manila Electric Company (Meralco) is not planning to issue
new bonds in the international market in the future even after
its long-term debt rating was upgraded from "CC" to "B-" by
Standard & Poor's Ratings Services (S&P), The Philippine Daily
Inquirer relates.

Despite the improvement in the Company's rating from S&P,
Meralco said it will still opt to wait if there is a need for a
bond issuance.

Meralco treasurer Rafael Andrada said the utility firm still has
a lot of issues to settle, such as the recent Court of Appeals
decision against its tariff increase approved by the Energy
Regulatory Commission (ERC).

But Mr. Andrada stressed that the Company is glad with the
credit rating, which is an indication that Meralco is moving
forward with its restructuring and loan refinancing.

S&P said the rating outlook for Meralco, however, remains
negative owing to the Company's challenging environment, which
could significantly weaken cash flow and result in a liquidity
crunch.

But S&P noted that despite Meralco's improved liquidity, its
financial profile remains "very weak" owing to its huge debt,
refund obligations as well as its unfunded pension liabilities.


NATIONAL POWER: ERC to Rule on Rate Hike by End-February
--------------------------------------------------------
The Energy Regulatory Commission (ERC) is expected to hand down
a final decision by the end of this month on a Php1.87-per-
kilowatt-hour hike in generation rates sought by National Power
Corp. (Napocor), according to the Business World.

ERC Chairman Rodolfo B. Albano affirmed the commission is
speeding up the process on the much-awaited ruling, saying ERC
is just waiting for the opposition to comment and present their
evidence.

Mr. Albano said he is expecting a ruling as early as next week
should the parties cooperate. He declined to say whether the
regulatory body is inclined to grant Napocor its final authority
to increase rates or just half of the proposed rates, noting its
ruling will depend on the evidence presented.

In a joint petition with its successor-firm Power Sector Assets
and Liabilities Management Corp. (PSALM), Napocor initially
sought to increase Luzon's rates to Php4.56 per kWh, to Php4.59
for Visayas and to Php3.13 for Mindanao.

In September, the ERC granted Napocor 98 centavos per kilowatt-
hour (Kwh) or more than half of the proposed adjustment.

CONTACT:

National Power Corporation
Quezon Ave., East Triangle, Diliman
Quezon City, Metro Manila, Philippines
Phone: +63-2921-3541
Fax: +63-2921-2468


NATIONAL POWER: 12% VAT to Raise Rates by Only 44 Cents
-------------------------------------------------------
National Power Corporation (Napocor) clarified that a 12% value-
added tax (VAT) on power producers and distributors will likely
raise power rates by only 44 centavos per kilowatt-hour, and not
70 centavos per kWh as previously stated, the Philippine Star
reports.

According to Napocor Senior Vice President Roland S. Quilala,
Napocor's computations showed that a 12% VAT on electricity
producers and suppliers alike will have a tariff impact of 44.54
centavos per kWh. On the other hand, a 10 % VAT will most likely
result in a power rate adjustment of 36.36 centavos per kWh.

Mr. Quilala said Napocor simulated the effect of the VAT on
power rates if it were imposed on power suppliers alone or on
generation companies alone, explaining that if the proposed VAT
would be applied to generation companies only, the corresponding
VAT would be higher at 40.24 centavos per kWh than if it were to
be imposed on suppliers, which would result to an adjustment of
36 centavos per kWh.

Meanwhile, a 10 % VAT on suppliers alone would have the lowest
impact on electricity tariffs at 29.86 centavos per kWh, while
a 10 % VAT on gencos alone would mean an adjustment of 33.38
centavos per kWh.

Last week, Philippine Independent Power Producers Association
(PIPPA) president Ernesto Pantangco said the impact on power
rates of this legislative measure could range about 30 to 70
centavos per kWh, and would be passed on to consumers.


=================
S I N G A P O R E
=================


CHINA AVIATION (S): Faces Third U.S. Class Action Suit
------------------------------------------------------
Investors of China Aviation Oil (Singapore) Corporation (CAO)
have filed a third class-action suit against the ailing jet-fuel
trader in the United States, The Straits Times reports.

The latest action, which is being mounted by Philadelphia-based
law firm Schiffrin & Barroway, alleged that CAO had failed to
disclose materials with "adverse facts known to defendants, or
recklessly disregarded them".

Similar lawsuits were also filed in January by New York-based
law firm Murray, Frank & Sailer and California-based Lerach
Coughlin Stoia Geller Rudman & Robbins.

Aside from the class-action suits, CAO is also bombarded with
other legal action as it attempts to avert bankruptcy and stay
afloat with a rescue plan.

Hong Kong-based investment firm Satya Capital has filed a claim
against CAO and its China-based parent China Aviation Oil
Holding Co. over an aborted deal by CAO to buy Satya's stake in
Singapore Petroleum Co. It is demanding at least US$47 million
in damages, with further damages to be assessed.

Creditor Sumitomo Mitsui Banking Corp also opted for legal
action when it filed a suit last week against CAO, ousted chief
executive Chen Jiulin and CAO's parent, seeking the return of
US$26.1 million.

CONTACT:

China Aviation Oil (S) Corp.
Phone: (65)6334 8979
Fax: (65)6333 5283
Web site: http://www.caosco.com/


INNO-SINO INVESTMENTS: Court to Hear Bankruptcy Petition
--------------------------------------------------------
Notice is hereby given that a Petition for the Winding Up of
Inno-Sino Investments Pte Ltd Formerly known as Fineview
Development & Investment Pte Ltd by the High Court was on
January 26, 2005 presented by Bank Of China Limited (formerly
known as Bank of China) (RC No. F00753/W), a bank incorporated
in The People's Republic of China and having a place of business
at 4 Battery Road, Bank of China Building, Singapore 049908, a
creditor.

The Petition is to be heard before the Court sitting at
Singapore at 10:00 o'clock in the forenoon on the 18th day of
February 2005.

Any creditor or contributory of the Company desiring to support
or oppose the making of an Order on the Petition may appear at
the time of hearing by themselves or their Counsel for that
purpose.

A copy of the Petition will be furnished to any creditor or
contributory of the Company requiring the copy of the Petition
by the undersigned on payment of the regulated charge for the
same.

The Petitioner's address is 4 Battery Road, Bank of China
Building, Singapore 049908.

The Petitioner's solicitors are Messrs Rajah & Tann of 4 Battery
Road, #15-01 Bank of China Building, Singapore 049908 (Ref.
RCH/tlc/104854/4403).

Dated this 28th day of January 2005

Messrs Rajah & Tann
Solicitors for the Petitioner

Note:

Any person who intends to appear at the hearing of the Petition
must serve on or send by post to the Petitioner's solicitors,
Messrs Rajah & Tann of 4 Battery Road, #15-01 Bank of China
Building, Singapore 049908, notice in writing of his intention
to do so.

The notice must state the name and address of the person, or, if
a firm, the name and address of the firm, and must be signed by
the person or firm, or his or their solicitors (if any) and must
be served, or, if posted must be sent by post in sufficient time
to reach the Petitioner's solicitors not later than twelve
o'clock noon of February 17, 2005 (the working day before the
day appointed for the hearing of the Petition).


INNOVATION WORLD-WIDE: Winding Up Hearing Set February 18
---------------------------------------------------------
Notice is hereby given that a Petition for the Winding Up of
Innovation World-Wide Trader Pte Ltd by the High Court was on
January 26, 2005 presented by Bank Of China Limited (formerly
known as Bank of China) (RC No. F00753/W), a bank incorporated
in The People's Republic of China and having a place of business
at 4 Battery Road, Bank of China Building, Singapore 049908, a
creditor.

The Petition is to be heard before the Court sitting at
Singapore at 10:00 o'clock in the forenoon on February 18, 2005.

Any creditor or contributory of the Company desiring to support
or oppose the making of an Order on the Petition may appear at
the time of hearing by themselves or their Counsel for that
purpose.

A copy of the Petition will be furnished to any creditor or
contributory of the Company requiring the copy of the Petition
by the undersigned on payment of the regulated charge for the
same.

The Petitioner's address is 4 Battery Road, Bank of China
Building, Singapore 049908.

The Petitioner's solicitors are Messrs RAJAH & TANN of 4 Battery
Road, #15-01 Bank of China Building, Singapore 049908 (Ref.
RCH/tlc/104854/4402).

Dated this 28th day of January 2005

Messrs RAJAH & TANN
Solicitors for the Petitioner

Note:

Any person who intends to appear at the hearing of the Petition
must serve on or send by post to the Petitioner's solicitors,
Messrs Rajah & Tann of 4 Battery Road, #15-01 Bank of China
Building, Singapore 049908, notice in writing of his intention
to do so.

The notice must state the name and address of the person, or, if
a firm, the name and address of the firm, and must be signed by
the person or firm, or his or their solicitors (if any) and must
be served, or, if posted must be sent by post in sufficient time
to reach the Petitioner's solicitors not later than twelve
o'clock noon of February 17, 2005 (the working day before the
day appointed for the hearing of the Petition).


POWSEN ELECTRIC: Enters Winding Up Proceedings
----------------------------------------------
Powsen Electric (S) Pte Ltd announced in a notice issued to the
Government Gazette Electronic Edition that it has received a
winding up order made on January 28, 2005.

Name and address of Liquidator:

The Official Receiver of
45 Maxwell Road #06-11
The URA Centre (East Wing)
Singapore 069118

Drew & Napier Llc
Solicitors for the Petitioner
(ROC No. 200102509E)

Note:

(a) All creditors of the above named Company should file their
proof of debt with the Liquidator who will be administering all
affairs of the Company.

(b) All debts due to the above named Company should be forwarded
to the Liquidator.


===============
T H A I L A N D
===============


ADVANCE PAINT: Unveils Resolution of Board Meeting
--------------------------------------------------
Advance Paint & Chemical (Thailand) Public Company Limited
notified the Stock Exchange of Thailand (SET) on the resolutions
of the Board of Directors Meeting No.1/2005, held on February 9,
2005 at 11:00 a.m. to 2:00 p.m. with the following important
matters:

(1) Adoption of the Minutes of the Board of Directors Meeting
No.4/2004.

(2) Unanimous approval for submission to the Shareholders
Meeting to consider for adoption and approval of the Financial
Statement for fiscal year ended December 31st, 2004.

(3) Unanimous approval for submission to the Shareholders
Meeting to consider appointing the auditors of the Company for
the fiscal year 2005.  The Company is now changing the systems
to be advised later after conclusion.

(4) Unanimous approval for submission to the Shareholders
Meeting to consider appointing Mr. Pricha Punnakitikashem and
Mr. Dusit Nontanakorn as new Company directors due to retire by
rotation in this occasion.

(5) Unanimous approval for submission to the Shareholders
Meeting to consider no dividend payment of the fiscal year 2004.

(6) Unanimous approval to set the date of the Ordinary
Shareholders General Meeting No 1/2005 to be held on March 29,
2005 at 9:00 a.m. at the Conference room of the Company, Bangpa-
In Industrial Estate, 344 Moo 2,Klongjik, Bangpa-In District,
Ayuthaya with the following agenda:

(i) To adopt the Minutes of Extraordinary Shareholders Meeting
No.1/2004

(ii) To acknowledge and approve the business performance and
Company Annual report from the Board of Directors of the fiscal
year 2004.

(iii) To adopt and approve the audited balance sheet and profit
and loss statement for the fiscal year ended December 31, 2004.

(iv) To consider and approve no dividend payment of the fiscal
year 2004.

(v) To consider and appoint new directors to replace those who
retired by rotation.

(vi) To consider and appoint Auditors for the fiscal year 2005
and fix the remuneration.

(vii) Other business (if any).

(viii) Unanimous approval to fix the closing date for share
registration from March 8, 2005 at 12:00 p.m. until the Ordinary
Shareholders General Meeting No.1/2004 will adjourn whereupon
the Shareholders whose names appeared in the Share Registration
book during the closing period will be entitled to attend the
Ordinary Shareholders General Meeting No.1/2005.

Please be informed accordingly and please disseminate the
information to the Member Companies and interested investors in
support of their decision on any investment in the securities of
the Company.

Sincerely Yours,
Mrs.Narumol Punnakitikashem
Director

CONTACT:

Advance Paint & Chemical (Thailand) Pcl
344 Moo 2, Bang Pa-In Industrial Estate,
Bang Pa-In Ayutthya
Telephone: 0-3522-1140, 0-2541-5374-8
Fax: 0-3526-1871


EMC: Issues Report on EGM Resolutions
-------------------------------------
EMC Public Company Limited announced in a disclosure to the
Stock Exchange of Thailand (SET) that the Extraordinary General
Meeting of Shareholders No. 1/2005 of the Company held on
February 9, 2005 has resolved that:

(1) (a) the contemplated issue program of 50,000,000 warrants to
the Company's staff under the approved rehabilitation plan of
the Company must be cancelled after the rehabilitation
procedures were revoked by the Company on March 8, 2004 while
the above warrants have not yet been issued and offered, and;

(b) The contemplated issue program of 50,000,000 warrants to the
Company's directors and/or staff under the ESOP scheme must be
approved by more than three-quarter votes of all shareholders
present and eligible to vote without no objection by any
shareholders holding in aggregate more than 5 percent of the
total votes of all shareholders present and eligible to vote.

That the warrants in excess of 5 percent of the total number of
warrants must be allotted to Mr. Komol Wongpornpenpap under the
ESOP scheme with the approval of more than three-quarter votes
of all shareholders present and eligible to vote without no
objection by any shareholders holding in aggregate more than 5
percent of the total votes of all shareholders present and
eligible to vote.

To view a full copy of the resolution, click
http://bankrupt.com/misc/TCRAP_EMCPUBLIC021005.pdf

CONTACT:

EMC Public Company Limited
Rasa Tower, Floor 22, 555 Phaholyothin Road,
Chatu Chak Bangkok
Telephone: 0-2937-0333
Fax: 0-2937-0329
Web site: http://www.emc-group.co.th


* Large Companies With Insolvent Balance Sheets
-----------------------------------------------

                                         Total
                                         Shareholders   Total
                                         Equity         Assets
  Company                      Ticker    ($MM)          ($MM)
  ------                       ------    ------------   ------


CHINA & HONG KONG
-----------------
Guangdong Sunrise-B            200030    (-177.22)     45.09
Guangdong Sunrise-A            000030    (-177.22)     45.09
Hainan DadongH-B               200613    (-5.15)       18.72
Shenzhen China Bicycles-B
Co., Ltd.                      200017    (-203.9)      52.16
Sunrise Co., Ltd.                4830    (-100.79)    130.2

INDONESIA
---------
Barito Pacific Timber Tbk Pt    BRPT      (-50.67)     393.92
PT Smart Tbk                    SMAR      (-30.07)     430.99

JAPAN
-----

Fujitsu Comp Ltd                6719       (-46.88)    316.07

MALAYSIA
--------

Kemayan Corp Bhd                KOP      (-393.11)      67.55
Panglobal Bhd                   PGL       (-50.36)     189.92
Sri Hartamas Bhd                SHB      (-129.51)      14.98
YCS Corporation Bhd             YCS         28.34      160.27

PHILIPPINES
-----------

Pilipino Telephone Co.          PLTL     (-400.56)     115.91

SINGAPORE
---------

Pacific Century Regional          PAC      -176.29    1050.46
Informatics Holdings Ltd         INFO        26.82      62.92

THAILAND
--------

Asia Hotel PCL                  ASIA       (-26.62)     96.21
Asia Hotel PCL                  ASIA/F     (-26.62)     96.21
Bangkok Rubber PCL              BRC        (-41.29)     80.14
Bangkok Rubber PCL              BRC/F      (-41.29)      80.14
Central Paper Industry PCL      CPICO      (-37.02)      40.41
Central Paper Industry PCL      CPICO/F    (-37.02)      40.41
National Fertilizer PCL         NFC        (-91.34)     293.84
National Fertilizer PCL         NFC/F      (-91.34)     293.84
Siam Agro-Industry Pineapple
And Others PCL                  SAICO      (-14.84)      13.32
Siam Agro-Industry Pineapple
And Others PCL                  SAIC0/F    (-14.84)      13.32
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     (-50.94)     398.25
Tuntex (Thailand) PCL           TUNTEX/F   (-50.94)     398.25




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S U B S C R I P T I O N  I N F O R M A T I O N

Troubled Company Reporter -- Asia Pacific is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Trenton, NJ
USA, and Beard Group, Inc., Frederick, Maryland USA. Lyndsey
Resnick, Faith Marie Bacatan, Reiza Dejito, Erica Fernando,
Editors.

Copyright 2005.  All rights reserved.  ISSN: 1520-9482.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without
prior written permission of the publishers.  Information
contained herein is obtained from sources believed to be
reliable, but is not guaranteed.

The TCR -- Asia Pacific subscription rate is $575 for 6 months
delivered via e-mail. Additional e-mail subscriptions for
members of the same firm for the term of the initial
subscription or balance thereof are $25 each.  For subscription
information, contact Christopher Beard at 240/629-3300.

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