TCRAP_Public/050413.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

             Wednesday, April 13, 2005, Vol. 8, No. 72

                            Headlines

A U S T R A L I A

ACROPOLIS STONE: Court Names Steven Nicols as Liquidator
ALLAWAY HOTCHKIN: To Hear Liquidator's Report on Winding Up
AUSTRAL COAL: Accelerates Conversion of Convertible Notes
CAROUSEL CLOWNS: Sets April 15 as Final Meeting Date
CL & V ROBERTS: General Meeting Set April 15

COMPUTER LIBRARY: Sets Out Final Meeting Agenda
DUNWILLER PTY: Passes Special Resolution to Wind Up Company
GREG MADDEN: EGM Passes Resolution at Meeting
HILLS MOTORWAY: Transurban Wins Bid
HILLS MOTORWAY: Reconciles March 2005 Traffic Figures

INTERNATIONAL SPECIALIST: To Declare Dividend April 22
LONGLAST PTY: To Pay Dividend April 19
MATAR TRANSPORT: Court Issues Winding Up Order
MULTIPLEX: Crane Drivers Defy Death Threats
NATIONAL AUSTRALIA: UBS Forecasts Profit Downgrade

NORTHERN TERRITORY: To Enter Voluntary Winding Up Process
NQ RENTALS: Collapses Over Investment Mistake
ONSLOW MINING: To Hold Final Meeting April 15
PENRITH CITY: Court Appoints Chartered Accountant Liquidator
RENTFORCE AUSTRALIA: EGM Resolves to Wind Up Company

ROCK BOTTOM: Finalizes Winding Up Process
ROSEBANK HOLDINGS: Members Meeting Set April 15
SOFOLET PTY: Members Pass Resolution to Wind Up Company
TOJORE PTY: Lays Out Final Meeting Agenda
UMINA BOWLING: Creditors Hope Merger Will Revive Ops

WALTON LOGISTICS: Hires Receivers and Managers of Assets
YANDROKA PTY: Members Agree to Wind Up Company


C H I N A  &  H O N G  K O N G

APT SATELLITE: Posts Losses in Fiscal 2004
BRIGHT GROWTH: Enters Winding Up Proceedings
CENTRE JET: Court Order Winding Up
CHINA CONSTRUCTION: Sells Bad Assets Packages to Deutsche Bank
CHINA GAS: Forms JV for Shaoxing Gas Project

E-KONG GROUP: 2004 Net Loss Widens to HK$132 Mln
GOLD MOUNT: Faces Winding Up Proceedings
HERALD TINPLATE: Winding Up Hearing Slated for May 18
KIN TAT: High Court Issues Winding Up Notice
PACIFIC MARKETING: Court Fixes Petition Hearing on April 27

PEACE ENTERPRISE: Receives Winding Up Order
RICH YIELD: To Undergo Winding Up Process
SMITH & SMITH: Enters Winding Up Proceedings
TOSA INVESTMENT: Court Releases Winding Up Order


I N D O N E S I A

DIRGANTARA INDONESIA: New Flight Simulator Takes Off
SEMEN GRESIK: To Build New Cement Factory


J A P A N

55 STATION: Files for Bankruptcy
GOGOSUTESHON K.K.: Enters Bankruptcy
IDE SEISHI: Begins Bankruptcy Proceedings
MATSUSHITA ELECTRIC: Mulls Measures vs. Hostile Takeovers
MATSUSHITA INVESTMENT: Morgan Stanley Fund Buys Chifley Tower

TOSHIBA CORPORATION: To Use Intel Chips for HD DVD Players


K O R E A

DAEWOO PRECISION: FSS Blocks Sale to Consortium
KOREA EXCHANGE: S&P Rates Lower Tier II Subordinated Notes 'BB+'
KOREA EXCHANGE: Moody's Assigns Baa3 Rating to US$300-Mln Notes


M A L A Y S I A

AMSTEEL CORPORATION: Seeks for Redemption, Repayment Extension
ANCOM BERHAD: Pays RM225,507.89 for Repurchased Shares
GEORGE TOWN: To Provide Bourse with Solvency Declaration
HONG LEONG: Buys Back 450,000 Shares
HUME INDUSTRIES: Enters Into RRPT to Purchase Building Materials

HUME INDUSTRIES: Repurchases 7,300 Shares
PWE INDUSTRIES: To Seek Board Approval on Proposed Restructuring
MBF HOLDINGS: Court Reschedules Hearing to May 13
MTD CAPITAL: Buys Back 242,800 Shares
PANTAI HOLDINGS: Pays RM22,245.73 on Shares Buy Back

PICA CORPORATION: Retrieves Application on Revised Proposal
PILECON ENGINEERING: Malaya High Court Extends Restraining Order
POLYMATE HOLDINGS: Unit Prepares Affidavit to Oppose Petition
POS MALAYSIA: Issues Additional 152,000 Shares for Listing
TELEKOM MALAYSIA: Adds 58,000 New Shares for Listing


P H I L I P P I N E S

BACNOTAN CONSOLIDATED: Sets Php1.8-Bln Cash Dividend
BACNOTAN CONSOLIDATED: Unveils List of New Directors
MANILA ELECTRIC: Urges Government to Scrutinize TOU Scheme
MAYNILAD WATER: Benpres Confirms DMCI's Purchase Bid
MIRANT PHILIPPINES: PGMA to Switch on Nabas Power Plant


S I N G A P O R E

DIGILAND INTERNATIONAL: Units Served with Winding up Petition
DUCHESS FASHIONS: Issues Notice of Dividend
ENG CHEONG: Contributories Meeting Set April 18
JS MARINE: Faces Voluntary Winding Up Proceedings
KOH BROTHERS: AGM Set April 29

RACHIN IMPEX: Posts Notice of Dividend
SYSTEMPLAS PTE: Requires Creditors to Prove Claims by May 6


T H A I L A N D

JASMINE INTERNATIONAL: SET Allows Listing of Securities
NATURAL PARK: Names New Directors
NATURAL PARK: Appoints New Company Auditor
SAHAMITR PRESSURE: Hopes to Settle Debt on Time

     -  -  -  -  -  -  -  -

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


ACROPOLIS STONE: Court Names Steven Nicols as Liquidator
--------------------------------------------------------
On February 24, 2005 and March 1, 2005 respectively, the Supreme
Court of New South Wales, Equity Division, made an order that
Acropolis Stone Pty Ltd (In Liquidation) A.C.N. 099 077 791 be
wound up by the Court and appointed Steven Nicols to be Official
Liquidator.

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


ALLAWAY HOTCHKIN: To Hear Liquidator's Report on Winding Up
-----------------------------------------------------------
Notice is given pursuant to Section 509 of the Corporations Act
2001 that a meeting of the members of Allaway Hotchkin Williams
Corporate Finance Pty Limited (In Liquidation) A.C.N. 089 528
352 will be held at the offices of Lawler Partners, Level 7, 1
Margaret Street, Sydney on Tuesday, April 19, 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 15th day of March 2005

C. Wykes
Liquidator
c/- Lawler Partners
Chartered Accountants
Level 7, 1 Margaret Street,
Sydney NSW 2000


AUSTRAL COAL: Accelerates Conversion of Convertible Notes
---------------------------------------------------------
In a letter dated March 31, 2005, Austral Coal enclosed a
Takeover Notice and noted that if the Conversion Notice is
received on or before April 21, 2005, ordinary shares in Austral
would be issued on April 29, 2005.

Austral advised, following a request by its creditors, the terms
on which the convertible notes were issued have been amended so
that conversion following the issue of a Takeover Notice will
take place on the day on which the Conversion Notice is
delivered to Computershare Investors Services Pty Limited.

This means that if the Conversion Notice to Computershare is
delivered on or before April 21, 2005, note holders should be
able to accept Centennial's off-market scrip offer to acquire
all of the ordinary shares in Austral (Offer) in respect of the
ordinary shares in Austral issued on conversion.

Austral requested this amendment because it believes that it is
in the best interests of its note holders to have the
opportunity to accept Centennial's Offer before it is scheduled
to close at 7:30 p.m. on April 22, 2005. Centennial announced on
April 8 that it has received acceptances for 66.71% of Austral
shares.

Austral directors unanimously recommend that, in the absence of
a superior offer, shareholders are to convert their notes on or
before April 21, 2005 and accept the Offer.

CONTACT:

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


CAROUSEL CLOWNS: Sets April 15 as Final Meeting Date
----------------------------------------------------
Notice is hereby given pursuant to Section 509(2) of the
Corporations Act 2001 that a final meeting of members and
creditors of Carousel Clowns For Fun Pty Limited (In
Liquidation) A.C.N. 069 964 110 be held at the offices of Jirsch
Sutherland, Chartered Accountants, Level 2, 84 Pitt Street,
Sydney NSW 2000 on April 15, 2005 at 10:00 a.m. for the purpose
of having an account laid before the members and creditors
showing them the manner in which the winding up has been
conducted, the property of the Company disposed, and the hearing
of any explanations that may be given by Liquidator.

Dated this 15th day of March 2005

Roderick Mackay Sutherland
Liquidator
Jirsch Sutherland
Chartered Accountants
Level 2, 84 Pitt Street,
Sydney NSW 2000
Telephone: 02 9233 2111
Facsimile: 02 9233 2144


CL & V ROBERTS: General Meeting Set April 15
--------------------------------------------
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 CL & V Roberts Pty Ltd (In Voluntary Liquidation)
A.C.N. 003 385 760 will be held on April 15, 2005 at 12:00 noon
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


COMPUTER LIBRARY: Sets Out Final Meeting Agenda
-----------------------------------------------
Notice is given that the final meeting of the members of
Computer Library Services International Pty Limited (In
Liquidation) A.C.N. 006 240 875 will be held at Level 3, 225
George Street, Sydney on April 15, 2005 at 10:00 a.m.

AGENDA

To lay before the meeting an account showing how the winding up
has been conducted and the property of the Company has been
disposed of and giving any explanation of the account.

Dated this 7th day of March 2005

C. R. Campbell
Liquidator
Deloitte Touche Tohmatsu
225 George Street, Sydney NSW 2000


DUNWILLER PTY: Passes Special Resolution to Wind Up Company
-----------------------------------------------------------
At a General Meeting of Dunwiller Pty Ltd (In Liquidation) (The
Company) A.C.N. 008 805 918, duly convened and held at 342
Scarborough Beach Road, Osborne Park on February 28, 2005 the
following Special Resolutions were passed:

That the Company be wound up voluntarily.

That on the winding up of the Company its assets may, at the
sole discretion of the Liquidators and subsequent to the payment
of the liabilities of the Company and the costs of the  
liquidation, be distributed amongst the members in specie in
whole or in part according to their respective rights and
interest in the Company.

Dated this 1st day of March 2005

I. C. Francis
Joint and Several Liquidator
Taylor Woodings
Chartered Accountants
Level 6, 30 The Esplanade,
Perth WA 6000


GREG MADDEN: EGM Passes Resolution at Meeting
---------------------------------------------
At an extraordinary general meeting of Greg Madden Pty Ltd
A.B.N. 43 003 408 848 duly convened and held on February 28,
2005 the following resolutions were passed:

(1) That the Company be wound up voluntarily.

(2) That David George Kettlestring of 17 Byron Avenue, North
Nowra NSW be appointed as liquidator.

Dated this 28th day of February 2005

David George Kettlestring
Liquidator


HILLS MOTORWAY: Transurban Wins Bid
-----------------------------------
Melbourne-based Transurban Group has agreed to acquire Hills
Motorway for A$2.07 billion ($1.6 billion), reports Bloomberg.
The deal paves the way for Transurban Managing Director Kim
Edwards to link Hills Motorway's 20-kilometer M2 road to
Transurban's 40-kilometer Westlink M7.

In a statement Tuesday, Transurban said it has added a 25-cent
cash payment to its initial offer of 1.47 shares for each Hills
Motorway share. The Transurban offer values Hills Motorway
shares at A$11.17 each, compared with A$11.25 before trading was
halted for the announcement. With the cash sweetener,
Transurban's bid increased by about 2.2 percent and will cost
the Company an additional A$46.3 million.

However, Transurban said the cash payment is conditional on
receiving acceptances for 80 percent of Hills Motorway stock.
The Company has so far received acceptances for 43.4 percent.

Under the deal, Transurban will also assume A$400 million of
Hills Motorway's debt, valuing the purchase at A$2.5 billion.

Among Transurban's plans for the M2 road is the introduction of
its electronic tolling technology, which is expected to bring
down the cost of collecting fees. Meanwhile, drivers on the M7
will pay a 25-cents-a-kilometer toll, up to a maximum A$5 a
trip. The toll will rise in line with the consumer price index
each year. In order to boost returns to shareholders, the
Company also plans to increase borrowings.

Hills Motorway rejected Transurban's initial bid, saying it was
too low.  The Sydney-based firm even announced a plan to
increase borrowings to pay higher dividends to shake off the
bid.  But with the Transurban bid getting the acceptance of more
than 25 percent of Hills Motorway stock, the plan eventually
failed.

CONTACT:

Hills Motorway Limited
M2 Toll Plaza Building
1 Tollaust Lane, off Culloden Road
North Ryde NSW 2113
P.O. Box 1852
Macquarie Centre NSW 2113
Phone: (02) 9869 5300
Fax: (02) 9869 5316
Email: j.reilly@hillsmotorway.com.au


HILLS MOTORWAY: Reconciles March 2005 Traffic Figures
-----------------------------------------------------
Hills Motorway Limited in response to shareholder questions
regarding the March 2005 traffic results provides the following
information.

Hills toll collection contractor Tollaust Pty Ltd conducts a
monthly reconciliation of motorway traffic to compare revenue
with trip data. The following results were recorded:

A. Toll revenue collected (including GST)

(1) Reconciled to AU$152.00 for the AU$5.408 million ETC
customers

(2) Reconciled to AU$561.00 for the AU$3.109 million cash
customers

B. Violations represented 1.31% of gross traffic trips.

C. Exemption numbers were similar to previous months.

The M2 average traffic growth on a daily basis up until Easter
was 3.20%. The negative impact of Easter is due to lower
corridor use than for other motorways for to and from holiday
destinations. Generally the holiday destinations for Sydney
residents are the south coast via the M1, F6, and M5, the
country via the M4 or the north coast of NSW via the F3.

For a copy of Hills' Traffic Figures for March 2005, click on:
http://bankrupt.com/misc/tcrap_hillsmotorway041205.pdf


INTERNATIONAL SPECIALIST: To Declare Dividend April 22
------------------------------------------------------
A first and final dividend to unsecured creditors is to be
declared on April 22, 2005 for International Specialist
Underwriters (Consultants) Pty Limited (In Liquidation) A.C.N.
005 423 156.

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

Dated this 10th day of March 2005

C. R. Campbell
K. W. Skinner
Liquidators
Deloitte Touche Tohmatsu
Chartered Accountants
Level 3, Grosvenor Place,
225 George Street,
Sydney NSW 2000


LONGLAST PTY: To Pay Dividend April 19
--------------------------------------
A second dividend is to be declared on April 19, 2005 in respect
of Longlast Pty Ltd (Subject To Deed Of Company Arrangement)
A.C.N. 072 835 931.

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

Dated this 7th day of March 2005

S. J. Duncan
C. R. Powell
Deed Administrators
KordaMentha (SA & NT)
4th Floor, 70 Pirie Street,
Adelaide SA 5000


MATAR TRANSPORT: Court Issues Winding Up Order
----------------------------------------------
On March 3, 2005 the Supreme Court of New South Wales, Equity
Division, made an Order that Christopher J. Palmer be appointed
Official Liquidator of Matar Transport Pty Limited (In
Liquidation) A.C.N. 089 285 325.

Dated this 15th day of March 2005

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


MULTIPLEX: Crane Drivers Defy Death Threats
-------------------------------------------
The Construction, Foresting, Mining & Energy Union's New South
Wales branch lauded the workers who voted bravely to defy the
extortionists, Bloomberg reports.

New South Wales (NSW) construction workers of the Multiplex
Group continued to work despite an extortionist threat to shoot
crane drivers if the Company fails to pay AU$50 million (US$38
million) by April 18.

The threats to workers in Australia and the U.K. were a final
warning after Multiplex ignored a similar threat in February.
Extortion letters were reportedly sent to the beleaguered firm
and union officials last week.

NSW police suspect a disgruntled subcontractor may be behind the
threats.

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


NATIONAL AUSTRALIA: UBS Forecasts Profit Downgrade
--------------------------------------------------
Global investment house UBS is expecting embattled National
Australia Bank (NAB) to issue another profit downgrade soon,
Asia Pulse reports.

UBS pointed out in a client note that NAB, which is set to
release its half-year results next month, has a track record of
profit downgrades in the last three years.

At its annual general meeting in February, NAB confirmed that it
expected its performance to bottom out in the first half of
2005, returning to a more acceptable level in the second half
and into 2006. Therefore, NAB expects current first half
earnings to be below the AU$1.611 billion (US$1.23 billion) net
profit for the same period in the previous year.

According to UBS, NAB remains a longer-term turnaround story. It
said NAB's recovery will be U-shaped given issues such as margin
run-offs in the U.K. and Australia, a slow recovery of domestic
volumes, a price war in New Zealand and a slow recovery in
wholesale banking.

CONTACT:

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


NORTHERN TERRITORY: To Enter Voluntary Winding Up Process
---------------------------------------------------------
Notice is hereby given that at a general meeting of Northern
Territory Fuels Pty Ltd A.C.N. 078 713 998 held on February 21,
2005 the following resolution was passed by all members:

That the Company be wound up voluntarily.

Dated this 23rd day of February 2005

Belinda Dawn Howie
Liquidator
29 Wolsey Circuit,
Nhulunbuy NT 0880


NQ RENTALS: Collapses Over Investment Mistake
---------------------------------------------
NQ Australia Rentals Pty Ltd, one of Australia's largest
campervan and motor home rental companies, has been declared
insolvent, according to the Sydney Morning Herald.

The firm called in receiver and manager Stephen Parbery of PPB
Business Reconstruction Specialists after its investment in its
wholly owned subsidiary, Matilda Motor Homes Pty Ltd, failed.

NQ Rentals injected around AU$4.5 million in Matilda immediately
after it started operating in 1996. Matilda, which was set up to
manufacture motor homes to be leased to the public through NQ
Rentals, is now insolvent and under voluntary administration.

NQ Rental's receiver, Mr. Parbery, is looking to sell the
business as a going concern in order to let the Company continue
trading. He expects substantial market interest in the sale,
saying the Company has good product and a sound reputation.

Mr. Parbery said directors had downsized staff numbers in recent
months and he anticipated no further redundancies prior to the
sale.

Established 17 years ago, NQ Rentals already bagged various
awards including "Best Budget Motor Home Year 2000". The firm
currently has 210 vehicles and focuses on the backpacker market.

CONTACT:

NQ Australia Rentals Pty Ltd
440 Sheridan Street (PO Box 2075) Cairns,
4870, Queensland
Phone: +617 4053 1875
Fax: +617 4032 2068
Web site: http://www.nqrentals.com.au/


ONSLOW MINING: To Hold Final Meeting April 15
---------------------------------------------
Notice is hereby given that pursuant to Section 509 of The
Corporations Act, a general meeting of members of Onslow Mining
Pty Limited (In Liquidation) A.C.N. 000 679 194 will be held at
Level 2, 580 George Street, Sydney, New South Wales on April 15,
2005 at 10:30 a.m.

The purpose of the meeting is to lay accounts before it, showing
the manner in which the winding up has been conducted and the
property of the Company has been disposed of, and of hearing any
explanation that may be given by the Liquidator.

Dated this 1st day of March 2005

Gary Douglas
Liquidator


PENRITH CITY: Court Appoints Chartered Accountant Liquidator
------------------------------------------------------------
On March 4, 2005 the Supreme Court of New South Wales made an
Order that Penrith City Roofing Pty Ltd (In Liquidation) A.C.N.
104 440 468 be wound up and appointed M. J. M. Smith to be
Official Liquidator.

M. J. M. Smith
Official Liquidator
c/- Smith Hancock
Chartered Accountants
Level 4, 88 Phillip Street,
Parramatta NSW 2150


RENTFORCE AUSTRALIA: EGM Resolves to Wind Up Company
----------------------------------------------------
Notice is hereby given that at an Extraordinary General Meeting
of Rentforce Australia Pty Ltd (In Liquidation) A.C.N. 080 751
837, held on February 24, 2005 it was resolved that the Company
be wound up voluntarily and that Clifford Stuart Rocke and Simon
Andrew Read of PPB, Chartered Accountants, Level 1, 5 Mill
Street, Perth, Western Australia, 6000 be appointed as Joint &
Several Liquidators.

Dated this 28th day of February 2005

Cliff Rocke
Liquidator
PPB
Chartered Accountants
Level 1, 5 Mill Street,
Perth WA 6000


ROCK BOTTOM: Finalizes Winding Up Process
-----------------------------------------
Take note that the affairs of Rock Bottom Marine Pty Ltd (In
Liquidation) A.C.N. 009 796 632 are now finalized, and pursuant
to Section 509(1) of the Corporations Act, 2001, a final meeting
of members and creditors of the Company will be held at the
offices of Lucas & Currie Chartered Accountants, Level 8, 100
Edward Street, Brisbane, Queensland, on April 15, 2005 at 11:00
o'clock in the forenoon.

The purpose of the meeting is to table an account indicating how
the winding up has been conducted and the property of the
Company disposed of, and giving explanations thereof.

Dated this 7th day of March 2005

P. A. Lucas
I. A. Currie
Liquidators
Lucas & Currie
Chartered Accountants
Level 8, 100 Edward Street,
Brisbane Qld 4000
Telephone: (07) 3232 5200
Facsimile: (07) 3003 0334


ROSEBANK HOLDINGS: Members Meeting Set April 15
-----------------------------------------------
Notice is given that a meeting of the members of Rosebank
(Holdings) Pty Limited (In Liquidation) A.C.N. 008 419 449 will
be held at Level 15, 201 Sussex Street, Sydney, NSW, 1171 on
April 15, 2005 at 10:00 a.m.

AGENDA

(i) To lay the Liquidator's account before the members showing
how the winding up has been conducted and the property of the
Company has been disposed of, and to give any explanations as
required;

(ii) Any other business.

Dated this 3rd day of March 2005

Ronald George Davies
Liquidator
Level 20, Darling Park Tower 2-201 Sussex Street,
GPO Box 5085, DX 77, Sydney NSW 2001


SOFOLET PTY: Members Pass Resolution to Wind Up Company
-------------------------------------------------------
Notice is hereby given that at a general meeting of members of
Sofolet Pty Ltd (In Voluntary Liquidation) A.C.N. 001 725 382
held Level 29, 264 George Street, Sydney NSW 2000 on February
27, 2005 at 10:00 a.m., the following resolutions were passed:

Special Resolution

The Company be wound up voluntarily.

Ordinary Resolutions

That Mr. Charles Anthony Reid of Level 29, 264 George Street,
Sydney NSW 2000, be and is hereby nominated liquidator of the
Company for the purpose of the winding up.

Charles Anthony Reid
Liquidator


TOJORE PTY: Lays Out Final Meeting Agenda
-----------------------------------------
Notice is hereby given that a final combined meeting of the
members and creditors of Tojore Pty Ltd (In Liquidation) A.C.N.
003 093 114 will be held at the offices of Knights Insolvency
Administration, Level 3, United Overseas Bank Building, 32
Martin Place, Sydney on April 15, 2005 at 11:00 a.m.

AGENDA

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

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

Dated this 8th day of March 2005

Adrian S. Duncan
Liquidator
Telephone: (02) 8226 8100
Facsimile: (02) 8226 8188


UMINA BOWLING: Creditors Hope Merger Will Revive Ops
----------------------------------------------------
Umina Bowling Club has won a 45-day reprieve from creditors,
according to The Daily Telegraph.

Some 20 creditors on Friday agreed to meet again on May 23 to
allow further investigations into pursuing a merger with another
club. The creditors reportedly decided that a merger is a better
and quicker option for revival than using some of the club's
land to build a residential unit development.

Administrator Graeme Campbell of Ferrier Hodgson recently
affirmed four clubs had already expressed their intention to
merge with Umina.

According to Mr. Campbell, a merger will ensure Umina's future
since the merging club is expected to infuse more capital into
Umina's facilities.

Umina called in administrators last week with debts of almost
AU$3 million after the National Bank had restricted cash flow.
An overdraft with the bank had reportedly reached its maturity
date prompting the bank to cut the club's borrowings and cash
flow by AU$100,000.


WALTON LOGISTICS: Hires Receivers and Managers of Assets
--------------------------------------------------------
Notice is hereby given that on February 18, 2005 Austin Robert
Meerten Taylor and Anthony William James of Meertens, Chartered
Accountants, Level 10, 68 Grenfell Street, Adelaide, South
Australia, were appointed Joint & Several Receivers and Managers
of the assets of Walton Logistics Pty Ltd by AddCash Corporation
Pty Ltd in exercise of the powers contained in registered Deed
of Charge No. 1001333.

Dated this 2nd day of March 2005

A. R. M. Taylor
Joint & Several Receiver & Manager
Meertens
Chartered Accountants
Level 10, 68 Grenfell Street,
Adelaide SA 5000
Telephone: (08) 8418 8900
Facsimile: (08) 8232 5077


YANDROKA PTY: Members Agree to Wind Up Company
----------------------------------------------
Notice is hereby given that at a general meeting of members of
Yandroka Pty Limited (In Liquidation) A.C.N. 002 453 143, held
on February 21, 2005 it was resolved that the Company be wound
up voluntarily and that Schon Condon and Bruce Gleeson, of Jones
Condon Chartered Accountants, Level 1 34 Charles Street
Parramatta NSW, be appointed Joint Liquidators for the purposes
of such winding up.

Dated this 1st day of March 2005

Schon G. Condon Rfd
Bruce Gleeson
Joint Liquidators
c/- Jones Condon
Chartered Accountants
Telephone: (02) 9893 9499


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


APT SATELLITE: Posts Losses in Fiscal 2004
------------------------------------------
APT Satellite Holdings Limited (together with its subsidiaries
known as the Group) (Stock Code: 1045 or ATS), a transponder,
telecommunications and broadcasting service provider in Asia
Pacific, on Monday announced its audited annual results for the
year ended 31 December 2004.

Within the year, the continued supply over demand of the
transponders in the Asia Pacific region and intense market
competition in the transponder market forcing the transponder
pricing down, and a further drop in revenues. For the financial
year ended 31 December 2004, the Group's turnover and
consolidated loss attributable to shareholders amounted to
HK$277,260,000 and HK$57,757,000 respectively.

The loss attributable to shareholders has decreased
significantly as compared to the same period in 2003, mainly as
a result of decrease of the impairment losses recognized in
respect of property, plant and equipment. Basic loss per share
was HK13.98 cents. In view of the loss recorded for the year
2004 and the needs of future business development, the Board has
resolved not to declare any final dividend for the financial
year ended 31 December 2004.


Year-End Date: December 31, 2004
Currency: HKD
                                                 (Audited)
                              (Audited   )       Last
                              Current            Corresponding
                              Period             Period
                              from 01/01/2004    from 01/01/2003
                              to 31/12/2004      to 31/12/2003
                         Note  ('000      )       ('000      )
Turnover                           : 277,260      302,241           
Profit/(Loss) from Operations      : (38,565)     (149,087)         
Finance cost                       : (4,117)       N/A               
Share of Profit/(Loss) of
  Associates                       : N/A            N/A               
Share of Profit/(Loss) of
  Jointly Controlled Entities      : (509)         (64,833)          
Profit/(Loss) after Tax & MI       : (57,757)      (224,718)         
% Change over Last Period          : N/A             %
EPS/(LPS)-Basic (in dollars)       : (0.1398)      (0.5443)          
         -Diluted (in dollars)     : (0.1398)      (0.5443)          
Extraordinary (ETD) Gain/(Loss)    : N/A            N/A               
Profit/(Loss) after ETD Items      : (57,757)      (224,718)         
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 Annual         
  General Meeting                  : 23/05/2005  to 26/05/2005
bdi.
Other Distribution for             : N/A
  Current Period                     
                                     
B/C Dates for Other
  Distribution                     : N/A   
  
Remarks:

1) Loss from ordinary activities before taxation is arrived at
after charging:

       
                                     2004               2003
                                    HK$'000            HK$'000
                        
Impairment loss recognized in respect of
   property, plant and equipment         1,800           129,098
Depreciation                           177,992           236,322
Loss on disposal of property,
   plant and equipment                      32               -
                                      __________        ________

2) Loss per share

(a) Basic loss per share

The calculation of basic loss per share is based on the loss
attributable to shareholders of HK$57,757,000 (2003:
HK$224,718,000) and the weighted average of 413,265,000 ordinary
shares (2003: 412,892,000 shares) in issue during the year ended
31 December 2004.

(b) Diluted loss per share

Diluted loss per share is the same as the basic loss per share
as there were no dilutive potential ordinary shares in existence
during the years 2004 and 2003.

About APT Satellite Holdings Limited

APT SATELLITE HOLDINGS LIMITED (the Group) is a listed Company
on both The Stock Exchange of Hong Kong Limited and New York
Stock Exchange, Inc. Having started its operation in 1992, the
Group provides high quality services in satellite transponders,
satellite communication and satellite TV broadcasting for
broadcasting and telecommunication sectors in Asia Pacific
Region, Europe and the United States.

The Group currently operates four in-orbit geostationary
satellites namely APSTAR I, APSTAR IA, APSTAR V and APSTAR IIR,
through its own Satellite Control Center in Tai Po, Hong Kong.
APSTAR VI, a new high power satellite of the Group, will be
launched around 12 April 2005 to replace APSTAR IA. In line with
the business development, the Group has established its
satellite TV broadcasting platform under the satellite TV
broadcasting license granted by the Government of Hong Kong
Special Administrative Region, for the provision of "one-stop"
and reliable satellite TV uplink and broadcasting services to
the customers.

The Group endeavors to leverage the advantages of strategic
alliances for future growth.

CONTACT:

APT Satellite Holdings Limited
22 Dai Kwai St., Tai Po Industrial Estate, Tai Po
Hong Kong
Phone: +852-2600-2100
Fax: +852-2522-0419
Web site: http://www.apstar.com


BRIGHT GROWTH: Enters Winding Up Proceedings
--------------------------------------------
Bright Growth Investment Limited with registered office located
at Unit A2, 10th Floor, Blk A, Tin On Industrial Bldg, 777-779
Cheung Sha Wan Rd, KLN was issued a winding up notice by the
High Court of the Hong Kong Special Administrative Region Court
of First Instance on March 23, 2005.

Date of Presentation of Petition: January 18, 2005

Dated this 8th day of April 2005.

ET O'Connell
Official Receiver


CENTRE JET: Court Order Winding Up
----------------------------------
Centre Jet Limited with registered office located at Flat G,
11th Floor, Lucky House, 18-24 Jordan Road, KLN was issued a
winding up notice by the High Court of the Hong Kong Special
Administrative Region Court of First Instance on March 23, 2005.

Date of Presentation of Petition: January 18, 2005

Dated this 8th day of April 2005.

ET O'Connell
Official Receiver


CHINA CONSTRUCTION: Sells Bad Assets Packages to Deutsche Bank
--------------------------------------------------------------
China Construction Bank (CCB) sold its creditor's rights of an
assets package to Deutsche Bank for CNY327 million, Xinhuanet
reports. CCB said the sale is China's first offshore transaction
of a real assets package.

CCB, one of China's largest banks, announced in February it
would sell its creditor's rights over three bad assets packages
worth CNY4 billion in north, central and south China.

Eight investment institutions expressed willingness to acquire
the packages. Deutsche Bank purchased the assets package in
north China, composed of real estate programs in Heilongjiang
Province and Inner Mongolia Autonomous Region. Investment groups
headed by Morgan Stanley bought the other two assets packages.

CCB has recently been stepping up efforts to cope with its non-
performing loans through public bidding.

CONTACT:

China Construction Bank
25 Finance St.
Beijing, 100032, China
Phone: +86-10-6759-7114
Fax: +86-10-6360-3194
Web site: http://www.ccb.cn/portal/cn/home/index.html


CHINA GAS: Forms JV for Shaoxing Gas Project
--------------------------------------------
China Gas Holdings has established a joint venture named
Shaoxing Zhongran City Gas Development Company Limited, in
Shaoxing County, Zhejiang Province, the People's Republic of
China (PRC), Infocast News says.

The JV Company, which will be 55-percent owned by China Gas and
45-percent run by the PRC party, will obtain the exclusive
rights for the operation of the piped gas business in Shaoxing
County for 30 years.

Pursuant to the JV agreement, the JV Company's registered
capital will be RMB70 million (US$66.038 million) with RMB31.5
million to be contributed by the PRC party by way of
contribution in kind (including the gas pipes networks and
related facilities) and RMB38.5 million being contributed by
China Gas by way of cash.


E-KONG GROUP: 2004 Net Loss Widens to HK$132 Mln
------------------------------------------------
The board of directors of e-Kong Group Limited announced the
unaudited interim results of the Company and its subsidiaries
for the six months ended 30 June 2004, together with comparative
figures for the corresponding period in 2003. The results are
unaudited but have been reviewed by the Company's Audit
Committee and the Company's auditors.

e-Kong Group Limited posted a net loss of HK$131.607 million for
2004, compared to a net loss of HK$19.756 million for the
previous year. LPS was HK$0.28. No final dividend was declared.

To view the Company's 2004 Financial Results, click on:
http://bankrupt.com/misc/tcrap_e-konggroup041205.pdf

CONTACT:

e-Kong Group Limited
Registered Office Clarendon House
2 Church Street
Hamilton HM11
Bermuda
Phone: +852 2296 9700
Fax: +852 3101 0194
Web site: http://www.e-kong.com/


GOLD MOUNT: Faces Winding Up Proceedings
----------------------------------------
Notice is hereby given that a Petition for the Winding up of
Gold Mount Trading Limited by the High Court of Hong Kong
Special Administrative Region was on the 16th day of March 2005
present to the said Court by Bank of China (Hong Kong) Limited
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 am on
the 18th day of May 2005 and 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 the 17th day of May
2005.


HERALD TINPLATE: Winding Up Hearing Slated for May 18
-----------------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Herald Tinplate Products Limited by the High Court of Hong Kong
Special Administrative Region was on the 16th day of March 2005
present to the said Court by Catch Sun Limited whose registered
office is situate at Flat 1-12, 15th Floor, Wah Sun Industrial
Building, Nos. 14-18 Wong Chuk Yeung Street, Fo Tan, New
Territories, Hong Kong.  

The said Petition is to be heard before the Court at 9:30 am on
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.

KONG & TANG
Solicitors for the Petitioner
Unit A, 25th Floor, EIB Centre
No. 40-44 Bonham Strand
Sheung Wan, 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 the 17th day of May
2005.


KIN TAT: High Court Issues Winding Up Notice
--------------------------------------------
Kin Tat Foundation Pile Engineering Limited with registered
office located at Flat 1806, 18/F, Sunley Centre, No. 9 Wing Yin
St, Kwai Chung, NT was issued a winding up notice by the High
Court of the Hong Kong Special Administrative Region Court of
First Instance on March 23, 2005.

Date of Presentation of Petition: January 14, 2005

Dated this 8th day of April 2005.

ET O'Connell
Official Receiver


PACIFIC MARKETING: Court Fixes Petition Hearing on April 27
-----------------------------------------------------------
Notice is hereby given that a Petition for an Order that:

1. The 2nd Respondent do buy the shares of Sku Master Limited
(the Petitioner) in Pacific Marketing International (H.K.)
Limited (the Company) pursuant to Clause 12.4 of the
Shareholders Agreement in the sum of HK$9,999,903.75 or,
alternatively that the said shares be purchased by James Glenn
Mohundro (second respondent) at a fair value to be determined by
the Court.

2. The Company pay the following sums to the Petitioner;

(1) The US$731,000 Loan Balance.

(2) The Petitioner's dividend for 2003 in the sum of US$1.6
million.

(3) The Petitioner's remuneration from the Company for 2004, (at
US$1 million over funds received thus far in 2004), but after
adjustments had been made to reflect the true value thereof as
this Court thinks fit.

(4) Reimbursement of the US Closedown Expenses.

3. The 2nd Respondent do procure;

(1) Payment of sums accumulated due to the Petitioner under the
Davis Joint Venture from February 2004.

(2) Execution of a termination and settlement agreement for the
Davis Joint Venture by himself and Lynn Davis on the agreed
terms.

4. The 2nd Respondent be restrained from managing the Company
other than in accordance with the Shareholder's Agreement and
Articles of Association and/or without Phillip Charles
Hood's/the Petitioner's consent and/or approval.

5. The Company

(a) To bring such proceedings as may be necessary against the
2nd Respondent for his breach of director's duties and/or
otherwise with a view to recovering assets of the Company as may
have been removed or misappropriated in financial year 2004.

(b) To seek by all available means, including the pursuit of
legal proceedings, recovery of debts due from the Davis'
Companies.

6. Alternatively that the Company, Pacific Marketing
International (HK) Limited, be wound up by the Court under the
provisions of Section 177(1)(f) of the Companies Ordinance.

7. There be such further or other relief as the Court may deem
fit.

8. Costs.

Or for such other order as shall be just was presented to the
High Court of Hong Kong Special Administrative Region of the
17th day of January, 2005, presented to the said Court by SKU
Master Limited whose registered office is situate at Altantic
Chambers, Romasco Harbour House, Road Town, Tortola, British
Virgin Islands AND that the said petition is directed to be
heard before the Court at 9:30 am on the 27th day of April 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 furnished to any
creditor or contributory of the said Company requiring the same
by the undersigned on payment of the regulated charge of the
same.

Dated this 8th day of April 2005.

Boase Cohen & Collins
Solicitors for the Petitioner
2303-7 Dominion Centre
43-59 Queen's Road East
Hong Kong
Phone: 3416 1711  
Fax: 2529 5035

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, the name
and address of the firm and must be signed by the person or firm
or his or their solicitor (if any), and must be served, or if
posted, must be sent by post in sufficient time to reach the
abovenamed not later than 6 o'clock in the afternoon of 26th
April 2005.


PEACE ENTERPRISE: Receives Winding Up Order
-------------------------------------------
Peace Enterprise Investment Limited with registered office
located at G/F to 3/F, 104-114 Ma Tau Wai Rd, Hunghom, Kln was
issued a winding up notice by the High Court of the Hong Kong
Special Administrative Region Court of First Instance on March
23, 2005.

Date of Presentation of Petition: January 14, 2005

Dated this 8th day of April 2005.

ET O'Connell
Official Receiver


RICH YIELD: To Undergo Winding Up Process
-----------------------------------------
Rich Yield Corporation Limited with registered office located at
Flat 4-5, G/F & 1/F, Po Tat Bldg, 22A-22B 26-30 Tai Tong Road,
Yuen Long, NT was issued a winding up notice by the High Court
of the Hong Kong Special Administrative Region Court of First
Instance on March 23, 2005.

Date of Presentation of Petition: January 14, 2005

Dated this 8th day of April 2005.

ET O'Connell
Official Receiver


SMITH & SMITH: Enters Winding Up Proceedings
--------------------------------------------
Smith & Smith Company Limited with registered office located at
Flat 1C, Block F, 7/F, Mai Tak Ind Bldg, 221 Wai Yip Street,
Kwun Tong, KLN was issued a winding up notice by the High Court
of the Hong Kong Special Administrative Region Court of First
Instance on March 23, 2005.

Date of Presentation of Petition: January 3, 2005

Dated this 8th day of April 2005.

ET O'Connell
Official Receiver


TOSA INVESTMENT: Court Releases Winding Up Order
------------------------------------------------
Tosa Investment Company Limited with registered office located
at Rm 1715, 17th Floor, Hang Lung Centre, 2-20 Paterson St.,
Causeway Bay, 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 23, 2005.

Date of Presentation of Petition: January 17, 2005

Dated this 8th day of April 2005.

ET O'Connell
Official Receiver


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

DIRGANTARA INDONESIA: New Flight Simulator Takes Off
----------------------------------------------------
Indonesian state-owned aircraft maker PT Dirgantara Indonesia
has unveiled its first-ever flight simulator, reports Antara
News Agency.

The Company plans to market the US$10 million flight simulator,
which is similar to the cockpit of a CN-235 aircraft, to
countries such as Brunei, Malaysia, Thailand, Pakistan and the
United Arab Emirates.

"These countries have ordered CN-235 planes from us and the
flight simulators will, of course, enable would be aviators or
pilots to follow training more easily," said Rakhendi Triatna,
head of the firm`s public relations division.

CONTACT:

PT Dirgantara Indonesia
Jl. Pajajaran no. 154 Bandung 40174,
Indonesia
Phone: 62-22-6034562, 62-22-6010754, 62-22-6010759
Fax: 62-22-6019538, 62-22-6075671, 62-22-6031696
E-mail: infosales@indonesian-aerospace.com


SEMEN GRESIK: To Build New Cement Factory
-----------------------------------------
In order to meet increasing demand for cement, State-owned PT
Semen Gresik said Monday it is planning to construct a new plant
to increase its capacity, relates Asia Pulse.

Construction of the new factory, which will have a production
capacity of 2 million tons, is expected to begin next year,
according to Finance Director Cholil Hasan. The official said
Indonesia's largest cement maker may issue bonds to finance the
project estimated to cost US$350 million.

CONTACT:

PT Semen Gresik (persero) Terbuka
Jalan Veteran
Gresik 61122
Indonesia
Phone: +62 31 398 1731-2/1745
Fax:   +62 31 398 3209/3972 2264


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

55 STATION: Files for Bankruptcy
--------------------------------
Photo shop chain operator 55 Station Inc announced Monday it was
effectively bankrupt with liabilities totaling JPY12.7 billion,
reports Jiji Press.

The Company, a unit of ailing supermarket group, Daiei Inc.,
filed for court protection from creditors on Monday with the
Tokyo District Court, which accepted the application on the same
day. The firm, which is listed on the Jasdaq Securities
Exchange, will be delisted on May 12 due to the effective
bankruptcy. The shares will trade at the exchange's liquidation
post from Tuesday until May 11.

Founded in 1964, 55 Station apparently filed for court
protection after it failed to cement business and capital tie-up
plans with electronics retailer Nojima Corp.  Under an agreement
signed last month, the photo shop chain was to become a
consolidated subsidiary of Nojima through new share issuance,
but the electronics retailer changed its mind and decided not to
invest in the firm.

55 Station, which has 817 outlets nationwide, is the first Daiei
group firm to collapse since Industrial Revitalization Corp. of
Japan (IRCJ) decided to rescue Daiei late last year. Daiei is
the top shareholder in 55 Station, with an equity stake of 28.9
percent.

CONTACT:

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


GOGOSUTESHON K.K.: Enters Bankruptcy
------------------------------------
Gogosuteshon K.K. has begun bankruptcy proceedings with total
liabilities of US$118.69 million, says Teikoku Databank America.

The Company, engaged in film developing and finishing, is
loacted in Chiyoda-ku, Tokyo 101-0061.

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


IDE SEISHI: Begins Bankruptcy Proceedings
-----------------------------------------
Paperboard manufacturer Ide Seishi K.K. has entered bankruptcy,
according to Teikoku Databank America.

The firm, based in Fuji-shi, Shizuoka 417-0001, has total
liabilities of US$89.72 million.

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


MATSUSHITA ELECTRIC: Mulls Measures vs. Hostile Takeovers
---------------------------------------------------------
Amid mounting calls for tighter control on hostile takeover
bids, officials of Matsushita Electric Industrial Co. said
Monday the Company is studying the introduction of measures that
would counter hostile takeovers in the near future, Kyodo News
reports.

The measures include issuing existing shareholders warrants for
new shares with the aim of diluting a bidder's voting rights in
it and raising its annual dividend payment so as to boost its
value as a corporation, the officials said.

CONTACT:

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


MATSUSHITA INVESTMENT: Morgan Stanley Fund Buys Chifley Tower
-------------------------------------------------------------
Japanese investment group Matsushita Investment & Development
Corp has sold Chifley Tower and Plaza to a vulture fund
controlled by US investment bank Morgan Stanley for $800
million, reports the Sydney Morning Herald

Morgan Stanley Real Estate Funds acquired the Sydney skyscraper
for almost double Matsushita's original purchase price, as the
troubled Japanese firm only paid $405 million for the building
15 years ago. The price was inflated by the inclusion of the
Royal Pines Golf Resort on the Gold Coast, said the Herald
report.

Debt-ridden Matsushita Investment, the real estate arm of
Matsushita Electric Industrial Company, has been struggling
partly because of excessive investments in developments such as
overseas resorts during the Japanese bubble years of the 1980s.


TOSHIBA CORPORATION: To Use Intel Chips for HD DVD Players
----------------------------------------------------------
Toshiba Corporation announced Tuesday it will be using Intel
Corp. chips in its advanced DVD players, the very first time the
Company will use the chips for its consumer electronics
products, Reuters reports.

Toshiba, Japan's second-largest electronics conglomerate, said
it would use Intel's Celeron microprocessors and other chips for
advanced functions of its HD DVD players, which is slated for
launch in Japan and the United States in the last quarter of
2005.  

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
=========

DAEWOO PRECISION: FSS Blocks Sale to Consortium
-----------------------------------------------
South Korea's Financial Supervisory Service (FSS) blocked on
Monday the sale of Daewoo Precision Industries Co. (KSE:064960)
to a consortium that includes its former affiliate Daewoo
International Corp. (KSE:047050), Yonhap News reports.

According to the regulator, the consortium is not qualified to
make the acquisition since Daewoo International is still under
the control of creditors. The FSS said it has asked Daewoo
Precision's key creditors, including Korea Asset Management
Corp. (KAMCO) and Woori Bank, to reconsider the proposed sale to
the consortium.  

Creditors chose the consortium in February as the final bidder
to acquire Daewoo Precision, a former software and auto parts
developer under the now-defunct Daewoo Group.

Daewoo International, which holds a 30 percent stake in the
consortium, has been under creditor control and a debt workout
program since 1999, when the Daewoo Group filed for bankruptcy
as a result of rising debts. It separated from the group in late
2000 and graduated from the debt workout program in late 2003.

KTB Network Co., a venture capital firm, has a 60 percent share
in the consortium.


KOREA EXCHANGE: S&P Rates Lower Tier II Subordinated Notes 'BB+'
----------------------------------------------------------------
Standard & Poor's Ratings Services on Monady assigned its 'BB+'
rating to Korea Exchange Bank's (KEB; BBB-/Stable/A-3) proposed
10-year US$300 million Lower Tier II Subordinated Notes due
2015.
     
The one-notch differential between the counterparty rating and
that of the proposed notes reflects the structural subordination
of the proposed notes.
     
The rating on KEB reflects its competitive position in its trade
finance and foreign exchange business, and the focus of its new
management team on improving efficiency and managing risk.
Factors constraining the rating include the bank's mediocre
capital adequacy, its relatively weak market position, and
uncertainty over how its shareholder structure may change in the
next few years.
     
Since its establishment in 1967, KEB has been strong in the
foreign exchange and trade finance markets. As a result, fees
and commissions contributed 23% of the bank's pre-provisioning
operating profit in 2004.
     
KEB's capitalization is weak by international standards, which
leaves the bank exposed to the risk of economic downturn. Given
this, the new management team's strategic emphasis on risk
management and operational efficiency is appropriate at the
current stage.
  
CONTACT:

Korea Exchange Bank
181 2-ga Ulchiro, Chung-gu
Seoul, 100-793, South Korea
Phone: +82-2-729-8000
Fax:   +82-2-752-3141
Web site: http://www.keb.co.kr/english/index.htm


KOREA EXCHANGE: Moody's Assigns Baa3 Rating to US$300-Mln Notes
---------------------------------------------------------------
Moody's Investors Service has assigned a prospective Baa3 rating
to Korea Exchange Bank's (KEB) proposed USD300 million Lower
Tier II Subordinated Notes due 2015. The rating is underpinned
by the subordinated status of the notes and the bank's moderate
capability to service its debt obligations, given its modest
financial fundamentals, as reflected in its E+ bank financial
strength rating (BFSR). The outlook for the Baa3 rating is
stable.

Note that this rating is subject to the receipt of final
documentation, the terms and conditions of which have not
changed in any material way from the draft documents already
reviewed by Moody's.

The subordinated notes will represent unsecured, subordinated
obligations of the bank and qualify as Tier II capital. They
will also contain a step-up interest rate feature in 2010, if
they are not redeemed. In the event of liquidation, the ranking
of the notes is subordinated to the claims of depositors and
senior creditors. The securities will be sold in reliance of
Regulation S of the Securities Act 1933.

KEB was established in January 1967 by the government originally
as a specialist foreign exchange bank. It retains its strength
in trade finance and foreign exchange. In terms of assets, it
ranks sixth among Korea's nationwide commercial banks with 6% of
system assets. It operates a branch network of 323 domestic and
28 overseas offices. During the economic crisis, significant
exposures to troubled corporate borrowers led to a deterioration
in the bank's financial health. Since then, its operating
performance has stabilized, but legacy problem loans remain and
capital levels are relatively low.

In October 2003, US investment fund Lone Star acquired a 51%
stake from KEB's then largest shareholder, Commerzbank of
Germany, and the government of Korea. Then, on March 2, 2004,
KEB - through a share swap - merged with subsidiary KEB Credit
Service, thereby changing its own shareholding structure. As of
end-2004, Lone Star held 50.53%, Commerzbank 14.61% and the
government 19.99% -- through Korea Export-Import Bank with
13.87% and the Bank of Korea 6.12%. However, government
participation appears passive.

KEB's other ratings are: senior debt of Baa2; long-term/short-
term deposit of Baa2/Prime-3; and bank financial strength of E+.
The debt and deposit ratings carry a stable outlook, but the
BFSR carries a positive outlook.

Moody's Investors Service is a publisher of rating opinions and
research. It is not involved in the offering or sale of any
securities, nor is it acting on behalf of the offering party.
This release is not a solicitation or a recommendation to buy,
hold or sell securities.


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

AMSTEEL CORPORATION: Seeks for Redemption, Repayment Extension
--------------------------------------------------------------
Amsteel Corporation Berhad issued to the Bursa Malaysia
Securities Berhad an update of the Company and its subsidiaries
debt and corporate restructuring exercise.

Proposed extension to the:

(1) Redemption date of March 31, 2005 of the zero-coupon
redeemable secured RM denominated bonds (bonds); and

(2) Repayment date of March 31, 2005 of the zero-coupon
redeemable secured USD denominated consolidated and rescheduled
debts (SPV debts); (collectively referred to as proposed
extension)

Reference is made to the announcement on March 25, 2005
regarding the issuance of notices of meetings dated March 25,
2005 to the holders of the Bonds (Bondholders) and holders of
the SPV Debts (SPV Debt Holders) to seek, amongst others, the
approval of the relevant Bondholders and relevant SPV Debt
Holders for the Proposed Extension.

The Board of Directors of ACB wishes to announce that at the
meetings of the Bondholders and SPV Debt Holders held earlier
Monday, the resolutions tabled thereat in relation to the
Proposed Extension were duly passed.

The remaining approvals for the Proposed Extension are to be
obtained from:

(1) Securities Commission; and
(2) Bank Negara Malaysia.

The Company shall keep the Exchange informed of further
development in respect of the above matter in due course.

CONTACT:

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


ANCOM BERHAD: Pays RM225,507.89 for Repurchased Shares
------------------------------------------------------
Ancom Berhad announced in a disclosure made to the Bursa
Malaysia Securities Berhad the details of its shares buy back
from March 30, 2005 to April 5, 2005.

Total number of shares purchased (units): 324,400

Minimum price paid for each share purchased (RM): 0.670

Maximum price paid for each share purchased (RM): 0.710

Total amount paid for shares purchased (RM): 225,507.89

The name of the stock exchange through which the shares were
purchased: Bursa Malaysia Securities Berhad

Number of shares purchased retained in treasury (units): 324,400

Total number of shares retained in treasury (units): 6,312,800

Number of shares purchased which were cancelled (units): 0

Total issued capital as diminished:  

Date lodged with registrar of companies: April 11, 2005

Lodged by:

PFA Corporate Services S/B
Level 14, Uptown 1, D'sara Uptown
47400 PJ

CONTACT:

Ancom Berhad
Level 14, Uptown 1
No. 1 Jalan SS21/58
Damansara Uptown
47400 Petaling Jaya
Selangor
Telephone: 03-77252888
Fax: 03-77257791
Website: http://www.ancom.com.my


GEORGE TOWN: To Provide Bourse with Solvency Declaration
--------------------------------------------------------
George Town Holdings Berhad refers to Bursa Malaysia Securities
Berhad's letter dated February 22, 2005.

As requested, the Company furnished the following information
for public release:

(1) The interest rate for the amount claimed under the petition:
Nil

(2) The Company undertakes to provide to Bursa Malaysia
Securities Berhad with a solvency declaration executed by the
directors of the Company within 7 days from this announcement.

Query Letter content:

The bourse refers to the Company's announcement dated February
21, 2005.

In this connection, kindly furnish Bursa Malaysia Securities
Berhad (Bursa Securities) with the following information
immediately for public release:

(1) The interest rate for the amount claimed under the petition;
and

(2) Where Super Departmental Stores (George Town) Sdn Bhd and
Super Kinta Departmental Stores Sdn Bhd are major subsidiaries,
an undertaking that a solvency declaration executed by the
directors of George Town Holdings Berhad will be provided to
Bursa Securities within seven (7) days (where such declaration
can be made).

Please note that the board of directors of George Town Holdings
Berhad must endorse the contents of the announcement.

Yours faithfully

Lisa Lam
Sector Head
Issues & Listing
Group Regulations
LL/WCY
c.c. Encik Onn Ismail, Securities Commission (via fax)


HONG LEONG: Buys Back 450,000 Shares
------------------------------------
Hong Leong Bank Berhad unveiled at the Bursa Malaysia Securities
Berhad the details of its shares buy back, dated April 11, 2005.

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

Total number of shares purchased (units): 450,000

Minimum price paid for each share purchased (RM): 5.300

Maximum price paid for each share purchased (RM): 5.300

Total consideration paid (RM): 2,385,000.00

Number of shares purchased retained in treasury (units): 450,000

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

Cumulative net outstanding treasury shares as at to-date
(units): 45,157,000

Adjusted issued capital after cancellation (no. of shares)
(units):  
   
This announcement is dated 11 April 2005.

CONTACT:

Hong Leong Industries Berhad
Level 9, Wisma Hong Leong
18, Jalan Perak
50450 Kuala Lumpur
Malaysia
Phone: 03-2164 2631
Fax: 03-2164 2514
Web site: http://www.hongleong.com


HUME INDUSTRIES: Enters Into RRPT to Purchase Building Materials
----------------------------------------------------------------
On October 19, 2004, Hume Industries (Malaysia) Berhad (HIMB
had, at an extraordinary general meeting, obtained a mandate
from its shareholders for HIMB and its subsidiaries (HIMB Group)
to enter into recurrent related party transactions of a revenue
or trading nature which are necessary for the day-to-day
operations of HIMB Group with certain classes of related parties
(RRPTs).

The Company now writes to inform that between October 2004 and
March 2005, HIMB Group has entered into additional RRPTs with
Hong Leong Industries Berhad and its subsidiaries (HLI Group)
for the purchase of building materials amounting to RM6 million.

Further, from April 2005 to the date of the forthcoming Annual
General Meeting of HIMB, which has been tentatively scheduled in
the month of October 2005, it is also anticipated that HIMB
Group will enter into RRPTs with HLI Group for the purchase of
building materials for an estimated value of RM6 million and
with Narra Industries Berhad and its subsidiary (Narra Group)
for the sale of fibreboard for an estimated value of RM1.3
million.

The additional RRPTs with HLI Group and Narra Group as above
(collectively referred to as Additional RRPTs) are/will be
conducted at arm's length and based on commercial terms
consistent with HIMB Group's usual business practices and
policies, on terms not more favourable to HLI Group and Narra
Group than those generally available to and/or from the public
and are not detrimental to the minority shareholders of HIMB.

Hong Leong Company (Malaysia) Berhad (HLCM) is a major
shareholder of HIMB, HLI and Narra (a subsidiary of HIMB). YBhg
Tan Sri Quek Leng Chan, a Director of HIMB, HLI and Narra, is a
major shareholder of HIMB, HLI and Narra. Mr. Kwek Leng San is a
Director of HIMB, HLI and Narra and has interest in the shares
of HLI. Mr. Quek Leng Chye, a deemed major shareholder of HIMB,
HLI and Narra, also has direct interest in HIMB.

YBhg Tan Sri Quek Leng Chan, Mr. Kwek Leng San and Mr. Quek Leng
Chye, are brothers. Save as disclosed, none of the other
Directors, major shareholders or persons connected with the
Directors or major shareholders of HIMB, has any interest,
direct or indirect, in the Additional RRPTs.

The Additional RRPTs are not subject to the approval of the
shareholders of HIMB or any relevant authorities.

The Board of Directors of HIMB is of the opinion that the
Additional RRPTs are in the best interest of the Company.

This announcement is dated 11 April 2005.

CONTACT:

Hume Industries (Malaysia) Berhad
18 Jalan Perak
Level 8, Wisma Hong Leong
Kuala Lumpur 50450
Malaysia  
Telephone: +60 3 2164 2631/ +60 3 2164 2514  


HUME INDUSTRIES: Repurchases 7,300 Shares
-----------------------------------------
In a disclosure made to the Bursa Malaysia Securities Berhad,
Hume Industries (Malaysia) Berhad unveiled the details of its
shares buy back, dated April 11, 2005.   

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

Total number of shares purchased (units): 7,300

Minimum price paid for each share purchased (RM): 4.960

Maximum price paid for each share purchased (RM): 4.980

Total consideration paid (RM): 36,308.01

Number of shares purchased retained in treasury (units): 7,300

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

Cumulative net outstanding treasury shares as at to-date
(units): 5,992,000

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

This announcement is dated 11 April 2005.


PWE INDUSTRIES: To Seek Board Approval on Proposed Restructuring
----------------------------------------------------------------
Malaysian International Merchant Bankers Berhad referred to the
announcements made by PWE Industries Berhad (PWE) on July 16,
2003, October 10, 2003 and January 20, 2004 to the Bursa
Malaysia Securities Berhad regarding the Proposed Settlement.

Pursuant to the Proposed Settlement, it was earlier proposed
that the shortfall in the profit guaranteed by and receivable
from Equatorial Timber Marketing Sdn Bhd (ETM) amounting to
RM6,978,359 pursuant to the Profit Guarantee Agreement March 28,
1997 (Profit Shortfall) shall be settled by way of issuance of
34,712,688 Warrants in Bintang Mover Berhad (BMB) to the
shareholders of BMB after the Proposed Share Exchange (as
defined in the abovesaid announcements) (representing the
minority shareholders of PWE but excluding Tan Sri Dato' Paduka
(Dr) Ting Pek Khiing (TPK) and his nominees, the two subscriber
shareholders of BMB and the vendors pursuant to the Proposed
Acquisitions (as defined in the abovesaid announcements).

On behalf of PWE, Malaysian International Merchant Bankers
Berhad (MIMB) wishes to announce that the Board of Directors of
PWE (Board), the promoters of Bintang Bulk Mover Sdn Bhd
(BBMSB), PWE and TPK have come to an agreement for a proposed
cash settlement of the Profit Shortfall by TPK (Proposed Cash
Settlement).

The Company had on April 7, 2005 received an undertaking letter
from TPK undertaking to fully settle the Profit Shortfall in
cash (Undertaking).

The Board is of the view that the Proposed Cash Settlement will
essentially benefit PWE and the BMB group of companies (BMB
Group) after the Proposed Corporate Restructuring of PWE (as
defined in the abovesaid announcements) as the Proposed Cash
Settlement would be available to the BMB Group to finance its
future working capital and expansion purposes.

In addition, with the Proposed Cash Settlement, there will not
be a need to issue new warrants in BMB pursuant to the Proposed
Settlement. This would eventually improve the future earnings
per share of the BMB Group as there will be less dilution
effects, which would have otherwise occurred upon exercise of
the warrants in BMB.

Furthermore, TPK will, through his undertaking, ensure that the
cash proceeds amounting to RM6,978,359, being the Profit
Shortfall, shall be deposited into an escrow account maintained
by a stakeholder to be jointly appointed by the PWE and BBMSB.

Accordingly, the Board (with the exception of TPK who has
abstained from deliberating on this matter) proposes not to
proceed with the Proposed Settlement. As such, the Board will
not be seeking the approval of the shareholders of PWE for the
Proposed Settlement at the Extraordinary General Meeting (EGM)
to be convened by the Company in due course.

As announced previously, the Proposed Corporate Restructuring of
PWE is not conditional upon the Proposed Settlement being
approved or successfully implemented. Accordingly, the Proposed
Cash Settlement and the abortion of the Proposed Settlement will
not have any effects on the Proposed Corporate Restructuring of
PWE.

In this respect, the Board intends to proceed to seek the
approval of the shareholders of PWE at the EGM to be convened by
the Company in respect of the Proposed Corporate Restructuring
of PWE in due course.

On April 11, 2005, PWE, BMB and the Vendors have also entered
into four (4) separate Fifth Supplemental Agreements, which are
supplemental to the conditional Sale and Purchase Agreements
(SPA) dated July 16, 2003 in relation to the Proposed
Acquisitions and the four (4) earlier supplemental agreements
relating thereto, whereby the parties thereto have agreed to the
following:

(i) The guarantors for the Proposed Profit Warranty, namely Yap
Hock Sing and Yap Hock Tian, have agreed to further guarantee
the consolidated profit after taxation of the BBMSB Group for
the financial year ending February 28, 2006 at RM11 million, in
addition to the RM22 million cumulative profit guarantee for the
two (2) financial years ended February 28, 2004 and 2005 as
agreed earlier (as provided under the Fifth Supplemental
Agreement for the Proposed Acquisition of BBMSB);

(ii) Pursuant to the undertaking letter from TPK dated April 7,
2005, PWE and BMB will not proceed with the Proposed Settlement
and in lieu thereof there shall be a proposed cash settlement of
the Profit Shortfall by TPK by the deposit of the full amount of
RM6,978,359 into an escrow account to be maintained by a
stakeholder to be jointly appointed by PWE and BBMSB; and

(iii) The period for the fulfillment of the conditions precedent
under the respective SPAs relating to the Proposed Acquisitions
shall be further extended to within 27 months from the date of
the SPAs dated July 16, 2003.

In view of the aborted Proposed Settlement, the role of Alliance
Merchant Bank Berhad acting as the Independent Adviser to the
minority shareholders of PWE on the Proposed Settlement is no
longer required.

The Explanatory Statement cum Circular to Shareholders in
relation to the Proposed Share Exchange and the Proposed
Corporate Restructuring of PWE respectively shall be dispatched
in due course.

This announcement is dated 11 April 2005

CONTACT:

PWE Industries Berhad
Level 16, Wisma Ting Pek Khiing
No. 1 Jalan Padungan
93100 Kuching, Sarawak
Malaysia
Phone: 082-236908
Fax: 082-236922


MBF HOLDINGS: Court Reschedules Hearing to May 13
-------------------------------------------------
Further to the announcement on March 29, 2005, MBf Holdings
Berhad (MBfH) informed the Bursa Malaysia Securities Berhad that
on April 8, 2005 the hearing on the Defendant's application for
summary judgment against MBf Trading Sdn Bhd and MBfH via Kuala
Lumpur High Court Suit No. D7-22-1547-2004 has been postponed to
May 13, 2005.

MBfH further advised that the suit number was previously
misquoted as D5-22-1547-2004.

Yours faithfully,
For and on behalf of
MBf Holdings Berhad

Ding Lien Bing
Company Secretary
11 April 2005

CONTACT:

MBF Holdings Berhad
Suite 1501B Menara Choy Fook On
1B Jalan Yong Shook Lin, Section 7
46050 Petaling Jaya
Telephone: 03-7955 9937
Fax: 03-7956 2812
Web site: http://www.federal-furniture.com


MTD CAPITAL: Buys Back 242,800 Shares
-------------------------------------
MTD Capital Berhad lodged with the Bursa Malaysia Securities
Berhad the details of its shares buy back, dated April 11, 2005.
   
Description of shares purchased: Ordinary shares of RM1.00 each

Total number of shares purchased (units): 242,800

Minimum price paid for each share purchased (RM): 2.380

Maximum price paid for each share purchased (RM): 2.400

Total consideration paid (RM): 582,428.64

Number of shares purchased retained in treasury (units): 242,800

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

Cumulative net outstanding treasury shares as at to-date
(units): 13,629,300

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

CONTACT:

MTD Capital Berhad  
Batu 8 Jalan Batu Caves
Lot 8359 Mukim of Batu
Batu Caves, Selangor Darul Ehsan 68100
Malaysia  
Telephone: +60 3 6189 9022/ +60 3 6187 7898  
Web site: http://www.mtdcap.com/


PANTAI HOLDINGS: Pays RM22,245.73 on Shares Buy Back
----------------------------------------------------
Pantai Holdings Berhad issued to the Bursa Malaysia Securities
Berhad the details of its shares buy back, dated April 11, 2005.

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

Total number of shares purchased (units): 22,000

Minimum price paid for each share purchased (RM): 0.995

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

Total consideration paid (RM): 22,245.73

Number of shares purchased retained in treasury (units): 22,000

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

Cumulative net outstanding treasury shares as at to-date
(units): 28,531,800

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

CONTACT:

Pantai Holdings Berhad
8 Jalan Damansara Endah
Damansara Heights Kuala Lumpur, Malaysia 50490
Malaysia
Telephone: +60 3 2713 2282/ +60 3 2094 4528


PICA CORPORATION: Retrieves Application on Revised Proposal
-----------------------------------------------------------
Reference is made to Pica (M) Corporation Berhad's application
to Securities Commission (SC) on the following Revised Proposal
on December 3, 2003.

- Proposed Capital Reconstruction
- Proposed Rights Issue
- Proposed Composite Scheme
- Proposed Special Bumiputra Issue
- Proposed Employee Share Option Scheme and
- Proposed Increase in Authorized Share Capital

(Collectively known as Revised Proposal)

The Board of Directors announced to the Bursa Malaysia
Securities Berhad that the Company has retrieved its application
on the Revised Proposal from the SC pending appointment of new
adviser in place of Commerce International Merchant Bankers
Berhad.

CONTACT:

Pica (M) Corporation Berhad
No 3 Jalan Kia Peng
Kuala Lumpur, 50450
Malaysia
Phone: +60 3 2161 8800
Fax: +60 3 2161 1714


PILECON ENGINEERING: Malaya High Court Extends Restraining Order
----------------------------------------------------------------
Alliance Merchant Bank Berhad, on behalf of the Board of
Directors of Pilecon Engineering Berhad announced in a
disclosure made to the Bursa Malaysia Securities Berhad that the
High Court of Malaya at Kuala Lumpur has on April 11, 2005
extended the order dated December 10, 2004 pursuant to section
176(1) of the Companies Act 1965 (Act).

The order required Pilecon to convene a meeting to be held in
respect of a particular class of its creditors comprising
certain lenders and corporate guarantee creditors of Pilecon,
excluding its trade creditors and secured creditors (hereinafter
referred to as the Unsecured Creditors) (hereinafter the meeting
to be referred to as the Pilecon Meeting) for a further ninety
(90) days from the date of its expiry on April 12, 2005, for the
purpose of considering and if thought fit approving with or
without modification, the revised proposals as set out in the
announcement dated February 27, 2004. The Pilecon Meeting is to
be held no later than July 11, 2005.

Restraining order pursuant to section 176(10) of the Companies
Act 1965

In conjunction with the order to convene the Pilecon Meeting,
the High Court of Malaya at Kuala Lumpur has also, pursuant to
section 176(10) of the Act, extended the order dated December
10, 2004 to restrain, (Restraining Order) all further
proceedings in any action or proceeding against Pilecon
including winding up, execution and arbitration proceedings as
well as any intended or future proceedings for a further ninety
(90) days from the date of its expiry on April 24, 2005. The
Restraining Order is due to expire on July 23, 2005.

This announcement is dated 11 April 2005.

CONTACT:

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


POLYMATE HOLDINGS: Unit Prepares Affidavit to Oppose Petition
-------------------------------------------------------------
Polymate Holdings Berhad furnished the Bursa Malaysia Securities
Berhad with information referring to the Notice of Winding-Up
Petition, appearing in the New Straits Times, Appointments
section, page 8 on Monday, April 11, 2005.

(1) The winding-up petition was presented on March 25, 2005 and
only served upon Polymate Industries (M) Sdn Bhd (PISB), a
wholly owned subsidiary of the Company on April 8, 2005.

(2) The amount claimed (to which PISB disputes) is the sum of
RM262,578.43 as at September 29, 2004 together with interest at
the rate of 2 percent per month calculated on daily rests;

(3) The Petitioner has proceeded to issue a Notice under Section
218 of the Companies Act on a disputed sum. PISB objects to the
payment of interest charged arbitrarily at the rate of 2 person
per month and has paid the principle sum of RM177,730-00 with
PISB's solicitors as their stakeholder.

PISB had on September 15, 2004 obtained an Ex-Parte Interim
Injunction to restraint the Petitioner from filing the Winding
Up Petition. Subsequently after hearing submissions from both
sides, the Court dismissed PISB's application for Injunction on
March 17, 2005. PISB had since filed an appeal to the Court of
Appeal on March 23, 2005. In the Meantime, the Petitioner had
proceeded to file the Winding Up Petition;

(4) Polymate Holding Berhad's total cost of investment in PISB
is RM14,226,000-00.

(5) The Company is of the opinion that the winding-up
proceedings has no significant financial and operational impact
on the Group.

(6) Save for the legal cost and interest (if any), the Company
does not expect to incur losses from the winding-up proceedings.

(7) Currently, PISB's solicitors is in the midst of preparing
PISB's affidavit in opposition to the said Petition which is
fixed for Hearing on May 27, 2005.

To safeguard PISB's interest, PISB shall be applying to pay the
principle sum of RM177,730-00 into court pending the outcome of
the hearing. PISB's appeal against the High Court decision dated
March 17, 2005 to the Court of Appeal is still pending.


POS MALAYSIA: Issues Additional 152,000 Shares for Listing
----------------------------------------------------------
In a disclosure made to the Bursa Malaysia Securities Berhad,
POS Malaysia & Services Holdings Berhad announced that an
additional 152,000 new ordinary shares of RM1.00 each issued
pursuant to the Employee's Share Option Scheme will be granted
listing and quotation effective 9:00 a.m., Wednesday, April 13,  
2005.

CONTACT:

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


TELEKOM MALAYSIA: Adds 58,000 New Shares for Listing
----------------------------------------------------
Kindly be advised that Telekom Malaysia Berhad's additional
58,000 new ordinary shares of RM1.00 each issued pursuant to the
Employee Share Option Scheme will be granted listing and
quotation by Bursa Malaysia Securities Berhad effective 9:00
a.m., Wednesday, April 13, 2005.

CONTACT:

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


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

BACNOTAN CONSOLIDATED: Sets Php1.8-Bln Cash Dividend
----------------------------------------------------
Bacnotan Consolidated Industries Inc. (BCII) is poised to pay
out cash dividends worth Php1.8 billion to shareholders this
month, Today News relates.

The dividends would be distributed to shareholders in two
tranches. The Company already handed out Php9 worth of dividend
to stockholders in the first tranche in March, another Php9 for
each share will be given next week for the second tranche.

The dividends were part of the proceeds from the sale of Atlas
Cement Corp. (now Atlas Holdings Corp.) where BCII and Atlas
rake in a combined gain of Php5.9 billion. From the Php5.9
billion gain, BCII and Atlas paid off Php5.2- billion worth of
loans and preferred shares that left the Company debt-free.

In current terms, BCII settled some Php2.9 billion of debt with
Php1.4 billion in actual payment.

Meanwhile, the firm was able to tally a net income of Php5.9
billion in last year due mainly to the sale of its subsidiary,
Union Cement Holdings Corporation. In 2004, BCII managed to
significantly trim its operating losses to Php25 million from
Php700 million reported in 2003, partly from the massive
reduction in debt but also from robust profits from Union
Galvasteel Corp.

Bacnotan Steel Industries Inc. (BSII), meanwhile, remains under
receivership awaiting the approval of its rehabilitation plan,
which was filed in October last year. However, since the
Company's investment in BSII was already written off in 2003,
there would be "no further charges to BCII in the coming years".

On the other hand, BCII's new investment in education, Araullo
University in Cabanatuan City, Nueva Ecija, posted a net income
of Php17.4 million, after nine months of operation. The
University has approximately 6,000 students and has undergone a
Php64-million facility upgrade.

Bacnotan Industrial Park Corp. (BIPC), however, reported a loss
of Php15 million due to the absence of park property sales
during the year. The BIPC solely relied on revenues from port
operations to partially cover operating expenses.

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


BACNOTAN CONSOLIDATED: Unveils List of New Directors
----------------------------------------------------
At the annual meeting of the shareholders of Bacnotan
Consolidated Industries Inc. held April 11, 2005, the following
were elected directors of the Company:

Ramon V. del Rosario
Oscar J. Hilado
Magdaleno B. Albarracin, Jr.
Ramon R. del Rosario, Jr.
Jose L. Cuisia, Jr.
Victor J. del Rosario
Roberto M. Lavina
Willie J. Uy
Noel D. Vasquez, S.J. (Independent)
Felipe B. Alfonso (Independent)
Guillermo D. Luchangco (Independent)

The shareholders also approved the appointment of Sycip Gorres
Velayo and Company as external auditors for the year 2005.

At the organization meeting of the Board of Directors following
the annual meeting of shareholders, the following were elected
officers of the corporation:

Ramon V. del Rosario       - Chairman Emeritus
Oscar J. Hilado            - Chairman of the Board
Ramon R. del Rosarion Jr.  - Vice Chairman and President
Magdaleno B. Albarracin Jr.- Senior Executive Vice President
Victor J. del Rosario      - Executive Vice President/CFO
Roberto M. Lavina          - Senior Vice President/ Treasurer
Juan J. Diaz               - Corporate Secretary
Regina B. Alvarez          - Senior Vice President
Carlos I. Arguelles        - Vice President & Compliance Officer
Virgilio H. Cardeno        - Vice President/ Comptroller
Cecille B. Arenillo        - Assistant Vice President-Treasury

At the same organization meeting of the Board, the various
Committees of the Board were organized as follows:

Audit Committee:

Felipe B. Alfonso              - Chairman
Victor J. del Rosario          - Member
Magdaleno B. Albarracin Jr.    - Member
Noel D. Vasquez, S.J.          - Member

Executive Committee:

Oscar J. Hilado                - Chairman
Magdaleno B. Albarracin, Jr.   - Member
Ramon R. del Rosario, Jr.      - Member
Jose L. Cuisia, Jr.            - Member

Nomination Committee:

Oscar Hilado                   - Chairman
Noel D. Vasquez, S.J.          - Member
Ramon V. del Rosario           - Member

Compensation Committee

Jose L. Cuisia, Jr.            - Chairman
Ramon R. del Rosario Jr.       - Member
Oscar J. Hilado                - Member
Felipe B. Alfonso              - Member

JUAN J. DIAZ
Corporate Secretary


MANILA ELECTRIC: Urges Government to Scrutinize TOU Scheme
----------------------------------------------------------
Manila Electric Company (Meralco) has warned the government that
the Time of Use (TOU) pricing scheme could further drive power
rate hikes, according to The Philippine Star.

The power utility firm asked the government to pore over the TOU
since initial studies on the impact of the proposed scheme
revealed that if the power consumption pattern of consumers
remains steady, the cost of National Power Corporation's
(Napocor) electricity would skyrocket.

Under the pricing scheme, higher rates will be charged during
hours when demand for electricity is at its highest, and lower
rates during off-peak hours. Demand for electricity normally
peaks at about 11 a.m., 2 p.m. and 7 p.m.

The Philippine Chamber of Commerce and Industry (PCCI) has
earlier called on the Department of Energy (DOE) to confer with
the industry stakeholders in order to ensure that all sectors
and industries approve the scheme.

Meanwhile, Energy Secretary Raphael P.M. Lotilla has been
calling on industries to make use of the TUO pricing scheme to
save energy, manage demand and prevent power shortage during the
summer season.

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: Benpres Confirms DMCI's Purchase Bid
----------------------------------------------------
The investment arm of the Lopez group disclosed that DMCI
Holdings Inc. has signified its intention to take over cash-
strapped Maynilad Water Services Inc., The Philippine Star
reports.

Benpres Holdings Corporation on Monday advised the Philippine
Stock Exchange that it has received a letter from DMCI,
"requesting for an opportunity to conduct a due diligence of
Maynilad".

Benpres, which has yet to make a formal response to the matter,
stressed it will prioritize the corporate rehabilitation of
Maynilad. In 2003, the water concessionaire lodged with the
Luzon City Regional Trial Court a petition for corporate
rehabilitation due to its massive debts.

DMCI reportedly intends to acquire all Maynilad shares and is
willing to invest the amount required under Maynilad's
rehabilitation plan to pay off some US$50 million to US$60
million worth of liabilities to creditor banks.

CONTACT:

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


MIRANT PHILIPPINES: PGMA to Switch on Nabas Power Plant
-------------------------------------------------------
A power plant set up by a joint venture between Mirant
Philippines and First Metro Investment Corporation is set to be
formally switched on by President Gloria-Macapagal Arroyo
(PGMA), Asia Pulse says.

The 7.5-megawatt diesel-fired power plant in Nabas, Aklan was
established by Mirant Global Philippines Corporation (MGPC) to
help stabilize the current power situation in the southern part
of the country.

Once operational, the plant would be run by MGPC under a 20-year
build-own-operate agreement with the Aklan Electric Cooperative
Inc. (Akelco).

Mirant Philippines, the foreign partner in the joint venture, is
a wholly-owned subsidiary of the Atlanta-based Mirant
Corporation, the largest private producer of electricity in the
country, owning more than 2,000 megawatts of installed
generating capacity nationwide

Mirant Corporation (Mirant) is expected to emerge from
bankruptcy this year. Until then, the Philippine unit will have
to wait for new developments before going public. Mirant
Philippines is also waiting for additional stability in the
stock market.

Mirant, which posted a net loss of US$410 million in 2004 from a
net loss of US$3.6 billion the previous year, expects to emerge
from bankruptcy in mid-2005. But the Company was still waiting
for a bankruptcy judge's ruling on its reorganization plan.

CONTACTS:

Mirant Corporation
1155 Perimeter Center West
Atlanta, GA 30338
Phone: 678-579-5000
Fax: 678-579-5001

Mirant in the Philippines
Mirant (Philippines) Corporation
CTC Building
2232, Roxas Boulevard,
1300 Pasay City
Metro Manila, Philippines
Telephone: 632 552 8000


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

DIGILAND INTERNATIONAL: Units Served with Winding up Petition
-------------------------------------------------------------
On April 8, 2005, Digiland International Limited's subsidiaries
Digiland (Singapore) Pte Ltd and Digiland Vietnam Pte Ltd were
each served with a Winding Up Petition by Hewlett-Packard
Singapore (Sales) Pte Ltd.

The Winding Up Petitions have been referred to the Company's
solicitors for legal advice and it is the intention of the
subsidiaries to oppose the Petitions.

By Order of the Board
Lim Koon Hock
Company Secretary
Digiland International Limited
11 April 2005

CONTACT:

Digiland International Limited
31 Ubi Road 1
#02-00 Aztech Building
Singapore 408694
Telephone: 65 67889898
Fax: 65 63691613
Web site: http://www.digiland.com.sg


DUCHESS FASHIONS: Issues Notice of Dividend
-------------------------------------------
Duchess Fashions Pte Ltd. formerly of 21 Collyer Quay #14-02/03
Hong Kong Bank Building Singapore 049320 posted a notice of
dividend at the Government Gazette, Electronic Edition with the
following details.

Court: Supreme Court, Singapore

Number of Matter: Companies Winding Up No. 223 of 1992

Amount Per Centum: 76%

First and Final or otherwise: First & Final Dividend

When Payable: 31st day of December 2004

Where Payable:

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

Dated: 8th day of April 2005

Karen Loh
Assistant Official Receiver


ENG CHEONG: Contributories Meeting Set April 18
-----------------------------------------------
Notice is hereby given that a meeting of the contributories of
Eng Cheong Peng Kee Pte Ltd will be held at 8 Cross Street, #17-
00 PWC Building, Singapore 048424 on April 18, 2005 at 3:00 p.m.

AGENDA

(1) To consider matters arising from the en bloc sale of Eng
Cheong Tower.

(2) To approve the remuneration of the liquidators.

(3) Any other matters.

A form of general proxy is enclosed herewith. Proxies to be used
at the meeting must be lodged with the liquidator not later than
12.00 o'clock (noon) on April 14, 2005.

Dated this 8th day of April 2005.

Address:
c/o PricewaterhouseCoopers
8 Cross Street
#17-00 PWC Building
Singapore 048424.

Deborah Tan Yang Sock
Liquidator


JS MARINE: Faces Voluntary Winding Up Proceedings
-------------------------------------------------
In the Matter of JS Marine Technology Pte Ltd. a winding up
order was made on April 1, 2005.

Name and address of Liquidator:

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

Dated this 5th day of April 2005

Messrs Robert Wang & Woo Llc
Solicitors for the Petitioners

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.


KOH BROTHERS: AGM Set April 29
------------------------------
Notice is hereby given that the Eleventh Annual General Meeting
of Koh Brothers Group Limited will be held at Oxford Hotel, 218
Queen Street, Singapore 188549 on Friday, 29 April 2005 at 11:00
a.m. for the following purposes:

AS ORDINARY BUSINESS

(1) To receive and adopt the Audited Financial Statements for
the financial year ended 31 December 2004 together with the
Reports of the Directors and Auditors. (Resolution 1)

(2) To approve Directors' Fees totaling S$133,000 for the
financial year ended 31 December 2004 (FY2003: S$108,755).
(Resolution 2)

(3) To re-elect the following Directors retiring by rotation in
accordance with the Article 109 of the Company's Articles of
Association and who being eligible, offer themselves for re-
election:

(a) Mr. Koh Tiat Meng

(b) Mr. Koh Keng Siang (Resolution 3(a)) (Resolution 3(b))

(4) To approve the following resolutions:

(a) That pursuant to Section 153(6) of the Companies Act, Cap.
50, Mr. Lee Khoon Choy be and is hereby re-appointed as a
Director of the Company to hold office until the next Annual
General Meeting of the Company.

(b) That pursuant to Section 153(6) of the Companies Act, Cap.
50, Mr. Ling Teck Luke be and is hereby re-appointed as a
Director of the Company to hold office until the next Annual
General Meeting of the Company. (Resolution 4(a)) (Resolution
4(b))

(5) To re-appoint Messrs PricewaterhouseCoopers as Auditors and
to authorize the Directors to fix their remuneration.
(Resolution 5)

To view a full copy of the notice, click
http://bankrupt.com/misc/KOHBROTHERS041105.pdf

CONTACT:

Koh Brothers Group Limited
11 Lorong Pendek
Koh Brothers Building
Singapore 348639
Telephone: 65 62898889
Fax: 65 68415400
Web site: http://www.kohbrothers.com


RACHIN IMPEX: Posts Notice of Dividend
--------------------------------------
Rachin Impex Pte Ltd. formerly of 9 Battery Road #13-10 Straits
Trading Building Singapore 049910 posted a notice of dividend at
the Government Gazette, Electronic Edition with the following
details.

Court: Supreme Court, Singapore

Number of Matter: Companies Winding Up No. 356 of 2000

Amount Per Centum: 29.476%

First and Final or otherwise: First & Final Dividend

When Payable: March 31, 2005

Where Payable:

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

Dated: 8th April 2005

Sunari Bin Kateni
Assistant Official Receiver


SYSTEMPLAS PTE: Requires Creditors to Prove Claims by May 6
-----------------------------------------------------------
Notice is hereby given that the creditors of Systemplas
(Singapore) Pte Ltd (In Members' Voluntary Liquidation), which
is being wound up voluntarily are required on or before May 6,
2005 to send in their names and addresses and particulars of
their debts or claims, and the names and addresses of their
solicitors (if any) to the undersigned, the Liquidators of the
said Company.

If so required by notice in writing by the said Liquidators 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 6th day of April 2005

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


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

JASMINE INTERNATIONAL: SET Allows Listing of Securities
-------------------------------------------------------
Starting April 18, 2005, the Stock Exchange of Thailand (SET)
will allow the securities of Jasmine International Public
Company Limited (JAS) to be traded on the SET after finishing
capital increase procedures.
         
Name: JAS

Issued and Paid up Capital

Old: THB8,319,153,203  
New: THB8,319,677,163  

Par Value: THB1
Allocate to: 523,960 warrants (JAS-W2) exercise to 523,960
common shares                       

Ratio: 1:1

Exercise Price: THB0.50

Exercise Date: March 30, 2005

CONTACT:

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


NATURAL PARK: Names New Directors
---------------------------------
Natural Park Public Company Limited issued to the Stock Exchange
of Thailand (SET) additional information on the resolution of
the Board of Directors meeting No. 6/2005 held on April 8, 2005.

(1) Consider approving the appointment of new directors in place
of the directors retiring from office by rotation and the
appointment of additional directors.  

Whereby Mr. Peerapong Thungkasemwathana, Mr. Sermsin Samalapa
and Mr. Paisarn Tangyuenyong, who are set to retire from office
by rotation, will be appointed as directors of the Company for
another term.  

Also, to appoint Mr. Chaiwat Atsawintarangkun in place of Mr.
Weerawong Chittmittrapap who will retire from office by
rotation.  Mr. Chaiwat Atsawintarangkun will be an independent
director and chairman of the audit committee in place of Mr.
Weerawong Chittmittrapap.  

The matter shall be presented to the shareholders for further
approval.

(2) Consider approving the authorization of the directors due to
the resignation of directors.  The following matter shall be
presented to the shareholders for further approval.

Mr. Sermsin Samalapa and Mr. Paisarn Tangyuenyong can sign
jointly to bind N-Park and affixing N-Park seal.

Please be informed accordingly.

Sincerely,
Natural Park Public Company Limited
Akarapong Puldrapaya
Vice President Strategic Financial Planning

CONTACT:

Natural Park Public Company Limited   
Address: 88 Soi Klang (Sukhumvit 49),
Sukhumvit Road, Wattana, Bangkok
Telephone: 0-2259-4800-11   
Fax: 0-2259-4819, 0-2259-4815   


NATURAL PARK: Appoints New Company Auditor
------------------------------------------
Natural Park Public Company Limited advised the Stock Exchange
of Thailand on the appointment of a Company Auditor.

The Board of Directors meeting No. 6/2005 on April 8, 2005 has
resolved to approve the appointment of Mr. Prawit Wipusirikup,
a certified public accountant with license No. 3752 of RSM
Nelson Wheeler Audit Limited, to be an auditor of the Company
for the accounting period ended December 31, 2005, replacing the
Office of DIA International Auditing. The audit fee shall not
exceed THB3,000,000.  This shall be presented to the
shareholders to consider for approval.

Please be informed accordingly.

Sincerely,
Natural Park Public Company Limited
Mr. Akarapong Puldrapaya
Vice President Strategic Financial Planning


SAHAMITR PRESSURE: Hopes to Settle Debt on Time
-----------------------------------------------
In order to comply with the rules and regulations of the Stock
Exchange of Thailand, Sahamitr Pressure Container Public Company
Limited reported the progress of its performance including
rehabilitation in the past six months from October 1, 2004 to
March 31, 2005:

The Company would like to report the progress into two parts as
follows:

(1) Part of the Company's debt

The Company has been paying debts and following all conditions
stated in the debt-restructuring plan. On August 24, 2004
however, the Company issued the letter to its creditors to seek
approval for adjusting the debts payment in each year from the
period of September 2004 to June 2011 as stated in the debt-
restructuring plan.  

The Company would like to reduce the paying amounts in early
years and increase them in final years so as to have all debts
completely settled in the same year of 2011 as per the contract.
The reason is that the assumptions used in the previous budget
plan have been changed from what is currently happening.  

Therefore, the Company managed to prepare the new budget plan to
reflect the most realistic picture of the current business
situation.  This approval is still being considered by the
creditors. However, for the previous payment where the creditor
has not completed his consideration, the Company still endeavors
to punctually settle the payment according to the contract
condition in order not to break the agreement.

The Company also accelerates its negotiation on the approval of
the additional cash flow to coincide with the highly adjusted
raw material's cost since year 2004 until this present time.

(2) Part of guaranteed debt

As to the part of being a guarantor to Sahamitr Steel, the
Company and its related Company have not only been following all
conditions stated in the debt-restructuring plan, but also co-
negotiating the debt restructuring plan with its creditors.  

Though the overall economic and stock market situation had been
positively seen during the past six months, contributing to more
interests in the business from creditors and investors, the
negotiation of the debt-restructuring plan is somehow
complicated.  

This causes an extension of the negotiation process as both
creditors and debtors usually prefer the solutions that bring
the least damage to themselves.  

However, both parties still endeavor to seek any alternatives
that can be mutually accepted and agreed together and is fair
enough to the Company's shareholders. In addition, the Company
is presently searching for a new financial consultant to be its
representative in negotiating the debt-restructuring plan.

The content still follows the same principle that is partial
haircut of debts, transforming debts to capital, seeking new
investors, of which the main objective is to remove the
guarantee liabilities of the Company.  The Company expects 6
months to conclude the negotiation.

From the above-mentioned situations, the Company is confident
that the problems will get resolved in an amicable manner and
that the negotiation will become successful.  The Company
endeavors to resolve the situation in a way that impacts will be
kept at a minimum for the highest interest of its shareholders.

Balance of Rehabilitation Debts are as follows: (Unit: Million
Baht)

                    SMPC debts         Guaranteed Debts
Balance as of
October 1, 2004       271.04          1,307.14

Less Repayment        (26.21)            (8.27)

Balance as of
March 31, 2005        244.83           1,298.87

Repayment for guaranteed debts amounting to THB8.27 million is
paid by the Company as the guarantor.

The Company shall further report its performance every 6 months
on a regular basis so the board of directors of the SET may
continuously evaluate the matter.

Yours sincerely

Mr. Sutham Ekahitanond
Chairman and Managing Director
CONTACT:

Sahamitr Pressure Container Public Company Limited  
72/9 Moo 7, Rama Ii Road,
Samaedam, Bang Khun Thain Bangkok   
Telephone: 0-2895-4139-58, 0-2416-5568-9  
Fax: 0-2416-5534, 0-2895-4163  
Web site: http://www.smpcplc.com






                            *********


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

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

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

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without
prior written permission of the publishers.  Information
contained herein is obtained from sources believed to be
reliable, but is not guaranteed.

The TCR -- Asia Pacific subscription rate is $575 for 6 months
delivered via e-mail. Additional e-mail subscriptions for
members of the same firm for the term of the initial
subscription or balance thereof are $25 each.  For subscription
information, contact Christopher Beard at 240/629-3300.

                 *** End of Transmission ***