TCRAP_Public/050420.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 20, 2005, Vol. 8, No. 77

                            Headlines

A U S T R A L I A

ABB POWER: Liquidator Set to Report Manner of Winding Up
ADVANCED RAPID: Collapses Due to Cash-flow Woes
AUSSIE FLUFF: Court Issues Winding Up Order
BOLTEN SECURITY: Hires Liquidator from Chartered Accountants
CHEMEQ LIMITED: ASX Places Securities in Trading Halt

COMBINE MANUFACTURING: Members Pass Winding Up Resolution
DELPHI RESEARCH: Sets April 28 as Final Meeting Date
DG & JD SMITH: Names Peter James Hedge as Receiver, Manager
GRENADIER INVESTMENTS: To Convene Final Meeting on April 29
HIH INSURANCE: Liquidator Seeks Damages from Broker

HIH INSURANCE: Crown Drags Cassidy to Jail
LANREATH PTY: Faces Winding Up Proceedings
LEGEND POWER: Lays Out Final Meeting Agenda
LIGHTHOUSE HOTEL: To Undergo Winding Up Process
LONRAD PTY: To Hold General Meeting April 26

M.D.T. FIRST: Court Picks R.J. Porter as Liquidator
METCO HOLDINGS: Succumbs to Voluntary Liquidation
M&J HOUSTON: General Meeting Slated for April 26
PETANG PTY: Members Agree to Wind Up Company
PLANET X: To Hold Final Meeting April 27

REACH LIMITED: Hungry for More Aid Funds
ROSAUB PTY: To Hear Liquidator's Winding Up Report
ROWZARMU PTY: Liquidator to Explain Winding Up Process
STOCKFORD GROUP: Court Makes Orders on KordaMentha's Fee
SYNERGY CONTACT: Enters Winding Up Proceedings

TAL SECURITY: Final Meeting Slated for April 20
XANADU WINES: Nufarm Boss Gets AU$1 Mln to Look Over Assets
XANADU WINES: Members Pass All EGM Resolutions


C H I N A  &  H O N G  K O N G

BANK OF CHINA: Posts CNY19.2 Bln Pre-tax Profit in 1Q/FY05
BANK OF CHINA: AGM Set for May 26
BERICH BROKERAGE: SFC Imposes Disciplinary Action
GOLD ASIA: Schedules Creditors, Contributories Meeting
GOLDEN DRAGON: Unveils Appointment of Liquidators

GORGEOUS RUBBER: Creditors' Annual Meeting Fixed on April 22
HENTRON INVESTMENTS: Court to Hear Winding Up Petition May 11
HUNG TAI: Court Releases Winding Up Order
KIN BONG: Enters Bankruptcy Proceedings
LINK RICH: Court Issues Winding Up Notice

LAI SUN: To Lose HK$10 Mln on Danang Hotel Sale
R&D-BASED PHARMACEUTICAL: Issues Debt Claim Notice To Creditors
SILICON LIMITED: Begins Winding Up Proceedings
SUPERCAM CYBERTECH: Sets Annual Meeting on May 10


I N D O N E S I A

BANK MANDIRI: Two Former Execs Jailed for Embezzlement
DIRGANTARA INDONESIA: Teams Up with TAI to Repair, Sell Planes
SEMEN GRESIK: 2004 Net Profit Up 37.7%


J A P A N

JAPAN AIRLINES: Punishes 15 for Safety, Procedural Goofs
MITSUBISHI MOTORS: To Exit Fuel Cell Vehicle Project
MITSUBISHI MOTORS: Appoints Keith Lawrence as North American VP
SANYO ELECTRIC: Offers Free Repair for Faulty Washers
SHOWA DENKO: Dissolves JV in Low-Carbon Ferrochrome Business

UFJ HOLDINGS: Updates Management Integration Scheme


K O R E A

LG CARD: Casts Off Impaired Capital Due to Profit Boost


M A L A Y S I A

AMSTEEL CORPORATION: To Hold EGM Next Month
BOUSTEAD HOLDINGS: Set to List Additional Shares
CEPATWAWASAN GROUP: Court Adjourns Hearing to June 17
I-BERHAD: Buys Back More Shares
LION CORPORATION: Set to List 19,000 Shares Today

LION INDUSTRIES: Unveils Executive Share Option Scheme
PAN MALAYSIA: Posts Notice of Shares Buy Back
PSC INDUSTRIES: Must Pay MYR3 Million to Ambank Berhad


P H I L I P P I N E S

MANILA ELECTRIC: Independent Director Steps Down
MANILA MINING: Unveils New Set of Directors
NATIONAL BANK: Confirms Appointment of Financial Adviser
NATIONAL POWER: La Union Electric Cuts Power Supply Ties
NATIONAL POWER: Gov't Sees US$1.0- Bln Savings from New Deals

NATIONAL POWER: Power Sector Needs Php554 Bln to Meet Demand
PACIFIC PLANS: To Release Money Only Until May 7
PACIFIC PLANS: To Replace Planholders' Checks
PICOP RESOURCES: Net Loss Swells to Php292 Mln in 2004
RB MARIVELES: Termination of Liquidation Process Awaits Court OK

RB TUAO: Posts Notice to All Creditors


S I N G A P O R E

CAPITALAND LIMITED: Sets Up New Unit in China
CHINA AVIATION (S): Court to Hear Petition on May 26
CHUANG YE: Invites Creditors to Attend Hearing on May 6
CURRENEX SINGAPORE: Gives Creditors 30 Days to Prove Claims
GREATRONIC LIMITED: Requests for Trading Halt

HARRICK STEEL: Pays First and Final Dividend
KOH BROTHERS: Replaces Company Secretary
L&M GROUP: COO, Director Resigns
OCC INVESTMENT: Served with Winding Up Order
WO KEE: Issues Notice of Dividend


T H A I L A N D

BANGKOK STEEL: Issues Progress Report on Rehab Plan
CENTRAL PAPER: Processes Registered Capital Reduction Scheme
HANTEX: SET Orders Shareholders to Follow Up Progress of Rehab
PREMIER ENGINEERING: Increased Shares Boost Health
RATTANA REAL: Nears Final Negotiation with Creditors

T.C.J ASIA: Expects to Comply with SET Regulations in 6 Months
THAI DURABLE: Releases Rehab Plan Progress Report

     -  -  -  -  -  -  -  -

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

ABB POWER: Liquidator Set to Report Manner of Winding Up
--------------------------------------------------------
Notice is given that a final meeting of members of ABB Power
Transmission Pty Limited (In Voluntary Liquidation) A.C.N. 000
102 616will be held at Level 9, 10 Shelley Street, Sydney, on
April 27, 2005 at 10:00 a.m.

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

Dated this 10th day of March 2005

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


ADVANCED RAPID: Collapses Due to Cash-flow Woes
-----------------------------------------------
Advanced Rapid Robotic Manufacturing (ARMM) surprisingly fell
into voluntary administration due to financial difficulties,
according to The Advertiser.

The robotics firm called in administrators Ferrier Hodgson last
week. Ferrier Hodgson was reportedly selected because of its
expertise in biotech companies, including Thebarton protein
maker BresaGen, which emerged from voluntary administration in
December.

Ferrier Hodgson partner Martin Lewis said yesterday it was
currently business as usual at ARRM. He added that ARMM had a
lot of possibilities open to it in terms of potential contracts,
but some had not come through when expected, causing a cash-flow
problem.

ARRM, which presently employs 12 staff, has been one of the
bright lights of South Australia's biotechnology industry since
it was founded by Mr. Kraguljac in 1993 to make mechanical
products which automate and so hasten labor-intensive laboratory
procedures. It has bagged several awards, including 2003's
Telstra-Electronics Industry Association's excellence in
engineering award and the same year was named the nation's
ninth-fastest growing technology firm.

A creditors' meeting will be held on April 21 at Ferrier Hodgson

CONTACT:

Advanced Rapid Robotic Manufacturing (ARRM)
ARRM Innovation Centre
79-83 Stephen Terrace
St Peters SA 5069
Telephone: (+61) 8 8362 4589
Facsimile: (+61) 8 8362 8757
Web site:  http://www.arrm.com


AUSSIE FLUFF: Court Issues Winding Up Order
-------------------------------------------
On March 8, 2005 the Supreme Court of New South Wales, Equity
Division, made an Order that Aussie Fluff Insulation Pty Limited
A.C.N. 002 647 341 be wound up and appointed R. J. Porter as
Official Liquidator.

R. J. Porter
Official Liquidator
Moore Stephens PMN
Chartered Accountants
Level 6, 460 Church Street,
Parramatta NSW 2150


BOLTEN SECURITY: Hires Liquidator from Chartered Accountants
------------------------------------------------------------
Notice is hereby given that at a General Meeting of Members of
Bolten Security Pty Limited (In Liquidation) formerly State
Corporate Protection Pty Limited A.C.N. 099 980 837 duly
convened and held at 28 Kent Road, Rose Bay NSW 2029 on Friday,
March 4, 2005 at 9:00 a.m. a Special Resolution that the Company
be wound up voluntarily was passed by members and the
undersigned was appointed Liquidator.

The appointment of Liquidator was confirmed by creditors
pursuant to Section 497(1) of the Corporations Act 2001 at a
meeting of creditors held subsequently that day.

Dated this 9th day of March 2005

P. Ngan
Liquidator
Ngan & Co
Chartered Accountants
Level 5, 49 Market Street,
Sydney NSW 2000


CHEMEQ LIMITED: ASX Places Securities in Trading Halt
-----------------------------------------------------
The securities of Chemeq Limited were placed in pre-open at the
request of the Company, pending the release of an announcement
by the Company.

Unless ASX decides otherwise, the securities will remain in pre-
open until the earlier of the commencement of normal trading on
Thursday, April 21, 2005 or when the announcement is released to
the market.

About Chemeq

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

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

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

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

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

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

CONTACT:

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


COMBINE MANUFACTURING: Members Pass Winding Up Resolution
---------------------------------------------------------
Notice is hereby given that at a general meeting of Combine
Manufacturing Pty Limited (In Creditors' Voluntary Liquidation)
A.C.N. 072 274 052 held on March 3, 2005 the following special
resolution was passed:

That by reason of its deficiency in assets to meet its
liabilities, the Company be wound up voluntarily.

G. G. Woodgate
Liquidator
c/- Woodgate & Co
Telephone: 9233 6088


DELPHI RESEARCH: Sets April 28 as Final Meeting Date
----------------------------------------------------
Notice is hereby given of the final meeting of members of Delphi
Research Pty Limited (In Voluntary Liquidation) to be held at
Level 16, 15 Castlereagh Street, Sydney NSW on April 28, 2005 at
9:00 a.m.

The business to be considered is:

(1) To lay before the meeting an account showing how the winding
up has been conducted and the property of the Company disposed,
and

(2) Give such explanation of the account as may be required.

Dated this 10th day of March 2005

Helen Salter


DG & JD SMITH: Names Peter James Hedge as Receiver, Manager
-----------------------------------------------------------
Notice is hereby given that on 4 March 2005 Peter James Hedge of
Suite 33, Level 7, 88 Pitt Street, Sydney NSW 2000 was appointed
receiver and manager to DG & JD Smith Earthmoving (Qld) Pty
Limited A.C.N. 077 576 017 by GE Commercial Corporations
(Australia) Pty Limited A.B.N. 28 000 974 747 pursuant to the
powers contained in a Charge dated April 20, 2004 (registered
number 1045876).

Dated this 9th day of March 2005

GE Commercial Corporations (Australia) Pty Limited
A.B.N. 28 000 974 747 by their solicitors Kemp Strang
Lawyers, Level 14, 55 Hunter Street, Sydney NSW 2000


GRENADIER INVESTMENTS: To Convene Final Meeting on April 29
-----------------------------------------------------------
Notice is hereby given that a final meeting of Grenadier
Investments Pty Ltd (In Liquidation) A.C.N. 097 164 200 will be
held at 14 Meakem Street, Hurstville, NSW 2220 on Friday, April
29, at 11:00 a.m. for the purpose of receiving the liquidator's
account showing how the winding up has been conducted and the
property of the Company disposed of.

P. H. Fletcher
Liquidator
14 Meakem Street,
Hurstville NSW 2220


HIH INSURANCE: Liquidator Seeks Damages from Broker
---------------------------------------------------
The liquidator of HIH Insurance Limited is seeking to recoup
losses brought about by the failed firm's ill-fated decision to
pay AU$300 million for FAI Insurances in 1998, the Sydney
Morning Herald reports.

Liquidator Tony McGrath of accounting firm McGrathNicol+Partners
has signified his intention in November last year to sue Guy
Carpenter & Co., the insurance broker which arranged a
controversial financial reinsurance deal between Warren
Buffett's National Indemnity Co. and FAI.

Mr. McGrath's claim has already been lodged with the court
registry but not yet formally served.

Guy Carpenter was reportedly the agent for a National Indemnity
contract which the royal commission into HIH's 2001 collapse
found allowed FAI to overstate its 1998 profits and to conceal
its failure to set aside enough money to meet future
policyholder claims.

Mr. McGrath is hoping to recover around AU$400 million for
damages from Guy Carpenter.


HIH INSURANCE: Crown Drags Cassidy to Jail
------------------------------------------
Terry Cassidy's lawyer argued that his client should not be
jailed because he agreed to cooperate in other proceedings
related to the collapse of HIH Insurance, The Australian says.

But Crown prosecutor Paul Roberts SC said the former HIH
director should be sent behind bars along with HIH CEO Ray
Williams and fellow director Rodney Adler, despite agreeing to
give evidence in other HIH proceedings because his assistance
did not lead to further people being charged.

Last week, Mr. Williams was sentenced to at least two years and
nine months for crimes committed while at HIH, while fellow
former board member Mr. Adler was jailed for two years and six
months.

Mr. Cassidy faced a sentencing hearing in the NSW Supreme Court
Tuesday after pleading guilty last month to two counts of acting
with reckless disregard in making misleading statements, and one
count of failing in his duties as a director. Each of the three
charges carries a maximum sentence of five years' jail. He will
be sentenced on April 29.

HIH collapsed in March 2001 with losses of up to AU$5.3 billion.
The downfall was the biggest in Australian corporate history.


LANREATH PTY: Faces Winding Up Proceedings
------------------------------------------
Notice is hereby given that at a general meeting of members held
on March 4, 2005 it was resolved that Lanreath Pty Ltd (In
Liquidation) A.C.N. 008 391 820 would be wound up voluntarily
and that Stephen Keith Preen of Level 19, 207 Kent Street,
Sydney NSW 2000 be appointed Liquidator for the purpose.

Dated this 9th day of March 2005

Stephen K. Preen
Liquidator


LEGEND POWER: Lays Out Final Meeting Agenda
-------------------------------------------
Notice is hereby given that a final concurrent meeting of the
members and creditors of Legend Power Products Pty Ltd (In
Liquidation) A.C.N. 095 448 016 will be held at the offices of
Knights Insolvency Administration, Level 3, United Overseas Bank
Building, 32 Martin Place, Sydney, NSW on April 22, 2005 at 9:00
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 10th day of March 2005

Bill Cotter
Joint and Several Liquidator
c/- Knights Insolvency Administration
Level 3, United Overseas Bank Building,
32 Martin Place, Sydney NSW 2000


LIGHTHOUSE HOTEL: To Undergo Winding Up Process
-----------------------------------------------
Notice is hereby given that at a General Meeting of Lighthouse
Hotel Burnett Heads Pty Limited A.C.N. 102 681 658 held on March
10, 2005 the following special resolution was passed by all the
members:

That the Company be wound up voluntarily.

Dated this 10th day of March 2005

Ian William Hooper
Liquidator
24 Cherrywood Crescent,
Bathurst NSW 2795


LONRAD PTY: To Hold General Meeting April 26
--------------------------------------------
Notice is hereby given that a general meeting of Lonrad Pty Ltd
A.C.N. 001 462 095 will be held at Level 13, 122 Arthur Street,
North Sydney on April 26, 2005 at 10:00 a.m. for the purpose of
considering the report of the liquidator including how the
winding up of the Company has been conducted.

Dated this 14th day of March 2005

A. H. Jordan
Director


M.D.T. FIRST: Court Picks R.J. Porter as Liquidator
---------------------------------------------------
On March 8, 2005, the Supreme Court of New South Wales, Equity
Division, made an Order that M.D.T. First Choice Investments Pty
Limited A.C.N. 065 597 079 be wound up and appointed R. J.
Porter as Official Liquidator.

R. J. Porter
Official Liquidator
Moore Stephens PMN
Chartered Accountants
Level 6, 460 Church Street,
Parramatta NSW 2150


METCO HOLDINGS: Succumbs to Voluntary Liquidation
-------------------------------------------------
At a General Meeting of Metco Holdings Pty Limited (In
Liquidation) A.B.N. 63 000 783 291, duly convened and held at
171 Attunga Road, Yowie Bay on March 8, 2005 the following
Special Resolution passed:

That the Company be wound up as a Members' Voluntary
Liquidation.

Dated this 9th day of March 2005

G. J. Nedwich
W. C. Pinkstone
Joint and Several Liquidators
171 Attunga Road, Yowie Bay NSW 2228


M&J HOUSTON: General Meeting Slated for April 26
--------------------------------------------------
Notice is hereby given pursuant to Section 509(2) of the
Corporations Act that a general meeting of the members of M&J
Houston Pty Limited (In Liquidation) A.C.N. 074 412 196 will be
held at the offices of Griffiths, Forrest & Greer, Chartered
Accountants, Level 7, 276 Pitt Street, Sydney NSW 2000 on April
26, 2005 at 9:30 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 disposed of and hearing any
explanations that may be given by the Liquidator.

Dated this 8th day of March 2005

John Greer
Liquidator


PETANG PTY: Members Agree to Wind Up Company
--------------------------------------------
Notice is hereby given that at a General Meeting of Petang Pty
Ltd (In Liquidation) A.C.N. 000 665 190 held on January 24, 2005
it was resolved that the Company be wound up voluntarily as a
Members' Voluntary Winding up and that for such a purpose, John
Gerard Newton be appointed liquidator.

Dated this 24th day of January 2005

John Gerard Newton
Liquidator


PLANET X: To Hold Final Meeting April 27
----------------------------------------
Notice is hereby given pursuant to Section 509 of the
Corporations Act that a final meeting of members and creditors
of Planet X Australia Pty Limited (In Liquidation) A.C.N. 093
866 169 will be held at Suite 67, Level 14/88 Pitt Street,
Sydney NSW 2000 on Wednesday, April 27, 2005 at 10:30 a.m.

The purpose of the meeting is to lay before the members and
creditors an account for 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.

Proxies to be used at the meeting must be lodged with the
undersigned no later than 4:00 p.m. on Tuesday, April 26, 2005.

Dated this 9th day of March 2005

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


REACH LIMITED: Hungry for More Aid Funds
----------------------------------------
Telstra has again shelled out AU$138 million to help its
struggling undersea-cable joint venture, Reach Limited, meet
commitments up to 2022, reports The Advertiser.

With the fresh capital infusion, Reach is expected to turn
around. The fund injection, however, was not believed to provide
much financial benefit to the Asian cable network.

Reach was formed through a 50/50 joint venture between Telstra
and Hong Kong's Pacific Century CyberWorks (PCCW) in the middle
of the tech boom of 2000.

However, it suffered from a steep decline in prices due to the
global problem of there being too many cables and not enough
data flowing through them.

In 2003, Telstra wrote down the value of Reach by AU$965 million
to zero, and last year Telstra and PCCW had to rescue the joint
venture by paying AU$203 million to a group of banks.


ROSAUB PTY: To Hear Liquidator's Winding Up Report
--------------------------------------------------
Notice is given pursuant to Section 509 of the Corporations Act
2001 that a joint meeting of the members and creditors of Rosaub
Pty Ltd (In Liquidation) A.B.N. 70 003 990 127 will be held at
the offices of Horwath Sydney Partnership, Level 10, 1 Market
Street, Sydney New South Wales, on Monday, April 18, 2005, at
10:00 a.m., for the purpose of having an account laid before
them showing the manner in which the winding up has been
conducted and the property of the Company disposed of and of
hearing any explanations that may be given by the Liquidator.

Dated this 4th day of March 2005

Paul G. Weston
Liquidator
Horwath Sydney Partnership
Level 10, 1 Market Street,
Sydney NSW 2000


ROWZARMU PTY: Liquidator to Explain Winding Up Process
------------------------------------------------------
Notice is given pursuant to Section 509 of the Corporations Act
that a joint meeting of the members and creditors of Rowzarmu
Pty Ltd (In Liquidation) A.C.N. 050 064 652 will be held at the
offices of Smith Hancock, Level 4, 88 Phillip Street,
Parramatta, NSW 2150 on April 26, 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 10th day of March 2005

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


STOCKFORD GROUP: Court Makes Orders on KordaMentha's Fee
--------------------------------------------------------
The Federal Court of Australia has made orders relating to the
approval of AU$2.856 million of remuneration paid to Mr. Mark
Korda and Mr. Mark Mentha of KordaMentha, the Deed
Administrators of the Stockford Group of companies (the
Stockford administration).

These orders were made in fresh proceedings commenced by
KordaMentha following a decision handed down by Justice
Finkelstein of the Federal Court of Australia in December 2004.
In that decision, Justice Finkelstein concluded that KordaMentha
had drawn AU$2.42 million in remuneration without that amount
being fixed properly by either the creditors of the Stockford
Group or by the Court, as required by the Corporations Act 2001
(the Act).

Following the decision by Justice Finkelstein in December 2004,
KordaMentha sought directions from the Federal Court, in fresh
proceedings, to rectify the invalid payment of the AU$2.42
million.

ASIC made submissions in those proceedings, which KordaMentha
agreed with.

The Court ordered that:

(1) a committee of inspection be provided with adequate notice
and information relating to the $2.856 million of KordaMentha's
claim for remuneration, so as to consider, and if satisfied,
approve an appropriate amount of remuneration;

(2) there be a right of review of any such approval by the
Court, on the application of any creditor or member of the
Stockford Group of companies, KordaMentha or ASIC; and

(3) KordaMentha will pay ASIC's costs.

Further, KordaMentha has agreed not to charge the Stockford
administration for work done by them in assisting ASIC with its
investigation, and the two proceedings in the Federal Court of
Australia, relating to KordaMentha's remuneration.

Under the Act, remuneration paid to voluntary administrators
must be fixed by either the creditors or, failing that, by the
court. Additionally, administrators can obtain directions from
the court to permit the power of the creditors to fix
remuneration to be delegated to a third party, such as a
properly appointed committee of inspection, as in this case.

"The Corporations Act provides a procedure for the approval of
administrators remuneration. ASIC will continue to examine the
conduct of administrators to ensure they abide by these
requirements, in order to protect the interests of creditors',
ASIC Executive Director of Enforcement," Ms. Jan Redfern said.

"ASIC has now written to all insolvency practitioners asking
them to let ASIC know whether they have received remuneration in
voluntary administrations without first ensuring the amount has
been properly assessed and fixed either by the creditors or by
the court (or in accordance with directions made by the court),
as required under the Corporations Act. ASIC is keen to ensure
any other similar issues are addressed and, in the interests of
creditors, rectified promptly," Ms. Redfern said.

Background

On 23 February 2003, Stockford Limited and 82 of Stockford
Limited's subsidiary companies (the Stockford Group) were placed
into voluntary administration and Messrs Korda and Mentha were
appointed as administrators of all Stockford Group companies.

On 20 May 2003, creditors of the Stockford Group resolved that
the Stockford Group should execute a Deed of Company
Arrangement. On 26 May 2003, KordaMentha executed a Deed of
Company Arrangement on behalf of each of the Stockford Group
companies.

In December 2004, Justice Finkelstein of the Federal Court
dismissed an application by KordaMentha seeking approval of the
remuneration drawn by them in relation to their joint and
several appointment as the Administrators (and later as Deed
Administrators) of the Stockford Group, and handed down a
judgement that KordaMentha had drawn a 'couple of million
dollars' of fees 'without authority'.

At the hearing before the Honourable Justice Finkelstein on 18
October 2004, ASIC submitted to the court its concerns that:

(1) KordaMentha have drawn $2,421,175.50 in fees from the
Stockford administration, when not permitted to do so under the
the Act;

(2) the fees were drawn by KordaMentha without proper approval
by the Court or the Stockford Group companies' creditors, as
required by the Act;

(3) the fees were drawn by KordaMentha in reliance on an invalid
authorisation granted by the creditors to a Committee of
Creditors, and approval granted by that committee.

In his reasons, Justice Finkelstein found, amongst other things,
that:

(1) KordaMentha's fees had not been validly fixed under the Act;

(2) resolutions of creditors of the Stockford Group companies
were not legally effective because reports sent to creditors by
KordaMentha were misleading in several important respects,
notably by implying that communications from ASIC to KordaMentha
were (incorrectly) wrong in law; and

(3) a report compiled by KordaMentha in accordance with section
439A of the Act for consideration of creditors at the second
meeting of the Stockord Group companies creditors, did not
adequately explain the rates charged by KordaMentha, nor
provided any information which would enable the creditors to
determine the reasonableness or otherwise of the proposed
KordaMentha rates.


SYNERGY CONTACT: Enters Winding Up Proceedings
----------------------------------------------
Notice is hereby given that at a meeting of Synergy Contact
Sales Pty Limited (In Liquidation) A.C.N. 108 221 825 held on
March 8, 2005 the following Special Resolution was passed:

That as the Company is unable to pay its debts as and when they
fall due, the Company be wound up voluntarily and that Robert
Moodie be appointed Liquidator for the purpose of such winding
up.

Robert Moodie
Liquidator
c/- Rodgers Reidy
Level 8, 333 George Street,
Sydney NSW 2000


TAL SECURITY: Final Meeting Slated for April 20
-----------------------------------------------
Notice is hereby given that a final meeting of members and
creditors of TAL Security Pty Ltd (In Liquidation) A.C.N. 082
723 608 will be held at the office of Nicholls & Co, Chartered
Accountants, Suite 6, 459 Peel Street Tamworth NSW 2340, on
Wednesday, April 20, 2005 at 11:00 a.m. for the purpose of
receiving the Liquidator's account showing how the winding up
has been conducted and the property of the Company disposed of
and hearing any explanation which may be given by the
Liquidator.

Dated this 11th day of March, 2005

A. R. Nicholls
Liquidator
Nicholls & Co
Suite 6, 459 Peel Street,
Tamworth NSW 2340


XANADU WINES: Nufarm Boss Gets AU$1 Mln to Look Over Assets
-----------------------------------------------------------
The managing director of agribusiness Nufarm was confirmed to be
among those looking after Xanadu Wines Limited, according to The
West Australian.

Xanadu chairman Ross Norgard admitted that his Company has paid
Doug Rathbone some AU$1 million in cash in January to look over
the assets of the troubled winery. But Mr. Norgard said the
exclusivity arrangement had since expired and there were a
number offers on the table.

Mr. Rathbone's deal with Xanadu took place in January, almost
one month before the Company secured its AU$8 million GEM Global
Yield Fund credit facility and six weeks before selling its
Normans and Next Generation Wines in Adelaide for AU$7 million
for half their book value.

Mr. Rathbone flagged possible legal action against Xanadu if its
board did not deliver on what he described as several
undertakings at the time of his initial investment, but declined
to comment further.

CONTACT:

Xanadu Wines
Boodjidup Road, Margaret River
West Australia 6285
Phone: (61) 8 9757 2581
Fax: (61) 8 9757 3389


XANADU WINES: Members Pass All EGM Resolutions
----------------------------------------------
In accordance with Listing Rule 3.13.2, it is confirmed that all
resolutions put to the Extraordinary General Meeting of Xanadu
Wines Limited held yesterday were passed.

Proxies were received in respect of each of the resolutions as
follows:

Resolution        Votes for:        Votes against:

Resolution 1      36,016,404        1,627,528
Resolution 2      50,226,265        1,523,328
Resolution 3      60,426,144        1,523,328
Resolution 4      52,485,550        1,544,828
Resolution 5      62,479,719        1,544,828
Resolution 6      62,283,053        1,741,494

The business transacted at the General Meeting is the proposal
of Resolutions 1 to 6 as set out below.
1) Issue of Convertible Notes to a Director, Mr. Ross Norgard
(2) Issue of Convertible Notes to a Director, Mr. Ken Richards
(3) Issue of Convertible Notes to a Director, Mr. Sam Atkins
(4) Issue of Convertible Notes to a Director, Mr. Connor Lagan
(5) Ratification of Issue of Convertible Notes to RW Group Pty
Ltd
(6) Ratification of Issue of Options to GEM Global Yield Fund
Ltd.


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

BANK OF CHINA: Posts CNY19.2 Bln Pre-tax Profit in 1Q/FY05
----------------------------------------------------------
The Bank of China (BOC) posted a pretax profit of CNY19.2
billion (US$2.3 billion) in the first quarter of this year, an
increase of CNY5.1 billion (US$614 million) or 45.8 percent from
a year earlier, the China Daily reports, citing spokeswoman Ms.
Zhou Ning.

The bank had finished the first step of shareholding reform
through financial reshuffling in the second half of 2004.

The bank is taking efforts to tighten risk control in the coming
months, following a number of scandals earlier, including the
disappearance of CNY290 million (US$34.9 million) from one
branch.

In January, the bank announced that one of its sub-branches in
Heilongjiang Province had been involved in a fraud case.

The scandals have negatively impacted the bank's reputation,
said Wang Zhaowen, another spokesperson.

"It suggests our internal control system and corporate
governance are far from perfect," Mr. Wang said. "That's why we
are conducting the share-holding reform."

CONTACT:

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


BANK OF CHINA: AGM Set for May 26
---------------------------------
Notice is hereby given that the Annual General Meeting (AGM) of
The Bank of China (BOC) will be held on May 26, 2005 at 3 p.m.
(registration will begin at 2:30 p.m.) at Meeting Room 401, Hong
Kong Convention and Exhibition Centre, 1 Harbour Road, Wanchai,
Hong Kong (please use Harbour Road entrance) for the purpose of
transacting the following business:

ORDINARY BUSINESS

1. To receive and consider the audited Statement of Accounts and
the Reports of the Directors and of the Auditors of the Company
for the year ended December 31, 2004.

2. To declare a final dividend of HK$0.395 per share for the
year ended December 31, 2004.

3. To re-elect Directors.

4. To re-appoint PricewaterhouseCoopers as Auditors of the
Company and authorize the Board of Directors or a duly
authorized Committee of the Board to determine their
remuneration.

SPECIAL BUSINESS

To consider and, if thought fit, to pass the following ordinary
resolutions:

5. To grant a general mandate to the Board of Directors to
allot, issue and deal with additional shares in the Company, not
exceeding 20% or, in the case of issue of shares solely for cash
and unrelated to any asset acquisition, not exceeding 10% of the
issued share capital of the Company as at the date of passing
this Resolution.

6. To grant a general mandate to the Board of Directors to
repurchase shares in the Company, not exceeding 10% of the
issued share capital of the Company as at the date of passing
this Resolution.

7. Conditional on the passing of Resolutions 5 and 6, to extend
the general mandate granted by Resolution 5 by adding thereto
the shares repurchased pursuant to the general mandate granted
by Resolution 6.

By Order of the Board
Jason C.W. Yeung
Company Secretary
Hong Kong, 12th April 2005.


BERICH BROKERAGE: SFC Imposes Disciplinary Action
-------------------------------------------------
The Securities and Futures Commission (SFC) instituted
disciplinary proceedings in April 2004 against Berich Brokerage
Limited, its general manager and licensed representative, Mr.
Chung Tin Ming, and its responsible officers, Mr. Sun Tak Sing
and Mr. Luk King Cheong.

These proceedings followed an investigation in which the SFC
found that Berich had window-dressed two Financial Resources
Rules (FRR) returns, failed to comply with certain terms of its
formal undertakings to the SFC and had a number of other
internal control failures.

Following an offer made by Berich, Mr. Chung, Mr. Sun and Mr.
Luk to enter into a settlement, the disciplinary actions have
been settled.  Under the terms of the settlement:

1.) Berich has made a settlement payment of $1,400,000 and
reimbursed the SFC's legal costs and expenses incurred in the
disciplinary proceedings;

2.) the SFC publicly reprimands Berich;

3.) Mr. Chung's license is suspended for 2 years from April 18,
2005 to April 17, 2007;

4.) Mr. Sun's license is suspended for 3 months from May 18,
2005 to August 17, 2005;

5. Mr. Luk's license is suspended for 1 month from April 18,
2005 to May 17, 2005;

The applications for review to the Securities and Futures
Appeals Trubunal (SFAT) by Berich, Mr. Chung, Mr. Sun and Mr.
Luk have been withdrawn; and

Berich has agreed to commission an independent review of its
operations during the second half of 2005.

Window-dressing of FRR returns

The SFC found that in February and March 2002, Mr. Chung
effected some fund transfers between margin client accounts to
understate a particular client's margin shortfall.  In the SFC's
view, these fund transfers were deceptive devices designed to
mislead the SFC into believing that the shortfalls in the
relevant margin client's account and thus the liquid capital
position of Berich had improved.

The SFC found that Mr. Sun signed cheques and approved the
transfers of funds without making appropriate inquiries or
exercising prudent judgment.

Other misconduct:

In addition, the SFC found that Berich had:

1.) Failed to comply with certain terms of the undertakings it
gave to the SFC relating to its margin financing activities;

2.) Failed to implement a prudent margin financing policy during
the period October 2001 to January 2004;

3.) Failed to take effective action to stop a dealer's
representative from operating nominee accounts after it had been
notified of this by the SFC in January 2003 (Note 4); and

4.) Acquiesced in or failed to detect the unregistered dealing
activities of an employee during the period May 2000 to
September 2002 (Note 5).

The SFC noted that Mr. Luk was a dealing director of Berich when
it was publicly reprimanded for internal control deficiencies in
July 2000.  Following the public reprimand, Mr. Luk, as a member
of Berich's senior management, failed to make extra efforts to
improve Berich's internal control procedures.

The SFC therefore concludes that the fitness and properness of
Berich, Mr. Chung, Mr. Sun and Mr. Luk has been impugned.  In
October 2004, the SFC decided to suspend Berich for four months,
to revoke the licence of Mr. Chung, and to suspend Mr. Sun and
Mr. Luk for four months and one month respectively.  Berich, Mr.
Chung, Mr. Sun and Mr. Luk appealed these decisions to the SFAT.

Settlement with Berich:

In February 2005, Berich, Mr. Chung, Mr. Sun and Mr. Luk offered
to enter into a settlement negotiations with the SFC.  The SFC
has taken into account the following factors:

Since February 2004, Berich's margin financing business has been
conducted within the terms of undertakings given to the SFC and
no longer poses any regulatory concerns;

At no time during the period in question did Berich breach the
SFC's liquid capital adequacy requirement;

Berich appointed a compliance manager in July 2003; and

Berich has agreed to commission an independent review of its
operations during the second half of 2005.

The SFC no longer considers there is a need to suspend Berich's
license and further considers that the settlement is in the
interest of the investing public or in the public interest.  The
settlement payment of $1,400,000 will be paid to government
revenue.

Mr. Alan Linning, SFC's Executive Director of Enforcement, said:
"The SFC regards window-dressing of FRR returns as a serious
matter.  We will take severe action against firms and staff who
engage in window-dressing."

"Had Berich's misconduct occurred after the commencement of the
SFO, in view of the improvements made by Berich subsequent to
the misconduct, a monetary fine would have been a more
proportionate penalty.  Settlement by payment of money provides
a bridge between the old and the new disciplinary regimes in
appropriate cases where the subject of the decision agrees, so
that the same outcomes may be achieved regardless of when the
misconduct occurred," Mr. Linning added.

CONTACT:

Berich Brokerage Limited
12/F, Entertainment Building
30 Queen's Road Central
Hong Kong
Phone: (852) 2815-5662
Fax: (852) 2815-3350


GOLD ASIA: Schedules Creditors, Contributories Meeting
------------------------------------------------------
Notice is hereby given that the meetings of creditors and
contributories of Gold Asia Realty Limited (In Liquidation) will
be held at 8/F, Prince's Building, 10 Chapter Road, Central,
Hong Kong on May 10, 2005 at the times specified below, for the
purposes of having an account laid before the meetings by the
Joint and Several Liquidators of their acts and dealings and of
the conduct of the winding-up.

Creditors Meeting 11:15 a.m.
Contributories Meeting 9:30 a.m.

Dated this 15th day of April 2005.

Gabriel CK Tam
Jacky CW Muk
Joint and Several Provisional Liquidators


GOLDEN DRAGON: Unveils Appointment of Liquidators
-------------------------------------------------
Notice is hereby given that Mr. Chiang Ping Kwan and Wu WaiMan,
both of Patrick P. K. Chiang & Co., CPA, of 9B Chang Pao Ching
Building, 427 Hennessy Road, Wanchai, Hong Kong, were appointed
as the Joint and Several Liquidators of Golden Dragon Food
Company Limited without a committee of inspection on February
16, 2005.

Dated this 18th day of April 2005.

Chiang Ping Kwan
Wu Wai Man
Joint and Several Liquidators
Patrick P. K. Chiang Co., CPA
9B Chang Pao Ching Building
427 Hennessy Road
Wanchai, Hong Kong
Phone: (852) 2834 6556
Fax: (852) 2832 9385


GORGEOUS RUBBER: Creditors' Annual Meeting Fixed on April 22
------------------------------------------------------------
Notice is hereby given that pursuant to Section 247 of the
Companies Ordinance (Chapter 32), annual meetings of the Members
and Creditors of Gorgeous Rubber & Plastics Shoes Accessories
Limited (In Creditors' Voluntary Liquidation) will be held at
2/F, Wing Yee Commercial Building, 5 Wing Kut Street, Central,
Hong Kong on April 22, 2005 at the times listed below for the
purpose of laying before the meeting by the Joint and Several
Liquidators an account of their acts and dealings and of the
conduct of the winding-up during the preceding year.

Time of Meeting of Members 10:30 a.m.
Time of Meeting of Creditors 11:00 a.m.

Dated this 15th April 2005.

Lau Siu Hung
Ng Chun Kong
Joint and Several Liquidators


HENTRON INVESTMENTS: Court to Hear Winding Up Petition May 11
-------------------------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Hentron Investments Limited by the High Court of Hong Kong
Special Administrative Region was on the March 1, 2005 presented
to the said Court by Chua Ming Yuen of Flat C, 17th Floor, Ho
King View, No. 2 Braemar Hill Road, North Point, Hong Kong.

The said Petition is to be heard before the Court at 9:30 a.m.
on May 11, 2005.

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

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

Messrs. Winston Chu & Co.
Solicitors for the Petitioner
Room 2006, 20th Floor
One Pacific Place
88 Queensway
Hong Kong

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


HUNG TAI: Court Releases Winding Up Order
-----------------------------------------
Hung Tai Transportation Development Limited with registered
office located at Block B, 9/F, Stage 4, Golden Dragon
Industrial Centre, 182-19 Tai Pai Road, Kwai Chung, New
Territories was issued a winding up notice by the High Court of
the Hong Kong Special Administrative Region Court of First
Instance on April 6, 2005.

Date of Presentation of Petition: December 3, 2004.

Dated this 15th day of April 2005.

ET O'Connell
Official Receiver


KIN BONG: Enters Bankruptcy Proceedings
---------------------------------------
Notice is hereby given that a bankruptcy order of Kin Bong
Electrical & Mechanical Engineering Company was made on April
4,2005.

All debts due to the Company should be forwarded to the official
receiver.

Dated this 15th day of April 2005.

ET O'Connel
Receiver.


LINK RICH: Court Issues Winding Up Notice
-----------------------------------------
Link Rich Leathergoods Limited with registered office located at
Unit K, 13/F, Yue Cheung Centre, 1-3 Wong Chuk Yeung St, Fotan,
New Territories was issued a winding up notice by the High Court
of the Hong Kong Special Administrative Region Court of First
Instance on April 4, 2005.

Date of Presentation of Petition: January 28, 2004.

Dated this 15th day of April 2005.

ET O'Connell
Official Receiver


LAI SUN: To Lose HK$10 Mln on Danang Hotel Sale
-----------------------------------------------
Lai Sun Development Company Limited (0488) expects to book a
HKD10 million loss from the sale of Furama Resort, the first
five-star luxury resort in Vietnam, The Standard reports.

The property developer agreed to sell the hotel for HK$131
million, which will be partly used for the redemption of a
HK$266 million bond.

Under the agreement, Lai Sun will dispose of the entire issued
share capital of Furama International Hoteliers, which
indirectly owns a 62.63 percent interest in Indochina Beach
Hotel Joint, the owner of the Furama Resort. The purchaser was
Vina Investment Group.

Lai Sun said it would continue to manage Furama Resort for two
years after completion of the deal on July 8. It did not
disclose how much it invested in the hotel.

CONTACT:

Lai Sun Development Company Limited
11/F Lai Sun Commercial Centre
680 Cheung Sha Wan Road
Kowloon, Hong Kong
Phone: 27410391
Fax: 27852775
Web site: http://www.laisun.com.hk


R&D-BASED PHARMACEUTICAL: Issues Debt Claim Notice To Creditors
---------------------------------------------------------------
Notice is hereby given that the Creditors of R&D-Based
Pharmaceutical Association Limited (In Members' Voluntary
Liquidation), whose debts or claims have not already been
admitted, are required on or before May 3, 2005 to prove by
affidavit their debts or claims by sending in their names,
addresses and descriptions and full particulars of their debts
or claims in accordance with Form 63A of the Companies (Winding-
up) Rules, and the names and addresses of their Solicitors (if
any) to the undersigned Liquidators of the said Company.

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

Dated this 19th day of April 2005.

Natalia K M SENG
Joint and Several Liquidator
28/F, Bank of East Asia Harbour
View Centre, 56 Gloucester Road,
Wanchai, Hong Kong

Susan Y H LO
Joint and Several Liquidator
28/F, Bank of East Asia Harbour
View Centre, 56 Gloucester Road,
Wanchai, Hong Kong


SILICON LIMITED: Begins Winding Up Proceedings
----------------------------------------------
Silicon Limited with registered office located at Unit 16, 8/F,
Block B, Hoplite Industrial Centre, 3-5 Wang Tai Road, Kowloon
Bay, Kln was issued a winding up notice by the High Court of the
Hong Kong Special Administrative Region Court of First Instance
on April 6, 2005.

Date of Presentation of Petition: December 21, 2004.

Dated this 15th day of April 2005.

ET O'Connell
Official Receiver


SUPERCAM CYBERTECH: Sets Annual Meeting on May 10
-------------------------------------------------
Notice is hereby given that the meetings of creditors and
contributories of Supercam Cybertech Limited (In Liquidation)
will be held at 8/F, Prince's Building, 10 Chapter Road,
Central, Hong Kong on May 10, 2005 at the times specified
below, for the purposes of having an account laid before the
meetings by the Joint and Several Liquidators of their acts and
dealings and of the conduct of the winding-up.

Creditors Meeting 11:15 a.m.
Contributories Meeting 9:30 a.m.

Dated this 15th day of April 2005.

Gabriel CK Tam
Jacky CW Muk
Joint and Several Provisional Liquidators


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


BANK MANDIRI: Two Former Execs Jailed for Embezzlement
------------------------------------------------------
The Magelang District Court of Indonesia sentenced two former
employees of the Magelang branch of Bank Mandiri to jail for
embezzling IDR24 billion, Laksamana News reports.

Former Bank Mandiri branch head Tuti Andrasih and former
operations manager Indarto Kusomo were convicted of banking
malpractice and were each sentenced to four years in jail. The
sentences were lower than the prosecution's demand of 7 years
for each. They were also ordered to pay IDR7,500 in court fees,
and were fined IDR5 billion.

According to presiding judge Ida Bagus Djagara, the two
employees violated Article 49 of the 1992 Banking Law. The law
states that any bank employee who knowingly and willingly
accepts remuneration, service or money for personal gain for his
efforts to obtain a credit facility shall be imprisoned minimum
3 years, maximum 8 years, and shall be fined a minimum of IDR5
billion and maximum of IDR100 billion.

Judge Djagara added that the two defendants did not exercise
caution in issuing fake letters of credit to businessmen Yani
Yatindra Sumarsono, Hikmat Subiadinata, and Wawan Hermawan.

Mr. Andrasih and Mr. Kusomo will appeal the verdict, as the
three businesspersons were not called in to testify on the case
against them.

Bank Mandiri is involved in an ongoing investigation conducted
by the Attorney General's Office, on allegations of fraud, where
the bank issued credit facilities to ineligible companies.

CONTACT:

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


DIRGANTARA INDONESIA: Teams Up with TAI to Repair, Sell Planes
--------------------------------------------------------------
Indonesia's PT Dirgantara Indonesia agreed to cooperate with
Thailand's Thai Aviation Industries (TAI) to repair and sell two
Indonesian aircraft in Thailand, reports TNA News.

Company president Edwin Soedarmo and TAI managing director
Sittiporn Chaiyalark signed a memorandum of understanding (MOU),
where Dirgantara would design and make NC-212 and CN-235 planes,
called "Green Flyable Aircraft," before sending them to
Thailand. The planes would then be processed further in Bangkok,
depending on customer demand.

Mr. Soedarmo said that Dirgantara has a similar agreement with
Malaysia, where it engages in joint operations with a Malaysian
Company for a customized product.

The Company is slated to offer up to 8 Cassa 212 and CN-235
planes that TAI would sell. Both companies will discuss further
details on the agreement.

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: 2004 Net Profit Up 37.7%
--------------------------------------
PT Semen Gresik reported a 37.7% rise in its 2004 net profit to
IDR530.6 billion due to cost reductions, Asia Pulse reports.

According to Company finance director Cholil Hasan, the 37.7%
increase was attributed to the lower fund costs of the Company,
from IDR403 billion in 2003 to last year's IDR238 billion.

The Company succeeded in repaying and restructuring debts owed
by unit PT Semen Tonasa, which resulted in lower interest. As of
December 2004, the Company's total debt amounted to IDR190
billion, a significant drop from its 2003 debt of IDR600
billion.

The Company has also posted IDR6 trillion in net income,
slightly higher than its IDR5.44 trillion net income in 2003.

Semen Gresik is partially owned by Mexico-based Cemex, who holds
25.53% of the Company, while the government owns 51.01% and the
remaining 23.46% belongs to public shareholders.

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
=========

JAPAN AIRLINES: Punishes 15 for Safety, Procedural Goofs
--------------------------------------------------------
Japan Airlines reprimanded 15 more officials for their
involvement in four separate mishaps, the Japan Times reports.

The 15 include a pilot who attempted to take off without
approval from air traffic control at Hokkaido's New Chitose
Airport in January. The pilot will be suspended from working for
10 days.

Another pilot and a copilot who misunderstood the control
tower's instructions at Inchon International Airport in South
Korea and moved their jet onto the runway were also given
warnings.

The airline recently submitted a set of preventative measures to
the Land, Infrastructure and Transport Minister Kazuo Kitagawa
after the government ordered the airline in March to improve its
operations.

CONTACT:

Japan Airlines Corporation
Address:  4-11, Higashi-shinagawa 2-chome
Shinagawa-ku, Tokyo 140-8605, Japan
Phone: +81-3-5769-6097
Fax: +81-3-5460-5929


MITSUBISHI MOTORS: To Exit Fuel Cell Vehicle Project
----------------------------------------------------
Mitsubishi Motors Corporation will cease a fuel cell vehicle
project with DaimlerChrysler AG, moving instead towards
independent development of such vehicles, the Yomiuri Shimbun
reported.

The struggling automaker plans to release its own fuel cell
vehicles after autumn of 2006, the daily said.

CONTACT:

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


MITSUBISHI MOTORS: Appoints Keith Lawrence as North American VP
---------------------------------------------------------------
Keith D. Lawrence has joined Mitsubishi Motors North America,
Inc. (MMNA) as Executive Vice President of fixed operations.

Mr. Lawrence comes to MMNA from Mitsubishi Motors Corporation
(MMC) in Tokyo, where he served as senior executive advisor,
working primarily in strategic global quality improvement
operations. In his new position, Lawrence will be responsible
for MMNA's customer service and parts operations along with
procurement.

"We are extremely pleased to have Keith as part of our North
American team," said Rich Gilligan, chief executive officer,
MMNA. "His extensive international and regional experience and
strategic knowledge will be very beneficial to our Company's
customer service efforts, our procurement and parts operations,
as well as the entire organization."

Prior to his post as senior executive advisor for MMC in Tokyo,
Lawrence served as executive vice president of procurement and
supply for Mitsubishi Motor Manufacturing of America, Inc.
(MMMA), overseeing day-to-day purchasing operations and
developing and coordinating MMMA's domestic and international
purchasing strategies.

Before joining MMMA in 1999, Lawrence was Vice President of
purchasing for A.G. Simpson, Inc., one of Canada's largest
automotive suppliers, responsible for purchasing activities for
more than 10 facilities worldwide. He also was responsible for
transportation and logistics operations for A.G. Simpson's
Toronto-based headquarters.

Prior to his position with A.G. Simpson, Lawrence served as
director of purchasing for FAG Bearing Limited, headquartered in
Stratford, Ontario, and was responsible for managing the
automotive supply chain for FAG Bearing Limited's North American
automotive operations.

Lawrence's background also includes serving as purchasing
manager for Chrysler Technologies in Dallas, Texas, from 1986 to
1992, responsible for all domestic and international sourcing
for the operations, which included large aircraft modification
and general manufacturing facilities. He also worked for Texas
Instruments from 1983 to 1986, holding positions in sales and
subcontract management.

Lawrence served in the military as an Army Captain in both
infantry and logistic positions. Mr. Lawrence holds a master's
degree in business from Amber University and a bachelor's degree
from the University of Missouri at Kansas City.

Mitsubishi Motors North America, Inc., (MMNA) is responsible for
all manufacturing, finance, sales, marketing, research and
development operations of Mitsubishi Motors Corporation in the
United States and Canada. Mitsubishi Motors sells coupes,
convertibles, sedans and sport utility vehicles through a
network of approximately 625 dealers.

For more information, contact the Mitsubishi Motors News Bureau
at (888) 560-6672 or visit http://media.mitsubishicars.com.


SANYO ELECTRIC: Offers Free Repair for Faulty Washers
-----------------------------------------------------
Sanyo Electric Co. will fix 54,475 drum-type washing machines
free of charge following two fires caused by defective wiring,
Kyodo News reports.

Subject to the action are the top-of-the-line AWD-GT960Z and
AWD-S9260Z machines in the Top Open Drum washer/dryer family
released since June 2004.

The defective washers account for some 80 percent of
washer/dryers the Company has put on the market since last June.

Users can receive related information toll free at 0120-34-3976.

CONTACT:

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


SHOWA DENKO: Dissolves JV in Low-Carbon Ferrochrome Business
------------------------------------------------------------
Showa Denko K.K. (SDK) (TSE: 4004) has decided to sell its
shares in Middelburg Technochrome (Pty) Ltd. (MTC), a joint
venture for the production of low-carbon ferrochrome, to the
joint venture partner Samancor Limited of South Africa. With
this, SDK is completely withdrawing from the ferroalloy business
that has formed part of its Inorganic Materials Sector.

Since the establishment of MTC in 1995, Samancor has operated
the plant while SDK and Marubeni Corporation, another JV
partner, have sold low-carbon ferrochrome in Japan for use as a
chromium source in the production of stainless steel and special
steels.

However, MTC's performance has substantially deteriorated due to
the sharp appreciation of the South African currency Rand since
early 2003. Despite cost reduction efforts, SDK has come to
judge that it will be very difficult to rehabilitate the Company
under the current economic circumstances.

Thus, agreement was reached on March 31 to dissolve the joint
venture agreement and to transfer SDK's shares in MTC to
Samancor. This transaction will not influence SDK's performance
for 2005.

As part of the structural reform, SDK dissolved in 2003 Shunan
Denko K.K., a consolidated subsidiary for the production of
high-carbon ferrochrome. Following the dissolution of MTC and
termination of low-carbon ferrochrome sales in Japan, SDK
completes the restructuring of its metallic materials business.

[Reference]

Outline of Middelburg Technochrome (Pty) Ltd.
President: Jimmy Wilson
Location: Middelburg 1050, Hendrina Road Middelburg, South
Africa
Ownership: Samancor 65.5%; SDK 20.7%; Marubeni 13.8%
Annual sales: 298,431,000 Rand (Approx. 5,670 million Yen) (For
the period from July 2003 through June 2004)

About Showa Denko K.K.

Showa Denko (SDK)(TSE: 4004; OTC: SHWDF) is a major manufacturer
and marketer of chemical products serving a wide range of fields
ranging from heavy industry to the electronic and computer
industries. SDK makes petrochemicals (ethylene, propylene),
aluminum products (ingots, rods) electronic equipment (hard
disks for computers), and inorganic materials (ceramics,
carbons). The Company has overseas operations and a joint
venture with Netherlands-based Montell and Nippon Petrochemicals
to make and market polypropylenes. In March 2001, SDK merged
with Showa Denko Aluminum Corporation to strengthen the high-
value-added fabricated aluminum products operations, and is
today developing next-generation optical communications-use
wafers.

Contact:

Carbons & Metallic Materials Division
Phone: +81-3-5470-3510
PR & IR Group
Phone: +81-3-5470-3235


UFJ HOLDINGS: Updates Management Integration Scheme
---------------------------------------------------
Mitsubishi Tokyo Financial Group, Inc. (MTFG), UFJ Holdings,
Inc. (UFJ), The Bank of Tokyo-Mitsubishi, Ltd. (BTM), UFJ Bank
Limited (UFJ Bank), The Mitsubishi Trust and Banking Corporation
(MTB), UFJ Trust Bank Limited (UFJ Trust Bank), Mitsubishi
Securities Co., Ltd. (Mitsubishi Securities) and UFJ Tsubasa
Securities Co., Ltd. (UFJ Tsubasa Securities) have been
proceeding with the previously announced management integration
scheduled for October 2005 (subject to the approval of their
shareholders and relevant authorities). An Integration Committee
is coordinating the process.

Following the agreement of the Integration Committee, UFJ Bank
has decided that, upon the integration of the MTFG and UFJ
Groups, UFJI should transfer its client business to an affiliate
within the enlarged Group by 1st October 2005, and should
subsequently close its remaining proprietary business in due
course. This decision is subject to approval by UFJH's
shareholders in late June 2005, and by UFJI's own board.

To ensure both critical mass and a smooth transition, it is
UFJI's intention that the client business will continue until
the third quarter of 2005, and the proprietary business until
the fourth quarter, of 2005 on a "business as usual" basis.
Staff retention plans are in place in order to ensure this. UFJH
and UFJB have committed to continue to provide capital and
liquidity to ensure that these plans are achievable.

CONTACT:

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


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

LG CARD: Casts Off Impaired Capital Due to Profit Boost
-------------------------------------------------------
LG Card dropped its impaired capital last month on improving
profits, reports Asia Pulse.

The Company's main creditor Korea Development Bank (KDB)
reported to the National Assembly that LG Card had an aggregate
profit of KRW570 billion since September 2004. Last Month, the
credit card firm posted a net profit of KRW220 billion, which
allowed it to shed its impaired capital.

KDB said that that they expect LG Card to rake in KRW600 billion
in profits for this year, and the Company will be sold with a
readjustment of its corporate values and the right external
conditions for the sale.

LG Card suffered a KRW5.6 trillion net loss in 2003, and was
rescued from bankruptcy last year by creditors, who injected
funds totaling KRW5 trillion in a bailout package to help the
Company stay afloat.

CONTACT:

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


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

AMSTEEL CORPORATION: To Hold EGM Next Month
-------------------------------------------
Amsteel Corporation Berhad announced that the Company will hold
an Extraordinary General Meeting (EGM) on May 4, 2005, 10:00
a.m., at the Meeting Hall (Level 48) of Menara Citibank, 165
Jalan Ampang, 50450 Kuala Lumpur. The following resolutions will
be discussed in the Meeting:

ORDINARY RESOLUTION 1 - PROPOSED DISPOSAL OF LION IPOH PARADE
SDN BHD (LIPSB)

THAT, subject to the approvals of the relevant authorities and
pursuant to the share sale and purchase agreement dated Nov. 8,
2004, entered into among Ayer Keroh Resort Sdn Bhd (AKR), a 70%
owned subsidiary of Amsteel Corporation Berhad (Amsteel), Sea
World Attraction Sdn Bhd (Sea World), a wholly owned subsidiary
of AKR and TMW Lion GmbH (TMW), a subsidiary of TMW Asia
Property Fund I GmbH & Co KG, approval be and is hereby given to
AKR to dispose of its entire 100% equity interest comprising
10,000,000 ordinary shares of MYR1.00 each in LIPSB to TMW for a
cash consideration of MYR1.00 and the settlement of inter-
Company balances owing by LIPSB to Sea World based on the
property asset value to be adjusted for the net trade
assets/liabilities to be taken over by TMW on completion
(Proposed Disposal of LIPSB) AND THAT the Directors of the
Company be and are hereby authorized to do all such acts and
things as may be necessary to give effect to and complete the
Proposed Disposal of LIPSB, with full power to assent to any
conditions, modifications, variations and/or amendments as may
be necessary or required by the relevant authorities.

ORDINARY RESOLUTION 2 - PROPOSED DISPOSAL OF LION SEREMBAN
PARADE SDN BHD (LSPSB)

THAT, subject to the approvals of the relevant authorities and
pursuant to the sale and purchase agreement dated Nov. 8, 2004,
entered into among Masbeef Sdn Bhd (Masbeef), a wholly owned
subsidiary of Ayer Keroh Resort Sdn Bhd (AKR), and TMW Lion GmbH
(TMW), a subsidiary of TMW Asia Property Fund I GmbH & Co KG,
approval be and is hereby given to Masbeef to dispose of its
entire 70% equity interest comprising 7,000 ordinary shares of
RM1.00 each in LSPSB to TMW for a cash consideration of MYR0.70
and the settlement of inter-Company balances owing by LSPSB to
Masbeef based on the property asset value to be adjusted for the
net trade assets/liabilities to be taken over by TMW on
completion (Proposed Disposal of LSPSB) AND THAT the Directors
of the Company be and are hereby authorized to do all such acts
and things as may be necessary to give effect to and complete
the Proposed Disposal of LSPSB, with full power to assent to any
conditions, modifications, variations and/or amendments as may
be necessary or required by the relevant authorities.

By Order of the Board

CHAN POH LAN
WONG PHOOI LIN
Secretaries

Notes:

1. A member entitled to attend and vote at the Extraordinary
General Meeting is entitled to appoint a proxy to attend and
vote instead of him. A proxy need not be a member of the
Company. The instrument appointing a proxy shall be in writing
under the hand of the appointor or his attorney duly authorized
in writing or, if the appointor is a corporation, either under
seal or the hand of an officer or attorney duly authorized.

2. An instrument appointing a proxy executed in Malaysia need
not be witnessed. The signature to an instrument appointing a
proxy executed outside Malaysia shall be attested by a
solicitor, notary public, consul or magistrate.

3. The instrument of proxy shall be deposited at the Company's
Registered Office at Level 46, Menara Citibank, 165 Jalan
Ampang, 50450 Kuala Lumpur not less than forty-eight (48) hours
before the time for holding the Meeting.

4. Form of Proxy sent through facsimile transmission shall not
be accepted.

CONTACT:

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


BOUSTEAD HOLDINGS: Set to List Additional Shares
------------------------------------------------
Boustead Holdings Berhad's additional 193,000 new ordinary
shares of MYR0.50 each issued pursuant to the Company's Employee
Share Option Scheme will be granted listing and quotation
effective Friday, April 22, 2005, 9:00 a.m.

CONTACT:

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


CEPATWAWASAN GROUP: Court Adjourns Hearing to June 17
-----------------------------------------------------
Cepatwawasan Group Berhad refers to its announcement dated Feb.
22, 2005, onthe committal proceeding against the following
former directors of the Company:

1. Tengku Dato' Kamal Ibni Sultan Sir Abu Bakar (NRIC:
611008-06-5021)
2.
3. Lt Kol Tengku Dato' Kamarul Zaman Ibni Sultan Sir Abu
Bakar (NRIC: 621104-06-5135)
4.
3. Kassim bin Mohamed Ali (NRIC: 570718-10-5915)

4. Abdul Rahim bin Sendiri (NRIC: 460708-06-5203)

for breach of an undertaking given to the Court on July 5, 2004
by the former directors undertaken not to make any capital
commitment, investment and acquisition and not to dispose of
Company assets, especially its plantations and plants, until the
disposal of the Company's Extraordinary General Meeting by
notice dated March 23, 2004. However, between July 9, 2004 and
Aug. 5, 2004, the former directors transferred a total sum of
MYR16,000,000.00 to third parties outside the Company, and so
breached the undertaking given to the Court.

The Company announces that on March 30, 2005, the counsel
representing the former board of directors applied to the Court
for an adjournment of today's hearing as he would be engaged in
another matter at the Court of Appeal on the same day. The Court
allowed the application for adjournment, and the hearing for the
proceeding of the case has been scheduled for June 17, 2005.

CONTACT:

Cepatwawasan Group Berhad
Lot 39-40, Block C
Taman Indah Jaya Shophouses
Mile 4, North Road, P O Box 1562
90717 Sandakan, Sabah
Malaysia
Phone: 089-271775/ 089-221569
Fax:   089-220881


I-BERHAD: Buys Back More Shares
-------------------------------
I-Berhad disclosed to the Bursa Malaysia Securities Berhad the
details of its shares buy back on April 18, 2005.

Date of buy back: 18/04/2005

Description of shares purchased: Ordinary shares of MYR1.00 each

Total number of shares purchased (units):              5,000

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

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

Total consideration paid (MYR):                    4,029.60

Number of shares purchased retained in treasury
(units):  5,000

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

Cumulative net outstanding treasury shares as at to-date
(units): 1,473,500

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

CONTACT:

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


LION CORPORATION: Set to List 19,000 Shares Today
-------------------------------------------------
Lion Corporation Berhad issued 19,000 new ordinary shares of
MYR1.00 each, in accordance with the Company's Executive Share
Option Scheme.

The shares are granted listing and quotation on Wednesday, April
20, 2005, 9:00 a.m.

CONTACT:

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


LION INDUSTRIES: Unveils Executive Share Option Scheme
------------------------------------------------------
Lion Industries Corporation Berhad's additional 51,000 new
ordinary shares of MYR1.00 each issued pursuant to the Company's
Executive Share Option Scheme are granted listing and quotation
effective Wednesday, April 20, 2005, 9:00 a.m.

CONTACT:

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


PAN MALAYSIA: Posts Notice of Shares Buy Back
---------------------------------------------
Pan Malaysia Corporation Berhad disclosed the details of shares
it had bought back on April 18, 2005 to the Bursa Malaysia
Securities Berhad.

Date of buy back: 18/04/2005

Description of shares purchased: Ordinary shares of MYR0.50 each

Total number of shares purchased (units):            130,000

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

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

Total consideration paid (MYR):                   50,268.56

Number of shares purchased retained in treasury
(units): 130,000

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

Cumulative net outstanding treasury shares as at to-date
(units): 21,795,500

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

CONTACT:

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


PSC INDUSTRIES: Must Pay MYR3 Million to Ambank Berhad
------------------------------------------------------
PSC Industries Berhad (PSCI) announced that on April 15, 2005,
the Company received a letter of demand from Anbank Berhad for
the repayment of an aggregate amount of MYR3,157,432.31 as of
March 31, 2005, under a term-loan facility.

The Company will respond to the bank's letter in order to
dispute such demand.

CONTACT:

PSC Industries Berhad
Jalan Bukit Nanas
Kuala Lumpur, 50250
Malaysia
Phone: +60 3 201 6516
Fax:   +60 3 232 6214


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

MANILA ELECTRIC: Independent Director Steps Down
------------------------------------------------
An independent director of Manila Electric Company (Meralco) has
on Friday tendered his resignation effective immediately.

Mr. Winston Garcia decided to step down due to several
significant projects being undertaken by the GSIS which demand
his full-time execution of sound discretion as its President and
General Manager.

No further details were disclosed.

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


MANILA MINING: Unveils New Set of Directors
-------------------------------------------
In compliance with the Philippine Stock Exchange's continuing
disclosure rule, Manila Mining Corporation advised that:

(1) At the Annual Stockholders' Meeting held April 18, 2005:

    A. The following were elected Directors of the Corporation
for the year 2005-2006:

       1. Felipe U. Yap
       2. Charles L. Bradish
       3. Rene F. Chanyungco
       4. Ethel Woldo E. Fernandez
       5. Augusto C. Villaluna
       6. Patrick K. Yap
       7. Bryan U. Yap

       Independent Directors:

       1. Eduardo B. Bangayan
       2. Patricio L. Lim

    B. The stockholders approved the amendment of the Company's
By-Laws to include in Section 1 of Artcle II the election of two
(2) independent directors.

(2) At the Organizational Meeting of the Board of Directors
immediately after the stockholders meeting, the following were
(re-)appointed Officers/Commitee Members for 2005-2006:

FELIPE U. YAP            - Chairman of the Board annd Chief
Executive Officer
CHARLES L. BRADISH       - President and Chief Opwerating
Officer
RENE F. CHANYUNGCO       - Senior Vice President and Treasurer
BRYAN U. YAP             - Vice President
VIRGILIO G. MEDINA       - Vice President
MA. LOURDES B. TUASON    - Assistant Treasurer
ETHEL WOLDO E. FERNANDEZ - Corporate Secretary
ODETTE A. JAVIER         - Assistant Corporate Secretary

Audit Committee

Eduardo A. Bangayan - Chairman
Augusto C. Villaluna
Patricio L. Lim

Nomination Committee

Patricio L. Lim - Chairman
Eduardo A. Bangayan
Ethel Woldo E. Fernandez

Remuneration/ Compensation

Ethel Woldo E. Fernandez - Chairman
Charles L. Bradish
Eduardo A. Bangayan

The Board agreed to reappoint the Assistant Corporate Secretary
as Reporting Officer under the Manual on Anti-Money Laundering.

ODETTE A. JAVIER
Assistant Corporate Secretary

CONTACT:

Manila Mining Corporation
20/F, Lepanto Building
8747 Paseo de Roxas
Makati City
Phone:  815-9447 to 50
Fax:  812-0451; 810-5583
E-mail Address:  odette.javier@lepantomining.com


NATIONAL BANK: Confirms Appointment of Financial Adviser
--------------------------------------------------------
Philippine National Bank (PNB) issued this disclosure in
reference to the news article entitled "ING Bank chosen as PNB
sale adviser" published in the April 16, 2005 issue of the
Manila Times.

The article reported that:

"The government has chosen ING Bank as the financial adviser for
the privatization of the Philippine National Bank (PNB),
according to the Philippine Deposit Insurance Corp. Cristina
Que Orbeta, PDIC executive vice president, said ING Bank was
chosen among five investment banks that submitted privatization
proposals with the joint-technical committee consisting  of PDIC
and the Department of Finance. Orbeta said ING Bank will proceed
to do the due diligence of PNB and formulate and recommend the
price. The valuation shall be completed by May 2005."

Philippine National Bank (PNB), in a letter to the Exchange
dated April 18, 2005, stated that:

"We wish to advise that the gist of the article is basically
correct. According to Ms. Cristina Q. Orbeta, Executive Vice
President of the Philippine Deposit Insurance Corporation, the
Joint Technical Committee of the government has chosen ING Bank
as the financial adviser for the joint sale process of 67% of
PNB shares of stock."

For your information.

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

Noted by:

(Original Signed)
JURISITA M. QUINTOS
Senior Vice President

CONTACT:

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


NATIONAL POWER: La Union Electric Cuts Power Supply Ties
--------------------------------------------------------
The La Union Electric Company (LUECO) has decided not to renew
its contract with the state-owned National Power Corporation
(Napocor), which expires on June 25 this year, The Philippine
Star reports.

LUECO, a private power distributor, said it has found a lower
offer from a U.S.-based electricity supplier which Napocor
cannot match. Napocor's existing price for LUECO is around Php4
per kilowatt hour.

Mirant Philippines has offered a four-centavo rate reduction per
kilowatt-hour aside from the assurance of an efficient power
supply in LUECO's coverage area. LUECO supplies electricity to
around 35,000 consumers in different areas in La Union.

LUECO already filed with the Energy Regulatory Commission (ERC)
in Manila a petition to approve their electric power purchase
agreement (EPPA) with Mirant, which is currently located in
Sual, Pangasinan.

If approved, the contract between Mirant and LUECO will be good
for ten years and LUECO will be buying its entire power
requirement from the American firm.

CONTACT:

National Power Corporation
Quezon Ave., East Triangle, Diliman
Quezon City, Metro Manila, Philippines
Phone: +63-2921-3541
Fax:   +63-2921-2468
Web site: http://www.napocor.gov.ph/


NATIONAL POWER: Gov't Sees US$1.0- Bln Savings from New Deals
-------------------------------------------------------------
National Power Corporation (Napocor) and the Power Sector Assets
& Liabilities Management Corp. (PSALM) said the government may
save around US$1.04 billion from the renegotiation of
electricity supply contracts with independent power producers
(IPPs), says The Philippine Daily Inquirer.

Under the Electric Power Industry Reform Act, an inter-agency
committee was formed to review and renegotiate around 35 pre-
identified IPP contracts. The reviews were conducted on concerns
that some of the provisions in the contracts were expensive to
taxpayers.

PSALM, the state-run agency responsible of carrying out
Napocor's privatization, confirmed most of the renegotiation
talks have been completed except for seven contracts which are
still ongoing.

At end-2004, PSALM and Napocor had resolved issues concerning 18
IPP contracts, while some others have expired during the period
of renegotiation.


NATIONAL POWER: Power Sector Needs Php554 Bln to Meet Demand
------------------------------------------------------------
National Power Corporation (Napocor) said the country's power
sector needs a total of Php554 billion over the next ten years
to meet a projected 7.6 percent increase in electricity demand,
reports Napocor Power Hotline.

Napocor President Cyril C. del Callar said that of the total
investment requirements, Php535.6 billion would go to the
development of generation and transmission projects in the main
grid, while the other Php18.4 billion will be earmarked for the
power requirements of the small island grids.

The figures cited by Mr. del Callar were based on the updated
Power Development Plan, the 10-year blueprint which outlines the
country's electricity demand forecasts, the power supply
expansion and the transmission development projects, and their
corresponding investment requirements.

Of the total investment requirements, Php341.8 billion will be
needed in the Luzon grid, where an additional capacity of 7,200
megawatts (MW) will have to be put on-line from 2008 to 2014.

The Visayas region, on the other hand, will need Php66.8 billion
to supply the additional 600 MW demand from 2008 to 2014.

Finally, capital investments amounting to Php127 billion would
have to be infused in Mindanao to put up 850 MW in new capacity
between this year to 2014.

The demand forecasts of the PDP were based on the National
Economic and Development Authority's assumption that the
country's gross domestic product would grow by an average of 6.7
percent per year during the 10-year planning horizon.

Apart from investing in new generation and transmission
projects, Mr. del Callar said the ongoing privatization of
Napocor's generation assets and the National Transmission
Corporation's transmission assets also represents considerable
investment opportunities. Lined up for privatization in the next
few years are 41 power plants with an aggregate capacity of
7,000 MW. TransCo, on the other hand, is expected to be
privatized through a concession agreement this year.

Mr. del Callar likewise assured investors that the government
has implemented several initiatives to ensure the viability of
investing in the power sector. These include the provisional
authority issued by the Energy Regulatory Commission to adjust
Napocor's rates by an average of Php0.98 per kilowatt-hour and
the absorption by the national government of Php200 billion of
Napocor's outstanding financial obligations.


PACIFIC PLANS: To Release Money Only Until May 7
------------------------------------------------
Beleaguered pre-need firm Pacific Plans gave its planholders
until May 7 to claims tuition fee payments for the first
semester of the current school year, SunStar Daily reports. The
firm will not honor claims after that date until July 2010.

Last week, the Makati Regional Trial Court allowed Pacific Plans
to suspend all payments until the firm's proposed rehabilitation
program will be approved. The pre-need firm, however, requested
to pay for the first semester tuition claims of some 16,000 of
its total 34,000 planholders.

Under a petition for rehabilitation filed in court by Pacific
Plans, the Company proposed to return the money of all its plan
holders, plus a return of seven percent per annum from the date
of full payment up to July 2010, the date of maturity of most of
the bonds acquired by Pacific Plans.

Pacific Plans, the country's first pre-need Company established
in 1967, has already sent letters to all its plan holders
informing them of the status of the Company and how much the
Company will pay them in 2010.

CONTACT:

Pacific Plans Inc.
Web site: http://www.pacificplans.com/


PACIFIC PLANS: To Replace Planholders' Checks
---------------------------------------------
Pacific Plans Inc. said it will replace checks affected by a
court-issued stop-payment order that allowed the troubled pre-
need firm to halt payment to creditors and planholders, Business
World reports.

The court handed down the order, which excluded payment of
tuition support to beneficiaries, in response to Pacific Plans'
restructuring application.

Pacific Plans said checks that were not deposited or were
deposited but did not clear before the April 12 court order were
covered by the stop-payment order.

Tuition support for exclusive schools would likely be much less
than the last check because their tuition is twice and at times
even four times higher than that in non-exclusive schools.
However, tuition support for non-exclusive schools approximates
the last amount the beneficiary received from the pre-need plan.

Pacific Plans said it could still pay tuition claims for this
year with Php341 million in cash.

The Company was forced last week to file a petition for
rehabilitation before the Makati Regional Trial Court, as it
expected difficulty in meeting tuition payment obligations
because of the tremendous tuition fee hike.


PICOP RESOURCES: Net Loss Swells to Php292 Mln in 2004
------------------------------------------------------
Paper milling firm Picop Resources Inc. said it incurred a net
loss of Php292 million last year, up from Php273 million in
2003, relates Today News.

The higher losses were attributed to the delay in the approval
of the Company's Integrated Annual Operation Plan (IAOP) for
2004 to 2005.

In financial statements submitted to the Securities and Exchange
Commission (SEC), Picop said it incurred the losses despite
cutting its operating expenses fro Php305 million in 2003 to
Php210 million in 2004.

CONTACT:

Picop Resources
2/F, Moredel Building
2280 Pasong Tamo Extension, Makati City
Phone:  813-2081/5308/5309
Fax No/s:  893-7195
E-mail Address:  srmo@i-next.net
Web site:  http://www.srmo-law.com


RB MARIVELES: Termination of Liquidation Process Awaits Court OK
----------------------------------------------------------------
Please take notice that on April 25, 2005 at 8:30 a.m. the
motion for Approval of Final Project of Distribution of Assets
and Termination of the Liquidation Proceedings of the Rural Bank
of Mariveles (Bataan), Inc. will be submitted to the Liquidation
Court (RTC-Third Judicial Region, Branch 4, Balanga, Bataan, Sp.
Proc. No. 117-ML) for approval.

Philippine Deposit Insurance Corporation
Liquidator


RB TUAO: Posts Notice to All Creditors
--------------------------------------
Please take notice that on May 13, 2005 at 8:30 a.m. the motion
for Approval of Final Project of Distribution of Assets and
Termination of the Liquidation Proceedings of the Rural Bank of
Tuao (Cagayan), Inc. will be submitted to the Liquidation Court
(RTC-Second Judicial Region, Branch 11, Tuao, Cagayan, Sp. Proc.
No. 235-T) for approval.

PHILIPPINE DEPOSIT INSURANCE CORPORATION
Liquidator


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

CAPITALAND LIMITED: Sets Up New Unit in China
---------------------------------------------
CapitaLand Limited (CapitaLand) announced in a disclosure made
to the Singapore Stock Exchange (SGX) the establishment of the
following indirect wholly owned subsidiary established in the
People's Republic of China:

Name: CapitaRetail Dragon Mall (Shanghai) Co., Ltd. (CRDM)

Principal Activity: Property Management

Registered Capital: US$6,000,000

CRDM is wholly owned by CapitaRetail China Investments Pte.
Ltd., itself an indirect wholly owned subsidiary of CapitaLand.

By Order of the Board
Tan Wah Nam
Company Secretary
18 April 2005

CONTACT:

CapitaLand Limited
168 Robinson Road #30-01
Capital Tower
Singapore 068912
Telephone: 65 68233200
Fax: 65 68202202
Web site: http://www.capitaland.com


CHINA AVIATION (S): Court to Hear Petition on May 26
----------------------------------------------------
China Aviation Oil (Singapore) Corporation Ltd has received a
notice from the High Court of Singapore confirming that the
hearing of the Judicial Management Petition filed by SK Energy
Asia Pte Ltd (SKEA) has been fixed on May 26, 2005 at 10:00 a.m.

CONTACT:

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


CHUANG YE: Invites Creditors to Attend Hearing on May 6
-------------------------------------------------------
Notice is hereby given that a Petition for winding up of Chuang
Ye Engineering Pte Ltd by the High Court was on April 8, 2005
presented by Super Galvanising Pte Ltd, a Company incorporated
in the Republic of Singapore and having its registered office at
1A Pioneer Sector Walk, Singapore 628895, the Petitioner.

The said Petition is to be heard before the Court sitting at
10:00 o'clock in the forenoon, on May 6, 2005.

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

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

The Petitioners' address is 1A Pioneer Sector Walk, Singapore
628895.

The Petitioners' solicitors are Messrs Lee Bon Leong & Co. of 79
Anson Road #11-01/02, Singapore 079906.

Messrs Lee Bon Leong & Co.
Solicitors for the Petitioner

Note:

Any person who intends to appear at the hearing of the said
Petition must serve on or send by post to the abovenamed Messrs
Lee Bon Leong & Co. of 79 Anson Road #11-01/02, Singapore
079906, notice in writing of his intention to do so.

The notice must state the name and address of the person, or, if
a firm, the name and address of the firm, and must be signed by
the person or firm, or his or their solicitor (if any) and must
be served, or if posted must be sent by post in sufficient time
to reach the abovenamed not later than twelve o'clock noon of
May 5, 2005 (a day before the day appointed for the hearing of
the Petition).


CURRENEX SINGAPORE: Gives Creditors 30 Days to Prove Claims
-----------------------------------------------------------
Notice is hereby given that the creditors of Currenex Singapore
Pte. Ltd. (In Members' Voluntary Liquidation) are required
within thirty days thereof to send in their names and addresses
and the particulars of their debts or claims and the names and
addresses of their solicitors (if any) to the Liquidator of the
said Company c/o 2 Mistri Road, #12-01 HMC Building, Singapore
079624.

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

Dated this 15th day of April 2005.

Teh Kwang Hwee
Liquidator


GREATRONIC LIMITED: Requests for Trading Halt
---------------------------------------------
Greatronic Ltd. issued to the Singapore Stock Exchange (SGX) a
request for trading halt effective April 19, 2005 at 9:00 a.m.

The Company has also released the Auditor's Report for the year
2004.

To view a full copy of the report, click

http://bankrupt.com/misc/GreatronicLtd2004Auditor'sReport.pdf

Cheong Quee Wah
Director
19 April 2005

CONTACT:

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


HARRICK STEEL: Pays First and Final Dividend
--------------------------------------------
Harrick Steel Fabricators Pte Ltd. formerly of 2 Finlayson Green
#09-12 Asia Insurance Building Singapore 049247 posted a notice
of preferential dividend at the Government Gazette, Electronic
Edition with the following details.

Court: Supreme Court, Singapore

Number of Matter: Companies Winding Up No. 122 of 1991

Amount Per Centum: 20.29%

First and Final or otherwise: First & Final Preferential
Dividend

When Payable: 2nd April 2005

Where Payable:

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

15th April 2005
Beverly Wee
Assistant Official Receiver


KOH BROTHERS: Replaces Company Secretary
----------------------------------------
The board of Directors of Koh Brothers Group Limited advised the
Singapore Stock Exchange (SGX) on the appointment of Ms Liew
Meng Ling as Company Secretary in place of Ms Lee Suyin with
immediate effect.

Subsequent to the above change, Ms Low Puey Lee, Ethel and Ms
Liew Meng Ling will be Secretaries of the Company to act jointly
and severally in the execution of their duties.

Submitted by
Koh Tiak Chye
CEO and Managing Director
April 18, 2005

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


L&M GROUP: COO, Director Resigns
--------------------------------
The Board of Directors of L&M Group Investments Limited
announced in a disclosure made to the Singapore Stock Exchange
(SGX) that Mr. Lim See Yee Tony has resigned as Chief Operating
Officer of the Company and Director of the subsidiaries with
immediate effect.

By Order of the Board

Attlee Hue Kuan Yew
Company Secretary

CONTACT:

L & M Group Investments Limited
28 Tuas Crescent
Singapore 638719
Telephone: 65 62688688
Fax: 65 62655511


OCC INVESTMENT: Served with Winding Up Order
--------------------------------------------
In the matter of OCC Investment Pte Ltd. a winding up order was
made on April 1, 2005.

Name and Address of Liquidator:

Mr. Lok Lai Cheng
c/o M/s Harry Tan & Partners
1 Scotts Road #21-07/08/09
Singapore 228208

Dated this 6th day of April 2005.

Bih Li & Lee
Solicitors for the Petitioner

Note:

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

(2) All debts due to the abovenamed Company should be forwarded
to the liquidator.


WO KEE: Issues Notice of Dividend
---------------------------------
Wo Kee Hong (Singapore) Pte Ltd (In Court Winding Up) of c/o 47
Hill Street #05-01 Chinese Chamber of Commerce & Industry
Building Singapore 179365 posted a notice of dividend at the
Government Gazette, Electronic Edition with the following
details:

Amount Per Centum: 100 Per Centum

First & Final or Otherwise: First & Final Preferential Dividend

When Payable: 18th April 2005

Where Payable:

Liquidators' Office
Foo Kon Tan Grant Thornton
47 Hill Street
#05-01 Chinese Chamber of Commerce
& Industry Building
Singapore 179365

Dated this 15th day of April 2005.

Kon Yin Tong
Joint Liquidator
47 Hill Street
#05-01 Chinese Chamber of Commerce
& Industry Building
Singapore 179365


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

BANGKOK STEEL: Issues Progress Report on Rehab Plan
---------------------------------------------------
The regulation of the Stock Exchange of Thailand (SET)
stipulated that the Company in the REHABCO sector must report on
the progress of its restructuring plan to the SET every 6
months.

Bangkok Steel Industry Pcl, which was transferred to the REHABCO
sector since March 10, 1999, would like to report on the
restructuring process to the SET.

The creditors' meeting considered the plan on December 22, 2004
and had the special resolution to obtain the plan with the
burden of obligation amounting to THB28,925,544,288.87 or the
ratio of 99.93 percent of the creditors who had voting rights
and attended the meeting.

The Central Bankruptcy Court ordered the consent of the plan on
February 7, 2005 and appointed Economic Intellect Co. Ltd. and
C.J. Morgan Co. Ltd. to be the co-plan administrators of the
Company.

Click to view a full copy of the report
http://bankrupt.com/misc/tcrap_BSI041905.pdf

CONTACT:

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


CENTRAL PAPER: Processes Registered Capital Reduction Scheme
------------------------------------------------------------
The Legal Execution Officer of Central Paper Industry Pcl
(CPICO) unveiled to the Stock Exchange of Thailand (SET) the
results of its creditor's meeting for the business
rehabilitation plan held on December 3, 2004.

The creditors cast their votes on the plan amounting to
THB3,835,919,375.53 or 94.67% in value of debt, had resolved in
favor of the plan. And the Central Bankruptcy court approved the
Debt Restructuring plan on February 1, 2005.

CPICO is the Restructuring Plan Administrator according to the
Restructuring Plan to be approved as mentioned. CPICO practiced
to start paying interest to Thai Assets Management Corporation
(TAMC) at the minimum rate according to the Restructuring Plan
to be approved.

And CPICO is in the process of reducing the registered capital
according to the Restructuring Plan in the next procedure.

Yours Sincerely
Mr. Parkpoom Sitthiprasert
Rehabilitative Plan Administrator of
Central Paper Industry Public Company Limited

CONTACT:

Central Paper Industry Public Company Limited
40 Moo 13 Sukhaphiban 6 Road,
Phra Pra Daeng Samut Prakarn
Telephone: 0-2383-0257-70
Fax: 0-2383-0208-9


HANTEX: SET Orders Shareholders to Follow Up Progress of Rehab
--------------------------------------------------------------
The Stock Exchange of Thailand (SET) had announced earlier for
the securities of Hantex Public Company Limited (HTX) to be
subjected for rehabilitation.

The SET has posted SP (Suspension) sign to prohibit securities
trading of HTX on March 18, 2005 and also transferred the
securities of HTX to REHABCO sector on March 21, 2005.

The SET also required HTX to report to the SET by April 18, 2005
its decision whether HTX will proceed with its rehabilitation
plan to propose to the Company's shareholders, or under the
Bankruptcy Act, or ask for a voluntary delisting, or try other
options which will benefit all stakeholders involved.

The SET will allow trading of HTX's securities on April 19, 2005
to May 18, 2005, after that, the SET will suspend the securities
of HTX again on May 19, 2005 until HTX will be able to be
excluded from being delisted.

Details of the SET announcement were disseminated through
SETSMART on March 18, 2005.

The SET has considered HTX's decision submitted to the SET
(details is in the SETSMART on March 30, 2005 and April 18,
2005) and will proceed as follows;

(1) Allow trading of HTX's securities, under the REHABCO sector
from April 19, 2005 to May 18, 2005. According to Clause 24 (3)
and (6) of the regulations on the Stock Exchange of Thailand Re:
Trading, Clearing and Settlement of Securities in the Stock
Exchange (No.2) 1999, the daily price limit on the main board on
April 19, 2005 will be 100 percent of its last trading.

(2) Post an SP sign to prohibit further trading of HTX's
securities on May 19, 2005 until the causes of delisting are
eliminated. By virtue of Clause 5 (5) of the SET's rules,
Conditions and Procedure of the Temporary Prohibition against
Trading of Listed Securities dated on February 9, 1995. HTX has
to report its progress to the SET every six months until the
causes of delisting are eliminated.

The SET would like HTX's shareholders and general investors to
follow up the progress of HTX.

CONTACT:

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


PREMIER ENGINEERING: Increased Shares Boost Health
--------------------------------------------------
Premier Engineering and Technology Public Company Limited
(The Company) informed the Stock Exchange of Thailand (SET)
regarding the rehabilitation of the Company for the March 31.

(1) The balance of debt as of March 31, 2005 is THB165.04
million which shall be repaid within 10 calendar years. The
Company has made the repayment of debt and payment of interest
to the creditors during the period of October 1, 2004 to March
31, 2005.

Repayment of principle of debt: THB14.27 Million

Payment of interest:             THB3.89 Million

Total:                          THB18.16 Million

(2) With reference to the last report made to the SET, the
Company has sold the increased shares in the amount of 109.6
million shares at the price of 1 Baht per share.  The completion
of the share increase has improved the financial structure and
financial status of the Company.

The Company expected that the value of shareholder's equity will
be above zero once the rest of the increased shares in the
amount of 15.54 million shares have been subscribed.

The Company is looking for your kind support.

You're faithfully,
Mrs. Duangthip Earmrungroj
Director
Premier Engineering and Technology Public Company Limited

CONTACT:

Premier Engineering & Technology Public Company Limited
1/10 Moo 4, Bangchan Industrial Estate, Bang Kapi, Bangkok
Telephone: 0-2517-1276-8, 0-2517-1936
Fax: 0-2517-1937, 0-2518-1471


RATTANA REAL: Nears Final Negotiation with Creditors
----------------------------------------------------
Rattana Real Estate Pcl reported to the Stock Exchange of
Thailand (SET) the progress of its business rehabilitation plan
with reference to the SET's request to do so in order for the
bourse to evaluate and monitor the Company's operations and to
provide sufficient information to the shareholders and the
investors.

(1) Progress of Debt Restructuring

The Company has achieved over 90 percent in negotiations with
its lenders and creditors to restructure the conditions and the
repayment of its liabilities. The Company's total liabilities
are presented below.

(Unit:  million baht)
           As of 30 September 2003     As of 31 December 2004

Restructured Debt

(1) Financial Institution       2,206.40               47.95

(2) Other Creditors             1,362.61              199.66

Sub-Total                       3,569.01              247.61

New Debt

Loan from
Related Company                   519.72              568.86

Total Liabilities               4,088.73              816.47

The Company was able to compromise the debt from a financial
institution and was under the process of paying debts by
installment. As at December 31, 2004 there was an outstanding
principle amount of THB4.5 million and the Company has
successfully repaid all of the outstanding debts on March 31,
2005.

(2) Shareholders equity

As the result of the Company's debt restructuring achievement
and the increase of its capital, the Company's total
shareholders equity as at December 31, 2004 amounted to
THB866.19 million, compared to the negative amount of
THB1,444.59 million as at September 30, 2003.

(3) Project under operation

(3.1) The Residential Project at Pratunam Center

The Company has completely registered the leasehold agreement at
the Land Department on May 6, 2004.  Currently, the Company is
under the process of preparing and managing the service system
of the building such as the elevator and the electrical system.

This also includes the decoration of the show unit, which is one
part of the preparation of the subletting the leasehold space.

Because of the unexpected delay from the contractor, the Company
has postponed the subletting process. However, the Company has
expected to complete the preparation and decoration process and
sublet the leasehold space within 2005.

(3.2) The Condominium Project on Sukhumvit 22 Road

This is the project that the Company has a plan to acquire a
land from Advance P.E.C. Co., Ltd. to develop and construct the
condominium project.

This transaction is categorized as a connected transaction under
the Notification of the Stock Exchange of Thailand since Mr.
Vitavas Vibhagool is a director of Advance P.E.C. Co., Ltd. The
Company has submitted the letter to invite the shareholder to be
present at the shareholders meeting regarding the transaction to
be disclosed to the SET for consideration.

As a result, the SET has requested the Company to submit the
additional information about the credit facilities from the
financial institution, therefore, the Company's board of
directors has the resolution to appoint Mr. Vitavas Vibhagool as
the representative to negotiate and contact with the financial
institutions for the credit facilities as previously reported.

Currently, the Company has been informed unofficially from Mr.
Vitavas Vibhagool that the financial institution is under the
process of reviewing the credit facilities requested by the
Company.  The Company will arrange a Board of director's meeting
to consider the condition of credit facilities instantly after
it receives the information from the financial institution.

The Company will report the detail and condition to the SET for
consideration before the Company proposes such transaction to
the shareholders meeting for consideration and approval.

(3.3) The Residential Housing Project on Rama II Road

This is the project which the Company will purchase the land
from the owner to develop and construct the single houses
project. The Company has a plan to get the approval from the
shareholders meeting for issuing the ordinary shares as the
partial payment of the land cost and will request for the credit
facilities from the financial institutions for the remaining
land cost.

The Company has already submitted the information regarding the
details of the issuance of ordinary shares as the partial
payment of the land including the detail of a waiver of a tender
offer to the SEC and the SET for consideration which the Company
has been informed by the SEC and SET to submit the additional
information regarding the credit facilities from the financial
institutions.

Due to the time-consuming process in the credit facilities
requested, the Company has a plan to negotiate with the
landowner to terminate the land purchase transaction and will
request the deposit for land purchase back from the land owner.

The Company has expected to obtain the accurate information
about the Residential Housing Project on Rama II Road within
June 2005 and will subsequently report the information to the
SET.

Please be informed accordingly,

Yours sincerely
Mr. Vitavas Vibhagool
Managing Director

CONTACT:

Rattana Real Estate Public Company Limited
Charn-Issara Tower 2,Fl29, 2922/305-306 New Petchburi Road,
Bangkapi, Huai Khwang Bangkok
Telephone:    0-2308-2049, 0-2308-2708-18
Fax:    0-2308-2719-20


T.C.J ASIA: Expects to Comply with SET Regulations in 6 Months
--------------------------------------------------------------
T.C.J. Asia PLC (TCJ) furnished the Stock Exchange of Thailand
(SET) a report on the progress of its Business Reorganization.

(1) T.C.J. has already increased capital and has invested in new
business according to the Business Reorganization Plan in
November 2004.

(2) For the year 2004, TCJ reported a net profit amounting to
THB73.68 million. TCJ got the income from the sale of equipment
amounting to THB327.58 million or 38.01 percent, from the sale
and repair of spare-parts. The sale generated a total amount of
THB22.30 million or 2.59 percent The Company also earned from
Big Crane (Rental) amounting to THB198.37 million or 23.01
percent and from Toyo (Stainless) amounting to THB240.16 million
or 27.86 percent.

(3) TCJ has coordinated with the Major Shareholder for such co-
operation.

The Major Shareholder has confirmed her willingness to transfer
her 1,465,192 shares to minor shareholders if her action could
relieve any damages that occurred to minor shareholders caused
by debt conversion to equity and could help TCJ's shares from
eliminating the cause to be delisted and allow the shares to
resume trade in due course.

(4) TCJ has submitted to the Central Bankruptcy Court a
Termination of Business Reorganization. TCJ expects the court to
order reorganization terminated within May 2005. Afterwards TCJ
will arrange a Board of Directors' meeting to appoint new
directors instead of the directors who have resigned during the
time that TCJ is under Business Reorganization. TCJ expects to
appoint an Audit Committee and Independent Directors by May
2005.

(5) Share distribution with the SET's regulation that the
Company's ordinary shares shall be held by minor shareholders in
a number not less than 150 and such shareholders shall hold
shares in aggregate not less than 15 percent of the paid up
capital. TCJ expects that after the SET allows TCJ share to
resume trade, TCJ could comply with the above regulation within
6 months.

Please be informed accordingly.

Yours Faithfully,
Srivilai Chatjuthamard
As Plan Administrator of
T.C.J. Asia Public Company Limited

CONTACT:

T.C.J. Asia Pcl
89/169 Moo 7, Vibhavadi Rangsit Road,
Don Muang Bangkok
Telephone: 0-2552-6611, 0-2552-6622
Fax: 0-2552-7185-6
Web site: http://www.tcj.co.th


THAI DURABLE: Releases Rehab Plan Progress Report
-------------------------------------------------
Thai Durable Group Pcl issued to the Stock Exchange of Thailand
(SET) a progress report of its business rehabilitation plan
during the October 1, 2004 to March 31, 2005.

(1) Legal Disputes

The Company has pending legal dispute with the former employees
(Mrs. Nuansawat Ruaysungnoen and colleagues for a total of 374
persons) who had submitted to the Central Labor Court for
charging the Company compensation in total amount of THB91.7
million, the Central Labor Court had read the judgment asking
the Company to pay the compensation amounting to THB10.3
million.

Nonetheless, the Company was not satisfied with the judgment and
then filed an appeal against the judgment to the Supreme Court.

Currently, the case is pending to the Supreme Court. In this
regard, the Company has reserved THB13 million for the
compensation of which, and the amount is considered sufficient.

(2) Plan for Machinery Purchase from China Textile Machinery and
Technology Import and Export Corporation (CTMTC)

As previously reported, the Company had signed the Letter of
Intent with an institutional foreign investor, China Textile
Machinery And Echnology Import And Export Corporation (CTMTC).

The detail was that the Company would purchase spinning machines
of 100,000 spindles from CTMTC with an approximate amount of
THB1,600 million. The project was divided into two phases. The
first portion of 50,000 spindles was scheduled in 2004, while
the second portion was scheduled in 2005.

Since the Company is currently incurring losses in its financial
position, investment in big projects may affect the Company's
performance and the working capital. The Company has considered
and decided to delay the project until the Company has a better
financial position and performance.

(3) Operating Performance for the 6-month Period ended December
31, 2004

- Revenue

The Company has recognized revenue from sales and total revenue
for the 6-month period ended December 31, 2004 amounting to
THB486.74 and THB493.44 million, respectively. The amounts are
below the forecast according to the rehabilitation plan by 9.21
and 9.08 percent respectively.

The results are due to the lesser production of fabric as
compared to the forecasted 3.52 million yards or 23 percent,
resulting in less quantity sold of fabric by 4.06 million yards
or 26 percent as compared to the forecast. The average selling
price is higher than the forecast by only 4 percent. These
factors resulted in sales vale of fabric lower than the
forecasted THB106.41 million or 24 percent.

However, sales value of yarn is higher than the forecast by
THB57.01 million or 65 percent due to the selling price of yarns
are higher than the forecasted 15 percent on average. Because of
less usage of yarns by the weaving mills due to a shut down of
some production, more yarns are available for sale. The total
yarn productions are lower than the forecasted 0.15 million
pounds or 1 percent.

- Cost of Sales, and Selling and Administrative Expenses

Cost of sales for the 6-month period ended December 31, 2004
amounting to THB604.60 million is higher than the forecasted
THB110.61 million, due mainly to the higher market price of raw
material.

In addition, the Company has a high cost of sales per unit
resulting from a high fixed cost (labor cost, for instance),
meanwhile, the Company could not fully utilize the production
capacity. In addition, allowance for declining value of
inventories is THB65.57 million higher than the forecast.
Selling and administrative expenses amount to THB57.15 million,
higher than the forecasted THB16.63 million.

This is mainly due to the increase in export expenses from
higher freight forwarding cost by THB5.66 million. Expenses from
the shut down of production mills amounted to THB4.03 million
and the early retirement of the employee is THB2.41 million. The
said amounts are not included in the forecast.

- Interest Expense

As the Company has received additional loans from financial
institutions, for both short and long-term loans, interest
expense for the 6-month period ended December 31, 2004 amounting
to THB22.79 million is higher than the forecast which is
THB20.02 million.

- Net Loss

For the 6-month period ended December 31, 2004, net loss amounts
to THB196.52 million, higher than the forecasted THB196.51
million. For the year 2004, net loss amounts to THB336.46
million, higher than the forecasted THB346.58  million.

Operating Performances for the 6-month Period ended December 31,
2004 Comparing to the Forecast

Unit: THB Thousands

Item       Actual       Forecast    Variance   Amount    %

Revenue
from
Sales- Net 486.74       536.13      (49.39)       (9.21)

Total
Revenue    493.44        542.70     (49.26)       (9.08)

Cost
of Sales   604.60        493.99      110.61       22.39

Selling
and
Administrative
Expenses    57.15          40.52        16.63        41.04
Interest
Expense       22.79           2.77        20.02       722.19

Total
Expenses     684.54         537.29       147.26        27.41

Net
Profit
(Loss)      (191.10)           5.41     (196.52)   (3,632.35)

Operating Performances for the year 2004 ended December 31, 2004
Comparing to the Forecast

Unit: THB Thousands

Item       Actual     Forecast      Variance   Amount      %

Revenue from
Sales- Net  939.93   1,072.26      (132.33)      (12.34)

Total
Revenue     947.67        1,085.40      (137.73)      (12.69)

Cost
of Sales  1,121.17          988.74       132.43         13.39

Selling
and
Administrative
Expenses    122.88           81.04        41.84         51.62

Interest
Expense     40.08            5.50        34.58        629.01

Total
Expenses   1,284.13        1,075.28       208.85         19.42

Net
Profit
(Loss)    (336.46)           10.11      (346.58)   (3,427.99)

For your consideration,

Thai Durable Group Public Company Limited
Mrs. Phakarat Visudhimark    Mr. Mongkorn Dhanasukanachana)
Managing Director            Director

CONTACT:

Thai Durable Group Pcl
33 Moo 4 Suksawadi Road,
Tambol Bangchak, Phra Pradaeng Samut Prakarn
Telephone: 0-2463-0024, 0-2463-2293-6
Fax: 0-2463-3821

                            *********


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 ***