TCRAP_Public/050322.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

             Tuesday, March 22, 2005, Vol. 8, No. 57

                            Headlines


A U S T R A L I A

A.C.N. 097 904 580: To Declare Final Dividend March 31
ABACUS SECURITY: Court Names Liquidator
AUSTRALASIAN PACIFIC: Members, Creditors to Meet March 23
BANKSIA BIOSCIENCE: To Hold Final Meeting April 7
BH MANAGEMENT: To Undergo Voluntary Liquidation

BRODIE J: Appoints Receiver and Manager
CALZAK SECURITY: Final Meeting Slated for April 11
CARPET FASHION: To Declare Final Dividend April 14
CI ADVERTISING: To Pay Dividend March 30
CHEMEQ LIMITED: Shareholders to Decide on $60-Mln Bailout

DESIGNER BATHROOMWARE: Lays Out Purpose of Meeting
DYEWRX PTY: To Declare Final Dividend April 18
EAGLE FLY: Members Agree to Wind Up Company
ELECTROMASTER PTY: To Declare Final Dividend April 14
JAMES HARDIE: Indigenous Group Seeks Asbestos Compensation

KORMOS PTY: Picks Liquidator to Wind Up Company
MAYNE GROUP: Non-executive Director Steps Down
NATIONAL AUSTRALIA: Eyes Low-doc Loans for Self-employed
NATIONAL AUSTRALIA: Axed Traders to Enter Pleas at Court
QUANTUM LEAP: Proofs of Debt, Claim Due March 23

R&J CATERING: Sets Final Meeting April 11
STRATUM ENVIRONMENTAL: To Convene Final Meeting March 24
T/E DEVELOPMENT: Court Issues Winding Up Order
TRUCAL PTY: Members Pass Resolution to Wind Up Company
WAEBRIGHT PTY: Final Meeting Date Fixed March 23

XANADU WINES: Shareholders Set to Pass 6 Resolutions at GM


C H I N A  &  H O N G  K O N G

ACE LIMITED: Releases Debt Claim Notice to Creditors
BRIDESWELL LIMITED: Creditors to Prove Debt on April 4
CSA ABSOLUTE: Appoints Joint Liquidators
DON FRANCO: Enters Winding Up Proceedings
GRAND SYSTEMS: Receives Winding Up Notice from Court

GREEN HAVEN: Proofs of Debt Due April 4
KANHAN TECHNOLOGIES: Net Loss Widens to HKD8.95 Mln
KINING LIMITED: Declares Final Dividend on March 21
PCC MEDIA: Creditors to Submit Proofs of Claim by April 4
PROACTIVE TECHNOLOGY: Net Loss Swells to HKD7 Mln

PROSPER GLORIES: Court Begins Bankruptcy Proceedings
Q9 TECHNOLOGY: Incurs HK$7.8-Mln Net Loss
SHANG HUA: Sees Net Loss Balloon to HK$7.9 Mln
SHENZHEN HI-TECH: Net Loss Shrinks to HKD17 Mln
SHUI HING: Enters Winding Up Proceedings

TRIDENT CREATIVE: Court Issues Winding Up Notice
UNITY INVESTMENTS: 2004 Net Loss Narrows to HKD16.81 Mln


I N D O N E S I A

INDOFOOD SUKSES: Picks CSFB to Underwrite Planned IPO
SAMPOERNA: Founding Family Still Holds 14% Stake After Sale


J A P A N

JALECO LIMITED: Unveils Liquidation of Subsidiaries
JAPAN AIRLINES: To Cut 5,900 jobs
MITSUBISHI FUSO: Teaming Up With Pluss Corporation
NIPPON ELECTRIC: Appliance Retail Association Mulls Dissolution
SEIBU RAILWAY: May Sell Lions After Baseball Season

TOSHIBA CORPORATION: Discloses Year-end Dividend for FY2004
UFJ HOLDINGS: Issues Public Notice of the Record Date


K O R E A

DACOM CORPORATION: S&P Assigns "BB-" on LT Credit, Global Notes
LG CARD: Rumors of NACF Bidding Not True
DAEWOO HEAVY: Doosan Heavy to Raise KRW800 Bln for Takeover


M A L A Y S I A

CONSOLIDATED FARMS: Extension for Plan Submission Approved
GENERAL SOIL: Net Loss Shrinks in First Quarter of FY04
GENERAL SOIL: Posts FY04 Quarterly Results for December 2004
GOLDEN FRONTIER: Buys Back 15,000 Shares
HONG LEONG: SC OKs Proposed Shares Disposal

K.P. KENINGAU: Updates Details of Proposed Restructuring Scheme
LANKHORST BERHAD: Clarifies Wind Up Petition Served on Unit
LION INDUSTRIES: Granted Listing of Additional Shares
NORTH BORNEO: SC to Consider Proposed Exemption, Sets Conditions
PAN MALAYSIA: Issues Shares Buy Back Notice

PANTAI HOLDINGS: Repurchases 50,000 Shares
TRU-TECH HOLDINGS: Creditors Approve Proposed Scheme
TT RESOURCES: Details Update on Warrants Expiry
WCT ENGINEERING BERHAD: To List Additional Shares
WEMBLEY INDUSTRIES: Unit Receives Plaza Rakyat Project Offer


P H I L I P P I N E S

BACNOTAN CONSOLIDATED: Submits Definitive Information Statement
MISAMIS ORIENTAL TELEPHONE: To Pay Php70-Bln Debt Very Soon
NATIONAL BANK: Clarifies Stake Sale Report
NATIONAL POWER: DOE Usec Gets Top Post
NATIONAL POWER: To Issue Php5-Bln Bonds for Debt, Operations

NATIONAL POWER: Potential Bidders Begin Prelim Asset Reviews
PHILIPPINE LONG: Cebu Board Lauds Service
PHILIPPINE LONG: Confirms Tie-up Talks with Foreign Firms
PILIPINO TELEPHONE: Set to List Additional Shares Today


S I N G A P O R E

FORWARD INTERNATIONAL: Creditors Meeting Set April 12
JSD CONSTRUCTION: Court to Hear Winding Up Petition April 1
KOH BROTHERS: Completes Capital Distribution
RSH LIMITED: Disposes Of Subsidiary
SELCO VESSELS: Lays Out Final Meeting Agenda

SYSTRON POWER: Winding Up Hearing Slated for April 1
SUM YUE: Winding Up Hearing Date Fixed April 1


T H A I L A N D

CIRCUIT ELECTRONICS: Company Director Resigns
NEW PLUS: Clarifies Transfer of Securities to Rehabco Sector
THAI-DENMARK: Unveils Board Meeting Resolutions
BOND PRICING: For the Week 21 March to 25 March 2005

     -  -  -  -  -  -  -  -

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

A.C.N. 097 904 580: To Declare Final Dividend March 31
------------------------------------------------------
A first and final dividend is to be declared on March 31, 2005
for A.C.N. 097 904 580 Pty Limited (In Liquidation) formerly
Bestaff Office Services Pty Limited A.C.N. 097 904 580.

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

Dated this 14th day of February 2005

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


ABACUS SECURITY: Court Names Liquidator
---------------------------------------
On February 3, 2005 the Supreme Court of New South Wales, Equity
Division made an Order that Abacus Security & Surveillance N.S.W
Pty Ltd (In Liquidation) A.C.N. 099 532 028 be wound up by the
Court and appointed Steven Nicols to be Liquidator.

Steven Nicols

Level 2, 350 Kent Street,
Sydney NSW 2000


AUSTRALASIAN PACIFIC: Members, Creditors to Meet March 23
---------------------------------------------------------
Notice is hereby given pursuant to Section 509(2) of the
Corporations Act 2001 that a final meeting of members and
creditors of Australasian Pacific Financial Services Pty Limited
(In Liquidation) A.C.N. 090 058 629 will be held at the offices
of Jirsch Sutherland, Level 2, 84 Pitt Street Sydney NSW 2000 on
Wednesday, March 23, 2005 at 11:00 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


BANKSIA BIOSCIENCE: To Hold Final Meeting April 7
-------------------------------------------------
Notice is given pursuant to Section 509 of the Corporations Act
that a joint meeting of the members and creditors of Banksia
Bioscience Pty Limited (In Liquidation) A.C.N. 082 351 415 will
be held at the offices of Lawler Partners, 763 Hunter Street
Newcastle West NSW 2302 on Thursday, April 7, 2005, at 12:30
p.m., for the purpose of having an account laid before them
showing the manner in which the winding up has been conducted
and the property of the Company disposed of and hearing any
explanations that may be given by the Liquidator.

Dated this 22nd day of February 2005

P. W. Gidley
Liquidator
Lawler Partners
Chartered Accountants
763 Hunter Street,
Newcastle West NSW 2302


BH MANAGEMENT: To Undergo Voluntary Liquidation
-----------------------------------------------
The following Special Resolution was passed at a General Meeting
of BH Management Pty Limited (In Liquidation) A.C.N. 092 905 096
on February 11, 2005:

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

Dated this 11th day of February 2005

Vincent Choy
Auswild & Co
1st Floor, 50 Montgomery Street,
Kogarah NSW 2217


BRODIE J: Appoints Receiver and Manager
---------------------------------------
On February 14, 2005, C. J. Palmer was appointed Receiver &
Manager of Brodie J Pty Limited (Receiver & Manager Appointed)
A.C.N. 095 976 846 by Shekhinah Pty Limited A.C.N. 094 393 585.

Dated this 22nd day of February 2005

C. J. Palmer
Receiver & Manager
O'Brien Palmer
Level 1, 64 Castlereagh Street,
Sydney NSW 2000


CALZAK SECURITY: Final Meeting Slated for April 11
--------------------------------------------------
Notice is hereby given that a final meeting of members and
creditors of Calzak Security Pty Ltd (In Liquidation) A.C.N. 085
132 065 will be held at the office of Nicholls & Co, Chartered
Accountants, Suite 6, 459 Peel Street Tamworth NSW 2340, on
Monday, April 11, 2005, at 11:30 a.m. for the purpose of
receiving the Liquidator's account showing how the winding up
has been conducted and the property of the Company disposed of
and hearing any explanation which may be given by the
Liquidator.

Dated this 14th day of February 2005

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


CARPET FASHION: To Declare Final Dividend April 14
--------------------------------------------------
A first and final dividend to priority creditors is to be
declared on April 14, 2005 for Carpet Fashion Pty Ltd (In
Liquidation) A.C.N. 001 402 071.

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

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


CI ADVERTISING: To Pay Dividend March 30
----------------------------------------
A first and final dividend is to be declared on March 30, 2005
for CI Advertising Pty Limited (In Liquidation) A.C.N. 094 372
915.

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

Dated this 14th day of February 2005

M. C. Donnelly
Official Liquidator
c/- Ferrier Hodgson
Level 17, 2 Market Street,
Sydney NSW 2000


CHEMEQ LIMITED: Shareholders to Decide on $60-Mln Bailout
---------------------------------------------------------
Shareholders of Chemeq Limited will vote on a $60-million
bailout by a Japanese bank on Wednesday, The Age says.

The rescue offer by Mizuho International came a year after
Chemeq stumbled into various problems. Last year, production
delays prevented the drug maker from obtaining unconditional
regulatory sign-off on the factory, the Australian Securities
and Investments Commission brought action in the Federal Court
alleging continuous disclosure breaches, the Company's share
price plummeted 77 per cent and its chief financial officer and
two directors stepped down.

Chemeq's board wants shareholders to approve the Mizuho deal,
which KPMG says will significantly dilute shareholder interests,
but is "fair and reasonable".

The Company will receive $40 million as the first part of a $60
million package from Mizuho through the issue of 40,000
convertible bonds. Mizuho could take up to 40 percent of the
Company after the first tranche is converted to shares at the
lower of $1.10 or the 30-day trading average before conversion,
and up to 50 percent after the second tranche.

Chemeq will pay 8.5 percent interest quarterly on the funds. The
Company did not disclose what it would do with the money.

CONTACT:

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


DESIGNER BATHROOMWARE: Lays Out Purpose of Meeting
--------------------------------------------------
Notice is given that a final meeting of the members and
creditors of Designer Bathroomware Pty Ltd (In Liquidation)
A.C.N. 092 356 208 will be held on March 30, 2005 at 581 Princes
Highway, Rockdale NSW at 10:30 a.m.

The purpose of the meeting is to:

(a) Lay before the meeting an account 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 15th 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


DYEWRX PTY: To Declare Final Dividend April 18
----------------------------------------------
A first and final dividend to unsecured creditors is to be
declared on or before April 18, 2005 for DYEWRX Pty Limited
(Subject To Deed Of Company Arrangement) A.C.N. 003 642 519.

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

Dated this 14th day of February 2005

Geoffrey Mcdonald
Deed Administrator
Hall Chadwick
Chartered Accountants
GPO Box 3555, Sydney NSW 2001


EAGLE FLY: Members Agree to Wind Up Company
-------------------------------------------
Notice is hereby given that at a meeting of creditors of Eagle
Fly Pty Ltd (In Liquidation) A.C.N. 091 397 410 convened
pursuant to Section 439A of the Corporations Act 2001 held on
February 17, 2005, it was resolved that the Company be wound up
and pursuant to Section 446A(4) of the Corporations Act 2001,
Peter Paul Krejci of GHK Green Krejci, Level 9, 179 Elizabeth
Street, Sydney NSW 2000 was appointed Liquidator.

Dated this 8th day of February 2005

Peter P. Krejci
Liquidator
GHK Green Krejci
Level 9, 179 Elizabeth Street,
Sydney NSW 2000


ELECTROMASTER PTY: To Declare Final Dividend April 14
-----------------------------------------------------
A first priority creditor dividend is to be declared on April
14, 2005 for Electromaster Pty Limited (Subject To Deed Of
Company Arrangement) A.C.N. 001 609 963.

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

Sule Arnautovic
Joint Deed Administrator
Jirsch Sutherland
Chartered Accountants
Level 2, 84 Pitt Street,
Sydney NSW 2000
Telephone: 02 9233 2111
Facsimile: 02 9233 2144


JAMES HARDIE: Indigenous Group Seeks Asbestos Compensation
----------------------------------------------------------
The Aboriginal community in Baryulgil is seeking more than AU$50
million in asbestos compensation from embattled James Hardie
Industries, World News says.

Sydney-based law firm Stephen Smart and Associates is reportedly
arranging a possible legal action by workers of an asbestos mine
ran by Asbestos Mines Pty Ltd, a subsidiary of James Hardie.

The mine, which was mined mostly by local Aboriginal workers,
operated in the Baryulgil town in New South Wales from the 1940s
until 1979. A mobile screening program held in the local town
earlier this month examined around 200 people for asbestos-
related conditions.

However, James Hardie spokesman James Rickards said the Company
is not responsible for the liabilities of an independently run
subsidiary.

In a compensation deal hammered out in December, James Hardie
agreed to fund a multi-billion dollar Special Purpose Fund for
asbestos victims. But it would appear that the compensation
fight for the Baryulgil asbestos victims is just beginning.

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.


KORMOS PTY: Picks Liquidator to Wind Up Company
-----------------------------------------------
Notice is hereby given that at a General Meeting of Kormos Pty
Limited (In Liquidation) A.C.N. 002 352 472 held on February 11,
2005 it was resolved that the Company be wound up voluntarily
and that Mr Thomas Javorsky, of Jones Condon, Chartered
Accountants, Level 13 189 Kent Street Sydney NSW 2000 be
appointed liquidator for the purposes of such winding up.

Dated this 14th day of February 2005

Thomas Javorsky
Liquidator
c/- Jones Condon
Chartered Accountants
Telephone: (02) 9251 5222


MAYNE GROUP: Non-executive Director Steps Down
----------------------------------------------
Mayne Group Limited advised that following yesterday's
announcement of Mr. David Knott's appointment as Chief Executive
Officer of the Dubai Financial Services Authority and his
impending relocation to Dubai, Mr. Knott has decided to retire
as a non-executive director of Mayne Group Limited on March 31,
2005.

The Directors of Mayne Group Limited wish Mr. Knott well in this
important and challenging role.

Karen Kee
Company Secretary

CONTACT:

Mayne Group
Level 21/390 St Kilda Rd Melbourne 3004
Head Office Phone: +613 9868-0700
Web site: http://www.maynegroup.com/


NATIONAL AUSTRALIA: Eyes Low-doc Loans for Self-employed
--------------------------------------------------------
In a bid to meet growing demand from self-employed people, the
National Australia Bank (NAB) plans to enter into the
traditional non-banking role of low documentation loans, the
Sydney Morning Herald reports.

The self-employed can now choose from a range of home loan and
business loan products after they have met the lending criteria,
and not be penalized with higher interest rates or fees. NAB
said its low-doc home and business loan options require a
reduced level of income documentation.

The loans, which are limited to AU$1.5 million for homes and to
AU$750,000 for business loans, can be arranged on the basis of a
clear credit history and a statement of income from the
borrower, so long as the borrower has more than 40 percent
equity or deposit for the loan, supported by residential
property.

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/


NATIONAL AUSTRALIA: Axed Traders to Enter Pleas at Court
--------------------------------------------------------
National Australia Bank's (NAB) four sacked traders during the
AU$360-million forex trading loss will enter their pleas at the
Melbourne Magistrates Court today, Asia Pulse says.

The Australian Securities and Investment Commission (ASIC) filed
charges against Luke Duffy, David Bullen, Gianni Gray and Vince
Ficarra after it conducted an investigation into the forex
scandal.

All four, which did not appear on an initial hearing at the
Magistrates Court on January 25, are charged with obtaining a
financial advantage by deception to earn their performance
bonuses.

ASIC claims the four dishonestly used their positions as NAB
employees with the intention of gaining advantage for
themselves.


QUANTUM LEAP: Proofs of Debt, Claim Due March 23
------------------------------------------------
A first dividend is to be declared on March 23, 2005 for Quantum
Leap Consultancy Pty Limited (In Liquidation) A.C.N. 003 610
124.

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

Dated this 9th day of February 2005

Paul H. Jeffery
Liquidator
c/- Crispin & Jeffery
Chartered Accountants
Level 2, 57 Grosvenor Street,
Neutral Bay


R&J CATERING: Sets Final Meeting April 11
-----------------------------------------
Notice is hereby given that a final meeting of members and
creditors of R&J Catering Pty Ltd (In Liquidation) A.C.N. 094
315 116 will be held at the office of Nicholls & Co, Chartered
Accountants, Suite 6, 459 Peel Street Tamworth NSW 2340, on
Monday, April 11, 2005, at 11:00 a.m. for the purpose of
receiving the Liquidator's account showing how the winding up
has been conducted and the property of the Company disposed of
and hearing any explanation which may be given by the
Liquidator.

Dated this 14th day of February 2005

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


STRATUM ENVIRONMENTAL: To Convene Final Meeting March 24
--------------------------------------------------------
Notice is hereby given that a meeting of the Members and
Creditors of Stratum Environmental Technologies Pty Ltd (In
Liquidation) A.C.N. 095 780 055 will be held at Hall Chadwick
Level 29, 31 Market Street, Sydney NSW 2000 on Thursday, March
24, 2005 at 11:00 a.m.

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

BUSINESS

(1) To receive a report from the Liquidator, being an account of
his acts and dealings and of the conduct of the winding up
during the period of the liquidation ending on March 24, 2005.

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

(3) Any other business.

Robert Elliott
Liquidator
c/- Hall Chadwick
Level 29, 31 Market Street,
Sydney NSW 2000


T/E DEVELOPMENT: Court Issues Winding Up Order
----------------------------------------------
On February 3, 2005 the Supreme Court of New South Wales, Equity
Division made an Order that T/E Development Group No 4 Pty Ltd
(In Liquidation) A.C.N. 095 839 151 be wound up by the Court and
appointed Steven Nicols to be Liquidator.

Steven Nicols

Level 2, 350 Kent Street,
Sydney NSW 2000


TRUCAL PTY: Members Pass Resolution to Wind Up Company
------------------------------------------------------
At a general meeting of Trucal Pty Limited A.C.N. 000 377 631
duly convened and held at 7 Nyora Street, Killara on February
11, 2005 the following resolution was passed as a Special
Resolution:

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

At the above meeting, Geoffrey Peter Tebbutt was appointed
Liquidator for the purpose of winding up.

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

Dated this 11th day of February 2005

Geoffrey Peter Tebbutt
Liquidator
c/- Truman & Co
PO Box 5485, West Chatswood NSW 1515


WAEBRIGHT PTY: Final Meeting Date Fixed March 23
------------------------------------------------
Notice is given that a final meeting will be held at Level 8, 15
Blue Street, North Sydney, at 9:00 a.m. on March 23, 2005 for
the purpose of having laid before it the liquidators account,
prepared in accordance with subsection 509(3) and (4) showing
how the winding up has been conducted and how the property of
Waebright Pty Ltd (In Liquidation) A.C.N. 090 692 112 has been
disposed of and hearing any explanations of the account that may
be given by the liquidator.

Dated this 11th day of February 2005

Broderick Douglas Jones
Liquidator
Waebright Pty Ltd
Level 8, 15 Blue Street,
North Sydney NSW 2060


XANADU WINES: Shareholders Set to Pass 6 Resolutions at GM
----------------------------------------------------------
Notice is given that a General Meeting of the Shareholders of
Xanadu Wines Limited will be held on the date and at the
location and time specified below:

DATE:     April 18, 2005
LOCATION: The Celtic Club Function Room
          48 Ord Street, West Perth, 6005
TIME:     11:00 a.m.

BUSINESS

The business to be transacted at the General Meeting is the
proposal of Resolutions 1 to 6 as set out below.

(1) Issue of Convertible Notes to a Director, Mr. Ross Norgard
(2) Issue of Convertible Notes to a Director, Mr. Ken Richards
(3) Issue of Convertible Notes to a Director, Mr. Sam Atkins
(4) Issue of Convertible Notes to a Director, Mr. Connor Lagan
(5) Ratification of Issue of Convertible Notes to RW Group Pty
Ltd
(6) Ratification of Issue of Options to GEM Global Yield Fund
Ltd

The General Meeting has been convened for the purpose of passing
the Resolutions in compliance with the requirements of the ASX
Listing Rules and the Corporations Act. AcCompanying this
Statement is the Notice of Meeting convening the General Meeting
and a Proxy Form.

Shareholders are encouraged to attend and vote on each of the
Resolutions to be put at the General Meeting. If a Shareholder
is not able to attend and vote at the General Meeting of the
Shareholder may complete the Proxy Form and return it to the
registered office of the Company at the address which appears on
the Notice of Meeting not later than 48 hours before the time
specified for the commencement of the General Meeting.

CONTACT:

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


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


ACE LIMITED: Releases Debt Claim Notice to Creditors
----------------------------------------------------
Notice is hereby given that the Creditors of Ace Limited (In
Members' Voluntarily Liquidation) are required on or before the
close of business on 4 April 2005 to send in their names,
addresses and descriptions, full particulars of their debts or
claims, as well as the names and addresses of their solicitors
(if any) to the undersigned at 27th Floor, Alexandra House, 16-
20 Chater Road, Central, Hong Kong.

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

In default thereof, they will be excluded from the benefit of
any distribution made before such debts are proved. The
Liquidators will then distribute any and all surplus assets to
shareholders and contributories thereafter.

Dated this 18th day of March 2005
Jacky CW Muk
Edward S. Middleton
Joint and Several Liquidators


BRIDESWELL LIMITED: Creditors to Prove Debt on April 4
------------------------------------------------------
Notice is hereby given that the Creditors of Brideswell Limited
(In Members' Voluntarily Liquidation) are required on or before
the close of business on 4 April 2005 to send in their names,
addresses and descriptions, full particulars of their debts or
claims, as well as the names and addresses of their solicitors
(if any) to the undersigned at 27th Floor, Alexandra House, 16-
20 Chater Road, Central, Hong Kong.

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

In default thereof, they will be excluded from the benefit of
any distribution made before such debts are proved. The
Liquidators will then distribute any and all surplus assets to
shareholders and contributories thereafter.

Dated this 18th day of March 2005
Jacky CW Muk
Edward S. Middleton
Joint and Several Liquidators


CSA ABSOLUTE: Appoints Joint Liquidators
----------------------------------------
By order of the High Court of the Hong Kong Special
Administrative Region, dated March 1, 2005, Mr. John J. Toohey
and Mr. Jan G. W. Blaauw of 22/F., Prince's Building, Central,
Hong Kong have been appointed Joint and Several Liquidators of
CSA Absolute Return Fund Limited with a Committee of Inspection
comprising:

Randolph Menton
Mark Christal
Cheung Man Fai German
Jenny Wen Chun Liu
Duly authorized representative of IPP Financial Advisers Pte Ltd
Jason Toms
Duly authorized representative of Lloyds (BVI) Nominees Ltd

Dated this 18th day of March 2005
John J. Toohey
Jan G. W. Blaauw
Joint and Several Liquidators


DON FRANCO: Enters Winding Up Proceedings
-----------------------------------------
Don Franco (HK) Company Limited with registered office located
at Unit B, 2/F, Dragon Industrial Bldg, 93-95 King Lam St,
Cheung Sha Wan, Kln was issued a winding up notice by the High
Court of the Hong Kong Special Administrative Region Court of
First Instance on March 9, 2005.

Date of Presentation of Petition: January 3, 2005.

Dated this 18th day of March 2005.

ET O'Connell
Official Receiver


GRAND SYSTEMS: Receives Winding Up Notice from Court
----------------------------------------------------
Grand Systems Trading Limited with registered office located at
G/F, 70, Lion Rock Rd, Kowloon City, Kln was issued a winding up
notice by the High Court of the Hong Kong Special Administrative
Region Court of First Instance on March 9, 2005.

Date of Presentation of Petition: December 21, 2004.

Dated this 18th day of March 2005.

ET O'Connell
Official Receiver


GREEN HAVEN: Proofs of Debt Due April 4
---------------------------------------
Notice is hereby given that the Creditors of Green Haven Limited
(In Members' Voluntarily Liquidation) are required on or before
the close of business on 4 April 2005 to send in their names,
addresses and descriptions, full particulars of their debt or
claims, as well as the names and addresses of their solicitors
(if any) to the undersigned at 27th Floor, Alexandra House, 16-
20 Chater Road, Central, Hong Kong.

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

In default thereof, they will be excluded from the benefit of
any distribution made before such debts are proved. The
Liquidators will then distribute any and all surplus assets to
shareholders and contributories thereafter.

Dated this 18th day of March 2005
Jacky CW Muk
Edward S. Middleton
Joint and Several Liquidators


KANHAN TECHNOLOGIES: Net Loss Widens to HKD8.95 Mln
---------------------------------------------------
Kanhan Technologies Group (8175) on March 17, 2005 announced its
financial result for the period ended December 31, 2004.

Currency                              :HKD
Auditors' report                      :Unqualified

                            (Audited)         (Audited)
                              Current Last Corresponding
                               Period            Period
                              from 01/01/2004   from 01/01/2003
                             to 31/12/2004     to 31/12/2003
                                 $'000             $'000

Turnover                   :          4,320             2,984
Profit/(Loss) from Operations:        (8,950)          (16,697)
Finance cost                 :              -              (11)
Share of Profit/(Loss) of Associates:   N/A               N/A
Share of Profit/(Loss) of Jointly
         Controlled Entites        :    N/A               N/A
Profit/(Loss) after Taxation & MI  :   (8,950)          (16,708)
% Change Over the Last Period      :    N/A          EPS / (LPS)
          Basic (in dollar)         : (HKD 0.0171)  (HKD 0.0349)
          Diluted (in dollar)       :  N/A             N/A
Extraordinary (ETD) Gain/(Loss)     :  N/A             N/A
Profit (Loss) after ETD Items       :  (8,950)        (16,708)
Final Dividends per Share           :  NIL               NIL
(specify if with other options)     :  N/A               N/A
B/C Dates for Final Dividends       :  N/A
Payable Date                        :  N/A
B/C Dates for (-) General Meeting   :  N/A
Other Distribution for Current Period :  NIL
B/C Dates for Other Distribution      :   N/A
                                    (bdi: both days inclusive)

For and on behalf of
KanHan Technologies Group Limited

Name: Au Shui Ming Anna
Title: Company Secretary

Remarks:

1. GENERAL

The Company was incorporated in the Cayman Islands on
October 10, 2002 as an exempted Company with limited liability
under the Companies Law (Revised) of the Cayman Islands.
The shares of the Company were listed on the GEM of the Stock
Exchange on February 25, 2003.

2. BASIS OF PREPARATION OF FINANCIAL STATEMENTS

The Hong Kong Institute of Certified Public Accountants has
issued a number of new and revised Hong Kong Financial Reporting
Standards and Hong Kong Accounting Standards (HKFRSs), which are
effective for accounting periods beginning or after
January 1, 2005.

The Group has not early adopted these HKFRSs in the financial
statements for the year ended December 31, 2004. However, the
Group is in the process of making an assessment of the impact of
these new HKFRSs and so far concluded that the adoption of these
HKFRSs would not have a significant impact on its results of
operations and financial position.

The Group will be continuing with the assessment of the impact
of the other new HKFRSs and other significant changes may be
identified as a result.

The financial statements have been prepared under the historical
cost convention and in accordance with Statements of Standard
Accounting Practice and Interpretations issued by the Hong Kong
Institute of Certified Public Accountants, accounting principles
generally accepted in Hong Kong and the disclosure requirements
of Hong Kong Companies Ordinance and the GEM Listing Rules.

3. TAXATION

No provision for taxation has been made in the financial
statements for the year ended December 31, 2004 as the Group
incurred a tax loss for the year.

4. DIVIDEND

No dividend has been paid or declared by the Company or any of
its subsidiaries during the years ended December 31, 2004 and
2003.

5. LOSS PER SHARE

The computation of the basic loss per share for the year is
based on the loss for the year of approximately HK$8,950,000
(2003:HK$16,708,000) and on the weighted average number of
523,645,377 shares (2003:478,464,789 shares)

No diluted loss per share was presented, as there were no
dilutive potential ordinary shares outstanding.

CONTACT:

KanHan Technologies Limited
Hong Kong Office
Address: 15/F, Sun House, 181 Des Voeux Road Central, Hong Kong  
Hotline: 852-2851-3020
Phone: 852-2865-3800
Fax: 852-2861-1830
E-mail: info@kanhan.com, support@kanhan.com


KINING LIMITED: Declares Final Dividend on March 21
---------------------------------------------------
A first and final dividend was declared on March 21, 2005 for
Kining Limited (In Compulsory Liquidation).

Name of Matter: HCCW 244 of 2002

Registered Office and liquidators' Address: 8th Floor, Wing On
Centre 111 Connaught Road Central, Hong Kong.

First and Final: 100% Preferential Dividend

First and Final: 100% Ordinary Dividend

When Payable: On or after 21 March 2005

Where Payable: 29/F., Wing On Centre, 111 Connaught Road
Central, Hong Kong

Dated this 18th day of March 2005.

KONG CHI HOW, JOHNSON
Joint & Several Liquidator
Presented by BDO McCabe Lo & Co.


PCC MEDIA: Creditors to Submit Proofs of Claim by April 4
---------------------------------------------------------
Notice is hereby given that the Creditors of PCC Media Works
Limited (In Members' Voluntarily Liquidation) are required on or
before the close of business on 4 April 2005 to send in their
names, addresses and descriptions, full particulars of their
debts or claims, as well as the names and addresses of their
solicitors (if any) to the undersigned at 27th Floor, Alexandra
House, 16-20 Chater Road, Central, Hong Kong.

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

In default thereof, they will be excluded from the benefit of
any distribution made before such debts are proved. The
Liquidators will then distribute any and all surplus assets to
shareholders and contributories thereafter.

Dated this 18th day of March 2005.

Jacky CW Muk
Edward S. Middleton
Joint and Several Liquidators


PROACTIVE TECHNOLOGY: Net Loss Swells to HKD7 Mln
-------------------------------------------------
Proactive Technology Holdings Limited (8089) disclosed to the
Hong Kong Stock Exchange its results announcement for the period
ended December 31, 2004.

                            (Audited)         (Audited)
                              Current Last Corresponding
                               Period            Period
                              from 01/01/2004   from 01/01/2003
                             to 31/12/2004     to 31/12/2003
                                 $'000             $'000

Turnover                     :         17,515            30,459
Profit/(Loss) from Operations:        (7,370)           (4,363)
Finance cost                 :           (25)              (41)
Share of Profit/(Loss) of Associates :   198             (377)
Share of Profit/(Loss) of Jointly
         Controlled Entites           :   0                 0
Profit/(Loss) after Taxation & MI     : (7,248)          (4,862)
% Change Over the Last Period         :  N/A
EPS / (LPS)
          Basic (in dollar)           : (HKD 0.031)  (HKD 0.021)
          Diluted (in dollar)         :  N/A               N/A
Extraordinary (ETD) Gain/(Loss)       :  N/A               N/A
Profit (Loss) after ETD Items         :  (7,248)           
(4,862)
Final Dividends per Share             :  NIL               NIL
(specify if with other options)       :  N/A               N/A
B/C Dates for Final Dividends         :  N/A
Payable Date                          :  N/A
B/C Dates for (-) General Meeting     :  N/A
Other Distribution for Current Period :  NIL
B/C Dates for Other Distribution      :  N/A

                                     (bdi: both days inclusive)

For and on behalf of
Proactive Technology Holdings Limited

Name: Tsang Chi Hin
Title: Chairman

Loss Per Share

The calculation of the basic loss per share is based on the
audited consolidated loss attributable to shareholders of
approximately HK$7,248,000 (2003: HK$4,862,000) and on the
weighted average number of 232,000,000 (2003: 232,000,000)
shares.

Diluted loss per share is not presented because the effect is
anti-dilutive.

CONTACT:

Proactive Technology Holdings Limited
14/F, Bangkok Bank Building
18 Bonham Strand West Street
Sheung Wan
Hong Kong  
Telephone: (852) 2259 7388
Fax: (852) 2259 7588


PROSPER GLORIES: Court Begins Bankruptcy Proceedings
----------------------------------------------------
Prosper Glories Limited with registered office located at Suite
C, 13th Floor, Tung Chong Factory Bldg, 659 King's Rd, Quarry
Bay, 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 7, 2005.

Date of Presentation of Petition: October 18, 2004.

Dated this 18th day of March 2005.

ET O'Connell
Official Receiver


Q9 TECHNOLOGY: Incurs HK$7.8-Mln Net Loss
-----------------------------------------
Q9 Technology Holdings Limited on March 18, 2005 announced its
financial result for the period ended December 31, 2004.

                            (Audited)         (Audited)
                              Current Last Corresponding
                               Period            Period
                              from 01/01/2004   from 01/01/2003
                             to 31/12/2004     to 31/12/2003
                                 $'000             $'000

Turnover                           : 6,683              9,705             
Profit/(Loss) from Operations      : (7,784)            (4,609)           
Finance cost                       : (32)               0                 
Share of Profit/(Loss) of
  Associates                       : 0                  (454)             
Share of Profit/(Loss) of
  Jointly Controlled Entities      : N/A                N/A               
Profit/(Loss) after Tax & MI       : (7,816)            (4,807)           
% Change over Last Period          : N/A       %
EPS/(LPS)-Basic (in dollars)       : (0.0063)           (0.0039)          
         -Diluted (in dollars)     : N/A                N/A               
Extraordinary (ETD) Gain/(Loss)    : N/A                N/A               
Profit/(Loss) after ETD Items      : (7,816)            (4,807)           
Final Dividend                     : N/A                N/A
  per Share                                              
(Specify if with other             : N/A                N/A
  options)                                               
                                                         
B/C Dates for
  Final Dividend                   : N/A   
Payable Date                       : N/A
B/C Dates for (-)            
  General Meeting                  : N/A   
Other Distribution for             : N/A
  Current Period                     
                                     
B/C Dates for Other
  Distribution                     : N/A   

For and on behalf of Q9 Technology Holdings Limited,
  
Name:  Tam Kam Biu William
Title: Chief Financial Officer  

The Group recorded turnover of HK$6,683,000 for the year ended
31st December 2004, representing a decrease of 31.1% from the
previous year.

The Group recorded HK$3,498,000 of OEM licensing revenue for the
year 2004, representing a decrease of 37.0% from the previous
year.  OEM licensing revenue for the year 2004 represents about
52.3% of turnover for the year, as compared to 57.2% in the year
of 2003.  Q9 CIS and Qcode CIS package sales and software-
licensing revenue from Institution Customers for the year 2004
recorded a decrease of 23.3% from the previous year.

3. Operating loss

The Group recorded a net loss attributable to shareholders for
2004 of HK$7,816,000 (2003: HK$4,807,000).

Total operating expenses increased by HK$496,000 to
HK$14,166,000, representing an increase of 3.6% over 2003.

4. Loss per share

The calculation of basis loss per share is based on the Group's
loss attributable to shareholders of HK$7,816,000 (2003:
HK$4,807,000) and on 1,246,350,000 (2003: 1,246,350,000)
ordinary shares in issue during the year.

No diluted loss per share is presented, as the exercise of the
subscription rights attached to the share options would not have
a dilutive effect on the loss per share.


SHANG HUA: Sees Net Loss Balloon to HK$7.9 Mln
----------------------------------------------
Shang Hua Holdings Limited (00371) announced its financial
result for the period ended June 30, 2005.

Currency                              :HKD
Auditors' report                      :N/A

Interim report reviewed by: Both Audit Committee and Auditors

                            (Audited)         (Audited)
                              Current Last Corresponding
                               Period            Period
                              from 01/07/2004   from 01/07/2003
                             to 31/12/2004     to 31/12/2003
                                 $'000             $'000

Turnover                           : 28,028             37,991            
Profit/(Loss) from Operations      : (7,932)            (1,559)           
Finance cost                       : N/A                N/A               
Share of Profit/(Loss) of
  Associates                       : N/A                N/A               
Share of Profit/(Loss) of
  Jointly Controlled Entities      : N/A                N/A               
Profit/(Loss) after Tax & MI       : (7,932)            (1,559)           
% Change over Last Period          : N/A       %
EPS/(LPS)-Basic (in dollars)       : (0.1428)           (0.0325)          
         -Diluted (in dollars)     : N/A                N/A               
Extraordinary (ETD) Gain/(Loss)    : N/A                N/A               
Profit/(Loss) after ETD Items      : (7,932)            (1,559)           
Interim Dividend                   : NIL                NIL
  per Share                                              
(Specify if with other             : N/A                N/A
  options)                                               
                                                         
B/C Dates for
  Interim Dividend                 : N/A   
Payable Date                       : N/A
B/C Dates for (-)            
  General Meeting                  : N/A   
Other Distribution for             : N/A
  Current Period                     
                                     
B/C Dates for Other
  Distribution                     : N/A   

The calculation of the basic loss per share is based on the loss
for the period of approximately HK$7,932,000 (six months ended
31st December, 2003: HK$1,559,000) and on 55,523,633 (six months
ended 31st December, 2003: on weighted average of 47,982,872 as
restated) shares in issue throughout the period.

The weighted average number of shares for the purpose of basic
loss per share for the six months ended December 31, 2003 had
been adjusted for the effect of consolidation of the Company's
shares.

Diluted loss per share has not presented as there is no dilutive
potential ordinary shares in issue for both periods.

CONTACT:

Shang Hua Holdings Limited
9 Kai Cheung Road Kowloon Bay
Kowloon,
HONG KONG
Phone: +852 2796 9963
Fax: +852 2796 6065


SHENZHEN HI-TECH: Net Loss Shrinks to HKD17 Mln
-----------------------------------------------
Shenzhen Hi-Tech Holdings Limited (00106) on March 18, 2005
disclosed its financial result for the period ended June 30,
2005.

Currency: HKD
Auditors' Report: Unqualified

                            (Audited)         (Audited)
                              Current Last Corresponding
                               Period            Period
                              from 01/07/2004   from 01/07/2003
                             to 31/12/2004     to 31/12/2003
                                 $'000             $'000

Turnover                           : 390,552            331,881           
Profit/(Loss) from Operations   1  : (48,772)          (170,414)         
Finance cost                       : (2,466)            (316)             
Share of Profit/(Loss) of
  Associates                       : 3,395              889               
Share of Profit/(Loss) of
  Jointly Controlled Entities      : (1,534)            (2,677)           
Profit/(Loss) after Tax & MI       : (17,275)           176,854)         
% Change over Last Period          : N/A       %
EPS/(LPS)-Basic (in dollars)    2a : (0.00124)          
(0.02337)         
         -Diluted (in dollars)  2a : N/A                N/A               
Extraordinary (ETD) Gain/(Loss)    : N/A                N/A               
Profit/(Loss) after ETD Items      : (17,275)           
(176,854)         
Final Dividend                     : NIL                NIL
  per Share                                              
(Specify if with other             : N/A                N/A
  options)                                               
                                                         
B/C Dates for
  Final Dividend                   : N/A   
Payable Date                       : N/A
B/C Dates for (-)            
  General Meeting                  : N/A   
Other Distribution for             : N/A
  Current Period                     
                                     
B/C Dates for Other
  Distribution                     : N/A   
  
Loss per share

(a)     Basic

The calculation of loss per share is based on the net loss for
the year of HK$17,275,000 (2003: HK$176,854,000) and the
weighted average of 13,948,108,569 (2003: 7,568,215,430) shares
in issue during the year.

(b)     Diluted

The computation of diluted loss per share for both years did not
assume the exercise of the outstanding share options and/or
convertible notes as their exercise would result in a decrease
in the loss per share in both years.


SHUI HING: Enters Winding Up Proceedings
----------------------------------------
Shui Hing (Ng Lun) Construction with registered office located
at 7th Floor, Hong Kong Trade Centre, 161-7 Des Voeux Rd,
Central HK was issued a winding up notice by the High Court of
the Hong Kong Special Administrative Region Court of First
Instance on March 9, 2005.

Date of Presentation of Petition: January 4, 2005.

Dated this 18th day of March 2005.

ET O'Connell
Official Receiver


TRIDENT CREATIVE: Court Issues Winding Up Notice
------------------------------------------------
Trident Creative Limited with registered office located at Suite
D, 11th Floor, Ritz Plaza, 122 Austin Rd, Tst, Kln was issued a
winding up notice by the High Court of the Hong Kong Special
Administrative Region Court of First Instance on March 9, 2005.

Date of Presentation of Petition: January 4, 2005.

Dated this 18th day of March 2005.

ET O'Connell
Official Receiver


UNITY INVESTMENTS: 2004 Net Loss Narrows to HKD16.81 Mln
--------------------------------------------------------
Unity Investments Holdings Limited (0913) on March 18, 2005
announced its financial result for the period ended June 30,
2005.

Currency: HKD
Auditors' Report: Unqualified

                            (Audited)         (Audited)
                              Current Last Corresponding
                               Period            Period
                              from 01/07/2004   from 01/07/2003
                             to 31/12/2004     to 31/12/2003
                                 $'000             $'000

Turnover                           : 125,003            15,525            
Profit/(Loss) from Operations      : (15,631)           (24,626)          
Finance cost                       : (1,178)            (806)             
Share of Profit/(Loss) of
  Associates                       : N/A                N/A               
Share of Profit/(Loss) of
  Jointly Controlled Entities      : N/A                N/A               
Profit/(Loss) after Tax & MI       : (16,810)           (25,433)          
% Change over Last Period          : N/A       %
EPS/(LPS)-Basic (in dollars)    6  : (0.0719)           (0.1272)          
         -Diluted (in dollars)  6  : N/A                (0.1272)          
Extraordinary (ETD) Gain/(Loss)    : N/A                N/A               
Profit/(Loss) after ETD Items      : (16,810)           (25,433)          
Final Dividend                     : Nil                Nil
  per Share                                              
(Specify if with other             : N/A                N/A
  options)                                               
                                                         
B/C Dates for
  Final Dividend                   : N/A   
Payable Date                       : N/A
B/C Dates for (-)            
  General Meeting                  : N/A   
Other Distribution for             : N/A
  Current Period                     
                                     
B/C Dates for Other
  Distribution                     : N/A   

The calculation of basic loss per share is based on the Group's
loss attributable to the shareholders of HK$16,810,024 (2003:
HK$25,433,132). The basic loss per share is based on the
weighted average of 233,651,275 (2003: 167,101,831 being
adjusted to reflect the effect of rights issue in November 2004)
ordinary shares in issue during the year.  Diluted loss per
share has not been presented for the year, as there was no
dilutive effect.



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

INDOFOOD SUKSES: Picks CSFB to Underwrite Planned IPO
-----------------------------------------------------
PT Indofood Sukses Makmur has named Credit Suisse First Boston
(CSFB) to underwrite its planned initial public offering of 15-
percent stake in flour unit PT Bogasari Flour Mills in
September, reports Dow Jones.

According to Indofood spokesman Djoko Wibowo, CSFB was chosen as
the firm's global coordinator. The firm also picked Trimegah
Securities to be the domestic coordinator for the planned IPO
with the assistance of DBS Vickers Securities and Mandiri
Sekuritas.

The Company aims to earn IDR1.4 trillion from the IPO, to reduce
its foreign debt and expand operations.

The firm's 37-percent decrease in net profit was largely due to
foreign exchange losses amounting to IDR296.94 billion last
year; net profit fell to IDR378.1 billion from IDR603.5 billion
in 2003.

As of Dec.31, 2004, the firm's debt amounted to IDR2.97
trillion.

CONTACT:

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


SAMPOERNA: Founding Family Still Holds 14% Stake After Sale
-----------------------------------------------------------
After the sale of PT HM. Sampoerna TBK (HMSP) to U.S. firm
Philip Morris International (PMI), the Sampoerna family is set
to control some 14% stake in the firm, Indoexchange News
reports.

But according to Bank BNI equity analyst Fendi Susiyanto, the
family still controls 30% stake in HMSP. Shares in public hands
are actually controlled by the Sampoerna family members and
relatives, and to buy them from the market would be difficult.

The family had owned 54% stake in Sampoerna, 27% through Dubuis
Holdings Ltd, 10% through PT Lancar Sampoerna Bestari, 17% in
sub-account in Credit Suisse Singapore. After having sold 40% of
its stake to PMI, the family still holds 14%.

After acquiring 40% stake in Sampoerna, PMI intends to conduct a
tender offer process to acquire the remaining 60% stake in the
Indonesian firm.

CONTACT:

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


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

JALECO LIMITED: Unveils Liquidation of Subsidiaries
---------------------------------------------------
Jaleco Limited announced that a resolution was passed at a board
meeting of the directors of the Company held on February 24,
2005 that the Company's subsidiaries, Century Japan
International Ltd., and Cyber Japan International Ltd., will be
liquidated and dissolved as soon as practicable.

Information regarding the liquidation is as follows:

1. Corporate Information

(1) Company Name: Century Japan International Ltd.
    Country of Incorporation: British Virgin Islands
    Issued Capital: US$1
    Directors: Peter Anthony Allen, Lam Sing Keung, Steve and
Frankie Lee
    JALECO Ownership 100%

(2) Company Name: Cyber Japan International Ltd.
    Country of Incorporation: British Virgin Islands
    Issued Capital: US$1
    Directors: Peter Anthony Allen, Lam Sing Keung, Steve and
Frankie Lee
    JALECO Ownership 100%

2. Reason for liquidation

To save the administrative work and maintenance costs to
maintain these two companies, which have never been used for any
business purpose by the Company.

3. Impact on financial forecast for the year 2005

There is no significant financial impact on the Company's
financial forecast since these two companies remain dormant
since their incorporations.

4. Schedule

Following the abovementioned board meeting and after passing the
resolutions of liquidations in the shareholders' meetings of two
subsidiaries, the liquidations will be commenced upon filing of
the liquidation documents with the Registrar of the Companies in
the British Virgin Islands as soon as practicable. The
liquidation process will normally be completed within 2 to 3
months after the commencement of liquidation.

Contact:

Jaleco Ltd.
Representative Director & CEO
Peter Anthony Allen
Chief Financial Officer
Keiko Toyoshima
Phone: 03-6230-2100


JAPAN AIRLINES: To Cut 5,900 jobs
---------------------------------  
Japan Airlines will slash 5,900 jobs by the end of March 2008 as
part of its restructuring plan, Channel NewsAsia reports.

The airline returned to profit in the nine months ending in
December, although it suffered a net loss in the final quarter
of 2004 because of rising fuel costs.

Demand for overseas travel has recovered from the impact of the
war in Iraq and the 2003 outbreak of severe acute respiratory
syndrome.

CONTACT:

Japan Airlines Corporation
Address:  4-11, Higashi-shinagawa 2-chome
Shinagawa-ku, Tokyo 140-8605, Japan
Phone: +81-3-5769-6097
Fax: +81-3-5460-5929


MITSUBISHI FUSO: Teaming Up With Pluss Corporation
--------------------------------------------------
Mitsubishi Fuso Truck and Bus Corporation is negotiating a tie-
up with PLUSS Corporation.

PLUSS Corporation is an aggressive service company with a sharp
focus for finding long-term growth opportunities in the heavy-
duty trucking and automotive industries.

PLUSS Corporation has recently released an upgrade to their
industry leading Part Time Manager software in preparation for
future alliances with major vendors and their clients.

This revolutionary business management software has been named
PTM Echelon Suite for the profit levels it can help you achieve.
Mitsubishi Fuso Truck of America, Inc. (MFTA) has worked
diligently to offer their dealer network the same level of
success while making communications between vendor and dealer
more seamless.

Because of the levels of service and success PLUSS currently
provides dealerships, MTFA has chosen PLUSS Corporation to
provide software and business solutions for their Mitsubishi
Fuso Dealer Network. This partnership is creating a team that
will achieve long lasting results.

"We purchased the PTM Business Management Software for our
dealership nearly 3 years ago. PLUSS Corporation has provided
myself and my employees with a very high level of Education,
Consulting, Support, and friendly service that has helped us
utilize our investment in PTM to the fullest. The wealth of
reporting provides up-to-the minute information throughout the
system that gives me sales tracking and forecasting I only
dreamed of before. I would recommend PTM and PLUSS Corporation
to my all of my peers in the Mitsubishi dealer network!" -- Rich
Jukonski Jr, Jukonski Truck Sales, Middletown, CT.

"Our dealers are very happy with the relationship they have
established with PLUSS Corporation and with the support they
receive from their Specialists. They are extremely pleased with
the return on investment along with the degree of reporting,
efficiency, Company controls, and proper financial record
keeping." -- Orin Black, VP Business Operations, MFTA.

PLUSS Corporation specialized in complete Heavy-Duty
truck/Automotive dealership and repair shop management. Since
1983 PLUSS has been providing PC-based Heavy Duty Business
Management System solutions. Their solutions have integrated
accounting/payroll, automated inventory/labor controls, and
preventative maintenance specifically geared to minimize
overhead while maximizing profit.

For more information, visit www.pluss.net or contact PLUSS
Corporation at 1-800-835-9609.

CONTACTS:

PLUSS Corporation
Kenny Nau
Director of Sales
800-835-9609
kenny@pluss.net

Mitsubishi Fuso Truck and Bus Corporation
2-16-4, Kounan,
Minato-ku,Tokyo 108-8285,
Phone: +81-3-6719-4821
Fax: +81-3-6719-0111
Web site: http://www.mitsubishi-fuso.com


NIPPON ELECTRIC: Appliance Retail Association Mulls Dissolution
---------------------------------------------------------------
The Nippon Electric Big-Stores Association (NEDA) plans to
dissolve itself in August due to declining membership, Kyodo
News reports.

The mass-market home appliance retailer was founded by 79
companies in 1972 and has compiled data on home appliance sales
at large retailers. In its prime, the association had as many as
93 members whose combined sales reached nearly JPY3 trillion.


SEIBU RAILWAY: May Sell Lions After Baseball Season
---------------------------------------------------
The management reform panel of the Seibu Railway group may
propose selling the Seibu Lions professional baseball club for
JPY4 billion after the end of this year's baseball season, Kyodo
News reports.

A panel of external consultants headed by Ken Moroi, an adviser
to Taiheiyo Cement Corporation, has been study ways to build up
the Company's finances.

CONTACT:

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


TOSHIBA CORPORATION: Discloses Year-end Dividend for FY2004
-----------------------------------------------------------
Toshiba Corporation on March 18, 2005 resolved at a meeting of
its Board of Directors the plan to offer 3.00 Japanese yen per
share for year-end dividend for the fiscal year ending March 31,
2005.

(Reference)
                             Interim Dividend  Year-End Dividend  
Total Dividend
Dividend Payment for Fiscal    2.00 yen            3.00 yen            
5.00 yen
Year Ending March 31, 2005
(per share)

Dividend Payment for Fiscal    0.00 yen            3.00 yen            
3.00 yen
Year Ending March 31, 2004
(per share)

CONTACT:

Toshiba Corporation
1-1-1 Shibaura , Minato-ku, Tokyo, Japan
Naoto Hasegawa, General Manager
Corporate Communication Office
Phone: 81 3 3457 2096


UFJ HOLDINGS: Issues Public Notice of the Record Date
-----------------------------------------------------
UFJ Holdings, Inc. announced that, in accordance with its
Articles of Incorporation, Shareholders recorded on the register
of shareholders or the beneficial owners' register as at the
closing thereof on March 31, 2005 will be entitled to exercise
their rights at the 4th Annual General Meeting of Shareholders
which will be held in late June, 2005.

15th March 2005.

UFJ Holdings, Inc.
5-6, Fushimimachi 3-chome,
Chuo-ku, Osaka, Japan

Handling Place of Business of the Transfer Agent:

UFJ Trust Bank Limited
Corporate Agency Department
10-11, Higashisuna 7-chome,
Koto-ku, Tokyo 137-8081, Japan


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

DACOM CORPORATION: S&P Assigns "BB-" on LT Credit, Global Notes
---------------------------------------------------------------
Standard & Poor's Ratings Services on March 17 assigned its 'BB-
' long-term corporate credit rating to Korea's Dacom Corp. The
outlook on the long-term rating is stable.

Dacom's proposed five-year global notes of up to KRW302 billion
were also rated 'BB-'. The rating on the unsecured debt is
subject to final documentation.

"The rating on Dacom reflects the telecom's stable but
relatively weak profitability and cash flow, supported by
complete access to the extensive network of its subsidiary
Powercomm," said Standard & Poor's credit analyst Eun Jin Kim.
Powercomm recently requested a retail license so that together
with Dacom, they can jointly expand their presence in that
sector.

Support from the Ministry of Information and Communication (MIC)
is a key-rating factor for Dacom, as the agency closely
regulates Korea's telecom industry and promotes a favorable
environment for smaller, non-incumbent players. The MIC will
likely grant Powercomm's retail license as broadband last year
became a regulated service in Korea. But of greater concern is
the limited growth potential of the Korean broadband market,
which has one of the highest penetration rates in the world at
72%.

Notwithstanding Dacom's number two position in the corporate
leased-line business, the Company is only number three in the
retail segment after KT Corp. (A-/Stable/--) and Hanaro Telecom
Inc. (BB/Stable/--), from whom it will be difficult and costly
to take market share. Dacom faces continued pricing pressures in
the Korean telecom industry, where competition is intensifying
and technological substitutes-such as wireless networks-are
gaining ground.

Dacom's financial profile weakened considerably after paying
KRW817.8 billion to acquire a 45.4% stake in Powercomm in 2002,
and since then Dacom has focused on bringing down its debt.
Despite significant improvements in recent years, the Company's
financial profile still remains weak. Its EBITDA margin improved
to 41.5% at the end of fiscal 2004 from 36.6% the previous year.
However, these margins do not appear to be sustainable, as
retail market competition should intensify, leading to further
pricing pressures and increased marketing expenses. Capital
investments are expected to remain within operating cash flow,
and debt levels should remain relatively unchanged, as the
Company's capital investments are steady at about KRW400-KRW450
billion per year.

Dacom's subscriber base should improve with Powercomm's expected
retail license and the launch of the Triple Play Service, which
bundles telephone, cable TV, and Internet services. Standard &
Poor's assumes leverage will remain relatively unchanged, as the
Company's continued capital investments over the next few years
will leave little excess cash to pay down debt.

In order for Dacom's rating to be raised, it would need to
achieve significant subscriber growth and materially lower debt
levels. On the other hand, the rating could be lowered if
Powercomm does not receive its retail license, which would
significantly hamper its ability to compete in the market.

Rating List:

Corporate credit rating             BB-/Stable/--
Senior unsecured debt               BB-

CONTACT:

Dacom Corporation
706-1 Yoksam-dong Kangnam-gu
Seoul, South Korea 135-987
Phone: +82 2 6220 2215
Fax:   +82 2 6220 0377   


LG CARD: Rumors of NACF Bidding Not True
----------------------------------------
LG Card's main creditor, National Agricultural Cooperative
Federation (NACF), is reportedly not interested to bid for LG
Card since it plans to buy a local brokerage firm, Dow Jones
reports.

An NACF official said that the rumors of the Company's interest
in LG Card are untrue, as they are putting all efforts into
buying a local securities firm, and do not have the finances to
engage in a takeover of the troubled credit card firm. But the
official added that NACF would handle LG Card according to
market trends, without elaborating further.

Creditors are planning to sell LG Card later this year. NACF has
received letters of intent from companies interested to bid for
the credit card firm. No specific deadline has been set for the
sale, but NACF will make a shortlist of companies and initiate
negotiations with the preferred bidder/s.

CONTACT:

LG Card Company Limited
Fax: (02) 3420-7002
E-mail: webmaster@card.lg.co.kr
Web site: http://www.lgcard.com


DAEWOO HEAVY: Doosan Heavy to Raise KRW800 Bln for Takeover
-----------------------------------------------------------
In order to finance its takeover of Daewoo Heavy Industries &
Machinery Ltd., Doosan Heavy Industries & Construction Co. will
raise KRW800 billion in syndicated loans, Dow Jones reports.

Woori Bank, Chohung Bank and Hana Bank were chosen by Doosan
Heavy as lead managers for the sale. Doosan will repay the debt
in installments within five years, including a two-year grace
period.

Under the deal, Korea Asset Management Corp. sold a 31 % stake
of its total 34.2 % stake in Daewoo Heavy to Doosan Heavy.
Creditor Korea Development Bank also sold 20 % of its 21.9 %
stake in the firm to Doosan Heavy. This year, the government
approved the sale of 51 % stake in Daewoo Heavy to Doosan Heavy
for KRW1.9 trillion.

Daewoo Heavy was put under a debt restructuring program in
August 1999 when its parent, Daewoo Group, was dissolved due to
its large debt. Before splitting into three separate firms in
October 2000, Daewoo Heavy received a KRW-trillion bailout from
the government.

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


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

CONSOLIDATED FARMS: Extension for Plan Submission Approved
----------------------------------------------------------
Consolidated Farms Berhad refers to the announcements dated Oct.
11, 2004 and Dec. 31, 2004, pertaining to its Proposed
Restructuring Scheme.

The Company announced that Bursa Malaysia Securities Berhad has
via its letter dated March 18, 2005 approved an extension of
time for a period of two (2) months to April 30, 2005, to enable
the Company to submit its regularization plan to the relevant
authorities.

CONTACT:

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


GENERAL SOIL: Net Loss Shrinks in First Quarter of FY04
-------------------------------------------------------
General Soil Engineering Holdings Berhad released its unaudited
report for the financial period ended Sept. 30, 2004.

             SUMMARY OF KEY FINANCIAL INFORMATION
                            30/09/2004

                 INDIVIDUAL PERIOD        CUMULATIVE PERIOD
        CURRENT YEAR  PRECEDING YEAR CURRENT YEAR PRECEDING YEAR
          QUARTER    CORRESPONDING    TO DATE     CORRESPONDING
                        QUARTER                       PERIOD
          31/12/2004    31/12/2003     31/12/2004    31/12/2003

1  Revenue
                0              0             0              0

2  Profit/(loss) before tax
             -609           -847          -609           -847

3  Profit/(loss) after tax and minority interest
             -609           -847          -609           -847

4  Net profit/(loss) for the period
            -609           -847          -609           -847

5  Basic earnings/(loss) per shares (sen)
           -2.21          -3.08         -2.21          -3.08

6  Dividend per share (sen)
               0.00          0.00         0.00        0.00

                              AS AT END OF     AS AT PRECEDING
                            CURRENT QUARTER   FINANCIAL YEAR END

7  Net tangible assets per share (RM)
                               -1.0764              -1.0543

CONTACT:

General Soil Engineering Holdings Berhad
346, Jalan Tuanku Abdul Rahman
50100 Kuala Lumpur
Malaysia
Phone: 03-2698 9888
Fax:   03-2693 8580/670


GENERAL SOIL: Posts FY04 Quarterly Results for December 2004
------------------------------------------------------------
General Soil Engineering Holdings Berhad released its unaudited
report for the financial period ended Dec. 31, 2004.

             SUMMARY OF KEY FINANCIAL INFORMATION
                            31/12/2004

                 INDIVIDUAL PERIOD        CUMULATIVE PERIOD
        CURRENT YEAR  PRECEDING YEAR CURRENT YEAR PRECEDING YEAR
          QUARTER    CORRESPONDING    TO DATE     CORRESPONDING
                        QUARTER                       PERIOD
          31/12/2004    31/12/2003     31/12/2004    31/12/2003

1  Revenue
                0            528             0          3,208

2  Profit/(loss) before tax
             -656         -1,431        -1,275         -2,055

3  Profit/(loss) after tax and minority interest
             -656         -1,431        -1,275         -2,055

4  Net profit/(loss) for the period
             -656         -1,431        -1,275         -2,055
5  Basic earnings/(loss) per shares (sen)
              -2.39         -5.20        -4.64       -7.47

6  Dividend per share (sen)
               0.00          0.00         0.00        0.00

                              AS AT END OF     AS AT PRECEDING
                            CURRENT QUARTER   FINANCIAL YEAR END

7  Net tangible assets per share (RM)
                               -1.1006              -1.0543



GOLDEN FRONTIER: Buys Back 15,000 Shares
----------------------------------------
Golden Frontier Berhad disclosed details of shares it bought
back on March 18, 2005 to the Bursa Malaysia Securities Berhad.
  
Date of buy back: 18/03/2005

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

Total number of shares purchased (units): 15,000

Minimum price paid for each share purchased (RM): 0.610

Maximum price paid for each share purchased (RM): 0.630

Total consideration paid (RM): 9,349.40

Number of shares purchased retained in treasury
(units):    15,000

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

Cumulative net outstanding treasury shares as at to-date
(units): 1,384,800

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: SC OKs Proposed Shares Disposal
-------------------------------------------
This announcement is in relation to the proposed disposal of
80,820,163 ordinary shares (27.07%) in Camerlin Group Berhad to
Brightspring Holdings Limited by Hong Leong Industries Berhad
(HLI) and wholly owned subsidiary Hong Leong Industries Trading
Limited.

HLI announced that the approval of the Securities Commission
(SC) for the Proposed Disposal, under the Foreign Investment
Committee's Guidelines on the Acquisition of Interests, Mergers
and Take-Overs by Local and Foreign Interests, has been
obtained.

Following the receipt of the SC's approval, all conditions
precedent to the Proposed Disposal have been met and the
Proposed Disposal has now become unconditional. The Company will
take the necessary steps to complete the Disposal in due course.

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


K.P. KENINGAU: Updates Details of Proposed Restructuring Scheme
---------------------------------------------------------------
K.P. Keningau (KPK) refers to the announcement dated Sept. 22,
2004 made in relation to Practice Note 4/2001 of the Bursa
Malaysia Listing Requirements.

KPK announced that the Company had on March 18, 2005 entered
into a Heads of Agreement with Gabungan Cendawan Sdn Bhd (GCSB),
which sets out the broad parameters for a proposed rescue cum
debt restructuring scheme for the Company, which may involve
(subject to finalization of the terms) the implementation of the
following proposals:

(i) Proposed Capital Reconstruction

Proposed capital reconstruction involving the reduction of the
Company's existing issued and paid-up share capital and
thereafter, by a consolidation of the reduced share capital
pursuant to Section 64 of the Companies Act, 1965 (Act).

(ii) Proposed Debt Settlement

Proposed debt settlement pursuant to Section 176 of the Act is
implemented to resolve and extinguish all the outstanding
liabilities of KPK and all its subsidiary companies (KPK Group)
in a manner that would be beneficial to the Company and its
scheme creditors.

(iii) Proposed Acquisition

Proposed acquisition by KPK of the entire issued and paid-up
share capital of Asraman Sdn Bhd (ASB) from GCSB for a purchase
consideration to be mutually agreed upon by KPK and GCSB, which
is subject to the final valuation of the assets of ASB and all
its subsidiary companies. The purchase consideration shall be
satisfied in full by KPK vide the allotment and issuance of new
ordinary shares of RM1.00 each to GCSB.

(iv) Proposed Fund Raising Exercise

Proposed fund raising exercise to be undertaken by the Company
for its working capital purposes.

(v) Proposed Waiver

Proposed application to the Securities Commission under the
Practice Note 2.9.3 of the Malaysian Code on Take-Overs and
Mergers 1998 for an unconditional waiver of the requirement by
GCSB and/or parties deemed to be acting in concert with it from
making a mandatory offer to acquire the remaining KPK Shares not
already owned by GCSB and/or parties acting in concert with GCSB
upon completion of the Proposed Restructuring Scheme.

(vi) Proposed Employees' Share Option Scheme

Proposed establishment of a new employees' share option scheme,
granting options to qualified and eligible employees and
executive directors of the KPK Group to subscribe for up to 10%
of the enlarged issued and paid-up capital of the Company at any
time during the existence of the Proposed Scheme.

Both the Company and GCSB have mutually agreed to finalize all
the terms and conditions of the Proposed Restructuring Scheme
and to enter into a definite scheme agreement, the sale and
purchase of shares agreement and all other relevant agreements,
if required, within thirty (30) days from the date of execution
of the Heads of Agreement subject to an automatic extension of
thirty (30) days or such other extension of time as may be
required and mutually agreed upon by both the Company and GCSB.

The Company applied to Bursa Malaysia Securities Berhad on March
18, 2005 to seek for an extension of time for the announcement
of the Requisite Announcement, which is due by March 22, 2005.

The Heads of Agreement dated March 18, 2005 is available for
inspection at Lot 10, The Highway Centre, Jalan 51/205, 46050
Petaling Jaya for a period of three (3) months from the date of
this announcement.

CONTACT:

K.P. Keningau Berhad
Lot 10, The Highway Centre
Jln 51/205 46050 Petaling Jaya,
Selangor, Malaysia
Phone: 03-7784 3922
Fax:   03-7784 1988

This announcement is dated March 18, 2005.


LANKHORST BERHAD: Clarifies Wind Up Petition Served on Unit
-----------------------------------------------------------
Lankhorst Berhad issued this announcement is in relation to the
advertisement of Lankhorst Pancabumi Contractors Sdn Berhad
(LPCSB)'s winding-up petition.

Lankhorst Berhad refers to Bursa Malaysia Securities Berhad's
letter dated March 11, 2005. As requested, stated below are the
information requested for public release:

1. The name of the Petitioner is Mudajaya Corporation Berhad and
the winding-up petition was left in the Company's office on Feb.
16, 2005 without proper acknowledgement.

2. The claim was in respect of sub-contract works for the
construction of the structural and associated works for the
elevated highway along Jalan Kem bridge over Sg. Aur, Kelang for
RM3,080,032.24 together with interests and costs.

3. The judgment sum was disputed and LPCSB filed an application
for an appeal and stay of execution of the proceedings.
Unfortunately before that was heard by the Court, the Petitioner
had filed the winding-up proceedings.

4. The total cost of investment in LPCSB is RM25,000,000.

5. The winding-up proceedings are not expected to have any
financial or operational impact on the Company.

6. There is no expected loss arising from the wind-up
proceedings.

7. Aside from the court process of appeal, LPCSB management is
negotiating on the basis of a Corporate Guarantee and contra of
properties or lands.

8. The date of the hearing is on March 30, 2005.

The Company's Board of Directors endorsed this announcement at
the Board of Directors' meeting held on March 18, 2005 endorsed
this announcement.

CONTACT:

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


LION INDUSTRIES: Granted Listing of Additional Shares
-----------------------------------------------------
Lion Industries Corporation Berhad's additional 201,000 new
ordinary shares of RM1.00 each issued pursuant the Company's
Executive Share Option Scheme will be granted listing and
quotation effective Wednesday, March 23, 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


NORTH BORNEO: SC to Consider Proposed Exemption, Sets Conditions
----------------------------------------------------------------
The North Borneo Corporation Berhad issued this announcement is
in relation to the proposed exemption to Yoke Hoh Sdn Berhad
(YHSB), Prospell Enterprise Sdn Berhad (PESB), Looh Lim Teng
Holdings Sdn Berhad (LLTH), Dato' Looh Keo @ Loh Lim Teng (Dato
Looh) and concerted parties Chin Yew Lian and Leong Sze Eam from
the obligation to accept a mandatory shares acquisition offer in
LLT Resources Berhad.

The North Borneo Corporation Berhad (NBC) announced that the
Securities Commission (SC) had via its letter dated March 10,
2005, which was received on March 17, 2005, informing that the
SC will consider the Proposed Exemption under the application of
Practice Note 2.9.1 of the Code instead of the application made
under Practice Note 2.9.3.

In the said letter, SC states that it will only consider the
Proposed Exemption under Practice Note 2.9.1 of the Code after
the following conditions have been fulfilled:

1. YHSB, PESB, LLTH, Dato' Looh and the Concerted Parties
furnish the SC with their statutory declarations that they have
not and will not purchase any voting shares in NBC in the 6
month period prior to the posting of the circular relating to
the Revised Scheme to the shareholders of NBC, until the
application for Proposed Exemption is approved by the SC;

2. YHSB, PESB, LLTH, Dato' Looh and the Concerted Parties have
obtained the approval from NBC shareholders on the Proposed
Exemption via a poll in an extraordinary general meeting (EGM),
with the interested parties have abstained from voting at the
EGM; and

3. An independent adviser provide competent independent advice
on the Proposed Exemption to NBC shareholders, whose appointment
and content of the independent advice circular on the Proposed
Exemption must have obtained the prior approval of the SC.

CONTACT:

North Borneo Corporation Berhad
6 Lorong Api-Api Centre
Kota Kinabalu, Sabah 88000
Malaysia
Phone: +60 87 263232
Fax:   +60 87 234363


PAN MALAYSIA: Issues Shares Buy Back Notice
-------------------------------------------
Pan Malaysia disclosed to the Bursa Malaysia Securities Berhad
details of its shares buy back on March 18, 2005.
  
Date of buy back: 18/03/2005

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

Total number of shares purchased (units): 165,000

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

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

Total consideration paid (RM): 64,813.56

Number of shares purchased retained in treasury
(units): 165,000

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

Cumulative net outstanding treasury shares as at to-date
(units): 20,420,500

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 50,000 Shares
------------------------------------------
Pantai Holdings disclosed details of shares it bought back on
March 18, 2005 to the Bursa Malaysia Securities Berhad.
  
Date of buy back: 18/03/2005

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

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

Minimum price paid for each share purchased (RM): 0.985

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

Total consideration paid (RM): 49,680.62

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

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

Cumulative net outstanding treasury shares as at to-date
(units): 28,275,600

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/


TRU-TECH HOLDINGS: Creditors Approve Proposed Scheme
----------------------------------------------------
Further to the announcement dated Feb. 23, 2005, Tru-Tech
Holdings Berhad announced that the Company obtained the
approvals of their scheme creditors for the Proposed Scheme of
Arrangement with Creditors pursuant to Section 176 of the
Companies Act, 1965 at the Court Convened Meetings of Scheme
Creditors held on March 18, 2005.

CONTACT:

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


TT RESOURCES: Details Update on Warrants Expiry
-----------------------------------------------
TT Resources Berhad announced the following:

(i) The Company's Warrants will expire on Friday, April 22,
2005, 5:00 p.m.

(ii) Trading in The Company's Warrants will be suspended
effective Wednesday, April 6, 2005, 9:00 a.m., in order to
facilitate the exercise of the Warrants.

(iii) The Company's Warrants will be removed from the Official
List of Bursa Securities on Monday, April 25, 2005, 9:00 a.m.
with effect from 9.00 a.m., Monday, 25 April 2005.

Please refer to the Company's notice to warrantholders dated
March 18, 2005.
     
CONTACT:

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


WCT ENGINEERING BERHAD: To List Additional Shares
-------------------------------------------------
WCT Engineering Berhad's additional 414,400 new ordinary shares
of RM1.00 each issued pursuant to the Company's Exercise of
414,400 Warrants 2000-2005 will be granted listing and quotation
effective Wednesday, March 23, 2005.

CONTACT:

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


WEMBLEY INDUSTRIES: Unit Receives Plaza Rakyat Project Offer
------------------------------------------------------------
Following the mutual determination (termination) on Feb. 16,
2005 of the contract between Wembley Industries Holdings
Berhad's wholly owned subsidiary, Plaza Rakyat Sdn. Bhd. (PRSB),
and PJ Indah Sdn Bhd for the Completion of Incomplete Main
Building Works to Retail Podium of Proposed Mixed Development on
Lots 225, 242 and 288 Section 56, Wilayah Persekutuan Known as
PLAZA RAKYAT for PRSB, PRSB has received an offer from Jetwork
Engineering Sdn Bhd (JESB) to carry out Phase I of the Plaza
Rakyat Project.

The offer is subject to negotiations between PRSB and JESB to
finalize terms and conditions. While such terms and conditions
are being negotiated with a view of undertaking best efforts to
conclude and sign a contract on or before 31 May 2005, JESB
offered to mobilize immediately to carry out urgent Preliminary
Works at the Project site using JESB's own funding up to amount
of RM30 million. PRSB accepted JESB's offer to begin
mobilization and to start preliminary works on the Project site
immediately on scope of work to be agreed.

PRSB and JESB are currently negotiating on the terms of the
contract, including JESB arranging for further funding of up to
RM70 million in relation to Project works. An announcement on
the outcome of the negotiations will be made in due course.

CONTACT:

Wembley Industries Holdings Berhad
No 1 Jalan Pandungan
Kuching, Sarawak 93100
Malaysia
Phone: +60 82 236920
Fax:   +60 82 236922


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

BACNOTAN CONSOLIDATED: Submits Definitive Information Statement
---------------------------------------------------------------
Further to Circular for Brokers No. 1103-2005 dated March 4,
2005, Bacnotan Consolidated Industries, Inc. (BCI) furnished the
Exchange a copy of its SEC Form 20-IS (Definitive Information
Statement) in connection with its Annual Shareholders' Meeting
which will be held on April 11, 2005, at 3:00 p.m. at the makati
Shangrila, Makati A & B, Ayala Avenue, Makati City.

As previously announced, "(t)he record date for the
determination of the shareholders entitled to notice of said
meeting and to vote thereat is March 17, 2005."

Below is a copy of the Notice of Annual Shareholders' Meeting.

A copy of BCI's Definitive Information Statement shall be made
available for reference at the PSE Centre and PSE Plaza
libraries. The same shall likewise be made available for
downloading at the PSE web site: http://www.pse.com.ph(under  
Listed Companies).

For your information.

(Original Signed)
MA. PAMELA D. QUIZON
Head, Disclosure Department

                 NOTICE OF ANNUAL SHAREHOLDERS MEETING

TO ALL SHAREHOLDERS:

Please be advised that the annual shareholders meeting of
Bacnotan Consolidated Industries, Inc. will be held on Monday,
April 11, 2005 at 3:00 p.m. at the Makati Shangrila, Makati A &
B, Ayala Avenue, Makati City. The Agenda of the meeting is as
follows:

(1) Call to order
(2) Proof of notice and determination of quorum
(3) Minutes of previous meeting
(4) Annual Report of Management and Ratification of all acts of
the Board of Directors and Management since the last annual
shareholders meeting
(5) Election of Directors
(6) Appointment of External Auditors
(7) Other Matters
(8) Adjournment

The record date for the determination of the shareholders
entitled to notice of said meeting and to vote thereat is March
17, 2005.

JUAN J. DIAZ
Corporate Secretary

CONTACT:

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


MISAMIS ORIENTAL TELEPHONE: To Pay Php70-Bln Debt Very Soon
-----------------------------------------------------------
Recovering Misamis Oriental Telephone System, Inc. (Misortel)
said it would soon be able to pay its debt worth around Php70
million, according to Business World.

Misortel, owned by the provincial government and Gov. Oscar
Moreno, decided to settle its obligations very soon due to its
improving performance.

Gov. Moreno said while the telephone firm has succeeded in
improving its operation efficiency, expansion involving new
investments would have to wait until the major debts are
properly managed.

Based on estimates of provincial officials, however, the debts,
mostly to Philippine Long Distance Telephone Co. (PLDT) and
BayanTel, have been reduced to slightly over Php70 million. PLDT
is collecting from the Company roughly Php45 million and
BayanTel, another Php30 million.

The telecommunications Company reportedly incurred mounting
debts in the previous years of over Php100 million due to
mismanagement.


NATIONAL BANK: Clarifies Stake Sale Report
------------------------------------------
The Philippine National Bank (PNB) wrote in reference to the
above news article published in today's issue of the Business
World (Internet Edition).

(1) "At least three foreign and local groups have expressed
interest in buying shares to PNB, Mr. Purisima said."

We are not privy to the source of the information given by
Secretary Cesar Purisima and hence we cannot confirm.

(2) "Proceeds of the sale will be used to pay Bangko Sentral ng
Pilipinas (BSP) and Philippine Deposit Insurance Corporation
(PDIC) for their Php25 billion emergency loan to PNB for its
rehabilitation."

Proceeds of the sale of 67% of PNB will go to the National
Government and the PDIC which own only half of the shares for
their proper disposition.

(3) "Finance Undersecretary Jay Singzon told Business World the
government would lose its voting rights if it decides to hold on
to its shares after the shareholder agreement with Mr. Tan
expires on September 16. Mr. Singson explained the shares held
by the government are 'preferred' which provide no voting rights
and it is only the shareholder agreement that gives the
government the right to have a say on the bank's direction. Mr.
Purisima said the government hopes to complete the privatization
of the bank before that date."

The statement of Finance Undersecretary Jay Singzon is basically
correct.

CONTACT:

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


NATIONAL POWER: DOE Usec Gets Top Post
--------------------------------------
National Power Corporation (Napocor) has named an undersecretary
of the Department of Energy (DOE) as its new president, The
Philippine Star reports.

Undersecretary Cyril del Callar, who is in charge of power-
related policies and programs in the DOE as well as serving as
its "focal person" on international energy cooperation
activities, is scheduled to take his oath before President
Arroyo.

A former law practitioner, Del Callar began his stint with the
DOE as assistant secretary in-charge of legal, financial,
management and administrative services in 1995 that lasted until
June 1997. He concurrently acted as officer-in-charge of the
policy and programs office that include international energy
cooperation.

As undersecretary for the electric power industry, Del Callar
"coordinates and administers" the formulation and implementation
of the Electric Power Industry Reform Act, or the EPIRA law
which governs the restructuring of the Philippine power sector.

CONTACT:

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


NATIONAL POWER: To Issue Php5-Bln Bonds for Debt, Operations
------------------------------------------------------------
National Power Corporation (Napocor) is poised to issue Php5-
billion worth of bonds to the local market next month, Business
World says.

The peso-denominated bonds, which will mature in five and seven
years, will be issued to service a portion of Napocor's debt and
for operational expenses. The government will provide sovereign
guarantee for the issuance.

Deutsche Bank, First Metro Investment Corp., and Land Bank of
the Philippines will be the underwriters for the issue.


NATIONAL POWER: Potential Bidders Begin Prelim Asset Reviews
------------------------------------------------------------
Several parties interested to support National Power
Corporation's (Napocor) privatization have begun their
preliminary evaluation on power plants they intend to buy, Today
News reports.

The potential bidders have responded to a formal invitation
early this month by the Power Sector Assets and Liabilities
Management Corporation (PSALM) to participate in an Investor
Preliminary Asset Review Process (IPARP).

The IPARP, which is conducted prior to the bidding process, will
allow potential bidders to have a better assessment of their
target power plants through site visits and access to plant
data. PSALM hopes to reduce the time between individual sales
and thereby hasten the privatization process.

Napocor declined to reveal the identities of the parties as
PSALM and these groups are bound by confidentiality agreements.


PHILIPPINE LONG: Cebu Board Lauds Service
-----------------------------------------
The Cebu Provincial Board has commended the Philippine Long
Distance Telephone Company (PLDT) for providing cheap Internet
services to small- and medium-sized firms in the province,
according to the Freeman.

In a resolution, the Board lauded the PLDT We Roam Internet
service as a vital tool for the development of small and medium
companies.

According to the resolution, several companies can now find it
easier to connect with their networks through the Internet.

The PLDT We Roam service allows mobility for a Company's
workforce while ensuring local area network and wireless
Internet connectivity.

CONTACT:

Philippine Long Distance Telephone Co.
Ramon Cojuangco Building
Makati Avenue, Makati City
Telephone Numbers:  814-3552; 888-0188
Fax Number:  813-2292
Web site: http://www.pldt.com.ph


PHILIPPINE LONG: Confirms Tie-up Talks with Foreign Firms
---------------------------------------------------------
This is in reference to the news article entitled "PLDT in talks
with US, Singapore carriers for tie-ups" published in the March
18, 2005 issue of the Philippine Daily Inquirer (Internet
Edition).

The article reported that:

"Philippine Long Distance Telephone Co. (PLDT) and its wireless
subsidiaries are in serious discussion with Singaporean and
North American carriers for possible tie-ups, said Alfredo
Panlilio, president of PLDT Global.

"The arrangements being worked out would allow PLDT to operate
virtual wireless networks in countries hosting big Filipino
communities, Panlilio said. He named the two Singaporean
carriers as M1 and Starhub. He said that by June or July, PLDT
and its wholly owned wireless unit Smart Communications Inc.
would start running a mobile virtual network operation, or
MVNO, in Singapore and a similar offering will be launched in
North America shortly afterwards."

Philippine Long Distance Telephone Company ("TEL"), in its
letter dated March 21,
2005, stated that:

"We confirm that PLDT Global Corporation, a subsidiary of PLDT,
is engaged in preliminary discussions with potential partners in
Singapore regarding a joint venture arrangement for the
provision of mobile virtual network operator services."

For your information.

(Original Signed)
MA. PAMELA D. QUIZON
Head, Disclosure Department

Noted by:

(Original Signed)
JURISITA M. QUINTOS
Senior Vice President


PILIPINO TELEPHONE: Set to List Additional Shares Today
-------------------------------------------------------
The Philippine Stock Exchange approved on March 9, 2005, the
application submitted by Pilipino Telephone Corporation (Piltel)
to list additional 10,079,762,400 common shares, with a par
value of Php1.00 per share, to cover the underlying common
shares for the conversion of a total of 59,292,720 Class I
Series K Convertible Preferred Shares ("Preferred-K Shares"),
with a par value of P2.00 per share by Smart Communications,
Inc. ("Smart"), at a conversion ratio of one hundred seventy
(170) common shares for every one (1)
Preferred-K Share.

In view thereof, the listing of the 10,079,762,400 common shares
is set for
Tuesday, March 22, 2005.

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, Operations Group

CONTACT:

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


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

FORWARD INTERNATIONAL: Creditors Meeting Set April 12
-----------------------------------------------------
Take notice that a meeting of creditors and contributories of
Forward International Singapore Pte Ltd (In Court Winding Up)
will be held at 47 Hill Street, #05-01 Chinese Chamber of
Commerce & Industry Building, Singapore 179365 on April 12, 2005
at 11:00 a.m.

AGENDA

(1) To obtain an update on the conduct of the liquidation to
date;

(2) To approve the proposed remuneration of the Liquidators;

(3) Any other matter.

Dated this 18th day of March 2005

Kon Yin Tong
Joint Liquidator

Forms of general and special proxies are enclosed herewith.
Proxies to be used at the meeting must be lodged not later than
4 p.m. on the 11th day of April 2005 with the Liquidators'
office at 47 Hill Street, #05-01 Chinese Chamber of Commerce of
Industry Building, Singapore 179365.


JSD CONSTRUCTION: Court to Hear Winding Up Petition April 1
-----------------------------------------------------------
Notice is hereby given that a petition for the winding up of JSD
Construction Pte Ltd (Judicial Manager Appointed) by the High
Court was, on March 16, 2005 presented by Mr. Tay Swee Sze of
Messrs Tay Swee Sze & Associates, the Judicial Manager of the
Company.

That the petition is to be heard before the Court at 10:00 a.m.
on April 1, 2005.

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

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

The Petitioner's address is care of Messrs Tay Swee Sze &
Associates at 30 Robinson Road, #04-01 Robinson Towers,
Singapore 048546.

The Petitioner's solicitors are Messrs Ramdas & Wong of 9
Raffles Place, #07-01 Republic Plaza, Singapore 048619.

Messrs Ramdas & Wong
Solicitors for the Petitioner

Note:

Any person who intends to appear at the hearing of the petition
must serve on or send by post to the abovenamed solicitors,
Messrs Ramdas & Wong of 9 Raffles Place, #07-01 Republic Plaza,
Singapore 048619, notice in writing of his intention to do so.

The notice must state the name and address of the person, or if
a firm, the name and address of the firm, and must be signed by
the person or firm, or his or their solicitor (if any) and must
be served, or, if posted, must be sent by post in sufficient
time to reach the abovenamed not later than 12:00 noon of March
31, 2005.


KOH BROTHERS: Completes Capital Distribution
--------------------------------------------
Further to the announcement made by Koh Brothers Group Limited
on February 21, 2005, February 22, 2005, February 24, 2005 and
March 10, 2005, the Board announced to the Singapore Stock
Exchange (SGX) that the Capital Distribution has been made on
March 18, 2005.

Accordingly, out of the 81,000,000 G&W Shares available for the
Capital Distribution, representing approximately 65.22 percent
of the issued and paid-up share capital of G&W held by the
Company, 80,984,652 G&W Shares have been distributed (fractional
entitlements disregarded) by way of the Capital Reduction and
the Dividend Distribution, to Shareholders holding Shares as at
5:00 p.m. on March 10, 2005 (Books Closure Date) as follows:

(a) In respect of the entitlements to the G&W Shares of a
Shareholder whose registered address as recorded in the register
of members of KBGL or in the Depository Register maintained by
CDP on the Books Closure Date is not outside Singapore (the
Singapore Shareholder), 80,721,086 G&W Shares have been
distributed and credited to the Singapore Shareholders'
Securities Accounts on March 18, 2005; and

(b) In respect of the entitlements to the G&W Shares of a
Shareholder whose registered address as recorded in the register
of members of KBGL or in the Depository Register maintained by
CDP on the Books Closure Date is outside Singapore (the Overseas
Shareholder), in accordance with Section 3.5 of the Circular,
263,566 G&W Shares have been distributed and credited to a
designated securities sub-account maintained with a Depository
Agent, on March 18, 2005, which a brokerage firm appointed by
Company shall sell the same and thereafter distribute the
aggregate amount of the net proceeds, after deducting all
dealing and other expenses in connection therewith,
proportionately among all such Overseas Shareholders according
to their respective entitlements to G&W Shares as at the Books
Closure Date in full satisfaction of their rights to the G&W
Shares, provided that where the net proceeds which any
particular Overseas Shareholder is entitled to shall be less
than S$10.00, such net proceeds shall be retained for the
benefit of the Company and no Overseas Shareholder shall have
any claim whatsoever against CDP, the Company and the Directors
in connection therewith.

An aggregate of 167 G&W Shares, fractional entitlements
disregarded, were distributed for every 1,000 KBGL Shares held
by a Shareholder as at the Books Closure Date.
For further illustrative purposes, the calculation of the number
of G&W Shares to be distributed to Shareholders for the KBGL
Shares held by the Shareholders as at the Books Closure Date,
pursuant to the Capital Distribution, is as follows:

For every 1 KBGL Share For every 100 KBGL   For every 1000 KBGL
Shares held as at the  held as at the Books Shares held as at    
Books Closure Date     Closure Date         the Books Closure
                                            Date
  
G&W Share(s) to be
distributed pursuant to
the Capital Reduction    0.037576 3.7576(*)     37.576(*)

G&W Share(s) to be
distributed pursuant to
the Franked Dividend
Distribution             0.060605 6.0605(*)     60.605(*)

G&W Share(s) to be
distributed pursuant to
the One-Tier Exempt
Dividend Distribution    0.070705 7.0705(*)      70.705(*)

Note:

(*) Fractional entitlements disregarded.

The number of G&W Shares to be distributed pursuant to the
Franked Dividend Distribution was calculated based on an interim
franked dividend of 16.515% or S$0.016515 declared for every
KBGL Share for the financial year ending 31 December 2005.

The number of G&W Shares to be distributed pursuant to the One-
Tier Exempt Dividend Distribution was calculated based on an
interim one-tier tax-exempt dividend of 15.41% or S$0.01541
declared for every KBGL Share for the financial year ending 31
December 2005.

By Order of the Board
Koh Brothers Group Limited
Koh Tiak Chye
Chief Executive Officer and Managing Director
18 March 2005

CONTACT:

Koh Brothers Group Limited
11 Lorong Pendek
Koh Brothers Building
Singapore 348639
Telephone: 65 62898889
Fax: 65 68415400
Web site: http://www.kohbrothers.com


RSH LIMITED: Disposes Of Subsidiary
-----------------------------------
RSH Limited announced to the Singapore Stock Exchange (SGX) that
its 60 percent subsidiary Company iOM International Holdings Ltd
had disposed its 75.84 percent subsidiary Company Sathosa
Computer Services Ltd (Sathosa) to Mahendra Ranjith Jayaratne
for a cash consideration of one Sri Lanka Rupee (the Cash
Consideration).

The Cash Consideration was arrived at based on willing buyer
willing seller basis negotiations, taking into view that based
on the financial statements as at 28.2.2005, Sathosa had
aggregate net liabilities of US$12,552.

With this disposal, Sathosa will cease to be a subsidiary of the
Company.

The transaction will not have a material impact on the earnings
per share and net tangible assets per share of the Group for the
financial year ending March 31, 2005.

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

CONTACT:

RSH Limited (formerly: Royal Clicks Limited)
190 MacPherson Road #07-08
Wisma Gulab
Singapore 348548
Telephone: 65 67466555
Fax: 65 68404327


SELCO VESSELS: Lays Out Final Meeting Agenda
--------------------------------------------
Notice is hereby given that a meeting of the creditors of Selco
Vessels Pte Ltd will be held at 8 Cross Street, #17-00 PWC
Building, Singapore 048424 on April 5, 2005 at 10:00 a.m.

AGENDA

(1) To lay before the meeting a report of the liquidators
showing how the winding up was conducted.

(2) To approve the remuneration of the liquidators and
disbursements.

(3) To consider waiving claim against related Company to
facilitate early finalization of liquidation.

(4) Any other matters.

To entitle you to vote thereat your proof, if not already
lodged, must be lodged with me not later than 12:00 p.m. on the
April 4, 2005.

Proxies to be used at the meeting must be lodged with me not
later than 12:00 p.m. on April 4, 2005.

Dated this 18th day of March 2005.

Ramasamy Subramaniam Iyer
Liquidator
Address: c/o PricewaterhouseCoopers
8 Cross Street
#17-00 PWC Building
Singapore 048424
(The statement of Company's affairs has not been lodged)


SYSTRON POWER: Winding Up Hearing Slated for April 1
----------------------------------------------------
Notice is hereby given that an amended petition for the winding
up of Systron Power Systems Pte Ltd by the High Court was, on
the 10th day of March 2005, presented by Singapore Warehouse
Company (Private) Ltd. (RC No. 196900505G), and that the amended
petition is directed to be heard before the Court sitting at
Singapore at 10:00 a.m. on April 1, 2005.

Any creditor or contributory of the said Systron Power Systems
Pte Ltd desiring to support or oppose the making of an order on
the petition may appear at the time of hearing by himself or his
counsel for that purpose.

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

The Petitioner is a Company incorporated in Singapore and having
its registered office at 38 South Bridge Road, Singapore 058672.

The Petitioner's solicitors are Messrs Allen & Gledhill of One
Marina Boulevard #28-00, Singapore 018989.

Dated the 11th day of March 2005.

Allen & Gledhill
Solicitors for the Petitioner

Note:

Any person who intends to appear on the hearing of the petition
must serve on or send by post to the abovenamed Allen &
Gledhill, Solicitors for the Petitioner, notice in writing of
his intention to do so.

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


SUM YUE: Winding Up Hearing Date Fixed April 1
----------------------------------------------
Notice is hereby given that a Petition for winding up of Sum Yue
Electrical Engineering Pte Ltd by the High Court was on February
28, 2005, presented by Terasaki Circuit Breakers (S) Pte Ltd, a
Company incorporated in the Republic of Singapore and having its
registered office at No. 9 Toh Guan Road East, #03-01 Alliance
Building, Singapore 608604, the Judgment Creditors.

The said Petition is directed to be heard before the Court
sitting at 10:00 a.m. on April 1, 2005, and any creditor or
contributory of the said Company desiring to support or oppose
the making of an order on the said Petition may appear at the
time of hearing by himself or his counsel for that purpose.

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

The Petitioners' address is No. 9 Toh Guan Road East, #03-01
Alliance Building, Singapore 608604.

The Petitioners' Solicitors are Messrs Eng Leong & Partners of
10 Anson Rd, International Plaza #13-03, Singapore 079903.

Messrs Eng Leong & 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
Eng Leong & Partners of 10 Anson Rd, International Plaza #13-03,
Singapore 079903, notice in writing of his intention to do so.

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


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


CIRCUIT ELECTRONICS: Company Director Resigns
---------------------------------------------
Circuit Electronics Industries Public Co. Ltd advised the Stock
Exchange of Thailand (SET) that since Mr. Pairoj Tanbanchong has
resigned from the position of Director (Audit Committee) from
Circuit Electronic Industries Public Co. Ltd. with the reason
that he has been elected as Member of Parliament and being
unable to perform his duty anymore.

The Company has registered the resignation with the Department
of Business Development, Ministry of Commerce on March 15, 2005.

Yours faithfully,

Sukit Nganthavee
Mr. Sukit Nganthavee

CONTACT:

Circuit Electronic Industries Public Company Limited   
45 Moo 12,Rojana Industrial Park, Amphoe Uthai Ayutthya    
Telephone: 0-3533-0556-9, 0-3522-6280-9, 0-3522-6711   
Fax: 0-3533-0560, 0-3522-6710   
Web site: http://www.cei.co.th


NEW PLUS: Clarifies Transfer of Securities to Rehabco Sector
------------------------------------------------------------
New Plus Knitting Public Company Limited submitted to the Stock
Exchange of Thailand (SET) a clarification on the transfer of
its securities to the Rehabco sector.

Shareholders equity:

2004: (40,316,241.00)  

Notes (Cause and reason)

Registered capital= 100,000,000                           

Shares premium= 35,564,751

Unrealized loss on sale of stock

stock for sale= (25,159,907)

Retail loss= (150,721,085)

Shareholders equity= (40,316,241)

The reason earning per share is less than 0

(1) Result from loss of exchange during the baht weakening in
1997: (78,870,274,73)

In the year 1997, the government had a resolution to change the
exchange rate policy from fix rate to valuable rate, which
caused the weakening of Thai baht.  NPK followed the policy and
was noted in our financial statement as losses by the auditor in
the year 1997 No. 15

(2) Allowance for doubtful accounts.        

1999= (12,075,824)
2000 = 1,282,932
2001 = (5,979,796)
2003 = (10,297,131)
2004 = (23,821,908)

Allowances for doubtful accounts were fully set by the auditors.
NPK had an associated Company that planned to fully return the
debt. The plan was agreed upon by both companies in 1999. This
could be seen that in the year 2000 with the positive number of
THB1.28 million.  The dept should not have been totally
considered a risk of doubtful account because New Plus 89 was an
associated Company, which still ran a normal operation.

The results of these allowances for the doubtful accounts should
not have been cut in full amount by the auditors.

(3) Interest from the loan structure from the subsidiary
Company. (18,961,568)

For this interest, the Company received a cut on the interest
from Bangkok Bank during the loan restructuring.  The bank
agreed upon the new loan structure added the ending of the
contract that the Company must have fully followed the plan in
order to get the discount of THB18.96 million.  The Company
followed the plan without missing any payments or conditions,
but the auditors still set the number in full amount.

(4) Allowances for obsolete inventory

2001 = (9,904,730)
2002 = (31,302,998)

The auditors set the allowances for obsolete inventory by noting
down into the statement.  Still, textile products were consisted
with fabric and yarn, which could last as long as 5-7 years.
However, the auditors concluded to set the allowance of the
obsolete inventory in the stock older than 2 years follow the
accounting standard.

Some of these allowances for obsolete inventory were still
completely new and would be placed in the market for sales in
the year 2005. Also, new method for identifying allowances for
obsolete inventory will take place in the year 2005, which will
later notify the shareholders.

If bringing the second topic and the third topic: THB50.89
million from the allowance for doubtful accounts, and THB18.96
million from the loan restructure that should not be accounted
for the deduction, the shareholders equity will be positive by
THB48.49 million.

The Company would not be suspended from trading and would not
have to transfer to REHABCO.

The Company has been following all the agreements from the all
creditors.  Moreover, loan interest and loan principal are being
paid regularly in the year 2003, which reduced the loan
principal by THB33.47 million.

In the year 2004, the Company was able to reduce the loan
principal by THB9.24 million, which resulted by deduction of
interest from THB23.36 million in the year 2003 to 20.39 in the
year 2004.  The interest is reduced by THB2.97 million or 12.71
percent in the year 2004.  

This can be seen from the cash flow that has always been
positive from the attached details:

     Subjects                                 Amount

         2002                                 17,344,548
         2003                                 19,025,539
         2004                                  8,323,358

The Company would like to notify that the Company has an ability
to conduct normal business without any interruption.  The
Company would like to apologize to the shareholders that are not
able to sell the shares at this moment.

Yours Sincerely,

Mrs.Orasa Kruthakool      
Director                               

Miss Onuma Fuakfon
Director

CONTACT:

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


THAI-DENMARK: Unveils Board Meeting Resolutions
-----------------------------------------------
The board of directors of Thai-Denmark Swine Breeder Public
Company Limited unveiled to the Stock Exchange of Thailand that
at the meeting (02/2005) held on March 18,2005 the board passed
the following resolution:

(1) To certify the minutes made at board of directors Meeting
(1/2005) held on March 10, 2005.

(2) To approve the annual report and director's report for the
year 2004.

(3) To approve the balance sheet and profit /loss account as of
December 31,2004 for the period ended December 31, 2004.

(4) To omits dividend payment for the operation from January
1,2004 to December 31,2004 and not to allocate net profit for
legal reserves

(5) To re-appoint 2 directors whose tenure have ended.

(6) To approve director's remuneration for 2005 not more than
THB3,000,000 per year.

(7) To appoint auditor for 2005 to be Mrs.Vilairat Rojnuckarin
or Mrs. Suwimon Kityakean of Office of DIA International
Auditing and to approve auditing fee in the amount of THB880,000
per year.
   
(8) That on ordinary general meeting of shareholders (01/2005)
should be held on April 22, 2005 at 9:30 a.m. At the meeting
room, 17th(B) floor Bangnathanee Building, Bangna-Trad Road,
Bangna Bangkok. The agenda for the meeting will:
   
(8.1) Certify the minutes of the ordinary general meeting of
shareholder (1/2004)

(8.2) Certify the Company's annual report and the board of
director's report for 2004.

(8.3) Approve the balance sheet and profit/loss account as of
December 31, 2004.

(8.4) Consider the allocation of net profit for legal reserve
and dividend omissions for 2004's operation result.

(8.5) Appoint new directors to succeed those completing their
terms, and fix the number of director and their authority.

(8.6) Consider director's remuneration for 2005.

(8.7) Appoint an auditor and fix the auditing fee for 2005.

(8.8) Consider other issue. (if any)

The date for closing the Company share register for the right to
attend the meeting will be on April 7, 2005 at 12:00 p.m. until
the meeting will be ended.

Miss Nounlahong Rattanapibulkul  
Director

CONTACT:

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




BOND PRICING: For the Week 21 March to 25 March 2005
---------------------------------------------------

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


AUSTRALIA
---------

Advantage Group                      10.000%     4/15/06    1
Ainsworth Game                        8.000%    12/31/09    1
Amcom Telecommunications Ltd         10.000%    10/28/07    2
APN News & Media Ltd                  7.250%    10/31/08    5
A&R Whitcoulls Group                  9.500%    12/15/10    8
Austral Coal                          9.500%    10/1/06     1
Australis Holdings                   15.000%    11/1/02     1
BIL Finance Ltd                       8.000%    10/15/07    8
BIL Finance Ltd                       8.750%    10/15/05   10
BIL Finance Ltd                       9.250%    10/15/06    8
Capital Properties NZ Ltd             8.500%     4/15/05    8
Capital Properties NZ Ltd             8.500%     4/15/07    8
Capital Properties NZ Ltd             8.500%     4/15/09    8
CBH Resources                         9.500%    12/16/09    1
Citigold Corporation                 12.000%     3/29/07    1
Consolidated Minerals                11.250%     3/31/05    4
Djerriwarrh Investments Ltd           6.500%     9/30/09    4
Evans & Tate Ltd                      8.250%    10/29/07    1
Fletcher Building Ltd                 7.800%     3/15/09    8
Fletcher Building Ltd                 7.900%    10/31/06    8
Fletcher Building Ltd                 8.300%    10/31/06    8
Fletcher Building Ltd                 8.600%     3/15/08    7
Fletcher Building Ltd                 8.750%     3/15/06    8
Fletcher Building Ltd                 8.850%     3/15/10    8
Fletcher Building Ltd                10.500%     4/30/05    8
Fernz Corp Ltd                        8.560%    10/15/06    8
Futuris Corporation Ltd               7.000%    12/31/07    2
Gympie Gold Ltd                       6.000%     9/30/07    1
Hy-Fi Securities Ltd                  7.000%     8/15/08    7
Hy-Fi Securities Ltd                  8.750%     8/15/08   10
Hutchison Telecoms Australia          5.500%     7/12/07    1
Infrastructure & Utilities NZ Ltd     8.500%     9/15/13    8
Nuplex Industries Ltd                 9.300%     9/15/07    8
Pacific Print Group Ltd.             10.250%    10/15/09   10
Primelife Corp.                      9.500%     12/8/06     1
Prime Infrastructure                 8.500%      2/28/49   10
Prime Infrastructure                 8.500%     12/31/49   10
Salomon SB Australia                  4.250%     2/01/09    8
Sherlock Bay Nickel                  12.000%      9/1/07    1
Sky Network Television Ltd            9.300%    10/29/49    8
Software of Excellence                7.000%     8/09/07    1
Strathfield Group                    11.000%    12/31/05    1
Sydney Gas Company                   12.000%     4/1/06     1
Tower Finance Ltd                     8.650%    10/15/09    8
Tower Finance Ltd                     8.750%    10/15/07    8
TrustPower Ltd                        8.300%     9/15/07    8
TrustPower Ltd                        8.500%     9/15/12    8
TrustPower Ltd                        8.500%     3/15/14    8
Urbus Properties Ltd                  9.250%     3/10/07    1
Vision Systems Ltd                    9.000%    12/15/08    2

CHINA
-----

China Government Bond                  2.900%    5/24/32   73


KOREA
-----

Korea Electric Power                   7.950%     4/1/96   45


MALAYSIA
--------

Aliran Ihsan Resources Bhd             5.000%     11/29/11    1
Asian Pac Holdings Bhd                 4.000%     12/22/05    1
Artwright Holdings Bhd                 5.500%      3/06/07    1
Berjaya Group Bhd                      5.000%     10/17/09    1
Berjaya Land Bhd                       5.000%     12/30/09    1
Camerlin Group Bhd                     5.500%      7/15/07    1
Crescendo Corporation Bhd              3.000%      8/25/07    1
Crest Builder                          7.000%      2/24/06    2
Dataprep Holdings Bhd                  4.000%       8/5/05    1
Dataprep Holdings Bhd                  4.000%       8/6/07    1
Eden Enterprises (M) Bhd               2.500%      12/2/07    1
Equine Capital                         3.000%      8/26/08    1
Fountain View Development Sdn Bhd      3.500%      11/3/06    5
Furqan Business Organization           2.000%     12/19/05    1
Gadang Holdings Bhd                    2.000%     12/24/08    1
Greatpac Holdings Bhd                  2.000%     12/11/08    1
Gula Perak Bhd                         6.000%      4/23/08    1
Hong Leong Industries Bhd              4.000%      6/28/07    1
I-Berhad                               5.000%      4/30/07    1
Insas Bhd                              8.000%      4/19/09    1
Integrax Bhd                           3.000%     12/24/05    1
Killinghall Bhd                        5.000%      4/13/09    1
Kretam Holdings Bhd                    1.000%      8/10/10    1
Kumpulan Jetson                        5.000%     11/27/12    1
LBS Bina Group Bhd                     4.000%     12/29/06    1
LBS Bina Group Bhd                     4.000%     12/31/07    1
LBS Bina Group Bhd                     4.000%     12/31/08    1
LBS Bina Group Bhd                     4.000%     12/31/09    1
Lebar Daun Bhd                         2.000%       1/6/07    6
Lion Diversified Holdings Bhd          2.000%       6/1/09    2
Media Prima Bhd                        2.000%      7/18/08    1
Mithril Bhd                            3.000%       4/5/12    1
Mithril Bhd                            8.000%       4/5/09    1
Mutiara Goodyear Development Bhd       2.500%      1/15/07    1
Naim Indah Corp.                       0.500%      8/24/06    1
Nam Fatt Corporation Bhd               2.000%      6/24/11    1
Pantai Holdings                        5.000%      3/28/07    1
Poh Kong Holdings                      3.000%      1/20/07    1
Prinsiptek Corporation Bhd             2.000%     11/20/06    1
Puncak Niaga Holdings Bhd              2.500%     11/18/16    1
Ramunia Holdings                       1.000%     12/20/07    1
Rashid Hussain Bhd                     0.500%     12/24/12    1
Rashid Hussain Bhd                     1.500%     6/30/07    75
Rashid Hussain Bhd                     3.000%     12/24/12    1
Rhythm Consolidated Bhd                5.000%     12/17/08    1
Silver Bird Group Bhd                  1.000%      2/15/09    1
Southern Steel                         5.500%      7/31/08    2
Tanah Emas Corporation Bhd             2.000%      12/9/06    1
Talam Corporation Bhd                  7.000%      7/19/05    1
Talam Corporation Bhd                  7.000%      4/19/06    1
Tap Resources Bhd                      2.000%      6/29/06    1
Tenaga Nasional Bhd                    3.050%      5/10/09    1
Time Engineering Bhd                   2.000%     12/25/05    1
VTI Vintage Bhd                        4.000%      8/22/06    1
WCT Land Bhd                           3.000%      8/02/09    1
Wah Seong Corp                         3.000%      5/21/12    3


SINGAPORE
---------

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





                            *********


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

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
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Dejito and Erica Fernando, Editors.

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

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                 *** End of Transmission ***