TCRAP_Public/050412.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

             Tuesday, April 12, 2005, Vol. 8, No. 71

                            Headlines

A U S T R A L I A

ACCOMMODATION PTY: Begins Winding Up Proceedings
ALL APRICOT: To Declare Final Dividend April 18
BANKSTOWN FORMWORK: Posts Final Dividend Notice
BRAEMAR-STG PTY: To Hold Final Meeting April 19
CHASESIDE PTY: Members Agree to Wind Up Company

CHITTICK BROS: To Hear Liquidator's Winding Up Report
C&N SVINOS: Lays Out Final Meeting Agenda
DAMNATION PTY: Court Names Christopher J. Palmer as Liquidator
DARWIN CITY: Council Forces Promoter to Shut Up Shop
DENPAMERIC PTY: To Convene Final Meeting April 14

HIH INSURANCE: Ex-Execs Just One Step Close to Prison
INFOSAN PTY: Sets April 18 as Date of Final Meeting
JORDY HOLDINGS: To Undergo Winding Up Process
LONRAD PTY: Picks Liquidators Wind Up Company
MICANNA PTY: Liquidator to Explain Manner of Winding Up

MULTIPLEX: Wembley Woes Drive Share Price Slide
NIGHTCOM PTY: Final General Meeting Set April 14
NUXANA PTY: Members to Meet April 15
OZELOT INVESTMENTS: Resolves to Wind Up Company
RN & NR: To Wind Up Voluntarily

SANTOS LIMITED: Jeruk 3D Seismic Survey Kicks Off
SOUTHEND TRUCK: Final Meeting Set April 13
UNIQUE POOLS: Served with Winding Up Order
VECTOR PTY: Names Christopher Anthony Coulton as Liquidator
WESTBUS: Administrators Win Reprieve

* Nightclub Operator Faces the Music


C H I N A  &  H O N G  K O N G

CANADA INDUSTRIAL: To Hold Creditors, Contributories Meeting
CHUN FAI: Receives Bankruptcy Order
HONGKONG STARLITE: Issues Debt Claim Notice
HONG KONG NORTH: Enters Winding Up Proceedings
KAMMY TOWN: Court Releases Winding Up Notice

MASS POND: Winding Up Hearing Set for May 18
MORNING STAR: Net Loss Widens to HK38.9 Mln
SUPER KING: Enters Winding Up Proceedings
TRUSTASIA LIMITED: Served with Winding Up Notice
TISI LIMITED: Proofs of Debt, Claims Due May 9

TUNG YUEN: Court to Hear Liquidator's Application


I N D O N E S I A

BANK DANAMON: Moody's Upgrades Debt Rating to B2
PERTAMINA: Builds Tankers to Transport Gas Nationwide
PERTAMINA: Government to Reimburse IDR4 Trillion in Subsidies
PERTAMINA: Lack of Funds Hampers LNG Cargo Purchase


J A P A N

FUJITSU LIMITED: Sharp Keen on LCD Device Business
HITACHI LIMITED: To Book JPY66-Bln Special Loss on Restructuring
MEISEI SHOKAI: IRCJ Receives Debt Payment in Full
MITSUBISHI MOTORS: Australia May Run Out of Cars to Sell
SANYO ELECTRIC: New Head to Refocus on Overseas Markets

SOFTBANK CORPORATION: Sells Shareholdings in Mornings
SOJITZ HOLDINGS: Converts Unsecured Bonds into Common Stock
TOSHIBA CORPORATION: Unit Cuts Ties With Electrolux


K O R E A

JINRO LIMITED: Labor Union Protests Takeover by Hite


M A L A Y S I A

ANTAH HOLDINGS: Issues Monthly Default Status Update
BELL & ORDER: Must Pay Claims to SBB
BOUSTEAD HOLDINGS: Set to List Additional Shares
BUKIT KATIL: Bourse Extends Requisite Announcement Date
FABER GROUP: To Hold AGM on May 5

GENERAL SOIL: Violates Listing Requirements
GOLDEN FRONTIER: Buys Back 2,000 Shares
MYCOM BERHAD: Proposed Scheme Completion Extended to Sept. 30
NAIM INDAH: Unit Posts Zero Log Production for March 2005
OLYMPIA INDUSTRIES: SC Extends Scheme Completion Period

PANGLOBAL BERHAD: Unit Posts March Production Figures
PAN MALAYSIA: Repurchases 60,000 Shares
PANTAI HOLDINGS: To List Extra Shares on April 13
UNITED CHEMICAL: Sees No Change in Default in Payments
WEMBLEY INDUSTRIES: Bourse Mulls Delisting


P H I L I P P I N E S

BACNOTAN CONSOLIDATED: PHINMA Notes Changes in Shareholdings
COLLEGE ASSURANCE: SEC May Block Access to Trust Fund
COLLEGE ASSURANCE: Oversight Panel Completes Report
MANILA ELECTRIC: May Buy Transco Assets This Year
MAYNILAD WATER: DMCI Eyes Buyout

NATIONAL POWER: DOF Permits Float of Php5-Bln Bonds
PHILIPPINE NICKEL: Surigao Execs Laud PGMA on Mine Support
SWIFT FOODS: RFM Places 10,947,678 Preferred Shares
VANTAGE PENSION: Investors Face SEC Scrutiny
VICTORIAS MILLING: Posts Change in Directors' Holdings


S I N G A P O R E

BRIDGEMENT INTERNATIONAL: Proofs of Debt, Claim Due May 9
COGENT DEVELOPMENT: Faces Winding Up Petition
GABERON PTE: Fixes May 9 as Date of Final Meeting
GLOBAL VOICE: To Provide University in Frankfurt with CWDM
GLOBAL VOICE: Unveils New ESOS Committee Members

HOTLINE INDUSTRIES: Enters Winding Up Process
HUA ANN: Receiving Proofs of Claims Until May 8
MICROLITE SINGAPORE: Requires Creditors to Prove Debt May 9
RICHFIELD INNOVATIONS: To Pay Dividend April 18


T H A I L A N D

HANTEX: Shareholders Approve New Capital Hike
ADVANCE PAINT: Board Notifies SET on Meeting Resolutions
BOND PRICING: For the Week 11 April to 15 April 2005

     -  -  -  -  -  -  -  -

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

ACCOMMODATION PTY: Begins Winding Up Proceedings
------------------------------------------------
On March 1, 2005 the Supreme Court of New South Wales made an
Order that Accommodation Pty Limited (In Liquidation) A.C.N. 093
561 767 be wound up by the Court and appointed A. H. J. Wily to
be Liquidator.

A. H. J. Wily
Official Liquidator
Armstrong Wily & Co
Level 5, 75 Castlereagh Street,
Sydney NSW 2000


ALL APRICOT: To Declare Final Dividend April 18
-----------------------------------------------
A First and Final dividend to ordinary unsecured creditors is to
be declared on April 18, 2005 for All Apricot Pty Limited (In
Liquidation) A.C.N. 078 474 996.

Creditors who were not able to formally prove their debt or
claims 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


BANKSTOWN FORMWORK: Posts Final Dividend Notice
-----------------------------------------------
A first and final dividend is to be declared on April 18, 2005
for Bankstown Formwork & Constructions Pty Ltd (In Liquidation)
A.B.N. 41 050 108 515.

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

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


BRAEMAR-STG PTY: To Hold Final Meeting April 19
-----------------------------------------------
Notice is hereby given that a meeting of the Members and
Creditors of Braemar-Stg Pty Limited (In Liquidation) A.C.N. 001
367 504 will be held at Hall Chadwick Level 29, 31 Market
Street, Sydney NSW 2000 on April 19, 2005 at 11:00 a.m.

The meeting will be a Final Meeting in accordance with Section
509 of the Corporations Act 2001.

BUSINESS

(1) To receive a report from the Liquidator, being an account of
his acts and dealings and of the conduct of the winding up
during the period of the liquidation ending on April 19, 2005.

(2) That subject to any provisions under the Corporations Act
2001 to the contrary, the Liquidator be empowered to destroy all
books and records of the companies on completion of all duties.

(3) Any other business.

Geoffrey McDonald
Liquidator
c/- Hall Chadwick
Level 29, 31 Market Street,
Sydney NSW 2000


CHASESIDE PTY: Members Agree to Wind Up Company
-----------------------------------------------
Notice is hereby given that at a general meeting of members held
on February 22, 2005 it was resolved that Chaseside Pty Ltd (In
Liquidation) A.C.N. 002 707 280 would be wound up voluntarily
and that Stephen Keith Preen of Level 19, 207 Kent Street,
Sydney NSW 2000 be appointed Liquidator for the purpose.

Dated this 24th day of February 2005

Stephen K. Preen
Liquidator


CHITTICK BROS: To Hear Liquidator's Winding Up Report
-----------------------------------------------------
Notice is hereby given in pursuance of subsection 509(3) and (4)
of the Corporations Act 2001 that a General Meeting of the
Members of Chittick Bros Pty Ltd (In Voluntary Liquidation)
A.C.N. 000 443 925 will be held on April 15, 2005 at 10:00 a.m.
at the office of Cronin & Norris, 47 Manning Street Kiama NSW
2533 for the purpose of having an account laid before them
showing the manner in which the winding up has been conducted
and the property of the Company disposed of and hearing any
explanation that may be given by the Liquidators.

Dated this 4th day of March 2005

R. J. Norris
Liquidator
Cronin & Norris
PO Box 8, Kiama NSW 2533


C&N SVINOS: Lays Out Final Meeting Agenda
-----------------------------------------
Notice is given pursuant to Section 509(2) of the Corporations
Act 2001 that a Final Meeting of the Members and Creditors of
C&N Svinos Enterprises Pty Limited (In Liquidation) A.C.N. 091
496 767 will be held at Ngan & Co, Level 5, 49 Market Street,
Sydney NSW 2000 on Tuesday, April 19, 2005 at 10:10 a.m.

AGENDA

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

(2) To consider any other business brought before the meeting.

Dated this 7th day of March 2005

P. Ngan
Liquidator


DAMNATION PTY: Court Names Christopher J. Palmer as Liquidator
--------------------------------------------------------------
On February 28, 2005 the Supreme Court of New South Wales,
Equity Division, made Orders that Christopher J. Palmer be
appointed Official Liquidator of Damnation Pty Limited (In
Liquidation) A.C.N. 088 099 932.

Dated this 15th day of March 2005

Christopher J. Palmer
Official Liquidator
O'Brien Palmer
Level 4, 23 Hunter Street,
Sydney NSW 2000


DARWIN CITY: Council Forces Promoter to Shut Up Shop
----------------------------------------------------
Darwin City Promotions opted to wind up its operations and
appoint a liquidator in the wake of a mass resignation of its 11
board members, Northern Territory News reports.

The firm made the move after Darwin City Council agreed to halve
the promotional levy for businesses, put the promotions contract
for tender and no longer collects the promotional levy past
June.

The Company went into liquidation, saying the absence of the
levy left it with no other guaranteed source of funds.

"If the board decided we would continue to trade and compete in
the tender, if we were not successful, we would have no income
and this Company could become insolvent," the firm's chairman
Chris Horn said.

The council's decision was motivated by Local Government
Minister John Ah Kit calling for more transparency with the
organization. But Mr. Horn said Darwin City Promotions was
transparent.

Mr. Horn added there was still money left in the organization's
account, which will be used to pay staff entitlements plus the
lease and other financial obligations.

Darwin City Promotions promotes and markets Darwin City and the
services and facilities available within Darwin City.

CONTACT:

Darwin City Promotions
Web site: http://www.darwincity.net/


DENPAMERIC PTY: To Convene Final Meeting April 14
-------------------------------------------------
Notice is given that a final general meeting of members of
Denpameric Pty Ltd (In Liquidation) will be held at the offices
of Hill Rae & Embrey 1st Floor 193 Clarence Street, Sydney on
April 14, 2005 at 10:00 a.m. for the purpose of laying before it
the liquidators final accounts showing how the winding up has
been conducted and how the property has been disposed of and for
hearing any explanation that may be given by the liquidator.

Dated this 3rd day of March 2005

Graeme R. Varis
Liquidator
Hill Rae & Embrey
1/193 Clarence Street,
Sydney NSW 2000
Telephone: (02) 9262 6199


HIH INSURANCE: Ex-Execs Just One Step Close to Prison
-----------------------------------------------------
Two former directors of failed HIH Insurance may go to jail this
week, with both facing sentencing decisions in the NSW Supreme
Court, The Australian relates.

Rodney Adler will receive his verdict after Mr. Justice Dunford
hands down his sentence on Thursday. Ray Williams, on the other
hand, will learn his fate on Friday.

Mr. Adler has pleaded guilty to four charges that carry a
maximum sentence of five years each. Two are involved with
making false statements over the purchase of HIH shares in June
2000. The other two come as a result of his actions in inducing
HIH to invest AU$2 million in an Adler-controlled Company,
Business Thinking Systems, in the same year.

Mr. Williams last December pleaded guilty to three charges that
may carry a total jail sentence of 12 years. These include
signing a misleading letter in connection with a US$150 million
FAI note program in 2000, authorizing a prospectus with a
material omission in 1998 and making or authorizing misleading
statements in HIH's 1999 annual report, which overstated its
profit by more than AU$92 million. ASIC has argued for custodial
jail sentences in both cases.

Another former senior HIH executive, William Howard, was
sentenced to three years jail in December 2003 on two counts of
criminal misconduct. But the sentence was suspended because of
his promise to assist the Australian Securities and Investments
Commission with its investigations into the HIH collapse.

The largest corporate collapse in Australian history, HIH
liquidation in 2001 was the largest corporate collapse in
Australian history, with a potential deficiency of about AU$5.3
billion.


INFOSAN PTY: Sets April 18 as Date of Final Meeting
---------------------------------------------------
Notice is given pursuant to Section 509 of the Corporations Act
2001 that a joint meeting of the members and creditors of
Infosan Pty Limited (In Liquidation) A.C.N. 058 635 920 will be
held at the offices of Horwath Sydney Partnership, Level 10, 1
Market Street, Sydney NSW 2000, on Monday, April 18, 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 3rd day of March 2005

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


JORDY HOLDINGS: To Undergo Winding Up Process
---------------------------------------------
On March 3, 2005, the Supreme Court of New South Wales, Equity
Division, made an order that Jordy Holdings Pty Ltd (In
Liquidation) A.C.N. 000 805 238 be wound up by the Court and
appointed Steven Nicols to be Official Liquidator.

Steven Nicols
Level 2, 350 Kent Street,
Sydney NSW 2000


LONRAD PTY: Picks Liquidators Wind Up Company
---------------------------------------------
Notice is hereby given that at an extraordinary general meeting
of members of Lonrad Pty Ltd A.C.N. 001 462 095 held on March 2,
2005, it was resolved that the Company be wound up voluntarily
and it was resolved for such purpose, Chris Barnes of Level 13,
122 Arthur Street, North Sydney be appointed as liquidator.

Dated this 7th day of March 2005

A. H. Jordan
Director


MICANNA PTY: Liquidator to Explain Manner of Winding Up
-------------------------------------------------------
Notice is given pursuant to Section 509(2) of the Corporations
Act 2001 that a Final Meeting of the Members and Creditors of
Micanna Pty Limited (In Liquidation) A.C.N. 086 944 747 will be
held at Ngan & Co, Level 5, 49 Market Street, Sydney NSW 2000 on
Tuesday, April 19, 2005 at 10:00 a.m.

AGENDA

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

(2) To consider any other business brought before the meeting.

Dated this 7th day of March 2005

P. Ngan
Liquidator


MULTIPLEX: Wembley Woes Drive Share Price Slide
-----------------------------------------------
Multiplex shares continue to plunge even as the Company detailed
new initiatives, in a bid to regain investor confidence of
investors still angry over the Wembley fiasco, The West
Australian reports.

Multiplex has told its investors that it was reviewing the
composition of its board, but later refused to comment on
whether the Roberts family's positions would be affected.

The family influence over Multiplex and the group's transition
from family to publicly listed Company has come under investor
scrutiny since it stunned investors in February by wiping off
the expected profit on its high-profile contract to rebuild
London's Wembley stadium.

Multiplex said construction of Wembley was reaching the final
stages and remained on track to meet its December completion
date.

Aside from its Wembley woes, Multiplex has also been hit by an
AU$50-million extortion attempt, which disrupted crane crews on
sites in Melbourne and Perth.

CONTACT:

Multiplex Limited
Level 4
1 Kent Street
Millers Point NSW 2000
Phone: +61 2 9256 5000
Fax: +61 2 9256 5001
Web site: http://www.multiplex.com.au


NIGHTCOM PTY: Final General Meeting Set April 14
------------------------------------------------
Notice is given that a final general meeting of members of
Nightcom Pty Ltd (In Liquidation) will be held at the offices of
Hill Rae & Embrey 1st Floor 193 Clarence Street, Sydney on April
14, 2005 at 11:00 a.m. for the purpose of laying before it the
liquidators final accounts showing how the winding up has been
conducted and how the property has been disposed of and for
hearing any explanation that may be given by the liquidator.

Dated this 3rd day of March 2005

Graeme R. Varis
Liquidator
Hill Rae & Embrey
1/193 Clarence Street,
Sydney NSW 2000
Telephone: (02) 9262 6199


NUXANA PTY: Members to Meet April 15
------------------------------------
Notice is hereby given that pursuant to section 509 of the
Corporations Law, the final meeting of members of Nuxana Pty.
Limited (In Liquidation) A.C.N. 002 553 666 will be held at Unit
2, 53 Pentecost Avenue Pymble NSW, 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

Carolyn Ann Pierce
Unit 2, 53 Pentecost Avenue,
Pymble NSW 2073


OZELOT INVESTMENTS: Resolves to Wind Up Company
-----------------------------------------------
At a General Meeting of Ozelot 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


RN & NR: To Wind Up Voluntarily
-------------------------------
At a General Meeting of RN & NR Tolson Investments Pty Ltd (In
Liquidation), duly convened and held at 108 Mulgrave Road,
Mulgrave, NSW 2756 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


SANTOS LIMITED: Jeruk 3D Seismic Survey Kicks Off
-------------------------------------------------
Cue Energy Resources Limited is pleased to report that Jeruk 3
(3D) dimensional seismic survey acquisition, operated by Santos
Limited, has begun in the Sampang Production Sharing Contract,
offshore East Java, Indonesia.

Acquisition of 3D field data is expected to take to the end of
April to be followed by around three months of data processing.

The survey is designed to provide better seismic control over
the Jeruk discovery and over nearby undrilled prospects.

Acquisition of 3D seismic data over the eastern end of the
Samoang Production Sharing Contract area has been completed and
the data is being processed. Information from the eastern survey
will be used to potentially locate drilling locations for wild
cat wells to be drilled in the second half of 2005.

Oyong Participants
Participants in the Smapang PSC are:

Cue Sampang Pty Ltd                    15%
Santos Pty Ltd                         45% (Operator)
Singaporean Petroleum Company Limited  40%

CONTACT:

Santos Limited
Ground Floor, Santos
House, 91 King William Street,
Adelaide, S.A. 5000
Web site: http://www.santos.com.au/


SOUTHEND TRUCK: Final Meeting Set April 13
------------------------------------------
Notice is hereby given that a Final Meeting of Creditors and
Members of Southend Truck & Trailer Pty Limited (In Liquidation)
A.C.N. 002 647 574 will be held at the office of Nicholls & Co.
Chartered Accountants, Suite 103, 1st Floor, Wollundry Chambers,
Johnston Street, Wagga Wagga, New South Wales on April 13, 2005
at 9:00 a.m. for the purpose of receiving the Liquidator's
account showing how the winding up has been conducted and the
property of the Company disposed of and hearing any explanation
which may be given by the Liquidator.

Dated this 2nd day of March 2005

C. M. Chamberlain
Liquidator
c/- Nicholls & Co
Chartered Accountants
PO Box 852, Wagga Wagga NSW 2650


UNIQUE POOLS: Served with Winding Up Order
------------------------------------------
On February 28, 2005 the Supreme Court of New South Wales,
Equity Division, made Orders that Christopher J. Palmer be
appointed Official Liquidator of Unique Pools & Spas Pty Limited
(In Liquidation) A.C.N. 003 532 009.

Dated this 15th day of March 2005

Christopher J. Palmer
Official Liquidator
O'Brien Palmer
Level 4, 23 Hunter Street, Sydney NSW 2000


VECTOR PTY: Names Christopher Anthony Coulton as Liquidator
-----------------------------------------------------------
Notice is hereby given that at a General Meeting of Vector Pty
Limited (In Liquidation) A.C.N. 000 248 297 held on February 28,
2005 it was resolved that the Company be wound up voluntarily as
a Members' Voluntary Winding up and that for such a purpose,
Christopher Anthony Coulton be appointed liquidator.

Dated this 3rd day of March 2005

Christopher Anthony Coulton
Liquidator


WESTBUS: Administrators Win Reprieve
------------------------------------
The administrators of failed Westbus won a 60-day adjournment to
prepare for their second creditors meeting, says The Australian
Associated Press.

Administrator Peter Yates of Deloitte had successfully applied
to the Supreme Court for the extension, which would allow him to
continue with the sale process.

Mr. Yates said he had more than 50 expressions of interest in
the Company from Australia and overseas.

Mr. Yates said the sale process was just commencing and once all
buyers had been identified it would take around three months to
complete.

Meanwhile, transport Workers Union assistant state secretary
Wayne Forno said he was concerned about the sale process and
workers entitlements.

Westbus went into voluntary administration with debts of AU$90
million in February after failing to renegotiate a loan.

CONTACT:

Westbus Pty Ltd
Level 12, 100 George Street
Parramatta, NSW 2150
Web site: http://www.westbus.com.au


* Nightclub Operator Faces the Music
------------------------------------
The Australian Securities and Investments Commission (ASIC) has
banned Mr. John Hannay, of Brisbane, from managing corporations
for five years.

ASIC banned Mr. Hannay for the maximum period permissible under
the law after an investigation found that he had been a director
of eight failed companies including Geecrest Pty Limited,
Trexcorp Pty Limited, Nestmere Pty Limited, Permalex Pty Limited
(Permalex), Derryford Pty Limited, Mossroy Pty Limited
(Mossroy), Widevale Pty Limited and Wildlodge Pty Limited.

The failed companies primarily operated nightclubs in and around
the Brisbane CBD and Gold Coast areas. Mossroy traded as The
Beat Nightclub and Permalex traded as Options Nightclub.

ASIC found that Mr. Hannay's conduct included breaches of the
Corporations Act 2001 relating to directors duties, the
requirement to keep proper books and records and the requirement
to assist in the orderly and proper winding up of the companies,
and that these breaches constituted serious misconduct.

Mr. Hannay's companies were reported by their liquidators to be
unable to pay creditors more than 50 cents in the dollar. Their
debts now total over $1.2 million, with significant amounts
owing to the Australian Taxation Office and Workcover. Other
creditors include Rentokil Initial Pty Ltd, Energex, Australian
Performing Rights Association Limited and Telstra Corporation
Limited.

'ASIC will not hesitate to take banning action to protect
consumers and the business community against directors who do
not carry out their duties properly' ASIC's Director of
Complaints Compliance Action, Mr. Adrian Borchok said.

Mr. Hannay has the right to appeal to the Administrative Appeals
Tribunal for a review of ASIC's decision.


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

CANADA INDUSTRIAL: To Hold Creditors, Contributories Meeting
------------------------------------------------------------
Canada Industrial Company Limited posted in a notice made to The
Standard that it would hold meetings at the following date and
time:

Date of Meetings: April 21, 2005 (Thursday)

Creditors: At 10 a.m.

Contributories: At 11 a.m.

Place:

At the Official Receiver's Office, 10th Floor, Queensway
Government Offices, 66 Queensway, Hong Kong.

Dated this 8th day of April 2005.

E T O'Connell
Official Receiver & Provisional Liquidator


CHUN FAI: Receives Bankruptcy Order
-----------------------------------
Notice is hereby given that a Bankruptcy Order against Wong Kin
Fai Trading as Chun Fai Transportation Co. was made on March 23,
2005.

All debts due to the estates should be paid to the undersigned.

Dated this 8th day of April 2005.

ET O'CONNELL
Official Receiver


HONGKONG STARLITE: Issues Debt Claim Notice
-------------------------------------------
Notice is hereby given that the creditors of HongKong Starlite
Company Limited, which is being voluntarily wound up, are
required on or before the close of business on May 9, 2005, to
send in their names, addresses and particulars of their debts or
claims, and the name and address of their solicitors to the
undersigned and Mr. John Toohey, the Joint and Several
Liquidators of the said Company.

If so required in writing from the said Liquidator, they are to
come in by their solicitors or personally and prove the 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 made before such debts are proved.
Dated this 8th day of April 2005.

Rainier Hok Chung Lam
Joint and Several Liquidator
22/F., Prince's Building
Central, Hong Kong


HONG KONG NORTH: Enters Winding Up Proceedings
----------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Hong Kong North West Express Limited by the High Court of Hong
Kong Special Administrative Region was on February 17, 2005
presented to the said Court by Barlow Lyde & Gilbert situated at
Suite 1901, 19th Floor, Cheung Kong Center, 2 Queen's Road
Central, Hong Kong.

The said Petition is to be heard before the Court at 9:30 a.m.
on the April 20, 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.

BARLOW LYDE & GILBERT
Solicitors for the Petitioner
Suite 1901, 19th Floor
Cheung Kong Center
2 Queen's Road Central
Central, Hong Kong

Note:

Any person who intends to appear at the hearing of the said
petition must serve on or send by post to the abovenamed, notice
in writing of his intention to do so.  The Notice must state the
name and address of the person, or if a firm or his or their
Solicitor (if any) and must be served or if posted, must be sent
by post in sufficient time to reach the abovenamed not later
than six o'clock in the afternoon of April 19, 2005.


KAMMY TOWN: Court Releases Winding Up Notice
--------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Kammy Town Limited by the High Court of Hong Kong Special
Administrative Region was on March 23, 2005 presented to the
said Court by Cheung Hon Wah of 11th Floor, 25 Soares Avenue,
Homantin, Kowloon, Hong Kong.

The said Petition is to be heard before the Court at 9:30 a.m.
on May 25, 2005.

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

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

MESSRS. KITTY SO & TONG
Solicitors for the Petitioner
9th Floor, Asia Standard Tower
59-65 Queen's Road Central
Central, Hong Kong
Tel: 2524 5061
Fax: 2525 8481

Note:

Any person who intends to appear on the hearing of the said
petition must serve on or send by post to the abovenamed, notice
in writing of his intention to do so.  The Notice must state the
name and address of the person, or if a firm or his or their
Solicitor (if any) and must be served or if posted, must be sent
by post in sufficient time to reach the abovenamed not later
than six o'clock in the afternoon of May 24, 2005.


MASS POND: Winding Up Hearing Set for May 18
--------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Mass Pond Limited by the High Court of Hong Kong Special
Administrative Region was on the March 16, 2005 presented to the
said Court by Bank of China (Hong Kong) Limited (the successor
banking corporation to Kincheng Banking Corporation pursuant to
Bank of China (Hong Kong) Limited (Merger) Ordinance (Cap.1167)
whose registered office is situated at 14th Floor, Bank of China
Tower, 1 Garden Road, Hong Kong.

The said Petition is to be heard before the Court at 9:30 a.m.
on the May 18, 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.

CHU & LAU
Solicitors for the Petitioner
2nd Floor, The Chinese General
Chamber of Commerce Building
No. 24-25 Connaught Road
Central, Hong Kong

Note:

Any person who intends to appear at the hearing of the said
petition must serve on or send by post to the abovenamed, notice
in writing of his intention to do so.  The Notice must state the
name and address of the person, or if a firm or his or their
Solicitor (if any) and must be served or if posted, must be sent
by post in sufficient time to reach the abovenamed not later
than six o'clock in the afternoon of May 17, 2005.


MORNING STAR: Net Loss Widens to HK38.9 Mln
-------------------------------------------
Morning Star Resources Limited (00542) announced its financial
results from the period ended December 31, 2004.

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


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

Turnover                      : 494,659            442,717
Profit/(Loss) from Operations : (41,165)           (18,384)
Finance cost                  : (3,972)            (6,653)
Share of Profit/(Loss) of
  Associates                  : 2,576              2,275
Share of Profit/(Loss) of
  Jointly Controlled Entities : (567)              (276)
Profit/(Loss) after Tax & MI  : (38,955)           (23,928)
% Change over Last Period     : N/A                  %
EPS/(LPS)-Basic (in dollars) 1: (0.016)            (0.01)
         -Diluted (in dollars): N/A                 N/A
Extraordinary (ETD) Gain/(Loss): N/A                N/A
Profit/(Loss) after ETD Items: (38,955)            (23,928)
Final Dividend                 : Nil                Nil
  per Share
(Specify if with other         : N/A                N/A
  options)

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

B/C Dates for Other
  Distribution                 : N/A

Remarks:

1) The calculation of the basic loss per share is based on the
loss attributable to shareholders for the year of HK$38,955,000
(2003: HK$23,928,000) and on the 2,414,547,555 shares (2003:
2,414,547,555 shares) in issue during the year.

The diluted loss per share for the year ended 31st December,
2004 and 2003 has not been shown as the warrants outstanding
during these years had an anti-dilutive effect on the basic loss
per share for these years.

Morning Star Resources Limited
Rooms 1406A & 1406B
14/F., AXA Centre
151 Gloucester Road
Wanchai, Hong Kong
Phone: 27230111
Fax: 27235111


SUPER KING: Enters Winding Up Proceedings
-----------------------------------------
Super King International Limited with registered office situated
at No 7, G/F, Yuen Tung Bldg, Kau Yuk Road, Yuen Long, New
Territories was issued a winding up notice by the High Court of
the Hong Kong Special Administrative Region Court of First
Instance on March 16, 2005.s

Date of Presentation of Petition: January 15, 2005.

Dated this 1st day of April 2005.

ET O'Connell
Official Receiver


TRUSTASIA LIMITED: Served with Winding Up Notice
------------------------------------------------
Trustasia (Hong Kong) Limited with registered office located at
Room 6109, the Centre, 99 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
30, 2005.

Date of Presentation of Petition: December 20, 2004

Dated this 8st day of April 2005.

ET O'Connell
Official Receiver


TISI LIMITED: Proofs of Debt, Claims Due May 9
----------------------------------------------
Notice hereby given that the creditors of Tisi (HK) Limited,
which is voluntary wound up, are required on or before the close
of business on May 9, 2005, to send in their names, addresses
and particulars of their debts or claims, sand the name and
address of their solicitors to the undersigned and Mr. John
Toohey, the Joint and Several Liquidators of the Company

If so required in writing from the said Liquidator, they are to
come in by their solicitors or personally and prove the 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 made before such debts are proved.
Dated this 8th day of April 2005

Dated this 8th day of April 2005

Rainier Hok Chung Lam
Joint and Several Liquidator
22/F., Prince's Building
Central, Hong Kong


TUNG YUEN: Court to Hear Liquidator's Application
-------------------------------------------------
An application by the Official Receiver and Provisional
Liquidator of Tung Yuen Hong Electrical Company Limited will be
heard before Master S. Kwang of the High Court for consideration
of the resolutions and determinations (if any) of the first
meeting of creditors held on 26 January 2005 and the first
meeting of contributories and the adjourned first meeting of
contributories held on 26 January 2005 and 2 February 2005
respectively, deciding the differences (if any) and making such
order of appointments as the court may think fit.

Date and Time of Hearing: May 17, 2005 (Tuesday) at 9:30 a.m.

Place of hearing: High Court Building, No. 38 Queensway, Hong
Kong

Any creditor or contributory of the Company is entitled to
attend and be heard at the above hearing.

Dated this 8th day of April 2005.

E.T. O'CONNELL
Official Receiver & Provisional
Liquidator


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

BANK DANAMON: Moody's Upgrades Debt Rating to B2
------------------------------------------------
Moody's Investors Service has raised Bank Danamon Indonesia's
(BDI) subordinated debt rating to B2 from B3. The outlook for
the rating is positive. At the same time, the agency has placed
the bank's E+ bank financial strength rating (BFSR) on review
for possible upgrade.

The change in subordinated debt rating reflects an expected
higher level of parental support from major shareholder, Temasek
Holdings of Singapore (Temasek, rated Aaa). In the initial
assessment, Moody's viewed the backing of a financially strong
and reputable shareholder positively - it provided greater
comfort of expected support in light of its position as fifth
largest bank in the system and hence, relatively lower systemic
importance.

Despite Temasek's official policy that BDI is an investment on a
stand-alone basis, Moody's believes that support for BDI will
likely be more forthcoming than originally anticipated.
Temasek's commitment to the bank is evident by its growing
effective stake, to 55.9% from 43.35%, since it first took
ownership of the bank in June 2003. Moreover, the rating agency
views its investment in the bank as strategic in nature.
Finally, Moody's believes that Indonesia is an important
economic and political market to Temasek. Within this, BDI
represents a large part of its investments in Indonesia.

The BFSR review will consider the bank's improving financial
performance, specifically, its high economic solvency (which
will decrease with rapid growth in risk-weighted assets) and
stronger recurring earning power. If Temasek-led management
continues to build the business to higher returns, the bank's
franchise value could be enhanced over time.

Since new management entered the bank in June 2003, they have
honed the bank's strategy and are redefining the bank's
competitive position in the banking landscape. While the bank
will remain a consumer and small and medium sized enterprises
bank, it intends to concentrate on the lower income customers
and self-employed segments. To help it in these areas, the bank
acquired a 75% stake in Adira Finance for IDR850 billion in cash
in April 2004. Adira Finance specializes in auto and motorcycle
financing and holds a 12% market share in the motorcycle
financing business.

BDI is the fifth largest bank in the country with a 5% deposit
market share. At end-2004, it had assets of IDR59 trillion. The
bank has an established brand name in the consumer market,
relatively healthy financial fundamentals and a professional
management team. As of end-2004, the Asia Financial Indonesia
consortium (comprising Temasek Holdings of Singapore with 85%
and Deutsche Bank 15%) held a 65.76% stake in the bank.

The following rating was changed: subordinated debt to B2 from
B3. Outlook positive.

The following rating was placed on review for possible upgrade:
bank financial strength rating of E+.

The following ratings were unaffected: long-term/short-term
deposit of B3/Not Prime. The long-term rating carries a positive
outlook and short-term
stable.

CONTACT:

PT Bank Danamon Indonesia Terbuka
Jl Jend Sudirman Kav 45
Wisma Bank Danamon
Jakarta 12930
Indonesia
Phone: +62 1 577 0551
Fax:   +62 1 577 0716
Web site: http://www.danamon.co.id


PERTAMINA: Builds Tankers to Transport Gas Nationwide
-----------------------------------------------------
PT Pertamina Tbk is building four new tankers worth IDR474.38
billion to distribute fuel products nationwide, using proceeds
from a controversial tanker sale last year to fund the project.

Two of the four tankers, namely MT Plaju with a 6,500 Long Ton
Dead Weight (LTDW) capacity, MT Fastron with 30,000 LTDW
capacity, are being built in a shipyard in East Java, and are
set to be finished next month. The other two tankers, the MT
Balongan with 6,500 LTDW capacity and the MT Mundu with 3,500
LTDW capacity, are being built in Batam, but it is unclear when
these would be completed.

The state-owned oil and gas company currently operates 130
tankers to supply the fuel demands of the nation, although it
only owns 30 vessels, and charters the rest.

According to media relations officer Mochamad Harun, even though
the tankers are quite small, they would aid greatly in
transporting fuel to the different gas stations throughout the
country.

CONTACT:

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


PERTAMINA: Government to Reimburse IDR4 Trillion in Subsidies
-------------------------------------------------------------
PT Pertamina is set to receive IDR4 trillion from the Indonesian
government to help alleviate the Company's cash flow problems,
Dow Jones reports.

According to Mines & Energy Minister Purnomo Yusgiantoro, the
payment would cover fuel subsidies from January to March. The
government owes IDR24 trillion to the Company at present.

Pertamina imports fuel from abroad, but sells them locally at
subsidized prices. Recently, Company spokesman Abadi Purnama
said that PT Bank Negara Indonesia and HSBC would not accept the
Company's letters of credit, as it still had an outstanding IDR9
trillion debt to both banks, used to import fuel. This could
hurt the Company's chances of importing additional fuel from the
Middle East in order to maintain fuel reserves to last 22 days.

The Company has been reported as stating that the length of time
it takes for the government to reimburse its fuel subsidies is
adversely affecting its cash flow.


PERTAMINA: Lack of Funds Hampers LNG Cargo Purchase
---------------------------------------------------
PT Pertamina doesn't have enough funds to buy LNG Cargo that is
to be shipped to an unnamed Asian buyer next week, reports Dow
Jones.

Pertamina has been experiencing cash flow problems, which
hinders it from financing the LNG purchase, which is an urgent
need, but the Company is set to discuss this with the Indonesian
government soon.

In recent years, Pertamina has been experiencing problems with
its local LNG stations, thus it has been importing fuel from the
Middle East, so that it could meet its obligation to ship 453
cargoes of LNG to buyers in Japan, South Korea and Taiwan. The
government then reimburses the Company for the imported LNG
cargoes.


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

FUJITSU LIMITED: Sharp Keen on LCD Device Business
--------------------------------------------------
Sharp Corporation will acquire Fujitsu Ltd's LCD device business
to improve its production of small- and mid-sized LCDs used
mainly in mobile phones and game consoles, AFX News reports.

Under a contract signed on Monday, Sharp will buy the LCD device
business, including the Yonago plant from Fujitsu Display
Technologies, a unit of Fujitsu.

Both parties did not reveal the financial terms of the deal.

The Yonago plant will be upgraded so it can also produce small-
and mid-sized LCDs. Sharp did not disclose the cost for
expanding the facility, which employs some 340 employees.

CONTACT:

Fujitsu Limited
1-1, Kami-kodanaka 4-Chome
Marunouchi Center Building
Nakahara-ku, Kawasaki-City 211-0053,
Kanagawa 100-8211
Japan
Phone: +81 44 777 1111
Fax: +81 3 32169365
Web site: http://www.fujitsu.com/


HITACHI LIMITED: To Book JPY66-Bln Special Loss on Restructuring
----------------------------------------------------------------
Hitachi Limited will book a JPY66 billion special loss in the
year to March 2005 to finance the restructuring of its group
operations and balance sheet, according to AFX News.

The electronics firm will spend JPY46.2 billion on restructuring
charges, including the write-down of its investment in Fujitsu
Hitachi Plasma Display, which now faces a big fall in profit due
to a fall in global prices for plasma display panels.

The Company also expects a JPY19.8 billion yen extraordinary
loss to write down the value of impaired assets.

To prevent the restructuring charges from impacting its profit
results, the Company will book a capital gain of JPY41.8 billion
by selling its equity interest in undisclosed firms.

CONTACT:

Hitachi, Ltd.
Kantaro Tanii
Public Relations
Corporate Communications Division
Phone: +81-3-5208-9323
Fax: +81-3-4564-2149
E-mail: kantaro.tanii.gx@hitachi.com


MEISEI SHOKAI: IRCJ Receives Debt Payment in Full
-------------------------------------------------
The Industrial Revitalization Committee of the Industrial
Revitalization Corporation of Japan (IRCJ) recently approved the
receipt of repayment in full for debt the IRCJ had purchased
from financial institutions as part of a business revitalization
plan for Meisei Shokai K.K.

The payment received by the IRCJ means that it no longer holds
any debt or other obligations of Meisei Shokai.

1. Name of Company concerned
Meisei Shokai K.K.

2. Process to date

On September 26, 2003 the IRCJ approved an application for
assistance by Meisei Shokai under Article 22, Clause 3 of the
Industrial Revitalization Corporation Act of 2003. On October 31
of the same year, under Article 25, Clause 1 of the same act,
the IRCJ reached agreement with financial institutions on the
purchase of this Company's debts. On March 31, 2004 the IRCJ
carried out a capital injection and began revitalization.

Following this, Tokyo Computer Service Co., Ltd. ("Tokyo
Computer Service") was selected as a sponsor. On February 28,
2005, the IRCJ and Tokyo Computer Service signed a contract for
the sale to Tokyo Computer Service of Meisei Shokai shares held
by the IRCJ, and this transaction was completed on March 14,
2005.

3. Amount of debt The principal value of Meisei Shokai's debt
purchased from financial institutions by the IRCJ was JPY3,329
million, for which the IRCJ paid JPY1,594 million. JPY1,651
million of the principal value of the debt was handled in a debt
forgiveness scheme according to the revitalization plan.

With respect to the remaining JPY1,678 million of debt held by
the IRCJ, the payment of JPY209 million received today means
that the amount of Meisei Shokai debt owing to the IRCJ has now
been paid in full.

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

None expressed.

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

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

About the IRCJ

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


MITSUBISHI MOTORS: Australia May Run Out of Cars to Sell
--------------------------------------------------------
Mitsubishi Australia may not have enough cars to meet sales
demand this month due to its aggressive marketing scheme, The
Sydney Morning Herald reports.

Company President Tom Phillips said the carmaker would be short
on Colt, Outlander and Triton models after maintaining a
conservative ordering strategy during the latter part of 2004
and into January this year.

The embattled carmaker had not expected an aggressive marketing
campaign, designed to restore the image of the brand in
Australia, to be so successful.

Under a global restructuring plan announced last year,
Mitsubishi said Lonsdale would close in October this year with
the loss of about 650 workers.

CONTACT:

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


SANYO ELECTRIC: New Head to Refocus on Overseas Markets
-------------------------------------------------------
Sanyo Electric Co's incoming President Toshimasa Iue said the
Company will refocus on overseas markets under his leadership,
due to begin in June, reports the Nihon Keizai Shimbun.

Mr. Iue, currently a Vice President, will also hold the post of
Chief Operating Officer.

Toshimasa Iue's main partner in senior management will be Mr.
Tomoyo Nonaka, an outside Director and former television news
anchor, who is due to become Chairwoman and Chief Executive
Officer.

CONTACT:

Sanyo Electric Co. Ltd
5-5, Keihan-Hondori 2-Chome
Moriguchi City, 570-8677, Osaka 570-8677
JAPAN
Phone: +81 6 6991 1181
Fax: +81 6 6991 6566


SOFTBANK CORPORATION: Sells Shareholdings in Mornings
-----------------------------------------------------
Softbank Corporation announced that its wholly owned subsidiary,
Softbank Finance Corporation (head office: Minato Ward, Tokyo,
representative: Yoshitaka Kitao) sold its all shares held in
U.S. Morningstar, Inc.

1. Outline of sale

(1) Shares for sale:  7,528,860 common shares held in U.S.
Morningstar, Inc.

(2) Sale price:  9.4 billion yen

2. Effect on consolidated financial results

Gain on sale of investment securities would be recognized
approximately JPY3.8 billion on a consolidated basis in the
first quarter for the fiscal year ending March 31, 2006.

CONTACT:

Softbank Corporation
24-1, Nihonbashi-Hakozakicho,
Chuo-ku, Tokyo 103-8501, JAPAN
Phone: 81-3-5642-8000
Web site: http://www.softbank.co.jp/english/index.html


SOJITZ HOLDINGS: Converts Unsecured Bonds into Common Stock
-----------------------------------------------------------
Sojitz Holdings Corporation serves notice of the conversion of
the 1st Series Unsecured Convertible Bonds Due October 2006,
which Sojitz Holdings issued in October 2004 into common stock
in full as of March 22, 2005.

1. Issue

1st Series Unsecured Convertible Bonds Due October 2006
(guaranteed by Sojitz Corporation)

2. Cumulative Conversion Amount: JPY10 billion (100%)

3. All Converted Shares: 24,551,921 shares

4. Kind of Issued Shares: Common Stock

The total number of issued shares and capitalization after the
full conversion of this bond series is as follows:

Issue number of shares: 240, 246, 254 shares
Capitalization: JPY336,122,742,706

CONTACT:

Sojitz Holdings Corporation
1-20 Akasaka 6-chome, Minato-ku
Tokyo, 107-8655, Japan
Phone: +81-3-5446-3600
Fax: +81-3-5446-1542
Web site: http://www.sojitz-holdings.com


TOSHIBA CORPORATION: Unit Cuts Ties With Electrolux
---------------------------------------------------
Toshiba Consumer Marketing Corporation, a unit of Toshiba
Corporation, will end its business alliance with Sweden's AB
Electrolux at the end of this year and stop selling jointly
developed household appliances at the end March 2006.

Toshiba Consumer Marketing will continue to offer aftercare
services on the joint brand products it has sold even after the
alliance is dissolved.

CONTACT:

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


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

JINRO LIMITED: Labor Union Protests Takeover by Hite
----------------------------------------------------
Jinro Limited's labor union is opposing the takeover of the
Company by Hite Brewery Co. consortium, saying that the high
bidding price would lead to an outflow of domestic capital, Asia
Pulse reports.

"Because Hite Brewery paid KRW3.2 trillion to acquire the
Company, it is twice as high as the optimal price necessary to
remove the Company from court receivership. This means that main
creditor Goldman Sachs receives a tax-free profit of KRW1
trillion or more, and the purchase price will increase product
cost, and will have to be borne by local consumers," stated the
labor union.

The Hite consortium will begin due diligence this week. It will
also seek the approval of the Fair Trade Commission, which was
previously scheduled to examine whether the takeover would not
violate the rules of unfair competitions.

The union added that it will not strike against the acquisition
but will appeal for a legal review of the merger and acquisition
process.

The labor union has said that it would not strike against the
takeover, but would file an appeal for a legal review of the
acquisition.

CONTACT:

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


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

ANTAH HOLDINGS: Issues Monthly Default Status Update
----------------------------------------------------
Further to the announcement dated March 2, 2005, the Board of
Directors of Antah Holdings Berhad issued update on the details
of the various credit facilities in default to the financial
institutions as at March 31, 2005; details of the monthly update
are attached.

To view the report, go to:

http://bankrupt.com/misc/tcrap_antahh041105.xls

CONTACT:

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


BELL & ORDER: Must Pay Claims to SBB
------------------------------------
On April 7, 2005, Bell & Order Berhad received a Writ of Summons
and a Statement of Claim by Southern Bank Berhad (SBB) for
presentation at the Shah Alam High Court.

i) The aggregate principal amount of S$768,049.05;

ii) Accrued aggregate interest (on the overdraft facilities and
Trust Receipts) as at March 8, 2005 of S$14,798.26;

iii) Further interest accruing on the outstanding principal sum
of S$339,576.61 at the total rate of 7.375% per annum (being
1.625% per annum over the Plaintiff's prime lending rate which
is currently 5.75%); and

iv) Further interest accruing on the outstanding principal sum
of S$396,056.14 at the total rate of 10.75% per annum (being 5%
per annum over the Plaintiff's prime lending rate which is
currently 5.75%)

The claim under the notice was allegedly for the banking
facilities extended by SBB to Bell & Order Engineering Pte. Ltd.
secured by a Corporate guarantee by Bell & Order Berhad.

B&O had on Feb. 28, 2005 announced that it is an affected listed
issuer under Practice Note No. 17/2005 (PN 17/2005) of the
Listing Requirements of Bursa Securities, as the Company has a
deficit in its adjusted shareholders' equity on a consolidated
basis based on the Company's unaudited consolidated results for
the financial year ended Dec. 31, 2004.

On Jan. 7, 2005, the Company made an announcement whereby B&O is
proposing to undertake the Proposed Rights Issue, Proposed
Acquisitions, Proposed GO Exemption, Proposed Increase In
Authorized Share Capital and Proposed Placement. The Proposals
are expected to provide the B&O Group with new source of income
from business operations in the oil & gas and services industry.
The Proposals outline the Company's plan to regularize its
financial condition.

The applications for the Proposals dated March 10, 2005 were
submitted to the relevant authorities and are currently pending
review by the authorities.

As at the date hereof, there are no additional expected material
losses arising from the Writ as the amount claimed had already
been taken into account in B&O's financial statements. In
addition, as part of the Proposals, B&O is proposing to enter
into an arrangement with the bankers and creditors of the
Company under Section 176 of the Companies Act, 1965 for the
settlement of the B&O Group's bank borrowings. On March 25,
2005, B&O obtained the leave of the High Court of Kuala Lumpur
to convene the necessary creditors' meetings for purposes of the
said arrangement. The court also granted a restraining order to
the effect that all legal proceedings against B&O should be
stayed (save with the leave of the Court) for a period of 90
days commencing March 25, 2005, pending the outcome of the
creditors' meetings. As at the date hereof, B&O is still in
negotiation with its bankers and creditors. The Company has also
instructed its solicitors to take appropriate actions in
response to the Writ. Therefore, the Writ is not expected to
have a material financial and operational impact to the B&O
Group.

CONTACT:

Bell & Order Berhad
28 & 30 Jalan Pjs 11/14
Bandar Sunway
Petaling Jaya 46150
Malaysia
Phone: 03 - 56336966
Fax:   03 - 56345081


BOUSTEAD HOLDINGS: Set to List Additional Shares
------------------------------------------------
Boustead Holdings Berhad's additional 207,000 new ordinary
shares of MYR0.50 each issued pursuant to the Company's Employee
Share option Scheme will be granted listing and quotation
effective Wednesday, April 13, 2005, 9:00 a.m.

CONTACT:

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


BUKIT KATIL: Bourse Extends Requisite Announcement Date
-------------------------------------------------------
Bukit Katil Resources Berhad announced that on March 30, 2005,
the Company submitted an application to Bursa Malaysia
Securities Berhad (Bursa Securities), seeking approval for
extension of time of one month from April 14, 2005 to announce
its Requisite Announcement on the Company's plan to regularize
its financial position.

The Company announced that Bursa Securities had on April 8, 2005
granted its approval for extension of time to May 15, 2005 for
the Company to announce its Requisite Announcement.

CONTACT:

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


FABER GROUP: To Hold AGM on May 5
---------------------------------
Faber Group Berhad announced that the Company's 42nd Annual
General Meeting (AGM) will be held on Thursday, May 5, 2005,
10:00 a.m.

The AGM will be held at Nusantara Ballroom, 2nd Floor, Sheraton
Imperial, Jalan Sultan Ismail, 50250 Kuala Lumpur. The notice of
the AGM is attached herewith and is published in The Star on
Monday, April 11, 2005.

To view further details on the AGM notice, go to:
http://bankrupt.com/misc/tcrap_fabergroup041105.doc

CONTACT:

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


GENERAL SOIL: Violates Listing Requirements
-------------------------------------------
On 8 April 2005, Bursa Malaysia Securities Berhad (Bursa
Securities) publicly reprimanded and imposed a MYR240,000 fine
on General Soil Engineering Holdings Berhad for breach of
paragraphs 9.23(a) and 9.23(b) of the Listing Requirements of
Bursa Securities (Bursa Securities LR).

The Company was found to be in breach of the following
requirements:

(a) Paragraph 9.23(a)

The Company failed to submit the annual report (AR 2004) for the
financial year ended June 30, 2004, by the Dec. 31, 2004 due
date.

(b) Paragraph 9.23(b)

The Company failed to submit the annual audited accounts for the
financial year ended June 30, 2004, by the due date of Oct. 31,
2004.

As at to date, the Company has still not submitted the AAA 2004
and AR 2004 to Bursa Securities for public release.

The public reprimand and fine were imposed pursuant to paragraph
16.17 of the Bursa Securities Listing Requirements after taking
into consideration all relevant factors, including the fact that
the Company previously breached the Bursa Securities LR. Bursa
Securities further directed GENSOIL to furnish the AAA 2004 and
AR 2004 for public release within one (1) month from the date of
imposition of penalty.

CONTACT:

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


GOLDEN FRONTIER: Buys Back 2,000 Shares
---------------------------------------
Golden Frontier Berhad disclosed the details of its shares buy
back on April 8, 2005 to the Bursa Malaysia Securities Berhad.

Date of buy back: 08/04/2005

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

Total number of shares purchased (units): 2,000

Minimum price paid for each share purchased (RM): 0.600

Maximum price paid for each share purchased (RM): 0.600

Total consideration paid (RM): 1,214.48

Number of shares purchased retained in treasury
(units):     2,000

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

Cumulative net outstanding treasury shares as at to-date
(units): 1,445,100

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

CONTACT:

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


MYCOM BERHAD: Proposed Scheme Completion Extended to Sept. 30
-------------------------------------------------------------
Further to the announcement dated Dec. 15, 2004, Mycom Berhad
announced that the Company had on 7 April 2005 received the
approval of the Securities Commission (SC) via its letter dated
April 6, 2005, for the extension of time for a further period of
nine (9) months to Sept. 30, 2005 to complete the implementation
of the Proposed Restructuring Scheme, subject to the following
terms and conditions:

(i) The Company is required to make monthly announcement to the
Bursa Malaysia Securities Berhad (Bursa Securities) regarding
the status of the implementation of the Proposed Restructuring
Scheme at the end of each month until the completion of the
Proposed Restructuring Scheme. In relation thereto, the Company
is required to disclose in full the following matters in the
announcement:

(a) The outstanding events to complete the implementation of the
abovesaid Proposed Restructuring Scheme;

(b) The relevant dates in relation to the abovementioned
Outstanding Events; and

(c) The opinion from the Company's Board of Directors regarding
the achievability of the timeline to complete the implementation
of the Proposed Restructuring Scheme;

(ii) The Company is required to make immediate announcement to
Bursa Securities if any of the Outstanding Events are not able
to be implemented within the stipulated timeline together with
detailed explanations for failure to implement and the concrete
steps involved to ensure the said Outstanding Events will be
implemented within the amended timeline; and

(iii) The Company is required to submit a copy of the said
announcement to the SC together with the abovementioned opinion
from the Board of Directors, for the reference of SC.

Notwithstanding the above, the Company is informed that the
abovementioned approval for the extension of time in the
foregoing paragraph is final, and any further application for
the extension of time to complete the implementation of the
Proposed Restructuring Scheme would not be considered by the SC.

CONTACT:

Mycom Berhad
Level 23, Menara Olympia
Jalan Raja Chulan
Kuala Lumpur, 50250
Malaysia
Phone: +60 3 2072 3993
Fax:   +60 3 2072 3996


NAIM INDAH: Unit Posts Zero Log Production for March 2005
---------------------------------------------------------
In accordance with Paragraph 9.29, of the Bursa Malaysia
Securities Berhad (BMSB) listing requirements, Naim Indah
Corporation Berhad announced that its wholly owned subsidiary,
Jernih Makmur Sdn Bhd (which owns a Timber Concession located at
Hutan Simpanan Lebir, Mukim of Relai, District of Chiku, Jajahan
Gua Musang, Kelantan Darul Naim), was unable to extract any
round timber logs in March, as the Company is still tagging the
Compartment designated for logging extraction. Thus, there was
no log production for the month of March 2005.

CONTACT:

Naim Indah Corporation Berhad
Jalan Kampar Off Jalan Tun Razak
50400 Kuala Lumpur
Malaysia
Phone: +60 3 4043 9411


OLYMPIA INDUSTRIES: SC Extends Scheme Completion Period
-------------------------------------------------------
Further to the announcement dated Dec. 15, 2004, Olympia
Industries Berhad (OIB) announced that the Company had on April
7, 2005 received the approval of the Securities Commission (SC)
via its letter dated April 6, 2005, for the extension of time to
complete the implementation of the Proposed Restructuring
Scheme.

The application for the following proposals:

(i) Extension of time for nine (9) months to Sept. 30, 2005 to
complete the implementation of the Proposed Restructuring
Scheme; and

(ii) Extension of time for twelve (12) months to Dec. 31, 2005
for the merger between Jupiter Securities Sdn Bhd (JSSB) and at
least one (1) other stock Company, was considered and approved
by the SC, as proposed, subject to the following terms and
conditions:

(i) OIB is required to make monthly announcement to the Bursa
Malaysia Securities Berhad (Bursa Securities) regarding the
status of the implementation of the Proposed Restructuring
Scheme at the end of each month until the completion of the
Proposed Restructuring Scheme. In relation thereto, OIB is
required to disclose in full the following in the announcement:

(a) The outstanding events to complete the implementation of the
Proposed Restructuring Scheme (Outstanding Events);

(b) The relevant dates in relation to the abovementioned
Outstanding Events; and

(c) The opinion from the Board of Directors of OIB regarding the
achievability of the timeline to complete the implementation of
the Proposed Restructuring Scheme;

(ii) OIB is required to make immediate announcement to Bursa
Securities if any of the Outstanding Events are not able to be
implemented within the said stipulated timeline together with
the detailed explanation for failure to implement and the
concrete steps involved to ensure the said Outstanding Events
will be implemented within the amended timeline; and

(iii) OIB is required to submit a copy of the said announcement
to the SC together with the abovementioned opinion from the
Board of Directors of OIB, for the reference of SC.

Notwithstanding the above, OIB is informed that the
abovementioned approval for the extension of time in the
foregoing paragraph is final, and any further application for
the extension of time to complete the implementation of the
Proposed Restructuring Scheme and the merger of JSSB and at
least one (1) stock Company would not be considered by the SC.

CONTACT:

Olympia Industries Berhad
No 8 Jalan Raja Chulan
Kuala Lumpur, 50200
Malaysia
Phone: +60 3 2070 0033
Fax:   +60 3 2070 0011


PANGLOBAL BERHAD: Unit Posts March Production Figures
-----------------------------------------------------
PanGlobal Berhad announced that the coal production volume of
its wholly owned subsidiary, Global Minerals (Sarawak) Sdn Bhd
for the month of March 2005 was 55,070.52mt.

CONTACT:

Panglobal Berhad
8 Lorong P Ramlee
Kuala Lumpur, 50250
Malaysia
Phone: +60 3 2031 9199
Fax:   +60 3 2032 3977


PAN MALAYSIA: Repurchases 60,000 Shares
---------------------------------------
Pan Malaysia Corporation Berhad disclosed to the Bursa Malaysia
Securities Berhad details of its shares buy back on April 8,
2005.

Date of buy back: 08/04/2005

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

Total number of shares purchased (units): 60,000

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

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

Total consideration paid (RM): 23,332.23

Number of shares purchased retained in treasury
(units):     60,000

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

Cumulative net outstanding treasury shares as at to-date
(units): 21,425,500

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: To List Extra Shares on April 13
-------------------------------------------------
Pantai Holdings Berhad's additional 60,000 new ordinary shares
of MYR1.00 each arising from the Company's Conversion of
MYR67,200 nominal value of irredeemable convertible unsecured
loan stocks 2002/2007 into 60,000 new ordinary shares will be
granted listing and quotation effective Wednesday, April 13,
2005, 9:00 a.m.

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/


UNITED CHEMICAL: Sees No Change in Default in Payments
------------------------------------------------------
The Board of Directors of United Chemical Industries Berhad
(UCI) announces that there are no new significant developments
in relation to the Company's defaults in payment in accordance
with Practice Note 1/2001 of the Bursa Malaysia Securities
Berhad Listing Requirements.

UCI has provided an update on the details of all facilities
currently in default in compliance with Section 3.1 of Practice
Note No.1/2001.

To view the full copy of the report, click on:

http://bankrupt.com/misc/tcrap_unitedchem041105.xls

CONTACT:

United Chemical Industries Berhad
10th Floor, Wisma MCA
Jalan Ampang
50450 Kuala Lumpur, WP
Malaysia
Phone: 603-2619055
Fax:   603-2610502


WEMBLEY INDUSTRIES: Bourse Mulls Delisting
------------------------------------------
Wembley Industries Holdings Berhad announced that the Company
received a notice to show cause on de-listing of Securities of
the Company from Bursa Malaysia dated April 8, 2005, as
follows:

a) The Company has been accorded 14 days by Bursa Securities to
make written representations to Bursa Securities on why its
securities should not be removed from the Official List of Bursa
Securities;

b) In the event Bursa Securities decides to de-list the Company,
the securities of the Company shall be removed from the Official
List of Bursa Securities upon the expiry of 14 days from the
date of notification of the decision to de-list the Company or
upon such other date as may be specified by Bursa Securities;
and

c) In the event Bursa Securities decides not to de-list the
Company, other appropriate action/penalty(ies) may be imposed
pursuant to paragraph 16.17 of the Bursa Securities Listing
Requirements.

As the Company's appeal in relation to the extension of time for
the implementation of the Company's restructuring scheme is
currently being considered by the Securities Commission, the
Company will reply accordingly to Bursa Malaysia Show Cause
Letter within the required fourteen (14) days.

CONTACT:

Wembley Industries Holdings Berhad
No 1 Jalan Pandungan
Kuching, Sarawak 93100
Malaysia
Phone: +60 82 236920
Fax:   +60 82 236922


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

BACNOTAN CONSOLIDATED: PHINMA Notes Changes in Shareholdings
------------------------------------------------------------
Philippine Investment-Management Inc. (PHINMA), a principal
shareholder of Bacnotan Consolidated Industries Inc. (BCI),
furnished the Exchange a copy of its SEC Form 23-B (Statement of
Changes in beneficial Ownership of Securities), reporting
changes in its shareholdings for the month of March 2005.

A copy of the said document shall be made available for
reference at the PSE Centre and PSE libraries. The same shall
likewise be made available for downloading at the PSE Web site:
http://www.pse.com.ph(under Listed Companies).

For your information.

(Original Signed)
JURISITA M. QUINTOS
Senior Vice President

CONTACT:

Bacnotan Consolidated Industries Incorporated
No 39 Plaza Drive Rockwell Centre
4th Floor PHINMA Building
Makati City 1200
Philippines
Phone: +63 2 8700 100
Fax: +63 2 8700 456


COLLEGE ASSURANCE: SEC May Block Access to Trust Fund
-----------------------------------------------------
The Securities and Exchange Commission (SEC) may no longer allow
College Assurance Plans Inc. (CAP) to tap the SEC trust fund if
the pre-need firm fails to replenish the fund, reports Today
News.

The regulator ordered CAP to fill the trust fund, which was
further depleted following the monetization of the pre-need
firm's Metro Rail Transit (MRT) bonds.

CAP was allowed to access the trust fund using its MRT bonds
after the Company's plan holders clamored for payments.

SEC has estimated that CAP's trust fund stands at Php4.7
billion, or lower than the Php8.5 billion reported earlier. The
Company needs Php1.25 million each semester for 2005 to 2006 to
finance maturing plans.

The commission had written CAP to remind about its obligations,
but the Company has yet to respond.

CONTACT:

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


COLLEGE ASSURANCE: Oversight Panel Completes Report
---------------------------------------------------
The oversight committee, formed since College Assurance Plans'
(CAP) woes came to light, has completed a report on the pre-need
firm, Today News relates.

The committee reported on the dangers of the depletion of CAP's
trust fund, and the need for a white knight to save CAP from its
financial dilemma.

The report made a lengthy recommendation on the issue, but
refused to disclose its contents as the commission has yet to go
over them first.

The commission is set to meet next week to discuss the problem.


MANILA ELECTRIC: May Buy Transco Assets This Year
-------------------------------------------------
Manila Electric Company (Meralco) is in continuous talks to
purchase part of National Transmission Corporation 's (Transco)
sub-transmission assets, according to Today News.

Meralco is looking to acquire several of Transco's assets in
Cavite, Bulacan, and Batangas this year.

"We have identified which assets we plan to acquire. However,
the Energy Regulatory Commission has required that a third party
appraisal be conducted on the assets' valuation," Meralco
president and chief operating officer Jesus P. Francisco said.

The power utility firm is also negotiating to stretch the
payment period to over several years.

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


MAYNILAD WATER: DMCI Eyes Buyout
--------------------------------
DMCI has firmed up a plan to acquire west concessionaire
Maynilad Water Services Inc. from the Lopez family, says The
Philippine Daily Inquirer.

On April 1, DMCI submitted a letter of intent to Lopez-owned
Benpres Holdings Corp on its bid to buy the firm's 59-percent-
owned unit Maynilad. DMCI said it wanted to acquire all shares
of Maynilad.

DMCI had also made known its intent to conduct a due-diligence
audit on Maynilad's balance sheets and financial reports. As of
January, Maynilad's liabilities were estimated at Php18 billion
and its assets placed at no less than Php2 billion.

Nevertheless, monthly collections from customers and the new
tariff adjustment had made cash flow steady and operations
viable.

Maynilad said it will not be able to accommodate DMCI's offer
just yet since its corporate rehabilitation program is still
pending for approval with the Quezon City Regional Trial Court.
But the utility firm stressed it will consider DMCI's bid.

CONTACTS:

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


NATIONAL POWER: DOF Permits Float of Php5-Bln Bonds
---------------------------------------------------
The Department of Finance gave a go-ahead to National Power
Corporation's (Napocor) plan to borrow on its own by floating
peso-denominated bonds this month, The Philippine Daily Inquirer
says.

The Php5-billion bond issuance, which will be guaranteed by the
national government, will have tenors of five and seven years.

Cash-strapped Napocor will use the proceeds of the bond float to
cover its ballooning operating expenses.

DOF said it would not block Napocor's plan to borrow on its own
since the government already got a favorable response from the
market when the plan was made. In fact, some firms had already
express willingness to lend.

The national government, through the DOF, had been borrowing in
behalf of the state-owned power firm, as the credit market was
seen charging higher interest rates if Napocor borrowed on its
own.

But due to positive market sentiment, the government said it
would just borrow on Napocor's behalf if the loan cost is too
high.

CONTACT:

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


PHILIPPINE NICKEL: Surigao Execs Laud PGMA on Mine Support
----------------------------------------------------------
Surigao del Norte government officials praised President Gloria
Macapagal-Arroyo (PGMA) for backing the revival of dormant
Philippine Nickel Corporation (Philnico), Sunstar Daily reports.

PGMA has directed Environment Secretary Michael Defensor to
formulate a scheme to restructure Philnico's US$320-million
debt.

The program will allow Chinese mining conglomerate Chi Juan Non
Ferrous Metals Corp., which expressed interest to re-construct
Philnico's nickel refinery plant, for a gradual payment in the
buy out of rights of the Filipino mining firm in Nonoc Island.

The revival of the Nonoc nickel mining is expected to generate
millions of pesos of revenues to the city coffers that will help
provide funds for various government projects in the city and
the province.

PGMA also ordered concerned government agencies to make sure
that the environment is protected and affected people in host
communities be consulted before the start of any mining
activities.

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/


SWIFT FOODS: RFM Places 10,947,678 Preferred Shares
---------------------------------------------------
This is in reference to Circular for Brokers No. 1661-2005 dated
April 8, 2005 pertaining to the authorization by the Board of
Directors of RFM Corporation (RFM) to put 10,947,678 preferred
shares in Swift Foods Inc. (SFI).

In relation thereto, RFM furnished the Philippine Stock Exchange
copies of the following:

(1) SEC Form 18-A (Report By Owner of More Than Five Percent)
(2) SEC Form 23-A (Initial Statement of Beneficial Ownership of
Securities)
(3) SEC Form 23-B (Statement of Changes in Beneficial Ownership
of Securities)

Copies of the said documents shall be made available for
reference at the PSE Centre and PSE Plaza libraries. The same
shall likewise be made available for downloading at the PSE web
site: http://www.pse.com.ph(under Listed Companies).

For your information.

(Original Signed)
JURISITA M. QUINTOS
Senior Vice President

CONTACT:

SWIFT FOODS, INC.
Pioneer Corner Sheridan Streets
RFM Corporate Center
Mandaluyong City 1603
Philippines
Phone: +63 2 631 8101
Fax: +63 2 631 5064
Web site: http://www.rfm.com.ph/


VANTAGE PENSION: Investors Face SEC Scrutiny
--------------------------------------------
The Securities and Exchange Commission (SEC) said the entry of
potential investors into Vantage Pension should be placed under
a thorough review, according to The Manila Bulletin.

According to SEC, investors should undergo a background check to
ensure their legitimacy and capability to run the pre-need
business. SEC fears that individuals or companies that will pose
as investors will actually drain the Company's funds.

Vantage Pension was once an active pre-need firm but decided to
suspend its operations in the 1990's. Now the Company wants to
resume its operations in the light of an investor coming in.

But in order to resume its operations Vantage Pension has to put
up Php50 million in paid-up capital as required under the New
Pre-Need Rules.

The SEC rules provide a Php100 million paid-up capital
requirement for companies selling three plan types (education,
pension and life), Php75 million for companies selling two plan
types and Php50 million for those selling only one plan type.


VICTORIAS MILLING: Posts Change in Directors' Holdings
------------------------------------------------------
Further to Circular for Brokers No. 1596-2005 dated April 6,
2005, the following director and officers of Victorias Milling
Company Inc. furnished the Exchange copies of their SEC Form 23-
A (Initial Statement of Beneficial Ownership of Securities),
pursuant to Section 13 of the Revised Disclosure Rules
pertaining to "Disclosure on Transactions of Directors and
principal Officers in the Issuer's Securities":

(1) Mr. Renato A. Castillo    - Director
(2) Mr. Nilo Adriano Florcruz - VP Manufacturing
(3) Ms. Teresita Venal Ilagan - Controller

Likewise, MR. Abelardo Enriquez Bugay, a director and President
of the Corporation, furnished the Exchange a copy of his SEC
Form 23-B (Statement of Changes in Beneficial Ownership of
Securities), which reported the change in his shareholdings
related to a transaction on April 7, 2005, pursuant to Section
13 of the Revised Disclosure Rules pertaining to "Disclosure on
Transactions of Directors and Principal Officers in the Issuer's
Securities."

Copies of the said documents shall be made available at the PSE
Centre and PSE Plaza libraries. The same shall likewise be made
available for downloading at the PSE web site:
http://www.pse.com.ph(under Listed Companies).

For your information.

(Original Signed)
JURISITA M. QUINTOS
Senior Vice President

CONTACT:

Victorias Milling Co. Inc.
9126 Sultana cor. Honradez Sts.
Barangay Olympia, Makati City
Phone No/s: 896-0381; 899-0485
Fax No/s: 895-4150
E-mail Address: fal@philonline.com
Web site: http://www.victoriasmilling.com
Auditor: Joaquin Cunanan & Company
Transfer Agent: Fidelity Stock Transfer, Inc.


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

BRIDGEMENT INTERNATIONAL: Proofs of Debt, Claim Due May 9
---------------------------------------------------------
Notice is hereby given that the creditors of Bridgement
International Pte Ltd (In Members' Voluntary Liquidation), which
is being wound up voluntarily, are required, on or before May 9,
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, the liquidators of the
said Company.

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

Dated this 8th day of April 2005

Low Sok Lee Mona
Cheng Soon Keong
Liquidators
c/o Low, Yap & Associates
4 Shenton Way
#04-01 SGX Centre 2
Singapore 068807


COGENT DEVELOPMENT: Faces Winding Up Petition
---------------------------------------------
In the matter of Cogent Development Pte Ltd. a winding up order
was made on April 1, 2005.

Name and address of Liquidator:

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

Dated this 1st day of April 2005
Rajah & Tann
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.


GABERON PTE: Fixes May 9 as Date of Final Meeting
-------------------------------------------------
Notice is hereby given that pursuant to Section 308 of the
Companies Act, Cap. 50, a Final Meeting of the Members of
Gaberon Pte Ltd (In Members' Voluntary Liquidation) will be held
at 138 Cecil Street, #15-00 Cecil Court, Singapore 069538 on May
9, 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 Liquidators,
and also of determining by resolution the manner in which the
books, accounts and documents of the Company and of the
Liquidators shall be disposed of.

Dated this 8 April 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.


GLOBAL VOICE: To Provide University in Frankfurt with CWDM
----------------------------------------------------------
Singapore listed Global Voice Group (GV) announced in a
disclosure made to the Singapore Stock Exchange (SGX) that it
has been awarded a 15-year contract to deliver a managed fibre
network solution to the Johann Wolfgang Goethe University in
Frankfurt.

When implemented the GV solution will provide the University's
35,000 students and 3,000 staff with high-speed broadband access
to a wide variety of multimedia applications including, Internet
access, videoconferencing and high-speed data exchange.

The University, which extends across greater Frankfurt and
covers four campuses including Bockenheim, Riedberg, Westend and
Niederrad also utilize GV's dense metropolitan network across
the region.

Under the agreement, the University of Frankfurt will become one
of the first universities in Germany to use CWDM (Coarse Wave
Division Multiplexing) to transfer data across multiple
campuses. As explained by Dr. Stefan Glckert, Director of the
University Data Centre "here in the University of Frankfurt, as
in all universities, the quantum of voice and data transfer is
constantly increasing.

This is been driven by a number of factors, such as the constant
growth in students numbers attending Universities, an ever
growing requirement for information to be available online,
rapidly increasing usage by students and staff in research
institutes to webcast experiments live, and an increasing
requirement by training hospitals to show their students parts
of surgeries online and in real time."

"These were just some of were the reasons that Frankfurt
University selected a managed fibre service from GV as having
transmission rates of between 155 Mbps and 10 Gbps means that we
can now run new applications as we need."
To view a full copy of the press release, click
http://bankrupt.com/misc/GLOBALVOICE040805.pdf

For further information, please contact:

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


GLOBAL VOICE: Unveils New ESOS Committee Members
------------------------------------------------
The Board of Directors of Global Voice Group Limited advised the
Singapore Stock Exchange (SGX) on the appointment of Mr. Thomas
Byrnes, Mr. Noel Meaney and Mr. Christopher Nightingale as
members of the Company's ESOS Committee with effect from
February 28, 2005, in place of Mr. Faisal Alsagoff and Mr. Foo
Kok Swee @ Pu Kok Swi and Mr Lee Theng Kiat. Mr. Faisal Alsagoff
and Mr. Foo Kok Swee @ Pu Kok Swi resigned as Directors on
October 18, 2004 while Mr. Lee Theng Kiat remained on the Board
of Directors.

Following the above changes, the ESOS Committee is now comprised
of the following members:

Lt-Gen (Ret) Ng Jui Ping (Chairman)
Mr. Thomas Byrnes
Mr. Noel Meaney
Mr. Christopher Nightingale

By Order of the Board
Global Voice Group Limited


HOTLINE INDUSTRIES: Enters Winding Up Process
---------------------------------------------
In the matter of Hotline Industries Pte Ltd. a winding up order
was made on April 1, 2005.

Names and address of Liquidators:

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

Shook Lin & Bok
Solicitors for the Petitioner


HUA ANN: Receiving Proofs of Claims Until May 8
-----------------------------------------------
Hua Ann Brothers Pte Ltd (In Liquidation) posted a notice of
intended dividend to the Government Gazette, Electronic Edition
with the following details.

Address of Registered Office: c/o The Liquidator's Office

Nature of Matter: Originating Summons Nos. 1396 of 1997 and
1467 of 1999

Last day for receiving Proofs: 8th May 2005

Name of and Address of Liquidator:

Mr. Don M Ho, FCPA
c/o Don Ho & Associates
Certified Public Accountants
Corporate Advisory & Recoveries
Equity Plaza
20 Cecil Street #12-02 & 03
Singapore 049705
Telephone: 65320320 (8 lines)
Fax: 65320331

Dated this 8th April 2005


MICROLITE SINGAPORE: Requires Creditors to Prove Debt May 9
-----------------------------------------------------------
Notice is hereby given that the creditors of Microlite Singapore
Pte Ltd (In Members' Voluntary Liquidation), which is being
wound up voluntarily are required on or before May 9, 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 Company.

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

Dated this 8th day of April 2005.

Hamish Alexander Christie
Liquidator
c/o 16 Raffles Quay
#22-00 Hong Leong Building
Singapore 048581


RICHFIELD INNOVATIONS: To Pay Dividend April 18
-----------------------------------------------
Richfield Innovations Pte Ltd (In Liquidation) of 10 Anson Road
#39-15 International Plaza c/o Liquidator's Office Singapore
079903 posted at the Government Gazette, Electronic Edition a
notice of dividend.

Court: High Court of Singapore

Number of Matter: No. 600008 of 2002

Amount per centum: 2.84 cents to a dollar

First and final or otherwise: Second Dividend

When payable: 18th April 2005

Correspondence Address/Where payable:

Richfield Innovations Pte Ltd
(In Liquidation)
c/o Bob Low & Co.
Liquidator's office
10 Anson Road
#39-15 International Plaza
Singapore 079903

Dated 8th April 2005.


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

HANTEX: Shareholders Approve New Capital Hike
---------------------------------------------
Hantex Public Company Limited explained further to the Stock
Exchange of Thailand with respect to the details of shares
allocation that the Board of Directors passed in a resolution on
February 28, 2005 to allocate new 100,000,000 shares to specific
four private investors at the price of THB1.25 per share and
specify the subscription period and payment period on April 7 to
8 and April 11 respectively.

The extraordinary shareholders meeting on April 5, 2005 approved
the new capital increase by way of private placements as per the
recommendation of the Board of Directors and approved to
authorize the Board of Directors to consider the details of
shares allocation to these investors including period of
subscription and date of payment of new shares.

Should the Board of Directors have any more resolutions on the
above issue, the Company shall immediately file the report to
the Stock of Exchange of Thailand.

Please be informed accordingly.

Sincerely Your,
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


ADVANCE PAINT: Board Notifies SET on Meeting Resolutions
--------------------------------------------------------
Pursuant to the resolution passed by the Board of Directors of
Advance Paint & Chemical (Thailand) Public Company Limited, the
Company notified the Stock Exchange of Thailand (SET) on the
resolutions of the Ordinary General Meeting of Shareholders
No.1/2005 held on Friday, April 8, 2005:

(1) Adoption of the Minutes of Extraordinary General Meeting of
Shareholders of the Company No.1/2004

(2) Unanimous approval and ratification of the performance
results of the Board of Directors for fiscal year 2004 and the
Annual Report.

(3) Unanimous approval of the Balance Sheet and Profit and Loss
Accounts of the Company for the fiscal year ended December 31,
2004.

(4) Acknowledge non-payment of dividends for the performance
results of the fiscal year 2004.

(5) Unanimous approval for appointment of Mr. Pricha
Punnakitikashem and Mr. Dusit Nontanakorn who retired by
rotation in this occasion to act as Directors for another period
and approval the directors' Remuneration fees of THB20,000 for
each director per meeting.

(6) Unanimous approval for appointment of Mr. Atipong
Atipongsakun or Mr. Pravit Viwantananut the Auditors of AND
Audit & Company, as the auditors of the Company for the fiscal
year 2005 and fixing the remuneration of the auditors in the
amount not exceeding THB300,000.

Yours Sincerely,
Mr.Pricha Punnakitikashem
Chairman

CONTACT:

Advance Paint & Chemical (Thailand) Pcl
344 Moo 2, Bang Pa-In Industrial Estate,
Bang Pa-In Ayutthya
Telephone: 0-3522-1140, 0-2541-5374-8
Fax: 0-3526-1871




BOND PRICING: For the Week 11 April to 15 April 2005
----------------------------------------------------

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


AUSTRALIA
---------

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

CHINA
-----

China Government Bond                  2.900%    5/24/32   66


MALAYSIA
--------

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


SINGAPORE
---------

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


                            *********


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

Troubled Company Reporter -- Asia Pacific is a daily newsletter
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Copyright 2005.  All rights reserved.  ISSN: 1520-9482.

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