TCRAP_Public/050504.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

             Wednesday, May 4, 2005, Vol. 8, No. 87

                            Headlines

A U S T R A L I A

A.C.N. 075 142 399: To Declare Dividend May 16
AINSWORTH GAME: Snags U.S. Licenses
AMERICAN SHOE: To Declare Dividend May 23
ARISTOCRAT LEISURE: Foresees Record Profit in H1
ARTHUR HALL: Members Meeting Set May 10

AUSTRAL COAL: To Hold Annual General Meeting May 31
BLUE CREST: Picks Liquidator for Winding Up Purposes
CAREERS INSTITUTE: Members Agree to Wind Up Company
CHILMAN PTY: Dividend Declaration Slated May 27
COX CONSULTING: Faces Winding Up Procedures

DIRECT AUDIO: Liquidator Appointed to Wind Up Company
D MOOREHEAD: Names Sule Arnautovic Liquidator
GLOBAL TUNA: Lays Out Meeting Agenda
GROWAL PTY: Court Issues Winding Up Order
HILLS MOTORWAY: Moves to Compulsory Acquisition

ION LIMITED: Directors Face Grilling
JOSHA AUST: Court Appoints Official Liquidator
KIA-ORA SUTTON: Members Pass Winding Up Resolution
LAWFELD PTY: To Undergo Voluntary Liquidation
LES KITCHIN: Names A. L. Dunner Liquidator

MIDDLE EAST: Dividend Declaration Date Fixed May 11
NATIONAL AUSTRALIA: Boosts Internet Banking Security
NIU AIRCONDITIONING: To Declare Dividend May 18
OROTON: Confirms Privatization Talks
QANTAS AIRWAYS: Cost Cuts Endanger Crew

RINFILE PTY: Hires Liquidator from Chartered Accountants
RIVERFORD HOMES: Winds Up Voluntarily
WHITELAW FARMS: Members Decide to Wind Up Company


C H I N A  &  H O N G  K O N G

BANK OF CHINA: Halts 26 Crimes, Avoids US$8 Mln Losses
BENCHMARK LIMITED: Issues Debt Claim Notice to Creditors
BILLION KING: Court Releases Winding Up Order
FU KIN: Begins Bankruptcy Proceedings
GALLANT INDUSTRIES: Receives Winding Up Order

MUDAN AUTOMOBILE: 1Q/FY05 Net Loss Widens to RMB6.5 Mln
SEMICONDUCTOR MANUFACTURING: To Set Up Semiconductor Plant
TIME SYSTEM: Court Orders Winding Up
VICTORY TEAM: Winding Up Hearing Set June 8
XIN CORPORATION: Updates Capital Reorganization


I N D O N E S I A

INDOFOOD SUKSES: Posts 3% Hike in Q1 Net Profit
MERPATI NUSANTARA: Resumes Idle Route After Seven Years
PERTAMINA: Needs IDR10 Trillion Government Aid to Buy Oil
SEMEN GRESIK: Net Profit Climb by 36%


J A P A N

FUJITSU LIMITED: Sees US$146.8 Mln Profit
FUJITSU LIMITED: Cirrus Receives US$25 Mln in Settlement
JAPAN AIRLINES: Expands In-flight Internet Service
MEDIA LYNKS: President Jailed for Insider Trading
PIONEER CORPORATION: Incurs JPY8.8 Bln Net Loss

RESONA HOLDINGS: Sees JPY360Bln Net Profit in 2004
SEIBU RAILWAY: Morgan Stanley Denies US$19 Bln Bid
SEIYU LIMITED: Widens First Quarter Loss to JPY8.1 Bln
SHISEIDO CO.: Posts JPY8.86 Bln Net Loss


K O R E A

SK LIFE: Picks Bidder to Sign MOU


M A L A Y S I A

AMSTEEL CORPORATION: To Discuss Proposed Disposal of Unit Today
KEMAYAN CORPORATION: Seeks Creditors' Approval on Restructuring
PANGLOBAL BERHAD: Still Regularizing Financial Condition
POS MALAYSIA: Granted Listing of Additional Shares
PUTERA CAPITAL: Discloses Unaudited Quarterly Report

TANCO HOLDINGS: Sees No Change in Default Status
TAP RESOURCES: To Hold EGM by Next Week
TENCO BERHAD: No New Developments to Default in Payment
U-WOOD HOLDINGS: Posts First Quarter Report for 2005


P H I L I P P I N E S

BAYAN TELECOMMUNICATIONS: Rises to PLDT's Price War Challenge
BELLE CORPORATION: Eyes Php2 Bln from Sale of Property
COLLEGE ASSURANCE: Real Estate Swap Approved
MANILA ELECTRIC: Acquisition of Transco Assets Hits Snag
MAYNILAD WATER: Government May Cut Franchise into Smaller Zones

PACIFIC PLANS: May Face Sanctions, Case by SEC
PACIFIC PLANS: Collapse Fuels Investigation of Sister Firms  
PHILIPPINE LONG: Nortel to Aid Expansion of Optical Network
PHILIPPINE LONG: To Hold Investors' Briefing May 5


S I N G A P O R E

FHTK HOLDINGS: Eyes Fund Raising to Repay Loan
FIRST JV: Pays Preferential Dividend
GILLETTE SINGAPORE: Proofs of Debt, Claim Due May 30
HOTEL EQUATORIAL: To Pay Dividend May 6
JAYA HOLDINGS: Completes Disposal of Shares in Alam Maritim

JUYI INVESTMENT: Enters Winding Up Process
SEATOWN CORPORATION: Details Rehab Developments


T H A I L A N D

DATAMAT: Beefs Up Capital to THB5,420,605,165
HANTEX: Unveils Resolutions Passed at ASM
JASMINE INTERNATIONAL: To Present 2004 Annual Report Soon
TONGKAH HARBOUR: Furnishes Bourse with Progress Report

     -  -  -  -  -  -  -  -

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

A.C.N. 075 142 399: To Declare Dividend May 16
----------------------------------------------
A first and final dividend is to be declared on May 16, 2005 for
A.C.N. 075 142 399 Pty Ltd (In Liquidation) formerly Teragen Pty
Ltd A.C.N. 075 142 399.

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

Dated this 17th day of March 2005

Dean R. Mcveigh
Liquidator
Foremans Business Advisors (Vic) Pty Ltd
Suite 8, 56-60 Bay Road, Sandringham Vic 3191


AINSWORTH GAME: Snags U.S. Licenses
-----------------------------------
Ainsworth Game Technology (AGT) was granted approval to conduct
business with the United States Indian Tribes of Oregon, Asia
Pulse says.

The approval followed further licenses being received from a
number of Indian Tribes within the State of California. The
poker machine maker expects further to receive further licenses
following the recent submission of a number of additional
applications.

AGT executive chairman Len Ainsworth said the licenses would
provide further access to new markets for distribution of AGT's
products.

Last month, AGT cancelled merger talks with Russian poker
machine maker Unicum Group following disagreements on a number
of "commercial matters".

CONTACT:

Ainsworth Game Technology Limited
10 Hoker Street
Newington, New South Wales 2127
Australia
Phone: +61 9 7398 000
Fax: +61 9 7379 483
E-mail: sales@a-g-t.com.au
Web site: http://www.ainsowrth.com.au


AMERICAN SHOE: To Declare Dividend May 23
-----------------------------------------
A first and final dividend is to be declared on May 23, 2005 for
American Shoe Store Pty Limited (Subject To Deed Of Company
Arrangement) A.C.N. 000 402 997.

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

Dated this 21st day of March 2005

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


ARISTOCRAT LEISURE: Foresees Record Profit in H1
------------------------------------------------
Aristocrat Leisure Limited is expecting a record profit of
between AU$90 million and AU$100 million for the first half of
the fiscal year ended June 30, the Sydney Morning Herald
reports.

Aristocrat Chief Executive Paul Oneile said the profit forecast
is dependent on continued success in North America and Japan and
the timing of product approvals from regulators.

The Company's overall business conditions are reportedly healthy
except for some key markets such as Australia, which is slow to
replace gaming machines.

The North American operations are generating strong game sales
volumes and have had a further increased in recurring revenue
from the installed base of machines and higher average revenue
on a daily basis.

Aristocrat's new Streetfighter 2 game will commence shipment to
Japan in June, while the appointment of a new Russian
distributor, Smart Games, is expected to boost sales in that
market.

The Company made a net profit of AU$63.3 million in the first
half of the previous fiscal year.

CONTACT:

Aristocrat Leisure Ltd.
71 Longueville Road,
Lane Cove, Nsw,
Australia, 2066
Head Office Telephone: (02) 9413 6300
Head Office Fax: (02) 9420 1352
Web site: http://www.aristocratgaming.com


ARTHUR HALL: Members Meeting Set May 10
---------------------------------------
Notice is hereby given that a Meeting of Members of Arthur Hall
Contractors Pty Limited (In Voluntary Liquidation) will be held
at the offices of the Liquidator, c/- Genders & Wishart, Third
Floor, 27 Leigh Street, Adelaide 5000 in the State of South
Australia, on Tuesday, May 10, 2005 at 12:00 o'clock in the
morning for the purpose of laying before the meeting an account
showing how the winding up has been conducted and the property
of the Company has been disposed of, and giving an explanation
of the account.

Dated this 22nd day of March 2005

R. J. Wishart
Liquidator


AUSTRAL COAL: To Hold Annual General Meeting May 31
---------------------------------------------------
Notice is hereby given that the Annual General Meeting of
Austral Coal Limited will be held on Wednesday, May 31, 2005 at
9:00 a.m. at the offices of Centennial Coal Company Limited,
Level 18, BT Tower, 1 Market Street, Sydney.

ORDINARY BUSINESS - Ordinary Resolutions

(1) To receive and adopt the financial report for the year ended
December 31, 2004 and the reports of the directors and auditors
thereon.

(2) To re-elect Dr. Paul Moy who was appointed as a director to
fill a casual vacancy and retired pursuant to clause 56.2 of the
Company's Constitution and, being eligible, offers himself for
re-election.

(3) To re-elect Mr. Robert Cameron who was appointed as a
director to fill a casual vacancy and retired pursuant to clause
56.2 of the Company's Constitution and, being eligible, offers
himself for re-election.

(4) To re-elect Mr. Robert Dougall who was appointed as a
director to fill a casual vacancy and retired pursuant to clause
56.2 of the Company's Constitution and, being eligible, offers
himself for re-election.

(5) To re-elect Mr. Roger Knight who was appointed as a director
to fill the casual vacancy and retired pursuant to clause 56.2
of the Company's Constitution and, being eligible, offers
himself for re-election.

(6) To re-elect Mr. David Moult who was appointed as a director
to fulfill a casual vacancy and retired pursuant to clause 56.2
of the Company's Constitution and, being eligible, offers
himself for re-election.

(7) To consider and, if thought fit, to pass the following
resolution:
    That Deloitte Touche Tohmatsu be appointed as Auditor of the
Company.

EXPLANATORY NOTES FOR RESOLUTION 7

Deloitte Touche Tohmatsu have been nominated by a member of the
Company to fill the office of the Auditor which will become
vacant by virtue of the resignation of the existing Auditor.

Centennial Coal Company Limited has acquired control of Austral
Coal Limited and as a consequence will be consolidating
Austral's results, in future periods. Centennial has requested
that audit services be provided by Deloitte Touche Tohmatsu,
which audits its other subsidiary companies.

Subject to consent to the resignation of the existing Auditor,
Ernts & Young, being given by the Australian Securities and
Securities and Investments Commission, the Board recommends the
appointment of Deloitte Touche Tohmatsu to be the Company's
Auditor.

Deloitte Touche Tohmatsu have consented to act in this capacity.

SPECIAL BUSINESS - Ordinary Resolution

(8) That, for the purposes of Listing Rule 7.4, the Company
approves and ratifies the issue of 30,311,045 fully paid
ordinary shares are AU$0.48 each on January 19, 2005 to
professional and sophisticated investors, some of whom were
existing shareholders, in order to raise AU$14,549,302 for
working capital purposes for the Tahmoor mine.

CONTACT:

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


BLUE CREST: Picks Liquidator for Winding Up Purposes
----------------------------------------------------
Notice is hereby given that at a general meeting of members of
Blue Crest Limited (In Liquidation) A.C.N. 002 897 770 held on
March 18, 2005 it was resolved that the company be wound up
voluntarily and that for such purposes Mr. John Frederick Taylor
of Level 15, 309 Kent Street, Sydney was appointed as
liquidator.

Dated this 18th day of March 2005

J. F. Taylor
Liquidator
c/- WHK Greenwoods


CAREERS INSTITUTE: Members Agree to Wind Up Company
---------------------------------------------------
Notice is hereby given that at a meeting of members of Careers
Institute Of Australia Pty Ltd (In Liquidation) A.C.N. 105 569
711 held on March 21, 2005 it was resolved that the company be
wound up voluntarily and Nicholas Crouch of Crouch Insolvency,
Chartered Accountants, Level 5, 82 Elizabeth Street Sydney NSW
2000 be appointed Liquidator.

Dated this 21st day of March 2005


CHILMAN PTY: Dividend Declaration Slated May 27
-----------------------------------------------
A first and final dividend is to be declared on May 27, 2005 for
Chilman Pty Limited (Subject To Deed Of Company Arrangement)
A.C.N. 069 967 399.

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

Dated this 22nd day of March 2005

Peter P. Krejci
Joint Administrator
GHK Green Krejci
Level 9, 179 Elizabeth Street,
Sydney NSW 2000


COX CONSULTING: Faces Winding Up Procedures
-------------------------------------------
Notice is hereby given that, at a general meeting of members of
Cox Consulting NSW Pty Limited (In Liquidation) A.C.N. 081 904
627 held on March 15, 2005 it was resolved that the company be
wound up voluntarily and that for such purpose Danny Vrkic, of
Jirsch Sutherland & Co Wollongong Chartered Accountants be
appointed Liquidator. A meeting of creditors held later that day
confirmed this appointment.

Dated this 29th day of March 2005

Danny Vrkic
Liquidator
Jirsch Sutherland & Co Wollongong
Chartered Accountants
Level 3, 6-8 Regent Street,
Wollongong NSW 2500


DIRECT AUDIO: Liquidator Appointed to Wind Up Company
-----------------------------------------------------
Notice is hereby given that at separate meetings of members and
creditors of Direct Audio Marketing Limited (In Liquidation)
(The Company) A.C.N. 088 278 746, both held on March 16, 2005,
it was resolved that the Company be wound up voluntarily and
that for such purpose Mr. Ozem Kassem of Bentleys MRI Sydney,
Business Recovery & Insolvency Partnership, Level 8 Barrack
House, 16-20 Barrack Street, Sydney, NSW, be appointed
Liquidator.

Dated this 16th day of March 2005

Ozem Kassem
Liquidator


D MOOREHEAD: Names Sule Arnautovic Liquidator
---------------------------------------------
Notice is hereby given that at a general meeting of members of D
Moorehead Rourke Pty Limited (In Liquidation) A.C.N. 001 526 030
held on March 16, 2005, it was resolved that the company be
wound up voluntarily and that for such purpose Sule Arnautovic
was appointed Liquidator of the company.

Dated this 29th day of March 2005

Sule Arnautovic
Liquidator
Jirsch Sutherland
Chartered Accountants
Level 2, 84 Pitt Street,
Sydney NSW 2000
Telephone: (02) 9233 2111
Facsimile: (02) 9233 2144


GLOBAL TUNA: Lays Out Meeting Agenda
------------------------------------
Notice is given that concurrent meetings of members and
creditors of Global Tuna Management Pty Ltd (In Liquidation)
A.C.N. 088 823 027 will be held in the Deloitte Touche Tohmatsu
Boardroom, Woodside Plaza, Level 14, 240 St Georges Terrace,
Perth, Western Australia on Friday, May 6, 2005 at 12:00 noon
Perth time.

The meeting is intended to be the Final meeting of creditors and
members.

AGENDA

To receive an account of the liquidators' acts and dealings and
the conduct of the winding up.

Matters, which may require further investigation.

To lay before the meeting a statement of receipts and payments
as required by Section 509(1) of the Corporations Act.

Dated this 21st day of March 2005

S. A. Hernyk
R.G. Shoobridge & S.A. Hernyk
Joint and Several Liquidators
Deloitte Touche Tohmatsu
Chartered Accountants
Level 9, ANZ Centre,
22 Elizabeth Street,
Hobart Tas 7000
Telephone: (03) 6237 7000
Facsimile: (03) 6237 7001


GROWAL PTY: Court Issues Winding Up Order
-----------------------------------------
On March 15, 2005 the Supreme Court of New South Wales, Equity
Division made an Order that Growal Pty Ltd (In Liquidation)
A.C.N. 082 398 516 be wound up by the Court and appointed Steven
Nicols to be Liquidator.

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


HILLS MOTORWAY: Moves to Compulsory Acquisition
-----------------------------------------------
Transurban on Tuesday announced that as at 7:00 p.m. EST May 2,
2005, acceptances for its offer for Hills Motorway Group totaled
167.9 million securities, representing 90.8 percent of the
issued capital of Hills Motorway Group.

As a result of the 90 percent acceptance level being exceeded:

(1) Transurban is entitled to commence compulsory acquisition of
the Hills securities which have not accepted the offer; and

(2) All existing and new Transurban security holders will
benefit from an increase in the proposed FY06 distribution from
45 cents per security to 50 cents per security.

Hills security holders are urged to accept Transurban's offer
while it remains open.

The advantage of accepting Transurban's final offer now include:

(1) Cash payments within 7 days of acceptance being received;
(2) 25 cents cash payment in addition to 1.47 Transurban
securities for each Hills security;
(3) Capital Gains tax roll-over relief; and
(4) Participation in Transurban's June 2005 distribution.

Security holders who do not accept while the offer is open may
suffer delays in payment due to the need to comply with the
requirements of the compulsory acquisition process set out in
the Corporations Act.

The Managing Director of Transurban, Mr. Kim Edwards, said it
was important for remaining Hills security holders to accept as
soon as possible to be assured of cash payment within 7 days of
their acceptance being received.

Transurban's final offer will close 10:00 p.m. EST on Friday,
May 20, 2005.

Hills security holders with questions about the Transurban offer
can call the Transurban Group Offer Information Line on 1800 138
865.

CONTACT:

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


ION LIMITED: Directors Face Grilling
------------------------------------
Directors of failed ION Limited may be forced to explain the
circumstances before the car parts group's collapse in December
last year, reports the Sydney Morning Herald.

Administrator Colin Nicol of McGrathNicol said it is likely that
compulsory examinations of the directors will be conducted after
the second meetings of creditors on May 6.

Mr. Nicol earlier said that current and some former directors
had declined to give voluntary interviews unless certain
conditions were met. He said the imposition of those conditions
was unacceptable.

Despite the apparent reluctance of directors, Mr. Nicol said
there was no evidence of insolvent trading by ION. Similarly, he
said it was unlikely there were any voidable transactions with
directors or others who might be pursued if creditors decided to
put the group into liquidation.

In a report, which will be presented to creditors at meeting
next week in Adelaide, Melbourne and Albury, Mr. Nicol concluded
that ION has been mismanaged.

CONTACT:

ION Limited
Level 1 East, Victoria Gardens
678 Victoria Street
Richmond VIC 3121
Phone: +61 3 8416 5900
Fax: +61 3 8416 5999
E-mail: info@ionlimited.com
Web site: http://www.ionlimited.com.au/


JOSHA AUST: Court Appoints Official Liquidator
----------------------------------------------
On March 10, 2005 the Supreme Court made an Order that Josha
Aust Pty Limited (In Liquidation) A.C.N. 100 661 872 be wound up
and appointed Mark Roufeil to be Official Liquidator.

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


KIA-ORA SUTTON: Members Pass Winding Up Resolution
--------------------------------------------------
At a general meeting of the members of Kia-Ora (Sutton) Pty
Limited (In Liquidation) A.C.N. 000 379 635 duly convened and
held at 143 Bourke Street Goulburn NSW, on March 21, 2005 the
special resolution set out below was duly passed.

That the company be wound up voluntarily.

Dated this 21st day of March 2005

Douglas John Greig Macculloch
Liquidator
c/- RSM Bird Cameron
143 Bourke Street, Goulburn NSW 2580. Telephone (02)
4821 1066


LAWFELD PTY: To Undergo Voluntary Liquidation
---------------------------------------------
Notice is hereby given that at a general meeting of members of
Lawfeld Pty Limited (In Liquidation) A.C.N. 010 532 313 held on
March 18, 2005 it was resolved that the company be wound up
voluntarily and that for such purposes Mr. John Frederick Taylor
of Level 15, 309 Kent Street, Sydney was appointed as
liquidator.

Dated this 18th day of March 2005

J. F. Taylor
Liquidator
c/- WHK Greenwoods


LES KITCHIN: Names A. L. Dunner Liquidator
------------------------------------------
Notice is given that at an extraordinary general meeting of
members of Les Kitchin Enterprises Pty Ltd (In Liquidation)
A.B.N. 94 004 413 834 held on the 17th day of March 2005 it was
resolved that the company be wound up voluntarily and that
Andrew Leonard Dunner, Chartered Accountant, 23 Erin Street,
Richmond Victoria 3121 be appointed liquidator of the company
for the purposes of the winding up.

Dated this 17th day of March 2005

A. L. Dunner
Liquidator
Andrew Dunner & Associates
23 Erin Street,
Richmond Vic 3121
Telephone: (03) 9428 1888


MIDDLE EAST: Dividend Declaration Date Fixed May 11
---------------------------------------------------
A first dividend is to be declared on May 11, 2005 for Middle
East Marketing Pty Ltd A.C.N. 085 255 750.

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

Dated this 9th day of March 2005

S. J. Parbery
Official Liquidator
c/- PPB
Level 15, 25 Bligh Street,
Sydney NSW 2000
Telephone: (02) 9233 4955
Facsimile: (02) 9221 1310


NATIONAL AUSTRALIA: Boosts Internet Banking Security
----------------------------------------------------
National Australia Bank was finally able to enhance its security
for online banking customers, the Sydney Morning Herald relates.

Following a successful five-month pilot, NAB has added an
additional layer of security by using mobile phone text message
technology for customer's completing third party payments.

The optional free of charge SMS two-factor authentication
service is designed to protect customer funds from Internet
banking fraud.

Once an online payment is initiated, the banking system sends a
randomly generated, one time only code via SMS to the customer's
mobile phone within seconds.

The customer then enters the code into the payment confirmation
screen to complete the payment request.

NAB said the new optional security feature offered a balance
between improved security and customer convenience.

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/


NIU AIRCONDITIONING: To Declare Dividend May 18
-----------------------------------------------
A first dividend is to be declared on May 18, 2005 for Niu
Airconditioning Pty Ltd.

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

Dated this 9th day of March 2005

S. J. Parbery
Official Liquidator
c/- PPB
Level 15, 25 Bligh Street,
Sydney NSW 2000
Telephone: (02) 9233 4955
Facsimile: (02) 9221 1310


OROTON: Confirms Privatization Talks
------------------------------------
Ailing retailer Oroton confirmed it is discussing with Catalyst
Investment Managers Limited a proposal to privatize the
retailing business, according to the Sydney Morning Herald.

Oroton admitted that exclusive talks with Catalyst to conduct
due diligence on the company's potential privatization are
continuing, although Catalyst has not yet presented a complete
binding proposal.

But Oroton said despite the ongoing nature of the discussions,
no conclusions should be made about the company de-listing from
the Australian Stock Exchange (ASX), including potential pricing
that may occur.

Oroton has been suffering from dwindling profit and shares slump
due to problems with the distribution of its stock after the
introduction of a new information technology (IT) system.

In March, Oroton managing director Ross Lane said the company's
performance was damaged by stock distribution problems, which
sucked an estimated AU$3.5 million to AU$4 million from the
company's earnings before interest and tax (EBIT).

CONTACT:

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


QANTAS AIRWAYS: Cost Cuts Endanger Crew
---------------------------------------
The cabin crew of Qantas Airways staying in Los Angeles fear for
their safety after the airline moved them to a cheaper hotel in
the city's crime-prone downtown area, The Advertiser says.

Disgruntled flight attendants complained that they fell trapped
in the Bonaventure Hotel because they are too afraid to venture
out after dark on deserted downtown Los Angeles streets.

The Flight Attendants Association of Australia accused the
airline of putting staff in jeopardy to cut costs after
receiving cabin crew warnings that the area was unsafe.

So far, the worst problems appear to be cases of aggressive
vagrants snatching food or drinks from the trays of Qantas staff
visiting a fast-food outlet, but union officials fear a more
serious incident.

He said the FAAA had written to Qantas twice about the
Bonaventure change but had been unable to officially review the
hotel after the company changed agreed inspection procedures.

The union said it will take the hotel inspections issue to the
Australian Industrial Relations Commission.

CONTACT:

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


RINFILE PTY: Hires Liquidator from Chartered Accountants
--------------------------------------------------------
Notice is hereby given that, at a general meeting of members of
Rinfile Pty Limited (In Liquidation) A.C.N. 054 748 177 held on
March 15, 2005 it was resolved that the company be wound up
voluntarily and that for such purpose Danny Vrkic, of Jirsch
Sutherland & Co Wollongong Chartered Accountants be appointed
Liquidator. A meeting of creditors held later that day confirmed
this appointment.

Dated this 29th day of March 2005

Danny Vrkic
Liquidator
Jirsch Sutherland & Co Wollongong
Chartered Accountants
Level 3, 6-8 Regent Street, Wollongong NSW 2500


RIVERFORD HOMES: Winds Up Voluntarily
-------------------------------------
Notice is hereby given that at an extraordinary general meeting
of members of Riverford Homes Pty Limited (In Liquidation)
A.C.N. 022 223 270 held on March 16, 2005, it was resolved that
the company be wound up voluntarily and at a meeting of
creditors held on the same day it was resolved that for such
purpose, David Leigh of SimsPartners, Chartered Accountants,
Suite 6A, Bourne House, 10-12 Short Street Port Macquarie be
appointed Liquidator.

Dated this 17th day of March 2005

David Leigh
Liquidator
SimsPartners
Chartered Accountants
Suite 6A, Bourne House,
10-12 Short Street,
Port Macquarie NSW 2444


WHITELAW FARMS: Members Decide to Wind Up Company
-------------------------------------------------
Notice is hereby given that pursuant to section 509 of the
Corporations Act 2001, the final meeting of the members of
Whitelaw Farms Pty Limited (In Liquidation) A.C.N. 000 957 782
will be held at the offices of Ure Lynam & Co, Chartered
Accountants of 17th Floor, 1 York Street, Sydney, on March 26,
2005 at 11:00 a.m. for the purpose of laying before the meeting
the liquidator's final account and report and giving any
explanation thereof.

Dated this 22nd day of March 2005

Robert Keith Hunter
Liquidator
Ure Lynam & Co
17th Floor, 1 York Street,
Sydney NSW 2000


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C H I N A  &  H O N G  K O N G
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BANK OF CHINA: Halts 26 Crimes, Avoids US$8 Mln Losses
------------------------------------------------------
In the first quarter of 2005, subsidiary banks of the Bank of
China (BOC) effectively stopped 26 crimes, avoiding over CNY70
million (US$8.45 million) from being stolen and helping the
police arrest 25 suspects, Xinhua reports.

Twenty-one fraud cases were successfully prevented in the South
China's Guangdong Province and Fujian Province, northeast
China's Liaoning Province and Beijing.

Related cases involve eight counterfeit notes involving CNY46.38
million (US$5.6 million), eight fake money deposits or foreign
currency exchange fraud cases involving CNY4.36million, three
were bank book forgery, one case of savings transference forgery
of CNY747,000 and one case on counterfeiting a letters of
undertaking of the head office of the bank.

The bank has made great efforts this year to establish a strict
inner-control system and safeguarding system to prevent and
control the occurrence of financial cases.

CONTACT:

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


BENCHMARK LIMITED: Issues Debt Claim Notice to Creditors
--------------------------------------------------------
Notice is hereby given that the creditors of Benchmark (Far
East) Limited, which is being wound up voluntarily pursuant to
section 228A of the Companies Ordinance, are requested to send
their names, addresses and descriptions, together with full
particulars of their debts or claims and the names and addresses
of their solicitors (if any) to its Provisional Liquidator Wong
Yiu Tak of 4th Floor, Dah Shing Life Building, No. 99 Des Voeux
Road Central, Hong Kong for the purposes of the winding up, on
or before May 31, 2005.

If so required by notice in writing from the said Liquidator,
they shall attend and prove their debts or claims at such date,
place and time as shall be specified in such notice.

In default thereof, they will be excluded from the benefit of
any distribution made before such debts are proved.

Dated this 26th day of April 2005.

(Sd.) Wong Yiu Tak
Provisional Liquidator


BILLION KING: Court Releases Winding Up Order
---------------------------------------------
Billion King Investment Limited with registered office located
at No. 64, G/F & No. 44-66, 1/F, Shek Yam Road, Kwi 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 23, 2005

Dated this 29th day of April 2005.

ET O'Connell
Official Receiver


FU KIN: Begins Bankruptcy Proceedings
-------------------------------------
Notice is hereby given that a bankruptcy order of Au Fong Kwai
trading as Fu Kin (China HK) Transportation Co. was made on
April 29,2005.

All debts due to the estate should be paid to the official
receiver.

Dated this 29th day of April 2005.

ET O'Connel
Receiver.


GALLANT INDUSTRIES: Receives Winding Up Order
---------------------------------------------
Gallant Industries Limited with registered office located at
Unit 15 & 17, 10/F, Hong Kong International Trade & Exhibition
Centre, 1 Trademart Drive, Kowloon Bay, Kln 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 23, 2005

Dated this 29th day of April 2005.

ET O'Connell
Official Receiver


MUDAN AUTOMOBILE: 1Q/FY05 Net Loss Widens to RMB6.5 Mln
-------------------------------------------------------
Mudan Automobile Shares Company (08188) disclosed its financial
results for the year ended March 31, 2005.

Year-end date: 31/12/2005
Currency: RMB
Auditors' report: N/A
1st Quarterly Report Reviewed by: Audit Committee



                                (Unaudited)         (Unaudited)
                                  Current              Last
                                                  Corresponding
                                   Period            Period
                               from 01/01/2005   from 01/01/2004
                                 to 31/03/2005     to 31/03/2004
                                     RMB               RMB

Turnover                       :  114,216,049       170,034,987
Profit/(Loss) from Operations  :  (5,182,765)           574,932
Finance cost                   :  (1,344,631)       (2,654,258)
Share of Profit/(Loss) of Associates: N/A               N/A
Share of Profit/(Loss) of Jointly
         Controlled Entites       : N/A               N/A
Profit/(Loss) after Taxation & MI :(6,527,396)       (2,079,326)
% Change Over the Last Period     : N/A
EPS / (LPS)
          Basic (in dollar)       : (RMB 0.023) (RMB 0.0073)
          Diluted (in dollar)     : N/A               N/A
Extraordinary (ETD) Gain/(Loss)   : N/A               N/A
Profit (Loss) after ETD Items    : (6,527,396)       (2,079,326)
1st Quarter Dividends per Share   : NIL               NIL
(specify if with other options)   : N/A               N/A
B/C Dates for 1st Quarter Dividends: N/A
Payable Date                       : N/A
B/C Dates for (-) General Meeting  : N/A
Other Distribution for Current Period: NIL
B/C Dates for Other Distribution     : N/A
                                  (bdi: both days inclusive)

For and on behalf of
Mudan Automobile Shares Company Limited

Name: Hou Cheng Bao
Title: Director

Basic earnings (loss)/profit per share

For the three months ended March 31, 2005, the calculation of
earnings per share is based on the unaudited loss attributable
to shareholders of approximately RMB6,527,396 (2004: the
unaudited net loss was RMB2,079,326) divided by the weighted
average number of shares in issue of the Company during the
period.  

For the three months ended March 31, 2005, the weighted average
number of shares in issue is 284,800,000 (2004: 284,800,000).  
No diluted earnings per share is presented as there were no
dilutive potential ordinary shares outstanding.

CONTACT:

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


SEMICONDUCTOR MANUFACTURING: To Set Up Semiconductor Plant
----------------------------------------------------------
Semiconductor Manufacturing International Corporation (SMIC)
(NYSE: SMI; SEHK: 0981) and United Test and Assembly Center Ltd
(UTAC - SGX: UTAC) announced that they have entered into joint
venture arrangements relating to the provision of assembly and
testing services in Chengdu China, and will focus on memory and
logic.

SMIC will invest US$51 million through cash and own 51% of the
joint venture company (JV) and UTAC will invest US$30 million
through a combination of cash and other considerations including
intellectual properties for a 30%-stake. Financial investors and
employees will hold the remaining 19% of the JV. Furthermore,
UTAC and other investors (except SMIC and employees) will be
given a right to require the JV to buyback their shares under
certain restricted circumstances from the beginning of 2009,
subject to any applicable laws and regulations. None of UTAC,
the financial investors and employees are connected persons (as
defined in the Rules Governing the Listing of Securities on The
Stock Exchange of Hong Kong Limited) of SMIC.

The assembly and testing facility (Chengdu Facility) is located
in an approximately 40,668 square meter plot of land in
Chengdu's Special Export Manufacturing Zone. Construction is now
underway and when completed, the Chengdu Facility will have a
total built-up area of approximately 11,000 square meters. Mass
production is expected to commence in the fourth quarter of
2005. The total investment for the Chengdu Facility will be
US$175 million for the first phase of this project.

As the top semiconductor company in China and one of the leading
semiconductor foundries in the world, SMIC will leverage on its
market position, experience and excellent connections to
accelerate the development of the JV. As one of the leading
semiconductor assembly and test companies worldwide, UTAC will
contribute its expertise to maximize the growth of the JV.

The Chengdu Facility will serve as an additional assembly and
testing service provider to SMIC. The establishment of the
Chengdu Facility will allow UTAC, which has an existing facility
in Shanghai focusing on mixed signal and advanced memory chips,
and the JV to offer a comprehensive suite of test and assembly
services catering to the broad spectrum of semiconductor
activities in China, which is emerging as a major world leader
in the chip sector.

The JV will initially focus on SMIC's existing customers, thus
enhancing a ready flow of business immediately upon the
completion of the Chengdu Facility.

Dr. Richard R. Chang, Chairman of SMIC, said, "We are pleased to
find a solid partner in UTAC which has been a strategic supplier
to SMIC shortly after they first set-up their Shanghai facility.
UTAC established their technical and services credentials very
quickly and is an ideal partner for us."

Mr. Lee Joon Chung, President and CEO of UTAC, said: "We are
excited with this development. Having been working with SMIC for
over a year, we have seen first hand the strength and the
determination of the company to make a success of its endeavors.
SMIC has been a key customer to UTAC and this JV takes the
relationship to another level."

CONTACT:

Semiconductor Manufacturing International Corporation
18 Zhangjiang Road
Pudong New Area
Shanghai 201203, PRC  
Phone: 86-21-5080-2000  
Fax: 86-21-5080-2868  
Web site: http://www.smics.com


TIME SYSTEM: Court Orders Winding Up
------------------------------------
Time System Consultant Limited with registered office located at
Nos. 166A, Boundary Street, Kln 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 18, 2005

Dated this 29th day of April 2005.

ET O'Connell
Official Receiver


VICTORY TEAM: Winding Up Hearing Set June 8
-------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Victory Team Limited by the High Court of Hong Kong was on April
6, 2005 presented to the said Court by Lee Sik Chi of G/F., Lot
NHX 427, Connaught Road West, Sheung Wan, 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.

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

Note:

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


XIN CORPORATION: Updates Capital Reorganization
-----------------------------------------------
The Board of Directors of Xin Corporation announced on April 13,
2005 the Capital Reorganization, which is subject to, among
others, the approval of the Shareholders at the Shareholders
General Meeting (SGM).

The Board wishes to take the opportunity at the SGM to propose
resolutions to approve the grant of the New General Mandate and
the extension thereof, the Repurchase Mandate and the
refreshment of the Scheme Mandate Limit.

In addition, the board lot size of the Company will be changed
upon the Capital Reorganization becoming effective.

Accordingly, the SGM will be convened by the Company at, which
resolutions will be proposed to seek approval of the
Shareholders for the Capital Reorganization, the New General
Mandate and the extension thereof, the Repurchase Mandate and
the refreshment of the Scheme Mandate Limit.

The purpose of this circular is to provide you with, among
others, (i) information on the Capital Reorganization and the
associated trading arrangements, change of the board lot size,
the New General Mandate and the extension thereof, the
Repurchase Mandate and the refreshment of the Scheme Mandate
Limit; and (ii) the notice of the SGM.

CAPITAL REORGANISATION

The Board proposes the Capital Reorganization, which involves
the Capital Reduction, the Share Premium Reduction and the Share
Consolidation.

1. Capital Reduction

Pursuant to the Capital Reduction, the issued share capital of
the Company will be reduced by canceling an amount of HK$0.0095
of the paid-up capital from each issued Existing Share so that
the nominal value of each Existing Share in issue will be
reduced from HK$0.01 to HK$0.0005.

2. Share Premium Reduction

Pursuant to the Share Premium Reduction, the entire amount
standing to the credit of the share premium account of the
Company as at 31st March, 2005 will be cancelled.

The credit arising from (1) and (2) above will be transferred to
the contributed surplus account of the Company where it may be
utilized by the Directors in accordance with the bylaws of the
Company and all applicable laws, including to apply such credit
against the accumulated losses of the Company.

3. Share Consolidation

Immediately following the Capital Reduction, the Share
Consolidation will be implemented whereby every 20 shares of
HK$0.0005 each resulting from the Capital Reduction will be
consolidated into one Consolidated Share. Fractional
Consolidated Shares will not be issued to the Shareholders but
will be aggregated and, if possible, sold for the benefits of
the Company.

4. Effects of the Capital Reorganization

As at the Latest Practicable Date, the authorized share capital
of the Company amounted to HK$100,000,000 comprising
10,000,000,000 Existing Shares, of which 1,654,080,285 Existing
Shares have been allotted and issued as fully paid or credited
as fully paid. Upon the Capital Reorganization taking effect and
on the basis that the Company does not allot and issue any
further Existing Shares prior thereto, the authorized share
capital of the Company shall remain at HK$100,000,000 comprising
10,000,000,000 Consolidated Shares, but of which 82,704,014
Consolidated Shares only will be in issue.

The Consolidated Shares will rank pari passu in all respects
with each other.

On the basis of 1,654,080,285 Existing Shares in issue and the
unaudited amount of approximately HK$58.7 million standing to
the credit of the share premium account of the Company as at
March 31, 2005, a credit of approximately HK$74.4 million will
arise from the Capital Reduction and the Share Premium
Reduction. Such amount will be transferred to the contributed
surplus account of the Company upon implementation of the
Capital Reduction and the Share Premium Reduction. The
contributed surplus of the Company will be applied to eliminate
the accumulated losses of the Company, which amounted to
approximately HK$71.7 million as at September 30, 2004. Based on
the above, the accumulated losses of the Company will be fully
eliminated and there will be a surplus of approximately HK$2.7
million standing to the credit of the contributed surplus
account of the Company following completion of the Capital
Reorganization.

Other than the expenses incurred in relation to the Capital
Reorganization, the implementation thereof will not alter the
underlying assets, business operations, management or financial
position of the Company or the interests or rights of the
Shareholders, save for any fractional Consolidated Shares to
which Shareholders may be entitled.

5. Conditions of the Capital Reorganization

The Capital Reorganization is conditional on:

(i) the passing by the Shareholders of a special resolution to
approve the Capital Reorganization at the SGM;

(ii) compliance with the relevant legal procedures and
requirements under Bermuda law to effect the Capital
Reorganization; and

(iii) the Listing Committee of the Stock Exchange granting
approval for the listing of, and permission to deal in, the
Consolidated Shares in issue and to be issued.

The Capital Reorganization will be effective at the time when
the above conditions are fulfilled, which is expected to be 4:00
p.m. on Monday, May 23, 2005.

6. Reasons for the Capital Reorganization

The unaudited interim financial statements of the Company as at
September 30, 2004 showed that the Company had accumulated
losses of approximately HK$71.7 million. The Directors consider
that it would be inappropriate for the Company to pay dividends
while the deficit remains and the Capital Reorganization will
facilitate such payment as and when appropriate in future. Based
on the accumulated losses as at September 30, 2004, the number
of Existing Shares in issue as at the Latest Practicable Date
and the unaudited balance of share premium account as at March
31, 2005, it is expected that the accumulated losses of the
Company will be fully eliminated upon the Capital Reduction
becoming effective.

In view of the relatively low market value for each existing
board lot of the Existing Shares, the Directors believe that the
Share Consolidation will increase the value per share and reduce
the transaction costs for dealing in the shares in the Company
including charges with reference to the number of share
certificates issued.

7. Trading arrangements

Upon the Capital Reorganization becoming effective, all existing
orange share certificates for any number of Existing Shares in
issue immediately before the effective date will be deemed to be
certificates, and will be effective as documents of title, for
one twentieth of that number of Existing Shares. New share
certificates (which will be yellow in colour) will be issued for
Consolidated Shares. Parallel trading arrangements will be
established on the Stock Exchange for dealings in Consolidated
Shares in the form of the existing orange share certificates and
in the form of the new yellow share certificates. The trading
arrangements proposed for dealings in Consolidated Shares are
set out as follows:

(i) with effect from 9:30 a.m. on Tuesday, 24th May, 2005, the
original counter for trading in Existing Shares in existing
board lot of 4,000 Existing Shares will close temporarily. A
temporary counter for trading in Consolidated Shares represented
by existing orange share certificates in board lot of 200
Consolidated Shares will be established. Every existing
certificate for whatever number of Existing Shares will be
deemed to be a certificate, and will be effective as a document
of title valid for settlement and delivery for trading
transacted from 9:30 a.m. on Tuesday, May 24, 2005 to 4:00 p.m.
on Tuesday, June 28, 2005 for Consolidated Shares, in the amount
equivalent to one twentieth of that number of Existing Shares.
The existing orange share certificates for Existing Shares can
only be traded at this temporary counter;

(ii) with effect from 9:30 a.m. on Tuesday, June 7, 2005, the
original counter will re-open for trading in Consolidated Shares
in new board lot of 8,000 Consolidated Shares. Only new yellow
share certificates for Consolidated Shares can be traded at this
counter;

(iii) with effect from 9:30 a.m. on Tuesday, June 7, 2005 to
4:00 p.m. on Tuesday, June 28, 2005 (both dates inclusive),
there will be parallel trading at the counters mentioned in (i)
and (ii) above; and (iv) the temporary counter for trading in
Consolidated Shares represented by the existing orange
shares certificates in the board lot of 200 Consolidated Shares
will be removed after the close of trading on Tuesday, 28th
June, 2005. Thereafter, trading will only be in Consolidated
Shares represented by new yellow share certificates in new board
lot of 8,000 Consolidated Shares and the existing orange share
certificates for Existing Shares will cease to be marketable and
will not be acceptable for dealing and settlement purposes.

Subject to the Capital Reorganization becoming effective on
Monday, May 23, 2005, Shareholders may, during Tuesday, May 24,
2005, to Tuesday, July 5, 2005 (both dates inclusive), submit
existing orange share certificates for Existing Shares to the
Registrar in exchange, at the expense of the Company, for new
yellow share certificates for Consolidated Shares (on the basis
of 20 Existing Shares for one Consolidated Share).

Thereafter, certificates for Existing Shares will be accepted
for exchange only on payment of a fee of HK$2.50 (or such higher
amount as may be allowed by the Stock Exchange from time to
time) for each share certificate for Existing Shares cancelled
or each new share certificate issued for Consolidated Shares,
whichever number of certificates cancelled/issued is higher.

Nevertheless, certificates for Existing Shares will continue to
be good evidence of legal title and may be exchanged for
certificates for Consolidated Shares at any time.

It is expected that new certificates for Consolidated Share will
be available for collection within 10 business days after the
submission of the existing share certificates for Existing
Shares to the Registrar for exchange. Unless otherwise
instructed, new share certificates will be issued in board lot
of 8,000 Consolidated Shares each. New share certificates for
Consolidated Shares will be yellow in colour to distinguish them
from the existing share certificates for Existing Shares, which
are orange in colour.

Odd lots of Consolidated Shares may arise as a result of the
Share Consolidation. In order to alleviate the difficulties in
trading odd lots of Consolidated Shares, the Company has
appointed Kingston Securities Limited to act as the agent to
match, on a "best effort" basis, the sale and purchase of odd
lots of Consolidated Shares arising from the Share Consolidation
from Tuesday, 7th June, 2005 up to and including Tuesday, 28th
June, 2005. Such arrangement is to facilitate Shareholders who
wish to dispose of or top up their odd lots of Consolidated
Shares. Shareholders who wish to take advantage of this facility
should contact Ms. Rosita Kiu of Kingston Securities Limited at
Suite 2801, 28th Floor, One International Finance Centre, 1
Harbour View Street, Central, Hong Kong (Tel: 2298 6215) during
the aforesaid period. Shareholders should note that the matching
of the sale and purchase of odd lots of Consolidated Shares is
not guaranteed.

Shareholders are recommended to consult their licensed
securities dealer, bank manager, solicitor, professional
accountant or other professional adviser if they are in any
doubt about the facility described above.

8. Listing and dealings

An application has been made to the Stock Exchange for the
granting of the listing of, and permission to deal in,
Consolidated Shares to be in issue upon the Capital
Reorganization becoming effective.

No part of the share capital of the Company is listed or dealt
in on any other stock exchanges other than the Stock Exchange
and no such listing or permission to deal is being or is
currently proposed to be sought from any other stock exchange.

Dealings in Consolidated Shares on the branch register of
members of the Company will be subject to Hong Kong stamp duty.

Subject to the granting of listing of, and permission to deal
in, Consolidated Shares on the Stock Exchange, Consolidated
Shares will be accepted as eligible securities by HKSCC for
deposit, clearance and settlement in CCASS with effect from the
commencement date of dealings in Consolidated Shares on the
Stock Exchange or such other date as determined by HKSCC.
Settlement of transactions between participants of the Stock
Exchange on any trading day is required to take place in CCASS
on the second trading day thereafter. All activities under CCASS
are subject to the General Rules of CCASS and CCASS Operational
Procedures in effect from time to time.

CONTACT:

Xin Corporation Limited
Room 2107, 21st Floor
Nan Fung Tower
173 Des Voeux Road Central
Hong Kong  
Phone: 26498682  
Fax: 26496830


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

INDOFOOD SUKSES: Posts 3% Hike in Q1 Net Profit
-----------------------------------------------
PT Indofood Sukses Makmur reported a 3% increase on its first
quarter net profit at IDR117.27 billion, compared to last year's
IDR113.61 billion net profits for the same period, reports Dow
Jones.

The slight increase in the Company's net profit was attributed
to goodwill compensation worth IDR110.61 billion that it
received in a joint venture with Nestle S.A. in Switzerland.

The Company also reported a slight rise in sales for January to
March 2005 at IDR4.29 trillion, compared to IDR4.23 trillion for
the same period last year. However, the increase was offset by
higher sales costs at IDR3.21 trillion from lat year's IDR3.10
trillion. The Company's operating profit also fell 12% from
IDR548.83 billion to IDR482.94 billion.

Indofood Sukses plans to sell a stake in its flour unit,
Bogasari Flour Mills, in order to reduce debt and expand its
operations.

CONTACT:

P.T. Indofood Sukses Makmur Tbk.
Ariobimo Sentral Bldg., 12th Fl.,
Jl. H.R. Rasuna Said X-2 Kav 5, Kuningan
Jakarta, 12950, Indonesia
Phone: +62-21-522-8822
Fax:   +62-021-522-6014
Web site: http://www.indofood.co.id


MERPATI NUSANTARA: Resumes Idle Route After Seven Years
-------------------------------------------------------
Merpati Nusantara Airlines reopened its flight route from
Bandung, Indonesia to Singapore after a 7-year hiatus, the
Jakarta Post reports.

According to Company operational director Harry Parjama, the
Company saw that the route would be profitable to warrant
reopening, as there was a potentially large market for that
route. With over 20,000 Indonesians traveling to Changi
Airport in Singapore on a monthly basis, it would entail higher
profits for the firm.

The airline serviced the Bandung-Singapore route in 1990, but
suspended it due to the 1997 Asian financial crisis that
severely affected the country. Now, with current market
conditions, the Company is aiming for a 70-80% occupancy rate on
this route, and is planning to increase flights from four times
a week to twice daily.

At present, Merpati Airlines is the only airline to offer a
direct flight from Bandung, Indonesia to Singapore.

CONTACT:

Merpati Nusantara Airlines
PO Box 323, Jln. Angkasa
Block 815 Kav 2-3
Jakarta 10720 Indonesia
Phone: +61 (0) 8 8941 1606
Fax: +62 21 654 6789
Web site: http://www.merpati.co.id


PERTAMINA: Needs IDR10 Trillion Government Aid to Buy Oil
---------------------------------------------------------
PT Pertamina will need up to IDR10.51 trillion to fund its oil
imports this year, reports Asia Pulse.

According to the Company's Finance Director Alfred Rohimone,
Pertamina would also need an injection of funds from the
government in order to ensure a steady supply of oil fuels in
the country.

The Company produces oil from its refineries, but as the amount
of oil produced is below the domestic requirement, it therefore
imports crude oil from the Middle East.

Pertamina, together with other state-owned firms, had planned to
buy dollars from the market in order to fund its oil imports and
repay debts, but this caused a sharp decline in the local
currency. The government has thus banned these firms from buying
dollars in the foreign exchange market and assured them that the
state central bank would supply their dollar needs.

CONTACT:

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


SEMEN GRESIK: Net Profit Climb by 36%
-------------------------------------
PT Semen Gresik posted a 36% increase in its consolidated first
quarter net profit for 2005 at IDR115.41 billion, from 2004's
first quarter net profit of IDR 85.06 billion, Dow Jones
reports.
   
The Company's revenue also increased 9%, from IDR1.33 trillion
in2004 to IDR1.45 trillion in 2005 for the January-March period.
It was also able to reduce its miscellaneous costs from IDR64.74
billion to IDSR32.5 billion due to falling interest costs.

Semen Gresik is partially owned by Mexico-based Cemex, who holds
25.53% of the Company, while the government owns 51.01% and the
remaining 23.46% belongs to public shareholders.

CONTACT:

PT Semen Gresik (Persero) Terbuka
Jalan Veteran
Gresik 61122
Indonesia
Phone: +62 31 398 1731-2/1745
Fax:   +62 31 398 3209/3972 2264


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

FUJITSU LIMITED: Sees US$146.8 Mln Profit
-----------------------------------------
Fujitsu Limited expects an extraordinary profit of US$146.8
million in the current year to March as it has reached an out-
of-court settlement regarding a suit it has filed in the United
States, AFX News reports.

In 2001, the Company filed a suit in a California-state court
against three firms namely Cirrus Logic Inc, Amlor Technologies
Inc and Sumitomo plastics America Inc. for alleged defects in
magnetic disk devices.

Nonetheless, the company will see if the move will impact its
earlier profit forecast for the year to March 2006, it said in a
statement.

CONTACT:

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


FUJITSU LIMITED: Cirrus Receives US$25 Mln in Settlement
--------------------------------------------------------
Cirrus Logic Inc. announced on April 28 a settlement and release
of all claims between Cirrus Logic, Fujitsu Ltd., Amkor
Technology Inc., and Sumitomo Bakelite Co. Ltd., over the
alleged failure of certain semiconductor integrated circuits
(ICs) sold by Cirrus Logic to Fujitsu.

As part of a broader settlement involving all parties to the
matter, Cirrus Logic will receive a payment of US$25 million
from Fujitsu. This settlement will result in a one-time benefit
to the company's net income. The company anticipates that the
payment will be received prior to the end of June 2005.

"From the beginning of this litigation we have maintained our
confidence that we would reach a favorable resolution," said
David D. French, president and chief executive officer, Cirrus
Logic. "We are pleased that this litigation is now behind us,
and the US$25 million settlement further strengthens Cirrus
Logic's total cash and debt-free balance sheet."

Cirrus Logic, Inc.

Cirrus Logic develops high-precision, analog and mixed-signal
integrated circuits for a broad range of consumer and industrial
markets. Building on its diverse analog mixed-signal patent
portfolio, Cirrus Logic delivers highly optimized products for
consumer and commercial audio, automotive entertainment and
industrial applications. The company operates from headquarters
in Austin, Texas, with offices in Colorado, Europe, Japan and
Asia. More information about Cirrus Logic is available at
www.cirrus.com.

Cirrus Logic and Cirrus are trademarks of Cirrus Logic Inc.

Contact:

Cirrus Logic, Inc., Austin
Investor Contact:
John Kurtzweil, 512-912-3222
InvestorRelations@cirrus.com
or
Media Contact:
Bill Schnell, 512-851-4084
bill.schnell@cirrus.com


JAPAN AIRLINES: Expands In-flight Internet Service
--------------------------------------------------
Japan Airlines (TSE: 9201) will expand its in-flight Internet
connection service to flights between Tokyo-New York (JL006/005)
from May 10,2005: the world's first service on a transpacific
flight. Provided by Connection by Boeing Inc. (CBB) - a business
unit of Boeing - the "JAL Inflight Internet Service" enables
passengers to use their own wireless LAN compatible personal
computers to enjoy real-time Internet access during flight, PRN
Wire reports.

Using VPN (Virtual Private Network) technology, the "JAL
Inflight Internet Service" also enables passengers to access
securely their company's network, email and intranet site.
Additionally, passengers can access free of charge JAL's in-
flight portal site which contains a selection of content such as
company product and service information.

Initially the service will be available on alternate days but
towards the end of June it will be available daily. JAL's Tokyo-
New York route is popular with business travelers, who represent
a high percentage of total passengers.

To commemorate the opening of the Tokyo-New York service, JAL
will offer customers a US$10.00 discount for the service, up to
July 15, 2005. Pamphlets distributed in-flight contain details
on how to apply for the US$10.00 discount.

On November 12, 2003, JAL was the first Asian airline to reach
an agreement with CBB to introduce in-flight Internet service
and the airline introduced it on the Tokyo-London route on
December 9, 2004. JAL will continue to expand this in-flight
Internet connection service on Japan-Europe and Japan-North
America routes.

JAL Inflight Internet Service Details

Available routes: Tokyo-London - daily (JL401/402)
Tokyo-New York - (JL006/005) alternate days until towards the
end of June, thereafter daily.

Aircraft type: 747-400 Service outline: Customers can send and
receive e-mails through their own e-mail addresses, access the
Internet and the cabin portal site.

Access is available in all classes: First, Business and Economy.
Wireless LAN (802.11 b/g).

Charges: Fixed rate for Tokyo-New York flights is US$29.95, or
US$9.95 for first 30 minutes and 25 cents per minute thereafter.
Payment is by credit card.

Cabin portal site access free.

For more information, please visit:
www.jal.co.jp/en/infl full details ight/internet/

About Japan Airlines Company, Ltd.

Japan Airlines Company, Ltd.(TSE: 9201) was established in 1954,
privatized in 1987 and is Japan's largest airline. Operates
scheduled and unscheduled air transport services. Operations are
carried out through the following divisions: Air Transportation
(domestic and international passenger and cargo services); Air
Related (aircraft maintenance); Travel Services; Hotels and
Resorts.Air transportation accounted for 66% of fiscal 2001
revenues; travel services, 22%; air-related operation, 10% and
hotel/resort operation, 2%.

CONTACT:

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

This is a Company press release.


MEDIA LYNKS: President Jailed for Insider Trading
-------------------------------------------------
The President of Media Lynks Corporation was sentenced on Monday
to three and half years in prison for committing insider trading
and falsifying annual financial statements, Kyodo News reports.

The Osaka District Court has ordered Mr. Yoshihiko Shindo,
President of the computer software company, to pay a JPY2
million fine.

CONTACT:

Media Lynks Corporation
2-6 Tennobashi 2-Chome
Kita-Ku, Osaka
Phone: +81 6 6135 0303


PIONEER CORPORATION: Incurs JPY8.8 Bln Net Loss
-----------------------------------------------
Pioneer Corporation posted a net loss of JPY8.8 billion in the
year ending March 31, on slumping prices of plasma display
panels (PDPs) and DVD players, AFX News reports.

The Company also reported a pretax loss of JPY187 million and an
operating profit of JPY2.6 billion.

Pioneer Chief Financial Officer Akira Niijima said that prices
of PDP panels have dropped by 30 percent in the year to March
2005 from a year earlier.

As a result, Pioneer incurred an operating loss of JPY22.1
billion yen in its mainstay home electronics division in the
year to March 2005, a turnaround from a JPY3.2 billion operating
profit a year earlier.

Faced with a deterioration of profitability, the Company aims to
slash capital investment to JPY47 billion in the year to March
2006 from JPY63 billion.

CONTACT:

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


RESONA HOLDINGS: Sees JPY360Bln Net Profit in 2004
--------------------------------------------------
Resona Holdings Inc. revised up its profit estimate for the
latest financial year by 30.9 percent on Thursday, citing
higher-than-expected returns from the sale of stockholdings.

Resona, bailed out with nearly JPY2 trillion ($18.89 billion) in
public money in 2003, said it now expected to post a group net
profit of JPY360 billion for the year ending March 31, up from
its previous forecast of JPY275 billion.

The Company has been earning praise from analysts and investors
since its bailout by shoring up its finances and expanding its
core lending business.

The bank expects to report a ratio of bad loans to total lending
of between 3 and 4 percent, down from 4.82 percent at the end of
September.

CONTACT:

Resona Holdings, Inc.
Address:  2-1, Bingomachi 2-chome, Chuo-ku
Osaka 540-8608, Japan
Phone: +81-6-6271-1221
Fax: +81-6-6268-1337


SEIBU RAILWAY: Morgan Stanley Denies US$19 Bln Bid
--------------------------------------------------
U.S. investment bank Morgan Stanley denied the Nihon Keizai
newspaper report that it will arrange a bid of as much as JPY2
trillion ($19 billion) to acquire Seibu Railway Co. Limited,
Bloomberg News reports.

The newspaper added that it would also start a fund to buy Seibu
shares, which may provide as much as JPY600 billion of capital.

Seibu Railway aims to raise JPY400 billion by selling assets and
seeking outside investors to help cut its debt, the company said
on March 25.

The railway operator is aiming to re-list its stock as early as
2008 to tap the capital markets for funds. The Company also
needs to repay debt and improve earnings.

CONTACT:

Seibu Railway Co Ltd
11-1 Kusunokidai 1-Chome
Tokorozawa 359-8520, Saitama 359-8520
Japan
Phone: +81 42 926 2081
Fax: +81 42 926 2237
Web site: http://www.seibu-group.co.jp/


SEIYU LIMITED: Widens First Quarter Loss to JPY8.1 Bln
------------------------------------------------------
Seiyu Limited, 37 percent-owned unit of Wal-Mart Stores Inc. of
the U.S., announced its financial results ending in March 31,
2005, according to AFX News.

Seiyu Limited first quarter to March 2005 results:

Revenue - 234.4 bln yen vs 253.1 bln

Operating loss - 4.8 bln yen vs profit 318 mln

Current loss - 7.3 bln yen vs loss 2.1 bln

Net loss - 8.1 bln yen vs loss 4.7 bln

Loss per share - 12.54 yen vs loss per share 7.59

CONTACT:

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


SHISEIDO CO.: Posts JPY8.86 Bln Net Loss
----------------------------------------
Shiseido Co. incurred a net loss of JPY8.86 billion in the year
ending March 31, after booking heavy restructuring costs
including an early retirement package, The Japan Times reports.

The cosmetics maker said sales rose 2.5 percent to 639.83
billion yen in fiscal 2004. Its operating profit dropped 28
percent to JPY28.22 billion, as it spent heavily on advertising
activities.

CONTACT:

Shiseido Co Ltd
7-5-5 Ginza, Chuo-ku
Tokyo, TK 104-8
Phone: (212) 815-2345
Web Site: http://www.shiseido.co.jp


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

SK LIFE: Picks Bidder to Sign MOU
---------------------------------
SK Life Insurance Co.'s main creditor SK Networks has chosen
Mirae Asset Group as the preferred bidder in the takeover sale
of affiliate SK Life Insurance Co., reports Dow Jones.

A spokesman for SK Networks creditor Hana Bank said that they
signed a memorandum of understanding (MOU) for the takeover, and
are scheduled to conduct due diligence to set an acquisition
price for the sale, estimated to be at KRW150 billion to KRW200
billion.

Mirae Asset Group said that it had submitted a letter of intent
to acquire the troubled insurance firm last week.

The sale of SK Life Insurance Co. is in line with SK Networks'
plan to improve its financial condition by selling its non-core
assets, after avoiding bankruptcy due to a bailout package by
creditors and parent SK Group.

SK Life Insurance Co. is an affiliate of SK Group, which has
been selling its non-core businesses after the 2003 accounting
fraud scandal of affiliate SK Networks (formerly SK Global).
SK Life Insurance reported a KRW60.1 billion profit for the
financial year 2004 (April-December), after profits of KRW83
billion and KRW59.3 billion in 2002 and 2003, respectively.

CONTACT:

SK Life Insurance Company Ltd.
168 Gongdeok-dong, Mapo-gu
Seoul, South Korea
Phone: 82 42 530 2114
Fax:   82 42 530 2191
Email:    webmaster@sklife.com
Web site: http://www.sklife.co.kr


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

AMSTEEL CORPORATION: To Discuss Proposed Disposal of Unit Today
---------------------------------------------------------------
Amsteel Corporation Berhad announced that the Company will hold
an Extraordinary General Meeting (EGM) today, May 4, 2005, 10:00
a.m., at the Meeting Hall (Level 48) of Menara Citibank, 165
Jalan Ampang, 50450 Kuala Lumpur, to discuss the proposed
disposal of Company subsidiary Lion Ipoh Sdn Berhad and Lion
Seremban Parade Sdn Berhad.

CONTACT:

Amsteel Corporation Berhad
165 Jalan Ampang
Kuala Lumpur, 50450
Malaysia
Phone: +60 3 2162 2155/2161 3166
Fax:   +60 3 2162 3448


KEMAYAN CORPORATION: Seeks Creditors' Approval on Restructuring
---------------------------------------------------------------
Kemayan Corporation Berhad announced that the Company is
preparing the necessary documents in order to obtain approval
from its scheme creditors for the proposed restructuring scheme.

The Securities Commission (SC) had on April 5, 2005 approved an
extension up to June 15, 2005 for investigative auditors Messrs
Monteiro & Heng to complete an investigative audit into the
Company.

At present, The SC has yet to decide whether to grant an
extension for the Company to implement its proposed
restructuring scheme; the Company had submitted an application
for extension to the SC last Dec. 31, 2004, followed by an
application to approve certain modifications to its proposed
restructuring scheme, which was submitted to the SC on Jan. 12,
2005.

The Company will announce any further developments on the matter
in due course.

CONTACT:

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


PANGLOBAL BERHAD: Still Regularizing Financial Condition
--------------------------------------------------------
Panglobal Berhad announced that there is now new development on
the Company's status under Practice Note 4/2001 of the Bursa
Malaysia Securities Berhad Listing Requirements since its last
monthly announcement on April 1, 2005.

CONTACT:

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


POS MALAYSIA: Granted Listing of Additional Shares
--------------------------------------------------
Pos Malaysia & Services Holdings Berhad's additional 41,000 new
ordinary shares of MYR1.00 each issued pursuant to the Company's
Employee Share Option Scheme will be granted listing and
quotation effective Thursday, May 5, 2005, 9:00 a.m.

CONTACT:

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


PUTERA CAPITAL: Discloses Unaudited Quarterly Report
----------------------------------------------------  
Putera Capital Berhad disclosed its unaudited report for the
financial period ended Feb. 28, 2005.

             SUMMARY OF KEY FINANCIAL INFORMATION
                            28/02/2005

                 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
             5,272        11,763         24,820        42,472

2  Profit/(loss) before tax
            -3,577        -1,970        -11,382        -8,863

3  Profit/(loss) after tax and minority interest
            -3,569        -2,057        -11,348        -8,976

4  Net profit/(loss) for the period
            -3,569        -2,057        -11,348        -8,976

5  Basic earnings/(loss) per shares (sen)
             -5.23         -3.10         -16.64        -13.53

6  Dividend per share (sen)
               0.00          0.00         0.00        0.00

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

7  Net tangible assets per share (RM)
                                0.1609               0.3104

To view a full copy of the report, click on:

http://bankrupt.com/misc/tcrap_puteracapital1043005.xls

http://bankrupt.com/misc/tcrap_puteracapital2043005.doc

CONTACT:

Putera Capital Berhad
Kawasan Perindustrian Kamunting,
Lot 3545, Peti Surat No. 18,
34600 Kamunting, Taiping, Perak
Malaysia
Phone: 05-8914155
Fax:   05-8914145
Web site: http://www.putera.biz/


TANCO HOLDINGS: Sees No Change in Default Status
------------------------------------------------
Tanco Holdings Berhad announced that pursuant to Practice Note
1/2001 of the Bursa Malaysia Securities Berhad Listing
Requirements, the Company's default status in interest payments
to its lenders has remained unchanged since its last monthly
announcement dated March 31, 2005.

The Company's alternative cash proposal presented to its scheme
creditors, which involves an outright cash payment of MYR177.5
million as full & final settlement of its debt towards such
creditors, is till being reviewed by other scheme creditors.

CONTACT:

Tanco Holdings Berhad
Jalan Desa Bandar Country Homes
Rawang, Selangor
Darul Ehsan 48000
Malaysia
Phone: +60 3 6092 8333
Fax:   +60 3 6091 3188
Web site: http://www.samuelmanutech.com/


TAP RESOURCES: To Hold EGM by Next Week
---------------------------------------
Tap Resources Berhad announced that the Company will hold its
Extraordinary General Meeting (EGM) on Tuesday, May 10, 2005,
10:30 a.m. at Hotel Sri Petaling Kuala Lumpur (Function Rooms 2
& 3, Level 2), 30 Jalan Radin Anum, Bandar Baru Sri Petaling,
57000 Kuala Lumpur.

CONTACT:

Tap Resources Berhad
No. 18, Block B,
Jalan 1/89B (Seksyen 92A),
Batu 3 1/2 Off Jalan Sungei Besi,
57100 Kuala Lumpur
Malaysia
Phone: 03-79823388
Fax:   03-79811329


TENCO BERHAD: No New Developments to Default in Payment
-------------------------------------------------------
Tenco Berhad announced that pursuant to Practice Note 1/2001 of
the Bursa Malaysia Securities Berhad Listing Requirements, there
are no further developments to the Company's default status in
payment to its lenders as of its last announcement on the matter
dated March 31, 2005.

CONTACT:

Tenco Berhad
No. 5, Jalan Pelabur 23/1
40000 Shah Alam, Selangor
Malaysia
Phone: (60) 3 541 0612
Fax:   (60) 3 541 0132


U-WOOD HOLDINGS: Posts First Quarter Report for 2005
----------------------------------------------------
U-Wood Holdings Berhad disclosed its unaudited report for the
financial period ended Feb. 28, 2005.

             SUMMARY OF KEY FINANCIAL INFORMATION
                            28/02/2005

                 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
            13,634        38,844         43,311       106,307

2  Profit/(loss) before tax
            -2,040        -2,697         -9,516        -9,022

3  Profit/(loss) after tax and minority interest
            -2,361        -2,807        -10,619        -9,494

4  Net profit/(loss) for the period
            -2,361        -2,807        -10,619        -9,494

5  Basic earnings/(loss) per shares (sen)
             -1.66         -1.97          -7.45         -6.66

6  Dividend per share (sen)
               0.00          0.00         0.00        0.00

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

7  Net tangible assets per share (RM)
                                0.0230               0.0890

For further details on the report, go to:

http://bankrupt.com/misc/tcrap_uwood043005.xls

CONTACT:

U-Wood Holdings Berhad
No. 8, 1st Floor
Jalan Apollo CH U5/CH
Bandar Pinggiran Subang
Section U5
40150 Shah Alam
Phone: 03-78451011
Fax:   03-78451022


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

BAYAN TELECOMMUNICATIONS: Rises to PLDT's Price War Challenge
-------------------------------------------------------------
Bayan Telecommunications Inc. (Bayantel) said it is taking on
Philippine Long Distance Telephone Company's (PLDT) price war  
in the fixed line business, Business World relates.

Bayantel said its offer will be more diverse since it will also
include international calls and Internet services.

Bayantel vice-president for Metro Manila retail market Rodrigo
Montinola said PLDT's Php10 flat rate for NDD calls had a
minimal effect on the churn and subscriber acquisition rates of
Bayantel. But he admitted that Bayantel was slightly affected on
the use of the long-distance service.

He added that the local exchange carrier (LEC) service of
Bayantel was hardly affected since it offers unlimited local
calls for Php449, and Php699 for the same service with value-
added features. Moreover, these services are not affected by
foreign exchange fluctuations.

Bayantel holds about 10% of the fixed line market, with 300,000
subscribers as of end-March.
It had about 7,000 subscribers for its post-paid internet
service, Sky Internet, and sells 120,000 prepaid Blast cards for
dial-up service internet.

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: Eyes Php2 Bln from Sale of Property
------------------------------------------------------
Belle Corporation expects to raise around Php2 billion from the
sale of its property on the sale of its property on the
reclaimed Manila Bay Area along Roxas Boulevard, The Philippine
Star reports.

The sale, which is expected to be completed by the third quarter
of the year, would allow it to focus on residential and leisure
property development, tourism, retirement and wellness center
development.

Belle' s property on the reclaimed land measures 19 hectares and
was intended to be developed for mixed-use, including an
entertainment and leisure center that would incorporate a casino
and hotel.

Belle has been divesting its non-core assets to finance its
property development projects and to clean up its balance sheet.

CONTACT:

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


COLLEGE ASSURANCE: Real Estate Swap Approved
--------------------------------------------
A proposal of Bank of Commerce for College Assurance Plan
Philippines Inc. (CAP) to exchange its 15-percent stake in Fil-
Estate Management Inc. (FEMI) for real estate properties was
eventually granted approval, according to Business World.

The boards of CAP and sister Company FEMI, as well as the
Securities and Exchange Commission (SEC), have separately
approved the plan, which is expected to aid the CAP's recovery.

The proposal, however, has not yet been employed since FEMI and
Bank of Commerce are still in talks over the terms over the
swap.

As trustee bank of CAP, the bank earlier proposed the swap of
CAP's shares in FEMI in an effort to beef up the pre-need
company's trust assets as well as to make its assets easier to
dispose.

Under the proposed swap, CAP's trust fund will be infused with
Php1.9 billion worth of properties in exchange for the FEMI
shares, ensuring that CAP will get a Php1.2-billion premium from
the transaction.

But before the deal is implemented, Bank of Commerce and FEMI
still needed to resolve the pricing of the FEMI shares as well
as the value of the properties that FEMI will use to replace
CAP's 15-percent stake in the holding company.

Once the valuation issue is resolved, FEMI and Bank of Commerce
will have to jointly choose the properties that would be used to
replace CAP's stake in the Company.

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: Acquisition of Transco Assets Hits Snag
--------------------------------------------------------
Manila Electric Co. (Meralco) has faced a delay in the
acquisition of National Transmission Corp.'s (Transco) sub-
transmission assets (STAs) within its franchise areas, reports
The Philippine Star.

Transco decided to put the sale on hold until Meralco resolves a
dispute with the Philippine Economic Zone (PEZA). Meralco and
PEZA are reportedly at loggerheads over the control of
Dasmarinas-Rosario transmission lines in Cavite.

Despite its failing financial health, Meralco signified keen
interest to acquire Transco's STAs within its franchise areas.
The power utility firm has already informed Transco of their
intention to buy the assets but on a deferred payment basis.

Under Republic Act 9136 or Electric Power Industry Reform Act of
2001, Transco is mandated to sell its STAs or those assets with
capacity of 69 kilovolt (kV) and below to the distribution
utilities and electric cooperatives.

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: Government May Cut Franchise into Smaller Zones
---------------------------------------------------------------
The government is considering splitting out the franchise of
west water concessionaire Maynilad Water Services Inc. into
several smaller zones, The Philippine Star relates.

The possibility of bidding out zones to several groups was
considered since the Maynilad franchise accounted for about
three-quarters of the entire Metro Manila water zone.

Lopez-owned Benpres Holdings earlier returned the control of
Maynilad to the Metropolitan Waterworks and Sewerage System
(MWSS).  

Sources said that since the Maynilad concession was
significantly bigger than the east water zone whose franchise is
owned by the Ayala-led Manila Water Services Inc., chopping the
zone into smaller ones was an option that could be put on the
table. But since the west zone franchise was attracting enough
attention as it is, the government was more likely to try
bidding it out as a single concession before resorting to
dividing the zone.

Two major groups, including the Ayala Group and DMCI Holdings,
have already signified their interest in Maynilad.

CONTACT:

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


PACIFIC PLANS: May Face Sanctions, Case by SEC
----------------------------------------------
The Securities and Exchange Commission (SEC) is looking at
possible sanctions or a suit against Pacific Plans Inc. if the
court finds evidence that the pre-need firm engaged in
fraudulent activities, according to Today News.

The SEC is currently reviewing Pacific Plans' case and is
considering options available to the commission, including
investigations for possible fraud or deception.

Pacific Plans has denied allegations it has duped its
planholders by placing into another Company its fixed value
plans. The Company defended the move was to protect its
planholders and ensure that its fixed value plans would remain
healthy.

Newly appointed SEC Secretary Gerard Lukban said Pacific Plans
has only proposed to reorganize its education group, spin off
its 34,000 open-ended plans and create another company, Lifetime
Plans, which the SEC approved in March 2004.

Mr. Lukban said the approval was granted because Pacific Plans
have not violated any rules. He added that the spin-off and the
creation of the Company was purely a business decision.

In a statement, Pacific Plans said it had wanted to put the
company back on its feet when it spun off the fixed-value plans
to Lifetime Plans in August last year. But the spin-off still
failed to cushion the impact of the company's financial
requirements.


PACIFIC PLANS: Collapse Fuels Investigation of Sister Firms  
-----------------------------------------------------------
The collapse of Pacific Plans Inc. has forced the Securities and
Exchange Commission (SEC) to pore into the financial status of
Yuchengco-owned companies, according to The Philippine Star.

The SEC is now reviewing the financial statements and other
filings of Pacific Plans' sister firms in the Yuchengco group to
determine whether they are still financially sound.  

The firms under investigation include the House of Investments
(HI), the investment and holding company of the Yuchengco
family, construction firm EEI Corp., and banking unit Rizal
Commercial Banking Corp. (RCBC). SEC is also looking into the
health of First Malayan Finance, a financing firm owned by the
Yuchengcos.

The review was also in line with a directive from the Department
of Finance, asking SEC to probe into Pacific Plans, its
directors and its parent Company to see if they did not breach
the Securities Act and other laws.


PHILIPPINE LONG: Nortel to Aid Expansion of Optical Network
-----------------------------------------------------------
Telecom equipment supplier Nortel Networks Inc. has last month
bagged a contract to lay down optical networks for Philippine
Long Distance Telephone Company (PLDT), Business World says.

The network upgrade expansion is reportedly part of PLDT's Php8-
billion plan to boost its fixed line business.

PLDT's investment is aimed at increasing its Internet customer
base from 40,000 last year to 80,000 this year.  Aggressive
investment in internet connection will allow the company to back
up its lackluster fixed line business with data offerings like
internet telephony, managed services and other internet-based
value-adds.

Nortel is also expected to bid for PLDT's Internet protocol (IP)
network, which the telco has been preparing for by enhancing its
pricing schemes for Internet connections that are all ready for
Internet telephony.

CONTACT:

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


PHILIPPINE LONG: To Hold Investors' Briefing May 5
--------------------------------------------------
Philippine Long Distance Telephone Co. (PLDT) advised that the
Company will hold an Investors' Briefing to discuss the
Company's First Quarter 2005 Financial and Operating Results on
Thursday, May 5, 2005, at 3:00 p.m. at the Paranaque Function
Room, 3rd Floor, Makati Shangri-La Hotel, Makati City.


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

FHTK HOLDINGS: Eyes Fund Raising to Repay Loan
----------------------------------------------
FHTK Holdings Ltd. provided the Singapore Stock Exchange (SGX)
an update on its negotiation with its principal banker in China
(Banker).

On January 31, 2005, the Company announced that the Group had
requested the Banker to favorably consider the commencement date
of the loan repayment to be April 2005.

Subsequently, on March 4, 2005, the Company announced that it is
considering a fund raising exercise. The Company has since
requested the Banker to favorably consider delaying the
commencement date of the loan repayment pending the outcome of
its fund raising exercise.

The Company will make further announcement when there is any
significant development.

By Order of the Board

CONTACT:

FHTK Holdings Limited
20 Harbour Drive #06-02
PSA Vista
Singapore 117612
Telephone: 65 67795688
Fax: 65 67773960


FIRST JV: Pays Preferential Dividend
------------------------------------
First JV Pte Ltd. formerly of 10 Anson Road #33-17 International
Plaza Singapore 079903 posted a notice of preferential dividend
at the Government Gazette, Electronic Edition with the following
details:

Court: Supreme Court, Singapore

Number of Matter: Companies Winding Up No. 600018 of 2002

Amount Per Centum: 66.5500%

First and Final or otherwise: First & Final Preferential
Dividend

When Payable: 2nd April 2005

Where Payable:

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

29th April 2005

Kamala Ponnampalam
Assistant Official Receiver


GILLETTE SINGAPORE: Proofs of Debt, Claim Due May 30
----------------------------------------------------
Notice is hereby given that the creditors of Gillette Singapore
Pte. Ltd. (In Members' Voluntary Liquidation), which is being
wound up voluntarily are required on or before the 30th day of
May 2005 to send in their names and addresses and particulars of
their debts or claims, and the names and addresses of their
solicitors (if any) to the undersigned, the liquidator of the
said Company.

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

Dated this 29th day of April 2005.

Fiona Wong
Liquidator
c/o 47 Scotts Road
#03-00 Goldbell Towers
Singapore 228233


HOTEL EQUATORIAL: To Pay Dividend May 6
---------------------------------------
Hotel Equatorial Pte Ltd. (In Creditors' Voluntary Liquidation)
of 30 Prinsep Street #11-00 LKN-Prinsep House Singapore 188647
issued a notice of preferential dividend at the Government
Gazette, Electronic Edition with the following details.

Amount per centum: 0.0021 cents to a dollar

First and final or otherwise: Third and Final

When payable: 6th May 2005

Where payable:

Ernst & Young
c/o 10 Collyer Quay
#23-05 Ocean Building
Singapore 049315


JAYA HOLDINGS: Completes Disposal of Shares in Alam Maritim
-----------------------------------------------------------
Jaya Holdings Ltd. refers to its previous announcements dated
February 14, 2005 and February 17, 2005 made to the Singapore
Stock Exchange (SGX), both relating to the proposed disposal by
Jaya Holdings Ltd of its 40 percent stake in Alam Maritim (M)
Sdn Bhd. The company advised that the transaction has been
completed on April 28, 2005.

By Order of the Board
Shirley Lim
Company Secretary    

CONTACT:

Jaya Holdings Limited
13 Tuas Crescent
Singapore 638707
Telephone: 65 62651010
Fax: 65 68645555
Web site: http://www.jayaholdings.com


JUYI INVESTMENT: Enters Winding Up Process
------------------------------------------
In the matter of Juyi Investment (S) Pte Ltd. a winding up order
was made on April 22, 2005.

Name and address of Liquidator:

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

Dated this 22nd day of April 2005.

Rajah & Tann
Solicitors for the Petitioner

Note:

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

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


SEATOWN CORPORATION: Details Rehab Developments
-----------------------------------------------
Seatown Corporation Ltd. provided the Singapore Stock Exchange
(SGX) an update on the following matters:

(1) Banking facilities, which are in default resulting in the
outstanding amounts repayable on demand.

Other than matters previously announced by the Company, there
have been no further developments since the date of the earlier
announcement.

(2) Annual Report for the year ended September 30, 2004

Paragraph 4(v) of the auditors' report states that the ability
of the Company and the Group to continue as going concerns and
meet their financial obligations as and when they fall due are
dependent, inter alia, on the following factors:

(a) The successful restructuring of the Company and Group's
outstanding debts with lenders as at September 30, 2004;

(b) The Group not incurring significant losses in the future and
being able to secure additional new profitable contracts;

(c) The successful implementation of the Investment Agreement
with King Premier by the Judicial Manager;

(d) The successful outcome of negotiations between the Group and
lenders to the Group concerning the preservation of existing
banking facilities available to the Group including those where
covenants have been breached not being withdrawn or materially
reduced by the banks and the indemnities provided by the Company
to third parties such as financial institutions in respect of
performance bonds and guarantees issued by such third parties on
account of its subsidiaries not being called upon by such third
parties.

There have been no further developments since the date of the
auditors' report.

(3) Resumption of trading proposal

There have been no further developments since the date of the
last announcement on March 16, 2005 regarding the resumption of
trading proposal to the Singapore Exchange Securities Trading
Limited.

(4) Schemes of arrangement for Seatown Construction Pte Ltd and
Fermold Pte Ltd

There have been no further developments since the date of the
earlier announcement.

CONTACT:

Seatown Corporation Limited (In Judicial Management)
(formerly: Pacific Can Investment Holdings Limited)
20 Maxwell Road #02-01
Maxwell House
Singapore 069113
Telephone: 65 62211777
Fax: 65 62235202/65 67887788


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

DATAMAT: Beefs Up Capital to THB5,420,605,165
---------------------------------------------
The Annual General Shareholders' Meeting No. 37 of Datamat
Public Company Limited held on April 29, 2005 at 2:00 p.m. has
passed the resolution in respect of a capital increase and share
allotment. The company issued to the Stock Exchange of Thailand
the details of the said resolutions:

(1) Capital Increase

The Annual General Shareholders' Meeting resolves to increase
the registered capital from THB2,713,736,777.50 to
THB5,420,605,165 by issuing 1,082,747,355 newly ordinary shares
at 2.50 par, totaling THB2,706,868,387.50.

(2) Allotment of capital increase shares
   
(2.1) The Shaholders' Meeting approved the allotment of
1,082,747,355 shares at THB2.50 par, totaling
THB2,706,868,387.50 as follows:

Allocation to

(1) Through Private Placement Shares 360,000,000

Ratio Old:New

Price (Baht)

Price shall not lower than the "Market Price" according to the
regulation of the SEC No. Kor.Jor. 12/2000 Re: The application
and the approval for the issuance and offer for sale of newly
issued shares dated March 22, 2000 (including the amendments),
and not lower than THB1.00 per shares.

Schedule- will notify further

Note

The Board of Directors will be authorized to have a final
decision on the terms and Conditions of the sale of capital
increase shares

(2) For the issuance of the Warrants

Shares: 722,747,355

Ratio Old:New- 2:1

Price (Baht)

(2.2) The Company's process in case of the remaining fraction of
shares- None

(2.3) The remaining shares from the allocation- None

(3) The schedule for shareholder meeting- None

(4) Approval by relevant government agency and conditions- None

(5) Objectives and Plans for utilizing proceeds received from
the capital increase

(i) To repay debt under the restructuring agreement, which is
THB271 million debt value with 9 creditors.  The details of debt
payment to the creditors are being under negotiation.

(ii) To utilize the proceeds as the Company's working capital
since in the year 2005 the Company is expecting to undertake
several large projects which require funds for issuance of
bank's letter of guarantee, issuance of letter of credit and
recruitment of additional personnel.

(iii) To invest in new businesses for the purpose of enchanting
revenues to the Company.

(6) Expected benefits the Company will obtain from the increase
of capital and the allocation of new shares- An increase the
Company's liquidity and release it from debt.

(7) Benefits, which the shareholders should expect from the
increase of capital and the allocation of new shares

(7.1) The Company's policy for the dividend
     
The Company has a policy for the dividend payment in the rate,
in accordance to the Company's operation performance, not lower
than 40% of the net profit after tax clearance.

(7.2) The right to receive the dividend payment shall begin from         
- None

(7.3) Other
     
The proceeds from capital increase will solve the liquidity
problem and enable the Company to invest in new projects and to
undertake large projects, which will result positively in the
Company's financial status and operational performance.  The
shareholders will receive returns in form of dividend payment or
capital gain.

(8) Other details necessary for shareholders to approve the
capital increase/share allotment- None

(9) Other details necessary for the shareholders in regards to
the approval of the capital increase- None

(10) Tentative timetable for the capital increase/the allotment
of newly issued shares
      
(10.1) The Board of Directors approves the capital increase-
March 22, 2005

(10.2) Disclose the resolution of the Board of the Directors to
the SET- March 23, 2005
      
(10.3) The closing date of the Company's register book for the
right to attend the shareholders' meeting- April 11, 2005

(10.4) The Annual General Shareholders' Meeting No. 37- April
29, 2005

(10.5) Disclose the resolution of the shareholders to the SET-
May 3, 2005

The Company hereby certifies that the aforementioned information
described is accurate and complete in all respect.

Bhana Swasdibutara
Director
Managing Director

Philip Newson
Director

CONTACT:

Datamat Public Company Limited   
Asoke Towers, Floor 17, 18 And 19,
219 Soi Asoke (Sukhumvit 21),
Sukhumvit Road, Klongtoey Nua,
Watthana Bangkok    
Telephone: 0-2310-5111   
Fax: 0-2319-8208   
Web site: http://www.datamat.co.th
  

HANTEX: Unveils Resolutions Passed at ASM
-----------------------------------------
Hantex Public Company Limited issued to the Stock Exchange of
Thailand (SET) the resolutions passed at the annual shareholders
meeting held on April 28, 2005 at 10:00 p.m. at Sena Place
Hotel, Phaholyothin 11, Phayathai, Bangkok.

(1) Certifying the minutes of the annual shareholders meeting
2004.

(2) Approving the Balance Sheets and Income Statements for year
2004.

(3) Not to pay dividends for year 2004.

(4) Reappoint Mr.Naran Ruda Natha, Pol. Maj. Gen. Chithep
Yimlamai, Ms. Premrattan Chaisrichawla as director for another
term and fix the Directors and Audit Committee remuneration at
THB2,220,000.

(5) Approved to authorize the Board of Directors to consider the
Company's auditor for 2005 and fix auditing fees not to exceed
THB600,000 per annum.

Please be informed accordingly.

Yours sincerely,
Mr. Monchai Ponsatabadee
Director
  
CONTACT:

Hantex Public Company Limited   
Ocean Tower 1, Floor 4,
170/9-10 Rajadapisek Road,
Khlong Toei Bangkok    
Telephone: 0-2261-2814-20, 0-2261-2824-26   
Fax: 0-2261-2822


JASMINE INTERNATIONAL: To Present 2004 Annual Report Soon
---------------------------------------------------------
Since Jasmine International Public Company Limited has been
under the rehabilitation process by the order of the Central
Bankruptcy Court and Chaengwatana Planner Company Limited (the
Plan Administrator) was appointed to be its Plan Administrator,
the Company announced to the Stock Exchange of Thailand (SET)
that there would not be an Annual General Meeting of
Shareholders for the year 2005.  

However, the board of directors' meeting of the Plan
Administrator No. 6/2005 held on April 28, 2005 passed the
resolution to gather shareholder's names as of Friday, May 13,
2005 for the purpose of sending annual report 2004 and informing
the operating result of the Company in the year 2004.

Please be informed accordingly.

Yours sincerely,
Authorized director
Mr. Somboon Patcharasopak
Chaengwatana Planner Co., Ltd.
the Plan Administrator of
Jasmine International Public Company Limited

CONTACT:

Jasmine International Public Company Limited   
200 Fl. 30, Moo 4, Chaengwatthana Rd.,
Pak Kret, Nonthaburi    
Telephone: 0-2502-3000-7   
Fax: 0-2502-3150-2   
Web site: http://www.jasmine.co.th


TONGKAH HARBOUR: Furnishes Bourse with Progress Report
------------------------------------------------------
According to the Stock Exchange of Thailand's (SET) letter, the
company in REHABCO Sector is required to report the progress of
its performance every 6 month as of March 31 and September 30 of
each year. Tongkah Harbour Public Company Limited reported its
financial and operational performances as of March 31, 2005 as
follows:

(1) Operation of Andesite, Gold and Tin Mining

(1.1) Andesite Quarry Andesite performance during the year 2004
ended December 2004 is as follows:

-Unit: million Baht

Year                 2003             2004

Sales                14.59            17.39%

Increase/decrease      -              19.19%

Production cost      20.40            16.33%

Increase/decrease      -             (19.95%)

Gross Margin           -               6.10%

Andesite sales increased from THB14.59 million in 2003 to
THB17.39 million in 2004 an increase of 19.19 percent.  
Operational costs also decreased from THB20.40 million in 2003
to THB16.33 million in 2004, a decrease of 19.95 percent.  

The improvement was due mainly to the increase in aggregate
sales as the Company diversified its aggregate product to a new
market, the highway construction sector. The Company also spent
sometime overhauling its crushing plant to improve production
capacity and efficiency.  The gross margin was improved to 6.10
percent.

To view a full copy of the report, click
http://bankrupt.com/misc/tcrap_tongkahharbour050305.pdf

CONTACT:

Tongkah Harbour Public Company Limited   
Muang Thai Phatra Office Tower 1,
Floor 7, 252/11 Rachadapisek Road,
Huai Khwang Bangkok    
Telephone: 0-2695-4912-28   
Fax: 0-2695-4901   



                            *********


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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