TCRAP_Public/050502.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


              Monday, May 2, 2005, Vol. 8, No. 85

                            Headlines

A U S T R A L I A

AMCOR LIMITED: Outlook Downgrade Shakes Confidence
ARDA ENTERPRISES: Lays Out Agenda of Final Meeting
AUSLAND STONEMASONRY: Court Issues Winding Up Order
AUSTRAL COAL: Releases Quarterly Activities Report
BBL AUSTRALIA: Members Agree to Wind Up Company

EE&LJ BERRY: Members to Meet May 6
ESSENTIALLY COUNTRY: Court Names A. R. Nicholls Liquidator
FOURSTICKS: Up for Sale After Collapse
GRESHAM PARTNERS: To Pay Dividend Soon
HAPP'S RADIO: Unsecured Creditors Asked to Prove Claims

HELMARK PTY: Court Picks Ferrier Hodgson Liquidator
HENDRIKSON & CO: Members Pass Resolution to Wind Up
HILLS MOTORWAY: Transurban Entitled to 84.73% of Securities
HILDA WHYTE: Hires Liquidators from Chartered Accountants
HOME FIRE: To Convene Final Meeting May 9

JAMES HARDIE: To Conduct Q4/FY05 Management Briefing May 16
JOHNSTON FLATS: Fixes Dividend Payment on May 24
KNIGHTS INSOLVENCY: Carney Replaces Murphy as Secretary
NLD GROUP: Final Meeting Set May 5
PLANET HOLLYWOOD: Lays Out Final Meeting Agenda

SANTOS LIMITED: Cue Reinstates in Jeruk Oil Discovery
STEGER CONSTRUCTIONS: Winds Up Voluntarily
TONY SHEEDY: To Hear Liquidator's Account on Winding Up
VENUE SERVICES: Appoints Liquidators to Wind Up Company
WIZARD PEST: To Convene Final Meeting May 9

YSY INTERNATIONAL: To Undergo Voluntary Liquidation
* CALDB Reprimands Auditor
* Victorian Liquidator Admonished


C H I N A  &  H O N G  K O N G

CHINA SCIENCES: Narrows 2004 Net Loss to HKD6.5 Mln
DATANG TELECOM: First Quarter Loss Widens to HKD65.4 Mln
EZCOM HOLDINGS: Enters Winding Up Proceedings
HOP HING: 2004 Net Loss Shrinks to HKD11.95 Mln
LAI SUN: Trading of Shares Halted

LINK RICH: Unveils Appointment of Liquidators
RYBN ELECTRICAL: Annual Meeting of Creditors Set May 11
STABLE WIDE: Court Sets Appointment Hearing May 10
TOKO HOLDINGS: Winding Up Hearing Slated June 1


I N D O N E S I A

ASIA PULP: U.S. Court Orders Restructuring Halt
BANK MANDIRI: Neloe Visits AFO Again for Questioning
PERTAMINA: Gov't Encourages Buying Crude Oil from Local Sources


J A P A N

FUJITSU LIMITED: Profit Growth On Track
HITACHI LIMITED: Unveils New Director Line-up
HITACHI LIMITED: Posts FY04 JPY41.5 Bln Net Profit
HITACHI LIMITED: To Grant Incentive Stock Options
KOBE STEEL: To Transfer Real Estate Business to Unit

MATSUSHITA ELECTRIC: Incurs JPY33.2 Bln Net Loss
MATSUSHITA ELECTRIC: Plans to Boost Dividends for Fiscal 2006
NIPPON SHINPAN: Returns to Profit in 2004
PIONEER CORPORATION: Proposes Stock Option Scheme Agenda
SEIYU LIMITED: To Raise JPY10 Bln Via New Shares

SKYNET ASIA: ANA Acquires 14.99% Stake
SKYNET ASIA: IRCJ To Sell Part of Equity
TOSHIBA CORPORATION: Books JPY46 Bln Net Profit in FY04


K O R E A

DAEWOO HEAVY: Sold to Doosan Heavy for KRW1.7 Trillion
LG CARD: Bad Assets Write-off Cuts Credit Delinquency Rate


M A L A Y S I A

AYER HITAM: Penalized for Failure to Comply with Requirements
GOLDEN FRONTIER: Repurchases More Shares
GULA PERAK: Converts Loan Stocks into New Ordinary Shares
I-BERHAD: Posts Shares Buy Back Notice
INTAN UTILITIES: Posts Update on Loan Default

JIN LIN: Court OKs Scheme of Arrangement with Creditors
K.P. KENINGAU: Provides Default Status Update
METROPLEX BERHAD: To Dispute Winding-up Petition
NALURI BERHAD: Changes Name with New Corporation Status
PAN MALAYSIA: Buys Back 55,000 Shares

RHB CAPITAL: Passes All Resolutions at 10th AGM
SUREMAX GROUP: Posts Second Quarter FY05 Results
WCT ENGINEERING: Set to List New Shares


P H I L I P P I N E S

BELLE CORPORATION: SSC Chair Assumes Directorial Post
COLLEGE ASSURANCE: Has Php15.63-Bln Maturing Plans for 2005-2011
MANILA ELECTRIC: Pulls Out 2003 Rate Hike Petition
MAYNILAD WATER: Manila Water Mulls Takeover Bid
MAYNILAD WATER: NEDA Questions MWSS' Proposed Borrowing

PACIFIC PLANS: Grepalife, Malayan Clear Their Names
PILIPINO TELEPHONE: Notes Changes in Shareholdings
SWIFT FOODS: To Hold Annual Stockholders' Meeting June 29


S I N G A P O R E

CAPITALAND LIMITED: Unit Enters Into Sale Purchase Agreement
CIRCLE INFOCOM: To Pay Dividend May 21
INTERACTIVE KNOWLEDGE: Winding Up Hearing Slated May 6
KIM HUP: Receives Winding Up Hearing Notice
LULEE METAL: Issues Notice to Declare Dividend

NATSTEEL LIMITED: Posts Notice of Book Closure
SAL CONSTRUCTION: Pays Preferential Dividend
TRIBO S.E.A: Receiving Proofs of Claim until May 21


T H A I L A N D

DATAMAT: CEO Tenders Resignation
NATURAL PARK: Bullish on Hotel Venture
RAYONG BULK: NFC Sees Debt Plan Get Nod
THAI NAM: Omits Dividend Payment for 2004
THAI PETROCHEMICAL: PTT Eyes 30% Stake for THB3.30/Share

THAI PETROCHEMICAL: MOF OKs Capital Stock Allocation

     -  -  -  -  -  -  -  -

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

AMCOR LIMITED: Outlook Downgrade Shakes Confidence
--------------------------------------------------
It's a rocky road ahead for Amcor Limited as its shares continue
to plunge after cutting its forecast for 2006, Dow Jones
Newswires reports.

Last week, the paper packaging Company saw its credit default
swap spreads widen. The movement came after the Company warned
that it will struggle to meet profit guidance due to rising raw
material costs and softer key markets such as Europe.

Amcor admitted it will have difficulty achieving its target of
20-percent profit growth in the two years ending June 30, 2006
due to an inability to pass on higher oil and resin costs to all
customers.

While Amcor doesn't actually have any outstanding debt in
Australia, it does have outstanding debt in Europe, allowing
local traders to express their disappointment with Amcor's lower
guidance via the CDS market.

CONTACT:

Amcor Limited
679 Victoria Street
Abbotsford, Victoria 3067
Australia
Phone: +61 3 9226 9000
Fax: +61 3 9226 9050
Web site: http://www.amcor.com/


ARDA ENTERPRISES: Lays Out Final Meeting Agenda
-----------------------------------------------
Notice is given that a final meeting of members and creditors of
Arda Enterprises Pty Limited (In Liquidation) formerly trading
as Camden Glass A.C.N. 001 195 357 will be held at the offices
of Lawler Partners, Level 7, 1 Margaret Street, Sydney, on
Tuesday, May 10, 2005 at 11:00 a.m.

AGENDA

(1) To have an account of the Company's winding up laid before
the meeting, and to hear any explanations that may be given by
the liquidator.

Dated this 22nd day of March 2005

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


AUSLAND STONEMASONRY: Court Issues Winding Up Order
---------------------------------------------------
On March 22, 2005 the Supreme Court made Orders that Ausland
Stonemasonry Services Pty Limited (In Liquidation) A.C.N. 108
571 482 be wound up and appointed Mark Roufeil to be Official
Liquidator.

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


AUSTRAL COAL: Releases Quarterly Activities Report
--------------------------------------------------
The directors of Austral Coal Limited submit the following
report on the operating performance of Austral Coal Limited for
the March 2005 quarter.

SIGNIFICANT EVENTS:

(1) Longwall production has improved by more than 22% compared
to the previous quarter as a result of rectification works
undertaken in December.

(2) A takeover offer by Centennial Coal Company Limited resulted
in centennial receiving acceptances for 82.5% of the issued
shares in Austral coal, at the time of writing.

(3) Centennial has become the financier to the Austral group
under a refinancing package that repaid all of the Company's
former lenders including the bank syndicate and the Noble Group
Limited.

For a copy of the entire report, click on:
http://bankrupt.com/misc/tcrap_australcoal042905.pdf

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


BBL AUSTRALIA: Members Agree to Wind Up Company
-----------------------------------------------
At an Extraordinary General Meeting of BBL Australia Limited (In
Member's Voluntary Liquidation) held on March 22, 2005, the
Company's members resolved to wind up the Company voluntarily
and to appoint Geoffrey Ralph James of BDO, Level 19, 2 Market
Street, Sydney NSW 2000 as Liquidator of the Company.

Dated this 5th day of April 2005

Geoffrey Ralph James
Liquidator
BBL Australia Limited (in liquidation)
BDO
Level 19, 2 Market Street,
Sydney NSW 2000


EE&LJ BERRY: Members to Meet May 6
----------------------------------
Notice is hereby given that a meeting of the members of EE&LJ
Berry Pty Ltd (In Liquidation) A.C.N. 002 693 834 will be held
at the office of Nick Preo Accountant, 43 King Street,
Gloucester NSW 2422 on May 6, 2005 to lay before the meeting an
account of the liquidators dealings and showing the members the
way in which the Company was wound up.

Dated this 23rd day of March 2005

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


ESSENTIALLY COUNTRY: Court Names A. R. Nicholls Liquidator
----------------------------------------------------------
On March 14, 2005, the Supreme Court of New South Wales made an
Order that Essentially Country Pty Ltd (In Liquidation) A.C.N.
099 465 531 be wound up by the Court and appointed A. R.
Nicholls to be Liquidator.

A. R. Nicholls
Official Liquidator
c/- Nicholls & Co
Chartered Accountants
Suite 6, 459 Peel Street, PO Box 271,
Tamworth NSW 2340


FOURSTICKS: Up for Sale After Collapse
--------------------------------------
Failed firm Foursticks is up for sale after the loss of a large
overseas contract and growing cash flow woes, The Advertiser
reports.

The Adelaide technology Company, which develops network
performance software and attracted IBM as an equity investor and
global reseller, called in administrators Michael Basedow and
Tarquin Koch of mhm two weeks ago.

The administrators are in the process of determining debt levels
and work entitlements. They said it is important that the firm
get some funding going forward either through a restructure or
more likely a trade sale or new group of investors.

The Company employs about 15 people in Australia and has
appointed agents in Europe and the U.S. Its founder and major
shareholder, David Bohn, stepped down as chief executive last
month when IT specialist Bruce Linn moved in as an adviser to
drive the Company's move into European markets.

The first creditors' meeting, which includes the State
Government IT investment body Playford Capital, is set today.

CONTACT:

Foursticks
Level 16, 33 King William St
Adelaide, South Australia, 5000
Phone: +61 8 8111-4300
Fax: +61 8 8111-4399
Web site: http://www.foursticks.com/


GRESHAM PARTNERS: To Pay Dividend Soon
--------------------------------------
A first and final dividend is to be declared on May 5, 2005 for
Gresham Partners Securities Limited (In Liquidation) A.C.N. 003
344 269.

Creditors who failed to prove their claims will be excluded from
the benefit of the dividend.

Dated this 24th day of March 2005

Scott Pascoe
Official Liquidator
Sims Partners
Chartered Accountants
Level 24, Australia Square,
264 George Street,
Sydney NSW 2000


HAPP'S RADIO: Unsecured Creditors Asked to Prove Claims
-------------------------------------------------------
A first and final dividend is to be declared on May 10, 2005 in
respect of Happ's Radio Pty Limited (In Liquidation) A.C.N. 003
833 494.

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

Dated this 5th day of April 2005

Frank Lo Pilato
Liquidator
c/- RSM Bird Cameron Partners
Chartered Accountants
GPO Box 200, Canberra ACT 2601


HELMARK PTY: Court Picks Ferrier Hodgson Liquidator
---------------------------------------------------
On March 22, 2005 the Supreme Court made Orders that Helmark Pty
Limited (In Liquidation) A.C.N. 050 061 875 be wound up and
appointed Mark Roufeil to be Official Liquidator.

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


HENDRIKSON & CO: Members Pass Resolution to Wind Up
---------------------------------------------------
Notice is hereby given that at a General Meeting of Members of
Hendrikson & Co Pty Limited (In Liquidation) A.C.N. 001 327 000,
duly convened and held on March 16, 2005 the following
resolutions were passed:

SPECIAL RESOLUTION

That the Company be wound up voluntarily.

ORDINARY RESOLUTION

That Geoffrey Brian Cottle, Chartered Accountant, be appointed
liquidator of the Company.

Dated this 16th day of March 2005

Geoffrey Brian Cottle
Liquidator
Geoff Cottle
Chartered Accountant
1st Floor, 246 George Street,
Windsor NSW 2756


HILLS MOTORWAY: Transurban Entitled to 84.73% of Securities
-----------------------------------------------------------
Transurban has now received acceptances for its offer for
securities in Hills Motorway Group, taking its holding in Hills
Motorway to over 80 percent.

As at 4 p.m. EST on Friday, acceptances totaled over 141 million
securities, representing 84.73 percent of the issued capital of
the Hills Motorway Group.

As a result, Hills security holders who accept or have already
accepted the Transurban offer will receive Capital Gains Tax
rollover relief for the non-cash component of Transurban's
offer. Accepting security holders will receive a cash payment of
25 cents as well as 1.47 Transurban securities for each of their
Hills securities. The cash component was conditional on
Transurban achieving an 80 percent holding.

The Transurban offer has been unanimously supported by the
Directors of Hills.

CONTACT:

Hills Motorway Group
Off Culloden Road
M2 Toll Plaza Building
North Ryde, New South Wales 2113
Australia
Phone: +61 2 9869 4578
Fax: +61 2 9869 4519
Web site: http://www.hillsmotorway.com.au/


HILDA WHYTE: Hires Liquidators from Chartered Accountants
---------------------------------------------------------
Notice is hereby given that at a general meeting of Hilda Whyte
Pty Limited (In Liquidation) A.C.N. 003 140 869 held on March
18, 2005 the following special resolution was passed:

That the Company be wound up voluntarily and that Samuel Hau
Kwong Shun of Stanley & Williamson, Chartered Accountants be
appointed liquidator of Company for the purpose of winding up
the affairs and distributing the assets of the Company.

Dated this 18th day of March 2005

Samuel Hau Kwong Shun
Liquidator
First Floor, 34 Burton Street,
Kirribilli NSW 2061


HOME FIRE: To Convene Final Meeting May 9
-----------------------------------------
Notice is hereby given that pursuant to Section 509 of the
Corporations Law the Final Meeting of Home Fire Protection Co
Pty Ltd (In Liquidation) A.C.N. 000 401 945 will be held at
38/51 Little Willandra Road, Cromer, NSW on May 9, 2005, at
10:00 a.m.  for the purpose of laying before the meeting the
liquidator's final account and report and giving any explanation
thereof.

Dated this 5th day of April 2005

Peter Geoffrey Akehurst
Liquidator
5 Coonanga Road, Avalon Beach NSW


JAMES HARDIE: To Conduct Q4/FY05 Management Briefing May 16
-----------------------------------------------------------
James Hardie Industries will conduct a management briefing on
its 4th Quarter and Full Year FY05 Results on Monday, May 16,
2005.

A briefing for media will be held at the Exchange Square
Auditorium, Australian Stock Exchange, 20 Bridge Street, Sydney
commencing at 10:00 a.m. A teleconference will also be available
on +61 2 9423 1645.

A briefing for analysts and investors will be held at the
Exchange Square Auditorium, Australian Stock Exchange, 20 Bridge
Street, Sydney commencing at 11:00 a.m. A teleconference and
audio webcast will also be available on the following:

Domestic: 03 9221 4420
International: +61 3 9221 4420
Web site:
http://events.webeventservices.com/jameshardie/2005/05/16/

A further management briefing for analysts and investors will be
held in Melbourne at The Westin, Room IV, 205 Collins Street on
Tuesday, May 17, 2005 from 11 a.m.

CONTACT:

James Hardie Industries
Website: http://www.jameshardie.com.au/

Greg Baxter
Executive Vice President
Level 3, 22 Pitt Street
Sydney NSW 2000
Telephone: (02) 8274 5305
Fax: (02) 8274 5218
Mobile: 0419 461 368

Steve Ashe
Vice President Investor Relations
Telephone: (02) 8274 5246
Fax: (02) 8274 5218
Mobile: 0408 164 011

Julie Sheather
Vice President Public Affairs
Telephone: (02) 8274 5206
Fax: (02) 8274 5218
Mobile: 0409 514 643

All other enquiries to CustomerLink Service Centre on 13 1103.


JOHNSTON FLATS: Fixes Dividend Payment on May 24
------------------------------------------------
A first and final dividend is to be declared on May 24, 2005 for
Johnston Flats Pty Ltd (Members' Voluntary Liquidation) A.C.N.
000 552 723.

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

Dated this 29th day of March 2005

Dennis John Robertson
Liquidator
Weston Woodley & Robertson
Level 18, 201 Elizabeth Street,
Sydney NSW 2000
Telephone: 02 9264 9144


KNIGHTS INSOLVENCY: Carney Replaces Murphy as Secretary
-------------------------------------------------------
The Board of Knights Insolvency Administration Limited on
Thursday announced that Mr. Grant Murphy has resigned as Company
Secretary of Knights Insolvency Administration Limited and all
subsidiaries, effective April 28, 2005.

The resignation is due to Mr. Murphy's time commitments as Chief
Operating Officer.

The board at the same time announced that Mr. Peter Carney will
take over the role of Company Secretary.

CONTACT:

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


NLD GROUP: Final Meeting Set May 5
----------------------------------
Notice is hereby given pursuant to Section 509 of the
Corporations Act that a final meeting of members and creditors
of NLD Group Pty Limited (In Liquidation) A.C.N. 003 721 257
will be held at the offices of Jirsch Sutherland & Co -
Wollongong, Level 3, 6-8 Regent Street, Wollongong NSW on May 5,
2005 at 10:00 a.m. for the purpose of having an account laid
before them showing the manner in which the winding up has been
conducted, the property of the Company disposed of and of
hearing any explanations that may be given by Liquidator.

Dated this 5th day of April 2005

Danny Vrkic
Liquidator
Jirsch Sutherland & Co - Wollongong
Level 3, 6-8 Regent Street,
Wollongong NSW 2500
Telephone: 02 4225 2545
Facsimile: 02 4225 2546


PLANET HOLLYWOOD: Lays Out Final Meeting Agenda
-----------------------------------------------
Notice is given that the final meeting of the members of Planet
Hollywood (Gold Coast) Pty Limited (In Liquidation) A.C.N. 070
869 233 will be held at the offices of Deloitte Touche Tohmatsu,
Level 3, 225 George Street, Sydney on May 5, 2005 at 11:00 a.m.

AGENDA

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

Dated this 24th day of March 2005

D. J. F. Lombe
Liquidator
c/- Deloitte Touche Tohmatsu
225 George Street, Sydney NSW 2000


SANTOS LIMITED: Cue Reinstates in Jeruk Oil Discovery
-----------------------------------------------------
Cue Energy resources Limited announced that it has reinstated
its 15% interest in the Santos-operated Jeruk Oil discovery in
the Sampang Production Sharing Contract, offshore East Java,
Indonesia.

Cue's option to reinstate its rights was triggered by Santos
Limited's proposal to further appraise the Jeruk discovery.
Santos plans to reenter the Jeruk-2 well and to further
sidetrack, core and production test the well, beginning in mid-
May 2005.

Santos also proposes to drill four appraisal wells beginning in
around October 2005, at which time the 3D seismic data, which is
currently being acquired, should be available.

Cue's share of the Jeruk-2 sidetrack, coring and testing is
expected to be approximately AU$3 million and its share of the
proposed four wells is estimated to be approximately AU$14.5
million.

To view the entire press release, click on:
http://bankrupt.com/misc/tcrap_santoslimited042905.pdf

CONTACT:

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


STEGER CONSTRUCTIONS: Winds Up Voluntarily
------------------------------------------
At a General Meeting of Steger Constructions Pty Ltd A.C.N. 005
334 485, duly convened and held at 257 Carpender Street, Bendigo
Vic 3550 on February 20, 2005 the following Special Resolution
passed:

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

Dated this 20th day of February 2005

Julius Porlai
Liquidator
Philip J. Eddy & Partners Pty Ltd
61 High Street, Eaglehawk Vic 3556


TONY SHEEDY: To Hear Liquidator's Account on Winding Up
-------------------------------------------------------
Notice is hereby given pursuant to Section 509 of the
Corporations Act that a final meeting of members and creditors
of Tony Sheedy Roofing Pty Limited (In Liquidation) A.C.N. 077
328 744 will be held at Suite 67, Level 14/88 Pitt Street,
Sydney NSW 2000 on Friday, May 6, 2005 at 10:00 a.m. The purpose
of the meeting is to lay before the members and creditors an
account for the manner in which the winding up has been
conducted and the property of the Company disposed of and of
hearing any explanations that may be given by the Liquidator.

Proxies to be used at the meeting must be lodged with the
undersigned no later than 4.00 p.m. on Thursday, 5 May 2005.

Dated this 24th day of March 2005

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


VENUE SERVICES: Appoints Liquidators to Wind Up Company
-------------------------------------------------------
Notice is hereby given that at an extraordinary general meeting
of members of Venue Services Australia Pty Limited (In
Liquidation) A.C.N. 099 365 732 held on March 21, 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, Alan Edward Lewis and James Alexander
Shaw of Ferrier Hodgson (Newcastle), Chartered Accountants,
Level 3, 2 Market Street, Newcastle NSW 2300 be appointed
Liquidators.

Dated this 22nd day of March 2005

A. E. Lewis
J. A. Shaw
Liquidators
Ferrier Hodgson
Chartered Accountants
PO Box 840, Newcastle NSW 2300


WIZARD PEST: To Convene Final Meeting May 9
-------------------------------------------
Notice is hereby given that the final meeting to be convened by
the liquidator of Wizard Pest & Weed Control Pty Limited A.C.N.
059 524 971 will be held at 9:00 a.m. on May 9, 2005 at the
following premises:

Geoff Coy & Co, Unit 109, 12-14 Solent Circuit, Baulkham Hills
NSW 2153

Dated this 29th day of March 2005
Geoff Coy
Liquidator


YSY INTERNATIONAL: To Undergo Voluntary Liquidation
---------------------------------------------------
Notice is hereby given that at a meeting of YSY International
Pty Ltd (In Liquidation) A.C.N. 099 582 288 held on March 24,
2005, the following Special Resolution was passed:

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

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


* CALDB Reprimands Auditor
-------------------------
The Companies Auditors and Liquidators Disciplinary Board
(CALDB) has issued a formal reprimand to Brisbane auditor, Mr
William Schoch, following action taken by the Australian
Securities and Investments Commission (ASIC).

The CALDB issued the reprimand after finding that Mr Schoch:

(1) Failed to conduct the audit in compliance with Australian
Auditing Standards;

(2) Failed to act adequately and properly in his conduct and
methodology of the audit; and

(3) Failed to satisfy himself as to whether the financial
statements were prepared in accordance with Australian
Accounting Standards.

The CALDB acted following an application made by ASIC.

The CALDB noted that Mr. Schoch had previously tendered his
resignation as a registered Company auditor. Mr. Schoch gave an
undertaking to the CALDB not to reapply for such registration
for five years.

Mr. Schoch is the principal of William Schoch & Co Chartered
Accountants in Brisbane.

ASIC's application concerned the audit carried out by Mr. Schoch
in relation to the consolidated financial statements of Future
Corporation Australia Limited (formerly Telco Australia Limited)
and controlled entities for the financial year ended 30 June
2000.

Future Corporation Australia is listed on the Australian Stock
Exchange. The Company suffered setbacks after the April 2000
downturn in technology stocks. The audit report by Mr. Schoch of
the consolidated financial statements of the Company and
controlled entities for the financial year ended 30 June 2000
was unqualified.

The CALDB also ordered Mr. Schoch to pay ASIC's costs totalling
$34,000.

"Auditors must take care to ensure they comply with all
standards relating to their profession as ASIC will not hesitate
to take regulatory action where the standards expected of
auditors are not met," Mr. Mark Steward, Deputy Executive
Director of Enforcement said.  


* Victorian Liquidator Admonished
---------------------------------
The Australian Securities and Investments Commission (ASIC) has
successfully applied to the Companies Auditors and Disciplinary
Board (CALDB) for disciplinary action to be taken against Mr.
Mark James Sheales, a registered liquidator from Victoria.

The application to the CALDB was made as part of ASIC's program
of surveillance of liquidators to ensure that they carry out
their duties and obligations, in compliance with the
Corporations Act 2001 (the Act).

Mr. Sheales was admonished by the CALDB for failing to carry out
the duties of a registered liquidator, including:

(1) Failure to lodge and maintain security, as required under
section 1284 of the Act; and

(2) Failure to comply with the arrangement for liquidators under
ASIC Policy Statement 33: Security deposits. Under the policy
statement, ASIC agrees not to take enforcement action for breach
of section 1284 of the Act, provided the liquidator holds a
public practice certificate from the Institute of Chartered
Accountants in Australia, CPA Australia or the National
Institute of Accountants, and provides an undertaking to ASIC
that the liquidator will maintain professional indemnity
insurance.

Mr. Sheales was also ordered to pay ASIC's costs.

"In order to be registered, liquidators must be fully aware of
their statutory duties and responsibilities and comply with any
requirements under the law," ASIC's Chief Operating Officer, Mr.
Mark Drysdale, said.  


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

CHINA SCIENCES: Narrows 2004 Net Loss to HKD6.5 Mln
---------------------------------------------------  
China Sciences Conservational Power Limited (0351) 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                           : 338,140            91,996            
Profit/(Loss) from Operations      : (41,483)           (35,243)          
Finance cost                       : (901)              (1,577)           
Share of Profit/(Loss) of
  Associates                       : N/A                (15,051)          
Share of Profit/(Loss) of
  Jointly Controlled Entities      : N/A                N/A               
Profit/(Loss) after Tax & MI       : (6,584)            (58,859)          
% Change over Last Period          : N/A       %
EPS/(LPS)-Basic (in dollars)       : (0.011)            (0.221)           
         -Diluted (in dollars)     : N/A                N/A               
Extraordinary (ETD) Gain/(Loss)    : N/A                N/A               
Profit/(Loss) after ETD Items      : (6,584)            (58,859)          
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 basic loss per share for the year ended 31
December 2004 is based on net loss of the Group of approximately
HK$6,584,000 (2003: HK$58,859,000) and on the weighted average
of 628,052,674 ordinary shares (2003 (restated): 266,337,023
ordinary shares) in issue during the year.

The weight average number of ordinary shares for the previous
year has been adjusted for the share consolidation and share
subdivision effected on 10 February 2004 and 31 May 2004
respectively.

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

CONTACT:

China Sciences Conservational Power Limited
Unit 3617, 36/F
China Merchants Tower
Shun Tak Centre
200 Connaught Road Central
Hong Kong  
Phone: 25593064  
Fax: 28778839


DATANG TELECOM: First Quarter Loss Widens to HKD65.4 Mln
--------------------------------------------------------
Datang Telecom Technology Limited announced its first quarter
results ended March 31, according to Reuters.

(in millions of yuan unless stated, against 2004 figures):

                                  Q1 2005        Q1 2004

Turnover                         361.10    vs   556.64
Net profit                (loss) (65.43)   vs   (24.51)
Earnings per share (yuan) (loss)  (0.1491) vs    (0.0558)
Assets per share   (yuan)          3.3826  vs     3.8742

The Company, which provides equipment for wireless networks and
supports a homegrown TD-SCDMA third-generation mobile standard,
attributed the widened loss to weak conditions in the
telecommunications industry.

CONTACT:

Datang Telecom Technology Co., Ltd.
40 Xueyuan Rd., Haidian
Beijing 100083, China  
Phone: +86-10-6230-2266
Fax: +86-10-6230-3711


EZCOM HOLDINGS: Enters Winding Up Proceedings
---------------------------------------------
The Board of Directors of Ezcom Holdings Limited would like to
inform its shareholders that the Company and Ezcom Technology
Limited, a subsidiary of the Company have received winding up
petitions (the Petitions) filed by one of their suppliers,
Sojitz Corporation at the High Court of the Hong Kong Special
Administrative Region on April 25, 2005, claiming outstanding
sum amounted to JPY906,277,079 (approximately HK$66,751,000),
being goods sold and delivered by Sojitz Corporation to Ezcom
Technology Limited.

The Petitions are scheduled before the High Court on 22 June
2005.

The Board would confirm that Sojitz Corporation and its ultimate
beneficial owners are not connected persons (as defined in The
Rules Governing the Listing of Securities on The Stock Exchange
of Hong Kong Limited, the Listing Rules) of the Company and are
independent of and not connected with any director, chief
executive or substantial shareholder of the Company or any of
its subsidiaries or any associate of any of them.

The Company is seeking legal advice in response to the
Petitions. The Company will keep the public informed as to the
progress of the Petitions and further announcement will be made
as and when appropriate.

WRIT OF SUMMONS

The Board would also like to inform the Shareholders that Ezcom
Technology Limited and Mr. Kok Kin Hok, an executive director of
the Company, have received a writ of summons (the Writ) dated 22
April 2005 issued by General Engineers (H.K.) Limited, one of
the suppliers of Ezcom Technology Limited, at the High Court,
claiming outstanding sum amounted to US$2,107,200 (approximately
HK$16,436,160), being goods sold and delivered by General
Engineers (H.K.) Limited to Ezcom Technology Limited with Mr.
Kok Kin Hok acting as guarantor to General Engineers (H.K.)
Limited.

The Company is seeking legal advice in response to the Writ. The
Company will keep the public informed as to the progress of the
Writ and further announcement will be made as and when
appropriate.

The Board would confirm that General Engineers (H.K.) Limited
and its ultimate beneficial owners are not connected persons (as
defined in the Listing Rules) of the Company and are independent
of and not connected with any director, chief executive or
substantial shareholder of the Company or any of its
subsidiaries or any associate of any of them.

UPDATE ON BUSINESS NEGOTIATIONS

Reference is made to the announcement of the Company dated March
18, 2005, which announced that the Company was involved in
confidential discussions with an independent third party in
relation to strategic and business co-operation opportunities,
which may include, but are not limited to, acquisitions of
certain mobile phone business in China by the Company.

The Board would like to confirm that, up to the date of this
announcement, negotiations with the said independent third party
are still in progress and no binding agreements have been made
in relation thereto.

Reference is also made to the announcements of the Company dated
November 18, 2004 and December 22, 2004, respectively, which
announced that the Company planned to invest in gaming-related
business in Macau.

The Board would like to confirm that, up to the date of this
announcement, negotiations with relevant parties are still in
progress and no binding agreements have been made in relation
thereto.

UNUSUAL MOVEMENTS IN TRADING VOLUME OF SHARES

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

The Board has noted that there were increases in trading volume
of the shares of the Company on 26 April 2005 and wish to state
that, save as disclosed in this announcement, it is not aware of
any reasons for such increases.

The Board also confirms that, save as disclosed in this
announcement, there are no negotiations or agreements relating
to intended acquisitions or realizations which are discloseable
under Rule 13.23 of the Listing Rules, neither is the Board
aware of any matter discloseable under the general obligation
imposed by Rule 13.09 of the Listing Rules, which is or may be
of a price-sensitive nature.

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

GENERAL

Save as disclosed in this announcement, the Board is not aware
of any matter, which is discloseable pursuant to Rule 13.09 and
Rule 13.23 of the Listing Rules.

The shares of the Company have been suspended from trading at
the request of the Company from 9:30 a.m. on April 27, 2005
pending the issue of this announcement. Application has been
made by the Company for the resumption of trading of the shares
on The Stock Exchange of Hong Kong Limited with effect from 9:30
a.m. on April 29, 2005.

Shareholders and potential investors of the Company are advised
to exercise extreme caution when dealing in the shares of the
Company.

The Board as at the date of this announcement comprises Mr. Kok
Kin Hok, Mr. Li Tung Wai and Mr. Lian Song Qing, being executive
directors, Dr. Li Jianhua, Mr. Wu Tak Lung and Mr. Chu Po Tien,
being independent non-executive directors.

By order of the Board
Ezcom Holdings Limited
Kok Kin Hok
Chairman
Hong Kong, 28 April 2005

CONTACT:

Ezcom Holdings Limited
Unit 1C & 1D, 14/F
Tower 2, Admiralty Centre
18 Harcourt Road, Ceutral
Hong Kong  
Phone: 28276388  
Fax: 28276788  
Web site: http://www.ezcom.com.hk/


HOP HING: 2004 Net Loss Shrinks to HKD11.95 Mln
-----------------------------------------------
Hop Hing Holdings Limited (0047) 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                           : 438,326            427,389           
Profit/(Loss) from Operations      : 1,632              (10,679)          
Finance cost                       : (14,582)           (15,989)          
Share of Profit/(Loss) of
  Associates                       : N/A                N/A               
Share of Profit/(Loss) of
  Jointly Controlled Entities      : 2,595              2,236             
Profit/(Loss) after Tax & MI       : (11,952)           (27,676)          
% Change over Last Period          : N/A       %
EPS/(LPS)-Basic (in dollars)       : (0.0292)           (0.0676)          
         -Diluted (in dollars)     : N/A                N/A               
Extraordinary (ETD) Gain/(Loss)    : N/A                N/A               
Profit/(Loss) after ETD Items      : (11,952)           (27,676)          
Final Dividend                     : Nil                Nil
  per Share                                              
(Specify if with other             : N/A                N/A
  options)                                               
                                                         
B/C Dates for
  Final Dividend                   : N/A   
Payable Date                       : N/A
B/C Dates for Annual         
  General Meeting                  : 13/06/2005         to
20/06/2005 bdi.
Other Distribution for             : N/A
  Current Period                     
                                     
B/C Dates for Other
  Distribution                     : N/A   
  
Remarks:
                                     
1.  LOSS PER SHARE

(a) Basic loss per share

Basic loss per share is calculated based on the net loss
attributable to shareholders of HK$11,952,000 (2003:
HK$27,676,000) and the weighted average of 409,199,822 (2003:
409,139,450) shares in issue during the year.

(b) Diluted loss per share

Diluted loss per share for both years have not been presented as
the share options and warrants outstanding during the years had
anti-dilutive effects on the basic loss per share for these
years.

CONTACT:

Hop Hing Holdings Limited
Units E-F 2/F Hop Hing Bldg
9 Ping Tong Street East
Tong Yan San Tsuen
Yuen Long, Hong Kong
Phone: 27852681  
Fax: 27854237


LAI SUN: Trading of Shares Halted
---------------------------------
At the request of Lai Sun Development Company Limited, trading
in its shares has been suspended with effect from 9:30 a.m. on
April 29, 2005 pending release of an announcement on price-
sensitive information.

CONTACT:

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


LINK RICH: Unveils Appointment of Liquidators
---------------------------------------------
Link Rich Leathergoods Limited with registered office located at
Unit K, 13/F., Yue Cheung Centre, 1-3 Wong Chuk Yeung St.,
Fotan, New Territories, Hong Kong issued a notice of appointment
of joint and several provisional liquidators as follows:

Joint & Several Provisional Liquidators: Kenny King Ching Tam
and Mat Ng

Provisional Liquidators' Address: 17th Floor, Chun Wo Commercial
Centre, 23 Wing Wo Street, Central, Hong Kong.

Date of Appointment:  April 1, 2005.

Dated this 22nd day of April 2005.

E T O'CONNELL
Official Receiver


RYBN ELECTRICAL: Annual Meeting of Creditors Set May 11
-------------------------------------------------------
Notice is hereby given that pursuant to section 247 of the
Companies Ordinance (Chapter 32), Annual Meetings of Members and
Creditors of Rybn Electrical Engineering Company Limited (In
Creditors' Voluntary Liquidation) will be held at the offices of
Baker Tilly Hong Kong, 12/F China Merchants Tower, Shun Tak
Centre, 168-200 Connaught Road Central, Hong Kong on May 11,
2005 at the times listed below, for the purpose of receiving an
account of the liquidators showing their acts and dealings and
the conduct of the winding-up of the above Company since January
29, 2004.

Members' meeting:   10:30 a.m.

Creditors' meeting:           11:00 a.m.

A member or creditor entitled to attend and vote at either of
the above meetings is entitled to appoint a proxy to attend and
vote on their behalf. A proxy need not also be a member or
creditor of the Company.

Proxies in the prescribed form must be lodged at the offices of
Baker Tilly Hong Kong, 12/F, China Merchants Tower, Shun Tak
Centre, 168-200 Connaught Road Central, Hong Kong not later than
24 hours before the time for the holding of the meetings.

Dated this 29 April 2005

Bruno Arboit
Joint and Several Liquidator


STABLE WIDE: Court Sets Appointment Hearing May 10
--------------------------------------------------
Stable Wide Development Limited (In Liquidation) hereby gives
notice that pursuant to the comments made by Master S. Kwang of
the High Court, a hearing has been fixed to be held on May 10,
2005 (Tuesday) at 9:30 a.m. at the High Court, High Court
Building, 38 Queensway, Hong Kong for the purpose of considering
the application for appointment of liquidators of the above-
named Company.

Dated this 28th day of April, 2005.

Fenn Kar Bak Lily
Joint and Several Liquidator


TOKO HOLDINGS: Winding Up Hearing Slated June 1
-----------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Toko Holdings Limited by the High Court of Hong Kong was on
April 1, 2005 presented to the said Court by Chan Wa Ching of
Room 2713, Hei Tsui House, Wan Tsui Estate, Chai Wan, Hong Kong.

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

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

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

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 31, 2005.


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

ASIA PULP: U.S. Court Orders Restructuring Halt
-----------------------------------------------
A U.S. Court has ordered that Asia Pulp & Paper (APP) stop
completing its debt restructuring program, as it doubts the
Company's ability to finalize the restructuring, the Financial
Times reports.

In addition to the ruling, New York Judge Helen Freedman ordered
the Company establish an escrow account of IDR3.83 trillion to
cover its obligations to secured bondholders who were awarded
IDR3.4 trillion judgment against the Company.

APP had obtained approval from majority of its unsecured
bondholders in December 2004 to restructure IDR47.96 trillion in
debts. The Company moved to delay the deal last January,
claiming that its advisers needed more time to draft legal
documents. The Company had stopped payments on debts totaling
IDR134.21 trillion in March 2001.

The restructuring now faces further delay with a suit being
filed by secured bondholders led by U.S. debt investors Oaktree
Capital and Gramercy Advisers, who had earlier threatened to
pursue any payments that the Company would make to creditors.
APP is set to pay an interest of IDR959.3 billion to eligible
creditors.

Advisors to APP said that the Company was consulting with
lawyers to examine the "implications" of the ruling, but said
that the Company was still planning to push through and finalize
the restructuring program.

CONTACT:

Asia Pulp & Paper Company Ltd.
69 Loyang Dr.
508958 Singapore
Phone: +65-6477-6118
Fax: +65-6477-6116
Web site: http://www.asiapulppaper.com


BANK MANDIRI: Neloe Visits AFO Again for Questioning
----------------------------------------------------
Bank Mandiri president E.C.W. Neloe was brought in again into
the Attorney General's Office (AGO) for questioning by
prosecutors in an ongoing fraud investigation at the bank,
reports the Jakarta Post.

Mr. Neloe was first questioned on April 27, 2005, where he
claimed responsibility for bad loans to four companies,
resulting in losses of IDR1 trillion. He was again questioned on
April 28,admitting to signing documents asking for credit
facilities from the bank.

According to AGO Deputy General for Special Cries Hendarman
Supandji, Mr. Neloe was cooperative during questioning. He would
be brought in again on April 29, depending on whether
prosecutors are satisfied with the information provided by Mr.
Neloe.

The Ago may name new suspects next week, after evaluating all
the evidence that has been uncovered relating to the
investigation. At present, four top officials of PT Siak Zamrud
Pusaka (SZP), PT Citra Graha Nusantara/Tahta Medan (CGN/TM), PT
Lativi Media Karya (LKMK) and PT Artha Bhama Texindo/Artha Tri
Mustika Texindo (ABM/ATM) have been detained as suspects.

But PT SZP denied owing a debt to Bank Mandiri, claiming that
its former president and gubernatorial candidate Nader Taher was
no longer connected with PT SZP when he requested for a loan
from the bank.  

Mr. Supandji said that President Susilo Bambang Yudhoyono
"personally asked the AGO to continue investigating the lending
scandal, " showing his support for the probe.

CONTACT:

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


PERTAMINA: Gov't Encourages Buying Crude Oil from Local Sources
---------------------------------------------------------------
The Indonesian government wants PT Pertamina to buy more crude
oil from local contractors in order to boost the local currency
and reduce dollar buying, Reuters News reports.

According to State Enterprises Minister Sugiharto, the Company
bought IDR10.54 trillion worth of crude oil in March, higher
than sources' estimated IDR7.67 trillion figures. He said they
are urging the Company to buy more crude oil from local
contractors in order to save on transportation costs.

According to a government source, Pertamina buys 90,000 barrels
of crude oil per day from local contractors, while it imports
300,000 to 400,000 barrels per day from international sources.
But the Company has reduced its crude imports to 285,000 barrels
per day for delivery next month.

Currency traders claimed that the recent fall of the local
rupiah can be credited to the Company's dollar demand in order
to pay for its crude oil imports. The Indonesian government and
central bank have intervened to support the local currency by
raising interest rates and encouraging Pertamina to limit its
dollar buying, in what President Susilo Bambang Yundhoyono calls
a "temporary" fluctuation of the rupiah.

CONTACT:

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


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

FUJITSU LIMITED: Profit Growth On Track
---------------------------------------
Fujitsu Limited unveiled a 6.6 percent rise in operating profit
to JPY160.19 billion (US$1.51 billion) for the year ended in
March, as demand for its semiconductor starts to recover,
according to Reuters.

The Company forecasted an operating profit of JPY175 billion for
this year, below a consensus forecast of JPY192.8 billion in a
poll of 18 analysts by Reuters Estimates.

Battered by steep falls in flat-panel display prices, Fujitsu
this year effectively withdrew from its loss-making liquid
crystal display and plasma panel businesses.

Last week Fujitsu signaled poor profitability at its software
services business, an area of white-hot competition.

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


HITACHI LIMITED: Unveils New Director Line-up
---------------------------------------------
Hitachi Limited (NYSE:HIT / TSE:6501) announced the Company's
new directors in accordance with a decision taken at a meeting
of Nominating Committee convened on April 28, 2005, and is
subject to approval at Hitachi's Ordinary General Meeting of
Shareholders on June 24, 2005.

1. Director Candidates Meeting of Shareholders on June 24, 2005> [* New]

Director

Etsuhiko Shoyama, currently Director; President and Chief
Executive Officer

Yoshiki Yagi, currently Director (Scheduled to be appointed to
Board Director (Chairman) of Hitachi, Ltd.)

Kotaro Muneoka, currently Director

Takashi Miyoshi, currently Director, Senior Vice President and
Executive Officer;
General Manager of Finance

Outside Director

Ginko Sato, currently Outside Director; Honorary President,
Japan Association for the Advancement of Working Women

Hiromichi Seya, currently Outside Director; Senior Corporate
Advisor, Asahi Glass Co., Ltd.

Akira Chihaya, currently Outside Director; Representative
Director and Chairman of the Board, Nippon Steel Corporation

Toshiro Nishimura, currently Outside Director; Founder, Senior
Counsel of Nishimura & Partners

Isao Uchigasaki, currently Director, Hitachi Group Executive
Officer; General

Manager of Hitachi Group Headquarters, Hitachi Group Chief
Innovation Officer; Chairman of the Board, Hitachi Chemical Co.,
Ltd.

Takashi Kawamura, currently Director; Chairman of the Board and
Representative Executive Officer, Hitachi Software Engineering
Co., Ltd.

Yoshiro Kuwata, currently Director; Chairman of the Board and
Representative Executive Officer, Hitachi High-Technologies
Corporation

Hiroshi Kuwahara, currently Director; Chairman of the Board and
Representative Executive Officer, Hitachi Maxell, Ltd.

Masayoshi Hanabusa, currently Director; Chairman of the Board,
Hitachi Capital Corporation

* Ryuichi Seguchi, currently Chairman of the Board, Hitachi
Construction Machinery Co., Ltd.

Each committee is scheduled to be composed of the followings
members (Chairman underlined)

Nominating Committee

Masayoshi Hanabusa, Ginko Sato, Hiromichi Seya, Toshiro
Nishimura, Etsuhiko Shoyama

Audit Committee

Yoshiki Yagi, Ginko Sato, Hiromichi Seya, Toshiro Nishimura,
Kotaro Muneoka,

Compensation Committee
Masayoshi Hanabusa, Hiromichi Seya, Akira Chihaya, Toshiro
Nishimura, Etsuhiko Shoyama

2. Resigning Directors

Tsutomu Kanai, currently Chairman of the Board

- Scheduled to be appointed to Chairman Emeritus of Hitachi,
Ltd., after the Company's Ordinary General Meeting of
Shareholders in June 24, 2005.

About Hitachi, Ltd. Hitachi, Ltd. (TSE: 6501 / NYSE:HIT),
headquartered in Tokyo, Japan, is a leading global electronics
Company, with approximately 347,000 employees worldwide. Fiscal
2004 (ended March 31, 2005) consolidated sales totaled 9,027
billion yen ($84.3billion). The Company offers a wide range of
systems, products and services in market sectors, including
information systems, electronic devices, power and industrial
systems, consumer products, materials and financial services.
For more information on Hitachi, please visit the Company's Web
site at http://www.hitachi.com.

Biography of New Director

Ryuichi Seguchi

1. Date of Birth : November 19, 1933

2. Education:

March, 1956 : Graduated from the Faculty of Law, the University
of Tokyo

3. Business Experience

April, 2005 : Chairman of the Board, Hitachi Construction
Machinery Co., Ltd.

June, 2003 : Chairman of the Board, Representative Officer,
Hitachi Construction Machinery Co., Ltd.

April, 2003 : Chairman of the Board, Representative Director,
Hitachi Construction Machinery Co., Ltd.

June, 1997 : President & Chief Executive Officer, Hitachi
Construction Machinery Co., Ltd.

June, 1993 : Executive Vice President, Hitachi Construction
Machinery Co., Ltd.

June, 1989 : Senior Executive Managing Director, Hitachi
Construction Machinery Co., Ltd.

June, 1983 : Executive Managing Director, Hitachi
Construction Machinery Co., Ltd.

June, 1981 : Board Director, Hitachi Construction Machinery
Co., Ltd.

October, 1970 : Joined Hitachi Construction Machinery Co., Ltd.

April, 1956 : Joined Hitachi, Ltd.

CONTACT:

Hitachi, Ltd.
Kantaro Tanii
Public Relations
Corporate Communications Division
Phone: +81-3-5208-9323
Fax: +81-3-4564-2149

This is a Company press release.


HITACHI LIMITED: Posts FY04 JPY41.5 Bln Net Profit
--------------------------------------------------
Hitachi Limited announced sharply improved profits last year on
the back of strong exports to the United States and China, The
Associated Press reports.

The group's net profit for the fiscal year ended March 31
totaled JPY51.5 billion (US$487 million), more than three times
the JPY15.9 billion profit it made in the previous fiscal year.

The improved results reflect the Company's efforts to strengthen
various businesses, such as hybrid technology for cars and joint
ventures with rivals for making liquid-crystal display panels
and plasma displays both of which are increasingly used for new
TV sets.

The declining prices of the displays have hurt its business, but
that effect was offset by higher sales of computer chips and
other parts, Hitachi said.

Concerns about the U.S. economy remain and demand for digital
parts is expected to decrease in the next few months, but a
rebound toward the end of the year can be expected.

Hitachi shares, which have declined over the past year,
increased nearly a percent to close at JPY620 ($5.90) on the
Tokyo Stock Exchange shortly after earnings were announced.


HITACHI LIMITED: To Grant Incentive Stock Options
-------------------------------------------------
Hitachi Limited (NYSE:HIT / TSE:6501) announced that as a
measure intended to contribute to the maximization of corporate
value by heightening the motivation of directors, executive
officers and employees, the Board of Directors of the Company,
at the meeting held today, resolved to submit a proposal at the
Ordinary General Meeting of Shareholders, to be held on June 24,
2005, regarding the issue of stock acquisition rights for the
purpose of granting stock options pursuant to Article 280-20 and
Article 280-21 of the Japanese Commercial Code.

The details of the proposal are as follows:

1. Qualified persons to be allocated the stock acquisition
rights (the Rights) Directors, executive officers and employees
of the Company

2. Class and number of shares to be issued upon exercise of the
Rights Not more than 1,500,000 shares of the Company's common
stock (the Common Stock) in total.

In the event that the Company splits or consolidates its Common
Stock, the number of shares to be issued upon exercise of the
Rights shall be adjusted according to the following formula.

Number of       Number of shares      Ratio of stock split or
shares after =  before adjustment  X  consolidation
adjustment

Any fraction less than one share derived in consequence of
adjustment shall be rounded down to the nearest one share.

3. Total number of the Rights to be issued

Not more than 1,500 Rights in total. The number of shares to be
issued upon exercise of each Right shall be 1,000, which shall
be adjusted in accordance with the preceding provision (2.
above).

4. Issue price of the Rights
No consideration shall be paid.

5. Amount to be paid upon exercise of the Rights

The amount to be paid per share upon exercise of the Rights (the
Exercise Price) shall be 1.05 times of the average of the
closing price (including indication of any bid or offer) of a
Common Stock on the Tokyo Stock Exchange on each of the thirty
consecutive trading days commencing on the forty-fifth trading
day preceding the issue date (excluding the number of days on
which no closing price is quoted), any fraction less than one
yen shall be rounded up to the nearest one yen. However, in the
event that the price is less than the closing price of the issue
date (or if no closing price is quoted on the issue date, the
latest closing price before the issue date shall be applied),
the Exercise Price shall be 1.05 times of the closing price of
the issue date.

In the event that the Company issues new shares or reissues its
own shares at price less than the market price (excluding the
issue of shares resulting from the exercise of the stock
acquisition rights) after the issue date, the Exercise Price
will be subject to adjustment in accordance with the following
formula, and any fraction less than one yen derived in
consequence of adjustment shall be rounded up to the nearest one
yen.

6. Period during which the Rights may be exercised

The Rights will be exercisable within a three-year period
following one year from the issue date.

7. Conditions for exercise of the Rights

(1) In the event a person holding the Rights loses the position
of director, executive officer or employee of the Company, such
person may exercise the Rights only within the succeeding six
months of such event. In the event of the death of the person,
the Rights cannot be exercised.

(2) Other terms of exercising the Rights shall be subject to the
provisions in granting agreement between the Company and each
qualified person.

8. Cancellation of the Rights

The Company may cancel the Rights at any time without
consideration.

9. Restriction on the transfer of the Rights

The approval by the Board of Directors of the Company shall be
required for transfer of the Rights.

Note:

The issue of the Rights above is subject to the approval by
shareholders at the 136th Ordinary General Meeting of
Shareholders to be held on June 24, 2005.

This is a Company press release.


KOBE STEEL: To Transfer Real Estate Business to Unit
----------------------------------------------------
Kobe Steel, Ltd. and Kobelco Development  Co.,  Ltd. announced
that effective on October 1, 2005, Kobe Steel's real estate
segment would  be transferred to Kobe Steel's 100% owned
subsidiary Kobelco Development.

The two companies made this decision at their board of directors
meetings and signed the corporate demerger agreement on April
28, 2005.  

This agreement will become effective subject to approval at the
shareholders meetings of both companies.

With the merging of the real estate business, Kobelco
Development intends to change its name to Shinko Real Estate
Co., Ltd., where it will serve as the core Company of Kobe
Steel's real estate business.

1. Purpose of the transfer

Kobe Steel absorbed subsidiary Shinko Kosan Co., Ltd. in March
2002, combining the know-how and experiences of the real estate
businesses of Kobe Steel and Shinko Kosan, to build and more
effectively manage the business.

Since then, the business has developed steadily.  As well as
engaging in the sale and building management of large-scale
properties, Kobe Steel successfully completed the redevelopment
of Company-owned land, including HAT Kobe in Kobe and O's Town
in Akashi, both in Hyogo.

Kobe Steel's real estate segment currently covers real estate
development, construction, property sales, leasing, brokering,
remodeling, building and condominium management, and insurance.  
As the large-scale development of Company-owned land has been
completed, the business is focusing on real estate sales, while
aiming to increase its profitability through property leasing
and building management.  It also intends to grow its employees
for the future and strengthen customer services to further
improve its competitiveness.

From the standpoint of consolidated management, Kobe Steel
realizes that it is necessary to further improve and strengthen
its real estate services centered primarily on dormitories and
Company housing for employees in the Kobe Steel Group.

On this background, Kobe Steel gave consideration to the optimum
operating structure of its real estate segment.  Rather than
keeping the business limited to an internal Company, Kobe Steel
decided that it would be more advantageous for the business to
operate independently for greater flexibility.

Kobelco Development has been managing the O's Town complex in
Akashi, Hyogo in western Japan and leasing unused Company-owned
land in Kobe and Amagasaki.  To expand property leasing and
thereby build up the business, it was decided to combine Kobe
Steel's real estate business into Kobelco Development.

2. About the new Company

(1) Outline

Name          Shinko  Real  Estate Co.,  Ltd. (subject to
              change)
Head office   Kobe, Japan
Capital       3 billion yen (planned)
President     Yasunobu Fujikawa (current president of the Real
              Estate Company)
Employees     About 200

(2) Business Plans

Vision

Real estate development, construction, property sales, leasing,
brokering, remodeling, building management, condominium
management, and insurance.

Offering quality services and products, the Company aims to
provide customers with a comfortable home and work environments.

Kobe Steel and its group companies plan to actively provide real
estate services and products.

Financial goals for fiscal 2008

Consolidated sales: 43 billion yen  (35 billion yen, parent
                    only)
Pretax ordinary income: 3 billion yen  (2 billion yen, parent
                    only)

3. Outline of transfer

(1) Transfer schedule

Apr. 28, 2005 Board of directors meetings (Kobe Steel, Kobelco
Development)

Apr. 28, 2005 Signing of corporate demerger agreement (Kobe
Steel, Kobelco Development)

Jun. 22, 2005 (planned) Shareholders meeting (Kobelco
Development)

Jun. 24, 2005  (planned) Shareholders meeting (Kobe Steel)

Oct. 1, 2005   (planned) Date of transfer

Oct. 3, 2005   (planned) Registration of transfer

(2) Method of transfer

Kobe Steel and Kobelco Development will apply the "corporate
demerge" method, in which Kobe Steel is the demerging Company
and Kobelco Development is the successor Company.

(3) Allocation of stock

At the time of the transfer, Kobelco Development shall issue
common stock of 50,000 shares, all of which will be allocated to
Kobe steel.

(4) Cash payments on the transfer

No cash shall be exchanged for the separation and transfer of
the business.

(5) Rights and obligations continued by the successor Company

As the successor Company, Kobelco Development shall continue
the rights, obligations and contracts of Kobe Steel's Real
Estate Company and its related businesses.

(6) Outlook on fulfilling debt assumptions

Kobe Steel does not foresee problems in fulfilling its debt
assumptions following the transfer and anticipates no changes in
its net assets, as it will gain shares equivalent in value to
the demerging assets. As the asset value of the successor
business is more that the value of its liabilities and the
business has adequate shareholders' equity, Kobelco Development
does not anticipate problems in assuming the debt of the new
Company.

4. Outline of successor Company

  Name                       Kobelco Development Co., Ltd.
  Business                   Real estate sales, leasing,
                             brokering, management of commercial
                             buildings and sports facilities

  Established                December 6, 1991
  Headquarters               Kobe, Hyogo, Japan
  President                  Takashi Ueyama
  Capital                    370 million yen
  Issued shares              7,400 shares
  Stockholders' equity       5,700 million yen
  Total assets               16,130 million yen
  Fiscal year                Ends March 31
  Employees                  5
  Main customers             Mycal, Nafco, Ciba Specialty
                             Chemicals
  Shareholder & equity held  Kobe Steel, Ltd. 100%
                             Correspondent financial
                             institutions Nippon Life
                             Insurance, Hyogo Credit Federation
                             of Agicultural Cooperatives,
                             Dai-ichi Mutual Life Insurance
  Relationship to Kobe Steel Capital: 100% held by Kobe Steel
                             Personnel:  Directors and auditors
                             from Kobe Steel

Media Contact:

Gary Tsuchida
Publicity Group
Kobe Steel, Ltd.
9-12 Kita-Shinagawa 5-chome
Shinagawa-ku, Tokyo, JAPAN
Phone:  +81-3-5739-6010
Web site: www.kobelco.co.jp

This is a Company press release.


MATSUSHITA ELECTRIC: Incurs JPY33.2 Bln Net Loss
------------------------------------------------
Matsushita Electric Industrial Co. incurred a group net loss of
JPY33.2 billion (US$3.14.1 million) for the January-March
quarter, as tax and restructuring costs took a big bite out of
earnings, The Wall Street Journal reports.

The Company posted a group net loss of JPY5.3 a year earlier.
Sales increased 17% to JPY2.1 trillion (US$19.87 billion), while
operating profit surged 42% to JPY63.9 billion.

For the full year ended March 31, Matsushita said strong sales
of profitable products like plasma TV sets, digital cameras, air
conditioners and washing machines buoyed profit overall despite
heavy restructuring costs. Matsushita said group net profit rose
39% to JPY58.5 billion from a year ago, while operating profit
climbed 58% to 308.5 billion yen. Sales rose 16% to 8.7 trillion
yen, boosted by the takeover of a Matsushita group affiliate.

For the current fiscal year, the Company forecasted that its
operating profit would likely rise only 7 percent to JPY330
billion and sales would stay flat, though net profit is expected
to climb 88% to JPY110 billion on a decline in restructuring
costs.

CONTACT:

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


MATSUSHITA ELECTRIC: Plans to Boost Dividends for Fiscal 2006
-------------------------------------------------------------
Matsushita Electric Industrial Co., Ltd. (Matsushita [NYSE
symbol: MC]), best known for its Panasonic brand, announced that
its Board of Directors approved a plan to increase the total
cash dividends per share for the current fiscal year, ending
March 2006 (fiscal 2006).

Details are as follows:

1. Background

Matsushita has carried out a wide range of initiatives,
including business restructuring and the establishment of a
business domain-based organizational structure. Furthermore,
through implementation of initiatives to achieve the goals of
the Company's 3-year Leap Ahead 21 plan, which began in fiscal
2005, Matsushita aims to further accelerate growth. Matsushita
thus strives to maximize shareholder value and proactively
provide return to shareholders, in line with its policy of
shareholder-oriented management.

Based on this policy, on October 28, 2004, Matsushita announced
that its Board of Directors changed the Company's policy
regarding returns to shareholders, which historically emphasized
a stable level of dividends, to a new policy, which takes into
consideration consolidated business performance. Accordingly,
Matsushita on April 28 announced its intention to increase total
cash dividends per share for fiscal 2006, ending March 2006.

2. Dividends for Fiscal 2006

Matsushita plans to increase interim and year-end cash dividends
per share for fiscal 2006 compared with the dividends for fiscal
2005, as shown below.

                  Interim       Year-end        Total
                 dividends per dividends per  dividends per
                  share          share        share for the
                                               fiscal year

Dividends for
fiscal 2006      10.00 yen    10.00 yen      20.00 yen
                 (planned)    (planned)      (planned)

(Reference) Dividends
for fiscal 2005   7.50 yen    7.50 yen       15.00 yen
                              (planned)      (planned)

(Reference) Dividends
for fiscal 2004    6.25 yen   7.75 yen        14.00 yen
                      (including 1.50 yen (including 1.50 yen
                 commemorative dividend) commemorative dividend)

3. Matsushita's Policy for Providing Return to Shareholders

Matsushita aims to maximize shareholder value by enhancing its
reputation in capital markets through the steady growth of its
mid-term business performance and return of profits to
shareholders, based on its consolidated business performance.

In particular, Matsushita will provide return to shareholders
through dividend payments and own share repurchases, upon
careful consideration of consolidated cash flows.

1) Dividends:

From the perspective of return on the capital investment made by
shareholders, Matsushita will, in principle, distribute profits
to shareholders based on its consolidated business performance.
Matsushita also aims for promoting stable and continuous growth
of return to shareholders, while at the same time taking into
consideration various factors including mid-term business
performance, capital expenditure requirements and the Company's
financial condition.

2) Own share repurchases:

Matsushita will implement shareholder-oriented management by
enhancing shareholder value per share through a reduction, in
effect, of the number of outstanding shares. This will be
accomplished by repurchasing the Company's own shares with
surplus cash flows.

Media Contacts:

Akira Kadota (Tokyo)
International PR
(Tel.: +81-3-3578-1237)

Panasonic News Bureau (Tokyo)
(Tel.: +81-3-3542-6205)

Jim Reilly (U.S.)
(Tel: +1-201-392-6067)

Brendon Gore (Europe)
(Tel: +44-20-8899-2217)

Investor Relations Contacts:

Makoto Mihara (Osaka)
Investor Relations
(Tel: +81-6-6909-1121)

Akihiro Takei (U.S.)
Panasonic Finance (America), Inc.
(Tel: +1-212-698-1365)

Norio Iino (Europe)
Panasonic Finance (Europe) Plc
(Tel: +44-20-7562-4400)

This is a Company press release.


NIPPON SHINPAN: Returns to Profit in 2004
-----------------------------------------
Nippon Shinpan Co. incurred a net profit of JPY5.72 billion in
the year ended March 31, versus a net loss of JPY216.08 billion
a year earlier, Kyodo News reports.

The consumer credit firm said that cutting credit costs and
booking a range of one-off gains including proceeds from
securities sales have improved the Company's performance.

CONTACT:

Nippon Shinpan Co., Ltd.
33-5, 3-chome, Hongo, Bunkyo-ku
Tokyo 113-8411, Japan  
Phone: +81-3-3811-3111
Fax: +81-3-3817-8775


PIONEER CORPORATION: Proposes Stock Option Scheme Agenda
--------------------------------------------------------
At the meeting of the Board of Directors of Pioneer Corporation,
held on April 27, 2005, it resolved to propose an agenda for the
authorization to issue share acquisition rights pursuant to the
provisions of Articles 280-20 and 280-21 of the Commercial Code
of Japan, as stock options to directors, executive officers and
employees of the Company and directors of its subsidiaries, to
further raise the motivation and the morale for improvement of
the consolidated business performance of the Company. The
proposal will be made at the Company's ordinary general meeting
of shareholders to be held on June 29, 2005.

The terms of the agenda are as follows:

Description

(1) Persons to whom share acquisition rights shall be allocated:
Directors, executive officers and a number of employees of the
Company as well as a number of directors of domestic or overseas
subsidiaries of the Company (hereinafter referred to as the
"Qualified Persons")

(2) Aggregate number of share acquisition rights:

Not exceeding 3,500

The number of shares to be issued (or transferred in lieu of
such issuance; hereinafter the same shall apply) upon exercise
of each share acquisition right (hereinafter referred to as the
"Number of Granted Shares") shall be 100; provided, however, in
case the Company splits or consolidates its shares of common
stock on or after the date of issue of share acquisition rights
(hereinafter referred to as the "Issue Date"), the Number of
Granted Shares shall be adjusted according to the following
formula:

Number of Granted         Number of Granted         Ratio of
split or
Shares after adjustment = Shares before adjustment X
consolidation

In addition, the Number of Granted Shares shall be appropriately
adjusted to the necessary and reasonable extent, in the case of
merger, Company split or capital reduction of the Company and in
any other case similar thereto where an adjustment of the Number
of Granted Shares shall be required.

Any fraction less than one (1) share resulting from this
adjustment shall be disregarded.

(3) Class and number of shares to be issued or transferred upon
exercise of share acquisition rights:

Shares of common stock of the Company not exceeding 350,000;
provided, however, in case the Number of Granted Shares shall be
adjusted pursuant to (2) above, the number of shares to be
issued shall be adjusted to the number obtained by multiplying
the aggregate number of share acquisition rights to be issued by
the Number of Granted Shares after adjustment.

(4) Issue price of share acquisition rights:
No consideration shall be paid.

(5) Amount to be paid in upon exercise of share acquisition
rights:

The amount to be paid in per share upon exercise of share
acquisition rights (hereinafter referred to as the "Exercise
Price") shall be the amount obtained by multiplying the higher
of either (i) the average of closing prices (including
quotations; hereinafter the same shall apply) in the regular
tradings of the shares of common stock of the Company on the
Tokyo Stock Exchange for 30 consecutive trading days (excluding
any trading day on which the closing price does not exist)
commencing on the day 45 trading days prior to the Issue Date,
or (ii) such closing price on the day immediately preceding the
Issue Date (if the closing price does not exist on such day, the
closing price on the day immediately preceding such day), by
1.05. Any fraction less than one (1) yen resulting from this
calculation shall be rounded up to the nearest one (1) yen.

Provided, however, in case the Company splits or consolidates
its shares of common stock on or after the Issue Date, the
Exercise Price shall be adjusted according to the following
formula and any fraction less than one (1) yen resulting from
this adjustment shall be rounded up to the nearest one (1) yen:

Exercise Price     Exercise Price        1/Ratio of split or
consolidation
after adjustment = before adjustment x

In addition, the Exercise Price shall be appropriately adjusted
to the necessary and reasonable extent, in the case of merger,
Company split or capital reduction of the Company and in any
other case similar thereto where an adjustment of the Exercise
Price shall be required.

(6) Period during which share acquisition rights may be
exercised:

From and including July 2, 2007, to and including June 30, 2010

(7) Conditions for exercise of share acquisition rights:

(i) Each share acquisition right may not be exercised in part.

(ii) Other conditions for exercise of share acquisition rights
shall be determined by the board of directors of the Company.

(8) Cancellation of share acquisition rights:

The Company may at any time acquire share acquisition rights and
cancel them without any consideration.

(9) Restriction on transfer of share acquisition rights:

Share acquisition rights cannot be transferred unless an
approval of the board of directors of the Company shall be
obtained.

(10) Others:

(i) In case a Qualified Person is no longer a director,
executive officer or employee of the Company or any of its
subsidiaries, such Qualified Person shall not be entitled to
exercise share acquisition rights, unless the above is resulted
from resignation due to expiration of the term of office,
compulsory retirement age, involuntary retirement or any other
reasonable event.

(ii) Allocation of share acquisition rights shall be made
subject to the execution of, and in accordance with, an
agreement for allocation of share acquisition rights between the
Company and each Qualified Person which provides, in addition to
the foregoing, the matters and conditions deemed necessary by
the board of directors of the Company, based on the resolution
to be adopted at the Company's ordinary general meeting of
shareholders scheduled for June 29, 2005, in order to achieve
the purpose of this issue of share acquisition rights.

This release is not an offer of securities for sale in any
region, including Japan or the United States. The securities may
not be offered or sold in the United States unless they are
registered under the U.S. Securities Act of 1933 or exempt from
registration thereunder, and any public offering of securities
to be made in the United States will be made by means of a
prospectus in English prepared in accordance with the U.S.
Securities Act of 1933, that will contain detailed information
about the issuer and management, as well as financial
statements. This transaction does not involve any public
offering of securities in the United States.

For further information, please contact:

Akira Niijima, Senior Managing Director and Representative
Director
Pioneer Corporation, Tokyo
Phone: +81-3-3494-1111 / Fax: +81-3-3495-4431
E-mail: pioneer_shr@post.pioneer.co.jp
Web site: http://www.pioneer.co.jp/ir-e

This is a Company press release.


SEIYU LIMITED: To Raise JPY10 Bln Via New Shares
------------------------------------------------
Seiyu Limited will raise about JPY10 billion by the end of April
by allocating new shares to its U.S. parent retail giant Wal-
Mart Stores Inc. and other investors, Kyodo News reports

The supermarket chain operator, which had a negative net worth
of JPY4.4 billion as of March 31, incurred a net loss of JPY8
billion in the first quarter of this year due to sluggish sales
of spring clothing.

CONTACT:

Seiyu Ltd.
1-1 Akabane 2-Chome
Sunshine 60 Building
Kita-Ku 115-0045, Tokyo 170-6071
Japan
Phone: +81 3 3598 7639
Fax: +81 3 3598 7763
Web site: http://www.seiyu.co.jp/


SKYNET ASIA: ANA Acquires 14.99% Stake
--------------------------------------
All Nippon Airways Co. will acquire a 14.99 percent equity stake
in Skynet Asia Airways Co. to help accelerate the latter's
rehabilitation process.

The low-budget carrier based in Miyazaki Prefecture has been
rehabilitating itself under the state-backed Industrial
Revitalization Corporation of Japan.

CONTACT:

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


SKYNET ASIA: IRCJ To Sell Part of Equity
----------------------------------------
The Industrial Revitalization Corporation of Japan (IRCJ) has
resolved to sell part of the equity it holds in Skynet Asia
Airways, Co., Ltd. (Skynet).

1. Background

On June 25, 2004 the IRCJ approved an application for assistance
by Skynet under Article 22, Clause 3 of the Industrial
Revitalization Corporation Act of 2003. On July 13, 2004 the
IRCJ reached agreement on the purchase of Skynet's debt under
Article 25, Clause 1 of the same act, and in August 2004 a
capital decrease and subsequent recapitalization was
implemented.

While continuing to operate as a low-cost regional airline and
working to enhance its already strong maintenance systems,
Skynet is now forming an operating alliance with All Nippon
Airways Co., Ltd., the purchaser of the IRCJ's shares.
The transaction is planned to take place at the end of May 2005.

2. Capital amounts, etc.

The IRCJ, through a capital injection of JPY3.4 billion,
currently holds ordinary shares in Skynet that give it 56.96% of
voting rights. In the planned transaction with All Nippon
Airways the IRCJ will sell ordinary shares amounting to 14.99%
of voting rights, representing JPY0.9 billion of the IRCJ's
initial capital investment.

Following this sale, the IRCJ will retain ordinary shares
amounting to 41.97% of voting rights, representing JPY2.5
billion of the initial capital investment.

3. Comment from the State Ministers in charge of the Industrial
Revitalization

Corporation of Japan: None expressed.

Note on comments from ministers: The IRCJ is a quasi-
governmental organization. As such the IRCJ is required to
obtain comments from the government ministers in charge of the
IRCJ about decisions to assist or engage in other initiatives
relating to private sector companies.

For more information, please contact
Corporate Planning Department
The Industrial Revitalization Corporation of Japan
Tel: 03-6212-6437

About the IRCJ

The IRCJ was established jointly by the public and private
sector on April 16, 2003, with the aim of providing
revitalization assistance beneficial to both the industrial and
the financial sectors in Japan. It targets assistance at
companies that have sound business fundamentals but are unable
to thrive because of excessive debt levels or other factors. The
IRCJ has approximately 200 employees and is based in Tokyo. For
more information please visit www.ircj.co.jp.


TOSHIBA CORPORATION: Books JPY46 Bln Net Profit in FY04
-------------------------------------------------------
Toshiba Corporation reported a group net profit of JPY46 billion
for fiscal 2004, up from JPY28.2 billion the previous year, the
Associated Press reports.

The electronics maker said that overseas growth in PC sales,
especially in North America and Europe, helped boost results.

The semiconductor business, battered in recent years, also fared
well, on higher sales of system LSIs, which are more
sophisticated chips that are used in digital products like Net-
linking cell phones and new TV models.

Toshiba shares, which declined slightly over the past year,
closed virtually unchanged from the previous day on the Tokyo
Stock Exchange at 430 yen ($4), down 0.2 percent, shortly before
earnings were announced.

CONTACT:

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


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

DAEWOO HEAVY: Sold to Doosan Heavy for KRW1.7 Trillion
------------------------------------------------------
In one of the biggest mergers in the country, Doosan Heavy
Industries & Construction Co. acquired Daewoo Heavy Industries &
Machinery Ltd. for KRW1.69 trillion, Dow Jones reports.

Under the deal, Korea Asset Management Corp. sold a 31% stake
of its total 34.2% stake in the Company to Doosan Heavy.
Creditor Korea Development Bank also sold 20% of its 21.9%
stake in the Company to Doosan Heavy, which now controls 51%
stake in Daewoo Heavy.

Daewoo Heavy was put under a debt-restructuring program in
August 1999 when its parent, Daewoo Group, was dissolved due to
its large debt. Before splitting into three separate firms in
October 2000, Daewoo Heavy received a KRW2.9 -trillion bailout
from the government.

CONTACT:

Daewoo Heavy Industries & Machinery Ltd.
14-34 Youido-Dong
Youngdungpo-Gu
Seoul 150-010
South Korea
Web site: http://www.dhiltd.co.kr/eng/index.asp


LG CARD: Bad Assets Write-off Cuts Credit Delinquency Rate
----------------------------------------------------------
LG Card Co. said that its credit delinquency rate declined in
March due to ongoing write-offs of bad assets and efforts to
bring in new dud assets, reports Yonhap News.

According to the Company, payments overdue for one month or more
amounted to 11.5% of its total assets, which resulted in a drop
of 2.11 percentage points from the previous month, as compared
with a high of 31.3% last June 2004.

Last month, LG Card wrote off bad assets amounting to KRW316
billion, higher than its write-off of KRW238 billion in
February. Its rescheduled credit accounts also fell from KRW2.94
trillion in February to KRW2.66 trillion in March.

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

The Company has been able to turn around, garnering KRW326
billion in net profit last year. Creditor Korea Development Bank
(KDB) forecasts that the Company would earn KRW250 billion for
2005. Creditors are looking to sell the Company for at least
KRW4.5 trillion, according to KDB.

CONTACT:

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


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

AYER HITAM: Penalized for Failure to Comply with Requirements
-------------------------------------------------------------
Ayer Hitam Tin Dredging Malaysia Berhad's announced that since
the Company failed to regularize its financial condition within
the specified time frames as stipulated in Practice Note 4/2004
of the Bursa Malaysia Securities Berhad Listing Requirements,
its listed securities were subject to trading restriction
beginning Friday, April 29, 2005.

The trading restriction (in the form of full payment before
purchase) was imposed on the Company and will continue to be
imposed on the Company's securities until further notice.

CONTACT:

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


GOLDEN FRONTIER: Repurchases More Shares
----------------------------------------
Golden Frontier Berhad disclosed the details of shares it had
bought back on April 28, 2005 to the Bursa Malaysia Securities
Berhad.

Date of buy back: 28/04/2005

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

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

Minimum price paid for each share purchased (MYR):      0.590

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

Total consideration paid (MYR):                        2,992.01

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

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

Cumulative net outstanding treasury shares as at to-date
(units): 1,470,800

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

CONTACT:

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


GULA PERAK: Converts Loan Stocks into New Ordinary Shares
---------------------------------------------------------
Gula Perak Berhad's additional 5,500 new ordinary shares of
MYR1.00 each issued pursuant to the Company's Conversion of
MYR5,500 Irredeemable Convertible Secured Loan Stocks 2000/2005
into 5,500 new ordinary shares will be granted listing and
quotation effective Tusday, May 3, 2005.

The 5,500 ordinary shares arising from the Conversion are not be
entitled to the Bonus Issues of up to 202,751,023 new ordinary
shares of MYR1.00 each (Bonus Shares) on the basis of 3 Bonus
Shares for every 4 existing ordinary shares of MYR1.00 each held
(Bonus Issue), thus they will be quoted as "GPERAK-OA".

The stock number and ISIN Code of the "GPERAK-OA" shares are
"3263OA" and "MY3263OA009".

As the ex-entitlement date for the Bonus Issue is May 9, 2005,
the "GPERAK-OA" shares will cease to be quoted effective Monday,
May 9, 2005, 9:00 a.m., and will merge with the existing
"GPERAK" shares as from that date.

CONTACT:

Gula Perak Berhad
Level 7, Dynasty Hotel
Kuala Lumpur 218, Jln Ipoh,
51200 Kuala Lumpur
Malaysia
Phone: 03-4044 2828
Fax:   03-4044 668


I-BERHAD: Posts Shares Buy Back Notice
--------------------------------------
I-Berhad disclosed to Bursa Malaysia Securities Berhad the
details of its shares buyback on April 28, 2005.

Date of buy back: 28/04/2005

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

Total number of shares purchased (units):             23,100

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

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

Total consideration paid (MYR):                       18,617.28

Number of shares purchased retained in treasury
(units): 23,100

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

Cumulative net outstanding treasury shares as at to-date
(units): 1,520,100

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


INTAN UTILITIES: Posts Update on Loan Default
---------------------------------------------
Pursuant to Paragraphs 9.02 and 9.04 (1) and Practice Note
1/2001 of the Bursa Malaysia Securities Berhad Listing
Requirements, Intan Utilities Berhad issues an update on the
Company's summary of borrowings in default, and the steps taken
to address such defaults by Company subsidiaries IDS Electronics
Sdn Berhad and IDS Technology Sdn Berhad.

For further details on the update, click on:

http://bankrupt.com/misc/tcrap_intanutilities042905.xls

CONTACT:

Intan Utilities Berhad
11th Floor Menara Berjaya,
KL Plaza, 179 Jalan Bukit Bintang,
55100 Kuala Lumpur, Malaysia
Phone: 03-2935 8888
Fax:   03-29358043
Web site: http://www3.jaring.my/intan


JIN LIN: Court OKs Scheme of Arrangement with Creditors
-------------------------------------------------------
Jin Lin Wood Industries Berhad refers to its announcement dated
March 23, 2005, wherein the Company's scheme creditors approved
of its Proposed Restructuring Scheme at the Company's court-
convened meetings.

The Company announces that on April 28, 2005, the Kuala Lumpur
High Court granted an order to sanction the Proposed Scheme of
Arrangement with creditors, in accordance with Section 176(3) of
the Companies Act, 1965.

CONTACT:

Jin Lin Wood Industries Berhad
177, 2nd Floor, Taman Sri Dagang
P O Box 3181, 97013 Bintulu
Sarawak, Malaysia
Phone: 086-334661/335570
Fax:   086-330866/334808


K.P. KENINGAU: Provides Default Status Update
---------------------------------------------
K.P. Keningau Berhad (KPK) issues an update on its default in
payments status as of March 31, 2005, pursuant to Bursa Malaysia
Securities Berhad Practice Note 1/2001.

The total default by KPK and its subsidiaries on principal sums
plus interest as of March 31, 2005 amounts to MYR39,342,530.91.
The defaulted amounts owing to financial institutions are in
respect of past facilities, which comprised of trade financing,
term loans, revolving credits and overdrafts.

Save for the above there is no new development on the Company's
default status since its last announcement on the matter.

For a full copy of the report, click on:

http://bankrupt.com/misc/tcrap_kpkeningau042905.doc

CONTACT:

K.P. Keningau Berhad
Lot 10, The Highway Centre
Jln 51/205 46050 Petaling Jaya,
Selangor, Malaysia
Phone: 03-7784 3922
Fax:   03-7784 1988


METROPLEX BERHAD: To Dispute Winding-up Petition
------------------------------------------------
Metroplex Berhad announced that solicitors of Morgan Stanley
Emerging Markets, Inc. served a winding-up petition on the
Company on April 26, 2005 (which the Company received on April
27, 2005).

The winding-up petition was presented at the Kuala Lumpur High
Court on April 13,2 005, and the hearing date for the petition
has been set on June 24, 2005. The Petitioner claimed for a sum
of MYR27.08 million calculated as at April 8, 2005, to be paid
on or before April 13, 2005. The amount claimed did not state
the interest costs.

The winding-up petition will not affect the Company's operations
until/unless the Kuala Lumpur High Court appoints a Provisional
Liquidator pursuant to the Petitioner's application that the
court appoint a liquidator for the Company, for the hearing set
on May 10,2005. If the winding-up petition succeeds, the Company
will be liquidated.
            
The Company has instructed its solicitors to file an application
to strike the winding-up petition, and to oppose the application
to appoint a Provisional Liquidator for the Company.           

CONTACT:

Metroplex Berhad
1st Floor Wisma Equity
150 Jalan Ampang
50450 Kuala Lumpur,
Malaysia
Phone: 03-2618911


NALURI BERHAD: Changes Name with New Corporation Status
-------------------------------------------------------
Naluri Berhad announced that it seeks shareholder approval to
change the Company's name from Naluri Berhad to Naluri
Corporation Berhad at the upcoming Company Annual General
Meeting (AGM).

The Company proposes a change of name to coincide with its new
corporate identity after shareholders approved a corporate
exercise on Sept. 23, 2004. The new name would reflect the
Company's position as a holding firm of various businesses that
were acquired in accordance with the Company's shareholder
approval of its corporate exercises.

The Proposed Change of Name would take effect once the Companies
Commission of Malaysia issues a Certificate of Incorporation on
Change of Name on the Company.

CONTACT:

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


PAN MALAYSIA: Buys Back 55,000 Shares
-------------------------------------
Pan Malaysia Corporation Berhad disclosed the details of its
shares buyback on April 28, 2005 to Bursa Malaysia Securities
Berhad.

Date of buy back: 28/04/2005

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

Total number of shares purchased (units):             55,000

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

Maximum price paid for each share purchased (MYR):      0.430

Total consideration paid (MYR):                   23,145.20

Number of shares purchased retained in treasury
(units):  55,000

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

Cumulative net outstanding treasury shares as at to-date
(units): 23,135,500

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

CONTACT:

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


RHB CAPITAL: Passes All Resolutions at 10th AGM
-----------------------------------------------
RHB Capital Berhad announced that at the Company's 10th Annual
General Meeting (AGM) held on April 28, 2005, all the ordinary
and special businesses that were set out in the Company's AGM
Notice dated April 6, 2005, were duly passed.

CONTACT:

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


SUREMAX GROUP: Posts Second Quarter FY05 Results
------------------------------------------------
Suremax Group Berhad disclosed its unaudited report for the
financial period ended Feb. 28, 2005.

             SUMMARY OF KEY FINANCIAL INFORMATION
                            31/01/2005

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

1  Revenue
             4,612         3,726          8,734        11,836

2  Profit/(loss) before tax
              -445        -4,064         -1,517        -3,917

3  Profit/(loss) after tax and minority interest
              -447        -3,974         -1,552        -3,937

4  Net profit/(loss) for the period
              -447        -3,974         -1,552        -3,937

5  Basic earnings/(loss) per shares (sen)
             -0.68         -6.02          -2.31         -5.97

6  Dividend per share (sen)
               0.00          0.00         0.00        0.00

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

7  Net tangible assets per share (RM)
                                0.5157               0.5388

For further details on the report, go to:

http://bankrupt.com/misc/tcrap_suremaxgroup1042905.xls

http://bankrupt.com/misc/tcrap_suremaxgroup2042905.doc

CONTACT:

Suremax Group Berhad
Level 7, Menara Melenium
Jalan Damanlela, Pusat Bandar
Damansara, Damansara Heights
50490 Kuala Lumpur
Malaysia
Phone: 03-20957077
Fax:   03-20949940


WCT ENGINEERING: Set to List New Shares
---------------------------------------
WCT Engineering Berhad's additional 8,000 new ordinary shares of
MYR1.00 each issued pursuant to the Company's Exercise of 8,000
Warrants 2000-2005 will be granted listing and quotation
effective Wednesday, May 4, 2005.

CONTACT:

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


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

BELLE CORPORATION: SSC Chair Assumes Directorial Post
-----------------------------------------------------
Further to a disclosure dated March 22, 2005, Belle Corporation
advised that Mr. Thelmo Y. Cunanan, Chairman of the Social
Security Commission, formally assumed his position Friday as
member of the Board of Directors of Belle.

Mr. Cunanan shall be the Social Security System's nominee to the
Belle Board.

CONTACT:

Belle Corporation
Exchange Road Ortigas Centre
28/F East Tower PSE Centre Ortigas Cent
Pasig 1600
PHILIPPINES
Phone: +63 2 635 3016-24


COLLEGE ASSURANCE: Has Php15.63-Bln Maturing Plans for 2005-2011
----------------------------------------------------------------
A report by the Securities and Exchange Commission's (SEC)
oversight committee revealed that College Assurance Plan
Philippines Inc. (CAP) has Php15.63 billion worth of educational
plans maturing from this year until 2011, says The Philippine
Daily Inquirer.

SEC Chairperson Fe Barin said the commission en banc had yet to
deliberate on the oversight committee's report, which recommends
eight urgent measures to help preserve CAP's assets.

CAP's presentation to the SEC said plan benefits would mature as
follows: Php2.46 billion in 2005, Php2.57 in 2006, Php2.5
billion in 2007, Php2.36 billion in 2008, Php2.09 billion in
2009, Php1.92 billion in 2010, and Php1.72 billion in 2011.

CAP said it had set aside funds to cover fully requirements this
year and partly the Php2.57 billion in maturing plans in 2006.

CAP said maturing plans for 2007 until 2011 would be covered by
new capital of US$12.5 million from International Global Capital
Holdings and Php6.45 billion in assets, which it said could be
developed and made to grow. But Ms. Barin affirmed there has
been no update on CAP's reported Zurich-based investor
International Global, which was expected to inject around US$15
million to US$25 million into CAP.

In the report, CAP said it had increased its capitalization from
Php300 million to Php8 billion and that two investors had
submitted documents for approval of the SEC on their
contributions totaling Php6.5 billion in various pieces of
property. It also said it had totally stopped selling plans. The
firm also denied that it had not deposited part of its
collections to the trust fund.

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


MANILA ELECTRIC: Pulls Out 2003 Rate Hike Petition
--------------------------------------------------
Manila Electric Co. (Meralco) has withdrawn a petition for an
increase in distribution rate filed in 2003, The Philippine Star
reports.

The power utility firm decided not to pursue its controversial
12-centavo rate hike application with the Energy Regulatory
Commission (ERC) in order to clear the way for a new rate-
setting mechanism.

The ERC previously issued an order for the adoption of the so-
called Performance Based Ratemaking (PBR) an internationally-
accepted rate setting methodology, as an alternative to the
Return on Rate Base (RORB) method used as the basis for
Meralco's previous rate hike application.

Meralco said it wants to enroll in the PBR, which would be a
more efficient way to securing an adjustment in its distribution
rate in the future compared to RORB.

In November 2003, Meralco was granted a provisional increase of
PHP0.12 a kiloWatt-hour by the ERC. But the Supreme Court junked
the commission's order on the grounds that the rate hike was
granted without public hearings being conducted.

The ERC has yet to respond to Meralco's withdrawal.

CONTACT:

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


MAYNILAD WATER: Manila Water Mulls Takeover Bid
-----------------------------------------------
Manila Water Co. Inc. has joined a consortium that will
participate in the takeover tender for Metro Manila's ailing
west water concessionaire Maynilad Water Services Inc.,
according to The Philippine Star.

Manila Water said it has informed its shareholders, Maynilad,
Benpres Holdings Corp. and the Suez Group, the Metropolitan
Waterworks and Sewerage System (MWSS) and Maynilad's creditors
that the consortium is prepared to undertake the rehabilitation
of Maynilad in accordance with the basic terms and conditions of
the rehabilitation plan.

Manila Water considered buying into Maynilad after it has been
invited by several parties to takeover the cash-strapped water
concessionaire.

If Manila Water's proposal is approved, the Company will become
Maynilad's operator. But even if the plan is approved, Manila
Water will remain focused on its own concession and that such
investment will only be pursued if it "will provide returns that
are acceptable and that will add value to our respective
shareholders".

Manila Water and Maynilad are the two consortia that won the
government's MWSS, 25-year contract in 1997 to supply water and
provide sewerage service in metropolitan Manila.

CONTACT:

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


MAYNILAD WATER: NEDA Questions MWSS' Proposed Borrowing
-------------------------------------------------------
The National Economic and Development Authority (NEDA) has
questioned the plan of Metropolitan Waterworks and Sewerage
System (MWSS) secure a US$125-million loan form Maynilad Water
Services Inc., according to The Manila Times.

NEDA suggested in a letter that MWSS secure obtain advice from
the Office of the Government Corporate Counsel before it pursues
its proposal for the embattled water concessionaire.

The NEDA also asked the MWSS to provide a technical alternative
comparison and a cost-efficiency comparison as against the costs
of the other concessionaire in putting up a similar system. MWSS
was also required to submit documents for the projects under the
proposed World Bank package and to secure an assessment on its
borrowing from the Department of Finance.

Earlier, MWSS reportedly asked the government to borrow US$125-
million Maynilad's RGSIP be included in the World Bank's Country
Assistance Strategy because of the absence of investors willing
to lend money to Maynilad.


PACIFIC PLANS: Grepalife, Malayan Clear Their Names
---------------------------------------------------
Two firms in the Yuchengco Group of Companies have clarified
they have no exposure in sister firm Pacific Plans Inc., The
Philippine Daily Inquirer says.

Great Pacific Life Assurance Corp. and Malayan Insurance issued
the statement in response to an announcement by the Insurance
Commission that it would look into insurance companies
associated with pre-need firms.

Grepalife and Malayan said they operate independently and adhere
to the strict rules of the Insurance Commission on the use of
their funds.

Earlier, the Yuchengco group said it will assist Pacific Plans
to save the image of its other business units. It is, however,
still unclear if the support would come in the form of a fresh
capital injection to bail out the struggling pre-need provider.

The group headed by insurance and banking magnate Alfonso
Yuchengco is talking to financial institutions to put up a
liquidity window that would buy the fixed-value plans Pacific
Plans would issue to plan holders under its proposed money-back-
plus offer. The window will allow plan holders to encash these
plans even before their 2010 maturity.

The proposal is part of the rehabilitation plan Pacific Plans
has filed with a Makati City court.


PILIPINO TELEPHONE: Notes Changes in Shareholdings
--------------------------------------------------
SMART Communications Inc., a shareholder of Pilipino telephone
Corporation furnished the Philippine Stock Exchange a copy of
its SEC Form 23-B (Statement of Changes in Beneficial Ownership
of Securities), which reported the changes in its shareholdings
related to transactions dated April 22 and 25, 2005.

A copy of the said document shall be made available for
reference at the PSE Centre and PSE Plaza libraries. The same
shall likewise be made available for downloading at the PSE web
site: http://www.pse.com.ph(under Listed Companies).

For your information.

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

Noted by:

(Original Signed)
JURISITA M. QUINTOS
Senior Vice President

CONTACT:

Pilipino Telephone Corporation
G/F Mobiline Centre
6764 Ayala Avenue
1200 Makati City
Philippines
Telephone: 63 2 811 8888
Fax: 63 2 817 6888


SWIFT FOODS: To Hold Annual Stockholders' Meeting June 29
---------------------------------------------------------
Notice is hereby given that the Annual Meeting of Stockholders
of Swift Foods Inc. will be held at the Auditorium, RFM
Corporate Center, Pioneer corner Sheridan Sts., Mandaluyong City
on June 29, 2005 at 2:30 p.m.

Stockholder of record as of May 15, 2005 shall be entitled to
vote at this meeting.

The stock and transfer of books of the Corporation will not be
closed.

This Notice is hereby given pursuant to the By-Laws of the
Corporation.

CRISTINA D. REYES
Corporate Secretary

CONTACT:

SWIFT FOODS, INC.
Pioneer Corner Sheridan Streets
RFM Corporate Center
Mandaluyong City 1603
Philippines
Phone: +63 2 631 8101
Fax: +63 2 631 5064
Web site: http://www.rfm.com.ph/


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

CAPITALAND LIMITED: Unit Enters Into Sale Purchase Agreement
------------------------------------------------------------
CapitaLand Limited announced in a disclosure to the Singapore
Stock Exchange (SGX) that its indirect wholly-owned subsidiary,
CapitaRetail Beijing Anzhen Real Estate Co., Ltd (CapitaRetail
Anzhen), has on Thursday entered into sale and purchase
agreements (the Anzhen Agreements) with Beijing Hualian
Department Store Co., Ltd (Beijing Hualian Store) and Beijing
Jingwei Pte Ltd (Jing Wei) to acquire the whole of Anzhen
Shopping Mall.

This is pursuant to the co-operative agreement entered into
between CapitaLand Retail China Pte. Ltd. (CapitaLand Retail
China), a wholly-owned subsidiary of CapitaLand, and Beijing
Hualian Group Investment Holding Co., Ltd. (Beijing Hualian) on
January 4,2005 (the Co-operative Agreement) and announced on
January 4, 2005 (the Earlier Announcement).

The acquisition of the whole of Anzhen Shopping Mall will be for
a consideration of RMB690 million (approximately S$136.2
million) (the "Purchase Price"). Beijing Hualian Store is an
associated Company of Beijing Hualian and Jing Wei is a
subsidiary of Beijing Hualian. The completion of the acquisition
of Anzhen Shopping Mall is expected to be in May/June 2005,
subject to obtaining the requisite regulatory approvals and
consents.

CapitaRetail Anzhen also entered on Thursday into a lease
agreement with Beijing Hualian Store for the whole of Anzhen
Shopping Mall to be let out for a period of 20 years to the
latter upon the completion of the acquisition of Anzhen Shopping
Mall.

CapitaLand Retail China and Beijing Hualian have today also
entered into a supplemental agreement to the Co-operative
Agreement (the Supplemental Agreement).

The Supplemental Agreement provides, inter alia, that Beijing
Hualian must obtain certain approvals required for the pre-sale
of Wangjing Shopping Mall, a development which is currently
under construction, by 31 August 2005. Failing which,
CapitaLand Retail China has the right, exercisable within the
30-day period immediately following 31 August 2005, to require
Beijing Hualian to indirectly repurchase the entire Anzhen
Shopping Mall through purchasing the shares of either
CapitaRetail Anzhen or the holders of the shares of CapitaRetail
Anzhen at an amount comprising the Purchase Price and any taxes
and costs incurred by CapitaLand Retail China in acquiring
Anzhen Shopping Mall.

The rationale for the acquisitions of Anzhen Shopping Mall and
Wangjing Shopping Mall (together, the Acquisitions), the method
of financing and the financial effects of the Acquisitions have
been disclosed in the Earlier Announcement.

Copies of the Anzhen Agreements and the Supplemental Agreement
are available for inspection during normal business hours at the
registered office of CapitaLand at 168 Robinson Road, #30-01
Capital Tower, Singapore 068912 for a period of three months
commencing from the date of this Announcement.

By Order of the Board
Tan Wah Nam
Company Secretary
28 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


CIRCLE INFOCOM: To Pay Dividend May 21
--------------------------------------
Circle Infocom (S) Pte Ltd (In Liquidation) posted at the
Government Gazette, Electronic Edition a notice of intended
dividend with the following details.

Company Registration No.: 199903798H

Address of Registered Office: c/o The Liquidator's Office.

Last day for receiving Proofs: 21st May 2005.

Name and address of Liquidator:

Mr. Don M Ho, FCPA
c/o Don Ho & Associates
Certified Public Accountants
Corporate Advisory & Recoveries
Equity Plaza
20 Cecil Street #12-02 & 03
Singapore 049705
Telephone: 65320320 (8 lines)
Fax: 65320331

Dated this 22nd April 2005.


INTERACTIVE KNOWLEDGE: Winding Up Hearing Slated May 6
------------------------------------------------------
Notice is hereby given that a Petition for the Winding Up of
Interactive Knowledge Systems Pte Ltd by the High Court of
Singapore was on April 8, 2005 presented by Chittaranjan S/O D.
Raman (a contributory of the Company and a creditor) of Block
266, Pasir Ris Street 21 #03-404, Singapore 510266.

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

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

The Petitioner's address is at Block 266, Pasir Ris Street 21
#03-404, Singapore 510266.

The Petitioner's solicitors are Messrs Sant Singh Partnership of
No. 11 Collyer Quay, #05-06 The Arcade, Singapore 049317.

Messrs SANT SINGH PARTNERSHIP
Solicitors for the Petitioner.

Note:

Any person who intends to appear at the hearing of the said
Petition must serve on or send by post to the abovenamed Messrs
Sant Singh Partnership, notice in writing of his intention to do
so. The notice must state the name and address of the person,
or, if a firm, the name and address of the firm and must be
signed by the person or firm, or his or their solicitor (if any)
and must be served, or, if posted, must be sent by post in
sufficient time to reach the abovenamed not later than 12
o'clock in the afternoon of May 5, 2005.


KIM HUP: Receives Winding Up Hearing Notice
-------------------------------------------
Notice is hereby given that a petition for the winding up of Kim
Hup Hong Pte Ltd by the High Court was, on April 7, 2005
presented by Star Sin Trading Pte Ltd (a Creditor) of 809 French
Road, #07-150 Kitchener Complex, Singapore 200809.

The Petition is directed to be heard before the Court sitting in
Singapore at 10.00 a.m. on April 29, 2005.

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

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

The Petitioners' address is 809 French Road, #07-150 Kitchener
Complex, Singapore 200809.

The Petitioners' solicitor is Messrs David Ong & Co of 151 Chin
Swee Road, #08-14 Manhattan House, Singapore 169876.

Messrs DAVID ONG & CO
Solicitors for the Petitioners.

Note:

Any person who intends to appear at the hearing of the petition
must serve on or send by post to the abovenamed Solicitors,
Messrs David Ong & Co of 151 Chin Swee Road, #08-14 Manhattan
House, Singapore 169876, notice in writing of his intention to
do so. The notice must state the name and address of the person,
or, if a firm, the name and address of the firm, and must be
signed by the person or firm, or his or their Solicitors (if
any) and must be served, or if posted, must be sent by post in
sufficient time to reach the abovenamed not later than 12.00
noon of April 28, 2005.


LULEE METAL: Issues Notice to Declare Dividend
----------------------------------------------
Lulee Metal Pte Ltd (In Creditors' Voluntary Liquidation)
announced its intention to declare dividends as follows:

Address of Registered Office: c/o Deloitte & Touche 6 Shenton
Way #32-00 DBS Building Tower Two Singapore 068809.

Last day for Receiving Proofs: May 6, 2005.

Names of Liquidators: Tam Chee Chong & Wee Aik Guan.

Addresses of Liquidators : c/o Deloitte & Touche 6 Shenton Way
#32-00 DBS Building Tower Two Singapore 068809.

Dated this 22nd day of April 2005.

Tam Cheen Chong
Liquidator.


NATSTEEL LIMITED: Posts Notice of Book Closure
----------------------------------------------
Notice is hereby given that, the Register of Members and Share
Transfer Books of Natsteel Ltd. will be closed from 5:00 p.m.,
May 16, 2005 to 5:00 p.m., May 24, 2005 for the preparation of
dividend warrants. Duly completed transfers received by the
Company's share registrar, M & C Services Private Limited at 138
Robinson Road #17-00 The Corporate Office, Singapore 068906, up
to the close of business at 5.00 p.m. on 16 May 2005 will be
registered to determine shareholders' entitlement to the Final
Dividend.

In respect of the ordinary shares of the Company held in
securities accounts with The Central Depository (Pte) Limited
(CDP), the Final Dividend will be paid by the Company to CDP
which will in turn distribute the dividend entitlements to
shareholders.

The payment of the Final Dividend will be on or about June 1,
2005 or such other date to be determined by the Directors.

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


SAL CONSTRUCTION: Pays Preferential Dividend
--------------------------------------------
SAL Construction Pte Ltd. of c/o 6 Shenton Way #32-00 DBS
Building, Tower Two Singapore 068809, issued a notice of
dividend at the Government Gazette, Electronic Edition with the
following details.

Court: High Court, Singapore

Number of Matter: Companies Winding Up No. 600102 of 2002

Amount per Centum: 100 Cents in a Dollar

First and Final or Otherwise: First and Final Dividend to
Preferential

Creditors pursuant to section 328 (1) (b)

When Payable: 25th April 2005

Where Payable:

c/o 6 Shenton Way
#32-00 DBS Building, Tower Two
Singapore 068809

Dated this 25th day of April 2005.

Wee Aik Guan
And
Chaly Mah Chee Kheong
Joint & Several Liquidators


TRIBO S.E.A: Receiving Proofs of Claim until May 21
---------------------------------------------------
Tribo S.E.A. Pte Ltd (In Liquidation) posted a notice of
intended preferential dividend at the Government Gazette,
Electronic Edition with the following details.

Address of Registered Office: c/o The Liquidator's Office.

Last day for receiving Proofs: 21st May 2005.

Name and address of Liquidator:

Mr. Don M Ho, FCPA
c/o Don Ho & Associates
Certified Public Accountants
Corporate Advisory & Recoveries
Equity Plaza
20 Cecil Street #12-02 & 03
Singapore 049705
Telephone: 6532 0320 (8 lines)
Fax: 6532 0331

Dated this 22nd day of April 2005.


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

DATAMAT: CEO Tenders Resignation
--------------------------------
Datamat Public Company Ltd. informed the Stock Exchange of
Thailand (SET) that it has received a resignation letter of Mr.
Vinai Phongsathorn, Chief Executive, resigning from his duty in
the Company, effective from April 28, 2005 onwards.

For your information

Sincerely yours,

Bhana Swasdiutara
Managing Director


NATURAL PARK: Bullish on Hotel Venture
--------------------------------------
Cash-strapped Natural Park Plc (N-Park) believes it could secure
funds to finance the planned construction of a six-star hotel,
according to the Bangkok Post.

N-Park is confident it could construct the facility on land,
owned by the Treasury Department on the bank of the Chao Phraya
River, since it has enough cash flow to pay the upfront fee of
THB128.3 million at the contract signing set on May 10.

Of that amount, THB125 million will cover the brokerage fee
while the remaining THB3.3 million would go to the first-year
rent of the land. N-Park will also allocate around THB15-18
million to build new residences for the 80 families who
currently live in the location, most of which are firefighters
and marine police.

Aside from the fees payable at the contract signing, N-Park
needs around THB50 million as a deposit for the project and
another THB750-800 million for the construction, scheduled to be
completed in two years.

Last week, the firm received a notification letter from the
Treasury Department about the contract and is required to sign
it within 15 days from the date of receipt. N-Park was reviewing
the details of the contract and preparing a construction plan
for the project.

As of Dec 31, 2004, N-Park had a consolidated cash flow
statement of THB916.71 million and cash in hand of THB33.5
million.

CONTACT:

Natural Park Public Company Limited   
Address: 88 Soi Klang (Sukhumvit 49),
Sukhumvit Road, Wattana, Bangkok
Telephone: 0-2259-4800-11   
Fax: 0-2259-4819, 0-2259-4815   


RAYONG BULK: NFC Sees Debt Plan Get Nod
---------------------------------------
The majority shareholder of ailing Rayong Bulk Terminal Co. is
confident that the rehabilitation plan of the Company will
obtain approval from creditors who are set to meet May 10,
Business Day reports.

National Fertiliser Corporation (NFC) is optimistic Rayong's new
revival program, drawn up by administrator National Advisory,
will be endorsed positively by creditors.

Under the rehabilitation scheme, Rayong is expected to clear all
its outstanding debts by next year, much faster than the earlier
plan drawn up by CJ Morgan. Rayong will also repay THB258
million in total debts to the Industrial Estate Authority of
Thailand (IEAT) next year.

Meanwhile, four lenders owed a total of THB1.2 billion have
agreed to offer a 50-percebnt write-down. Thus, Rayong has to
repay only a total of THB600 million.

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


THAI NAM: Omits Dividend Payment for 2004
-----------------------------------------
The Ordinary General Shareholders' Meeting No. 36/2005 of Thai
Nam Plastic Public Company Limited held on April 28, 2005 at
2:00 p.m. at Amarin Room 2-3, Grand Hyatt Arawan Hotel, the
Company announced to the Stock Exchange of Thailand (SET) that
if had passed the following resolutions:

(1) To certify the minutes of the Ordinary General Shareholders'
Meeting No. 35/2004 held on April 28, 2004.

(2) To acknowledge and ratify the annual report and
the Board of Directors' report related to the Company's
performance in the year 2004.

(3) To approve the audited balance sheet and profit
and loss statements of the Company ended on December 31, 2004.

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

(5) To re-appoint the following directors whose tenure had ended
to be the directors of the Company for another term:

(a) Mr.Kong Mangkornkarn

(b) Mr.Natee Saengudomlerd

(c) Mrs.Siriphorn Mangkornkarn

(d) Mr.Padoong Techasarintr

(6) To appoint Miss Praphasri Leelasupha and Miss Sukanya
Sutheeprasertof SAM NAK-NGAN AMC Co., Ltd. as the auditors of
the Company for the accounting year 2005 and fix the auditing
fee totaling THB445,000 (Baht Four Hundred and Forty-five
Thousand only)

Please be acknowledged accordingly.

Sincerely Yours,
Mrs. Siriphorn  Mangkornkarn
Deputy Managing Director


THAI PETROCHEMICAL: PTT Eyes 30% Stake for THB3.30/Share
--------------------------------------------------------
PTT Plc has signified its interest to acquire around 30 percent
of Thai Petrochemical Industry (TPI) for THB3.30 per share or
more than 65 percent below TPI's current market price, The
Nation relates.

PTT has already advised the Stock Exchange of Thailand that its
board has authorized the purchase of 6.14 million shares of TPI
at THB3.30 each for a total of THB20.27 billion. It expects to
reach an agreement of the purchase this month.

In June, PTT and other investors should sign a joint agreement
to purchase their stake in TPI so that payment for the shares is
made after TPI withdraws from the rehabilitation plan, but not
later than November 4.

TPI, the country's largest corporate debt defaulter, is
restructuring US$2.7 billion (THB107 trillion) of debt, which
involves tie-ups with new partners, including the Government
Pension Fund and PTT.

CONTACT:

Thai Petrochemical Industry Pcl   
TPI Tower, Floor 8, 26/56
New Jun Road, Thungmahamek, Sathon Bangkok    
Telephone: 0-2678-5000, 0-2678-5100   
Fax: 0-2678-5001-5   
Web site: http://www.tpigroup.co.th


THAI PETROCHEMICAL: MOF OKs Capital Stock Allocation
----------------------------------------------------
The Ministry of Finance (MOF), with the absolute right
to procure strategic investors and allocates capital
stock of Thai Petrochemical Industry Public Company
Limited (TPI) in accordance with TPI's Business Reorganization
Plan (Plan), notified the Stock Exchange of Thailand
(SET) that it has agreed to allocate the capital stock
to the strategic investors under the following
conditions:
         
(1) The capital stock allotment to strategic investors
are:

PTT Pcl.                                        31.5%    
                           
Government Saving Bank                          10.0%

Government Pension Fund                         10.0%

Vayupak Fund-One or Other                       10.0%  
funds approved by MOF                                 

Existing Shareholders
(Except Shareholders of Existing Equity)        20.0%

Scheme Creditors                                 8.5%
              
                           
TOTAL                                           90.0%
             
                    
(2) Major terms of the Share Purchase Agreement
including an indicative price of THB 3.30 per share
are to be used as a principle for further negotiations
over terms of the purchasing and other associate contracts.

Yours sincerely,
         
Suwit Nivartvong
Plan Administrator, for
The Thai Petrochemical Industry Pcl.
         
Notes

(1) Existing Equity means 5,898,911,211 existing
ordinary shares held by or on behalf of Scheme Creditors prior
to the New Court Sanction Date.

(2) Capital Stock means TPI's existing equity and new
equity of 19,500,000 shares excluding the capital
increase of no more than 975,000,000 shares under the
Employee Stock Option Program (ESOP).


                            *********


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

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