TCRAP_Public/050222.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

             Tuesday, February 22, 2005, Vol. 8, No. 37

                            Headlines

A U S T R A L I A

AUSTRALIAN GAS: Secures Rights for Proposed Wind Farm
AVKEN PRODUCTS: To Convene Final Meeting February 28
BUSINESS DEVELOPMENT: Final Meeting Set February 25
CANNS PLAINS: To Convene Final Meeting February 28
CARLSSON & HILDING: Liquidator to Explain Winding Up Process

CRITERION RESTAURANT: Lays Out Final Meeting Agenda
CHROMALASER PTY: Members Resolve to Wind Up Company
EMBETH PTY: Members, Creditors to Meet February 28
EXCELSIOR PARADE: To Convene Final Meeting February 25
GLOBAL SELF: Final Meeting Fixed on March 4

HENRY WALKER: Collapse Forces State to Defer Road Deal
HOWARD CONTRACTORS: Sets Final Meeting February 25
LEGION ROOFING: Sets Out Agenda for Final Combined Meeting
MARTIN CONSOLIDATED: Lays Out Meeting Agenda
MAYNE GROUP: Appoints Additional Company Secretary

MECALAY CAMMERAY: To Hear Liquidator's Report on February 25
MOORHOUSE INDUSTRIES: To Hold Final Meeting March 3
NATIONAL AUSTRALIA: Police Arrest Seven Over US$64-Mln Heist
NEWBAKE PTY: To Convene Final Meeting February 25
PETER WHITEMAN: Members Agree to Wind Up Company

PINEMAZE PTY: Details Purpose of Meeting
PREMIUM PROTECTION: Liquidators to Report Manner of Winding Up
RHUVEIG PTY: Sets February 28 as Date of Final Meeting
TERRACE ENGINEERING: Members, Creditors to Meet February 28


C H I N A  &  H O N G  K O N G

CHANTELL FASHION: Court Issues Winding Up Order
CHINA GAS: Bourse Suspends Trading of Shares
GOLDEN HARVEST: Places 31.2Mln New Shares to Asset Managers Fund
JENION TRADING: To Undergo Winding Up Process
LONG CHUEN: Begins Bankruptcy Proceedings

POLY INVESTMENTS: Shares Trading Suspended
SUN FOOK: To Undergo Winding Up Process
UPPER KING: Court Orders Winding Up


I N D O N E S I A

BANK MANDIRI: Sells US$500-Mln Bonds to Refinance Debt
BANK PERMATA: Receives Stable Rating from Moody's
BANK RAKYAT: Moody's Revises Outlook to Positive
BANK TABUNGAN: Rating Upgraded from Stable to Positive
PAN INDONESIA: Moody's Revises Rate Outlook to Positive

TELEKOMUNIKASI INDONESIA: Moody's Changes Outlook to Positive
* Moody's Changes Outlook On Indonesia's Ratings To Positive


J A P A N

EMU SHIH: Enters Bankruptcy
MARUITENPO KAIHATSU: Begins Bankruptcy Proceedings
MITSUBISHI MOTORS: Says U.S. Business to Stay
SEIBU RAILWAY: Second Suicide Haunts Former Kokudo Boss
TOSHIBA CORPORATION: To Boost 04/05 Chip Capex to JPY203 Bln

UFJ HOLDINGS: MTFG Bares Details of Takeover Bid
UFJ HOLDINGS: Unveils New Group's Management Philosophy
UFJ HOLDINGS: New Group Agrees on System Integration Policy
UFJ HOLDINGS: S&P Upgrades Units' Ratings on Merger Prospects


K O R E A

HYUNDAI SECURITIES: Posts 16% Net Profit Increase
SK NETWORKS: Calls Off Stake Sale to U.K. Fund


M A L A Y S I A

BUKIT KATIL: Passes All EGM Resolutions
CONSOLIDATED FARMS: Receives Writ of Summons from Sang Hup
FARLIM GROUP: Completes Proposed Disposals on Feb. 18
FEDERAL FURNITURE: Unaware of Unusual Market Activity
GOLDEN FRONTIER BERHAD: Buys Back 7,000 Shares

I-BERHAD: Posts Notice of Shares Buy Back
JASATERA BERHAD: Seeking to Avert Bursa Malaysia Delisting
KRAMAT TIN: Discloses FY04 Quarterly Results
PAN MALAYSIA: Repurchases 60,000 Shares
PILECON ENGINEERING: To Contest Unit's Winding-Up Petition

POS MALAYSIA: Resells 500,000 Treasury Shares
SEAL INCORPORATED: Disposes of Industrial Building


P H I L I P P I N E S

ASIAN DIAMOND: Planholders Seek to Meet with Owner
ASIAN HOSPITAL: Gets Nod on US$30-Mln Debt Restructuring
BAYAN TELECOMMUNICATIONS: Appeals Court Halts Rehab Hearings
NATIONAL POWER: TOU Scheme Saves Customers Php95 Mln
* R&I Affirms Philippines to BBB-, Outlook Negative


S I N G A P O R E

BESTBUILD DEVELOPMENT: To Declare Dividend March 4
KESFORD PTE: Lays Out Final Meeting Agenda
RICHFIELD INNOVATIONS: Accepting Proofs of Claim Until March 4
SHINING CORPORATION: Company Director Resigns
TOP-CEIL CONTRACTS: Court Issues Winding Up Order

TRANS-UNITED CORPORATION: To Undergo Winding Up Process
WO KEE: Proofs of Claim Due on March 4


T H A I L A N D

BANGKOK STEEL: Lays Out EGM Agenda
KRUNG THAI: Issues Summary Statement of Assets and Liabilities
SIAM AGRO: Company Director Resigns
THAI PETROCHEMICAL: PTT Will Buy Shares If Price is Reasonable
BOND PRICING: For the Week 21 February to 25 February 2005

     -  -  -  -  -  -  -  -

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


AUSTRALIAN GAS: Secures Rights for Proposed Wind Farm
-----------------------------------------------------
The Australian Gas Light Company (AGL) announced Monday it had
secured the development rights for a proposed 90-135 megawatt
wind farm that would significantly add to the generating
capacity at its existing Hallett peaking power plant north of
Adelaide.

AGL Managing Director Greg Martin said AGL was looking at
developing an integrated gasfired and wind farm operation at
Hallett which would enable the Company to extract the maximum
value out of the existing facility. AGL also is continuing to
examine potential additional opportunities to take advantage of
the area's sizeable wind resource.

In addition, AGL is exploring the potential to further expand
its operations in the Hallett area to deliver even greater value
from its existing facilities. Evaluation work is continuing in
relation to the proposal, announced in April 2004, to proceed
with a $100 million plus expansion of the Hallett gas-fired
plant. A decision on whether to proceed with the expansion will
be made in late 2005.

"AGL is committed to increasing the amount of electricity it
generates from renewable sources. Investment in new wind
generating capacity will play an important role in this
strategy," Mr. Martin said.

"With the additional capacity from the proposed wind farm,
Hallett is well positioned to play an important role in
providing clean energy to meet the growing electricity demand in
South Australia."

AGL is currently evaluating competitive contracts for the
turnkey design and construction of the wind farm. Subject to
Board and other necessary approvals, construction of the wind
farm is scheduled to commence around July 2005, with
commissioning expected to be completed by the end of 2006.

Integration of the facilities will mean that the existing gas-
fired generation capacity at Hallett will be able to provide
adequate back-up support to the wind farm, enabling continuous
operation of the expanded power station during periods of high
electricity demand.

The development of an integrated facility would also result in
the proposed wind farm being connected to the existing grid
connection at Hallett, ensuring high utilisation of existing
infrastructure and improving the economics of supplying energy
from the wind farm. Renewable generation is one way in which AGL
provides clean energy to customers. AGL has a suite of green
energy products available to customers who wish to obtain their
household electricity from clean energy sources.

CONTACT:

Australian Gas Light Co (The)
Corner Pacific Highway and Walker Street
AGL Centre
North Sydney, New South Wales 2059
Australia
Phone: +61 2 9922 0101
Fax: +61 2 9957 3671
Web site: http://www.agl.com.au/


AVKEN PRODUCTS: To Convene Final Meeting February 28
----------------------------------------------------
Notice is hereby given that a meeting of the Members and
Creditors of Avken Products Pty Limited (In Liquidation) A.C.N.
089 452 906 will be held at Hall Chadwick, Chartered
Accountants, Level 29, 31 Market Street, Sydney NSW 2000 on
Monday, February 28, 2005 at 11:00 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 February 28, 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.

Geoffrey Mcdonald
Liquidator
c/- Hall Chadwick
Level 29, 31 Market Street,
Sydney NSW 2000


BUSINESS DEVELOPMENT: Final Meeting Set February 25
---------------------------------------------------
Notice is hereby given that the final meeting of the members of
The Business Development Partnership Pty Limited (In
Liquidation) A.C.N. 060 354 154 will be held at the offices of
Jones Condon Chartered Accountants, Level 1, 34 Charles Street,
Parramatta NSW, on February 25, 2005 at 3:00 p.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 18th day of January 2005

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


CANNS PLAINS: To Convene Final Meeting February 28
--------------------------------------------------
Notice is given pursuant to Section 509 of the Corporations Act
that a meeting of the members of Canns Plains Pty Limited (In
Liquidation) A.C.N. 000 596 083 will be held at the offices of
Lawler Partners, 763 Hunter Street, Newcastle West NSW 2302 on
February 28, 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 17th day of January 2005

R. G. Tolcher
Liquidator
Lawler Partners
Chartered Accountants
763 Hunter Street,
Newcastle West NSW 2302


CARLSSON & HILDING: Liquidator to Explain Winding Up Process
------------------------------------------------------------
Notice is hereby given that pursuant to Section 509(3) and (4)
of the Corporations Law, that the Final Meeting of Members of
Carlsson & Hilding Pty Ltd (In Voluntary Liquidation) A.C.N. 006
682 328 will be held at the office of Sinclair Wilson, 177
Koroit Street, Warrnamabool Vic 3280 on February 25, 2005 at
10:00 a.m.

The purpose of the meeting is to lay an account showing how the
winding up has been conducted and the property of the Company
disposed of, and of giving explanations hereof.

Dated this 11th day of February 2005

John Bouwman
Liquidator
Sinclair Wilson
Accountants & Business Advisors
177 Koroit Street, Warrnambool Vic 3280


CRITERION RESTAURANT: Lays Out Final Meeting Agenda
---------------------------------------------------
Notice is hereby given that a final combined meeting of the
members and creditors of The Criterion Restaurant Pty Ltd (In
Liquidation) A.C.N. 060 836 008 will be held at the offices of
Knights Insolvency Administration, Level 3, United Overseas Bank
Building, 32 Martin Place, Sydney on March 1, 2005 at 12:00 p.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 17th day of January 2005

Adrian Duncan
Joint and Several Liquidator
Level 27, The Chifley Tower,
2 Chifley Tower,
Sydney NSW 2000


CHROMALASER PTY: Members Resolve to Wind Up Company
---------------------------------------------------
Notice is hereby given that at a general meeting of members of
Chromalaser Pty Ltd (In Liquidation) A.C.N. 098 740 357 held on
January 11, 2005, it was resolved that the Company be wound up
voluntarily and that Peter Goodin, Chartered Accountant, of
Brooke Bird & Co, Chartered Accountants, 471 Riversdale Road,
East Hawthorn, 3123, be appointed Liquidator.

Peter Goodin
Corporate Representative
Brooke Bird & Co
Chartered Accountants
471 Riversdale Road,
East Hawthorn 3123
Telephone: 9882 6666


EMBETH PTY: Members, Creditors to Meet February 28
--------------------------------------------------
Notice is hereby given that a meeting of the Members and
Creditors of Embeth (NSW) Pty Limited (In Liquidation) A.C.N.
073 027 451 will be held at Hall Chadwick, Chartered
Accountants, Level 29, 31 Market Street, Sydney NSW 2000 on
Monday, February 28, 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 28 February 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.

Geoffrey Mcdonald
Liquidator
c/- Hall Chadwick
Level 29, 31 Market Street,
Sydney NSW 2000


EXCELSIOR PARADE: To Convene Final Meeting February 25
------------------------------------------------------
Notice is hereby given pursuant to Section 509 of the
Corporations Act 2001 that a Final Meeting of Members and
Creditors of Excelsior Parade Properties Pty Limited (In
Liquidation) A.C.N. 082 819 001 will be held at the offices of
William Buck, Chartered Accountants, Level 24, 201 Elizabeth
Street, Sydney on February 25, 2005 at 10:30 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 the termination of the
administration.

Dated this 17th day of January 2005

David G. Young
Liquidator
Excelsior Parade Properties Pty Limited (In Liquidation)


GLOBAL SELF: Final Meeting Fixed on March 4
-------------------------------------------
Notice is hereby given pursuant to Section 509(2) of the
Corporations Act 2001 that a final meeting of members and
creditors of Global Self Storage Consolidated Pty Limited (In
Liquidation) A.C.N. 074 264 949 will be held at the offices of
Jirsch Sutherland Chartered Accountants, Level 2, 84 Pitt
Street, Sydney NSW 2000 on March 4, 2005 at 10:30 a.m. for the
purpose of having an account laid before them showing the manner
in which the winding up has been conducted, the property of the
Company disposed and the hearing of any explanations that may be
given by the Liquidator.

Dated this 11th day of January 2005

Roderick Mackay Sutherland
Liquidator
Jirsch Sutherland
Chartered Accountants
Level 2, 84 Pitt Street, Sydney NSW 2000
Telephone: (02) 9233 2111
Facsimile: (02) 9233 2144


HENRY WALKER: Collapse Forces State to Defer Road Deal
------------------------------------------------------
The state government was forced to delay the tender process for
a road contract after it was revealed that failed contractor
Henry Walker had been shortlisted for the AU$80 million project,
The West Australian says.

On Feb. 11, eight days after Henry Walker's AU$570 million
collapse, Main Roads advised the Henry Walker and partners
Clough and Mansell had been shortlisted for the contract.

Planning and Infrastructure Minister Alannah MacTiernan admitted
Thursday that she was not aware of until Wednesday that the
Henry Walker-Clough-Maunsell consortium had been chosen as one
of the strong candidates for the contract.

"I had presumed that the decision was made before they went into
administration," Ms. MacTiernan said.

"I find Main Roads' decision unusual and I will be taking
independent advice on the appropriateness of that selection at
the end of the caretaker period. In the meantime, the selection
process will be put on hold."

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/


HOWARD CONTRACTORS: Sets Final Meeting February 25
--------------------------------------------------
Notice is given that a final meeting of the creditors and
members of Howard Contractors Pty Limited (In Liquidation)
A.C.N. 057 995 123 will be held at the offices of WHKGreenwoods
Pty Limited on Friday, February 25 at 10:00 a.m.

The purpose of the meeting is to receive the Liquidator's
account showing how the winding up has been conducted and the
property of the Company has been disposed of, and to receive any
explanation of the account.

Dated this 17th day of January 2005

Adrian Abbott
Liquidator WHKGreenwoods Pty Limited
Level 15, 309 Kent Street,
Sydney NSW 2000


LEGION ROOFING: Sets Out Agenda for Final Combined Meeting
----------------------------------------------------------
Notice is hereby given that a final combined meeting of the
members and creditors of Legion Roofing South East Asia Pty Ltd
(In Liquidation) A.C.N. 075 633 475 will be held at the offices
of Knights Insolvency Administration, Level 3, 32 Martin Place,
Sydney on February 28, 2005 at 9:00 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 18th day of January 2005

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


MARTIN CONSOLIDATED: Lays Out Meeting Agenda
--------------------------------------------
Notice is given that a meeting of the members of Martin
Consolidated Limited (In Liquidation) A.C.N. 004 238 402 will be
held at Level 15, 201 Sussex Street, Sydney, NSW, 1171 on
February 25, 2005 at 10:00 a.m.

AGENDA

(i) To lay the Liquidator's account before the members showing
how the winding up has been conducted and the property of the
Company has been disposed of, and to give any explanations as
required;

(ii) Any other business.

Dated this 13th day of January 2005

Timothy James Cuming
Liquidator
PricewaterhouseCoopers
Level 15, 201 Sussex Street,
Sydney NSW 1171


MAYNE GROUP: Appoints Additional Company Secretary
--------------------------------------------------
In accordance with listing rule 3.16.1, Mayne Group Limited
advised that Mr. Timothy Angus Paine has been appointed as an
additional Company Secretary of Mayne effective Monday, February
21, 2005.

Karen Kee
Company Secretary

CONTACT:

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


MECALAY CAMMERAY: To Hear Liquidator's Report on February 25
------------------------------------------------------------
Notice is hereby given that pursuant to Section 509 of the
Corporations Act 2001, the final meeting of members of Mecalay
(Cammeray) Pty Ltd (In Liquidation) A.C.N. 089 461 530 will be
held at the offices of GPL Solutions, Level 1, 86-90 Bay Street,
Broadway, NSW 2007 on February 25, 2005 at 10:00 a.m. for the
purpose of laying before the meeting the liquidator's final
account and giving any explanation of the account.

Dated this 14th day of January 2005

M. N. Zylberberg
Liquidator
94 Pacific Highway,
Roseville NSW 2069


MOORHOUSE INDUSTRIES: To Hold Final Meeting March 3
---------------------------------------------------
Notice is hereby given that pursuant to section 509 of the
Corporations Law, the final meeting of members of Moorhouse
Industries Pty Ltd (In Liquidation) A.C.N. 000 410 613 will be
held at the offices of Tait Miller McIntyre & Co of 53 Junction
Street, Nowra, on March 3, 2005 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 18th day of January 2005

Brett Anthony Matthews
Liquidator
Tait Miller McIntyre & Co
53 Junction Street, Nowra NSW 2541


NATIONAL AUSTRALIA: Police Arrest Seven Over US$64-Mln Heist
------------------------------------------------------------
The Irish police had arrested seven people on allegations of
possible involvement in the robbery of National Australia Bank's
(NAB) Irish arm, and blamed on the Irish Republican Army (IRA),
according to The Advertiser.

Police busted suspects in Dublin and Cork and also seized huge
amounts of cash believed to be stolen two months ago from the
Northern Bank in Belfast, which is owned by NAB.

Police confirmed the arrest of six men and a woman, and the
seizure of "a substantial amount of cash", adding that the seven
had been held under the Offences Against the State anti-
terrorism law.

The raid reportedly increased political tensions in Northern
Ireland amid accusations the IRA was to blame.

The IRA responded to the accusations at the start of this month
by announcing it was withdrawing a long-standing offer to put
its remaining weapons caches beyond use.

According to Ireland's RTE state radio, a former elected
politician from Sinn Fein, as well as a man who works in the
financial services sector, were among those being held in Cork.

CONTACT:

National Australia Bank Ltd.
Level 24, 500 Bourke Street,
Melbourne, Victoria, Australia, 3000
Head Office Telephone: (03) 8641-4160
Head Office Fax: (03) 8641-4927
Web site: http://www.national.com.au/


NEWBAKE PTY: To Convene Final Meeting February 25
-------------------------------------------------
Notice is given pursuant to Section 509 of the Corporations Act
that a joint meeting of the members and creditors of Newbake Pty
Limited (In Liquidation) A.C.N. 092 810 145 will be held at the
offices of Lawler Financial Services, Level 1, 1 National Park
Street Newcastle West 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

R. G. Tolcher
Liquidator
Lawler Partners
Chartered Accountants
763 Hunter Street,
Newcastle West NSW 2302


PETER WHITEMAN: Members Agree to Wind Up Company
------------------------------------------------
Notice is hereby given that at a general meeting of the members
of Peter Whiteman Pty Limited (In Liquidation) A.C.N. 000 638
237 held on January 14, 2005, it was resolved that the Company
be wound up voluntarily and that, David John Leigh, Chartered
Accountant of SimsPartners, Chartered Accountants, Suite 6A,
Ground Floor, 10-12 Short Street, Port Macquarie, NSW be
nominated to act as Liquidator for the purpose of the winding
up.

Dated this 14th day of January 2005

David Leigh
Liquidator
SimsPartners
Chartered Accountants
Suite 6A, Ground Floor,
10-12 Short Street,
Port Macquarie NSW 2444


PINEMAZE PTY: Details Purpose of Meeting
-----------------------------------------
Notice is given that a final meeting of the creditors and
members of Pinemaze Pty Limited (In Liquidation) A.C.N. 057 652
687 will be held at the offices of WHKGreenwoods Pty Limited on
Friday, February 25 at 12:30 p.m.

The purpose of the meeting is to receive the Liquidator's
account showing how the winding up has been conducted and the
property of the Company has been disposed of, and to receive any
explanation of the account.

Dated this 17th day of January 2005

Adrian Abbott
Liquidator WHKGreenwoods Pty Limited
Level 15, 309 Kent Street,
Sydney NSW 2000


PREMIUM PROTECTION: Liquidators to Report Manner of Winding Up
--------------------------------------------------------------
Notice is hereby given pursuant to Section 509 of the
Corporations Act that a final meeting of members & creditors of
Premium Protection Pty Limited (In Liquidation) A.C.N. 103 973
388 will be held at Suite 67, Level 14/88 Pitt Street, Sydney
NSW 2000 on Monday, February 28, 2005 at 10:30 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, 25 February 2005.

Dated this 18th day of January 2005

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


RHUVEIG PTY: Sets February 28 as Date of Final Meeting
------------------------------------------------------
Notice is given pursuant to Section 509 of the Corporations Act
that a meeting of the members of Rhuveig Pty Limited (In
Liquidation) A.C.N. 000 830 400 will be held at the offices of
Lawler Partners, 763 Hunter Street, Newcastle West NSW 2302 on
February 28, 2005 at 9:00 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 17th day of January 2005

R. G. Tolcher
Liquidator
Lawler Partners
Chartered Accountants
763 Hunter Street,
Newcastle West NSW 2302


TERRACE ENGINEERING: Members, Creditors to Meet February 28
-----------------------------------------------------------
Notice is given pursuant to Section 509 of the Corporations Act
that a joint meeting of the members and creditors of Terrace
Engineering & Manufacturing Pty Limited (In Liquidation) A.C.N.
069 896 993 will be held at the offices of Lawler Partners, 763
Hunter Street, Newcastle West NSW 2302 at 12:00 p.m. on Monday,
February 28, 2005, 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 13th day of January 2005

R. G. Tolcher
Liquidator
Lawler Partners
Chartered Accountants
763 Hunter Street,
Newcastle West NSW 2302


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


CHANTELL FASHION: Court Issues Winding Up Order
-----------------------------------------------
The High Court of the Hong Kong Special Administrative Region
Court of First Instance issued a winding up order for Chantell
Fashion Company Limited Of Flat Q, 8th Floor, Kaiser Est, Ph
III, 11 Hok Yuen St, Hunghom, Kln on February 2, 2005.

The winding up petition was presented 6th December 2004.

Dated this 18th day of February 2005

E T O'Connell
Official Receiver


CHINA GAS: Bourse Suspends Trading of Shares
--------------------------------------------
In a disclosure to the Hong Kong Stock Exchange (HKSE), China
Gas Holdings Limited (0384) announced that trading in its shares
has been suspended effective 9:30 a.m. Monday, February 21, 2005
pending the release of an announcement in relation to the
subscription of new shares of the Company.

The stock closed last Friday at $1.51.


GOLDEN HARVEST: Places 31.2Mln New Shares to Asset Managers Fund
----------------------------------------------------------------
Golden Harvest Entertainment (1132) advised the Hong Kong Stock
Exchange that it would place 31.2 million new shares to Asset
Managers (China) Fund Co Ltd at $0.25 per share, or $7.8 million
in total. The net proceeds of $7.7 million will be used as
general working capital. Trading in the shares of Golden Harvest
was resumed Monday.

The placing price per share has a discount of 3.85% over $0.26,
the price at which Golden Harvest was last traded before
suspension of trading. The placing shares represent 2.35% of the
Company's enlarged issued share capital. Completion of the
subscription, the shareholding of Asset Managers (China) Fund in
Golden Harvest will increase to 4.66% from 2.37%.

CONTACT:

Golden Harvest Entertainment (Holdings) Limited
18 Middle Road
16th Floor, The Peninsula Office Tower
Tsimshatsui, Kowloon
Hong Kong
Web site: http://www.goldenharvest.com/


JENION TRADING: To Undergo Winding Up Process
---------------------------------------------
The High Court of the Hong Kong Special Administrative Region
Court of First Instance issued a winding up order for Jenion
Trading Limited Of Rm 1106, 11th Floor, Metropole Square, 2 On
Yiu St, Shatin, NT on February 2, 2005.

The winding up petition was presented on the 8th of December
2004.

E T O'Connell
Official Receiver


LONG CHUEN: Begins Bankruptcy Proceedings
-----------------------------------------
A winding up order was presented to Long Chuen Company Limited
Of G/F, 24 Yuet Yuen St, North Point, HK on February 2, 2005 by
the High Court of the Hong Kong Special Administrative Region
Court of First Instance.

The winding up petition was presented December 6, 2005.

E T O'Connell
Official Receiver


POLY INVESTMENTS: Shares Trading Suspended
------------------------------------------
The Hong Kong Stock Exchange (HKSE) suspends trading in the
shares of Poly Investments Holdings (0263) effective 9:30 a.m.
Monday, February 21, 2005 pending the release of an announcement
in respect of the hearing of the petition Monday.

CONTACT:

Poly Investments Holdings Limited
23 Harbour Road
Room 2503 Admiralty Centre Tower 1
Wanchai
Hong Kong
Phone: +852 2 810 6216
Fax: +852 2 801 7589


SUN FOOK: To Undergo Winding Up Process
---------------------------------------
Sun Fook Jewellery Company Limited Of Flat Q, 8th Floor, Kaiser
Est, Ph Iii, 11 Hok Yuen St, Hunghom, Kln received a winding up
order from the High Court of the Hong Kong Special
Administrative Region Court of First Instance on February 2,
2005.

The winding up petition was presented 6th December 2004.

E T O'Connell
Official Receiver


UPPER KING: Court Orders Winding Up
-----------------------------------
Upper King Investments Limited of RM 503, Pedder Building 12
Pedder St, Central, HK received a winding up order from the High
Court of the Hong Kong Special Administrative Region Court of
First Instance on February 2, 2005.

The winding up petition was presented 7th December 2004.

E T O'Connell
Official Receiver


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


BANK MANDIRI: Sells US$500-Mln Bonds to Refinance Debt
------------------------------------------------------
Bank Mandiri might sell five- and ten-year bonds worth US$500
million next month to refinance maturing debt and expand
lending, Dow Jones reports, citing a bank official.

Bank Mandiri has chosen Citigroup Inc., Deutsche Bank, HSBC,
JPMorgan Chase & Co. and UBS AG as potential lead managers, who
will present their proposals to the bank on Feb. 24.

Indonesia's central bank has approved up to US$500 million in
issuance but has yet to give the nod to the planned structure.

The funds are to be raised from the bank's US$1 billion medium-
term note program set up in 2003. A portion of the amount will
be used to refinance a U.S. dollar-denominated loan that falls
due in June.

The bank official said that they might have to raise US$569
million for the offshore commercial loan, but that the bank also
plans to increase customer credit.

Bank Mandiri hopes to sell bonds by March but said they have to
wait for approval from Indonesia's central bank, Bank Indonesia,
before they can proceed with the sale.

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: Receives Stable Rating from Moody's
-------------------------------------------------
Moody's Investors Service revised the outlook to positive from
stable for the B3 long-term bank deposit ratings of Bank
Permata.

This action follows the revisions in the outlooks for
Indonesia's sovereign ratings - to positive from stable for the
B2 foreign currency country ceiling for debt, the B2 foreign
currency bonds of the government, the B2 domestic currency
issuer rating of the government and the B3 foreign currency bank
deposit ceiling - on Feb. 18, 2005.

The following rating was affected and now carries a positive
outlook from stable:

Bank Permata: long-term deposit of B3;

CONTACT:

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


BANK RAKYAT: Moody's Revises Outlook to Positive
------------------------------------------------
Moody's Investors Service has revised the outlook to positive
from stable for the B3 long-term bank deposit ratings of Bank
Rakyat Indonesia.

This action follows the revisions in the outlooks for
Indonesia's sovereign ratings - to positive from stable for the
B2 foreign currency country ceiling for debt, the B2 foreign
currency bonds of the government, the B2 domestic currency
issuer rating of the government and the B3 foreign currency bank
deposit ceiling - on February 18, 2005.

The following rating was affected and now carries a positive
outlook from stable:

Bank Rakyat Indonesia: subordinated debt of B3 and long-term
deposit of B3.

CONTACT:

Bank Rakyat Indonesia
Jl. Jend Sudirman No. 44-46
P.O. Box 1094
Jakarta, Indonesia
Phone: (62) 21-575-1015
Fax:   (62) 21-250-0071
Email: krisna@bri.co.id
Web site: www.bri.co.id


BANK TABUNGAN: Rating Upgraded from Stable to Positive
------------------------------------------------------
Moody's Investors Service has revised the outlook to positive
from stable for the B3 long-term bank deposit ratings of Bank
Tabungan Negara.

This action follows the revisions in the outlooks for
Indonesia's sovereign ratings - to positive from stable for the
B2 foreign currency country ceiling for debt, the B2 foreign
currency bonds of the government, the B2 domestic currency
issuer rating of the government and the B3 foreign currency bank
deposit ceiling - on February 18, 2005.

The following rating was affected and now carries a positive
outlook from stable:

Bank Tabungan Negara: long-term deposit of B3.


PAN INDONESIA: Moody's Revises Rate Outlook to Positive
-------------------------------------------------------
Moody's Investors Service has revised the outlook to positive
from stable for the B3 long-term bank deposit ratings of Pan
Indonesia Bank.

This action follows the revisions in the outlooks for
Indonesia's sovereign ratings - to positive from stable for the
B2 foreign currency country ceiling for debt, the B2 foreign
currency bonds of the government, the B2 domestic currency
issuer rating of the government and the B3 foreign currency bank
deposit ceiling - on Feb. 18, 2005.

The following rating was affected and now carries a positive
outlook from stable:

Pan Indonesia Bank: long-term deposit of B3.

CONTACT:

Pan Indonesia Bank
Jl. Jendral Sudirman Kav. 1 - (Senayan)
Jakarta 10270, Indonesia
Phone: (021) 2700545
Fax:   (021) 2700340
E-mail: panin@panin.co.id


TELEKOMUNIKASI INDONESIA: Moody's Changes Outlook to Positive
-------------------------------------------------------------
On Feb. 18, 2005, Moody's Investors Service changed the outlook
of P.T. Telemunikasi Indonesia's foreign currency issuer rating
(which was B2) to positive from stable.

The rating agency is also reviewing the Company's local currency
issuer rating, for a possible upgrade. The Company's strong
financial and operating profile, its 65 % investment in P.T.
Telekomunikasi Selular, and its importance to the country's
economic recovery motivated Moody's to review its local currency
rating.

P.T. Telekomunikasi Indonesia, Tbk, is the country's most
important telecommunications service provider, with a major
stake in P.T. Telekomunikasi Selular, the leading cellular
services provider in Indonesia.

CONTACT:

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


* Moody's Changes Outlook On Indonesia's Ratings To Positive
------------------------------------------------------------
Moody's Investors Service changed the outlook to positive from
stable on Indonesia's B2 foreign currency country ceiling for
bonds, its B3 foreign currency country ceiling for bank
deposits, and the Indonesian government's B2 foreign and local
currency ratings.

According to the credit rating agency, the outlook change was
prompted by the continued improvement of Indonesia's debt
ratios, both in terms of foreign currency debt and the
government's overall debt position. The ratio of total external
debt to current account receipts has improved since the 1997
Asian financial crisis, although it remains high, and the ratio
of government debt to GDP improved sharply in the last few
years.

Improved government debt ratios are due to a blend of fiscal
policies that kept budget deficits low, relatively rapid nominal
GDP growth, and a strengthening exchange rate, said Moody's. The
government now expects a budget deficit of 1.0% of GDP this year
and forecasts a balanced position by 2008. Thus, the rating
agency expects the government's debt position to continue
improving over the next several years.

While the government's debt position is improving, external debt
is still a source of vulnerability, as the ratio of debt to
current account receipts is higher than the average for
countries in the B2 rating category, Moody's said. The high
level of government external debt is somewhat lessened by its
composition, as it is held primarily by official creditors.
However, the rating agency said that this factor also introduced
some risk, as private creditors could be vulnerable to any
future Paris Club rescheduling, something that Moody's said it
does not expect anytime soon.

Indonesia completed the transition to a democratic government
last year, and the country is enjoying relative political
stability, according to the credit rating agency. The new
government appears intent on institutional reforms that will
improve the investment environment, including judicial reform
and anti-corruption measures. Moody's believes it is too early
to assess the success of these efforts, but noted that
investment increased toward the end of 2004. The government's
efforts to increase the level of investment will be critical if
it is to attain its goal of more rapid GDP growth over the
medium term.

Moody's does not believe that the December earthquake and
tsunami had a material impact on the country's creditworthiness,
despite the high cost in human lives and infrastructure in Aceh.
Although the Paris Club offered a debt moratorium, it does not
appear now that the government will accept the offer, relying
instead on assistance from the Consultative Group on Indonesia
for some of the cost of reconstruction.

Going forward, Moody's said any move to place the ratings on
review for upgrade would depend on progress in implementing the
reforms announced by the new government, on the performance of
investment, both foreign and domestic, and on export performance
resulting from any investment rise.


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


EMU SHIH: Enters Bankruptcy
---------------------------
Department store operator K.K. Emu Shih Shih has entered
bankruptcy, says Teikoku Databank America.

The firm, based in Naha-shi, Okinawa 900-0013, left a total of
US$40.00 million in liabilities.

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


MARUITENPO KAIHATSU: Begins Bankruptcy Proceedings
--------------------------------------------------
Maruitenpo Kaihatsu K.K. has entered bankruptcy with total
liabilities of US$35.20 million, according to Teikoku Databank
America.

The firm, engaged in real estate leasing, is based in Sapporo-
shi, Hokkaido 060-0061.

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


MITSUBISHI MOTORS: Says U.S. Business to Stay
---------------------------------------------
Mitsubishi Motors Corporation (MMC) denied a report that it was
seeking a buyer for its U.S. operations, describing the news as
"groundless", according to Dow Jones Newswires.

The Wall Street Journal on Friday reported that the struggling
automaker's new President, Osamu Masuko, visited Detroit in
January to conduct negotiations with potential buyers of its
U.S. business during the North American International Auto Show.

Mr. Masuko and Yasushi Ando of MMC stakeholder Phoenix Capital
Company, reportedly met privately with several industry
executives, including representatives from U.S. private equity
fund Ripplewood Holdings LLC and the Austrian unit parts
supplier Magna International Incorporated.

The focus of the talks are MMC's assembly plant in Normal,
Illinois and its North American sales unit in southern
California.

In a press release, MMC said that the officials didn't meet with
Ripplewood or the Austrian firm during the show, and reiterated
that "the U.S. is a very important market for the
revitalization" of the Company.

The automaker stressed it has no intention of withdrawing from
the U.S. market and "has never pursued the possibility of
exiting the U.S. market with potential third parties."

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


SEIBU RAILWAY: Second Suicide Haunts Former Kokudo Boss
-------------------------------------------------------
A second suicide related to the Seibu Railway stock scandal is
pressuring former Kokudo Corporation Chairman Yoshiaki Tsutsumi
to divulge whatever he knows about the debacle, relates The
Asahi Shimbun.

On Sunday, former Seibu Railway president Terumasa Koyanagi
hanged himself in his home in Machida, western Tokyo. Mr.
Koyanagi resigned from Seibu Railway on January 28, seven months
after the Company submitted its falsified financial statements
to authorities. He was reportedly questioned on a voluntary
basis for 10 days in a 13-day period this month. Tokyo
prosecutors believed the Mr. Koyagani knew the circumstances
behind the fraudulent accounts' submission.

A prosecution source denied there was pressure on Mr. Koyanagi
from investigators even though "he may have wanted to protect
Seibu Railway". But a railway source said Koyanagi "appeared
exhausted from daily questioning."

In November, a Kokudo employee in charge of stock affairs also
killed himself after the scandal surfaced. Kokudo had sold part
of its Seibu Railway shareholdings in an apparent effort to
cover up infractions of Tokyo Stock Exchange rules.

CONTACT:

Seibu Railway Co Ltd
11-1 Kusunokidai 1-Chome
Tokorozawa 359-8520, Saitama 359-8520
Japan
Phone: +81 42 926 2081
Fax: +81 42 926 2237
Web site: http://www.seibu-group.co.jp/


TOSHIBA CORPORATION: To Boost 04/05 Chip Capex to JPY203 Bln
------------------------------------------------------------
Toshiba Corporation plans to increase by 13 percent its
semiconductor capital expenditure (CAPEX) for the fiscal year,
in a bid to further expand output of flash memory chips, Reuters
reports.

Toshiba Corporate Vice President Masashi Muromachi affirmed that
Toshiba will up its chip investment to a record JPY203 billion
(US$1.92 billion) for the year to March 13. The CAPEX figure is
higher than the initially planned JPY179 billion.

Meanwhile, the firm said that its business is slowly recovering
due to the improved performance of its PC business.

The Company booked a net profit of JPY1.6 billion in the third
quarter to December, offsetting a loss of JPY9.2 billion a year
earlier.

For the year to March, Toshiba cut its net profit estimate to
JPY45 billion from JPY50 billion and operating profit to JPY160
billion from JPY190 billion.

CONTACT:

Toshiba Corporation
1-1 Kanda-Nishikicho
Chiyoda-Ku 101-8442, Tokyo 101-8442
Japan
Phone:  +81 3 3292 1011
Fax: +81 3 3292 6440
Web site: http://www.toshiba.com


UFJ HOLDINGS: MTFG Bares Details of Takeover Bid
------------------------------------------------
Mitsubishi Tokyo Financial Group Incorporated (MTFG) on Friday
unveiled financial details of its bid to acquire troubled UFJ
Holdings Incorporated, the Wall Street Journal reports.

Under the terms of the takeover bid, MTFG will swap 0.62 of one
of its shares for every share of UFJ, an offer that valued UFJ
at JPY3.07 trillion (US$29.1 billion).

MTFG's offer was lower than a rival bid by Sumitomo Mitsui
Financial Group Incorporated (SMFG). However, observers believe
that MTFG's offer may be enough to win approval at a June
meeting of UFJ shareholders, who are inclined to agree with
UFJ's planned alliance with MTFG.

A successful merger between UFJ and MTFG would create the
world's top banking Company with US$1.8 trillion in 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: Unveils New Group's Management Philosophy
-------------------------------------------------------
Mitsubishi Tokyo Financial Group, Inc. (MTFG; President and CEO:
Nobuo Kuroyanagi), UFJ Holdings, Inc. (UFJ; President and CEO:
Ryosuke Tamakoshi), The Bank of Tokyo-Mitsubishi, Ltd. (BTM;
President: Nobuo Kuroyanagi), UFJ Bank Limited (UFJ Bank;
President: Takamune Okihara), The Mitsubishi Trust and Banking
Corporation (MTB; President: Haruya Uehara), UFJ Trust Bank
Limited (UFJ Trust Bank; President: Shintaro Yasuda), Mitsubishi
Securities Co., Ltd. (Mitsubishi Securities; President: Koichi
Kane) and UFJ Tsubasa Securities Co., Ltd. (UFJ Tsubasa
Securities; President: Kimisuke Fujimoto) have been proceeding
with the proposed management integration scheduled for October
2005 (subject to the approval of their shareholders and relevant
authorities), and have reached an agreement concerning the new
group's management philosophy and corporate identity.

1. Group's Management Philosophy

The new group's management philosophy will serve as the basic
policy in conducting its business activities, and will provide
guidelines for all group activities. The group's management
philosophy will also be the foundation for management decisions,
including the formulation of management strategies and
management plans, and will serve as the core value for all
employees.

The details of the group management philosophy are set forth
below. The new group's holding Company, bank, trust bank and
securities Company will adopt the group's management philosophy
as their own respective management philosophy, and the entire
group will strive to comply with this philosophy.

Group's Management Philosophy

(1) We will respond promptly and accurately to the diverse needs
of our customers around the world and seek to inspire their
trust and confidence.

(2) We will offer innovative and high-quality financial services
by actively pursuing the cultivation of new business areas and
developing new technologies.

(3) We will comply strictly with all laws and regulations and
conduct our business in a fair and transparent manner to gain
the public's trust and confidence.

(4) We will seek to inspire the trust of our shareholders by
enhancing corporate value through continuous business
development and appropriate risk management, and by disclosing
corporate information in a timely and appropriate manner.

(5) We will contribute to progress toward a sustainable society
by assisting with development in the areas in which we operate
and conducting our business activities with consideration for
the environment.

(6) We will provide the opportunities and work environment
necessary for all employees to enhance their expertise and make
full use of their abilities.

2. Corporate Identity

The new group, through close coordination among its bank, trust
bank and securities company, will aim to become a 'premier
comprehensive financial group' that comprehensively and flexibly
responds as an integrated unit to all of the financial needs of
its customers. These efforts will be symbolized by the use of a
shared mark.

The holding company 'Mitsubishi UFJ Financial Group' will use
the abbreviation 'MUFG' which will also be used as an
abbreviation that refers collectively to the entire group, and a
mark will be designed to integrate the 'MUFG' corporate logo.

(1) Mark

-- The mark for the new group will have overlapping circles,
which represent the 'new comprehensive financial services
generated from the group's collective efforts' and 'friendly
services that customers identify with.'

-- In addition, the center circle will symbolize 'the new group'
while the outside intersecting circles will symbolize domestic
and overseas expansions, thereby representing the new group's
goal to 'build a 'premier comprehensive global financial group'
that provides high-quality services in all regions and in all
business sectors.

-- The mark will be designed by Mr. Kazumasa Nagai, a leading
graphic designer in Japan and current senior adviser of the
Japan Design Center.

(2) Corporate color

-- The corporate color for the new group will be 'MUFG red' and
will be utilized in the mark. 'MUFG red' represents the dynamism
in constantly pursuing the highest quality services and
dynamically changing financial services, and the passion for the
new group's close relationships with each of its customers.
'MUFG gray' is used in the 'MUFG' corporate logo and represents
confidence in the comprehensive financial group.

(3) Typeface for Company and bank names

The typeface for the Company and bank names will utilize
'Gothic-type' font with its strong lines and gentle curves to
create an image of firm presence and future growth of the new
group.


UFJ HOLDINGS: New Group Agrees on System Integration Policy
-----------------------------------------------------------
Mitsubishi Tokyo Financial Group, Inc., UFJ Holdings, Inc., The
Bank of Tokyo-Mitsubishi, Ltd., UFJ Bank Limited, The Mitsubishi
Trust and Banking Corporation, UFJ Trust Bank Limited,
Mitsubishi Securities Co., Ltd. and UFJ Tsubasa Securities Co.,
Ltd. have been proceeding with the proposed management
integration scheduled for October 2005 (subject to approval by
shareholders and relevant authorities) and have agreed on the
following basic policy with respect to the systems integration
of each business in order to enhance customer convenience and
the security and stability of their respective systems.

(1) New commercial bank

1. Measures to be taken on the date of the management
integration

-- BTM and UFJ Bank's existing systems will continue to be
separately maintained while systems relating to overseas
activities and market activities, including fund settlement,
will be integrated into BTM's system.

-- While separately maintaining both systems, the new commercial
bank will sort customer transactions into both banks' host
systems using the front-end transfer method.* This will
establish a system where basic services, such as cash deposits,
withdrawals and remittances, can be provided at the outlets of
both banks.

* Front-end transfer method: A method to sort transactions at
the data-entry level, without connecting to both host systems.

2. Full-scale systems integration

-- In connection with the full-scale systems integration, we
will seek to:

    -- develop a wide range of sophisticated customer services;

    -- create a system equipped with cutting-edge technology
appropriate for a 'Global Top 5' financial institution;

    -- establish a reliable systems structure based on mutual
compatibility of component systems; and

    -- achieve early realization of the new bank's post-
integration streamlining effects.

In connection with the full-scale integration, BTM's system will
be adopted for basic systems, including the OS. The new
commercial bank will incorporate and utilize the strong points
of UFJ Bank's system, which features year-round, 24-hour ATM
services, account transfer system and telephone banking
services.

-- The new commercial bank will continue working together with
the IBM group and the Hitachi group, which are the technology
vendors of BTM and UFJ Bank.

-- In order to realize the benefits of the systems integration
at an early stage, the new commercial bank plans to complete the
full-scale integration by December 2007.

(2) New trust bank

1. Measures to be taken on the date of management integration

-- Most systems, including the systems relating to basic
domestic operations, will be separately maintained by MTB's and
UFJ Trust Bank's existing systems, and certain systems relating
to market or overseas operations will be integrated into MTB's
system.

2. Full-scale systems integration

-- The basic philosophy of the systems integration is as
follows:

    -- to establish a system that will enhance the global
competitiveness of the new financial group and trust bank;

    -- to choose a systems integration policy that appears
reasonable to customers; and

    -- to maximize the benefits of the systems integration, and
to realize such benefits as early as possible.

The new trust bank's policy regarding the full-scale integration
of those systems that operate separately on the management
integration date will be to choose the best system for providing
a wide range of services to customers and for its business
model. The new trust bank will adopt MTB's system for basic
domestic operations, trust assets operations and real estate
operations, while adopting UFJ Trust Bank's system for the
pension administration and securities agency businesses (stock
operations).

-- The new trust bank will continue working together with the
IBM group and the Hitachi group, which are key vendors of both
trust banks.

-- In order to realize the benefits of the systems integration
at an early stage, the new trust bank plans to complete the
full-scale integration by the end of fiscal 2007.

-- The operations and systems of both banks' trust assets
administration are already integrated through The Master Trust
Bank of Japan, Ltd.

(3) New securities Company

1. Measures to be taken on the date of the management
integration (full-scale systems integration)

-- In order to realize the benefits of the integration at an
early stage, all aspects of the systems integration are
scheduled to be completed by the management integration date.
The wholesale business operations will be integrated into
Mitsubishi Securities' system, and the retail operations,
including the network systems among branches, will be integrated
into UFJ Tsubasa Securities' system.

-- The new securities Company will aim to implement the systems
integration based on a basic policy focusing on:

    -- unifying the systems that can be integrated in order to
provide uniform products and services at all branches; and

    -- maintaining a system that can cope with the volume of the
new securities Company's work in order to ensure smooth business
operations.

    -- The new securities Company will continue working together
with Nomura Research Institute and the Hitachi group, which are
two key vendors of the current securities companies.


UFJ HOLDINGS: S&P Upgrades Units' Ratings on Merger Prospects
-------------------------------------------------------------
Standard & Poor's Ratings Services on Friday raised its long and
short-term ratings on UFJ Bank Ltd. and UFJ Trust Bank Ltd. and
their related entities to 'A-' from 'BBB+' and 'A-1' from A-2',
respectively, equal with the ratings on Bank of Tokyo-Mitsubishi
Ltd. (BTM; A-/Positive/A-1) and Mitsubishi Trust & Banking Corp.
(A-/Positive/A-1).

The long-term ratings on UFJ and UFJ Trust were removed from
CreditWatch where they were placed on July 15, 2004. The outlook
on the long-term ratings is positive.

The rating actions reflect stronger likelihood of the planned
consolidation between UFJ Group and Mitsubishi Tokyo Financial
Group Inc. (MTFG), following today's announcement by the UFJ and
MTFG groups of a stock exchange ratio.

In Standard & Poor's view, the likelihood that the planned
consolidation will be completed has increased, as the announced
integration ratio is within market expectations and more
detailed information on the merger has been released. Given the
more concrete terms of the consolidation plan, the current
lawsuit filed against the UFJ Group by Sumitomo Trust & Banking
Co. Ltd. is less likely to hinder the integration.

On Dec. 17, 2004, Standard & Poor's affirmed its long-term
ratings on BTM and Mitsubishi Trust and removed their ratings
from CreditWatch. While the consolidation with UFJ, will weaken
the financial profile of BTM and Mitsubishi Trust in the short
term if implemented according to plan, their credit quality is
expected to remain within the current rating level given the
progress by UFJ in reducing asset risk.

The outlooks on the ratings on UFJ Bank and UFJ Trust were
revised to positive, the same as that on the ratings on BTM and
Mitsubishi Trust. Taking into consideration the strong domestic
market positions of the two bank groups and expected synergies
from the merger, their financial strength is likely to
strengthen following consolidation.


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


HYUNDAI SECURITIES: Posts 16% Net Profit Increase
-------------------------------------------------
Hyundai Securities Co. said Monday its profit from December to
January rose 16 percent to KRW10.75 billion, Asia Pulse reports.

The Company's operating profit for the same period, however,
fell 20 percent to KRW10.66 billion last month, in a mandatory
filing to the stock exchange. This represents a 32% drop from
last year's operating profit for the same period.

The Company reported on Feb. 14 a net profit of KRW10.1 billion
for the third quarter 2004, a turnaround from a loss of KRW11.6
billion in 2003, and attributed the turnaround to cost-cutting
measures and an increase in commissions.

CONTACT:

Hyundai Securities Company, Ltd.
34-4 Yeouido-dong Yeoungdeungpo-gu
Seoul, 150-884
South Korea
Phone: +82 2 768 0114
Fax:   +82 2 782 5419


SK NETWORKS: Calls Off Stake Sale to U.K. Fund
----------------------------------------------
SK Networks Co. said it canceled a contract to sell 7.7 million
shares in its apparel-making subsidiary to a British investment
fund, reports Asia Pulse.

As part of its restructuring efforts, SK Networks signed a deal
with Devonshire Korea Inc last year to sell the shares,
amounting to 41.3 percent of subsidiary SG Wicus Ltd. for about
KRW21.6 billion.

But according to the Company's mandatory filing with the stock
exchange, it said that Devonshire Korea didn't make the payment
for the purchase as agreed to earlier, adding that Devonshire
extended the Feb. 15 deadline for payment to Feb. 18.

The cancelled sale endangers the Company's efforts of `self-
rescue', as promised to creditors.

SK Networks, formerly known as SK Global, was on the edge of
bankruptcy in 2003 due to a USD1.2 billion accounting scandal
that rocked the country's financial markets. Creditors bailed
out the Company through debt-equity swaps. Creditors jointly
manage the Company at present.

CONTACT:

SK Networks Co.
Head Office
199-15, Euljiro-2Ga,
Jung-Gu, Seoul,
Korea 100-192,
Tel: 82-2-2221-2114
Fax: 82-2-754-9414
E-mail: webmaster@sknetworks.co.kr


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


BUKIT KATIL: Passes All EGM Resolutions
---------------------------------------
Bukit Katil Resources Berhad announced the outcome of the
Adjourned Extraordinary General Meeting (EGM) (convened to
transact the remainder business of the EGM held on 14 October
2004 with Special Notice by two shareholders namely AMSEC
Nominees (Tempatan) Sdn Bhd and Mr Lean Chee Seng, who both
collectively hold not less than one-tenth of the issued and
paid-up share capital of the Company and the EGM (convened
pursuant to Section 145 of the Companies Act, 1965) of the
Company, held on Thursday, Feb. 17, 2005 at Seasons View, Level
1, Grand Seasons Hotel, Kuala Lumpur as follows:

(1) Adjourned EGM

That all resolutions (under Agenda 1, 2, 5, 9 and 6) with the
exception of the resolutions (under Agenda 3, 4, 7 and 8) as set
out in the Notice of the Adjourned EGM of BKATIL dated 17
January 2005, were duly passed at the Adjourned EGM of BKATIL
held on Thursday, Feb. 17, 2005 at Seasons View, Level 1, Grand
Seasons Hotel, Kuala Lumpur.

Agenda 3, 4, 7 and 8 were not subject matters for discussion.
With no objections from the Requisitionists for the Adjourned
EGM and the shareholders at large, Agenda 3, 4, 7 and 8 were not
discussed.

The resolutions under Agenda 3, 4, 7 and 8 of the Notice of the
Adjourned EGM of BKATIL were as follows:

      Resolution 3

"That Lam Yik Meng be and is hereby removed as Director of the
Company effective immediately."

      Resolution 4

"That Dato Dr Sallehuddin Bin Kassim be and is hereby removed as
Director of the Company effective immediately."

      Resolution 7

"That Selvakumar A/L A. Krishna be and is hereby removed as
Director of the Company effective immediately."

      Resolution 8

"That all such persons (if any) appointed as Directors of the
Company by the Board of Directors of the Company at any time or
times between May 31, 2004 and before the commencement of this
Extraordinary General Meeting of the Company, be and are hereby
removed from their office as Directors of the Company effective
immediately."


Events leading to the Agenda 3, 4, 7 and 8 as being not subject
matters for discussion are:

      (a) Agenda 3 and 4
Mr. Lam Yik Meng and Dato Dr Sallehuddin Bin Kassim retired and
were not re-elected at BKATIL's 89th Annual General Meeting held
on Dec. 30, 2004;

      (b) Resolution 7

Mr. Selvakumar A/L A. Krishna resigned as Director of BKATIL on
Feb. 16, 2005; and

      (c) Resolution 8
No Director was appointed during the period indicated.

(2) EGM

That all resolutions as set out in the Notice of the EGM of the
Company dated Jan. 17, 2005, were duly passed at the Company's
EGM held on Thursday, Feb. 17, 2005 at Seasons View, Level 1,
Grand Seasons Hotel, Kuala Lumpur.

CONTACT:

Bukit Katil Resources Berhad
Damasara Town Centre
Jalan Damanlela Pusat Bandar Damansara,
Damansara Heights, Kuala Lumpur 50490
Malaysia
Phone: +60 3 2095 7077
Fax:   +60 3 2094 9940


CONSOLIDATED FARMS: Receives Writ of Summons from Sang Hup
----------------------------------------------------------
Consolidated Farms Berhad (Confarm) announced that the Company
was named as defendant in Writ of Summon, dated Dec. 20,, 2004,
filed by Sang Hup Hardware & Sons Sdn. Bhd. (Sang Hup) in the
Sessions Court of Kuala Lumpur and served on Confarm on Feb.
18,, 2005.

The suit is in respect of goods sold and delivered to Confarm.
Sang Hup had claimed for the amount of RM107,655.00 from
Confarm, together with interest of 8% per year from the date of
the filing of the Writ until full resolution, costs and any
other relief to be granted by the Court and the mention date for
the suit has been fixed on March 7,, 2005.

The Company had on Dec. 6, 2004 been granted a restraining and
stay order (RO) for a period of 90 days effective from Dec. 6,,
2004 to March 5, 2005 by the High Court of Malaya at Kuala
Lumpur pursuant to Section 176(10) of the Companies Act, 1965.

This announcement is dated Feb. 18, 2005.


FARLIM GROUP: Completes Proposed Disposals on Feb. 18
-----------------------------------------------------
Farlim Group (Malaysia) Berhad announced that the Company
Proposals to dispose of a 99 year lease in respect of a piece of
land (Lot 7703) to Crimson Omega Sdn Berhad (COSB) and the
disposal of 30,000 ordinary shares of Rm1.00 each and 600,000
10% redeemable cumulative preference shares of RM1.00 each in
COSB representing 30% equity interest in COSB to Suiwah
Corporation Bhd were completed on Feb. 18, 2005 in accordance
with the terms and conditions of the sale and purchase agreement
dated March 31, 2004 in relation to the Disposal of Lease and
the share sale agreement dated March 31, 2004 in relation to the
Disposal of COSB.

CONTACT:

Farlim Group Berhad
No. 2-8, Bangunan Farlim
Jalan PJS 10/32, Bandar Sri Subang
46000 Petaling Jaya, Selangor
Phone: 03-5635 5533
Fax: 03-5635 0301
Web site: http://www.farlim.com.my

This announcement is dated Feb. 18, 2005.


FEDERAL FURNITURE: Unaware of Unusual Market Activity
-----------------------------------------------------
This announcement is made in response to Bursa Malaysia's query
on Feb. 18, 2005 regarding the sharp increase in price and high
trading volume (unusual marketing activity) in Federal Furniture
Holdings (M) Berhad (FFHB)'s shares recently. After due enquiry,
the directors confirm that they are not aware of any reasons
that could account for the unusual marketing activity in FFHB
shares. There has been no undisclosed development that could
account for the unusual market activity and the Company has not,
to the best knowledge of the directors, been the subject of any
rumor or report.

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:

Federal Furniture holdings (M) Berhad
Suite 1501B, Menara Choy Fook On
No 1B Jalan Yong Shook Lin, Section 7
46050 Petaling Jaya
Selangor Darul Ehsan
Malaysia
Phone: +603-7559937
Fax:   +603-7562812


GOLDEN FRONTIER BERHAD: Buys Back 7,000 Shares
----------------------------------------------
Golden Frontier Berhad disclosed details of its shares Buy Back
on Feb. 18, 2005 to the Bursa Malaysia Securities Berhad.

Date of buy back: 18/02/2005

Description of shares purchased: Ordinary Shares of RM1.00 Each

Total number of shares purchased (units): 7,000

Minimum price paid for each share purchased (RM): 0.670

Maximum price paid for each share purchased (RM): 0.680

Total consideration paid (RM): 4,765.28

Number of shares purchased retained in treasury (units): 7,000

Number of shares purchased which are proposed to be cancelled
(units): 0

Cumulative net outstanding treasury shares as at to-date
(units): 1,312,400

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

CONTACT:

Golden Frontier Berhad
No 11 Lorong Kinta
10400 Penang,
Malaysia
Phone: +60 4 226 2226
Fax:   +60 4 228 2890

This announcement is dated Feb. 18, 2005.


I-BERHAD: Posts Notice of Shares Buy Back
-----------------------------------------
I-Berhad disclosed to the Bursa Malaysia Securities Berhad
details of its shares buy back on Feb. 18, 2005.

Date of buy back: 18/02/2005

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

Total number of shares purchased (units): 6,000

Minimum price paid for each share purchased (RM): 0.840

Maximum price paid for each share purchased (RM): 0.840

Total consideration paid (RM): 5,078.26

Number of shares purchased retained in treasury (units): 6,000

Number of shares purchased which are proposed to be cancelled
(units): 0

Cumulative net outstanding treasury shares as at to-date
(units): 646,700

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

CONTACT:

I-Berhad
3, Jalan Astaka U8/84
Section U8
Bukit Jelutong
40150 Shah Alam
Selangor, Malaysia
Phone: 03-7845 4511
Fax:   03-7845 4514
Web site: http://www.i-digital.com

This announcement is dated Feb. 18, 2005


JASATERA BERHAD: Seeking to Avert Bursa Malaysia Delisting
----------------------------------------------------------
Jasatera Berhad received a letter dated on even date from Bursa
Malaysia Securities Berhad (Bursa Securities) wherein the Bursa
Securities requested the Company to make written representations
supported by documentary evidence (if any) within 14 days
starting from the date of receipt of the letter as to why the
securities of the Company should not be de-listed from the
Official List of Bursa Securities.

If Bursa Securities decides to de-list the Company, its
securities shall be removed from the Official List of Bursa
Securities upon expiry of the 14 days from the date of
notification of the decision to de-list the Company or upon such
other date as may be specified by Bursa Securities. Also, if
Bursa Securities decides not to de-list the Company, other
appropriate actions/penalties may be imposed pursuant to
paragraph 16.17 of the Bursa Securities Listing Requirements.

Notwithstanding the above, the Company also received another
letter dated on even date from Bursa Securities informing the
Company that Bursa Securities has decided to impose a suspension
on the trading of the securities of the Company pursuant to
paragraphs 8.14 and 16.02 of the Bursa Securities Listing
Requirements with references made to their letter dated Jan. 24,
2005 and in response to the Company letters dated Jan. 31, 2005
and Feb. 2, 2005. Bursa Securities further advised that the
trading in the securities of the Company will be suspended
effective Monday, Feb. 28, 2005, until further notice.

The Company announces that it is in the midst of writing the
representations supported by documentary evidence (if necessary)
to Bursa Securities as to why it should not be de-listed from
the Official List of Bursa Securities.

CONTACT:

Jasatera Berhad
31, Jalan SS 15/4E
47500 Subang Jaya, Selangor
Malaysia
E-mail: info@jtera.po.my
Phone: 603-7332888/7742
Fax:   603-7332607


KRAMAT TIN: Discloses FY04 Quarterly Results
--------------------------------------------
Kramat Tin Dredging Berhad released its unaudited quarterly
report for the financial year ended Dec. 31, 2004.

            SUMMARY OF KEY FINANCIAL INFORMATION
                          31/12/2004

                  INDIVIDUAL PERIOD        CUMULATIVE PERIOD
                    CURRENT YEAR              CURRENT YEAR
                       QUARTER                  TO DATE

                      30/11/2004                30/11/2004

1  Revenue
                          0                         0

2  Profit/(loss) before tax
                       -570                    -1,358

3  Profit/(loss) after tax and minority interest
                       -483                    -1,303

4  Net profit/(loss) for the period
                       -483                    -1,303

5  Basic earnings/(loss) per shares (sen)
                        -12.20                    -32.90

6  Dividend per share (sen)
              0.00         0.00         0.00       0.00

        AS AT END OF     AS AT PRECEDING
      CURRENT QUARTER   FINANCIAL YEAR END

7  Net tangible assets per share (RM)
              0.8200       1.1400

For a full copy of the report, go to:

http://bankrupt.com/misc/tcrap_kramat1022105.doc

http://bankrupt.com/misc/tcrap_kramat2022105.xls

CONTACT:

Kramat Tin Dredging Berhad
No 12 Jalan Gelenggang
Bukit Damansara
Kuala Lumpur, 50490
Malaysia
Phone: +60 3 2092 5588
Fax:   +60 3 2093 9917


PAN MALAYSIA: Repurchases 60,000 Shares
---------------------------------------
Pan Malaysia Corporation Berhad disclosed to the Bursa Malaysia
Securities Berhad details of its shares buy back on Feb. 18,
2005.

Date of buy back: 18/02/2005

Description of shares purchased: Ordinary shares of RM0.50 each

Total number of shares purchased (units): 60,000

Minimum price paid for each share purchased (RM): 0.425

Maximum price paid for each share purchased (RM): 0.430

Total consideration paid (RM):  25,825.07

Number of shares purchased retained in treasury
(units):     60,000

Number of shares purchased which are proposed to be cancelled
(units): 0

Cumulative net outstanding treasury shares as at to-date
(units): 18,855,000

Adjusted issued capital after cancellation
(no. of shares) (units): 0

CONTACT:

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


PILECON ENGINEERING: To Contest Unit's Winding-Up Petition
----------------------------------------------------------
Pilecon Engineering Berhad announced that a winding-up petition
was presented at the Kuala Lumpur High Court on Jan. 7, 2005
against Company subsidiary Transbay Ventures Sdn Bhd (TVSB) and
served onto TVSB on Feb. 18, 2005, for a claim of
RM17,753,915.64 as at Nov. 26, 2004 together with continuing
interest on RM17,753,915.64 at the rate of 2.5% per annum above
Public Bank Berhad's (PBB) Base Lending Rate (BLR) (PBB's BLR as
at Nov. 26, 2004 was 6.0% per annum) on monthly rests (the
Prescribed Rate) and additional interest at the rate of 1.0% per
annum above the Prescribed Rate calculated from Nov. 27, 2004
until full settlement and costs of RM350.00 being the amount due
and owing under a Judgment dated Aug. 22, 2003.

1. The Details of default or circumstances leading to the filing
of the winding-up petition against TVSB: The petition was filed
by Public Bank Berhad(PBB) against TVSB. TVSB had in 1998
applied to PBB and PBB had approved and granted to TVSB a
bridging loan facility (the BL facility) of RM20 million, only
for the purpose of the development of a shopping cum
entertainment complex with car park comprised therein known as
Lot 1, JB Waterfront City (the Project).

The BL facility was secured by (i) a first legal charge created
on all that piece of land held under HS (D) 256676 PTB 20214 in
the Township and District of Johor Bahru, State of Johor Darul
Ta'zim together with the shopping complex erected thereon; and
(ii) assignment of all benefits, rights and interest of to and
in all the rentals under the Tenancy Agreements entered or to be
entered into between the respective tenants and TVSB in respect
of the units comprised in the Project of which TVSB is the legal
and beneficial owner.

PBB alleged that a sum of RM17,753,915.64 as at Nov. 26, 2004
together with continuing interest on RM17,753,915.64 at the rate
of 2.5% per annum above PBB's BLR on monthly rests (the
Prescribed Rate) and additional interest at the rate of 1.0% per
annum above the Prescribed Rate calculated from Nov. 27, 2004
until full settlement and costs of RM350.00 being the amount due
and owing under a Judgement dated Aug. 22, 2003 is due and owing
by TVSB.

2. The total cost of investment in TVSB: RM13.9 million

3. The financial and operational impact on the Group: There
would not be any operational impact. In the event the winding-up
petition succeeded, there would be an estimated exceptional loss
of RM67.2 million

4. The expected losses: TVSB is expected to incur legal fees of
approximately RM30,000.00.

5. The amount of interest claimed: 2.5% per annum above PBB's
BLR (PBB's BLR as at Nov. 26, 2004 was 6.0% per annum) on
monthly rests (the Prescribed Rate) and additional interest at
the rate of 1.0% per annum above the Prescribed Rate calculated
from Nov. 27, 2004 until full settlement.

6. The date of hearing of the winding-up petition: April 1, 2005

TVSB will take necessary actions to contest the winding-up
petition served.

CONTACT:

Pilecon Engineering Berhad
No. 2, Jalan U1/26 Seksyen U1,
Hicom-Glenmarie Industrial Park, Shah Alam,
Selangor Darul Ehsan 40000 Malaysia
Phone: (603) 704-1888


POS MALAYSIA: Resells 500,000 Treasury Shares
---------------------------------------------
In a disclosure to the Bursa Malaysia Securities Berhad, Pos
Malaysia & Services Holdings Berhad issued a notice of resale
and cancellation of treasury shares on Feb. 18, 2005.

Date of transaction: 18/02/2005

Total number of treasury shares sold (units):   500,000

Total number of treasury shares cancelled (units):

Minimum price paid for each share sold (RM):  3.040

Maximum price paid for each share sold (RM):  3.100

Total amount received for treasury shares sold
(RM):     1,535,850.00

Cumulative net outstanding treasury shares as at to-date
(units): 32,798,000

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

CONTACT:

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


SEAL INCORPORATED: Disposes of Industrial Building
--------------------------------------------------
Seal Incorporated Berhad announced that on Feb. 18, 2005, the
Company entered into a sale and purchase agreement with
Remarkable Property Sdn. Bhd. (RPSB) to dispose of the
industrial building erected on the land held under P.T. 6050
(S/Lot 37649-37652 & 37655-37658), Taman Bukit Maluri, Kepong,
Kuala Lumpur commonly known as Bukit Maluri Industrial Complex
together with units of light industrial parcel in the industrial
building (excluding 15 units which had been sold off to the
respective buyers) for a total cash consideration of
RM15,000,000.

1. INFORMATION ON THE PROPERTY

The Property provides rental income that contributed 9% of the
total revenue of the Seal Group. The total amount of lettable
space of the Property is approximately 440,000 square feet with
a total of approximately 180,000 square feet of lettable space
available for letting.

The Property consists of a commercial leasehold land and
shopping complex measuring 4.324 acres with a lease term of 99
years expiring in 2079. The age of the Property is approximately
9 years. As at June 30, 2004, the net book value of the Property
is RM30,000,000.

The Property is presently charged to Malayan Banking Berhad
(Chargee) and as at Jan. 31, 2005, an estimated redemption sum
of RM15 million (Redemption Sum) is payable to the Chargee to
redeem the Property and discharge the charge.

2. BASIS FOR ARRIVING AT THE DISPOSAL CONSIDERATION

The disposal consideration for the Property was arrived at based
on a willing buyer-willing seller basis after taking into
consideration the indicative valuation of the properties of
RM19million Forced Sale Value by a registered independent valuer
as indicated in their letter dated Aug. 27, 2004.

3. FINANCIAL EFFECTS OF THE PROPOSED DISPOSAL OF PROPERTY

      3.1 Earnings

            Seal is expected to record a loss of approximately
RM15 million upon completion of the disposal.

      3.2 Net Tangible Assets (NTA)
            Based on the audited consolidated financial
statements of SEAL Group as at June 30, 2004, the proforma
effect of the Proposed Disposal of Property, which is provided
for illustrative purposes assuming that the Proposed Disposal of
Property was effected on that date, is set out as per Table 1.

      3.3 Share Capital
            The Proposed Disposal of Property will not have any
effect on the issued and paid-up share capital of SEAL.

      3.4 Substantial Shareholders' Shareholdings
            The Proposed Disposal of Property will not have any
effect on the shareholdings of the substantial shareholders'
shareholdings.

4. ORIGINAL COST OF INVESTMENT

The Company acquired the Property on July 30, 1996 at a total
cost of RM78.8 million. Based on the audited consolidated
accounts of Seal Group for the financial year ended June 30,
2004, the net book value of the Property is RM30,000,000.

5. APPROVAL REQUIRED

      The Proposed Disposal of Property is not subject to the
approval of shareholders.

6. DIRECTORS' AND SUBSTANTIAL SHAREHOLDERS' INTEREST

      None of the Directors, substantial shareholders and/or
persons connected with the Directors and/or substantial
shareholders of the Company has any interest, direct or
indirect, in the disposal.

7. RATIONALE FOR THE DISPOSAL

      SEAL Group's performance has not recovered since the 1997
Asia economic crisis. For the past five (5) consecutive
financial years ended June 30, 2004, SEAL Group has been
incurring business losses.

      The Property is an industrial building with units of light
industrial parcel. The occupancy rate is relatively low and the
Property has been incurring heavy holding cost, especially the
finance cost and others such as quite rent, assessment etc.

      The Board has reviewed various options to reduce the
Company's level of debts and at the same time, minimizing the
holding cost for this Property. By disposing of the Property,
follow by a proposed restructuring scheme with the financial
institution, it is expected that the Group will substantially
reduce its finance cost and will be able to focus on other
profitable business activities.

      The proceeds from the Proposed Disposal will be utilized
to settle the Redemption Sum to the Chargee.

8. SALIENT FEATURES OF THE AGREEMENT

The Sales and Purchase Agreeement is a standard sale and
purchase agreement without any special terms.

9. DIRECTORS' STATEMENT

      The Board of Directors of Seal is of the opinion that the
disposal is in the best interests of Seal Group.

10. ESTIMATED TIME FRAME FOR COMPLETION OF THE TRANSACTION

The estimated time frame for the completion of the disposal is
six months from the date of the SPA.

11. DEPARTURE FROM THE POLICIES AND ISSUES GUIDELINES OF THE
SC (SC GUIDELINES)

The Proposed Disposal of Property has not departed from the SC
Guidelines.

12. DOCUMENTS FOR INSPECTION

      The SPA in relation to the Proposed Disposal of Property
can be inspected at the Registered Office of SEAL at Suite
18.01, 18th Floor, MWE Plaza, No. 8, Lebuh Farquhar, 10200
Penang during business hours from Mondays to Fridays (except
public holidays).

To view Table 1, go to:

http://bankrupt.com/misc/tcrap_seal022105.doc

CONTACT:

Seal Incorporated Berhad
No 1 Penang Road
Penang, Peral Darul Ridzuan 10000
Malaysia
Phone: +60 5 2415633

This announcement is dated Feb. 18, 2005.

Note :

The Loss on Disposal of Properties is computed based on the
audited assets net book value as at June 30, 2004.


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


ASIAN DIAMOND: Planholders Seek to Meet with Owner
--------------------------------------------------
Three planholders of Asian Diamond Plans Incorporated have
requested the Securities and Exchange Commission (SEC) to set a
meeting between them and the former owner of the troubled pre-
need firm, Business World relates.

SEC Chairman Fe B. Barin confirmed that the planholders asked to
meet with the former of owner of Asian Diamond, Damaso Magbual,
and the management committee, which currently handles the
Company.

"They are requesting that we schedule a meeting so that they can
also give their own suggestions on what to do with Asian
Diamond," Ms. Barin said.

She said that the planholders who sent the letter did not
categorically state what they would like to the Company.

"All they want is an opportunity to meet the previous owner,"
she added.

CONTACT:

Asian Diamond Plans Incorporated
G L T Building 4301,
Lucena City, QUEZON


ASIAN HOSPITAL: Gets Nod on US$30-Mln Debt Restructuring
--------------------------------------------------------
Asian Hospital got its lenders to sign the restructuring of its
US$30 million debt, according to The Manila Standard.

Asian Hospital's creditor banks, led by the Bank of Commerce
(BoC), approved a restructuring scheme that will see the
maturity of the loans extended to 12 years from seven to eight
years.

BoC, which has a Php300 million exposure in Asian Hospital, said
the deal will be sealed on Feb. 24.

The restructuring brought down interest rate by 200 basis points
from the original. The debt is divided into two tranches:
interest rate on one tranche is at 11 percent and the rate on
the other is 5 percent.

Other creditor banks are Asia Trust, China Trust, Development
Bank of the Philippines, Manila Bank, Planters Development Bank
and Philippine Bank of Communication.

The International Finance Corp., the investment arm of the World
Bank, also has a US$5 million loan exposure in Asian Hospital
but it is not involved with the restructuring talks.

CONTACT:

Asian Hospital and Medical Center
Address:  2205 Civic Drive,
Filinvest Corporate City,
Alabang, Muntinlupa City
Phone no.: 7719000
Web site: http://www.asianhospital.com


BAYAN TELECOMMUNICATIONS: Appeals Court Halts Rehab Hearings
------------------------------------------------------------
The Court of Appeals on Feb. 14 suspended the hearing of Bayan
Telecommunications' (BayanTel) debt rehabilitation case,
Business World says.

The appeals court handed down a two-page resolution to halt the
proceedings in three separate cases filed in the wake of
creditor protest against the rehabilitation strategy. Instead,
the court decided to consolidate the three cases.

The Bank of New York, Avenue Asia Investments and Bayerische
Landesbank Singapore Branch have lodged separate cases against
cash-strapped BayanTel.

Earlier, Avenue Asia Capital Group, asked the court to peg the
telco's sustainable debt at US$471 million instead of the US$325
million the Pasig regional trial court, sitting as the
rehabilitation court, fixed.

On June 28, the rehab court resolved that the level of
sustainable debt of the amended rehabilitation program shall be
reduced to US$325 million for a 19-year period.

In a Nov. 16 filing before the Court of Appeals, the Avenue Asia
Capital Group asked for the fixing of the sustainable debt
repayable over a period of 12 years or in the alternative period
of 19 years with refinancing options at year 14.

The creditors claimed the rehabilitation court based its ruling
on the level of sustainable debt proposed by BayanTel.

However, Avenue Asia Capital Group alleged BayanTel's plan
"deliberately manipulated the projections in an attempt to
artificially reduce the amount of sustainable debt it can
service."


NATIONAL POWER: TOU Scheme Saves Customers Php95 Mln
----------------------------------------------------
Some 25 National Power Corporation (Napocor) clients who availed
of the power firm's time-of-use (TOU) billing scheme
acknowledged the system allowed them to around Php95 million,
Today reports.

Among those who were able to realize the biggest savings from
the TOU billing scheme were Tipco Estates Corporation, developer
and operator of the 63.84-hectare Teco Special Economic Zone in
Mabalacat, Pampanga, (P26.61 million); Visayan Electric Company,
Inc., the biggest utility in the Visayas region (P11 million);
and Philippine Sinter Corp. (P6.37 million).

Other customers who availed of the TOU were industries like
Union Cement Corporation, Lepanto Consolidated Mining Co., and
Ingasco, Inc. in Luzon; General Milling Corp., Philippine
Phosphate Fertilizer Corp., and Waterfront Airport Hotel &
Casino in the Visayas; and Del Monte Philippines, Inc., MCCI
Corp. and Misamis Occidental II Electric Cooperative, Inc. in
Mindanao, among others.

TOU is a pricing scheme in which power rates are lowered when
consumed during off-peak hours. However, the TOU is offered only
to directly connected NPC customers.

Under the TOU scheme, Napocor bills its customers using flexible
hourly rates as opposed to a flat, average power rate. As a
general rule, rates are lowest during off-peak hours (usually
from 1:00 a.m. to 7:00 a.m. the following day) and highest
during peak hours (usually from 10:00 a.m. to 4:00 p.m. and 6:00
to 9:00 p.m.). Rates are also generally higher from Mondays to
Saturdays, compared to Sundays and holidays.

Thirteen customers initially applied for the TOU rates when
NAPOCOR offered it in November. By January, the number had
almost doubled to 25 customers.

Availment of the TOU rates among NAPOCOR customers is not
mandatory. Should a customer opt to be billed under the TOU-rate
schedule, however, such a choice will be permanent and
irrevocable.

CONTACT:

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


* R&I Affirms Philippines to BBB-, Outlook Negative
----------------------------------------------------
Rating and Investment Information, Inc. (R&I) has affirmed the
following rating of the Republic of the Philippines.

Foreign Currency Long-term Credit Rating
R&I RATING: BBB- (Affirmed)
RATING OUTLOOK: Negative (Changed from Stable)
Foreign Currency Short-term Credit Rating
R&I RATING: a-2 (Affirmed)

RATIONALE:

The Philippine's economy is growing rapidly, and the government
is also taking steps aimed at restoring its finances. R&I has
affirmed the Foreign Currency Long-term Credit Rating at BBB-.

The sustainability of this fast growth and the path to a sound
fiscal position, however, are still unclear. There is also a
risk of the current account surplus shrinking and interest rates
rising.

Given these considerations, R&I has revised the Rating Outlook
to Negative.

Against the backdrop of bullish exports and growing personal
consumption, real gross domestic product (GDP) increased 6.1% in
2004 from the prior year level, the fastest rate of expansion
since 1989. Supporting this consumption are remittances from
overseas workers, which are also contributing to the ongoing
current balance surplus. The short-term debt ratio is low, and
for the time being there are few concerns about foreign debt
repayments.

The fiscal deficit in 2004 stood at 3.8% of GDP, better than the
4.2% target for the year, and is projected to further decrease
to 3.6% in 2005. Since the end of 2004, the government has
enacted a number of laws to raise taxes on alcohol and
cigarettes and improve the tax collection efforts of tax
authorities. In addition to these, the government is also
pushing to legislate an increase in value added taxes. All of
these measures are expected to prevent any further decline in
the ratio of tax revenues as a percent of GDP that has fallen to
the 14% level. National Power Corporation, the state-owned
electric power entity, also continues to revamp its management,
adjust tariffs in response to increases in costs, and privatize
its assets. As a result, there is a possibility that public
sector deficit will be limited to about 3.8% in 2005.

There are concerns, however, that from 2005 onward, economic
growth will be depressed by tax increases and cutbacks in public
expenditures, and that a rise in global interest rates will cast
a shadow over steady exports. Assuming though the current level
of economic growth can be maintained, the economy will not be
able to absorb the enlarging labor force. The higher approvals
for inward foreign direct investments in 2004 may result in
improved inflow during 2005, however, the level remains low and
it would not be enough to improve its capacity for a long-term
growth.

To attract foreign capital, the Philippines must rapidly improve
its infrastructure, which it has been slow in upgrading, but
there are fiscal constraints as well and substantial improvement
is difficult to anticipate for some time to come.

Even if the immediate tax increase achieves the anticipated
effect and raise tax revenues to about 16% of GDP, it will be
necessary to implement additional tax increase measures. If the
reliance on foreign remittances grows stronger and the economy
shifts more toward a consumer economy, the Philippines may be
unable to avoid a widening of its trade deficit, and a reduction
of the current account surplus over the medium to long term.
Public debt had reached 101% of GDP at the end of 2003, of which
approximately two-thirds was foreign currency-denominated debt.

R&I expects an increase in the risk of growing peso-denominated
debt in the future, as the peso weakens against the backdrop of
a deterioration in the current balance structure, or in the risk
of a larger interest payment burden as a result of a rise in
overseas interest rates. R&I will pay attention to whether the
Philippines will be able to break through these circumstances
and formulate effective measures.

R&I RATINGS:
ISSUER: Republic of the Philippines
Foreign Currency Long-term Credit Rating: BBB- (Affirmed)
RATING OUTLOOK: Negative (Changed from Stable)
Foreign Currency Short-term Credit Rating: a-2 (Affirmed)


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


BESTBUILD DEVELOPMENT: To Declare Dividend March 4
--------------------------------------------------
Notice is hereby given by the Liquidators of Bestbuild
Development Pte Ltd (In Liquidation) that a dividend is intended
to be declared in the above matter and the creditors of the
Company who have not yet proved their debt, are required on or
before March 4, 2005 to submit their proof of debt form to the
undersigned, the liquidator of the Company, failing which they
will be excluded from this dividend.

Dated this 18th day of February 2005.

Peter Chay Fook Yuen
Liquidator.

Bestbuild Development Pte Ltd (In Liquidation)
c/o KPMG
16 Raffles Quay #22-00
Hong Leong Building
Singapore 048581.
Friday, February 18, 2005


KESFORD PTE: Lays Out Final Meeting Agenda
------------------------------------------
Notice is hereby given that a Final General Meeting of Kesford
Pte Ltd (In Creditors' Voluntary Liquidation) and the Creditors
will be held on March 16, 2005 at 11:00 a.m. at 61 Club Street,
Singapore 069436 for the following purposes:

AGENDA

(1) To consider the Liquidator's Statement of Accounts showing
how the winding up has been conducted and how the property of
the Company has been disposed of and to receive any explanation
thereon.

(2) To resolve that pursuant to section 320 (3) of the Companies
Act (Cap. 50), the books and records of the Company and of the
Liquidator be disposed of by the Liquidator upon the dissolution
of the Company.

Dated this 15th day of February 2005.

Robert Tan Ban Seng
Liquidator
Singapore

Note:

A member/creditor entitled to attend and vote at the above
meeting may appoint a proxy to attend and vote in his stead. A
proxy need not be a member/creditor of the Company. The
instrument appointing a proxy must be deposited at 61 Club
Street, Singapore 069436 at least 48 hours before the time
appointed for the meeting.

Friday, February 18, 2005


RICHFIELD INNOVATIONS: Accepting Proofs of Claim Until March 4
--------------------------------------------------------------
Richfield Innovations Pte Ltd (In Liquidation) of 10 Anson Road
#39-15 International Plaza Singapore 079903, posted a notice of
dividend to the Government Gazette, Electronic Edition with the
following details:

Court: High Court of Singapore

Number of Matter: No. 600008 of 2002.

Last day for receiving proofs: March 4, 2005

Name of liquidator: Bob Low Siew Sie

Address:

Richfield Innovations Pte Ltd (In Liquidation)
c/o Bob Low & Co. 10 Anson Road
#39-15 International Plaza
Singapore 079903

Dated 18th February 2005


SHINING CORPORATION: Company Director Resigns
---------------------------------------------
The Board of Directors of Shining Corporation Ltd advised the
Singapore Stock Exchange (SGX) that Mr. Alex Yong Chor Ken has
resigned as a Director of the Company effective February 17,
2005.

The Board of Directors wishes to record its appreciation to Mr.
Alex Yong Chor Ken for his services to the Company and wishes
him well in the future endeavours.

Tan Kay Kiang
Director
February 20, 2005


TOP-CEIL CONTRACTS: Court Issues Winding Up Order
-------------------------------------------------
In the Matter of Top-Ceil Contracts Services Pte Ltd received a
winding up order from the High Court of Republic of Singapore on
the February 11, 2005.

Name and Address of Liquidators:

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

Dated the 18th day of February 2005

Messrs Christopher Bridges
Solicitors for the Petitioners

Note:

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

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


TRANS-UNITED CORPORATION: To Undergo Winding Up Process
-------------------------------------------------------
In the matter of Trans-United Corporation Ltd. (Under Judicial
Management) a winding up order was made by the High Court of the
Republic of Singapore on February 11, 2005.

Name and address of Liquidator:

Timothy James Reid
c/o Ferrier Hodgson
50 Raffles Place
#16-06 Singapore Land Tower
Singapore 048623

Messrs Wong Partnership
Solicitors for the Petitioner
Advocates & Solicitors
Singapore
Friday, February 18, 2005


WO KEE: Proofs of Claim Due on March 4
--------------------------------------
Wo Kee Hong (Singapore) Pte Ltd (In Court Winding Up) Of c/o 47
Hill Street #05-01 Chinese Chamber of Commerce & Industry
Building Singapore 179365 posted to the Government Gazette,
Electronic Edition a notice to declare First and Final
Preferential Dividend with the following details:

Court: In Court Winding Up

Number of Matter: 600313 of 2001

Last Day of Receiving Proofs (if not already lodged): 4th March
2005

Name of Liquidators: Kon Yin Tong and Wong Kian Kok

Address:

Foo Kon Tan Grant Thornton
47 Hill Street #05-01
Chinese Chamber of Commerce & Industry
Building
Singapore 179365

Dated this 18th day of February 2005


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

BANGKOK STEEL: Lays Out EGM Agenda
----------------------------------
C.J. Morgan Co., Ltd., on behalf of the co-plan administrators
of Bangkok Steel Industry Plc. (BSI), issued the following
additional information to the Stock Exchange of Thailand (SET):

(1) The Extraordinary General Shareholders' Meeting No. 1/2548
of BSI will be held on March 23, 2005 at 10:00 a.m. at
Conference Room 1105 of Bangkok Insurance Bldg., 11th Floor, No.
25 South Satorn Road, Tungmahamek, Satorn, Bangkok 10120 as per
the following agenda:

AGENDA:

(i) To acknowledge the business rehabilitation process of BSI.

(ii) To acknowledge the essence of the business rehabilitation
plan of BSI.

(iii) Others (if any)

(2) To clarify the news that appeared in the Bangkok Business
newspaper dated Tuesday, February 15, 2005.

The newspaper article states that BSI's shareholders meeting set
for March 23, 2005 signals the delisting of the Company from the
SET.

The co-plan administrators would like to clarify that the
objective to hold the mentioned meeting is to inform the
progress of the rehabilitation process of BSI and summarize the
essence of the rehabilitation plan to the shareholders since the
executive power of the shareholders in BSI will be temporarily
extinguished according to the bankruptcy law.

However, the co-plan administrators have the intention to
disclose significant information in accordance with the
principal of good governance to shareholders.  The Company takes
this occasion to clarify and let the shareholders understand the
rehabilitation plan that might affect shareholders who are one
of the parts related to the rehabilitation process of BSI and
let them ask any query as well.

The co-plan administrators do understand and realize that the
consideration on delisting BSI from the SET is a very sensitive
and significant matter to the Company, hence the agenda to
consider on the delisting is not included in the meeting either.

Please be informed accordingly.

Yours sincerely,
C.J. Morgan Co., Ltd.
Co-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


KRUNG THAI: Issues Summary Statement of Assets and Liabilities
--------------------------------------------------------------
Krung Thai Bank Public Company Limited issued to the Stock
Exchange of Thailand (SET) its Summary Statement of Assets and
Liabilities As of January 31, 2005.

Assets                                 baht

Cash                                   21,758,233,180.09

Interbank and money market items       55,552,104,549.94

Securities purchased under
Resale agreements                      63,000,000,000.00

Investment in securities, net          78,789,762,661.23
(with obligations THB2,954,588,384.91)

Loans (net of allowance
For doubtful accounts)                 861,574,421,704.73

Accrued interest receivable            7,066,072,813.27

Properties foreclosed                  32,159,100,958.32

Customers' liabilities
Under acceptances                      3,242,138,249.07

Premises and equipment, net            16,306,017,738.62

Other assets                           14,696,301,150.98

Total assets                           1,154,144,153,006.25

Customers' liabilities
Under unmatured bills                  344,643,502.41

Total                                  1,154,488,796,508.66

Liabilities

Deposits                               1,012,831,365,339.47

Interbank and money market items       37,619,130,305.13

Liabilities payable on demand          2,758,927,602.29

Securities sold under
Repurchase agreements                   0.00

Borrowings                              10,001,173,778.61

Bank's liabilities
Under acceptances                       3,242,138,249.07

Other liabilities                       9,325,437,910.77

Total liabilities                       1,075,778,173,185.34

Shareholders' equity

Paid-up share capital
(registered share capital
THB57,664,098,087.50)                  57,604,032,350.00

Reserves and net profit
After appropriation                    7,712,646,711.36

Other reserves & profit
And loss account                       13,049,300,759.55

Total shareholders' equity             78,365,979,820.91

Total liabilities and
Shareholders' equity                    1,154,144,153,006.25

Bank's liabilities under
Unmatured bills                         344,643,502.41

TOTAL                                   1,154,488,796,508.66

Non-Performing Loans As
of December 31,2004 (Quarterly)         119,692,760,154.48
                                        (12.35  percent of total
                                        Loans before allowance
                                        for doubtful accounts)

Required provisioning for loan loss,
as of December 31, 2004 (Quarterly)
                                        53,077,232,714.41

Actual allowance for doubtful accounts  63,544,664,248.59

Loans to related parties                8,770,201,217.28

Loans to related asset
management companies                    71,763,147,107.43

Loans to related parties
due to debt restructuring               2,663,538,444.68

Borrowings as part of
subordinated debentures cum
preferred share to be
included in the Tier 1 Capital,
permitted by the Bank of Thailand       0.00

Legal

Capital Fund                            86,685,061,512.94

Changes in Liabilities and assets
this month due to the penalty
expenses from violating the
Commercial Bank Act
B.E.2505 and Amended Act                0.00

International Banking Facility's assets and liabilities

Total Assets                            6,430,280,669.77

Total Liabilities                       215,000,000.00

Significant Contingent liabilities

Avals to Bills and
Guarantees of loans                     11,686,366,196.69

Letters of Credit                       29,012,218,819.31

This Summary Statement has not been reviewed or audited by
Certified Public Accountant

Ms. Yaovaluk Lerksantivong
First Senior Vice President & Manager
Accounting Department

Mr. 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
Web site: http://www.ktb.co.th


SIAM AGRO: Company Director Resigns
-----------------------------------
Siam Agro-Industry Pineapple and Others Public Company Limited
informed the Stock Exchange of Thailand (SET) on the resignation
of Mrs. Jamjuree Sirovetnukul as the Director, Member and Vice
Chairman of Audit Committee of the Company as from 16 February
2005, the date of the receipt of her resignation letter by the
Company.

Please be informed accordingly.

Yours faithfully
Praful Shah
Managing Director

CONTACT:

Siam Agro-Industry Pineapple And Others Pcl
Ocean Tower 2, Floor38,
75/105 Sukhumvit Road,
Watthana Bangkok
Telephone: 0-2661-7878
Fax: 0-2661-7865
Web site: http://www.saico.co.th


THAI PETROCHEMICAL: PTT Will Buy Shares If Price is Reasonable
--------------------------------------------------------------
PTT Plc would only purchase a share in Thai Petrochemical
Industry Public Company Limited (TPI) unless the price set for
the shares is reasonable enough, relates Business Day.

The Ministry of Finance mulls the sale of TPI's 30 percent
capital-raising shares to PTT Plc and 20 percent to the
Government Pension Fund and Vayupak Fund 1. Government Savings
Bank and the ministry's other business partners would be offered
another 10 percent.

TPI founder Prachai Leophairatana will receive 15 percent.  The
remaining 15 percent will be allocated to creditors, which
includes Bangkok Bank Plc, which is expected to receive eight to
ten percent.

On January 17, the Finance Ministry and its business partners
had initiated a memorandum of understanding on the shares
purchasing deal, which is scheduled to be signed officially on
June 20.

The ministry's permanent secretary, Suparat Kawatkul, said the
MoF recently received a complaint from PTT that the financial
adviser on the TPI share allocation case did not provide TPI's
financial information for the Company. Thus, it is unable to set
its desired share purchase price.

"PTT has insisted on purchasing about 30 percent of TPI. Yet,
the Company may not be able to sign the MoU on the purchase next
month as the inadequate financial information make it indecisive
on price," Suparat said.

The sale of TPI's 12 billion shares to strategic shareholders is
scheduled to end by April 29.  The existing shareholders will be
offered 1.5 new shares for each existing share that they hold.

Meanwhile, Siri Jirapongpan a representative of Mr. Prachai said
the founder and former major shareholder of TPI will propose to
the court on February 25 that he be given the responsibility to
mediate on finding new shareholders for TPI.

"Mr. Prachai now is not fighting to maintain his ownership of
TPI. He only wants to be the middleman to coordinate with the
new shareholders," Mr. Siri said. "The share allocation plan is
expected to be completed on time. But TPI is a big Company,
that's why it would take time for PTT, the strategic partner, to
consider the detailed plan."

Mr. Siri sees no sign that the share purchase will be further
delayed from the current schedule in May this year.

TPI, one of the country's largest debt defaulters, is now under
a process of debt restructuring covering a total debt principal
of $2.95 billion. It has the Ministry of Finance as its business
rehabilitation plan administrator.

CONTACT:

Thai Petrochemical Industry Pcl
Tpi Tower,Floor 8, 26/56
New Jun Road, Thungmahamek, Sathon Bangkok
Telephone: 0-2678-5000, 0-2678-5100
Fax: 0-2678-5001-5
Web site: http://www.tpigroup.co.th





BOND PRICING: For the Week 21 February to 25 February 2005
----------------------------------------------------------

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


AUSTRALIA
---------

Advantage Group                      10.000%     4/15/06    1
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    8
BIL Finance Ltd                       8.750%    10/15/05    9
BIL Finance Ltd                       9.250%    10/15/06    8
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
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    7
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    8
Futuris Corporation Ltd               7.000%    12/31/07    3
Hy-Fi Securities Ltd                  7.000%     8/15/08    8
Hy-Fi Securities Ltd                  8.750%     8/15/08   10
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   10
Prime Life Corp.                      9.500%     12/8/06    1
Salomon SB Australia                  4.250%     2/01/09    8
Sherlock Bay Nickel                  12.000%      9/1/07    1
Sky Network Television Ltd            9.300%    10/29/49    7
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


CHINA
-----

China Government Bond                  2.900%    5/24/32    70


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    1
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    6
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
Pantai Holdings                        5.000%      3/28/07    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
Ramunia Holdings                       1.000%     12/20/07    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
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
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
---------

Rabobank Singapore                     1.000%      1/15/13   75
Sengkang Mall                          8.000%     11/20/12    1
Tampines Assets Ltd                    5.625%      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
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
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                 *** End of Transmission ***