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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

             Wednesday, April 6, 2005, Vol. 8, No. 67

                            Headlines

A U S T R A L I A

ABD CONTRACTORS: Names D.J. Ferguson as Liquidator
ADCARR PTY: Lays Out Final Meeting Agenda
BRAVE MEN: Struggles to Rescue Fashion Empire
C.D. PARKER: Appoints Liquidator to Wind Up Company
CHEMEQ LIMITED: Secures China Patent Protection to 2020

CHEMEQ LIMITED: Appoints New Chief Financial Officer
CMI CORPORATION: To Declare Final Dividend April 29
CITY LIMIT: Court Issues Winding Up Order
CRISTALLO ENTERPRISES: Joint Meeting Slated for April 28
CRM ELECTRICS: Liquidator to Lay Final Report on Winding Up

DUAL ELECTRICAL: To Declare Final Dividend April 13
DUAL ENGINEERING: To Pay Creditors' Dividend April 13
EURO SYSTEMS: Members Agree to Wind Up Company
GLOBAL PACIFIC: Resolves to Undergo Voluntary Winding Up
HENRY WALKER: Simon Sale Saves 1,100 Jobs

HIH INSURANCE: Eade Joins List of Barred Execs
HILLS MOTORWAY: Transurban Extends Takeover Offer
KC & A: Fixes April 14 as Date of Final Meeting
KENSINGTON INVESTMENTS: Enters Winding Up Proceedings
KNIGHTS INSOLVENCY: Moves to Remedy Own Problems

KNIGHTS INSOLVENCY: Two Chiefs Stand Down
MINDGROVE PTY: To Convene Final Meeting April 8
MONDILIBI PTY: Sets April 12 as Date of Final Meeting
NATIONAL AUSTRALIA: Curbs Market-share Loss
PHOENIX RISING: Final Meeting Set April 14

PRINTMATE PTY: To Declare Final Dividend April 6
RISCHITELLI TRANSPORT: Hires Liquidators from Ferrier Hodgson
SYNERGY REGIONAL: Receivership Ends in Job Loss, Vandalism
TARONGA RIVER: Sets Final Meeting April 7
TIVOLI CATERING: Members, Creditors to Meet April 14


C H I N A  &  H O N G  K O N G

BANK OF CHINA: Vows to Stem Credit Breaches
FALCON INTERNATIONAL: Winding Up Hearing Set May 4
FX GROUP: Enters Winding Up Proceedings
HONG KONG FRANCK: To Emerge from Bankruptcy on September 5
ISTEELASIA HOLDINGS: Explains Unusual Volume Movement

JC INFINITIVE: Schedules Winding Up Hearing
MUDAN AUTOMOBILE: 2004 Net Loss Narrows to RMB1.8 Mln
SINHANG PRINTING: Winding Up Hearing Slated for May 25
TERRY TRANSPORT: To Exit Bankruptcy
UNICOM PAGING: Court to Hear Petition on April 27


I N D O N E S I A

BANK MANDIRI: Earmarks IDR6.7 Trillion for Infrastructure
PERTAMINA: In Talks to Buy LNG to Meet Foreign Obligations
PERTAMINA: Frontline Appeals KPPU Ruling


J A P A N

MATSUSHITA ELECTRIC: Maps Out New Direction for U.S. Operations
MITSUBISHI FUSO: Launches New Generation Light Truck in Europe
MITSUBISHI MOTORS: Australian March Sales Break Many Records
MITSUBISHI MOTORS: Unveils Organizational Changes
SOJITZ HOLDINGS: To Demote Executives

SOJITZ HOLDINGS: Issues Commodities Transactions Update
TOSHIBA CORPORATION: Exits China Cellphone Market
TOSHIBA CORPORATION: U.S. Unit to Complete Issuance of Stock


K O R E A

HYNIX SEMICONDUCTOR: Share Prices Surge on Stake Sale Talks
JINRO LIMITED: Acquisition by Hite to Undergo FTC Review


M A L A Y S I A

ANTAH HOLDINGS: Fined Over Failure to Comply with Requirements
BOUSTEAD HOLDINGS: Set to List Additional Shares on April 7
BUKIT KATIL: Violates Listing Requirements
GOLDEN FRONTIER: Repurchases 2,100 Shares
I-BERHAD: Buys Back Additional Shares

MERCES HOLDINGS: No Development Seen in Default to SBB
PAN MALAYSIA: Posts Shares Buy Back Notice
PILECON ENGINEERING: Unit Issues Default Status Update
REKAPACIFIC BERHAD: Bourse to Delist Securities on April 15
TRU-TECH HOLDINGS: Creditors Approve Proposed Scheme


P H I L I P P I N E S

DIGITAL TELECOMMUNICATIONS: Sun Sees 3 Mln Subscribers in 2005
NATIONAL BANK: Clarifies Report on Tan-Government Talks
NATIONAL BANK: Boss Leaves to Pursue Other Goals
NATIONAL POWER: Debt to Swell to US$15 Bln Sans Tariff Reforms
NEGROS NAVIGATION: Tsuneishi Seeks Seizure of Six Vessels

PHILIPPINE LONG: Elects New Independent Director
PHILIPPINE LONG: Declares Dividend for Preferred Stock
WESTIN PHILIPPINE: Workers Threaten Strike


S I N G A P O R E

ANCHORAGE CAPITAL: Court to Hear Petition April 15
BBR GEOTECHNIC: To Pay Dividend April 8
CHENAB CONTRACTOR: Invites Creditors to Attend Hearing
CITIRAYA INDUSTRIES: Discloses Changes in Director Line-up
HOCK SAN: Winding Up Hearing Set April 15

MEGA EUROADVANCE: Begins Winding Up Proceedings
NIPPECRAFT LIMITED: AGM Set April 28
STARTECH ELECTRONICS: Pays Annual Due of SG$1.0Mln to Maybank


T H A I L A N D

NFC FERTILIZER: Major Shareholder Appointed to Manage Company
NFC FERTILIZER: Changes Composition of Board
THAI-DENMARK: Unit Undergoes Business Reorganization
THAI PETROCHEMICAL: Prices Registered Capital at THB1 Per Share

     -  -  -  -  -  -  -  -

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

ABD CONTRACTORS: Names D.J. Ferguson as Liquidator
--------------------------------------------------
Notice is hereby given that at a General Meeting of ABD
Contractors Pty Ltd (In Members Voluntary Liquidation) A.C.N.
005 416 295, held on February 28, 2005, it was resolved that the
company be wound up voluntarily, as a Members' Voluntary Winding
Up, and that D. J. Ferguson be appointed Liquidator.

Dated this 28th day of February 2005

D. J. Ferguson
Liquidator
Chartered Accountants
23 Riverview Terrace, Bulleen Vic 3105
Telephone: 03 9852 3032
E-mail: donaldferguson@bigpond.com


ADCARR PTY: Lays Out Final Meeting Agenda
-----------------------------------------
Notice is given pursuant to Section 509 of the Corporations Act
that a final meeting of the members and the creditors of Adcarr
Pty Ltd (In Liquidation) (The Company) A.C.N. 074 356 513 will
be held at the offices of KordaMentha, Level 24, 333 Collins
Street, Melbourne on Thursday, April 21, 2005 at 10:00 a.m.

AGENDA

(1) To receive the Liquidator's final account of acts and
dealings and the conduct of the winding up and to hear any
explanations thereof.

(2) To consider any other matters which may properly be brought
before the meeting.

Dated this 24th day of February 2005

Craig Shepard
Liquidator


BRAVE MEN: Struggles to Rescue Fashion Empire
---------------------------------------------
One of the Australia's famous designers has decided to put his
Company, Brave Men And Women, into voluntary administration, the
Sunday Herald Sun reports.

Wayne Cooper's fashion empire collapsed after failing to pay
some AU$3-million in obligations to around 120 foreign and local
creditors.

Administrator Peter Krejci advised Mr. Cooper and his 80
employees to wait over the next few weeks before a creditors
meeting on April 23 determines whether the Company will be
placed into liquidation.

Mr. Krejci said administrators were still poring over financial
records to learn exactly how much money was owed.

Meanwhile, Mr. Copper blamed the collapse on a several factors
such as poor budgeting, delayed opening of its Melbourne outlet
and staff relocation. Mr. Cooper was also rumored to have paid a
hefty sum for model Paris Hilton to appear in one of his catwalk
shows.


C.D. PARKER: Appoints Liquidator to Wind Up Company
---------------------------------------------------
Notice is hereby given that at a general meeting of the members
of C.D. Parker Proprietary Limited A.C.N. 004 561 844 held on
February 18, 2005 it was resolved that the company be wound up
voluntarily and that, Robert L. Yeo and Stan Traianedes
Chartered Accountants of Hall Chadwick, Chartered Accountants,
Level 9, 459 Collins Street Melbourne be nominated to act as
Liquidators for the purpose of the winding up.

Dated this 18th day of February 2005

Stan Traianedes
Liquidator
Hall Chadwick
Chartered Accountants & Business Advisers
Level 9, 459 Collins Street, Melbourne Vic 3000


CHEMEQ LIMITED: Secures China Patent Protection to 2020
-------------------------------------------------------
Pharmaceutical company Chemeq Limited (ASX:CMQ) announced that
it has secured patent protection for the CHEMEQ polymeric
antimicrobial product in the People's Republic of China to the
year 2020.

The patent gives protection to Chemeq with regard to the
manufacture and marketing of its product in what is one of the
world's biggest national markets.

Chemeq Executive Chairman Graham Melrose said the Chinese market
had emerged as a prospective medium term target for the Company.

"Although Chinese production of pigs is not always concentrated,
China is the world's biggest pork producer," said Dr. Melrose.

"We are delighted to have added this major patent to our
substantial portfolio of granted patents in China and some 80
other countries around the world."

This patent has already been granted in numerous countries
including the United States, Japan, Russia, Singapore, South
Africa, New2 Zealand and Australia.

About Chemeq

Chemeq is an emerging veterinary drug producer, which has
developed a unique product, CHEMEQ polymeric antimicrobial for
the prevention and control of intestinal bacterial diseases in
feedstock animals such as pigs and poultry.

The company's manufacturing facility in Western facility in
Western Australia was completed in August 2004 and is currently
undergoing commissioning and optimization.

Chemeq has secured conditional approval from the Australian
Pesticides & Veterinary Medicines Authority (APVMA) to commence
production at its manufacturing facility south of Perth, Western
Australia.

To date, product approval has been secured in South Africa (pigs
and poultry) and New Zealand (pigs). Distribution agreements
with leading distributors have been secured in South Africa, New
Zealand and Malaysia.

Chemeq's breakthrough AU$1.5 million sales order was signed with
a South African group in August 2004.

Last month, Chemeq shareholders approved a facility of up to
AU$60 million with investment group Mizuho that underpins the
future financial strength of the group.

CONTACT:

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


CHEMEQ LIMITED: Appoints New Chief Financial Officer
----------------------------------------------------
Chemeq Limited (ASX:CMQ) announced the appointment of Brian
Mangano as Chief Financial Officer and Company Secretary.

Mr. Mangano is a senior corporate executive with 18 years
experience in the Australian listed company environment in the
engineering, technology and investment sectors.

He is a former Managing Director of listed companies AirBoss and
Australian Growth, and was Chief Financial Officer of Yates. He
also worked as Financial Controller of a number of companies in
Richard Branson's Virgin Group, based in London.

Most recently, Mr. Mangano was Chief Financial Officer of
engineering and consulting, construction group VDM.

A chartered accountant by profession, he has extensive
experience in technology licensing, corporate governance and
patent registration.

Mr. Mangano has been appointed for an initial term of 12 months.

Chemeq Executive Chairman Graham Melrose said the Company was
delighted to have appointed an executive of Mr. Mangano's
calibre to occupy these important roles.

"Chemeq is moving into a very exciting phase with the
consummation of the funding arrangement with Mizuho and the
commercialization of the CHEMEQ polymeric antimicrobial," said
Dr. Melrose.

"Clearly, strong financial management is a vital element of this
commercialization process and we are very pleased with Mr.
Mangano's appointment."

Mr. Mangano will take up his position on May 5, 2005.


CMI CORPORATION: To Declare Final Dividend April 29
---------------------------------------------------
A dividend is to be declared on April 29, 2005 for CMI
Corporation Ltd (In Liquidation) A.C.N. 080 080 904.

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

Dated this 22nd day of February 2005

Paul Burness
Liquidator
Worrells
Solvency & Forensic Accountants
Level 5, 15 Queen Street,
Melbourne Vic 3000
Web site: http://www.worrells.net.au


CITY LIMIT: Court Issues Winding Up Order
-----------------------------------------
Notice is hereby given on February 23, 2005 the Supreme Court of
Victoria ordered the winding up of City Limit Knitwear Pty Ltd
(In Liquidation) A.C.N. 007 454 319 in proceeding number 9261 of
2004 and Gregory Stuart Andrews of 22 Drummond Street, Carlton
3053 was appointed Official Liquidator of the company.

Dated this 23rd day of February 2005

G. S. Andrews
Official Liquidator
G. S. Andrews & Associates
Certified Practising Accountants
22 Drummond Street, Carlton Vic 3053
Telephone: (03) 9662 2666
Facsimile: (03) 9662 9544


CRISTALLO ENTERPRISES: Joint Meeting Slated for April 28
--------------------------------------------------------
Notice is given pursuant to Section 509 of the Corporations Act
2001 that a joint meeting of the members and creditors of
Cristallo Enterprises Pty Ltd (In Liquidation) trading as Alpine
Concepts A.C.N. 054 914 279 will be held at the offices of
Foremans Business Advisors (Vic) Pty Ltd, Suite 8, 56-60 Bay
Road, Sandringham on April 28, 2005, at 9:00 a.m., for the
purpose of having an account laid before them showing the manner
in which the winding up has been conducted and the property of
the company disposed of and of hearing any explanations that may
be given by the Liquidator.

Dated this 21st day of February 2005

Dean Royston Mcveigh
Liquidator
Foremans Business Advisors (Vic) Pty Ltd


CRM ELECTRICS: Liquidator to Lay Final Report on Winding Up
-----------------------------------------------------------
Notice is given pursuant to Section 509 of the Corporations Act
2001 that a joint meeting of the members and creditors of CRM
Electrics Pty Ltd (In Liquidation) A.C.N. 068 947 580 will be
held at the offices of Horwath Melbourne, Level 5, 114 William
Street, Melbourne on April 11, 2005, at 10:00 a.m., for the
purpose of having an account laid before them showing the manner
in which the winding up has been conducted and the property of
the company disposed of and of hearing any explanations that may
be given by the Joint and Several Liquidator and to consider a
resolution for the early destruction of books and records.

Dated this 23rd day of February 2005

Michael J. Humphris
Liquidator
Horwath Melbourne
Chartered Accountants
Level 5, 114 William Street,
Melbourne Vic 3000


DUAL ELECTRICAL: To Declare Final Dividend April 13
---------------------------------------------------
A first and final dividend is to be declared on April 13, 2005,
for Dual Electrical Services Pty Ltd (Subject To Deed Of Company
Arrangement) A.C.N. 006 663 216.

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

Dated this 24th day of February 2005

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


DUAL ENGINEERING: To Pay Creditors' Dividend April 13
-----------------------------------------------------
A first and final dividend is to be declared on April 13, 2005,
for Dual Engineering Pty Ltd (Subject To Deed Of Company
Arrangement) A.C.N. 067 665 507.

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

Dated this 24th day of February 2005

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


EURO SYSTEMS: Members Agree to Wind Up Company
----------------------------------------------
Notice is hereby given that at a general meeting of members of
Euro Systems Australia Pty Ltd (In Liquidation) A.C.N. 077 932
891 held on February 21, 2005, it was resolved that the company
be wound up voluntarily and that Robyn Erskine & Peter Goodin,
of Brooke Bird & Co, Chartered Accountants, 471 Riversdale Road,
Hawthorn East, 3123, be appointed Liquidators.

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


GLOBAL PACIFIC: Resolves to Undergo Voluntary Winding Up
--------------------------------------------------------
Notice is hereby given that at an extraordinary general meeting
of members of Global Pacific Group Pty Ltd (In Liquidation)
A.C.N. 084 971 586 held on February 21, 2005, it was resolved
that the company be wound up voluntarily and at a meeting of
creditors held on the same day it was resolved that for such
purpose, Robert Molesworth Hobill Cole of Cole Downey & Co,
Chartered Accountants, Unit 2, 6 Moorabool Street, Geelong Vic
3220 be appointed Liquidator.

Dated this 23rd day of February 2005

Robert M. H. Cole
Liquidator
Cole Downey & Co
Chartered Accountants
Unit 2, 6 Moorabool Street,
Geelong Vic 3220


HENRY WALKER: Simon Sale Saves 1,100 Jobs
-----------------------------------------
The sale of Henry Walker Eltin Group Limited's contract
servicing and civil engineering unit is expected to save some
1,100 jobs, according to the Sydney Morning Herald.

The administrators of failed Henry Walker sold Simon Engineering
to construction firm Abigroup Limited for an undisclosed amount.
The sale, according to administrator Scott Kershaw of
McGrathNicol and Partners, will save jobs and secure employee
entitlements. The sale also represents a pleasing outcome for
Simon's creditors.

Henry Walker bought Simon Engineering in April 2000 for AU$6.7
million. Last month, administrators singled out the business as
one of HWE's underperforming units.

Henry Walker was forced into voluntary administration in January
after creditor Glencore Finance AG withdrew a proposed AU$100-
million recapitalization. However, administrators have assured
creditors Henry Walker has very solid core businesses and the
outlook for them is positive.

The administrators will convene a second meeting of Henry Walker
creditors in late May when they will outline the options going
forward.

CONTACT:

Henry Walker Eltin Group Limited
33 Paul Street North
North Ryde, New South Wales 2113
Australia
Phone: +61 02 9887 6400
Fax: +61 02 9805 0945
Web site: http://www.hwe.com.au/


HIH INSURANCE: Eade Joins List of Barred Execs
----------------------------------------------
The Australian Prudential Regulation Authority (APRA) has
announced the disqualification of Mr. Ross Eade from being or
acting as a director or senior manager of a general insurer
under the Insurance Act 1973.

Mr. Eade held various senior management positions in the HIH
Insurance Limited group (HIH) between October 1972 and March
2001, including General Manager Finance from August 1995 to
April 1999, and Operations Director, Corporate Divisions from
April 1999 to March 2001.

APRA found that Mr. Eade failed to act in the best interests of
HIH and its policyholders by:

(1) Advising HIH's external actuary, Mr. David Slee, to remove
cautionary remarks from a version of his year end actuarial
assessment for December 1997 concerning the risks associated
with excluding a prudential margin from the liability estimate;

(2) Signing a January 1998 letter from HIH formally instructing
Mr. Slee to exclude a prudential margin from his December 1997
liability valuation; and

(3) Failing to alert the HIH Board of the risks associated with
excluding a prudential margin from the liability valuations when
he knew, or should have known, that the absence of a prudential
margin unduly increased the risk of falling into insolvency.

APRA's Deputy Chairman, Mr. Ross Jones, said that senior
insurance executives had to perform their duties with an
appropriate degree of care, caution and prudence.


HILLS MOTORWAY: Transurban Extends Takeover Offer
-------------------------------------------------
Tollway operator Transurban Group decided to extend its takeover
bid for Hills Motorway after failing to secure a 50-percent
stake in Hills, the Sydney Morning Herald reports.

On Friday last week, Transurban extended its AU$2-billion offer
for Hills until April 15. The extension comes two weeks after
Tranurban attempted to win more support by making its bid
unconditional on securing 30 percent of Hills, not the original
50 percent.

Transurban said it remained confident of gaining control of more
than 50 percent of Hills.

In a letter to Hills security holders on Friday, Transurban
chairman Laurence Cox warned his company would block Hills's
plans to restructure and outdo the 98 per cent lift in
distributions Transurban was offering next financial year.

Under the proposed restructure, Hills will borrow AU$82 million
in 2005-06 to pay out 80c in distributions, trumping
Transurban's offer of a 73.5c payout. In 2006-07 and 2007-08,
Hills would pay out 85c and 90c respectively.

Transurban can block the restructure now that it has more than
25 percent of Hills.

CONTACT:

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


KC & A: Fixes April 14 as Date of Final Meeting
-----------------------------------------------
Notice is hereby given that pursuant to Section 509 of the
Corporations Act, the final meeting of members and creditors of
KC & A Chipman Pty Ltd (In Liquidation) A.C.N. 000 780 601 will
be held at the offices of RSM Bird Cameron Partners, 103-105
Northbourne Avenue, Turner ACT 2612, on Thursday, April 14, 2005
at 10.30 a.m., for the purpose of laying before the meeting the
liquidator's final accounts and reports and give an explanation
thereof.

Dated this 24th day of February 2005

Frank Lo Pilato
Liquidator
RSM Bird Cameron Partners
103-105 Northbourne Avenue,
Turner ACT 2612


KENSINGTON INVESTMENTS: Enters Winding Up Proceedings
-----------------------------------------------------
Notice is hereby given that at an extraordinary general meeting
of members of Kensington Investments Pty Ltd (In Liquidation)
A.C.N. 008 910 656 held on February 24, 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, Garry Trevor, Andrew Love and Darren
Weaver of Ferrier Hodgson, Chartered Accountants, Level 26, 108
St George's Terrace, Perth WA 6000 be appointed Joint & Several
Liquidators.

Dated this 24th day of February 2005

Garry Trevor
Joint and Several Liquidator of Kensington
Investments Pty Ltd
Ferrier Hodgson
Chartered Accountants
Level 26, 108 St George's Terrace,
Perth WA 6000


KNIGHTS INSOLVENCY: Moves to Remedy Own Problems
------------------------------------------------
Knights Insolvency Administration has retained the services of
high-profile turnaround expert Ian Ferrier to help resolve its
current woes, relates the Sydney Morning Herald.

Mr. Ferrier, who was paid out of his own insolvency firm Ferrier
Hodgson six months ago, was seen at Knights offices. Knights has
reportedly enlisted Mr. Ferrier to act in a consulting role.

Knights, Australia's only listed insolvency firm, has been
embroiled in a series of problems in recent months since it was
revealed that an executive director and another senior director
were under investigation by the Australian Securities and
Investments Commission (ASIC).

The woes at Knights worsened when the firm tallied an AU$3-
million loss in January this year compared with an AU$1.6 profit
in the previous first half.

Speculation about the future of the company has been rife since
the collapse last October of a planned merger with fellow
recovery specialist Star Dean-Willcocks.

CONTACT:

Knights Insolvency Administration Ltd
Level 14, Brisbane Club Tower
241 Adelaide Street
Brisbane QLD 4000
Phone: 61-7-3004 3200
Fax: 61-7-3004 3201
Web site: http://www.knights.com.au/


KNIGHTS INSOLVENCY: Two Chiefs Stand Down
-----------------------------------------
ASIC investigations into the affairs of Knights Insolvency
Administration Limited (Knights), John Schmierer and Adrian
Duncan are continuing. In response to ASIC requirements Knights
provided ASIC (Australian Securities and Investments Commission)
with further information to assist it in these investigations.

Consequently, Mr. Schmierer has resigned from the Board of
Knights. Messrs. Schmierer and Duncan have also stepped down
from active duties at Knights pending resolution of discussions
with the Board as to their positions within Knights.

Knights' operations continue to be managed by Executive Director
Dennis Offermans in North Queensland, Managing Executive
Jonathan McLeod in Brisbane, Managing Executive Ross Blakeley in
Melbourne, managing Executive Richard Cacho in Perth and the
management of Sydney is under the direct control of Chief
Operating Officer Grant Murphy who is supported by Peter Carney
Financial Controller/Assistant Company Secretary.

Knight will continue to keep the market informed.


MINDGROVE PTY: To Convene Final Meeting April 8
-----------------------------------------------
Notice is given pursuant to Section 509 of the Corporations Act
2001 that a joint meeting of the members and creditors of
Mindgrove Pty Limited (In Liquidation) A.C.N. 078 869 459 will
be held at the offices of Horwath Sydney Partnership, Level 10,
1 Market Street, Sydney NSW 2000, on Friday, April 8, 2005 at
10:00 a.m., for the purpose of having an account laid before
them showing the manner in which the winding up has been
conducted and the property of the company disposed of and of
hearing any explanations that may be given by the Liquidator.

Dated this 28th day of February 2005

G. T. Hancock
Liquidator
Horwath Sydney Partnership
Level 10, 1 Market Street,
Sydney NSW 2000


MONDILIBI PTY: Sets April 12 as Date of Final Meeting
-----------------------------------------------------
Notice is given that a Final Meeting of the members of Mondilibi
Pty Limited (In Liquidation) A.C.N. 004 114 498 will be held at
Level 6, 161 Collins Street, Melbourne on April 12, 2005 at
10:30 a.m.

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

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

Dated this 24th day of February 2005

G. M. Rambaldi
Liquidator
Pitcher Partners
Level 6, 161 Collins Street,
Melbourne Vic 3000
Telephone: 03 9289 9882


NATIONAL AUSTRALIA: Curbs Market-share Loss
-------------------------------------------
National Australia Bank appears to have stopped the decline in
its market share amid signs that erosion of the bank's retail
deposits is slowing, The Australian says.

New data gathered by the Australian Prudential Regulation
Authority (APRA) revealed the volume of loans to domestic
customers by all lenders grew in February.

NAB had its strongest month of loan growth in February since
April last year, increasing total loans by an annualized rate of
19.5 percent to AU$155 billion and slightly lifting its total
market share of loans, the first rise in five months.

NAB retail banking head, Ahmed Fahour, recently considered the
bank's rehabilitation program a success. The restructuring was
implemented after NAB lost customers following a foreign
exchange scandal.

Analysts said NAB's loss of market share appears to be
stabilizing after it introduced new products, restructured its
retail arm and relaxed lending parameters in a bid to turn its
business around.

CONTACT:

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


PHOENIX RISING: Final Meeting Set April 14
------------------------------------------
Notice is hereby given that pursuant to Section 509 of the
Corporations Act, the final meeting of members and creditors of
Phoenix Rising Investments Pty Ltd (In Liquidation) A.C.N. 093
055 997 will be held at the offices of RSM Bird Cameron
Partners, 103-105 Northbourne Avenue, Turner ACT 2612, on
Thursday, April 14, 2005 at 9:30 a.m., for the purpose of laying
before the meetings the liquidator's final accounts and reports
and give an explanation thereof.

Dated this 24th day of February 2005

Frank Lo Pilato
Liquidator
RSM Bird Cameron Partners
103-105 Northbourne Avenue,
Turner ACT 2612


PRINTMATE PTY: To Declare Final Dividend April 6
------------------------------------------------
A first and final dividend is to be declared on April 6, 2005
for Printmate (Aust) Pty Ltd (Subject To Deed Of Company
Arrangement) A.C.N. 093 791 961.

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

Dated this 23rd day of February 2005

Loke Ching Wong
Joint and Several Administrator of The Deed of
Company Arrangement
c/- Harrisons Insolvency
Level 1, 49-51 Stead Street,
South Melbourne Vic 3205
Telephone: (03) 9696 2885


RISCHITELLI TRANSPORT: Hires Liquidators from Ferrier Hodgson
-------------------------------------------------------------
Notice is hereby given that at a meeting of creditors of
Rischitelli Transport Pty Ltd (Administrators Appointed) A.C.N.
066 502 252 convened pursuant to Section 439A of the
Corporations Act 2001 held on February 24, 2005, it was resolved
that the company be wound up and pursuant to Section 446A(4) of
the Corporations Act 2001, George Georges and John Ross
Lindholm, both of Ferrier Hodgson, Level 29, 600 Bourke Street,
Melbourne, Vic were appointed joint and several Liquidators.

Dated this 24th day of February 2005

J. R. Lindholm
Liquidator
Ferrier Hodgson
Level 29, 600 Bourke Street,
Melbourne Vic 3000


SYNERGY REGIONAL: Receivership Ends in Job Loss, Vandalism
----------------------------------------------------------
Several call center workers in Collie lost their jobs after a
local Synergy Regional call center recently went into
receivership, Collie Mail reports.

About 34 employees were laid off after liquidators moved in at
Synergy's Collie facility Wednesday last week. Workers who
arrived for their Thursday shifts found the building locked.

Last year, Synergy was granted an AU$1.8-million allocation from
the State Government to set up three regional call centers. But
the Bunbury call center was never opened and the Albany facility
has also gone into receivership.

Windows at the Collie call center have been vandalized, with
"Synergy closed over 30 jobs lost" spray painted on them.

Collie-Wellington MLA Mick Murray said he was disappointed the
business had closed and said it would not only affect the
workers of the call center but would also affect potential new
projects in Collie.

CONTACT:

Synergy Regional Pty Ltd.
Head office:
Level 1
200 Adelaide Tce
East Perth WA 6000
Telephone: 1300 138 515
Fax: 1300 138 535
Web site: https://www.synergyccs.com.au/


TARONGA RIVER: Sets Final Meeting April 7
-----------------------------------------
Notice is given that the final meeting of the members of Taronga
River Pty Ltd (In Liquidation) A.C.N. 007 440 020 will be held
at 70 Donne Street, Coburg, Victoria, on Thursday, April 7,
2005, for the purpose of having an account laid before them
showing the manner in which the winding up has been conducted
and the property of the company disposed of and of hearing any
explanations that may be given by the Liquidator.

Dated this 21st day of February 2005

Sean Patrick Brennan
Liquidator


TIVOLI CATERING: Members, Creditors to Meet April 14
----------------------------------------------------
Notice is hereby given that pursuant to Section 509 of the
Corporations Act, the final meeting of members and creditors of
Tivoli Catering Pty Ltd (In Liquidation) A.C.N. 105 643 847 will
be held at the offices of RSM Bird Cameron Partners, 103-105
Northbourne Avenue, Turner ACT 2612, on Thursday, April 14, 2005
at 9:00 a.m., for the purpose of laying before the meetings the
liquidator's final accounts and reports and give an explanation
thereof.

Dated this 24th day of February 2005

Frank Lo Pilato
Liquidator
RSM Bird Cameron Partners
103-105 Northbourne Avenue,
Turner ACT 2612


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


BANK OF CHINA: Vows to Stem Credit Breaches
-------------------------------------------
The Bank of China (BOC.UL) unveiled measures to stem further
credit control breaches following a number of high-profile
scandals, according to China Daily.

Spokesman Wang Zhaowen said on Sunday that any criminal cases
would have a negative impact on the bank's reputation.

The spokesman made the remarks after Beijing Huayuanda Real
Estate Development Company was reported to have used fake
documents to fraudulently obtain about CNY645 million (US$77.7
million) of mortgage loans for its Senhao Apartments from the
bank's Beijing branch.

Since reporting the case to the Public Security Bureau, Bank of
China had taken steps to limit financial losses stemming from
nearly 200 loans extended between December 2000 and June 2002,
Xinhua said, citing bank spokesman Wang Zhaowen.

CONTACT:

Bank of China
1 Fuxingmen Nei Dajie
Beijing, 100818, China
Phone: +86-10-6659-6688
Fax: +86-10-6601-4024
Web site: http://www.bank-of-china.com


FALCON INTERNATIONAL: Winding Up Hearing Set May 4
--------------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Falcon International Group Limited by the High Court of Hong
Kong Special Administrative Region was on March 4, 2005
presented to the said Court by The Hong Kong And Shanghai
Banking Corporation Limited whose registered office is situated
at 1 Queen's Road Central, Hong Kong.  

The said Petition is to be heard before the Court at 9:30 a.m.
on May 4, 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
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 3, 2005.


FX GROUP: Enters Winding Up Proceedings
---------------------------------------
Notice is hereby given that a Petition for the Winding up of FX
Group International Limited by the High Court of Hong Kong
Special Administrative Region was on March 4, 2005 presented to
the said Court by The Hong Kong And Shanghai Banking Corporation
Limited whose registered office is situated at 1 Queen's Road
Central, Hong Kong.  

The said Petition is to be heard before the Court at 9:30 a.m.
on May 4, 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
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 3, 2005.


HONG KONG FRANCK: To Emerge from Bankruptcy on September 5
----------------------------------------------------------
Notice is hereby given that under the provisions of section 30 A
of the bankruptcy Ordinance (Chapter 6), Siu Hung Sang trading
as Hong Kong Franck Siu Design and Concept (the bankrupt), will
be discharged from its bankruptcy on September 5, 2005, in the
absence of any objections from their trustee in bankruptcy or
creditors.

The bankrupt's creditors have the right to object to their
discharge on any of the following grounds:

(i) In the case of a discharge to which section 30A(2)(a) of the
Bankruptcy Ordinance (Chapter 6) applies, that the bankrupt is
likely within 5 years of the commencement of the bankruptcy to
be able to make a significant contribution to its estate;

(ii) That the discharge of the bankrupt would prejudice the
administration of its estate;

(iii) That the bankrupt has failed to co-operate in the
administration of its estate;

(iv) That the conduct of the bankrupt, either in respect of the
period before or the period after the commencement of the
bankruptcy, has been unsatisfactory;

(v) Without limiting section 30A(4)(c) or (d) of the Bankruptcy
Ordinance (Chapter 6)(i.e. ground (iii) or (iv)), that the
bankrupt has departed from Hong Kong and has failed forthwith to
return to Hong Kong following a request to do so from the
trustee;

(vi) That the bankrupt has continued to trade after knowing to
be insolvent;

(vii) That the bankrupt has committed an offence under section
129 or any of sections 131 to 136 of the Bankruptcy Ordinance
(Chapter 6);

(viii) That the bankrupt has failed to prepare an annual report
of his/her earnings and acquisitions for the trustee.

Dated this 31st day of March, 2005

ET O'Connell
Official Receiver
10th Floor, Queensway Government Offices,
66 Queensway, Hong Kong
Phone: 2867 2448
Fax.: 3105 1814
Web site: http://www.info.gov.hk/oro


ISTEELASIA HOLDINGS: Explains Unusual Volume Movement
-----------------------------------------------------
This announcement is made at the request of The Stock Exchange
of Hong Kong Limited.

iSteelAsia Holdings Limited have noted the recent increase in
price and trading volume of the shares of iSteelAsia Holdings
Limited and wish to state that it is not aware of any reasons
for such increase.

Save as disclosed in the announcement dated 30th March, 2005, we
also confirm that there are no negotiations or agreements
relating to intended acquisitions or realizations which are
discloseable under Chapters 19 and 20 of the GEM Listing Rules,
neither is the board of Directors aware of any matter
discloseable under the general obligation imposed by rule 17.10
of the GEM Listing Rules, which is or may be of a price-
sensitive nature.

Made by the order of the Board, the Directors of which
collectively and individually accept responsibility for the
accuracy of this announcement.

By Order of the Board
Desmond Hay Ching Fu
Director and Chief Executive Officer
Hong Kong, 4th April 2005


JC INFINITIVE: Schedules Winding Up Hearing
-------------------------------------------
Notice is hereby given that a Petition for the Winding up of JC
Infinitive Company Limited by the High Court of Hong Kong
Special Administrative Region was on March 1, 2005 presented to
the said Court by Joint Concept (Hong Kong) Limited whose
registered office is situated at Flat B2-A, 7th Floor, Hoi Bun
Industrial Building, No. 6 Wing Yip Street, Kwun Tong, Kowloon,
Hong Kong.  

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

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

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

William Sin & So
Solicitors for the Petitioner
Room 401, 4th Floor
United Chinese Bank Building
31-37 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 April 26, 2005.


MUDAN AUTOMOBILE: 2004 Net Loss Narrows to RMB1.8 Mln
-----------------------------------------------------
Mudan Automobile Shares Company Limited (8188) announced its
financial results from the period ended December 31, 2004.

Year-end date: 31/12/2004
Currency: RMB
Auditors' report: Qualified


                              (Audited)         (Audited)
                              Current Last Corresponding
                               Period            Period
                              from 01/01/2004   from 01/01/2003
                             to 31/12/2004     to 31/12/2003
                                 RMB              RMB


Turnover                 :     638,563,780     910,111,382
Profit/(Loss) from Operations: 13,589,326      (20,708,972)
Finance cost                 : (8,977,575)     (2,200,106)
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   : (1,818,961) (15,415,082)
% Change Over the Last Period       : N/A
EPS / (LPS)
          Basic (in dollar)         : (RMB 0.01) (RMB 0.05)
          Diluted (in dollar)       : N/A         N/A
Extraordinary (ETD) Gain/(Loss)     : N/A         N/A
Profit (Loss) after ETD Items       : (1,818,961) (15,415,082)
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 Annual General Meeting: 29/05/2005 to 27/06/2005   
bdi.
Other Distribution for Current Period: NIL
B/C Dates for Other Distribution     : N/A
                                   (bdi: both days inclusive)

For and on behalf of
Mudan Automobile Shares Company Limited

Signature:
Name: HOU Cheng Bao
Title: Director

The calculation of basic loss per share is based on the loss
attributable to shareholders of RMB1,818,961 (2003: loss
attributable to shareholders of RMB15,415,082) divided by the
weighted average number of shares in issue during the year of
284,800,000(2003:284,800,000).

The amount of diluted loss per share is not presented as there
were no dilutive potential ordinary shares in existence for
either years.

CONTACT:

Mudan Automobile Shares Company Limited
19/F, 8 Queen's Road Central
Hong Kong  
Phone: 86(520)-8605688  
Fax: 86(520)-8605726  
Fax: http://www.mudanauto.com


SINHANG PRINTING: Winding Up Hearing Slated for May 25
------------------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Sinhang Printing Company Limited by the High Court of Hong Kong
Special Administrative Region was on March 17, 2005 presented to
the said Court by Bank of China (Hong Kong) Limited (the
successor banking corporation to Kincheng Banking Corporation
pursuant to Bank of China (Hong Kong) Limited (Merger) Ordinance
(Cap.1167) whose registered office is situated at 14th Floor,
Bank of China Tower, 1 Garden Road, Hong Kong.  

The said Petition is to be heard before the Court at 9:30 a.m.
on May 25, 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.

Rowland Chow, Chan & Co.
Solicitors for the Petitioner
15th Floor, Wing Lung Bank Building
No. 45 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 24, 2005.


TERRY TRANSPORT: To Exit Bankruptcy
-----------------------------------
Notice is hereby given that under the provisions of section 30 A
of the bankruptcy Ordinance (Chapter 6), Lai Wing Kit Simon
trading as Terry Transport Co. (the bankrupt), will be
discharged from its bankruptcy on September 26, 2005, in the
absence of any objections from their trustee in bankruptcy or
creditors.

The bankrupt's creditors have the right to object to their
discharge on any of the following grounds:

(i) In the case of a discharge to which section 30A(2)(a) of the
Bankruptcy Ordinance (Chapter 6) applies, that the bankrupt is
likely within 5 years of the commencement of the bankruptcy to
be able to make a significant contribution to its estate;

(ii) That the discharge of the bankrupt would prejudice the
administration of its estate;

(iii) That the bankrupt has failed to co-operate in the
administration of its estate;

(iv) That the conduct of the bankrupt, either in respect of the
period before or the period after the commencement of the
bankruptcy, has been unsatisfactory;

(v) Without limiting section 30A(4)(c) or (d) of the Bankruptcy
Ordinance (Chapter 6)(i.e. ground (iii) or (iv)), that the
bankrupt has departed from Hong Kong and has failed forthwith to
return to Hong Kong following a request to do so from the
trustee;

(vi) That the bankrupt has continued to trade after knowing to
be insolvent;

(vii) That the bankrupt has committed an offence under section
129 or any of sections 131 to 136 of the Bankruptcy Ordinance
(Chapter 6);

(viii) That the bankrupt has failed to prepare an annual report
of his/her earnings and acquisitions for the trustee.

Dated this 31st day of March, 2005

ET O'Connell
Official Receiver
10th Floor, Queensway Government Offices,
66 Queensway, Hong Kong
Phone: 2867 2448
Fax.: 3105 1814
Web site: http://www.info.gov.hk/oro


UNICOM PAGING: Court to Hear Petition on April 27
-------------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Unicom Paging (Hong Kong) Limited by the High Court of Hong Kong
Special Administrative Region was on March 2, 2005 presented to
the said Court by China United Telecommunications Corp (HK)
Limited whose registered office is situated at 25th Floor, One
Peking Road, Tsimshatsui, Kowloon, Hong Kong.

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

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

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

Sit Fung Kwong & Shum
Solicitors for the Petitioner
18th Floor, Gloucester Tower
The Landmark
11 Pedder Street
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 April 26, 2005.


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


BANK MANDIRI: Earmarks IDR6.7 Trillion for Infrastructure
---------------------------------------------------------
Bank Mandiri has reserved IDR6.7 trillion to help the government
build infrastructure projects this year, reports Kazakh
Information Agency.

According to bank president ECW Neloe, the amount is to be
divided among the different projects such as airport management,
communications, ports, power plants, and others. But Mr. Neloe
stressed that the bank's pledge to finance such infrastructure
projects had to be based on "prudential banking practices, " are
subject to the bank's internal rulings and central Bank
Indonesia's regulations.

CONTACT:

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


PERTAMINA: In Talks to Buy LNG to Meet Foreign Obligations
----------------------------------------------------------
In order to meet obligations to its buyers in Japan, South Korea
and Taiwan, Pertamina is scheduled to buy 125,000 metric tons of
liquefied natural gas (LNG), the Jakarta Post reports.

According to the firm's trading and marketing director, Ari
Soemarno, Pertamina is set to buy the LNG from a Middle Eastern
country on the spot market, but did not provide other details.
They need one shipment this month, and are hoping to reschedule
8 shipments within the year, depending on negotiations with
buyers.

Buyers in Japan, South Korea and Taiwan refused the Company's
appeal for a grace period, as the longer winter in those
countries necessitated the need for LNG for heating.

The Indonesian government decided to delay exporting 9 LNG
shipments to foreign buyers this year in order to help provide
gas to Aceh, which was recently struck by a tsunami and
earthquake.

How the extra LNG be funded is still uncertain, as prices in the
spot market are usually higher than contract prices agreed upon
by the supplier and buyers. The LNG is expected to cost around
IDR113.96 billion to IDR123.47 billion.

CONTACT:

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


PERTAMINA: Frontline Appeals KPPU Ruling
----------------------------------------
After a ruling by the Business Competition Supervisory
Commission (KPPU) stating that preferred bidder Frontline Ltd.
colluded with Pertamina in a tanker sale, Frontline filed an
appeal against the ruling, reports the Jakarta Post.

According to Frontline's lawyer Anthony Hutapea, the firm
followed all the proper tender procedures in the sale of two
Very Large Crude Carrier (VLCC) tankers by Pertamina, and they
rejected being accused of monopoly and unfair competition in the
sale.

Last March, the KPPU ruled that consultant Goldman Sachs and
Frontline Ltd. colluded with Pertamina in a tanker sale in 2004.
In June 2004, Goldman indicated three candidates in the tanker
sale: Essar Shipping Ltd., Frontline Shipping Ltd., and Overseas
Shipholding Group (OSG). Essar Shipping reportedly had the
highest bid at IDR1.74 trillion, but Frontline raised its bid
from IDR1.69 trillion to IDR1.75 trillion, and was declared the
winner.

Essar could not pay the 20% down payment required by Pertamina,
and ranked lower in terms of reputation and proof of financing,
so the next in line was Frontline Ltd.

Pertamina's consultant for the sake, Goldman Sachs, had
previously filed an appeal to reject the ruling.


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

MATSUSHITA ELECTRIC: Maps Out New Direction for U.S. Operations
---------------------------------------------------------------
Panasonic Corporation of North America, the principal North
American subsidiary of Matsushita Electric Industrial Co., Ltd.
(NYSE: MC - News), announced that it has completed a seven-
month-long process to reshape all of its major U.S. sales and
marketing operations.

The transformation is intended to capitalize on changing
consumer demands and the company's strong position in Flat-Panel
TVs and other digital products.

"Panasonic has completed the first stage of our transformation
into a more efficient organization with a much stronger brand,
enabling us to take advantage of the market changes," said Yoshi
Yamada, the company's Chairman and CEO. "In fact, in the new
fiscal period that started on April 1, sales of Panasonic Plasma
and LCD flat panel TVs for the first time are primed to exceed
sales of our direct-view CRT televisions in units, and will
account for 85% of direct-view (non-projection) TV sales in
dollars."

"By 2006 Panasonic's worldwide Plasma TV production capability
will reach 4.8 million units a year," Mr. Yamada said. "And
because of the fast adoption of HDTV in America, the projected
strengthening in the economy and the consumer's fascination with
Plasma, we are confident the U.S. market will account for nearly
one third of this number."

Panasonic will more than double its investment to promote
digital products like Plasma TV, digital still cameras and DVD
recorders, reflecting the strong consumer trend toward products
that enable a new Digital Lifestyle.

The company will also improve the responsiveness of its
Panasonic Customer Call Center in Chesapeake, Va. The company
will also give temporary assignments at the Call Center to
nearly 700 Panasonic middle and senior managers to heighten
their awareness of customer needs. In parallel, it will
implement specially designed programs to achieve what it is
calling Extreme Customer Satisfaction. These programs will begin
with Plasma TV installation and service requests with a 48-hour
turn-around, which will be made available first to Plasma TV
purchasers who are members of Club Panasonic or who purchase
from Panasonic.com.

As it strengthens branding and customer satisfaction, Panasonic
is also pursuing efficiencies throughout its organization. Since
August of last year, the company has streamlined management
throughout its sales structures, consolidated business functions
and simplified business processes. And it has turned to external
service providers for its logistics and warehousing, and most
recently it contracted with IBM Corp. to execute services
formerly handled by internal IT departments.

"As a lighter, quicker and more brand-focused organization,
Panasonic is well positioned to make major gains in sales and
brand value this year," Mr. Yamada said. "Working closely with
our channel partners, I am confident that we will achieve our
goal to make Panasonic the best known and most consumer- centric
digital electronics brand in this country."

About Panasonic

Based in Secaucus, NJ, Panasonic Corporation of North America is
the principal subsidiary of Osaka, Japan-based Matsushita
Electric Industrial Co., Ltd. (NYSE: MC - News) and the hub of
Panasonic's marketing, sales, service and R&D operations in the
U.S. For more information on Panasonic, visit our website at
http://www.panasonic.com.

CONTACT:

Matsushita Electric Industrial Co Ltd (Panasonic)
1006, Oaza Kadoma
Kadoma-shi, Osaka 571-8501
Japan
Phone: +81 6 6908 - 1121
Fax: +81 6 6908 2351


MITSUBISHI FUSO: Launches New Generation Light Truck in Europe
--------------------------------------------------------------
Mitsubishi Fuso Truck and Bus Corporation (MFTBC) will launch
the latest generation of its light-duty truck Canter into the
European market in May.

The vehicle will have its public premiere at the Birmingham
Motor Show this week. MFTBC also reported overall sales of
188,000 units worldwide in the 2004 calendar year (containing
consolidated DaimlerChrysler sales figures from April to
December 2004: 118,100 units).

In the international markets outside of Japan, MFTBC group sales
rose by 25 percent to an all-time record of 114,700 units in the
2004 calendar year. In a contracting Japanese market (minus 10
percent against the prior calendar year), the company sold
73,300 trucks and buses. This translates into a market share of
26.3 percent (minus 2.0 percent).  

"MFTBC succeeded in remaining a leading manufacturer in Japan in
2004", said Andreas Renschler, DaimlerChrysler Board of
Management member responsible for Commercial Vehicles. "In 2004
and the first quarter 2005, the integration of MFTBC into
DaimlerChrysler has further progressed. The acquisition of a
majority shareholding in MFTBC has allowed us to further
strengthen our position as the world's market leader for
commercial vehicles", Renschler went on.  

In March 2004, DaimlerChrysler had increased its shareholding in
MFTBC from 43 percent to 65 percent and since then MFTBC has
been consolidated with a one-month time lag. Effective as of
March 10, 2005, DaimlerChrysler and Mitsubishi Motors
Corporation (MMC) concluded a final agreement regarding
compensation for those past quality issues and recalls. As one
consequence of the agreement, MMC transferred its 20 percent
stake in MFTBC to DaimlerChrysler increasing DaimlerChrysler's
shareholding to 85 percent.

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

This is a Company press release.


MITSUBISHI MOTORS: Australian March Sales Break Many Records
------------------------------------------------------------
Mitsubishi Motors Australia announced that its March sales
figures achieved heights not seen by the Company for many years.

The highlights were:

An all-time March record for LCV sales.
An all-time best March sales result for Triton with 862 units
sold.
An all-time record month for Outlander with 685 units sold.
An all-time record month for Colt with 526 units sold.
The best March sales result for Pajero since 2001, and the best
sales month since June last year.

All-time record months in Western Australia and South Australia
Mitsubishi's President and CEO, Tom Phillips, said that he was
pleased to see that many dealers and some states had also
recorded their best results for many years.

'It is great to see that Mitsubishi has been able to re-gain the
confidence of Australian consumers, and they are now returning
to showrooms to look at our new and value-packed range in
significantly increased numbers.

'The pleasing thing with this month's sales result is that the
improvement has been shared across a number of products. For
example, Colt and MIVEC Outlander are starting to hit really
good numbers.

'We are expecting that these results will give us another
significant lift in market share this month, and this would be
the sixth increase over the last seven months. A 30percent sales
lift on last month, and a 22percent increase on March last year
is a fantastic boost for all of our staff and dealer body.
Things have really turned the corner,' Mr. Phillips said.

CONTACT:

Mitsubishi Motors Australia, Ltd. (MMAL)
Head Office: 1284 South Road
Clovelly Park South Australia, 5042 AUSTRALIA
Phone: 08 8275 7443
Fax: 08 8275 7309
E-mail: careers@mmal.com.au
Web site: www.mitsubishi-motors.com.au

This is a Company press release.


MITSUBISHI MOTORS: Unveils Organizational Changes
-------------------------------------------------
Mitsubishi Motors Corporation announced that it is to make the
changes described below to its corporate organization in order
to promote and follow up the Mitsubishi Motors Revitalization
Plan announced on January 28 and to achieve the targets laid
down in the plan. The changes will take effect on April 1, 2005.

The reporting lines of Chairman, President and each function
will be consolidated to expedite the decision-making process and
to enhance internal communications. In addition, the
organizational units currently in place will be consolidated and
streamlined into eight Headquarters in a move designed to
clarify areas of accountability. Accompanying the consolidation
of the lines of command, positions such as CEO and COO will be
abolished.

1 Current structure:

(1) Units reporting directly to CEO: CSR Promotion Office,
Finance Group Headquarters, Group Corporate Strategy Office, and
Secretariat of Revitalization Committee.

(2) Units reporting directly to COO: Quality Affairs Office,
Corporate Affairs Office, Product Operations Group Headquarters,
Domestic Operations Group Headquarters, Overseas Operations
Group Headquarters, Production & Logistics Office, Global After
sales Office.

2 New structure: CSR Headquarters; Finance Group Headquarters;
Corporate Planning, Corporate Affairs & Quality Affairs Group
Headquarters; Product Development Group Headquarters; Production
Group Headquarters; Global Procurement Group Headquarters;
Domestic Operations Group Headquarters; Overseas Operations
Group Headquarters. The CSR HQ will report directly to the
president. In each of the other seven headquarters, the head
officer will have full responsibility for the execution of all
work and duties.

(2) Building follows up structures and boosting strategy
functions

i. Appointment of vice president

The new post of vice-president is to be created. The vice
president will be responsible for the promotion and follow up of
the Mitsubishi Motors Revitalization Plan and for ensuring the
targets laid down in the plan are met and that the plan is
successfully accomplished.

ii. New Revitalization Promotion Department

A new Revitalization Promotion Department will be created within
the Corporate Planning Office. The department will be
responsible for the formulation, rolling out and follow up of
both numerical and policy aspects of corporate strategy in
general and concentrating on the Mitsubishi Motors
Revitalization Plan in particular. The department will also
function as a control tower in ensuring full implementation of
the company's selection & concentration policy.

The Revitalization Promotion Department will also function in
formulating and in promoting company-wide and cross-functional
measures. (Examples include company-wide cost reduction
activities as put forward by the Cross Functional Teams and
activities directed towards solving company-wide issues and
challenges.)

iii. New Marketing Strategy and Advertising Departments
New Marketing Strategy and Advertising Departments will be
created within the Corporate Planning Office. These departments
will play a vital role in keeping marketing and advertising
strategy in line with corporate strategy. In addition, standing
independent of product development and sales functions, they
will function as a control tower through their efforts to
rebuild the Mitsubishi Motors brand and to strengthen marketing
functions.

(3) Bolstering revitalization plan structures and systems

i. Specific functions and work processes currently handled by
the Corporate Affairs Office will be transferred to the units
best qualified to execute and carry them out. This will expedite
the decision-making process, raise organizational management
efficiencies and raise work process efficiencies. More
specifically, the Legal Department and the Intellectual Property
Department, a large proportion of the work in which is
administrative in nature, will be transferred to the Corporate
Affairs Office from the CSR Promotion Office and from the
Corporate Strategy Office respectively.

In addition, marketing functions that have to date been split
between the Group Corporate Strategy Office and Overseas
Operations Group Headquarters will be consolidated and
transferred to a new Marketing Strategy Department within the
Corporate Planning Office.

ii. The organization of the vehicle model-based and function-
based matrix at Product Development Group Headquarters will be
more clearly defined. This will raise development efficiencies
as well as promote the accumulation of developed technologies as
well as encourage the sharing of technical developments within
the headquarters. More specifically, the Product Development
Office will be abolished and all PX and Product Management &
Product Development projects will come under the direct control
of Product Development Group Headquarters.

The functional departments (Advanced Development, Body Design,
Vehicle Testing, Powertrain and Development Promotion) that to
date have been divided between the Product Development Office
and Development Engineering Center will be consolidated in the
Development Engineering Center. This will be renamed the
Development Engineering Office.

iii. New Controlling & Accounting and Finance Offices will be
created in Finance Group Headquarters, and Production
Engineering and Production Control Offices will be set up in
Production Group Headquarters. These new units will enhance the
functions, clarify accountability and expedite the decision-
making process in the respective headquarters.

iv. The Global Procurement Office will be detached from
Production Operations Headquarters. The office's Accountability
and authority will be more clearly defined and its ties to
development and production units will be strengthened. These
moves are designed to promote achievement of the reductions in
material costs that constitutes a major theme of the Mitsubishi
Motors Revitalization Plan.

The automaker's revised organizational structure and
organization chart as of April 1, 2005 can be accessed at
http://bankrupt.com/misc/tcrap_mmc040505.pdf
http://bankrupt.com/misc/tcrap_mmc040505.pdf

CONTACT:

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


SOJITZ HOLDINGS: To Demote Executives
-------------------------------------
Sojitz Holdings Corporation (Sojitz Holdings) announced details
of its decision not to pay compensation to a Director of the
Company and a Director of Sojitz Corporation (Sojitz), a
consolidated subsidiary.

At the same time, the Company announced details of its decision
to demote certain Sojitz executives. The actions taken by Sojitz
Holdings are in connection with the loss incurred from copper
and aluminum futures transactions totaling JPY17,987 million.

1. Non-Payment of Directors' Compensation Sojitz Holdings has
decided not to pay the full amount of directors' compensation
payable to the presidents of Sojitz Holdings and Sojitz for a
period of three months commencing April 2005.

2. Demotion of Executive Officers

Effective April 1, 2005, Mr. Hiroyuki Tanabe will be demoted
from his position as Senior Managing Executive Officer and
President, Energy & Mineral Resources Division, Sojitz. In
addition, the promotion of Mr. Shigeki Dantani to the position
of Executive Officer, Senior Vice President, Energy & Mineral
Resources Division, Sojitz, from Senior Vice President, Energy &
Mineral Resources Division, has been annulled effective April 1,
2005.

For more information, go to
http://bankrupt.com/misc/tcrap_sojitz040505.pdf

CONTACT:

Sojitz Holdings Corporation
Takeshi Yoshimura
General Manager
Public Relations Dept.
Phone: +81-3-5520-3404


SOJITZ HOLDINGS: Issues Commodities Transactions Update
-------------------------------------------------------
Sojitz Holdings Corporation announced on March 10, 2005, details
of a loss totaling JPY17,987 million incurred by Sojitz
Corporation (hereinafter referred to as Sojitz), a consolidated
subsidiary, in connection with futures transactions on the
London Metal Exchange (LME) copper and aluminum markets. At the
same time, Sojitz Holdings announced details of its decision to
establish the Incident Investigation Committee.

This committee has conducted an investigation into the causes of
the loss. At the same time, the Company's Audit Dept., together
with the cooperation of external experts, has conducted parallel
investigations into all transactions of a similar nature in
Japan and overseas. The results of both investigations are
briefly as follows.

The Company deeply regret the concern and inconvenience caused
to all interested parties as a result of the loss incurred.

1. Results of Investigations into Losses Incurred in Connection
with Commodities Transactions on the LME Copper and Aluminum
Markets

1) Investigation Method

The Incident Investigation Committee was established on March
10, 2005. Chaired by Yasuyuki Kuroda, an independent attorney,
the Committee is comprised of Mr. Kuroda, two external
attorneys, two officers from Sojitz's Legal Department, and
three officers from Sojitz Holdings' Audit Department, for a
total of eight members. The Committee interviewed a number of
individuals concerning the transactions and conducted a thorough
check of related documents. The Committee handed down its
Incident Investigation Report to the managements of Sojitz
Holdings and Sojitz on March 25, 2005.

2) Incident Overview

Three members (a General Manager in his 50s, a Deputy General
Manager [concurrent position: Manager] in his 40s, and a Manager
also in his 40s) of Sojitz's Non-Ferrous Metals Dept., Energy &
Mineral Resources Division, fabricated and falsified documents
relating to copper and aluminum futures transactions over an
extended period, thereby breaching Sojitz's internal
regulations, resulting in substantial losses. Once this
situation was uncovered, Sojitz took steps to immediately unwind
the subject transactions, incurring a loss totaling JPY17,987
million. This incident was a significant breach of Sojitz's
internal regulations by three individuals. Sojitz had no part in
the transactions, and there are no legal ramifications or
breaches of statutory law. Furthermore, there are no legal
ramifications or breaches of statutory law.

The subject breach of Sojitz's internal regulations was related
to aluminum transactions after June 2003 and copper transactions
after October 2003.

3) Causes of the Incident

The structure of futures trading in the Non-Ferrous Metals Dept.
is divided into two areas:

Ordinary position-taking transactions with spot trading, and
extraordinary position-taking transactions without spot trading.
Trading limits and cumulative loss limits are set for each in
accordance with Sojitz's internal regulations.

Furthermore, each operating section, which undertakes
transactions on a daily basis, is separated from the check and
audit function pursuant to each department's internal management
guidelines. This system had control functions within the
operating sections. In this case, the General Manager
responsible for the checks and balances function was directly
involved in trading, which was an effective breach of Sojitz's
internal regulations. Furthermore, documents were intentionally
fabricated and falsified in order to conceal the subject
transactions.

The structure of futures trading is also supported by accounting
departments, because of their role in checking contracts and
settlements on a daily basis. An intermediate function is
performed by the Risk Management Dept., which periodically
checks transactions. Again, in this case, documents were
willfully fabricated and falsified in breach of Sojitz's
internal regulations, effectively circumventing the
institutionalized checks and balances system.

4) Action Taken

The three individuals who directly participated in the subject
transactions were dismissed on March 30, 2005, pursuant to
Sojitz's internal disciplinary code.

2. Results of Internal Audit in Connection with Similar
Transactions

In conjunction with the investigation into this specific matter
by the Incident Investigation Committee, Sojitz Holdings' Audit
Dept., together with the cooperation of several external
experts, conducted separate internal audits in connection with
similar transactions both in Japan and overseas. Following a
thorough investigation, the Company's Audit Dept. has verified
that there are no other transactions in breach of internal
regulations. The scope of the internal audit included a review
of commercial contact, inventories, and futures transaction
contents and detail for the following transactions:

- Petroleum (crude oil, naphtha, gasoline, kerosene, gas oil,
fuel oil)
- Non-ferrous metals (tin, nickel)
- Precious metals (gold, silver, platinum, other)
- Foods (sugar, coffee, soybean, soybean cake, corn, shrimp and
prawn)
- Finance (swap transactions, foreign currency forward
contracts)

3. Measures to Prevent Future Occurrence

The Sojitz Group has identified key measures designed to prevent
any reoccurrence of the subject incident based on a report by
the Incident Investigation Committee, and is committed to
promptly implementing all preventative measures, including:

- Reinforce compliance throughout the organization, beginning
with senior executives
- Reestablish internal control systems

Ordinary and Extraordinary Position-Taking Transactions
Ordinary position-taking transactions with spot trading:

1. Transactions related to fixed items and their smooth and
prompt purchase and delivery.

A short position is to sell an item that is not currently owned.
A long position is to buy an item for which a sales agreement is
not in place.

2. Transactions for which items are bought and sold forward as a
hedge against price fluctuation risks associated with short and
long positions.

Extraordinary position-taking transactions without spot trading:

1. Derivative transactions entered into for the purpose of
securing profits from market fluctuations in connection with
product markets in which Sojitz marketing departments and
subsidiaries operate.

2. Transactions operated by Financial Department of financial
products, financial derivatives, foreign exchange and interest
rates.

This is a Company press release.


TOSHIBA CORPORATION: Exits China Cellphone Market
-------------------------------------------------
Toshiba Corporation had sold its 33 percent stake in a mobile
phone joint venture in China to a local partner Nanjing Putian,
withdrawing from a highly competitive market with hefty growth
potential, according to Reuters.

A Toshiba spokesman admitted that the Company's presence in
China's mobile phone market had been quite small. The spokesman
declined to comment on the details of the transaction including
the sale price.

He added that this did not mean the company had left the Chinese
market for good, and it would consider an appropriate timing for
re-entry.

China is one of the world's largest mobile handset markets, with
90-100 million units sold last year, or about 17 percent of the
world's total.

But the market has also become one of the world's most
competitive, as global giants like Motorola and Nokia , which
used to dominate, have to vie with a field of homegrown players
like Ningbo Bird and TCL Communication .

CONTACT:

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


TOSHIBA CORPORATION: U.S. Unit to Complete Issuance of Stock
------------------------------------------------------------
Notice is hereby given of an increase in the capitalization of a
subsidiary of Toshiba Corporation, the details of which are
contained in the attached announcement by Toshiba TEC
Corporation.

1. Company concerned

Toshiba America Business Solution, Inc. (based in Irvine,
California, USA)

Note: The share of voting rights held by Toshiba Corporation
prior to the transaction was 100percent (including by indirect
holding). At this stage, Toshiba America, Inc. owns 63.3percent
and Toshiba TEC owns 36.7percent. After the transaction,
Toshiba's owning ratio will remain unchanged with Toshiba
America, Inc. holding
49.9percent and Toshiba TEC 50.1percent.


2. Background of the transaction

Toshiba America Business Solutions, Inc. will issue new stocks
and allocate them to Toshiba TEC Corporation. This will raise
the capitalization of Toshiba America Business Solutions, Inc.
to about 307,645 thousand U.S. Dollars that exceeds 10percent of
Toshiba Corporation's capitalization. As a result, Toshiba
America Business Solutions, Inc. will be classified as a
principal subsidiary of Toshiba Corporation pursuant to
Securities and Exchange Law of Japan.

3. Schedule

Toshiba America Business Solutions, Inc. is scheduled to
complete the issue of the new stocks by June 30, 2005.


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

HYNIX SEMICONDUCTOR: Share Prices Surge on Stake Sale Talks
-----------------------------------------------------------
Hynix Semiconductor Inc. shares rose 1.5 percent on April 4 amid
reports that creditors would conduct a stake sale, reports
Reuters News.

According to unnamed officials, creditors were thinking of
selling 24 percent stake in the Company after it graduates from
a debt workout program this month. The stake would be worth
KRW1.5 trillion.

Creditors voted on April 4 on a proposal for the Company to
complete its debt workout program early, due to its improved
financial health. According to creditor Korea Exchange Bank, how
the stake would be sold needs further discussion.  Results on
the vote are expected in coming days.

Creditors are not supposed to sell stakes in Hynix until 2006,
the scheduled end of the Company's debt workout program, but
strong gains in its stocks increased expectations of a stake
sale in the near future.

CONTACT:

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


JINRO LIMITED: Acquisition by Hite to Undergo FTC Review
--------------------------------------------------------
The South Korean Fair Trade Commission is set to review Hite
Brewery's recent acquisition of Jinro Limited to determine
whether it would create a monopoly in the soju liquor market,
reports Dow Jones.

According to FTC Chairman Kang Chul Kyu, the combined share of
both companies is important in determining whether it would
create such a monopoly. But he added that the review would take
a long time. Results on the review are expected in 30 to 90
days, but no date was given as to the start of the review.

Hite Brewery Co. commands 58% of the local beer market, while
Jinro holds 55% of the soju market. If Hite Brewery succeeds in
taking over Jinro, it would emerge as the country's biggest
liquor maker, making it one of the largest acquisitions in
Korean history.

CONTACT:

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


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

ANTAH HOLDINGS: Fined Over Failure to Comply with Requirements
--------------------------------------------------------------
Antah Holdings Berhad was publicly reprimanded and fined on
April 4, 2005 by the Bursa Malaysia Securities Berhad (Bursa
Securities) for failure to comply with the Exchange's listing
requirements, the Business Times reports.

The Company was fined MYR118,000 for failing to release its
annual report to shareholders on time. The report was supposed
to be furnished to shareholders by the Dec. 31, 2004 deadline,
but the Company still has to issue the report to date.

According to Bursa Securities, this is not the first time the
Company has breached the exchange's listing requirements. The
Company has been given one month to comply and furnish its
annual 2004 report to its shareholders.

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


BOUSTEAD HOLDINGS: Set to List Additional Shares on April 7
-----------------------------------------------------------
Boustead Holdings Berhad's additional 444,000 new ordinary
shares of RM0.50 each issued pursuant to the Company's Employee
Share Option Scheme will be granted listing and quotation
effective Thursday, April 7, 2005, 9:00 a.m.

CONTACT:

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


BUKIT KATIL: Violates Listing Requirements
------------------------------------------
Bukit Katil Resources Berhad was publicly reprimanded and fined
by Bursa Malaysia Securities Berhad (Bursa Securities) for
breach of listing requirements, reports the Business Times.

Bursa Securities released a statement on April 4, 2005, stating
that the Company was fined MYR240,000 for to release its annual
audited accounts and annual report to shareholders for the year
ended June 2004 on time. The Company was scheduled to issue its
annual audited accounts by October 31, 2004, and its annual 2004
report by Dec. 31, 2004; it has yet to disclose both reports to
Bursa Securities.

Bursa Securities gave the Company 30 days to comply and furnish
both reports.

CONTACT:

Bukit Katil Resources Berhad
Damasara Town Centre
Jalan Damanlela Pusat Bandar Damansara,
Damansara Heights, Kuala Lumpur 50490
Malaysia
Phone: +60 3 2095 7077
Fax:   +60 3 2094 9940


GOLDEN FRONTIER: Repurchases 2,100 Shares
-----------------------------------------
Golden Frontier Berhad disclosed details of its shares buy back
on April 4, 2005 to the Bursa Malaysia Securities Berhad.
  
Date of buy back: 04/04/2005

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

Total number of shares purchased (units):              2,100

Minimum price paid for each share purchased (RM):      0.585

Maximum price paid for each share purchased (RM):      0.59

Total consideration paid (RM):                    1,248.00

Number of shares purchased retained in treasury
(units):  2,100

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

Cumulative net outstanding treasury shares as at to-date
(units): 1,430,100

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

CONTACT:

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


I-BERHAD: Buys Back Additional Shares
-------------------------------------
I-Berhad disclosed details of its shares buy back on April 4,
2005 to the Bursa Malaysia Securities Berhad.  
  
Date of buy back: 04/04/2005

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

Total number of shares purchased (units):             42,100

Minimum price paid for each share purchased (RM):      0.799

Maximum price paid for each share purchased (RM):      0.799

Total consideration paid (RM):                   33,878.72

Number of shares purchased retained in treasury
(units): 42,100

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

Cumulative net outstanding treasury shares as at to-date
(units): 1,310,900

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

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


MERCES HOLDINGS: No Development Seen in Default to SBB
------------------------------------------------------
In accordance with Practice Note 1/2001 of the Bursa Malaysia
Securities Berhad Listing Requirements, Merces Holdings Berhad
announces that there are no new developments on the Company's
default in payments of interest and principal sum to Southern
Bank Berhad since its last announcement on March 3, 2005.

CONTACT:

Merces Holdings Berhad
9th Floor, Wisma Sime Darby
14 Jalan Raja Laut
50350 Kuala Lumpur
Malaysia
Phone: 03-2919366
Fax:   03-2928773/2919901



PAN MALAYSIA: Posts Shares Buy Back Notice
------------------------------------------
Pan Malaysia Corporation Berhad disclosed to the Bursa Malaysia
Securities Berhad details of shares it had bought back on April
4, 2005.
  
Date of buy back: 04/04/2005

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

Total number of shares purchased (units):             40,000

Minimum price paid for each share purchased (RM):      0.365

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

Total consideration paid (RM):                   15,090.88

Number of shares purchased retained in treasury
(units):  40,000

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

Cumulative net outstanding treasury shares as at to-date
(units): 21,235,500

Adjusted issued capital after cancellation
(no. of shares) (units): 0

CONTACT:

Pan Malaysia Corporation Berhad
Jalan P Ramlee
Kuala Lumpur, 50250
Malaysia
Phone: +60 3 2031 6722
Fax:   +60 3 2031 1299


PILECON ENGINEERING: Unit Issues Default Status Update
------------------------------------------------------
Pilecon Engineering Berhad refers to its last announcement dated
March 11, 2005.

The Company announced that there are no changes in the default
status of Company subsidiary, Transbay Ventures Bewrhad since
March 11, 2005, pursuant to Practice note No. 1/2001 of the
Bursa Malaysia Securities Berhad Listing Requirements.

CONTACT:

Pilecon Engineering Berhad
No. 2, Jalan U1/26 Seksyen U1,
Hicom-Glenmarie Industrial Park, Shah Alam,
Selangor Darul Ehsan 40000 Malaysia
Phone: (603) 704-188


REKAPACIFIC BERHAD: Bourse to Delist Securities on April 15
-----------------------------------------------------------
Rekapacific Berhad announced that the Bursa Malaysia Securities
Berhad (Bursa Securities) has consulted with the Securities
Commission, and conveyed to the Company via a letter dated April
1, 2005 that the securities of Rekapacific Berhad will be
delisted from the Official List of Bursa Securities.

Hence, the Company securities will be reomoved from Bursa
Securities Official list on Friday, April 15, 2005, 9:00 a.m.

The Company securities that are currently deposited with the
Bursa Malaysia Depository Sdn Berhad will continue to remain
deposited with the Bursa Depository, notwithstanding its
delisting from the Bursa Securities' Official List.

Company shareholders who want to hold their securities as
physical certificate can withdraw their securities from Bursa
Depository, after the securities are delisted. Shareholders can
contact any participating organization of Bursa Securities
and/or Bursa Depository's helpline at 03-2034 7711 for further
information on withdrawal.

CONTACT:

RekaPacific Berhad
77-1 Jl Setiabakti Bukit Damansara
Kuala Lumpur, 50490
Malaysia
Phone: +60 3 2094 2260
Fax:   +60 3 2094 2335


TRU-TECH HOLDINGS: Creditors Approve Proposed Scheme
----------------------------------------------------
Tru-Tech Holdings Berhad announced that the Company's scheme
creditors approved a proposed scheme of arrangement with
creditors, at the court-convened scheme creditors' meeting on
March 18, 2005.

A scheme creditor filed an intervening action to set aside the
order to hold court-convened meetings and the Restraining Order
obtained by the Company and its subsidiaries. The Company is in
talks with the scheme creditor to settle the matter amicably; a
hearing has been set on April 27, 2005.

The Company submitted an application to the Securities
Commission and Foreign Investment Committee for approval on a
proposed regularization scheme on Dec. 31, 2004, and the said
application is currently pending approval.

CONTACT:

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


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

DIGITAL TELECOMMUNICATIONS: Sun Sees 3 Mln Subscribers in 2005
--------------------------------------------------------------
Digital Telecommunications Inc. (Digitel) expects its wireless
service Sun Cellular to rake 3 million subscribers by the end of
the year, according to Business World.

Sun Cellular surpassed the one million subscriber mark in
November, a month after it launched the 24/7 call and text
unlimited plan. Subscriber number had grown to 1.7 million at
the end of February with an average of 200,000 new customers a
month. Its market share climbed to about 4 percent by end of
2004 from 2.9 percent in 2003.

"Sun Cellular is gradually building up its customer base
alongside the expansion of its network to be able to provide
clients with better quality services. The company will spend
US$200 million this year to expand network coverage and to
increase its number of cell sites to 2,000 by the end of the
year from more than 1,300. This expansion will enable the
company to serve as many as 6 million subscribers, instead of
its present network capacity of 2 million," Gokongwei-led
Digitel said.

The increasing demand for e-commerce and other internet-based
services made data services segment a major growth area for
telcos like Digitel. In its quarterly report to the Securities
and Exchange Commission, the telco also unveiled a plan to
extend coverage. Digitel said it will upgrade its South Luzon
transmission facilities to sustain its position as the leading
landline telecommunications provider outside Metro Manila. The
firm is also the first telco in the country to deploy its own
Next Generation Network infrastructure which enables network
convergence to support all media types, including voice, data
and video.

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: Clarifies Report on Tan-Government Talks
-------------------------------------------------------
The Philippine National Bank (PNB) issued this announcement in
reference to the news article entitled "Tan, gov't start talks
to keep status quo at PNB" published in the April 2, 2005 issue
of the Philippine Star.

The article reported that:

"Taipan Lucio Tan and the government have started talks to
maintain the status quo at the Philippine National Bank (PNB)
and are discussing the terms for the possible extension of their
joint agreement for at least two more years. Top-level sources
privy to ongoing talks disclosed that the government has become
lukewarm to selling its shares, while Tan himself was not eager
to buy, at least not at this time. Market sources have already
ruled out the possibility that Tan would be willing to co-own
PNB with a third-party should the government push through with
its plan to sell its shares in the bank. According to sources,
however, the government prefers to extend the joint agreement
rather than be forced to sell at a loss when the agreement
expires in September."

PNB, in a letter to the Exchange dated April 4, 2005, stated
that:

"Please be advised that the bank is not privy to any discussions
between the two (2) major shareholders of the bank i.e. the
Lucio Tan Group and the national Government, other than their
concurrence in securing a Board mandate to PNB's Management to
exert its best efforts to seek an extension of the exercise
period of the PNB warrants for at least one (1) year in line
with the Term Sheet date December 19, 2001. If approved by the
SEC and the PSE, this will effectively result in extending the
Memorandum of Agreement of the parties up to May 3, 2007.
Concurrently, a letter was sent by the Philippine Deposit
Insurance Corporation on March 10, 2005 copy furnished Mr. Lucio
Tan that they will initiate the joint sale of 67% of the
Government's and the Lucio Tan Group's shares in PNB.

"We are not privy to other information from our major
stockholders, hence, we cannot comment on the other parts of
said news article."

For your information.

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

Noted by:

(Original Signed)
JURISITA M. QUINTOS
Senior Vice President


NATIONAL BANK: Boss Leaves to Pursue Other Goals
------------------------------------------------
The president and CEO of semi-private Philippine National Bank
(PNB) is resigning from the bank effective April 10, The Manila
Bulletin reports.

Lorenzo V. Tan has decided not to renew his three-year contract
with the bank to pursue another role offered to him by a
reputable foreign institution with businesses in insurance and
financial services.

Mr. Tan tendered his resignation to the PNB board, advising them
of his decision to move towards some of the goals he has set for
his career by exploring opportunities with a foreign
institution.

Sources said the PNB board is currently considering two names,
Executive Vice Presidents Omar Mir and Carmen Huang as
replacement for Mr. Tan.


NATIONAL POWER: Debt to Swell to US$15 Bln Sans Tariff Reforms
--------------------------------------------------------------
National Power Corporation (Napocor) warned that the power
firm's outstanding debt will balloon to as much as US$15 billion
in 2007 if tariff reforms are not implemented right away, The
Philippine Star reports.

Newly appointed Napocor president, Cyril del Callar, noted that
the level of Napocor's outstanding debt will further widen to
US$23 billion in 2010 if the necessary stop-gap measures are not
put in place.

He said the rate increase Napocor has been asking from the
Energy Regulatory Commission (ERC) will just bring the company's
finances in a "break-even' status.

Mr. Del Callar also underscored the need for the tariff
adjustment since based on a September 2004 ERC ruling, Napocor's
debt servicing will not be part of the billings to its
customers.

Aside from rate adjustment, Mr. Del Callar pointed out the need
to privatize the transmission and generation assets of Napocor.  
He also noted that Napocor's obligations with the independent
power producers (IPPs) will also be affected by the lack of
reforms in the state-owned utility firm.

The Napocor chief cited other reasons for the continuing
deterioration of Napocor, which include the failure to transfer
the debts of National Transmission Corp. (Transco); its
operations are largely funded by borrowings; and the
deterioration of the peso and the foreign exchange crisis. He
also cited undercapitalization as one of the reasons why
Napocor's finances have gone in the red.

CONTACT:

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


NEGROS NAVIGATION: Tsuneishi Seeks Seizure of Six Vessels
---------------------------------------------------------
Tsuneishi Heavy Industries (Cebu), Inc. is seeking to seize six
vessels of Negros Navigation Co. (Nenaco) as payment for the
shipping firm's Php121-million debt, Business World says.

In a recent filing to the Supreme Court, Tsuneishi asked for the
reversal of the Court of Appeals decision which upheld the stay
order issued by a Manila regional trial court suspending all
claims or actions against Nenaco pending rehabilitation
proceedings. But Tsuneishi insisted that a maritime lien is not
affected by bankruptcy or reorganization.

An admiralty court had already ordered the seizure of six of
Nenaco's vessels. However, with the stay order, the Manila
regional trial court insisted any attachment or seizure order
would be illegal.

In an Oct. 6, 2004 decision, the appeals court said the stay
order issued by the Manila court stands as it merely suspends
all claims or actions against Nenaco pending rehabilitation
proceedings.

On Feb. 9, 2004, Tsuneishi filed a case against Nenaco to
collect unpaid dry docking and ship repair services fees before
the Cebu regional trial court.

A month later, the Cebu court issued an order to seize one of
Nenaco's vessels, the M/V St. Peter the Apostle.

On March 29, 2004 Nenaco sought judicial relief from the Manila
regional trial court, sitting as a corporate rehabilitation
court.

Nenaco filed a petition for corporate rehabilitation with prayer
for suspension of payments.

On April 1, 2004, the Manila court issued the stay order which
in effect prevented Tsuneishi from collecting money from Nenaco.

With the Manila Court ruling, Nenaco asked the Cebu trial court
to lift the seizure order on one of its vessels and to suspend
altogether the proceedings before Cebu by virtue of the Manila
court order.

CONTACT:

Negros Navigation Company. Inc.
Pier 2. North Harbor. Tondo. Manila, Philippines 1012
Telephone Number: (6321 245.5588
Fax Number: (6321 245-1091
Web site: www.negrosnavigation.ph


PHILIPPINE LONG: Elects New Independent Director
------------------------------------------------
In compliance with the disclosure requirements of the Securities
and Exchange Commission, the Company advised that at the meeting
of the Board of Directors of Philippine Long Distance telephone
Company (the Company) held on April 5, 2005, the Board elected
Mr. Oscar S. Reyes as independent director to serve as such
effective immediately and for the unexpired term of his
predecessor in office, Mr. Juan B. Santos.

Pursuant to the requirements of the Securities Regulation Code,
the issuer has duly caused this Report to be signed on its
behalf by the undersigned hereunto duly authorized.

MA. LOURDES C. RAUSA-CHAN
Corporate Secretary

CONTACT:

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


PHILIPPINE LONG: Declares Dividend for Preferred Stock
------------------------------------------------------
Philippine Long Distance Telephone Company submitted to the
Exchange the attached disclosure pertaining to the cash dividend
declared by the Board of Directors during its meeting held on
April 5, 2005.

In reference to Circular for Brokers No. 148-2003 dated January
21, 2003, please be reminded that the Securities and Exchange
Commission (SEC), in its letter to the Company dated December
16, 2002, has allowed the Company to set the payment date "in
accordance with its by-laws and Board's Resolution".

In addition, the SEC stated that the implementation of the same
should be "with proper coordination with the PCD."

Please take note of the following details of the cash dividend
declared for the Company's
Series EE 10% Cumulative Convertible Preferred Stock:

CASH DIVIDEND: (TLEE)
Cash -              PHP1.00 per share
Ex-Date -           April 25, 2005
Record Date -       April 28, 2005
Payment Date -      May 31, 2005

For your information.

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

Noted by:

(Original Signed)
JURISITA M. QUINTOS
Senior Vice President


WESTIN PHILIPPINE: Workers Threaten Strike
------------------------------------------
Unionized workers of Westin Philippine Plaza Hotel said they are
likely to picket after talks concerning wage increases and
benefits stalled, Business World relates.

Around 63 hotel supervisors under the Philippine Plaza
Supervisors' Chapter-National Union of Workers in Hotels,
Restaurants and Allied Industries lodged with the National
Conciliation and Mediation Board (NCMB) a notice of strike
following a deadlock on collective bargaining agreement (CBA)
negotiations with management.

The workers reportedly asked for a wage hike of Php2,000,
Php2,500 and Php3,000 for the first three years of the CBA,
respectively. But the hotel management refused to offer an
adjustment.

An initial conciliation meeting at the NCMB was held on April 4,
but the wage issue was not yet discussed.

In December last year, the Department of Labor and Employment
assumed jurisdiction over another labor row involving Westin
Philippine Plaza rank and file hotel workers. In this case, the
rank and file workers sought for a Php1,000 salary raise for two
years while management insisted on a productivity incentive
scheme as a basis for salary increases.

Labor's intervention was aimed at preventing the possible loss
of employment at Westin, in line with the "employment
preservation program of the government."  The dispute was
eventually resolved on Dec. 22.  

CONTACT:

Westin Philippine Plaza
CCP Complex, Roxas Blvd.
Pasay City, Manila,
Philippines


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

ANCHORAGE CAPITAL: Court to Hear Petition April 15
--------------------------------------------------
Notice is hereby given that a petition for the winding up of
Anchorage Capital Pte Ltd by the High Court was on March 18,
2005 presented by Chuah Chong EU (NRIC No. S2659679C).

The petition is directed to be heard before the Court sitting at
Singapore at 10:00 a.m. on April 15, 2005.

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

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

The Petitioner of 244 Pasir Panjang Road #04-05, Singapore
118602.

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

Dated the 23rd day of March 2005

Allen & Gledhill
Solicitors for the Petitioner

Note:

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

The notice must state the name and address of the person, or, if
a firm, the name and address of the firm, and must be signed by
the person or firm, or his or their solicitor (if any) and must
be served, or, if posted, must be sent by post in sufficient
time to reach the abovenamed not later than twelve o'clock noon
of the 14th day of April 2005 (the day before the day appointed
for the hearing of the Petition).


BBR GEOTECHNIC: To Pay Dividend April 8
---------------------------------------
BBR Geotechnic (S) Pte Ltd (In Liquidation) of 50 Changi South
Street 1, BBR Building Singapore 486126 posted to the Government
Gazette, Electronic Edition a notice of second interim dividend
with the following details:

Court: High Court of the Republic of Singapore

Number of Matter: Companies Winding Up No. 600295 of 2001

Amount per centum: 10 percentum of all admitted ordinary claims

First and final or otherwise: Second Interim

When payable: April 8, 2005

Where payable:

Chio Lim & Associates
18 Cross Street
#08-01 Marsh & McLennan Centre
Singapore 048423

Dated this 1st day of April 2005

Chee Yoh Chuang
Lim Lee Meng
Liquidators


CHENAB CONTRACTOR: Invites Creditors to Attend Hearing
------------------------------------------------------
Notice is hereby given that a Petition for the Winding Up of
Chenab Contractor Pte Ltd by the High Court was, on March 28,
2005 presented by Koon Seng Construction Pte Ltd (RCB No.
197900748E), a contributory.

The said Petition is to be heard before the Court sitting at the
High Court in Singapore at 10:00 a.m. on April 22, 2005.

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

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

The Petitioner's address is 149 Rochor Road, #05-02 Fu Lu Shou
Complex, Singapore 188425.

The Petitioner's Solicitors are Central Chambers Law Corporation
of No. 1 Shenton Way #07-05, Singapore 068803.

Central Chambers Law Corporation
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 Central Chambers
Law Corporation, notice in writing of his intention to do so.

The notice must state the name and address of the person, or, if
a firm, the name and address of the firm, and must be signed by
the person 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 April 21, 2005
(the day before the day appointed for the hearing of the
Petition).


CITIRAYA INDUSTRIES: Discloses Changes in Director Line-up
----------------------------------------------------------
The Board of Directors of Citiraya Industries Ltd. advised the
Singapore Stock Exchange (SGX) on:

(1) The resignation of Mr. Richard Basil Jacob and Ms Gan Chin
Chin as Directors of the Company with effect from March 12,
2005.

(2) The appointment of Mr. Hengky Oeni, Mr. Lee Kim Bock, Mr.
Koh Boon Hwee and Mr. Low Check Kian as Directors of the Company
with effect from April 2, 2005.

(3) The termination of Mr. Ng Teck Lee as Chief Executive
Officer of the Company and the appointment of Mr. Hengky Oeni to
replace Mr. Ng as Chief Executive Officer, both with effect from
April 2, 2005.

(4) The appointment of Mr. Lee Kim Bock as President of the
Company with effect from April 2, 2005.

By Order of the Board

Tan San-Ju
Secretary    

CONTACT:

Citiraya Industries Ltd
65 Tech Park Crescent
Singapore 637787
Telephone: 65 62644338
Fax: 65 62666731
Web site: http://www.citiraya.com


HOCK SAN: Winding Up Hearing Set April 15
-----------------------------------------
Notice is hereby given that a Petition for the Winding Up of
Hock San Yuen Food Manufactory (Private) Limited by the High
Court was on March 23, 2005 presented by Bank Of China Limited
(formerly known as Bank Of China) being the successors in-title
of The Kwangtung Provincial Bank (RC No. F00753W), a bank
incorporated in the People's Republic of China and having a
place of business at 4 Battery Road, Bank of China Building,
Singapore 049908, a creditor.

The Petition is to be heard before the Court sitting at
Singapore at 10:00 o'clock in the forenoon on April 15, 2005.

Any creditor or contributory of the Company desiring to support
or oppose the making of an Order on the Petition may appear at
the time of hearing by themselves or their Counsel for that
purpose.

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

The Petitioner's address is 4 Battery Road, Bank of China
Building, Singapore 049908.

The Petitioner's solicitors are Messrs RAJAH & TANN of 4 Battery
Road, #15-01 Bank of China Building, Singapore 049908 (Ref.
RCH/lsc/104854/5098).

Dated this 29th day of March 2005

Messrs Rajah & Tann
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 Petitioner's solicitors,
Messrs Rajah & Tann of 4 Battery Road, #15-01 Bank of China
Building, Singapore 049908, notice in writing of his intention
to do so.

The notice must state the name and address of the person, or, if
a firm, the name and address of the firm, and must be signed by
the person or firm, or his or their solicitors (if any) and must
be served, or, if posted must be sent by post in sufficient time
to reach the Petitioner's solicitors not later than twelve
o'clock noon of April 14, 2005 (the working day before the day
appointed for the hearing of the Petition).


MEGA EUROADVANCE: Begins Winding Up Proceedings
-----------------------------------------------
Notice is hereby given that a petition for the winding up of
Mega Euroadvance (S) Pte Ltd, by the High Court was, on the 24th
day of March 2005 presented by NILFISK-Advance Pte Ltd (RC No.
198305474C), a company incorporated under the law of Singapore
and having its registered office address at 40 Loyang Drive,
Loyang Industrial Estate, Singapore 508961, a creditor.

The petition is to be heard before the Court sitting at
Singapore at 10:00 o'clock in the forenoon, on April 15, 2005.

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

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

The Petitioner's solicitors are Wong & Leow LLC of 1 Temasek
Avenue, #27-01 Millenia Tower, Singapore 039192.

Wong & Leow 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 Wong & Leow 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, firm, or his or their solicitor (if any) and must be
served, or, if posted, must be sent by post in sufficient time
to reach the abovenamed not later than 12 o'clock noon of April
14, 2005.


NIPPECRAFT LIMITED: AGM Set April 28
------------------------------------
Notice is hereby given that an Annual General Meeting of
Nippecraft Limited will be held at, Swissotel Merchant Court, 20
Merchant Road, Singapore 058281, on Thursday, April 28, 2005 at
10:00 a.m. for the following purposes:

As Ordinary Business

(1) To receive and adopt the Directors' Report and Audited
Accounts for the financial year ended December 31, 2004 together
with the Auditors' Report thereon. (Resolution 1)

(2) To approve the payment of a tax-exempt dividend of 0.25
cents per share for the year ended December 31, 2004.
(Resolution 2)

(3) To re-elect the following Directors (Article 100)

(i) Yudi Setiawan Lin
(ii) Lo Chih-Hao @ Howard Lo
(iii) Feng Chuan Chia (Resolution 3)

(4) To elect the following Director (Article 104) i) George Lai
Siew Choon (Resolution 4)

(5) To approve Directors' fees for the financial year December
31, 2004. (Resolution 5)

(6) To re-appoint Messrs PricewaterhouseCoopers as auditors of
the Company. (Resolution 6)

(7) To transact any other business that may be transacted at an
Annual General Meeting.

As Special Business

To consider and, if thought fit, to pass the following as
Ordinary Resolutions, with or without modifications:

(8) Authority to allot and issue shares "That pursuant to
Section 161 of the Companies Act, Cap 50, and Rule 806 of the
Listing Manual of the SGX-ST, approval be and is hereby given to
the Directors to issue and allot further shares in the Company
at any time to such persons, upon such terms and conditions and
for such purposes as the Directors may in their absolute
discretion deem fit, provided always that the aggregate number
of shares to be issued pursuant to this resolution shall not
exceed twenty per centum (20%) of the issued share capital of
the Company for the time being and that such authority, shall,
unless revoked or varied by the Company in general meeting,
continue in force until the conclusion of the Company's next
Annual General Meeting." (Resolution 7)

(9) Renewal of shareholders' mandate for Interested Person
Transactions

That:

(i) Approval be and is hereby given for the purposes of Chapter
9 of the Listing Manual of SGX-ST for the Company, its
subsidiaries and target associated companies (Group) or any of
them to enter into any of the transactions falling within the
types of Interested Person Transactions, described in the
Appendix circulated to Shareholders dated 28 March 2005
(Appendix) with any party who is of the class of Interested
Persons described in the Appendix provided that such
transactions are made on an arm's length basis and on normal
commercial terms and in accordance with the review procedures
for such Interested Person Transactions;

(ii) The approval given in paragraph (i) above (Mandate) shall,
unless revoked or varied by the Company in General Meeting,
continue in force until the next Annual General Meeting of the
Company; and

(iii) The Directors of the Company be and are hereby authorized
to complete and do all such acts and things (including executing
all such documents as may be required) as they may consider
expedient or necessary or in the interests of the Company to
give effect to the Mandate and/or this Resolution. (Resolution
8)

By Order of the Board
Tan Guat Neo, Phyllis
Company Secretary
Singapore
April 5, 2005

To view a full copy of the notice, click
http://bankrupt.com/misc/NIPPECRAFTNoticeofAGM2005.pdf

CONTACT:

Nippecraft Limited
9 Fan Yoong Road
Singapore 629787
Telephone: 65 6262662
Fax: 65 62621551
Web site: http://www.nippecraft.com.sg


STARTECH ELECTRONICS: Pays Annual Due of SG$1.0Mln to Maybank
-------------------------------------------------------------
Startech Electronics Ltd refers to the announcement made to the
Singapore Stock Exchange (SGX) on January 16, 2004 in relation
to the restructured bank loan from Malayan Banking Berhad
(Maybank).

The company announced that it has made the annual repayment of
SG$1.0 million to Maybank for the year of 2005.

Lim Tai Toon
Managing Director
April 5, 2005

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


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

NFC FERTILIZER: Major Shareholder Appointed to Manage Company
-------------------------------------------------------------
NFC Fertilizer Public Company Limited advised the Stock Exchange
of Thailand (SET) that during its Board of Directors meeting No.
4/2005 the board approved a resolution to change the company's
board of directors.

The main reason was that SC Carrier Company Limited, with Mr.
Nuttaphob Ratanasuwanthawee as the major shareholder, took
common shares of 9.39 percent in NFC Fertilizer Public Company
Limited. So the total shareholding of the group built up to
49.99%.

Mr. Wichai Thongtang, the Company's Director and Chairman and
the other 3 Directors had then resigned from the directorship to
allow the group of Mr. Nuttaphob to solely manage NFC Fertilizer
Public Company Limited as a major shareholder.

Please be informed accordingly.

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

CONTACT:

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

NFC FERTILIZER: Changes Composition of Board
--------------------------------------------
Whereas, the Board of Directors of NFC Fertilizer Public Company
Limited convened the Board of Directors Meeting No. 4/2005 on
April 1, 2005 between 3:15 p.m. to 4:00 p.m., the Company
disclosed to the Stock Exchange of Thailand (SET) the following
resolutions adopted at the said meeting:

Acknowledgment of the resignation of Mr. Suchart Areekul from
the Company's director effective from April 1, 2005.

Approval of the appointment of new directors to replace the
resigned directors as follows:

Mr. Tawee Butsuntorn as new director replacing Mr. Wichai
Thongtang

Mr. Chalor Panutrakul as new director replacing Mr. Suchart
Areekul

Mr. Wanchai Palotaitakerng as new director replacing Mr. Direk
Chatpimonkul

Mr. Yongyos Palnitisena as new director replacing Mr. Uthai
Skulkroo

Approval of the appointment of Mr. Tawee Butsuntorn as the
Chairman of the Board to replace Mr. Wichai Thongtang

Approval of the Executive Committee as follows:

Name                              Position

Mr. Nuttaphob Ratanasuwanthawee   The Chairman of the Executive
                                  Committee

Mr. Bundit Sapienchai             The Executive Committee

Mr. Chalor Panutrakul             The Executive Committee

Mr. Wanchai Palotaitakerng        The Executive Committee

Mr. Yongyos Palnitisena           The Executive Committee

Approval of the amendment of the number or names of directors
authorized to sign to bind the Company as follows:

Group 1.

Mr. Nuttaphob Ratanasuwanthawee may sign jointly with Mr.Chalor
Panutrakul or Mr. Wanchai Palotaitakerng or Mr. Yongyos
Palnitisena and the Company's seal affixed; or

Group 2.

Mrs. Bongkot Rasmeepaisarn and Mr. Bundit Sapienchai may sign
jointly with Mr. Chalor Panutrakul  or Mr. Wanchai  
Palotaitakerng or Mr.Yongyos Palnitisena and the Company's seal
affixed.

Proposal of the appointment of Mr. Nopporn Thepsithar as the new
director and the Chairman of the Audit Committee to the
shareholders at the 2005 Annual General Meeting of Shareholders
for consideration and appointment.

Proposal of the amendment of Article 17 of the Articles of
Association to the shareholders at the 2005 Annual General
Meeting of Shareholders as follows:

The new content of Article 17

The Board of Directors consisting of not less than five (5)
directors, and not less than a half of whom shall have residence
within the Kingdom.

A director may or may not be shareholder of the company.

The board of directors shall elect, one director among
themselves, as the chairman of the board and shall elect another
one director as the Chief Executive Officer. If the board of
directors deems appropriate, it may elect one or more directors
as vice chairman. The vice chairman shall have his duty
according to these Articles of Association in every assignment
made to him by the chairman.

The board of directors is authorized to specify the names and
numbers of directors who are authorized to sign to bind the
company and the conditions of the signatories to bind the
Company as deemed appropriate.

(8) Approval of the addition of the appointment of new director
and the amendment of Article 17 of the Articles of Association
to the notice of the 2005 Annual General Meeting of
Shareholders.  The matters to be transacted at the meeting are:

(1) To approve the Extraordinary Meeting of Shareholders No.
2/2005;

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

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

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

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

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

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

(8) To consider the amendment of Article 17 of the Articles of
Association; and

(9) Other business (if any).

The company informed the SET on the above matter for
acknowledgment and dissemination to the public and other
investors.

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


THAI-DENMARK: Unit Undergoes Business Reorganization
----------------------------------------------------
As Thai-Denmark Swine Breeder PCL (D-MARK) submitted a financial
statement ended December 31, 2004 that showed a deficit in
equity of consolidate financial statement of THB215 million, the
company informed the Stock Exchange of Thailand (SET) that:

The company's subsidiary, Srithai Feedmill Co. Ltd. (SFEED) had
incurred loss in operation due to a recession in the economy and
bird flu outbreak in Thailand.  

Chicken raising was decreased and SFEED's sale volume in chicken
feed was reduced.  In addition, there is uncertainty in poultry
processing for export in Thailand.

In 2004, SFEED had a deficit in equity in the amount of THB501
million, total liability higher than total asset THB451 million.

Because SFEED has many creditors who are individual, companies
and financial institutions and SFEED had to supply animal feed
to D-MARK, SFEED has to continue business as a going concern.

On March 15, 2005, SFEED issued a request to the Central
Bankruptcy Court to get its business reorganization. Now SFEED
is in the process of preparing a reorganization plan in order to
restructure any debt to all creditors to continue its business
in suitable proportion of asset and debt. SFEED expects to
complete its debt restructuring within 2005.

Please be informed.

Mr. Anan Jantaranukul
Managing Director

CONTACT:

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


THAI PETROCHEMICAL: Prices Registered Capital at THB1 Per Share
---------------------------------------------------------------
Thai Petrochemical Industry Pcl advised the Stock Exchange of
Thailand (SET) that on April 1, 2005 the company officially
decrease its registered capital from 8,100,000,000 shares to
7,848,911,211 shares and registered a decrease in its par value
of THB10 to THB1 per share.

Thus, the registered capital and the fully paid up capital of
Thai Petrochemical Industry Pcl. was decreased from
THB78,489,112,110 to THB7,848,911,211.

However, on April 4, 2005 Thai Petrochemical Industry Pcl. Has
officially increased its registered capital from 7,848,911,211
share to 19,500,000,000 share with par value of THB1 per share.

The net increase of 11,651,088,789 shares remain unissued. Thus,
the registered capital of Thai Petrochemical Industry Pcl. is
THB19,500,000,000 whereas the fully paid up capital is
THB7,848,911,211.

Your acknowledgement of the above matter would be highly
appreciated.
       
Yours sincerely,
Suwit Nivartong
The Plan Administrator
For Thai Petrochemical Industry Pcl

CONTACT:

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




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