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        T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

             Tuesday, March 29, 2005, Vol. 8, No. 61

                            Headlines

A U S T R A L I A

1ST STATE: Super Rollover Scheme Promoter Committed for Trial
AUSTRALIAN FOODS: Claims Creditors' Support
FOXTEL: Cuts Jobs to Rake in Profits
GMR PTY: Fixes April 1 as Date of Final Meeting
GREENS HR: Resolves to Wind Up Company

GREGOR MACAULAY: Appoints Liquidator to Wind Up Company
HIH INSURANCE: Former Director Faces Sentencing
JAMES HARDIE: Baryulgil Told of Compensation Limits
KIAMA IGA: Hires Liquidator from Ferrier Hodgson
MAROUBRA JUNCTION: Enters Winding Up Process

PATTEP PTY: To Declare Final Dividend April 21
RETAIL TECHNOLOGY: Satakua Unveils Takeover Bid
SMT COMMUNICATION: Lays Out Final Meeting Agenda
WALTER CONSTRUCTION: Administrators Demand Further Probe


C H I N A  &  H O N G  K O N G

BECKON B CO.: Winding Up Hearing Set May 11
GOLD ASIA: Court Issues Winding Up Notice
MUTUAL GLOBAL: Creditors Meeting Fixed on April 11
PROFIT GEM: Enters Winding Up Proceedings
PROSTICKS INTERNATIONAL: 2004 Net Loss Narrows to HK9.46 Mln

SAM LOONG: Receiving Proofs of Debt Until April 9
SINO BUSINESS: Creditors Meeting Slated for April 18
SUN'S GROUP: Sets Creditors' Meeting on April 18
SUPERCAM CYBERTECH: Receives Winding Up Notice From Court
YUE FUNG: Begins Winding Up Proceedings

* Bailouts of State Firms to End in Four Years


I N D O N E S I A

SAMPOERNA: Robust Sales, Stable Tax Rates Pull Up Net Profit


J A P A N

DAIEI INC.: Board Likely to Appoint 8 Directors
MITSUI MINING: IRCJ to Sell Entire Equity
MITSUBISHI FUSO: To Conduct Checkups on New Trucks
MITSUBISHI MOTORS: Marketing Executive Steps Down
OGURA CO.: Releases Debt Purchase Update

SEIBU DEPARTMENT: Completes Revival Plan
SEIBU RAILWAY: Panel Seeks Relisting in 2008
SEIBU RAILWAY: Goldman Denies Buyout Offer
TOSHIBA CORPORATION: Issues Trial Update
UFJ BANK: Forges Alliance With Kabu.com Securities

UFJ BANK: Moves to Boost Capital Adequacy Ratio
UFJ HOLDINGS: To Sell Tokyo Headquarters Building
* Teikoku Unveils 46 Cases of Debt-Equity Swaps in 2004


K O R E A

JINRO LIMITED: Japanese Beer Companies Join Takeover Tender
LG CARD: Delinquency Ratio Falls 13%


M A L A Y S I A

AMSTEEL CORPORATION: Seeks Extension for Bonds' Repayment
ANTAH HOLDINGS: Required to Submit Year-end Financial Report
ARTWRIGHT HOLDINGS: Issues Private Placement of Shares Update
BOUSTEAD HOLDINGS: Passes AGM Resolutions
CHG INDUSTRIES: Proposed Restructure Awaits SC Approval

FABER GROUP: Granted Listing of Extra Shares
KIG GLASS: Still in Talks to Settle Payment Default Issue
K.P. KENINGAU: Receives Writ of Summons from RHB Bank Berhad
LION CORPORATION: Unable to Repay Bonds on March 31
METROPLEX BERHAD: Releases Q4/FY04 Results

NAM FATT: To List Additional 42,000 New Shares Today
PAN MALAYSIA: Buys Back 90,000 Shares
POS MALAYSIA: Set to List More Shares


P H I L I P P I N E S

COLLEGE ASSURANCE: SEC Fears Trust Fund is Sinking
COLLEGE ASSURANCE: Unlikely to Get Dealer's License Soon
DIGITAL TELECOMMUNICATIONS: Sun Bleeds Php5.422 Mln a Month
NATIONAL BANK: Tycoon Not Extending Joint-sale Deal
NATIONAL BANK: Confirms Planned Appointment of Financial Adviser

NATIONAL POWER: Energy Sales Up 5.9% in 2004
PILIPINO TELEPHONE: To Determine Persons Entitled to Vote at AGM


S I N G A P O R E

CHINA AVIATION (S): Hearing for Judicial Management Set April 1
FETTLE ENGINEERING: Proofs of Debt, Claim Due April 7
GREAT EASTERN: Associated Firm Faces Voluntary Winding Up
GREATRONIC LIMITED: Director and Non-Executive Chairman Quits
HTL TRAVEL: Receives Winding Up Order

OVERSEA-CHINESE: Shareholders Resolve to Wind Up Unit
OVERSEA-CHINESE: Winds Up London Unit
STARTECH ELECTRONICS: Terminates Agreement With Delteq
XING HAI: Court to Hear Winding Up Petition April 8


T H A I L A N D

BANGKOK STEEL: Administrators Relate Summary of Rehab Plan
CIRCUIT ELECTRONIC: Board OKs Submission of Rehab Scheme
JASMINE INTERNATIONAL: SET Grants Listing of Securities
JASMINE INTERNATIONAL: Board Agrees to Use Acumen's Excess Cash
SYNTEC CONSTRUCTION: Ordinary Shareholders Meeting Set April 29

THAI HEAT: Amends Rehabilitation Plan
TPI POLENE: Details Land Purchase Transaction
BOND PRICING: For the Week 28 March to 01 April 2005

     -  -  -  -  -  -  -  -

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


1ST STATE: Super Rollover Scheme Promoter Committed for Trial
-------------------------------------------------------------
Mr. Rocco Ferrantino, the promoter of a superannuation rollover
scheme from the Gold Coast, in Queensland, has appeared in the
Southport Magistrates Court where he was committed to stand
trial on 25 charges laid by the Australian Securities and
Investments Commission (ASIC).

ASIC alleges that between February 1998 and May 2001, Mr.
Ferrantino made false or misleading statements to induce
superannuants and the administrators and trustees of various
superannuation funds to rollover preserved benefits, into 1st
State Superannuation, a superannuation fund connected to 1st
State Home Loans Pty Ltd. Under Commonwealth legislation, the
preserved component of superannuation cannot be accessed by a
superannuant until retirement after age 55 and/or when certain
other limited criteria prescribed by the legislation are met.

Mr. Ferrantino was remanded, on conditional bail, to appear
before the Brisbane District Court on a future date.

The matter is being prosecuted by the Commonwealth Director of
Public Prosecutions.

Background

The criminal charges against Mr. Ferrantino follow earlier civil
action taken by ASIC.

In February 2003, ASIC successfully applied to the Supreme Court
of Queensland for orders appointing liquidators to 1st State
Home Loans Pty Ltd and the property of related companies, Aynat
Gold Nominees Pty Ltd, Ferndune Pty Ltd, United Project
Developments Pty Ltd and Favstor Pty Ltd. In making these orders
to appoint a Liquidator, the Court considered evidence from a
receivers report that 95 investors had approximately $1.4
million of their funds released to 1st State Home Loans Pty Ltd.

At this time, Mr. Ferrantino gave undertakings to the court that
he would not carry on or hold himself out as a licensed provider
of financial services, in contravention of the Corporations Act,
or manage a corporation for a period of three years.


AUSTRALIAN FOODS: Claims Creditors' Support
-------------------------------------------
Australian Foods Company (AFC) is confident its creditors will
back a plan to revive its ailing grain trading business, The
Australian says.

The Company claimed its bid to avert liquidation has attracted
support from its creditors, who are owed a total of AU$2.5
million.

AFC reportedly wrote a letter to the creditors two weeks ago,
asking them to write to the Australian Securities and Investment
Commission (ASIC) that they are prepared to accept a Deed of
Company Arrangement to allow AFC to continue to operate in a
revised form.

Last month, the South Australian court has appointed a receiver
and manager for AFC's liquidation. AFC's interim administrators
estimated the firm has some AU$7-million obligation to creditors
and only AU$300,000 in assets.

AFC's directors want the firm's creditors to swap their debt for
shares in a revamped AFC, and claims he can access venture
capital to get the operating.

Meanwhile, ASIC's application to wind up AFC will be heard by
the Supreme Court on March 31.


FOXTEL: Cuts Jobs to Rake in Profits
------------------------------------
Pay television operator Foxtel has begun laying off staff and
outsourcing more program production as part of desperate
attempts to rake in profits next year, according to The
Australian.

Embattled Foxtel was forced by its owners, Telstra, News
Corporation and Publishing & Broadcasting Ltd, to implement a
cost-cutting scheme in order to turn a profit after a decade of
losses totaling more than AU$1 billion.

As of last week, some 30 of the 1800-person workforce made
redundant.

Foxtel has recently cut back on expenses in a number of areas,
including travel and entertainment, as it copes with the costs
of upgrading its pay-TV service from analog to digital and deals
with a blow-out in its marketing budget.

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

At the end of December last year, the Company had net debt of
AU$464 million, reflecting the costs of its AU$550 million
digital rollout.

CONTACT:

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


GMR PTY: Fixes April 1 as Date of Final Meeting
-----------------------------------------------
Notice is hereby given pursuant to section 509 of the
Corporations Act that a general meeting of members and creditors
of GMR Pty Limited (In Liquidation) A.C.N. 001 533 660 will be
held at the offices of Jirsch Sutherland, Chartered Accountants,
Level 2, 84 Pitt Street, Sydney NSW on Friday, April 1, 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,
the property of the Company disposed of and of hearing any
explanations that may be given by the Liquidator.

Dated this 1st day of March 2005

R. M. Sutherland
Liquidator


GREENS HR: Resolves to Wind Up Company
--------------------------------------
Notice is hereby given that at an Extraordinary General Meeting
of the members of Greens HR 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


GREGOR MACAULAY: Appoints Liquidator to Wind Up Company
-------------------------------------------------------
Notice is hereby given that at a general meeting of members of
Gregor Macaulay Consulting Services Pty Limited (In Liquidation)
A.C.N. 058 412 089 held on February 16, 2005, it was resolved
that the Company be wound up voluntarily.

For such purpose, Richard James Porter, Chartered Accountant of
Moore Stephens PMN, Chartered Accountants, 460 Church Street,
Parramatta NSW 2150 be appointed liquidator.

Dated this 16th day of February 2005

R. J. Porter
Liquidator
c/- Moore Stephens PMN
460 Church Street,
Parramatta NSW 2150


HIH INSURANCE: Former Director Faces Sentencing
-----------------------------------------------
A former director of failed HIH Insurance is expected to appear
in court this week at a sentencing hearing for corporate crimes
committed in his time at the collapsed insurer, reports the
Sydney Morning Herald.

Rodney Adler was scheduled to face the NSW Supreme Court today
on day one of a three-day sentencing hearing.

Mr. Adler pleaded guilty last month to two criminal charges of
giving out false information likely to have coaxed people to buy
HIH shares. He also pleaded guilty to two charges of dishonesty
in obtaining AU$2 million from HIH for a Company of which he was
chairman.

Each of the four charges carries a maximum penalty of five
years' jail and fines ranging from AU$22,000 to AU$110,000.

HIH became Australia's biggest corporate failure when the
insurance giant collapsed in 2001 with liabilities estimated at
AU$5.3 billion.


JAMES HARDIE: Baryulgil Told of Compensation Limits
---------------------------------------------------
Not all asbestos sufferers at the Baryulgil Indigenous community
in northern NSW will be eligible for compensation from James
Hardie Industries, ABC News reveals.

The NSW Dust Diseases Board has informed the Baryulgil residents
that not all of those with asbestos diseases will be able to
claim compensation through the board.

The board has medically screened a total of 122 miners who
worked for a former James Hardie mine earlier this month. The
board found out that not all asbestos disease victims were
miners. Some of the sufferers were children, who went with their
father to work.

Since the non-workers will not be covered by the James Hardie's
compo deal, the victims will have to go through the common law
scheme which would involve suing the mine's previous owner,
James Hardie.

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.


KIAMA IGA: Hires Liquidator from Ferrier Hodgson
------------------------------------------------
Notice is hereby given that at a meeting of creditors of Kiama
IGA Pty Limited (In Liquidation) A.C.N. 090 861 073, held on
February 18, 2005, it was resolved that the Company be wound up
and pursuant to Section 446A(4) of the Corporations Act, Daniel
I. Cvitanovic of Ferrier Hodgson, Level 1, 121-123 Crown Street,
Wollongong NSW was appointed Liquidator.

Dated this 18th day of February 2005

Daniel I. Cvitanovic
Liquidator
Ferrier Hodgson
Level 1, 121-123 Crown Street,
Wollongong NSW 2500


MAROUBRA JUNCTION: Enters Winding Up Process
--------------------------------------------
Notice is hereby given that it was resolved by special
resolution on February 14, 2005 that Maroubra Junction
Properties Pty Limited (In Liquidation) A.C.N. 000 437 963 be
wound up voluntarily and that for such purpose, Mr. John Morgan
of PKF Chartered Accountants, Level 10, 1 Margaret Street,
Sydney, be appointed Liquidator.

Dated this 14th day of February 2005

John Morgan
Liquidator
PKF Chartered Accountants
Level 10, 1 Margaret Street,
Sydney NSW 2000


PATTEP PTY: To Declare Final Dividend April 21
----------------------------------------------
A first and final dividend is to be declared on April 21, 2005
for Pattep Pty Limited (Subject to Deed of Company Arrangement)
A.C.N. 090 244 796.

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

Dated this 1st day of March 2005

R. M. Sutherland
Deed Administrator
Jirsch Sutherland
Chartered Accountants
Level 2, 84 Pitt Street,
Sydney NSW 2000


RETAIL TECHNOLOGY: Satakua Unveils Takeover Bid
-----------------------------------------------
Satakua Pty Ltd dispatched the bidder's statement for its
takeover bid for all ordinary shares in Retail Technology &
Services Ltd (RTS). The offer price is 1c per share.

Satakua said RTS shareholders should accept the offer because:

(1) It represents fair value;

(2) RTS shares have been illiquid since December 9, 2003;

(3) RTS is too small to support its listing;

(4) Satakua is a secured creditor and is owed AU$2.4 million
from RTS;

(5) There will be no brokerage fees; and

(6) It represents potential taxation advantages.

If Satakua gains complete ownership of RTS it will have the
Company delisted and converted into to a private Company. It
will also conduct a strategic review to identify opportunities
generated by the acquisition of shares and areas of cost saving.
If Satakua fails to gain complete ownership, it will pursue the
same intentions to the extent possible.

No major changes of business or redeployment of fixed assets are
planned. Satakua will also continue the employment of existing
workers in the same capacity and similar terms.

CONTACT:

Retail Technology & Services Limited
Suite 801, 320 Adelaide Street,
Brisbane, Queensland, Australia, 4001
Telephone: (07) 3002 4730
Fax: (07) 3229 0288
Web site: http://www.rtsl.com.au


SMT COMMUNICATION: Lays Out Final Meeting Agenda
------------------------------------------------
Notice is given that a final meeting of members and creditors of
SMT Communication Pty Ltd (In Liquidation) A.C.N. 097 372 293
will be held at the offices of Lawler Partners, Level 7, 1
Margaret Street, Sydney, on Tuesday, April 5, 2005 at 11:00 a.m.

AGENDA

(1) To have an account of the Company's winding up laid before
the meeting, and to hear any explanations that may be given by
the liquidator.

Dated this 18th day of February 2005

C. Wykes
Liquidator
c/- Lawler Partners
Chartered Accountants
Level 7, 1 Margaret Street,
Sydney NSW
Telephone: (02) 8346 6000


WALTER CONSTRUCTION: Administrators Demand Further Probe
--------------------------------------------------------
Walter Construction's administrators have recommended further
investigation to determine whether money was shifted from its
German parent, Walter Bau, to "window-dress" the local accounts,
The Australian says.

The administrators of the failed building giant also want to
know whether any directors knew the Company was insolvent before
its collapse in February.

In its second report to creditors, released last week,
administrator KordaMentha highlighted the transfer from Walter
Bau of AU$13 million to Walter Construction on the day auditor
KPMG signed off Walter's December 31, 2003 accounts.

The deposit was returned to the German parent the next day and,
according to KordaMentha, "no explanation for this transaction
has been forthcoming from directors or management".

KordaMentha said it had been unable to establish the "exact date
of insolvency" but that its investigation suggested the Company
continued to run up debts "when those debts might not have been
able to be paid as and when they fell due".


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


BECKON B CO.: Winding Up Hearing Set May 11
-------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Beckon B CO. Limited by the High Court of Hong Kong Special
Administrative Region was on March 9, 2005 presented to the said
Court by Lane Crawford (Hong Kong) Limited whose registered
office is situate at 23rd Floor, Wheelock House, 20 Pedder
Street, Central, Hong Kong.

The said Petition is to be heard before the Court at 9:30 a.m.
on May 11, 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.

JOHNSON STOKES & MASTER
Solicitors for the Petitioner
18th Floor, Prince's Building
10 Chater Road Central
Central, Hong Kong
(Ref: KKWC/L4/04/6718940/8)

Note:

Any person who intends to appear at the hearing of the said
petition must serve on or send by post to the abovenamed, notice
in writing of his intention to do so.  The Notice must state the
name and address of the person, or if a firm or his or their
Solicitor (if any) and must be served or if posted, must be sent
by post in sufficient time to reach the abovenamed not later
than six o'clock in the afternoon of May 10, 2005.


GOLD ASIA: Court Issues Winding Up Notice
-----------------------------------------
Gold Asia Realty Limited with registered office located at Room
10, 38th Floor, Cable TV, Tower 9, Hoi Shing Road, Tsuen Wan,
New Territories was issued a winding up notice by the High Court
of the Hong Kong Special Administrative Region Court of First
Instance on March 14, 2005.

Date of Presentation of Petition: May 28, 2003.

Dated this 24th day of March 2005.

Lee Miei Yee May
Acting Official Receiver


MUTUAL GLOBAL: Creditors Meeting Fixed on April 11
--------------------------------------------------
Notice is hereby given that pursuant to section 241 of the
Companies Ordinance (Chapter 32), a meeting of the creditors of
Mutual Global Limited will be held at Room 1101, 11/F., Shiu Lam
Building, 23 Luard Road, Wan Chai, Hong Kong on April 11, 2005
at 11:30 a.m. for the purposes mentioned in sections 241, 242,
243, 244 and 255A of the Companies Ordinance.

Creditors may vote either in person or by proxy. Forms of proxy
to be used at the meeting must be lodged at Room 1101, 11/F,
Shiu Lam Building, 23 Luard Road, Wan Chai, Hong Kong not later
than 4:00 p.m. on the day before the meeting or adjourned
meeting at which they are to be used.

Dated 24 March 2005.

By Order of the Board of
MUTUAL GLOBAL LIMITED


PROFIT GEM: Enters Winding Up Proceedings
-----------------------------------------
Notice is hereby given that a Petition for the Winding up of
Profit Gem International Limited by the High Court of Hong Kong
Special Administrative Region was on March 14, 2005 presented to
the said Court by Profit Gem International Limited whose
registered office is located at Rooms 2207-10, 22nd Floor, World
Wide House, 19 Des Voeux Road Central, Hong Kong.

The said Petition is to be heard before the Court at 9:30 a.m.
on May 11, 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.

KNIGHT & HO
Solicitors for the Petitioner
Rooms 2207-2210, 22nd Floor, World-Wide House
No. 19 Des Voeux Road Central
Central, Hong Kong

Note:

Any person who intends to appear at the hearing of the said
petition must serve on or send by post to the abovenamed, notice
in writing of his intention to do so.  The Notice must state the
name and address of the person, or if a firm or his or their
Solicitor (if any) and must be served or if posted, must be sent
by post in sufficient time to reach the abovenamed not later
than six o'clock in the afternoon of May 10, 2005.


PROSTICKS INTERNATIONAL: 2004 Net Loss Narrows to HK9.46 Mln
------------------------------------------------------------
Prosticks International Holdings (8055) disclosed its financial
results from the period ended December 31, 2004.

Year-end date: 31/12/2004
Currency: HKD
Auditors' report: Modified


                              (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:                       8,556             6,111
Profit/(Loss) from Operations: (9,219)          (11,703)
Finance cost                 : (242)              (113)
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: (9,461)      (11,816)
% Change Over the Last Period   :  N/A
EPS / (LPS)
          Basic (in dollar)     : (HKD 0.0153)      (HKD 0.0273)
          Diluted (in dollar)   : N/A               N/A
Extraordinary (ETD) Gain/(Loss) : N/A               N/A
Profit (Loss) after ETD Items   :(9,461)          (11,816)
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
ProSticks International Holdings Limited

Name: Li Ching Ping Vincent
Title: Chairman

Remarks:

1.  Basis of preparation

The financial statements are prepared in accordance with all
applicable Hong Kong Financial Reporting Standards (which
includes all applicable Statements of Standard Accounting
Practice ("SSAP") and Interpretations) issued by the Hong Kong
Institute of Certified Public Accountants, accounting principles
generally accepted in Hong Kong and the disclosure requirements
of the Hong Kong Companies Ordinance.

2.  Loss Per Share

The calculation of basic loss per share is based on the net loss
attributable to shareholders of HK$9,461,000 (2003:
HK$11,816,000) and the weighted average of 617,385,683 ordinary
shares (2003: 432,821,918) in issue during the year.

No amounts are presented for the diluted loss per share because
the Pre-IPO Share Options, Share Options and convertible bonds
outstanding during the years ended 31 December 2004 and 2003 had
an anti-dilutive effect on the basic loss per share for the
years.

3.  Dividend

The Directors do not recommend payment of any final dividend for
the year ended 31 December 2004. (2003: HK$Nil).

4.  Comparative figures

To conform to the current year's presentation, comparative
figure of "Other income" of approximately HK$36,000 was
reclassified as "Other revenue".  Such reclassification has no
net effect on the results for the current year or prior
accounting periods.

5.  Summary of auditors' report

The Company's auditors have issued a modified opinion on the
current year's audited financial statements in connection with
the fundamental uncertainty on the Group's going concern.  The
financial statements have been prepared on a going concern
basis, the validity of which depends upon the generation of
sufficient working capital from the Group's future operations
and the successful outcome of the Group's funding plans.

The Directors, after careful review of the cash generated from
the ordinary course of business, the availability of new working
capital and other significant factors that would affect the
future cash flows of the Group, have concluded that the
preparation of the financial statements on a going concern basis
is appropriate.  The auditors consider that appropriate
disclosures have been made in the financial statements and their
opinion is not qualified in this respect.


SAM LOONG: Receiving Proofs of Debt Until April 9
-------------------------------------------------
Notice is hereby given that a preferential payment will be
declared for Hon Chen Kwong Trading as Sam Loong International.

Preferential creditors who have not proved their debt by April
9, 2005 will be excluded from this payment.

Dated this 24th day of March 2005.

Lee Mei Yee May
Acting Official Receiver


SINO BUSINESS: Creditors Meeting Slated for April 18
----------------------------------------------------
Notice is hereby given that pursuant to Section 247 of the
Companies Ordinance (Chapter 32), annual meetings of the Members
of Sino Business Management (H.K.) Limited (In Creditors'
Voluntary Liquidation) will be held at 3rd Floor, Hong Kong
Trade Centre, 161 Des Voeux Road Central, Central, Hong Kong on
April 18, 2005 at 3:30 p.m. and will be followed by a meeting of
the Creditors of the Company to be held at the same place at
4:00 p.m. for the purpose of receiving an account of the
liquidator's act and dealings and of the conduct of the winding
up of the Company during the preceding year.

A member or creditor entitled to attend vote at the above
meeting may appoint proxy to attend and vote instead of him. A
proxy need not be a member or creditor of the Company. Forms of
proxies for both meetings must be lodged with me at 3rd Floor,
Hong Kong Trade Centre, 161 Des Voeux Road Central, Hong Kong
not later than 4:00 p.m. on the day before the meeting or
adjourned meeting at which it is to be used.

Dated this 24th day of March 2005.

FUNG TZE WA
Liquidator


SUN'S GROUP: Sets Creditors' Meeting on April 18
------------------------------------------------
Notice is hereby given that, by an Order dated 8th March 2005,
the Court has directed that a Scheme Creditors' Meeting be
convened of the Scheme Creditors (as defined in the Scheme of
Arrangement hereinafter mentioned) of The Sun's Group Limited
(Provisional Liquidators Appointed) for the purpose of
considering and, if thought fit, approving (with or without
modification) the Scheme of Arrangement proposed to be made
between the Company and the Scheme Creditors.

The Scheme Creditors' Meeting will be held at 22/F, Wing On
Centre, 111 Connaught Road Central, Hong Kong on April 18, 2005
at 10:30 a.m. at which place and time all Scheme Creditors are
requested to attend.

A copy of the Scheme of Arrangement and a copy of the
Explanatory Statement required to be furnished pursuant to
section 166A of the Companies Ordinance (Cap.32) are available
from the office of Joseph K.C. Lo and Derek K.Y. Lai, the joint
and several provisional liquidators (the Provisional
Liquidators) of the Company acting without personal liability,
of 22/F., Wing On Centre, 111 Connaught Road Central, Hong Kong.

These documents are available free of charge to any person
entitled to attend the Scheme Creditors' Meeting between the
hour of 10:00 a.m. and 4:00 p.m. on weekdays (excluding public
holidays) prior to the day appointed for the Scheme Creditors'
Meeting.

Scheme Creditors may vote in person at the Scheme Creditors'
Meeting or they may appoint another person, whether a Creditor
or not, as their proxy to attend and vote in their place. The
form of proxy for use at the Scheme Creditors' Meeting is
available from the Provisional Liquidators at the above address
and during the same business hours referred to above.

The Form of Proxy must be lodged with the Provisional
Liquidators by no later than 10:30 a.m. on April 14, 2005. By
the same Order, the Court has appointed Joseph K. C. Lo or,
failing him, Derek K. Y. Lai, being one of the Provisional
Liquidators to act as Chairman of the Scheme Creditors' Meeting
and has directed the Chairman to report the results thereof to
the Court.

Creditors of the Company must submit details of any claim they
have against the Company as at April 18, 2005, in writing, to
the Provisional Liquidators' office before 10:30 a.m. on April
11, 2005. Forms of Notice of Claim for this purpose are
available from the Provisional Liquidators at the above address.

JOSEPH K.C. LO
Joint and Several Provisional Liquidator


SUPERCAM CYBERTECH: Receives Winding Up Notice From Court
---------------------------------------------------------
Supercam Cybertech Limited with registered office located at
Room 10, 38th Floor, Cable TV, Tower 9, Hoi Shing Road, Tsuen
Wan, New Territories was issued a winding up notice by the High
Court of the Hong Kong Special Administrative Region Court of
First Instance on March 14, 2005.

Date of Presentation of Petition: May 28, 2003.

Dated this 24th day of March 2005.

Lee Miei Yee May
Acting Official Receiver


YUE FUNG: Begins Winding Up Proceedings
---------------------------------------
Yue Fung International Group with registered office located at
Rooms 11-12, 32/F, Wharf Cable Tower, 9 Hoi Shing Road, Tsuen
Wan, New Territories was issued a winding up notice by the High
Court of the Hong Kong Special Administrative Region Court of
First Instance on March 14, 2005.

Date of Presentation of Petition: March 14, 2005.

Dated this 24th day of March 2005.

Lee Miei Yee May
Acting Official Receiver


* Bailouts of State Firms to End in Four Years
----------------------------------------------
China will end the practice of bailing out bankrupt state-owned
enterprises (SOEs) within four years, Xinhua News Agency
reports, quoting Deputy State-owned Assets Supervision and
Administration Commission Minister Shao Ning.

So far, Beijing and Shanghai as well as Jiangsu, Zhejiang and
Fujian provinces have already stopped bailing out bankrupt
firms.

Mr. Shao said the plan by the State-owned Assets Supervision and
Administration Commission to force state firms to survive on
their own merits had been approved by China's Cabinet, the State
Council, last month.

State media had reported the plan to stop propping up SOEs
earlier this year, but did not give a timeline.


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

SAMPOERNA: Robust Sales, Stable Tax Rates Pull Up Net Profit
------------------------------------------------------------
PT Hanjaya Mandala Sampoerna reported a 41% increase in its 2004
net profit due to increased sales and steady tax rates, Dow
Jones reports.

The cigarette-making firm posted a net profit of IDR1.99
trillion, a sharp increase from its 2003 IDR1.41 billion net
profit. Sales increased 20% from IDR14.68 trillion to IDR17.65
trillion, while operating profit also saw a 33% increase to
IDR3.18 trillion, from IDR2.39 trillion in 2003.

The firm is expected to enjoy even higher earnings for 2005, as
the government has said that the excise tax on cigarettes will
remain the same. The excise tax, the Company said, was a large
part of its expenses.

U.S. tobacco firm Philip Morris offered to buy Sampoerna from
several shareholders, including the founding Sampoerna family,
and has already agreed to pay IDR10.4 trillion for a 40% in the
Company.

CONTACT:

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


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

DAIEI INC.: Board Likely to Appoint 8 Directors
-----------------------------------------------
Shareholders at Daiei Incorporated are likely to endorse a
motion to assign eight board members at their general meeting
scheduled for May, Kyodo News reports.

Relevant parties are preparing to give up the post of Chief
Executive Officer to former BMW Tokyo Corporation President
Fumiko Hayashi, while considering giving the job of Chief
Operating Officer to someone to be picked from outside the Daiei
group, the report said.

CONTACT:

Daiei Inc.
4-1-1, Minatojima Nakamachi
Chuo-ku,
Kobe 650-0046, Japan
Phone: +81-78-302-5001
Fax: +81-3-3433-9226


MITSUI MINING: IRCJ to Sell Entire Equity
-----------------------------------------
The Industrial Revitalization Corporation of Japan (IRCJ) has
resolved to sell the equity it holds in Mitsui Mining Co., Ltd.
(Mitsui Mining).

1. Background

On October 31, 2003 the IRCJ approved an application for
assistance by Mitsui Mining under Article 22, Clause 3 of the
Industrial Revitalization Corporation Act of 2003. On December
10 of the same year the IRCJ reached agreement on the purchase
of Mitsui Mining's debt under Article 25, Clause 1 of the same
act, and in February 2004 a capital decrease and subsequent
recapitalization was implemented.

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

2. Capital injection, etc.

Through a debt equity swap of approximately �20.0 billion (�10.0
billion in ordinary shares and JPY10.0 billion of class A
preferred shares), the IRCJ obtained ordinary shares amounting
to 52% of total outstanding shares (52% of voting rights) and
all class A preferred shares.

The IRCJ will sell ordinary shares amounting to 33% of total
outstanding shares (33% of voting rights, representing �6.3
billion of the initial capital investment) and its entire
holding of class A preferred shares.

Through this sale, the IRCJ's holding of ordinary shares will
reduce to 19% of total outstanding shares (19% of voting rights,
representing �3.7 billion of the initial capital investment).

3. Comment from the State Ministers in charge of the Industrial
Revitalization Corporation of Japan

None expressed.

Note on comments from ministers: The IRCJ is a quasi-
governmental organization. As such the IRCJ is required to
obtain comments from the government ministers in charge of the
IRCJ about decisions to assist or engage in other initiatives
relating to private sector companies.

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

Mitsui Mining Company
3-3-3, Toyosu, Koto-ku
Tokyo 135-6007, Japan
Phone: +81-3-5560-1311
Fax: +81-3-5560-1994

About the IRCJ

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


MITSUBISHI FUSO: To Conduct Checkups on New Trucks
--------------------------------------------------
Mitsubishi Fuso Trucks & Bus Corporation will carry out an
emergency checkup on 8,000 of its brand new and repaired large
trucks due to possible defects in the suspension that may cause
fires, Kyodo News reports.

The automaker is planning the emergency checkups because it has
received claims that a number of trucks, which it recalled in
September, caught fire.

CONTACT:

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


MITSUBISHI MOTORS: Marketing Executive Steps Down
-------------------------------------------------
Robert Martin has resigned as Director of Brand Marketing at
Mitsubishi Motors North America, Adweek reports.

The Company said his successor has not been named and that Mr.
Martin would work until this week.

Mr. Martin was instrumental to the Cypress, California
automaker's internal segmentation study used to reposition the
brand during its recently concluded US$200 million creative
review. Omnicom Group's BBDO in New York was named the
automaker's lead agency in that competition.

During the review, Director of Advertising Diane Hong, SVP of
Marketing Ian Beavis and CEO Finbarr O'Neill also resigned.

Mr. Kevin Mayer immediately replaced Ms. Hong. Mr. Rich
Gilligan, former COO, was named to replace O'Neill in January.
In February, David Schembri left Mercedes-Benz to take the job
of EVP, Sales and Marketing.

CONTACT:

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


OGURA CO.: Releases Debt Purchase Update
----------------------------------------
Following its approval on January 18, 2005 of an application for
assistance by Ogura Co., Ltd. under Article 22, Clause 3 of the
Industrial Revitalization Corporation Act of 2003, the
Industrial Revitalization Corporation of Japan (IRCJ) on March
16, 2005, under Article 25, Clause 1 of the same act, has
reached an agreement with financial institutions on the purchase
of debt owed by Ogura.

Note:

This agreement on the purchase of debt means that agreement has
been reached between the necessary financial institutions and
the IRCJ in respect of either a) sale of debt by the financial
institutions concerned to the IRCJ at market price or b)
financial support by the financial institutions concerned (for
example debt forgiveness while continuing to hold the balance of
debt, debt equity swaps, etc.). Any decision by the IRCJ to
purchase the debt of companies it has approved for assistance is
only made at a point when it is evident that the revitalization
plan of the business concerned can be progressed as planned.

1. Name(s) of Company concerned

Ogura Co., Ltd.
Sankei Co., Ltd.

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

Principal value of total debt 5,874 (A)

Principal value of debt to be purchased as per note a) above
2,709 (B)

Principal value of debt for which financial support to be
provided by financial institutions as per note b) above
3,165 (A-B)

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

3. Amount of financial assistance

Debt forgiveness: 3,024 million yen

Note: Due to factors such as greater gains than expected from
the sale of assets, this figure has decreased slightly from the
amount of approximately JPY3.1 billion announced at the time of
agreement to support.

4. Schedule

Debt purchase is scheduled for May 2005.
Transfer of operations is scheduled for June 2005.

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

None expressed.

Note on comments from ministers: The IRCJ is a quasi-
governmental organization. As such the IRCJ is required to
obtain comments about decisions to assist private-sector
companies from the government Ministers in charge of the IRCJ.

6. Treatment of trade and other creditors

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

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


SEIBU DEPARTMENT: Completes Revival Plan
----------------------------------------
Seibu Department Stores Limited has completed its three-year
revival plan this month, one year ahead of schedule, according
to Kyodo News.

The struggling department store operator, which launched the
revival plan in February 2003, said its performance has
improved.

The Company revised upward its operating profit estimate to
JPY19.5 billion for the year ended February, up about JPY2.9
billion from its initial projection.

CONTACT:

Seibu Department Stores Ltd.
Seibu Ikebukuro Bldg.,
1-16-15 Minami-Ikebukuro, Toshima-ku
Tokyo 171-8530, Japan
Phone: +81-3-3989-0111
Fax: +81-3-5396-5285


SEIBU RAILWAY: Panel Seeks Relisting in 2008
--------------------------------------------
Seibu Railway Co. will acquire the Prince Hotels chain and other
major assets of Kokudo Corporation and aims to get listed on the
stock market again in 2008 or 2009, Kyodo News reports, citing
Seibu group's reform committee.

In a final package of reorganization, the committee also said
the railway operator, the flagship of the group, would expand
its capital by JPY200 billion.

CONTACT:

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


SEIBU RAILWAY: Goldman Denies Buyout Offer
------------------------------------------
Goldman Sachs and Seibu Railway Co. Limited denied a report on
Friday that the U.S. investment bank had offered JPY900 billion
yen to buy Seibu, according to Reuters.

The Nihon Keizai Newspaper, citing unnamed Seibu officials, said
Goldman had proposed buying close to 500 billion yen ($4.70
billion) in Seibu shares owned by Kokudo Corporation, a group
firm that is Seibu Railway's main shareholder, and taking on
Kokudo's debts.

"We have not proposed acquiring the Seibu Railway group," a
Goldman spokesman said.

The head of an internal panel restructuring Seibu Railway and
its affiliates also said that there had been no such offer.


TOSHIBA CORPORATION: Issues Trial Update
----------------------------------------
On March 23, 2005, Toshiba Corporation announced that the
following verdict was handed down at the Court of First Instance
of the State Court in California (Santa Clara County).

1.Verdict

Toshiba Corporation and Toshiba America Electronic Components,
Inc., Toshiba's subsidiary in the U.S. must pay $381 million to
US-based Lexar Media, Inc.

2.Outline of the trial

Lexar Media, Inc. brought suit against Toshiba seeking
compensation primary for unauthorized use of its flash memory
technology.

3. Schedule

The proceedings in the court continue, and Toshiba will continue
to present its case.

CONTACT:

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


UFJ BANK: Forges Alliance With Kabu.com Securities
--------------------------------------------------
UFJ Bank Limited, a subsidiary of UFJ Holdings Incorporated,
decided to form an alliance with kabu.com Securities Co., Ltd.
with regard to securities intermediation business and entered
into a basic agreement with kabu.com on November 19, 2004.

As described below, the Company announced the contents and
schedule of the services centering on the securities
intermediation service via Internet, which will be provided by
UFJ Bank and kabu.com.

1. Application form request for a securities account via UFJ
Bank's Internet banking.

UFJ Bank and kabu.com will launch a new service that enables
customers to send requests, via UFJ Bank's Internet banking, for
application forms to open new accounts at kabu.com. Those
customers who already have UFJ Bank accounts with Internet
banking contract can easily send application form requests
without entering their personal information. This service is
scheduled to start in April 2005.

2. Immediate account opening and trading

UFJ Bank and kabu.com will start offering a new service in UFJ
Bank's internet banking, which enables customers to open
securities consolidated accounts on the spot in website and to
start trading immediately. This is the first service of its kind
in Japan. This service is scheduled to start in July 2005.

UFJ Bank and kabu.com have jointly applied for a patent with
regard to the system for immediate account opening and
transaction and the function of phone call relaying between call
centers of both companies.

UFJ Bank and kabu.com have been providing many joint services in
relation to account settlement. We believe the new services set
forth above will farther enhance customer convenience by
enabling customers to move between securities transactions and
banking transactions smoothly.

CONTACT:

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

This is a Company press release.


UFJ BANK: Moves to Boost Capital Adequacy Ratio
-----------------------------------------------
UFJ Holdings, Inc. and UFJ Bank Limited have resolved that UFJ
Holdings will subscribe JPY50 billion of non-voting preferred
shares issued by UFJ Bank, aiming to further enhance capital
adequacy ratio of UFJ Bank.

As a result, capital adequacy ratio of UFJ Bank is expected to
improve by approximately 0.25% on a non-consolidated basis and
0.35% on a consolidated basis, further securing adequate capital
ratio as an international standard bank.

This arrangement does not affect the consolidated capital ratio
of UFJ Holdings.

[Outline of the new share issuance by UFJ Bank]

1. Name and type of shares: Class H Preferred Shares Series 1
2. Method of issue: Subscription by UFJ Holdings
3. Issue price: JPY 2,000 per share
4. Number of shares issued: 25,000,000
5. Aggregate amount of issue: JPY 50 billion
6. Amount to be credited to Capital: JPY 1,000 per share
7. Voting rights: No voting rights
8. Conversion rights: No conversion rights
9. Deadline for application for subscription: March 29, 2005
10. Deadline for payment: March 29, 2005

This is a Company press release.


UFJ HOLDINGS: To Sell Tokyo Headquarters Building
-------------------------------------------------
UFJ Holdings, Inc. hereby gives notice that UFJ Bank Limited, a
subsidiary of UFJ, decided to buy back and sell beneficiary
rights for its Tokyo headquarters building, which was
securitized in March 2002.

1. Profile of the beneficiary rights which will be sold:

Trust Property UFJ's Tokyo headquarters building
(Planned acquisition price: JPY 96.5 billion)

Property Profile

1) Location: 2-5, Otemachi 1-chome, Chiyoda-ku, Tokyo

2) Area of Site: 9,338.74 m2

3) Floor Space: 92,721.94 m2

Planned Sales Price: JPY 145 billion

UFJ Bank will make a term lease contract and continue to occupy
the building even after the sale. The address of UFJ Bank's
Tokyo headquarters will not change.

2. Outline of Transferee

Trade Name MEC Asset Holdings Inc.

(Special Purpose Company for securitization set up by Mitsubishi
Estate Co. Ltd.)

Address Chuo-ku, Tokyo
Representative Hideji Kawai
Capital JPY 3 million
Shareholder MEC ASSET HOLDING Limited Liability Middle
Corporation (100%)
Relation to UFJ Not related

3. Schedule

Planned date of closing contract: March 31, 2005
Planned date of the transfer: March 31, 2005

4. Reason for the transfer

UFJ Bank has two options at the maturity date of bonds, which
were issued at the securitization. One is to exercise a
preemptive right of first refusal to purchase the beneficiary
rights. The other is to continue the current scheme while the
bonds are supposed to be refinanced.

UFJ decided to exercise the first option and sell the
beneficiary rights to achieve flexible property management
including reduction of administrative costs and improvement of
lease terms.

5. Impact on Earnings of UFJ

UFJ 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.

This is a Company press release.


* Teikoku Unveils 46 Cases of Debt-Equity Swaps in 2004
-------------------------------------------------------
Teikoku Databank America announced that the financial
revitalization program ended at the end of 2004.

Financial institutions implemented bad debt disposal and legal
bankruptcy filings while striving for corporate revitalization
with debt forgiveness or in cooperation with "corporate
reconstruction functions" and "corporate reconstruction funds"
of "IRCJ (Industrial Revitalization Corporation of Japan)" and
"RCC (Resolution and Collection Corporation)".

One of the methods of corporate revitalization for reducing the
excess of bad debt was "debt-equity swap" (a transaction in
which a corporation exchanges newly issued equity for existing
debt), which has been well established in recent years.
Teikoku Databank conducted research on companies that
implemented debt-equity swaps in 2004. Multiple swaps were
counted each time.

Research Results

There were 46 cases of debt-equity swaps in 2004 and its total
amount was 911,177 million yen.

By industry, "Manufacturing" (14 cases, 30.4%) was ranked at the
top, followed by "Service" (10 cases, 21.7%), "Real Estate" (8
cases, 17.4%), "Transportation/Communications" (5 cases, 10.9%),
"Wholesale" (5 cases, 10.9%), "Retail" (3 cases, 6.5%), and
"Construction" (1 case, 2.2%).

"Wholesale" had the highest amount of debt-equity swaps with
344,223 million yen (37.8%), followed by "Manufacturing"
(296,047 million yen, 32.5%), "Real Estate" (146,508 million
yen, 16.1%), "Retail" (41,600 million yen, 4.6%),
"Transportation/Communications" (41,414 million yen, 4.5%),
"Service" (38,405 million yen, 4.2%), and "Construction".

The companies with more than 100 billion yen debt-equity swaps
were "Sojitz Holdings Corporation" (340 billion yen), "Kanebo
Cosmetics Inc." (150 billion yen), and "Mitsubishi Motors
Corporation" (130 billion yen). On the other hand, there were
five cases of debt-equity swaps with less than 0.1 billion yen
and the lowest amount of debt-equity swap was 20 million yen.

15 listed companies implemented debt-equity swaps.

Conclusions

The debt-equity swap, which had seldom been seen before 2001,
seems to be well established now. In fact, it is beneficial to
both borrowers and lenders. Borrowers can reduce their debt and
burden of interest while lenders can lessen loss disposition and
avoid taxable depreciation.

Along with corporate separation and debt forgiveness, the debt-
equity swap has been established and popularized even among
small businesses while many firms tend to seriously address
their corporate revitalization. However, since most of the debts
for swapping are preferred stocks, it may become difficult to
sell debt according to the 5% rule in financial institutions
when exchanging them to common stocks, depending on the progress
of companies' restructuring plan.

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


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

JINRO LIMITED: Japanese Beer Companies Join Takeover Tender
-----------------------------------------------------------
Japanese leading beer companies are joining a bid to acquire
soju maker Jinro Limited, in order to gain a foothold in the
Japanese liquor market, Chosun News reports.

Asia Breweries has agreed to a partnership with Korean Lotte
Chilsung, while Kirin Brewery joins CJ Group in the bid for the
popular soju-producing firm.

Japanese industry analysts said beer makers aim to penetrate
Japan's weak beer market, as well as gaining an advantage in the
Japanese & Korean soju market, since they can also take over
Jinro Japan, if they succeed in acquiring the South Korean firm.
It hasn't been easy for foreign beer companies to penetrate the
Korean distribution network, but the takeover of Jinro would
help pave the way.

Experts said that the Japanese bidders may have an edge over
their Korean rivals in bidding for Jinro, but Koreans are
worried that they would control not just the local beer market,
but the soju market, as well.

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/


LG CARD: Delinquency Ratio Falls 13%
------------------------------------
LG Card reported that 13.26% of its total assets in February
were overdue payments of one month and longer, lower by 0.72
percentage point than in January, reports the Korea Times.

Last month, the Company was able to get rid of bad assets
amounting to KRW238 billion off its balance sheet, compared to
January's KRW239 billion. The Company's overdue credit card
bills dropped to 2.95 trillion in February, from KRW3.21
trillion in January.

The Company's highest delinquency rate reached up to 31.3 % in
June 2004.

After a KRW5.6 trillion loss in 2003, and two bailouts by
creditors in 2004, LG Card posted losses of KRW81.6 billion and
a KRW326 billion profit last year.

The Company, which is up for sale (reportedly worth KRW4.5
trillion), is expected to incur KRW350 billion in profits this
year.

CONTACT:

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


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

AMSTEEL CORPORATION: Seeks Extension for Bonds' Repayment
---------------------------------------------------------
Amsteel Corporation Berhad refers to the announcement on Dec.
16, 2004 regarding the bondholders and SPV debtholders' approval
to, among others, vary the redemption/repayment date for the
Bonds and SPV Debts on Dec. 31, 2004, as set out in Table A and
Table B attached herewith.

The redemption and repayment of the Bonds and SPV Debts due on
Dec. 31, 2004 pursuant to the Variation were duly made.

The net proceeds from the proposed disposal of 70% of the issued
and paid-up capital of Lion Seremban Parade Sdn Bhd (LSP) and
the proposed disposal of the entire issued and paid-up capital
of Lion Ipoh Parade Sdn Bhd (LIP) were earmarked to redeem/repay
the Bonds/SPV Debts scheduled on March 31, 2005.

The Proposed Disposal of LIP and Proposed Disposal of LSP, which
were expected to be completed towards the end of the first
quarter of 2005, are still pending fulfillment of certain
conditions precedent to such disposal, and as a result of the
delay, the redemption/repayment of the Bonds/SPV Debts on March
31, 2005 has to be rescheduled.

Amsteel Corporation Berhad (ACB) announced that on March 25,
2005, ACB and Amsteel Harta (L) Ltd issued notices of meetings
dated March 25, 2005 to the Bondholders and SPV Debt Holders to
seek indulgence and approval to extend the March 31, 2005
redemption/repayment date.

1. PROPOSED EXTENSION

The Proposed Extension involves the extension of the
redemption/repayment date of March 31, 2005 for the Bonds and
SPV Debts to June 30, 2005. The amounts that will be
redeemed/repaid will remain unchanged and the penalty interest
for the amount deferred will be calculated on a simple interest
basis from Jan. 1, 2005 to date of payment.

2. APPROVALS FOR THE PROPOSED EXTENSION

The following approvals are required:

(i) the Securities Commission for the Proposed Extension;
(ii) Bondholders and SPV Debt Holders at the respective meetings
to be convened; and
(iii) Bank Negara Malaysia for the Proposed Extension in respect
of the SPV Debts.

To view Tables A and B, click on:

http://bankrupt.com/misc/tcrap_amsteelcorp032805.doc

CONTACT:

Amsteel Corporation Berhad
165 Jalan Ampang
Kuala Lumpur, 50450
Malaysia
Phone: +60 3 2162 2155/2161 3166
Fax:   +60 3 2162 3448


ANTAH HOLDINGS: Required to Submit Year-end Financial Report
------------------------------------------------------------
Pursuant to Paragraph 9.23(a) of Bursa Malaysia Securities
Berhad's (Bursa Securities) Listing Requirements, Antah Holdings
Berhad is required to furnish Bursa Securities its Annual Report
for public release, within a period not exceeding six (6) months
from the close of the financial year, which was on or before
Dec. 31, 2004.

Pursuant to the Policy relating to the delay in the submission
of financial statements dated Aug. 27, 2004 issued by Bursa
Securities, the Company announces the following:

(a) the Company has yet to submit its Annual Report as at the
date of this announcement;

(b) the Company cannot submit its Audited Accounts on or before
the expiry of the three (3) months from the due date, i.e. on or
before March 31, 2005;

(c) the Company cannot submit its Annual Report because its
Audited Accounts for the financial year ended June 30, 2004
("Audited Accounts") are not yet ready, as the External
Auditors, Messrs. BDO Binder require more time to finalize the
same.

CONTACT:

Antah Holdings Berhad
Level 7, Menara Milenium,
Jalan Damanlela,
Pusat Bandar Damansara,
Damansara Heights 50490
Kuala Lumpur, Malaysia
Phone: 03-20849000
Fax:   03-20949940


ARTWRIGHT HOLDINGS: Issues Private Placement of Shares Update
-------------------------------------------------------------
Artwright Holdings Berhad announced that the Company had set
March 25, 2005 as the price-fixing date for up to 8,300,000
Placement Shares with 8,300,000 Placement Warrants on the basis
of one (1) Placement Share with one (1) Placement Warrant, which
are to be issued pursuant to the Private Placement.

Accordingly, the issue price was fixed at RM1.00 for one (1)
Placement Share with one (1) Placement Warrant by the Board,
after having taken into consideration the five-day weighted
average market price of the ordinary shares of the Company up to
March 25, 2005 of RM0.86.

The issue price of RM1.00 per (1) Placement Share with one (1)
Placement Warrant, represents a premium of 16.3% over the five
(5)-day weighted average market price of the Company up to March
25, 2005 of RM0.86.

CONTACT:

Artwright Holdings Berhad
274909-A
6th Floor
3 Cangkat Raja Chulan
50250 Kuala Lumpur, WP
Malaysia


BOUSTEAD HOLDINGS: Passes AGM Resolutions
-----------------------------------------
The Directors of Boustead Holdings Berhad announced that at the
Company's Annual General Meeting (AGM) held on March 25, 2005,
the following resolutions put to the meeting were passed by a
majority of votes:

1. Adoption of Directors' Report and Financial Statements.

2. Approval of Dividend.

3. Re-election of YBhg. Datuk Azzat Kamaludin.

4. Re-appointment of YBhg. Gen (R) Tan Sri Dato' Mohd Ghazali
Hj. Che Mat.

5. Re-appointment of YBhg. Lt Gen (R) Dato' Mohd Yusof Din.

6. Re-appointment of Tuan Hj. Johari Muhamad Abbas.

7. Approval of Directors' fees.

8. Re-appointment of Auditors.

9. Approval for Directors to allot and issue shares.

10. Authority to transact with Directors.

11. Renewal of Shareholders' Mandate for Recurrent Related Party
Transactions.

12. Additional Shareholders' Mandate for Recurrent Related Party
Transactions.

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


CHG INDUSTRIES: Proposed Restructure Awaits SC Approval
-------------------------------------------------------
Further to the announcement dated Jan. 27, 2005, CHG Industries
Berhad's position in relation to the proposed debt restructuring
of the financial institution creditors, comprising all the
lender banks of the CHG Group (except for hire purchase
creditors to be effected pursuant to Section 176 of the
Companies Act, 1965 in respect of debts owing to the FI
Creditors) remains unchanged and is based on the cut-off date as
of Dec. 31, 2003.

As at Dec. 31, 2003, the debts to be restructured are estimated
at MYR190,236,292 (inclusive of accrued interest of
MYR7,626,811).

The Proposed Debt and Corporate Restructuring Scheme was
submitted to the Securities Commission on Dec. 24, 2004 and is
presently awaiting the Securities Commission's decision.

As announced on Aug. 2 and Aug. 5, 2004, the Company and its two
subsidiary companies have since Aug. 2, 2004 obtained a
Restraining Order to enable the CHG Group to focus all their
efforts in preparing and implementing the Scheme.

CONTACT:

CHG Industries Berhad
8th Mile Jalan Cheras
Cheras, Selangor Darul Ehsan 43200
Malaysia
Phone: +60 3 907 58811
Fax:   +60 3 907 66215


FABER GROUP: Granted Listing of Extra Shares
--------------------------------------------
Faber Group Berhad's additional 104,700 new ordinary shares of
MYR1.00 each arising from the Company's Conversion of MYR209,400
nominal value of 2000/2005 irredeemable convertible unsecured
loan stocks into 104,700 new ordinary shares are granted listing
and quotation effective Tuesday, March 29, 2005, 9;00 a.m.

CONTACT:

Faber Group Berhad
20th Floor, Menara 2 Faber Towers,
Jalan Desa Bahagia, Taman Desa
Off Jalan Klang Lamas
58100 Kuala Lumpur
Malaysia
Phone: 03-76282888
Fax:   03-76282828


KIG GLASS: Still in Talks to Settle Payment Default Issue
---------------------------------------------------------
KIG Glass Industrial Berhad (KIG) makes an update announcement
in relation to the Company's defaults of all principals and
interests set out in Table 1 (attached) as at Feb. 28, 2005.

1. Reasons for default in payments.

KIG is unable to service the loan repayments to the
banks/financial institutions, as the cash flow of KIG from
operations was only able to meet operational needs.

2. Measures taken to address the default in payments:

KIG is still negotiating with the banks/financial institutions
to address and resolve this issue. The Company and the Group as
a whole are exploring the possibility of undertaking a
restructuring exercise which would address all the defaults
faced by the Company. An announcement would be made at the
appropriate time, if and when the terms of the restructuring
have been finalized.

KIG Glass Industrial Berhad (KIG) has appointed a financial
advisor to review and advise on the capital-restructuring plan
for KIG and its subsidiaries. The review is in the final stage.
The appointment of the financial advisor was previously
announced by KIG on Aug. 30, 2004 in the Company's Quarterly
Report for the financial period ended June 30, 2004.

3. The financial and legal implications in respect of the
default in payments including the extent of the listed issuer's
liability in respect of the obligations incurred under the
agreements for the indebtedness:

Details of the financial implications on the default are given
in Table 1. KIG is currently having ongoing negotiations with
lenders in respect of the proposed restructuring.

KIG makes an additional announcement in relation to the Company
subsidiary in China, Zibo Jiali Glass Industry Co.Ltd. (ZICO).
KIG, being a joint corporate guarantor for a term loan facility
extended to ZICO, has been served with a letter of demand from
the advocates and solicitors acting for United Overseas Bank
Limited, China (UOB Limited) on Feb. 11, 2005 to repay the sum
of USD1,441,250 together with all interest and banker's charges.
Failing which the Bank would take action as they deem fit
against the Company.

Bumiputra-Commerce Bank (Labuan) Limited has commenced legal
proceedings against one of KIG subsidiaries, KIG Ceramics
Industrial Sdn Bhd (KIGC). The Memorandum of Appearance has been
filed in Court and a copy served on the Plaintiff's solicitors
on Feb. 4, 2005. The Plaintiff's application to amend its
Statement of Claim was allowed by the Court on Feb. 18, 2005.
The next course of action would be for KIG Ceramics to file the
leave application to the court to allow preparation for its
defense, through the Company's legal representative.

4. In the event the default is in respect of payment under a
debenture, to specify whether the default will empower the
debenture holder to appoint a receiver or manager:

As earlier announcements Nov. 2, Nov. 30, Dec. 31, 2004, Feb. 2
and Feb. 28, 2005, some of the defaults will empower the
debenture holders to appoint a receiver and/or manager under the
debenture.

5. Whether the default in payment constitute an event of default
under a different agreement for indebtedness (cross default and
details thereof, where applicable):

All indebtedness as stipulated in Table 1 as such does not have
any cross default.

For a full copy of the report, click on:
http://bankrupt.com/misc/tcrap_kigglass032805.doc

CONTACT:

KIG Glass Industrial Berhad
Suite 5.3A, Level 5, Menara Pelangi
No. 2, Jalan Kuning, Taman Pelangi
80400 Johor Bahru, Johor
Malaysia
Phone: 07-3341750
Fax:   07-3318617


K.P. KENINGAU: Receives Writ of Summons from RHB Bank Berhad
------------------------------------------------------------
The Board of Directors of K.P. Keningau Bhd [KPK] announced that
a Writ of Summon and Statement of Claim was received via
registered mail on March 24, 2005.

The Writ of Summon and Statement of Claim dated Feb. 18, 2005
was filed by Messrs Yong & Chia, Advocates and Solicitors for
the Plaintiff, RHB Bank Berhad [as acquirer of the banking
businesses of Bank Utama [M] Bhd] in the High Court of Sabah and
Sarawak at Kota Kinabalu.

The named defendants are Kilang Papan Keningau Sdn Bhd [KPKSB] a
wholly owned subsidiary of KPK as 1st Defendant and KPK as 2nd
Defendant sued as Guarantor. The Defendants and/or their
Solicitors are required to enter an appearance within twenty
[20] days after the service of the Writ. No mention date has
been fixed.

Details of the Writ and Statement of Claim - Suit No: K22-32-
2005 are as follows:

The claims are in respect of outstanding banking facilities
granted to KPKSB, which had since been recalled with KPK named
as guarantor. Particulars are:

1. Sum of RM574,693.12 as at 28.1.2005 in respect of an
Overdraft Facility, together with interest at the
rate of 3.25% pa above RHB BLR currently at 6% pa as from
29.1.2005 to date of full settlement;

2. Sum of RM2,238,937.22 as at 28.1.2005 with regard to a Term
Loan Facility together with interest at
the rate of 2.25% pa above BLR from 29.1.2005 till date of
settlement;

3. Sum of RM1,133,603.28 as at 28.1.2005 in respect of the
Bankers Acceptance Facility together with interest at the rate
of 3.5% pa above BLR from date thereof, to date of settlement;

and in addition, thereto,

IV] Legal costs;

V] Such further or other relief as the Court may deems fit.

KPK and KPKSB have referred the above to the Solicitors whom
shall enter an appearance on behalf of the companies and attend
to the said matters.

There is no expected operational impact on KPKSB as the
facilities were earlier recalled and withdrawn. Expected
financial losses arising from the suit, would be the legal
expenses to be incurred in defending the suit.

The above constitutes part of the total banking facilities in
default by KPK and its group of companies included and as
reported in the monthly PN1/2001 announcement.

Further, KPK advises that the said sums under claims would be
addressed accordingly as part of the corporate restructuring
scheme which would include a full and complete debts settlement
proposal where Heads of Agreement entered into with the White
Knight was announced on March 18, 2005. Further detailed
announcements would be made in due course.

CONTACT:

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


LION CORPORATION: Unable to Repay Bonds on March 31
---------------------------------------------------
Lion Corporation Berhad refers to the announcement made on Dec.
16, 2004 regarding the approval of Bondholders and
Debtholder/Lender vary the redemption/repayment date for the
Bonds and Company Debts on Dec. 31, 2004 as shown in Table A and
Table B (attached).

The redemption and repayment of the Bonds and Company Debts due
on Dec. 31, 2004 pursuant to the Variation were duly made.

It is part of the Company's plans to divest its non-core and
peripheral assets and businesses and certain quoted shares to
raise cash to fund the redemption/repayment of the Bonds/Company
Debts. Due to a slow/weak market, the said assets could not be
divested/sold within the stipulated time frame to enable the
redemption/repayment of Bonds/ Debts on March 31, 2005.

Lion Corporation Berhad announced that on March 25, 2005, the
Company issued notices of meetings dated March 25, 2005 to the
Bondholders and Lender to seek their indulgence and approval to
extend the redemption/repayment date of March 31, 2005.

A. PROPOSED EXTENSION

The Proposed Extension involves the variation of the
redemption/repayment date of March 31, 2005 to June 30, 2005.
The amounts that will be redeemed/repaid in accordance with the
Variation will remain unchanged, and the penalty interest for
the amount deferred will be calculated on a simple interest
basis from Jan. 1, 2005 to date of payment.

B. APPROVALS FOR THE PROPOSED EXTENSION

The following approvals are required:

(i) the Securities Commission for the Proposed Extension;
(ii) Bondholders and Lender at the respective meetings to be
convened; and
(iii) Bank Negara Malaysia for the Proposed Extension in respect
of the LCB Debts.

Tables A and B of Lion Corporation Berhad can be viewed at:

http://bankrupt.com/misc/tcrap_lioncorp032805.doc

CONTACT:

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


METROPLEX BERHAD: Releases Q4/FY04 Results
------------------------------------------
Metroplex Berhad released its unaudited report for the financial
period ended Dec. 31, 2004.

             SUMMARY OF KEY FINANCIAL INFORMATION
                            31/12/2004

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

1  Revenue
             59,140       100,429        264,586       300,611

2  Profit/(loss) before tax
            184,198       -43,177        136,544      -127,178

3  Profit/(loss) after tax and minority interest
            185,373       -42,030        132,558      -128,795

4  Net profit/(loss) for the period
            185,373       -42,030        132,558      -128,795

5  Basic earnings/(loss) per shares (sen)
              20.55         -4.66          14.70        -14.28

6  Dividend per share (sen)
               0.00          0.00         0.00        0.00

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

7  Net tangible assets per share (RM)
                                0.1200               0.0600

The current quarter's results include a write-back of
accumulated losses of subsidiaries totaling MYR268,805,380 upon
their deconsolidation.

For further details on the report, go to:

http://bankrupt.com/misc/tcrap_metroplex032805.xls

CONTACT:

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


NAM FATT: To List Additional 42,000 New Shares Today
----------------------------------------------------
Nam Fatt Corporation Berhad's additional 42,000 new ordinary
shares of RM1.00 each issued pursuant to the Company's
Conversion of MYR42,000 irredeemable convertible unsecured loan
stocks 2003/2011 into 42,000 new ordinary shares are granted
listing and quotation effective Tuesday, March 29, 2005, 9:00
a.m.

CONTACT:

Nam Fatt Corporation Berhad
40B Persiaran Sultan Ibrahim
41300 Klang, Selangor Darul Ehsan 41300
Malaysia
Phone: +60 3342 0766
Fax:   +60 3342 7830


PAN MALAYSIA: Buys Back 90,000 Shares
-------------------------------------
Pan Malaysia Corporation Berhad disclosed to the Bursa Malaysia
Securities Berhad details of its shares buy back on March 25,
2005.

Date of buy back: 25/03/2005

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

Total number of shares purchased (units): 90,000

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

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

Total consideration paid (RM): 34,619.64

Number of shares purchased retained in treasury
(units): 90,000

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

Cumulative net outstanding treasury shares as at to-date
(units): 20,815,500

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


POS MALAYSIA: Set to List More Shares
-------------------------------------
Pos Malaysia & Services Holdings Berhad's additional 179,000 new
ordinary shares of MYR1.00 each issued pursuant the Company's
Employee Share Option Scheme will be granted listing and
quotation effective Wednesday, March 30, 2005, 9:00 a.m.

CONTACT:

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


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

COLLEGE ASSURANCE: SEC Fears Trust Fund is Sinking
--------------------------------------------------
The Securities and Exchange Commission (SEC) has warned that the
trust fund of College Assurance Plans Philippines Inc. (CAP) is
diminishing as the pre-need firm taps its assets to pay
obligations, Business World reports.

According to SEC, CAP is at risk of incurring a huge cash
shortfall because it has not been replacing the assets that has
been withdrawn from the trust fund.

The SEC recently authorized CAP to access its Metro Rail Transit
(MRT) bonds to pay maturing obligations for this semester. The
SEC approved CAP's plan to sell US$8 million worth of MRT bonds
to raise funds to service client claims.

The bonds, which are kept with Philippine Veterans Bank, will be
taken from CAP's MRT bond holdings amounting to Php3 billion.
CAP originally had Php3.4 billion worth of MRT bonds, but it had
sold a portion of it to service claims, which matured last year.

SEC sources fear that allowing CAP to access its trust fund to
meet current obligations may jeopardize its capability to
service future claims of some 780,000 planholders.

As of end-2003, CAP had Php8.5 billion in trust assets, against
an actuarial reserve liability (ARL), or total obligations
computed at net present value, of Php25 billion.

CONTACT:

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


COLLEGE ASSURANCE: Unlikely to Get Dealer's License Soon
--------------------------------------------------------
The Securities and Exchange Commission (SEC) affirmed College
Assurance Plans Philippines Inc. may not be able to renew its
dealer's license anytime soon, according to The Philippine Daily
Inquirer.

CAP is unlikely to renew its dealer's license because it has not
resolved its trust fund problems yet.

Last year, the SEC suspended CAP's license to sell plans because
of an alleged deficit in its trust fund that guarantees payment
of maturing plans. The regulator ordered CAP to address its
capital deficiency first before it could renew the pre-need
firm's license.

But to date, SEC said there has been no word from CAP on its
reported agreement with U.S. investor First American Investments
Llc. The U.S. Company is expected to extend a US$300-million
loan to CAP.

SEC Chairman Fe Barin said she would meet with CAP this month to
determine the progress of the Company's compliance with SEC
requirements.


DIGITAL TELECOMMUNICATIONS: Sun Bleeds Php5.422 Mln a Month
-----------------------------------------------------------
Digital Telecommunications' Sun Cellular mobile brand expects to
incur monthly losses of Php5.422 million due to signal outages,
according to The Manila Times.

A presentation submitted to the National Telecommunications
Commission (NTC) by the Gokongwei-controlled firm indicated that
its mobile telecommunications arm has lost Php181,433 in short
messaging service (SMS) a day due to signal outages between Sun
and rival Smart Communications Inc.

Sun Cellular has begun monitoring the degradation for calls and
text traffic terminating into Smart's network and took note of
the intermittent SMS problems between Sun and Smart's cellular
networks.

Sun also requested for additional five SMS signaling links,
pointing out that its trunk utilization report covering periods
March 7 to 13 had an outing rate of 94.68 percent and an
incoming rate of 99.43 percent for SMS transacted between the
two networks.

CONTACT:

Digital Telecommunications Phils Inc
110 E Rodriguez Jr Ave Bagumbayan
1110 Quezon City 1110
Philippines
Phones: +63 2 633 0000
Fax: +63 2 635 6142
Web site: http://www.digitelone.com/


NATIONAL BANK: Tycoon Not Extending Joint-sale Deal
---------------------------------------------------
Business tycoon Lucio Tan will not extend the Philippine
National Bank (PNB) join-sale agreement with the government,
which is set to expire by September this year, The Manila Times
says, citing a central bank official.

The government is reportedly left with no choice but to sell its
45 percent stake in PNB since Mr. Tan was no longer interested
in extending their 2002 agreement. The government has agreed to
jointly sell their combined 90 percent stake in PNB.

If Mr. Tan will buy 67 percent of PNB, its shareholdings will
increase to 78 percent while the government's stake will be
diluted to 11 percent.

If the Mr. Tan will be successful in bidding for the planned
block sale, Mr. Tan will again become the majority shareholder
in the semi-private bank.

The Department of Finance decided to pursue the sale of its
stake in PNB due to the prevailing unpredictable conditions in
the Philippine equity market.

CONTACT:

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


NATIONAL BANK: Confirms Planned Appointment of Financial Adviser
----------------------------------------------------------------
The Philippine National Bank (PNB) issued this announcement in
reference to the news article entitled "Gov't seeks financial
adviser for PNB sale" published in the March 23, 2005 issue of
the Philippine Daily Inquirer.

The article reported that:

"The National government said it would soon appoint a financial
adviser for the sale of its shares in Philippine National Bank
(PNB). Finance Secretary Cesar Purisima said the bank had been
informed about this. However, the government has yet to draw up
a shortlist of investment banks for this purpose but it aims to
complete the process as soon as possible."

The Philippine National Bank, in a letter to the Exchange date
March 23, 2005, stated that:

"We wish to advise that the gist of the article is basically
correct. The bank has been informally advised that the
Department of Finance and the PDIC are taking steps for the
appointment of a financial adviser for the joint sale of 67
percent of the shares of stock of PNB.

Requests For Proposals (RFPs) to act as financial adviser have
been sent to various foreign investment banks on March 23,
2005."

For your information.

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

Noted by:

(Original Signed)
JURISITA M. QUINTOS
Senior Vice President


NATIONAL POWER: Energy Sales Up 5.9% in 2004
--------------------------------------------
National Power Corporation's (Napocor) energy sales climbed by
5.89 percent last year, The Manila Bulletin relates.

The state-owned power firm has seen its energy sales grow from
34,980.18 GWh in 2003 to 37,042.03 gigawatthours (GWh) in 2004.

A report by Napocor's Sales and Services Group revealed that
sales in the Luzon grid made a significant turnaround, growing
by 5.42 percent to 24,271.28 GWh in 2004 from 23,022.67 GWh in
2003. Sales in the region had dropped by 3.66 percent year-on-
year in 2002 to 2003 due to lower drawdowns by the Manila
Electric Company (Meralco) during the said period.

Napocor's energy sales to Meralco increased by 4.44 percent last
year to 16,098.67 GWh from 15,414.45 GWh in 2003. Meralco
accounted for the biggest share of Napocor's total sales in
Luzon at 66.32 percent.

Of the three major grids, Mindanao registered the highest growth
in energy sales at 9.26 percent, or from 6,052.83 GWh in 2003 to
6,613.60 GWh last year.

Sales in the Visayas rose by 9.07 percent, or from 3,762.92 GWh
in 2003 to 4,104.41 GWh in 2004.

Sales to the small island grids grew by an impressive 13.39
percent year-on-year, or from 425.18 GWh in 2003 to 482.10 GWh.

On a per-month basis, NPC recorded its highest sales in
September, at 3,351.12 GWh. Sales were lowest in the month of
January at 2,783.78 GWh

CONTACT:

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


PILIPINO TELEPHONE: To Determine Persons Entitled to Vote at AGM
----------------------------------------------------------------
Further to Circular for Brokers No. 534-2005 dated January 31,
2005, Pilipino Telephone Corporation furnished the Philippine
Stock Exchange a copy of its SEC Form 17-IS (Definitive
Information Statement) in connection with its Annual Meeting of
Stockholders which will be held on May 9, 2005 at 10:00 a.m. at
4/F AIM Conference Center Manila, Benavidez corner Trasierra
Streets, Legaspi Village, Makati City.

As previously announced, "the Board of Directors has fixed March
11, 2005 as the Record Date for the determination of
stockholders entitled to notice of and to vote at, the Annual
Meeting of Stockholders."

Below is a copy of the Notice of Annual Meeting of Stockholders.

Notice is hereby given that the Annual Meeting of Stockholders
of Pilipino Telephone Corporation will be held on Monday, May 9,
2005 at 10:00 a.m. at 4/F AIM Conference Center Manila,
Benavidez corner Trasierra Streets, Legaspi Village, Makati
City, Metro Manila.

The Agenda for the Annual Meeting of Stockholders is as follows:

I. Call to order
II. Certification of service of notice and quorum
III. President's Report
IV. Presentation of the audited financial statements for the
year ended December 31, 2004 contained in the Annual Report
V. Election of Directors
VI. Other Matters
VII. Adjournment

The Board of Directors has fixed March 11, 2005 as the Record
Date for the determination of stockholders entitled to notice
of, and to vote at, the Annual Meeting of Stockholders. Only
owners of common shares on record as at the Record Date will be
entitled to vote at said meeting.

CONTACT:

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


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

CHINA AVIATION (S): Hearing for Judicial Management Set April 1
---------------------------------------------------------------
Notice is hereby given that a petition for placing China
Aviation Oil (Singapore) Corporation Ltd under the judicial
management of a judicial manager by the High Court was, on March
3, 2005, presented by SK Energy Asia Pte Ltd, a creditor.

The said petition is to be heard before the Court at 10:00 a.m.
on April 1, 2005, and Chee Yoh Chuang and Lim Lee Meng of Messrs
Chio Lim & Associates have been nominated as the judicial
managers.

Any person who intends to oppose the making of an order under
section 227B (5) (b) or the nomination of a judicial manager
under section 227B (3) (c) 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
member of the Company requiring it by the undersigned on payment
of the regulated charge.

The Petitioner's address is 4 Shenton Way, #11-02/04 SGX Centre
Two, Singapore 068807.

The Petitioner's solicitors is Tan Peng Chin of 9 Battery Road,
#18-08 Straits Trading Building, Singapore 049910.

Tan Peng Chin Llc
Solicitors for the Petitioner

Note:

Any person who intends to appear at the hearing of the petition
must serve on or send by post to the abovenamed Tan Peng Chin
LLC notice in writing of his intention to do so.

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

CONTACT:

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


FETTLE ENGINEERING: Proofs of Debt, Claim Due April 7
-----------------------------------------------------
Fettle Engineering Co. (S) Pte Ltd formerly of 60 Kallang
Pudding Road #07-01 Tan Jin Chwee Industrial Building Singapore
349320 posted a notice of intended preferential dividend to the
Singapore Stock Exchange with the following details.

Court: Supreme Court, Singapore

Number of Matter: Companies Winding Up No. 600093 of 1992

Last Day for Receiving Proofs: 7th day of April 2005

Name & Address of Liquidator:

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

Dated: 24th day of March 2005

Karen Loh
Assistant Official Receiver


GREAT EASTERN: Associated Firm Faces Voluntary Winding Up
---------------------------------------------------------
Great Eastern Holdings Limited (GEH) announced to the Singapore
Stock Exchange that its Group's 35 percent-owned associated
Company, Pasir Ris Properties Private Limited (Pasir Ris
Properties), held an Extraordinary General Meeting on March 24,
2005, at which its shareholders passed a special resolution for
the members' voluntary winding up of Pasir Ris Properties.

This voluntary liquidation is not expected to have any material
impact on the net tangible assets or earnings per share of GEH
Group for the financial year 2005.

Pasir Ris Properties is 35 percent-owned by GEH's wholly-owned
subsidiary, The Great Eastern Life Assurance Company Limited.
Pasir Ris Properties is a subsidiary of Oversea- Chinese Banking
Corporation Limited (OCBC Bank).

Elizabeth Teoh
Group Company Secretary
March 24, 2005

CONTACT:

Great Eastern Hldgs Ltd
1 Pickering Street #16-01
Great Eastern Centre
Singapore 048659
Telephone: 65 62482846
Fax: 65 64383889
Web site: http://www.Lifeisgreat.com.sg


GREATRONIC LIMITED: Director and Non-Executive Chairman Quits
-------------------------------------------------------------
The Audit Committee (AC) of Greatronic Limited advised the
Singapore Stock Exchange that, further to its announcement on 9
March 2005 where the AC announced that it had written to the
Company's Chairman, Mr. Huang Ming Lang @ Max Huang to request
that he come to Singapore for urgent consultation, it has
received a letter of resignation from Mr. Huang where he
tendered his resignation as Director and Non-Executive Chairman
of the Company.

The Chinese language letter of resignation was dated 22 March
2005 and the Company only verified its contents in English
Thursday.

In his letter, Mr. Huang cited pressure of work in relation to
his other businesses as the reason for his resignation.

CONTACT:

Greatronic Ltd (formerly: Cybermast Ltd)
627A Aljunied Road #07-02
Biztech Centre
Singapore 389842
Telephone: 65 68417828
Fax: 65 68417282
Web site: http://www.greatronic.com/


HTL TRAVEL: Receives Winding Up Order
-------------------------------------
In the matter of HTL Travel & Tours (S) Pte Ltd a winding up
order was made by AXA Insurance Singapore Pte Ltd on March 18,
2005.

Name and address of Liquidator:

The Official Receiver
The URA Centre (East Wing)
45 Maxwell Road #05-11/#06-11
Singapore 069118

Messrs Legalworks Law Corporation
Solicitors for the Petitioners


OVERSEA-CHINESE: Shareholders Resolve to Wind Up Unit
-----------------------------------------------------
At an Extraordinary General Meeting of OCBC Realty Private
Limited, held on March 24, 2005 the shareholders of the Company
passed a special resolution for the members' voluntary winding-
up of the Company. The Company is a subsidiary of Oversea-
Chinese Banking Corporation Limited (OCBC).

The Statutory Declaration of Solvency of Company duly executed
by the respective Board of Directors, in compliance with the
Companies Act, Cap. 50, have been lodged with the Accounting and
Corporate Regulatory Authority.

The voluntary liquidations of the Company is part of the ongoing
rationalization of the OCBC Group and are not expected to have
any material impact on the net tangible assets or earnings per
share of OCBC Group for the financial year ending 31 December
2005.

CONTACT:

Oversea-Chinese Banking Corporation Limited
65 Chulia Street #29-02/04
OCBC Centre
Singapore 049513
Telephone: 65 63187222
Fax: 65 65337955
Web site: http://www.ocbc.com


OVERSEA-CHINESE: Winds Up London Unit
-------------------------------------
Oversea-Chinese Banking Corporation Limited (OCBC) advised the
Singapore Stock Exchange (SGX) that on March 24, 2005, by
resolutions in writing signed by all the shareholders of OCBC
Nominees (London) Limited, the shareholders of the Company
passed a special resolution for the members' voluntary winding-
up of the Company. The Company is a subsidiary of OCBC.

The directors of the Company have decided to proceed with the
winding-up of the Company as it has ceased providing custodian
services to its customers.

The Statutory Declaration of Solvency of the Company, executed
by its Board of Directors was lodged with the Registrar of
Companies, England & Wales on March 18, 2005. The Company has no
known creditors.

The voluntary liquidation of the Company is part of the ongoing
rationalisation of the OCBC Group and is not expected to have
any material impact on the net tangible assets or earnings per
share of the OCBC Group for the financial year ending December
31, 2005.


STARTECH ELECTRONICS: Terminates Agreement With Delteq
------------------------------------------------------
The Board of Directors of Startech Electronics Limited refer to
the announcements made to the Singapore Stock Exchange (SGX)
dated July 7, 2004 and July 8, 2004 where the Company had
announced, among other things, that it has entered into a sale
and purchase agreement to acquire the entire issued share
capital of Delteq Pte Ltd from its current shareholders (Delteq
Vendors), in consideration of 65,000,000 shares in the Company
to be allotted to the Delteq Vendors.

The Board of Directors of the Company announced that the Company
and the Delteq Vendors have mutually agreed to terminate the
Agreement with effect from March 23, 2005.

The Board of Directors further announce that the cessation and
determination of the Agreement does not affect the validity or
subsistence of other acquisitions of the Company referred to in
the announcements dated July 7, 2004 and July 8, 2004.

By Order of the Board
Lim Tai Toon
Managing Director

CONTACT:

Startech Electronics Ltd
11 Collyer Quay
The Arcade #13-01
Singapore 049317
Telephone: 65 62200762
Fax: 65 62202839
Web site: http://www.startechgrp.com


XING HAI: Court to Hear Winding Up Petition April 8
---------------------------------------------------
Notice is hereby given that a Petition for the Winding Up of
Xing Hai Holdings Pte Ltd (ROC No. 200311379N) by the High Court
was, on March 11, 2005 presented by Derella Holdings Pte Ltd, a
contributory.

The said Petition is to be heard before the Court sitting at
Singapore at 10:00 a.m. on Friday, April 8, 2005.

Any creditor or contributory of the said Xing Hai Holdings Pte
Ltd desiring to support or oppose the making of an order on the
said Petition may appear at the time of hearing by himself or
his Counsel for that purpose.

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

The Petitioner's registered address is 8 Temasek Boulevard
Penthouse, Suntec Tower Three, Singapore 038988.

The Petitioner's Solicitors is Messrs Jacob Mansur & Pillai of
21 Cantonment Road, Levels 3 & 4, The Court Yard, Singapore
089742.

Dated this 18th day of March 2005.

Jacob Mansur & Pillai
Solicitors for the Petitioner

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
Jacob Mansur & Pillai notice in writing of his intention so to
do.

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 April 7, 2005 (the day before the day appointed for the
hearing of the Petition).


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

BANGKOK STEEL: Administrators Relate Summary of Rehab Plan
----------------------------------------------------------
Economic Intellect Co. Ltd. and C.J. Morgan Co. Ltd. on behalf
of the plan administrators of Bangkok Steel Industry Plc. held
the extraordinary general shareholders' meeting No. 1/2548 on
March 23, 2005 at 10:00 a.m. at Conference Room No. 1105, 11th
floor, Bangkok Insurance Bldg., South Sathorn Road, Tungmahamek,
Bangkok to report on the business rehabilitation process of the
Company to the shareholders with the following agenda:

Agenda 1: To acknowledge the business rehabilitation process

Agenda 2: To acknowledge the summary of the business
rehabilitation plan

Agenda 3: Others  (if any)

Agenda 1: To acknowledge the business rehabilitation process:

The co-plan administrators reported on the background that the
creditors of the financial institutions filed the motion to
rehabilitate the business of BSI with the Central Bankruptcy
Court since October 13, 2000 until the said court ordered the
consent of the business rehabilitation plan of the Company on
February 7, 2005.

The meeting acknowledged the above agenda without any approval.

Agenda 2: To acknowledge the summary of the business
rehabilitation plan

The co-plan administrators reported on the summary of the
mentioned plan, which was approved by the court on February 7,
2005 and admitted the comments of the meeting.

The meeting acknowledged the above agenda without any approval.

Agenda 3: Others (if any)

Please be informed accordingly
Sincerely yours,
Siriwat Anankoosri
On behalf of the co-plan administrators
C.J. Morgan Co., Ltd.

CONTACT:

Bangkok Steel Industry Public Company Limited
United Flour Mill Bldg,
205 Rajawong Road,
Samphanthawong Bangkok
Telephone: 0-2226-0088, 0-2226-0680, 0-2226-6120-29
Fax: 0-2224-7698, 0-2222-7497
Web site: http://www.bangkoksteel.co.th


CIRCUIT ELECTRONIC: Board OKs Submission of Rehab Scheme
--------------------------------------------------------
The board of directors of Circuit Electronic Industries Public
Company Limited at a meeting No. 4J/2005 held on March 24, 2005
has the summary resolution as follows:

(1) Certify the minutes of meeting No. 3 J/2005.

(2) Approve to submit the Rehabilitation plan to the Bankruptcy
Court since the Company is confident that Electronic Industries
still have growth opportunity.

Although during the previous year, the Company has had liquidity
problems resulting from the Electronic business recession. The
Company has used the capacity of only 40 percent including the
retention of major customers.

Therefore, the board of directors resolved to approve to process
the rehabilitation plan under the Bankruptcy Court and is
confident that the Company has the opportunity to make a profit.

(3) Considered setting the date for the 2005 annual ordinary
shareholders meeting including the date for closing the Company
shares register due to Rehabilitation process.

(4) Omits dividend payment for the operation from January 1 to
December 31, 2004 because the Company has suffered losses from
operations.

(5) Dr. Pairoj Tanbanjong has resigned from the Audit Committee
and there is no need to replace the new director due to the
Rehabilitation process.

(6) Approve to appoint a new auditor to replace KPMG Phoomchai
Audit Ltd. and is now under selection process.

Yours Sincerely,
Mr. Somboon Kritchanchai
Executive Vice President Finance

CONTACT:

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


JASMINE INTERNATIONAL: SET Grants Listing of Securities
-------------------------------------------------------
Starting March 29, 2005, the Stock Exchange of Thailand (SET)
allowed the securities of Jasmine International Public Company
Limited (JAS) to be traded on the SET after finishing capital
increase procedures.

Issued and Paid up Capital

Old: THB8,318,447,300

New: THB8,319,153,203

Par Value: THB1

Allocate to: 705,903 warrants (ESOP) exercise to 705,903 common
shares

Ratio: 1:1

Exercise Price: THB0.668

Exercise Date: March 15, 2005

CONTACT:

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


JASMINE INTERNATIONAL: Board Agrees to Use Acumen's Excess Cash
---------------------------------------------------------------
Chaengwatana Planner Company Limited as the Plan Administrator
of Jasmine International Public Company Limited informed the
Stock Exchange of Thailand (SET) the following important
resolutions:

(1) The Board of Director's meeting of the Plan Administrator
No.3/2005 held on March 25, 2005 and the Extra-ordinary General
Meeting of Shareholders No. 1/2005 of Acumen Company Limited (a
subsidiary in which the Company holds 100 percent of the
available shares) held on March 25, 2005 approved to utilize the
excess cash held by Acumen Co., Ltd. in the amount not exceeding
THB600 million to invest in debt instruments and/or other debts,
including the assignment of rights to receive payment by the
creditors of the Company under JASMINE Group.

(2) The Board of Director's meeting of the Plan Administrator
No.3/2005 held on March 25, 2005 and the Extra-ordinary General
Meeting of Shareholders No. 1/2005 of T.J.P. Engineering Company
Limited (a subsidiary in which the Company holds 80 percent of
the available shares) held on March 25, 2005 approved to utilize
the excess cash held by T.J.P. Engineering Co., Ltd. in the
amount not exceeding THB220 million to invest in debt
instruments and/or other debts, including the assignment of
rights to receive payment by the creditors of the Company under
JASMINE Group.

(3) The Board of Director's meeting of the Plan Administrator
No.3/2005 held on March 25, 2005 and the 2005 Annual General
Meeting of Shareholders of Siam Teltech Computer Company Limited
(a subsidiary in which the Company holds 96.07 percent of the
available shares) held on March 25, 2005 approved to utilize the
excess cash held by Siam Teltech Computer Co., Ltd. in the
amount not exceeding THB200 million to invest in debt
instruments and/or other debts, including the assignment of
rights to receive payment by the creditors of the Company under
JASMINE Group.

When considering the volume of the transaction of the mentioned
3 cases by value basis, the highest volume, it equals to 5.99
percent so the transaction size does not fall under the
criteria, procedure and disclosure concerning acquisition
/disposal of listed Company's assets and related transaction
according to the announcement of the Stock Exchange of Thailand.

Please be informed accordingly

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

CONTACT:

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


SYNTEC CONSTRUCTION: Ordinary Shareholders Meeting Set April 29
---------------------------------------------------------------
Syntec Construction Public Company Limited notified the Stock
Exchange of Thailand (SET) on the resolutions of the Board of
Directors Meeting No. 3/2005 held on March 25, 2005:

(1) Approval for setting the date of the Ordinary General
Meeting of Shareholders No.1/2005,to be held on April 29, 2005,
at 9:00 a.m. at Shangri-la Hotel, No. 89 Soi Wat Suan Plu,
Charoenkrung Road, Kwaeng Bangrak, Khet Bangrak, Bangkok.

(2) Approval for fixing the closing date of share registration
from April 11, 2005,at 12:00 a.m. until the ordinary General
Meeting of Shareholders No.1/2005 will adjourn.

(3) Fixing the agenda for the Ordinary General Meeting of
Shareholders No.1/2005 to be as follows:

Agenda 1:

To adopt the minutes of ordinary general meeting of shareholders
No. 1/2004.

Agenda 2:

To acknowledge the performance results of the Board of Directors
for the previous year and the Annual Report.

Agenda 3:

To adopt and approve the Balance Sheet and Profit and Loss
Accounts of the Company ended December 31, 2004.

Agenda 4:

To acknowledge the non-payment of dividends for the performance
results of the fiscal year 2004.

Agenda 5:

To consider and re-appoint the directors in place of those who
retired by rotation.

Agenda 6:

To consider and appoint the auditors for the fiscal year 2004
and fix the remuneration.

Agenda 7:

To consider for approval of offsetting the premium on share
capital with the accrued losses.

Agenda 8:

Other businesses (if any)

Please be informed accordingly

Sincerely yours,

Mr.Pornchai Prasartintara
Director

Miss.Manee Vorakitti
Director

CONTACT:

Syntec Construction Public Company Limited
555/7-11 Sukhumvit 63 Road,
Khlong Ton Nua, Wattana, Bangkok
Telephone: 0-2381-6333-4, 0-2381-6337, 0-2381-6339
Fax: 0-2381-6330


THAI HEAT: Amends Rehabilitation Plan
-------------------------------------
Thai Heat Revival Company Limited as the reorganization planner
of Thai Heat Exchange Public Company Limited advised the Stock
Exchange of Thailand (SET) that it has submitted the correction
of the rehabilitation plan to the central bankruptcy court on
March 24, 2005.

The following are the details of the correction of the plan:

(1) Convert all preferred shares' amount as of December 31,2004
totaling 5,504,100 prefer shares to 5,504,100 common shares at
par value THB10.00.

(2) Convert all convertible debentures amount as of December 31,
2004 totaling 51,829 debentures to 5,182,900 common shares at
par value THB10.00.

(3) Adjust premium on shares and legal reserved to reduce the
deficit.

(4) Decrease par value from THB10.00 to THB1.00 to reduce the
deficit.

(5) Increase the capital amount 62 million common shares at par
value THB1.00 and offer the right to existing shareholders at
the ratio of 1 share:1 new share at par, and issue 62 million
free warrants attached to new shares at the ratio 1 warrant: 1
new share 1 warrant could be exercise to 1 common share at the
end of every quarter within 3 years and exercise price is
THB1.00.

(6) Convert unsecured financial institution creditors amount of
THB15,198,920 to 15,198,920 common shares at par value THB1.00.

(7) Convert labor creditors amount of THB46,585,695 to
46,585,695 common shares at par value THB1.00.

(8) The secured financial institution creditors amount of
THB225.9 million could be converted all of partial of loans to
common shares at ratio THB1: 1 share at par value within June
30, 2006.

Total Debenture as of December 31, 2004 consist of

(1) Convertible Debentures amount of THB64,588,363.69.

(2) Financial institution creditors amount of THB241,101,792.91.

(3) Labor Creditors' amount of THB46,585,694.35.

The official receiver set the date for creditor to vote the
correction of the rehabilitation plan on May 9,2005.

Thai Heat Revival Co. Ltd.
As the reorganization planner of Thai Heat Exchange PCL
Mr.Surin Wanpensakul
Director

CONTACT:

Thai Heat Exchange Pcl
1364 Ramkhamhaeng Road,
Suan Luang Bangkok
Telephone: 0-2318-2478-9, 0-2314-4582, 0-2319-1911-5
Fax: 0-2318-2655, 0-2319-4268
Web site: http://www.thaiheat.com


TPI POLENE: Details Land Purchase Transaction
---------------------------------------------
TPI Polene Public Company Limited notified the Stock Exchange of
Thailand (SET) that at the Board of Directors' meeting no.
3/2005 on March 25, 2005, it was unanimously resolved and
approved TPI Concrete Co., Ltd. (TPIC- a 99.99 percent wholly
owned subsidiary) to purchase an additional plot of land of 3
Rai from Hong Yiah Seng Co., Ltd. (major control by
Leophairatana family), which is classified as the connected
transaction.

The information of the transaction can be summarized as follows:

(1) Transaction date: March 28, 2005

(2) Details of assets: 24 title deeds of land of 3 Rai at Tambol
Bangkru (Ban Kru), AmphurPhrapradaeng (Rajburana), Samutprakarn
Province.

(3) Size of the transaction:

The transaction amount of THB24,000,000 (THB20,000 per square
wah) is classified as the connected transaction under the rules
and regulations imposed by the SET.

The value of the transaction together with the similar
transaction previously purchased from Hong Yiah Seng Co., Ltd on
February 28, 2005 of THB21,200,000, are an aggregate amount of
THB 45,200,000.

Both transactions account for 0.13% which is greater than 0.03%
(THB10.43 million) but less than 3% (THB1,042.65 million) of net
tangible assets of the Company as of December 31, 2004.

(4) Parties involved and the interest of the connected person

Seller: Hong Yiah Seng Co., Ltd.

Buyer: TPI Concrete Co., Ltd.

Relationship: Leophairatana family has a major control over TPI
Polene Plc., TPI Concrete Co., Ltd and Hong Yiah Seng Co., Ltd.

(5) Details of transaction

TPIC agreed to purchase the additional plot of land of 3 Rai
from Hong Yiah Seng Co., Ltd. (instead of primarily renting) at
the price of THB20,000 per square wah for the total amount of
THB24,000,000. The land will be purchased for the purpose of
being a batching plant site of ready-mixed concrete at Tambol
Bangkru (Ban Kru), Amphur Phrapradaeng (Rajburana), Samutprakarn

Province to accommodate the expansion of the ready-mixed
concrete business in the near future.

(6) Resolution from the Board of Directors' meeting / Meeting
attendance of the Board of Directors.

At the Board of Directors' meeting of the Company on March 25,
2005, it was unanimously resolved and approved TPIC to proceed
the purchase of the new plot of land for construction of another
batching plant site in addition to the existing one as the
location of the plant is in Samuthprakan province, where
provides a growth potential for construction business. It also
enables the Company to deliver ready mixed concrete to clients
in the nearby area at a relatively low cost.

In addition, such area is located in the purple zone (the
permission of which is granted for all kinds of factory and
construction operations), the rare area under the strict policy
established by the governmental authorities to control over
batching-plant construction pursuant to the Construction and
City Planning Law.

Besides, the seller offers to sell the land at the price of
THB20,000 per square wah, which is considered appropriate and
comparable to the market price in the proximate area, and TPIC
is currently renting this plot of land at the annual rental fee
of THB600,000 in order to use as the additional batching plant
site and it is under the preparation of foundation work for
plant site construction.

For the above resolution, the directors who are the connected
persons did not attend the meeting and therefore were withheld
from voting at the meeting.

Please be informed accordingly.

Best regards,
Mrs. Orapin Leophairatana
Senior Executive Vice President

CONTACT:

TPI Polene Public Company Limited
26/56 New Jun Road,
Thungmahamek, Sathon Bangkok
Telephone: 0-2678-5100, 0-2678-5000
Fax: 0-2678-5001-5
Web site: http://www.tpipolene.com


BOND PRICING: For the Week 28 March to 01 April 2005
----------------------------------------------------

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


AUSTRALIA
---------

Advantage Group                      10.000%     4/15/06    1
Ainsworth Game                        8.000%    12/31/09    1
Amcom Telecommunications Ltd         10.000%    10/28/07    2
APN News & Media Ltd                  7.250%    10/31/08    5
A&R Whitcoulls Group                  9.500%    12/15/10    8
Austral Coal                          9.500%    10/01/06    1
Australis Holdings                   15.000%    11/01/02    1
BIL Finance Ltd                       8.000%    10/15/07    8
BIL Finance Ltd                       8.750%    10/15/05   10
BIL Finance Ltd                       9.250%    10/15/06    8
Capital Properties NZ Ltd             8.500%     4/15/05    8
Capital Properties NZ Ltd             8.500%     4/15/07    8
Capital Properties NZ Ltd             8.500%     4/15/09    8
CBH Resources                         9.500%    12/16/09    1
Citigold Corporation                 12.000%     3/29/07    1
Consolidated Minerals                11.250%     3/31/05    4
Djerriwarrh Investments Ltd           6.500%     9/30/09    4
Evans & Tate Ltd                      8.250%    10/29/07    1
Fletcher Building Ltd                 7.800%     3/15/09    8
Fletcher Building Ltd                 7.900%    10/31/06    8
Fletcher Building Ltd                 8.300%    10/31/06    8
Fletcher Building Ltd                 8.600%     3/15/08    7
Fletcher Building Ltd                 8.750%     3/15/06    8
Fletcher Building Ltd                 8.850%     3/15/10    8
Fletcher Building Ltd                10.500%     4/30/05    8
Fernz Corp Ltd                        8.560%    10/15/06    8
Futuris Corporation Ltd               7.000%    12/31/07    2
Gympie Gold Ltd                       8.500%     9/30/07    1
Hy-Fi Securities Ltd                  7.000%     8/15/08    7
Hy-Fi Securities Ltd                  8.750%     8/15/08   10
Hutchison Telecoms Australia          5.500%     7/12/07    1
Infrastructure & Utilities NZ Ltd     8.500%     9/15/13    8
Nuplex Industries Ltd                 9.300%     9/15/07    8
Pacific Print Group Ltd.             10.250%    10/15/09   10
Primelife Corp.                       9.500%    12/08/06    1
Prime Infrastructure                  8.500%     2/28/49   10
Prime Infrastructure                  8.500%    12/31/49   10
Salomon SB Australia                  4.250%     2/01/09    8
Sapphire Securities Ltd               7.410%     9/20/35    7
Sapphire Securities Ltd               9.250%    12/20/06    8
Sherlock Bay Nickel                  12.000%     9/01/07    1
Sky Network Television Ltd            9.300%    10/29/49    8
Software of Excellence                7.000%     8/09/07    1
Strathfield Group                    11.000%    12/31/05    1
Sydney Gas Company                   12.000%     4/01/06    1
Tower Finance Ltd                     8.650%    10/15/09    8
Tower Finance Ltd                     8.750%    10/15/07    8
TrustPower Ltd                        8.300%     9/15/07    8
TrustPower Ltd                        8.500%     9/15/12    8
TrustPower Ltd                        8.500%     3/15/14    8
Urbus Properties Ltd                  9.250%     3/10/07    1
Vision Systems Ltd                    9.000%    12/15/08    2

CHINA
-----

China Government Bond                  2.900%    5/24/32   73


KOREA
-----

Korea Electric Power                   7.950%     4/1/96   70


MALAYSIA
--------

Aliran Ihsan Resources Bhd             5.000%     11/29/11    1
Asian Pac Holdings Bhd                 4.000%     12/22/05    1
Artwright Holdings Bhd                 5.500%      3/06/07    1
Berjaya Group Bhd                      5.000%     10/17/09    1
Berjaya Land Bhd                       5.000%     12/30/09    1
Berjaya Sports Toto Bhd                8.000%      8/04/12    4
Camerlin Group Bhd                     5.500%      7/15/07    1
Crescendo Corporation Bhd              3.000%      8/25/07    1
Crest Builder                          7.000%      2/24/06    2
Dataprep Holdings Bhd                  4.000%      8/05/05    1
Dataprep Holdings Bhd                  4.000%      8/06/07    1
Eden Enterprises (M) Bhd               2.500%     12/02/07    1
Fountain View Development Sdn Bhd      3.500%     11/03/06    5
Furqan Business Organization           2.000%     12/19/05    1
Gadang Holdings Bhd                    2.000%     12/24/08    1
Greatpac Holdings Bhd                  2.000%     12/11/08    1
Gula Perak Bhd                         6.000%      4/23/08    1
Hong Leong Industries Bhd              4.000%      6/28/07    1
I-Berhad                               5.000%      4/30/07    1
Insas Bhd                              8.000%      4/19/09    1
Integrax Bhd                           3.000%     12/24/05    1
Killinghall Bhd                        5.000%      4/13/09    1
Kretam Holdings Bhd                    1.000%      8/10/10    1
Kumpulan Jetson                        5.000%     11/27/12    1
LBS Bina Group Bhd                     4.000%     12/29/06    1
LBS Bina Group Bhd                     4.000%     12/31/07    1
LBS Bina Group Bhd                     4.000%     12/31/08    1
LBS Bina Group Bhd                     4.000%     12/31/09    1
Lebar Daun Bhd                         2.000%      1/06/07    6
Lion Diversified Holdings Bhd          2.000%      6/01/09    2
Media Prima Bhd                        2.000%      7/18/08    1
Mithril Bhd                            3.000%      4/05/12    1
Mithril Bhd                            8.000%      4/05/09    1
Mutiara Goodyear Development Bhd       2.500%      1/15/07    1
Naim Indah Corp.                       0.500%      8/24/06    1
Nam Fatt Corporation Bhd               2.000%      6/24/11    1
Pantai Holdings                        5.000%      3/28/07    1
Patimas Computers Bhd                  6.000%      2/19/06    1
Poh Kong Holdings                      3.000%      1/20/07    1
Prinsiptek Corporation Bhd             2.000%     11/20/06    1
Puncak Niaga Holdings Bhd              2.500%     11/18/16    1
Ramunia Holdings                       1.000%     12/20/07    1
Rashid Hussain Bhd                     0.500%     12/24/12    1
Rashid Hussain Bhd                     1.500%      6/30/07   75
Rashid Hussain Bhd                     3.000%     12/24/12    1
Rhythm Consolidated Bhd                5.000%     12/17/08    1
Silver Bird Group Bhd                  1.000%      2/15/09    1
Southern Steel                         5.500%      7/31/08    2
Tanah Emas Corporation Bhd             2.000%     12/09/06    1
Talam Corporation Bhd                  7.000%      7/19/05    1
Talam Corporation Bhd                  7.000%      4/19/06    1
Tap Resources Bhd                      2.000%      6/29/06    1
Tenaga Nasional Bhd                    3.050%      5/10/09    1
Time Engineering Bhd                   2.000%     12/25/05    1
VTI Vintage Bhd                        4.000%      8/22/06    1
WCT Land Bhd                           3.000%      8/02/09    1
Wah Seong Corp                         3.000%      5/21/12    3


SINGAPORE
---------

CSC Holdings Ltd                       6.500%      4/27/05    1
Rabobank Singapore                     1.000%      1/15/13   73
Sengkang Mall                          8.000%     11/20/12    1
Structural System Singapore           11.000%      6/30/07    1
Tampines Assets Ltd                    5.625%     12/07/06    1
Tincel Limited                         7.400%      6/13/11    1





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

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

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

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