---

        T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

             Friday, April 22, 2005, Vol. 8, No. 79

                            Headlines

A U S T R A L I A

ALBURY COURSING: To Declare Dividend May 3
ARIZACO HOLDINGS: Notifies Creditors of Dividend Payment
AUSTRAL SWISS: To Pay Dividend April 29
BATHURST CHRISTIAN: Lays Out Final Meeting Agenda
BRITISH AIRWAYS: Enters Winding Up Proceedings

CAMION TECHNOLOGY: Hires Liquidator to Wind Up Company
CASTLEREAGH TRANSPORT: To Hold Joint Meeting April 26
DEEFA INVESTMENTS: To Undergo Voluntary Winding Up
HIH INSURANCE: Panbio Receives Final Compensation Payment
HURLKEY PTY: Faces Winding Up Process

JB WERE: Winds Up with AU$20-Mln Loss
LEAD BALLOON: Winds Up Voluntarily
MATILDA MOTOR: Sale Deal Nears Completion
MERVIS PTY: To Declare Final Dividend April 27
MILLER'S RETAIL: Aims to Finish Asset Review by May

MURRIN BRIDGE: Members Pass Winding Up Resolution
M&M AIR: Releases Agenda of Final Meeting
PIH PTY: Winds Up Voluntarily
REDMOND DALE: Liquidator Appointed for Winding Up Purposes
SONS OF GWALIA: Restricted Securities Exit Escrow

SUPABOND PTY: General Meeting Set April 20
TELOPEA PTY: Members to Hear Liquidator's Winding Up Report
WH INSURANCES: Hires Chartered Accountant Liquidators
WILSON METAL: Creditors Pick Liquidator
WOODY POINT: Names A.E. Gibbs as Liquidator

* ASIC Bans Melbourne Property Developer, Concrete Supplier
* ASIC Must Authorize Payments to Insolvency Administrators


C H I N A  &  H O N G  K O N G

BRILLIANT INDUSTRIAL: Winding Up Hearing Set May 18
CHINA RICH: Narrows Net Loss to HKD10 Mln
CHINA STRATEGIC: Unveils Group Reorganization Scheme
CHINA STRATEGIC: Notes Unusual Price Movement
FORTRESS KING: Begins Winding Up Proceedings

GALAXY SATELLITE: TVB In GSB Talks
GRAND MARINE: Creditors Meeting Fixed April 25
JENXON LIMITED: Set Creditors Meeting May 5
LITE BEST: Court Orders Winding Up
MAGNUM INTERNATIONAL: 2004 Net Loss Shrinks to HKD6.25 Mln

ROXON HOLDINGS: Enters Winding Up Proceedings
SILICON PROFESSIONAL: Creditors to Meet April 28
TOP CREATIVE: Receives Winding Up Notice
WALTER TRANSPORTATION: Court Issues Winding Up Notice
WELL MILLION: Court Releases Winding Up Order

WING FU: Creditors Must Prove Debt by May 9


I N D O N E S I A

BANK MANDIRI: Allegedly Examined Two Loan Cases Under AGO Probe
PERTAMINA: Seeks Partners to Fund Local Gas Reserves


J A P A N

FUJITSU LIMITED: Cuts Profit Forecast
JAPAN AIRLINES: Transport Ministry Inspects Facilities
MITSUBISHI FUSO: Recalling 25,220 Trucks, Buses
UFJ HOLDINGS: Executes Merger Agreement

K O R E A

HYNIX SEMICONDUCTOR: Creditors Approve Debt Refinancing
SK NETWORKS: Creditors Sell 5.5% Stake to Recover Loans


M A L A Y S I A

GOLDEN FRONTIER: Posts Shares Buy Back Notice
I-BERHAD: Repurchases 10,000 Shares
I-BERHAD: Seeks Shareholder Approval to Buy Own Shares
LITYAN HOLDINGS: Must Settle MYR51.5 Mln Default
NAM FATT: Unit's Subsidiary Acquires New Company

PAN MALAYSIA: Buys Back 320,000 Shares
PANTAI HOLDINGS: Repurchases More Shares
PETALING TIN: Approves Resolutions in AGM
PILECON ENGINEERING: Granted Additional Shares Listing
YCS CORPORATION: Appeals Bourse's Decision to Delist Securities


P H I L I P P I N E S

BACNOTAN CONSOLIDATED: Plans to Buy Steam Power Plant
DIGITAL TELECOMMUNICATIONS: Bloated Costs Stretch 2004 Net Loss
MAYNILAD WATER: ING-led Group Mulls Buyout
MAYNILAD WATER: DMCI Eyes 100% Stake
NATIONAL POWER: PSALM Fixes Sale of Big Hydro Power Plants

PHILIPPINE LONG: Clarifies News on Planned Satellite TV Venture
RB GIPORLOS: PDIC Seeks Court Approval on Dividend Distribution
VICTORIAS MILLING: Shareholders Approve Adoption of New By-laws


S I N G A P O R E

CHON HWA: Pays Dividend to Preferential Creditors
DIGILAND VIETNAM: Court to Hear Winding Up Petition April 29
IPCO INTERNATIONAL: SGX-ST Approves Listing of New Shares
LAM SENG: Posts Notice of Preferential Dividend
LEONG SENG: Winding Up Hearing Set April 29

MICROTRONICS ASSOCIATES: Begins Winding Up Proceedings
OKOKU REAL: Creditors May Appear at Hearing
STAMFORD OVERSEAS: Court to Hear Petition May 6
SUM YUE: Requires Creditors to File Proofs of Debt
WEARNES INTERNATIONAL: Requests for Trading Halt


T H A I L A N D

ASIA HOTEL: Sees Improvement in Financial Position
DATAMAT: SEC Instructs Company to Amend Financial Statement
INTER FAR: Wraps Up Rehabilitation Process
THAI ENGINE: Hopes to Profit in 2005
THAI WAH: Creditors' Committee OKs Plan Amendment

* Large Companies With Insolvent Balance Sheets

     -  -  -  -  -  -  -  -

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


ALBURY COURSING: To Declare Dividend May 3
------------------------------------------
A first and final dividend is to be declared on May 3, 2005 by
Albury Coursing Club Limited (In Liquidation) A.C.N. 002 630
346.

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

Frank Lo Pilato
Liquidator
c/- RSM Bird Cameron Partners
55 Berry Street, Wagga Wagga NSW 2650


ARIZACO HOLDINGS: Notifies Creditors of Dividend Payment
--------------------------------------------------------
A first and final dividend is to be declared on May 3, 2005 by
Arizaco Holdings Pty Limited (In Liquidation) A.C.N. 002 082
706.

Preferential and priority creditors (employees) who were not
able to formally prove their debts or claims will be excluded
from the benefit of the dividend.

Dated this 14th day of March 2005

Frank Lo Pilato
Liquidator
c/- RSM Bird Cameron Partners
55 Berry Street, Wagga Wagga NSW 2650


AUSTRAL SWISS: To Pay Dividend April 29
---------------------------------------
A first and final unsecured dividend is to be declared on April
29, 2005 for Austral Swiss Knitting Pty Limited (In Liquidation)
A.C.N. 001 483 638.

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

Dated this 14th day of March 2005

Nick Malanos
Liquidator
Star Dean-Willcocks
Level 1, 32 Martin Place,
Sydney NSW 2000


BATHURST CHRISTIAN: Lays Out Final Meeting Agenda
-------------------------------------------------
Notice is given that the final meeting of members and creditors
of Bathurst Christian Bookshop Incorporated (In Liquidation)
will be held at Level 1, 32 Martin Place, Sydney, NSW, on
Tuesday, April 26 at 10:00 a.m.

AGENDA

(1) To consider the account by the liquidators on the conduct of
the winding up and the disposal of the association's property.

Proxies to be used at the meeting should be lodged prior to the
commencement of the meeting.

Dated this 10th day of March 2005

I. J. Purchas
Liquidator
Bathurst Christian Bookshop Incorporated (In Liquidation)


BRITISH AIRWAYS: Enters Winding Up Proceedings
----------------------------------------------
At a general meeting of the members of British Airways Australia
Holdings Pty Ltd held on March 8, 2005 a special resolution that
the Company be wound up voluntarily was passed.

Timothy James Cuming
David Clement Pratt
Liquidator
Level 15, 201 Sussex Street,
Sydney NSW 1171


CAMION TECHNOLOGY: Hires Liquidator to Wind Up Company
------------------------------------------------------
Notice is hereby given that at a General Meeting of Members of
Camion Technology Pty Limited (In Liquidation) A.C.N. 078 283
208 duly convened and held at Frasers Insolvency Advisory, Level
9, 99 Elizabeth Street, Sydney NSW 2000 on Thursday, March 10,
2005 at 10:00 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 11th day of March 2005

M. F. Cooper
Liquidator
Frasers Insolvency Advisory
Level 9, 99 Elizabeth Street,
Sydney NSW 2000


CASTLEREAGH TRANSPORT: To Hold Joint Meeting April 26
-----------------------------------------------------
Notice is given pursuant to Section 509 of the Corporations Act
2001 that a joint meeting of the members and creditors of
Castlereagh Transport (NSW) Pty Limited (In Liquidation) A.C.N.
097 144 575 will be held at the offices of Level 17, 383 Kent
Street, Sydney NSW 2000, on April 26, 2005, at 11:00 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 14th day of March 2005

P. A. Billingham
Liquidator
Grant Thornton
Level 17, 383 Kent Street,
Sydney NSW 2000


DEEFA INVESTMENTS: To Undergo Voluntary Winding Up
--------------------------------------------------
Notice is hereby given that at a General Meeting of Deefa
Investments Pty Ltd A.C.N. 004 844 311 held on March 7, 2005 it
was resolved that the company be wound up voluntarily as a
Members' Voluntary Winding up and that for such a purpose,
Thomas W. Tyrrell be appointed liquidator.

Dated this 8th day of March 2005

Thomas W. Tyrrell
Liquidator


HIH INSURANCE: Panbio Receives Final Compensation Payment
---------------------------------------------------------
Medical diagnostics firm Panbio Limited has on Thursday received
a final payment from HIH Claims Support for damages it suffered
during the collapse of HIH Insurance.

The Company expects to receive a total of AU$584,937.14, which
was released in two parts. The first payment of AU$366,677 will
be reported in the March 2005 quarterly cash flow statement,
while another AU%218,260,14 will be reported in the June 2005
quarterly cash flow statement.

The payments were received under the Australian Government's
Appropriation (HIH Assistance) Act 2001, which appropriated
funds and provides financial assistance to Companies who were
impacted by the collapse of HIH Insurance.

Panbio had been financially disadvantaged as a result of the
downfall.


HURLKEY PTY: Faces Winding Up Process
-------------------------------------
Notice is hereby given that, at a general meeting of members of
Hurlkey Pty Limited (In Liquidation) A.C.N. 003 152 092 held on
March 14, 2005 it was resolved that the company be wound up
voluntarily and that for such purpose Danny Vrkic, of Jirsch
Sutherland & Co Wollongong Chartered Accountants be appointed
Liquidator. A meeting of creditors held later that day confirmed
this appointment.

Dated this 14th day of March 2005

Danny Vrkic
Liquidator
Jirsch Sutherland & Co Wollongong
Chartered Accountants
PO Box 573, Wollongong NSW 2520


JB WERE: Winds Up with AU$20-Mln Loss
-------------------------------------
Investment bank Goldman Sachs JBWere (GSJBW) is set to wind up
JB Were Private Equity Fund at a loss of AU$20 million after
suddenly discovering that the financial state of one of the
fund's key investments is irreversible, Sydney Morning Herald
says.

Around 2800 million retail investors, who committed AU$145
million the private equity fund in mid-2000, are expected to
receive little more than 50 cents per unit from the wind-up.

JB Were has written off a 40 percent stake in one of its
investments, Advanced Building Technologies, worth AU$14
million. The full value of the investment in Advanced has been
written off, and fund investors have been told that the GSJB
executive in charge of private equity, Bernard Stanton, has
quitted.

Advanced's board believed the business was performing in line
with expectations until "significant recent developments" raised
questions about Advanced's true position. Subsequent
investigations had revealed, "the actual financial position of
Advanced was irretrievable".

Advanced was placed in voluntary administration on March 30, and
investors in the fund have been told that an offer to purchase
Advanced's trading subsidiaries has already been accepted. GSJBW
has also told them a report by the voluntary administrator on
Advanced's sudden collapse is expected next month.

CONTACT:

Goldman Sachs JBWere Pty Ltd
Level 16, 101 Collins Street
Melbourne Vic 3000
Phone: 1300 366 790 or (61 3) 9679 1534
E-mail: cst@gsjbw.com
Web site: http://www.gsjbwere.com/


LEAD BALLOON: Winds Up Voluntarily
----------------------------------
Notice is hereby given that at a General Meeting of Lead Balloon
Pty. Ltd. A.C.N. 098 798 200 held on March 7, 2005 it was
resolved that the company be wound up voluntarily as a Members'
Voluntary Winding up and that for such a purpose, Thomas W.
Tyrrell be appointed liquidator.

Dated this 8th day of March 2005

Thomas W. Tyrrell
Liquidator


MATILDA MOTOR: Sale Deal Nears Completion
-----------------------------------------
Collapsed campervan maker Matilda Motor Homes is expected to be
sold to major creditor Ron Gee Enterprises this week after the
lifting of a court injunction, according to Cairns Post.

Matilda owner Neil Chapman earlier sought a Supreme Court
injunction against administrators Foremans Business Advisors
selling the business. But the administrators obtained a court
order on Friday, with Mr. Chapman ordered to pay costs.

The mobile home distributor is on the market after it fell into
voluntary administration with debts of AU$5 million.

The Company has an AU$1.1-million bank loan and owes about
AU$3.7 million to unsecured creditors including almost
AU$400,000 in tax, almost AU$1 million to three major suppliers
and AU$1.3 million in relation to guarantees over vehicles of an
associated entity.

CONTACT:

Matilda Motor Homes
1/36 Buchan Street
Cairns QLD 4870
Phone: (07) 4035 6321
E-mail: sales@mmha.com.au
Web site: http://www.matilda-motorhomes.com.au/


MERVIS PTY: To Declare Final Dividend April 27
----------------------------------------------
A first and final dividend is to be declared on or about April
27, 2005 for Mervis Pty Ltd (In Liquidation) trading as Wholly
Cow A.C.N. 097 669 059.

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

Dated this 22nd day of March 2005

Nicholas Crouch
Liquidator
Crouch Insolvency
Chartered Accountants
Level 5, 82 Elizabeth Street,
Sydney NSW 2000


MILLER'S RETAIL: Aims to Finish Asset Review by May
---------------------------------------------------
Miller's Retail Limited will conduct a strategic review of its
businesses to examine asset valuations and potential divestment
opportunities, Dow Jones reports.

The ailing discount retailer expects to complete the review as
soon as possible and announce the results before the end of May.

The firm is reportedly on its way to a major reform after it
sold a stake to Investec Wetsworth Private Equity, which is seen
seeking structural and board changes at the troubled retailer.
The acquisition is believed to be the start of a major
restructuring of the Miller's struggling discount variety
operations.

Miller's pointed out that its discount variety chains Go-Lo,
Crazy Clarks and Makro Warehouse are suffering from "excess
stock, constrained buying practices and difficult market
conditions".

CONTACT:

Miller's Retail Ltd
151-163 Wyndham Street
Alexandria, New South Wales 2015
Australia
Phone: +61 2 9310 2233
Fax: +61 2 9310 2255
Web site: http://www.millersretail.com.au/


MURRIN BRIDGE: Members Pass Winding Up Resolution
-------------------------------------------------
Notice is hereby given that at an Extraordinary General Meeting
of Murrin Bridge Vineyard Aboriginal Corporation (In
Liquidation), held on March 7, 2005 the following Special
Resolution was duly passed:

That as the Corporation in the opinion of the Members will not
be able to pay its debts within twelve (12) months the
Corporation be wound up by a Creditors Voluntary Winding Up.

Stephen Jay of Nicholls & Co., Chartered Accountants, Suite 103,
1st Floor, Wollundry Chambers, Johnston Street, Wagga Wagga, NSW
was appointed Liquidator.

Dated this 9th day of March 2005

Stephen Jay
Liquidator
Suite 103, 1st Floor,
Wollundry Chambers,
Johnston Street,
Wagga Wagga NSW 2650


M&M AIR: Releases Agenda of Final Meeting
-----------------------------------------
Notice is given that the final meeting of members and creditors
of M&M Air Conditioning Pty Limited (In Liquidation) A.C.N. 073
230 654 will be held at Star Dean-Willcocks, Level 1, 32 Martin
Place, Sydney NSW, on Tuesday, April 26, 2005 at 11:00 a.m.

AGENDA

(1) To consider the account by the liquidators on the conduct of
the winding up and the disposal of the company's property.

Proxies to be used at the meeting must be lodged with the
undersigned no later than 4:00 p.m. today.

Dated this 11th day of March 2005

Adam Shepard
Liquidator
M & M Air Conditioning Pty Limited (In Liquidation)
Star Dean-Willcocks
Level 1, 32 Martin Place,
Sydney NSW 2000
Telephone: 9223 2944


PIH PTY: Winds Up Voluntarily
-----------------------------
Notice is hereby given that at general meetings of members of
PIH Pty Ltd (In Liquidation) A.C.N. 004 291 374 held on March 8,
2005 it was resolved that the company be wound up voluntarily
and that Peter Goodin, Chartered Accountant, of Brooke Bird &
Co, Chartered Accountants, 471 Riversdale Road, East Hawthorn,
3123, be appointed Liquidator.

Andrew S. Forgas
Director
Brooke Bird & Co
Chartered Accountants
471 Riversdale Road,
East Hawthorn 3123
Telephone: 9882 6666


REDMOND DALE: Liquidator Appointed for Winding Up Purposes
----------------------------------------------------------
Notice is hereby given that at an Extraordinary General Meeting
of members of Redmond Dale Pty Ltd (In Liquidation) A.C.N. 007
234 497, held on March 3, 2005 it was resolved that the company
be wound up voluntarily and at a meeting of creditors held on
the same day it was resolved that for such purpose, Mr. Andrew
McLellan of PPB, Chartered Accountants, Level 10, 90 Collins
Street, Melbourne, Victoria, be appointed as Liquidator.

Dated this 9th day of March 2005

Andrew Mclellan
Liquidator
Redmond Dale Pty Ltd
PPB
Chartered Accountants
Level 10, 90 Collins Street,
Melbourne Vic 3000


SONS OF GWALIA: Restricted Securities Exit Escrow
-------------------------------------------------
In accordance with the requirements of Listing Rule 3.10A, Bemax
Resources advised that the Australian Stock Exchange (ASX)
compulsorily and voluntarily restricted securities held by Sons
of Gwalia Limited (Administrators Appointed) will be released
from escrow in accordance with the terms of the ASX Restriction
Agreement and the Merger Agreement, under which the shares were
acquired on May 5, 2005.

Sons of Gwalia Limited (Administrators Appointed) are no longer
a substantial shareholder and accordingly are now not subject to
any further escrow requirements.

Sons of Gwalia Limited now hold only 3.31 percent of the
Company's shares.

CONTACT:

Sons of Gwalia Limited
16 Parliament Place
West Perth, Western Australia 6005
Australia
Phone: +61 8 9263 5555
Fax: +61 8 9481 1271
Web site: http://www.sog.com.au/


SUPABOND PTY: General Meeting Set April 20
------------------------------------------
Notice is hereby given pursuant to section 509 of the
Corporations Law that a general meeting of the Members of
Supabond Pty Limited (In Liquidation) A.C.N. 001 160 096 will be
held at the office of Bentleys MRI Sydney, Chartered
Accountants, Level 3, 31 Market Street, Sydney NSW 2000 on April
20, 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
hearing any explanations that may be given by the liquidator.

Dated this 22nd day of March 2005

G. M. Ellison
Liquidator


TELOPEA PTY: Members to Hear Liquidator's Winding Up Report
-----------------------------------------------------------
Notice is hereby given in pursuance of Subsection 509(3) and (4)
of the Corporations Law that a General Meeting of the Members of
Telopea Pty Ltd (In Voluntary Liquidation) A.C.N. 008 491 558
will be held on April 21, 2005 at the office of Clifton Doherty
& Harwood Pty Ltd Bowral NSW for the purpose of having an
account laid before them showing the manner in which the winding
up has been conducted and the property of the Company disposed
of and hearing any explanation that may be given by the
Liquidators.

Dated this 22nd day of March 2005

Kenneth James Clifton
Liquidator


WH INSURANCES: Hires Chartered Accountant Liquidators
-----------------------------------------------------
Notice is hereby given that at a general meeting of members of
WH Insurances Pty Ltd (In Liquidation) A.C.N. 004 814 804 held
on March 7, 2005 it was resolved that the company be wound up
voluntarily and that Robyn Erskine & Peter Goodin, of Brooke
Bird & Co, Chartered Accountants, 471 Riversdale Road, Hawthorn
East, 3123, be appointed Liquidators.

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


WILSON METAL: Creditors Pick Liquidator
---------------------------------------
Notice is hereby given that at an extraordinary general meeting
of members of Wilson Metal Works Pty Limited (In Liquidation)
A.C.N. 082 441 101 held on March 8, 2005 it was resolved that
the company be wound up voluntarily.

At a meeting of creditors held on the same day it was resolved
that for such purpose, Raymond George Tolcher of Lawler
Partners, Chartered Accountants, 763 Hunter Street, Newcastle
West NSW 2302 be appointed Liquidator.

Dated this 22nd day of March 2005

R. G. Tolcher
Liquidator
Lawler Partners
Chartered Accountants
763 Hunter Street,
Newcastle West NSW 2302


WOODY POINT: Names A.E. Gibbs as Liquidator
-------------------------------------------
Notice is hereby given that a general meeting of Woody Point
Pastoral Co Pty Ltd (In Liquidation) A.C.N. 001 169 053 held on
February 24, 2005 it was resolved that the company be wound up
voluntarily and that for such purposes Ann Elizabeth Gibbs of
109 Jessie Street Armidale New South Wales be appointed as
liquidator.

Dated this 24th day of February 2005

A. E. Gibbs
Liquidator


* ASIC Bans Melbourne Property Developer, Concrete Supplier
-----------------------------------------------------------
The Australian Securities and Investments Commission (ASIC) has
banned Mr. Mario Michael Spiteri, a Melbourne property developer
and concrete supplier, from managing corporations for two years.

Mr. Spiteri was banned after an ASIC investigation found he was
a director of Ecto Pty Ltd (Ecto), Thorncrest Pty Ltd
(Thorncrest), and Waleri Nominees Pty Ltd (Waleri Nominees) when
they were wound up. ASIC may disqualify individuals from
managing companies for up to five years if they are officers of
at least two companies that are wound up.

Liquidators were appointed to Ecto and Thorncrest in 2000, and
to Waleri Nominees in 2002.

ASIC was concerned that Mr. Spiteri traded three companies into
liquidation, and additionally, that he did not understand and
adequately perform his role and duties as a director of the
companies. When the companies failed, Mr. Spiteri did not
surrender company records to the liquidators as required by law.

"ASIC's decision serves as a warning that company directors
obligations do not cease once an administrator is appointed. Mr
Spiteri had a duty to assist the liquidators in order to protect
creditors', ASIC's Deputy Executive Director of Enforcement,"
Mr. Allen Turton said.

Mr. Spiteri has the right to appeal to the Administrative
Appeals Tribunal to review ASIC's decision.

Background

Ecto purchased a property in Bay Street Port Melbourne, which
was to be developed into the 'Holy Trinity Apartments'. Ecto
lacked sufficient funds to complete the project and ceased the
building works because it was unable to pay creditors more than
AU$1 million.

Thorncrest was also involved in property development and failed
to pay unsecured creditors. Thorncrest had purchased a church in
East Melbourne, which was to be converted into 11 apartments.
Waleri Nominees traded as Econo-Mix Building and Garden
Supplies, which supplied mini-mix concrete and other products
used by builders, bricklayers and gardeners.

The companies' liquidators have found that the creditors of
Ecto, Thorncrest and Waleri Nominees will receive less than 50
cents in the dollar.


* ASIC Must Authorize Payments to Insolvency Administrators
-----------------------------------------------------------
The Australian Securities and Investments Commission (ASIC) has
urged all insolvency practitioners to inform the regulator about
their remuneration, Investor Daily says.

The practitioners must advised the ASIC whether they have
received, in their voluntary administration work, payments which
have not been properly assessed and fixed either by the
creditors of the businesses or the court.

The Corporations Act 2001 requires that the creditors or the
court first determine remuneration to voluntary administrators.
ASIC executive director of enforcement Jan Redfern said these
issues must be clarified in the interest of creditors.

ASIC's action followed the Federal Court's recent orders to
KordaMentha, the administrators of accounting group Stockford,
regarding the firm getting an AU$2.8 million payment without
being authorized by Stockford's creditors or the court.

The Federal Court found in December 2004 that KordaMentha had
drawn AU$2.42 million in remuneration without authority.
Stockford and its 82 subsidiary companies went under voluntary
administration in February 2003.


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

BRILLIANT INDUSTRIAL: Winding Up Hearing Set May 18
---------------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Brilliant Industrial Limited by the High Court of Hong Kong was
on March 14, 2005 presented to the said Court by Ho Ka Ling of
Room 5, 10/F., Block D, Hoi Wu Court, 14 Nam Ning Street,
Aberdeen, Hong Kong.

The said petition is to be heard before the Court at 9:30 a.m.
on the May 18, 2005.

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

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

(Betty Chan)
For Director of Legal Aid
34th Floor, Hopewell Centre
183 Queen's Road East, Wanchai
Hong Kong

Note:

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


CHINA RICH: Narrows Net Loss to HKD10 Mln
-----------------------------------------
China Rich Holdings Limited (01191) disclosed its financial
results for year ended January 31, 2005.

Year end date: 31/07/2005
Currency: HKD
Auditors' Report: N/A
Interim report reviewed by: Audit Committee


                            (Unaudited)         (Unaudited)
                             Current           Last
                                               Corresponding
                             Period            Period
                             from 01/08/2004   from 01/08/2003
                             to 31/01/2005     to 31/01/2004
                           Note ('000)         ('000)

Turnover                           : 11,334             11,154
Profit/(Loss) from Operations      : (5,232)            (15,611)
Finance cost                       : (1,326)            (2,069)
Share of Profit/(Loss) of
  Associates                       : (3,650)            (10,185)
Share of Profit/(Loss) of
  Jointly Controlled Entities      : N/A                N/A
Profit/(Loss) after Tax & MI       : (10,196)           (27,852)
% Change over Last Period          : N/A       %
EPS/(LPS)-Basic (in dollars)       : (0.005)            (0.012)
         -Diluted (in dollars)     : N/A                N/A
Extraordinary (ETD) Gain/(Loss)    : N/A                N/A
Profit/(Loss) after ETD Items      : (10,196)           (27,852)
Interim Dividend                   : NIL                NIL
  per Share
(Specify if with other             : N/A                N/A
  options)

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

B/C Dates for Other
  Distribution                     : N/A

The calculation of the basic loss per share is based on the net
loss for the six months ended 31 January 2005 of HK$10,196,000
(six months ended 31 January 2004: HK$27,852,000) and
2,256,666,196 (six months ended 31 January 2004: 2,256,666,196)
ordinary shares in issue during the period.

The computation of diluted loss per share does not assume the
exercise of the potential shares since their exercise would
result in a reduction in loss per share.

CONTACT:

China Rich Holdings Limited
33/F, 118 Connaught Road West
Hong Kong
Phone: 25170881
Fax: 27872578
Web site: http://www.chinarichholdings.com


CHINA STRATEGIC: Unveils Group Reorganization Scheme
----------------------------------------------------
At the request of Hanny Holdings Limited and Mr. Paul Y, the
board of China Strategic Holdings Limited proposes to place
before China Strategic Shareholders a proposal for the group's
reorganization which, if approved and implemented, will result
in:

(i) China Strategic continuing to be a public listed company
with its subsidiaries concentrating on its business of
manufacturing and trading of battery products, investments in
securities and property and investment in unlisted investments;

(ii) All other subsidiaries of the China Strategic Group
carrying on property development and investment holding
business, and all other associates of the China Strategic Group
carrying on manufacturing and marketing of tires and business of
providing package tour, travel and other related services being
grouped under the GDI Group; and

(iii) The GDI Shares, following the injection of the
Distributing Business into GDI, being distributed in specie to
the China Strategic Shareholders whose names appear on the
register of members of China Strategic on the Record Date on the
basis of one GDI Share for one Consolidated China Strategic
Share.

It is intended that subject to the fulfillment of certain
conditions precedent, general offers will be made for both the
Consolidated China Strategic Shares and the GDI Shares as
detailed below.

The distribution in specie of the GDI Shares will be effected by
way of distribution from the special capital reserve account of
China Strategic of an amount equivalent to the carrying value of
GDI, which will be ascertained immediately prior to completion
of the China Strategic Group Reorganization. No application will
be made for the listing of the GDI Shares on the Stock Exchange
or any other stock exchange.

The China Strategic Group Reorganization is conditional on,
among other things, completion of the Capital Reorganization and
the approval by the Independent China Strategic Shareholders
being obtained.

It is, however, not subject to completion of the Share Sale
Agreement having taken place.

CAPITAL REORGANIZATION

The Capital Reorganization involves the Capital Reduction, the
Subdivision and the Share Consolidation. The Capital Reduction
will involve cancellation of the paid-up capital of HK$0.05 on
each issued China Strategic Share and reduction in the nominal
value of each issued China Strategic Share from HK$0.10 to
HK$0.05. The Capital Reduction also involves the cancellation of
the entire share premium account of China Strategic.

The Subdivision involves the subdivision of each authorized but
unissued China Strategic Share into two Reduced China Strategic
Shares of HK$0.05 each. The Share Consolidation will then be
implemented to consolidate every two Reduced China Strategic
Shares of HK$0.05 each into one Consolidated China Strategic
Share of HK$0.10.

The Capital Reorganization is subject to fulfillment of the
conditions as detailed below.

CHANGE OF BOARD LOT SIZE

The China Strategic Board also proposes to change the board lot
size for trading from 2,500 China Strategic Shares to 5,000
Consolidated China Strategic Shares upon the Capital
Reorganization having become effective.

POSSIBLE VOLUNTARY OFFER FOR THE GDI SHARES

Subject to the approval by the Independent Hanny Shareholders of
the GDI Offer and completion of the China Strategic Group
Reorganization, Somerley, on behalf of Well Orient (an indirect
wholly-owned subsidiary of Hanny), will make a voluntary offer
to the shareholders of GDI to acquire all the GDI Shares, other
than those then owned or agreed to be acquired by Well Orient,
its associates and parties acting in concert with it (but the
GDI Offer will be extended to Paul Y), on the following basis:

Option 1:

For every five GDI Shares *      one Hanny Share plus HK$1.8 in
cash

Option 2:

For every five GDI Shares *      one Hanny Bond with face value
of HK$15.0

* The GDI Shares will be issued based on the number of the
Consolidated China Strategic Shares in issue on the Record Date.

Independent China Strategic Shareholders and Paul Y can either
accept Option 1 or Option 2, but not a combination of both, in
respect of the GDI Offer.

Share Sale Agreement and possible mandatory offer for the China
Strategic Shares

The China Strategic Board has been informed by Paul Y and Hanny
that they have entered into the Share Sale Agreement with the
Offeror on 10th March, 2005 pursuant to which and subject to,
inter alia, the implementation of the China Strategic Group
Reorganization in full, the Offeror agreed to acquire
135,000,000 China Strategic Shares (equivalent to 67,500,000
Consolidated China Strategic Shares upon the Capital
Reorganization having become effective) from each of Paul Y and
Hanny, which shares represent approximately an aggregate of
approximately 30.6% of the issued share capital of China
Strategic, for an aggregate consideration of HK$52,110,000,
equivalent to HK$0.193 per China Strategic Share (or HK$0.386
per Consolidated China Strategic Share).

Subject to completion of the Share Sale Agreement, Kingston
will, on behalf of the Offeror, make a mandatory cash offer to
all the China Strategic Shareholders to acquire all the
Consolidated China Strategic Shares, other than those held by
the Offeror and parties acting in concert with it, on the
following basis:

For each Consolidated China Strategic Share HK$0.386 in cash
(equivalent to HK$0.193 in cash for each China Strategic Share)

The China Strategic Offer will not be extended to Paul Y and
Hanny.

SUSPENSION AND RESUMPTION OF TRADING

At the request of Hanny, trading in the Hanny Shares on the
Stock Exchange was suspended with effect from 9:45 a.m. on 8th
March, 2005 pending the release of this announcement. Trading in
the Hanny Shares will continue to be suspended pending the
release of an announcement in relation to, among others, a major
transaction regarding a subscription of a convertible note.

At the request of China Strategic, trading in the China
Strategic Shares on the Stock Exchange was suspended with effect
from 9:45 a.m. on 8th March, 2005 pending the release of this
announcement.

Application has been made by China Strategic to the Stock
Exchange for resumption of trading in the China Strategic Shares
with effect from 9:30 a.m. on April 20, 2005.

CONTACT:

China Strategic Holdings Limited
8/F, Paul Y Centre
51 Hung To Road
Kwun Tong Kowloon
Hong Kong
Phone: 25140300
Fax: 25376591


CHINA STRATEGIC: Notes Unusual Price Movement
---------------------------------------------
The Stock Exchange has received a message from China Strategic
Holdings Limited, which is reproduced as follows:

"This statement is made at the request of The Stock Exchange of
Hong Kong Limited.

We have noted the recent increases in the price and in the
trading volume of the shares of the Company and wish to state
that we are not aware of any reasons for such increases.

We also confirm that save as those disclosed in the joint
announcement dated April 19, 2005 of the Company in relation to
the (i) group reorganization, capital reorganization and change
of board lot size for the Company; (ii) possible unconditional
voluntary offer for the shares in Group Dragon Investments
Limited; and (iii) possible unconditional mandatory offer for
the shares in the Company, there are no negotiations or
agreements relating to intended acquisitions or realizations
which are discloseable under rule 13.23, neither is the Board
aware of any matter discloseable under the general obligation
imposed by rule 13.09, which is or may be of a price-sensitive
nature.

Made by the order of China Strategic Holdings Limited, the Board
of the directors of which individually and jointly accept
responsibility for the accuracy of this statement.

As the date of this statement, the board of directors of the
Company comprises Dr. Chan Kowk Keung, Charles, Dr. Yap, Allan,
Ms. Chau Mei Wah, Rosanna, Ms. Chan Ling, Eva, Mr. Li Bo as
executive directors, Mr. Chan Kowk Hung and Mr. Lui Siu Tsuen,
Richard as alternate directors to Dr. Chan Kwok Keung, Charles
and Dr. Yap, Allan respectively and Mr. David Edwin Bussmann,
Mr. Wong King Lam, Joseph and Mr. Sin Chi
Fai as independent non-executive directors.

For and on behalf of the Board of
CHINA STRATEGIC HOLDINGS LIMITED
Jenny Chan
Secretary
April 20, 2005.


FORTRESS KING: Begins Winding Up Proceedings
--------------------------------------------
Fortress King Development Limited with registered office located
at Shop No 16, Level 1, Greenland Garden, No 15 Shek Pai Tau
Road, Tuen Mun, 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: January 31, 2004.

Dated this 15th day of April 2005.

ET O'Connell
Official Receiver


GALAXY SATELLITE: TVB In GSB Talks
----------------------------------
Hong Kong broadcaster TVB is seeking a partner for its ailing
pay TV service Galaxy Satellite Broadcasting, TV International
Daily reports.

It needs to find a majority partner by the end of this year
following Intelsat's exit and is unlikely to be given another
extension by the local authorities.

"From our understanding, the negotiations have been ongoing, but
not only limited to mainland companies," Merrill Lynch said in a
note on TVB.

No further details were disclosed.

CONTACT:

Galaxy Satellite Broadcasting Limited
TV City Clear Water Bay Road
Kowloon, Hong Kong
Telephone: 852 2335 3333
Fax: 852 2358 3227


GRAND MARINE: Creditors Meeting Fixed April 25
----------------------------------------------
Notice is hereby given Grand Marine Holdings Limited that
pursuant to Section 247 of the Companies Ordinance (Chapter 32),
a meeting of the members of Grand Marine Holdings Limited (In
Creditors' Voluntary Liquidation) will be held at 26th Floor,
Wing On Centre, 111 Connaught Road Central, Hong Kong on April
25, 2005 at 9:30 a.m.

It will be followed by a meeting of the creditors of the company
to be held at the same place at 9:45 a.m. for the purpose of
receiving an account of the liquidator's act and dealings and of
the conduct of the winding up of the company during the year
ended January 7, 2005.

A member or creditor entitled to attend vote at the above
meeting may appoint proxy to attend and vote instead of him. A
proxy need not be a member or creditor of the company. Forms of
proxies for both meetings must be lodged at 22nd Floor, Wing On
Centre, 111 Connaught Road Central, Hong Kong not later than
4:00 p.m. on the day before the meetings.

Dated this 15th day of April 2005

Dermot Agnew
Joint and Several Liquidator


JENXON LIMITED: Set Creditors Meeting May 5
-------------------------------------------
Notice is hereby given that pursuant to Section 247 of the
Companies Ordinance (Chapter 32), a meeting of the members of
Jenxon Limited (In Creditors' Voluntary Liquidation) will be
held at 5th Floor, Ho Lee Commercial Building, 38-44 D'Aguilar
Street, Central, Hong Kong on May 5, 2005 at 10:30 a.m. and will
be followed by a meeting of the creditors of the company to be
held at the same place at 11:00 a.m. respectively.

A member or creditor entitled to attend vote at the above
meeting may appoint proxy to attend and vote instead of him. A
proxy need not be a member or creditor of the company. Forms of
proxies for both meetings must be lodged at the office of
Messrs. Kennic L. H. Lui & Co., 5th Floor, Ho Lee Commercial
Building, 38-44 D'Aguilar Street, Central, Hong Kong not later
than 4 p.m. on the day before the meetings or adjourned meetings
at which they are to be used..

Dated this 15th day of Aril 2005

Ruby Mun Yee Leung
Joint and Several Liquidator


LITE BEST: Court Orders Winding Up
----------------------------------
Lite Best Company Limited with registered office located at Room
2702, Lucky Commercial Centre, 103-109 Des Voeus Road West, Hong
Kong 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: January 31, 2004.

Dated this 15th day of April 2005.

ET O'Connell
Official Receiver


MAGNUM INTERNATIONAL: 2004 Net Loss Shrinks to HKD6.25 Mln
----------------------------------------------------------
Magnum International Holdings Limited (0305) disclosed its
financial results for the nine months ended December 31, 2004.

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




                            (Unaudited)         (Unaudited)
                             Current           Last
                                               Corresponding
                             Period            Period
                             from 01/01/2004   from 01/01/2003
                             to 31/12/2004     to 31/12/2003
                           Note ($)            ($)

Turnover                           : 8,014,899
7,826,494
Profit/(Loss) from Operations      : 196,057
(4,322,512)
Finance cost                       : (6,426,706)
(7,199,732)
Share of Profit/(Loss) of
  Associates                       : N/A                N/A
Share of Profit/(Loss) of
  Jointly Controlled Entities      : N/A                N/A
Profit/(Loss) after Tax & MI       : (6,257,667)
(11,596,307)
% Change over Last Period          : N/A       %
EPS/(LPS)-Basic (in dollars)       : (0.0102)           (0.0189)
         -Diluted (in dollars)     : N/A                N/A
Extraordinary (ETD) Gain/(Loss)    : N/A                N/A
Profit/(Loss) after ETD Items      : (6,257,667)
(11,596,307)
Final Dividend                     : Nil                Nil
  per Share
(Specify if with other             : N/A                N/A
  options)

B/C Dates for
  Final Dividend                   : N/A
Payable Date                       : N/A
B/C Dates for Annual
  General Meeting                  : To Be Announced
Other Distribution for             : N/A
  Current Period

B/C Dates for Other
  Distribution                     : N/A

Remarks:

1. Loss per share

Diluted loss per share amounts for the years ended 31st December
2004 and 2003 have not been disclosed, as no dilutive events
existed during the years.

CONTACT:

Magnum International Holdings Limited
1301A 13/F Bank of America Tower
12 Harcourt Road
Central Hong Kong
Phone: 27931898
Fax: 23047170


ROXON HOLDINGS: Enters Winding Up Proceedings
---------------------------------------------
Roxon Holdings Limited with registered office located at Unit
A&B of M/F & Unit B of G/F Shui Hing Center, 13 Sheung Yuet
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: January 31, 2004.

Dated this 15th day of April 2005.

ET O'Connell
Official Receivers


SILICON PROFESSIONAL: Creditors to Meet April 28
------------------------------------------------
Notice is hereby given in pursuance of Section 241 of the
Companies Ordinance (Chapter 32) that a meeting of the Creditors
of Silicon Professional Alliance Corporation Hong Kong Limited
(In Creditors' Voluntary Liquidation) will be held at Unit 1902,
19th floor, Yen Sheng Centre, 64 Hoi Yuen Road, Kwun Tong,
Kowloon at 10:30a.m. on the 28 April 2005 for the purpose of:

a) Considering and receiving a statement of the position of the
Company's affairs prepared by the directors,

b) Confirming the appointment of Mr. Yiu Kwong Man as the
Liquidator of the Company or to resolve the appointment of other
liquidator for the purpose of winding up the affairs and
distributing the assets of the Company, if any.

A creditor entitled to attend and vote at the above meeting may
appoint a proxy to attend and vote instead of him. A proxy need
not be a member or creditor of the Company.

Proxies for the meeting must be lodged at 10/F., Capital
Commercial Building, 26 Leighton Road, Causeway Bay, Hong Kong
not later than 48 hours before the meetings.

Dated this 8th April 2005.
Yiu Kwong Man
Liquidator


TOP CREATIVE: Receives Winding Up Notice
----------------------------------------
Top Creative (Asia) Limited with registered office located at
11/F, Zoroastrian Bldg, 101 Leighton Road, Causeway Bay, Hong
Kong was issued a winding up notice by the High Court of the
Hong Kong Special Administrative Region Court of First Instance
on April 6, 2005.

Date of Presentation of Petition: January 31, 2004.

Dated this 15th day of April 2005.

ET O'Connell
Official Receiver


WALTER TRANSPORTATION: Court Issues Winding Up Notice
-----------------------------------------------------
Walter Transportation Company Limited with registered office
located at Room 103, Sun Hing Ind Bldg, 22 Kln Fat St, Tuen Mun,
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: January 31, 2004.

Dated this 15th day of April 2005.

ET O'Connell
Official Receiver


WELL MILLION: Court Releases Winding Up Order
---------------------------------------------
Well Million Investment Limited with registered office located
at Room 1406-13, Park-in Commercial Centre, 56 Dundas Street,
Mongkok, 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: January 31, 2004.

Dated this 15th day of April 2005.

ET O'Connell
Official Receiver


WING FU: Creditors Must Prove Debt by May 9
-------------------------------------------
Notice is hereby given that the creditors of Wing Fu Carton and
Printing Company Limited (In Compulsory Liquidation) are
required on or before the close of business of May 9, 2005, to
send in their names, addresses and particulars of their debts or
claims, and the name and address of their solicitors, if any, to
the undersigned at 27th Floor, Alexandra Building, 16-20 Chater
Road, Central, Hong Kong.

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 20th day of April 2005.
Jacky CW Muk
Edward S Middleton
Joint and Several Liquidators


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


BANK MANDIRI: Allegedly Examined Two Loan Cases Under AGO Probe
---------------------------------------------------------------
Bank Mandiri is reported to have previously conducted an
internal investigation as early as 2003 into loan cases now
being examined by prosecutors in the recent probe by the
Attorney General's Office (AGO) on fraud allegations, the
Financial Times reports.

Prosecutors are looking into the possibility of bank employees
being bribed or colluding with corporate clients, and are
focusing on four particular cases, two of which were already
being examined by the bank itself.

In the first case, Bank Mandiri extended IDR40.43 billion credit
in 2002 to contractor Siak Zamrut Perkasa, which claimed to
handle the Indonesian operations of US-based Caltex company. But
the government audit report showed that loan officers at the
bank's Pekanbaru branch didn't verify the claim, and extended
the loan with fake documents provided by the company's owner as
proof.

It seems that the bank knew something wasn't right in 2003, when
the company failed to provide other documents. Dutch authorities
also halted some of the money that was loaned, after a transfer
to the company owner's account in the Netherlands looked
`suspicious." The bank's efforts to foreclose the Company's
assets did not push through, as such assets were frozen by a
local court.

In the other case, the audit report showed that Bank Mandiri
loaned IDR55.83 billion to two companies, Arthabhama Textindo
and Arthatrimustika Textindo, based on due diligence by a third
party. The audit report showed that the bank's credit analysis
never visited the companies' factories and didn't consider the
government forecasts of a slump in the textile industry before
extending the loan, which was later classified as non-performing
by the bank itself.

Until now, the bank is still dealing with the companies. People
familiar with the matter said that the bank gave a deadline to
the owner to come up with a rescue plan before it will foreclose
on the Company.

CONTACT:

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


PERTAMINA: Seeks Partners to Fund Local Gas Reserves
----------------------------------------------------
PT Pertamina identified 16 trillion cubic feet of gas reserves
in West Java, Central Java, East Java, and South and Central
Sumatra, reports, Asia Pulse.

According to Company executive Kun Kurnely, the gas fields would
be developed in 2007, and Pertamina is looking for partners and
foreign investors to finance the IDR19.25 trillion development
project.

Mr. Kurnely further added that many companies showed interest in
partnering with the state-owned oil and gas firm.

CONTACT:

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


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

FUJITSU LIMITED: Cuts Profit Forecast
-------------------------------------
Fujitsu Limited announced on April 20 that it has revised its
forecast consolidated and unconsolidated financial results for
the fiscal year ended March 31, 2005 (FY 2004) from the previous
forecast made on January 28, 2005 at the time of its third-
quarter financial results announcement.

FY 2004 Consolidated Financial Results Forecast
(For fiscal year from April 1, 2004 to March 31, 2005)


(billion yen)
                      Net Sales    Operating Income   Net Income

Previous Forecast (A)      4,800.0         170.0         55.0
Revised Forecast (B)       4,763.0         160.0         32.0
Increase or Decrease (B-A) -37.0          -10.0          -23.0
Percentage of Increase or Decrease
                           -0.8%          -5.9%          -41.8%
FY 2003 results            4,766.8         150.3          49.7



FY 2004 Unconsolidated Financial Results Forecast
(For fiscal year from April 1, 2004 to March 31, 2005)


(billion yen)
                 Net Sales  Operating Income  Net Income (Loss)

Previous Forecast (A)   2,830.0        45.0              28.0
Revised Forecast (B)    2,846.0        30.0             (40.0)
Increase or Decrease (B-A) 16.0       -15.0             -68.0
Percentage of Increase or  0.6%      -33.3%             ---
Decrease
FY2003 results             2,788.5     32.9              17.0


Although Fujitsu recorded a full-year unconsolidated net loss,
the loss was taken for the purpose of reducing future financial
risk and was unrelated to cash flow. The company is currently on
track for improvement in earnings and anticipates continuing
stable earnings going forward. The projection of a fiscal year-
end dividend of 3 yen per share remains unchanged. (This is to
be formally decided at a scheduled meeting of Fujitsu's Board of
Directors on April 27, 2005 and ratified at the Annual
Shareholders' Meeting.)

Explanation of Revisions to FY 2004 Financial Results Forecast

Although net sales were roughly in line with previous
projections, due to deterioration in Software & Services
earnings, the Company fell short of its previous forecast for
operating income. Regarding net income, as detailed below, the
results were significantly under forecast as a result of
extraordinary gains and losses and a valuation allowance taken
for deferred tax assets. The Company has revised its forecast
results at this time because the degree of change in projected
net income over the previous forecast exceeded 30%.

Extraordinary Gains

1) Gains from Sales of Marketable Securities

                  Consolidated     Unconsolidated
               JPY133.2 billion   JPY141.4 billion

On February 22 and 23 of 2005, Fujitsu sold portions of its
shareholdings in FANUC Ltd. and Advantest Corporation. Income
from the sales of these marketable securities (consolidated:
129.2 billion yen; unconsolidated: 137.9 billion yen) was
recorded as an extraordinary gain.

2) Gains on Transfer of Operations

Consolidated           Unconsolidated
JPY36.5 billion       JPY12.9 billion

On March 25, 2005 Fujitsu signed a formal agreement with joint
venture partner Hitachi, Ltd. regarding the transfer of plasma
display panel operations.

Together with gains from the transfer of other business
operations, gains from this transfer were recorded as an
extraordinary gain.

Extraordinary Losses

3) Real Estate Valuation Losses

Consolidated            Unconsolidated
JPY15.2 billion        JPY15.2 billion

Real estate valuation losses on idle property holdings were
reported as extraordinary losses.

4) Restructuring Charges

Consolidated 20.0 billion yen*1

Restructuring charges were recorded as extraordinary losses, as
Fujitsu carried out personnel reductions or realignment and
disposed of assets, primarily at domestic manufacturing
subsidiaries.

*1: Includes 6.8 billion in losses recorded through the third
quarter of the fiscal year.

5) Valuation Losses on Shareholdings in Unconsolidated
Affiliated Companies 60.7 billion yen*2

Valuation losses on shareholdings in affiliated companies,
primarily domestic manufacturing subsidiaries, were recorded as
extraordinary losses on an unconsolidated basis.

*2: Includes 3.0 billion in losses recorded through the third
quarter of the fiscal year.

Corporate Tax Adjustments

6) Recording of Valuation Allowance for

Consolidated         Unconsolidated
JPY93.5 billion     JPY86.3 billion

Deferred Tax Assets

Having significant tax loss carry forwards from the
restructuring of its operations in fiscal 2001 and fiscal 2002,
Fujitsu calculated deferred tax assets at year-end based on
future taxable income. At this time, in light of delays in the
recovery of taxable income from business operations primarily
relating to unconsolidated accounts, the company decided to
record a valuation allowance to cover the amount in excess of
what it was likely to recover based on estimates of the next
fiscal year's taxable income.


Net Value and Increase/Decrease in Deferred Tax Assets

(billion yen)       Consolidated        Unconsolidated
                     About 180.0         About 110.0

Balance at Beginning
of FY 2004

Tax loss carry forwards  400.0               240.0*3
Valuation allowance      -220.0              -120.0
Temporary difference (net) ----              -10.0

Increase/Decrease During FY 2004 -120.0      -120.0
Sales of shareholdings, etc.     -104.0      -104.0
Valuation allowance              -93.0       -86.0
Other*4                           77.0        70.0

Balance at End of FY 2004         60.0       -10.0

*3:  Includes shareholding valuation loss in subsidiaries
recorded in previous fiscal year for Fujitsu IT Holdings, which
is in the process of being liquidated.

*4:  Includes decrease in deferred tax liabilities (relating to
gains from establishment of stock holding trust for retirement
benefit plan and unrealized gains on securities) due to sales of
shareholdings.

About Fujitsu

Fujitsu is a leading provider of customer-focused IT and
communications solutions for the global marketplace. Pace-
setting technologies, highly reliable computing and
communications platforms, and a worldwide corps of systems and
services experts uniquely position Fujitsu to deliver
comprehensive solutions that open up infinite possibilities for
its customers' success.

Headquartered in Tokyo, Fujitsu Limited (TSE: 6702) reported
consolidated revenues of 4.7 trillion yen (US$45 billion) for
the fiscal year ended March 31, 2004.

CONTACT:

Fujitsu Limited
Public & Investor Relations
Shiodome City Center
1-5-2 Higashi-Shimbashi
Minato-ku, Tokyo
Japan 105-7123
Phone: +81 (0) 3-6252-2176
Fax: +81 (0) 3-6252-2783

This is a Company press release.


JAPAN AIRLINES: Transport Ministry Inspects Facilities
------------------------------------------------------
The Construction and Transport Ministry on Wednesday began three
days of inspections of Japan Airlines Corporation, over a series
of operational problems, including a failure by JAL pilots to
follow air traffic controllers' instructions, the Yomiuri
Shimbun reports.

The ministry has inspected the airline's headquarters in
Shinagawa Ward, Tokyo, on March 28, but new operational problems
emerged, compelling the Civil Aviation Bureau to begin fresh on-
site inspections with a view to imposing penalties on the firm.

The airline submitted to the ministry a list of measures it
planned to take to guarantee the safety its operating procedures
last week. The JCAB officials were to check whether the measures
have been properly executed during the latest assessment.

CONTACT:

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


MITSUBISHI FUSO: Recalling 25,220 Trucks, Buses
-----------------------------------------------
Mitsubishi Fuso Truck & Bus Corporation will recall a total of
25,220 trucks and buses for free repair of defects, Kyodo News
reports.

The vehicles were manufactured between January 1993 and December
2004 and their faults include the possible leakage of oil from
brake pipes and of air from air hoses for brakes, Mitsubishi
Fuso said in four recall notices to the Ministry of Land,
Infrastructure and Transport.

CONTACT:

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


UFJ HOLDINGS: Executes Merger Agreement
---------------------------------------
Mitsubishi Tokyo Financial Group, Inc. (MTFG; President and CEO:
Nobuo Kuroyanagi) and UFJ Holdings, Inc. (UFJ; President and
CEO: Ryosuke Tamakoshi), The Bank of Tokyo-Mitsubishi, Ltd.
(BTM; President: Nobuo Kuroyanagi) and UFJ Bank Limited (UFJ
Bank; President: Takamune Okihara), The Mitsubishi Trust and
Banking Corporation (MTB; President: Haruya Uehara) and UFJ
Trust Bank Limited (UFJ Trust Bank; President: Shintaro Yasuda)
and, Mitsubishi Securities Co., Ltd. (Mitsubishi Securities;
President: Koichi Kane) and UFJ Tsubasa Securities Co., Ltd.
(UFJ Tsubasa Securities; President: Kimisuke Fujimoto), have
been preparing for the two group's management integration in
October 2005, subject to the approval of their shareholders and
relevant authorities, and respectively signed relevant merger
agreements on April 20, 2005.

The main terms of the merger agreements, etc. are as set forth
in the attached reference material.

(Contacts:)

Mitsubishi Tokyo Financial Group, Inc. Corporate Communications
Office (03-3240-9059)

UFJ Holdings, Inc. Public Relations Department (03-3212-5460)

The Bank of Tokyo-Mitsubishi, Ltd. Public Relations Office
(03-3240-2950)

UFJ Bank Limited Corporate Communications Department
(03-3212-5460)

The Mitsubishi Trust and Banking Corporation Public Relations
Section (03-6214-6044)

UFJ Trust Bank Limited Public Relations Office (03-3218-0775)

Mitsubishi Securities Co., Ltd. Public Relations Office
(03-6213-6124)

UFJ Tsubasa Securities Co., Ltd. Public Relations Department
(03-5222-8355)


Reference Material

Main terms of the merger agreement, etc.

1. New Holding Company


(1) Company name:

Japanese Name: Kabushiki Kaisha Mitsubishi UFJ Financial Group
English Name: Mitsubishi UFJ Financial Group, Inc.

(2) Merger structure:

Merger, whereby Mitsubishi Tokyo Financial Group, Inc. (MTFG)
will be the surviving entity and UFJ Holdings, Inc. (UFJ) will
be the dissolving entity.

(3) Date of the shareholders' meetings to approve General
meetings will be held on June 29, 2005 the merger:

(4) Date of the merger: October 1, 2005

Date of commercial registration of the merger: October 3, 2005
(Scheduled)

(5) Date from which dividends on the shares       October 1,
2005 of common stock to be allotted and delivered in connection
with the merger shall be calculated:

(6) Representatives:

Chairman: Ryosuke Tamakoshi
Deputy Chairman: Haruya Uehara
President & CEO: Nobuo Kuroyanagi

(7) Merger ratio:

0.62 share of MTFG common stock for each share of UFJ common
stock.

One Class 8, Class 9, Class 10, Class 11 and Class 12 share of
preferred stock of MTFG for each Class II, Class IV, Class V,
Class VI and Class VII share of preferred stock of UFJ.

(8) Number of new shares to be issued in

The number of shares to be issued is obtained by multiplying (x)
the connection with the merger:

Total number of shares of UFJ held by the shareholders entered
or recorded in the shareholder register as of the day
immediately preceding the date of the merger by (y) the above
merger ratio.

However, allotment will not be made for shares of common stock
held by MTFG and treasury stock held by UFJ.

(The number of new shares to be issued in connection with the
merger is not decided as the preferred shares of UFJ may be
converted to common stock by the date of the merger.)

(Note)

Total number of issued shares of UFJ as of March 31, 2005
Shares of common stock: 5,165,292.70 shares
Class I shares of preferred stock: 6,543 shares
Class II shares of preferred stock: 200,000 shares
Class IV shares of preferred stock: 150,000 shares
Class V shares of preferred stock: 150,000 shares
Class VI shares of preferred stock: 8 shares
Class VII shares of preferred stock: 200,000 shares

(Note) Class 1 shares of preferred stock that have not been
converted by July 31, 2005 shall be converted into shares of
common stock on August 1, 2005.

(9) Merger-related cash distribution:

No cash distribution will be made.

2. New Bank

(1) Company name:

Japanese Name: Kabushiki Kaisha Mitsubishi Tokyo UFJ Ginko
English Name: The Bank of Tokyo-Mitsubishi UFJ, Ltd.

(2) Merger structure:

Merger, whereby The Bank of Tokyo-Mitsubishi, Ltd. (BTM) will be
the surviving entity and UFJ Bank Limited (UFJ Bank) will be the
dissolving entity.

(3) Dates of the shareholders' meetings to approve the merger:
MTB: June 28, 2005
UFJ Trust Bank: June 29, 2005

(4) Date of the merger: October 1, 2005

Date of commercial registration of the merger: October 3, 2005
                                                   (Scheduled)

(5) Date from which dividends on the shares       October 1,
2005 of common stock to be allotted and delivered in connection
with the merger shall be calculated:

(6) Representatives:

Chairman: Shigemitsu Miki
Deputy Chairman: Ryosuke Tamakoshi
President: Nobuo Kuroyanagi

(7) Merger ratio:

0.62 shares of BTM common stock for each share of UFJ Bank
common stock.

One Class 3 of Series 1, Class 4 of Series 1 and Class 5 of
Series 1 share of preferred stock of BTM for each Class A Series
1, Class D Series 1 and Class D Series 2 share of preferred
stock of UFJ Bank.

0.34 shares of BTM common stock for each of Class E Series 1,
Class G Series 1 and Class G Series 2 share of preferred stock
of UFJ Bank. 3.44 shares of BTM common stock for each Class H
Series 1 share of preferred stock 1 of UFJ Bank.

As for Class E Series 1 preferred shares, if the conversion
right has been exercised to convert to Class F shares of
preferred stock, 0.34 shares of BTM common stock will be
allotted and delivered for each Class F share of preferred
stock.

(8) Number of new shares to be issued in

The number of shares to be issued is obtained by multiplying (x)
the connection with the merger:

Total number of shares of UFJ Bank held by the shareholders
entered or recorded in the shareholder register as of the day
immediately preceding the date of the merger by (y) the above
merger ratio.

(The number of New shares to be issued in connection with the
merger is not decided as the preferred shares of UFJ Bank may be
converted to common stock by the date of the merger.)

(Note)

Number of total issued shares of UFJ Bank as of March 31, 2005
Shares of common stock: 4,598,911,452 shares
Series 1 shares of preferred stock: 6,543,000 shares
Class A Series 1shares of preferred stock: 200,000,000 shares
Class D Series 1 shares of preferred stock: 150,000,000 shares
Class D Series 2 shares of preferred stock: 150,000,000 shares
Class E Series 1 shares of preferred stock: 3,500,000,000 shares
Class G Series 1 shares of preferred stock: 400,000,000 shares
Class G Series 2 shares of preferred stock: 20,000,000 shares
Class H Series 1 shares of preferred stock: 25,000,000 shares

(Note)

Shares of Series 1 preferred stock that has not been converted
by July 31, 2005 should be converted into shares of common stock
on August 1, 2005.

(9) Merger-related cash distribution:

No cash distribution will be made.

3. New Trust Bank

(1) Company name:

Japanese Name: Mitsubishi UFJ Shintaku
Ginko Kabushiki Kaisha
English Name: Mitsubishi UFJ Trust and
Banking Corporation

(2) Merger structure:

Merger, whereby The Mitsubishi Trust and Banking Corporation
(MTB) will be the surviving entity and UFJ Trust Bank
Limited (UFJ Trust Bank) will be the dissolving entity.

(3) Date of the shareholders' meetings to approve  MTB: June 28,
2005 the merger: UFJ Trust Bank: June 29, 2005

(4) Date of the merger: October 1, 2005
Date of commercial registration of the merger: October 3, 2005

(Scheduled)

(5) Date from which dividends on the shares

October 1, 2005 of common stock to be allotted and delivered in
connection with the merger shall be calculated:

(6) Representatives:

Chairman: Akio Utsumi
President: Haruya Uehara

(7) Merger ratio:  0.62 shares of MTB common stock for each
share of UFJ Trust Bank common stock.

One Class 3 of Series 1 and one Class 3 of
Series 2 shares of preferred stock of MTB for each First Class
First Series and First Class Second Series shares of preferred
stock of UFJ Trust Bank.

(8) Number of new shares to be issued in

The number of shares to be issued is connection with the merger:
obtained by multiplying (x) the total number of shares of UFJ
Trust Bank held by the shareholders entered or recorded in the
shareholder register as of the day immediately preceding the
date of the merger by (y) the above merger ratio.

(The number of new shares to be issued in connection with the
merger is not decided as the preferred shares of UFJ Trust Bank
may be converted to common stock by the date of the merger.)

(Note)

Number of total issued shares of UFJ Trust Bank as of March 31,
2005

Shares of common stock: 1,231,281,875 shares
First Class First Series shares of preferred stock: 8,000 shares
First Class Second Series shares of preferred stock: 200,000,000
shares

(9) Merger-related cash distribution:

No cash distribution will be made.


4. New Securities Company

(1) Company name:

Japanese Name: Mitsubishi UFJ Shoken Kabushiki Kaisha
English Name: Mitsubishi UFJ Securities Co., Ltd.

(2) Merger structure:

Merger, whereby Mitsubishi Securities Co., Ltd. (Mitsubishi
Securities) will be the surviving entity and UFJ Tsubasa
Securities Co., Ltd. (UFJ Tsubasa Securities) will be the
dissolving entity.

(3) Dates of the shareholders' meetings to approve   June 29,
2005 the merger:

(4) Date of the merger: October 1, 2005

Date of commercial registration of the merger: October 3, 2005

(Scheduled)

(5) Date from which dividends on the shares       April 1, 2005
of common stock to be allotted and delivered in connection with
the merger shall be calculated:

(6) Representatives:

Chairman & CEO: Yasumasa Gomi
Deputy Chairman: Koichi Kane
President & COO: Kimisuke Fujimoto

(7) Merger ratio: 0.42 shares of Mitsubishi Securities common
stock for each share of UFJ Tsubasa Securities common stock.

(8) Number of new shares to be issued following

The number of shares to be issued is obtained by multiplying (x)
the the merger:

total number of shares of UFJ Tsubasa Securities held by the
shareholders entered or recorded in the shareholder register as
of the day immediately preceding the date of the merger by (y)
the above merger ratio.

(Note)
Total number of  issued shares of UFJ Tsubasa Securities as of
March 31, 2005

Shares of common stock: 603,243,089 shares

(9) Merger-related cash distribution: No cash distribution will
be made.

(10) Transfer of Stock Acquisition Rights: UFJ Tsubasa
Securities granted stock options (exercise price: 593 yen,
exercise period: until March 31, 2006) to officers and employees
following the resolution of the board of directors held on June
29, 2000.  However, as these stock options are based on the
stock subscription rights method prescribed by the provision
under the previous Japanese Commercial Code (and that provision
is not currently applicable), they cannot be succeeded to or
assumed by the new securities company.

Therefore, UFJ Tsubasa Securities and the new securities company
will issue and grant stock acquisition rights which will have
the same commercial effect as the stock subscription rights
which will be waived, and necessary procedures for the transfer
of such rights will be taken.

Filings with the U.S. SEC

Mitsubishi Tokyo Financial Group, Inc. (MTFG) filed a
registration statement on Form F-4 ('Form F-4') with the U.S.
SEC in connection with the proposed management integration of
UFJ Holdings, Inc. (UFJ) with MTFG. The Form F-4 contains a
prospectus and other documents. After the Form F-4 is declared
effective, UFJ plans to mail the prospectus contained in the
Form F-4 to its U.S. shareholders prior to the shareholders
meeting at which the proposed business combination will be voted
upon. The Form F-4 and prospectus contains important information
about MTFG, UFJ, management integration and related matters.
U.S. shareholders of UFJ are urged to read the Form F-4, the
prospectus and the other documents that are filed with the U.S.
SEC in connection with the management integration carefully
before they make any decision at the UFJ shareholders meeting
with respect to the proposed business combination. The Form
F-4, the prospectus and all other documents filed with the U.S.
SEC in connection with the management integration will be
available when filed, free of charge, on the U.S. SEC's web site
at www.sec.gov. In addition, the prospectus and all other
documents filed with the U.S. SEC in connection with the
management integration will be made available to shareholders,
free of charge, by calling, writing or e-mailing:

MTFG CONTACT:

Mr. Hirotsugu Hayashi
26F Marunouchi Bldg., 4-1 Marunouchi 2-chome,
Chiyoda-ku Tokyo 100-6326 Japan
81-3-3240-9059

UFJ CONTACT:

Mr. Shiro Ikushima
1-1 Otemachi 1-chome, Chiyoda-ku
Tokyo, 100-8114 Japan
Phone: 81-3-3212-5458


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

HYNIX SEMICONDUCTOR: Creditors Approve Debt Refinancing
-------------------------------------------------------
In an effort to graduate early from a debt workout program,
creditors of Hynix Semiconductor Inc. on April 19 approved a
KRW1.51 trillion debt-refinancing package, reports Yonhap News.

According to main creditor Korea Exchange Bank, more than 75% of
the Company's creditors approved the package to allow the
Company to be free from creditor control 20 months ahead of the
planned conclusion of its debt workout program in 2006.

Creditors currently own 81% of the Company after several
bailouts, due to a government-forced merger with a local merger
in 1999 that amounted to huge debt. Now, with the recent
agreement, creditors can sell 30% of their stake in the Company
beginning July, and the remaining 51% would be sold gradually
from 2006 to 2008.

The Company posted KRW2.02 trillion operating profit last year
on increased sales of its dynamic random access memory (DRAM)
chips, with increased sales totaling KRW6.09 trillion. It is
expected to post positive results for the first quarter this
year.

CONTACT:

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


SK NETWORKS: Creditors Sell 5.5% Stake to Recover Loans
-------------------------------------------------------
SK Networks creditors are planning to sell their 5.5% stake
worth KRW235.5 billion in order to recover part of their loans,
Reuters News reports.

Main creditor Hana Bank and other local banks who own a combined
56% stake in the oil trading firm, have agreed to sell 13
million shares in the Company, reducing their stake to 50.1%.
The stake sale would garner capital gains of KRW121.5 billion
for creditors.

The international auction is scheduled next month, and creditors
will select a lead manager for the sale. Potential buyers of the
shares must agree not to sell the shares before December 2007.

SK Networks has been in a creditor-led restructuring program
since 2003, after escaping bankruptcy due to a KRW1.21 trillion
accounting scandal. The Company is expected to graduate from the
restructuring program in 2007.

The Company has posted an 85% increase in operating profit to
IDR354 billion in 2004, and is targeting to increase sales to
KRW14 trillion this year.

CONTACT:

SK Networks Co.
Head Office
199-15, Euljiro-2Ga,
Jung-Gu, Seoul,
100-192 South Korea
Phone: 82-2-2221-2114
Fax: 82-2-754-9414
E-mail: webmaster@sknetworks.co.kr


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

GOLDEN FRONTIER: Posts Shares Buy Back Notice
---------------------------------------------
Golden Frontier Berhad disclosed the details of its shares buy
back on April 20, 2005 to the Bursa Malaysia Securities Berhad.

Date of buy back: 20/04/2005

Description of shares purchased: Ordinary Shares of MYR1.00 Each

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

Minimum price paid for each share purchased (MYR):         0.595

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

Total consideration paid (MYR):                        1,209.48

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

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

Cumulative net outstanding treasury shares as at to-date
(units): 1,461,300

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

CONTACT:

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


I-BERHAD: Repurchases 10,000 Shares
-----------------------------------
I-Berhad disclosed the details of its shares buy back on April
20, 2005 to the Bursa Malaysia Securities Berhad.

Date of buy back: 20/04/2005

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

Total number of shares purchased (units):             10,000

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

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

Total consideration paid (MYR):                    8,059.20

Number of shares purchased retained in treasury
(units): 10,000

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

Cumulative net outstanding treasury shares as at to-date
(units): 1,483,700

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

CONTACT:

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


I-BERHAD: Seeks Shareholder Approval to Buy Own Shares
------------------------------------------------------
I-Berhad announced that the Company is seeking the approval of
its shareholders to renew its authority to purchase Company
shares.

The Company's present authority to buy its own shares, which was
granted by shareholders in the 37th Annual General (Company)
Meeting (AGM) on May 13, 2004, will expire at the end of the
upcoming AGM.

The Company will send a statement containing the details of the
proposal to its shareholders, together with its annual report
for 2004, in due course.


LITYAN HOLDINGS: Must Settle MYR51.5 Mln Default
------------------------------------------------
Lityan Holdings Berhad (LHB) announced that on April 20, 2005,
the Company and its subsidiary, Lityan Incorporated (LII),
received a Writ of Summons and Statement of Claim from Bank
Islam Berhad for default in repayment of the facilities granted
to LII by the bank.

Bank Islam Berhad claimed for the following:

a) the principal sum of USD$13,542,082.55 (MYR51.5 million),
calculated as at Oct. 8, 2004;

b) overdue profit on the sum of USD$742,184.64 (MYR2.82 million)
calculated as at Oct. 8, 2004;

c) profit at the rate of 2% over and above Bank Islam Berhad's
costs of funds over a period of 6 months, calculated on the sum
of USD$13,542,082.55 (MYR51.5 million), from Oct. 8, 2004 until
the date of full settlement;

d) costs of Bank Islam Berhad's action on a full indemnity basis
to be paid by LHB and LLI; and

e) such further and other relief that may be deemed fit and just
by the Court.

With regard to the Company's negative net tangible assets (as
indicated in its Dec. 31, 2004 unaudited financial report), the
above amounts would have a material effect on the Company's
finances, but no effect on its operations, as the claims would
appear as a contingent liability.

CONTACT:

Lityan Holdings Berhad
Bangunan Lityan,
Peremba Square Saujana Resort,
Section U2,40150 Shah Alam
Selangor Darul Ehsan
Malaysia
Phone: + 603-7622-1188
Fax:   +603-7666-6870
E-mail: enquiry@lityan.com.my


NAM FATT: Unit's Subsidiary Acquires New Company
------------------------------------------------
Nam Fatt Corporation Berhad announced that unit Nam Fatt
Investment (NFI)'s subsidiary, Ascent Capital International
Limited (ACIL) acquired the entire issued and paid-up capital (1
ordianry share at HKD1.00) of Dian Chi Development Limited
(DCDL) from Manseco Limited, resulting in DCDL becoming a wholly
owned subsidiary of ACIL.

ACIL further subscribed for 99,999 ordinary shares in DCDL for
HKD99,999.00, or MYR48,722.51. The cash was generated from
within the company. Company director Dato' Ng Keng Joo was also
selected as director of DCDl.

CONTACT:

Nam Fatt Corporation Berhad
40B Persiaran Sultan Ibrahim
41300 Klang, Selangor
Darul Ehsan 41300 Malaysia
Phone: +60 3342 0766
Fax:   +60 3342 7830


PAN MALAYSIA: Buys Back 320,000 Shares
--------------------------------------
Pan Malaysia Corporation Berhad disclosed the details of its
shares buy back on April 20, 2005 to the Bursa Malaysia
Securities Berhad.

Date of buy back: 20/04/2005

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

Total number of shares purchased (units):            320,000

Minimum price paid for each share purchased (MYR):      0.38

Maximum price paid for each share purchased (MYR):      0.400

Total consideration paid (MYR):                  123,569.39

Number of shares purchased retained in treasury
(units): 320,000

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

Cumulative net outstanding treasury shares as at to-date
(units): 22,325,500

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

CONTACT:

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


PANTAI HOLDINGS: Repurchases More Shares
----------------------------------------
Pantai Holdings Berhad disclosed to the Bursa Malaysia
Securities Berhad the details of the shares it had bought back
on April 20, 2005.

Date of buy back: 20/04/2005

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

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

Minimum price paid for each share purchased (MYR):      1.000

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

Total consideration paid (MYR):                   17,279.08

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

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

Cumulative net outstanding treasury shares as at to-date
(units): 28,623,800

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

CONTACT:

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


PETALING TIN: Approves Resolutions in AGM
-----------------------------------------
Petaling Tin Berhad announced that the Company duly passed it
Ordinary Resolutions 1 to 9, as set out in the notice of the
Company's 79th Annual General Meeting (AGM); the Meeting was held
last Wednesday, April 20, 2005.

CONTACT:

Petaling Tin Berhad
Level 19, Menara PanGlobal,
No. 8, Lorong P Ramlee
50250 Kuala Lumpur
Malaysia
Phone: 03 - 20312377
Fax:   03 - 20312263


PILECON ENGINEERING: Granted Additional Shares Listing
------------------------------------------------------
Pilecon Engineering Berhad's additional 2 new ordinary shares of
MYR0.50 each issued pursuant to the Company's Exercise of 2
Warrants 2000-2005 will be granted listing and quotation
effective Monday, April 25, 2005, 9:00 a.m.

CONTACT:

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


YCS CORPORATION: Appeals Bourse's Decision to Delist Securities
---------------------------------------------------------------
YCS Corporation Berhad announced that, in respect of the Bursa
Malaysia Securities Berhad Appeals Committee's decision to
delist the Company's securities from the Official List of the
Exchange, the Company submitted an appeal to such decision on
April 19, 2005.

CONTACT:

YCS Corporation Berhad
Taman Perindustrian UEP Subang Jaya
Subang Jaya, Selangor Darul Ehsan 47600
Malaysia
Phone: +60 3 80242922
Fax:   +60 3 80242911


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

BACNOTAN CONSOLIDATED: Plans to Buy Steam Power Plant
-----------------------------------------------------
Bacnotan Consolidated Industries Inc. is setting its sights on
one of the state's major geothermal power plants, relates The
Philippine Daily Inquirer.

The holding company, through its 25-percent owned unit Trans-
Asia oil and Energy Corp., is interested at three power plants
that National Power Corporation will privatize. The facilities
include 193-megawatt Palinpinon power plant in Negros Oriental
province, the 150-megawatt plant at the Bacon-Manito area in
Sorsogon province, and the 275-megawatt plant in Tiwi, Albay.

Bacnotan and its parent Philippine Investment Management Inc.
(PHINMA) are reportedly looking at opportunities arising from
the restructuring and privatization of Napocor focusing mainly
on possible participation in geothermal power plants.

The firm is also firming up plans to invest in education,
medical services, hotel operation, and housing.

CONTACT:

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


DIGITAL TELECOMMUNICATIONS: Bloated Costs Stretch 2004 Net Loss
---------------------------------------------------------------
Higher expenses pulled down revenues of Digital
Telecommunications Philippines Inc. (Digitel) resulting to a net
loss of Php1.80 billion in 2004, according to The Philippine
Daily Inquirer. The reported net loss is wider compared to a net
loss of Php1.29 billion in 2003.

Digitel earlier said operating revenue in 2004 rose 13.3 percent
to Php7.33 billion, boosted by its mobile phone operations,
launched in March 2003.

The firm's costs and expenses ballooned to Php7.7 billion last
year from Php7.02 billion in 2003, partly due to the aggressive
marketing of its wireless business as well as network-related
expenses.

Digitel said its Sun Cellular subscriber base reached 1.7
million at the end of February. It hopes to boost the number to
3 million by year-end, backed by an aggressive marketing
strategy that includes unlimited call and text plans for
subscribers.

CONTACT:

Digital Telecommunications Phils Inc
110 E Rodriguez Jr Ave Bagumbayan
1110 Quezon City 1110
Philippines
Phones: +63 2 633 0000
Fax: +63 2 635 6142
Web site: http://www.digitelone.com/


MAYNILAD WATER: ING-led Group Mulls Buyout
------------------------------------------
A consortium led by investment bank ING Barings Group and the
Ayala group is reportedly keen on acquiring Maynilad Water
Services Inc., according to the Philippine Daily Inquirer.

The new bidder, which also includes the World Bank's investment
arm International Finance Corporation, met Wednesday with
Department of Finance officials to express their interest to buy
the ailing water concessionaire.

The ING-led consortium is proposing to assume the financial
requirements of regulator Metropolitan Waterworks and Sewerage
System (MWSS) on top of paying Maynilad's liabilities to
creditor-banks as required under its rehabilitation plan.

DMCI Holdings Inc., the first Company that expressed interest to
acquire Maynilad, said it would pursue its bid despite the entry
of the ING-led consortium.

CONTACT:

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


MAYNILAD WATER: DMCI Eyes 100% Stake
------------------------------------
DMCI Holdings Inc. is seeking full control over water utility
firm Maynilad Water Services Inc. because it does not want to be
limited in its decisions by a partner, Business World reports.

Consuji firm DMCI is reportedly conducting negotiations with
both the Lopez group and its French partner for the purchase of
their shares. The Lopezes, through Benpres Holdings Corp.,
controls Maynilad with a 60 percent stake. Its French partner,
water utility firm Ondeo Services Philippines Inc., owns the
remaining 40 percent.

Sources said buying out Ondeo would prevent management disputes
given that Ondeo may have different ideas in running Maynilad,
and may contradict the future decisions of DMCI in the water
concessionaire.

DMCI said it does not mind acquiring the debt-saddled firm,
since Maynilad has already been allowed to increase its rates.

DMCI had already informed Maynilad of its intention to buy the
Lopezes' stake, but has not yet received a reply. The firm is
now doing due diligence on Maynilad. DMCI President Isidro
Consunji said the audit is likely to be completed after two
weeks.


NATIONAL POWER: PSALM Fixes Sale of Big Hydro Power Plants
----------------------------------------------------------
The Power Sector Assets and Liabilities Management Corp. (PSALM)
is arranging the sale of the first batch of National Power
Corporation's (Napocor) big hydroelectric power generating
assets, The Philippine Star reports.

PSALM vice president for asset management and disposal Froilan
Tampinco said the agency expects the sale of Pantabangan and
Masiway hydropower plants by end of next month or early June.

The 100-megawatt (MW) Pantabangan will be auctioned off
separately from the 12-MW Masiway power plant. The two
facilities, which are used both for power generation and water
irrigation, will be privatized one day apart.

PSALM will issue the public notices for the sale of the two
power plants as soon as the issues are resolved with the
National Irrigation Authority and National Water Regulatory
Board.

At least two foreign and two local firms have signified their
interest in bidding for Pantabangan, while six local consortiums
may bid for Masiway.

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/


PHILIPPINE LONG: Clarifies News on Planned Satellite TV Venture
---------------------------------------------------------------
Philippine Long Distance Telephone Company (PLDT) issued this
disclosure in reference to the news article entitled "PLDT goes
into satellite TV" published in the March 20, 2005 Cocktales
section of the Philippine Daily Inquirer (Internet Edition).

In response, PLDT issued a clarificatory statement is set out
below.

"e-PLDT (a wholly-owned subsidiary of Philippine Long Distance
Telephone Company), through its own subsidiary Parlance Systems,
Inc., provides outsourced, inbound/outbound call center services
to the Direct-To-Home (DTH) subscribers of Echostar
Communications Inc. (Echostar) in the United States. Parlance
has been providing these services since March 2002, growing from
an initial 50-seat operation to about 1,250 seats today.

"With a total of approximately 1,500 Parlance employees
dedicated to handling its requirements, Echostar is the largest
single company outsourcer to a Philippine call center.
The Founder, Chairman, and CEO of Echostar, Mr. Charles Ergen
and other senior Echostar executives yesterday concluded a visit
to Manila to see for themselves the facilities and operations of
Parlance, which now handles close to 20% of total Echostar
enterprise customer service calls.

"Parlance is the first Echostar outsourced customer service call
center servicing Echostar's over 11 million DTH customers in the
United States. Since the start of operations, Parlance has
handled close to 27 million calls for Echostar for both inbound
customer service requirements as well as outbound sales.

"In their discussions, PLDT and Echostar explored possibilities
for expanding their call center business relationship, as well
as the possibility of providing a pervasive and cost effective
DTH satellite pay television service in the Philippines on a
joint venture basis."

CONTACT:

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


RB GIPORLOS: PDIC Seeks Court Approval on Dividend Distribution
---------------------------------------------------------------
Please take notice that the Philippine Deposit Insurance
Corporation, as Liquidator of the Rural Bank of Giporlos
(Eastern Samar), Inc. will submit the Project of Distribution of
Liquidating Dividends to the Creditors of the said bank, for the
approval of the Liquidation Court (Regional Trial Court 8th
Judicial Region-Branch 3, Guiuan, Eastern Samar) April 28, 2005
at 8:30 A.M.

PHILIPPINE DEPOSIT INSURANCE CORPORATION
Liquidator


VICTORIAS MILLING: Shareholders Approve Adoption of New By-laws
---------------------------------------------------------------
Further to Circular for Brokers No. 1596-2005 dated April 6,
2005, in connection with the results of the Annual Stockholders'
Meeting of Victorias Milling Company Inc. (VMC), the
Corporation, through its SEC Form 17-C dated April 4, 2005,
which was received by the Philippine Stock Exchange on April 20,
2005, further disclosed that:

"During the Annual Stockholders' Meeting of Victorias Milling
Company Inc. (VMC) held on April 1, 2005 at the Metropolitan
Club Inc. at 9:00 o'clock in the morning, the Stockholders duly
approved the amendment of the Articles of Incorporation and the
adoption of the New By-laws of the Corporation."

Likewise, in relation to the aforementioned matter, the
Corporation furnished the Exchange the following documents:

(1) Amended Articles of Incorporation and New By-Laws;
(2) Amended Articles of Incorporation, as approved by the
Securities and Exchange Commission (SEC) on October 5, 1994;
(3) Amended By-Laws, as approved by the SEC on February 24,
1987.

Copies of the above-mentioned documents shall be made available
for reference at the PSE Centre Library.

For your information.

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

Noted by:

(Original Signed)
JURISITA M. QUINTOS
Senior Vice President

CONTACT:

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


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

CHON HWA: Pays Dividend to Preferential Creditors
-------------------------------------------------
Chon Hwa Construction Pte Ltd (In Liquidation) posted at the
Government Gazette, Electronic Edition a notice of payment to
preferential creditors.

Number of Matter: Companies Winding Up No. 152 of 2002/E

Amount per Centum: 100.0% (Preferential Creditors)
2.0% (Unsecured Creditors)

First & Final or otherwise: First Interim Dividend

When payable: 9th April 2005

Where payable:

Office of the Liquidator
c/o Don Ho & Associates
Certified Public Accountants
Corporate Advisory & Recoveries
Equity Plaza
20 Cecil Street #12-02 & 03
Singapore 049705
Telephone: 6532 0320 (8 lines)
Fax: 6532 0331

Name of Liquidator: Mr. Don M Ho, FCPA

Dated this 5th April 2005


DIGILAND VIETNAM: Court to Hear Winding Up Petition April 29
------------------------------------------------------------
Notice is hereby given that a petition for the winding up of
Digiland Vietnam Pte Ltd by the High Court was on April 6, 2005
presented by Hewlett-Packard Singapore (Sales) Pte Ltd (Reg No.
198204256H) of 450 Alexandra Road, Singapore 119960, a Creditor,
and that the petition is directed to be heard before the Court
sitting at the High Court, Singapore at 10:00 am, in the
forenoon, on Friday, April 29, 2005.

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

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

The Petitioner's address is at 450 Alexandra Road, Singapore
119960.

The Petitioner's solicitors are Engelin Teh Practice LLC of No.
10 Collyer Quay, #23-01 Ocean Building, Singapore 049315.

Messrs Engelin Teh Practice LLC
Solicitors for the Petitioner

Note:

Any person who intends to appear on the hearing of the Petition
must serve on or send by post to the abovenamed Engelin Teh
Practice LLC, notice in writing of his intention to do so.

The notice must state the name and address of the person, or, if
a firm, the name and address of the firm, and must be signed by
the person 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 of the
April 28, 2005.


IPCO INTERNATIONAL: SGX-ST Approves Listing of New Shares
---------------------------------------------------------
Further to the announcement made on April 5, 2005 the Board of
Directors of IPCO International Limited announced that the
Singapore Exchange Securities Trading Limited (SGX-ST) has given
its in-principle approval for the listing and quotation of the
New Shares of par value S$0.05 each arising from the Proposed
Capital Reduction Exercise, subject to the following:

(a) Confirmation of the High Court of Singapore approving the
Proposed Capital Reduction Exercise and the lodging of a copy of
the Order of the Court confirming the Proposed Capital Reduction
Exercise;

(b) Filing of a copy of the Order of the Court confirming the
Proposed Capital Reduction Exercise with the Accounting and
Corporate Regulatory Authority (ACRA); and

(c) Such other relevant regulatory approvals and consents.

The SGX-ST's in-principle approval is not to be taken as an
indicaton of the merits of the Proposed Capital Reduction
Exercise or the New Shares.

The Company will make further announcements in relation to the
Proposed Capital Reduction Exercise in due course.

By Order of the Board
IPCO International Limited

CONTACT:

IPCO International Limited
7 Temasek Boulevard 038987
SINGAPORE
Telephone: +65 2642711 /
Fax: +65 2642091/2641469
Web site: http://www.ipco.com.sg/


LAM SENG: Posts Notice of Preferential Dividend
-----------------------------------------------
Lam Seng Hang Commodities Pte Ltd (In Creditors' Voluntary
Liquidation) Reg. No. 198201722K of 47 Hill Street #05-04
Chinese Chamber of Commerce & Industry Building Singapore 179365
posted a notice of preferential dividend at the Government
Gazette, Electroni Edition with the following details.

Amount per centum: 5.5 percentum of admitted preferential claims
pursuant to section 328 (1) (g) of the Companies Act, Cap. 50

First and final or otherwise: First and Final

When payable: 20th April 2005

Where payable:

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

Dated this 15th day of April 2005

Chee Yoh Chuang
Lim Lee Meng
Liquidators


LEONG SENG: Winding Up Hearing Set April 29
-------------------------------------------
Notice is hereby given that a Petition for the Winding Up of
Leong Seng Hin Piling Pte. Ltd. by the High Court was on April
4, 2005 presented by Group Industries Pte Ltd having its
registered office at 17 Sungei Kadut Street 4, Singapore 729045.

The Petition is to be heard before the Court sitting at the High
Court at 10:00 o'clock in the forenoon on Friday, April 29,
2005.

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

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

The Petitioner's address is 17 Sungei Kadut Street 4, Singapore
729045.

The Petitioner's solicitors are Messrs Bih Li & Lee of 79
Robinson Road, #24-08 CPF Building, Singapore 068897.

Dated this 11th day of April 2005.

Bih Li & Lee
Solicitors for the Petitioner

Note:

Any person who intends to appear at the hearing of the Petition
must serve on or send by post to the abovenamed Messrs Bih Li &
Lee, notice in writing of his intention to do so.

The notice must state the name and address of the person, or, if
a firm, the name and address of the firm, and must be signed by
the person firm, or his or their solicitors (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
April 28, 2005.


MICROTRONICS ASSOCIATES: Begins Winding Up Proceedings
------------------------------------------------------
Notice is hereby given that a petition for the winding up of
Microtronics Associates Pte. Ltd. by the High Court was, on
March 23, 2005 presented by Wilhelm Westermann (Germany Company
ID No. HRA 1691), a company incorporated in Germany and having
its registered office at Pfingstweidstr. 13, D-68199 Mannheim,
Germany, a Judgment Creditor.

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

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

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

The Petitioner's address is at Pfingstweidstr. 13, D-68199
Mannheim, Germany.

The Petitioner's solicitors are PKWA Law Practice LLC of 9
Temasek Boulevard, #09-03 Suntec City Tower 2, Singapore 038989.

PKWA Law Practice LLC
Solicitors for the Petitioners

Note:

Any person who intends to appear at the hearing of the petition
must serve on or send by post to the abovenamed PKWA Law
Practice LLC, notice in writing of his intention to do so.

The notice must state the name and address of the person, or if
a firm, the name and address of the firm, and must be signed by
the person, firm, or his or their solicitor (if any) and must be
served, or if posted, must be sent by post in sufficient time to
reach the abovenamed not later than 12 o'clock noon of April 21,
2005 (the day before the date appointed for the hearing of the
petition).


OKOKU REAL: Creditors May Appear at Hearing
-------------------------------------------
Notice is hereby given that a petition for the winding up of
Okoku Real Estate Pte Ltd by the High Court was, on the 5th day
of April 2005, presented by Tan Moh Hung (NRIC No. S0779427/D)
of No. 7 Shangri-La Walk, Singapore 568134, Judgment Creditor.

The said Petition is to be heard before the Court sitting at the
High Court at 10 o'clock in the morning on Friday, April 29,
2005.

Any creditor or contributory of the 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 Company requiring the same by the
undersigned on payment of the regulated charge for the same.

The Petitioner's address is at No. 7 Shangri-La Walk, Singapore
568134.

The Petitioner's solicitors are Messrs Boey, Ng & Wan of 133
Cecil Street, #05-01 Keck Seng Tower, Singapore 069535.

Dated this 13th day of April 2005.

Messrs Boey, Ng & Wan
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
Boey, Ng & Wan, the Petitioner's Solicitors, notice in writing
his intention so to do.

The notice must state the name and address of the person, or if
a firm, the name and address of the firm, and must be signed by
the person or firm, or his or their solicitor (if any) and must
be served, or, if posted, must be sent by post in sufficient
time to reach the abovenamed not later than 12 o'clock noon of
April 28, 2005 (the day before the day appointed for the hearing
of the Petition).


STAMFORD OVERSEAS: Court to Hear Petition May 6
-----------------------------------------------
Notice is hereby given that a Petition for Winding Up of
Stamford Overseas Development Pte Ltd formerly known as Overseas
Education Development Pte Ltd by the High Court was on March 11,
2005 presented by Quek Nak Puang of 12A Jansen Road #B01-01,
Singapore 548461, a creditor.

The Petition is to be heard before the Court sitting at the High
Court in Singapore 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 of his Counsel for
that purpose.

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

The Petitioner's address is 12A Jansen Road #B01-01, Singapore
548461.

The Petitioner's Solicitors are Messrs Edwin Seah & KS Teo of
101 Cecil Street, #12-06 Tong Eng Building, Singapore 069533.

Edwin Seah & KS Teo
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
Petitioner's Solicitors, Messrs Edwin Seah & KS Teo, notice in
writing of his intention to do so.

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


SUM YUE: Requires Creditors to File Proofs of Debt
--------------------------------------------------
In the matter of Sum Yue Electrical Engineering Pte Ltd. a
winding up order was made on April 1, 2005.

Name and address of Liquidator:

The Official Receiver
The URA Centre (East Wing)
45 Maxwell Road #05-11/#06-11
Singapore 069118

Messrs Eng Leong & Partners
Solicitors for the Petitioners

Note:

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

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


WEARNES INTERNATIONAL: Requests for Trading Halt
------------------------------------------------
Wearnes International (1994) issued to the Singapore Stock
Exchange (SGX) a request for trading halt of its securities
effective April 21, 2005 at 2:00 p.m. pending the release of an
announcement.

Ong Kim Teck
Secretary
April 21, 2005

CONTACT:

Wearnes International (1994) Limited
45 Leng Kee Road
159103
Singapore
Telephone: +65 6471 6288
           +65 6472 0009


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

ASIA HOTEL: Sees Improvement in Financial Position
--------------------------------------------------
Asia Hotel Public Company Limited (ASIA) issued to the Stock
Exchange of Thailand (SET) a progress report of its corporate
rehabilitation for disclosure to investors.

ASIA and its subsidiaries have put much more effort to carry out
the corporate rehabilitation to strengthen the shareholders'
equity. The progress is as follows:

(1) Asia Hotel Public Company Limited

During the past years, ASIA has performed pursuant to the debt
restructuring agreement made on August 1999. The loan balance as
of December 31, 2004 was reduced to THB1,559.79 million as a
result. On July 16, 2004 ASIA proposed to the financial
institutions the revised debt restructuring agreement to
strengthen its financial position, which is in negotiation at
present.  It is expected that the conclusion will be finalized
within the second quarter of 2005.

(2) Asia Pattaya Hotel Company Limited

Result from the debt restructuring agreement in January 2003,
the debt of Asia Pattaya was lessened to the agreed amount of
THB323.85 million.  After repayment according to the
aforementioned agreement, the loan balance as of December 31,
2004 was decreased to THB288.00 million.  Asia Pattaya has
renovated its hotel facilities to boost its business potential
and to satisfy customers' need.

(3) Asia Airport Hotel Company Limited

The loan of Asia Airport of THB662.66 million from The Bangkok
Metropolitan Bank was initially transferred to Petchburi Asset
Management (PAM) and then transferred to Sukhumvit Asset
Management (SAM). The aforesaid debt transferring has resulted
in slowing down the process of debt restructuring.

Finally, the debt restructuring agreement between Asia Airport
and SAM has been concluded and signed by both parties on
December 24, 2004.  The significant terms and conditions are
summarized as follow:

Asia Airport accepted the outstanding loan balance as of October
31, 2004 of THB662.66 million and the accrued interest of
THB539.23 million. SAM allowed Asia Airport to repay the
mentioned debt at the amount of THB261 million within 180 days
from the agreement date. After the said repayment is completed,
SAM agreed that the rest of the debt would be cancelled.

(4) Zeer Property Company Limited

Zeer Property has signed the debt restructuring agreement with
the financial institution on January 17, 2000 and signed the
agreement with Thailand Asset Management (TAM) on December 9,
2003. After repayment according to the aforementioned agreement,
the loan balances as at December 31, 2004 were reduced to
THB133.16 million and THB158.85 million respectively.

Zeer Property has developed more rental space of 18,487 square
meters and had big computer dealers and bookstores rented the
space.  This year operating results were expected to be greater
than those of last year.

After the repayment according to the debt restructuring
agreement between Asia Airport and SAM as mentioned in no. 3
above are completed, the shareholders' equity greatly improve
within the second quarter this year.

Additionally, if the debt restructuring agreement as mentioned
in no.1 is finalized, the financial positions of ASIA and its
subsidiaries will be strengthened.  However, ASIA still has some
risks due to the terms and conditions as mentioned in no. 1 that
is still in negotiation.

This information is provided for notification to the SET and for
disclosure to investors.

Best regards,
Mr. Kumpol Techaruvichit
Chairman and Managing Director

CONTACT:

Asia Hotel Public Company Limited
296 Phayathai Road, Phaya Thai Bangkok
Telephone: 0-2215-0808
Fax: 0-2215-4360
Website: http://www.asiahotel.co.th


DATAMAT: SEC Instructs Company to Amend Financial Statement
-----------------------------------------------------------
Previously, Datamat Public Company Limited (DTM) submitted its
audited yearly consolidated financial statements ending 2004 on
March 1, 2005.

Its shareholders' equity of the audited yearly consolidated
financial statements ending 2004 compared with that of ending
2003 shows recessive shareholders' equity from THB15.69 million
to (THB67.59) million.

The Stock Exchange of Thailand (SET), therefore, posts an SP
sign on DTM's securities effective March 2, 2005 onwards.
Later, on March 2, 2005 DTM submitted the new version of its
audited yearly consolidated financial statements ending 2004.
DTM's financial status as shown in the new version of financial
statements was significantly different from the original one.

Its shareholders' equity changed from negative (THB67.59)
million, to positive THB1.25 million. Since, The SET and the SEC
have been in the procedure to inspect DTM's financial status,
which may affect the company's status in REHABCO sector.

Now, the SEC has instructed DTM to amend its annual financial
statements ending December 31, 2004 audited by Mr. Prawit
Wipusirikup, regarding allowance for doubtful accounts and
submit its amended financial statements within 6 May 2005.

In addition, the SEC has instructed DTM to submit a special
audit report, issued by another independent auditor, regarding
the consolidation with a subsidiary company and the presentation
of DTM's failure to repay restructuring debts.  DTM has to
submit the special audit report to the SEC within June 6, 2005.

Since DTM's financial status is unclear and may affect the
company's status in REHABCO sector. Therefore, the SET has still
posted an SP (Suspension) until there is clean information about
its financial status. The SET would like DTM's shareholders and
investors to scrutinize DTM's report carefully.

CONTACT:

Datamat Public Company Limited
Asoke Towers, Floor 17, 18 And 19,
219 Soi Asoke (Sukhumvit 21),
Sukhumvit Road, Klongtoey Nua,
Watthana Bangkok
Telephone: 0-2310-5111
Fax: 0-2319-8208
Website: http://www.datamat.co.th


INTER FAR: Wraps Up Rehabilitation Process
------------------------------------------
Inter Far East Planner Company Limited, the plan administrator
of Inter Far East Engineering Public Company Limited advised the
Stock Exchange of Thailand (SET) that it would file a petition
to the Business Reorganization Office in order to disseminate
information about the success of its rehabilitation plan and the
termination of the rehabilitation in February 2, 2005 by the
Official Receiver by procedures according to the law.

The Company expects to finish the procedure soon and will
further update the SET on the undertaking.

Please be informed accordingly.

Sincerely yours,
Mr. Narong Taychachaiwong
Inter Far East Planner Company Limited
The Plan Administrator

CONTACT:

Inter Far East Engineering Pcl
29 Soi Jitranukhroh,
Ramkhamhaeng 22 Road, Bang Kapi Bangkok
Telephone: 0-2318-3272
Fax: 0-2318-0574
Web site: http://www.ifct.co.th


THAI ENGINE: Hopes to Profit in 2005
------------------------------------
The Central Bankruptcy Court issued an order accepting the
petition to reorganize the business of Thai Engine Manufacturing
Pcl (TEM) in accordance with the Bankruptcy Act BE 2483
(Amended) on April 4, 2000, and appointed Churchill Pryce
Planner Co. Ltd. (CPP) as the Planner.

Subsequently on November 7, 2000, the Reorganization Plan (the
Plan) was considered and approved at the creditors meeting.  On
December 20, 2000 the CBC approved the Plan and appointed CPP as
the Plan Administrator.

On February 1, 2002, the creditors meeting agreed to amend the
Plan.  On April 4, 2002, the Plan was amended and approved by
the CBC.

The Plan consisted of 7 Steps:

(1) Restructuring of the Liabilities;

(2) Transferring certain assets and liabilities to Special
Purpose Companies;

(3) Transferring collateral securities to secured Lenders;

(4) Reducing equity capital;

(5) Increasing equity capital and Conversion of Debt to Equity;

(6) Partial debt forgiveness; and

(7) Relisting the core business units on the SET under TEM.

At present, Step 1 through 5 of the above has been completed.
Step 6 and 7, which included partial loan write-off and
relisting of the core business unit has been done.

On August 22, 2003, CBC approved the resignation of CPP as the
Plan Administrator and appointed TEM as the temporary Plan
Administrator.  On September 18, 2003, the Official Receiver
arranged for a creditors meeting to elect the new Plan
Administrator, in which TEM and Asian International Planner Co.
Ltd. were appointed the co-Plan Administrators. On October 6,
2000, the CBC approved the appointment.

Management of the co-Plan Administrators

When the current co-Plan Administrators took on the job, their
goals were to strengthen TEM financially and make its business
viable.  The goals of the co-Plan Administrators consist of:

(1) Restoring TEM's market share to the level before it
experienced a financial problem, which was about 25 percent by
coordinating the financial, marketing, and production functions
more systematically and efficiently.

In addition, the management of TEM has been negotiating with
Mitsubishi Heavy Industry Co. Ltd. (MHI) to extend the exclusive
rights of TEM as the producer and distributor of Mitsubishi
diesel engines.  The negotiation is currently on hold, but is
expected to continue when MHI's internal reorganization is
completed.

(2) For the financial planning, the co-Plan Administrators
believe that TEM will require additional capital to successfully
execute its business plan.  TEM has made some progress in
bringing a potential investor and is now in the process of
cooperating with the potential investor to develop a business
plan.  TEM plans to notify the SET of any substantial
development on the negotiation with the investor.

(3) For the marketing plan, the co-Plan Administrators started
to reestablish the connection with TEMs former distributors,
such as the Cooperatives and Agricultural Bank, etc., to rebuild
the business image, product image and after sales services,
including supports for spare parts and maintenance parts.

In 2004, TEM sold 9,266 units of diesel engines, a 158.11
percent increase from 2002 (Table 1).  For the quarterly
performance of 2004, saw volume sales increase continuously.
(Table 2)


TABLE 1
Sales of Diesel Engines for 2002-2004
[Baht, millions]

                       2002      2003      2004
Engine Sales
(Units)              1,903      3,590      9,266

Revenues from
Engine Sales         43.53      82.42      227.60

Revenues from
Sales of Spare Parts  9.37       3.52      13.76
Total Sales
Revenue              52.9      85.94      241.36

TABLE 2

Quarterly Volume Sales of Diesel Engines for 2004
[Baht, millions]

                  Q1        Q2        Q3       Q4
Engine Sales
(Units)        2,158      2,191     2,619      2,298

Revenues
from Engine
Sales          55.01      54.48      63.05     55.06

Revenues
from Sales
of Spare Parts  3.64      2.25       4.35      3.52

Total Sales
Revenue        58.65      56.73      67.40     58.58

(4) For its production lines, TEM has been working to repair and
restore all the production lines that had been halted during its
financial problem and buying back the machinery it had
previously sold.  TEM has also been negotiating with its
suppliers on its improved credit condition in order to regain
its credit terms with the suppliers.

(5) TEM has restructured its organization to improve management
efficiency and agility.  It has worked to improve employees'
morale and belief in the future operations of TEM.

2003 Performance

In 2004, sales revenues were THB241.36 M, a 180.85 percent
increase from 2003; its operating margin was 23.415 percent, a
significant improvement from -3.588 percent and 10.766 percent
margin from 2002 and 2003.

The company was able to cut selling and administrative costs by
15.238 percent, so that the net profit was THB7.025 M, increased
from 2002 and 2003, which had net losses of THB115.09 and
THB124.555 M.

TABLE 3

Income Statements for 2002-2003
[Baht, millions]

                 2002      2003      2003   Change +/- (%)
                                             2003-2004

Revenues
Sales           52.896   85.935   241.361    + 180.85
Capital
Gains          2.575      -        -          -

Write-back
of Loan
Loss Provision  2.052     -        -          -

Others         1.728    0.914     0.793       -

Total Revenue  59.434   86.849   242.154    + 178.83

CGS            54.793   76.683   184.845    + 141.05

SG&A           45.054   36.784    31.179      (15.25)

Loan
Loss
Provision       3.374  (3.057)      -           -

Provisions
for Obsolete
Inventory     6.234    5.180      -           -

Provision for
Increased Debts under
Rehabilitation
Plan           69.072      -       -

Losses
from Asset
Sales         50.797      -        -           -

Provisions
for Reduced
Asset Values     -      6.600      -          -

Total Adm.
Expense       160.245   191.262   216.024

Losses
Before
Interest
Charges    (100.811) (104.413) 26.130      + 125.02

Losses
After
Interest
Charges    (115.09)  (124.555)  7.040      + 105.66

Income Tax     -        -       0.012        -

(Net Losses)
Net Profit   (115.09)  (124.555)  7.028      + 105.64

Net Margins    (3.588)  10.766    23.416      + 12.65

(Losses)
Profit per
Share (Baht)   (24.04)  (16.61)     0.94      +

Rehabilitation Management

In May 2004 the plan administrators received three separate
proposals from Pitayatorn Co. Ltd. by Mr. Surachai Kositsariwong
to acquire the loans from the creditors and/or invest in the
Company to accommodate the requirements of the creditors.

The Co-Plan called for the Creditors Meeting four times on May
17, May 31, June 21 and July 6, 2004 to inform the creditors of
the framework for the debt repayment, some creditors accepted,
some one asked to increase the purchasing but the others did not
have express their concerns. Nevertheless, the proposals expired
before sufficient number of creditors approved the proposal in
principle.

After negotiations with this investor fell through in October
2005, S.A.M.C. Co. Ltd. by Mr. Suthisak Lohsawat approached the
Company to consider a capital investment and negotiate a
settlement with the creditors from the capital injection on the
conditions that the Company has to revise its reorganization
plan to allow the investment.

The Investor has appointed White and Case (Thailand) Co., Ltd.
as its legal advisor to advise on the terms and conditions of
the petition to revise the reorganization plan. The plan
administrators has informed the main creditors of the
negotiations and is currently preparing the terms and conditions
for the petition to revise the reorganization plan.

The plan administrator is organizing a meeting between the
Investor and the creditors on April 18, 2005 to propose the
terms and conditions of the investment. The petition is expected
to be submitted to the official receiver by April 2005.

Future Plan-New Products

TEM plans to become a manufacturer and distributor of a variety
of diesel engines to the requirements of the market.  TEM plans
to utilize the capacity and capability of the factory to expand
into the following businesses:

(1) Low Cost Single Cylinder Diesel Engine based on designs and
Thai brand Singkhanongna, model SMG, with a goal of becoming the
low cost, low price, high quality producer and fuel-save more
than 25 percent.  TEM plans to begin the production of this
product by mid-2005 with a target annual production of 25,000
units.

(2) Reasonable price and quality Gasoline Engine based on
designs and parts from China to be improved. TEM plans to begin
the production of this product by 2006 with a target annual
production of 30,000 units.

(3) The management is under negotiations with a leading
Australian company for cooperation in Cane harvester, Austoft
and Cameco brand. In 2006 TEM will be an agency in Thailand in
marketing and service after sale. TEM will begin the production
of this product in 2006.

The GOAL under the Management of The Co-Plan Administrators

The co-Plan Administrators believe that TEM is a viable business
and in the long run the restructuring of the company will enable
it to reach its growth potential. TEM aims to have its stocks
traded under its normally designated sector again by achieving
three consecutive quarters of making profits in June 2005.

TEM's concern for the benefit of all related parties,
particularly the shareholders, Creditors, employees and the
government authorities, under the rules of law, good business
ethics and good corporate governance.

CONTACT:

Thai Engine Manufacturing Pcl
Alfa Bldg, Floor 8-12,69/8-12
Vibhavadi Rangsit Road, Phaya Thai Bangkok
Telephone: 0-2644-4151-75
Fax: 0-2644-4181-2
Web site: http://www.thaiengine.com


THAI WAH: Creditors' Committee OKs Plan Amendment
-------------------------------------------------
Thai Wah Pcl refers to its letter submitted to the Stock
Exchange of Thailand (SET) on April 18, 2005.

With regards to the strategies to return the Company to positive
equity, on April 20, 2005 the Creditors Committee of the Company
have discussed the plan amendment proposed by the Class B
directors of the Plan Administrator.

The Company advised the SET that the Creditors Committee is now
considering the proposed plan amendment and expect to have
discussion again in May 2005.

Please be informed accordingly.

Yours faithfully,
Ian Pascoe
Class B Director of Thai Wah Group Planner Co Ltd,
as the Plan Administrator of Thai Wah PCL.

CONTACT:

Thai Wah Public Company Limited
21/63-64, 21/66A, 21/68 Thai Wah Tower I, 21st, 22nd, 24th
floor, South Sathorn, Tungmahamek, Sathorn, Bangkok 10120
Telephone: 0-2285-0040, 0-2285-0241-56
Fax: 0-2285-0269-70
Web site: http://www.thaiwah.com



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

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


CHINA & HONG KONG
-----------------
Guangdong Sunrise-B            200030    (-177.22)     45.09
Guangdong Sunrise-A            000030    (-177.22)     45.09
Hainan Dadong-A                000613     (-5.15)      18.72
Informatics Holdings Ltd         INFO       26.82      62.92
Shenzhen China Bicycles-B
Co., Ltd.                      200017    (-203.9)      52.16
Shenzhen China Bicycles-A
Co., Ltd.                      000017    (-203.9)      52.16


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

JAPAN
-----

Fujitsu Comp Ltd                6719       (-46.88)    316.07

MALAYSIA
--------

Innovest Berhad                 INV        (-0.3)       10.64
Kemayan Corp Bhd                KOP      (-393.11)      67.55
Panglobal Bhd                   PGL       (-50.36)     189.92
YCS Corporation Bhd             YCS         28.34      160.27

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

Pilipino Telephone Co.          PLTL     (-159.78)     280.22

SINGAPORE
---------

Pacific Century Regional          PAC      -176.29    1050.46

THAILAND
--------

Asia Hotel PCL                  ASIA       (-26.62)      96.21
Asia Hotel PCL                  ASIA/F     (-26.62)      96.21
Bangkok Rubber PCL              BRC        (-41.29)      80.14
Bangkok Rubber PCL              BRC/F      (-41.29)      80.14
Central Paper Industry PCL      CPICO      (-37.02)      40.41
Central Paper Industry PCL      CPICO/F    (-37.02)      40.41
Circuit Elect PCL               CIRKIT     (-25.89)      61.3
Circuit Elect PCL               CIRKIT/F   (-25.89)      61.3
Datamat PCL                     DTM        (-1.72)       17.55
Datamat PCL                     DTM/F      (-1.72)       17.55
National Fertilizer PCL         NFC        (-91.34)     293.84
National Fertilizer PCL         NFC/F      (-91.34)     293.84
Siam Agro-Industry Pineapple
And Others PCL                  SAICO      (-14.71)      13.38
Siam Agro-Industry Pineapple
And Others PCL                  SAIC0/F    (-14.71)      13.38
Thai Wah Public
Company Limited-F               TWC        (-47.01)     158.87
Thai Wah Public
Company Limited-F               TWC/F      (-47.01)     158.87
Tuntex (Thailand) PCL           TUNTEX     (-50.94)     398.25
Tuntex (Thailand) PCL           TUNTEX/F   (-50.94)     398.25





                            *********


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

Troubled Company Reporter -- Asia Pacific is a daily newsletter
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