TCRAP_Public/050218.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 18, 2005, Vol. 8, No. 35

                            Headlines

A U S T R A L I A

BARAMOON TRADING: Members, Creditors to Meet February 28
B&C HEATHER: Final Meeting Set February 25
BONGBONG PASTORAL: To Hold Final Meeting on March 5
CEPAC PTY: Sets Final Meeting February 24
DAKOTA NATIONAL: Final Dividend to be Declared March 8

FIRST ACCOUNTS: Members to Meet February 25
FJH PTY: Liquidator to Present Final Account on February 25
GORENJE PACIFIC: Sets February 25 as Date of Final Meeting
HENRY & ALLAN: Members Meeting Slated for February 21
HENRY WALKER: Leighton May Bid for Assets

JASP ENGINEERING: Members, Creditors to Meet February 25
JOAM INVESTMENTS: To Hear Liquidator's Report February 25
KINGSFORD NOMINEES: AGM Slated for February 25
KINGSFORD OLIVES: Schedules AGM on February 25
LOCHGARMON PTY: Picks Liquidator for Winding Up Purposes

MILLER'S RETAIL: Investec Takes a Couple of Board Seats
MOSS VALE: Enters Winding Up Proceedings
NASH HAULAGE: To Hear Liquidator's Account on Winding Up
NATIONAL AIRWAYS: To Declare Final Dividend March 8
PHARMACEUTICAL EMPLOYEES: Members Agree to Wind Up Company

QANTAS AIRWAYS: Liberal MPs Oppose Opening Route to Singapore
QANTAS AIRWAYS: Books Half-year Profit of AU$601.3 Mln
REDLINE RIGGING: Lays Out Agenda for Meeting
SANTOS LIMITED: Acquires OMV's Gippsland and Cooper Basin Assets
URLSON PTY: Lays Out Final Meeting Agenda


C H I N A  &  H O N G  K O N G

BANK OF CHINA: Ties Up with Credit Saison
CHINA GAS: Sells 10% Stake to GAIL


I N D O N E S I A

ASIA PULP: U.S. Court Dismisses Petition to Stop Restructuring
MERPATI NUSANTARA: To Undergo Restructuring


J A P A N

MITSUBISHI FUSO: To Boost Sales Campaign in Thailand
MITSUBISHI MOTORS: Former Boss to Become Chairman of U.S. Unit
UFJ HOLDINGS: To Close Overseas Footholds as Part of Merger
UFJ HOLDINGS: Insufficient Terms May Delay Merger with MTFG
UFJ HOLDINGS: Banking Unit Starts Online Payment Services


K O R E A

JINRO LIMITED: Bidders Set to Conduct Due Diligence
LG CARD: Creditor Unaware of HSBC's Offer to Buy


M A L A Y S I A

ACTACORP HOLDINGS: Bourse Delists Securities Over Financial Woes
AOKAM PERDANA: Changes Name to Java Incorporated Berhad
AYER HITAM: Issues Default Status Update
BOUSTEAD HOLDINGS: To List New Shares Today
FABER GROUP: Notes Additional Shares Listing

KUB MALAYSIA: Unit Disposes of Shares in Principal Properties
MAXIS COMMUNICATIONS: Set to List More Shares Today
PAN MALAYSIA: Unit Unloads Leasehold Apartment
PANTAI HOLDINGS: Repurchases 45,000 Shares
POS MALAYSIA: Granted Additional Shares Listing

POS MALAYSIA: Lists 263,000 Additional Shares
POS MALAYSIA: Resumes Trading of Shares
TALAM CORPORATION: Lists Additional 176,500 Shares
TAP RESOURCES: To List More Shares
UNITED CHEMICAL: Sees No Change in Default Status

YIKON CORPORATION: Unaware of High Shares Price, Trading Volume


P H I L I P P I N E S

BACNOTAN CONSOLIDATED: Director Furnishes Copy of SEC Form 23-B
COLLEGE ASSURANCE: Application for Capital Increase Left Hanging
NATIONAL POWER: JBIC Mulls Credit Window for Asset Buyers
PHILIPPINE LONG: Moody's Downgrades Debt Rating to Ba3
PHILIPPINE LONG: Clarifies The Philippine Star Report

PRICESMART INCORPORATED: Shareholder Intensifies Legal Row
PRYCE CORPORATION: Share Price Jumps 50%
* Moody's Lowers Philippines' Ratings to B1 with Stable Outlook

S I N G A P O R E

AVON ENGINEERING: Faces Bankruptcy Proceedings
DONG SHENG: Court Issues Bankruptcy Order
HESHE HOLDINGS: Appoints New Manager
HOME TECH-DESIGN: Receives Bankruptcy Order
IONICS EMS: Details Board Approvals During Meeting

NEW ZEN: Court Issues Bankruptcy Order
SENG EE: Begins Winding Up Proceedings
VN TAMIL: Served with Bankruptcy Order
WISIDAGAMAGE DON: Receives Bankruptcy Order from Court


T H A I L A N D

BANGKOK STEEL: Updates on CEO Post
SUNTECH GROUP: Submits Unaudited Half-Year Consolidated Results
THAI ELECTRONIC: Trading of Securities Still Suspended


* Large Companies With Insolvent Balance Sheets

     -  -  -  -  -  -  -  -

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


BARAMOON TRADING: Members, Creditors to Meet February 28
--------------------------------------------------------
Notice is hereby given pursuant to Section 509 of the
Corporations Act that a final meeting of members and creditors
of Baramoon Trading Pty Limited (In Liquidation) trading as Gemi
Tyre Service & Bankstown City Tyres A.C.N. 081 300 665 will be
held at Suite 67, Level 14/88 Pitt Street, Sydney NSW 2000 on
Monday, February 28, 2005 at 10:00 a.m.

The purpose of the meeting is to lay before the members and
creditors an account for 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.

Proxies to be used at the meeting must be lodged with the
undersigned no later than 4:00 p.m. on Friday, February 25,
2005.

Dated this 11th day of January 2005

Murray Godfrey
Liquidator
RMG Partners
Suite 67, Level 14/88 Pitt Street,
Sydney NSW 2000
Telephone: (02) 9231 0889


B&C HEATHER: Final Meeting Set February 25
------------------------------------------
Notice is hereby given that the final meeting of the creditors
and members of B&C Heather Pty Ltd will be held at the offices
of Jones Condon Chartered Accountants, Level 1, 34 Charles
Street, Parramatta NSW, on February 25, 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 the property of the
Company has been disposed and giving any explanation thereof.

Dated this 13th day of January 2005

Schon G. Condon Rfd
Liquidator
c/- Jones Condon
Chartered Accountants
Telephone: (02) 9893 9499


BONGBONG PASTORAL: To Hold Final Meeting on March 5
---------------------------------------------------
The Final Meeting of BongBong Pastoral Co Pty Limited will be
held at 302-306 Bong Bong Street, Bowral, on March 5, 2005 at
10:00 a.m.

An account of how the winding up has been conducted will be
presented.

J. M. Springett
Liquidator


CEPAC PTY: Sets Final Meeting February 24
-----------------------------------------
Notice is hereby given that the final meeting of the creditors
and members of Cepac Pty Limited (In Liquidation) A.C.N. 081 469
196 will be held at the offices of Jones Condon Chartered
Accountants, Level 13 189 Kent Street, Sydney NSW, on February
24, 2005 at 9:30 a.m., for the purpose of laying before the
meeting an account showing how the winding up has been conducted
and the property of the Company has been disposed and giving any
explanation thereof.

Dated this 13th day of January 2005

Michael G. Jones
Liquidator
c/- Jones Condon
Chartered Accountants
Telephone:(02) 9251 5222


DAKOTA NATIONAL: Final Dividend to be Declared March 8
------------------------------------------------------
A first and final dividend to creditors is to be declared on
March 8, 2005 for Dakota National Air Australia Pty Ltd (Subject
To Deed Of Company Arrangement) A.C.N. 060 586 763.

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

Dated this 13th day of January 2005

Robert Elliott
Deed Administrator
c/- Hall Chadwick
Level 29, 31 Market Street,
Sydney NSW 2000


FIRST ACCOUNTS: Members to Meet February 25
-------------------------------------------
Notice is hereby given pursuant to Section 509 of the
Corporations Act that a final meeting of members of First
Accounts Pty Limited (In Members' Voluntary Liquidation) A.C.N.
097 080 478 will be held at The Meeting Room, Level 14, 25 Bligh
Street, Sydney, New South Wales on Friday, February 25, 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 hearing any
explanations that may be given by the Liquidator.

Dated this 25th day of January 2005

G. G. Woodgate
Liquidator
c/- Woodgate & Co
Telephone: (02) 9233 6088


FJH PTY: Liquidator to Present Final Account on February 25
-----------------------------------------------------------
Notice is hereby given that pursuant to Section 509 of the
Corporations Law the Final Meeting of FJH Pty Ltd (In
Liquidation) A.C.N. 000 763 351 will be held at Level 2, 55 York
Street, Sydney, NSW on February 25, 2005, at 10:00 a.m. for the
purpose of laying before the meeting the liquidator's final
account and report and giving any explanation thereof.

Dated this 17th day of January 2005

Ronald James Hare
Liquidator
Level 2, 55 York Street,
Sydney NSW


GORENJE PACIFIC: Sets February 25 as Date of Final Meeting
----------------------------------------------------------
Notice is hereby given that the final meeting of the members of
Gorenje Pacific Pty Limited (In Liquidation) A.C.N. 001 383 231
will be held at the offices of Jones Condon Chartered
Accountants, Level 1, 34 Charles Street, Parramatta NSW, on
February 25, 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 the property of the Company has been disposed
and giving any explanation thereof.

Dated this 14th day of January 2005

Schon G. Condon Rfd
Liquidator
c/- Jones Condon
Chartered Accountants
Telephone: 02 9893 9499


HENRY & ALLAN: Members Meeting Slated for February 21
-----------------------------------------------------
Notice is hereby given that pursuant to section 509 of the
Corporations Act 2001, the final meeting of members of Henry &
Allan (Jugiong) Pty Ltd (In Liquidation) A.C.N. 000 924 238 will
be held at the offices of Custom Accounting, 274 Parker Street,
Cootamundra, NSW, 2590, on February 21, 2004 at 2:00 p.m. for
the purpose of laying before the meeting the liquidators' final
account and report and giving any explanation thereof.

Dated this 14th day of January 2005

Matthew Hall
Liquidator
Custom Accounting
274 Parker Street,
Cootamundra NSW 2590


HENRY WALKER: Leighton May Bid for Assets
-----------------------------------------
Australian builder and mining contractor Leighton Holdings
Limited is keen on buying parts of the failed mining contractor
Henry Walker Eltin, Reuters reports.

Leighton has reportedly presented the plan to Henry Walker's
administrators, and has started negotiating on the price.
Leighton, however, stressed that it "will not overpay for
anything".

Just recently, Henry Walker successfully sold for an undisclosed
amount its Indonesian contract mining business, PT HWE
Indonesia, to an Indonesian consortium led by PT Bumi Resources.

Henry Walker went into voluntary liquidation on January 31 after
Swiss commodities house Glencore Finance AG withdrew an AU$100
million refinancing deal. McGrath Nicol & Partners was appointed
as administrators.

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/


JASP ENGINEERING: Members, Creditors to Meet February 25
--------------------------------------------------------
Notice is hereby given that a meeting of the Members and
Creditors of JASP Engineering Pty Ltd (In Liquidation) A.C.N.
084 513 664 will be held at Hall Chadwick Level 29, 31 Market
Street, Sydney on February 25, 2005 at 10:00 a.m.

The meeting will be a Final Meeting in accordance with Section
509 of the Corporations Act 2001.

BUSINESS

(1) To receive a report from the Liquidator, being an account of
his acts and dealings and of the conduct of the winding up
during the period of the liquidation ending on February 25,
2005.

(2) That subject to any provisions under the Corporations Act
2001 to the contrary, the Liquidator be empowered to destroy all
books and records of the Company on completion of all duties.

(3) Any other business.

Dated this 13th day of January 2005

Richard Albarran
Liquidator
c/- Hall Chadwick
Level 29, 31 Market Street,
Sydney NSW 2000


JOAM INVESTMENTS: To Hear Liquidator's Report February 25
---------------------------------------------------------
Notice is hereby given pursuant to Section 509 of Corporations
Law that a general meeting of the members of Joam Investments
Pty Limited (In Voluntary Liquidation) A.C.N. 000 566 012 will
be held at the Offices of KPMG, Chartered Accountants, Level 15,
10 Shelley Street, Sydney NSW 2000 on Friday, February 25, 2005
at 10:00 a.m. for the purposes 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 12th day of January 2005

Paul Michael Reid
Liquidator
KPMG
Chartered Accountants
10 Shelley Street, Sydney NSW 2000
Telephone: (02) 9335 7000
Facsimile: (02) 9299 7077


KINGSFORD NOMINEES: AGM Slated for February 25
----------------------------------------------
Notice is given that an Annual General Meeting of Creditors and
Members of Kingsford Nominees Pty Limited (In Liquidation)
A.C.N. 082 700 436 will be held at Hall Chadwick Level 29, 31
Market Street, Sydney NSW, on February 25, 2005 at 12:05 p.m. (A
person is not entitled to vote as a creditor at the Meeting
unless he has lodged with the Chairman of the Meeting
particulars of the debt or claim which he claims to be due to
him from the Company.)

Dated this 13th day of January 2005

Richard Albarran
Liquidator
Hall Chadwick
Chartered Accountants
Level 29, 31 Market Street,
Sydney NSW 2000


KINGSFORD OLIVES: Schedules AGM on February 25
----------------------------------------------
Notice is given that an Annual General Meeting of Creditors and
Members of Kingsford Olives Pty Limited (In Liquidation) A.C.N.
082 700 427 will be held at Hall Chadwick Level 29, 31 Market
Street, Sydney NSW, on February 25, 2005 at 12:00 a.m.

(A person is not entitled to vote as a creditor at the Meeting
unless he has lodged with the Chairman of the Meeting
particulars of the debt or claim, which he claims to be due to
him from the Company.)

Dated this 13th day of January 2005

Richard Albarran
Liquidator
Hall Chadwick
Chartered Accountants
Level 29, 31 Market Street,
Sydney NSW 2000


LOCHGARMON PTY: Picks Liquidator for Winding Up Purposes
--------------------------------------------------------
Notice is hereby given that at a meeting of Lochgarmon Pty
Limited (In Liquidation) A.C.N. 084 417 863 held on January 14,
2005, the following Special Resolution was passed:

That as the Company is unable to pay its debts as and when they
fall due, the Company be wound up voluntarily and that Geoffrey
Reidy be appointed Liquidator for the purpose of such winding
up.

Geoffrey Reidy
Liquidator
c/- Rodgers Reidy
Level 8, 333 George Street,
Sydney NSW 2000


MILLER'S RETAIL: Investec Takes a Couple of Board Seats
-------------------------------------------------------
Boutique investment bank Investec has joined the board of
Miller's Retail, a month after it bought a stake in the
struggling discount retailer, Sydney Morning Herald reports.

Investec Bank Executive Chairman Geoff Levy will replace
Miller's Chairman Ron Baskin, who will retire from the board
next month.

Investec Wentworth managing director John Murphy will also join
the board in March, as will Joel Bloom, the founder of Miller's
Go-Lo variety Stores.

The board changes follow news last month that Mr. Perlstein and
Investec Wentworth had bought 20.5 million shares in Miller's,
taking their combined holding to 15.8 percent.

The partners, however, assured they would not take their
shareholding beyond a level that would trigger a takeover.

Miller's is set to unveil its half-year results on February 24.
The Company expects earnings before interest, tax and
amortization for the half year to December 31 of AU$36.2 million
to AU$38.5 million, as much as 20 percent below last year's
results.

CONTACT:

Miller's Retail Ltd
151-163 Wyndham Street
Alexandria, New South Wales 2015
Australia
Phone: +61 2 9310 2233
Fax: +61 2 9310 2255
Web site: http://www.millersretail.com.au/


MOSS VALE: Enters Winding Up Proceedings
----------------------------------------
Notice is hereby given that at a general meeting of Moss Vale
Produce Pty Limited (In Creditors' Voluntary Liquidation) A.C.N.
099 787 738 held on January 10, 2005 the following special
resolution was passed:

That by reason of its deficiency in assets to meet its
liabilities, the Company be wound up voluntarily.

G. G. Woodgate
Liquidator
c/- Woodgate & Co
Telephone: 9233 6088


NASH HAULAGE: To Hear Liquidator's Account on Winding Up
--------------------------------------------------------
Notice is hereby given that a final meeting of members and
creditors of Nash Haulage Pty Ltd (In Liquidation) A.C.N. 077
554 084 will be held at the office of Nicholls & Co, Chartered
Accountants, Suite 6, 459 Peel Street Tamworth NSW 2340, on
Thursday, March 10, 2005, at 11:00 a.m. for the purpose of
receiving the Liquidator's account showing how the winding up
has been conducted and the property of the Company disposed of
and hearing any explanation which may be given by the
Liquidator.

Dated this 13th day of January 2005

A. R. Nicholls
Liquidator
Nicholls & Co
Suite 6, 459 Peel Street,
Tamworth NSW 2340


NATIONAL AIRWAYS: To Declare Final Dividend March 8
---------------------------------------------------
A first and final dividend to creditors is to be declared on
March 8, 2005 for National Airways Engineering Pty Ltd (Subject
To Deed Of Company Arrangement) A.C.N. 070 858 169.

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

Dated this 13th day of January 2005

Robert Elliott
Deed Administrator
c/- Hall Chadwick
Level 29, 31 Market Street,
Sydney NSW 2000


PHARMACEUTICAL EMPLOYEES: Members Agree to Wind Up Company
----------------------------------------------------------
At a General Meeting of Pharmaceutical Employees Share Plan Pty
Limited A.C.N. 064 480 495, duly convened and held at 272
Annangrove Road Annangrove NSW 2156 on the 16th December, the
following Special Resolution passed:

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

Dated this 12th day of January 2005

Jacob Guenther
Liquidator
272 Annangrove Road,
Annangrove NSW 2156


QANTAS AIRWAYS: Liberal MPs Oppose Opening Route to Singapore
-------------------------------------------------------------
Transport Minister John Anderson's decision to let its Singapore
counterpart draw a framework which will give Singapore Airlines
access to Qantas' Australia-Los Angeles route has met stiff
opposition from his own Coalition ranks, according to the Sydney
Morning Herald.

Mr. Anderson has recently agreed to conduct further negotiations
with Singapore Airlines for an Open Skies Agreement between the
countries within six months. The minister made the decision
despite Qantas' intense campaign to block Singapore Airlines
from entering the lucrative route.

However, MPs disagreed with the minister's stand, saying an
agreement with the Singaporean carrier would only result to
massive job losses at Qantas.

JPMorgan estimates Qantas will lose about AU$44 million, or 5
percent, of pretax profits a year if SIA enters the route.

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


QANTAS AIRWAYS: Books Half-year Profit of AU$601.3 Mln
------------------------------------------------------
Qantas Airways on Thursday announced a profit before tax of
AU$601.3 million, a 13.4 percent increase on the same period
last year.

The net profit after tax was AU$458.4 million, up 28.1 percent
from the comparative half year.

The Directors declared a fully franked interim dividend of 10
cents per share, two cents higher than the interim dividend paid
last year.

The Chairman of Qantas, Margaret Jackson, said Qantas continued
to benefit from an emphasis on growing its core flying while
seeking efficiencies in all its business segments.

Ms. Jackson said the increased dividend was a change from
Qantas' existing dividend policy, but reflected the confidence
of the Board and Management in the Company's ability to
internally fund future growth and investment while reducing
gearing.

"This will be achieved by growing future cashflow so that it
exceeds capital expenditure," she said.

"We do not believe this will be easy, but we must have the
discipline to reward our shareholders - by paying franked
dividends - while investing for growth."

The Chief Executive Officer of Qantas, Geoff Dixon, said Qantas
had continued to grow its operations and its workforce while
delivering increased profitability.

Mr. Dixon said the main drivers of the result were:

- a strong performance from the domestic flying business which
contributed AU$390.1 million in earnings before interest and tax
(EBIT), up AU$66.2 million or 20.5 per cent on the prior half
year;

- improved yields in the international business market,
particularly as a result of the introduction of new A330
aircraft for regional flying and the continued roll out of the
Skybed sleeper seat;

- a reduction in the impact of historically high fuel prices
through a hedging program and a fuel surcharge;

- a 4.0 per cent reduction in unit costs, excluding the benefit
of favourable foreign exchange movements; and

- further growth in the Group's freight business, with the
introduction of additional freighter services.

Mr. Dixon said the result in the domestic flying business
highlighted the success of the Company's strategy to co-ordinate
network and capacity while delivering the appropriate product,
service and economics for each market segment.

"The launch of Jetstar in May 2004 was the central plank in this
domestic strategy and its EBIT of AU$19 million was ahead of our
expectations.

"Jetstar will continue to grow in domestic leisure markets and
will look for further opportunities as it moves towards a single
fleet of new A320 aircraft," he said.

Mr. Dixon said the international market remained extremely
competitive with substantial capacity increases being
accompanied by heavy discounting.

He said Qantas strategically increased its capacity to key
international markets in the period. Whilst revenue growth did
not match capacity in the half-year, product enhancements -
including Skybed - position Qantas favorably for improved
performance later in the year.

"Our strong brand, the market's continued enthusiasm for the new
Business Class Skybed, new routes to India and China and growth
on existing core routes - including the new London service via
Hong Kong - drive our strategies," he said.

"However, our costs must be further improved if we are to
compete successfully against the myriad carriers that are either
subsidized or owned by their national Government."

Mr. Dixon said Qantas supported the further liberalization of
aviation markets where this resulted in balanced outcomes and
genuine opportunities to compete.

"We need liberalization for our own growth and accept that this
involves a mix of opportunities and challenges," he said.

"However, the bilateral system of international air services
arrangements is complex and there will not be effective
reciprocity to compete in third markets unless liberalization is
sequenced carefully.

"This lies at the heart of our concern that Singapore Airlines
should not be granted access to the trans-Pacific route at this
time."

Mr. Dixon said excellent progress had been made in recent years
to change the way the Qantas Group operated.

"The Sustainable Future program on costs and efficiencies
delivered savings totaling AU$245 million in the past six months
and is on track to exceed the AU$500 million full year target,"
he said.

"However, as we continue to invest we must also continue to
address the legacy of our past and, in particular, the complex
processes that have been built into our business models over
decades.

"To this end we will, over the next three months, conduct a
review of processes and activities, with a focus on processes
that can be removed or redesigned."

Mr. Dixon said Qantas would expand the Sustainable Future
program to co-ordinate these internal initiatives, including the
Segmentation program and the process review.

"Delivering streamlined processes will be crucial to our future
and this will result in Qantas obtaining greater efficiency out
of its existing asset base and having an increased focus on core
activities," he said.

"Standing still is not an option in the aviation business.

"Our competitors are further reducing their costs by a variety
of means, including bankruptcy protection in the USA,
Government-mandated industrial reform in Asia and consolidation
in Europe."

Mr. Dixon said Qantas would continue to focus on profitable
growth - a strategy that, in contrast to nearly all other legacy
airlines, had produced 10,000 more jobs over the last eight
years.

He said Qantas would also continue to examine alternatives to
source its services and products.

"We will source from the most suitable locations globally, while
at the same time remaining committed to growing Australia-based
businesses," he said.

"The new cabin crew base in London, which will open later this
month with over 400 flight attendants, is an example of this
approach."

Mr Dixon said Qantas faced some negative issues in the second
half of the year:

- Australian Airlines, which had doubled its EBIT to AU$8.5
million in the first half, was experiencing difficulties in the
second half, with travel to several key leisure destinations
being affected by the tsunami that devastated South-East Asia in
late December 2004. Australian will withdraw its twice a week
service to Sabah, in Malaysia, on 29 April;

- second half revenue for the Qantas Group would be reduced by
at least AU$30 million as a result of the tsunami; and

- the start-up of Jetstar Asia, the low-cost Singapore-based
carrier in which Qantas has a minority interest, has been
affected by an inability to obtain flying permits in some
countries despite having rights allocated by the Singapore
authorities.

Outlook

Mr. Dixon said that taking the above issues and current booking
and cost profiles into account, and provided trading conditions
did not deteriorate, Qantas still believed it would improve on
its 2003/04 result in 2004/05 and provide an outcome in line
with market consensus.

Group Revenue

Total revenue for the half-year was AU$6.4 billion, an increase
of AU$629.2 million or 10.8 percent on the prior half-year.
Excluding the unfavorable impact of foreign exchange rate
movements, total revenue increased by AU$672.7 million or 11.6
percent.

Net passenger revenue, including fuel surcharge recoveries,
increased by AU$362.8 million or 7.9 percent to AU$5.0 billion
with Revenue Passenger Kilometres (RPK) growing 8.6 percent and
yield deteriorating by 1.0 percent. Excluding unfavorable
foreign exchange rate movements, passenger revenue was up 8.5
per cent reflecting the growth in RPKs and a marginal yield
decline of 0.4 percent, predominantly in the domestic market.

Non-passenger revenue increased by 22.4 percent reflecting
additional wet-leased freighter capacity, freight fuel
surcharge, growth in outbound tours and travel, various service
fees and charges and the release of surplus revenue provisions.

Expenditure

Total expenditure, including borrowing costs, increased by 10.6
percent or AU$558.2 million to AU$5.8 billion. This increase
reflects higher fuel prices which, after hedging benefits,
increased fuel costs by AU$163.2 million. After adjusting for
post-hedging fuel price increases, total expenditure was up by
7.5 percent compared to Available Seat Kilometre (ASK) growth of
13.3 percent.

Excluding the favourable impact of movements in foreign exchange
rates, total expenditure, including fuel price rises, increased
by 12.3 percent.

Manpower and staff related costs increased by 11.8 percent,
predominantly due to Enterprise Bargaining Agreement (EBA) wage
increases of 3.0 percent and a 5.2 percent increase in full-time
equivalent (FTE) employees. Lower FTEs compared to ASK growth
reflects the continued progress being made under the Sustainable
Future program to deliver productivity and cost efficiency
benefits across the business. The result also reflects the
partial provision for executive and staff bonuses, subject to
the achievement of profitability targets for the full year.

Aircraft operating variable costs increased by 10.4 percent or
AU$115.5 million, due to higher landing fees and en-route
charges, security charges and other operating costs.

Fuel costs increased by 32.3 percent or AU$208.0 million. The
underlying average jet fuel price was 56.7 per cent higher than
the comparative half-year, increasing costs by AU$390.0 million.
However, hedging benefits were AU$226.8 million better than the
previous half-year, significantly reducing the underlying fuel
price rise to AU$163.2 million, whilst favourable foreign
exchange rate movements reduced fuel costs by AU$46.9 million.
The impact of greater flying increased fuel costs by AU$91.7
million.

Depreciation and non-cancellable operating lease charges
increased by 4.0 per cent or AU$26.5 million and included the
accelerated write-down of modifications on some aircraft.

The share of net profit in associates and joint ventures
decreased by AU$1.7 million reflecting increased contributions
from Australian air Express, Star Track Express and Air Pacific
less start-up costs associated with Jetstar Asia and Jet Turbine
Services.

Sustainable Future Program Benefits

The Sustainable Future program delivered AU$245 million in
benefits across the Group in the half-year. This comprised
labour savings of AU$94 million, distribution savings of $58
million and AU$93 million in fleet, product and overhead
savings.

Group Unit Costs

Net expenditure cost per ASK, excluding the favourable impact of
foreign exchange rate movements, decreased by 4.0 percent.

Net Impact of Foreign Exchange Rate Movements

The net impact of favourable foreign exchange movements was a
AU$47.2 million benefit to profit.

Business Reorganization

The EBIT results that follow reflect the progressive
implementation of financial reporting system changes to
transition the Qantas Group into three separate business types
(Flying, Flying Services and Associated Businesses) supported by
a corporate centre.

Recharges from Qantas to segments have increased by
approximately AU$48 million compared to the prior half-year. The
recharges include IT, airport and distribution costs based on a
more accurate allocation of activities.

International Operations

EBIT for international operations, including Australian
Airlines, totaled AU$229.0 million, up AU$28.9 million or 14.4
percent on the prior half-year. Excluding the impact of
segmentation, EBIT improved by 3.8 per cent.

International RPKs increased by 8.1 percent reflecting ASK
growth of 14.2 percent due to the addition of new A330-300
aircraft to improve the international product offering and
operating schedule cutbacks implemented in response to SARS
during the prior period. Continued aggressive competition was
reflected in total international market growth of 14.9 percent
for the first four months of the 2004/05 financial year. This
lead to a decline in seat factor of 4.2 percentage points.

Yield, excluding the unfavorable impact of foreign exchange rate
movements, improved by 3.6 per cent. The yield improvement was
partly attributable to a significant increase in business class
yields following the introduction of the new Business Class
Skybed product.

International net expenditure increased by 12.8 percent, which
despite fuel cost rises of 37.1 percent (including exchange),
was in line with capacity growth.

Domestic Operations

Domestic operations, including QantasLink and Jetstar,
contributed AU$390.1 million in EBIT, up AU$66.2 million or 20.5
percent on the prior half-year. Excluding the impact of
segmentation, EBIT improved by 19.9 percent.

Domestic RPKs increased 9.7 percent on capacity growth of 11.3
percent, leading to a decline in seat factor of 1.1 percentage
points to 79.6 percent. This reflected a full six-month
operation of Jetstar, which began flying in May 2004. Yield,
excluding the unfavorable impact of foreign exchange rate
movements, deteriorated 5.3 percent as the market continued to
absorb increased capacity by both the Qantas Group and Virgin
Blue. Qantas Group domestic market share for November 2004 was
65.5 percent.

Qantas Domestic operations reduced capacity following the
transfer of the Boeing 717 aircraft to Jetstar which was partly
offset by capacity increases on key business and long-sector
routes.

QantasLink Dash 8 operations benefited from an expansion of
flying on profitable routes and the replacement of older Dash 8-
100 aircraft with Dash 8-Q300 aircraft that deliver better
customer comfort, fuel efficiency and improved economics.

Jetstar recorded an EBIT result of AU$19.0 million, which was
ahead of expectations and reflected tight cost control in a
highly competitive market. Jetstar's total cost per ASK for the
half-year was 8.49 cents, which was lower than budget and
reflected introduction costs associated with the A320 aircraft
of $5.0 million and ongoing costs of Boeing 717 operations.
Jetstar is now expected to beat its full year operating cost
target of 8.25 cents per ASK.

Once fully transitioned to an all A320 fleet, Jetstar is
expected to improve on its previously advised cost estimate of
7.8 cents per ASK, which compares favourably to the Virgin Blue
reported operating cost once adjusted for sector length
differences.

Qantas Holidays

Qantas Holidays increased EBIT by 12.9 percent to AU$27.1
million reflecting significant growth in outbound tourism
compared to the SARS affected prior half-year. Adjusted for the
impact of segmentation, EBIT improved by 32.1 percent or AU$7.7
million.

Qantas Catering

Qantas Catering reported EBIT of AU$10.9 million for the six
months ending 31 December 2004, which represents a decline of
AU$35.7 million. The underlying variance, once adjusting for the
allocation of inter-Company segmentation charges of $18.5
million and other one-off items of AU$8.6 million, was a decline
of AU$8.7 million or 19 percent. The loss of the QantasLink
Boeing 717 and Cathay Pacific (Melbourne and Brisbane)
contracts, combined with more competitive pricing are the key
contributors to the decline.

Balance Sheet and Cash Flow

Net cash held at 31 December 2004 was AU$2,030.5 million, which
was AU$665.2 million higher than at 30 June 2004.

Cash flow from operations totaled AU$1,023.4 million, up AU$56.8
million on the prior half-year, reflecting increased
profitability. This compares with net capital expenditure of
AU$1,149.8 million on new aircraft, reconfiguration costs and
spares.

Cash flows from financing activities totaled AU$559.5 million
and included net proceeds from the over-subscribed re-financing
of the AU$1.9 billion syndicated loan facility completed in
October 2004.

Book debt to total capital ratio, including operating leases and
hedges, improved from 49:51 at 30 June, 2004 to 48:52 at 31
December 2004, principally due to increased equity from higher
earnings.

Interest cover was 9.6 times, up 1.2 on the comparative half
year.

Earnings per share increased 24.1 per cent to 24.7 cents per
share reflecting increased earnings and the positive impact of
tax consolidations on income tax payable.

Interim Dividend

The interim dividend has been increased by 2.0 cents per share
to 10.0 cents. Given the improvement in profitability over the
past 18 months, Qantas is looking to reward shareholders while
investing for growth.

Since the announcement of the Qantas fleet and product
reinvestment plan, a constant dividend of 17.0 cents per share
has been paid. Capital expenditure peaked at AU$5.6 billion over
the 2001/02 and 2002/03 periods and has since stabilized at
approximately AU$2 billion per annum.

Qantas aims to improve gearing whilst passing on franking
credits to shareholders. This will be achieved by growing
operating cashflow, the continued operation of the dividend
reinvestment program and careful management of capital
expenditure.


REDLINE RIGGING: Lays Out Agenda for Meeting
--------------------------------------------
Notice is hereby given that a final combined meeting of the
members and creditors of Redline Rigging Pty Ltd (In
Liquidation) A.C.N. 094 854 378 will be held at the offices of
Knights Insolvency Administration, Level 3, 32 Martin Place,
Sydney on February 28, 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 13th day of January 2005

Bill Cotter
Joint and Several Liquidator
Level 27, The Chifley Tower,
2 Chifley Square,
Sydney NSW 2000


SANTOS LIMITED: Acquires OMV's Gippsland and Cooper Basin Assets
----------------------------------------------------------------
Santos Limited (Santos) announced in a media release that it has
expanded its interests in key Victorian and South Australian gas
hubs with the announcement of the acquisition of Basin Oil Pty
Ltd (Basin Oil), which holds all of OMV Petroleum Pty Ltd's
(OMV) Gippsland Basin and Cooper Basin assets.

The acquisition will see Santos build its position in the
Gippsland gas hub by becoming the largest interest holder (90%)
and operator of the Patricia Baleen and Sole gas fields and
associated processing facilities at the Orbost plant in eastern
Victoria.

It takes Santos' interests in the South Australian Cooper Basin
oil and gas fields, which supply gas under long-term contracts
to Adelaide, Sydney and Canberra, to over 66%.

The OMV interests to be acquired by Santos are:

- VIC/L21 Patricia Baleen gas field and associated processing
facilities (40%)
- VIC/RL3 Sole gas field (40%)
- VIC/RL1 Golden Beach gas field (33%)
- VIC/P55 exploration block (33%)
- South Australian Cooper Basin (2.1%)

Santos will become operator of the Patricia Baleen and Sole gas
fields.  Santos is already operator of the Golden Beach gas
field, the VIC/P55 exploration permit and the Cooper Basin oil
and gas fields.

The sale of Basin Oil to Santos has an effective transfer date
of 1 January 2005. The acquisition is subject to relevant
government approvals, with the transaction expected to be
completed in the second quarter of 2005.

The increase in Santos' Victorian and Cooper Basin oil and gas
assets was today described as "a strategic move" by Santos'
Managing Director, Mr. John Ellice-Flint.

"There is good upside for Santos in picking up these assets as a
total portfolio as it maintains our position as a key gas
supplier to gas markets in the southern and eastern states," he
said.

"It is a strategic transaction that provides Santos with
operating interests in the emerging alternative gas hub in the
Gippsland Basin," said Mr. Ellice-Flint.

"The Gippsland hub is at a strategic pipeline crossroad with
connections to Victorian, NSW and Tasmanian markets while our
Moomba hub has been supplying customers for over three decades."

"Importantly, as an incumbent party in all of the assets, we
have a good understanding of their distinct value through our
current joint venture activity."

"The move to become the operator of the Patricia Baleen field
and processing facilities will form a strong foundation asset
for the development of the Sole gas field, as well as gas
discoveries in neighboring blocks."

"As Santos' Golden Beach interests are now 100%, options are
being assessed and may include a farm down to other interested
parties," he said.

Mr. Ellice-Flint said acquisition of Basin Oil's Cooper Basin
assets meant there would now be only three parties (Santos,
Delhi Petroleum and Origin Energy) across the key Cooper Basin
Joint Ventures.

"This helps facilitate administrative efficiency and joint
venture alignment in future Cooper Basin activities," he said.

As a result of the transaction, Santos will add 8 mmboe of
proven and probable reserves from Patricia Baleen and Cooper
Basin with additional 2005 production of approximately 1.3
mmboe.

This does not include Sole or Golden Beach fields.

CONTACT:

Santos Limited
Ground Floor, Santos
House, 91 King William Street,
Adelaide, S.A. 5000
Web site: http://www.santos.com.au/


URLSON PTY: Lays Out Final Meeting Agenda
-----------------------------------------
Notice is hereby given that a final combined meeting of the
members and creditors of Urlson Pty Ltd (In Liquidation) A.C.N.
070 143 841 will be held at the offices of Knights Insolvency
Administration, Level 3, 32 Martin Place, Sydney on February 28,
2005 at 11:00 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 13th day of January 2005

Bill Cotter
Joint and Several Liquidator
Level 27, The Chifley Tower,
2 Chifley Square,
Sydney NSW 2000


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

BANK OF CHINA: Ties Up with Credit Saison
-----------------------------------------
Japanese credit card firm Credit Saison Co. said it will enter
into an alliance with the Bank of China (BOC) that will enable
Japanese citizens living in the country to settle their credit-
card charges in the local currency, reports Shenzhen Daily.

Currently, Japanese businesspeople in China can only use credit
cards issued in their home country and settlements are done in
the Japanese yen. With the tie-up, Japanese citizens could use
the credit card to be issued by the Bank of China, which will
enable yuan-denominated settlements.

According to a Credit Saison spokesman, the Company is planning
to set up a new unit, which will offer credit know-how and other
consulting services to the BOC. Credit Saison would hold 75
percent of the new subsidiary to be capitalized at US$700,000,
while trading house Mitsubishi Corp. would take 25 percent.

With the expectations of a growing card market, the tie-up with
the BOC was aimed at studying what kind of services the Japanese
card company would be able to offer in China, the spokesman
added.

CONTACT:

Bank of China
1 Fuxingmen Nei Dajie
Beijing, 100818, China
Phone: +86-10-6659-6688
Fax: +86-10-6601-4024
Web site: http://www.bank-of-china.com


CHINA GAS: Sells 10% Stake to GAIL
----------------------------------
GAIL, an Indian state-run gas transporter, will buy a 10 percent
stake in China Gas Holdings Ltd. valued at around US$30 million
to US$35 million, Xinhua reports.

GAIL will acquire the stake through a share subscription under
the condition not to sell the shares for two years.

China Gas Holdings Ltd has license to set up city gas
distribution projects in 42 cities in China and GAIL can take up
to 50 percent in any of the ventures.

The two companies have signed a preliminary agreement for the
deal.  Formal proceedings will take place later this week, GAIL
Chairman Proshanto Banerjee said.

Recently, China Gas sold a 10 percent stake each to Korea Gas
Corporation and City Gas Pte. Ltd. of Singapore's state-owned
investment firm Temasek Holdings Pte. Ltd.


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


ASIA PULP: U.S. Court Dismisses Petition to Stop Restructuring
--------------------------------------------------------------
A U.S. Supreme Court dismissed the petition of U.S. creditors to
stop the restructuring process of Asia Pulp and Paper (APP) by
seeking contempt of court, reports AFX news.

APP said the New York Supreme Court dismissed an application,
filed by U.S. creditors Gramercy Advisors and Oaktree Capital
Corp, seeking to "halt the restructuring" process.

But the Court said that a part can be held in contempt when it
disobeys a court order, and this was not the case with Asia pulp
and Paper.

Four of the Company's units defaulted on a combined debt of
USD6.7 billion in 2001. In 2003, creditors representing 40
percent of the debt signed a debt restructuring agreement, with
the effective date of the deal in April 2005.

CONTACT:

Asia Pulp & Paper Company Ltd.
69 Loyang Dr.
508958 Singapore
Phone: +65-6477-6118
Fax: +65-6477-6116
Web site: http://www.asiapulppaper.com


MERPATI NUSANTARA: To Undergo Restructuring
-------------------------------------------
State airline Merpati Nusantara is to undergo restructuring
along the lines of regional budget carriers before being sold
off to investors, reports the Daily Express News.

State Enterprises minister Sugiharto said that the government
must build Merpati similar to privately-owned Mentari Airlines
(Lion Air), a favorite domestic airline of travelers due to its
low-budget fares.

According to Mr. Sugiharto, the restructuring plan of the
Company is part of the government's plan to ultimately sell the
Company, which hasn't been doing very well in the competitive
market. The Company's workforce was too large, and incurred high
overhead and fixed costs.

The Company is being drafted up for sale.

CONTACT:

Merpati Nusantara Airlines
Telephone: +61 (0) 8 8941 1606
Web site: http://www.merpati.co.id


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


MITSUBISHI FUSO: To Boost Sales Campaign in Thailand
----------------------------------------------------
Mitsubishi Fuso Truck and Bus Corporation (MTFBC) is set to
aggressively market its trucks and buses in Thailand, according
to the Bangkok Post.

Mitsubishi Fuso Thailand, which was spun off from Mitsubishi
Motor (Thailand) Company last year, has been eyeing Thailand as
part of its growth strategy to improve its market position and
boost profitability.

Mitsubishi Fuso Truck (Thailand) Company was set up in mid-2004
with registered capital of THB500 million as a wholly owned
subsidiary of MTFBC, of which a 65-percent stake was owned by
German-American automaker DaimlerChrysler AG and 35 percent by
Mitsubishi Group.

CONTACT:

Mitsubishi Fuso Truck and Bus Corporation
2-16-4, Kounan,
Minato-ku,Tokyo 108-8285,
Phone: +81-3-6719-4821
Fax: +81-3-6719-0111
Web site: http://www.mitsubishi-fuso.com


MITSUBISHI MOTORS: Former Boss to Become Chairman of U.S. Unit
--------------------------------------------------------------
The former president of embattled Mitsubishi Motors Corporation
(MMC) will be installed as chairman of the carmaker's North
American unit, Kyodo News reports.

Hideyasu Tagaya, who resigned last month from his post at MMC,
will take on his new responsibility starting March 1.

Mr. Tagaya stepped down last month to take responsibility for
MMC's dismal performance following a series of defect cover-ups
and recalls. He was, however, retained as an adviser.

He will become chairman of Mitsubishi Motors North America, Inc.
on March 1 to help revitalize the automaker's North American
operations by capitalizing on his long experience abroad.

But the automaker acknowledged that his impending appointment
may become a target of criticism because it follows the
Company's recent announcement on a new rehabilitation plan.

CONTACT:

Mitsubishi Motors North America, Inc.
6400 Katella Ave.
Cypress, CA 90630-0064 (Map)
Phone: 714-372-6000
Fax: 714-373-1020
Web site: http://www.mitsucars.com


UFJ HOLDINGS: To Close Overseas Footholds as Part of Merger
-----------------------------------------------------------
UFJ Holdings Incorporated and Mitsubishi Tokyo Financial Group
Incorporated (MTFG) consider closing a major portion of UFJ's
overseas ventures when they merge later this year, Jiji Press
relates.

Of UFJ's 26 offshore branches, 25 will be shut down since they
overlap with MTFG's overseas equivalents. As a result, only
UFJ's Kentucky representative office in the United States will
be left intact.

As MTFG currently runs a total of 81 offices overseas, the new
banking group to be created by the merger will have 82 offices
overseas.

UFJ and MTFG plan to obtain in June their shareholders' approval
of the merger, which is scheduled for October 1. The move will
be followed with applications to regulatory authorities in the
relevant countries for permissions to start overseas services.

It is believed the UFJ and MTFG's merger will create the world's
largest banking group in terms of assets.

CONTACT:

UFJ Holdings, Inc.
5-6, Fushimimachi 3-chome,
Chuo-ku, Osaka-shi,
Osaka 541-0044,
Japan
Web site: http://www.ufj.co.jp


UFJ HOLDINGS: Insufficient Terms May Delay Merger with MTFG
-----------------------------------------------------------
The planned merger between Mitsubishi Tokyo Financial Group,
Inc. (MTFG) and UFJ Holdings Inc. is likely to be delayed up to
a year if MTFG will not offer "sufficiently attractive merger
terms", according to Jiji Press.

The two groups' basic merger agreement provides that UFJ does
not need to put the merger on the agenda of a shareholder's
meeting in June if it thinks the exchange ratio offered by MTFG
is not attractive enough.

Earlier this month, MTFG was reportedly offering a one-to-0.6
merger ration in its own favor, in line with the two banking
groups' relative share prices.

At the time of the announcement of the deal, many analysts
expected a merger ratio of one to 0.5, but UFJ is thought to be
looking for a ratio of at least one to 0.7.


UFJ HOLDINGS: Banking Unit Starts Online Payment Services
---------------------------------------------------------
UFJ Bank, the core unit of UFJ Holdings Limited, has launched a
service that enables importers to pay import duties over the
Internet, Asia Pulse says.

UFJ Bank hopes the new service will hasten customs procedures
and make it easier for firms to pay duties as well as the
consumption tax levied on imports.

The new service takes advantage of the existing duty deferral
system.

Under the system, importers pay fees equivalent to a certain
percentage of import quotas to financial institutions in
exchange for written guarantees.

Importers then submit the guarantees to customs officials as
collateral, enabling them to put off their import duty payments
for three months.

Unlike paying import duties directly at bank branches, the duty
deferral system allows importers to finish customs procedures
anytime year-round.

But caps on the size of the guarantees issued by financial
institutions could prevent importers from obtaining enough of
them to cover temporary surges in imports. In this case, it
usually takes around one week for importers to receive the
necessary guarantees after paying the related duties, but the
new service eliminates this waiting period.


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

JINRO LIMITED: Bidders Set to Conduct Due Diligence
---------------------------------------------------
Bidders for Jinro Company Limited will launch due diligence into
the Company from Feb. 10, Asia Pulse reports.

CJ Corp., Doosan Corp. and ten other bidders were chosen to
review the Company before the bidding scheduled on March 30.

Other companies included Dongwon Group, Hite Brewery, CJ Group,
Daesang Co., Muhak Co., Taihan Wire and Allied Domecq, still
other firms have yet to be named. Many of the companies have
formed and are still forming consortiums in order to take over
the Company.

Jinro hopes to conclude a deal by July this year.

CONTACT:

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


LG CARD: Creditor Unaware of HSBC's Offer to Buy
------------------------------------------------
LG Card's main creditor Korea Development Bank (KDB) has denied
reports that HSBC Holdings Plc had contacted it about a possible
bid offer for the Company, Reuters reports.

The Times newspaper had reported in its online edition that HSBC
purportedly approached LG Card's creditors, including KDB. But
according to bank executive director Laah Chong-gyu, they had
not been approached by HSBC, and are unaware of a possible bid
by the firm. LG Card also said it didn't know about the reported
approach with a bid offer by HSBC.

An unnamed KDB official said that it was too soon to declare a
possible purchase price for LG Card, adding that they didn't yet
know how many bidders were interested in buying the Company.

Creditors plan to put the Company up for sale at the end of the
year.

CONTACT:

LG Card Company Limited
Fax: (02) 3420-7002
E-mail: webmaster@card.lg.co.kr
Web site: http://www.lgcard.com


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

ACTACORP HOLDINGS: Bourse Delists Securities Over Financial Woes
----------------------------------------------------------------
Actacorp Holdings Berhad announced that its shares were delisted
from the Bursa Malaysia Securities Berhad on Feb. 17, due to
poor financial condition of the Company.

The Company will inform Bursa Securities of any further
developments.

CONTACT:

Actacorp Holdings Berhad
Jalan 3/76D Desa Pandan
Kuala Lumpur, Selangor 55100
Malaysia
Phone: +60 3 9282 1388
Fax:   +60 3 9284 7133


AOKAM PERDANA: Changes Name to Java Incorporated Berhad
-------------------------------------------------------
Aokam Perdana Berhad has changed its name to "Java Incorporated
Berhad." As such, the Company's securities will be traded and
quoted under the new name effective Monday, Feb. 21, 2005, 9:00
a.m.

The Stock Short Names will be changed as follows:

Securities       Old Stock Short Name       New Stock Short Name

(i) Ordinary
shares                 AOKAM                       JAVA

(ii) Irredeemable
cumulative preference
shares                 AOKAM-PA                    JAVA-PA

(iii) Warrants
2004/2014              AOKAM-WA                    JAVA-WA

However, the Stock Numbers remain unchanged.

CONTACT:

Aokam Perdana Berhad
189 Jalan Tun Razak
Kuala Lumpur, 50400
Malaysia
Phone: +60 3 2166 3466
Fax:   +60 3 2166 3455


AYER HITAM: Issues Default Status Update
----------------------------------------
Pursuant to Practice Note 1/2001, Ayer Hitam Tin Dredging
Malaysia Berhad (AHTIN) provided an update on its default in
payments position as at Jan. 31, 2005 as shown in Table A.

The total default by AHTIN Group on the principal sum plus
interests as at Jan, 31, 2005, amounted to RM39,737,122.00. The
defaulted payments owing to the lenders are in respect of the
term loan and syndicated term loan as per the previous
announcement made on Aug. 27, 2004.

Save as disclosed in Table A, there is no new development on the
default of payments since the previous announcement with regard
to this Practice Note.

This announcement is dated Feb. 16, 2005.

To view Table A, go to:

http://bankrupt.com/misc/tcrap_ayerhitam021705.doc

Notes:

1) Syndicated Term Loan

As announced to the Exchange earlier, the lenders had on 22
December 2004 served a Writ of Summons dated 29 November 2004
and Statement of Claim dated 26 November 2004 from the Kuala
Lumpur High Court on MHSB and the Company, naming MHSB as the
First Defendant and AHTIN as the Second Defendant for the amount
claimed of RM23,870,518.32, which was in respect of principal
due and interest accrued up to 30 September 2004.

2) Term Loan

The Company, as the corporate guarantor of both MHSB's and
PAHT's loans, may have cross-defaulted PAHT's term loan. Hence,
the full amount has been included in Table A.

CONTACT:

Ayer Hitam Tin Dredging Malaysia Berhad
No 8 Jalan Raja Chulan
Kuala Lumpur, 50200
Malaysia
Phone: +60 3 2031 9633
Fax:   +60 3 2031 6920


BOUSTEAD HOLDINGS: To List New Shares Today
-------------------------------------------
Boustead Holdings Berhad's additional 39,000 new ordinary shares
of RM0.50 each issued pursuant to the Employee Share Option
Scheme are granted listing and quotation effective Friday, Feb.
18, 2005, 9:00 a.m.

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


FABER GROUP: Notes Additional Shares Listing
--------------------------------------------
Faber Group Berhad's additional 1,670 new ordinary shares of
RM1.00 each arising from the Conversion of RM3,340 nominal value
of 2000/2005 irredeemable convertible unsecured loan stocks into
1,670 new ordinary shares are granted listing and quotation
effective Friday, Feb. 18, 2005, 9:00 a.m.

CONTACT:

Faber Group Berhad
20th Floor
Menara 2 Faber Towers,
Jalan Desa Bahagia
Taman Desa, Off Jalan Klang Lamas
58100 Kuala Lumpur
Malaysia
Phone: 03-76282888
Fax:   03-76282828


KUB MALAYSIA: Unit Disposes of Shares in Principal Properties
-------------------------------------------------------------
KUB Malaysia Berhad (KUB) announced that wholly owned subsidiary
Perbiba Sdn Bhd (Perbiba) disposed off its 100% equity interest
comprising four (4) ordinary shares of RM1.00 each in Principal
Properties Sdn Bhd (PPSB) representing 100% of the total issued
and paid-up capital of PPSB for a cash consideration of RM2.8
million.

PPSB ceased to be a wholly owned subsidiary of Perbiba and KUB
on completion of the Disposal.

The Disposal is not expected to have any material effect on the
earnings of KUB. Additionally, there is no effect on the share
capital and no material effect on the net tangible assets of
KUB.

As far as the Board is aware, none of the Directors or
Substantial Shareholders or person connected to Directors or
Substantial Shareholders of KUB has any interest, direct or
indirect in the Disposal.

CONTACT:

KUB Malaysia Berhad
No. 6, Block H
Jalan 65C
Off Jalkan Pahang Barat
53000 Kuala Lumpur
Phone: 03-421 4121
Fax: 03-423 3090


MAXIS COMMUNICATIONS: Set to List More Shares Today
---------------------------------------------------
Maxis Communications Berhad's additional 287,000 new ordinary
shares of RM0.10 each issued pursuant the Employee Share Option
Scheme are granted listing and quotation effective Friday, Feb.
18, 2005, 9:00 a.m.

CONTACT:

Maxis Communications Bhd
Level 18, Menara Maxis
Kuala Lumpur City Centre
Off Jalan Ampang
50088 Kuala Lumpur
Malaysia
Phone: 03-23307000
Fax:   03-2330059


PAN MALAYSIA: Unit Unloads Leasehold Apartment
----------------------------------------------
Further to the Company announcements on Oct. 19, 2004, Nov. 3,
Nov. 8, 2004 and Jan. 19, 2005 in respect of the Disposal of a
leasehold apartment by wholly owned subsidiary Kayangan Makmur
Sdn Bhd, Pan Malaysia Holdings Berhad advised Bursa Securities
that the Disposal was completed on Feb. 15, 2005 in accordance
with the terms and conditions contained in the sale and purchase
agreement dated Oct. 18, 2004.

CONTACT:

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


PANTAI HOLDINGS: Repurchases 45,000 Shares
------------------------------------------
Pantai Holdings disclosed details of its shares buy back on Feb.
16, 2005 to the Bursa Malaysia Securities Berhad.

Date of buy back: 16/02/2005

Description of shares purchased:  Ordinary shares of RM1.00 each

Total number of shares purchased (units):             45,000

Minimum price paid for each share purchased (RM):          1.010

Maximum price paid for each share purchased (RM):          1.030

Total consideration paid (RM):                        45,877.46

Number of shares purchased retained in treasury (units): 45,000

Number of shares purchased which are proposed to be cancelled
(units):

Cumulative net outstanding treasury shares as at to-date
(units): 27,354,300

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

CONTACT:

Pantai Holdings Berhad
3rd Floor, Block B
Pantai Medical Centre
No. 8 Jalan Bukit Pantai
59100 Kuala Lumpur
Malaysia
Phone: 03-22879822
Fax:   03-22873822
Web site: http://www.pantai.com.my/


POS MALAYSIA: Granted Additional Shares Listing
-----------------------------------------------
Pos Malaysia & Services Holdings Berhad's additional 97,000 new
ordinary shares of RM1.00 each issued pursuant the Employee
Share Option Scheme will be granted listing and quotation
effective Monday, Feb. 21, 2005, 9:00 a.m.

CONTACT:

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


POS MALAYSIA: Lists 263,000 Additional Shares
---------------------------------------------
Pos Malaysia & Services Holdings Berhad's additional 263,000 new
ordinary shares of RM1.00 each issued pursuant the Employee
Share Option Scheme are granted listing and quotation effective
Friday, Feb. 18, 2005, 9:00 a.m.


POS MALAYSIA: Resumes Trading of Shares
---------------------------------------
Further to Listing Circular's No. L/Q 29478 of 2005, trading in
Pos Malaysia & Services Holdings Berhad's shares has resumed
effective Wednesday, Feb. 16, 2005, 9:00 a.m.

Please refer to the Company's announcement dated Feb. 15, 2005.


TALAM CORPORATION: Lists Additional 176,500 Shares
--------------------------------------------------
Talam Corporation Berhad's additional 176,500 new ordinary
shares of RM1.00 each issued pursuant to the Conversion of
1,365,000 irredeemable convertible preference shares 2004/2009
into 136,500 new ordinary shares, and the conversion of RM40,000
irredeemable convertible unsecured loan stocks 2003/2005 into
40,000 new ordinary shares will be granted listing and quotation
with effect from 9.00 a.m., Friday, Feb. 18, 2005.

CONTACT:

Talam Corporation Berhad
5th Floor, Wisma Talam
52 Jalan Kampung Attap
50460 Kuala Lumpur, WP
Malaysia
Phone: 603-2732222
Fax:   603-2731439


TAP RESOURCES: To List More Shares
----------------------------------
Tap Resources Berhad's additional 36,000 new ordinary shares of
RM1.00 each issued pursuant to the Conversion of RM36,000
nolinal value of 2% irredeemable convertible unsecured loan
stocks 2003/2006 into 36,000 new ordinary shares will be granted
listing and quotation effective Monday, Feb. 21, 2005, 9:00 a.m.

CONTACT:

TAP Resources Berhad
No. 18, Block B,
Jalan 1/89B (Seksyen 92A),
Batu 3 1/2 Off Jalan Sungei Besi,
57100 Kuala Lumpur
Malaysia
Phone: 03-79823388
Fax:   03-79811329


UNITED CHEMICAL: Sees No Change in Default Status
-------------------------------------------------
United Chemical Industries Berhad (UCI) announced that further
to the announcement made on Jan. 11, 2005, there are no
significant developments in relation to the Company's various
defaults in payment.

The Board of Directors of UCI further provides an update on the
details of all facilities currently in default in compliance
with Section 3.1 of Practice Note No. 1/2001.

The table of the Company's details can be viewed at:

http://bankrupt.com/misc/tcrap_unitedchem021705.xls

CONTACT:

United Chemical Industries Berhad
10th Floor, Wisma MCA
Jalan Ampang
50450 Kuala Lumpur, WP
Malaysia
Phone: 603-2619055
Fax:   603-2610502

This announcement is dated Feb. 16, 2005.


YIKON CORPORATION: Unaware of High Shares Price, Trading Volume
---------------------------------------------------------------
Yikon Corporation Berhad refers to the letter from Bursa
Malaysia dated 1Feb. 16, 2005, pertaining to the sharp increase
in the price and trading volume of the Company's shares, and
reply as follows:

" We refer to Bursa Malaysia Securities Berhad's letter dated
Feb. 16, 2005 pertaining to the unusual market activity .

In accordance with paragraph 9.11 of Bursa Securities Listing
Requirements on Corporate Disclosure Policy in response to
unusual market activity, the Board of Directors of Yikon
Corporation Berhad informs that, after having made due enquiries
and to the best of their knowledge are not aware of any material
development in the Company's business and affairs that has not
been previously disclosed to Bursa Securities nor any reason
that would account for the recent increase in price and trading
volume in the Company's shares."

Yours faithfully,

(Signed)
Chin Kok On
Managing Director

Query Letter content:

We draw your attention to the sharp increase in price and high
trading volume in your Company's shares recently. In accordance
with the Corporate Disclosure Policy on Response To Unusual
Market Activity pursuant to paragraph 9.11 of the Listing
Requirements of Bursa Malaysia Securities Berhad (Bursa
Securities LR), you are requested to furnish Bursa Securities
with an announcement for public release after a due enquiry
seeking the cause of the unusual market activity in the
Company's securities. When considering your response and when
making the required announcement, your attention is particularly
drawn to the continuing disclosure requirements set out in
Chapter 9 of the Bursa Securities LR. The announcement is to
reach Bursa Securities by today via Bursa Link.

Yours faithfully

CH'NG BOON HUAT
Development & Sector Head, Listing Compliance
Group Regulations

CONTACT:

Yikon Corporation Berhad
Suite 2-1,
2nd Floor,
Menara Penang Gaden,
42A Jalan Sultan Ahmad Shah,
10050 Penang
Phone: 04-2294390
Fax:   04-2265860


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


BACNOTAN CONSOLIDATED: Director Furnishes Copy of SEC Form 23-B
---------------------------------------------------------------
A director/officer of Bacnotan Consolidated Industries, Inc.
(BCI) furnished the Exchange a copy of his SEC Form 23-B
(Statement of Changes in Beneficial Ownership of Securities),
pursuant to Section 13 of the Revised Disclosure Rules
pertaining "Disclosure on Transactions of Directors and
Principal Officers in the Issuer's Securities."

A copy of the said document shall be made available for
reference at the PSE and PSE Plaza libraries. The same shall
likewise be made available for downloading at the PSE web site:
http://www.pse.com.ph(under Listed Companies).

For your information.

(Original Signed)
MA. PAMELA D. QUIZON-LABAYEN
Head, Disclosure Department

Noted by:

(Original Signed)
JURISITA M. QUINTOS
Senior Vice President

CONTACT:

Bacnotan Consolidated Industries Incorporated
No 39 Plaza Drive Rockwell Centre
4th Floor PHINMA Building
Makati City 1200
Philippines
Phone: +63 2 8700 100
Fax: +63 2 8700 456
Web site: http://www.bonecare.com/


COLLEGE ASSURANCE: Application for Capital Increase Left Hanging
----------------------------------------------------------------
College Assurance Plan's application to beef up its
capitalization is still pending at the Securities and Exchange
Commission (SEC) as valuation on the property used for the
application remains questionable, according to Business World.

While SEC officials ordered that another appraisal be conducted
for the 2,900-hectare property owned by businessman Romeo Roxas,
Cuervo Appraiser, Inc. still awaits for Mr. Roxas' authorization
before doing the valuation.

The SEC asked CAP and Cuervo to appraise the Roxas property two
weeks ago after it learned the first appraisal was based on the
hypothetical development approach, which values a property as
though it were already developed rather than on its current
state. The SEC said the method violates international accounting
standards, and is not based on fair value.

CAP is seeking to increase its capital to Php8 billion from
Php300 million through the transfer of property, which is owned
by Green Square and Green Circle, two companies owned by Mr.
Roxas.

CONTACT:

College Assurance Plans Philippines Inc.
CAP I Building
126 Amorsolo cor. Herrera Streets
Legazpi Ville, Makati City
Malaysia
Phone: 817-6586, 759-2000
Fax: (0632) 818-0560


NATIONAL POWER: JBIC Mulls Credit Window for Asset Buyers
---------------------------------------------------------
The Japan Bank for International Cooperation (JBIC) is likely to
prepare a credit window for buyers of the generation and
transmission assets of the National Power Corporation (Napocor),
reports The Manila Bulletin.

JBIC chief representative Osamu Murata affirmed the bank, which
already has a credit window for the private sector, is inclined
to make it available for the buyers of Napocor's assets.

The Japanese lending firm has been active in extending funding
to the Philippine power industry. It supports the power sector
either through extending official development assistance (ODA)
or in the form of international finance (more aptly treated as
commercial loans) to various power projects.

JBIC, likewise, noted that it is closely watching developments
in Napocor's privatization not only because of its existing
stake in the industry, but for it to look for new opportunities
of participation.

CONTACT:

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


PHILIPPINE LONG: Moody's Downgrades Debt Rating to Ba3
------------------------------------------------------
Moody's Investors Service has downgraded the foreign currency
senior unsecured debt rating of Philippine Long Distance
Telephone Company (PLDT) to Ba3 from Ba2. The outlook is stable.
The rating action was taken as part of Moody's downgrade of
Philippines' foreign currency country ceiling to B1 from Ba2. At
the same time, Moody's has affirmed PLDT's B1 preferred stock
rating with a stable outlook.

The foreign currency senior unsecured debt rating incorporates
convertibility risk, which is the likelihood of the government
declaring a debt moratorium to counter a foreign currency
crisis. Moody's views foreign currency bonds subject to
international law as less likely to be subject to a debt
moratorium than foreign currency obligations subject to local
law. Therefore, there is a differential between PLDT's foreign
currency bond rating and the sovereign rating.

As such, PLDT's foreign currency bond rating is a function of
its own risk of default and the profitability of a Philippine
government default on its foreign debt (implied by its B1
rating), the likelihood that the government would declare a
moratorium in the event of a default, and if it did, the chances
that it would exempt a Company such as PLDT.

Philippine Long Distance Telephone Company, based in Manila,
Philippines, is the principal supplier of the telecommunications
services in the Philippines.

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


PHILIPPINE LONG: Clarifies The Philippine Star Report
-----------------------------------------------------
This in reference to the news article entitled "PLDT sees
Php26.5-billion net income for 2004" published in the February
16, 2005 issue of The Philippine Star (Internet Edition).

The article reported that "telecommunications giant Philippine
Long Distance Telephone Co.'s consolidated net income for 2004
will likely hit Php26.5 billion, or 130 percent more than the
Php11.2 billion posted in 2003, highly placed sources told The
STAR. Both foreign and local analysts estimate the PLDT Group's
earnings last year to exceed the Company's own expectation of
Php24 billion. "They forecast the group's consolidated net
income to be as low as Php26.5 billion to as high as Php27.5
billion, or a median of Php26.5 billion. We are comfortable with
this figure,' a top PLDT official said in an interview."

Philippine Long Distance Telephone Company (TEL), in its letter
dated February 16, 2005, advised the Exchange that:

"we are still in the process of finalizing our full year 2004
results and completing the audit of such, with the intention to
announce PLDT's full year 2004 audited financial results on
March 1, 2005. We also wish to advise that PLDT's full year 2004
financial results will already be prepared on the basis of an
early adoption of the International Accounting Standards which
would require PLDT to restate its financial statements for such
accounting changes for prior periods as well."

For your information.

(Original Signed)
MA. PAMELA D. QUIZON-LABAYEN
Head, Disclosure Department

Noted by:

(Original Signed)
JURISITA M. QUINTOS
Senior Vice President


PRICESMART INCORPORATED: Shareholder Intensifies Legal Row
----------------------------------------------------------
A minority shareholder of the Philippine unit of PriceSmart
Incorporated on Tuesday accused PriceSmart Philippines' (PSMT)
president of issuing conflicting statements on his compensation
and work arrangements, Business World reports.

William S. Go, whose E-Class Corp. holds about 38 percent of
PSMT, has intensified his legal offensive by claiming Company
chief Benjamin Woods' act amounted to perjury and even tax
evasion.

Mr. Go claimed Mr. Woods could be subject to an investigation
for discrepancies allegedly found in his testimonies.

The camp of Mr. Go, through lawyer Ramon Esguerra, pointed to
Mr. Woods' statement before the Pasig Regional Trial Court
supposedly admitting he did not have an employment contract
since 2001 but is receiving at least US$168,000 a year from
PSMT. But documents from the Bureau of Immigration, supplied by
the Go camp, showed that Mr. Woods has a two-year employment
contract from August 2004 to August 2006 indicating an annual
salary of US$95,000 plus bonuses.

Mr. Woods said the allegations are not true.

CONTACTS:

Pricesmart Inc.
9740 Scranton Road
San Diego, CA 92121
Phone: (858) 404-8800
Fax: (858) 581-4500
E-mail: jcahill@psmt.usa.com
Web Site: http://www.pricesmart.com

PSMT Philippines, Inc.
1781 Alabang Zapote Road, Filinvest
8/F Times Plaza Bldg., UN Ave. Cor. Taft Ave.
Ermita Manila
Phone no.: 8880433
Fax No.: 8880689


PRYCE CORPORATION: Share Price Jumps 50%
----------------------------------------
A letter dated February 16, 2005 and issued by the Market
Regulatory Office of the Exchange informed the Company through
its Corporate Information Officer that "there was an unusual
price movement in the trading of PRYCE CORPORATION (PPC) shares
at 10:16 a.m. on February 16. And that the share price of PPC
increased by 50% from Php0.27 to Php0.40 per share."

Please be advised that the Company is unaware of any material
information whatsoever relating to such unusual movement in the
trading within February 16.

Pursuant to the requirements of the Securities Regulation Code,
the issuer has duly caused this report to be signed on its
behalf by the undersigned hereunto duly authorized.

PRYCE CORPORATION

By:

(Signed)
Atty. Geoffrey G. Cagakit
Corporate Information Officer


* Moody's Lowers Philippines' Ratings to B1 with Stable Outlook
---------------------------------------------------------------
Moody's Investors Service has downgraded the Philippines' long-
term foreign- and local-currency ceilings and ratings owing to
concerns that the large build-up in government and external debt
introduces heightened vulnerability to shocks despite recent
efforts by the government and legislature to enact fiscal
reforms.

Moody's lowered the Philippines' foreign-currency rating for
government bonds to B1 from Ba2, the long-term foreign-currency
country ceiling for bonds to B1 from Ba2, the long-term foreign-
currency ceiling for bank deposits to B1 from Ba3, and the
local-currency rating of the government to B1 from Ba2. The
outlook on all of the ratings is stable. Moody's local-currency
guideline remains A1.

Moody's recognizes that the administration of President Gloria
Macapagal Arroyo inherited a much-weakened fiscal structure, yet
progress in enacting reform is proving difficult as the
president's majority coalition in Congress grapples with
politically painful choices. The rating agency notes that some
improvement in tax collections has reversed the decline in the
ratio of revenue to GDP, yet the broader public-sector debt
ratios (government debt to GDP and government debt to revenues)
remain well above those of countries with similar ratings. Thus,
public-sector borrowing requirements will remain large even with
more progress in fiscal reform, leaving the Philippines
vulnerable to economic, financial, and political shocks, as well
as to sudden changes in market sentiment.

Moody's believes that the rapid implementation of a front-loaded
national government fiscal reform program coupled with the
elimination of operating losses and more progress in the long-
delayed privatization of the National Power Corporation are
necessary conditions to lay the foundation for future
improvement in the country's ratings. Nevertheless, even with
successful implementation of proposed public finance reform
measures, it will take some time for the Philippines to reduce
its public-sector debt overhang to levels compatible with higher
ratings.

Moody's also notes that, because most of the Philippine's public
debt is held externally while budget financing continues to rely
heavily on foreign borrowing, fiscal performance has a direct
effect on the country's external payments position. In the years
since the 1997 regional financial crisis, the Philippines,
unlike other countries in the region, has not been able to
attract substantial amounts of foreign equity investment, and
instead has relied heavily on foreign debt for both public-
sector and balance-of-payments financing.

Moody's notes that although the Philippines presently has an
external current-account surplus -thanks to buoyant income
inflows from overseas workers - underlying weaknesses could
undermine the external payments position in the future. The
recovery in exports in late 2004 appears tentative, concentrated
in electronics, and lagging that of the Philippines' regional
competitors, suggesting that the Philippines' competitiveness
may have begun to atrophy. The external sector will not likely
be able to serve as a reliable and strong source of economic
growth until the investment environment is further improved.

Moody's believes that confidence factors have contributed to the
slippage in the Philippines' overall economic and financial
performance. Ongoing political and social unrest also undermines
efforts to reestablish confidence. Nevertheless, a vigorous,
sustained program of public-sector fiscal reform would not only
bolster confidence in the policy credibility of the government,
but improve investment and growth prospects as well. Such a turn
of events would have positive rating implications over the
medium term.

Press releases on other affected issuers will follow separately.


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


AVON ENGINEERING: Faces Bankruptcy Proceedings
----------------------------------------------
The High Court of Singapore issued a bankruptcy order for Gan
Theng Hoe (NRIC No. S1505042Z) trading as Avon Engineering of
Blk 224, Bishan Street 23 #17-125, Singapore 570224 with
Bankruptcy No.-5062 of 2004 on 28th January 2005.

The petition was presented December 23, 2004, based on an In
Default of Statutory Demand.

Toh Han Li
Senior Assistant Registrar,
Supreme Court,
Singapore.
Registry, Supreme Court, Singapore
15th February 2005


DONG SHENG: Court Issues Bankruptcy Order
-----------------------------------------
Koh Lian Kee (NRIC No. S0628726C) trading as Dong
Sheng Lighting of 932, Jurong West Street 92 #08-183, Singapore
640932 with Bankruptcy No.-4904 of 2004 received a bankruptcy
order from the High Court of Singapore on January 20, 2005.

The petition was presented December 14, 2004, an In-Default of
Statutory Demand.


HESHE HOLDINGS: Appoints New Manager
------------------------------------
Heshe Holdings Limited announced at the Singapore Stock Exchange
(SGX) the appointment of a manager who is a relative of a
director, CEO or substantial shareholder.

Date of Appointment: February 16, 2005

Name: Chng Weng Huat

Age: 41

Country of principal residence: Singapore

To view a full copy of the document, click
http://bankrupt.com/misc/TCRAP_hesheholdings021705.pdf


HOME TECH-DESIGN: Receives Bankruptcy Order
-------------------------------------------
Kui Ah Bann (NRIC No. S1268897J) formerly trading as Home Tech-
Design & Innovate of Blk 303, Canberra Road #03-41, Singapore
750303 with Bankruptcy No.-4425 of 2004 received a bankruptcy
order from the High Court of Singapore on January 20, 2005.

The petition was presented November 2, 2004, an In Default of
Statutory Demand.

Toh Han Li
Senior Assistant Registrar,
Supreme Court,
Singapore.
Registry, Supreme Court, Singapore
18th February 2005


IONICS EMS: Details Board Approvals During Meeting
--------------------------------------------------
Notice is hereby given that at the meeting of the Board of
Directors of Ionics EMS, INC. held, 16 February 2005, the Board
approved:

(1) the change of its functional currency from Philippine pesos
to US dollars in 2004, in compliance with Philippine Accounting
Standards (PAS) 21 / Financial Reporting Standards (FRS) 21,
"The Effects of Changes in Foreign Exchange Rates."

PAS 21 / FRS 21 requires a Company to determine its functional
currency and measure its results and financial position in that
currency. Such change is accounted for prospectively. Adoption
of the abovementioned new accounting standard did not result in
the restatement of prior year financial statements.

(2) the setting of the 2005 Annual General Meeting on Friday,
April 29, 2005, at the Sta. Elena Golf Club, Cabuyao, Laguna,
Philippines. The Board also fixed the close of business on April
1, 2005 as the record date for the determination of shareholders
in good standing entitled to receive notice of, and to vote at,
the meeting and any adjournment thereof.


NEW ZEN: Court Issues Bankruptcy Order
--------------------------------------
The High Court of Singapore issued a bankruptcy order for Ng
Tiek Soon (NRIC No. S1851939I) trading as New Zen Restaurant of
Address-Blk 450G, Tampines Street 42 #08-378, Singapore 527450
with Bankruptcy No.-4892 of 2004 on January 20, 2005.

The petition was presented December 13, 2004.  The ground for
the petition was In Default of Statutory Demand.


SENG EE: Begins Winding Up Proceedings
--------------------------------------
The High Court of Singapore has issued a winding up order for
Tan Chiang Mui (NRIC No. S0032114A) trading as one partners of
Seng Ee Soon Electrical Enterprise of Address-Blk 200, Toa Payoh
North #03-1053, Singapore 310200 with Bankruptcy No.-4993 of
2004 on 28th January 2005.

The petition was presented December 20, 2004.  The ground of the
petition was In Default of Statutory Demand.

Toh Han Li
Senior Assistant Registrar,
Supreme Court,
Singapore.
Registry, Supreme Court, Singapore
15th February 2005


VN TAMIL: Served with Bankruptcy Order
--------------------------------------
The High Court of Singapore issued a bankruptcy order on January
20, 2005 for VN Tamil Malar (NRIC No. S1736855I) formerly
trading as Gayathree Trading of Address-Blk 289, Bishan Street
24 #05-19, Singapore 570289 with Bankruptcy No.-4873 of 2004.

The petition was presented December 10, 2004.  The ground for
the petition was In Default of Statutory Demand.

Toh Han Li
Senior Assistant Registrar,
Supreme Court,
Singapore.
Registry, Supreme Court, Singapore
18th February 2005


WISIDAGAMAGE DON: Receives Bankruptcy Order from Court
------------------------------------------------------
Wisidagamage Don Nicholas Anthony (NRIC No. S1161029C) now or
formerly trading as Shoreline Shipcare Services of Blk 412,
Pandan Gardens #06-104, Singapore 600412 with Bankruptcy No.-
5013 of 2004 received a winding up order from the High Court of
Singapore on January 28, 2005.

The petition was presented December 21, 2004. The ground for the
petition is In Default of Statutory Demand.

Toh Han Li
Senior Assistant Registrar,
Supreme Court,
Singapore.
Registry, Supreme Court, Singapore
15th February 2005


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



BANGKOK STEEL: Updates on CEO Post
----------------------------------
Bangkok Steel Industry Public Company Limited informed the Stock
Exchange of Thailand (SET) that Mr. Pornchai Ua-arayaporn, who
was the Deputy Chief Executive Officer of the Company, retired
from the Company since December 31, 2004 and there is presently
no replacement for this position.

Please be informed accordingly.

Yours sincerely,
Borirak Jivarivoj
Economic Intellect Co., Ltd.
Mr. Sirivat Anantkusri
C.J. Morgan Co., Ltd.
Plan Administrators

CONTACT:

Bangkok Steel Industry Public Company Limited
United Flour Mill Bldg,
205 Rajawong Road,
Samphanthawong Bangkok
Telephone: 0-2226-0088, 0-2226-0680, 0-2226-6120-29
Fax: 0-2224-7698, 0-2222-7497
Web site: http://www.bangkoksteel.co.th


SUNTECH GROUP: Submits Unaudited Half-Year Consolidated Results
---------------------------------------------------------------
Suntech Group Public Company Limited submitted to the Stock
Exchange of Thailand (SET) its unreviewed half-year consolidated
financial statement.

Sun Tech Group Public Company Limited
Unreviewed (In thousands) Ending 31 December

                                  Half-Year         Year
                                  2004              2003

Net profit (loss)                (232,375)          (354,588)

EPS (baht)                       (1.41)          (2.15)

Comment: Please see details in financial statements from SET
SMART

"The Company hereby certifies that the information above is
correct and complete."

Dr.Chaiphon Horrungruang
Position President
Authorized to sign on behalf of the Company

CONTACT:

Sun Tech Group Public Company Limited
U.M. Tower, Floor 17, 9 Ramkhamhaeng Road,
Suan Luang, Bangkok
Telephone: 0-2719-9743
Fax: 0-2719-9744


THAI ELECTRONIC: Trading of Securities Still Suspended
------------------------------------------------------
Starting from February 18, 2005 the Stock Exchange of Thailand
(SET) allowed the securities of Thai Electronic Industry Public
Company Limited (TEIC) to be listed on the SET after finishing
capital increase procedures.

However, TEIC is a listed Company under REHABCO sector and is in
the rehabilitation process, therefore, the SET has still
suspended trading all securities of TEIC until the causes of
delisting are eliminated.

The Company could still request the SET to allow continued
trading under the REHABCO category after it completed the
conditions specified by the SET.

Name: TEIC

Issued and Paid up Capital (Par value THB10 per share)

Old: THB365,335,720
New: THB1,305,925,040

Allocate to: The first allotment to Existing shareholders

Total: 80,121,362 shares
Ratio: 3 old shares: 1 new share
Price per share: 1 baht
Payment date: 20 May 2004

(2) The second allotment to Existing shareholders

total: 37,570 shares
Price per share: 1 baht
Payment date: 30 July 2004

(3) Private Placement 13,900,000 shares

Price per share: 1 baht
Payment date: 30 July 2004

CONTACT:

Thai Electronic Industry Pcl
1/10 Moo 4, Bangchan Industrial Estate,
Bang Kapi, Bangkok
Telephone: 0-2517-1276-8, 0-2517-1936
Fax: 0-2517-1937, 0-2518-1471



* 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
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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