TCRAP_Public/050324.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

             Thursday, March 24, 2005, Vol. 8, No. 59

                            Headlines

A U S T R A L I A

A2 DAIRY: To Pay Final Dividend March 30
AMPLE POWER: Members, Creditors to Meet March 29
ARUNDEL SCIENTIFIC: Unveils Resolution Passed at General Meeting
AUDIO & VISUAL: To Pay Interim Dividend April 11
AUSTEEL PTY: Creditors Required to Submit Proofs of Debt

AUSTRALIA DBA: To Declare Final Dividend March 28
CHEMEQ LIMITED: Poised to Receive AU$40 Mln Soon
CORALIE HOLDINGS: Unveils General Meeting Resolutions
CRUSHMAR PTY: Members Pass Resolution to Wind Up Company
DELTA WINDOWS: Lays Out Final Meeting Agenda

GREENS PAROT: Members Agree to Wind Up Company
HIH INSURANCE: To Plead Case for Deception
HILLS MOTORWAY: Transurban Junks Restructuring Proposal
INDUSTRY AND COMMERCE: To Pay Final Dividend March 31
JAMES HARDIE: Aboriginal Leaders Warn of "Sellout"

J.W. O'SULLIVAN: To Convene Final Meeting April 1
LYNDA STEPHENS: Passes Resolution to Wind Up Company
NATIONAL AUSTRALIA: Eyes Profit Growth in 2006
NORTH QUEENSLAND: Lays Out Agenda of Final Meeting
PLT ENGINEERING: Members Agree to Wind Up Company

QUESTA POOL: Proofs of Debt, Claim Due Today
REIDWOOD PTY: Sets Final Combined Meeting on March 31
SOUTH EAST: Appoints Liquidator to Wind Up Company
TC CLOTHING: General Meeting Slated for April 6
WILSON SHOPFITTERS: To Declare Final Dividend March 28

* ASIC Suspends Melbourne Liquidator


C H I N A  &  H O N G  K O N G

AGL MEDIATECH: Net Loss Narrows to HKD5 Mln
AMERY CONSTRUCTION: Winding Up Hearing Set April 13
CHATSWOOD INTERNATIONAL: Court Issues Winding Up Petition Notice
CHINA SPECIALISED: Enters Third Stage of Delisting Procedures
FULL HOUSE: Receives Winding Up Petition

GLORY FUTURE: Net Loss Shrinks to HKD3.75 Mln
JAPAN TRAVEL: Proofs of Debt, Claims Due April 18
LEE SHING: Creditors Required to Submit Proofs of Debt
LIN'S MEDICINE: Enters Winding Up Proceedings
MARGAUX FINANCE: Receives Winding Up Notice from Court

M DREAM: Posts HKD17.14-Mln Net Loss in 2004
SHANGHAI LAND: Net Loss Swells to HKD45.9 Mln
SUN'S GROUP: Court Adjourns Hearing of Petitions to June 13


I N D O N E S I A

INDOFOOD SUKSES: Expects Court Hearing on Bonds Next Month
PERTAMINA: Introduces New, Cheaper Kerosene Alternative
PERTAMINA: To Delay Shutdown of Oil Refinery


J A P A N

K.K. KANMI: Enters Bankruptcy
MITSUBISHI MOTORS: S&P Assigns 'CCC+' Rating
MITSUBISHI MOTORS: Moves Import Operations To Jacksonville
MORISAKI KENSETSU: Begins Bankruptcy Proceedings
TOWA REAL: Receives Financial Assistance

UFJ BANK: Executives Face Jail for Obstructing State Inspections


K O R E A

JINRO LIMITED: High Price Raises Concerns


M A L A Y S I A

BOUSTEAD HOLDINGS: Granted Listing of Additional Shares
GOLDEN FRONTIER: Posts Shares Buy Back Notice
GULA PERAK: Converts Loan Stocks into Ordinary Shares
I-BERHAD: Repurchases More Shares
MMC CORPORATION: Reveals Dissolution of Unit's Subsidiary

PADIBERAS NASIONAL: To List Additional 166,000 Shares
PAN MALAYSIA: Buys Back 75,000 Shares
TELEKOM MALAYSIA: To List Extra Shares on March 28


P H I L I P P I N E S

MANILA ELECTRIC: Praised for Backing "Open Access" Scheme
MANILA ELECTRIC: Spanish Stakeholder Rules Out Capital Infusion
MAYNILAD WATER: Clarifies Stake Interest Report
NATIONAL POWER: PSALM Sets Bidding for Limay Equipment
NATIONAL POWER: Offers Government Services to New Plant Owners

PHILIPPINE LONG: Set to List More Shares on March 28
RB BELISON: Posts Notice to All Creditors


S I N G A P O R E

ADAMS PARKING: Served with Winding Up Order
AELDON TECHNOLOGIES: Court to Hear Winding Up Petition April 1
ASCOTT GROUP: Dissolves Dormant Subsidiary
BOUSTEAD SINGAPORE: Cuts Shareholding in PT SMAC by 33%
CHUAN JOO: Winding Up Hearing Set April 1

DIGI BUILDER: Proofs of Debt, Claim Due April 8
E-BRILLIANT PTE: Posts Notice of Intended Dividend
REED GROUP: Chief Financial Officer Resigns


T H A I L A N D

NFC FERTILIZER: Board Approves Financial Results
THAI ELECTRONIC: Completes Change of Name Process
THAI ELECTRONIC: Issues Request for Change of Symbol
THAI ELECTRONIC: Ordinary Shareholders to Meet April 26

     -  -  -  -  -  -  -  -

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

A2 DAIRY: To Pay Final Dividend March 30
----------------------------------------
A first and final priority dividend is to be declared on March
30, 2005 for A2 Dairy Marketers Pty Ltd (In Liquidation) A.C.N.
107 011 110.

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

Dated this 14th day of February 2005

Matthew L. Joiner
Liquidator
c/- Horwath Jefferson Stevenson
Level 4, 370 Queen Street,
Brisbane Qld 4000


AMPLE POWER: Members, Creditors to Meet March 29
------------------------------------------------
Notice is given pursuant to Section 509(1) of the Corporations
Act 2001 that a final meeting of the members and creditors of
Ample Power Technology Pty Ltd (In Liquidation) formerly trading
as Business Accounting Systems & Supplies (Mildura) Pty Ltd
A.C.N. 067 825 281 will be held at the offices of Horwath
Melbourne, on March 29, 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 of hearing any explanations that may be
given by the Liquidator.

Dated this 14th day of February 2005

Laurence A. Fitzgerald
Liquidator
Horwath Melbourne Partnership
Chartered Accountants
Level 5, 114 William Street,
Melbourne Vic 3000


ARUNDEL SCIENTIFIC: Unveils Resolution Passed at General Meeting
----------------------------------------------------------------
At a general meeting of the Members of Arundel Scientific Pty
Ltd A.C.N. 008 946 638 duly convened and held at the offices of
PPB, Level 1, 5 Mill Street, Perth WA on February 4, 2005 at
10:30 a.m., the Special Resolutions set out below were duly
passed:

Special Resolutions

(i) That the Company be wound up voluntarily.

The resolution was unanimously carried.

(ii) That the Liquidators shall distribute in cash or in specie
the assets of the Company to the Shareholders in accordance with
the Articles of Association.

The resolution was unanimously carried.

Mr. Clifford Stuart Rocke and Mr. Jeffrey Laurence Herbert of
PPB, Level 1, 5 Mill Street, Perth were appointed as Joint and
Several Liquidators.

Dated this 7th day of February 2005

Ralph Newton
Director


AUDIO & VISUAL: To Pay Interim Dividend April 11
------------------------------------------------
An interim dividend is to be declared on April 11, 2005 for
Audio & Visual Innovations Australia Pty Ltd (In Liquidation)
A.C.N. 082 587 924.

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

Dated this 11th day of February 2005

John Park
Liquidator
KordaMentha (Qld)
Level 1, 307 Queen Street,
Brisbane Qld 4000
Telephone: (07) 3225 4900
Facsimile: (07) 3225 4999


AUSTEEL PTY: Creditors Required to Submit Proofs of Debt
--------------------------------------------------------
A first dividend is to be declared on March 30, 2005 for Austeel
Pty Ltd (Subject To Deed Of Company Arrangement) A.C.N. 058 430
032.

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

Dated this 12th day of February 2005

Lachlan Mcintosh
Deed Administrator
KordaMentha (Qld)
Level 1, 307 Queen Street,
Brisbane Qld 4000
Telephone: (07) 3225 4900
Facsimile: (07) 3225 4999


AUSTRALIA DBA: To Declare Final Dividend March 28
-------------------------------------------------
A final dividend is to be declared on March 28, 2005 for
Australia DBA International Trade Pty Ltd (Subject To Deed Of
Company Arrangement) (The Company) A.C.N. 100 338 234.

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

Dated this 14th day of February 2005

Robert W. Morton
Deed Administrator
Mortons Accountants
5th Floor, 347 Flinders Lane,
Melbourne Vic 3000
Telephone: 9620 4222
Facsimile: 9620 4244


CHEMEQ LIMITED: Poised to Receive AU$40 Mln Soon
------------------------------------------------
Chemeq Limited (ASX:CMQ) advised that at the General Meeting of
shareholders held Wednesday, all resolutions put to shareholders
were passed without amendment.

Chemeq is now scheduled to receive AU$40 million in cash from
Mizuho International plc (Mizuho) and Stark Investments (Stark)
in the next few weeks.

Chemeq Chairman and Chief Executive Officer, Dr. Graham Melrose
said he was very pleased that shareholders had approved this
major financing package. He added that at 71 years, and with
this milestone achieved, he now looked forward to relinquishing
both appointments, as soon as practical, whilst continuing as a
director and making further technical contributions.

"This transaction is a major step forward for Chemeq that will
transform the business," he said.

"The funds raised will allow Chemeq to meet its current business
objectives, free management to focus on the commercialization of
Chemeq's technology and significantly boost our efforts to
recruit two new directors and key management."

"In our opinion, the investment in Chemeq by Mizuho and Stark
adds to our international credibility as we embark on our global
sales push."

Mizuho International plc Director, Suresh Withana said he looked
forward to working with Chemeq to build value for shareholders.

"We are attracted to Chemeq because of its world-class
intellectual property, suite of world-wide patents and its
state-of-the-art Rockingham manufacturing facility," he said.

"As an investor, Mizuho looks forward to a partnership with
Chemeq, aimed at driving value for all stakeholders."

CONTACT:

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


CORALIE HOLDINGS: Unveils General Meeting Resolutions
-----------------------------------------------------
At a general meeting of the Members of Coralie Holdings Pty Ltd
(In Members' Voluntary Liquidation) A.C.N. 009 013 585 duly
convened and held at the offices of PPB, Level 1, 5 Mill Street,
Perth WA on February 4, 2005 at 10:00 a.m., the Special
Resolutions set out below were duly passed:

Special Resolutions

(i) That the Company be wound up voluntarily.

The resolution was unanimously carried.

(ii) That the Liquidators shall distribute in cash or in specie
the assets of the Company to the Shareholders in accordance with
the Articles of Association.

The resolution was unanimously carried.

Mr. Clifford Stuart Rocke and Mr. Jeffrey Laurence Herbert of
PPB, Level 1, 5 Mill Street, Perth were appointed as Joint and
Several Liquidators.

Dated this 7th day of February 2005

John Bell
Director


CRUSHMAR PTY: Members Pass Resolution to Wind Up Company
--------------------------------------------------------
At a general meeting of the members of Crushmar Pty Ltd (In
Liquidation) A.C.N. 009 910 454 held at 24 Barolin Street on
February 14, 2005, the members resolved to wind up the Company
voluntarily 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 14th day of February 2005

Bradley V. Grogan
Liquidator
DGZ
Chartered Accountants
24 Barolin Street, Bundaberg Qld 4670


DELTA WINDOWS: Lays Out Final Meeting Agenda
--------------------------------------------
Notice is given that a final meeting of the members of Delta
Windows Pty Limited (In Liquidation) A.C.N. 074 580 877 will be
held at Suite 5, 32 Thesiger Court, Deakin ACT on Friday, April
1, 2005 at 10:00 a.m.

AGENDA

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

(2) To consider and if thought fit, approve the destruction of
the books and records of the Company six (6) months after the
completion of the winding up; and

(3) To receive any explanation in relation to the winding up.

Dated this 18th day of March 2005

H. J. Kazar
Liquidator
PO Box 211, Deakin West ACT 2600


GREENS PAROT: Members Agree to Wind Up Company
----------------------------------------------
Notice is hereby given that at an Extraordinary General Meeting
of the members of Greens Parot International Pty Ltd (In
Liquidation), held on February 7, 2005, it was resolved that the
Company be wound up voluntarily.

At a meeting of creditors held on the same day, it was resolved
that for such purpose Adrian Douglas Cran, of Inpact McDonald
Carter, Level 6, 31 Queens Street, Melbourne Vic 3000, be
appointed Liquidator.

Dated this 22nd day of February 2005

Adrian Douglas Cran
Liquidator


HIH INSURANCE: To Plead Case for Deception
------------------------------------------
Rodney Adler is set to tell the Supreme Court next week that he
was not attempting to prop up the share price of HIH Insurance
when he lied about a purchase of shares in the insurer in June
2000, Sydney Morning Herald relates.

Elizabeth Fullerton, Mr. Adler's lawyer, has informed the Court
she would call her client to the witness stand to explain his
motive during a sentencing hearing for his recent guilty plea to
four counts of corporate crime.

Two of the charges are that Mr. Adler at that time "disseminated
information" that was false and likely to encourage others to
buy HIH shares.

However, Mr. Adler would give evidence that he was motivated by
the "identity" of the company used to buy the shares.

Mr. Adler will also be sentenced on his plea of failing to share
adverse information with his fellow HIH directors in November
2000 when HIH invested AU$2 million in Business Thinking
Systems, a company he partly owned.


HILLS MOTORWAY: Transurban Junks Restructuring Proposal
-------------------------------------------------------
Hills Motorway Group's planned restructuring has hit a snag
after Transurban Group rejected the proposal, according to Asia
Pulse.

Transurban, which has presented a takeover bid for Hills,
informed Hills investors that it would oppose Hill's current
proposed restructure.

Transurban's 33.4 percent stake in Hills is sufficient to defeat
the restructure proposal which would be implemented via a scheme
of arrangement and would require approval by 75 percent of the
votes cast by Hills security holders.

Transurban has offered 1.47 Transurban securities for each Hills
security, which values Hills at about AU$2.1 billion (US$1.6
billion).

Hills' own independent expert has said that Hills security
holders would be in a better position having accepted the
Transurban offer if the Hills restructure did not proceed.

Transurban is looking to acquire more than 50 percent of Hills
and is not moving to make another takeover offer for Hills in
the near term.

CONTACT:

Hills Motorway Group
Off Culloden Road
M2 Toll Plaza Building
North Ryde, New South Wales 2113
Australia
Phone: +61 2 9869 4578
Fax: +61 2 9869 4519
Web site: http://www.hillsmotorway.com.au/


INDUSTRY AND COMMERCE: To Pay Final Dividend March 31
-----------------------------------------------------
A first and final dividend is to be declared by March 31, 2005
for Industry And Commerce Employment And Training Group Limited
(In Liquidation) trading as ICET Group A.C.N. 078 716 748.

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

Dated this 8th day of February 2005

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


JAMES HARDIE: Aboriginal Leaders Warn of "Sellout"
--------------------------------------------------
Leaders of a New South Wales Aboriginal community are asking
Premier Bob Carr and the Australian Council of Trade Unions
(ACTU) not to sign a deal with James Hardie Industries that
would exclude them from asbestos disease compensation, The
Australian reports.

The Baryulgil leaders fear that they would not be able to sue
Hardie for more than AU$50 million compensation if the historic
AU$1.5 billion provisional deal to compensate future asbestos
victims went ahead.

A provisional agreement inked in December between Hardie, the
NSW Government, the ACTU and asbestos victim groups would
provide compensation for all future Australian victims of
Hardie's former asbestos-producing subsidiaries except its
subsidiary Asbestos Mines Pty Ltd where most of the Aborigines
worked.

Earlier, Hardie announced any it would honor all legitimate
claims by the 200 Baryulgil residents against its former
subsidiaries already within the deal. But Hardie said it will
not accept any legal or moral responsibility for any Baryulgil
claims made against Asbestos Mines or Hardie itself.

Baryulgil community leaders warned that if the deal was signed
without the inclusion of their community's equal right to
achieve compensation, it would be a sellout by Mr. Carr and the
union movement.

"It would show that Aboriginal people don't matter," said Gloria
Strachan, chief executive of the Bulgarr Ngaru Aboriginal
Medical Service.

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.


J.W. O'SULLIVAN: To Convene Final Meeting April 1
-------------------------------------------------
Notice is hereby given that pursuant to section 509 of the
Corporations Act 2001, the final meeting of the members of J.W.
O'Sullivan Pty Limited A.C.N. 008 426 506 will be held at the
offices of Corver & Co Pty Limited, Level 1, 1 Woolley Street,
Dickson ACT 2602 on April 1, 2005 at 10:00 o'clock in the
forenoon for the purpose of laying before the meeting the
liquidator's final account and report and giving any explanation
thereof.

Dated this 21st day of February 2005

Trevor Corver
Liquidator
Level 1, 1 Woolley Street,
Dickson ACT 2602
Telephone: 02 6248 0555


LYNDA STEPHENS: Passes Resolution to Wind Up Company
----------------------------------------------------
Notice is hereby given that at an extraordinary general meeting
of members of Lynda Stephens & Associates Pty Ltd (In
Liquidation) A.C.N. 005 935 964 held on February 9, 2005, it was
resolved that the Company be wound up voluntarily.

At a meeting of creditors held on the same day it was resolved
that for such purpose Geoffrey Handberg of D'Aloia Handberg,
Chartered Accountants, 10/200 Queen Street Melbourne be
appointed Liquidator.

Dated this 14th day of February 2005

G. Handberg
Liquidator
D'Aloia Handberg
Chartered Accountants
Level 10, 200 Queen Street,
Melbourne Vic 3000


NATIONAL AUSTRALIA: Eyes Profit Growth in 2006
----------------------------------------------
National Australia Bank (NAB) aims to revive its business and
rake in profits by 2006, Asia Pulse says.

NAB, which was rocked by an AU$360 million rogue trading scandal
last year, said it was beginning to stabilize its business, five
years after announcing a 20 percent fall in annual net profit.

Australia's biggest bank announced a 19.7 percent fall in net
profit after significant items to AU$3.177 billion for the year
to September 30.

But NAB CEO Ahmed Fahour said NAB was on track to turn the
business around, but said long-term cultural transformation
takes a while.

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/


NORTH QUEENSLAND: Lays Out Agenda of Final Meeting
--------------------------------------------------
Notice is hereby given that a final combined meeting of the
members and creditors of North Queensland Aboriginal And Torres
Strait Islander Corporation For Child Care (In Liquidation)
A.B.N. 46 419 320 286 will be held at the offices of Knights
Insolvency Administration, Level 7, Suncorp Plaza, 61-73 Sturt
Street, Townsville Qld 4814 on March 31, 2005 at 10:00 a.m.

AGENDA

(1) To receive an account made up by the Liquidator showing how
the winding up has been conducted and how the property of the
company has been disposed of, and to receive any explanation
required thereof.

(2) Any other business which may be lawfully considered with the
foregoing.

Dated this 14th day of February 2005

D. J. Offermans
Liquidator
c/- Knights Insolvency Administration
Level 7 Suncorp Plaza,
61-73 Sturt Street,
Townsville Qld 4810


PLT ENGINEERING: Members Agree to Wind Up Company
-------------------------------------------------
Notice is hereby given that at an extraordinary general meeting
of members of PLT Engineering Pty Ltd (In Liquidation) A.C.N.
074 209 608 held on February 14, 2005, it was resolved that the
company be wound up voluntarily.

At a meeting of creditors held on the same day it was resolved
that for such purpose, Adrian Lawrence Brown and John Ross
Lindholm of Ferrier Hodgson, Level 29, 600 Bourke Street,
Melbourne, Vic be appointed Liquidators.

Dated this 14th day of February 2005

A. L. Brown
Liquidator
Ferrier Hodgson
Level 29, 600 Bourke Street,
Melbourne Vic 3000


QUESTA POOL: Proofs of Debt, Claim Due Today
--------------------------------------------
A final dividend is to be declared on March 25, 2005 in respect
of Questa Pool Products Pty Limited (In Liquidation) A.C.N. 062
031 583.

Creditors whose debts or claims have not already been admitted
are required on or before March 24, 2005 to formally prove their
debt or claims. In default, they will be excluded from the
benefit of the dividend.

Dated this 1st day of March 2005

Stephen Brennan
Liquidator
Senatore Brennan Rashid DFK
Level 7, 28 University Avenue,
Canberra ACT 2601
Telephone: (02) 6214 6700
Facsimile: (02) 6214 6799


REIDWOOD PTY: Sets Final Combined Meeting on March 31
-----------------------------------------------------
Notice is hereby given that a final combined meeting of the
members and creditors of Reidwood Pty Ltd (In Liquidation)
A.C.N. 010 494 916 will be held at the offices of Knights
Insolvency Administration, Level 7, Suncorp Plaza, 61-73 Sturt
Street, Townsville Qld 4810 on Thursday, March 31, 2005 at 11:00
a.m.

AGENDA

(1) To receive an account made up by the Liquidator showing how
the winding up has been conducted and how the property of the
company has been disposed of, and to receive any explanation
required thereof.

(2) Any other business, which may be lawfully considered with
the foregoing.

Dated this 14th day of February 2005

D. J. Offermans
Joint and Several Liquidator


SOUTH EAST: Appoints Liquidator to Wind Up Company
--------------------------------------------------
Notice is hereby given that at a General Meeting of South East
Australia Tackle & Outdoors Pty Ltd (In Voluntary Liquidation)
A.C.N. 096 259 120 held on February 3, 2005 it was resolved that
the company be wound up voluntarily as a Members' Voluntary
Winding up and that for such a purpose, Shawn Robert Hennig be
appointed liquidator.

Dated this 3rd day of February 2005

Shawn Robert Hennig
Liquidator


TC CLOTHING: General Meeting Slated for April 6
-----------------------------------------------
Notice is hereby given pursuant to section 509 of the
Corporations Act 2001 that a general meeting of the members and
creditors of TC Clothing Australia Pty Ltd (In Liquidation)
A.C.N. 097 073 375 will be held at the offices of Senatore
Brennan Rashid, Level 7, 28 University Avenue, Canberra, ACT
2601 on April 6, 2005 at 10:00 a.m. for the purpose of having an
account laid before them showing the manner in which the winding
up has been conducted and the property of the Companies disposed
of and of hearing any explanations that may be given by the
Liquidator.

Dated this 1st day of March 2005

E. M. Senatore
Liquidator
c/- Senatore Brennan Rashid
Level 7, 28 University Avenue,
Canberra ACT 2601
Telephone: (02) 6214 6700
Facsimile: (02) 6214 6799


WILSON SHOPFITTERS: To Declare Final Dividend March 28
------------------------------------------------------
A final dividend is to be declared on March 28, 2005 for Wilson
Shopfitters Pty Ltd (In Liquidation) A.C.N. 050 486 032.

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

Dated this 11th day of February 2005

Susan Carter
Liquidator
Downie Insolvency
Level 6, 50 Cavill Avenue,
Surfers Paradise Qld
Web site: http://www.downieinsolvency.com.au


* ASIC Suspends Melbourne Liquidator
------------------------------------
Following an application by the Australian Securities and
Investments Commission (ASIC), the Companies Auditors and
Liquidators Disciplinary Board (CALDB) has suspended the
registration of Mr. Avitus Thomas Fernandez, of Melbourne,
Victoria, as a registered liquidator for a period of three
months and following this, for a further 12 months can only take
new appointments jointly with another liquidator.

The CALDB found that Mr. Fernandez, the sole practitioner of
insolvency practice Fernandez Partners Pty Ltd, failed to carry
out his duties as a liquidator in relation to the external
administration of 31 companies.

ASIC brought the application against Mr. Fernandez, after an
ASIC investigation found that Mr. Fernandez failed to lodge in
excess of 100 documents relating to the status of the companies
over which he was appointed.

ASIC further submitted that Mr. Fernandez failed to lodge his
triennial statement during the period 2000 to 2003, advising
details of his practice and the external administrations
conducted during that period.

The CALDB ordered that Mr. Fernandez:

(1) not accept any appointments as a registered liquidator for
90 days commencing 23 March 2005, except for acting in his
capacity as joint liquidator to finalize one existing external
administration;

(2) complete all statutory obligations relating to the external
administration of the companies to which he is appointed within
60 days from 21 March 2005;

(3) engage a registered liquidator to supervise his activities
as to the existing administrations to which he is appointed; and

(4) not accept any new appointments as a registered liquidator,
otherwise than in a joint capacity with another registered
liquidator, for a period of 12 months following the expiration
of the 3 month suspension.

The CALDB also ordered Mr. Fernandez to pay ASIC's costs of the
proceedings. Mr. Fernandez did not contest the facts that ASIC
brought before the CALDB.

"These breaches are long standing and cumulatively, represent a
serious breach of a liquidator's duties and functions. ASIC will
ensure that insolvency practitioners comply with the exacting
standards required of their appointment and will bring breaches
before the CALDB to ensure appropriate disciplinary action,"
ASIC's Deputy Executive Director of Enforcement, Mr. Mark
Steward said.


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


AGL MEDIATECH: Net Loss Narrows to HKD5 Mln
-------------------------------------------
AGL Mediatech Holdings Limited (8048) disclosed its financial
statement 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 01/04/2004   from 01/04/2003
                             to 31/12/2004     to 31/03/2003
                                 $'000             $'000

Turnover            :            1,709             1,388
Profit/(Loss) from Operations :  (5,022)           (8,639)
Finance cost                  :  (4)               (3)
Share of Profit/(Loss) of Associates: N/A          N/A
Share of Profit/(Loss) of Jointly
         Controlled Entites   :   N/A              N/A
Profit/(Loss) after Taxation & MI: (5,026)        (8,577)
% Change Over the Last Period    :  N/A
EPS / (LPS) Basic (in dollar)    : (HKD 0.01)      (HKD 0.0179)
          Diluted (in dollar)    :  N/A            N/A
Extraordinary (ETD) Gain/(Loss)  :  N/A            N/A
Profit (Loss) after ETD Items    : (5,026)        (8,577)
Final Dividends per Share        :  NIL            NIL
(specify if with other options)  :  N/A            N/A
B/C Dates for Final Dividends    :  N/A
Payable Date                     :  N/A
B/C Dates for (-) General Meeting:  N/A
Other Distribution for Current Period : NIL
B/C Dates for Other Distribution      : N/A
                                   (bdi: both days inclusive)

For and on behalf of
AGL MEDIATECH HOLDINGS LIMITED

Signature:
Name: LEE Chan Wah
Title: Company Secretary

Remarks:

1. CHANGE OF YEAR END DATE

The year-end date of the Company was changed from 31 March to 31
December with effect from 12 October 2004. Pursuant to the
change, the current accounting period cover nine months from 1
April 2004 to 31 December 2004.

2. BASIS OF PREPARATION

The financial statements are prepared in accordance with and
comply with all applicable Statements of Standard Accounting
Practice and Interpretations issued by the Hong Kong Institute
of Certified Public Accountants (HKICPA). The financial
statements are prepared under the historical cost convention.

3. LOSS PER SHARE

The calculation of the basic loss per share is based on the
audited net loss for the period of approximately HK$5.0 million
(year ended 31 March 2004: HK$8.6 million), and on the weighted
average of 503,040,000 shares in issue during the period (year
ended 31 March 2004: 480,000,000 shares in issue).

No diluted loss per share has been presented because there is no
dilutive potential share. In the last year, no diluted loss per
share was presented as the exercise price of the Company's share
options was higher than the average market price of the
Company's shares during that year.

CONTACT:

AGL Mediatech Holdings Limited
2802 One Exchange Square
8 Connaught Place
Central Hong Kong


AMERY CONSTRUCTION: Winding Up Hearing Set April 13
---------------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Amery Construction Water Proofing Co. Limited by the High Court
of Hong Kong Special Administrative Region was on February 8,
2005 presented to the said Court by Sundart Timber Products
Company Limited whose registered office is situated at 7th
Floor, Millennium City 3, 370 Kwun Tong Road, Kwun Tong,
Kowloon, Hong Kong.

The said Petition is directed to be heard before the Court at
9:30 a.m. April 13, 2005.

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

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

WILLIAM W. L. FAN & CO.
Solicitors for the Petitioner
Room 507, 5th Floor
Hang Seng Building
77 Des Voeux Road Central
Central, Hong Kong
(Ref: WF-2351-RL)

Note:

Any person who intends to appear at the hearing of the said
petition must serve on or send by post to the abovenamed, notice
in writing of his intention to do so.  The Notice must state the
name and address of the person, or if a firm or his or their
Solicitor (if any) and must be served or if posted, must be sent
by post in sufficient time to reach the abovenamed not later
than six o'clock in the afternoon of April 12, 2005.


CHATSWOOD INTERNATIONAL: Court Issues Winding Up Petition Notice
----------------------------------------------------------------
Chatswood International Limited with registered office located
at Flat C, 6th Floor, Dominion Heights, Belair Gardens, 52 Tai
Chung Kiu Road, 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 6, 2005.

Dated this 18th day of March 2005.

ET O'Connell
Official Receiver


CHINA SPECIALISED: Enters Third Stage of Delisting Procedures
-------------------------------------------------------------
The Stock Exchange of Hong Kong Limited announced that effective
from March 23, 2005, China Specialised Fibre Holdings Limited
(0825) (In Liquidation) will be put into the third stage of the
delisting procedures in accordance with Practice Note 17 to the
Listing Rules.  Practice Note 17 formalizes the procedures to be
adopted in dealing with long suspended companies.

Dealing in the shares of the Company has been suspended since
November 26, 2002.  At the end of the second stage of the
Delisting Procedures, which in the case of the Company was March
1, 2005, the Company had not submitted any viable resumption
proposal.

A viable resumption proposal means a proposal that, if it were
implemented, would enable the Company to demonstrate that it
complies with Rule 13.24 of the Listing Rules.  Rule 13.24 of
the Listing Rules requires the Company to carry out, directly or
indirectly, a sufficient level of operations or have tangible
assets of sufficient value and/or intangible assets for which a
sufficient potential value can be demonstrated to the Exchange
to warrant the continued listing of the Company's securities on
the Exchange.

The resumption proposal will also need to demonstrate that the
Company has in place adequate financial reporting and compliance
systems and procedures to enable the Company to meet its
obligations under the Listing Rules.

In view of the absence of any resumption proposal prior to the
expiry of the second stage of the Delisting Procedures and the
Company's continued failure to demonstrate that it is able to
meet the requirements as stipulated under Rule 13.24 of the
Listing Rules, the Company will proceed to the third stage of
the Delisting Procedures.  The Company will have a final period
of six months for the submission of a viable resumption proposal
to the Exchange.

A viable resumption proposal should be submitted at least 10
business days before the expiry of the six-month period.  If the
Company does not submit a viable resumption proposal as
required, the Hong Kong Stock Exchange intends to cancel the
listing of the Company on the expiry of the six-month period
from March 23, 2005 (i.e. 22 September 2005).

The Exchange will make a further announcement in due course if
the delisting takes place.


FULL HOUSE: Receives Winding Up Petition
----------------------------------------
Notice is hereby given that a Petition for the Winding up of
Full House Construction And Engineering Co. Limited by the High
Court of Hong Kong Special Administrative Region was on March 1,
2005 presented to the said Court by CWF Piling & Civil
Engineering Company Limited whose registered office is situated
at 14th Floor, Yau Lee Centre, No. 45 Hoi Yuen Road, Kwun Tong,
Kowloon, Hong Kong.

The said Petition is to be heard before the Court at 9:30 a.m.
on April 27, 2005.

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

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

LEUNG CHAN & PANG
Solicitors for the Petitioner
Suites 1203, 12th Floor
Wing On House
71 Des Voeux Road Central
Central, Hong Kong

Note:

Any person who intends to appear on the hearing of the said
petition must serve on or send by post to the abovenamed, notice
in writing of his intention to do so.  The Notice must state the
name and address of the person, or if a firm or his or their
Solicitor (if any) and must be served or if posted, must be sent
by post in sufficient time to reach the abovenamed not later
than six o'clock in the afternoon of April 26, 2005.


GLORY FUTURE: Net Loss Shrinks to HKD3.75 Mln
---------------------------------------------
Glory Future Group Limited (8071) on March 23, 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              :            133             1,063
Profit/(Loss) from Operations :    (2,933)           (4,843)
Finance cost                  :    (832)             (913)
Share of Profit/(Loss) of Associates: 0                 0
Share of Profit/(Loss) of Jointly
         Controlled Entites   :       0                 0
Profit/(Loss) after Taxation & MI: (3,756)           (5,756)
% Change Over the Last Period    :  N/A
EPS / (LPS)
          Basic (in dollar)      : (HKD 0.005)      (HKD 0.0076)
          Diluted (in dollar)    :  N/A               N/A
Extraordinary (ETD) Gain/(Loss)  :  0                 0
Profit (Loss) after ETD Items    : (3,756)           (5,756)
Final Dividends per Share        :  NIL               NIL
(specify if with other options)  :  N/A               N/A
B/C Dates for Final Dividends    :  N/A
Payable Date                     :  N/A
B/C Dates for (-) General Meeting:  N/A
Other Distribution for Current Period : NIL
B/C Dates for Other Distribution      : N/A

                                  (bdi: both days inclusive)

For and on behalf of
Glory Future Group Limited

Signature:
Name: Tsui Chun Kuen
Title: Company Secretary

Remarks:

1. Basis of preparation

These financial statements have been prepared in accordance with
Hong Kong Statements of Standard Accounting Practice and
interpretations, accounting principles generally accepted in
Hong Kong and the disclosure requirements of the Hong Kong
Companies Ordinance. They have been prepared under the
historical cost convention.

2. Loss per share

The calculation of basic loss per share is based on the net loss
attributable to shareholders for the year of HK$3,765,000 (2003:
HK$5,756,000) and 753,720,000 (2003: 753,720,000) ordinary
shares of the Company in issue during the year.

Diluted loss per share for the years ended 31 December 2004 and
2003 have not been disclosed as the share options and
convertible redeemable notes outstanding during these years had
an anti-dilutive effect on the basic loss per share for these
years.

CONTACT:

Glory Future Group Limited
56-58 Yee Wo Street
Offices Nos.701-2 7th
Fl Man Yee Bldg
Causeway Bay
HONG KONG


JAPAN TRAVEL: Proofs of Debt, Claims Due April 18
-------------------------------------------------
Notice is hereby given that the Creditors of Japan Travel Bureau
Inc. (Hong Kong) Limited (In Members' Voluntary Liquidation),
which is being voluntarily wound up, are required on or before
April 18, 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
Liquidators of the said Company at 8th Floor, Gloucester Tower,
The Landmark, 11 Pedder Street, 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 deemed to waive all of such debts
or claims and the Liquidators will be entitled seven days after
the above date, to distribute the funds available or any part
thereof to the Members.

Dated this 18th day of March 2005.

SUEN PUI YEE
IAIN FERGUSON BRUCE
Liquidators
11th Floor, Prince's Building
10 Chater Road, Central
Hong Kong


LEE SHING: Creditors Required to Submit Proofs of Debt
------------------------------------------------------
Notice is hereby given that the Creditors of Lee Shing Knitting
Factory Limited, which is being wound up by the Court, are
required on or before 5:30 p.m. on April 13, 2005, to send in
their names, addresses and particulars of their debt or claims,
and the name and address of their solicitors, if any, to the
Official Receiver's Office at 10th Floor, Queensway Government
Offices, 66 Queensway, Hong Kong.

To establish any title they may have to priority under Section
265 of the Companies Ordinance or in default thereof they will
be excluded from the benefit of the distribution made next after
the 13th April 2005 or as the case may be from objecting to such
distribution.

Dated this 18th day of March 2005.

JOSEPH KIN CHING LO
DARACH E. HAUGHEY
Joint and Several Liquidators
26th Floor, Wing On Centre
111 Connaught Road Central
Hong Kong


LIN'S MEDICINE: Enters Winding Up Proceedings
---------------------------------------------
Lin's Medicine And Health Care Manufacture Enterprise Limited
with registered office located at Room 1006, 10/F, Worldwide
House, 19 Des Voeux Road Central, 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 7, 2005.

Dated this 18th day of March 2005.

ET O'Connell
Official Receiver


MARGAUX FINANCE: Receives Winding Up Notice from Court
------------------------------------------------------
Margaux Finance Limited with registered office located at 5th
Floor, Tien Chun Commercial Building, 173-174 Gloucester Rad,
Wanchai, 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 6, 2005.

Dated this 18th day of March 2005.

ET O'Connell
Official Receiver


M DREAM: Posts HKD17.14-Mln Net Loss in 2004
--------------------------------------------
M Dream Inworld Limited (8100) 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 01/07/2003
                             to 31/12/2004     to 31/12/2003
                                 $'000             $'000

Turnover           :             32,437               614
Profit/(Loss) from Operations:  (16,415)           (5,673)
Finance cost                 :   (313)              N/A
Share of Profit/(Loss) of Associates: N/A           N/A
Share of Profit/(Loss) of Jointly
         Controlled Entites    :   N/A             N/A
Profit/(Loss) after Taxation & MI: (17,149)       (5,569)
% Change Over the Last Period    : N/A
EPS / (LPS)
          Basic (in dollar)     :(HKD 0.00998)     (HKD 0.00593)
          Diluted (in dollar)    : N/A               N/A
Extraordinary (ETD) Gain/(Loss)  : N/A               N/A
Profit (Loss) after ETD Items    : (17,149)         (5,569)
Final Dividends per Share        : NIL               NIL
(specify if with other options)  : N/A               N/A
B/C Dates for Final Dividends    : N/A
Payable Date                     : N/A
B/C Dates for (-) General Meeting  : N/A
Other Distribution for Current Period : NIL
B/C Dates for Other Distribution      : N/A
                                    (bdi: both days inclusive)

For and on behalf of M Dream Inworld Limited

Signature:
Name: Koh Tat Lee, Michael
Title: Director

Remarks:

1.  Basis of presentation

The accounts have been prepared in accordance with all
applicable Statements of Standard Accounting Practice (SSAP)
issued by the Hong Kong Society of Accountants, accounting
principles generally accepted in Hong Kong and the disclosure
requirements of the Hong Kong Companies Ordinance. Pursuant to a
resolution passed in the annual general meeting of the Company
held on 29 October 2003, the accounting year-end of the Company
and its subsidiaries has been changed from 30 June to 31
December.

2.Loss per share

The calculation of basic loss per share is based on the net loss
from ordinary activities attributable to shareholders for the
year of HK$17,149,000 (six months ended 31 December
2003:HK$5,569,000) and the weighted average of 1,719,319,929
(2003:939,660,174) ordinary share in issue during the year.

No diluted loss per share has been presented because the
exercise price of the Company's share options was higher than
the average market price per share for the year and the other
potential ordinary shares are anti-dilutive.

CONTACT:

M. Dream Inworld Limited
20/F, Beautiful Group Tower
77 Connaught Road Central
Central District
Hong Kong


SHANGHAI LAND: Net Loss Swells to HKD45.9 Mln
---------------------------------------------
Shanghai Land Holdings Limited (00067) (Receivers Appointed) on
March 22, 2005 announced its financial result for the period
ended December 31, 2004.

Currency: HKD
Auditors' Report: N/A
Interim report reviewed by: Both Audit Committee and Auditors

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

Turnover                           : 34,206             26,865
Profit/(Loss) from Operations      : (24,817)           (29,342)
Finance cost                       : (20,221)           (10,326)
Share of Profit/(Loss) of
  Associates                       : N/A                N/A
Share of Profit/(Loss) of
  Jointly Controlled Entities      : N/A                N/A
Profit/(Loss) after Tax & MI       : (45,983)           (40,057)
% Change over Last Period          : N/A       %
EPS/(LPS)-Basic (in dollars)       : (0.0151)           (0.0131)
         -Diluted (in dollars)     : N/A                N/A
Extraordinary (ETD) Gain/(Loss)    : N/A                N/A
Profit/(Loss) after ETD Items      : (45,983)           (40,057)
Interim Dividend                   : NIL                NIL
  per Share
(Specify if with other             : N/A                N/A
  options)

B/C Dates for
  Interim Dividend                 : N/A
Payable Date                       : N/A
B/C Dates for (-)
  General Meeting                  : N/A
Other Distribution for             : N/A
  Current Period

B/C Dates for Other
  Distribution                     : N/A

The calculation of basic loss per share is based on the
consolidated loss attributable to shareholders for the six
months ended 31 December 2004 of HK$45,983,000 (2003:
HK$40,057,000) and 3,051,438,765 shares (2003: 3,051,438,765
shares) in issue during the interim period. There were no
dilutive potential ordinary shares in existence during the
current and prior interim periods.

Remarks:

(1) Auditors' independent review report contains qualifications
and they are unable to reach a review conclusion as to whether
material modifications should be made to the interim financial
report for the six months ended 31 December 2004.  The complete
independent review report is appended below.

INDEPENDENT REVIEW REPORT

The interim financial report has been reviewed by Nexia Charles
Mar Fan & Co.  Their independent review report to the Board of
Directors is set out below.


SUN'S GROUP: Court Adjourns Hearing of Petitions to June 13
-----------------------------------------------------------
Further the resumed hearing on 14th March 2005 of the winding-up
Petitions referred to in the announcement of The Sun's Group
Limited dated 8th February 2005 by the High Court of the Hong
Kong SAR (the Court), the Court ordered that the hearing be
further adjourned to 13th June 2005.

The Company will keep the public informed by making further
announcements as appropriate.

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

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

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

For and on behalf of
The Sun's Group Limited
(Provisional Liquidators Appointed)
Joseph K.C. Lo
Joint and Several Provisional Liquidator

By Order of the Board,
The Sun's Group Limited
(Provisional Liquidators Appointed)
Pang Ho Chuen, Lawrence
Director

Hong Kong, March 22, 2005.


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

INDOFOOD SUKSES: Expects Court Hearing on Bonds Next Month
----------------------------------------------------------
Indofood Sukses Makmur awaits hearing in a British court next
month, Dow Jones reports.

The court hearing is on whether Indofood has the right to buy
back U.S. dollar-denominated bonds before maturity in 2007.

According to the Company's legal official, the hearing may be
scheduled for the middle of April, but the exact date would be
fixed early next month.

Indofood Sukses had wanted to buy back around IDR1.81 trillion
of an IDR2.63 trillion bond sold in 2002, through a Mauritius
entity. The cessation of a double taxation agreement between
Indonesia and Mauritius earlier this year led to Indofood's
buyback of the bonds, as the cut-off meant a 20% tax increase on
the bonds.

With Indofood saying that the covenant covering the bonds would
allow them to buy back the bonds and others saying that the
covenant is unclear, the matter is to be settled in a U.K.
court. The Company turned to the court after failing to get
bondholder approval to buy back the bonds.

Indofood Sukses is bargaining on a speedy decision on the
matter.

CONTACT:

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


PERTAMINA: Introduces New, Cheaper Kerosene Alternative
-------------------------------------------------------
PT Pertamina has come up with a new fuel product made from the
unused output of oil wells, as a response to surging global oil
prices and the marked lack of kerosene in Indonesia, reports the
Jakarta Post.

Pertamina president director Widya Purnama said that the new
product, Gasified petroleum condensate (GPC), was created as an
alternative to kerosene for home and industrial use, and would
be cheaper than the popular liquefied petroleum gas (LPG). GPC
is made from the byproducts of oil wells that are usually left
to evaporate, without being used.

Processing director Suroso Atmomartoyo said the company has not
established a sale price for GPC, but that the base price would
be IDR3,000 per kilogram. GPC was stored in three-kilogram
canisters during testing.

Tests showed that one kilogram of GPC can light a modified stove
continuously for 8 hours. Mr. Suroso added that the firm hopes
to be able to sell GPC this year.

CONTACT:

PT Pertamina Tbk
Jalan Merdeka, Timur No. 1 A
Jakarta 10110
Indonesia
Phone: (62)(21) 3815111
Fax:   3846865/ 3843882
Web site: http://www.pertamina.com


PERTAMINA: To Delay Shutdown of Oil Refinery
--------------------------------------------
PT Pertamina will delay the maintenance shutdown of its oil
refinery in Dumai, which is initially set to temporarily cease
operating in June, Dow Jones reports.

Company official Suroso Atmomartoyo said that Pertamina is still
evaluating the refinery, and they maintain hopes of a turnaround
this year.

Pertamina's Dumai oil refinery, which is one of the Company's 9
refineries, processes 120,000 barrels a day.

The Company's import of fuel products would presumably be
affected by the delay in the refinery's shutdown.


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

K.K. KANMI: Enters Bankruptcy
-----------------------------
K.K. Kanmi has entered bankruptcy with total liabilities of
US$44.87 million, says Teikoku Databank America.

The confectionery manufacturing Company is based in Sasebo-shi,
Nagasaki 857-1151.

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


MITSUBISHI MOTORS: S&P Assigns 'CCC+' Rating
--------------------------------------------
Standard & Poor's Ratings Services assigned its 'CCC+' long-term
corporate rating on Mitsubishi Motors Corporation (MMC) and
affirmed the 'CCC+' rating on its senior unsecured debt,
following completion of a bailout package intended to revive the
automaker. The outlook on the long-term rating is negative.

The rating action follows the completion of a large rescue
package for MMC, with the company receiving a capital infusion
worth JPY10.2 billion through a debt-for-equity swap on bank
loans from Mitsubishi Trust & Banking Corp. (A-/Positive/A-1).
MMC previously received a capital infusion totaling 274
billion, including a debt-for-equity swap worth JPY54 billion,
from Bank of Tokyo-Mitsubishi Ltd. (BTM: A-/Positive/A-1),
Mitsubishi Corp. (A-/Positive/A-2), and Mitsubishi Heavy
Industries Ltd. (BBB/Negative/--).

The completion of the support package decreases the likelihood
of near-term default by MMC due to its enhanced capital
position.

However, concerns remain over MMC's viability, given the
company's deteriorated brand image and a serious slump in sales,
particularly in Japan and North America. For the first two
months in 2005, total unit sales decreased by about 25% in Japan
and 46% in the U.S. from the same period in 2004. According to
the company's new business revitalization plan announced in
January, MMC is setting lower sales targets than in the previous
plan, but it remains unclear whether operational and financial
restructuring measures will be sufficient to ensure MMC's
survival.

"The negative outlook reflects intensifying competition in key
global vehicle markets and the challenge of restoring severely
diminished consumer confidence," said Standard & Poor's credit
analyst Chizuko Satsukawa. "Also, the company's original
equipment manufacturer (OEM) business is expected to deliver
limited results."

In March 2005, Standard & Poor's lowered its corporate credit
rating on MMC to 'SD' (Selective Default) from 'CC' (see
Standard & Poor's media release: "Mitsubishi Motors Downgraded
To 'SD' Following Debt-For-Equity Swap," published March 10,
2005).

Standard & Poor's views debt-for-equity swaps as practically the
same as default, since the consideration received is less than
par value. The long-term corporate credit rating represents the
issuer's willingness and ability to pay all financial
obligations on a timely basis. An 'SD' rating is assigned to an
issuer if it receives a debt-for-equity swap and selectively
defaults on a specific issue or class of obligations, even
though the issuer is not in default legally and continues to pay
other obligations.

The rating on MMC's senior unsecured debt is now equal to the
long-term issuer rating. The debt rating was previously higher
than the issuer rating, reflecting the likelihood of loan
waivers by creditor banks. The ratings equalization reflects
concerns that the relative ranking of the rated unsecured bonds
has become weaker as the company's secured debt has increased,
and the willingness of Mitsubishi group companies to provide
financial support may weaken in the future.

Ratings List
Corporate credit rating            'CCC+'/Negative/--
Senior unsecured debt              'CCC+'

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: Moves Import Operations To Jacksonville
----------------------------------------------------------
The Jacksonville Port Authority (JAXPORT), in a press release,
announced that Mitsubishi Motors North America, Inc. will begin
importing its cars from Japan through JAXPORT for distribution
throughout the Southeastern United States.

Mitsubishi previously shipped its vehicles through JAXPORT but
relocated to the Port of Brunswick, Georgia several years ago.
The company is now returning to JAXPORT.

Mitsubishi's first shipment is expected to arrive at JAXPORT in
April. The company plans to import about 15,000 units annually
and could double that number in the next few years, then
continue to grow its imports as U.S. sales increase. The
vehicles, to include all Mitsubishi models, will be shipped
through JAXPORT's Blount Island Marine Terminal.

Jacksonville-based American Port Services (AMPORTS),
Mitsubishi's Blount Island automobile processor, will make
modifications and value-added improvements to the vehicles upon
their arrival from Japan in preparation for distribution to U.S.
auto dealers.

"Mitsubishi Motors has been a long-time valued customer of
AMPORTS in Baltimore and Brunswick," said AMPORTS President Jim
Davis. "We will continue to offer excellent processing of these
vehicles in Jacksonville. JAXPORT's aggressive business
strategies were a key factor in this move to Jacksonville."

Randy Casebolt, Manager of National Port Operations for
Mitsubishi Motors in Cypress, California, called Jacksonville
"an excellent automobile port."

"JAXPORT has a great reputation in the industry," Casebolt said.
"We are excited to return to Jacksonville, and I'm confident
that AMPORTS and JAXPORT will continue their excellent customer
service in the future."

Rick Ferrin, JAXPORT's Executive Director, said that JAXPORT
offers many advantages to the dozen auto manufacturers that now
ship through the port.

"In addition to an experienced labor force and the nation's
finest vehicle processing facilities, Jacksonville offers
convenient access to three interstate highways and three
railroads, all linked to port facilities," Ferrin said.

Roy Schleicher, Sr. Director of Trade Development and Marketing
at JAXPORT, said that the Port Authority has long targeted
bringing Mitsubishi Motors back to Jacksonville.

"Our port offers competitive pricing and an excellent location
for auto manufacturers because of our intermodal network,"
Schleicher said." In addition, we have superb infrastructure,
which is particularly important to the auto industry. We are
very pleased to have Mitsubishi as a customer of the port
again."

JAXPORT tenants and customers in fiscal year 2004, making
JAXPORT one of the largest vehicle handling ports in the United
States, processed more than 530,000 vehicles. Importing and
exporting vehicles through Jacksonville's port creates 2,080
jobs and generates more than $152 million in annual wages and
other spending, according to a 2004 study completed by Martin
Associates, a consulting firm based in Lancaster, Pennsylvania.

CONTACTS:

Jacksonville Port Authority
Communications Office
P.O. Box 3005
2831 Talleyrand Avenue
Jacksonville, FL 32206-0005 USA
Phone: (904) 630-3080
Fax: (904) 630-3060
E-mail: info@jaxport.com

Mitsubishi Motors North America, Inc.
6400 Katella Ave.
Cypress, CA 90630-0064
Phone: 714-372-6000
Fax: 714-373-1020


MORISAKI KENSETSU: Begins Bankruptcy Proceedings
------------------------------------------------
K.K. Morisaki Kensetsu Kogyo has begun bankruptcy proceedings,
says Teikoku Databank America.

The construction firm, headquartered in Oita-ken, Oita 870-0003,
has total liabilities of US$45.96 million.

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


TOWA REAL: Receives Financial Assistance
----------------------------------------
UFJ Holdings, Inc. (UFJ) hereby gives notice that UFJ Bank
Limited (UFJ Bank), a subsidiary of UFJ, on March 22, 2005
extends financial support etc. as described below to Towa Real
Estate Development Co., Ltd. at the request of Towa. UFJ and UFJ
Bank highly appreciate Towa's new business plan based on
strategic partnership with Mitsubishi Estate Co. Ltd.

1. Outline of Towa

Trade Name: Towa Real Estate Development Co., Ltd.
Address: 3-13 Yaesu 2-chome, Chuo-ku, Tokyo
Representative: Shigeatsu Sugiura
Capital: JPY 17,582 million (as of September 30, 2004)

2. Financial Support

Debt forgiveness: JPY 78,194 million

3. Transfer of Towa's preferred stocks, which UFJ Bank currently
holds.

Transferee: Mitsubishi Estate Co. Ltd.
Class and number of: Class A:  5,243,000
Preferred stocks:    Class C: 16,667,000
                     Class D: 16,667,000

Loss from transfer         JPY 7,784 million

4. Impact on Earnings of UFJ Holdings

UFJ Holdings does not change the current forecast of its non-
consolidated and consolidated financial results for the fiscal
year ending March 31, 2005 announced on November 24, 2004.

CONTACT:

Towa Real Estate Development Company Limited
3-13 Yaesu 2-chome
Chuo-ku 104-8484, Tokyo 104-8484
Japan
Phone: +81 3 3272 6331
Fax: +81 3 3272 7180
Web site: http://www.towa-fudosan.co.jp/


UFJ BANK: Executives Face Jail for Obstructing State Inspections
----------------------------------------------------------------
The Tokyo District Public Prosecutors Office has demanded that
three former top officials of UFJ Bank be jailed and that the
bank be fined JPY100 million for obstructing government
inspections, The Mainichi reported on Tuesday.

Prosecutors demanded that former UFJ Vice President Kazuyoshi
Okazaki be imprisoned for 10 months and that former board
members Sen Hayakawa and Masayuki Inaba spend eight months in
jail.

"It was a large-scale, vicious obstruction of government
inspections. The bank tended to make light of financial
authorities," a prosecutor said in a hearing held at the Tokyo
District Court Tuesday.

The defendants have basically pleaded guilty to the charges of
violating the Banking Law.

UFJ Holdings holds UFJ Bank (created by the merger of Sanwa Bank
and Tokai Bank) and UFJ Trust Bank (formerly Toyo Trust and
Bank). UFJ Bank, one of Japan's largest, is concentrating on
serving the middle and retail markets through some 460 branches.
UFJ Bank provides credit cards, leasing and underwriting
services, international finance, venture capital, pension
planning, and asset management.

Like many Japanese banks, UFJ's excessive bad loans and their
resulting losses are a persistent problem. Giving megabank
Citigroup a run for its money, UFJ and Mitsubishi Tokyo
Financial Group plan to merge by September 2005, creating the
world's largest bank. In the meantime, UFJ is tackling several
other projects.

CONTACT:

UFJ Holdings, Inc.
5-6, Fushimimachi 3-chome,
Chuo-ku, Osaka-shi,
Osaka 541-0044,
Japan
Web site: http://www.ufj.co.jp


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


JINRO LIMITED: High Price Raises Concerns
-----------------------------------------
Popular soju maker Jinro Ltd. may be over-inflated because of
competition, with such a high selling price, reports Asia Pulse.

Next week, 12 firms are expected to bid for the Company, which
is worth KRW3.6 trillion as announced by major creditor Goldman
Sachs.

According to industry sources, if the Company will be sold at
current price, majority of the profits may go to foreign editors
who own 70 % of the Company's total debt. It would be best if
the sale price is reduced to KRW3 trillion, and Jinro follows
through with its debt repayment plan.

An unnamed Company official said that Jinro's final sale price
and debt repayment plan cannot be specified as yet, since the
plan would be changed after the sale.

Merrill Lynch & Co. is the lead manager for the sale.

CONTACT:

Jinro Limited
1448-3 Seocho-dong Seocho-gu
Jinro Bldg
Seoul, SEOUL 137-866
South Korea
Phone: +82 2 520 3114
Fax:   +82 2 520 3453
Web site: http://www.jinro.co.kr/


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

BOUSTEAD HOLDINGS: Granted Listing of Additional Shares
-------------------------------------------------------
Boustead Holdings Berhad's additional 69,000 new ordinary shares
of RM0.50 each issued pursuant to the Company's Employees' Share
Option Scheme are granted listing and quotation effective
Thursday, March 24, 2005, 9:00 a.m.

CONTACT:

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


GOLDEN FRONTIER: Posts Shares Buy Back Notice
---------------------------------------------
Golden Frontier Berhad disclosed details of its shares buy back
on March 22, 2005 to the Bursa Malaysia Securities Berhad.

Date of buy back: 22/03/2005

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

Total number of shares purchased (units): 4,000

Minimum price paid for each share purchased (RM): 0.605

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

Total consideration paid (RM): 2,443.52

Number of shares purchased retained in treasury
(units): 4,000

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

Cumulative net outstanding treasury shares as at to-date
(units): 1,389,800

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: Converts Loan Stocks into Ordinary Shares
-----------------------------------------------------
Gula Perak Berhad's additional 214,500 new ordinary shares of
RM1.00 each issued pursuant to the Company's Conversion of
222,500 irredeemable convertible secured loan stocks 2000/2005
into 214,500 new ordinary shares will be granted listing and
quotation effective Friday, March 25, 2005, 9:00 a.m.

CONTACT:

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


I-BERHAD: Repurchases More Shares
---------------------------------
I-Berhad disclosed details of shares it bought back on March 22,
2005 to the Bursa Malaysia Securities Berhad.

Date of buy back: 22/03/2005

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

Total number of shares purchased (units): 1,500

Minimum price paid for each share purchased (RM): 0.800

Maximum price paid for each share purchased (RM): 0.800

Total consideration paid (RM): 1,214.48

Number of shares purchased retained in treasury
(units): 1,500

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

Cumulative net outstanding treasury shares as at to-date
(units): 1,195,300

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

CONTACT:

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


MMC CORPORATION: Reveals Dissolution of Unit's Subsidiary
---------------------------------------------------------
MMC Corporation Berhad (MMC) announced that the Company received
confirmation from the United Kingdom Companies House that
Southern Kinta Consolidated Limited (SKCL) was dissolved on
March 22, 2005. The dissolution was made pursuant to SKCL's
application to strike-off the Company.

SKCL is a company incorporated in the United Kingdom with a
paid-up capital of GBP769,600.00. It is 100% owned by Southern
Kinta Consolidated (M) Berhad, which in turn is a wholly owned
subsidiary of MMC. SKCL ceased operations in early 1990s and had
remained dormant since then.

The dissolution of SKCL is pursuant to the reorganization and
streamlining of MMC's structure, and does not affect Company
operations.

CONTACT:

MMC Corporation Berhad
10th Floor, Block B, HP Towers
No. 12, Jalan Gelenggang
Damansara Heights, 50490
Kuala Lumpur, Malaysia
Phone: +603 2092 5588
Fax:   +603 2093 9917


PADIBERAS NASIONAL: To List Additional 166,000 Shares
-----------------------------------------------------
Padiberas Nasional Berhad's additional 166,000 new ordinary
shares of RM1.00 each issued pursuant to the Company's Employee
Share Option Scheme will be granted listing and quotation
effective Monday, March 28, 2005.

CONTACT:

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


PAN MALAYSIA: Buys Back 75,000 Shares
-------------------------------------
Pan Malaysia Corporation Berhad disclosed to the Bursa Malaysia
Securities Berhad the details of its shares buy back on March
22, 2005.

Date of buy back: 22/03/2005

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

Total number of shares purchased (units): 75,000

Minimum price paid for each share purchased (RM): 0.375

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

Total consideration paid (RM): 28,565.73

Number of shares purchased retained in treasury
(units): 75,000

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

Cumulative net outstanding treasury shares as at to-date
(units): 20,545,500

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


TELEKOM MALAYSIA: To List Extra Shares on March 28
--------------------------------------------------
Pursuant to the Company's Employee Share Option Scheme, Telekom
Malaysia Berhad's additional 124,000 new ordinary shares of
RM1.00 each issued will be granted listing and quotation
effective Monday, March 28, 2005, 9:00 a.m.

CONTACT:

Telekom Malaysia Berhad
Level 51, North Wing, Menara Telekom
Off Jalan Pantai Baharu
50672 Kuala Lumpur
Malaysia
Phone: +60-3-2240-9494
Fax:   +60-3-2283-2415
Web site: http://www.telekom.com.my


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

MANILA ELECTRIC: Praised for Backing "Open Access" Scheme
---------------------------------------------------------
Manila Electric Company (Meralco) was recently lauded by the
government for supporting the "open access" scheme that is
expected to cut power rates, The Manila Bulletin reports.

Meralco expressed its commitment to the "open access" scheme
under the Electric Power Industry Reform Act (EPIRA) even before
the completion of the 70 percent privatization of the National
Power Corporation's (Napocor) generating assets.

An "open access" refers to the system of allowing any qualified
person the use of transmission, and distribution system and
associated facilities subject to the payment of transmission and
distribution retail wheeling rates duly approved by the Energy
Regulatory Commission (ERC).

One of the conditions precedent for retail competition or an
"open access" to start is the establishment of a wholesale
electricity spot market (WESM), where pricing is market-based
and where various industry participants like suppliers,
distributors, end-users can buy and sell power.

The competition is expected to result to lower electricity
prices of electricity.

CONTACT:

Manila Electric Co.
Lopez Building
Ortigas Avenue, Pasig City
Phone:  16220 (TL); 633-4553 (Corp. Sec.)
Fax:  (0632) 631-5572
E-mail Address: corcom@meralco.com.ph
Web site: http://www.meralco.com.ph


MANILA ELECTRIC: Spanish Stakeholder Rules Out Capital Infusion
---------------------------------------------------------------
Manila Electric Company's (Meralco) Spanish stakeholder is not
sold to the idea of infusing more capital into the ailing power
utility firm, Business World says.

Union Fenosa SA ruled out the possibility of raising its stake
in Meralco, but instead called for fair treatment to the utility
firm concerning its rate petitions given that the Court of
Appeals junked the Energy Regulatory Commission's (ERC) approval
of Meralco's 17 centavos per kWh rate hike.

The case is still pending with the Supreme Court under both ERC
and Meralco's motion for reconsideration. In the meantime,
Meralco implements the first rate increase it got since 1994.

Union Fenosa, which holds a 10-percent stake in Meralco, has
injected some US$100 million in equity in 1994 and bought
additional shares in 1999 at Php100 per share. But it is not
planning to infuse fresh funds into the Meralco despite the
utility firm's poor financial performance.

Union Fenosa Country Representative Emilio Vicens confirmed his
Company will not increase its shares at the utility firm and it
will not unload the shares it currently has. He said he is still
hopeful the firm's finances will improve.


MAYNILAD WATER: Clarifies Stake Interest Report
-----------------------------------------------
This is in reference to the news article entitled "Consunji,
Metro Pacific eye stakes in Maynilad Water" published in the
March 22, 2005 issue of the Philippine Daily Inquirer (Internet
Edition).

The article reported that:

"Construction firm DM Consuji Inc., Metro Pacific Corp. and the
Delgado family, former owner of Isla Telecommunications Inc.
(Islacom), have each signified interest to acquire stakes in
water concessionaire Maynilad Water Services Inc. of the Lopez
group, an Inquirer source in Maynilad said. The three groups
have inquired about the water utility's financial report and
current cash flows, and are especially keen to learn about
Maynilad's new tariff rate that was approved recently, the
source said.

"The official added that the interested investors might even
acquire the equity abandoned by the Lopez group, which the
government, through the MWSS, would have to assume."

Metro Pacific Corporation (MPC), in a letter to the Philippine
Stock Exchange dated march 22, 2005, stated that:

Metro Pacific Corporation has looked at possible participation
in the infrastructure sector generally, but has to date, not
held any specific discussion or demonstrated any material
interest in a water utility."

DMCI Holdings Inc., in its letter to the Exchange dated March
22, 2005, disclosed that:

"We would like to inform you that the Company has showed its
preliminary interest in Maynilad Water Services Inc."

Benpres Holdings Corporation, in its letter dated March 22,
2005, disclosed that:

"Please be advised that there are currently no discussions
between Benpres and either DM Consuji Inc, Metro Pacific
Corporation or the Delagado family regarding the acquisition of
Benpres' stake in Maynilad Water Services Inc. Benpres is also
not aware of any discussions between such entities and MWSS."

For your information.

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

Noted by:

(Original Signed)
JURISITA M. QUINTOS
Senior Vice President

CONTACTS:

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

Metro Pacific Corporation
10/F MGO Bldg., Legazpi cor. dela Rosa St.,
Legazpi Village 0721 Makati City, Philippines
Telephone No.: 888-0888
Fax No.: 888-0830

DMCI Holdings Incorporated
3/F, Dacon Building
2281 Chino Roces Ave. Ext.
Makati City 1231
Telephone:  888-3000
Fax:  816-7362
E-mail Address: dmcihi@dmcinet.com
Web site: http://www.dmchi.com

Benpres Holdings Corporation
4/F, Benpres Building
Exchange Road corner Meralco Avenue
Ortigas Center, Pasig City
Phone No:  633-3368
Fax No:  634-3009
E-mail Address: jr_benpres@bayantel.com.ph
Web site:  http://www.benpres-holdings.com


NATIONAL POWER: PSALM Sets Bidding for Limay Equipment
------------------------------------------------------
The Power Sector Assets & Liabilities management Corporation
(PSALM) has set the bidding for the equipment and components of
National Power Corporation's (NPC) Bataan Thermal Power Plant
next month, according to NPC Power Hotline.

In an invitation to bidders, PSALM said a pre-bid conference
will be held on March 31, while the deadline for the submission
of bids has been set for April 28. Interested bidders may also
conduct a due diligence audit of the said equipment and
components from March 22 to April 22.

Apart from the equipment and components, PSALM will also be
selling the auxiliaries and accessories of the mothballed power
plant, which is located in the town of Limay in Bataan.

Outgoing Energy Secretary Vincent S. Perez, Jr. said prospective
bidders will be required to execute a Confidentiality Agreement
and an Undertaking with PSALM, and to pay a non-refundable
participation fee of US$500. Secretary Perez is the concurrent
chairman of the PSALM Privatization, Bids and Awards Committee.

Located some 50 kilometers west of Manila, the Bataan Thermal
Power Plant consists of two units. Unit 1, which has a capacity
of 75 megawatts was built in 1972, while Unit 2, which has a
capacity of 150 MW, was completed in 1977. NPC retired Unit 2 in
February 1999 and Unit 1 in January 2000, and has since placed
them under asset preservation.

Since March 2004, PSALM had successfully sold six NPC power
plants, namely the 3.5-MW Talomo plant in Davao City; the 1.6-MW
Agusan mini-hydro in Bukidnon; the 1.8-MW Barit hydroelectric
palnt in Camarines Sur; the 0.4-MW Cawayan hydro in Sorsogon
City; the 1.2-MW Loboc plant in Bohol, and the 600-MW Masinloc
power plant in Zambales.

For this year, PSALM said it will prioritize the disposition of
NPC's decommissioned plants, in an apparent bid to take
advantage of the strong market for scrap metal in China and
other Asian countries. Last month, it sought tenders for the
200-MW Manila thermal power plant, which is reportedly being
eyed by at least five investors.

CONTACT:

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


NATIONAL POWER: Offers Government Services to New Plant Owners
--------------------------------------------------------------
National Power Corporation (Napocor) is offering the services of
its engineers and technical personnel to the new owners of its
power plants, according to The Manila Times.

As the privatization of its assets progresses, Napocor opted to
package its technical services for contracting, particularly to
buyers of hydro, thermal, geothermal, coal, natural gas and
diesel plants.

The Power Engineering Services being offered by Napocor include
management and technical support in various fields related to
the planning, building, operating and repair and rehabilitation
of energy generation resources.

Napocor president Rogelio M. Mur-ga said, "Our people are more
than capable of handling these services. It would be a waste to
just let them go when the Napocor is finally privatized."

The Napocor has been trimming its pool of employees in
preparation for the firm's privatization, pursuant to the
Electric Power Industry Reform Act of 2001. The most recent
personnel movement affected 5 percent of its current manpower.


PHILIPPINE LONG: Set to List More Shares on March 28
----------------------------------------------------
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 8,391
common shares have been availed of and fully paid by the
optionees under the Company's ESOP.

In view thereof, the listing of the 8,391 common shares is set
for Monday, March 28, 2005. This brings the number of common
shares listed under the ESOP to a total of 416,082 common
shares.

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

For your information and guidance.

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

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


RB BELISON: Posts Notice to All Creditors
-----------------------------------------
Please take notice that on March 31, 2005 at 8:30 a.m. the
motion for Approval of Final Project of Distribution of Assets
and Termination of the Liquidation Proceedings of the Rural Bank
of Belison (Antique), Inc. will be submitted to the Liquidation
Court (RTC-Antique, Branch 11, Sp. Proc. No. 269) for approval.

PHILIPPINE DEPOSIT INSURANCE CORPORATION
Liquidator


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

ADAMS PARKING: Served with Winding Up Order
-------------------------------------------
In the matter of Adams Parking (Singapore) Pte Ltd. a winding up
order was made on February 25, 2005.

Name and address of Liquidator:

The Official Receiver
Insolvency & Public Trustee's Office
The URA Centre (East Wing)
45 Maxwell Road #05-11/#06-11
Singapore 069118

Messrs Rodyk & Davidson
Solicitors for the Petitioners


AELDON TECHNOLOGIES: Court to Hear Winding Up Petition April 1
--------------------------------------------------------------
Notice is hereby given that a Petition for winding up of Aeldon
Technologies (1978) Pte Ltd by the High Court was on February
28, 2005, presented by Terasaki Circuit Breakers (S) Pte Ltd, a
company incorporated in the Republic of Singapore and having its
registered office at No. 9 Toh Guan Road East, #03-01 Alliance
Building, Singapore 608604, the Judgment Creditors.

The said Petition is to be heard before the Court
sitting 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 Petitioners' address is No. 9 Toh Guan Road East, #03-01
Alliance Building, Singapore 608604.

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

Messrs Eng Leong & Partners
Solicitors for the Petitioners

Note:

Any person who intends to appear at the hearing of the said
Petition must serve on or send by post to the abovenamed Messrs
Eng Leong & Partners of 10 Anson Rd, International Plaza #13-03,
Singapore 079903, notice in writing of his intention to do so.

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


ASCOTT GROUP: Dissolves Dormant Subsidiary
------------------------------------------
The Board of Directors of The Ascott Group Limited announced
that the Company's following indirect wholly owned dormant
subsidiaries have been dissolved:

(1) Somerset Property Consultant Pte Ltd (Co. Reg. No.
199409610E)

(2) The Ascott E-Investments Pte Ltd (Co. Reg. No. 200000870D)

The dissolution of the said companies is not expected to have
any material impact on the net tangible assets or earnings per
share of the Group for the financial year ending December 31,
2005.

By order of the Board
Keong Wen Hui
Asst. Company Secretary
22 March 2005

CONTACT:

The Ascott Group Limited (formerly: The Ascott Limited )
8 Shenton Way #13-01
Temasek Tower
Singapore 068811
Telephone: 65 62208222
Fax: 65 62272220
Web site: http://www.the-ascott.com


BOUSTEAD SINGAPORE: Cuts Shareholding in PT SMAC by 33%
-------------------------------------------------------
The Board of Directors of Boustead Singapore Limited announced
in a disclosure to the Singapore Stock Exchange (SGX) that it
has entered into an agreement to sell 33% of its shareholding in
P.T. Sabang Merauke Raya Air Charter (PT SMAC) to Sky Pact Ltd
and PT Anugerah Angkasa, who will participate as new joint
venture partners in PT SMAC.

This will result in reducing the Company's shareholdings from
63% to 30% in PT SMAC. The consideration for the 33%
shareholding in PT SMAC, comprising 1,815 ordinary shares of
IDR1,000,000 each, is US$825,000 (SGD$1,342,000) and shall be
satisfied wholly in cash.

In addition, Sky Pact Ltd also assumes from the Company a
proportionate share of the Company's outstanding loan of
US$900,000 (S$1,464,000) to PT SMAC as at 30 September 2003 for
a consideration of US$514,285 (S$836,000).

The consideration was arrived at after arm's length negotiations
and is on a willing buyer-willing seller basis.

PT SMAC is a limited liability company incorporated in
Indonesia, which has been in operations for over 30 years and
holds an Air Operator's Certificate issued by the Indonesian
Department of Transport.

It operates domestic chartered flights for the Indonesian
provincial governments for designated routes and charters
aircraft to the Company's subsidiary, Batam Logistics Pte Ltd,
oil companies, air cargo forwarders and other logistics
companies.

The decision to sell down the Company's shareholding in PT SMAC
is in line with continuing efforts to focus the Boustead Group's
resources on its core activities of engineering services and
geo-spatial technology and divest from non-core businesses.

It is intended that the net proceeds of approximately S$595,000,
after taking into account the Company's proportionate
contribution to shareholder loans to PT SMAC to fund its ongoing
activities, be applied towards the working capital needs of the
Company.

Based on the latest audited accounts of PT SMAC for the year
ended March 31, 2004, PT SMAC had an attributable net tangible
asset value of approximately S$1,860,000 and an attributable net
profit before tax of approximately S$1,040,000.

The sale of the Company's 33% shareholding in PT SMAC (the Sale)
is expected to result in a gain of approximately S$537,000 in
the current financial year ending March 31, 2005.

The Sale is not expected to have a material impact on the
Group's earnings per share or net tangible assets per share for
the current financial year.

None of the Directors or controlling shareholders of the Company
has any interest, direct or indirect, in the above transaction.

By Order of the Board
Alvin Kok
Company Secretary

CONTACT:

Boustead Singapore Limited (formerly: Bousteadco Singapore Ltd)
63 Ubi Avenue 1 #06-01
Boustead House
Singapore 408937
Telephone: 65 67470016
Fax: 65 67418689
Web site: http://www.bousteadco.com


CHUAN JOO: Winding Up Hearing Set April 1
-----------------------------------------
Notice is hereby given that a petition for the winding up of
Chuan Joo (Pte) Ltd by the High Court was, on March 10, 2005
presented by Pitney Enterprise Private Limited (RCB No.
197401869N), a Company incorporated in the Republic of Singapore
and having its registered office at 25 Joo Chiat Place,
Singapore 427751, a creditor of the abovenamed company.

And that the petition is directed to be heard before the Court
sitting at Singapore at 10:00 a.m. on April 1, 2005.

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

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

The Petitioner's registered address is 25 Joo Chiat Place,
Singapore 427751.

The Petitioner's solicitors are Messrs East Asia Law Corporation
of No. 133 New Bridge Road, #10-02 Chinatown Point, Singapore
059413.

East Asia Law Corporation
Solicitors for the Petitioners

Note:

Any person who intends to appear on the hearing of the petition
must serve on or send by post to the abovenamed solicitors
Messrs East Asia Law Corporation, 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 solicitor (if any) and must be
served, or, if posted, must be sent by post in sufficient time
to reach the abovenamed not later than 12 o'clock noon of March
31, 2005 (the day before the day appointed for the hearing of
the Petition).


DIGI BUILDER: Proofs of Debt, Claim Due April 8
-----------------------------------------------
Digi Builder Pte Ltd (In Liquidation) formerly of 705 Sims Drive
#04-10 Shun Li Industrial Complex Singapore 387384 posted a
Notice of Intended Dividend to the Government Gazette,
Electronic Edition with the following details.

Court: High Court of Singapore

No. of Matter: No. 127 of 2004

Last day for receiving proofs: April 8, 2005

Name and Address of Liquidator:

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

Dated: 18th March 2005


E-BRILLIANT PTE: Posts Notice of Intended Dividend
--------------------------------------------------
E-Brilliant Pte Ltd. formerly of 27 International Business Park
#04-01 Primefield-Landmark Building Singapore 609924 posted a
notice of intended dividend to the Government Gazette,
Electronic Edition with the following details.

Court: Supreme Court, Singapore

Number of Matter: Companies Winding Up No. 60111 of 2002

Last Day for Receiving Proofs: 1st April 2005

Name & Address of Liquidator:

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

Dated: March 18, 2005

Moey Weng Foo
Assistant Official Receiver


REED GROUP: Chief Financial Officer Resigns
-------------------------------------------
The Board of Directors of Reed Group Holdings Ltd advised the
Singapore Stock Exchange (SGX) on the resignation of Ms Ellise
Ho as Chief Financial Officer of the Company effective March 22,
2005.

The Board wishes to thank Ms Ellise Ho for all her past
contributions to the Company and wish her well in her future
endeavors.

By order of the Board
Umar Abdul Hamid
Director
March 23, 2005

CONTACT:

Reed Group Holdings Ltd
10 Collyer Quay #19-08
Ocean Building
Singapore 049315
Telephone: 65 62356044
Fax: 65 62356045


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

NFC FERTILIZER: Board Approves Financial Results
------------------------------------------------
NFC Fertilizer Public Company unveiled to the Stock Exchange of
Thailand (SET) the resolutions adopted at the board of directors
meeting held on March 22, 2005 at 3:15 p.m. to 5:10 p.m.

(1) Approval of the Board of Director's report on the Company's
Operating Results for the year ending December 31, 2004 and to
propose the same to the Annual General Meeting of Shareholders
for consideration.

(2) Approval of the Balance Sheet and Profit and Loss Statement
for the fiscal period ending December 31, 2004 and to propose
the same to the Annual General Meeting of Shareholders for
approval.

(3) Approval of the non-issue of the declaration of dividends
payment for 2004 and to propose the same the Annual General
Meeting of Shareholders for approval.

(4) Acknowledgment that

(i) Mr. Nuttaphob Ratanasuwanthawee
(ii) Mr. Bundit Sapienchai
(iii) Mr. Prasert Uekamolsukho
(iv) Mr. Chavalit Saleepol and
(v) Asso. Prof. Dr. Seri Wongmonta will retire as directors by
rotation at the Annual General Meeting of Shareholders and to
propose the shareholders to consider reappointing the retiring
directors as the Company's directors for an additional term and
to propose that Mr. Chavalit Saleepol and Asso. Prof.Dr. Seri
Wongmonta should be reappointed as the Audit Committee of the
Company for an additional term.

(5) Approval of the appointment of Mr. Apichart Sayasit C.P.A.
Registration No. 4229 and or Mr.Pornchai Kittipanya-ngam C.P.A.
Registration No.2778 of Horwath (Thailand) Limited as auditor of
the Company for 2005 with the remuneration of THB1,000,000 (One
Million Baht) per annum, excluded out-of-pocket expenses such as
transportation of staff, perdium etc. and to propose the same to
the Annual General Meeting of Shareholders for consideration and
approval.

(6) Approval of the remuneration of the Directors and Audit
Committee for 2005 and to propose the same to shareholders at
the Annual General Meeting of Shareholders for consideration and
approval.

(7) Convening the Annual General Meeting of Shareholders for the
year 2005 and to close the Company's share register book in
order to determine which shareholders are eligible to attend the
shareholders meeting as follows:

(7.1) The Annual General Meeting of Shareholders for the year
2005 will be convened at 2:00 p.m. on Tuesday, April 26, 2005,
at Professor Sangvian Indaravijaya Auditorium, the Stock
Exchange of Thailand Building,Ratchapisek Road, Klongtoei,
Bangkok. The matters to be transacted at the meeting are:

(i) To approve the Extraordinary Meeting of Shareholders No.
2/2004;

(ii) 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 2004;

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

(iv) To consider the non-issue of the declaration of dividends
payment for 2004;

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

(vi) To consider the appointment of the Company's Auditor for
2005 and fixing of the auditor's remuneration;

(vii) To consider fixing the Remuneration of Directors and Audit
Committee for 2005;

(viii) Other business (if any).

(7.2) To determine which shareholders are eligible to attend the
shareholders meeting, the Company will close the Share Register
Book on April 7, 2005 at 12:00 p.m. until the meeting is
adjourned.

It is therefore, informed for your acknowledgment and
dissemination to the public and other investors.

Sincerely yours,
NFC Fertilizer Public Company Limited
Mrs. Bongkot Rasmeepaisarn
Vice President
Office of the Chief Executive Officer

CONTACT:

NFC Fertilizer Pcl
Laopengnguan Bldg 1, Floor 17-19,
333 Vibhavadi Rangsit Road,
Chatu Chak, Bangkok
Telephone: 0-2618-8100
Fax: 0-2618-8200
Web site: http://www.nfc.co.th


THAI ELECTRONIC: Completes Change of Name Process
-------------------------------------------------
Thai Electronic Industry Public Company Limited (TEIC) advised
the Stock Exchange of Thailand (SET) that it has changed its
name and symbol to Premier Engineering & Technology Public
Company Limited (PE&T) and has already completed the legal
process for changing its name.

Therefore, effective March 25, 2005 onwards, the securities
symbol in the trading system will be changed as follows:

Old Name

Full Name: Thai Electronic Industry Public Company Limited
Symbol: TEIC

New Name

Full Name: Premier Engineering & Technology Public Company
Limited

Symbol: PE&T

CONTACT:

Thai Electronic Industry Pcl
1/10 Moo 4, Bangchan Industrial Estate,
Bang Kapi, Bangkok
Telephone: 0-2517-1276-8, 0-2517-1936
Fax: 0-2517-1937, 0-2518-1471


THAI ELECTRONIC: Issues Request for Change of Symbol
----------------------------------------------------
Thai Electronic Industry Public Company Limited released to the
Stock Exchange of Thailand (SET) the information regarding to
the registration for changing name and authorized directors of
the Company, which has been effective on March 17, 2005 as
follows;

(1) The Company has arranged for the registration for changing
the Company's name to be Premier Engineering & Technology Public
Company Limited.

In this regard, the Company would like to request the Stock
Exchange of Thailand to change the symbol of the Company's
listing security from TEIC to be PE&T in the trading system of
the SET.

(2) The Company has arranged for the registration for changing
the authorized directors of the Company as follows:

Any two of Mr. Vichien Phongsathorn, Mrs.Duangthip Eamrungroj,
Mr.Wiwat Phongsathorn can sign with the affixture of the
Company's seal.

For your kind acknowledgement

You're faithfully,
Mrs. Duangthip Eamrungroj
As the Director of
Thai Electronic Industry Public Company Limited


THAI ELECTRONIC: Ordinary Shareholders to Meet April 26
-----------------------------------------------------------
With reference to the Board of Directors' Meeting No. 3/2005 of
Premier Engineering and Technology Public Company Limited
(formerly known as Thai Electronic Industry Public Company
Limited) held on March 22, 2005, the company advised the Stock
Exchange of Thailand that it has passed the following
resolutions:

(1) Approved the appointments of Mr. Suradej Boonyawatana as the
directors of the Company for replacing Miss Sukanya Prachuabmoh
which has resigned from directorship of the Company since March
9, 2005.

In addition, the Appointment of Mr. Suradej has been effective
March 22, 2005 onwards.

(2) Approved the changing names of directors who are the
authorized to sign to bind the Company as follows:

"Any 2 of the following 4 directors shall jointly sign together
with the company's seal affixed: Mr. Vichien Phongsathorn, Mrs.
Duangthip Eamrungroj, Mr. Suradej Boonyawatana, Mr. Wiwat
Phongsathorn."

(3) Set the date for the Ordinary Shareholders' Meeting no.
1/2548 which will be held on Tuesday, April 26, 2005, at 10.00
hours, at the Conference Room on the 5th Floor, Premier
Corporate Park Building. Head Office, 1 Soi Premier, Srinakarin
Road, Nongbon Pravet Bangkok.

The agendas will be as follows:

(i) To consider and adopt the minutes of the Ordinary.

(ii) To acknowledge the operation of the Company on the year
2004.

(iii) To consider and approve Company's audited Balance Sheet
and Profit and Loss Statements for the year ended December
31,2004 and no payment of dividend will be made.

(iv) To consider the number of the directors, appoint the new
directors for replacing the retiring directors an approve
directors' remuneration.

(v) To consider the appointment of the Company's financial
auditor and approve audits' remuneration.

(vi) To consider and approve for the amendment of the Article of
Association of the Company No. 43 in accordance with the SET
rules and regulations

(vii) Other issues (if any)

(4) To determine the right to attend the Ordinary Shareholders'
Meeting no. 1/2548, the Share Register Book is scheduled to
close from Friday, April 8, 2005, at 12:00 p.m. until the said
meeting is over.

Please be informed accordingly.

Yours sincerely,
Mrs.Duangthip Eamrungroj
Director
Premier Engineering and Technology Public Company Limited





                            *********


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

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