TCRAP_Public/050301.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

             Tuesday, March 1, 2005, Vol. 8, No. 42

                            Headlines

A U S T R A L I A

BAKEUP PTY: Creditors' Proofs of Debt Due Today
BONLAC FOODS: Back to Black with AU$12.7-Mln Net Profit
CES CAREY: Members Agree to Wind Up Company
COROTONE PTY: To Convene Final Meeting March 9
CUSTOMISED SOFTWARE: Creditors Should Prove Claims by March 8

FERNTREE COMPUTER: Appoints M. C. Smith as Liquidator
EBT CONSULTING: Nominates Joint Liquidators to Wind Up Company
FISHERS PTY: Members Meeting Set March 9
FURNITURE HARDWARE: To Hear Liquidator's Report March 9
HADDONFIELD PTY: Liquidator to Report Account on Winding Up

LYVEDEN PTY: Members, Creditors to Meet March 11
NATIONAL PROPERTY: Creditors Should Prove Debt, Claims Today
OBJECT TECHNOLOGY: To Declare Final Dividend March 2
PARBURY BUILDING: To Hold Final Meeting March 9
PB SERVICES: Receiving Proofs of Claim Until Today

PORT MACQUARIE: Names Liquidator to Wind Up Company
QANTAS AIRWAYS: May Share Exclusive Route with SingAir
QUENCH COFFEE: Creditors Should Prove Debt, Claims Today
ROCKBOTTOM ELECTRICAL: Sets March 11 as Date of Final Meeting
TOBY COATINGS: Sets March 9 as Date of Final Meeting

TILES GALORE: Final Meeting Fixed March 11
VINCE COLES: Enters Winding Up Proceedings


C H I N A  &  H O N G  K O N G

BRIGHT GROWTH: Court to Hear Winding Up Petition March 23
CHINA STAR: Explains Unusual Volume Movement
FAI TAN: Forefront Automotive Presents Winding Up Petition
FUJIAN SHUNDA: Court to Hear Liquidator's Application
JINHUI HOLDINGS: Unveils Financial Results

NEW WORLD: Unit Terminates Agreement with Purchaser
RICH WEALTH: Winding Up Hearing Slated for March 30
SKYNET INTERNATIONAL: Changes Stock Trading Name
WAH HIP: Court Sets Date and Time of Hearing


I N D O N E S I A

APEXINDO: To Pay Debt to Creditors Through Bond Issuance
BANK MANDIRI: To Earmark IDR6.7 Trillion for Infrastructure
BARITO PACIFIC: To Issue Bonds as Part of Rehab Scheme
INDOFOOD SUKSES: Forms JV with Nestle SA


J A P A N

DAIEI INCORPORATED: IRCJ Closes Rehab Sponsorship Tender
DAIEI INCORPORATED: Marubeni Likely to Win Sponsorship Bid
DAIEI INCORPORATED: Mizuho Bank to Withdraw from Revival Scheme
EBUI SHOJI: Enters Bankruptcy
FUJITSU LIMITED: Bags Most Prestigious Award at Nano Tech 2005

HANKYU CORPORATION: Gets Stable Outlook from S&P
KINTETSU CORPORATION: S&P Revises Outlook to Stable
NAGOYA RAILROAD: S&P Changes Outlook from Negative to Stable
RESONA HOLDINGS: Unit Allots New Shares to Existing Shareholder
* 48.3% of Researched Third Sector Firms Reported "Excess Debt"


K O R E A

HANARO TELECOM: Investors Still Wary of Recovery
HYNIX SEMICONDUCTOR: Creditors in Talks to Refinance Debt
LG CARD: Recurring Loss Less than Expected


M A L A Y S I A

AYER HITAM: Unveils FY04 Second Quarter Results
CHG INDUSTRIES: Narrows Loss in FY04 Fourth Quarter
FABER GROUP: Posts FY04 Fourth Quarter Report
FUTUTECH BERHAD: Unaware of High Trading Volume of Shares
K.P. KENINGAU: Unveils January Production Figures

LION CORPORATION: Offers to Buy ACB Shares
MAXIS COMMUNICATIONS: Granted Listing of Additional Shares
OLYMPIA INDUSTRIES: Losses Widen in Q2/FY04
PAN MALAYSIA: Discloses Fy04 Quarterly Results
PAN MALAYSIA: Complies with Public Spread Requirement

POS MALAYSIA: To List More Shares on March 2
PSC INDUSTRIES BERHAD: BIMB Demands RM27-Mln Payment
WOO HING: Posts FY04 Quarterly Results


P H I L I P P I N E S

METRO PACIFIC: Annual Stockholders Meeting Set April 29
NATIONAL BANK: Sells Php4.8 Bln in Bad Loans to U.S. Consortium
NATIONAL POWER: Lenders Hesitant to Finance Masinloc Deal
PHILIPPINE LONG: Smart Will Not Imitate Sun's 24/7 Scheme
PHILIPPINE LONG: Extends NDD Promo Until March 11

PILIPINO TELEPHONE: NTC Revises SRF Computation


S I N G A P O R E

AUTO ASIA: Issues Notice of Preferential Dividend
CITIRAYA INDUSTRIES: Enters Into Investor Agreement
GREATRONIC LIMITED: Probes Suspected Fraudulent Conduct
GREATRONIC LIMITED: Requests Lifting of Trading Halt
INDIGOZ EXCHANGE: Placed Under Judicial Management

NEO CORPORATION: Issues Winding Up Order Notice
SHIFU RESTAURANT: Receives Winding Up Order
STALWART INTERNATIONAL: Receiving Proofs of Debt Until March 11


T H A I L A N D

THAI PETROCHEMICAL: Unveils Consolidated, Audited Yearly FS
THAI WAH: Issues Additional Info on Asset Disposal
THAI WIRE: Releases Audited Yearly FS
BOND PRICING: For the Week 28 February to 4 March 2005

     -  -  -  -  -  -  -  -

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


BAKEUP PTY: Creditors' Proofs of Debt Due Today
-----------------------------------------------
A final dividend is to be declared on March 2, 2005 for Bakeup
Pty Limited (In Liquidation) A.C.N. 096 898 672.

Creditors whose debt or claims have not already been admitted
are required today, March 1, 2005 to formally prove their debt
or claims. If they do not they will be excluded from the benefit
of the dividend.

Dated this 8th day of February 2005

E. M. Senatore
Liquidator
Senatore Brennan Rashid
Level 7, 28 University Avenue,
Canberra ACT 2601


BONLAC FOODS: Back to Black with AU$12.7-Mln Net Profit
-------------------------------------------------------
BONLAC Foods Ltd (BFL) posted an interim net profit of AU$12.7
million in an AU$41 million turnaround, according to The
Australian. The healthy figure reflects improved operating
returns and cost reductions.

The unlisted dairy producer, which is half-owned by New Zealand
co-op Fonterra, said seasonal conditions had improved in most
regions and commodity prices have remained firm.

"The outlook is good for BFL because we are much better
positioned today to capitalize on the prevailing operating
conditions," Bonlac general manager Bruce Donnison said.

"The restructure plan has resulted in significant changes at all
levels of the business, reducing costs and improving
efficiencies.

"With our operations better aligned with business needs, we are
now successfully building on the platform created since the
restructure."

Despite revenue of AU$328 million for the six months ended
December 31, 2004 being slightly lower than the AU$344 for the
previous corresponding period, Bonlac turned around its net loss
for the same period last year of $28.2 million.

"The turnaround ... indicates that the Company is strongly
positioned to deliver the AU$35 million to AU$38 million in
annualized savings outlined in the original restructuring
proposal," Mr. Donnison said.

The lower revenue was attributed to the lift in foreign exchange
rates across the period and the impact of lower milk production
due to drought conditions in the prior two years.

"These factors were largely offset by higher international
commodity prices and our access to Fonterra's global strength in
the ingredients market," Mr. Donnison said.

He said the BLF goal of future sustainable growth was now
interlocked with the Company's drive to look for ways to help
its farmers profitably produce more milk.

He said BLF's pricing options for suppliers suit current farm
practices, market conditions and the group's business.

"We are now providing suppliers with clarity of outlook so that
they can make strategic and profitable decisions regarding milk
flow in the second half," Mr. Donnison said.

"BLF will continue to look for opportunities for cohesion and
cooperation with other industry players that remove impediments
to growth, helping farmers achieve greater profitability."

CONTACT:

Bonlac Foods Limited
Level 7/636 St Kilda Rd
Melbourne
VIC 3004
Phone: +61 3 9270 0922
Fax: +61 3 9270 0911
Web site: http://www.bonlacfoods.com/


CES CAREY: Members Agree to Wind Up Company
-------------------------------------------
At a general meeting of the members of CES Carey Building
Services Pty Limited A.C.N. 088 616 675 duly convened and held
at 103-105 Northbourne Avenue, Turner ACT on January 27, 2005,
the special resolution set out below was passed:

That the Company be wound up voluntarily.

Dated this 31st day of January 2005

Cecil Matthew Carey
Director
c/- Frank Lo Pilato
RSM Bird Cameron Partners
103-105 Northbourne Avenue,
Turner ACT 2611
Telephone: (02) 6247 5988


COROTONE PTY: To Convene Final Meeting March 9
----------------------------------------------
Notice is given that the final meeting of members of Corotone
Pty Ltd A.C.N. 003 362 516 will be held at Level 9, 10 Shelley
Street, Sydney, on March 9, 2005 at 10:00 a.m.

The purpose of the meeting is to receive the Liquidator's
accounts showing how the liquidations have been conducted and
the properties of the companies have been disposed of, and to
receive any explanations of the accounts.

Dated this 25th day of January 2005

M. C. Smith
Liquidator
McGrathNicol+Partners
Level 9, 10 Shelley Street,
Sydney NSW 2000
Telephone: (02) 9338 2666


CUSTOMISED SOFTWARE: Creditors Should Prove Claims by March 8
-------------------------------------------------------------
A First and Final Priority Dividend is to be declared on March
8, 2005 for Customised Software Solutions Pty Ltd (In
Liquidation) A.C.N. 051 062 661.

Creditors whose debt or claims have not already been admitted
are required on or before March 7, 2005 to formally prove their
debts or claims. If they do not they will be excluded from the
benefit of the dividend.

Dated this 8th day of February 2005

E. M. Senatore
Liquidator
Senatore Brennan Rashid
Level 7, 28 University Avenue,
Canberra ACT 2601


FERNTREE COMPUTER: Appoints M. C. Smith as Liquidator
-----------------------------------------------------
Notice is hereby given that at a General Meeting of Members of
Ferntree Computer Services Pty Ltd A.C.N. 054 221 037 duly
convened and held on January 14, 2005, a Special Resolution that
the Company be wound up voluntarily was passed by members and M.
C. Smith was appointed Liquidator.

Dated this 25th day of January 2005

M. C. Smith
Liquidator
c/- McGrathNicol+Partners
Level 9, 10 Shelley Street,
Sydney NSW 2000


EBT CONSULTING: Nominates Joint Liquidators to Wind Up Company
--------------------------------------------------------------
Notice is hereby given that at a general meeting of the members
of EBT Consulting Pty Limited (In Liquidation) A.C.N. 062 866
899 held on January 31, 2005, it was resolved that the Company
be wound up voluntarily and that, Stephen Brennan and Ezio Marco
Senatore, Chartered Accountants of Senatore Brennan Rashid,
Level 7, 28 University Avenue, Canberra ACT 2601 be nominated to
act as Joint Liquidators for the purpose of the winding up.

Dated this 8th day of February 2005

Stephen Brennan
Joint Liquidator
Senatore Brennan Rashid
Level 7, 28 University Avenue,
Canberra ACT 2601


FISHERS PTY: Members Meeting Set March 9
----------------------------------------
Notice is hereby given that pursuant to section 509 of the
Corporations Act 2001, the final meeting of members of Fishers
Pty Limited (In Liquidation) A.C.N. 000 027 690 will be held at
the offices of Thomas Davis & Co., Level 20, 68 Pitt Street,
Sydney on March 9, 2005 at 2:45 p.m. for the purpose of laying
before the meeting the Liquidator's final account and report and
giving any explanation thereof.

Dated this 27th day of January 2005

Peter L. Whiteman
Liquidator
Thomas Davis & Co
68 Pitt Street, Sydney NSW 2000


FURNITURE HARDWARE: To Hear Liquidator's Report March 9
-------------------------------------------------------
Notice is given that the final meeting of members of Furniture
Hardware Supplies (WA) Pty Ltd A.C.N. 055 261 884 will be held
at Level 9, 10 Shelley Street, Sydney, on March 9, 2005 at 10:00
a.m.

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

Dated this 25th day of January 2005

M. C. Smith
Liquidator
McGrathNicol+Partners
Level 9, 10 Shelley Street,
Sydney NSW 2000
Telephone: (02) 9338 2666


HADDONFIELD PTY: Liquidator to Report Account on Winding Up
-----------------------------------------------------------
Notice is hereby given that the following final meeting of
members and creditors of Haddonfield Pty Limited (In
Liquidation) A.C.N. 092 831 448 will be held at the office of
Rangott & Slaven, Chartered Accountants, Unit 12, Level 3,
Engineering House, 11 National Circuit, Barton ACT on March 11,
2005 at 1:30 p.m.

The meeting is convened for the purpose of receiving the
Liquidator's final account showing how the winding up has been
conducted and the property of the Company disposed of.

Dated this 8th day of February 2005

W. B. Rangott
Liquidator
Rangott & Slaven
Unit 12, Level 3, 11 National Circuit,
Barton ACT 2600
Telephone: (02) 6285 1430
Facsimile: (02) 6281 1966


LYVEDEN PTY: Members, Creditors to Meet March 11
------------------------------------------------
Notice is hereby given that the following final meetings of
members and creditors of Lyveden Pty Limited (In Liquidation)
A.C.N. 008 660 964 will be held at the office of Rangott &
Slaven, Chartered Accountants, Unit 12, Level 3, Engineering
House, 11 National Circuit, Barton ACT on March 11, 2005 at
11:00 a.m.

The meetings are convened for the purpose of receiving the
Liquidator's final account showing how the winding up has been
conducted and the property of the Company disposed.

Dated this 8th day of February 2005

W. B. Rangott
Liquidator
Rangott & Slaven
Unit 12, Level 3, 11 National Circuit,
Barton ACT 2600
Telephone: (02) 6285 1430
Facsimile: (02) 6281 1966


NATIONAL PROPERTY: Creditors Should Prove Debt, Claims Today
------------------------------------------------------------
A Final dividend is to be declared on March 2, 2005 for National
Property Services Australia Pty Ltd (In Liquidation) A.C.N. 092
911 656.

Creditors whose debt or claims have not already been admitted
are required today, March 1, 2005 to formally prove their debt
or claims. If they do not they will be excluded from the benefit
of the dividend.

Dated this 8th day of February 2005

E. M. Senatore
Liquidator
Senatore Brennan Rashid
Level 7, 28 University Avenue,
Canberra ACT 2601


OBJECT TECHNOLOGY: To Declare Final Dividend March 2
----------------------------------------------------
A Final dividend is to be declared on March 2, 2005 for Object
Technology Systems Pty Limited (Subject To Deed Of Company
Arrangement) A.C.N. 064 740 432.

Creditors whose debts or claims have not already been admitted
are required today, March 1, 2005 to formally prove their debts
or claims. If they do not they will be excluded from the benefit
of the dividend.

Dated this 8th day of February 2005

E. M. Senatore
Deed Administrator
Senatore Brennan Rashid
Level 7, 28 University Avenue,
Canberra ACT 2601


PARBURY BUILDING: To Hold Final Meeting March 9
-----------------------------------------------
Notice is given that the final meeting of members of Parbury
Building Products (No.2) Pty Ltd A.C.N. 055 780 768 will be held
at Level 9, 10 Shelley Street, Sydney, on March 9, 2005 at 10:00
a.m.

The purpose of the meeting is to receive the Liquidator's
accounts showing how the liquidations have been conducted and
the properties of the companies have been disposed of, and to
receive any explanations of the accounts.

Dated this 25th day of January 2005

M. C. Smith
Liquidator
McGrathNicol+Partners
Level 9, 10 Shelley Street,
Sydney NSW 2000
Telephone: (02) 9338 2666


PB SERVICES: Receiving Proofs of Claim Until Today
--------------------------------------------------
A Final dividend is to be declared on March 2, 2005 for PB
Services (Act) Pty Limited (In Liquidation) A.C.N. 076 345 894.

Creditors whose debts or claims have not already been admitted
are required today, March 1, 2005 to formally prove their debts
or claims. If they do not they will be excluded from the benefit
of the dividend.

Dated this 8th day of February 2005

E. M. Senatore
Liquidator
Senatore Brennan Rashid
Level 7, 28 University Avenue,
Canberra ACT 2601


PORT MACQUARIE: Names Liquidator to Wind Up Company
---------------------------------------------------
Notice is hereby given that at a general meeting of the members
of Port Macquarie Sports And Recreation Centre Pty Limited (In
Liquidation) A.C.N. 008 446 697 held on January 19, 2005, it was
resolved that the Company be wound up voluntarily and that, N.
W. Newbould, Chartered Accountant of Armstrong Wily, Chartered
Accountants, Level 5, 75 Castlereagh Street, Sydney NSW 2000 be
nominated to act as Liquidator for the purpose of the winding
up.

Dated this 19th day of January 2005

N. W. Newbould
Liquidator
Armstrong Wily
Chartered Accountants
Level 5, 75 Castlereagh Street,
Sydney NSW 2000


QANTAS AIRWAYS: May Share Exclusive Route with SingAir
------------------------------------------------------
Singapore Airlines (SingAir) may soon fulfill its dream to serve
Qantas Airways' lucrative Australia-U.S. route if a deal
allowing Qantas to increase flights to Europe pushes through,
says The Advertiser.

Deputy Prime Minister John Anderson was in Brussels last week
fleshing out an idea to lift the number of flights Qantas could
make to Europe, especially on the famous kangaroo route to
London.

If the negotiations were successful, the deal could help
Singapore Airline's case to finally win Australian approval to
compete with Qantas on the Australia-U.S. route.

Qantas was earlier opposed to SingAir's campaign to enter the
controversial route, saying SingAir's presence will cost the
Australian carrier some AU$44 million in pretax earnings.

The Australian government is currently in the process of
deciding whether to allow SingAir to fly the route, which
accounts for about 10 percent of Qantas' annual profit.

CONTACT:

Qantas Airways
Qantas Centre, Level 9,
Building A, 203 Coward Street,
Mascot, NSW, Australia, 2020
Head Office Telephone: (02) 9691 3636
Head Office Fax: (02) 9691 3339
Web site: http://www.qantas.com


QUENCH COFFEE: Creditors Should Prove Debt, Claims Today
--------------------------------------------------------
A first and final dividend is to be declared on March 2, 2005
for Quench Coffee Pty Limited (Subject To Deed Of Company
Arrangement) A.C.N. 105 941 455.

Creditors whose debt or claims have not already been admitted
are required today, March 1, 2005 to formally prove their debt
or claims. If they do not they will be excluded from the benefit
of the dividend.

Dated this 8th day of February 2005

Stephen Brennan
Joint Deed Administrator
Senatore Brennan Rashid
Level 7, 28 University Avenue,
Canberra ACT 2601


ROCKBOTTOM ELECTRICAL: Sets March 11 as Date of Final Meeting
-------------------------------------------------------------
Notice is hereby given that the following final meeting of
members and creditors of Rockbottom Electrical Pty Limited (In
Liquidation) A.C.N. 097 657 448 will be held at the office of
Rangott & Slaven, Chartered Accountants, Unit 12, Level 3,
Engineering House, 11 National Circuit, Barton ACT on March 11,
2005 on 11:30 a.m.

The meeting is convened for the purpose of receiving the
Liquidator's final account showing how the winding up has been
conducted and the property of the Company disposed of.

Dated this 8th day of February 2005

W. B. Rangott
Liquidator
Rangott & Slaven
Unit 12, Level 3, 11 National Circuit,
Barton ACT 2600
Telephone: (02) 6285 1430
Facsimile: (02) 6281 1966


TOBY COATINGS: Sets March 9 as Date of Final Meeting
----------------------------------------------------
Notice is given that the final meeting of members of Toby
Coatings Pty Ltd A.C.N. 050 747 487 will be held at Level 9, 10
Shelley Street, Sydney, on March 9, 2005 at 10:00 a.m.

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

Dated this 25th day of January 2005

M. C. Smith
Liquidator
McGrathNicol+Partners
Level 9, 10 Shelley Street,
Sydney NSW 2000
Telephone: (02) 9338 2666


TILES GALORE: Final Meeting Fixed March 11
------------------------------------------
Notice is hereby given that the final meeting of members and
creditors of Tiles Galore Pty Limited (In Liquidation) A.C.N.
008 555 477 will be held at the office of Rangott & Slaven,
Chartered Accountants, Unit 12, Level 3, Engineering House, 11
National Circuit, Barton ACT on March 11, 2005 at 10:30 a.m.

The meeting is convened for the purpose of receiving the
Liquidator's final account showing how the winding up has been
conducted and the property of the Company disposed of.

Dated this 8th day of February 2005

W. B. Rangott
Liquidator
Rangott & Slaven
Unit 12, Level 3, 11 National Circuit,
Barton ACT 2600
Telephone: (02) 6285 1430
Facsimile: (02) 6281 1966


VINCE COLES: Enters Winding Up Proceedings
------------------------------------------
Notice is hereby given that at a general meeting of members of
Vince Coles Pty. Limited A.C.N. 000 447 254, held on January 25,
2005, it was resolved that the Company be wound up voluntarily
and that Tony R. Gerrard, of Gerrard & Associates Pty. Limited,
38 Edgeworth David Avenue, Waitara NSW, be appointed to act as
liquidator for the purpose of the winding up.

Dated this 25th day of January 2005

Tony R. Gerrard
Liquidator


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

BRIGHT GROWTH: Court to Hear Winding Up Petition March 23
---------------------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Bright Growth Investment Limited by the High Court of Hong Kong
Special Administrative Region was on January 18, 2005 presented
to the said Court by Bank of China (Hong Kong) Limited whose
registered office is situated at 14th Floor, Bank of China
Tower, 1 Garden Road, Hong Kong.

The said Petition is to be heard before the Court at 9:30 am on
March 23, 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.

FORD, KWAN & COMPANY
Solicitors for the Petitioner
Rooms 1202-1206, 12th Floor, Wheelock House
20 Pedder Street
Central, Hong Kong

Note:

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

The Notice must state the name and address of the person, or if
a firm or his or their Solicitor (if any) and must be served or
if posted, must be sent by post in sufficient time to reach the
above named not later than six o'clock in the afternoon of March
22, 2005.


CHINA STAR: Explains Unusual Volume Movement
--------------------------------------------
The Hong Kong Stock Exchange has received a message from China
Star Entertainment Limited which is reproduced as follows:

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

The Company have noted Monday's increase in the trading volume
of its shares and wish to state that save and except for the
Company's announcement dated 24 February 2005 in relation to the
placing of an aggregate of 76,600,000 existing shares by
Porterstone Limited and Mr. Heung Wah Keung (the Venders) to not
less than six independent investors at a price of HK$0.50 per
share and the subscription of an aggregate of 76,600,000 new
shares by the Venders at a price of HK$0.50 per share, the
Company is not aware of any reasons for such increase.

The Company also confirm that there are no negotiations or
agreements relating to intended acquisitions or realisations
which are discloseable under rule 13.23, neither is the Board
aware of any matter discloseable under the general obligation
imposed by rule 13.09, which is or may be of a price-sensitive
nature.

Made by the order of the Board of the Company, the directors of
which individually and jointly accept responsibility for the
accuracy of this statement.

For and on behalf of
China Star Entertainment Limited

Chen Ming Yin, Tiffany
Director


FAI TAN: Forefront Automotive Presents Winding Up Petition
----------------------------------------------------------
Notice is hereby given that a Petition for the Winding up of Fai
Tan (Wai Li) Transportation Limited whose registered office is
situated at Unit 2101, 21st Floor, Bright Way Tower, 33 Mongkok
Road, Kowloon, Hong Kong, by the High Court of Hong Kong Special
Administrative Region was on the 28th day of January 2005
presented to the said Court by Forefront Automotive Services
Company Limited whose registered office is situated at 1st
Floor, Forefront Cyber Centre, 9 Fui Sha Wai Lane, Tong Yan San
Tsuen, Yuen Long, New Territories, Hong Kong.

The said Petition is to be heard before the Court at 9:30 am on
the 30th day of March 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.

Dibb Lupton Alsop
Solicitors for the Petitioner
41st Floor, Bank of China Tower
1 Garden Road
Central, Hong Kong

Note:

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

The Notice must state the name and address of the person, or if
a firm or his or their Solicitor (if any) and must be served or
if posted, must be sent by post in sufficient time to reach the
above named not later than six o'clock in the afternoon of the
29th day of March 2005.


FUJIAN SHUNDA: Court to Hear Liquidator's Application
-----------------------------------------------------
An application by the Official Receiver and Provisional
Liquidator will be heard before Master S. Kwang of the High
Court for consideration of the resolutions and determinations
(if any) of the first meetings of creditors of Fujian Shunda
Polyester Fibre Company Limited held on 14th December 2004 and
the first meeting of contributories and adjourned first meeting
of contributories held on 14th December 2004 and 21st December
2004 respectively, deciding the differences (if any), and making
such order of appointments as the court may think fit.

Date and Time of Hearing: 15th March 2005 (Tuesday) at 9:30 a.m.

Place of Hearing: High Court Building, No. 38 Queensway, Hong
Kong.

Any creditor or contributory of the Company is entitled to
attend and be heard at the above hearing.

Dated this 25th day of February 2005

ET O'Connell
Official Receiver & Provisional Liquidator


JINHUI HOLDINGS: Unveils Financial Results
------------------------------------------
Jinhui Holdings Company Limited posted at the Singapore stock
Exchange on February 28, 2005 its financial results for the year
ended December 31, 2004.

Currency: HKD
Auditors' Report: Unqualified

                         (Audited)   (Audited)
                     Last            Current      Corresponding
                     Period             Period
                     from 01/01/2004    from 01/01/2003
                     to 31/12/2004      to 31/12/2003

                     Note ('000)             ('000)

Turnover:            1,974,661          1,048,515

Profit/(Loss) from
Operations a:          412,922             98,745

Finance cost:         (18,807)           (16,668)

Share of Profit/
(Loss) of Associates:   N/A              N/A

Share of Profit/
(Loss) of Jointly
Controlled Entities:    N/A              N/A

Profit/(Loss)
after Tax & MI:        227,514             36,676

% Change over
Last Period:              +520%

EPS/(LPS):

-Basic (in dollars) b:   4.32               0.70

-Diluted (in dollars) c: 4.32               N/A

Extraordinary (ETD)
Gain/(Loss):             N/A                N/A

Profit/(Loss)
after ETD Items:      227,514               36,676

Final Dividend:       HK$1.20               NIL
per Share

(Specify if with
other options):          N/A                N/A


B/C Dates for Final Dividend: 06/04/2005  to 12/04/2005 bdi.

Payable Date: 10/05/2005

B/C Dates for Annual General Meeting: 06/04/2005 to 12/04/2005
bdi.

Other Distribution for: N/A

Current Period

B/C Dates for Other Distribution: N/A

Remarks:

(a) Profit (Loss) from operation is stated after crediting
(charging):

                               2004            2003
                             HK$'000         HK$'000

Gain on disposal
of motor vessels              127,201           -

Losses, including
provisions made
for unrealized
losses, on forward
freight agreements           (490,947)          -

Reversal of impairment
loss of motor vessels            -           104,276

Exchange loss                    -           (43,090)

(b) Basic earnings (loss) per share is calculated on the net
profit for the year of HK$227,514,000 (2003: HK$36,676,000) and
on the weighted average number of 52,624,248 (2003: 52,624,248)
ordinary shares in issue during the year.

The weighted average number of ordinary shares outstanding for
year 2003 presented have been adjusted for the consolidated of
shares effective on 2 June 2003.

(c) The calculation of diluted earnings per share is based on
the net profit for the year of HK$227,514,000 and the weighted
average number of shares in issue during the year after
adjusting for the number of dilutive potential ordinary shares
granted under the Company's share option schemes.

Diluted earnings (loss) per share for year 2003 is not presented
as there is no dilution effect.


NEW WORLD: Unit Terminates Agreement with Purchaser
---------------------------------------------------
Reference is made to the announcement of New World TMT Limited
to the Hong Kong Stock Exchange dated January 20, 2005 and the
circular of the Company dated February 3, 2005 in respect of the
Agreement. Terms used herein shall have the same meanings as
those defined in the Announcement unless the context requires
otherwise.

Pursuant to the Agreement, the total consideration should be
paid by Broadband Network Technology Services Co. Ltd. (the
Purchaser) to Lotsgain Limited (the Vendor) within 14 Business
Days from the date of the Agreement. The Agreement has been
terminated as the Purchaser failed to fulfill such obligation
under the Agreement. The Board is of the view that such
termination would not have any material financial impact on the
Company.

By Order of the Board
Wong Chi-Chiu, Albert
Chief Executive Officer
Hong Kong, 25 February 2005


RICH WEALTH: Winding Up Hearing Slated for March 30
---------------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Rich Wealth (HK) Limited by the High Court of Hong Kong Special
Administrative Region was on January 27, 2005 present to the
said Court by Bank of China (Hong Kong) Limited whose registered
office is situated at 14th Floor, Bank of China Tower, 1 Garden
Road, Hong Kong.

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

K. W. NG & CO.
Solicitors for the Petitioner
11/ Floor, Wings Building
110 Queen's Road Central
Central, Hong Kong

Note:

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

The Notice must state the name and address of the person, or if
a firm or his or their Solicitor (if any) and must be served or
if posted, must be sent by post in sufficient time to reach the
above named not later than six o'clock in the afternoon of March
29, 2005.


SKYNET INTERNATIONAL: Changes Stock Trading Name
------------------------------------------------
Paul Y. Engineering Group, formerly known as Skynet
(International Group), announced that the stock short name for
trading in its shares on the Stock Exchange will be changed from
Skynet (Intl GP) to PAUL Y. ENG in English effective March 7.


WAH HIP: Court Sets Date and Time of Hearing
--------------------------------------------
An application by the Official Receiver and Provisional
Liquidator will be heard before Master S. Kwang of the High
Court for consideration of the resolutions and determinations
(if any) of the first meetings of creditors of Wah Hip
Engineering Company Limited held on January 4, 2005 and the
first meeting of contributories and adjourned first meeting of
contributories held on January 4, 2005 and January 11, 2005
respectively, deciding the differences (if any), and making such
order of appointments as the court may think fit.

Date and Time of Hearing: March 18, 2005 (Friday) at 9:30 a.m.

Place of Hearing: High Court Building, No. 38 Queensway, Hong
Kong.

Any creditor or contributory of the Company is entitled to
attend and be heard at the above hearing.

Dated this 25th day of February 2005

E T O'Connell
Official Receiver & Provisional Liquidator


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


APEXINDO: To Pay Debt to Creditors Through Bond Issuance
--------------------------------------------------------
PT Apexindo will offer IDR750 billion in bonds next month to pay
its debt to creditors, reports the Jakarta Post.

According to Apexindo president director Hertriono
Kartowisastro, the five-year bonds would consist of IDR 600
billion in conventional bonds, with an annual yield of between
11.75 % and 12.5 percent %, and IDR150 billion in sharia bonds
Sharia bonds.

Proceeds from the bonds issuance will be used to pay an IDR277
billion (USD30 million) bridging loan owed to Standard Chartered
Bank, and syndicated loans amounting to IDR421 billion (USD45.4
million of) to Fortis Bank N.V.

The rest of the proceeds will be used to pay part of Apexindo's
debts to Medco Energi Finance Overseas B.V., a subsidiary of the
Company's majority shareholder PT Medco Energi International.

CONTACT:

PT. Apexindo Pratama Duta Tbk.
Gedung Medco Lt. 2-3
Jl. Ampera Raya No. 20
Jakarta 12560
Indonesia
Phone: (62-21) 780 4766
Fax:   (62-21) 780 4666
E-mail :  investor-relations@apexindo.com
Web site : www.apexindo.com


BANK MANDIRI: To Earmark IDR6.7 Trillion for Infrastructure
-----------------------------------------------------------
Bank Mandiri said it will allocate IDR6.7 trillion (US$744
million) to finance infrastructure projects in 2005, reports
Asia Pulse.

Bank Director Nimrod Sitorus told legislators in a hearing on
Feb. 23 that the bank would provide credits for toll road,
seaport, telecommunication, port, power plant and oil and gas
projects.

According to Mr. Sitorus, the bank is expected to become an
international by increasing capital to IDR50 trillion, and
expanding operations to countries outside Indonesia.

Mr. Sitorus added that Bank Mandiri already has branches in Hong
Kong, Shanghai and London, but that it plans to put up more
branches, like in East Timor.

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


BARITO PACIFIC: To Issue Bonds as Part of Rehab Scheme
------------------------------------------------------
PT Barito Pacific Timber said it will issue IDR2 trillion
(USD215.9 million) in bonds to Commerzbank International Trust
(Singapore) Ltd. (CITS), that can be converted into shares of
two of its units, reports Dow Jones.

According to Barito Pacific, CITS, which holds a 21 % stake in
the forestry firm can exchange the bonds for a 39.6% stake of
the forestry Company PT Musi Hutan Persada, and a 40% stake of
PT Tanjung Enim Lestari Pulp and Paper until June 30, 2006.

Barito fixed debt-restructuring deals with creditors in 2002 and
2003, but the Company still has cash-flow problems. Earlier this
year, it defaulted on a payment of its IDR400 billion bonds.

The firm was quoted as saying that even though political and
economic conditions in Indonesia are improving, there are still
many problems in the wood industry, such as illegal logging and
currency fluctuation, that doesn't help the industry at all.

The bond issuance is part of the firm's restructuring scheme.

CONTACT:

PT Barito Pacific Timber
Jl Let jend S Parman Kav 62-63
Tower B Lt 6 - 11
Jakarta 11410, Indonesia
Phone: +62 21 530 6711
Fax:   +62 21 530 6680
Web site: http://www.ebarito.com/


INDOFOOD SUKSES: Forms JV with Nestle SA
----------------------------------------
In a bid to increase domestic and international operations, PT
Indofood Sukses Makmur, announced on Feb. 24 the creation of a
joint venture firm with Switzerland-based food giant Nestle
S.A., the Jakarta Post reports.

In a press statement, Indofood said the joint venture firm is
called PT Nestle Indofood Citarasa Indonesia, and both Indofood
and Nestle would have an equal share in the new firm.

Indofood will license its food brands (e.g. Indofood, Piring
Lombok) to the new joint-venture firm, whereas Nestle will start
giving licenses to the new firm, to use its Maggi brand.

The joint-venture firm would engage in manufacturing, selling,
marketing and distributing culinary products both locally and
for export, and is scheduled to start operations on April 1.

CONTACT:

PT Indofood Sukses Makmur Tbk.
Ariobimo Sentral Bldg., 12th Fl.,
Jl. H.R. Rasuna Said X-2 Kav 5, Kuningan
Jakarta, 12950, Indonesia
Phone: +62-21-522-8822
Fax:   +62-021-522-6014
Web site: http://www.indofood.co.id


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

DAIEI INCORPORATED: IRCJ Closes Rehab Sponsorship Tender
--------------------------------------------------------
The state-backed corporate turnaround agency closed on Monday
the acceptance of tender bids for sponsoring the rehabilitation
of ailing Daiei Incorporated, Kyodo News reports.

The Industrial Revitalization Corporation of Japan (IRCJ)
disclosed that the three final contenders are consortiums led by
supermarket chain operator Aeon Company, trading house Marubeni
Corporation and investment fund Kiacon Corporation.

After reviewing the three groups' restructuring proposals, the
IRCJ will select one as sponsor in early March. The winner will
get one-third of the troubled retailer's voting-right shares.
The IRCJ will hold another third.

IRCJ decided to help Daiei in late December after the retail
giant requested for its support in October.

CONTACT:

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


DAIEI INCORPORATED: Marubeni Likely to Win Sponsorship Bid
----------------------------------------------------------
A consortium led by trading house Marubeni Corporation is tipped
to become Daiei Incorporated's turnaround sponsor as the tender
moves into its final phase, according to the Asahi Shimbun.

According to sources, the Industrial Revitalization Corporation
of Japan (IRCJ) is particularly impressed with Marubeni's track
record. Marubeni, which is teamed with investment fund Advantage
Partners Inc., is no stranger to the Daiei group since the two
have done business in the past.

Marubeni's draft revival program for Daiei includes a JPY60
billion fresh cash injection and the appointment of a new
president from outside the Company. The trading house also plans
to utilize Daiei's current personnel and expertise for the
rehabilitation efforts.

The trading house intends to re-establish a low-cost supply
chain for Daiei, drawing on food, confectionery and other
wholesalers it deals with. In addition, Marubeni is expected to
seek cooperation from Mitsubishi Corp., which boasts the largest
food wholesaler network of any general trading house in Japan.

Marubeni is competing with two other contenders, a group led by
supermarket operator Aeon Co. and another headed by
rehabilitation fund Kiacon Corp.


DAIEI INCORPORATED: Mizuho Bank to Withdraw from Revival Scheme
---------------------------------------------------------------
Mizuho Corporate Bank is considering pulling out of a government
scheme to rehabilitate embattled retailer Daiei Incorporated,
reports Agence France Presse.

The Mizuho Financial Group unit reportedly plans to waive more
than JPY80 billion (US$762 million dollars) of loans for Daiei.
But it had requested the state-backed Industrial Revitalization
Corporation of Japan (IRCJ) to buy the rest of the credits.
Sources said that the IRCJ was inclined to agree to the
purchase.

No immediate comment was available from the bank, which along
with UFJ Bank and Sumitomo Mitsui Banking is one of the main
creditors to Daiei with loans worth about JPY230 billion (US$2.2
billion).

Daiei, which is trying to turn its business around under debt of
about US$10 billion, is expected to have a rehabilitation
sponsor by March.


EBUI SHOJI: Enters Bankruptcy
-----------------------------
Ebui Shoji K.K. has fallen into bankruptcy with total
liabilities of US$56.20 million, says Teikoku Databank America.

The firm, engaged in the wholesale trade of plastic sheets,
pipes, bars and films, has begun bankruptcy proceedings, is
based in Nobeoka-shi, Miyazaki 882-0033.

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


FUJITSU LIMITED: Bags Most Prestigious Award at Nano Tech 2005
--------------------------------------------------------------
Fujitsu Limited announced it has been awarded the Nano Tech
Award of the Nano Tech 2005 International Nanotechnology
Exhibition and Conference, held in Tokyo from February 23 to
February 25 with 350 exhibitors from around the world.

The award is recognized as the most prestigious award presented
at Nano Tech, and was presented today to Fujitsu Limited for its
development with Fujitsu Laboratories Ltd. of simulation
technology which plays an important role in nanotechnology
research and development, and in addition for its future-
generation LSI (large-scale integrated circuit) via
interconnection technology utilizing carbon nanotubes.

Fujitsu newly established a BioIT Business Development Unit in
June of 2004 and has been centralizing efforts to combine its
various technologies to offer total IT solutions for the
development of new materials and advanced drug development. From
computational chemistry and modeling programs to material and
life sciences, Fujitsu offers computational chemistry tools
applicable to a wide variety of fields, in addition to software
for information management of various statistical analysis
methods, molecular structures, and physical properties.

Fujitsu's exhibit at Nano Tech 2005 features various software
and leading-edge hardware products that leverage Fujitsu's
technical know-how at the forefront of nanotechnology research
and development. Software demonstrations feature the software
Materials Explorer enabling molecule dynamics method simulation,
and the CAChe/BioMed CAChe total molecule modeling system. Other
exhibited software are the MOPAC2002 for semiempirical molecular
orbital method simulation, and the CAChe LocalSCF for protein
semiempirical molecular orbital method simulation. Hardware
demonstrations feature the BioServer Bio R&D Acceleration
System, alongside an exhibit of the PRIMEPOWER HPC2500 high-
performance UNIX server.

Fujitsu will continue research and development in nanotechnology
by leveraging its various technical resources to offer to its
customers unique IT solutions featuring state-of-the-art
nanotechnologies.

About Fujitsu Limited

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

CONTACT:

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


HANKYU CORPORATION: Gets Stable Outlook from S&P
------------------------------------------------
Standard & Poor's Ratings Services revised its outlook to stable
from negative on the long-term rating on Hankyu Corp.
(BB/Stable/--) reflecting lower risk to its financial profile
following successful business restructuring and reduced support
to group companies. At the same time, Standard & Poor's affirmed
its long-term rating on the Company.

Although Japan's declining population may lead to reduced
passenger volume in the long-term, risks are unlikely to
increase for railway businesses. Given the highly public nature
of railways and its high barriers to entry, business risk is
extremely small. Furthermore, Japan's demographic structure is
predicted to change only slowly, giving enough time for the
Company to address the shift.

At Hankyu, the risk that group companies will require further
financial support has also diminished. The Company has carried
out thorough restructuring measures, including withdrawing from
the amusement park business, write-offs of property acquired
during the economic "bubble", and a bulk sale of land for
housing. As a result Hankyu has no notably unprofitable
businesses, except for its relatively new finance units.

Hankyu's core railway business can expect relatively stable
demand since its routes run through prime residential areas.
Real estate leasing also contributes profits, backed by its
portfolio of many competitive properties.

In the real estate unit, five development projects are in
progress, and all face only limited business risk, except for
the Saito Development Project. Given its large size and long
timeline, the Saito project will require close attention to
development progress and land price trends.

Hankyu Corporation's Profile

The Group's principal activity is to operate railway
transportation and to develop housing estates and recreational
and commercial facilities. The Group's operations are carried
out through the following sectors: transportation, leisure and
service, real estate, retail and other. Transportation includes
train and car freight. Leisure and service includes travel
agencies, hotels and leisure business. Real estate includes
lease, sale and administration of real estate. Other includes
restaurants, distribution and construction. Transportation
accounted for 38% of fiscal 2002 revenues; Leisure and service,
31%; Real estate, 13%; Retail, 12% and Other, 6%.

CONTACT:

Hankyu Corporation
16-1 Shibata 1-Chome
Kita-Ku Osaka 530-8389, Osaka 530-8389
Japan
Phone: +81 6 6373 5162
Fax: +81 6 6373 5669
Web site: http://www.hankyu.co.jp/


KINTETSU CORPORATION: S&P Revises Outlook to Stable
---------------------------------------------------
Standard & Poor's Ratings Services today revised its outlook to
stable from negative on the long-term rating on Kintetsu Corp.
(BB+/Stable/--), reflecting lower risk to its financial
profile following successful business restructuring and reduced
support to group companies. At the same time, Standard & Poor's
affirmed its long-term rating on the Company.

Although Japan's declining population may lead to reduced
passenger volume in the long-term, risks are unlikely to
increase for railway businesses. Given the highly public nature
of railways and its high barriers to entry, business risk is
extremely small. Furthermore, Japan's demographic structure is
predicted to change only slowly, giving enough time for the
Company to address the shift.

Kintetsu has restructured its hotel, leisure, real estate, and
other low-profit businesses. The Company recorded sizable losses
from write-offs relating to the theme park Shima Spain Village
and from consolidating Kintetsu Real Estate as a full
subsidiary. As a result, the profit-generating capacity of its
non-railway business has improved. In addition, the Company is
continuing its fiscal 2004 (ending March 31, 2005) restructuring
plans, such as the sale of its professional baseball team and
write-offs of losses from its hotel and golf course businesses.

Given steady progress in these measures, the Kintetsu group
appears to be on the right course to recover its financial
profile.

Kintetsu Corporation's Profile

Kintetsu is best known for its railroad operations, but the
Company's businesses run on multiple tracks. Kintetsu's Kinki
Nippon Railway, founded in 1910, provides passenger rail
transportation between the metropolitan areas of Osaka and
Nagoya, Japan. Other businesses affiliated with Kintetsu include
a department store, a freight forwarder (Kintetsu World
Express), a travel agency, and a real estate development
Company.

CONTACT:

Kintetsu Corporation
6-1-55, Ue-Honmachi, Tennoji-ku
Osaka 543-8585, Japan
Phone: +81-6-6775-3444
Fax: +81-6-6775-3467


NAGOYA RAILROAD: S&P Changes Outlook from Negative to Stable
------------------------------------------------------------
Standard & Poor's Ratings Services today revised its outlook to
stable from negative on the long-term rating on Nagoya Railroad
Co. Ltd. (BBB-/Stable/--), reflecting lower risk to its
financial profile following successful business restructuring
and reduced support to group companies. At the same time,
Standard & Poor's affirmed its long-term rating on the Company.

Although Japan's declining population may lead to reduced
passenger volume in the long-term, risks are unlikely to
increase for railway businesses. Given the highly public nature
of railways and its high barriers to entry, business risk is
extremely small. Furthermore, Japan's demographic structure is
predicted to change only slowly, giving enough time for the
Company to address the shift.

Nagoya Railroad has made progress in restructuring and
consolidating unprofitable businesses, and it has concentrated
its management resources into central Japan. The leisure and
service business units previously had a negative impact on
overall profitability, but they have been improving as a result
of spin-offs, outsourcing, and consolidation.

In the railway business, Nagoya Railroad's service connecting
Gifu, Nagoya, and Toyohashi faces competition with Central Japan
Railway Co. However, the Company is expected to maintain
competitiveness in this route by enhancing passenger convenience
through improving connections to Nagoya's municipal subway
system. In addition, Nagoya Railroad is the sole train operator
to the Central Japan International Airport that opened on Feb.
17,
2005, and the route is expected to generate stable profits for
the Company.

Nagoya Railroad Company Limited's Profile

The Group's principal activities are the operation of local
railway and bus services in Nagoya area. The operations involve
train, bus, and taxi transport services. The operation also
involves hotels, restaurants, travel agency, department stores,
other retail, and real estate business. Transportation accounted
for 43% of fiscal 2002 revenues; Distribution, 30%; Leisure,
12%; Real Estate, 8% and Other, 7%.

CONTACT:

Nagoya Railroad Co Ltd
2-4 Meieki 1-Chome
Nakamura-Ku Nagoya 450-8501,
Aichi 450-8501
Japan
Web site: http://www.meitetsu.co.jp/


RESONA HOLDINGS: Unit Allots New Shares to Existing Shareholder
---------------------------------------------------------------
Saitama Resona Bank, Ltd., which is a banking subsidiary of
Resona Holdings, Inc. (Resona HD), passed a corporate resolution
on February 25, 2005 concerning the issuance of new shares
through allotment to its existing shareholder. Details were
announced as follows:

Outline of the New Issue

Number of shares to be issued: 800,000 shares
Form of Issue: All shares allotted to its parent Company Resona
HD
Issue price per share: JPY50,000
Aggregate issue price: JPY40.0 billion
Amount to be capitalized (per share): JPY25,000
Date of allotment: March 13, 2005
Date of payment: March 29, 2005

1. Reason for Issuance of New Share: Saitama Resona Bank intends
to strengthen its capital adequacy by raising new capital
through allotment of new shares to its existing shareholder.

2. Amount of Capital Before and After the New Issue
                   Before the new issue   After the new issue
Amount of capital  JPY50.0 billion        JPY70.0 billion

3. Impact of the new issue on forecasted earnings
The new issue will not affect the consolidated earnings forecast
of Resona HD.

CONTACT:

Resona Holdings Inc.
2-1, Bingomachi 2-chome, Chuo-ku
Osaka 540-8608, Japan
Phone: +81-6-6271-1221
Fax: +81-6-6268-1337
Web site: http://www.resona-hd.co.jp


* 48.3% of Researched Third Sector Firms Reported "Excess Debt"
---------------------------------------------------------------
In 2004, there were 12 bankruptcies in the third sector, mainly
filed by the "Leisure/Resort" industry such as golf course
management companies. The number of bankruptcies was double-
digit in four consecutive years since its peak in 2001 (22
cases) and accumulated to 90 since 1988.

Last February, three companies including "Osaka World Trade
Center Building (WTC)" funded by Osaka city, completed specific
settlements such as seeking for released liability from
financial institutions. Influenced by "The Revision of
Guidelines for the Third Sector" announced by the Ministry of
Internal Affairs and Communications in Dec 2003, drastic
measures including legal liquidation are expected to continue
facilitating the third sector companies, which have no prospect
of profit recovery due to the cumulative loss.

Teikoku Databank conducted research and analysis on the
financial status, profit & loss statements, and debt statements
of 1724 third sector companies across the country based on their
fiscal 2003 account settlements (Apr 2003 - Mar 2004).

The following criteria is used for research and analysis:
*Total net worth exceeds capital fund = "Stable Management";
Total net worth is below capital fund due to cumulative loss,
etc = "Concern for Excess Debt"; Total net worth is negative =
"Excess Debt" *Profit & loss is judged by results of this term.

Summary

1668 companies of the total of 1724 disclosed their financial
statements. Research results showed that out of 1668 companies,
203 had "Excess Debt" (12.2%) and 602 had expressed "Concern for
Excess Debt" (36.1%) with cumulative loss. The number of
companies with unstable management, combining those expressing
"Excess Debt" and "Concern for Excess Debt", was 805, accounting
for 48.3% of the total.

By industry, the highest rate of "Excess Debt" was in "Railroad
and Other Transportation" (24 companies, 19.0%) followed by
"Leisure/Resort" (75 companies, 17.6%). On the other hand, the
highest rate of "Stable Management" was in "Gas / Heat Provider"
(17 companies, 85.0%) followed by "Wholesale / Retail" (98
companies, 66.2%).

Based on 1671 companies announcing their profit & loss
statements for the most recent two terms, 1152 companies
reported a "Surplus in Two Consecutive Terms", accounting for
68.9%, up 8.7 points from the previous year (60.2%). It
indicates the overall recovery in terms of profit. In
particular, percentage of companies reporting "Surplus in Two
Consecutive Terms" considerably increased in the "Broadcasting
Industry"(up 18.1 points from the previous year) and the
"Information Service Industry" (up 18.0 points from the previous
year).

457 companies reported their debt amount exceeding their annual
sales amount, accounting for 46.0% of the total of 933 companies
(excluding companies with "no debt/unknown"). It signifies that
debt is slowly declining compared to 2001 (49.9%) and 2002
(47.6%).


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


HANARO TELECOM: Investors Still Wary of Recovery
------------------------------------------------
Hanaro Telecom seems to have gained its footing, but investors
are still wary, Dow Jones reports.

In 2003, the telecommunications firm almost went bankrupt due to
increasing debt and heavy competition. Now, after a
reorganization and a KRW502 billion investment by insurer
American International group (AIG) and private equity firm
Newbridge Capital, Hanaro Telecom is becoming more stable.

Hanaro Telecom has agreed to buy rival firm Korea Thrunet
Company for KRW471.4 billion. Hanaro posted net profit of
KRW10.5 billion in 2004, and is expecting its earnings to
increase, with its fixed-line business.

Despite all this, investors are still cautious. Shares in the
firm have fallen 9 % since Jan. 31. On Feb. 24, shares fell
KRW20 to KRW3,265.

Analysts say that while Hanaro's acquisition of rival Thrunet
Company will increase the firm's broadband subscriber base, it's
not enough. Stiff competition has increased marketing costs,
thereby affecting operating profit, and this in turn will affect
the near-term share price of Hanaro. Consolidation may be a
solution for the telecommunications firm, they added.

Some analysts said that now is a good time to buy shares in the
firm, with the recent decline in its share price.

CONTACT:

Hanaro Telecom, Inc.
Shindongah Fire & Marine Insurance Bldg. 43,
Taepyeongno2-Ga, Jung-Gu
Seoul, 100-733, South Korea
Phone: +82-106
Fax:   +82-2-6266-4399
Web site: http://www.hanaro.com


HYNIX SEMICONDUCTOR: Creditors in Talks to Refinance Debt
---------------------------------------------------------
Creditors of South Korea's Hynix Semiconductor Inc. are in talks
on how to refinance a debt of KRW1 trillion to KRW1.5 trillion,
reports online business news provider Edaily.

Hynix's restructuring adviser Deutsche Bank suggested the
refinancing measure in a report to help the firm complete its
debt-restructuring program earlier than planned. Once Hynix has
refinanced its debt, creditors will begin looking for a lead
manager to sell their shares.

According to main creditor Korea Exchange Bank, it is not yet
clear whether Hynix will be able to refinance its debt ahead of
schedule, or whether the Company will be sold. Hynix officials
were reportedly unaware such discussions.

CONTACT:

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


LG CARD: Recurring Loss Lesser than Expected
--------------------------------------------
LG Card Co.'s main creditor Korea Development Bank (KDB) said
the credit card firm posted a preliminary recurring loss of
KRW790 billion for 2004, narrower than the expected KRW1.21
trillion, Dow Jones reports.

KDB also said it forecasts LG Card to report recurring profits
of KRW130 billion this year, and an increased profit of KRW250
billion for 2006. The bank said it expects the firm's operations
to be back to normal by the end of 2006.

In KDB's report to the National Assembly, LG Card's initial
delinquency ratio was 12.2% last year, compared with 17.9% at
the end of 2003.

After a KRW5 trillion government-led bailout package last year,
LG Card escaped bankruptcy again through a KRW1 trillion
infusion by creditors and affiliates of parent LG Group.

LG Card is scheduled to announce its official 2004 business
results in March.

CONTACT:

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


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


AYER HITAM: Unveils FY04 Second Quarter Results
-----------------------------------------------
Ayer Hitam Tin Dredging Malaysia Berhad released its unaudited
report for the second quarter of 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
               540         1,485          7,274         3,306

2  Profit/(loss) before tax
            -2,652          -992         -7,253        -1,704

3  Profit/(loss) after tax and minority interest
            -2,571        -1,006         -7,276        -1,736

4  Net profit/(loss) for the period
            -2,571        -1,006         -7,276        -1,736

5  Basic earnings/(loss) per shares (sen)
             -3.79         -1.48         -10.74         -2.56

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)
                               0.0461              0.1535

For further details on the report, go to:

http://bankrupt.com/misc/tcrap_ayerhitam022805.doc

http://bankrupt.com/misc/tcrap_ayerhitam022805.xls

CONTACT:

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


CHG INDUSTRIES: Narrows Loss in FY04 Fourth Quarter
---------------------------------------------------
CHG Industries Berhad released its unaudited 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
            20,863        17,277        108,798        124,077

2  Profit/(loss) before tax
           -10,796       -41,232        -28,777        -62,516

3  Profit/(loss) after tax and minority interest
           -10,796       -43,640        -28,777        -62,516

4  Net profit/(loss) for the period
           -10,796       -43,640        -28,777        -62,516

5  Basic earnings/(loss) per shares (sen)
            -22.56        -91.20         -60.14        -130.65

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)
                              -3.2400             -2.6400

For further details on the report, click on:

http://bankrupt.com/misc/tcrap_chg022805.pdf

CONTACT:

CHG Industries Berhad
8th Mile Jalan Cheras
Cheras, Selangor Darul Ehsan 43200
Malaysia
Phone: +60 3 907 58811
Fax:   +60 3 907 66215


FABER GROUP: Posts FY04 Fourth Quarter Report
---------------------------------------------
Faber Group Berhad released its unaudited 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
           148,201       152,237        609,398       560,909

2  Profit/(loss) before tax
            20,627       -34,975        469,731      -470,976

3  Profit/(loss) after tax and minority interest
            14,861       -21,171        433,245      -468,772

4  Net profit/(loss) for the period
            14,861       -21,171        433,245      -468,772

5  Basic earnings/(loss) per shares (sen)
              6.60        -10.30         202.30       -230.10

6  Dividend per share (sen)
               0.00         2.00         1.00       2.00

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

7  Net tangible assets per share (RM)
                               0.8200

For a copy of the report, click on:

http://bankrupt.com/misc/tcrap_fabergroup022805.doc

CONTACT:

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


FUTUTECH BERHAD: Unaware of High Trading Volume of Shares
---------------------------------------------------------
The Company refers to the letter dated Feb. 25, 2005, from Bursa
Malaysia Securities Berhad regarding the sharp increase in price
and high trading volume in the shares of the Fututech Berhad.

The Board of Directors of the Company (Board), after having made
due enquiries, wishes to confirm that, to the best of its
knowledge, it is not aware of any material developments in the
Company's business and affairs that may account for the unusual
market activity apart from the following:

(a) proposed participation in a new business, the details of
which have been announced by Hwang-DBS Securities Berhad on
behalf of the Board today; and

(b) the Company's continuous review of the operation of the
Fututech Group.

Appropriate announcements on any material development will be
made in accordance with the Listing Requirements of Bursa
Malaysia Securities Berhad.

This announcement is dated Feb. 25, 2005.


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

Yours faithfully

SUZALINA HARUN
Sector Head, Listing Compliance
Group Regulations


CONTACT:

Fututech Berhad
No.3, First floor, Jalan Puchong,
Batu 12 , Puchong 47100
Selangor Darul Ehsan
West Malaysia
Phone: +603-8068 3128
Fax:   +603-8060 6911

This announcement is dated Feb. 25, 2005.


K.P. KENINGAU: Unveils January Production Figures
-------------------------------------------------
In accordance with Paragraph 9.29 of Chapter 9 of the Bursa
Malaysia Securities Berhad Listing Requirements, K.P. Keningau
Berhad announced that the log production figures of the Group
for January 2005 reached 358 M3.

CONTACT:

K.P. Keningau Berhad
Lot 10, The Highway Centre
Jln 51/205 46050 Petaling Jaya,
Selangor
Telephone: 03-7784 3922
Fax: 03-7784 1988


LION CORPORATION: Offers to Buy ACB Shares
------------------------------------------
Pursuant to Section 32 of the Code, Lion Corporation Berhad
(LCB) announced the dealings in the ordinary shares in LCB and
Amalgamated Containers Berhad (ACB), as well as warrants of LCB
by LCB, persons acting in concert with LCB and/or the persons
connected to them, which are dealt in for their own account, as
set out in Section 32 of the Code.

The details of the dealings in the Affected Securities by the
Parties are set out in Table 1.

Any disclosures pursuant to Section 32 of the Code, on behalf of
the relevant Parties, are based on the disclosures as furnished
to us by LCB.

To view Table 1, go to:

http://bankrupt.com/misc/tcrap_lion022805.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

This announcement is dated Feb. 28, 2005.


MAXIS COMMUNICATIONS: Granted Listing of Additional Shares
----------------------------------------------------------
Maxis Communications Berhad's additional 27,000 new ordinary
shares of RM0.10 each issued pursuant to the Employee Share
Option Scheme will be granted listing and quotation effective
Wednesday, March 2, 2005, 9:00 a.m.

CONTACT:

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


OLYMPIA INDUSTRIES: Losses Widen in Q2/FY04
-------------------------------------------
Olympia Industries Berhad released its unaudited report for the
second quarter of 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
            50,045        52,778         96,737       102,424

2  Profit/(loss) before tax
           -27,341       -25,649        -55,678       -48,923

3  Profit/(loss) after tax and minority interest
           -26,011       -24,825        -53,071       -47,577

4  Net profit/(loss) for the period
            -26,011      -24,825        -53,071       -47,577

5  Basic earnings/(loss) per shares (sen)
              -5.12        -4.88         -10.44         -9.36

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)
                              -1.5900             -1.4800

To view the entire report, go to:

http://bankrupt.com/misc/tcrap_olympia1022805.xls

http://bankrupt.com/misc/tcrap_olympia2022805.doc

CONTACT:

Olympia Industries Berhad
No 8 Jalan Raja Chulan
Kuala Lumpur, 50200
Malaysia
Phone: +60 3 2070 0033
Fax:   +60 3 2070 0011


PAN MALAYSIA: Discloses Fy04 Quarterly Results
----------------------------------------------
Pan Malaysia Corporation Berhad released its unaudited 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
            95,539        98,748        352,987       395,802

2  Profit/(loss) before tax
         -1,123,703        -6,082    -1,116,601         6,958

3  Profit/(loss) after tax and minority interest
         -1,125,718        -7,036     -1,116,573       -5,559

4  Net profit/(loss) for the period
         -1,125,718        -7,036     -1,116,573       -5,559

5  Basic earnings/(loss) per shares (sen)
            -134.29         -0.95        -140.39        -0.75

6  Dividend per share (sen)
               0.00         2.00         1.00       2.00

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

7  Net tangible assets per share (RM)
                               0.4904               2.0212

To view the entire report, go to:

http://bankrupt.com/misc/tcrap_panm022805.xls

CONTACT:

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


PAN MALAYSIA: Complies with Public Spread Requirement
-----------------------------------------------------
Pan Malaysia Capital Berhad refers to its announcements dated
Feb. 24, 2004, and Dec. 15, 2004.

Pan Malaysia Capital Berhad has informed the Bursa Malaysia
Securities Berhad that the Company has a public shareholding
spread of 31.92%, with 6,371 public shareholders holding not
less than 100 shares each, based on the Register of Directors
Shareholdings, Register of Substantial Shareholdings and Record
of Depositors as at Jan. 14, 2005.

As such, the Company has complied with the public shareholding
spread of 25% as prescribed under paragraph 8.15(1) of the
Listing Requirements of Bursa Malaysia Securities Berhad.


POS MALAYSIA: To List More Shares on March 2
--------------------------------------------
Pos Malaysia & Services Holdings Berhad's additional 62,000 new
ordinary shares of RM1.00 each issued pursuant to the Employee
Share Option Scheme will be granted listing and quotation
effective Wednesday, March 2, 2005, 9:00 a.m.

CONTACT:

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


PSC INDUSTRIES BERHAD: BIMB Demands RM27-Mln Payment
----------------------------------------------------
PSC Industries Berhad (PSCI) announced that the Company and its
wholly-owned subsidiary, Penang Shipbuilding & Construction Sdn
Bhd (PSCSB) on Feb. 25, 2005, received letters of demand from
Bank Islam Malaysia Berhad (BIMB), demanding the repayment of
the aggregate amount of RM27,624,427.10 under credit facilities
as attached in the table:

http://bankrupt.com/misc/tcrap_pscindustries022805.doc

PSCI will reply to BIMB to dispute the said demand.

CONTACT:

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

This announcement is dated Feb. 25, 2005.


WOO HING: Posts FY04 Quarterly Results
--------------------------------------
Woo Hing Brothers (Malaya) Berhad released its unaudited report
for the financial period ended Dec. 31, 2004.

             SUMMARY OF KEY FINANCIAL INFORMATION
                            31/12/2004

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

1  Revenue
                 0             0              0           711

2  Profit/(loss) before tax
              -152        -2,041           -847        -8,031

3  Profit/(loss) after tax and minority interest
              -152        -2,041           -847        -8,031

4  Net profit/(loss) for the period
              -152        -2,041           -847        -8,031

5  Basic earnings/(loss) per shares (sen)
             -0.97        -13.08          -5.43        -51.48

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)
                              -6.5800              -6.5300

For further details on the report, go to:

http://bankrupt.com/misc/tcrap_woohing1022805.xls

http://bankrupt.com/misc/tcrap_woohing2022805.doc

CONTACT:

Woo Hing Brothers (Malaya) Berhad
179 Jalan Bukit Bintang
Kuala Lumpur, 55100
Malaysia
Phone: +60 3 2144 1233
Fax:   +60 3 2142 2228


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

METRO PACIFIC: Annual Stockholders Meeting Set April 29
-------------------------------------------------------
The Annual General Meeting of the Stockholders of Metro Pacific
Corporation has been set on April 29, 2005. The record date for
the meeting is March 30, 2005.

The Company also wishes to announce that the Board has
authorized the listing 374,175,238 representing the underlying
shares for stock options to be awarded under the Company's
Executive Stock Option Plan.

CONTACT:

Metro Pacific Corporation
10/F MGO Bldg., Legazpi cor. dela Rosa St.,
Legazpi Village 0721 Makati City, Philippines
Telephone No.: 888-0888
Fax No.: 888-0830


NATIONAL BANK: Sells Php4.8 Bln in Bad Loans to U.S. Consortium
---------------------------------------------------------------
The Philippine National Bank (PNB) announced the successful sale
of Php4.8 billion in non-performing loans (NPLs) last February
23, 2005 to the Consortium of Bank America and Marathon Asset
Management.

"This SPV sale is part of our overall non-performing asset (NPA)
resolution strategy to maximize the Bank's recoveries from non-
performing loans and acquired assets, and improve the balance
sheet," says PNB President Lorenzo V. tan.

"This sale, which attracted a good number of bidders, is a good
indicator of the continued keen interest of international
investors to participate in the country's distressed assets
market."

Out of seven indicative bids received from international
investors invited to participate in the transparent competitive
auction process, three investors were short listed to submit
their definitive bids after conducting a due diligence on the
loans being sold. The consortium of Bank of America and marathon
Asset Management was eventually declared the final winner.

With this sale and other NPL resolutions that are forthcoming,
PNB expects to bring down its NPL portfolio froma high of Php53
billion at the start of PNB's rehabilitation and Php37.9 billion
as of end-2004 level to Php24.3 billion by end-2005. Only last
year, the Bank's NPL ratio registered a big improvement as the
Bank led a consortium of 13 banks for the sale of National Steel
Corporation to Indian-owned Global Infrastructure Holdings for
Php13.25 billion.

Mr. Tan adds, "Our experience at PNB shows that the "Bad bank"
side of the "Good Bank-Bad Bank" strategy we have adopted is now
bearing much fruit as shown in the recent successes in
addressing the Bank's NPA problem. The commitment is to continue
improving asset quality to reduce the income drag and enhance
profitability in the long-term."

The financial advisory team of Ernst & Young Transaction
Advisory Services, Inc. served as PNB's financial advisor for
this sale. The New York law firm of Mandel, Katz, Manna &
Brosnan, LLP was PNB's international legal advisor, and local
law firm Angara Abello Concepcion Regala & Cruz as PNB's
domestic legal advisor for this transaction. PNB's financial and
legal advisors brought to this transaction substantial
experience in structuring fair and transparent dispositions of
NPLs in the Philippines and in other Asia Pacific markets.

Bank of America NA is a major financial institution in the U.S.
The bank is active in the Distressed Debt Market in Asia.
Marathon Asset Management, on the other hand, is a registered
investment Advisor in the U.S. They are active in the Latin
American and the U.S. Distressed Debt Markets and are seeking to
replicate their successful portfolio acquisitions in Asia,
particularly in the Philippines.

CONTACT:

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


NATIONAL POWER: Lenders Hesitant to Finance Masinloc Deal
---------------------------------------------------------
The Australian-Filipino group who won the tender to buy National
Power Corporation's (Napocor) Masinloc power plant is struggling
to find money to fund the acquisition, according to Malaya News.

The YNN-Pacific Consortium Incorporated is reportedly seeking to
secure some US$200 million loan to help fund the half-billion-
dollar deal. However, an unnnamed source said the consortium has
not yet raised the money because banks are wary about financing
the purchase of Napocor's 600-MW coal-fired Masinloc plant.

"They are approaching various people (for financing) but haven't
got any response," the unnamed source said.

The consortium has nine months from the date of the deal's
announcement to pay the cash-strapped Philippine government 40
percent of the acquisition price of US$560 million. If they fail
to do so, the bidder would lose the US$9 million downpayment it
has put down for the asset.

An official at the Power Sector Assets and Liabilities
Management Corporation (PSALM) confirmed that the consortium
would lose its downpayment if it failed to raise the money for
the acquisition in time.

CONTACT:

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


PHILIPPINE LONG: Smart Will Not Imitate Sun's 24/7 Scheme
---------------------------------------------------------
The cellular-phone subsidiary of the Philippine Long Distance
Telephone Company (PLDT) said it will not follow Sun Cellular's
24/7 scheme, Today reports.

Smart Communications has no plans to offer unlimited intra-call
and text services, saying they are unfazed by the plan of rival
Globe Telecom to imitate the scheme of Sun Cellular, a unit of
Digitel Mobile Philippines Incorporated (DMPI).

Smart asserted that there has been no slow down in so far as
Smart and Piltel subscriber take up is concerned and that their
19-million subscribers prefer premium quality of cellular
service.

Last week, the National Telecommunications Commission (NTC) has
approved Touch Mobile's proposal to offer Php300 unlimited calls
and text messaging services among Touch Mobile subscribers for
30 days starting March 1 to 30. Touch Mobile is a cellular brand
of Globe which targets the lower segment of the cellular market.

Observers said that Globe had to respond to the rate reduction
pricing tactics of other phone firms in order to prevent
existing subscribers to drop out from the network and transfer
to competitors.

Last October, DMPI launched a 24/7 scheme that enables Sun
Cellular subscribers to call on an unlimited basis for Php250 a
month.

Philippine Long Distance Telephone Co. (PLDT) also started to
offer a Php10 flat rate on PLDT to PLDT national direct distance
calls and PLDT to Smart or Piltel regardless of how long the
call takes.

CONTACT:

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


PHILIPPINE LONG: Extends NDD Promo Until March 11
-------------------------------------------------
Philippine Long Distance Telephone Company (PLDT) opted to
extend the effectivity of its promotional rate for national
direct dial (NDD) calls due to an increase in landline usage,
Business World says.

The volume of calls and number of PLDT to PLDT and PLDT to Smart
and Talk 'N Text is growing significantly everyday," said Butch
Jimenez, PLDT head for business retail group

The telecommunications Company has obtained approval from the
National Telecommunications Commission (NTC) to retain until
March 11 the NDD rate of calls within the PLDT network
regardless of length of calls.


PILIPINO TELEPHONE: NTC Revises SRF Computation
-----------------------------------------------
The National Telecommunications Commission (NTC) has revised the
computation for the supervisory and regulatory fees (SRF) due
from Pilipino Telephone Company (Piltel), Business World
relates.

The recent adjustment has effectively reduced Piltel's liability
to around Php500 million. The outstanding amount based on the
new computation will relive the troubled telephone company from
paying as much as Php1.3 billion, the initial amount sought by
the NTC. The original amount covers SRF from 1992 to 2004,
including penalties during the period.

"The SRF due from Piltel corresponding to the difference between
its paid capital and par value of its shares from 1992 to 2004,
shall be assessed and collected from the said respondent," the
NTC said in a Feb. 9 order.

CONTACT:

Pilipino Telephone Corporation
G/F Mobiline Centre
6764 Ayala Avenue
1200 Makati City
Philippines
Telephone: 63 2 811 8888
Fax: 63 2 817 6888


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

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

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.

February 25, 2005
Kamala Ponnampalam
Assistant Official Receiver


CITIRAYA INDUSTRIES: Enters Into Investor Agreement
---------------------------------------------------
The Board of Directors of Citiraya Industries Ltd announced to
the Singapore Stock Exchange that it has entered into an
Investment Agreement (the Agreement) Monday with Venture One
Finance Ltd (the Investor), for the proposed subscription by the
Investor of 1,475,793,155 new ordinary shares of par value
S$0.025 each (the New Shares), which will represent
approximately 70% of the enlarged issued and paid up capital of
the Company after the issue of the New Shares (the Share Issue).

THE INVESTOR

The Investor will be the investment vehicle of a consortium of
investors led by NewSmith Capital Partners (Asia) Pte Ltd and
Koh Boon Hwee.

NewSmith Capital Partners is an independent investment
management and corporate advisory partnership, with offices in
London and Singapore.

Wholly owned and financed by its equity partners, the
partnership provides asset management services via NewSmith
Asset Management LLP, which has US$3.5 billion of funds under
management, and corporate finance advice through NewSmith
Financial Solutions Ltd.

To view a full copy of the disclosure, click
http://bankrupt.com/misc/CitirayaInvestment022805.pdf


GREATRONIC LIMITED: Probes Suspected Fraudulent Conduct
-------------------------------------------------------
The Audit Committee (AC) of Greatronic Limited announced at the
Singapore Stock Exchange that on 25 February 2005, in the course
of probing outstanding receivables amounting to S$1.3 million
due to the Company, it discovered from Mr. Lim Kok Koon, a
Director and Chief Executive Officer of the Company, that the
outstanding receivables arose from inflated prices that were
intended to show higher profits for Greatronic Technology (M)
Sdn Bhd (GTM), a subsidiary of the Company.

As there appeared to have been fraud committed against the
Company, the AC immediately reported this to the Company's
Auditors, Ernst & Young (EY) for the purpose of Section 207(9A)
of the Companies Act. The AC agreed that EY should assess the
financial impact of the suspected fraud on the Company. Based on
EY's report, the AC will decide whether further investigation is
required.

The transactions in question are with related parties, Greatlink
Electronics Germany (GEG) and Greatlink International Inc., USA
(GIUS). GEG and GIUS are companies benefially owned or
controlled by Greatlink Electronics Taiwan Ltd., (GLT), who is a
major shareholder of the Company (47.2%) and which is majority
owned and controlled by Mr Huang Ming Lang @ Max Huang, a
Director and the Chairman of the Company.

The probe arose from concerns raised by EY with regards to the
sum of S$1.3 million in the FY 2004 group accounts that is
allegedly owned by GEG and GIUS to GTM and which has been
outstanding for more than 12 months. As EY could not be
satisfied with the collectibility of the debt, EY has
recommended that management consider recording a provision for
the entire amount.

Suspected fraudulent conduct

The AC discovered through questioning Mr Lim that the sum of
S$1.3 million that is allegedly owed by GEG and GIUS to GTM
comprises the balance of accounts receivables arising from a
series of sales transactions with GEG and GIUS. The transactions
in question involved GEG and GIUS placing orders for goods
procured by GTM at inflated prices for the purpose of inflating
the revenue and profits of GTM. GEG and GIUS paid GTM at the
real prices and the fictitious gains were built up as
receivables. The transactions in question occurred between
November 2002 and January 2004.

Investigation by EY

EY have informed the AC that they will issue their interim
report to the AC next week. The AC will make further
announcement of the findings of EY as and when they are
available.

Effect of the investigation on the financial performance of the
Company

Subject to the findings of EY on the transactions in question,
the AC takes the view that a full provision of the sum of S$1.3
million is required as at 31 December 2004. Some of the S$1.3
million may need to be allocated to previous years.

Voluntary leave of absence of Mr Lim

Pending the investigation of EY, Mr Lim has agreed to take a
voluntary leave of absence (without pay) from his office as
Chief Executive Officer of the Company. The AC has obtained an
assurance from Mr Lim that he will nevertheless co-operate fully
with the investigation by EY and ensure business continuity.

AC's views of investigation on the future prospects of the
Company

The AC takes the view that the public disclosure of the
investigation into the transactions in question and the
voluntary leave of absence taken by Mr Lim are likely to have a
negative impact on the share price of the Company and may affect
investor confidence. The AC will endeavor to work together with
the existing management to ensure business continuity, manage
these uncertainties and restore investor confidence in a timely
fashion.

The foregoing constitutes information available to the AC as at
the time of this announcement. Further announcements will be
made as and when they are available.

The Audit Committee of Greatronic Limited
Cheong Quee Qah
Lum Choong Wah
Tan Eng Khiam
26 February 2005


GREATRONIC LIMITED: Requests Lifting of Trading Halt
----------------------------------------------------
Greatronic Limited announced to the Singapore Stock Exchange a
request for the lifting of trading halt effective February 28,
2005 at 9:00 a.m.

Mr. Cheong Quee Wah
Chairman of Audit Committee
February 27, 2005


INDIGOZ EXCHANGE: Placed Under Judicial Management
--------------------------------------------------
Notice is hereby given that on February 18, 2005 an order for
placing Indigoz Exchange Pte Ltd (Under Judicial Management) was
made and the relevant particulars of the matter are given as
follows:

(1) Number of matter No. 1 of 2005/C.

(2) Date of presentation of petition 29th January 2005.

(3) Petitioner's solicitors Messrs Lim & Lim
18 Cross Street #07-01
Marsh & McLennan Centre
Singapore 048423

(4) Date of order 18th February 2005.

(5) Registered office of the abovenamed Company
18 Cross Street #07-01
Marsh & McLennan Centre
Singapore 048423.
Messrs LIM & LIM
Solicitors for the Petitioners


NEO CORPORATION: Issues Winding Up Order Notice
-----------------------------------------------
In the matter of Neo Corporation Pte Ltd (Under Judicial
Management) a notice of winding up order was made on February
18, 2005.

Name and Address of Liquidators:

Messrs Chio Lim & Associates
18 Cross Street #08-01
Marsh and McLennan Centre
Singapore 048423

Tan Peng Chin LLC
Solicitors for the Petitioners


SHIFU RESTAURANT: Receives Winding Up Order
-------------------------------------------
In the matter of Shifu Restaurant Disco Pub Pte Ltd. received a
winding up order on February 18, 2005.

Name and Address of Liquidator:

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

Dated this 25th day of February 2005

Messrs Ramdas & Wong
Solicitors for the Petitioners

Note:

(a) All creditors of the above named Company should file their
Proof of Debt with the Liquidator who will be administering all
affairs of the Company.

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


STALWART INTERNATIONAL: Receiving Proofs of Debt Until March 11
---------------------------------------------------------------
Stalwart International Trading Pte Ltd. formerly of 2024 Bukit
Batok Industrial Park A, #01-58, Singapore 2365 issued to the
Government Gazette, Electronic Edition a notice of intended
dividend.

Court: Supreme Court, Singapore

Number of Matter: Companies Winding Up No. 39 of 1998

Last Day for Receiving Proofs: 11th March 2005

Name & Address of Liquidator:

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

February 25, 2005
Sunari Bin Kateni
Assistant Official Receiver


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

THAI PETROCHEMICAL: Unveils Consolidated, Audited Yearly FS
-----------------------------------------------------------
Thai Petrochemical Industry Public Company Limited released to
the Stock Exchange of Thailand (SET) its consolidated and
audited yearly financial statement.

Audited In thousands
Ending December 31

                   For year             Year
2004                 2003

Net profit (loss)  12,284,129           2,546,102

EPS (baht)          1.57                0.32

Auditors Opinion: Qualified Opinion with an emphasis of matters

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."

Mr.Suwit Nivartv0ng
Position Plan Administration
Authorized to sign on behalf of the Company

For more information, click
http://bankrupt.com/misc/TPIE1.doc
http://bankrupt.com/misc/TPIE2.xls
http://bankrupt.com/misc/TPIE3.doc

CONTACT:

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


THAI WAH: Issues Additional Info on Asset Disposal
--------------------------------------------------
With reference to the letter submitted to the Stock of Exchange
of Thailand dated 24 February 2005 submitted by Class B Director
of Thai Wah Group Planner Co Ltd a Plan Administrator of
Thai Wah PCL.

The Company would like to provide the following additional
information regarding the transaction:

(1) Details of the person acquiring the shares in Thai Wah Plaza
Ltd

As specified in the Asset Sales and Purchase Agreement, the
Company is to deliver the assets to Everen Investment Pte Ltd
(Everen) or its designee. Everen has designated Soi 69 Co Ltd to
receive 6,088,193 shares in Thai Wah Plaza Ltd, accounted for
52.2% of total shares.

Directors of Soi 69 Co Ltd are as follows:

(1) Mr. Piched Niumnud
(2) Ms. Jutharat Anuktanakul
(3) Ms. Thumawadee Akawawutthichai

Shareholders of Soi 69 Co Ltd are as follows:

                                        % Shareholding
(1) Ms Jutharat Anuktanakul                 99.94%
(2) Ms Piengnet Sawasdipong                  0.01%
(3) Ms Thumawadee Akawawutthichai            0.01%
(4) Ms Prisana Sangkawan                     0.01%
(5) Mr. Saksith Suwanpusit                   0.01%
(6) Mr. Pajonsak Pattamasang                 0.01%
(7) Mr. Yothin Intaraprasong                 0.01%

Total                                      100.00%

(2) Debt owed by Thai Wah Plaza Ltd to the Company

As of 22 February 2005, total debt amount owed by Thai Wah Plaza
to the Company is THB357.6 million.

(3) Debt balance of financial creditors

According to the report of Facility Agent as of 31 January 2005,
outstanding debt to Classes 1, 2 and 5 creditors was at Baht
equivalent of THB6,101 million (calculated at exchange rate of
THB38.45 /US$ 1).

Following the closing of the transaction and repayment to the
creditors, it is estimated that total debt owed to Classes 1, 2
and 5 creditors will be reduced to THB4,968 million.

(4) Guarantees of the Company

The Company refers to the note to the financial statement as of
31 December 2004 No. 31.1.  Following the closing of the
transaction, the Company's loan guarantee in USD currency will
be reduced from US$37 million to US$13.9 million.

The remaining guarantee amount represents a guarantee of the
loan to Thai Wah Plaza Ltd from a commercial bank in Thailand.

(5) Gain from asset disposal

Gain from asset disposal is estimated to be at THB378 million.

This will be recorded in the financial statement for the 1st
quarter of 2005.

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

CONTACT:

Thai Wah Public Company Limited
21/63-64, 21/66A, 21/68 Thai Wah Tower I, 21st, 22nd, 24th
floor, South Sathorn, Tungmahamek, Sathorn, Bangkok 10120
Telephone: 0-2285-0040, 0-2285-0241-56
Fax: 0-2285-0269-70
Web site: http://www.thaiwah.com


THAI WIRE: Releases Audited Yearly FS
------------------------------------
Thai Wire Products Public Company Limited issued to the Stock
Exchange of Thailand its Audited Yearly financial statement for
the year ended December 31, 2004.

Audited (In thousands)
Ending 31 December

                      For year             Year
                          2004            2003

Net profit (loss)     1,870,738        (43,847)

EPS (baht)                82.62        (1.99)

Auditors Opinion:

Unqualified Opinion with an emphasis of matters


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."

Mr.Sukit Nganthavee
Position Managing Director
Authorized to sign on behalf of the Company

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





BOND PRICING: For the Week 28 February to 4 March 2005
------------------------------------------------------

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


AUSTRALIA
---------

Advantage Group                      10.000%     4/15/06    1
Ainsworth Game                        8.000%    12/31/09    1
Amcom Telecommunications Ltd         10.000%    10/28/07    2
APN News & Media Ltd                  7.250%    10/31/08    5
A&R Whitcoulls Group                  9.500%    12/15/10    8
Austral Coal                          9.500%    10/1/06     1
BIL Finance Ltd                       8.000%    10/15/07    9
BIL Finance Ltd                       8.750%    10/15/05    8
BIL Finance Ltd                       9.250%    10/15/06    8
Capital Properties NZ Ltd             8.500%     4/15/05    8
Capital Properties NZ Ltd             8.500%     4/15/07    8
Capital Properties NZ Ltd             8.500%     4/15/09    8
CBH Resources                         9.500%    12/16/09    1
Consolidated Minerals                11.250%     3/31/05    3
Djerriwarrh Investments Ltd           6.500%     9/30/09    4
Evans & Tate Ltd                      8.250%    10/29/07    1
Fletcher Building Ltd                 7.800%     3/15/09    7
Fletcher Building Ltd                 7.900%    10/31/06    8
Fletcher Building Ltd                 8.300%    10/31/06    8
Fletcher Building Ltd                 8.600%     3/15/08    7
Fletcher Building Ltd                 8.750%     3/15/06    7
Fletcher Building Ltd                 8.850%     3/15/10    8
Fletcher Building Ltd                10.500%     4/30/05    8
Fernz Corp Ltd                        8.560%    10/15/06    8
Futuris Corporation Ltd               7.000%    12/31/07    2
Gympie Gold Ltd                       8.500%     9/30/07    1
Hy-Fi Securities Ltd                  7.000%     8/15/08    8
Hy-Fi Securities Ltd                  8.750%     8/15/08   10
Hutchison Telecoms Australia          5.500%     7/12/07    1
Infrastructure and Utility            8.500%     9/15/13    8
Nuplex Industries Ltd                 9.300%     9/15/07    7
Pacific Print Group Ltd.             10.250%    10/15/09   10
Prime Life Corp.                      9.500%     12/8/06    1
Salomon SB Australia                  4.250%     2/01/09    8
Sherlock Bay Nickel                  12.000%      9/1/07    1
Sky Network Television Ltd            9.300%    10/29/49    7
Software of Excellence                7.000%     8/09/07    2
Strathfield Group                    11.000%    12/31/05    1
Sydney Gas Company                   12.000%     4/1/06     1
Tower Finance Ltd                     8.650%    10/15/09    8
Tower Finance Ltd                     8.750%    10/15/07    8
TrustPower Ltd                        8.300%     9/15/07    7
TrustPower Ltd                        8.500%     9/15/12    8
TrustPower Ltd                        8.500%     3/15/14    8
Urbus Properties Ltd                   9.250%     3/10/07   1
Vision Systems Ltd                     9.000%    12/15/08   2


CHINA
-----

China Government Bond                  2.900%    5/24/32    71


KOREA
-----

Korea Electric Power                   7.950%     4/1/96     46


MALAYSIA
--------

Asian Pac Holdings Bhd                 4.000%     12/22/05    1
Artwright Holdings Bhd                 5.500%      3/05/07    1
Berjaya Group Bhd                      5.000%     10/17/09    1
Berjaya Land Bhd                       5.000%     12/30/09    1
Berjaya Sports Toto Bhd                8.000%      8/04/12    4
Camerlin Group Bhd                     5.500%      7/15/07    1
Crescendo Corporation Bhd              3.000%      8/25/07    1
Crest Builder                          5.000%      2/25/06    2
Dataprep Holdings Bhd                  4.000%       8/5/05    1
Dataprep Holdings Bhd                  4.000%       8/6/07    1
Eden Enterprises (M) Bhd               2.500%      12/2/07    1
Fountain View Development Sdn Bhd      3.500%      11/3/06    5
Furqan Business Organization           2.000%     12/19/05    1
Gadang Holdings Bhd                    2.000%     12/24/08    1
Greatpac Holdings Bhd                  2.000%     12/11/08    1
Gula Perak Bhd                         6.000%      4/23/08    1
Hong Leong Industries Bhd              4.000%      6/28/07    1
I-Bhd                                  5.000%      4/30/07    1
Insas Bhd                              8.000%      4/19/09    1
Integrax Bhd                           3.000%     12/24/05    1
Killinghall Bhd                        5.000%      4/13/09    1
Kretam Holdings Bhd                    1.000%      8/10/10    1
Kumpulan Jetson                        5.000%     11/28/12    1
LBS Bina Group Bhd                     4.000%     12/31/06    1
LBS Bina Group Bhd                     4.000%     12/31/07    1
LBS Bina Group Bhd                     4.000%     12/31/08    1
LBS Bina Group Bhd                     4.000%     12/31/09    1
Lebar Daun Bhd                         2.000%       1/6/07    6
Lion Diversified Holdings Bhd          2.000%       6/1/09    1
Media Prima Bhd                        2.000%      7/18/08    1
Mithril Bhd                            3.000%       4/5/12    1
Mithril Bhd                            8.000%       4/5/09    1
Mutiara Goodyear Development Bhd       2.500%      1/15/07    1
Naim Indah Corp.                       0.500%      8/24/06    1
NAM Fatt Corporation Bhd               2.000%      6/24/11    1
Orlando Holdings Bhd                   3.000%      3/16/05    1
Patimas Computer Bhd                   6.000%      2/19/06    1
Pantai Holdings                        5.000%      3/28/07    1
Poh Kong Holdings                      3.000%      1/20/07    1
Prinsiptek Corporation Bhd             2.000%     11/20/06    1
Puncak Niaga Holdings Bhd              2.500%     11/20/16    1
Ramunia Holdings                       1.000%     12/20/07    1
Rashid Hussain Bhd                     0.500%     12/23/12    1
Rashid Hussain Bhd                     1.500%     6/30/07    75
Rashid Hussain Bhd                     3.000%     12/23/12    1
Rhythm Consolidated Bhd                5.000%     12/17/08    1
Silver Bird Group Bhd                  1.000%      2/15/09    1
Southern Steel                         5.500%      7/31/08    2
Tanah Emas Corporation Bhd             2.000%      12/9/06    1
Talam Corporation Bhd                  7.000%      7/19/05    1
Talam Corporation Bhd                  7.000%      4/19/06    1
Tap Resources Bhd                      2.000%      6/29/06    1
Tenaga Nasional Bhd                    3.050%      5/10/09    1
VTI Vintage Bhd                        4.000%      8/22/06    1
WCT Land Bhd                           3.000%      8/02/09    1
Wah Seong Corp                         3.000%      5/21/12    3


SINGAPORE
---------

CSC Holdings Ltd                       6.500%      4/27/05    1
Rabobank Singapore                     1.000%      1/15/13   75
Sengkang Mall                          8.000%     11/20/12    1
Structural System                     11.000%      6/30/07    1
Tampines Assets Ltd                    5.625%      12/7/06    1
Tincel Limited                         7.400%       6/13/11   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,
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Copyright 2005.  All rights reserved.  ISSN: 1520-9482.

This material is copyrighted and any commercial use, resale or
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                 *** End of Transmission ***