TCRAP_Public/050308.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

             Tuesday, March 8, 2005, Vol. 8, No. 47

                            Headlines


A U S T R A L I A

A.C.N. 006 483 245: To Declare Final Dividend April 7
A.C.N. 095 275 308: Final Meeting Set March 10
CORPORATE RESPONSE: Members Decide to Wind Up Company
CSX WORLD: Members to Meet March 9
DAMARK HOLDINGS: Lays Out Final Meeting Agenda

GENELL PTY: Final Meeting Schedule Fixed March 10
ION LIMITED: Moving Closer to Restructure
NATIONAL AUSTRALIA: Picks Exec to Help Corporate Clients
QANTAS AIRWAYS: Uncertain of Number of Possible Redundancies
SCALLYWAGS RACING: Appoints Liquidator to Wind Up Company

SOAP DESIGN: Names Liquidator from Ferrier Hodgson
STODDARTS (1980): Final Meeting Set March 9
STODDARTS (1985): Liquidator to Report Account of Winding Up
STODDARTS HOLDINGS: To Hear Liquidator's Report March 9
SYMEST PTY: To Declare Final Dividend March 9

XANADU WINES: Third Party Buyers Eye Stake


C H I N A  &  H O N G  K O N G

ASAHI ELECTRIC: Meeting Slated for March 11
BANK OF CHINA: Operating Profit Up 14%
GOLD CAMEL: Court Issues Winding Up Order
GREAT WALL: Winding Up Hearing Moved to May 3
HOSHING TELECOM: To Convene Final Meeting March 24

LIK SANG: Court to Hear Petition April 6
Q-TWO LIMITED: Court Issues Winding Up Order
STABLE WIDE: Meeting of Contributories Adjourned
WING ON: Faces Winding Up Proceedings


I N D O N E S I A

INDOFOOD SUKSES: 2004 Net Profit Drops 37%
PERTAMINA: Finance Director Suspended for Involvement in Sale


J A P A N

FUJITA CORPORATION: Creditor Prepares Another Lifeline Package
KAMAYA RYOKAN: Restructures Business Under IRCJ
SEIBU RAILWAY: Subordinates Stick Up for Boss
TOSHIBA CORPORATION: To Quit SmartMedia Memory Card Business
UFJ HOLDINGS: Discloses U.S. GAAP Financial Information


K O R E A

DAEWOO HEAVY: Labor Union to Strike to Demand Job Security
JINRO LIMITED: Bidders Wary of High Selling Price


M A L A Y S I A

CHG INDUSTRIES: Hearing for RO Extension Set on March 9
FABER GROUP: Units Change Company Names
JIN LIN: To Dispute Claim by Yetchi Trading
KAI PENG: Withdraws Suit, Begins Arbitration with GEA
KEMAYAN CORPORATION: Court Grants Restraining Order Extension

KUMPULAN BELTON: Seeks Shareholder Approval for Proposed Mandate
MAXIS COMMUNICATIONS: Unveils Employee Share Option Scheme
MECHMAR CORPORATION: No Change in Loan Default Repayments
MULTI VEST: Resumes Trading of Shares
NAIM INDAH: Unit Posts Zero Production Due to Monsoon, Holidays

NAUTICALINK BERHAD: Gets Court Order to Sanction Restructuring
PAN MALAYSIA: Issues Shares Buy Back Notice
PANTAI HOLDINGS: Buys Back 40,000 Shares
PILECON ENGINEERING: Issues Notice of Warrants Expiry
SATERAS RESOURCES: Issues Practice Note Update

TT RESOURCES: Issues Update on Renewal of General Mandate


P H I L I P P I N E S

BACNOTAN CONSOLIDATED: Php4.09-Bln Profit Offsets Previous Loss
MANILA ELECTRIC: ERC Lauds Rate Reduction
NATIONAL BANK: BOD Sets Annual Stockholders' Meeting on May 24
NATIONAL POWER: Coal Plants Drive Output Up by 6.74% in 2004
NATIONAL STEEL: Global Steel May Fail to Get Sovereign Guarantee

PHILIPPINE LONG: Chairman Boosts Stake
RB RIZAL: PDIC Services Claims of Insured Depositors


S I N G A P O R E

CHINA AVIATION (S): Contests Claim of SK Energy
GREATRONIC LIMITED: Replies to SGX Query
GREATRONIC LIMITED: Auditor Presents Interim Report
KALL TECK: Court Begins Winding Up Process
MAESTRO LOGISTICS: Enters Winding Up Proceedings

NATUNA RESOURCES: Winding Up Hearing Set March 18
RONG MAH: Faces Winding Up Process
SIN YUH: Sets Creditor's Meeting March 24
SUN-CAST TECHNOLOGY: Receiving Proofs of Claim Until March 24


T H A I L A N D

ABICO HOLDINGS: Compares 2003 and 2004 Results
THAI ENGINE: Unveils Year 2004 Performance
TONGKAH HARBOUR: Releases AGM Resolution and Capital Increase
BOND PRICING: For the Week 7 March to 11 March 2005

     -  -  -  -  -  -  -  -

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

A.C.N. 006 483 245: To Declare Final Dividend April 7
-----------------------------------------------------
A first and final dividend is to be declared on April 7, 2005 in
respect of A.C.N. 006 483 245 Pty Ltd (In Liquidation) formerly
known as Korumburra Hotel Pty Ltd A.C.N. 006 483 245.

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

Dated this 21st day of January 2005

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


A.C.N. 095 275 308: Final Meeting Set March 10
----------------------------------------------
Notice is hereby given that a final meeting of members and
creditors of A.C.N. 095 275 308 Pty Ltd (In Liquidation)
formerly Space Works Design Group Pty Ltd A.C.N. 095 275 308
will be held at the offices of Brooke Bird & Co, Chartered
Accountants, 471 Riversdale Road, Hawthorn East, 3123, on
Thursday, March 10, 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: (03) 9882 6666


CORPORATE RESPONSE: Members Decide to Wind Up Company
-----------------------------------------------------
Notice is hereby given that at a General Meeting of Members of
Corporate Response Pty Ltd (In Liquidation) duly convened and
held at KPMG, 18 Smith Street, Darwin on 28 January 2005, a
Special Resolution that the Company be wound up voluntarily was
passed by members and the undersigned was appointed Liquidator.

The liquidator's appointment was confirmed at a subsequent
meeting of creditors.

Dated this 28th day of January 2005

GEOFFREY DONALD FINCH
Liquidator
KPMG
18 Smith Street, Darwin NT 0800
BPN036343


CSX WORLD: Members to Meet March 9
----------------------------------
Notice is given that a meeting of the members of CSX World
Terminals Brisbane Pty Ltd (In Liquidation) will be held at the
offices of Maris Rudaks, Chartered Accountant, Level 2,
99 Frome Street, Adelaide, South Australia, 5000 on
Wednesday the 9th day of March 2005 at 11.00 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 disposed of, and for hearing any
explanation that may be given by the Liquidator.

Dated this 25th day of January 2005
M. A. RUDAKS
Commonwealth of Australia Gazette
No. B5 8th February 2005 Private Notices: 299
Liquidator


DAMARK HOLDINGS: Lays Out Final Meeting Agenda
----------------------------------------------
Notice is given that a final meeting of creditors and members of
Damark Holdings Pty Ltd (In Liquidation) formerly trading as
Ultra Tune Perth will be held at the offices of KordaMentha,
Level 11, 37 St George's Terrace, Perth on Wednesday,
9 March 2005 at 4.00 p.m.

AGENDA

(1) To receive the account made out by the Liquidator pursuant
to Section 509(1) of the Corporations Act 2001 and any
explanation of the account.

(2) Any other business that may properly be conducted.

Dated this 31st day of January 2005

OREN ZOHAR
Liquidator
Damark Holding Pty Ltd
KordaMentha
Telephone (08) 9221 6999
BPN036338
SOUTH AUSTRALIA


GENELL PTY: Final Meeting Schedule Fixed March 10
-------------------------------------------------
Notice is given pursuant to Section 509 of the Corporations Act
that a final meeting of creditors and members of Genell Pty Ltd
(In Liquidation) will be held at the offices of Ferrier Hodgson,
Level 26, 108 St George's Terrace, Perth, Western Australia on
Thursday, 10 March 2005 at 2.30 p.m. Telephone conference
facilities will be available.

AGENDA

(1) To receive a report from the Liquidator on the conduct of
the liquidation.

(2) To consider any if thought fit, pass a resolution for the
approval of the Liquidators' fees.

(3) Any other business that may properly be conducted.

Dated this 8th day of February 2005

MARTIN JONES
Joint and Several Liquidator of Genell Pty Ltd
Ferrier Hodgson
Chartered Accountants
Level 26, 108 St Georges Terrace, Perth WA 6000


ION LIMITED: Moving Closer to Restructure
-----------------------------------------
Failed ION Limited has moved closer to a restructure ahead of a
possible sale, according to The Advertiser.

The firm's administrators McGrathNicol said "pleasing progress"
had been made boosting production efficiency and cost reductions
at the Castalloy casting foundries at Plympton and Kilkenny.

However, the insolvency firm warned that negotiations on
reducing emissions could involve considerable expenditure to any
new owner.

In addition, the Wingfield production facility also would
require additional capital of about AU$17 million to make it
financially viable.

ION's creditors are scheduled to meet again next month.

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/


NATIONAL AUSTRALIA: Picks Exec to Help Corporate Clients
--------------------------------------------------------
The National Australia Bank (the National) is pleased to
announce the appointment of Mr. Matt Russell as Director of
Superannuation, Investments and Employee Benefits.

Mr. Russell will work alongside the National's Corporate Banking
division in Sydney and Brisbane helping corporations with
important issues such as corporate superannuation outsourcing,
implemented investment consulting and employee benefits
programmes.

Head of Market Development for MLC Australia, Mr. Alex Kleiman
said Matt's appointment will help the National and MLC to
develop solutions that can meet both the banking and wealth
management needs of corporate clients.

"With Matt co-located within Corporate Banking he will help
corporate clients to understand and access the full range of
wealth management services and benefits available to them from
the Group including, AdvantEdge, JANA, MLC Implemented
Consulting and the superannuation offerings of Plum Financial
Services.

"Matt brings to this role a strong background in wealth
management sales, client management and consulting.  We would
like to congratulate him and to welcome him to our team," Mr.
Kleiman said.

General Manager, Corporate Banking Australia, Mr. Paul Orton
adds, "Our corporate bankers act as conduits to facilitate our
clients' access to the full range of Group products depending on
their risk management, funding and investment needs. Matt will
work with the corporate banking team and our clients to
determine which of our products and solutions best meet their
wealth management needs."

Matt has more than 20 years experience in corporate
superannuation and retail financial services. Prior to this
appointment Matt was the Head of Client Relationships at Plum
and previously he was Head of Business Development for Deutsche
Bank's corporate superannuation offer.

Matt has held various roles consulting to corporate
superannuation funds on benefit design, communications,
investments, insurance and regulatory issues. His retail
experience included providing communication and education
services to individual investors on superannuation and savings
concepts and technical liaison to financial planning networks.

CONTACT:

National Australia Bank Ltd.
Level 24, 500 Bourke Street,
Melbourne, Victoria, Australia, 3000
Head Office Telephone: (03) 8641-4160
Head Office Fax: (03) 8641-4927
Web site: http://www.national.com.au/


QANTAS AIRWAYS: Uncertain of Number of Possible Redundancies
------------------------------------------------------------
Qantas said there was no definitive figure for possible
redundancies as a result of its ongoing and extensive
restructuring across all areas of the Company.

The Chief Executive Office of Qantas, Geoff Dixon, said Qantas -
like all airlines - was involved in ongoing workplace and
operational change to meet the challenges facing aviation
worldwide.

Mr. Dixon said that despite its credible level of recent
profitability, Qantas had no option but to continue the change
program it had been implementing in recent years.

"Two weeks ago, when reporting the Qantas half-year results, we
announced a review of all processes and activities across the
Qantas Group that would take at least three months," Mr. Dixon
said.

"It has been this willingness by the Company to confront deeply
embedded inefficiencies that has provided Qantas with the means
for substantial investment in aircraft and product and
significant employment growth.

"Qantas has added 7,500 jobs over the past six years while most
airlines have been undertaking massive downsizing."

Mr. Dixon said it was inevitable that existing efficiency
programs and the process review outlined at Qantas' half-year
results announcement would result in further change.

"This could involve some redundancies, some relocation of
activities - not necessarily offshore - and a change in emphasis
in the direction of some areas of the Company. It could also
involve new jobs and greater opportunities in other areas" he
said.

"We do not have a redundancy target in any area - we have a
commitment to ensure the competitive future of Qantas. What we
do have is a record of employing and training Australians in
many key disciplines."

Qantas currently employs about 38,500 people including more than
35,000 in Australia.

Mr. Dixon said Qantas was consulting, and would continue to
consult, extensively with its people over proposed future
changes.

He said that despite some misinformed views to the contrary,
Qantas received no Government support in an industry rife with
Government ownership, subsidies and extensive protection.

CONTACT:

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


SCALLYWAGS RACING: Appoints Liquidator to Wind Up Company
---------------------------------------------------------
Notice is hereby given that at a General Meeting of Members of
Scallywags Racing Pty Ltd (In Liquidation) A.C.N. 106 884 628
held on January 12, 2005, it was resolved that the Company be
wound up voluntarily and that Gregory Stuart Andrews of G. S.
Andrews & Associates, 22 Drummond Street, Carlton 3053 be
appointed Liquidator of the Company for the purpose of such
winding up.

Dated this 28th day of January 2005

G. S. Andrews
Liquidator
G. S. Andrews & Assocs
22 Drummond Street, Carlton Vic 3053
Telephone: (03) 9662 2666
Facsimile: (03) 9662 9544


SOAP DESIGN: Names Liquidator from Ferrier Hodgson
--------------------------------------------------
Notice is hereby given that at an extraordinary general meeting
of members of Soap Design Pty Ltd (In Liquidation) A.C.N. 100
111 877 held on January 25, 2005, it was resolved that the
Company be wound up voluntarily and at a meeting of creditors
held on the same day it was resolved that for such purpose, John
Ross Lindholm of Ferrier Hodgson, Chartered Accountants, Level
29, 600 Bourke Street, Melbourne, Vic be appointed Liquidator.

Dated this 27th day of January 2005

J. R. Lindholm
Liquidator
Ferrier Hodgson
Level 29, 600 Bourke Street,
Melbourne Vic 3000


STODDARTS (1980): Final Meeting Set March 9
-------------------------------------------
Notice is hereby given that pursuant to Section 509 of the
Corporations Act a final meeting of Stoddarts (1980) Pty Limited
(In Voluntary Liquidation) will be held at 248 Flinders Street,
Adelaide on 9 March 2005 at 9.00 a.m. for the purpose of laying
before the meeting an account showing how the winding up of has
been conducted, and how the
assets have been disposed of.

Dated this 31st day of January 2005
RUSSELL HEYWOOD-SMITH
Liquidator


STODDARTS (1985): Liquidator to Report Account of Winding Up
------------------------------------------------------------
Notice is hereby given that pursuant to Section 509 of the
Corporations Act a final meeting of Stoddarts (1985) Pty Limited
(In Voluntary Liquidation) will be held at 248 Flinders Street,
Adelaide on 9 March 2005 at 9.00 a.m. for the purpose of laying
before the meeting an account showing how the winding up of has
been conducted, and how the assets have been disposed of.

Dated this 31st day of January 2005
RUSSELL HEYWOOD-SMITH
Liquidator


STODDARTS HOLDINGS: To Hear Liquidator's Report March 9
-------------------------------------------------------
Notice is hereby given that pursuant to Section 509 of the
Corporations Act a final meeting of Stoddarts Holdings Pty Limited
(In Voluntary Liquidation) will be held at 248 Flinders Street,
Adelaide on 9 March 2005 at 9.00 a.m. for the purpose of laying
before the meeting an account showing how the winding up of
has been conducted, and how the assets have been disposed of.

Dated this 31st day of January 2005
RUSSELL HEYWOOD-SMITH
Liquidator


SYMEST PTY: To Declare Final Dividend March 9
---------------------------------------------
A final dividend is to be declared on March 9, 2005 for Symest
Pty Ltd (Subject To Deed Of Company Arrangement) formerly
trading as Vaughan Printing Pty Ltd A.C.N. 006 043 527.

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

Dated this 28th day of January 2005

J. H. Stewart
Deed Administrator
Ferrier Hodgson
Level 29, 600 Bourke Street,
Melbourne Vic 3000


XANADU WINES: Third Party Buyers Eye Stake
------------------------------------------
Cash-strapped Xanadu Wines Limited has drawn the interest of
potential buyers of all or part of its stake, Asia Pulse says.

The ailing wine maker said it was approached by a number of
third parties who are keen on acquiring the Company. But it
stressed it was not under financial pressure to sell more
assets, saying any offers would only be considered if the
directors consider them in shareholder's interests.

Xanadu plunged deeper into the red in December with an AU$17.38
million (US$13.59 million) loss at the back of big write-downs.
Recently, the Company raised AU$10 million from the sale of
vineyards, the Normans, Jindawarra and NXG brands. The proceeds
were earmarked to repay debt.

But despite Xanadu's claim it is financially sound, the group's
financial auditors doubted its financial viability. It believes
"there is significant uncertainty whether the consolidated
entity will be able to continue as going concerns".

"Should the consolidated entity be unable to continue as a going
concern, it may be required to realize its assets and extinguish
its liabilities other than in the normal course of business and
at amounts different from those stated in the financial report,"
Deloitte Touche Tohmatsu said in its review of the earnings
report.

Xanadu said its financiers were satisfied with the group's
restructure.

CONTACT:

Xanadu Wines
Boodjidup Road, Margaret River
West Australia 6285
Phone: (61) 8 9757 2581
Fax: (61) 8 9757 3389


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C H I N A  &  H O N G  K O N G
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ASAHI ELECTRIC: Meeting Slated for March 11
-------------------------------------------
Notice is hereby given that pursuant to Section 247 of the
Companies Ordinance (Chapter 32), the annual meeting of the
members of Asahi Electric Wire (HK) Co., Limited (In Creditors'
Voluntary Liquidation) will be held at Room 103, Duke of Windsor
Social Service Building, 15 Hennessy Road, Wanchai, Hong Kong on
March 11, 2005 at 10:30 a.m. and will be followed by a meeting
of the creditors of the Company to be held at the same place at
11:00 a.m.

A member or creditor entitled to attend vote at the above
meeting may appoint proxy to attend and vote instead of him. A
proxy need not be a member or creditor of the Company.

Forms of proxies for both meetings must be lodged at the office
of Messrs. Kennic L. H. Lui & Co., 5th Floor, Ho Lee Commercial
Building, 38-44 D'Aguilar Street, Central, Hong Kong not later
than 4:00 p.m. on the day before the meetings or adjourned
meetings at which they are to be used.

Dated this 25th day of February 2005

Ruby Mun Yee Leung
Joint and Several Liquidator


BANK OF CHINA: Operating Profit Up 14%
--------------------------------------
Bank of China (BOC) posted a 14 percent increase in its
operating profit in 2004 compared to the end of 2003, relates
Infocast News.

Other than the increase in operating profit, BOC has also seen
an increase in its capital adequacy ratios. Following its
capital restructuring the Company had an obvious improvement in
asset quality and obvious enhancement of ability to withstand
risks, the China Banking Regulatory Commission (CBRC) said.

CBRC also said the bank's non-performing loan (NPL) ratios
became 5.09 percent while BOC's NPL provision ratios are 71.7
percent.

CONTACT:

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


GOLD CAMEL: Court Issues Winding Up Order
-----------------------------------------
The High Court of the Hong Kong Special Administrative Region
Court Of First Instance issued a winding up order for Gold Camel
Limited of Units B, C, D, G, H, 7/F, Wah Shun Industrial Bldg,
No 4 Cho Yuen Street, Yau Tong, KLN on February 16, 2005.

The winding up petition was presented on 3rd December 2004

Dated this 25th day of February 2005

E T O'Connell
Official Receiver


GREAT WALL: Winding Up Hearing Moved to May 3
---------------------------------------------
The hearing for the winding up petition of Great Wall Cybertech
(provisional liquidators appointed) (0689) has been further
adjourned to May 3, according to Infocast News.

A consensus was reached among the Company, the investor, the
provisional liquidators and the escrow agent to extend the
exclusivity period for the discussion and finalization of the
restructuring proposal to May 31.

The Company will make further announcements regarding the
progress of the restructuring and the outcome of the resumed
hearing.

Trading in shares of Great Wall has been suspended since March
24, 2003 and will remain suspended until further notice.

CONTACT:

GREAT WALL CYBERTECH LIMITED
178 Gloucester Road
16th Floor Riley House
Wanchai, New Territories
HONG KONG
Phone: +852 2616 3689
Fax: +852 2421 1287
Web site: http://www.great-wall.com.hk/


HOSHING TELECOM: To Convene Final Meeting March 24
--------------------------------------------------
Take notice that the annual meeting of creditors and members of
Hoshing Telecom Limited (In Creditors' Voluntary Liquidation)
will be held at the offices of Ferrier Hodgson Limited, 14/F.,
Hong Kong Club Building, 3A Chater Road, Central, Hong Kong on
March 24, 2005 at 11:00 a.m., for the purpose of having an
account laid before the meeting detailing the Joint and Several
Liquidators' acts and dealings and the conduct of the winding-up
during the preceding year, and of hearing any explanations that
may be given by the Liquidators.

Form of proxy may be obtained from the offices of Ferrier
Hodgson Limited, 14/F., Hong Kong Club Building, 3A Chater Road,
Central, Hong Kong. Proxies to be used at the meeting must be
lodged at the above address not later than 4:00 p.m. on the day
before the meeting.

Dated this 25th day of February 2005

Desmond Chiong
Joint and Several Liquidator


LIK SANG: Court to Hear Petition April 6
----------------------------------------
Notice is hereby given that a Petition for the Winding up of Lik
Sang (Wong's) Holding Company Limited by the High Court of Hong
Kong Special Administrative Region was on February 4, 2005
presented to the said Court by JAS Forwarding (H.K.) Limited,
whose registered office is situated at Unit B, 5th Floor, Modern
Terminals Warehouse Building, Phase 1, Berth One, Kwai Chung
Container Terminals, Kwai Chung, 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.

Edward C. T. Wong & Co.
Solicitors for the Petitioner
Rooms 1602-3, 16th Floor, Vicwood Plaza
199 Des Voeux Road Central
Central, Hong Kong

Note:

Any person who intends to appear at the hearing of the said
petition must serve on or send by post to the 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
5, 2005.


Q-TWO LIMITED: Court Issues Winding Up Order
--------------------------------------------
A winding up petition was presented to Q-Two Limited of Shop
G12-15, G/F, Tsim Sha Tsui Centre, 66 Mody Road, Tsim Sha Tsui,
KLN on February 16, 2005 from the High Court of the Hong Kong
Special Administrative Region Court Of First Instance

Dated this 25th day of February 2005

E T O'Connell
Official Receiver


STABLE WIDE: Meeting of Contributories Adjourned
------------------------------------------------
Stable Wide Development Limited posted a notice of Adjourned
Meetings Of Contributories scheduled Monday, March 7, 2005 at
3:00 p.m., at the Office of Lily Fenn & Partners, Solicitors, at
Room D, 32nd Floor, Lippo Centre, Tower 1, 89 Queensway, Hong
Kong.

Dated this 25th day of February, 2005

Lily K. B. Fenn
Joint and Several Liquidator
Room D, 32nd Floor, Lippo Centre
Tower 1, 89 Queensway, Hong Kong


WING ON: Faces Winding Up Proceedings
-------------------------------------
Wing On Container of 5/F, May Gar Commercial Bldg, 288-290
Reclamation St, KLN receives a winding up order from the High
Court of the Hong Kong Special Administrative Region Court Of
First Instance on February 16, 2005.

The winding up petition was presented 10th December 2004

Dated this 25th day of February 2005

E T O'Connell
Official Receiver


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


INDOFOOD SUKSES: 2004 Net Profit Drops 37%
------------------------------------------
Despite an increase in sales, PT Indofood Sukses Makmur posted a
decline of 37% in its 2004 net profit, to IDR378 billion from
IDR693 billion in 2003, reports Asia Pulse.

In a statement over the weekend, the Company said last year's
sales increased to IDR17.9 trillion from IDR17.87 trillion in
2003. The drop, according to Company president Anthony Salim, in
the Company's net profit may be due to IDR296.9 billion in
foreign exchange losses.

By December 2004, Indofood's liabilities also increased,
amounting to IDR7.9 trillion (of which IDR2.96 trillion came
from foreign exchange), from 2003's IDR7.5 trillion.

Indofood, the largest producer of instant noodles in Southeast
Asia, is controlled by the Salim family through Hong Kong-listed
conglomerate First Pacific Ltd.

CONTACT:

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


PERTAMINA: Finance Director Suspended for Involvement in Sale
-------------------------------------------------------------
State-owned oil and gas firm PT Pertamina suspended its finance
director, Alfred Rohimone, on March 7, for allegedly
participating in the sale of the Company's two oil tankers in
2004, reports the Jakarta Post.

According to Minister of State Enterprises Sugiharto, the Board
of Commissioners issued a notice of suspension to Mr. Rohimone
to facilitate speedy investigation of the corruption case.

Indonesia's official anti-monopoly watchdog, the Business
Competition Supervision Commission (KPPU), last week found
Pertamina and its business partners guilty of a violation
against the Law on Monopolistic Practices and Unfair Business
Competition in selling two Very Large Crude Carrier (VLCC)
tankers, which resulted in the loss of some US$50 million to the
state.

KPPU ordered Goldman Sachs Group, Inc., the Company's business
consultant, to pay IDR79.71 billion in penalties and
compensation, and also ordered Pertamina buyer Frontline Ltd. to
pay a fine of IDR25 billion and compensation of IDR120 billion.
Both firms plan to challenge KPPU's verdict in court.

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
=========


FUJITA CORPORATION: Creditor Prepares Another Lifeline Package
--------------------------------------------------------------
The largest creditor of Fujita Corporation has offered to rescue
the troubled construction firm, reports the Nihon Keizai
Shimbun.

Sumitomo Mitsui Banking Corporation has put together another aid
package totaling JPY80 billion (US$762 million), in response to
Fujita's request for fresh funds.

However, Fujita is likely to be forced into another breakup as a
precondition for receiving the lifeline.

In 2002, Fujita was split into AC Real Estate Corporation, which
took over the unprofitable real estate business, and the current
Fujita, which took over the construction business.

But despite turnaround efforts and financial aids revived in
1999 and 2003, Fujita still failed to meet earnings targets set
in its rehabilitation plan due to poor performance of its
mainstay construction business.

Fujita has been considering merging with Sumitomo Mitsui
Construction, but for now the Company is likely to focus on
rebuilding its business on its own.

CONTACT:

Fujita Corporation
4-25-2 Sendagaya, Shibuya-ku
Tokyo 151-8570, Japan
Phone: +81-3-3402-1911
Fax: +81-3-3478-0729


KAMAYA RYOKAN: Restructures Business Under IRCJ
-----------------------------------------------
The Industrial Revitalization Corporation of Japan (IRCJ) has
approved an application by Kamaya Ryokan Ltd. (Kamaya Ryokan)
under Article 22, Clause 3 of the Industrial Revitalization
Corporation Act of 2003.

1. Outline of business approved for assistance

Company name: Kamaya Ryokan Ltd (Yumori Kamaya Ryokan)

Date of establishment: 1952

Capital: JPY10.0 million (as of end March 2004)

Head office: Yumoto, Nikko city, Tochigi Prefecture

Representative: Motoo Kobayashi

Number of employees: 37 (28 full-time and 9 part-time employees,
as of end October 2004)

Outline of business: Onsen (hot spring) hotel operations
Okunikko Konishi Hotel operates a 77-room inn, the Yumori
Kamaya Ryokan, in the Okunikko Yumoto Onsen area of Nikko
National Park, catering mainly to student groups and field
trips.

2. Name of financial institution or other party jointly
submitting application:
The Ashikaga Bank, Ltd.

3. Outline of revitalization plan for Kamaya Ryokan

Business plan

1. Operational policy

The hotel will be positioned with various student groups as an
out-of-the-ordinary place of relaxation that stimulates one's
curiosity, while promoting the plentiful, milky white waters of
the hot spring and the beauty of the surrounding natural
environment.

2. Facilities

The hotel will be operated with three buildings: the main hotel,
the Aisanzou, and the Garden House. The dilapidated staff hostel
Rakusanzou will be demolished, and the annex building will be
earthquake strengthened and converted into staff accommodation.

A landmark large-scale rotenburo (outside hot spring bath) will
be constructed to increase customer appeal at the same time as
helping boost awareness of and customer interest in the general
region.

3. Management structure

A new board of directors will be formed, comprising one
representative director who will be an external appointment and
two corporate officers, for a total of three. Modern
operating systems and enhanced corporate governance will be
established under the direction of an outside management
Company, Ryokan Management Support.

Corporate restructuring

After a 100% capital reduction of Kamaya Ryokan, a JPY70 million
capital injection from private investors and the IRCJ is
planned. In addition, a JPY130 million convertible bond issue is
planned, to be underwritten by private investors and the IRCJ.
An application is planned under the special measure law on
industrial revitalization.

Outline of Financial Assistance

A total of JPY1.6 billion in financial support will be requested
from financial institutions.

Projected figures for the revitalization plan
                   Fiscal year ended   Fiscal year ending
                   March 2004 (actual) March 2008 (target)

Net sales          JPY427 million      JPY488 million
Operating Income   JPY29 million       JPY46 million

Implications for management
In order to clarify responsibility, all current directors will
resign.

Implications for shareholders
With the 100% capital reduction, all existing shares will be
cancelled without compensation.

IRCJ Rationale for providing assistance
(1) Causes of current financial situation

The main causes of Kamaya Ryokan's current financial trouble are
1) excessive capital investment, 2) a decline in school visits
with the aging population, and 3) low levels of marketing and
services to general customers. The weak domestic economy also
caused a decline in sales, with the result that the hotel has
become unable to reduce its excessive debt burden and unable to
raise funds for necessary capital investment.

(2) Potential for revitalization

Kamaya Ryokan has a long history in the okunikko yumoto onsen
area under the president's family, and is well known for its
charactestic milky white hot springs, natural environment and
other features.

The IRCJ believes there is ample potential for revitalization of
the business, through such measures as attracting general guests
and day trippers through establishing a large-scale outside hot
spring bath, improving guest package options, making necessary
capital expenditure, and improving the management of operations.
Also, the process can be positioned as an example of a Japanese
Inn/Hotel revitalization scheme based on the use of an outside
operational support Company.

(3) Comments from the state ministers in charge of the
Industrial Revitalization Corporation of Japan, and from
ministers in charge of the target Company's industry.

None expressed

Note on comments from ministers: The IRCJ is a quasi-
governmental organization. As such, the IRCJ is required to
obtain comments about decisions to assist private-sector
companies from the three government ministers in charge of the
IRCJ, and from the minister of the industrial sector in which
the target Company operates.

(4) Debt repurchase application period
>From February 3, 2005, until March 16, 2005 (applications must
arrive at the IRCJ on or before this date).

Note: The debt repurchase application period is a period
established for the purpose of consensus building between the
financial institutions concerned and the IRCJ in regard to debt
repurchase and the revitalization plan. This period is so named
because, where agreement is achieved in legal terms, the
financial institutions concerned apply to the IRCJ for debt
repurchase etc.

(5) Request for temporary cessation of demands for credit
repayment

Under Article 24, Clause 1 of the Industrial Revitalization
Corporation Act, financial institutions and other creditors of
Kamaya Ryokan have been requested not to recover loans or
exercise any other rights they may have as creditors before the
end of the debt repurchase application period as per item 5
above.

(6) Treatment of trade and other creditors

The decision to provide assistance concerns only the request for
financial support made to financial institutions in regard to
amounts lent to the assisted business and has no effect on the
claims of trade and other creditors.


SEIBU RAILWAY: Subordinates Stick Up for Boss
---------------------------------------------
The current heads of controversial Seibu Railway Company and
Kokudo Corporation have apologized for the Seibu group scandal,
but voiced loyalty toward their arrested boss, the Yomiuri
Shimbun relates.

Kokudo president Toshiyuki Ono said Yoshiaki Tsutsumi, who was
detained last week on suspicion of violating the Securities and
Exchange Law, was a very good business leader.

Seibu Railway Vice President Masao Ishibashi, in a separate
press conference, said Mr. Tsutsumi was "such a great person to
be arrested".

Mr. Tsutsumi was arrested Thursday over accusations that he
authorized the falsification of financial statements at Seibu
Railway Company.

Meanwhile, the two heads seemed confused over what to do now
that their boss is behind bars.

Mr. Ono said he accepted the restructuring plan for the Seibu
group after discussing it with other executives. But when
reporters asked why he had accepted the plan, Mr. Ono said, "I'm
sorry, but I made the decision without fully understanding the
situation."

But Mr. Ono gave assurance that the arrest would not affect the
restructuring plan.

CONTACT:

Seibu Railway Co Ltd
11-1 Kusunokidai 1-Chome
Tokorozawa 359-8520, Saitama 359-8520
Japan
Phone: +81 42 926 2081
Fax: +81 42 926 2237
Web site: http://www.seibu-group.co.jp/


TOSHIBA CORPORATION: To Quit SmartMedia Memory Card Business
------------------------------------------------------------
Toshiba Corporation is planning to stop manufacturing SmartMedia
memory cards this month, including those made for other
companies under OEM agreements, according to the Nihon Keizai
Shimbun.

The Japanese electronics manufacturer has been gradually
reducing the production of the cards, which are used for storage
in digital cameras and cellular phones, since July. It has
already notified digital camera makers and retailers of its
plans to exit quit the SmartMedia business.  Sales of the cards
will continue until stock runs out.

Some South Korean manufacturers are believed to be producing
SmartMedia memory cards, but Toshiba's output accounts for most
SmartMedia cards on the market today.

SmartMedia was developed in 1996, with Toshiba playing a leading
role.

In 2001, SmartMedia captured the top market share in the world.
But in 2004, among the six memory card standards for digital
cameras, including SD cards, Memory Stick and CompactFlash, SD
cards led the global market with a share of 40 pct, while
SmartMedia's worldwide market share that year is estimated at
around 1 percent.

CONTACT:

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


UFJ HOLDINGS: Discloses U.S. GAAP Financial Information
-------------------------------------------------------
UFJ Holdings Incorporated and Mitsubishi Tokyo Financial Group
Incorporated which have been preparing for the two group's
management integration in October 2005, subject to the approval
of their shareholders and relevant authorities, disclosed pro
farma financial information relating to the transaction and
UFJ's financial statements based on accounting principles
generally accepted in the United States (U.S. GAAP).

The financial information is set forth in registration statement
onm Form F-4, which will be filed with the U.S. SEC (Securities
and Exchange Commission) on Friday. After being reviewed by the
U.S. SEC, the Form F-$ is expected to be declared effective
before the convocation notice for UFJ's shareholders meeting is
mailed in June.

To view the entire release, click on:
http://bankrupt.com/misc/TCRAP_UFJHOLDINGS030805.pdf

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
=========


DAEWOO HEAVY: Labor Union to Strike to Demand Job Security
----------------------------------------------------------
Unionized workers of Daewoo Heavy Industries & Machinery Ltd.
have set a partial strike on March 7, 12:00 p.m. to guarantee
that they will have jobs with new owner Doosan Heavy Industries
Co.

According to the union, workers will stage a walkout until
Doosan Heavy draws up a legally binding agreement to retain
Daewoo Heavy workers.

Daewoo Heavy separated from Daewoo Heavy Industries Co. when
parent Daewoo Group went bankrupt in 1999 under the weight of a
KRW80.36 trillion debt. Doosan Heavy acquired a 51% stake in
Daewoo Heavy last January for KRW1.89 trillion.

CONTACT:

Daewoo Heavy Industries & Machinery Ltd.
14-34 Youido-Dong, Youngdungpo-Gu,
Seoul 150-010
South Korea
Web site: http://www.dhiltd.co.kr/eng/index.asp


JINRO LIMITED: Bidders Wary of High Selling Price
-------------------------------------------------
The 12 bidders for Jinro Co., Ltd. estimated the Company's
valuation between KRW1.5 trillion and KRW2.5 trillion, but are
now wary of its latest valuation of KRW3.6 trillion by creditor
Goldman Sachs, reports the Korea Herald.

According to the U.S. investment fund, Jinro's valuation was
based on the Company's prior undisclosed tax credits, and its
improved operating environment.

Goldman Sachs is believed to be awaiting a better offer for
Jinro, with its latest selling price that was released ahead of
the March 30 deadline for submission of bids.

According to analyst Song ji-hyun, Goldman Sachs may be looking
for the highest possible price for Jinro, as it invested a lot
more into the Company compared to other creditors, and would
want a return on its investment.

Goldman Sachs was reported as saying that it needs to revise its
valuation, since the last time it was done was in April 2003,
and Jinro has since become stronger, with higher profit
potential. But industry analysts said the latest valuation needs
justification, as it is too high.

Among the 12 bidders, the four most aggressive domestic bidders
for Jinro are Lotte Chilsung Co. of Lotte Group, Doosan Corp.,
Hite Brewery Co., and CJ Corp., all major players in the
domestic food and beverage industry.

CONTACT:

Jinro Limited
1448-3 Seocho-dong Seocho-gu
Jinro Bldg
Seoul, SEOUL 137-866
South Korea
Phone: +82 2 520 3114
Fax:   +82 2 520 3453
Web site: http://www.jinro.co.kr/


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


CHG INDUSTRIES: Hearing for RO Extension Set on March 9
-------------------------------------------------------
Further to the announcement on Feb. 16, 2005 in relation to the
Company's restraining order, CHG Industries Berhad announced
that the Kuala Lumpur High Court has fixed the hearing of the
application for an extension of the Restraining Order on
Wednesday, March 9, 2005.

CONTACT:

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


FABER GROUP: Units Change Company Names
---------------------------------------
Faber Group announced the change in the name of companies in the
Group as follows effective Feb. 26, 2005:

- FM Property Management Sdn Bhd, a wholly owned subsidiary
Company of Faber Group Berhad to "Faber Facilities Sdn Bhd
(FFSB)",

- Malaysian Bagus Travel and Tours Sdn Bhd, a wholly owned
subsidiary Company of FFSB to "Faber Facilities Management Sdn
Bhd", and

- Merlin Management Corporation Sdn Bhd, a wholly owned
subsidiary Company of FFSB to "Faber Facilities Solution Sdn
Bhd".

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


JIN LIN: To Dispute Claim by Yetchi Trading
-------------------------------------------
In response to Bursa Malaysia Berhad's letter dated March 3,
2005, with regard to the announcement made by Jin Lin Wood
Industries Berhad (JLWIB) dated March 1, 2005, on the material
litigation by Yetchi Trading Sdn Berhad against the Company,
JLWIB announces the following:

YETCHI TRADING SDN BHD V. JLWIB

1. There is no financial or operational impact of the above
litigation on the Group; and

2. The Company is disputing this claim and is discussing with
the lawyers to defend this case. Should judgment be granted
against the Company, the losses, if any, shall be limited to the
claimed amount.

Query Letter content:

We refer to your Company's announcement dated March 1, 2005, in
respect of the aforesaid matter.

In this connection, kindly furnish Bursa Securities immediately
with the following additional information for public release:-
1) The financial and operational impact of the litigation on the
Group; and
2) The expected losses, if any arising from the litigation.

Yours faithfully

TAN YEW ENG
Sector Head
Issues & Listing
Group Regulations
TYE/LMN

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 4, 2005.


KAI PENG: Withdraws Suit, Begins Arbitration with GEA
-----------------------------------------------------
Further to the Company's announcement made on Aug. 9, 2004, Kai
Peng Berhad announced that Messrs Lee Hishammuddin, Company
Solicitors, had withdrawn a claim filed in the Kuala Lumpur High
Court against GEA Power Cooling Systems, Inc. (GEA) on March 3,
2005. Upon the withdrawal of the legal suit, both parties (i.e.
the Company and GEA) hereby jointly agree to begin arbitration
proceedings in Sydney to settle the amount due to the Company
arising from 4 contracts entered between the Company and GEA
earlier.

CONTACT:

Kai Peng Berhad
2nd Floor, Bangunan Palm Grove
No. 14 Jalan Glenmarie (Persiaran Kerjaya)
Section U1, 40150 Shah Alam
Selangor Darul Ehsan
Malaysia
Phone: 03-55685000
Fax:   03-55685027
Web site: http://www.kaipeng.com


KEMAYAN CORPORATION: Court Grants Restraining Order Extension
-------------------------------------------------------------
Further to the announcements dated Nov. 19, 2003, Jan. 6, 2004,
March 17, 2004, Sept. 1, 2004 and Feb. 28, 2005, Kemayan
Corporation Berhad informed Bursa Malaysia Securities Berhad
that the Kuala Lumpur High Court granted an extension up to
Sept. 3, 2005, in respect of the Restraining Order as well as
the Order for convening of the Creditors' meeting and the
Shareholders' meeting to approve the Company's Proposed
Restructuring Scheme.

CONTACT:

Kemayan Corporation Berhad
Taman Tasek
Johor Bahru, Johor Bahru 80200
Malaysia
Phone: +60 7 236 2390
Fax:   +60 7 236 5307


KUMPULAN BELTON: Seeks Shareholder Approval for Proposed Mandate
----------------------------------------------------------------
Kumpulan Belton Berhad announced that pursuant to paragraph
10.09 Part E of the Listing Requirements of Bursa Malaysia
Securities Berhad and Practice Note 12/2001, the Company
proposes to seek shareholders' approval for the Proposed
Shareholders' Mandate for Recurrent Related Party Transactions
of a revenue or trading nature, which are necessary for the day-
to-day operations, and are carried out in the ordinary course of
business of the Belton Group which are not favorable to related
parties than those generally available to the public.

The Company will seek shareholders' approval for the above
proposal at the Annual General Meeting (AGM) to be convened.

The Circular to Shareholders containing details of the above
proposal together with the Notice of Annual General Meeting will
be sent to the shareholders in due course.

CONTACT:

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


MAXIS COMMUNICATIONS: Unveils Employee Share Option Scheme
----------------------------------------------------------
Maxis Communications Berhad's additional 150,000 new ordinary
shares of RM0.10 each issued pursuant to the Company's Employee
Share Option Scheme are granted listing and quotation effective
Tuesday, March 8, 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


MECHMAR CORPORATION: No Change in Loan Default Repayments
---------------------------------------------------------
Mechmar Corporation (Malaysia) Berhad announced that there is no
change in the repayment schedules of the Company's restructured
loans in default. Attached is the list of loans in defaults and
the repayments made by the Company as at Feb. 28, 2005.

To view the list, go to:

http://bankrupt.com/misc/tcrap_mechmar030405.xls

CONTACT:

Mechmar Corporation (Malaysia) Berhad
HICOM-Glenmarie Industrial Park
Shah Alam, Selangor Darul Ehsan 40150
Malaysia
Phone: +60 3 5569 2828
Fax:   +60 5569 1316


MULTI VEST: Resumes Trading of Shares
-------------------------------------
Further to Listing Circular No. L/Q 29824 of 2005, trading in
Multi Vest Resources Berhad's shares has resumed effective
Friday, March 4, 2005, 9:00 a.m.

Please refer to the Company's announcement dated March 3, 2005.

CONTACT:

Multi Vest Resources Berhad
Level 8, Wisma Integrated
Persiaran Kewajipan, USJ1
47600 UEP Subang Jaya
Selangor Darul Ehsan
Malaysia
Phone: 03-76508099
Fax:   03-76508088/9


NAIM INDAH: Unit Posts Zero Production Due to Monsoon, Holidays
---------------------------------------------------------------
In accordance with Paragraph 9.29, of the Bursa Malaysia
Securities Berhad listing requirements, Naim Indah Corporation
Berhad announces that its wholly owned subsidiary Jernih Makmur
Sdn Bhd (which owns a Timber Concession located at Hutan
Simpanan Lebir, Mukim of Relai, District of Chiku, Jajahan Gua
Musang, Kelantan Darul Naim) was unable to extract any round
timber logs due to the East Coast Monsoon Season and the Chinese
New Year Holidays. Thus, there were no log productions for the
month of February 2005.

CONTACT:

Naim Indah Corporation Berhad
Jalan Kampar Off Jalan Tun Razak
50400 Kuala Lumpur
Malaysia
Phone: +60 3 4043 9411


NAUTICALINK BERHAD: Gets Court Order to Sanction Restructuring
--------------------------------------------------------------
Nauticalink Berhad (NB) announced that the Company had on March
3, 2005, obtained an order from the High Court of Malaya
sanctioning the Proposed Share Exchange and Proposed Debt
Restructuring so as to be binding upon NB, NB shareholders and
scheme creditors, following the filing of a petition with the
Court on Feb. 4, 2005.

When the Court Order is extracted, an office copy will be lodged
with the Companies' Commission of Malaysia, and upon lodging of
such, the Court Order will take effect.

CONTACT:

Nauticalink Berhad
8th Flr, Tower Block
Plaza Pekeliling
2, Jln Tun Razak
50400 Kuala Lumpur
Malaysia
Phone: 03-40431005
Fax:   03-40431058

This announcement is dated March 4, 2005.


PAN MALAYSIA: Issues Shares Buy Back Notice
-------------------------------------------
Pan Malaysia Corporation Berhad disclosed details of its shares
buy back to the Bursa Malaysia Securities Berhad on March 4,
2005.

Date of buy back: 04/03/2005

Description of shares purchased: Ordinary shares of RM0.50 each

Total number of shares purchased (units):             60,000

Minimum price paid for each share purchased (RM):      0.375

Maximum price paid for each share purchased (RM):      0.400

Total consideration paid (RM):                   23,644.41

Number of shares purchased retained in treasury
(units):  60,000

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

Cumulative net outstanding treasury shares as at to-date
(units): 19,160,000

Adjusted issued capital after cancellation
(no. of shares) (units): 0

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: Buys Back 40,000 Shares
----------------------------------------
Pantai Holdings 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):             40,000

Minimum price paid for each share purchased (RM):      0.980

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

Total consideration paid (RM):                   39,672.04

Number of shares purchased retained in treasury
(units):  40,000

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

Cumulative net outstanding treasury shares as at to-date
(units): 27,739,200

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

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/


PILECON ENGINEERING: Issues Notice of Warrants Expiry
-----------------------------------------------------
Notice is hereby given that, pursuant to the conditions
stipulated in the Deed Poll dated Jan. 31, 2000, constituting
warrants which carry the rights to subscribe for new ordinary
shares of RM0.50 each in Pilecon Engineering Berhad, the
subscription rights of the Warrants (as hereinafter defined)
will expire on Monday, April 4, 2005, 5.00 p.m. The number of
Warrants as at Feb. 18, 2005, being the latest practicable date
prior to the date of this Notice, is 199,788,491.

All holders of Warrants (Warrantholders) intending to exercise
their Warrants are advised to submit the documents referred to
in Section 4.1 below to the Share Registrar of the Company no
later Monday, April 4, 2005, 5.00 p.m. on Monday.

WARRANTS NOT EXERCISED BY THE EXPIRY DATE WILL LAPSE AND BECOME
NULL AND VOID, AND SHALL CEASE TO BE EXERCISABLE THEREAFTER.
ACCORDINGLY, THE WARRANTS WILL BE REMOVED FROM THE OFFICIAL LIST
OF THE BURSA MALAYSIA SECURITIES BERHAD EFFECTIVE TUESDAY, APRIL
5, 2005, 9.00 A.M.

Warrantholders are therefore advised to note carefully the
procedures set out below:

1. SUSPENSION OF TRADING AND LAST DAY FOR TRADING

The last day for trading of the Warrants is Thursday, March 17,
2005. Following the end of trading at 5.00 p.m. on that day, the
Warrants will be suspended from quotation on the Securities
Exchange effective Friday, March 18, 2005, up to the Expiry
Date.

2. EXERCISE PRICE

The exercise price in accordance with the Deed Poll is RM1.30
for every one (1) new ordinary share in the Company. A
Warrantholder exercising 1,000 Warrants would therefore have to
pay RM1,300.00 for 1,000 new ordinary shares in the Company.

3. MODE OF PAYMENT OF EXERCISE PRICE

Remittance must be made in full for the Exercise Price, payable
in Ringgit Malaysia via banker's draft / cashier's order / money
/ postal order issued by a post office in Malaysia, payable to
"PEB Warrant Exercise A/C", crossed "A/C Payee Only" and
endorsed on the reverse side with the name, address,
NRIC/passport number/Company registration number and Central
Depository System (CDS) account number of the Warrantholder.

4. EXERCISE OF SUBSCRIPTION RIGHTS

4.1 If you are a Warrantholder who wants to exercise your
subscription rights, you should:

(i) Complete and sign the prescribed Exercise Form which can be
obtained from the Share Registrar of Pilecon, Epsilon
Registration Services Sdn Bhd, 312, 3rd Floor, Block C, Kelana
Square, 17 Jalan SS 7/26, 47301 Petaling Jaya, Selangor Darul
Ehsan, during normal office hours;

(ii) Deliver to the Share Registrar of Pilecon the following
documents not later than Monday, April 4, 2005, 5.00 p.m.:
            (a) The duly completed Exercise Form; and

            (b) Remittance for the full Exercise Price as
mentioned in Sections 2 and 3 above.

4.2 The Company shall within ten (10) market days upon receiving
the duly completed Exercise Form together with the requisite
payment or such other period as may be prescribed by the
Securities Exchange:

            (i) allot and issue the new ordinary shares arising
from the exercise of Warrants;
            (ii) dispatch a notice of allotment to the
Warrantholder exercising his Warrants; and
            (iii) make an application for the quotation of such
new ordinary shares issued pursuant to the exercise of the
Warrants.

All new ordinary shares to be issued pursuant to the exercise of
the Warrants will be credited into the CDS account of the
Warrantholder. The Company will allot and issue new ordinary
shares pursuant to the exercise of the Warrants, dispatch
notices of allotment to Warrantholders and apply to the
Securities Exchange for the quotation of such new ordinary
shares within ten (10) market days of receipt of the duly
completed Exercise Form together with the requisite payment.

5. BOOK CLOSURE DATE IN RELATION TO THE WARRANTS

            FURTHER NOTICE IS HEREBY GIVEN THAT in relation to
the Warrants:

            (a) Bursa Malaysia Depository Sdn Bhd (BMD) will not
accept any request for the transfer of Warrants for the period
commencing Monday, March 28, 2005, 4.00 p.m. to Monday, April 4,
2005; and
            (b) Warrantholders will qualify for entitlement to
subscribe for new ordinary shares in respect of:

                  (i) Warrants transferred into the depositor's
CDS account before 4.00 p.m. on Monday, March 28, 2005; or
                  (ii) Warrants bought on the Securities
Exchange on or before Thursday, March 17, 2005, being the last
day of trading of the Warrants.

6. EXPIRY OF WARRANTS

            Warrantholders should note that:

            (i) If their subscription rights are not exercised
and the relevant Exercise Form is not delivered to the Company's
Share Registrar by 5.00 p.m. on Monday, April 4, 2005, the
rights will lapse and become null and void and cease to be
exercisable thereafter; and

            (ii) All unexercised Warrants remaining in a
depositor's securities account as at Monday, April 4, 2005/ will
be debited from the respective depositor's securities account on
Tuesday, April 5, 2005.

7. ENQUIRIES

            Should you have any queries concerning this Notice,
please contact the Share Registrar, at:

            Epsilon Registration Services Sdn Bhd
            312, 3rd Floor, Block C, Kelana Square,
            17 Jalan SS 7/26, 47301 Petaling Jaya
            Selangor Darul Ehsan
            Tel. No. : (603) 7803 1126 / (603) 7806 2116
            Fax No. : (603) 7806 1261

IF YOU ARE IN DOUBT AS TO THE COURSE OF ACTION THAT YOU SHOULD
FOLLOW, YOU SHOULD CONSULT YOUR STOCKBROKER, BANKER, SOLICITOR
OR OTHER PROFESSIONAL ADVISER(S) IMMEDIATELY.

BY ORDER OF THE BOARD
Pilecon Engineering Berhad

TONG SIUT MOI (MAICSA 7024173)
LEE LI LI (LS 0008667)
Company Secretaries

Shah Alam

CONTACT:

Pilecon Engineering Berhad
No. 2, Jalan U1/26 Seksyen U1,
Hicom-Glenmarie Industrial Park, Shah Alam,
Selangor Darul Ehsan 40000 Malaysia
Phone: (603) 704-1888

This notice is dated March 4, 2005.


SATERAS RESOURCES: Issues Practice Note Update
----------------------------------------------
Further to the announcement made on Feb. 2, 2005, pursuant to
paragraph 4.1b of the Practice Note 4/2001 of the Bursa Malaysia
Securities Berhad listing requirements, Sateras Resources
(Malaysia) Berhad announced that there is no further development
pursuant to paragraph 4.1b of the Practice Note 4/2001 of the
Listing Requirements.

CONTACT:

Sateras Resources (Malaysia) Berhad
19 Jalan Pinang Kuala Lumpur,
Kuala Lumpur 50450
Malaysia Phone: +60 2162 5288
Telephone:      +60 2161 8529


TT RESOURCES: Issues Update on Renewal of General Mandate
---------------------------------------------------------
TT Resources Berhad (TTRB) obtained the approval of its
shareholders at the Extraordinary General Meeting of the Company
held on June 21, 2004, for the renewal of the general mandate
pursuant to Paragraph 10.09 of the Listing Requirements of Bursa
Malaysia Securities Berhad, which enabled the TTRB Group to
enter into Recurrent Related Party Transactions of a revenue or
trading nature, as set out in the Circular to Shareholders dated
May 28, 2004, issued in relation thereto which included the RRPT
as listed in Table 1.

TTRB announces that due to the Internal Restructuring Exercise
as announced on Dec. 30, 2004, Company subsidiary TT Resources
Food & Services Sdn Bhd had on 2 March 2005 taken up the tenancy
of the premises in place of the Company and its various wholly-
owned subsidiaries as listed in Table 1 by executing Deeds of
Novations in respect of the existing tenancy agreements and
taking up the tenancy arrangements with related transacting
parties respectively. Notwithstanding the date of execution of
the relevant novations and tenancy arrangements by parties
concerned, the Changes in RRPT shall be effective on Jan.1,
2005, in order to be in line with the commencement date of the
Internal Restructuring Exercise.

1. DETAILS OF THE CHANGES IN RRPT

Pursuant to the Changes in RRPT, the Transacting Companies shall
assign all sums of monies (including the relevant rental
deposit) and all of its rights title and interest under the
tenancy agreements and/or arrangements to TTRFS from the date of
executing the relevant novations and tenancy arrangements.
Accordingly, TTRFS is the new transacting party for the said
RRPT with no changes in the estimated transaction value for year
2004/2005.

            The terms of the novations and tenancy arrangements
entered into are determined through arms length negotiations
between TTRFS, Transacting Companies and Related Transacting
Parties, based on the prevailing market rates and terms which
are not more favorable than the terms with other parties.

2. INTEREST OF DIRECTORS, MAJOR SHAREHOLDERS AND PERSONS
CONNECTED WITH THEM

The changes in transacting parties are in respect of the RRPT
entered into by TTRB Group with companies or persons deemed
connected with the following related parties:

(a) Tan Sri Dato' Tan Chee Sing (TSDT), the Executive Vice-
Chairman of TTRB and a major shareholder of TTRB. The persons
connected with TSDT and the companies of which TSDT is deemed
related and transacting with TTRB Group include Puan Sri Datin
Chan Shao Tsiu (PSDC), Tan Sri Dato' Seri Tan Chee Yioun
(TSTCY), Ms Tan Choon Lui, Aneka Makmur Sdn Bbd (AMSB), Berjaya
Land Bhd (BLB), Berjaya Golf Resort Berhad (BGRB), Bukit Kiara
Resort Berhad (BKRB), Dicorp Land Sdn Bhd (DLSB), Elite Meridian
Sdn Bhd (EMSB), Glorade Sdn Bhd (GSB), Intan Recreation Sdn Bhd
(IRSB), KDE Recreation Berhad (KDE), Mutiara Cempaka Sdn Bhd
(MCSB), Tioman Island Resort Berhad (TIRB) and Tropicana Golf &
Country Resort Bhd (TGCR).

(b) PSDC, a major shareholder of TTRB, is the spouse of TSDT.
The companies of which PSDC are deemed related and transacting
with TTRB Group include AMSB, GSB and MCSB.

(c) Dato' Tan Ting Wong (DTTW), a director of certain subsidiary
companies of TTRB, namely Ultra Legion Sdn Bhd, Star KTV Sdn
Bhd, TT Leisure Management Sdn Bhd, TTRB Hotel Management Pty
Ltd, TTRB Property Pty Ltd, Songbird Amusement Sdn Bhd, Songbird
Entertainment Sdn Bhd and Songbird Musical World Sdn Bhd. The
companies in which DTTW is deemed related and transacting with
TTRB Group include EMSB, GSB and IRSB.

(d) Dato' Lim Kim Huat (DLKH), a director of TTRB and a major
shareholder of TTRB. He is also the brother-in-law of PSDC, CCC
and CCY. The companies in which DLKH is deemed related and
transacting with TTRB Group include AMSB, EMSB and GSB.

(e) Chan Chou Chian (CCC) is a brother of PSDC. He is also a
director of all subsidiaries of the Company except TTRB Hotel
Management Pty Ltd and TTRB Property Pty Ltd. The Company in
which CCC is a director and transacting with TTRB Group is MCSB.

(f) Chan Chau Yang (CCY), the Executive Director of TTRB, the
brother of PSDC and CCC and the brother-in-law of TSDT and DLKH.

Save and except for the above, none of the other Directors and
Major Shareholders of TTRB and parties connected to them have
any interest, direct or indirect, in the Changes in RRPT.

3. FINANCIAL EFFECTS

(A) Earnings

The Changes in RRPT are not expected to have any material effect
on the earnings of TTRB Group for the current financial year
ending Dec. 31, 2005.

(B) Net Tangible Asset (NTA)
The Changes in RRPT are not expected to have any material effect
on the NTA of TTRB Group.

(C) Share Capital
The Changes in RRPT will not have any effect on the issued and
paid-up capital of TTRB.

(D) Substantial Shareholders' Shareholding
The Changes in RRPT will not have any effect on the substantial
shareholders' shareholding in TTRB.

4. APPROVALS REQUIRED

The Changes in RRPT do not require the approval of the
shareholders of TTRB. However, the shareholders' approval will
be sought at the next forthcoming General Meeting of the Company
for the renewal of the shareholders' general mandate to include
the approval for the said RRPT involving changes in transacting
parties, where appropriate.

5. STATEMENT BY THE BOARD OF DIRECTORS OF TTRB

Save and except for Tan Sri Dato' Tan Chee Sing, Dato' Lim Kim
Huat and Chan Chau Yang, who are interested, the Board of
Directors of TTRB is of the opinion that the Changes in RRPT are
in the best interest of the Company.

For further details on the report, click on:

http://bankrupt.com/misc/tcrap_ttresources030405.doc

CONTACT:

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


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


BACNOTAN CONSOLIDATED: Php4.09-Bln Profit Offsets Previous Loss
---------------------------------------------------------------
Bacnotan Consolidated's Php4.09-billion net profit in 2004 has
significantly offset a Php583.4-million loss in 2003, reports
Dow Jones Newswires.

The profit increase was attributed to a one-off gain from the
Company's divestment from a cement firm.

Last year, Bacnotan sold its direct stake in Union Cement
Holdings Corporation for US$89.4 million. Bacnotan's unit, Atlas
Cement Corp., also divested from Union Cement Holdings for
US$124.6 million.

Bacnotan reported in its financial statement a PHP5.9 billion
gain on sale of investments.

As a result of the one-time gain, Bacnotan declared a special
cash dividend of Php9 a share to shareholders on record March
31. The Php1.53 billion cash dividend will be paid April 18.

The Company said it is continuing to reinvest gains from its
recent divestment, with its board approving Friday the
additional equity infusion in an investment house and an
investment in a school in southern Philippines.

Bacnotan said it will infuse Php100 million into AB Capital and
Investment Corp., and will invest Php280 million in Cagayan de
Oro College Inc.

Earlier, the Company had increased investments in two property
development firms.

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/


MANILA ELECTRIC: ERC Lauds Rate Reduction
-----------------------------------------
The Energy Regulatory Commission (ERC) has praised the Manila
Electric Company (Meralco) for successfully improving the
dispatch of its independent power producers (IPPs), resulting to
a rate cut of 37.5 centavo per kilowatt-hour, reveals the
Philippine Star.

The ERC noted that the embattled power firm managed to dispatch
First Gas Power Corp.'s Sta. Rita natural gas-fired power plant
at higher than contracted level, thus, resulting in lower cost
of generation per kwh. Aside from Sta.Rita, the other IPPs of
Meralco are: San Lorenzo and Quezon Power Philippines Ltd.

ERC chairman Rodolfo Albano Jr. also noted that their new rules
on rate adjustment also facilitated Meralco's rate reduction.

Mr. Albano is urging other power distribution utilities to
follow Meralco's lead and look for ways to improve their rates
and makes their operations more efficient.

Meralco's customers will enjoy a 37.5-centavo per kwh reduction
in the generation charge in their March 2005 bills as the firm
sources more power from its IPPs.

CONTACT:

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


NATIONAL BANK: BOD Sets Annual Stockholders' Meeting on May 24
--------------------------------------------------------------
The Philippine National Bank advised the Philippine Stock
Exchange that the Board of Directors of the Company during its
Executive Session held Friday, March 4, 2005 approved the
holdings of the Annual Stockholders' Meeting on May 24, 2005 at
8:00 a.m. at the Ballroom, Upper Lobby, Century park Hotel, 599
Pablo Ocampo Sr. St., Malate, Manila.

The Agenda for the meeting is as follows:

(1) Call to Order
(2) Secretary's Proof of Notice and Quorum
(3) Approval of the Minutes of the 2004 Annual Stockholders'
Meeting on May 25, 2004
(4) Report of the President on the Results of Operations for the
Year 2004
(5) Approval of the 2004 Annual Report
(6) Ratification of All Acts and Proceedings of the Board of
Directors and Corporate Officers since the 2004 Annual
Stockholders' Meeting
(7) Election of Directors
(8) Appointment of External Auditors
(9) Other Matters
(10) Adjournment

For this purpose, only stockholders of record as of April 25,
2005 will be entitled to vote at this meeting.

CONTACT:

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


NATIONAL POWER: Coal Plants Drive Output Up by 6.74% in 2004
------------------------------------------------------------
National Power Corporation (Napocor) has posted a 6.74% increase
in power output in 2004, reports Business World.

In a statement, the power firm said its gross generation rose to
41,548 gigawatt-hours (GWh) last year from 38,926 GWh in 2003.

Napocor attributed the rise to its coal-fired plants, which
contributed the biggest share to total generation at 31.76
percent, up slightly than the 2003 figure of 31 percent. The
power firm also noted production of its coal facilities
increased year on year from 12,067.33 GWh to 13,193.67 GWh.
Geothermal plants for its part accounted for 24.75 percent or
10,281.55 GWh, slightly lower than the 25.23 percent share or
9,822.44 GWh output recorded in 2003.

The share of hydroelectric plants in the generation mix stood at
20.51 percent or 8,520.83 GWh last year, up from 20.07 percent
in 2003, when the generation of hydro plants was recorded at
7,812.95 GWh, Napocor said.

The production of oil-based power plants reached 13.17 percent
or 5,471.69 GWh of the gross generation, considerably higher
than the 2003 figure of 12.12 percebt or 4,718.05 GWh. Finally,
natural gas accounted for 9.82% or 4,079.78 GWh, down from the
year-ago figure of 11.57% or 4,505.05 GWh.

On a per-region basis, Napocor said Luzon accounted for the
biggest share of the gross generation at 65.44 percent or
27,188.41 Gwh. The Visayas grid contributed 17.74 percent or
7,370.93 GWh, while Mindanao reported a 16.82 percent share or
6,988.41 GWh. The mix refers to the proportion of the fuel types
that Napocor uses to run its plants.

Napocor said that over the years it has been shifting from
thermal fuels like diesel and fuel oil to indigenous fuels like
natural gas, hydro and geothermal in order to reduce the
country's dependence on imported oil.

CONTACT:

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


NATIONAL STEEL: Global Steel May Fail to Get Sovereign Guarantee
----------------------------------------------------------------
Global Steelworks Infrastructure Inc. (GSII) may not get a
sovereign guarantee for the loan it intends to secure from a
foreign bank to fund its takeover of the financially distressed
National Steel Corporation (NSC), The Manila Times reports.

Global Steel's plan to secure a guarantee from the government
for its loan is becoming vague as the Department of Trade and
Industry (DTI) appears not convinced of the Company's
justification in seeking the guarantee.

Through the Philippine Export-Import Credit Agency, the Indian-
owned firm is requesting the government to grant it a guarantee
for the US$20-million loan it plans to borrow from an offshore
lender.

The firm intends to use the fund to pay its original loan from
one of its suppliers, the Stemcor (SEA) Pte. Ltd. through the
Australia and New Zealand Banking Group Ltd. based in Singapore,
which is already set to mature.

The original Php1-billion loan was used by Global Steel to pay
its creditor banks led by the Philippine National Bank as part
of the National Steel's take over.

DTI Secretary Juan B. Santos, meanwhile, said he is still
reviewing the Global Steel's petition and will make public his
decision in a month's time.

National Steel was shut down in 1999 due to massive losses
resulting from cutthroat competition. Global Steel won the
tender for National Steel's takeover and was required to buy the
facility at Php13.25 billion with an initial capital of Php1
billion. The remaining amount will be payable for eight years.


PHILIPPINE LONG: Chairman Boosts Stake
--------------------------------------
Philippine Long Distance Telephone Company's (PLDT) Chairman
Manuel Pangilinan raised its stake in the telecommunications
firm, Dow Jones Newswires reports.

Mr. Pangilinan on Friday bought 1,000 more shares in PLDT at
Php1,465 each. The purchase brought Mr. Pangilinan's total
holdings to 90,874 shares.

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


RB RIZAL: PDIC Services Claims of Insured Depositors
----------------------------------------------------
The Philippine Deposit Insurance Corporation (PDIC) started its
operations for the servicing of claims for insured deposits in
the closed Rural Bank of Rizal (Occidental Mindoro) Inc. (RBRI)
on Wednesday, March 2, 2005.

Depositors are requested to proceed directly to the premises of
RBRI where they can file their claims with the PDIC
representatives from March 2 to March 10, 2005, during office
hours, Monday to Friday.

After the said date, all depositors can file their claims
personally at the PDIC Claims Counter, 6th Floor, SSS BLDG,
Ayala Avenue corner V.A. Rufino St., Makati City from Monday to
Friday, 8:00 A.M. to 5:00 P.M. or by mail to:

The Manager
Claims Processing Department
Philippine Deposit Insurance Corporation
2228 Chino Roces Avenue
1231 Makati City

Depositors are advised to present the following requirements to
the PDIC representatives when filing their claims:

a. Original evidence of deposit such as Savings Passbook,
Certificate of Time Deposit, or Bank Statement including Unused
Checks.

b. Two (2) latest identification cards/documents (IDs) with
depositor's signature.

Other documents maybe required by the PDIC representatives in
the course of their processing of claims filed.

Pursuant to the provisions of R.A. 3591, as amended by R.A.
9302, the last day for filing claims for insured deposits in the
closed Rural Bank of Rizal (Occidental Mindoro), Inc. is on
February 25, 2007.  After February 25, 2007, PDIC as insurer
shall no longer accept any claim for insured deposits maintained
with the said closed bank.


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


CHINA AVIATION (S): Contests Claim of SK Energy
-----------------------------------------------
China Aviation Oil (Singapore) Corporation Ltd advised the
Singapore Stock Exchange (SGX) that on March 4, 2005, it was
served a Judicial Management Petition filed in the Singapore
High Court by SK Energy Asia Pte Ltd.

The Company has sought legal advice and is of the view that
there are good legal grounds to dismiss or stay the judicial
management petition.

The Company is of the view that judicial management is not in
the interests of any stakeholder, whether creditor, minority
shareholders, potential new investor, the Company or its parent
Company. In this case, it is certain that judicial management
will lead to the liquidation of the Company, rather than
"benefit debt negotiations", as SK Energy wrongly believes.

Hence under judicial management (which will lead to liquidation
in this case), the recovery for creditors will be very low
relative to restructuring, while shareholders will recover
nothing in liquidation. The Company strongly believes that debt
restructuring under the proposed Scheme is the best way forward
for all, creditors and shareholders alike.

Pending the hearing of the judicial management petition, the
Company will continue to work hard on the debt restructuring
process. The Company has prepared certain financial and other
information that has been distributed to creditors and will be
engaging creditors in further discussions on the proposed
Scheme. To date, the Company has also taken the feedback it has
been receiving from creditors seriously and has given such
feedback due consideration.

The Company believes that the restructuring process has the
support of the majority of the creditors and shareholders of the
Company, who are rational and realistic about the situation that
the Company is in. It is therefore in the interest of these
creditors and shareholders that the Company intends to
vigorously contest the judicial management petition in the High
Court, so that the legitimate interests and rights of the
majority will not be adversely prejudiced.

CONTACT:

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


GREATRONIC LIMITED: Replies to SGX Query
----------------------------------------
With reference to the queries from the Singapore Exchange
Securities Trading Limited (SGXST) regarding Greatronic
Limited's SGX announcement 00097 dated March 3, 2005 on
"Application For Extension of Time to Announce Financial Results
for the Full Year ended December 31, 2004", the Company would
like to provide the following clarification on the factors
contributing to our `Profit Warning'.

(1) The losses reassigned from a shareholder of a subsidiary
Company pertain to a deed of assignment of earnings dated 22
April 2003, whereby the other shareholder of Greatronic
Technology (M) Sdn Bhd (GTM) assigns his rights to 70% of the
earnings of GTM to the Company. During the second half of the
year ended December 31, 2004, GTM made a net loss.

Consequently, the Company recognized the other shareholder's 70%
share of the net loss of GTM. This reassignment of losses from
the other shareholder of GTM is negated by the amount of GTM's
net loss attributable to this minority shareholder.

(2) On review, the Company would like to clarify that the larger
losses in the second half of the year compared to the first half
are due mainly to an increase in provisions for slow moving
stocks, an increase in depreciation charges and a larger loss on
disposal of fixed assets.

(3) The increase in provision for slow moving stocks is due to
the Company adopting a new policy to provide for slow moving
stocks in addition to providing for obsolete stocks. Other than
the possible full provision for the sum of $1.3 million
receivables from Greatlink Electronics Germany and Greatlink
International Inc., USA, the Company would like to clarify that
there was no increase in provision for doubtful debts.

CONTACT:

Greatronic Ltd (formerly: Cybermast Ltd)
627A Aljunied Road #07-02
Biztech Centre
Singapore 389842
Telephone: 65 68417828
Fax: 65 68417282
Web site: http://www.greatronic.com/


GREATRONIC LIMITED: Auditor Presents Interim Report
---------------------------------------------------
The Audit Committee (AC) of Greatronic Limited advised the
Singapore Stock Exchange (SGX) that further to the announcements
made on February 27 and 28, 2005, the Company's Auditors, Ernst
& Young (EY) have presented their interim report on the
transactions which gave rise to the S$1.3 million outstanding
receivables in the Company's subsidiary, Greatronic Technology
(M) Sdn Bhd (GTM).

EY have found that certain critical supporting documents for the
transactions are not or no longer available in GTM and have been
unable to obtain confirmation from overseas counterparties. As
a result, at this point of the investigation, EY are unable to
substantiate the allegation that the outstanding receivables
arose from inflated prices intended to show higher profits for
GTM.

Further, EY have found that certain receivables from Greatlink
Electronics Germany GmbH had been settled in October 2004 by way
of set-off against amounts payable to an overseas supplier.
EY have not been able to sight documentary evidence supporting
the right of set-off amounting to approximating S$1,462,000. In
the event the right of set-off is refuted, receivables and
payables will be increased by S$1,462,000, and an assessment
would have to be made on the recoverability of the receivables
at that time.

Notwithstanding the on-going investigation by EY, the AC has
received contradictory assertions of the transactions from Mr.
Lim Kok Koon (Mr. Lim), a Director and the Chief Executive
Officer, and Mr. Huang Ming Lang @ Max Huang (Mr. Huang), a
Director and the Chairman of the Company.

On 3 March 2005, Mr. Lim wrote to the AC to categorically deny
the allegation on his part to inflate prices to show higher
profits for GTM. Mr. Lim now says that the outstanding
receivables were genuine transactions made in the ordinary
course of business and the reason for non-payment is because of
"personal disputes" between Mr. Huang and him. Notwithstanding
the new assertion made by Mr. Lim, the AC stands by its
announcements made on February 27 and 28.

Separately, on 4 March 2005, Mr. Huang in a tele-conversation
with the AC and EY, said that the transactions in question were
not genuine.

Based on the current findings of EY and the contradictory
assertions made by Mr. Lim and Mr. Huang, the AC has decided
that a full provision of the sum of S$1.3 million will be
recorded in the Group's profit and loss account for the year
ended 31 December 2004. Nonetheless, the Company will vigorously
pursue the recovery of the outstanding amount of S$1.3 million.


KALL TECK: Court Begins Winding Up Process
------------------------------------------
Notice is hereby given that a Petition for the winding up of
Kall Teck Private Limited by the High Court was on the 22nd day
of February 2005 presented by Ng Hwee Yong (NRIC No. S0169858C)
of Block 216, Ang Mo Kio Avenue 1 #09-857, Singapore 560216, a
creditor of the abovenamed Company

The said Petition is directed to be heard before the Court
sitting at the High Court in Singapore at 10:00 a.m. on Friday,
March 18, 2005, and any creditor or contributory of the said
Company desiring 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.

The Petitioner's address is Block 216, Ang Mo Kio Avenue 1 #09-
857, Singapore 560216.

The Petitioner's Solicitors are Messrs GUOFU of 20 Maxwell Road,
#11-18 Maxwell House, Singapore 069113.

Dated this 2nd day of March 2005
Messrs GUOFU
Solicitors for the Petitioner

Note:

Any person who intends to appear on the hearing of the said
Petition must serve on or send by post to the abovenamed Messrs
Guofu, notice in writing of his intention to do so.

The notice must state the name and address of the person, or, if
a firm, the name and address of the firm and must be signed by
the person or firm or his or their solicitors (if any) and must
be served, or, if posted, must be sent by post in sufficient
time to reach the abovenamed not later than 12 o'clock noon of
the 17th day of March 2005 (the day before the day appointed for
the hearing of the Petition).


MAESTRO LOGISTICS: Enters Winding Up Proceedings
------------------------------------------------
In the matter of Maestro Logistics Pte Ltd (RC No. 200104973Z) a
winding up order was made on the 18th day of February 2005.

Name and address of Liquidator:

Mr. Ramasamy Subramaniam Iyer
c/o PricewaterhouseCoopers
8 Cross Street
#17-00 PWC Building
Singapore 048424

Messrs Tan Kok Quan Partnership
Solicitors for the Petitioners


NATUNA RESOURCES: Winding Up Hearing Set March 18
-------------------------------------------------
Notice is hereby given that a Petition for the Winding Up of
Natuna Resources Pte. Ltd. by the High Court was, on February
24, 2005, presented by EI Marine Pte Ltd, a Company incorporated
in the Republic of Singapore and having its registered office at
No. 22 Tanjong Kling Road, Jurong Town, Singapore 628048, a
creditor.

The said Petition is to be heard before the court sitting at the
High Court of Singapore at 10:00 a.m. March 18, 2005.

Any Creditor or Contributory of the said Company desiring 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 this 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.

The Petitioner's address is No. 22 Tanjong Kling Road, Jurong
Town, Singapore 628048.

The Petitioner's solicitors are Messrs Ruth Chia & Co of 58 Tras
Street #02-01, Singapore 078997.

Messrs Ruth Chia & Co
Solicitors for the Petitioner
Ref. FC/EIM/3092/05/lit/ac

Note:

Any person who intends to appear at the hearing of the said
Petition must serve on or send by post to the abovenamed
solicitors Messrs Ruth Chia & Co, notice in writing of his
intention to do so.

The notice must state the name and address of the person, or, if
a firm, the name and address of the firm, and must be signed by
the person or 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 twelve o'clock noon of
17th March 2005 (the day before the day appointed for the
hearing of the Petition).


RONG MAH: Faces Winding Up Process
----------------------------------
In the matter of Rong Mah Building Products (Sea) Pte Ltd. a
winding up order was made on February 18, 2005.

Name and Address of Liquidator:

The Official Receiver
The URA Centre (East Wing)
45 Maxwell Road #05-11/#06-11
Singapore 069118

Dated the 18th day of February 2005

Messrs Ruth Chia & Co.
Solicitors for the Petitioner
58 Tras Street #02-01
Singapore 078997
Telephone: 2209650


SIN YUH: Sets Creditor's Meeting March 24
-----------------------------------------
Notice is hereby given that the first meeting of the creditors
in Sin Yuh Industries (Pte) Ltd (In Court Winding Up) will be
held at 47 Hill Street, #05-01 Chinese Chamber of Commerce &
Industry Building, Singapore 179365 on March 24, 2005 at 10;30
am.

To entitle the creditor to vote thereat, proofs must be lodged
with the joint liquidator not later than 12:00 noon on March 21,
2005.

Forms of proof and general and special proxies are enclosed
herewith.

Proxies to be used at the meeting must be lodged with me not
later than 12:00 noon on March 21, 2005.

Dated this 4th day of March 2005

Kon Yin Tong
Joint Liquidator

Address: Liquidators' Office
Foo, Kon Tan Grant Thornton
47 Hill Street
#05-01 Chinese Chamber of Commerce & Industry Building
Singapore 179365


SUN-CAST TECHNOLOGY: Receiving Proofs of Claim Until March 24
-------------------------------------------------------------
Sun-Cast Technology Pte Ltd (In Liquidation) posted a notice of
intended preferential dividend to the Government Gazette,
Electronic Edition with the following details:

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

Last day for receiving Proofs: March 24, 2005

Name and Address of Liquidator:

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

Dated this 4th day of March 2005


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


ABICO HOLDINGS: Compares 2003 and 2004 Results
----------------------------------------------
ABICO Holdings Public Company Limited submitted to the Stock
Exchange of Thailand (SET) its audited financial statements for
the year 2004. The Company's performance in comparison with 2003
may be summarized as follow:

(1) The Company earned a total revenue from sales of THB204.01
million.

(Unit: million baht)

Company/Business  Financial Increase/Decrease  Statement at end
                                               of year
                                           2004         2003

Co-Packing                  192.52       174.35        18.17

Real estate business         11.49        15.30        (3.81)

Total                       204.01       189.64        14.36

Co-Packing Business has earned more revenue of THB18.17 million,
as a result of the increase in order from the previous year.

- Real Estate Business has earned less revenue of THB3.81
million due to the decrease of rental rates and service fees to
suit with the current business situation.

(2) The expenses for the sale and management is THB65.54
million, an increased of THB0.19 million which is comparable to
that of the previous year.

(3) The Company has earned profit sharing from investment fund
as to equity method of THB5.57 million, which was the whole
amount of the result of the investment in Malee Sampran Public
Co., Ltd.

(4) The Company had applied for the business reorganization
through the Central Bankruptcy Court, which had been approved on
April 12, 2004.

The resolution was passed to accept the business reorganization
plan in the creditors meeting on November 12, 2004 and the
Central Bankruptcy Court as well as the appointment of the
Company as the executive planner on November 29, 2004 has
approved the same.

Forwarded for your information.

Yours Sincerely,
Kitti Vilaivarangkul
Abico Holdings Public Co.,Ltd.
The Plan Administor of Abico Holding 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
Website: http://www.abicogroup.com


THAI ENGINE: Unveils Year 2004 Performance
------------------------------------------
Thai Engine Manufacturing Public Company Limited informed the
Stock Exchange of Thailand (SET) on its performance for 2004.

The Company was able to generate a net profit of THB7.028
million an increase compared to that in 2003 where it had net
losses of THB124.56 million, as results of:

(1) In 2004, sales revenues were THB242.15 million, a 178.81%
increase from 2003, its operation margin was 23.42%, a
significant improvement from 10.76% margin from 2003.

(2) The Company can reduce the cost of administration and
selling from 2003 about 19.87%.

(3) In 2003, there were additional costs resulting from increase
in debts under Rehabilitation Plan and of asset write-offs about
THB75.67. These provisions resulted in net losses in 2003.

Further to the abovementioned reasons, the Company in the first
nine months of year 2003 had Churchill Pryce Planner Co. Ltd.
(CPP) as its Plan Administrator.  CPP focused mostly on
restructuring the financial liabilities and the organizational
structure in accordance to the Plan.

When the current Co-Plan Administrators took on the job, they
try to increase volume sales and reduce cost of production,
administration and selling.  Their goals were to strengthen TEM
financially and make its business viable.

Yours sincerely,
Miss.Tassanee Sayanhunsa
Vice Manager Director

CONTACT:

Thai Engine Manufacturing Pcl
Alfa Bldg, Floor 8-12,69/8-12
Vibhavadi Rangsit Road, Phaya Thai Bangkok
Telephone: 0-2644-4151-75
Fax: 0-2644-4181-2
Website: http://www.thaiengine.com


TONGKAH HARBOUR: Releases AGM Resolution and Capital Increase
-------------------------------------------------------------
Pursuant to the Annual General Meeting (AGM) of Shareholders No.
11/2005 held on 4 March 2005 at Ampornpimarn Room, 4th Floor,
The Grand Hotel No. 238 Rachadapisek Road, Huay Kwang, Bangkok,
Tongkah Harbour Public Company Limited advised the Stock
Exchange of Thailand the Shareholders and investors that the AGM
unanimously approved and or acknowledged:

(1) The Minutes of the AGM No.10/2004 held on 26 April 2004 as
presented.

(2) The Company's Annual Report for the year 2004.

(3) The Audited statement of accounts for the fiscal year as at
31 December 2004 as tabled.

(4) The non-allocation of profit and the nonpayment of dividend.

(5) The re-appointment of the retiring Directors by rotation
those listed below to be the Company's Directors for another
term:

(a) Mr. Pricha Attavipach          Chairman
(b) Mr. John Peter Mills           Executive Director
(c) Mr. Kwa Boo Leong              Executive Director

The director's monthly remuneration for the fiscal year 2005
will be fixed as follows:

(i) Chairman of the Board annual fee THB55,000 and Board's
Meeting Allowance THB13,000 per meeting

(ii) Ordinary Members annual fee THB20,000 and Board's Meeting
Allowance THB5,500 meeting.

(iii) Independent Director and Chairman of the Audit Committee
annual fee THB27,500 Audit Committee Meeting Allowance,
THB13,200 per meeting and Board's Meeting Allowance THB5,500 per
meeting.

(iv) Independent Director and Member of Audit Committee annual
fee THB22,000 Audit Committee Meeting Allowance, THB11,000 per
meeting and Board's Meeting Allowance THB5,500 per meeting.

(6) The appointment of Mr. Edward Mervyn William Jones and
Mr. Udom Chirapanathorn as additional directors of the Company.

(7) (a)  The appointment of  Mr. Anurak Lelapiyamit as Certified
Public Accountant, License No. 3462, and/or Mr. Boonsri
Techavarutama -Certified Public Accountant, License No. 3336 of
BDO Richfield Limited, as the Company's auditors for fiscal year
2005.

In the event that one of the above is unable to perform his
duties, the other may serve as a backup to perform auditing
services for the Company.

In addition, BDO Richfield Limited are independent, not related
to the Company or its management, and have not served the
Company for any period of time.

(b) That their remuneration be fixed at THB419,000
(Four hundred and nineteen thousand Baht only) for the year
2005.

(8) The capital increase from THB605,551,570 (Six hundred and
five million, five hundred fifty one thousand, five hundred
seventy Baht only) to THB756,939,463 (Seven hundred and fifty
six million and nine hundred thirty nine thousand four hundred
sixty three Baht only) by issue new ordinary shares in the
amount of 151,387,893 shares at THB1 (one) per shares.

(9) The Shareholders unanimously approved the rights issue of as
recommended by the Board of Directors and also approved the
subscription for the rights entitlement and take up of the
unsubsciled shares at one period of time instead of two
prescribed subscription periods as previously recommended
pursuant to the report to the SET under Capital increase report
(F 53-4) dated February 2, 2005.

Details of shares allocation as approved are as follows:
(A) The allocation of 151,387,893 shares will be at the rate of
4 old shares for 1 new share at a price THB1.71 per share.  The
unsubscribed shares leftover shall then be proportionately
offered to shareholders who desire to take up more shares than
their rights entitlement.

(B) In case there are still unsubscribed shares leftover from A)
above the meeting has also approved that the Board of Directors
will be permitted to offer to major shareholders as the Board of
Directors deem appropriate.

(C) Any remaining shares thereafter will be placed through a
private placement exercise at a price not more than ten percent
below the average closing price on the SET over a 30-trading day
period.

(10) The amendment of Clause 4 of the Memorandum of Association
of the Company to be in line with the Capital increase as
follows:

Clause 4

Capital registration: THB756,939,463

Divided into: 756,939,463 Shares

Having par value per share of: THB1

Consisting of the amount of the ordinary shares of: 756,939,463
Shares

The preference shares of: 0 Share

Yours faithfully,
Mr. Chalermchai Martmuang
The Secretary to the Executive Boards of Director

CONTACT:

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



BOND PRICING: For the Week 7 March to 11 March 2005
---------------------------------------------------

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


AUSTRALIA
---------

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

CHINA
-----

China Government Bond                  2.900%    5/24/32    71


KOREA
-----

Korea Electric Power                   7.950%     4/1/96    45


MALAYSIA
--------

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


SINGAPORE
---------

CSC Holdings Ltd                       6.500%      4/27/05    1
Rabobank Singapore                     1.000%      1/15/13   74
Sengkang Mall                          8.000%     11/20/12    1
Tampines Assets Ltd                    5.625%      12/7/06    1
Tincel Limited                         7.400%       6/13/11   1





                            *********


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

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