TCRAP_Public/050429.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

             Friday, April 29, 2005, Vol. 8, No. 84

                            Headlines

A U S T R A L I A

A IMAGINE: Dividend Payment Slated for May 11
ANRAE PTY: Appoints Liquidator to Wind Up Company
AUSTRAL COAL: Issues Early Redemption Notice
BIP PROPERTY: Winds Up Voluntarily
BRAVE MEN: Designer Makes Comeback

C.M. FISHER: Members Agree to Wind Up Company
COLES MYER: Settles with ACCC
CORETEL COMMUNICATIONS: To Pay First and Final Dividend
FYNLINE PTY: To Undergo Voluntary Liquidation
GPZ GYPROCK: To Declare Dividend May 9

HAIER ELECTRICAL: Creditors Asked to Submit Proof of Claims
HEALTHCALL PTY: Dividend Declaration Set May 17
LS HOLDING: To Hear Liquidator's Report on Winding Up
MADISON AUSTRALIA: Hires Chartered Accountants as Liquidators
METALEC SERVICES: To Declare Final Dividend May 12

MLDKK WELDING: Members Pass Special Resolution to Wind Up
NEVER DO: Court Issues Winding Up Order
NORWOOD ENTERPRISES: To Wind Up Voluntarily
OROTON: Considering Buy-out
PICKARD MARINE: Court Names Mark Roufeil Liquidator

POWER MAGIC: Enters Administration
QANTAS AIRWAYS: Gets Hands on New A380 Jumbos
RAINBOW PRINTING: To Declare Dividend May 12
REDLADY HOLDINGS: To Pay Dividend Soon
SANTOS LIMITED: Corrects Condensate and Sales Table

SMART TOUCH: Court Picks Liquidator to Wind Up Company
YAWALLAC PTY: Names Neil James Puddy Liquidator
* Wayne Edward Cross and Affiliates Under Receivership


C H I N A  &  H O N G  K O N G

ANANDA HOLDINGS: To Hold Creditors, Contributories Meeting
ASIA TELEMEDIA: Books HKD21.1 Mln Net Loss in 2004
GAIN ROYAL: Winding Up Hearing Set May 25
GOLDEN RESORTS: 2004 Net Loss Widens to HKD11 Mln
GOLDEN CRYSTAL: Winding Up Hearing Fixed June 8

HAYWOOD INVESTMENT: 2004 Net Loss Shrinks to HKD7.1 Mln
INDUSTRIAL AND COMMERCIAL: To Sell 10% Stake; Eyes Listing
RENREN HOLDINGS: Clarifies 2004 Annual Results
RENREN HOLDINGS: AGM Scheduled May 25
SHANGHAI LAND: Receivers in Talks to Wind Up Firm

TSE SUI: Raymond Leung Resigns After Suspension
WAP HIP: Unveils Appointment of Liquidators, Committee Members
WONSON INTERNATIONAL: Incurs HK2.2 Mln FY04 Net Loss


I N D O N E S I A

BANK MANDIRI: CEO Takes Witness Stand


J A P A N

FUJITSU LIMITED: Unveils FY2004 Financial Results
FUJITSU LIMITED: Proposes Board Member Changes
JAPAN AIRLINES: Creates Special Domestic Fares for Summer 2005
JAPAN TOBACCO: Group Net Balance Returns to Black in 2004
JAPAN TOBACCO: To Transfer Real Estate Properties

KIMURAYA COMPANY: Discount Retailer Seeking Big Waivers
MITSUBISHI MOTORS: Unveils Business Ethics Committee Meeting
NANKAI ELECTRIC: JCR Downgrades Rating to BBB
PIONEER CORPORATION: Discloses Business Results for Fiscal 2005
SANYO ELECTRIC: Books JPY137 Bln Loss After Earthquake


K O R E A

HYNIX SEMICONDUCTOR: Builds Plant in China with STMicro


M A L A Y S I A

BUKIT KATIL: Discloses March 2005 Production Figures
BUKIT KATIL: Draws Up Restructuring Plan to Settle Debts
FABER GROUP: To List More Shares Next Week
I-BERHAD: Repurchases 13,300 Shares
KRAMAT TIN: Bourse Grants Extension for Approval of Proposals

KUMPULAN BELTON: Updates Default in Payment Status
LION CORPORATION: Set to List More Shares
MYCOM BERHAD: Inks Extension Agreements
NALURI BERHAD: SC OKs Extension to Complete Restructuring
PAN MALAYSIA: Seeks Approval on Company Proposals

PANTAI HOLDINGS: Posts Shares Buy Back Notice
POS MALAYSIA: Granted Additional Shares Listing
POS MALAYSIA: Judge Junks Plaintiff's Appeal
RHB CAPITAL: Completes Shares Transfer of RHB Islamic Bank


P H I L I P P I N E S

COLLEGE ASSURANCE: Faces Planholders' Class Action Suit
COLLEGE ASSURANCE: Pays Php424-Mln Tuition Claims
NATIONAL BANK: Clarifies News on New Chair's Appointment
MAYNILAD WATER: MWSS Puts Buyout on Hold
NATIONAL BANK: Q1 Net Income Up 70% to Php151 Mln

PACIFIC PLANS: Yuchengco Group Throws Lifeline
RB ABUYOG: To Submit Motion for Approval of Final Project June 3
SAMAHANG NAYON: PDIC Issues Notice to All Creditors


S I N G A P O R E

CAPITALAND LIMITED: To Release 1Q/FY05 Results May 5
FNT SINGAPORE: Pays Preferential Dividend Notice
HOCK SAN: Served with Winding Up Order
LIANG HUAT: Provides Regulator with Copies of Court Order
NATSTEEL LIMITED: Board to Review Special Dividend Payment

RSH LIMITED: Associate Company Ceases Business Operations
STARTECH ELECTRONICS: Non-executive Director Refuses Re-election
UNITED FIBER: Updates Wood Chip Mill Project
UNITED FIBER: Enters Into Subscription Agreement with Cornell
WEE POH: Completes Adjudication of All Claims


T H A I L A N D

RAYONG BULK: Seeks New Planner
SINO-THAI: Rules Out Dividend Payment This Year
* Large Companies With Insolvent Balance Sheets

     -  -  -  -  -  -  -  -

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

A IMAGINE: Dividend Payment Slated for May 11
---------------------------------------------
A first and final dividend is to be declared on May 11, 2005 for
A Imagine Steel Pty Ltd (In Liquidation) A.C.N. 068 908 467.

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

Lachlan Mcintosh
Liquidator
KordaMentha (Qld)
22 Market Street,
Brisbane Qld 4000


ANRAE PTY: Appoints Liquidator to Wind Up Company
-------------------------------------------------
Notice is hereby given that at an extraordinary general meeting
of members of Anrae Pty Ltd (In Liquidation) A.C.N. 078 944 199
held on March 10, 2005 it was resolved that the company be wound
up voluntarily.

At a meeting of creditors held on the same day it was resolved
that for such purpose, Robert Molesworth Hobill Cole of Cole
Downey & Co, Chartered Accountants, Unit 2, 6 Moorabool Street,
Geelong Vic 3220 be appointed Liquidator.

Dated this 10th day of March 2005

Robert M. H. Cole
Liquidator
Cole Downey & Co
Chartered Accountants
Unit 2, 6 Moorabool Street,
Geelong Vic 3220


AUSTRAL COAL: Issues Early Redemption Notice
--------------------------------------------
Austral Coal Limited ABN 21 069 071 816 advised that pursuant to
condition 8.1 (a) of the conditions of issue (Conditions of
Issue) of the convertible notes in Austral (Notes) that an Early
Redemption Event" has occurred as a result of the number of
Notes remaining on issue falling below 1 million.

As a result of this Early Redemption Notice, noteholders may
convert their Notes into 1.029217 ordinary shares in Austral by
completing the Conversion Notice sent with this Early
Redemption Notice and returning the Conversion Notice to be
received by Computershare Investor Services Pty Limited on or
before May 16, 2005 via one of the following means:

by post to:     GPO Box D182            or    GPO Box 7045
                Perth WA 6840                 Sydney NSW 2000

or by hand to:  Level 2                 or    Level 3
                45 St. George's Terrace       60 Carrington
Street
                Perth WA 6000                 Sydney NSW 2000

or by fax to:   +61 2 8235 8212

If you wish to accept the takeover offer for Austral by
Centennial Coal Company Limited in respect of Austral shares
issued as a result of conversion, you may tick the box on the
Conversion Notice to accept the offer. The offer is currently
scheduled to close at 7:30 p.m. on May 17, 2005, but may be
extended.

If your notes are not converted in accordance with this Early
Redemption Notice, your Notes will be redeemed, and you will be
paid the redemption Amount (being AU$0.55 per Note redeemed), on
May 23, 2005.

CONTACT:

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


BIP PROPERTY: Winds Up Voluntarily
----------------------------------
Notice is hereby given that at an Extraordinary General Meeting
of members of BIP Property Development Pty Ltd (In Liquidation)
A.C.N. 086 571 511, held on March 7, 2005 it was resolved that
the company be wound up voluntarily.

At a meeting of creditors held on the same day it was resolved
that for such purpose, Mr. Andrew McLellan of PPB, Chartered
Accountants, Level 10, 90 Collins Street, Melbourne, Victoria,
be appointed Liquidator.

Dated this 10th day of March 2005

Andrew McLellan
Liquidator
PPB
Chartered Accountants
Level 10, 90 Collins Street,
Melbourne Vic 3000


BRAVE MEN: Designer Makes Comeback
----------------------------------
Famous designer Wayne Cooper has a reason to celebrate after
creditors of his Brave Men and Women fashion company voted to
rescue the firm from liquidation, reports the daily Telegraph.

On Tuesday, 56 creditors voted to accept a 12 cents-on-the-
dollar payout, thereby slashing Mr. Cooper's debt of about
AU$4million, (AU$2.6million unsecured, and AU$1.4million
secured) to AU$480,000.

A representative for the Australian Taxation Office, which is
owed AU$930,000, unsuccessfully demanded at the meeting that
Cooper's business be sent into liquidation.

Brave Men and Women was forced into voluntary liquidation last
month after failing to pay some AU$3-million in obligations to
around 120 foreign and local creditors.

Mr. Copper blamed the collapse on a several factors such as poor
budgeting, delayed opening of its Melbourne outlet and staff
relocation. Mr. Cooper was also rumored to have paid a hefty sum
for model Paris Hilton to appear in one of his catwalk shows.


C.M. FISHER: Members Agree to Wind Up Company
---------------------------------------------
At a general meeting of the members of C.M. Fisher Pty Ltd (In
Liquidation) A.C.N. 000 473 647 held at Montrose Jerrys Plains
NSW 2230 on February 28, 2005 a special resolution that the
company be wound up voluntarily was passed.

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


COLES MYER: Settles with ACCC
-----------------------------
Coles Myer announced in a press release it had reached agreement
with the ACCC to settle matters relating to former liquor
licensing practices in NSW.

Coles Myer said its decision to settle the matter, which related
to practices ceased in 2001, reflected its commitment to a
culture of trade practices compliance integral to its five-year
strategy.

"These events are very much in the past and since they took
place we have developed and implemented a group-wide trade
practices compliance strategy that seeks to engage all aspects
of our operations. Our commitment to compliance is unwavering,"
Coles Myer Chief Executive Officer, John Fletcher, said.

In 2003 the ACCC commenced proceedings against Liquorland and
Woolworths alleging contraventions of the Trade Practices Act in
entering into agreements with applications for liquor licenses
which contained restrictive terms. The ACCC alleged 30 breaches
against Liquorland.

Liquorland and the ACCC have reached an agreement that will see
Liquorland admitting 5 breaches. It will be submitted to the
Court that a penalty of AU$950,000 per contravention (total
AU$4.75 million) is appropriate, although the final amount is a
matter for the Court to decide. In addition, Liquorland has
agreed to pay AU$250,000 toward the ACCC's costs.

The proceedings arise out of a long-standing industry practice
of settling contested license applications under the old Liquor
Act, which no longer applies.

Liquorland has cooperated fully with the ACCC. When, in 2001,
the ACCC indicated concern at the practice, Liquorland
immediately stopped entering into settlement agreements with
applicants for liquor licenses.

CONTACT:

Coles Myer Limited
800 Toorak Rd.
Tooronga, Victoria 3146, Australia
Phone: +61-3-9829-3111
Fax: +61-3-9829-6787
Web site: http://www.colesmyer.com/


CORETEL COMMUNICATIONS: To Pay First and Final Dividend
-------------------------------------------------------
A first and final dividend to creditors is to be declared on May
13, 2005 for Coretel Communications Pty Ltd (Subject To A Deed
Of Company Arrangement) A.C.N. 092 922 417.

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

Dated this 14th day of March 2005

Oren Zohar
Deed Administrator for
Coretel Communications Pty Ltd
KordaMentha
Telephone: (08) 9221 6999


FYNLINE PTY: To Undergo Voluntary Liquidation
---------------------------------------------
Notice is hereby given that at a meeting of creditors of Fynline
Pty Ltd (Subject to Deed of Company Arrangement) A.C.N. 006 290
302 convened pursuant to Section 439A of the Corporations Act
2001 held on March 11, 2005 it was resolved that the company be
wound up and pursuant to Section 446A(4) of the Corporations Act
2001, John Ross Lindholm of Ferrier Hodgson, Level 29, 600
Bourke Street, Melbourne, Vic was appointed Liquidator.

Dated this 11th day of March 2005

J. R. Lindholm
Liquidator
Ferrier Hodgson
Level 29, 600 Bourke Street,
Melbourne Vic 3000


GPZ GYPROCK: To Declare Dividend May 9
--------------------------------------
A final dividend is to be declared on May 9, 2005 for GPZ
Gyprock Fixers Pty Limited (In Liquidation) A.C.N. 003 821 216.

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

Dated this 10th day of March 2005

Martin J. Green
Liquidator
GHK Green Krejci
Level 9, 179 Elizabeth Street,
Sydney NSW 2000


HAIER ELECTRICAL: Creditors Asked to Submit Proof of Claims
-----------------------------------------------------------
A dividend to employee creditors of Haier Electrical Australia
Pty Ltd (In Liquidation) A.C.N. 101 784 918 is to be declared on
May 13, 2005.

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

Dated this 18th day of March 2005

David J. F. Lombe
Peter G. Yates
Liquidators
Deloitte Touche Tohmatsu
Chartered Accountants
Grosvenor Place, 255 George Street,
Sydney NSW 2000


HEALTHCALL PTY: Dividend Declaration Set May 17
-----------------------------------------------
A first and final dividend is to be declared on May 17, 2005 for
Healthcall (Act) Pty Limited (Healthcall (Act)) (Subject To Deed
Of Company Arrangement) A.C.N. 100 686 271.

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

Dated this 14th day of March 2005

Robert Moodie
Deed Administrator
Rodgers Reidy
Level 8, 333 George Street,
Sydney NSW 2000


LS HOLDING: To Hear Liquidator's Report on Winding Up
-----------------------------------------------------
Take note that the affairs of LS Holding Corporation Pty Ltd (In
Voluntary Liquidation) A.C.N. 082 867 614 is now finalized, and
pursuant to Section 509(1) of the Corporations Act 2001, the
final meeting of members of the Company will be held at the
offices of Lucas & Currie Chartered Accountants, Level 8, 100
Edward Street, Brisbane, Queensland, on Tuesday, May 3, 2005 at
10:00 a.m.

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

Dated this 21st day of March 2005

P. A. Lucas
I. A. Currie
Liquidators


MADISON AUSTRALIA: Hires Chartered Accountants as Liquidators
-------------------------------------------------------------
Notice is hereby given that on March 7, 2005 the following
special resolution was passed, that Madison Australia Pty Ltd
(In Liquidation) A.C.N. 006 995 722 be wound up voluntarily in
accordance with the Corporations Act 2001 relating to a
Creditors' Voluntary Winding Up and that Mr. B. J. Marchesi,
Chartered Accountant, of Level 5, 332 St Kilda Road, Melbourne
be appointed Liquidator.

Dated this 7th day of March 2005

B. J. Marchesi
Liquidator
Bent & Cougle
Chartered Accountants
Level 5, 332 St Kilda Road,
Melbourne Vic 3004


METALEC SERVICES: To Declare Final Dividend May 12
--------------------------------------------------
A first and final dividend is to be declared on May 12, 2005 in
respect of priority creditors of Metalec Services Pty Ltd (In
Liquidation) A.C.N. 006 508 532.

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

Dated this 3rd day of March 2005

Robyn Erskine
Peter Goodin
Joint & Several Liquidators
Brooke Bird & Co
Insolvency Practitioners
471 Riversdale Road,
Hawthorn East Vic 3123
Telephone: (03) 9882 6666


MLDKK WELDING: Members Pass Special Resolution to Wind Up
---------------------------------------------------------
Notice is hereby given that at an Extraordinary General Meeting
of MLDKK Welding Pty Limited (In Liquidation) A.C.N. 089 391
033, held on March 4, 2005, the following Special Resolution was
duly passed:

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

Stephen Jay of Nicholls & Co., Chartered Accountants, Suite 2,
1st Floor, 43 Macquarie Street, Dubbo, NSW was appointed
Liquidator.

Dated this 4th day of March 2005

Stephen Jay
Liquidator
Suite 2, 1st Floor,
43 Macquarie Street,
Dubbo NSW 2830


NEVER DO: Court Issues Winding Up Order
---------------------------------------
On March 8, 2005 the Supreme Court made Orders that Never Do Pty
Limited (In Liquidation) A.C.N. 003 738 752 be wound up and
appointed Mark Roufeil to be Official Liquidator.

Mark Roufeil
Gavin Thomas & Partners
Level 9, 31 Market Street,
Sydney NSW 2000


NORWOOD ENTERPRISES: To Wind Up Voluntarily
-------------------------------------------
At a meeting of Norwood Enterprises Pty Ltd, held on February
23, 2005 the members passed the following special resolutions:

(1) That the Company be wound up voluntarily.

(2) That Steve McEwen be appointed liquidator and that his
remuneration for acting be determined in accordance with the
scale of fees laid down by the Institute of Chartered
Accountants in Australia.

Dated this 24th day of February 2005

Steve Mcewen
Liquidator
Moore Stephens PM
47 Greenhill Road,
Wayville SA 5034
Telephone: 08 8291 2500


OROTON: Considering Buy-out
---------------------------
Troubled leather goods retailer Oroton is conducting
negotiations with two private equity consortiums to delist and
go private, the Sydney Morning Herald reports.

The Oroton Group board has confirmed that it is in talks with
Catalyst Investment Managers and GS Private Equity concerning
proposals for privatization of the Company.

The firm has earlier denied rumors of a buyout, but recently
confirmed the speculation.

Although discussions have not yet resulted in a complete or
binding proposal to present to shareholder, Oroton aims to make
an announcement over the next two months.

Oroton, which owns the owns the Morrissey, Marcs and Oroton
labels and is the sole Australian licensee of Polo Ralph Lauren
and footwear brand Aldo, has been struggling with stock
distribution in the past 12 months. The problem cost the Company
around AU$4 million.

Last month, Oroton said its full-year results would be lower
than last year and posted a 24 per cent fall in earnings for the
six months to January 31.

CONTACT:

Oroton Group Limited
Registered Office & Head Office
Level 5, 179 Elizabeth Street
Sydney NSW 2000
Sydney Australia
Telephone: (02) 8275 5500
Facsimile: (02) 8275 5555
Web site: http://www.oroton.com.au/


PICKARD MARINE: Court Names Mark Roufeil Liquidator
---------------------------------------------------
On March 8, 2005 the Supreme Court made Orders that Pickard
Marine Pty Limited (In Liquidation) A.C.N. 052 986 062 be wound
up and appointed Mark Roufeil to be Official Liquidator.

Mark Roufeil
Gavin Thomas & Partners
Level 9, 31 Market Street,
Sydney NSW 2000


POWER MAGIC: Enters Administration
----------------------------------
Power Magic Pty Ltd has been placed in administration and
earmarked for sale, according to Townsville Bulletin.

Power Magic, formerly trading as the Townsville franchise of
Battery World, Superstart Auto Electrical and Airconditioning
and FNQ Solar Power Specialists, called in administrator Ian
Jessup of Jessup & Partners. The collapse left creditors owed
around AU$450,000, including some AU$150,000 secured creditors.

In a first report to creditors, Mr. Jessup said he decided not
to trade on the business because "the financial position was
such that it was not commercial to do so". But he said there
might be an opportunity to sell the battery franchise.

A Jessup & Partners spokesman said employees should receive
their entitlements, subject to any other securities or a
dramatic increase in entitlements which he did not see
happening.

A meeting of creditors was held Wednesday.


QANTAS AIRWAYS: Gets Hands on New A380 Jumbos
---------------------------------------------
Qantas Airways affirmed it would fly superjumbo Airbus A380
aircraft to the U.S. and U.K. from 2006, The Advertiser says.
The superjumbo has successfully completed a test flight
Wednesday in France overnight.

The national flag carrier has in fact ordered 12 A380-800s and
will take delivery of the first A380s in October next year.

Qantas said it would operate its A380s in a three class, 501-
seat configuration on international services between Australia
and the U.S. and on the Kangaroo Route to the U.K.

The A380 is the biggest jet airplane ever built and can carry
between 550 and 840 passengers depending on a plane's
configuration. It is due to enter commercial service in mid-
2006, debuting with Singapore Airlines, which plans to use the
plane on the London-Sydney route.

CONTACT:

Qantas Airways
Qantas Centre, Level 9,
Building A, 203 Coward Street,
Mascot, NSW, Australia, 2020
Head Office Telephone: (02) 9691 3636
Head Office Fax: (02) 9691 3339
Web site: http://www.qantas.com


RAINBOW PRINTING: To Declare Dividend May 12
--------------------------------------------
A first and final dividend is to be declared on May 12, 2005 for
Rainbow Printing Pty Limited (Subject To Deed Of Company
Arrangement) A.C.N. 066 928 103.

Creditors who were not able to formally prove their debt or
claims will be excluded from the benefit of the dividend.
Dated this 22nd day of March 2005

R. M. Sutherland
Deed Administrator
Jirsch Sutherland
Chartered Accountants
Level 2, 84 Pitt Street, Sydney NSW 2000
Telephone: (02) 9233 2111
Facsimile: (02) 9233 2144


REDLADY HOLDINGS: To Pay Dividend Soon
--------------------------------------
A first and final dividend is to be declared on or after May 11,
2005 for creditors of Redlady Holdings Pty Ltd (In Liquidation)
A.C.N. 092 550 751.

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

Dated this 11th day of March 2005

Glenn Trinick
Joint & Several Liquidator for
Redlady Holdings Pty Ltd (In Liquidation)
Newman Partners
Unit A2, Attadale Business Centre,
550 Canning Highway,
Attadale WA 6156
Telephone: (08) 9317 4448
Facsimile: (08) 9317 4449


SANTOS LIMITED: Corrects Condensate and Sales Table
---------------------------------------------------
Further to the Stock Exchange Activities Report lodged with the
ASX earlier, Santos Limited advised that the reported condensate
sales volume, realized condensate price and LPG sales volume
contained in the original reports were incorrect.

An updated table highlighting the corrected condensate and LPG
sales volumes is attached. All the other figures contained in
this table are unchanged.

As a result of these changes, the text under the heading
"Condensate" and "LPG" on pages 3 and 4 of the earlier report
should be amended to read as follows:

Condensate

Condensate production was 170% or 0.8 million barrels higher
than the 2004 first quarter mainly due to a full quarter of
Bayu-Undan liquids production plus higher condensate production
from the U.S.

Condensate sales volumes increased by 165% from 0.5 million
barrels in the first quarter 2004 to 1.3 million barrels in the
first quarter 2005 due to the increased production and timing of
liftings.

In line with the increased production and sales, revenue was
over 300% higher at AU$88.2 million which reflects a 54%
increase in the realized condensate price to AU$69.41 from
AU$45.19 per barrel.

LPG

LPG production in the first quarter of 2004 had been almost
curtailed due to the impact of the Moomba incident and rose from
4,700 tonnes to 78,600 tonnes in the first quarter 2005 due to
the recovery f the Moomba plant and the impact of Bayu-Undan
liquids production. Sales volumes were up from 15,400 tonnes to
98,600 tonnes and sales revenue increased markedly from AU$7.1
million to AU$53.0 million.

To view the amended report, click on:
http://bankrupt.com/misc/tcrap_santoslimited042805.pdf

CONTACT:

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


SMART TOUCH: Court Picks Liquidator to Wind Up Company
------------------------------------------------------
On March 10, 2005 respectively, the Supreme Court of New South
Wales, Equity Division, made an order that Smart Touch
Decorators Pty Ltd (In Liquidation) A.C.N. 108 775 337 be wound
up by the Court and appointed Steven Nicols to be Official
Liquidator.

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


YAWALLAC PTY: Names Neil James Puddy Liquidator
-----------------------------------------------
Notice is hereby given that at a meeting of members of Yawallac
Pty Ltd (In Liquidation) A.C.N. 004 294 820 held on March 9,
2005 it was resolved that the company be wound up voluntarily
and for such purpose Neil James Puddy was appointed Liquidator
of the company.

Dated this 10th day of March 2005

Neil James Puddy
Liquidator
47 Gardenia Street,
Blackburn Vic 3130


* Wayne Edward Cross and Affiliates Under Receivership
------------------------------------------------------
The Australian Securities and Investments Commission (ASIC) has
today obtained interim orders in the Supreme Court of Queensland
in Brisbane, appointing Mr. John Cronin and Mr. William Harris
of McGrathNicol+Partners, over the property and assets of Mr.
Wayne Edward Cross, Australian Currency Exchange Pty Ltd, V.
Clicquot Pty Ltd and Global Ace Pty Ltd until further order.

ASIC alleges that Mr. Cross operated an unregistered managed
investment scheme since late 2003. ASIC commenced proceedings
following a joint investigation with the Queensland Police
Service.

ASIC also obtained interim injunctions restraining Mr. Cross,
Australian Currency Exchange Pty Ltd, V. Clicquot Pty Ltd and
Global Ace Pty Ltd from:

(1) Further promoting or operating the managed investment
scheme;

(2) Receiving or soliciting any further funds in connection with
the scheme;

(3) Disposing or dealing with property in relation to the
scheme; and

(4) Holding out that they are able to provide financial
services.

Mr. Cross was also required to surrender his passport and not
apply for any travel documents.

The matter is due to return to the Supreme Court of Queensland
in Brisbane.

Any person with an interest in the investments offered by Mr.
Cross should contact the Receiver on (07) 3333-9804 or visit the
McGrathNicol+Partners web site at
http://www.mcgrathnicol.com.au.


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

ANANDA HOLDINGS: To Hold Creditors, Contributories Meeting
----------------------------------------------------------
Ananda Holdings Limited (In Compulsory Liquidation) will hold a
meeting of creditors and contributories at the following date
and time:

Creditors: At 2:30 p.m.
Contributories: At 4:00 p.m.

Address: Room 204, Duke of Windsor Social Service Building, No.
15 Hennessy Road, Wanchai, Hong Kong.

AGENDA

1. To determine whether or not an application is to be made to
the court to appoint a liquidator or liquidators in place of the
existing liquidator or liquidators, and who is or are to be the
liquidator or liquidators if appointed.

2. To determine whether or not an application shall be made to
the court for the appointment of a committee of inspection to
act with the liquidators, and who are to be the members of the
committee if appointed.

3. Any other business.

Dated this 22nd day of April 2005.

Elizabeth Law
Kwok Hon Ping
Joint and Several Liquidators
Room 802, 8th Floor, Chinachem Tower
34-37 Connaught Road Central
Hong Kong

Note:

Creditors or contributories may vote in person or by proxy.
Forms of proof of debt and general and special proxies to be
used at the meetings can be obtained from and must be lodged
with us at Room 802, 8th Floor, Chinachem Tower, 34-37 Connaught
Road Central, Hong Kong not later than 4:00 o'clock in the
afternoon of May 10, 2005.


ASIA TELEMEDIA: Books HKD21.1 Mln Net Loss in 2004
--------------------------------------------------
Asia TeleMedia Limited (0376) disclosed its financial results
for the year ended December 31, 2004.

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

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

Turnover                           : 7,595,117
5,595,802
Profit/(Loss) from Operations      : (16,370,503)
(31,959,850)
Finance cost                       : (4,365,041)
(4,575,774)
Share of Profit/(Loss) of
  Associates                       : (394,920)          96,977
Share of Profit/(Loss) of
  Jointly Controlled Entities      : N/A                N/A
Profit/(Loss) after Tax & MI       : (21,130,464)
(37,767,572)
% Change over Last Period          : N/A       %
EPS/(LPS)-Basic (in dollars)       : (0.0152)           (0.0303)
         -Diluted (in dollars)     : (0.0152)           (0.0303)
Extraordinary (ETD) Gain/(Loss)    : N/A                N/A
Profit/(Loss) after ETD Items      : (21,130,464)
(37,767,572)
Final Dividend                     : NIL                NIL
  per Share
(Specify if with other             : N/A                N/A
  options)

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

B/C Dates for Other
  Distribution                     : N/A

CONTACT:

Asia Telemedia Limited
2808, One Exchange Square
Hong Kong
Phone: 28431431
Fax: 25378158
Web site: http://www.mansionhse.com


GAIN ROYAL: Winding Up Hearing Set May 25
-----------------------------------------
Notices is hereby given that a Petition for the Winding up of
Gain Royal Limited by the High Court of Hong Kong was on March
23, 2005 presented to the said Court by Li Shing Cham of Room
2909, Hin Hing House, Hin Keng Estate, Shatin, New Territories,
Hong Kong.

The said petition is 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.


GOLDEN RESORTS: 2004 Net Loss Widens to HKD11 Mln
-------------------------------------------------
Golden Resorts Group Limited (01031) 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                           : 141,655            90,022
Profit/(Loss) from Operations      : (10,145)           1,178
Finance cost                       : (943)              (1,038)
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       : (11,092)           (144)
% Change over Last Period          : N/A       %
EPS/(LPS)-Basic (in dollars)       : (0.0014)
(0.00009)
         -Diluted (in dollars)     : N/A                N/A
Extraordinary (ETD) Gain/(Loss)    : N/A                N/A
Profit/(Loss) after ETD Items      : (11,092)           (144)
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

Loss per share

(a) The calculation of basic loss per share is based on the net
loss attributable to shareholders for the year ended 31 December
2004 of HK$11,092,000 (2003:  HK$144,000), and the weighted
average number of 7,857, 967,966 ordinary shares (2003:
1,452,643,636 as restated by share consolidation of three shares
into one share) in issue during the year.

(b) Diluted loss per share for the year has not been presented
as the effect of any dilution is anti-dilutive.

CONTACT:

Golden Resorts Group Limited
Unit 2702, 27/F No 9 Queen's Road Central
Central, Hong Kong
Phone: 24898327
Fax: 24892312


GOLDEN CRYSTAL: Winding Up Hearing Fixed June 8
-----------------------------------------------
Notice is hereby given that a Petition for Golden Crystal
Development Limited (formerly known a Utahloy (China Holdings)
Company Limited) by the High Court of Hong Kong Special
Administrative Region was on April 7, 2005 presented to the said
Court by New World Finance Company Limited whose registered
office is situated at 30th Floor, New World Tower, 16-18 Queen's
Road Central, Hong Kong.

The said Petition is to be heard before the Court at 9:30 a.m.
on June 8, 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; and 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.

Koo and Partners
Solicitors for the Petitioner
21st Floor, Bank of China Tower
1 Garden Road
Central, Hong Kong

Note:

Any person who intends to appear at the hearing of the said
petition must serve on or send by post to the abovenamed, notice
in writing of his intention to do so.  The Notice must state the
name and address of the person, or if a firm or his or their
Solicitor (if any) and must be served or if posted, must be sent
by post in sufficient time to reach the abovenamed not later
than six o'clock in the afternoon of June 7, 2005.


HAYWOOD INVESTMENT: 2004 Net Loss Shrinks to HKD7.1 Mln
-------------------------------------------------------
Haywood Investment Limited (00905) 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                           : 49                 4
Profit/(Loss) from Operations      : (7,100)            (11,799)
Finance cost                       : (7)                (61)
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       : (7,107)            (11,808)
% Change over Last Period          : N/A       %
EPS/(LPS)-Basic (in dollars)       : (0.32)             (0.61)
(Restated)
         -Diluted (in dollars)     : N/A                N/A
Extraordinary (ETD) Gain/(Loss)    : N/A                N/A
Profit/(Loss) after ETD Items      : (7,107)            (11,800)
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

Loss per share

The calculation of the basic loss per share is based on the loss
for the year of HK$7,107,000 (2003: HK$11,808,000) and on the
weighted average number of 22,337,049 (2003: 19,384,110
restated) shares is issue during the year after adjusting for
the effect of the two for five share consolidation subsequent to
the balance sheet date. The weighted average number of shares in
issue for the previous year has similarly been adjusted for the
effect of the share consolidation.

Diluted loss per share amounts have not been presented because
there were no potential ordinary shares in existence for both
years.

CONTACT:

Haywood Investments Limited
17th Floor, Shiu Fung Building
51-53 Johnston Road
Wanchai, Hong Kong
Phone: 25451801
Fax: 25449976


INDUSTRIAL AND COMMERCIAL: To Sell 10% Stake; Eyes Listing
----------------------------------------------------------
The Industrial and Commercial Bank of China (ICBC) is in talks
with foreign investors to sell a 10 percent stake by the end of
the year, which would allow the bank to seek a public listing in
2006 or 2007, according to Reuters.

The bank is expected to be the next target of Beijing's banking
reforms and receive up to $50 billion in state funds before
possibly listing, following in the footsteps of Bank of China
(BOC.UL) and China Construction Bank (CCB.UL).

ICBC President and Chairman Jiang Jian Qing said that the bank
would finish financial reforms this year and become a
shareholders' company and introduce foreign investors.

Mr. Qing said these steps must be taken before the bank could
consider a public listing either next year or in 2007.

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


RENREN HOLDINGS: Clarifies 2004 Annual Results
----------------------------------------------
The Stock Exchange of Hong Kong has received a message from
Renren Holdings Limited, which is reproduced as follows:

"Certain modifications made to the previous results announcement
form submitted on 25 April 2005 by the Company. The
modifications are made in the following areas:

(1) The basic loss per share for the year 2004 should be read as
"HK$0.76 cents" instead of "HK$0.73 cents". The reason for
modification is due to an error on the basis of calculation of
the number of shares as detailed in part (3) below.

(2) The item "Others" grouped under "Other income / gains" as
shown in explanatory note (I) for the year 2004 should be
"HK$483,000" instead of "HK$345,000". Accordingly, "Total other
income / gains" and "Total income" should be "HK$8,174,000" and
"HK$17,883,000" instead of"HK$8,036,000" and "HK$17,745,000"
respectively. The reason for modification is due to
reclassification of account item.

(3) The weighted average number of shares, as shown in
explanatory note (IV) under the heading "The basis of
calculation for basic EPS", based on which the loss per share
for the year is calculated, should be "6,224,672,336", instead
of 6,534,545,953."

For a copy of the Company's annual results go to
http://bankrupt.com/misc/tcrap_renren042805.pdf

CONTACT:

Renren Holdings Limited
2502B 25 th Floor Tower I
Admiralty Center 18
Harcourt Road HK
Phone: 28510736
Fax: 25430736
Web site: http://www.renren.com


RENREN HOLDINGS: AGM Scheduled May 25
-------------------------------------
Notice is hereby given that the annual general meeting of Renren
Holdings Limited will be held at Private Room at Flamingo Caf‚,
1st Floor, Newton Hotel, 218 Electric Road, North Point, Hong
Kong on May 25, 2005 at 10:00 a.m. for the following purposes:

1. To receive and consider the audited financial statements and
the reports of the directors and auditors for the year ended
December 31, 2004.

2. To re-elect director and to authorize the board of directors
to fix his remuneration.

3. To re-appoint Messrs Albert Lam & Co as auditors of the
Company and to authorize the board of directors to fix their
remuneration.

As special business, to consider and, if thought fit, pass, with
or without amendments, the following resolutions, as ordinary
resolutions:

ORDINARY RESOLUTIONS

(a) Subject to paragraph (c) below, the exercise by the
directors of the Company (Directors) during the Relevant Period
(as defined below) of all powers of the Company to allot, issue
and deal with additional shares in the capital of the Company
and to make or grant offers, agreements and options, including
bonds, warrants and debentures convertible into shares of the
Company, which might require the exercise of such powers be and
is hereby generally and unconditionally;

(b) The approval in paragraph (a) above shall authorize the
Directors during the Relevant Period to make and grant offers,
agreements and options, including bonds, debentures, notes,
warrants and debentures convertible into shares of the Company,
which might require the exercise of such powers after the end of
the Relevant Period;

(c) The aggregate nominal amount of share capital allotted or
agreed conditionally or unconditionally to be allotted (whether
pursuant to an option or otherwise) by the Directors pursuant to
the approval in paragraph (a) above, otherwise than pursuant to
(i) a Rights Issue (as hereinafter defined); or (ii) upon
exercise of rights of subscription or conversion under the
outstanding warrants to subscribe for shares of the Company or
any securities which are convertible into shares of the Company;
or (iii) any option scheme or similar arrangement for the time
being adopted for the grant or issue to officers and/or
employees of the Company and/or any of its subsidiaries of
shares or rights to subscribe for shares in the Company; or (iv)
any scrip dividend scheme or similar arrangement providing for
the allotment of shares in the Company in lieu of the whole or
part of a dividend pursuant to the Bye-laws of the Company from
time to time, shall not exceed 20% of the aggregate nominal
amount of ordinary share capital of the Company in issue at the
date of this resolution, and the said approval shall be limited
accordingly; and

(d) For the purpose of this resolution:

"Relevant Period" means the period from the passing of this
resolution until whichever is earlier of:

(a) The conclusion of the next annual general meeting of the
Company;
(b) The expiration of the period within which the next annual
general meeting of the Company is required by the Bye-laws of
the Company or any applicable laws to be held; or
(c) The revocation or variation of this Resolution by an
ordinary resolution in general meeting of the Company.

"Rights Issue" means an offer of shares open for a period fixed
by the Directors to holders of shares whose names appear on the
register of members of the Company on a fixed record date in
proportion to their then holdings of such shares (subject to
such exclusions or other arrangements as the Directors may deem
necessary or expedient in relation to fractional entitlements or
having regard to any restrictions or obligations under the laws
of, or the requirements of any recognized regulatory body or any
stock exchange in, any territory outside Hong Kong Special
Administrative Region of the People's Republic of China)."
4(B). "THAT:

(a) Subject to paragraph (b) below, the exercise by the
Directors during the Relevant Period (as hereinafter defined) of
all the powers of the Company to repurchase issued ordinary
shares of the Company subject to and in accordance with all
applicable laws and the requirements of the Rules Governing the
Listing of Securities on The Stock Exchange of Hong Kong Limited
(the Stock Exchange) as amended from time to time, be and is
hereby generally and unconditionally approved;

(b) The aggregate nominal amount of shares of the Company to be
purchased by the Company pursuant to the approval in paragraph
(a) above during the Relevant Period shall not exceed 10% of the
aggregate nominal amount of share capital of the Company in
issue as at the date of passing of this resolution and the said
approval shall be limited accordingly; and

(c) For the purpose of this resolution:

"Relevant Period" means the period from the passing of this
resolution until whichever is earlier of:

(a) the conclusion of the next annual general meeting of the
Company; (b) the expiration of the period within which the next
annual general meeting of the Company is required by the Bye-
laws of the Company or any applicable laws to be held; or
(c) the revocation or variation of this resolution by an
ordinary resolution in general meeting of the Company."

4(C). "THAT conditional upon Ordinary Resolutions numbered 4(A)
and 4(B) in the notice convening this Meeting being passed, the
general mandate granted to the Directors to allot, issue and
deal with additional shares pursuant to Ordinary Resolution
numbered 4(A) above be and is hereby extended by the addition
thereto of an amount representing the aggregate nominal amount
of the share capital of the Company repurchased by the Company
under the authority granted pursuant to Ordinary Resolution
numbered 4(B) above provided that such amount shall not exceed
10% of the aggregate nominal amount of the issued share capital
of the Company at the date of passing this Resolution."

By Order of the Board
Cheung Lin Shun
Company Secretary
Hong Kong, 25 April 2005

Notes:

1. Any member of the Company entitled to attend and vote at the
meeting by the above notice shall be entitled to appoint another
person as his/her proxy to attend and vote instead of such
member. A proxy need not be a member of the Company.

2. The instrument appointing a proxy shall be in writing under
the hand of the appointor or of his/her attorney duly authorized
in writing or, if the appointor is a corporation, either under
its seal or under the hand of an officer, attorney or other
person authorized to sign the same.

3. The instrument appointing a proxy and (if required by the
Board) the power of attorney or other authority (if any) under
which it is signed, or a certified copy of such power or
authority must be delivered to the office of Abacus Share
Registrars Limited, the Company's Branch Share Registrars in
Hong Kong at Ground Floor, Bank of East Asia Harbour View
Centre, 56 Gloucester Road, Wanchai, Hong Kong or by way of
notice to or in any document accompanying the notice convening
the meeting not less than forty-eight (48) hours before the time
appointed for holding the meeting or adjourned meeting at which
the person named in the instrument proposed to vote and in
default the instrument of proxy shall not be treated as valid.

4. Delivery of an instrument appointing a proxy shall not
preclude a member of the Company from attending and voting in
person at the meeting convened and in such event, the instrument
appointing a proxy shall be deemed to be revoked.

5. In the case of joint holders of any share, if more than one
of such joint holders be present at any meeting, the vote of the
senior who tenders a vote, whether in person, or by proxy, shall
be accepted to the exclusion of the votes of the other joint
holders, and for this purpose seniority shall be determined by
the order in which the names stand in the register in respect of
the joint holding.

As at the date of this announcement, the Board comprises Mr. Yu
Pan, Mr. Mai Zhi Hui as executive directors, and Mr. Choy Shu
Kwan, Mr. Cheng Wing Keung, Raymond and Ms. Chung Lai Fong, la
Fontaine as independent non-executive directors.


SHANGHAI LAND: Receivers in Talks to Wind Up Firm
-------------------------------------------------
In a disclosure to the Hong Kong Stock Exchange, the receivers
of Shanghai Land Holdings Limited have been exploring
alternatives with a view to preserving and/or maximizing the
value of the assets of the Company for the benefit of the
shareholders, in particular the minority shareholders.

Having considered the various developments, the time and costs
involved in the pursuit of litigation by the Group against
various parties as well as the difficulties involved in
maintaining the continued listing status of the Company and
restoring the trading of the Company's shares, the Receivers
have been engaged in without prejudice negotiations with Mr.
Chau's representatives and BOCHK's representatives, which
negotiations are currently ongoing, regarding the possibility of
returning the Company's capital to Shareholders through a
liquidation of the Company as part of a settlement of certain
significant litigation commenced by the Group and certain other
claims which the Group would otherwise proceed to litigate.

Mr. Chau is beneficially interested in the entire issued share
capital of New Nongkai, which is the beneficial owner of
approximately 75% of the Company's issued share capital. Such
shares in New Nongkai and the Company have been respectively
charged by Mr. Chau and New Nongkai in favour of BOCHK.
Negotiations are ongoing and no agreement has yet been reached.

The Company's major assets include its cash reserve, its equity
interests in three subsidiaries, which respectively own certain
units at Jun Ling Plaza, Hongxin Land and Hotel Longbai and the
claims, which it has against various parties. As stated in the
Company's previous announcements, Hongxin Land and Hotel Longbai
were purportedly pledged as security in respect of the certain
purported loans. The Company may lose ownership of Hongxin Land
as a result of the Hongxin Enforcement Notice and may lose
ownership of Hotel Longbai as a result of the Longbai
Enforcement Notice. Should the Company lose ownership of Hongxin
Land and/or Hotel Longbai, the Company may or may not be able to
comply with Rule 13.24 of the Listing Rules regarding its
continued suitability for listing. The Company understands that
the Intermediate Court should be proceeding with the procedures
for execution of the Hongxin Enforcement Notice and the Longbai
Enforcement Notice.

Discussions regarding the Proposal are ongoing. No agreement has
been entered into by the Company in this regard. Shareholders
should note that the Proposal being discussed is subject to a
number of uncertainties and therefore may or may not proceed.

The Receivers will make further announcement(s) to inform the
Shareholders of further developments as and when appropriate in
accordance with the Listing Rules.

GENERAL

Trading in the shares of the Company on the Stock Exchange of
Hong Kong has been suspended since 9:30 a.m. on June 2, 2003 and
will remain suspended until further announcement.

As at the date of this announcement, the board of directors of
the Company comprises eight Directors. The executive Directors
are Mr. Chau Ching Ngai, Mr. Jiang Dong Liang, Mr. Koo Hoi Yan,
Donald and Mr. Mao Wei Ping. The non-executive Directors are Ms.
Fan Cho Man and Mr. Tan Lim Heng. The independent non-executive
Directors are Mr. Mok Chiu Kuen and Mr. Ho Yau Hoo, Ronald.

As stated in the Company's announcement dated 18 November 2004,
since Mr. Liu Lit Man's resignation as an independent non-
executive director and audit committee member of the Company
with effect from 11 November 2004, the Company has only two
independent nonexecutive directors, which falls short of the
minimum requirement under Rule 3.10(1) of the Listing Rules.
Shareholders are advised to refer to the Company's announcement
dated 24 January 2005 and the interim report dated 22 March 2005
for the six months ended 31 December 2004 in respect of the
action taken by the Company with a view to appointing further
independent non-executive directors. The Receivers are preparing
for an application to the Court to seek directions in this
regard.

For more information, go to
http://bankrupt.com/misc/tcrap_shanghailand042805.pdf.

CONTACT:

Shanghai Land Holdings Limited
17/F, Hutchison House
10 Harcourt Road
Central Hong Kong
Phone: 22326767
Fax: 22326700
Web site: http://www.shanghailand.com


TSE SUI: Raymond Leung Resigns After Suspension
-----------------------------------------------
The Board of Directors of Tse Sui Luen Jewellery (International)
Limited (TSL) announces that Mr. Leung Yit Kuen, Raymond has
resigned as Executive Director of the Company with effect from
April 25, 2005.

Other than any matters which may arise from the ICAC
investigation into the affairs of the Company, which will be the
subject of a further announcement, the Board is not aware of any
other matters relating to his resignation that need to be
brought to the attention of the shareholders of the Company and
there is no disagreement between Mr. Leung and the Board of the
Company.

Meanwhile, Infocast News reported on Thursday that Tse Sui Luen
and his son have been suspected to have involved in paying
illegal commissions to tourism agency employees relating to
arrangement of tourists to visit TSL stores. Tommy Tat-fung Tse,
Chairman of TSL, is suspected to have involved in
misappropriation of the company funds. Trading in the shares of
TSL has been suspended since April 21 in relation to price-
sensitive information of the Company.

CONTACT:

Tse Sui Luen Jewellery (International) Limited
G/F Block B, Summit Building
30 Man Yue Street, Hunghom
Kowloon, Hong Kong
Phone: 23334221
Fax: 27640753
Web site: http://www.tsljewellery.com


WAP HIP: Unveils Appointment of Liquidators, Committee Members
--------------------------------------------------------------
Wap Hing Engineering Company Limited with registered office
located at Room 4A, Tower 27, South Horizon, Ap Lei Chau Hong
Kong, issued a notice of appointment of liquidators and members
of a committee of inspection as follows:

Joint & Several Liquidators' Names: Messrs. Darach E. Haughey
and Lai Kar Yan Derek.

Members of a Committee of Inspection: Hon Wing and Lee Po
Cheong.

Date of Appointment: March 18, 2005.

Dated this 22nd day of April, 2005.

Darach E. Haughey
Lai Kar Yan Derek
Joint and Several Liquidators
26th Floor, Wing On Centre
111 Connaught Road Central
Hong Kong


WONSON INTERNATIONAL: Incurs HK2.2 Mln FY04 Net Loss
----------------------------------------------------
Wonson International Holdings Limited (00905) 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                           : 4,347              4,058
Profit/(Loss) from Operations      : (15,744)           (6,438)
Finance cost                       : (2,379)            (5,600)
Share of Profit/(Loss) of
  Associates                       : 1,027              (6,309)
Share of Profit/(Loss) of
  Jointly Controlled Entities      : (282)              (292)
Profit/(Loss) after Tax & MI       : (2,215)
(199,424)
% Change over Last Period          : N/A       %
EPS/(LPS)-Basic (in dollars)       : (0.0003)           (0.029)
         -Diluted (in dollars)     : N/A                N/A
Extraordinary (ETD) Gain/(Loss)    : N/A                N/A
Profit/(Loss) after ETD Items      : (2,215)
(199,424)
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:

LOSS PER SHARE

The calculation of basic loss per share is based on the net loss
for the year of approximately HK$2,215,000 (2003:
HK$199,424,000) and 6,837,422,389 (2003: 6,837,422,389) shares
in issue.

No diluted loss per share has been presented in 2004 as the
exercise of the convertible note would result in a decrease in
loss per share and it was redeemed in full upon maturity during
the year.

No diluted loss per share had been presented in 2003 as the
exercise of the convertible note would result in a decrease in
loss per share.

CONTACT:

Wonson International Holdings Limited
Rm 4504-5 45/F
China Resources Bldg
26 Harbour Road
Hong Kong
Phone: 28569998
Fax: 28560433


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

BANK MANDIRI: CEO Takes Witness Stand
-------------------------------------
The State Attorney General's Office (AGO) brought in Bank
Mandiri president E.C.W. Neloe for questioning on April 27,
2005, in an ongoing investigation on alleged fraud, reports the
Jakarta Post.

Mr. Neloe is the latest among the bank's officials who have been
brought in for questioning by prosecutors. Earlier, the AGO
questioned bank directors M. Sholeh Tasripan, Omar S. Anwar, K.
Keat Lee and vice president I Wayan Pugeg. No suspects have been
named as yet.

According to Deputy Attorney General for Special Crimes
Hendarman Supandji, Mr. Neloe was being questioned as a witness,
and prosecutors were trying to determine his responsibility in
terms of the loans extended by the bank.

Mr. Neloe said little when he was questioned for over 10 hours
on April 27, 2005, but said that he was complying with the AGO's
request to provide more information on the irregularities
uncovered when the bank extended loans to 28 firms.

Prosecutors are focusing efforts on the bank's extending IDR1
trillion in loans to four companies: PT Siak Zamrud Pusaka
(SZP), PT Citra Graha Nusantara/Tahta Medan (CGN/TM), PT Lativi
Media Karya (LMK) and PT Artha Bhama Texindo/Artha Tri Mustika
Texindo (ABM/ATM). Four officers from the companies have been
named suspects, including former PT Siak Zamrud president
director Nader Taher, a candidate for governor in Riau province
who was no longer with PT Siak Zamrud when he applied for a loan
from the bank.

When asked why no Bank Mandiri officials had been named
suspects, Mr. Supandji said that they would have to wait for the
questioning to be completed before making any comments.

Mr. Neloe had said earlier that he would resign as Bank Mandiri
CEO if the AGO substantiates the allegations of bank fraud.

CONTACT:

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


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

FUJITSU LIMITED: Unveils FY2004 Financial Results
-------------------------------------------------
Fujitsu Limited, a leader in customer-focused IT and
communications solutions for the global marketplace, reported on
April 27 its consolidated net sales of JPY4,762.7 billion
(approximately US$44,512 million*) for fiscal year 2004 (April
1, 2004 - March 31, 2005), roughly even with the net sales
recorded in the previous fiscal year.

Solid sales gains in the Platforms segment helped to offset
modest sales declines in Software & Services and Electronic
Devices.

Although sluggish domestic sales and certain problematic
projects in Japan adversely impacted Software & Services income,
bolstered by continued gains in production efficiency, strong
results in Platforms - where operating income more than doubled
- and higher income in Electronic Devices contributed to an
increase in consolidated operating income to JPY160.1 billion
(US$1,497 million), up 3.4% over the previous year.

Consolidated net income was JPY31.9 billion (US$298 million),
compared to JPY49.7 billion in fiscal 2003.  A number of
extraordinary items affected these earnings. These included a
JPY133.2 billion gain on sales of marketable securities,
primarily sales of a portion of the company's shareholdings in
FANUC, Ltd. and Adventest Corporation, as well as a JPY36.5
billion gain on the transfer of plasma display panel operations
to Hitachi, Ltd.

Offsetting these gains, the company recorded JPY15.2 billion in
real estate valuation losses and JPY20.0 billion in
restructuring charges.  It also recognized a JPY93.5 billion
valuation allowance for deferred tax assets.  The overall effect
of these measures helped to shore up Fujitsu's financial
position.

"Although disappointed that we were not able to meet our
original earnings targets for fiscal 2004, I am encouraged by
the strong performance in our Platforms segment, as well as by
significant improvement in our overseas businesses, where we
were profitable in every region," said Fujitsu Limited president
Hiroaki Kurokawa. "We will continue to aggressively pursue
reforms in our domestic Software & Services business, promote
further groupwide efficiency gains in development and
production, intensify our overseas sales efforts, and further
solidify our financial base."

Business Segment Results

Consolidated sales in the Platforms segment increased 6.0% to
JPY1,705.1 billion (US$15,936 million).  Sales increased in all
key sub-segments, with especially strong growth in sales of UNIX
servers in Europe and North America, double-digit gains in sales
of transmission systems, and a nearly 20% increase in sales of
hard disk drives.  As a result of higher sales volumes and
further cost efficiencies in manufacturing and development,
operating income in the Platforms segment jumped by JPY25.7
billion over the previous fiscal year to JPY55.0 billion (US$514
million).

In Software & Services, consolidated sales declined 1.1% to
JPY2,070.4 billion (US$19,350 million).  Reflecting the slow
pickup in IT investment in Japan, domestic sales fell 3.0%, due
to sluggish sales in solutions/systems integration and lower
income from public infrastructure system sales.  Led by the
continuing success of Fujitsu Services in winning large-scale
government outsourcing contracts in the UK, overseas sales in
this segment were strong, increasing 4.7% (9.8% on a continuing
operations basis).  Operating income in the segment declined by
JPY25.7 billion to JPY113.0 billion (US$1,057 million),
primarily as a result of significantly higher-than-anticipated
development costs relating to certain domestic system
development projects with deteriorating profitability that were
completed during the fiscal year.

Consolidated sales in the Electronic Devices segment were
roughly flat at JPY733.8 billion (US$6,859 million), although
they were up 4.6% on a continuing operations basis. Worsening
supply/demand balance and price erosion in the markets for
plasma display panels and liquid crystal displays were partially
offset by stronger demand for advanced technology devices and
higher sales by components subsidiaries.  Nevertheless,
operating income in this segment increased by JPY5.0 billion to
JPY32.5 billion (US$305 million), thanks to further improvements
in production efficiency and higher income from components
subsidiaries.

FY 2005 Projections

Looking to fiscal 2005, Fujitsu anticipates higher sales and
significant improvement in operating income for Technology
Solutions**, particularly with respect to networks and
solutions/systems integration.  In Ubiquitous Product
Solutions**, the company foresees higher sales yet a decline in
operating income due to intensifying price competition in the PC
and hard disk drive markets.  In Device Solutions**, the
transfer of PDP and LCD businesses will contribute to an
expected reduction in sales, and start-up costs associated with
the ramping up of the Mie Plant's 300mm line for advanced logic
chip production are expected to sharply lower operating income.
In light of these and other factors, the company projects the
following consolidated financial results for fiscal 2005:

Fujitsu Limited Consolidated Earnings Forecast for Fiscal 2005

                                            (billion yen)
                      FY 2005      FY 2004
                      (estimate)   (actual)    Change
Net Sales             4,850.0      4,762.7     + 1.8%
Operating Income        175.0        160.1     + 9.2%
Net Income               50.0         31.9    + 56.7%

Complete information on Fujitsu's FY 2004 financial results,
including financial tables, explanation of results, and
supplementary information, may be found at:
http://www.fujitsu.com/about/ir/

* Note: All yen figures have been converted to U.S. dollars for
convenience only at a uniform rate of US$1 = 107 yen, the
approximate closing exchange rate on March 31, 2005.

** Note: Beginning in FY 2005, Fujitsu will report its financial
results according to these newly named business segments.

Details may be found in the explanatory materials of
Fujitsu's FY 2004 financial results, please see
http://www.fujitsu.com/about/ir/

About Fujitsu Limited

Fujitsu Limited (TSE:6702; ADR: FJTSY) is a leading provider of
customer-focused IT and communications solutions for the global
marketplace. Pace-setting device technologies, highly reliable
computing and communications platforms, and a worldwide corps of
systems and services experts uniquely position Fujitsu to
deliver comprehensive solutions that open up infinite
possibilities for its customers' success.

Headquartered in Tokyo, Fujitsu Limited (TSE: 6702) reported
consolidated revenues of 4.7 trillion yen (US$44.5 billion) for
the fiscal year ended March 31, 2005.

CONTACT:

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

This is a Company press release.


FUJITSU LIMITED: Proposes Board Member Changes
----------------------------------------------
Following a meeting of its board of directors held on April 27,
2005, Fujitsu Limited announced the following board member
appointments and resignations.

According to UK Wire, the changes will take effect pending
approval at the 105th General Shareholders' Meeting, scheduled
for June 23, 2005.

Candidates for the Board of Directors:

At the expiration of term for all current board members, the
following 10 candidates will be proposed for nomination at the
annual shareholders' meeting. (Reappointments) (Current
Position)

Naoyuki Akikusa  Chairman, Fujitsu Limited

Hiroaki Kurokawa President, Fujitsu Limited

Kunihiko Sawa*   President and Representative Director, Fuji
Electric Holdings Co., Ltd.

Hiroshi Oura     Chairman of the Board and CEO, Advantest
Corporation

Ikujiro Nonaka*  Professor, Hitotsubashi University Graduate
School of International Corporate Strategy

Akira Takashima  Vice Chairman, Fujitsu Limited

Masamichi Ogura  Corporate Executive Vice President, Fujitsu
Limited

Toshihiko Ono    Corporate Executive Vice President, Fujitsu
Limited

Chiaki Ito       Corporate Executive Vice President, Fujitsu
Limited

((New appointment)
Michiyoshi  Corporate Senior Vice President, Fujitsu Limited
Mazuka

* Outside director as defined by Section 188, paragraph 2 of the
Commercial Code of Japan

Planned resignations of current board members:

                     (Current Position)
Hiroya Madarame: Corporate Executive Vice President, Fujitsu
Limited
Kuniaki Suzuki: Corporate Executive Vice President, Fujitsu
Limited

Following their resignations from the board at the expiration of
their current term, Hiroya Madarame is expected to be appointed
as Executive Advisor to Fujitsu Limited and Kuniaki Suzuki as
President of Fujitsu Business Systems Ltd.

Appointments of auditors and corporate executive officers will
be announced at a later date.

Press Contacts
Fujitsu Limited
Public & Investor Relations
Phone: +81 (0)3-6252-2175


JAPAN AIRLINES: Creates Special Domestic Fares for Summer 2005
--------------------------------------------------------------
Japan Airlines (JAL) has created a new "21-day Advance Purchase
Summer Fare" (Natsu Toku Maeuri 21) that offers discounts of up
to 60% off normal fares to passengers wishing to travel within
Japan during July and August 2005.

JAL has also substantially extended both the travel periods and
available routes applicable to this year's `21-day Advance
Purchase Summer Fare', making travel during the summer even
easier than before.

With the exception of the traditional peak Obon travel season
(August 11- 17, 2005), travellers can choose to travel at
anytime during July and August on 115 JAL Group airline routes
covering the length and breadth of Japan.

Reservations can be made from two months before up to 21 days
before the day of departure, subject to fare availability.
Payment in full is required within six days of making a
reservation. Once issued, tickets are not changeable and
cancellation charges apply. For full details including terms and
conditions please visit www.jal.co.jp/dom/rates/

** JAL makes regular advance announcements of special discount
fares **

Travelers resident in countries outside Japan who would like
information on suitable domestic discount economy fares, please
visit: www.jal.co.jp/yokosojapan.

CONTACT:

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

This is a Company press release.


JAPAN TOBACCO: Group Net Balance Returns to Black in 2004
---------------------------------------------------------
Japan Tobacco Inc. (JT) (TSE: 2914) announced on April 27 its
consolidated financial results for the fiscal year that ended
March 31, 2005.

1. Consolidated Financial Results for the Fiscal Year Ended
March 31, 2005

In the fiscal year ended March 31, 2005, JT steadily implemented
all necessary measures in meeting the goals outlined in "JT
PLAN-V," and established strong business foundations which would
enable the company to concentrate on growth strategy in the
current fiscal year and onward.

In a Company press release, JT achieved a record high in net
sales for two consecutive years, and both operating income and
recurring profit also achieved record highs for three
consecutive years.

In the domestic tobacco business, JT introduced 18 new products
mostly in growing segments (1 mg tar, menthol and 300 yen or
above), as well as "Dspec" products into test markets. This was
the largest number of tobacco products introduced in one year in
JT's history. As a result, the company achieved market share
increases in all growing segments and also in the "Dspec"
category.

JT's international tobacco business, the company's profit growth
engine continued its growth momentum, driven by Global Flagship
Brand1 (GFB) sales. The company's GFB sales volume for the
January to December period increased by 11.8 percent.

In the pharmaceutical business, JT licensed-out two compounds,
JTT-705 and JTK-303 to F. Hoffmann-La Roche Ltd. and Gilead
Sciences, Inc. respectively.

JT's food business is now in the black, achieving JPY1.9 billion
in operating profit, one year ahead of its targets outlined in
"JT PLAN-V."

In the fiscal year that ended March 31, 2004, JT posted a net
loss of JPY7.6 billion as a result of a JPY185 billion one-time
non-operating charge, which was related to the company's old
pension obligation from an accounting policy change. However, in
this period under review, despite the increase of the business
restructuring expenses including extraordinary expenses related
to the early retirement program, due to the extraordinary profit
related to the property sales, as well as the absence of the
above mentioned one-time charge, the company's net income
achieved an improvement of JPY70.1 billion to JPY62.5 billion in
profit.

For more details, go to
http://bankrupt.com/misc/tcrap_japantobacco042805.pdf

CONTACT:

Yukiko Seto
Associate General Manager
Media and Investor Relations
Japan Tobacco Inc.
Tokyo: 81-3-5572-4292

Japan Tobacco Inc.
2-1, Toranomon 2-chome, Minato-ku
Tokyo 105-8422 Japan
Phone: 03-3582-3111


JAPAN TOBACCO: To Transfer Real Estate Properties
-------------------------------------------------
Japan Tobacco Inc. (JT) (TSE: 2914) announced on April 27 that
its Board of Directors has decided to transfer its real estate
properties, which were utilized as a physical distribution base,
to Kokubu % Co, Limited. JT previously used the properties for
the group's freight transport complex, but on March 31, 2005, JT
ceased its freight transport operations in Funabashi, and thus
the company has now decided to transfer the now unused space.

Summary of the Properties

Location: 9-4, Hinode 2-chome, Funabashi-shi, Chiba
Lot Area: 27,385.86m2
Floor Space: 37,012.22 m2
Book Value: 22.5 billion yen
Sale Price (expected): 2.4 billion yen

Summary Information of KOKUBU & CO., LTD.

Company Name: KOKUBU & CO., LTD.
Headquarters Location: 1-1-1 Nihonbashi, Chuo-ku, Tokyo 103-
8241, Japan
Name of Representative: Kanbei Kokubu, Chairman
Establishment: 1712 (Shoutoku Era)
Capital: 3,500 million yen
Annual Sales Volume: 1,255.3 billion yen (As of December 2004)

Business Contents:

Wholesaling business handling liquor products, food products,
related consumer goods and related materials; import/export
business; manufacturing breadcrumbs; real estate business
(building leasing).

Number of Employees: 1,654
Relationship between JT and KOKUBU: Capital: None
                                    Personnel: None
Schedule of Transfer

April 27, 2005: Board of Directors made the decision to transfer
the real estate properties.

JT and KOKUBU will conclude the sales contract once the
necessary formalities are completed.

October 1, 2005 (expected): Delivery of the properties will be
completed.

Expected Impact of the Transfer

JT is expecting to take a one-time extraordinary loss as a
consequence of the sale of the properties, which is now
estimated at approximately JPY20 billion. The loss would be
posted in the financial results for the fiscal year ending March
31, 2006 and is expected to have a negative impact of JPY12
billion on its net income, after adjustment for deferred taxes.
The impact of the sale has been figured into the forecasted
amount announced today in JT's financial results release.

Japan Tobacco Inc. is the world's third largest international
manufacturer of tobacco products. The company manufactures
internationally recognized cigarette brands including Camel,
Winston, Mild Seven and Salem. Since its privatization in 1985,
JT has actively diversified its operations into pharmaceuticals
and foods. The company's net sales were JPY4.664 trillion in the
fiscal year ended March 31, 2005.

This is a Company press release.


KIMURAYA COMPANY: Discount Retailer Seeking Big Waivers
-------------------------------------------------------
Kimuraya Company will seek debt forgiveness of up to 88 percent
from major creditors as part of its rehabilitation scheme, Asia
Pulse reports, citing the Nihon Keizai Shimbun.

The discount store operator has total debts of JPY28 billion
(US$263 million) and plans to request waivers of 70-88 percent
from large accounts, depending on the outstanding balance. All
debts of JPY500,000 or less will be repaid in full.

As a result, the firm would repay about JPY5 billion, or about
18 percent, of its debts.

The plan will be adopted if approved at a creditors meeting on
Wednesday.

In September 2004, the ailing retailer filed for bankruptcy
protection under the Civil Rehabilitation Law. Real estate fund
operator Asset Managers Co. (TSE:2337) was tapped as Kimuraya's
sponsor in January and has set up a business revitalization fund
through which a new Kimuraya entity will be created.

Once the retailer's stores, employees and other business assets
are transferred to the new operation, the existing Kimuraya will
be liquidated.

CONTACT:

Kimuraya K.K.
Taito-Ku, Tokyo 110-0005


MITSUBISHI MOTORS: Unveils Business Ethics Committee Meeting
------------------------------------------------------------
The Business Ethics Committee, an advisory body for the
Mitsubishi Motors board of directors, held its 14th meeting at
the company's Shinagawa Headquarters on April 20, 2005. (Mr.
Miyamoto was absent).

After being briefed by the company, the Committee discussed the
following agenda: (1) The recall and improvement measures filed
with the Ministry of Land, Infrastructure and Transport on April
12; (2) The Compliance Program for fiscal 2005; (3) The new
internal communication slogans. The views expressed and
recommendations made by the Committee are summarized below.

RECALL AND IMPROVEMENT MEASURES FILED ON APRIL 12

After hearing what the company had to say, the Committee does
understand the details of and process that led to the latest
recall and improvement measure filing. However, the Committee
remains deeply disappointed by this latest development in view
of the company's announcement at the press conference on March
30 that it had brought the whole recall issue to a close. This
latest recall would not be such a problem had the company been
totally frank and disclosed at the press conference that there
were still cases pending. It appears to the Committee that the
company remains blas‚ about public reaction, despite all that
has been done to resolve the situation to date. The company must
treat public opinion with greater sensitivity.

The Committee believes that the delay in the announcement of the
latest recall was due to: (1) The protracted in-house
investigation; (2) The company being slow to set the recall
process into motion; (3) The considerable time required to
procure the necessary replacement parts. Be this as it may, the
Committee calls on the company to make every effort to shorten
the process. In particular, because no customer should be
exposed to the risk of an accident while replacement parts for
vehicles subject to a recall are being procured, the company
must file a recall as soon as the decision to implement post-
market measures has been taken.

At the same time, the Committee considers it right that the
company has been totally candid in making recalls public even
though the timing of such an announcement might not be ideal
from the company's viewpoint.

While awareness of the "Quality-first" and "Customer-first"
internal slogans does appear to be reaching all levels of the
company, the Committee asks the company to once again make a
fundamental examination from the customer's viewpoint of all
aspects of quality.

The company is in the business of manufacturing vehicles that
are driven on public roads. As such, it is vital that the
company conduct exhaustive investigations to determine the cause
of defects and other quality issues. In cases where the cause
cannot be readily determined, the Committee recommends that the
company implement interim measures immediately. The company will
not regain the trust and confidence of customer and public alike
unless it takes steps to inform customers about defects at the
earliest possible date.

Determining the cause of and developing remedies for defects
requires more manpower. To this end, the Committee recommends
that the company consider employing the knowledge and experience
of retired employees.
Fiscal 2005 Compliance Program

The Committee is happy to see that the 2005 Compliance Program
makes the issue of covering up of defects its central theme.
The Committee reminds the company that compliance is not simply
a matter of moral training or ethics, nor one of simply
observing and following laws and regulations. Rather, true
compliance is about each and every individual in the
organization adopting, as a matter of course, a more proactive
stance in his or her work. The Committee believes that true
compliance requires that an individual's mental approach and
actions be based on the five principles of Orderliness,
Tidiness, Cleanliness, Impeccability and Discipline.
The Committee asks the company not to forget to give praise
where praise is due.

The Committee believes that to have its views standardized in a
process that leads to improvements in the Employee Regulations
will help to raise employee awareness about those views.
New internal communication slogans

The Committee believes that the company's invitation to its
workforce to submit proposals for internal communication slogans
will help nurture a sense of unity among employees.
The fifteenth meeting of the business ethics committee has been
scheduled for May.

Noboru Matsuda
Business Ethics Committee Chairman

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.


NANKAI ELECTRIC: JCR Downgrades Rating to BBB
---------------------------------------------
Japan Credit Rating Agency (JCR) has downgraded the ratings on
the shelf registration and bonds of Nankai Electric Railway Co.
Ltd. from BBB+ to BBB. It has affirmed the J-2 rating on CP
program of the issuer.

Shelf Registration:  Maximum Valid
Y50 billion two years effective from May 8, 2003

Issues Amount (bn) Issue Date Due Date Coupon

bonds no.18 Y10 Aug. 10, 1998 Aug. 8, 2008 2.70%
bonds no.20 Y10 Feb. 10, 2000 Feb. 10, 2010 2.35%
bonds no.21 Y10 Aug. 10, 2000 Aug. 10, 2010 2.55%
bonds no.22 Y10 Aug. 10, 2000 Aug. 10, 2006 1.83%
bonds no.24 Y20 Oct. 17, 2002 Oct. 17, 2006 1.80%
bonds no.25 Y20 Jan. 30, 2004 Jan. 30, 2009 1.39%

CP Maximum Backup Line
Y20 billion 0%

Rationale:

Nankai Electric's restructuring has paid off. However, the
interest-bearing debt remains large compared to the cash flow.
The quality of capital is poor relative to that of peers.
Unrealized gains on the real estate account for majority of the
capital.

The financial risk of Nankai Electric has increased along with
drop in the land price held by it for the sales and business
purpose. It plans to strengthen the earnings base of each of the
businesses.

JCR considers that the further streamlining for the railway
business and enhancement of commercial and leasing facilities
will not be enough to expand the cash flow in the face of rising
financial risk.

JCR believes that Nankai Electric should tap into new business
domain for future growth. JCR downgraded the rating for Nankai
Electric, considering that improvement in the financial
structure of the company cannot be made earlier than estimated.

CONTACT:

Nankai Electric Railway CO Ltd
1-60 Nanba 5-Chome
Chuo-Ku Osaka 542-8503, Osaka 542-8503
Japan
Phone: +81 6 6644 7121
Fax: +81 6 6644 7123


PIONEER CORPORATION: Discloses Business Results for Fiscal 2005
---------------------------------------------------------------
Pioneer Corporation announced on April 27 its business results
on consolidated and non-consolidated bases for fiscal 2005,
ended March 31, 2005.

Consolidated Financial Highlights

(In millions of yen except per share)

                                    Year ended March 31

                                  2005        2004       % to
                                                         prior
                                                          year

Operating revenue                   733,648    700,885
104.7%
Operating income                    2,592      47,173       5.5
Income (loss) from continuing operations
before income taxes                 (187)      41,848        -
Income (loss) from continuing operations
                                    (8,789)    20,363        -
Net income (loss)                   (8,789)    24,838        -%
Basic earnings (losses) per share:
Income (loss) from continuing operations (50.11) 116.07
Income from discontinued operations,
net of tax                            -         25.51
Net income (loss)                   (50.11)     141.58
Diluted earnings (losses) per share:
Income (loss) from continuing operations (50.11) 115.18
Income from discontinued operations,
net of tax                             -        25.34
Net income (loss)                   (50.11)     140.52

Note: Effective from fiscal 2005, the Company classified gains
and losses on sale and disposal of fixed assets, which were
previously included in "Operating costs and expenses," into
"Other income (expenses)." Previously reported amounts have been
reclassified accordingly.

For more details, go to
http://bankrupt.com/misc/tcrap_pioneer042805.pdf.

CONTACT:

Pioneer Corporation
4-1, Meguro 1-Chome
Meguro-Ku, TOKYO 153-8654
JAPAN
Phone: +81 3- 3494-1111
Fax: +81 3 34954428
Web site: http://www.pioneer.co.jp/

This is a Company press release.


SANYO ELECTRIC: Books JPY137 Bln Loss After Earthquake
------------------------------------------------------
Sanyo Electric Co. posted a group net loss of JPY137.14 billion
for the year ended March 31, Kyodo News reports.

The Company reported a record group net loss primarily due to
last October's Niigata earthquake that damaged facilities of its
semiconductor unit.

CONTACT:

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


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

HYNIX SEMICONDUCTOR: Builds Plant in China with STMicro
-------------------------------------------------------
Hynix Semiconductor Inc. is pairing up with STMicroelectronics
to build a KRW2 trillion chip-making plant in eastern China by
year's end, Reuters News reports.

The facility, which will be located in Wuxi, will have two
production lines. first it will start making 8-inch wafers of
memory chips, then proceed to manufacture 12-inch wafers next
year. Total investment from both companies is expected at KRW376
billion, one-third of which will be provided by STMicro.

Creditors currently own 81% of the Company after several
bailouts, due to a government-forced merger with a local merger
in 1999 that amounted to huge debt. But they have recently
approved a Company debt refinancing, enabling it to graduate
early from its debt workout program and emerge out of creditor
control.

The Company is set to post its first quarter results next week.

CONTACT:

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


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

BUKIT KATIL: Discloses March 2005 Production Figures
----------------------------------------------------
In accordance with Paragraph 9.29 (Part L) of the Bursa Malaysia
Securities Berhad Listing Requirements, Bukit Katil Resources
Berhad announced its production figures for March 2005, in terms
of its plantation production:

           Current Month Preceding Year Current Year Preceding
           (March 2005)  Corresponding   to Date       Year
                            Month     (March 2005) Corresponding
                          (March 2005)                Period
                                                   (March 2005)

FFB (mt)      667.16        499.17     5,113.26      5,810.17

CONTACT:

Bukit Katil Resources Berhad
Damasara Town Centre
Jalan Damanlela Pusat Bandar
Damansara, Damansara Heights
Kuala Lumpur 50490 Malaysia
Phone: +60 3 2095 7077
Fax:   +60 3 2094 9940


BUKIT KATIL: Draws Up Restructuring Plan to Settle Debts
--------------------------------------------------------
Bukit Katil Resources Berhad posted an update on its loan
facilities to the following banks:

Bumiputra-Commerce Bank Berhad

The Learned Senior Assistant Registrar allowed the application
by the Bank to enter summary judgment against the Company on
July 16, 2004. The Company filed a Notice of Appeal against the
said decision to the Judge in Chamber, but no hearing date has
been set.

OCBC Bank (Malaysia) Berhad

OCBC Bank (Malaysia) Berhad obtained an order for sale on Nov.
14, 2003 on Omega Bricks Sdn Bhd's land held under Grant Reg No.
31, Lot No. 5058 Mukim Gunung Semanggol, Daerah Krian, Negeri
Perak. The Court is scheduled to hear the application for
Execution of the Sale Order on May 16, 2005.

OCBC Bank (Malaysia) Berhad also obtained a winding-up petition
against the Company under Section 218(2) of the Companies Act,
1965 on Oct. 6, 2003; the Petition was served on the Company on
Nov. 14, 2003. On Sept. 8, 2004, the High Court allowed the
Bank's application for the winding-up petition. The Company has
already filed a Notice of Appeal to the Court of Appeal against
the High Court's decision; a stay of execution of the winding-up
order was filed on Oct. 5,2004. The Hearing of the High Court in
respect of this matter is scheduled today, April 29, 2005.

Alliance Merchant Bank Berhad

The Learned Judge has fixed the matter for further Case
Management on May 16, 2005, to consider the Bank's application
for summary judgment as well as the Company's counterclaim.

Perbadanan Kemajuan Negeri Pahang

The Company is a defendant in suit being initiated by Perbadanan
Kemajuan Negeri Pahang for breach of a Call Option Contract. On
April 19, 2004, the High Court granted a final judgment for
MYR14.0 million against the Company, inclusive of interest until
the date of full settlement. The Court dismissed the Company's
appeal against the said judgment on Nov. 18, 2004. The Company
is filing a Notice of Appeal to the Court of Appeal.

At present, the Company is formulating a debt-restructuring
proposal to settle the above liabilities. The Company has also
provided an update on its current default status pursuant to
Practice Note 1/2001:

http://bankrupt.com/misc/tcrap_bukitkatil042805.doc


FABER GROUP: To List More Shares Next Week
------------------------------------------
Faber Group Berhad's additional 4,039,694 new ordinary shares of
MYR1.00 each arising from the Company's Conversion of
MYR8,079,388 nominal value of 2000/2005 Irredeemable Convertible
Unsecured Loan Stocks into 4,039,694 new ordinary shares will be
granted listing and quotation effective Tuesday, May 3, 2005,
9:00 a.m.

CONTACT:

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


I-BERHAD: Repurchases 13,300 Shares
-----------------------------------
I-Berhad disclosed the details of its shares buyback on April
27, 2005 to the Bursa Malaysia Securities Berhad.

Date of buy back: 27/04/2005

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

Total number of shares purchased (units):             13,300

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

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

Total consideration paid (MYR):                   10,719.10

Number of shares purchased retained in treasury
(units): 13,300

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

Cumulative net outstanding treasury shares as at to-date
(units): 1,497,000

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

CONTACT:

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


KRAMAT TIN: Bourse Grants Extension for Approval of Proposals
-------------------------------------------------------------
Kramat Tin Dredging Berhad refers to its latest announcement
dated April 15, 2005 in relation to the Company proposals.

On April 20, 2005, the Company sought the approval of Bursa
Malaysia Securities Berhad (Bursa Securities) for an extension
in order to obtain approval from relevant authorities on such
proposals.

The Company announced that Bursa Securities approved the
extension via a letter dated April 25, 2005, which the Company
received the day after.

CONTACT:

Kramat Tin Dredging Berhad
No 12 Jalan Gelenggang
Bukit Damansara
Kuala Lumpur, 50490
Malaysia
Phone: +60 3 2092 5588
Fax:   +60 3 2093 9917


KUMPULAN BELTON: Updates Default in Payment Status
--------------------------------------------------
Kumpulan Belton has issued updates in the Company's Payment
Default and Involvement in Litigation from March 30, 2005 to
April 27, 2005.

Attached are the updates to the Company's default status report:

http://bankrupt.com/misc/tcrap_kumpulanbelton042805.doc

CONTACT:

Kumpulan Belton Berhad
Lot 10 Sungai Siput Light Indus'l Estate
31100 Sungai Siput,
Perak Darul Ridzuan 48000
Malaysia
Phone: +60 3 6257 2233
Fax:   +60 3 6257 8989


LION CORPORATION: Set to List More Shares
-----------------------------------------
Lion Corporation Berhad's additional 87,000 new ordinary shares
of MYR1.00 each, issued pursuant to the Company's Executive
Share Option Scheme will be granted listing and quotation
effective Tuesday, May 3, 2005, 9:00 a.m.

CONTACT:

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


MYCOM BERHAD: Inks Extension Agreements
---------------------------------------
Mycom Berhad announced that on April 27, 2005, the Company
entered into two separate agreements for a 6-month extension in
order to fulfill precedent conditions according to the following
extension agreements:

(a) a conditional assets acquisition agreement dated Aug. 14,
2000, and the subsequent extensions dated Dec. 12, 2000, June
12, 2001, Dec. 12, 2001, July 11, 2002, Jan. 30, 2003, Sept. 18,
2003, Dec. 12, 2003 and Sept. 23, 2004, and the supplemental
agreement dated Feb. 14, 2003, between the Company, Olympia
Industries Berhad (OIB) and its subsidiaries (United Malaysian
Properties Sdn Bhd, Mascon Sdn Bhd and Regal Unity Sdn Bhd) for
the Company's proposed acquisition of 100% equity interest in
Olympia Land Berhad, 100% equity interest in City Properties
Development Sdn Bhd, 100% equity interest in Olympia Plaza Sdn
Bhd, 100% equity interest in Rambai Realty Sdn Bhd, 70% equity
interest in Maswarna Colour Coatings Sdn Bhd, 100% equity
interest in Salhalfa Sdn Bhd, 100% equity interest in Mascon
Construction Sdn Bhd together with four (4)-story shop office
situated at Taman Shamelin Perkasa, Kuala Lumpur and a factory
unit situated at Beranang Industrial Estate, Selangor and five
(5)-acre land situated at District of Kota Kinabalu, Sabah for
an aggregate purchase consideration of MYR6,377,660; and

(b) a conditional land acquisition agreement dated Aug. 14,
2000, and the subsequent extensions dated Dec. 12, 2000, June
12, 2001, Dec. 12, 2001, July 11, 2002, Jan. 30, 2003, Sept. 18,
2003, Dec. 12, 2003 and Sept. 23, 2004, and the supplemental
agreement dated Feb. 14, 2003, between the Company and Kenny
Height Developments Sdn Bhd for the Company's proposed
acquisition of approximately 41.14 acres of land situated at
Mukim Batu, Wilayah Persekutuan for a purchase consideration of
MYR261,000,000.

The date for fulfillment of the conditions precedent of the two
conditional sale and purchase agreements was extended for 6
months from March 12, 2005 to Sept. 12, 2005, or to such later
date as agreed by the parties.

The Extension Agreements are available for inspection at the
Company's registered office in Kuala Lumpur during normal
business hours from Monday to Friday (except for public
holidays) for three months from the date of this announcement,
April 27, 2005.

CONTACT:

Mycom Berhad
Level 23, Menara Olympia
Jalan Raja Chulan
Kuala Lumpur, 50250
Malaysia
Phone: +60 3 2072 3993
Fax:   +60 3 2072 3996


NALURI BERHAD: SC OKs Extension to Complete Restructuring
---------------------------------------------------------
Naluri Berhad announced that in relation to its restructuring
exercises, the Company had completed all exercises, except the
proposed CPSB Land Acquisition (which entails the Company's
proposed acquisition of leases to the lands held under H.S. (D)
888/97 P.T.No. 2501, H.S.(D) 889/97, P.T.No. 2502 And H.S.(D)
28/93 P.T. No. 2209 All In Mukim Sungai Laka, Daerah Kubang
Pasu, Kedah Darul Aman for MYR27.48 million)

The Company announces that the Securities Commission, via its
letter dated April 26, 2005 (and received on April 27, 2005),
approved an extension up to Nov. 30, 2006, to complete the
proposed acquisition.

CONTACT:

Naluri Berhad
161B Jalan Ampang
Kuala Lumpur, 50450
Malaysia
Phone: +60 3 2162 0878
Fax:   +60 3 2162 0676


PAN MALAYSIA: Seeks Approval on Company Proposals
-------------------------------------------------
Pan Malaysia Corporation Berhad announces that the Company would
seek shareholder approval on the following proposals at the next
Extraordinary General Meeting (EGM):

1. Proposed renewal of authority from Company shareholders to
purchase own shares; and

2. Proposed appointment of Dr. Ngui Chon Hee as Company
Director, in accordance with Section 129 (6) of the Companies
Act, 1965.

The Company will release a circular containing details of the
proposals to its shareholders in due course.

CONTACT:

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


PANTAI HOLDINGS: Posts Shares Buy Back Notice
---------------------------------------------
Pantai Holdings Berhad disclosed to the Bursa Malaysia
Securities Berhad the details of shares it had bought back on
April 27, 2005.

Date of buy back: 27/04/2005

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

Total number of shares purchased (units):             32,000

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

Maximum price paid for each share purchased (MYR):      1.040

Total consideration paid (MYR):                   33,266.13

Number of shares purchased retained in treasury
(units):  32,000

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

Cumulative net outstanding treasury shares as at to-date
(units): 28,783,700

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

CONTACT:

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


POS MALAYSIA: Granted Additional Shares Listing
-----------------------------------------------
Pos Malaysia & Services Holdings Berhad's additional 62,000 new
ordinary shares of MYR1.00 each issued pursuant to the Company's
Employee Share Option Scheme will be granted listing and
quotation effective Tuesday, May 3, 2005, 9:00 a.m.

CONTACT:

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


POS MALAYSIA: Judge Junks Plaintiff's Appeal
--------------------------------------------
Pos Malaysia & Services Holdings Berhad announced that in
relation to the Kuala Lumpur High Court suit of Malayan Banking
Berhad (plaintiff) versus the Company and PSH Allied Berhad, the
Plaintiff's Notice of Appeal to Judge in Chambers was dismissed
with costs.


RHB CAPITAL: Completes Shares Transfer of RHB Islamic Bank
----------------------------------------------------------
RHB Capital Berhad announced that the business transfer
agreement dated March 4, 2005 between RHB Bank and RHB Islamic
Bank (to transfer the Islamic Banking Business) was completed on
April 27, 2005, with the issuance of RHB Islamic Bank shares to
RHB Bank.

Pursuant to the said agreement, a Vesting Order was obtained
from the High Court specifying that all assets & liabilities in
the Islamic banking business of RHB Bank be transferred and
vested to RHB Islamic Bank by March 16, 2005. In consideration
of the said transfer, RHB Islamic Bank will issue ordinary
shares of MYR1.00 each, equal to the net book value of the net
assets of RHB Bank's Islamic banking business as at March 15,
2005.

The Final Transfer Consideration was satisfied in two tranches:
the first tranch (the audited net book value of the assets less
the liabilities of the Islamic banking business of RHB Bank as
at 30 June 2004) of 455,642,000 ordinary shares was issued on
March 16, 2005, and the second and final tranch (the difference
between the first tranch and the Final Transfer Consideration)
of 67,782,000 ordinary shares was issued on April 27, 2005,
after the statement of assets and liabilities of RHB Bank's
Islamic banking business as at March 15, 2005 was prepared and
finalized in accordance with the terms of the Business Transfer
Agreement.

With the completion of the Business Transfer Agreement, the
Transfer of Islamic Banking Business is accordingly completed.

RHB Islamic Bank now has a total issued share capital of
523,424,002 ordinary shares of MYR1.00 each, all of which have
been credited as fully paid-up. The transfer is not expected to
affect RHB Capital Berhad's consolidated earnings for the
financial year.

CONTACT:

Rhb Capital Berhad
Jalan Tun Razak
Kuala Lumpur, 50400
Malaysia
Phone: +60 3 9287 8888
Fax:   +60 3 9280 6507


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

COLLEGE ASSURANCE: Faces Planholders' Class Action Suit
-------------------------------------------------------
A group of disgruntled planholders on Wednesday filed a class
suit against besieged pre-need firm College Assurance Plans
Philippines Inc. (CAP), its directors and affiliate firms,
relates The Philippine Daily Inquirer.

The 19 planholders, represented by legal counsel Maricel
Pascual-Lopez, lodged the complaint with the Makati Regional
Trial Court (RTC). The legal action urges the court to appoint a
receiver to immediately take over the management and control of
CAP.

The planholders requested that a management committee be
created. They also pleaded that the court order CAP and its
directors and related firms to nullify all pre-need policies and
return the money of its planholders. They also urged the court
to nullify and cancel all contracts and transfers made with
other defendants and affiliated companies, and disgorge all
profits obtained from the allegedly fraudulent misuse of plan
holders' funds.

Aside from CAP and its directors, the other defendants in the
suit include Fil-Estate Corp., Fil-Estate Development Corp.,
Camp John Hay Golf Club, Fil-Estate Properties Inc., Fil-Estate
Management Inc., Fil-Estate Land Inc., Fil Estate Golf And
Development Inc., Fil-Estate Sports Corp., Fil-Estate
Infrastructure Inc., Cap General Insurance, CAP Realty, Metro
Rail Transit Corp., Manila Southwoods, Southwoods Ecocentrum,
Sherwood Hills Golf & Country Club/Golden Dear International
Inc., and Global Building Systems Inc.

The class suit came as CAP said it had paid out almost Php424
million in tuition to plan holders nationwide despite non-
renewal by the SEC of its dealer's license.

CONTACT:

College Assurance Plans Philippines Inc.
CAP I Building
126 Amorsolo cor. Herrera Streets
Legazpi Ville, Makati City
Malaysia
Phone: 817-6586, 759-2000
Fax: (0632) 818-0560


COLLEGE ASSURANCE: Pays Php424-Mln Tuition Claims
-------------------------------------------------
Embattled College Assurance Plans Philippines Inc. (CAP) said it
has paid out almost Php424 million in tuition fees to
planholders despite its failure to obtain a renewal of its
dealer's license, The Philippine Star reveals.

The Securities and Exchange Commission (SEC) refused in
September 2004 to renew CAP's licenses to sell new plans when
the existing license expired.

Due to the delay in the renewal of its license, CAP struggled to
cope with financial difficulties since it was basically
depending on cash coming from the sale of new plans to finance
its operations.

Of the Php424 million CAP has paid out during the period, the
bulk amounting to Php253 million has been paid out to schools in
Metro Manila.

Outside Manila, recent payments to planholders made from CAP's
regional offices include Davao (Php36.8 million), Cebu (Php36.3
million), Pampanga (Php26.1 million), Iloilo (Php22.3 million)
and Cagayan de Oro (Php15.9 million).

With these payments, CAP said it remains committed to meeting
obligations to all planholders despite its cash flow woes.


NATIONAL BANK: Clarifies News on New Chair's Appointment
--------------------------------------------------------
The Philippine National Bank issued this announcement in
reference to the news article entitled "Gov't names Tarriela PNB
chairman" published in the April 27, 2005 issue of the Manila
Bulletin.

The article reported that:

"The government has named Florencia Gozon Tarriela as the new
chairman of Philippine National Bank. The government slate for
PNB directors are former Energy Secretary Vincent S. Perez and
Finace Undersecretary Eric O. Recto."

PNB, in a letter dated to the Exchnage dated April 27, 2005,
stated that:

"To date, our office has not received any formal communication
from the National Government, nor have we been advised of such
appointment of Ms. Florencia Tarriela as PNB Chairman or those
Messrs. Vicente Perez and Eric Recto as PNB directors. Hence, we
are not in a position to comment on the contents of the
captioned news article."

For your information.

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

Noted by:

(Original Signed)
JURISITA M. QUINTOS
Senior Vice President

CONTACT:

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


MAYNILAD WATER: MWSS Puts Buyout on Hold
----------------------------------------
The Metropolitan Waterworks and Sewerage System (MWSS) has
formally informed DMCI Holdings Inc. that it was premature at
this time to act on DMCI's offer to acquire water concessionaire
Maynilad Water Services Inc., reports The Philippine Daily
Inquirer.

MWSS issued a letter to construction giant DMCI, stating that it
could not entertain the acquisition bid until after a court has
approved a rehabilitation program for cash-strapped Maynilad.

MWSS fear that the entry of new investors at this crucial stage
might hamper talks with Maynilad's creditors.

After court approval of Maynilad's revival plan, the MWSS said
it would propose to the Securities and Exchange Commission (SEC)
a capital restructuring, during which they could accept
proposals of potential investors.

DMCI is one of two private entities that have signified interest
to acquire Maynilad. The other is a consortium led by investment
bank ING Barings that reportedly includes International Finance
Corp. and the Ayala group, whose unit Manila Water Co. holds the
eastern water concession.

CONTACT:

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


NATIONAL BANK: Q1 Net Income Up 70% to Php151 Mln
-------------------------------------------------
The Philippine National Bank (PNB) has kept its performance on
track, sustaining its profitable run for the past two years to
post a net income of Php151 million in the first quarter of
2005. This net profit figure represents a substantial growth of
70% over the Bank's average quarterly income earned during 2004.

Compared to the same period last year, interest income expanded
by 36% to reach Php2.510 billion in the first quarter. The
increase is primarily due to the Bank's successful efforts in
putting back to performing status a large part of its bad loans,
and the Bank's improved mix in its investment portfolio. With
interest expenses kept at manageable levels, net interest income
grew by 123% to Php1.013 billion from Php454 million a year ago.

The Bank also managed to grow its fee-based income for the
quarter by 20% to Php1.471 billion from last year's Php1.223
billion. Given these much improved performances in both net
interest income and fee-based income as well as the Bank's
success in controlling operating expenses, operating income from
January to March 2005 reached a high of Php756 million. The
better operating results also enabled the Bank to make
additional provisions for the quarter of Php461 million from
last year's Php78 million.

As of end of the first quarter 2005, past due loans dropped by
Php5.582 billion compared to year-end 2004 level of Php36.119
billion. NPL ratio also improved from end-2004 ration of 39% to
35.4%. Deposit levels registered an increase of Php3.594 billion
to reach now stand at Php223.3 billion.

PNB's performance for the first quarter reinforces the
commitment of the Bank's Board of Directors and Management to
sustain the gains realized so far from the implementation of
various financial as well as institutional strengthening
measures to ensure the Bank's long-term growth and
profitability. For the rest of 2005, PNB is committed to remain
focused on further advancing its gains and accelerating growth
of its core businesses.

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


PACIFIC PLANS: Yuchengco Group Throws Lifeline
----------------------------------------------
The owner of Pacific Plans Inc. has decided to rescue the ailing
pre-need provider, in a bid to prevent tarnishing the image of
its other business units, Today News relates.

The Yuchengco Group of Companies (YGC) said it will assist
Pacific Plans as long as the move will not sacrifice good
governance of their companies. But it is still unclear if the
support would come in the form of a capital infusion to bail out
Pacific Plans.

Pacific Plans President Ernesto Garcia said the Company needed
Php650 million to service tuition claims for school-year 2005-
2006. He said, however, that Pacific Plans will not liquidate
its other assets since this would be irreversible and would
imperil other planholders.

Mr. Garcia added that the company welcomes any inquiry by the
Securities and Exchange Commission (SEC) on its assets and
proposed rehabilitation plan. The SEC's investigation will
likewise include an examination of Pacific Plan's parent firm
and its officers.

Pacific Plans earlier filed for payments suspension and
rehabilitation with a Makati City Regional Trial Court, saying
it could not meet future claims due to soaring tuition fees.


RB ABUYOG: To Submit Motion for Approval of Final Project June 3
----------------------------------------------------------------
Please take notice that on June 03, 2005 at 8:30 a.m. the motion
for Approval of Final Project of Distribution of the Assets and
Termination of the Liquidation Proceedings of the Rural Bank of
Abuyog (Leyte), Inc. will be submitted to the Liquidation Court
(RTC of Abuyog, Leyte-Branch 10, Sp. Proc. No. 33) for approval.

PHILIPPINE DEPOSIT INSURANCE CORPORATION
Liquidator


SAMAHANG NAYON: PDIC Issues Notice to All Creditors
---------------------------------------------------
Please take notice that on April 29, 2005 at 8:30 a.m. the
motion for Approval of Final Project of Distribution of the
Assets and Termination of the Liquidation Proceedings of the
Samahang Nayon Rural Bank of Malay (Aklan), Inc. will be
submitted to the Liquidation Court (RTC - 6th Judicial Region
Branch V, Province of Aklan, Sp. Proc. No. 6185) for approval.

PHILIPPINE DEPOSIT INSURANCE CORPORATION
Liquidator


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

CAPITALAND LIMITED: To Release 1Q/FY05 Results May 5
----------------------------------------------------
CapitaLand Limited announced in a disclosure made to the
Singapore Stock Exchange that it will release its financial
results for the first quarter ended March 31, 2005 on Thursday,
May 5, 2005.

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

CONTACT:

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


FNT SINGAPORE: Pays Preferential Dividend Notice
------------------------------------------------
FNT Singapore Pte Ltd. formerly of 257 Selegie Road #15-279
Selegie Complex, Singapore 188350 posted at the Government
Gazette, Electronic Edition a notice of preferential dividend
with the following details.

Court: Supreme Court, Singapore

Number of Matter: Companies Winding Up No. 143 of 1998

Amount Per Centum: 14.70%

First and Final or otherwise: First & Final Dividend

When Payable: 25th January 2005

Where Payable:

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

22nd day of April 2005

Karen Loh
Assistant Official Receiver


HOCK SAN: Served with Winding Up Order
--------------------------------------
In the Matter of Hock San Yuen Food Manufactory (Private)
Limited, a winding up order was made on the 15th day of April
2005.

Name and address of Liquidator:

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

Dated this 15th day of April 2005

Messrs Rajah & Tann
Solicitors for the Petitioner

Note:

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

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


LIANG HUAT: Provides Regulator with Copies of Court Order
---------------------------------------------------------
Further to the announcement made to the Singapore Stock Exchange
(SGX) by Liang Huat Aluminium Limited Lodgment of Orders on
April 20, 2005 the Board announced that the following have been
lodged with the Accounting and Corporate Regulatory Authority on
April 27, 2005:

(a) A copy of the Order of Court in respect of the Principal
Scheme;

(b) A copy of the Order of Court in respect of the LHAI Scheme;
and

(c) A copy of the Order of Court in respect of the Durabeau
Scheme.

As such, the respective Schemes are now binding on the scheme
creditors of the Company, LHAI and DI. The Company is in the
process of completing the remaining conditions precedent, which
were previously announced by the Company on April 20, 2005.

The Company will make prompt and timely announcements of further
developments concerning the Schemes.

By order of the Board

Liang Huat Aluminium Limited
Tan Yong Kee
Group Managing Director

CONTACT:

Liang Huat Aluminium Limited
Blk 8 #07-05
Liang Huat Industrial Complex
51 Benoi Road
Singapore 629908
Telephone: 65 68622228
Fax: 65 68624962
Web site: http://www.lianghuatgroup.com.sg/


NATSTEEL LIMITED: Board to Review Special Dividend Payment
----------------------------------------------------------
In the circular to shareholders dated November 25, 2004, it was
stated that the Board of Natsteel Ltd had appointed a Strategy
Review Committee (the SRC) to review the future business
strategy of the Company and the consequential application of the
net sale proceeds from the divestment of the Company's steel
business to The Tata Iron And Steel Company Limited. It was also
stated that Goldman Sachs had been engaged by the Company to
assist and advise the SRC in its review.

Goldman Sachs has submitted its preliminary findings to the SRC
outlining the various growth opportunities, both organic and
inorganic that may be pursued to grow the existing core
businesses.

It has also made preliminary suggestions to explore new
businesses. It is still in the process of discussing with
management and finalizing its recommendations to the SRC. The
pursuit of such growth opportunities and new businesses will
require additional capital and management resources and take
some time to implement.

The Board will consider the final recommendations by Goldman
Sachs when reviewing the future business strategy of the
Company.

The Board will also review the possibility of distributing a
special dividend to shareholders from the net sale proceeds. For
that purpose, the Board will continue to assess the cash
requirements of the Company, taking into account, inter alia,
prudential considerations, the future business strategy of the
Company, economic conditions, the potential levels of commitment
and implementation period for capital expenditure and
investments. In the event that the Board decides to recommend a
special dividend, the relevant details, terms and conditions (if
any) will be announced in due course.

By Order Of the Board

Lim Su-Ling
Company Secretary
28 April 2005

CONTACT:

NatSteel Limited
22 Tanjong Kling Road
Singapore 628048
Telephone: 65 62651233
Fax: 65 62658317
Web site http://www.natsteel.com.sg


RSH LIMITED: Associate Company Ceases Business Operations
---------------------------------------------------------
RSH Limited advised the Singapore Stock Exchange (SGX) that its
associated company MidEast Solutions LLC (MES) has ceased
business operations and the shareholders have resolved that MES
is to be wound up by way of a Members' Voluntary Winding Up
(MVW).

The cessation of business operations of MES and its subsequent
liquidation though MVM will not have any impact on the net
tangible assets or earnings per share of the Group for the
financial year ending March 31, 2006. None of the directors or
substantial shareholders of the Company has an interest, direct
or indirect, in the transaction.

CONTACT:

RSH Limited (formerly: Royal Clicks Limited)
190 MacPherson Road #07-08
Wisma Gulab
Singapore 348548
Telephone: 65 67466555
Fax: 65 68404327


STARTECH ELECTRONICS: Non-executive Director Refuses Re-election
----------------------------------------------------------------
Startech Electronics Ltd. announced to the Singapore Stock
Exchange (SGX) that at the Annual General Meeting of the Company
held on April 27, 2005, all resolutions except resolution 4 as
set out in the Notice of the Annual General Meeting dated April
8, 2005 were duly passed.

Mr. Chan Fook Meng signified that he did not wish to seek for
re-election under Article 103 of the company's Articles of
Association and in consequence resolution 4 was withdrawn.

Mr. Chan Fook Meng retires and ceases to be a non-executive
director at the conclusion of the Annual General Meeting held on
April 27, 2005.  Following his retirement, he ceases to be a
member of the Audit, Nominating and Remuneration Committees.

Submitted by
Foo Soon Soo
Company Secretary
April 27, 2005

CONTACT:

Startech Electronics Ltd
11 Collyer Quay
The Arcade #13-01
Singapore 049317
Telephone: 65 62200762
Fax: 65 62202839
Web site: http://www.startechgrp.com


UNITED FIBER: Updates Wood Chip Mill Project
--------------------------------------------
The Board of Directors of United Fiber System Limited (UFS)
announced to the Singapore Stock Exchange (SGX) that it has
formally issued an update to shareholders on the progress of its
Wood Chip Mill project.

In relation to the USD39 million turnkey contract between PT
Mangium Anugerah Lestari (PT MAL), an Indonesian subsidiary of
UFS, and China National Machinery & Equipment Import & Export
Corporation (CMEC), for a 700,000 tonnes per annum Wood Chip
Mill in South Kalimantan, Indonesia, which was announced on
April 22, 2003 and December 24, 2004 the Board would like to
report the following:

(1) The offtake agreement for the wood chip production has been
signed with CMEC for the purchase of 90% of the annual
production at prevailing market prices with the option to
purchase the remaining 10%.

(2) PT MAL has procured the land required for the construction
of the Wood Chip Mill;

(3) Pre-construction work including land survey, basic and
detailed engineering has been completed;

(4) Main machinery contract has been awarded to Andritz OY of
Finland by CMEC; and

(5) A drawdown request of USD 5 million under the USD 21 million
loan facility has been submitted to the financing bank,
Raiffeisen Zentralbank ™sterreich AG (RZB-AUSTRIA) Singapore
Branch.

Mr. Rainer Silhavy, General Manager and CEO of Raiffeisen
Zentralbank ™sterreich AG (RZB-AUSTRIA) Singapore and Asia
Pacific, "With this drawdown, RZB is pleased that the financing
arrangement has been effected. RZB is very comfortable with the
fundamentals of this project, which fits nicely into RZB's
business strategy to be a major player in commodity financing in
Indonesia and the region."

Mr. Kishore Dass, the Group's Chief Executive Officer commented:

"I am pleased to report that we have made significant progress
on the Wood Chip Mill project and we are on schedule for
operations to begin by first quarter next year. It is an
exciting time for us because we are well positioned to
capitalize on opportunities in this industry. I am told that
current Wood Chip prices range approximately between USD120 -130
per tonne and it is on the uptrend."

For media enquiries, please contact:

Mr. Gerald Woon,
Director, Cogent Communications Pte Ltd
DID: 6323-1051
HP: 9694-8364
E-mail: woon@cogentcomms.com


UNITED FIBER: Enters Into Subscription Agreement with Cornell
-------------------------------------------------------------
Further to the announcement made to the Singapore Stock Exchange
(SGX) dated April 25, 2005 the Board of Directors of United
Fiber System Ltd (UFS) announced that the Company and Cornell
Capital Partners Offshore, LP (Cornell) have entered into a
Subscription Agreement and a Note Deed Poll for a Loan Note of
S$10,000,000 (the Series Two Loan Note).

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

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

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

By Order of the Board
Kishore Dass
Chief Executive Officer
28 April 2005

CONTACT:

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


WEE POH: Completes Adjudication of All Claims
---------------------------------------------
Further to the circular to Shareholders dated August 26, 2004
and the announcements made on September 2, 2004, September 17,
2004 and September 27, 2004 the Directors of Wee Poh Holdings
Ltd. announced to the Singapore Stock Exchange that the Scheme
Administrator has completed the adjudication of all claims
lodged with him pursuant to the Scheme.

Accordingly, the Company has on April 27, 2005 allotted and
issued an aggregate of 238,145,918 Scheme Shares at an issue
price of S$0.05 each to the Participating Creditors, as
adjudicated and admitted by the Scheme Administrator.

Taking into account the 238,145,918 Scheme Shares that were
allotted and issued, the existing issued and paid up share
capital of the Company has been increased from S$14,628,688.18
comprising 2,925,737,636 ordinary shares of S$0.005 each
(Shares) to S$15,819,417.77 comprising 3,163,883,554 Shares.

Listing and Quotation of the Scheme Shares on the Official List
of the SGX-SESDAQ is expected to commence at 9:00 a.m. on April
28, 2005. Shareholders should note that approximately 4,957,297
Scheme Shares have yet to be issued to certain Participating
Creditors who have yet to comply with certain administrative
requirements.

In addition, one creditor has commenced legal proceedings to
seek adjudication of his claim by the Court. 15,651,086 Scheme
Shares may have to be issued to this particular creditor if this
creditor's claim is ordered by the Court to be re-admitted in
its entirety.

Therefore, approximately 20,608,383 additional Scheme Shares in
aggregate (the Remaining Scheme Shares) may have to be
subsequently issued pursuant to the Scheme. For such
Participating Creditors who have yet to comply with certain
administrative requirements or who are seeking adjudication by
the Court, the Remaining Scheme Shares shall be allotted and
issued to them when such administrative requirements have been
complied with or such amounts have been adjudicated by the
Court, as the case may be.

The maximum number of Scheme Shares to be issued under the
Scheme, according to the Scheme Administrator, should not be
more than 258,966,022 Scheme Shares which is less than the
maximum limit of 300,000,000 Scheme Shares as approved by the
shareholders of the Company.

The Directors shall release a further announcement in respect of
the allotment and issue of the Remaining Scheme Shares in due
course. The in-principle approval from the SGX-ST for the
listing and quotation of the Scheme Shares is not an indication
of the merits of the Scheme Shares and the Scheme.

By Order of the Board

CONTACT:

Wee Poh Holdings Limited
213 Upper Thomson Road
Singapore 574348
Telephone: 65 64521210
Fax: 65 64536310
Web site: http://www.weepoh.com.sg


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

RAYONG BULK: Seeks New Planner
------------------------------
Shareholders of Rayong Bulk Terminal Company Limited (RBT) are
considering appointing National Advisory (NA) to handle its
debt-restructuring plan in place of its existing planner, Chamni
Janchai, the president of RBT, The Nation reports.

Natural Fertilizer, RBT's main shareholder and creditor will
submit a new debt plan to the creditor committee on May 10, as
well as the proposal for the replacement of the existing
planner.

According to Nattaphob Ratanasuwanthawee, NFC's chief executive
officer, Mr. Chamni should resign as RBT's director and planner
because of his long time conflict with major shareholders, which
has hindered business management.

Mr. Nattaphob added that the Industrial Estate Authority of
Thailand (IEAT), another RBT creditor, would consider on
Thursday the new restructuring plan and the proposal to replace
the planner.

Following the approval of the credit committee, the new debt
plan would then be submitted to the Central Bankruptcy Court.
Should the court approve of the plan, RBT will expand its
business to transport liquid goods as an addition to its current
service as a bulk service provider.

The cost of the new plan would be about THB3 billion.  RBT will
seek a loan from financial institutions to finance the new debt
plan.  The target date for the complete implementation of the
plan is March 2006.

The new debt plan will allow NFC to exercise its right to
increase capital in RBT totaling THB600 million, while Siam
Cement, another major shareholder, will not exercise its right
to increase capital.

According to the new plan, RBT's debt of THB1.4 billion will be
paid on January 21, 2006, THB258 million of which is owed to
IEAT. The remaining THB1.2 billion owed to financial
institutions would be split and paid by January 2006.

CONTACT:

Rayong Bulk Terminal Company Limited (RBT)
No.11, I-7 Road, Map Ta Phut Industrial Estate,
Muang District
Rayong 21150,Thailand
Telephone: 66(0) 3868-7241
Fax: 66(0)3868-7243
E-mail: service@portrbt.com


SINO-THAI: Rules Out Dividend Payment This Year
-----------------------------------------------
Sino-Thai Resources Development Public Company Limited advised
the Stock Stock Exchange of Thailand (SET) on the resolutions
adopted at its Annual General Meeting of Shareholders No.
27/2005 held on April 27, 2005 at 4:00 p.m. to 5::00 p.m.,

(1) Approval of the Minutes of Annual General Meeting of
Shareholders No. 26/2004 held on April 8, 2004.

(2) Approval of the Board of Directors' report on the Company's
Operating Results for the year ending December 31, 2004 and the
Company's Annual Report for 2004.

(3) Approval of the Balance Sheet and Profit and Loss Statements
for the fiscal period ended December 31, 2004.

(4) Approval of the non-declaration of dividend payment for
2004.

(5) Approval of the reappointment of Mr. Suthisak Lohsawat as
the Chairman of the Board of Directors,Mr. Sanguan Subanantachai
as the director and member of the Audit Committee of the Company
and Mr. Cholapan Vongsing as the director for an another term.

(6) Approval of the appointment of Mr. Narong Puntawong C.P.A.
License No. 3315 and/or Ms. Thippawan Nananuwat License No. 3459
and/or Ms. Siraporn Ueanankul C.P.A. License No. 3844 and/or Mr.
Suphachai Panyawatthano C.P.A.No. 3930, all of Ernst & Young
Office Limited as auditors of the Company for 2005 with the
auditor's remuneration of not excess THB400,000 (Four Hundred
Thousand Baht).

(7) Approval of fixing the Remuneration of Directors and Audit
Committee for 2005 as follows:

Board of Directors Remuneration

(1) For the Chairman: should not exceed THB240,000/annum

(2) For each Director: should not exceed THB120,000/annum

Audit Committee Remuneration

(1) For the Chairman of Audit Committee: should not exceed
THB240,000/annum

(2) For each Audit Committee: should not exceed THB120,000
/annum

It's therefore disclosed for your acknowledgment and
dissemination to the public and other investors.

Sincerely yours,
Sino-Thai Resources Development Plc
Umyos Huvanandana
Managing Director

CONTACT:

Sino-Thai Resources Development Public Co., Ltd.
Shinawatra Thai Tower, Floor 7, Zone A,
626 Rama Iv Road, Mahapruttharam, Bang Rak Bangkok
Telephone: 0-2633-0088
Fax: 0-2633-0008


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

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


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


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

JAPAN
-----

Fujitsu Comp Ltd                6719       (-46.88)    316.07

MALAYSIA
--------

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

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

Pilipino Telephone Co.          PLTL     (-159.78)     280.22

SINGAPORE
---------

Pacific Century Regional          PAC      -176.29    1050.46

THAILAND
--------

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








                            *********


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

Troubled Company Reporter -- Asia Pacific is a daily newsletter
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Copyright 2005.  All rights reserved.  ISSN: 1520-9482.

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