TCRAP_Public/050505.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

             Thursday, May 5, 2005, Vol. 8, No. 88

                            Headlines

A U S T R A L I A


ACLIMATIZE AUSTRALIA: Hires Chartered Accountant Liquidator
AMP LIMITED: ATO Rules on Proposed Capital Return
AUSTRALIAN GAS: IPART Hands Down Final Decision on Gas Networks
BRAVE MEN: Creditors Pare Designer Luxury
COLES MYER: ReCAPS Dividend Declared

DANISH HOLDINGS: Resolves to Wind Up Company
D.G. GRIFFITHS: Opts for Voluntary Liquidation
GE&F TIPPINS: Voluntarily Winds Up
G&L EXCAVATIONS: Appoints Liquidator to Wind Up Company
HACKWORTHY PTY: Members Pass Winding Up Resolution

HALL ENTERPRISES: To Convene Members Meeting May 10
HIWAY ONE: Final Meeting Slated for May 6
INDUSTRIAL TECHNOLOGY: Enters Winding Up Process
J.W. ADMINISTRATION: Names Barry Keith Taylor Liquidator
KINGLOB PTY: Begins Winding Up Process

LATROBE VALLEY: Winds Up Voluntarily
MAYNE GROUP: Shares Jump After Demerger Talk
MAYNE GROUP: S&P Revises Outlook to Developing
MULTIPLEX: Streamlines Portfolio
NATIONAL AUSTRALIA: Huge Job Cuts Rumored

NEOTEX AUSTRALIA: Members Agree to Wind Up Company
NORTHERN CONSTRUCTIONS: Liquidator to Explain Winding Up Process
PENINSULA REALTY: Sets Final Meeting Date May 6
PETREL INVESTMENTS: Hires Liquidator for Winding Up Purposes
S.A. MACHINERY: Members Meeting Fixed May 10

SAM'S SEAFOOD: Rabobank Demands Payment, Appoints Receiver
TRAFFIC SERVICES: To Declare Dividend May 16
WH GODECKE: Lays Out Final Meeting Agenda
ZAMCO PTY: To Undergo Winding Up Process


C H I N A  &  H O N G  K O N G


AMOI ELECTRONICS: Xinhua Downgrades Rating to B+
BANK OF CHINA: Xiamen Airlines Gets US$133 Mln Credit
DRAGONSON TRADING: Court Releases Winding Up Notice
EASTERN CREATOR: Court Orders Winding Up
FU KING: Receives Winding Up Notice

INDUSTRIAL AND COMMERCIAL: Switches Server to Linux
LINEFAN TECHNOLOGY: Unveils Result of Rights Issue
ON KEE: Creditors Meeting Set May 27
SINO DEVELOPMENT: Winding Up Hearing Fixed June 1
TCL Corporation: Xinhua Finance Credit Downgrades Rating to BBB


I N D O N E S I A


ASIA PULP: Settles Long-Standing IDR131.92 Trillion Debt
PERTAMINA: Finds Oil Reserve in Aceh Field



J A P A N


JAPAN TOBACCO: Morgan Stanley Maintains "Overweight" Rating
KANEBO LIMITED: Asahi Breweries Acquires Softdrink Unit
KOBE STEEL: Posts JPY116.03 Pretax Profit for FY04
MITSUBISHI MOTORS: U.S. Unveils April 2005 Sales
MITSUBISHI MOTORS: Canadian Unit Discloses April 2005 Sales

MITSUBISHI MOTORS: More Execs Exit Over Eclipse Strategy
MITSUBISHI MOTORS: Halts Production of Sedan, MPV in Indonesia
NIHON NENRYO: Begins Bankruptcy Proceedings
SKYNET ASIA: Details Lease Agreement


K O R E A


HYNIX SEMICONDUCTOR: Quarterly Net Income Falls 9.8%



M A L A Y S I A


AYER HITAM: Seeks Bourse Approval for 6-month Extension
BUKIT KATIL: In Talks with Investors to Fund Restructure
CHG INDUSTRIES: Proposed Restructuring Scheme Under Review
CONSOLIDATED FARMS: Unable to Pay Loans to Credit Facilities
FORESWOOD GROUP: SC Rejects Appeal to Reconsider Proposed Scheme

GOLDEN FRONTIER: Buys Back 2,000 Shares
INNOVEST BERHAD: Fails to Get SC OK on Restructuring
KAI PENG: Sells Property to Kasmuncak Holdings Berhad
K.P. KENINGAU: Strikes Deal with Gabungan on Rehab
MENTIGA CORPORATION: Seeks SC Approval on Revised Proposals

NORTH BORNEO: Awaits FIC's OK on Revised Restructuring Scheme
OCEAN CAPITAL: In Talks with Potential White Knight
OLYMPIA INDUSTRIES: Posts No Change in Rehab Scheme
OMEGA HOLDINGS: Proposed Restructuring Plan Await Nod
PAN PACIFIC: Applies for Court Order to Hold Creditors' Meeting

PARK MAY: To Hold Court-Convened Meeting, EGM on Restructuring
UNITED CHEMICAL: Issues Proposed Restructuring Plan Update


P H I L I P P I N E S


ATLAS CONSOLIDATED: 6 Firms Keen on Toledo Mine Revival
BAYAN TELECOMMUNICATIONS: Earmarks Php1.4 Bln for Expansion
BELLE CORPORATION: Clarifies The Philippine Star Article
MANILA ELECTRIC: To Hold Annual Stockholders' Meeting
MAYNILAD WATER: Creditors Approve Rehab Plan Revisions

NATIONAL POWER: New Rates Take Effect
NATIONAL POWER: Explains Employees' Retirement Benefits
PRICESMART INCORPORATED: Local Unit's Boss Faces Charges


S I N G A P O R E


AIROCEAN GROUP: Enters Into Supplementary Agreement with Janco
DATACRAFT ASIA: Ties Up with Sun Microsystems to Develop MS3
DEUCHEM SINGAPORE: Unveils Resolutions Passed at EGM
DIVCON INTERNATIONAL: To Pay Dividend May 13
KHENG SENG: Court to Hear Petition May 13

MEDIASTREAM LIMITED: Placed Under Judicial Management
NEPTUNE ORIENT: Releases Four-Week Operating Performance Report
NTI INTERNATIONAL: Passes All Resolutions at AGM


T H A I L A N D


MILLENNIUM STEEL: Books THB400Mln Net Profit in 1Q/FY05
MILLENNIUM STEEL: Board Elects New Director

     -  -  -  -  -  -  -  -

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


ACLIMATIZE AUSTRALIA: Hires Chartered Accountant Liquidator
-----------------------------------------------------------
At a general meeting of Aclimatize Australia Pty Ltd
(Administrator Appointed) of Unit 3, 15 Vanden Way, Joondalup WA
6027 and trading at Level 1, 69 Guthrie Street, Osborne Park WA
6017, duly convened and held on March 23, 2005 the following was
resolved:

That the Company be wound up.

The Company was previously in administration and by virtue of
section 446A, the administrator, Kim David Holbrook of Holbrook
& Associates, Chartered Accountants, Level 2, 19 Pier Street,
Perth, Western Australia, becomes the liquidator for the
purposes of the winding up.

Dated this 24th day of March 2005

Kim David Holbrook
Holbrook & Associates
Chartered Accountants
Level 2, 19 Pier Street,
(GPO Box M925), Perth WA 6001


AMP LIMITED: ATO Rules on Proposed Capital Return
-------------------------------------------------
AMP Limited on Wednesday received a class ruling from the
Australian Taxation Office on its proposed capital return on
behalf of its shareholders.

The ATO has confirmed that the capital return will be treated as
a reduction in the cost base of AMP shares, and not as a
dividend, for Australian income tax purposes.

On Feb. 17, 2005, AMP announced an AU$1 billion capital return
and debt repayment. Shareholders are set to receive a capital
return of 40 cents a share, or a total of AU$750 million. Group
debt will also be reduced by AU$265 million with the redemption
of the AMP Income Securities on May 10.

Shareholders will have the opportunity to vote on the proposed
capital return at the Annual General Meeting on May 19, 2005. If
approved, payment will be made in mid-June.

CONTACT:

AMP Limited
Level 24, 33 Alfred St.
Sydney 2000, Australia
Phone: +61-2-9257-5000
Fax: +61-2-8275-0199
Web site: http://www.amp.com.au


AUSTRALIAN GAS: IPART Hands Down Final Decision on Gas Networks
---------------------------------------------------------------
The Australian Gas Light Company (AGL) noted the release of the
Independent Pricing and Regulatory Tribunal's (IPART) Final
Decision on the AGL Gas Networks Access Arrangement for 2005-
2010. This Final Decision follows IPART's Draft Determination in
December 2004 and is broadly in line with AGL's expectations.

AGL Managing Director Greg Martin said, "AGL notes that the
reduction in distribution tariffs is a result of reductions in
real interest rates since IPART's previous Final Decision in
2000, as well as improvements in operating efficiencies and
growth in customer numbers that AGL has been able to achieve
since that time."

The Final Decision determines overall revenue, services, terms
and conditions for access to AGL's gas distribution network in
NSW for the five years commencing July 1, 2005.

AGL will now submit a full list of revised distribution tariffs
as part of its Final Gas Networks Access Arrangement by June 10,
2005.

CONTACT:

Australian Gas Light Co (The)
Corner Pacific Highway and Walker Street
AGL Centre
North Sydney, New South Wales 2059
Australia
Phone: +61 2 9922 0101
Fax: +61 2 9957 3671
Web site: http://www.agl.com.au/


BRAVE MEN: Creditors Pare Designer Luxury
-----------------------------------------
Designer Wayne Cooper staged a low-key fashion show, two days
after his fashion company Brave Men and Women received a
financial lifeline from creditors, The Australian says.

Mr. Cooper, who was once known for his extravagance, appeared
humbled by his recent financial woes.

On Wednesday last week, 56 creditors voted to accept 12 cents-
in-the-dollar to keep Mr. Cooper afloat after the tax office
demanded that his Company be put in liquidation to pay
AU$930,000 owed in tax. The payout will reduce Cooper's debts of
about AU$4million (AU$1.4million secured and AU$2.6million
unsecured) to AU$480,000.

Mr. Cooper is hoping that talks with two potential investors
will pull through so the firm will receive a cash injection that
would see creditors recovering 10 cents-on-the-dollar within
three months.


COLES MYER: ReCAPS Dividend Declared
------------------------------------
The Board of Coles Myer Limited declared the May 2005 dividend
on the Coles Myer Reset Convertible Preference Shares (ReCAPS).
The dividend is payable on May 31, 2005 in respect of the period
November 30, 2004 to May 30, 2005.

The amount payable is AU$3.2411 per ReCAPS, fully franked (100%)
at the tax rate of 30%.

The record date to determine entitlements to the dividend is May
13, 2005.


CONTACT:

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


DANISH HOLDINGS: Resolves to Wind Up Company
--------------------------------------------
At a general meeting of Danish Holdings Pty Ltd (In Liquidation)
A.C.N. 009 253 936, duly convened and held on Tuesday, March 22,
2005 the following special resolution was passed:

That the Company be wound up voluntarily and that Brian McMaster
and Oren Zohar, of KordaMentha, Level 11, 37 St George's
Terrace, Perth, be appointed as liquidators for the purposes of
the winding up.

Dated this 24th day of March 2005

Oren Zohar
Liquidator for Danish Holdings Pty Ltd
KordaMentha
Telephone: (08) 9221 6999


D.G. GRIFFITHS: Opts for Voluntary Liquidation
----------------------------------------------
Notice is hereby given that at a General Meeting of the Member
and Creditors of D.G. Griffiths & Company Pty Ltd (In
Liquidation) A.C.N. 081 922 581 duly convened and held at the
offices of Lucas & Currie Chartered Accountants of Level 8, ING
Building, 100 Edward Street, Brisbane Qld 4000, on the Tuesday,
March 22, 2005 the following resolutions were passed:

SPECIAL RESOLUTION

That it has been proved to the satisfaction of this Meeting of
Member and Creditors of D.G. Griffiths & Company Pty Ltd, A.C.N.
081 922 581 that the Company cannot continue its business as it
is unable to meet its liabilities, and accordingly that the
Company be wound up voluntarily.

ORDINARY RESOLUTION

That Peter Anthony Lucas and Ian Alexander Currie of Lucas &
Currie Chartered Accountants, Level 8, 100 Edward Street,
Brisbane, Qld, be appointed joint and several Liquidators for
the purpose of winding up the Company.

Dated this 23rd day of March 2005

P. A. Lucas
I. A. Currie
Joint & Several Liquidators
Telephone: (07) 3232 5200
Facsimile: (07) 3003 0334


GE&F TIPPINS: Voluntarily Winds Up
----------------------------------
Notice is hereby given that an extraordinary general meeting of
members of GE & F Tippins Pty Ltd A.C.N. 007 815 241 held on
March 11, 2005 at which it was resolved that the Company be
wound up voluntarily and that Dean G Scott of D G Scott & Co
Chartered Accountants of 2nd Floor Dowie House, 83-89 Currie
Street, Adelaide, South Australia 5000 be appointed liquidator.

Dated this 23rd day of March 2005

D. G. Scott
Liquidator
D. G. Scott & Co
2nd Floor, 83-89 Currie Street,
Adelaide SA 5000


G&L EXCAVATIONS: Appoints Liquidator to Wind Up Company
-------------------------------------------------------
Notice is hereby given that an extraordinary general meeting of
members of G&L Excavations & Earthworks Pty Ltd (In Liquidation)
A.C.N. 096 495 028 held on March 21, 2005 it was resolved that
the Company be wound up voluntarily and at a meeting of the
creditors also held on 21 March 2005, pursuant to
Section 497 of the Act, it was resolved that Gregory John Keith
and Andrew Steward Reed Hewitt of Grant Thornton be appointed
joint and several Liquidators.

Dated this 24th day of March 2005

G. J. Keith
Liquidator
Grant Thornton
Rialto Towers, Level 25,
South Tower, 525 Collins
Street, Melbourne Vic 3000


HACKWORTHY PTY: Members Pass Winding Up Resolution
--------------------------------------------------
At a General Meeting of Hackworthy Pty Ltd (In Liquidation),
duly convened and held at Level 6, 10 Market Street, Brisbane,
Qld, 4000, on March 30, 2005 the following resolutions were
passed.

SPECIAL RESOLUTION

That the Company be wound up voluntarily.

ORDINARY RESOLUTION

That Mr. Alwyn Peffer and Mrs. Mary Politylo be appointed
liquidators for the purpose of such winding up.

Dated this 30th day of March 2005

Alwyn Peffer
Joint Liquidator
Alwyn Peffer & Company Pty Ltd
Level 6, 10 Market Street,
Brisbane Qld 4000


HALL ENTERPRISES: To Convene Members Meeting May 10
---------------------------------------------------
Notice is hereby given that a Meeting of Members of Hall
Enterprises 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 10:30 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


HIWAY ONE: Final Meeting Slated for May 6
-----------------------------------------
Notice is given that a Final Meeting of the Members of Hiway One
Properties Pty Ltd (In Liquidation) A.C.N. 007 950 067 will be
held on Friday, May 6, 2005 at the offices of Freer Parker &
Associates, at 40 Sturt Street, Adelaide, SA at 10:00 a.m.

Dated this 24th day of March 2005

Richard G. Freer
Liquidator
Freer Parker & Associates
40 Sturt Street,
Adelaide SA 5000
Telephone: (08) 8211 7177
Facsimile: (08) 8212 6177


INDUSTRIAL TECHNOLOGY: Enters Winding Up Process
------------------------------------------------
Notice is hereby given that at an Extraordinary General Meeting
of Industrial Technology Systems Pty Limited (In Liquidation)
A.C.N. 095 704 340, held on March 7, 2005, the following Special
Resolution was duly passed:

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

Christopher Mel Chamberlain of Nicholls & Co., Chartered
Accountants, Suite 2, 74 Knight Street, Shepparton, Victoria,
was appointed Liquidator.

Dated this 22nd day of March 2005

C. M. Chamberlain
Liquidator
Suite 2, 74 Knight Street,
Shepparton Vic 3690


J.W. ADMINISTRATION: Names Barry Keith Taylor Liquidator
--------------------------------------------------------
Notice is hereby given that at a Meeting of Members of J.W.
Administration Co. Pty. Ltd. (In Liquidation) A.C.N. 006 738 067
held on March 24, 2005 it was resolved that the Company be wound
up voluntarily and at a Meeting of the Creditors held on the
same day pursuant to Section 497 it was resolved that for such
purpose, Barry Keith Taylor, of B.K. Taylor & Co., 8th Floor,
608 St Kilda Road, Melbourne be appointed Liquidator.

Dated this 24th day of March 2005

Barry Keith Taylor


KINGLOB PTY: Begins Winding Up Process
--------------------------------------
Notice is hereby given that at a general meeting of members held
on March 18, 2005 a special resolution was duly passed resolving
that Kinglob Pty Ltd (In Liquidation) A.C.N. 093 832 850, in
view of its inability to continue in business by reason of its
liabilities, be wound up as a creditors voluntarily winding up
and that Andrew James Heard and Mark Christopher Hall be
appointed as joint and several liquidators for the purpose of
such winding up.

A. J. Heard
Joint and Several Liquidator
PPB
Chartered Accountants
Level 10, 26 Flinders Street,
Adelaide SA 5000


LATROBE VALLEY: Winds Up Voluntarily
------------------------------------
Notice is hereby given that at an Extraordinary General Meeting
of Members of Latrobe Valley VCFL Regional Board Inc (In
Liquidation) Reg No A 0006114 N held on March 21, 2005 it was
resolved that the Incorporated Association be wound up
voluntarily and that Roger David Midgley Smith of 126 George
Street, Morwell be appointed liquidator of the Incorporated
Association for the purpose of such Winding Up.

Dated this 21st day of March 2005

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


MAYNE GROUP: Shares Jump After Demerger Talk
--------------------------------------------
Shares in Mayne Group Limited has surged following its
announcement of a possible demerger, Asia Pulse says.

The pharmaceuticals and diagnostics firm earlier disclosed
demerger plans that would separately list its global
pharmaceuticals business and its domestic healthcare business.

Mayne believes the demerger would enable more focused management
of each of the separately listed businesses in order to enhance
shareholder value. A demerger would also give investors the
choice of investing in the domestic business, which would
generate franked dividends over time, or to invest in the high
growth global pharmaceutical business, or both.

Mayne Chairman Pete Willcox said the firm was undertaking a
strategic review to assess the merits of such move. The review
will be conducted internally with external assistance and is
expected to take most of the year.

There was no time frame specified for the review, though the
Company said it would proceed "as quickly as possible".

CONTACT:

Mayne Group
Level 21/390 St Kilda Rd
Melbourne 3004
Phone: +613 9868-0700
Web site: http://www.maynegroup.com/


MAYNE GROUP: S&P Revises Outlook to Developing
----------------------------------------------
Standard & Poor's Ratings Services revised its outlook on Mayne
Group Ltd. (Mayne) to developing from stable, following the
Company's announcement that it is undertaking a strategic review
to assess the merits of a demerger, involving separate listings
of its global pharmaceutical business and an entity focused on
its domestic healthcare businesses. At the same time, Standard &
Poor's affirmed its 'BB' rating on Mayne.
      
"Although uncertainty remains about the final outcome of the
Company's review, the demerger could have positive credit
implications, particularly for the domestic healthcare business
depending on the capital structure adopted," said Peter
Stephens, credit analyst at Standard & Poor's Corporate &
Infrastructure Finance Ratings group.
     
The global specialty pharmaceutical business has competitive
positions in generic, injectable oncology drugs in Western
Europe, Canada, and Australia, and is establishing growing
businesses in the U.S., the Middle East, Africa, and Asia.
Standard & Poor's would expect the global pharmaceutical
business to adopt a more conservative financial structure than
the Australian-based healthcare business, due mainly to the
higher growth opportunities, increasing competitive threats from
multinational pharmaceutical companies, and uncertain drug
development costs.
      
"If Mayne proceeds with a demerger, the Company's outstanding
U.S. dollar debt and bank loans could require reorganization, as
the demerger may trigger terms and conditions in the existing
debt documentation. Mayne's current debt profile consists of
US$320 million senior unsecured notes due in February 2006,
US$200 million senior unsecured notes due in December 2011, and
an A$500 million syndicated bank facility," Mr. Stephens said.
     
It is anticipated the Mayne's board of directors will complete
their review in the short term, however, should a demerger be
approved, the time frame for completion is uncertain. Standard &
Poor's will continue to review the progress of the demerger
discussions and, following a board decision, will be in a
position to assess the creditworthiness of Mayne.


MULTIPLEX: Streamlines Portfolio
--------------------------------
Multiplex has entered into some AU$376-million worth of deals to
reshuffle and streamline its unlisted property trust's
portfolio, according to the Sydney Morning Herald.

The firm said the transactions had a neutral impact on the
group's overall earnings but it was expected to be earnings
accretive once reinvested in new areas.

Allco Funds Management and its associate Record Funds Management
bought Multiplex's office assets. In addition to this, Multiplex
also conducted some internal asset sales and a capital raising
in its unlisted New Zealand trust worth AU$123.7 million.

Under the deal, Multiplex Property Trust sold a 50-percent stake
in the 44-storey Ernst & Young building to Allco for AU$231
million.

In a separate transaction, Multiplex Property Trust will buy a
50 percent stake in the retail center underneath the office
tower and Meriton apartments, which is now 100 per cent owned by
Multiplex Developments, for AU$103.5 million. The other half of
the property interest will be bought by Allco.

Multiplex has also sold a commercial property to Record Funds
Management for AU$51.6 million and an office building also to
Allco for AU$135 million.

CONTACT:

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


NATIONAL AUSTRALIA: Huge Job Cuts Rumored
-----------------------------------------
Speculations of massive job cuts at the National Australia Bank
(NAB) have again emerged after a caller leaked some information
at a local radio station, The Advertiser reveals.

The unnamed caller said NAB planned to trim its workforce by
2500 as part of its Australian restructuring. About 2500
retrenchments would equate to almost 10 per cent of the bank's
domestic workforce of 24,567 full-time equivalent staff at
September last year.

There has been persistent speculation that NAB will sack up to
3000 people in Australia as it seeks to boost efficiency and
boost profits, after last year's forex scandal. Talk of job
losses intensified after the bank announced details of its
European restructuring in late March.

NAB will release its interim profit result on Wednesday next
week, and has pledged to outline its restructuring plans and
give some indication of the required provisions. All
announcements regarding the bank's strategy of integrating its
retail banking, corporate banking and weal management businesses
in Australia would be made with the interim result.

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/


NEOTEX AUSTRALIA: Members Agree to Wind Up Company
--------------------------------------------------
At a general meeting of the members of Neotex Australia Pty Ltd
(In Liquidation)(The Company) A.C.N. 097 905 318 duly convened
and held at the Level 8, 525 Collins Street, Melbourne on March
23, 2005 the Special Resolution set out below was duly passed:

That the Company be wound up voluntarily.

Glenn A Crisp be appointed Liquidator.

Dated this 23rd day of March 2005

Glenn A. Crisp
Liquidator
c/- RSM Bird Cameron
Chartered Accountants
Level 8, 525 Collins Street,
Melbourne Vic 3000
Telephone: (03) 9286 1800
Facsimile: (03) 9286 1899


NORTHERN CONSTRUCTIONS: Liquidator to Explain Winding Up Process
----------------------------------------------------------------
Notice is hereby given that a Meeting of Members of Northern
Constructions 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 11:30 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


PENINSULA REALTY: Sets Final Meeting Date May 6
-----------------------------------------------
Notice is hereby given that pursuant to section 509 of the
Corporations Act 2001, the Final Meeting of Creditors and
Members of Peninsula Realty & Rentals Pty Ltd (In Liquidation)
A.C.N. 010 482 961 will be held at the offices of Pilot
Partners, Level 5, 175 Eagle Street, Brisbane on May 6, 2005 at
10:00 a.m. for the purposes of laying before the meeting the
liquidators' final account and report and giving any explanation
thereof.

Dated this 24th day of March 2005

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


PETREL INVESTMENTS: Hires Liquidator for Winding Up Purposes
------------------------------------------------------------
Notice is hereby given that at an extraordinary general meeting
of members of Petrel Investments Pty Ltd (In Liquidation) A.C.N.
082 201 634 held on March 24, 2005, it was resolved that the
Company be wound up voluntarily and at a meeting of creditors
held on the same day it was resolved that for such purpose,
Robert Molesworth Hobill Cole of Cole Downey & Co, Chartered
Accountants, Unit 2, 6 Moorabool Street, Geelong Vic 3220 be
appointed Liquidator.

Dated this 24th day of March 2005

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


S.A. MACHINERY: Members Meeting Fixed May 10
--------------------------------------------
Notice is hereby given that a Meeting of Members of S.A.
Machinery Hire 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 11:00 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


SAM'S SEAFOOD: Rabobank Demands Payment, Appoints Receiver
----------------------------------------------------------
Sam's Seafood Holdings Limited (SSS:AU) on Wednesday went under
receivership after its main financier Rabobank demanded
repayment of all debts, Dow Jones Newswires reports.

The stock of the Australian commercial fishing and seafood
retailing Company has been suspended from quotation on the
Australian Stock Exchange at the request of the Company.

Rabobank was forced to appoint receiver Deloitte Touche Tomatsu
for Sam's Seafood's operating businesses after the latter said
it's not in a position to repay all of its debt.

Sam's Seafood has a market capitalization of AU$12 million.

CONTACT:

Sam's Seafood Holdings Limited
43 Holt St Eagle Farm
Australia
Phone: (07) 3131 4100
Fax: (07) 3268 5231
Web site: http://www.sams.com.au/


TRAFFIC SERVICES: To Declare Dividend May 16
--------------------------------------------
A first and final dividend is to be declared on May 16, 2005 The
Traffic Services Australia Holdings Pty Ltd (Subject to a Deed
of Company arrangement) Creditors Trust (The Trust) A.C.N. 104
515 791.

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

Paul Sweeney
Terry Van Der Velde
Trustees of the Traffic Services Australia Holdings Pty Ltd
(Subject to a Deed of Company Arrangement) Creditors Trust
A.C.N. 104 515 791
SV Partners
Level 16, 120 Edward Street,
Brisbane Qld 4000


WH GODECKE: Lays Out Final Meeting Agenda
-----------------------------------------
Notice is hereby given that a Final Meeting of the members of WH
Godecke Holdings Pty Ltd (In Liquidation) A.C.N. 008 736 187
will be held at the offices of RSM Bird Cameron, Chartered
Accountants, 1st Floor, 8 St George's Terrace, Perth, on May 10,
2005 at 10:00 a.m.

AGENDA

(1) To lay before the meeting the Liquidator's account showing
how the winding up has been conducted and how the property of
the Company has been disposed of, and giving any explanation
thereof.

(2) Any other business.

Dated this 22nd day of March 2005

A. A. Gaffney
Joint & Several Liquidator for W H Godecke Holdings
Pty Ltd
RSM Bird Cameron
Chartered Accountants
8 St George's Terrace,
Perth WA 6000
Telephone: (08) 9261 9100


ZAMCO PTY: To Undergo Winding Up Process
----------------------------------------
Notice is hereby given that at a General Meeting of Members of
Zamco Pty Ltd (In Liquidation) formerly trading as Echo Graphics
& Printing A.C.N. 086 708 223 held on March 23, 2005, it was
resolved that the Company be wound up voluntarily and that
Gregory Stuart Andrews of GS Andrews & Associates, 22 Drummond
Street, Carlton 3053 be appointed Liquidator of the Company for
the purpose of such winding up.

Dated this 23rd day of March 2005

G. S. Andrews
Liquidator
G S Andrews & Assocs
22 Drummond Street,
Carlton Vic 3053
Telephone: (03) 9662 2666
Facsimile: (03) 9662 9544


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


AMOI ELECTRONICS: Xinhua Downgrades Rating to B+
------------------------------------------------
Xinhua Finance's credit ratings division has downgraded the
issuer credit rating of Amoi Electronics Co. Ltd. from BB+ to
B+. Its rating outlook remains negative.

In September 2004, Xinhua Far East downgraded Amoi's issuer
rating from BBB to BB+ and changed its rating outlook to
negative, as the Company's operating performance and financial
profile deteriorated in line with the downward trend in China's
cellular phone industry. However, according to Amoi's recently
released 2004 annual financial report, the Company's performance
has deteriorated further. This has made the Company's
performance inconsistent with its rating level, leading to
Xinhua Far East's decision to downgrade its issuer rating
further.

Amoi is principally engaged in manufacturing cellular phones and
household electric appliances. In 2004, it recorded turnover of
RMB 5.054 billion (USD 611 million), 73.9% of which was from
cellular phone revenue. Its largest shareholder is Amoi
Electronics Co that holds a 56.38% stake in the Company.

China's cellular telephone market saw consistent retraction in
2004. The competitive environment intensified in the latter half
of 2004 particularly, a development which was manifested in a
drop in market capacity, substantial production capacity
excesses, relatively high levels of stock, and rapidly falling
prices stemming from oversupply. Most domestic cellular phone
manufacturers experienced declines in earning and profitability,
although some managed to withstand industry risks by
decentralizing core product risks, expanding overseas sales
channels or adopting conservative financial policies, thereby
maintaining their issuer ratings within a relatively stable
scope.

By contrast, Amoi did not implement steps to stabilize its
operating situation and maintain its financial profile. In the
latter half of 2004, Amoi's turnover decreased year-on-year by
25.6%. Its EBIT margin dropped from 12% in 2003 to 4.1% in mid
2004. As a result of losses in recurring income in the latter
six months of 2004, the Company's EBIT margin for the whole of
2004 turned to -0.4%. It is expected that Amoi will continue the
trend of earningss decline and EBIT margin's negative growth.

Its deteriorating operating situation meant Amoi's financial
flexibility also continued to diminish. In 2004, its inventory
turnover ratio fell and the recovery period of account
receivables was further extended, while its net operating cash
flow dropped to negative RMB 660 million (minus USD 79.8
million) from RMB 501 million (USD 60.60 million) in 2003. At
the same time, the Company's gearing ratio climbed continuously.
Its gross debt-to-total capital ratio increased from 36.1% in
mid 2004 to 43.1% in year-end 2004. Moreover, Amoi's debt of RMB
1.06 billion (USD 128.2 million) at year-end 2004 comprised
entirely of short-term debts, a situation that kept the pressure
to repay debt high.

The Company's cash reserves continued to fall, with just RMB 390
million (USD 47.17 million) in reserves at the end of 2004.
Under mounting debt, and with inadequate operating cash inflows
and the level of short-term debt higher than its cash reserve,
Xinhua Far East believes that the Company will need to rely on
bank loans to maintain its operations. This will push Amoi's
gearing ratio up and further undermine its ability to repay debt
and its financial flexibility.

In unfavorable conditions, Amoi also paid RMB 150 million (USD
18.14 million) to its largest shareholder, Amoi Electronics Co,
to get the complete ownership of the trademarks of "amoi" and
its Chinese symbol, as well as "amoisonic" and its Chinese
symbol. This expenditure added additional pressures on the
Company.

Xinhua Far East's rating action is based on forward-looking
considerations. We noted that Amoi has switched its core product
several times, from VCD players to DVD players and, more
recently, to the current focus on cellular phones. However, none
of these re-alignments has consistently improved the Company's
situation or improved its lagging product mix. The Company's
historical performance has fluctuated substantially, along with
the product cycles, and it lacks sustainable development
capability.

In the domestic cellular phone industry, the operating
environment has deteriorating steadily and development has
slowed, with the industry entering a consolidation phase. Amoi's
small scale and its limited ability to develop innovative
products and expand to overseas markets has meant the Company's
position is challenged. The Company's other products do not have
potential growth momentum, nor has Amoi adopted an effective
financial policy to withstand product risks.

Consequently, Xinhua Far East believes that Amoi's sustainable
development capability is limited and its capability of
withstanding default risks has been greatly impaired. These are
other factors leading to its negative rating outlook.

Amoi is a constituent in the Xinhua FTSE 600 Index. As of April
27, 2005, the total market cap of Amoi accounted for RMB 1.71
billion (USD 207 million) with the investable market cap of RMB
684.3 million (USD 82.76 million).

Xinhua Finance is committed to contributing to the transparency
and disclosure standards of the China market and works to bring
international standards to the market through all its products
and services. It provides independent ratings and does not
charge the companies it rates.

For the rating report summary, please visit
http://www.xinhuafinance.com/creditrating.

CONTACTS:

Joy Tsang of Xinhua Finance (Hong Kong),
+852-3196-3983 orjoy.tsang@xinhuafinance.com;

Tracy Wang, PR Manager, Marketing Department ofEverbright
Pramerica Fund Management Co., Ltd., +8621-3307-4700 ext. 3103,
ortracywang@epf.com.cn;

Mr. Gregory Tiberend, +1-646-536-7005,
orgtiberend@theruthgroup.com, Mr. Jason Rando, +1-646-536-7025,
orjrando@theruthgroup.com, both of the Ruth Group for Xinhua
Finance.

Amoi Electronics Co. Ltd.
45 Tiyu Road, Xiamen, Fujian, China
Xiamen, Fujian
China
0865925058123
0865925051631


BANK OF CHINA: Xiamen Airlines Gets US$133 Mln Credit
-----------------------------------------------------
Bank of China (Hong Kong) Co. Limited has signed an agreement
with Xiamen Airlines, agreeing to offer the airline credits
worth US$133 million to buy five Boeing 737-700 planes this
year, Xinhua News reports.

Bank of China has been listed among the world's top 500 for 15
consecutive years, which set up the Bank of China (Hong Kong)
Co. Ltd. in 2001 by reorganizing 10 member branches.

Xiamen Airlines has had long cooperation with Bank of China. The
two sides signed a US$1 billion cooperation agreement in July
2004.

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


DRAGONSON TRADING: Court Releases Winding Up Notice
---------------------------------------------------
Dragonson Trading Limited with registered office located at Unit
906, 9th Floor, Star House, 3 Salisbury Road, Tsimshatsui, 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


EASTERN CREATOR: Court Orders Winding Up
----------------------------------------
Eastern Creator Limited with registered office located at G/F,
65 Shanghai St, Jordan, 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


FU KING: Receives Winding Up Notice
-----------------------------------
Fu King Decoration Engineering Limited with registered office
located at Room 205, Wealth Commercial Centre, 48 Kwong Wa St,
Mongkok, 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 Receivers


INDUSTRIAL AND COMMERCIAL: Switches Server to Linux
---------------------------------------------------
The Industrial and Commercial Bank of China (ICBC) will switch
its servers to the Linux operating system after signing an
agreement with Turbolinux China, VNUNet.com reports.

Turbolinux said that stability, security and flexibility were
major factors in the bank's choice. The open-source operating
system will be deployed across the bank's offices over the next
three years.

The bank currently runs SCO Unix, but decided that a migration
to Linux would be easier than switching to Microsoft (Nasdaq:
MSFT) Windows.

Turbolinux is headquartered in Japan and is the largest Linux
vendor in China.

CONTACT:

Industrial and Commercial Bank of China (Asia) Limited
ICBC Tower, 3 Garden Road
Central, Hong Kong
Phone: 25343333
Fax: 28051166
Web site: http://www.icbcasia.com


LINEFAN TECHNOLOGY: Unveils Result of Rights Issue
--------------------------------------------------
The Directors of Linefan Technology Holdings Limited (8166)
announced that as at 4:00 p.m. on Tuesday, April 26, 2005, being
the latest time for acceptance and payment of the Rights Shares,
18 valid applications for provisional allotment of an aggregate
of 54,416,590 Rights Shares (representing approximately 69.29%
of the total number of 78,533,230 Rights Shares), and 22 valid
forms of application for excess Rights Shares of an aggregate of
15,816,999 Rights Shares (representing approximately 20.14% of
the total number of 78,533,230 Rights Shares) have been
received.

An aggregate of 70,233,589 Rights Shares and excess Rights
Shares being applied for represent approximately 89.43% of the
total number of 78,533,230 Rights Shares offered under the
Rights Issue.

The Underwriting Agreement (as amended by the Supplemental
Agreement) for the Rights Issue, of which the Underwriting
Shareholders are Ms. Lu, World Develop and Mr. Sun, became
unconditional at 4:00 p.m. 28 April 2005.

The Rights Issue was undersubscribed by 8,299,641 Rights Share
representing approximately 10.57% of the total number of
78,533,230 Rights Shares. Ms. Lu has taken up all the
undersubscribed Rights Shares in full according to the
provisions of the Underwriting Agreement (as amended by the
Supplemental Agreement).

Share certificates of the Rights Shares have been dispatched by
ordinary post to those Qualifying Shareholders who have validly
applied and paid for the Rights Shares, at their own risks, on
Tuesday, 3 May 2005.

Dealings in the Rights Shares will commence on May 5, 2005.

CONTACT:

Linefan Technology Holdings Limited
Rm 1901, 19th Floor
Henan Building
90 Jaffe Road
Wanchai Hong Kong
Phone: 3106-0360
Fax: 3106-0399


ON KEE: Creditors Meeting Set May 27
------------------------------------
Notice is hereby given that a meeting of the creditors of On Kee
Environmental Solutions Limited will be held at Units 3309-3311,
33/F., West Tower, Shun Tak Centre, 168-200 Connaught Road
Central, Sheung Wan, Hong Kong on May 27, 2005 at 3:00 p.m. for
the purposes provided for in Sections 241, 242, 243 244, 251 and
255A of the Companies Ordinance.  

Creditors may vote either in person or by proxy. Proxies to be
used at the meeting and the proof of debt form must be lodged at
Units 3309-3311, 33/F., West Tower, Shun Tak Centre, 168-200
Connaught Road Central, Sheung Wan, Hong Kong, not later than 4
p.m. on the day prior to which the creditors' meeting is to be
held.

Dated this 29th day of April 2005.

By Order of the Board
Lo Yiu Chuen
Director


SINO DEVELOPMENT: Winding Up Hearing Fixed June 1
-------------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Sino Development Holdings Limited by the High Court of Hong Kong
Special Administrative Region was on April 6, 2005 presented to
the said Court by Fordpointer Shipping Company Limited whose
registered office is situated at Room 901-903, 9th Floor,
Shanghai Industrial Investment Building, 48 Hennessy Road,
Wanchai, Hong Kong.  

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

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

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

Messrs. Chan and Cheng
Solicitors for the Petitioner
Room 703, Hang Seng Building
No. 77 Des Voeux Road Central
Central, Hong Kong

Note:

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


TCL Corporation: Xinhua Finance Credit Downgrades Rating to BBB
---------------------------------------------------------------
Xinhua Far East China Ratings, part of Xinhua Finance's Credit
Ratings Division, has downgraded the issuer credit rating of TCL
Corporation (TCL) from A- to BBB. Its rating outlook was changed
to negative.

The downgrade was prompted by TCL's worse-than-expected results
in 2004 and its projected losses in the first quarter of 2005.
The downgrade reflected the structural impact on TCL's credit
profile of a more difficult operating environment and
uncertainties surrounding recent business integration activity.
It also reflected significantly deteriorated results in its
handset business.

TCL, which is engaged in the multimedia and handset business in
China and overseas markets, made some critical steps in the
second half of 2004 towards expanding its international business
operations. In August, it established a joint venture with
Thomson, TTE, enabling it to become the largest TV manufacturer
in the world. In September it established a handset business JV
with Alcatel, T&A. These allowed TCL to expand its penetration
into the European and North American markets, and helped to
boost sales. Its sales volumes in 2004 reached 16.7 million
units in TV sets and ten million units in handsets. In 2004, it
realized turnover of RMB 40.3 billion (USD 4.9 billion) and net
profit of RMB 245.2 million (USD 29.7 million).

However, it will require a great deal of time and effort for TCL
to turn around losses in its new businesses, meaning there will
be a lingering negative effect on its overall performance moving
forward. In 2004, TCL's TTE European revenue center and T&A
reported losses of RMB 143 million (USD 17.30 million) and RMB
283 million (USD 34.23 million) respectively. It will be a big
challenge for TCL to fully integrate these operations and
realize synergies, especially at a time when the operating
environment is difficult. Such uncertainty exacerbates short-
term pressures on operations and could impair the Company's
performance moving forward.

Xinhua Far East's downgrade also reflects poorer performances in
its handset business generally. In 2004, China's handset market
slowed after several years of rapid growth. The result has been
an oversupply of handsets and falling prices. However, TCL's
response to this intensely competitive environment in respect to
R&D, supply chain management and its sales channel has not been
adequate. Sales of TCL brand handsets in the PRC declined 30.2%
in 2004 year-on-year, a trend which accelerated in the second
half of 2004, and continued in the first quarter of 2005.

Moreover, TCL's domestic market share slipped from 11% in 2003
to 6% in 2004 and Company wrote off RMB 218 million (USD 26.37
million) worth of inventory in TCL Mobile, the Company's main
handset subsidiary, a move, which cut into its profit margin
further. These developments have undermined the Company's
fundamental financial position and weakened its credit profile.

In 2004, TCL's turnover increased 43%, however, after excluding
the impact of mergers and acquisitions, the Company's net
revenue rose by 7%. The growth in overall revenue was dragged
down by a 38% fall in sales in its mobile communication
business. With heavy losses relating to business integration and
its lagging handset business, TCL's EBIT margin fell
significantly from 4.8% in 2003 to 0.4% in 2004. This produced a
net profit drop of 57%.

Meanwhile, TCL's cash flow from operating activities tightened
to negative RMB 1.314 billion (USD 158.9 million) in 2004. Again
largely as a result of business integration activities, TCL's
gross debt increased significantly from RMB 2.578 billion (USD
311.8 million) in 2003 to RMB 5.977 billion (USD 722.9 million)
in 2004. Its gross debt-to-total capital increased from 33.2% to
38.2% in the same period, although it maintained a net cash
position at the end of 2004.

The rating outlook change takes into account Xinhua Far East's
belief that TCL's unsatisfactory performance is likely to
continue in the first half of 2005, given possible losses
related to business integration and uncertainties over the
synergies that will be realized, and as a result of ongoing
ferocious competition in the handset market.

At the same time, Xinhua Far East acknowledges that TCL's
transparency and market disclosure practices are better than
most domestically listed companies. Its corporate governance
standards and shareholder structure were further enhanced with
the completion of a business restructure last year.

TCL Corporation is a large cap Company in the Xinhua FTSE 200
Index. As of April 27, 2005, the total market cap of TCL
accounted for RMB 6.60 billion (USD 798 million) with the
investable market cap of RMB 2.64 billion (USD 319 million).

Xinhua Finance is committed to contributing to the transparency
and disclosure standards of the China market and works to bring
international standards to the market through all its products
and services. It provides independent ratings and does not
charge the companies it rates.

For the rating report summary, please visit
http://www.xinhuafinance.com/creditrating.

About Xinhua FTSE 200 Index

The Xinhua FTSE 200 Index is the large cap tradable index in the
Xinhua FTSE A Index Series. It includes the top 200 companies in
the Xinhua FTSE Index Series, by market capitalization.

About Xinhua FTSE Indices

Xinhua/FTSE China A50 Index is a real-time tradable index
comprising the largest 50 A share companies by full market
capitalization. Designed to meet the needs of QFIIs, it can be
used as a basis for both on-exchange and OTC derivative
products, mutual funds and ETFs.

About Xinhua Far East China Ratings

Xinhua Far East China Ratings (Xinhua Far East) is a pioneering
venture in China that aims to rank credit risks among
corporations in China. It is a strategic alliance between Xinhua
Financial Network, a Xinhua Finance subsidiary, and Shanghai Far
East Credit Rating Co., Ltd. Shanghai Far East became a Xinhua
Finance Company in 2003 and the first China member of The
Association of Credit Rating Agencies in Asia in December 2003.

Capitalizing on the synergy between Xinhua Finance and Shanghai
Far East, Xinhua Far East's rating methodology and process blend
unique local market knowledge with international rating
standards. Xinhua Far East is committed to provide investors
with independent, objective, timely and forward-looking credit
opinions on Chinese companies. It aims to help investors
differentiate the credit risks among the corporations in China,
thereby, cultivating their awareness and promoting information
disclosures and transparency in China market. For more
information, see http://www.xfn.com/creditrating.

About Xinhua Finance Limited

Xinhua Finance Limited is China's premier financial services and
media Company, listed on the Mothers board of the Tokyo Stock
Exchange (symbol: 9399). The Company provides financial news and
information, as well as a broad array of financial products and
services unique to the China markets. Xinhua Finance provides
real time coverage of Chinese and Asian equity markets,
delivering an integrated platform of China-specific indices,
financial news feeds, credit ratings, and investor relations
services to global financial institutions and re-distributors
via leased line, Internet, and satellite technology.

Founded in 1999, the Company is headquartered in Hong Kong and
has 21 offices and 19 news bureaus across Asia, Australia, North
America and Europe. For more information, see
http://www.xinhuafinance.com.

About Shanghai Far East Credit Rating Co., Ltd

Shanghai Far East Credit Rating Co., Ltd. is the first and
leading professional credit rating Company with comprehensive
business coverage in China. It is an independent agency
established by the Shanghai Academy of Social Sciences with the
mission to develop internationally accepted standards for
capital market in China. The Company is a pioneer in conducting
bond- rating business in China. For years, it has been
authorized by the Shanghai branch of the PBOC to undertake loan
certificate credit rating.

Since establishment, it has rated over 1,000 corporate long-term
bonds and commercial papers, based on the principles of
objectivity, fairness and independence. The Company has also
maintained over 50% market share in the loan certificate-rating
sector in Shanghai for three consecutive years. With its strong
local presence and knowledge, it provides investors with unique
and the most insightful credit opinion. For more information,
see http://www.fareast-cr.co.

For more information, please contact:

Hong Kong
Joy Tsang, Corporate & Investor Communications Manager,
Xinhua Finance
Phone:    +852-3196-3983 or +852-9486-4364
E-mail:  joy.tsang@xinhuafinance.com

U.S.
The Ruth Group (PR Contact in the US)
Mr. Gregory Tiberend
Phone:    +1-646-536-7005
E-mail:  gtiberend@theruthgroup.com

Mr. Jason Rando
Phone:    +1-646-536-7025
E-mail:  jrando@theruthgroup.com


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


ASIA PULP: Settles Long-Standing IDR131.92 Trillion Debt
--------------------------------------------------------
Asia Pulp & Paper Co. (APP) said that it had started again to
pay interest in a protracted restructuring plan that was
finalized on April 28, 2005, reports Dow Jones.

The Company made its first payment, IDR1.38 trillion, to
creditors on a long-standing IDR63.75 trillion debt it owes to
93% of its creditors. The remaining 7% of the Company's
creditors are seeking separate legal action against the firm
through a U.S. court.

APP is scheduled to make a second interest payment in three
months, according to APP' restructuring team vice-chairman G.
Sulistiyanto. This is a giant step forward after APP Stopped
repayments on its total IDR131.92 trillion debt to creditors
such as Goldman Sachs, Deutsche Bank and UBS AG.

In relation to the legal action by remaining creditors who
didn't go along with the restructuring agreement, a New York
court had rejected some creditors' application to stop the
restructuring agreement from taking place.

Mr. Sulistiyanto said that the Company has set aside funds in an
escrow account in order to cover its obligations with such
creditors.

CONTACT:

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


PERTAMINA: Finds Oil Reserve in Aceh Field
-------------------------------------------
PT Pertamina said it found an oil reserve in a filed in Aceh,
which could produce 705 barrels per day, Asia Pulse reports.

According to the Company's Aceh branch general manager, Ridwan
Nyak Baik, the discovery of the oil reserve last month would
serve to raise oil production. Earlier, the Company had found
four oil fields with a total production of 4,000 barrels per
day.

The Company has been experiencing difficulty supplying local and
foreign demands for oil, with increasing fuel prices and a
declining local currency. President Susilo Bambang Yudhoyono has
called on the government to aid the Company in providing dollars
to import oil from abroad, in order to meet local and foreign
demand.

CONTACT:

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


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


JAPAN TOBACCO: Morgan Stanley Maintains "Overweight" Rating
-----------------------------------------------------------
Analysts at Morgan Stanley maintain their "overweight" rating on
Japan Tobacco, while raising their estimates for the Company.
The target price has been increased from JPY1,570,000 to
JPY1,600,000, Newratings.com reports.

In a research note published on May 2, the analysts mention that
the Company's domestic market share is unlikely to decline after
the its license agreement with Marlboro ends in May this year.

Morgan Stanley expects Japan Tobacco's tax charges to reduce to
35.5%-36.0% in 2006. The EPS estimates for fiscal 2005 and
fiscal 2006 have been raised from JPY103,079 to JPY105,427 and
from JPY103,079 to JPY105,427, respectively.

CONTACT:

Japan Tobacco Incorporated
2-1, Toranomon 2-Chome
Minato-Ku 105-8422, Tokyo 105-8422
Japan
Phone: +81 3 3582 3111
Fax: +81 3 5572 1441
Web site: http://www.jti.com


KANEBO LIMITED: Asahi Breweries Acquires Softdrink Unit
-------------------------------------------------------
Asahi Breweries Limited will acquire LB Limited, a soft drink
subsidiary of Kanebo Limited, for an estimated JPY4-5 billion,
AFX News reports, citing the Nihon Keizai Shimbun.

Kanebo owns 68 percent of LB, with the rest controlled by
trading house CBC Co. Kanebo's entire stake will go to Asahi
Breweries by early May.

LB posted sales of JPY11.3 billion in the year ending in March
2004. The unit produces and markets oolong, green and other teas
as well as yogurt-based drinks, with most of them transported
from factories to retailers in chilled form.

Since demand for beer and other alcoholic beverages remain flat,
the brewer wants to reinforce its softdrink business. Sales and
operating profit in that segment account for 15 percent and 8
percent, respectively, of Asahi Breweries' consolidated figures.

CONTACT:

Kanebo Limited
Fukuoka, Sapporo
3-20-20 Kaigan Minato Tokyo
108-8080 Japan
Web site: http://www.kanebo.co.jp/english/Index.htm


KOBE STEEL: Posts JPY116.03 Pretax Profit for FY04
--------------------------------------------------
Kobe Steel Limited reported a pretax profit of JPY116.03 billion
for the year to March 31, 2004, backed by strong domestic demand
and exports to China, Kyodo News reports.

After taxes and extraordinary items, its group net profit also
more than doubled to JPY51.29 billion. The Company will raise
its annual dividend to JPY3.00 per share from JPY1.50 the year
before.

In its core steel business, domestic demand from such
manufacturers as shipbuilders and automakers was brisk, and
exports were robust due to a continued increase in demand from
China and the firm U.S. economy.

On a consolidated basis, Kobe Steel expects its profit and sales
to rise further in fiscal 2005. It expects a group net profit of
JPY75 billion and a pretax profit of JPY140 billion on sales of
JPY1.63 trillion.

CONTACT:

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


MITSUBISHI MOTORS: U.S. Unveils April 2005 Sales
------------------------------------------------
Mitsubishi Motors North America, Inc., (MMNA) in a press
release, announced its April sales results, which total 9,230
units. Sales for the month were led by the popular Lancer at
2,412 units followed by the Galant at 2,347 units. Lancer sales
posted an impressive 12 percent increase over March, while
Eclipse Spyder sales were up 13 percent versus the month of
March.

"While we await the much anticipated launch of the all-new 2006
Eclipse in early June, we are encouraged by the fact that we
were able to achieve our retail sales pace that was equal to the
average retail sales posted during the first three months of
this year," said Dave Schembri, executive vice president of
sales and marketing at MMNA.

MMNA is responsible for all manufacturing, finance, sales,
marketing, research and development operations of the Mitsubishi
Motors Corporation in the United States and Canada. Mitsubishi
Motors sells coupes, convertibles, sedans and sport utility
vehicles through a network of approximately 625 dealers. For
more information, contact the Mitsubishi Motors News Bureau at
(888) 560-6672 or visit media.mitsubishicars.com.

CONTACT:

Mitsubishi Motors North America, Inc.
6400 Katella Ave.
Cypress, CA 90630-0064 (Map)
Phone: 714-372-6000
Fax: 714-373-1020


MITSUBISHI MOTORS: Canadian Unit Discloses April 2005 Sales
-----------------------------------------------------------
Mitsubishi Motor Sales of Canada, Inc. (MMSCAN) reported April
sales of 958 vehicles and year-to-date sales of 3,482 vehicles,
Canada NewsWire reports.

Mitsubishi Motors North America, Inc., (MMNA) is responsible for
all manufacturing, finance, sales, marketing, research and
development operations of the Mitsubishi Motors Corporation in
the United States and Canada.

Mitsubishi Motors sells coupes, convertibles, sedans and sport
utility vehicles through a network of approximately 650 dealers.
Mitsubishi Motors sold its first vehicle in the U.S. in 1981,
and began building cars in 1988 at its manufacturing facility in
Normal, Illinois.

For further information: Laura Hooker, Fleishman-Hillard Canada,
Inc., (416) 645-8181, hookerl@fleishman.com


MITSUBISHI MOTORS: More Execs Exit Over Eclipse Strategy
--------------------------------------------------------
Two marketing executives have left Mitsubishi Motors North
America as the automaker is launching the redesigned Eclipse,
Automotive News reports.

Mr. Kevin Mayer, Director of Advertising, and Mr. John Jullens,
Head of Strategic Planning, both resigned on May 2.

Sources say they were at odds with CEO Rich Gilligan and Mr.
Dave Schembri, Executive Vice President of Sales and Marketing,
over how the Eclipse should be marketed to consumers.

Company spokeswoman Ms. Dotty Diemer declined to comment.


MITSUBISHI MOTORS: Halts Production of Sedan, MPV in Indonesia
--------------------------------------------------------------
PT Krama Yudha Kesuma Motors (KKM) will stop the production of
Mitsubishi Galant sedans and Mitsubishi Kuda multipurpose
vehicles (MPV) in June, according to Asia Pulse.

Mitsubishi Motors had long planned to stop producing the sedan
and MPV cars and wants to produce only trucks, as commercial
cars account for 80 percent of Mitsubishi car sales in
Indonesia.

KKM is a unit of PT Mitsubishi Kramayudha Motors and
Manufacturing (MKM) and PT Krama Yudha Tiga Berlian Motors
(KTB), which owned 99 percent and one per cent of the Company
respectively.

MKM is an assembler of Mitsubishi cars in the country and KTB is
the distributor.

CONTACT:

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


NIHON NENRYO: Begins Bankruptcy Proceedings
-------------------------------------------
Petroleum wholesale trader Nihon Nenryo K.K. has entered
bankruptcy, according to Teikoku Databank America.

The firm, based in Shinjuku-ku, Tokyo 160-0022, has total
liabilities of US$63.81 million.

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


SKYNET ASIA: Details Lease Agreement
------------------------------------
Boullioun Aviation Services Inc., in a press release, announced
a medium-term lease with Skynet Asia Airways for a 1996-vintage
Boeing 737-400 aircraft. This lease marks Boullioun's second
transaction with Skynet Asia Airways.

Boullioun is scheduled to deliver the aircraft, equipped with
CFM56-3C1 engines, in June. With its arrival, Skynet Asia's
fleet will grow to six aircraft. The carrier currently provides
scheduled flight services on two routes: Tokyo to Miyazaki, and
Tokyo to Kumamoto. The new aircraft will allow Skynet Asia to
add a third route between Tokyo and Nagasaki. Boullioun provided
Skynet Asia's first two aircraft, both Boeing 737-400s, in
February 2002. The carrier began flight operations later that
year.

"During the past year, we have added a Boeing 737 to our fleet
and installed a new computerized reservation system. The lease
of this additional aircraft is part of our same continuing
effort to improve our capabilities and customer service," said
Mr. Masahiro Uchiike, President and CEO, Skynet Asia Airways.
"We appreciate Boullioun Aviation's continued help in allowing
us to steadily grow our fleet and expand the flight services we
may offer."

"We're always pleased to play a role in helping an airline such
as Skynet Asia start its operations and then grow in its
market," said Boullioun President and CEO Robert J. Genise. "We
were with Skynet Asia at the beginning of its flight operations,
and we appreciate this opportunity to continue our relationship
and provide another popular standardbody aircraft. We wish
Skynet Asia continued success."

Boullioun, founded in 1986 by aviation industry veteran E.H.
"Tex" Boullioun, leases aircraft worldwide to airlines.
Boullioun's portfolio contains 115 owned or managed aircraft
with a total market value over US$3.7 billion. The Company has
11 aircraft on firm order valued at nearly US$700 million, plus
options. Since 1995, Boullioun has, on behalf of itself and
third parties, placed 205 aircraft on lease with 88 airlines,
concluded sale and leaseback and other back-to-back transactions
involving 57 aircraft, and sold 74 aircraft to airlines and
investors.

Boullioun is owned by WestLB AG of Dusseldorf, Germany. With
assets of more than 267 billion Euros and AA-/Aa2 credit ratings
from Standard & Poor's and Moody's Investors Service,
respectively, WestLB (www.westlb.com) is one of the largest
commercial banks operating on an international scale.

CONTACTS:

Tony Jacob, Jacob Public Relations: (425) 806-3775;
tjacob@jacobpr.com
John Willingham, Boullioun Aviation Services: (425) 454-3106;
jwillingham@boullioun.com


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


HYNIX SEMICONDUCTOR: Quarterly Net Income Falls 9.8%
----------------------------------------------------
Hynix Semiconductor Inc. posted a 9.8% drop in its first quarter
net income after an oversupply of its memory chips lowered
prices by 20%, reports Asia Pulse.

The Company reported a net income of KRW316 billion for January
to March 2005, lower than last year's net income of KRW351
billion, in a regulatory filing to the Exchange. Sales also
slipped 1% to KRW1.28 trillion.

Hynix was projected to earn a net income of KRW307 billion on
sales of KRW1.2 trillion, while operating profit was forecasted
at KRW317 billion. This year, operating profit was KRW299
billion.

The Company is expected to do better later this year, with
seasonal demand to boost sales and a limit of supply through
manufacturing bottlenecks in order to improve chip prices.

The Company was granted a KRW1.5 trillion debt-refinancing
package by creditors last April 21 in order to graduate from a
creditor-led debt workout program 20 months ahead of schedule.

Creditors, who own 81% stake in Hynix, are planning to sell 30%
stake in the Company, with the remaining 51% to be sold at the
end of 2007.

CONTACT:

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


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


AYER HITAM: Seeks Bourse Approval for 6-month Extension
-------------------------------------------------------
Ayer Hitam Tin Dredging Malaysia Berhad announced that the
Company submitted an application to the Bursa Malaysia
Securities Berhad (Bursa Securities) for an extension of 6
months from April 28 to Oct. 28, 2005, in order to release a
Requisite Announcement in relation to Practice Note 4/2001. The
application is pending approval of Bursa Securities.

The Company is currently taking steps to conclude its
regularization plan to stabilize its financial condition.

CONTACT:

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


BUKIT KATIL: In Talks with Investors to Fund Restructure
--------------------------------------------------------
Bukit Katil Resources Berhad announced that there is no new
development in the Company's plan to regularize its financial
condition since its last monthly announcement dated April 1,
2005.

The Company is drawing up a debt-restructuring plan to
regularize its financial condition, and is negotiating with
potential investors to finance such plan. Once the restructuring
plan is finalized, the Company will release the details of the
plan in due course.

CONTACT:

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


CHG INDUSTRIES: Proposed Restructuring Scheme Under Review
----------------------------------------------------------
CHG Industries Berhad announced that the Company had submitted
an application on its proposed debt and corporate restructuring
scheme to the Securities Commission (SC) and other relevant
authorities on Dec. 24, 2004; the SC and relevant authorities
are still reviewing the application at present.

In the meantime, the Restraining Order granted on the Company in
order to complete the implementation of the proposed scheme has
been extended further for 90 days, from April 28 to July 27,
2005.

CONTACT:

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


CONSOLIDATED FARMS: Unable to Pay Loans to Credit Facilities
------------------------------------------------------------
Consolidated Farms Berhad announced that the Company has not
been able to pay the principal and interest on its credit
facilities as of April 30, 2005. The Company also announces that
there have been no changes in the Company's plan to regularize
its financial condition.

To view a report on the Company's credit facilities, go to:

http://bankrupt.com/misc/tcrap_confarm050405.doc

CONTACT:

Consolidated Farms Berhad
24-1 Jalan 24/70A,
Desa Sri Hartamas,
50480 Kuala Lumpur
Phone: 03-23001199
Fax:   03-23002299


FORESWOOD GROUP: SC Rejects Appeal to Reconsider Proposed Scheme
----------------------------------------------------------------
Foreswood Group Berhad refers to its announcement dated Dec. 8,
2004 wherein the Company submitted an application to the
Securities Commission (SC), to appeal on the SC's decision to
reject the Company's proposed corporate & debt restructuring
scheme.

The SC, in its letter dated April 27, 2005 (received on April
29, 2005) decided to reject the Company's appeal since it did
not fully satisfy the issues raised by the SC in rejecting the
Company's proposed scheme.

With regards to the SC's decision, the Company is deliberating
on a possible course of action, and will announce any
developments in due course.

CONTACT:

Foreswood Group Berhad
Level 4, B59
Taman Sri Sarawak Mall
Jalan Tunku Abdul Rahman
93100 Kuching , Sarawak
Malaysia
Phone: 6082-428626
Fax:   6082-423626


GOLDEN FRONTIER: Buys Back 2,000 Shares
---------------------------------------
Golden Frontier Berhad disclosed the details of its shares
buyback on May 3, 2005 to the Bursa Malaysia Securities Berhad.
  
Date of buy back: 03/05/2005

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

Total number of shares purchased (units):              2,000

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

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

Total consideration paid (MYR):                    1,214.48

Number of shares purchased retained in treasury
(units):  2,000

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

Cumulative net outstanding treasury shares as at to-date
(units): 1,472,800

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

CONTACT:

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


INNOVEST BERHAD: Fails to Get SC OK on Restructuring
----------------------------------------------------
Innovest Berhad announced that in relation to Practice Note
4/2001 of the Bursa Malaysia Securities Berhad, the Securities
Commission rejected the Company's appeal to reconsider its
decision on the Company's proposed restructuring scheme.

The Company's Board of Directors will deliberate on the matter,
and will announce any further developments in due course.

CONTACT:

Innovest Berhad
2 Lorong Dungun Kiri Damansara Heights
Kuala Lumpur, Kuala Lumpur 50490
Malaysia
Phone: +60 3 2093 3373
Fax:   +60 3 2094 3733


KAI PENG: Sells Property to Kasmuncak Holdings Berhad
-----------------------------------------------------
Kai Peng Berhad announced that on May 3, 2005, the Company
entered into a Sale & Purchase Agreement (SPA) with Kasmuncak
Holdings Sdn Berhad, to dispose of 8,076.54 square meters of
leasehold land and a factory built on such land for MYR6.1
million, as stipulated in the agreement.

The SPA is subject to the following conditions:

i) The said Property is subject to a restriction-in-interest
whereby the State Authority must approve the sale & transfer of
the said Property to the Purchaser.

(ii) The Vendor has to obtain the Chargee's (RHB Bank Berhad)
approval to the sale of the said Property to the Purchaser, as
the said Property is presently charged to the said Bank as
security for credit facilities.

Kasmuncak Holdings Berhad will deposit a partial payment of
MYR2.44 million once the SPA is executed, while the balance of
MYR3.66 million will be paid by Kasmuncak Holdings within one
month from the satisfaction of the conditions of the sale.  The
disposal is set to conclude within 6 months from the execution
of the SPA.

The Company's disposal of the property is part of its efforts to
repay its debts and improve operating cash flow.

CONTACT:

Kai Peng Berhad
2nd Floor, Bangunan Palm Grove
No. 14 Jalan Glenmarie (Persiaran Kerjaya)
Section U1, 40150 Shah Alam
Selangor Darul Ehsan
Malaysia
Phone: 03-55685000
Fax:   03-55685027
Web site: http://www.kaipeng.com


K.P. KENINGAU: Strikes Deal with Gabungan on Rehab
--------------------------------------------------
K.P. Keningau Berhad announced that the Company entered into an
agreement with Gabungan Cendawan Sdn Berhad on March 18, 2005,
to create a proposed corporate restructuring scheme in order to
regularize the Company's financial condition.

The Company announces that it was granted a two-month extension
to make a Requisite Announcement on its proposed restructuring
scheme on or before May 22, 2005.

CONTACT:

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


MENTIGA CORPORATION: Seeks SC Approval on Revised Proposals
-----------------------------------------------------------
Mentiga Corporation Berhad announced that the Bursa Malaysia
Securities Berhad informed the Company (via a letter dated April
12, 2005) of its decision to begin de-listing proceedings
against the Company, but that it would await the outcome of the
Company's application to the Securities Commission (SC) on its
revised restructuring proposals.

The Company is still awaiting the SC's decision on the revised
approvals at present.

CONTACT:

Mentiga Corporation Berhad
Jalan Kampar Off Jalan Tun Razak
Kuala Lumpur, 50400
Malaysia
Phone: +60 3 40439411
Fax:   +60 3 40431233


NORTH BORNEO: Awaits FIC's OK on Revised Restructuring Scheme
-------------------------------------------------------------
The North Borneo Corporation Berhad announced that there have
been no changes to the Company's plan to regularize its
financial condition since it was granted a conditional approval
by the Securities Commission (SC) for its revised restructuring
scheme January 24, 2005.

The Company also announces that on March 30, 2005, the Court
granted an order to restrain any proceedings against the Company
for 9 months following the date of the order, and has convened a
meeting of the Company's members and scheme creditors within the
same period. The Company's revised scheme, however, is still
pending approval from the Foreign Investment Committee (FIC).

CONTACT:

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


OCEAN CAPITAL: In Talks with Potential White Knight
---------------------------------------------------
Ocean Capital Berhad announced that in accordance with Practice
Note 4/2001 of the Bursa Malaysia Securities Berhad Listing
Requirements, the Company is discussing with an interested party
on becoming a "White Knight" to aid in the Company's
restructuring.

The Company is currently devising a restructuring plan to
regularize its financial condition.

CONTACT:

Ocean Capital Berhad
No. 43B, 2nd Floor Changkat
Bukit Bintang 50200
Kuala Lumpur, Malaysia
Phone: 03-21480700
Fax:   03-21454825


OLYMPIA INDUSTRIES: Posts No Change in Rehab Scheme
---------------------------------------------------
Olympia Industries Berhad announced that in relation to Practice
Note 4/2001 of the Bursa Malaysia Securities Berhad Listing
Requirements, there is no further development to the Company's
implemenation of its proposed restructuring scheme since its
last monthly announcement on April 1, 2005.

CONTACT:

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


OMEGA HOLDINGS: Proposed Restructuring Plan Await Nod
-----------------------------------------------------
Omega Holdings Berhad announced that there has been no change in
the Company's plan to regularize its financial condition since
its last monthly announcement on the matter, dated April 1,
2005.

The Company had submitted applications to regularize its
financial condition to the Securities Commission SC) & the
Foreign Investment Committee (FIC) on Feb. 28, 2005; at present
the applications still pending their approval.

CONTACT:

Omega Holdings Berhad
Jalan Semantan Damansara Heights
50490 Kuala Lumpur,
Selangor Darul Ehsan 46050
Malaysia
Phone: +60 3 2713 2160
Fax:   +60 3 2713 2170


PAN PACIFIC: Applies for Court Order to Hold Creditors' Meeting
---------------------------------------------------------------
Pan Pacific Asia Berhad announced that the Company is currently
waiting for the approval from relevant authorities on its
proposed restructuring scheme. The Company has submitted an
application to the Shah Alam High Court for an order to convene
a creditors and shareholders' meeting to be held on May 16,
2005.

CONTACT:

Pan Pacific Asia Berhad
Unit No. 602B, Level 6, Tower B,
Uptown 5, 5 Jalan SS21/39,
Damansara Uptown, 47400
Petaling Jaya, Selangor
Malaysia
Phone: 03-77278168
Fax:   03-77271622


PARK MAY: To Hold Court-Convened Meeting, EGM on Restructuring
--------------------------------------------------------------
Pursuant to Practice Note 4/2001 of the Bursa Malaysia
Securities Berhad Listing Requirements, Park May Berhad
announces that there are no significant changes in the Company's
plan to regularize its financial condition.

As was previously announced, the Company will hold a court-
convened meeting and Extraordinary General Meeting (EGM) on May
16, 2005 to discuss the proposed restructuring scheme.

The Company will be holding a court-convened meeting and
extraordinary general meeting on 16 May 2005 for the Proposed
Restructuring Scheme, as announced on 22 April 2005. The
Explanatory Statement / Circular on the Proposed Restructuring
Scheme was dispatched to the shareholders of Park May on 23
April 2005.

CONTACT:

Park May Berhad
Lot 18115 Batu 5
Jalan Kelang Lama, Kuala Lumpur 58100
Malaysia
Phone: +60 3 7982 7060
Fax:   +60 3 7625 4987


UNITED CHEMICAL: Issues Proposed Restructuring Plan Update
----------------------------------------------------------
United Chemical Industries Berhad announced that the Company's
proposed restructuring scheme is subject to clearance of the
Bursa Malaysia Securities Berhad to issue an explanatory
statement/circular to its creditors and shareholders.

The Company also reports that there are no new changes to its
proposed restructuring scheme since its last monthly
announcement dated April 1, 2005.

CONTACT:

United Chemical Industries Berhad
10th Floor, Wisma MCA
Jalan Ampang
50450 Kuala Lumpur, WP
Malaysia
Phone: 603-2619055
Fax:   603-2610502


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


ATLAS CONSOLIDATED: 6 Firms Keen on Toledo Mine Revival
-------------------------------------------------------
Atlas Consolidated Mining and Development Corp. confirmed
negotiations with six foreign mining firms willing to invest in
a copper project in Toledo City, Cebu, The Philippine Daily
Inquirer reports.

The firms, three of which are Chinese, two Korean and one
Japanese, have showed keen interest in the revival of the Toledo
mine, which stopped operations 10 years ago. Talks are still in
preliminary stages but all six mining companies want to acquire
Atlas Mining shares or enter into supply contracts.

Initially, Atlas will need about US$171 million to restart
mining operations. The amount will also cover the construction
of a 55-megawatt power facility and rehabilitation of the
underground mine worth a total of US$50 million.

The Toledo mine, which was closed down in 1994 due to financial
difficulties, is reportedly the biggest copper mine in the Far
East with a capacity of 42,000 metric tons of copper per day.

CONTACT:

Atlas Consolidated Mining and Development Corporation
7/F, Quad Alpha Centrum
125 Pioneer St., Mandaluyong City
Phone No:  635-2387/4495
Fax No:  633-3759; 634-2312
E-mail Address:  acmdcmla@info.com.ph
Auditor:  SyCip, Gorres, Velayo & Company
Transfer Agent:  Stock Transfer Service, Inc.


BAYAN TELECOMMUNICATIONS: Earmarks Php1.4 Bln for Expansion
-----------------------------------------------------------
Bayan Telecommunications Inc. (Bayantel) is allocating around
Php1.4 billion in capital expenditures (CAPEX) this year, Today
News says.

The telecommunications firm will use the amount for the
expansion as well as service upgrades, particularly for its
Internet services and additional fiber-optic capacity.

Last year, Bayantel spent as much as Php1.3 billion in CAPEX,
which included the upgrade of its fiber optic network National
Digital Transmission Network. The network expansion was
completed last year, expanding its capacity from 2.5 gigabits
per second (Gbps) to 10 Gbps.

Bayantel also rolled out its network in the main business
districts, thus allowing faster communications between offices
and branches.

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: Clarifies The Philippine Star Article
--------------------------------------------------------
Belle Corporation issued this announcement in reference to the
news article entitled "Belle Corp eyes Php2B from the sale of
property along Roxas Blvd" published in the May 2, 2005 issue of
the Philippine Star.

The article reported that:

"Property and gaming firm Belle Corp. expects to raise Php2
billion from the sale of its property on the reclaimed Manila
Bay Area along Roxas Boulevard. Belle vice-chair Willy Ocier
said the Company hopes to complete the transaction by the third
quarter of the year. Ocier said the property has an estimated
value of Php40,000-Php50,000 per square meter."

Belle Corporation, in its letter to the Philippine Stock
Exchange dated May 3, 2005, stated that:

"To date, while Belle has received several inquiries from
potential buyers of its aforesaid property, it has yet to enter
into an agreement with any of said potential buyers. As stated
in the news article, however, Belle foresees closing a deal as
early as the third quarter of the year based on the estimated
value of its property of between Php40,000-Php50,000 per square
meter."

For your information.

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

Noted by:

(Original Signed)
JURISITA M. QUINTOS
Senior Vice President

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: To Hold Annual Stockholders' Meeting
-----------------------------------------------------
Notice is hereby given that the Annual Meeting of Stockholders
of Manila Electric Co. (Meralco) will be held at the Meralco
Theatre, Lopez Building, Ortigas Avenue, Pasig City on Tuesday,
June 28, 2005, at 9 a.m. with the following agenda:

(1) Call to Order
(2) Certification of Notice and Quorum
(3) Approval of the Minutes of the Annual Meeting of
Stockholders held on May 25, 2004.
(4) Annual Report of the President
(5) Approval of the 2004 Audited Financial Statements
(6) Ratification of the Acts of the Board of Directors and
Management during the year 2004.
(7) Appointment of Independent Auditors
(8) Election of Directors for the ensuing year
(9) Other business that may properly be brought before the
meeting
(10)Adjournment

Minutes of the 2004 Annual Meeting of Stockholders will be
available for examination during office hours at the Office of
the Corporate Secretary.

The Board has fixed the close of business on April 11, 2005 as
the record date for the determination of stockholders entitled
to notice of, and to vote at, the meeting. The stock and
transfer books of the Company will not be closed.

In accordance with Article I, Section 3 of the Company's By-
Laws, any instrument authorizing a proxy to act shall be
submitted to and received at the principal office of the
Corporation on or before June 18, 2005, 5 p.m., addressed to the
attention of the Corporate Secretary.

Registration will be from 7:30 to 9:30 a.m. only.

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: Creditors Approve Rehab Plan Revisions
------------------------------------------------------
The creditors of Maynilad Water Services Inc. have accepted the
final revisions to the rehabilitation plan of the west water
concessionaire, relates The Philippine Daily Inquirer.

Maynilad's creditors decided that the new revival scheme would
greatly contribute to Maynilad's financial and operational
viability.

Under the revised program submitted Thursday to a Quezon City
Regional Trial Court, Maynilad's majority shareholder, Benpres
Holdings Inc. (BHI) of the Lopez group, will formally exit and
divest all its shares in the Company valued at US$22.7 million.
Shares of BHI's French partner, Ondeo Philippines, would also be
reduced to 13 percent.

Foreign and local creditors of Maynilad, except for the
Development Bank of the Philippines, which was still waiting for
the go-ahead from its Board of Directors, approved the plan last
week.

Maynilad creditors and shareholders also agreed to allow private
investors to acquire a majority stake in the Company, instead of
reverting it to government control.

Investors such as DMCI Holdings and a consortium led by the ING
Barings Group have already signified their interest in acquiring
the cash-strapped water concessionaire.

CONTACT:

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


NATIONAL POWER: New Rates Take Effect
-------------------------------------
The National Power Corporation (Napocor) has started
implementing the rate adjustments that were approved recently by
the Energy Regulatory Commission (ERC), according to the Napocor
Power Hotline.

In its decision, the ERC said the rate adjustments should take
effect on April 26, 2005, which coincides with the start of
Napocor's next billing cycle.

Napocor President Cyril C. del Callar said that Napocor will
abide by the ERC's directive. At the same time, he clarified
that the ERC-approved adjustments were as follows:

- 46.96 centavos per kilowatt-hour (kWh) in Luzon
- 12.13 centavos per kWh in the Visayas
- 27.98 centavos per kWh in Mindanao

Pres. del Callar made the clarification in the light of
confusing news reports that the ERC has approved a 42 percent
increase in Napocor's power rates. Computations by Napocor
however show that the adjustments correspond to an average of
36.25 centavos per kWh on a national level, or a mere 10.2
percent increase over Napocor's old rates.

With the adjustments, Napocor's new generation rate for each
grid are as follows:

- Php4.3835 per kWh in Luzon
- Php3.2646 per kWh in the Visayas
- Php2.5025 per kWh in Mindanao

This brings Napocor's generation rate to a national average of
Php3.9030 per kWh.

Pres. del Callar however assured that households in the lower-
income bracket will not feel the full impact of the rate
increase as they will continue to enjoy lifeline rate discounts
of as much as 50 percent, as mandated under the Electric Power
Industry Restructuring Act (EPIRA).

CONTACT:

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


NATIONAL POWER: Explains Employees' Retirement Benefits
-------------------------------------------------------
The National Power Corporation (Napocor) has clarified recent
reports about the extension of some Php12 billion in retirement
benefits to its top officials and employees when the Corporation
underwent a major reorganization in 2003 in compliance with
Republic Act 9136 or the Electric Power Industry Reform Act
(EPIRA).

Napocor said that while some Php12 billion was allocated for the
retirement pay of its 9,000 employees, what was actually
released was a little over Php9 billon. This consists of Php7
billon worth of separation benefits and Php2 billion worth of
terminal leave credits earned by the employees for the duration
of their service in Napocor. Some Php540 million worth of
benefits are still in escrow. So far, 8,890 employees have been
paid, while the rest have yet to secure their clearance from
Napocor.

The retirement package went through the extensive scrutiny of
the National Power Board and the House Committee on Energy.
Moreover, the EPIRA, which was passed into law in 2001 after
extensive legislative deliberations, also guaranteed the payment
of these retirement benefits. Specifically, Section 33 of the
Implementing Rules and Regulations (IRR) of the EPIRA provides
for the provsion of benefits to all government employees
"regardless of position, designation or status, who are
displaced or separated from the service as a result of the
Restructuring of the electricity industry and the Privatization
of Napocor assets".

Napocor also belied allegations that it violated the EPIRA when
it rehired about 44 percent of the separated employees. The move
is actually in accordance with Rule 33, Section 5 of EPIRA's
IRR, which provides that displaced or separated Napocor
personnel "shall be given preference in the hiring of manpower
requirements of the newly created offices or the privatized
companies".

Napocor employees are deemed most qualified to operated and
maintain the power plants because of the technical capabilities
and training that they have acquired from years of service in
the Corporation. Their experience enabled Napocor to operate the
power plants without fail, thus averting a possible power
crisis.

Further, the government also benefited from the separation and
rehiring of Napocor employees in terms of future savings from
retirement benefits. Rehires employees in terms of future
savings from retirement benefits. Rehires employees of Napocor
were given compensation packages that were considerably lower
than what they were receiving before the organization. Aside
form that, the separation of the employees from the Corporation
pushed their government service record back to zero.

Most of the employees rehired by Napocor were assigned to fill
up mostly technical positions . On the other hand, the employees
that were rehired opted to work in the National Transmission
Corporation (Transco) and Power Sector Assets and Liabilities
Management (PSALM) Corp.


PRICESMART INCORPORATED: Local Unit's Boss Faces Charges
--------------------------------------------------------
A senior official of PriceSmart Incorporated's local unit, PSMT
Philippines, was charged before the city prosecutor of Pasig
City for allegedly lying about the compensation he received from
PSMT, Business World says.

Benjamin Woods, president of PSMT Philippines, was slapped by
perjury charges filed by William S. Go, PSMT chairman and
representative of the minority stockholders in PSMT, and E-Class
Corp. Mr. Go claimed Mr. Woods lied to the Securities and
Exchange Commission about his compensation and benefits package.

Mr. Go and E-Class Corp., which have a combined 38-percent stake
in PSMT, commissioned the auditing firm of Punongbayan & Araullo
in 2003 to look into PSMT's dwindling finances, including a
Php350-million loss in that year alone.

According to Mr. Go, the audit uncovered numerous unauthorized
disbursements and siphoning off of PSMT funds, including more
than Php30 million in stewardship fees that were not covered by
any agreement between PriceSmart and PSMT.

PSMT, meanwhile, downplayed reports that PriceSmart was
embroiled in cash flow woes globally and was likely to shut down
Philippine operations. The Company stressed it will continue to
do business in the country's growing market.

CONTACT:

Pricesmart Inc.
9740 Scranton Road
San Diego, CA 92121
Phone: (858) 404-8800
Fax: (858) 581-4500
E-mail: jcahill@psmt.usa.com
Web Site: http://www.pricesmart.com

PSMT Philippines, Inc.
1781 Alabang Zapote Road, Filinvest
8/F Times Plaza Bldg., UN Ave. Cor. Taft Ave.
Ermita Manila
Phone no.: 8880433
Fax No.: 8880689


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


AIROCEAN GROUP: Enters Into Supplementary Agreement with Janco
--------------------------------------------------------------
Further to the announcement made by the Board of Directors of
Airocean Group Ltd to the Singapore Stock Exchange on January 3,
2005 in relation to the subscription of 110,000 new ordinary
shares of SG$0.05 each in the capital of the Company by Janco
Strategic Biz Pte. Ltd. (formerly known as Janco Strategic
Bizgroup Pte. Ltd.) (Subscriber), a wholly owned subsidiary of
A-Sonic Aerospace Limited (A-Sonic), the Board of Directors of
the Company announced that at the request of A-Sonic and the
Subscriber, the Company on May 3, 2005 entered into a
supplementary agreement with the Subscriber (Supplementary
Agreement) in respect of the Subscription Agreement dated
January 3, 2005 between the Subscriber and the Company
(Subscription Agreement).

The Supplementary Agreement reduces the number of Placement
Shares the Subscriber committed to subscribe for under the
Subscription Agreement from 110,000,000 Placement Shares to
33,200,000 Placement Shares.  Consequently, the proceeds from
the subscription of Placement Shares under the Subscription
Agreement is reduced from SG$27,500,000 to SG$8,300,000.  Other
terms and conditions, in particular, the issue price of SG$0.25
per Placement Share, in the Subscription Agreement remain
unchanged.

The 33,200,000 Placement Shares will comprise 7.91 percent of
the existing issued share capital of the Company as at the date
of this Announcement, and 7.33 percent in the enlarged issued
share capital of the Company after the issue of the 33,200,000
Placement Shares.

A-Sonic explained to the Board of Directors of the Company that
their request for reduction was due to an unforeseen change and
the current anticipated increase in the economic resources
required for the A-Sonic group's business pursuits in The
People's Republic of China (China).

Taking into consideration A-Sonic's explanation, the potential
benefits of a strategic alliance with A-Sonic and the reasons
below, the Board of Directors, after reappraising and re-
strategizing the business plans of the Company, agreed to A-
Sonic's request.

To view a full copy of the announcement, click
http://bankrupt.com/misc/airoceangroup_announcement050205.pdf

CONTACT:

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


DATACRAFT ASIA: Ties Up with Sun Microsystems to Develop MS3
------------------------------------------------------------
Sun Microsystems and Datacraft Asia announced in a disclosure
made to the Singapore Stock Exchange Wednesday that they have
entered a Systems Integration partnership for the Asia South
region. This regional partnership plans to create new systems
solutions, incorporating technology and products from both
companies that will be made available in Singapore, Malaysia,
India, Thailand, the Philippines, Indonesia and Vietnam.

This strategic alliance will cover a broad range of areas
between the two companies including joint systems integration
business and development of joint solutions in areas such as
data center, storage & data management, enterprise web services,
identity management, and desktop mobility.

Sun's Client Solutions Organisation (CSO) and Datacraft's
Solutions Development Group (SDG) plan to develop three new
joint solutions per quarter across the Asia South market. The
first of this collaboration is the Master Storage Surveyor
Service (MS3), a consulting service that optimizes data center
storage operations.

Built on Sun StorEdge Enterprise Storage Manager Advanced
Applications (ESM AA) solution, MS3 caters to data centers with
multi-vendor SAN installations in multiple host environments.
This service simplifies the management of traditional storage
infrastructure such as monitoring, reporting, correlating and
provisioning.

"With IDC predicting 12 percent annual growth rate for the Asia
Pacific ex-Japan storage and data management services market
through to 2009, we are confident that our partnership with Sun
will enable us to better capitalize on the business
opportunities in this marketplace," said Bill Padfield, Chief
Executive Officer, Datacraft.

"Together, our "solutions factories" will leverage Sun's award
winning technologies and Datacraft's systems integration
expertise to develop differentiated solutions and services for
our customers."

"Sun truly believes in the power of partnering. Through
Datacraft's commitment to this partnership, both companies will
deliver proven and reliable end-to-end solutions to address
customers' needs," said Lionel Lim, Managing Director and Vice
President, Sun Microsystems, Asia South. "Together with
Datacraft, Sun further strengthens our offerings to the growing
market in Asia South."

For more information, click
http://bankrupt.com/misc/DATACRAFTASIA050405.pdf

CONTACT:

Datacraft Asia Ltd - Headquarters
6 Shenton Way #24-11
DBS Building Tower Two
Singapore 06880
Telephone: (65) 6 323 7988
Fax: (65) 6 323 7933
E-mail: ask@datacraft-asia.com


DEUCHEM SINGAPORE: Unveils Resolutions Passed at EGM
----------------------------------------------------
At an Extraordinary General Meeting of Deuchem Singapore Pte Ltd
(In Member's Voluntary Liquidation) deemed to have been duly
convened and held on April 26, 2005, the following Special
Resolutions were passed pursuant to section 179 (6) of the
Companies Act, Cap 50:

(1) That the Company be wound up voluntarily pursuant to section
290 (1) (b) of the Companies Act, Cap 50 and that Mdm Chia Lay
Beng, of 1 Scotts Road, #21-07/08/09 Shaw Centre, Singapore
228208, be and is hereby appointed as Liquidator for the purpose
of such winding up.

(2) That the Liquidator be indemnified by the Company against
all costs, charges, losses, expenses and liabilities incurred or
sustained by them in the execution and discharge of their duties
in relation thereto.

Dated this 29th day of April 2005.

Chang Hung-Ming
Antony Chang
Corporate Representative of
Deuchem Co. Limited


DIVCON INTERNATIONAL: To Pay Dividend May 13
--------------------------------------------
Divcon International Pte Ltd. formerly of 21 Pandan Crescent
Singapore 128471 posted at the Government Gazette, Electronic
Edition a notice of intended dividend with the following
details.

Court: Supreme Court, Singapore

Number of Matter: Companies Winding Up No. 120 of 1993

Last Day for Receiving Proofs: 13th May 2005

Name & Address of Liquidator:

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

Moey Weng Foo
Assistant Official Receiver


KHENG SENG: Court to Hear Petition May 13
-----------------------------------------
Notice is hereby given that a Petition for the Winding Up of
Kheng Seng Realty (1968) Private Limited by the High Court was
on April 21, 2005 presented by Bank of China Limited (formerly
known as Bank of China) being the successors-in title of The
Kwangtung Provincial Bank (RC No. F00753W), a bank incorporated
in the People's Republic of China and having a place of business
at 4 Battery Road, Bank of China Building, Singapore 049908, a
creditor.

The Petition is to be heard before the Court sitting at
Singapore at 10:00 o'clock in the forenoon on May 13, 2005.

Any creditor or contributory of the Company desiring to support
or oppose the making of an Order on the Petition may appear at
the time of hearing by themselves or their Counsel for that
purpose.

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

The Petitioner's address is 4 Battery Road, Bank of China
Building, Singapore 049908.

The Petitioner's solicitors are Messrs Rajah & Tann of 4 Battery
Road, #15-01 Bank of China Building, Singapore 049908 (Ref:
RCH/lsc/104854/5156).

Dated this 25th day of April 2005.

Messrs Rajah & Tann
Solicitors for the Petitioner

Note:

Any person who intends to appear at the hearing of the Petition
must serve on or send by post to the Petitioner's solicitors,
Messrs Rajah & Tann of 4 Battery Road, #15-01 Bank of China
Building, Singapore 049908, notice in writing of his intention
to do so.

The notice must state the name and address of the person, or, if
a firm, the name and address of the firm, and must be signed by
the person or firm, or his or their solicitors (if any) and must
be served, or, if posted must be sent by post in sufficient time
to reach the Petitioner's solicitors not later than twelve
o'clock noon of May 12, 2005 (the working day before the day
appointed for the hearing of the Petition).


MEDIASTREAM LIMITED: Placed Under Judicial Management
-----------------------------------------------------
Notice is hereby given that on April 22, 2005 an order for
placing Mediastream Limited (formerly known as Form Holdings
Limited) under judicial management was made. The relevant
particulars of the matter are given as follows:

Number of matter: Originating Petition No. 2 of 2005/G

Date of presentation of Petition: 31st January 2005

Petitioners' solicitors: Drew & Napier LLC

Date of Order: 22nd April 2005

Name and address of Judicial Manager:

Timothy James Reid of Ferrier Hodgson,
50 Raffles Place #44-05,
Singapore 048623

Registered office of the abovenamed Company:

39 Tampines Street 92
Mediastream Building
Singapore 528883

Dated this 29th day of April 2005.

Drew & Napier LLC
Solicitors for the Petitioners


NEPTUNE ORIENT: Releases Four-Week Operating Performance Report
---------------------------------------------------------------
Neptune Orient Lines Ltd furnished the Singapore Stock Exchange
(SGX) with a copy of its operating performance for four weeks
(Period 3) from March 12, 2005 to April 8, 2005.

           YTD      YTD     %      Period 3   Period 3,    %
          2005     2004   Change*    2005      2004     Change*
Liner  

(a) Volume (FEU)
        
        499,100   441,700    13     154,000   138,700     11

(b) Average Revenue Per FEU (US$/FEU)

          2,732      2,543    7       2,735     2,258      8

Logistics

(a) Revenue by Biz Segments (US$'000)
    Contact Logistics Services

        219,400    209,400    5       63,600    66,900     (5)

International Services
  
        97,500      79,000   23       28,300    25,200     12           

Click to View a full copy of the report
http://bankrupt.com/misc/NeptuneOrient050205.pdf

CONTACT:

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


NTI INTERNATIONAL: Passes All Resolutions at AGM
------------------------------------------------
The Board of Directors of NTI International Limited wishes to
announce that at the Annual General Meeting of the Company held
on April 30, 2005, all resolutions relating to the matters as
set out in the Notice of Annual General Meeting dated April 14,
2005 were duly passed.    

CONTACT:

NTI International Limited
50 Raffles Place #29-00
Singapore Land Tower
Singapore 048623
Telephone: 65 63238383
Fax: 65 63238282
Web site: http://www.nti.com.sg


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


MILLENNIUM STEEL: Books THB400Mln Net Profit in 1Q/FY05
-------------------------------------------------------
Millennium Steel Public Company Limited issued to the Stock
Exchange of Thailand (SET) a clarification of its business
operation results in the first quarter of 2005.

(1) Operating Results

(1.1) Net Sales

The Company's net sales in Q1/2005 was THB5,788 million
resulting from the sales volume of 307,000 tons with an average
price of THB18,800 per ton. When compared to Q4/2004, the
Company's net sales was THB4,315 million resulting from the
sales volume of 212,000 tons an increase by 34 percent and 45
percent, respectively.

These were results of high selling season and high demand was
increased after the selling price was moved up in the middle of
Q1/2005, since in Q4/2004 the customers slowed down purchases
including the release in the stock balance due to the decrease
of selling price. However, the Company's average price decreased
by THB1,600 per ton or 8 percent from the previous quarter.
   
Furthermore, when compared to Q1/2004, the Company's net sales
was THB4,262 million resulting from the sales volume of 243,500
tons, increased by 36 percent and 26 percent respectively. This
was due to the increasing demand of steel which made the average
price increase by 8 percent.
   
(1.2) Net Profit (Loss)

The Company's net profit in Q1/2005 was THB400 million. When
compared to Q4/2004, the Company's net profit was THB322
million, an increase by THB78 million or 24 percent. This was
caused by an increase in the sales volume to 45 percent while
the average price was decreased by 8 percent. The gross profit
margin was 14.1 percent, a decrease from the previous quarter by
4.6 percent.
   
In comparison with Q1/2004, the Company's net profit was THB475
million, a decrease by THB75 million or 16 percent. This was due
to the increase in the average selling price from the same
quarter of the previous year. Although the average selling price
was higher, it was lower than the increasing rate of the price
of raw materials.
   
This decreased the gross profit margin by 7.1 percent.
   
(2) Financial Status

(2.1) Assets

As at March 31, 2005, the Company assets totals THB22,483
million, a THB487 million increase from the end of the previous
quarter. The major cause was attributed to an increase in cash
deposit by THB1,483 million and the account receivables were
also increased by THB631 million or 43 percent while the
inventories were decreased by THB1,333 million or 29 percent.
These were due to the increase of sales volume in this quarter.
   
(2.2) Liabilities and Shareholders' Equity

As at March 31, 2005, the Company liabilities was totals
THB11,616 million, whereas current liabilities and non-current
liabilities stands at THB1,744 million and THB9,872 million
respectively.
             
Liabilities increased by THB91 million or 1 percent from the
previous quarter. The major cause was attributed to the deferred
interest of long-term loans that increased by THB97 million.

The Company shareholders' equity was THB10,867 million, an
increase by THB397 million or 3.8 percent from the previous
quarter, since the Company's net profit was increased by THB400
million.
   

Please be informed accordingly.

Sincerely yours
Millennium Steel Public Company Limited
Mr. Santi Charnkolrawee
President

CONTACT:

Millennium Steel Public Company Limited   
Shinawatra Tower 3, Floor 22,
1010 Viphavadi Rangsit Road, Ladyao,
Chatuchak Bangkok    
Telephone: 0-2949-2949   
Fax: 0-2949-2889   
Web site: http://www.Millenniumsteel.com


MILLENNIUM STEEL: Board Elects New Director
-------------------------------------------
Millennium Steel Public Company Limited advised the Stock
Exchange of Thailand (SET) that during its Board of Directors
Meeting on May 3, 2005 the Company acknowledged the resignation
from directorship of Mr. Chalaluck Bunnag effective July 1,
2005.
      
Consequently, the Board elected Mr. Damri Tunshevavong to be the
Company's Director and also appointed him to be member of
Executive Committee and Chairman of the Remuneration Committee
replacing Mr. Chalaluck Bunnag. This will be effective from July
1, 2005.
      
Please be informed accordingly.
      
Sincerely yours,

Millennium Steel Public Company Limited
Mr. Santi Charnkolrawee
President
      
      
      

  

                            *********


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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USA, and Beard Group, Inc., Frederick, Maryland USA. Lyndsey
Resnick, Ma. Cristina Pernites Lao, Faith Marie S. Bacatan,
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Copyright 2005.  All rights reserved.  ISSN: 1520-9482.

This material is copyrighted and any commercial use, resale or
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                 *** End of Transmission ***