TCRAP_Public/050318.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

                    Friday, March 18, 2005, Vol. 8, No. 55

                                  Headlines

A U S T R A L I A

COLES MYER: Unveils Capital Management Initiatives
COLES MYER: S&P Says Proposed Buyback Has No Ratings Impact
COLES MYER: Moody's Affirms Senior Unsecured Baa2 Ratings
CONAPAIRA METALS: Appoints Liquidator to Wind Up Company
CRONULLA NEWSAGENCY: Court Issues Winding Up Order

DHAD PTY: To Hear Liquidator's Report on Winding Up
DIAL DIRECT: Lays Out Agenda of Final Meeting
FOOD MARKETERS: Final Meeting Date Fixed on March 23
GAMECO ENTERPRISE: Creditors Meeting Set March 25
GIARA HOLDINGS: To Declare Dividend April 4

HALL & SAXON: Members Pass Resolution to Wind Up Company
HAMPDEN HOTEL: TO Hold Final Meeting March 31
HENRY WALKER: Administrator Mulls Float for Mining Contract Unit
HIH INSURANCE: APRA Makes Further Disqualifications
H.M.O. AUSTRALIA: Resolves to Wind Up Company

HOWARTH INVESTMENTS: Lays Out Final Meeting Agenda
JAMES HARDIE: Boss Defends Handling of Asbestos Liabilities
NATIONAL AUSTRALIA: Issues US$800-Mln Tier 1 Trust Securities
PODIT SOLUTIONS: Enters Winding Up Proceedings
REGIONAL INDUSTRY: To Wind Up Voluntarily

RHS BUILDING: Court Names Mark Roufeil as Liquidator
ROBO PTY: To Convene Final Meeting March 24
SAFE RELOCATIONS: Final Meeting Slated for March 30
SWITCHED ON LIVING: Members Opt to Wind Up Company
THOLOO PTY: To Convene Final Meeting March 24

TOLDAB PTY: To Hear Liquidator's Final Account
TOUBIA BRICKLAYING: Court Picks Liquidator to Wind Up Company


C H I N A  &  H O N G  K O N G

ANSON CONSTRUCTION: Receives Winding Up Order from Court
CHINA CONSTRUCTION: Corruption Claims Unlikely to Affect Rating
CHINA CONSTRUCTION: Chairman Zhang Enzhao Resigns
GREAT WALL: Adjourns Winding Up Petition to May 3
HONG KONG PHARMACEUTICAL: Company Secretary Resigns

JILIN CHEMICAL: Sees No Reason For Trading Volume Increase
MASS WINNER: Enters Winding Up Proceedings
PACO MACHINERY: Court Commences Winding Up Proceedings
SINOKING INTERNATIONAL: Receives Winding Up Notice
SMART BASE: Court Issues Winding Up Petition Notice

SUN'S GROUP: Appoints Chan Wai Hung as Executive Director


I N D O N E S I A

GARUDA INDONESIA: Government Sacrifices Execs for Bigger Profit
PERTAMINA: Price Hike Drives 16% Drop in Daily Fuel Consumption
SEMEN GRESIK: Government Rises to Cemex SA Dare


J A P A N

KANEBO LIMITED: Seiren Co. Acquires Cotton Businesses
KINUGAWA ONSEN: Releases Debt Purchase Update
MEIJI YASUDA: Punishes 69 Executives for Fraudulent Sales
MEISEI SHOKAI: IRCJ to Sell Entire Equity
MITSUI MINING: Nippon Steel Group To Lead Reconstruction

OKUNIKKO KONISHI: IRCJ OKs Application For Assistance
SANKEI CO.: IRCJ Reaches Debt Purchase Agreement
SHIKISAI HOTEL: Unveils Partial Sale of IRCJ's Equity


K O R E A

DAEWOO HEAVY: FTC Gives Nod for Doosan Takeover
HYNIX SEMICONDUCTOR: Received Unfair Penalty from EU


M A L A Y S I A

BOUSTEAD HOLDINGS: Posts February 2005 Production Figures
CYGAL BERHAD: Snags RM55-Mln Contract to Build Apartments
GOLDEN FRONTIER: Repurchases 2,000 Shares
HONG LEONG: Passes Resolution to Dispose of Shares
HONG LEONG: Unit's Transfer of Equity Interest Approved at EGM

I-BERHAD: Buys Back 10,000 Shares
LION INDUSTRIES: To List Additional 105,000 Shares
KEMAYAN CORPORATION: Unit Asks Solicitor to Defend Land Disposal
MAXIS COMMUNICATIONS: Set to List More Shares Today
PAN MALAYSIA: Issues Shares Buyback Notice

PANTAI HOLDINGS: Repurchases More Shares
PSC INDUSTRIES: LTAT Keen on Acquiring Controlling Stake
PUNCAK NIAGA: Granted Listing of Additional Shares
SUREMAX GROUP: Unaware of Increase in Company Securities
WOO HING: Sets Final Creditors' Meeting on Unit's Liquidation


P H I L I P P I N E S

COLLEGE ASSURANCE: SEC Allows Access to MRT Bonds to Raise Funds
NATIONAL BANK: Government to Initiate 67% Stake Sale
NATIONAL BANK: Government Eyes US$400 Mln from Stake Sale
PHILIPPINE LONG: To List More Shares Today
PRICESMART INCORPORATED: Shareholders Question Stewardship Fees

* Unnamed GOCC Faces Dissolution, Liquidation


S I N G A P O R E

AIROCEAN GROUP: Directors Dispose of Shares in Premier Joint
CHINA AVIATION (S): Seeks Damages from J. Aron
HORIZON KNOWLEDGE: Served with Winding Up Order
INDOCHINA LAND: Court to Hear Winding Up Petition April 1
JACKLIE CONSTRUCTION: Faces Winding Up Proceedings

KIMWELL ENTERPRISE: Lays Out Creditors' Meeting Agenda
LIANG HUAT: Enters Winding Up Process
THAKRAL CORPORATION: Requests Clarification of News Article
WEE POH: Inks Placement Deal with UOB
WEE POH: Requests Lifting of Trading Halt


T H A I L A N D

KRUNG THAI: Submits MD&A Report
THAI PETROCHEMICAL: Earnings Rise on Increasing Oil Prices
* Large Companies With Insolvent Balance Sheets

     -  -  -  -  -  -  -

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


COLES MYER: Unveils Capital Management Initiatives
--------------------------------------------------
Coles Myer on Thursday announced details of a new capital
management program, led by an AU$700 million buy-back of its
ordinary shares.

The program also includes the conversion of convertible
preference shares into ordinary Coles Myer shares, and
maintenance of the Company's dividend payout ratio around 65%.

A fully franked interim dividend of 16.25 cents per share was
declared, scheduled for payment on 9 May 2005. This represents a
16% increase on last year's interim dividend, and is in line
with profit growth.

Coles Myer Chief Executive Officer, John Fletcher, said the
program was consistent with the Company's strong financial
profile and goal of growing shareholder value.

"Today's announcement is an outcome of our commitment to
leveraging the positive financial results we have achieved while
maintaining balance sheet flexibility. We will continue to
review the capital needs of the group in the light of
operational performance and investment opportunities. If there
is capital in excess of our needs then we will consider further
initiatives to return that excess to shareholders. By so doing
we will leverage our balance sheet to enhance returns for all
our shareholders," Mr Fletcher said.

"The Board has given extensive consideration to a wide range of
capital management options and believes this program reflects a
prudent approach that provides benefits for all our
shareholders.

"These initiatives will result in a simple, effective capital
structure that lowers Coles Myer's overall cost of capital."

Ratings agencies are expected to reaffirm Coles Myer's long term
credit ratings in light of the program (Standard & Poor's BBB /
Moody's Baa2).

Off-market buy-back

Coles Myer will return surplus capital to shareholders by
conducting an off-market buy-back of its ordinary shares through
a tender process.

The Board has considered the range of options available for
returning surplus capital, including special dividends, a return
of capital and different types of buy-backs. It has concluded
that an off-market buy-back including a fully franked dividend
for tax purposes is in the best interests of the Company and its
shareholders.

"The range of benefits and flexibility for shareholders under
this buy-back are not available through other methods," Mr.
Fletcher said.

"As the proceeds of the buy-back will include an amount which
will be treated as a fully franked dividend for tax purposes,
Coles Myer will be able to purchase shares at a lower price than
would be possible under an on-market buy-back. Consequently, a
larger number of shares may be bought back and the effectiveness
of the program will be maximized for the benefit of the Company
and all shareholders."

For eligible shareholders, the buy-back is an opportunity to
sell some or all of their Coles Myer shares.

Participation is simple and entirely voluntary.

Under the tender process shareholders may choose a price within
the tender range at which to sell their shares. When the tender
period closes, Coles Myer will choose the lowest price that
allows it to buy back the desired number of shares.

"The buy-back offers benefits to shareholders regardless of
whether they choose to participate," Mr. Fletcher said.

For some shareholders, the after tax return from participating
in the buy-back may be greater than a sale of their shares on
the ASX. Those that retain their holding are expected to benefit
from any enhanced earnings per share as a result of the buy-
back. Such benefits would not be maximized by other capital
management initiatives.

In deciding what to do, shareholders are encouraged to take into
account the effect of the buy-back on their particular
circumstances.

All eligible shareholders registered on 30 March 2005 will be
sent a personalized tender form and a booklet explaining details
of the buy-back in early April.

Conversion of preference shares (ReCAPS)

After extensive consideration, Coles Myer announced its
intention to convert the Company's convertible preference shares
into ordinary equity.

"The Board has determined that the convertible preference shares
are now a less attractive source of funding compared to
alternative sources," Mr. Fletcher said.

"Conversion into ordinary shares represents an attractive option
to effectively remove ReCAPS from the Coles Myer capital
structure."

Coles Myer anticipates the conversion of ReCAPS into ordinary
shares will take place on 12 July 2005.

In the next week, holders of ReCAPS will be sent a letter
explaining details of the proposed conversion, to be followed on
30 May 2005 by an official notice of conversion.

CONTACT:

Coles Myer Limited
800 Toorak Rd.
Tooronga, Victoria 3146, Australia  
Phone: +61-3-9829-3111
Fax: +61-3-9829-6787
Web site: http://www.colesmyer.com/


COLES MYER: S&P Says Proposed Buyback Has No Ratings Impact
-----------------------------------------------------------
Standard & Poor's Ratings Services said that Coles Myer Ltd.'s
(BBB/Stable/A-2) A$403.8 million first-half net profit result,
and proposed A$700 million share buyback, would have no
immediate effect on the Company's ratings or outlook.

The share buyback will effectively neutralize the conversion
into ordinary shares of the Company's convertible preference
shares (ReCAPS), which is expected to occur on July 12, 2005.

"Given that Standard & Poor's views the reset preference shares
as predominantly debt-like, the offsetting share buyback does
not significantly affect credit quality," said Paul Draffin,
credit analyst at Standard & Poor's Corporate & Infrastructure
Finance Ratings group.
     
Coles Myer's first-half results were broadly consistent with
expectations, with a continued steady performance from the food
& liquor division, and strong performance in several of the
Company's nonfood businesses. However, despite the Company's
food & liquor EBIT margin improving during the first half, the
gap between its margins and those of its larger competitor,
Woolworths Ltd. (A-/Negative/A-2), continued to widen in line
with the trend observed during the past few years. Importantly
also, Woolworths is well positioned to build on this advantage
in the next few years as its benefits from a significant timing
advantage over Coles Myer in its supply chain restructuring
initiative.
     
This could heighten Coles Myer's exposure to the significant
execution risk involved in its supply chain restructuring, and
increase potential margin pressure in this key division.
Accordingly, Coles Myer's food & liquor operations will rely on
the timely execution of its supply chain initiatives; the
successful rollout of its new liquor growth strategy and house
brand product offering, and other new initiatives, to maintain
its strong market position and robust earnings growth in the
next few years. Furthermore, future capital management activity
will need to be prudent given the competitive challenges it
faces and the prospect of an inevitable slowdown in consumer
spending.


COLES MYER: Moody's Affirms Senior Unsecured Baa2 Ratings
---------------------------------------------------------
Moody's Investors Service has affirmed the senior unsecured Baa2
ratings of Coles Myer Limited (CML) and its guaranteed
subsidiaries.

The short-term ratings of Prime-2 are affirmed. The affirmation
follows the Company's proposed conversion in July 2005 of its
non-redeemable reset convertible preference shares (ReCAPS) to
fully paid ordinary shares and its proposed off market share buy
back of approximately A$700mm.

The ratings outlook is stable, based on Moody's opinion that
CML's improving financial profile ensures the Company is
reasonably well positioned at the Baa2 level. The recent
improvements in operating performances and improved margins
would assist the Company in weathering any potential downturn in
consumer spending at their current rating level.

The ratings affirmed are:

Issuer Rating - Baa2
Senior Unsecured Rating - Baa2
Short-Term Rating - Prime-2
Preference Stock Rating - Ba1

Moody's says the ratings reflect - as Australia's leading
retailer - the ubiquity and diversity of CML's formats and
locations; the relative strength and dependability of the
supermarket business; and the value of its broad customer
relationships. Furthermore, they consider the Company's high
effective leverage, including significant ongoing lease
commitments and the problematic, but improving, Myer Megamart
segment.

Moody's notes that the ReCAPS conversion would materially reduce
adjusted debt, but the effects would also be partly offset by
the planned rise in debt associated with the issuance of new
instruments. As a result of these last transactions, overall
group leverage - on a normal and adjusted basis - should fall
slightly. This expected reduction in interest costs should
facilitate an improvement in the group's financial profile and
interest coverage metrics.

Given the Company's improving operating profile, cash reserves
and strong free cash flows, Moody's believes that this share buy
back can be made to shareholders without any material impact on
its credit rating.

Upward ratings pressure could emerge in the event of a
sustainable improvement in operating margins, such that adjusted
net debt to EBITDAR fell below 3.0x. In addition, an improvement
in total coverage above 3.5x would also place upward pressure on
the Company's rating.

However, negative pressure could become apparent should a slide
occur in the operating performance of the key food and liquor
division, which would be evidenced by adjusted net debt to
EBITDAR trending towards 4.0x on a sustained basis. A weakening
of the Company's total coverage below 2.0x would also place
negative pressure on the rating.

Coles Myer, based in Melbourne, is Australia's largest retailer
with approximately 80% of revenues obtained from its core food
and liquor sales. The Company also operates various other retail
formats, including Kmart, Target and Myer.


CONAPAIRA METALS: Appoints Liquidator to Wind Up Company
--------------------------------------------------------
Notice is hereby given that at an Extraordinary General Meeting
of Conapaira Metals Pty Limited A.C.N. 000 757 979 held on
February 4, 2005, the following Resolution was passed as a
Special Resolution:

That pursuant to the provisions of Section 495 of the
Corporations Act 2001, Peter Leonard Whiteman of Thomas Davis &
Co, Level 20, 68 Pitt Street, Sydney, in the State of New South
Wales having consented to act, be and is hereby appointed
Liquidator of the Company, for the purpose of winding up the
affairs and distributing the property of the Company.

Dated this 4th day of February 2005

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


CRONULLA NEWSAGENCY: Court Issues Winding Up Order
--------------------------------------------------
On February 10, 2005, the Supreme Court of New South Wales,
Equity Division, made Orders that Christopher J. Palmer be
appointed Official Liquidator of Cronulla Newsagency Pty Limited
(In Liquidation) A.C.N. 001 383 526.

Dated this 22nd day of February 2005

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


DHAD PTY: To Hear Liquidator's Report on Winding Up
---------------------------------------------------
Notice is hereby given pursuant to Section 509 of the
Corporations Law that a general meeting of the members and
creditors of DHAD Pty Limited (In Liquidation) A.C.N. 061 888
560 will be held at the offices of SimsPartners, Level 24, 264
George Street, Sydney 2000, on March 23, 2005 at 9:00 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

Scott Pascoe
Liquidator
Sims Partners
Level 24, Australia Square,
264 George Street,
Sydney NSW 2000
Telephone: 9241 3422


DIAL DIRECT: Lays Out Agenda of Final Meeting
---------------------------------------------
Notice is given that a meeting of the members and creditors of
Dial Direct Marketing Pty Ltd (In Liquidation) A.C.N. 008 263
634 will be held at 7/10 North Esplanade, Glenelg North in the
State of South Australia, on March 23, 2005 at
10:00 a.m.

AGENDA

To receive the Liquidator's account showing how the winding up
has been conducted and the property of the Company disposed of
and explanations thereof in pursuance of section 509 of the
Corporations Law.

Dated this 3rd day of February 2005

F. C. Perkins
Liquidator
7/10 North Esplanade,
Glenelg North SA 5045
Telephone: 0419 801 845

Accounts in the form prescribed by section 539 of the
Corporations Law have been prepared and filed in the offices of
the Australian Securities Commission.


FOOD MARKETERS: Final Meeting Date Fixed on March 23
----------------------------------------------------
Notice is given that the a final meeting of the members of Food
Marketers Pty Limited (In Liquidation) A.C.N. 000 481 194 will
be held at Level 13, 84 Pitt Street Sydney 2000 on March 23,
2005 at 10:00 a.m.

AGENDA

To lay before the meetings accounts showing how the windings up
have been conducted and the property of the companies disposed
of and giving any explanation of the accounts.

Dated this 22nd day of February 2005

Barry R. Cook
Liquidator


GAMECO ENTERPRISE: Creditors Meeting Set March 25
-------------------------------------------------
Notice is hereby given pursuant to Section 509(2) of the
Corporations Act 2001 that a final meeting of members and
creditors of Gameco Enterprise Pty Ltd (In Liquidation) A.C.N.
094 907 776 will be held at the offices of Jirsch Sutherland
Chartered Accountants, Level 2, 84 Pitt Street, Sydney NSW 2000
on March 25, 2005 at 10:00 a.m. for the purpose of having an
account laid before the members and creditors showing them the
manner in which the winding up has been conducted, the property
of the Company disposed, and the hearing of any explanations
that may be given by Liquidator.

Dated this 22nd day of February 2005

Roderick Mackay Sutherland
Liquidator
Jirsch Sutherland
Chartered Accountants
Level 2, 84 Pitt Street,
Sydney NSW 2000
Telephone: (02) 9233 2111
Facsimile: (02) 9233 2144


GIARA HOLDINGS: To Declare Dividend April 4
-------------------------------------------
A first and final dividend to priority creditors is to be
declared on April 4, 2005 for Giara Holdings Pty Limited (In
Liquidation) trading as Luggageland A.C.N. 003 482 148.

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

Dated this 22nd day of February 2005

T. M. Pogroske
Liquidator
Grant Thornton
Level 17, 383 Kent Street,
Sydney NSW 2000


HALL & SAXON: Members Pass Resolution to Wind Up Company
--------------------------------------------------------
Notice is hereby given that at a General Meeting of the members
of Hall & Saxon Pty Ltd (In Liquidation) A.C.N. 058 236 418 duly
convened and held at PPB Offices, Level 10, 26 Flinders Street
Adelaide on January 31, 2005 the special resolution set out
below was duly passed.

SPECIAL RESOLUTION

That on the winding up of the Company subject to the payment of
debts and liabilities of the Company and costs of liquidation,
the assets of the Company be distributed among the members in
specie in whole or in part according to their rights and
interest in the Company or in accordance with the special
resolution of the members.

That the Company be wound up voluntarily in accordance with the
provisions of Section 491 of the Corporations Act 2001.

That Peter Ivan Macks, Chartered Accountant, Level 10, 26
Flinders Street, Adelaide be appointed liquidator for the
purpose of such winding up.

E. A. Saxon
Chairman


HAMPDEN HOTEL: TO Hold Final Meeting March 31
---------------------------------------------
Notice is hereby given that pursuant to section 509 of the
Corporations Act 2001, the final meeting of members of Hampden
Hotel Proprietary Limited (In Liquidation) A.C.N. 000 067 701
will be held at the offices of Mawby Cowper Meares & Co. Level
4, 47 Neridah Street Chatswood NSW 2067 on March 31, 2005 at
10:00 a.m. for the purpose of laying before the meeting the
liquidators' final account and report and giving any explanation
thereof.

Dated this 7th day of February 2005

Frank Butkovich
Liquidator
Level 4, 47 Heridah Street,
Chatswood NSW 2067


HENRY WALKER: Administrator Mulls Float for Mining Contract Unit
----------------------------------------------------------------
The administrator of Henry Walker Eltin (HWE) is set to announce
a plan to recapitalize and re-float the failed firm's mining
contracting division, The West Australian relates.

Administrator McGrathNicol and Partners is expected to unveil
the plan on Monday, six weeks after offloading four smaller
divisions including the ailing Indonesian unit blamed for HWE's
downfall.

Another option is believed to be a sale of the division, which
includes major contracts such as the operation of BHP Billiton's
Area C, Yandi and Orebody 25 iron ore mines in the Pilbara,
Portman's iron ore mines at Cockatoo Island, which it jointly
owns, and at Koolyanobbing and Zinifex's Century zinc mine in
Queensland.

HWE fell into administration in late January with debt estimated
at US$570 million, excluding employee entitlements, after the
Swiss metals trader Glencore pulled out of a US$100 million
rescue deal.

The cause of the collapse has been blamed on HWE's failure to
secure financing for the $1.7 billion Bengalon coal mining
contract in Indonesia, which the administrators sold last month
for US$50 million to a consortium led by PT Bumi Resources.

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/


HIH INSURANCE: APRA Makes Further Disqualifications
---------------------------------------------------
The Australian Prudential Regulation Authority (APRA) has
announced the disqualification of former executives of the HIH
Insurance group, Mr. Roger Colomb and Mr. Terence Kevin Cassidy,
from being or acting as a director or senior manager of a
general insurer.

In his role as a reinsurance manager for FAI General Insurance
Limited (FAI) in 1998, Mr. Colomb was responsible for the
preparation of the APRA reinsurance returns required under the
Insurance Act 1973. APRA found that Mr. Colomb was either
incompetent or negligent in preparing the June 1998 reinsurance
returns with the effect that there:

- were conflicting, and therefore misleading, representations of
the starting date for FAI's 1998 financial reinsurance contract
with National Indemnity; and

- was a failure to make the required disclosure of material
changes to FAI's reinsurance program, including the commutation
of an existing whole-of-account reinsurance contract with
General Cologne Reinsurance Australia

Mr. Cassidy held various senior positions within HIH Insurance
Limited (HIH) from 1972 to 2001, holding the position of
Managing Director of the Australian operations from 1986.

APRA found that Mr. Cassidy had:

- acted dishonestly and without diligence in that he was aware
HIH was significantly under provisioned in 1999 and 2000 but
failed to alert the HIH Board to the fact that this was not
adequately recorded in the financial accounts;

- falsely certified that the 1999 APRA returns were accurate
while knowing the assets charged under a letter of credit were
incorrectly counted for statutory solvency purposes with the
effect that two HIH companies were incorrectly reported as
solvent under the Insurance Act 1973; and

- acted dishonestly in backdating various documents relating to
preference shares issued by FAI Insurance Limited to HIH
Investments in 2000.

APRA's Deputy Chairman, Mr. Ross Jones, said that the
effectiveness of the prudential regulator's supervision of
general insurers was critically dependent on the accuracy,
reliability and completeness of the statutory financial reports
required under the Insurance Act.


H.M.O. AUSTRALIA: Resolves to Wind Up Company
---------------------------------------------
Notice is hereby given that at Meetings of Members and Creditors
of H.M.O. Australia Pty Ltd (In Liquidation) A.C.N. 104 131 357
duly convened and held on February 8, 2005, the following
Special Resolution was passed:

That as the Company is unable to pay its debts as and when they
fall due, the Company be wound up voluntarily and that Geoffrey
McDonald be appointed Liquidator for the purpose of such winding
up.

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


HOWARTH INVESTMENTS: Lays Out Final Meeting Agenda
--------------------------------------------------
Notice is given that the final meetings of the members of
Howarth Investments Pty Ltd (In Liquidation) A.C.N. 000 633 367
will be held at Level 13, 84 Pitt Street Sydney 2000 on March
23, 2005 at 10:00 a.m.

AGENDA

To lay before the meetings accounts showing how the windings up
have been conducted and the property of the companies disposed
of and giving any explanation of the accounts.

Dated this 22nd day of February 2005

Barry R. Cook
Liquidator


JAMES HARDIE: Boss Defends Handling of Asbestos Liabilities
-----------------------------------------------------------
The chairman of embattled James Hardie Industries defended her
Company's controversial 2001 restructuring and the sin-off of
its asbestos liabilities, The Age says.

During a corporate social responsibility forum, Meredith
Hellicar insisted James Hardie has fulfilled its corporate
social duty with the establishment of the Medical Research and
Compensation Foundation (MRCF). The MRCF was set up four years
ago with the sole purpose of handling the Company's asbestos
liabilities.

Ms. Hellicar, who has pledged to meet asbestos claims since
taking over as chairman, argued that the board had no
information to show that there was a shortfall in the MRCF's
funding. She also stressed that the James Hardie's relocation to
the Netherlands had nothing to do with asbestos.

She said James Hardie would not "allow the continuation of the
mythology that supports James Hardie as the poster child of case
studies into the lack of regard for corporate social
responsibility".

The Australian Securities and Investments Commission (ASIC) is
reportedly continuing its probe on the role of James Hardie's
directors in the creation of the MRCF and the firm's
cancellation of US$1.9 billion in partly paid shares promised to
the foundation.

CONTACT:

James Hardie Industries
Website: http://www.jameshardie.com.au/

Greg Baxter
Executive Vice President
Level 3, 22 Pitt Street
Sydney NSW 2000
Telephone: (02) 8274 5305
Fax: (02) 8274 5218
Mobile: 0419 461 368

Steve Ashe
Vice President Investor Relations
Telephone: (02) 8274 5246
Fax: (02) 8274 5218
Mobile: 0408 164 011

Julie Sheather
Vice President Public Affairs
Telephone: (02) 8274 5206
Fax: (02) 8274 5218
Mobile: 0409 514 643

All other enquiries to CustomerLink Service Centre on 13 1103


NATIONAL AUSTRALIA: Issues US$800-Mln Tier 1 Trust Securities
-------------------------------------------------------------
National Australia Bank on Thursday announced an issue of US$800
million Tier 1 Trust Preferred Securities (approximately AU$1.0
billion.

The securities carry a fixed coupon of 5.486% until March 2015,
when they become floating at a rate of 1.5375% over 3 month
LIBOR. The perpetual securities are callable by the National at
any time after March 2015, subject to the approval of APRA.

The National's Director, Finance & Risk, Mr. Michael Ullmer,
said that the deal was highly successful and was supported by a
large number of U.S. tier 1 investors. This capital issue
provided the National with the opportunity to reinforce our
relationships with this important investor base.

This issue of hybrid Tier 1 capital is consistent with the
National's objective of efficient capital management. The
proceeds from the Tier 1 issue will be used by the National's
London Branch for general business purposes.

Note: This statement does not constitute an offer of any
securities for sale. The securities offered will not be
registered under the U.S. Securities Act of 1933 and may not be
offered or sold in the United States absent registration or an
applicable exemption from the registration requirements.

CONTACT:

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


PODIT SOLUTIONS: Enters Winding Up Proceedings
----------------------------------------------
Notice is hereby given that at Meetings of Members & Creditors
of Podit Solutions Pty Ltd A.C.N. 091 828 938 duly convened and
held on February 8, 2005, the following Special Resolution was
passed:

That as the Company is unable to pay its debts as and when they
fall due, the Company be wound up voluntarily and that Geoffrey
McDonald be appointed Liquidator for the purposes of such
winding up.

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


REGIONAL INDUSTRY: To Wind Up Voluntarily
-----------------------------------------
Notice is hereby given that at an extraordinary general meeting
of members of Regional Industry Investment Pty Limited (In
Liquidation) A.C.N. 079 778 555 held on February 1, 2005, it was
resolved that the Company be wound up voluntarily.

At a meeting of creditors held on the same day it was resolved
that for such purpose, Warren Pantzer of Level 7, 1 Margaret
Street, Sydney NSW 2000 be appointed Liquidator.

Dated this 8th day of February 2005

W. Pantzer
Liquidator
c/- Lawler Partners
Chartered Accountants
Level 7, 1 Margaret Street,
Sydney NSW 2000


RHS BUILDING: Court Names Mark Roufeil as Liquidator
----------------------------------------------------
On February 8, 2005 the Supreme Court made an Order that RHS
Building Services Pty Limited (In Liquidation) A.C.N. 061 130
774 be wound up and appointed Mark Roufeil to be Official
Liquidator.

Mark Roufeil
Gavin Thomas & Partners
Level 9, 31 Market Street, Sydney


ROBO PTY: To Convene Final Meeting March 24
-------------------------------------------
Notice is given pursuant to Section 509(2) of the Corporations
Act 2001 that a Final Meeting of Members of Robo (Aust) Pty
Limited (In Voluntary Liquidation) A.C.N. 083 339 664 will be
held at the offices of Ngan & Co, Level 5, 49 Market Street,
Sydney NSW 2000 on Thursday, March 24, 2005 at 10:00 a.m. for
the purpose of laying before the meeting the Liquidator's final
account and giving any explanation thereof.

Dated this 22nd day of February 2005

P. Ngan
Liquidator


SAFE RELOCATIONS: Final Meeting Slated for March 30
---------------------------------------------------
Notice is given that a final meeting of the members and
creditors of Safe Relocations Pty Ltd (In Liquidation) A.C.N.
079 724 806 will be held on March 30, 2005 at 581 Princes
Highway, Rockdale NSW at 10:00 a.m.

The purpose of the meeting is to:

(a) Have an account laid before the meeting showing how the
winding up has been conducted and the property of the Company
disposed of and for the Liquidator to give an explanation of the
account; and

(b) Consider any other matters which may be properly brought
before the meeting.

Dated this 10th day of February 2005

Grahame Hill
Liquidator
Hill's Insolvency Services Pty Ltd
581 Princes Highway, Rockdale NSW 2216
Telephone: (02) 9599 7945
Facsimile: (02) 9599 7946
E-mail: grahame@hillsinsolvency.com.au


SWITCHED ON LIVING: Members Opt to Wind Up Company
--------------------------------------------------
At a meeting of Members held on February 10, 2005, it was
unanimously resolved, pursuant to Section 491(1) of the
Corporations Act, that Switched On Living Pty Limited (In
Liquidation) A.C.N. 080 260 546 be wound up and Stephen Gower
Baker be appointed Liquidator.

Stephen Baker & Co
Chartered Accountant
Suite 2, 98 Woolwich Road,
Woolwich NSW 2110
Telephone: 9817 6427
Facsimile: 9879 0964


THOLOO PTY: To Convene Final Meeting March 24
---------------------------------------------
Notice is hereby given that pursuant to Section 509 of the
Corporations Law the Final Meeting of Tholoo Pty Limited (In
Liquidation) A.C.N. 001 212 077 will be held at Rayleigh, Cryon,
NSW on March 24, 2005, at 10:00 a.m. for the purpose of laying
before the meeting the liquidator's final account and report and
giving any explanation thereof.

Dated this 17th day of February 2005

Richard Alexander Dillon
Liquidator
43 Auburn Street, Moree NSW


TOLDAB PTY: To Hear Liquidator's Final Account
----------------------------------------------
Notice is hereby given that pursuant to section 509 of the
Corporations Act, the final meeting of creditors and members of
Toldab Pty Limited (In Liquidation) A.C.N. 003 972 816 will be
held at the offices of Forsythes, Chartered Accountants, Level
5, Hunter Mall Chambers, 175 Scott Street, Newcastle on March
21, 2005 at 10:00 a.m. for the purposes of laying before the
meeting the liquidator's final account and report and giving any
explanation thereof.

Dated this 10th day of February 2005

Peter Hicks
Liquidator


TOUBIA BRICKLAYING: Court Picks Liquidator to Wind Up Company
-------------------------------------------------------------
On February 10, 2005, the Supreme Court of New South Wales,
Equity Division, made Orders that Christopher J. Palmer be
appointed Official Liquidator of Toubia Bricklaying Pty Limited
(In Liquidation) A.C.N. 097 764 666.

Dated this 22nd day of February 2005

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


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

ANSON CONSTRUCTION: Receives Winding Up Order from Court
--------------------------------------------------------
Anson Construction Company Limited with registered office
located at DD 114 Lot 640-642, Sheung Tsuen Pat heung, Yuen
Long, New Territories 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 31, 2004.

Dated this 11th day of March 2005.

ET O'Connell
Official Receiver


CHINA CONSTRUCTION: Corruption Claims Unlikely to Affect Rating
---------------------------------------------------------------
Standard & Poor's Ratings Services (S&P) announced that
allegations of corruption at China Construction Bank (CCB) are
unlikely to affect the Company's BBB-minus rating, reports the
United Press International.

The credit rating agency said that while the bank's Chairman Mr.
Zhang Enzhao has been dismissed and remains under investigation
on allegations of corruption, "it is not clear if the reported
case of corruption is actually related to CCB itself."

S&P added that even if media reports prove correct and the
mainland Chinese bank is indeed found guilty, it would unlikely
"be material enough to affect the bank's financial profile,"
even though it may well have an adverse affect on the bank's
plan to launch an initial public offering.

Moreover, S&P said China's banks "are undergoing a transitional
period of transformation into commercial entities.
Irregularities and setbacks are to be expected and will
inevitably have a negative impact on the banking sector's
reputation over the near term."


CHINA CONSTRUCTION: Chairman Zhang Enzhao Resigns
-------------------------------------------------
The Board of Directors of China Construction Bank Corporation
held its first 2005 meeting in Beijing on March 16, 2005.

The Board reviewed and approved Mr. Zhang Enzhao's resignation
as Director and Chairman of the Board due to personal reasons.

The Board expressed appreciation to Mr. Zhang for his
contributions to the reform and development of China
Construction Bank over the years. The Board resolved that Mr.
Chang Zhenming would serve as the acting Chairman of the Board
until a new Chairman is elected. The above resolutions took
effect on March 16, 2005.

In line with the guidance and requirements from the CPC Central
Committee and the State Council, CCB is further improving its
corporate governance structure, accelerating its management
system reform, and actively pushing forward its transformation
into a joint stock Company. CCB is operating healthily and
steadily in accordance with its development strategy.

CCB will stick to its long-standing commitments, support China's
economic growth and provide customers with premium services. CCB
is striving to develop into a modern financial services firm
with adequate capital, effective internal control, secure
operations, premium services, superior returns on equity and
assets and international competitiveness.

Board of Directors
China Construction Bank Corporation

This is a Company press release.


GREAT WALL: Adjourns Winding Up Petition to May 3
-------------------------------------------------
Further to the previous announcements, the hearing of the
petition for winding-up of Great Wall Cybertech Limited
(Provisional Liquidators Appointed) has been further adjourned
to May 3, 2005.

The Relevant Parties have agreed to extend the Exclusivity
Period to May 31, 2005.

Trading in the shares of the Company has been suspended since
March 24, 2003 and will remain suspended until further notice.
Further announcements regarding the progress of the
Restructuring Proposal and the outcome of the resumed hearing
will be made when appropriate.

For and on behalf of By order of the Board
Great Wall Cybertech Limited Great Wall Cybertech Limited
(Provisional Liquidators Appointed)
Derek Lai Joint and Several Provisional Liquidator

Tse On Kiun
Director

Hong Kong, 4th March 2005.

CONTACT:

Great Wall Cybertech Limited
178 Gloucester Road
Wanchai, New Territories
HONG KONG
Phone: +852 2616 3689
Fax: +852 2421 1287


HONG KONG PHARMACEUTICAL: Company Secretary Resigns
---------------------------------------------------
The provisional liquidators of Hong Kong Pharmaceutical Holdings
Limited (Provisional Liquidators Appointed) announced that Ms.
Chan Meily resigned as Company Secretary and alternate
authorized representative of the Company on 21 January 2005.

The Company has been seeking a replacement for Ms. Chan since
her resignation.

However, as the Company is currently contemplating a
restructuring exercise, the Company has not been able to secure
the services of an appropriate candidate. A further announcement
will be made as soon as a Company secretary is appointed.

The Provisional Liquidators also announce that there was an
inadvertent typographical error in the announcement of the
Company dated 24 February 2005 in respect of the change of
auditors of the Company and its subsidiaries. It was reported in
the announcement that the Company had two independent non-
executive directors.

However, the Company has three independent non-executive
directors, namely Mr.

Ng Wing Hang, Dr. Melvin Wong and Mr. Chu Yu Lin, David.

As at the date of this announcement, the board of directors of
the Company comprises five executive directors, namely, Mr. Sun
Hiu Lu, Ms. Huang Shuyun, Mr. Chu Kwan, Mr. Zhao Dake and Mr.
Zhang Ke, Winston, and three independent nonexecutive directors,
namely, Mr. Ng Wing Hang, Dr. Melvin Wong and Mr. Chu Yu

For and on behalf of Hong Kong Pharmaceutical Holdings Limited
(Provisional Liquidators Appointed)
Kelvin Flynn
Cosimo Borrelli
Joint and Several Provisional Liquidators
Hong Kong, 1 March 2005

CONTACT:

Hong Kong Pharmaceutical Holdings Limited
Shun Tak Centre, 200 Connaught Road
Central,
HONG KONG
Phone: +852 2827 6268
Fax: +852 2970 2608


JILIN CHEMICAL: Sees No Reason For Trading Volume Increase
----------------------------------------------------------
The board of directors of Jilin Chemical Industrial Company
Limited noted the increase in the trading volume of the shares
of the Company.

The Board wishes to state that it is not aware of any reasons
for any such increase except for that it has noted the proposed
annual limits for certain non-exempt continuing connected
transactions with PetroChina Company Limited, its controlling
shareholder for the financial year ended 31 December 2004 might
have been exceeded. Further announcement will be made in this
regard as and when appropriate.

The Board wishes to confirm there is no negotiation or agreement
relating to intended acquisition or realizations, which are
discloseable under Rule 13.23 of the Rules Governing the Listing
of Securities on The Stock Exchange of Hong Kong Limited. The
Board also confirms that, save as referred to above, it is not
aware of any other matter discloseable under the general
obligation imposed by Rule 13.09 of the Listing Rules which is
or may be of a price-sensitive nature.

At the end of 2003, Jilin Chemical Industrial Company Limited
had negative working capital, as current liabilities were
CNY7.47 billion, while total current assets were only CNY2.06
billion Chinese according to Wright Investors' Service.

By order of the Board of Directors
Yu Li
Chairman
Jilin, the PRC, 11 March 2005.

CONTACT:

Jilin Chemical Industrial Company Limited
No 9 Longtan Street Longtan District
Jilin City, Jilin Province 132021
CHINA
Phone: +86 432 390 3651
Fax: +86 432 302 8126


MASS WINNER: Enters Winding Up Proceedings
-----------------------------------------
Mass Winner Limited with registered office located at Shop 41,
2/F, Tower 1, Silvercord, 30 Canton Road, Tsim Shatsui, 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 28, 2004.

Dated this 11th day of March 2005.

ET O'Connell
Official Receiver


PACO MACHINERY: Court Commences Winding Up Proceedings
------------------------------------------------------
Paco Machinery & Engineering Limited with registered office
located at Rm 906, 9th Floor, Asia Trade Centre, 79 Lei Muk Rd,
Kwaichung, New Territories 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 29, 2004.

Dated this 11th day of March 2005.

ET O'Connell
Official Receiver


SINOKING INTERNATIONAL: Receives Winding Up Notice
--------------------------------------------------
Sinoking International Enterprises Limited with registered
office located at 18/F, World Trust Tower, 50 Stanley Street,
Central, Hong Kong 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 31, 2004.

Dated this 11th day of March 2005.

ET O'Connell
Official Receiver


SMART BASE: Court Issues Winding Up Petition Notice
---------------------------------------------------
Smart Base Asia Limited with registered office located at Shop
A172-A175, A180, A181 and A197, G/F, Kingswood Richly Plaza,
Town Lot No. 1, Tin Shui Wai, Ph 1, Yuen Long, New Territories
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 31, 2004.

Dated this 11th day of March 2005.

ET O'Connell
Official Receiver


SUN'S GROUP: Appoints Chan Wai Hung as Executive Director
---------------------------------------------------------
The Board of Directors of The Sun's Group Limited (Provisional
Liquidators Appointed) announces that Mr. Lui Po San, Anthony
has ceased to act as an Executive Director with effect from
February 15, 2005.

No matters that need to be brought to the attention of
shareholders of the Company were notified by any of the
aforementioned director. No disagreement between the
aforementioned director and the Board was notified to the
Company.

The Board also announces that Mr. Chan Wai Hung, a Certified
Public Accountant, has been appointed as Executive Director of
the Company with effect from 15 February 2005.

Particulars of Mr. Chan is set out below:

Mr. Chan, aged 34, is a Certified Public Accountant. Mr. Chan
has over 10 years of experience in accounting.

Mr. Chan does not have any relationship with any directors,
senior management or substantial or controlling shareholders of
the Company. He does not hold any interests in shares of the
Company within the meaning of Part XV of the Securities and
Futures Ordinance.

Please note that this announcement is only released on the AMS/3
Trading Terminal and the website of The Stock Exchange of Hong
Kong Limited without publishing on the newspapers as required by
the Listing Rules due to the liquidity problem of the Company.

As at the date of this announcement, the Board of Directors of
the Company consists of two directors, namely Mr. Pang Ho Chuen,
Lawrence and Mr. Chan Wai Hung (as Executive Directors).

Trading in the shares of the Company has been suspended since
24th April 2003 and will remain suspended until further notice.

For and on behalf of
The Sun's Group Limited
(Provisional Liquidators Appointed)

Joseph K.C. Lo
Joint and Several Provisional Liquidator
By Order of the Board
The Sun's Group Limited
(Provisional Liquidators Appointed)

Pang Ho Chuen, Lawrence
Director
Hong Kong, 17th February 2005


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

GARUDA INDONESIA: Government Sacrifices Execs for Bigger Profit
---------------------------------------------------------------
The Indonesian government dismissed Garuda Indonesia's 13-member
board of directors to improve profit, reports Bloomberg News.

The government began firing the Company board on March 15, ahead
of a planned stake sale.

State Enterprises Minister Sugiharto said that he is reforming
the Company's management, adding that he wants to gain back the
airline's position as national carrier instead of marginalizing
it.

Garuda Indonesia wants to become a public Company this year. It
is one of several airline firms that faced increased competition
from newer, cheaper airlines and higher fuel prices, and has
replaced its board twice in eight years.

The firm appointed new management tasked to resolve its IDR16.8
trillion debt in 1998.

Higher oil prices may have led to the firm's expected loss last
year, but the firm hasn't posted its 2004 earnings yet. The firm
was reported to have spent IDR700 billion amid skyrocketing fuel
prices.

CONTACT:

PT Garuda Indonesia
Garuda Indonesia Bldg.,
Jalan Merdeka Selatan No. 13
Jakarta, 10110, Indonesia
Phone: +62-21-231-0082
Fax:   +62-21-231-1679
Web site: http://www.garuda-indonesia.com


PERTAMINA: Price Hike Drives 16% Drop in Daily Fuel Consumption
---------------------------------------------------------------
PT Pertamina's oil price the increase has led to a decline in
daily fuel consumption for first half of March, Dow Jones
reports.

According to Pertamina official Mohamad Harun, the daily
consumption of fuel dropped 16% from 189,700 kiloliters in
February to 158,900 KL for March. Fuel Consumption for February
was higher than January's 165,100 KL, but this may be due to
hoarding in anticipation of the March 1 oil price hike of up to
29%.

The government had raised fuel prices in March in order to
lessen its subsidies on the state budget.

Mr. Harun disclosed that the state will review its 2005 fuel
import plans in the hope of reducing the burden of oil subsidies
on the state budget.

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


SEMEN GRESIK: Government Rises to Cemex SA Dare
-----------------------------------------------
The Indonesian government is ready for an international
arbitration hearing to settle an investment dispute with Cemex
SA over PT Semen Gresik, the Jakarta Post reports.

Coordinating Minister for the Economy Aburizal Bakrie said they
are prepared for a worst-case scenario, but they are still open
to settling the dispute out of court.

The dispute began when the government did not fulfill the terms
of a 1998 investment contract signed with Cemex SA, wherein the
Mexican cement firm was to acquire controlling stake in state-
owned PT Semen Gresik. The government cancelled the deal when
Semen Gresik subsidiary PT Semen Padang opposed the deal.

The government is under pressure to resolve the protracted issue
to gain back investor confidence and get out of paying IDR4.68
trillion in penalties.

CONTACT:

PT Semen Gresik (persero) Terbuka
Jalan Veteran
Gresik 61122
Indonesia
Phone: +62 31 398 1731-2/1745
Fax:   +62 31 398 3209/3972 2264
Web site: http://www.americanstandard.com/


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

KANEBO LIMITED: Seiren Co. Acquires Cotton Businesses
-----------------------------------------------------
Seiren Co. Ltd. announced on Wednesday that it had agreed with
Kanebo Limited to take over synthetic fiber and cotton
businesses from the latter, Japan Credit Rating Agency reports.

Seiren aims to invigorate the regional industry and strengthen
the textile business. It plans to use the business for the
future growth of the Company as a group.

Kanebo will transfer the two businesses to a bridge company to
be set up. Seiren will initially own 51% while Kanebo will own
49% of the new entity. The operation will start on July 1, 2005.
Performance of the new Company will be reflected on the
operating results of Seiren for fiscal 2005 ending March 31,
2006.

The sales of the two businesses to be transferred combined
amount to 36.5 billion yen. This amount is nearly half of
Seiren's total sales. Financial burden for capital contribution
and management will be large. JCR placed the rating on the bonds
of the issuer under Credit Monitor to examine carefully impact
of the plan on the earnings and financial structure of Seiren.

CONTACT:

Kanebo Limited
3-28, 5-chome, Kotobuki-cho
Odawara-shi, Kanagawa 250
Japan


KINUGAWA ONSEN: Releases Debt Purchase Update
---------------------------------------------
Following its approval on January 18, 2005 of an application for
assistance by Kinugawa Onsen Sansuikaku (Kinugawa Plaza Hotel)
under Article 22, Clause 3 of the Industrial Revitalization
Corporation Act of 2003, the Industrial Revitalization
Corporation of Japan (IRCJ) on February 3, 2005, under Article
25, Clause 1 of the same act, reached an agreement with
financial institutions on the purchase of debt owed by Kinugawa
Plaza Hotel.

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

The Kinugawa Onsen Sansuikaku (Kinugawa Plaza Hotel)

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

Principal value of total debt 7,857 (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 7,856
(A-B)

Notes:

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

3. Amount of financial assistance

Debt forgiveness: 6,968 million yen (unchanged from time of
decision to support)

4. Schedule

A capital increase is planned for March 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.

CONTACT:

Kinugawa Onsen Sansuikaku (Kinugawa Plaza Hotel)
Head office Fujiwara City, Shioya, Tochigi Prefecture
Representative: Kimiyasu Shoda


MEIJI YASUDA: Punishes 69 Executives for Fraudulent Sales
---------------------------------------------------------
Meiji Yasuda Life Insurance Co. has reprimanded 69 executives
and employees in connection with illegal sales practices and
nonpayment of insurance money, The Japan Times reports.

The life insurer said it would withhold wages and allowances to
President Ryotaro Kaneko for six months.

In addition, two board members, including Senior Managing
Director Shigeru Hirata, formerly in charge of the insurance
payouts division, will resign as of March 31.

An additional further 15 executives, including managing
directors, will have their pay cut by up to 70 percent for three
months. The 42 salespeople who perpetrated the illegal contract
solicitations and committed other illicit acts will also get pay
cuts.

On February 25, the Financial Services Agency ordered the
Company to suspend part of its policy sales operations for two
weeks due to the illegal and fraudulent practices. The
suspension ended on March 17.

The Company illicitly refused to pay a total of 1.5 billion yen
to policyholders.

CONTACT:

Meiji Yasuda Life Insurance Company
1-9-1 Nishi-Shinjuku, Shinjuku-ku
Tokyo, 169-8701, Japan
Phone: +81-3-3342-7111
Fax: +81-3-3215-8123
Web site: http://www.meijiyasuda.co.jp/  


MEISEI SHOKAI: IRCJ to Sell Entire Equity
-----------------------------------------
The Industrial Revitalization Corporation of Japan (IRCJ) has
resolved to sell the equity it holds in Meisei Shokai K.K.

1. Background

On September 26, 2003 the IRCJ approved an application for
assistance by Meisei Shokai K.K. under Article 22, Clause 3 of
the Industrial Revitalization Corporation Act of 2003. On
October 31, 2003 the IRCJ reached agreement on the purchase of
Meisei Shokai's debt under Article 25, Clause 1 of the same act,
and in March 2004 a capital increase was implemented.

Since then the IRCJ has been carrying out a business
revitalization plan for Meisei Shokai, while at the same time
making the preparations necessary to sell its equity in the
Company. Having resolved to sell its equity in Meisei Shokai,
the IRCJ will now move as promptly as possible to complete the
share transfer contract with the buyer, with the aim of
completing the transaction in mid-March 2005.

2. Capital injection, etc.

Through a capital injection of 0.5 billion yen, the IRCJ holds
ordinary shares in Meisei Shokai that give it 97.66% of voting
rights. The IRCJ will sell its entire holding of ordinary shares
of Meisei Shokai.

3. 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 from the government ministers in charge of the
IRCJ about decisions to assist or engage in other initiatives
relating to private sector companies.

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

About the IRCJ

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.

CONTACT:

Meisei Shokai K.K.
3-2-9, Kawara-cho, Osaka, Japan
Representative Kouichi Kobayashi


MITSUI MINING: Nippon Steel Group To Lead Reconstruction
--------------------------------------------------------
The Industrial Revitalization Corporation of Japan (IRCJ) has
named a consortium led by Nippon Steel Corporation for
rebuilding Mitsui Mining Co., reports Kyodo News.

The consortium, which includes trading house Sumitomo
Corporation and Daiwa Securities SMBC Principal Investments Co.,
competed for the bailout role with U.S. investment fund WL Ross
& Co. in the tender the IRCJ closed Friday.

CONTACT:

Mitsui Mining Co. Ltd.
3-3 Toyosu 3-Chome
Koto-Ku 135-6007, Tokyo 103-0022
JAPAN
Phone: +81 3 5560 1255
Fax: +81 3 5560 1994


OKUNIKKO KONISHI: IRCJ OKs Application For Assistance
-----------------------------------------------------
The Industrial Revitalization Corporation of Japan (IRCJ) has
approved an application by K.K. Okunikko Konishi Hotel under
Article 22, Clause 3 of the Industrial Revitalization
Corporation Act of 2003.

1. Outline of business approved for assistance

Company name K.K. Okunikko Konishi Hotel
Date of establishment 1959
Capital Y49,739,000 (as of end September 2004)
Head office Yumoto, Nikko city, Tochigi Prefecture
Representative Yoshio Konishi
Number of employees 35 (28 full-time and 7 part-time employees,
as of end November 2004)
Outline of business Onsen (hot spring) resort operations
Okunikko Konishi Hotel operates a 44-room brick hotel in the
Okunikko Yumoto Onsen area of Nikko National Park.

2. Name of financial institution or other party jointly
submitting application

The Ashikaga Bank, Ltd.

3. Outline of revitalization plan for Okunikko Konishi Hotel

1. Business plan

1. Operational policy

The hotel will target the mid- to high price customer segments,
promoting the hotel as a place at which guests can slow down and
experience the changing seasons at Okunikko, and providing
sophisticated, high-quality services.

A subsidiary Company, Konishi Ryokan, will be sold.

2. Facilities

Areas that have deteriorated, such as the hotel's aging plumbing
systems, along with the entrance, lobby and other public areas,
will be repaired or upgraded, with the aim of improving the
quality of the premises, retaining existing customers and
generating new business.

2. Management structure

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

2. Corporate restructuring

After a 100% capital reduction of Okunikko Konishi Hotel, a
JPY36 million capital injection from private investors and the
IRCJ is planned. In addition, a 54 million yen convertible bond
issue is planned, to be underwritten by private investors and
the IRCJ

3. Outline of Financial Assistance

A total of 476 million yen in financial support will be
requested from financial institutions.

4. Projected figures for the revitalization plan

Fiscal year ended
September 2004 (actual)
Fiscal year ending
September 2008 (target)
Net sales JPY422 million JPY454 million
Operating Income JPY50 million JPY49 million

5. Implications for management

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

6. Implications for shareholders

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

7. IRCJ Rationale for providing assistance

1). Causes of current financial situation

The main cause of Okunikko Konishi Hotel's current financial
trouble is a worsening of the Company's cash management due to
financial support provided to a poorly performing subsidiary.
The weak domestic economy also caused a decline in sales, with
the result that Okunikko Konishi Hotel was unable to reduce its
excessive debt burden and became unable to raise funds for
necessary capital investment.

2). Potential for revitalization

The Okunikko Konishi Hotel has successfully differentiated its
appeal as a resort hotel to guests in the mid price range in the
Okunikko Yumoto area. The IRCJ believes there is ample potential
for revitalization of the business, after eliminating the
capital relationship with the poorly performing subsidiary, by
making use of the hotel's current positioning and existing
customer base, and taking measures such as improving guest
package options and using the internet and other marketing
methods to improve winter occupancy, making necessary capital
expenditure, and improving the management of operations. Also,
the process can be positioned as an example of a Japanese
Inn/Hotel revitalization scheme based on the use of an outside
operational support Company.

4. Comments from the state ministers in charge of the Industrial
Revitalization Corporation of Japan, and from ministers in
charge of the target company's industry.

None expressed

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

5. Debt repurchase application period

>From February 3, 2005, until March 25, 2005 (applications must
arrive at the IRCJ on or before this date).

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

6. Request for temporary cessation of demands for credit
repayment

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

7. Treatment of trade and other creditors

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

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


SANKEI CO.: IRCJ Reaches Debt Purchase Agreement
------------------------------------------------
Following its approval on November 30, 2004 of an application
for assistance by Sankei Co., Ltd. under Article 22, Clause 3 of
the Industrial Revitalization Corporation Act of 2003, the
Industrial Revitalization Corporation of Japan (IRCJ) on
February 14, 2005, under Article 25, Clause 1 of the same act,
reached agreement with financial institutions on the purchase of
debt owed by Sankei.

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 companies concerned

Sankei Co., Ltd. Daiki K.K.
Sankei Phoenix K.K. Sanjeru K.K.
Taiju K.K. Santekku Iwaki K.K.
Fukusen K.K. Sankei San Textile K.K.
Sansho Textile K.K. Daikei K.K.
Sankei Butsuryu K.K. Tokyo Casual K.K.
Alpha KiKaku K.K. Sankei Fabric K.K.
Oshima K.K. Kyoudo Kumiai Sanrain Seni Group

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

Principal value of total debt 71,887 (A)

Principal value of debt to be purchased as per note a) above
JPY27,084 million (B)

Principal value of debt for which financial support to be
provided by financial institutions as per note b) above
JPY44,803 million (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: 26,575 million yen

Notes:

1. Unchanged from time of decision to support

2. The above figure may change between this announcement and
completion of the debt purchase due to factors such as the sale
of collateral.

4. Schedule

Debt forgiveness will be implemented in March 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
Phone: 03-6212-6437


SHIKISAI HOTEL: Unveils Partial Sale of IRCJ's Equity
-----------------------------------------------------
The Industrial Revitalization Corporation of Japan (IRCJ) has
resolved to carry out a partial sale of the equity it holds in
Shikisai Hotel Co., Limited.

1. Background

On June 4, 2004 the IRCJ approved an application for assistance
by Shikisai Hotel Co., Ltd. under Article 22, Clause 3 of the
Industrial Revitalization Corporation Act of 2003.

On July 30, 2004 the IRCJ reached agreement on the purchase of
Shikisai Hotel's debt under Article 25, Clause 1 of the same
act. In November 2004 operations were transferred to a new
Company, which received a capital injection.

Since then the IRCJ has been carrying out a business
revitalization plan for Shikisai Hotel, while at the same time
making the preparations necessary to sell its equity in the
Company.

Having resolved to sell its equity in Shikisai Hotel, the IRCJ
will now move as promptly as possible to complete the share
transfer contract with the buyer, with the aim of completing the
transaction by March 2005.

2. Capital injection, etc.

Through a capital injection of 186 million yen, the IRCJ holds
ordinary shares in Shikisai Hotel that give it 97% of voting
rights (96.5 million yen of the capital injection) and holds
100% of preferred shares (89.5 million yen of the capital
injection).

The IRCJ will sell 58.7% of its ordinary shares and 60% of its
preferred shares of Shikisai Hotel. Following the sale, the IRCJ
will hold ordinary shares that give it 40% of voting rights
(equivalent to 39.8 million yen of the original capital
injection) and will hold 40% of preferred shares (equivalent to
35.8 million yen of the original capital investment).

3. 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 from the government ministers in
charge of the IRCJ about decisions to assist or engage in other
initiatives relating to private sector companies.

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


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

DAEWOO HEAVY: FTC Gives Nod for Doosan Takeover
-----------------------------------------------
The Fair Trade Commission's Antitrust on March 17 allowed Doosan
Heavy Industries & Construction Co. to take over Daewoo Heavy
Industries & Machinery Co., reports Asia Pulse.

Bureau chief Lee Byung-ju said that the takeover deal follows
the government's equity investment ceiling rules, and would not
likely monopolize the market.

The bureau honored the Democratic Labor Party's request after it
reviewed the deal last December to determine whether it went
against antitrust rules.

Last January, Doosan Heavy signed a contract with Daewoo Heavy's
main creditor, Korea Asset Management Corporation, to take over
the firm for an estimated KRW1.8 trillion.

Mr. Lee said that the takeover would be allowed as both
companies were intent to be in the same are of business.

CONTACT:

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


HYNIX SEMICONDUCTOR: Received Unfair Penalty from EU
----------------------------------------------------
The World Trade Organization (WTO) ruled that the European Union
(EU) had unfairly penalized Hynix Semiconductor Inc. when it set
tariffs against the Company's memory chips, the China Daily
reports.

Unnamed sources said that the EU failed to prove that the memory
chipmaker received illegal state subsidies in the form of
financial bailout packages, when domestic banks gave the firm
loan guarantees.

Hynix spokesman Park Hyun said that the Company had no comment
on the matter, as it had yet to receive the confidential interim
decision.

The U.S. and the EU had placed levies of 45% and 35%,
respectively, on Hynix dynamic random access memory (DRAM) chips
in Europe, accusing South of Korea of illegally helping the firm
through government-supported restructuring packages. According
to the WTO, Hynix restructuring packages were "a financial
contribution," and the EU was inconsistent with WTO regulations.

The EU has one month to respond to the interim ruling, and then
the WTO would issue a final report within the next few months,
at which time either party can appeal the matter.

CONTACT:

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


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

BOUSTEAD HOLDINGS: Posts February 2005 Production Figures
---------------------------------------------------------
Boustead Holdings Berhad announced that the Company's FFB
production volume for the month of February 2005 was 93,300mt.


COMPANY RUBBER (KILOS) COCOA (KILOS) FFB (MT)
BOUSTEAD       NIL            NIL        93,300
HOLDINGS BERHAD

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


CYGAL BERHAD: Snags RM55-Mln Contract to Build Apartments
---------------------------------------------------------
Cygal Berhad announced that it secured a construction contract
of RM55 Million for the construction of 5 blocks of 17-19 story
apartment comprising 616 residential units on Lot PT 6472, Jalan
Ampang, Mukim Ampang, Daerah Hulu Langat, Selangor Darul Ehsan.

The project should be completed within a period of 24 months
beginning from March 2005.

CONTACT:

Cygal Berhad
Lot 4.21, 4th Floor, Plaza Prima
4 1/2 Miles, Jalan Klang Lama
58200 Kuala Lumpur
Malaysia
Phone: 03-7983 9099
Fax:   03-7981 7629


GOLDEN FRONTIER: Repurchases 2,000 Shares
-----------------------------------------
Golden Frontier Berhad disclosed to the Bursa Malaysia
Securities Berhad details of its shares buy back on March 16,
2005.

Date of buy back: 16/03/2005

Description of shares purchased: Ordinary Shares of RM1.00 Each

Total number of shares purchased (units): 2,000

Minimum price paid for each share purchased (RM): 0.635

Maximum price paid for each share purchased (RM): 0.635

Total consideration paid (RM): 1,284.51

Number of shares purchased retained in treasury
(units): 2,000

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

Cumulative net outstanding treasury shares as at to-date
(units): 1,364,800

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

CONTACT:

Golden Frontier Berhad
No 11 Lorong Kinta
10400 Penang,
Malaysia
Phone: +60 4 226 2226
Fax:   +60 4 228 2890


HONG LEONG: Passes Resolution to Dispose of Shares
--------------------------------------------------
Hong Leong Industries Berhad (HLI) announced that the ordinary
resolution pertaining to the Proposed Disposal of the Company
and its wholly owned subsidiary HLI Trading Limited of
80,827,163 ordinary shares in Camerlin Group Berhad, as set out
in the Company's Notice of Extraordinary General Meeting (EGM)
dated March 1, 2005, was passed by shareholders at the EGM of
HLI held on March 16, 2005.

CONTACT:

Hong Leong Industries Berhad
Level 9, Wisma Hong Leong
18, Jalan Perak
50450 Kuala Lumpur
Malaysia
Phone: 03-2164 2631
Fax:   03-2164 2514
Web site: http://www.hongleong.com


HONG LEONG: Unit's Transfer of Equity Interest Approved at EGM
--------------------------------------------------------------
Hong Leong Industries Berhad announced that the resolution
pertaining to subsidiary Hong Leong Industries' proposed
transfer of its entire equity interests in Guolene Paper
Products Sdn Berhad and Guolene Pastic Products Sdn Berhad to
the Company was approved by the shareholders of Hong Leong
Industries Berhad at the Extraordinary General Meeting convened
on March 16, 2005.


I-BERHAD: Buys Back 10,000 Shares
---------------------------------
I-Berhad disclosed details of shares the Company had bought back
on March 16, 2005 to the Bursa Malaysia Securities Berhad.
  
Date of buy back: 16/03/2005

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

Total number of shares purchased (units): 10,000

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

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

Total consideration paid (RM): 8,462.76

Number of shares purchased retained in treasury
(units): 10,000

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

Cumulative net outstanding treasury shares as at to-date
(units): 1,193,800

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


LION INDUSTRIES: To List Additional 105,000 Shares
--------------------------------------------------
Lion Industries Corporation Berhad's additional 105,000 new
ordinary shares of RM1.00 each issued pursuant to the Company's
Executive Share Option Scheme will be granted listing and
quotation effective Monday, March 21, 2005, 9:00 a.m.

CONTACT:

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


KEMAYAN CORPORATION: Unit Asks Solicitor to Defend Land Disposal
----------------------------------------------------------------
The Board of Directors of Kemayan Corporation Berhad informed
Bursa Malaysia Securities Berhad that its subsidiary, Mestijaya
Holdings Sdn Bhd (MHSB) received an Originating Summons from
Bumiputra-Commerce Bank Berhad (BCBB) that BCBB is seeking the
Johor Bahru High Court of Johor Bahru decision to dispose of the
land held under H.S.(D) 130780 PTD 24071 Mukim of Senai-Kulai,
Daerah of Johor Bahru, Negeri Johor by public auction to be held
on or after such date (not being less than one month from the
date of the Order for sale) as the Court may direct.

The said land was charged to BCBB as security for the repayment
by Kemayan Project Pte Ltd (KPPL) of the MYR5.8 million banking
facilities granted to KPPL as per Letter of Offer dated July 10,
1997.

MHSB is engaging the solicitor to defend the said action.

CONTACT:

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


MAXIS COMMUNICATIONS: Set to List More Shares Today
---------------------------------------------------
Maxis Communications Berhad's additional 37,000 new ordinary
shares of RM0.10 each issued pursuant the Company's Employee
Share Option Scheme are granted listing and quotation effective
Friday, March 18, 2005, 9:00 a.m.

CONTACT:

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


PAN MALAYSIA: Issues Shares Buyback Notice
------------------------------------------
Pan Malaysia Corporation Berhad revealed the details of its
shares buyback on March 16, 2005 to the Bursa Malaysia
Securities Berhad.
  
Date of buy back: 16/03/2005

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

Total number of shares purchased (units): 50,000

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

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

Total consideration paid (RM): 19,695.12

Number of shares purchased retained in treasury
(units): 50,000

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

Cumulative net outstanding treasury shares as at to-date
(units): 20,115,100

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: Repurchases More Shares
----------------------------------------
Pantai Holdings Berhad disclosed to the Bursa Malaysia
Securities Berhad details of the shares that it bought back on
March 16, 2005.
  
Date of buy back: 16/03/2005
Description of shares purchased: Ordinary shares of RM1.00 each

Total number of shares purchased (units): 21,000

Minimum price paid for each share purchased (RM): 0.995

Maximum price paid for each share purchased (RM): 1.010

Total consideration paid (RM): 21,136.39

Number of shares purchased retained in treasury
(units):     21,000

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

Cumulative net outstanding treasury shares as at to-date
(units): 28,153,800

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/


PSC INDUSTRIES: LTAT Keen on Acquiring Controlling Stake
--------------------------------------------------------
Lembaga Tabung Angkatan Tentera (LTAT) may acquire a controlling
stake in shipbuilder PSC Industries Berhad (PSCI), reports the
New Straits Times.

LTAT, the armed forces superannuation fund, is seeking to take a
stake in PSCI if problems over a multi-billion ringgit defense
contract persist.

According to Defense Minister Najib Razak, there are problems
with a MYR5.4 billion vessel project contracted out to the
shipbuilding firm.

There were also speculations that LTAT- controlled Boustead
Holdings Berhad, which owns 18.4% stake in PSCI, may take over
PSCI management, to ensure that the defense contract would be
completed within three years.

But both companies denied the speculations, in separate
statements to Bursa Malaysia Securities Berhad.

PSCI reported that it will ask for MYR3.7 billion from the
government if the privatization will not push through.

CONTACT:

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


PUNCAK NIAGA: Granted Listing of Additional Shares
--------------------------------------------------
Puncak Niaga Holdings Berhad's additional 227,000 new ordinary
shares of RM1.00 each issued pursuant to the Company's Employee
Share Option Scheme are granted listing and quotation effective
Friday, March 18, 2005, 9:00 a.m.

CONTACT:

Puncak Niaga Holdings Berhad
Suite 1401-1406, 14th Floor
Plaza See Hoy Chan
Jalan Raja Chulan
50200 Kuala Lumpur
Malaysia
Phone: 03-20318648
Fax:   03-20784386
Web site: http://www.puncakniaga.com.my


SUREMAX GROUP: Unaware of Increase in Company Securities
--------------------------------------------------------
The Board of Directors of Suremax Group Berhad announced that
after having made due inquiries, to the best of their knowledge
they are not aware of any of the following:


a) any material development in the Company's business and
affairs that was previously disclosed to Bursa Malaysia
Securities Berhad; and

b) any reason that would account for the sharp increase in
volume of Company securities.

CONTACT:

Suremax Group Berhad
Level 7, Menara Melenium
Jalan Damanlela, Pusat Bandar
Damansara, Damansara Heights
50490 Kuala Lumpur
Malaysia
Phone: 03-20957077
Fax:   03-20949940


WOO HING: Sets Final Creditors' Meeting on Unit's Liquidation
-------------------------------------------------------------
Woo Hing Brothers (Malaya) Berhad announced that the notice of
final meetings of the members and creditors pursuant to Section
272(2) of the Companies Act 1965 for a subsidiary, Golden Linear
Marketing Sdn Bhd, was issued by the Liquidator, Mr. Michael
Joseph Monteiro.

The final meetings of Company members and creditors will be held
at 22 Monteiro & Heng Chambers, Jalan Tun Sambanthan 3, 50470
Kuala Lumpur on April 15, 2005, 9:00 a.m. and 10:00 a.m.
respectively, to consider the Liquidator's Statements of
Accounts and the disposal of the subsidiary's books, records and
documents.

CONTACT:

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


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

COLLEGE ASSURANCE: SEC Allows Access to MRT Bonds to Raise Funds
----------------------------------------------------------------
College Assurance Plans Philippines Incorporated (CAP) was
authorized by the Securities and Exchange Commission (SEC) to
access its Metro Rail Transit (MRT) bonds to pay maturing
obligations for this semester, according to Business World.

The SEC approved CAP's plan to sell US$8 million of MRT bonds to
raise funds to service client claims. The bonds will have a
value of US$80 million upon maturity.

The bonds, which are kept with Philippine Veterans Bank, will be
taken from CAP's MRT bond holdings amounting to Php3 billion.

CAP originally had Php3.4 billion worth of MRT bonds, but it had
sold a portion of it to service claims which matured earlier. A
portion of the bonds were also substituted for cash and near
cash assets, also to service earlier client claims.

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 BANK: Government to Initiate 67% Stake Sale
----------------------------------------------------
The Department of Finance gave notice that the National
Government shall initiate the joint sale of 67% of the
Government and Lucio Tan Group shares in Philippine National
Bank, pursuant to the provisions of the Memorandum of Agreement
dated May 3, 2002 and the Joint Sale Agreement dated August 1,
2002.

As an initial step, the floor price for the shares subject of
joint sale would need to be determined by an investment banker,
whose fees and expenses shall be borne by PNB, pursuant to Sec.
4.2 of the Joint Sale Agreement. In this case, PDIC shall
proceed with the selection and engagement of the investment
banker for PNB's account.

CONTACT:

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


NATIONAL BANK: Government Eyes US$400 Mln from Stake Sale
---------------------------------------------------------
The government is hoping to generate around US$400 million
(Php21.6 billion) from the sale of its 30 percent shareholding
in Philippine National Bank (PNB), according to Malaya News.

The government is referring to a plan to exercise its option to
start a 67 percent joint stake sale with the bank's other major
shareholder, Lucio Tan.

At least three unnamed groups of investors are reportedly keen
on buying the PNB shares.

Finance Secretary Cesar Purisima said the government's move is
part of an aggressive campaign to dispose of assets to pay
debts.

The proceeds of the sale will be used to pay off PNB debts to
the Philippine Deposit Insurance Corp. (PDIC), which provided
the funds used to rehabilitate the ailing bank.

In turn, PDIC will use the money to pay for debts it had
incurred from the Bangko Sentral ng Pilipinas to fund the
rehabilitation.


PHILIPPINE LONG: To List More Shares Today
------------------------------------------
The Philippine Stock Exchange approved on June 14, 2000, the
application submitted by Philippine Long Distance Telephone
Company (the Company) to list additional 1,289,745 common
shares, with a par value of Php5.00 per share, to cover the
Executive Stock Option Plan (ESOP) of the Company, at an
exercise price of Php814.00 per share.

In this connection, please be advised that a total of 8,668
common shares have been availed of and fully paid by the
optionees under the Company's ESOP.

In view thereof, the listing of the 8,668 common shares is set
for Friday, March 18, 2005. This brings the number of common
shares listed under the ESOP to a total of 402,281 common
shares.

The designated stock transfer agent is hereby authorized to
record and register in its books the above number of shares.

For your information and guidance.

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

Noted by:

(Original Signed)
JURISITA M. QUINTOS
Senior Vice President

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


PRICESMART INCORPORATED: Shareholders Question Stewardship Fees
---------------------------------------------------------------
The remittance of stewardship fees by PSMT Philippines Inc. to
its U.S.-based parent PriceSmart Incorporated was questioned by
local minority shareholders of the warehouse giant, reports
Today News.

Atty. Rommel Cuison, legal counsel of shareholders William Go
and E-Class Corp., said that the payments of stewardship fees of
Php30.15 million by PSMT to its parent from November 2002 and
December 2003 was questionable.

He explained an agreement entered into between PriceSmart and E-
Class Corp., which obliges PSMT to pay its parent stewardship
fees equivalent to 4.2 percent of the freight on board invoice
price of all merchandise purchased by PSMT Philippines from the
American retailer, was crudely done.

He added the agreement was only executed to legalize and justify
the remittances of stewardship fees that were not originally
covered by any agreement.

The minority shareholders of PSMT Philippines have already filed
criminal charges of estafa against the Company's top officials
for alleged "illegal disbursement and misappropriation of
Company funds.

CONTACT:

Pricesmart Inc.
9740 Scranton Road
San Diego, CA 92121
Phone: (858) 404-8800
Fax: (858) 581-4500
E-mail: jcahill@psmt.usa.com
Web Site: http://www.pricesmart.com

PSMT Philippines, Inc.
1781 Alabang Zapote Road, Filinvest
8/F Times Plaza Bldg., UN Ave. Cor. Taft Ave.
Ermita Manila
Phone no.: 8880433
Fax No.: 8880689


* Unnamed GOCC Faces Dissolution, Liquidation
---------------------------------------------
The Department of Finance (DoF) is keen on dissolving and
liquidating at least one government-owned and -controlled
corporation (GOCC) this year, The Manila Times reports.

Finance Secretary Cesar Purisima confirmed his department will
recommend one GOCC to be dissolved and liquidated. He, however,
declined to name the Company.

Mr. Purisima said that the unnamed GOCC incurred in 2004 a net
loss of Php13 billion, which is forecast to reach Php18 billion
this year.

The DoF will evaluate other GOCCs that may be subject to similar
actions and the draft package for privatization of the
government assets. It will, likewise, require GOCCs to undergo
inventory of the assets and come up with responsibilities of
GOCC officials through an issuance of an administrative order as
part of the government initiatives in pushing for corporate
governance.

GOCCs reportedly contribute to a major portion of the state
deficit.


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

AIROCEAN GROUP: Directors Dispose of Shares in Premier Joint
------------------------------------------------------------
The Board of Directors of Airocean Group Limited announced to
the Singapore Stock Exchange that they have entered into an
agreement to sell all their shares in Premier SCM Pte Ltd, a
Company registered in Singapore (Premier), to Access Systems
Technology Pte Ltd.

Premier is a joint venture between the Company, Sumitomo
Corporation (Singapore) Pte Ltd and Synergistic Investment Pte
Ltd. Premier is a supply chain management Company and its
principal activities include, but are not limited to,
procurement, logistics and warehousing support for the oil & gas
industry & infrastructure industry.

Premier has a paid-up capital of S$1,530,000 comprising of one
million five hundred and thirty thousand (1,530,000) shares, of
which AGL has four hundred and fifty-nine thousand (459,000)
shares (Sale Shares), which is equivalent to 30% of the paid-up
capital of Premier.

The consideration for the Sale Shares is S$563,400, and is based
on a willing-buyer, willing-seller basis.

The consideration for the Sale Shares will be satisfied in the
following manner:

(a) An initial deposit of 5% of the consideration shall be paid
to AGL upon execution of the Agreement; and

(b) On completion, the remaining 95% of the consideration shall
be paid to AGL.

The sale is not expected to have any material impact on the net
assets or earnings per share of the Company for the current
financial year ending March 31, 2005.

None of the directors or substantial shareholders of the Company
have any interest, direct or indirect, in the aforesaid
transaction.

Submitted by
Winston Seow Han Chiang,
Joint Company Secretary
16 March 2005

CONTACT:

Airocean Group Limited
80 Robinson Road #08-01/02
Singapore 068898
Telephone: 65 62255111
Fax: 65 62243594
Web site: http://www.airocean.com.sg


CHINA AVIATION (S): Seeks Damages from J. Aron
----------------------------------------------
China Aviation Oil (Singapore) Corporation Ltd advised the
Singapore Stock Exchange that it filed a lawsuit against J. Aron
& Company in relation to options contracts.

The Company wishes to announce that it had on March 16, 2005,
filed a Writ of Summons in the High Court of the Republic of
Singapore against J. Aron & Company (Singapore) Pte (J. Aron).

In the said Writ of Summons, the Company seeks damages from J.
Aron or a recission of two agreements entered into between the
Company and J. Aron for the restructuring of the Company's
options portfolio in January and June 2004 as a result of
various acts of misrepresentation, negligence, breach of
statutory duties and/or deceit on the part of J. Aron.

CONTACT:

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


HORIZON KNOWLEDGE: Served with Winding Up Order
-----------------------------------------------
In the matter of Horizon Knowledge Solutions Pte Ltd (formerly
known as PostKid.Com Pte Ltd) (RC No. 200001598H) a winding up
order was made on March 4, 2005.

Name and Address of Liquidator:

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

Messrs Chan Jer Hiang & Co
Solicitors for the Petitioners


INDOCHINA LAND: Court to Hear Winding Up Petition April 1
---------------------------------------------------------
Notice is hereby given that a Petition for the Winding Up of
Indochina Land And Development Pte Ltd by the High Court was on
March 4, 2005 presented by The Management Corporation Strata
Title No. 1302 (ID No. Does not exist), a body corporate
constituted under the Land Titles (Strata) Act and having its
registered address at 20 Upper Circular Road, #05-00 The
Riverwalk, Singapore 058416, a creditor.

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

Any creditor or contributory of the said 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 the creditor or
contributory of the said Company requiring the same by the
undersigned on payment of the regulated charge for the same.

The Petitioners' address is 20 Upper Circular Road, #05-00 The
Riverwalk, Singapore 058416.

The Petitioners' Solicitors are Messrs Hin Tat Augustine &
Partners of 20 Upper Circular Road, #02-10/12 The Riverwalk,
Singapore 058416.

Dated this 8th day of March 2005

Hin Tat Augustine & Partners
Solicitors for the Petitioners

Note:

Any person who intends to appear at the hearing of the said
Petition must serve on or send by post to the abovenamed Messrs
Hin Tat Augustine & Partners of 20 Upper Circular Road, #02-
10/12 The Riverwalk, Singapore 058416, notice in writing of his
intention to do so.

The notice must state the name and address of the person, or, if
a firm, the name and address of the firm, and must be signed by
the person or firm, or his or their solicitors (if any) and must
be served, or, if posted, must be sent by post in sufficient
time to reach the abovenamed not later than twelve o'clock noon
of March 31, 2005 (the day before the date appointed for the
hearing of the Petition).


JACKLIE CONSTRUCTION: Faces Winding Up Proceedings
--------------------------------------------------
In the matter of Jacklie Construction Pte Ltd. a winding up
order was made on February 25, 2005.

Name and Address of Liquidators:

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

Dated the 11th day of March 2005

Messrs Christopher Bridges
Solicitors for the Petitioners

Note:

(a) All creditors of the abovenamed Company should file their
proof of debt with the liquidator who will be administering all
affairs of the Company.

(b) All debts due to the abovenamed Company should be forwarded
to the liquidator.


KIMWELL ENTERPRISE: Lays Out Creditors' Meeting Agenda
------------------------------------------------------
Take notice that a meeting of creditors of Kimwell Enterprise
Pte Ltd will be held at 8 Cross Street, #17-00 PWC Building,
Singapore 048424 at 2:00 p.m. on March 21, 2005.

AGENDA

(1) To receive an account of the Liquidator's acts and dealings
and of the conduct of the winding up;

(2) To approve Liquidator's fees; and

(3) Any other business

Dated this 11th day of March 2005

Chew Kia Ngee
Liquidator
8 Cross Street #17-00
PWC Building
Singapore 048424

Forms of General and Special proxy are enclosed herewith.
Proxies to be used at the meeting must be lodged not later than
12:00 noon on March 18, 2005.

Note:

A copy of the report on the progress of the liquidation of the
Company, statement of all receipts and expenditure by the
liquidator and the amount of remuneration sought by them are
attached. Should there be any queries, please contact Ms.
Angeline Chong at telephone number 6236 4035.


LIANG HUAT: Enters Winding Up Process
-------------------------------------
In the matter of Liang Huat Holdings Pte Ltd., a winding up
order was made on March 4, 2005.

Name and address of Liquidator:

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

Comlaw Llc
Solicitors for the Petitioner


THAKRAL CORPORATION: Requests for Clarification of News Article
---------------------------------------------------------------
Thakral Corporation Ltd. furnished Singapore Stock Exchange a
copy of its letter requesting for a clarification of the
statement "keen to bid for 12 Aussie hotels of UK group"
released in the news article published by Business Times
Thursday.

The Company would like to draw attention to the sentence in the
article's last paragraph - "Thakral is controlled by Singapore-
based electronic equipment retailer Thakral Corp."

According to Thakral the statement is incorrect since Thakral
Corp Ltd or TCL has only 3.4% in Thakral Holdings Ltd (THL). The
Thakral family itself has a deemed interest of 37.4% in THL.

Thakral Corp. requested Business Times to publish a correction
for the erroneous statement in the article.

CONTACT:

Thakral Corporation Limited
20 Upper Circular Road
#03-06 The Riverwalk
Singapore 058416
Telephone: 65 63368966
Fax: 65 63367225
Web site: http://www.thakral.com


WEE POH: Inks Placement Deal with UOB
-------------------------------------
Wee Poh Holdings Limited advised the Singapore Stock Exchange
that it has entered into a placement agreement dated March 16,
2004 (Placement Agreement) with UOB Kay Hian Private Limited
(Placement Agent) whereby the Placement Agent has agreed to
place out, on a best endeavors basis, up to 123,000,000 new
ordinary shares of S$0.005 each in the capital of the Company
(Placement Shares) at an issue price of S$0.0075 each.

Rationale for the Placement

The Group has been searching for new business so as to diversify
the Group's earning base given the limited potential of the
Singapore construction industry.  On September 2004, the Group
announced the signing of the conditional sale and purchase
agreement (Winning S&P Agreement) with Winning International
Ltd. (Vendor).  Pursuant to the Winning S&P Agreement, the Group
shall acquire a group involved in the distribution of watches
and watch movements subject to inter alia the following
conditions precedent being fulfilled:

(a) The approval in principle of the Singapore Exchange
Securities Trading Limited (SGX-ST) being obtained for the
listing and quotation of the shares to be issued pursuant to the
Winning S&P Agreement; and

(b) The grant of a waiver (Whitewash Waiver) by the Securities
Industry Council in respect of the obligation of the Vendor and
parties acting in concert with it to make a mandatory general
offer arising from or in connection with the acquisition of the
shares to be issued pursuant to the Winning S&P Agreement, and
the shareholders of the Company passing a resolution (Whitewash
Resolution) in favor of the Whitewash Waiver is granted subject
to the any conditions, such condition being acceptable to the
Vendor.

To view a full copy of the announcement, click
http://info.sgx.com/webcorannc.nsf/e8795edc0df1b97948256f56002cd
0dc/99f7c594e802cfce48256fc600308648?OpenDocument#

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: Requests Lifting of Trading Halt
-----------------------------------------
Wee Poh Holdings Ltd. issued to the Singapore Stock Exchange a
request for the lifting of the trading halt in its securities
effective March 17, 2005 at 9:00 a.m.

Ong Beng Chye, Richard   
Executive Director   
16-Mar-2005


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

KRUNG THAI: Submits MD&A Report
-------------------------------
Krung Thai Bank Public Company Limited is submitted to the Stock
Exchange of Thailand (SET) for consideration the Management
Discussion and Analysis (MD&A) Report for the year ended
December 31, 2005, in Thai and English versions. The Bank has
already sent the above report to The Stock Exchange of Thailand
via the SET Smart System.

Please be informed accordingly

Yours sincerely,
Krung Thai Bank Public Company Limited
Apisak Tantivorawong
President

CONTACT:

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

THAI PETROCHEMICAL: Earnings Rise on Increasing Oil Prices
----------------------------------------------------------
The increasing oil prices lead to Thai Petrochemical Industry
Pcl's (TPI) earnings before interest, tax, depreciation and
amortization (EBITDA) to reach US$600 million or around THB23
billion this year, relates Bangkok Post, citing TPI founder
Prachai Leophairatana.  

TPI reported a 155 percent increase in last year's EBITDA to
$575 million compared to the previous year.  The Company's total
sales reached THB156 billion, a 62.5 percent rise from the
previous year's THB96 billion. TPI's net profit rose to THB12.28
billion from THB2.54 billion.  

Mr. Prachai eyes average price of crude oil to reach between
US$40 and $45 per barrel for the year, up from $40 last year,
although world prices currently are at record levels above $54
in the New York and London markets.   

Meanwhile, Mr. Prachai claimed that he has $2.7 billion in cash
to pay for TPI's debt and buy back the Company.  Should the
Central Bankruptcy Court approve his petition to be given the
first priority to purchase TPI's new shares, he is ready to
proceed with the acquisition process. The result of the petition
would be handed out at a court meeting on April 8.

TPI is currently undergoing debt restructuring on a total debt
of $2.95 billion. The plan administrator was appointed by the
Ministry of Finance.

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



* Large Companies With Insolvent Balance Sheets
-----------------------------------------------

                                         Total
                                         Shareholders   Total
                                         Equity         Assets
  Company                      Ticker    ($MM)          ($MM)
  ------                       ------    ------------   ------


CHINA & HONG KONG
-----------------
Guangdong Sunrise-B            200030    (-177.22)     45.09
Guangdong Sunrise-A            000030    (-177.22)     45.09
Hainan DadongH-B               200613    (-5.15)       18.72
Shenzhen China Bicycles-B
Co., Ltd.                      200017    (-203.9)      52.16

INDONESIA
---------
Barito Pacific Timber Tbk Pt    BRPT      (-50.67)     393.92
PT Smart Tbk                    SMAR      (-30.07)     430.99

JAPAN
-----

Fujitsu Comp Ltd                6719       (-46.88)    316.07

MALAYSIA
--------

Kemayan Corp Bhd                KOP      (-393.11)      67.55
Panglobal Bhd                   PGL       (-50.36)     189.92
YCS Corporation Bhd             YCS         28.34      160.27

PHILIPPINES
-----------

Pilipino Telephone Co.          PLTL     (-159.78)     280.22

SINGAPORE
---------

Pacific Century Regional          PAC      -176.29    1050.46
Informatics Holdings Ltd         INFO        26.82      62.92

THAILAND
--------

Asia Hotel PCL                  ASIA       (-26.62)      96.21
Asia Hotel PCL                  ASIA/F     (-26.62)      96.21
Bangkok Rubber PCL              BRC        (-41.29)      80.14
Bangkok Rubber PCL              BRC/F      (-41.29)      80.14
Central Paper Industry PCL      CPICO      (-37.02)      40.41
Central Paper Industry PCL      CPICO/F    (-37.02)      40.41
National Fertilizer PCL         NFC        (-91.34)     293.84
National Fertilizer PCL         NFC/F      (-91.34)     293.84
Siam Agro-Industry Pineapple
And Others PCL                  SAICO      (-14.84)      13.32
Siam Agro-Industry Pineapple
And Others PCL                  SAIC0/F    (-14.84)      13.32
Thai Wah Public
Company Limited-F               TWC        (-47.01)     158.87
Thai Wah Public
Company Limited-F               TWC/F      (-47.01)     158.87
Tuntex (Thailand) PCL           TUNTEX     (-50.94)     398.25
Tuntex (Thailand) PCL           TUNTEX/F   (-50.94)     398.25






                            *********


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, Ma. Cristina Pernites-Lao, Faith Marie Bacatan, Reiza
Dejito and 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
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                 *** End of Transmission ***