TCRAP_Public/050323.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

             Wednesday, March 23, 2005, Vol. 8, No. 58

                            Headlines

A U S T R A L I A

A TO Z: ASIC Attacks Voluntary Administrations
AUST ASIA: Picks Liquidator to Wind Up Company
CODE ONE: Names A.S R. Hewitt as Liquidator
COMPLETE LIQUOR: Begins Winding Up Process
FINOUGHS PTY: To Undergo Voluntary Liquidation

FLUID DYNAMICS: Liquidator to Relate Winding Up Account
INCH CORP: Members Pass Resolution at Meeting
JAMES HARDIE: Says Baryulgil Community Can Get Compo
K HOMES: To Declare Final Dividend April 26
LBS SUPPORT: Creditors Required to Submit Proofs of Debt

M. FROST: Resolves to Wind Up Company
MIRROOL CREEK: Lays Out Agenda for Joint Meeting
MISTEARL PTY: Chooses Liquidator to Wind Up Company
NATIONAL AUSTRALIA: Forex Trader Pleads Guilty to ASIC Charges
NETWORK ASSET: Final Meeting Slated for March 24

QANTAS AIRWAYS: To Introduce Flexible Fares on Kangaroo Route
PARKER SCARF: General Meeting Set March 30
PARKER SERVICES: Members Pass Resolution to Wind Up Company
RAJAK PTY: To Convene Final Meeting March 28
SARAFIAN INCENTIVE: To Hear Liquidator's Report on March 28

SARAFIAN INVESTMENT: Liquidator to Report Winding Up Process
SONS OF GWALIA: St. Barbara Unveils Huge Reserves Blackhole
SPUNTHORN PTY: Members Decide to Wind Up Company
VCPO LIMITED: To Wind Up Voluntarily
WALKER SITE: Names Liquidators from Chartered Accountants

WALTER CONSTRUCTION: Administrators Reveal $65-Mln Losses


C H I N A  &  H O N G  K O N G

BONCH INVESTMENTS: Proofs of Debt, Claims Due April 4
CAPITAL GAIN: Court Issues Winding Up Petition Notice
CHAN KIN: Enters Bankruptcy Proceedings
EXCEL TECHNOLOGY: 2004 Net Loss Shrinks to HKD20.9 Mln
FORDPEARL LIMITED: Creditors to Prove Debt by April 4

HIGH PROGRESS: Court Issues Winding Up Notice
LH GODOWN: Receives Winding Up Notice
MARSON PROPERTIES: Proofs of Debt, Claims Due April 4
MINSK WORLD: Declares Bankruptcy
KINGTIDE CENTURY: Enters Winding Up Proceedings

SANGUINE INTERNATIONAL: Proofs of Debt, Claims Due April 4
SHANGHAI LAND: Court Orders Auction of Assets
SURSON DEVELOPMENT: Faces Winding Up Process
WALLEN INVESTMENT: Creditors to Present Proofs of Claims
WING SHING: Court Commences Winding Up Proceedings

WORLDPEX INVESTMENT: Creditors to Submit Claims by April 4


I N D O N E S I A

BANK MANDIRI: To Sell IDR3.8-Trillion Bonds
GARUDA INDONESIA: New Board Replaces Ousted Commissioners


J A P A N

DAIEI INCORPORATED: Has No Plan to Cease Operations in Hokkaido  
JAPAN TOBACCO: Russia Raises Back-Tax Bill to $95 Mln
JAPAN TOBACCO: Signs Licensing Agreement With Gilead Sciences
MITSUBISHI MOTORS: Posts Changes in FTSE Indices
MITSUBISHI MOTORS: Receives Payment for Class G Preferred Shares


K O R E A

DAEWOO SHIPBUILDING: Net Loss Falls in February 2005
LG CARD: Shares Trading Resumes


M A L A Y S I A

ASIAN PAC: Proposes to Undertake Restructuring Scheme
GENERAL SOIL: Tallies MYR1.2-Mln Loss in FY05 First Half
GOLDEN FRONTIER: Repurchases 1,000 Shares
GULA PERAK: EGM Date Fixed on April 6
K.P. KENINGAU: Shares Restricted for Failure to Comply

NORTH BORNEO: SC Approves Revised Restructuring Scheme
PAN MALAYSIA: Buys Back 50,000 Shares
PANTAI HOLDINGS: Issues Shares Buy Back Notice
SANBUMI HOLDINGS: Cannot Account for Decrease in Share Price
SETEGAP BERHAD: Clarifies Restraining Order Date

SUREMAX GROUP: Replies to Query on Share Price Decrease
SUREMAX GROUP: Bourse Lifts Trading Halt
TALAM CORPORATION: To List Additional Shares


P H I L I P P I N E S

BAYAN TELECOMMUNICATIONS: Still to Host ABS-CBN Online Game
BAYAN TELECOMMUNICATIONS: Ericsson Provides Ethernet DSL Access
MAYNILAD WATER: Draws Interests of Three Groups
NATIONAL POWER: Assures Ample Power Supply During Holy Week
NATIONAL POWER: Four Firms Withdraw from Thermal Plant Tender

PHILIPPINE AIRLINES: Rises to Dare of Budget Carriers
PHILIPPINE LONG: Set to List More Shares Today
PHILIPPINE LONG: Mulls Permanent Php10 Flat Rate Promo


S I N G A P O R E

DIGI BUILDER: Proofs of Debt, Claim Due April 8
GLOBAL VOICE: Disposes Of Subsidiaries
MARATZ SINGAPORE: Issues Notice of Dividend
MEDIASTREAM LIMITED: Updates Judicial Management Petition
OCC INVESTMENT: Court to Hear Petition April 1

REDA INSTRUMENTE: Winding Up Hearing Set April 1


T H A I L A N D

KRUNG THAI: Acquires Shares from Siam Ferro Industry
KRUNG THAI: Releases Summary Statement of Assets, Liabilities
SINO THAI: Unveils Resolution at Board Directors Meeting
THAI PETROCHEMICAL: Removal from Rehabco Could Derail Plan
TUNTEX: Issues Business Rehabilitation Progress Report

     -  -  -  -  -  -  -  -

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


A TO Z: ASIC Attacks Voluntary Administrations
----------------------------------------------
The Australian Securities and Investments Commission (ASIC)
obtained orders in the Supreme Court of Queensland on Friday 18
March 2005, setting aside the resolutions of creditors of A to Z
Marine Pty Ltd (administrator appointed) (A to Z Marine) and
Metcoe Pty Ltd (administrator appointed) (Metcoe) to execute
Deeds of Company Arrangement.

On 13 January 2005, a voluntary administrator was appointed to A
to Z Marine and Metcoe after the sole director of the companies,
Mr. Stephanus Coetzee passed a resolution that the companies
were insolvent or likely to become insolvent.

On 9 February 2005, the creditors of the companies voted in
favor of entering into two Deeds of Company Arrangements
(DOCAs).

During the course of its investigations, ASIC became concerned
that conduct which took place prior to the appointment of the
voluntary administrator and during the meetings at which the
creditors resolved the DOCAs be executed was contrary to the
public interest and commercial morality.

On 28 February 2005, ASIC commenced proceedings seeking to set
aside the creditors resolutions approving the DOCAs and to have
liquidators appointed to the companies.

In the proceedings, ASIC alleged:

(1) the assets of the companies' luxury boat building business
had been used by successive companies and then stripped for use
by the next Company to carry on what was essentially the same
business of luxury boat building;

(2) significant assets had been stripped from Metcoe and A to Z
Marine so that they were not available to their respective
creditors;

(3) the DOCA process was being abused by Mr Coetzee and other
related companies to avoid liquidation and to prejudice
creditors;

(4) proofs of debt and proxies had been improperly assigned to a
third party while the Metcoe creditors' meeting was on foot to
secure approval of the DOCA;

(5) the intermingling of related Company affairs leading to
confusion in relation to the identity of the actual creditors of
Metcoe and A to Z Marine and the amount of debts owed by or to
Mr. Coetzee and other related companies;

(6) the misleading of creditors of A to Z Marine and Metcoe by
Mr. Coetzee and/or his agents in relation to the DOCA proposals
and the independence of the third party proposing the DOCAs; and

(7) the DOCAs did not provide for a better return for creditors
or members than would result from an immediate winding up.

In setting aside the creditors' resolutions agreeing to the
DOCAs, Chief Justice de Jersey ordered that Mr. Andrew Fielding,
of PPB Chartered Accountants, be appointed liquidator to wind up
the companies. Mr. Coetzee was ordered to pay ASIC's costs of
the proceedings.

"ASIC will not tolerate the improper manipulation of the
voluntary administration process to favor the interests of the
Company's former controllers or to achieve results that are
simply not in the best interests of the creditors," ASIC's
Deputy Executive Director of Enforcement, Mr. Mark Steward said.

Background

A to Z Marine was formerly known as Innovation Marine
International Pty Ltd. Metcoe has carried on a business under
the names Innovation Marine and Innovation Power Catermarans.
Both companies have primarily been concerned in the business of
constructing luxury boats.

ASIC commenced an investigation into A to Z Marine, Metcoe,
their directors and related entities in November 2004, in
relation to possible insolvent trading and other breaches of the
Corporations Act 2001.  


AUST ASIA: Picks Liquidator to Wind Up Company
----------------------------------------------
Notice is hereby given that at an extraordinary general meeting
of the sole member of Aust Asia Computer Engineering Pty Ltd (In
Liquidation) A.C.N. 006 186 590 held on February 7, 2005, it was
resolved that the Company be wound up voluntarily and at a
meeting of creditors held on the same day pursuant to Section
497, it was resolved that for such purpose, Messrs Philip Newman
and David Charles Quin of HLB Mann Judd, Chartered Accountants,
Level 1, 160 Queen Street, Melbourne be appointed joint and
several Liquidators.

Dated this 8th day of February 2005

P. Newman
Liquidator
HLB Mann Judd
Chartered Accountants
Level 1, 160 Queen Street,
Melbourne 3000


CODE ONE: Names A.S R. Hewitt as Liquidator
-------------------------------------------
Notice is hereby given that at an extraordinary general meeting
of members of Code One Security Pty Ltd (In Liquidation) A.C.N.
084 013 829 held on February 1, 2005, it was resolved that the
Company be wound up voluntarily.

At a meeting of the creditors held on February 1, 2005 pursuant
to Section 497 of the Act, it was resolved that Andrew Stewart
Reed Hewitt of Grant Thornton be appointed Liquidator.

Dated this 9th day of February 2005

A.S.R. Hewitt
Liquidator
Grant Thornton
Rialto Towers, Level 35, South Tower,
525 Collins Street,
Melbourne Vic 3000


COMPLETE LIQUOR: Begins Winding Up Process
------------------------------------------
Notice is hereby given that at a General Meeting of Members of
Complete Liquor Services Pty Limited (In Liquidation) A.C.N. 083
446 557 duly convened and held at Frasers Insolvency Advisory,
Level 9, 99 Elizabeth Street, Sydney NSW 2000 on Monday,
February 14, 2005 at 10:00 a.m. a Special Resolution that the
Company be wound up voluntarily was passed by members and the
undersigned was appointed Liquidator.

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

Dated this 15th day of February 2005

M. F. Cooper
Liquidator
Frasers Insolvency Advisory
Level 9, 99 Elizabeth Street,
Sydney NSW 2000


FINOUGHS PTY: To Undergo Voluntary Liquidation
----------------------------------------------
Notice is hereby given that at a General meeting of Members of
Finoughs Pty. Ltd. (In Voluntary Liquidation) A.B.N. 81 080 510
425 held on February 11, 2005 it was resolved that the Company
be wound up voluntarily and that for such purpose Dennis Michael
Foley, Certified Practising Accountant, of 3rd Floor, Lydiard
House, 17 Lydiard Street North, Ballarat, 3350 be appointed
Liquidator.

Dated this 11th day of February 2005

Dennis M. Foley
Liquidator
Dennis M. Foley & Associates
Certified Practising Accountants
3rd Floor, Lydiard House, 17 Lydiard Street North,
Ballarat 3350
Telephone: (03) 5331 2600
Facsimile: (03) 5333 2713
E-mail: dmf@cooke-foley.com.au


FLUID DYNAMICS: Liquidator to Relate Winding Up Account
-------------------------------------------------------
Notice is hereby given pursuant to Sections 509(1) of the
Corporations Act 2001 that a general meeting of the members of
Fluid Dynamics Investment Pty Ltd (In Liquidation) A.C.N. 079
160 213 will be held at the offices of PPB, Level 10, 90 Collins
Street, Melbourne 3000 on February 20, 2005 at 11:00 a.m. for
the purpose of having an account laid before them showing the
manner in which the winding up has been conducted and the
property of the Company disposed of and hearing any explanations
that may be given by the Liquidator.

Dated this 18th day of January 2005

Andrew Mclellan
Liquidator
Fluid Dynamics Investment Pty Ltd
PPB
Chartered Accountants & Business Reconstruction Specialists
Level 10, 90 Collins Street,
Melbourne Vic 3000


INCH CORP: Members Pass Resolution at Meeting
---------------------------------------------
At a General Meeting of Inch Corp Pty Ltd A.C.N. 087 391 679,
duly convened and held at Level 6, 409 St Kilda Road, Melbourne,
Victoria, 3004 on January 24, 2005 the following Special
Resolution passed:

That the Company be wound up as 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 24th day of January 2005

Andrew W. Quin Cpa
Quin & Bourke
Level 6, 409 St Kilda Road,
Melbourne Vic 3004


JAMES HARDIE: Says Baryulgil Community Can Get Compo
----------------------------------------------------
James Hardie Industries said that it will honor all legitimate
asbestos claims against the Company including those from the
Aboriginal community in Baryulgil, according to Australian
Associated Press.

The embattled building products maker denied a report that it
would not provide access to compensation to the Baryulgil
residents. The Company stressed that all legal claims would be
covered by a special purpose fund.

The Aboriginal community in Baryulgil is reportedly seeking more
than AU$50 million in asbestos compensation from James Hardie.
Sydney-based law firm Stephen Smart and Associates is arranging
a possible legal action by workers of an asbestos mine ran by
Asbestos Mines Pty Ltd, a subsidiary of James Hardie.

In December last year, James Hardie inked an in-principle
agreement with asbestos victim groups, the New South Wales
government and the Australian Council of Trade Unions (ACTU) for
the Company to provide sufficient funding for asbestos victims
over the next 40 years. The compensation fund is handled by the
Medical Research and Compensation Foundation (MRCF).

The Company said the funds paid to the MRCF would be available
to meet all future proven claims, "including those received from
members of the Baryulgil community.

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.


K HOMES: To Declare Final Dividend April 26
-------------------------------------------
A first and final dividend is to be declared on April 26, 2005
in respect of K Homes Pty Ltd (In Liquidation) A.C.N. 078 011
999.

Creditors whose debt or claims have not already been admitted
are required today, March 23, 2005 to formally prove their debt
or claims. If they do not, they will be excluded from the
benefit of the dividend. Creditors are advised that they are
required to provide documentary evidence to substantiate their
debt or claim.

Dated this 9th day of February 2005

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


LBS SUPPORT: Creditors Required to Submit Proofs of Debt
--------------------------------------------------------
A first and final dividend is to be declared on March 31, 2005
for LBS Support Pty Limited (Subject To Deed Of Company
Arrangement) A.C.N. 081 000 851.

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

Danny Vrkic
Deed Administrator
Jirsch Sutherland & Co - Wollongong
Chartered Accountants
Level 3, 6-8 Regent Street,
Wollongong NSW 2500
Telephone: 02 4226 2545
Facsimile: 02 4225 2546


M. FROST: Resolves to Wind Up Company
-------------------------------------
Notice is hereby given that, at an Extraordinary General Meeting
of M. Frost Properties Pty. Limited A.C.N. 000 077 261 held on
February 11, 2005, the following Resolution was passed as a
Special Resolution:

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

Dated this 11th day of February 2005

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


MIRROOL CREEK: Lays Out Agenda for Joint Meeting
------------------------------------------------
Notice is given pursuant to Section 509 of the Corporations Act
2001 that a joint meeting of the members and creditors Mirrool
Creek Grain Co-Operative Limited (In Liquidation) (The Co-Op)
will be held at The Ardlethan Public Hall, Ariah Street,
Ardelthan NSW 2665 on Thursday, March 24, 2005 at 1:00 p.m.

AGENDA

(1) To review the Joint Liquidators' final report to creditors;

(2) To detail an account showing how the winding up has been
conducted and the property of the Co-Op disposed of; and

(3) To hear any further explanations that may be given by the
Joint Liquidators.

Dated this 22nd day of February 2005

B. A. Taylor
Joint Liquidator
Ferrier Hodgson
Level 17, 2 Market Street,
Sydney NSW 2000


MISTEARL PTY: Chooses Liquidator to Wind Up Company
---------------------------------------------------
Notice is hereby given that at a general meeting of the members
of Mistearl Pty Ltd (In Liquidation) A.C.N. 061 805 972 held on
February 8, 2005, it was resolved that the Company be wound up
voluntarily and that, Stephen Robert Dixon and Laurence Andrew
Fitzgerald, Chartered Accountants of Horwath Melbourne,
Chartered Accountants, Level 5, 114 William Street, Melbourne
Vic 3000 be nominated to act as Joint and Several Liquidators
for the purpose of the winding up.

Dated this 8th day of February 2005

Stephen Robert Dixon
Joint and Several Liquidator
Horwath Melbourne
Chartered Accountants
Level 5, 114 William Street,
Melbourne Vic 3000


NATIONAL AUSTRALIA: Forex Trader Pleads Guilty to ASIC Charges
--------------------------------------------------------------
The Chairman of the Australian Securities and Investments
Commission (ASIC), Mr. Jeffrey Lucy on Tuesday noted that Mr.
Luke Duffy, former Head of the National Australia Bank (NAB)
Foreign Currency Options Desk (FX Options Desk) had pleaded
guilty to three counts of dishonestly using his position as an
employee in order to gain advantages for himself and others.

Tuesday's hearing followed an ASIC investigation into the
alleged unauthorized trading in foreign exchange and foreign
exchange options at the NAB by Mr. Duffy, Mr. Gianni Gray, Mr.
Vincent Ficarra and Mr. David Bullen. The former NAB foreign
exchange traders were first charged by ASIC in December 2004.

ASIC alleged that Mr. Duffy, together with co-defendants Messrs
Gray, Ficarra and Bullen entered false information into the
NAB's accounting systems in order to falsely inflate the profit
results of the FX Options Desk between September 2003 and
January 2004. ASIC alleged that Mr. Duffy, 35 years of Albert
Park in Victoria, took part in the entering of this false
information for a number of reasons including obtaining a
performance bonus for the 2003/2004 financial year.

Mr. Duffy was granted bail and has been committed for sentence
in the County Court in Melbourne on 14 June 2005.

Messrs Gray, Ficarra and Bullen also appeared in the Melbourne
Magistrates Court today.

Mr. Gianni Gray, 34 years of London, United Kingdom, pleaded not
guilty to the charges and will next appear in the Melbourne
Magistrates Court for a committal hearing on 1 August 2005. Mr.
Gray, who was initially charged with three counts of dishonestly
using his position as an employee to gain advantages for himself
and others, now faces a total of 19 charges of dishonestly using
his position as an employee, as well as one charge of obtaining
a financial advantage by deception. These additional charges
were brought against Mr Gray by ASIC earlier this month.

Mr. Vincent Ficarra, 27 years of Fitzroy North in Victoria, also
pleaded not guilty to 19 charges of dishonestly using his
position as an employee and one charge of obtaining a financial
advantage by deception. Mr. Ficarra will next appear in the
Melbourne Magistrates Court for a committal hearing on 1 August
2005.

Mr. David Bullen, 33 years of Ararat in Victoria, reserved his
plea in relation to all of the charges and was committed to
stand trial in the Country Court in Melbourne on 27 May 2005.
Mr. Bullen was granted bail by the Court.

The Commonwealth Director of Public Prosecutions is prosecuting
the matter. As this matter is currently before the Courts, ASIC
will not be commenting further at this stage.

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/


NETWORK ASSET: Final Meeting Slated for March 24
------------------------------------------------
Notice is given that a final meeting of the creditors and
members of Network Asset Management Pty Ltd (In Liquidation)
A.C.N. 091 953 383 will be held at Level 6, 161 Collins Street,
Melbourne on March 24, 2005 at 10:00 a.m.

The purpose of the meeting is to receive the Liquidator's
account showing how the winding up has been conducted and the
property of the Company has been disposed of, and to receive any
explanation of the account.

Accounts have been compiled in accordance with Section 539(1)
and are available for inspection at Level 6, 161 Collins Street,
Melbourne during normal business hours.

Dated this 9th day of February 2005

G. M. Rambaldi
Liquidator
Pitcher Partners
Level 6, 161 Collins Street,
Melbourne Vic 3000


QANTAS AIRWAYS: To Introduce Flexible Fares on Kangaroo Route
-------------------------------------------------------------
Qantas Airways and British Airways will launch on April 26 a
more flexible economy fare structure between Australia and
Britain and Europe, according to the Australian Associated
Press.

Under the new system, customers will be offered the Qantas Red
e-Deal or British Airways Value Deal - the cheapest and most
structured, Super Saver - a mid range fare with fewer
conditions, and Flexi Saver - the most flexible.

According to Qantas executive general manager John Borghetti,
the new fares offer greater choice and meet the needs of a wide
range of market segments.

CONTACT:

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


PARKER SCARF: General Meeting Set March 30
------------------------------------------
Notice is hereby given that a general meeting of members of the
Parker Scarf Company Pty Ltd A.C.N. 004 394 496 will be held at
134 Martin Street, Brighton, Victoria on March 30, 2005 at 10:00
a.m. The object of the meeting shall be to show how the winding
up was conducted and the final distribution made.

Angelo Gangemi
Liquidator


PARKER SERVICES: Members Pass Resolution to Wind Up Company
-----------------------------------------------------------
At a general meeting of the members of Parker Services Pty Ltd
(In Liquidation) A.C.N. 094 324 017 duly convened and held at
Unit 7/238 Falcon Street, North Sydney NSW on February 27, 2005,
the special resolution set out below was passed:

That the Company be wound up voluntarily.

Dated this 10th day of February 2005

Sew Hong Ong
Director
c/- Mortons Accountants
5th Floor, 347 Flinders Lane,
Melbourne Vic 3000
Telephone: 9620 4222


RAJAK PTY: To Convene Final Meeting March 28
--------------------------------------------
Notice is hereby given pursuant to Sections 509(1) of the
Corporations Act 2001 that a final meeting of the members of
Rajak Pty Ltd (In Liquidation) A.C.N. 064 250 862 will be held
at the offices of PPB, Level 10, 90 Collins Street, Melbourne
3000 on March 28, 2005 at 12:00 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 11th day of February 2005

Andrew McLellan
Liquidator
Rajak Pty Ltd
PPB
Chartered Accountants & Business Reconstruction Specialists
Level 10, 90 Collins Street,
Melbourne Vic 3000


SARAFIAN INCENTIVE: To Hear Liquidator's Report on March 28
-----------------------------------------------------------
Notice is hereby given pursuant to Sections 509(1) of the
Corporations Act 2001 that a final meeting of the members of
Sarafian Incentive Pty Ltd (In Liquidation) A.C.N. 079 056 527
will be held at the offices of PPB, Level 10, 90 Collins Street,
Melbourne 3000 on March 28, 2005 at 11:30 a.m. for the purpose
of having an account laid before them showing the manner in
which the winding up has been conducted and the property of the
Company disposed of and hearing any explanations that may be
given by the Liquidator.

Dated this 11th day of February 2005

Andrew Mclellan
Liquidator
Sarafian Incentive Pty Ltd
PPB
Chartered Accountants & Business Reconstruction Specialists
Level 10, 90 Collins Street,
Melbourne Vic 3000


SARAFIAN INVESTMENT: Liquidator to Report Winding Up Process
------------------------------------------------------------
Notice is hereby given pursuant to Sections 509(1) of the
Corporations Act 2001 that a final meeting of the members of
Sarafian Investment Pty Ltd (In Liquidation) A.C.N. 079 160 179
will be held at the offices of PPB, Level 10, 90 Collins Street,
Melbourne 3000 on March 28, 2005 at 11:00 a.m. for the purpose
of having an account laid before them showing the manner in
which the winding up has been conducted and the property of the
Company disposed of and hearing any explanations that may be
given by the Liquidator.

Dated this 11th day of February 2005

Andrew Mclellan
Liquidator
Sarafian Investment Pty Ltd
PPB
Chartered Accountants & Business Reconstruction Specialists
Level 10, 90 Collins Street,
Melbourne Vic 3000


SONS OF GWALIA: St. Barbara Unveils Huge Reserves Blackhole
-----------------------------------------------------------
The huge reserves blackhole blamed for the collapse of Sons of
Gwalia was unveiled Monday after St. Barbara Mines confirmed its
$38-million acquisition of Gwalia's gold assets, The West
Australian reports.

St. Barbara Mines revealed the extent of Gwalia's deterioration
by putting the failed miner's gold reserves at just 564,000
ounces after production of 286,000 ounces since July last year
when resources stood at 7.9 million ounces.

That represents a shortfall of 1.9 million ounces from Gwalia's
last reported reserves estimate of 3.27 million ounces in
September 2003, after accounting for the 807,000oz produced
since July that year when total gold resources stood at 8.48
million ounces.

The scale of the shortfall will be of keen interest to
litigation funder IMF Australia, which is investigating a
potential class action against Gwalia's board on be half of
shareholders who spent huge amounts buying Company shares in the
months before its collapse.

Gwalia called in administrators seven months ago when an
internal review identified a massive shortfall in reserves that
left the Company unable to meet extensive forward sales
contracts.

CONTACT:

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


SPUNTHORN PTY: Members Decide to Wind Up Company
------------------------------------------------
Notice is hereby given that at a general meeting of members of
Spunthorn Pty Limited A.C.N. 002 204 695 held on February 14,
2005 it was resolved that the Company be wound up voluntarily
and that for such purpose Graham Dudley Short, Chartered
Accountant, 54 Sailors Bay Road, Northbridge, NSW, 2063, be
appointed liquidator.

Dated this 14th day of February 2005

Graham D. Short
Liquidator


VCPO LIMITED: To Wind Up Voluntarily
------------------------------------
Notice is hereby given that at a General Meeting of Members of
VCPO Limited (In Voluntary Liquidation) A.C.N. 006 386 410 duly
convened and held at the Department of Innovation, Industry and
Regional Development, Level 8, 55 Collins Street, Melbourne,
Victoria on February 4, 2005, a Special Resolution that the
Company be wound up voluntarily was passed by members and my
partner, Colin McIntosh Nicol, and Robyn Mckern were appointed
joint and several Liquidators.

Dated this 9th day of February 2005

Robyn Mckern
Liquidator
c/- McGrathNicol+Partners
Level 1, 161 Collins Street,
Melbourne Vic 3000
Telephone (03) 9038 3164,
Web site: www.mcgrathnicol.com.au


WALKER SITE: Names Liquidators from Chartered Accountants
---------------------------------------------------------
Notice is hereby given that at a general meeting of members of
Walker Site Welding Pty Ltd (In Liquidation) A.C.N. 095 404 989
held on February 10, 2005, it was resolved that the Company be
wound up voluntarily and that Robyn Erskine & Peter Goodin, of
Brooke Bird & Co, Chartered Accountants, 471 Riversdale Road,
Hawthorn East, 3123, be appointed Liquidators.

Simon Walker
Director
Brooke Bird & Co
Chartered Accountants
471 Riversdale Road,
Hawthorn East 3123
Telephone: 9882 6666


WALTER CONSTRUCTION: Administrators Reveal $65-Mln Losses
---------------------------------------------------------
A creditor's report revealed that failed Walter Construction
Group managed to bleed money four years in a row, says The
Courier Mail.

Voluntary administrator KordaMentha disclosed in its second
creditor's report that Walter Construction incurred a total of
$65.6 million losses over a five-year period from 2000. The
report also alleged the group may have been trading while
insolvent.

The report said Walter, which was placed in administration on
February 2 after its German parent Company Walter Bau AG filed
for insolvency, should be able to pay its employees their full
entitlements, but would struggle to pay up to $127 million owed
to its creditors.

The administrators also raised the possibility that the Walter
directors who hold directorships on the board of Walter Bau AG,
Christian Fischer and Roy Walter, may have known in advance
about the Company's dire financial status.

The administrators are asking for more time to continue their
probe before releasing further information.


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


BONCH INVESTMENTS: Proofs of Debt, Claims Due April 4
-----------------------------------------------------
Notice is hereby given that the Creditors of Bonch Investments
Limited, which are in Members' Voluntarily Liquidation, are
required (if they have not already done so), 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 come in personally or by their Solicitors and prove
their debts 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.

Dated this 18th day of March 2005.

JACKY CHUNG WING MUK
GABRIEL CHI KOK TAM
Joint and Several Liquidators


CAPITAL GAIN: Court Issues Winding Up Petition Notice
-----------------------------------------------------
Capital Gain Limited with registered office located at Rm 1404,
14/F, Lap Fai Bldg, 6-8 Pottinger St, Central, Hong Kong was
issued a winding up notice by the High Court of the Hong Kong
Special Administrative Region Court of First Instance on March
9, 2005.

Date of Presentation of Petition: January 5, 2005.

Dated this 18th day of March 2005.

ET O'Connell
Official Receiver


CHAN KIN: Enters Bankruptcy Proceedings
---------------------------------------
Notice is hereby given that Bankruptcy Order against Chan Kin
Lung, formerly trading as Century Engineer Co., was made on
March 2, 2005.

All debt due to the estate should be paid to the undersigned.

Dated this 18th day of March 2005.

ET O'CONNELL
Official Receiver


EXCEL TECHNOLOGY: 2004 Net Loss Shrinks to HKD20.9 Mln
------------------------------------------------------
Excel Technology International Holdings Limited (8048) on March
21, 2005 announced its financial result for the period ended
December 31, 2004.

Year end date: 31/12/2004
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                           : 162,888            184,713           
Profit/(Loss) from Operations      : (26,845)           (27,285)          
Finance cost                       : (382)              (417)             
Share of Profit/(Loss) of
  Associates                       : 4,727              2,107             
Share of Profit/(Loss) of
  Jointly Controlled Entities      : N/A                N/A               
Profit/(Loss) after Tax & MI       : (20,962)           (26,529)          
% Change over Last Period          : N/A       %
EPS/(LPS)-Basic (in dollars)       : (0.0213)           (0.0269)          
         -Diluted (in dollars)     : N/A                N/A               
Extraordinary (ETD) Gain/(Loss)    : N/A                N/A               
Profit/(Loss) after ETD Items      : (20,962)           (26,529)          
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
Excel Technology International Holdings Limited
Name:  Zee Chan Mei Chu, Peggy
Title: Chairman  

Loss per share

The calculation of the basic loss per share is based on the net
loss attributable to shareholders of HK$20,962,000 (2003:
HK$26,529,000) and the 985,050,000 (2003: 985,050,000) shares in
issue during the year.

No diluted loss per share has been presented as the exercise
price of the options was higher than the average market price
per share.  Thus no exercise of the Company's outstanding
options is assumed.

CONTACT:

Excel Technology International (Hong Kong) Limited
5th Floor 663 King's Road
North Point, Hong Kong
Tel: (852) 2186 2800
Fax: (852) 2186 8062
E-mail: Inquiry@excel.com.hk


FORDPEARL LIMITED: Creditors to Prove Debt by April 4
-----------------------------------------------------
Notice is hereby given that the Creditors of Fordpearl Limited,
which are 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 by the said liquidator are,
by their solicitors or personally, to come in and 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 CHUNG WING MUK
GABRIEL CHI KOK TAM
Joint and Several Liquidators


HIGH PROGRESS: Court Issues Winding Up Notice
---------------------------------------------
High Progress Investments Limited with registered office located
at G/F, No. 115, Chung On St, Tsuen Wan, New Territories was
issued a winding up notice by the High Court of the Hong Kong
Special Administrative Region Court of First Instance on March
9, 2005.

Date of Presentation of Petition: January 6, 2005.

Dated this 18th day of March 2005.

ET O'Connell
Official Receiver


LH GODOWN: Receives Winding Up Notice
-------------------------------------
LH Godown Limited with registered office located at 12/F,
Richmake Commercial Bldg, 198 Queen's Rd, Central Hong Kong was
issued a winding up notice by the High Court of the Hong Kong
Special Administrative Region Court of First Instance on March
9, 2005.

Date of Presentation of Petition: January 5, 2005.

Dated this 18th day of March 2005.

ET O'Connell
Official Receiver


MARSON PROPERTIES: Proofs of Debt, Claims Due April 4
-----------------------------------------------------
Notice is hereby given that the Creditors of Marson Properties
Limited (In Members' Voluntarily Liquidation) are required on or
before the close of business on April 4, 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 to come in personally or by their Solicitors and prove
their debts 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.

Dated this 18th day of March 2005.

JACKY CHUNG WING MUK
GABRIEL CHI KOK TAM
Joint and Several Liquidators


MINSK WORLD: Declares Bankruptcy
--------------------------------
Minsk World Industries Co., the theme park operator aboard the
retired Soviet aircraft carrier Minsk, has been declared
bankrupt, Xinhua News Agency reports.

The Company had CNY867 million (US$ 104.46 million) in total
debts, including CNY477 million in loans it owed to several
Chinese financial organizations. But by November 11, 2004, its
total assets were only CNY675 million (US$81.33 million).

The Company ran a wide range of businesses including
restaurants, beauty salons, cultural shows and trading, in
addition to the popular theme park aboard the Minsk.

The Company's debts built up due to heavy interest payments on
loans.

The report gave no details on what might happen to the Minsk
following the bankruptcy. Reports in Hong Kong's media said the
theme park's operators were hoping to find an investor to bail
them out and keep the aircraft carrier from being scrapped for
good.


KINGTIDE CENTURY: Enters Winding Up Proceedings
----------------------------------------------
Kingtide Century Limited with registered office located at G/F,
No. 32B, Lung Sum Ave, Sheung Shui, New Territories was issued a
winding up notice by the High Court of the Hong Kong Special
Administrative Region Court of First Instance on March 9, 2005.

Date of Presentation of Petition: January 5, 2005.

Dated this 18th day of March 2005.

ET O'Connell
Official Receiver


SANGUINE INTERNATIONAL: Proofs of Debt, Claims Due April 4
----------------------------------------------------------
Notice is hereby given that the Creditors of Sanguine
International Limited (In Members' Voluntary Liquidation) are
required on or before the close of business on April 4, 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 come in personally or by their Solicitors and prove
their debts 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.

Dated this 18th day of March 2005.

JACKY CHUNG WING MUK
GABRIEL CHI KOK TAM
Joint and Several Liquidators


SHANGHAI LAND: Court Orders Auction of Assets
---------------------------------------------
The Shanghai No. 1 Intermediate Court will put up major pledged
assets of Shanghai Land Holdings Limited for public auction, The
Standard reports.

The official receivers Ernst & Young said Sunday that one of the
assets, Yihe Longbai Hotel Shanghai, is to be auctioned along
with a block of land on Wu Zhong Road.

Both assets were pledged to Shanghai Rural Credit Co-operatives
Union to secure a 650 million yuan (HK$612.82 million) loan.

It has been speculated that Shanghai Land may face delisting
from the Hong Kong Stock Exchange if it loses the two major
assets, but the Company has so far not signaled a delisting.

Trading in Shanghai Land's Hong Kong-listed shares has been
suspended since June 2003.

For more information, go to
http://www.hkex.com.hk/listedco/listconews/sehk/20050318/LTN2005
0318149.pdf

CONTACT:

Shanghai Land Holdings Limited
99 Queen's Road
Central,
Hong Kong
Phone: +852 2232 6767
Fax: +852 2232 6700


SURSON DEVELOPMENT: Faces Winding Up Process
--------------------------------------------
Surson Development Limited with registered office located at
Flat A, 6th Floor, Unison Industrial Centre, 27-31 Au Pui Wan
st., Fotan , Shatin, New Territories was issued a winding up
notice by the High Court of the Hong Kong Special Administrative
Region Court of First Instance on March 9, 2005.

Date of Presentation of Petition: January 4, 2005.

Dated this 18th day of March 2005.

ET O'Connell
Official Receiver


WALLEN INVESTMENT: Creditors to Present Proofs of Claims
--------------------------------------------------------
Notice is hereby given that the Creditors of Wallen Investment
Limited, which are in Members' Voluntarily Liquidation are
required on or before the close of business on April 4, 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 by the said liquidator are,
by their solicitors or personally, to come in and prove their
debt or claims at such time and place as shall be specified in
such notice, or 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 CHUNG WING MUK
GABRIEL CHI KOK TAM
Joint and Several Liquidators


WING SHING: Court Commences Winding Up Proceedings
--------------------------------------------------
Wing Shing Engineering Limited with registered office located at
Flat M, 17/F, Universal Industrial Centre, 19-21 Shan Mei St,
Fotan, New Territories was issued a winding up notice by the
High Court of the Hong Kong Special Administrative Region Court
of First Instance on March 9, 2005.

Date of Presentation of Petition: January 5, 2005.

Dated this 18th day of March 2005.

ET O'Connell
Official Receiver


WORLDPEX INVESTMENT: Creditors to Submit Claims by April 4
----------------------------------------------------------
Notice is hereby given that the Creditors of Worldpex Investment
Limited (In Members' Voluntary Liquidation) are required on or
before the close of business on April 4, 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,
are personally or by their Solicitors to come in and prove their
debts 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.

Dated this 18th day of March 2005.

JACKY CHUNG WING MUK
GABRIEL CHI KOK TAM
Joint and Several Liquidators


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


BANK MANDIRI: To Sell IDR3.8-Trillion Bonds
-------------------------------------------
PT Bank Mandiri is set to sell bonds of up to IDR3.77 trillion
in the international bond market, Dow Jones reports.
  
Bank vice president Wayan Puyeg said that the bank plans to
issue up to IDR3.77 trillion in bonds for the second quarter of
2005, and is waiting for the central bank's approval of the bond
issue before announcing any details on the deal.

The bank has shortlisted the following as potential lead
managers for the bonds issue: Citigroup Inc., Duetsche Bank AG,
Mandiri Sekuritas, JPMorgan Chase & Co. and UBS AG. Investment
bankers say that Bank Mandiri plans to sell five- and ten-year
bonds.

Bank Mandiri is one of several banks planning to sell bonds in
the international market this year; other banks include Bank
Niaga and Bank Negara Indonesia.

CONTACT:

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


GARUDA INDONESIA: New Board Replaces Ousted Commissioners
---------------------------------------------------------
Garuda Indonesia has elected a new Board of directors in light
of the Company's previous dismissal of its 13-member board in a
planned stake sale, reports the Jakarta Post.

Together with new president director Emirsyah Satar, the
following persons now comprise Garuda Indonesia's new
management:

Abdul Ghani (President commissioner);

Sunarko Kuntjoro (Vice president for Technical Affairs &
Information Technology);

Agus Priyanto (Vice president for Marketing & Sales);

Ari Sapari (Vice president for Operations);

Arya Respati Suryono (Vice president for Service Delivery);

Achirina Suryono (Vice president for General Affairs & Business
Support);

Alex Maneklaran (Vice president for Financial Affairs); and

Guanrni Soeworo, Bambang Wahyudi, Slamet Riyanto, Aries Mufti
(Members of the Board of Commissioners).

The Company's management faces the daunting task of paying an
annual IDR1.08 trillion-debt obligation until 2010. According to
Mr. Emirsyah, one way to improve the Company's financial
condition was to conduct a comprehensive evaluation of existing
routes, and shut down the unprofitable routes.

The new management is not going to directly compete with newer,
low-cost carriers, but would focus energies on establishing
Garuda Indonesia as the state's domestic route leader.

CONTACT:

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


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

DAIEI INCORPORATED: Has No Plan to Cease Operations in Hokkaido  
---------------------------------------------------------------
Ailing retailer Daiei Incorprated (8263.TO) clarified that it
has no intention of ending its operations in Hokkaido, according
to Dow Jones.

"Our Company is not even considering such a move," Daiei said in
a statement.

The Nihon Keizi Shimbun reported that the two corporate sponsors
crafting a rehabilitation plan for Daiei had decided to cease
the firm's operations in Hokkaido, which could result in the
sale of its 11 outlets and 19 other stores run by an affiliate
there.

Daiei's two corporate sponsors for its rehabilitation are
Marubeni Corporation (8002.TO) and investment fund Advantage
Partners Incorporated.

The report said the move would be made official after
consultation with the Industrial Revitalization Corporation of
Japan (IRCJ).

CONTACT:

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


JAPAN TOBACCO: Russia Raises Back-Tax Bill to $95 Mln
-----------------------------------------------------
Petro, a unit of Japan Tobacco Incorporated, has been handed a
$15 million back-tax bill by the Russian Federal Tax Service
(FTS), bringing total claims to $95 million, reports the St.
Petersburg Times.

"The Company confirms that it has received a back tax claim from
the St. Peterburg branch of the federal tax authorities against
its Petro factory for the 2001 tax year. The total sum,
including the fines, makes up about $15 million," Andrei Yerin,
spokesperson for Japan Tobacco International (JTI) in Russia,
said Monday in an e-mailed statement.

The FTS was claiming that Petro underpaid $15 million in value-
added tax (VAT) in 2001 by using transfer pricing.

Last June, Moscow regional tax authorities presented the sales
unit of Japan Tobacco's Russian branch with an $80-million claim
for 2000 tax arrears, interest and penalties.

CONTACT:

Japan Tobacco Incorporated
2-1, Toranomon 2-Chome
Minato-Ku 105-8422, Tokyo 105-8422
Japan
Phone: +81 3 3582 3111
Fax: +81 3 5572 1441
Web site: http://www.jti.com


JAPAN TOBACCO: Signs Licensing Agreement With Gilead Sciences
-------------------------------------------------------------
Gilead Sciences, Inc. (Nasdaq:GILD) on March 22, 2005 announced
that the Company has entered into a licensing agreement with
Japan Tobacco Inc. (JT), under which JT has granted to Gilead
exclusive rights to develop and commercialize a novel HIV
integrase inhibitor (JTK-303) in all countries of the world,
excluding Japan, where JT will retain rights.

Under the terms of the agreement, Gilead will pay to JT an
upfront payment of $15 million and additional cash payments of
up to $90 million upon the achievement of certain milestones.
Gilead will also pay to JT a royalty based on future product
sales in the territories where Gilead will market the drug. The
agreement announced today is subject to clearance under the
Hart-Scott-Rodino Antitrust Improvements Act.

As a result of the financial impact of this agreement, Gilead is
providing an update on its financial guidance for research and
development (R&D) expenses for 2005. Gilead's revised guidance
for full year R&D expenses is now in a range of $250 to $270
million, up from the guidance of $240 to $260 million provided
on the January 27, 2005 earnings conference call.

"We are very pleased to partner with JT to develop this
compound, which is from a novel class of drugs that target the
integrase enzyme," said John C. Martin, PhD, President and CEO,
Gilead Sciences. "HIV has been and continues to be a leading
research and development priority at Gilead, and our efforts are
focused on identifying compounds in established classes of HIV
drugs and also exploring therapies with new mechanisms of
action. We believe this particular compound has a profile that
is complementary to our existing HIV products, and we look
forward to advancing it forward in clinical trials later this
year."

"JT has long been committed to the exploration of anti-HIV
drugs, and our efforts are gaining significant momentum. Today
we are extremely pleased to announce our partnership with
Gilead, an ideal partner in the field of anti-HIV drug
development," said Noriaki Okubo, President of JT's
Pharmaceutical Business. "Together, we're going to make every
effort to advance this therapy into clinics as quickly as
possible with the goal that it will someday benefit patients
suffering from HIV."

Integrase is one of the key enzymes required for HIV to
replicate. By inhibiting this enzyme, the integration of HIV DNA
into the DNA of immune system cells (the process by which
infection occurs) is disabled. JT's compound has previously been
evaluated in a Phase I study in Japan to assess bioavailability
and pharmacokinetics in healthy volunteers. Gilead plans to
initiate Phase I/II clinical studies in HIV-positive patients by
mid-year.

Gilead and JT first partnered in July 2003, when the companies
announced an agreement granting JT commercialization rights for
Truvada(R) (emtricitabine and tenofovir disoproxil fumarate),
Viread(R) (tenofovir disoproxil fumarate) and Emtriva(R)
(emtricitabine) in Japan.

About Gilead Sciences and Japan Tobacco

Gilead Sciences is a biopharmaceutical Company that discovers,
develops and commercializes innovative therapeutics in areas of
unmet medical need. The Company's mission is to advance the care
of patients suffering from life-threatening diseases worldwide.
Headquartered in Foster City, California, Gilead has operations
in North America, Europe and Australia.

Japan Tobacco Inc. is the world's third largest international
manufacturer of tobacco products. Since its privatization in
1985, JT has actively diversified its operations into
pharmaceuticals and foods. JT entered into the pharmaceutical
business in 1987 and established the Central Pharmaceutical
Research Institute in 1993. JT is currently engaged in the
research and development of new drugs in various areas such as
glucose and lipid metabolism, anti-virus, immune disorders and
inflammation, and bone metabolism. The Company's net sales were
YEN4.625 trillion in the fiscal year that ended March 31, 2004.

Truvada, Viread and Emtriva are registered trademarks of Gilead
Sciences, Inc.

For more information on Gilead Sciences, please visit the
Company's web site at www.gilead.com or call Gilead Public
Affairs at 1-800-GILEAD-5 or 1-650-574-3000.

Contacts:  
   
Gilead Sciences, Inc.
Susan Hubbard, 650-522-5715 (Investors)
Erin Edgley, 650-522-5635 (Media)


MITSUBISHI MOTORS: Posts Changes in FTSE Indices
------------------------------------------------
Following the completion of a share placement by Mitsubishi
Motors (Japan Constituent), FTSE announces the following
changes:

      INDEX                CHANGE        EFFECTIVE FROMSTART OF
                                               TRADING

FTSE All-World Index  Mitsubishi Motors       30 March 2005
                     (Japan, 6598446) will
                     remain  30 March 2005
                     in the index with an
                     increased shares in issue
                     total of 4,064,000,356
                     and an unchanged investability
                     weighting of 30%.

FTSE Multinationals  Mitsubishi Motors will    30 March 2005  
                     remain in the index as   
                     detailed above.

FTSE Global Style Index Mitsubishi Motors will 30 March 2005
                     remain in the index as   
                     detailed above.

FTSE ISS Japan CGI   Mitsubishi Motors will    30 March 2005
                     remain in the index as    
                     detailed above.

FTSE ISS Developed CGI Mitsubishi Motors will  30 March 2005
                     remain in the index as   
                     detailed above.

For index related enquiries or further information about FTSE
please contact:

Client Services in UK:                      Tel: +44 (0) 20 7448
1810

Client Services in US:                      Tel: +1 888 747 FTSE
(3873) or +1 212 641 6166

Client Services in Asia Pacific:            Tel: +852 2230 5800
or +65 6223 3738 or +81 3 3581 2796

Or, email your enquiries to
info@ftse.com
or visit our website at
www.ftse.com

CONTACT:

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


MITSUBISHI MOTORS: Receives Payment for Class G Preferred Shares
----------------------------------------------------------------
Mitsubishi Motors Corporation (MMC) announced on February 24,
2005 that it would issue new preferred shares through third
party allocation. This additional capital enhancement
arrangement will contribute to the "Mitsubishi Motors
Revitalization Plan" which outlines the Company's new business
plan through 2007.

On March 22, 2005, MMC announced that a total payment of
approximately 10.2 billion yen has been received for the
issuance of No. 3 Class G preferred shares. The details of the
issue are as follows:

No. 3 Class G Preferred Shares  

Total payment: 10.2 billion yen
Receiving party: The Mitsubishi Trust and Banking Corporation
Number of shares: 10,200 shares


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

DAEWOO SHIPBUILDING: Net Loss Falls in February 2005
----------------------------------------------------
Daewoo Shipbuilding & Marine Engineering Co. on March 21
reported a decrease of almost 50% on its net loss for February,
Yonhap News reports.

According to a mandatory filing to the Korea Stock Exchange, the
Company's net loss dropped from KRW33.57 billion in January to
KRW17.23 last month, while operating loss also dropped from
KRW71.51 billion to KRW67.76 billion, in the same period.

On the other hand, sales dropped 12.5% in the same month,
despite a 5.8% (KRW337.4 billion) increase for the January
period.

Daewoo Shipbuilding is a separate entity of Daewoo Heavy
Industries & Machinery Ltd., which was split up into three
different firms - namely, Daewoo Heavy Industries & Machinery,
Daewoo Shipbuilding & Marine Engineering Co. and paper Company
Daewoo Heavy Industries Co. - in October 2000.


LG CARD: Shares Trading Resumes
-------------------------------
After a cut in its capital, LG Card Co.'s shares resumed trading
on March 22, reports Asia Pulse.

The Company's shares were suspended last March 4 to initiate a
5.5-for-1 stock consolidation that resulted in a decrease in
capital, from KRW3.45 trillion to KRW626.8 billion.

The card Company said that it lowered the ratio of accumulated
losses to equity capital to 8.8%, below the 50% threshold, as
companies with ratios over 50% are delisted from the Stock
Exchange.

After creditors bailed out LG Card last year, the Company still
reported losses for the first half of 2004, but has improved
profitability, incurring its first profit for the past two
years. Creditors have put up the credit card firm for sale.

CONTACT:

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


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

ASIAN PAC: Proposes to Undertake Restructuring Scheme
-----------------------------------------------------
On March 19, 2004, Asian Pac Holdings Berhad announced that the
Company proposes to undertake the Proposed Corporate
Restructuring Scheme, which, inter-alia, includes the following:

(i) Proposed acquisition of 100% equity interest in Teluk
Nirwana Sdn Bhd (TNSB);

(ii) Proposed acquisition of 100% equity interest in Quality
Trend Sdn Bhd (QTSB);

(iii) Proposed acquisition of 100% equity interest in Changkat
Fajar Sdn Bhd (CFSB);

(iv) Proposed renounceable restricted offer for sale by the
vendors of TNSB to the existing shareholders of Asianpac; and

(v) Proposed private placement by the vendors of TNSB, QTSB and
CFSB to Mah Sau Cheong (MSC), the Company's dominant
shareholder.

On March 18, 2005, by way of exchange of letters and a
supplemental agreement between the Company and the vendors of
CFSB and QTSB respectively, the parties to the two sale and
purchase agreements for the Proposed QTSB Acquisition and the
Proposed CFSB Acquisition have mutually agreed to extend the
deadline for the fulfillment of the conditions precedent
stipulated therein by a further six (6) months from March 18,
2005.

However, the sale and purchase agreement for the Proposed TNSB
Acquisition has lapsed on March 19, 2005, therefore the Proposed
TNSB Acquisition will no longer be part of the Company's
Proposed Corporate Restructuring Scheme. Further, resulting from
the above, the Proposed renounceable restricted offer for sale
(ROS) will also no longer be undertaken and the Proposed Private
Placement will now be revised, whereby it will only be
undertaken by the vendors of QTSB and CFSB.

It should be noted that apart from the Proposed ROS (which will
now no longer be undertaken) and the Proposed Revised Private
Placement, other components of the Proposed Corporate
Restructuring Scheme are not conditional upon the TNSB
Acquisition.

1. FINANCIAL EFFECTS

The revised financial effects of the Proposed Corporate
Restructuring Scheme on the Company's share capital, substantial
shareholding structure, net tangible assets (NTA) and gearing,
after taking into account the cancellation of both the Proposed
TNSB Acquisition and the Proposed ROS and the Proposed Revised
Private Placement are shown below. There are no revised effects
to the Company's's earnings and dividends.

2. APPROVALS REQUIRED

All approvals required for the Proposed Corporate Restructuring
Scheme remained unchanged from that as announced on March 19,
2004.

3. DOCUMENTS FOR INSPECTION

Copies of the supplemental agreement for the extension of the
Proposed QTSB Acquisition and the exchange of letters for the
extension of the Proposed CFSB Acquisition can be inspected at
the Company's Registered Office at the 12th Floor, Menara SMI,
6, Lorong P. Ramlee, 50250 Kuala Lumpur, from Mondays to Fridays
(except public holidays), 9:00 a.m. to 5:00 p.m. for a period of
three (3) months from the date of this announcement.

CONTACT:

Asian Pac Holdings Berhad
6 Lorong P Ramlee
Kuala Lumpur,
Kuala Lumpur 50250
Malaysia
Phone: +60 3 2070 5152
Fax:   +60 3 2070 5195


GENERAL SOIL: Tallies MYR1.2-Mln Loss in FY05 First Half
--------------------------------------------------------
General Soil Engineering Holdings Berhad posted a net loss of
MYR1.28 million for the first half of the financial year ended
June 30, 2005, reports the Business Times.

With zero turnover, no recorded revenue and operating profit,
the loss comes from the Company's term loans and bank overdraft.

The Company incurred MYR2.06 million in net losses in the same
period last year, despite incurring revenue amounting to MYR3.21
million. The next quarter, the Company's net losses dropped to
MYR656,000.

General Soil had informed the Bursa Malaysia Securities Berhad
on March 21 that it would negotiate with its profit guarantors
to solve this problem, though it does not have hopes for a sharp
turnaround later this year.

The Company had proposed a restructuring scheme for approval
from the Securities Commission, but was denied.

CONTACT:

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


GOLDEN FRONTIER: Repurchases 1,000 Shares
-----------------------------------------
Golden Frontier Berhad disclosed details of its shares buy back
on March 21, 2005 to the Bursa Malaysia Securities Berhad.

Date of buy back: 21/03/2005

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

Total number of shares purchased (units): 1,000

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

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

Total consideration paid (RM): 623.25

Number of shares purchased retained in treasury
(units): 1,000

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

Cumulative net outstanding treasury shares as at to-date
(units): 1,385,800

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


GULA PERAK: EGM Date Fixed on April 6
-------------------------------------
Gula Perak Berhad issued a notice of the Company's Extraordinary
General Meeting (EGM) to be held on April 6, 2005:

NOTICE OF EXTRAORDINARY GENERAL MEETING

Notice is hereby given that an Extraordinary General Meeting of
Gula Perak Berhad (GPB) will be held at Function Room 1, Level
4, Dynasty Hotel, No. 218, Jalan Ipoh, 51200 Kuala Lumpur on
Wednesday, April 6, 2005, 10:30 a.m. or at any adjournment
thereof for the purpose of considering and, if thought fit,
passing with or without modification, the following resolution:

ORDINARY RESOLUTION
PROPOSED BONUS ISSUE OF UP TO RM202,751,023 NEW ORDINARY SHARES
OF RM1.00 EACH IN GPB (GPB SHARES) TO BE CREDITED AS FULLY PAID-
UP TO THE SHAREHOLDERS OF THE COMPANY ON AN ENTITLEMENT DATE TO
BE DETERMINED LATER (PROPOSED BONUS ISSUE)

"THAT, subject to approval of all relevant authorities including
the approval-in-principle of Bursa Malaysia Securities Berhad
for the listing of and quotation for all new ordinary shares to
be issued hereunder, approval be and is hereby given to the
Directors of the Company to increase the issued and paid-up
share capital of the Company by way of a bonus issue of up to
202,751,023 new GPB Shares (Bonus Shares) by capitalising a sum
of up to RM202,751,023 from the available share premium reserve
account of the Company and that the same be applied in making
payment in full for the said Bonus Shares to be proportionately
distributed and credited as fully paid-up to the registered
shareholders of GPB whose names appear in the Record of
Depositors at the close of business on an entitlement date to be
determined and announced by the Directors.

THAT the Bonus Shares shall, upon issue and allotment, rank pari
passu in all respects with the existing GPB Shares save and
except that they shall not be entitled to any dividends, rights,
allotments and/or other distributions that may be declared by
the Company, the entitlement date of which is prior to the date
of allotment of the Bonus Shares.

THAT the fractional entitlements, if any, arising from the
Proposed Bonus Issue will be dealt with by the Directors on such
terms and at such time as the Directors shall think fit in the
best interest of the Company.

AND THAT the Directors be and are hereby authorized to give
effect to implement and execute all documents and do all acts,
deeds, and things as may be required for or in connection with
the Proposed Bonus Issue with full powers to assent to any
modifications, conditions, variations and/or amendments as may
be required by the relevant authorities."

By Order of the Board
GULA PERAK BERHAD

LIM BEE KHIM
Company Secretary
Kuala Lumpur
March 22, 2005

Notes:

1. A member entitled to attend and vote at the meeting is
entitled to appoint a proxy to attend and vote in his stead. A
proxy need not be a member of the Company. The instruments
appointing a proxy shall be in writing under the hand of the
appointer or his attorney duly authorized in writing or if such
appointer is a corporation under its common seal or the hand of
its attorney duly authorized.

2. Where a member appoints more than one (1) proxy, the
appointment shall be invalid unless he specifies the proportion
of his holdings to be represented by each proxy.

3. The instrument appointing a proxy and the power of attorney
or other authority under which it is signed, shall be deposited
at the Registered Office of the Company at Level 7, Dynasty
Hotel, 218 Jalan Ipoh, 51200 Kuala Lumpur, not less than forty-
eight (48) hours before the time set for holding the meeting or
any adjournment at which the persons named in such instrument
proposed to vote.

CONTACT:

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


K.P. KENINGAU: Shares Restricted for Failure to Comply
------------------------------------------------------
K.P. Keningau Berhad (KPK)'s listed securities were subjected to
trading restriction effective March 22, 2005, for the Company's
failure to comply with the original time frames specified in
Practice Note 4/2001 (PN4) to regularize its financial
condition.

The trading restriction is in the form of full payment before
purchase and will continue to be imposed on KPK until further
notice.

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


NORTH BORNEO: SC Approves Revised Restructuring Scheme
------------------------------------------------------
The North Borneo Corporation Berhad disclosed that on Jan. 24,
2005, the Securities Commission (SC) approved, inter-alia, the
proposed special issue of 10,000,000 new ordinary shares of
RM1.00 each in LLT Resources Berhad (LLT).

The North Borneo Corporation Berhad (NBC) made an application to
the SC on Feb. 25, 2005, to expand the Proposed Special Issue to
include a proposed private placement of 10,000,000 new LLT
Shares. The rationale for the Proposed Revision was to expand
the mode of fund raising for the Proposed Special Issue by LLT,
being the Company that will assume the listing status of NBC.
The Proposed Revision provides greater flexibility for LLT to
raise funds from a wider range of investors.

NBC announces that the SC had via its letter dated March 17,
2005 approved the Proposed Revision.

The conditions imposed by the SC via its approval letter dated
Jan. 24, 2005 in relation to the Revised Scheme remain
unchanged.

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: Buys Back 50,000 Shares
-------------------------------------
Pan Malaysia Corporation Berhad revealed to the Bursa Malaysia
Securities Berhad details of its shares buy back on March 21,
2005.
  
Date of buy back: 21/03/2005

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

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

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

Maximum price paid for each share purchased (RM): 0.385

Total consideration paid (RM): 19,262.37

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

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

Cumulative net outstanding treasury shares as at to-date
(units): 20,470,500

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: Issues Shares Buy Back Notice
----------------------------------------------
Pantai Holdings Berhad disclosed the details of the shares it
bought back on March 21, 2005 to the Bursa Malaysia Securities
Berhad.

Date of buy back: 21/03/2005

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

Total number of shares purchased (units): 28,000

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

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

Total consideration paid (RM): 27,931.05

Number of shares purchased retained in treasury
(units): 28,000

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

Cumulative net outstanding treasury shares as at to-date
(units): 28,303,600

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/


SANBUMI HOLDINGS: Cannot Account for Decrease in Share Price
------------------------------------------------------------
Sanbumi Holdings Berhad refers to the letter dated March 22,
2005 from Bursa Malaysia Securities Berhad (Bursa Securities) on
the sharp decrease in price in the Company's shares today.

Pursuant to paragraph 9.11 of Bursa Securities' Corporate
Disclosure Policy, Sanbumi Holdings Berhad announced that after
having made due enquiry and to the best of their knowledge and
belief, they are not aware of any material situation or event
that has not been previously disclosed, of any rumor or report
(true or false) or any other reasons that could have contributed
to the sharp decrease in price in the Company's shares on March
22, 2005.


SETEGAP BERHAD: Clarifies Restraining Order Date
------------------------------------------------
Setegap Berhad announced that the Restraining Order granted on
the Company by the Kuala Lumpur High Court on March 17, 2005 is
valid for 90 days from March 17, 2005, and not on March 17, 2004
as stated in the (March 17, 2005) announcement.

The Restraining Order will run from March 17, 2005 until June
15, 2005.

CONTACT:

Setegap Berhad
72B&C, Jalan SS22/25
Damansara Jaya
47400 Petaling Jaya
Malaysia
Phone: 03-77297009
Fax:   03-77271555
Web site: http://www.setegap.com.my


SUREMAX GROUP: Replies to Query on Share Price Decrease
-------------------------------------------------------
Suremax Group Berhad refers to Bursa Malaysia Securities
Berhad's (Bursa Securities) letter dated March 22, 2005,
pertaining to unusual market activity.

The Company announced that the Company's Board of Directors,
after having made due enquiries and to the best of their
knowledge, are not aware of any of the following:

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

b) any reason that would account for the sharp decrease in price
of the Company's securities.

CONTACT:

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



SUREMAX GROUP: Bourse Lifts Trading Halt
----------------------------------------
Trading in Suremax Group Berhad's securities was suspended on
Tuesday, March 22, 2005, 2:53 p.m., but resumes today, March 23,
2005, 9:00 a.m. The Company's shares were suspended earlier
pending a reply to the Bursa Malaysia Securities Berhad's letter
in relation to the Company's sharp decrease in share prices.


TALAM CORPORATION: To List Additional Shares
--------------------------------------------
Talam Corporation Berhad's additional 68,000 new ordinary shares
of RM1.00 each issued pursuant to the Conversion of 680,000
irredeemable convertible preference shares 2004/2009 into 68,000
new ordinary shares will be granted listing and quotation
effective Thursday, March 24, 2005, 9:00 a.m.

CONTACT:

Talam Corporation Berhad
5th Floor, Wisma Talam
52 Jalan Kampung Attap
50460 Kuala Lumpur, WP
Malaysia
Phone: 603-2732222
Fax:   603-2731439


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

BAYAN TELECOMMUNICATIONS: Still to Host ABS-CBN Online Game
-----------------------------------------------------------
Bayan Telecommunications Inc. (Bayantel) confirmed it will still
host the online game Tantra, which is operated by fellow Lopez-
owned firm ABS-CBN Interactive, reports The Philippine Daily
Inquirer.

Bayantel clarified that Tantra has not left its network and
shifted to the Philippine Long Distance Telephone Company (PLDT)
as earlier reports said.  

"We will still be hosting the servers for Tantra to provide full
resiliency to the game," said Bayantel executive Joevel Rivera
said in an e-mailed statement.

Last week, Ray Espinosa, managing director of ePLDT, disclosed
that Tantra was moving from Bayantel's network to the network of
ePLDT, PLDT's wholly owned information and communications
technology subsidiary.

Mr. Rivera disclosed that Bayantel started holding discussions
with PLDT and other carriers, as well as Internet service
providers, on direct peering with Tantra back in November 2004.
But he assured that the "commitment of BayanTel to ABS-CBN is to
be able to provide the best access for the Tantra game in the
country, regardless of carriers and ISPs."

CONTACTS:

Bayan Telecommunications Inc.
Investor Relations
3/F BayanTel Corporate Center
Maginhawa corner Malingap Streets
Teacher's Village East, Diliman
Quezon City 1101, Philippines
Fax: (632) 449-2174
Web site: http://www.bayantel.com.ph


BAYAN TELECOMMUNICATIONS: Ericsson Provides Ethernet DSL Access
---------------------------------------------------------------
Bayan Telecommunications, Inc. (Bayantel), a leading provider of
data and communications services in the Philippines, has boosted
its wireline business with the deployment of Ericsson's Ethernet
DSL Access solution to Metro Manila and major provincial cities.

The deployment allows Bayantel to offer high-speed connections
to its customers in these areas and offer an enhanced platform
of broadband services to a wider market.

"The unique scalability of Ericsson's Ethernet DSL Access
solution enables us to offer superior performance and high
capacities to our customers in a cost efficient way, while
investing in an infrastructure that is prepared for the needs of
tomorrow," said David M. Rogers, BayanTel senior consultant for
network operations.

"At the same time, the roll-out of the Ethernet DSL Access
solutions expands our reach and extends our capability to
deliver high bandwidth, high speed Internet access to key
commercial and business centers in Makati and Ortigas.

Currently the most scalable DSLAM on the market, the innovative
design of the Ethernet DSL Access secures the possibility to
offer triple play services - data, video and voice - to home and
office environments in a cost-efficient and future-proof way.

"Ericsson is honoured to be given this opportunity to support
BayanTel's goals in providing high-performance and advanced
services to its customers in the fast-growing DSL market," said
Stefano O Celsini, President & Country Manager of Ericsson
Philippines.

"We are pleased that our solution has enabled BayanTel to
upgrade their services quickly, easily and profitably. As a
long-term partner, we are fully committed to supporting BayanTel
as they expand their services further to meet growing customer
demand," he added.

Ericsson's EDA solution is the most widely deployed IP/Ethernet
DSLAM with over 60 contracts globally, utilizing the latest
ADSL2+ technology with Gigabit Ethernet uplinks, Ethernet
aggregation switches and BRAS. It is also the most mature
IP/Ethernet DSLAM in the market with over two years of
commercial network deployment experience and fourth generations
of IP DSLAM shipping to date.

Ericsson is shaping the future of Mobile and Broadband Internet
communications through its continuous technology leadership.
Providing innovative solutions in more than 140 countries,
Ericsson is helping to create the most powerful communication
companies in the world.

Read more at http://www.ericsson.com/press


MAYNILAD WATER: Draws Interests of Three Groups
-----------------------------------------------
Three separate parties are reportedly keen on acquiring stakes
in water concessionaire Maynilad Water Services Inc., The
Philippine Daily Inquirer reveals.

Construction firm DM Consuji Inc., Metro Pacific Corp. and the
former owner of Isla Telecommunications Inc. (Islacom) have each
expressed their intention to buy shares in the Lopez-owned water
utility.

The three groups have reportedly inquired about Maynilad's
financial report and current cash flows, and are especially keen
to learn about the firm's new tariff rate that was approved
recently.

Maynilad is unable to take out new commercial loans because of
its pending rehabilitation but the Php30.19-per-cubic meter
tarrif adjustment "will ensure that the capital expenditure
program of the Company will be in place."

CONTACT:

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


NATIONAL POWER: Assures Ample Power Supply During Holy Week
-----------------------------------------------------------
Metro Manila and the rest of the country will have more than
enough power supply during the five-day Holy Week vacation, the
National Power Corporation (NPC) has assured, reports the NPC
Power Hotline.

Citing data from the National Transmission Corporation's System
Operations Department, NPC said that gross reserves in the Luzon
grid will hover at an average of 1,859 megawatts (MW) per day
from March 23 (Holy Wednesday) to March 27 (Easter Sunday). This
means that the entire grid will have a buffer supply of almost
1,900 MW everyday after its total demand would have been served.

In Visayas, gross reserves had been placed at an average of 407
MW per day during the five-day Lenten break, while in Mindanao,
the daily gross reserves had been estimated at an average of 300
MW.

Barring any unforeseen technical failures, NPC assured that
there will be no brown-outs during the Holy Week. Historically,
power demand on Good Friday is the lowest during the entire
year, as power-intensive industries reduce their working hours
or altogether stop their operations on that day.

President Gloria Macapagal-Arroyo had declared March 26 (Black
Saturday) as a special, non-working holiday because it falls
between Good Friday and Easter Sunday, both of which have always
been regular holidays. The President has also allowed government
employees not to report for work on March 23, Holy Wednesday,
"under certain conditions".

CONTACT:

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


NATIONAL POWER: Four Firms Withdraw from Thermal Plant Tender
-------------------------------------------------------------
Four of five potential bidders for National Power Corporation's
(Napocor) Manila thermal power plant have withdrawn their
interest to participate in the tender process, Today News
relates.

The Power Sector Assets and Liabilities Management Corporation
(PSALM), which handles the sale of the scrap value of the
decommissioned thermal power plant, was forced to reschedule
another bidding after the four companies backed out. The second
bidding will be conducted after PSALM has sold the Bataan
thermal plant in late April.

The four bidders reportedly decided to withdrew after they
learned that the land was excluded from the decommissioned bid.

Initially, five firms expressed interest in bidding for the
Manila thermal plant: three foreign firms from China and Japan
and two local companies.

The plant was formerly owned and operated by the Manila Electric
Co. until the Lopez-controlled utility firm transferred the
ownership to Napocor.


PHILIPPINE AIRLINES: Rises to Dare of Budget Carriers
-----------------------------------------------------
National flag carrier Philippine Airlines (PAL) is poised to
face the threat posed by the planned entry of Asian budget
carriers in the country, Asia Pulse says.

PAL said it is ready to meet many challenges such as the influx
of low-cost carriers, skyrocketing fuel prices and added
security costs.

PAL is targeting to improve its product and service and enhance
its image in the competitive air travel market in order to
bolster its leadership position.

Founded in March 15, 1941, PAL has seen the best and worst of
times. Presently, it is gradually pulling itself out of the mire
by renewing emphasis on customer service.

CONTACT:

Philippine Airlines
Mabuhay Miles Service Center
Ground Floor, Philippine Airlines Center
Legazpi Street, Legaspi Village
Makati City 0750, Philippines
Phone : Manila (632) 817-8000               
       USA/CANADA 1-800-747-1959
Fax : (632) 818-4921 ; 893-6884
E-mail : mabuhaymiles@pal.com.ph
Web site: www.philippineairlines.com


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

In this connection, please be advised that a total of 5,390
common shares have been availed of and fully paid by the
optionees under the Company's ESOP.

In view thereof, the listing of the 5,390 common shares is set
for Wednesday, March 23, 2005. This brings the number of common
shares listed under the ESOP to a total of 407,671 common
shares.

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

For your information and guidance.

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

Noted by:

(Original Signed)
JURISITA M. QUINTOS
Senior Vice President

CONTACT:

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


PHILIPPINE LONG: Mulls Permanent Php10 Flat Rate Promo
------------------------------------------------------
Philippine Long Distance Telephone Company (PLDT) plans to
extend its Php10-per-call promo to June 11 as the number of
callers as well as the total number of calls using the service
continue to increase since its launch last February 14, 2005.

This promo has allowed PLDT landline subscribers to call other
PLDT subscribers nationwide as well as Smart and Talk 'N Text
subscribers for a flat rate of only Php10 per call instead of
the usual per minute rate.

Retail Business Group Head Butch Jimenez disclosed that requests
from their subscribers to extend the promo are leading them to
move in this direction. Calls to PLDT's customer service
hotline, 171, have increased from 5,000 calls per day to over
35,000 calls per day. Most inquiries are related to the Php10
per call promo.

"With the market's strong positive reaction to the offer, we are
thinking of making this a permanent plan," said Mr. Jimenez.
"They like the product's simplicity and affordable price."

The big advantage of the Php10 per call promo of PLDT is that it
is open to the 20 million subscribers of Smart and Talk 'N Text
plus the 2 million landline subscribers of PLDT.

"That's 22 million reasons why the co petition cannot come close
to what PLDT can offer its subscribers," said Mr. Jimenez.

The promo has also driven strong demand for the PLDT landline.
PLDT business offices nationwide are reporting a strong uptake
in applications for PLDT landlines. PLDT has even offered free
cordless phones imported from Europe to new subscribers.

"We hope to end the year with a net station gain, as against a
net station loss that PLDT has experienced over the last 5
years," said Mr. Jimenez.

Mr. Jimenez added that provincial cities services by other
telcos have passed local resolutions encouraging PLDT to enter
their city. Individual subscribers from competing telcos
nationwide are likewise requesting for connections to PLDT to
avail of the Php10-per-call offering.


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

DIGI BUILDER: Proofs of Debt, Claim Due April 8
-----------------------------------------------
Digi Builder Pte Ltd (In Liquidation) posted to the Government
Gazette, Electronic Edition a notice of intended dividend with
the following details.

Address of former registered office:

705 Sims Drive
#04-10 Shun Li Industrial Complex
Singapore 387384

Court: High Court of Singapore

No. of Matter: No. 127 of 2004

Last day for receiving proofs: 8th April 2005

Name and Address of Liquidator:

Kung Seah Lim
c/o 336 Smith Street
#05-310 New Bridge Centre
Singapore 050336


GLOBAL VOICE: Disposes Of Subsidiaries
--------------------------------------
Further to the announcement made on October 21, 2004 by Global
Voice Group Limited, the Board of Directors advised the
Singapore Stock Exchange (SGX) that the Company has transferred
its entire shareholding interests in the three wholly owned
subsidiaries, namely- Horizon-ITech Pte Ltd, Cantown.com Pte Ltd
and Cyber-IB Pte Ltd to Loga Holdings Sdn Bhd for a cash
consideration of S$1.00 each respectively.

The contractual business obligations of the three subsidiaries
with the Town Council have since expired.

The above transactions are not expected to have any material
impact on the Company's net tangible assets per share or
earnings per share of the Company for the current financial
year.

None of the Directors or substantial shareholders of the Company
or their associates has any interest, direct or indirect, in the
above transactions.

By Order Of The Board Of Directors    

CONTACT:

John Holland
Edelman
Telephone: 6733 1110 ext 237
E-mail: john.holland@edelman.com

Diane Hodnett
Global Voice AG
Telephone: +496990554000
E-mail: diane.hodnett@globalvoice.com
Web site: http://www.globalvoice.com


MARATZ SINGAPORE: Issues Notice of Dividend
-------------------------------------------
Maratz (Singapore) Pte Ltd. issued to the Government Gazette,
Electronic Edition a notice of dividend with the following
details:

Address of Registered Office:

Formerly of 135 Cecil Street
#14-01 LKN Building
Singapore 069536

Court: Supreme Court, Singapore

Number of Matter: Companies Winding Up No. 310 of 1998

Amount Per Centum: 3.468%

First and Final or otherwise: First & Final Dividend

When Payable: 8th March 2005

Where Payable:

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

Dated: 18th March 2005

Moey Weng Foo
Assistant Official Receiver


MEDIASTREAM LIMITED: Updates Judicial Management Petition
---------------------------------------------------------
Further to the announcements made by MediaStream Limited to the
Singapore Stock Exchange dated February 2, 2005 and February 25,
2005 in connection with the Originating Petition No. 2 of 2005/G
(Originating Petition) by the Oversea-Chinese Banking  
Corporation Limited (OCBC) for the grant of a judicial
management order with respect to the Company.

The Board of Directors of the Company would like to inform
shareholders of the Company that at the hearing of the said
Originating Petition on March 18, 2005, the Court has, inter
alia, granted an order for the Petitioners, OCBC, to nominate a
Special Accountant to the Company in order to investigate all
proposals for investment in the Company (the Order).

The Court has directed that all payments to be made by the
Company must be approved by the Special Accountant, unless the
Special Accountant has stated in writing that such approval is
not required. The hearing of the Originating Petition has been
adjourned to April 22, 2005.

Pursuant to the Order, OCBC has informed the Company that it
wishes to nominate Mr. Tim Reid of Ferrier Hodgson as the
Special Accountant.

By Order of the Board

George Thia Peng Heok
Executive Chairman
MediaStream Limited    

CONTACT:

MediaStream Limited (formerly: Form Holdings Limited)
39 Tampines St 92
MediaStream Building
Singapore 528883
Telephone: 65 67887888
Fax: 65 67871238
Web site: http://www.mediastreamsg.com


OCC INVESTMENT: Court to Hear Petition April 1
----------------------------------------------
Notice is hereby given that a Petition for the Winding Up of OCC
Investment Pte Ltd by the High Court was on February 25, 2005
presented by the Company, OCC Investment Pte Ltd having its
registered office at 1 Scotts Road, #21-07/08/09 Shaw Centre,
Singapore 228208.

The Petition is to be heard before the Court sitting at the High
Court at 10.00 o'clock in the forenoon on Friday, April 1, 2005.

Any creditor or contributory of the Company desiring to support
or oppose the making of an order on the Petition may appear at
the time of hearing by himself or his Counsel for the 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 1 Scotts Road, #21-07/08/09 Shaw
Centre, Singapore 228208.

The Petitioner's solicitors are Messrs Bih Li & Lee of 79
Robinson Road, #24-08 CPF Building, Singapore 068897.

Dated this 14th day of March 2005.

Bih Li & Lee
Solicitors for the Petitioner

Note:

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

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


REDA INSTRUMENTE: Winding Up Hearing Set April 1
------------------------------------------------
Notice is hereby given that a Petition for the winding up of
Reda Instrumente (Asia-Pacific) Pte Ltd by the High Court was on
March 2, 2005 presented by Chan Kum Weng (Nric No. S1186244/F)
trading as Teck Hong Engineering Works (Br No. 42016600m) of
care of Block 1032, Eunos Avenue 5A #01-04, Singapore 409702,
the Creditor.

The said Petition is to be heard before the Court sitting at
Singapore at 10:00 p.m. on April 1, 2005.

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

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

The Petitioner's address is care of 133 New Bridge Road, #14-10
Chinatown Point, Singapore 059413.

The Petitioner's solicitors are Messrs Sng & Company, 133 New
Bridge Road, #14-10 Chinatown Point, Singapore 059413.

Sng & Company
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 SNG & Company, a
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 on
March 31, 2005 (the day before the date appointed for the
hearing of the Petition).


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


KRUNG THAI: Acquires Shares from Siam Ferro Industry
----------------------------------------------------
Krung Thai Bank Public Company Limited, informed the Stock
Exchange of Thailand that it has acquired the 263,144 ordinary
shares of the Siam Ferro Industry Co., Ltd. as described below:

Objective: Debt Restructuring

Type of Business: Steel Pipe Manufacturer

Registered Capital: THB250,000,000

Paid-up Capital: THB250,000,000

Par Value: THB100.00 per share

Type of Transaction: Acquisition of 263,144 ordinary shares of
the Siam Ferro Industry Co., Ltd. at THB637.81 per share. And
after this transaction KTB will hold 10.53 percent of the paid-
up capital of the Siam Ferro Industry Co., Ltd.

This transaction is not regarded as transaction of acquisition
or disposal of the assets of a listed Company according to the
specified criteria and as the scope of connected transaction of
a listed Company.

The Company appreciates your kind acknowledgement of the
mentioned matter and taking the process on your part relevant to
this matter.

Sincerely yours,
For Krung Thai Bank Public Company Limited
Mr.Suwit Udomsab
Senior Executive Vice President
Capital Markets Department
Telephone: 0-208-3256

CONTACT:

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


KRUNG THAI: Releases Summary Statement of Assets, Liabilities
-------------------------------------------------------------
Krung Thai Bank Public Company Limited furnished the Stock
Exchange of Thailand its Summary Statement of assets and
liabilities as of February 28, 2005.

ASSETS                       Baht

Cash                         21,096,113,457.46

Interbank and
money market items           69,902,231,672.28

Securities purchased
under resale agreements      43,687,000,000.00

Investment in securities,
net                          84,549,166,565.20

(With obligations          THB2,958,453,467.85)

loans (net of allowance
for doubtful accounts)        861,172,479,218.97

Accrued interest receivable     7,096,060,957.80

Properties foreclosed          32,321,001,864.13

Customers' liabilities
under acceptances               3,075,531,829.00

Premises and equipment, net    16,260,508,975.70

Other assets                   17,926,979,560.31

Total Assets                1,157,087,074,100.85

Customers' liabilities
under unmatured bills              337,547,393.94

Total                        1,157,424,621,494.79

Liabilities

Deposits                      1,007,394,392,761.01
Interbank and money
market items                    45,011,934,290.51

Liabilities payable
on demand                        3,024,889,166.46

Securities sold under
repurchase agreements                        0.00

Borrowings                       10,001,173,778.61

Bank's liabilities
under acceptances                 3,075,531,829.00

Other liabilities                 9,476,503,602.79

Total liabilities             1,077,984,425,428.38

Shareholders' equity

Paid-up share capital
(registered share capital
THB57,664,098,087.50)             57,604,032,350.00

Reserves and net profit
after appropriation                8,267,343,974.65

Other reserves & profit
and loss account                   13,231,272,347.82

Total shareholders' equity         79,102,648,672.47

Total liabilities and
shareholders' equity            1,157,087,074,100.85

Bank's liabilities under
unmatured bills                       337,547,393.94

Total                           1,157,424,621,494.79

Non-Performing Loans
As of December 31,2004 (Quarterly) 119,692,760,154.48
(12.35  percent of total Loans before allowance for
doubtful accounts)

Required provisioning for
loan loss, as of December
31, 2004 (Quarterly)                 53,077,232,714.41

Actual allowance for
doubtful accounts                    63,818,196,422.22

Loans to related parties              8,283,316,358.64
Loans to related asset
management companies                 60,763,147,107.43

Loans to related parties
due to debt restructuring             2,632,211,171.58

Borrowings as part of subordinated debentures cum preferred
share to be included in the Tier 1 Capital, permitted by
the Bank of Thailand: 0.00

Legal Capital Fund: 87,231,755,308.02

Changes in Liabilities and assets this month due to the
penalty expenses from violating the Commercial Bank Act B.E.
2505 and Amended Act Section 15 Paragraph 1 and Section 23:       
528,000.00

International Banking Facility' s assets and liabilities

Total Assets            6,358,529,568.40

Total Liabilities         217,406,193.97

Significant Contingent
liabilities Avals to
Bills and Guarantees
of loans                11,373,429,739.61

Letters of Credit       26,486,789,643.45

This Summary Statement has not been reviewed or audited by
Certified Public Accountant

Ms. Yaovaluk Lerksantivong
First Senior Vice President & Manager                 
Accounting Department

Mr. Apisak Tantivorawong
President


SINO THAI: Unveils Resolution at Board Directors Meeting
--------------------------------------------------------
Whereas the Board of Directors of Sino-Thai Resources
Development Public Company Limited convened the Board of
Directors Meeting No. 2/2005 during on March 21, 2005 at 4:00
p.m. to 5:30 p.m., the Company reported to the Stock Exchange of
Thailand (SET) the resolutions adopted at the said meeting:
      
(1) Approval of the non-declaration of year-end dividends for
2004 and to propose the same to the Annual General Meeting of
Shareholders for approval.
      
(2) Acknowledgment that Mr. Suthisuk Lohsawat, Mr. Sanguan
Subanantchai and Mr. Cholapan Vongsing will retire as directors
by rotation at the Annual General Meeting of Shareholders.

The Board then proposes that the shareholders consider to
reappoint Mr. Suthisak Lohsawat as the Chairman of the Board of
Directors, Mr. Sanguan Subanantachai as the director and member
of the Audit Committee of the Company and Mr. Cholapan Vongsing
as the director for an additional Team.
      
(3) The appointment of Mr. Narong Puntawong C.P.A. License No.
3315 and/or Miss Thipawan Nananuwat C.P.A. License No. 3459
and/or Miss Siraporn Ouaanunkun C.P.A. License No. 3844 and/or
Mr. Suphachai Panyawatthano C.P.A. License No. 3930, all from
Ernst & Young Office Limited as auditors of the Company for
2005, and to propose remuneration of the auditors the auditing
committee gave consent for resolution to be submitted to the
Annual General Meeting of Shareholders for consideration.
      
(4) Proposal to the Annual General Meeting of Shareholders to
consider to set budget for the remuneration of the Board of
Directors and Audit Committee for 2005.
      
(5) Convening the Annual General Meeting of Shareholders No.
27/2005 and closing the Company's share register book as
follows:

(5.1) The Annual General Meeting of Shareholders No. 27/2005
will be convened at 4:00 p.m. on April 27, 2005, at the
conference room of Sino-Thai Resources Development Public
Company Limited, 7th Floor, Shinawatara Thai Building, Rama IV
Road, Mahapruettharam, Bangrak, Bangkok.  The agenda at the
meeting are as follows:
      
(1) To approve the Minutes of the Annual General Meeting of
Shareholders No.26/2004;

(2) To approve the Board of Directors' report on the Company's
Operating results for the year ending as of December 31, 2004
and the Annual Report for the year of 2004;

(3) To consider the Balance Sheet and Profit and Loss Statements
for the fiscal period ending December 31, 2004;

(4) To consider the appropriation of profit and declaration of
dividend payment;

(5) To consider the appointment of new directors in place of
those retiring by rotation;

(6) To consider the appointment of the Company's Auditor for
2005 and to fix the auditor's remuneration;

(7) To consider approval of the Remuneration of Directors and
Audit Committee for 2005;

(8) Other business (if any).
    
(5.2) To determine shareholders who are eligible for attending
the shareholders meeting, the Company will close the Share
Registered Book on April 7, 2005 at 12:00 p.m. until the meeting
is adjourned.
      
It's, therefore, informed for your acknowledgment and
dissemination to the public and other investors.
      
Yours sincerely,
Sino-Thai Resources Development Plc
Umyos Huvanandana
Mr. Umyos Huvanandana
Managing Director

CONTACT:

Sino-Thai Resources Development Public Co., Ltd.   
Shinawatra Thai Tower, Floor 7, Zone A,
626 Rama Iv Road, Mahapruttharam, Bang Rak Bangkok    
Telephone: 0-2633-0088   
Fax: 0-2633-0008


THAI PETROCHEMICAL: Removal from Rehabco Could Derail Plan
----------------------------------------------------------
The plan administrator of Thai Petrochemical Industry Plc (TPI)
is hesitant on moving the Company's securities back to the
normal trading sector since its shareholder equity had swung
back into the black, reports The Nation.

The administrator fears the transfer would derail its plans to
seek for a prospective investor.  The transfer would trigger an
increase in the share price of TPI which in return could scare
away prospective partners, including PTT Plc, the Government
Pension Fund and Government Savings Bank.

According to an unnamed source, PTT Plc may not want to buy TPI
if the stock price rises since the plan administrator may
unlikely sell the shares at the negotiated price.  The plan
includes the sale of 11.65 billion shares at THB5.50 each, well
below the stock-market price of THB8.35.

To enter alliance with PTT Plc is crucial to TPI's business
because of its expertise in the petrochemical business.

TPI's net profit rose 382 percent from THB9.74 billion in 2003
to THB12.28 billion last year, with earnings-per-share of
THB1.57.

CONTACT:

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

TUNTEX: Issues Business Rehabilitation Progress Report
------------------------------------------------------
The business rehabilitation plan of Tuntex (Thailand) Public
Company Limited specifies that Plan Implementation Date shall
occur after the completion of the conditions set forth therein
within 6 months from the date that the Central Bankruptcy Court
has approved the Plan (September 10, 2004) and the plan
implementation date shall occur on the third business day
following the completion of all such conditions.  

Therefore, in compliance with the terms and conditions of the
Plan, the Company as the plan administrator has ensured that all
such conditions were completed within March 10, 2005 so that the
Company can announce the plan implementation date on the third
business day afterwards (March 15, 2005).

The Company hereby informed the Stock Exchange of Thailand (SET)
that the conditions precedent to the plan implementation date
have been completed as described in details as follows:

(1) On October 11, 2004, the Company decreased and increased its
registered share capital as specified in the Plan.  At present,
the registered share capital of the Company is THB10,780,000,000
which is sufficient for the conversion of convertible debentures
into ordinary shares in accordance with the terms and conditions
of debt repayment under the Plan.

(2) On October 12, 2004, the Company as plan administrator
registered with the Business Development Department of the
Ministry of Commerce the amendment to its memorandum of
association, articles of association and affidavit to reflect
the registration of decrease and increase of its registered
share capital stated in paragraph 1 above including the
amendment to the articles of association with regard to the
foreign shareholding limitation for the purpose of the issuance
of convertible debentures to foreign creditors to which the
Board of Investment of Thailand has already approved such
amendment.

(3) On March 9, 2005, the Company was authorized by the Office
of the Securities and Exchange Commission to issue three series
of convertible debentures namely:

(i) Secured Unsubordinated Zero-coupon with debenture holders'
representative no. 1/2005 due 2015;

(ii) Unsecured Unsubordinated Zero-coupon no. 1/2005 Series I
due 2013 and

(iii) Unsecured Unsubordinated Zero-coupon no. 1/2005 Series II
due 2015.

(4) On March 10, 2005, the Company and the Group 1 Creditor, the
Facility Agent and the Security Agent executed the Master
Restructuring Agreement (MRA) including other security documents
and other documents specified therein and registered the
amendment to such agreements/documents with the competent
authority.  

On March 10, 2005, the MRA, security documents and other
relevant documents were effective in accordance with the
conditions set forth therein.

Following the completion of the conditions precedent on March
10, 2005, the Company as the Plan Administrator announced the
plan implementation date on March 15, 2005 (the third business
day from the date that the conditions precedent have been
completed) (Plan Implementation Date).

On the Plan Implementation Date (March 15, 2005), the
indebtedness of the Group 1, 2 and 4 Creditors was restructured
in accordance with the terms and conditions of the Plan.

(1) Group 1 Creditor: Certain part of the indebtedness of the
Group 1 Creditor was released and repaid in accordance with
Clause 5.2.1 of the Plan as follows:

(a) On the Plan Implementation Date, the Group 1 Creditor
released the whole outstanding interest (if any) on the long
term debt under the ICA agreement (as defined in the Plan)
accrued until the Plan Implementation Date which was effective
immediately on such date.

(b) On the Plan Implementation Date, the Group 1 Creditor
released the due and unpaid debt-restructuring fee under the ICA
agreement, which was effective immediately on the Plan
Implementation Date.

(c) On the Plan Implementation Date, the Company transferred the
ordinary shares in Tuntex Petrochemicals (Thailand) Public
Company Limited (TPT) in the amount of 129,060,899 shares (par
value Baht 10) (TPT Shares) in order to repay the debt in lieu
of repaying in cash for the total debt amount of
THB2,800,000,000.  

The Company has delivered the TPT share certificate and other
evidence of the registration of such share transfer in the
registration book of TPT.  Thus, it shall be deemed that the
Group 1 Creditor has received the debt repayment in the amount
of THB2,800,000,000 on the Plan Implementation Date.

(d) On March 10, 2005, the Company issued and transferred
600,000 units of the Secured Unsubordinated Zero-coupon with
Debenture holders' Representative No. 1/2005 Due 2015 (THB1,000
each) for the total value of THB600,000,000 to repay the long
term debt under the ICA agreement to the Group 1 Creditor in
lieu of repaying the debt in cash.

The delivery of debenture certificates and other relevant
documents regarding the debenture registered book have been
completed and therefore the Group 1 Creditor shall be deemed
receiving the debt repayment in the amount of THB600,000,000 on
the Plan Implementation Date.

(e) Other indebtedness owed to the Group 1 Creditor shall be
repaid in accordance with the terms and conditions of the MRA.

(2) Group 2 Creditor: the indebtedness of the Group 2 Creditor
was release and repaid by the transfer of assets in lieu of
repaying the debt in cash in accordance with Clause 5.2.2 of the
Plan as follows:

(a) On the Plan Implementation Date, the Group 2 Creditors
released the principal, outstanding interest, compound interest,
fee and other indebtedness in the amount of 78 per cent of the
total indebtedness as set forth in Appendix 2 of the Plan which
was effective on such date.

(b) On the Plan Implementation Date, the Group 2 Creditors
released all outstanding interest and compound interest (if any)
accrued from the date the Court ordered business rehabilitation
plan to the Plan Implementation Date which was effective on such
date.

(c) On the Plan Implementation Date, the Company issued and
transferred the Unsecured Unsubordinated Zero-coupon Series I
No. 1/2005 Due 2013 in the amount of 1,111,887 units, at the
value of THB1,000 each, for the total value of THB1,111,887,000
(Group 2 CDs) in order to repay the 22 per cent remaining debt,
after the debt release stated in paragraph (a) and (b) above,
(Group 2 Remaining Debt) in lieu of repaying the debt in cash.  

The Company has issued the debenture certificates and registered
the names of the Group 2 Creditors as the holders of the Group 2
CDs in the debenture registered book while the delivery of the
debenture certificates and the other relevant documents to each
of the Group 2 Creditors is in progress.

Thus, it shall be deemed that the Group 2 Creditors have
received the debt repayment in relation to the Group 2 Remaining
Debt on the Plan Implementation Date.

(3) The indebtedness owed to the Group 4 Creditors was released
and repaid by the transfer of assets in lieu of repaying the
debt in cash in accordance with Clause 5.2.4 of the Plan.

(a) On the Plan Implementation Date, the Group 4 Creditor
released the principal, outstanding interest and compound
interest including other debts in the amount of 8.30 per cent of
the total debts as stated in Appendix 2 of the Plan and the
Group 4 Creditors released all outstanding interest and compound
interest (if any) accrued from the date the Court ordered the
business rehabilitation of the Company to the Plan
Implementation Date which was effective on such date.

(b) On the Plan Implementation Date, the Company has issued and
transferred the Unsecured Unsubordinated Zero-coupon Series II
No 1/2005 Due 2015 in the amount of 1,000,000 units, at the
value of THB1,000 each, for the total amount of THB1,000,000,000
(Group 4 CDs) in order to repay the debt by transferring of
assets in lieu of repaying the debt in cash for the total value
of THB1,000,000,000 in proportionate to the debt owed to each of
the Group 4 Creditors following the release of debt stated in
paragraph (a) above.  

The Company has issued the debenture certificates and registered
the names of the Group 4 Creditors as the holders of the Group 4
CDs in the debenture registered book while the delivery of the
debenture certificates and the other relevant documents to each
of the Group 4 Creditors is in progress.

Thus, it shall be deemed that the Group 4 Creditor has received
the debt repayment in the amount of THB1,000,000,000 on the Plan
Implementation Date.

(c) The indebtedness owed to the Group 4 Creditors after the
release of debt as stated in paragraph (a) above and after the
debt repayment by the issuance and transfer of Group 4 CDs in
lieu of repaying the debt in cash for the amount of
THB1,000,000,000 as stated in paragraph (b) above shall be
revolving or repaid in accordance with its original terms.

The terms and conditions with regard to the debt repayment to
other groups of creditors shall be in accordance with the terms
and conditions of the Plan.

Please be informed accordingly and should there be any progress,
the Company will promptly inform you.

Sincerely yours,
Mr.Yang, Jin-Tuu
Tuntex (Thailand) Public Company Limited
The Plan Administrator of Tuntex (Thailand) Public Company
Limited

CONTACT:

Tuntex (Thailand) Pcl   
Bb Building, Floor 20,
54 Sukhumvit 21 Road,
(Asoke) Klongtoey Nua,
Wattana Bangkok    
Telephone: 0-2260-8020-41   
Fax: 0-2260-8055   
Web site: http://www.tuntexthailand.com












                            *********


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

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

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

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

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

                 *** End of Transmission ***