TCRAP_Public/050509.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

             Monday, May 9, 2005, Vol. 8, No. 90

                            Headlines

A U S T R A L I A

A.C.N. 001 976 272: Members Meeting Slated for May 13
ABETH PTY: Appoints Liquidator for Winding Up Purposes
AB SPRAY: Liquidator to Report Manner of Winding Up
AMP LIMITED: Net Cash Flow Climbs to AU$118 Mln
ANA MOTEL: Final Meeting Set May 12

CHARLIE PEACE: Court Issues Winding Up Order
COASTLINE MEDICAL: Lays Out Final Meeting Agenda
COLLINS BOOKSELLERS: On the Block After Offer Fails
CRESCENT MEDICAL: Sets Out Final Meeting Agenda
FAIRFIELD ALTERNATIVE: Final Meeting Fixed May 13

FAIRFIELD MEDICAL: Sets Final Meeting May 13
FOXTEL: Crawls Towards Profit
GREG ANNING: Members Agree to Wind Up Company
G&S CLAREMONT: Members Pass Winding Up Resolution
INDIGO RECRUITMENT: Court Names Mark Roufeil Official Liquidator

KASPER TRANSPORT: Winds Up Voluntarily
MAYNE GROUP: Demerger News Draws Healthy Interest
MAYNE GROUP: Moody's Revises Rating Outlook to Negative
MINI MARKETS: Court Picks Liquidator to Wind Up Company
MORRIS PROPERTY: Fixes Final Meeting May 23

NATIONAL AUSTRALIA: Sweeping Job Cuts Part of Reorganization
OLAFUB PTY: Liquidator to Explain Manner of Winding Up
PJ STEELFIXING: Members, Creditors to Meet May 16
PLASTIC CONSTRUCTIONS: Meeting Set May 16
QANTAS AIRWAYS: Emirates Goads Airline to Fight

RAPID DETOX: Sets May 13 as Final Meeting Date
SAM'S SEAFOOD: De Costi Mulls Rescue
STATESMAN CORPORATE: Names Peter Ngan Liquidator


C H I N A  &  H O N G  K O N G

AB ISSUER: Issues Debt Claim Notice
CHINA CONSTRUCTION: Seeks Listing By Year-end
HONSUIT LIMITED: Enters Winding Up Proceedings
INDUSTRIAL AND COMMERCIAL: Needs US$220 Bln in New Capital
KAM FAI: Creditors Meeting Set May 27

POKKA BLUE: Issues Debt Claim Notice to Creditors
TSUN SENG: Winding Up Hearing Set June 1


I N D O N E S I A

BANK MANDIRI: Probe Looks Into Links with Gov't Officials


J A P A N

APIC YAMADA: Forecasts JPY3.55Bln Net Loss
DAIKYO INCORPORATED: To Develop Resort Complex on Gold Coast
DAIKYO INCORPORATED: Expects JPY101.60 Bln Net Loss
FURUKAWA ELECTRIC: To Post First Profit in Three Years
JAPAN AIRLINES: Launches "Hotel Nikko Nara" July 1

MATSUMURA-GUMI CORPORATION: Files for Court Protection
MITSUKOSHI LIMITED: Shutters Four Unprofitable Stores
SOFTBANK CORPORATION: Wins Right to Test Data Services in Japan
* Transport Ministry Begins Monitoring Rail, Air Transport


K O R E A

JINRO LIMITED: To Ink Accord with Preferred Bidder Soon
SAMSUNG CARD: Quarterly Deficit Widens Losses


M A L A Y S I A

AYER HITAM: Issues Default Status Update
BOUSTEAD HOLDINGS: Unveils Employee Share Option Scheme
FABER GROUP: Granted Additional Shares Listing
FORESWOOD GROUP: Securities Face Delisting
GOLDEN FRONTIER: Posts Shares Buy Back Notice

I-BERHAD: To Hold AGM This Month
INNOVEST BERHAD: Bourse Delists Company Securities
LION INDUSTRIES: Set to List Extra Shares
PADIBERAS NASIONAL: Disposes of Stake in West Africa Firm
PANGLOBAL BERHAD: Unit Posts April Production Figures

PAN MALAYSIA: Buys Back More Shares
PANTAI HOLDINGS: Converts Loan Stocks into New Shares
TRU-TECH HOLDINGS: Court-Convened Meetings on Hold
UNITED CHEMICAL: Default Status Remains Unchanged


P H I L I P P I N E S

COLLEGE ASSURANCE: Lawsuit Should Include SEC
MANILA ELECTRIC: Sees Lower Rates if IPPs Supply 83% of Reqm't
MUSIC SEMICONDUCTORS: To Hold Meeting July 15
NATIONAL POWER: To Bid Out Long-term Deals for Assets
PACIFIC PLANS: IC to Bar Unauthorized Cash Deals

PHILIPPINE LONG: Declares Cash Dividend
PHILIPPINE LONG: Posts 65% Profit Growth on Forex Gains
PHILIPPINE LONG: Shareholders' Determination Date Set April 15
* SEC Names Unlicensed Pre-need Firms


S I N G A P O R E

CAPITALAND LIMITED: Group Profit Rises 43.2%
CAPITALAND LIMITED: Unveils New Board Composition
CAPITALAND LIMITED: Sets Up New Companies
CITIRAYA INDUSTRIES: DBS Issues Statutory Demand
JAYA HOLDINGS: Value of Transaction Reaches SG$8,347,866

ISP SERVICES: Particulars of Debt, Claim Due June 5
NUANSA LEISURE: Gives Creditors Until June 5 to Prove Claims


T H A I L A N D

ABICO HOLDINGS: Earns THB15.29Mln from Share Sale
K.C. PROPERTY: Appoints New Audit Committee Members
RAYONG BULK: Parent Firm Ties Up with PTT to Boost Potential

     -  -  -  -  -  -  -  -

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


A.C.N. 001 976 272: Members Meeting Slated for May 13
-----------------------------------------------------
Notice is given pursuant to Section 509 of the Corporations Act
2001 that a meeting of the members of A.C.N. 001 976 272 Pty Ltd
(In Liquidation) Snowynet Pty Limited will be held at the
offices of Senatore Brennan Rashid, Level 7, 28 University
Avenue, Canberra ACT 2601 on Friday, May 13, 2005, at 10:00
a.m., for the purpose of having an account laid before them
showing the manner in which the winding up has been conducted
and the property of the Company disposed of and of hearing any
explanations that may be given by the Liquidator.

Dated this 12th day of April 2005

E. M. Senatore
Liquidator
Senatore Brennan Rashid
Level 7, 28 University Avenue,
Canberra ACT 2601


ABETH PTY: Appoints Liquidator for Winding Up Purposes
------------------------------------------------------
Notice is hereby given that at a general meeting of members held
on March 29, 2005 it was resolved that Abeth Pty Limited (In
Liquidation) A.C.N. 001 449 092 would be wound up voluntarily
and that Stephen Keith Preen of Level 19, 207 Kent Street,
Sydney, NSW be appointed Liquidator for the purpose.

Dated this 1st day of April 2005

S. K. Preen
Liquidator


AB SPRAY: Liquidator to Report Manner of Winding Up
---------------------------------------------------
Notice is hereby given pursuant to Section 509(2) of the
Corporations Act 2001 that a final meeting of members and
creditors of AB Spray Equipment Supplies Pty Limited (In
Liquidation) A.C.N. 001 683 263 will be held at the offices of
Jirsch Sutherland Chartered Accountants, Level 2, 84 Pitt
Street, Sydney on Friday, May 13, 2005 at 10:30 a.m. for the
purpose of having an account laid before the members and
creditors showing them the manner in which the winding up has
been conducted, the property of the Company disposed, and the
hearing of any explanations that may be given by Liquidator.

Dated this 12th day of April 2005

Roderick Mackay Sutherland
Liquidator
Jirsch Sutherland
Chartered Accountants
Level 2, 84 Pitt Street,
Sydney NSW 2000
Telephone: 02 9233 2111
Facsimile: 02 9233 2144


AMP LIMITED: Net Cash Flow Climbs to AU$118 Mln
-----------------------------------------------
AMP Limited saw its first quarter net cash flows jump to AU118
million from AU$88 million previously, reports the Sydney
Morning Herald.

AMP Financial Services (AFS) managing director Craig Dunn said
the result was encouraging especially that the first quarter is
traditionally the Company's slowest quarter.

In the Australian mature/closed book net cash flows improved to
a net outflow of AU$300 million in the first quarter, compared
to an outflow of AU$327 million in the previous year.

A rationalization of fund offering sin the New Zealand business
meant that net outflows for the quarter increased to AU$23
million, down from an outflow of AU$1 million in the same period
a year earlier.

Gross inflows for the quarter were one per cent lower at
AU$2.036 billion while gross outflows were down three per cent
to AU$1.918 billion.

To view AMP's first-quarter cash flow report, click on:
http://bankrupt.com/misc/tcrap_amplimited050605.pdf

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


ANA MOTEL: Final Meeting Set May 12
-----------------------------------
Notice is hereby given that a Final Meeting of the Members of
ANA Motel Pty Limited (In Liquidation) will be held at the
office of PKF Chartered Accountants, Level 10, 1 Margaret
Street, Sydney on May 12, 2005 at 10:00 a.m.

AGENDA

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

Proxies intended for use at the Meeting should be lodged at the
office of PKF Chartered Accountants, Level 10, 1 Margaret
Street, Sydney not later than 4:00 p.m., the business day prior
to the meeting.

Dated this 29th day of March 2005

John Lord
Liquidator
PKF
Chartered Accountants
Level 10, 1 Margaret Street,
Sydney NSW 2000


CHARLIE PEACE: Court Issues Winding Up Order
--------------------------------------------
Take notice that by an Order of the Supreme Court of New South
Wales, Equity Division, made on March 24, 2005, Deryk Andrew was
appointed Official Liquidator of Charlie Peace Pty Limited (In
Liquidation) A.C.N. 100 064 426.

Deryk Andrew
Official Liquidator
Bentleys MRI
Sydney Business Recovery & Insolvency Partnership
PO Box Q1165, QVB Post Office,
Sydney NSW 1230


COASTLINE MEDICAL: Lays Out Final Meeting Agenda
------------------------------------------------
Notice is given that a Final Meeting of Members and Creditors of
Coastline Medical Centre Pty Ltd (In Liquidation) A.C.N. 060 482
608, in pursuance of Section 508 of the Corporations Act, will
be held on May 13, 2005 at 11:00 a.m. at the offices of
Armstrong Wily, Chartered Accountants, Level 5, 75 Castlereagh
Street, Sydney.

AGENDA

(1) To receive the report of the liquidator.

(2) To receive the Statement of Receipts and Payments of the
liquidator.

(3) Any other business that may be lawfully brought forward.

Dated this 23rd day of March 2005

A. H. J. Wily
Liquidator
Armstrong Wily & Co
Chartered Accountants
Level 5, 75 Castlereagh Street,
Sydney NSW 2000
Telephone: (02) 9290 2000


COLLINS BOOKSELLERS: On the Block After Offer Fails
---------------------------------------------------
Book retailing veteran Collins Booksellers is on the market
after collapsing and entering voluntary administration two weeks
ago, The Age says.

Creditors opted to advertise Collins for individual and block
sale after deciding an exclusive offer had been too low.

Administrator Greg Keith of recovery firm Grant Thorton said the
original offer was still being negotiate and other expressions
of interest from major players in the book industry had been
received.

Mr. Keith said an Australian Securities and Investment
Commission (ASIC) investigation had been put on hold and that
the 23 Company-owned stores would continue to trade. The
remaining 31 franchised Collins Booksellers are not affected.

The Company, which employs about 300, is waiting for a report
from the administrators that will also be presented to the
creditors' committee. A second meeting of creditors will then be
scheduled.

CONTACT:

Collins Booksellers Pty Ltd
Level 9
388-390 Lonsdale Street
MELBOURNE
VIC 3000
Phone: 03 9949 1200
Fax: 03 9918 0319


CRESCENT MEDICAL: Sets Out Final Meeting Agenda
-----------------------------------------------
Notice is given that a Final Meeting of Members and Creditors of
Crescent Medical Centre Pty Ltd (In Liquidation) A.C.N. 074 898
874, in pursuance of Section 508 of the Corporations Act, will
be held on May 13, 2005 at 11:00 a.m. at the offices of
Armstrong Wily, Chartered Accountants, Level 5, 75 Castlereagh
Street, Sydney.

AGENDA

(1) To receive the report of the liquidator.

(2) To receive the Statement of Receipts and Payments of the
liquidator.

(3) Any other business that may be lawfully brought forward.

Dated this 23rd day of March 2005

A. H. J. Wily
Liquidator
Armstrong Wily & Co
Chartered Accountants
Level 5, 75 Castlereagh Street,
Sydney NSW 2000
Telephone: (02) 9290 2000


FAIRFIELD ALTERNATIVE: Final Meeting Fixed May 13
-------------------------------------------------
Notice is given that a Final Meeting of Members and Creditors of
Fairfield Alternative Medicine Pty Ltd (In Liquidation) A.C.N.
080 511 011, in pursuance of Section 508 of the Corporations
Act, will be held on May 13, 2005 at 11:00 a.m. at the offices
of Armstrong Wily, Chartered Accountants, Level 5, 75
Castlereagh Street, Sydney.

AGENDA

(1) To receive the report of the liquidator.

(2) To receive the Statement of Receipts and Payments of the
liquidator.

(3) Any other business that may be lawfully brought forward.

Dated this 23rd day of March 2005

A. H. J. Wily
Liquidator
Armstrong Wily & Co
Chartered Accountants
Level 5, 75 Castlereagh Street,
Sydney NSW 2000
Telephone: (02) 9290 2000


FAIRFIELD MEDICAL: Sets Final Meeting May 13
--------------------------------------------
Notice is given that a Final Meeting of Members and Creditors of
Fairfield Medical Arcade Pty Ltd (In Liquidation) A.C.N. 065 705
854, in pursuance of Section 508 of the Corporations Act, will
be held on May 13, 2005 at 11:00 a.m. at the offices of
Armstrong Wily, Chartered Accountants, Level 5, 75 Castlereagh
Street, Sydney.

AGENDA

(1) To receive the report of the liquidator.

(2) To receive the Statement of Receipts and Payments of the
liquidator.

(3) Any other business that may be lawfully brought forward.

Dated this 23rd day of March 2005

A. H. J. Wily
Liquidator
Armstrong Wily & Co
Chartered Accountants
Level 5, 75 Castlereagh Street,
Sydney NSW 2000
Telephone: (02) 9290 2000


FOXTEL: Crawls Towards Profit
-----------------------------
Pay TV group Foxtel has reaped positive earnings for the first
time after almost a decade, according to The Age.

The firm finally reported an AU$50 million turnaround in
earnings before interest, tax, depreciation and amortization for
the March quarter after suffering around AU$1.8 billion in
losses since its launching in 1995.

One worrying aspect of the result, however, was the apparent
slowdown in new digital subscribers. Only 13,000 new subscribers
were added, from 30,000 in the December quarter.

But Foxtel, a three-way venture of Telstra, News Corp and
Publishing and Broadcasting Ltd, said the post-Christmas sales
were expected to be flatter and that it had passed the magical 1
million figure for direct subscribers in early April.

Net debt reached AU$498 million for the nine months to March 31,
but the Company said the bulk of its AU$550 million digital
rollout was now behind it.

This March quarter's loss, which was contained in the News Corp
result, was better than the AU$43 million loss of a year ago.
PBL and News Corp make money indirectly by selling programs to
Foxtel.

CONTACT:

Foxtel
PO Box 612, Moonee Ponds,
Victoria, 3039
Phone: 131999
Web site: http://www.foxtel.com.au/


GREG ANNING: Members Agree to Wind Up Company
---------------------------------------------
Notice is hereby given that, at a general meeting of members of
Greg Anning & Associates Pty Limited (In Liquidation) A.C.N. 071
582 664 held on March 31, 2005 it was resolved that the Company
be wound up voluntarily and that for such purpose Danny Vrkic,
of Jirsch Sutherland & Co Wollongong Chartered Accountants be
appointed Liquidator. A meeting of creditors held later that day
confirmed this appointment.

Dated this 12th day of April 2005

Danny Vrkic
Liquidator
Jirsch Sutherland & Co Wollongong
Chartered Accountants
PO Box 573, Wollongong NSW 2520


G&S CLAREMONT: Members Pass Winding Up Resolution
-------------------------------------------------
At a General Meeting of the G&S Claremont Pty Ltd, duly convened
and held at Suite 1, Level 2, 420 Forest Road, Hurstville, NSW,
2220 on March 11, 2005 the following Special Resolution passed:

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

Dated this 11th day of March 2005

Colin Mcloughlin
Pinker Arnold & McLoughlin
Level 2/420 Forest Road,
Hurstville NSW 2220


INDIGO RECRUITMENT: Court Names Mark Roufeil Official Liquidator
----------------------------------------------------------------
On April 1, 2005 the Supreme Court made an Order that Indigo
Recruitment Pty Limited (In Liquidation) A.C.N. 105 820 371 be
wound up and appointed Mark Roufeil to be Official Liquidator.

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


KASPER TRANSPORT: Winds Up Voluntarily
--------------------------------------
Notice is hereby given that at a general meeting of Kasper
Transport Services Pty Limited (In Creditors' Voluntary
Liquidation) A.C.N. 066 861 078 held on March 18, 2005 the
following special resolution was passed:

That by reason of its deficiency in assets to meet its
liabilities, the Company be wound up voluntarily.

G. G. Woodgate
Liquidator
c/- Woodgate & Co
Telephone: 9233 6088


MAYNE GROUP: Demerger News Draws Healthy Interest
-------------------------------------------------
Healthcare firms have immediately signified their interest in
Mayne Group's assets after the conglomerate announced demerger
plans, the Sydney Morning Herald reports.

Sigma and Australian Pharmaceutical Companies are now eyeing the
acquisition Mayne's domestic healthcare business after the
Company said it planned to split the operations from the global
pharmaceuticals arm.

Mayne has begun a review to demerge the businesses and list them
separately, but will evaluate any offers it gets in the
meantime.

Market observers said a sale might be a good move for the
Company because it would avoid complex tax and legal hurdles
involved in a demerger.

Analysts were generally positive about Mayne's move to split the
pharmaceuticals and domestic businesses but several chose not to
amend earnings forecasts, given the expectation in the market
that Mayne may issue a downgrade in coming weeks.

CONTACT:

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


MAYNE GROUP: Moody's Revises Rating Outlook to Negative
-------------------------------------------------------
Moody's Investors Service on Wednesday affirmed Mayne Group
Limited's (Mayne) senior unsecured rating of Ba1. At the same
time, Moody's revised the rating outlook to negative from
stable.

The change in outlook was driven by the announcement that the
Company is undertaking a strategic review to assess the merits
of a de-merger, which would involve separate listings of its
global pharmaceutical business and an entity focused on its
domestic healthcare activities.

Moody's noted that should the portfolio restructuring proceed,
without any cash inflow to the continuing entity, it is likely
that downward rating pressure would emerge, given a consequent
material reduction in business diversity, and which may not be
offset by a commensurate reduction in financial risk.

In addition, the de-merger would involve a substantial reduction
in cash flow and earnings. The impact on the Company's rating
will be assessed based on the final make up of the restructuring
activities.

The Mayne Group Limited, headquartered in Melbourne, Australia,
is a provider of healthcare services.


MINI MARKETS: Court Picks Liquidator to Wind Up Company
-------------------------------------------------------
On March 29, 2005 the Supreme Court made an Order that Mini
Markets Pty Limited (In Liquidation) A.C.N. 090 817 771 be wound
up and appointed Mark Roufeil to be Official Liquidator.

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


MORRIS PROPERTY: Fixes Final Meeting May 23
-------------------------------------------
Notice is hereby given that pursuant to Section 509 of the
Corporations Act 2001 that the final meeting of members of
Morris Property Investments Pty Ltd (In Liquidation) A.C.N. 001
455 983 will be held at the offices of Morris Property
Investments Pty Ltd, at 157 George Street, Bathurst on May 23,
2005 at 10:00 a.m.

AGENDA

To receive an account made by the Liquidator showing how the
winding up has been conducted and the property of the Company
has been disposed of, and to receive any explanation required
thereof.

Dated this 1st day of April 2005

David James Morris
Liquidator
157 Paterson Road,
Springwood NSW 2777


NATIONAL AUSTRALIA: Sweeping Job Cuts Part of Reorganization
------------------------------------------------------------
National Australia Bank (NAB) is reportedly preparing to axe an
estimated 2,000 to 3,000 back-office employees as part of its
restructuring efforts, says the Sydney Morning Herald.

NAB is expected to announce details of the massive job cuts on
Wednesday when it releases what is expected to be an AU$ 2.5
billion half-yearly net profit.

NAB, which is still recovering from AU$360 million losses in the
unauthorized foreign exchange options trading scandal and the
subsequent loss of many of its top executives, the unauthorized
foreign exchange options trading scandal and the subsequent loss
of many of its top executives.

About 2,000 to 3,000 jobs were expected to be cut under the
restructure. That would represent about 10 per cent of NAB's
Australian workforce, which at last count was about 24,500.

But not all of the Australian jobs will be wiped out completely,
with NAB saying that many will be transferred to other companies
it intends to use to outsource some functions, such as check
processing.

The move follows the loss of 1,700 jobs in the bank's British
operations as part of a similar trimming of back office
processes.

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/


OLAFUB PTY: Liquidator to Explain Manner of Winding Up
------------------------------------------------------
Notice is hereby given that in accordance with Section 509 of
the Corporations Law, a final General Meeting of Olafub Pty Ltd
A.C.N. 006 384 694 will be held at the office of the Liquidator,
2nd Floor, 520 Swift Street, Albury, New South Wales, on March
31, 2005 at 9:00 a.m. for the purpose of having laid before it
by the Liquidator, an account showing how the winding up has
been conducted and the property of the Company disposed of.

Dated this 31st day of March 2005

Rodney Francis Mullavey
Liquidator


PJ STEELFIXING: Members, Creditors to Meet May 16
-------------------------------------------------
Notice is given pursuant to Section 509(2) of the Corporations
Act 2001 that a Final Meeting of the Members and Creditors of PJ
Steelfixing (NSW) Pty Limited (In Liquidation) A.C.N. 076 117
916 will be held at Ngan & Co, Level 5, 49 Market Street, Sydney
NSW 2000 on Monday, May 16, 2005 at 10:20 a.m.

AGENDA

(1) To receive an account made up by the Liquidator showing how
the winding up has been conducted, the property of the Company
has been disposed of and to receive any explanation required
thereof.

(2) To consider any other business brought before the meeting.

Dated this 4th day of April 2005

P. Ngan
Liquidator


PLASTIC CONSTRUCTIONS: Meeting Set May 16
-----------------------------------------
Notice is hereby given that a meeting of the Members and
Creditors of Plastic Constructions Pty Limited (In Liquidation)
A.C.N. 003 915 857 will be held at Hall Chadwick Level 29, 31
Market Street, Sydney, NSW, 2000 on Monday, May 16, 2005 at
10:00 a.m.

The meeting will be a Final Meeting in accordance with Section
509 of the Corporations Act 2001.

BUSINESS

(1) To receive a report from the Liquidator, being an account of
his acts and dealings and of the conduct of the winding up
during the period of the liquidation ending on May 16, 2005.

(2) That subject to any provisions under the Corporations Act
2001 to the contrary, the Liquidator be empowered to destroy all
books and records of the Company on completion of all duties.

(3) Any other business.

Dated this 1st day of April 2005

Richard Albarran
Liquidator
c/- Hall Chadwick
Level 29, 31 Market Street,
Sydney NSW 2000


QANTAS AIRWAYS: Emirates Goads Airline to Fight
-----------------------------------------------
Dubai-based Emirates has challenged Qantas Airways to come out
and take on the foreign carrier in an open market, according to
The Advertiser.

Emirate President Maurice Flanagan believes Qantas is
overstating the negative effect of further liberalizing
Australia's skies and even argues it may benefit from the move.

"It's time they stopped claiming to be a street fighter," Mr.
Flanagan said. "Street fighters don't hide behind the
barricades, behind the Government, they come out into the street
and fight."

The Emirates jab at Qantas comes as a high-level delegation
heads to Canberra in mid-June to put Dubai's case for increased
access to the Australian market and to raise the longer-term
prospect of flying across the Pacific.

Australia has proven a good market for Emirates and the airline
will argue its presence has opened up trade with the Middle East
as well as access to a wide range of destinations beyond Dubai.

CONTACT:

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


RAPID DETOX: Sets May 13 as Final Meeting Date
----------------------------------------------
Notice is given that a Final Meeting of Members and Creditors of
Rapid Detox Centre Australasia Pty Limited (In Liquidation)
A.C.N. 081 572 992, in pursuance of Section 508 of the
Corporations Act, will be held on May 13, 2005 at 11:00 a.m. at
the offices of Armstrong Wily, Chartered Accountants, Level 5,
75 Castlereagh Street, Sydney.

AGENDA

(1) To receive the report of the liquidator.

(2) To receive the Statement of Receipts and Payments of the
liquidator.

(3) Any other business that may be lawfully brought forward.

Dated this 23rd day of March 2005

A. H. J. Wily
Liquidator
Armstrong Wily & Co
Chartered Accountants
Level 5, 75 Castlereagh Street,
Sydney NSW 2000
Telephone: (02) 9290 2000


SAM'S SEAFOOD: De Costi Mulls Rescue
------------------------------------
Fish industry giant De Costi Seafood seems interested in
providing a lifeline for failed Sam's Seafood Holdings Limited,
according to the Sydney Morning Herald.

Sam's Seafood collapsed early last week following the failure of
an expansion plan that included a merger with De Costi. Sam's
called in Deloitte partners John Greig and David Lombe as
receivers and managers after Rabo Bank demanded it repay debts
of up to AU$20 million.

De Costi founder and chief, George Costi said he will approach
the receivers if they decide to proceed with plans to sell Sam's
assets. He believed Sam's had approached his Company so they
could raise funds for its expansion, adding Sam's claimed to
have interested investors in New Zealand and China.

Sam's demise comes after it announced plans to merge with De
Costi in February, offering De Costi AU$7 million in cash and 3
million Sam's ordinary shares.

Mr. Greig said Sam's, with annual revenue of AU$70 million and
employing 340 people, would continue operating with a view to
selling assets by the end of June. He expressed relief that De
Costi had entered a non-binding heads of agreement, adding from
his perspective "the deal has fallen".

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/


STATESMAN CORPORATE: Names Peter Ngan Liquidator
------------------------------------------------
Notice is hereby given that at a General Meeting of Members of
Statesman Corporate Collections Pty Limited (In Voluntary
Liquidation) A.C.N. 084 851 141 duly convened and held at 7
Narabang Way, Belrose NSW 2085 on Friday, March 11, 2005 at 9:00
a.m., a Special Resolution was passed that the Company be wound
up voluntarily and Peter Ngan was appointed Liquidator.

Dated this 31st day of March 2005

P. Ngan
Liquidator
Ngan & Co
Chartered Accountants
Level 5, 49 Market Street,
Sydney NSW 2000


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C H I N A  &  H O N G  K O N G
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AB ISSUER: Issues Debt Claim Notice
-----------------------------------
Notice is hereby given that the creditors of AB Issuer (No.2),
which are being wound up voluntarily, are requested on or before
June 6, 2005 to send their names, addresses and descriptions,
together with full particulars of their debt or claims and the
names and addresses of their solicitors (if any) to Mr. Rainier
Hok Chung Lam, the Joint and Several Liquidators of the Company.

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

Dated this 5th day of May 2005.

John James Toohey
Joint and Several Liquidator
22/F., Prince's Building
Central, Hong Kong


CHINA CONSTRUCTION: Seeks Listing By Year-end
---------------------------------------------
China Construction Bank (CCB) is bracing to get it listed on
stock market by the end of this year, according to Xinhuanet.

"Employing the fund-raising function of the capital market,
supervision and restraint function, introducing competition and
supervision mechanism, and alluring managerial experience and
talents from overseas will be crucial for modernizing commercial
banks like CCB or is the only option for the bank to transform,"
according to CCB Director Guo Shuqing.

The bank, currently contacting with potential strategic foreign
investors, is expected to carry out relevant probes, Mr. Guo
said.

The bank posted CNY17.29 billion yuan (US$2 billion) worth of
pre-tax profits in the first quarter of 2005, CNY8.64 billion
(US$1 billion) more than in the same period last year.

CONTACT:

China Construction Bank
25 Finance St.
Beijing, 100032, China
Phone: +86-10-6759-7114
Fax: +86-10-6360-3194
Web site: http://www.ccb.cn/portal/cn/home/index.html


HONSUIT LIMITED: Enters Winding Up Proceedings
----------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Honsuit (Hong Kong) Limited by the High Court of Hong Kong
Special Administrative Region was on April 11, 2005 presented to
the said Court by Bank of China (Hong Kong) Limited (the
successor banking corporation to Kincheng Banking Corporation
pursuant to Bank of China (Hong Kong) Limited (Merger) Ordinance
(Cap.1167) whose registered office is situated at 14th Floor,
Bank of China Tower, 1 Garden Road, Hong Kong.  

The said Petition is to be heard before the Court at 9:30 a.m.
on June 6, 2005.

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

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

Charles Yeung Clement Lam Liu & Yip
Solicitors for the Petitioner
13th Floor, Grand Building
18 Connaught Road Central
Central, Hong Kong
Tel: 2521 3483     Fax: 2810 5581

Note:

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


INDUSTRIAL AND COMMERCIAL: Needs US$220 Bln in New Capital
----------------------------------------------------------
China's banks, which also include the Industrial and Commercial
Bank of China (ICBC), need up to HK$1.72 trillion (US$220
billion) in fresh capital to meet global capital requirements,
Dow Jones reports, citing AMB Amro.

The rest of the banking system, which includes credit
cooperatives and city commercial banks, needs the remaining
US$60 billion to get nationwide capital adequacy ratios above 8
percent with 80 percent loan loss provisioning.

ICBC's loans at the end of the first quarter totaled CNY3.67
trillion (HK$3.46 trillion) and its deposits amounted to CNY5.24
trillion, according to figures in an accompanying story in
Caijing magazine.

ICBC's loans accounted for 18.6 percent of all loans at China's
financial institutions at the end of the first quarter and its
deposits accounted for 19.5 percent of all deposits, the
magazine said.

The value of ICBC's total loans at the end of the first quarter
was larger than the domestic stock market's value of CNY3.48
trillion. The bank's total loans were equivalent to 26.9 percent
and its deposits 38.4 percent of the country's end-2004 gross
domestic product of 13.65 trillion.

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


KAM FAI: Creditors Meeting Set May 27
-------------------------------------
Notice is hereby given, pursuant to section 241 of the Hong Kong
Companies Ordinance, that a meeting of the creditors of Kam Fai
International Finance Company Limited, will be held at 3.30 pm
on 27 May 2005 at the office of Baker Tilly Hong Kong, 12/F.,
China Merchants Tower, Shun Tak Centre, 168-200 Connaught Road
Central, Hong Kong to appoint a Liquidator and to consider
further matters relevant to the creditors' voluntary winding-up
of the abovenamed Company pursuant to sections 241, 242, 243,
244 of the Companies Ordinance.

Creditors may vote either in person or by proxy.  Proxies used
at the meeting must be lodged at the office of Baker Tilly Hong
Kong, 12/F., China Merchants Tower, Shun Tak Centre, 168-200
Connaught Road Central, Hong Kong not later than 24 hours before
the time appointed for the holding of the meeting.

Dated this 6 May 2005.

Wu Huojie
Director


POKKA BLUE: Issues Debt Claim Notice to Creditors
-------------------------------------------------
Notice is hereby given that the creditors of Pokka Blue Seal
(Hong Kong) Limited (In Members' Voluntary Liquidation), whose
debts or claims have not already been admitted, are required on
or before June 6, 2005, to send in their names, addresses and
particulars of their debts or claims in accordance with Form 63A
of the Companies (Winding-up) Rules, and the name and address of
their solicitors.

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

Dated this 5th day of May 2005.

(Sd.) Natalia K M SENG
(Sd.) Susan Y H LO
Joint and Several Liquidators
28/Fl., Bank of East Asia Harbour View Centre
56 Gloucester Road
Wanchai
Hong Kong


TSUN SENG: Winding Up Hearing Set June 1
----------------------------------------
Notice is hereby given that a Petition for the Winding up of
Tsun Seng Land Investment Company Limited by the High Court of
Hong Kong Special Administrative Region, further and/or
alternatively, that Chan Hong Sang (the 1st Respondent) be
ordered to purchase the Petitioner's shares in the said Company
at such price on the basis of a fair and independent valuation
of the assets and affairs of the said Company or at such price
and on such terms to be determined by the Court.

All other consequential directions, inquiries, accounts as may
be necessary for the proper valuation of the shares of the said
Company; such other order(s) as the Court shall think fit,
expedient and just; and the 1st Respondent be ordered to pay the
costs of and incidental to the said petition and the costs of
the said Company (the 2nd Respondent) or for such other order as
shall be just was presented to the High Court of Hong Kong
Special Administrative Region on the 21st day of March 2005 by
Chan Lai Man Angie of Room 1310, 13th Floor, Olympia Plaza, 255
King's Road, North Point, Hong Kong.  

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

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

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

Messrs. Li, Wong & Lam
Solicitors for the Petitioner
Unit 2602, 26th Floor, Tower One
Lippo Centre, 89 Queensway
Hong Kong
Tel: 2869 1238     Fax: 2525 5250
Ref: BC/21826/2004/COMM/YY

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 the 31st day of May
2005.


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


BANK MANDIRI: Probe Looks Into Links with Gov't Officials
---------------------------------------------------------
Officials of the State Attorney-General's Office of Indonesia
are ready to investigate possible links between Bank Mandiri and
some influential government officials, saying no one will be
spared, reports Dow Jones.

According to Deputy Attorney General Hendarman Supandji, they
are not afraid of investigating top government officials related
to suspected corruption and fraud at the bank, as they have the
full support of President Susilo Bambang Yudhoyono to thoroughly
investigate the case.

The ongoing investigation of alleged fraud in Bank Mandiri has
already uncovered links to such officials as Vice President
Jusuf Kalla and Coordinating Minister for the Economy Aburizal
Bakrie, among the 28 private firms who were extended credit by
the bank, but were ineligible to receive loans.

Prosecutors are investigating alleged accounting irregularities
in the bank's lending practices, which were uncovered by an
investigative audit of the State Audit Agency (BPK) of the
bank's 2004 financial reports.

Attorney General Mochammad Abdurrahman Saleh declined to comment
on the case, saying only that he has ordered Mr. Supanji to
resolve the case in three months' time.

CONTACT:

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


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


APIC YAMADA: Forecasts JPY3.55Bln Net Loss
------------------------------------------
Apic Yamada Corporation expects to post a net loss of JPY3.55
billion in the year ending March 31, Dow Jones reports.

GROUP                 New Forecast             Prior
                  For Year To 3/05          Forecast
Revenue                 Y22.70 bln        Y22.69 bln
Pretax Profit             (300 mln)          100 mln
Net Loss                 (3.55 bln)         (160 mln)
   Figures in parentheses are losses.
     Apic Yamada Corp. (6300.TO)

PARENT                New Forecast             Prior
                  For Year To 3/05          Forecast
Revenue                 Y18.41 bln        Y18.55 bln
Pretax Profit             (490 mln)           70 mln
Net Loss                 (4.16 bln)         (410 mln)

Figures in parentheses are losses.

The Group's principal activity is to manufacture semiconductor
assembly equipment such as molding equipment, lead processors
and lead frames. Molding equipment and metal molds accounted for
35% of fiscal 2002 revenues; lead frames, 35% and lead
processors, 30%.

According to Wright's Investors Service, this company has paid
no dividends during the last 12 months. The Company also
reported losses during the previous 12 months. Apic Yamada last
paid a dividend during fiscal year 2001, when it paid dividends
of 10.00 per share.

CONTACT:

Apic Yamada Corporation
90 Kamitokuma Tokuramachi
Hanishina-Gun 389-0898, Nagano 389-0898
JAPAN  
Phone: +81 26 275 2111
Fax: +81 26 275 3787  
Web site: http://www.apicyamada.co.jp


DAIKYO INCORPORATED: To Develop Resort Complex on Gold Coast
------------------------------------------------------------
Daikyo Incorporated and Australian property developer Lend Lease
Corporation plans to develop 2.3 hectares of Daikyo's "Surfers
Paradise" holding on the Gold Coast, Jiji Press, citing the
Australian Financial Review.

The project named "Integrated Urban Village" aims to construct a
complex of residential apartments, restaurants and entertainment
facilities in the five-hectare holding of the Japanese realtor.

The AU$850 million project, with its end value estimated at more
than AU$2 billion, is scheduled for completion in 12 years.

Daikyo and Lend Lease concluded the joint development deal in
June last year.

CONTACT:

Daikyo Incorporated
24-13 Sendagaya 4-Chome
Sendagaya No. 21
Daikyo Building
Shibuya-Ku 151-8506, Tokyo 151-8506
Japan
Phone: +81 3 3475 1111
Fax: +81 3 3475 3803  
Web site: http://www.daikyo.co.jp/Company/index.html

Lend Lease Corporation Limited
Level 46, Tower Bldg.
Australia Square
Sydney 2000, Australia  
Phone: +61-2-9236-6111
Fax: +61-2-9252-2192


DAIKYO INCORPORATED: Expects JPY101.60 Bln Net Loss
---------------------------------------------------
Daikyo Inc. (8840.TO) forecasted a group net loss of JPY101.60
billion ending in March 31, compared with its previous estimate
of JPY106 billion, Dow Jones Newswires reports.

Last year, the struggling condominium builder sought help from
the Industrial Revitalization Corporation of Japan, the
government-backed corporate turnaround body, which selected Orix
Corporation as a sponsor of the condominium builder.


FURUKAWA ELECTRIC: To Post First Profit in Three Years
------------------------------------------------------
Furukawa Electric Company Limited expects a net income of
JPY12.3 billion in the year ending March 31, its first profit in
three years, Bloomberg News reports.

``A recovery in the U.S. optical-fiber market in 2006 should
also lift sales and profit,'' Furukawa President Hiroshi
Ishihara said. The business accounts for 15 percent of sales at
Furukawa, whose biggest revenue source is light metals such as
aluminum cans and air conditioner parts.

The world's second-biggest maker of optical fiber saw its net
loss balloon to JPY140 billion in the year ended March 2004 as
it cut jobs and reduced capacity amid a slump in the U.S.
telecommunications market.

CONTACT:

Furukawa Electric Company Limited
6-1 Marunouchi 2-Chome
Chiyoda-Ku 100-8322, Tokyo 100-8322
Japan
Phone: +81 3 3286 3518
Fax: +81 3 3286 3747


JAPAN AIRLINES: Launches "Hotel Nikko Nara" July 1
--------------------------------------------------
Japan Airlines Hotels Co., Ltd., operator of the Nikko Hotels
International group of luxury international hotels, announced on
May 2 that it would open "Hotel Nikko Nara" in historic Nara
City, Japan, on July 1, 2005. Currently operated as "Mitsui
Garden Hotel Nara," the hotel will undergo gradual renovations
without closing.

Opened in 1998, the large hotel is fully equipped with a wide
range of facilities that cater to both domestic and
international tourists. Located a short walk from the JR Nara
Station, which serves as an entrance to this renowned tourist
destination, the hotel has 330 guest rooms, three dining
facilities, seven banquet facilities and a Japanese-style
communal bath. Hotel Nikko Nara will be JAL Hotels' sixth hotel
in Kansai area.

Originally known as Heijo, Nara was Japan's first permanent
capital, established in 710. Nara is the home of various World
Heritage sites such as Todaiji Temple, which houses one of the
world's largest Buddha statues. The city is famous for its
Buddhist art and architecture, classified in Japan as National
Treasures and Important Cultural Assets. It is also well-known
for Nara Park, home to hundreds of free-roaming deer. They are
considered messengers of the gods in the Shinto religion and
have become a symbol of the city and have even been designated a
National Treasure.

Nikko Hotels International is an international luxury hotel
group operated by JAL Hotels Co., Ltd., a subsidiary of Japan
Airlines, headquartered in Tokyo. In addition to Nikko Hotels,
JAL Hotels also operates Hotel JAL City, a chain of 11 mid-
priced hotels for business travelers in Japan. JAL Hotels Co.,
Ltd. has 59 hotels worldwide, in Europe, the Americas and
throughout Japan and the Asia/Pacific region. Through a global
alliance with the Le Meridien hotel brand formed in 2000, Nikko
Hotels' guests now have access to Le Meridien hotels worldwide,
extending Nikko Hotels' marketing network to more than 170
hotels in over 63 countries and territories. The Nikko Hotels
partnership with Le Meridien covers Le Meridien properties
worldwide.

In June 2005, the Company will open 121-room "Hotel Nikko
Hitachi" and 257-room "Hotel Nikko Himeji" in Japan, and 160-
room "Palau Royal Resort."

CONTACT:

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


MATSUMURA-GUMI CORPORATION: Files for Court Protection
------------------------------------------------------
Mid-sized construction firm Matsumura-Gumi Corporation has filed
for court protection with debts totaling JPY83.3 billion,
reports Dow Jones Newswires.

Due to falling construction orders and intensifying competition,
the Company has suffered net losses since the fiscal year ended
March 2000.

The Company will undergo court-led rehabilitation, and will ask
for continued financial support from its main lender, Sumitomo
Mitsui Banking Corporation.

The Osaka Securities Exchange said it would delist shares in the
Company on June 6.

The Group's principal activity is building construction. The
Group's construction includes residential buildings, medical and
welfare facilities, offices and shops as a general contractor.
The Group is also involved in the real estate business.
Construction accounted for 97% of fiscal 2002 revenues; Real
Estate, 3% and Other, nominal.  

CONTACT:

Matsumura-Gumi Corporation
10-20 Higashi-Tenma 1-Chome
Kita-Ku, Osaka 530-8588, Osaka 530-8588
Japan
Phone: +81 6 6353 1131
Fax: +81 6 6353 7282


MITSUKOSHI LIMITED: Shutters Four Unprofitable Stores
-----------------------------------------------------
Mitsukoshi Limited has shut down unprofitable department stores
located in Yokohama, Osaka, and the southwestern city of
Kurashiki on Monday as part of its cost cutting scheme,
Bloomberg News reports, citing the Nihon Keizai.

The stores have a combined annual operating loss of about JPY4
billion ($38.3 million), according to the newspaper.

Tokyo-based Mitsukoshi last shut a store in 1984, and will have
15 outlets after Monday's closings, the report said.

Mitsukoshi announced in September it would close nine stores in
Japan. The Company posted a JPY4.07 billion net loss in the year
ended February 28, reflecting costs to shut the stores and job
cuts.

CONTACT:

Mitsukoshi Limited
1-4-1 Nihonbashi Muromachi, Chuo-ku
Tokyo 103-8001, Japan  
Phone: +81-3-3241-3311
Fax: +81-3-3242-4559


SOFTBANK CORPORATION: Wins Right to Test Data Services in Japan
---------------------------------------------------------------
Softbank Corporation has been granted permission to begin trials
of a next generation mobile phone system, according to UK-based
telecom consultants BWCS.

The Company said it plans to push ahead with a limited pilot
scheme more or less immediately.

According to a press statement from Softbank, the Japanese
telecoms ministry has given it permission to start testing high-
speed mobile data services using the 1.7GHz frequency band.
Softbank says it hopes to begin full commercial operations by
the beginning of 2007.

CONTACT:

Softbank Corporation
24-1, Nihonbashi-Hakozakicho,
Chuo-ku, Tokyo 103-8501, JAPAN
Phone: 81-3-5642-8000
Web site: http://www.softbank.co.jp/english/index.html


* Transport Ministry Begins Monitoring Rail, Air Transport
----------------------------------------------------------
The Land, Infrastructure and Transport has started safety
inspections of rail and air transport systems on May 2 in the
wake of a series of accidents and mishaps, including the fatal
train derailment and crash in Hyogo Prefecture, on April 25,
Kyodo News reports

Monday's inspections also cover the offices of Japan Airlines
Corporation (JAL), Tokyo Metro Corporation, East Japan Railway
Company and Tobu Railway Company.

Transporter Minister Kazuo Kitagawa said a team of experts at
the ministry would be dispatched to the branch office for a
month starting Monday to check its operations following an
incident involving air traffic controller error on Friday.

Mr. Kitagawa has decided on the move because the spate of
accidents and problems continued even after the transport
ministry had instructed them to tighten safety measures in
March.

Kitagawa will travel to Osaka on Tuesday to inspect the offices
of Nankai Electric Railway Co., Hankyu Corp. and All Nippon
Airways Company.


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


JINRO LIMITED: To Ink Accord with Preferred Bidder Soon
-------------------------------------------------------
Jinro Limited is set to sign a formal agreement with preferred
bidder Hite Brewery Co. in two weeks to facilitate the
acquisition of the troubled soju maker, Asia Pulse reports.

According to an unnamed Company official, Hite Brewery was
scheduled to end due diligence for Jinro Co. on May 6, so the
main contract for the takeover of the Company may be completed
by May 23. Hite is scheduled to pay a 10% contract fee, with the
exact payment to be negotiated on after the due diligence.

A consortium led by Hite Brewery was chosen as the preferred
bidder for the takeover of Jinro Co. on April 1, after offering
to buy the Company for KRW3.2 trillion. On April 13, Hite
Brewery filed an application with antitrust watchdog, the Fair
Trade Commission, for approval of the Company's takeover.

Jinro boasts of strong business performance despite being in
court receivership since 2003, with an operating profit on
KRW221.9 billion on sales of KRW734.7 billion for 2004.

CONTACT:

Jinro Limited
Jinro Bldg, 1448-3 Seocho-dong
Seocho-gu, Seoul, 137-866
South Korea
Phone: +82 2 520 3114
Fax:   +82 2 520 3453
Web site: http://www.jinro.co.kr/


SAMSUNG CARD: Quarterly Deficit Widens Losses
---------------------------------------------
Unlisted credit card firm Samsung Card posted heavy losses for
the first quarter of 2005, which in turn increased the combined
losses of the country's other credit card firms, reports Reuters
News.

Samsung Card posted a net loss of KRW1.49 trillion for the
quarter ended March 31, 2005, despite setting aside loan loss
provisions on unpaid bills. The Company's net loss made to
increase credit card firms' combined loss to KRW1.12 trillion
compared to last year's KRW93.1 billion net loss last year,
according to a statement by the Financial Supervisory Service.

The statement further added that even as Samsung Card posted
heavy losses for the first quarter, all credit firms are
expected to garner profits for the next quarter.

Profile of Samsung Card

Samsung Card, which is the second largest credit card issuer
after LG Card, has grown to be one of Korea's leading credit
companies, serving 7.2 million members and reaching an annual
transaction amount of over KRW11 trillion, with total capital
over KRW3 trillion in 1997.

The Company manages customers' credit systematically with a
triad system (a high tech total management system), while it
creates new services. Samsung's Anypass Card represents a good
example of its ongoing effort in developing customer-focused
services.

CONTACT:

Samsung Card Co. Ltd.
West Wing, Eunseok bldg.,
1-7, Yeonji-Dong, Jongro-Gu,
Seoul, South Korea 110-754
Phone: +82-2-1588-8700
Fax:   +82-2-756-8942
Web site:
http://www.samsungcard.co.kr/home/com_infomation/eng/index.htm


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


AYER HITAM: Issues Default Status Update
----------------------------------------
Ayer Hitam Tin Dredging Malaysia Berhad announced that in
accordance with Practice Note 1/2001 of the Bursa Malaysia
Securities Berhad Listing Requirements, the Company provides an
update on its default status in payments as of April 30, 2005.

The Company's total default on the principal sum plus interest
(in terms of term loans and syndicated term loans) as of April
30, 2005 equals MYR40,443,442.00.

A full copy of the Company's default update can be found at:

http://bankrupt.com/misc/tcrap_ayerhitam050605.doc

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


BOUSTEAD HOLDINGS: Unveils Employee Share Option Scheme
-------------------------------------------------------
Boustead Holdings Berhad's additional 186,000 new ordinary
shares of MYR0.50 each issued pursuant to the Company's Employee
Share Option Scheme will be granted listing and quotation
effective Monday, May 9, 2005, 9:00 a.m.

CONTACT:

Boustead Holdings Berhad
18th Floor, Menara Boustead,
69 Jalan Raja Chulan,
50200 Kuala Lumpur
Malaysia
Phone: 03-2141 9044
Fax:   03-21430075
Web site: http://www.boustead.com.my


FABER GROUP: Granted Additional Shares Listing
----------------------------------------------
Faber Group Berhad's additional 544,800 new ordinary shares of
MYR1.00 each arising from the Company's Conversion of
MYR1,089,600 nominal value of 2000/2005 irredeemable convertible
unsecured loan stocks into 544,800 new ordinary shares will be
granted listing and quotation effective Tuesday, May 10, 2005,
9:00 a.m.

CONTACT:

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


FORESWOOD GROUP: Securities Face Delisting
------------------------------------------
Foreswood Group Berhad announced that the Securities Commission
(SC), via its letter dated April 27, 2005, rejected the
Company's proposed restructuring scheme for failure to address
the issues raised by the Commission.

After consulting with the Securities Commission and considering
all the facts, Bursa Malaysia Securities Berhad (Bursa
Securities) has decided to de-list the Company's Securities from
the Official List of securities, as the Company's financial
condition does not warrant continued listing on the Official
List.

The Company's securities will be removed from the Official List
of Bursa Securities on Friday, May 20, 2005, 9:00 a.m.

With respect to the Company securities that are deposited with
the Bursa Malaysia Depository Sdn Bhd (Bursa Depository), such
securities may remain deposited with the Depository,
notwithstanding the de-listing of the Company's securities from
the Official List.

Alternatively, Company shareholders who intend to hold their
securities in the form of physical certificate can withdraw
these securities from their Central Depository System accounts
with Bursa Depository, at anytime after the Company's securities
of the Company are de-listed from the Official List, by
submitting the application form for withdrawal in accordance
with the procedures prescribed by Bursa Depository.

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: Posts Shares Buy Back Notice
---------------------------------------------
Golden Frontier Berhad disclosed to the Bursa Malaysia
Securities Berhad the details of its shares buy back on May 5,
2005.
  
Date of buy back: 05/05/2005

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

Total number of shares purchased (units):              1,000

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

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

Total consideration paid (MYR):                      603.24

Number of shares purchased retained in treasury
(units):  1,000

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

Cumulative net outstanding treasury shares as at to-date
(units): 1,473,800

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


I-BERHAD: To Hold AGM This Month
--------------------------------
I-Berhad announced that the Company will hold its 38th Annual
General Meeting (AGM) on Tuesday, May 31, 2005, 10:00 a.m., at
No. 3 Jalan Astaka U8/84, Section U8, Bukit Jelutong, 40150 Shah
Alam, Selangor Darul Ehsan. The notice has been published in the
New Straits Times last May 6, 2005.

To view the details of the Company notice, go to:

http://bankrupt.com/misc/tcrap_iberhad050605.pdf

CONTACT:

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


INNOVEST BERHAD: Bourse Delists Company Securities
--------------------------------------------------
Innovest Berhad announced that the Bursa Malaysia Securities
Berhad (Bursa Securities) has decided to delist the Company's
securities from the Official List of the Exchange, as the
Company's level of financial condition does not warrant
continued listing on the Official List.

Hence, the Company's securities will be removed from the
Official List of Bursa Securities on Thursday, May 19, 2005,
9:00 a.m.

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


LION INDUSTRIES: Set to List Extra Shares
-----------------------------------------
Lion Industries Corporation Berhad announced that pursuant to
the Company's Executive Share Option Scheme, its additional
789,000 new ordinary shares of MYR1.00 each issued will be
granted listing and quotation effective Tuesday, May 10, 2005.

CONTACT:

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


PADIBERAS NASIONAL: Disposes of Stake in West Africa Firm
---------------------------------------------------------
Padiberas Nasional Berhad announced that on April 20, 2005, the
Company disposed of its entire equity interest in Societe BERNAS
de Guinee (Sobergui) to Mr. Alseny Barry.

Sobergui is a joint venture between the Company who owns 80%
stake and the Government of Guinea who holds 20% of its stake;
its principal activities are rice and poultry farming in Guinea,
West Africa. The firm underwent a restructuring exercise in
2004, and focused its business operations on poultry farming,
and the government's 20% stake was transferred to Padiberas
Nasional Berhad.

The Company then disposed of 5,000 ordinary shares of USD10.00
each, representing the entire issued and paid-up capital of
Sobergui to Mr. Alseny Barry for GNF150,000,000. The disposal,
which was completed upon execution of the share transfer, has no
material effect on the Company's earnings.

CONTACT:

Padiberas Nasional Berhad
Level 8B, 10 & 19, CP Tower
No.11, Section 16/11, Jalan Damansara
46350 Petaling Jaya
Malaysia
Phone: 03-4604545
Fax:   03-4604646
Web site: http://www.bernas.com.my/


PANGLOBAL BERHAD: Unit Posts April Production Figures
-----------------------------------------------------
Panglobal Berhad announced that under the Listing Requirements
of the Bursa Malaysia Securities Berhad, the Company's wholly
owned subsidiary Global Minerals (Sarawak) Sdn Berhad's coal
production volume amounted to 63,656.86 mt.

CONTACT:

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


PAN MALAYSIA: Buys Back More Shares
-----------------------------------
Pan Malaysia Corporation Berhad disclosed the details of its
shares buy back on May 5, 2005 to the Bursa Malaysia Securities
Berhad.
  
Date of buy back: 05/05/2005

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

Total number of shares purchased (units):          2,340,000

Minimum price paid for each share purchased (MYR):      0.450

Maximum price paid for each share purchased (MYR):      0.475

Total consideration paid (MYR):                1,092,969.87

Number of shares purchased retained in treasury
(units):  2,340,000

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

Cumulative net outstanding treasury shares as at to-date
(units): 29,355,500

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

CONTACT:

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


PANTAI HOLDINGS: Converts Loan Stocks into New Shares
-----------------------------------------------------
Pantai Holdings Berhad's additional 50,000 new ordinary shares
of MYR1.00 each arising from the Company's Conversion of
MYR56,000 nominal value of irredeemable convertible unsecured
loan stocks 2002/2007 into 50,000 new ordinary shares will be
granted listing and quotation effective Tuesday, May 10, 2005,
9:00 a.m.

CONTACT:

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


TRU-TECH HOLDINGS: Court-Convened Meetings on Hold
--------------------------------------------------
Tru-Tech Holdings Berhad announced that on April 1, 2005, scheme
creditor Affin Bank Berhad filed an intervening action to set
aside an order to hold the Company's court-convened meetings and
a restraining order obtained by the Company and its
subsidiaries; the hearing to set aside the orders was fixed on
April 27, 2005.

The Company announces that the hearing to set aside the orders
is postponed to Aug. 12, 2005, pending a settlement with Affin
Bank Berhad.

CONTACT:

Tru-Tech Holdings Berhad
Lot 45, Batu 12, Jalan Johor Bahru
Kota Tinggi, Mukim Plentong,
81800 Ulu Tiram, Johor
Malaysia
Phone: (60) 3 7861 5220
Fax:   (60) 3 7861 7972


UNITED CHEMICAL: Default Status Remains Unchanged
-------------------------------------------------
United Chemical Industries Berhad announced that pursuant to
Practice Note 1/2001 of the Bursa Malaysia Securities Berhad
Listing Requirements, there are no further developments to the
Company's default in payment to its credit facilities.

The Company has provided an update of all the facilities
currently in default:

http://bankrupt.com/misc/tcrap_unitedchem050605.xls

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


COLLEGE ASSURANCE: Lawsuit Should Include SEC
---------------------------------------------
Business observers believe that the Securities and Exchange
Commission (SEC) should be included in the class action filed by
planholders against the embattled College Assurance Plan
Philippines Inc. (CAP), the Manila Times says.

If the suit is centered on CAP's trust-fund investments in Metro
Rail Transit (MRT) bonds and the Bank of Commerce shares, then
the SEC is equally incriminated since it reviewed and approved
both investments.

At the time when the MRT bonds investments were made, SEC
appointed a comptroller and later on created an Oversight
Committee to watch over CAP. During all this time a SEC auditors
had free and complete access to CAP's records.

Records show that CAP has done financially well with the two
investments. In the case of the MRT bonds it was, as CAP has
pointed out, a hedge against inflation because it was dollar
denominated and the ideal investment for the Company since it
was set aside to meet long term plan maturities. With regard to
the Bank of Commerce shares, the investment was made by the
trustee banks who act independently. And the bank, which has
tycoons for shareholders, has since grown and it beefing up
operations.

The bottom line is that, unlike a high-profile case of a pre-
need Company in trouble, no CAP planholder has ever been in fear
of holding an empty piece of paper.

The recent class suit is seen as the latest in a spate of issues
hitting the pre-need giant, arousing suspicions that well-laid
plans are in play to undermine the pre-need industry prompted,
by what SEC Commissioner Jesus Enriquez Martinez himself tagged
as "a shadowy lobby group with other business persuasions".

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: Sees Lower Rates if IPPs Supply 83% of Reqm't
--------------------------------------------------------------
Manila Electric Co. (Meralco) consumers will only pay an
additional Php0.06 per kiloWatthour (kWh) against the initial
Php0.21 to Php0.22 if its independent power producers (IPPs)
supply 83 percent of its requirements, reports The Philippine
Star.

Meralco head of utility economics Ivanna dela Pena said the
impact of the recent increase in the National Power
Corporation's (Napocor) generation rate would be substantially
lower if Meralco's IPPs would run at a minimum energy quantity
(MEQ) rate of 83 percent to 84 percent.

By May this year, Meralco will increase the power it is sourcing
from its IPPs to 62.7 percent from the current level of 55
percent. At this rate, the Company's IPPs would be running at
their MEQ level. With the expected increase in the power it will
source from its IPPs next month, Napocor's share in the supply
of power of Meralco will go down to 37.3 percent from the April
level of 44.94 percent.

The power utility firm is currently sourcing 55 percent of its
electricity requirement from its IPPs and only 45 percent from
Napocor.

Meralco and Napocor had a 10-year power supply agreement, which
expired in end-2004. The agreement used to require Meralco to
source at least 85 percent of its power from Napocor. To date,
the two companies have yet to seal a transition supply contract.

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


MUSIC SEMICONDUCTORS: To Hold Meeting July 15
---------------------------------------------
Notice is hereby given that the Annual Meeting of the
Stockholders of MUSIC Semiconductors Corporation (the
Corporation) will be held on July 15, 2005 at 2:00 p.m. at the
Fontaine Room of Mandarin Oriental Hotel, Makati City, to
consider the following:

            AGENDA

(1) Call to Order;
(2) Certification of Notice and Quorum;
(3) Reading and Approval of the Minutes of the Annual Meeting of
the Stockholders held on August 2004;
(4) Adoption of the Audited Financial Statements for the fiscal
year ended December 31, 2004 as contained in the Annual Report;
(5) Management's Discussion of the Annual Reports for the year
2004;
(6) Ratification of All Acts of Management and the Board of
Directors;
(7) 2005 Operations and Results to date;
(8) Election of Directors;
(9) Appointment of Punongbayan & Araullo as External Auditors;
(10)Other Matters;
(11)Adjournment.

In accordance with the rules of the Philippine Stock Exchange,
the close of business on May 16, 2005 has been fixed as the
record date for the determination of the stockholders entitled
to notice of such meeting and any adjournment thereof, and to
attend and vote thereat.

All stockholders who will not, are unable, or do not expect to
attend the meeting in person are urged to fill out, date, sign
and send the enclosed proxy to the Corporation at 110 Excellence
Avenue corner Accuracy Drive, Special Export Processing Zone I,
Carmelray Industrial Park, Canlubang, Laguna, or to the
Corporate Secretary at the 18/F Liberty Center, 104 H.V. dela
Costa Street, Salcedo Village, makati City, not later than July
5, 2005. The proxies submitted shall be validated by a Committee
of Inspectors commencing on July 10, 2005 at the office of the
Corporation's stock and transfer agent, STock Transfer Service
Inc. at the 5/F Phinma Plaza, 39 Plaza Drive, Rockwell Center,
makati City.

CONTACT:

MUSIC SEMICONDUCTORS CORPORATION
110 Excellence Ave. cor. Accuracy Drive, SEPZ 1
Carmeiray Industrial Park, Canlubang
Laguna, Philippines 4028
Phone: (049) 5491480 (NDD)
       63-49 5191480 (Int'l)
Fax: (049) 5491024 (NDD)
     63-49 5491024 (Int'l)


NATIONAL POWER: To Bid Out Long-term Deals for Assets
-----------------------------------------------------
The Department of Energy (DOE) and the National Power Corp.
(Napocor) will start bidding out long-term concession agreements
for the Napocor-Small Power Utilities Group (SPUG) assets, The
Philippine Star reports.

The DOE and Napocor, backed by its appointed transaction
advisor, International Finance Corp. (IFC), have invited private
sector participation in the electricity generation for these
off-grid areas.

Interested parties are requested to submit a formal expression
of interest in preparation for the conduct of a competitive
selection process next month.

The privatization of the Napocor-SPUG areas will reduce the
incremental burden of the missionary electrification-universal
charge (ME-UC) to the consumers by ensuring that avoidable
missionary costs are eliminated.

At present, Napocor-SPUG operations are funded by the revenues
from electricity sales in missionary areas and from the
universal charge, a component of the power bill charged to all
electricity consumers.

The entry of new players will address the increasing power
requirements of growing island provinces and cut down Napocor's
losses.

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/


PACIFIC PLANS: IC to Bar Unauthorized Cash Deals
------------------------------------------------
The Insurance Commission (IC) said it would block unauthorized
cash transfers involving ailing pre-need firm Pacific Plans
Inc., reports The Philippine Daily Inquirer.

Although the IC has not found evidence that such transactions
are taking place, the commission wants to take precautionary
measures to prevent any violation. The IC will track cash
movements and detect possible unauthorized transfers on a day-
to-day basis.

Among the companies under IC's watchlist are Pacific Plans'
affiliates, Great Pacific Life and Malayan Insurance. Grepalife
and Malayan Insurance belong to the Yuchengco Group of
Companies, which has spun off the good assets of Pacific Plans
to a new unit before Pacific Plans applied for corporate
rehabilitation.

Pacific Plans has recently applied for suspension of payments
and rehabilitation. But it separated its viable plans and put
them in another Company, called Lifetime Plans, also a unit of
the Yuchengco Group of Companies.


PHILIPPINE LONG: Declares Cash Dividend
---------------------------------------
In compliance with the disclosure requirements of the Philippine
Stock Exchange, the Philippine Long Distance Telephone Company
(PLDT) advised that during the meeting of the Board of Directors
of our Company on May 5, 2005, the following cash dividends were
declared out of the unrestricted retained earnings of the
Company as of December 31, 2004:

(1) A total of Php12,420,000.00 on all of the outstanding shares
of the Company's Series IV Cumulative Non-Convertible Redeemable
Preferred Stock, for the quarter ending June 15, 2005, payable
on June 15, 2005 to the holders of record on May 26, 2005; and

(2) Php21.00 per outstanding share of the Company's Common
Capital Stock, payable on July 14, 2005 to the holders of record
on June 3, 2005.

CONTACT:

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


PHILIPPINE LONG: Posts 65% Profit Growth on Forex Gains
-------------------------------------------------------
Philippine Long Distance and Telephone Company (PLDT) booked a
quarterly profit growth of 65 percent on Thursday after it
hurdled cutthroat competition backed by the stronger peso,
Reuters reports.

PLDT said it beat analysts' estimates when it recorded a net
income of Php9.4 billion (US$174 million) in January to March.
But without foreign exchange gains from the stronger peso in
recent months, PLDT's adjusted net income would only stand at
Php7 billion in the first quarter.

The Company restated its 2004 first quarter net income to Php5.7
billion, up from Php5.24 billion.

However, analysts said profit growth would be more tempered over
the rest of the year, as PLDT undertakes marketing campaigns to
entice subscribers to make use of new services and attract new
customers.

PLDT also acknowledged that rising taxes, fuel and food prices
will pressure subscriber growth this year.

To view PLDT's press release with regard to its financial
condition and results of operations for the three months ended
March 31, 2005, click on:
http://bankrupt.com/misc/TCRAP_PHILIPPINELONG050605.pdf


PHILIPPINE LONG: Shareholders' Determination Date Set April 15
--------------------------------------------------------------
Further to Circular for Brokers No. 1026-2005 dated March 1,
2005, Philippine Long Distance Telephone Company furnished the
Exchange a copy of its SEC Form 20-IS (Definitive Information
Statement) in connection with its Annual Meeting of Stockholders
which will be held on June 14, 2005, at 4:00 o'clock p.m. at the
Grand Ballroom, Dusit Hotel Nikko, Ayala Center, Makati City.

As previously announced, "the Board of Directors has fixed April
15, 2005 as the record date for the determination of
stockholders entitled to notice of, and to vote at said Annual
Meeting. Only holders of shares of common stock as at the record
date will be entitled to vote at said Annual Meeting."

For a copy of the Notice of Annual Meeting of Stockholders,
click on: http://bankrupt.com/misc/tcrap_pldt050605.pdf


* SEC Names Unlicensed Pre-need Firms
-------------------------------------
The Securities and Exchange Commission has identified nine
unlicensed pre-need providers that failed to meet the
requirements of the commission, The Manila Times reveals.

The unlicensed pre-need firms are Celestial Memorial Plans Inc.,
East Asia Plans Inc., FCM Plans Inc., Garden of Memories
Memorial Plans Inc., Gillamac Life & Pension Plans Inc., Pacific
Plans Inc., Pension & Retirement Plans Corp., Samson Memorial
Plans Inc. and Special Plans Inc.

All the nine firms, which are no longer selling plans, were
unable to comply with either one or a number of SEC rules on
capital requirements, liquidity based on actuarial reserve
liabilities and a healthy trust fund.

Eight of the companies are servicing existing clients but are
prohibited from selling any pre-need plan until all SEC
requirements have been met.

The number of pre-need firms licensed by the SEC to sell
securities to the public has dwindled from 42 last year to 33.

Authorized to sell pre-need plans are Ayala Plans, Berkley
Plans, City Plans, Classic Plans, Cocoplans, Destiny Financial
Plans, Eduplan Phils., Eternal Plans, First Country Plans, First
Union Plans, Grayline Plans, Himlayang Pilipino Plans, Ideal
Pension Plans Corp., Legacy Consolidated Plans, Lifetime Plans,
Loyola Plans Consolidated, Manulife Financial Plans, Mercantile
Careplans, Millenium Education & Pension Corp., Paz Memorial
Service, Permanent Plans, PET Plans, Philam Plans, Primanila
Plans, Primeplan International Corp., Provident International
Plans, Prudentialife Plans, Pryce Plans, Sun Life Financial
Plans, St. Peter Life Plan, TPG Corp., Transnational Plans, and
Trusteeship Plans.


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


CAPITALAND LIMITED: Group Profit Rises 43.2%
--------------------------------------------
CapitaLand Limited furnished the Singapore Stock Exchange (SGX)
a copy of its financial statement for the first quarter of 2005.

The CapitaLand Group posted profit after tax and minority
interests (PATMI) of SG$70.0 million for the first quarter of
2005, a 43.2 percent jump from the SG$48.9 million recorded in
the first quarter of 2004. The higher profit was due to higher
asset and fund management fees, improved performances by the
hospitality business, and continued strong contributions by the
Group's residential sector, particularly in China. It was
achieved notwithstanding the loss of contributions from assets
divested in 2004 and reduced share of profits from properties
injected into CapitaMall Trust (CMT) and CapitaCommercial Trust
(CCT).

The Group revenue for the first quarter of 2005 was SG$904.9
million, 17.8 percent higher compared to SG$768.4 million for
the same period in 2004. The increased revenue was mainly due to
higher residential sales in China, consolidation of Citadines'
revenue, as well as improved occupancy and room rates in our
hospitality business. Overseas revenue at SG$617.2 million
accounted for 68.2 percent of group revenue, up from 60.4
percent a year ago.

To view a full copy of the financial results, click
http://bankrupt.com/misc/CapitalandLtdFS1Q2005.pdf

CONTACT:

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


CAPITALAND LIMITED: Unveils New Board Composition
-------------------------------------------------
The Board of Directors of CapitaLand Limited unveiled to the
Singapore Stock Exchange (SGX) (i) the appointment of Professor
Robert Henry Edelstein and Dr Fung Kwok King, Victor as
Directors of the Company with effect from May 5, 2005; and (ii)
the resignation of Sir Alan Cockshaw as Director of the Company
with effect from May 6, 2005.

Following the aforementioned changes, the Board of Directors of
the Company will comprise the following Directors:

Dr Richard Hu Tsu Tau - Chairman
Mr. Hsuan Owyang - Deputy Chairman
Mr. Liew Mun Leong - President & CEO
Mr. Andrew Robert Fowell Buxton
Professor Robert Henry Edelstein
Dr Fung Kwok King, Victor
Mr. Richard Edward Hale
Mr. Lim Chin Beng
Mr. Peter Seah Lim Huat
Mr. Sum Soon Lim
Mr. Jackson Peter Tai
Mr. Lucien Wong Yuen Kuai

The Board wishes to record its appreciation to Sir Alan Cockshaw
for his invaluable contributions to the Company.

The detailed template announcements, pursuant to Rule 704(7) of
the Listing Manual, containing the particulars of Professor
Robert Edelstein and Dr Victor Fung, are being released
separately to the Singapore Exchange Securities Trading Limited.

By Order of the Board
Ng Chooi Peng
Assistant Company Secretary
5 May 2005


CAPITALAND LIMITED: Sets Up New Companies
-----------------------------------------
CapitaLand Limited advised the Singapore Stock Exchange (SGX) on
the establishment of the following Singapore-incorporated
companies:

(a) Name: CapitaLand Ningbo Holdings Pte. Ltd.

Principal Activity: Investment Holding

Authorized Share Capital: SG$500,000 divided into 500,000
ordinary shares of SG$1 each

Issued and: SG$1 comprising 1 ordinary share of SG$1 Paid-up
Share Capital

(b) Name: CapitaLand Ningbo (Commercial) Holdings Pte. Ltd.

Principal Activity: Investment Holding

Authorized Share Capital: SG$500,000 divided into 500,000
ordinary shares of SG$1 each

Issued and: SG$1 comprising 1 ordinary share of S$1

Paid-up Share Capital

Both CapitaLand Ningbo Holdings Pte. Ltd. and CapitaLand Ningbo
(Commercial) Holdings Pte. Ltd., are shelf companies, which have
not commenced operations. They were acquired for a consideration
of SG$1 each and are now indirect wholly owned subsidiaries of
CapitaLand Residential Limited, itself a wholly owned subsidiary
of CapitaLand.

By Order of the Board

Ng Chooi Peng
Assistant Company Secretary
5 May 2005


CITIRAYA INDUSTRIES: DBS Issues Statutory Demand
------------------------------------------------
Citiraya Industries Ltd, on May 3, 2005, was served with a
Statutory Demand by DBS Bank Ltd (DBS) through its solicitors.
The Statutory Demand requires that the Company make payment of
amounts DBS claims to be owing to it, totaling some $38.6
million, within 21 days failing which DBS asserts a right to
commence winding up proceedings against the Company.

In the view of the Company, it is in the interests of all its
stakeholders for it to be given an opportunity to work with its
customers to find ways for business to resume, and to work on
finding credible potential investors.

These efforts are aimed at securing the long-term viability of
the Company, and should be allowed to be pursued without the
distractions of litigation. The threat or pursuit of litigation
at this time would be detrimental to the Company and may
potentially undermine the Company's efforts to secure an
investor. However, as expected, given the decision of some
creditors to pursue litigation against the Company, others are
now following suit.

The Company intends to speak to these parties, if possible, and
ask that they hold off for the time being, failing which, the
Company shall take such action as it may be advised.  

CONTACT:

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


JAYA HOLDINGS: Value of Transaction Reaches SG$8,347,866
--------------------------------------------------------
Further to the previous announcements on March 2, 2005 and April
18, 2005 the Board of Jaya Holdings Ltd informed the Singapore
Stock Exchange (SGX) that additional transactions (excluding
transactions below $100,000) with the Sime Darby Bhd Group in
the month of April 2005 amounted to $1,253,835. The aggregate
value of transactions with the Sime Darby Bhd Group in the
current financial year has now amounted to $8,347,866
representing 4.1 percent of the Group's latest audited net
tangible assets.

The Audit Committee had reviewed the transactions and is
satisfied that the transactions were entered into on arm's
length commercial terms and were not prejudicial to the
interests of the shareholders of the Group.

Saved as disclosed, none of the directors and substantial
shareholders has any interest in the aforesaid transactions
between the parties.    

CONTACT:

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


ISP SERVICES: Particulars of Debt, Claim Due June 5
---------------------------------------------------
Notice is hereby given that the creditors of ISP Services Pte
Ltd (In Liquidation), whose debts or claims have not already
been admitted, are required on or before June 5, 2005 to submit
particulars of their debts or claims and any security held by
them to the liquidator.

This should be done by delivering or sending through the post to
the liquidator at c/o 6 Shenton Way #32-00 DBS Building Tower
Two Singapore 068809 a formal Proof of Debt in accordance with
Form 77 containing their respective debts or claims.

In default of complying with this notice they will be excluded
from the benefit of any distribution made before their debts or
claims are proved or their priority is established and from
objecting to the distribution.

Dated this 5th day of May 2005.

Wee Aik Guan
And
Tam Chee Chong
Joint and Several Liquidators
c/o 6 Shenton Way
#32-00 DBS Building Tower Two
Singapore 068809


NUANSA LEISURE: Gives Creditors Until June 5 to Prove Claims
------------------------------------------------------------
Notice is hereby given that the creditors of Nuansa Leisure Pte
Ltd (In Liquidation), whose debts or claims have not already
been admitted, are required on or before June 5, 2005 to submit
particulars of their debts or claims and any security held by
them to the liquidator.

This should be done by delivering or sending through the post to
the liquidator at c/o 6 Shenton Way #32-00 DBS Building Tower
Two Singapore 068809 a formal Proof of Debt in accordance with
Form 77 containing their respective debts or claims.

In default of complying with this notice they will be excluded
from the benefit of any distribution made before their debts or
claims are proved or their priority is established and from
objecting to the distribution.

Dated this 5th day of May 2005.

Wee Aik Guan
and
Tam Chee Chong
Joint and Several Liquidators
c/o 6 Shenton Way
#32-00 DBS Building Tower Two
Singapore 068809


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


ABICO HOLDINGS: Earns THB15.29Mln from Share Sale
-------------------------------------------------
Abico Holdings Public Company Limited issued to the Stock
Exchange of Thailand (SET) the results of the Sale of Shares it
conducted on May 2, 2005.

(1) Information relating to the share offering

Category of shares offered        Common stock
Number of shares offered          3,000,000 shares
Offered to                        old shareholders
Price per share                   10.-

Subscription and payment period April 7 to 18, 2005 between 8:00
a.m.-2:30 p.m.

(2) Results of the sale of shares:

[ ]  totally sold out

{/]  Partly sold out, with 1,470,737 shares remaining.

The Company will deal with the remaining shares as follows:

The number 1,470,737 shares shall be allotted to specific
investors.

(3) Details of the sale
   
            Thai investors          Foreign investors
          Juristic      Nutural   Juristic   Natural    Total
           persons      persons   persons    persons

Number of persons  

            3          174             -        1       178

Number of shares
Subscribed

           57,906    1,454,645         -   16,712   1,529,263

Percentage of total shares offered for sale

            1.93      48.49            -     0.56       50.98

(4) Amount of money received from the sale of shares
  
Total amount: THB15.29 million

Less expense (specify): THB0.20 million

Net amount received: THB15.09 million

The Company hereby certifies that the information contained in
this report is true and complete in all respects.

Authorized director
Chatchai Boonyarat
         
The Plan Administrator of Abico Holdings Public Company Limited

Authorized director
Kitti Vilaivarangkul
      
The Plan Administrator of Abico Holdings Public Company Limited

CONTACT:

Abico Holdings Pcl   
Abico Tower, Floor 5, 401/1 Moo 8,
Phaholyothin Road Lam Luk Ka Pathum Thani    
Telephone: 0-2992-5858 (14 Lines)   
Fax: 0-2992-5878-9   
Web site: http://www.abicogroup.com
  

K.C. PROPERTY: Appoints New Audit Committee Members
---------------------------------------------------
K.C. Property Public Company Limited advised the Stock Exchange
of Thailand on the resolution adopted at the shareholders
meeting No. 1/2005 held on April 26, 2005 on the appointment of
members of the Audit Committee.

(1) Mister Sumeth Lerttantisoontorn

To be effective on March 15, 2005

(i) Members of the Audit Committee are as follows:
    
Chairman of the Audit Committee: Mister Sunthorn Artamnuayvipas

- the remaining terms for holding office of 1 year 9 months

Member of the Audit Committee: Miss Wilaiporn Pansrimangkorn      

- the remaining terms for holding office of 1 year 9 months
  
Member of the Audit Committee: Mister Sumeth Lerttantisoontorn

- the remaining terms for holding office of 1 year 11 months

Secretary to the Audit Committee: Miss Pailin Dejworapat

(ii) The Audit Committee of the Company has the scope of duties
and responsibilities to the Company's board of directors as
follows:

(a) To review the correctness and sufficiency of the Company's
financial report, both quarterly and annually, by coordinating
with the auditor and the management who are responsible in  
preparing the financial reports.

The Audit Committee may request the auditor to review or audit
any transactions, which are materially significant.

(b) To review the suitability and effectiveness of the Company's
internal control system and internal audit functions.

(c) To review the Company's compliance with the law on
Securities and Exchange Acts, regulations of the Stock Exchange
of Thailand, and any other relevant regulation and law.

(d) To consider, select and propose to appoint the Company's
external auditor and audit fee, by taking into account the
credential, supporting staffs, capacity and experience of the
auditing office.

(e) To consider the correctness and adequacy of disclosure for
both related transactions and conflict of interest transactions.

(f) To perform any other duties, as assigned by the Board of
Directors, given acceptance from the Audit Committee, i.e.
reviewing the financial policies, risk management and business
codes of conduct with the management.  Some important reports
required by the regulations to be disclosed to the public, such
as, the analysis and management report, etc.

(g) To prepare the Audit Committee report, to be certified by
the Chairman of the Audit Committee, and disclose it in the
Company's annual report.
            
- The opinion regarding the preparation and disclosure of the
Company's financial data, its correctness, completeness and
reliability.

- The opinion regarding the sufficiency of the Company's
internal control.
        
- The reason to believe that the Company's auditor is suitable
to be appointed for another term.

- The opinion regarding compliance to the rules governing the
security and exchange, the regulations of Security Exchange or
laws governing the Company's business.
            
- Any other reports that shareholders or investors should know
under the scope of performance of Audit Committee assigned by
the Board of Directors.

The Company hereby certifies that the aforementioned members
meet all the qualifications prescribed by the Stock Exchange of
Thailand.

Mr. Apisit Ngarmachariyakul                    
Director

Mr. Somchai Vanavit
Director

CONTACT:

K.C. Property Public Company Limited   
18/1 Moo 11, Ramkhumheang Road
Saphan Sung Bangkok    
Telephone: 0-2373-7788   
Fax: 0-2373-4965


RAYONG BULK: Parent Firm Ties Up with PTT to Boost Potential
------------------------------------------------------------
NFC Feritilizer wants to provide logistics service at its
facilities in its troubled subsidiary Rayong Bulk Terminal Co.
(RBT) at the Map Ta Phut seaport in Rayong, reports Bangkok
Post.  

NFC will tie up with either PTT Plc or its subsidiaries for the
said service.  PTT as the country's largest energy company would
be a reassuring factor for RBT's customers.  Prospective
customers would be drawn to PTT's credibility when it comes to
efficiency in managing a Company.

According to NFC Chief Executive Nuttaphob Rattanasuwanthawee,
the price of investing on the planned joint venture is yet to be
determined once RBT's business rehabilitation has been
completed.  However, NFC and PTT have signed a letter of intent
for the project, intended to serve the third phase of
petrochemical industry development, starting next year.

All port facilities at Map Ta Phut are now fully utilized except
those of RBT.  The seaport can accommodate 3.5 million tonnes
per year of liquid cargo and between two million and three
million tonnes of general cargo.

Around THB3 billion is what RBT needs to invest to develop
infrastructure essential for the logistics service such as tank
farm, cranes and pipelines for liquid cargo. The development is
scheduled to be completed in 2007, Mr. Nuttaphob said.

Mr. Nuttaphob added that RBT's business rehabilitation plan is
near completion, and is ready to be submitted to receivership
authorities before a scheduled vote by bank creditors on
Tuesday. The major creditors are Bangkok Bank, TMB Bank and Siam
Commercial Bank. After the Company exits the rehab plan, it
would zero in on logistics.  The ratio of profit to revenue for
logistics was as high as 45 percent compared with only 2.8
percent for fertilizer business.

CONTACT:

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





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