TCRAP_Public/050228.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

             Monday, February 28, 2005, Vol. 8, No. 41

                            Headlines

A U S T R A L I A

ABSOLUT FLOORING: Appoints Receiver and Manager
ADSTEAM MARINE: Lifts Net Profit 13%, Increases Dividend
ALLFARTHING PTY: Faces Voluntary Liquidation
AMBASSADOR REALTY: Members to Convene Final Meeting February 28
AUSTRALIAN GAS: Moody's Affirms A2 Rating, Outlook Stable

CANBERRA CHURCHES: Members Meeting Set March 7
CHEE BROS: To Convene Final Meeting February 28
C.K.S. PERSONNEL: Liquidator to Report Manner of Winding Up
CLAYPOLE PTY: Final Meeting Slated for March 4
CLIBIN PTY: Members Pass Resolution During Meeting

CROWNSTAR INTERNATIONAL: Operators Plead Guilty to ASIC Charges
DINHAO ENTERPRISE: To Declare Final Dividend March 18
LEICH PTY: To Hold Final Meeting March 7
MAYNE GROUP: Expands U.K. Services with Intra-Tech Acquisition
MELWOOD & ASSOCIATES: Appoints Liquidator to Wind Up Company

MILLER'S RETAIL: Results in Line with Earnings Guidance
MINERALS & COAL: Appoints Liquidator from Chartered Accountant
PRIMELIFE CORPORATION: Suffers AU$16.6 Mln in After Tax Loss
REDTTK PTY: Lays Out Purpose of Meeting
REGIONAL HOTELS: Members Agree to Wind Up Company

SPECWELL ENTERPRISES: To Convene Final Meeting March 4
STEVEN KHALIL: To Hear Liquidator's Report During Meeting
SUPERBRANDS PTY: To Undergo Winding Up Proceedings
TAYLOU PTY: EGM Resolves to Wind Up Company
VILLAGE ROADSHOW: Moving Towards Goal with AU$31.5 Mln HY Profit

VMJ CORPORATE: Enters Winding Up Proceedings
WILLOW WIND: Final Meeting Set March 2


C H I N A  &  H O N G  K O N G

CHINA GAS: Notes Increase in Trading Volume
CHINA STAR: Porterstone Subscribes Shares
JING WEI: Sets Creditor's Meeting March 22
LAP FUNG: Faces Winding Up Proceedings
MED-CAN HONGKONG: Names Joint and Several Liquidators


I N D O N E S I A

BANK MANDIRI: Asked to Reveal Bad Debts
TELEKOMUNIKASI INDONESIA: To Get US$7-Mln Fuel Compensation


J A P A N

APLUS COMPANY: Government Offers Tax Break
MATSUSHITA ELECTRIC: To Shut Down Malaysian Plant
MITSUBISHI MOTORS: To Issue No.3 Class G Preferred Shares
TOSHIBA CORPORATION: Court Hears Case Filed by Lexar Media
UFJ HOLDINGS: SMFG Decides to Quit Merger Plan

* 2004 Golf Course Operator Bankruptcies Down 3.3%


K O R E A

LG CARD: Delinquency Ratio Drops 3.3%
LG CARD: Shareholders OK Capital Reduction


M A L A Y S I A

CEPATWAWASAN GROUP: Case Hearing Continues on April 22
I-BERHAD: Buys Back 23,000 Shares
INTAN UTILITIES: Issues Borrowings Summary of Units' Default
JIN LIN: Discloses FY04 Quarterly Results
KUALA LUMPUR KEPONG: To Delist Shares from LSE

KUMPULAN BELTON: Posts Default Status Update
LION CORPORATION: Posts FY04 2nd Quarter Results
MENTIGA CORPORATION: Releases FY04 Quarterly Results
METROPLEX BERHAD: Unit Receives Winding Up Petition
OCEAN CAPITAL: Unveils FY04 Quarterly Results

OMEGA HOLDINGS: Enters Restructuring Agreement with MEH
PAN MALAYSIA: Sees No Change in Company Status
PANTAI HOLDINGS: Unit Disposes of E-Mediline, PM Care
SANTAK ELECTRONICS: Sells Assets to Sokymat Berhad
TRU-TECH HOLDINGS: Scheme Creditors to Meet March 18

WEMBLEY INDUSTRIES: SC Rejects Application for Rehab Extension


P H I L I P P I N E S

NATIONAL POWER: VAT Anticipated to Hamper Privatization
NATIONAL POWER: PSALM Gives Bidders Preliminary Review
NATIONAL POWER: PSALM Seeks Higher Bond for Plants' Bidders
NATIONAL POWER: ERC Grants Rate Hike Approval
PHILIPPINE LONG: To List Additional Shares Today

PRICESMART INCORPORATED: Vows to Keep Philippine Business


S I N G A P O R E

AUTO ASIA: Declares Preferential Dividend
CHARTERED SEMICONDUCTOR: Honors Top Suppliers
CHARTERED SEMICONDUCTOR: Raises SG$270,000 for Cancer Foundation
CHINA AVIATION: Contests Sumitomo Lawsuit
KOH BROTHERS: Court Grants Capital Reduction Scheme

SUN-CAST TECHNOLOGY: Second Meeting Fixed on March 4
UNITED OVERSEAS: Releases Full Year Financial Statement
UNITED OVERSEAS: Boosts Interest in Subsidiary


T H A I L A N D

KRUNG THAI: Company Director Resigns
PREECHA GROUP: Unveils Resolutions of Meeting
PREMIER RESORT: TRIS Downgrades Rating to BB+
T.C.J ASIA: Releases Audited Yearly FS
THAI WIRE: Completes Sale and Purchase of Assets

     -  -  -  -  -  -  -  -

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


ABSOLUT FLOORING: Appoints Receiver and Manager
-----------------------------------------------
Notice is hereby given that Robert Moodie was appointed Receiver
and Manager of specific assets of Absolut Flooring Pty Ltd
(Receiver And Manager Appointed) A.C.N. 074 409 733 on January
10, 2005 by Seiza Investments Pty Ltd pursuant to the powers
contained in Loan Deed dated May 31, 2000 and a registered fixed
charge created by the Company in favor of APT Finance Pty Ltd.

Robert Moodie
Receiver and Manager
c/- Rodgers Reidy
Level 8, 333 George Street,
Sydney NSW 2000


ADSTEAM MARINE: Lifts Net Profit 13%, Increases Dividend
--------------------------------------------------------
Adsteam Marine Limited has announced a 13 percent higher net
profit after tax of AU$12.8 million for the six months ended
December 31, 2004.

The result compares with AU$11.4 million in the previous
corresponding period and was built on operating revenue growth,
which was 10 percent stronger at AU$164.3 million, together with
cost reductions.

The improved performance allowed Adsteam, one of the world's
largest independent harbor towage operators, to lift its interim
dividend to 2.4 cents fully franked per ordinary share.

"The results are in line with expectations and highlight the
fact that Adsteam marine is well on track with its
transformation program," Managing Director, Mr. John Moller,
said.

"Adsteam Marine is the market leader both in Australia and the
U.K. in harbor towage. Significant change has occurred with
workplace reform and the business is now delivering improved
earnings as a result.

Key points from the interim results for the period ended
December 31, 2004 include:

(1) Net profit after tax up 13 percent to AU$12.8 million.

(2) Operational improvements delivering cost savings in the U.K.
and partial benefits in Australia. The Company is on track to
deliver full benefits in the second half and beyond.

(3)U.K. business performing well with EBITA up 33 percent.

(4) Australia earnings stable despite competitive pressures.

(5) Australian Government support for a long term sustainable
emergency response solution.

(6) Fully franked interim dividend of 2.4 cents per share.

To view the entire financial report, click on:
http://bankrupt.com/misc/tcrap_adsteammarine022505.pdf

CONTRACT:

Adsteam Marine- Corporate Office
Adsteam Harbour
United Salvage (Australia and the Pacific)
Level 22, Plaza 2
500 Oxford Street
Bondi Junction NSW 2022
Australia
Phone: +61 2 9369 9200
Fax: +61 2 9369 9266
E-mail: info@adsteam.com.au
Web site: http://www.adsteam.com.au/


ALLFARTHING PTY: Faces Voluntary Liquidation
--------------------------------------------
At a Special General Meeting of Allfarthing Pty Limited A.C.N.
008 466 582 duly convened and held at Allfarthing Goulburn NSW
on January 15, 2005, the following resolution was passed.

That the Company be wound up as a members voluntary liquidation
and that the assets be distributed to the members.

Dated this 16th day of January 2005

A. W. O. Wilkinson
Liquidator
35 Montague Street, Goulburn 2590


AMBASSADOR REALTY: Members to Convene Final Meeting February 28
---------------------------------------------------------------
Notice is hereby given that pursuant to section 509 of the
Corporations Law, the Final Meeting of Members of Ambassador
Realty Pty Limited (In Voluntary Liquidation) A.C.N. 000 290 433
will be held at the offices of Murchisons Services Pty Limited,
Accountants, at Level 2, 53 Berry Street, North Sydney, NSW, on
February 28, 2005 at 10:00 a.m. for the purpose of laying before
the meeting the liquidators' final account and report and giving
any explanation thereof.

Dated this 21st day of January 2005

James R. Murchison
Liquidator
Murchisons Services Pty Limited


AUSTRALIAN GAS: Moody's Affirms A2 Rating, Outlook Stable
---------------------------------------------------------
Moody's Investors Service has affirmed Australian Gas Light
Company's (AGL) A2 senior unsecured rating. The outlook on this
rating is stable. The affirmation follows the Company's
announcement of a A$515 million capital management program,
which includes a combination of a special dividend, proposed
capital return and on-market buyback.

Moody's expects that -- following the proposed management
program -- AGL's projected financial metrics will remain within
the rating agency's financial targets for the Company's A2
rating. At the same time, given the growing dominance of the
riskier energy sales and marketing businesses in AGL's earnings
profile, Moody's considers the Company's financial metrics to be
at the weaker end of its A2 rating.

The Company's rating could come under negative pressure upon
evidence of a material erosion in its retail margins, caused in
turn by higher costs associated with customer churn, or if
changes in risk management practices result in increased
volatility in wholesale energy prices and subsequently retail
margins. Credit metrics that Moody's would look for in this
regard include: Funds from Operations/Interest lower than 4.5
times, Retained Cash Flow (after adjusting for working capital
changes)/ Debt of about 10-13%, and Debt/Capitalisation higher
than the 45-50% range.

In addition, AGL's rating could come under negative ratings
pressure if a substantial change in the Company's business mix -
- through, for example, a material acquisition of other energy
retail or generations assets -- resulted in the further
dominance of its energy sales and market businesses.

AGL's A2 rating continues to reflect the stable and diversified
cash flows from its ownership of gas and electricity
distribution and retailing businesses in Australia and New
Zealand.

The rating considers earnings from AGL's regulated network and
network-related businesses, which contribute stable and
predictable cash flows. These activities contribute to about 40%
of total earnings. The Company's other businesses -- comprising
mainly energy sales and marketing -- are inherently riskier due
to the risk of wholesale price volatility and customer churn.

However, AGL has a sound track record of managing its wholesale
price risk through appropriate hedging strategies and ownership
of peak generation capacity. The impact of customer churn has so
far been manageable. Because of this, the Company has maintained
relatively stable margins.

AGL is an integrated energy company based in Sydney with
operations mainly in New South Wales, Victoria, and South
Australia.

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/


CANBERRA CHURCHES: Members Meeting Set March 7
----------------------------------------------
Notice is hereby given pursuant to section 509 of the
Corporations Act 2001 that a final meeting of the members of
Canberra Churches Centres (In Liquidation) A.C.N. 008 498 744
will be held at the offices of WalterTurnbull, 44 Sydney Avenue,
Barton, ACT on Monday, March 7, 2005 at 10:00 a.m. for the
purpose of having an account laid before them showing the manner
in which the winding up has been conducted and the property of
the Company disposed of and of hearing any explanations that may
be given by the liquidator.

Dated this 24th day of January 2005

Scott Turner
Liquidator


CHEE BROS: To Convene Final Meeting February 28
-----------------------------------------------
Notice is given that a final meeting of members of Chee Bros Pty
Limited (In Members' Voluntary Liquidation) A.C.N. 000 399 077
is to be held at the offices of Allworths Chartered Accountants,
Level 9 St Martins Tower 31 Market Street, Sydney, on February
28, 2005 at 11:00 a.m.

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

Dated this 18th day of January 2005

Peter R. Mckeon
Liquidator
Allworths
Chartered Accountants
Level 9, St Martins Tower, 31 Market Street,
Sydney NSW 2000


C.K.S. PERSONNEL: Liquidator to Report Manner of Winding Up
-----------------------------------------------------------
Notice is hereby given that the final meetings of the members
and creditors of C.K.S. Personnel Pty Ltd (In Liquidation)
A.C.N. 083 225 307 will be held at the offices of Dye & Rennie,
Suite 8, 260 Auburn Road, Hawthorn 3122 on Monday, February 28,
2005 at 10:00 a.m.

The purpose of the meeting is to lay the accounts showing how
the winding up has 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


CLAYPOLE PTY: Final Meeting Slated for March 4
----------------------------------------------
Notice is hereby given that at a final meeting of members of
Claypole Pty Limited (In Liquidation) A.C.N. 001 058 377 is to
be held on March 4, 2005 at 10:00 a.m., at 3/59 Gerrale Street,
Cronulla, New South Wales.

The liquidator will lay before the meeting an accounting of the
winding up and provide any explanations of that account as
required.

Dated this 21st day of January 2005

R. Peile
Liquidator
Telephone: (02) 9523 0637


CLIBIN PTY: Members Pass Resolution During Meeting
--------------------------------------------------
At a general meeting of members of Clibin Pty. Limited (In
Voluntary Liquidation) duly convened and deemed in accordance
with Section 255 of the Corporations Law to be held on January
17, 2005, the resolutions set out below were duly passed:

(1) That the Company be wound up in accordance with the
procedure for a members' voluntary winding up.

(2) That Prudence Elizabeth Reynolds of 2 Alton Street,
Woollahra NSW be appointed Liquidator at a fee to be arranged,
and

(3) That the Liquidator be empowered to distribute the assets in
specie.

Dated this 17th day of January 2005

Prudence Elizabeth Reynolds
Liquidator


CROWNSTAR INTERNATIONAL: Operators Plead Guilty to ASIC Charges
---------------------------------------------------------------
The Melbourne operators of a holiday and travel club, Crownstar
International Pty Ltd (Crownstar) on Friday pleaded guilty to
breaches of directors' duties following an investigation by the
Australian Securities and Investments Commission (ASIC).

Ms. Melanie Louise Ash, of Kingsville, Victoria, and Mr. Kevin
Anthony Gaw, of Kingsville, Victoria, pleaded guilty in the
County Court of Victoria to dishonestly using their positions to
gain a financial advantage while operating Crownstar.

Ms. Ash, Crownstar's sole director, pleaded guilty to six counts
of dishonestly using her position, in 2000 and 2001, to gain a
financial advantage of approximately AU$127,000.

Mr. Gaw, Crownstar's CEO, pleaded guilty to four counts of being
knowingly concerned in the commission of Ms Ash's offences, in
2000 and 2001, in relation to transactions of approximately
AU$117,000. Mr. Gaw also pleaded guilty to four counts of
dishonestly using his position to gain a financial advantage of
approximately $26,000.

The matter is due to return to the County Court of Victoria for
a sentencing plea on 18 May 2005. The Commonwealth Director of
Public Prosecutions is prosecuting the matter.

Background

Crownstar promoted a travel and holiday club aimed at raising
public membership funds and promising discounted hotel and
travel packages and rewards.

ASIC obtained orders in December 2001 in the Federal Court of
Australia appointing Mr. Andrew McLellan of Carson McLellan as
the provisional liquidator to Crownstar and a related travel
club, C.C. Travel Pty Ltd. Mr. McLellan was then appointed
liquidator in February 2002 after reporting that the companies
were insolvent.


DINHAO ENTERPRISE: To Declare Final Dividend March 18
-----------------------------------------------------
A first and final dividend is to be declared on March 18, 2005
for Dinhao Enterprise Pty Limited (In Liquidation) A.C.N. 069
437 109.

Creditors whose debts or claims have not already been admitted
are required on or before March 11, 2005 to formally prove their
debts or claims. If they do not, they will be excluded from the
benefit of the dividend.

Dated this 18th day of January 2005

Scott Pascoe
Official Liquidator
SimsPartners
Chartered Accountants
Level 24, Australia Square,
264 George Street,
Sydney NSW 2000


LEICH PTY: To Hold Final Meeting March 7
----------------------------------------
Notice is hereby given that pursuant to Section 509 of the
Corporations Law, the final meeting of members of Leich Pty Ltd
(In Liquidation) A.C.N. 000 505 868 will be held at the offices
of Harley Russell & Day Chartered Accountants at 2/172 Liverpool
Road Enfield on March 7, 2005, at 10:00 a.m. for the purpose of
laying before the meeting the liquidators final account and
report and giving any explanation thereof.

Dated this 1st day of February 2005

Garry William Day
Liquidator
Leich Pty Limited (In Liquidation)
Harley Russell & Day
Chartered Accountants
Suite 2, 172 Liverpool Road,
Enfield NSW 2131
Telephone: (02) 9744 6922


MAYNE GROUP: Expands U.K. Services with Intra-Tech Acquisition
--------------------------------------------------------------
Mayne Group Limited (ASX:MAY) announced on Friday that its Mayne
Pharma business unit will establish a leading position in the
commercial supply of aseptic manufacturing services (AMS) in the
U.K . through the acquisition of Intra-tech Healthcare Limited.
Intra-Tech is a manufacturer and distributor of aseptically
prepared pre-filled syringes and infusion bags. Staffed with 94
personnel and based in London, Intra-Tech manufacturer and
distibutor (compound) primarily chemotherapy and total
parenteral nutrition products for supply to the U.K. National
Health Service.

An aseptic manufacturing service enables hospital pharmacies to
outsource the preparation of individual patient doses of
medicines from licensed pharmaceutical products.  This activity
was historically performed inside the hospital pharmacy.
Outsourcing this compounding activity is particularly attractive
in the areas of chemotherapy and total parenteral nutrition
where dosing is highly patient specific and hospitals benefit
from reduced pharmacy workload, greater patient safety and in
the case of chemotherapy medicines, greater pharmacist safety.

Mayne's Group Managing Director and Chief Executive Officer, Mr.
Stuart James said, "This acquisition is entirely consistent with
our vertical integration strategy for commodity generic products
and is highly complementary to our existing sales of cancer
medicines in the UK."

"In addition to participating in National Health Service (NHS)
tenders for our traditional vial products, we will be able to
provide a valuable service to hospitals across the country that
see the efficiency and risk mitigation benefits that AMS can
provide," Mr. James said.

"With the addition of Intra-Tech's high quality facilities and
experienced staff, Mayne Pharma will be well positioned as a
cytotoxic vial manufacturer with a leading compounding business
in the UK and will benefit from the resultant vertical
integration synergies," he said.

Over the past four years, Mayne Pharma has grown a successful
AMS business in the UK using third party compounders. Mayne
intends to integrate Intra-Tech with its existing AMS operation,
which will result in manufacturing economies of scale benefits
and improved customer service particularly in the greater London
area.

The UK commercial AMS industry segment is growing by an
estimated 14% per annum in volume terms and approximately 40-50%
of chemotherapy treatments are expected to be manufactured by
commercial operators by 2008 from a present level of about 20%.

Under the terms of the deal, Mayne Pharma will acquire all of
the outstanding shares of Intra-Tech for approximately 18
million.

In Mayne's 2006 fiscal year, incremental sales arising from the
Intra-tech deal are expected to be 11 million resulting in a
return on invested capital for this investment in excess of
Mayne's weighted average cost of capital.

Mayne Group Limited is listed on the Australian Stock Exchange
and has businesses in international specialty pharmaceuticals
(the manufacture of injectable and oral pharmaceuticals for
distribution to more than 50 countries), diagnostic services
(pathology, diagnostic imaging and medical centres), pharmacy,
and health-related consumer products.

CONTACT:

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


MELWOOD & ASSOCIATES: Appoints Liquidator to Wind Up Company
------------------------------------------------------------
At a General Meeting of Melwood & Associates Pty Ltd (In
Liquidation) A.C.N. 095 794 184, duly convened and held at 65
Culloden Road, Marsfield, NSW on January 19, 2005 the following
Special Resolutions were passed:

(a) That the Company be wound up as a Members' Voluntary Winding
Up and that John Chi Keung Lee of 65 Culloden Road, Marsfield,
NSW be appointed liquidator of the Company for the purposes of
such winding up.

(b) That the liquidator be and is hereby authorized to
distribute in specie such assets of the Company as he may deem
fit.

Dated this 20th day of January 2005

John Chi Keung Lee
Liquidator
65 Culloden Road, Marsfield NSW


MILLER'S RETAIL: Results in Line with Earnings Guidance
-------------------------------------------------------
Miller's Retail Limited (MRL) on Friday announced sales revenue
for six months ended December 31, 2004 of AU$607.8 million, an
increase of 1% compared to the corresponding period ended
December 31, 2003. Like-for-like store sales from MRL stores
decreased 3.5%, in line with previous earnings guidance
announced on January 14, 2005.

Earnings before interest, tax and amortization (EBITA) was
AU$36.9 million, in line with earnings guidance provided in
January. net profit after tax was AU$19.5 million, before write
down of intangible assets, and a loss of AU$10.1 million after
the write down of intangible assets.

To view the Company's financial results, click:
http://bankrupt.com/misc/tcrap_miller'sretail022505.pdf

CONTACT:

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


MINERALS & COAL: Appoints Liquidator from Chartered Accountant
--------------------------------------------------------------
Notice is hereby given that the members of Minerals & Coal
Technologies (Australia) Pty Limited (In Members' Voluntary
Liquidation) A.C.N. 085 197 664 resolved by special resolution
on January 21, 2005 that the Company be wound up voluntarily and
that for such purpose Mr. Peter Frederick Gosling, Chartered
Accountant of 5 Segura Street, Copacabana NSW 2251 be appointed
liquidator.

Creditors of the Company are required to prove their debts or
claims within three weeks of the publication of this notice,
failing which; they will be excluded from any distribution made
and from objecting to any such distribution. Formal Proof of
Debts Forms are available on application to the Liquidator.

Dated this 21st day of January 2005

P. F. Gosling
Liquidator
5 Segura Street,
Copacabana NSW 2251


PRIMELIFE CORPORATION: Suffers AU$16.6 Mln in After Tax Loss
------------------------------------------------------------
The Managing Director of Primelife Corporation Limited, Jim
Hazel, on Friday announced an after-tax profit of AU$2.1m for
the six months ended 31 December 2004. The result is consistent
with information previously released to the market regarding the
restructure of the business.

The result included the recognition of an emerging asset in
relation to the transfer of obligations for accommodation bond
liabilities to the owners at the end of the contracts.
In the previous corresponding period (pcp) Primelife reported an
after tax loss of AU$16.6 million.

The Company does not believe the results are readily comparable
given the nature of the restructuring work undertaken during the
period.

Mr. Hazel said:

"The restructure of Primelife is on track, however, shareholders
can expect to see the real benefits of the restructuring work
undertaken in 2006. 2005 is the year in which the development
growth engine is restarted and remaining legacy issues are
resolved.

We have a new senior management team in place that have
repositioned Primelife to pursue a growth strategy focused on:

(1) Delivery of the existing development pipeline;

(2) Development joint venture with Multiplex and Babcock &
Brown;

(3) Acquisition of assets that combine development and operating
revenues; and

(4) Medium term growth of the deferred management fee book.

The recently completed capital raisings totaling AU$140 million
will enable Primelife to fund its business plan and participate
in industry consolidation opportunities.

We have a number of major new developments underway that will
provide shareholders with a portfolio of assets that generate
longer term sustainable growth. The industry dynamics remain
compelling and Primelife is positioning itself to be an industry
leader."

Report on Operations Whilst some delays were experienced in
relation to the capital raising process and the ASIC action on
the Managed Investment Schemes, the Company commenced new
construction and development at several sites during the period.

Going forward, Primelife expects that the roll out of new
developments and subsequent sales will increase substantially
increase revenue, and further operational efficiencies at the
corporate level will be achieved.

Revenue

Total revenue for the period of AU$54.4 million was up 21% on
the pcp. Factors contributing include:

(1) Aged Care income up 200%, due to higher occupancy levels and
operational efficiencies achieved. In addition two new
facilities were opened, Riddell Gardens, Sunbury and
Avonlea.

(2) Reduced construction activity down 36% during the period as
a result of all new construction activity ceasing during the
review process; and

(3) Retirement Village DMF income down 29% during the period due
predominantly to a mark to market revaluation in December 2003.
This revaluation will now occur in June of each year.

Profit and Loss

The consolidated loss after tax for the 6 months ended 31
December 2004 was AU$2.1 million compared with a loss of AU$16.6
million in the pcp.

The Company does not believe the results are readily comparable
given the nature of the restructuring work undertaken during the
period.

Cash Flow

The Company had a net cash increase of AU$61.9 million for the
period, compared with a cash increase of AU$3.1m for the pcp.
The net cash increase is due to capital raisings in the period.

The Company's operating cashflow was negative AU$31.5 million
compared to negative AU$21.8 m illion in the pcp, due mainly to
expenditure on construction, reduced proceeds from sale of
facilities and higher head office operating costs (including
redundancies, consultants and legal costs), associated with the
restructure and addressing legacy issues.

Dividend

No dividend has been declared.

Outlook

Primelife will continue to undertake initiatives that reposition
the Company for future prosperity and long-term value for
shareholders, while at the same time providing the highest
quality accommodation, services and care for our residents.

To view the Company's Half Year Results for the 6 months ended
31 December 2004, click:
http://bankrupt.com/misc/tcrap_primelifecorporation022505.pdf

CONTACT:

Primelife Corporation Limited
Melbourne
Victoria, Victoria 3000
Australia
Phone: +61 3 9618 5500
Fax: +61 3 9618 5599
Web site: http://www.primelife.com.au/


REDTTK PTY: Lays Out Purpose of Meeting
---------------------------------------
Notice is hereby given that the final meeting of Members and
Creditors of Redttk Pty Limited (In Liquidation) A.C.N. 095 738
140 will be held at the office of Ferrier Hodgson, Chartered
Accountants, Level 1, 121-123 Crown Street, Wollongong, New
South Wales on March 4, 2005 at 10:00 a.m.

The purpose of the meeting is to:

(i) Consider the Liquidator's account of his acts and dealings
and the conduct of the winding up;

(ii) To consider any other matter properly brought before the
meeting.

Dated this 18th day of January 2005

Daniel I. Cvitanovic
Liquidator
Ferrier Hodgson
Chartered Accountants
Level 1, 121-123 Crown Street,
Wollongong NSW 2500


REGIONAL HOTELS: Members Agree to Wind Up Company
-------------------------------------------------
Notice is hereby given that at a General Meeting of Members of
Regional Hotels Pty Limited (In Liquidation) A.C.N. 091 739 490
held on January 20, 2005, it was resolved that the Company be
wound up voluntarily and that for such purpose Mr. Richard
Saunders, Chartered Accountant, of Irish & Saunders, Chartered
Accountants, 19 Richmond Avenue, Cremorne NSW 2090, to be
appointed liquidator.

Dated this 20th day of January 2005

Richard Saunders
Liquidator


SPECWELL ENTERPRISES: To Convene Final Meeting March 4
------------------------------------------------------
Notice is given that an Annual Meeting of Members and Creditors
of Specwell Enterprises Pty Ltd (In Liquidation) A.C.N. 075 616
429 will be held in the Boardroom of Jessup & Partners, 1st
Floor 488 Mulgrave Road Earlville Qld on March 4, 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, the property of the Company
has been disposed of, and to receive any explanation required
thereof.

(2) Any other business.

Dated this 12th day of January 2005
I. D. Jessup
Liquidator


STEVEN KHALIL: To Hear Liquidator's Report During Meeting
---------------------------------------------------------
Notice is hereby given that pursuant to Section 509(2) of the
Corporations Act 2001, the Final Meeting of Members and
Creditors of Steven Khalil Couturier Pty. Limited (In
Liquidation) A.C.N. 103 906 298 will be held at the offices of
Bentleys MRI Sydney Business Recovery & Insolvency Partnership,
Level 8, Barrack House, 16-20 Barrack Street, Sydney NSW on
Monday, February 28, 2005 at 10:00 a.m. for the purpose of
laying before the meeting the Liquidators' final account and
report and giving any explanation thereof.

Dated this 19th day of January 2005

Ozem Kassem
Liquidator


SUPERBRANDS PTY: To Undergo Winding Up Proceedings
--------------------------------------------------
At a General Meeting of Superbrands Pty Limited (In Liquidation)
A.C.N. 076 318 495, duly convened and held at 1st Floor, 123
Clarence Street, Sydney on January 18, 2005 the following
Special Resolution passed:

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

Dated this 18th day of January 2005

Gary Taylor
Liquidator
Bentley Barton
Chartered Accountants
1st Floor, 123 Clarence Street,
Sydney NSW 2000


TAYLOU PTY: EGM Resolves to Wind Up Company
-------------------------------------------
Notice is hereby given that at an Extraordinary General Meeting
of Taylou Pty Limited (In Liquidation) A.C.N. 103 871 996, held
on January 13, 2005, the following Special Resolution was duly
passed:

That as the Company in the opinion of the Directors will not be
able to pay its debts within twelve (12) months the Company be
wound up by a Creditors Voluntary Winding Up.

Stephen Jay of Nicholls & Co., Chartered Accountants, Suite 2,
1st Floor, 43 Macquarie Street, Dubbo, NSW was appointed
Liquidator.

Dated this 13th day of January 2005

Stephen Jay
Liquidator
Suite 2, 1st Floor, 43 Macquarie Street,
Dubbo NSW 2830


VILLAGE ROADSHOW: Moving Towards Goal with AU$31.5 Mln HY Profit
----------------------------------------------------------------
Film distributor Village Roadshow Limited (VRL) on Friday
reported a net profit of AU$31.5 million for the six months to
December 31, 2004, an increase of 8.8 percent on the previous
corresponding period, Egoli News reveals.

The group said the results place it in a position to achieve its
annual net profit of between AU$40 million to AU$42 million, in
line with market expectations.

Revenue was down 57 percent to AU$593.39 million compared to the
same period last year, while there was no interim dividend
declared.

The group forecast that results for the Company's cinema
exhibition and film distribution divisions were likely to be
lower in 2004/05.

To view the Company's financial report, click on:
http://bankrupt.com/misc/tcrap_villageroadshow022505.pdf

CONTACT:

Village Roadshow Limited
206 Bourke Street
Melbourne Vic 3000
Australia
Phone: 61 3 9667 6666
Fax: 61 3 9639 1540


VMJ CORPORATE: Enters Winding Up Proceedings
--------------------------------------------
Notice is hereby given that at a general meeting of VMJ
Corporate Cleaning Pty Limited (In Creditors' Voluntary
Liquidation) A.C.N. 090 364 819 held on the Wednesday, January
19, 2005, the following special resolution was passed:

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

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


WILLOW WIND: Final Meeting Set March 2
--------------------------------------
Notice is given that a final meeting of the members and
creditors of Willow Wind Services Pty Limited (In Liquidation)
A.C.N. 003 638 453 will be held at Rodgers Reidy, Level 8, 333
George Street, Sydney on Wednesday, March 2, 2005 at 10:00 a.m.

The purpose of the meeting is:

(a) To receive an account from the Joint Liquidators.

(b) A resolution to destroy the books & records of the Company.

(c) To consider any other business.

Daniel Civil
Joint Liquidator
Rodgers Reidy
Level 8, 333 George Street,
Sydney NSW 2000


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


CHINA GAS: Notes Increase in Trading Volume
-------------------------------------------
The Board of Directors of China Gas Holdings Limited has noted
an increase in trading volume in the shares of the Company and
wish to state that, save for the information disclosed herein,
it is not aware of any reasons for such increase.

The Board was informed by Mr. Liu Ming Hui (Mr. Liu), the
managing director and a substantial shareholder of the Company
that the acquisition of 56,000,000 shares of the Company from
China Credit Holdings Limited (China Credit), a shareholder of
the Company, was completed though the open-market Thursday (the
Transaction).

The shares were acquired in pursuant to a sale and purchase
agreement entered into between Mr. Liu and China Credit dated
January 16, 2004 (the S&P Agreement) and disclosed in the
Company's announcement dated January 21, 2004.

Pursuant to the S&P Agreement, China Credit agreed to sell and
Mr. Liu agreed to acquire an aggregate of 250,000,000 shares of
the Company in cash at an aggregate consideration of
HK$180,000,000.

As at the date of this announcement, the sale and purchase of
194,000,000 shares has been completed and the remaining of
56,000,000 shares is to be completed in March 2005.

To view a full copy of the disclosure, click
http://bankrupt.com/misc/CHINAGASHOLDINGS022505.pdf


CHINA STAR: Porterstone Subscribes Shares
-----------------------------------------
On February 24, 2005, Mr. Heung Wah Keung, a Director of
Porterstone Limited (the Vendors) entered into the Top-Up
Placing Agreement and the Subscription Agreement with Kingston
Securities Limited, (Placing Agent) and China Star Entertainment
Limited respectively.

Pursuant to the Top-Up Placing Agreement, the Vendors have
agreed to place, through the Placing Agent, an aggregate of
76,600,000 existing Shares, on a fully underwritten basis, to
not less than six independent investors at a price of HK$0.50
per Share.

Pursuant to the Subscription Agreement, the Vendors
conditionally agreed to subscribe for an aggregate of 76,600,000
Subscription Shares at a price of HK$0.50 per Share.

The Top-Up Placing Shares and the Subscription Shares represent

(i) about 17.25% of the existing issued share capital of the
Company of 443,941,608 Shares; and

(ii) about 14.72 % of the issued share capital of the Company of
520,541,608 Shares as enlarged by the Subscription.

The Top-Up Placing Price and the Subscription Price of HK$0.50
represents

(i) a discount of about 13.79% to the closing price of HK$0.58
per Share as quoted on the Stock Exchange on 24 February
2005, being the last trading day before this announcement;

(ii) a discount of about 14.68% to the average of the closing
price per Share of HK$0.586 as quoted on the Stock Exchange for
the last five trading days up to and including 24 February 2005,
being the last trading day before this announcement; and

(iii) a discount of about 12.89% to the average of the closing
price per Share of HK$0.574 as quoted on the Stock Exchange for
the last ten trading days up to and including 24 February 2005,
being the last trading day before this announcement.

The Subscription is conditional upon the Stock Exchange granting
listing of, and permission to deal in, the Subscription Shares.
The gross proceeds from the Subscription will be about HK$38.30
million.

The net proceeds from the Subscription of about HK$37.30 million
will be used for general working capital of the Group and/or any
future possible acquisition which is yet to be identified. As at
the date of this announcement, the Company has no concrete plans
or targets for the future possible acquisition.

To view a full copy of the disclosure, click
http://bankrupt.com/misc/CHINASTAR022505.pdf


JING WEI: Sets Creditor's Meeting March 22
------------------------------------------
Notice is hereby given that pursuant to Section 241 of the
Companies Ordinance, that a meeting of the creditors of Jing Wei
Development Company Limited will be held at Rooms 501-3, 5th
Floor, Hang Seng Building, 77 Des Voeux Road Central, Hong Kong
on March 22, 2005 at 11:00 a.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 501-3, 5th Floor, Hang Seng
Building, 77 Des Voeux Road Central, Hong Kong not later than 48
hours before the time appointed for holding the meeting or
adjourned meeting.

Dated this 18th day of February 2005

By Order of the Board
Zhong Weiguo
Director


LAP FUNG: Faces Winding Up Proceedings
--------------------------------------
Notice is hereby given that a Petition for the Winding up of Lap
Fung Fire Engineering Company Limited by the High Court of Hong
Kong Special Administrative Region was on February 22, 2005
present to the said Court by Brightime Internaitonal Limited and
Aroma Vera Asia Pacific Limited both of Unit 2301, 23/f., Tower
1, The Gateway, 25 Canton Road, Tsimshatsui, Kowloon, Hong Kong.

The said Petition is to be heard before the Court at 9:30 am on
April 20, 2005. 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.

TSUI & CO.
Solicitors for the Petitioner
Unit F, 7th Floor, Neich Tower
128 Gloucester Road
Wanchai, 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 April
19, 2005.


MED-CAN HONGKONG: Names Joint and Several Liquidators
------------------------------------------------------
Mr. Lui Po San and Mr. Kwok Tai Wai, both of Intergrity
Corporate Reconstruction Limited located at 18th Floor, Bel
Trade Commercial Building, 3 Burrows Street, Wanchai, Hong Kong,
have been appointed as Joint & Several Provisional Liquidators
for Med-Can HongKong Limited of Room 9-10, 7/F., TCL Tower, 8
Tai Chung Road, Tsuen Wan, NT. Hong Kong on October 9, 2003.

Dated this 21st day of February 2005

Lui Po San
Kwok Tai Wai
Joint and Several Liquidators


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


BANK MANDIRI: Asked to Reveal Bad Debts
---------------------------------------
The Jakarta Commission XI of the House of Representatives (DPR)
advised Bank Mandiri to disclose its list of bad debts, some of
which involved some big companies, reports Indoexchange News.

Parliament members saw that the bank was not transparent in
writing off bad debts and restructuring non-performing loans in
some companies, including loans to Great River, Raja Garuda Mas,
and other state-owned firms.

Based on the bank's financial Sept. 2004 report, 7.5 % (IDR81.3
trillion) of its total loans were gross non-performing loans.
The bank also had bad debts worth IDR5.47 trillion, doubtful
loans of IDR536.1 billion, IDR2.04 trillion in substandard
loans, and special loans amounting to IDR10.6 trillion.

The state central bank, Bank Indonesia (BI), said that Bank
Mandiri had high credit risk, moderate to high operating risk,
and a weak risk control system. This assessment was based on
continued corporate loans for restructuring of companies like PT
Mahakam Ekagraha and PT Binacitra Kharisma Lestari.

According to commission member Fuad Bawazier, the disclosure of
the list of bad debtors would not violate the banking secrecy
provision.

CONTACT:

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


TELEKOMUNIKASI INDONESIA: To Get US$7-Mln Fuel Compensation
-----------------------------------------------------------
PT Telekomunikasi Indonesia Tbk (Telkom) is to get IDR64.8
trillion (US$7 million) as fuel compensation from Arianspace,
after a delay in the firm's satellite launching, according to
IndoExchange.

The original schedule to launch the Telkom-2 satellite was in
Dec. 2004, but was later moved to April 14.

Due to the delay, the Company's sales will not increase; the
delay has also interrupted the continued transmission of
satellite Palapa B-4.

According to Telkom president Kristiono, the firm would receive
the compensation in the form of bigger fuel loading, so as to
lengthen the age of Palapa B-4, providing more benefits for the
Company. The Company is also expected to implement a contingency
plan t further improve the satellite.

Mr. Kristiono added that although Telkom had scheduled to
replace Palapa B-4 in 2001, the firm was able to operate it for
four more years, gaining an additional profit of IDR741.4
trillion (USD80 million). The firm also saved around IDR92.7
trillion (USD10 million) in choosing a twin-capacity launching
aircraft.

CONTACT:

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


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


APLUS COMPANY: Government Offers Tax Break
------------------------------------------
The Ministry of Economy, Trade and Industry has recently
approved an application by consumer finance firm Aplus Company
for operational restructuring under the Industrial
Revitalization Law, says Japan Today.

The latest decision by the government would entitle Aplus to a
JPY660-million tax break in connection with its third-party
allotment of new shares totaling JPY241 billion to erase the
Company's negative net worth.

Aplus had a negative net worth of JPY181.6 billion for the half
year to Sept. 30. Last month, the firm announced a JPY261
billion consolidated net loss for the nine months through
December.


MATSUSHITA ELECTRIC: To Shut Down Malaysian Plant
-------------------------------------------------
Matsushita Electric Company will shut down its washing machine
and refrigerator factory in Malaysia in Oct. 1, rendering 300
workers jobless, Kyodo News reports.

Melcom, the Malaysian arm of Matsushita Electric, opted for the
closure to cope with tough market conditions and severe price
competition in the electrical home appliances business.

Melcom decided to close its plant in Bangi, south of Kuala
Lumpur, after taking into account accumulated loses and
unfavorable forecasts for growth and profitability in the
washing machine and refrigerator business. Instead, the Company
will focus on its two other plants in Kuala Lumpur, which
manufacture other home appliances and batteries.

In a statement, the Company also said the board of directors has
approved the termination scheme for about 300 employees at the
Bangi plant.

Its associated company, Panasonic Malaysia Sdn. Bhd., will
continue to sell Panasonic washing machines and refrigerators in
Malaysia by obtaining supplies from other countries, it said.

CONTACT:

Matsushita Electric Industrial Co Ltd (Panasonic)
1006, Oaza Kadoma
Kadoma-shi, Osaka 571-8501
Japan
Phone: +81 6 6908 - 1121
Fax: +81 6 6908 2351

Matsushita Electric Co. (Malaysia) Berhad
No.3, Jalan Sesiku 15/2
Shah Alam Industrial Site
40200 Shah Alam
Selangor Darul EhsanTel  :  03-5891 5000
Fax  :  03-5891 5108


MITSUBISHI MOTORS: To Issue No.3 Class G Preferred Shares
---------------------------------------------------------
Mitsubishi Motors Corporation (MMC) announced that it resolved
during a meeting of the board to issue No. 3 Class G preferred
shares. The details of the issue are as follows:

No. 3 Class G Preferred Shares

New Shares Issued: 10,200 preferred shares
Amount: JPY10.2 billion
Purchasers: The Mitsubishi Trust and Banking Corporation
Payment: March 22, 2005 (Tuesday)

The funds raised by this capital increase will be assigned to
the repayment of outstanding debt to the Mitsubishi Trust and
Banking Corporation (debt-to-equity swap).

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


TOSHIBA CORPORATION: Court Hears Case Filed by Lexar Media
----------------------------------------------------------
In opening arguments heard on February 9 in Lexar Media, Inc. v.
Toshiba Corporation, attorneys for Lexar Media, Inc.
(Nasdaq:LEXR) presented evidence that they plan to present
during the ongoing trial. Lexar's lawsuit against Toshiba for
breach of fiduciary duty, misappropriation of trade secrets and
unfair competition is being heard in the Superior Court for the
State of California, County of Santa Clara. Lexar is a leading
marketer and manufacturer of high-performance digital media and
accessories.

In its opening statement, Lexar indicated that it would present
evidence proving the following:

-- By 1997, Toshiba had tried but failed to develop a reliable
flash memory controller.

-- In 1997, Toshiba invested in Lexar because, according to
Toshiba documents, Lexar had "technology and product roadmap
(which were) superior to any other available solution" and
Toshiba was "losing business because of the lack of controllers"
and recognized that the "controller is key to market creation."

-- Evidence shows that Toshiba approached Lexar representing
itself as Lexar's "best and strategic partner" and "key
collaborator." In May 1997, Toshiba invested $3 million in Lexar
and asked for and received a seat on Lexar's board of directors.

-- As a strategic partner, owner, and board member of Lexar,
Toshiba received extensive Lexar confidential information
including Lexar's highly confidential patent applications.

-- Unbeknownst to Lexar, around the time of Toshiba's investment
in Lexar, Toshiba's top management, led by Mr. Fujii, had "top
secret" internal plans to partner with SanDisk and to "share
strategy of maintaining suitable profit and expanding the flash
market" with SanDisk.

-- When asked why Toshiba would invest in Lexar given its
decision to work with SanDisk, Mr. Fujii testified that the
investment in Lexar was "cheap insurance" for Toshiba. Toshiba's
internal documents show that the actual purpose of Toshiba's
investment in Lexar was to "corral Lexar" so that it could
"effectively use engineers having system engineering strength
and system support strength."

-- While a member of Lexar's board, Toshiba's board
representative, Mr. Ito, channeled Lexar's confidential business
information and even attorney/client privileged documents to Mr.
Fujii who was negotiating with SanDisk. Mr. Fujii testified that
he had "no idea" why he received such information.

-- Toshiba's representative, Mr. Ito, remained on Lexar's board
despite acknowledging this conflict of interest to Toshiba. He
later agreed to resign his board seat but only on the condition
that "Toshiba shall receive copies of all documents distributed
at Board Meetings plus ... a statement that Toshiba shall
receive copies of Lexar weekly reports."

-- Toshiba and SanDisk later announced a joint venture to
manufacture NAND flash memory; it later turned out that these
chips incorporated Lexar's confidential technology.

From time to time, Lexar expects to post updates of the trial on
its corporate website at www.lexar.com/litigation.

About Lexar Media, Inc.

Lexar is a leading marketer and manufacturer of flash memory
cards, USB flash drives, card readers and ATA controller
technology for the digital photography, consumer electronics,
industrial and communications markets. The Company holds over 81
issued or allowed controller and system patents, and licenses
its technology to companies including Olympus, Samsung
Electronics, SanDisk and Sony. For more information, please call
1-800-789-9418 or visit www.lexar.com.

CONTACT:

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


UFJ HOLDINGS: SMFG Decides to Quit Merger Plan
----------------------------------------------
Sumitomo Mitsui Financial Group (SMFG) will formally withdraw
its proposal to merge with rival UFJ Holdings Incorporated, CNN
News relates.

SMFG's decision reportedly followed a February 18 announcement
by UFJ and its favored suitor Mitsubishi Tokyo Financial Group
on the financial terms of the business integration that would
create the world's top bank with assets of US$1.8 trillion.

UFJ and MTFG had agreed to exchange one UFJ share for 0.62 of an
MTFG share, a deal that valued UFJ at US$29 billion.

According to sources, SMFG has determined that further merger
negotiations with UFJ would be difficult given the current stock
prices of MTFG and UFJ, putting an end to its bidding
competition with MTFG.

CONTACT:

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


* 2004 Golf Course Operator Bankruptcies Down 3.3%
--------------------------------------------------
The number of bankruptcies of golf course management companies
has soared since 2001, reaching a record-high of 109 cases in
2002. Since then, the number has been declining, yet it still
continues to remain high. In 2004, the bankruptcies filed by two
companies, Fuji Country Co, Ltd. (Aichi prefecture), a large
golf course management firm, and Shonan Kanko Development Co.,
Ltd. (Kanagawa prefecture), which managed a famous golf course,
"Lake Wood Golf Club", were in focus.

Since 2000, total liabilities of corporate bankruptcies across
the country has continuously decreased, however, the percentage
of golf course management company liabilities of the total
liabilities make up 16.0% in 2002, 17.2% in 2003, and 22.2% in
2004. It is evident that failures of golf course management
companies represent a high percentage of recent large-sized
bankruptcies in Japan. Teikoku Databank summarized the
bankruptcy trend of golf course management companies in 2004
(Jan-Dec).

Summary

The number of bankruptcies of golf course management companies
dropped 3.3% to a total of 87 in 2004 compared with the previous
year. It was a 20.2% decrease from 2002 when a record-high was
set.

Accumulated bankruptcy liabilities in 2004 were JPY1,756,935
million, a 13.2% drop from 2003 and a 20.0% drop from 2002 when
a record-high was set, marking a first time dip below JPY2
trillion in three years.

The number of bankruptcies of golf course management companies
continues to remain high in 2004 while it tends to gradually
decrease compared to 2002 and 2003 when a rapid increase of
failures and super-sized bankruptcies were seen.

In 2004, only two large-sized bankruptcies, with over JPY100
billion in liabilities, were filed by Fuji Country Co., Ltd.
(JPY180 billion in liabilities, Aichi, special liquidation in
December) and Taiyo Ryokka Co., Ltd. (JPY120,441 million in
liabilities, Tokyo, filed bankruptcy-reorganization plan in
February).

The most critical bankruptcy trend in this industry in 2004 was
the dramatic increase of failures of golf courses affiliated
with major business enterprises. In 2004, there were 17 cases of
this type of bankruptcy (only 5 cases in 2002 and 2003
respectively) resulting from various reasons. Some companies
such as "Daikyo Inc." and "Misawa Homes Co., Ltd." withdrew from
the golf course business by filing legal liquidation once they
became eligible to receive support from the "Industrial
Revitalization Corporation of Japan". Some bankruptcies were due
to a business downturn and lack of support from their parent
companies while others were processed in preparation for "Asset-
Impairment Accounting ", which will be fully introduced in March
2006.


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


LG CARD: Delinquency Ratio Drops 3.3%
-------------------------------------
In a filing to the Korea Stock Exchange on Feb. 25, LG Card Co.
reported that its January delinquency ratio fell to 14. % from
17.3 % at end-December, reports Reuters News.

The Company received a KRW1 trillion (US$977 million) bailout
from creditors and former parent LG Group in late January,
helping it escape corporate collapse for the second time in less
than a year.

CONTACT:

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


LG CARD: Shareholders OK Capital Reduction
------------------------------------------
Shareholders of credit card firm LG Card agreed to a capital
reduction in an extraordinary general meeting on Feb. 24, the
Korea Herald reports.

The reduction plan will cut the firm's capital by 25 percent, or
KRW626.8 billion from KRW3.44 trillion. The number of shares
would also be reduced to 125.36 million from 689.53 million
shares.

The capital write-down would require that shares in LG Card be
suspended from March 4 to March 17. New shares will be issued on
the Korea Stock Exchange on March 18.

According to Korea Development Bank, LG Card will surpass its
debt next year, after two bailouts to rescue the firm from
bankruptcy. Creditors injected funds amounting to KRW5 trillion
into the firm in 2004.

This year, the firm hopes to find a buyer and normalize its
operations.


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


CEPATWAWASAN GROUP: Case Hearing Continues on April 22
------------------------------------------------------
Further to the announcement on Jan. 24, 2005, regarding the
Civil Suit No D3-22-1168-2004 by Cepatwawasan Group Berhad and
its subsidiary, Prolific Yield Sdn. Bhd. against the following
persons:

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

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

3. Kassim bin Mohamed Ali (NRIC: 570718-10-5915) - 3rd
Defendant;

4. Abdul Rahim bin Sendiri (NRIC: 460708-06-5203) - 4th
Defendant;

5. Opti Temasek Sdn. Bhd. (Company No. 650698-D) - 5th
Defendant;

6. Yip Kum Wah (NRIC: 390923-08-5783) - 6th Defendant;

7. Lee Ah Lan (NRIC: 501002-05-5394) - 7th Defendant;

8. Sheikh Abdul Rahim bin Sheikh Hassan (NRIC: 681026-06-5133) -
8th Defendant;

9. Yip Fook Yian (NRIC: 701106-08-5557) - 9th Defendant;

10. Yip Chee Meng (NRIC: 690422-08-5771) - 10th Defendant;

11. Yip Ha @ Yip See Khow (NRIC: 2708621) - 11th Defendant;

12. Chew Poh Kong (also known as Paul Hew) (NRIC: 460810-08-
5075) - 12th Defendant;

13. Hew Yen Fatt (also known as Patrick Hew) (NRIC: 550131-10-
5555) - 13th Defendant;

14. Tan Sri Datuk Chai Kin Kong (NRIC: 590825-06-5179) - 14th
Defendant;

15. Dato Chua Tiong Moon (NRIC: 590831-06-5179) - 15th
Defendant;

16. Chai Kim Chong (NRIC: 620118-06-5035) - 16th Defendant;

17. Chai Woon Chet (also known as Eddie Chai) - 17th Defendant;
and

18. Tan Kok Aun (NRIC: 580522-08-5907) - 18th Defendant.

for recovery of :

(i) RM13 million which was wrongfully and fraudulently paid out
by the former directors of Prolific Yield Sdn. Bhd. to Opti
Temasek Sdn. Bhd. as advance; and

(ii) RM3 million which was wrongfully and fraudulently paid to a
Sheikh Abdul Rahim bin Sheikh Hassan (NRIC: 681026-06-5133) as
advance with no interest and no fixed term of repayment, the
Company announced that the hearing of the application for
attachment of the 1st to 4th and 6th to 11th Defendants' assets
before judgment has been adjourned to April 22, 2005, for
decision.

The judge has directed both parties to file into Court their
written submissions before the decision date.

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. 23, 2005


I-BERHAD: Buys Back 23,000 Shares
---------------------------------
I-Berhad disclosed to the Bursa Malaysia Securities Berhad
details of its shares buy back on Feb. 23, 2005.

Date of buy back: 23/02/2005

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

Total number of shares purchased (units): 23,000

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

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

Total consideration paid (RM): 19,463.65

Number of shares purchased retained in treasury
(units):  23,000

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

Cumulative net outstanding treasury shares as at to-date
(units): 679,700

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

CONTACT:

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

This announcement is dated Feb. 23, 2005.


INTAN UTILITIES: Issues Borrowings Summary of Units' Default
------------------------------------------------------------
Further to the announcement dated Jan. 27, 2005, and pursuant to
Paragraphs 9.02 and 9.04 (1) of the Listing Requirements and
Practice Note No. 1/2001, Intan Utilities Berhad announced the
summary of the borrowings in default and the steps taken to
address the defaults by IDS Electronics Sdn. Bhd. and IDS
Technology Sdn Bhd, 70% effectively-owned subsidiaries of Intan
Utilities Berhad.

Attached is the announcement concerning details of the summary:

http://bankrupt.com/misc/tcrap_intan022505.xls

CONTACT:

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


JIN LIN: Discloses FY04 Quarterly Results
-----------------------------------------
Jin Lin Wood Industries Berhad (JLWIB) released its unaudited
second 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
             1,523         2,655          2,994         5,654

2  Profit/(loss) before tax
            -2,377        -3,513         -4,861        -6,685

3  Profit/(loss) after tax and minority interest
            -2,377        -3,513         -4,861        -6,685

4  Net profit/(loss) for the period
            -2,377        -3,513         -4,861        -6,685

5  Basic earnings/(loss) per shares (sen)
             -5.40         -7.98         -11.05        -15.19

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)
                               -0.2608              -0.1503

For a full view of the quarterly report, go to:

http://bankrupt.com/misc/tcrap_jinlin1022405.xls

http://bankrupt.com/misc/tcrap_jinlin2022405.doc

CONTACT:

Jin Lin Wood Industries Berhad
177, 2nd Floorn
Taman Sri Dagang
P O Box 3181
97013 Bintulu, Sarawak
Malaysia
Phone: 086-334661/335570
Fax:   086-330866/334808


KUALA LUMPUR KEPONG: To Delist Shares from LSE
----------------------------------------------
Kuala Lumpur Kepong Berhad (KLK) announced that the Company will
be delisting its shares from the London Stock Exchange (LSE)
effective May 1, 2005. The decision to delist from the LSE is
based on the low volume in shares trading, the small number of
UK-registered shareholders, and expenses incurred in maintaining
a LSE Listing and the UKB.

An information circular containing details of the delisting will
be dispatched to shareholders registered on the UKB in due
course.

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


KUMPULAN BELTON: Posts Default Status Update
--------------------------------------------
Kumpulan Belton Berhad has made updates on the status of the
Company's default in payment and involvement in litigation for
the period from Jan. 27, 2005, to the date of this announcement.

The full announcement dated Feb. 23, 2005 is attached herewith:

http://bankrupt.com/misc/tcrap_kbelton022405.doc

CONTACT:

Kumpulan Belton Berhad
Lot 10 Sungai Siput Light Indus'l Estate
31100 Sungai Siput, Perak Darul Ridzuan 48000
Malaysia
Phone: +60 3 6257 2233
Fax:   +60 3 6257 8989


LION CORPORATION: Posts FY04 2nd Quarter Results
------------------------------------------------
Lion Corporation Berhad released its unaudited second 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
           991,456       565,408       1,905,935     1,008,566

2  Profit/(loss) before tax
            27,545       -21,990         197,748       -32,185

3  Profit/(loss) after tax and minority interest
            14,825       -28,142         155,916       -46,727

4  Net profit/(loss) for the period
            14,825       -28,142         155,916       -46,727

5  Basic earnings/(loss) per shares (sen)
              1.61         -3.06           16.96         -5.08

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)
                                0.2400               0.0500

For further details on the report, click on:

http://bankrupt.com/misc/tcrap_lion1022405.doc

http://bankrupt.com/misc/tcrap_lion2022405.xls

http://bankrupt.com/misc/tcrap_lion3022405.doc

http://bankrupt.com/misc/tcrap_lion4022405.doc

CONTACT:

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


MENTIGA CORPORATION: Releases FY04 Quarterly Results
----------------------------------------------------
Mentiga Corporation Berhad released its unaudited quarterly
report for the financial period ended Dec. 31, 2004.

             SUMMARY OF KEY FINANCIAL INFORMATION
                            31/12/2004

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

1  Revenue
            10,704         1,841         21,574         4,116

2  Profit/(loss) before tax
             2,026       -10,206         -1,627       -19,650

3  Profit/(loss) after tax and minority interest
               639       -10,773         -3,014        13,587

4  Net profit/(loss) for the period
               639       -10,773         -3,014        13,587

5  Basic earnings/(loss) per shares (sen)
              1.70        -28.73          -8.04         36.23

6  Dividend per share (sen)
             0.00         0.00         0.00       0.00

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

7  Net tangible assets per share (RM)
                               -1.5100              -1.4600

For further details on the report, click on:

http://bankrupt.com/misc/tcrap_mentiga1022405.xls

http://bankrupt.com/misc/tcrap_mentiga2022405.xls

http://bankrupt.com/misc/tcrap_mentiga3022405.doc

CONTACT:

Mentiga Corporation Berhad
Jalan Kampar Off Jalan Tun Razak
Kuala Lumpur, 50400
Malaysia
Phone: +60 3 40439411
Fax:   +60 3 40431233


METROPLEX BERHAD: Unit Receives Winding Up Petition
---------------------------------------------------
Metroplex Berhad (MB) announced that proceedings were issued by
Legend International Resorts Limited (LIR) in the High Court of
Justice, Queen's Bench Division in England, United Kingdom (High
Court) against Morgan Stanley Emerging Markets, Inc. (MSEMI) and
Oversea-Chinese Banking Corporation Limited (OCBC) under Claim
No. 2005 Folio 16 (the Action).

The Amended Claim Form and Particulars of Claim were issued on
Feb. 19, 2005.

By the Action, LIR seeks:

1) against MSEMI, a declaration that MSEMI is not an "Eligible
Transferee" within the meaning of the Facility Agreement dated
July 22, 1997 entered into by LIR and a syndicate of lenders and
that the purported transfers of loans under the Facility
Agreement to MSEMI were wholly ineffective;

2) against MSEMI and OCBC, a declaration that LIR's indebtedness
and liabilities to OCBC (which was at the material time a
syndicate member) under the Facility Agreement have been
absolutely and irrevocably released and discharged.

CONTACT:

Metroplex Berhad
1st Floor Wisma Equity
150 Jalan Ampang
50450 Kuala Lumpur,
Malaysia
Phone: 03-2618911

This announcement is dated Feb. 23, 2005.


OCEAN CAPITAL: Unveils FY04 Quarterly Results
---------------------------------------------
Ocean Capital 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
               830         4,203          5,590        85,068

2  Profit/(loss) before tax
           -35,648        -8,782        -50,594       -21,369

3  Profit/(loss) after tax and minority interest
           -35,642        -8,510        -50,602       -21,097

4  Net profit/(loss) for the period
           -35,589        -8,507        -50,548       -21,094

5  Basic earnings/(loss) per shares (sen)
            -89.20        -21.32        -126.69        -52.87

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)
                             -174.0000              -48.0000

For a full copy of the report, click on:

http://bankrupt.com/misc/tcrap_oceanc1022405.xls

http://bankrupt.com/misc/tcrap_oceanc2022405.doc

CONTACT:

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


OMEGA HOLDINGS: Enters Restructuring Agreement with MEH
-------------------------------------------------------
Further to the announcement made on Dec. 27, 2004, Omega
Holdings Berhad announced that on Feb. 24, 2005, the Company
entered into a second supplemental restructuring agreement with
Dato' Yap Suan Chee and Alpine Equity (M) Sdn Bhd and Melati
Ehsan Holdings Sdn Bhd (MEH) (Formerly known as Zejora Ehsan Sdn
Bhd) in respect of its Proposed New Restructuring Scheme.

On the same date, MEH entered into the following:

(a) A supplemental sale and purchase agreement with Dato' Yap
Suan Chee, Zaitun Binti Dato' Seri Abu Bakar and Radzulai Bin
Yahaya in respect of proposed acquisition of the entire issued
and paid-up capital of Melati Ehsan (M) Sdn Bhd (MESB);

(b) A supplemental sale and purchase agreement with Dato' Yap
Suan Chee, Datin Teng Siew Kean, Zaitun Binti Dato' Seri Abu
Bakar, Radzulai Bin Yahaya and Alpine Equity (M) Sdn Bhd in
respect of proposed acquisition of the entire issued and paid-up
capital of Bayu Melati Sdn Bhd (BMSB); and

(c) A supplemental sale and purchase agreement with Dato' Yap
Suan Chee, Tan Hong Hing @Tan Eng Hing, Radzulai Bin Yahaya,
Dato' Mohd Zain Bin Yahya and Harta Mantap Sdn Bhd in respect of
proposed acquisition of the entire issued and paid-up capital of
Pembinaan Kery Sdn Bhd (Kery).

The Second Supplemental Restructuring Agreement and Supplemental
SPAs are in relation to the revision of the aggregate purchase
consideration for the proposed acquisition of MESB, BMSB and
Kery from RM226,173,151 to RM223,581,151 as mutually agreed by
the parties. The details of the revised purchase price are
attached in Table 1.

To View Table 1, click on:

http://bankrupt.com/misc/tcrap_omegah022505.doc

CONTACT:

Omega Holdings Berhad
Jalan Semantan Damansara Heights
50490 Kuala Lumpur, Selangor Darul Ehsan 46050
Malaysia
Phone: +60 3 2713 2160
Fax:   +60 3 2713 2170

This announcement is dated Feb. 24, 2005.


PAN MALAYSIA: Sees No Change in Company Status
----------------------------------------------
Pan Malaysia Capital Berhad informed Bursa Malaysia Securities
Berhad that there has been no change to the status of the
Company's proposal that was disclosed in the Initial
Announcement of July 26, 2001 and the Company's last quarterly
announcements made on Nov. 30, 2004.

CONTACT:

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


PANTAI HOLDINGS: Unit Disposes of E-Mediline, PM Care
-----------------------------------------------------
Pantai Holdings Berhad (PHB) announced that:

1. On Feb. 18, 2005, Company subsidiary Pantai Support Services
Sdn Berhad (PSS) entered into a Share Sale Agreement with
Muthelilan A/L Murasu Nedumaran in respect of the Proposed
Disposal of EMediline Global Sdn Berhad;

2. On Feb. 18, 2005 PSS entered into a Share Sale Agreement with
Prima Medicare Sdn Bhd in respect of the Proposed Disposal of PM
Care Sdn Berhad.

EMediline was incorporated on March 1, 2001 and currently has an
authorized capital of RM1,000,000, divided into 1,000,000
ordinary shares of RM1.00 each of which RM1,000,000 has been
duly issued and paid-up. EMediline was initially set up to
provide electronic information networking and services related
to information technology, but it is currently dormant. PSS's
original cost of investment was RM800,000, made on Aug. 7, 2002.
Based on the unaudited financial results of the PHB Group as at
Dec. 31, 2004, the Proposed Disposal of EMediline will result in
an expected loss of approximately RM503,000 to the PHB Group for
the financial year ending June 30, 2005. PM Care holds the
remaining 20% interest in EMediline.

PM Care was incorporated on Feb. 28, 1998, and is principally
involved in the provision of healthcare management and
administration services. It has an authorized capital of
RM5,000,000 divided into 5,000,000 ordinary shares of RM1.00
each and its paid-up capital is RM1,225,000. PSS holds 735,000
ordinary shares in PMCare, representing 60% of the issued and
paid-up capital therein. PHB's investment in PMCare was first
made on May 31, 1999, when it acquired 510,000 ordinary shares
through PSS to gain a controling interest at a cost of
approximately RM2.6 million. Subsequently on Jan. 17, 2005, PSS
subscribed for additional 225,000 ordinary shares by converting
its long outstanding loans to PMCare totaling RM5.06 million,
thereby increasing the total cost of investment to date of
approximately RM7.66 million. Based on the unaudited financial
results of the PHB Group as at Dec. 31, 2004, the Proposed
Disposal of PM Care will result in an expected loss of
approximately RM13,000 to the PHB Group for the financial year
ending June 30, 2005. The remaining 40% interest in PMCare is
held by HMO Marketing Sdn Bhd (39.999%) and HMO Pacific Sdn Bhd
(0.001%).

The rationale for carrying out the Proposed Transactions is to
enable the PHB Group to consolidate its position in the
healthcare industry and focus its resources towards its core
activity, which is the provision and delivery of healthcare
services. Upon completion of the Proposed Transaction, the PHB
Group will no longer be involved in the business of a "managed
care organization" which essentially manages (including paying)
the healthcare requirements on behalf of their clients.

Pursuant to Chapter 10 of the Listing Requirements of Bursa
Malaysia Securities Berhad (Listing Requirements), the Proposed
Disposal of PM Care would be regarded as a "Related Party
Transaction" as Encik Wan Shukri bin Ariffin and Encik Mohd
Adzahar bin Wahid are directors and shareholders of the entire
equity in Prima Medicare Sdn Bhd (being the purchaser) as well
as directors of PM Care and persons connected to HMO Marketing,
the 40% equity holder of PM Care. However, the Proposed
Transactions would not require approval of the shareholders of
PHB as the value of the Proposed Transactions do not exceed 5%
of the percentage ratios as stated in the Listing Requirements.
The completion of the Proposed Transactions is subject to the
approvals of the relevant authorities, if required to be
obtained by the respective purchasers.

Apart from those disclosed above, none of the directors or
substantial shareholders of PHB and its subsidiaries or persons
connected to them have any interest, direct or indirect in the
Proposed Transactions. It is expected that the Proposed
Transactions will be completed by March 2005.

The EMediline Share Sale Agreement and PM Care Share Sale
Agreement are available for inspection for a period of six
months from the date of this announcement during normal working
hours at the Company's registered office at 3rd Floor, Block B,
Pantai Medical Center, No. 8, Jalan Bukit Pantai, 59100 Kuala
Lumpur.

CONTACT:

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


SANTAK ELECTRONICS: Sells Assets to Sokymat Berhad
--------------------------------------------------
Santak Electronics Sdn Berhad, subsidiary of Santak Holdings
Limited, entered into an Asset Purchase Agreement with Sokymat
Technology Sdn Berhad wherein the Company will sell machinery
and other assets to Sokymat.

Attached is a full copy of the announcement:

http://bankrupt.com/misc/tcrap_santake022505.pdf


TRU-TECH HOLDINGS: Scheme Creditors to Meet March 18
----------------------------------------------------
Tru-Tech Holdings Berhad announced the following:

(a) The Company had on Feb. 23, 2005, issued a notice to convene
the meetings of scheme creditors on March 18, 2005 pursuant to
the provisions of Section 176 of the Companies Act, 1965 (Act)
for the purpose of considering the Proposed Scheme of
Arrangement with Creditors and if thought fit to approve the
same with or without modification(s); and

(b) An Explanatory Statement, together with the aforesaid
notice, was dispatched and issued to scheme creditors pursuant
to Section 177(1) of the Act on even date.

CONTACT:

Tru-Tech Holdings Berhad
Lot 45, Batu 12, Jalan Johor Bahru
Kota Tinggi, Mukim Plentong,
81800 Ulu Tiram, Johor
Malaysia
Phone: (60) 3 7861 5220
Fax:   (60) 3 7861 7972

This announcement is dated Feb. 23, 2005.


WEMBLEY INDUSTRIES: SC Rejects Application for Rehab Extension
--------------------------------------------------------------
Further to the announcement on Jan. 14, 2005, Wembley Industries
Holdings Berhad (WIHB) announced that the Securities Commission
(SC) has, via its letter dated Feb. 18, 2005, rejected the
Company's application for an extension of time of one (1) year
to Jan. 27, 2006, to complete the implementation of the
Company's Restructuring Proposals.

CONTACT:

Wembley Industries Holdings Berhad
No 1 Jalan Pandungan
Kuching, Sarawak 93100
Malaysia
Phone: +60 82 236920
Fax:   +60 82 236922

This announcement is dated Feb. 23, 2005.


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


NATIONAL POWER: VAT Anticipated to Hamper Privatization
-------------------------------------------------------
A group of electric cooperatives has warned that a plan to
impose value-added tax (VAT) on National Power Corporation
(Napocor) and independent power producers (IPPs) could hinder
the state power firm's privatization, according to The
Philippine Star.

Association of Philippine Electric Cooperatives (APEC) Party
List Representative Ernesto Plable said that charging IPPs with
VAT may derail the ongoing Napocor privatization since no
investors will come into the power sector because of the VAT. He
added that the main reason for investor interest in Napocor is
the fact that IPPs enjoy exemptions from VAT and other
government charges.

APEC Secretary General Luis Manuel Corral, meanwhile, said while
the IPPs have been widely criticized for the purchased power
agreement (PPA) fiasco and the stranded costs of US$11 billion
of Napocor, subjecting them to VAT which will be passed on to
consumers is not a good option.

APEC earlier said the imposition of a 12 percent VAT on Napocor
and IPPs will raise the electricity rates by an average of 44
centavos per kilowatthour (kwh) nationwide.

CONTACT:

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


NATIONAL POWER: PSALM Gives Bidders Preliminary Review
------------------------------------------------------
In a bid to accelerate the privatization process of National
Power Corporation (Napocor), the Power Sector Assets and
Liabilities Management Corporation (PSALM) will allow potential
investors to conduct a preliminary review of the power firm's
generating assets, Today relates.

The government is set to move by a quarter earlier the
privatization of 70 percent of Napocor's generating assets if
interested buyers are given the chance to review the assets. The
planned privatization was originally slated end of this year.

PSALM aims to sell half of Napocor's generating assets by the
middle of this year and, following the schedule, the magnitude
of the sale should be at 70 percent by the end of 2005.

The preliminary asset review will include unlimited access to
the so-called data room of confidential information about the
asset eyed for acquisition.


NATIONAL POWER: PSALM Seeks Higher Bond for Plants' Bidders
-----------------------------------------------------------
The Power Sector Assets and Liabilities Management Corporation
(PSALM) is seeking to increase the performance bond of the
winning bidders of the power generating assets of the National
Power Corporation, Today reports.

On top of the higher bond, the PSALM also proposes to hike to 50
percent the upfront fee of their bid price in a bid to rake
greater cash proceeds.

Under the proposal, PSALM would request the winning bidder of
large generating assets or those with 600 megawatts (MW) and up
capacity to post a US$20-million bond, US$10 million for middle-
sized plants, and US$5 million for small power facilities.

The proposal, however, is subject to approval by prospective
investors.

PSALM decided to impose stricter rules after some sectors
criticized the sale of the 600MW Masinloc power plant to YNN
Pacific Consortium Incorporated for US$561.72 million or
effectively US$936 per kilowatt.

The group would pay PSALM 40-percent upfront cash and 60 percent
of the purchase price would be paid through deferred payments
payable over seven years.


NATIONAL POWER: ERC Grants Rate Hike Approval
---------------------------------------------
The National Power Corporation (Napocor or NPC) has been given
the go-ahead by the Energy Regulatory Commission (ERC) to
increase power rates in selected areas where the electric firm's
Small Power Utilities Group (SPUG) operates, reports Today News.

In Luzon, generation rates were adjusted by 21.09 centavos per
kilowatt hour (kWh), an increase from Php3.7064 per kWh to
Php3.9173. The adjusted rates will be implemented for two years.

For Visayas, the increase will be 30.06 centavos per kWh to be
recovered in a three-year period. The new rate for Visayas will
be Php5.94 per kWh from the current rate of Php5.64.

In Mindanao, generation rates will go up by 11.42 centavos per
kWh for six months.

There are 14 identified missionary or unviable areas that are
currently under the control and operation of the NPC-SPUG. The
state firm wants the private sector to take over the operations
in eights areas in Luzon and three each in Visayas and Mindanao.

NPC-SPUG areas open for new players in Luzon are Catanduanes,
Marinduque, Masbate, Occidental Mindoro, Oriental Mindoro,
Palawan, Romblon and Tablas Island; Bantayan Island, Camotes
Island and Siquijor in the Visayas; and Basilan, Sulu and Tawi-
Tawi in Mindanao.


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

In this connection, please be advised that a total of 4,069
common shares have been availed of and fully paid by the
optionees under the Company's ESOP.

In view thereof, the listing of the 4,069 common shares is set
for Monday, February 28, 2005. This brings the number of common
shares listed under the ESOP to a total of 386,278 common
shares.

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

For your information and guidance.

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

Noted by:

(Original Signed)
Senior Vice President

CONTACT:

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


PRICESMART INCORPORATED: Vows to Keep Philippine Business
---------------------------------------------------------
Besieged PriceSmart Incorporated is committed to retain its
business operations in the Philippines, The Philippine Star
says.

Despite the current dispute with minority shareholder William
Go, the U.S.-based Company aims to stay in the Philippines and
does not intend to close its Philippine unit PSMT Philippines
Inc.

"We are here for the long-term," PSMT president Benjamin Woods
stressed, adding that " while the Philippine operations of
PriceSmart is still not profitable, the Company is still in its
infancy and is prepared for losses."

Mr. Woods pointed out that being the pioneer in warehouse
shopping in the Philippines, PriceSmart is bound to be copied
and faces increased competition.

"PriceSmart is still very much on-track with its plans in the
Philippines, although it would stick to its four existing
warehouse outlets located in Fort Bonifacio, Pasay, Alabang and
Commonweath," Mr. Woods said.

CONTACT:

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

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


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


AUTO ASIA: Declares Preferential Dividend
-----------------------------------------
Auto Asia (S) Pte Ltd. formerly of 17 Lorong 8 Toa Payoh
Singapore 319254, posted a notice of preferential dividend to
the Government Gazette, Electronic Edition with the following
details:

Court: Supreme Court, Singapore

Number of Matter: Companies Winding Up No. 600218 of 2001

Amount Per Centum: 0.298%

First and Final or otherwise: First & Final Preferential
Dividend.

When Payable: 16th February 2005

Where Payable:

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

Dated: 25th February 2005

Kamala Ponnampalam
Assistant Official Receiver


CHARTERED SEMICONDUCTOR: Honors Top Suppliers
---------------------------------------------
Chartered Semiconductor Manufacturing (Nasdaq: CHRT and SGX-ST:
Chartered), one of the world's top dedicated semiconductor
foundries, honored its equipment, materials and services
suppliers during Supplier Day 2005, the Company's annual event
honoring the achievements of its value-chain partners.

"Overall, we see an improvement in our suppliers' performance
due to their greater participation and contribution of technical
expertise and experience to support successful execution in our
fabs," said Tang Yong "TY" Ang, vice president, quality and fab
support operations at Chartered.

"As Chartered enters into volume manufacturing at our 300-
millimeter Fab 7, our priorities are fast yield ramp and
excellent equipment performance. To achieve these goals, we are
involving our suppliers in engineering projects with Chartered's
manufacturing teams to aggressively drive throughput and
productivity improvements, and lower cost of ownership."

To view a full copy of the news release, click
http://bankrupt.com/misc/CHARTEREDSEMICONDUCTOR022505C.pdf


CHARTERED SEMICONDUCTOR: Raises SG$270,000 for Cancer Foundation
---------------------------------------------------------------
Chartered Semiconductor Manufacturing, one of the worlds top
dedicated semiconductor foundries, raised SG$270,000 for the
Childrens Cancer Foundation through its Chartered Golf
Challenge. To date, it is the largest amount raised by a
corporate entity for the Children.s Cancer Foundation.

The money raised will be channeled toward providing financial
assistance to the children's families, casework and counseling
as well as for supporting therapeutic and supervised play, bone
marrow transplant program, parent support groups, educational
talks, recreational programs, and training and research.

This amount raised will aid Chartered greatly in providing
services to the children and their families at present
intensity. The Company is very glad to have such a strong show
of support from Chartered and its suppliers, which is further
testament to the strong sense of belief sponsors have in what
the Company is doing, noted Dr. Tan Hiang Khoon, Chairman,
Children's Cancer Foundation.

The fundraiser was held in conjunction with the Company's
Supplier Day 2005, an annual event recognizing Chartered top
suppliers and their contributions, Chartered management team,
suppliers and value-chain partners from the United States,
Europe, Japan, Korea and the Asia-
Pacific region participated in the charity golf event.

Led by top sponsors Applied Materials South-East Asia Pte Ltd,
Connell Technologies Company, GE Capital Services Pte Ltd,
Hermes-Epitek Corp. and Varian Semiconductor Equipment
Associates Asia Ltd, the fundraiser received generous
sponsorships from 67 companies. See Appendix A for the complete
list of sponsoring companies.

The guests-of-honor are Associate Professor Ho Peng Kee, Senior
Minister of State for Law and Home Affairs, and Dr. Tan Hiang
Khoon, Chairman, Children's Cancer Foundation.

This is the first time our suppliers, value-chain partners and
employees have worked hand-inhand to support such a large-scale
community project. Many individuals and companies have
contributed generously with their time and money in this effort
to help raise a record amount for the Children's Cancer
Foundation said Chia Song Hwee, president and chief executive
officer of Chartered.

The Children's Cancer Foundation and its volunteers play
critical roles in enhancing the life and recovery of children
with cancer and their families. The Company is deeply
appreciative of the commitment and participation by everyone to
make a life-changing impact for these children.

Apart from the charity golf event, Chartered also held a series
of internal awareness and fundraising efforts. Tulips and pins
stalls were set up at various fabs, and employees adorned gold
ribbons to commemorate International Childhood Cancer Day on
February 15.

Employees also attended a lunch talk to understand the symptoms
of childhood cancer and its impact on children and their
families.

To view a full copy of the press release, click
http://bankrupt.com/misc/CHARTEREDSEMICONDUCTOR022505B.pdf


CHINA AVIATION: Contests Sumitomo Lawsuit
-----------------------------------------
China Aviation Oil (Singapore) Corporation Ltd (CAO) would like
to announce that it has filed its Defense in the High Court
Friday against the lawsuit filed by Sumitomo Mitsui Banking
Corporation (SMBC).

The Company is denying liability for the purported claim by SMBC
for about US$13,061,788.06 under the alleged Trust Receipt Loan
Facility. The Company is of the view that SMBC had acted in
breach of mandate when it accepted documents in non-compliance
with the terms of the letter of credit.

As such, SMBC is not entitled to claim the sum of about
US$13,061,788.06,against the Company.  With respect to SMBC's
claim that the Company holds the sales proceeds in relation to a
specific transaction of jet fuel cargo on trust for SMBC, the
Company is of the view that this claim is misconceived and has
no basis.

The Company also reiterates its view that all creditors are to
be treated pari passu in law and that it will strongly resist
any unlawful attempt to gain priority over other unsecured
creditors.

In relation to the allegations of conspiracy, the Company
categorically denies that there was any alleged conspiracy. The
Company is of the view that the claim for conspiracy has no
factual basis and is an attempt to detract from the main issue
in the matter, which is that SMBC's claim is simply a claim for
a debt.

In its defense, the Company has also reserved its right to
strike out the whole or parts of SMBC's claim.

The Company continues to review and investigate any claims by
creditors against the Company, and will vigorously defend or
challenge any such claim, which is invalid or has no legal
basis.


KOH BROTHERS: Court Grants Capital Reduction Scheme
---------------------------------------------------
Further to the announcements made by Koh Brothers Group Limited
on 21 February 2005 and 22 February 2005, the Board is pleased
to announce that a copy of the Order of Court granted by the
High Court confirming the Capital Reduction has been lodged with
the Accounting and Corporate Regulatory Authority on 24 February
2005 and the Capital Reduction is now effective.

By Order of the Board
Koh Brothers Group Limited
Koh Tiak Chye
Chief Executive Officer and Managing Director
24 February 2005


SUN-CAST TECHNOLOGY: Second Meeting Fixed on March 4
----------------------------------------------------
Notice is hereby given the second meeting of the creditors of
Sun-Cast Technology Pte Ltd will be held at Equity Plaza, 20
Cecil Street #12-02 & 03, Singapore 049705 on Friday, 4th March
2005 at 12 noon for the following purposes:

AGENDA

(1) To apprise creditors of the status of Liquidation;
(2) To appoint a Committee of Inspection; and
(3) Any other matters.

Dated this 24th February 2005

Don M Ho, FCPA
Liquidator
c/o Don Ho & Associates
Certified Public Accountants
Corporate Advisory & Recoveries
20 Cecil Street #12-02 & 03, Equity Plaza
Singapore 049705
Telephone: 6532 0320 (8 lines)
Fax: 6532 0331

Note:

To entitle you to vote thereat, your proof of debt must be
lodged at the Registered Office of the Company c/o Don Ho &
Associates not less than forty-eight hours before the time for
that purpose in the notice conveying the meeting at which it is
to be used.


UNITED OVERSEAS: Releases Full Year Financial Statement
-------------------------------------------------------
United Overseas Land Limited furnished the Singapore Stock
Exchange (SGX) a copy of its full year financial statement and
dividend announcement.

Group turnover in 2004 declined marginally by 1% to S$456.2
million from S$461.9 million in 2003. There was higher revenue
from the Group's hotel operations and increased dividend income
from quoted investments. These were however, offset by lower
revenue from property sales, lower rental from property
investments as leases were renewed at reduced rates and lower
revenue from trading operations following the divestment of some
of the Group's trading entities in May 2004.

To view a full copy of the full year results and dividend
announcement, click
http://bankrupt.com/misc/UNITEDOVERSEASLAND052505.pdf


UNITED OVERSEAS: Boosts Interest in Subsidiary
----------------------------------------------
Pursuant to Rule 704(15)(d) of the SGX-ST Listing Manual, United
Overseas Land Ltd announced to the Singapore Stock Exchange
(SGX) that its interest in subsidiary, Hotel Plaza Limited
(Hotel Plaza), has increased to 304,886,000 shares or 76.22% of
Hotel Plaza's issued and paid-up capital (400,000,000 shares).

The increase in shareholdings was pursuant to the purchase of an
aggregate 131,000 Hotel Plaza shares from the open market on 24
February 2005 for a total consideration of approximately
S$104,620.


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


KRUNG THAI: Company Director Resigns
------------------------------------
Krung Thai Bank Public Company Limited (KTB) advised the Stock
Exchange of Thailand (SET) that the Board of Directors at its
meeting No. 4/2548 (644) on 24 February 2005 acknowledged the
resignation of Mr. Machima Kunjara Na Ayudhya as Board Member
effective February 24, 2005 onwards.

Please be informed accordingly

Sincerely yours,

Krung Thai Bank Public Company Limited
Somgiat Sangsurane
Secretary to the Board of Directors

CONTACT:

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


PREECHA GROUP: Unveils Resolutions of Meeting
---------------------------------------------
The board of directors of Preecha Group Plc. advised the Stock
Exchange of Thailand (SET) that at meeting No. 2/2548) held on
February 22, 2005 at 14.15, the following resolutions passed:

(1) That the Company will omit dividend payment for the
operation from January 1, 2004 to December 31, 2004.

(2) That an ordinary general meeting of shareholders for the
year 2005 should be held on April 26, 2005 from 9:00 a.m. at 9th
floor Preecha Group Building, 1919 Pattanakarn Road, Suanluang,
Bangkok.  That the agenda for the meeting will:

(i) Certify the minutes of the extraordinary shareholders
meeting No.1/2547

(ii) Certify the Company's annual report and the board of
directors' report for 2004

(iii) Approve the Company's balance sheets, profit and loss
statements, and cash flow statements as at December 31, 2004.

(iv) Consider the allocation of net profit of legal reserves and
dividend omission for the year 2004's operational results.

(v) Consider the 2005 remuneration for the board of directors.

(vi) Appoint new directors to succeed those completing their
terms, fix the number of directors and their authority.

(vii) Appoint an auditor and fix the auditing fee for the year
2004.

(viii) Consider to invest in P.LEASING CO.,LTD. which is a
connected transaction

(ix) Consider other issues (if any)

(3) That the date for closing the Company share register for the
right to attend the ordinary general meeting of shareholders
will be on April 7, 2005 at 12.00pm until April 26, 2005.

Mr.Preecha Tirakijpong
Director

CONTACT:

Preecha Group Public Company Limited
1919 Pattanakarn Road, Suan Luang Bangkok
Telephone: 0-2722-8855
Fax: 0-2722-8844-5
Web site: www.preecha.com


PREMIER RESORT: TRIS Downgrades Rating to BB+
---------------------------------------------
TRIS Rating downgrades the rating of the senior secured
debentures of Premier Resort Krabi Co., Ltd. (PRK) to BB+ from
BBB and maintains the negative rating outlook.

The rating actions reflect the Company's weak liquidity cushion
and the expectations that the Company's cash flow from operation
during 2004 and 2005 will be far weaker than TRIS Rating's
previous expectation due partly to the recent tsunami.

As PRK generates almost all of its cash flow from a single
asset, Rayavadee hotel, the sharp decline in occupancy rate
significantly impairs the Company's financial profile,
especially its liquidity.

The rating also takes into consideration the high competition in
the hotel business and the cyclical nature of the hotel
industry, which is highly sensitive to external factors.

However, the rating is supported by PRK's high quality resort
property. Moreover, the issue rating is enhanced by secured
collateral and provisions that protect the Company's cash flow
for the debentureholders.

PRK is the owner of Rayavadee. The 103-room luxury resort is
uniquely located in southern Thailand, on the Pra Nang peninsula
in Krabi. The resort is spread over 26 acres (60 rai) of coconut
trees, surrounded by towering limestone cliffs and three
national park beaches.

Its funds from operations (FFO) rebounded to Bt50 million during
the first nine months of 2004, compared with only Bt11 million
during the same period in 2003; however, the figure was lower
than TRIS Rating's expectation.

Rating Outlook

The negative outlook reflects PRK's liquidity constraint during
the next 12 months. If the Company cannot find additional
liquidity back up by March 2005 that can cover its debt service
obligations for the next 12 months, the rating will be further
downgraded.

However, if the Company's liquidity constraint is resolved and
operating performance has been restored to normal, the rating
will be affirmed.


T.C.J ASIA: Releases Audited Yearly FS
--------------------------------------
T.C.J. Asia Public Company Limited submitted to the Stock
Exchange of Thailand (SET) its Audited Yearly F/S And
Consolidated F/S (F45-3).

T.C.J. Asia Public Company Limited
Audited In thousands Ending 31 December

                         For year              Year
                         2004                  2003

Net profit (loss)        73,680                661,337

EPS (baht)                 2.48                  26.53

Auditors Opinion: Unqualified Opinion

Comment:

Please see details in financial statements, auditor's report and
remarks from SET SMART.

"The Company hereby certifies that the information above is
correct and complete. In addition, the Company has already
reported and disseminated its financial statements in full via
the SET Electronic Listed Company Information Disclosure
(ELCID), and has also submitted the original report to the
Securities and Exchange Commission."

For more information, click
http://bankrupt.com/misc/tcje1.doc
http://bankrupt.com/misc/tcje2.xls
http://bankrupt.com/misc/tcje3.xls

CONTACT:

T.C.J. Asia Pcl
89/169 Moo 7, Vibhavadi Rangsit Road,
Don Muang Bangkok
Telephone: 0-2552-6611, 0-2552-6622
Fax: 0-2552-7185-6
Web site: www.tcj.co.th


THAI WIRE: Completes Sale and Purchase of Assets
------------------------------------------------
Thai Wire Public Company Limited refers to its letters to the
Stock of Exchange of Thailand (SET) dated 13 and 17 January 2005
submitted by Class B Director of Thai Wah Group Planner Co Ltd a
Plan Administrator of Thai Wah PCL.  The Company advised that
the sale and purchase of the assets have been completed and
would like to submit additional information regarding the
transaction as follows:

(1) The date on which the transaction occurred: The transaction
was completed on 22 February 2005.

(2) The parties involved, their relation with the Company

Parties to the Asset Sale and Purchase Agreement are as follows:

Buyer: Everen Investment Pte Ltd (Everen)
Seller: Thai Wah PCL

The buyer is the creditor of Thai Wah Plaza Ltd and is the
contingent creditor of the Company.  The Supreme Court made an
order that the claim of Everen in the Company is valid and
binding. The buyer is not considered to be a connected person to
the Company.

(3) General characteristic of the proposed transaction

This transaction is in accordance with the Amended Business
Reorganization Plan of the Company which has been approved by
the Central Bankruptcy Court.  Total net book value of the
disposed assets as of 31 December 2004 is negative THB34
million.

Total cash consideration from this transaction is approximately
THB320 million, accounting for 5.2% of total consolidated assets
of the Company and its subsidiaries.

(4) Details of proposed assets to be disposed

Table below provides a detail of disposed assets:

Asset Description    Common Shares             Unit

(1) Common shares
in Thai Wah Plaza
Ltd (TWPL)            (87.4%)         10,188,203 shares

(2) Common Shares
in Thai Wah Tower
(2) Co. Ltd (TWT2)    (17.5%)         36,743 shares
Land

(3) Access road to Thai Wah Tower 2: 0-0-47 Rais

Amount due from TWPL

(4) All debt owed by TWPL to the Company

Table below provides a summary of information of disposed
shares:

Company  Business    Paid-up Capital  Major Share-        %
        Description  (in Bt Millions) holders      Shareholding


TWPL Hotel and
property development     1,165.10    (1) Thai Wah PCL    87.4%
                                     (2) JAIC Fund        9.7%
                                     (3) International
                                         Commercial
                                         Development
                                         Co Ltd           1.4%
                                      (4) Sin-Hai
                                          Offshore Ltd    1.4%

TWT2 Holding
land where
Thai Wah
Tower 2
is situated                 21.00     (1) Thai Wah
                                          Plaza Ltd.      82.5%
                                      (2) Thai Wah PCL    17.4%

Everen designated the following parties to acquire the assets:

                           No. of Shares      % Shareholding

Shares in TWPL
Everen                        4,100,000               35.2%

Soi 69 Co Ltd                 6,088,193               52.2%

1 individual                         10             0.0001%

Total                        10,188,203               87.4%

Shares in TWT2
Everen                           36,743               17.4%

Access Road to Thai Wah Tower 2
Thai Wah Plaza Ltd                  n/a                 n/a

Soi 69 Co Ltd is not a connected person to the Company.

(5) Total value of consideration

(1) Everen Investment Pte Ltd (Everen) has released all the
claims against the Company.  The Company has waived its right in
respect of any claim and right of subrogation against Thai Wah
Plaza Ltd arising from the release of debts.

As of 31 January 2005, the amount due to Everen by the
Company is US$17.01 million or at a Baht equivalent of THB664
million.

(2) The Company has been refunded in full any amount which has
been paid by the Company to Everen of US$1.22 million or at a
Baht equivalent of THB48 million;

(3) The Company has received an amount of THB21 million to
compensate it for the shares of the Company issued to Everen for
the debt-to-equity conversion under the amended Plan.

(4) The Company has received debt repayment from Thai Wah Plaza
Ltd in an amount of THB251 million in full and final settlement
of any claim it may have against Thai Wah Plaza Ltd.

The Company received proceeds from this transaction of
approximately THB320 million.  Accounting gain from asset
disposal is estimated to be at THB378 million.

(6) Value of disposed assets

The following table provides the values of each asset item:

Book Value (Btm)

Asset Description                                  31-12-2004

1 Common shares in TWPL                                -620.5
2 Common Shares in TWT2                                 219.5
3 Access road to Thai Wah Tower 2*                       14.6
4 All debt owed by TWPL to the Company                  343.4

* Land has been valued by Knight Frank Chartered (Thailand) Co
Ltd in November 2003.  The value shown in the account of the
Company represents the pro-rate amount based on the total value
of all plots.

(7) Net profit after tax of the assets disposed

The following table provides net profit for 2 fiscal years
prior to the transaction of the companies in which the shares
are disposed:

(In Millions)       2003       2004
      TWPL          283.5      -93.9
      TWT2            2.2        1.6

(8) Utilisation of the proceeds from the sales

Proceeds from this transaction will be used for repayment of
debt in accordance with the approved Business Reorganization
Plan of the Company.

Yours faithfully,

Ian Pascoe
Class B Director of Thai Wah Group Planner Co Ltd,
as the Plan Administrator of Thai Wah PCL

CONTACT:

Thai Wire Products Public Company Limited
Zeer Street Bldg, Fl7, 99/2 Moo 8,
Phaholyothin Road Pathum Thani
Telephone: 0-2992-6867
Fax: 0-2992-6870-1

                            *********


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

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

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

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without
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contained herein is obtained from sources believed to be
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The TCR -- Asia Pacific subscription rate is $575 for 6 months
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information, contact Christopher Beard at 240/629-3300.

                 *** End of Transmission ***