TCRAP_Public/050426.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

             Tuesday, April 26, 2005, Vol. 8, No. 81

                            Headlines

A U S T R A L I A

A.C.N. 101 981 140: Lays Out Final Meeting Agenda
AUSTRAL COAL: Centennial Extends Offer Period to May 17
CARLOVERS CARWASH: To Pay Dividend May 16
COOMEALLA ABORIGINAL: To Declare Final Dividend May 3
DAE BOONG: Court Issues Winding Up Order

DML RESOURCES: Asks Creditors to Prove Debt thru Liquidator
FACIAL ATTRACTION: To Hold Final Meeting April 29
HAYPARK WHOLESALE: Final Meeting Set April 29
JKF INVESTMENTS: Appoints Liquidator to Wind Up Company
KNIGHTS INSOLVENCY: Cuts Ties with Adrian Duncan

LAKE GYPSUM: Hires Liquidator from Chartered Accountants
M. FROST: To Convene Final Meeting April 27
MIKE & SON: Court Appoints Official Liquidator
MORGIANNI PTY: To Undergo Voluntary Liquidation
NATIONAL AUSTRALIA: Hopes to Retain Top Spot

NUPRIGHT PTY: Winds Up Voluntarily
PACIFIC KNOWLEDGE: Members, Creditors to Meet May 2
PROSAIL: Liquidation Proceeds After Talks Fail
REBAK INVESTMENTS: To Hold Final Meeting May 4
REMUTE PTY: To Hear Liquidator's Report on Winding Up

ROXETER PTY: Members Agree to Wind Up Company
STRACAR PTY: Court Picks Liquidator from Chartered Accountants
SYD MIRROR: Fixes May 4 as Date of Final Meeting
WTRAD PTY: To Pay Dividend April 29
* ASIC Winds Up High-yield Investment Scheme


C H I N A  &  H O N G  K O N G

ARDA DESIGN: Schedules Creditors Meeting May 4
ARDA INTERIOR: Creditors Meeting Set May 4
BANK OF CHINA: S&P Revises BBB+ Rating Outlook to Stable
CHINA EVERBRIGHT: Posts CNY215.19 Mln Net Loss in FY04
DAISHIN INTERNATIONAL: Asks Creditors to Prove Debt

EFORCE HOLDINGS: Narrows Net Loss to HKD24.41 Mln
HUALING HOLDINGS: 2004 Net Loss Widens to HKD628.7 Mln
INDUSTRIAL AND COMMERCIAL: China to Infuse $15 Bln Aid
INDUSTRIAL AND COMMERCIAL: Gov't Aid Has No Rating Implications
KAWAMURA COMPANY: Adjourns Creditors Meeting to April 29

MUDAN AUTOMOBILE: Issues Profit Warning
RIGHT WORLD: High Court Orders Winding Up
SINOPLAN ENGINEERING: Winding Up Hearing Slated May 25
UDL HOLDINGS: 1H04 Net Loss Narrows to HKD14.53 Mln
U-WOON COMPANY: Receives Winding Up Order

ZANON HONGKONG: Releases Debt Claim Notice


I N D O N E S I A

BANK MANDIRI: Minister Defends Bank Against Corruption Charges
GARUDA INDONESIA: IPO Still Five Years Away
TELEKOMUNIKASI INDONESIA: Moody's Reviews Possible Upgrade


J A P A N

HITACHI LIMITED: Sees JPY300 Bln Operating Profit
HITACHI LIMITED: Develops New Mass Spectrometry Technology
MATSUSHITA ELECTRIC: Expects Profit After Restructuring Exit
TOYO COMMUNICATION: METI OKs Revised Restructuring Plan
UFJ BANK: Ex-execs Get Suspended Sentences in Cover-up Fiasco

UFJ HOLDINGS: EU Backs Mitsubishi-UFJ Merger


K O R E A

HYNIX SEMICONDUCTOR: To Sell ImageQuest Stake to Consortium


M A L A Y S I A

ANCOM BERHAD: Posts Notice of Rights Entitlement
FABER GROUP: Converts Loan Stocks into New Shares
GOLDEN FRONTIER: Buys Back Additional Stocks
LION INDUSTRIES: Set to List Additional Shares
MAXIS COMMUNICATIONS: Granted Listing of Additional Shares

PAN MALAYSIA: Buys Back 410,000 Shares
PANTAI HOLDINGS: Repurchases More Shares
TRANSOCEAN HOLDINGS: Net Loss Balloons in Q1/FY05
WCT ENGINEERING: Lists Additional Shares Today
WCT ENGINEERING: Seeks Shareholder Approval for Shares Buy Back


P H I L I P P I N E S

BACNOTAN CONSOLIDATED: Takes 56% College Shares
CEBU PLAZA: Metrobank to Reopen Hotel in July
DAIKIN-ALEN: Court Orders Receivership to Protect Assets
MAYNILAD WATER: Government May Allow Ayala Group to Buy Stake
NATIONAL POWER: Rate Hike to Trim Cashflow Deficit by US$500 Mln

NATIONAL POWER: House Body Questions Latest Rate Hike
NATIONAL POWER: Borrowing Resumes After ERC Hikes Power Rates
NATIONAL POWER: 25 Execs Breach EPIRA after Getting Php119 Mln
NATIONAL POWER: Puts Revived Calaca Power Plant Onstream
PACIFIC PLANS: In Talks with Foreign Investor


S I N G A P O R E

ACCORD CUSTOMER: Group Financial Controller Steps Down
ALLGREEN PROPERTIES: Members Pass All Resolutions at AGM
ASTI HOLDINGS: Unit Bags Excellence Award
DUNWOOD ENTERPRISES: Court Schedules Hearing May 13
GREATRONIC LIMITED: To Release Fraud Transaction Report Soon

GREATRONIC LIMITED: Refutes Former CEO's Allegations
MEDIASTREAM LIMITED: Placed Under Judicial Management
UNITED FIBER: Acquires Series Two Loan Note from Cornell
YR 2000: Creditors May Appear on May 6 Hearing


T H A I L A N D

KRUNG THAI: Unveils Resolutions Passed at Meeting
THAI-DENMARK: Unit Undergoes Business Reorganization
THAI-DENMARK: Sets Out Resolutions Made During Meeting
BOND PRICING: For the Week 25 April to 29 April 2005

     -  -  -  -  -  -  -  -

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

A.C.N. 101 981 140: Lays Out Final Meeting Agenda
-------------------------------------------------
Notice is given that the final meeting of the members of A.C.N.
101 981 140 Pty Limited (In Liquidation) will be held at the
offices of Deloitte Touche Tohmatsu, Level 3, 225 George Street,
Sydney on April 29, 2005 at 10:00 a.m.

AGENDA

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

Dated this 11th day of March 2005

D. J. F. Lombe
Liquidator
Deloitte Touche Tohmatsu
Level 3, 225 George Street,
Sydney NSW 2000


AUSTRAL COAL: Centennial Extends Offer Period to May 17
-------------------------------------------------------
For the purpose of ASX Listing Rule 3.2, Centennial Coal Company
Limited (ASX:CEY) advised of the following in relation to its
off-market takeover bid (Bid) for all the ordinary shares in
Austral Coal Limited (ASX:AUO).

(a) The offer period in respect of the offers under the Bid
contained in its bidder's statement dated March 9, 2005 (as
supplemented) (Offers) has been extended to 7:30 p.m. (Sydney
time) on Tuesday, may 17, 2005;

(b) At the time of making the first of the Offers under the Bid,
being March 21, 2005, Centennial and its associates had a
relevant interest in 9.6% of the ordinary shares in Austral; and

(c) At the date of the extension of the Offers, being April 22,
2005, Centennial and its associates have a relevant interest in
82.37% of the ordinary shares in Austral.

CONTACT:

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


CARLOVERS CARWASH: To Pay Dividend May 16
-----------------------------------------
A first and interim dividend is to be declared on May 16, 2005
for Carlovers Carwash (Aust) Pty Limited (Subject To Deed Of
Company Arrangement) A.C.N. 060 059 449.

This replaces the original notice of intention to declare a
dividend dated August 13, 2004.

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

Dated this 15th day of March 2005

Stuart Ariff
Deed Administrator
Stuart Ariff Insolvency Administrators
Level 2, 21 Bolton Street,
Newcastle NSW 2300


COOMEALLA ABORIGINAL: To Declare Final Dividend May 3
-----------------------------------------------------
A first and final dividend is to be declared on May 3, 2005 in
respect of Coomealla Aboriginal Housing Co Limited (In Official
Liquidation) A.C.N. 001 267 367.

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

Dated this 29th day of March 2005

Frank Lo Pilato
Official Liquidator
c/- RSM Bird Cameron Partners
Chartered Accountants
GPO Box 200,
Canberra ACT 2601
Telephone: (02) 6247 5988


DAE BOONG: Court Issues Winding Up Order
----------------------------------------
On March 8, 2005 the Supreme Court of New South Wales made an
Order that DAE Boong International Pty Limited (In Liquidation)
A.C.N. 076 232 436 be wound up and appointed me to be Official
Liquidator.

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


DML RESOURCES: Asks Creditors to Prove Debt thru Liquidator
-----------------------------------------------------------
A first and final dividend is to be declared on May 6, 2005 for
DML Resources Pty Ltd (In Liquidation) A.C.N. 053 771 494.

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

Please contact Timothy James Cuming's office for the relevant
Formal Proof of Debt or Claim.

Dated this 15th day of March 2005

Timothy James Cuming
Liquidator
PricewaterhouseCoopers
Darling Park Tower 2,
201 Sussex Street,
Sydney NSW 1171


FACIAL ATTRACTION: To Hold Final Meeting April 29
-------------------------------------------------
Notice is hereby given pursuant to Section 509 of the
Corporations Act 2001 that a Final Meeting of Members and
Creditors of Facial Attraction Skin Care Pty Limited (In
Liquidation) A.C.N. 065 495 418 will be held at the offices of
William Buck, Chartered Accountants, Level 24, 201 Elizabeth
Street, Sydney on April 29, 2005 at 10:00 a.m. for the purpose
of having an account laid before them showing the manner in
which the winding up has been conducted and the property of the
Company disposed of and the termination of the administration.

Dated this 17th day of March 2005

David G. Young
Liquidator
Facial Attraction Skin Care Pty Limited (In Liquidation)


HAYPARK WHOLESALE: Final Meeting Set April 29
---------------------------------------------
Notice is hereby given that a Final Meeting of Creditors and
Members of Haypark Wholesale Pty Ltd (In Liquidation) A.C.N. 072
098 723 will be held at the office of Nicholls & Co. Chartered
Accountants, Suite 103, 1st Floor, Wollundry Chambers, Johnston
Street, Wagga Wagga, New South Wales on April 29, 2005 at 10:00
a.m. for the purpose of receiving the Liquidator's account
showing how the winding up has been conducted and the property
of the Company disposed of and hearing any explanation which may
be given by the Liquidator.

Dated this 15th day of March 2005

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


JKF INVESTMENTS: Appoints Liquidator to Wind Up Company
-------------------------------------------------------
Notice is hereby given that at a General Meeting of Members of
JKF Investments Pty Limited (In Liquidation) A.C.N. 001 189 180
held on March 18, 2005, it was resolved that the Company be
wound up voluntarily and that Matthew Marcarian of Marcarian &
Co, 160 Pacific Highway, North Sydney 2060 be appointed
Liquidator of the Company for the purpose of such winding up.

Dated this 18th day of March 2005

Matthew Marcarian
Liquidator


KNIGHTS INSOLVENCY: Cuts Ties with Adrian Duncan
------------------------------------------------
Knights Insolvency Administration Limited (Knights) announced
Friday it has terminated Knights' Executive Services Agreement
with Adrian Duncan.

Mr. Duncan's termination follows the announcement by Knights on
April 1, 2005 that Mr. Duncan had stepped down from active
duties at Knights pending resolution of discussions with the
Board as to his position within Knights. Mr. Duncan's
termination has immediate effect.

Executive Director and National Manager of Insolvency, Dennis
Offermans, National Manager of Forensic and Financial Services,
Geoff Larson, and Chief Operating Officer, Grant Murphy continue
to have responsibility for the day-to-day operation of Knights.

CONTACT:

Knights Insolvency Administration Ltd
Level 14, Brisbane Club Tower
241 Adelaide Street
Brisbane QLD 4000
Phone: 61-7-3004 3200
Fax: 61-7-3004 3201
Web site: http://www.knights.com.au/


LAKE GYPSUM: Hires Liquidator from Chartered Accountants
--------------------------------------------------------
Notice is hereby given that at an Extraordinary General Meeting
of Lake Gypsum & Lime Pty Limited (In Liquidation) A.C.N. 078
977 009, held on February 28, 2005, the following Special
Resolution was duly passed:

That as the Company in the opinion of the Directors will not be
able to pay its debts within twelve (12) months the Company 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 14th day of March 2005

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


M. FROST: To Convene Final Meeting April 27
-------------------------------------------
Notice is hereby given that pursuant to section 509 of the
Corporations Act 2001, the final meeting of members of M. Frost
Properties Pty Limited (In Liquidation) A.C.N. 000 077 261 will
be held at the office of Thomas Davis & Co., Level 20, 68 Pitt
Street, Sydney on April 27, 2005 at 2:30 p.m. for the purpose of
laying before the meeting the Liquidator's final account and
report and giving any explanation thereof.

Dated this 16th day of March 2005

Peter L. Whiteman
Liquidator
Thomas Davis & Co
68 Pitt Street,
Sydney NSW 2000


MIKE & SON: Court Appoints Official Liquidator
----------------------------------------------
On March 15, 2005, the Supreme Court of New South Wales made an
Order that Mike & Son Painting (Nsw) Pty Limited (In
Liquidation) A.C.N. 107 947 026 be wound up and appointed the
undersigned to be Official Liquidator.

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


MORGIANNI PTY: To Undergo Voluntary Liquidation
-----------------------------------------------
Notice is hereby given that at an Extraordinary General Meeting
of Morgianni Pty Limited (In Liquidation) A.C.N. 003 901 102
duly convened and held on March 15, 2005, the following Special
Resolution was passed:

That the Company be wound up voluntarily and that Richard
Albarran be appointed Liquidator for the purpose of such winding
up.

Richard Albarran
Liquidator
c/- Hall Chadwick
Level 29, 31 Market Street,
Sydney NSW 2000


NATIONAL AUSTRALIA: Hopes to Retain Top Spot
--------------------------------------------
After recovering from a forex trading scandal, National
Australia Bank (NAB) is confident it could keep its top ranking
in a key corporate banking area, Sydney Morning Herald says.

In the first quarter of this year, NAB managed to climb back to
its number one position after it slipped to fifth spot last year
in the controversial foreign exchange trading losses that cost
the bank AU$360 million.

According to tables prepared by financial research companies
Bloomberg, Reuters' Basis Point and Thomson Financial, NAB
grabbed the top spot in Australian loan syndications in terms of
value of the loans it contributed during the first three months
of 2005.

NAB's focus changed in September last year under a
reorganization that pulled corporate banking out of the products
division and placed it inside the business and private banking
division.

General Manager of Corporate Banking Paul Orton said the
restructure was "absolutely fundamental" to NAB's turnaround,
providing a renewed focus on that part of the business.

CONTACT:

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


NUPRIGHT PTY: Winds Up Voluntarily
----------------------------------
At a General Meeting of Nupright Pty Limited (In Liquidation)
A.C.N. 002 686 455, duly convened and held at 96 Moore Street,
Liverpool NSW 2170 on March 11, 2005 the following Special
Resolution was passed:

That the Company be wound up as a Members' Voluntary Liquidation
and that the assets of the Company may be distributed in whole
or in part to the members in specie should the liquidator so
desire.

Dated this 11th day of March 2005

Alan Hugh Mcgillivray
Liquidator
Suite 2, 1st Floor,
179 Northumberland Street,
Liverpool NSW 2170


PACIFIC KNOWLEDGE: Members, Creditors to Meet May 2
---------------------------------------------------
Notice is given pursuant to Section 509 of the Corporations Act
that a joint meeting of the members and creditors of Pacific
Knowledge Networks Pty Ltd (In Liquidation) A.C.N. 077 975 663
will be held at the offices of Smith Hancock, Chartered
Accountants, Level 4, 88 Phillip Street, Parramatta NSW on May
2, 2005, at 10:00 a.m., for the purpose of having an account
laid before them showing the manner in which the winding up has
been conducted and the property of the Company disposed of and
hearing any explanations that may be given by the Liquidator.

Dated this 14th day of March 2005

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


PROSAIL: Liquidation Proceeds After Talks Fail
----------------------------------------------
Prosail fell into liquidation Friday after talks for a new owner
were not finalized before the second creditors' meeting, reports
Courier Mail.

The Queensland tour operator was placed under administration
earlier this year owing around 100 secured and unsecured
creditors, including the Australian Taxation Office (ATO) and
Westpac more than AU$4.5 million. But the firm has continued to
operate since its collapse in February.

Administrator Giles Woodgate of Woodgate and Co. regretted that
a deal has not been finalized before the deadline despite
promising talks with two potential buyers.

Mr. Woodgate said a number of changes had been made to the
running of the business including taking its signature, but
unprofitable, former America's Cup yachts off the water. About
16 casual staff had been sacked and changes made to the tour
programs.


REBAK INVESTMENTS: To Hold Final Meeting May 4
----------------------------------------------
Notice is hereby given pursuant to Section 509 of the
Corporations Act that a final meeting of members and creditors
of Rebak Investments Pty Limited (In Liquidation) A.C.N. 067 889
258 will be held at Suite 67, Level 14/88 Pitt Street, Sydney
NSW 2000 on Wednesday, May 4, 2005 at 11:30 a.m.

The purpose of the meeting is to lay before the members and
creditors an account for the manner in which the winding up has
been conducted and the property of the Company disposed of and
of hearing any explanations that may be given by the Liquidator.

Proxies to be used at the meeting must be lodged with the
undersigned no later than 4:00 p.m. on Tuesday, May 3, 2005.

Dated this 17th day of March 2005

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


REMUTE PTY: To Hear Liquidator's Report on Winding Up
-----------------------------------------------------
Notice is given that a final meeting of the members and
creditors of Remute Pty Limited (In Liquidation) previously
trading as Bel Mondo A.C.N. 002 610 460 will be held at Rodgers
Reidy, Level 8, 333 George Street, Sydney on April 29, 2005 at
10:00 a.m.

The purpose of the meeting is:

(a) To receive an account from the Liquidator.

(b) A resolution to destroy the books & records of the Company.

(c) To consider any other business.

Geoffrey Reidy
Liquidator
Rodgers Reidy
Level 8, 333 George Street,
Sydney NSW 2000


ROXETER PTY: Members Agree to Wind Up Company
---------------------------------------------
Notice is hereby given that at a general meeting of members of
Roxeter Pty Limited A.C.N. 001 380 338 held on March 11, 2005 it
was resolved that the Company be wound up voluntarily and that
for such purpose Graham Dudley Short, Chartered Accountant, 54
Sailors Bay Road, Northbridge, NSW, 2063, be appointed
liquidator.

Dated this 11th day of March 2005

Graham D. Short
Liquidator


STRACAR PTY: Court Picks Liquidator from Chartered Accountants
--------------------------------------------------------------
On March 15, 2005 the Supreme Court of New South Wales made an
Order that Stracar Pty Limited (In Liquidation) be wound up by
the Court and appointed Stephen Jay to be Liquidator.

Stephen Jay
Official Liquidator
c/- Nicholls & Co
Chartered Accountants
Suite 103, 1st Floor,
Wollundry Chambers,
Johnston Street,
Wagga Wagga NSW 2650


SYD MIRROR: Fixes May 4 as Date of Final Meeting
------------------------------------------------
Notice is hereby given pursuant to Section 509 of the
Corporations Act that a final meeting of members and creditors
of SYD Mirror Pty Limited (In Liquidation) A.C.N. 100 660 562
will be held at Suite 67, Level 14/88 Pitt Street, Sydney NSW
2000 on Wednesday, May 4, 2005 at 11:00 a.m. The purpose of the
meeting is to lay before the members and creditors an account
for the manner in which the winding up has been conducted and
the property of the Company disposed of and of hearing any
explanations that may be given by the Liquidator.

Proxies to be used at the meeting must be lodged with the
undersigned no later than 4.00 p.m. on Tuesday, 3 May 2005.

Dated this 17th day of March 2005

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


WTRAD PTY: To Pay Dividend April 29
-----------------------------------
A first and final priority dividend is to be declared on Friday,
April 29, 2005 for WTRAD Pty. Limited (Subject To Deed Of
Company Arrangement) A.C.N. 074 145 798.

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

Dated this 8th day of March 2005

Adam Shepard
Deed Administrator
Star, Dean-Willcocks
Level 1, 32 Martin Place,
Sydney NSW 2000


* ASIC Winds Up High-yield Investment Scheme
--------------------------------------------
The Australian Securities and Investments Commission (ASIC) has
moved to wind up a high-yield investment scheme operated by
Brisbane man, Mr. Shane William Hoy.

The Supreme Court of Queensland today granted permanent
injunctions preventing Mr. Hoy, of Kuraby, from making
statements about a high-yield investment scheme, and permanently
restraining Mr. Hoy from:

(1) Making statements or disseminating information concerning
private placement programs, bank guarantees, bank debentures or
any other financial products;

(2) Making any offers to sell shares in Biograd Filters Pty Ltd;
and operating any financial services business without first
obtaining an Australian Financial Services License.

At the same time, the Court issued permanent injunctions against
Mr. Victor Lynas, Mr. James Lynas and Ms Christine Lynas, all of
Kuraby, preventing them from making statements or disseminating
information concerning private placement programs, bank
guarantees, bank debentures or any other financial products.

The court further ordered that Mr. Hoy's companies BG
Investments International Pty Ltd, Pathlawn Pty Ltd, Biograd
Filters Pty Ltd and Biograd Developments Pty Ltd be wound up and
a liquidator be appointed over them.

"ASIC is determined to identify and stop people who operate
illegal financial services businesses and in doing so, put the
community at risk and bring the industry into disrepute," Ms.
Jan Redfern, Executive Director of Enforcement said.

"Consumers need to be careful of schemes offering high returns
and remember that promises of a high return usually mean there
are higher risks involved," Ms. Redfern added.

Background

The court orders have been obtained in the course of an
investigation by ASIC into the affairs of Mr. Hoy and his
companies.

ASIC alleged that Mr. Hoy, through his companies BG Investments
International Pty Ltd and Pathlawn Pty Ltd, offered investors
the opportunity to participate in a high-yield bank debenture
investment scheme, known as a private placement program, which
offered 'no risk' returns to investors in excess of 10 per cent
per month.

Mr. Hoy told investors that the US Federal Reserve Board
licenses certain companies to open 12 month fixed term deposit
accounts that are then used as guarantees for inter-bank loans.
The fixed term deposit account cannot have money withdrawn from
it during the 12-month period and the minimum investment is
US$10,000,000.

ASIC alleged that Mr. Hoy told investors that he was authorized
to accept investments of between $10,000 and $100,000 to sustain
existing US$10,000,000 fixed term deposit accounts for a return
of 10 per cent per month or more. Mr. Hoy asked interested
investors to deposit their money into one of his Company bank
accounts on the promise that those funds would be deposited into
a fixed term deposit account with a balance of US$10,000,000 or
more.

ASIC alleged that Mr. Hoy withdrew the money he obtained from
the Company bank accounts and used it for his own purposes.

ASIC further alleged that Mr. Hoy engaged in conduct that was
misleading or deceptive in breach of the Corporations Act 2001
in relation to the offering of shares in Biograd Filters Pty
Ltd.


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

ARDA DESIGN: Schedules Creditors Meeting May 4
----------------------------------------------
Notice is hereby given that a meeting of the creditors of Arda
Design and Decoration Limited will be held at Duke of Windsor
Social Service Building, No. 15 Hennessy Road, Wanchai, Hong
Kong on May 4, 2005 at 12:30 p.m. for the purposes provided for
in Sections 241, 242, 243 244 and 251 of the Companies
Ordinance.  

Creditors may vote either in person or by proxy.

Proxies to be used at the meetings must be lodged at the
registered offices of the aforesaid companies at Room 2204,
22/F., Wu Sang House, 655 Nathan Road, Kowloon, Hong Kong, not
later than 4:00 p.m. on the day before the meetings.

Dated this 22nd day of April 2005.

Wong Siu Yin Irene
Director


ARDA INTERIOR: Creditors Meeting Set May 4
------------------------------------------
Notice is hereby given that a meeting of the creditors of Arda
Interior Design Limited will be held at Duke of Windsor Social
Service Building, No. 15 Hennessy Road, Wanchai, Hong Kong on
4th day of May 2005 at 11 o'clock in the morning for the
purposes provided for in Sections 241, 242, 243 244 and 251 of
the Companies Ordinance.  

Creditors may vote either in person or by proxy.

Proxies to be used at the meetings must be lodged at the
registered offices of the aforesaid companies at Room 2204,
22/F., Wu Sang House, 655 Nathan Road, Kowloon, Hong Kong, not
later than 4:00 p.m. on the day before the meetings.

Dated this 22nd day of April 2005

Wong Siu Yin Irene
Director


BANK OF CHINA: S&P Revises BBB+ Rating Outlook to Stable
--------------------------------------------------------
Standard & Poor's Ratings Services (S&P) said on April 18 that
it had revised the outlook on its 'BBB+' long-term counterparty
rating on Bank of China (Hong Kong) Ltd. (BOCHK) to stable from
negative. The revision reflects a steady improvement in the
bank's culture and risk management capability due to internal
reform. The improvement mitigates concerns about the
effectiveness of the bank's credit approval controls.

At the same time, the long-term rating and the A-2 short-term
counterparty rating on BOCHK were affirmed. The ratings reflect
the bank's strong market position, satisfactory capitalization,
good liquidity and improved loan quality.

"The stable outlook reflects the likelihood that BOCHK will
maintain its strong market position, satisfactory
capitalization, good liquidity, and sound loan quality. The
bank's creditworthiness could be strengthened by further
enhancement of its corporate governance practices, a significant
improvement in its profitability, and continued good asset
quality," said Standard & Poor's credit analyst Ryan Tsang.

Improvement in operating profitability will depend on the bank's
loan pricing strategy as well as the trend of interest rates and
loan demand in Hong Kong as interest income remains the bank's
major income source.

BOCHK's efforts to expand its noninterest income will also help
its profitability in the longer term. BOCHK's risk management
capability and the effectiveness of its internal controls are
likely to continue to improve as the bank consolidates recent
enhancements to its structure and procedures.

BOCHK's overall asset quality is satisfactory, and its loan
quality is improving, though still somewhat below the domestic
industry average. The bank's nonperforming asset ratio decreased
to 2.99% at the end of 2004 from 7.85% at the end of June 2003.

The bank's net profit increased by 49.7% in 2004 to Hong Kong
dollar (HK$) 12 billion as a result of a HK$1.63 billion write
back of loan loss provisions (following provision expenses of
HK$1.67 billion in 2003) and a HK$2.1 billion net gain from
revaluation and disposal of property holdings.

While recovering property values and the bank's own debt
recovery efforts boosted its net profit in 2004, write backs of
this magnitude are exceptional and unlikely to be repeated in
the near future. New accounting standards may lead to further
write backs in 2005, but not on the same scale.

As with other banks in Hong Kong, BOCHK's net interest margin
continued to fall in 2004, putting pressure on the bank's
profitability as defined by its ratio of operating profit before
loan loss provisions to average assets.

Growth in non-interest income in 2004 partially offset the
pressure on the net interest margin, which is likely to ease as
interest rates rise and loan demand strengthens.

BOCHK's level of capitalization is satisfactory and, like many
banks in Hong Kong, the bank has good liquidity and funding.

CONTACT:

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


CHINA EVERBRIGHT: Posts CNY215.19 Mln Net Loss in FY04
------------------------------------------------------
China Everbright Limited posted a net loss of CNY215.19 million
in the fiscal year 2004, the South China Morning Post reports.

The Company said provisions for non-performing loans and
deteriorating asset quality yielded losses of CNY4.58 billion at
Everbright Bank, in which it has a 21.39 percent stake.

Non-performing loans at the bank rose to CNY26 billion, or 9.9
percent of its loan portfolio.

The Company said a rights issue proposed last year by the bank
had been postponed because "relevant financial authorities are
considering a restructuring proposal [for the bank]".

China Everbright issued a surprise profit warning last month
citing "considerable losses" at Everbright Bank.

CONTACT:

China Everbright Limited
Room 4001, 40/F,
Far East Finance Ctr.,
16 Harcourt Road
Hong Kong  
Phone: 25289882  
Fax: 25290177  
Web site: www.everbright165.com.hk


DAISHIN INTERNATIONAL: Asks Creditors to Prove Debt
---------------------------------------------------
Notice is hereby given that the creditors of Daishin
International (Hong Kong) Limited (In Members' Voluntary
Liquidation), which is in Voluntary Liquidation, are required on
or before the close of business on May 20, 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, Liquidator of the said Company.

If so required by notice in writing from the said Liquidators,
they are to come in either by themselves or by their solicitors
and prove their said debts or claims at such time and place as
shall be specified in such notice. In default thereof, they will
be deemed to waive all of such debts or claims and the
Liquidators will be entitled seven days after the above date, to
distribute the funds available or any part thereof to the
Member.

Dated this 22nd day of April 2005.

Suen Pui Yee
Iain Ferguson Bruce
Liquidators
8th Fl., Gloucester Tower
The Landmark
11 Pedder Street, Central
Hong Kong


EFORCE HOLDINGS: Narrows Net Loss to HKD24.41 Mln
-------------------------------------------------
Eforce Holdings Limited (0254) disclosed its financial results
for the year ended December 31, 2004.

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

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


Turnover                           : 170,283            96,339            
Profit/(Loss) from Operations      : (11,948)           (87,424)          
Finance cost                       : (1,456)            (2,527)           
Share of Profit/(Loss) of
  Associates                       : (8,011)            (3,743)           
Share of Profit/(Loss) of
  Jointly Controlled Entities      : N/A                N/A               
Profit/(Loss) after Tax & MI       : (21,415)           (89,199)          
% Change over Last Period          : N/A       %
EPS/(LPS)-Basic (in dollars)       : (0.01)             (0.05)            
         -Diluted (in dollars)     : N/A                N/A               
Extraordinary (ETD) Gain/(Loss)    : N/A                N/A               
Profit/(Loss) after ETD Items      : (21,415)           (89,199)          
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                  : 13/06/2005         to
16/06/2005 bdi.
Other Distribution for             : N/A
  Current Period                     
                                     
B/C Dates for Other
  Distribution                     : N/A   

LOSS PER SHARE

(a) Basic loss per share

The calculation of basic loss per share is based on the loss
attributable to shareholders of HK$21,415,000 (2003:
HK$89,199,000) and the weighted average number of ordinary
shares of 1,937,430,068 (2003: 1,896,254,734) in issue during
the year.

(b) Diluted loss per share

No diluted loss per share is presented as the inclusion of the
effects of all potential dilutive ordinary shares would have an
anti-dilutive effect on the basic loss per share for both the
current and prior years.

CONTACT:

Eforce Holdings Limited
Suite 3008
Man Yee Building
68 Des Voeux Road Central
Central, Hong Kong  
Phone: 23546666  
Fax: 23546682  
Web site: http://www.eforce.com.hk/


HUALING HOLDINGS: 2004 Net Loss Widens to HKD628.7 Mln
------------------------------------------------------
Hualing Holdings Limited (0382) disclosed its financial results
for the year ended December 31, 2004.

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

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

Turnover                           : 1,891,483          
1,573,322         
Profit/(Loss) from Operations      : (585,033)          (34,147)          
Finance cost                       : (29,791)           (32,282)          
Share of Profit/(Loss) of
  Associates                       : (1,405)            (1,197)           
Share of Profit/(Loss) of
  Jointly Controlled Entities      : N/A                N/A               
Profit/(Loss) after Tax & MI       : (628,755)          (76,976)          
% Change over Last Period          : N/A       %
EPS/(LPS)-Basic (in dollars)       : (0.403)            (0.056)           
         -Diluted (in dollars)     : (0.403)            (0.056)           
Extraordinary (ETD) Gain/(Loss)    : N/A                N/A               
Profit/(Loss) after ETD Items      : (628,755)          (76,976)          
Final Dividend                     : Nil                Nil
  per Share                                              
(Specify if with other             : N/A                N/A
  options)                                               
                                                         
B/C Dates for
  Final Dividend                   : N/A   
Payable Date                       : N/A
B/C Dates for (-)            
  General Meeting                  : N/A   
Other Distribution for             : N/A
  Current Period                     
                                     
B/C Dates for Other
  Distribution                     : N/A   
  
Remarks:
                                   
1. The Company was incorporated in Hong Kong on December 23,
1992. In December 1993, the Company successfully launched an
initial public offering on the Stock Exchange of Hong Kong
Limited. The Company and its subsidiaries (the Group) are
principally engaged in the manufacture of household electrical
appliances, which include air-conditioners, refrigerators and
mini-refrigerators.

2. The results of the Group have been prepared in accordance
with accounting principles generally accepted in Hong Kong and
comply with accounting standards issued by the Hong Kong
Institute of Certified Public Accountants (HKICPA). The results
of the Group include the audited consolidated accounts of the
Company and its subsidiaries. Significant intra-group
transactions and balances have been eliminated on consolidation.

3. The HKICPA has issued a number of new and revised Hong Kong
Financial Reporting Standards and Hong Kong Accounting Standards
(New HKFRSs) which are effective for the accounting periods
beginning on or after 1st January 2005. The Group has not early
adopted these new HKFRSs in the accounts for the year ended 31st
December 2004. The Group has already commenced an assessment of
the impact of these new HKFRSs but is not yet in a position to
state whether these new HKFRSs would have a significant impact
on its results of the operation and financial position.

4. The calculations of basic and diluted loss per share are
based on Group's loss attributable to shareholders of
approximately HK$628,755,000 (2003: HK$76,976,000).

The basic loss per share is based on the weighted average number
of 1,559,091,205 (2003: 1,382,030,711) ordinary shares in issue
during the year.

The diluted loss per share is based on 1,560,037,062 (2003:
1,383,854,099) ordinary shares, which is the weighted average
number of ordinary shares in issue during the year plus the
weighted average number of 945,857 (2003: 1,823,388) ordinary
shares deemed to be issued at the agreed exercise prices as if
all outstanding share options had been exercised.

CONTACT:

Hualing Holdings Limited
Room 4108-10, 41st Floor
Hopewell Centre
183 Queen's Road East
Wanchai, Hong Kong  
Phone: 28022155  
Fax: 25988995  
Phone: http://www.hualing.com.hk


INDUSTRIAL AND COMMERCIAL: China to Infuse $15 Bln Aid
------------------------------------------------------
China plans to inject $15 billion into the Industrial and
Commercial Bank of China (ICBC) as part of efforts to run it
into a profitable competitor as Beijing opens its financial
markets to foreign rivals, the Associated Press reports.

The bank will use the money to restock its financial reserves.
Like other state banks, ICBC is burdened by billions of dollars
in unpaid loans to state firms.

The communist government is preparing its major state-owned
commercial banks to raise capital by selling shares for the
first time to private investors, including some abroad.

The money will come from China's foreign reserves, the report
said.

ICBC, founded in 1984, is the biggest of China's four main
state-owned commercial banks by deposits. But it also faces the
most serious financial problems, with up to 20 percent of its
loans considered unrecoverable.

CONTACT:

Industrial and Commercial Bank of China (Asia) Limited
ICBC Tower, 3 Garden Road
Central, Hong Kong
Phone: 25343333
Fax: 28051166
Web site: http://www.icbcasia.com


INDUSTRIAL AND COMMERCIAL: Gov't Aid Has No Rating Implications
---------------------------------------------------------------
Moody's Investors Service says that, for the time being, it does
not expect the US$15 billion capital injection by the Chinese
government to have any rating implications for the Industrial
and Commercial Bank of China (ICBC).

ICBC announced on April 22, 2005 that the government, through
Central Huijin Investment Company, injected RMB1,240 billion
(US$15 billion) of capital into the bank. ICBC will retain an
amount of RMB1,240 billion of existing equity on its book and
transfer about RMB387 billion of equity into reserves.

After the injection, Central Huijin and the Ministry of Finance
will each own 50% of ICBC's new book equity. ICBC is required by
its regulator - China Banking Regulatory Commission (CBRC) - to
meet a total capital adequacy ratio (CAR) of 8%, along with
other Chinese banks, by the end of 2006.

In December 2003, Central Huijin injected US$22.5 billion of
capital into both Bank of China (BOC) and China Construction
Bank (CCB). After the capital injections, Central Huijin has
become the sole owner of BOC and CCB.

The capital injection is clearly positive for ICBC. It also
demonstrates the government's strong will and continued efforts
to reform the banking sector in China. However, Moody's also
noted that US$15 billion of new capital fell significantly short
of what's needed for ICBC to reach similar balance sheet
improvement targets in capital ratios, non-performing loan (NPL)
ratio, and reserve to NPL coverage, which the CBRC had set for
BOC and CCB. The current capital injection is likely to be a
part of a larger recapitalization plan to be conducted in the
future, which could encompass NPL write-offs/sales and/or
additional capital injections.

Moody's has long anticipated that the Chinese government will
inject capital into ICBC. Its current ratings: E+ for bank
financial strength, A2 for foreign currency deposits and stable
outlook have already factored in a robust level of government
support. Chinese government's capital injections into BOC, CCB
and, more recently, ICBC are clearly beneficial to these banks.
However, in order to arrive at any positive rating actions for
the re-capitalized state-owned commercial banks, Moody's
continues to look for a clear demonstration of sustainable
improvements in these banks' stand-alone financial performances
that are underpinned by robust risk management & internal
control practices.

Industrial and Commercial Bank of China (ICBC), headquartered in
Beijing, People's Republic of China, is the largest state-owned
commercial bank in China. As of December 2004, it had total
assets of RMB5.7 trillion (US$690 billion) and equity of RMB163
billion (US$19.7 billion).

Hong Kong
May Yan
Vice President - Senior Analyst
Financial Institutions Group
Moody's Asia Pacific Ltd.
Telephone: 852-2509-0200
Facsimile: 852-2509-0165

Hong Kong
Wei S. Yen
Managing Director
Financial Institutions Group
Moody's Asia Pacific Ltd.
Telephone: 852-2509-0200
Facsimile: 852-2509-0165


KAWAMURA COMPANY: Adjourns Creditors Meeting to April 29
--------------------------------------------------------
Notice is hereby given that the April 15, 2005 Annual Creditors'
Meeting of Kawamura Company Limited (In Creditors' Voluntary
Winding-up) is adjourned to be held on April 29, 2005 at Room
1005, Allied Kajima Building, 138 Gloucester Road, Wanchai, Hong
Kong at 3:00 p.m. for the following purposes:

To determine - whether or not to accept certain accounts
receivable to be bad debt.

A creditor may appoint a proxy to attend and to vote instead of
him and that proxy need not be a creditor. If a proxy is to be
appointed, the proxy form must be completed, and lodged with the
Liquidator, Mr. Cheng Hong Cheung's office at Room 1005, Allied
Kajima Building, 138 Gloucester Road, Wanchai, Hong Kong not
later than 48 hours before the adjourned meeting.

Dated this 22nd day of April 2005.

For and on behalf of
Kawamura Co. Limited
(In Creditors' Voluntary Winding-Up)
Cheng Hong Cheung
Liquidator


MUDAN AUTOMOBILE: Issues Profit Warning
---------------------------------------
The board of directors of Mudan Automobile Shares Company
Limited wishes to inform their shareholders and investors that
because of the decrease in sales as a result of competition in
the market and the increase in costs of production due to the
surge in prices of steels and chemical materials, it is expected
the Company will record a substantial loss for the three months
ended March 31, 2005 (as a comparison, the Company recorded a
net loss of about RMB2,079,326 for the three months ended March
31, 2004).

As the Company's results for the three months ended March 31,
2005 have not yet been finalized, the Board is not in a position
to quantify precisely the extent of the effects in relation to
the abovementioned factors at this stage.

The trading in the shares of the Company has been suspended
since March 29, 2005 pending the issue of an announcement in
relation to, among others, the publication of annual results
announcement for the financial year ended December 31, 2004.

By Order of the Board Mudan Automobile Shares Company Limited
Sun Min Biao
Chairman

As at the date of hereof, the Board comprises eight (8)
Directors, of which three (3) are executive Directors, namely
Mr. Sun Min Biao, Mr. Yang De Xiang and Mr. Hou Cheng Bao; two
(2) are non-executive Directors, namely Mr. Lu Guo Zhang and Mr.
ZHOU Pei Lin and three (3) are independent non-executive
Directors, namely Mr. Jiang Lei, Mr. Huang Zhen Hua and Ms. Xiao
Wei Hong.

CONTACT:

Mudan Automobile Shares Company Limited
19/F, 8 Queen's Road Central
Hong Kong.  
Phone: 86(520)-8605688  
Fax: 86(520)-8605726  
Web site: http://www.mudanauto.com
  

RIGHT WORLD: High Court Orders Winding Up
-----------------------------------------
Right World Limited with registered office located at 16th
Floor, The Peninsula Office Tower, 18 MIddle Road, Tsimshatsui,
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: February 4, 2005.

Dated this 15th day of April 2005.

ET O'Connell
Official Receiver


SINOPLAN ENGINEERING: Winding Up Hearing Slated May 25
------------------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Sinoplan Engineering Limited by the High Court of Hong Kong
Special Administrative Region was on the March 21, 2005
presented to the said Court by Polylion Limited whose registered
office is situate at 12th Floor, No. 419 Hennessy Road, Wanchai,
Hong Kong.  

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

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

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

Pansy Leung Tang & Chua
Solicitors for the Petitioner
21st Floor, Regent Centre
88 Queen's Road Central
Central, Hong Kong

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


UDL HOLDINGS: 1H04 Net Loss Narrows to HKD14.53 Mln
---------------------------------------------------
UDL Holdings Limited (0620) disclosed its financial results for
the financial first half 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                           : 1,796              14,337            
Profit/(Loss) from Operations      : (10,317)           (13,387)          
Finance cost                       : (4,220)            (5,391)           
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       : (14,537)           (18,778)          
% Change over Last Period          : N/A       %
EPS/(LPS)-Basic (in dollars)       : (0.0154)           (0.0201)          
         -Diluted (in dollars)     : N/A                N/A               
Extraordinary (ETD) Gain/(Loss)    : N/A                N/A               
Profit/(Loss) after ETD Items      : (14,537)           (18,778)          
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   

CONTACT:

UDL Holdings Limited
Room 702, 7/F
Aitken Vanson Centre
61 Hoi Yuen Road
Kwun Tong, Kowloon
Hong Kong  
Phone: 23312488  
Fax: 27548974  


U-WOON COMPANY: Receives Winding Up Order
-----------------------------------------
U-Woon Company Limited with registered office located at Room
602, ChinaChem Century Tower, 178 Gloucester Road, Wanchai, 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: February 3, 2005.

Dated this 15th day of April 2005.

ET O'Connell
Official Receiver


ZANON HONGKONG: Releases Debt Claim Notice
------------------------------------------
Notice is hereby given that the creditors of Zanon HongKong
Limited (In Members' Voluntary Liquidation), which is in
Voluntary Liquidation, are required on or before the close of
business on May 21, 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, Liquidator of
the said Company at Unit 705-706, 7th Floor, Remington Centre,
23 Hung To Road, Kwun Tong, Kowloon, Hong Kong.

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

Dated this 22nd day of April 2005.

Leguijt Jan-AB
Liquidator
Unit 705-706, 7/Fl., Remington Centre
23 Hung To Road, Kwun Tong
Kowloon, Hong Kong


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


BANK MANDIRI: Minister Defends Bank Against Corruption Charges
--------------------------------------------------------------
Coordinating Minister for the Economy Aburizal Bakrie defended
Bank Mandiri in an ongoing investigation of alleged corruption
in the bank, reports the Jakarta Post.

Mr. BakrieS stressed that Bank Mandiri is not necessarily guilty
of accounting fraud just because the Attorney General's Office
(AGO) is conducting an official probe into the bank's loaning of
up to IDR12 trillion to 33 companies.

The AGO is investigating 28 accounting irregularities uncovered
by the official State Audit Agency in its audit of the bank.
Local media has since reported that prosecutors have brought in
four senior executives of the bank, including vice president I
Wayan Pugeg, for questioning on the case.

Prosecutors are also looking into loans extended to a Company
linked to Mr. Bakrie. Documents reveal that Bakrie Telecom, an
affiliate of Bakrie & Brothers conglomerate headed by Mr.
Bakrie's son, was extended credit facilities by Bank Mandiri.

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


GARUDA INDONESIA: IPO Still Five Years Away
-------------------------------------------
A Garuda Indonesia senior executive said that an initial public
offering (IPO) for the firm could be possible in the distant
future, five years away, Dow Jones reports.

According the Company's new chief executive Emirsyah Satar, the
Company has to undergo years of consolidation, rehabilitation
and improve its performance, before a public offering can be
made.

The Company has been facing heavy losses on more than half of
its routes and because of low productivity. The recent death of
an Indonesian human rights activist on one of its flights has
not helped the Company's reputation, either.

Company management plans to halt its flights to Europe in order
to develop its regional networks and to improve the performance
of its budget carrier Citilink. The firm was keen on separating
Citilink from Garuda, so that it stands alone as a Company.

Mr. Satar cited that the Company plans to go public in five
years, as this year would be a consolidating period for the
airline. Next year will be the rehabilitation period, the third
year will be for the improvement of services and quality, and
the fourth year, for expanding its businesses and
competitiveness.

CONTACT:

PT Garuda Indonesia
Garuda Indonesia Bldg.,
Jalan Merdeka Selatan No. 13
Jakarta, 10110, Indonesia
Phone: +62-21-231-0082
Fax:   +62-21-231-1679
Web site: http://www.garuda-indonesia.com


TELEKOMUNIKASI INDONESIA: Moody's Reviews Possible Upgrade
----------------------------------------------------------
Moody's Investors Service announced on April 22, 2005 that it
will continue its review for possible upgrade of the ratings of
P.T. Telekomunikasi Indonesia Tbk (Telkom).

Moody's notes that Telkom made a public announcement at end-
March 2005 that it has not received its FY04 financial
statements from its auditor, KAP Siddharta Siddharta & Widjaja,
a member firm of KPMG International. Assuming this has not
resulted in a significant delay in their publication and no
abnormality is noted, Moody's would expect to upgrade the
Company's ratings upon receipt of their audited financial
statements.

The ratings remaining under review for upgrade are:

Telkom:

(a) Ba3 local currency issuer rating.

P.T. Telekomunikasi Indonesia Tbk, based in Bandung, is
Indonesia's incumbent fixed-lined telecommunications-service
provider and the majority shareholder of P.T. Telekomunikasi
Selular (Telkomsel). Telkom is 51.2% owned by the government at
end-December 2004.

CONTACT:

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


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

HITACHI LIMITED: Sees JPY300 Bln Operating Profit
-------------------------------------------------
Hitachi Limited expects to post a group operating profit of
about JPY300 billion (US$2.8 billion) for the year ended March
31, boosted by improved profitability of its computer services
business, the Nihon Keizai Shimbun business daily reports.

Analysts had expected profit to average JPY250 billion for the
current business year, according to Reuters Estimates.

The Company estimated operating profit in the year ended March
31, 2005, was JPY260 billion.

CONTACT:

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


HITACHI LIMITED: Develops New Mass Spectrometry Technology
----------------------------------------------------------  
Hitachi Limited disclosed that in collaboration with its unit
Hitachi High-Technologies (TSE: 8036), it has developed an
innovative mass spectrometry technology that achieves a
measurement precision of 5ppm, Japan Corporate News Network
reports.

Called Linear Trap TOF Integrated Mass Spectrometry Technology,
the new technology consists of two mass spectrometers: linear
ion trap that can detect proteins and metabolites with high
sensitivity, and time-of-flight (TOF) that can determine mass
numbers accurately.

The new technology can determine the structures of disease-
related molecules including sugar chains, glycoproteins and
metabolites, contributing to the development of new drugs as
well as the identifying of disease mechanisms.

Hitachi High-Technologies plans to commercialize the technology
starting this month. Details of the development will be
presented at the 53rd Annual Conference on Mass Spectrometry to
be held in Saitama from May 25, and at the 53rd American Society
for Mass Spectrometry Conference on Mass Spectrometry to be held
in Texas from June 6.


MATSUSHITA ELECTRIC: Expects Profit After Restructuring Exit
------------------------------------------------------------
Matsushita Electric Industrial Co., having completed a four-year
restructuring scheme, expects to double its net profit to JPY100
billion (US$946.7 million) in the business year ending March 31,
the Nihon Keizai newspaper reports.

The maker of Panasonic consumer electronics is expected to
lessen its restructuring costs to JPY50 billion in the year
after spending JPY500 billion over the past four years to turn
around its ailing consumer business.

Matsushita will unveil results for 2004/05 and its outlook for
the current year on Thursday.

CONTACT:

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


TOYO COMMUNICATION: METI OKs Revised Restructuring Plan
-------------------------------------------------------
Changes to the business-restructuring plan submitted by Toyo
Communication Equipment Co., Ltd. were found to fulfill the
requirements of the Law on Special Measures for Industrial
Revitalization.

The Ministry of Economy, Trade and Industry approved the plan on
April 20, 2005.

CONTACT:

Toyo Communication Equipment Company Limited
484 Tsukagoshi 3-Chome
Saiwai-Ku Kawasaki 212-8513
Kanagawa 108-0075
Japan
Phone: +81 44 542 6500
Fax: +81 44 542 6354  
Web site: http://www.toyocom.co.jp


UFJ BANK: Ex-execs Get Suspended Sentences in Cover-up Fiasco
-------------------------------------------------------------
UFJ Bank Limited (UFJ Bank) and its former executive officers
were convicted of breaches of Japan's Banking Law on April 25,
2005. UFJ Bank was fined JPY90 million.

According to the Associated Press, the former UFJ Bank Vice
President Kazuyoshi Okazaki was sentenced to 10 months in prison
and suspended for three years.  Two other former executives, Mr.
Sen Hayakawa and Mr. Masayuki Inaba, were each sentenced to
eight months and suspended for three years by the Tokyo District
Court.

In a Company press release, the UFJ Group takes the court
judgment very seriously and reaffirms its commitment to improve
its compliance and internal control systems continuously in
order to restore trust and confidence as soon as possible.

The group regrettably apologizes to its customers, shareholders
and other interested parties for any concern and worry that this
may have caused.

CONTACT:

UFJ Holdings Inc.
5-6, Fushimimachi 3-chome
Chuo-ku, Osaka-shi
Osaka, Japan  
Phone: +81-6-6228-7111
Fax: +81-3- 3212-5870


UFJ HOLDINGS: EU Backs Mitsubishi-UFJ Merger
--------------------------------------------
The European Commission, in a press release, has granted
clearance under the EU Merger Regulation to the full merger of
Mitsubishi Tokyo Financial Group, Inc (MTFG) of Japan and UFJ
Holdings Inc (UFJ) also of Japan.

MTFG is the holding Company of a global group providing a
comprehensive range of financial services worldwide through its
two main subsidiaries, the Bank of Tokyo-Mitsubishi and the
Mitsubishi Trust and Banking Corporation.

These include banking, assets management and securities services
and global trading activities. Based in Japan, MTGF is present
in Asia, USA and Europe. UFJ is a holding Company providing a
wide range of financial services, mainly through its main
subsidiaries, UFJ Bank, UFJ Trust Bank and UFJ Tsubasa
Securities.

UFJ is mainly present in Asia but also has activities in Europe
and USA. As a result of this merger, the holding Company will be
renamed Mitsubishi UFJ Financial Group Inc. The operation was
examined under the simplified merger review procedure.

CONTACT:

European Commission
Directorate General Press and Communication
Public Opinion Analysis Sector
VM18 - 1/24
Rue de la Loi 200/Wetstraat 200
B-1049 Bruxelles/Brussel
Belgium
Phone:  (32.2) 299.30.85
Fax:  (32.2) 296.17.49
Homepage: http://europa.eu.int/comm/public_opinion/


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

HYNIX SEMICONDUCTOR: To Sell ImageQuest Stake to Consortium
-----------------------------------------------------------
Hynix Semiconductor signed a deal with an investor consortium to
sell its entire 47.34% stake in display panel maker Hyundai
ImageQuest for KRW36 billion, Yonhap News reports.

In a regulatory filing to the South Korean Stock Exchange, the
Company said that the KRW36 billion sale price may be changed
within 10%, depending on the outcome of due diligence on the
display panel maker.

Meanwhile, the Company earlier pled guilty to a U.S. felony
charge of conspiring to fix the prices of its memory chips, and
was ordered to pay a KRW185.74 billion fine.  

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. But they have recently
approved a Company debt refinancing, enabling it to graduate
early from its debt workout program and emerge out of creditor
control.

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


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

ANCOM BERHAD: Posts Notice of Rights Entitlement
------------------------------------------------
Ancom Berhad's securities (100,928,383 three (3)-year warrants
2005/2008 at an issue price of MYR0.02 per Warrant on the basis
of one (1) Warrant for every two (2) existing ordinary shares of
MYR1.00 each held) will be traded and quoted (Ex-Rights Issue)
as from May 10, 2005 to May 12, 2005:
      
1) Retention Money: Where securities are not delivered in time
for registration by the seller, then the brokers concerned:

a) Selling Broker to deduct [ 1/3 ] , of the Selling Price
against the Selling Client.

b) Buying Broker to deduct [ 10% ] of the Purchase Price against
the Buying Client.

c) Between Broker and Broker, the deduction of [ 1/3 ] of the
Transacted Price is applicable.

CONTACT:

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


FABER GROUP: Converts Loan Stocks into New Shares
-------------------------------------------------
Faber Group Berhad's additional 233,000 new ordinary shares of
MYR1.00 each arising from the Company's Conversion of MYR466,000
nominal value of 2000/2005 irredeemable convertible unsecured
loan stocks into 233,000 new ordinary shares will be granted
listing and quotation effective Wednesday, April 27, 2005, 9:00
a.m.

CONTACT:

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


GOLDEN FRONTIER: Buys Back Additional Stocks
--------------------------------------------
Golden Frontier Berhad disclosed the details of its shares buy
back on April 22, 2005 to the Bursa Malaysia Securities Berhad.
  
Date of buy back: 22/04/2005

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

Total number of shares purchased (units):              1,000

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

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

Total consideration paid (MYR):                      613.24

Number of shares purchased retained in treasury
(units):  1,000

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

Cumulative net outstanding treasury shares as at to-date
(units): 1,462,300

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


LION INDUSTRIES: Set to List Additional Shares
----------------------------------------------
Lion Industries Corporation Berhad's additional 762,000 new
ordinary shares of MYR1.00 each issued pursuant to the Company's
Executive Share Option Scheme will be granted listing and
quotation effective Wednesday, April 27, 2005, 9:00 a.m.

CONTACT:

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


MAXIS COMMUNICATIONS: Granted Listing of Additional Shares
----------------------------------------------------------
Maxis Communications Berhad's additional 25,000 new ordinary
shares of MYR0.10 each issued in accordance with the Company's
Employee Share Option Scheme will be granted listing and
quotation effective Wednesday, April 27, 2005, 9:00 a.m.

CONTACT:

Maxis Communications Bhd
Level 18, Menara Maxis
Kuala Lumpur City Centre
Off Jalan Ampang
50088 Kuala Lumpur
Malaysia
Phone: 03-23307000
Fax:   03-2330059


PAN MALAYSIA: Buys Back 410,000 Shares
--------------------------------------
Pan Malaysia Corporation Berhad disclosed the details of its
shares buy back on April 22, 2005 to the Bursa Malaysia
Securities Berhad.

Date of buy back: 22/04/2005

Description of shares purchased: Ordinary shares of MYR0.50
each'
Total number of shares purchased (units):            410,000

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

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

Total consideration paid (MYR):                  160,034.67

Number of shares purchased retained in treasury
(units):    410,000

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

Cumulative net outstanding treasury shares as at to-date
(units): 22,735,500

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 bought back on
April 22, 2005.
  
Date of buy back: 22/04/2005

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

Total number of shares purchased (units):            127,900

Minimum price paid for each share purchased (MYR):      1.030

Maximum price paid for each share purchased (MYR):      1.050

Total consideration paid (MYR):                  133,203.42

Number of shares purchased retained in treasury
(units): 127,900

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

Cumulative net outstanding treasury shares as at to-date
(units): 28,751,700

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/


TRANSOCEAN HOLDINGS: Net Loss Balloons in Q1/FY05
-------------------------------------------------
Transocean Holdings Berhad released its unaudited report for the
financial period ended Feb. 28, 2005.

             SUMMARY OF KEY FINANCIAL INFORMATION
                            31/01/2005

                 INDIVIDUAL PERIOD        CUMULATIVE PERIOD
        CURRENT YEAR  PRECEDING YEAR CURRENT YEAR PRECEDING YEAR
          QUARTER    CORRESPONDING    TO DATE     CORRESPONDING
                        QUARTER                       PERIOD
          31/12/2004    31/12/2003     31/12/2004    31/12/2003

1  Revenue
            10,221        12,061         32,466        35,000

2  Profit/(loss) before tax
            -1,208          -490         -2,100        -1,884

3  Profit/(loss) after tax and minority interest
            -1,082          -307         -1,654        -1,423

4  Net profit/(loss) for the period
            -1,082          -307         -1,654        -1,423

5  Basic earnings/(loss) per shares (sen)
             -3.73         -1.06          -5.70         -4.91

6  Dividend per share (sen)
               0.00          0.00         0.00        0.00

                              AS AT END OF     AS AT PRECEDING
                            CURRENT QUARTER   FINANCIAL YEAR END

7  Net tangible assets per share (RM)
                                0.6200               0.6700

CONTACT:

Transocean Holdings Berhad
Wisma Transocean
No. 46, Weld Quay 10300
Penang, Malaysia
Phone 604-2622518 (Hunting Lines)
      604-2614843 (Sales and Ocean Ops.)
      604-2629870 (Ocean Forwarding)
      604-2638120 (Bonded Trucking)
      604-2626982 (Accounts & Admin)
Email: enquiry@transocean.com.my
Web site: http://www.transocean.com.my


WCT ENGINEERING: Lists Additional Shares Today
----------------------------------------------
WCT Engineering Berhad's additional 4,122,100 new ordinary
shares of MYR1.00 each issued pursuant to the Company's Exercise
of 4,122,100 Warrants 2000-2005 are granted listing and
quotation effective Tuesday, April 26, 2005, 9:00 a.m.

CONTACT:

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


WCT ENGINEERING: Seeks Shareholder Approval for Shares Buy Back
---------------------------------------------------------------
WCT Engineering Berhad announced that the Company will seek its
shareholders' approval of the proposed shares buy back pursuant
to Section 67A of the Companies Act, 1965 and Chapter 12 of the
Bursa Malaysia Securities Berhad (Bursa Securities) at the
Company's upcoming Annual General Meeting (AGM).


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

BACNOTAN CONSOLIDATED: Takes 56% College Shares
-----------------------------------------------
Bacnotan Consolidated Industries Inc. has acquired a majority
stake in Cagayan de Oro College Inc., Dow Jones Newswires says.

The firm bought 56% of the issued and outstanding shares of
Cagayan de Oro College for Php173.3 million through the
implementation of a share purchase agreement.

The latest acquisition is line with Bacnotan's diversification
plan, which includes investing in colleges and universities in
the Philippines.

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


CEBU PLAZA: Metrobank to Reopen Hotel in July
---------------------------------------------
Cebu Plaza Hotel will finally be reopened by its new owner, two
years after it was forced to shut down, Business World reports.

Cebu governor Gwendolyn Garcia has given Metropolitan Bank &
Trust Company (Metrobank) the go-ahead to initially launch the
100-room hotel in July.

However, it was not clear whether Metrobank will manage the
hotel or hire a management firm, as the bank is still in search
for a partner to run the facility.

Gov. Garcia affirmed Metrobank may be keen on expanding the
hotel, noting that bank chairman George Ty has inquired on the
ownership of the lots surrounding Cebu Plaza. Most of these lots
were formerly owned by the provincial government and were
donated to the Armed Forces for the Central Command (CentCom)
headquarters. But the lot titles are still under the name of the
provincial government.

Metrobank gained control of Cebu Plaza under a payment-in-kind
arrangement with the hotel's former owner, Pathfinder Holdings.


DAIKIN-ALEN: Court Orders Receivership to Protect Assets
--------------------------------------------------------
The Quezon City Regional Trial Court recently placed Daikin-Alen
Airconditioning Corp. under receivership, according to The
Philippine Star.

The court issued the order to safeguard the firm's assets in the
wake of a dispute between its Japanese and Filipino
shareholders.

The receivership was in response to a complaint filed by Alfredo
Lagman Jr., president and chief executive officer of Alen
International Industrial Corp. (AIIC), which owns 40 percent of
Daikin-Alen. Mr. Lagman claimed that AIIC's Japanese partner
Daikin Industries Ltd. has engaged in fraudulent schemes to
cause the collapse and ultimate demise of the Alenaire brand.

As an immediate interim measure, Judge Apolinarion Bruselas Jr.
of the Quezon court appointed lawyer Danilo L. Concepcion as
receiver. The court gave the receiver sixty days to submit his
findings on the state of Daikin-Alen's assets.

In 1998, AIIC and Daikin created the Daikin-Alen joint venture.
Under the agreement, Daikin shall hold 60 percent while the
balance shall be held by AIIC. With a bigger share, Daikin is
authorized to nominate the President and four out of the seven
members of the board of Daikin-Alen.

Both parties agreed that Alenaire products will be produced
locally by Daikin-Alen while Daikin products will be imported
from Daikin or its affiliates abroad.

After six years in operations, AIIC reportedly realized that
Daikin, through its designated officers, resorted to fraudulent
acts to tarnish the good name of Alenaire.

AIIC claimed that Daikin adopted irregular accounting practices
intended to increase the costs of Alenaire products and decrease
the costs of Daikin products to justify a price increase for
Alenaire products. This translated to the reduction of sales of
Alenaire products due to higher prices, while Daikin products
became more competitive as they enjoyed the advantage of reduced
prices.

CONTACT:

Daikin-Alen Air Conditioning, Inc.
41 Linaw Street Sta, Mesa Heights,
Quezon City 1114, Philippines
Phone: 632-712-2144
Facsimile: 632-712-4501


MAYNILAD WATER: Government May Allow Ayala Group to Buy Stake
-------------------------------------------------------------
The government said it may allow the Ayala Group to acquire a
stake in Maynilad Water Services Inc., saying there were no
legal restrictions against one group having interests in more
than one concessions, The Philippine Star relates.

The Ayala Group reportedly signified its interest in joining the
consortium planning to bid for Metro Manila's west water
concessionaire, Maynilad. The Ayala Group already owns Manila
Water Inc., the consortium that won the east water franchise
when the two franchises were bid out by the Metropolitan
Waterworks and Sewerage System (MWSS).

Government corporate counsel Agnes Devanadera said there were no
legal impediment to one group owning interests in both
concessions. However, Ms. Devanadera said the government would
not be able to entertain actual offers until the court approves
Maynilad's rehabilitation plan by the end of May or early June
this year.

If the Ayala Group is interested, Ms. Devanadera said the
group's participation would be decided upon by the National
Government as a matter of public policy.

The government would not officially entertain offers until
cleared by the receivership committee and this would come only
after the committee has worked out the terms of reference (TOR)
for government takeover of Maynilad and its privatization.

CONTACT:

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


NATIONAL POWER: Rate Hike to Trim Cashflow Deficit by US$500 Mln
----------------------------------------------------------------
National Power Corporation (Napocor) expects the new ERC-
approved power rate hike to pare its cashflow deficit this year
by Php500 million to Php200 million, according to The Philippine
Daily Inquirer.

The Energy Regulatory Commission (ERC) has on Friday authorized
an additional increase in Napocor's basic rate by an average
Php0.0556 per kilowatt-hour. The latest increase takes effect
today.

The Power Sector Assets and Liabilities Management Corp.
(PSALM), the government entity that handles Napocor's
privatization, expects the rate hike to beef up the power firm's
revenue by Php10 billion this year. The rate increase is also
intended to boost investor interest in Napocor's assets.

According to PSALM, the adjusted rate will help reduce Napocor's
operational losses and, therefore, help plug the country's
widening budget deficit.

Napocor's obligations have bloated public sector debt by Php500
billion, of which Php200 billion is to be absorbed by the
national government initially this year. The government has
started booking huge interest payments for the Napocor debts. In
the first quarter alone, the government settled some Php7.1
billion in interest obligations covering the debts it had taken
over from Napocor.

CONTACT:

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


NATIONAL POWER: House Body Questions Latest Rate Hike
-----------------------------------------------------
The House Committee on Energy plans to investigate the decision
of the Energy Regulatory Commission (ERC) to grant National
Power Corporation's (Napocor) application to increase its basic
rate, says the Philippine Star. The committee will also look
into ERC's approval of Napocor's generation rate adjustment
mechanism (GRAM) and incremental currency exchange rate
adjustment (ICERA).

Committee Chairman and Lanao del Norte Rep. Alipio Badelles said
that while the recent increase on generation is only about five
centavos per kilowatthour, the net rate increase on power on the
consumers would amount to 57.81 centavos per kWh in Luzon, 22.73
centavos in the Visayas, and 43.76 centavos in Mindanao with the
corresponding GRAM and ICERA approval.

The committee questioned why ERC granted a higher rate hike in
Mindanao when 60 percent of the energy source in the island
comes from hydropower.

Mr. Badeless said the committee will conduct public hearings to
determine the methodology the ERC has been using and to
recommend by ay of legislation, ways of improving the process of
rate determination and making the process transparent and
participative.


NATIONAL POWER: Borrowing Resumes After ERC Hikes Power Rates
-------------------------------------------------------------
National Power Corporation (Napocor) finally obtained government
approval to proceed with its programmed foreign borrowing for
this year, Today News reports.

The approval of the US$500-million loan came after the Energy
Regulatory Commission's (ERC) recent decision to increase
Napocor's rates. But it is still to be determined whether
Napocor or the government would apply for the loan.

Earlier, the Department of Finance (DoF) said that Napocor would
have to borrow on its own for its refinancing needs after the
state vowed to absorb only Php200 billion of the power firm's
Php500-billion debt.

Bangko Sentral ng Pilipinas or the central bank advised the
government to secure the loan before the U.S. Fed once again
lifts its interest rates, which would raise the cost of
borrowing in the international financial markets.


NATIONAL POWER: 25 Execs Breach EPIRA after Getting Php119 Mln
--------------------------------------------------------------
Some 25 senior officials of National Power Corporation (Napocor)
apparently breached the Electric Power Industry Reform Act
(EPIRA), says The Philippine Star.

The 25 executives reportedly paid themselves Php119.4 million in
retirement benefits then rehired themselves. The bulk of the
funds used to pay for the entitlements were allegedly part of
the huge Napocor debt that power consumers and taxpayers in
general are now paying for.  

The concerned officials are now facing two charges of violating
the EPIRA, the law that governs Napocor's privatization. One is
that they are supposed to fund the retirement from privatization
proceeds, and the other is that they are not supposed to rehire
themselves.

Senate Blue Ribbon Committee chairman Sen. Joker Arroyo said the
Napocor board and concerned officials of the Department of
Energy should be held criminally liable for the unauthorized
retirement and rehiring scheme, along with the retired and
rehired executives and personnel.

Heading the list of "retirees" is former president and chief
executive officer Rolando Quilala, who received Php8.1 million
in retirement pay based on a monthly salary of Php123,490.25.

Next in line are two SVPs, Antonio Corpuz and Silvano Zanoria,
who were paid Php7.4 million and Php6.3 million, respectively,
on a Php107,271.67 basic monthly salary.

Seven vice presidents, Edmund Anguluan, Rolando Bacani, Pio
Benavidez Jr., Melburgo Chiu, Juan Guadarrama, Reynaldo
Santiago, and Froilan Tampinco received from Php3.9 million to
more than Php6 million each based on a salary of Php107,271.67.

Senior department managers Katambayan Celino, Dominador Geonzon,
Winifredo Pangilinan, Rizalino Santos, and Danilo Sedillo  were
paid Php4.1 million to Php6 million each on a monthly salary of
Php102,446.50.

The other officials who were also several millions richer were
Rudy Brioso, Antonio Suezo, Victor Francisco, Lorenzo Marcelo,
Resurreccion Petel, Palawan Lomodaya, Alberto Pangcor,  Lorrymir
Adasa, and Armando Buencamino.

The matter of Napocor executives retiring and rehiring
themselves is still being investigated by the Joint
Congressional Power Commission composed of a House panel and a
counterpart from the Senate.


NATIONAL POWER: Puts Revived Calaca Power Plant Onstream
--------------------------------------------------------
National Power Corporation (Napocor) is set to put onstream
today the newly conditioned Calaca coal-fired power plant in
Batangas in preparation for the power plant's privatization on
May 18, reports The Philippine Star.

State-owned Napocor shut down operations at the 600-megawatt
(MW) Calaca facility in January for a 75-dy thorough maintenance
process for the plant.

The Power Sector Assets and Liabilities Management Corp.
(PSALM), which manages the privatization of Napocor, will accept
bids for Calaca until May 18. A pre-bid conference was held last
April 14 for interested bidders, who may also undertake due
diligence audit of the power plant until May 13.  

PSALM pointed out that at least nine local and foreign firms
have expressed interest to bid for Calaca after the bidding
schedule for the power plant was announced.

Calaca is the second big coal-fired power plant to be auctioned
off by the Power Sector Assets and Liabilities Management Corp.
(PSALM) after the successful bidding of the 600-MW Masinloc
power facility in Zambales in December last year.


PACIFIC PLANS: In Talks with Foreign Investor
---------------------------------------------
Failed Pacific Plans Inc. is conducting negotiations with a
foreign financial institution willing to set up funds that may
be used to buy the converted fixed-value loans of the pre-need
firm's planholders under its money-back scheme, reveals The
Philippine Daily Inquirer.

After filing a petition for rehabilitation before a Makati
regional trial court because of its inability to pay future
claims, Pacific Plans is now offering to return its planholders'
contributions by issuing fixed-value plans.

"The liquidity fund we are trying to put up is another option
for our plan holders for ready cash," the Company said in a
statement. "The plan holders don't have to look around for a
buyer because it will be a ready buyer."

The ailing pre-need provider also wants to address the needs of
some planholders to convert to cash their fixed-value plans
maturing in July 2010. For those who can wait until 2010, the
Company said the plans will earn upon maturity 7 percent in
compounded interest, excluding charges.

Pacific Plans said the fixed-value plans will be issued after
the Makati court approves the firm's planned rehabilitation.

Meanwhile, the Pacific Plans is hoping interested investors will
infuse Php300 million into the Company as part of working
capital.


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

ACCORD CUSTOMER: Group Financial Controller Steps Down
------------------------------------------------------
The Board of Directors of Accord Customer Care Solutions Limited
advised the Singapore Stock Exchange (SGX) on the resignation of
Ms Kuan Chow King as Group Financial Controller of the Company.
Her last day of service is on April 23, 2005.

Pending the appointment of a replacement, the Company's Chief
Financial Officer, Mr. Yip Hwai Chong, will assume her
responsibilities.

By Order of the Board

Woo Kah Wai
Company Secretary
22 April 2005
Singapore   

CONTACT:

Accord Customer Care Solutions Limited
20 Toh Guan Road #07-00
Accord Distri Centre
Singapore 608839
Telephone: 65 64102600
Fax: 65 64102610
Web site: http://www.accordccs.com


ALLGREEN PROPERTIES: Members Pass All Resolutions at AGM
--------------------------------------------------------
The Board of Directors of Allgreen Properties Limited is
announced in a disclosure made to the Singapore Stock Exchange
(SGX) that at the 19th Annual General Meeting (AGM) of the
Company held on April 22, 2005, all resolutions relating to the
matters set out in the Notice of AGM dated March 31, 2005 were
duly passed.

By Order of the Board
Ms Isoo Tan
Company Secretary
22 April 2005

CONTACT:

Allgreen Properties Limited
1 Kim Seng Promenade #05-02
Great World City
Singapore 237994
Telephone: 65 67332822
Fax: 65 67383800
Web site: http://www.allgreen.com.sg


ASTI HOLDINGS: Unit Bags Excellence Award
-----------------------------------------
ASTI Holdings Limited (ASTI or The Group), a leading global
technology Company and market leader in semiconductor equipment,
service and machine vision disclosed to the Singapore Stock
Exchange (SGX) that its subsidiary, Telford Industries Pte. Ltd.
(Telford) has received a Supplier Excellence Award from Analog
Devices, Inc. (ADI) in recognition of its consistently
outstanding performance.

Telford is one of only two ADI suppliers in Southeast Asia to
have won the ADI Supplier Excellence Award this year. Telford
has been providing inspection and tape and reel service to ADI
for the past four years.

NYSE-listed ADI is a world leader in data conversion and signal
conditioning technology and is one of the longest standing,
highest growth companies within the technology sector with
suppliers worldwide.

The ADI Supplier Awards are given out yearly to recognize those
suppliers who differentiate themselves through consistent,
outstanding performance, strategic contribution to ADI's
technology and market leadership, anticipation and delivery of
cost reduction initiatives, and exemplary commitment to
manufacturing excellence.

Commenting on the award win, President of Telford, Mr. Larry Lim
said, "At Telford we strongly believe in win-win partnerships
with our customers as their success is our success. We
constantly seek ways that we can value-add to our customers and
in doing so, we have developed long term partnerships with our
customers. We are very proud to receive this award and thank ADI
for their support over the past 4 years."

The award is also testament to ASTI's leadership in the
provision of back-end semiconductor manufacturing services such
as inspection and tape and reel as well as programming services
for IC devices in Asia and Europe. Mr. Charles Cher, CEO of ASTI
said, "Our Service Group, which comprise Telford, Reel Service
and Advanced Integrated Materials, has established a strong
dominance in the service and material business in the world.

Today we have six facilities across Asia and one in Scotland,
with our eighth facility in Shanghai, China, expected to be
operational in May. We are gratified that our efforts to provide
the best value and service to our customers have been recognized
by global companies such as ADI. We will continue to expand the
geographical coverage and services range of our Service Group to
better serve our global customers."

About ASTI Holdings Limited

ASTI, listed on the SGX SESDAQ, is a leading global technology
Company and market leader in semiconductor equipment, service
and machine vision inspection solutions.

ASTI has a comprehensive range of semiconductor equipment that
encompasses wafer level CSP/bare die sorting systems, vision
inspection and tape and reel systems, laser markers and lead
conditioners.

ASTI is also one of the world's leading providers for
semiconductor inspection services as well as IC device
programming services. We serve as an alternative to allow our
customers to optimize their resources on their core value
propositions.

ASTI's proprietary machine vision inspection applications
represent the cornerstone of our technology, enabling precise
characterization of mechanical defects such as flawed laser
markings, cracks, chips and misaligned leads. With our
intelligent software, in-house digital cameras and programmable
lighting systems, we offer customized solutions for inspection
needs in semiconductor, electronics, pharmaceutical and
biometrics industries.

ASTI currently operates in Singapore, Malaysia, the Philippines,
Thailand, Taiwan, Hong Kong, China, India, United Kingdom and
the USA.

ASTI reported a 222% jump in net profit for FY2004 to S$17.8
million on turnover of S$117.9 million, an increase of 66% from
FY2003.

For more information on ASTI, please visit its web site:
http://www.astigp.com

Issued on behalf of ASTI Holdings Limited

For more information, please contact:
Ms Tham Moon Yee / Ms Geraldine Goh
Stratagem Consultants Pte Ltd
Telephone: 65 6227 0502
Fax: 65 6227 5663
E-mail: tmy@stratagemconsultants.com /
geraldine@stratagemconsultants.com

CONTACT:

Asti Holdings Limited
10 Collyer Quay #19-08
Ocean Building
Singapore 049315
Telephone: 65 65365355
Fax: 65 65361360
Web site: http://www.astigp.com


DUNWOOD ENTERPRISES: Court Schedules Hearing May 13
---------------------------------------------------
Notice is hereby given that a Petition for the Winding Up of
Dunwood Enterprises Pte Ltd by the High Court was on April 15,
2005 presented by Asiaciti Management Pte Ltd (RC No.
197903425M) of 1 Raffles Place, #21-01 OUB Centre, Singapore
048616, a Creditor.

The Petition is to be heard before the Court sitting at
Singapore at 10:00 a.m. on Friday May 13, 2005.

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

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

The Petitioners' address is at 1 Raffles Place, #21-01 OUB
Centre, Singapore 048616.

The Petitioners' solicitors are Messrs Rodyk & Davidson of 80
Raffles Place, #33-00 UOB Plaza 1, Singapore 048624. (Ref:
GPF/tgmn/10348.3)

Messrs Rodyk & Davidson
Solicitors for the Petitioners

Note:

Any person who intends to appear on the hearing of the said
Petition must serve on or send by post to the abovenamed Messrs
Rodyk & Davidson of 80 Raffles Place, #33-00 UOB Plaza 1,
Singapore 048624, 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 12 o'clock noon of
May 12, 2005 (the day before the appointed date for the hearing
of the Petition).


GREATRONIC LIMITED: To Release Fraud Transaction Report Soon
------------------------------------------------------------
Greatronic Limited made the following announcement at the
Singapore Stock Exchange (SGX) in relation to the Auditors'
Report and the Notes to the financial statements appearing in
its Annual Report for FY2004.

(1) With regards to the investigations by the Company:

(a) Since EY's interim report dated March 4, 2005 on its
investigations into the 6 suspected fraudulent transactions,
there have been no additional findings. The final report should
be finalized and presented to the Company by the end of April
2005.

(b) The Company is continuing in its efforts to recover the
outstanding receivables of S$1.3 million from Greatlink
Electronics Germany GmbH and Greatlink International Inc.

(c) The Group's financial results for the year ended December
31, 2004 has already taken into account these adjustments
arising out of the investigations and the Company does not see
any likely impact on historical financials.

(2) (a) Since the Company's announcement on 3 March 2005 and the
appointment of the Special Manager, the Group has taken steps to
address the anxieties and the feeling of uncertainties of the
creditors, suppliers and customers.

(b) The Group continues to drive its sales and marketing
functions. Recently, Greatronic Technology (M) Sdn Bhd managed
to secure from an existing client a new contract that has
opportunity for growth. The Company looks forward to developing
business relationship with this and other clients in the future.

(3) (a) With regards to the Group's obligation to invest an
aggregate of US$2,100,000 in Greatronic Technology (Kunshan) Co
Ltd (GTK) by May 2005, the Company wishes to state that:

(i) GTK contributed 13.6% to Group revenue and accounted for
11.4% of Group NTA In FY2004. GTK currently employs about 320
workers and has an operating cost of about S$600,000 for FY2004.
The Company is running at an operating loss;

(ii) If the business licence is revoked, Greatronic Technology
(Kunshan) Co Ltd (GTK) may be required to cease its existing
business activities;

(iii) In the event of cessation of business, there may be
additional costs associated with staff retrenchment, outstanding
contractual obligations in relation to a lease of premises and
other costs;

(iv) The investment cost in GTK was fully provided in 2003 and
2004; and

(v) In December 2004, the Company decided to evaluate the
performance of GTK up till May 2005, after which a decision
would be made whether to pay, or to apply for an extension of
time to pay the balance capital commitment. The Company will
continue to evaluate GTK's performance and will arrive at a
decision in due course. If necessary, the Company will apply for
an extension of time to pay the balance capital commitment.

(b) The Company will make the necessary announcements at the
appropriate time to ensure that shareholders are apprised of
developments.

By Order of the Board
Greatronic Limited
25 April 2005

CONTACT:

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


GREATRONIC LIMITED: Refutes Former CEO's Allegations
----------------------------------------------------
Greatronic Limited made the following announcement at the
Singapore Stock Exchange (SGX) in response to the report
appearing in the Straits Times and Business Times on April 21,
2005.

The Company categorically refutes the allegations of Mr. Lim Kok
Koon (Mr. Lim) that by reason of the termination of an option
agreement for the Company to acquire 70 percent of Greatronic
Technology (M) Sdn Bhd (GTM) that is registered in the name of
Mr. Lim, the Company can no longer treat GTM as its subsidiary.

The Company has through its solicitors refuted Mr. Lim's
allegations.  It is the Company's position that there are other
agreements that operate independently of the option agreement
for the Company to acquire 70% of GTM and the termination of the
option agreement in no way affects the validity and operation of
the other agreements.

Mr. Lim has through his solicitors disputed the validity of the
other agreements. The Company is taking legal advice on its
rights against Mr. Lim.

Resignation of Personnel

Separately, the Company wishes to announce that it has received
the resignations of Ms May Chang Chia Chen, who is also the wife
of Mr. Lim, as the Group General Manager (Operations), and has
been notified by Mr. Huang Ming Lang @ Max Huang that he has
tendered his resignation as a Director of GTM and the legal
representative of Greatronic Technology (Kunhan) Co Ltd.

Ms May Chang's resignation is stated to be with immediate
effect. However, under the terms of her letter of appointment,
she is required to give 2 months' notice. The Company is taking
advice on this matter.

By Order of the Board
Greatronic Limited
25 April 2005


MEDIASTREAM LIMITED: Placed Under Judicial Management
-----------------------------------------------------
Further to the announcements dated February 2 2005, February 25,
2005 and March 21, 2005 made to the Singapore Stock Exchange
(SGX) by MediaStream Limited in connection with the Originating
Petition No. 2 of 2005/G (the Originating Petition) by the
Oversea-Chinese Banking Corporation Limited for the grant of a
judicial management order with respect to the Company.

The Company would like to inform its shareholders that at the
hearing of the Originating Petition on April 22, 2005 the Court
granted an order for, inter alia, the Company to be placed under
judicial management, and the appointment of Mr. Timothy James
Reid of Ferrier Hodgson as the Judicial Manager of the Company.

CONTACT:

MediaStream Limited
(formerly: Form Holdings Limited)
39 Tampines St 92
MediaStream Building
Singapore 528883
Telephone: 65 67887888
Fax: 65 67871238
Web site: http://www.mediastreamsg.com


UNITED FIBER: Acquires Series Two Loan Note from Cornell
--------------------------------------------------------
The Board of Directors of United Fiber System Ltd (UFS or the
Company) advised the Singapore Stock Exchange (SGX) that the
Company and Cornell Capital Partners Offshore, LP (Cornell) have
entered into a Letter of Intent whereby Cornell has agreed to
subscribe to a Loan Note of S$10,000,000 (the Series Two Loan
Note) from the Company, subject to terms and conditions.

The Series Two Loan Note is repayable within 270 days either by
way of cash or from drawdowns pursuant to the existing Equity
Line of Credit Agreement, at the option of the Company. The
proceeds will be used for general corporate purposes and to
finance the pre-operating expenses of the pulp and woodchip
projects of the Group.

If the Company opts to repay the Series Two Loan Note via
drawdowns pursuant to the existing Equity Line of Credit
Agreement, the Company will utilise the existing Share Lending
Agreement with Tektronix Industries Limited (Tektronix), a
controlling shareholder of the Company, to expedite the
settlement of shares. Tektronix will not receive any financial
benefit, directly or indirectly, from this arrangement.

Save as disclosed above, none of the Directors, controlling
shareholder or substantial shareholders of the Company has an
interest, direct or indirect, in the above transaction.

By Order of the Board

Kishore Dass
Chief Executive Officer
25 April 2005

CONTACT:

United Fiber System Limited
(formerly: Poh Lian Holdings Limited)
103 Defu Lane 10
Poh Lian Building 1
Singapore 539223
Telephone: 65 62846006
Fax: 65 62840074
Web site: http://www.ufs.com.sg


YR 2000: Creditors May Appear on May 6 Hearing
----------------------------------------------
Notice is hereby given that a Petition for the Winding Up of YR
2000 Builder & Project Mgt Pte Ltd by the High Court was, on
April 12, 2005 presented by Fascina Pte Ltd care of 9 Changi
South Street 1, Singapore 486789, Petitioner.

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

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

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

The Petitioners' address is at 9 Changi South Street 1,
Singapore 486789.

The Petitioners' Solicitors are Messrs Asialegal LLC of 20 Cecil
Street, #08-01 Equity Plaza, Singapore 049705.

Messrs Asialegal LLC
Petitioners' Solicitors

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
Asialegal LLC, the Petitioners' Solicitors, notice in writing of
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 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 May 5, 2005 (the day before the day appointed for the hearing
of the Petition).


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


KRUNG THAI: Unveils Resolutions Passed at Meeting
-------------------------------------------------
Krung Thai Bank Public Company Limited informed the Stock
Exchange of Thailand (SET) on the resolutions passed during the
12th Annual Ordinary General Meeting on Friday, April 22, 2005.

(1) Adoption of the minutes of the 11th Annual Ordinary General
Meeting on April 23, 2004.

(2) Acknowledgement of the Board of Directors' annual report for
the year 2004.

(3) Approval of the Balance Sheet and Profit and Loss Statements
for the year ending December 31, 2004.

(4) Approval of the appropriation of the 2004 net profit and
dividends:
          
Legal reserve: THB554,697,263.29      

Preference shares dividend: THB3,434,750.00      

Ordinary shares dividend: THB5,254,482,030.00      

The above preference shares dividend will be paid at the rate of
THB0.6245 per share and that of ordinary shares at the rate of
THB0.47, and the dividend payments is scheduled for Friday, May
20, 2005.
   
(5) Approval on the election of General Mongkon Ampornpisit
(Ret.) Mr. Suparut Kawatkul, Mr. Aswin Kongsiri, Mr. Suri
Buakhom and Mrs. Tanya Sirivedhin to be directors.
    
(6) Approval of the following Directors' remunerations:
    
(1) Directors' gratuity for the year 2004
  
The payment of Directors' gratuity for the year 2004 in the
amount of THB21.56 million.

(2) Directors' remunerations for attending meetings for the year
2005.

(2.1) The board/committee consists of the Board of Directors,
the Board of Executive Directors, the Audit Committee and the
Nominating and Remuneration Committee or other committee(s)
which the Bank of Thailand specifies that there must be or
should be or the Board of Directors is of the opinion that it is
necessary to have such committee(s).

(2.2) Directors' remunerations for attending meetings of various
committees are divided into three parts:

(a) Remunerations in the capacity as Director should be paid to
each Director at the rate of THB50,000 per month
  
(b) Ex-officio remunerations should be paid to Director who
holds the position of Chairman of the Board of Directors at the
rate of THB130,000 per month, to Vice Chairman of the Board at
the rate of THB30,000 per month, and to each Chairman of other
committees such as Chairman of the Board of Executive Directors,
Chairman of the Audit Committee, Chairman of the Nominating and
Remunerations Committee at the rate of THB30,000 per month.

(c) Meeting honorariums should be paid at the rate of THB30,000
per meeting attended in the capacity of director or member of
such committee.

This shall take effect May 1, 2005 onwards.

(7) Elected the State Audit Office to be the Bank's auditor by
receiving the 2005 audit fee in the amount of THB4,400,000 (four
million four hundred thousand Baht only) as in the previous
year.

(8) Approval of the Bank's issuance and offering of debenture
for sale in Baht and/or other equivalent currency within the
total amount of not more than THB40,000 million within the
period of 5 years.

(9) Acknowledgement of the results of ordinary shares selling
under warrant units of former bank employees and the registered
capital after termination of exercise of rights.

Please be informed accordingly and take action on your part.  

Thank you very much.

Yours sincerely,

Krung Thai Bank Public Company Limited
Somgiat Sangsurane
Secretary to the Board of Directors
Office of the Board of Directors and Shareholders
Telephone: 0-2208-4135-8

CONTACT:

Krung Thai Bank Public Company Limited   
35 Sukhumvit Road, Khlong Toei Nua, Wattana Bangkok    
Telephone: 0-2255-2222   
Fax: 0-2255-9391-6   
Web site: http://www.ktb.co.th
  

THAI-DENMARK: Unit Undergoes Business Reorganization
----------------------------------------------------
Thai-Denmark Swine Breeder PCL (D-MARK) informed the Stock
Exchange of Thailand (SET) that it has issued a request to the
Central Bankruptcy Court for its subsidiary, Srithai Feedmill
Co. Ltd. to undergo business reorganization.

On April 11, 2005 the Central Bankruptcy Court commanded to
Srithai Feedmill Co. Ltd. to reorganize its business and
assigned Srithai Feedmill Co. Ltd. to prepare the business
reorganization plan.

Please be informed.

Miss Nounlahong Rattnanpibulkul
Director

CONTACT:

Thai-Denmark Swine Breeder Public Company Limited   
Bangnathanee Building, Floor 17,
119/34 Bangna-Trad Road,
Km.3 Bang Na Bangkok    
Telephone: 0-2361-4041-9   
Fax: 0-2361-4050


THAI-DENMARK: Sets Out Resolutions Made During Meeting
------------------------------------------------------
Thai-Denmark Swine Breeder Public Company Limited issued to the
Stock Exchange of Thailand (SET) a report on the resolutions
made at a shareholder's ordinary meeting held on April 22,2005.  

These are the details of the resolutions:

(1) To certify the minutes made at an ordinary shareholder's
meeting (1/2004) held on April 22, 2004.

(2) To approve the operational result and the annual report for
the year 2004.

(3) To approve the balance sheet as of December 31, 2004 and
profit/loss account for the year ended December 31 , 2004.

(4) To omit the annual dividend payment for the operation of the
year 2004.

(5) To re-appoint the following director whose tenure has ended:

- The director whose tenure has ended is Mrs. Jaruwan
Jantaranukul and being re-appointed

The members of the board of directors are:

(1) Mr. Anan Jantaranukul (Director)
(2) Mrs. Jaruwan Jantaranukul (Director)
(3) Mrs. Atcharapannee Jantaranukul (Director)
(4) Miss Nounlahong Rattanapibulkul (Director)
(5) Mrs. Pantanee Manapongpan (Director)

(6) To approve director's remuneration for 2005 not more than
THB3,000,000 per year.

(7) To appoint auditor for 2005 to be Mrs. Virairat Rojnuckarin
or Mrs.Suwimon Kitayyakiet of Office of DIA International
Auditing and to approve auditing fee in the amount of THB880,000  
per year.

Miss Nounlahong Rattanapibulkul
Director


  
BOND PRICING: For the Week 25 April to 29 April 2005
----------------------------------------------------

Issuer                           Coupon   Maturity    Amount
                                                     Outstanding
                                                        (MM)
------                            ------   --------    -----


AUSTRALIA
---------

Advantage Group                       10.000%     4/15/06   1
Ainsworth Game                        8.000%    12/31/09   25
Amcom Telecommunications Ltd         10.000%    10/28/07    3
APN News & Media Ltd                  7.250%    10/31/08  125
A&R Whitcoulls Group                  9.500%    12/15/10   31
Austral Coal                          9.500%    10/01/06   22
Australis Holdings                   15.000%    11/01/02  136
BIL Finance Ltd                       8.000%    10/15/07   36
BIL Finance Ltd                       8.750%    10/15/05   85
BIL Finance Ltd                       9.250%    10/15/06   98
Capital Properties NZ Ltd             8.500%     4/15/05  119
Capital Properties NZ Ltd             8.500%     4/15/07    9
Capital Properties NZ Ltd             8.500%     4/15/09    4
CBH Resources                         9.500%    12/16/09   20
Citigold Corporation                 12.000%     3/29/07   15
Djerriwarrh Investments Ltd           6.500%     9/30/09   56
Evans & Tate Ltd                      8.250%    10/29/07   20
Fletcher Building Ltd                 7.800%     3/15/09   24
Fletcher Building Ltd                 7.900%    10/31/06   35
Fletcher Building Ltd                 8.300%    10/31/06   27
Fletcher Building Ltd                 8.600%     3/15/08  112
Fletcher Building Ltd                 8.750%     3/15/06   32
Fletcher Building Ltd                 8.850%     3/15/10   37
Fletcher Building Ltd                10.500%     4/30/05    8
Fernz Corp Ltd                        8.560%    10/15/06  225
Futuris Corporation Ltd               7.000%    12/31/07  144
Gympie Gold Ltd                       8.500%     9/30/07   40
Hy-Fi Securities Ltd                  7.000%     8/15/08   95
Hy-Fi Securities Ltd                  8.750%     8/15/08   50
Hutchison Telecoms Australia          5.500%     7/12/07  600
Infrastructure & Utilities NZ Ltd     8.500%     9/15/13   84
Nuplex Industries Ltd                 9.300%     9/15/07   75
Pacific Print Group Ltd.             10.250%    10/15/09   30
Primelife Corp.                       9.500%    12/08/06    1
Prime Infrastructure                  8.500%     2/28/49   75
Prime Infrastructure                  8.500%    12/31/49  160
Salomon SB Australia                  4.250%     2/01/09    8
Sapphire Securities Ltd               7.410%     9/20/35    7
Sapphire Securities Ltd               9.250%    12/20/06   11
Sherlock Bay Nickel                   12.000%    9/01/07   15
Sky Network Television Ltd            9.300%    10/29/49  110
Software of Excellence                7.000%     8/09/07    2
Strathfield Group                     11.000%   12/31/05    8
Sydney Gas Company                    12.000%    4/01/06    7
Tower Finance Ltd                     8.650%    10/15/09   65
Tower Finance Ltd                     8.750%    10/15/07  125
TrustPower Ltd                        8.300%     9/15/07   29
TrustPower Ltd                        8.300%    12/15/08   50
TrustPower Ltd                        8.500%     9/15/12   24
TrustPower Ltd                        8.500%     3/15/14   50
Urbus Properties Ltd                  9.250%     3/10/07   84

CHINA
-----

China Government Bond                  2.900%    5/24/32   73


MALAYSIA
--------

Aliran Ihsan Resources Bhd             5.000%   11/29/11   56
Asian Pac Holdings Bhd                 4.000%   12/22/05  290
Artwright Holdings Bhd                 5.500%    3/06/07   11
Berjaya Group Bhd                      5.000%   10/17/09  422
Berjaya Land Bhd                       5.000%   12/30/09  896
Berjaya Sports Toto Bhd                8.000%    8/04/12  312
Camerlin Group Bhd                     5.500%    7/15/07  129
Crescendo Corporation Bhd              3.000%    8/25/07   40
Crest Builder                          7.000%    2/24/06   18
Dataprep Holdings Bhd                  4.000%    8/05/05   30
Dataprep Holdings Bhd                  4.000%    8/06/07   34
Eden Enterprises (M) Bhd               2.500%   12/02/07   76
Fountain View Development Sdn Bhd      3.500%   11/03/06  169
Furqan Business Organization           2.000%   12/19/05   37
Gadang Holdings Bhd                    2.000%   12/24/08   38
Greatpac Holdings Bhd                  2.000%   12/11/08    3
Gula Perak Bhd                         6.000%    4/23/08  288
Hong Leong Industries Bhd              4.000%    6/28/07  208
Huat Lai Resources Bhd                 5.000%    3/28/10   27
I-Berhad                               5.000%    4/30/07   40
Insas Bhd                              8.000%    4/19/09  103
Integrax Bhd                           3.000%   12/24/05   47
Kamdar Group Bhd                       3.000    11/09/09   72
Killinghall Bhd                        5.000%    4/13/09  220
Kretam Holdings Bhd                    1.000%    8/10/10   87
Kumpulan Jetson                        5.000%   11/27/12   11
LBS Bina Group Bhd                     4.000%   12/29/06   31
LBS Bina Group Bhd                     4.000%   12/31/07    1
LBS Bina Group Bhd                     4.000%   12/31/08    1
LBS Bina Group Bhd                     4.000%   12/31/09    0
Lebar Daun Bhd                         2.000%    1/06/07   18
Lion Diversified Holdings Bhd          2.000%    6/01/09  140
Media Prima Bhd                        2.000%    7/18/08  180
Mithril Bhd                            3.000%    4/05/09   60
Mithril Bhd                            8.000%    4/05/12   59
Mutiara Goodyear Development Bhd       2.500%    1/15/07   85
Naim Indah Corp.                       0.500%    8/24/06  122
Nam Fatt Corporation Bhd               2.000%    6/24/11  270
Pantai Holdings Bhd                    5.000%    7/31/07   66  
Patimas Computers Bhd                  6.000%    2/19/06   59
Poh Kong Holdings                      3.000%    1/20/07   85
Prinsiptek Corporation Bhd             2.000%   11/20/06   36
Puncak Niaga Holdings Bhd              2.500%   11/18/16  546
Ramunia Holdings                       1.000%   12/20/07  164
Rashid Hussain Bhd                     0.500%   12/24/12  463
Rashid Hussain Bhd                     1.500%    6/30/07  200
Rashid Hussain Bhd                     3.000%   12/24/12  620
Rhythm Consolidated Bhd                5.000%   12/17/08   51  
Silver Bird Group Bhd                  1.000%    2/15/09   20
Southern Steel                         5.500%    7/31/08  141
Tanah Emas Corporation Bhd             2.000%   12/09/06   40
Talam Corporation Bhd                  7.000%    7/19/05  128
Talam Corporation Bhd                  7.000%    4/19/06    8
Tap Resources Bhd                      2.000%    6/29/06   31
Tenaga Nasional Bhd                    3.050%    5/10/09  200
Time Engineering Bhd                   2.000%    2/25/05   86
Tradewinds Corporation Bhd             2.000%    2/08/12  483
VTI Vintage Bhd                        4.000%    8/22/06   19
WCT Land Bhd                           3.000%    8/02/09  120
Wah Seong Corp                         3.000%    5/21/12   82


SINGAPORE
---------

CSC Holdings Ltd                       6.500%    4/27/05   24
Sengkang Mall                          8.000%   11/20/12  134
Structural System Singapore           11.000%    6/30/07    5
Tampines Assets Ltd                    5.625%   12/07/06  108






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

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

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

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