TCRAP_Public/050224.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

             Thursday, February 24, 2005, Vol. 8, No. 39

                            Headlines

A U S T R A L I A

ACCENT WINDOWS: Members Agree to Wind Up Company
ALMATRAH EMPLOYMENT: To Hear Liquidators Report During Meeting
BLIZZARD-ALLEN: Members, Creditors to Meet February 28
BLOOMBAY PTY: To Declare Final Dividend March 23
CHILE MINERA: Former Directors Appeal Against Court Orders

CLEAN COMMITMENT: Sets Final Meeting on February 25
DAVID MCCARTHY: Appoints Liquidator for Winding Up Purposes
DE KERILLEAU: AGM Set February 28
DEWGRANGE PTY: Final Meeting Slated for March 8
ECHUCA ESTATE: Joint Meeting Schedule Fixed March 2

E FINKELSTEIN: Picks Liquidator to Wind Up Company
EJ&L PINCINI: Members Pass Winding Up Resolution
FEI AUSTRALIA: Members Decide to Wind Up Company
GALINA PTY: To Declare Final Dividend March 2
GOTTARD PROPERTY: To Undergo Winding Up Proceedings

JAMES HARDIE: Facing U.S. Death Lawsuits
MAYNE GROUP: Looking Forward Despite Unhealthy Results
M.V.P DISTRIBUTORS: To Declare Dividend March 1
PROFURN PTY: To Hear Liquidator's Report on Manner of Winding Up
SANTOS LIMITED: Two New Directors Join Board

SANTOS LIMITED: Achieves 16% Profit Improvement in 2004
S&J DAVIS: To Hold Final Meeting February 25
SNAP TRANSPORT: Final Meeting Set February 28
TARONGA RIVER: Members Agree to Wind Up Company
TCOM AUSTRALIA: Dividend to be Declared March 9


C H I N A  &  H O N G  K O N G

ASIA STANDARD: Sets General Meeting March 14
BANK OF CHINA: Issues CNY27 Bln in Subordinated Bonds
CHATSWOOD INTERNATIONAL: Court to Hear Petition March 9
CHINA GAS: Bourse Resumes Trading of Shares
CHINA LIFE: Informs Bourse on Premiums Income

FORTUNE SEVEN: Court to Hear Winding Up Petition March 16
GOLDRIVER CORPORATION: Goes Under Liquidation
JINHUI HOLDINGS: Requests for Trading Halt
UNITY INVESTMENTS: Notes Price, Trading Volume Increase
WAI YUEN: Sets March 14 as Date of General Meeting


I N D O N E S I A

GREAT RIVER: Main Creditor Seeks Investigative Audit
KERTAS KRAFT: May not Receive Bank Mandiri Bailout
PERTAMINA: Forecasts Declining Profit as Oil Production Falls


J A P A N

FUJITSU LIMITED: Completes Sale of Shares in FANUC, Advantest
KANEBO LIMITED: Plans to Correct Padded Earnings
KANTORIKURABUZA FASUTO: Enters Bankruptcy
MATSUSHITA INVESTMENT: Parent Abandons Sale Plan
SEIBU PORIMA: Enters Bankruptcy

SEIBU RAILWAY: Former Kokudo Chairman Opens Up
TOSHIBA CORPORATION: Chooses PC Chief for Top Post
YAMAGAMI KENSETSU: Begins Bankruptcy Proceedings


K O R E A

CHOHUNG BANK: Number of Early Retirees to Exceed 400
HYNIX SEMICONDUCTOR: Restructuring Not Funded by Illegal Subsidy
KOOKMIN BANK: Reform Hinges on Economic Recovery


M A L A Y S I A

AMSTEEL CORPORATION: Posts Q2/FY04 Loss
INTAN UTILITIES: Tallies Loss in Q2/FY04
JASATERA BERHAD: Bourse Starts Delisting Procedures
KUMPULAN HARTANAH: Discloses FY04 Quarterly Results
LION INDUSTRIES: Disposes of Lion Klang

MMC CORPORATION: Completes Disposal of 8.19 % Stake in MSC
NORTH BORNEO: Releases FY04 Quarterly Results
OCEAN CAPITAL: Faces Bursa Malaysia Delisting
TT RESOURCES: Discloses FY04 Quarterly Results


P H I L I P P I N E S

BENPRES HOLDINGS: Clarifies News on Planned MNTC Stake Sale
CEBU PLAZA: Metrobank Seeks Chinese Buyers
MAYNILAD WATER: May Have to Refund Clients
NATIONAL BANK: Clarifies News on Lucio Tan's Interest in Stake
NATIONAL POWER: Government Mulls Faster Asset Sale Schedule

NATIONAL POWER: Loss Seen Narrowing to Php85B by Yearend
PHILIPPINE LONG: Lists Additional 3,400 Shares


S I N G A P O R E

ASTI HOLDINGS: Releases FY2004 Financial Results
CHINA AVIATION: Parent Firm Denies Ex-CEO's Statement
SIERAD FOOD: Faces Winding Up Proceedings
SIN TONG: Receives Winding Up Order
WO KEE: Lays Out Agenda for Meeting


T H A I L A N D

JASMINE INTERNATIONAL: Issues Exercise of Warrants Update
MILLENNIUM STEEL: SET Grants Listing of Securities

     -  -  -  -  -  -  -  -

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

ACCENT WINDOWS: Members Agree to Wind Up Company
------------------------------------------------
Notice is hereby given that a General Meeting of members of
Accent Windows (Vic) Pty Ltd A.C.N. 071 261 731 was held on
January 10, 2005, at which it was resolved that the Company be
wound up voluntarily and that Bruce Neil Mulvaney of Bruce
Mulvaney & Co Chartered Accountants, 1st Floor, 613 Canterbury
Road, Surrey Hills, Vic be appointed Liquidator.

Dated this 14th day of January 2005

Bruce Mulvaney & Co
Chartered Accountants
1st Floor, 613 Canterbury Road,
Surrey Hills Vic 3127


ALMATRAH EMPLOYMENT: To Hear Liquidators Report During Meeting
--------------------------------------------------------------
Notice is hereby given that a final meeting of members and
creditors of Almatrah Employment Pty Ltd (In Liquidation) A.C.N.
095 731 169 will be held at the offices of Brooke Bird & Co,
Chartered Accountants, 471 Riversdale Road, Hawthorn East, 3123,
on February 28, 2005 at 9:15 a.m., for the purpose of having an
account laid before them showing the manner in which the winding
up has been conducted and the property of the Company disposed
of and of hearing any explanations that may be given by the
Liquidators.

Dated this 17th day of January 2005

Robyn Erskine
Peter Goodin
Joint & Several Liquidators
Brooke Bird & Co
Chartered Accountants
471 Riversdale Road, Hawthorn East 3123
Telephone: 9882 6666


BLIZZARD-ALLEN: Members, Creditors to Meet February 28
------------------------------------------------------
Notice is hereby given that a final meeting of members and
creditors of Blizzard-Allen Design Pty Ltd (In Liquidation)
A.C.N. 006 479 072 will be held at the offices of Brooke Bird &
Co, Chartered Accountants, 471 Riversdale Road, Hawthorn East,
3123, on February 28, 2005 at 9:15 a.m., for the purpose of
having an account laid before them showing the manner in which
the winding up has been conducted and the property of the
Company disposed of and of hearing any explanations that may be
given by the Liquidators.

Dated this 14th day of January 2005

Robyn Erskine
Peter Goodin
Joint & Several Liquidators
Brooke Bird & Co
Chartered Accountants
471 Riversdale Road,
Hawthorn East 3123
Telephone: 9882 6666


BLOOMBAY PTY: To Declare Final Dividend March 23
------------------------------------------------
A first and final dividend is to be declared on March 23, 2005
in respect of Bloombay Pty Ltd (Subject To Deed Of Company
Arrangement) formerly trading as Ted Whitehead Transport A.C.N.
059 495 313.

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

Dated this 14th day of January 2005.

Peter Goodin
Robyn Erskine
Joint & Several Deed Administrators
Brooke Bird & Co
Insolvency Practitioners
471 Riversdale Road, Hawthorn East Vic 3123
Telephone: (03) 9882 6666


CHILE MINERA: Former Directors Appeal Against Court Orders
----------------------------------------------------------
The Full Court of the Supreme Court of Western Australia (the
Full Court) has dismissed an appeal brought by Mr. Alan David
Doyle, former director of Chile Minera NL, against a finding
that he breached the Corporations Law.

The Full Court upheld the finding that Mr. Doyle made improper
use of his position as a director of former mineral exploration
Company, Chile Minera NL. In considering the appeal however the
Full Court reduced Mr. Doyle's ban from managing a corporation
from two years to six months. The Full Court did not vary the
AU$30,000 fine previously imposed on Mr. Doyle.

The Full Court upheld a similar appeal brought by Mr. Derek
William Satterthwaite who was also a director of Chile Minera
NL. As a result, the penalty imposed by the Supreme Court of
Western Australia on Mr. Satterthwaite, being a ban from
managing a corporation for two years and a AU$5,000 fine, has
been lifted.

The decision follows civil penalty proceedings brought by the
Australian Securities and Investments Commission (ASIC) against
Messrs Doyle and Satterthwaite in 2001.

The case was initially heard in the Federal Court of Australia
and then transferred to the Supreme Court of Western Australia.


CLEAN COMMITMENT: Sets Final Meeting on February 25
---------------------------------------------------
Notice is given that a final meeting of members of Clean
Commitment Pty Ltd (In Voluntary Liquidation) A.C.N. 006 461 990
will be held at 66 Marks Lane, Emerald, Victoria on February 25,
2005 at 2:00 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 any other
matters arising.

Dated this 17th day of January 2005

Peter D. Green
Liquidator
20 Winners Circle,
Aspendale Gardens Vic 3195


DAVID MCCARTHY: Appoints Liquidator for Winding Up Purposes
-----------------------------------------------------------
Notice is hereby given that at a general meeting of members of
David Mccarthy & Associates Pty Ltd (In Liquidation) A.C.N. 051
348 219 held on January 13, 2005, it was resolved that the
Company be wound up voluntarily and that for such purpose Mr.
David John Cranstoun and Mr. John Feddema, Chartered Accountants
of Cranstoun & Hussein, Level 2, 102 Adelaide Street, Brisbane
in the State of Queensland be appointed as joint and several
liquidators.

Dated this 14th day of January 2005

John Feddema
Liquidator


DE KERILLEAU: AGM Set February 28
---------------------------------
Notice is given that the Annual General Meeting of the members
of De Kerilleau Pty Ltd (In Voluntary Liquidation) A.C.N. 008
475 812 will be held at Level 1, 161 Collins Street, Melbourne,
Victoria 3000 on February 28, 2005 at 10:00 a.m. for the
purposes of receiving an account of the Liquidator's acts and
dealings and of the conduct of the winding up.

Dated this 17th day of January 2005

Robyn Mckern
Liquidator
Level 1, 161 Collins Street,
Melbourne Vic 3000
Telephone: (03) 9038 3164


DEWGRANGE PTY: Final Meeting Slated for March 8
-----------------------------------------------
Notice is given that a Final Meeting of the members of Dewgrange
Pty Ltd (In Liquidation) A.C.N. 052 481 295 will be held at
Level 6, 161 Collins Street, Melbourne on March 8, 2005 at 10:30
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.

Accounts have been compiled in accordance with Section 539(1) of
the Corporations Act and are available for inspection at Pitcher
Partners, Level 6, 161 Collins Street, Melbourne during normal
business hours.

Dated this 21st day of January 2005

G. M. Rambaldi
Liquidator
Pitcher Partners
Level 6, 161 Collins Street,
Melbourne Vic 3000
Telephone: 03 9289 9882


ECHUCA ESTATE: Joint Meeting Schedule Fixed March 2
---------------------------------------------------
Notice is given pursuant to Section 509 of the Corporations Act
2001 that a joint meeting of the members and creditors of Echuca
Estate Wines Pty Ltd (In Liquidation) A.C.N. 088 955 350 will be
held at the offices of Jones Condon Scott, Ground Floor, 77
Station Street, Malvern Victoria 3144, on March 2, 2005, at 9:15
a.m., for the purpose of having an account laid before them
showing the manner in which the winding up has been conducted
and the property of the Company disposed of and of hearing any
explanations that may be given by the Liquidator.

Dated this 17th day of January 2005

Kenneth Wayne Lamb
Liquidator
Jones Condon Scott
Chartered Accountants
77 Station Street, Malvern Vic 3144
Telephone: (03) 9500 0511


E FINKELSTEIN: Picks Liquidator to Wind Up Company
--------------------------------------------------
Notice is hereby given that at a General Meeting of Members of E
Finkelstein Pty Ltd (In Liquidation) A.C.N. 006 112 036 duly
convened and held at 127 Paisley Street, Footscray on January
12, 2004, a Special Resolution that the Company be wound up
voluntarily was passed by members and G. M. Rambaldi was
appointed Liquidator.

Dated this 13th day of January 2005

G. M. Rambaldi
Liquidator
Pitcher Partners
Level 6, 161 Collins Street,
Melbourne Vic 3000


EJ&L PINCINI: Members Pass Winding Up Resolution
------------------------------------------------
Notice is hereby given that at a General Meeting of Members of
EJ&L Pincini (Melbourne) Pty Ltd (In Liquidation) A.C.N. 004 921
224 duly convened and held at 1780 Walkerville Road, Tarwin
Lower on January 14, 2005, a Special Resolution that the Company
be wound up voluntarily was passed by members and G. M. Rambaldi
was appointed Liquidator.

Dated this 18th day of January 2005

G. M. Rambaldi
Liquidator
Pitcher Partners
Level 6, 161 Collins Street,
Melbourne Vic 3000


FEI AUSTRALIA: Members Decide to Wind Up Company
------------------------------------------------
Notice is hereby given that at a general meeting of members of
FEI Australia Pty Limited (In Liquidation) A.C.N. 089 440 531
held on January 14, 2005 it was resolved that the Company be
wound up as a members' voluntary winding up.

Dated this 17th day of January 2005

Richard Mansell
Liquidator
Level 6, 118 Queen Street,
Melbourne Vic 3000


GALINA PTY: To Declare Final Dividend March 2
---------------------------------------------
A first and interim dividend is to be declared on March 2, 2005
for Galina Pty Ltd (In Liquidation) A.C.N. 010 255 606.

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

Dated this 13th day of January 2005

John Park
Liquidator
KordaMentha (Qld)
Level 1, 307 Queen Street,
Brisbane Qld 4000
Telephone: (07) 3225 4900
Facsimile: (07) 3225 4999


GOTTARD PROPERTY: To Undergo Winding Up Proceedings
---------------------------------------------------
Notice is hereby given that at a Meeting of Members of Gottard
Property Group Pty. Ltd. (In Liquidation) A.C.N. 093 934 091
held on January 14, 2005 it was resolved that the Company be
wound up voluntarily and at a Meeting of the Creditors held on
the same day pursuant to Section 497 it was resolved that for
such purpose, Barry Keith Taylor, of B. K. Taylor & Co., 8th
Floor, 608 St Kilda Road, Melbourne be appointed Liquidator.

Dated this 17th day of January 2005

Barry Keith Taylor
Liquidator


JAMES HARDIE: Facing U.S. Death Lawsuits
----------------------------------------
Embattled James Hardie Industries is now facing lawsuits in the
U.S. related to the deaths of two Americans who worked with
asbestos the Company exported to the U.S., The Advertiser
relates.

The workers were employed by Californian distributor Industrial
Building Materials Inc. (IBMI), which allegedly imported and
installed Hardie asbestos products.

Californian plaintiff lawyer Steven Kazan lodged the legal
actions, seeking several millions of dollars in compensation.
Mr. Kazan's firm has won a number of similar cases in the past.

The suits are particularly dangerous for the asbestos products
manufacturer because Hardie's former legal counsel Wayne Attrill
admitted Hardie's Australian asbestos subsidiary had exported
asbestos products to IBMI, and could be liable.

CONTACT:

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

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

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

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

All other enquiries to CustomerLink Service Centre on 13 1103.


MAYNE GROUP: Looking Forward Despite Unhealthy Results
------------------------------------------------------
Mayne Group Limited on Wednesday reported a 17 percent decrease
in net profit after tax to AU$40.2 million for the months ending
December 2004, according to Egoli News.

The pharmaceutical group also saw its sales revenue fall 15
percent to AU$1.98 billion and reported earnings per share dip
from 6.4 cents for the 1H 2004 to 6.3 cents 1H 2005.

The result leaves Mayne plenty of work to do in the second half
if they are to meet global analysts' full year profit
predictions of AU$170.85 million.

Net operating cash flows decreased 8.8 percent to AU$126
million. However, the Company said this was a good result when
the increase in working capital required to grow Mayne Pharma
was taken into account.

For the six months ended 31 December 2004, the international
pharmaceuticals business, Mayne Pharma increased continuing
business revenues by 38 percent on the prior corresponding
period to AU$326 million.

The Company said this was due to recent acquisitions and the
launch of new products in the United States and Europe.

Mayne consumer products reported revenue improvements of 8
percent over the previous half, whereas Mayne Pharmacy reported
revenue growth of 7.5 percent over the previous corresponding
period to AU$1.14 billion.

The Company said the business has retained its market position
in both the grocery and pharmacy markets, and is achieving
productivity gains at its manufacturing facility in Queensland.

Mayne's pathology operations in each state reported operating
margin improvements over the same period last year and the
business delivered overall revenue growth of 9.3 percent.

Diagnostic imaging reported a "disappointing" result with EBITA
down 17 percent over the prior corresponding period.

The group explained that fee increases implemented by the
federal government were partially offset by a decrease in
examinations and the impact of the government's MRI fee cut.

"We are working hard to improve the productivity of our imaging
business through site by site benchmarking, site based
accountability for capital investment and rostering decisions,
as well as performing pricing and productivity reviews," the
Company said.

Looking ahead, the groups said it expects full year EBIT for
continuing businesses to be around 10% higher than fiscal 2004
after allowing for current estimates of the impact from the
Mulgrave and Aguadilla shut-downs and excluding the potential
impact of various litigation matters that may influence the
timing of the launch of some products.

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/


M.V.P DISTRIBUTORS: To Declare Dividend March 1
-----------------------------------------------
A final dividend is to be declared on March 1, 2005 for M.V.P
Distributors Pty Ltd (In Liquidation) A.C.N. 100 729 164.

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

If you do not, the liquidator will exclude your claim from
participation, and will proceed to make a final dividend without
having regard to it.

Dated this 24th day of January 2005

John L. Greig
Official Liquidator
Deloitte Touche Tohmatsu
Chartered Accountants
Riverside Centre, 123 Eagle Street,
Brisbane Qld 4001


PROFURN PTY: To Hear Liquidator's Report on Manner of Winding Up
----------------------------------------------------------------
Notice is hereby given pursuant to Section 509 of the
Corporations Act 2001 that a final meeting of members and
creditors of Profurn Pty Ltd (In Liquidation) A.C.N. 063 099 918
will be held at the offices of Vincents Chartered Accountants,
Level 27, 239 George Street, Brisbane 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,
the property of the Company disposed of and to hear any
explanations that may be given by the Liquidator.

Dated this 12th day of January 2005

Nick Combis
Liquidator
Vincents
Chartered Accountants
Level 27, 239 George Street,
Brisbane Qld 4000
Telephone: (07) 3854 4555
Facsimile: (07) 3236 2452


SANTOS LIMITED: Two New Directors Join Board
--------------------------------------------
Santos Limited, (Santos) on Wednesday announced the appointment
of Mr. Kenneth Dean and Mr. Christopher Recny to its Board of
Directors.

Mr. Kenneth Dean, 52, has extensive financial experience in the
international petroleum industry and is Chief Executive Officer,
Shell Financial Services for Shell International in London.

During his 30-year career with Shell, Mr. Dean held senior
executive positions in Treasury, Audit, Accounting, IT and
financial and corporate services. He is a Fellow of the
Australian Society of Certified Practising Accountants and a
member of the Australian Institute of Company Directors.

An expatriate Australian, Mr. Dean will return to Australia, and
will retire from Shell, during March.

Mr. Christopher Recny, 51, has a 30 year career as a strategist
and management consultant in the natural resources sector in
North America, Europe, SE Asia and Australia.

Mr. Recny is regional head of Asia-Pacific for the international
management consultancy L.E.K. - a Company he helped set up in
the early 1980's.

Previously Mr. Recny worked for 8 years for Fluor Corporation as
a project manager on major resource developments.

Through his extensive international management consultancy and
project management experience, Mr. Recny has a strong
understanding of the resources industry.

He holds a B.S. degree in geology and geophysics from Yale
University, an M.S. degree in mineral economics from Stanford
University and an MBA from Harvard Business School.

Both Mr. Dean and Mr. Recny will take up their positions
immediately.

Santos Chairman, Mr. Stephen Gerlach said he was delighted that
Mr. Dean and Mr. Recny had been appointed to the Santos Board of
Directors.

"It is indeed very pleasing to appoint two high calibre people
who have strong international oil and gas expertise and
outstanding management experience.

"I am confident they will both strengthen the composition of the
Board and make a significant contribution to Santos, he said.

CONTACT:

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


SANTOS LIMITED: Achieves 16% Profit Improvement in 2004
-------------------------------------------------------
Santos Limited on Wednesday announced higher sales revenue,
profit and dividend for the year ended 31 December 2004.

Full year earnings before interest and tax (EBIT) improved by
23% to $574 million compared with $466 million in 2003.

Net profit rose by 16% to $380 million from $327 million on
Group sales revenue that rose 2.5% to a record $1,501 million.

Directors have increased the final dividend on ordinary shares
from 15 cents to a fully franked 18 cents per share, taking the
total 2004 dividend to a fully franked 33 cents per share,
compared with 30 cents per share in each of the four previous
years.

Gearing (net debt to total capital) increased only slightly from
22.5% to 24.4%, notwithstanding record 2004 total capital
spending of $930 million.

Higher dividend reflects confident outlook - Chairman

Santos Chairman, Mr. Stephen Gerlach, said the Board's decision
to increase the final dividend from 15 cents to a fully franked
18 cents per share had been made following the full year profit
improvement and a positive 2005 outlook.

"This higher dividend is a strong signal to shareholders of the
Board's confidence that Santos will to continue to grow earnings
in the future," Mr. Gerlach said.

The fully franked 18 cents per share final dividend will be paid
on 31 March 2005 to shareholders registered in the books of the
Company at the close of business on the record date 4 March
2005.

Shareholders will have the opportunity to reinvest their
dividends through the recently reintroduced Dividend
Reinvestment Plan.

To view the entire release, click on:
http://bankrupt.com/misc/TCRAP_SANTOSLIMITED022305.pdf


S&J DAVIS: To Hold Final Meeting February 25
--------------------------------------------
Notice is hereby given that the final meeting of members of S&J
Davis Pty Ltd (In Liquidation) A.C.N. 062 521 028 will be held
at the office of Lucas & Currie Chartered Accountants on
February 25, 2005 at 10:00 a.m. for the purpose of laying before
the meeting an account showing how the winding up has been
conducted and the property of the Company has been disposed of
and giving any explanation thereof.

Dated this 25th day of January 2005

P. A. Lucas
I. A. Currie
Liquidators
c/- Lucas & Currie
Chartered Accountants
Level 8, ING Building, 100 Edward Street,
Brisbane Qld 4000


SNAP TRANSPORT: Final Meeting Set February 28
---------------------------------------------
Notice is hereby given that a final meeting of members and
creditors of Snap Transport Pty Ltd (In Liquidation) A.C.N. 058
818 661 will be held at the offices of Brooke Bird & Co,
Chartered Accountants, 471 Riversdale Road, Hawthorn East, 3123,
on February 28, 2005 at 9:15 a.m., for the purpose of having an
account laid before them showing the manner in which the winding
up has been conducted and the property of the Company disposed
of and of hearing any explanations that may be given by the
Liquidators.

Dated this 14th day of January 2005

Robyn Erskine
Peter Goodin
Joint & Several Liquidators
Brooke Bird & Co
Chartered Accountants
471 Riversdale Road, Hawthorn East 3123.
Telephone: 9882 6666


TARONGA RIVER: Members Agree to Wind Up Company
-----------------------------------------------
Notice is given that at a general meeting of members of Taronga
River Pty Ltd (In Liquidation) A.C.N. 007 440 020 held on
January 7, 2005, it was resolved that the Company be wound up
voluntarily and that for such purpose, Sean Patrick Brennan, of
70 Donne Street, Coburg, Vic, be appointed as liquidator.

Dated this 11th day of January 2005

Sean Patrick Brennan
Liquidator


TCOM AUSTRALIA: Dividend to be Declared March 9
-----------------------------------------------
A first and final dividend is to be declared on March 9, 2005
for TCOM Australia Pty Ltd (Subject To Deed Of Company
Arrangement) A.C.N. 092 823 642.

Creditors who were not able to formally prove their debt or
claims will be excluded from the benefit of the dividend.
Dated this 12th day of January 2005

Gerald T. Collins
Deed Administrator
c/- Horwath Jefferson Stevenson
Level 4, 370 Queen Street,
Brisbane Qld 4000


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


ASIA STANDARD: Sets General Meeting March 14
--------------------------------------------
A notice convening the special general meeting of Asia Standard
International Group Limited to be held on Monday, March 14, 2005
at Basement 2, Empire Hotel, 33 Hennessy Road, Wachai, Hong Kong
at 10:00 a.m. is set out on pages 36 to 39 of this circular.

Whether or not you are able to attend such meeting, you are
requested to complete the acCompanying form of proxy in
accordance with the instructions printed thereon and return it
to the Company's principal office in Hong Kong at 30th Floor,
Asia Orient Tower, Town Place, 33 Lockhart Road, Wanchai, Hong
Kong as soon as possible and in any event not less than 48 hours
before the time appointed for the holding of such meeting or any
adjournment thereof.  

Completion and return of the form of proxy shall not preclude
you from attending and voting in person at the meeting or any
adjourned meeting should you so desire.

To view a full copy of the disclosure, click
http://bankrupt.com/misc/ASIAINTERNATIONAL022305.pdf


BANK OF CHINA: Issues CNY27 Bln in Subordinated Bonds
-----------------------------------------------------
The Bank of China (BOC) has issued subordinated bonds worth
CNY27 billion (about US$3.3 billion), reports Asia Pulse.

Institutional investors through the central bank's debt floating
system recently acquired the bank's first bond offers in 2005.
The bank's move to issue bonds is in line with its effort to
further boost its capital base ahead of public listing.  

Of the total CNY60 billion (US$7.2 billion) in subordinated
debts granted issuance by banking regulators, some CNY14.07
billion (US$1.7 billion) and CNY12 billion (US$1.4 billion) have
been issued last July and October respectively.

The new debt issue would go on replenishing the bank's capital
and help enhance its ability to ward off business risks and
sharpen its competitive edge in the international market, said a
BOC spokesman.

The new debts from the BOC bear ten and 15-year fixed rates --
an annual 4.83 percent and 5.18 percent, respectively, as well
as floating rates.  Among the creditors, subordinated bond-
holders rank low, which allows buyers to demand a relatively
high coupon interest rate.

The bond issuance has helped increase BOC's capital adequacy
ratio to above the 8-percent minimum level set under the Basel
Accord for commercial banks, which has been accepted in
principle by China's banking regulators.  

The Chinese government is in the middle of implementing an
aggressive program to reform the country's banking system. The
two best performers of China's Big Four -- the Industrial and
Commercial Bank of China and Agricultural Bank of China -- have
each received a US$22.5-billion bailout package from the central
government.

The BOC recovered or wrote off more than CNY250 billion (US$30.2
billion) in non-performing assets in 2004, which analysts say
were largely piled up owing to reckless lending to money-losing
state-owned enterprises for past decades.

CONTACT:

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


CHATSWOOD INTERNATIONAL: Court to Hear Petition March 9
-------------------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Chatswood International Limited by the High Court of Hong Kong
Special Administrative Region was on January 6, 2005 present to
the said Court by Bank of China (Hong Kong) Limited whose
registered office is situated at 14th Floor, Bank of China
Tower, 1 Garden Road, Hong Kong.

The said Petition is directed to be heard before the Court at
9:30 am on March 9, 2005 and any creditor or contributory of the
said Company desirous to support or oppose the making of an
order on the said petition may appear at the time of hearing by
himself or his counsel for that purpose.

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

Tsang, Chan & Wong
Solicitors for the Petitioner
16th Floor, Wing On House
No. 71 Des Voeux Road Central
Central, Hong Kong

Note:

Any person who intends to appear at the hearing of the said
petition must serve on or send by post to the above named,
notice in writing of his intention to do so.  

The Notice must state the name and address of the person, or if
a firm or his or their Solicitor (if any) and must be served or
if posted, must be sent by post in sufficient time to reach the
above named not later than six o'clock in the afternoon of the
8th day of March 2005.


CHINA GAS: Bourse Resumes Trading of Shares
-------------------------------------------
On February 19, 2005 China Gas Holdings Limited entered into the
Agreement with the GAIL (India) Limited (Subscriber), pursuant
to which the Subscriber has conditionally agreed to allot and
issue an aggregate of 210,000,000 Subscription Shares in cash at
a subscription price of HK$1.158 per Subscription Share.

At the request of the Company, trading in the shares was
suspended effective 9:30 a.m. on February 21, 2005 pending the
issue of the announcement.  Application has been made by the
Company to the Hong Kong Stock Exchange for the resumption of
trading in the Shares effective 9:30 a.m. on February 22, 2005.

To view a full copy of the document, click
http://bankrupt.com/misc/CHINAGAS022205.pdf


CHINA LIFE: Informs Bourse on Premiums Income
---------------------------------------------
Reference is made to China Life Insurance Company Limited's
announcement to the Hong Kong Stock Exchange (HKSE) dated August
27, 2004.

The unaudited accumulated premiums income of the Company for the
period from January 1, 2005 to January 31, 2005 was about
RMB16.541 billion. The figure is to be released on CIRC's
website at www.circ.gov.cn.

The above information on premiums income is unaudited and
prepared in accordance with PRC Generally Accepted Accounting
Practice (GAAP), which is different from Hong Kong GAAP adopted
by the Company in the preparation of its financial statements.

By Order of the Board of Directors
Heng Kwoo Seng
Company Secretary
Hong Kong, February 22, 2005


FORTUNE SEVEN: Court to Hear Winding Up Petition March 16
---------------------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Fortune Seven Limited by the High Court of Hong Kong Special
Administrative Region was on January 5, 2005 present to the said
Court by:

(a) Chan Lai Mei of Room 206, Luk Ching House, Choi Hung Estate,
Kowloon, Hong Kong;

(b) Chan Chi Yan Ken of Room 1704, Tao Nga House, Hong Nga
Court, Lam Tin, Kowloon, Hong Kong;

(c) Leung Wai Lin of Room 2208, Ka Fai House, Ka Shing Court,
Fanling, New Territories;

(d) Lam Yin Ming Elmine of 44 Luk Cheung Road, Luk Mei Tsuen,
Sai Kung, Kowloon, Hong Kong; and

(e) Lau Mei Wan of Room 1704, Tao Nga House, Hong Nga Court, Lam
Tin, Kowloon, Hong Kong.


The said Petition is directed to be heard before the Court at
9:30 am on March 16, 2005 and any creditor or contributory of
the said Company desirous to support or oppose the making of an
order on the said petition may appear at the time of hearing by
himself or his counsel for that purpose.

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

Messrs. Chan And Cheng
Solicitors for the Petitioner
Room 703, 7th Floor, Hang Seng Building
No. 77 Des Voeux Road Central
Central, Hong Kong

Note:

Any person who intends to appear at the hearing of the said
petition must serve on or send by post to the above named,
notice in writing of his intention to do so.

The Notice must state the name and address of the person, or if
a firm or his or their Solicitor (if any) and must be served or
if posted, must be sent by post in sufficient time to reach the
above named not later than six o'clock in the afternoon of the
15th day of March 2005.


GOLDRIVER CORPORATION: Goes Under Liquidation
---------------------------------------------
By order of the High Court of the Hong Kong Special
Administrative Region dated January 12, 2005, Messrs. Gabriel
Chi Kok Tam and Jacky Chung Wing Muk both of 8th Floor, Prince's
Building, 10 Chater Road, Central, Hong Kong have been appointed
Joint and Several Liquidators of Goldriver Corporationlimited
(In Liqudiation) with a Committee of Inspection.

Dated this 18th day of February, 2005

Gabriel Chi Kok Tam
Jacky Chung Wing Muk
Joint and Several Liquidators


JINHUI HOLDINGS: Requests for Trading Halt
------------------------------------------
At the request of Jinhui Holdings Company Limited submitted to
the Hong Kong Stock Exchange, trading in its shares has been
suspended effective 10:01 a.m. Wednesday, February 23, 2005
pending an announcement in relation to a major transaction.

CONTACT:

Jinhui Holdings Company Limited
1-6 Connaught Road West
HONG KONG
Phone: +852 2545 0951
Fax: +852 2541 9794


UNITY INVESTMENTS: Notes Price, Trading Volume Increase
-------------------------------------------------------
The Hong Kong Stock Exchange received a message from Unity
Investments Holdings Limited, which is reproduced as follows:

"This statement is made at the request of The Stock Exchange of
Hong Kong Limited.

The Company has noted the increase in the price and increases in
the trading volume of the shares of Company Wednesday and wishes
to state that it is not aware of any reasons for such movement.

Unity also confirms that there are no negotiations or agreements
relation to intended acquisitions or realizations which are
discloseable under rule 13.23, neither is Board aware of any
matter discloseable under the general obligation imposed by rule
13.09 of the Listing Agreement, which is or may be of a price-
sensitive nature.

Made by the order of Board of Unity Investments Holdings Limited
the directors of which individually and jointly accept
responsibility for the accuracy of this statement.

Pang Shuen Wai Nichols
Executive Director
22 February 2005


WAI YUEN: Sets March 14 as Date of General Meeting
--------------------------------------------------
A notice convening a special general meeting of Wai Yuen Tong
Medicine Holdings Limited (WYT) to be held at 21/F.,
Entertainment Building, 30 Queen's Road Central, Hong Kong on
Monday, March 14, 2005 at 9:30 a.m. is set out on page 145 to
148 of the circular.

Whether or not shareholders are able to attend the meeting, they
are requested to complete the acCompanying form of proxy in
accordance with the instructions printed thereon and deposit the
same at the office of Secretaries Limited, at G/F, Bank of East
Asia Harbour View Centre, 56 Gloucester Road, Wanchai, Hong Kong
as soon as possible and in any event not less than 48 hours
before the time appointed for the holding of the meeting or any
adjournment thereof.

Completion and return of the form of proxy will not preclude a
shareholder from attending and voting in person at the meeting
or any adjourned meeting should a shareholder so wish.

To view a full copy of the circular, click
http://bankrupt.com/misc/WAIYUEN022305B.pdf
To view a full copy of the proxy form, click
http://bankrupt.com/misc/WAIYUEN022305.pdf


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

GREAT RIVER: Main Creditor Seeks Investigative Audit
----------------------------------------------------
PT Great River International's (GRIV) main creditor PT Bank
Mandiri Tbk asked for an investigative audit on the Company to
verify its financial report, reports Indoexchange News.

According to Bank Mandiri President Director ECW Neloe, the
request for an investigative audit on GRIV came after the
bondhloders' meeting (RUPO) last week, where the Company's
financial statement showed that it had defaulted on the fifth
coupon of its 2003 bond.

Mr. Neloe said that the bank appointed Ernst & Young to head the
investigative audit. Ernst & Young had checked into the
Company's financial situation earlier, when it failed to fulfill
obligations to creditors.

Janes Purba & Partners were also appointed as a legal consultant
to legally settle any obligations by the Company.

CONTACT:

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


KERTAS KRAFT: May not Receive Bank Mandiri Bailout
--------------------------------------------------
Struggling PT Kertas Kraft Aceh (KKA) may not get much-needed
funds from Indonesia's Bank Mandiri due to the possibility of
default on its loans, the Jakarta Post reports.

Bank Mandiri President Director E.C.W. Neloe told reporters on
Feb. 21 that the bank was still discussing with the Office of
the State Minister for State Enterprises on how to help KKA, but
that injecting fresh funds into the debt-laden Company would be
too risky, saying that it would be too burdensome to extend the
Company's loans.

Earlier, the Office of the State Minister for State Enterprises
asked Bank Mandiri to bail out KKA with the injection of IDR200
billion (USD21.5 million) as capital. Reports showed the Office
as stating that KKA needs around IDR200 billion in funds to
restart operations, after the Company was temporarily shut down
in April 2003. KKA's current debt amount to a total of IDR300
billion, and the bank categorized IDR165 billion of such amount
as bad loans.

Mr. Neloe explained that it was too cumbersome to recapitalize
KKA, as its current assets amounting to around IDR277 billion to
IDR370 billion (USD30 to 40 million) were considerably low
compared to its current debt. Bank Mandiri had previously helped
out the Company, but in vain as the Company experienced severe
operational problems with the cutting off of gas supplies.

Bank Mandiri is also in no state to bail out KKA, as it has
problems of its own, with the level of its non -performing loans
at 7.49 % still well above central Bank Indonesia's 5% ceiling.

Mr. Neloe suggested other solutions for the Company, such as
putting it up for sale. State Minister for State Enterprises
Sugiharto said that the government is still mulling over the
possibility of inviting foreign investors to buy a stake in KKA,
but that it is still looking for other rescuers to bail out the
Company.

KKA ceased operations in 2003 when supplier ExxonMobil stopped
supllying gas to the Company after failur to pay an outstanding
gas bill amounting to IDR65 billion; the Company was unable to
secure another gas supplier. The Company stopped paying its
1,035 workers last year.

CONTACT:

PT Kertas Kraft Aceh
Komplek PT.Kertas Kraft Aceh (Persero)
Po.Box 20 Lhokseumawe Aceh
Utara Lhokseumawe -
Indonesia
Phone: 0645-41733  
Fax:   0645-41482
Web site: www.KKA-lsm.com


PERTAMINA: Forecasts Declining Profit as Oil Production Falls
-------------------------------------------------------------
PT Pertamina expects profit and revenue to be lower this year,
due to higher expenses for its public service obligations
(PSO's), and lesser oil production, according to the Jakarta
Post.

The oil and gas company projected a net profit of IDR6.37
trillion in its government-approved business plan for the year,
lower than its earlier forecast of IDR7.31 trillion. Revenue
from crude oil exports is also to be affected, expected to reach
only IDR487 billion, from IDR2.52 trillion in 2004.

With regard to the firm's PSO activities, replacement funds from
the government intended for domestic fuel processing and
distribution is also expected to drop to IDR60.12 trillion from
last year's IDR71.45 trillion.

Income from other revenue sources was forecasted at IDR4.16
trillion (compared to previous IDR8.88 trillion), and revenues
from fuel sales were expected to drop to IDR79.27 trillion from
projected 80.91 trillion. Revenues from fuel exports were also
expected to decline to IDR18.45 trillion from previous IDR18.76
trillion.

Overall, Pertamina's projected operating revenue is IDR197.74
trillion, down about 8% from last year's revenue of IDR213.52
trillion.

According to deputy to the State minister of State Enterprises
Roes Aryawidjaja, Pertamina must boost revenue from its non-oil
businesses and reduce production costs to improve efficiency and
offset this decline.  

CONTACT:

PT Pertamina Tbk
Jalan Merdeka
Timur No. 1 A
Jakarta 10110
Indonesia
Phone: (62)(21) 3815111
Fax:   3846865/ 3843882
Web site: http://www.pertamina.com


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


FUJITSU LIMITED: Completes Sale of Shares in FANUC, Advantest
-------------------------------------------------------------
Fujitsu Limited (TSE: 6702) announced that, as part of its
effort to further enhance its financial stability, it has sold a
portion of its shareholdings in FANUC Ltd. (FANUC) and Advantest
Corporation (Advantest) via block trade. Details are as follows.

I. Description of the Sale

(1) FANUC Ltd.

Number of shares sold: 13,000,000 (including 5,000,000 shares
held under Fujitsu and 8,000,000 shares under the name of
Fujitsu's retirement benefit trust)

Value of sale: approximately JPY86.3 billion

Remaining shares held in FANUC after the sale: 18,623,963
[8.76% of FANUC's voting rights]

Method of sale: block trade

Date of sale: February 23, 2005

(2) Advantest Corporation

Number of shares sold: 4,000,000 (under the name of Fujitsu's
retirement benefit trust)

Value of sale: approximately JPY34.4 billion

Remaining shares held in Advantest after the sale:
10,071,396 (including 10,071,300 shares held under the name of
Fujitsu's retirement benefit trust)
[10.93% of Advantest's voting rights]

Method of sale: block trade

Date of sale: February 23, 2005

II. Impact on FY 2004 Financial Results

Combined with the sale of shares in FANUC and Advantest
conducted yesterday via ToSTNeT-2, this series of share sales is
expected to result in an extraordinary profit of approximately
JPY137.9 billion (approximately JPY33.1 billion from today's
sale) on an unconsolidated basis and JPY128.9 billion
(approximately JPY33.1 billion from today's sale) on a
consolidated basis. The impact on net income is projected to be
an increase of about JPY82.0 billion (about JPY19.7 billion from
today's sale) on an unconsolidated basis and JPY73.0 billion
(about JPY19.7 billion from today's sale) on a consolidated
basis.

With respect to Fujitsu's FY 2004 earnings projections announced
on January 28, 2005, the Company is planning to review the
balance of deferred income tax assets and other factors towards
the end of the fiscal year and therefore maintains its
projections unchanged at the current time.

III. Relationships with Fujitsu

Fujitsu will maintain and enhance good cooperative relationships
with FANUC and Advantest as friendly and equal partners
following the above-mentioned sale of shares.


This material is not an offer for sale of the securities in the
United States. The securities have not been registered under the
U.S. Securities Act of 1933, as amended (the "Securities Act")
and may not be sold in the United States absent
registration or an exemption from registration under the
Securities Act.

About Fujitsu Limited

Fujitsu is a leading provider of customer-focused IT and
communications solutions for the global marketplace. Pace-
setting technologies, highly reliable computing and
communications platforms, and a worldwide corps of systems and
services experts uniquely position Fujitsu to deliver
comprehensive solutions that open up infinite possibilities for
its customers' success. Headquartered in Tokyo, Fujitsu Limited
(TSE:6702) reported consolidated revenues of JPY4.7 trillion
(US$45 billion) for the fiscal year ended March 31, 2004.

CONTACT:

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


KANEBO LIMITED: Plans to Correct Padded Earnings
------------------------------------------------
Kanebo Limited said it will correct padded financial statements
and have corrected versions approved at an extraordinary general
meeting of shareholders slated for April, according to Japan
Today.

The money-losing textile maker decided on the move after it
discovered its former management instructed employees to
overstate sales by JPY10 billion to JPY30 billion in financial
statements for two years to fiscal 2002 ending March 2003.

Kanebo is currently under investigation by the Tokyo District
Prosecutors Office and the Securities and Exchange Surveillance
Commission (SESC) after investigators discovered that 10
executives of Kanebo Limited were involved in creating a slush
fund worth JPY250 million.

The SESC is working to find out what the slush fund was for. It
will review the firm's financial documents and questions the
former executives on suspicions that the Securities and Exchange
Law has been violated.

Kanebo has allegedly operated slush funds for more than 10
years, using fictitious transactions to transfer several tens of
millions of yen annually.


KANTORIKURABUZA FASUTO: Enters Bankruptcy
-----------------------------------------
Golf course operator Kantorikurabuza Fasuto K.K. has entered
bankruptcy, says Teikoku Databank America.

The firm, headquartered in Kisarazu-shi, Chiba 292-0201, has
total liabilities of US$96.15 million.

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


MATSUSHITA INVESTMENT: Parent Abandons Sale Plan
------------------------------------------------
Ailing Matsushita Investment and Development Co. will continue
operating under the Matsushita Electric Industrial Company group
after the latter decided to shelve a plan to sell its real
estate arm to Daiwa House Industry Co., The Japan Times reports.

The Matsushita group decided to instead look for a firm to
sponsor Matsushita Investment's rehabilitation. In fact, the
group is already holding talks with potential investors, both
foreign and domestic.

The group had second thoughts about divesting the Company to
Daiwa, as Daiwa was interested only in acquiring the office
building division.

Meanwhile, Daiwa earlier denied media reports that it is
considering creating a business and capital alliance with
Matsushita Investment.

Daiwa confirmed there has been a tie-up offer through a
financial institution, but it has not considered accepting the
bid.


SEIBU PORIMA: Enters Bankruptcy
-------------------------------
Seibu Porima Kasei K.K. has begun bankruptcy proceedings with
total liabilities of US$144.23 million, according to Teikoku
Databank America.

The industrial rubber product manufacturer is located in
Toshima-ku, Tokyo 170-0014.

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


SEIBU RAILWAY: Former Kokudo Chairman Opens Up
----------------------------------------------
The former chairman of Kokudo Corporation finally talked to
investigators for the first time about dubious stock practices
involving the controversial Seibu Railway Company, according to
The Asahi Shimbun.

The Tokyo District Public Prosecutors Office chose to question
Yoshiaki Tsutsumi on a voluntary basis to figure out the Seibu
group's complicated command structure before deciding if Mr.
Tsutsumi should be held criminally liable for actions taken by
the group.

Seibu Railway, which is controlled by Kokudo, is being probed
for falsifying financial accounts and arranging a huge sale of
Company stock before the false statements came to light.

Investigators have questioned past and present executives of
Kokudo and Seibu since January in conjunction with officials
from the Securities and Exchange Surveillance Commission.

Over the weekend, one of those questioned, former Seibu Railway
president Terumasa Koyanagi, was found hanged in his home in
western Tokyo, an apparent suicide.

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: Chooses PC Chief for Top Post
--------------------------------------------------
Toshiba Corporation has appointed the head of its personal
computer division to be its next president, according to the
Wall Street Journal. The electronics maker made the decision
amid struggles to turn up a profit in an industry that is
increasingly becoming as competitive as the personal computer
business.

Atsutoshi Nishida, 61, will take his post as Toshiba's new
present and chief executive in June. He will replace current
president Tadashi Okamura, who will move to the post of
chairman. The current chairman, Taizo Nishimuro, will become an
adviser.

The move marks a milestone in Toshiba's quest to resuscitate its
businesses following years of dwindling profits and sluggish
growth.

Mr. Okamura, like other Japanese electronics executives, worked
to restructure his Company, shedding an important but
unprofitable memory-chip business and trimming personnel and
procurement costs.

His successor is expected to boost profitability as competition
in electronics heats up.

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


YAMAGAMI KENSETSU: Begins Bankruptcy Proceedings
------------------------------------------------
Yamagami Kensetsu K.K. has begun bankruptcy proceedings with
total liabilities of US$30.67 million, according to Teikoku
Databank America.

The firm, engaged in general civil engineering and construction
work, is based in Kitami-shi, Hokkaido 090-0016.

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


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

CHOHUNG BANK: Number of Early Retirees to Exceed 400
----------------------------------------------------
Chohung Bank said Tuesday that the number of applicants for its
voluntary retirement program may exceed its target of around
400, according to Asia Pulse.

As of 3:00 p.m. on Feb. 22, management had already received 304
applications, and expected to receive more than 400 by the 7:00
p.m. deadline. This may be due to the attractive offer by the
bank of severance pay, together with two years' wages.

The bank wanted to reduce its workforce of 6,500 employees by
6%, or 400 workers, to cut costs and improve efficiency. It is
scheduled to merge with Shinhan Bankin September this year.

According to an unnamed official, this would be the last early
retirement program, which is intended to increase productivity,
and make the firm more active. Unionists are protesting the job
cut, claiming it was not the promise of major stakeholder
Shinhan Financial Group.

Chohung Bank incurred a net profit of KRW260 billion in 2004,
and is pushing for a net profit of KRW600 billion this year.

CONTACT:

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


HYNIX SEMICONDUCTOR: Restructuring Not Funded by Illegal Subsidy
----------------------------------------------------------------
The World Trade Organization (WTO) ruled in favor of Korean
Hynix Semiconductor, in a case filed by the U.S. Department of
Commerce stating that the firm received illegal state subsidy
for its restructuring program, Agence France Presse reports.

According to the WTO ruling, the U.S. Department of Commerce
violated WTO regulations when it imposed a punitive 44.71 %
tariff on Hynix chips, stating that the complainants failed to
prove any involvement by the South Korean government in the
firm's restructuring program.

The ruling prevented the U.S. from imposing more countervailing
tariffs on Hynix goods.

The U.S. complaint was for a KRW3.25 trillion-bailout package
that some government-controlled creditor banks set up to assist
Hynix. The South Korean creditors denied any role in such.

CONTACT:

Hynix Semiconductor Inc. (HIS)
891 Daechi-dong, Kangnam-gu,
Seoul, Korea
Phone: 82-2-3459-3470
Fax:   82-2-3459-5987/8
Web site: http://www.hynix.com


KOOKMIN BANK: Reform Hinges on Economic Recovery
------------------------------------------------
Kookmin Bank said on Feb. 22 that an economic recovery should
help the bank clear out bad assets mainly due to household and
small business loans, the Korea Herald reports.

Amid signs of a pick up in private consumption, "household debt
problem, which is the main culprit of our bad assets, has almost
bottomed out," said Chief Executive Officer Kang Chung-won.

Kookmin's Chief Executive Officer Kang Chung-won said that the
bank plans to sell an 8.88 % stake later in the year, half of
which will be offered to domestic investors, and the rest,
overseas.

According to Mr. Kang, it is objectionable for foreign pwnership
of a Company to exceed 80%. Kookmin's foreign investors
currently hold 76% stake in the bank. Mr. Kang said the bank
would continue to improve finances and asset management assets,
rather than increasing asset size. This is a contradictory
approach to other banks' moves of aggressive expansion of
branches and other non-banking operations. The bank's top
priority is to merge operations, focusing on core businesses.

As part of its restructuring program for the first six months of
2005, Kookmin will also focus on reducing the credit cost of
loans in its retail portfolio. The bank incurred a KRW127
billion loss in the 4th quarter of 2004.

Mr. Kang predicts that the bank's free-based operations would
expand even more, as it provides such financial services as
asset management and insurance policies based on strong
distribution channels, saying that their strength lies in their
"distribution power."

CONTACT:

Kookmin Bank
9-1 Namdaemoonro 2-ga
Chung-gu, Seoul 100-092
South Korea
Phone: +82 2 317 2114
Fax:   +82 2 776 5637


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

AMSTEEL CORPORATION: Posts Q2/FY04 Loss
---------------------------------------
Amsteel Corporation disclosed its earnings for the second
quarter ended Dec. 31, 2004.

                                 2004               2003
Revenue                 MYR87,260,000     MYR754,515,000
Pretax Profit                (966,000)        38,974,000
Net Profit                 (5,293,000)         8,204,000
Earnings Per Share          (0.40 Sen)          0.62 Sen
Dividend                      Omitted            Omitted
   6 months ended Dec. 31:
Revenue                   179,746,000      1,335,089,000
Pretax Profit              (9,772,000)        33,468,000
Net Profit                (20,276,000)       (18,227,000)
Earnings Per Share          (1.52 Sen)         (1.37 Sen)
Dividend                      Omitted            Omitted

For more information, go to:

http://www.lion.com.my


CONTACT:

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


INTAN UTILITIES: Tallies Loss in Q2/FY04
----------------------------------------
Intan Utilities disclosed its figures for the second quarter
ended Dec. 31, 2004. The Company did not provide comparative
earnings figures.
   
                                 2005
Revenue                 MYR95,008,000
Pretax Profit                (612,000)
Net Profit                   (799,000)
Earnings Per Share          (0.83 Sen)
Dividend                      Omitted
   6 months ended Dec. 31:
Revenue                   155,155,000
Pretax Profit               5,693,000
Net Profit                  4,657,000
Earnings Per Share           4.83 Sen
Dividend                      Omitted

For further information go to:

http://www.jaring.my/intan

CONTACT:

Intan Utilities Berhad
11th Floor Menara Berjaya,
KL Plaza, 179 Jalan Bukit Bintang,
55100 Kuala Lumpur
Malaysia
Phone: 03-2935 8888
Fax:   03-29358043
Web site: http://www.jaring.my/intan


JASATERA BERHAD: Bourse Starts Delisting Procedures
---------------------------------------------------
Bursa Malaysia Securities Berhad (Bursa Securities) announced
that it began de-listing procedures against Jasatera Berhad.

Jasatera Berhad failed to regularize its financial condition
within the prescribed time frame pursuant to Paragraph 8.14 of
the Bursa Securities Listing Requirements and Practice Note 4
and no further extension of time was granted to the Company.

Bursa Securities served the Company with a notice on Feb. 18,
2005 to make representations to Bursa Securities, within a
period of 14 days from the date of the receipt of the notice, as
to why their securities should not be de-listed from the
Official List of Bursa Securities. Due process is therefore
accorded to the Company prior to making a decision on whether to
de-list their securities from the Official List of Bursa
Securities.

Upon due consideration of the matter and the conclusion of the
relevant due process accorded, Bursa Securities will decide
whether to de-list Jasatera Berhad. Where a decision is made to
de-list the Company, it will be notified of the same
accordingly. Upon receipt of the notification of the decision by
Bursa Securities to remove the Company securities from the
Official List of Bursa Securities, Jasatera Berhad must make an
immediate announcement. Thereafter, the Company securities will
be removed from the Official List of Bursa Securities on a date
specified by Bursa Securities.

The Company was also served with a notice on Feb. 18, 2005,
saying that its securities will be suspended on Monday, Feb. 28,
2005, 9:00 a.m. The suspension of the Company is pursuant to
Paragraphs 8.14 and 16.02 of the Bursa Securities LR.

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


KUMPULAN HARTANAH: Discloses FY04 Quarterly Results
---------------------------------------------------
Kumpulan Hartanah Selangor Berhad released its unaudited
quarterly report for the financial period ended Dec. 31, 2004.

             SUMMARY OF KEY FINANCIAL INFORMATION
                            31/12/2004

                 INDIVIDUAL PERIOD        CUMULATIVE PERIOD
        CURRENT YEAR  PRECEDING YEAR CURRENT YEAR PRECEDING YEAR
          QUARTER    CORRESPONDING    TO DATE     CORRESPONDING
                        QUARTER                       PERIOD
          31/12/2004    31/12/2003     31/12/2004    31/12/2003

1  Revenue
            37,878        59,855        152,259       142,716

2  Profit/(loss) before tax
           -42,589        18,495        -38,393        19,338

3  Profit/(loss) after tax and minority interest
           -42,183        13,220        -38,883        12,996

4  Net profit/(loss) for the period
           -42,183        13,220        -38,883        12,996

5  Basic earnings/(loss) per shares (sen)
             -9.37          5.87          -8.64          5.78

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)
                                1.1500              1.4200

For a full copy of the report, click on:

http://bankrupt.com/misc/tcrap_kumpulanh022205.doc

CONTACT:

Kumpulan Hartanah Selangor Bhd
Lot 1A, Level 1A, Plaza Perangsang
Persiaran Perbandaran
40000 Shah Alam
Selangor Darul Ehsan
Malaysia
Phone: 03-55223888
Fax:   03-55105188


LION INDUSTRIES: Disposes of Lion Klang
---------------------------------------
Lion Industries Corporation Berhad refers to the announcements
made on Nov. 9, 2004, Dec. 9, 2004, Jan. 27, 2005, and Feb. 4,
2005, in relation to the proposed disposal of 100% equity
interest in Lion Klang Parade Berhad (LKPB) for Rm1.00 and the
settlement of inter-Company balances based on the property asset
value of RM109.642 million to be taken over by TMW Lion GmbH on
completion, and announces that the Proposed Disposal of LKPB was
completed on Feb. 21, 2005.

CONTACT:

Lion Industries Corporation Berhad
Level 46, Menara Citibank
165, Jalan Ampang
50450 Kuala Lumpur
Phone: 03-21622155
Fax:   03-21623448
Web site: http://www.lion.com.my


MMC CORPORATION: Completes Disposal of 8.19 % Stake in MSC
----------------------------------------------------------
MMC Corporation Berhad (MMC) refers to the announcement on Nov.
26, 2004, and announced that the Proposed Disposal of 5,580,000
and 564,000 ordinary shares in Malaysia Smelting Corporation
Berhad (MSC) by the Company and subsidiary Anglo-Oriental Sdn
Berhad, which represents a total of 8.19 % of MSC's issued and
paid-up share capital, was completed and the equity interest of
MMC in MSC decreased from 38.19% to 30%.

CONTACT:

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

This announcement is dated Feb. 21, 2005.


NORTH BORNEO: Releases FY04 Quarterly Results
---------------------------------------------
The North Borneo Corporation Berhad released its unaudited
quarterly report for the financial period ended Dec. 31, 2004.

             SUMMARY OF KEY FINANCIAL INFORMATION
                            31/12/2004

                 INDIVIDUAL PERIOD        CUMULATIVE PERIOD
        CURRENT YEAR  PRECEDING YEAR CURRENT YEAR PRECEDING YEAR
          QUARTER    CORRESPONDING    TO DATE     CORRESPONDING
                        QUARTER                       PERIOD
          31/12/2004    31/12/2003     31/12/2004    31/12/2003

1  Revenue
                 0             0              0             0

2  Profit/(loss) before tax
            -1,407        -1,444         -5,825        -7,062

3  Profit/(loss) after tax and minority interest
            -1,407        -1,444         -5,825        -7,062

4  Net profit/(loss) for the period
            -1,407        -1,444         -5,825        -7,062

5  Basic earnings/(loss) per shares (sen)
             -2.13         -2.18          -8.81        -10.68

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)
                               -1.8300              -1.7400

For a full copy of the report, click on:

http://bankrupt.com/misc/tcrap_nborneo1022305.doc

http://bankrupt.com/misc/tcrap_nborneo2022305.xls

CONTACT:

North Borneo Corporation Berhad (the)
6 Lorong Api-Api Centre
Kota Kinabalu, Sabah 88000
Malaysia
Phone: +60 87 263232
Fax:   +60 87 234363


OCEAN CAPITAL: Faces Bursa Malaysia Delisting
---------------------------------------------
Bursa Malaysia Securities Berhad (Bursa Securities) announced
that it began de-listing procedures against Ocean Capital
Berhad.

Ocean Capital Berhad failed to regularize its financial
condition within the prescribed time frame pursuant to Paragraph
8.14 of the Bursa Securities Listing Requirements and Practice
Note 4 and no further extension of time was granted to the
Company.

Bursa Securities served the Company with a notice on Feb. 18,
2005 to make representations to Bursa Securities, within a
period of 14 days from the date of the receipt of the notice, as
to why their securities should not be de-listed from the
Official List of Bursa Securities. Due process is therefore
accorded to the Company prior to making a decision on whether to
de-list their securities from the Official List of Bursa
Securities.

Upon due consideration of the matter and the conclusion of the
relevant due process accorded, Bursa Securities will decide
whether to de-list Ocean Capital Berhad. Where a decision is
made to de-list the Company, it will be notified of the same
accordingly. Upon receipt of the notification of the decision by
Bursa Securities to remove the Company securities from the
Official List of Bursa Securities, Ocean Capital Berhad must
make an immediate announcement. Thereafter, the Company
securities will be removed from the Official List of Bursa
Securities on a date specified by Bursa Securities.

The Company was also served with a notice on Feb. 18, 2005,
saying that its securities will be suspended on Monday, Feb. 28,
2005, 9:00 a.m. The suspension of the Company is pursuant to
Paragraphs 8.14 and 16.02 of the Bursa Securities LR.

CONTACT:

Ocean Capital Berhad
No. 43B, 2nd Floor Changkat
Bukit Bintang 50200 Kuala Lumpur
Malaysia
Phone: 03-21480700
Fax:   03-21454825

This announcement is dated Feb. 21, 2005.


TT RESOURCES: Discloses FY04 Quarterly Results
----------------------------------------------
TT Resources posted its unedited results for the fourth quarter
ended Dec. 31, 2004.
   
                                 2004               2003
Revenue                 MYR33,881,000      MYR35,159,000
Pretax Profit               2,185,000         (7,899,000)
Net Profit                  1,745,000         (8,733,000)
Earnings Per Share           2.41 Sen         (13.11 Sen)
Dividend                      Omitted            Omitted
   12 months ended Dec. 31:
Revenue                   132,644,000        144,954,000
Pretax Profit               2,730,000        (26,713,000)
Net Profit                    621,000        (28,366,000)
Earnings Per Share           0.86 Sen         (42.59 Sen)
Dividend                      Omitted            Omitted

For further information, go to:

http://www.ttrb.com.my

CONTACT:

TT Resources Berhad
Lot 302, 3rd Floor, Wisma Dijaya
No. 1A, Jalan SS 20/1
Damansara Utama 47400
Petaling Jaya, Selangor
Darul Ehsan, Malaysia
Phone: 03-77268297
Fax:   03-77268076
Web site: http://www.ttrb.com.my


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


BENPRES HOLDINGS: Clarifies News on Planned MNTC Stake Sale
-----------------------------------------------------------
This in reference to the news article entitled "Benpres in talks
to sell MNTC stake" published in the February 22, 2005 issue of
the manila Bulletin.

The article reported that "Benpres Holdings Corporation is now
in preliminary discussions with various parties for the sale of
a substantial stake in Manila North Tollways Corporation (MNTC),
Benpres president and chief operating officer Angel Ong said.  
However, Ong neither confirmed nor denied market talk that Metro
Pacific Corporation, a unit of Hong Kong listed First Pacific
Company, is interested in buying Benpres' interests in the
tollway firm.

"We are currently in preliminary discussions with different
parties but nothing has progressed,' Ong told XFN-Asia. 'We
believe that this may change now that our group has taken over
the operation of North Luzon Expressway and things are moving
very well.'"

In response to the Exchange's query with regard to the above-
mentioned news article, Benpres holdings Corporation (BPC), in a
letter to the Exchange dated February 22, 2005, stated that:

"We confirm that Mr. Angel Ong, Chief Operating Officer of
Benpres Holdings Corporation, made the statement quoted in your
letter."

For your information.

(original Signed)
JURISITA M. QUINTOS
Senior Vice President

CONTACT:

Benpres Holdings Corporation
4/F, Benpres Building
Exchange Road corner Meralco Avenue
Ortigas Center, Pasig City
Phone No:  633-3368
Fax No:  634-3009
E-mail Address: jr_benpres@bayantel.com.ph
Web site:  http://www.benpres-holdings.com
Auditor:  SyCip, Gorres, Velayo & Company
Transfer Agent:  Securities Transfer Services, Inc.


CEBU PLAZA: Metrobank Seeks Chinese Buyers
------------------------------------------
Metropolitan Bank and Trust Company (Metrobank) officials
reportedly went to China to look for potential buyers or
operators of the idled Cebu Plaza Hotel, Business World reports.

Metrobank aims to dispose of its unprofitable hotel property
within the year and is pursuing talks with interested buyers who
wanted to reopen the hotel.

Cebu Plaza halted its operations two years ago after its owner,
Pathfinder Holdings Phils. Inc., failed to settle its loans with
Metrobank. The facility was turned over to Metrobank under a
dacion en pago or payment-in-kind arrangement.

Pathfinder Holdings had sued Cebu Plaza for non-payment of its
dollar-denominated loan, which was initially equivalent to
Php300 million (US$5.5 million).


MAYNILAD WATER: May Have to Refund Clients
------------------------------------------
A report by state utility Metropolitan Waterworks and Sewerage
System (MWSS) revealed that millions of customers of Maynilad
Water Services Inc. are entitled to refunds covering 2003 and
2004, Dow Jones says.

Struggling Maynilad, a unit of investment holding Company
Benpres Holdings Corp., reportedly needs to pay back Php900
million to consumers. The amount, according to the MWSS report,
makes up a portion of the water concessionaire's revenue
collected from customers, which in turn is intended for
corporate income-tax payments during the period.

MWSS said that the refund could come in the form of lower water
rates.

Maynilad, which operates Manila's west zone concession, charges
its 6 million customers Php30.19 per cubic meter of water.

CONTACT:

Maynilad Water Services Inc.
G/F MWSI Building, Katipunan Road
MWSS Compound, Balara
Quezon City
Philippines


NATIONAL BANK: Clarifies News on Lucio Tan's Interest in Stake
--------------------------------------------------------------
This is in reference to the news article entitled "Tobacco
magnate keen on selling stake in PNB" published in the February
22, 2005 issue of the Philippine Daily Inquirer.

The article reported that "Tobacco magnate Lucio Tan is keen on
pushing through the joint sale along with the national
government, of at least 67 percent combined stake in the the
Philippine National Bank once the bank continues to improve its
profitability.

"In a recent roundtable discussion with the INQUIRER business
staff, Tan said he had 'no money' to buy out the government's
stake in PBN, thus ruling out his reacquisition of controlling
stake in the bank. The government and Tan's group may likewise
agree to a joint sale as will allow both parties to offer at
least 67 percent equity ownership, with Tan's group having a
right of first offer."

Philippine National bank (PNB), in its letter to the Philippine
Stock Exchange dated February 22, 2005, stated that:

"Under the terms of the Memorandum of Agreement, dated May 3,
2002 executed between the National government and the Lucio Tan
Group, and the other related agreements, the National Government
has the option to initiate a joint sale of at least 67% combined
equity (including that of the Lucio tan Group) in Philippine
National bank. To date, our office has not received such notice
from the National Government, nor have we been advised that such
notice has been served to the Lucio Tan Group. Thus we are not
in a position to confirm or deny the contents of the referred
news article."

For your information.

(Original Signed)
JURISITA M. QUINTOS
Senior Vice President

CONTACT:

Philippine National Bank
Pres Diosdado P Macapagal Boulevard
PNB Financial Center
Pasay 1300
Philippines
Phone: +63 2 891 6040
Fax: +63 2 551 5187
Web site: http://www.pnb.com.ph/


NATIONAL POWER: Government Mulls Faster Asset Sale Schedule
-----------------------------------------------------------
The government is considering accelerating the sale of debt-
laden National Power Corporation (Napocor) to ensure the smooth
start of a new spot electricity market, Reuters reports.

The state-run Power Sector Assets and Liabilities Management
Corporation (PSALM) initially met with investors last week to
discuss the schedule of the Napocor sale.

In a bid to help cut chronic budget deficits and mounting debt,
the government plans to privatize a number of its power plants
and the nationwide power transmission grid to raise US$5
billion.

The government aimed to sell 70 percent of Napocor's assets by
June, rather than the previous year-end target to make the
wholesale electricity spot market (WESM) work.

The planned spot system will create a market in which producers
compete to provide electricity to the national grid. By law,
there needs to be an excess of electricity supply before the
spot market can start.

CONTACT:

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


NATIONAL POWER: Loss Seen Narrowing to Php85B by Yearend
--------------------------------------------------------
Debt-laden National Power Corporation expects to cut its net
loss to Php87 billion this year from last year's Php103-billion
loss, Business World reports.

Napocor President Rogelio M. Murga said the state-owned power
firm was "101% confident" it could trim its losses through its
cost reduction program.

Last week, Moody's Investor Service downgraded by two notches
the Philippines' sovereign credit rating. The rating agency
stressed that any improvement in the country's ratings hinged on
"rapid implementation" of proposed tax reforms and the
privatization of Napocor.

"With the 98 centavos per kilowatt hour provisional tariff
adjustment granted to Napocor in September 2004, along with the
continued implementation of cost-cutting programs and other
initiatives to improve energy sales and operational
efficiencies, Napocor expects its financial and operating
conditions will improve," Moody's said.

Napocor awaits the Energy Regulatory Commission's ruling on its
application to raise its electricity prices by Php1.87 per
kilowatthour, so it can pay off some debts. The regulator
allowed Napocor in September last year to provisionally increase
its rates by 98 centavos.

In addition, the government also absorbed about Php200 billion
of Napocor's debt. For this year, the government earmarks Php256
billion for the cash-strapped power firm.


PHILIPPINE LONG: Lists Additional 3,400 Shares
----------------------------------------------
The Philippine Stock Exchange approved on June 14, 2000, the
application submitted by Philippine Long Distance Telephone
Company (the Company) to list additional 1,289,745 common
shares, with a par value of Php5.00 per share, to cover the
Executive Stock Option Plan (ESOP) of the Company, at an
exercise price of Php814.00 per share.

In this connection, please be advised that a total of 3,400
common shares have been availed of and fully paid by the
optionees under the Company's ESOP.

In view thereof, the listing of the 3,400 common shares is set
for Wednesday, February 23, 2005. This brings the number of
common shares listed under the ESOP to a total of 382,209 common
shares.

The designated stock transfer agent is hereby authorized to
record and register in its books the above number of shares.

For your information and guidance.

(Original Signed)
CLAUDINE E. CRUZ
OIC, Listings Department

Noted by:

(Original Signed)
JURISITA M. QUINTOS
Senior Vice President

CONTACT:

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


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

ASTI HOLDINGS: Releases FY2004 Financial Results
------------------------------------------------
ASTI Holdings Limited (ASTI), a leading global technology
Company and market leader in semiconductor equipment, service
and machine vision, advised the Singapore Stock Exchange (SGX)
that it has achieved a 222 percent increase in profit after tax
and minority interests for the full year ended December 2004
(FY2004) to S$17.8 million, up from just S$5.5 million in
FY2003.

Turnover rose 66 percent to S$117.9 million from S$71.1 million
in FY2003.

ASTI's improved performance was driven mainly by the recovery in
the semiconductor industry that began in the second half of
FY2003. Gross margins also improved from 37.6 percent to 46.6
percent due to economies of scale resulting from better
utilization of production capacity.

The Group's financial position remained strong and cash holding
was S$42.0 million at the end of FY2004. Group earnings per
share for the year was 6.02 cents compared with 2.39 cents for
the last financial year. Net asset value per share increased to
17.87 cents as at 31 March 2004, up from 11.78 cents as at the
end of the preceding financial year.

ASTI experienced 86% growth in sales to S$73.1 million for its
equipment division compared to S$39.3 million in FY2003 with
Asian customers contributing to the bulk of sales. The service
division, which enjoyed increased business in the Philippines'
operations, achieved a 14 percent increase in turnover from
S$31.8 million to S$36.2 million.

Additionally, beginning 2004, ASTI set up a vision inspection
solution division that contributed $8.7 million or 7.4 percent
to the Group turnover in FY2004. In line with the positive
results for FY2004, the Board of Directors has proposed a first-
ever special dividend of S$0.01 per share before tax.

To view a copy of the press release, click
http://bankrupt.com/misc/ASTIHOLDINGSLIMITED022305.pdf
To view a full copy of the results, click
http://bankrupt.com/misc/ASTIHOLDINGS022305B.pdf

CONTACT:

Asti Holdings Limited
10 Collyer Quay #19-08
Ocean Building
Singapore 049315
Telephone: 65 65365355
Fax: 65 65361360
Web site: http://www.astigp.com


CHINA AVIATION: Parent Firm Denies Ex-CEO's Statement
-----------------------------------------------------
Beijing-based China Aviation Oil Holding Co. (CAOHC) has
dismissed claims by its Singapore unit's former chief executive
that it failed to help the firm cut to reduce a half-billion
dollar trading loss, calling the remarks "inaccurate, incomplete
and misleading," Xinhua News relates.

Chen Jiulin, former CEO of China Aviation Oil (Singapore) Corp.
(CAO), has claimed earlier this week that the Company's losses
from oil derivatives trading would have been less than US$100
million had the CAOHC promptly acted on the problem, but the
senior officials were all "on vacation".

Mr. Chen added that CAO sent an urgent note to the parent
Company on October 9 but it was not until October 16 that State-
owned CAOHC held a meeting to discuss the issue.

CAOHC did not comment any further since the case is under
investigation, but would issue a statement at the appropriate
time.

CAO sought the protection of the Singapore High Court in late
November after reporting massive losses due to speculative oil
trades. Now embroiled in Singapore's biggest financial scandal,
CAO has offered to pay US$220 million to creditors under a
restructuring scheme.


SIERAD FOOD: Faces Winding Up Proceedings
-----------------------------------------
A winding up order was made for Sierad Food Pte Ltd on the 28th
day of January 2005.

Name and Address of Liquidator:

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

Messrs Ang & Partners
Solicitors for the Petitioner

Note:

(a) All creditors of the abovenamed 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 abovenamed Company should be forwarded
to the liquidator.


SIN TONG: Receives Winding Up Order
-----------------------------------
In the matter of Sin Tong Lee Holding Private Limited a winding
up order was made on February 11, 2005.

Name and address of Liquidator:

The Official Receiver
Insolvency & Public Trustee's Office
45 Maxwell Road #05-11/#06-11
The URA Centre (East Wing)
Singapore 069118

Dated this 11th day of February 2005

Rajah & Tann
Solicitors for the Petitioner

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.


WO KEE: Lays Out Agenda for Meeting
-----------------------------------
Take notice that a meeting of creditors and contributories in Wo
Kee Hong (Singapore) Pte Ltd (In Court Winding Up) will be held
at 47 Hill Street, #05-01 Chinese Chamber of Commerce & Industry
Building, Singapore 179365 on the 8th day of March 2005 at 11
a.m.

AGENDA

(1) To obtain an update on the conduct of the liquidation to
date;

(2) To approve the proposed remuneration of the Liquidators;

(3) To approve the Intended First and Final Dividend payable to
Preferential Creditors; and

(4) Any other matter

Dated this 18th day of February 2005

Kon Yin Tong
Joint Liquidator

Forms of general and special proxies are enclosed herewith.
Proxies to be used at the meeting must be lodged not later than
4 p.m. on the 7th day of March 2005 with the Liquidators' office
at 47 Hill Street, #05-01 Chinese Chamber of Commerce of
Industry Building, Singapore 179365.


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


JASMINE INTERNATIONAL: Issues Exercise of Warrants Update
---------------------------------------------------------
Jasmine International Public Company Limited informed the Stock
Exchange of Thailand (SET) regarding the Exercise of
1,156,203,100 units of the Company's Rights Warrants.

(1) The Notification Period is during 8:30 a.m. to 3:30 p.m. on
the Company's business days on March 1 to 14, 2005.

(2) The Exercise Date is on March 15, 2005.

(3) Contact Place to exercise the Rights Warrants and to get the

Exercise Notice Forms is:

Jasmine International Public Company Limited 200, Jasmine
International Tower, 29th Floor, Moo 4, Chaengwattana Road,
Pakkred Sub-district, Pakkred, Nonthaburi 11120, Thailand,

Telephone Number: (66 2) 502-3119-20
Fax Number: (66 2) 502-3151 or download exercise notice form
from www.jasmine.com

- Or at any office of the brokerage companies during the
Notification Period.

(4) The Exercise Ratio and the Exercise Price to subscribe the
Company's Common Shares: 1 Rights Warrant has a right to
subscribe 1 Common Share of the Company at the price of THB0.334
per share.

(5) Payment Method

The Warrant holders can pay by cash, cheques, drafts, bill of
exchanges or payment orders from banks which can be cashed in
Bangkok when called within 2 days and shall be made payable to
"Jasmine International Public Company Limited".

Please be informed accordingly.

Authorized director
Mr. Somboon Patcharasopak
Chaengwatana Planner Co., Ltd., the Plan Administrator of
Jasmine International Public Company Limited

CONTACT:

Jasmine International Public Company Limited   
200 Fl. 30, Moo 4, Chaengwatthana Rd.,
Pak Kret, Nonthaburi    
Telephone: 0-2502-3000-7   
Fax: 0-2502-3150-2   
Web site: www.jasmine.co.th


MILLENNIUM STEEL: SET Grants Listing of Securities
--------------------------------------------------
Starting February 24, 2005, the Stock Exchange of Thailand (SET)
will allow the common shares of Millennium Steel Public Company
Limited (MS) due to the conversion of preferred shares to be
traded on the SET after finishing the Conversion procedures.

Issued and Paid up Capital

Old: THB6,175,153,818  

Common Shares- 4,591,077,155  shares

Preferred Shares- 1,584,076,663 shares

New: THB6,175,153,818

Common shares- 4,603,377,122 shares

Preferred Shares- 1,571,776,696 shares

Par Value: 1 Baht per share

Allocate to: 12,299,967 preferred shares convert to 12,299,967
common shares

Ratio: 1 preferred share: 1 common share

Exercise Price:  

Exercise Date: 10 February 2005

Note: MS's preferred shares are not listed on the SET

CONTACT:

Millennium Steel Public Company Limited   
Shinawatra Tower 3, Floor 22,
1010 Viphavadi Rangsit Road, Ladyao,
Chatuchak Bangkok    
Telephone: 0-2949-2949   
Fax: 0-2949-2889   
Web site: www.Millenniumsteel.com
              





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

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

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

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

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

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