TCRAP_Public/050225.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

             Friday, February 25, 2005, Vol. 8, No. 40

                            Headlines

A U S T R A L I A

ARTBEVY PTY: Members Resolve to Wind Up Company
AUSTRALIAN GAS: To Return AU$515-Mln Capital to Shareholders
AUSTRALIAN GAS: Books Steady Result in Competitive Environment
AUSTRALIAN GAS: APC Calls for Tenders for PNG Pipeline FEED
AUSTRALIAN INSTITUTE: To Undergo Winding Up Process

BAKE PTY: To Declare Final Dividend March 4
BARMOR DEVELOPMENTS: Sets February 28 as Date of Final Meeting
BATHROOM DELI: To Hear Liquidator's Account on Winding Up
DARRELL GRIBBLE: Lays Out Agenda for Meeting
DWYER GROUP: To Convene Final Meeting February 28

F.H. EDWARDS: Final Meeting Set March 1
GAINSONG PTY: Members Agree to Wind Up Company
HIWAY ONE: Appoints Liquidator to Wind Up Company
J BRITTON: Court Opens Winding Up Proceedings
LESIAH SECURITY: To Declare Final Dividend March 1

MARKET PLACE: Members Final Meeting Slated for March 2
MARTIN MCLEAN: Members, Creditors to Meet February 28
NATIONAL AUSTRALIA: Reviewing APRA's Discussion Paper on IFRS
PARMALAT AUSTRALIA: Inks New Finance Deal with ANZ Bank
PERINA NOMINEES: To Pay Creditors Dividend

RG BOURNE: General Meeting Set February 28
STRINGER & JAMES: Sets Out Final Meeting Agenda
TL BLEAKLEY: Lays Out Agenda for Meeting
TREVOR WILLIS: Schedules Final Meeting on March 1
WARAPINT PTY: Members Pass Winding Up Resolution


C H I N A  &  H O N G  K O N G

BANK OF CHINA: Appoints New Chief Credit Officer
BIG RESOURCES: Joint and Several Liquidators Appointed
ECYBERCHINA HOLDINGS: Sets AGM March 31
HIGH WAY: Faces Winding Up Proceedings
HOGENT INTERNATIONAL: Creditors Meeting Set March 4

JAZZ PHOTO: Fixes Date, Time of Meeting
KENWELD INTERNATIONAL: Court Issues Winding Up Order
TECHNIC GATE: Court to Hear Winding Up Petition March 10


I N D O N E S I A

PERTAMINA: Delays Plan to Import Oil Fuel from Russia
PERTAMINA: Searching for 200,000 Gasoline Barrels for Delivery


J A P A N

DAIEI INCORPORATED: To Convert Jujiya Into Wholly Owned Unit
MATSUSHITA INVESTMENT: May Get Aid from U.S. Fund
MITSUBISHI MOTORS: Releases Production Figures for January 2005
ORIENTARU GOLF: Begins Bankruptcy Proceedings
SEIBU RAILWAY: Ex-Kokudo Boss Likely to Accept Reform Plan

SEKIEI KAIHATSU: Begins Bankruptcy Proceedings
SNOW BRAND: R&I Upgrades L-T Debt to BB-
TI EICHI: Enters Bankruptcy


K O R E A

KOOKMIN BANK: Looks to Sell Treasury Stocks to Investors
LG CARD: Five Shareholders Suspected of Insider Trading
LG CARD: To Conduct 5.5-for-1 Reverse Stock Split


M A L A Y S I A

ARTWRIGHT HOLDINGS: Bank Approves Issuance of Warrants
CEPATWAWASAN GROUP: Court Adjourns Case Hearing to April 18
FABER GROUP: To Lists More Shares Today
GENERAL SOIL: Sees No Change in Monthly Status Report
KUALA LUMPUR KEPONG: Passes Resolutions at AGM, EGM

KUB MALAYSIA: Court Grants Unit RO Extension Until May 22
LANKHORST BERHAD: Shares Trading Resumes
LION INDUSTRIES: Granted Listing of Additional Shares
MANGIUM INDUSTRIES: Discloses FY04 Quarterly Results
OCEAN CAPITAL: Wayrex Presents Winding Up Petition

POS MALAYSIA: Reveals Employee Share Option Scheme
PSC INDUSTRIES: To Dispute Demand of Repayment
TALAM CORPORATION: Lists Additional Ordinary Shares
TENCO BERHAD: Posts FY04 Third Quarter Results
WCT ENGINEERING: Granted Quotation 108,520 Shares


P H I L I P P I N E S

BACNOTAN CONSOLIDATED: Director Furnishes Copy of SEC Form 23-B
BAYAN TELECOMMUNICATIONS: Offering Market's Lowest Internet Fee
BENPRES HOLDINGS: Clarifies Php1.5-B Refund Report
COLLEGE ASSURANCE: Workers, Planholders Lobby Against SEC Action
MANILA ELECTRIC: To Apply Final GRAM to Determine Remaining DAA

MANILA ELECTRIC: To Collect Php5.1 Bln to Cover Power Costs
PHILIPPINE LONG: NTC Probes ISPs' Rap Over Cheaper Rates
PRIMETOWN PROPERTY: Court OKs Rehab Petition


S I N G A P O R E

BUKIT INVESTMENTS: Dissolved by Parent Firm
CHINA AVIATION: Sued for $14.35-Mln in Unpaid Debts
LLM MARINE: Goes Under Voluntary Liquidation
PLM MARINE: Begins Voluntary Liquidation Proceedings
M.E.I. PROJECT: To Pay Creditors Dividend February 28

PHOENIX HOLDINGS: Dissolved on February 22
SANTAK HOLDINGS: Details Disposal of Assets


T H A I L A N D

CENTRAL PAPER: Court Approves Rehab Plan
EMC: Clarifies the Transfer of New Ordinary Shares
NATURAL PARK: Discloses Resolution of Meetings
SIAM AGRO: Court Grants Petition for Business Reorganization
SINO-THAI: Releases Report on FS for Year Ended December 31,2004

TONGKAH HARBOUR: Releases Jan. 2005 Tin Mining Operating Result
* Large Companies With Insolvent Balance Sheets

     -  -  -  -  -  -  -  -

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


ARTBEVY PTY: Members Resolve to Wind Up Company
-----------------------------------------------
Notice is hereby given that Artbevy Pty Ltd A.C.N. 089 404 259
on January 13, 2005 duly resolved by special resolution that it
be wound up voluntarily, and that the creditors of the Company
resolved by ordinary resolution that Mr. John William Cunningham
and Mr. John Richard Park of Ramsay Clout, Level 1, 37 The
Esplanade, Maroochydore, be and are appointed Joint and Several
Liquidators for the purpose of such winding up.

Dated this 13th day of January 2005

Richard Graham Duce
Director


AUSTRALIAN GAS: To Return AU$515-Mln Capital to Shareholders
------------------------------------------------------------
The Australian Gas Light Company (AGL) on Thursday released
details of an AU$515 million return of capital to Shareholders,
which would see Shareholders receive 80 cents per share. The
median number of shares owned by an AGL retail investor is 800,
which would translate into an average cash return of around
AU$640.

This capital management program contains three elements:

(1) A special dividend of 30 cents per share franked to 90 per
cent (AU$137 million)

(2) A proposed capital return of 50c per share (AU$228 million)

(3) A AU$150 million on-market share buy-back

AGL Chairman Mark Johnson said, "AGL has been able to undertake
a capital management program due to the strength of its
financial position. AGL's balance sheet was enhanced by the sale
in late December 2004 of AGL's 66 per cent interest in NGC
Holdings Limited (New Zealand).

"This capital management program represents a tax effective
result for Shareholders whilst still enabling the company to
pursue growth opportunities.

"In the Board's view, the combination of the special dividend,
capital return and on-market buy-back is the simplest and
fairest way to return excess capital to AGL Shareholders", Mr.
Johnson concluded.

Both the special dividend and the interim ordinary dividend are
payable on March 24, 2005 with shares trading ex-dividend from
March 7, 2005.

An Extraordinary Shareholders' Meeting is planned for April 6,
2005 at which a resolution will be put to Shareholders to
approve the 50 cents per share capital return. If approved, the
capital return will be paid to Shareholders in late April 2005.

The Australian Taxation Office has confirmed the terms of a
draft Class Ruling on the 50 cents per share capital return. The
Ruling provides that no part of the 50 cents per share returned
to Shareholders will be deemed to be a taxable dividend.
Instead, it would be treated as a reduction of each
Shareholder's cost base of their shares in AGL. However,
Shareholders should consult their own taxation adviser on these
matters.

AGL expects to commence the on-market share buy-back after
payment of the proposed capital return, if approved by
Shareholders.

Further general information will be contained in the Notice of
Extraordinary General Meeting, which will be sent shortly to all
Shareholders.

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/


AUSTRALIAN GAS: Books Steady Result in Competitive Environment
--------------------------------------------------------------
The Australian Gas Light Company (AGL) on Thursday announced a
steady underlying profit result for the six months to 31
December 2004, an increase in the interim dividend, as well as
releasing details of an AU$515 million capital management
program.

Over the six-month period underlying net profit, excluding
significant items and outside equity interests, remained steady,
as compared to the previous corresponding period, at AU$226.6
million.

Reported profit attributable to Shareholders rose 331.6 per cent
to AU$887.8 million impacted by net profit of AU$587.5 million
from the sale of AGL's 66.05 interest in NGC Holdings Limited in
New Zealand.

The decision to enter into tax consolidation, effective from 1
July 2003, favorably affected the reported result through a one-
off net accounting benefit of AU$64.8 million. Tax consolidation
will simplify tax management of AGL's intra group transactions
and improve the ability to distribute franking credits to
Shareholders.

AGL Shareholders will receive an interim ordinary dividend of 31
cents per share franked to 90.3 per cent, up 6.9 per cent,
compared to 29 cents per share franked to 75.9 per cent in the
prior corresponding period.

In addition, as a result of the capital management program,
Shareholders will receive a special dividend of 30 cents per
share, franked to 90%. The other elements of the capital
management program are a proposed 50 cents per share return of
capital to Shareholders and a AU$150 million on-market share
buy-back (see separate media statement for full details).

AGL Chairman Mark Johnson said, "AGL's underlying results were
achieved in an environment of increased competition in retail
markets and a warmer winter than experienced in the previous
corresponding period.

"AGL's balance sheet was strengthened by the sale of the
company's stake in NGC, allowing it to implement the capital
management program announced (Thursday)."

AGL Managing Director Greg Martin said, "AGL remains on track to
achieve growth in underlying net profit and earnings per share
for the full year of 5-7 per cent.

"AGL continues to build a more integrated energy company. The
company is committed to a portfolio of power generation assets
supported by a flexible and complementary long-term wholesale
gas portfolio. The potential increased supply of gas from coal
seam methane, additional new sources of gas from Northern
Australia and PNG, as well as energy from renewable sources,
will all play an important role in shaping AGL's future.

"AGL also continues to develop its strong retail market
position. Maintaining market share and margins in highly
competitive retail energy markets, together with superior
customer service, are central to AGL's growth strategy. Managing
wholesale electricity and gas costs is also important to the
financial performance of our retail business", Mr Martin said.

These components of AGL's business are complemented by the
strong cash flow from the gas and electricity networks and the
infrastructure management expertise of Agility.

"Recent organizational changes will help drive improved business
performance. They position the company to be the most efficient
and effective Australian energy company and help us achieve
growth through sound investments", Mr. Martin concluded.

To view the full release click on:
http://bankrupt.com/misc/tcrap_australiangas2022405.pdf

A copy of the company's financial statement shall be made
available at
http://bankrupt.com/misc/tcrap_australiangas022405.pdf.


AUSTRALIAN GAS: APC Calls for Tenders for PNG Pipeline FEED
-----------------------------------------------------------
The AGL-Petronas Consortium (APC) comprising The Australian Gas
Light Company (AGL) and Petronas Australia Pty Ltd, announced
the consortium is calling for tenders for the Front End
Engineering and Design (FEED) phase of the Australian component
of the Papua New Guinea to Queensland natural gas pipeline.

Speaking on behalf of the consortium AGL Managing Director Greg
Martin said, "This call for tenders reflects APC's confidence
with the level of commitment from the ExxonMobil led PNG Gas
Project participants to successfully implement the gas project.

"This project will be a significant development for both PNG and
Australia and highlights APC's optimism that Eastern Australian
gas markets will develop in a timely manner to enable the APC
consortium, in conjunction with the PNG Gas Project
participants, to reach financial close on the pipeline in 2006.

"The PNG pipeline project will also provide significant
strategic value to AGL by introducing new gas supplies from
Northern Australia, enabling AGL to increase its participation
in the downstream energy sector in markets supplied by the PNG
pipeline. It also will provide an opportunity for a major new
revenue source for AGL's infrastructure management subsidiary
Agility", Mr. Martin said.

APC will call for tenders in March 2005 for a AUD $25 million
FEED Program which will see work undertaken on engineering
design, route selection, regulatory and financial viability
assessments and environmental and native title clearance
processes. The PNG pipeline project involves the development of
a natural gas pipeline linking gas from the PNG Highlands to
East Coast markets in Australia. The PNG Gas Project
participants are targeting initial gas deliveries to customers
from late 2008.

"A final investment decision will be undertaken at the
completion of the FEED program, subject to the PNG Gas Project
participants securing sufficient gas sales agreements to enable
the project to proceed and APC concluding corresponding gas
transportation arrangements with the PNG Gas Project
participants," Mr. Martin concluded.

APC was selected as the preferred developer for the Australian
component of the pipeline in April 1998 following an
international competitive tender. In October 2004, APC and the
PNG Gas Project participants executed a binding letter of intent
that provides APC with the responsibility for designing, owning
and operating the pipeline, as well as securing all project
approvals in Australia.

The PNG Gas Project participants are ExxonMobil subsidiaries
39.4 per cent (Esso Highlands Limited as project operator), Oil
Search 54.2 per cent, MRDC (PNG Company representing landowner
interests) 3.0 per cent and Nippon Oil Exploration Limited 3.4
percent.

Further enquiries:

Contact: John Short,
General Manager External Affairs
Direct: 02 9921 2336
Mobile: 0402 060 528,

Contact: Jane Counsel,
Media Relations Manager
Direct: 02 9921 2352
Mobile: 0416 275 273


AUSTRALIAN INSTITUTE: To Undergo Winding Up Process
---------------------------------------------------
Notice is hereby given that the members of Australian Institute
Of Purchasing And Materials Management Ltd A.C.N. 008 597 680
resolved that the Company be wound up voluntarily with effect
January 7, 2005 and that Michael Oscar Basedow, Chartered
Accountant of Level 1, 121 Greenhill Road, Unley, South
Australia be appointed as Liquidator for the purposes of such
winding up.

Dated this 11th day of January 2005

M. O. Basedow
Liquidator
Level 1, 121 Greenhill Road,
Unley SA 5061


BAKE PTY: To Declare Final Dividend March 4
-------------------------------------------
A Final dividend is to be declared on March 4, 2005 for Bake Pty
Ltd (In Liquidation) A.C.N. 085 851 985 in respect of priority
claims only.

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

Dated this 17th day of January 2005

John Irving
Joint and Several Liquidator
SimsPartners
Level 6, 12 Pirie Street,
Adelaide SA 5000
Telephone: (08) 8233 9900
Facsimile: (08) 8211 6644,
E-mail: adel@simspartners.com.au


BARMOR DEVELOPMENTS: Sets February 28 as Date of Final Meeting
--------------------------------------------------------------
Notice is hereby given that pursuant to Section 509(2) of the
Corporations Act 2001, the final meeting of members of Barmor
Developments Pty Ltd (In Members' Voluntary Liquidation) A.C.N.
009 716 483 will be held in the offices of Lavis Melin Taylor,
Level 5, 141 Queen Street, Brisbane, Queensland 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 given by the liquidator.

Dated this 17th day of January 2005

Andrew Raymond Taylor
Liquidator


BATHROOM DELI: To Hear Liquidator's Account on Winding Up
---------------------------------------------------------
Notice is hereby given that a final meeting of creditors and
members of The Bathroom Deli Pty Ltd (In Liquidation) A.C.N. 091
835 755 is to be held at the office of Messrs SV Partners, Level
16, 120 Edward Street, Brisbane, in the State of Queensland on 2
March 2, 2005 at 10:30 a.m.

AGENDA

(1) Receive an account by the liquidators.

(2) To consider and if thought fit pass the following
resolution: that the books and records of the company be
destroyed.

(3) General business.

Dated this 14th day of January 2005

Paul Sweeney
Terry G. Van Der Velde
Liquidators


DARRELL GRIBBLE: Lays Out Agenda for Meeting
--------------------------------------------
Notice is hereby given that a final combined meeting of the
members and creditors of Darrell Gribble Building Contractor Pty
Ltd (In Liquidation) A.C.N. 062 750 529 will be held at the
offices of Knights Insolvency Administration, Level 7, Suncorp
Plaza, 61-73 Sturt Street, Townsville on Monday, February 28,
2005 at 11:30 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 17th day of January 2005

D. J. Offermans
Liquidator
c/- Knights Insolvency Administration
Level 7, Suncorp Plaza, 61-73 Sturt Street,
Townsville Qld 4810


DWYER GROUP: To Convene Final Meeting February 28
-------------------------------------------------
Notice is hereby given that a final combined meeting of the
members and creditors of Dwyer Group Pty Ltd (In Liquidation)
A.C.N. 010 685 408 will be held at the offices of Knights
Insolvency Administration, Level 7, Suncorp Plaza, 61-73 Sturt
Street, Townsville on Monday, February 28, 2005 at 11:00 a.m.

AGENDA

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

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

Dated this 17th day of January 2005

D. J. Offermans
Liquidator
c/- Knights Insolvency Administration
Level 7, Suncorp Plaza, 61-73 Sturt Street,
Townsville Qld 4810


F.H. EDWARDS: Final Meeting Set March 1
---------------------------------------
Notice is hereby given that pursuant to section 509 of the
Corporations Act 2001, the final meeting of members of F.H.
Edwards Pty Ltd (In Liquidation) A.C.N. 007 632 804 will be held
at the offices of Ian Allan McFarlane of Cleland McFarlane
Selth, Level 1, 191 Flinders Street, Adelaide, on March 1, 2005
at 10:00 a.m. for the purpose of laying before the meeting the
liquidator's final account and report and giving any explanation
thereof.

Dated this 4th day of January 2005

Ian Allan Mcfarlane
Liquidator
Level 1, 191 Flinders Street,
Adelaide SA 5000


GAINSONG PTY: Members Agree to Wind Up Company
----------------------------------------------
Notice is hereby given that Gainsong Pty Ltd A.C.N. 089 541 953
on January 13, 2005 duly resolved by special resolution that it
be wound up voluntarily, and that the creditors of the Company
resolved by ordinary resolution that Mr. John William Cunningham
and Mr. John Richard Park of Ramsay Clout, Level 1, 37 The
Esplanade, Maroochydore, be and are appointed Joint and Several
Liquidators for the purposes of such winding up.

Dated this 13th day of January 2005

Richard Graham Duce
Director


HIWAY ONE: Appoints Liquidator to Wind Up Company
-------------------------------------------------
Notice is hereby given that at a Meeting of Members of Hiway One
Properties Pty Ltd A.C.N. 007 950 067 held on January 11, 2005,
it was resolved that the Company be wound up voluntarily and
that Richard G. Freer of 40 Sturt Street, Adelaide, SA 5000,
Telephone: (08) 8211 7177, Facsimile: (08) 8212 6177 be
appointed Liquidator for the purpose of such winding up.

Dated this 14th day of January 2005

Colin Maxwell Heath
Director


J BRITTON: Court Opens Winding Up Proceedings
---------------------------------------------
On January 17, 2005, the Supreme Court of Western Australia in
Proceeding No. 401 of 2004, ordered the winding up of J Britton
Management Services Pty Ltd A.C.N. 005 739 159 and Bryan Hughes
was appointed as liquidator of the company.

Dated this 17th day of January 2005

Bryan Hughes
Official Liquidator
Pitcher Partners
10 Ord Street, West Perth WA 6005
Telephone: (08) 9322 2022
Facsimile: (08) 9322 1262


LESIAH SECURITY: To Declare Final Dividend March 1
--------------------------------------------------
A first and final dividend to creditors is to be declared on 1
March 2005 for Lesiah Security Pty Ltd (In Liquidation) (The
Company) A.C.N. 104 601 176.

Creditors who were not able to formally prove their debt or
claims will be excluded from the benefit of the dividend.
Dated this 17th day of January 2005

Oren Zohar
Liquidator
KordaMentha
Telephone:(08) 9221 6999


MARKET PLACE: Members Final Meeting Slated for March 2
------------------------------------------------------
Notice is hereby given that a final meeting of the members of
Market Place Projections Pty Ltd (In Liquidation) A.C.N. 078 349
676 will be held at the offices of SV Partners, Level 16, 120
Edward Street, Brisbane on Wednesday, March 2, 2005 at 9:00 a.m.

AGENDA:

(1) Receive a report by the Liquidators on how the winding up of
the company has been conducted and the property of the company
has been disposed of.

(2) General business.

Dated this 14th day of January 2005
Paul D. Sweeney
Terry G. Van Der Velde
Liquidators
c/- SV Partners
Level 16, 120 Edward Street,
Brisbane Qld 4000


MARTIN MCLEAN: Members, Creditors to Meet February 28
-----------------------------------------------------
Notice is hereby given that the final meetings of the members
and creditors of Martin Mclean Pty Ltd (In Liquidation) A.C.N.
087 278 573 will be held at the offices of Dye & Rennie, Suite
8, 260 Auburn Road, Hawthorn 3122 on Monday, February 28, 2005
at 1:00 p.m.

For the purpose of laying before the meetings accounts showing
how the windings up have been conducted and the property of the
companies disposed of and giving any explanation thereof.

Dated this 24th day of January 2005

V. R. Dye
Joint & Several Liquidator
Dye & Rennie
Chartered Accountants
Suite 8, 260 Auburn Road, Hawthorn 3122


NATIONAL AUSTRALIA: Reviewing APRA's Discussion Paper on IFRS
-------------------------------------------------------------
The Australian Prudential Regulation Authority (APRA) on
Thursday released a discussion paper outlining their proposed
approach to fair value and other issues arising from the
adoption of Australian equivalents to International Financial
Reporting Standards.

APRA's proposals have potential impacts for the regulatory
capital positions of all Australian Financial institutions. The
National Australia Bank (the National) will be progressively
adopting the new financial reporting standards from October 1,
2005. Once finalized APRA's intention is that any new regulatory
capital treatments will take effect from January 1, 2006,
subject to any transitional arrangements.

The proposals outlined in the APRA discussion paper are subject
to a consultation process.

The National is currently assessing the potential impacts as a
result of APRA's proposed treatments of these standards. It
intends to provide further information on the impact of the
proposed changes when it has had opportunity to review the
proposals in detail, discuss the framework further with APRA and
quantify potential impacts.

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/


PARMALAT AUSTRALIA: Inks New Finance Deal with ANZ Bank
-------------------------------------------------------
Ailing Parmalat Australia has recently forged a new, three-year
financing deal with ANZ Banking Group Limited, relates Dow Jones
Newswires.

The local dairy producer, which placed its local finance needs
out to a tender process following the collapse of its Italian
parent Parmalet Finanziaria SpA, said ANZ will arrange and
underwrite a syndicated facility for an undisclosed amount.

The Company said it is optimistic the new deal will support its
operations until at least 2008. It added that the accord
underscores the financial sector's confidence in the company's
strategic direction and growth potential.

Parmalat Australia previously received loan facilities from ANZ,
National Australia Bank and Commonwealth Bank of Australia.

In late January, Parmalat Australia's historic cheese factory in
Warwick finally ended its six-year operation amid troubles at
its Italy-based parent.

Sources said the factory is going to be mothballed, as the
company has not decided yet decided whether to sell the factory
or retain it as an asset.

CONTACT:

Parmalat Australia Ltd  
South Brisbane, Queensland,
Australia


PERINA NOMINEES: To Pay Creditors Dividend
------------------------------------------
A first and final dividend is to be declared on Tuesday, March
1, 2005 for Perina Nominees Pty Ltd (In Liquidation) A.C.N. 008
031 043.

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

Dated this 14th day of January 2005

Hillary Orr
Official Liquidator
PO Box 1022, Blackwood SA 5051
Telephone/facsimile:
(08) 8270 8600


RG BOURNE: General Meeting Set February 28
------------------------------------------
Notice is hereby given pursuant to Subsection 509(3) and (4) of
the Corporations Law that a General Meeting of the Members of RG
Bourne & Co Pty Ltd (In Liquidation) A.C.N. 009 765 495 will be
held February 28, 2005 at the 372 Stenner Street, Toowoomba for
the purpose of laying before the meeting the liquidator's final
account and report and giving any explanation thereof.

Dated this 17th day of January 2005

Cornelis A. Roggeveen
Liquidator


STRINGER & JAMES: Sets Out Final Meeting Agenda
-----------------------------------------------
Notice is given that a final meeting of the creditors and
members of Stringer & James Pty Ltd (In Liquidation) A.C.N. 061
545 686 will be held in the meeting room of SimsPartners, Level
6, 12 Pirie Street, Adelaide, on March 7, 2005 at 10:00 a.m.

AGENDA

To consider a report from the liquidator regarding the conduct
of the liquidation, including particulars of asset realization
and investigation into the affairs of the company.

Any other business.

Dated this 12th day of January 2005

Nick Cooper
Joint and Several Liquidator

Note:

To enable creditors to vote at the meeting, proof of debt and
proxy forms should be forwarded to SimsPartners, Level 6, 12
Pirie Street, Adelaide before the commencement of the meeting.

Proof of debt and proxy forms are available from SimsPartners.

E-mail: adel@simspartners.com.au


TL BLEAKLEY: Lays Out Agenda for Meeting
----------------------------------------
Notice is given that a meeting of creditors and members of TL
Bleakley Nominees Pty Ltd (In Liquidation) A.C.N. 009 602 055
will be held at the offices of PKF Bob Cowling, Chartered
Accountant, TEM House, 5 Edmunds Street, Darwin NT 0800 on
Tuesday, March 1, 2005 at 11:00 a.m.

AGENDA

To lay before the meeting an account of the Liquidator's acts
and dealings and of the conduct of the winding up during the
preceding twelve months.

Dated this 11th day of January 2005

Robert William Cowling
Liquidator
T L Bleakley Nominees Pty Ltd (In Liquidation)
PKF Bob Cowling
Chartered Accountants
TEM House, 5 Edmunds Street,
Darwin NT 0800


TREVOR WILLIS: Schedules Final Meeting on March 1
-------------------------------------------------
Notice is given that pursuant to Section 509 of the Corporations
Act, a Final Meeting of members and creditors of Trevor Willis
Homes Pty Ltd (In Liquidation) A.C.N. 101 249 987 will be held
at the offices of Melsom Robson, Chartered Accountants, Colmel
House, 241 Stirling Street, Perth on Tuesday, March 1, 2005 at
9:00 a.m.

AGENDA

(1) To lay before the meeting the Liquidator's Account showing
how the winding up has been conducted and how the property of
the company has been disposed of, and giving any explanations
thereof.

(2) To review and approve, if required, the Liquidator's
remuneration.

(3) To resolve any other matters as may arise during the course
of the meeting.

Dated this 14th day of January 2005

E. R. Verge
Liquidator
Melsom Robson
Chartered Accountants
Colmel House, 241 Stirling Street,
Perth WA 6000


WARAPINT PTY: Members Pass Winding Up Resolution
------------------------------------------------
Notice is hereby given that Warapint Pty Ltd A.C.N. 089 541 935
on January 13, 2005 duly resolved by special resolution that it
be wound up voluntarily, and that the creditors of the Company
resolved by ordinary resolution that Mr. John William Cunningham
and Mr. John Richard Park of Ramsay Clout, Level 1, 37 The
Esplanade Maroochydore, be and are appointed Joint and Several
Liquidators for the purposes of such winding up.

Dated this 13th day of January 2005

Richard Graham Duce
Director


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

BANK OF CHINA: Appoints New Chief Credit Officer
------------------------------------------------
The Bank of China (BOC) has named Lonnie Dounn of the Hong Kong
and Shanghai Banking Corporation (HSBC) as its chief credit
officer, relates People's Daily.

The appointment of Mr. Dounn, the first foreigner to work in a
state bank's senior management, signals the bank's effort to
step up reform, strengthen corporate governing and curb business
risks.

Mr. Dounn has been overseeing HSBC's risk control business in
the Asia- Pacific region since May 1998, and has 30 years of
experience in risk management.   

BOC, a commercial bank wholly owned by China's central
government, is one of China's Big Four banks, along with the
Industrial and Commercial Bank of China, China Construction Bank
and Agricultural Bank of China.    

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


BIG RESOURCES: Joint and Several Liquidators Appointed
------------------------------------------------------
By order of the High Court of Hong Kong dated February 3, 2005,
Mr. Desmond Chung Seng Chiong and Mr. Roderick John Sutton, both
of Ferrier Hodgson Limited, 14th Floor, Hong Kong Club Building,
3A Chater Road, Central, Hong Kong, have been appointed Joint
and Several Liquidators of Big Resources Industries Limited
without a committee of inspection.

Dated this 18th day of February, 2005

Desmond Chung Seng Chiong
Roderick John Sutton
Joint and Several Liquidators


ECYBERCHINA HOLDINGS: Sets AGM March 31
---------------------------------------
Notice is hereby given that an annual general meeting of
eCyberChina Holdings Limited will be held at Plaza IV, Lower
Lobby, Novotel Century Hong Kong, 238 Jaffe Road, Wanchai, Hong
Kong on March 31, 2005 at 10:00 a.m. for the following purposes:

(1) To receive and consider the audited consolidated financial
statements of the Company and its subsidiaries and the reports
of the Directors and Auditors for the year ended 30th June,
2004.

(2) To re-elect retiring Directors and to fix the Directors'
remuneration.

(3) To re-appoint Messrs. Deloitte Touche Tohmatsu as the
Auditors, and to authorize the Directors to fix their
remuneration.

As special businesses, to consider and, if think fit, pass with
or without amendments, the following resolutions as Ordinary
Resolutions:

(4) THAT:

(a) subject to paragraph

(b) below, the exercise by the Directors during the Relevant
Period of  all the powers of the Company to repurchase shares of
HK$0.20 each in the capital of the Company, subject to and in
accordance with all applicable laws and the requirements of the
Rules Governing the Listing of Securities on The Stock Exchange
of Hong Kong Limited, be and is hereby generally and
unconditionally approved;

(b) the aggregate nominal amount of shares of the Company which
may be repurchased by the Company pursuant to paragraph (a)
above shall not exceed 10 per cent. of the aggregate nominal
amount of the issued share capital of the Company at the date of
passing this Ordinary Resolution and the said approval shall be
limited accordingly; and

(c) for the purpose of this Ordinary Resolution, Relevant Period
means the period from the passing of this Ordinary Resolution
until whichever is the earliest of:

(i) the conclusion of the next annual general meeting of the
Company;

(ii) the expiration of the period within which the next annual
general meeting is required by any applicable laws or the
Company's Memorandum and Articles of Association to be held; and

(iii) the revocation or variation of the authority given under
this Ordinary Resolution by an ordinary resolution of the
shareholders in general meeting.

(5) THAT the exercise by the Directors during the Relevant
Period (as defined in Ordinary Resolution 4 as set out in the
notice convening this Meeting) of all the powers of the Company
to allot, issue and deal with additional shares in the capital
of the Company and to make or grant offers, agreements and
options, which would or might require shares to be allotted,
issued or dealt with, whether during or after the end of the
Relevant Period be and is hereby generally and unconditionally
approved, provided that, otherwise than pursuant:

(a) a rights issue where shares are offered to shareholders on a
fixed record date in proportion to their then holdings of shares
(subject to such exclusions or other arrangements as the
Directors may deem necessary or expedient in relation to
fractional entitlements or having regard to any restrictions or
obligations under the laws of, or the requirements of any
recognized regulatory body or any stock exchange in any
territory applicable to the Company); or

(b) any scrip dividend or similar arrangement providing for the
allotment of securities in lieu of the whole or part of a
dividend on shares of the Company in accordance with the
Articles of Association of the Company; or

(c) the exercise of subscription rights attaching to share
options under any option scheme; or

(d) a specific authority granted by the shareholders of the
Company in general meeting, the additional shares allotted,
issued or dealt with (including shares agreed conditionally or
to be allotted, issued or dealt with, whether pursuant to an
option or otherwise) shall not in aggregate exceed 20 per cent
of the aggregate nominal amount of the issued share capital of
the Company at the date of passing this Ordinary Resolution and
the said approval shall be limited accordingly."

(6) THAT the general mandate granted to the Directors under
Ordinary Resolution 5 as set out in the notice convening this
Meeting be and is hereby extended by the addition of an amount
representing the aggregate nominal amount of shares repurchased
by the Company pursuant to the general mandate approved in
Ordinary Resolution 4 as set out in the notice convening this
Meeting.

By Order of the Board
eCyberChina Holdings Limited
Ng Yi Wa
Company Secretary

To view a full copy of the notice, click
http://bankrupt.com/misc/ECYBERCHIAN022405.pdf
To view a full copy of the notice, click
http://bankrupt.com/misc/ECYBERCHINAHOLDINGS022405.pdf


HIGH WAY: Faces Winding Up Proceedings
--------------------------------------
A winding up order made by the High Court of the Hong Kong
Special Administrative Region Court of First Instance was issued
to High Way Technology Development Limited of F2, A2,12/F, Hang
Fung Ind Bldg, No 2 Hok Yuen St, Hunghom, KLN on February 2,
2005.

The winding up petition was presented December 8, 2004

Dated this 18th day of February 2005

E T O'Connell
Official Receiver


HOGENT INTERNATIONAL: Creditors Meeting Set March 4
---------------------------------------------------
Notice is hereby given that pursuant to Section 241 of the
Companies Ordinance, a meeting of the creditors of Hogent
International Holding Limited will be held at 26th Floor, Wing
On Center, 111 Connaught Road Central, Hong Kong on March 4,
2005 at 3:30 p.m. for the purposes mentioned in Sections 241,
242, 243, 244 and 255A of the Companies Ordinance.  

Creditors may vote either in person or by proxy. Proxies used at
the meeting must be lodged at Room A, 60th Floor, Bank of China
Tower, 1 Garden Road, Central, Hong Kong not later than 4:00
p.m. on the day before the meeting or adjourned meeting at which
they are to be used.

Dated this 18th day of February 2005

By Order Of The Board Of
Hogent International Holding Limited
Ying Wei Gen
Director


JAZZ PHOTO: Fixes Date, Time of Meeting
---------------------------------------
Jazz Photo (Hong Kong) Limited will hold a meeting March 2, 2005
at the Official Receiver's Office, 10th Floor, Queensway
Government Offices, 66 Queensway, Hong Kong, at the time given.

Creditors: At 10:30 a.m.

Contributories: At 11:30 a.m.

Dated this 18th day of February 2005

ET O'Connell
Official Receiver & Provisional Liquidator


KENWELD INTERNATIONAL: 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 Kenweld
(International) Industrial Limited of Room J, 8/F, Phase 3, Kwun
Tong Ind Ctr, 456 Kwun Tong Rd, Kwun Tong, KLN on February 2,
2005.

The winding up petition was presented 8th December 2004.

Dated this 18th day of February 2005

E T O'Connell
Official Receiver


TECHNIC GATE: Court to Hear Winding Up Petition March 10
--------------------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Technic Gate International Limited by the High Court of Hong
Kong Special Administrative Region was on January 4, 2005
presented to the said Court by Gallant Way Investment Limited
whose registered office is situate at Suite 1803, Two Exchange
Square, 8 Connaught Place, 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. Winston Chu & Co.
Solicitors for the Petitioner
Room 2006, 20th Floor
One Pacific Place
88 Queensway
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 March
15, 2005.


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


PERTAMINA: Delays Plan to Import Oil Fuel from Russia
-----------------------------------------------------
Pertamina said it put off a plan to buy oil fuel from Russia,
due to its failure open a letter of credit for the importation,
Asia Pulse reports.

The state-owned oil company aims to import 7.2 million barrels
of high-speed diesel (HSD) oil from Russia, via international
trading company WVC Petroleum (Far East) Ltd.

According to Pertamina president Widya Purnama, the firm wanted
to begin importing 600,000 barrels of HSD oil a month, starting
Dec. 2004. He added that the contract signed in October last
year with Singapore's WVC Petroleum was still ongoing, since the
delay was due to the opening of the letter of credit with state
banks.

PT Pertamina is a wholly state-owned enterprise. The enactment
of Oil and Gas Law No. 22/2001 in November 2001 and Government
Regulation No. 31/2003 changed its legal status from a special
state-own enterprise into a Limited Liability Company.

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


PERTAMINA: Searching for 200,000 Gasoline Barrels for Delivery
--------------------------------------------------------------
Pertamina is looking for 200,000 barrels of 92 RON gasoline to
deliver to Balongan on March 19-21 via a tender, reports Dow
Jones.

According to this statement by a trader on Feb. 23, the tender
closes on Friday, Feb. 25.

The Company previously canceled a tender to buy similar cargo
for delivery on March 1-3, because of scarce supplies and
higher-than-expected offers. Earlier this month, Pertamina
purchased on a spot basis 400,000 barrels of gasoline.


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

DAIEI INCORPORATED: To Convert Jujiya Into Wholly Owned Unit
-----------------------------------------------------------
Struggling retailer Daiei Incorporated has agreed on an equity
swap deal that will convert Jujiya Company into a wholly owned
subsidiary on June 1, Japan Today reports.

As part of its rehabilitation scheme under the state-backed
Industrial Revitalization Corporation of Japan (IRCJ), Daiei
inked the deal with Jujiya, a firm engaged in the operation and
retail of clothing department stores.

The retail giant has also considered shutting down 53 of its
unprofitable supermarkets and sell off companies in a desperate
bid to turn its business around.

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

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

CONTACT:

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


MATSUSHITA INVESTMENT: May Get Aid from U.S. Fund
-------------------------------------------------
A U.S.-based private equity firm is in final talks to support
Matsushita Investment and Development Company, the real estate
arm of Matsushita Electric Industrial Company.

According to a Reuters report, Aetos Capital LLC heeded calls by
Panasonic products maker Matsushita Electric to help its ailing
real estate affiliate. Matsushita Electric reportedly approached
Aetos after negotiations to sell the unit to Daiwa House
Industry Co. failed.

Matsushita Investment has been struggling partly because of
excessive investments in developments such as overseas resorts
during the Japanese bubble years of the 1980s.


MITSUBISHI MOTORS: Releases Production Figures for January 2005
---------------------------------------------------------------
Mitsubishi Motors Corporation announced production, domestic
sales and export results for January 2005.

Total global production was 101,937 units, a decline of 11
percent from January 2004. Domestically, 50,308 units were
produced in the month, 16.2 percent less than the same period
last year. Commercial vehicle production saw a 1.8 percent rise,
but the overall figure fell due to lowered output of passenger
cars.

Sales in Japan tallied 16,011 units, 81.7 percent compared to
the previous year, a figure that exceeds the targeted goal of 70
percent of last year's sales for the month. Sales for
registrations have increased over the last year for the first
time in 14 months since November 2003 to 7,374 units, a 2.4
percent increase. This was driven by good results for the Colt
series, which totaled 4,933 units.

Overseas production for the month was relatively stable,
reaching 51,629 units, or 94.8 percent of the amount
manufactured last year. European production almost doubled year-
on-year, increasing by 95.7 percent to 6,167 units, while Asian
production remained steady at 37,439, or 103.3 percent of last
year's figure for January. Production in North America, which
was adjusted in late 2004, reduced by 54.4 percent to 5,670
units.

Exports from Japan were off by 18.2 percent at 22,249 units.
Exports to Europe resulted in 6,157 units, a year-on-year
decrease of 36.1 percent. Exports to Asia were down by 34.1
percent, for a total of 3,239 units, while exports to North
America reached 2,137 units, or 73.3 percent compared to the
year before.

To view the entire release click on:
http://bankrupt.com/misc/tcrap_mitsubishimotors022405.pdf

CONTACT:

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


ORIENTARU GOLF: Begins Bankruptcy Proceedings
---------------------------------------------
Golf course operator K.K. Orientaru Golf Cohporeishon has begun
bankruptcy proceedings, according to Teikoku Databank America.

The firm, based in Miki-shi, Hyogo 673-0731, left total
liabilities of US$285.71 million.

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


SEIBU RAILWAY: Ex-Kokudo Boss Likely to Accept Reform Plan
----------------------------------------------------------
The former chairman of Kokudo Corporation, the controlling unit
of the Seibu Railway Company group, is considering accepting a
restructuring plan for the scandal-mired conglomerate, Kyodo
News reports.

Yoshiaki Tsutsumi is likely to agree on Seibu's reform plan that
would dilute his influence on the conglomerate. In fact, he
recently dismissed his lawyer, who was trying to protect his
assets and opposed Seibu's reform plan that was released on
January 28.

According to sources, Mr. Tsutsumi asked the lawyer to step down
because he "would hamper the reform plan". He is expected to
appoint a new lawyer recommended by Kokudo and convey his
approval of the reform plan to the panel shortly.

Mr. Tsutsumi quit as Kokudo chairman in October but remains the
company's largest shareholder with a 36-percent equity stake,
giving him the authority to decide whether to approve the
restructuring plan.

Under the reform plan, Kokudo would be divided into two parts:
one for the management of the group's founding family's assets,
and another that would succeed Kokudo's other operations. The
latter will be merged with Seibu Railway.

The restructuring plan is also designed to allow Seibu Railway
to replace Kokudo as the group's core company and absorb
Kokudo's Prince Hotels chain. It also calls on Seibu Railway to
increase its capital by JPY150 billion to JPY200 billion.

Lawyers representing Kokudo and Seibu Railway, as well as
incoming Seibu Railway President Takashi Goto, have repeatedly
asked Tsutsumi to accept the restructuring plan. The former
chairman said he would reply by the end of February because he
was in "poor physical condition".

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/


SEKIEI KAIHATSU: Begins Bankruptcy Proceedings
----------------------------------------------
Sekiei Kaihatsu K.K., a firm engaged in real estate business,
has entered bankruptcy, says Teikoku Databank America.

The Company, headquartered in Shinjuku-ku, Tokyo 169-0074, has
total liabilities of US$347.96 million.

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


SNOW BRAND: R&I Upgrades L-T Debt to BB-
----------------------------------------
Rating and Investment Information, Inc. (R&I), has upgraded the
following ratings of Snow Brand Milk Products Co., Ltd.

Senior Long-term Credit Rating
R&I RATING: BB- (Upgraded from B+)
RATING OUTLOOK: Stable

Long-term Bonds (3 series)
R&I RATING: B+ (Upgraded from B)

RATIONALE:

Snow Brand Milk Products Co., Ltd. earns more than 80 per cent
of its sales from dairy products (cheese, butter, etc). The
Company formerly held top share in the dairy industry and had
built up a solid operating base. However, with the June 2000
food poisoning incident, and with the January 2000 false meat
labeling scandal involving a Snow Brand subsidiary, consumer
confidence in the brand has slipped and performance results have
declined, leading to an excess of liabilities over assets.

In the March 2003 quarter, the Company received financial
assistance by debt forgiveness from a major financial
institution, and this resolved the company's liabilities
problem. This led to the reinstatement of a focus on the
Company's business with higher profitability - dairy products,
as the Company's primary operating revenue source.
Snow Brand's performance results are starting to improve with
measures such as the group reorganization including the spinning
off of the milk market business and cost saving effects through
employment adjustment.

R&I perceives that the Company has moved out of its worst period
in that, for the first time in four years, in the March quarter
of 2004, the company moved into the black in operational profit
terms. A large operating profit in the March quarter of 2005 is
also anticipated.

The competition in the dairy industry has been tightening and
the push for lower prices amongst consumers has led to lower
sales prices and contracting revenues. However, the share of
sales in dairy is showing signs of recovery and the
profitability is also rising.

In terms of finances, the Company's debt reduction is
progressing as a result of the impetus provided by financial
assistance. Consolidated debt at the end of the March 2004
quarter was JPY97.8 billion, and although this figure still
exceeded assets, it has been reduced by nearly 60 percent since
the March 2002 quarter. The good commercial relationship enjoyed
by the company with financial institutions enhances this
stability.

R&I recognizes that progress is being made in improving both the
Company's revenue and financial composition. Consequently, R&I
upgraded the Snow Brand's Senior Long-term Credit Rating from B+
to BB-. Because the Company's debt exceeds real assets, the
rating for the Long-term Bonds has been raised to B+, a notch
lower than that for the Senior Long-term Credit Rating.

The Rating Outlook for Snow Brand Milk Products is stable. R&I
is mindful that, because the company's financial base is weak,
the Company lacks sufficient immunity to a worsening business
environment. R&I will pay attention to the progress of the
company's restructuring plan for the future, together with
future trends in the Company's capital accumulation.

R&I RATINGS:

ISSUER: Snow Brand Milk Products Co.
Senior Long-term Credit Rating: BB- (Upgraded from B+)
RATING OUTLOOK: Stable
ISSUE:
Bonds Rated             Issue Date   Redemption   Amount(mln)
Unsec. Str. Bonds No. 2 Oct 21, 1997 Oct 19, 2007 JPY10,000
Unsec. Str. Bonds No. 3 Dec 01, 1999 Dec 01, 2009 JPY10,000
Unsec. Str. Bonds No. 4 Dec 01, 1999 Dec 01, 2006 JPY10,000

R&I RATING: B+ (Upgraded from B)

An R&I Senior Long-term Credit Rating is an opinion regarding an
issuer's overall capacity to pay its entire financial
obligations, without taking into account the degree of recovery
of specific obligations.

A Senior Long-term Credit Rating will be assigned to all
issuers. Ratings for individual issues may differ from the
Senior Long-term Credit Rating depending on the terms and
conditions of the issue.

CONTACT:

SNOW BRAND MILK PRODUCTS CO LTD
13 Naebo-Cho
Higashi-Ku Sapporo 065-0043,
Hokkaido 160-0003
Japan  
Phone: +81 3 3226 2114
Fax: +81 3 3226 2150  
Web site: http://www.snowbrand.co.jp/


TI EICHI: Enters Bankruptcy
---------------------------
K.K. Ti Eichi Kei has entered bankruptcy with total liabilities
of US$288.24 million, according to Teikoku Databank America.

The firm, engaged in real estate leasing, is based in Yokohama-
shi, Kanagawa 226-0025.

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


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

KOOKMIN BANK: Looks to Sell Treasury Stocks to Investors
--------------------------------------------------------
Kookmin Bank chief Kang Chung-won said it plans to sell treasury
shares to local and foreign investors, Yonhap News reports.

Mr. Kang said that they want to sell treasury shares amounting
to 8 percent of outstanding shares to investors, and will soon
hold an investor relations meeting for the sale.

Kookmin is also looking to broaden its asset management
business, to increase non-interest investment returns. The
bank's asset management unit is KB Asset Management Co.

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


LG CARD: Five Shareholders Suspected of Insider Trading
-------------------------------------------------------
Five major shareholders of credit card firm LG Card were
informed on Wednesday that it is believed they are responsible
for alleged insider trading, and face possible prosecution,
reports the Korea Times.

According to the Financial Supervisory Commission (FSC), its
Securities and Futures Commission had finished conducting a
probe into purported illegal transactions of LG shares.

LG Group chairman Koo Bon-moo, together with four other
shareholders, was accused by LG Investment & Securities' labor
union of using insider information to sell LG Card shares before
the firm became officially insolvent.

The prosecution must now determine whether to investigate the
case or not. The FSC reportedly found it hard to ascertain
whether the accused took part in any illegal transactions, so
they informed the prosecution about the case.

Early last year, LG Securities' labor union asked financial
regulators to check if 94 people were involved in unlawful
transactions of LG Card shares. But LG Group denied the
speculations, saying that shareholders just sold their shares to
satisfy requirements for the firm's spin off.

Private equity investor firm Warbug Pincus may be exempted from
further investigations concerning the alleged insider trading.
The equity firm sold its entire 18.92 percent LG Card stake
before the credit card firm went bankrupt.

CONTACT:

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


LG CARD: To Conduct 5.5-for-1 Reverse Stock Split
-------------------------------------------------
LG Card Co. has decided to bring together its common shares by
combining 5.5 shares into one, reports Asia Pulse.

Under the reverse stock split, the Company's capital will be
reduced to KRW626.8 billion from KRW3.45 trillion, and the
number of outstanding shares will drop to 125 million from 689
million.

Trading of LG Card shares is to be suspended from March 4 to
March 17, 2005, with new shares to be issued on March 7 and
listed on the Korea Stock Exchange on March 17.

The consolidation of LG Card shares will allow creditors and
units of parent LG Group to infuse fresh capital worth KRW1
trillion into the credit card firm. Creditors agreed to the
recapitalization plan late last year, after conflicts on how to
bail out the troubled firm.

LG Card posted KRW5.6 trillion in losses in 2003, and recorded
losses from January to August last year.



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


ARTWRIGHT HOLDINGS: Bank Approves Issuance of Warrants
------------------------------------------------------
Artwright Holdings Berhad refers to the Company announcements
dated Nov. 3, 2003, and Dec. 15, 2004, in relation to a Proposed
Settlement. One of the components of the Proposed Settlement is
the proposed restricted issue of up to 19.76 million warrants
2005/2010 on a non-renounceable basis to the existing Company
shareholders other than Yong Yoke Keong, Yong Chew Keat and
Iskandar Holdings Sdn Bhd and/or person(s) connected to them.
The Company's shareholders who are entitled to the Proposed
Restricted Issue of Warrants may comprise of non-residents.

Artwright Holdings Berhad announced that Bank Negara Malaysia
has, via its letter dated Feb. 16, 2005, received by the Company
on Feb. 22, 2005, approved the issuance of the Warrants to non-
residents pursuant to Exchange Control of Malaysia Notice 12.

CONTACT:

Artwright Holdings Berhad
274909-A
6th Floor
3 Cangkat Raja Chulan
50250 Kuala Lumpur, WP
Malaysia

This announcement is dated Feb. 22, 2005.


CEPATWAWASAN GROUP: Court Adjourns Case Hearing to April 18
-----------------------------------------------------------
Reference is made to the announcement on Jan. 5, 2005 regarding
the Civil Suit No D3-24-83-2004 in respect of the committal
proceeding against the following former directors of
Cepatwawasan Group Berhad:

(1) Tengku Dato' Kamal Ibni Sultan Sir Abu Bakar (NRIC: 611008-
06-5021)

(2) Lt Kol Tengku Dato' Kamarul Zaman Ibni Sultan Sir Abu Bakar
(NRIC: 621104-06-5135)

(3) Kassim bin Mohamed Ali (NRIC: 570718-10-5915)

(4) Abdul Rahim bin Sendiri (NRIC: 460708-06-5203)

for breach of an undertaking given to the Court on July 5, 2004
by the former directors undertaken not to make capital
commitment, investment and acquisition and not to dispose off
assets of the Company, in particular its plantations and plants
until the disposal of the Extraordinary General Meeting by
notice dated March 23, 2004.

However, between July 9, 2004 and Aug. 5, 2004, the former
director transferred a total sum of RM16,000,000.00 to third
parties who had no dealing with the company, and therefore
breached the undertaking given to the Court.

Cepatwawasan Group Berhad announced that the Court has adjourned
the hearing of the said committal proceeding to April 18, 2005,
to enable the Plaintiff to file and serve an affidavit in
response to the affidavits filed and served by Tengku Dato'
Kamal Ibni Sultan Sir Abu Bakar and Lt Kol Tengku Dato' Kamarul
Zaman Ibni Sultan Sir Abu Bakar on Feb. 21, 2005.

CONTACT:

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

This announcement is dated Feb. 22, 2005.


FABER GROUP: To Lists More Shares Today
---------------------------------------
Faber Group Berhad's additional 54,500 new ordinary shares of
RM1.00 each arising from the Conversion of RM109,000 nominal
value of 2000/2005 irredeemable convertible unsecured loan
stocks into 54,500 new ordinary shares are granted listing and
quotation effective Friday, Feb. 25, 2005, 9:00 a.m.

CONTACT:

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


GENERAL SOIL: Sees No Change in Monthly Status Report
-----------------------------------------------------
General Soil Engineering Holdings Berhad announced that pursuant
to Practice Note No.4/2001 (PN4), there has been no material
development in the Company's monthly status announcement other
than those that had been publicly announced earlier.

CONTACT:

General Soil Engineering Holdings Berhad
346, Jalan Tuanku Abdul Rahman
50100 Kuala Lumpur
Malaysia
Phone: 03-2698 9888
Fax:   03-2693 8580/670

This announcement is dated Feb. 22, 2005.


KUALA LUMPUR KEPONG: Passes Resolutions at AGM, EGM
---------------------------------------------------
Kuala Lumpur Kepong Berhad (KLK) announced that all the ordinary
resolutions as set out in the Notice of Meeting and Notice of
EGM both dated Jan. 6, 2005 were duly passed by the shareholders
at the Company's thirty-second Annual General Meeting (AGM) and
Extraordinary General Meeting (EGM) held on Wednesday, Feb. 23,
2005.

CONTACT:

Kuala Lumpur Kepong Berhad
Wisma Taiko 1, Jalan S. P.
Seenivasagam
30000 Ipoh, Perak, Malaysia
Phone: +60-5-241-7844
Fax:   +60-5-253-5018
Web site: httP://www.klk.com.my


KUB MALAYSIA: Court Grants Unit RO Extension Until May 22
---------------------------------------------------------
Pursuant to an earlier announcement made on Nov. 29, 2004, on
the extension of the Restraining Order granted to A&W (Malaysia)
Sdn Bhd, a Company subsidiary, KUB Malaysia announced that the
Kuala Lumpur High Court has granted A&W Malaysia a further
extension of time of the Restraining Order pursuant to Section
176(10) of the Companies Act, 1965, for a period of three
months, expiring on May 22, 2005.

The Company obtained the Order approving the extension of the
Restraining Order on Feb. 22, 2005.

CONTACT:

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


LANKHORST BERHAD: Shares Trading Resumes
----------------------------------------
Further to Listing's Circular No. L/Q 29601 of 2005, Lankhorst
Berhad announced that trading in the Company's securities has
resumed effective Tuesday, Feb. 22, 2005, 9:00 a.m.

Please refer to the Company announcement dated Feb. 21, 2005.

CONTACT:

Lankhorst Berhad
5th Floor, Bangunan Umno Selangor
Persiaran Perbandaran , Section14
40000 Shah Alam
Selangor, Malaysia
Phone: 03-50313030
Fax : 03-50313036


LION INDUSTRIES: Granted Listing of Additional Shares
-----------------------------------------------------
Lion Industries Corporation Berhad's additional 135,000 new
ordinary shares of RM1.00 each issued pursuant the Company's
Executive Share Option Scheme were granted listing and quotation
on Thursday, Feb. 24, 2005, 9:00 a.m.  

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


MANGIUM INDUSTRIES: Discloses FY04 Quarterly Results
----------------------------------------------------
Mangium Industries 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
            16,944         6,331         43,960        25,141

2  Profit/(loss) before tax
            -4,359        -6,784         -9,767       -13,723

3  Profit/(loss) after tax and minority interest
            -4,462        -7,344         -9,917       -14,280

4  Net profit/(loss) for the period
            -4,462        -7,344         -9,917       -14,280

5  Basic earnings/(loss) per shares (sen)
            -13.94        -22.95         -30.99        -44.63

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)
                               -0.0400               0.2600

For further details on the report, click on:

http://bankrupt.com/misc/tcrap_mangium1022405.xls

http://bankrupt.com/misc/tcrap_mangium2022405.doc

CONTACT:

Mangium Industries Berhad
2nd Floor Menara MAA
6 Lorong Api-Api 1
88000 Kota Kinabalu
Sabah, Malaysia
Phone: 6088-315000
Fax:   6088-312213


OCEAN CAPITAL: Wayrex Presents Winding Up Petition
--------------------------------------------------
Ocean Capital Berhad announced on Jan. 27, 2005, that a winding-
up petition against the Company by Wayrex Sdn. Bhd. was
presented at the Kuala Lumpur High Court on Dec. 6, 2004.

CONTACT:

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


POS MALAYSIA: Reveals Employee Share Option Scheme
--------------------------------------------------
Pos Malaysia & Services Holdings Berhad's additional 153,000 new
ordinary shares of RM1.00 each issued pursuant to the Company's
Employee Share option Scheme are granted listing and quotation
effective Friday, Feb. 25, 2005, 9:00 a.m.  

CONTACT:

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


PSC INDUSTRIES: To Dispute Demand of Repayment
----------------------------------------------
PSC Industries Berhad (PSCI) announced that the Company and its
subsidiaries; Penang Shipbuilding & Construction Sdn Bhd
(PSCSB), PSC Asset Holdings Sdn Bhd (PSC Asset) (wholly owned
subsidiaries of PSCI) and PSC-Naval Dockyard Sdn Bhd (PSCND) (
79.2% owned by PSCI through PSCSB and Perstim Industries Sdn
Bhd) received letters of demand from Financial Institutions
demanding the repayment of the aggregate amount of RM
63,211,022.94 under credit facilities as follows:

Company Financial Institutions Amount as at Type of Facility
Jan. 31, 2005
(RM)

PSCI Affin-ACF Finance Berhad: RM5,439,395.20 Fixed Loan

PSCSB AmFinance Berhad: RM970,307.63 Hire Purchase

PSC Asset OCBC Bank (Malaysia) Berhad: RM41,383,172.70 Term Loan

PSCND Bank Kerjasama Rakyat Malaysia: RM15,418,147.41 Al-Tarkhis
Berhad

Total: RM63,211,022.94

PSCI Group will reply to the Financial Institutions to dispute
the demand.

CONTACT:

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

The announcement is dated Feb. 22, 2005.


TALAM CORPORATION: Lists Additional Ordinary Shares
---------------------------------------------------
Talam Corporation Berhad's additional 56,440 new ordinary shares
of RM1.00 each issued pursuant to the Conversion of 564,400
irredeemable convertible preference shares into 56,440 new
ordinary shares were granted listing and quotation effective
Thursday, Feb. 24, 2005, 9:00 a.m.  

CONTACT:

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


TENCO BERHAD: Posts FY04 Third Quarter Results
----------------------------------------------
Tenco Berhad released its unaudited third quarter 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
            14,413        14,585         45,097        45,427

2  Profit/(loss) before tax
            -1,176          -546         -1,529        -3,712

3  Profit/(loss) after tax and minority interest
            -1,162          -546         -1,515        -3,712

4  Net profit/(loss) for the period
            -1,162          -546         -1,515        -3,712

5  Basic earnings/(loss) per shares (sen)
             -2.23         -1.05          -2.90         -7.11

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)
                                0.0010               0.0251

For a full copy of the report, go to:

http://bankrupt.com/misc/tcrap_tenco1022405.xls

http://bankrupt.com/misc/tcrap_tenco2022405.doc

CONTACT:

Tenco Berhad
No. 5, Jalan Pelabur 23/1
40000 Shah Alam, Selangor
Malaysia
Phone: (60) 3 541 0612
Fax:   (60) 3 541 0132


WCT ENGINEERING: Granted Quotation 108,520 Shares
-------------------------------------------------
WCT Engineering Berhad's additional 108,520 new ordinary shares
of RM1.00 each issued pursuant to the Company's Exercise of
108,520 Warrants 2000/2005 were granted listing and quotation on
Thursday, Feb. 24, 2005, 9:00 a.m.

CONTACT:

WCT Engineering Berhad
12, Jalan Majistret U1/26
Seksyen U1, Lot 44,
Hicom-Glenmarie Industrial Park
40150 Shah Alam, Selangor Darul
Ehsan, Malaysia
Phone: 603-7805 2266


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

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

A copy of the said document shall be made available for
reference at
http://bankrupt.com/misc/tcrap_bacnotanconsolidated022405.pdf.

For your information.

(Original Signed)
JURISITA M. QUINTOS
Senior Vice President

CONTACT:

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


BAYAN TELECOMMUNICATIONS: Offering Market's Lowest Internet Fee
---------------------------------------------------------------
In a bid to beef up its market share, Bayan Telecommunications
(BayanTel) launched the market's lowest-priced Internet plan,
Today News reveals.

BayanTel guarantees that for Php499 a month, subscribers are
assured of premium quality of unlimited Internet usage.

"By offering purely unlimited Internet use for a fixed monthly
charge, we believe we are further building up Sky Internet's
market position as among the pioneering and innovative Internet
service providers in the country. An unlimited package spells
out in clear terms the amount a subscriber needs to pay on a
monthly basis without the hassle of monitoring additional
charges for use during on-peak hours or going beyond the hours
prescribed under the plan," BayanTel vice president for Metro
Manila retail market Rodrigo Montinola said.

Mr. Montinola also stressed that Sky Internet's Php499 is a
regular price service and not a limited promotional offer. He
disclosed that the price point was borne out of a research
conducted by BayanTel which showed that an average prepaid
Internet user spends Php100 for a prepaid card once a week, or
equivalent to Php400 per month.

Mr. Montinola believes that the concept of unlimited Internet
use, usually associated with high bandwidth DSL plans,
represents a better deal to consumers who may be confused with
the various multitiered, pay-per-use packages out in the market
today.


BENPRES HOLDINGS: Clarifies Php1.5-B Refund Report
--------------------------------------------------
Benpres Holdings Corporation issued this announcement is in
reference to the news article entitled Php1.5-B refund due Metro
water users" published in the February 23, 2005 issue of The
Manila Times.

The article reported that "Ten million customers of two Metro
Manila water concessionaires are entitled to a Php1.5-bilion
refund for 2003 and 2004, according to estimates by the
Metropolitan Waterworks and Sewerage System. The amount, an MWSS
official said, makes up a portion of the two concessionaire's
revenue already collected from consumers, which in turn is
intended for corporate income-tax payments during the period.
The Lopez-controlled Maynilad Water Services Incorporated needs
to refund Php900 million to customers, and the Ayala-owned
Manila Water Co., Inc., Php600 million, said the official, who
asked not to be named. The refund could come in the form of a
water rate reduction."

Benpres Holdings Corporation (BPC), in its letter dated February
23, 2005, informed the Exchange that:

"As informed by our subsidiary, Maynilad Water Services, Inc.
(MWSI), they believe that there is no basis to the statement
made by the unnamed Metropolitan Waterworks and Sewerage System
(MWSS) official. As correctly stated in the article, the MWSS
regulatory office declared in July 2004 that the April 2003
Supreme Court decision which ruled that public utilities should
not pass off their corporate income taxes to customers, does not
apply to the two Metro Manila water concessionaires."

For your information.

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


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


COLLEGE ASSURANCE: Workers, Planholders Lobby Against SEC Action
----------------------------------------------------------------
Employees and loyal planholders of College Assurance Plans
(CAP), who have been served well by the embattled pre-need firm,
lobbied against a campaign by the Securities and Exchange
Commission (SEC) to disable CAP, according to The Philippine
Star.

The Solidarity in College Assurance Plan (SICAP) stepped up
efforts to counter the SEC action, saying the campaign placed
the pre-need firm "in a bad light and compromised its financial
security".

SICAP believes that certain SEC officials undertook a protracted
media campaign to tarnish CAP's reputation without giving due
consideration to the serious impact it would have on the very
people the regulatory body is mandated to protect.

The concerned group aims to prove that CAP's client base stands
firmly behind the ailing company, and to underscore the fact
that CAP's employees and customers firmly believe that the
company is not in a dismal financial situation.

SICAP is also requesting CAP planholders to disregard SEC's
"malicious statements" because terminating their plans would
mean that they would almost immediately forfeit much of the
hard-earned money they invested for their children's future.

The group added that CAP, despite temporary pitfalls, is fully
committed to securing funds for the benefit of its planholders.

CONTACT:

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


MANILA ELECTRIC: To Apply Final GRAM to Determine Remaining DAA
---------------------------------------------------------------
Manila Electric Company (MERALCO) evaluated the impact of the
October 1, 2004 Order of the Energy Regulatory Commission (ERC)
in ERC Case Nos. 2001-646/2001-900 revising the minimum charge
provision in the Meralco rate schedules.

The evaluation established that the change on the basis of the
computation of the Transmission Charge component of the minimum
charge would result in a potential liability estimated at Php1.2
billion from June 2003 to October 2004.

The Company intends to bring up this matter to the ERC
considering that the Company is already incurring under-
recoveries in the Transmission Charge under the current
unbundled rates. From June 2003, the start of the rate
unbundling, up to December 2004, under-recoveries have already
reached Php1.2 billion.

ERC ORDER ON MERALCO GRAM

Article IV, Section 2 of the approved Guidelines for the
Automatic Adjustment of the Generation Rates and System Loss
Rates, require distribution utilities, like MERALCO, to file a
final GRAM application in order to determine the remaining
deferred accounting adjustment (DAA) in the Generation Charge
under the GRAM. The ERC, on January 27, 2005, released its Order
on Meralco's December 13, 2004 application approving a DAA of
9.29 centavos monthly amortization for a period of 24 months
starting on February 2005 until January 2007.

CONTACT:

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


MANILA ELECTRIC: To Collect Php5.1 Bln to Cover Power Costs
-----------------------------------------------------------
The Manila Electric Company (Meralco) will collect a total of
Php5.1 billion from consumers over a two-year period, Dow Jones
Newswires reports.

The collection will be made to recoup expenses incurred between
June to October last year for the purchase of electricity by the
power firm.

Meralco said the amount will be the last delayed collection for
power generation expenses since the utility company already
adopted an automatic adjustment system from December.

The Energy Regulatory Commission (ERC) authorized Meralco to
collect the amount by approving the power firm's application to
collect Php0.0929 per kilowatt-hour for a period of 24 months.

The ERC, likewise, ordered Meralco to pay back a total of Php2.1
billion to certain costumers affected by the recalculation of
the cost of transmitting electricity. The refund would only
apply to customers who have signed a deal with Meralco to
purchase a guaranteed amount of electricity. The potential
refund covers the period June 2003 to October 2004.

In turn, Meralco will request ERC to reevaluate transmission
charges because of an estimated Php1.2 billion in under-
recoveries between June 2003 and December 2004 in transmission
costs.

CONTACT:

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


PHILIPPINE LONG: NTC Probes ISPs' Rap Over Cheaper Rates
--------------------------------------------------------
The telecommunications regulator is looking into a complaint
filed by Internet service providers (ISPs) against Philippine
Long Distance Telephone Company (PLDT) for anti-competitive
behavior, relates The Philippine Star.

ISPs claimed PLDT breached competition regulations when it
introduced a Php10 flat rate for national direct dialing calls
and brought down the cost of dial-up Internet access to Php1 per
hour and its broadband Internet access to Php1,995 a month.

The National Telecommunications Commission (NTC) has requested
PLDT to respond to the petition lodged by the Philippine
Internet Services Organization (PISO) asking NTC to issue a
cease-and desist order (CDO) banning PLDT from continuing its
flat rate promo as well as with its price reduction for PLDT
Vibe and myDSL.

PISO, composed of ISPs and other local Internet industry
players, stressed that PLDT has violated a 2002 compromise
agreement with the group when the former denied access to its
DSL (digital subscriber line) infrastructure to PISO members.

Aside from seeking a CDO to prevent PLDT from continuing with
its offerings, PISO also asked the NTC to stop the company from
increasing its pricing for EIR2 lines leased to its ISP
competitions and for a mandatory order compelling PLDT to allow
or give ISPs access to its DSL infrastructure as required by RA
7925 or the Public Telecommunications Act.  

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


PRIMETOWN PROPERTY: Court OKs Rehab Petition
--------------------------------------------
Primetown Property Group's petition for rehabilitation was
recently granted approval by a Makati City trial court,
according to Business World.

The court also named Attorney Norma T. Angcao to replace
Attorney Jose Absalom L. Jocom, Jr. as Primetown's
rehabilitation receiver. Atty. Jocom reportedly complained that
Primetown refused to cooperate with him.

Under its rehabilitation scheme, debt-laden Primetown will
continue to cede properties to creditors, and then recapitalize
through new investors after all its liabilities are settled.

Primetown, which started operating in 1993 with an authorized
capital stock of Php1 billion, slowly fell into the mire due to
the peso's depreciation, higher interest rates and lack of
access to credits.

The firm's debt mounted quickly, reaching Php3 billion in 1998.
Fortunately, it managed to cut its debt to Php549.8 million
through loan restructuring and the surrender of properties to
creditors.

Primetown is presently indebted to Bank of the Islands,
Philippine National Bank, Asiatrust Bank, Export and Industry
Bank, Government Service Insurance System, China Banking Corp.,
Bank of Commerce, and Philippine Veterans Bank.

CONTACT:

Primetown Property Group, Inc.
28/F, Century Citadel Inn Makati
5007 P. Burgos St., Makati City
Phone:  751-1957 to 58
Fax:  890-8310/8328
E-mail:  primetown2000@hotmail.com


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

BUKIT INVESTMENTS: Dissolved by Parent Firm
-------------------------------------------
Oversea-Chinese Banking Corporation Limited (OCBC Bank) informed
the Singapore Stock Exchange (SGX) that Bukit Investments
Limited (in Members' Voluntary Liquidation), a wholly-owned
dormant subsidiary of OCBC Bank, was dissolved on February 22,
2005.

Bukit Investments Limited has ceased to be a wholly owned
subsidiary of OCBC Bank effective February 22, 2005.


CHINA AVIATION: Sued for $14.35-Mln in Unpaid Debts
---------------------------------------------------
SK Energy Asia Pte Ltd. is suing China Aviation Oil (Singapore)
Ltd. (CAO) and nine of its officials for $14.35 million in
unpaid debts and damages for fraud and misrepresentation,
reports Reuters, citing a source close to the case.

The suit is the first to include a task force of officials from
the parent company appointed to help get CAO Singapore back on
its feet.

A unit of South Korea's SK Corp, SK Energy supplied 30 to 40
percent of CAO's jet fuel. The lawsuit states that CAO owed
$13.46 million for jet fuel that was delivered on October 25,
plus interest.

SK Energy is also seeking losses from two consignments of jet
fuel cargo that CAO Singapore had initially agreed to buy for
delivery in December, the source added.

Last month, CAO Singapore laid out a debt workout plan to stave
off bankruptcy.  The plan includes a lifeline cash injection of
up to $100 million from its Beijing parent and another investor.


LLM MARINE: Goes Under Voluntary Liquidation
--------------------------------------------
The Directors of Links Island Holdings Limited announced to the
Singapore Stock Exchange (SGX) that its wholly owned subsidiary,
LLM Marine Pte Ltd (LLM) have been placed under members'
voluntary liquidation.

LLM was incorporated for the purpose of holding marine vessels.
Following the disposal of the marine vessels, the subsidiaries
have ceased operations and are inactive.

Ms Yvonne Choo and Ms Diana Jackson Yap Mei Lan, both of KCS
Corporate Services Pte Ltd, have been appointed Liquidators of
LLM.

The members' voluntary liquidation of LLM will have no material
impact on the net tangible assets per share and the consolidated
earnings per share of the Group for the current financial year
ending 31 December 2005.

By Order of the Board
Loo Woei Harng
Director
February 23, 2005


PLM MARINE: Begins Voluntary Liquidation Proceedings
----------------------------------------------------
The Directors of Links Island Holdings Limited announced to the
Singapore Stock Exchange (SGX) that its wholly owned subsidiary,
PLM Marine Pte Ltd (PLM), have been placed under members'
voluntary liquidation.

PLM was incorporated for the purpose of holding marine vessels.
Following the disposal of the marine vessels, the subsidiaries
have ceased operations and are inactive.

Ms. Yvonne Choo and Ms Diana Jackson Yap Mei Lan, both of KCS
Corporate Services Pte Ltd, have been appointed Liquidators of
PLM.

The members' voluntary liquidation of PLM will have no material
impact on the net tangible assets per share and the consolidated
earnings per share of the Group for the current financial year
ending 31 December 2005.

By Order of the Board
Loo Woei Harng
Director
February 23, 2005


M.E.I. PROJECT: To Pay Creditors Dividend February 28
-----------------------------------------------------
M.E.I. Project Engineers Pte Ltd (In Liquidation) posted a
notice to declare a dividend in the Government Gazette,
Electronic Edition with the following details:

Address of Registered Office: c/o The Liquidator's Office

Amount per Centum: 2.0%

First & Final or otherwise: First and Final Dividend

When payable: 28th February 2005

Where payable: c/o Don Ho & Associates

Certified Public Accountants
Corporate Advisory & Recoveries
#12-02 & 03 Equity Plaza
20 Cecil Street
Singapore 049705
Telephone: 6532 0320 (8 lines)
Fax: 6532 0331.

Name of Liquidator: Mr Don M Ho, FCPA

Dated this 23rd February 2005


PHOENIX HOLDINGS: Dissolved on February 22
------------------------------------------
Oversea-Chinese Banking Corporation Limited (OCBC Bank) informed
the Singapore Stock Exchange (SGX) that Phoenix Holdings Limited
(in Members' Voluntary Liquidation), a wholly owned dormant
subsidiary of OCBC Bank, was dissolved on February 22, 2005.

Phoenix Holdings Limited has ceased to be a wholly owned
subsidiary of OCBC Bank with effect from February 22, 2005.


SANTAK HOLDINGS: Details Disposal of Assets
-------------------------------------------
Santak Holdings Limited issued to the Singapore Stock Exchange
(SGX) an announcement that its wholly owned subsidiary, Santak
Electronics Pte Ltd (Seller) have entered into an Asset Purchase
Agreement on February 22, 2005 with Sokymat Technology Sdn Bhd
(Purchaser) pursuant to which:

(a) The Sellers have agreed to transfer to the Purchaser certain
assets comprising of machinery, equipment and other fixed assets
of the Sellers (hereinafter referred to as the Assets);

(b) The Sellers have agreed to transfer to the Purchaser the
inventory of the Sellers (hereinafter referred to as the
Inventory);

(c) The Sellers have agreed to transfer to the Purchaser the
tenancy contract relating to the Plant (as defined in paragraph
3) (hereinafter referred to as the Contract);

(d) The Purchaser has agreed to offer employment opportunities
to the employees currently employed by the Sellers; and

(e) The Purchaser has agreed to operate the Plant,
(collectively, the Disposal).

To view a full copy of the notice, click
http://bankrupt.com/misc/SINGAPORESANTAKELECTRONICS022405.pdf


===============
T H A I L A N D
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CENTRAL PAPER: Court Approves Rehab Plan
----------------------------------------
Regarding the resolution in favor of the creditor's meeting for
votes on the rehabilitative plan of Central Paper Industry
Public Co. Ltd.(CPICO) on December 3, 2004, the company advised
the Stock Exchange of Thailand that:

The Central Bankruptcy Court approved the rehabilitation plan on
February 1, 2005. The Debt Restructuring plan can be summarized
as:

(1) The principal amount of THB564,656,831.00 is to be repaid in
10 years at an interest rate of MLR-4% in the first 3 years,
MLR-2% in the fourth and the fifth year, and MLR% in the last 5
years.

(2) The principal amount of THB188,218,944.00 is to be repaid by
bullet payment in the tenth year with an interest rate of 0.01%
per year, and the interest payment is to be made every yearend.

(3) The principal amount of THB54,000,000.00 is converted to
common stock of CPICO at par value (10 baht per share) after  
the reduction of CPICO's paid-up capital to be THB600,060 by  
reducing par value to be THB0.01 per share and change par value  
to be THB10 per share.

(4) The principal amount of THB510,656,831.00 is to be repaid by  
increasing the capital and/or from the other sources within five
years. In case repayment is made for every THB1, the reduction
of debts will be made at THB2.55.  In due time on the fifth
year, the remainder amount will be allowed to convert to common
stock at par value.

(5) The remainder principal amount of THB595,830,840.02 will be
written off after CPICO increases capital to fully repay the
amount of debts according to the principal amount as mentioned
in item no. 4, and that CPICO returns to trade in the Stock
Exchange of Thailand.

(6) The accrued interest amount of THB1,922,055,909.51 will be
written off after CPICO repays in full the amount of debts
according to the principal amount mentioned in item no. 4, and
that CPICO returns to trade in the Stock Exchange of Thailand.

(7) The remainder of all debts, except the debts as mentioned,
the creditors allow for all debts of CPICO to be written off,
including its being guarantor for all debts of the International
Converting Center Company Limited. The debts will be withdrawn
in the event of the successful practise of the condition to be
out of debt as defined in the Debt Restructuring Contract with
Thai Asset Management Corporation (TAMC).

Yours Sincerely,
Mr.Parkpoom Sitthiprasert
Rehabilitative planner of
Central Paper Industry Public Company Limited

CONTACT:

Central Paper Industry Public Company Limited   
40 Moo 13 Sukhaphiban 6 Road,
Phra Pra Daeng Samut Prakarn    
Telephone: 0-2383-0257-70   
Fax: 0-2383-0208-9     


EMC: Clarifies the Transfer of New Ordinary Shares
--------------------------------------------------
EMC Public Company Limited refers to the letter of the Stock
Exchange of Thailand (SET) Ref. Bor Jor.243/2548 dated February
9, 2005 requesting the Company to clarify the transfer of new
ordinary shares of Mr. Felix Ong Kim Huat in the number of
39,646,600 shares on 25 January and 2 February 2005.

EMC advised the SET that on February 22, 2005, at 3:34 p.m., Mr.
Felix Ong Kim Huat informed the Company that he had to transfer
the shares because there was a problem of liquidity in his
business, which needed to be fixed urgently.

Mr. Felix said he regrets and apologizes for the trouble he had
caused the company for having to clarify the transfer of
ordinary shares to the SET.

However, Mr. Felix Ong Kim Huat said that he and his companies
could assist the Company in doing business in Singapore and
Indochina very soon.

Please be informed accordingly.

Yours faithfully,
Lt. Gen. Samang Thongpan
Director

CONTACT:

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


NATURAL PARK: Discloses Resolution of Meetings
----------------------------------------------
With reference to the Board of Directors Meeting of Natural Park
Public Company Limited No. 3/2005 on January 28, 2005 and the
Extraordinary General Meeting of Shareholders No. 1/2005 on
February 11, 2005 that resolved to approve the Company to
partially offer to sell and sell the ordinary shares in Bangkok
Metro Public Company Limited (BMCL) to Ch. Karnchang Public
Company Limited and affiliates at the amount of not exceeding
725,000,000 shares, at the price of THB1.52 per share, totaling
THB1,102,000,000.

At present, Ch. Karnchang Public Company Limited and Bangkok
Expressway Public Company Limited has confirmed the purchase of
ordinary shares in BMCL with the following details:

(1) Date of Transaction:

After the Board of Directors Meeting of Ch. Karnchang Public
Company Limited and Bangkok Expressway Public Company Limited
has resolved to purchase the shares in BMCL.

(2) Related parties and relationship with listed companies

Seller: Natural Park Public Company Limited

Purchaser:

(1) Ch. Karnchang Public Company Limited and

(2) Bangkok Expressway Public Company Limited

Relationship between the parties and listed companies:

The purchaser and the seller are not connected persons under the
notification of the Stock Exchange of Thailand.

(3) Nature of Transaction: The Company will sell 725,000,000
shares or 9.86% of the registered capital of BMCL at the price
of THB1.52 per share, totaling THB1,102,000,000 to

(1) Ch. Karnchang Public Company Limited of 435,000,000 shares
at the price of THB1.52 per share, amounting to THB661,200,000.

Since the Company is a major shareholder of BMCL, partial shares
of 330,240,433 ordinary shares are pledged with the bank,
creditor of BMCL, to secure the loan of BMCL.

(2) Bangkok Expressway Public Company Limited of 290,000,000
shares at the price of THB1.52 per share, amounting to
THB440,800,000.

Since the Company is a major shareholder of BMCL, partial shares
of 220,000,000 ordinary shares are pledged with the bank,
creditor of BMCL, to secure the loan of BMCL.
                                
After selling the mentioned shares, the Company will hold
interest in BMCL of 14.51% of the registered capital of BMCL.

(4) Details of disposed assets:

The ordinary shares in BMCL of 725,000,000 shares with the par
value of Baht 1 per share.  

Since the Company is a major shareholder of BMCL, partial shares
of 550,240,433 ordinary shares are pledged with the bank,
creditor of BMCL, to secure the loan of BMCL.

(5) Total value of consideration:

THB1,102,000,000 is the value that both parties agreed upon,
which comes from the weighted average purchase price of such
ordinary shares in BMCL and the value is close to the appraisal
value calculated by the Independent Financial Advisor.

(6) Value of disposed assets:

The 725,000,000 ordinary shares in BMCL has a weighted average
book value of THB1.42 per share (calculated from the Financial
Statements of the Company as at 30 September 2004 using the
equity method) totaling THB1,029,500,000.

(7) Benefit which the Company will receive from the transaction:

The Company will have working capital for use in operation and
for loan repayment.

(8) Usage plan of the cash received from the disposal:

Following the sale of shares in BMCL, the Company will use the
cash received from such sales of shares as working capital for
use in operation and for loan repayment.  Whereby the Company
will process with care to achieve the highest benefit for the
shareholders, as mentioned to the shareholders in the
shareholders meeting on 11 February 2005.

(9) Condition of the transaction:

To enter into such transaction, the transaction volume,
according to the Value of Assets Acquired Method, is equal to
18.04 percent.

It is considered to be Class 2 Transaction in the Notification
of the Board of Governors of the Stock Exchange of Thailand

Re: Disclosure of Information and other acts of listed companies
concerning the acquisition and disposition of assets, 2004.

Whereby the Company has to send the information according to
schedule 2 to the shareholders within 21 days from the date of
the disclosure to the Stock Exchange of Thailand.  

However, the above transaction has been informed and approved by
the shareholders to enter into such transaction on 11 February
2005.

Therefore, there will be no information according to schedule to
send to the shareholders regarding such transaction.

(10) Opinion of the Board of Directors

In the Board of Directors Meeting No. 3/2548 on 28 January 2005,
the Board of Directors of the Company had a meeting that
considered selling ordinary shares in BMCL by taking into
consideration the plan to proceed or solve problems of the
Company from the consequences of the cancellation of the offer
for share swap and purchase of convertible debenture of the
group of shareholders of City Realty Company Limited that
included partial sale of assets.

Following careful consideration of the necessity to solve
temporarily liquidity problem to achieve the most benefit for
the shareholders, the Board of Directors of the Company approved
the Company to partially offer to sell and sell ordinary shares
in BMCL of not exceeding 725,000,000 shares with the par value
of THB1 per share and equivalent to 9.86% of the registered
capital of BMCL, at the price of THB1.52 per share, amounting to
THB1,102,000,000 to Ch. Karnchang Public Company Limited and
affiliates.

Previously, the Company holds ordinary shares in BMCL of
1,791,120,418 shares or 24.37% of the registered capital of
BMCL, thus, subsequent to the acceptance of the share sale
offer, the Company will hold ordinary shares in BMCL of
1,066,120,418 shares or 14.51% of the registered capital of
BMCL.  

Also, the selling price of THB1.52 per share was determined from
the weighted average purchase price of such ordinary shares in
BMCL and the value is close to the appraisal value calculated by
the Independent Financial Advisor.

Please be informed accordingly.

Sincerely,
Natural Park Public Company Limited
Mr. Thowthawal Subhavanich
Chief Financial Officer

CONTACT:

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


SIAM AGRO: Court Grants Petition for Business Reorganization
------------------------------------------------------------
Further to the joint filing of the petition for rehabilitation
to the Central Bankruptcy Court by Siam Agro Industry Pineapple
and Others Public Company Limited and its major creditor,
Kasikornbank PCL, the Court made an order accepting the petition
on January 11, 2005. The Court agreed to grant an order on
February 21, 2005.

At a hearing Tuesday, the Central Bankruptcy Court ordered the
Business reorganization of the company and appointed Mr. Praful
Shah, Mr. Mark Christopher Chewter, and Mr. Wacharin Piyarat to
be the plan preparers of the Company.

The Company will send out information on the submission date of
the rehabilitation.

Please be informed accordingly and disclose the announcement to
the shareholders and the general investor.

Yours sincerely,

Mrs. Chawewan Phuasirirak
General Administration Manager

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
  

SINO-THAI: Releases Report on FS for Year Ended December 31,2004
----------------------------------------------------------------
Sino-Thai Resources Development Public Company Limited (STRD)
issued to the Stock Exchange of Thailand (SET) a report on the
operating results for the year ended 31 December 2004 as
follows:

Net profit:

STRD's full year net profit for the year ended 31 December 2004
stood at THB5.17 million, and has been the highest operating
profit since the crisis in 1997.  

Although the profit in 2003 stood at THB152.89 million, it
resulted in the operating loss of THB51.6 million after
deducting extra-ordinary transactions such as gain on sales of
fixed assets of THB8.1 million, gain on transfer of fixed assets
to settle debt of THB87.8 million and gain on debt restructuring
of THB108.6 million. In conclusion, profit this year increased
by THB56.7 million from last year.

Total revenue stood at THB718.3 million, an increase by 449.5%
from last year's total revenue of THB130.7 million comprising
of:

- Revenue from oil trading of THB685.8 million accounted for
95.4 % of total revenue which has been a new core business since
this year.

- Revenue from construction stone of THB20.5 million accounted
for 2.8% of total revenue. Note that this revenue increased by
66.7% from last year.

- Revenue from Tin Ore of THB8.2 million accounted for 1.1% of
total revenue.

Note that this revenue decreased from last year's revenue of
THB19.1 million as STRD discontinues this business due to the
expiry of the mining license.

Total expenses stood at THB712.6 million increased from last
year's total expenses of THB83.9 million and was broken down
into the following: 92.9% cost of fuel sales, 3.2 % cost of
construction stone sales, 1.1% cost of Tin Ore sales, and 2.6%
selling and administrative expenses.

Total assets as at 31 December 2004 stood at THB85.9 million, a  
66.4% increase from last year's total assets of THB51.6 million
which mainly increased from working capital requirements (both
in current assets and liabilities) relating to the oil trading
business.

Shareholder's equity stood at THB47.5 million, up by 12.2% from
last year's equity of THB42.3 million resulting from profit from
real operation as mentioned above.

Please be informed accordingly.

Sincerely yours,
Umyos Huvanadana
Managing Director

To view a full copy of the report, click
http://bankrupt.com/misc/STRDE1.doc
http://bankrupt.com/misc/STRDE2.xls
http://bankrupt.com/misc/STRDE3.doc

CONTACT:

Sino-Thai Resources Development Public Co., Ltd.   
Shinawatra Thai Tower, Floor 7, Zone A,
626 Rama Iv Road, Mahapruttharam, Bang Rak Bangkok    
Telephone: 0-2633-0088   
Fax: 0-2633-0008


TONGKAH HARBOUR: Releases Jan. 2005 Tin Mining Operating Result
---------------------------------------------------------------
Tongkah Harbour informed the Stock Exchange of Thailand (SET) on
the shareholders and investor concerning the production output
for January 2005.

Tin Ore Production Output
Unit: Kilograms

                  January   January
Accumulated         2005     2004    (Jan. 2005) (Jan. 2004)

Tin Ore Stock      6,060     11,220      6,060     11,220

Dredged during
the period            0      7,800          0      7,800

Sold during
the period        -5,880     -8,760     -5,880     -8,760

Balance end
of period            180     10,260        180     10,260

Please be informed accordingly.

Yours sincerely,
Mr.Ronald Ng Wai Choi
Managing Director

CONTACT:

Tongkah Harbour Public Company Limited   
Muang Thai Phatra Office Tower 1,
Floor 7, 252/11 Rachadapisek Road,
Huai Khwang Bangkok    
Telephone: 0-2695-4912-28   
Fax: 0-2695-4901   




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

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


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

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

JAPAN
-----

Fujitsu Comp Ltd                6719       (-46.88)    316.07

MALAYSIA
--------

Kemayan Corp Bhd                KOP      (-393.11)      67.55
Panglobal Bhd                   PGL       (-50.36)     189.92
YCS Corporation Bhd             YCS         28.34      160.27

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

Pilipino Telephone Co.          PLTL     (-400.56)     115.91

SINGAPORE
---------

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

THAILAND
--------

Asia Hotel PCL                  ASIA       (-26.62)      96.21
Asia Hotel PCL                  ASIA/F     (-26.62)      96.21
Bangkok Rubber PCL              BRC        (-41.29)      80.14
Bangkok Rubber PCL              BRC/F      (-41.29)      80.14
Central Paper Industry PCL      CPICO      (-37.02)      40.41
Central Paper Industry PCL      CPICO/F    (-37.02)      40.41
National Fertilizer PCL         NFC        (-91.34)     293.84
National Fertilizer PCL         NFC/F      (-91.34)     293.84
Siam Agro-Industry Pineapple
And Others PCL                  SAICO      (-14.84)      13.32
Siam Agro-Industry Pineapple
And Others PCL                  SAIC0/F    (-14.84)      13.32
Thai Wah Public
Company Limited-F               TWC        (-47.01)     158.87
Thai Wah Public
Company Limited-F               TWC/F      (-47.01)     158.87
Tuntex (Thailand) PCL           TUNTEX     (-50.94)     398.25
Tuntex (Thailand) PCL           TUNTEX/F   (-50.94)     398.25







                            *********


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

This material is copyrighted and any commercial use, resale or
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