TCRAP_Public/050408.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

             Friday, April 8, 2005, Vol. 8, No. 69

                            Headlines

A U S T R A L I A

ALL GRAPE: To Declare Final Dividend on April 18
ALL PASSIONFRUIT: Creditors Given Until April 15 to Prove Claims
AUSTRAL COAL: Glencore Scuppers Centennial's Bid
BANK OF TOKYO-MITSUBISHI(A): Hires M.C. Smith as Liquidator
BARTON CAPITAL: Appoints Liquidator for Winding Up Purposes

BIG KEV'S: Finds New Ways to Rebuild Shareholder Value
BRAVE MEN: Shuts Down City Stores
CHLOER PTY: Members Agree to Wind Up Company
DIGITAL DIAGNOSTIC: To Declare Dividend April 13
DYKES INVESTMENTS: Members to Meet April 15

EASTERN HERALD: To Convene Meeting April 18
HARRIS SCARFE: Jury Discharged in Trial of Former COO
JANETTE FISCHER: Lays Out Final Meeting Agenda
KRAMA INVESTMENTS: Final Joint Meeting Set April 27
MUSCLE MARKETING: To Undergo Voluntary Winding Up

NATIONAL INVESTMENT: Gives In to Court Ruling
QANTAS AIRWAYS: Fuel Bills May Drive Fare Hike
OVINGTON INVESTMENTS: Enters Winding Up Proceedings
PEP NOMINEE: Members Agree to Wind Up Company
PETORIA PTY: Liquidator to Explain Manner of Winding Up

SLEUTH INVESTMENTS: Members Pass Winding Up Resolution
STOCKPORT PTY: Proofs of Debt, Claims Due Today
TERRY DEANE: To Hear Liquidator's Report on Winding Up
TRAVEL MACHINE: To Hold Final Meeting April 19
WHITEMORE HOLDINGS: To Declare Final Dividend April 18

WPS NEWCASTLE: To Convene Joint Meeting April 13
ZURICH FINANCIAL: Says Revisions Won't Delay Results


C H I N A  &  H O N G  K O N G

ADHIPRESS LIMITED: Enters Winding Up Proceedings
ADHIPRESS S.A.: Winding Up Hearing Set April 13
BANK OF CHINA: In Strategic Talks with Foreign Banks
FOCUS CENTRAL: Court Issues Winding Up Notice
KARMAN PROPERTIES: Begins Bankruptcy Proceedings

LUCKY STATE: Receives Winding Up Notice
MATIMAK HONG KONG: Receiving Proofs of Debt Until April 29
RL FINANCE: Winding Up Hearing Slated for April 13
ROYAL HONOUR: Court Issues Winding Up Notice
VERTEX COMMUNICATIONS: AGM Set for April 29

WISE FORTUNE: Court Releases Winding Up Notice


I N D O N E S I A

INDOFOOD SUKSES: Buys Back IDR884-Bln Bonds
MERPATI NUSANTARA: Raises Fares to Cope with Fuel Price Hike
PERTAMINA: Court Postpones Appeal Hearing Until April 11
TELEKOMUNIKASI INDONESIA: Satellite Launching Hits Snag


J A P A N

DAIEI INCORPORATED: Taps Outsiders to Head Store Operations
EBISU KASEI: Files for Bankruptcy
JAPAN TOBACCO: Russian Plant Keeps Operating Amid Tax Dispute
MATSUSHITA ELECTRIC: Eyes 50% Rise in PDP TV Sales
MITSUBISHI FUSO: To Recall 2,156 Additional Trucks

MITSUBISHI FUSO: Forges Alliance with Nissan Diesel
MITSUBISHI FUSO: Expects to Post Operating Profit This Year
PIONEER CORPORATION: Introduces DVD-R DL Recorders
SUMITOMO MITSUI: Scraps Merger Plan with Fujita


K O R E A

LG CARD: Prefers Domestic Buyer


M A L A Y S I A

GULA PERAK: Converts Loan Stocks into New Ordinary Shares
GULA PERAK: Turns Around After Six Years of Losses
I-BERHAD: Buys Back 17,000 Shares
JIN LIN: Court OKs Further RO Extension up to July 26
KEMAYAN CORPORATION: SC Grants Extension to Complete Audit

KILANG PAPAN: Can't Comply with Bursa Malaysia Requirement
LIANG HUAT: Court Orders Unit's Winding Up
LION INDUSTRIES: Set to List More Shares Today
PADIBERAS NASIONAL: Restructures Unit to Improve Business
PAN MALAYSIA: Repurchases 50,000 Shares

PANTAI HOLDINGS: Issues Shares Buy Back Notice
TANCO HOLDINGS: Creditors Favor MYR166-Mln Debt Waiver
WCT ENGINEERING: Granted Listing of Additional Shares


P H I L I P P I N E S

MANILA ELECTRIC: Hikes Generation Charge by Php0.125/kWh
METRO PACIFIC: Postpones AGM to June 24
NATIONAL BANK: Mier to Take Post as Acting President, CEO
NATIONAL BANK: Six Banks Eye Financial-advisory Deal
NORTHERN FOODS: Seeks Quick Resolution of Dumping Complaint

PHILIPPINE NICKEL: Government Mulls US$300-Mln Debt Restructure
* ABN AMRO Cuts Philippines to "Neutral" from "Overweight"


S I N G A P O R E

DATACRAFT ASIA: Bags US$5.6Mln Contract from Hanaro
GREATRONIC LIMITED: Independent Directors Respond to Allegations
ONE LEARNING: Particulars of Debt, Claim Due May 3
QB HOUSE: Court to Hear Petition April 15
QMS JAMS: Creditors Given Until May 3 to Prove Debt, Claim

QUEBEC MANAGEMENT: Creditors' Proof of Debt, Claim Due May 3
SEAVI II: To Discuss Manner of Property Disposal
SUNWAY WORKFLOW: Particulars of Debt, Claim Due April 30
SYSTRON POWER: Faces Winding Up Proceedings
UNI TECHNOLOGY: Lays Out Agenda of Contributories Meeting


T H A I L A N D

CIRCUIT ELECTRONIC: SET Allows Trading of Securities Until May 6
HANTEX: Boosts Registered Capital by THB1,000,000,000
NEW PLUS: To Advise SET on Final Decision on Rehab
WYNCOAST INDUSTRIAL: Issues 27th Warrant Exercise
* Large Companies With Insolvent Balance Sheets

     -  -  -  -  -  -  -  -

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


ALL GRAPE: To Declare Final Dividend on April 18
------------------------------------------------
A First and Final dividend to ordinary unsecured creditors is to
be declared on April 18, 2005 for All Grape Pty Limited (In
Liquidation) A.C.N. 078 347 074.

Creditors whose debt or claims have not already been admitted
are required on or before April 15, 2005 formally to prove their
debts or claims. If they do not, they will be excluded from the
benefit of the dividend.

Dated this 2nd day of March 2005

Murray Godfrey
Liquidator
RMG Partners
Suite 67, Level 14/88 Pitt Street,
Sydney NSW 2000
Telephone: (02) 9231 0889


ALL PASSIONFRUIT: Creditors Given Until April 15 to Prove Claims
----------------------------------------------------------------
A First and Final dividend to ordinary unsecured creditors is to
be declared on April 18, 2005 for All Passionfruit Pty Limited
(In Liquidation) A.C.N. 078 474 914.

Creditors whose debts or claims have not already been admitted
are required on or before April 15, 2005 formally to prove their
debts or claims. If they do not, they will be excluded from the
benefit of the dividend.

Dated this 2nd day of March 2005

Murray Godfrey
Liquidator
RMG Partners
Suite 67, Level 14/88 Pitt Street,
Sydney NSW 2000
Telephone: (02) 9231 0889


AUSTRAL COAL: Glencore Scuppers Centennial's Bid
------------------------------------------------
Swiss investor Glencore has launched a surprise attack against
Austral Coal in a late bid to ruin a merger with Centennial
Coal, the Sydney Morning Herald says.

On Tuesday, Glencore revealed it has acquired a 5-percent stake
in Austral and had share swap arrangements with several
investment banks that gave it potential control of 7.4 percent
of the firm.

Glencore was reportedly eyeing a seat at the table in any merger
negotiations but was considering a rival cash offer.

In February Centennial unveiled its AU$356 million paper bid for
perennial struggler Austral to widespread stock market support.
Centennial is offering 10 of its shares for every 37 Austral
shares in a merger that would add Austral's Tahmoor underground
coking coalmine near Picton to its suite of mainly thermal coal
assets.

Austral, struggling with its Tahmoor mine, said it would produce
2.2 million tonnes of coking coal in 2005. Centennial hopes to
produce 15 million tonnes in the same year.

CONTACT:

Austral Coal Limited
ACN 069 071 816
Level 18, 25 Bligh Street Sydney NSW 2000 Australia
Telephone: 61+02+8256-4700
Facsimile: 61+02+9235-0997
E-mail: info@austcoal.com.au
Web site: http://www.austcoal.com.au


BANK OF TOKYO-MITSUBISHI(A): Hires M.C. Smith as Liquidator
-----------------------------------------------------------
Notice is hereby given that at a General Meeting of Members of
Bank Of Tokyo-Mitsubishi (Australia) Ltd (In Voluntary
Liquidation) A.C.N. 008 606 273 duly convened and held on March
2, 2005, a Special Resolution that the company be wound up
voluntarily was passed by members and M. C. Smith was appointed
Liquidator.

Dated this 2nd day of March 2005

M. C. Smith
Liquidator
c/- McGrathNicol+Partners
Level 9, 10 Shelley Street,
Sydney NSW 2000
Telephone: (02) 9338 2666
Web site: http://www.mcgrathnicol.com.au


BARTON CAPITAL: Appoints Liquidator for Winding Up Purposes
-----------------------------------------------------------
Notice is hereby given that at a general meeting of members held
on March 2, 2005 it was resolved that Barton Capital
Technologies Pty Limited (In Liquidation) A.C.N. 077 056 627 be
wound up voluntarily and that J. R. Biddle of Level 19, 207 Kent
Street, Sydney be appointed Liquidator for the purpose.

Dated this 2nd day of March 2005

J. R. Biddle
Liquidator


BIG KEV'S: Finds New Ways to Rebuild Shareholder Value
------------------------------------------------------
Big Kev's Limited has urged its shareholders to buy shares in
Impact Capital Limited, in a bid to clean up its books,
according to Australian Company News Bites.

In the absence of an alternative proposal or higher offer, the
Company expects its shareholders to vote in favor of the shares
acquisition proposal at its annual general meeting slated for
May. The acquisition of Impact Funding would enable Big Kev's to
rebuild shareholder value after the firm failed to trim losses
arising from its cleaning business.

The acquisition of all Impact Capital shares would be on the
basis of two post consolidation Big Kev shares for each Impact
Capital share, subject to receiving acceptances from at least 51
percent of the issued shares.

Big Kev's will change its name to Impact Capital Ltd following
the successful acquisition and change its activities from
cleaning products to the lending of money.

Big Kev's will hold an AGM on Friday, May 6, 2005 at Riverside
Centre, 123 Eagle Street, Brisbane. Shareholders will also
consider the appointment of directors and an increase in the
maximum amount of fess payable to non-executive directors during
the meeting.

CONTACT:

Big Kev's Limited  
4/8 Reichert Drive Ernest
Queensland 4211
Australia
Phone: +61 7 5594 6233
Fax: +61 7 5594 7911  
Web site: http://www.bigkev.com.au/


BRAVE MEN: Shuts Down City Stores
---------------------------------
Fashion designer Wayne Cooper began closing down his Sydney
stores less than a week after his Company, Brave Men & Women
called in administrators, the Daily Telegraph relates.

Mr. Cooper has closed his Chatswood outlet and will permanently
close today his Paddington store, which was once considered the
brand's anchor boutique. Chatswood and Paddington store staff
will be moved to The Strand Arcade and Westfield Bondi Junction.

Mr. Cooper blamed the collapse on soaring costs of servicing
large orders from retailer Myer, as well as sluggish sales at
his own stores during the summer. But he is hopeful that 80
creditors would vote to keep the company afloat during a meeting
of creditors on April 26.

Despite the firm's woes, Mr. Cooper will still showcase his
spring/summer collection two days after creditors meet.


CHLOER PTY: Members Agree to Wind Up Company
--------------------------------------------
Notice is hereby given that at a general meeting of the member
of the Company held on February 25, 2005, it was resolved that
Chloer Pty Limited (In Liquidation) A.C.N. 077 780 940 be wound
up voluntarily and that for such purpose Mr Michael Edward
Slaven, Chartered Accountant of Rangott & Slaven, Unit 12, Level
3 Engineering House, 11 National Circuit, Barton ACT, be
appointed Liquidator.

Dated this 15th day of March 2005

Zia Qureshi
Secretary


DIGITAL DIAGNOSTIC: To Declare Dividend April 13
------------------------------------------------
A second and final dividend is to be declared on April 13, 2005
for Digital Diagnostic Ultrasound Pty Limited (In Liquidation
A.C.N. 101 169 822.

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

Dated this 15th day of March 2005

Henry Kazar
Official Liquidator
SimsPartners
Chartered Accountants
PO Box 211, Deakin West ACT 2600

Proof of Debt Forms are available from SimsPartners


DYKES INVESTMENTS: Members to Meet April 15
-------------------------------------------
Notice is hereby given that pursuant to section 509 of the
Corporations Law, the final meeting of members of Dykes
Investments Pty Limited (In Liquidation) A.C.N. 000 614 255 will
be held at 174/50 Ellenborough Street, Lyneham ACT on April 15,
2005 at 4:00 p.m. for the purpose of laying before the meeting
the liquidator's final account and report and giving any
explanation thereof.

Dated this 15th day of March 2005

Anne Josephine Pennay
174/50 Ellenborough Street,
Lyneham ACT 2602


EASTERN HERALD: To Convene Meeting April 18
-------------------------------------------
Notice is given that pursuant to Section 509 of the Corporations
Act 2001, a meeting of members and creditors of Eastern Herald
Publishing Company Pty Limited (In Liquidation) A.C.N. 094 919
392 will be held at the office of the Liquidator, c/- Moore
Stephens PMN, Chartered Accountants, Level 6, 460 Church Street,
Parramatta NSW on Monday, April 18, 2005 commencing at 10:00
a.m.

The purpose of the meeting is to have an account laid before the
meeting 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 and
also of determining the manner in which the books, accounts and
documents of the company and of the Liquidator thereof shall be
disposed of.

Dated this 15th day of March 2005

R. J. Porter
Liquidator
Level 6, 460 Church Street,
Parramatta NSW 2150


HARRIS SCARFE: Jury Discharged in Trial of Former COO
-----------------------------------------------------
The jury in the trial of Mr. Daniel Francis McLaughlin, in the
District Court in Adelaide, was on Thursday discharged after
being unable to reach a unanimous verdict, in relation to 17
charges arising from the Australian Securities and Investments
Commission's (ASIC) investigation into the Harris Scarfe group.

Mr. McLaughlin was the Chief Operating Officer (COO) of Harris
Scarfe Holdings Limited (Receiver and Managers appointed) (In
Liquidation) and a director of Harris Scarfe Limited (Receivers
and Managers appointed) (In Liquidation) (the companies).

Mr. McLaughlin, of Happy Valley, Adelaide, is charged with seven
counts of failing to act honestly in the exercise of his powers
and the discharge of his duties as an officer of the companies,
and ten counts of being intentionally dishonest as an officer of
the companies and failing to exercise his powers and discharge
his duties in good faith.

Mr. McLaughlin was remanded on continuing bail to reappear in
the District Court in Adelaide on 19 April 2005.

The charges are being prosecuted by the Commonwealth Director of
Public Prosecutions.

CONTACT:

Harris Scarfe Holdings Limited
81 Rundle Mall
Adelaide, Southern Australia 5000
Australia
Phone: +61 8 8203 4444
Fax: +61 8 8223


JANETTE FISCHER: Lays Out Final Meeting Agenda
----------------------------------------------
Notice is hereby given that a final meeting of the members and
creditors of Janette Fischer Pty Ltd (In Liquidation) A.C.N. 099
964 164 will be held concurrently at the offices of
SimsPartners, Suite 5, 32 Thesiger Court, Deakin ACT on Monday
April 18, 2005 at 10:00 a.m.

AGENDA

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

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

Dated this 15th day of March 2005

Henry Kazar
Liquidator
SimsPartners
Chartered Accountants
PO Box 211, Deakin West ACT 2600


KRAMA INVESTMENTS: Final Joint Meeting Set April 27
---------------------------------------------------
Notice is hereby given that a joint final meeting of the
creditors and members of Krama Investments Pty Ltd (In
Liquidation) A.C.N. 106 061 041 will be held at the offices of
BDO, Chartered Accountants & Advisers, 248 Flinders Street,
Adelaide on April 27, 2005 at 10:00 a.m.

AGENDA

(1) To receive the liquidator's account of his acts and dealings
and of the conduct of the winding up and the hearing of any
explanations thereof.

(2) To authorize the liquidator to destroy, at their discretion,
the company's books and records within a period of 5 years after
dissolution of the company, subject to obtaining prior approval
from the Australian Securities & Investments Commission.

(3) Any other business.

Dated this 4th day of March 2005

George Divitkos
Joint Liquidator
BDO
Chartered Accountants & Advisers
248 Flinders Street,
Adelaide SA 5000
Telephone: (08) 8223 1066


MUSCLE MARKETING: To Undergo Voluntary Winding Up
-------------------------------------------------
Notice is hereby given that at a meeting of creditors of Muscle
Marketing Usa Australia Pty Limited (In Liquidation) former
trading name Creative Plus/Hdld Pty Ltd A.C.N. 088 549 357
convened pursuant to Section 439A of the Corporations Act 2001
held on March 1, 2005, it was resolved that the company be wound
up and pursuant to Section 446A(4) of the Corporations Act 2001,
Andrew Hugh Jenner Wily of Armstrong Wily, Chartered
Accountants, Level 5, 75 Castlereagh Street, Sydney NSW 2000 was
appointed Liquidator.

Dated this 1st day of March 2005

A. H. J. Wily
Liquidator
Armstrong Wily
Chartered Accountants
Level 5, 75 Castlereagh Street,
Sydney NSW 2000


NATIONAL INVESTMENT: Gives In to Court Ruling
---------------------------------------------
Property Investor Henry Kaye and his Company, National
Investment Institute Pty Ltd, has given up on its fight to
overturn a court ruling that permanently banned the firm from
advertising wealth-promotion schemes, The Herald Sun reports.

Mr. Kaye's lawyers two weeks ago dropped an appeal against a
Federal Court ruling, which found that he and his Company had
engaged in misleading and deceptive conduct through the
promotion of a get-rich-quick course.

The Australian Competition and Consumer Commission brought Kaye
before the Federal Court, arguing his print, radio and internet
advertising falsely claimed he could turn ordinary Australians
into millionaires.

Justice Susan Kenny said Mr. Kaye and his Company did not have
reasonable grounds to claim that investors who followed his
investment strategies would not loss money if the market slowed.

ACCC Chairman Graeme Samuel welcomed Mr. Kaye's withdrawal from
the case, and said the case was a warning to other property
investment promoters.

National Investment Institute was put into liquidation by
creditors in February with debt of AU$60 million.


QANTAS AIRWAYS: Fuel Bills May Drive Fare Hike
----------------------------------------------
Qantas Airways is looking to double the fuel surcharge on its
ticket prices to cover an estimated AU$1 billion blowout in fuel
costs next fiscal year, according to The Australian.

The national flag carrier warned it will follow a move by Air
New Zealand, which raised the surcharge for the third time since
its introduction in May.

Qantas Chief Financial Officer Peter Gregg said the airline was
working through the numbers and expected to make a decision
today.

Qantas paid AU$1.35 billion for fuel in 2003-04 and earlier this
year said its costs this financial year were running about
AU$560 million higher.

The warning came as the International Air Transport Association
this week predicted international airlines could lose AU$US5.5
billion (US$7.15 billion) in 2005 because of high oil prices.

CONTACT:

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


OVINGTON INVESTMENTS: Enters Winding Up Proceedings
---------------------------------------------------
At a General Meeting of Ovington (Qld) Investments Pty Ltd (In
Liquidation), duly convened and held at Unit 14, 25 Wolseley
Road, Point Piper, NSW 2027 on February 16, 2005 the following
resolutions were passed:

SPECIAL RESOLUTION

That the company be wound up voluntarily.

ORDINARY RESOLUTION

That Mr. David Robinson be appointed liquidator for the purpose
of such winding up.

Dated this 16th day of February 2005

David Robinson
Liquidator
Harveys
Chartered Accountants
Level 3, 2 Bulletin Place,
Sydney NSW 2000


PEP NOMINEE: Members Agree to Wind Up Company
---------------------------------------------
Notice is hereby given that at a general meeting of members held
on March 2, 2005 it was resolved that PEP Nominee Pty Limited
(In Liquidation) A.C.N. 067 578 401 would be wound up
voluntarily and that J. R. Biddle of Level 19, 207 Kent Street,
Sydney be appointed Liquidator for the purpose.

Dated this 2nd day of March 2005

J. R. Biddle
Liquidator


PETORIA PTY: Liquidator to Explain Manner of Winding Up
-------------------------------------------------------
Notice is hereby given that a Meeting of Members of Petoria Pty
Limited (In Voluntary Liquidation) will be held at the offices
of the Liquidator, c/- Genders & Wishart, Third Floor, 27 Leigh
Street Adelaide 5000 in the State of South Australia, on Tuesday
April 12,, 2005 at 10:00 o'clock in the morning for the purpose
of laying before the meeting an account showing how the winding
up has been conducted and the property of the Company has been
disposed of, and giving an explanation of the account.

Dated this 28th day of February 2005

R. J. Wishart
Liquidator


SLEUTH INVESTMENTS: Members Pass Winding Up Resolution
------------------------------------------------------
At a General Meeting of Sleuth Investments Pty Ltd (In
Liquidation), duly convened and held at Unit 14, 25 Wolseley
Road, Point Piper, NSW 2027 on February 16, 2005 the following
resolutions were passed:

SPECIAL RESOLUTION

That the company be wound up voluntarily.

ORDINARY RESOLUTION

That Mr. David Robinson be appointed liquidator for the purpose
of such winding up.

Dated this 16th day of February 2005

David Robinson
Liquidator
Harveys
Chartered Accountants
Level 3, 2 Bulletin Place,
Sydney NSW 2000


STOCKPORT PTY: Proofs of Debt, Claims Due Today
-----------------------------------------------
A second and final dividend is to be declared on April 18, 2005
for Stockport (N.Q.) Pty Ltd (In Liquidation) (Subject To Deed
Of Company Arrangement) A.C.N. 008 015 834.

Creditors whose debt or claims have not already been admitted
are required today, April 8, 2005 to formally prove their debts
or claims. If they do not they will be excluded from the benefit
of the dividend.

Dated this 4th day of March 2005

B. J. Carter
M. D. Lewis
Deed Administrators


TERRY DEANE: To Hear Liquidator's Report on Winding Up
------------------------------------------------------
Notice is hereby given that a final meeting of the members and
creditors of Terry Deane Consulting Pty Ltd (In Liquidation)
A.C.N. 099 964 075 will be held concurrently at the offices of
SimsPartners, Suite 5, 32 Thesiger Court, Deakin ACT on Monday,
April 18, 2005 at 10:00 a.m.

AGENDA

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

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

Dated this 15th day of March 2005

Henry Kazar
Liquidator
SimsPartners
Chartered Accountants
PO Box 211, Deakin West ACT 2600


TRAVEL MACHINE: To Hold Final Meeting April 19
----------------------------------------------
Notice is given that pursuant to Section 509 of the Corporations
Act the final meeting of the creditors and members of The Travel
Machine Pty Ltd (In Liquidation) A.C.N. 008 168 563 will be held
in the meeting room of SimsPartners, Level 6, 12 Pirie Street,
Adelaide, on April 19, 2005 at 10:00 a.m.

Dated this 4th day of March 2005

Alan Geoffrey Scott
Liquidator

Note:

To enable creditors to vote at the meeting, proof of debt and
proxy forms should be forwarded to SimsPartners, Level 6, 12
Pirie Street, Adelaide before the commencement of the meeting.

Proof of debt and proxy forms are available from SimsPartners.
E-mail: adel@simspartners.com.au


WHITEMORE HOLDINGS: To Declare Final Dividend April 18
------------------------------------------------------
A first and final dividend is to be declared on April 18, 2005
for Whitemore Holdings Pty Ltd.

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

Dated this 4th day of March 2005

B. J. Carter
Liquidator


WPS NEWCASTLE: To Convene Joint Meeting April 13
------------------------------------------------
Notice is given pursuant to Section 509 of the Corporations Act
2001 that a joint meeting of the members and creditors of WPS
(Newcastle) Pty Limited (In Liquidation) A.C.N. 068 522 761 will
be held at the offices of Horwath Sydney Partnership, Level 10,
1 Market Street, Sydney NSW 2000, on Wednesday, April 13, 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 2nd day of March 2005

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


ZURICH FINANCIAL: Says Revisions Won't Delay Results
----------------------------------------------------
Zurich Financial Services Australia said it will release its
2004 financial statement on time, though it still needs to
revise results for the previous four years, the Sydney Morning
Herald reports.

Last month, the embattled insurer lodged with the Australian
Securities and Investment Commission (ASIC) four formal "request
for correction" forms after it admitted to falsifying financial
accounts relating to a reinsurance deal between 2000 and 2003.
The final corrections have not yet been approved as of press
time.

The proposed revisions follow an internal review that was
prompted by investigations launched by corporate and prudential
regulators.

Zurich Financial assured they would not delay the preparation of
the firm's 2004 financial statements, which are expected to be
released early this month.

A spokeswoman for ASIC said the regulator could not comment on
the matter because it related to a current investigation.

The Australian Prudential Regulation Authority also declined to
comment.

CONTACT:

Zurich Financial Services Australia Ltd
5 Blue St North Sydney
NSW 2060 Australia
Web site: http://www.zurich.com.au/


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

ADHIPRESS LIMITED: Enters Winding Up Proceedings
------------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Adhipress (Hong Kong) Limited by the High Court of Hong Kong
Special Administrative Region was on the February 7, 2005
presented to the said Court by Sofica Miranda Trochard of 9 rue
Fabre, 91370 Verrieres le Buisson, France.  

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

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

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

Hastings & Co.
Solicitors for the Petitioner
5/Floor, Gloucester Tower
The Landmark,
11 Pedder Street
Central, Hong Kong
Phone: 2523 9161    
Fax: 2845 9266

Note:

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


ADHIPRESS S.A.: Winding Up Hearing Set April 13
-----------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Adhipress S.A. by the High Court of Hong Kong Special
Administrative Region was on the February 7, 2005 presented to
the said Court by Sofica Miranda Trochard of 9 rue Fabre, 91370
Verrieres le Buisson, France.  

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

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

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

Hastings & Co.
Solicitors for the Petitioner
5/Floor, Gloucester Tower
The Landmark,
11 Pedder Street
Central, Hong Kong
Phone: 2523 9161    
Fax: 2845 9266

Note:

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


BANK OF CHINA: In Strategic Talks with Foreign Banks
----------------------------------------------------
The Bank of China (BOC) is currently in talks with the Bank of
America Corporation and other foreign investors on strategic
investment, Reuters reports, citing BOC spokesman Wang Zhaowen.

The Bank of America is considering a substantial investment in a
large Chinese bank as it seeks to expand outside the United
States.

Earlier this month, a Beijing loan manager of BOC was arrested
in connection with a JPY640 million properly loan fraud. The
bank fired loan manager Mr. Xu Weilian, who was suspected of
conspiracy with outside parties.

CONTACT:

Bank of China
1 Fuxingmen Nei Dajie
Beijing, 100818, China
Phone: +86-10-6659-6688
Fax: +86-10-6601-4024


FOCUS CENTRAL: Court Issues Winding Up Notice
---------------------------------------------
Focus Central Development with registered office located at 1/F
& 2/F, Florence Plaza, 23 Cheung Wah St, Cehung Sha Wan, Kln was
issued a winding up notice by the High Court of the Hong Kong
Special Administrative Region Court of First Instance on March
16, 2005.

Date of Presentation of Petition: January 10, 2005.

Dated this 1st day of April 2005.

ET O'Connell
Official Receiver


KARMAN PROPERTIES: Begins Bankruptcy Proceedings
------------------------------------------------
Karman Properties Limited with registered office located at Rm
1406-13, Park-in Commercial Centre, 56 Dundas St, Mongkok, Kln
was issued a winding up notice by the High Court of the Hong
Kong Special Administrative Region Court of First Instance on
March 16, 2005.

Date of Presentation of Petition: January 10, 2005.

Dated this 1st day of April 2005.

ET O'Connell
Official Receiver


LUCKY STATE: Receives Winding Up Notice
---------------------------------------
Lucky State Limited with registered office located at 2/F,
Queen's Place, 74 Queen's Road Central, Hong Kong was issued a
winding up notice by the High Court of the Hong Kong Special
Administrative Region Court of First Instance on March 16, 2005.

Date of Presentation of Petition: January 7, 2005.

Dated this 1st day of April 2005.

ET O'Connell
Official Receiver


MATIMAK HONG KONG: Receiving Proofs of Debt Until April 29
----------------------------------------------------------
Notice is hereby given that the creditors of Matimak Hong Kong
Limited (In Member's Voluntary Winding Up), are required on or
before April 19, 2005 to send in their names, addresses and
particulars of their debts or claims, and the name and address
of their solicitors, if any, to the Liquidator of the said
Company.

If so required by notice in writing from the said Liquidators,
they are to come in either by themselves or by their solicitors
and prove their said debts or claims at such time and place as
shall be specified in such notice. In default thereof, they will
be excluded from the benefit of any distribution before such
debts are proved.

Dated this 6th day of April 2005.

CHIONG LAI LAI
Liquidator
Room 1201, Dina House
Rutrtonjee Centre
11 Duddell Street
Central, Hong Kong


RL FINANCE: Winding Up Hearing Slated for April 13
--------------------------------------------------
Notice is hereby given that a Petition for the Winding up of RL
Finance S.A. by the High Court of Hong Kong Special
Administrative Region was on the February 7, 2005 presented to
the said Court by Sofica Miranda Trochard of 9 rue Fabre, 91370
Verrieres le Buisson, France.  

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

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

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

Hastings & Co.
Solicitors for the Petitioner
5/Floor, Gloucester Tower
The Landmark,
11 Pedder Street
Central, Hong Kong
Tel: 2523 9161    
Fax: 2845 9266

Note:

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


ROYAL HONOUR: Court Issues Winding Up Notice
--------------------------------------------
Royal Honour (Asia) Limited with registered office located at Rm
508A, 5/F, Hanson House, 794-802 Nathan Road, Mongkok, Kln was
issued a winding up notice by the High Court of the Hong Kong
Special Administrative Region Court of First Instance on March
16, 2005.

Date of Presentation of Petition: January 10, 2005.

Dated this 1st day of April 2005.

ET O'Connell
Official Receiver


VERTEX COMMUNICATIONS: AGM Set for April 29
-------------------------------------------
Notice is hereby given that the annual general meeting (AGM) of
the shareholders of Vertex Communications & Technology Group
Limited will be held at Plaza IV, Lower Lobby, Novotel Century
Hong Kong, 238 Jaffe Road, Wanchai, Hong Kong on Friday, April
29, 2005 at 3:30 p.m. for the following purposes:

1. To receive and consider the audited financial statements of
the Company for the year ended 31 December, 2004 together with
the reports of the board of directors of the Company and
Deloitte Touche Tohmatsu, the auditors of the Company

2. To re-elect directors of the Company and authorize the Board
of Directors to fix the Director's remuneration;

3. To re-appoint Deloitte Touche Tohmatsu as the auditors of the
Company and to authorize the Board of Directors to fix their
remuneration;

4. To consider as special business and, if thought fit, pass,
with or without modification, the following resolutions at
http://bankrupt.com/misc/tcrap_vertex040705.pdf

By Order of the Board
Vertex Communications & Technology Group Limited
AU YEUNG Pui Shan Karen
Company Secretary
Hong Kong, 31st March 2005

CONTACT:

Vertex Communications & Technology Group Limited
Room 2703, China Merchants Tower
Shun Tak Centre
168-200 Connaught Road Central
Hong Kong


WISE FORTUNE: Court Releases Winding Up Notice
----------------------------------------------
Wise Fortune Corporation Limited with registered office located
at LG/F, Chinachem Golden Plaza, 77 Mody Road, Tsimshatsui East,
Kln was issued a winding up notice by the High Court of the Hong
Kong Special Administrative Region Court of First Instance on
March 16, 2005.

Date of Presentation of Petition: January 10, 2005.

Dated this 1st day of April 2005.

ET O'Connell
Official Receiver


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

INDOFOOD SUKSES: Buys Back IDR884-Bln Bonds
-------------------------------------------
PT Indofood Sukses Makmur Tbk bought back IDR883.79 billion
worth of dollar bonds in an effort to refinance IDR2.65 trillion
in bonds, Indoexchange News reports.

The Company wants to lessen its exposure to currency
fluctuations, which have affected profits in the past years.
According to corporate secretary Djoko Wibowo, a British court
is set to confirm the bond buyback this month, before the
Company can complete its refinancing. The Company has been
buying back bonds issued in Mauritius, after Indonesia ended a
tax treaty with the country.

Four local institutions, among them PT Mandiri Sekuritas and
Trimegah Securities, are handling the bonds buyback.

CONTACT:

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


MERPATI NUSANTARA: Raises Fares to Cope with Fuel Price Hike
------------------------------------------------------------
Merpati Nusantara Airlines is set to increase its ticket prices
due to the rising prices of aviation fuel, reports the Jakarta
Post.

Company corporate secretary Jaka Pujiyono said that they are
confident that passengers will continue to ride with the
airline, even with the fare increase. He stressed the decrease
in passengers would not be significant.

The Indonesian National Air Carriers Association (INACA)
announced that it was allowing airlines to increase their ticket
prices up to IDR75,000 per flight hour per passenger, to start
on April 6, 2005. The decision was made in expectation of a 20%
price increase in avtur gas, and 14% increase in avigas prices
(avtur and avigas are aviation fuels used to fuel aircraft),
otherwise the local airline industry would fall.

The Company is estimating a relatively small 10% decrease in its
passenger numbers, according to Mr. Jaka. Since most airlines
had difficulty in coping with the rising oil prices, Merpati
Nusantara had to increase its prices, too, to remain
competitive, although it would not seek the maximum price
increase for its fares.

CONTACT:

Merpati Nusantara Airlines
PO Box 323, Jln. Angkasa
Block 815 Kav 2-3
Jakarta 10720 Indonesia
Phone: +61 (0) 8 8941 1606
       +62 21 654 6789
Web site: http://www.merpati.co.id


PERTAMINA: Court Postpones Appeal Hearing Until April 11
--------------------------------------------------------
PT Pertamina's scheduled hearing to appeal the ruling of the
Business Competition Supervisory Commission (KPPU) was postponed
to April 11 by the Central Jakarta District Court, the Jakarta
Post reports.

The Company had filed an appeal against the penalties that the
KPPU imposed on it, for violations in the sale of two Company
Very Large Crude Carrier (VLCC) tankers last year.

According to judge Agus Subroto, the hearing was rescheduled for
April 11, so that the KPPU would present its investigation
documents into the Company's violation of fair business
competition in the tanker sale.

The KPPU said that the tanker sale resulted to IDR474.07 billion
in state losses; Company lawyer Amir Syamsuddin said that there
was no business discrimination or collusion in the sale.

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


TELEKOMUNIKASI INDONESIA: Satellite Launching Hits Snag
-------------------------------------------------------
A company official said that state-owned PT Telekomunikasi
Indonesia delayed the launch of its Telkom-2 satellite yet
again, reports Asia Pulse.

The satellite was originally scheduled for launch in Dec. 2004,
but was later moved to April 14. This is the second time that
the scheduled is delayed.

The Telkom-2 satellite is set to replace the Company's current
Palapa B4 satellite, which due to stop running in 2001 after 9
years in orbit, but the Company was able to operate it for four
more years, garnering IDR741.4 trillion in profits.

According to the Company's Long Distance Division head Sarwoto
Atmosutarno, the Telkom-2's launch was delayed as the firm is
waiting for a co-passenger satellite, a French defense
satellite, to be completed. Both satellites are scheduled to
launch together.

CONTACT:

P.T. Telekomunikasi Indonesia (Persero)
Jalan Japati No 1
Bandung 40133
Indonesia
Phone: +62 22 452 1108
Fax: +62 22 452 1408
Web site: http://www.telkom.co.id/


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

DAIEI INCORPORATED: Taps Outsiders to Head Store Operations
-----------------------------------------------------------
Daiei Incorporated has decided to recruit Mr. Mitsuo Tsuchiya,
the former manager of Tokyu Land Corp.'s (TSE:8815) Tokyu Plaza
shopping complexes, as head of its general merchandise store
operations, Asia Pulse reports.

The ailing supermarket chain operator also decided to appoint
Mr. Keiji Koiso, who was in charge of Seiyu Ltd.'s operations in
central Japan, to supervise its food supermarket division.

Both recruits are expected to assume their positions next month.

CONTACT:

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


EBISU KASEI: Files for Bankruptcy
---------------------------------
Ebiso Kasei K.K. has begun bankruptcy proceedings with total
liabilities of US$44.44 million, says Teikoku Databank America.

The manufacturer of bedding products is located in Osaka-shi,
Osaka 532-0011.

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


JAPAN TOBACCO: Russian Plant Keeps Operating Amid Tax Dispute
-------------------------------------------------------------
Japan Tobacco Inc. said its Russian cigarette factory Petro will
continue to operate after tax authorities froze the factory's
bank accounts over a bill, Bloomberg reports, citing Russian
newspaper Kommersant.

The newspaper reported on Monday that the plant may have to halt
production as early as this week, citing Vadim Botsan-
Kharchenko, Director of Communications for Japan Tobacco in
Russia. The tax authorities are claiming US$15 million in back
taxes and fines from Petro.

Japan Tobacco, based in Tokyo, said it will fight the tax claim
at a hearing scheduled for April 20.

CONTACT:

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


MATSUSHITA ELECTRIC: Eyes 50% Rise in PDP TV Sales
--------------------------------------------------
Matsushita Electric Industrial Co. will aim to increase its
plasma display panel TV sales by over 50% this fiscal year
ending in March 2006, Dow Jones reports.

The new goal was announced at a press conference to promote the
company's launch of its new "Viera"-series flat TV models
worldwide from May.

In the nine months ended December 31, Matsushita's sales of PDP
TVs surged 101 percent on year to JPY178.3 billion.

CONTACT:

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


MITSUBISHI FUSO: To Recall 2,156 Additional Trucks
--------------------------------------------------
Mitsubishi Fuso Truck & Bus Corporation said it is recalling
2,156 trucks in its Fuso Canter Guts lineup to correct
inadequate waterproofing of the roller bearing section inside
the rear wheel hubs, reports Kyodo News.

According to a report submitted to the Ministry of Land,
Infrastructure and Transport, Ministry, subject to the recall
are those manufactured between June 2002 and August 2004.

CONTACT:

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


MITSUBISHI FUSO: Forges Alliance with Nissan Diesel
---------------------------------------------------
Mitsubishi Fuso Truck & Bus Corporation and Nissan Diesel Motor
Co. will form a technological tie-up to meet Japan's new
emissions control standards, the Nihon Keizai Shimbun reports.

The deal calls for Nissan Diesel to supply diesel engine
emissions reduction technology to Mitsubishi Fuso to allow the
latter to meet the new standards to be introduced in October.

The deal in turn will allow Nissan Diesel to lessen production
costs by increasing output of emissions reduction system parts.


MITSUBISHI FUSO: Expects to Post Operating Profit This Year
-----------------------------------------------------------
DaimlerChrysler AG is expecting its truck unit Mitsubishi Fuso
Truck & Bus Corporation to post an operating profit this fiscal
year ending in March 2006, AFX News reports, citing
DaimlerChrysler management board member Andreas Renschler.

Fuso head Wilfried Porth said Fuso had a "weak" start in March
but market share is again back to almost 25 percent.

Mr. Renschler also said Fuso plans to build the new Canter in
Portugal as part of plans to increase the Japanese company's
unit sales in Europe.


PIONEER CORPORATION: Introduces DVD-R DL Recorders
--------------------------------------------------
Pioneer Corporation announced the introduction in Japan of the
DVR-530H and DVR-555H, the world's first DVD recorders with
built-in HDD to incorporate the Dual Layer DVD-R (DVD-R DL)
technology, which allows recording up to 24 hours of content on
a single DVD-R DL disc. In accordance with a rapid expansion of
the DVD recorder market in Japan, the DVD format has now
practically become the standard for recording TV programs at
home in Japan.

Pioneer's new DVD recorders realize superior performances in
terms of recording time, operability and dubbing convenience by
offering DVD-R DL recording as well as a variety of easy,
convenient functions including: "Quick Disc Navigator," "Help
Navigator," and the industry's fastest high-speed dubbing of
100X max (HDD to DVD). Onto a DVD-R DL disc, the new DVD
recorders can record up to 24 hours of video content in the MN1
recording mode, or a maximum of about 6 hours with the same
picture quality as commercially available DVDs.

For the HDD, the DVR-530H (equipped with a 200 GB HDD) can
record up to about 569 hours, and the DVR-555H (with a 250 GB
HDD) up to about 711 hours. Also the new recorders are equipped
with the "XP+ recording mode" (to HDD), which allows recording
even better quality images at 15 Mbps, besides the previous
highest picture-quality recording mode "XP" (10 Mbps). The
industry's fastest high-speed copy capability of approximately
100x speed (HDD to DVD-R) makes it possible to copy a one-hour
program in about 40 seconds.

The DVR-530H and DVR-555H will be available in early May and
early June respectively in the Japanese market. No retail prices
of these models are suggested.

For more information go to the Company's Web site at
http://www.pioneer.co.jp/press/release149.html

CONTACT:

Pioneer Corporation
4-1, Meguro 1-Chome
Meguro-Ku, TOKYO 153-8654
JAPAN
Phone: +81 3- 3494-1111
Fax: +81 3 34954428
Web site: http://www.pioneer.co.jp/


SUMITOMO MITSUI: Scraps Merger Plan with Fujita
-----------------------------------------------
Sumitomo Mitsui Construction Co. and Fujita Corporation said
separately that they will split up their firms into construction
firms and real estate firms as of October 1, Asia Times reports.

The two struggling midsize contractors reportedly had been
discussing integrating their operations, but Sumitomo Mitsui
revealed that Fujita told the company that it would scrap the
plan.

Sumitomo Mitsui will dispose of JPY259 billion (US$2.4 billion)
in losses for the year that ended on March 31. Its liabilities
will exceed assets by more than JPY210 billion. It will ask its
60 or so lenders for debt waivers of about JPY184 billion.

Fujita will dispose of nearly JPY150 billion in paper losses in
fiscal 2004. Its liabilities will exceed assets by more than 110
billion yen. It intends to ask financial institutions to forgive
JPY91 billion in debts. The firm also plans to issue new shares
to U.S. investment fund Lone Star Group and others to raise 41
billion yen in new capital.

It will be the second time that Sumitomo Mitsui will ask lenders
to waive debts and the third time for Fujita.

CONTACT:

Sumitomo Mitsui Construction Co., Ltd.
1-36-5, Nihonbashi-Kakigaracho
Chuo-ku Tokyo
103-0014 Japan
Phone: +81 (0)3 5614-9832
Fax: +81 (0)3 5614-9810


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

LG CARD: Prefers Domestic Buyer
-------------------------------
LG Card Co. said that it hopes to find a domestic investor to
acquire the company, but that the price would matter more,
Reuters News reports.

Company CEO Park Hae-choon was quoted as wanting a local company
to acquire LG Card, due to the significant customer base and tax
benefits the buyer would receive from the sale, but said that in
the end, the price would be the important factor, and not
whether the buyer was local or foreign. He added that creditors
would try to maximize shareholder interest in the sale of the
Company.

LG Card recorded profits amounting to KRW325.6 billion in the
fourth quarter of last year. Creditors have injected over KRW1
trillion into the Company in order to rescue it from bankruptcy.
Last month, LG Card cancelled 81.8% of its shares as part of its
debt-restructuring scheme, and capital was reduced from KRW3.2
trillion in 2004 to KRW55.3 billion as of March 8, 2005.

The Company is likely to be up for sale by creditors at the end
of the year, after full recovery of its operations. It is also
forecast to attract the interest of both domestic and foreign
bidders.

One of the local firms interested in bidding for LG Card is Hana
Bank, who is reported to be tying up with SK Telecom Co. for the
planned takeover sale, but Mr. Park is against the tying up of
the two companies, saying it could result to a "monopoly of
customer information," which wouldn't be approved by the
government.

Main creditor Korea Exchange Bank hopes to garner a minimum
KRW4.5 trillion from the sale of LG Card.

CONTACT:

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


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

GULA PERAK: Converts Loan Stocks into New Ordinary Shares
---------------------------------------------------------
Gula Perak Berhad's additional 95,000 new ordinary shares of
RM1.00 each issued pursuant to the Company's conversion of
103,000 irredeemable convertible secured loan stocks 2000/2005
into 95,000 new ordinary shares are granted listing and
quotation effective Friday, April 8, 2005, 9:00 a.m.

CONTACT:

Gula Perak Berhad
Level 7, Dynasty Hotel
Kuala Lumpur 218, Jln Ipoh,
51200 Kuala Lumpur
Malaysia
Phone: 03-4044 2828
Fax:   03-4044 668


GULA PERAK: Turns Around After Six Years of Losses
--------------------------------------------------
Gula Perak Berhad's figures for the year ended March 31, 2005,
showed that the Company has finally enjoyed profit after 6 years
of losses, reports Business Times.

According to executive director Peter Leow, the Company was able
to save on interest costs in their debt-restructuring program by
converting most of their loans into loan stocks. The
restructuring included a MYR154.5 million bank guarantee
facility, MYR25 million revolving credit, and a syndicated term
loan worth MYR21 million.

Its two hotels, namely the Dynasty Hotel with 788 rooms, and the
Empress Hotel with 320 rooms, have been enjoying more than 50%
occupancy. The Company is set to open a budget hotel in Kuala
Lumpur soon. Revenues are expected to remain strong with
increased tourist arrivals from China and the Middle East.

The Company's landbank in Batang Berjuntai and Jalan Pahang were
expected to launch, but according to the firm, the timing wasn't
right, as there was a lack of infrastructure in the area. Both
projects will take off as soon as the government has completed
infrastructure along the road, according to Mr. Leow.

The Company expects profits for the rest of the year, with
revenues from its core hotel business and plantation business.


I-BERHAD: Buys Back 17,000 Shares
---------------------------------
I-Berhad disclosed to the Bursa Malaysia Securities Berhad the
details of shares it had bought back on April 6, 2005.

Date of buy back: 06/04/2005

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

Total number of shares purchased (units):             17,000

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

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

Total consideration paid (RM):                   13,701.04

Number of shares purchased retained in treasury
(units): 17,000

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

Cumulative net outstanding treasury shares as at to-date
(units): 1,362,700

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


JIN LIN: Court OKs Further RO Extension up to July 26
-----------------------------------------------------
In relation to the announcement dated March 29, 2005, Jin Lin
Wood Industries Berhad announced that on April 6, 2005, the
Company and its subsidiaries were granted an extension of the
Restraining Order (RO) to stay the winding-up petition issued on
the Company by Alwayield Sdn Berhad.

The Kuala Lumpur High Court granted the extension on the RO for
a further period of 120 days effective from March 29, 2005 to
July 26, 2005, in accordance with Section 176(10) of the
Companies Act, 1965.

CONTACT:

Jin Lin Wood Industries Berhad
177, 2nd Floor
Taman Sri Dagang, P O Box 3181
97013 Bintulu,
Sarawak, Malaysia
Phone: 086-334661/335570
Fax:   086-330866/334808


KEMAYAN CORPORATION: SC Grants Extension to Complete Audit
----------------------------------------------------------
Further to the announcements dated Aug. 15, 2003 and Feb. 6,
2004, Kemayan Corporation Berhad announces that the Securities
Commission (SC) has, via its letter dated April 5, 2005,
approved the Company's application for a further extension up to
June 15, 2005, to enable auditors Messrs. Monteiro & Heng to
complete the investigative audit on the Company, as required by
the SC in relation to the Company's proposed debt restructuring
scheme.

Further developments in relation to the Proposed Restructuring
Scheme will announced in due course.

CONTACT:

Kemayan Corporation Berhad
Taman Tasek
Johor Bahru, Johor Bahru 80200
Malaysia
Phone: +60 7 236 2390
Fax:   +60 7 236 5307


KILANG PAPAN: Can't Comply with Bursa Malaysia Requirement
----------------------------------------------------------
Kilang Papan Seribu Daya Berhad announced that it does not
comply with paragraph 15.10 (1) (c) of the Bursa Malaysia
Securities Berhad (Bursa Securities)'s Listing Requirements,
which stipulate that at least one member of the Audit Committee
must be a member of the Malaysian Institue of Accountants (MIA),
or if he is not a member of the MIA, he must fulfill the
criteria set out in Paragraph 15.10 (1) ( c ) (ii) (aa) or (bb).

The non-compliance is due to the introduction of the said
requirement by Bursa Securities. The Company is unable to
recruit a new member for its Audit Committee as none of the
candidates are willing to accept appointment until the Company's
Restructuring Scheme is implemented.

Bursa Securities has granted a 6-month extension from April 6,
2005 to Sept. 30, 2005 to enable the Company to fulfill the said
requirement.

CONTACT:

Kilang Papan Seribu Daya Berhad
Lot 1 Harmoni Industrial Estate
Kolombong, Inanam 88100
Malaysia
Phone: +60 88 423 385
Fax:   +60 88 423 287


LIANG HUAT: Court Orders Unit's Winding Up
------------------------------------------
Liang Huat Aluminum Ltd. announced that the Kuala Lumpur High
Court ordered the winding up of the Company's wholly owned
subsidiary, Glaspec (M) Sdn Berhad, on March 24, 2005.

Glaspec (M) Sdn Berhad processes different kinds of glass, such
as decorative glass. The Company did not contest the winding-up
petition, since the unit is not moving ahead. The order is part
of a comprehensive review created by the Company's consultant,
KPMG Business Advisory Pte. Ltd., in an effort to streamline
Company businesses.

The Company is still evaluating the impact of the unit's
winding-up on its net tangible asters and earnings per share for
the financial year.

CONTACT:

Liang Huat Aluminium Ltd
51 Benoi Rd.
Liang Huat Industrial Complex,
Singapore 629908
Phone : (65) 862-2228
Fax : (65) 861-3484


LION INDUSTRIES: Set to List More Shares Today
----------------------------------------------
Lion Industries Corporation Berhad's additional 43,000 new
ordinary shares of RM1.00 each issued pursuant to the Company's
Executive Share Option Scheme are granted listing and quotation
effective Friday, April 8, 2005, 9:00 a.m.

CONTACT:

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


PADIBERAS NASIONAL: Restructures Unit to Improve Business
---------------------------------------------------------
In order to boost its operations, Padiberas Nasional Berhad is
restructuring its rice unit, Jasmine Group, the Business Times
reports.

Jasmine Group includes Company subsidiaries Jasmine Food
Corporation Sdn Berhad and Jasmine Rice Mill Sdn Berhad. Jasmine
Rice Mill will become a wholly owned subsidiary of Jasmine Food
Corporation.

In a statement to the Bursa Malaysia Securities Berhad,
Padiberas Nasional said that the purchase was priced at around
MYR11.39 million, which would be satisfied by the issuance of
5.23 million new ordinary shares at MYR1.00 each in Jasmine Food
Corporation.

Jasmine Food Corporation entered into a share sale agreement
with Padiberas Nasional and others to purchase 10 million
shares, the entire paid-up share capital of Jasmine Rice Mill.

CONTACT:

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


PAN MALAYSIA: Repurchases 50,000 Shares
---------------------------------------
Pan Malaysia Corporation Berhad disclosed details of its shares
buy back on April 6, 2005 to the Bursa Malaysia Securities
Berhad.
  
Date of buy back: 06/04/2005

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

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

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

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

Total consideration paid (RM):                   19,342.38

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

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

Cumulative net outstanding treasury shares as at to-date
(units): 21,315,500

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


PANTAI HOLDINGS: Issues Shares Buy Back Notice
----------------------------------------------
Pantai Holdings Berhad disclosed to the Bursa Malaysia
Securities Berhad details of its shares buy back on April 6,
2005.
  
Date of buy back: 06/04/2005

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

Total number of shares purchased (units):             46,000

Minimum price paid for each share purchased (RM):      0.990

Maximum price paid for each share purchased (RM):      1.020

Total consideration paid (RM):                   46,187.63

Number of shares purchased retained in treasury
(units):  46,000

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

Cumulative net outstanding treasury shares as at to-date
(units): 28,462,800

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

CONTACT:

Pantai Holdings Berhad
3rd Floor, Block B
Pantai Medical Center
No. 8 Jalan Bukit Pantai
59100 Kuala Lumpur
Malaysia
Phone: 03-22879822
Fax:   03-22873822
Web site: http://www.pantai.com.my/


TANCO HOLDINGS: Creditors Favor MYR166-Mln Debt Waiver
------------------------------------------------------
Tanco Holdings Berhad announced that two if its major creditors,
namely Maybank Berhad and Hong Leong Bank Berhad, have agreed to
take a costly MYR166 million haircut on debts owed them by the
Company, reports the Star News.

The Company proposed a payment of MYR177.5 million in cash as
full settlement of its total borrowings amounting to MYR343.3
million, which means that the bankers agreed to take a debt
haircut of MYR166 million.

In the scheme, the Company's lenders are classified into three
groups: Group 1 (secured lenders) would accept MYR165.7 million
as settlement for MYR279 million in debt; Group 2 (cross-secured
lenders), which is owed MYR51.8 million, would accept MYR10.6
million, while Group 3 (unsecured lenders) would take the
highest haircut (90%), settling for MYR1.2 million out of a
MYR12.5 million debt.

This would result to substantial savings in interest costs, and
the Company's net tangible assets would greatly improve, paving
the way for a corporate restructuring where it could acquire
income-generating assets.

This is the second debt-restructuring scheme proposed by the
Company, the first scheme being that it would undergo a capital
reduction, and would settle its debts through a loan stocks
issue. At present, the Company's market capitalization is lower
than MYR40 million, with the current share price at 11 sen.

According to sources, creditors who were owed 80% of the
Company's debts agreed to the second scheme. Under Section 176
of the Companies Act, Tanco Holdings had to have the support of
75% of its creditors, so it is very likely that this alternative
scheme will push through.

CONTACT:

Tanco Holdings Berhad
Jalan Desa Bandar Country Homes
Rawang, Selangor
Darul Ehsan 48000
Malaysia
Phone: +60 3 6092 8333
Fax:   +60 3 6091 3188
Web site: http://www.samuelmanutech.com/


WCT ENGINEERING: Granted Listing of Additional Shares
-----------------------------------------------------
WCT Engineering Berhad's additional 364,380 new ordinary shares
of MYR1.00 each issued pursuant to the Company's exercise of
364,380 warrants 2000-2005 are granted listing and quotation
effective Friday, April 8, 20005, 9:00 a.m.

CONTACT:

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


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

MANILA ELECTRIC: Hikes Generation Charge by Php0.125/kWh
--------------------------------------------------------
Bills already dispatched to customers showed Manila Electric
Company (Meralco) has increased its generation charge by 12.5
centavos per kilowatt-hour (kWh), reports The Manila Bulletin.

Meralco attributed the slight increase to lower dispatch volume
of power suppliers especially during the Holy Week season.

In the April billing, Meralco's generation charge would be at
Php4.5259 per kWh. This is higher compared to last month's
Php4.4007, which resulted from higher dispatch of its contracted
independent power producers (IPPs).

In the coming months, Meralco has been anticipating reduction in
its power rates, if the bottleneck in the transmission system
for the accommodation of higher dispatch of its IPPs would
already be addressed completely.

CONTACT:

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


METRO PACIFIC: Postpones AGM to June 24
---------------------------------------
Due to a financial reporting delay from certain subsidiaries,
Metro Pacific Corporation is unable to complete its consolidated
financial reports in time for previously scheduled April 28,
2005 stockholders' Annual General Meeting (AGM).

Therefore, the Company has scheduled a new date for its 2004 AGM
to occur on June 24, 2005 at the Ballroom, 3rd level, Palms
Country Club, 1410 Laguna Heights Drive, Filinvest Corporate
City, Alabang, Muntinlupa City.

This is also to amend the record date previously date March 30,
2005 to March 31, 2005 for purposes of determining the
stockholders entitles to notice of, and to vote at the same
meeting.

CONTACT:

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


NATIONAL BANK: Mier to Take Post as Acting President, CEO
---------------------------------------------------------
The two owners of Philippine National Bank (PNB) have appointed
Omar Byron T. Mier as acting president and chief executive of
the bank, according to Business World.

The government and the Lucio Tan group mutually agreed to let
Mr. Mier, former PNB executive vice-president and chief credit
officer, take over Lorenzi V. Tan as president. Mr. Tan will end
his three-year service at PNB on April 10 to pursue other goals.

Mr. Tan's resignation came as a surprise since many were
expecting him to lead PNB's turnaround.  

Following six years of successive losses, PNB swung to
profitability in 2003 with an income of Php168 million, a
turnaround from a Php1.948-billion loss in 2002. Under a five-
year rehabilitation plan, PNB was forecast to incur losses
during the first year, and start to earn on the third and fourth
year.

CONTACT:

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


NATIONAL BANK: Six Banks Eye Financial-advisory Deal
----------------------------------------------------
Six investment banks have expressed their willingness to serve
as financial advisor in the privatization of the Philippine
National Bank (PNB), The Philippine Star says.

The Philippine Deposit Insurance Corporation (PDIC) confirmed
Credit Suisse First Boston, JP Morgan and Morgan Stanley have
submitted proposals.

The PDIC hopes to select as soon as possible a financial
advisor, who will be tasked to formulate the best scenario on
the sale of the 67-percent PNB stake.

The government and the Lucio Tan Group are selling 67 percent of
their combined 90-percent stake in PNB, as their joint-sale
agreement ends in September.

The sale of government's stake in PNB will give the National
Government some Php10 billion since it controls 46 percent of
common and preferred shares. Of the amount, roughly Php2.5
billion will go to the Bureau of Treasury (BTr) and
approximately Php7.8 billion to PDIC.


NORTHERN FOODS: Seeks Quick Resolution of Dumping Complaint
-----------------------------------------------------------
State-owned Northern Foods Corporation (NFC) urged the
Department of Agriculture (DA) to immediately resolve its
complaint against China's alleged dumping of cheap tomato paste,
Business World relates.

NFC is anxious to hear a resolution on the anti-dumping case,
which NFC lodged against China. NFC Chairman Bernardo J.B. Mitra
questioned the absence of a resolution when there have been
evidences to prove China engaged in dumping activities.

The DA decision will play a part in resolving whether the
country's largest tomato processing firm will continue
operating. Officials said its sustainability has been threatened
since 1996 when Chinese firms began selling cheap tomato paste
locally.

NFC faces possible closure after failing to obtain a Php198-
million loan from the Agricultural Competitiveness Enhancement
Fund, which would have been used to upgrade the firm's three
plants to enable it to produce higher quality tomato paste.

NFC has a parallel request with the Tariff Related Matters
committee for the imposition of higher tariffs on imported
tomato paste to protect local tomato farmers.

CONTACT:

Northern Foods Corporation
8 F Hanston Building
Emerald Avenue
Pasig NCR
Phone: +63 (2) 631 1025
Web site: http://www.nfc.gov.ph/


PHILIPPINE NICKEL: Government Mulls US$300-Mln Debt Restructure
---------------------------------------------------------------
The government is keen on restructuring Philippine Nickel
Corporation's (PHILNICO) US$300-million debt, in a bid to lure
foreign investors into a stalled mining project in Surigao del
Norte, Business World reports.

The Department of Finance was ordered to study the move amid
renewed investor interest in the mining sector following a
landmark Supreme Court ruling allowing 100-percent foreign
participation in local mining projects.

President Gloria Macapagal-Arroyo expressed concern that
PHILNICO's US$300-million debt burden is discouraging foreign
investors from looking into Surigao's Nonoc Nickel Refinery.

The President directed Environment and Natural Resources Sec.
Michael T. Defensor to work out a scheme with the Finance
department that would allow interested foreign firms to pay the
debt over a longer period, and not upon the signing of a joint-
venture agreement with the government.

The Nonoc Nickel Refinery was established in the 1970s but was
closed in 1986 due to plunging world nickel price and soaring
crude and fuel costs. At the height of its operation the
refinery employed more than 3,000 workers and generated annual
revenues of between US$300 million and US$350 million.

CONTACT:

Philippine Nickel Corporation
Surigao City
Surigao del Norte
Borromeo Street City Hall Compound 8400 Surigao City Philippines
Phone: (086) 826-0249
Fax: (086) 826-4131
E-mail: cpdosc@surigao.philcom.com.ph
Web site: http://www.caraga13.gov.ph/surigaocity/


* ABN AMRO Cuts Philippines to "Neutral" from "Overweight"
----------------------------------------------------------
ABN AMRO Holding NV has downgraded its rating on the Philippines
from "overweight" to "neutral" due to the country's
vulnerability to an outflow of foreign funds, Dow Jones
Newswires reports.

While the investment bank said domestic demand remains positive
and it expects more progress on fiscal reforms, those positive
factors are outweighed by the risk of a withdrawal of foreign
capital.

"Foreign inflows over the past 15 months accounted for almost 9
percent of free float market cap, and so any further foreign
selling will hurt the market," ABN AMRO said in a report dated
April 4.

The investment bank's top stock picks in the Philippines include
Banco de Oro Universal Bank (BDO.PH), Manila Water Co. (MWC.PH),
SM Prime Holdings Inc. (SMPH.PH) and Ayala Land Inc. (ALI.PH).


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

DATACRAFT ASIA: Bags US$5.6Mln Contract from Hanaro
---------------------------------------------------
Datacraft Asia, the region's leading independent IT services
company, has been awarded a US$5.6 million contract by Hanaro
Telecom to migrate the Korean fixed-line and broadband services
provider's telecommunications backbone to an all 10 Gigabit -
based network with 1.28 Tbit/s switching capacity.

The Datacraft-designed solution, which deploys Cisco Ethernet
technology, will upgrade Hanaro's infrastructure with a
switching capacity of up to 1.28 Tbit/s, so that Hanaro can
deliver on its goal of providing triple play services to include
voice, as well as broadcast video and high-speed Internet
access-- all in a single package. In meeting its goal, Hanaro
will be able to stay ahead of the game in the highly competitive
Korean telecommunications market.

"We are also very pleased with the efficient deployment of the
solution," said YI Lee, Director, Network Planning Team, Hanaro
Telecom. "As a result of the increase in subscribers and network
traffic, our existing system was running out of capacity. We
therefore decided to upgrade the backbone network with a view to
increasing its capacity for growth and scalability, while
ensuring a highly stable infrastructure.

"The new, all 10G platform will enable us to effectively expand
our service portfolios and offer a wider and richer choice of
content to our subscribers. Our selection will cut across genres
from news to entertainment; and from music videos to games. We
are confident that this upgraded network will help achieve our
objectives of growing our customer base and reducing operating
expenditure, while improving our revenues and profits," added
Lee.

Additional upgrades include a one-port 10-Gigabit Ethernet Line
Card (1-Port 10-GbE), which increases the speed of Ethernet
connections by a factor of 10, enabling Hanaro to more cost-
effectively scale its distribution networks to higher traffic
capacities and simultaneously deliver more sophisticated and
higher value services without increasing complexity.

"Datacraft and Hanaro have developed a strategic partnership
over the years," said Young-Jong Hur, General Manager of
Datacraft Korea. "During this time, we have made it our business
to understand their business.

The result is a win-win partnership. Hanaro knows they can trust
Datacraft to provide timely, technically ideal solutions for
their needs, and more importantly, help them enhance their
service delivery to customers and grow their business."

The contract has no material impact on this financial year.

About Hanaro

Hanaro Telecom Inc is one of Korea's largest high-speed Internet
service and local telecommunications providers. The Company,
which was established in 1997 and commenced commercial
operations on 1 April 1999, is the only competitive local
exchange carrier in Korea licensed to provide voice telephony
services across its own last-mile access network. It also
provides broadband Internet access, multimedia content and
corporate data services bundled with voice telephone in an
integrated package.

Hanaro deploys multiple broadband last mile access technologies
to ensure rapid rollout in high-density areas while preserving
access speeds and minimizing coverage overlaps as well as
capital expenditure. Hanaro listed on the NASDAQ through
issuance of American Depository Receipts. Its common shares are
listed on KOSDAQ.

About Datacraft

"Best Asian Systems Integrator" for fifth consecutive year -
Telecom Asia

Datacraft is the leading independent IT services and solutions
company in Asia Pacific. The company helps clients plan, build
and support their IT infrastructures. Datacraft combines an
expertise in networking, security, operating environments,
storage and contact centre technologies, with advanced skills in
consulting, integration and managed services, to craft IT
solutions for businesses.

A member of the Dimension Data Group, Datacraft is listed on the
main board of the Singapore Exchange and is a component company
of the Straits Times Index. Headquartered in Singapore,
Datacraft spans more than 50 major offices and has over 1,200
employees across 13 Asia Pacific markets.

More information can be found at www.datacraft-asia.com

For further information contact:

Media Contacts Datacraft Asia Esther Quah, Head, Corporate
Communications & Brand Management

Telephone: 6322 6688
E-mail: esther.quah@datacraft-asia.com

BeeKee Lim, Specialist, Corporate Communications & Brand
Management, Telephone: 6322 6605
E-mail: bee-kee.lim@datacraft-asia.com

CONTACT:

Datacraft Asia Ltd - Headquarters
6 Shenton Way #24-11
DBS Building Tower Two
Singapore 06880
Telephone: (65) 6 323 7988
Fax: (65) 6 323 7933
E-mail: ask@datacraft-asia.com


GREATRONIC LIMITED: Independent Directors Respond to Allegations
----------------------------------------------------------------
Greatronic Limited advised the Singapore Stock Exchange (SGX)
that further to its announcement on April 2, 2005, the Company's
solicitors have written to the solicitors for Mr. Lim Kok Koon
to reject Mr. Lim's purported resignation as Chief Executive
Officer of the Company, which was stated to be with immediate
effect from March 31, 2005.

Under the terms of the service agreement between the Company and
Mr. Lim, he is required to give 6 months' notice of resignation,
alternatively pay 6 months' salary in lieu of notice.

The Company takes the position that Mr. Lim's plea at the Board
Meeting on March 28, 2005 to be reinstated as the Chief
Executive Officer, alternatively in some limited capacity so as
to assist restore confidence among the customers, suppliers and
employees of Greatronic Technology (M) Sdn Bhd (GTM) was just a
ruse to avoid the Company terminating his appointment as Chief
Executive Officer.

In their response, the Company's solicitors have set out the
breaches of duties by Mr. Lim, both in his capacity as Director
and Chief Executive Officer and demanded that he respond within
the next 7 days.

In the event Mr. Lim does not respond within the time limited or
if the response is not satisfactory, the Company shall terminate
Mr. Lim as Chief Executive Officer of the Company, without
prejudice to all other rights the Company may have against Mr.
Lim.

Separately, the independent directors have also responded to Mr.
Lim on his allegations against them. The independent directors
reject Mr. Lim's allegations totally.

In their reply, the independent directors take the position that
the manner in which the affairs of the Company have been
conducted since February 25, 2005 was caused by the
irresponsible attempt on the part of Mr. Lim to mislead the
independent directors about the availability of information
concerning the outstanding receivables of SG$1.3 million due to
GTM.

The independent directors further stated that Mr. Lim's
subsequent retraction and fresh allegations that the
transactions leading to the outstanding receivables are genuine
and that the reason for non-payment was the existence of
personal disputes between him and Mr. Huang Ming Lang @ Max
Huang (a former Director and Chairman of the Company) only
served to aggravate his irresponsibility.

As to Mr. Lim's allegation that the independent directors have
mismanaged the affairs of the Company, the independent directors
reject this allegation as being groundless. The actions of the
independent directors have been objective and impartial bearing
in mind the need to protect shareholders' interests.

Immediately after Mr. Lim agreed to take a voluntary leave of
absence, the independent directors appointed a Special Manager
to stabilize the situation and to ensure business continuity.

The Company wishes to add that the resignation of Mr. Lim as
Director and his purported resignation as Chief Executive
Officer of the Company has had no immediate impact on the
business of GTM.

The Board has been advised by the Special Manager that
operations at GTM are still running and efforts are being made
to secure new orders.

By Order of the Board
Greatronic Limited
April 6, 2005

CONTACT:

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


ONE LEARNING: Particulars of Debt, Claim Due May 3
--------------------------------------------------
Notice is hereby given that the creditors of One Learning Place
Pte Ltd (In Creditors' Voluntary Liquidation), which is being
wound up voluntarily are required on or before May 3, 2005 to
send in their names and addresses and particulars of their debts
or claims, and the names and addresses of their solicitors (if
any) to the undersigned, the liquidators of the said Company.

If so required by notice in writing by the said liquidators,
they are to come in by their solicitors or personally and prove
their debts or claims at such time and place as shall be
specified in such notice. In default thereof, they will be
excluded from the benefit of any distribution made before such
debts are proved.

Dated this 1st day of April 2005.

Bob Yap Cheng Ghee
Neo Ban Chuan
Liquidators.
c/o 16 Raffles Quay
#22-00 Hong Leong Building
Singapore 048581


QB HOUSE: Court to Hear Petition April 15
-----------------------------------------
Notice is hereby given that a petition for the winding up of QB
House Pte Ltd by the High Court was, on March 18, 2005 presented
by QB Net Co. Ltd (Company ID No. CO251258B), a company
incorporated under the laws of Japan and having its registered
place of business at Kyoudou BLDG, 8F 2-8-15, Ginza, Chuo-ku,
Tokyo, 104-0061, Japan, 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.


QMS JAMS: Creditors Given Until May 3 to Prove Debt, Claim
----------------------------------------------------------
Notice is hereby given that the creditors of QMS Jams Private
Limited, which is being wound up voluntarily are required on or
before May 3, 2005 to send in their names and addresses and
particulars of their debts or claims, and the names and
addresses of their solicitors (if any) to the undersigned, the
liquidator of the said Companies.

If so required by notice in writing by the said liquidators,
they are to come in by their solicitors or personally and prove
their debts or claims at such time and place as shall be
specified in such notice. In default thereof, they will be
excluded from the benefit of any distribution made before such
debts are proved.

Dated this 1st day of April 2005.

Wee Chee Hong
Liquidator
1 Pasir Ris Close
Singapore 519599


QUEBEC MANAGEMENT: Creditors' Proof of Debt, Claim Due May 3
------------------------------------------------------------
Notice is hereby given that the creditors of Quebec Management
Services Pte Ltd which is being wound up voluntarily are
required on or before May 3, 2005 to send in their names and
addresses and particulars of their debts or claims, and the
names and addresses of their solicitors (if any) to the
undersigned, the liquidator of the said Companies.

If so required by notice in writing by the said liquidators,
they are to come in by their solicitors or personally and prove
their debts or claims at such time and place as shall be
specified in such notice. In default thereof, they will be
excluded from the benefit of any distribution made before such
debts are proved.

Dated this 1st day of April 2005.

Wee Chee Hong
Liquidator
1 Pasir Ris Close
Singapore 519599


SEAVI II: To Discuss Manner of Property Disposal
------------------------------------------------
Notice is hereby given pursuant to section 308 of the Companies
Act, Cap. 50, that a Final Meeting of the Members of SEAVI II
LTD (In Members' Voluntary Liquidation) will be held at 138
Cecil Street, #15-00 Cecil Court, Singapore 069538 on May 5,
2005 at 10:00 a.m. for the purpose of laying before the Meeting
an account showing how the winding up has been conducted, and
the property of the Company disposed of and of hearing any
explanation that may be given by the Liquidator, and also of
determining by resolution the manner in which the books,
accounts and documents of the Company and of the Liquidator
shall be disposed of.

Dated this 31st day of March 2005.

Steven Tan Chee Chuan
Douglas Tan Kay Yeow
Joint Liquidators

Note:

Pursuant to section 181 of the Companies Act, Cap. 50, a member
entitled to attend and vote at this Meeting is entitled to
appoint another person or persons (whether a member or not) as
his proxy to attend and vote in his stead.


SUNWAY WORKFLOW: Particulars of Debt, Claim Due April 30
--------------------------------------------------------
Notice is hereby given that the creditors of Sunway Workflow
Automation Pte Ltd (In Voluntary Liquidation), which is being
wound up voluntarily, are required on or before April 30, 2005
to send in their names and addresses with particulars of their
debts and claims, and the names and addresses of their
solicitors (if any) to the undersigned of 1 North Bridge Road,
#13-03 High Street Centre, Singapore 179094, the Liquidator of
the said Company.

If so required by notice in writing by the said liquidators,
they are to come in by their solicitors or personally and prove
their debts or claims at such time and place as shall be
specified in such notice. In default thereof, they will be
excluded from the benefit of any distribution made before such
debts are proved.

Dated this 31st March 2005

Tay Joo Soon, CPA
Liquidator


SYSTRON POWER: Faces Winding Up Proceedings
-------------------------------------------
In the matter of Systron Power Systems Pte Ltd. a winding up
order was made on April 1, 2005.

Name and address of Liquidator:

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

Dated this 1st day of April 2005

Allen & Gledhill
Solicitors for the Petitioner

Note:

(a) All creditors of the abovenamed company should file their
proof of debt with the liquidator who will be administering all
affairs of the company.

(b) All debts due to the abovenamed company should be forwarded
to the liquidator.


UNI TECHNOLOGY: Lays Out Agenda of Contributories Meeting
---------------------------------------------------------
Take notice that a meeting of contributories of UNI TECHNOLOGY
(S) PTE LTD (In Liquidation) will be held at 18 Cross Street,
#08-01 Marsh & McLennan Centre (China Square Central), Singapore
048423 on April 19, 2005 (Tuesday) at 3:00 pm.

AGENDA

(1) To provide an update on the status of the liquidation;

(2) Approval of the liquidators' fees by the creditors;

(3) Declaration of a final dividend; and

(4) Any other business.

Dated this 1st day of April 2005

Chee Yoh Chuang
Lim Lee Meng
Liquidators
c/o Chio Lim & Associates
18 Cross Street
#08-01 Marsh & McLennan Centre
Singapore 048423


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

CIRCUIT ELECTRONIC: SET Allows Trading of Securities Until May 6
----------------------------------------------------------------
The Stock Exchange of Thailand (SET) has issued an announcement
that Circuit Electronic Industries Public Company Limited is
subject for rehabilitation.

The SET has posted an SP (Suspension) sign to prohibit trading
of securities of Circuit since the second trading session of
March 7, 2005 and also transferred the securities of the company
to REHABCO sector since March 9, 2005.

The SET also required the company to report to the SET by April
5, 2005 its decision whether it will proceed with rehabilitation
plan to propose to the company's shareholders or under the
Bankruptcy Act, or ask for a voluntary delisting, or try other
options which will benefit all stakeholders involved.

The SET will allow trading of the company on April 7, 2005 to
May 6, 2005 and after that the SET will suspend the securities
of Circuit Electronics again on May 9, 2005 until such listed
companies will be excluded from being delisted.  Details of the
SET announcement are disseminated SETSMART on March 7, 2005.

The SET has considered the company's decision submitted to the
SET (details are in the SETSMART on March 25, 2005 and April 5,
2005) and will proceed as follow;

(1) Allow trading of the company's securities, under the REHABCO
sector from April 7, 2005 to May 6, 2005. According to Clause 24
(3) and (6) of the regulations on the Stock Exchange of Thailand
Re: Trading, Clearing and Settlement of Securities in the Stock
Exchange (No.2) 1999, the daily price limits on the main board
on April 7, 2005 will be 100 percent of their last trading.

(2) Post an SP sign to prohibit further trading of Circuit
Electronic's securities on May 9, 2005 until the causes of
delisting are eliminated.

By virtue of Clause 5 (5) of the SET's rules, Conditions and
Procedure of the Temporary Prohibition against Trading of Listed
Securities dated on February 9, 1995, the company has to report
to the SET every six months its progress until the causes of
delisting are eliminated.
    
The SET would like the company's shareholders and general
investors to follow up its progress.

CONTACT:

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


HANTEX: Boosts Registered Capital by THB1,000,000,000
-----------------------------------------------------
Hantex Public Company Limited held its Extraordinary General
shareholders meeting No.1/2005, on April 5, 2005 at 2:00 pm. at
Sena Place Hotel, Phaholyothin 11, Phayathai, Bangkok. The
Meeting unanimously passed these resolutions:

(1) The meeting acknowledged that:
   
(a) Mr. Sohail Hasan Burney and Mr. Manoj Sheopori resigned as
Directors effective April 5, 2005.

(2) Appointment of Directors as Audit Committee:

(a) Mr. Wichai Tantikulanon, Independent Director and Chairman
of the Audit Committee.

(b) Mr. Chukiat Prateeptong, Independent Director and Audit
Committee.

(c) Ms. Supa Tongmee, Independent Director and Audit Committee.

(2) Certifying the minutes of the annual shareholders meeting
2004, held on April 19, 2004.

(3) Approved to write down the unissued shares of 147,654,823
shares.

(The registered capital will be down to THB523,451,770)

(4) Approved to amend the Clause 4 of the Memorandum of
Association in accordance with the writing down of the
unsubscribed shares of the Companys.

(5) Approved to increase the registered capital by
THB1,000,000,000; therefore, the new registered capital will be
THB1,523,451,770 by issuing common shares of 100,000,000 shares
at par value of THB10 per share.

(6) Approve the amendment of the Clause 4 of The Memorandum of
Association in accordance with the increase in registered
capital.

(7) Approve to allocate newly issued common shares of
100,000,000 shares to specific investor and Shareholders also
pass the resolution to authorize the Board of Directors to
allocate shares to specific investor and the subscription period
as well as details of payment.

Please be informed accordingly.

Sincerely Yours,
Mr.Monchai Pongstabadee
Director

CONTACT:

Hantex Public Company Limited   
Ocean Tower 1, Floor 4,
170/9-10 Rajadapisek Road,
Khlong Toei Bangkok    
Telephone: 0-2261-2814-20, 0-2261-2824-26   
Fax: 0-2261-2822


NEW PLUS: To Advise SET on Final Decision on Rehab
--------------------------------------------------
The Stock Exchange of Thailand (SET) has issued an announcement
that New Plus Knitting Public Company Limited is subject for
rehabilitation.

The SET has posted an SP (Suspension) sign to prohibit trading
of securities of New Plus since the second trading session of
March 7, 2005 and also transferred the securities of the company
to REHABCO sector since March 9, 2005.

The SET also required New Plus to report to the SET by April 5,
2005 its decision whether it will proceed with the
rehabilitation plan to propose to the companies' shareholders or
under the Bankruptcy Act, or ask for a voluntary delisting, or
try other options which will benefit all stakeholders involved.

The SET will allow trading of the company on April 7, 2005 to
May 6, 2005 and after that the SET will suspend the securities
of New Plus again on May 9, 2005 until such listed companies
will be excluded from being delisted.  Details of the SET
announcement are disseminated at SETSMART on March 7, 2005.

The SET has considered the company's decision submitted to the
SET (details are in the SETSMART on March 25, 2005 and April 5,
2005) and will proceed as:

(1) Allow trading of New Plus' securities, under the REHABCO
sector from 7 April 2005 to 6 May 2005. According to Clause 24
(3) and (6) of the regulations on the Stock Exchange of Thailand
Re: Trading, Clearing and Settlement of Securities in the Stock
Exchange (No.2) 1999, the daily price limits on the main board
on 7 April 2005 will be 100% of their last trading.

(2) Post an SP sign to prohibit further trading of New Plus'
securities, until May 9, 2005 until the causes of delisting are
eliminated.

By virtue of Clause 5 (5) of the SET's rules, Conditions and
Procedure of the Temporary Prohibition against Trading of Listed
Securities dated on February 9, 1995, the company has to report
to the SET every six months their progress until the causes of
delisting are eliminated.
    
The SET would like New Plus shareholders and general investors
to follow up the progress of the company.

CONTACT:

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


WYNCOAST INDUSTRIAL: Issues 27th Warrant Exercise
-------------------------------------------------
As Wyncoast Industrial Park Public Company Limited issued
63,220,000 units of Warrants and these warrants were at 27th
exercise date on March 30, 2005.

The Company reported to the Stock Exchange of Thailand (SET) the
exercise of the warrants for the 27th exercise date as per
following details:

- Exercise ratio: 1 warrant has a right to subscribe 1.074
ordinary shares.

- Exercise price: THB10 per share

- Ordinary shares reserved to support the exercise: 67,898,280
shares.

- No. of warrant holders exercise: none

- No. of warrant being exercised: none

- Ordinary shares resulted from the exercise: none

- Amount of money received from the share sale: none

- Total remaining warrants listed in the Stock Exchange of
Thailand: 63,220,000 units.

Please be informed accordingly,
Yours sincerely,
Mrs. Sunisa Pathompreuk
Chief Financial Officer, Acting
CONTACT:

Wyncoast Industrial Park Public Company Limited   
105 Moo 3,Bangna-Trat Road,
Thakham,Bang Pakong Chacherngsao    
Telephone: 0-3857-3161-72   
Fax: 0-3857-3173-4



* Large Companies With Insolvent Balance Sheets
-----------------------------------------------

                                         Total
                                         Shareholders   Total
                                         Equity         Assets
  Company                      Ticker    ($MM)          ($MM)
  ------                       ------    ------------   ------


CHINA & HONG KONG
-----------------
Guangdong Sunrise-B            200030    (-177.22)     45.09
Guangdong Sunrise-A            000030    (-177.22)     45.09
Hainan DadongH-B               200613     (-5.15)      18.72
Informatics Holdings Ltd         INFO       26.82      62.92
Shenzhen China Bicycles-B
Co., Ltd.                      200017    (-203.9)      52.16
Shenzhen China Bicycles-A
Co., Ltd.                      000017    (-203.9)      52.16


INDONESIA
---------
Barito Pacific Timber Tbk Pt    BRPT      (-62.86)     360.72
PT Smart Tbk                    SMAR      (-30.07)     430.99

JAPAN
-----

Fujitsu Comp Ltd                6719       (-46.88)    316.07

MALAYSIA
--------

Kemayan Corp Bhd                KOP      (-393.11)      67.55
Panglobal Bhd                   PGL       (-50.36)     189.92
YCS Corporation Bhd             YCS         28.34      160.27

PHILIPPINES
-----------

Pilipino Telephone Co.          PLTL     (-159.78)     280.22

SINGAPORE
---------

Pacific Century Regional          PAC      -176.29    1050.46

THAILAND
--------

Asia Hotel PCL                  ASIA       (-26.62)      96.21
Asia Hotel PCL                  ASIA/F     (-26.62)      96.21
Bangkok Rubber PCL              BRC        (-41.29)      80.14
Bangkok Rubber PCL              BRC/F      (-41.29)      80.14
Central Paper Industry PCL      CPICO      (-37.02)      40.41
Central Paper Industry PCL      CPICO/F    (-37.02)      40.41
National Fertilizer PCL         NFC        (-91.34)     293.84
National Fertilizer PCL         NFC/F      (-91.34)     293.84
Siam Agro-Industry Pineapple
And Others PCL                  SAICO      (-14.84)      13.32
Siam Agro-Industry Pineapple
And Others PCL                  SAIC0/F    (-14.84)      13.32
Thai Wah Public
Company Limited-F               TWC        (-47.01)     158.87
Thai Wah Public
Company Limited-F               TWC/F      (-47.01)     158.87
Tuntex (Thailand) PCL           TUNTEX     (-50.94)     398.25
Tuntex (Thailand) PCL           TUNTEX/F   (-50.94)     398.25






                            *********


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

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

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

This material is copyrighted and any commercial use, resale or
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                 *** End of Transmission ***