TCRAP_Public/050307.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

             Monday, March 7, 2005, Vol. 8, No. 46

                            Headlines

A U S T R A L I A

BRANXHOLME LAWN: To Hear Liquidator's Report On Winding Up
DAREBIN SF: Lays Out Final Meeting Agenda
DINGLEY MANAGEMENT: To Declare Final Dividend March 30
FOODCHOW PTY: To Convene Final Meeting March 9
FYNA GROUP: ASIC Disqualifies Former Director to Protect Public

G.B.S. PRODUCTIONS: To Hear Liquidator's Account on Winding Up
HIH INSURANCE: APRA Bans Former High-level Employees
INTIMATE CURVES: Final Meeting Slated for March 11
ION LIMITED: Posts February Creditors Update
KATANA COMMUNICATIONS: Appoints Liquidators from CJL Partners

KLAMATH FALLS: Lays Out Final Meeting Agenda
LAVENDER DOWNS: Lays Out Final Meeting Agenda
MARKWOOD ARCH: To Hold Final Meeting March 11
ONDIEKI PTY: To Hear Liquidator's Account on Winding Up
RADDISON CONSTRUCTIONS: Undergoes Winding Up Process

RED NUGGET: Members, Creditors to Meet March 15
RM GROUP: Members Place Company Under Voluntary Liquidation
RM PRODUCTIONS: Resolves to Voluntarily Wind Up
R.T.V. AUSTRALIA: Names Robert M. H. Cole as Liquidator
SPECIALTANK PTY: To Declare Final Dividend April 6

TENTH LOJEBO: Creditors' Proofs of Claims Due march 11
TTI INTERNATIONAL: Final Meeting Set March 15
WATERJET DESIGNS: To Pay Creditors Dividend March 17
* ASIC Cancels Registration of Melbourne Auditors, Liquidator


C H I N A  &  H O N G  K O N G

ANKOR SERVICE: Court Begins Liquidation Proceedings
AREON INTERNATIONAL: Receives Winding Up Order
CHINA INTERNATIONAL: To Undergo Winding Up Process
MASTER BENEFIT: Court Issues Winding Up Order
MC GROUP: Receiving Proofs of Debt, Claims Until March 24

TOP SILVER: Court to Hear Petition April 13
X-DIVE CENTRE: To Appear in Court on April 6
ZHU KUAN: Court Schedules March 21 Hearing


I N D O N E S I A

BANK MANDIRI: Q4/FY2004 Net Profit Drops 5%
PERTAMINA: Imports Additional Barrels of Oil to Meet Demand


J A P A N

AMEX KYOHAN: METI Authorizes Changes to Restructuring Plan
APLUS COMPANY: R&I Assigns a-2 Rating
DAIEI INCORPORATED: Marubeni to Ink Sponsorship Contract Today
FURUKAWA COMPANY: R&I Downgrades LT Credit Rating to B+
KAOLIN COMPANY: Rehab Scheme Changes Get METI's Nod

TOBU RAILWAY: S&P Raises Rating on Debt Reduction Progress
TOKUMA SHOTEN: Wrapping Up Rehab Process
UFJ HOLDINGS: May Sell Commercial Lending Unit to Goldman Sachs


K O R E A

LG CARD: Main Creditor Sets Selling Price at KRW4.5 Trillion


M A L A Y S I A

ARTWRIGHT HOLDINGS: SC Approves Private Placement of Shares
CONSOLIDATED FARMS: Served Writ of Summons by Packaging Berhad
CONSOLIDATED FARMS: Unit Named Defendant in Writ of Summon
FABER GROUP: Converts Loan Stocks into Ordinary Shares
I-BERHAD: Buys Back 100,000 Shares

JIN LIN: Proposed Restructuring Plan Under SC Evaluation
K.P. KENINGAU: Seeking to Regularize Financial Condition
LANKHORST BERHAD: Shares Trading Suspended Until Further Notice
LION INDUSTRIES: Lists Additional 48,000 Shares
MAXIS COMMUNICATIONS: Granted Listing of Additional Shares

MERCES HOLDINGS: Sees No Further Development in Default Status
NAM FATT: Notes Additional Shares Listing
PADIBERAS NASIONAL: Lists More Shares
PAN MALAYSIA: Buys Back 265,000 Shares
PANTAI HOLDINGS: Issues Notice of Shares Buy Back

POS MALAYSIA: Resells 200,000 Treasury Shares
POS MALAYSIA: Unveils Employee Share Option Scheme
PUTERA CAPITAL: MITI Authorizes Proposed Shares Placement
WCT ENGINEERING: Discloses Listing of Additional Warrants
WCT ENGINEERING: Issues Notice to Warrant Holders


P H I L I P P I N E S

BACNOTAN CONSOLIDATED: BOD Approves Investments, Cash Dividend
BACNOTAN CONSOLIDATED: Annual Shareholder's Meeting Set April 11
HACIENDA LUISITA: Strikers Welcome Land Offers
LEGEND INTERNATIONAL: SEC Tosses Back Rehab Issue to DOJ
PHILIPPINE LONG: Says VoIP Threatens Business in 2005

PHILIPPINE LONG: Set to List Common Shares Today


S I N G A P O R E

ALLIANCE TECHNOLOGY: Files Submission Extension Application
CHARTERED SEMICONDUCTOR: Lowers Profit Forecast
CHINA AVIATION (S): Creditor's Suit Threatens Rescue Plan
DATACRAFT ASIA: Sets Out Resolutions for EGM
GREATRONIC LIMITED: Projects Bigger Losses on H2/FY2004

KOH BROTHERS: Answers SGX Query
REED GROUP: EGM Slated for March 29
TEAMSPHERE LIMITED: Bourse OKs Placement of New Shares


T H A I L A N D

ABICO HOLDINGS: To Close Registration Book on March 16
JASMINE INTERNATIONAL: Informs SET of Exercise of Warrants
KRUNG THAI: Guilty Verdict Earns Company THB1 Bln
NATURAL PARK: Unveils Operating Performance
THAI ELECTRONIC: Details 2004 Operating Results

THAI HEAT: Explains 20% Change in Net
THAI PETROCHEMICAL: Prices New Shares at THB3 Each

     -  -  -  -  -  -  -  -

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


BRANXHOLME LAWN: To Hear Liquidator's Report On Winding Up
----------------------------------------------------------
Notice is hereby given pursuant to Section 509 of the
Corporations Act 2001 that a Final Meeting of Members of
Branxholme Lawn Bowling Club Inc. (In Voluntary Liquidation) Reg
No. A0007487S will be held at the office of the Liquidator, 1st
Floor, Lexen Building, 200 Malop Street, Geelong today, March 7,
2005 at 11:00 a.m. for the purpose of having an account laid
before them, showing the manner in which the winding up has been
conducted and the property of the Company disposed of and of
hearing any explanations that may be given by the Liquidator.

Dated this 31st day of January 2005

Geoff Ridgeway
Liquidator
Jenkins Peake & Co
Chartered Accountants
PO Box 1570, Geelong 3220
Telephone: (03) 5223 1000
Facsimile: (03) 5221 4938


DAREBIN SF: Lays Out Final Meeting Agenda
-----------------------------------------
Notice is given that the final meeting of members and creditors
of Darebin SF Pty Ltd (In Liquidation) formerly known as Speeds
Franchising Pty Ltd A.C.N. 060 102 169 will be held at the
offices of CJL Partners Pty Ltd, Level 3, 180 Flinders Lane,
Melbourne, 3000 at 2:30 p.m. and 3:00 p.m. respectively on
Tuesday, March 8, 2005.

AGENDA

To lay before the meetings an account of the Liquidators' acts
and dealings and of the conduct of the winding up.

Dated this 28th day of January 2005

Richard J. Cauchi
Joint and Several Liquidator
CJL Partners
Level 3, 180 Flinders Lane,
Melbourne Vic 3000
Telephone: 9639 4779
Facsimile: 9639 4773


DINGLEY MANAGEMENT: To Declare Final Dividend March 30
------------------------------------------------------
A first and final dividend is to be declared on March 30, 2005
in respect of Dingley Management & Secretarial Services Pty Ltd
(In Liquidation) A.C.N. 078 881 259.

Creditors who failed to formally prove their debts or claims
will be excluded from the benefit of the dividend.

Dated this 21st day of January 2005

Robyn Erskine
Liquidator
Brooke Bird & Co
Chartered Accountants
471 Riversdale Road, Hawthorn East Vic 3123.
Telephone: (03) 9882 6666


FOODCHOW PTY: To Convene Final Meeting March 9
----------------------------------------------
Notice is hereby given pursuant to Section 509(1) of the
Corporations Act 2001 that a final meeting of the members of
Foodchow Pty Ltd (In Liquidation) A.C.N. 006 894 597 will be
held at the office of PPB, Level 10, 90 Collins Street,
Melbourne, Vic, 3000, on March 9, 2005 at 11:00 a.m. for the
purpose of having an account laid before them showing the manner
in which the winding up has been conducted and the property of
the Company disposed of and hearing any explanation that may be
given by the liquidator.

Wayne Benton
Liquidator
Foodchow Pty Ltd
PPB
Chartered Accountants
Level 10, 90 Collins Street,
Melbourne Vic 3000


FYNA GROUP: ASIC Disqualifies Former Director to Protect Public
---------------------------------------------------------------
The Australian Securities and Investments Commission (ASIC) has
banned the former Managing Director of the Fyna Group of
Companies, Mr. James (Jim) Soong from managing corporations for
four years.

ASIC found that Mr. Soong, of Concord in New South Wales, had
been a director of five failed corporations in the past seven
years.

Mr. Soong was a director of Fyna Formwork Pty Ltd, Metroform Pty
Ltd, Marquelex Pty Ltd and Pacific Constructions Pty Ltd.

ASIC also found that after Mr. Soong resigned his position as a
director of Fyna Constructions Pty Ltd, he was involved in
making decisions as an officer of the Company that affected its
financial position.

In the course of winding up the companies the liquidators found
that each of the companies were unable to pay unsecured
creditors more than 50 cents in the dollar.

ASIC has the power to ban individuals if they are the director
of two or more companies that are wound up, and where the
liquidator reports to ASIC that they have failed to pay their
creditors more than 50 cents in the dollar.

The activities of the Fyna Group of companies were the subject
of enquiries by the 'Cole Royal Commission into the Building and
Construction Industry' in 2002.

The Deputy Executive Director of Enforcement, Mr. Allen Turton
said ASIC took action to protect the interests of the public,
and to protect against the misuse of the corporate structure.

"ASIC will continue to take action against Company officers that
fail to uphold their responsibilities as directors and in doing
so, put the public and business community at risk," Mr. Turton
said.

Mr. Soong has the right to appeal to the Administrative Appeals
Tribunal for a review of ASIC's decision.


G.B.S. PRODUCTIONS: To Hear Liquidator's Account on Winding Up
--------------------------------------------------------------
Notice is hereby given that pursuant to Section 509(1) of the
Corporations Act, a final meeting of members and creditors of
G.B.S. Productions Pty Ltd (In Liquidation) A.B.N. 25 059 504
924 will be held in the Boardroom of Andrew Dunner & Associates,
Chartered Accountants, 23 Erin Street, Richmond Victoria on
March 10, 2005 at 10:00 a.m.

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

Dated this 8th day of February 2005

A. L. Dunner
Liquidator


HIH INSURANCE: APRA Bans Former High-level Employees
----------------------------------------------------
The Australian Prudential Regulation Authority (APRA) has
announced the disqualification of Mr. Charles Abbott, former
director of HIH Insurance Limited, from being or acting as a
director or senior manager of a general insurer.

APRA also announced the disqualification of Mr. Geoffrey Trahair
from holding an appointment as an actuary of a general insurer
or acting as a director or senior manager of a general insurer.

Mr. Abbott and Mr. Trahair were found deficient under the
`fitness and propriety' requirements set out in APRA's
prudential standards under the Insurance Act 1973, specifically
that "the person has adequate experience and demonstrated
competence and integrity in the conduct of business duties."

Mr. Abbott was an alternate director at HIH Limited (HIH) from
August 1995 to May 1997, a non-executive director from May 1997
to 2001 and Deputy Chairman from January 2001. APRA found that
he had:

(1) failed to properly perform his duties as a director and
avoid potential conflicts of interest arising from his
directorship;

(2) acted improperly and with misconduct in seeking payment of
monies while knowing that HIH was about to be placed into
provisional liquidation; and

(3) had not sought to prevent the payment of an intermediary fee
in the knowledge that HIH was about to be placed into
provisional liquidation.

Mr. Trahair was employed at FAI as an actuary from February 1998
and as the National Workers Compensation Manager from September
1998 and later at HIH after its acquisition of FAI.

APRA found that Mr. Trahair was aware that FAI was significantly
under reserved and participated in withholding pertinent data
from PricewaterhouseCoopers, FAI's external actuaries, which
resulted in FAI's liabilities at June and December 1998 being
significantly understated. The matters of Mr. Trahair's conduct
and APRA's conclusions have been referred to the Institute of
Actuaries Australia.

The Australian Prudential Regulation Authority (APRA) is the
prudential regulator of the financial services industry. It
oversees banks, credit unions, building societies, general
insurance and reinsurance companies, life insurance, friendly
societies, and most members of the superannuation industry.APRA
is funded largely by the industries that it supervises. It was
established on 1 July 1998.

APRA currently supervises institutions holding approximately
$2.0 trillion in assets for 20 million Australian depositors,
policyholders and superannuation fund members.

CONTACT:

Media and industry
inquiries only: Susan Morey
Head of Public Affairs
Australian Prudential Regulation Authority
Telephone: 02 9210 3384
Mobile: 0438 124 524

All other inquiries: APRA Contact Centre
Telephone: 1300 131 060


INTIMATE CURVES: Final Meeting Slated for March 11
--------------------------------------------------
Notice is hereby given that a final meeting of members and
creditors of Intimate Curves Pty Ltd (In Liquidation) A.C.N. 082
165 508 will be held at the offices of Brooke Bird & Co,
Chartered Accountants, 471 Riversdale Road, Hawthorn East, 3123,
on Friday, March 11, 2005 at 9:30 a.m., for the purpose of
having an account laid before them showing the manner in which
the winding up has been conducted and the property of the
Company disposed of and of hearing any explanations that may be
given by the Liquidators.

Dated this 20th day of January 2005

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


ION LIMITED: Posts February Creditors Update
--------------------------------------------
On December 7, 2004, Messrs Colin Nicol and Peter Anderson of
McGrathNicol+partners were appointed Administrators to ION
Limited and all of its 22 Australian subsidiary companies
(collectively, "ION Group").

On 22 December 2004, the Administrators obtained Federal Court
orders from His Honour, Justice Finkelstein, extending the
period for convening the second meetings of creditors until
April 1, 2005.

In the application for this extension, the Administrators
indicated to the Court that they would be providing detailed
monthly updates to creditors during any extended period for
convening the second meetings of creditors.

Since the January Update, the Administrators have been
concentrating on the following key areas:

- Managing the operations of ION Group in Administration;

- Implementing Profit Improvement Programmes in the South
Australian plants;

- Completing the sale of the ION Energy Services business;

- Preparing revised financial forecasts for the ION Group;

- Managing the process to sell the ION Group businesses, with
the assistance of Credit Suisse First Boston (CSFB);

- Resolving the Altona engine block plant's status;

- Continuing to monitor the operation of ION Limited's
subsidiaries in New Zealand and the USA;

- Liaising with Creditors' Committees; and

- Continuing with the investigation into the affairs of ION
Group and the events which led to its insolvency, with the
assistance of Allens Arthur Robinson and KPMG Forensic.

The stabilization process whihc were outlined in the January
Update have been successful, and the ION Group businesses
continue to operate smoothly. The Administrators continue to
receive pleasing support from employees, unions, suppliers,
customers and financiers, which is greatly appreciated.

As previously reported, the sale of ION Energy Services was
completed on January 5, 2005, and as a result the administrators
no longer manage those operations.

In the January Update the steps taken to strengthen management
under the Administrators' control were summarized. The
administrators advised that these revised arrangements are
working satisfactorily.

It was also noted in the Update that the former CEO, Mr. Roger
Flynn, was on leave pending the completion of the review of
events leading up to the insolvency of the ION Group. Mr.
Flynn's employment has subsequently ceased.

In accordance with obligations under the Corporations Act, the
Administrators are continuing with their investigation into the
affairs of the ION Group and, in particular, the events which
led to its insolvency. The Administrators have retained Allens
Arthur Robinson to assist in the conduct of the investigation
and to identify potential claims which the ION Group companies
(or any liquidator appointed to them) might have. Allens Arthur
Robinson have, in turn, engaged KPMG Forensic to assist them in
the review of financial and other information relating to the
investigation.

The second statutory meetings of creditors are required to be
held no later than April 8, 2005, unless Court approval is
obtained for further extension.

In the meantime, the Administrators request that any party which
intends to put forward a proposal for a Deed of Company
Arrangement in relation to any ION Group entity, provide details
of that proposal to the Administrators no later than Tuesday,
March 15, 2005.

To view the entire report, click on:
http://bankrupt.com/misc/tcrap_ionlimited030405.pdf

CONTACT:

Ion Limited
Level 1 East, Victoria Gardens
678 Victoria Street
Richmond VIC 3121
Phone: +61 3 8416 5900
Fax: +61 3 8416 5999
E-mail: info@ionlimited.com
Web site: http://www.ionlimited.com.au/


KATANA COMMUNICATIONS: Appoints Liquidators from CJL Partners
-------------------------------------------------------------
Notice is hereby given that at an Extraordinary General Meeting
of the members of Katana Communications Pty Ltd (In Liquidation)
A.C.N. 086 928 798, held on January 21, 2005, it was resolved
that the Company be wound up voluntarily.

At a meeting of creditors held on the same day, it was resolved
that for such purpose, Richard John Cauchi and David James
Lofthouse of CJL Partners, Level 3, 180 Flinders Lane,
Melbourne, be appointed Joint and Several Liquidators.

Dated this 25th day of January 2005

Richard J. Cauchi
Joint and Several Liquidator
CJL Partners
Level 3, 180 Flinders Lane,
Melbourne Vic 3000
Telephone: (03) 9639 4779
Facsimile: (03) 9639 4773


KLAMATH FALLS: Lays Out Final Meeting Agenda
--------------------------------------------
Notice is given that a meeting of the members of Klamath Falls
Pty Limited (In Liquidation) A.C.N. 087 012 173 will be held at
201 Sussex Street, Sydney NSW 1171 on March 8, 2005 at 10:00
a.m.

AGENDA

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

(ii) Any other business.

Dated this 27th day of January 2005

David Clement Pratt
Timothy James Cuming
Liquidator
PricewaterhouseCoopers
201 Sussex Street, Sydney NSW 1171


LAVENDER DOWNS: Lays Out Final Meeting Agenda
---------------------------------------------
Notice is given that a meeting of the members and creditors of
Lavender Downs Pty Ltd (In Liquidation) A.C.N. 056 976 080 will
be held at the Conference Room, Worrells, Level 5 15 Queen
Street Melbourne Vic 3000 on March 22, 2005 at 10:30 a.m.

AGENDA

(1) To receive the final receipts and payments from the
Liquidators;

(2) To receive formal notice of the end of the administration;

(3) To resolve that the Company be dissolved.

Dated this 31st day of January 2005

Paul Burness
Liquidator
Worrells
Solvency & Forensic Accountants
Web site: www.worrells.net.au


MARKWOOD ARCH: To Hold Final Meeting March 11
---------------------------------------------
Notice is hereby given that pursuant to Section 509 of the
Corporations Act, the final meeting of members of Markwood Arch
Pty. Ltd. (In Voluntary Liquidation) A.C.N. 053 634 441 will be
held at 4 Stanley Court, Inverloch on March 11, 2005 at 10:00
a.m. to receive the liquidator's accounts showing how the
liquidation has been conducted and the property of the Company
disposed of and of hearing any explanation that may be given by
the liquidator.

Dated this 10th day of February 2005

J. M. Hamley
Liquidator
Castle Corporate Services Pty Ltd
26 Ellingworth Parade, Box Hill
Telephone: (03) 9898 6666


ONDIEKI PTY: To Hear Liquidator's Account on Winding Up
-------------------------------------------------------
Notice is hereby given that a final meeting of members and
creditors of Ondieki Pty Ltd (In Liquidation) A.C.N. 059 340 939
will be held at the offices of Brooke Bird & Co, Chartered
Accountants, 471 Riversdale Road, Hawthorn East, 3123, on
Friday, March 11, 2005 at 9:30 a.m., for the purpose of having
an account laid before them showing the manner in which the
winding up has been conducted and the property of the Company
disposed of and of hearing any explanations that may be given by
the Liquidators.

Dated this 28th day of January 2005

Peter Goodin
Robyn Erskine
Joint & Several Liquidators
Brooke Bird & Co
Chartered Accountants
471 Riversdale Road,
Hawthorn East 3123
Telephone: (03) 9882 6666


RADDISON CONSTRUCTIONS: Undergoes Winding Up Process
----------------------------------------------------
Notice is hereby given that on January 25, 2005 it was resolved
that Raddison Constructions Pty Ltd (In Liquidation) A.B.N. 34
005 267 710 be wound up voluntarily in accordance with the
Corporations Act 2001 relating to a Creditors' Voluntary Winding
Up and that Mr. K. L. Sutherland and Mr. H. A. MacKinnon,
Chartered Accountants, of 332 St Kilda Road, Melbourne be
appointed joint and several Liquidators.

Dated this 25th day of January 2005

H. A. Mackinnon
K. L. Sutherland
Joint and Several Liquidators
Bent & Cougle
Chartered Accountants
332 St Kilda Road, Melbourne Vic 3004


RED NUGGET: Members, Creditors to Meet March 15
-----------------------------------------------
Notice is hereby given that a final meeting of members and
creditors of Red Nugget Pty Ltd (In Liquidation) formerly
trading as One Stop Liquor -Boronia A.C.N. 086 029 870 will be
held at the offices of Brooke Bird & Co, Chartered Accountants,
471 Riversdale Road, Hawthorn East, 3123, on Tuesday, March 15,
2005 at 9:30 a.m., for the purpose of having an account laid
before them showing the manner in which the winding up has been
conducted and the property of the Company disposed of and of
hearing any explanations that may be given by the Liquidators.

Dated this 28th day of January 2005

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


RM GROUP: Members Place Company Under Voluntary Liquidation
-----------------------------------------------------------
Notice is hereby given that at an extraordinary general meeting
of members of RM Group Holdings Pty Ltd (In Liquidation) A.C.N.
007 355 964 held on January 28, 2005, it was resolved that the
Company be wound up voluntarily and at a meeting of creditors
held on the same day pursuant to Section 497, it was resolved
that for such purpose, Richard Herbert Judson of Judson & Co,
Chartered Accountants, Level 1, 10 Park Road, Cheltenham be
appointed liquidator.

Dated this 28th day of January 2005

Richard Herbert Judson
Liquidator
Judson & Co
Chartered Accountants
Suite 4, Level 1, 10 Park Road,
Cheltenham Vic 3192
Telephone: 9585 4155


RM PRODUCTIONS: Resolves to Voluntarily Wind Up
-----------------------------------------------
Notice is hereby given that at an extraordinary general meeting
of members of RM Productions Holdings Pty Ltd (In Liquidation)
A.C.N. 087 989 553 held on January 28, 2005, it was resolved
that the Company be wound up voluntarily and at a meeting of
creditors held on the same day pursuant to Section 497, it was
resolved that for such purpose, Richard Herbert Judson of Judson
& Co, Chartered Accountants, Level 1, 10 Park Road, Cheltenham
be appointed liquidator.

Dated this 28th day of January 2005

Richard Herbert Judson
Liquidator
Judson & Co
Chartered Accountants
Suite 4, Level 1, 10 Park Road,
Cheltenham Vic 3192
Telephone: 9585 4155


R.T.V. AUSTRALIA: Names Robert M. H. Cole as Liquidator
-------------------------------------------------------
Notice is hereby given that at a meeting of creditors of R.T.V.
Australia Ltd (In Liquidation) A.C.N. 103 968 707 convened
pursuant to Section 439A of the Corporations Act 2001 held on
January 27, 2005, it was resolved that the Company be wound up
and pursuant to Section 446A(4) of the Corporations Act 2001,
Robert Molesworth Hobill Cole of Cole Downey & Co, Chartered
Accountants, Unit 2, 6 Moorabool Street, Geelong Vic 3220 was
appointed Liquidator.

Dated this 28th day of January 2005

Robert M. H. Cole
Liquidator
Cole Downey & Co
Chartered Accountants
Unit 2, 6 Moorabool Street,
Geelong Vic 3220


SPECIALTANK PTY: To Declare Final Dividend April 6
--------------------------------------------------
A first and final dividend is to be declared on April 6, 2005 in
respect of Specialtank Pty Ltd (Subject To Deed Of Company
Arrangement) A.C.N. 090 107 814.

Creditors who failed to formally prove their debts or claims
will be excluded from the benefit of the dividend.

Dated this 21st day of January 2005

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


TENTH LOJEBO: Creditors' Proofs of Claims Due march 11
------------------------------------------------------
A first and final dividend is to be declared on March 18, 2005
in respect of Tenth Lojebo Pty Ltd (In Liquidation) A.C.N. 005
834 748.

Creditors whose debt or claims have not already been admitted
are required on or before March 11, 2005 to formally prove their
debt or claims. If they do not, they will be excluded from the
benefit of the dividend. Creditors are advised that they are
required to provide documentary evidence to substantiate their
debt or claim.

Dated this 31st day of January 2005

Peter Goodin
Liquidator
Brooke Bird & Co
Chartered Accountants
471 Riversdale Road, Hawthorn East Vic 3123.
Telephone: 9882 6666


TTI INTERNATIONAL: Final Meeting Set March 15
---------------------------------------------
Notice is hereby given that a final meeting of members and
creditors of TTI International Pty Ltd (In Liquidation) A.C.N.
091 099 508 will be held at the offices of Brooke Bird & Co,
Chartered Accountants, 471 Riversdale Road, Hawthorn East, 3123,
on March 15, 2005 at 9:30 a.m., for the purpose of having an
account laid before them showing the manner in which the winding
up has been conducted and the property of the Company disposed
of and of hearing any explanations that may be given by the
Liquidators.

Dated this 27th day of January 2005

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


WATERJET DESIGNS: To Pay Creditors Dividend March 17
----------------------------------------------------
A first and final dividend to priority creditors under Sections
556 (e) and (g) of the Corporations Act 2001 is to be declared
on March 17, 2005 for Waterjet Designs Pty Ltd (In Liquidation)
A.C.N. 095 911 229.

Employees who failed to formally prove their debts or claims
will be excluded from the benefit of the dividend.

Dated this 28th day of January 2005

Warren White
Liquidator
Waterjet Designs Pty Ltd
c/- PPB
Chartered Accountants
Level 10, 90 Collins Street,
Melbourne Vic 3000


* ASIC Cancels Registration of Melbourne Auditors, Liquidator
-------------------------------------------------------------
The registrations of three auditors and a liquidator, all from
Melbourne in Victoria, have been cancelled after ASIC
successfully applied to the Companies Auditors and Liquidators
Disciplinary Board (CALDB) for disciplinary action to be taken.

Mr. Brian Anthony Henshaw and Mr. Anatol Schilin have had their
auditor registrations cancelled for failing to lodge the
statutory triennial statements. Mr. Bela Jozsef Vass had his
registration as an auditor and liquidator cancelled as he has
been disqualified from managing corporations as a result of
being an undischarged bankrupt.

ASIC made the applications to the CALDB as part of its
surveillance program to ensure auditors and liquidators comply
with the Corporations Act 2001 and carry out their duties
properly.

An auditor or liquidator who has had their registration
cancelled cannot legally practice as a registered auditor or
liquidator.

ASIC's Chief Operating Officer, Mr. Mark Drysdale said that
auditors and liquidators must be fully aware of their statutory
responsibilities and meet the reporting and other requirements
of the law.

'ASIC will continue to pursue auditors and liquidators who do
not comply with the law. The cancellation of the registration of
these practitioners should act as a timely reminder to other
auditors and liquidators about their duties and
responsibilities', Mr. Drysdale said.


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

ANKOR SERVICE: Court Begins Liquidation Proceedings
---------------------------------------------------
The High Court of the Hong Kong Special Administrative Region
Court Of First Instance issued a winding up order for Ankor
Service Limited of UNIT 1-8 & 10-12, G/F, Horizon Plaza, 2 Lee
Wing Street, Apleichau, HK on February 7, 2005.

The winding up petition was presented August 27, 2004.

Dated this 25th day of February 2005

E T O'Connell
Official Receiver


AREON INTERNATIONAL: Receives Winding Up Order
----------------------------------------------
A winding up order was made for Areon International Trading
Limited of 18th Floor, On Hong Commercial Bldg, 145 Hennessy Rd,
Wanchai, HK by the High Court of the Hong Kong Special
Administrative Region Court Of First Instance on February 14,
2005.

The winding up petition was presented on October 20, 2004.

Dated this 25th day of February 2005

E T O'Connell
Official Receiver


CHINA INTERNATIONAL: To Undergo Winding Up Process
--------------------------------------------------
The High Court of the Hong Kong Special Administrative Region
Court Of First Instance issued a winding up order for China
International Business Development (Hong Kong) Limited Of 2nd
Floor, Regal Dragon Centre, 149 & 151 Woosung Street, KLN on
February 14, 2005.

The winding up petition was presented 15th June 2001.

Dated this 25th day of February 2005

E T O'Connell
Official Receiver


MASTER BENEFIT: Court Issues Winding Up Order
---------------------------------------------
Master Benefit International Limited Of Flat E, 8th Floor, Blk
5, Belvedere Gdn Ph Iii, Tseun Wan, NT received a winding up
order from the High Court of the Hong Kong Special
Administrative Region Court Of First Instance on February 7,
2005.

The winding up petition was presented on 6th December 2004.

Dated this 25th day of February 2005

E T O'Connell
Official Receiver


MC GROUP: Receiving Proofs of Debt, Claims Until March 24
---------------------------------------------------------
Notice is hereby given that the Creditors of MC Group Limited
(In Members' Voluntary Liquidation), which is being voluntarily
wound up, are required on or before March 24, 2005 to send in
their names, addresses and descriptions, full particulars of
their debts or claims, as well as the names and addresses of
their solicitors (if any) to the Liquidators of the said
Company.

If so required by notice in writing from the said liquidators,
they are to prove their debt or claims at such time and place as
shall be specified in such notice.

In default thereof, they will deem to waive all of such debts or
claims and the Liquidators will be entitled seven days after the
above date, to distribute the funds available or any part
thereof to the Members.

Dated this 25th day of February 2005

Suen Pui Yee
Iain Ferguson Bruce
Liquidators
11th Floor, Prince's Building
10 Chater Road, Central
Hong Kong


TOP SILVER: Court to Hear Petition April 13
-------------------------------------------
Notice is hereby given that a Petition for the Winding up of Top
Silver International Holdings Limited by the High Court of Hong
Kong Special Administrative Region was on February 4, 2005
present to the said Court by Royal Light International Limited
whose registered office is situated at Flat 10, 15th Floor,
Technology Park, No. 18 On Lai Street, Shatin, New Territories,
Hong Kong.

The said Petition is to be heard before the Court at 9:30 am on
April 13, 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.

Gallant Y. T. Ho & Co.
Solicitors for the Petitioner
5th Floor, Jardine House
No. 1 Connaught Place
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 abovenamed, 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
abovenamed not later than six o'clock in the afternoon of April
12, 2005.


X-DIVE CENTRE: To Appear in Court on April 6
--------------------------------------------
Notice is hereby given that a Petition for an order:

(1) for the Winding up of X-Dive Centre Limited or alternatively
that Leung Ngai Hung Billy, a director and shareholder of the
said Company, do purchase all or any of the shares of the below-
named Petitioners in the said Company at a fair value to be
assessed by the Court or an independent auditor; and

(2) that the said Leung Ngai Hung Billy do transfer the pleasure
vessel licence No. 35986 to the said Company, or for such other
order as shall be just, was presented to the High Court of Hong
Kong Special Administrative Region was on February 2, 2005 by;

(1) Leung Yee Mei Connie of Flat 1, 6/F., Tower 1, Queen's
Terrace, 1 Queen Street, Sheung Wan, Hong Kong;

(2) Leung Ka Chun of Room D, 10/F., Block 1, Goodrich Garden,
Tuen Mun, New Territories, Hong Kong; and

(3) Lam Hoo Ming of Room 5, 13/F., Tuen Mun Centre Building, 13
Yan Ching Street, New Territories, Hong Kong.  

The said Petition is to be heard before the Court at 9:30 am on
April 6, 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.

Gilbert Tang & Co.
Solicitors for the Petitioner
Rooms 802-3, Chau's Commercial Centre
284 Sha Tsui Road
Tsuen Wan, 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 abovenamed, 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
abovenamed not later than six o'clock in the afternoon of the
4th day of April 2005.


ZHU KUAN: Court Schedules March 21 Hearing
------------------------------------------
Take notice that pursuant to the directions given by Master S.
Kwang of the High Court of the Hong Kong Special Administration
Region, the hearings for Zhu Kuan Group Company Limited and Zhu
Kuan (Hong Kong) Company Limited have been fixed on March 21,
2005 at 3:30 p.m. and 4:00 p.m. at the High Court, High Court
Building, 38 Queensway, Hong Kong for court to consider the
application made by the Provisional Liquidators pursuant to
Section 194 of the Companies Ordinance for the appointment of
Cosimo Borrelli and Kelvin Edward Flynn as joint and several
liquidators of the Companies.

Copies of the Provisional Liquidators' reports of the First
Meetings of Creditors and Contributories for the Companies can
be obtained from the Provisional Liquidators at the address
below.

Dated this 25th day of February 2005

Cosimo Borrelli
David John Kennedy
Joint and Several Provisional Liquidators
Zhu Kuan Group Company Limited
Zhu Kuan (Hong Kong) Company Limited
RSM Nelson Wheeler Corporate Advisory Services Limited
7/F., Allied Kajima Building
138 Gloucester Road
Wanchai, Hong Kong
Telephone: (852) 2598 5123
Fax: (852) 2598 0060


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

BANK MANDIRI: Q4/FY2004 Net Profit Drops 5%
-------------------------------------------
PT Bank Mandiri Tbk said its fourth quarter net profit for 2004
was lower compared to the previous year due to bad loan
provisions, reports Indoexchange News.

The bank posted a net profit of IDR779.3 billion, slightly lower
than its IDR819.5 billion net profit in the same quarter of
2003, and significantly lower than Reuters' Estimates' expected
forecast of IDR855.3 trillion.

Bank Mandiri posted IDR5.26 trillion in net profits last year,
with a net interest income of IDR2.37 trillion, slightly higher
than 2003's IDR2.17 trillion.

According to the bank, provisions to cover losses incurred by
failure of debtor PT Great River International Tbk to pay the
coupon of its bonds accounted for the loss in net profit, and
analyst Fendi Susiyanto said Bank Mandiri's loan provisions
would greatly affect its performance this year.

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


PERTAMINA: Imports Additional Barrels of Oil to Meet Demand
-----------------------------------------------------------
PT Pertamina said it imported an additional two million barrels
of oil fuel to meet the country's growing demand, Asia Pulse
reports.

According to Company director Ari Soemarno, Pertamina has
imported 13 million barrels of oil fuel for domestic requirement
in March, adding that the additional imports will create enough
supply for a 22-day requirement.

Even if Indonesia is an oil-producing country and Pertamina has
several oil refineries, it has become necessary to import oil
from outside, in order to cover a shortage in supplying the
country's domestic market.

CONTACT:

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


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

AMEX KYOHAN: METI Authorizes Changes to Restructuring Plan
----------------------------------------------------------
Changes to the business restructuring plan submitted to the
Ministry of Economy, trade and Industry (METI) by Amex Kyohan
Co., Ltd. (provisional name) were found to fulfill the
requirements of the Law on Special Measures for Industrial
Revitalization.

These changes were made in conjunction with the change of the
timing for capital increase, and with the determination of
capital increment.

The changes were consequently approved on March 1, 2005.

In July 13, 2004, the Industrial Revitalization Corporation of
Japan (IRCJ) approved an application by Amex Kyohan and related
companies for assistance under Article 22, Clause 3 of the
Industrial Revitalization Corporation Act of 2003.

The main business of the group is the manufacture and sale of
clay roof tiles for residential housing. It is also engaged in
development, manufacturing and sales in new business areas such
as permeable tiles produced from waste tile material.

The Company has the second largest market share in the
manufacture and sale of clay roof tiles in Shimane Prefecture,
which along with Aichi Prefecture and Hyogo Prefecture is one of
Japan's three largest markets for roof tiles.

CONTACT:

Amex Kyohan K.K.
Gotsu City, Shimane Prefecture
Japan


APLUS COMPANY: R&I Assigns a-2 Rating
-------------------------------------
Rating and Investment Information, Inc. (R&I), has assigned the
following rating to APLUS Co., Ltd.

Domestic Commercial Paper Programme
R&I RATING: a-2

RATIONALE:

APLUS Co., Ltd. is Japan's fourth largest consumer credit
Company. Entering into a business and capital alliance with
Shinsei Bank in September 2004, APLUS became a consolidated
subsidiary of the bank. Non-bank business has been positioned as
Shinsei Bank's third business pillar after investment and retail
banking and APLUS will be responsible for the core of that
sector.

With the sale of its own non-core businesses and conservative
provisioning, APLUS has sound assets and its earning power can
also be expected to improve with lower fundraising costs.
The CP rating reflects this assessment of the Company's
underlying creditworthiness, while there are also adequate
alternative sources of liquidity.

Shopping credit, credit cards, and consumer loans account for
the majority of APLUS's operating revenue. These divisions along
with corporate finance and settlement business constitute the
Company's five core businesses. Although as a major consumer
credit Company the breadth of the operational base is lacking to
some extent, the Company has strengths in its shopping credit
business where the unit prices of the products it handles and
profits margins are high.

On the other hand, APLUS's position in the credit card business
is relatively weak in comparison other major credit card
companies. Although the number of cardholders is increasing,
attention needs to be paid to the fact that its business has a
high dependence on cards where it has special alliances with
other companies.

In September 2004, APLUS received a private placement capital
increase of JPY35 billion from Shinsei Bank and, with Shinsei's
purchase of JPY30 billion in preferred shares from UFJ Bank, its
stake in APLUS rose to 67%. The Company's asset health has
improved considerably as a result of a series of disposition
measures to promote its financial restructure.

These measures included: (1) the sale of non-core businesses,
(2) an increase in loan loss provisions in line with standards
of Shinsei Bank, (3) write-downs on fixed assets, (4) setting
more conservative standards for posting deferred tax assets, and
(5) reposting of deferred installment sales profit for the
previous year.

Due to the above dispositions, APLUS consequently fell into net
capital deficit of JPY181.6 billion for the first half of the
fiscal year ended September 30, 2004. However, as a result of
the capital increase, the Company has issued preferred shares
worth JPY241 billion on the February 2005.

Due to its low creditworthiness, fundraising costs for the
Company previously were extremely high and it had to resort to
rigid management. With a significant lowering of costs for
funding, earning power is set to improve. APLUS plans to raise
its earning power by augmenting the customer loan sector by
using the operational base of its shopping business such as
shopping credit as a platform. Because of the difference in
customer segments with Shinsei Bank, however, it is necessary to
keep a careful watch on synergy effects with the bank's
operations.

However, R&I believes that the level of APLUS's contribution to
consolidated earnings will increase at a relatively early stage
and that its importance to the bank is significant.

R&I RATINGS:
ISSUER: APLUS Co., Ltd. (Sec. Code: 8589)
Domestic Commercial Paper Programme
Issue Limit: Yen 100,000 million
R&I RATING: a-2
Senior Long-term Credit Rating: BBB+

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

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


DAIEI INCORPORATED: Marubeni to Ink Sponsorship Contract Today
--------------------------------------------------------------
The state-backed corporate bailout body on Friday formally
declared a consortium led by Marubeni Corporation as the
rehabilitation sponsor of ailing Daiei Incorporated, Kyodo News
reports.

The winning consortium, which includes Japanese fund Advantage
Partners Inc., is set to ink a contract with Daiei and the
Industrial Revitalization Corporation of Japan (IRCJ) today.

The IRCJ reportedly selected the Marubeni-led group because of
the trading house's ties with the troubled retail giant.
Marubeni is one of the major shareholders of Maruetsu Inc., a
food supermarket chain in the Daiei group.

Now that it has been picked as the sponsor for rehabilitating
Daiei, the consortium will get one-third of the voting-rights
shares of Daiei, with another one-third held by the IRCJ and the
remainder by ordinary shareholders.

On Dec. 28, the state-backed corporate revival agency decided to
assist Daiei after the giant retailer turned to it for help last
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


FURUKAWA COMPANY: R&I Downgrades LT Credit Rating to B+
-------------------------------------------------------
Rating and Investment Information, Inc. (R&I), has assigned the
following rating to Furukawa Co., Ltd.

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

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

RATIONALE:

In March 2005, Furukawa Co. Ltd. changed over to a holding
Company structure. R&I considers that the ability of debt
repayment of a holding Company depends on the cash flow
generating ability of the subsidiaries, and it takes into
account of the structural subordination to the holding Company's
Senior Long-term Credit Rating. R&I believes that its intention
to maintain the group unity under the division scheme is strong
however.

Nevertheless, because of its current low rating at BB-, R&I does
not believe that the issue of structural subordination common to
holding companies has been resolved, so R&I has notched down the
Senior Long-term Credit Rating by one notch from the group
creditworthiness and assigned a B+ rating.

In addition to owning cash and deposits, investment securities,
leasing assets and subsidiary shares, the holding Company has
also established a commitment line and therefore has little fear
in terms of its refinancing power. On the other hand, after
consideration of the balance between convertible assets and
debt, R&I maintained the rating for the unsecured corporate
bonds as for the previous issue, reflecting a one-notch recovery
risk.

Furukawa Co., Ltd. has strong competitiveness in the machinery
business. A recovery in demand in electronics materials and
positive results in restructuring measures, which included
withdrawal from unprofitable businesses and reductions in fixed
costs, are gradually becoming apparent and have stemmed the fall
in earnings. In addition, the disposal of losses from the
Australian copper refinery it was involved in has almost run its
course. On the other hand, it will take some time for the eroded
financial base to recover.

Consequently, R&I believes that its assessment of the overall
group creditworthiness remains at BB- level.

R&I RATINGS:

ISSUER: Furukawa Co., Ltd.
Senior Long-term Credit Rating: B+ (Downgraded from BB-)
RATING OUTLOOK: Stable

ISSUE: Bonds Rated       Issue Date   Redemption   Amount(mln)
Unsec. Conv. Bonds No. 1 Dec 11, 1996 Mar 31, 2006 JPY25,000
Unsec. Str. Bonds No. 3  Oct 18, 2000 Oct 18, 2005 JPY5,000
Unsec. Str. Bonds No. 5  Dec 20, 2000 Dec 20, 2007 JPY5,000
R&I RATING: B (Downgraded from B+)

CONTACT:

Furukawa Co., Ltd.
6-1 Marunouchi 2-chome, Chiyoda-ku
Tokyo 100-8370, Japan  
Phone: +81-3-3212-6570
Fax: +81-3-3212-6578


KAOLIN COMPANY: Rehab Scheme Changes Get METI's Nod
---------------------------------------------------
Changes to the business restructuring plans submitted to the
Ministry of Economy, Trade and Industry (METI) by Kaolin Co.,
Ltd. (provisional name) were found to fulfill the requirements
of the Law on Special Measures for Industrial Revitalization,
and were consequently approved on March 1, 2005.

These changes were made in conjunction with the change of the
timing for capital increase, and with the determination of
capital increment.


TOBU RAILWAY: S&P Raises Rating on Debt Reduction Progress
----------------------------------------------------------
Standard & Poor's Ratings Services raised its long-term issuer
credit ratings on Tobu Railway Co. Ltd. to 'BB+' from 'BB'.

The rating on the Company's senior unsecured debt was also
raised 'BB+' from 'BB' for Tobu. The outlook on long-term rating
is stable.
     
Tobu recently disposed of unprofitable businesses and
consolidated its managerial resources in its railroad lines. The
Company's earnings in its rail and real estate businesses are
relatively sound. Although Tobu's passenger volume will
gradually decrease in the long term along with urban
centralization and Japan's falling population, the Company is
expected to maintain competitiveness in its routes by enhancing
passenger convenience through improving connections to the Tokyo
Metro subway system.

Major sightseeing resorts on its routes, such as Oze and
Okunikko, will attract growing numbers of older vacationers,
mitigating passenger volume declines in other areas. In 2003,
the Company posted operating profits in its leisure operation,
which runs deficit at times, owing to its withdrawal from
unprofitable businesses and the introduction of self-supporting
accounting systems.
     
Tobu's financial profile remains weak compared to its peers, due
to substantial losses of its subsidiaries. The ratio of total
debt to capital remains high at 88.6% in September 2004,
although it is improving along with decreases in outstanding
debt from a peak in March 2000.

CONTACT:

Tobu Railway Co Ltd
1-2 Oshiage 1-Chome
Sumida-Ku 131-8522, Tokyo 131-8522
Japan  
Phone: +81 3 3621 5055
Fax: +81 3 3621 5161
Web site: http://www.tobu.co.jp/english/index.html


TOKUMA SHOTEN: Wrapping Up Rehab Process
----------------------------------------
Tokuma Shoten Publishing Company is in the last stages of
rehabilitation after resolving issues resulting from
overexpansion, according to Nikkei Weekly.

The Company, saddled with various loss-making operations and
huge debt, is finally coming out of the dark with the help of
its animation house Studio Ghibli.

Without the success of Studio Ghibli, the Company may have been
forced to immediately liquidate. In four years, Tokuma Shoten
reportedly has garnered more than JPY20 billion in income from
the productions of Studio Ghibli, which will be spun off into an
independent Company at the end of March.

Tokuma Shoten had total liabilities of JPY130 billion when it
launched its restructuring effort. Five years since the death of
founder Yasuyoshi Tokuma, the Company, which once faced the
prospect of liquidation, is seeing light at the end of the
tunnel.

CONTACT:

Tokuma Shoten Publishing Company Limited
http://www.tokuma.jp/


UFJ HOLDINGS: May Sell Commercial Lending Unit to Goldman Sachs
---------------------------------------------------------------
Troubled UFJ Holdings Incorporated is considering selling its
CMA commercial lending unit to Goldman Sachs Group Inc.,
Bloomberg News reports.

The sale will enable the Japanese lender to cut bad loans and
help meet a government requirement.

UFJ needs to reduce its bad-loan ratio to below 4 percent of its
total lending from 6.9 percent by the end of the fiscal year
ending this month, in order to smoothly proceed with its planned
merger with Mitsubishi Tokyo Financial Group.

Goldman Sachs, a foreign firm seeking to establish a foothold in
Japan, reportedly bid against Morgan Stanley and Kennedy.

CMA's JPY45 billion (US$429 million) of loans are backed by
properties, including gaming parlors, short-stay hotels and golf
courses. The terms of the transaction will be decided by March
31.

UFJ spokesman Takashi Miwa and Orlando Camargo, Goldman's
spokesman in Tokyo, declined to comment. CMA President Takeo
Kaneko also refused to comment, citing a ``confidentiality''
agreement.

CONTACT:

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


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

LG CARD: Main Creditor Sets Selling Price at KRW4.5 Trillion
------------------------------------------------------------
Korea Development Bank (KDB), the main creditor of struggling LG
Card, said that interested buyers would have to pay at least
KRW4.5 trillion to acquire the Company, Asia Pulse reports.

KDB Chief Yoo Ji-chang said that KRW4.5 trillion is the amount
of funds injected by creditors to bail out the Company, so KDB
must get at least that amount from the sale of the firm. He said
that creditors would sell the Company on  "appropriate" terms

Mr. Yoo added that creditors preferred domestic buyers for the
sale of LG Card, and that a buyer would be chosen for his
offering price.

Market analysts said that potential buyers for the credit card
firm might include Woori Finance Holdings Co. and Hana Bank,
among others.

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
===============

ARTWRIGHT HOLDINGS: SC Approves Private Placement of Shares
-----------------------------------------------------------
Artwright Holdings Berhad announced that the Securities
Commission (SC) has, via its letter dated Feb. 25, 2005, which
was received on March 1, 2005, approved under Section 32(5) of
the Securities Commission Act, 1993, the following:

(i) Private placement of up to 8,300,000 Placement Shares,
together with up to to 8,300,000 Placement Warrants, on the
basis of one (1) Placement Share with one (1) Placement Warrant;
and

(ii) Listing of and quotation for the following securities on
Second Board of Bursa Malaysia Securities Berhad (Bursa
Securities) pursuant to the Proposed Private Placement:

(a) Up to 8,300,000 Placement Shares;
(b) Up to 8,300,000 Placement Warrants; and
(c) Up to 8,300,000 new Company ordinary shares of RM1.00 each
to be issued upon exercise of the Placement Warrants.

The SC's approval is subject to the following conditions:

(i) Detailed disclosure regarding the proceeds to be raised from
the Proposed Private Placement, which are proposed to be
utilized for working capital, should be made in the announcement
to Bursa Securities;

(ii) The Company should inform the SC upon completion of the
Proposed Private Placement;

(iii) The Company should comply with the requirements of
Paragraph 9.02 of the Policies and Guidelines on Issue/Offer of
Securities (SC Issues Guidelines) with regard to the issuance of
the warrants i.e. the settlement warrants to be issued pursuant
to the proposed settlement of shortfall in profit guarantee and
the Placement Warrants;

(iv) The Company/its adviser should inform the SC of the final
number of the Placement Warrants to be issued;

(v) The Company should comply with the previous equity condition
imposed by Foreign Investment Committee (FIC) vide its letter
dated 24 March 2004, i.e. requiring it to increase its
Bumiputera equity to at least 30% by June 30, 2005, as stated in
the SC's approval letter dated Dec. 9, 2004; and

(vi) The Company/its adviser should comply with the relevant
requirements of the SC Issues Guidelines in relation to the
Proposed Private Placement;

The SC has also, via the same letter, approved the Proposed
Private Placement pursuant to the Guideline on the Acquisition
of Interests, Mergers and Take-Overs by Local and Foreign
Interests. In relation thereto, the SC has taken note that the
equity structure relating to Bumiputera, non-Bumiputera and
foreign shareholdings in Artwright would change arising from the
implementation of the Proposed Private Placement, as attached:

To view the attachment, click on:

http://bankrupt.com/misc/tcrap_artwright030405.doc

CONTACT:

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

This announcement is dated March 2, 2005.


CONSOLIDATED FARMS: Served Writ of Summons by Packaging Berhad
--------------------------------------------------------------
Consolidated Farms Berhad (Confarm) announced that the Company
was named as defendant in Writ of Summon, dated Jan. 10, 2005,
filed by Packaging Sales & Service (M) Sdn. Berhad (Packaging
Sales & Service) in the Magistrate Court of Kuala Lumpur and
served on Confarm on March 2, 2005.

The suit is in respect of goods sold and delivered to Confarm.
Packaging Sales & Service claimed for the amount of RM5,180.00
from Confarm, together with an interest of 8% per year on the
amount owing upon the expiration of seven (7) days from the
letter of demand dated June 2, 2004 until full resolution, costs
of letter of demand amounting to RM120.00, costs and any other
relief to be granted by the Court and the mention date for the
suit has been fixed on May 31, 2005.

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

CONTACT:

Consolidated Farms Berhad
24-1 Jalan 24/70A,
Desa Sri Hartamas,
50480 Kuala Lumpur
Phone: 03-23001199
Fax:   03-23002299

This announcement is dated March 2, 2005.


CONSOLIDATED FARMS: Unit Named Defendant in Writ of Summon
----------------------------------------------------------
Consolidated Farms Berhad (Confarm) announced that its wholly
owned subsidiary Consolidated Feedmill Sdn. Bhd. (CFSB), was
named as defendant in Writ of Summon, dated June 22, 2004, filed
by Hoe Seng Chan Co. Sdn. Bhd. (Hoe Seng Chan) in the Session
Court of Melaka and served on CFSB on Dec. 17, 2004.

The suit is in relation to goods and services rendered and
delivered to CFSB. Hoe Seng Chan had claimed for the amount of
RM186,014.55 from CFSB, together with interest of 8% per year
from the date of filing of the Writ until full resolution,
indemnity costs and any other relief to be granted by the Court
and the mention date for the suit has been fixed on Jan. 18,
2005.

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

This announcement is dated March 3, 2005.


FABER GROUP: Converts Loan Stocks into Ordinary Shares
------------------------------------------------------
Faber Group Berhad's additional 165,380 new ordinary shares of
RM1.00 each arising from the Conversion of RM330,760 nominal
value of 2000/2005 irredeemable convertible unsecured loan
stocks into 165,380 new ordinary shares were be granted listing
and quotation on Friday, March 04, 2005, 9:00 a.m.

CONTACT:

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


I-BERHAD: Buys Back 100,000 Shares
----------------------------------
I-Berhad disclosed to the Bursa Malaysia Securities Berhad
details of its shares buy back on March 2, 2005.

Date of buy back: 02/03/2005

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

Total number of shares purchased (units): 100,000

Minimum price paid for each share purchased (RM): 0.837

Maximum price paid for each share purchased (RM): 0.837

Total consideration paid (RM): 84,319.68
Number of shares purchased retained in treasury
(units): 100,000

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

Cumulative net outstanding treasury shares as at to-date
(units): 906,200

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

CONTACT:

I-Berhad
3, Jalan Astaka U8/84
Section U8, Bukit Jelutong
40150 Shah Alam
Selangor, Malaysia
Phone: 03-7845 4511
Fax:   03-7845 4514
Web site: http://www.i-digital.com
  
This announcement is dated March 2, 2005.


JIN LIN: Proposed Restructuring Plan Under SC Evaluation
--------------------------------------------------------
In compliance with PN4 paragraph 4.1(b) of the Bursa Securities
Listing Requirements, Jin Lin Wood Industries Berhad (JLWIB)
announces that the Company's Proposed Restructuring Scheme
submitted to the Securities Commission (SC) is still being
evaluated by the SC.

On March 1, 2005, JLWIB announced that pursuant to Section 176
of the Companies Act, 1965, the Company issued a notice to
convene meetings of the scheme creditors of JLWIB on Marhc 23,
2005, to consider and, if thought fit, to approve, with or
without modification(s), the Proposed Restructuring Scheme. An
Explanatory Statement, together with the aforesaid notice, has
been dispatched and issued to the scheme creditors.

CONTACT:

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

This announcement is dated March 2, 2005.


K.P. KENINGAU: Seeking to Regularize Financial Condition
--------------------------------------------------------
K.P. Keningau Berhad announced that there is no new development
since the date of the last announcement, and the Company is
still assessing various options to regularize its financial
condition.

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

This announcement is dated March 2, 2005.


LANKHORST BERHAD: Shares Trading Suspended Until Further Notice
---------------------------------------------------------------
Trading in Lankhorst Berhad's securities was suspended on
Wednesday, March 2, 2005, 9:18 a.m., until further notice.

Please refer to the advertisement of the notice of Winding Up
Petition on Company subsidiary Lankhorst Pancabumi Contractors
Sdn Bhd, appearing in the Star on Wednesday, March 2, 2005.

CONTACT:

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


LION INDUSTRIES: Lists Additional 48,000 Shares
-----------------------------------------------
Lion Industries Corporation Berhad's additional 48,000 new
ordinary shares of RM1.00 each issued pursuant to the Executive
Share Option Scheme were granted listing and quotation on
Friday, March 04, 2005, at 9:00 a.m.

CONTACT:

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


MAXIS COMMUNICATIONS: Granted Listing of Additional Shares
----------------------------------------------------------
Maxis Communications Berhad's additional 173,000 new ordinary
shares of RM0.10 each issued pursuant to the Employee Share
Option Scheme are granted listing and quotation effective
Monday, March 7, 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


MERCES HOLDINGS: Sees No Further Development in Default Status
--------------------------------------------------------------
Merces Holdings Berhad (MHB) announced that there is no new
development further to the announcement dated Feb. 3, 2005, made
with the Bursa Malaysia Securities Berhad (Bursa Securities) in
relation to default in payment of interest and principal sum by
MHB towards the Credit Facilities granted by Southern Bank
Berhad. MHB will keep Bursa Securities informed of any further
development on the settlement.

CONTACT:

Merces Holdings Berhad
9th Floor, Wisma Sime Darby
14 Jalan Raja Laut
50350 Kuala Lumpur
Malaysia
Phone: 03-2919366
Fax:   03-2928773/2919901


NAM FATT: Notes Additional Shares Listing
-----------------------------------------
Nam Fatt Corporation Berhad's additional 20,000 new ordinary
shares of RM1.00 each issued pursuant to the Conversion of
RM20,000 irredeemable unsecured loan stocks 2003/2011 into
20,000 new ordinary shares are granted listing and quotation
effective Monday, March 7, 2005, 9:00 a.m.

CONTACT:

Nam Fatt Corporation Berhad
40B Persiaran Sultan Ibrahim
41300 Klang, Selangor Darul Ehsan 41300
Malaysia
Phone: +60 3342 0766
Fax:   +60 3342 7830


PADIBERAS NASIONAL: Lists More Shares
-------------------------------------
Padiberas Nasional Berhad's additional 88,500 new ordinary
shares of RM1.00 each issued pursuant to the Employees' Share
Option Scheme were granted listing and quotation on Friday,
March 4, 2005, 9:00 a.m.

CONTACT:

Padiberas Nasional Berhad
Level 8B, 10 & 19, CP Tower
No.11, Section 16/11, Jalan Damansara
46350 Petaling Jaya
Malaysia
Phone: 03-4604545
Fax:   03-4604646
Web site: http://www.bernas.com.my/


PAN MALAYSIA: Buys Back 265,000 Shares
--------------------------------------
Pan Malaysia Corporation Berhad disclosed to the Bursa Malaysia
Securities Berhad details of its shares buy back on Feb. 21,
2005.

Date of buy back from: 18/02/2005

Date of buy back to: 21/02/2005

Total number of shares purchased (units): 265,000

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

Maximum price paid for each share purchased (RM): 0.445

Total amount paid for shares purchased (RM): 116,909.98

The name of the stock exchange through which the shares were
purchased: Bursa Malaysia Securities Berhad

Number of shares purchased retained in treasury
(units):    265,000

Total number of shares retained in treasury
(units): 19,060,000

Number of shares purchased which were cancelled
(units):    0

Total issued capital as diminished: 0

Date lodged with registrar of companies: 02/03/2005

Lodged by: Pan Malaysia Corporation Berhad

CONTACT:

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


PANTAI HOLDINGS: Issues Notice of Shares Buy Back
-------------------------------------------------
Pantai Holdings Berhad disclosed details of its shares buy back
to the Bursa Malaysia Securities Berhad.

Date of buy back from: 23/02/2005

Date of buy back to: 25/02/2005

Total number of shares purchased (units): 192,900

Minimum price paid for each share purchased (RM): 1.000

Maximum price paid for each share purchased (RM): 1.020

Total amount paid for shares purchased (RM): 195,330.42

The name of the stock exchange through which the shares were
purchased: Bursa Malaysia Securities Berhad

Number of shares purchased retained in treasury
(units): 192,900

Total number of shares retained in treasury
(units): 27,547,200

Number of shares purchased which were cancelled
(units):       0

Total issued capital as diminished: 0

Date lodged with registrar of companies: 02/03/2005

Lodged by: Pantai Management Resources Sdn Bhd

CONTACT:

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


POS MALAYSIA: Resells 200,000 Treasury Shares
---------------------------------------------
In a disclosure to the Bursa Malaysia Securities Berhad, Pos
Malaysia & Services Holdings Berhad issued a notice of resale
and cancellation of treasury shares on March, 2005.

Date of transaction: 03/03/2005

Total number of treasury shares sold (units): 200,000

Total number of treasury shares cancelled (units):

Minimum price paid for each share sold (RM): 2.950

Maximum price paid for each share sold (RM): 3.020

Total amount received for treasury shares sold (RM): 592,220.00

Cumulative net outstanding treasury shares as at to-date
(units): 32,115,000

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

CONTACT:

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


POS MALAYSIA: Unveils Employee Share Option Scheme
--------------------------------------------------
Pos Malaysia & Services Holdings Berhad's additional 116,000 new
ordinary shares of RM1.00 each issued pursuant to the Employee
Share Option Scheme were granted listing and quotation on
Friday, March 4, 2005, 9:00 a.m.


PUTERA CAPITAL: MITI Authorizes Proposed Shares Placement
---------------------------------------------------------
Further to the announcements dated Aug. 24, 2004, and Jan. 4,
2005, in relation to the Company's Proposed Private Placement of
up to 6,777,000 new ordinary shares of RM1.00 each, representing
not more than 10 % of the existing ssued and paid-up share
capital of the Company, Putera Capital Berhad (PCB) announced
that the Ministry of International Trade and Industry has, via
its letter dated March 2, 2004, approved the above mentioned
proposal.

CONTACT:

Putera Capital Berhad
Kawasan Perindustrian Kamunting,
Lot 3545, Peti Surat No. 18,
34600 Kamunting, Taiping, Perak
Malaysia
Phone: 05-8914155
Fax:   05-8914145
Web site: http://www.putera.biz/

This announcement is dated March 3, 2005.


WCT ENGINEERING: Discloses Listing of Additional Warrants
---------------------------------------------------------
WCT Engineering Berhad's additional 59,000 new ordinary shares
of RM1.00 each issued pursuant to the Exercise of 59,000
Warrants 2000-2005 were granted listing and quotation on Friday,
March 04, 2005, 9:00 a.m.  

CONTACT:

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


WCT ENGINEERING: Issues Notice to Warrant Holders
-------------------------------------------------
The Board of Directors of WCT Engineering Berhad forwards
herewith the Notice to Warrant Holders in relation to the expiry
and final exercise of the Company's Warrants 2000/2005:

To view the notice, go to:

http://bankrupt.com/misc/tcrap_wcteng030405.pdf


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

BACNOTAN CONSOLIDATED: BOD Approves Investments, Cash Dividend
--------------------------------------------------------------
Bacnotan Consolidated Industries Incorporated (BCI), in a letter
dated march 3, 2005, informed the Exchange that:

"During the regular Board of Directors (BOD) meeting of Bacnotan
Consolidated Industries Incorporated held on March 3, 2005, the
following resolutions were adopted:

'RESOLVED, that a special cash dividend of Php9.00 per share
payable on April 18, 2005 to shareholders of record as of March
31, 2005 be approved.'

'RESOLVED, that an additional investment by this Corporation in
AB Capital and Investment Corporation in the amount of Php100
million be approved, and that Messrs. Magdaleno B. Albarracin,
Jr., Victor J. del Rosario, Roberto M. Lavina, Regina B. Alvarez
and Virgilio H. Cardeno and each of them be authorized to sign ,
execute and deliver on behalf of this Corporation all
documentation  required for the purpose."

'RESOLVED, that the approval by the Executive Committee of an
investment by this Corporation in the amount of Php280 million,
in Cagayan de Oro College Inc. under such terms and conditions
as management may deem appropriate, be ratified and that Messrs.
Magdaleno  B. Albarracin, Jr., Victor J. del Rosario, Roberto M.
Lavina, Regina B. Alvarez, Virgilio H. Cardeno and each of them
be authorized to sign, execute and deliver on behalf of this
Corporation all documentation required for the purpose.'

During the same meeting, the Board approved the attached audited
consolidated financial statements for December 31, 2004.
Consolidated net income amounted to Php4.1 billion as compared
to a net loss of Php583 million in CY 2003.

The Board was informed of the change in the name of its
subsidiary. Atlas Cement Corporation to Atlas Holdings
Corporation and the change in its primary purpose to that of a
holding Company."

Please take note of the following details of the special cash
dividend:

CASH DIVIDEND:
Cash            - Php9.00 per share
Ex-Date         - March 28, 2005
Record Daate    - march 31, 2005
Payment Date    - April 18, 2005

For your information.

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

CONTACT:

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


BACNOTAN CONSOLIDATED: Annual Shareholder's Meeting Set April 11
----------------------------------------------------------------
The Annual Shareholders' Meeting of Bacnotan Consolidated
Industries Incorporated was set for April 11, 2005 at 3:00 p.m.
at Makati Shangrila, Makati A&B, Ayala Avenue, Makati City.

The record date for the determination of shareholders entitled
to vote at the annual meeting is March 17, 2005.

JUAN J.DIAZ
Corporate Secretary


HACIENDA LUISITA: Strikers Welcome Land Offers
----------------------------------------------
Hacienda Luisita Incorporated's (HLI) offer to allot each of the
10 villages surrounding the sugar estate with five hectares of
land has received a positive reaction from the striking United
Luisita Worker's Union (ULWU), according to Tarlac News.

In an attempt to resolve a work shortage problem in Hacienda
Luisita, the HLI management decided to offer lands for
alternative farming to jobless field laborers.

The proposal was put forward by management in "backdoor talks"
that were called for by President Arroyo, Tarlac Gov. Jose Yap
and Davao Bishop Fernando Capalla, president of the influential
Catholic Bishops Conference of the Philippines (CBCP), for a
peaceful solution to the strike that has crippled the operations
of Luzon's biggest sugar refinery for four months now.

Since Nov. 6 last year, HLI has been at loggerheads with the
ULWU and the Central Azucarera de Tarlac Labor Union (CATLU),
which represents the more than 750 sugar mill employees.

Earlier, the Company declared a "dead season" in the plantation
because of insufficient raw materials to mill. The management
had planned to temporarily cease operations in the milling
company for a period not exceeding six months from March 1. The
period of suspension will depend on milling agreements with
planters outside the Hacienda Luisita.

Another round of talks was held on Tuesday afternoon between
management representatives and strike leaders to tackle appeals
by the CAT Planters Association, Inc. (CATPAI) for them to open
up Hacienda Luisita's refinery even until the end of April in
order to have their sugarcane harvests milled.

The HLI management already said that it is now compelled to
resume operations in the next cropping season in October this
year.


LEGEND INTERNATIONAL: SEC Tosses Back Rehab Issue to DOJ
--------------------------------------------------------
The Securities and Exchange Commission has tossed back to the
Department of Justice (DOJ) the rehabilitation issue surrounding
casino operator Legend International Resorts Limited (LIRL),
relates The Philippine Star.

LIRL has been besieged by the issue on which body has
jurisdiction over the Company's petition for suspension of debt
payments and rehabilitation.

The SEC referred the issue to the DOJ following a request filed
by the Philippine Amusement and Gaming Corp. (Pagcor) seeking
the securities watchdog agency's comment on which body should
handle LIRL's case.

Last year, LIRL lodged with the Olongapo Regional Trial Court a
petition for suspension of debt payments to prevent creditors
from instituting foreclosure proceedings against its assets.

LIRL's debt reportedly amount to Php7.03 billion, Php3.72
billion of which are owed to local creditor banks. LIRL also
owes the government about Php1 billion, representing the state's
share in the firm's casino operations.

LIRL said it filed the petition pursuant to the Supreme Court-
approved Interim Rules of Procedure on Corporate Rehabilitation
that allows a "debtor" to file such petition with the proper
court which in its case is the Olongapo City RTC.

Meanwhile, the casino operator is optimistic it will be able to
repay all its debt given enough time to work out a viable
rehabilitation program, which has the support of majority of its
shareholders.


PHILIPPINE LONG: Says VoIP Threatens Business in 2005
-----------------------------------------------------
Philippine Long Distance Telephone Company (PLDT) admitted that
it is threatened by the popularity of Voice Over Internet
Protocol (VoIP), relates The Philippine Daily Inquirer.

PLDT Chairman Manuel Pangilinan identified VoIP as a "clear
threat" to its main business in 2005. But he affirmed the phone
Company is stepping up efforts to upgrade its ageing telephone
network into a more data-centric network that will support
voice, data and video.

Meanwhile, the National Telecommunications Commission (NTC) is
expected to draft new rules on the regulation of VoIP in the
country next month.

The regulator is likely to produce a "favorable" guideline to
break open the local industry for commercial VoIP service.

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: Set to List Common Shares Today
------------------------------------------------
The Exchange approved on May 18, 2001, subject to the actual
exercise of the conversion rights by the preferred shareholders,
the application of PHILIPPINE LONG DISTANCE TELEPHONE
COMPANY (the Company) to list up to 12,400,000 common shares,
with a par value of Php5.00
per share, divided into the following:

a. 2,900,000 common shares to cover the underlying shares of
Series V Cumulative
Convertible Preferred Shares;

b. 5,600,000 common shares to cover the underlying shares of
Series VI Cumulative
Convertible Preferred Shares; and

c. 3,900,000 common shares to cover the underlying shares of
Series VII Cumulative
Convertible Preferred Shares.

In this connection, please be advised that the Company has
received a notice from a preferred shareholder for the
conversion of 7,392 shares of Series VI Cumulative Convertible
Preferred Stock with 7,392 common shares.

In view thereof, the listing of the 7,392 common shares is set
for Monday, March 7, 2005.

This brings the number of common shares listed arising from the
conversion of additional 7,392 Series VI Cumulative Convertible
Preferred Shares to a total of 1,054,647 common shares.

The designated Stock Transfer Agent is hereby authorized to
issue the corresponding stock
certificate to the preferred shareholder.

For your information and guidance.

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

Noted by:

(Original Signed)
JURISITA M. QUINTOS
Senior Vice President


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


ALLIANCE TECHNOLOGY: Files Submission Extension Application
-----------------------------------------------------------
The Judicial Managers of Alliance Technology and Development
Limited (in judicial management) announced the following to the
Singapore Stock Exchange:

The full year unaudited results of the Company for the financial
year ended 31 December 2004 (FY2004) were required to be
released by March 1, 2005 pursuant to Rule 705(1) of the Listing
Manual. The Company's shares have been suspended from trading
since March 4, 2002 and the Company is under judicial
management.

In line with previous applications to the SGX-ST for extension
of time to release the Company's full year results, the Company
was intending to file an extension application and such
extension application has been submitted Thursday to the SGX-ST.

The Judicial Managers confirm that the Company will take steps
to ensure compliance with the relevant rules in the Listing
Manual.

Submitted by Ong Yew Huat,
Judicial Manager
Alliance Technology and Development
Limited (In Judicial Management)
3 March 2005

CONTACT:

Alliance Technology And Development Limited
c/o E 10 Collyer Quay #21-01
Ocean Building, Singapore 049315
Telephone: 65357777
Fax: 65327662


CHARTERED SEMICONDUCTOR: Lowers Profit Forecast
-----------------------------------------------
On March 4, 2005 in its scheduled mid-quarter update, Chartered
Semiconductor Manufacturing (Nasdaq: CHRT and SGX-ST: CHARTERED)
advised the Singapore Stock Exchange that it has updated its
first-quarter guidance, which was originally provided on January
28, 2005.

"Revenues including our share of Silicon Manufacturing Partners
(SMP or Fab 5) are now expected to be at the lower end of our
prior guidance, though revenues at the Chartered level are
expected to be lower than what we have guided before. Our share
of SMP revenues is expected to be higher than our prior
guidance. We now expect utilization to be one percentage point
below 60 percent, mid-point of our previous guidance. Consistent
with lower revenues, first-quarter net loss will be at the
higher end of the range guided previously," said George Thomas,
vice president & CFO of Chartered.

"We now expect revenues from leading-edge 0.13-micron technology
to increase sequentially by approximately 18 percent and
represent slightly over 30 percent of our total business base
revenues.
Compared to fourth quarter 2004, as we had expected earlier, we
see weakness in the communications and computer sectors,
partially offset by strength in the consumer sector."

"Over the last several weeks, we have seen improvements in
customer forecasts for the second quarter, suggesting that the
inventory situation is improving and we are closer to the trough
of the cycle, in line with what we had indicated before,"
concluded Mr. Thomas.

Chartered plans to release first quarter 2005 results on Friday,
April 22, 2005, Singapore time, before the Singapore market
opens.

Chartered's original guidance for first quarter 2005 was
published in the Company's fourth quarter 2004 earnings release
dated January 28, 2005, which can be found on Chartered's Web
site at  www.charteredsemi.com, under Investor Relations,
Earnings Releases section.

To view a full copy of the news release, click
http://bankrupt.com/misc/CHARTEREDSEMICONDUCTOR030405.pdf

CONTACT:

Chartered Semiconductor Manufacturing Ltd.
60 Woodlands Industrial Park D, Street 2
738406 Singapore
Phone: +65-6362-2838
Fax: +65-6362-2938
Web site: http://www.charteredsemi.com


CHINA AVIATION (S): Creditor's Suit Threatens Rescue Plan
-----------------------------------------------------
One of China Aviation Oil Singapore's (CAO) creditors asked the
High Court to place the Company into judicial management,
Wednesday, relates The Straits Times. The legal action could
hamper the rescue plan devised by CAO.

Given that the court grants SK Energy Asia's request, an
independent court-appointed manager would step in to run the
business of CAO. All necessary investigations to be conducted on
CAO would be openly and independently undertaken by the judicial
manager.  Creditors would be ensured to receive a full and frank
information before they are asked to vote to any scheme.

However, CAO's parent, China Aviation Oil Holding Company, which
will pump in US$100 million under the rescue plan, has warned on
earlier occasions that such legal moves could jeopardize its
support, which is vital if CAO is to survive.

Following CAO's misfortune in trading oil derivatives, the
parent firm put forward a rescue package in January. It offered
US$41.5 cents in the dollar to the Company's creditors, who have
until June 10 to approve the plan.  Ms. Gu Yanfei leads the
special task force on the rescue.

Aside from CAO's US$14.35 million (S$23.5 million) debt to SK
Corp's Singapore unit, the Company is also being sued for
US$26.36 million plus damages from Sumitomo.  But CAO is
dismissing the lawsuit, labeling the act as a ploy by the bank
to recover its debt via the courts.

CONTACT:

China Aviation Oil (S) Corp.
Phone: (65)6334 8979
Fax: (65)6333 5283
Web site: http://www.caosco.com/


DATACRAFT ASIA: Sets Out Resolutions for EGM
--------------------------------------------
Notice is hereby given that an Extraordinary General Meeting
(EGM) of the Shareholders of Datacraft Asia Ltd will be held at
Sheraton Towers Singapore, 39 Scotts Road, Singapore 228230 on
March 31, 2005 at 10:00 a.m. for the purposes of considering
and, if thought fit, passing with or without amendment, the
following resolutions:

RESOLUTION 1 CAPITAL REDUCTION EXERCISE - SPECIAL RESOLUTION

That, pursuant to Article 55 (1) of the Articles of Association
of the Company and subject to confirmation from the High Court
of the Republic of Singapore pursuant to Section 73 of the
Companies Act (Chapter 50 of
Singapore):

(a) The issued and paid-up capital of the Company as at the
books closure date to be determined by the Directors (Books
Closure Date) be reduced by approximately S$23.3 million, by the
reduction in par value of each ordinary share in the capital of
the Company from S$0.10 to S$0.05;

(b) The nominal value of all ordinary shares in the share
capital of the Company be reduced from S$0.10 to S$0.05 each;

(c) Forthwith upon such reduction taking effect, an amount in
cash of approximately S$23.3 million (Cash Distribution) be
returned to Shareholders on the basis of S$0.05 for each issued
and fully paid-up share held as at the Books Closure Date;

(d) The Directors and each of them be authorized and empowered
to complete and do and execute all such acts and things as they
or he may consider necessary or expedient to give effect to the
resolution,
with such modifications thereto (if any) as they or he shall
think fit in the interest of the Company.

RESOLUTION 2 PROPOSED INCREASE IN AUTHORISED CAPITAL - ORDINARY
RESOLUTION

That, forthwith and contingent upon the reduction of capital
referred to in Resolution 1 taking effect, pursuant to Article
50 of the Articles of Association of the Company, the authorised
share capital of the Company to be restored to its former
capital of S$60,000,000 divided into 1,200,000,000 ordinary
shares of par value of S$0.05 each by the creation of additional
600,000,000 ordinary shares of par value S$0.05 each.

By order of the Board of Directors

Evelyn Wee Kim Lin
Company Secretary
4 March 2005
Singapore

Notes:

(1) A Shareholder of the Company entitled to attend and vote at
the Extraordinary General Meeting may appoint a proxy (or in the
case of a corporation, to appoint its authorized representative
or proxy) to attend and vote on his behalf. A proxy need not be
a Shareholder and where there is more than one proxy, the
proportion (expressed as a percentage of the whole) of his
shareholding to be represented by each proxy must be stated.

(2) If a proxy is to be appointed, the form must be deposited at
the registered office of the Company at 6 Shenton Way, #24-11
DBS
Building Tower Two, Singapore 068809 not less than forty-eight
(48) hours before the time appointed for the Extraordinary
General
Meeting.


GREATRONIC LIMITED: Projects Bigger Losses on H2/FY2004
-------------------------------------------------------
Greatronic Limited advised the Singapore Stock Exchange that
pursuant to an application made by the Company, the Singapore
Exchange Securities Trading Limited (SGX-ST) has approved the
Company's application for a waiver from compliance with Rule
705(1) of the SGX-ST Listing Manual subject to the Company
making an immediate announcement of the waiver granted and
giving the following information:

(a) The Company informs that it has been granted an extension of
up to March 31, 2005 to announce its financial results for the
full year ended December 31, 2004;

(b) On February 27, 2005, the Audit Committee made an
announcement (as amended by announcement no. 00005 dated
February 28, 2005) relating to suspected fraudulent transactions
having occurred at the Company's subsidiary, Greatronic
Technology (M) Sdn Bhd (GTM). The announcement included
statements that;

(i) the Company's auditors, Ernst & Young, would assess the
financial impact of the suspected fraudulent transactions on the
financial statements of the Company, and;

(ii) pending the investigation by Ernst & Young, the Director
and Chief Executive Officer of the Company, Mr. Lim Kok Koon had
agreed to take a voluntary leave of absence (without pay).

Following the Company's announcement no. 00001 dated February
27, 2005 and announcement no. 00005 dated February 28, 2005, the
Company has experienced new pressures and operational
difficulties. On March 1, 2005, the Audit Committee further
announced the appointment of Mr. Chee Yoh Chuan as Special
Manager to manage the Group's day-to-day activities and ensure
business continuity.

The Audit Committee has been informed by Ernst & Young that for
the purpose of assessing the financial impact of the suspected
fraudulent transactions on the financial statements of the
Company, an announcement will be made once Ernst & Young have
completed their investigations and reported their findings to
the Audit Committee. Subject to the findings of Ernst & Young on
the transactions in question, the Audit Committee continues to
take the view that a full provision of the sum of $1.3 million
is required as at December 31, 2004.

Subject to the outcome of the investigations by Ernst & Young,
the Audit Committee will seek legal advice on whether further
action is necessary. The Audit Committee will make further
announcements on developments as they arise.

Profit warning:

In anticipation of the announcement of the results for the full
year ended December 31, 2004, the Audit Committee of the Company
deems it appropriate to issue a profit warning. Notwithstanding
the possible full provision of the sum of $1.3 million as
mentioned above, the Audit Committee wishes to announce that the
Company expects larger losses for the second half of the year
ended 31 December 2004 compared to losses reported for the first
half. The larger losses were due to a combination of reasons,
including a drop in gross profit margins because of stiffer
competition, recognition of losses re-assigned from a
shareholder of a subsidiary Company and an increase in
provisions for slow moving stocks and bad debts. The Company
will provide further details of its performance when it
announces its financial results for the full year ended December
31, 2004.

(c) The local auditors of the Company's PRC and Indian
subsidiaries were advised by the Company's auditors in October
2004 of the need to provide audit clearance on the subsidiaries'
financial statements prepared in accordance with Singapore
Financial Reporting Standards.

(d) The Board will take the necessary steps to ensure that the
Company will provide timely disclosures of its financial results
in future.


KOH BROTHERS: Answers SGX Query
-------------------------------
Koh Brothers Group Limited refers to the Singapore Stock
Exchange's (SGX) letter dated March 1, 2005 (ref: RMR/IR/HSW)
and the request for further information in paragraph 2 of the
said letter. We are pleased to provide further information in
response to the SGX's queries as follows:

(a) Profit & Loss Statement note 4 on "Amortization of mining
rights" of S$0.28 million -to provide information on nature of
mining rights and which balance sheet item this is related to

The Company's response:

As part of continuous efforts by its Construction Division to
expand and diversify its sources of raw materials supply for its
construction projects undertaken, the Group acquired the mining
rights to mine for construction materials on the island of Pulau
Pisang, Indonesia. The
costs incurred for the mining rights amount to S$0.9 million and
is classified as "Other Long-Term Assets" in the balance sheet
in note 1(b)(i) of the FY2004 announcement.

The costs are amortized on the straight-line basis over the
period of the mining rights license decreed by the Indonesian
authorities which is for 3 years; and subject to approval from
the Indonesian authorities, is renewable for an additional
number of years to be determined by the Indonesian authorities.

(b) Profit & Loss Statement note 4 on "Net exchange loss" of
S$0.82 million - to disclose details and nature of the
underlying items which caused the "net exchange loss".

The Company's response:

The net exchange loss comprise mainly loss of S$0.7 million
arising from year-end revaluation of receivables and payables
and is the result of the weakening of US Dollar and Indonesian
Rupiah against Singapore Dollar.

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

CONTACT:

Koh Brothers Group Limited
11 Lorong Pendek
Koh Brothers Building
348639
Singapore
Phone:  +65 6848 8889
Fax: +65 6841 5400  
Web site: http://www.kohbrothers.com/


REED GROUP: EGM Slated for March 29
-----------------------------------
Notice is hereby given that an Extraordinary General Meeting of
Reed Group Holdings Ltd will be held at Vista 1, Level 3, Hilton
Singapore, 581 Orchard Road, Singapore 238883 on March 29, 2005
at 10:00 a.m, for the purpose of considering and, if thought
fit, passing the following ordinary and special resolutions,
with or without any modifications:

ORDINARY RESOLUTIONS:

Resolution 1: The Proposed Acquisition That:

(a) The execution of the sale and purchase agreement dated
September 14, 2004 (the Agreement) for the acquisition by the
Company of 60% of the issued and paid-up share capital of FRD
Holdings Inc. from Gemini Island Limited (the Vendor) for an
aggregate consideration of S$11,600,000 (the Proposed
Acquisition) on the terms and subject to the conditions of the
Agreement be and is hereby ratified, confirmed and approved;

(b) The Proposed Acquisition on the terms and subject to the
conditions stated in the Agreement be and is hereby approved;

(c) The Directors of the Company be and are hereby authorized to
do all such further acts and execute such further documents
which in their opinion may be necessary, desirable or expedient
to give effect to the Proposed Acquisition.

Resolution 2: The allotment and issuance of shares to the Vendor
and to NovusAsia Capital Ltd That:

(a) The proposed allotment and issue of 170,000,000 new shares
of S$0.05 each in the Company at an issue price of S$0.05 each
in connection with the Proposed Acquisition, comprising
160,000,000 new Shares to the Vendor as part consideration (the
new Shares to be issued pursuant to the Proposed GIL Allotment)
for the proposed Acquisition (the Proposed GIL Allotment) and
10,000,000 to NovusAsia Capital Ltd as payment for the
arrangement fee for the proposed Acquisition (the NAC-Reed
Shares) be and are hereby approved; and

(b) The Directors of the Company be and are hereby authorised to
do all such further acts and execute such further documents
which in their opinion may be necessary, desirable or expedient
to give effect to this Resolution.

To view a full copy of the announcement, click
http://bankrupt.com/misc/REEDGROUPHOLDINGS030405.pdf


TEAMSPHERE LIMITED: Bourse OKs Placement of New Shares
------------------------------------------------------
Further to the announcement on February 23, 2005 in relation to
the Private Placement of up to 234,150,000 new ordinary shares
of S$0.05 each (the New Shares) in the capital of Teamsphere
Limited (the Company), the Board of Directors of the Company
advised that the Singapore Exchange Securities Trading Limited
(the SGX-ST) has granted approval-in-principle for the listing
and quotation on the Official List of the SGX-ST Dealing and
Automated Quotation System of the New Shares to be issued
pursuant to the Private Placement.

It should be noted that the in-principle approval of the SGX-ST
is not an indication of the merits of the Private Placement, the
New Shares or the Company.

CONTACT:

Teamsphere Limited
100 Cecil Street,
#15-02 The Globe,
Singapore 069532
Phone: +65 6325 1730
Fax: +65 6227 1708
E-mail : admin@teamsphere.com.sg
Web site: http://www.teamsphere.com.sg/


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

ABICO HOLDINGS: To Close Registration Book on March 16
------------------------------------------------------
Abico Holdings Public Company Limited as the Business
Reorganization Plan Administrator notified the Stock Exchange of
Thailand (SET) on the registration book closing date to increase
the registered capital on March 16, 2005.  

The total of 3,500,000 ordinary shares will be issued at the par
value of THB10 per share, 500,000 shares will be issued to deal
with the conversion of debt into the equity of the creditor
group 2, group 3,group 4 and group 5 at the par value of THB10
per share and another 3,000,000 ordinary shares will be proposed
to sell to the original shareholders at the ratio of 20 original
shares to 3 new shares at the par value of THB10 per share.

The date and time for the subscription and payment of ordinary
shares is scheduled on April 7-8, 11-12,18, 2005 at 8:00 a.m. to
3:30 p.m. at the Company's office.

In case the original shareholders do not want to purchase the
shares or the non-subscribe shares will be proposed to sell to
no more than 35 specific investors or 17 institutional investors
according to the Security Exchange Commission's notification on
the criteria, conditions and method of Applying for the
Permission on the Sale of the New Issued Securities and the
Permission, dated on May 18,1992 with the proposed price of
THB10 per share.

In addition, the share allotment, subscription period, payment
of price, conditions and other matters concerned shall be under
the discretion of the Plan Administrator to consider as it may
deem proper,all of this, is to be in compliance with the
statements  indicated in parts 6-7 of the business
reorganization plan approved by the Central Bankruptcy Court, as
pursuant in details in the filing, red case No.888/2548, dated
on January 10, 2005.

Forwarded for your information.

Sincerely yours,
Mr.Chatchai Boonyarat and Mr. Kitti Vilaivarangkul
Abico Holdings Public Co.,Ltd.
The Plan Administrator of Abico Holdings Public Company Limited

CONTACT:

Abico Holdings Pcl   
Abico Tower, Floor 5, 401/1 Moo 8,
Phaholyothin Road Lam Luk Ka Pathum Thani    
Telephone: 0-2992-5858 (14 Lines)   
Fax: 0-2992-5878-9   
Web site: http://www.abicogroup.com


JASMINE INTERNATIONAL: Informs SET of Exercise of Warrants
----------------------------------------------------------
Jasmine International Public Company Limited informed the Stock
Exchange of Thailand (SET) regarding the Exercise of
5,036,141,910 units of the Company's Rights Warrants.

(1) The Notification Period is during 8:30 a.m. to 3:30 a.m. on
the Company's business day on March 16-29, 2005.

(2) The Exercise Date is on March 30, 2005.

(3) Contact Place to exercise the Rights Warrants and to get the
Exercise Notice Forms is:

Jasmine International Public Company Limited 200, Jasmine
International Tower, 29th Floor, Moo 4, Chaengwattana Road,
Pakkred Sub-district, Pakkred, Nonthaburi 11120, Thailand,
Telephone Number: (66 2) 502-3119-20, Fax No. (66 2) 502-3151 or
download exercise notice form from www.jasmine.com or at any
office of the brokerage companies during the Notification
Period.

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

(5) Payment Method

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

Please be informed accordingly
Mr. Somboon  Patcharasopak
Chaengwatana Planner Co., Ltd., the Plan Administrator of
Jasmine International Public Company Limited

CONTACT:

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


KRUNG THAI: Guilty Verdict Earns Company THB1 Bln
-------------------------------------------------
A liability coverage would be paid should Krung Thai Bank Pcl
executives and directors be found guilty of misconduct in the
loans scandal currently engulfing the bank, The Nation says.

Muang Thai Insurance, along with Dhipaya Insurance, sold a
directors and officers (D&O) liability policy to KTB. The policy
covers a THB1 billion fee if the officers are found guilty on
charges filed by the Bank of Thailand (BoT).  The Anti-Money
Laundering Office and police are currently investigating the
case.

Muang Thai said part of the coverage has been sold to
reinsurers.  Shareholders who wish to file charges against KTB
would also benefit from the liability policy if they win the
case.

D&O insurance covers claims made against directors, officers or
employees by retail shareholders, individuals or groups that
suffer damage from a Company's mismanagement. Damage must be
proved in a court of law.

KTB is currently facing two lawsuits filed by the BoT against
current and former KTB employees, other individuals outside the
bank as well as a number of companies over the approval of
THB11.7 billion in suspected loans.

CONTACT:

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


NATURAL PARK: Unveils Operating Performance
-------------------------------------------
Natural Park Public Company Limited (the Company) has recently
submitted the audited financial statements for the year ended
December 31, 2004 to the Stock Exchange of Thailand with a view
to sharing the information with general investors.  

The following are key indicators and changes over the same
period of the previous year:
       
Operating performance for the year ended December 31, 2004 over
the same period of the previous year.
       
(1) The Company's total revenue for the year 2004 rose to
THB2,383.67
million, an increase of THB1,552.18 million or up 186.67% over
the same period of the previous year. The sharp increase in
total revenue was from the contribution in every business that
the Company has invested during the year. The main sources of
income contribution were from 1.1) Rental and related service
income accounted for THB513.85 million, an increase of THB260.83
million or up 103.09%, 1.2) Revenue from hotel business
accounted for THB563.68 million, an increase of THB460.06
million or up 443.99%, and

(1.3) Gain on sale of investments in associated Company, Relax
Beach
Co. Ltd. which owns Le Meridien Phuket Beach Resort Hotel in
Phuket, accounted for THB939.36 million.
        
(2) The Companys net loss for year ended December 31, 2004 after
Earnings attributable to minority interest amounting to
THB586.42 million, compared with the same period of 2003 that
incurred net profit of THB352.82 million.  The main reasons for
the net loss were:
       
(2.1) Selling and Administrative expenses for the year 2004 was
THB550.68 million, increased from same period of the previous
year by THB372.57 million or up 209.17%. But comparing Selling
and
Administrative expenses to total revenue, it accounted for 23.10
of total revenue, which was in line with the previous year. The
major expenses were the expense related to business development
and business expansion in projects both in domestic and aboard.
       
(2.2) Share of loss from investments under equity method for the
year 2004 was THB399.53 million increased from same period of
the previous year by THB314.99 million or up 372.59%, which
mainly was from the share of loss from investment in Bangkok
Metro Public
Company Limited (BMCL).
       
(2.3) Interest expense for the year 2004 was THB353.20 million
increased from same period of the previous year by THB299.44
million because of the more of loan from financial institutions
for invest and develop projects and some of interest expense
incurred from investment cannot be capitalized as asset.  
Nonetheless, higher interest expense is in accordance with
business expansion and increase in total assets.
        
(3) Liquidity, as of the year ended December 31, 2004, the
Company's total current assets was THB1,984.73 million, total
current liabilities was THB5,073.01 million. In deep
consideration of the Companys assets portfolio structure,
THB5,405.76 million worth in Investment in associated companies
and THB639.15 million worth in Other long-term investments which
was categorized in Non-current assets, such the investment was
the investment in marketable securities listed in the Stock
Exchange of Thailand which being considered as highly liquid
asset. The sum of current assets and the mentioned investment
was higher than of current liabilities.

Moreover, Krung Thai Bank Public Company Limited has approved
the
Company for the postponement of debt repayment of THB1,698
million of short-term debt into the two-year amortized debt.
This will improve the Company's liquidity situation.
       
From the operating and financial results of the accounting
record, year 2004, Board of Directors Meeting has approved the
Company only and the consolidated audited financial statement.
        
The Company would very much appreciate it if you could share
this information among general investors.
  
Sincerely,
Mr. Thowthawal Subhavanich
Chief Financial Officer

CONTACT:

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

THAI ELECTRONIC: Details 2004 Operating Results
-----------------------------------------------
Thai Electronic Industry Public Company Limited and its
subsidiaries unveiled to the Stock Exchange of Thailand (SET) on
its operating results for the year 2004.

The operating results for the year of 2004 can be summarized as
follows:

(1) The operating income of Thai Electronic Industry Public
Company Limited and its subsidiaries for the fiscal year 2004 is
THB1,309.7 million a decrease by THB85.2 million or 6% in
comparison with the that of year 2003, which was THB1,394.9
million.  Such amount of decrease resulted from the decrease of
the income from sale of the computer unit and software of
THB163.3 million netting by the increase of the income from sale
of the electrical home appliance of THB78.1 million.

(2) The operating loss of Thai Electronic Industry Public
Company Limited and its subsidiaries for the fiscal year 2004 is
THB53.5 million an increase of THB1.9 million compared to year
2003, which was THB51.6 million.  Such operating loss resulted
from the reduction in selling price of the electrical home
appliance due to the competitive environment in the market.

(3) The total assets of the Company and its subsidiaries
decreased by THB4.0 million resulting from;

(i) Decrease of the Cash and equivalents item by THB6.2 million  

(ii) Increase of the Temporary investment- fixed deposit item by
THB1.3 million.

(iii) Decrease of the Account receivable item by THB26.5 million

(iv) Decrease of Inventories item by THB1.4 million

(v) Increase of the Other current assets item by THB24.7 million
due to the incremental accrued service income and advance
payment of service cost from sale of computer unit and software

(vi) Increase of the Other  debtors item by THB6.6 million due
to the sale of non operating assets of  subsidiary Company, and

(vii) Increase of the Other non - current assets item by THB1.1
million netting from the increase in the figure of fixed bank
deposit with contingent liability and the figure of the long-
term investment in compressor business of THB2.3 million and
THB2.8 million respectively with the decrease in the figure of
the fixed assets (from the disposal of non-operating assets and
the accumulative depreciation) and the figure of the other non-
current assets of THB3.4 million and THB0.6 million
respectively.

(4) The total liabilities of the Company and its subsidiaries
decreased by THB44.5 million resulting from

(i) Decrease of the Trade creditor item by THB3.9 million  

(ii) Decrease of the Account payable item by 6.9 THB million

(iii) Decrease of the Factoring creditor item by THB20.0 million  

(iv) Increase of the Other creditors item by THB6.5 million  

(v) Increase of the Current portion of the long-term liabilities
item by THB3.6 million

(vi) increase of the Long-term liabilities item under the
rehabilitation plan by THB10.8 million

(vii) Increase of the Short-term loan from related Company item
by THB15.0 million

(viii) increase of the Short-term loan from director item by
THB25.0 million

(ix) Decrease of the Other current liabilities item by THB24.9
million due to the reduction of the accrued expenses, the
deferred income and any other current liabilities by THB16.9
million, THB6.5 million and THB1.5 million respectively.

(x) Decrease of the Other non current liabilities item by
THB49.6 million due to the reduction of other creditors and
long-term liabilities (inclusive of those under the
rehabilitation plan) by THB6.3 million and THB43.3 million
respectively.

(5) The capital deficit in The Shareholder's equity was
decreased by THB40.5 million in the fiscal year 2004.   During
the year, the Company has offered for allotment of the increased
shares of 109,600,716 shares to the existing shareholders and
the other interested investors at the price of 1 Baht each.

Accordingly, 80,121,362 shares and 13,937,570 shares were
subscribed by the existing shareholders and the interested
investor respectively, and the value received of THB94.05
Million was booked as the advance payment from subscription of
shares in the Shareholders equity.  The Company has already
arranged for the registration of paid up capital with the
Department of business Development, Ministry of Commerce on
February 3, 2005.

The Company got net loss of THB53.5 million in the fiscal year
2004 due to the loss in the sale of electrical home appliance.

Vichien Phongsathorn, Duangthip Eamrungroj
Director
Thai Electronic Industry Public Company Limited

CONTACT:

Thai Electronic Industry Pcl   
1/10 Moo 4, Bangchan Industrial Estate,
Bang Kapi, Bangkok    
Telephone: 0-2517-1276-8, 0-2517-1936   
Fax: 0-2517-1937, 0-2518-1471


THAI HEAT: Explains 20% Change in Net
-------------------------------------
Thai Heat Exchange Public Company Limited (THECO) has submitted
the financial statements as of year 2004 ended at 31 December
2004.

Compared to the same period of last year, the Company's net rose
20%.

The Company explains that:

(1) In the year 2004, the interest cost reduced from 3% per
annum in year 2004 to 1.75 % per annum.

(2) In the 3rd of quarter 2004, Thai Heat Exchange PLC. disposed
of the investment in Sanden Theco co.,Ltd. which the Company
holds 19% shares and Sanden Theco Co. Ltd. had a deficit.  The
Company recorded a THB15.2 million profit in this quarter.

(3) In the year 2004, The Company recorded bad debt and doubtful
debt of THB6.5 million compared to that of last year's THB24.7
million.
    
For your information and dissemination to the investors.
    
Thai Heat Revival Company Limited
As the reorganization planner of Thai Heat Exchange PCL
Mr. Surin Wanpensakul
Authorized Director

CONTACT:

Thai Heat Exchange Public Company Limited   
1364 Ramkhamhaeng Road, Suan Luang Bangkok    
Telephone: 0-2318-2478-9, 0-2314-4582, 0-2319-1911-5   
Fax: 0-2318-2655, 0-2319-4268   
Web site: http://www.thaiheat.com


THAI PETROCHEMICAL: Prices New Shares at THB3 Each
--------------------------------------------------
New shares of Thai Petrochemical Industry Public Company Limited
(TPI) will be priced at around THB3 each, Bangkok Post relates,
citing a source from the Ministry of Finance.

According to an official, interested buyers on the set price
include PTT Plc, the Government Savings Bank and the Government
Pension Fund.  The largest placement will be taken by PTT Plc,
at 30% of the total allocation.  PTT will also take over the
management at TPI.

The pricing comes at a premium compared to TPI's book value of
THB1.7 per share, but is well under the petrochemical giant's
current share price.  

A finance ministry official also said, negotiations on the new
share price with the new strategic investors are expected to be
finalized within the next two to three weeks.

Some 11.16 billion new shares from converted debt and 5.89
billion shares currently held by creditors comprise the share
placement.  

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
  


                            *********


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

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

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