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                     A S I A   P A C I F I C

             Tuesday, February 15, 2005, Vol. 8, No. 32

                           Headlines

A U S T R A L I A

AUSTRALIAN FOODS: Falls in the Hands of Liquidators
AUSTRALIAN TENDER: To Convene Joint Meeting February 21
AUSTRALASIAN TILING: Members, Creditors to Meet February 21
CARBUNCLE PTY: To Declare Dividend February 18
CONTROL SECURITY: Joint Meeting Slated for February 22

COMP-NOVA PTY: To Hear Liquidator's Report During Meeting
DEVA BAY: Final Meeting Fixed on February 21
FARBY PTY: Sets Final Meeting February 21
GLENTHORNE CONSTRUCTION: To Hold Joint Meeting February 21
GPC1 PROPRIETORY: Liquidators to Report Final Account Feb. 22

HURDLE PTY: To Declare Partial Dividend March 18
INDREC DEVELOPMENTS: To Hear Liquidator's Report During Meeting
INNER WESTERN: To Hold Final Meeting February 18
ION LIMITED: Loses Investor for Engine Plant
JAMES HARDIE: Shares Tumble as Net Profit Falls

JAMES HARDIE: To Build 10th U.S. Manufacturing Plant
JAMES HARDIE: CEO, CFO Set to Stay
MINH SANG: Picks Liquidators for Winding Up Purposes
MOBILE COMPRESSOR: Dividend to be Declared March 1
PARELLI PTY: Members, Creditors to Meet February 21

QANTAS AIRWAYS: Plans to Set up Airbus Base
REDWOOD DATA: Members Meeting Slated for February 28
R.&H. STORE: Members Agree to Wind Up Company
SANWAH PTY: Appoints Liquidator for Winding Up Purposes
SNODDIS TESMAR: Lays Out Agenda for Final Meeting

WALTER CONSTRUCTION: Collapse Sends 500 Workers Out of Job
ZULU MANUFACTURING: Enters Winding Up Proceedings


C H I N A  &  H O N G  K O N G

ENFIELD CONSTRUCTION: Schedules Annual Meeting on February 17
FUJI ELECTRIC: To Buy Back Shares Using Capital
INTERACT CONTRACTING: Names Joint and Several Liquidators
STYLAND HOLDINGS: Court Dismisses Claim Against Company
WING MOU: To Convene Annual Meeting on February 17


I N D O N E S I A

BANK MANDIRI: High NPL Level Raises Concerns
BANK PERMATA: 2004 Net Profit Up
GREAT RIVER: Under Observation, Unable to Pay Debts
INDUSTRI KERETA: Posts IDR12.89 Billion Loss in 2004
* Indonesian Banks Get Ratings Upgrades


J A P A N

DAIEI INCORPORATED: Mulls Sale of 61 Group Firms
MITSUBISHI MOTORS: Cuts Costs for JV Plants by 14%
MITSUBISHI MOTORS: To Issue Common Stock, Preferred Shares
* 153 Companies Choose Debt Forgiveness in 2004


K O R E A

HYUNDAI SECURITIES: Returns to Profit in 3Q04
JINRO COMPANY: Eyed by 14 Firms


M A L A Y S I A

HABIB CORPORATION: Requests Counter Suspension
KUALA LUMPUR KEPONG: To Release First Quarter FY04 Report Soon
POS MALAYSIA: Requests Suspension of Shares Trading on Feb. 15


P H I L I P P I N E S

NATIONAL POWER: Leyte Plant Bags ISO Accreditation
NATIONAL POWER: Renews Contract with VECO, DLPC
PHILIPPINE LONG: Offers Flat Rate to Spur Landline Business
UNIWIDE HOLDINGS: Unveils Special Stockholders' Meeting Results


S I N G A P O R E

DIGILAND INTERNATIONAL: Obtains Court Approval to Hold Meeting
KLW HOLDINGS: Discloses Reason for Director's Resignation
LAWSANDYS DEVELOPMENT: Court to Hear Petition on February 25
LAWSANDYS STONES: Winding Up Hearing Set February 25
PARISON SYSTEM: Petition to be Heard February 25


T H A I L A N D

EMC: Snags THB60M Building Contract
KRUNG THAI: Clarifies Press Reports
KRUNG THAI: SET Halts Trading of Securities
NATURAL PARK: SET Lifts Trading Halt on Securities
BOND PRICING: For the Week 14 February to 18 February 2005

     -  -  -  -  -  -  -  -

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


AUSTRALIAN FOODS: Falls in the Hands of Liquidators
---------------------------------------------------
Australian Foods Company has been forced into liquidation with
over AU$7 million in liabilities, reports The Countryman.

The South Australian Supreme Court has appointed Sims-Partners
as liquidators of the failed grain trader in favor of Australian
farming business Dunbar Pastoral, which was reportedly owed
AU$40,000.

Liquidator Alan Scott, meanwhile, said he had been contacted by
AFC director Pavan Shivnani, who has expressed interest in
reviving AFC's operations.

Actions that resulted in the appointment of liquidators in the
South Australian Supreme Court were independent of
investigations commissioned by the Australian Securities and
Investments Commission and proceedings in the West Australian
Supreme Court.

The WA Supreme Court was due to hear a petition for the winding-
up of Australian Foods Company at the start of this month. But
due to unknown circumstances, the hearing was rescheduled for
March 3.


AUSTRALIAN TENDER: To Convene Joint Meeting February 21
-------------------------------------------------------
Notice is hereby given that a Joint Meeting of Members and
Creditors of Australian Tender Services Pty Ltd (In Liquidation)
A.C.N. 085 987 293 listed below will be held at the Meeting Room
of B. K. Taylor & Co., 9th Floor, 608 St Kilda Road, Melbourne
on February 21, 2005 at 11:30 a.m., for the purpose of laying
before the meeting an account of the Liquidator's acts and
dealings and of the conduct of the winding up.

Members and Creditors are advised that the Liquidator's accounts
of receipts and payments may be inspected at the offices of B.
K. Taylor & Co. 8th Floor, 608 St Kilda Road, Melbourne during
business hours.

Dated this 7th day of January 2005

Paul Vartelas
Liquidator
B. K. Taylor & Co
8/608 St Kilda Road,
Melbourne Vic 3004


AUSTRALASIAN TILING: Members, Creditors to Meet February 21
-----------------------------------------------------------
Notice is hereby given that a Joint Meeting of Members and
Creditors of Australasian Tiling Pty Ltd (In Liquidation) A.C.N.
092 665 300 listed below will be held at the Meeting Room of B.
K. Taylor & Co., 9th Floor, 608 St Kilda Road, Melbourne on
February 21, 2005 at 10:30 a.m., for the purpose of laying
before the meeting an account of the Liquidator's acts and
dealings and of the conduct of the winding up.

Members and Creditors are advised that the Liquidator's accounts
of receipts and payments may be inspected at the offices of B.
K. Taylor & Co., 8th Floor, 608 St Kilda Road, Melbourne during
business hours.

Dated this 7th day of January 2005

Paul Vartelas
Liquidator
B. K. Taylor & Co
8/608 St Kilda Road,
Melbourne Vic 3004


CARBUNCLE PTY: To Declare Dividend February 18
----------------------------------------------
A First and Final dividend is to be declared on February 18,
2005 for Carbuncle Pty Ltd (Subject To Deed Of Company
Arrangement) A.C.N. 071 410 912.

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

Dated this 5th day of January 2005

I. D. Jessup
Deed Administrator
Jessup & Partners
Accountants & Business Advisors
3rd Floor, 155-157 Denham Street,
Townsville Qld 4810
Telephone: (07) 4772 3515
Facsimile: (07) 4721 4513


CONTROL SECURITY: Joint Meeting Slated for February 22
------------------------------------------------------
Notice is given pursuant to Section 509 of the Corporations Act
2001 that a joint meeting of the members and creditors of
Control Security Pty Ltd (In Liquidation) A.C.N. 005 913 100
will be held at the offices of Ferrier Hodgson, Level 29, 600
Bourke Street, Melbourne on February 22, 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 10th day of January 2005

A. L. Brown
Liquidator
Ferrier Hodgson
Level 29, 600 Bourke Street,
Melbourne Vic 3000


COMP-NOVA PTY: To Hear Liquidator's Report During Meeting
---------------------------------------------------------
Notice is hereby given that the final meeting of the creditors
and members of Comp-Nova Pty Ltd (In Liquidation) A.C.N. 080 478
539 will be held at the office of Robert Semmel, registered
liquidator, Unit 4, 48 North Road, Brighton Victoria 3186 on
Monday, February 21, 2005 at 12:00 noon for the purpose of
laying before the meeting an account showing how the winding up
has been conducted and how any property of the Company has been
disposed of and giving any explanation thereof.

Dated this 7th day of January 2005

Robert Semmel
Liquidator
Unit 4, 48 North Road, Brighton Vic 3186
Telephone: (03) 9596 6899
Facsimile: (03) 9596 7834


DEVA BAY: Final Meeting Fixed on February 21
--------------------------------------------
Notice is hereby given that the final meeting of the creditors
and members of Deva Bay Pty. Ltd. (In Liquidation) A.C.N. 091
890 523 will be held at the office of Robert Semmel, registered
liquidator, Unit 4, 48 North Road, Brighton Victoria 3186 on
Monday, February 21, 2005 at 11:00 a.m. for the purpose of
laying before the meeting an account showing how the winding up
has been conducted and how any property of the Company has been
disposed of and giving any explanation thereof.

Dated this 7th day of January 2005

Robert Semmel
Liquidator
Unit 4, 48 North Road, Brighton Vic 3186
Telephone: (03) 9596 6899
Facsimile: (03) 9596 7834


FARBY PTY: Sets Final Meeting February 21
-----------------------------------------
Notice is hereby given that the final meeting of the creditors
and members of Farby Pty. Ltd. (In Liquidation) A.C.N. 061 701
246 will be held at the office of Robert Semmel, registered
liquidator, Unit 4, 48 North Road, Brighton Victoria 3186 on
Monday, February 21, 2005 at 10:00 a.m. for the purpose of
laying before the meeting an account showing how the winding up
has been conducted and how any property of the Company has been
disposed of and giving any explanation thereof.

Dated this 7th day of January 2005

Robert Semmel
Liquidator
Unit 4, 48 North Road,
Brighton Vic 3186
Telephone: (03) 9596 6899
Facsimile: (03) 9596 7834


GLENTHORNE CONSTRUCTION: To Hold Joint Meeting February 21
----------------------------------------------------------
Notice is hereby given that a Joint Meeting of Members and
Creditors of Glenthorne Construction Pty Ltd (In Liquidation)
A.C.N. 056 650 170 listed below will be held at the Meeting Room
of B. K. Taylor & Co., 9th Floor, 608 St Kilda Road, Melbourne
on February 21, 2005 at 11:00 a.m., for the purpose of laying
before the meeting an account of the Liquidator's acts and
dealings and of the conduct of the winding up.

Members and Creditors are advised that the Liquidator's accounts
of receipts and payments may be inspected at the offices of B.
K. Taylor & Co., 8th Floor, 608 St Kilda Road, Melbourne during
business hours.

Dated this 7th day of January 2005

Paul Vartelas
Liquidator
B. K. Taylor & Co
8/608 St Kilda Road, Melbourne Vic 3004


GPC1 PROPRIETORY: Liquidators to Report Final Account Feb. 22
-------------------------------------------------------------
Notice is hereby given that pursuant to section 509 of the
Corporations Act 2001, the final meeting of members of GPC1
Proprietory Limited (In Liquidation) A.C.N. 004 778 803 will be
held at the offices of BID Chartered Accountants of Level 3, IBM
Centre, 60 City Road, Southbank on February 22, 2005 at 10
o'clock in the forenoon for the purpose of laying before the
meeting the liquidators' final account and report and giving any
explanation thereof.

Dated this 28th day of December 2004

Robert Ramsay
Liquidator
Unit 12B, 29 Queens Road,
Melbourne Vic 3000


HURDLE PTY: To Declare Partial Dividend March 18
------------------------------------------------
A partial dividend is to be declared on March 18, 2005 for
priority creditors of The Hurdle Pty Ltd (Subject To Deed Of
Company Arrangement) A.C.N. 089 318 132.

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

Dated this 7th day of January 2005

A. D'aloia
Deed Administrator
D'Aloia Handberg
Chartered Accountants
Level 10, 200 Queen Street,
Melbourne Vic 3000


INDREC DEVELOPMENTS: To Hear Liquidator's Report During Meeting
---------------------------------------------------------------
Notice is hereby given that pursuant to Section 509 of the
Corporations Law, the final meeting of members of Indrec
Developments Pty Ltd (In Voluntary Liquidation) A.C.N. 004 383
260 will be held at 2nd Floor, 123 Camberwell Road, Hawthorn
East, Victoria, from 1:00 p.m. on February 25, 2005, for the
purpose of laying before the meeting the liquidator's final
account and report and giving any explanation thereof.

Dated this 10th day of January 2005

Robert W. Frankland
Liquidator


INNER WESTERN: To Hold Final Meeting February 18
------------------------------------------------
Notice is hereby given that a final meeting of creditors and
members of Inner Western Migrant Resource Centre Inc. (In
Liquidation) will be held at the offices of Bentleys MRI, Level
7, 114 William Street, Melbourne on February 18, 2005 at 10:30
a.m. for the purpose of laying before the meeting an account of
the liquidators' acts and dealings and of the conduct of the
winding up.

Dated this 10th day of January 2005

B. A. Secatore
Liquidator
Bentleys MRI
114 William Street,
Melbourne Vic 3000


ION LIMITED: Loses Investor for Engine Plant
--------------------------------------------
The administrators of collapsed ION Limited have decided to
discontinue the completion of an engine-block plant after
failing to reach an agreement with potential investors, reports
Dow Jones Newswires.

ION administrators were forced to close the plant after its
failure to convince an unnamed U.S. investor to infuse the
AU$100 million lifeline needed to complete the project.

ION, the problematic Australian unit of General Motors
Corporation, will now be forced to look offshore for a key
supplier to its AU$400-million (US$314.5 million) engine
project.

The failure to complete the Altona project had resulted in seven
employee redundancies and the loss of about 100 future jobs.
Eight employees at the Altona project had been asked to assist
with Ion's operations at Wingfield and Plympton in South
Australia.

Project costs at the Altona plant, on which construction work
was suspended after ION fell into administration, blew out from
an initial AU$90 million (US$70.35 million) to AU$160 million.

On December 7, Ion Limited called in administrators following
the sudden withdrawal of a banking consortium's AU$440 million
lending facility.

The failed firm has left its banks with about AU$350 million in
debt. At AU$135 million, National Australia Bank Ltd. has the
biggest exposure, while Westpac Banking Corp. is owed about
AU$120 million. The balance is split between Commonwealth Bank
of Australia, BNP Paribas SA and Japan's Mizuho Financial Group.

Ion, which has plants in Australia, New Zealand and the United
States hired about 3,000 people when the administrator was
appointed.

CONTACT:

Ion Limited
Level 1 East, Victoria Gardens
678 Victoria Street
Richmond VIC 3121
Phone: +61 3 8416 5900
Fax: +61 3 8416 5999
E-mail: info@ionlimited.com
Web site: http://www.ionlimited.com.au/


JAMES HARDIE: Shares Tumble as Net Profit Falls
-----------------------------------------------
Embattled James Hardie Industries saw its shares plunge sharply
after its net profit nose-dived 17 percent due to costs of an
inquiry into how it handled asbestos compensation claims,
reports Agence France Presse.

The scandal-tainted firm said its net profit fell to US$80.6
million in the nine months to December from US$97.6 million in
the previous corresponding period. Despite a 21-percent increase
in revenue, its earnings for the third quarter alone slid 30
percent year-on-year.

According to James Hardie Chief Executive Louis Gries, some
US$15.9 million in legal costs related to the inquiry held by
the New South Wales state government and other associated
matters had adversely affected the firm's bottom-line
performance.

Mr. Gries also warned that James Hardie would likely still feel
the impact of product boycotts for another six to eight months
and the Company might have to borrow funds to meet its
obligations under the asbestos compensation settlement.

CONTACT:

James Hardie Industries
Website: http://www.jameshardie.com.au/

Greg Baxter
Executive Vice President
Level 3, 22 Pitt Street
Sydney NSW 2000
Telephone: (02) 8274 5305
Fax: (02) 8274 5218
Mobile: 0419 461 368

Steve Ashe
Vice President Investor Relations
Telephone: (02) 8274 5246
Fax: (02) 8274 5218
Mobile: 0408 164 011

Julie Sheather
Vice President Public Affairs
Telephone: (02) 8274 5206
Fax: (02) 8274 5218
Mobile: 0409 514 643

All other enquiries to CustomerLink Service Centre on 13 1103.


JAMES HARDIE: To Build 10th U.S. Manufacturing Plant
----------------------------------------------------
James Hardie Industries is planning to earmark US$98 million to
construct its 10th U.S. fiber cement manufacturing facility,
Asia Pulse says.

The plant, which is expected to meet growing demand for the
Company's products in the U.S., will be built in Pulanski,
Virginia.

The facility, which is to be the largest of all James Hardie
plants, will have an annual production capacity of 600 million
standard feet. Construction will commence in March 2005 with the
first line expected to be finished in the first quarter of
fiscal year 2007.

The new plant will increase James Hardies' total annual
production design capacity in North America to 3.1 billion
standard feet when the first line is completed, and to 3.4
billion standard feet when the second is completed.   

James Hardie will fund the new plant from free cash flow and
debt facilities.


JAMES HARDIE: CEO, CFO Set to Stay
----------------------------------
James Hardie Industries' acting chief executive and chief
financial officer are to remain in their positions on a
permanent basis, says The Australian.

The troubled building products manufacturer has appointed Louis
Gries as chief executive officer. Russell Chenu is now chief
financial officer.  

Both men took up their roles on an interim basis last year after
former chief executive Peter Macdonald and former chief
financial officer Peter Shafron stepped down.

Mr. Macdonald and Mr. Shafron decided to leave their posts amid
a controversy over how the Company handled asbestos compensation
and as the Australian corporate regulator started investigating
them.


MINH SANG: Picks Liquidators for Winding Up Purposes
----------------------------------------------------
Notice is hereby given that at an extraordinary general meeting
of members of Minh Sang First Fresh Poultry Pty Ltd (In
Liquidation) A.C.N. 088 828 871 held on January 6, 2005, it was
resolved that the Company be wound up voluntarily and at a
meeting of creditors held on the same day pursuant to Section
497, it was resolved that for such purpose, Loke Ching Wong and
William Bernard Abeyratne of Harrisons Insolvency, Level 1, 49-
51 Stead Street, South Melbourne be appointed joint and several
liquidators.

Dated this 6th day of January 2005

Loke Ching Wong
Joint and Several Liquidator
c/- Harrisons Insolvency
Level 1, 49-51 Stead Street,
South Melbourne Vic 3205
Telephone: 9696 2885


MOBILE COMPRESSOR: Dividend to be Declared March 1
--------------------------------------------------
A first and final dividend is to be declared on March 1, 2005
for Mobile Compressor Services Australia Pty Ltd (In
Liquidation) A.C.N. 072 481 479.

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

Dated this 6th day of January 2005

Ann Fordyce
Bradley Hellen
Joint & Several Liquidators
c/- Pilot Partners
Level 5, 175 Eagle Street,
Brisbane Qld 4000


PARELLI PTY: Members, Creditors to Meet February 21
---------------------------------------------------
Notice is hereby given that a Joint Meeting of Members and
Creditors of Parelli Pty Ltd (In Liquidation) formerly trading
as Sky-Lite Electrics A.C.N. 006 289 498 listed below will be
held at the Meeting Room of B. K. Taylor & Co., 9th Floor, 608
St Kilda Road, Melbourne on February 21, 2005 12:00 p.m., for
the purpose of laying before the meeting an account of the
Liquidator's acts and dealings and of the conduct of the winding
up.

Members and Creditors are advised that the Liquidator's accounts
of receipts and payments may be inspected at the offices of B.
K. Taylor & Co., 8th Floor, 608 St Kilda Road, Melbourne during
business hours.

Dated this 7th day of January 2005

Paul Vartelas
Liquidator
B. K. Taylor & Co
8/608 St Kilda Road,
Melbourne Vic 3004


QANTAS AIRWAYS: Plans to Set up Airbus Base
-------------------------------------------
Qantas Airways is set to establish a maintenance base for its
new Airbus A320 aircraft in Australia, dispelling fears that the
work might be moved offshore, according to The Australian.

Qantas' budget unit, Jetstar, is expected to announce that the
maintenance work will be handled by Newcastle, which was among a
number of options being canvassed by Qantas that included
sending the work to New Zealand or awarding it to the former
Ansett maintenance facility in Melbourne.

Asia was also considered as an offshore possibility. However,
New Zealand was favored because of its proximity and the fact
that Air New Zealand already operates an A320 heavy maintenance
base.

The decision to keep the work in Australia comes despite recent
warnings by Qantas chief executive Geoff Dixon that Qantas could
no longer afford to be an "all-Australian business".

Last month, Mr. Dixon declared that he was left with no choice
but to source more of its people, services and products overseas
in order to cut costs and sustain operations.

CONTACT:

Qantas Airways
Qantas Centre, Level 9,
Building A, 203 Coward Street,
Mascot, NSW, Australia, 2020
Head Office Telephone: (02) 9691 3636
Head Office Fax: (02) 9691 3339
Web site: http://www.qantas.com


REDWOOD DATA: Members Meeting Slated for February 28
----------------------------------------------------
Notice is given that a general meeting of members of Redwood
Data Processing Pty Ltd (In Liquidation) will be held at the
offices of AFS & Associates Pty Ltd, Chartered Accountants, 61
Bull Street, Bendigo 3550 on February 28, 2005 at 10:30 a.m.

The purpose of the meeting is to lay accounts before it, showing
the manner in which the winding up has been conducted and the
property of the Company disposed of, and for hearing any
explanation that may be given by the Liquidator.

Dated this 7th day of January 2005

David Hutchings
Liquidator
AFS & Associates Pty Ltd
61 Bull Street, Bendigo 3550


R.&H. STORE: Members Agree to Wind Up Company
---------------------------------------------
Notice is hereby given that by special resolution of R.&H. Store
Pty Ltd (In Liquidation) A.C.N. 004 823 296 it was resolved on 3
January 2005 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.

The liquidator is at liberty to exercise all of any of the
powers referred to in section 477 of the Corporations Law.

Dated this 3rd day of January 2005

K. J. Perrin
Liquidator
c/- Prowse, Perrin & Twomey
20 Lydiard Street South, Ballarat Vic 3350.
Telephone: (03) 5331 3711


SANWAH PTY: Appoints Liquidator for Winding Up Purposes
-------------------------------------------------------
Notice is hereby given that on January 10, 2005 the following
special resolution was passed in respect of Sanwah Pty Ltd (In
Liquidation) A.C.N. 070 992 899:

That the Company be wound up voluntarily in accordance with the
Corporations Act 2001 relating to a Creditors' Voluntary Winding
Up and that Mr K.L. Sutherland, Chartered Accountant of 332 St
Kilda Road, Melbourne be appointed Liquidator.

Dated this 10th day of January 2005

K. L. Sutherland
Liquidator
Bent & Cougle
Chartered Accountants
Level 5, 332 St Kilda Road,
Melbourne Vic 3004


SNODDIS TESMAR: Lays Out Agenda for Final Meeting
-------------------------------------------------
Notice is given pursuant to Section 509 of the Corporations Act
2001 that the final meeting of members of Snoddis Tesmar Limited
(In Liquidation) (The Company) A.C.N. 004 239 098 will be held
at the offices of KordaMentha, Level 24, 333 Collins Street,
Melbourne on February 25, 2005 at 10:00 a.m.

AGENDA

(1) To receive the Liquidator's final account of acts and
dealings and the conduct of the winding up and to hear any
explanations thereof.

(2) To consider any other matters which may properly be brought
before the meeting.

Dated this 10th day of January 2005

Mark F. Mentha
Liquidator


WALTER CONSTRUCTION: Collapse Sends 500 Workers Out of Job
----------------------------------------------------------
Some 500 workers for failed Walter Construction Group officially
lost their jobs Friday following the downfall of the building
giant, relates the Australian Associated Press.

Walter's collapse resulted to about 500 direct employees being
retrenched and hundreds of subcontractors unlikely to recoup
money owed to them.

Construction Forestry Mining and Energy Union (CFMEU) NSW
secretary Andrew Ferguson said receiving the redundancies would
bring the "crushing reality" of the collapse home to workers.

He added that the union would continue to fight for the workers'
full entitlements and for money owed to the many subcontractors
affected by the collapse.

Total employee entitlements amount to more than AU$16 million
and administrators have been able to guarantee full entitlements
only from the day they took over the Company, February 1, until
Friday's retrenchment. Unions believe that workers would receive
only about two-thirds of their entitlements.

Walter went into administration last week when its German parent
Walter Bau AG filed for insolvency over credit problems.

The Company, Australia's 18th largest commercial builder,
employs about 1,000 people and hundreds of contractors on about
30 construction projects, primarily in NSW and Queensland.


ZULU MANUFACTURING: Enters Winding Up Proceedings
-------------------------------------------------
Notice is hereby given that on January 10, 2005 the following
special resolution was passed in respect of Zulu Manufacturing
Company Pty Ltd (In Liquidation) A.B.N. 36 005 856 664:

That the Company be wound up voluntarily in accordance with the
Corporations Act 2001 relating to a Creditors' Voluntary Winding
Up and that Mr. K.L. Sutherland, Chartered Accountant of 332 St
Kilda Road, Melbourne be appointed Liquidator.

Dated this 10th day of January 2005

K. L. Sutherland
Liquidator
Bent & Cougle
Chartered Accountants
Level 5, 332 St Kilda Road,
Melbourne Vic 3004


==============================
C H I N A  &  H O N G  K O N G
==============================


ENFIELD CONSTRUCTION: Schedules Annual Meeting on February 17
-------------------------------------------------------------
Notice is hereby given that pursuant to Section 247 of the Hong
Kong Companies Ordinance, Annual Meetings of Members and
Creditors of Enfield Construction Company Limited (In Creditors'
Voluntary Liquidation) will be held at 5/F Allied Kajima
Building, 138 Gloucester Road, Wanchai, Hong Kong on February
17, 2005 at the following times:

Annual Meeting of Members at 2:00 p.m.
Annual Meeting of Creditors at 3:00 p.m.

for the purpose of having laid before the meetings by the
Liquidators an account of their acts and dealings and of the
conduct of the winding-up during the year ending 16 February
2005.

Dated this 8th day of February 2005.

Nicholas Timothy Cornforth Hill
Joint and Several Liquidator
Note:

Creditors or members may vote either in person or by proxy. A
general proxy form is included herewith. To be valid, a proxy
must be lodged at 7/F, Allied Kajima Building, 138 Gloucester
Road, Wanchai, Hong Kong no later than 4:00 p.m. on the day
before the meeting or adjourned meeting at which the voting is
to be held.


FUJI ELECTRIC: To Buy Back Shares Using Capital
-----------------------------------------------
Notice is hereby given pursuant to Section 49M of the Companies
Ordinance that Fuji Electric (Asia) Company Limited:

(1) Has approved a payment out of capital for the purpose of
acquiring its own shares by purchase.

(2) The amount of the permissible capital payment for the shares
in question is HK$50, 163,503 and the resolution approving such
payment out of capital was passed on 28th January 2005.

(3) The directors' statement and auditors' report required by
Section 49K of the Companies Ordinance are available for
inspection at the Company's registered office at Room 1001,
10/F., West Wing, Tsimshatsui Centre, 66 Mody Road, Tsimshatsui
East, Kowloon, Hong Kong.

(4) Any creditors of the Company may at any time within the five
weeks immediately following 28th January 2005 (date of
resolution) apply to the court under Section 49N of the
Companies Ordinance for an order prohibiting the payment.

Dated this 28th day of January 2005

By Order of the Board
Masahiro Honda
Director


INTERACT CONTRACTING: Names Joint and Several Liquidators
---------------------------------------------------------
By order of the High Court of the Hong Kong Special
Administrative Region, dated January 20, 2005, Nicholas Timothy
Cornforth Hill and Stephen Briscoe of RSM Nelson Wheeler
Corporate Advisory Services Limited, 7th Floor, Allied Kajima
Building, 138 Gloucester Road, Wanchai, Hong Kong have been
appointed as Joint and Several Liquidators of Interact
Contracting Company Limited (In Compulsory Liquidation) without
a committee of inspection.

Dated this 4th day of February 2005.
   
Nicholas Timothy Cornforth Hill
Stephen Briscoe
Joint and Several Liquidators
Interact Contracting Company Limited


STYLAND HOLDINGS: Court Dismisses Claim Against Company
-------------------------------------------------------
Reference is made to the announcements made by Styland Holdings
Limited to the Hong Kong Stock Exchange dated September 26,
2003, October 3, 2003 and October 14, 2003 and the note 15(2) to
the condensed consolidated financial statements for the six
months ended September 30, 2004.

On February 1, 2005, the Company received a court order that the
claims by Messrs Sun Jinlin and Lin Wen (the Plaintiffs) had
been dismissed on the basis that the Plaintiffs failed to place
security for costs within the 21 days unless order which was
issued on November 8, 2004.

As at the date of this announcement, the board of directors of
the Company consists of four executive directors, Mr. Johnny
Wing Fai Tam, Ms. Yvonne Han Yi Yeung, Ms. Miranda Chi Mei Chan,
Mr. Suet Ming Ching and three independent non-executive
directors, Mr. David Man San Lim, Mr. Edward Shun Kee Yeung and
Mr. Chow Pat Kan.

By Order of the Board
Styland Holdings Limited
Tam Wing Fai, Johnny
Managing Director
Hong Kong, 8 February 2005


WING MOU: To Convene Annual Meeting on February 17
--------------------------------------------------
Notice is hereby given that pursuant to Section 247 of the Hong
Kong Companies Ordinance, Annual Meetings of Members and
Creditors of Wing Mou Construction Company Limited (In
Creditors' Voluntary Liquidation) will be held at 5/F Allied
Kajima Building, 138 Gloucester Road, Wanchai, Hong Kong on  
February 17, 2005 at the following times:

Annual Meeting of Members at 2:30 p.m.
Annual Meeting of Creditors at 3:30 p.m.

for the purpose of having laid before the meetings by the
Liquidators an account of their acts and dealings and of the
conduct of the winding-up during the year ending 16 February
2005.

Dated this 8th day of February 2005.

Nicholas Timothy Cornforth Hill
Joint and Several Liquidator

Note:

Creditors or members may vote either in person or by proxy. To
be valid, a proxy must be lodged at 7/F, Allied Kajima Building,
138 Gloucester Road, Wanchai, Hong Kong no later than 4:00 p.m.
on the day before the meeting or adjourned meeting at which the
voting is to be held.


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


BANK MANDIRI: High NPL Level Raises Concerns
--------------------------------------------
State Minister for State Enterprises Sugiharto is worried about
the high level of non-performing loans (NPL) of Indonesia's Bank
Mandiri, following reports of further possible bad loans,
reports the Jakarta Post.

In its third quarter report, the bank's NPL level remained high
at 7.49%, well above the ceiling of 5% set by Bank Indonesia.
The bank's fourth quarter report has yet to be released.

Sugiharto's remarks come amidst concerns that more of the banks'
loans may turn bad, especially its loans to struggling PT Great
River Internasional.  

Mr. Sugiharto said that after finalizing Mandiri's 2004 audited
financial statements, the ministry plans to "evaluate" the
bank's performance due to its high NPL rate, and to ensure more
prudent banking management, which might include replacing the
bank's current president director E.C.W. Neloe.

Mandiri argued that its purchase of debt from defunct Indonesian
Bank Restructuring Agency (IBRA) resulted in its high NPL rate.
The bank was one of the most active purchasers of non-performing
loans from IBRA.

CONTACT:

PT Bank Mandiri
Jl Jend Gatot Subroto Kav 36-38
Jakarta 12190
Indonesia
Phone: +62 21 5299 7777/5296 4023
Web site: http://www.bankmandiri.co.id


BANK PERMATA: 2004 Net Profit Up
--------------------------------
Bank Permata said it has posted a net profit of IDR622.7 billion
last year from IDR558.1 billion in 2003, the Jakarta Post
reports.

The bank's 2004 net interest earnings rose from IDR1.14 trillion
in 2003 to IDR1.55 trillion, as interest on time deposits and
savings fell amid declining Bank Indonesia's benchmark interest
rates (SBI).

The bank's assets now total IDR31.6 trillion. Its capital
adequacy ratio (CAR) as of Dec. 2004 reached 11.4%, well above
the central bank's minimum requirement of 8%.

The publicly listed bank also extended about IDR5.2 trillion in
loans last year, mainly to small and medium-scale businesses and
retail and consumer sectors.

CONTACT:

Pt Bank Permata Terbuka
Jalan Jend Sudirman Kav 27
Jakarta, 12920
Indonesia
Phone: +62 21 523 7899
Fax:   +62 21 250 0680


GREAT RIVER: Under Observation, Unable to Pay Debts
---------------------------------------------------
Great River Internasional is being closely monitored to see
whether it will be able to meet its obligations to numerous
creditors - one of which is state-owned Bank Mandiri - amidst
the firm's continuing cash flow problems.

The Jakarta Stock Exchange suspended Great River shares on Jan.
13, 2005, due to the Company's failure to repay IDR11 billion in
maturing interest on IDR300-billion worth of bonds the firm
issued in 2003.

Great River owes creditor Bank Mandiri a total of IDR250 billion
in the form of bonds (IDR50 billion) and loans (IDR200 billion).

CONTACT:

Pt Great River Internasional
Plaza Great River Industries lantai 18
Jl. HR. Rasuna Said, Blok X-2 No. 1, Jakarta 12950
Phone: 021 5262450-51-60-61
Fax:   021 5262462; 5262463; 5262686
E-mail: direksi.gri@greatriver.co.id


INDUSTRI KERETA: Posts IDR12.89 Billion Loss in 2004
----------------------------------------------------
Indonesia's railway factory PT Industri Kereta Api (INKA)
reported losses totaling IDR12.89 billion in 2004 mainly because
of high idle capacity, reports Asia Pulse.

According to Company president Roos Diatmoko, the factory
operated at an average of 61% of its installed capacity in 2004
as orders for construction and repairs were low.

Mr. Roos said Company sales were valued only at IDR71.69
billion, around 44.7 % of its target. He added that the Company
produced only 10 railway cars and components for 225 cars on
order from Australia last year.

This year, despite an increase in orders and rationalization of
personnel, the Company is still predicted to incur a loss of
IDR5.54 billion.

Aside from high idle capacity, Mr. Roos said the government
policy of allowing imports also weakened the Company in market
competition.

CONTACT:

PT Industri Kereti Api
Indonesian Railway Industry
Jl Yos Sudarso No. 71 Madiun 63122
East Java - Indonesia
Phone: 62 351 452271, 452272
Fax:   62 351 4522755
E-mail : sekretariat@inka.web.id


* Indonesian Banks Get Ratings Upgrades
---------------------------------------
Fitch Ratings has upgraded the ratings of Bank Mandiri, Bank
Rakyat and eight other Indonesian lenders, following the
Company's upgrade of the country's credit rating last month, the
International Herald Tribune reports.

The rating agency also increased the individual ratings of Bank
Niaga and Bank Permata to D from D/E, it said in a statement,
without providing details.

Fitch said last month that it had upgraded Indonesia's foreign
and local-currency ratings by one step because of government
efforts to cut the budget deficit and quicken economic growth.

In December, Standard & Poor's lifted the nation's long-term
foreign-currency rating one step to B+, which is four levels
lower than investment grade, while Moody's Investors Service
assigned a ranking of B2, five rungs below investment grade.


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


DAIEI INCORPORATED: Mulls Sale of 61 Group Firms
------------------------------------------------
Ailing Daiei Incorporated plans to divest 61 of the 115 Daiei
group companies in a bid to speed up its restructuring, reports
Kyodo News.

In a desperate bid to turn its business around, Daiei seeks to
sell off companies including department store chain Jujiya
Company, car accessories shop Automaworld Incorporated and steak
restaurant chain Volks Incorporated, as well as Shoppers
Hirosaki, which operates its outlet in Hirosaki, Aomori
Prefecture.

The retail giant, which is currently rehabilitating under the
support of the state-backed Industrial Revitalization
Corporation of Japan (IRCJ), has also considered shutting down
53 of its unprofitable supermarkets as part of its restructuring
scheme.

Early this month, Daiei warned that it would plunge deeper into
the red this year due to massive restructuring charges. The
Company forecasts a group net loss of JPY510 billion (US$4.88
billion) for the year through February 28, against last year's
JPY18.1 billion profit.

Daiei, likewise, trimmed its revenue estimate by 1.6 percent to
JPY1.8 trillion and its recurring profit forecast by 83 percent
to JPY7 billion. It also plans to skip its dividend for 2004/05,
as it would incur special losses from impending store closures.

CONTACT:

The Daiei Incorporated
4-1-1, Minatojima Nakamachi,
Chuo-ku, Kobe, 650-0046
Japan
Phone: +81-78-302-5001
Fax: +81-78-302-5572
Web site: http://www.daiei.co.jp


MITSUBISHI MOTORS: Cuts Costs for JV Plants by 14%
--------------------------------------------------
Mitsubishi Motors Corporation (MMC), Chrysler and Hyundai Motor
Corporation opted to slash by 14 percent the construction cost
for two joint-venture engine plants in Michigan, Bloomberg says.

The three automakers decided to cut by US$100 million the
building cost for the two facilities by streamlining the design
of the plants.

The Global Engine Manufacturing Alliance now expects the
factories in Dundee Michigan to cost about US$600 million. The
first plant will begin full operations on October 1 and the
second will start in September 2006. Both plants will be manned
by a total of 500 people.

MMC, Chrysler and Hyundai are working together to trim the cost
of building as many as 1.8 million four-cylinder engines
annually, including 840,000 in Dundee. They, likewise, plan to
jointly make 1.8-liter to 2.4-liter engines for small and
midsize cars in Michigan and in Japan and South Korea.

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


MITSUBISHI MOTORS: To Issue Common Stock, Preferred Shares
----------------------------------------------------------
Mitsubishi Motors Corporation (MMC) on Monday announced that it
resolved during an extraordinary meeting of the board to issue
common stock and No. 2 Class G preferred shares. The particulars
of the issue are as follows:

Common Stock:

Amount: JPY105.606 billion
Purchasers: Mitsubishi Heavy Industries, Ltd.     JPY37.524
billion
            Mitsubishi Corporation, Ltd.          JPY51.346
billion
            Bank of Tokyo-Mitsubishi              JPY16.736
billion
Payment: March 10, 2005

No. 2 Class G Preferred Shares

Amount: JPY168.393 billion
Purchasers: Mitsubishi Heavy Industries, Ltd.      JPY12.475
billion
            Mitsubishi Corporation, Ltd.           JPY18.654
billion
            Bank of Tokyo-Mitsubishi               JPY137.264
billion
Payment: March 10, 2005

Total financing from this new share issue will amount to JPY274
billion (including a debt-to-equity swap of JPY54 billion). This
financing indicates strong support from these three Mitsubishi
Group companies and follows in line with the capital
reinforcement plan that was outlined in the new "Mitsubishi
Motors Revitalization Plan" on January 28, 2005, that mapped out
business plan targets to fiscal 2007. With this new capital
increase, these three Mitsubishi group companies will increase
their combined present holdings to approximately 34% of MMC's
outstanding common shares with total issued and outstanding
common stock expected to rise to approximately 4 billion shares.

The Company will utilize the new financing of JPY220 billion,
not including the JPY54 billion debt-to-equity swap by BTM, to
lay the foundation of its "Mitsubishi Motors Revitalization
Plan" by maximizing investments in research and development and
capital equipment.


* 153 Companies Choose Debt Forgiveness in 2004
-----------------------------------------------
Options for a recovery scheme by corporations have tremendously
increased such as the issuance of shares against debts, division
of Company, and mergers of corporations. It is obvious that
corporations in a slack or in excessive debt tend to choose
"Recovery over Bankruptcy" to avoid legal reorganization. More
attention is given to the importance of financial aid such as
debt forgiveness, due to active re-constructions by the
Industrial Revitalization Corporation and Resolution and
Collection Corporation (RCC), in addition to the rise of the
Corporation Reconstruction Fund. Although bad debt issues enter
in its final phase, it is essential for a corporation's and an
industry's recovery to have financial aid with an option of debt
forgiveness.

Teikoku Databank conducted research on companies that made it
through their debt forgiveness option, which include surviving
companies and companies which had reorganized, dissolved, or
merged after releasing liabilities between 1985 to Sept 30,
2004. All are principally counted at the time of reaching an
agreement in debt forgiveness. This is our 11th research effort
after the most recent one in May 2004.

Research Results

There were 1,044 companies with agreements in debt forgiveness,
with a record-high of 251 in 2001. In 1994, self-reduction of
excess debt hit the limit, which created an upward increase in
the number of companies in debt forgiveness. It is now 153 in
2004 (through Sept 30), and increasing.

By Pattern: The most common pattern of debt forgiveness is
"Parent Company (Non-Bank) to Subsidiary" with 601 cases
(57.6%), followed by 165 (15.8%) in "Bank to General Company"
and 109 (10.4%) in "Bank to Group Company". In 2004 (through
Sept 30), the number of debt forgiveness by "Bank to General
Company" is at a record-high of 50 and continues to grow.

By Sector: The "Manufacturing" sector with 171 companies (16.4%)
exceeded "Non-Bank" with 149 (14.3%), followed by "Wholesale"
with 117 (11.2%), "Service" with 111 (10.6%), "Construction"
with 92 (8.8%), "Retail" with 86 (8.2%), "Real Estate/Housing"
with 85 (8.1%) and "Third Sector" with 19 (1.8%). It has been
dominated by the "Non-Bank" sector until 1996. After 1999, it
spread to wider sectors including "Construction", "Retail", and
"Real Estate/Housing" and a rapid increase is seen in the
"Manufacturing" sector in 2004.


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


HYUNDAI SECURITIES: Returns to Profit in 3Q04
---------------------------------------------
Hyundai Securities Co. said last week it has returned to profit
in the third quarter of 2004 due to cost-cutting measures and an
increase in commissions, Asia Pulse reports.

In a filing with the Korea Stock Exchange, the Company reported
a net profit of KRW10.1 billion in the October-December period
of the fiscal year ending March 31, 2005, compared with a loss
of KRW11.6 billion won in 2003.

The brokerage house recorded an operating income of KRW18.2
billion during the third quarter, and its ordinary income came
in at KRW14.8 billion.

Hyundai Securities attributed its better-than-expected
performance to an increase in brokerage commissions and cost-
cutting measures.


JINRO COMPANY: Eyed by 14 Firms
-------------------------------
Fourteen companies expressed interest Monday in buying soju
maker Jinro Company, reports Asia Pulse. The firms presented
formal letters of intent for the acquisition to Merrill Lynch &
Co., manager of the sale, according to market sources.

Proposed bidding companies include Lotte Chilsung Beverage Co.,
Doosan Corp., Hite Beer, CJ Group, Daesang Co., Muhak Co., and
Taihan Wire. Also reportedly interested is liquor Company Allied
Domecq, the world's second-biggest liquor maker.  

Bidders for the Company must submit initial proposals by March
30.

Jinro is the highest-value South Korean Company scheduled for
sale this year. Some market watchers say the acquisition could
cost from KRW1.5 trillion to KRW2.5 trillion, while others
expect a cost of up to KRW3 trillion.

The Company has been in court receivership since May 2003 but
its business performance remains strong, with an operating
profit of KRW221.9 billion last year.

CONTACT:

Jinro Limited
1448-3 Seocho-dong Seocho-gu
Jinro Bldg
Seoul 137-866
South Korea
Phone: +82 2 520 3114; +82 2 520 3453
Web site: http://www.jinro.co.kr/


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


HABIB CORPORATION: Requests Counter Suspension
----------------------------------------------
Habib Corporation informs that the Company held a press
conference on Feb. 14 to announce its proposed acquisitions of
foreign assets, which will result in a significant change in the
Company's business direction. In relation to this, the Company
requested for a further suspension of its counter on Feb. 15,
2005 to allow more time for the dissemination of information
with respect to the proposed acquisitions.

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. 14, 2005.


KUALA LUMPUR KEPONG: To Release First Quarter FY04 Report Soon
--------------------------------------------------------------
Kuala Lumpur Kepong Berhad announced that its 1st Quarter
Results (October to December 2004) is scheduled for release on
Wednesday, Feb. 23, 2005.


POS MALAYSIA: Requests Suspension of Shares Trading on Feb. 15
--------------------------------------------------------------
Pos Malaysia & Services Holdings Berhad (PSH) asked for a
suspension of the trading of its shares on Tuesday, Feb. 15,
2005, from 9:00 a.m. to 5:00 p.m.

The suspension was requested in view of a material development
regarding the business of wholly owned subsidiary, Pos Malaysia
Berhad, the national postal operator.

To deliver further details of this material development, PSH
will hold a press conference on Tuesday, Feb. 15, 2005, 5:00
p.m. The Company cannot release its announcement on Feb. 14,
2005, pending clarification of certain material matters with the
relevant authorities. PSH will also issue a press release after
the Feb. 15 press conference.

CONTACT:

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


This announcement is dated Feb. 14, 2005.


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


NATIONAL POWER: Leyte Plant Bags ISO Accreditation
--------------------------------------------------
National Power Corporation's (Napocor) Leyte Geothermal Power
Plant (LGPP) has reaffirmed its status as a world-class power
plant after it was conferred the much-coveted ISO (International
Organization for Standardization) accreditation, reports The
Philippine Star.

Napocor was proud to declare that its Leyte facility bagged the
ISO 9001:2000 certification for Quality Management, the ISO
14001:1996 for Environmental Management, and the OHSAS
(Occupational Health and Safety Assessment Series) 18001:1999.

The recognition has given LGPP the distinction of being the
first state-owned power plant to obtain the three ISO
certifications.

The latest ISO certifications were given to LGPP by the Anglo
Japanese American Registrars, Inc., a member of the
International Certification and Training Group following a two-
day audit conducted last January 18-19, 2005.

The latest ISO certifications given to LGPP will be valid for
three years, subject to the continued satisfactory operation of
the plant's quality environmental, safety and health management
system.  


CONTACT:

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


NATIONAL POWER: Renews Contract with VECO, DLPC
-----------------------------------------------
Three major utilities in the South and a Cebu-based industrial
estate recently inked a separate bulk power supply contracts
with the National Power Corporation (Napocor), according to
Napocor's Power Hotline.

The renewal of contracts indicates the business sector's
continued confidence in the state-owned power firm's ability to
supply reliable and affordable electricity.

Those who renewed contracts with NPC are the Visayan Electric
Company, Inc. (VECO), Davao Light and Power Company (DLPC),
Cotabato Light and Power Company (Colight) and Abotizland
Incorporated (also known as Mactan Economic Processing Zone II).

By Napocor's estimates, the four customers will have a combined
contract level of 191,820,000 kilowatt-hours per month. This
will translate to revenues of about Php474 million per month for
Napocor, or at least Php21.8 billion for the entire 46-month
duration of the contracts.

The signing of firm, bulk power supply contracts between Napocor
and the four customers comes at a time when Napocor's petition
pertaining to Transition Supply Contracts - a major requirement
of the Electric Power Industry Reform Act - is still pending
before the Energy Regulatory Commission. The move also signals
the customers' preference to continue sourcing their power
requirements from Napocor despite stiff competition from
privately owned independent power producers.

"This is an affirmation of the long-lasting partnership between
Napocor and these four valued customers, " said Roland S.
Quilala, Napocor Senior Vice President for Corporate Services.

"We deeply appreciate this gesture, and we hope that the other
distribution utilities will be encouraged to follow suit."

The four contracts will be valid for almost four years,
specifically from February 26, 2005 to December 31, 2008. The
four customers will likewise have to sign a separate
Transmission Service Agreement with the National Transmission
Corporation for power delivery services.

VECO services four cities and five towns in Cebu, and gets about
62 percent of its total monthly requirements from Napocor. Over
the years, VECO has increased its electricity demand from
Napocor, from about 70 megawatts originally to 120 MW in 2002 to
170 MW beginning this year.

Similarly, DLPC's demand has increased from 130 MW in 1998 to
205 MW starting this year. Owned by the Aboitiz Group of
Companies, DLPC services two cities and three municipalities in
Davao, and buys about 20 percent of Napocor's total generation
in Mindanao.

Also belonging to the Abotiz Group are Colight and Aboitizland,
which have an average demand of 19 MW and 17 MW, respectively.
Abotizland, located in Lapu Lapu City, ids the only industrial
estate in the Visayas that is directly connected to Napocor.


PHILIPPINE LONG: Offers Flat Rate to Spur Landline Business
-----------------------------------------------------------
Philippine Long Distance Telephone Company (PLDT) has recently
introduced a promotional flat rate of Php10 for national direct
dialing (NDD) calls and calls to Smart and Talk 'N Text
subscribers to encourage usage of the landline and gain new
subscribers.

Instead of the usual per minute charge pegged at Php5.00 per
minute for NDD and Php13.75 per minute for calls to cellular
phones, PLDT fixed line subscribers now have to pay only Php10
per call regardless of how long the call takes.

PLDT Retail Business Group Head Butch Jimenez said this new
pricing scheme follows the Php50 per day scheme that PLDT tested
on Christmas Day and New Year's Day.

"We expect an increase in new subscribers from these affordable
call plans that we have initiated," he said.

"The results of our earlier tests proved encouraging, so we are
again launching a promo that will make NDD calls and calls to
Smart and Talk 'N Text even more affordable."

During the last 4 years, PLDT has lost an average of 85,000
subscribers per year primarily due to the popularity of the
cellular phone. But with the new rate the Company recently
tested, PLDT is on track to reverse that trend and start
registering a net gain of subscribers for 2005.

Jimenez said reconnection figures also look promising for PLDT.
In 2002, only 32 percent of those that were temporarily
disconnected requested for reconnection. In 2003, 30 percent
connected. In 2004, reconnection rate went up 50 percent, while
for 2005, PLDT is targeting a reconnection rate of over 70
percent.

"One of our main objectives in the retail business group is to
make the landline relevant again to our subscribers, our recent
seem to prove we are in the right direction," he said.

PLDT's latest offering shows its dominance in terms of
subscribers base. It has opened the new rate to over 19 million
Smart and Talk 'N text subscribers and nearly 2 million PLDT
landline subscribers. Major independent phone companies in the
provinces and PLDT subsidiaries and affiliates such as PLDT
Clark Telecom Inc., Subic Telecommunications Company Inc. and
PLDT-Maratel Inc. are also included. All told, the plan is open
to over 21 million subscribers- a base no other phone Company
can provide.

Recently, PLDT also drove down the price of its narrowband dial-
up service, VIBE, to a promotional monthly plan of Php99 per
month for more than 99 hours of Internet use per month (peak and
off-peak hours).

"The subscriber uptake of our new Vibe plan has been
overwhelming," said Mr. Jimenez.

"If there is one thing that will make a PLDT subscriber keep his
landline, it will be access to the Internet. So this strategy
allows us to be successful on two fronts -- generating
additional revenue and keeping our landline subscribers hooked."

About PLDT

PLDT is the leading telecommunications provider in the
Philippines. Through its three principal business groups - fixed
line, wireless and information communications technology - PLDT
offers a wide range of telecommunications services across the
Philippines' most extensive fiber optic backbone and fixed line,
cellular and satellite network.

PLDT is listed on the Philippine Stock Exchange (PSE:TEL) and
its American depositary shares are listed on the NEw York Stock
Exchange (NYSE:PHI) and the Pacific Exchange. PLDT has one of
the largest market capitalization among Philippine listed
companies.

CONTACT:

Philippine Long Distance Telephone Co.
Ramon Cojuangco Building
Makati Avenue, Makati City
Telephone Numbers:  814-3552; 888-0188
Fax Number:  813-2292
Web site: http://www.pldt.com.ph


UNIWIDE HOLDINGS: Unveils Special Stockholders' Meeting Results
---------------------------------------------------------------
Please be informed that the Company has just concluded a Special
Stockholders' Meeting. This February 11, 2005 Special
Stockholders' Meeting was held at the Uniwide Warehouse Club,
Novaliches, Quezon City, at 8:00 o'clock in the morning.
Stockholders representing at least 67% of the Company's
subscribed and outstanding capital stock, were present either in
person or by proxy.

During the meeting, the following matters were taken up, and
duly approved by the stockholders:

(1) Approval of the minutes of the 2000 Special Stockholders'
Meeting held on September 22, 2000;

(2) Approval of the audited financial statements of the Company
for the years ending December 31, 2000, December 31, 2001,
December 31, 2002 and December 31, 2003;

(3) Nominations and election of the following persons as members
of the Board of Directors of the Company for the ensuing
corporate year:

a. Mr. Jimmy N. Gow,
b. Ms. Cherrie V. Gow,
c. Ms. Carolyne V. Gow-Yap,
d. Dr. Primitivo "Primy" D. Chua,
e. Atty. Phillip Sigfrid Fortun, and
f. Atty. Salvador B. Hababag.

(4) Appointment of the auditing firm of SyCip Gorres Velayo &
Co. as the Company's External Auditor for the ensuing corporate
year.

In addition, the Chairman of the Company, Mr. Jimmy N. Gow,
presented the Chairman's Report, while the SEC-aapointed
Rehabilitation Receiver, Atty. Julio C. Elamparo, presented his
Receiver's Report.

The Chairman's Report highlighted the developments which
occurred after the last stockholders' meeting in 2000, from the
withdrawal of Casino Guichard-Perrachon, which was a prospective
investor, and new arrangements for the rehabilitation of the
Company contained in the Second Amendment to the Rehabilitation
Plan, as approved by the Securities and Exchange Commission on
December 23, 2002. The Chairman's Report also talked about the
Company's financial conditions and results of operations for the
period 2000-2004, rehabilitation, and prospects and
developments.

The Receiver's Report focused on the implementation of the SEC-
approves Second Amendment to the Rehabilitation Plan, which
centered on the rehabilitation of the core business of the
Uniwide Group of Companies and the eventual settlement of its
obligations to all creditors. The Receiver's Report mentioned
that of the total secured debt, about fifty-seven percent or a
total of PHp4.29 billion has been settled, and of the total
unsecured debt of Php2.93 billion, eleven percent has been fully
settled.

The Chairman's Report and the Receiver's Report were noted and
approved, respectively, by the stockholders present. In
addition, upon motion of a stockholder present, the Second
Amendment to the Rehabilitation Plan, as approved by the
Securities and Exchange Commission on December 23, 2002, was
approved by the stockholders present.

Thereafter, the Special Stockholders' Meeting was adjourned.

(Signed)
MYRACRIS G. GALANG
Corporate Information Officer

CONTACT:

Uniwide Holdings, Inc.
Upper Ground Floor Pearl Plaza Bldg.
0165 Quirino Avenue, Brgy. Tambo
Paranaque City
Telephone Number: (632)-851-12-58


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


DIGILAND INTERNATIONAL: Obtains Court Approval to Hold Meeting
--------------------------------------------------------------
The Board of Directors of Digiland International Limited
announced in a disclosure submitted to the Singapore Stock
Exchange that it has on February 11, 2005 applied to the High
Court of the Republic of Singapore for, and has obtained the
approval of the Court for the Company to convene a meeting of
its creditors no later than 30 June 2005 for the purposes of
approving a Scheme of Arrangement under section 210 of the
Companies Act (Cap. 50) (the Scheme).

The Court has further ordered that all existing proceedings in
any action against the Company as well as all future winding up
proceedings against the Company be restrained, except with the
permission of the Court.

By Order Of The Board
Lim Koon Hock
Company Secretary
Digiland International Limited
February 11, 2005


KLW HOLDINGS: Discloses Reason for Director's Resignation
---------------------------------------------------------
The Board of Directors of KLW Holdings Ltd advised the Singapore
Stock Exchange that Mr. Lau Ping Sum stepped down as an
independent director on February 7, 2005 due to health issues.

The Board would like to again express its appreciation to Mr.
Lau for all his past contributions to the Board.    

Felicia Ngo   
Group Accountant   


LAWSANDYS DEVELOPMENT: Court to Hear Petition on February 25
------------------------------------------------------------
Notice is hereby given that a Petition for the Winding Up of
Lawsandys Development Pte Ltd by the High Court was, on the 3rd
day of February 2005 presented by Lawsandys Holdings Pte Ltd, a
Contributory, and that the said Petition is directed to be heard
before the Court sitting at Singapore at 10:00 a.m. on Friday,
February 25, 2005.

Any creditor or contributory of the said Lawsandys Development
Pte Ltd desiring 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.

The Petitioner's address is 133 New Bridge Road, #25-03
Chinatown Point, Singapore 059413.

The Petitioner's Solicitors is Messrs Jacob Mansur & Pillai of
21 Cantonment Road, Levels 3 and 4, The Court Yard, Singapore
089742.

Dated this 8th day of February 2005.

Jacob Mansur & Pillai
Solicitors for the Petitioner

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 Messrs
Jacob Mansur & Pillai 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 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 twelve
o'clock noon of the 24th day of February 2005 (the day before
the day appointed for the hearing of the Petition).


LAWSANDYS STONES: Winding Up Hearing Set February 25
----------------------------------------------------
Notice is hereby given that a Petition for the Winding Up of
Lawsandys Stones Pte Ltd by the High Court was, on February 3,
2005 presented by Lawsandys Holdings Pte Ltd, a Contributory.

The said Petition is directed to be heard before the Court
sitting at Singapore at 10:00 a.m. on February 25, 2005 and any
creditor or contributory of the said Lawsandys Stones Pte Ltd
desiring 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.

The Petitioner's address is 133 New Bridge Road, #25-03
Chinatown Point, Singapore 059413.

The Petitioner's Solicitors is Messrs Jacob Mansur & Pillai of
21 Cantonment Road, Levels 3 and 4, The Court Yard, Singapore
089742.

Dated this 8th day of February 2005

Jacob Mansur & Pillai
Solicitors for the Petitioner

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 Messrs
Jacob Mansur & Pillai notice in writing of his intention so to
do. 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 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 twelve
o'clock noon on February 25, 2005 (the day before the day
appointed for the hearing of the Petition).


PARISON SYSTEM: Petition to be Heard February 25
------------------------------------------------
Notice is hereby given that a Petition for the Winding Up of
Parison System Pte. Ltd. by the High Court was on January 28,
2005 presented by Koh Pang Seng (NRIC No. S1369164I) of Block
352 Yishun Ring Road #10-1734, Singapore 760352, a creditor.

The said Petition is directed to be heard before the Court
sitting at Singapore at 10:00 o'clock in the morning on February
25, 2005 and 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 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 copy of the
Petition by the undersigned on payment of the regulated charge
for the same.

The Petitioner's address is Block 352 Yishun Ring Road #10-1734,
Singapore 760352.

The Petitioner's solicitors are Messrs Tan Seck Sam & Partners
of 1 Selegie Road, #06-01 Paradiz Centre, Singapore 188306.

Tan Seck Sam & Partners
Solicitors for the Petitioners

Note:

Any person who intends to appear at the hearing of the Petition
must serve on or send by post to the abovenamed Messrs Tan Seck
Sam & Partners of 1 Selegie Road, #06-01 Paradiz Centre,
Singapore 188306, 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 solicitor (if any) and must
be served, or, if posted, must be sent by post in sufficient
time to reach the abovenamed Messrs Tan Seck Sam & Partners not
later than 12.00 o'clock noon of the 24th day of February
2005 (the day before the day appointed for the hearing of the
Petition).


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


EMC: Snags THB60M Building Contract
-----------------------------------
EMC Public Company Limited informed the Stock Exchange of
Thailand that the Company has been awarded a new contract for
the construction of a three-story miscellaneous building at
Thonburi Rajabhat University. The contract value is
THB60,000,000 including VAT. Completion date is May 24, 2006.

Please be informed accordingly.

Yours faithfully,
Lt. Gen.Samang Thongpan
Director

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


KRUNG THAI: Clarifies Press Reports
-----------------------------------
Further to the mass media reports that government authorities
have accused Krung Thai Bank's executives and individuals
concerned with lending, Krung Thai Bank PCL advised the Stock
Exchange of Thailand (SET) that they have not been informed
regarding the matter.

However, in the event of filing a lawsuit against the executives
as reported by the mass media, this will be regarded as personal
issue while the Bank is a separate juristic person.  Such loan
as reported is an existing credit facility for which the Bank
has already set aside provisions for possible loan loss, and
therefore, has no adverse effect on the Bank's position.

In this connection, the Bank has newly revised its credit
approval authority and process by having submitted the matter to
the Bank of Thailand for its information and consent.  All this
has made us believe that in approving new loan requests, no
similar problem would arise.

Please be advised accordingly.

Yours sincerely,
Krung Thai Bank Public Company Limited
Apisak Tantivorawong
President

CONTACT:

Krung Thai Bank Public Company Limited   
35 Sukhumvit Road, Khlong Toei Nua, Wattana Bangkok    
Telephone: 0-2255-2222   
Fax: 0-2255-9391-6   
Website: http://www.ktb.co.th


KRUNG THAI: SET Halts Trading of Securities
-------------------------------------------
The Stock Exchange of Thailand (SET) has ordered the trading
halt of Krung Thai Bank Public Company Limited (KTB) and C.P.
Seven Eleven Public Company Limited (CP7-11) with reference to
the news that the Bank of Thailand has accused the managements
of the listed companies as being the directors of Krung Thai
Bank Public Company Limited (KTB) who have breached the Banking
Act that might affect trading of the listed companies.

Therefore, the SET has temporarily halted trading of the
aforesaid listed Companies securities, effective from the first
trading session of February 14, 2005 until the Companies have
clarified or disclosed this material information to the SET.


NATURAL PARK: SET Lifts Trading Halt on Securities
--------------------------------------------------
The Stock Exchange of Thailand (SET) has lifted the H (Trading
Halt) sign from the securities of Natural Park Public Company
Limited (N-PARK) and Finansa Public Company Limited (FNS)
effective from 14 February 2005 onwards because the SET received
the pending material information which was thoroughly
disseminated via ELCID from both companies.

Previously, the SET posted the H sign on securities of N-PARK
and FNS because the SET received information regarding the
resolution of N-PARK's shareholders meeting that N-PARK will
dispose of its investment in FNS and Bangkok Metro Public
Company limited, and the SET is still waiting for the said
information via ELCID.

CONTACT:

Natural Park Public Company Limited   
Address: 88 Soi Klang (Sukhumvit 49),
Sukhumvit Road, Wattana, Bangkok
Telephone: 0-2259-4800-11   
Fax: 0-2259-4819, 0-2259-4815   



BOND PRICING: For the Week 14 February to 18 February 2005
----------------------------------------------------------

Issuer                            Coupon   Maturity  Price
------                            ------   --------  -----


AUSTRALIA
---------

Ainsworth Game                        8.000%    12/31/09    1
Amcom Telecommunications Ltd         10.000%    10/28/07    2
APN News & Media Ltd                  7.250%    10/31/08    5
A&R Whitcoulls Group                  9.500%    12/15/10    9
Austral Coal                          9.500%    10/1/06     1
BIL Finance Ltd                       8.000%    10/15/07    9
BIL Finance Ltd                       8.750%    10/15/05    8
BIL Finance Ltd                       9.250%    10/15/06    9
Capital Properties NZ Ltd             8.500%     4/15/05    8
Capital Properties NZ Ltd             8.500%     4/15/07    8
Capital Properties NZ Ltd             8.500%     4/15/09    8
CBH Resources                         9.500%    12/16/09    1
Citigold Corp.                       12.000%     3/29/07    1
Consolidated Minerals Ltd            11.250%     3/31/05    3
Djerriwarrh Investments Ltd           6.500%     9/30/09    4
Evans & Tate Ltd                      8.250%    10/29/07    1
Fletcher Building Ltd                 7.800%     3/15/09    8
Fletcher Building Ltd                 7.900%    10/31/06    8
Fletcher Building Ltd                 8.300%    10/31/06    8
Fletcher Building Ltd                 8.600%     3/15/08    7
Fletcher Building Ltd                 8.750%     3/15/06    7
Fletcher Building Ltd                 8.850%     3/15/10    8
Fletcher Building Ltd                10.500%     4/30/05    8
Fernz Corp Ltd                        8.560%    10/15/06    7
Futuris Corporation Ltd               7.000%    12/31/07    3
Gympie Gold Ltd.                      8.500%     9/30/07    1
Hy-Fi Securities Ltd                  7.000%     8/15/08    8
Hy-Fi Securities Ltd                  8.750%     8/15/08   11
Hutchison Telecoms Australia          5.500%     7/12/07    1
Infrastructure and Utility            8.500%     9/15/13    8
Nuplex Industries Ltd                 9.300%     9/15/07    7
Pacific Print Group Ltd.             10.250%    10/15/09    9
Powerco Ltd                           8.150%     9/01/07    8
Prime Life Corp.                      9.500%     12/8/06    1
Salomon SB Australia                  4.250%     2/01/09    8
Sapphire Securities                   9.160%     9/20/35    9
Sapphire Securities                   9.250%    12/20/06    9
Sherlock Bay Nickel                  12.000%      9/1/07    1
Sky Network Television Ltd            9.300%    10/29/49    8
Software of Excellence                7.000%     8/09/07    2
Strathfield Group                    11.000%    12/31/05    1
Structural Systems Ltd               11.000%     6/30/07    1
Sydney Gas Company                   12.000%     4/1/06     1
Tower Finance Ltd                     8.650%    10/15/09    8
Tower Finance Ltd                     8.750%    10/15/07    8
TrustPower Ltd                        8.300%     9/15/07    7
TrustPower Ltd                        8.500%     9/15/12    8
TrustPower Ltd                        8.500%     3/15/14    8
Urbus Properties Ltd                   9.250%     3/10/07    1
Vision Systems Ltd                     9.000%    12/15/08    2
Tampines Assets Ltd                    5.625%     12/7/06    1


CHINA
-----

China Government Bond                  2.900%    5/24/32    69


KOREA
-----

Korea Electric Power Corporation       7.950%       4/1/96   46


MALAYSIA
--------

Asian Pac Holdings Bhd                 4.000%     12/22/05    1
Artwright Holdings Bhd                 5.500%      3/05/07    1
Berjaya Group Bhd                      5.000%     10/17/09    1
Berjaya Land Bhd                       5.000%     12/30/09    1
Berjaya Sports Toto Bhd                8.000%      8/04/12    4
Camerlin Group Bhd                     5.500%      7/15/07    1
Crescendo Corporation Bhd              3.000%      8/25/07    1
Crest Builder                          5.000%      2/25/06    2
Dataprep Holdings Bhd                  4.000%       8/5/05    1
Dataprep Holdings Bhd                  4.000%       8/6/07    1
Eden Enterprises (M) Bhd               2.500%      12/2/07    1
Fountain View Development Sdn Bhd      3.500%      11/3/06    5
Furqan Business Organization           2.000%     12/19/05    1
Gadang Holdings Bhd                    2.000%     12/24/08    1
Grand Central Enterprises Bhd          5.000%      2/17/05    1
Greatpac Holdings Bhd                  2.000%     12/11/08    1
Gula Perak Bhd                         6.000%      4/23/08    1
Hong Leong Industries Bhd              4.000%      6/28/07    1
I-Bhd                                  5.000%      4/30/07    1
Insas Bhd                              8.000%      4/19/09    1
Integrax Bhd                           3.000%     12/24/05    1
Killinghall Bhd                        5.000%      4/13/09    1
Kretam Holdings Bhd                    1.000%      8/10/10    1
Kumpulan Jetson                        5.000%     11/28/12    1
LBS Bina Group Bhd                     4.000%     12/31/06    1
LBS Bina Group Bhd                     4.000%     12/31/07    1
LBS Bina Group Bhd                     4.000%     12/31/08    1
LBS Bina Group Bhd                     4.000%     12/31/09    1
Lebar Daun Bhd                         2.000%       1/6/07    5
Lion Diversified Holdings Bhd          2.000%       6/1/09    1
Media Prima Bhd                        2.000%      7/18/08    1
Mithril Bhd                            3.000%       4/5/12    1
Mithril Bhd                            8.000%       4/5/09    1
Mutiara Goodyear Development Bhd       2.500%      1/15/07    1
Naim Indah Corp.                       0.500%      8/24/06    1
NAM Fatt Corporation Bhd               2.000%      6/24/11    1
Orlando Holdings Bhd                   3.000%      3/16/05    1
OSK Holdings Bhd                       3.500%       3/1/05    1
OSK Holdings Bhd                       6.000%       3/1/05    1
Patimas Computer Bhd                   6.000%      2/19/06    1
Poh Kong Holdings                      3.000%      1/20/07    1
Prinsiptek Corporation Bhd             2.000%     11/20/06    1
Puncak Niaga Holdings Bhd              2.500%     11/20/16    1
Rashid Hussain Bhd                     0.500%     12/23/12    1
Rashid Hussain Bhd                     1.500%     6/30/07    75
Rashid Hussain Bhd                     3.000%     12/23/12    1
Rhythm Consolidated Bhd                5.000%     12/17/08    1
Silver Bird Group Bhd                  1.000%      2/15/09    1
Southern Steel Bhd                     5.500%      7/31/08    2
Tanah Emas Corporation Bhd             2.000%      12/9/06    1
Talam Corporation Bhd                  7.000%      7/19/05    1
Talam Corporation Bhd                  7.000%      4/19/06    1
Tap Resources Bhd                      2.000%      6/29/06    1
Tenaga Nasional Bhd                    3.050%      5/10/09    1
Time Engineering Bhd                   2.000%     12/25/05    1
VTI Vintage Bhd                        4.000%      8/22/06    1
WCT Land Bhd                           3.000%      8/02/09    1
Wah Seong Corp                         3.000%      5/21/12    3


SINGAPORE
---------

CSC Holdings Ltd                       6.500%      4/27/05    1
Sengkang Mall                          8.000%     11/20/12    1
Tampines Assets Ltd                    5.625%      12/7/06    1
Tampines Assets Ltd                    6.000%      12/7/06    1






                            *********


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

This material is copyrighted and any commercial use, resale or
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                 *** End of Transmission ***