TCRAP_Public/050503.mbx                T R O U B L E D   C O M P A N Y   R E P O R T E R

                            A S I A   P A C I F I C

                     Tuesday, May 3, 2005, Vol. 8, No. 86

                                  Headlines

A U S T R A L I A

AIRPORT CEILINGS: To Pay Dividend May 23
APTVILLE PTY: Hires Liquidator from Chartered Accountants
ASPIRATIONS UNLIMITED: Appoints Liquidator to Wind Up Company
BRASHS PTY: Fixes May 29 as Dividend Payment Date
DREAMWORKS PRESS: To Hold Final Meeting May 5

EDWARD MANDER: Members, Creditors to Meet May 9
GENEVA FINANCE: S&P Assigns 'B+' Rating
GRANTS ENDEAVOURS: Winds Up Voluntarily
HIH INSURANCE: Cassidy Goes to Jail
JD BERRI: Members Pass Resolution to Wind Up Company

J.N. & S.M.: Fixes May 5 as Final Meeting Date
JOKEDO GRAZING: Liquidator to Report on Winding Up at Meeting
K.E. OPTICAL: Lays Out Final Meeting Agenda
K. GREEN: Enters Winding Up Process
LINTER GROUP: ATO Wins Tax Row

LOGICAL GROUP: To Declare Dividend May 10
MACWORLD MEDIA: To Declare Final Dividend May 20
MAJOR MOTORS: Members Resolve to Wind Up Company
META LANGUAGE: Names David Henry Scott as Liquidator
MSW FINANCE: Voluntarily Winds Up

MULTIPLEX: Reaps AU$376.3 Mln from Assets Sale
NATIONAL AUSTRALIA: Idoport Continues Fight
PIN HOLDINGS: Members Agree to Wind Up Company
RMG LIMITED: Enters Voluntary Administration
SIGNPROFILES PTY: Former Director Jailed for AU$3.9 Mln Fraud

WESTERN COMPUTER: Lays Out Final Meeting Agenda
WORLDWIDE CONTRACTING: Hires Liquidator to Wind Up Company


C H I N A  &  H O N G  K O N G

AURASOUND SPEAKERS: Unveils Appointment of Liquidators
CHINA INTERNATIONAL: To Hold Creditors, Contributories Meeting
CHINA SOUTHERN: Government to Shut Down Brokerage
C.P. POKPHAND: Gets US$140 Mln New Loan Facility
CHINA SCIENCES: 2004 Net Loss Shrinks to HKD6.58 Mln

EZCOM HOLDINGS: Notes Unusual Price, Volume Movements
G&N INTERNATIONAL: Court Sets Winding Up Hearing June 1
IN-CIRCUIT PCB: Court Releases Winding Up Order
JAZZ PHOTO: To Appoint Liquidators, Committee Inspection
SEMICONDUCTOR MANUFACTURING: Widens 1Q05 Net Loss to HKD30 Mln

SET PHONE: Winding Up Hearing Set For May 18
SIU FUNG: Begins Winding Up Process
START TARGET: Winding Up Hearing Set For June 8
THL (HOLDINGS) COMPANY: Court Issues Winding Up Notice
THL MARKETING: Receives Winding Up Notice

* Moody's Says China To Shift Focus In Bank Recapitalization


I N D O N E S I A

BANK MANDIRI: Probe Confirms Indications of Corruption
BANK PERMATA: Sees 3% Increase in 2005 Net Quarterly Profit
GARUDA INDONESIA: To Sell Off Assets in Restructuring
TELEKOMUNIKASI INDONESIA: Net Profit Drops 34% to IDR1 Tln


J A P A N

DAIEI INCORPORATED: To Accept 200 Early Retirements This Month
FUJITSU LIMITED: Amkor To Pay HKD40 Mln to Settle Case
MATSUSHITA ELECTRIC: Updates Stock Acquisition Rights
MATSUSHITA ELECTRIC: To Execute Own Share Repurchase
MATSUSHITA ELECTRIC: Discloses Large-scale Purchase Rules


K O R E A

HYNIX SEMICONDUCTOR: Sells High-Risk Bonds to Pay Off Debt
LG CARD: Creditors Aim to Divest Firm Before March 2006


M A L A Y S I A

AKTIF LIFESTYLE: In Talks with White Knights on Restructuring
I-BERHAD: Repurchases Extra Shares
KEMAYAN CORPORATION: Posts FY05 Third Quarter Results
LITYAN HOLDINGS: To Seek New Businesses, Sell Non-Core Assets
OLYMPIA INDUSTRIES: Sets Timetable to Complete Restructuring

PANGLOBAL BERHAD: Bank OKs Disposal of Equity Stake in Unit
PICA CORPORATION: Issues Updates on Credit Facilities' Repayment
PILECON ENGINEERING: Sees No Changes in Default Payment Status
PILECON ENGINEERING: Unaware of Unusual Market Activity
PROMTO BERHAD: To Submit Application for Restructuring on May 18


P H I L I P P I N E S

BAYAN TELECOMMUNICATIONS: Sees Php6.1 Bln in Revenue This Year
BELLE CORPORATION: Annual Stockholders' Meeting Set June 3
BELLE CORPORATION: Keen on New Project
COLLEGE ASSURANCE: CAP Calls Lawsuit a "Nuisance"
MANILA ELECTRIC: Mulls New Rate Hike Petition

MAYNILAD WATER: Expects New Owner by Year-end
NATIONAL POWER: ERC Says Only SC Can Probe Rate Hike Order
PHILIPPINE NICKEL: China Pledges US$950-Mln Investment


S I N G A P O R E

AIROCEAN GROUP: Disposes of 700 Shares in Indonesian Unit
ALVION ASIA: Posts Notice of Dividend
BINTAN LAGOON: Served with Winding Up Order
CHINA AVIATION: Extends Date of Submission of Financial Results
CITIRAYA INDUSTRIES: SGX-ST OKs Extension of Submission of FS

DEVON INDUSTRIES: To Pay Dividend on May 6
GREATRONIC LIMITED: Re-appoints Ernst & Young as Auditor
GREATRONIC LIMITED: Seeks for a Court Appointed Judicial Manager
KOH BROTHERS: Passes All Resolutions Laid out in AGM Notice
VENTURECORP BUSINESS: Faces Winding Up Proceedings

WANT WANT: Acquires Remaining 30.79% Shares in Unit


T H A I L A N D

POWER-P: Settles Debts to Creditors
POWER-P: Omits Dividend Payment for 2004
TANAYONG PUBLIC: Issues Business Reorganization Progress Report
THAI DURABLE: Unveils Resolution Passed at AGM
BOND PRICING: For the Week 2 May to 6 May 2005

     -  -  -  -  -  -  -  -

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

AIRPORT CEILINGS: To Pay Dividend May 23
----------------------------------------
A First and Final dividend is to be declared on May 23, 2005 for
Airport Ceilings Pty. Ltd. (In Liquidation) A.C.N. 006 122 032.

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

Dated this 24th day of March 2005

N. Giasoumi
Joint and Several Liquidator
Dye & Rennie
Chartered Accountants
Suite 8, 260 Auburn Road,
Hawthorn 3122


APTVILLE PTY: Hires Liquidator from Chartered Accountants
---------------------------------------------------------
At a general meeting of the members of Aptville Pty Ltd (In
Liquidation) A.C.N. 080 579 497 duly convened and held at 13
Panoramic Drive, Narangba, on March 9, 2005, the special
resolution set out below was duly passed.

That the Company be wound up voluntarily pursuant to Section
491(1) of the Corporations Act and Mr. R. Vile be appointed
liquidator for the purpose of such winding up.

Dated this 9th day of March 2005

R. Vile
Liquidator
Chartered Accountant
21st Floor, 300 Queen Street,
Brisbane Qld 4000
Telephone: (07) 3228 4000


ASPIRATIONS UNLIMITED: Appoints Liquidator to Wind Up Company
-------------------------------------------------------------
Notice is hereby given that at an adjourned extraordinary
general meeting of members and creditors of Aspirations
Unlimited Pty Ltd (In Liquidation) A.C.N. 065 970 550 held on
March 22, 2005 it was resolved that the Company be wound up
voluntarily as from March 15, 2005 and that for such purpose
Joseph Loebenstein, Chartered Accountant and Registered
Liquidator, of Green & Sternfeld Corporate Services Pty Ltd, 201
Balaclava Road, Caulfield North, Victoria, be appointed
liquidator.

Dated this 22nd day of March 2005

Joseph Loebenstein
Liquidator
Green & Sternfeld Corporate Services Pty Ltd
201 Balaclava Road,
Caulfield North Vic 3161


BRASHS PTY: Fixes May 29 as Dividend Payment Date
-------------------------------------------------
A ninth dividend is to be declared on May 29, 2005 for Brashs
Pty Ltd (Subject To Deed Of Company Arrangement) A.C.N. 004 054
808.

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

Dated this 29th day of March 2005

L. P. Maxsted
Liquidator
KPMG
Level 2, 161 Collins Street,
Melbourne Vic 3000
Telephone: (03) 9288 5555


DREAMWORKS PRESS: To Hold Final Meeting May 5
---------------------------------------------
Notice is hereby given pursuant to Section 509(1) of the
Corporations Act 2001 that a final general meeting of the
members and creditors of Dreamworks Press Pty Ltd (In
Liquidation) A.C.N. 097 701 347 will be held at the offices of
PPB, Chartered Accountants, Level 10, 90 Collins Street,
Melbourne on May 5, 2005 at 11:00 a.m. for the purpose of having
an account laid before them showing the manner in which the
winding up has been conducted and the property of the Company
disposed of and hearing any explanations that may be given by
the liquidator.

Dated this 23rd day of March 2005

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


EDWARD MANDER: Members, Creditors to Meet May 9
-----------------------------------------------
Notice is given that pursuant to Section 509 of the Corporations
Act, the final combined meeting of the members and creditors of
Edward Mander & Sons Pty Ltd (In Liquidation) A.C.N. 010 701 336
will be held at the offices of Horwath Jefferson Stevenson,
Level 4, 370 Queen Street, Brisbane Qld 4000, on Monday, May 9,
2005, at 11:00 a.m. for the purposes of having an account laid
before them showing the manner in which the winding up has been
conducted and the property of the Company disposed of and of
hearing any explanations that may be given by the Liquidators.

Dated this 23rd day of March 2005

Gerald T. Collins
Liquidator
c/- Horwath Jefferson Stevenson
Level 4, 370 Queen Street,
Brisbane Qld 4000


GENEVA FINANCE: S&P Assigns 'B+' Rating
---------------------------------------
Standard & Poor's Ratings Services assigned its 'B+' long-term
counterparty credit rating on New Zealand-based finance Company
Geneva Finance Ltd. The outlook is stable.

The counterparty credit rating on New Zealand-based finance
Company Geneva is limited by its small absolute size of capital,
and small market position and developing business franchise,
reflecting its start-up in 2002.

Also moderating the rating is Geneva's heavy reliance on
debentures, which places greater reliance on its liquidity
management capabilities.

"Positive factors include Geneva's good earnings potential,
benefiting from strong net interest margins, and good asset
quality experience although Geneva's loan portfolio is
unseasoned and is exposed to a higher risk market segment that
is highly competitive," said Standard & Poor's credit analyst,
Craig Bennett, Financial Services Ratings.

Standard & Poor's views Geneva's asset quality will not
deteriorate materially from its present good level in the short
to medium term, and that its earnings momentum will benefit from
an expanding business profile.

Although competition from larger market players may challenge
the Company's market share and position, continued growth in
loans is expected to place greater reliance on debenture funding
and liquidity management capabilities. Comfort with Geneva's
small capital resources is subject to maintenance of its good
credit loss record and continued earnings growth.

CONTACT:

Geneva Finance Limited
Unit 6, 3041 Great North Rd
New Lynn Auckland
Phone: 0-9-415 5787


GRANTS ENDEAVOURS: Winds Up Voluntarily
---------------------------------------
Notice is hereby given that at an Extraordinary General Meeting
of Grants Endeavours Pty Ltd (In Liquidation) A.C.N. 008 681
883, held on March 16, 2005, it was resolved that the Company be
wound up voluntarily and that, K. S. Wallman of PO Box 4055,
Wembley, WA, be appointed Liquidator.

Dated this 16th day of March 2005

K. S. Wallman
Liquidator
PO Box 4055, Wembley WA


HIH INSURANCE: Cassidy Goes to Jail
-----------------------------------
Mr. Jeffrey Lucy, Chairman of the Australian Securities and
Investments Commission (ASIC), announced that Mr. Terry Cassidy,
the former Managing Director, Australia of HIH Insurance
Limited, has been sentenced to 15 months imprisonment, to be
released on 28 February 2006 after serving 10 months, in
relation to three criminal charges arising from his management
of the HIH group of companies from 1998 to 2000.

Mr. Cassidy was sentenced before Justice Wood in the New South
Wales Supreme Court, having earlier pleaded guilty to two
criminal charges under the Crimes Act (NSW) and one criminal
charge under the Corporations Act.

In sentencing, His Honour Justice Wood recognized that Mr.
Cassidy has, and will continue to provide assistance to ASIC
during the course of its investigations and any future
prosecutions.

"The sentencing of Mr. Cassidy to 15 months jail reflects the
community's belief that Company directors who act recklessly,
and by so doing, distort the true financial position of a
Company, should be held accountable for their actions," Mr. Lucy
said.

"Conduct which misleads regulators, and the market more
generally, undermines public confidence and puts at risk the
investments of shareholders. The jailing of Mr. Cassidy sends a
very strong message that this type of conduct will not be
tolerated," Mr. Lucy said.

Mr. Cassidy was sentenced in relation to criminal charges that
he:

(1) Acted with reckless disregard in the making of a false or
misleading statement to the Australian Prudential Regulation
Authority (APRA) by not disclosing, contrary to the Insurance
Act, that $129 million in assets of CIC Insurances Ltd (CIC)
were charged for the benefit of a party other than CIC;

(2) Acted with reckless disregard in the making of a false or
misleading statement to APRA that CIC had exceeded the minimum
solvency requirements of the Insurance Act by approximately $17
million, when in fact there was a deficiency of approximately
$111 million;

(3) Was reckless and failed to properly exercise his powers and
discharge his duties for a proper purpose as a director of HIH
Investment Holdings Ltd (HIHIH) and FAI Insurances Limited
(FAI), in that he signed a series of documents concerning an
application by HIHIH for 200 million shares in FAI which
documents he knew had been backdated to 23 June 2000.

"This is the fourth guilty plea, and third jailing that ASIC has
achieved as part of its HIH investigation. ASIC will continue to
ensure that Company directors or officers who act recklessly or
dishonestly are brought before the Courts," Mr. Lucy said.

ASIC's investigation into the collapse of HIH is continuing.

Background

On 23 December 2003, Mr. William Howard, a former General
Manager of HIH Insurance Limited, was sentenced to three years
imprisonment, fully suspended on the basis of on-going
assistance to the HIH investigation. Mr. Howard had pleaded
guilty to two counts of criminal misconduct, namely that he
dishonestly received from Mr. Brad Cooper approximately $124,000
in return for facilitating payments by HIH directly or
indirectly in favor of Mr. Cooper. Mr. Howard also admitted
facilitating a payment of $737,000 to a Company associated with
Mr. Cooper knowing that the payment obligation had already been
discharged.

On 22 October 2004, Mr. Bradley Cooper was committed for trial
on six charges of corruptly giving a cash benefit to influence
an agent of HIH Insurance Limited, namely Mr. Howard, and seven
charges of publishing a false or misleading statement with
intent to obtain financial advantage. The trial is set down to
commence on 1 August 2005.

On 20 April 2004, Mr. Charles Abbott, the former Deputy Chairman
of HIH Insurance Limited, was charged with dishonestly using his
position as a Company director. The committal hearing is set
down to commence on 30 May 2005.

On 19 July 2004, Mr. Timothy Maxwell Mainprize was committed for
trial on charges of failing to act honestly in the exercise of
his powers and discharge of his duties as an officer of FAI
General Insurance Company Limited. He was also committed on one
count of providing false and misleading information. His trial
is set down to commence on 5 September 2005.

On 19 July 2004, Mr. Daniel Wilkie was committed for trial on
charges of failing to act honestly in the exercise of his powers
and discharge of his duties as an officer of FAI General
Insurance Company Limited. He was also committed on one count of
providing false and misleading information. His trial is set
down to commence on 5 September 2005.

On 19 July 2004, Mr. Stephen Burroughs was committed for trial
on charges of failing to act honestly in the exercise of his
powers and discharge of his duties as an officer of FAI General
Insurance Company Limited.

On 16 February 2005, Mr. Rodney Adler pleaded guilty to four
charges, two of disseminating false information that was likely
to induce people to buy HIH shares, one of making and publishing
false statements and one of being intentionally dishonest and
failing to discharge his duties in good faith. Mr. Adler was
sentenced on 14 April 2005 to four-and-half years' jail with a
non-parole period of two-and-a-half years.

On 15 December 2004, Mr. Ray Williams pleaded guilty to three
charges, namely of failing to properly exercise his duties as
Company director by signing a misleading letter to FAI Note
Holders, giving investors misleading information in the HIH
1998-99 Annual Report and omitting information from a prospectus
to raise up to $155 million for the takeover of FAI.

On 15 April 2005, Mr. Williams was sentenced to four-and-a-half
years jail, with a non-parole period of two years and nine
months.


JD BERRI: Members Pass Resolution to Wind Up Company
----------------------------------------------------
Notice is hereby given that on March 21, 2005 the members of JD
Berri Pty Ltd A.C.N. 007 904 065 resolved by special resolution
to voluntarily wind up, and appointed as liquidator M. J.
Charles of 146 Langtree Avenue,Mildura.

M. J. Charles
Liquidator


J.N. & S.M.: Fixes May 5 as Final Meeting Date
----------------------------------------------
Notice is hereby given that pursuant to section 509 of the
Corporations Act 2001, the Final Meeting of Creditors and
Members of J.N. & S.M. Swanson Pty. Ltd. (In Liquidation) A.C.N.
010 090 614 will be held at the offices of Pilot Partners, Level
5, 175 Eagle Street, Brisbane on May 5, 2005 at 9:30 a.m. for
the purposes of laying before the meeting the liquidators' final
account and report and giving any explanation thereof.

Dated this 24th day of March 2005

Bradley Hellen
Ann Fordyce
Joint & Several Liquidators
Pilot Partners
Chartered Accountants
Level 5, 175 Eagle Street,
Brisbane Qld 4000


JOKEDO GRAZING: Liquidator to Report on Winding Up at Meeting
-------------------------------------------------------------
Notice is given pursuant to Section 509 of the Corporations Act
2001 that a meeting of the members of Jokedo Grazing Company Pty
Ltd (In Liquidation) A.C.N. 009 700 976 will be held at the
offices of Grant Thornton, Level 4, 102 Adelaide Street,
Brisbane Queensland 4001 on May 10, 2005 at 9:30 a.m., for the
purpose of having an account laid before them showing the manner
in which the winding up has been conducted and the property of
the Company disposed of and of hearing any explanation that may
be given by the Liquidator.

Dated this 29th day of March 2005

M. G. Mccann
Liquidator
Grant Thornton
Chartered Accountants
Level 4, 102 Adelaide Street,
Brisbane Queensland 4000


K.E. OPTICAL: Lays Out Final Meeting Agenda
-------------------------------------------
Notice is given that final meetings of members and creditors of
K.E. Optical Pty Ltd (In Liquidation) A.C.N. 006 555 264 will be
held at the offices of CJL Partners Pty Ltd, Level 3, 180
Flinders Lane, Melbourne, 3000 at 10:00 a.m. and 10:30 a.m.
respectively on Friday, May 6, 2005.

AGENDA

To lay before the meeting an account of the Liquidators' acts
and dealings and of the conduct of the winding up.

Dated this 24th day of March 2005

David J. Lofthouse
Liquidator
CJL Partners
Level 3, 180 Flinders Lane,
Melbourne Vic 3000
Telephone: 9639 4779
Facsimile: 9639 4773


K. GREEN: Enters Winding Up Process
-----------------------------------
At a General Meeting of K. Green & Co. Pty Ltd (In Liquidation)
A.B.N. 40 008 736 669, duly convened and held at 24 Walters
Drive, Herdsman on March 16, 2005, the following Special
Resolution was passed:

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

Dated this 16th day of March 2005

Malcolm Shreeve
Liquidator
Shreeve & Carslake
24 Walters Drive,
Herdsman WA 6017


LINTER GROUP: ATO Wins Tax Row
------------------------------
The High Court last week forced bankrupt textile giant Linter
Group to pay taxes on AU$10 million in capital gains, The
Australian reports.

Linter faced the tax obligation after the High Court upheld an
appeal by the Australian Taxation Office (ATO).

The Court held that subsidiary Linter Textiles Australia could
not offset its tax bill using losses, which were partially
incurred after it was wound up. The group collapsed with AU$550
million in debts in 1990 and disgraced Sydney businessman Abe
Goldberg fled Australia for Poland.

In 2000, the tax office issued a bill for liabilities on AU$10
million in income earned by Linter during 1991 and 1992. To
offset the debt, Linter attempted to carry forward a
AU$10,393,871 loss from 1989-90 and a AU$9,929,676 loss
transferred from its parent Company. The ATO rejected the
deductions but the federal court upheld Linter's claim in 2002.

But last week, the High Court overturned the Federal Court's
decision, unanimously accepting the ATO's argument that the
Goldberg family no longer controlled Linter Textiles after it
was ordered to wind-up in April 1991.

The High Court also rejected other arguments finding that
involuntary liquidation had no impact upon Linter's beneficial
ownership of its assets.


LOGICAL GROUP: To Declare Dividend May 10
-----------------------------------------
A first & final dividend is to be declared on May 10, 2005 for
Logical Group Australia Pty Ltd (In Liquidation) A.C.N. 010 643
651.

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

Dated this 23rd day of March 2005

Robert Eugene Murphy
Liquidator
R. E. Murphy
Level 9, 46 Edward Street,
Brisbane Qld 4000


MACWORLD MEDIA: To Declare Final Dividend May 20
------------------------------------------------
A first and final dividend is to be declared on May 20, 2005 for
Macworld Media Pty Ltd (Subject To Deed Of Company Arrangement)
A.C.N. 089 858 033.

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

Dated this 24th day of March 2005

Warren White
Deed Administrator
Macworld Media Pty Ltd
c/- PPB
Chartered Accountants
Level 10, 90 Collins Street,
Melbourne Vic 3000
Telephone: 03 9654 1517
Facsimile: 03 9654 1515


MAJOR MOTORS: Members Resolve to Wind Up Company
------------------------------------------------
Notice is hereby given that at a general meeting of members of
Major Motors Pty Ltd (In Liquidation) A.C.N. 009 715 164 held on
March 14, 2005 it was resolved that the Company be wound up
voluntarily and that for such purpose Michael Owen, Chartered
Accountant, of BDO Kendalls, Level 18, 300 Queen Street,
Brisbane Qld 4000 be appointed Liquidator.

Dated this 17th day of March 2005

Michael Owen
Liquidator


META LANGUAGE: Names David Henry Scott as Liquidator
----------------------------------------------------
Notice is hereby given that at an extraordinary general meeting
of members of Meta Language Engineering (Aust) Pty Ltd (In
Liquidation) A.C.N. 100 888 800 held on 18 March 2005, it was
resolved that the Company be wound up voluntarily and at a
meeting of creditors held on March 21, 2005 it was resolved that
for such purpose, David Henry Scott of Jones Condon Scott,
Ground Floor, 77 Station Street, Malvern Victoria be appointed
Liquidator.

Dated this 22nd day of March 2005

David Henry Scott
Liquidator
Jones Condon Scott
Chartered Accountants
77 Station Street, Malvern Vic 3144


MSW FINANCE: Voluntarily Winds Up
---------------------------------
Notice is hereby given that on March 21, 2005 the members of MSW
Finance Pty Ltd A.C.N. 074 458 941 resolved by special
resolution to voluntarily wind up, and appointed as liquidators
R. T. Saunders of 4 Carramar Drive, Gol Gol & P. G. Wilson of
Farm 82, Gol Gol.

R. T. Saunders
Joint Liquidator


MULTIPLEX: Reaps AU$376.3 Mln from Assets Sale
----------------------------------------------
Multiplex Group said it raised some AU$376.3 million from the
sale of three properties, reports Dow Jones Newswires.

Aside from the sale, the group has also acquired a 50-percent
stake in Sydney's World Square Shopping Center for AU$103.5
million and invested AU$20.2 million in a property fund.

The transactions followed a detailed review of its property
trusts portfolio after it completed the takeover of the Ronin
Property Group. The transactions reportedly met previously
stated objectives, including the reweighing of the portfolio
toward the retail sector.

Multiplex said that the balance of funds from the sale will be
used to refinance debt on the property trust's revolving credit
facilities.

The Company said the transactions will have a neutral impact on
the earnings for the 2006 financial year.

CONTACT:

Multiplex Limited
Level 4
1 Kent Street
Millers Point NSW 2000
Phone: +61 2 9256 5000
Fax: +61 2 9256 5001
Web site: http://www.multiplex.com.au


NATIONAL AUSTRALIA: Idoport Continues Fight
-------------------------------------------
Computer systems group Idoport has returned to the court to
start anew its battle with National Australia Bank (NAB),
according to the Sydney Morning Herald.

Idoport, which had a AU$50 billion lawsuit against NAB, has
returned to the courts with a new financial backer.

Idoport owner John Maconochie had filed a case against NAB and
unit National Markets Group Limited (NMG) for alleged breach of
contract over the bank's failure to develop and market his
electronic trading platform AUSMAQ.

In January 2002, however, the NSW Supreme Court dismissed the
case when Mr. Maconochie failed to secure funds to continue the
fight after trial costs had ballooned to nearly AU$22 million.

Idoport has won the support of US-based hedge fund Elliott
Associates which has a track record of digging into its own
pockets to fight for investor rights.

Idoport's fresh proceedings focus on claims for payment of
contractual performance bonuses which it alleges are due, and
will be due in the future, arising from actual use by NAB's
subsidiaries of similar or equivalent platforms.

The case was scheduled for hearing in the NSW Supreme Court on
June 27 and 28, 2005.

Meanwhile, NAB said it will fight the new claims, which it
described as "ill conceived".

CONTACT:

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


PIN HOLDINGS: Members Agree to Wind Up Company
----------------------------------------------
At meetings of its members and creditors held on March 18, 2005,
it was resolved that Pin Holdings Pty Ltd (In Liquidation)
A.C.N. 009 969 788 be wound up voluntarily and that Trevor John
Schmierer and Jonathan Paul McLeod of Knights Insolvency
Administration be appointed Joint and Several Liquidators.

Dated this 18th day of March 2005

Jonathan Mcleod
Joint and Several Liquidator


RMG LIMITED: Enters Voluntary Administration
--------------------------------------------
RMG Limited and nine of its Australian subsidiaries were
suspended from trading Friday, a day after going into voluntary
administration, Australian Company News Bites says.

The Company called in joint administrators Wayne Benton and Rod
Slattery of PPB after incurring a hefty AU$21 million in debt.

Around AU$17.5 million of the debt is reportedly related to the
purchase of books.

RMG Limited is one of the largest receivables management groups
in the Southern Hemisphere, formed initially by the merger of 22
companies in this field in Australia and New Zealand.

The establishment of RMG Limited in April 2000 represented the
first major restructuring of the receivables management industry
in this region and provided an important platform for the
industry to achieve greater professional recognition.

RMG Limited provides the business and public sector with access
to world class resources, facilities and techniques, in the
rapidly expanding receivables, outsourcing and information
markets.

CONTACT:

RMG Limited
Level 1, 363 King St
Melbourne
VIC, 3000
Phone: +61 1300 135 284
Fax: +61 3 9326 4616
E-mail: contact@rmg.com.au
Web site: http://www.rmg.com.au/


SIGNPROFILES PTY: Former Director Jailed for AU$3.9 Mln Fraud
-------------------------------------------------------------
Mr. Jeffrey Lucy, Chairman of the Australian Securities and
Investments Commission (ASIC), noted that former Sydney
director, Mr. John Robert Forwood, has been jailed for three
years and nine months with a non-parole period of 18 months,
after pleading guilty to 13 criminal charges of defrauding
AU$3.9 million.

Mr. Forwood, formerly of Kenthurst, was sentenced in the
District Court of New South Wales by Acting Judge Karpin.

Mr. Forwood, a former director of Signprofiles (NSW) Pty Ltd
(Signprofiles), authorized and submitted AU$3.9 million worth of
bogus invoices and accounts to Navmost Pty Ltd between November
2000 and January 2001. Navmost is a debt factoring Company
trading as Business Capital Finance Group (BCFG).

The fictitious invoices were allegedly for line marking and road
maintenance work completed by Signprofiles, however no such work
was ever carried out. ASIC alleged the false invoices and
documentation were submitted to BCFG with the intention that
BCFG accept them as genuine. BCFG did accept them as genuine and
paid Signprofiles 80 per cent of the invoiced amount.

BCFG has been unable to recover any of the money that related to
the false invoices.

"The jailing of Mr. Forwood sends a strong message that the
community will not tolerate fraudulent behavior, and those
responsible will be pursued and punished," Mr. Lucy said.

"ASIC will continue to bring directors who deliberately act
dishonestly and recklessly to account. The corporate community
should remember that failing to act responsibly and honestly
carries serious consequences."

ASIC alleged Mr. Forwood spent the money he fraudulently
obtained on personal expenses, including repayments on mortgages
for properties he owned, as well as Company expenses.

Mr. Forwood has been in custody awaiting sentencing since
September 2004.

Signprofiles is in liquidation and had a receiver and manager
appointed on 31 January 2001.

The charges were prosecuted by the Commonwealth Director of
Public Prosecutions.


WESTERN COMPUTER: Lays Out Final Meeting Agenda
-----------------------------------------------
Notice is given that a Final Meeting of Creditors and Members of
Western Computer Australasia Pty Ltd (In Liquidation) A.C.N. 010
643 759 will be held at the office of the Liquidators, 7th
Floor, 145 Eagle Street, Brisbane on May 5, 2005, at 10:00 a.m.

AGENDA

To lay before the Meeting the Liquidators' Account showing how
the winding up has been conducted and the property of the
Company has been disposed of and giving any explanation thereof,
pursuant to Section 509 of the Corporations Act 2001.

Proxies intended for use at the Meeting should be lodged at the
office of Ferrier Hodgson (Qld), 145 Eagle Street, Brisbane, not
later than 4 May 2005.

Dated this 23rd day of March 2005

Peter Geroff
Liquidator
c/- Ferrier Hodgson (Qld)
Level 7, 145 Eagle Street,
Brisbane Qld 4000


WORLDWIDE CONTRACTING: Hires Liquidator to Wind Up Company
----------------------------------------------------------
Notice is hereby given that at a General Meeting of Members of
Worldwide Contracting Pty Ltd (In Liquidation) held on March 24,
2005 it was resolved that the Company be wound up voluntarily,
and at a meeting of creditors held on the same day pursuant to
Section 497 of the Corporations Law, it was resolved that for
such purposes Roger David Midgley Smith of 126 George Street,
Morwell be appointed liquidator.

Dated this 24th day of March 2005

R. D. M. Smith
Liquidator
126 George Street,
Morwell Vic 3840


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

AURASOUND SPEAKERS: Unveils Appointment of Liquidators
------------------------------------------------------
By an order made by the High Court of Hong Kong Special
Administrative Region Court of First Instance dated March 10,
2005, Mr. Desmond Chung Seng Chiong and Mr. Roderick John Sutton
both of Ferrier Hodgson Limited, 14th Floor, Hong Kong Club
Building, 3A Chater Road, Central, Hong Kong, were appointed as
the Joint and Several Liquidators of Aurasound Speakers Limited
with a committee of inspection.

Dated this 29th day of April 2005.

Desmond Chung Seng Chiong
Roderick John Sutton
Joint and Several Liquidators


CHINA INTERNATIONAL: To Hold Creditors, Contributories Meeting
--------------------------------------------------------------
China International Business Development (Hong Kong) Limited
issued a notice of first meetings in the High Court of the Hong
Kong Special Administrative Region Court of First Instance at
the following date and time:

Date of Meetings: May 12, 2005 (Thursday)
Creditors: 10:30 a.m.
Contributories: 11:30 a.m.

Place: Official Receiver's Office, 10th Floor, Queensway
Government Offices, 66 Queensway, Hong Kong.

Dated this 29th day of April 2005.

E T O'CONNELL
Official Receiver & Provisional
Liquidator


CHINA SOUTHERN: Government to Shut Down Brokerage
-------------------------------------------------
Chinese regulators have decided to finally shut down China's
fifth largest brokerage China Southern Securities Co. Limited,
according to Reuters.

China Jianyin Investment Holding Co., an affiliate of
Construction Bank, was expected to acquire the brokerage's
securities and investment bank assets.

Sources have told Reuters that Southern Securities owed debt of
more than CNY10 billion.

Regulators seized the ailing securities house in an
unprecedented move in early 2004, citing mismanagement and
"irregularities", dealing a blow to the flagship securities firm
in the southern boomtown of Shenzhen.

Government officials will announce the closure of the brokerage
house after meeting with the representatives of the China
Securities Regulatory Commission and the central bank on April
29.


C.P. POKPHAND: Gets US$140 Mln New Loan Facility
------------------------------------------------
In a disclosure to the Hong Kong Stock Exchange, the Directors
of C.P. Pokphand Co. Ltd. announces the following:

(1) On 18th April, 200s5, the Company entered into an agreement
(the Loan Facility Agreement) with two banks in Thailand
relating to a loan facility of US$140 million (the New Loan
Facility) which was subject to various conditions including the
requirement that the Company would obtain new equity of US$30
million which would be applied together with the New Loan
Facility to repay the Company's existing indebtedness to certain
bank creditors and the holders of the Company's floating rate
notes in the aggregate sum of approximately US$146.9 million
(the Restructuring Loan) and a bridging loan in the sum of
approximately US$20.8 million (the Bridging Loan) on or before
April 30, 2005.

(2) The relevant resolutions proposed at the Special General
Meeting of the Company held on April 21, 2005 were duly passed
and accordingly the capital reorganisation involving a proposed
reduction of the Company's paid-up capital and nominal value of
each of the issued shares of the Company and a proposed
cancellation of the authorised but unissued shares of the
Company and the increase of the Company's authorised capital to
its original level (the Capital Reorganization) and the
subscription by Worth Access Trading Limited (Worth
Access) of a total of 731,250,000 shares of nominal value
US$0.01 each (the Subscription Shares) for cash at HK$0.32 per
share (to be issued with warrants to subscribe for up to
577,940,000 shares of the Company (the Warrants)) (the
Subscription) were approved.

(3) The Capital Reorganization became effective on April 22,
2005.

(4) The Subscription was completed on April 22, 2005 and
accordingly the Subscription Shares and the Warrants have been
issued and allotted to Worth Access. The net proceeds of the
Subscription will be applied in accordance with its intended use
as referred to in the Announcement.

(5) The New Loan Facility was drawn down on April 28, 2005 and
will be applied, together with the proceeds received by the
Company under the Subscription, to retire the Restructuring Loan
and the Bridging Loan. As provided in the Loan Facility
Agreement, the New Loan Facility is to be repaid in 14 semi-
annual consecutive installments and the final maturity date of
the New Loan Facility is the date which is seven years after the
date on which it is utilized (i.e. 28th April, 2012).

Under the Loan Facility Agreement, it would be an event of
default if the Company fails to procure that (1) C.P. Intertrade
Co., Ltd. (CP Intertrade) at all times maintains its
shareholding in CPI Holding Co., Ltd. (CPI) at not less than 99%
(CP Intertrade currently holds 100% of the issued share capital
of CPI) and (2) CPI and its affiliates (being (i) any person or
entity which has a direct or indirect interest in CPI, or (ii)
any Company in which any such person(s) and/or entity(ies)
together hold not less than a 30% interest) together at all
times maintain their aggregate shareholding in the Company at
not less than 46.51% (CPI and its affiliates, including Worth
Access, have an aggregate shareholding of 62.25% in the Company
immediately following the completion of the Subscription).

An affiliate of CPI has also undertaken to provide to the
Company by way of equity injections or subordinated loans the
proceeds of sale of its assets if and when it disposes of its
assets. If any of the above-mentioned events of default occurs,
all amounts outstanding under the New Loan Facility would become
immediately due and payable by the Company. Such provisions in
the Loan Facility Agreement are required to be disclosed by way
of this announcement pursuant to Rule 13.18 of the Rules
Governing the Listing of Securities on The Stock Exchange of
Hong Kong Limited.

As at the date of this announcement, the directors comprise nine
executive directors, namely Mr. Jaran Chiaravanont, Mr. Montri
Jiaravanont, Mr. Dhanin Chearavanont, Mr. Sumet Jiaravanon, Mr.
Prasert Poongkumarn, Mr. Min Tieanworn, Mr. Thirayut Phitya-
Isarakul, Mr. Thanakorn Seriburi and Mr. Veeravat Kanchanadul,
and two independent non-executive directors, namely Mr. Budiman
Elkana and Mr. Cheung Koon Yuet, Peter.

By Order of the Board
Dhanin Chearavanont
Chairman and Chief Executive Officer
Hong Kong, 28th April, 2005.

CONTACT:

C.P. Pokphand
21/F Far East Finance Centre
16 Harcourt Road
Admiralty, Hong Kong
Tel: 25201602
Fax: 28612514
URL: www.cpthailand.com


CHINA SCIENCES: 2004 Net Loss Shrinks to HKD6.58 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 February 10, 2004 and May 31, 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
Tel: 25593064
Fax: 28778839


EZCOM HOLDINGS: Notes Unusual Price, Volume Movements
-----------------------------------------------------
The Stock Exchange of Hong Kong has received a message from
Ezcom Holdings Limited (0312), which is reproduced as follows:

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

The Company has noted the recent decrease in the share price and
increases in the trading volume of the shares of the Company and
wishes to state that we are not aware of any reasons for such
movements.

Save for the announcement made by the Company on 28 April 2005
in relation to winding up petitions and writ of summons filed
against the Company and one of its subsidiaries, we confirm that
there are no negotiations or agreements relating to intended
acquisitions or realizations which are discloseable under rule
13.23, neither is the Board aware of any matters discloseable
under the general obligation imposed by rule 13.09, which is or
may be of a price sensitive nature.

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

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

Name: Cheung Kwok Yu
Title: Company Secretary of Ezcom Holdings Limited
April 29, 2005.

CONTACT:

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


G&N INTERNATIONAL: Court Sets Winding Up Hearing June 1
-------------------------------------------------------
Notice is hereby given that a Petition for the Winding up of G&N
International Limited by the High Court of Hong Kong Special
Administrative Region was on the March 21, 2005 presented to the
said Court by Right Perfect Limited whose registered office is
situate at Unit 3907, Level 39, Tower II, Metroplaza, No. 223
Hing Fong Road, Kwai Chung, New Territories, Hong Kong.

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

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

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

Sit Fung Kwong & Shum
Solicitors for the Petitioner
18th Floor, Gloucester Tower
The Landmark
11 Pedder Street
Central, Hong Kong

Note:

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


IN-CIRCUIT PCB: Court Releases Winding Up Order
-----------------------------------------------
In-Circuit PCB Company Limited with registered office located at
Room 1503, Wing Hing Industrial Building, 83-93 Chai Wan Kok
Street, Tsuen Wan, New Territories was issued a winding up
notice by the High Court of the Hong Kong Special Administrative
Region Court of First Instance on April 20, 2005.

Date of Presentation of Petition: January 19, 2005.

Dated this 29th day of April 2005.

ET O'Connell
Official Receiver


JAZZ PHOTO: To Appoint Liquidators, Committee Inspection
--------------------------------------------------------
Jazz Photo (Hong Kong) Limited hereby gives notice that an
application by the Official Receiver and Provisional Liquidator
will be heard before Master S. Kwang of the High Court for
consideration of the resolutions and determinations (if any) of
the first meeting of creditors held on March 2, 2005 and the
adjourned first meeting of contributories held on March 15,
2005, deciding the differences (if any), and making such order
of appointments as the court may think fit.

Date and Time of Hearing: 31 May 2005 (Tuesday) at 9:30 a.m.

Place of hearing: High Court Building, No. 38 Queensway, Hong
Kong.

Any creditor or contributory of the Company is entitled to
attend and be heard at the above hearing.

Dated this 29th day of April 2005.
E.T. O'CONNELL
Official Receiver & Provisional
Liquidator


SEMICONDUCTOR MANUFACTURING: Widens 1Q05 Net Loss to HKD30 Mln
--------------------------------------------------------------
Semiconductor Manufacturing International Corporation (NYSE:
SMI; SEHK: 981) (SMIC), one of the leading semiconductor
foundries in the world, announced its consolidated results of
operations for the three months ended March 31, 2005. Sales
decreased 14.7% in the first quarter of 2005 to $248.8 million
from $291.8 million in the prior quarter. The Company reported
an increase in capacity to 131,172 8-inch equivalent wafers per
month and a utilization rate of 85% in the first quarter of
2005.

Gross margins were 3.4% in the first quarter of 2005 compared to
20.3% in the fourth quarter of 2004. Net loss increased to $30.0
million in the first quarter of 2005 compared to a loss of $11.2
million in the fourth quarter of 2004.

"Our revenues were in line with expectations, down 15% in 1Q05,
mainly due to industry softness and a generally tough pricing
environment for foundries," said Dr. Richard Chang, President
and Chief Executive Officer of SMIC. "However, we are encouraged
by the 11.6% increase quarter on quarter for the 0.18 micron and
below technologies due in part to our successful qualification
and shipment of our first customer product from Fab 4, our first
12-inch fab. With a reduction in our customers' inventory levels
in the first quarter, we are beginning to see improved customer
demand for the second half of the year. This trend in
conjunction with the execution of our business strategy should
lead to improvements in our business environment."

Conference call/ Webcast announcement details:

Date: April 29, 2005

Time: 8:00 a.m. Shanghai time

Dial-in numbers and pass code: U.S. 1-617-786-4501 or HK 852-
3002-1672 (Pass code: SMIC).

A live webcast of the 2005 first quarter announcement will be
available at http://www.smics.comunder the "Investor Relations"
section. An archived version of the webcast, along with a soft
copy of this news release will be available on the SMIC website
for a period of 12 months following the webcast.

About SMIC

SMIC (NYSE: SMI, SEHK: 0981.HK) is one of the leading
semiconductor foundries in the world, providing integrated
circuit (IC) manufacturing at 0.35-micron to 0.11-micron and
finer line technologies to customers worldwide. Established in
2000, SMIC has four 8-inch wafer fabrication facilities in
volume production in Shanghai and Tianjin.

In the first quarter of 2005, SMIC commenced commercial
production at its 12-inch wafer fabrication facility in Beijing.
SMIC also maintains customer service and marketing offices in
the U.S., Europe, and Japan, and a representative office in Hong
Kong. As part of its dedication towards providing high-quality
services, SMIC strives to comply with or exceed international
standards and has achieved ISO9001, ISO/TS16949, OHSAS18001,
TL9000, and ISO14001 certifications. For additional information,
please visit http://www.smics.com/.

Investor Contacts:
Jimmy Lai                           Calvin Lau
Investor Relations Department       Investor Relations
Department
Tel: 86-21-5080-2000, ext. 16088    Tel: 86-21-5080-2000, ext.
16693
Fax: 86-21-5080-3619                Fax: 86-21-5080-3619

Hermine Wong
Investor Relations Department
Tel: 86-21-5080-2000, ext. 16198
Fax: 86-21-5080-3619


SET PHONE: Winding Up Hearing Set For May 18
--------------------------------------------
Notice is hereby given that a Petition for the Winding up of Set
Phone Limited by the High Court of Hong Kong Special
Administrative Region was on February 2,4 2005 presented to the
said Court by Wing Lung Bank Limited whose registered office is
situate at No. 45 Des Voeux Road Central, Hong Kong.

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

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

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

Fairbairn Catley Low & Kong
Solicitors for the Petitioner
43rd Floor, Gloucester Tower
The Landmark
11 Pedder Street
Central, Hong Kong

Note:

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

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


SIU FUNG: Begins Winding Up Process
-----------------------------------
Siu Fung Weaving & Dyeing Factory Limited with registered office
located at 3/F, Mei Kei Industrial Building, 30-49 Wing Kei
Road, Kwai Chung, New Territories was issued a winding up notice
by the High Court of the Hong Kong Special Administrative Region
Court of First Instance on April 20, 2005.

Date of Presentation of Petition: February 7, 2005.

Dated this 29th day of April 2005.

ET O'Connell
Official Receiver


START TARGET: Winding Up Hearing Set For June 8
-----------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Start Target Development Limited by the High Court of Hong Kong
Special Administrative Region was on April 7, 2005 presented to
the said Court by Wan Tak Ming of 9D, Block 2, Sceneway Garden,
Lam Tin, Kowloon, Hong Kong.

The said Petition is to be heard before the Court at 9:30 a.m.
on June 8, 2005.

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

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.

Lee Shing Fung & Co.
Solicitors for the Petitioner
Unit No. 4117, Level 41, Tower 1
Metroplaza, No. 223 Hing Fong Road
Kwai Fong, New Territories
Hong Kong
Tel: 2421 8468
Fax: 2421 8393

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 so to do.  The Notice must state the
name and address of the person, or if a firm or his or their
Solicitor (if any) and must be served or if posted, must be sent
by post in sufficient time to reach the abovenamed not later
than six o'clock in the afternoon of June 7, 2005.


THL (HOLDINGS) COMPANY: Court Issues Winding Up Notice
------------------------------------------------------
THL (Holdings) Company Limited with registered office located at
Units 2204-5, 22nd Floor, West Tower Shun Tak Centre, 200
Connaught Road Central, Hong Kong was issued a winding up notice
by the High Court of the Hong Kong Special Administrative Region
Court of First Instance on April 18, 2005.

Date of Presentation of Petition: April 25, 2005.

Dated this 29th day of April 2005.

ET O'Connell
Official Receiver


THL MARKETING: Receives Winding Up Notice
-----------------------------------------
THL Marketing Company Limited with registered office located at
Units 2204-5, 22nd Floor, West Tower, Shun Tak Centre, 200
Connaught Road Central, Hong Kong was issued a winding up notice
by the High Court of the Hong Kong Special Administrative Region
Court of First Instance on April 18, 2005.

Date of Presentation of Petition: April 25, 2005.

Dated this 29th day of April 2005.

ET O'Connell
Official Receiver


* Moody's Says China To Shift Focus In Bank Recapitalization
------------------------------------------------------------
Moody's Investors Service says that the Chinese government in
its recapitalization of the country's state banks is now likely
to rely more on providing subsidies for non-performing loan
(NPL) clean-ups than direct capital injections.

The rating agency - in a new report - examines the government's
recapitalization options for Industrial and Commercial Bank of
China (ICBC), which received a RMB124 billion (US$15 billion)
capital injection in April, and the exercise's implications for
the banking industry overall.

"During earlier recapitalization exercises for Bank of China
(BOC), China Construction Bank (CCB) and Bank of Communications
(BOCOM), the government supplemented its direct capital
injections with further subsidies for NPL sales," the report
says.

"A similar approach is likely for ICBC. The difference this time
is that more capital will likely be injected through subsidies
for NPLs than through direct injection," adds the report, which
was authored by May Meizhi Yan, a Vice President/Senior Analyst
of Moody's Financial Institutions Group in Asia Pacific.

ICBC (E+/A2) announced on April 22, 2005 that the government -
through Central Huijin Investment Company (CHIC) - had injected
RMB124 billion in foreign reserve capital. As a result, CHIC and
the Ministry of Finance (MOF) each came to hold 50% in ICBC.

The US$15 billion in itself is well short of that needed for a
full recapitalization and the shortfall will likely be made up
by government subsidies through future sales of NPLs, the report
says. In addition, ICBC will need to issue sub-debt to
supplement its total capital.

The possibility of relying more on subsidies for NPL sales -
instead of direct capital injections - to recapitalize ICBC has
a number of implications, both positive and negative, the report
says.

First, it gives ownership status to both MOF and CHIC, without
creating a significant budget burden for MOF. However, dual
ownership may slow decision-making at ICBC and delay further
reform.

Secondly, large NPL sales may promote the development of a
secondary NPL market. Thirdly, since only 50% of ICBC's capital
is in foreign reserves, it will exhibit less sensitivity -- than
BOC and CCB - to potential RMB exchange rate movements.

Other forms of capital contributions, such as tax rebates, are
also possible, although unlikely in the near term as ICBC must
continue to provision significant amounts of its earnings to
build its reserves.

At the same time, the author emphasizes that "The recapitalized
ICBC, after expected subsidized sale of its NPL, will be only
marginally solvent. Its ability to withstand a potential
economic downturn remains untested."

"Going forward, any positive rating actions must be predicated
on clear demonstrations of sustainable improvements in ICBC's
stand-alone financial performances as well as significant
enhancements to its risk management and internal control
practices," Yan adds.

Moody's had earlier on April 22 -- the day of the ICBC
announcement - said in a press release that it did not see any
immediate rating implications from the capital injection. In
fact, the bank's A2 foreign currency deposit rating is already
on par with China's A2 sovereign ceiling. Therefore, future
rating changes, if any, would be reflected in ICBC's bank
financial strength rating (BFSRs), now at E+.

The new report is entitled, China Adopts Multi-Pronged Approach
to State Bank Recapitalization; Rating Actions Absent for Short
Term.

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

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


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

BANK MANDIRI: Probe Confirms Indications of Corruption
------------------------------------------------------
An audit of Bank Mandiri's financial statements by the State
Audit Agency yielded "corruption indications," which reduces the
bank's credibility in the latest of a series of ongoing
investigations on allegations of fraud, reports Dow Jones.

Minister of State Enterprises Sugiharto told reporters that a
state audit of Bank Mandiri's financial statements officially
confirmed indications of "corruption," and proof of any
illegality would require completion of a legal process.

So far, local media had reported that Coordinating Minister for
the Economy Aburizal Bakrie was skeptical of the truthfulness of
such allegations of corruption and fraud. Recent investigations
have led to the arrest of three top officials of a private
Company who requested for a loan from the bank

Prosecutors continue to question bank president director E.C.W.
Neloe, who said he would cooperate in the probe, and has offered
to resign if the allegations were proven to be true.

But in spite of this, Mr. Sugiharto remains optimistic about the
bank's operations, as the investigation is not targeted at the
bank itself, but at certain bank officials. He added that it is
still too early at this point to decide whether to replace the
bank's top management, but that he is assessing the bank's (as
well as its officials') performance with the state central bank,
and would await the results of the audit agency's findings
before making a decision.

Bank Mandiri is partially owned by the Indonesian government,
with assets totaling IDR248.0 trillion as of December 2004.

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


BANK PERMATA: Sees 3% Increase in 2005 Net Quarterly Profit
-----------------------------------------------------------
Bank Permata posted a 3.56% increase in its net profit for the
first quarter of 2005 due to loan expansion and increased
interest income, the Jakarta Post reports.

The bank booked IDR131 billion in net income for January to
March 2005, compared to IDR127 billion net income for the same
period last year.

The bank's net interest income increased from IDR385 billion in
2004 to IDR404 billion this year, while outstanding loans rose
52.5% to IDR16.1 trillion as of March 31, 2005.

Bank Permata is partially owned by U.K. lender Standard
Chartered, who holds 31.55% in the bank. Others who hold
interest in the bank include local car firm PT Astra
International with 31.55%, the Indonesian government who holds
26.16%, while the remaining stake belongs to the public.

CONTACT:

Pt Bank Permata Terbuka
Jalan Jend Sudirman Kav 27
Jakarta, 12920
Indonesia
Phone: +62 21 523 7899
Fax:   +62 21 250 0680


GARUDA INDONESIA: To Sell Off Assets in Restructuring
-----------------------------------------------------
Garuda Indonesia's new president, Emirsyah Satar, has ordered
the Company to sell of some of its assets in order to avoid
bankruptcy, Agence France Presse reports.

In his first major decision as the bank's president since his
appointment last month, Mr. Satar is planning to sell off four
of the airline's business units in order to generate much-needed
cash flow after several losses and poor service, in what he
calls a "survival plan" to enable him to redirect the airline to
become more profitable.

The Company is scheduled to meet with its main creditors under
the European Credit Agency next week, to explain its financial
condition. The creditors also plan to sell the Company's non-
performing and non-core assets.

Garuda Indonesia recorded an operating loss of IDR131 billion in
the first quarter of this year, due to high fuel costs and
increasing market competition.

Of its total IDR7.87 trillion debt, IDR4.99 trillion is owed to
its European creditors, while it owes IDR1.05 trillion to Bank
Mandiri. The Company also owns IDR333.03 billion to state
airport operators Angkasa Pura I & II, while its annual interest
and principal payments are worth IDR1.05 trillion.

Mr. Satar said that Garuda Indonesia would focus on "surviving"
this year, paying off its debts, and improving on-time
performance (its current performance is at 78.7 %, compared to
the Industry standard's 85%), while next year would be geared
towards consolidating for the Company.

CONTACT:

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


TELEKOMUNIKASI INDONESIA: Net Profit Drops 34% to IDR1 Tln
----------------------------------------------------------
PT Telekomunikasi Indonesia reported a 34.06% drop in its net
quarterly profits due to foreign exchange losses, reports
Reuters News.

The Company's fourth quarter results in 2004 yielded a net
profit of IDR1.105 trillion, compared to 2003's IDR 1.68
trillion in net profit for the same period. Analysts had
forecast a 22.6% increase for the Company's net profits to
IDR2.05 trillion.

The Company is expected to increase its profits by one-third
this year, with the expected rise in demand for mobile phones in
the country, but analysts warned of rising competition as
foreign firms may invest in smaller rivals.

CONTACT:

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


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

DAIEI INCORPORATED: To Accept 200 Early Retirements This Month
--------------------------------------------------------------
Daiei Incorporated will start accepting 200 applications for
early retirement in May, as part of its reorganization scheme,
according to Bloomberg News.

The struggling retailer applied in October for government-led
rehabilitation of its more than $9 billion in debt. The
Industrial Revitalization of Japan Corporation has said it will
shut down 53 of a total 245 stores, without giving a deadline.

The cost of the additional retirement benefits is already
factored into the Company's earnings for the year ended February
28.

CONTACT:

Daiei Inc.
4-1-1, Minatojima Nakamachi
Chuo-ku,
Kobe 650-0046, Japan
Phone: +81-78-302-5001
Fax: +81-3-3433-9226


FUJITSU LIMITED: Amkor To Pay HKD40 Mln to Settle Case
------------------------------------------------------
Amkor Technology, Inc. (Nasdaq: AMKR - News) has reached
settlement with Fujitsu Limited with respect to pending
litigation (the Fujitsu case) involving allegedly defective mold
compound. As part of a broader settlement agreement reached
among Fujitsu, Cirrus Logic Inc. and Sumitomo Bakelite Co.,
Amkor has agreed to pay Fujitsu $40 million in consideration of
a release from all claims related to this case. In connection
with this settlement, Amkor will record a charge of $40 million
(with no associated tax benefit) or ($0.22) per share, in the
Consolidated Statement of Operations for the three months ended
March 31, 2005.

Amkor previously announced resolution of cases involving Philips
and Seagate. Amkor will continue to incur legal expenses in
defense of the pending mold compound cases with Maxim and
Fairchild. While these cases are in the early stages of
discovery, management is confident based on current information
that these two pending cases, which are more fully disclosed in
Amkor's December 31, 2004 Form 10-K, involve substantially
smaller damage claims against Amkor than the Fujitsu case.

"Our decision to enter into the Fujitsu settlement was based on
a careful economic evaluation of the circumstances particular to
this case, including the size of the damage claims and the
potential outcome of a jury trial," said John Boruch, Amkor's
president and chief operating officer.

About Amkor:

Amkor Technology, Inc. is a leading provider of contract
semiconductor assembly and test services. The Company offers
semiconductor companies and electronics OEMs a complete set of
microelectronic design and manufacturing services. More
information on Amkor is available from the Company's SEC filings
and on Amkor's web site: www.amkor.com.

Contact:

Amkor Technology
Jeffrey Luth
VP Corporate Communications
(480) 821-2408 Ext. 5130
jluth@amkor.com


MATSUSHITA ELECTRIC: Updates Stock Acquisition Rights
-----------------------------------------------------
Matsushita Electric Industrial Co., Ltd. (Matsushita [NYSE
symbol: MC]), best known for its Panasonic brand, announced on
April 28 that its Board of Directors today resolved to file a
shelf registration statement with the Japanese regulatory
authorities for possible issues of stock acquisition rights.

Details are as follows:

1. Type of Securities: Stock acquisition rights

2. Issuable period: 2 years from the effective date of the shelf
registration of stock acquisition rights (from May 10, 2005 to
May 9, 2007)

3. Method of offering: Rights offering to shareholders

4. Issuable amount: 5 billion yen

(Issuable amount is the total amount to be paid upon exercise of
all stock acquisition rights. The issue price of a stock
acquisition right is zero yen.)

As announced in a separate press release issued today (see press
release Matsushita Announces Policy toward Large-scale Purchases
of Matsushita Shares [ESV Plan]), Matsushita's Board of
Directors adopted a plan that outlines the rules regarding
large-scale purchases of Matsushita shares. In the case of non-
compliance with such rules, Matsushita may implement certain
countermeasures. The issuance of stock acquisition rights is one
possible countermeasure in such cases, and this shelf
registration enables Matsushita to promptly issue stock
acquisition rights, if it deems necessary. For further details
of the ESV plan, refer to the aforementioned separate press
release.

Note: ESV stands for Enhancement of Shareholder Value.

This is a Company press release.

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: To Execute Own Share Repurchase
----------------------------------------------------
Matsushita Electric Industrial Co., Ltd. (Matsushita [NYSE
symbol: MC]) announced that its Board of Directors on April 28
has resolved to repurchase its own shares, pursuant to Article
211-3, Paragraph 1, Item 2 of the Commercial Code of Japan.

1. Reason for Share Repurchase

This resolution is a part of continuing efforts to enhance
corporate value through shareholder-oriented management, and
enables flexible and agile capital management, while increasing
shareholder value per share.

2. Details of Share Repurchase

  1.) Class of shares: Common stock

  2.) Aggregate number of repurchaseable shares: Up to 120
million shares (4.9% of the total number of shares issued)

3. Aggregate repurchase amount: Up to 150 billion yen

4. Period of repurchase: From May 2, 2005 to late March 2006
(Reference)

Total number of shares issued and treasury stock as of March 31,
2005:

Total number of shares issued (excluding treasury stock):
2,258,357,710 shares

Treasury stock: 194,695,787 shares

This is a Company press release.


MATSUSHITA ELECTRIC: Discloses Large-scale Purchase Rules
---------------------------------------------------------
Matsushita Electric Industrial Co., Ltd. (Matsushita [NYSE
symbol: MC]) have decided to adopt a policy toward (i) a
purchase of Matsushita shares by a group of shareholders1 with
the intent to hold 20% or more of the total voting rights2 of
Matsushita, or (ii) a purchase of Matsushita shares resulting in
a group of shareholders holding 20% or more of the total voting
rights of Matsushita (except for cases where Matsushita's Board
of Directors has given consent in advance of the purchase set
out in (i) or (ii) above.

A purchase of Matsushita shares set out in (i) or (ii) above
shall be hereinafter referred to as a Large-scale Purchase. A
person or a Company that intends to conduct a Large-scale
Purchase shall be hereinafter referred to as the Large-scale
Purchaser. This policy shall also be hereinafter referred to as
the ESV Plan3.

1. Basic Philosophy

Matsushita's Board of Directors believes that the Company's
shareholders should make the final decisions as to whether or
not a Large-scale Purchase is acceptable. If a Large-scale
Purchase is to be conducted, sufficient information should be
provided through the Board of Directors to shareholders so that
they may make appropriate decisions.

The Board of Directors intends to assess and examine any
proposed Largescale Purchase after the information on such
Large-scale Purchase is provided, and subsequently to disclose
the opinion of the Board of Directors, to assist shareholders in
making their decisions. The Board of Directors may negotiate
with the Large-scale Purchaser or offer alternative plans to
shareholders, if it is deemed necessary.

The Matsushita Group recorded consolidated net sales of 8,713.6
billion yen for fiscal 2005, ended March 31, 2005, and consists
of 627 consolidated subsidiaries and 334,752 employees on a
consolidated basis, as of March 31, 2005. Taking into account
the scale of the Company's operations and the wide range of its
business fields, Matsushita believes it would be helpful for
shareholders to receive proper information from both the Large-
scale Purchaser and the Board of Directors so that they may
examine the terms of the Large-scale Purchase, including the
adequacy of the purchase price.

The Company believes that if a Large-scale Purchase is to be
conducted, shareholders should be made aware of its potential
impact on the future management of the Matsushita Group, as well
as management policies and business plans that the Large-scale
Purchaser wishes to adopt, and the influence on other various
stakeholders such as customers and employees, in order to
determine whether or not the Large-scale Purchase is acceptable.

Under the basic philosophy mentioned above, Matsushita's Board
of Directors has established rules concerning Large-scale
Purchases of Matsushita shares (hereinafter referred to as the
Large-scale Purchase Rules) as described below. The Board of
Directors will require any Large-scale Purchaser to comply with
these rules. If the Large-scale Purchaser does not comply with
these rules, the Board of Directors intends to take certain
countermeasures.

2. Large-scale Purchase Rules

Matsushita's Board of Directors believes that a Large-scale
Purchaser should comply with the Large-scale Purchase Rules for
the benefit of all shareholders of Matsushita. The Large-scale
Purchase Rules require that (i) a Large-scale Purchaser provide
sufficient information to the Board of Directors, and (ii) a
Large-scale Purchaser be permitted to commence the Large-scale
Purchase only after the prescribed period during which the Board
of Directors assesses the Large-scale Purchase.

First, a Large-scale Purchaser is required to provide
Matsushita's Board of Directors with sufficient information
(hereinafter referred to as the Large-scale Purchase
Information) so that the Company's shareholders may make
decisions and the Board of Directors may form its opinion
regarding such Large-scale Purchase. The Large-scale Purchase
Information includes the following:

(1) an outline of the Large-scale Purchaser and its group;

(2) the purposes and conditions of the Large-scale Purchase;

(3) the basis for determination of the purchase price and funds
for purchase; and

(4) management policies and business plans which the Large-scale
Purchaser intends to adopt after the completion of the Large-
scale Purchase.

Since details of the Large-scale Purchase Information may vary
depending on each specific Large-scale Purchase, the Board of
Directors, first of all, requires the Large-scale Purchaser to
submit to Matsushita a letter of intention to comply with the
Large-scale Purchase Rules, specifying the name of the Large-
scale Purchaser, address, governing law of incorporation, the
name of the representative, contact details in Japan and an
outline of the proposed Large-scale Purchase.

Within five business days after receipt of such letter, the
Board of Directors will deliver to the Large-scale Purchaser a
list of the Large-scale Purchase Information to be initially
provided by the Large-scale Purchaser. If the information
initially provided by the Large-scale Purchaser is deemed
insufficient as Large-scale Purchase Information, the Board of
Directors may require additional information until it receives
sufficient information.

The Board of Directors will disclose the proposed Large-scale
Purchase and all or part of the Large-scale Purchase Information
submitted to the Board of Directors at the time it deems
appropriate, if such disclosure is considered necessary for
shareholders to make decisions.

After all the Large-scale Purchase Information is provided,
Matsushita's Board of Directors should be allowed a sixty day
period (in the case of the purchase of all Matsushita shares by
a tender offer with cash-only (yen) consideration) or a ninety
day period (in the case of any other Large-scale Purchase),
depending on the difficulty level of assessment, as the period
during which it will assess, examine, negotiate, form an opinion
and seek alternatives (hereinafter referred to as the Assessment
Period).

The Large-scale Purchase, therefore, shall be commenced only
after the Assessment Period has elapsed. The Board of Directors
will thoroughly assess and examine the proposed Large-scale
Purchase with advice from outside experts during the Assessment
Period, and carefully form and disclose its opinion. As
mentioned above, the Board of Directors may negotiate with the
Large-scale Purchaser in order to improve the terms of the
proposed Large-scale Purchase or it may offer alternative plans
to shareholders, as necessary.

3. Countermeasures against non-compliance with the Large-scale
Purchase Rules If a Large-scale Purchaser does not comply with
the Large-scale Purchase Rules, Matsushita's Board of Directors
may take countermeasures against the Large-scale Purchaser to
protect the interests of all shareholders. Countermeasures
include the implementation of stock splits, issuance of stock
acquisition rights or any other measures that the Board of
Directors is permitted to take under the Commercial Code of
Japan or other laws and the Company's articles of Incorporation.

The Board of Directors will adopt specific counter measures,
which it deems appropriate at that time.

If the Board of Directors elects to make a stock split for
shareholders as of a certain record date, the maximum ratio of
the stock split shall be five-for-one. If the Board of Directors
elects to issue stock acquisition rights in a rights offering,
the outline of the issuance thereof shall be as described in the
attachment hereto. If the Board of Directors elects to issue
stock acquisition rights as a countermeasure, it may determine
the exercise period and exercise conditions of the stock
acquisition rights in consideration of the effectiveness thereof
as a countermeasure.

The purpose of the Large-scale Purchase Rules is to provide an
opportunity for Matsushita's shareholders to receive necessary
information about the Large-scale Purchase, as well as the
opinion and any alternative plans from Matsushita's Board of
Directors, in order to determine whether or not the Large-scale
Purchase is acceptable.

Matsushita believes these rules will benefit shareholders by
providing them with sufficient information to make a decision
about a Large-scale Purchase that may have an impact on the
management of the Company. If a Large-scale Purchaser complies
with the Large-scale Purchase Rules, the Board of Directors does
not intend to prevent the Large-scale Purchase at its own
discretion, unless it is clear that such Large-scale Purchase
will cause irreparable damage or loss to Matsushita.

The Company believes that the establishment of the Large-scale
Purchase Rules and countermeasures to be taken in the event of
non-compliance with such rules are reasonable and appropriate in
order to protect the legitimate interests of all Matsushita
shareholders. The Company recognizes that the aforementioned
countermeasures may cause damage or loss, economic or otherwise,
to a prospective Large-scale Purchaser who does not comply with
the Large-scale Purchase Rules. Thus, the Company is hereby
advising in advance against commencing a Large-scale Purchase
that does not comply with the Large-scale Purchase Rules.

The meeting of the Board of Directors, at which this policy was
adopted, was held with all of the four Corporate Auditors of
Matsushita (two of whom are outside Corporate Auditors) present.
Each Corporate Auditor stated agreement with this policy on
condition that this policy is duly implemented. The Company
amended the Articles of Incorporation in 2003, whereby the terms
of office of all Directors were set for one year.

Directors of Matsushita are elected at an annual general meeting
of shareholders in June of each year. The terms of office of the
current Directors will expire at the conclusion of the annual
general meeting of shareholders to be held in June of this year.
Matsushita will review whether to continue this policy at a
meeting of the Board of Directors to be held after the annual
general meeting of shareholders and announce its determination
as soon as practicable.

Matsushita's Board of Directors intends to review the Large-
scale Purchase Rules from time to time for reasons including the
enforcement of new Company Law in Japan, which is expected to
take effect next year and any other enactments of legislation.
Any such review would be conducted strictly from the viewpoint
of the interests of all shareholders.

Notes: 1. A group of shareholders means a holder (defined in
Paragraph 1, Article 27-23 of the Securities and Exchange Law,
including a person deemed as a holder pursuant to Paragraph 3
thereof) of shares and other securities (defined in Paragraph 1,
Article 27-23 of the Securities and Exchange Law) or a person or
a Company who makes a purchase (defined in Paragraph 1, Article
27-2 of the Securities and Exchange Law, including a purchase
made on a securities exchange market) and any joint holders
(defined in Paragraph 5, Article 27-23 of the Securities and
Exchange Law, including a person deemed as a joint holder
pursuant to Paragraph 6 thereof) and any specially related
parties (defined in Paragraph 7, Article 27-2 of the Securities
and Exchange Law).

2. The number of total voting rights shall be the number of
voting rights with respect to all issued shares of Matsushita at
the relevant time, excluding the shares held by Matsushita as
treasury stock, the number of which appears in the latest
Treasury Stock Purchase Report under the Securities and Exchange
Law.

3. ESV stands for Enhancement of Shareholder Value.

(Attachment)

Outline of issuance of stock acquisition rights

(In case the Board of Directors elects to issue stock
acquisition rights in a rights offering)

1. Shareholders who are entitled to receive stock acquisition
rights and conditions of issuance thereof:

One stock acquisition right shall be granted to a shareholder,
per one share held by such shareholder (excluding the shares
held by Matsushita as treasury stock), whose name is recorded in
the register of shareholders or the register of beneficial
shareholders as of the record date to be specified by the Board
of Directors.

2. Type and number of shares to be acquired upon exercise of
stock acquisition rights:

The type of shares to be acquired upon exercise of stock
acquisition rights shall be common stock, and the number of
shares to be acquired upon exercise of one stock acquisition
right shall be one share.

3. Total number of stock acquisition rights to be issued:

The total number of stock acquisition rights to be granted shall
be determined by the Board of Directors up to 5 billion stock
acquisition rights. The Board of Directors may grant stock
acquisition rights more than once within the maximum number of 5
billion stock acquisition rights to be granted in total.

4. Issue price of each stock acquisition right: Zero yen

5. Amount to be paid upon exercise of a stock acquisition right:
The amount to be paid upon exercise of a stock acquisition right
shall be one Japanese yen or more to be determined by the Board
of Directors.

6. Restriction on transfer of stock acquisition rights:

Stock acquisition rights may only be transferred with the
approval of the Board of Directors.

7. Exercise period and other conditions of stock acquisition
rights:

Exercise period, conditions of exercise, conditions of
cancellation and other conditions of stock acquisition rights
shall be determined by the Board of Directors.

This is a Company press release.


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

HYNIX SEMICONDUCTOR: Sells High-Risk Bonds to Pay Off Debt
----------------------------------------------------------
Hynix Semiconductor Inc. is planning to sell high-yield, high-
risk bonds worth KRW750.45 billion in order to repay its debt,
Xinhua News reports.

According to bankers familiar with the deal, the Company has
hired Citigroup Inc., Duetsche Bank AG, Merrill Lynch & Co. and
UBS AG to manage the bonds sale. The Company will sell U.S.
dollar-denominated with 5-10 years maturity in May or June.

The Company's debt rating was recently upgraded to "B+" from
"B-" by Standard & Poor's rating agency, after creditors agreed
to allow the firm to exit its debt workout program 20 months
ahead of schedule. This would allow management to focus on
Company operations free from creditor control.

An increased demand for semiconductors has led the Company to
post a net incoe of KRW1.7 trillion in 2004, compared to a
KRW1.7 trillion net loss in 2003.

CONTACT:

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


LG CARD: Creditors Aim to Divest Firm Before March 2006
-------------------------------------------------------
Creditors of LG Card Co. are planning to sell off the troubled
credit card issuer before March next year, reports the Korea
Herald.

According to the governor of main creditor Korea Development
Bank (KDB), Yoo Ji-chang, creditors hope to sell off the firm
for at least KRW4.5 trillion after considering local market
conditions.

Creditors were allowed to use the LG brand name until March next
year, which would allow them to find a buyer for the firm given
its sound financial condition, and so the sale should be
completed by that time.

LG Card, which is now valued at KRW3.4 trillion, avoided
bankruptcy due to a KRW4 trillion bailout package by creditors,
after a consumer credit bubble that erupted in late 2002.

Many local firms are interested in the credit card firm, as they
want to increase their credit card operations. Mr. Yoo hopes to
recover more than what the creditors have injected into LG Card
in its takeover sale.

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
===============

AKTIF LIFESTYLE: In Talks with White Knights on Restructuring
-------------------------------------------------------------
Aktif Lifestyle Corporation Berhad announced that Bursa Malaysia
Securities Berhad (Bursa Securities) had, via its letter dated
March 10, 2005, granted an extension from March 14, 2005 to May
16, 2005 for the Company to make a Requisite Announcement for
public release.

It is now seeking to acquire new businesses in order to continue
trading and listing on the Official List of Bursa Securities.

The Company entered into a Memorandum of Understanding (MOU)
with "White Knights" Lee Ley Siang and Lim Siew Swan on April
29, 2005, to propose a corporate restructuring scheme to enable
the Company to regularize its financial condition. The Proposed
scheme involves:

(a) the incorporation of a Company (Newco) for the purposes of
implementing the Proposed Restructuring Scheme;

(b) the reduction and consolidation of the issued and paid-up
share capital of AKTIF;

(c) Newco's acquisition of the Company through the issuance of
new ordinary shares in Newco to existing Company shareholders in
exchange for their shares in Aktif Lifestyle Corporation Berhad;

(d) Newco's acquisition of the White Knights' assets through the
issuance of new ordinary shares in Newco to the vendors thereof;
and

(e) the transfer of the Company's listing status on the Second
Board of Bursa Securities to Newco.

When the proposed restructuring scheme (which is subject to
changes acceptable to both parties) is finalized, the Company
and its "White Knights" will carry out a definitive agreement
within 21 days from the date of the MOU or as agreed by both
parties.
CONTACT:

Aktif Lifestyle Corporation Berhad
Level 10, Grand Seasons Avenue, No. 72,
Jalan Pahang, 53000 Kuala Lumpur
Malaysia
Phone: (60) 3 2693 1828
Fax:   (60) 3 2691 2798


I-BERHAD: Repurchases Extra Shares
----------------------------------
I-Berhad disclosed the details of its shares buyback on April
29, 2005 to the Bursa Malaysia Securities Berhad.

Date of buy back: 29/04/2005

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

Total number of shares purchased (units):             11,300

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

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

Total consideration paid (MYR):                    9,107.86

Number of shares purchased retained in treasury
(units): 11,300

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

Cumulative net outstanding treasury shares as at to-date
(units): 1,531,400

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


KEMAYAN CORPORATION: Posts FY05 Third Quarter Results
-----------------------------------------------------
Kemayan Corporation 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
             2,663         1,753         10,442        11,558

2  Profit/(loss) before tax
           -25,568       -25,489        -77,797       -71,319

3  Profit/(loss) after tax and minority interest
           -25,804       -24,916        -78,403       -71,024

4  Net profit/(loss) for the period
           -25,804       -24,916         -78,403      -71,024

5  Basic earnings/(loss) per shares (sen)
             -7.08         -6.83          -21.50       -19.48

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)
                               -4.3400              -4.1000

For further details on the report, go to:

http://bankrupt.com/misc/tcrap_kemayancorp1043005.xls

http://bankrupt.com/misc/tcrap_kemayancorp2043005.doc

CONTACT:

Kemayan Corporation Berhad
Taman Tasek
Johor Bahru, Johor Bahru 80200
Malaysia
Phone: +60 7 236 2390
Fax:   +60 7 236 5307


LITYAN HOLDINGS: To Seek New Businesses, Sell Non-Core Assets
-------------------------------------------------------------
Lityan Holdings Berhad (LHB) announced that it has made an
update on its credit facilities in default by Company
subsidiaries to financial institutions as of April 29, 2005.

The Company currently seeks other businesses within its core
activities and is preparing to dispose of its non-core and non-
operating assets in order to settle its defaults and redeem
loans.

For details on the Company's default status, click on:

http://bankrupt.com/misc/tcrap_lityanholdings043005.doc

CONTACT:

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


OLYMPIA INDUSTRIES: Sets Timetable to Complete Restructuring
------------------------------------------------------------
Olympia Industries Berhad announced that the Securities
Commission (SC) had, via a letter dated April 6, 2005, approved
an extension for the Company to implement its proposed
restructuring scheme, subject to the condition tha the Company
has to inform Bursa Malaysia Securities Berhad of its progress
(in the implementation of such scheme) on a monthly basis.

The Company posts a timeline of events in relation to the
completion of the proposed restructuring scheme:

                                    Proposed       Status of
Major outstanding events            Timeline     Implementation

1) Execution of trust deeds/          June         To be met
   deed poll & other creditors'
   agreements

2) Execution of Underwriting          June         To be met
   Agreement in connection with
   the Proposed Rights Issue

3) Announcement of Book Closure       July         To be met
   Date (BCD) for Proposed Capital
   Reduction & Consolidation &
   Proposed Rights Issue

4) BCD                                July         To be met

5) Dispatch of Abridged Prospectus,  August        To be met
   Modified Prospectus, Rights
   Subscription forms & Notice of
   Provisional Allotment

6) Closing date for receipt of      September      To be met
   applications for/acceptance of
   payment for the proposed
   rights issue

7) Listing of rights shares         Septmeber      To be met
   pursuant to proposed rights
   issue & new shares pursuant
   to proposed special issue,
   proposed debt restructuring,
   & proposed acquisition &
   listing of debt instruments
   pursuant to proposed debt
   restructuring

The Company thinks that the proposed timetable to complete the
restructuring scheme by Sept. 30, 2005 can be actualized,
barring unforeseen circumstances.

CONTACT:

Olympia Industries Berhad
No 8 Jalan Raja Chulan
Kuala Lumpur, 50200
Malaysia
Phone: +60 3 2070 0033
Fax:   +60 3 2070 0011


PANGLOBAL BERHAD: Bank OKs Disposal of Equity Stake in Unit
-----------------------------------------------------------
Panglobal Berhad announced that Bank Negara Malaysia (BNM) has,
in principle, approved the Company's application to dispose of
its equity shareholding of 99.96% interest in Panglobal
Insurance Berhad and sell the same to OSK Holdings Berhad.

The Company and OSK Holdings Berhad must submit a concrete
proposal for consideration by BNM on the share disposal and
acquisition, according to the Insurance Act 1996.

CONTACT:

Panglobal Berhad
8 Lorong P Ramlee
Kuala Lumpur, 50250
Malaysia
Phone: +60 3 2031 9199
Fax:   +60 3 2032 3977


PICA CORPORATION: Issues Updates on Credit Facilities' Repayment
----------------------------------------------------------------
Pica (M) Corporation Berhad made the following announcements in
relation to its default status in payments, pursuant tp Practice
Note 1/2001 of the Bursa Malaysia Securities Berhad Listing
Requirements:

1. MYR60 Million Guaranteed Revolving Underwriting Facility

The Court has fixed the matter for hearing, with the date still
to be announced; the legal proceeding is pending in court.

2. MYR5 Million Revolving Credit Facility, MYR7 Million Short
Term Loan, MYR50 Million Term Loan Facility

The Company announces that the Plaintiff's summary judgment
application was scheduled for hearing on April 29, 2005; the
case is still pending in court.

4. RMYR4 million Revolving Credit Facility & MYR7 million
Overdraft Facility

The Company announces that the case is still pending in court,
and has been fixed for hearing on May 23, 2005.

5. Approx MYR3 million Credit Facility

The Company announces that the Plaintiff's summary judgment was
dismissed on Jan. 25, 205; the Plaintiff appealed the dismissal,
and a hearing date has been set on June 24, 2005.

CONTACT:

Pica (M) Corporation Berhad
No 3 Jalan Kia Peng
Kuala Lumpur, 50450
Malaysia
Phone: +60 3 2161 8800
Fax:   +60 3 2161 1714


PILECON ENGINEERING: Sees No Changes in Default Payment Status
--------------------------------------------------------------
Pilecon Engineering Berhad announced that pursuant to Pracitce
Note 1/2001 of the Bursa Malaysia Securities Berhad Listing
Requirements, there have been no further changes to the
Company's default status in payment since its last monthly
announcement dated March 31, 2005.

CONTACT:

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


PILECON ENGINEERING: Unaware of Unusual Market Activity
-------------------------------------------------------
Pilecon Engineering Berhad refers to the query letter dated
April 28, 2005 by Bursa Malaysia Securities Berhad (Bursa
Securities) on the sharp increase and high trading volume of the
Company's shares on the same date.

In accordance with the Corporate Disclosure Policy on Response
To Unusual Market Activity pursuant to paragraph 9.11 of the
Bursa Securities Listing Requirements, the Company announces
that it is not aware of any undisclosed material development in
the business and affairs of the Company.

Any rumor or report (whether true or false) containing
information that may have affected trading of Company shares,
and any other reasons to account for the unusual market
activity.


PROMTO BERHAD: To Submit Application for Restructuring on May 18
---------------------------------------------------- -----------
Promto Berhad refers to its announcement dated March 31, 2005,
where the Company announced that it would file an application to
the Securities Commission (SC) for approval of its proposed
restructuring scheme by April 30, 2005.

The Company announced that it is currently finalizing its
application to relevant authorities, and expects to submit the
application for approval of its restructuring scheme to the SC
on or before May 18, 2005.


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

BAYAN TELECOMMUNICATIONS: Sees Php6.1 Bln in Revenue This Year
--------------------------------------------------------------
Despite cutthroat competition, Bayan Telecommunications
(Bayantel) is confident it will rack up Php5.7-billion to
Php6.1-billion in revenues this year compared to Php5.46 billion
in 2004, The Philippine Star reports.

The Lopez-owned firm expects the revenue growth this year mainly
due to its growing number of subscribers and robust growth of
its data business.

Earnings before interest, taxes, depreciation, and amortization
(EBITDA) for the whole of 2005 is projected to reach Php2.2 to
Php2.6 billion. The lower end of the range for revenue and
EBITDA targets this year are based on the court-approved
rehabilitation plan while the higher end is management's
internal target.

This year, Bayantel is allocating around Php1.4 billion for
expansion like last year. The capital expenditures budget will
be internally sourced.

During the first three months of 2005, Bayantel posted an EBITDA
of Php592 million, 15 percent higher than the Php514 million
generated in the same period last year. Net revenue for the
first quarter was seven percent higher at Php1.4 billion
compared to Php1.3 billion last year. Operating income in the
first quarter was around Php80 million. The growth was
attributed to an increase in both fixed line and digital
subscriber line (DSL) subscribers, as well as a boost in the
Company's traditional data business and international ventures.

The Company sees strong net additional DSL subscribers on a per
month basis as well as stronger performance from the provincial
markets in DSL installations. It also continues to expand its
coverage in Visayas and Mindanao to ensure that it meets growing
demand. The provincial markets now account for half of DSL
subscriber base.

Meanwhile, revenue grew in key services in Bayantel's
traditional data business such as leased lines, frame relay, and
virtual private networks in the first quarter. "We see greater
potential growth in Internet Protocol-based services such as IP-
VPN which we will constantly push this year.

CONTACT:

Bayan Telecommunications Inc.
Investor Relations
3/F BayanTel Corporate Center
Maginhawa corner Malingap Streets
Teacher's Village East, Diliman
Quezon City 1101, Philippines
Fax: (632) 449-2174
Web site: http://www.bayantel.com.ph


BELLE CORPORATION: Annual Stockholders' Meeting Set June 3
----------------------------------------------------------
Notice is hereby given that there will be an annual meeting of
the stockholders of Belle Corporation on Friday, June 3, 2005 at
3:00 o'clock in the afternoon, at the Magellan Room, Discovery
Suites, 25 ADB Avenue, Ortigas Center, Pasig City, to consider
the following:

AGENDA:

(1) Call to Order
(2) Proof of Notice of Meeting
(3) Certification of Quorum
(4) Approval of the Minutes of the Previous Meeting of
Stockholder
(5) Approval of 2004 Operations and Results
(6) Ratification of all Acts of the Board of Directors and
Officers
(7) Election of Directors
(8) Appointment of Sycip Gorres Velayo & Co. as External
Auditors
(9) Other Matters
(10)Adjournment

In accordance with the rules of the Philippine Stock Exchange,
the close of business on April 29, 2005 has been fixed as the
record date for the determination of the stockholders entitled
to notice of and vote at said meeting and any adjournment
thereof.

Registration for those who are personally attending the meeting
will start at 2:00 p.m. and end promptly at 3:00 p.m. All
stockholders who will not, are unable, or do not expect to
attend the meeting in person are requested to fill out, date,
sign and send a proxy to the Corporation at 28/F East Tower, PSE
Center, Exchange Road, Ortigas Center, Pasig City, Metro Manila,
Philippines.

All proxies should be received by the Corporation at least four
(4) days before the meeting, or on before May 30, 2005. Proxies
submitted shall be validated by as Committee of Inspectors on
May 31, 2005 at 10:00 o'clock in the morning at Unit 2803C East
Tower, Philippine Stock Exchange Center, Exchange Road, Ortigas
Center, Pasig City. For corporate stockholders, the proxies
should be accompanied by a Secretary's Certification on the
appointment of the corporation's authorized signatory.

CONTACT:

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


BELLE CORPORATION: Keen on New Project
--------------------------------------
Belle Corporation plans to build a retirement facility on a 340-
hectare property in Tagaytay Highlands, Business World reports.
The facility will cater to Japanese retirees who wish to stay in
the Philippines.

The property developer has not allocated a budget for the
project yet, but Belle Vice-Chairman Willy Ocier affirmed the
funds will be sourced from the sale of Php2.5 billion property
in a reclamation area.

Aside from the planned project, Belle also has interests in
gaming and gaming-related businesses. The Company, in fact,
entered into a joint-venture agreement with a foreign Company to
form the Tagaytay Highlands Corp., to develop a golf course
community in Tagaytay City.

Last year, it said net income rose to Php220 million from
Php172.8 million the previous year, due to brisk sales of farm
lots and Tagaytay club shares despite higher interest expenses.


COLLEGE ASSURANCE: CAP Calls Lawsuit a "Nuisance"
-------------------------------------------------
Embattled College Assurance Plan Philippines Inc. (CAP)
described a recent lawsuit filed by a group of planholders as a
"nuisance lawsuit", Manila Standard relates.

The ailing pre-need provider denied charges brought against it
by planholders that it committed fraudulent acts. CAP stressed
it never swindled anyone.

CAP first executive vice president Jose Montoya questioned the
syndicated estafa suit, saying the planholders who filed the
case did not represent even the minority of the policy holders.

Mr. Montoya said CAP transactions with its family-owned
corporations were reviewed, scrutinized and approved by the
Securities and Exchange Commission (SEC).

"This case does not stand a chance.  The female and lead lawyer
representing the class lawsuit has filed several class lawsuits
before and these never prospered.  How can there be estafa when
we have not swindled anyone?  We did not run away from our
problems," said Mr. Montoya.

Meanwhile, CAP earlier said it paid Php424 million for the
tuition of its planholders nationwide from January to April this
year despite SEC's nonrenewal of its dealer's license.  The
payment represented the balance of the second semester for the
2004-2005 school year.

CAP first Vice President Bobby Cafe said the preneed firm had
identified financing for the 2005-2006 school year.

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: Mulls New Rate Hike Petition
---------------------------------------------
Manila Electric Co. (Meralco) plans to apply for a new power
rate increase with regulators within this month, Today News
reports.

The new petition would replace the two-percent rate hike appeal
it made in 2003, which recently withdrew after the Supreme Court
rejected it.

Meralco's rate increase petition comes after regulators last
week granted a 42 percent rise in average power rates to state-
owned National Power Corp, which will be automatically passed on
to consumers through Meralco and other utilities.

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: Expects New Owner by Year-end
---------------------------------------------
Maynilad Water Services Incorporated's court-appointed receiver
said a private investor is expected to take over the ailing
water concessionaire by year-end, Business World says.

According to receiver Rosario S. Bernaldo, Maynilad is likely to
draw in potential investors as it moves ahead with its financial
rehabilitation.

Maynilad is becoming attractive to new investors now that the
receiver has defined the repayment scheme, projections and
capital expenditure of the cash-strapped firm. Talks among
creditors and the government are almost done.

Ms. Rosario said the utility firm would likely attract more
investors after its rehabilitation plan is approved by the
court. But she stressed that any investor should be acceptable
to the lenders and should have sound financial health.

The Metropolitan Waterworks and Sewerage System (MWSS) is
looking to borrow some AU$100 million for Maynilad's use by
2006. MWSS is borrowing for Maynilad so the firm can get lower
interest rates. The loan would be used to improve water systems,
to reduce non-revenue water or water lost to leaks or illegal
connections.

In the draft report of World Bank's country assistance strategy
for 2006-2008, it was stated that the US$100 million loan would
be part of a list of 15 projects that could be funded by the
bank.

CONTACT:

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


NATIONAL POWER: ERC Says Only SC Can Probe Rate Hike Order
----------------------------------------------------------
The country's power sector regulator said that only the Supreme
Court (SC) could review its approval of National Power
Corporation's (Napocor) power rate increase, according to The
Philippine Star.

The Energy Regulatory Commission (ERC) insisted only the SC
could probe its decision to grant Napocor its requested Php36
centavo-per kiloWatthour (kWh) rate hike starting June this
year, and said it would not submit itself to the Department of
Energy (DOE) and the Department of Justice (DOJ).

The statement came after the House Committee on Energy announced
it would also investigate the ERC's decision to determine if the
rates approved by the commission are warranted.

On April 22, 2005, the ERC approved an additional weighted
average power rate increase of 5.56 centavos per kwh in addition
to the provisional rate adjustment of 98 centavos per kwh
granted in September 2004, bringing the total rate adjustment to
Php1.0356 per kwh, still 45 percent lower than what Napocor had
originally asked for, at Php1.87 per kwh.

The additional adjustment of 5.56 centavos is a mere two-percent
increase since a 40-percent increase was already implemented
when the Commission provisionally granted Napocor an increase of
98 centavos per kwh in September 2004. Moreover, the 45-percent
increase approved by the ERC is a far cry from the 76-percent
rate increase applied for by Napocor.

In addition, the ERC also approved Napocor's generation rate
adjustment mechanism 9GRAM) and the incremental currency
exchange rate adjustment (ICERA) applications.

CONTACT:

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


PHILIPPINE NICKEL: China Pledges US$950-Mln Investment
------------------------------------------------------
The Philippines and China inked a US$950-million investment deal
on the redevelopment of the Philippine Nickel Corporation's
Nonoc mine in Surigao del Norte, SunStar Daily reports.

The Nonoc accord is part of some US$1.5 billion worth of
government-to-government and business agreements signed last
week by President Gloria Macapagal-Arroyo and Chinese President
Hu Jintao.

A US$500 million loan will go toward a railway linking Manila
and northern provinces, and a US$950 million investment will go
into developing the idle nickel mining project in Mindanao.

Chinese and Philippine officials signed the agreements that
opened the door to two largest Chinese investments in the
country after a 45-minute meeting between Pres. Hu and Pres.
Arroyo.

The Chinese President flew in Tuesday from Indonesia where he
attended last weekend's Asia-Africa summit. Upon arriving in
Manila, Pres. Hu and Madame Liu Yongqing were welcomed in
Malaca¤ang with full military honors and a 21-gun salute.


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

AIROCEAN GROUP: Disposes of 700 Shares in Indonesian Unit
---------------------------------------------------------
The Board of Directors of Airocean Group Limited announced in a
disclosure made to the Singapore Stock Exchange (SGX) that the
Company's wholly owned subsidiary, Wice Logistics Pte Ltd. has
entered into an agreement to sell its 700 shares in its
subsidiary PT. Angkasa Oriental Express (Angkasa), which is
equivalent to 70 percent of the paid up capital of Angkasa.

Angkasa is a Company incorporated in Indonesia and has been
dormant since May 2003.  The net book value of Angkasa as at
March 31, 2005 is IDR779 million.

The sale is not expected to have any material impact on the net
tangible assets or earnings per share of the Company for the
current financial year ending March 31, 2005.

By Order of the Board
Winston Seow Han Chiang
Joint Company Secretary
29 April 2005

CONTACT:

Airocean Group Limited
80 Robinson Road #08-01/02
Singapore 068898
Telephone: 65 62255111
Fax: 65 62243594
Web site: http://www.airocean.com.sg


ALVION ASIA: Posts Notice of Dividend
-------------------------------------
Alvion Asia Pte Ltd. formerly of 352B King George's Avenue
Singapore 208580 issued to the Government Gazette, Electronic
Edition a notice of dividend with the following details.

Court: Supreme Court, Singapore

Number of Matter: Companies Winding Up No. 260 of 1997

Amount Per Centum: 0.1045%

First and Final or otherwise: First & Final Dividend

When Payable: 19th April 2005

Where Payable:

The Official Receiver
The URA Centre (East Wing)
45 Maxwell Road #06-11
Singapore 069118
29th April 2005

Moey Weng Foo
Assistant Official Receiver


BINTAN LAGOON: Served with Winding Up Order
-------------------------------------------
In the matter of Bintan Lagoon Resort Ltd (formerly known as
Safe Bintan Resort Ltd) a winding up order was made on April 20,
2005.

Names and address of Liquidators:

Mr Chan Soon Hee Eric and
Mr Peter Chay Fook Yuen both of
Messrs KPMG
16 Raffles Quay
#22-00 Hong Leong Building
Singapore 048581

TSMP Law Corporation
Solicitors for the Petitioners


CHINA AVIATION: Extends Date of Submission of Financial Results
---------------------------------------------------------------
China Aviation Oil (Singapore) Corporation Ltd advised the
Singapore Stock Exchange (SGX) that in light of the earlier
approval by Singapore Exchange Securities Trading Limited (SGX-
ST) of the Company's application for an extension of time to
announce its financial results for FY2004 as stated in the
Company's announcement on January 20, 2005, SGX-ST has on April
29, 2005 granted the Company's application for an extension of
time to hold its annual general meeting (AGM) in respect of the
full year ended December 31, 2004 (FY 2004). The Company now has
to hold its AGM within 2 months from the date of announcement of
its financial results for FY 2004.

CONTACT:

China Aviation Oil (S) Corp.
Phone: (65)6334 8979
Fax: (65)6333 5283
Web site: http://www.caosco.com/


CITIRAYA INDUSTRIES: SGX-ST OKs Extension of Submission of FS
-------------------------------------------------------------
The Board of Directors of Citiraya Industries Ltd announced that
the Singapore Exchange Securities Trading Limited (SGX-ST) on
April 29, 2005 granted the Company an extension of time to
comply with Paragraph 10 of Appendix 2.2 of the Listing Manual
of the SGX-ST.

The Company will only be in a position to announce its full year
results for the financial year ended December 31, 2004 after it,
with the assistance of its financial advisors, has had an
opportunity to complete its internal investigations and
determine if the matters disclosed by the investigations (if
any) have an impact on the Company's financial results.

Under the SGX-ST's approval to the extension of time, the
Company has to hold its Annual General Meeting for the financial
year ended 31 December 2004 no later than 2 months from the date
of announcement of its financial results for the financial year
ended December 31, 2004.

The Company is currently seeking approval from the Accounting
and Corporate Regulatory Authority for the aforesaid extension
of time under Sections 175 and 201 of the Companies Act, Cap.
50.

By Order of the Board

Tan San-Ju
Company Secretary
29 April 2005

CONTACT:

Citiraya Industries Ltd
65 Tech Park Crescent
Singapore 637787
Telephone: 65 62644338
Fax: 65 62666731
Web site: http://www.citiraya.com


DEVON INDUSTRIES: To Pay Dividend on May 6
------------------------------------------
Devon Industries Sdn Bhd (In Liquidation) of c/o 10 Collyer Quay
#21-01 Ocean Building Singapore 049315, posted at the Government
Gazette, Electronic Edition a notice of dividend with the
following details.

Court: High Court of Singapore

Number of Matter: No. 160 of 1994

Amount per centum: 1.168 cents to a Dollar

First and final or otherwise: Third and Final

When payable: 6th May 2005

Where payable:

10 Collyer Quay
#23-05 Ocean Building
Singapore 049315


GREATRONIC LIMITED: Re-appoints Ernst & Young as Auditor
--------------------------------------------------------
The Board of Directors of Greatronic Limited announced to the
Singapore Stock Exchange (SGX) the outcome of the resolutions
tabled at the Annual General Meeting:

Item 1 of the Agenda - Adoption of Directors' and Auditors'
Reports and Audited Accounts for year ended 31 December 2004
(Resolution 1)

On a poll, the following ordinary resolution was not adopted:

"That the Directors' Report and Audited Accounts for the
financial year ended 31 December 2004 together with Auditors'
Report submitted to the Meeting be and are hereby received and
adopted."

Item 2 of the Agenda - Approval of Directors' Fees for the year
ended 31 December 2004 (Resolution 2)

On a poll, the following ordinary resolution was not passed:

"That the Directors' Fees of S$151,000 for the year ended 31
December 2004 be hereby approved."

Item 3 of the Agenda - Re-election of Mr Cheong Quee Wah as a
Director pursuant to Article 86 (Resolution 3)

On a poll, the following ordinary resolution was not passed:

"That Mr. Cheong Quee Wah be and is hereby re-elected as a
Director of the Company in accordance with Article 86 of the
Company's Articles of Association."

Item 4 of the Agenda - Re-appointment of Messrs Ernst & Young as
auditors of the Company (Resolution 4)

The following ordinary resolution was passed on a show of hands:

"That Messrs Ernst & Young, Certified Public Accountants,
Singapore be and they are hereby reappointed as Auditors of the
Company, to hold office until the conclusion of the next Annual
General Meeting and that the Directors be and are hereby
authorised to fix their remuneration."

To view a full copy of the results, click
http://bankrupt.com/misc/GreatronicLimited043005.pdf

CONTACT:

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


GREATRONIC LIMITED: Seeks for a Court Appointed Judicial Manager
----------------------------------------------------------------
Greatronic Limited advised the Singapore Stock Exchange (SGX)
that the directors at its board meeting held on April 29, 2005,
decided the following:

(1) Appointment of Chairman of the Board

For better coordination and to share the responsibilities in
view of their respective personal commitments, directors will
take turns to serve as Chairman of the Board for a period of 3
months. Mr. Lum Choong Wah has been elected Chairman with
immediate effect.

(2) Application for Judicial Management Order

The Company has applied to the Court for the appointment of a
Judicial Manager based on the following grounds:

(a) That the Company is insolvent and would need protection from
potential claims by its creditors,

(b) With the protection, it would enable the restructuring to
proceed in the meantime, and

(c) This is in the interest of the shareholders.

The Company has this morning submitted an application to the
court for a Judicial Management Order.

In view of the uncertainties that may arise from the application
for a Judicial Management Order and, if a Judicial Manager is
appointed, he may need some time to come up with his plan for
the Company, there may not be sufficient information to guide
investors in the meantime.

Therefore, the Company has requested the SGX to suspend trading
of the counter until further notice.

By Order of the Board
Greatronic Limited
30 April 2005


KOH BROTHERS: Passes All Resolutions Laid out in AGM Notice
------------------------------------------------------------
The Directors of Koh Brothers Group Limited announced in a
disclosure made to the Singapore Stock Exchange (SGX) that at
the Annual General Meeting of the Company held on April 29,
2005, all resolutions relating to matters set out in the Notice
of Annual General Meeting were duly passed.

Submitted by
Koh Tiak Chye
CEO and Managing Director
29 April 2005

CONTACT:

Koh Brothers Group Limited
11 Lorong Pendek
Koh Brothers Building
Singapore 348639
Telephone: 65 62898889
Fax: 65 68415400
Web site: http://www.kohbrothers.com


VENTURECORP BUSINESS: Faces Winding Up Proceedings
--------------------------------------------------
In the Matter of Venturecorp Business Pte Ltd. a winding up
order was made on April 8, 2005.

Name and Address of Liquidators:

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

Tan Peng Chin LLC
Solicitors for the Petitioners


WANT WANT: Acquires Remaining 30.79% Shares in Unit
---------------------------------------------------
The Board of Directors of Want Want Holdings Ltd advised the
Singapore Stock Exchange (SGX) that it has acquired the
remaining 30.79% shares held by V-Venture Limited in Long Run
Studios International Pte Ltd (LRSIPL) at a consideration of
RMB475,904 (approximately US$58,000).

The net tangible asset value of LRSIPL acquired was US$321,000.
LRSIPL became wholly-owned subsidiary of the Company following
the Company's acquisition of its shares.

The transactions are not expected to have any material impact on
the net tangible assets or earnings per share of the Company for
the financial year ending December 31, 2005. None of the
Directors or substantial shareholders of the Company has any
interest, direct or indirect, in the aforesaid transactions.

CONTACT:

Want Want Holdings Ltd
400 Orchard Road #17-05
Orchard Towers
Singapore 238875
Telephone: 65 62251588
Fax: 65 62211588
Web site: http://www.want-want.com


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

POWER-P: Settles Debts to Creditors
-----------------------------------
Power-P Public Company Limited, now being under REHABCO sector,
would like to report the additional progress of the Company's
operation, financial status and rehabilitation plan for the past
6 months:

(1) Debt repayment under the business rehabilitation plan

The Company had successfully settled debts to its creditors in
accordance with the business rehabilitation plan by transfer of
the collateralized land and construction to the secured
creditors, debt to equity swap, and debt repayment by cash
injected by the new shareholder group.

As a result, The Company could realize gains on debt
restructuring of THB1,614 million.  The Central Bankruptcy Court
accordingly called off the business rehabilitation on November
23, 2004.

(2) Shareholder and management restructuring

To comply with the business rehabilitation plan, the Company
first decreased its registered capital and then increased the
registered capital by issuing new common shares to creditors
under rehabilitation plan and a group of new investors.

As a result, the Company's shareholders' structure had been
changed by the creditors under rehabilitation plan and group of
new investors holding the common shares in the proportion of 20%
and 75% of its paid-up registered capital at THB2,100 million
respectively.

Hence, the top-ten (10) major shareholders as of April 18, 2005
are as follows:

Name                  No. of shares held      % of paid-up
                                              capital

(1) Mr. Nuttavut
    Manosutthi            68,273,600          32.51

(2) Mr. Ratchasak
    Susewi                24,289,600          11.57

(3) Miss Suwimol
    Pattrasuwankul        20,000,000           9.52

(4) Mr. Khemmarath
    Osathaphan            19,736,800           9.40

(5) Siam Commercial
    Bank Group*           12,157,149           5.79

(6) Mr. Kamon
    Auelsirikul            5,180,000           2.47

(7) Mrs. Sirirat
    Jarusombat             5,000,000           2.38

(8) Intel Vision
    Securities Plc.        3,600,000           1.71

(9) Asset Management
    Corporation            3,169,014           1.51

(10) Mrs. Taya
     Teepsuwan             3,100,000           1.48

         Total            164,506,163          78.34

Note:

* Siam Commercial Bank Group consists of Siam Commercial Bank
Plc. holding 9,000,000 shares and Chatuchak Asset Management Co.
Ltd. holding 3,157,149 shares.

Besides, the representative of new investor's group has joined
the Company in order to manage and operate the Company's
business since October 2004 onwards.

The Company's Board of Directors and Management team as of
February 17, 2005 has comprised of:

Board of Directors

Mr. Ratchasak Susewi         Chairman

Mr. Vunchai Demake           Director

Mr. Pranai Satyavanija       Director

Mr. Paiboon Chorchaitis      Director

Miss Sirimal Jareranpol      Director

Mr. Sompoch Intranukul       Director and Chairman of
                             Audit Committee

Mr. Tarn Austeerawatt        Director and Audit
                             Committee

Mr. Chairath Ketphasook      Director and Audit
                             Committee Management

Mr. Ratchasak Susewi         Chief Executive Officer

Mr. Vunchai Demake           Managing Director

Mr. Pranai Satyavanija       Deputy Managing Director

Mr. Kittiphat Intharakaset   Deputy Managing Director -
                             Corporate Planning and
                             Investing

Mr. Phongsak Khongpanyakul   Deputy Managing Director -
                             Finance and Accounting

Mrs. Somrak Chuvanich        Vice President,
                             Administration and
                             Human Resources Department

Miss Siriporn Tangmitpracha  Vice President, Business
                             Development Department

Mr. Pau Peungcharoenkun      Vice President, Engineering and
                             Construction Department

Mr. Narin Nawakitbumrung     Vice President, Internal Audit
                             Office

(3) The nature of business operations

The Company under the policy of the new board of management
operation has determined to render a comprehensive service as a
main contractor ranging from consulting on project feasibility
study to construction competition and delivery.  Thus,
increasing business channel and expanding in volume according to
the present construction business situation.

Hence, the stronger financial status to be completely qualified
for the regulations considerable moved the asset back to normal
industrial section in the SET.

The progress of the Company's business performance for the past
6 months could be summarized as follows:

The Company has singed the letter of intent among Union
Infartech Co., Ltd. Bangkok Motor Equipment Co., Ltd., and China
International Water and Electric Corporation, herein after
called "JV UBCPower" in order to be a construction contractor of
the Royal Irrigation Department, Ministry of Agriculture and
Cooperatives for construction of dam, supplement buildings and
other components under the Kwai-Noi Dam project in Wat Bot
District of Phitsanulok Province according to the Royal
Initiatives with Royal Irrigation Department, Ministry of
Agriculture and Cooperatives.

The project period will be completed within 1,110 days or in
year 2007 with a project value of THB3,354 million (excluding of
Value Added Tax).

Besides, the Company also has 7 signed-contract projects on hand
with the total value of THB1,152 million and 3 more projects
under studied about the details of terms and conditions with the
total value of THB709 million.

In additional, the Company has prepared for bidding the prospect
projects with total value of THB15,200 million approximately.

Please be informed accordingly.

Faithfully yours,
Kittiphat Intharakaset
Deputy Managing Director - Corporate Planning and Investing

CONTACT:

Power-P Public Company Limited
Laopengnguan Bldg 1,
333 Vibhavadi Rangsit Road,
Chatu Chak, Bangkok
Telephone: 0-2618-8555-7, 0-2618-8888
Fax: 6188078, 6188140-2


POWER-P: Omits Dividend Payment for 2004
----------------------------------------
Power-P Public Company Limited notified the Stock Exchange of
Thailand (SET) on the following resolutions passed by the Annual
General Meeting of Shareholders of 2005, which was held on
Friday, April 29, 2005 at 9:30 a.m. to 10:30 a.m. at Amarin
Room, Mezzanine Floor, Grand Hyatt Erawan Bangkok, 494 Rajdamri
Road, Bangkok Metropolis:

(1) The meeting adopted the minutes of the Extraordinary General
Meeting of Shareholders No. 1/2005, which was held on February
21, 2005.

(2) The Meeting acknowledged and adopted the operational
performance for the year of 2004.

(3) The meeting approved the audited balance sheet and the
profit and loss statement for year ended on December 31, 2004.

(4) The meeting approved the omission of dividend payment for
the year of 2004.

(5) The meeting approved the amendment of the Articles of
Association of the Company; Clause 15 as following:

"Clause 15 The directors shall be elected by the shareholder
meeting by the following manner:

(1) In electing Directors by majority votes, each shareholder
shall have one vote for each of his/her share.

(2) Each shareholder may give all his/her votes (according to
(1)) to elect one or several Directors but shall-not divide
his/her votes unequally among any particular persons.

(3) The persons shall be elected, in order, from those receiving
the highest votes, to fill the positions of Directors as
required, or to fill the vacancies during that particular
election.  In the event of the person having the same number of
votes, which will cause the number of elected persons to exceed
the number required for that particular election, the final
decision shall be made by the Chairman."

(6) The meeting approved the appointment of directors; Mr.
Phaiboon Chorchaiyatid, Mr. Vunchai Demake, whose directorship
had expired to be re-appointing for another term, and to appoint
Mr. Rapee Asumpinpong to replace Mr. Chairath Ketphasook, whose
directorship had expired this term.

The Board also approved the director's remuneration for 2005 not
exceeding of THB2,500,000 per annum (Two Million Five Hundred
Thousand Baht only).

(7) The meeting approved the appointment of Mr. Atipong
Atipongsakul, CPA No. 3500 or Mr. Prawit Viwanthananut, CPA No.
4917 of ANS Audit Company Limited as the Company's auditors for
the year of 2005, and also fixed their remuneration not
exceeding of THB750,000 (Seven Hundred Fifty Thousand Baht only)

Please be informed accordingly.

Faithfully yours,
Kittiphat Intharakaset
Deputy Managing Director - Corporate Planning and Investing


TANAYONG PUBLIC: Issues Business Reorganization Progress Report
---------------------------------------------------------------
The creditors meeting of Tanayong Public Company Limited passed
a resolution to approve the business reorganization plan on
March 31, 2005. The Company advised the Stock Exchange of
Thailand that the Court had set April 28, 2005 as a date for
considering the Plan.

However, the Court considered the explanation from the Official
Receiver on the objections of the creditors, and the explanation
from the planner thus setting May 30, 2005 as the date for an
order.

Please be informed accordingly.

Yours sincerely,
Mr. Sudha Liptawat / Mr.Rangsin Kritalug
By Tanayong Public Company Limited
On behalf of the Planner of Tanayong Public Company Limited

CONTACT:

Tanayong Public Company Limited
100-100/1 Moo 4, Km.14,Bangna-Trat Road,
Bang Plee, Samut Prakarn
Telephone: 0-2273-8511-15
Fax: 0-2273-8516-17
Website: http://www.tanayong.co.th


THAI DURABLE: Unveils Resolution Passed at AGM
----------------------------------------------
The 2005 Annual General Meeting of Shareholders of Thai Durable
Group Public Company Limited, held on April 29, 2005, had the
following resolutions:

(1) That the Minutes of the 2004 Annual General Meeting of
shareholders be certified.

(2) That the report of the operating results of the Company
during the year 2004, be acknowledged and the Annual Report of
the Board of Directors, be approved.

(3) That the audited balance sheet and profit and loss
statements for the year ended December 31, 2004, be approved.

(4) That no distribution of dividends and no allocation of the
annual net profit to be a legal reserve fund, be approved
because the Company still has an accumulated loss and incurred
net loss from operation for the year 2004.

(5) That the resignation of a director (Mr. Teing
Jongteingtrong) and appointment of a new director by the
authority of Board of Director be acknowledged.

(6) That Mrs. Phakarat Visudhimark, Mr. Annop Pitakannop and
Pol. Maj. Gen. Thavich Kanchanaporn, directors retired by
rotation, be re-elected as directors of the Company:

(7) That the directors' remuneration for the year 2005 should
not exceed THB3,000,000., which will be disbursed by the board
of directors as appropriate, be approved.

(8) That the appointment of Mr. Apichart Sayasit, Certified
Public Accountant No. 4229 of Horwath (Thailand) Limited, and/or
Mr. Pornchai Kittipanya-ngam, Certified Public Accountant No.
2778 of Buncheekij Co. Ltd, be approved, as the Company's
auditors for the accounting period in the year 2005,and their
remuneration fixed at THB1,000,000 be approved.

(9) That the amendment of the resolution of Extraordinary
General Meeting of Shareholders, with respect to the allocation
of newly-issued ordinary shares of the Company, No. 1/2004 held
on February 20, 2004, Agenda 2, be approved. The amendment is as
follows:

"Clause 1 To allocate newly-issued ordinary shares in the amount
not exceeding 141,905,000 shares with the par value of THB7.10
each. In this regard, the offering price of shares at any
offering shall be equal to the weighted average closing price
applied to the trading of the Company's shares on the Stock
Exchange of Thailand for 7 consecutive business days prior to
the first offering day to the investors.

The offering price of the Company's newly issued shares shall
not be considered as an offering at a price lower than the
market price, not at a price lower than ninety percent of the
market price according to the Notification No. Kor Jor 12/2543.

However, if market conditions permit, the Company may offer
shares for sale at a price equivalent to or higher than the par
value of the shares of the Company.

The Company's Board of Directors has the authority to determine
the price suitable for the market conditions at the time of the
relevant share offering within the above-mentioned offering
price frame including the determination of the offering date.

Such share offering will, however, be made wholly or partially
to specific investors and/or to institutional investors
domestically and/or internationally.  The offer may also be made
once or several times.

Yours sincerely,
Mrs. Phakarat Visudhimark
The Managing Director

CONTACT:

Thai Durable Group Pcl
33 Moo 4 Suksawadi Road,
Tambol Bangchak, Phra Pradaeng Samut Prakarn
Telephone: 0-2463-0024, 0-2463-2293-6
Fax: 0-2463-3821



BOND PRICING: For the Week 2 May to 6 May 2005
----------------------------------------------

Issuer                              Coupon     Maturity   Price
------                              ------     --------   -----


AUSTRALIA
---------

Advantage Group                      10.000%     4/15/06    1
Ainsworth Game                        8.000%    12/31/09    1
Amcom Telecommunications Ltd         10.000%    10/28/07    2
APN News & Media Ltd                  7.250%    10/31/08    5
A&R Whitcoulls Group                  9.500%    12/15/10   10
Austral Coal                          9.500%    10/01/06    1
Australis Holdings                   15.000%    11/01/02    1
BIL Finance Ltd                       8.000%    10/15/07    8
BIL Finance Ltd                       8.750%    10/15/05   10
BIL Finance Ltd                       9.250%    10/15/06    8
Capital Properties NZ Ltd             8.500%     4/15/05    8
Capital Properties NZ Ltd             8.500%     4/15/07    8
Capital Properties NZ Ltd             8.500%     4/15/09    8
CBH Resources                         9.500%    12/16/09    1
Citigold Corporation                 12.000%     3/29/07    1
Djerriwarrh Investments Ltd           6.500%     9/30/09    4
Evans & Tate Ltd                      8.250%    10/29/07    1
Fletcher Building Ltd                 7.800%     3/15/09    8
Fletcher Building Ltd                 7.900%    10/31/06    8
Fletcher Building Ltd                 8.300%    10/31/06    8
Fletcher Building Ltd                 8.600%     3/15/08    8
Fletcher Building Ltd                 8.750%     3/15/06    8
Fletcher Building Ltd                 8.850%     3/15/10    9
Fletcher Building Ltd                10.500%     4/30/05    8
Fernz Corp Ltd                        8.560%    10/15/06    8
Futuris Corporation Ltd               7.000%    12/31/07    2
Gympie Gold Ltd                       8.500%     9/30/07    1
Hy-Fi Securities Ltd                  7.000%     8/15/08    7
Hy-Fi Securities Ltd                  8.750%     8/15/08   10
Hutchison Telecoms Australia          5.500%     7/12/07    1
Infrastructure & Utilities NZ Ltd     8.500%     9/15/13    8
Nuplex Industries Ltd                 9.300%     9/15/07    8
Pacific Print Group Ltd.             10.250%    10/15/09   10
Primelife Corp.                       9.500%    12/08/06    1
Prime Infrastructure                  8.500%     2/28/49   10
Prime Infrastructure                  8.500%    12/31/49   10
Salomon SB Australia                  4.250%     2/01/09    8
Sapphire Securities Ltd               7.410%     9/20/35    7
Sapphire Securities Ltd               9.160%     9/20/35    9
Sapphire Securities Ltd               9.250%    12/20/06    9
Sherlock Bay Nickel                  12.000%     9/01/07    1
Sky Network Television Ltd            9.300%    10/29/49    8
Software of Excellence                7.000%     8/09/07    1
Strathfield Group                    11.000%    12/31/05    1
Sydney Gas Company                   12.000%     4/01/06    1
Tower Finance Ltd                     8.650%    10/15/09    9
Tower Finance Ltd                     8.750%    10/15/07    9
TrustPower Ltd                        8.300%     9/15/07    8
TrustPower Ltd                        8.300%    12/15/08    8
TrustPower Ltd                        8.500%     9/15/12    8
TrustPower Ltd                        8.500%     3/15/14    8
Urbus Properties Ltd                  9.250%     3/10/07    1
Vision Systems Ltd                    9.000%    12/15/08    2


MALAYSIA
--------

Aliran Ihsan Resources Bhd             5.000%     11/29/11    1
Asian Pac Holdings Bhd                 4.000%     12/22/05    1
Artwright Holdings Bhd                 5.500%      3/06/07    1
Berjaya Group Bhd                      5.000%     10/17/09    1
Berjaya Land Bhd                       5.000%     12/30/09    1
Berjaya Sports Toto Bhd                8.000%      8/04/12    4
Camerlin Group Bhd                     5.500%      7/15/07    1
Crescendo Corporation Bhd              3.000%      8/25/07    1
Crest Builder                          7.000%      2/24/06    2
Dataprep Holdings Bhd                  4.000%      8/05/05    1
Dataprep Holdings Bhd                  4.000%      8/06/07    1
Eden Enterprises (M) Bhd               2.500%     12/02/07    1
Fountain View Development Sdn Bhd      3.500%     11/03/06    5
Furqan Business Organization           2.000%     12/19/05    1
Gadang Holdings Bhd                    2.000%     12/24/08    1
Greatpac Holdings Bhd                  2.000%     12/11/08    1
Gula Perak Bhd                         6.000%      4/23/08    1
Hong Leong Industries Bhd              4.000%      6/28/07    1
Huat Lai Resources Bhd                 5.000%      3/28/10    1
I-Berhad                               5.000%      4/30/07    1
Insas Bhd                              8.000%      4/19/09    1
Integrax Bhd                           3.000%     12/24/05    1
Kamdar Group Bhd                       3.000      11/09/09    1
Killinghall Bhd                        5.000%      4/13/09    1
Kretam Holdings Bhd                    1.000%      8/10/10    1
Kumpulan Jetson                        5.000%     11/27/12    1
LBS Bina Group Bhd                     4.000%     12/29/06    1
LBS Bina Group Bhd                     4.000%     12/31/07    1
LBS Bina Group Bhd                     4.000%     12/31/08    1
LBS Bina Group Bhd                     4.000%     12/31/09    1
Lebar Daun Bhd                         2.000%      1/06/07    5
Lion Diversified Holdings Bhd          2.000%      6/01/09    2
Media Prima Bhd                        2.000%      7/18/08    1
Mithril Bhd                            3.000%      4/05/12    1
Mithril Bhd                            8.000%      4/05/09    1
Mutiara Goodyear Development Bhd       2.500%      1/15/07    1
Naim Indah Corp.                       0.500%      8/24/06    1
Nam Fatt Corporation Bhd               2.000%      6/24/11    1
Pantai Holdings Bhd                    5.000%      7/31/07    1
Patimas Computers Bhd                  6.000%      2/19/06    1
Poh Kong Holdings                      3.000%      1/20/07    1
Prinsiptek Corporation Bhd             2.000%     11/20/06    1
Puncak Niaga Holdings Bhd              2.500%     11/18/16    1
Ramunia Holdings                       1.000%     12/20/07    1
Rashid Hussain Bhd                     0.500%     12/24/12    1
Rashid Hussain Bhd                     1.500%      6/30/07   75
Rashid Hussain Bhd                     3.000%     12/24/12    1
Rhythm Conoslidated Bhd                5.000%     12/17/08    1
Silver Bird Group Bhd                  1.000%      2/15/09    1
Southern Steel                         5.500%      7/31/08    2
Tanah Emas Corporation Bhd             2.000%     12/09/06    1
Talam Corporation Bhd                  7.000%      7/19/05    1
Talam Corporation Bhd                  7.000%      4/19/06    1
Tap Resources Bhd                      2.000%      6/29/06    1
Tenaga Nasional Bhd                    3.050%      5/10/09    1
Time Engineering Bhd                   2.000%     12/25/05    1
Tradewinds Corporation Bhd             2.000%      2/08/12    1
VTI Vintage Bhd                        4.000%      8/22/06    1
WCT Land Bhd                           3.000%      8/02/09    1
Wah Seong Corp                         3.000%      5/21/12    3


SINGAPORE
---------

Sengkang Mall                          8.000%     11/20/12    1
Structural System Singapore           11.000%      6/30/07    1
Tampines Assets Ltd                    5.625%     12/07/06    1


                            *********


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

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

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                 *** End of Transmission ***