TCRAP_Public/050428.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

             Thursday, April 28, 2005, Vol. 8, No. 83

                            Headlines

A U S T R A L I A

ALPEN'S PTY: Winds Up Voluntarily
ARCADE JEWELLERS: Members Meeting Set April 29
AUTO PANEL: Court Issues Winding Up Order
COLLINS BOOKSELLERS: Fails in Bid to Secure Buyer
DEVELOPMENT SERVICE: Succumbs to Voluntary Liquidation

EE&LJ BERRY: Members Pass Winding Up Resolution
HAYMOR 40: Members, Creditors to Meet May 4
HERITAGE FINE: Creditors Lash at Liquidator
HITECH PERSONNEL: To Receive Liquidator's Winding Up Report
HOT HEAVENLY: Final Meeting Fixed May 2

ION GLOBAL: Members, Creditors Meeting Slated May 2
JARDINE AUSTRALIAN: Lays Out Final Meeting Agenda
JKF INVESTMENTS: Final Meeting Set April 29
MITSUBISHI AUSTRALIA: Restores 5-day Work Week
NEVERPAINT PTY: Hires Chartered Accountants Liquidator

PASWILL PTY: Members Agree to Wind Up Company
POWER SPEED: Court Names Mark Roufeil Liquidator
RAINBROOK COMMUNICATIONS: Calls in Liquidators
SANTOS LIMITED: Q1 Revenue Soars as Production Rises
SOMMERLAD FASTENERS: Fixes Final Meeting on April 29

SUMALO PTY: To Undergo Voluntary Winding Up
TAYLORS TOWING: Enters Winding Up Process
TRONIC BITS: Members Decide to Wind Up Company
VOI APPAREL: To Declare Dividend May 9


C H I N A  &  H O N G  K O N G

CHINA CONSTRUCTION: Posts CNY17.3 Bln Pretax Profit
CHINA HANI: Enters Winding Up Proceedings
CHINA STRATEGIC: Books HKD176 Mln Net Loss in FY04
DAYNICE INTERNATIONAL: Winding Up Hearing Set June 1
E-LIFE INTERNATIONAL: Net Loss Widens to HKD50.47 Mln

INDUSTRIAL AND COMMERCIAL: To Auction NPLs
INDUSTRIAL AND COMMERCIAL: Fitch Affirms Rating at 'BBB+'
NAM FONG: 2004 Net Loss Swells to HKD54.8 Mln
RICHLY PLAN: Court to Hear Winding Up Petition May 25
SARINAH FOODS: Receives Winding Up Order

SHANGHAI MERCHANTS: Books HKD36.2 Mln Net Loss in 2004
TECHNOLOGY VENTURE: FY04 Net Loss Balloons to HKD26.85 Mln
YUEN WA: Begins Winding Up Proceedings


I N D O N E S I A

PERTAMINA: Wants to Buy Dollars to Boost Local Currency
PERUSAHAAN LISTRIK: Seeks Investors to Fund Gas, Power Projects
* Defense Industries Seek China Cooperation


J A P A N

FURUKAWA ENGINEERING: Forecasts JPY156 Mln Net Loss in 2004
HITACHI LIMITED: Forms Group to License SAFIA
K.K. NAKOSO: Enters Bankruptcy
MITSUBISHI MOTORS: Unveils FY04 Production Figures
MITSUBISHI MOTORS: Sets up Business Revitalization Committee

MITSUBISHI MOTORS: Reveals New Executive Lineup
MITSUBISHI MOTORS: To Form JV Alliance in China
PIONEER CORPORATION: Launches Combination VHS/DVD Recorder
SKYNET ASIA: ANA to Sponsor Rehabilitation
TOSHIBA CORPORATION: Aims to Boost NAND Flash Memory Output

VICTOR COMPANY: To Lay Off 400-500 Jobs


K O R E A

HYNIX SEMICONDUCTOR: S&P Upgrades Currency Rating to B+
SK NETWORKS: Creditors Keen on Stake Swap


M A L A Y S I A

AYER HITAM: Seeks Extension to Release Requisite Announcement
CHG INDUSTRIES: Court Grants RO Extension up to July 27
CHG INDUSTRIES: Sees No Change in Default Status
GENERAL SOIL: Securities Set for Delisting Today
GOLDEN FRONTIER: Posts Shares Buy Back Notice

HONG LEONG: Goes Into Voluntary Wind-Up
NAUTICALINK BERHAD: SC Approves Extension to Complete Audit
NORTH BORNEO: Posts Q1/FY05 Results
PAN MALAYSIA: Repurchases Extra Shares
PSC INDUSTRIES: Sub-unit Incorporates Two Subsidiaries

TELEKOM MALAYSIA: Granted Additional Shares Listing
YCS CORPORATION: Bourse to Delist Securities Today


P H I L I P P I N E S

LMG CHEMICALS: Resets Annual Stockholders' Meeting to July 7
MANILA ELECTRIC: Books Php1.71-Bln Loss in First Quarter
MAYNILAD WATER: MWSS Asks State to Cover US$125-Mln Loan
NATIONAL BANK: Government Names Tarriela Chairwoman
NATIONAL POWER: Must Explain Retired Execs' Self-hiring

NATIONAL POWER: Government to Absorb Remaining Debt
NATIONAL POWER: To Issue Php5-Bln Fixed Rate Bonds Soon
PACIFIC PLANS: Says it Met Tuition Claims Despite Deregulation
PACIFIC PLANS: Says Woes Won't Hit Pension Unit
PHILIPPINE LONG: Consolidates Wireless Business

* House Minority Accuses CAP, Pacific Plans of Estafa


S I N G A P O R E

ACCORD CUSTOMER: Clarifies Business Times News Article
ELTECH ELECTRONICS: Particulars of Debt, Claim Due May 24
EMG TECHNOLOGIES: Court to Hear Petition May 6
EVICTRONICS ENGINEERING: Proofs of Debt, Due May 24
IONICS EMS: All Resolutions Approved at AGM

NEPTUNE ORIENT: Unveils New Board Appointments
NETWORKING COMPANY: Creditors Should Prove Claims by May 24
SHINING CORPORATION: Passes All Resolutions at AGM
SPECTRUM TECH: Requires Creditors to Prove Claims by May 24


T H A I L A N D

PAE THAILAND: Hires S.K. Accountant as Auditors for 2005
PREMIER ENGINEERING: Resolves to Amend Articles of Association
PREECHA GROUP: Decides Against Dividend Payment
WYNCOAST INDUSTRIAL: Signs Rental Deal with Customer

     -  -  -  -  -  -  -  -

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

ALPEN'S PTY: Winds Up Voluntarily
---------------------------------
Notice is hereby given that at a General Meeting of members of
Alpen's Pty Ltd A.C.N. 001 036 586 held on March 18, 2005 it was
resolved that the Company be wound up voluntarily and that
Robert Kellaway of Kellaway Cridland Pty Ltd, 48 Hunter Street,
Sydney be appointed liquidator.

Dated this 18th day of March 2005

Robert Kellaway
Liquidator
Kellaway Cridland Pty Ltd
Level 4, 48 Hunter Street,
Sydney NSW 2000


ARCADE JEWELLERS: Members Meeting Set April 29
----------------------------------------------
Notice is hereby given that pursuant to section 509 of the
Corporations Act 2001, the final meeting of members of Arcade
Jewellers (Walsh) Pty. Limited (In Liquidation) A.C.N. 061 199
371 will be held at the offices of Richard John Wright of 60
Brook Street, Muswellbrook, NSW 2333, on April 29, 2005 at 10:00
a.m. for the purpose of laying before the meeting the
liquidators' final account and report and giving any explanation
thereof.

Dated this 16th day of March 2005

Richard John Wright
60 Brook Street,
Muswellbrook NSW 2333


AUTO PANEL: Court Issues Winding Up Order
-----------------------------------------
On March 18, 2005, the Supreme Court of New South Wales made an
Order that Auto Panel Beaters & Radiators Pty Limited (In
Liquidation) A.C.N. 001 417 590 be wound up by the Court and
appointed Stephen James Parbery to be Liquidator.

Dated this 18th day of March 2005

Stephen James Parbery
c/- PPB
Chartered Accountants and Business
Reconstruction Specialists
15th Floor, 25 Bligh Street,
Sydney NSW 2000
Telephone: (02) 9233 4955
Facsimile: (02) 9221 1310


COLLINS BOOKSELLERS: Fails in Bid to Secure Buyer
-------------------------------------------------
Veteran book retailer Collins Booksellers failed to rescue its
business and went into external administration Friday last week,
according to The Advertiser.

The Company put itself up for sale in January in a bid to secure
cash injection, but approached administrators last week with
concerns of its solvency.

Collins' on Friday appointed administrators Greg Keith and
Andrew Hewitt of Grant Thornton to look after the interests of
unsecured creditors, who are owed around AU$7.4 million.

The administration affects only 23 of the 54 stores that bear
the Collins brand name, and 12 of these are in Victoria. They
include the Hill of Content in Bourke Street and Collins
Booksellers in Elizabeth Street, two stores at Tullamarine
airport, stores in Doncaster Shoppingtown, Eastland, Northland
and Southland shopping centers and Highpoint.

None of the 31 Collins Booksellers stores that operate under
franchise arrangements are affected by the administration.

The administrators said they will continue to trade all the
stores under its appointment and will honor existing lay-bys and
gift vouchers. They will also continue to pursue the sale of the
Company, which employs about 300 staff.

The administrators said the directors of the Company were
formulating a proposal for a Deed of Company Arrangement ahead
of a creditors meeting to be held in Melbourne on May 2. If the
creditors do not accept the Deed of Company Arrangement, it was
expected the Company would be liquidated.

CONTACT:

Collins Booksellers Pty Ltd
Level 9
388-390 Lonsdale Street
MELBOURNE
VIC 3000
Phone: 03 9949 1200
Fax: 03 9918 0319


DEVELOPMENT SERVICE: Succumbs to Voluntary Liquidation
------------------------------------------------------
Notice is hereby given that at a general meeting of members of
Development Service Pty Limited (In Liquidation) A.C.N. 000 047
209 held on March 18, 2005 it was resolved that the Company be
wound up voluntarily and that for such purposes Mr. John
Frederick Taylor of Level 15, 309 Kent Street, Sydney was
appointed as liquidator.

Dated this 18th day of March 2005

J. F. Taylor
Liquidator
c/- WHK Greenwoods


EE&LJ BERRY: Members Pass Winding Up Resolution
-----------------------------------------------
Notice is hereby given that at an extraordinary general meeting
of members of EE&LJ Berry Pty Ltd (In Liquidation) A.C.N. 002
693 834 held on March 17, 2005 it was resolved that the Company
be wound up voluntarily.

At a meeting on the same day it was resolved that for such
purposes Nicholas Preobrajensky of Nick Preo Accountant 43 King
Street, Gloucester NSW 2422 be appointed liquidator.

Dated this 18th day of March 2005

N. Preobrajensky
Accountant
Nick Preo Accountant
43 King Street,
Gloucester NSW 2422


HAYMOR 40: Members, Creditors to Meet May 4
-------------------------------------------
Notice is given pursuant to Section 509 of the Corporations Act
that a joint meeting of the members and creditors of Haymor 40
Pty Limited (In Liquidation) A.C.N. 002 473 065 will be held at
the offices of SimsPartners, Level 1, 69 Victoria Street,
Grafton, NSW 2460 on May 4, 2005 at 10:00 a.m., for the purpose
of having an account laid before them showing the manner in
which the winding up has been conducted and the property of the
Company disposed of and of hearing any explanations that may be
given by the Liquidator.

Dated this 22nd day of March 2005

David Leigh
Liquidator
SimsPartners
Chartered Accountants
Level 1, 69 Victoria Street,
Grafton NSW 2460


HERITAGE FINE: Creditors Lash at Liquidator
-------------------------------------------
Disgruntled creditors of failed Heritage Fine Wines are urging
liquidator Peter Ngan to quit after he shifted gears to become
both liquidator and secured creditor, The Advertiser says.

Mr. Ngan became both liquidator and secured creditor after he
bought the ANZ Bank's AU$350,000 charge over Heritage. On Monday
he faces an application in the NSW Supreme Court from two
creditors, who were also staff of Heritage, calling for his
removal on the grounds the dual roles create a conflict of
interest.

Another five former Heritage clients, represented by insolvency
lawyer Mark Doble, filed a separate court action seeking an
order that Mr. Ngan provide them access to their wine.

The lawsuits started pouring in after Mr. Ngan of Ngan & Co.
warned investors might not get their wine back if it could not
be identified.

Heritage, whose cellared stash of Grange, Henschke's Hill of
Grace and other fine marques is worth about $60 million,
followed rival Wine Orb into administration on March 2. The move
left behind 3600 investors, including partners in Clayton Utz
and KPMG, former NSW premier Nick Greiner, subscribers to the
Rivkin Report and a host of Sydney and Melbourne business
identities.


HITECH PERSONNEL: To Receive Liquidator's Winding Up Report
-----------------------------------------------------------
Notice is hereby given that a meeting of the Members of Hitech
Personnel Hong Kong Pty Limited (In Liquidation) A.C.N. 088 296
815 will be held at Hall Chadwick, Level 29, 31 Market Street,
Sydney on May 2, 2005 at 11:00 a.m.

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

BUSINESS

(1) To receive a report from the Liquidator, being an account of
his acts and dealings and of the conduct of the winding up
during the period of the liquidation ending on May 2, 2005.

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

(3) Any other business.

Dated this 18th day of March 2005

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


HOT HEAVENLY: Final Meeting Fixed May 2
---------------------------------------
Notice is hereby given that pursuant to Section 509(2) of the
Corporations Act 2001, the Final Meeting of Members and
Creditors of Hot Heavenly Bodies Australia Pty. Limited (In
Liquidation) A.C.N. 084 893 907 Company will be held at the
offices of Bentleys MRI Sydney Business Recovery & Insolvency
Partnership, Level 8, Barrack House, 16-20 Barrack Street,
Sydney NSW on Monday, May 2, 2005 at 9:00 a.m. for the purpose
of laying before the meeting the Liquidators' final account and
report and giving any explanation thereof.

Dated this 21st day of March 2005

Ozem Kassem
Liquidator
Telephone: (02) 8221 8433


ION GLOBAL: Members, Creditors Meeting Slated May 2
---------------------------------------------------
Notice is given that the final meeting of members and creditors
of Ion Global (Australia) Pty Limited (In Liquidation) A.C.N.
083 043 494 will be held at Star Dean-Willcocks, Level 1 32
Martin Place, Sydney NSW, on Monday, May 2, 2005 at 10:00 a.m.

AGENDA

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

Proxies to be used at the meeting must be lodged with the
undersigned no later than 4:00 p.m. on Friday, April 29, 2005.

Dated this 20th day of March 2005

Adam Shepard
Liquidator
Ion Global (Australia) Pty Limited (In Liquidation)
Star Dean-Willcocks
Level 1, 32 Martin Place,
Sydney NSW 2000
Telephone: 9223 2944


JARDINE AUSTRALIAN: Lays Out Final Meeting Agenda
-------------------------------------------------
Notice is given that meeting of the members of Jardine
Australian Insurance Brokers Holdings Pty Limited A.C.N. 008 592
265 (In Liquidation) will be held concurrently at Level 15, 201
Sussex Street, Sydney, NSW, 1171 on April 29, 2005 at 10:00 a.m.

AGENDA

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

(ii) Any other business.

Dated this 17th day of March 2005

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


JKF INVESTMENTS: Final Meeting Set April 29
-------------------------------------------
Notice is hereby given that the final meeting of members of JKF
Investments Pty Limited (In Liquidation) A.C.N. 001 189 180 will
be held at the office of Marcarian & Co., Level 2, 160 Pacific
Highway, North Sydney on April 29, 2005 at 10:00 a.m. for the
purpose of laying before the meeting the liquidator's final
account and report and giving any explanation thereof.

Dated this 18th day of March 2005

Matthew Marcarian
Liquidator


MITSUBISHI AUSTRALIA: Restores 5-day Work Week
----------------------------------------------
Mitsubishi Motors Australia will bring back its five-day working
week starting Monday amid better performance in the local car
market, according to The Australian.

The carmaker cut one working day in September last year in order
to offset the growing stockpile of locally manufactured Magna
and Verada cars at its Tonsley Park assembly plant in Adelaide.
The carmaker moved to reduce production to slow down the build-
up of the stock.

At one stage the idle stockpile reached 5,000 cars but Company
president Tom Phillips recently confirmed that had now been
reduced to less than 1,000.

Aside from its move to build fewer cars, Mitsubishi Australia
also stepped up efforts to rebuild consumer confidence after its
Japanese parent, Mitsubishi Motors Corp., became embroiled in a
spate of scandals.

The campaign proved successful with sales to the end of March
rising 20 per cent against the same period last year.

As part of a global restructuring Mitsubishi Australia last year
announced plans to shut down its Lonsdale engine manufacturing
facility in Adelaide in October this year with the loss of about
650 jobs. It also cut its Tonsley Park workforce by about 350.

CONTACT:

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


NEVERPAINT PTY: Hires Chartered Accountants Liquidator
------------------------------------------------------
Notice is hereby given that at an extraordinary general meeting
of members of Neverpaint Pty Limited (In Liquidation) A.C.N. 008
547 333 held on March 10, 2005, it was resolved that the Company
be wound up voluntarily and at a meeting of creditors held on
the same day it was resolved that for such purpose, Paul William
Gidley of Lawler Partners, Chartered Accountants, 763 Hunter
Street, Newcastle West NSW 2302 be appointed Liquidator.

Dated this 29th day of March 2005

P. W. Gidley
Liquidator
Lawler Partners
Chartered Accountants
763 Hunter Street,
Newcastle West NSW 2302


PASWILL PTY: Members Agree to Wind Up Company
---------------------------------------------
At a meeting of Members held on March 15, 2005, it was
unanimously resolved, pursuant to Section 491(1) of the
Corporations Act, that Paswill Pty Limited (In Liquidation)
A.C.N. 050 540 103 be wound up and Stephen Gower Baker be
appointed Liquidator.

Stephen Baker & Co
Chartered Accountant
Suite 2, 98 Woolwich Road,
Woolwich NSW 2110
Telephone: 9817 6427
Facsimile: 9879 0964


POWER SPEED: Court Names Mark Roufeil Liquidator
------------------------------------------------
On March 15, 2005 the Supreme Court made an Order that Power
Speed Cleaning Pty Limited (In Liquidation) A.C.N. 085 052 848
be wound up and appointed the undersigned to be Official
Liquidator.

Mark Roufeil
Gavin Thomas & Partners
Level 9, 31 Market Street, Sydney


RAINBROOK COMMUNICATIONS: Calls in Liquidators
----------------------------------------------
Notice is given that Anthony Warner and Ivor Worrell, Registered
Liquidators, of Worrells, Level 3 333 George Street, Sydney NSW
2000, were appointed Liquidators of Rainbrook Communications Pty
Limited (In Liquidation) A.C.N. 104 393 802 at a general meeting
of the Company's members on March 11, 2005.

Dated this 11th day of March 2005

Anthony Warner
Liquidator
Worrells
Solvency & Forensic Accountants
Web site: http://www.worrells.net.au


SANTOS LIMITED: Q1 Revenue Soars as Production Rises
----------------------------------------------------
Santos Limited on Wednesday reported higher production, sales
volumes and revenue for the opening quarter of 2005, reflecting
improved results across most areas and recovery from the Moomba
incident which occurred on January 1, 2004.

Total production for the three months ended March 31, 2005 was
12.5 million barrels of oil equivalent (mmboe) compared with 9.7
mmboe in the previous corresponding period.

Sales volumes were also up from 10.0 mmboe to 13.6 mmboe while
total sales revenue increased to AU$465.9 million from AU$256.4
million in the first quarter of 2004.

During mid March, the last remaining production well on the East
Spar field ceased production. The likelihood of this occurring
had been advised last year and the actual timing of the
cessation of production is close to that previously indicated.

The John Brookes field is due on steam in August 2005 and will
meet existing contractual requirements for East Spar gas
supplies, together with new contracts previously announced. In
the interim, arrangements are in place to purchase gas from
third parties to meet these requirements.

Shortly after the end of the March quarter, significant progress
was announced on further growth projects, including the award of
a production license and completion of the onshore pipeline
installation at the casino gas field in the Otway Basin, and the
development of the Oyong oil and gas field offshore East Java.

During the quarter, Santos also announced an agreement with OMV
Petroleum PTY Ltd to acquire the Cooper Basin and Gippsland
assets of basin Oil Pty Ltd effective January 1, 2005.

Exploration activity during the first quarter was also pleasing
with discoveries at Hurricane 1 offshore Western Australia and
Hiu Aman 1 in deep water offshore Kalimantan. Both of these
discoveries are expected to be appraised during 2005.

To view the entire release, click on:
http://bankrupt.com/misc/tcrap_santoslimited042705.pdf

CONTACT:

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


SOMMERLAD FASTENERS: Fixes Final Meeting on April 29
----------------------------------------------------
Notice is given pursuant to Section 509 of the Corporations Act
2001 that a joint meeting of the members and creditors of
Sommerlad Fasteners Pty Ltd (In Liquidation) A.C.N. 002 258 264
will be held at the offices of Business Improvement &
Restructuring Services Pty Limited, Suite 15, 50-52 Urunga
Parade, Miranda, NSW, 2228, on April 29, 2005, at 11:00 a.m.,
for the purpose of having an account laid before them showing
the manner in which the winding up has been conducted and the
property of the Company disposed of and of hearing any
explanations that may be given by the Liquidator.

Dated this 18th day of March 2005

Michael Royal
Liquidator
Business Improvement & Restructuring Services Pty Ltd
Suite 15, 50-52 Urunga Parade,
Miranda NSW 2228


SUMALO PTY: To Undergo Voluntary Winding Up
-------------------------------------------
At a General Meeting of Sumalo Pty Limited (In Liquidation)
A.C.N. 002 906 658, duly convened and held at 48 Mintaro Avenue,
Strathfield NSW 2135 on March 16, 2005 the following Special
Resolution was passed:

That the Company be wound up voluntarily in accordance with the
provisions of Section 491(1) of the Corporations Act 2001 and
that the assets may be distributed in whole or part to the
members of the Company in specie should the liquidator so
desire.

Dated this 17th day of March 2005

Bruce Leonard Bailey
Liquidator
Saccasan Bailey Partners
Chartered Accountants
Level 15, 1 York Street, Sydney NSW


TAYLORS TOWING: Enters Winding Up Process
-----------------------------------------
At a meeting of Members held on March 15, 2005 it was
unanimously resolved, pursuant to Section 491(1) of the
Corporations Act, that Taylors Towing Pty Limited (In
Liquidation) A.C.N. 002 135 462 be wound up and Stephen Gower
Baker be appointed Liquidator.

Stephen Baker & Co
Chartered Accountant
Suite 2, 98 Woolwich Road,
Woolwich NSW 2110
Telephone: 9817 6427
Facsimile: 9879 0964


TRONIC BITS: Members Decide to Wind Up Company
----------------------------------------------
At a general meeting of the members of Tronic Bits Pty Ltd (In
Liquidation) A.C.N. 006 856 417 held at Level 17, 201 Miller
Street, North Sydney NSW 2060 on March 15, 2005 a special
resolution that the Company be wound up voluntarily was passed.

David Clement Pratt
Stephen Graham Longley
Liquidator
215 Spring Street,
Melbourne Vic 3000


VOI APPAREL: To Declare Dividend May 9
--------------------------------------
A first and final dividend is to be declared on May 9, 2005 for
VOI Apparel Pty Limited (Managing Controller Appointed) (Subject
To A Deed Of Company Arrangement) A.C.N. 087 455 981.

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

Dated this 21st day of March 2005

C. Wykes
Deed Administrator
c/- Lawler Partners
Level 7, 1 Margaret Street,
Sydney NSW 2000
Telephone: (02) 8346 6000


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

CHINA CONSTRUCTION: Posts CNY17.3 Bln Pretax Profit
---------------------------------------------------
China Construction Bank posted an unaudited pretax profit of
CNY17.3 billion in the first quarter of this year, Asia Pulse
reports.

Economists said the first quarter profit figures were good news
for the bank, which plans to list shares this year.

No further details were disclosed.

CONTACT:

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


CHINA HANI: Enters Winding Up Proceedings
-----------------------------------------
Notice is hereby given that a Petition for the Winding up of
China Hani Estate Company Limited by the High Court of Hong Kong
Special Administrative Region was on March 31, 2005 presented to
the said Court by Bank of China (Hong Kong) Limited (the
successor banking corporation to Kincheng Banking Corporation
pursuant to Bank of China (Hong Kong) Limited (Merger) Ordinance
(Cap.1167) whose registered office is situated at 14th Floor,
Bank of China Tower, 1 Garden Road, Hong Kong.

The said Petition is to be heard before the Court at 9:30 a.m.
on the June 1, 2005.

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

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

Messrs. Ford, Kwan & Company
Solicitors for the Petitioner
Suites 1505-1508, 15th Floor
Chinachem Golden Plaza
77 Mody Road
Kowloon, Hong Kong
Tel: 2366-0688
Fax: 2722-0736

Note:

Any person who intends to appear at the hearing of the said
petition must serve on or send by post to the abovenamed, notice
in writing of his intention to do so.  The Notice must state the
name and address of the person, or if a firm or his or their
Solicitor (if any) and must be served or if posted, must be sent
by post in sufficient time to reach the abovenamed not later
than six o'clock in the afternoon of May 31, 2005.


CHINA STRATEGIC: Books HKD176 Mln Net Loss in FY04
--------------------------------------------------
China Strategic Holdings Limited (0235) disclosed its financial
results for the year ended December 31, 2004.

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



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

Turnover                           : 123,403
2,884,493
Profit/(Loss) from Operations      : (146,129)          94,111
Finance cost                       : (17,434)           (50,712)
Share of Profit/(Loss) of
  Associates                       : (37,375)
(175,734)
Share of Profit/(Loss) of
  Jointly Controlled Entities      : N/A                N/A
Profit/(Loss) after Tax & MI       : (176,052)
(189,528)
% Change over Last Period          : N/A       %
EPS/(LPS)-Basic (in dollars)       : (0.20)             (0.23)
         -Diluted (in dollars)     : N/A                N/A
Extraordinary (ETD) Gain/(Loss)    : N/A                N/A
Profit/(Loss) after ETD Items      : (176,052)
(189,528)
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. BASIS OF PREPARATION

The financial statements have been prepared under the historical
cost convention as modified for the valuation of investments in
securities and in accordance with accounting principles
generally accepted in Hong Kong.

2. POTENTIAL IMPACT ARISING FROM THE RECENTLY ISSUED ACCOUNTING
STANDARDS

In 2004, the Hong Kong Institute of Certified Public Accountants
(the HKICPA) issued a number of new or revised Hong Kong
Accounting Standards (HKASs) and Hong Kong Financial Reporting
Standards (HKFRSs) (hereinafter collectively referred to as (new
HKFRSs) which are effective for accounting periods beginning on
or after January 1, 2005.  The Group has not early adopted these
new HKFRSs in the financial statements for the year ended
December 31, 2004.

The Group has commenced considering the potential impact of
these new HKFRSs but is not yet in a position to determine
whether these new HKFRSs would have a significant impact on how
its results of operations and financial position are prepared
and presented.  These new HKFRSs may result in changes in the
future as to how the results and financial position are prepared
and presented.

3. LOSS PER SHARE

The calculation of the basic loss per share is based on the net
loss for the year of approximately HK$176,052,000 (2003:
HK$189,528,000) and on the weighted average of 877,471,799
(2003: 829,734,016) ordinary shares in issue during the year.

No disclosure of the diluted loss per share has been shown for
the year ended 31st December, 2004 and 2003 as the exercise of
the share options and warrants would result in a decrease in
loss per share

4. FINAL DIVIDEND

The directors do not recommend the payment of a final dividend
for the year ended December 31, 2004 (2003: Nil).

CONTACT:

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


DAYNICE INTERNATIONAL: Winding Up Hearing Set June 1
----------------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Daynice International Limited by the High Court of Hong Kong
Special Administrative Region was on March 31, 2005 presented to
the said Court by Inhesion Industrial Co., Limited of 10th
Floor, Universal Industrial Building, 62 Sha Tsui Road, Tsuen
Wan, New Territories, Hong Kong.

The said Petition is to be heard before the Court at 9:30 a.m.
on June 1, 2005.

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

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

Messrs. Julia Wong & Partners
Solicitors for the Petitioner
Unit 3606, 36th Floor
The Center
99 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 31, 2005.


E-LIFE INTERNATIONAL: Net Loss Widens to HKD50.47 Mln
-----------------------------------------------------
E-Life International Limited (00370) disclosed its financial
results for the nine months ended December 31, 2004.

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



                               (Unaudited)         (Unaudited)
                                 Current              Last
                                                 Corresponding
                                  Period            Period
                               from 01/04/2004   from 01/04/2003
                               to 31/12/2004     to 31/03/2003
                                 Note ('000)         ('000)

Turnover                           : 10,198             70,971
Profit/(Loss) from Operations      : (32,934)           (3,108)
Finance cost                       : (9)                (42)
Share of Profit/(Loss) of
  Associates                       : (17,527)           (43,576)
Share of Profit/(Loss) of
  Jointly Controlled Entities      : N/A                N/A
Profit/(Loss) after Tax & MI       : (50,470)           (46,836)
% Change over Last Period          : N/A       %
EPS/(LPS)-Basic (in dollars)       : (0.0114)           (0.011)
         -Diluted (in dollars)     : N/A                N/A
Extraordinary (ETD) Gain/(Loss)    : N/A                N/A
Profit/(Loss) after ETD Items      : (50,470)           (46,836)
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                  : 25/05/2005         to
27/05/2005 bdi.
Other Distribution for             : N/A
  Current Period

B/C Dates for Other
  Distribution                     : N/A

CONTACT:

E-Life International Limited
3412-13, Convention Plaza Office Tower
1 Harbour Road
Wanchai, Hong Kong
Phone: 23640201
Fax: 27642967


INDUSTRIAL AND COMMERCIAL: To Auction NPLs
------------------------------------------
Industrial and Commercial Bank of China (ICBC.YY) will dispose
of its non-performing loans through an auction, Dow Jones
reports, citing the Beijing Youth Daily.

The People's Bank of China will select one of four major asset
management firms to dispose of ICBC's non-performing assets.

The report estimates the value of the assets to be between $40
billion and $50 billion.

Last week, the bank won a $15 billion cash bailout from the
central government, ICBC Vice President Yang Kaisheng was quoted
by the China Securities Journal as saying.

"There's no so-called second injection plan," Mr. Yang said in
remarks carried in the Shanghai Securities News. "I haven't
heard anything about it."

The bank is also seeking an overseas listing.

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: Fitch Affirms Rating at 'BBB+'
---------------------------------------------------------
Fitch Ratings has affirmed Industrial and Commercial Bank of
China's (ICBC) Long-term foreign currency rating at 'BBB+',
following the announcement of a USD15 billion recapitalization
by the government. The other ratings are affirmed at Individual
'E' and Support '2'.

Fitch views the recapitalization a positive move, but notes that
the size of capital injection is not sufficient to clean up the
bank's huge problem loans. Hence, its Individual rating of 'E',
the lowest possible, is unchanged while the Long-term rating is
affirmed as it already factors in a strong expectation of
government support.

On 22 April, the State Council announced a plan to inject
USD15bn (RMB124bn) through Central Huijin Investment (a vehicle
created by the state to inject capital into Bank of China and
China Construction Bank) into ICBC. The funds would again come
from China's foreign exchange reserves. The impact on the bank
is hard to assess at this point since the transparency with
which this development has been made public leaves many
questions unanswered. Fitch's reading of the sketchy details is
that after the recapitalization the Ministry of Finance ("MOF")
will retain a stake equivalent to RMB124bn in ICBC, matching the
capital injection by Central Huijin. After freeing up around
RMB50bn of the MOF-held capital (presumably for transfer to loan
loss reserves) this would leave the bank with a capital adequacy
ratio of 6 percent, which it could raise to 8 percent through
subordinated debt issuance.

However, the additional resources available to boost the bank's
loan loss reserves would be small. With RMB706bn of disclosed
non-performing loans (NPLs) at end-2004 Fitch estimates that the
bank faces potential losses in the range of RMB400bn-500bn
(USD50bn-60bn). The USD15bn capital injection is therefore only
a small part of what the bank needs, making further government
support inevitable. The nature of this future support raises
difficult questions for the Chinese government since any future
loss that erodes the bank's capital would impose losses on
Central Huijin. It is more likely therefore that further support
will be borne directly by the MOF either through additional
capital injections or through purchases of NPLs by government-
backed asset management companies at above market values.

In summary, Fitch views the recapitalization as one step in what
will be a long process of reforms to the bank's financial
position, governance and management, all as part of the
government's efforts develop a sounder banking system that
allocates credit more efficiently.

Contact: David Marshall, Kate Lin, Hong Kong, Tel: 852 2263
9963; Lydia Lin, Beijing, 86 10 8809 3388.

Media Relations: Alex Clelland, London, Tel: +44 20 7862 4084.


NAM FONG: 2004 Net Loss Swells to HKD54.8 Mln
---------------------------------------------
Nam Fong International (01176) 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                           : 59,635             12,059
Profit/(Loss) from Operations      : (44,079)           (5,462)
Finance cost                       : (10,813)           (9,345)
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       : (54,892)           (5,702)
% Change over Last Period          : N/A       %
EPS/(LPS)-Basic (in dollars)       : (0.0404)           (0.0042)
         -Diluted (in dollars)     : N/A                N/A
Extraordinary (ETD) Gain/(Loss)    : N/A                N/A
Profit/(Loss) after ETD Items      : (54,892)           (5,702)
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                  : 10/06/2005         to
17/06/2005 bdi.
Other Distribution for             : N/A
  Current Period

B/C Dates for Other
  Distribution                     : N/A

Remarks:

(1) Auditors' opinion

Because of the significance of the possible effect of the
limitation in evidence available to us and because of the
fundamental uncertainty relating to going concern are unable to
form an opinion as to whether the financial statements give a
true and fair view of the state of affairs of the Company and of
the Group as at 31 December 2004 and of the loss and cash flows
of the Group for the year then ended.  In our opinion, the
financial statements have been properly prepared in accordance
with the disclosure requirements of the Hong Kong Companies
Ordinance.

(2) Loss per share

The calculation of loss per share is based on the consolidated
loss attributable to shareholders of HK$54,892,000 (2003:
HK$5,702,000) and the weighted average number of 1,360,000,000
shares (2003: 1,360,000,000 shares) in issue during the year.

No diluted loss per share is presented as there were no
potential dilutive ordinary shares in issue during the year
(2003: Nil).

CONTACT:

Nam Fong International Holdings Limited
16/F, Dah Sing Financial Centre
108 Gloucester Road
Wanchai, Hong Kong
Phone: 25062322
Fax: 25061013
Web site: http://www.irasia.com/listco/hk/namfong


RICHLY PLAN: Court to Hear Winding Up Petition May 25
-----------------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Richly Plan Limited by the High Court of Hong Kong was on March
23, 2005 presented to the said Court by Chu Hoi Ming of Room 11,
11/F., Block A, Hang Tung Building, 1116 Canton Road, Mongkok,
Kowloon, Hong Kong.

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

Any creditor or contributory of the said Company desirous to
support or oppose the making of an order on the said petition
may appear at the time of hearing by himself or his counsel for
that purpose. A copy of the petition will be furnished to any
creditor or contributory of the said Company requiring the same
by the undersigned on payment of the regulated charge for the
same.

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

Note:

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


SARINAH FOODS: Receives Winding Up Order
----------------------------------------
Notice is hereby given that a Petition for the Winding up of
Sarinah Foods Company Limited by the High Court of Hong Kong
Special Administrative Region was on March 31, 2005 presented to
the said Court by The Bank of East Asia, Limited whose
registered office is situate at No. 10 Des Voeux Road Central,
Hong Kong.

The said Petition is to be heard before the Court at 9:30 a.m.
on June 15, 2005.

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

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

Messrs. Liu, Chan and Lam
Solicitors for the Petitioner
Room 2102, Tower 1
Admiralty Centre
18 Harcourt Road
Queensway, Hong Kong

Note:

Any person who intends to appear at the hearing of the said
petition must serve on or send by post to the abovenamed, notice
in writing of his intention to do so.  The Notice must state the
name and address of the person, or if a firm or his or their
Solicitor (if any) and must be served or if posted, must be sent
by post in sufficient time to reach the abovenamed not later
than six o'clock in the afternoon of June 14, 2005.


SHANGHAI MERCHANTS: Books HKD36.2 Mln Net Loss in 2004
------------------------------------------------------
Shanghai Merchants Holdings Limited (01104) 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                           : 2,305              62,198
Profit/(Loss) from Operations      : (22,751)           (54,817)
Finance cost                       : (335)              (118)
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       : (36,299)           (54,935)
% Change over Last Period          : N/A       %
EPS/(LPS)-Basic (in dollars)       : (0.0879)           (0.1405)
         -Diluted (in dollars)     : N/A                N/A
Extraordinary (ETD) Gain/(Loss)    : N/A                N/A
Profit/(Loss) after ETD Items      : (36,299)           (54,935)
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

The calculation of the basic loss per share is based on the loss
for the year of HK$36,299,000 (2003: HK$54,935,000) and on
413,000,000 (2003: a weighted average number of 391,082,192)
shares in issue during the year.

Diluted loss per share has not been presented for the year ended
31 December 2004 as there were no potential dilutive shares
outstanding during the year.

Diluted loss per share had not been presented for the year ended
31 December 2003 as the share options outstanding during that
year had an anti-dilutive effect on the basic loss per share.

CONTACT:

Shanghai Merchants Holdings Limited
67/F, The Center
99 Queen's Road Central
Hong Kong
Phone: 28935898
Fax: 28933773


TECHNOLOGY VENTURE: FY04 Net Loss Balloons to HKD26.85 Mln
----------------------------------------------------------
Technology Venture Holdings Limited (00061) disclosed its
financial results for the year ended December 31, 2004.

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

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

Turnover                           : 237,841            261,692
Profit/(Loss) from Operations      : (29,232)           (15,009)
Finance cost                       : (523)              (725)
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       : (26,853)           (15,382)
% Change over Last Period          : N/A       %
EPS/(LPS)-Basic (in dollars)       : (0.05)             (0.03)
         -Diluted (in dollars)     : N/A                N/A
Extraordinary (ETD) Gain/(Loss)    : N/A                N/A
Profit/(Loss) after ETD Items      : (26,853)           (15,382)
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

The calculation of the basic loss per share is based on the net
loss from ordinary activities attributable to shareholders for
the year of HK$26,853,000 (2003: HK$15,382,000) and the weighted
average of 502,434,781 (2003: 501,209,644) ordinary shares in
issue during the year.

Diluted loss per share amounts for the years ended 31 December
2004 and 2003 have not been disclosed as the share options
outstanding during these years had an anti-dilutive effect on
the basic loss per share for these years.

CONTACT:

Technology Venture Holdings Limited
8/F, Tianjin Building
167 Connaught Road West
Hong Kong
Phone: 28896289
Fax: 28979137
Web site: http://www.tvh.com.hk


YUEN WA: Begins Winding Up Proceedings
--------------------------------------
Notice is hereby given that a Petition for the Winding up of
Yuen Wa Engineering Co. Limited by the High Court of Hong Kong
was on March 16, 2005 presented to the said Court by Pow Yee Wah
of Room 1427, Shin Kwan House, Fu Shin Estate, Tai Po, New
Territories, Hong Kong.

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

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

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

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

Note:

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

The Notice must state the name and address of the person, or if
a firm or his or their Solicitor (if any) and must be served or
if posted, must be sent by post in sufficient time to reach the
abovenamed not later than six o'clock in the afternoon of May
17, 2005.


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

PERTAMINA: Wants to Buy Dollars to Boost Local Currency
-------------------------------------------------------
PT Pertamina meets with Indonesia's central bank to talk on the
possibility of buying dollars directly from the bank, reports
Dow Jones.

According to Minister of State Enterprises Sugiharto, the
Company has to buy USD50 million in U.S. currency to finance oil
imports, in efforts to alleviate the local currency. If the
Company buys foreign currency, it would lessen the rupiah's
volatility in the foreign exchange market.

Pertamina's daily dollar purchase amounts to 16-25% of the daily
volume in Indonesia's foreign exchange market. According to
dealers, the recent fall of the Indonesian rupiah may have been
caused by increasing global oil prices, which have forced the
Company's daily dollar needs to increase to USD150 million.

President Susilo Bambang Yudhoyono has called on the government
to cooperate with the central bank in order to steady the
declining rupiah.

CONTACT:

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


PERUSAHAAN LISTRIK: Seeks Investors to Fund Gas, Power Projects
---------------------------------------------------------------
State-owned PT Perusahaan Listrik Negara (PLN) is set to open
bidding for a power plant and two gas pipeline projects in May,
worth IDR10.54 trillion, the Jakarta Post reports.

According to PLN financial director Parno Isworo, the Company
will begin accepting bids for a 450-megawatt power plant located
in Banten on May 25. Power generation is set to begin in 2009 or
2010.

Interested bidders must show their experience in developing
private power projects and financial capability in covering
construction costs. The winner of the tender would build the
plant and sell it to PLN, hopefully by June 21.

Due to increasing power shortages and demand, but with dwindling
supply, PLN would require IDR153.37 trillion over 16 years in
order to avoid shortages.

CONTACT:

PT Perusahaan Listrik Negara (Persero)
Jl. Trunojoyo Blok M-1 No. 135, Kebayoran Baru
Jakarta, 12160, Indonesia
Phone: +62-21-725-1234
Fax:   +62-21-722-1330
Web site: http://www.pln.co.id


* Defense Industries Seek China Cooperation
-------------------------------------------
The Indonesian government is in talks with the Chinese
government in relation to providing technical support to
Indonesia's defense industry, Tempo News reports.

Indonesian defense minister Juwono Sudarsono met with President
Susilo Bambang Yudhoyono and Chinese President Hu Jintao on
April 25, 2005 to review China's technical support to four
Indonesian defense equipment strategic industries.

The four defense industries are: PT Dahana, PT Dirgantara
Indonesia, PT Pal and PT Pindan. The technical support means
that the Chinese government would produce light weapons for the
Indonesian Air Force, Army and Navy.

According to Mr. Sudarsono, Indonesia will continue forming ties
with all countries, including the U.S., despite its relations to
China. Mr. Sudarsono, together with Indonesian Minister of
Industry Andung Nitimiharja and Indonesian Minister for Research
and Technology Kusmayanto Kadiman, will visit Beijing in the
coming months to review the possibility of China's cooperation
in providing facilities and defense equipment.

CONTACT:

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


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

FURUKAWA ENGINEERING: Forecasts JPY156 Mln Net Loss in 2004
-----------------------------------------------------------
Furukawa Engineering & Construction Inc. expects to post a net
loss of JPY156 million in the year ending March 31, according to
Reuters.

Financial figures are as follows:
(in billions of yen unless specified)

             Full year to       Full year to    Full year ended
            March 31,2005    March 31,2005    March 31,2004
                Latest           Previous         Year-Ago
                Forecast         Forecast         Results

Sales             24.12            26.00            23.69
Recurring      loss 285 mln     prft 200 mln     loss 424 mln
Net            loss 156 mln     prft 100 mln     loss 495 mln
EPS            loss 12.11 yen

The Group's principal activity is the comprehensive facilities
installation contractor affiliated with Furukawa Electric.

CONTACT:

Furukawa Engineering & Construction Inc.
3-1 Haneda 4-Chome
Ohta-Ku 144-0043, Tokyo 144-0043
Japan
Phone: +81 3 5737 8212
Fax: +81 3 5737 8269
Web site: http://www.fecon.co.jp


HITACHI LIMITED: Forms Group to License SAFIA
----------------------------------------------
Hitachi, Ltd. (TSE: 6501; NYSE: HIT), Pioneer Corporation (TSE:
6773; NYSE: PIO), SANYO Electric Co., Ltd. (TSE: 6764; NASDAQ:
SANYY), and Sharp Corporation (TSE: 6753) have developed
SAFIA(*1) content protection technologies for use with digital
recording media utilized by a wide range of devices, from
consumer electronics to personal computers. These four companies
also form the group to develop, promote and license SAFIA. SAFIA
was originally developed to target the iVDR(*2) removable HDD
(Hard Disk Drive) Standard, and is expected to widely contribute
to developing removable HDD appliances to dramatically enhance
the digital entertainment experience.

Background

As digital broadcasting and broadband are becoming popular, the
use of HDDs capable of recording and playing huge amounts of
content with high speed is increasing in many AV applications.
Furthermore, consumers are requesting for the ability to carry
their media with them anytime, anywhere, which will naturally
cause demand for removable HDDs. Thus, the iVDR Consortium
established in March 2002 continues-to develop and promote the
iVDR removable HDD standard.

The four companies have developed SAFIA content protection
technologies for personal computer and consumer electronic
devices using iVDR, and form the group to license SAFIA to
contribute business opportunities for removable HDDs.

Features of SAFIA

SAFIA targeted for protecting content on intelligent media of
iVDR has the following features:

1.) AES-128(*3) for encryption of content, PKI(*4) based bi-
directional authentication, and secure transfer protocol for
strong security

2.) Integration of content encryption key and usage rules for
secure content access

3.) Secure content "move and delete" function using high speed
HDD

4.) Application specifiable content usage rules

5.) High affinity to e-distribution such as super-distribution,
which can deliver content and key through different channels and
timing Schedule.

SAFIA license group plans to finalize the license program in
detail, including applicable devices and fees, by July 2005.
This program will contribute business opportunities to develop
related devices such as iVDR.

*1 SAFIA: Security Architecture For Intelligent Attachment
device.

*2 iVDR: information Versatile Disk for Removable usage.
iVDR is a small, light removable HDD that can be carried around.
iVDR Consortium promotes and develops the iVDR standard. iVDR
provides huge capacity and high speed random access capability
utilizing HDD features. The interface is based on serial ATA and
supports data transfer rates up to 1.5Gbps.

*3 AES: Advanced Encryption Standard.

AES is a block cipher adopted as an encryption standard by the
US government, and is expected to be used worldwide and analyzed
extensively, as was the case with its predecessor, the Data
Encryption Standard (DES). National Institute of Standards and
Technology (NIST) adopted it as US FIPS PUB 197 in February
2001. AES-128 uses 128 bits for block sizes and 128 bits for key
sizes.

*4 PKI : Public Key Infrastructure.
PKI is a method for authenticating a message sender or
encrypting a message by use of public key algorithm. It enables
users of an insecure public network, such as the Internet, to
securely and privately exchange data through the use of a public
and a private cryptographic key pair that is obtained and shared
through a trusted authority. It provides for a digital
certificate that can identify an individual or an organization
and directory services that can store and, when necessary,
revoke the certificates.

About Hitachi, Ltd.

Hitachi, Ltd.(TSE:6501/NYSE:HIT), headquartered in Tokyo, Japan,
is a leading global electronics Company, with approximately
326,000 employees worldwide. Fiscal 2003 (ended March 31, 2004),
consolidated sales totaled 8,632.4 billion yen (U.S.$81.4
billion). The Company offers a wide range of systems, products
and services in market sectors, including information systems,
electronic devices, power and industrial systems, consumer
products, materials and financial services.

About Pioneer Corporation

Pioneer Corporation is one of the leading manufacturers of
consumer and business-use electronics products such as audio,
video and car electronics on a global scale. Its shares are
traded on the New York Stock Exchange, Euronext Amsterdam, Tokyo
Stock Exchange, and Osaka Securities Exchange.

About Sanyo Electric Co., Ltd.

SANYO Electric Co., Ltd. (TSE: 6764)(US: SANYY) is one of the
global consumer electronics giants leading the way in technology
innovation for its strategic business domains "Digital & Device"
and "Energy & Ecology". SANYO's businesses cover a broad range
from AV/Information and Communications Equipment, Home
Appliances, Commercial Equipments, Electronic Devices, Batteries
and Others.

About Sharp Corporation

Sharp Corporation (TSE: 6753) is a worldwide developer of
innovative products and core technologies that play a key role
in shaping the future of electronics. As a leader in liquid
crystal displays (LCDs) and digital technologies, Sharp offers
one of the broadest and most advanced lines of consumer
electronics, information products and electronic components,
while also creating new network businesses. Sharp Corporation
employs about 55,100 people in the world (as of December 31,
2004) and recorded consolidated annual sales of 2,257,273
million yen for the fiscal year ended March 31, 2004.

Contact:

Hitachi, Ltd.
Public Relations Dept.
Ubiquitous Platform Systems
Phone: +81-3-3231-5744
Email: koho-ub@itg.hitachi.co.jp

Pioneer Corporation
Public Relations
Phone: +81-3-3495-9885
Email: pioneer_prd@post.pioneer.co.jp

SANYO Electric Co., Ltd.
Media Relations Unit
Phone: +81-3-3837-6206
Email: tokyo-pr@svnet.sannet.ne.jp

Sharp Corporation
Corporate Public Relations Division
Phone: +81-6-6621-1272
Email: fukuzaki.kazuhiro@sharp.co.jp


K.K. NAKOSO: Enters Bankruptcy
------------------------------
K.K. Nakoso has begun bankruptcy proceedings with total
liabilities of US$278.95 million, says Teikoku Databank America.

The golf course operator is based in Iwaki-shi, Fukushima 979-
0141.

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


MITSUBISHI MOTORS: Unveils FY04 Production Figures
--------------------------------------------------
Mitsubishi Motors Corporation (MMC) announced production,
domestic sales and export results for March 2005 and for fiscal
year 2004. Overall domestic sales for the fiscal year totaled
226,702 units, 63.3 percent of last year's figure, which was
above the targeted level.

March 2005 results

Total global production was 130,602 units, a decline of 11.4
percent from March 2004. Domestically, 60,713 units were
produced in the month, 22.8 percent less than the same period
last year.

Sales in Japan were 43,974 units, 73.6 percent compared to the
previous year. Although total sales for passenger cars were
29,786 units, 67.1 percent of last year's volume, total
commercial vehicle sales remained relatively stable, reaching
14,188 units, or 92.1 percent year-on-year.

Overseas production for the month slightly increased to 69,889
units, or 101.6 percent of the amount manufactured last year.
European production boosted to 7,057 units, a 22 percent
increase from the previous year. Production in Asia also grew to
52,264 units, or 111.4 percent of last year's figure for March.
Production in North America fell 27.3 percent to 7,877 units.

Total exports from Japan retreated by 19.7 percent to 27,432
units. Exports to Europe resulted in 10,087 units, a year-on-
year decrease of 9.7 percent. Exports to Asia were down by 55.3
percent, for a total of 2,739 units, while exports to North
America declined to 2,455 units, or 47.4 percent compared to the
year before.

Fiscal year 2004 results

Global production during fiscal 2004 totaled 1,366,519 units, an
11.1 percent reduction, as substantial growth in Asia and Europe
was offset by declines in North America and Japan. Domestically,
market share for the year was 3.9 percent.

Total domestic production was 599,219 units, 20.3 percent less
than in fiscal 2003. Although production in commercial vehicles
remained stable at 92 percent when compared to the previous
year, passenger car production declined by 22.5 percent.

Exports to Europe remained solid with 106,543 units shipped
during the fiscal year, or 99.2 percent compared to the previous
fiscal year. This was driven by strong sales in Russia, the U.K.
and Germany. In Russia, Mitsubishi Motors moved up to 1st place
for overall quarterly import sales (excluding locally produced
vehicles) in the last quarter of fiscal 2004. Sales in Germany
significantly picked up during the second half led by the new
European Colt, which was awarded the prestigious Golden Steering
Wheel award in November 2004. Production jumped by 37 percent to
103,101 units, lead by manufacturing of the Colt, which hit the
market in May 2004.

Production in Asia remained strong with 518,888 units produced,
or an increase of 3.5 percent. This was particularly highlighted
by a 26 percent rise in production in Thailand, driven by
expanded exports of Thai-produced vehicles to Europe. Exports to
Asia were 99.1 percent compared to last year for a total of
56,131 units.

In North America, the local factory in Illinois trimmed
production levels from two shifts to one shift during fiscal
2004 after it became necessary to reduce output in order match
efforts to reduce fleet sales and to adjust inventory levels.
Production for fiscal 2004 was 98,642 units or 37.1 percent off
last year. These market measures to normalize sales also
resulted in fewer exports to North America, which stood at
44,388 units, or 51.1 percent year-on-year.

CONTACT:

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

This is a Company press release.


MITSUBISHI MOTORS: Sets up Business Revitalization Committee
------------------------------------------------------------
Mitsubishi Motors Corporation (MMC) announced that it is to set
up a new Business Revitalization Monitoring Committee (BRMC), an
external body that will monitor the progress made in the
implementation of the Mitsubishi Motors Revitalization Plan
announced on January 28, 2005.

The Company has invited Mr Tomoo Tasaku, a noted authority on
business recovery, to chair the BRMC. In addition to those
committee members given below, the Company is currently
considering the appointment of one further external member to
bring the full committee up to six.

Chairman: Mr. Tomoo Tasaku Partner, PwC Advisory Co., Ltd. *1

Members: Mr. Kazuo Mura *2 Lawyer and a former managing director
of the Resolution and Collection Corporation.

Other members: One representative, of managing director rank,
each from Mitsubishi Heavy Industries, Mitsubishi Corporation
and The Bank of Tokyo-Mitsubishi.

1: Established June 1999. Tokyo office of Advisory division of
Price Waterhouse Coopers, an integrated professional firm

2: Has served as member of the Mitsubishi Motors Business Ethics
Committee since July 2004

The BRMC will be made up of specialists in their own fields from
outside the Company and of representatives of major shareholders
from the Mitsubishi group. Acting as an advisory body to the
Board of Directors, the BRMC will monitor the progress being
made by the Mitsubishi Motors Revitalization Plan. As well as
offering recommendations, it will also submit reports and
proposals in response to specific requests by the Board.

In asking the BRMC to monitor the implementation of the
Revitalization Plan from an external perspective, Mitsubishi
Motors is augmenting its system of checks and balances as it
works to achieve the goals and targets laid down by the plan.

This is a Company press release.


MITSUBISHI MOTORS: Reveals New Executive Lineup
-----------------------------------------------
Mitsubishi Motors Corporation's board of directors held a
meeting on April 27 and nominated the following lineup of
executives. All nominations are subject to approval at
Mitsubishi Motors' annual shareholders' meeting, special board
of directors' meeting, and supervisory board meeting due to be
held in late June.
New Management Lineup (Members of the Board, Statutory Auditors)

Takashi Nishioka   Representative Director   Chairman of the
Board
Osamu Masuko       Representative Director   President
Heki Kasugai*      Representative Director   Executive Vice
President
Hiizu Ichikawa     Representative Director   Managing Director
Fujio Cho                                    Managing Director
Makoto Maeda*                                Managing Director
Norio Aoki*                                  Managing Director
Hiroshi Harunari*                            Managing Director
Tetsuro Aikawa*                              Managing Director
Rudiger Grube                                Member of the Board
                                             (non-executive)
Mikio Sasaki                                 Member of the Board
                                             (non-executive)
Hidetoshi Yajima*                            Member of the Board
                                             (non-executive)
Kenji Egawa*                                 Statutory Auditor
(full-time)
Shigemitsu Miki                              Statutory Auditor
                                             (outside statutory
auditor)

Hiroshi Kan*                 Statutory Auditor (outside
statutory auditor)

* : Newly appointed

Changes in the Management

(1) Members of the Board scheduled to retire
      Akira Kijima, Yasushi Ando (2 members in total)

(2) Members of the Board to be newly elected
    Heki Kasugai, Makoto Maeda, Norio Aoki, Hiroshi Harunari,
    Tetsuro Aikawa, Hidetoshi Yajima (Chairman of the Board,
    Shimadzu Corporation) (6 members in total)

(3) Statutory Auditors scheduled to retire
    Mitsugu Nakabayashi, Hirao Iijima, Motoo Makita (3 members
in total)

(4) Statutory Auditors to be newly elected
    Kenji Egawa, Hiroshi Kan (Managing Director,
    Mitsubishi Heavy Industries, Ltd.) (2 members in total)

*1 Members of the Board to be re-elected
   Takashi Nishioka, Osamu Masuko, Hiizu Ichikawa,
   Fujio Cho, Rdiger Grube, Mikio Sasaki (6 members in total)

*2 Statutory Auditor to be continued
   Shigemitsu Miki (1 member in total)

This is a Company press release.


MITSUBISHI MOTORS: To Form JV Alliance in China
-----------------------------------------------
Mitsubishi Motors Corporation is planning to team up with Hunan
Changfeng Motor Co., Ltd. to produce SUVs and invest in South
East (Fujian) Motor Co., Ltd. (SEM) in manufacturing Mitsubishi-
branded MPV and sedans, Asia Intelligence Wire reports, citing
Mitsubishi Executive Officer Uiki Kenichi.

Mitsubishi accomplished corporate restructuring January 28 and
announced the China market is key to its revival.

In order to improve sales in China, the Japanese carmaker plans
to launch a new model in China each year during 2005-2007, Mr.
Uiki Kenichi said. The new 3.8L Pajero exhibited at this auto
show in Shanghai would begin production and distribution at
Hunan Changfeng Motor in May, with a Mitsubishi logo.

The joint venture Shenyang Aerospace Mitsubishi Engine
Manufacturing Co., Ltd. would produce new MIVEC engines that
meet Euro III standard since this July.


PIONEER CORPORATION: Launches Combination VHS/DVD Recorder
---------------------------------------------------------
Pioneer Corporation (TSE: 6773; NYSE: PIO) announced on April 27
the introduction of the DVR-RT7H, the Company's first
combination VHS/DVD recorder with built-in HDD offering a
variety of easy dubbing features among VHS, DVD and HDD.

The Japanese market for DVD recorders has been enjoying rapid
growth, and the DVD recorder has become the standard video
recording device for the home. Especially, a combination VCR
with DVD recorder (including models with a built-in HDD) has
captured as much as 40% of the market.

Pioneer's first 3-in-1 combination recorder is equipped with
One-button Auto Dubbing feature, which allows easily converting
video archives of VHS to DVD. The DVR-RT7H also contains a
wealth of other DVD recording features, such as up to 24 hours
of continuous recording onto a single-sided Dual Layer DVD-R
(DVD-R DL) disc(1) and a maximum of 100x dubbing (HDD to DVD-R),
the fastest in the industry(2). Thus, this combination VHS/DVD
recorder can fully meet a wide range of customer needs.

The DVR-RT7H will be available in the Japanese market in late
June with no retail price suggested.

Main features

- "One-button Auto Dubbing" to copy an entire VHS tape of video
content onto a DVD

After setting a VHS tape to be dubbed and a blank DVD into the
DVR-RT7H, what users do is simply press the "Auto Dubbing"
button on the product surface. The recorder will automatically
perform all of the operations for dubbing: fast-rewinding the
VHS tape, measuring the recorded time, selecting the optimum
recording mode to DVD, dubbing from VHS to DVD, and finalizing
the DVD disc(3). This feature is perfect for customers who want
to easily transfer their valuable video archives from VHS tapes
to the DVD medium.

- A wealth of dubbing functions among VHS, DVD and HDD*4

The DVR-RT7H provides a variety of dubbing methods to suit
customers' use, including: "6-way Dubbing", "One-touch Dubbing",
"VHS Cueing Linked Dubbing", which detects VISS (VHS Index
Search System) signals and divides the recording into titles or
chapters during dubbing, and "Auto Blank Cut Dubbing"

- DVD-R DL format compatible: capable of recording up to 24
hours on a single-sided disc(1)

The new recorder's MPEG encoder allows higher picture quality
and longer recording time for both DVD and HDD, compared with
that for conventional models. Onto a DVD-R DL disc, the new DVD
recorder can record up to 24 hours of video content in the MN1
recording mode, or a maximum of about 6 hours with the same
picture quality as commercially available DVDs(5). For the HDD,
the DVR-RT7H (equipped with a 200 GB HDD) can record up to about
569 hours(6).

- "Quick Disc Navigator" and "Help Navigator" support easy,
comfortable and smooth operations

Through human-friendly designing approach, the easy-to-use on-
screen interface (GUI) for the new recorder has been developed
in cooperation with the Research Center for Advanced Science and
Technology (RCAST) at the University of Tokyo. Even when users
operate the new recorder for the first time, they will
sufficiently enjoy their simple, convenient, and clear on-screen
controls thanks to the following new functions:

"Quick Disc Navigator" offers rapid scrolling and title display
options. Users can find the programs they want to view quick and
smoothly with rapid scrolling and several title display options
(number of titles displayed: 4 or 8; order of title displayed:
from the latest recording to the oldest one, priority to new
programs, alphabetical/numerical by title name, or from the
oldest recording to the newest one). In addition, users can
select multiple titles at the same time in the delete, edit or
other operation modes.

"Help Navigator" displays the operation guide screen to tell
users the next operation even if they haven't read the
instruction manual(7). With this function set to ON, a pop-up
operation guidance is automatically displayed to give tips on
convenient playback functions, etc.

- dvanced Electronic Program Guide (EPG)(8) functions

In addition to popular auto-recording features such as the
"Automatic Key-word Recording," new search functions for easier
timer recording are available: "New Program Search" to search
for new programs, and "Show Me Search (Omakase Search)" to
search for programs based on user-specific genre preferences.
Thus, the new recorder's timer recording is now more simple and
powerful than the previous year's models.

- The industry's fastest(1) high-speed copy capability of
approximately 100x speed (HDD to DVD-R) makes it possible to
copy a one-hour program in about 40 seconds(9)

Thanks to Pioneer's proprietary DVD-R/DVD-RW drive capable of
recording on DVD-R at 12x and on DVD-RW at 6x speeds, the new
recorder can copy the one-hour program recorded in the MN1 mode
onto a DVD-R disc in about 40 seconds, while the previous year's
models needed over one minute to copy the same program. In
addition, the "Two-Path Pro Dubbing" automatically optimizes the
copy bit rate allocation depending on the images, and copy the
program recorded on the HDD in the "XP+ mode" to a DVD disc in
the optimum picture quality.

- A variety of high picture quality functions including the "XP+
recording mode" (around15 Mbps transfer rate, capable of
recording in super high quality to the HDD)

The new recorder is equipped with the "XP+ recording mode" (to
HDD), which allows recording even better quality images at 15
Mbps(10), besides the previous highest picture-quality recording
mode "XP" (10 Mbps).

Based on the designing concept for the "DianaCircuit," the full-
digital signal processor employed in Pioneer high-end DVD
recorders, the new recorder's high-quality video engine realizes
finer, clearer videos.

- Other advantageous features

Supporting the playback of DVD-RAM and DVD+R/+RW discs(11) as
well as DVD-R/DVD-RW discs.

"Jukebox" function allows one-touch recording of music CDs to
the HDD.(12)
Bilingual recording and variable resolution (2/3D1, 3/4D1)
recording onto the HDD

Notes

1. In the "MN1" recording mode.
2. As of April 26, 2005, in terms of DVD recorders (according to
Pioneer survey)
3. Disc finalization is only for the video mode recording.
4. VHS tapes or DVDs with copy protection cannot be copied.
5. Resolution: 720 x 480, when recording on a single-sided DVD-R
DL disc (8.5GB).
6. In the "MN1" recording mode. The recorders may not record up
to the maximum time, ex. when the total number of recording
titles exceeds the limit.
7. On some operation screens, the "Help Navigator" cannot be
used.
8. The Electronic Program Guide (EPG) uses the G-GUIDE
technology developed by Gemstar-TV Guide International, Inc. G-
CODE and G-GUIDE are trademarks of Gemstar-TV Guide
International, Inc.
9. This is the time for high-speed copying of a program recorded
on the HDD in the MN1 mode onto a DVD-R Version 2.1 / 16x
(recordable at 1x to 16x speeds), and should be considered as a
reference only. Copying time and speed may change depending on
used discs and copying conditions.
10. The "XP+ mode" is available only for HDD recording.
11. DVD-RAM discs must be removed from cartridge for play.
For DVD+R and DVD+RW discs, the recorded data can be reproduced
when it has bee stored in the video format and finalized.
However, all editing changes may not be reflected upon playback.
For DVD-RAM and DVD+R/+RW discs, playback is possible but
recording is not.
Some discs may not play depending on their characteristics,
condition, dirt, etc.
12. The recording speed to HDD is 1X, and the audio signal is
recorded in AC3.

About Pioneer Corporation

Pioneer Corporation is one of the leading manufacturers of
consumer and business-use electronics products such as audio,
video and car electronics on a global scale. Its shares are
traded on the New York Stock Exchange, Euronext Amsterdam, Tokyo
Stock Exchange, and Osaka Securities Exchange.

Contact:

Pioneer Corporation
Public Relations
Tel: +81-3-3495-9885
Email: pioneer_prd@post.pioneer.co.jp


SKYNET ASIA: ANA to Sponsor Rehabilitation
------------------------------------------
The Industrial Revitalization Corporation of Japan has selected
All Nippon Airways Co. (ANA) to sponsor the revival of Skynet
Asia Airways Co., Kyodo News reports.

ANA will support Skynet's aircraft maintenance and flight
services and acquire an equity stake of less than 20 percent in
the ailing carrier.

Japan Airlines Corporation as well as ANA has offered to support
Skynet Asia, but the IRCJ has favored ANA because of its
involvement in the reconstruction of Hokkaido International
Airlines Co., another ailing airline.

CONTACT:

Skynet Asia Airways co., Ltd. (SNA)
148 Hieda Aza, Oaza Akae
Miyazaki City
Miyazaki Prefecture
Phone: (0985) 55-2200
Fax: (0985) 55-2211


TOSHIBA CORPORATION: Aims to Boost NAND Flash Memory Output
-----------------------------------------------------------
Toshiba Corporation plans to raise its monthly production of
NAND flash memory chips this year, according to Reuters, citing
the Nihon Keizai Shimbun.

Toshiba said it would raise its output at a new factory in
Yokkaichi to the equivalent of 21,500 30-mm silicon wafers by
the end of 2005, compared to its initial plan to ramp up output
to the equivalent of 10,000 wafers.

The larger-sized wafers can yield more than twice as many chips
per wafer as the standard 200-mm variety, helping microchip
makers cut costs and offer competitively priced products.

The plant is owned by Flash Partners, a joint venture held 50.1
percent by Toshiba and 49.9 percent by SanDisk Corporation, the
world's largest supplier of flash data storage cards.

Toshiba expects global demand for NAND flash memory chips to
grow to JPY2.1 trillion in 2008 from JPY700 billion in 2004.

CONTACT:

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


VICTOR COMPANY: To Lay Off 400-500 Jobs
---------------------------------------
Victor Company of Japan plans (JVC) plans to eliminate 400-500
of its 7,400 jobs in the current financial year, one year
earlier than schedule, Kyodo News reports.

This is part of the Company's measures to restructure its
operations amid stiff competition in its audiovisual devices
business.

CONTACT:

Victor Company of Japan, Limited
1-7-1, Shinbashi, Minato-ku, Tokyo 105-0004, Japan
Telephone: 03-3289-1458
Telefax: 03-3289-0376
Web site: http://www.jvc.co.jp


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

HYNIX SEMICONDUCTOR: S&P Upgrades Currency Rating to B+
-------------------------------------------------------
Standard & Poor's Ratings Services on April 27, 2005 raised its
long-term local and foreign currency ratings on Korea's Hynix
Semiconductor Inc. to 'B+' from 'B-', following the recent
agreement of creditor banks to end their control over Hynix's
operations earlier than the scheduled end in 2006.

At the same time, Standard & Poor's raised its long-term local
and foreign currency ratings on Hynix Semiconductor
Manufacturing America Inc. to 'B+' from 'B-'. The outlooks on
the ratings on both entities are stable.

"The upgrade reflects expectations for normalization of the
Company's operations and considerably improved debt maturity
profile upon refinancing of the restructured bank debt.
Additionally, the rating reflects the Company's solid position
in the DRAM industry, and good cost position," said Standard &
Poor's credit analyst Eun Jin Kim.

"However, these strengths are offset by the extremely
challenging operating environment in the semiconductor industry:
specifically, the notoriously cyclical and capital-intensive
nature of the industry, and severe pressure on pricing,
particularly on products such as commodity-like DRAM, from which
Hynix derives the bulk of its revenues," Ms. Kim added.

Hynix's past acute cash flow constraints have led the Company to
rely more heavily on the relatively low-yield trailing edge
200mm fabs than any of its major DRAM competitors. However, in
order to catch up with its peers, the Company is expected to
make considerable capital investments in 300mm fabs in the near-
to-medium term, which will lead to higher depreciation costs.
The Company plans to invest about Korean won (W) 3 trillion each
year over the next two years.

The extremely cyclical nature of the industry leads to volatile
profitability and considerable fluctuations in Hynix's credit
protection measures. During the industry upturn in 2004, Hynix
recorded exceptionally strong earnings, with a parent-only
EBITDA margin of 48.7% and return on capital of 31.5%.

Total debt to EBITDA also recorded a strong 0.6x. But prior to
2003, Hynix recorded operating losses for three consecutive
years. As some softening in average selling prices is expected
this year, profitability margins and debt coverage should see
some deterioration. Margins will face further pressures once
operations normalize and Sales, General & Administrative
expenses rise to more reasonable levels.

Total debt stood at KRW1.8 trillion at the end of fiscal 2004 on
a parent-only basis, of which almost KRWW1.7 trillion is
restructured debt, which was set to mature in the fourth quarter
of fiscal 2006 under the workout plan.

Standard & Poor's assumes that the Company will be able to
refinance the restructured debt within the next six months. The
newly issued debt and secured bank loans are expected to have a
tenor of five or more years, thus significantly improving
Hynix's maturity schedule.

CONTACT:

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


SK NETWORKS: Creditors Keen on Stake Swap
-----------------------------------------
Creditors of SK Networks Co. are eager to swap 2% stake in the
Company for a hotel stake held by parent SK Group's chairman,
reports Asia Pulse.

Creditors have asked SK Group chairman Chey Tae-won to exchange
his 40.7% stake in Sheraton Grande Walkerhill for 2% stake in SK
Networks, in efforts to improve the Company's financial
condition.

The exchange would increase the Company's stake in the hotel to
50.38%. Once the exchange is made, creditors will push to sell
off SK Networks' entire stake in Sheraton Grande Walkerhill, one
of the Company's non-core assets.

Company creditors are planning to relinquish control of SK
Networks and allow it to restructure on its own in May, and then
graduate from a debt workout program next year.

SK Networks has been under creditor-led rehabilitation after an
accounting scandal almost rendered it bankrupt. Last year, the
Company posted a net profit of KRW461 billion on sales of
KRW13.61 trillion.


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


AYER HITAM: Seeks Extension to Release Requisite Announcement
-------------------------------------------------------------
Ayer Hitam Tin Dredging Malaysia Berhad announced that on April
26, 2005, the Company submitted an application to Bursa Malaysia
Securities Berhad (Bursa Securities) for a 6-month extension
from April 28, 2005 to Oct. 28, 2005, to release the Company's
Requisite Announcement to the public, in accordance to Practice
Note 4/2001 of Bursa Securities Listing Requirements.

CONTACT:

Ayer Hitam Tin Dredging Malaysia Berhad
No 8 Jalan Raja Chulan
Kuala Lumpur, 50200
Malaysia
Phone: +60 3 2031 9633
Fax:   +60 3 2031 6920


CHG INDUSTRIES: Court Grants RO Extension up to July 27
-------------------------------------------------------
CHG Industries Berhad announced that in relation to the
restraining order (RO) on the Company pursuant to Section
176(10) of the Companies Act, 1965, the Kuala Lumpur High Court
on April 26, 2005 allowed an extension of the RO for 90 days
from April 29, 2005 to July 27, 2005.

The Court also scheduled July 22, 2005 as a mention date to
update on any progress in the matter that may have bearing on
the RO, especially with regard to whether or not the Securities
Commission (SC) has informed the Company of its decision in
relation to a submission made to the SC.

CONTACT:

CHG Industries Berhad
8th Mile Jalan Cheras
Cheras, Selangor Darul Ehsan 43200
Malaysia
Phone: +60 3 907 58811
Fax:   +60 3 907 66215


CHG INDUSTRIES: Sees No Change in Default Status
------------------------------------------------
CHG Industries Berhad announced that in relation to the proposed
debt restructuring of the Company's lender banks (except for
hire purchase creditors) to be effected pursuant to Section 176
of the Companies Act, 1965, in respect of debts owing to such
creditors, remains unchanged and is based on the Dec. 31, 2003
cut-off date. As at Dec. 31, 2003, the debts to be restructured
are estimated to amount to MYR190,236,292 (including
MYR7,626,811 accrued interest).


GENERAL SOIL: Securities Set for Delisting Today
------------------------------------------------
General Soil Engineering Holdings Berhad announced that after
consulting with the Securities Commission and considering all
the facts, Bursa Malaysia Securities Berhad (Bursa Securities)
has decided to de-list the Companies Securities from the
Official List of securities, as the Company's financial
condition does not warrant continued listing on the Official
List.

The Company's securities will be removed from the Official List
of Bursa Securities today (Wednesday), April 27, 2005, 9:00 a.m.

With respect to the Company securities that are deposited with
the Bursa Malaysia Depository Sdn Bhd (Bursa Depository), such
securities may continue to remain deposited with the Depository,
notwithstanding the de-listing of the Company's securities from
the Official List.

Alternatively, Company shareholders who intend to hold their
securities in the form of physical certificate can withdraw
these securities from their Central Depository System accounts
with Bursa Depository, at anytime after the Company's securities
of the Company are de-listed from the Official List, by
submitting the application form for withdrawal in accordance
with the procedures prescribed by Bursa Depository.

CONTACT:

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


GOLDEN FRONTIER: Posts Shares Buy Back Notice
---------------------------------------------
Golden Frontier Berhad disclosed to the Bursa Malaysia
Securities Berhad the details of it shares buy back on April 26,
2005.

Date of buy back: 26/04/2005

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):      0.595

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

Total consideration paid (MYR):                      608.74

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): 1,465,800

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


HONG LEONG: Goes Into Voluntary Wind-Up
---------------------------------------
Hong Leong Industries Berhad (HLI) announced the voluntary wind-
up of Company subsidiary Guolene Packaging Industries Berhad
(GPIB), and that Mr. Lim Kang Hoong of Messrs. Ling Kam Hoong &
Co. be appointed liquidator of GPIB.

GPIB disposed of four subsidiaries to San Miguel Corporation,
and two wholly owned units to HLI, thereby transforming it into
a cash company without any core business. The proposed winding
up of GPIB would expedite the cash distribution to its
shareholders, and is subject the GPIB shareholders' approval.

CONTACT:

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


NAUTICALINK BERHAD: SC Approves Extension to Complete Audit
-----------------------------------------------------------
Nauticalink Berhad announced that the Securities Commission
(SC), via its letter dated April 19, 2005 (and received on April
25, 2005), approved an extension up to July 3, 2005 for Messrs.
Anuarul Azizan Chew & Co. to complete an investigative audit on
the Company, in relation to its proposed restructuring scheme.

The Company will release further updates on its proposed
restructuring scheme in due course.

CONTACT:

Nauticalink Berhad
8th Flr, Tower Block
Plaza Pekeliling
2, Jln Tun Razak
50400 Kuala Lumpur
Malaysia
Phone: 03-40431005
Fax:   03-40431058


NORTH BORNEO: Posts Q1/FY05 Results
-----------------------------------
The North Borneo Corporation Berhad disclosed its unaudited
report for the financial period ended March 31, 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
                 0             0              0             0

2  Profit/(loss) before tax
            -1,321        -1,302         -1,321        -1,302

3  Profit/(loss) after tax and minority interest
            -1,321        -1,302         -1,321        -1,302

4  Net profit/(loss) for the period
            -1,321        -1,302         -1,321        -1,302

5  Basic earnings/(loss) per shares (sen)
             -2.00         -1.97          -2.00         -1.97

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)


For further details on the report, go to:

http://bankrupt.com/misc/tcrap_northborneo1042705.xls

http://bankrupt.com/misc/tcrap_northborneo2042705.doc

CONTACT:

North Borneo Corporation Berhad
6 Lorong Api-Api Centre
Kota Kinabalu, Sabah 88000
Malaysia
Phone: +60 87 263232
Fax:   +60 87 234363


PAN MALAYSIA: Repurchases Extra Shares
--------------------------------------
Pan Malaysia Corporation Berhad disclosed the details of shares
it had bought back on April 26, 2005 to the Bursa Malaysia
Securities Berhad.

Date of buy back: 26/04/2005

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

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

Minimum price paid for each share purchased (MYR):      0.395

Maximum price paid for each share purchased (MYR):      0.410

Total consideration paid (MYR):                   52,225.19

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

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

Cumulative net outstanding treasury shares as at to-date
(units): 22,990,500

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

CONTACT:

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


PSC INDUSTRIES: Sub-unit Incorporates Two Subsidiaries
------------------------------------------------------
PSC Industries announced that its sub-unit PSC Defense
Technologies (PSCDT) incorporated two subsidiaries on April 25,
2005: C3I Systems Sdn Berhad and Integrated Navigation and
Defense Systems Sdn Berhad, with MYR2.00 each as initial paid-up
capital.

PSCDT is a unit of Penang Shipbuilding & Construction, a wholly
owned subsidiary of PSC Industries Berhad.

CONTACT:

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


TELEKOM MALAYSIA: Granted Additional Shares Listing
---------------------------------------------------
Telekom Malaysia Berhad's additional 41,000 new ordinary shares
of MYR1.00 each issued pursuant to the Company's Employee Share
Option Scheme will be granted listing and quotation effective
Friday, April 29, 2005, 9:00 a.m.

CONTACT:

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


YCS CORPORATION: Bourse to Delist Securities Today
--------------------------------------------------
YCS Corporation Berhad announced that after consulting with the
Securities Commission and considering all the facts, Bursa
Malaysia Securities Berhad (Bursa Securities) has decided to de-
list the Companies Securities from the Official List of
securities, as the Company's financial condition does not
warrant continued listing on the Official List.

The Company's securities will be removed from the Official List
of Bursa Securities today (Wednesday), April 27, 2005, 9:00 a.m.

With respect to the Company securities that are deposited with
the Bursa Malaysia Depository Sdn Bhd (Bursa Depository), such
securities may continue to remain deposited with the Depository,
notwithstanding the de-listing of the Company's securities from
the Official List. Alternatively, Company shareholders who
intend to hold their securities in the form of physical
certificate can withdraw these securities from their Central
Depository System accounts with Bursa Depository, at anytime
after the Company's securities of the Company are de-listed from
the Official List, by submitting the application form for
withdrawal in accordance with the procedures prescribed by Bursa
Depository.

CONTACT:

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


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

LMG CHEMICALS: Resets Annual Stockholders' Meeting to July 7
------------------------------------------------------------
Acting on the request of certain stockholders/directors, the
Board Executive Committee of LMG Chemicals Corporation has
approved a resolution resetting the Annual Stockholders' Meeting
from May 3, 2005 to July 7, 2005.

Pursuant to the By-Laws, Stockholders of record as of July 7,
2005 are entitled to vote in the said meeting.

The stock and transfer books of the Corporation shall be closed
for transfer five (5) days next preceding the Annual
Stockholders' Meeting, or from July 2 to 7, 2005.

CONTACT:

LMG Chemicals Corp.
Chemphi Bldg., 1851 Arnaiz Ave.,
Makati City, Philippines
Phone: 818-6228,818-8711


MANILA ELECTRIC: Books Php1.71-Bln Loss in First Quarter
--------------------------------------------------------
Manila Electric Co. (Meralco) tallied a net loss in the first
quarter of this year due to large provisions for possible losses
after a court stopped it from hiking its rates, reports Agence
France Presse.

The struggling power retailer booked a net loss of Php1.71
billion in the January-March quarter against a Php344.4-million
profit in the same period last year.

It said provisions of Php1.41 billion were booked "in the event
of a final and executory adverse decision on the unbundling rate
case pending with the Supreme Court."

The Company also reported lackluster sales figures due to
shorter billing days in February and a rate increase passed on
by its major supplier, the state-owned National Power
Corporation (Napocor). Sales volume in the quarter totaled
Php5.6 billion kilowatt-hours, down 0.03 percent year-on-year.

Loss per share in the January-March quarter amounted to 1.54
pesos as against earnings per share of Php0.50 in the same
period last year. Capital expenditure, on the other hand, was
Php1.05 billion, against the previous Php1.29 billion.

The Court of Appeals had denied Meralco's plea for a reversal of
a court order that stopped the Company's price increase of
Php0.17 per kilowatt-hour that started in June 2003. Meralco
lodged the case with the Supreme Court in March.

In denying Meralco's motion, the Court of Appeals claimed the
Energy Regulatory Commission (ERC) gravely abused its discretion
in allowing Meralco's rate increase without appropriate public
consultations.

To view Meralco's Q1 Financial Results, click on:
http://bankrupt.com/misc/TCRAP_MERALCO042705.pdf

CONTACT:

Manila Electric Co.
Lopez Building
Ortigas Avenue, Pasig City
Phone:  16220 (TL); 633-4553 (Corp. Sec.)
Fax:  (0632) 631-5572
E-mail Address: corcom@meralco.com.ph
Web site: http://www.meralco.com.ph


MAYNILAD WATER: MWSS Asks State to Cover US$125-Mln Loan
--------------------------------------------------------
The Metropolitan Waterworks and Sewerage System (MWSS) is hoping
that the government would cover a US$125-million loan for cash-
strapped water concessionaire Maynilad Water Services Inc., The
Manila Times relates.

MWSS administrator Orlando C. Hondrade indicated in a Feb. 1,
2005 letter to the National Economic and Development Authority
(NEDA) that Maynilad's US$125-million Revenue Generation and
Service Improvement Projects (RGSIP) be included in the World
Bank's Country Assistance Strategies (CAS).

In an earlier letter still addressed to NEDA, Mr. Hondrade
proposed only US$50 million for Maynilad's RGSIP. The MWSS wants
World Bank to cover around US$100 million of the total US$125
million. The remaining US$25 million will be sourced from
Maynilad as local counterpart.

Mr. Hondrado stressed the need for the government to guarantee
the loan for the project due to the absence of creditors willing
to lend money to the ailing water concessionaire. He added that
the RGSIP is part of Maynilad's five-year capital expenditure
(CAPEX) program.

The MWSS believes that the project will help boost water service
delivery to the public.

Meanwhile, earlier reports said various firms plan to acquire
Maynilad. These include investment bank ING Barings Group, the
Ayala group, whose unit operates the East Zone concession, and
the International Finance Corp., the World Bank's investment
arm, and DMCI Holdings Inc

CONTACT:

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


NATIONAL BANK: Government Names Tarriela Chairwoman
---------------------------------------------------
Florencia Gozon Tarriela was chosen as chairwoman of Philippine
National Bank (PNB), replacing Francisco Dizon, according to The
Manila Bulletin.

According to sources, Ms. Tarriela was formerly with Citibank
N.A.'s Manila office. She is also closely identified with Bangko
Sentral ng Pilipinas Governor Rafael Buenaventura.

Government nominees for the bank's directors are former energy
secretary Vincent Perez and finance undersecretary Eric Recto,
who left their respective public positions last month.

Informed sources said Ms. Tarriela is a definitive choice but
the government representatives in the bank are still under
consideration.

The PNB board announced last week that Omar Mier has replaced
Lorenzo Tan as the new president. Mr. Tan stepped down last
April 10 and is now with SunLife Philippines Inc.

PNB will announce its new board in May during its stockholders'
meeting.

CONTACT:

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


NATIONAL POWER: Must Explain Retired Execs' Self-hiring
-------------------------------------------------------
The Malacanang Palace asked the National Power Corporation
(Napocor) to justify a controversial move made by the
financially distressed power firm, according to The Philippine
Star.

Press Secretary Ignacio Bunye urged Napocor to explain why it
allowed 25 senior executives who had already received Php119.4
million in retirement benefits to rehire themselves.

"We would prefer that the Napocor officials explain this alleged
hiring. They might have their reasons for doing so, specifically
the expertise of some of the officials involved. We prefer that
this be handled by Napocor," he said.

Documents submitted to the Joint Congressional Power Commission
showed that the 25 officials were among thousands of Napocor
executives and employees who had been paid Php12 billion in
retirement benefits in preparation for the privatization of the
debt-ridden government Company.

The bulk of the Php12 billion was reportedly funded by loans.

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: Government to Absorb Remaining Debt
---------------------------------------------------
The National Government is left with no choice but to shoulder
National Power Corporation's (Napocor) remaining Php300-billion
debt despite the recent power rate hike, The Philippine Star
says.

The government has so far covered Php200-billion worth of
Napocor's debt, the minimum level provided under the under the
Electric Power Industry Reform Act (EPIRA). But the government
may have to take over a total of Php500-billion debt, which
represents all accumulated debt that Napocor no longer has the
capability to handle.

However, the actual mechanism for absorbing the remaining Php300
billion bulk was still not being actively discussed since the
government was waiting for the decision of the Energy Regulatory
Commission (ERC) on the last 98-centavo hike in Napocor rates.

Despite the fact that Napocor is still able to service
obligations, the National Government will eventually shoulder
the Php300 billion in order to accelerate the state's power
sector reform program.


NATIONAL POWER: To Issue Php5-Bln Fixed Rate Bonds Soon
-------------------------------------------------------
Cash-strapped National Power Corporation (Napocor) will issue
Php5-billion worth of five- to seven-year fixed rate bonds next
month, says The Philippine Star.

Deutsche Bank, First Metro Investment Corp., and the Land Bank
of the Philippines (LBP) were appointed joint issue managers for
the bond float, the Company's second peso bond offering after
the zero-coupon bonds issued last year.

In the event of over-subscription, the issue managers could
increase the bond float to as much as Php7 billion.

Interest will be payable quarterly in arrears, with principal to
be paid in full upon maturity within five or seven years from
issue date. Target auction date is on May 5 this year while
target issue date is on May 11.

Proceeds from the bonds will be used for general funding
requirements, as well as the servicing of debt.


PACIFIC PLANS: Says it Met Tuition Claims Despite Deregulation
--------------------------------------------------------------
Pacific Plans Inc. claimed it serviced all obligations over the
past 14 years even if it was not required in its contract to pay
the runaway tuition caused by deregulation in 1990, reports The
Philippine Daily Inquirer.

The troubled pre-need provider started selling open-ended
educational plans in 1986, promising to pay its plan holders
tuition regardless of the amount. At that time, the government
capped a fixed tuition fee hike each year, allowing all pre-need
firms to predict how much they need to allot each year to pay
claims.

But in 1990, the cap on college and high school fee hikes was
removed. Elementary schools followed in 1993. By 1994, the
government removed all restrictions and allowed a free-for-all.
The following year, exclusive schools jacked up their tuition by
as much as 36 percent.

Pacific Plans president Ernesto Garcia insisted that the Company
has paid all claims using its operating profits despite its
difficulty to cover steady annual tuition fee increases.

But the Company cannot do this indefinitely, he said.

Early this month, Pacific Plans went to court to seek suspension
of payments and rehabilitation since it could no longer service
future claims.


PACIFIC PLANS: Says Woes Won't Hit Pension Unit
-----------------------------------------------
Beleaguered Pacific Plans Inc. clarified that its financial
problems won't spill into its pension arm, Lifetime Pacific
Plans Inc., Business World relates.

Legal counsel Jeanette Tecson said Lifetime, which was spun off
from Pacific Plans, will not be affected by the latter's
predicament as they are separate trust funds.

Lifetime has not been affected given sales in April was the same
as in March despite the announcement of Pacific's rehabilitation
petition.

Lifetime Plans is a Company that was spun off from Pacific Plans
after the firm started suffering from servicing open-ended
educational plans.


PHILIPPINE LONG: Consolidates Wireless Business
-----------------------------------------------
The Philippine Long Distance Telephone Company (PLDT) has on
Tuesday completed the consolidated of its wireless businesses
under unit Smart Communications Inc., relates The Philippine
Star.

PLDT has transferred to Smart a total of 766.99 million shares
of Pilipino Telephone Corp. (Piltel), the final step towards
Smart's acquisition of 92.14 percent of Piltel. In exchange for
the Piltel shares, PLDT said it received 11.33 million Smart
preferred shares valued at Php157.23 million.

The National Telecommunications Commission last year approved
Piltel's application to transfer majority of its shares to
Smart, which pave the way for Smart's acquisition of as much as
92 percent of Piltel from parent PLDT.

Smart and Piltel had a combined subscriber base of more than 19
million as of end-2004, representing more than half of the
national market. Smart's acquisition of Piltel was done through
a combination of equity transfers from PLDT and a debt swap with
Piltel creditors.

CONTACT:

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


* House Minority Accuses CAP, Pacific Plans of Estafa
-----------------------------------------------------
Opposition congressmen are seeking estafa charges against owners
and officials of failed pre-need firms, College Assurance Plans
Philippines Inc. (CAP) and Pacific Plans Inc., according to
Manila Standard.

House Minority Leader Francis Escudero urged the Department of
Justice to address the mess created by the two firms for their
failure to service plan holder claims. CAP has been struggling
to meet obligations while Pacific Plans recently filed for
payments suspension and rehabilitation with a Makati City
regional court.

For deterrent purposes, the House committee on banks and
financial intermediaries has agreed in principle to pass House
Bill 119, requiring all pre-need companies to deposit in a
Benefit fund" at least 45 percent of their monthly earnings for
life plans and 51 percent for educations plans.

The Lopez panel is also planning to impose a penalty of
imprisonment for the owners of pre-need companies who fail to
meet their obligations.  He said the proposal will be decided by
the panel today.


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

ACCORD CUSTOMER: Clarifies Business Times News Article
------------------------------------------------------
Accord Customer Care Solutions Ltd. (ACCS) issued to the
Singapore Stock Exchange (SGX) a clarification to the news
report carried in the Business Times, April 27, 2005 captioned
"ACCS may see management change".

There has to date been no change in the management or management
structure of Accord Customer Care Solutions Ltd.  The Company's
Chief Executive Officer, Mr. Victor Tan, together with the
Company's management team continues to oversee and be in charge
of the Company's day-to-day operations.

As announced on February 23, 2005, the Independent Committee was
formed for the purpose of overseeing the Company's independent
investigation in connection with the investigations being
carried out by the Commercial Affairs Department. The terms of
reference of the Independent Committee do not extend to the day-
to-day management of the Company.  Mr. Gay Chee Cheong does not
head the Independent Committee.  The Chairman of the Independent
Committee is appointed by rotation.

The Company continues to be in discussions with parties
interested in investing in the Company.  If any such investment
should materialize, it may be possible that the existing
management team would be augmented by representatives nominated
by the new investor.

Woo Kah Wai
Company Secretary
Accord Customer Care Solutions

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


ELTECH ELECTRONICS: Particulars of Debt, Claim Due May 24
---------------------------------------------------------
Notice is hereby given that the creditors of Eltech Electronics
Technology (Singapore) Pte Ltd (In Members' Voluntary
Liquidation), which is being wound up voluntarily are required
on or before May 24, 2005 to send in their names and addresses
and particulars of their debts or claims, and the names and
addresses of their solicitors (if any) to the undersigned, the
Liquidators of the said Company.

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

Dated this 22nd day of April 2005.

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


EMG TECHNOLOGIES: Court to Hear Petition May 6
----------------------------------------------
Notice is hereby given that a Petition for the winding up of EMG
Technologies Pte. Ltd. formerly known as Entertainment Media
Group Pte Ltd by the High Court was, on the 12th day of April
2005, presented by Kinergy Pte Ltd, a Company incorporated in
Singapore and having its registered office at Block 5002, Ang Mo
Kio Avenue 5, #03-03 TECHplace II, Singapore 569871, a Creditor.

The said Petition is to be heard before the Court sitting at
Singapore at 10:00 a.m., on May 6, 2005.

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

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

The Petitioner's address is at Block 5002, Ang Mo Kio Avenue 5,
#03-03 TECHplace II, Singapore 569871.

The Petitioner's solicitors are Messrs Colin Ng & Partners of 50
Raffles Place, #29-00 Singapore Land Tower, Singapore 048623.

Colin Ng & Partners
Solicitors for the Petitioner

Note:

Any person who intends to appear at the hearing of the said
Petition must serve on or send by post to the above-named Messrs
Colin Ng & Partners, 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 above-named not later than twelve o'clock noon
of May 5, 2005 (the day before the day appointed for the hearing
of the Petition).


EVICTRONICS ENGINEERING: Proofs of Debt, Due May 24
---------------------------------------------------
Notice is hereby given that the creditors of Evictronics
Engineering Pte Ltd (In Members' Voluntary Liquidation), which
are being wound up voluntarily are required on or before May 24,
2005 to send in their names and addresses and particulars of
their debts or claims, and the names and addresses of their
solicitors (if any) to the undersigned, the Liquidators of the
said Companies.

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

Dated this 22nd day of April 2005.

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


IONICS EMS: All Resolutions Approved at AGM
-------------------------------------------
Ionics EMS Inc. informed the Singapore Stock Exchange (SGX) that
at the Annual General Meeting (AGM) of the Company held on April
26, 2005 all the resolutions set forth in the Notice of the AGM
dated April 1, 2005 were unanimously approved by the
shareholders, to wit:

(a) The minutes of the last general meeting of the stockholders
on April 30, 2004 were approved;

(b) The financial statements and the reports of the Directors
and Auditors for the financial year ended December 31, 2004 were
approved;

(c) All the acts and resolutions of the Board of Directors and
Management for the financial year ended December 31, 2004 were
confirmed and ratified;

(d) The following were elected members of the Board of Directors
of the Corporation to serve as such for a period of one year and
until the election and qualification of their successor:

Lawrence C. Qua
Jan D. Doets
Loo Choon Chiaw
Edgardo M. del Fonso
Guillermo D. Luchangco
Meliton C. Qua
Raymond Ma. C. Qua
Jovenal R. Santiago
Leonardo T. Siguion Reyna

(e) SGV & Co. was re-appointed external auditor of the
Corporation for the ensuing year.

(f) Authority was granted to the Board of Directors to issue
shares in accordance with Section 161 of the Companies Act,
Chapter 50 and the listing rules of the Singapore Exchange
Securities Trading Limited, and for this purpose, the Board of
Directors were further authorized to complete and do all such
acts and things (including executing all such documents as may
be required) as they may consider necessary, desirable or
expedient to give effect to the foregoing authority as they may
think fit; and

(g) Authority was granted to the Company to enter into the
recurrent transactions with Interested Persons as described in
the Appendix to the Annual Report.

Submitted by
Melissa Lichaytoo
Assistant Corporate Secretary
26 April 2005

CONTACT:

Ionics EMS Inc
Fusion Street, PEZA
Light Industry & Science Park,
Barrio Diezmo
Cabuyao, Laguna
Philippines
Telephone: 632 889 8578
Fax: 632 889 8584 or 6349 543 0145
Web site: http://www.ionics-ems.com
          http://www.ionicsgroup.com


NEPTUNE ORIENT: Unveils New Board Appointments
----------------------------------------------
Pursuant to Rule 704 (14) of the Listing Manual of the SGX-ST,
the Board of Directors of Neptune Orient Lines Limited announced
to the Singapore Stock Exchange (SGX) that at the 36th AGM of
the Company held on April 26, 2005 at 11:00 a.m. all the
Resolutions on the items of ordinary and special business as set
out in the Notice of AGM dated April 6, 2005 and put to the
meeting were duly passed.

The Company wishes to further announce that the following
shareholders' approval at the AGM:

(a) Dr Friedbert Mait, a Director of the Company and a member of
the Executive Committee and Executive Resource & Compensation
Committee, who was subject to re-election, was re-elected at the
AGM;

(b) Mr. James Connal Scotland Rankin, a Director of the Company
and a member of the Executive Resource & Compensation Committee,
who was subject to re-election, was re-elected at the AGM; and

(c) Mr. Christopher Lau Loke Sam, a Director of the Company and
a member of the Audit Committee, who was subject to re-election,
was re-elected at AGM.

At the AGM, Messrs Lock Sai Hung and Timothy J. Rhein, who did
not seek re-election, retired as Directors with effect from
April 26, 2005.  Mr. Gan Chee Yen and Mr. Lim How Tech also
retired from office at the AGM. In connection with their
retirement, the Directors have also relinquished their
membership in the various Board Committees.

The Board of Directors would like to take the opportunity to
place on record its appreciation to Messrs Lock Sai Hung,
Timothy J. Rhein, Gan Chee Yen and Lim How Teck for their
invaluable contribution to the NOL Group during their tenure as
Directors and Board Committee Members.

Appointment of New Board Committee Members

The Board of Directors also wishes to announce that, at its
Board Meeting held on April 26, 2005 the following Board
Committee appointments were approved to take effect from April
26, 2005:

Name of Board Member          Board Committee Appointment

Mr. Robert Holland, Jr.       Member, NOL Audit Committee
Mr. Yasumasa Mizushima        Member, NOL Executive Committee
Mr. David Lim Tik En          Member, Approval Committee

By Order of the Board

Marjorie Wee and Wong Kim Wah (Ms)
Comapany Secretaries
26 April 2005

CONTACT:

Neptune Orient Lines Limited
456 Alexandra Road #06-00
NOL Building
Singapore 119962
Telephone: 65 62789000
Fax: 65 62784900
Web site: http://www.nol.com.sg


NETWORKING COMPANY: Creditors Should Prove Claims by May 24
-----------------------------------------------------------
Notice is hereby given that the creditors of The Networking
Company Pte Ltd (In Members' Voluntary Liquidation), which are
being wound up voluntarily are required on or before May 24,
2005 to send in their names and addresses and particulars of
their debts or claims, and the names and addresses of their
solicitors (if any) to the undersigned, the Liquidators of the
said Company.

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

Dated this 22nd day of April 2005

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


SHINING CORPORATION: Passes All Resolutions at AGM
--------------------------------------------------
Pursuant to Rule 704(14) of the SGX Listing Manual, Shining
Corporation Ltd wishes to inform that at the Fifth Annual
General Meeting (AGM) of the Company, all the items of ordinary
and special business as set out in the Notice of AGM dated April
8, 2005 were put to the Meeting and duly passed.

CONTACT:

Shining Corporation Ltd
11 Changi South Street 3 #04-01
Builders Centre
Singapore 486122
Telephone: 65 65455225
Fax: 65 65455665


SPECTRUM TECH: Requires Creditors to Prove Claims by May 24
-----------------------------------------------------------
Notice is hereby given that the creditors of Spectrum Tech
(Singapore) Pte Ltd (In Members' Voluntary Liquidation), which
are being wound up voluntarily are required on or before May 24,
2005 to send in their names and addresses and particulars of
their debts or claims, and the names and addresses of their
solicitors (if any) to the undersigned, the Liquidators of the
said Companies

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

Dated this 22nd day of April 2005.

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


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

PAE THAILAND: Hires S.K. Accountant as Auditors for 2005
--------------------------------------------------------
PAE (Thailand) Public Company Limited advised the Stock Exchange
of Thailand (SET) that at the General Shareholders Meeting No.
1/2005 held on April 25, 2005 at 4:00 p.m., the following were
the agenda and their resolutions:

(1) Approved the Minutes of Extraordinary Shareholders Meeting
No. 1/2004 on June 8, 2004.

(2) Acknowledged business performance for the year ended 2004
and approved annual report 2004 (56-2).

(3) Approved the audited balance sheet and profit and loss
statement for the year end December 31, 2004 and no dividend
payment was made.

(4) The meeting resolved to approve the resignation of the
following Directors:

(1) Mr. Hatasakdi Na Pombeja- independent director

(2) Mr. Kosol Chantikul- independent director

(3) Mr. Suchart Suphayak- independent director

And also there were three directors who resigned from
directorship due to completion of term.

(1) Mr. Thanothai Sookdhis Chairman

(2) Mr. Kiat Boonyapho Director

(3) Mr. Bruce Edward Daye Director

Shareholders approved to re-appoint Mr. Kiat Boonyapho and
Mr. Bruce Edword Daye as Company directors and appointed two new
directors Mr. Somboon Kaosumang and Mr. Samorn Thasangkha

The meeting approved the following remuneration of the committee
for year 2005:

Chairman: THB10,000/Meeting

Director: THB5,000/ Meeting

Independent Chairman: THB6,000/ Meeting

Independent Director: THB5,000/ Meeting

(5) The Meeting resolved the appointment of S.K. Accountant
Services Company Limited as the auditors for the year 2005, the
authorized auditors are:

(1) Mr. Somchai Kurujitkosol; the auditor with the license
no.3277 or

(2) Mr. Ampol Chamnongwat; the auditor with the license no. 4663
or

(3) Ms. Wanraya Puttasatien; the auditor with the license no.
4663 or

The audit fee is THB1,260,000

(6) The shareholder approved the special remuneration to the
Company directors of one million Baht for their dedication of
hard work to the Company after the rehabilitation. The award
will be handled by Managing Director to consider together with
the Company directors how to arrange reasonably the payment also
timing.

Please be informed accordingly.

Respectfully yours,
Mr. Soradej Choothesa
Director of Finance

CONTACT:

PAE (Thailand) Pcl
69 Sinakharin Road, Suan Luang, Bangkok
Telephone: 0-2322-0222
Fax: 0-2322-2970-1
Web site: http://www.pae.co.th


PREMIER ENGINEERING: Resolves to Amend Articles of Association
--------------------------------------------------------------
Premier Engineering and Technology Public Company Limited
advised the Stock Exchange of Thailand (SET) that at the Annual
General Shareholders Meeting no. 1/2548 of held on April 26,
2005 at the meeting room of the Company, 5th floor, Premier
Corporate Park Building, Soi Premier, Srinakarin Road, Nongbon,
Pravet, Bangkok Metropolis, passed the following resolutions:

(1) Adopted the Minutes of the Ordinary General Shareholders
Meeting No. 1/2543 of the Company.

(2) Acknowledged the Report on the Business Operations of the
Company for the year 2004.

(3) Approved the Balance Sheet and the Profit and Loss
Statements of the Company for the fiscal year ended December 31,
2004 and approved not to pay dividend for the year 2004.

(4) Reappointed the following directors who retired by rotation
to resume their positions as directors of the Company.

(a) Mr. Udom Chartiyanon
(b) Mr. Vichien Phongsathorn
(c) Mr. Paritud Bhandhubanyong

And approved for the Directors' remuneration which will be
within the total of THB500,000 provided that such remuneration
shall be paid to the Audit Committee and the Independent
Directors only.

(5) Appointed Mr. Narong Pantawong, Certified Public Accountant
No.3315, or Mr. Suphachai Panyawattano, Certified Public
Accountant No.3930, and Ms. Siraporn Euaanankul, Certified
Public Accountant No.3844 of Ernst and Young as the Companys'
auditors for the year 2005, the remuneration for the year 2005
will be within the total of THB300,000.

(6) Approved for the amendment of the Article of Association of
the Company No. 43 in accordance with the SET rules and
regulations regarding the acquisition and the disposal of the
asset of the listed Company.

Please be informed accordingly,

Respectfully yours,
Duangthip Eamrungroj
Director
Premier Engineering and Technology Public Company Limited

CONTACT:

Premier Enterprise Public Company Limited
Premier Corporated Park Bldg,
1 Soi Premier, Sinakharin Rd,
Nong Bon, Prawet Bangkok
Telephone: 0-2301-1000, 0-2398-0029
Fax: 0-2398-2350, 0-2398-0701


PREECHA GROUP: Decides Against Dividend Payment
-----------------------------------------------
Preecha Group Plc. informed the Stock Exchange of Thailand (SET)
on the resolutions made at the shareholders' ordinary meeting
held at 9:00 a.m. on April 26, 2005.

The director informed the shareholders' meeting to postpone the
consideration for agenda No. 8 in order to study additional
detail about the related transaction.  The following are the
details of the resolutions:

(1) To certify the minutes made at the ordinary shareholders'
meeting No. 1/2004 .

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

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

(4) To omit the annual dividend payment.

(5) To approve to pay a monthly director's meeting not to exceed
THB5 million annually and to omit the director's bonus.

(6) To re-appoint the following directors whose tenure has
ended:

- Mr. Yuth Vorachattarn      Chairman and Audit Committee

- Mr.Somphob Foosiri         Director and Audit Committee

- Miss Tipaporn Assawasothi  Director

and appoint the additional 2 director as follows:

- Mr. Sujchapong  Papangkorn  Director

- Mr. Somporn Vechpanich      Director and Audit Committee

The meeting has to approve Mr. Sujchapong Papangkorn as an
additional director and get powerful to authorize his signature
and not to attend the meeting with an agenda about business
conflict.

(7) To appoint the following persons as auditors for the year
2005.

Name                       CPA No.      Auditing Firm

Mr. Atipong Atipongsakul   3500      ANS Audit Co., Ltd.

Mr. Prawit Viwanthananut   4917      ANS Audit Co., Ltd.

- Fix the auditing fee for the year not to exceed THB290,000 and
sign for the auditor's subsidiaries.

Sincerely yours,

Mr. Preecha Tirakijipong
President

CONTACT:

Preecha Group Public Company Limited
1919 Pattanakarn Road, Suan Luang Bangkok
Telephone: 0-2722-8855
Fax: 0-2722-8844-5
Web site: http://www.preecha.com


WYNCOAST INDUSTRIAL: Signs Rental Deal with Customer
----------------------------------------------------
Wyncoast Industrial Park Public Co. Ltd. reported to the Stock
Exchange of Thailand the progress of its rehabilitation plan for
the past 6 months:

(1) Go-carts Assembling Business

For the 4th quarter of the year 2004 and the 1st quarter of the
year 2005, the Company had been assembling go-carts as per order
placed by L.A. Bicycles (Thailand) Co., Ltd. approximately
60,000 units per each quarter respectively, as a result the
bottom line of the Company for the 4th quarter of year 2004
recorded a Net Profit of THB8.25 million.

The Company still has on hand some assembling orders placed by
L.A. Bicycles, which are not processed yet.

(2) Additional Business Study in order to Fully Make Use of the
Company's Assets

The Company had studied and completed the preparation of
additional, long-term business plan, which is Free Zone area for
sale or rental.

The additional business plan was approved by the Shareholders'
Meeting on January 17, 2005 and was also submitted to the Stock
Exchange of Thailand.

With regard to the progress of the Free Zone area for rental and
sale business, the Free Zone project is supported by the project
of industrial community supported by the Department of
Industrial Work since February 10, 2005.  At present, the
project is under construction in order to comply with the
approved criteria of the Customs Department.

Currently, the Company has already signed a rental contract
with 1 customer and have signed a memorandum of understanding
(MOU) with 2 potential customers. The Company expects a full
occupancy by June 2005.

To view a full copy of the progress report, click
http://bankrupt.com/misc/tcrap_wyncoastindustrial042705.pdf

CONTACT:

Wyncoast Industrial Park Public Company Limited
105 Moo 3,Bangna-Trat Road,
Thakham,Bang Pakong Chacherngsao
Telephone: 0-3857-3161-72
Fax: 0-3857-3173-4


                            *********


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

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

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

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

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

                 *** End of Transmission ***