TCRAP_Public/050316.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

             Wednesday, March 16, 2005, Vol. 8, No. 53

                            Headlines

A U S T R A L I A

A.I.W.C.P. PTY: To Declare Dividend March 23
BURLEIGH BAKE: Members Agree to Wind Up Company
CAMP CREEK: Decides to Wind Up Voluntarily
CJ & J: Names Darryl Smith as Liquidator
CLIMATE CAPITAL: Enters Winding Up Process

CRUISE CONSTRUCTIONS: Members Pass Resolution to Wind Up Company
ELANDSFONTEIN PTY: Placed Under Voluntary Liquidation
G.W.E. HOLDINGS: Unveils Resolutions Passed at Meeting
LAJETTE CORPORATION: Liquidator to Explain Manner of Winding Up
LAVERNE TRADING: Proofs of Debt, Claim Due March 29

LESLIE INVESTMENTS: Members Meeting Set March 18
MELBOURNE TRUCK: Members Resolve to Wind Up Company
NODDY'S NOMINEES: Resolves to Wind Up Company
ORFORD'S GOURMET: To Hear Liquidator's Account on Winding Up
PK LAWSON: To Pay Dividend March 30

QUEENSLAND VINEYARD: To Pay Final Dividend April 15
SALTY PLUM: Creditors Required to Prove Claims Today
SIDCOSS MECHANICAL: Creditors' Proofs of Claim Due March 23
SONS OF GWALIA: Administrators Sells Unit's Stake in Oropa
SONS OF GWALIA: Managing Director Resigns

STEWART PUBLISHING: Joint Liquidators Appointed
UMINA BOWLING: Weighs Options Over AU$3-Mln Debt
VALASIA'S PTY: Members Agree to Wind Up Company
WALTER CONSTRUCTION: Idle Workers Return to Jobs


C H I N A  &  H O N G  K O N G

BAKER GROUP: Bourse Cancels Shares' Listing
CHELLESEN INTERNATIONAL: Winding Up Hearing Set April 20
GOLDEN TOP: Faces Winding Up Proceedings
HK FINANCE.COM: Court to Hear Winding Up Petition March 23
HUNG SANG: Sets Winding Up Hearing on April 20

MANSTER LIMITED: Receives Winding Up Order from Court
MING FUNG: Court Commences Winding Up Proceedings
NATIONAL PAPER: Served with Winding Up Petition
SHANXI CENTRAL: Court Issues Winding Up Order
WAI YUEN: Unveils SGM Resolutions


I N D O N E S I A

GREAT RIVER: Bank Mandiri Throws IDR4-Bln Lifeline
PERTAMINA: Likely to Supply CNG for Public Transportation
SAMPOERNA: Philip Morris Acquires Controlling Stake
* Indonesia's Proposed Bond Receives S&P's B+ Rating


J A P A N

MARUHA GROUP: R&I Assigns BBB on Syndicated Loans
RESONA HOLDINGS: To Set up Investment Fund with Aozora
SAMBU GURIN: Enters Bankruptcy
SAPPORO HOLDINGS: Moody's Reviews Rating for Possible Upgrade
TOSHIBA CORPORATION: To Raise Year to March 2005 Dividend

TOSHIBA CORPORATION: To Aid University Students in Vietnam
TSUTAI SHOJI: Begins Bankruptcy Proceedings
* Rise of Servicers Significantly Contribute to Help Bad Debts


K O R E A

SAMSUNG CARD: Parent Won't Get Upgraded Rating for Bailout


M A L A Y S I A

AVANGARDE RESOURCES: Required to Submit Regularization Plan
AYER HITAM: Defaults in Payment Reach RM39.9 Mln
BELL & ORDER: Receives Winding Up Petition
I-BERHAD: Posts Shares Buy Back Notice
METROPLEX BERHAD: Default Amount Pegged at RM1.6 Bln

PADIBERAS NASIONAL: Granted Additional Shares Listing
PAN MALAYSIA: Repurchases 85,000 Shares
PANTAI HOLDINGS: Posts Notice of Shares Buy Back
PSC INDUSTRIES: Unaware of Unusual Market Activity
RHB CAPITAL: Unit Struck off from Register of Companies

WCT ENGINEERING: Set to List More Shares Today


P H I L I P P I N E S

ATLAS CONSOLIDATED: Intends to Reopen Toledo Mine
LMG CHEMICALS: Government Temporarily Lifts Plant Closure Order
MAYNILAD WATER: Rations Out Water in Metro Manila
PHILIPPINE LONG: Targets 80,000 DSL Subscribers by End of Year
PILIPINO TELEPHONE: Maintained Market Share Last Year


S I N G A P O R E

COGENT DEVELOPMENT: Court to Hear Petition April 1
ECON INTERNATIONAL: Allots 3,320,305,543 New Ordinary Shares
NEO CORPORATION: Lays Out Agenda for Contributories Meeting
FONG PLASTIC: Issues Notice of Preferential Dividend
SWT LOGISTICS: Winding Up Hearing Set April 1

TONG WEI: Issues Preferential Dividend Notice
VILLA(S) PTE: Winding Up Hearing Slated for April 1


T H A I L A N D

K.C. PROPERTY: Details Resolutions Passed at Meeting
NEW PLUS: AGM Date Fixed March 14
THAI-DENMARK: Details Appointment, Resignation of Director

     -  -  -  -  -  -  -  -

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


A.I.W.C.P. PTY: To Declare Dividend March 23
--------------------------------------------
A first and final dividend is to be declared on March 23, 2005
for A.I.W.C.P. Pty Ltd (In Liquidation) previously known as
Australian Trades & Labour Hire Pty Ltd A.C.N. 084 671 401.

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

Dated this 4th day of February 2005

Gerald T. Collins
Liquidator
c/- Horwath Jefferson Stevenson
Level 4, 370 Queen Street,
Brisbane Qld 4000


BURLEIGH BAKE: Members Agree to Wind Up Company
-----------------------------------------------
Notice is hereby given that Burleigh Bake Pty Ltd (In Voluntary
Liquidation) A.C.N. 096 645 126 on January 28, 2005 duly
resolved at a general meeting of members held under Section
491(2)(b) of the Corporations Act 2001 that the Company be wound
up voluntarily and that Peter Anthony Lucas and Ian Alexander
Currie of Lucas & Currie, Chartered Accountants, Level 8, ING
Building, 100 Edward Street, Brisbane, Queensland, 4000 be
appointed Joint & Several Liquidators for the purposes of such
winding up.

Dated this 2nd day of February 2005

P. A. Lucas
I. A. Currie
Liquidators


CAMP CREEK: Decides to Wind Up Voluntarily
------------------------------------------
Notice is hereby given that at a general meeting of members of
Camp Creek Station Pty. Ltd. (In Liquidation) A.C.N. 009 641 203
held on January 31, 2005, it was resolved that the Company be
wound up voluntarily and that for such purpose Ian David Jessup,
of Jessup and Partners, 488 Mulgrave Road, Earlville, Qld 4870
be appointed Liquidator.

Dated this 2nd day of February 2005

I. D. Jessup
Liquidator
Jessup & Partners
1st Floor, 488 Mulgrave Road,
Earlville Qld 4870
Telephone: (07) 4033 1349


CJ & J: Names Darryl Smith as Liquidator
----------------------------------------
Notice is hereby given that at a General Meeting of the above
named Company held on February 1, 2005 it was resolved that CJ &
J Pty Ltd A.C.N. 091 950 560 be wound up voluntarily as a
Members' voluntary Winding up and that for such a purpose,
Darryl Smith be appointed liquidator.

Dated this 10th day of February 2005

Darryl Smith
Liquidator


CLIMATE CAPITAL: Enters Winding Up Process
------------------------------------------
At a General Meeting of Climate Capital (Qld) Pty Ltd A.C.N. 055
693 153, duly convened and held at 1 Collinsville Road Bowen
Qld, on February 7, 2005, the following Special Resolution
passed.

Resolved that the Company be wound up as a Member's Voluntary
Liquidation and that the assets of the Company may be
distributed in whole or in part to the members in specie should
the liquidator so desire.

Dated this 7th day of February 2005

Trevor D. West
Liquidator
WHK - TCM Smith
22 Walker Street, Townsville Qld 4810


CRUISE CONSTRUCTIONS: Members Pass Resolution to Wind Up Company
----------------------------------------------------------------
Notice is hereby given that at a General Meeting of Members of
Cruise Constructions & Developments Pty. Ltd. (In Liquidation)
A.C.N. 057 635 711 held on February 3, 2005 a special resolution
was passed that the Company be wound up voluntarily and that
Gregory Stuart Andrews, 22 Drummond Street, Carlton 3053 be
appointed Liquidator.

Dated this 4th day of February 2005

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


ELANDSFONTEIN PTY: Placed Under Voluntary Liquidation
-----------------------------------------------------
Notice is hereby given that at a General Meeting of
Elandsfontein Pty Ltd (In Liquidation) A.C.N. 008 706 018 held
on January 31, 2005 it was resolved that the Company be wound up
voluntarily as a Members' Voluntary Winding up and that for such
a purpose, the undersigned be appointed liquidator.

Dated this 31st day of January 2005

Sydney Albert Garlick
Liquidator
9 Clive Street,
Katanning WA 6317


G.W.E. HOLDINGS: Unveils Resolutions Passed at Meeting
------------------------------------------------------
At a meeting of the Members of G.W.E. Holdings Pty Ltd (G.W.E.)
(In Member's Voluntary Liquidation) A.C.N. 008 680 126 duly
convened and held at Level 1, 5 Mill Street, Perth WA on January
28, 2005 at 10:00 a.m., it was resolved that:

(a) G.W.E. be wound up.

(b) The Liquidator shall distribute in cash and/or in specie the
assets of G.W.E. to the Shareholders in accordance with the
Articles of Association.

G.W.E. is deemed to have passed a special resolution under
section 491 to wind up the Company. Pursuant to subsection
491(1), Mr Jeffrey Laurence Herbert of PPB, Level 1, 5 Mill
Street, Perth was appointed Liquidator for the purpose of the
winding up.

Dated this 28th day of January 2005

Jeff Herbert
Liquidator
PPB
Level 1, 5 Mill Street,
Perth WA 6000


LAJETTE CORPORATION: Liquidator to Explain Manner of Winding Up
---------------------------------------------------------------
Notice is given that pursuant to section 509 of the Corporations
Act 2001 a general meeting of the members and creditors of
Lajette Corporation Pty Ltd (In Liquidation) A.C.N. 099 728 702
will be held at the offices of Bentleys MRI Perth, Level 1, 10
Kings Park Road, West Perth on Friday, March 18, 2005 at 10:00
a.m. for the purpose of having an account laid before them
showing the manner in which the winding up has been conducted
and the property of the Company disposed of and of hearing any
explanations that may be given by the Liquidator.

Dated this 1st day of February 2005

A. H. Douglas-Brown
Liquidator
Bentleys MRI Perth
1st Floor, 10 Kings Park Road,
West Perth WA 6005
Telephone: (08) 9480 2000


LAVERNE TRADING: Proofs of Debt, Claim Due March 29
---------------------------------------------------
A first and final dividend is to be declared on March 31, 2005
for Laverne Trading Co Pty Ltd (In Liquidation) A.C.N. 010 133
392.

Creditors whose debt or claims have not already been admitted
are required on or before March 29, 2005 formally to prove their
debts or claims. If they do not, they will be excluded from the
benefit of the dividend.

Dated this 4th day of February 2005

Terrence James Smith
c/- Allens Australia Pty Ltd
1st Floor, 1925 Logan Road,
Upper Mount Gravatt Qld 4122


LESLIE INVESTMENTS: Members Meeting Set March 18
------------------------------------------------
Notice is hereby given pursuant to section 509 of the
Corporations Act that a general meeting of the members of Leslie
Investments Pty Ltd (In Liquidation) A.C.N. 009 686 739 will be
held at the offices of BDO Kendalls, Chartered Accountants,
Business Advisers, Level 18, 300 Queen Street, Brisbane Qld 4000
on March 18, 2005 at 10:00 a.m. for the purpose of having an
account laid before them showing the manner in which the winding
up has been conducted and the property of the Company disposed
of and of hearing any explanations that may be given by the
liquidator.

Dated this 15th day of February 2005

Michael Owen
Liquidator


MELBOURNE TRUCK: Members Resolve to Wind Up Company
---------------------------------------------------
Notice is hereby given that at an extraordinary general meeting
of members of Melbourne Truck Wash Pty Ltd (In Liquidation)
A.C.N. 082 607 047 held on February 1, 2005, it was resolved
that the Company be wound up voluntarily and at a meeting of the
creditors held on February 1, 2005 pursuant to Section 497 of
the Act, it was resolved that Gregory John Keith of Grant
Thornton be appointed Liquidator.

Dated this 7th day of February 2005

G. J. Keith
Liquidator
Grant Thornton
Rialto Towers, Level 35, South Tower,
525 Collins Street,
Melbourne Vic 3000


NODDY'S NOMINEES: Resolves to Wind Up Company
---------------------------------------------
Notice is hereby given that at an extraordinary General Meeting
of Noddy's Nominees Pty Ltd (In Liquidation) A.C.N. 008 949 013
duly convened and held at 3/254 Preston Point Road Bicton 6157
on the January 31, 2005.

The following resolution was proposed and passed as a Special
Resolution.

That the Company be wound up voluntarily.

Dated this 31st day of January 2005

Kevin Francis Predergast
Chairman


ORFORD'S GOURMET: To Hear Liquidator's Account on Winding Up
------------------------------------------------------------
Notice is given pursuant to Section 509 of the Corporations Act
2001 that a joint meeting of the members and creditors of
Orford's Gourmet Selection (WA) Pty Ltd (In Liquidation) A.C.N.
094 551 416 will be held at the offices of Hall Chadwick, Level
40, BankWest Tower, 108 St George's Terrace, Perth WA 6000 on
March 24, 2005, at 10:30 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
Joint and Several Voluntary Liquidators.

Dated this 4th day of February 2005

C. M. Williamson
Liquidator
Hall Chadwick
Level 40, BankWest Tower,
108 St George's
Terrace, Perth WA 6000


PK LAWSON: To Pay Dividend March 30
-----------------------------------
A first and final dividend in respect of creditors claims that
are afforded priority under Section 556 of the Corporations Act
2001 is to be declared on March 30, 2005 for PK Lawson
Investments Pty Ltd (In Liquidation) A.C.N. 077 659 137.

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

Dated this 3rd day of February 2005

Philip Jefferson
Liquidator
c/- Horwath North Queensland
Corner Aplin & Sheridan Streets,
Cairns Qld 4870


QUEENSLAND VINEYARD: To Pay Final Dividend April 15
---------------------------------------------------
A Final dividend is to be declared on April 15, 2005 for
Queensland Vineyard And Winery Pty Ltd (Subject To A Deed Of
Company Arrangement) A.C.N. 079 858 129.

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

Dated this 3rd day of February 2005

Andrew Fielding
Deed Administrator
PPB
Chartered Accountants & Business Reconstruction
Specialists
Level 4, 31 Sherwood Road,
Toowong Qld 4066
Telephone: (07) 3371 7244
Facsimile: (07) 3371 7311


SALTY PLUM: Creditors Required to Prove Claims Today
----------------------------------------------------
A dividend is to be declared on March 18, 2005 for Salty Plum
Designs Pty Ltd (In Liquidation) A.C.N. 080 572 032.

Creditors whose debt or claims have not already been admitted
are required today, March 16, 2005 formally to prove their debts
or claims. If they do not, they will be excluded from the
benefit of the dividend.

Dated this 7th day of February 2005

Paul Burness
Liquidator
Worrells
Solvency & Forensic Accountants
Level 5, 15 Queen Street,
Melbourne Vic 3000
Web site: http://www.worrells.net.au


SIDCOSS MECHANICAL: Creditors' Proofs of Claim Due March 23
-----------------------------------------------------------
A first and final preferential dividend is to be declared on 6
April 2005 for Sidcoss Mechanical Pty Ltd (In Liquidation)
A.C.N. 099 356 108.

Creditors whose debt or claims have not already been admitted
are required on or before March 23, 2005 to formally prove their
debts or claims. If they do not, they will be excluded from the
benefit of the dividend.

Dated this 7th day of February 2005

K. A. Strickland
Liquidator
Hall Chadwick
Level 40, BankWest Tower, 108 St George's
Terrace, Perth WA 6000


SONS OF GWALIA: Administrators Sells Unit's Stake in Oropa
----------------------------------------------------------
Ferrier Hodgson, Receivers & Managers of Sons of Gwalia Limited
(Administrators Appointed), parent Company of Pacmin Mining
Corporation Limited, has decided to sell Pacmin's entire holding
of 18.33 million shares in Oropa.

Pacmin acquired the shareholdings in August 2004 as full and
final settlement for its former 66.6% interest in the Pungkut
Gold Project (Pungkut) in Indonesia.

The second transaction completes the sell-off of all the shares
issued by Oropa to the two vendors of Pungkut and removes the
overhang of 27.78 million 'gratis shares' that were issued under
the purchase transaction.

CONTACT:

Sons of Gwalia Limited
16 Parliament Place
West Perth, Western Australia 6005
Australia
Phone: +61 8 9263 5555
Fax: +61 8 9481 1271
Web site: http://www.sog.com.au/


SONS OF GWALIA: Managing Director Resigns
-----------------------------------------
Sons of Gwalia Limited (Administrators Appointed) advised that
Mr. John Leevers has resigned as Managing Director of the
Company with effect from March 15, 2005.

Mr. Leevers will continue as Chief Executive Officer of the
Company.

GARRY TREVOR, ANDREW LOVE and DARREN WEAVER
Joint and Several Administrators of
Sons of Gwalia Limited


STEWART PUBLISHING: Joint Liquidators Appointed
-----------------------------------------------
Notice is given that Jason Bettles and Susan Carter, Registered
Liquidators, of Downie Insolvency, Level 6, Fifty Cavill Avenue,
Surfers Paradise, Queensland, were appointed Liquidators of
Stewart Publishing Pty Ltd (In Liquidation) A.C.N. 099 603 282
at a general meeting of members of the Company on January 12,
2005.

Dated this 3rd day of February 2005

Jason Bettles
Liquidator
Downie Insolvency
Web site: http://www.downieinsolvency.com.au


UMINA BOWLING: Weighs Options Over AU$3-Mln Debt
------------------------------------------------
Umina Bowling Club is likely to merge with another club or give
up land for residential unit development in order to repay its
AU$3-million debt, according to Daily Inquirer.

The club was struggling to pay its AU$1.9 million debt to
National Australia Bank and some AU$500,00 owed to statutory
creditors. The club also has to meet between AU$300,000 and
AU$400,000 in employee entitlements.  

The remainder of the AU$3 million in debt is owed to around 80
unsecured creditors, including trades people and alcohol and
food suppliers.

In a bid to get out from its huge debt, the club held talks with
club developer Paynter Dixon for a possible joint venture to
build residential units on part of its site. It has also
considered merging with a larger club as another option.

The defamed club has called in administrator Graeme Campell of
Ferrier Hodgson after 18 months of costly Supreme Court battle
with a director, management issues and a recorded loss of nearly
AU$400,000.

Umina's staff and members viewed the voluntary administration as
a positive step to get the club back on its feet. Information
sessions for members are will be conducted on March 22.


VALASIA'S PTY: Members Agree to Wind Up Company
-----------------------------------------------
Notice is hereby given that at an extraordinary general meeting
of members of Valasia's Pty Ltd (In Liquidation) A.C.N. 104 432
144 held on February 4, 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, David Henry
Scott of Jones Condon Scott, Chartered Accountants, 77 Station
Street, Malvern Victoria be appointed Liquidator.

Dated this 4th day of February 2005

David Henry Scott
Liquidator
Jones Condon Scott
Chartered Accountants
77 Station Street,
Malvern Vic 3144


WALTER CONSTRUCTION: Idle Workers Return to Jobs
------------------------------------------------
Former workers and subcontractors of collapsed building giant
Walter Construction went back to work Monday after an
entitlement deal was reached, reports the Australian Associated
Press.

The group, which was owed money by Walter Construction, agreed
to finish the construction of two central coast hospitals after
the Construction Forestry Mining and Energy Union (CFMEU) struck
a deal with the NSW Health Department and new builder John
Holland.

The agreement will see about 20 former direct Walter employees
being paid their full wage and entitlements. Some 50
subcontractors on the site will also receive due compensation.

The AU$3-million accord ended six weeks of work bans by workers
on the site.

However, workers are still refusing to work on former Walter-run
Sydney Water sites in western Sydney and the Illawarra until the
NSW government guarantees the workers full entitlements.

Walter Construction went into administration last month with
more than AU$10 million in debt after its German parent Walter
Bau AG filed for insolvency over credit problems. The collapse
has resulted to the retrenchment of more than 300 workers in NSW
and Queensland.


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

BAKER GROUP: Bourse Cancels Shares' Listing
-------------------------------------------
By the end of the Deadline, Baker Group International Holdings
Limited (formerly known as Luen Cheong Tai International
Holdings Limited) (Provisional Liquidators appointed) has failed
to submit a viable proposal for resumption.

Therefore, the Hong Kong Stock Exchange will cancel the listing
of the Company's shares in accordance with the Delisting
Procedures.

The Exchange announced that the listing of the shares of the
Company will be cancelled effective 9:30 a.m. on March 16, 2005
in accordance with the delisting procedures stipulated in
Practice Note 17 to the Listing Rules (the Delisting
Procedures).  

Practice Note 17 to the Listing Rules formalizes the procedures
to be adopted to delist long-suspended companies.

Dealings in the Company's shares have been suspended since
August 26, 2002.  Accordingly, dealings in the Company's shares
have effectively been suspended for over 30 months.  

The Company was put into the third stage of the Delisting
Procedures on February 5, 2004.  Pursuant to the Delisting
Procedures, at the end of the third stage, which in the case of
the Company was August 4, 2004, where no viable proposals have
been received for resumption, the listing of the Company's
shares will be cancelled.  A resumption proposal was submitted
to the Exchange on June 15, 2004.  

However, the Listing Division of the Exchange decided that the
resumption proposal was not a viable one.  The Company disagreed
with the Listing Division's decision and appealed to the Listing
Committee and the Listing (Review) Committee of the Exchange
(Committees).  Both Committees upheld the decision that the
proposal was not a viable resumption proposal.  

Under the Listing Rules, the decision of the Listing (Review)
Committee is conclusive and binding on the Company.  At the end
of the third stage of the Delisting Procedures, the Company had
not submitted any viable resumption proposal.  The Company has
indicated that it disagrees that a viable resumption proposal
had not been submitted and subject to funding, is currently
reviewing its legal options.

The Exchange has notified the Company of its obligation under
paragraph 3.1 of Practice Note 17 to issue an announcement
informing the public of the cancellation of the listing of its
shares on the same day of this announcement.

The Exchange advises shareholders of the Company who have any
queries about the implications of the delisting to obtain
appropriate professional advice.


CHELLESEN INTERNATIONAL: Winding Up Hearing Set April 20
--------------------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Chellesen International Limited by the High Court of Hong Kong
Special Administrative Region was on February 17, 2005 presented
to the said Court by Konstar Industries Limited whose registered
office is situate at Unit 17, 10th Floor, Metro Centre II, 21
Lam Hing Street, Kowloon Bay, Hong Kong and Wong Yan Kwong of
Unit 17, 10th Floor, Metro Centre II, 21 Lam Hing Street,
Kowloon Bay, Hong Kong.  

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

Any creditor or contributory of the said Company desirous to
support or oppose the making of an order on the said petition
may appear at the time of hearing by himself or his counsel for
that purpose.

A copy of the petition will be furnished to any creditor or
contributory of the said Company requiring the same by the
undersigned on payment of the regulated charge for the same.

F. Zimmern & Co.
Solicitors for the Petitioner
Suites 1501-1503, 15th Floor
Gloucester Tower, The Landmark
No. 11 Pedder Street, Central
Hong Kong

Note:

Any person who intends to appear at the hearing of the said
petition must serve on or send by post to the 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
19, 2005


GOLDEN TOP: Faces Winding Up Proceedings
----------------------------------------
Golden Top Holdings Limited Of Unit 307, 3/F, Chevalier House,
45-51 Chatham Road South, Tsimshatsui, KLN received a winding up
order from the High Court of the Hong Kong Special
Administrative Region Court Of First Instance on March 2, 2005.

The winding up petition was presented December 23, 2004.

Dated this 11th day of March 2005

E T O'Connell
Official Receiver


HK FINANCE.COM: Court to Hear Winding Up Petition March 23
----------------------------------------------------------
Notice is hereby given that a Petition for the Winding up of HK
Finance.Com Limited by the High Court of Hong Kong Special
Administrative Region was on January 20, 2005 presented to the
said Court by Tang Wai Kee of Room C, 2nd Floor, 36 Kai Yuen
Street, North Point, Hong Kong (as amended on March 1, 2005
pursuant to the Order made by Master S. Kwang dated February 28,
2005).  

The said Petition is to be heard before the Court at 9:30 am on
March 23, 2005.

Any creditor or contributory of the said Company desirous to
support or oppose the making of an order on the said petition
may appear at the time of hearing by himself or his counsel for
that purpose.

A copy of the petition will be furnished to any creditor or
contributory of the said Company requiring the same by the
undersigned on payment of the regulated charge for the same.

Messrs. Huen & Partners
Solicitors for the Petitioner
Suites 3309-11, 33rd Floor
West Tower, Shun Tak Centre
168-200 Connaught Road Central
Sheung Wan, Hong Kong

Note:

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

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


HUNG SANG: Sets Winding Up Hearing on April 20
----------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Hung Sang Metal Plastic Factory Limited by the High Court of
Hong Kong Special Administrative Region was on February 17, 2005
presented to the said Court by Konstar Industries Limited whose
registered office is situate at Unit 17, 10th Floor, Metro
Centre II, 21 Lam Hing Street, Kowloon Bay, Hong Kong and Wong
Yan Kwong of Unit 17, 10th Floor, Metro Centre II, 21 Lam Hing
Street, Kowloon Bay, Hong Kong.

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

Any creditor or contributory of the said Company desirous to
support or oppose the making of an order on the said petition
may appear at the time of hearing by himself or his counsel for
that purpose.

A copy of the petition will be furnished to any creditor or
contributory of the said Company requiring the same by the
undersigned on payment of the regulated charge for the same.

F. Zimmern & Co.
Solicitors for the Petitioner
Suites 1501-1503, 15th Floor
Gloucester Tower, The Landmark
No. 11 Pedder Street, Central
Hong Kong

Note:

Any person who intends to appear at the hearing of the said
petition must serve on or send by post to the 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
19, 2005.


MANSTER LIMITED: Receives Winding Up Order from Court
-----------------------------------------------------
A winding up petition was presented on March 2, 2005 for Manster
Limited Of 3/F, Fashion Plaza, 1a-1j Tung Choi Street, KLN by
the High Court of the Hong Kong Special Administrative Region
Court Of First Instance.

The winding up petition was presented December 24, 2004.

Dated this 11th day of March 2005

E T O'Connell
Official Receiver


MING FUNG: Court Commences Winding Up Proceedings
-------------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Ming Fung (HK) Garment Trading Limited by the High Court of Hong
Kong Special Administrative Region was on January 18, 2005
presented to the said Court by Hip Hing Hong Trading Company
Limited whose registered office is situate at 286B, Ground
Floor, Tung Chau Street, Sham Shui Po, Kowloon, Hong Kong.  

The said Petition is to be heard before the Court at 9:30 am on
March 23, 2005.

Any creditor or contributory of the said Company desirous to
support or oppose the making of an order on the said petition
may appear at the time of hearing by himself or his counsel for
that purpose.

A copy of the petition will be furnished to any creditor or
contributory of the said Company requiring the same by the
undersigned on payment of the regulated charge for the same.

Alvan Liu & Partners
Solicitors for the Petitioner
Room 807 Nan Fung Tower
173 Des Voeux Road Central
Hong Kong

Note:

Any person who intends to appear at the hearing of the said
petition must serve on or send by post to the 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 March
22, 2005.


NATIONAL PAPER: Served with Winding Up Petition
-----------------------------------------------
The High Court of the Hong Kong Special Administrative Region
Court of First Instance issued a winding up order for National
Paper Company Limited of 22/F, Prince's Bldg, Central, HK on
March 2, 2005.

The winding up petition was presented December 24, 2004.

Dated this 11th day of March 2005

E T O'Connell
Official Receiver


SHANXI CENTRAL: Court Issues Winding Up Order
---------------------------------------------
The High Court of the Hong Kong Special Administrative Region
Court of First Instance issued a winding up for Shanxi Central
Pharmaceutical International Limited of RM 605, Sea View Comm
Bldg, 21-24 Connaught Rd West, HK on February 28, 2005.

The winding up petition was presented September 15, 2004.

Dated this 11th day of March 2005

E T O'Connell
Official Receiver


WAI YUEN: Unveils SGM Resolutions
---------------------------------
The Wai Yuen Tong Medicine Holdings Limited (WYT) Directors
announced in a disclosure to the Hong Kong Stock Exchange that
all ordinary resolutions set out in the notice of the WYT
Special General Meeting (SGM) contained in the circular of the
Company dated February 23, 2005 (the Circular), which were voted
by way of poll, were duly passed by the Independent WYT
Shareholders at the WYT SGM held as at the date of this
announcement.

Reference is made to the joint announcement issued by the WYT
and Wang On Group Limited dated February 1, 2005. Terms used in
this announcement shall have the same meanings as those defined
in the Announcement unless the context requires otherwise.

WYT SGM RESULTS

The WYT Directors are pleased to announce that all ordinary
resolutions set out in the notice of the WYT SGM contained in
the Circular, which were voted by way of poll, were duly passed
by the Independent WYT Shareholders at the WYT SGM held as at
the date of this announcement.

At the WYT SGM, voting in respect of the ordinary resolutions as
regards the acquisition of the entire issued share capital of
Geswin and a related shareholder's loan (the Geswin Acquisition)
(ordinary resolution No.1) and the renewal of general mandates
(ordinary resolution Nos. 2, 3 and 4), were conducted by way of
poll.

The total number of WYT Shares entitling the holders to attend
and vote for or against the ordinary resolutions at the WYT SGM
is 2,493,545,910 WYT Shares, representing approximately 75.20%
of the existing issued share capital of the Company. None of the
WYT Shares entitled the holders to attend and vote only against
the resolutions at the WYT SGM.

The results of the voting of the ordinary resolutions regarding
the Geswin Acquisition (ordinary resolution No.1) and the
renewal of general mandates (ordinary resolution Nos. 2, 3 and
4) passed at the WYT SGM are set out below:

                      For                    Against
            (number of    percentage   (number of    percentage
             WYT Shares)                WYT Shares)

Resolution No.1  258,750,040   100%           0             0%

Resolution No.2   258,750,040   100%          0             0%

Resolution No.3   258,750,040   100%          0             0%

Resolution No.4   258,750,040   100%          0              0%

Note:

The number of votes and percentage is based on the total number
of WYT Shares held by the Independent WYT Shareholders who voted
at the WYT SGM in person or by proxy.

In accordance with the Listing Rules, Wang On Group Limited,
being a substantial shareholder of the Company (within the
meaning of the Listing Rules), and its associates which were
altogether beneficially interested in 822,323,315 WYT Shares,
representing approximately 24.80% of the issued share capital of
the Company, abstained from voting on the ordinary resolutions
to approve the Geswin Acquisition and the renewal of general
mandates at the WYT SGM.

The Company's branch share registrar and transfer office in Hong
Kong, Secretaries Limited at Ground Floor, Bank of East Asia
Harbour View Centre, 56 Gloucester Road, Wanchai, Hong Kong, was
appointed as the scrutineer in the WYT SGM for the purpose of
vote-taking.

By Order of the WYT Board
Wai Yuen Tong Medicine Holdings Limited
Chan Chun Hong, Thomas
Managing Director
Hong Kong, 14 March 2005

CONTACT:

Wai Yuen Tong Medicine Holdings Limited (Stock Code: 897)
5th Floor, Wai Yuen Tong Medicine Building
9 Wang Kwong Road
Kowloon Bay, Kowloon  
Telephone Number:  2312 8288
Fax Number:  2312 8148


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

GREAT RIVER: Bank Mandiri Throws IDR4-Bln Lifeline
--------------------------------------------------
PT Great River International received additional capital worth
IDR4 billion from PT Bank Mandiri to increase the Company's cash
flow, reports Indoexchange News.

Bank President E.C.W. Neloe said that Bank Mandiri on March 14
injected fresh funds into Great River, together with Nikko
Securities which will infuse another IDR4 billion, and Sunjoto
Tanoedjaja, who will also inject IDR2 billion into the Company.
According to Mr. Neloe, they believe that the Company will
return to its normal operations within 6 months, after a major
restructuring program.

Mr. Neloe added that the funds were infused into the Company by
Bank Nandiri to increase cash flow and pay fees to Ernst &
Young, an audit agency who will investigate the Company's
finances.

Great River owes creditor Bank Mandiri a total of IDR250 billion
in the form of bonds (IDR50 billion) and loans (IDR200 billion).
The Jakarta Stock Exchange suspended its shares on Jan. 13, 2005
for failure to pay a maturing interest worth IDR11 billion on
bonds issued in 2003 that amounted to IDR300 billion.

CONTACT:

Pt Great River Internasional
Plaza Great River Industries lantai 18
Jl. HR. Rasuna Said, Blok X-2 No. 1, Jakarta 12950
Phone: 021 5262450-51-60-61
Fax:   021 5262462; 5262463; 5262686
E-mail: direksi.gri@greatriver.co.id


PERTAMINA: Likely to Supply CNG for Public Transportation
---------------------------------------------------------
PT Pertamina is willing to supply Compressed Natural Gas (CNG)
for public transportation despite high losses incurred in
producing the gas, the Jakarta Post reports.

But the Company's Domestic Market Division head Diddik Wiryadi
said that Bylaw No. 2 2005 on air pollution must first be
implemented in order to create market certainty.

The bylaw, which requires all public and city-owned vehicles to
use CNG, was endorsed last month, but will be effected in 2006.

The decline in CNG sales has led to yearly losses of IDR24
billion, because Pertamina's operational costs were higher than
turnover. This, in turn, led to the Company's closing of several
CNG stations nationwide. Out of 21 CNG stations, only 12 were
still working.

Mr. Didik said that CNG consumption has fallen over the years,
from 21 million liters in 2001 to 14.74 million liters in 2004.
Recently, only 2% of CNG allocated for public transportation is
being consumed.

Pertamina is in talks to arrange a memorandum of understanding
with the Jakarta government and PT Perusahaan Gas Negara (PGN)
for the distribution of CNG.

Mr. Didik added that the Company would not build more CNG
stations if the CNG market is uncertain, although investors
interested in putting up CNG stations are welcome.

Usage of CNG can reduce air pollution caused by vehicular
emissions in the country, which is the third most polluted
country in the world.

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


SAMPOERNA: Philip Morris Acquires Controlling Stake
---------------------------------------------------
Philip Morris International Inc. acquired PT Hanjaya Mandala
Sampoerna, when the Sampoerna family decided to give up control
over the firm on March 14, reports the Jakarta Post.

The founding family's decision to hand over its flagship
cigarette firm initiated the biggest takeover deal in
Indonesia's history by Philip Morris. Philip Morris reportedly
paid IDR48 trillion to buy the cigarette firm. The deal also
includes Sampoerna's IDR1.5 trillion debt.

Sampoerna's remaining shares will be offered to Philip Morris at
a premium price 20 % higher than its closing price of IDR8,850.
The tender offer is to be completed in three months' time.

Philip Morris has imparted that it will bring in new management
into Sampoerna, while keeping Putera Sampoerna, the founder's
grandson, on as advisor.

CONTACT:

P.t. Hanjaya Mandala Sampoerna Terbuka
Jalan Rungkut Industri Raya
Surabaya, 60293
Indonesia
Phone: +62 31 843 1699
Fax:   +62 31 843 0986


* Indonesia's Proposed Bond Receives S&P's B+ Rating
----------------------------------------------------
Standard & Poor's Ratings Services (S&P) on March 15, 2005
assigned its 'B+' credit rating to Indonesia's proposed IDR9.4
trillion global bond.

The sovereign ratings on Indonesia are supported by the
country's declining debt and debt-servicing burden, steadfast
fiscal management, and favorable external liquidity.

The new administration of President Susilo Bambang Yudhoyono
seems capable of continuing on the path of fiscal consolidation
started by previous governments, as seen from its plans to
maintain primary fiscal surpluses of about 2% of GDP.

The government announced a 29% increase in fuel prices last
month.

The move is expected to reduce fuel subsidies by an estimated
IDR20 trillion, enabling a continued reduction of the fiscal
deficit to a planned 1.1% of 2005 GDP from an estimated 1.3% of
GDP in 2004.

"It is encouraging that the administration has made good on its
promise to cut fuel subsidies, and that it was able to
accomplish this at minimal political cost," said Standard &
Poor's credit analyst Agost Benard, associate director in the
Sovereign & International Public Finance Ratings Group.

Ongoing primary surpluses enabled a steady fall in public sector
indebtedness over the past four years, reaching an estimated
78.5% of GDP at the end of 2004, from 96.6% in 2001. Interest
payments are expected to fall to 17% of general government
revenues in 2005, from 30% in 2002. An additional boost to
fiscal consolidation is likely from a proposed Paris Club debt
moratorium, which is set to reduce both principal repayment and
interest cost in this year's budget. Although the deficit target
remains vulnerable to high oil prices and a rise in interest
rates, these are not expected to cause a reversal of Indonesia's
solid progress toward a balanced budget target in 2007.

The country's ratings are also supported by gradually improving
external liquidity. Macroeconomic stability and improved
political conditions, coupled with ongoing current account
surpluses, enabled steady accumulation of foreign reserves,
which are now USD36 billion, up from USD27 billion in 2001.

Given negligible short-term debt, and even with smaller
projected current account surpluses, the ratio of gross
financing requirement to reserves is forecast to stay at a low
6% for 2005--one of the strongest short-term liquidity positions
among its peers. Standard & Poor's expects Indonesia to maintain
adequate external liquidity, with ongoing current account
surpluses, improved investment flows on the back of diminished
political uncertainty, and reforms under the new administration.

Indonesia's ratings are constrained by its still-high external
leverage. Net external debt of the public sector was about 60%
of current account receipts in 2004. Although this is lower than
the median level in similarly rated countries, it presents a
heavy amortization profile and remains a source of ongoing
external vulnerability for the medium term.

The ratings are also constrained by the country's slow pace of
growth.

Notwithstanding the slight pickup in the second half of 2004,
and the consequent upward revision of 2004 growth projections to
5%, the trend rate of economic expansion remains below
potential, averaging just 4.1% in the past five years.

"For the recent increase in growth to take on a more robust and
sustained character, the authorities need to boost the low
investment ratio, which has fallen to less than 20% of GDP,"
said Mr. Benard. That, in turn, hinges on implementing a broad
set of microeconomic reforms, particularly in the judicial,
legal, and labor market areas. Without such reforms, Indonesia's
economy will continue to underperform, posing a challenge to
social and political stability.


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

MARUHA GROUP: R&I Assigns BBB on Syndicated Loans
-------------------------------------------------
Rating and Investment Information, Inc. (R&I) has assigned BBB
on Maruha Group's Syndicated Loans with Hybrid Commitment Line.

OUTLINE OF THE STRUCTURE:

The ratings are for the Syndicated Loan with Hybrid commitment
line, borrowed by Maruha
Group Co., Ltd.

OBLIGOR: Maruha Group Co., Ltd.
INSTRUMENT: Syndicated Loan
AMOUNT: JPY20 billion
LOAN EXECUTION DATE: March 14, 2005
LOAN MATURITY DATE: March 14, 2010
R&I RATING: BBB.Newly Assigned.
ARRANGER AND AGENT: Mizuho Corporate Bank, Ltd.
CREDIT ENHANCEMENT: Hybrid commitment line by Mizuho Corporate
Bank, Ltd.

OUTLINE OF THE STRUCTURE

(1) The Head Office of Maruha Group Inc. (GHO) will borrow JPY20
billion in syndicated loans. Its subsidiary, Maruha Co., Ltd.
(Maruha), will guarantee the principal and interest payments.

(2) On March 9, GHO set up a hybrid commitment line (HCL) with
Mizuho Corporate Bank, Ltd. (Mizuho CB). Mizuho CB in principle
cannot refuse requests from GHO for borrowings when such
requests are consistent with the purpose of the borrowing.

(3) The duration of the HCL will be for a period of one year. If
the agreement is not renewed with the same conditions, the loan
will in principle be terminated. Therefore, so long as there is
outstanding of syndicated loans, the HCL will exist.

(4) If a subordination event occurs in GHO, payments on the HCL
will subordinate to general obligations.

SUMMARY OF THE EVALUATION

(1) The creditworthiness of the loan is enhanced by the setting
of the HCL.

The HCL by Mizuho CB (Senior Long-term Credit Rating: A) will
continue so long as there is an outstanding of syndicated loans.
Redemption of syndicated loans is included in the purpose of the
borrowing, and therefore borrowings provided through the HCL may
be used for the redemption. In principle, there will be no
requests for borrowings for any other purposes.

The rating of the loan reflects the support provided by the HCL.

(2) If the creditworthiness of GHO decreases, the HCL support
will weaken.

The structure operates whereby GHO takes voluntarily action and
applies for borrowings through the commitment line. The
structure will not function effectively if GHO does not apply
for borrowings when it is experiencing difficulties in the fund
managements. Reflecting such risks, the rating of the loan does
not take into consideration the support by HCL in the event of a
worsening of the creditworthiness of GHO.

OUTLINE OF THE OBLIGOR

Japan's largest producer of marine products, Maruha Group Inc.
is the holding Company of the Maruha group. With the wholly
owned subsidiary Maruha Co., Ltd. at the core, the Company is
building a strong operational base in the distribution of marine
products. Thanks to its procurement expertise throughout the
world and strong ability in sales in diverse routes, it is
playing an important role in the distribution of major fish and
shellfish types.

The Company is also developing its businesses in food products
such as canned food and fish sausages and the storage and
distribution business centering on food products. In spite of
diversifying its businesses with fish at the core, Maruha has
been able to generate only a slight cash flow from each of its
businesses on an individual basis. With the posting of
continuous special losses, Maruha Co., Ltd. is not making
headway in profit accumulation, so debt remains excessive and
its financial position is fragile.

The Company plans to put in place a management system headed by
a holding Company where the major group companies switch over to
direct capitalization from the holding Company and the loans of
the group will be transferred to the holding Company. Whether
the Company can demonstrate results in improving the efficiency
of its business operations through its series of initiatives is
an important management issue.

CONTACT:

Maruha Group Incorporated
1-2, 1-chome Ohtemachi, Chiyoda-ku
Tokyo 100-8608, Japan  
Phone: +81-3-3216-0821
Fax: +81-3-3216-0342


RESONA HOLDINGS: To Set up Investment Fund with Aozora
------------------------------------------------------
Resona Bank, the banking unit of Resona Holdings Inc., will team
up with Aozora Bank for the establishment of an investment fund
by the end of this month, reports Japan Today.

The JPY10-billion fund will target small and medium-sized firms.

Resona and Aozora, as well as their group firms will invest a
total of JPY8 billion in the fund. Regional banks, on the other
hand, are tipped to pump in around JPY2 billion.

CONTACT:

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


SAMBU GURIN: Enters Bankruptcy
------------------------------
Golf course operator Sambu Gurin Kantorikurabu K.K. has entered
bankruptcy, says Teikoku Databank America.

The Company, headquartered in Sanbu-gun, Chiba 289-1205, has
total liabilities of US$353.85 million.

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


SAPPORO HOLDINGS: Moody's Reviews Rating for Possible Upgrade
-------------------------------------------------------------
Moody's Investors Service has placed on review for possible
upgrade the Ba3 senior unsecured long-term debt ratings of
Sapporo Holdings Limited (Sapporo).

The rating action reflects Moody's view that Sapporo's
continuing cost-reduction efforts and concentration of resources
on its core business are likely to further stabilize and improve
its profitability and cash flow, despite the stagnant beverage
market, over the medium term.

In recent years, Sapporo has clarified its strategy to realign
its business portfolio and concentrate on its core business --
alcoholic and non-alcoholic beverages, restaurants and real
estate leasing -- and has spun off less profitable ones, such as
hotel operation.

This restructuring, along with intensive cost-reduction efforts,
has led to strengthening of the Sapporo group's profitability
and debt structure. Consolidated operating margin expanded to
4.8% for 2004 from 2.8% for 2003. Total debt improved to JPY290
billion at the end of 2004 from JPY323 billion a year earlier.

In its review, Moody's will assess the Company's strategy to
maintain its position in alcoholic and non-alcoholic beverage
markets, the cost-reduction efforts through which it aims to
further stabilize profitability, and its financial policies
geared to reducing debt.

Sapporo Holdings Limited, headquartered in Tokyo, is a holding
Company that owns Japan's third-largest brewery Company in terms
of market share.

CONTACT:

Sapporo Holdings Ltd
20-1, Ebisu 4-chome, Shibuya-ku
Tokyo 150-8686, Japan  
Phone: +81-03-5423-2111
Fax: +81-03-5423-2057


TOSHIBA CORPORATION: To Raise Year to March 2005 Dividend
---------------------------------------------------------
Toshiba Corporation plans to raise its dividend for the current
fiscal year ending March 2005, according to the Nihon Keizai
Shimbun.

The electronics firm is expected to raise its annual dividend by
JPY1 to JPY4 per share, in a first payout rise since the year to
March 2003.

Meanwhile, Hitachi Limited is also planning to raise its annual
dividend by JPY3 from last fiscal year to JPY11 per share, its
third annual dividend increase.

Among the other electronics firms, Fujitsu Ltd is also likely to
raise its dividend by JPY3 to JPY6, and Oki Electric Industry Co
Ltd is expected to pay dividend for the first time in four
years, at JPY3 per share.

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


TOSHIBA CORPORATION: To Aid University Students in Vietnam
----------------------------------------------------------
Toshiba Corporation said it will start providing scholarships
worth a total of JPY3.2 million a year to graduate students from
two Vietnamese national universities in a bid to cultivate human
resources for its growing economy, according to The Japan Times.

The major electronics maker said it will provide JPY1.6 million
a year each to Vietnam National University of Hanoi and Vietnam
National University of Ho Chi Minh City starting in September.

The recipients will be mainly people studying science and
engineering, but students with majors in other fields will also
be eligible to receive scholarships. Each will receive about
JPY100,000 for tuition and living expenses.


TSUTAI SHOJI: Begins Bankruptcy Proceedings
-------------------------------------------
Tsutai Shoji K.K. has entered bankruptcy with total liabilities
of US$90.05 million, according to Teikoku Databank America.

The firm, engaged in wholesale trading of ceramic, stone and
clay products for construction, is based in Sapporo-shi,
Hokkaido 064-0804.

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


* Rise of Servicers Significantly Contribute to Help Bad Debts
--------------------------------------------------------------
The number of nationwide corporate bankruptcies in 2004 was
13,837, having dropped to the lowest rate in the past decade,
according to Teikoku Databank America.

The rise of "Servicers (debt-collection firms)" was one of the
major factors among others that contributed to the decrease of
bankruptcies. This report summarizes the roles and status of the
Servicers in the past, current, and future.

In late 1990, Japan faced an unprecedented financial crisis.
High volumes of bankruptcy filings were seen along with major
failures such as Yamaichi Securities Co. and Hokkaido Takushoku
Bank. Many companies need to determine quick concrete measures
for recovery and stability of their financial system. Under
these circumstances, "Servicer Law", a special measure law
regarding debt management and collection was enforced in Feb
1999. According to the original law, debts that could be handled
was limited to loans by financial institutions, however, it
expanded to include financial debts from non-banks as a result
of the revision of the law in 2001.

A high barrier was set for entering the Servicer market. For
example, a Servicer needs to be a public Company having obtained
permission from the Minister of Justice with capital greater
than 0.5 billion yen. More than one board member has to be a
lawyer and gang groups and anti-social forces are excluded.

To explain the business procedure, Servicers purchase debts from
financial institutions and directly negotiate with debtors
regarding payment amount and the terms. Servicers can make a
profit from the difference between purchase price and the
collected amount. On the other hand, financial institutions can
eliminate loans from their balance sheet and receive a tax
write-off. For debtors, the debt burden is reduced in many
cases. Therefore, the system is known to be beneficial for all
three parties: Servicer, financial institution, and debtor.

As of June 2004, the cumulative debt amount since Feb 1999 was
about 116 trillion yen and about 70% of the debt was of loans
from financial institutions. It indicates aggressive usage of
Servicers by financial institutions while it is obvious that
financial revitalization program and removal of deposit
insurance are closely related to this movement.

As the Servicers market is rapidly expanding and getting more
mature and competitive, their business strategy is shifting from
"gain profits from purchasing bad debt and collecting payment
from debtors" to "gain profits from maximizing the collections
of the debt by supporting debtors' business revitalization". In
fact, there are Servicers who invest in debtor companies to form
subsidiary firms or send influential executives to debtor
companies, which are expected to generate new profits such as
dividends, brokerage and consultation fees.

Trillions of bad debts of financial institutions still exist and
financial revitalization of local financial institutions hasn't
started yet. However, in the future, Servicer businesses may
decrease or downsize since large-sized debt cases have already
been addressed. Therefore, it is critical for Servicers to
ensure their own sophisticated profit structures with higher
skills and know-how including business revitalization as well as
securitization and liquidation of debt in order to survive in
the fierce competitive market. Otherwise ironically, Servicers
themselves may end up suffering from their own bad debt.

For the past six years since the Servicer law was enforced,
Servicers have played a major role and contributed in many ways
to help bad loans of financial institutions. However, it is not
yet clear if the Servicer market will grow steadily or companies
helped by Servicers will revitalize in the future.


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

SAMSUNG CARD: Parent Won't Get Upgraded Rating for Bailout
----------------------------------------------------------
Standard & Poor's Ratings Services said on March 15 that its
ratings on Samsung Electronics Co. Ltd. (A-/Stable/A-2) would
not be affected by the Company's decision to participate in the
bailout of its 46.04%-owned subsidiary, Samsung Card Co. Ltd.

According to the deal, Samsung Electronics will inject KRW557.6
billion into Samsung Card. The capital injection into Samsung
Card will total KRW1.2 trillion, and will include funds from
other shareholders of the credit card Company, including Samsung
Life (holder of 34.45% of shares), Samsung Electro-Mechanics
(4.69%), and Samsung Corp. (3.12%).

Samsung Electronics can easily afford the capital transfer, with
parent-only cash balances of about KRW7.4 trillion as of end-
2004, and free operating cash flow of about KRW7.3 trillion
after capital spending of KRW7.4 trillion last year. The Company
is part of a complex web of Samsung group companies, and this
marks the second time in just over one year that Samsung
Electronics has led a bailout of its troubled credit card
subsidiary.

The action shows how Samsung Electronics will use its own
resources to support other group companies, even those that have
limited strategic ties to its core operations. Although the
bailout confirms the risk that substantial financial resources
could be diverted from Samsung Electronics' core operations,
this factor has already been accounted for in the Company's
overall credit rating.

CONTACT:

Samsung Card Co., Ltd.
West Wing, Eunseok Bldg.,
1-7, Yeonji-Dong, Jongro-Gu,
Seoul, South Korea 110-754
Phone: +82-2-1588-8700
Fax:   +82-2-756-8942


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

AVANGARDE RESOURCES: Required to Submit Regularization Plan
-----------------------------------------------------------
In compliance with Paragraph 2 & 3 of Practice Note 17/2005
which sets out the criteria and obligations pursuant to
Paragraph 8.14C of the Bursa Malaysia Securities Berhad (Bursa
Securities LR), Avangarde Resources Berhad (ARB) announced that
based on the Company's (and its subsidiaries') unaudited
quarterly report for the financial year ended Dec. 31, 2004, the
consolidated cumulative revenue of RM1.63 million represents
less than 5% of the issued and paid-up capital.

1. OBLIGATION OF ARB PURSUANT TO PN17/2005

Pursuant to PN17/2005, ARB is required to comply with the
following:

a) submit a Regularization Plan to the relevant authorities for
approval or, where the relevant authorities approvals are not
required, obtain all other approvals necessary for the
implementation of the Regularization Plan within 8 months from
the date of the First Announcement;

b) implement the Regularization Plan within the timeframe
stipulated by the relevant authorities or where no timeframe has
been stipulated or allowed by the relevant authorities, within
the timeframe as imposed by Bursa Securities

c) announce the status of its plan to regularize its condition
on a monthly basis until further notice from Bursa Securities;
and

d) announce its compliance or non-compliance with a particular
obligation impose pursuant to PN17/2005 on an immediate basis;


2. CONSEQUENCE OF NON-COMPLIANCE WITH THE OBLIGATIONS

In the event ARB fails to comply with all the provisions of
PN17, failing which Bursa Securities may take such action
against ARB including but not limited to de-listing proceedings
against ARB.


3. STATUS OF PLAN TO REGULARISE CONDITION

The Company is currently preparing the Regularization Plan. Once
completed, a requisite announcement will be made to Bursa
Securities.

CONTACT:

Avangarde Resources Berhad
No. 16-2 & 16-3
Jalan USJ 21/6
47630 UEP Subang Jaya
Selangor, Malaysia
Phone: 03-80249970
Fax: 03-80249831

This announcement is dated March 14, 2005.


AYER HITAM: Defaults in Payment Reach RM39.9 Mln
------------------------------------------------
Pursuant to Practice Note 1/2001, Ayer Hitam Tin Dredging
Malaysia Berhad (AHTIN) updated its default in payments position
as at Feb. 28, 2005, shown in Table A.

The total default by AHTIN Group on the principal sum plus
interests as at Feb. 28, 2005 amounted to RM39,926,397.00. The
defaulted payments owing to the lenders are in respect of the
term loan and syndicated term loan as per the previous
announcement made on Aug. 27, 2004.

Save as disclosed in Table A, there is no new development on the
default of payments since the previous announcement with regard
to this Practice Note.

For a copy of Table A, click on:

http://bankrupt.com/misc/tcrap_ayerhitam031505.doc

CONTACT:

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

This announcement is dated March 14, 2005.


BELL & ORDER: Receives Winding Up Petition
------------------------------------------
Bell & Order Berhad refers to its announcement dated March 9,
2005 and the letter from Bursa Malaysia Securities Berhad (Bursa
Securities) to the Company dated March 10, 2005.

Bell & Order Berhad informed Bursa Securities that the winding-
up petition dated Oct. 18, 2004 filed at the Kuala Lumpur High
Court by Dewantron Sdn Bhd was served on and received by the
Company on March 7, 2005.

Dewantron Sdn Berhad claimed for the sum of RM54,750.00 together
with interest thereon at the rate of 8% per annum together with
cost for outstanding sum for goods sold and delivered.

On Feb. 28, 2005, Bell & Order Berhad announced that it is an
affected listed issuer under Practice Note No. 17/2005 (PN
17/2005) of the Listing Requirements of Bursa Securities as the
Company has a deficit in its adjusted shareholders' equity on a
consolidated basis based on its unaudited consolidated results
for the financial year ended Dec. 31, 2004.

On Jan. 7, 2005, the Company made an announcement proposing to
undertake the Proposed Rights Issue, Proposed Acquisitions,
Proposed GO Exemption, Proposed Increase In Authorised Share
Capital and Proposed Placement. The Proposals are expected to
provide the B&O Group with a new source of income from business
operations in the oil & gas and services industry. The Proposals
outline the Company's plan to regularize its financial
condition.

The applications for the Proposals dated March 10, 2005 were
submitted to the relevant authorities and is pending review.

As at the date hereof, there are no additional expected material
losses arising from the Petition, as the amount claimed had
already been taken into account in the Company's financial
statements. In addition, as part of the Proposals, Bell & Order
Berhad proposes to enter into an arrangement with the bankers
and creditors of the Company under Section 176 of the Companies
Act, 1965 for the settlement of the B&O Group's bank borrowings.
As at the date hereof, the Company is still negotiating with its
bankers and creditors. The Company has also instructed its
solicitors to take appropriate actions in response to the
Petition. Therefore, the Petition is not expected to have a
material financial and operational impact to the B&O Group.

Based on the unaudited results of the B&O Group for the
financial year ended Dec. 31, 2004 which was announced on Feb.
28, 2005, the Company's Board of Directors cannot confirm its
solvency, i.e. that no contingent liability or other liability
that has become enforceable or is likely to become enforceable
within a period of twelve (12) months from the date hereof which
will or may affect the ability of the Company or its group
companies to meet their obligation as and when they fall due. As
such, the Board cannot provide an undertaking/declaration of
solvency to Bursa Securities.

CONTACT:

Bell & Order Berhad
28 & 30 Jalan Pjs 11/14
Bandar Sunway
Petaling Jaya 46150
Malaysia
Phone: 03 - 56336966
Fax:  03 - 56345081

This announcement is dated March 14, 2005.


I-BERHAD: Posts Shares Buy Back Notice
--------------------------------------
I-Berhad disclosed to the Bursa Malaysia Securities Berhad
details of its shares buy back on March 14, 2005.

Date of buy back: 14/03/2005

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

Total number of shares purchased (units): 26,900

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

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

Total consideration paid (RM): 22,763.62

Number of shares purchased retained in treasury
(units): 26,900

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

Cumulative net outstanding treasury shares as at to-date
(units): 1,146,800

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

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

This announcement is dated March 14, 2005.


METROPLEX BERHAD: Default Amount Pegged at RM1.6 Bln
----------------------------------------------------
Further to the announcement dated Feb. 14, 2005 on Practice Note
1/2001, Metroplex Berhad (MB) provided an update on its default
status in payment of the Company's various loan facilities as of
Feb. 28, 2005 as set out in the attachment.

The estimated amount of default (principal and interest) as at
Feb. 28, 2005 is RM1,650,148,196.95

Currently, MB is negotiating with its lenders on the Proposed
Composite Schemes of Arrangement which will essentially address
the default in payment. Upon the finalization of the Proposed
Scheme, an announcement will be made to Bursa Securities.

To view Table A, go to:

http://bankrupt.com/misc/tcrap_metroplex031505.XLS

CONTACT:

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

This announcement is dated March 14, 2005.


PADIBERAS NASIONAL: Granted Additional Shares Listing
-----------------------------------------------------
Padiberas Nasional Berhad's additional 123,500 new ordinary
shares of RM1.00 each issued pursuant the Company's Employee
Share Option Scheme will be granted listing and quotation
effective Thursday, March 17, 2005, 9:00 a.m.

CONTACT:

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


PAN MALAYSIA: Repurchases 85,000 Shares
---------------------------------------
Pan Malaysia Corporation Berhad disclosed details of its shares
buy back on March 14, 2005 to the Bursa Malaysia Securities
Berhad.
  
Date of buy back: 14/03/2005

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

Total number of shares purchased (units): 85,000

Minimum price paid for each share purchased (RM): 0.390

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

Total consideration paid (RM): 33,532.18

Number of shares purchased retained in treasury
(units): 85,000

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

Cumulative net outstanding treasury shares as at to-date
(units): 19,955,100

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: Posts Notice of Shares Buy Back
------------------------------------------------
Pantai Holdings Berhad revealed details of its shares buy back
on March 14, 2005 to the Bursa Malaysia Securities Berhad.
  
Date of buy back: 14/03/2005

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

Total number of shares purchased (units): 85,000

Minimum price paid for each share purchased (RM):  0.990

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

Total consideration paid (RM): 85,184.18

Number of shares purchased retained in treasury
(units):  85,000

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

Cumulative net outstanding treasury shares as at to-date
(units): 28,080,100

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/


PSC INDUSTRIES: Unaware of Unusual Market Activity
--------------------------------------------------
PSC Industries Berhad refers to Bursa Malaysia's letter dated
March 14, 2005 and after a due enquiry, the Company announced
that it is unaware of any circumstances for the cause of the
unusual market activity in the Company's securities.

CONTACT:

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


RHB CAPITAL: Unit Struck off from Register of Companies
-------------------------------------------------------
RHB Capital Berhad announced that subsidiary Semara Jaya Sdn
Berhad has been struck off from the Register by the Registrar of
Companies Commission of Malaysia, pursuant to the powers
conferred by subsection 308(4) of the Companies Act, 1965.

Semara Jaya Sdn Berhad has been dormant since its incorporation
on March 10, 1998, and the above exercise will not have any
material effect on the earnings and net tangible assets of RHB
Capital for the financial year ending Dec. 31, 2005.

CONTACT:

Rhb Capital Berhad
Jalan Tun Razak
Kuala Lumpur, 50400
Malaysia
Phone: +60 3 9287 8888
Fax:   +60 3 9280 6507

This announcement is dated March 14, 2005.


WCT ENGINEERING: Set to List More Shares Today
----------------------------------------------
WCT Engineering Berhad's additional 28,000 new ordinary shares
of RM1.00 each issued pursuant to the Exercise of 28,000
Warrants 2000-2005 are granted listing and quotation effective
Wednesday, March 16, 2005, 9:00 a.m.

CONTACT:

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


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

ATLAS CONSOLIDATED: Intends to Reopen Toledo Mine
-------------------------------------------------
Atlas Consolidated Mining and Development Corporation is keen on
reopening its 400-hectare mining area in Toledo City, Cebu, The
Philippine Star reports.

The mining firm is reportedly firming up talks with new partners
by the end of this year and resume mining operations in 12 to 18
months.

Atlas Mining is currently negotiating with potential foreign
investors which would help it raise some US$171 million to
revive the mining area and install new mining equipment and
facilities.

The reopening of the mines is expected to contribute to the
national economy export earnings of up to US$2.2 billion at an
average of US$110 million a year.

CONTACT:

Atlas Consolidated Mining and Development Corporation
7/F, Quad Alpha Centrum
125 Pioneer St., Mandaluyong City
Phone No:  635-2387/4495
Fax No:  633-3759; 634-2312
E-mail Address:  acmdcmla@info.com.ph
Auditor:  SyCip, Gorres, Velayo & Company
Transfer Agent:  Stock Transfer Service, Inc.


LMG CHEMICALS: Government Temporarily Lifts Plant Closure Order
---------------------------------------------------------------
The Pasig City government has temporarily lifted an order to
close LMG Chemicals Corporation's plant in Pasig for 90 days
from Feb. 21 to May 23, Business World says.

Pasig City legal officer Carlos C. Abesamis opted to extend to
90 days the closure order, which was originally set for 30 days.
The local government reportedly acted on the recommendation of
Pasig City environment and resources chief Raquel Naciongayo on
condition that LMG will strictly comply with the requirements.

Meanwhile, LMG chemicals said it is optimistic that the
extension could help the besieged firm reduce its losses and
regain market share.

The Company was estimated to have incurred revenue losses of
between Php50 million and Php60 million last year as a result of
the plant's closure between Sept. 10 and Dec. 31.

CONTACT:

LMG Chemicals Corp.
Chemphi Bldg., 1851 Arnaiz Ave.,
Makati City, Philippines
Phone: 818-6228,818-8711  


MAYNILAD WATER: Rations Out Water in Metro Manila
-------------------------------------------------
Maynilad Water Services has mobilized 100 tankers to ration
water to Metro Manila's West Zone, as a temporary solution to
continued water shortages in the capital region, reports Today
News.

Maynilad rationed out water at certain areas experiencing
limited water services such as portions of Quezon City, Caloocan
City, Valenzuela City, Malabon, Navotas, Manila, Paranaque City,
Makati City, Las Pinas City and Cavite.

The embattled utility firm is currently stepping up efforts to
resolve the water supply problem. It is speeding up the repair
of busted pipes and cutting of illegal connections.

Earlier, the National Water Resources Board announced the water
level at Angat Dam has been dropping at the rate of one meter
every three days and may dip below the 180-meter critical level
by the end of the month.

Maynilad blamed the destruction of the Umiray Tunnel and the El
Nino phenomenon for the declining water level at Angat Dam.

CONTACT:

Maynilad Water Services Inc.
G/F MWSI Building, Katipunan Road
MWSS Compound, Balara
Quezon City
Philippines


PHILIPPINE LONG: Targets 80,000 DSL Subscribers by End of Year
--------------------------------------------------------------
Philippine Long Distance Telephone Company (PLDT) is working to
rack up around 80,000 subscribers to its digital subscriber line
(DSL) at the end of this year.

According to Dow Jones Newswires, the Company is currently
adding around 1,000 DSL subscribers every week thanks to its
aggressive campaign to dominate the small and medium enterprises
(SMEs) market. As of March 9, PLDT's DSL service has 55,000
subscribers.

PLDT offers its DSL service bundled with office equipment such
as fax machines, scanners, printers, web cameras and cordless
phones at prices that range from Php4,400 to Php8,800 a month.

PLDT is pushing the use of its fixed-line network, which used to
be the main driver of earnings until several years ago when
cellular services took off.   

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


PILIPINO TELEPHONE: Maintained Market Share Last Year
-----------------------------------------------------
Pilipino Telephone Corporation (Piltel) and affiliate Smart
Communications Incorporated has maintained market share of about
58 percent in 2004, according to Asia Pulse.

Smart and Piltel has managed to keep their share of the
Philippine market amid a sharp rise in its number of
subscribers.

Recently, the two firms posted total cellular subscriber numbers
of 19.2 million. Smart added over 4.5 million subscribers while
Talk N Text of Piltel added 1.7 million subscribers to end last
years 14.6 and 4.6 million subscribers, respectively.

Total net subscriber additions in 2004 increased by 35 percent,
from 4.6 million in 2003 to over 6.2 million last year.

CONTACT:

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


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

COGENT DEVELOPMENT: Court to Hear Petition April 1
--------------------------------------------------
Notice is hereby given that a Petition for the Winding Up of
Cogent Development Pte Ltd by the High Court was on March 2,
2005 presented by Bank Of China Limited (formerly known as Bank
of China) (RC No. F00753/W), a bank incorporated in The People's
Republic of China and having a place of business at 4 Battery
Road, Bank of China Building, Singapore 049908, a creditor.

The Petition is to be heard before the Court sitting at
Singapore at 10:00 o'clock in the forenoon on April 1, 2005.

Any creditor or contributory of the Company desiring to support
or oppose the making of an Order on the Petition may appear at
the time of hearing by themselves or their Counsel for that
purpose.

A copy of the Petition will be furnished to any creditor or
contributory of the Company requiring the copy of the Petition
by the undersigned on payment of the regulated charge for the
same.

The Petitioner's address is 4 Battery Road, Bank of China
Building, Singapore 049908.

The Petitioner's solicitors are Messrs Rajah & Tann of 4 Battery
Road, #15-01 Bank of China Building, Singapore 049908 (Ref.
RCH/tlc/104854/4439).

Dated this 7th day of March 2005

Messrs Rajah & Tann
Solicitors for the Petitioner

Note:

Any person who intends to appear at the hearing of the Petition
must serve on or send by post to the Petitioner's solicitors,
Messrs Rajah & Tann of 4 Battery Road, #15-01 Bank of China
Building, Singapore 049908, 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 Petitioner's solicitors not later than twelve
o'clock noon of March 31, 2005 (the working day before the day
appointed for the hearing of the Petition).


ECON INTERNATIONAL: Allots 3,320,305,543 New Ordinary Shares
------------------------------------------------------------
Further to the announcement made March 11, 2005, Econ
International Limited informed the Singapore Stock Exchange
(SGX) that the Company has allotted and issued 3,320,305,543 new
ordinary shares of $0.001 each in the capital of the Company
(Scheme Shares) at an issue price of $0.015, credited as fully
paid-up, to participating creditors pursuant to the Company's
scheme of arrangement under section 210 of the Companies Act,
Cap 50 (the EIL Scheme) based on approved claims that have
crystallized as of March 9, 2005.

The Scheme Shares rank pari passu with the existing issued
ordinary shares of the Company. Following the issue of the
Scheme Shares, the Company's enlarged issued share capital is
S$3,874,992.75 comprising 3,874,992,749 ordinary shares of
$0.001 each.

As at the date of this announcement, there are non-crystallized
claims under the EIL Scheme, which, if they should all
crystallize, will entail the issue of up to an aggregate of
708,460,326 new ordinary shares in the Company, to be issued on
the same basis as the Scheme Shares.

Christine Chan
Company Secretary to SGX
March 15, 2005

CONTACT:

Econ International Limited
2 Ang Mo Kio Street 64
Ang Mo Kio Industrial Park 3
Singapore 569084
Telephone: 65 64842222
Fax: 65 64842221/3
Web site: http://www.econ.com.sg


NEO CORPORATION: Lays Out Agenda for Contributories Meeting
-----------------------------------------------------------
Take notice that a meeting of contributories of Neo Corporation
Pte Ltd (In Liquidation) will be held at 18 Cross Street, #08-01
Marsh & McLennan Centre, Singapore 048423 on March 30, 2005
(Wednesday) at 10:30 am.

AGENDA

(1) To consider and if thought fit to appoint a committee of
inspection; and

(2) Any other business.

Dated this 11th day of March 2005.

Chee Yoh Chuang
Lim Lee Meng
Liquidators
c/o Chio Lim & Associates
18 Cross Street #08-01
Marsh & McLennan Centre
Singapore 048423

Proxies to be used at the meeting must be lodged not later than
4:00 pm on 29th March 2005.


FONG PLASTIC: Issues Notice of Preferential Dividend
----------------------------------------------------
Fong Plastic Works Pte Ltd. formerly of 32 Ang Mo Kio Industrial
Park 2 #05-10 to 18, Sing Industrial Complex Singapore 569510
posted a notice of intended preferential dividend to the
Government Gazette, Electronic Edition.

Court: Supreme Court, Singapore.

Number of Matter: Companies Winding Up No. 250 of 1999

Last Day for Receiving Proofs: March 25, 2005

Name & Address of Liquidator:

The Official Receiver
The URA Centre (East Wing)
45 Maxwell Road #06-11
Singapore 069118
11th March 2005
Moey Weng Foo
Assistant Official Receiver


SWT LOGISTICS: Winding Up Hearing Set April 1
---------------------------------------------
Notice is hereby given that a Petition for the Winding Up of SWT
Logistics Pte Ltd by the High Court was on February 25, 2005
presented by Quijul Pte Ltd of 322 Jalan Ahmad Ibrahim,
Singapore 629151, a Creditor of the abovenamed Company

The said Petition is to be heard before the Court sitting at the
High Court at 10 o'clock in the forenoon on Friday, April 1,
2005.

Any creditor or contributory of the Company desiring to support
or oppose the making of an order on the 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 Company requiring the copy of the Petition
by the undersigned on payment of the regulated charge for the
same.

The Petitioner's address is at 322 Jalan Ahmad Ibrahim,
Singapore 629151.

The Petitioner's solicitors are Messrs Harry Elias Partnership
of 9 Raffles Place, #12-01 Republic Plaza, Singapore 048619.

Messrs Harry Elias Partnership
Solicitors for the Petitioner

Note:

Any person who intends to appear at the hearing of the Petition
must serve on or send by post to the abovenamed Messrs Harry
Elias Partnership 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 March 31, 2005 (the day before the day appointed for the
hearing of the Petition).


TONG WEI: Issues Preferential Dividend Notice
---------------------------------------------
Tong Wei Industry Pte Ltd. formerly of 15 Little Road, #07-02
Singapore 536988 posted a notice of intended dividend to the
Government Gazette, Electronic Edition with the following
details.

Court: Supreme Court, Singapore

Number of Matter: Companies Winding Up No. 600030 of 2002

Last Day for Receiving Proofs: March 25, 2005

Name & Address of Liquidator:

The Official Receiver
The URA Centre (East Wing)
45 Maxwell Road #06-11
Singapore 069118.
11th March 2005

Moey Weng Foo
Assistant Official Receiver


VILLA(S) PTE: Winding Up Hearing Slated for April 1
----------------------------------------------------
Notice is hereby given that a petition for the winding up of
Villa(S) Pte Ltd by the High Court was, on February 28, 2005,
presented by United Overseas Bank Limited, a creditor.

The petition is directed to be heard before the Court sitting at
the High Court of Singapore at 10.00 a.m. in the forenoon, on
April 1, 2005.

Any creditor or contributory of the Company desiring to support
or oppose the making of an order on the 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 Company requiring the copy of the petition
by the undersigned on payment of the regulated charge for the
same.

The Petitioner's address is at 80 Raflles Place, UOB Plaza,
Singapore 048624.

The Petitioner's solicitors are Messrs Shook Lin & Bok of 1
Robinson Road, #18-00 AIA Tower, Singapore 048542.

Messrs Shook Lin & Bok
Solicitors for the Petitioner

Note:

Any person who intends to appear at the hearing of the petition
must serve on or send by post to the Petitioner's solicitors,
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, 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
March 31, 2005 (the day before the day appointed for the hearing
of the petition).


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

K.C. PROPERTY: Details Resolutions Passed at Meeting
----------------------------------------------------
K.C. Property Public Company Limited advised the Stock Exchange
of Thailand on the resolutions passed during the Board of
Directors' Meeting No.3/2005 of held on March 15, 2005.

(1) Approved the revision of the scope of duties and
responsibilities of the Board of Directors.
  
(2) Approved the revision of the scope of duties and
responsibilities of the Executive Board of Directors.
  
(3) Approved the search for a new director to replace one of the
directors who will be retired at the Annual General Meeting
No.1/2005.

(4) Approved the authorization of the Executive Directors to
enter into the listing agreement with the Stock Exchange of
Thailand.

(5) Approved the revision of section 2 article 5 of the
Company's articles of association to appoint Thailand Securities
Depository Company Limited as the Company share registrar.

Please be informed accordingly.

Yours sincerely,
Mr.Somchai Vanavit
Deputy Managing Director

CONTACT:

K.C. Property Public Company Limited   
18/1 Moo 11, Ramkhumheang Road
Saphan Sung Bangkok    
Telephone: 0-2373-7788   
Fax: 0-2373-4965


NEW PLUS: AGM Date Fixed March 14
---------------------------------
The board of directors of New Plus Knitting Public Company
Limited unveiled to the Stock Exchange of Thailand (SET) the
resolutions of the meeting held on March 14, 2005 at 9:00 am.

The details of the resolution are:

(1) Omits dividend payment for the operation of 2004 because of
the operation loss.

(2) To set up date for the shareholders meeting No. 34 on April
20,2005 at 10.00 a.m.

This meeting will be conducted at New Plus Knitting Public
Company Limited, 34 Moo.20 Suwintawong Road, Saladeang,
Bangnumpeaw, Chachoengsao 2400 to consider the following agenda:

(1) Certify the extraordinary shareholders meeting No.33

(2) Acknowledgement the report of the board of directors.

(3) Approval the balance sheet, and the profit and loss
statement as of December 31, 2004.

(4) Consider dividend omission for 2004.

(5) Election the new directors to replace those retiring by
rotation.

(6) Appointing the auditor and fixing remuneration of the year
2005.

(7) Consider adding or changing the regulation of the Company.

(8) Other topics (if any)

(3) To set up a dateline for the closure of Company registration
book on April 1, 2005 at 12.00 a.m. until the completion of the
annual general shareholders meeting No.34

Yours Sincerely,

Mrs. Orasa Kruthakool         
Director

Miss Onuma Fuakfon
Director

CONTACT:

New Plus Knitting Public Company Limited   
34 Moo 20, Saladang, Ban Num Priao, Chacherngsao    
Telephone: 0-3859-3126   
Fax: 0-3859-3125   


THAI-DENMARK: Details Appointment, Resignation of Director
----------------------------------------------------------
With reference to resolution of the board of director meeting
(1/2005) of Thai-Denmark Swine Breeder Public Company Limited on
March 10, 2005, the Company unveiled to the Stock Exchange of
Thailand (SET) the details of its resolutions.

To approved the directors resignation and appointed new
director.

The directors who resigned are:

(1) Mr.Chanin Chongchalernyanon- Independent director and Audit
committee's Director

(2) Mr.Sathit Srisupavinij- Independent director and Audit
committee's Director

-  The director 1 person being appointed.

Miss Nounlahong Rattanapibulkul- Authorized Director  

CONTACT:

Thai-Denmark Swine Breeder Public Company Limited   
Bangnathanee Building, Floor 17,
119/34 Bangna-Trad Road,
Km.3 Bang Na Bangkok    
Telephone: 0-2361-4041-9   
Fax: 0-2361-4050


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

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

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

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without
prior written permission of the publishers.  Information
contained herein is obtained from sources believed to be
reliable, but is not guaranteed.

The TCR -- Asia Pacific subscription rate is $575 for 6 months
delivered via e-mail. Additional e-mail subscriptions for
members of the same firm for the term of the initial
subscription or balance thereof are $25 each.  For subscription
information, contact Christopher Beard at 240/629-3300.

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