TCRAP_Public/050317.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

             Thursday, March 17, 2005, Vol. 8, No. 54

                            Headlines

A U S T R A L I A

ANOZIRA PTY: To Pay Dividend March 30
ARMSTRONG ARCHITECTS: Members Pass Resolution at Meeting
A&C GROUP: Court Winds Up Company
BAIRD CONCRETE: Court Issues Winding Up Order
BEST PRACTICE: Proofs of Debt, Claims Due March 23

BLUE OLIVE: Court Appoints Liquidator
CHEMEQ LIMITED: Former Director Discounts Pessimistic Report
COMPLETE FLOOR: Enters Winding Up Process
COQUETTE FASHION: Court Issues Winding Up Order
DARWON PTY: Members Pass Resolution to Wind Up Company

DMDT HOTEL: Members Agree to Wind Up Company
FIGUREWING PTY: Members Meeting Set March 22
FOXTEL: Plunging Deeper into the Red
G.& K. WARD: Court Names Christopher J. Palmer as Liquidator
HENRY WALKER: Administrators Sell Engineering Biz to Macmahon

KENZALI PTY: Members to Meet March 22
KINGSTAR SAPPHIRES: Meeting Resolves to Wind Up Company
MARDON INVESTMENTS: Appoints Liquidator to Wind Up Company
MURRAYFAB ENGINEERING: Lays Out Agenda of Final Meeting
MATILDA MOTOR: Collapse Leaves Staff Out of Pocket

ORION OPEN: Members Agree to Wind Up Company
OZSEND PTY: Members Pass Resolution to Wind Up Company
PARAMOUNT KITCHENS: Final Meeting Slated for April 13
PETER F. HERRAMAN: To Hold Final Meeting March 21
QANTAS AIRWAYS: To Boost Kangaroo Route to U.K.

SONS OF GWALIA: St. Barbara Eyes Gold Business
UMINA BOWLING: Creditors Hope to Recoup Money in Full
* Judge Identifies Recurring Themes for Failed Companies


C H I N A  &  H O N G  K O N G

BAKER GROUP: Shares Listing Cancelled
BILLION TOP: Court To Hear Winding Up Petition April 6
CHOW FUK: Enters Bankruptcy Proceedings
CHUNG HING: Enters Winding Up Proceedings
HONG KONG COLLEGE: Sets Winding Up Hearing on May 4

L.A. NOMINEES: Court Issues Winding Up Order
LIPCORP COMPANY: Commences Winding Up Proceedings
MANFORD INDUSTRIAL: Begins Bankruptcy Proceedings
NISSHO IWAI: Withdraws Currency Notes Due 2005
SMART WIN: Schedules Winding Up Hearing on March 30

STRATHFIELD LIMITED: AGM Slated for March 24
TRIANGLE INTERNATIONAL: Receives Winding Up Order Notice


I N D O N E S I A

BANK MANDIRI: Posts 14.6% Increase in 2004 Net Profit
BANK PERSYARIKATAN: Gets IDR200-Bln Bailout, Escapes Liquidation


J A P A N

AVIVA JAPAN: Updates Revitalization Plan
DAIEI INCORPORATED: Sales Fall 12% in February
DAIEI INCORPORATED: Unit Enters Alliance With Nojima
KAMAYA RYOKAN: Releases Debt Purchase Update
KANEBO LIMITED: Aims to Spin Off Textile Business

K.K. SHINONOME: Enters Bankruptcy
MITSUBISHI MOTORS: Unveils 2005 Spring Talk Results
MIZUHO CORPORATE: S&P Upgrades Preferred Securities to 'BBB'
YOROZU CORPORATION: JCR Raises Rating to BBB


K O R E A

SK LIFE: Bidder Scraps Acquisition Bids, Cites Differences


M A L A Y S I A

BELL & ORDER: In Talks with Creditors to Settle Borrowings
BOUSTEAD HOLDINGS: Clarifies The Edge Article
GULA PERAK: Posts Listing of Additional Shares
I-BERHAD: Repurchases 37,000 Shares
METROPLEX BERHAD: Court Sets March 24 as Appeal Hearing Date

PAN MALAYSIA: Buys Back 110,000 Shares
PAN PACIFIC: Default Status Remains Unchanged
PANTAI HOLDINGS: Unveils Shares Buy Back Notice
POS MALAYSIA: To List Additional Shares Today
PSC INDUSTRIES: Clarifies The Edge News Articles

RNC CORPORATION: Exits PN4 Condition
TRU-TECH HOLDINGS: Meeting of Creditors Set for March 18


P H I L I P P I N E S

COLLEGE ASSURANCE: Vows to Pay Php454-Mln Obligation
NATIONAL POWER: To Boost Operational Efficiency Through Reorg
NATIONAL POWER: Unveils New Senior Executive Lineup
NATIONAL STEEL: PhilEXIM Nixes Plea for Sovereign Guarantee
PHILIPPINE REALTY: Inks JV Deal with Next Properties


S I N G A P O R E

DEBTDOMAIN PTE: Placed Under Judicial Management
DEVON INDUSTRIES: Proofs of Debt, Claims Due March 25
FUNAI ASIA: Requires Creditors to Prove Debts, Claims March 28
SEATOWN CORPORATION: Seeks Extension for Submission of Proposal
WEE POH: Requests Trading Halt

WEE POH: Changes Registered Office Address


T H A I L A N D

EMC: Clarifies Item in Financial Statement
JASMINE INTERNATIONAL: Details Warrant Conversion
KRUNG THAI: Hopes to Gain Approval on Planned Bond Issuance
THAI PETROCHEMICAL: One Plan Administrator Resigns

     -  -  -  -  -  -  -  -

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


ANOZIRA PTY: To Pay Dividend March 30
-------------------------------------
A second and final dividend is to be declared on March 30, 2005
for Anozira Pty Limited (In Liquidation) A.C.N. 093 839 395.

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

Dated this 22nd day of February 2005

W. B. Rangott
Liquidator
Unit 12, Level 3


ARMSTRONG ARCHITECTS: Members Pass Resolution at Meeting
--------------------------------------------------------
Notice is hereby given that at the general meeting of Armstrong
Architects Pty Limited (In Liquidation) A.B.N. 98 002 645 249,
duly convened and held at the offices of Edney Ryan Chartered
Accountants, 706 Military Road, Mosman NSW 2088, on February 8,
2005 the following resolutions were proposed and passed:

As special resolutions

That the Company be wound up voluntarily.

That the Liquidator be at liberty to divide amongst the members
the whole or any part of the property of the Company.

As an ordinary resolution

That Carolyn Griffin of Edney Ryan Chartered Accountants of 706
Military Road, Mosman NSW 2088, be appointed Liquidator for the
purpose of such winding up.

Dated this 8th day of February 2005

Carolyn Griffin
Liquidator


A&C GROUP: Court Winds Up Company
---------------------------------
On February 7, 2005 the Supreme Court of New South Wales, Equity
Division, made an Order that A & C Group Pty Ltd (In
Liquidation) A.C.N. 063 102 385 be wound up by the Court and
appointed Hugh Charles Thomas, BKR Walker Wayland, 8th Floor, 55
Hunter Street, Sydney NSW 2000 to be Liquidator.

Dated this 11th day of February 2005


BAIRD CONCRETE: Court Issues Winding Up Order
---------------------------------------------
On February 7, 2005, the Supreme Court of New South Wales,
Equity Division, made an Order that Baird Concrete Constructions
Pty Limited (In Liquidation) A.C.N. 050 052 287 be wound up and
appointed R. J. Porter as Official Liquidator.

R. J. Porter
Official Liquidator
Moore Stephens PMN
Chartered Accountants
Level 6, 460 Church Street,
Parramatta NSW 2150


BEST PRACTICE: Proofs of Debt, Claims Due March 23
--------------------------------------------------
A dividend being a first and interim dividend is to be declared
on Thursday, April 14, 2005 for Best Practice Engineering Pty
Ltd (In Liquidation) trading as Bradbury Poulsen Engineering
A.C.N. 100 548 856.

Creditors whose debts or claims have not already been admitted
are required on or before Wednesday, March 23, 2005 formally to
prove their debts or claims.

If they do not, they will be excluded from the benefit of the
dividend.

Dated this 22nd day of February 2005

William James Hamilton
Pino Fiorentino
Liquidators
Hamiltons
Chartered Accountants
Level 17, 25 Bligh Street,
Sydney NSW 2001
Telephone: (02) 9232 6611
Facsimile: (02) 9232 6166, DX 1208


BLUE OLIVE: Court Appoints Liquidator
-------------------------------------
On February 10, 2005, the Supreme Court of New South Wales,
Equity Division, made Orders that Christopher J. Palmer be
appointed Official Liquidator of Blue Olive Group Pty Limited
(In Liquidation) A.C.N. 099 380 677.

Dated this 22nd day of February 2005

Christopher J. Palmer
Official Liquidator
O'Brien Palmer
Level 4, 23-25 Hunter Street,
Sydney NSW 2000


CHEMEQ LIMITED: Former Director Discounts Pessimistic Report
------------------------------------------------------------
A former director of Chemeq Limited has publicly criticized an
independent expert's report on an AU$60-million funding for
painting a pessimistic picture of the drug maker's prospects,
The Age reports.

Graeme Major, who resigned from Chemeq's board last year but
still owns five percent of the Company, claimed KPMG's report
was a one-sided presentation of the risks the Company faces in
its plan to start selling its antimicrobial drug, which is being
marketed as a replacement for antibiotics for livestock.

Mr. Graeme has written to fellow shareholders, questioning the
merits of a proposal from Mizuho International that could give
the Japanese investment bank up to 47 percent of Chemeq.

He said he wrote the letter because he felt the document
undersold the Company to justify Mizuho's low offer.

A spokesman for Chemeq said the Mizuho investment was the only
formal proposal made to the board, which had unanimously
recommended that shareholders vote in favor of all resolutions.
He added the KPMG's report had concluded that the proposal was
fair and reasonable.

CONTACT:

Chemeq Limited
Suite 8 Petroleum House,
3 Brodie Hall Drive,
Technology Park,
Bentley, Australia, 6102
Head Office Telephone 08 9362 0100
Head Office Fax 08 9355 0199
Web site: http://www.chemeq.com.au/


COMPLETE FLOOR: Enters Winding Up Process
-----------------------------------------
At a General Meeting of Complete Floor Coverings Pty Limited (In
Liquidation) A.C.N. 000 987 011, duly convened and held at Suite
707, 35 Spring Street on February 8, 2005 the following Special
Resolution passed:

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

Dated this 8th day of February 2005

Peter Sheldon
Liquidator
Level 7, Suite 707, 35 Spring Street,
Bondi Junction
NSW 2022


COQUETTE FASHION: Court Issues Winding Up Order
-----------------------------------------------
On February 4, 2005, the Supreme Court of New South Wales,
Equity Division, made an Order that Christopher J. Palmer be
appointed Official Liquidator of Coquette Fashion Pty Limited
(In Liquidation) A.C.N. 099 356 260.

Dated this 22nd day of February 2005

Christopher J. Palmer
Official Liquidator
O'Brien Palmer
Level 4, 23-25 Hunter Street,
Sydney NSW 2000


DARWON PTY: Members Pass Resolution to Wind Up Company
------------------------------------------------------
At a General Meeting of Darwon Pty. Limited (In Voluntary
Liquidation) A.C.N. 003 452 088, duly convened and held at Level
7, 1 Macquarie Place, Sydney NSW 2000 on February 7, 2005, the
following Special Resolution was passed:

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

Dated this 8th day of February 2005

Peter John Ryan
Liquidator
4 Rosemont Avenue, Woollahra NSW 2025


DMDT HOTEL: Members Agree to Wind Up Company
--------------------------------------------
Notice is hereby given that at a General Meeting of Members of
DMDT Hotel Group Pty Limited (In Voluntary Liquidation) A.C.N.
092 934 819 duly convened and held at Griffith NSW on 9 February
2005, a Special Resolution that the Company be wound up
voluntarily was passed by members and Michael J. Hill was
appointed Liquidator.

Dated this 9th day of February 2005

Michael J. Hill
Liquidator
c/- McGrath Nicol & Partners
Level 2, 80 Northbourne Avenue,
Canberra ACT 2601


FIGUREWING PTY: Members Meeting Set March 22
--------------------------------------------
Notice is hereby given that a meeting of the Members of
Figurewing Pty Limited (In Liquidation) A.C.N. 003 581 879 will
be held at Hall Chadwick, Level 29, 31 Market Street, Sydney NSW
on March 22, 2005 at 11:00 a.m.

The meeting will be a Final Meeting in accordance with Section
509 of the Corporations Act 2001.

BUSINESS

(1) To receive a report from the Liquidator, being an account of
his acts and dealings and of the conduct of the winding up
during the period of the liquidation ending on March 22, 2005.

(2) That subject to any provisions under the Corporations Act
2001 to the contrary, the Liquidator be empowered to destroy all
books and records of the Company on completion of all duties.

(3) Any other business.

Dated this 10th day of February 2005

Geoffrey Mcdonald
Liquidator
c/- Hall Chadwick
Level 29, 31 Market Street,
Sydney NSW 2000


FOXTEL: Plunging Deeper into the Red
------------------------------------
Foxtel's red ink continues to flow with another AU$100 million
loss in the six months to Dec. 31, reports the Sydney Morning
Herald.

The embattled pay television operator's woes worsened after it
backed away from a commitment to break even by the middle of
next year following sluggish customer growth and despite a
program to keep costs under control.

Last fiscal year, Foxtel suffered a net loss of AU$109 million,
from an AU$61 million loss a year earlier due mainly to an
aggressive campaign to convert existing subscribers and attract
new subscribers to its digital service.

On top of the costs associated with converting its own business
to digital, Foxtel is under pressure to deliver video-on-demand
ahead of its competitors.

Foxtel's three owners, Telstra, News Corp and Publishing &
Broadcasting, were earlier squabbling over a reseller
arrangement with Optus. Optus resells Foxtel's analog pay TV
service to its own customers but is loath to pay for the
expensive conversion to digital.

Foxtel's board is expected to vote this week on the reseller
arrangement.

CONTACT:

Foxtel
PO Box 612, Moonee Ponds,
Victoria, 3039
Phone: 131999
Web site: http://www.foxtel.com.au/


G.& K. WARD: Court Names Christopher J. Palmer as Liquidator
------------------------------------------------------------
On February 10, 2005, the Supreme Court of New South Wales,
Equity Division, made Orders that Christopher J. Palmer be
appointed Official Liquidator of G. & K. Ward Pty Limited (In
Liquidation) A.C.N. 071 885 624.

Dated this 22nd day of February 2005

Christopher J. Palmer
Official Liquidator
O'Brien Palmer
Level 4, 23-25 Hunter Street,
Sydney NSW 2000


HENRY WALKER: Administrators Sell Engineering Biz to Macmahon
-------------------------------------------------------------
The administrators of Henry Walker Eltin Contracting Pty Limited
on Wednesday announced the sale of its Northern Territory-based
civil engineering business to Macmahon Contractors Pty Limited,
a subsidiary of Macmahon Holdings Limited.

The HWE NT civil business is part of the Henry Walker Eltin
Group of companies that were placed into Administration on
January 31, 2005.

With a forty-year history in the Northern Territory, the
business has continued to operate as usual throughout the
administration period on infrastructure, marine and civil
engineering projects.

Mr. Scott Kershaw, Administrator said that the sale is the
latest in a series of satellite business disposals aiming to
reduce trading risk and stabilize the operations of the Henry
Walker Eltin Group.

"It's a credit to all parties that this transition has been so
smooth. Work has continued almost unabated and the future and
entitlements of all 80 employees have been secured," said Mr.
Kershaw.

The administrators are working with Macmahon to advise clients
and staff of the transfer arrangements.

The sale of the HWE NT civil business follows the sale of Simon
Engineering (Australia) Pty Ltd to a subsidiary of Abigroup
Limited, the sale of a 50% interest in African Mining Services
(Ghana) Pty Ltd to Ausdrill Ltd and the sale of HWE's Indonesian
operations, PT HWE Indonesia, to a group coordinated by PT Bumi
Resources, the parent Company of mine operator Kaltim Prima
Coal.

CONTACT:

Henry Walker Eltin Group Limited
33 Paul Street North
North Ryde, New South Wales 2113
Australia
Phone: +61 02 9887 6400
Fax: +61 02 9805 0945
Web site: http://www.hwe.com.au/


KENZALI PTY: Members to Meet March 22
-------------------------------------
Notice is hereby given pursuant to Section 509 of the
Corporations Act 2001 that a general meeting of the members of
Kenzali Pty Limited (In Liquidation) A.C.N. 003 685 603 will be
held at the offices of Ferrier Hodgson (Newcastle), Chartered
Accountants, Level 3, 2 Market Street, Newcastle on Tuesday,  
March 22, 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 10th day of February 2005

J. A. Shaw
Liquidator
Ferrier Hodgson
Chartered Accountants
PO Box 840, Newcastle NSW 2300


KINGSTAR SAPPHIRES: Meeting Resolves to Wind Up Company
-------------------------------------------------------
Notice is hereby given that at a General Meeting of Kingstar
Sapphires Pty Limited A.C.N. 001 287 592 duly convened and held
on February 4, 2005 the following special resolution was passed:

That the Company be wound up voluntarily.

Dated this 4th day of February 2005

Brian P. Dunphy
Liquidator
Freshwater Management Pty Ltd
PO Box 663, Harbord NSW 2096


MARDON INVESTMENTS: Appoints Liquidator to Wind Up Company
----------------------------------------------------------
Notice is hereby given that at a General Meeting of Members of
Mardon Investments Pty Limited (In Voluntary Liquidation) A.C.N.
001 160 363 duly convened and held at Level 1, 20 Hunter,
Parramatta NSW 2150 on Tuesday, February 8, 2005 at 9:00 a.m., a
Special Resolution was passed that the Company be wound up
voluntarily and Peter Ngan was appointed Liquidator.

Dated this 9th day of February 2005

P. Ngan
Liquidator
Ngan & Co
Chartered Accountants
Level 5, 49 Market Street,
Sydney NSW 2000


MURRAYFAB ENGINEERING: Lays Out Agenda of Final Meeting
-------------------------------------------------------
Notice is given that a final meeting of the members and
creditors of Murrayfab Engineering Pty Ltd (In Liquidation)
A.C.N. 087 632 013 will be held at Suite 5, 32 Thesiger Court,
Deakin ACT on Wednesday, March 23, 2005 at 11:00 a.m.

AGENDA

(1) To receive an account showing how the winding up has been
conducted and the property of the Company has been disposed of;

(2) To receive any explanation in relation to the winding up;
and

(3) To authorize the Liquidator to destroy, at his discretion,
the books and records of the Company after six months of
deregistration of the Company, subject to obtaining prior
approval from the Australian Securities and Investments
Commission.

Dated this 14th day of February 2005

H. J. Kazar
Liquidator
c/- Sims Partners
PO Box 211, Deakin West ACT 2600


MATILDA MOTOR: Collapse Leaves Staff Out of Pocket
--------------------------------------------------
The recent collapse of Matilda Motor Homes has left disgruntled
staff almost AU$500,000 out of pocket in superannuation wages,
Cairns Post reports.

The mobile home distributor is on the market after it fell into
voluntary administration with debts of AU$5 million.
Administrators are currently trying to sort offers to buy the
business following the close of a tender handled by Quaid
Auctioneers on March 4.

The Company has an AU$1.1-million bank loan and owes about
AU$3.7 million to unsecured creditors including almost
AU$400,000 in tax, almost AU$1 million to three major suppliers
and AU$1.3 million in relation to guarantees over vehicles of an
associated entity.

Some employees are also seeking more than AU$20,000 in
entitlements.

CONTACT:

Matilda Motorhomes
1/36 Buchan Street
Cairns QLD 4870
Phone: (07) 4035 6321    
E-mail: sales@mmha.com.au
Web site: http://www.matilda-motorhomes.com.au/


ORION OPEN: Members Agree to Wind Up Company
--------------------------------------------
Notice is hereby given that at a General Meeting of Members of
Orion Open Systems Pty Limited (In Liquidation) A.C.N. 002 831
585 duly convened and held at Unit 4, 28 Grosvenor Street,
Kensington NSW 2033 on Monday, February 8, 2005 at 9:00 a.m. a
Special Resolution that the Company be wound up voluntarily was
passed by members and the undersigned was appointed Liquidator.

The appointment of Liquidator was confirmed by creditors
pursuant to Section 497(1) of the Corporations Act 2001 at a
meeting of creditors held subsequently that day.

Dated this 9th day of February 2005

P. Ngan
Liquidator
Ngan & Co
Chartered Accountants
Level 5, 49 Market Street,
Sydney NSW 2000


OZSEND PTY: Members Pass Resolution to Wind Up Company
------------------------------------------------------
At a General Meeting of members of Ozsend Pty Limited A.C.N. 095
275 559 duly convened and held at 1 Schubert Place, Bonnyrigg
NSW 2177 on February 9, 2005, the following Special Resolution
was passed:

That the Company be wound up voluntarily.

Dated this 9th day of February 2005

Bruno Vartuli
Director
c/- Moore Stephens PMN
Level 6, 460 Church Street,
Parramatta NSW 2150


PARAMOUNT KITCHENS: Final Meeting Slated for April 13
-----------------------------------------------------
Notice is hereby given that a final meeting of members and
creditors of Paramount Kitchens Australia Pty Ltd (In
Liquidation) A.C.N. 079 953 512 will be held at the office of
Nicholls & Co, Chartered Accountants, Suite 6, 459 Peel Street
Tamworth NSW 2340, on April 13, 2005, at 11:00 a.m. for the
purpose of receiving the Liquidator's account showing how the
winding up has been conducted and the property of the Company
disposed of and hearing any explanation which may be given by
the Liquidator.

Dated this 9th day of February 2005

A. R. Nicholls
Liquidator
Nicholls & Co
Suite 6, 459 Peel Street,
Tamworth NSW 2340


PETER F. HERRAMAN: To Hold Final Meeting March 21
-------------------------------------------------
Notice is hereby given that pursuant to Section 509 of the
Corporations Act a final meeting of Peter F. Herraman Pty Ltd
(In Liquidation) A.C.N. 008 021 270 will be held at 1 Northcote
Terrace, Medindie, South Australia on March 21, 2005 at 9:00
a.m. for the purpose of laying before the meeting an account
showing how the winding up has been conducted, and how the
assets have been disposed of.

Dated this 2nd day of February 2005

David Garry
Liquidator
David Garry & Associates
1 Northcote Terrace, Medindie SA 5081


QANTAS AIRWAYS: To Boost Kangaroo Route to U.K.
-----------------------------------------------
Qantas Airways is considering increasing capacity on the
"kangaroo route" between Australia and the U.K., according to
the Sydney Morning Herald.

The national flag carrier said it will add a fourth weekly
service from Sydney to London via Hong Kong, which will begin
Nov. 13.

The additional flight will bring the total number of Qantas
services between Australia and the U.K. each week to 28. Qantas
had added nearly 2,300 seats each week between Australia and the
U.K. and Europe since November last year.

Qantas has earlier obtained approval to operate a further three
services to the U.K. via Hong Kong from April 2006, enabling the
airline to offer daily flights on the route.

The new QF29 service will depart Sydney on Sundays and be
operated by three-class Boeing 747-400 aircraft, which feature
the award winning Skybed sleeper seat.

The three existing QF29 services operate on Tuesdays, Thursdays
and Saturdays.

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


SONS OF GWALIA: St. Barbara Eyes Gold Business
----------------------------------------------
St. Barbara Mines is working to acquire Sons of Gwalia's failed
gold business, in its most significant move since new chief Ed
Eshuys took charge of the troubled miner last year, according to
The West Australian.

St. Barbara is reportedly closing on a deal to buy Gwalia's gold
division after it submitted on Feb. 28 final offers to
administrator Ferrier Hodgson and sale adviser Macquarie Bank.
St. Barbara was believed to have tendered for the gold business
with the support of Denver-based Resource Capital Funds.
                            
While Gwalia's directors valued the Company's gold assets at
AU$120 million in a report to creditors in December, any sale is
expected to generate only a fraction of that estimate.

Gwalia's gold division triggered the gold and tantalum miner's
collapse in August after a supply shortfall left the firm unable
to meet its extensive loss-making hedging commitments.

Gwalia was forced to call in administrators after a massive
shortfall was discovered in its gold reserves, especially at its
main Marvel Loch mine.

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/


UMINA BOWLING: Creditors Hope to Recoup Money in Full
-----------------------------------------------------
The creditors of Umina Bowling Club are bullish on receiving 100
percent of the money owed to them by the ailing club, according
to the Daily Telegraph.

Creditors got their hopes up after meeting with administrator
Ferrier Hodgson Tuesday. Administrator Peter Walker assured the
creditors his Company would pursue several avenues to revive the
clubs operations, including a possible merger.

Umina called in administrators last week with debts of almost
AU$3 million after the National Bank had restricted cash flow.
An overdraft with the bank had reportedly reached its maturity
date prompting the bank to cut the club's borrowings ad cash
flow by AU$100,000.


* Judge Identifies Recurring Themes for Failed Companies
--------------------------------------------------------
A New South Wales (NSW) Supreme Court Judge has identified two
recurring themes in the conflict of interest area when it came
to appointing an administrator of a failed Company in Australia,
Asia Pulse reveals.

Justice Robert Austin said conflicts of interest often arose
when the administrator appears to be too close to a creditor
whose interests are not the same as other creditors, and when
the administrator appears to be close to the directors who have
made the appointment.

Justice Austin said conflicts of interest could be addressed by
having an insolvency practitioner who was acting as an external
administrator in the fiduciary position regarding the Company.

In addition, the court had broad discretions to remove an
administrator or terminate a deed of Company arrangement, and
could do so if conflicts of interest were mishandled.

The Insolvency Practitioners Association of Australia (IPAA) had
published guidelines bearing upon conflicts of interest, which
may be taken into account by the court or the Companies Auditors
and Liquidators Disciplinary Board when they exercised statutory
powers.


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C H I N A  &  H O N G  K O N G
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BAKER GROUP: Shares Listing Cancelled
-------------------------------------
Market participants are requested to note that listing of the
shares of Baker Group International Holdings Limited was
cancelled with effect from 9:30 a.m. on Wednesday, 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 Hong Kong Stock 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.


BILLION TOP: Court To Hear Winding Up Petition April 6
------------------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Billion Top International Limited by the High Court of Hong Kong
Special Administrative Region was on the 6th day of February
2005 presented to the said Court by Bank of China (Hong Kong)
Limited whose registered office is situated at 14th Floor, Bank
of China Tower, 1 Garden Road, Hong Kong.  

The said Petition will be heard before the Court at 9:30 a.m. 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.

FORD, KWAN & COMPANY
Solicitors for the Petitioner
Suites 1505-1508, 15th Floor
Chinachem Golden Plaza
77 Mody Road
Kowloon, Hong Kong

Note:

Any person who intends to appear on 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
4, 2005.


CHOW FUK: Enters Bankruptcy Proceedings
---------------------------------------
Notice is hereby given that Bankruptcy Orders against Chow Fuk
Leung Trading were made on February 28, 2005.

All debts due to the estates should be paid to the undersigned.

Dated this 11th day of March 2005.

ET O'CONNELL
Official Receiver


CHUNG HING: Enters Winding Up Proceedings
-----------------------------------------
Chung Hing Construction Works Limited with registered office
located at Room 5, 2/F, Lai Kwan Court, 438 Castle Peak Road,
Shamshuipo, Kln was issued a winding up notice by the High Court
of the Hong Kong Special Administrative Region Court of First
Instance on March 2, 2005.

Date of Presentation of Petition: December 24, 2004.

Dated this 11th day of March 2005.

ET O'Connell
Official Receiver


HONG KONG COLLEGE: Sets Winding Up Hearing on May 4
---------------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Hong Kong College of Cosmetic Surgeons and Physicians Limited by
the High Court of Hong Kong Special Administrative Region was on
the 3rd day of March 2005 presented to the said Court by To Chun
Fung of Flat B, 5th Floor, Hop Ying Commercial Centre, 755
Nathan Road, Kowloon, Hong Kong.  

The said Petition is directed to be heard before the Court at
9:30 a.m. on May 4, 2005 and 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. RICKY S. P. NG & CO.
Solicitors for the Petitioner
Room 1207, 12th Floor, Wing On Centre
111 Connaught 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 May 3,
2005.


L.A. NOMINEES: Court Issues Winding Up Order
--------------------------------------------
Notice is hereby given that a Petition for the Winding up of
L.A. Nominees Limited by the High Court of Hong Kong Special
Administrative Region was on the 26th day of January 2005
presented to the said Court by Mr Jose Roberto C Delgado of 2nd
Floor, Mary Bachrach Bldg., Port Area, Manila, Philippines.  

The said Petition is to be heard before the Court at 9:30 a.m.
on March 30, 2005. Any creditor or contributory of the said
Company desirous to support or oppose the making of an order on
the said petition may appear at the time of hearing by himself
or his counsel for that purpose.

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

BOASE COHEN & COLLINS
Solicitors for the Petitioner
2303-7 Dominion Centre
43-59 Queen's Road East
Hong Kong
Tel: 3416 1711
Fax: 2529 5035

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
29, 2005.


LIPCORP COMPANY: Commences Winding Up Proceedings
-------------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Lipcorp Company Limited by the High Court of Hong Kong Special
Administrative Region was on the 26th day of January 2005
presented to the said Court by Mr. Jose Roberto C Delgado of 2nd
Floor, Mary Bachrach Bldg., Port Area, Manila, Philippines.  

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

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

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

BOASE COHEN & COLLINS
Solicitors for the Petitioner
2303-7 Dominion Centre
43-59 Queen's Road East
Hong Kong
Tel: 3416 1711
Fax: 2529 5035

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
29, 2005.


MANFORD INDUSTRIAL: Begins Bankruptcy Proceedings
-------------------------------------------------
Notice is hereby given that Bankruptcy Orders against Manford
Industrial Company were made on February 28, 2005.

All debts due to the estates should be paid to the undersigned.

Dated this 11th day of March 2005.

E T O'CONNELL
Official Receiver


NISSHO IWAI: Withdraws Currency Notes Due 2005
----------------------------------------------
Market participants are requested to note that dealings in the
Euro yen Reverse Dual Currency Notes due 2005 issued by Nissho
Iwai HK (Cayman) Ltd. will cease after the close of business on
Thursday, March 17, 2005 and listing of which will be withdrawn
after the close of business on Tuesday, March 22, 2005.


SMART WIN: Schedules Winding Up Hearing on March 30
---------------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Smart Win Shipping (HK) Limited by the High Court of Hong Kong
Special Administrative Region was on the 31st day of January
2005 presented to the said Court by Chan Yu Hong of Flat D, 11th
Floor, Tower 1, Hampton Place, 11 Hoi Fan Road, Tai Kok Tsui,
Kowloon, Hong Kong.  

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

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

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

C. L. CHOW & MACKSION CHAN
Solicitors for the Petitioner
Room 501-3, 5th Floor, Hang Seng Building
77 Des Voeux Road Central
Hong Kong
Tel: 2877 3318 / 2810 7979
Fax: 2877 2620 / 2845 2189

Note:

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

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


STRATHFIELD LIMITED: AGM Slated for March 24
--------------------------------------------
Notice is hereby given that pursuant to Section 247 of the
Companies Ordinance (Chapter 32), annual meeting of Strathfield
Limited (In Creditors' Voluntary Liquidation) will be held at
27th Floor, Alexandra House, 16-20 Charter Road, Central, Hong
Kong on March 24, 2005 at 10:00 a.m. and will be followed by a
meeting of the creditors of the Company to be held at the same
place at 10:30 a.m. for the purpose of receiving an account of
the liquidator's act and dealings and of the conduct of the
winding up of the Company during the year to February 1, 2005.

A member or creditor entitled to attend the 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 27th Floor,
Alexandra House, 16-20 Chater Road, Central, Hong Kong. Members'
proxies should be lodged at the above address not less than 4
p.m. on the day before the meetings.

Dated this 11th day of March 2005.

Gabriel Chi Kok Tam
Jacky Chung Wing Muk
Joint and Several Liquidators


TRIANGLE INTERNATIONAL: Receives Winding Up Order Notice
--------------------------------------------------------
Triangle International (H.K.) Company Limited with registered
office located at 3/F, Fashion Plaza, 1A-Ijtung Choi Street, Kln
received a winding up order notice from the High Court of the
Hong Kong Special Administrative Region Court of First Instance
on March 2, 2005.

Date of Presentation of Petition: December 24, 2004.

Dated this 11th day of March 2005.

ET O'CONNELL
Official Receiver


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

BANK MANDIRI: Posts 14.6% Increase in 2004 Net Profit
-----------------------------------------------------
PT Bank Mandiri reported a 14.6% rise in its net profit for 2004
due to its lending expansion, which increased 24.3% to IDR94.4
trillion, the Jakarta Post reports.

The bank experienced an increase in its loans, and along with a
higher 4.3% interest margin, raised its 2004 net interest income
to IDR9.5 trillion. The bank also met its goal of reducing its
corporate loans to less than 50% of its total loans. Corporate
loans grew at only 10.9% against a 125.9% increase in consumer
loans.

Its capital adequacy ratio was posted at 25.3%, while non-
performing loans also fell to 7.1%. Bank president E.C.W. Neloe
signed a memorandum of understanding on an integrity pact with
Transparency International-Indonesia (TII), an anti-corruption
international organization, which will strengthen the bank's aim
of creating an anti-bribery business environment.

CONTACT:

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


BANK PERSYARIKATAN: Gets IDR200-Bln Bailout, Escapes Liquidation
----------------------------------------------------------------
Investors have pledged to provide Bank Persyarikatan Indonesia
(BPI) with financial support amounting to IDR200 billion,
enabling the bank to avoid liquidation, Asia Pulse reports.

According to Dradjad Wibowo, member of the Muhammadiyah Islamic
Organization that owns BPI, said that the fund is sufficient to
bail out the struggling bank, but it still needs IDR330 billion
to deal with its non-performing loans.

Among the five investors, Bank Bukopin has agreed to infuse
IDR50 billion into BPI. BPI Chief Commissioner Hajriyanto
Thosari said that the bank and the investors are set to sign the
agreement on March 17.

BPI is under special surveillance from Indonesia's central bank
for financial problems.


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

AVIVA JAPAN: Updates Revitalization Plan
----------------------------------------
Following its approval on January 18, 2005 of an application for
assistance by Aviva Japan Co., Ltd. under Article 22, Clause 3
of the Industrial Revitalization Corporation Act of 2003, the
Industrial Revitalization Corporation of Japan (IRCJ) announced
that all financial institutions concerned have agreed to the
IRCJ's revitalization plan for Aviva.

Because no financial institutions requested the IRCJ to purchase
debt owed by Aviva, debt purchase under Article 25, Clause 1 of
the Industrial Revitalization Corporation Act of 2003 will not
take place. Coordination with financial institutions has now
been completed, and the business revitalization program will
continue to be implemented as planned.

1. Name(s) of Company concerned: Aviva Japan Co., Ltd.

2. Amount of financial assistance:

Debt forgiveness: JPY3,701 million

Note:

1. This amount is lower than the figure (approximately 3,900
million yen) announced at the time of the decision to support
Aviva, due to factors such as pledged assets achieving higher
sale prices than their appraisal values.

3. Schedule

The transfer of operations will take place in April 2005.

4. Treatment of trade and other creditors

The agreement outlined above is between relevant financial
institutions and the IRCJ; there will continue to be no effect
on the claims of trade and other creditors.

For more information, please contact
Corporate Planning Department
The Industrial Revitalization Corporation of Japan
Tel: 03-6212-6437

The IRCJ was established jointly by the public and private
sector on April 16, 2003, with the aim of providing
revitalization assistance beneficial to both the industrial and
the financial sectors in Japan. It targets assistance at
companies that have sound business fundamentals but are unable
to thrive because of excessive debt levels or other factors. The
IRCJ has approximately 200 employees and is based in Tokyo. For
more information please visit www.ircj.co.jp


DAIEI INCORPORATED: Sales Fall 12% in February
----------------------------------------------
Sales at Daiei Incorporated fell 12 percent in February from a
year earlier on a same-store basis, Kyodo News reports.

The troubled supermarket chain operator attributed the fall
mainly to a smaller number of business days in the month,
compared with the same month in 2004, which was a leap year.

CONTACT:

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


DAIEI INCORPORATED: Unit Enters Alliance With Nojima
----------------------------------------------------
Ailing retailer Daiei Incorporated announced that its photo
development unit 55 Station Co. will form a comprehensive tie-up
with consumer electronics store chain operator Nojima
Corporation, reports Kyodo News.

Under the agreement, Nojima will sell mobile phones and digital
cameras by using 55 Station's store network, including those in
Daiei outlets, while Daiei anticipates the added services at its
outlets will pull in more customers and speed up its
rehabilitation.

CONTACTS:

Nojima Corporation
1-1 Yokoyama 1-Chome
Sagamihara 229-1122, Kanagawa 229-1122
JAPAN
+81 42 753 1422
+81 42 758 6906

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


KAMAYA RYOKAN: Releases Debt Purchase Update
--------------------------------------------
Following its approval on February 3, 2005 of an application for
assistance by Kamaya Ryokan Ltd. under Article 22, Clause 3 of
the Industrial Revitalization Corporation Act of 2003, the
Industrial Revitalization Corporation of Japan (IRCJ) on
February 28, 2005, under Article 25, Clause 1 of the same act,
reached agreement with financial institutions on the purchase of
debt owed by the Company.

Note: This agreement on the purchase of debt means that
agreement has been reached between the necessary financial
institutions and the IRCJ in respect of either a) sale of debt
by the financial institutions concerned to the IRCJ at market
price or b) financial support by the financial institutions
concerned (for example debt forgiveness while continuing to hold
the balance of debt, debt equity swaps, etc.).

Any decision by the IRCJ to purchase the debt of companies it
has approved for assistance is only made at a point when it is
evident that the revitalization plan of the business concerned
can be progressed as planned.

1. Name(s) of Company concerned: Kamaya Ryokan Ltd.

2. Amount of debt to be purchased: (Million yen)

Principal value of total debt 1,919 (A)
Principal value of debt to be purchased as per note a) above 1
(B)
Principal value of debt for which financial support to be
provided by financial institutions as per note b) above
1,918 (A-B)

Note:

1. The actual amount of debt purchased may change between this
announcement and completion of the purchase.

3. Amount of financial assistance

Debt forgiveness: 1,582 million yen

Note:

1. Unchanged from time of decision to support

4. Schedule

A capital increase is scheduled for April 2005.

5. Comment from the state ministers in charge of the Industrial
Revitalization Corporation of Japan 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 government ministers in charge
of the IRCJ.

6. Treatment of trade and other creditors:

The agreement on the purchase of debt as outlined above is an
agreement between relevant financial institutions and the IRCJ;
there will continue to be no effect on the claims of trade and
other creditors.

For more information, please contact:
Corporate Planning Department
The Industrial Revitalization Corporation of Japan
Tel: 03-6212-6437

The IRCJ was established jointly by the public and private
sector on April 16, 2003, with the aim of providing
revitalization assistance beneficial to both the industrial and
the financial sectors in Japan. It targets assistance at
companies that have sound business fundamentals but are unable
to thrive because of excessive debt levels or other factors. The
IRCJ has approximately 200 employees and is based in Tokyo. For
more information please visit www.ircj.co.jp


KANEBO LIMITED: Aims to Spin Off Textile Business
-------------------------------------------------
Kanebo Limited plans to spin off its textile business and
transfer it to a joint Company to be established by Kanebo and
dyeing and finishing Company Seiren Co., according to Kyodo
News.

The Company, which is rehabilitating under the state-backed
Industrial Revitalization Corp of Japan, will speed up its
revival scheme centering on the commodities, medicine and food
businesses.

CONTACT:

Kanebo Limited
20-20 Kaigan 3-chome, Minato-ku
Tokyo, 108-8080, Japan
Phone: +81-3-5446-3002
Fax: +81-3-5446-3027
Website: http://www.kanebo.co.jp


K.K. SHINONOME: Enters Bankruptcy
---------------------------------
K.K. Shinonome Sports Center has begun bankruptcy proceedings
with total liabilities of US$29.81 million, says Teikoku
Databank America.

The golf course operator is based in Shibuya-ku, Tokyo 151-0053.

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


MITSUBISHI MOTORS: Unveils 2005 Spring Talk Results
---------------------------------------------------
Mitsubishi Motors Corporation announced the result of its 2005
Spring Talks on March 16, 2005.

CONTENTS OF AGREEMENT OF 2005

                Agreed Result      Union Demands
                March 16, 2005     Feb. 16, 2005

Annual Bonus   JPY911,000        Equivalent to 3 months
                                 of basic wage
           Summer: JPY455,000
           (1.5 months)
      
           Year-end: JPY456,000  
           (1.5 months)

Wage        -                    No demand

ACTUAL RESULTS FOR LAST YEAR

            Agreed Result   Union Demands
            Mar. 17, 2004   Feb. 18, 2004

Annual Bonus  JPY909,000        Equivalent to 4.0 months
         (equivalent to 3 mos.)  of basic wage

        Summer: JPY454,000
         (1.5 mos.)
        
        Year-end: JPY455,000  
         (1.5 mos.)

     "No payment as year end bonus"
     (Renegotiation on July 16th)
     2004 annual bonus: JPY454,000
     (Equivalent to 1.5 mos.)

Wage         -                    No demand

CONTACT:

Mitsubishi Motors Corporation
2-16-4 Konan, Minato-ku
Tokyo, 108-8410, Japan
Phone: +81-3-6719-2111
Fax: +81-3-6719-0014
Web site: http://www.mitsubishi-motors.co.jp


MIZUHO CORPORATE: S&P Upgrades Preferred Securities to 'BBB'
------------------------------------------------------------
Standard & Poor's Ratings Services on Wednesday raised its
rating on operating Company preferred securities preferred
securities (OPCO) issued by financial subsidiaries of the Mizuho
Corporate Bank Ltd. (A-/Positive/A-1) to 'BBB' from 'BBB-'
reflecting reduced concern over pressure on dividend payments on
these instruments.

Pressure on dividend payments has been alleviated by an increase
in distributable profits and the favorable operating performance
outlook for the parent bank.

As a result of the upgrade, the difference between the
counterparty rating on Mizuho Corporate Bank and its preferred
securities has narrowed to two notches from three.

"Mizuho Corporate Bank's financial profile has improved steadily
as a result of substantial progress in writing off nonperforming
loans and replenishing its capital," said Standard & Poor's
credit analyst Yuri Yoshida.

Mizuho Corporate Bank's return on risk assets, based on core
operating profit, is still lower than at other Japanese mega
bank groups, but has generated adequate net profits as a result
of reduced credit costs.

Mizuho Corporate Bank faces the challenge of restoring its asset
health, including reducing its loan concentration risk. However,
the stability of the bank's profitability is likely to improve
gradually as it reduces asset risk through removing NPLs from
its balance sheet and increasing reserves.

Standard & Poor's ratings on OPCO securities issued by Sumitomo
Mitsui Banking Corp. (A-/Positive/A-1) and UFJ Bank Ltd. (A-
/Positive/A-1) remain at 'BBB-' and 'BB', respectively. These
ratings have not been revised at this point given that concerns
remain over dividend payments due to increased credit costs and
depreciation losses on deferred tax assets at the parent banks.

The ratings on these securities could be raised if these
uncertainties are eliminated.

Ratings List
                                  To                   From

Mizuho JGB Investment LLC

Preferred securities              BBB                  BBB-

Mizuho Preferred Capital Co. LLC

Preferred securities              BBB                  BBB-

CONTACT:

Mizuho Corporate Bank Ltd.
1-3-3, Marunouchi, Chiyoda-ku, Tokyo 100-8210, Japan
Phone: +81-(0)3-3214-1111

        
YOROZU CORPORATION: JCR Raises Rating to BBB
--------------------------------------------
Japan Credit Rating Agency (JCR) has upgraded the rating on the
long-term debts of Yorozu Corporation from BBB- to BBB.

Yorozu's business in North America turned into the black in
fiscal 2003 thanks to the going of restructuring and optimum
size of plant. Rehabilitation of this business had been an issue
for Yorozu.

JCR upgraded the long-term rating for Yorozu, given the fact
that the pretax profit before extraordinary items increased to 3
billion yen without having to bear burden for business in North
America. Earnings from the business in North America will
improve over the intermediate term, given Nissan's plan to
expand the sales. However, the manufacturing subsidiary YAM
supplying its products to Nissan's plant incurred more-than-
expected loss for start-up due to the quality problem.

Yorozu dissolved the capital relationship and strategic alliance
with Tower Automotive in the U.S. The U.S. Tower Automotive
filed for Chapter 11. Impact of the failure on Yorozu will be
small as collaboration with Tower Automotive for suspension
business is now almost nil. Yorozu's treasury stock bought back
from Tower Automotive should be resold to create synergy in
business. JCR will watch carefully stabilization of business in
North America and capital policy.

CONTACT:

Yorozu Corporation
3-7-30 Takarada,Tsuruoka,
Yamagata-ken,
997-0011
Japan
Phone: +81-235-24-1111
Fax: +81-235-24-7709


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

SK LIFE: Bidder Scraps Acquisition Bids, Cites Differences
----------------------------------------------------------
SK Life Insurance Co.'s bidder Metlife Inc. has decided not
pursue its acquisition of the Korean insurance firm because of
differences in the labor union and other matters, Asia Pulse
reports.
According to an unnamed SK Life official, the firm decided to
break off negotiations with SK Life's parent Company SK Group,
since they were unable to agree on labor issues, which he did
not elaborate further.
Metlife Inc. was in talks with SK Networks creditors to buy the
network firm's 71.7 % stake in SK life, and acquire the
remaining 25.65 % interest held by other SK Group affiliates.
The bid was for KRW290 billion. Metlife Inc. was chosen over
HSBC Holdings PLC as the preferred bidder for SK Life last year,
after both companies had submitted their final bids.
SK Life Insurance Co. is an affiliate of SK Group, which has
been selling its non-core businesses after the 2003 accounting
fraud scandal of affiliate SK Networks (formerly SK Global).
SK Life Insurance reported a KRW60.1 billion profit for the
financial year 2004 (April-December), after profits of KRW83
billion and KRW59.3 billion in 2002 and 2003, respectively.


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

BELL & ORDER: In Talks with Creditors to Settle Borrowings
----------------------------------------------------------
Bell & Order Berhad (B&O) clarified that the claim by petitioner
Dewantron Sdn Bhd for the sum of RM54,750.00 in respect of the
cost for goods sold and delivered was not fully paid by B&O as
the Company was at that time, and still is, in financial
difficulties.

However, as mentioned in the announcement dated March 14, 2005,
the Company seeks undertake the Proposals (as defined in the
announcement dated Jan. 7, 2005) and enter into an arrangement
with its bankers and creditors 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.

CONTACT:

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


BOUSTEAD HOLDINGS: Clarifies The Edge Article
---------------------------------------------
The Bousted Holdings Berhad refers to the Bursa Malaysia
Securities Berhad's (Bursa Securities) query dated March 14,
2005 in relation to the article entitled "LTAT steps into
PSCND", which appeared in pages 1 and 6 of The Edge, on Monday,
March 14, 2005, in particular to the following statement.

"...Boustead may even take up a controlling stake at PSCI
level.."

Boustead Holdings Berhad (Boustead) announced that currently,
the Company has no plan to acquire any controlling interest in
PSC Industries Berhad (PSCI).

The Company informed Bursa Securities that its previous purchase
of shares in PSCI were for the purpose of reducing the Company's
average cost of investment in PSCI, of which the latest
transaction was made on Jan. 14, 2005.

However, the Company always seeks opportunities to maximize
shareholders' value, which may include, but are not limited to,
further acquisition of PSCI shares, in which event Bursa
Securities will be informed accordingly.

CONTACT:

Boustead Holdings Berhad
18th Floor, Menara Boustead,
69 Jalan Raja Chulan,
50200 Kuala Lumpur
Malaysia
Phone: 03-2141 9044
Fax:   03-21430075
Web site: http://www.boustead.com.my


GULA PERAK: Posts Listing of Additional Shares
----------------------------------------------
Gula Perak's additional 217,100 new ordinary shares of RM1.00
each issued pursuant to the Company's Conversion of 217,100
irredeemable convertible secured loan stocks 2000/2005 into
217,100 new ordinary shares are granted listing and quotation
effective Thursday, March 17, 2005.

CONTACT:

Gula Perak Berhad
Level 7, Dynasty Hotel
Kuala Lumpur 218, Jln Ipoh,
51200 Kuala Lumpur
Malaysia
Phone: 03-4044 2828
Fax:   03-4044 6688


I-BERHAD: Repurchases 37,000 Shares
-----------------------------------
I-Berhad revealed to the Bursa Malaysia Securities Berhad
details of shares bought back by the Company on March 15, 2005.
  
Date of buy back: 15/03/2005

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

Total number of shares purchased (units): 37,000

Minimum price paid for each share purchased (RM): 0.839

Maximum price paid for each share purchased (RM): 0.839

Total consideration paid (RM): 31,266.23

Number of shares purchased retained in treasury
(units): 37,000

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

Cumulative net outstanding treasury shares as at to-date
(units): 1,183,800

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 15, 2005.


METROPLEX BERHAD: Court Sets March 24 as Appeal Hearing Date
------------------------------------------------------------
Further to the announcement made on March 8, 2005 on the Notice
of Demand pursuant to Section 218 of the Companies Act, 1965 by
OCBC Bank (Malaysia) Berhad, Metroplex Berhad (MB) announced
that the Company's application for a stay of execution of the
Judgment was allowed by the Kuala Lumpur High Court pending the
decision of MB's appeal against the Summary Judgment.

The appeal against the Summary Judgment is fixed for mention on
March 24, 2005.

CONTACT:

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

This announcement is dated March 15, 2005.


PAN MALAYSIA: Buys Back 110,000 Shares
--------------------------------------
Pan Malaysia Corporation Berhad disclosed details of its shares
buy back on March 15, 2005 to the Bursa Malaysia Securities
Berhad.
  
Date of buy back: 15/03/2005

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

Total number of shares purchased (units): 110,000

Minimum price paid for each share purchased (RM): 0.380

Maximum price paid for each share purchased (RM): 0.395

Total consideration paid (RM): 42,960.73

Number of shares purchased retained in treasury
(units): 110,000

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

Cumulative net outstanding treasury shares as at to-date
(units): 20,065,100

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


PAN PACIFIC: Default Status Remains Unchanged
---------------------------------------------
Pan Pacific Asia Berhad (PPAB) announced that in relation to the
Company and its subsidiaries' Defaults in Payment as at Feb. 28,
2005 in accordance with Practice Note 1/2001, there are no
material changes in PPAB's status of default from the date of
the last announcement until Feb. 28, 2005.

To view a copy of the full report, click on:

http://bankrupt.com/misc/tcrap_panpacific031605.xls

CONTACT:

Pan Pacific Asia Berhad
Unit No. 602B, Level 6, Tower B,
Uptown 5, 5 Jalan SS21/39,
Damansara Uptown, 47400
Petaling Jaya, Selangor
Malaysia
Phone: 03-77278168
Fax:   03-77271622


PANTAI HOLDINGS: Unveils Shares Buy Back Notice
-----------------------------------------------
Pantai Holdings Berhad disclosed the details of its repurchased
shares on March 15, 2005 to the Bursa Malaysia Securities
Berhad.
  
Date of buy back: 15/03/2005

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

Total number of shares purchased (units): 52,700

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

Maximum price paid for each share purchased (RM): 1.030

Total consideration paid (RM):  53,132.71

Number of shares purchased retained in treasury
(units):   52,700

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

Cumulative net outstanding treasury shares as at to-date
(units): 28,132,800

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/


POS MALAYSIA: To List Additional Shares Today
---------------------------------------------
Pos Malaysia & Services Holdings Berhad's additional 156,000 new
ordinary shares of RM1.00 each issued pursuant the Company's
Employee Share Option Scheme are granted listing and quotation
effective Thursday, March 17, 2005, 9:00 a.m.

CONTACT:

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


PSC INDUSTRIES: Clarifies The Edge News Articles
------------------------------------------------
PSC Industries Berhad (PSCI) refers to the letter dated March
14, 2005 from Bursa Malaysia Berhad with regards to the articles
entitled "LTAT Steps into PSCND" and Setron Bhd" which appeared
in The Edge on Monday, March 14, 2005, pages 1,6 and 30, in
particular to the following:

1) "....Boustead may even take up controlling stake at PSCI
level."

2) "....news of a RM3.7 billion claim against the Government by
PSCI..."

3) "....the Government may take over PSCI to avoid a legal
battle, which may result in a large compensation payment to
PSCI."

After making due enquiries, the Company denies any knowledge
that "Boustead may even take up controlling stake at PSCI level
" or that "the Government may take over PSCI to avoid a legal
battle, which may result in a large compensation payment to
PSCI".

Meanwhile, "news of a RM3.7 billion claim against the Government
by PSCI " is contained in the Company's announcement dated Feb.
28, 2005, in respect of its fourth Quarterly Report on the
consolidated results for the financial period ended Dec. 31,
2004.

CONTACT:

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

This announcement is dated March 15, 2005.


RNC CORPORATION: Exits PN4 Condition
------------------------------------
Bursa Malaysia Securities Berhad (Bursa Securities) announced
that RNC Corporation Berhad has been removed from the list of
PN$ companies from the Exchange, as the Company has completed
its restructuring scheme.

As part of the scheme, Aliran Ihsan Resources Berhad (AIRB) was
admitted into Bursa Securities' Official List on March 15, 2005,
in place of RNC Corporation Berhad.

Notwithstanding the investor protection measures, Bursa
Securities will continue to monitor the progress of PN4
Condition companies in relation to their compliance with Bursa
Securities Listing Requirements.

CONTACT:

RNC Corporation Berhad
20/F East Wing Plaza Permata
Jalan Kampar Off Jalan Tun Razak
50400 Kuala Lumpur
Wilayah Persekutuan
Malaysia
Phone: +60 3 4043 9411
Fax:   +60 3 4043 1233


TRU-TECH HOLDINGS: Meeting of Creditors Set for March 18
--------------------------------------------------------
Tru-Tech Holdings Berhad announces that the Meeting with Company
creditors to discuss the Proposed Scheme of Arrangement and to
approve such Scheme with or without modification(s) is set to
occur on Friday, March 18, 2005.

CONTACT:

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


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

COLLEGE ASSURANCE: Vows to Pay Php454-Mln Obligation
----------------------------------------------------
Embattled College Assurance Plan (CAP) has promised to pay this
month Php454 million in tuition for its 90,230 scholars, SunStar
Daily says.

CAP Executive Vice President Jose S. Montoya disclosed that the
ailing pre-need firm has already paid Php646 million in school
fees and only has a remaining balance of Php454 million for the
second semester.

He said CAP has Php8.8 billion in trust fund assets, more than
enough to cover the tuition of scholars until the end of March
2005.

He explained that CAP's efforts in converting trust fund assets
into cash are aimed at securing a US$300-million loan in order
to plug its "temporary " cash deficit.

Mr. Montoya added the Company has also increased its
capitalization from Php300 million to Php8 billion, saying that
documents have been submitted and accepted by the Securities and
Exchange Commission (SEC) last Jan. 24.

CONTACT:

College Assurance Plans Philippines Inc.
CAP I Building
126 Amorsolo cor. Herrera Streets
Legazpi Ville, Makati City
Malaysia
Phone: 817-6586, 759-2000
Fax: (0632) 818-0560


NATIONAL POWER: To Boost Operational Efficiency Through Reorg
-------------------------------------------------------------
The on-going reorganization of the National Power Corporation
(NPC) is envisioned to result to better operational
efficiencies, much improved delivery of service and reduced
operational costs, reports the NPC Power Hotline.

The state-owned power firm last year implemented at least seven
measures to bring down its costs, including the prioritization
of its capital expenditures (CAPEX), the reduction of its
different operating expenses (OPEX), including not filling up of
vacant positions.

As a result of the implementation of these programs, NPC was
able to realize a total of Php13.34 billion in savings. Of this
figure, the biggest savings, Php6.76 billion, resulted from the
prioritization of the different projects under NPC's CAPEX
program. The reduction of NPC's OPEX on the other hand yielded
Php1.93 billion savings in 2003.

Apart from these measures, NPC also continues to improve the
operational efficiency of its power plants to bring down its
costs. In 2003, for instance, NPC was able to improve the head
rate of its power plants in Luzon to 9,717 British thermal unit
per kilowatt-hour (Btu/kWh) from 9,829 Btu/kWh in 2002.
Similarly, NPC was able to bring down its forced outage from
3.42 percent in 2002 to 2.58 percent in 2003. Savings from the
more efficient operation of NPC's power plants stood at Php1.46
billion in 2003. Savings as a result from the reduction in NPC
personnel stood at Php752 million.

The state-owned power firm also clarified that the forthcoming
personnel movements will affect only about 200 NPC employees, or
a mere five percent of the original staffing pattern.

By trimming down its personnel, NPC is confident that the
Corporation as a whole would be leaner and become more
efficient.

CONTACT:

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


NATIONAL POWER: Unveils New Senior Executive Lineup
---------------------------------------------------
The National Power Corporation (NPC) Board has announced the
results of the selection process for NPC's senior executives.

Named Senior Vice President was Mr. Pio J. Benavidez, while Dr.
Eduardo R. Eroy, former Vice President for Human Resources &
Administration.

Mr. Melburgo S. Chiu, former Vice President for Hydro, was named
Vice President for Luzon Generation, while Mr. Silvano C.
Zanoria, former Senior Vice President for Missionary
Electrification/Technical & Maintenance Services, was appointed
Vice President for Visayas Generation.

The new appointments are contained in NP Board Resolution 2005-
13 dated March 4, 2005, and in the subsequent Office Order 2005-
221 signed by President Murga, which took effect last March 7,
2005.

Retaining their positions were Mr. Oscar C. Lorico, VP for Sales
& Services; Atty. Rainier B. Butalid, VP, General Counsel; Mr.
Juan Carlos J. Guadarrama, VP for Logistics; Dr. Pasayud Mr.
Macarambon, VP for Mindanao Generation; Mr. Lorenzo S. Marcelo,
VP for SPUG; Mr. Danilo S. Sedilla, VP for TMS; Ms. Lorna T. Dy,
Senior Department Manager for Finance; and Dr. Paquito F.
Garcia, SDM for Human Resource & Administration.


NATIONAL STEEL: PhilEXIM Nixes Plea for Sovereign Guarantee
-----------------------------------------------------------
The Philippine Export-Import Credit Agency (PhilEXIM) has
refused National Steel Corporation's request for a sovereign
guarantee on a planned AU$20-million loan, Business World
reports.

State-run PhilEXIM demanded Global Steelwork's International,
the new owner of National Steel, to first establish a track
record before it could guarantee the any borrowing.

Global Steelworks, which acquired National Steel for Php13.25
billion last year, has reportedly approached a number of local
banks to seek funding for its raw material imports before it
operates in June.

Global Steelworks is seeking a state guarantee to obtain a lower
interest rate on its loan, as foreign banks said the Philippines
carried a "country risk."

The US$20-million loan was also allegedly needed to repay an
advance from a London-based supplier, which Global Steelworks
supposedly used to cover the Php1-billion down payment for
National Steel. Global Steelworks has obtained tariff
protection, with the Arroyo administration agreeing to raise
tariffs on hot-rolled and cold-rolled coils to 7 percent from 3
percent once commercial operations begin.


PHILIPPINE REALTY: Inks JV Deal with Next Properties
----------------------------------------------------
Philippine Realty & Holdings Corporation advised it has signed
the joint venture agreement with Next Properties Philippines
Incorporated for the development of residential condominium on
our Bonifacio Global City Lots 14-2A and 14-1, as approved by
our Board of Directors in its February 8, 2005 meeting.

AMADOR C. BACANI
President

CONTACT:

Philippine Realty & Holdings Corporation
31 Magnitude Bldg.,
186 1 Rodriguez Jr. Avenue,
Brgy. Bagumbayan, Quezon City
Phone: (632) 631 3179 to 80
             631 8579 to 80
Fax: (632) 634-1504


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

DEBTDOMAIN PTE: Placed Under Judicial Management
------------------------------------------------
Notice is hereby given that on March 4, 2005, an order for
placing Debtdomain Pte Ltd under judicial management was made
and the relevant particulars of the matter are given as follows:

Number of matter: Originating Petition No. 4 of 2005/Q

Date of presentation of petition: February 14, 2005

Petitioners' solicitor:

Messrs Rodyk & Davidson
No. 80 Raffles Place #33-00
UOB Plaza 1
Singapore 048624

Date of Order: March 4, 2005

Registered office of the above Company:

22 Malacca Street #09-00
Royal Brothers Building
Singapore 048980

Messrs Rodyk & Davidson
Solicitors for the Petitioners


DEVON INDUSTRIES: Proofs of Debt, Claims Due March 25
-----------------------------------------------------
Devon Industries Sdn Bhd (In Liquidation) posted a notice of
intended dividend to the Government Gazette, Electronic Edition.

Registered Office:

c/o 10 Collyer Quay, #21-01 Ocean Building
Singapore 049315

Court: High Court of Singapore

Number of Matter: No. 160 of 1994

Last Day for Receiving Proofs: March 25, 2005

Name of Liquidator: Ong Yew Huat

Address:

10 Collyer Quay, #21-01 Ocean Building
Singapore 049315


FUNAI ASIA: Requires Creditors to Prove Debts, Claims March 28
--------------------------------------------------------------
Notice is hereby given by the Liquidators of Funai Asia Pte Ltd
(In Creditors' Voluntary Liquidation) that a dividend is
intended to be declared in the above matter and the creditors of
the Company who have not yet proved their debt, are required on
or before March 28, 2005 to submit their proof of debt form to
the undersigned, the liquidator of the Company, failing which
they will be excluded from this dividend.

Dated this 11th day of March 2005.

Bob Yap Cheng Ghee
Liquidator
c/o KPMG Business Advisory Pte Ltd
16 Raffles Quay #22-00
Hong Leong Building
Singapore 048581


SEATOWN CORPORATION: Seeks Extension for Submission of Proposal
---------------------------------------------------------------
The Directors of Seatown Corporation Ltd announced that the
Singapore Exchange Securities Trading Limited has approved the
Company's application for a further extension of up to August
26, 2005 to submit a resumption of trading proposal subject to
the following:

(a) Compliance with the Exchange's listing rule;

(b) The Company making an immediate announcement that an
extension of up to August 26, 2005 has been granted by the
Exchange to comply with Rule 1304(1) of the Listing Manual,
stating the conditions attached to the extension given and the
Company's reasons for the delay in submitting the resumption of
trading proposal; and

(c) The Company issuing monthly updates via SGXNET on its
progress of submitting the resumption of trading proposal to the
Exchange. The first update should be made together with the
announcement set out in paragraph (b) above. Subsequent
announcements should be made on the first working day of each
month.

As announced by the Company on July 7, 2004 the Company and King
Premier Holdings Ltd have entered into a conditional investment
agreement (KPH Agreement) to acquire the whole of the registered
capital in Anhui-Liu-an Jian Lai Chemicals Co. Ltd, a wholly
owned subsidiary of KPH.

The delay in submitting the resumption of trading proposal is
mainly due to the fact that more time is needed for the advisors
appointed for the purposes of the KPH Agreement to complete
their work and issue the reports that are necessary for the new
listing application to the Exchange. As at the date of this
announcement, the following draft reports have been circulated
to the relevant parties for their comments:

(a) Reporting Accountants' Report;
(b) Legal Due Diligence Report;
(c) Valuation Report; and
(d) Circular to shareholders for the necessary approvals
contemplated under the KPH Agreement.

The Company will be making future announcements on the progress
of the KPH Agreement.    

CONTACT:

Seatown Corporation Limited (In Judicial Management)
(formerly: Pacific Can Investment Holdings Limited)
20 Maxwell Road #02-01
Maxwell House
Singapore 069113
Telephone: 65 62211777
Fax: 65 62235202/65 67887788
  

WEE POH: Requests Trading Halt
------------------------------
Wee Poh Holdings Ltd issued to the Singapore Stock Exchange a
request to halt trading of its securities effective 9:00 a.m. of
March 16, 2005 pending a material announcement.    

Ong Beng Chye, Richard   
Executive Director   
March 15, 2005

CONTACT:

Wee Poh Holdings Limited
213 Upper Thomson Road
Singapore 574348
Telephone: 65 64521210
Fax: 65 64536310
Web site: http://www.weepoh.com.sg


WEE POH: Changes Registered Office Address
------------------------------------------
The Board of Directors of Wee Poh Holdings Limited advised the
Singapore Stock Exchange that its registered office has been
changed to 105 Cecil Street #03-03/04, The Octagon, Singapore
069534 effective March 15, 2005.

By Order of the Board

Ong Beng Chye, Richard
Executive Director
March 15, 2005


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

EMC: Clarifies Item in Financial Statement
------------------------------------------
According to the Company, EMC Public Company Limited has already
reported the earning performance of the year 2004, and financial
statements as at December 31, 2004 and 2003 to The Stock
Exchange of Thailand on February 28, 2005, the Company informed
the change of notes of financial statements, item 21 employees
and related costs, Page 18, as the following:

Employee cost (Thousand Baht), changed from 87,926 to 87,296

Please be informed accordingly.

Yours faithfully,
Lt. Gen. Samang Thongpan
Director

CONTACT:

EMC Public Company Limited   
Rasa Tower, Floor 22, 555 Phaholyothin Road,
Chatu Chak Bangkok    
Telephone: 0-2937-0333   
Fax: 0-2937-0329   
Web site: http://www.emc-group.co.th


JASMINE INTERNATIONAL: Details Warrant Conversion
-------------------------------------------------
As Jasmine International Public Company Limited has issued and
offered warrants to purchase new shares to the existing
shareholders and the directors and/or employees of the Company
and its subsidiaries, it advised the Stock Exchange of Thailand
(SET) on the results of warrant conversion to common shares:

(1) Warrants offered to the existing shareholders (JAS-W)

The Company has set the date for converting the Company's
warrants at the ratio of 1 right warrant into 1 common share at
Baht 0.334 per share.  Date to notify the intention to exercise
is March 1 to 14, 2005.  The exercise date is on March 15, 2005.  
The results of the conversion are as follows:

No warrant holder exercises his right -

After this conversion, there are 1,156,203,100 remaining
warrants.

(2) Warrants offered to directors and/or employees of the
Company and its subsidiaries (ESOP)

The exercise date is on March 15, 2005, date to notify the
intention to exercise is March 1 to 14, 2005.  The ratio to
exercise for every warrant class is 1 warrant unit per 1 common
share at the following exercise prices.

Warrant Class        Issue No.       Exercise Price per share
(Baht)
    1                1-3                        0.668
    2                 1                         1.002
                      2                         1.336
                      3                         1.102
                      4                         1.469
                      5                         1.212
                      6                         1.616
                      7                         1.334
                      8                         1.778
                      9                         1.467
                      10                        1.956
    3                1-2                        1.002

The Company would like to report the results of the conversion
as follows:

No.of warrant holders   No. of warrants   No. of common shares

(1) Thai
national   5 Persons         705,903 Units        705,903 Shares

(2) Foreign
national    - Persons              - Units              - Shares

Total      5 Persons         705,903 Units        705,903 Shares

After this conversion, there will be remaining warrants as
follows:

Warrant Class   Issue No.   Remaining warrants after exercise
date (Units)*

    1             1                     11,888,469
                  2                     12,985,008
                  3                     18,965,130
    2             1                      4,994,620
                  2                      6,809,930
                  3                      4,994,620
                  4                      6,926,660
                  5                      9,159,720
                  6                      6,926,660
                  7                      9,159,720
                  8                      6,926,660
                  9                      9,315,370
                  10                     6,926,690
    3             1                      4,489,950
                  2                      4,489,950

Remark * Calculated from total number of warrants of the project
subtract with exercised warrants.

Therefore, the Company will have a paid-up capital occurring
from warrant conversion increased from THB8,318,447,300 to
THB8,319,153,203.

Mr. Somboon Patcharasopak
Chaengwatana Planner Co., Ltd., Plan Administrator of
Jasmine International Public Company Limited

CONTACT:

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

KRUNG THAI: Hopes to Gain Approval on Planned Bond Issuance
-----------------------------------------------------------
Krung Thai Bank Pcl would commence issuance of its first
debentures by May should it gain approval from the shareholders
at a meeting next month, relates Bangkok Post, citing the bank's
President Apisak Tantivorawong.

The bank is planning to issue a first lot of debentures worth
THB15 billion in May and would be issued in the domestic market
given the trend of higher interest rates in the international
market, Details of the bond issuance however, has not been sent
out yet.

According to Mr. Apisak, even though the issuance would result
to a slight increase in the bank's cost of funds, it is still
done as part of the bank's risk management strategy and is aimed
at enhancing the bank's potential to expand in the future.

Krung Thai's new debenture issue would raise its tier-two
capital to four percent.  Currently the bank has a capital
adequacy ratio of 10 percent, with eight percent comprised of
tier-one equity and the rest tier-two capital.

The Bank of Thailand requires financial institutions to maintain
a capital adequacy ratio of at least 8.5%, with tier-one capital
of at least 4.5%.

Some eight officials of Krung Thai Bank is currently under
investigations over doubtful loans worth THB46 billion.  The
probe result is expected to be delivered at the bank's board of
director's meeting scheduled today.

CONTACT:

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

THAI PETROCHEMICAL: One Plan Administrator Resigns
--------------------------------------------------
As Mr. Thanong Bidaya one of the Plan Administrators of Thai
Petrochemical Industry Pcl. and its subsidiaries is accepting
political assignment, the Company advised the Stock Exchange of
Thailand (SET) that Mr. Thanong Bidaya resigned as one of the
Plan Administrators of the Company and its subsidiaries since
March 10, 2005.

Your acknowledgement of the above-mentioned matter is highly
appreciated.
     
Yours sincerely,

Suwit Nivartvong
Plan Administrator for
The Thai Petrochemical Industry Pcl
     
CONTACT:

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


                            *********


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

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, Ma.
Christina Pernites-Lao, Editors.

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

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