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        T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

             Tuesday, May 10, 2005, Vol. 8, No. 91

                            Headlines

A U S T R A L I A

AAMAC LOGISTICS: To Hear Liquidator's Report
BARADEEN PTY: Members Agree to Wind Up Company
BENCO PARK: Creditors Confirm Appointment of Liquidator
BOWER CLIFF: Final Meeting Set May 16
CONSOLIDATED PROPERTY: Receivers and Managers Appointed

COTTON PICKER: Liquidator to Explain Winding Up Process
DANGAL PTY: Fixes Final Meeting May 20
DARIAN PTY: Sets Final Meeting May 30
EZISHOP.NET LIMITED: Proofs of Debt, Claims Due May 13
FORTESCUE METALS: ASX Demands Explanation

GENE SMITH: Lays Out Final Meeting Agenda
INTELLIGENT CONSTRUCTIONS: Winds Up Voluntarily
ION LIMITED: Collapse Hurts Holden
ION LIMITED: ASIC Wants Copy of Administrator's Report
J.A. SCOTT: Liquidator to Report Manner of Winding Up

JIBIRDA PTY: Receiving Proofs of Claims Until May 25
KNIGHTS INSOLVENCY: Launches Cost-cutting Scheme
LEADING EDGE: Final Meeting Slated May 20
MACLOU SMASH: Finalizes Winding Up Procedures
MULTIPLEX: Trust Unit Undertakes Debt Restructure

MULTIPLEX: S&P Assigns Ratings to CMBS Transaction
NYLEX LIMITED: Confirms Share Purchase Plan Price
PRICES CANDLES: Proofs of Claim Due Today
PRIMBEE PTY: Lays Out Final Meeting Agenda
PRITCHARD MARKETING: Sets May 20 as Final Meeting Date

SOUTHWEST DIAGNOSTIC: Names Geoffrey McDonald Liquidator
UNIVERSAL RESOURCES: Tie-up with Xstrata Fends Off Copperco Bid
WIMBLE INVESTMENTS: To Undergo Voluntary Liquidation


C H I N A  &  H O N G  K O N G

401 HOLDINGS: To Announce FY05 Results May 18
CHINESE FORTUNE: Creditors Meeting Slated May 20
FALCON ENGINEERING: Appoints Provisional Liquidators
FX GROUP: Names Joint and Several Liquidators
KIN BONG: Creditors Meeting Set May 24

LIFETEC GROUP: Expects Turnaround This Year
NECKER ENGINEERING: Winding Up Hearing Fixed June 8
POLY INVESTMENTS: Shares Trading Suspended
RENREN HOLDINGS: Appoints New Executive Director
SEMICONDUCTOR MANUFACTURING: Turns to China Banks for US$600 Mln

WANG TAT: Receives Bankruptcy Order
* China's Big Four Banks Prevent US$59 Mln Losses


I N D O N E S I A

BUMI RESOURCES: Posts 154% Increase in Net Income
PERTAMINA: Needs Emergency Funds to Finance Oil Imports
PERTAMINA: Set to Buy Four Oil Tankers This Year


J A P A N

JAPAN AIRLINES: Posts Financial Results for 2004
JAPAN AIRLINES: Issues FY2005 Business Plan
JAPAN AIRLINES: Kaneko to Quit as Chairman, Director
KANEBO LIMITED: Awaits Fateful TSE Decision
SANYO ELECTRIC: Places Rating on Monitor

* Widening Credit Quality Gap in Japanese Airlines


K O R E A

CHOHUNG BANK: Parent Firm's CEO Faces Termination Over Merger


M A L A Y S I A

BOUSTEAD HOLDINGS: To List Additional Shares
I-BERHAD: Buys Back 12,500 Shares
MERCES HOLDINGS: Sees No Change in Default Status
NAIM INDAH: Unit Posts Zero Log Production for April 2005
NAM FATT: Schedules AGM for Next Month

NORTH BORNEO: Seeks Extension to Revise FY04 Financial Report
PAN MALAYSIA: Repurchases Extra Shares
PANTAI HOLDINGS: Posts Shares Buy Back Notice
SARAWAK ENTERPRISE: Court Approves Restructuring


P H I L I P P I N E S

BENPRES HOLDINGS: Disposes of Shares in Digitel
CEBU PLAZA: To Serve Ad Congress Participants
DIGITAL TELECOMMUNICATIONS: Says Link-up with Smart Still Knotty
GLOBE TELECOM: Fitch Assigns 'BB+' Local Currency Rating
MAYNILAD WATER: Rehab Plan Scored

NATIONAL POWER: Cebu, Negros, Panay Suffer 12-day Brownouts
NEGROS NAVIGATION: Launches New Party Ship
PILIPINO TELEPHONE: Elects New Directors, Officers
UOB PHILIPPINES: Sells Off 67 Branches to BDO


S I N G A P O R E

CHARTERED SEMICONDUCTOR: Files Form 6-K With the U.S. SEC
CITIRAYA INDUSTRIES: Venture One Halts Investment Agreement
ENG WAH: Idle Unit Enters Voluntary Liquidation
GREAT WORLD: Receiving Proofs of Debt until June 6
HOTEL PROPERTIES: Dormant Unit Placed in Voluntary Liquidation

LEONG SENG: Served with Winding Up Order
LIAN KOK: Gives Creditors Until May 20 to Prove Claims
MARLEX DISTRIBUTOR: Lays Out Meeting Agenda
SPECTROL INDUSTRIES: Issues Intended Dividend Notice


T H A I L A N D

KRUNG THAI: Sets Coupon Rates for THB15-Bln Bonds
KRUNG THAI: Fitch Assigns 'AA-(tha)' to Subordinated Bonds
PHUKET AIR: U.K. Seizes Plane, Puts Airline on Blacklist
THAI HEAT: Planner Unveils Rehab Plan Revisions
BOND PRICING: For the Week 9 May to 13 May 2005

     -  -  -  -  -  -  -  -

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


AAMAC LOGISTICS: To Hear Liquidator's Report
--------------------------------------------
Notice is given that a final meeting of the members and
creditors of AAMAC Logistics Pty Limited (In Liquidation) A.C.N.
073 339 205 will be held at Rodgers Reidy, Level 8, 333 George
Street, Sydney on Thursday, May 31, 2005 at 11:30 a.m.

The purpose of the meeting is:

(a) To receive an account from the Joint Liquidators.
(b) A resolution to destroy the books and records of the
Company.
(c) To consider any other business.

Daniel Civil
Joint Liquidator
Rodgers Reidy
Level 8, 333 George Street, Sydney NSW 2000


BARADEEN PTY: Members Agree to Wind Up Company
----------------------------------------------
Notice is hereby given that at a General Meeting of Baradeen Pty
Limited (In Liquidation) A.C.N. 000 738 134 held on April 5,
2005 it was resolved that the Company be wound up voluntarily as
a Members' Voluntary Winding up and that for such a purpose,
Mark Willock be appointed liquidator.

Dated this 5th day of April 2005

Mark Willock
Liquidator


BENCO PARK: Creditors Confirm Appointment of Liquidator
-------------------------------------------------------
Notice is hereby given that at a General Meeting of Members of
Benco Park Apartments Pty Limited (In Liquidation) A.C.N. 102
391 739 duly convened and held at 288 The Esplanade, Speers
Point NSW 2284 on Monday, April 11, 2005 at 9:00 a.m. a Special
Resolution that the Company be wound up voluntarily was passed
by members and the undersigned was appointed Liquidator.

The appointment of Liquidator was confirmed by creditors
pursuant to Section 497(1) of the Corporations Act 2001 at a
meeting of creditors held subsequently that day.

Dated this 12th day of April 2005

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


BOWER CLIFF: Final Meeting Set May 16
-------------------------------------
Notice is hereby given that a Final Meeting of Members of Bower
Cliff Pty Ltd (In Liquidation) A.C.N. 000 761 231 will be held
at the offices of BKR Walker Wayland Chartered Accountants, 8th
Floor, 55 Hunter Street, Sydney, on Monday, May 16, 2005 at
10.00 a.m. for the purposes of having an account laid before
them showing the manner in which the winding up has been
conducted and the assets of the Company disposed of and of
hearing any explanation that may be given by the Liquidator.

Dated this 12th day of April 2005

H. C. Thomas
Liquidator


CONSOLIDATED PROPERTY: Receivers and Managers Appointed
-------------------------------------------------------
Bridgecorp Finance Limited A.B.N. 45 095 328 948 gave notice
that on April 12, 2005 it appointed Anthony John Warner of 333
George Street, Sydney in the State of New South Wales, receiver
and manager of the property of Consolidated Property Holdings
Pty Limited A.C.N. 095 223 733 pursuant to the powers contained
in Fixed and Floating Charge registered no. 922409 dated 30
January 2003.

Kemp Strang
Level 16, 55 Hunter Street, Sydney NSW 2000
Telephone: 9225 2500
Facsimile: 9225 2599


COTTON PICKER: Liquidator to Explain Winding Up Process
-------------------------------------------------------
Notice is hereby given that a final meeting of members and
creditors of Cotton Picker Repair Services Pty Ltd (In
Liquidation) A.C.N. 000 709 642 will be held at the office of
Nicholls & Co., Chartered Accountants, Suite 6, 459 Peel Street
Tamworth NSW 2340, on Wednesday, June 1, 2005 at 11:00 a.m. for
the purpose of receiving the Liquidator's account showing how
the winding up has been conducted and the property of the
Company disposed of and hearing any explanation which may be
given by the Liquidator.

A. R. Nicholls
Liquidator
Nicholls & Co
Suite 6, 459 Peel Street,
Tamworth NSW 2340


DANGAL PTY: Fixes Final Meeting May 20
--------------------------------------
Notice is hereby given that the final meeting of the creditors
and members of Dangal Pty Limited (In Liquidation) A.C.N. 092
521 661 will be held at the offices of Jones Condon Chartered
Accountants, Level 1, 34 Charles Street, Parramatta NSW, on May
20, 2005 at 12:00 p.m., for the purpose of laying before the
meeting an account showing how the winding up has been conducted
and the property of the Company has been disposed and giving any
explanation thereof.

Dated this 12th day of April 2005

Schon G. Condon Rfd
Liquidator
c/- Jones Condon
Chartered Accountants
Telephone (02) 9893 9499


DARIAN PTY: Sets Final Meeting May 30
-------------------------------------
Notice is hereby given that pursuant to Section 509 of the
Corporation's Act, that the Final Meeting of Members of Darian
Pty Limited (In Members' Voluntary Liquidation) will be held at
64 Hastings Parade, Bondi Beach NSW on May 30, 2005 at 10:00
a.m., for the purpose of laying before the meeting the
liquidator's final account and report and giving any explanation
thereof.

Dated this 11th day of April 2005

Phillip Lawrence Byrnes
Liquidator


EZISHOP.NET LIMITED: Proofs of Debt, Claims Due May 13
------------------------------------------------------
A final dividend is to be declared on May 27, 2005 for
Ezishop.Net Limited (In Liquidation) A.C.N. 084 509 517.
Creditors whose debt or claims have not already been admitted
are required on or before May 13, 2005 to formally prove their
debts or claims.

If they do not, they will be excluded from the benefit of the
dividend.

Dated this 18th day of April 2005

Anthony Milton Sims
Liquidator
SimsPartners
Chartered Accountants
Level 24, Australia Square, 264 George Street,
Sydney NSW 2000


FORTESCUE METALS: ASX Demands Explanation
-----------------------------------------
The Australian Stock Exchange (ASX) has pressured the embattled
Fortescue Metals Group to explain matters about its troubled
iron ore project, according to The Age.

The market regulator demanded information from Fortescue Metals
on public admissions by Chief Executive Andrew Forrest of a cost
blowout in its Pilbara iron ore project. ASX also wanted the
Company to explain how it would be able to dispose of its lower
grade ore for 95 percent of the price obtained by rivals BHP
Billiton and Rio Tinto for their top-quality products.

Investors may have to wait four months for an indication of what
damage a cost blowout will do to the value of the Pilbara
project. Its capital cost had previously been estimated to total
AU$1.85 billion, but is now likely to exceed AU$2 billion, and
may be nearer to AU$3 billion.

Fortescue shares has plunged after China Metallurgical began
casting doubts over claims by Mr. Forrest that his Company had
binding contracts with its Chinese partners.

Meanwhile, Fortescue expected to have the results of a
feasibility study by engineering group Worley, covering the
infrastructure component, by the end of June. The mining
component of the study is expected by the end of September. The
firm expected an increase on the AU$1.85 million capital cost
because of higher labor, steel fabrication and fuel costs.

CONTACT:

Fortescue Metals Group Limited
Fortescue House
50 Kings Park Road
WEST PERTH
WESTERN AUSTRALIA WA 6005
Phone: +61 8 9266 0111
Fax: +61 8 9266 0188
E-mail: fmgl@fmgl.com.au
Web site: http://www.fmgl.com.au/


GENE SMITH: Lays Out Final Meeting Agenda
-----------------------------------------
Notice is hereby given that a final meeting of creditors,
pursuant to Section 509 of the Corporations Act 2001 in Gene
Smith Pty Limited (In Liquidation) A.C.N. 001 509 806, will be
held at the offices of Stuart Ariff Insolvency Administrators,
Level 2, 21 Bolton Street, Newcastle, NSW on May 19, 2005 at
10:00 a.m.

AGENDA

(1) To consider the Liquidators' final account of the
liquidation.

Proxies to be used at the meeting must be lodged with the
undersigned no later than 4:00 p.m. on May 18, 2005.

Dated this 19th day of April 2005

Stuart Ariff
Liquidator
Stuart Ariff Insolvency Administrators
Level 2, 21 Bolton Street,
Newcastle NSW 2300
Telephone: (02) 4929 7880
Facsimile: (02) 4929 7882


INTELLIGENT CONSTRUCTIONS: Winds Up Voluntarily
-----------------------------------------------
At an extraordinary general meeting of Intelligent Constructions
Pty Ltd A.B.N. 45 058 618 938, duly convened and held on April
11, 2005 the following resolutions were passed:

(1) That the Company be wound up voluntarily.
(2) That David George Kettlestring of 17 Byron Avenue, North
Nowra NSW be appointed as liquidator.

Dated this 11th day of April 2005

David George Kettlestring
Liquidator


ION LIMITED: Collapse Hurts Holden
----------------------------------
Ion Limited's collapse will have a negative impact on Holden in
the short term, The Age reports.

Holden is expected to lose millions of dollars in the short term
from Ion's failure since it will now import the engine parts
needed to feed its engine plant in the Fishermans Bend.

Aside from the loss of competitiveness brought about by the
higher costs, Holden is also worried about the damage the
collapse may have done to the reputation of the local supplier
industry.

But Holden, a General Motors (GM) subsidiary, is bullish it will
eventually secure a local supply of the aluminum engine blocks
and cylinder heads. It added that GM's power train division was
currently overseeing the installation of two more plants in
Japan and the U.S. to manufacture the same or similar V6
engines.

Despite the Ion setback, a planned expansion of the V6 engine
would push through next year so that Holden could honor export
contracts already written.

CONTACT:

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


ION LIMITED: ASIC Wants Copy of Administrator's Report
------------------------------------------------------
The Australian Securities and Investments Commission (ASIC) has
obtained a court order to secure a full copy of the interim
report by Ion Limited's administrator, The Age relates.

The ASIC has commissioned a probe on one matter arising from
Ion's collapse. The roles of Ion advisers including Grant
Samuel, which arranged the car parts maker's 2004 debt raising,
and auditor Deloitte Touche Tohmatsu were also investigated.

Ion administrator Colin Nicol fellow administrator Peter
Anderson, both of McGrathNicol, were urged to take legal action
by the national secretary of the Australian Workers Union (AWU),
Bill Shorten.

Mr. Shorten said that AWU was interested in supporting any
shareholder class actions against directors seeking damages
arising from the failure.

But Mr. Nicol said it is still premature to consider a legal
action since there was still no evidence Ion was allowed to
trade while it was insolvent. He confirmed the purpose of the
administration was to pursue the directors.

Mr. Nicol said he had made sure that the professional indemnity
insurance of the directors had been kept on foot, even to the
extent of paying premiums that had lapsed at the time of his
appointment.


J.A. SCOTT: Liquidator to Report Manner of Winding Up
-----------------------------------------------------
Notice is hereby given pursuant to Section 509 of the
Corporations Act that a final meeting of members and creditors
of J.A. Scott Pty Limited (In Creditors' Voluntary Liquidation)
A.C.N. 081 539 782 will be held at the office of Woodgate & Co.,
Level 14, 25 Bligh Street, Sydney, New South Wales on Friday,
May 27, 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
hearing any explanations that may be given by the Liquidator.

Dated this 26th day of April 2005

G. G. Woodgate
Liquidator
Woodgate & Co
Telephone (02) 9233 6088, Facsimile (02) 9233 1616


JIBIRDA PTY: Receiving Proofs of Claims Until May 25
----------------------------------------------------
A final dividend is to be declared on May 25, 2005 for Jibirda
Pty Limited (In Liquidation) A.C.N. 001 297 114.

Creditors whose debt or claims have not already been admitted
are required on or before May 25, 2005 formally to prove their
debts or claims. If they do not, they will be excluded from the
benefit of the dividend.

Dated this 26th day of April 2005

G. W. Sisson
Liquidator
109 Jessie Street, PO Box 660,
Armidale NSW 2350


KNIGHTS INSOLVENCY: Launches Cost-cutting Scheme
------------------------------------------------
In a bid to offset hefty losses, Knights Insolvency
Administration Limited has implemented a wide-ranging cost
cutting regime, Asia Pulse says.

The troubled insolvency business aims to reduce operating costs
from AU$1.3 million (US$1.01 million) to AU$750,000 a month, in
response to expected loss this year. Measure includes slashing
staff costs, trimming subleasing space expenditure and cutting
marketing expenditure.

In April, the listed insolvency group said it expected to incur
a second half loss following its AU$3.1 million loss in the
first half of the current fiscal year. At the time its said the
Australian Securities and Investment Commission (ASIC) had
raised issues with it regarding the recoverability of work in
progress recorded by the Company, particularly in the first half
of 2005 and prior periods.

After a review of write-offs and work in progress provisions,
Knights is confident the additional controls it has instigated
are adequate to steer its business in the right direction.

CONTACT:

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


LEADING EDGE: Final Meeting Slated May 20
-----------------------------------------
Notice is hereby given that the final meeting of the creditors
and members of Leading Edge Entertainment Pty Limited (In
Liquidation) A.C.N. 063 910 430 will be held at the offices of
Jones Condon Chartered Accountants, Level 1, 34 Charles Street,
Parramatta NSW, on May 20, 2005 at 11:00 a.m., for the purpose
of laying before the meeting an account showing how the winding
up has been conducted and the property of the Company has been
disposed and giving any explanation thereof.

Dated this 12th day of April 2005

Schon G. Condon Rfd
Liquidator
c/- Jones Condon
Chartered Accountants
Telephone: (02) 9893 9499


MACLOU SMASH: Finalizes Winding Up Procedures
---------------------------------------------
Take note that the affairs of Maclou Smash Repairs Pty Limited
(In Liquidation) A.C.N. 093 003 180 are now fully wound up and
pursuant to Section 509(1) of the Corporations Act, a meeting of
the Company and its creditors will be held at the offices of
Burton Glenn Allen, Chartered Accountants, Level 2, 57 Grosvenor
Street, Neutral Bay NSW 2089 at 10:30 a.m. on May 26, 2005.

The purpose of the meeting is to table an account indicating how
the winding up has been conducted and the property of the
Company disposed of and giving explanations thereof.

Dated this 13th day of April 2005

Brian H. Allen
Peter G. Burton
Liquidators


MULTIPLEX: Trust Unit Undertakes Debt Restructure
-------------------------------------------------
Multiplex Property Trust of the Multiplex Group aims to
restructure a portion of its bank debt by issuing AU$1 billion
in Commercial Mortgage Backed Securities (CMBS), the Sydney
Morning Herald says.

The CMBS will be secured over 17 prime assets located in Sydney,
Melbourbe, Brisbane, Canberra and Perth, which have a fair
market value of AU$1.7 billion.

Multiplex will offer the issue in two series. The first series,
which will mature in three years, will be secured by eight
office buildings including Sydney's KPMG Tower and NRMA Center,
AMP Place in Brisbane and BankWest Tower in Perth. The second,
due in five years, will be secured by five office buildings
including Sydney's Ernst and Young Centre, the Commonwealth Bank
Building in Brisbane, and four retail centers.

The arranger of the issue is ANZ Investment Bank, while the lead
managers are the Royal Bank of Scotland and ANZ Investment Bank.

The senior tranche will be rated by Standard and Poor's, Fitch
and Moody's with the other tranches to be rated by Standard and
Poor's and Fitch.

The tranches range from AAA through to BBB minus.

CONTACT:

Multiplex Group
Level 4 , 1 Kent Street,
SYDNEY , NSW, AUSTRALIA, 2000  
Telephone: (02) 9256 5000  
Fax: (02) 9256 5001
Web site: http://www.multiplex.com.au/


MULTIPLEX: S&P Assigns Ratings to CMBS Transaction
--------------------------------------------------
Standard & Poor's Ratings Services said that it had assigned its
preliminary ratings to Australia's largest single commercial
mortgage-backed securities (CMBS) transaction, to be issued by
Multiplex MPT CMBS Issuer Ltd.
     
The preliminary ratings are based on information as of May 9,
2005. Subsequent information may result in the assignment of
final ratings that differ from the preliminary ratings.
     
Multiplex MPT CMBS Issuer Ltd. has been established as a
segregated issuer and will issue two series of notes with
scheduled maturities of three years and five years. Each series
will be secured by discrete property portfolios owned by
Multiplex Property Trust, part of the Multiplex Group.
      
"Each series is supported by a portfolio of quality office and
retail properties including a number of high profile assets,
including the new Ernst & Young headquarters in Sydney and Perth
and KPMG's new King Street Wharf headquarters in Sydney,"
Standard & Poor's credit analyst Narelle Coneybeare said.
     
This program takes Australian CMBS issuance for the year to date
to over A$1.5 billion and to over A$10 billion overall,
signaling a landmark in the evolution of the use of
securitization technology in commercial real-estate finance in
Australia. "It is interesting to note that this landmark
transaction involves one of Australia's highest profile and best
known developers, Multiplex and also sees Multiplex accessing
the full range of tranching across the investment grade credit
spectrum," Ms. Coneybeare added.

Multiplex MPT CMBS Issuer Ltd. CMBS Series 2005-1
PRELIMINARY RATINGS ASSIGNED
Class        Preliminary rating      Amount (mil. AU$)
A            AAA                     343.0
B            AA                       61.0
C            A                        54.0
D            BBB                      51.0
E            BBB-                     28.0

Multiplex MPT CMBS Issuer Ltd. CMBS Series 2005-2
PRELIMINARY RATINGS ASSIGNED
Class        Preliminary rating      Amount (mil. AU$)
A            AAA                     298.0
B            AA                       53.0
C            A                        39.0
D            BBB                      52.0
E            BBB-                     21.0


NYLEX LIMITED: Confirms Share Purchase Plan Price
-------------------------------------------------
Nylex Limited confirmed that AU$0.27 (or 27 cents) will be the
price at which the Company's Shares will issue to eligible
participants who participate in the Share Purchase Plan
described in the Notice of Meeting and Explanatory Memorandum
and other materials sent to shareholders on Monday, May 9, 2005.

CONTACT:

Nylex Limited
Level 2/ 564 St Kilda Rd
Melbourne 3004
Phone:
Phone: (03) 9533 9333
Fax: (03) 9533 9388
Web site: http://www.nylexlimited.com.au
E-mail: contactus@nylexlimited.com.au


PRICES CANDLES: Proofs of Claim Due Today
-----------------------------------------
A final dividend is to be declared on May 25, 2005 for Prices
Candles Pty Ltd (In Liquidation) A.C.N. 078 414 829.

Creditors whose debt or claims have not already been admitted
are required until today, May 10, 2005 to formally prove their
debts or claims. If they do not, they will be excluded from the
benefit of the dividend.

Dated this 12th day of April 2005

R. W. Whitton
Liquidator
c/- Knights Insolvency Administration
Level 3, United Overseas Bank Building, 32 Martin
Place, Sydney NSW 2000


PRIMBEE PTY: Lays Out Final Meeting Agenda
------------------------------------------
Notice is hereby given that a final combined meeting of the
members and creditors of Primbee Pty Limited (In Liquidation)
A.C.N. 087 561 162 will be held at the offices of Knights
Insolvency Administration, Level 3, United overseas Bank
Building, 32 Martin Place, Sydney on May 26, 2005 at 11:00 a.m.

AGENDA

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

(2) Any other business.

Dated this 18th day of April 2005

Adrian Duncan
Liquidator


PRITCHARD MARKETING: Sets May 20 as Final Meeting Date
------------------------------------------------------
Notice is hereby given that the final meeting of the creditors
and members of Pritchard Marketing Pty Limited (In Liquidation)
A.C.N. 074 546 295 will be held at the offices of Jones Condon
Chartered Accountants, Level 1, 34 Charles Street, Parramatta
NSW, on May 20, 2005 at 10:00 a.m., for the purpose of laying
before the meeting an account showing how the winding up has
been conducted and the property of the Company has been disposed
and giving any explanation thereof.

Dated this 12th day of April 2005

Schon G. Condon Rfd
Liquidator
c/- Jones Condon
Chartered Accountants
Telephone (02) 9893 9499


SOUTHWEST DIAGNOSTIC: Names Geoffrey McDonald Liquidator
--------------------------------------------------------
Notice is hereby given that at an Extraordinary General Meeting
of Southwest Diagnostic Imaging Pty Limited (In Liquidation)
A.C.N. 105 798 383 duly convened and held on April 6, 2005, the
following Special Resolution was passed:

That the Company be wound up voluntarily and that Geoffrey
McDonald be appointed Liquidator for the purpose of such winding
up.

Geoffrey McDonald
Liquidator
c/- Hall Chadwick
Level 29, 31 Market Street,
Sydney NSW 2000


UNIVERSAL RESOURCES: Tie-up with Xstrata Fends Off Copperco Bid
---------------------------------------------------------------
Universal Resources has successfully averted a hostile takeover
by CopperCo Friday when shareholders approved an alliance with
Xstrata, the Sydney Morning Herald reports.

Seventy percent of the votes cast during the shareholders
meeting were in favor of the Xstrata deal. The number rose to 97
percent if CopperCo's 19.3 percent stake was included.

CopperCo's 7-for-1 scrip offer was contingent on Universal
shareholders rejecting the AU$6.6 million share placement to
Xstrata, which would help fund its bankable feasibility study
and give Xstrata an option to purchase Universal's Roseby
project at a later date. The offer has now reverted to the
original 6-for-1 terms and remains open until May 13.

CopperCo, meanwhile, did not disclose whether it would maintain
its stake in Universal once the bid lapsed. CopperCo's holding
in Universal would be slightly larger than Xstrata's once the
approved placement was complete.

CopperCo said Universal had underestimated the costs of building
a plant at its Roseby site and that its planned co-processing of
copper sulphide and copper oxide was technically unsound. It
added the operation's cost base would be too high to maintain
profitability.

CONTACT:

Universal Resources Limited
Level 2, Construction House
35 Havelock Street,
West Perth WA 6005
Telephone: +61 (0)8 9486 8400
Facsimile: +61 (0)8 9486 8700
E-mail: universal@universalresources.com.au
Web site: http://www.universalresources.com.au/


WIMBLE INVESTMENTS: To Undergo Voluntary Liquidation
----------------------------------------------------
Notice is hereby given that at a General Meeting of Wimble
Investments Pty Limited (In Liquidation) A.C.N. 000 832 342 held
on April 5, 2005 it was resolved that the Company be wound up
voluntarily as a Members' Voluntary Winding up and that for such
purpose, Mark Willock be appointed liquidator.

Dated this 5th day of April 2005

Mark Willock
Liquidator


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C H I N A  &  H O N G  K O N G
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401 HOLDINGS: To Announce FY05 Results May 18
---------------------------------------------
The Provisional Liquidators of 401 Holdings Limited (401) have
notified the Hong Kong Stock Exchange that a meeting to approve
the final results for the year ended March 31, 2005 of the
Company will be held on May 18, 2005.

CONTACT:

401 Holdings Limited
Shun Tak Centre, 200 Connaught Road
Central, Hong Kong
Telephone: +852 2363 8301
Fax: +852 2363 8192


CHINESE FORTUNE: Creditors Meeting Slated May 20
------------------------------------------------
Notice is hereby given that a meeting of the creditors of
Chinese Fortune Investment Company Limited will be held at 5th
Floor, Ho Lee Commercial Building, 38-44 D'Aguilar Street,
Central, Hong Kong on May 20, 2005 at 11:30 a.m. for the
purposes provided for in Sections 241, 242, 243 244 and 255A of
the Companies Ordinance.  

Creditors may vote either in person or by proxy.

Proxies to be used at the meetings must be lodged at the
registered offices of the aforesaid companies at Room 502, 5/F.,
Carnival Commercial Building, 18 Java Road, North Point, Hong
Kong, not later than 12:00 noon on the day before the meeting or
adjourned meeting at which they are to be used.

Dated this 6th day of May 2005.

By Order of the Board
Lei Hai Ping
Director


FALCON ENGINEERING: Appoints Provisional Liquidators
----------------------------------------------------
Falcon Engineering Group Limited with registered office located
at Room 503, 5/F, Silvercord Tower 2, 30 Canton Road, Tsim Sha
Tsui, Kolon issued a notice of appointment of joint and several
provisional liquidators as follows:

Joint & Several Provisional Liquidators: Kelvin Edward Flynn and
Cosimo Borrelli, both of RSM Nelson Wheeler Corporate Advisory
Services Limited.

Provisional Liquidators' Address: 7th Floor, Allied Kajima
Building, 138 Gloucester Road, Hong Kong.

Date of Appointment:  March 4, 2005.

Dated this 6th day of May 2005.

E T O'CONNELL
Official Receiver


FX GROUP: Names Joint and Several Liquidators
---------------------------------------------
FX Group International Limited with registered office located at
Unit 3508, 35/F, Tower Two, Lippo Centre, No 89 Queensway,
Admiralty, Hong Kong issued a notice of appointment of joint and
several provisional liquidators as follows:

Joint & Several Provisional Liquidators: Kelvin Edward Flynn and
Cosimo Borrelli, both of RSM Nelson Wheeler Corporate Advisory
Services Limited.

Provisional Liquidators' Address: 7th Floor, Allied Kajima
Building, 138 Gloucester Road, Hong Kong.

Date of Appointment:  March 4, 2005.

Dated this 6th day of May 2005.

E T O'CONNELL
Official Receiver


KIN BONG: Creditors Meeting Set May 24
--------------------------------------
Fong King Chuen Albert trading as Kin Bong Electrical &
Mechanical Engineering Company hereby gives notice that the
General Meeting of Creditors will be held at the Official
Receiver's Office, 10th Floor, Queensway Government Offices, 66
Queensway, Hong Kong on May 24, 2005 (Tuesday) at 10 o'clock in
the morning.

Dated this 6th day of May 2005.

E T O'CONNELL
Official Receiver


LIFETEC GROUP: Expects Turnaround This Year
-------------------------------------------
Lifetec Group (1180) expects to return to profit this year due
to estimated double-digit growth in sale of the Company's
products in mainland China and the disposal of the securities
business, Infocast News reports, citing Lifetec Senior VP Philip
Yick-pang Poon.

In 2004, the Company had a net loss of $61 million, including a
$40 million loss incurred by its securities business.

The Company's plan to invest in the electronic baccarat gaming
business in Macau is expected to be materialized in the first
half of this year, after which the revenue from each game table
will be significantly increased and the Company's share of
revenue will also increase.

The Group is engaged in the research and development,
commercialization, manufacture and sale of original technology
biopharmaceuticals and general trading. The Group owns a PRC SDA
protected 'Category I' revolutionary drug, 'Wei Jia', for
treating severe hepatitis.

CONTACT:

Lifetech Group Limited
26/F Central Tower, 28 Queen's Road Central, Hong Kong  
Phone: 26205303  
Fax: 26206000  
Web site: http://www.hk1180.com


NECKER ENGINEERING: Winding Up Hearing Fixed June 8
---------------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Necker Engineering Limited by the High Court of Hong Kong
Special Administrative Region was on April 7, 2005 presented to
the said Court by Chan Oi Mee of Room 2016, Cheung On Estate, On
Chiu House, Tsing Yi, New Territories, Hong Kong.  

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

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

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

Kong & Associates
Solicitors for the Petitioner
Units 606 & 8, 6/Floor
Tower 2, Lippo Centre
89 Queensway, Admiralty
Hong Kong

Note:

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


POLY INVESTMENTS: Shares Trading Suspended
------------------------------------------
At the request of Poly Investments Holdings Limited, trading in
its shares has been suspended with effect from 9:30 a.m. on May
9, 2005 pending the court hearing on the same day in respect of
the winding-up petition issued against the Company by Asian
Power Development Limited on December 13, 2004.

CONTACT:

Poly Investments Holdings Limited
Suites 1502-3
15th Floor
Great Eagle Centre
23 Harbour Road
Hong Kong  
Phone: 31626666  
Fax: 31626669  


RENREN HOLDINGS: Appoints New Executive Director
------------------------------------------------
The Board of Directors of Renren Holdings Limited announced that
Mr. Lau Yat Tung, Derrick has been appointed as executive
director of the Company with effect from May 6, 2005.

Mr. Lau, aged 40, holds a master degree in business
administration awarded by The Northeast Louisiana University in
the USA. Mr. Lau has over 12 years working experience in the
senior management of corporations engaged in property agency and
development in Hong Kong and the People's Republic of China.

Mr. Lau has not held any directorship in any listed companies in
Hong Kong during the past three years and has not previously
held any position with the Company or its subsidiaries.

Mr. Lau has not entered into any service contract with the
Company and has no fixed term of service with the Company. The
Board will determine the director's fee payable to Mr. Lau. Mr.
Lau does not have any interests in the shares of the Company
within the meaning of Part XV of the Securities and Futures
Ordinance. Save for the fact that Mr. Lau is also the general
manager of Guangzhou Cheng Jian Tian Yu Real Estate Development
Company Limited in which the chairman of the Company, Mr. Yu
Pan, has an indirect beneficial interest, Mr. Lau does not have
any other relationship with any directors, senior management or
substantial shareholders of the Company.

Other than what has been disclosed above, there are no other
matters in relation to the appointment of Mr. Lau that need to
be brought to the attention of the shareholders of the Company.

By order of the board
renren Holdings Limited
Mr. Yu Pan
Chairman

As at the date of this announcement, the Company has two
executive Directors, namely Mr. Yu Pan and Mr. Mai Zhi Hui and
three independent non-executive Directors, namely Mr. Choy Shu
Kwan, Mr. Cheng Wing Keung, Raymond and Ms. Chung Lai Fong, la
Fontaine.

CONTACT:

Renren Holdings Limited
2502B 25 th Floor Tower I
Admiralty Center 18
Harcourt Road HK
Phone: 28510736
Fax: 25430736
Web site: http://www.renren.com


SEMICONDUCTOR MANUFACTURING: Turns to China Banks for US$600 Mln
----------------------------------------------------------------
Semiconductor Manufacturing International Corporation turns to
China banks for a HK$4.68 billion (US$600 million) syndicated
loan after the Export-Import Bank of the United States rejected
a larger deal earlier this year, The Standard reports.

In March, the Company failed received a US$769 million guarantee
from the U.S. bank, under pressure from rival chipmakers and
politicians in the United States worried losing jobs to Chinese
manufacturers.

Concerns over the international chip market and the Company's
future prospects also made some international lenders wary.

The Company lost US$30 million in the first quarter this year,
its second straight quarterly loss, as overcapacity and a glut
of chips hit the market.

SMIC plans a total of US$1 billion in capital expenditure this
year and earlier this month announced it is investing US$51
million in a joint venture with Singapore's United Test and
Assembly Center.

CONTACT:

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


WANG TAT: Receives Bankruptcy Order
-----------------------------------
Notice is hereby given that a Bankruptcy Order against Yam Yiu
Kwan trading as Wang Tat Machinery Engineering was made on April
27, 2005.

All debts due to the estates should be paid to the undersigned.

Dated this 6th day of May 2005.

ET O'CONNELL
Official Receiver


* China's Big Four Banks Prevent US$59 Mln Losses
-------------------------------------------------
China's "big four" state-run banks prevented CNY489 million
(US$59 million) from being lost to fraud this year, Asia Pulse
reports, citing the China Banking Regulatory Commission.

The banks include the Bank of China (BOC), China Construction
Bank (CCB), the Industrial and Commercial Bank of China (ICBC)
and Agricultural Bank of China (ABC).

With effective measures, the ICBC prevented 14 cases, involving
CNY314 million, the ABC 19 cases, involving CNY14 million, the
BOC 34 cases, involving CNY124 million, and the CCB 31 cases,
involving CNY36 million, according to the commission.

The China Banking Regulatory Commission has urged the "big four"
to make greater efforts to establish strict internal-control
system and safeguarding system to prevent and control the
occurrence of financial crimes.

The commission is requiring all four state banks to intensify
their drive to root out fraud from among their ranks.

The agency did not disclose whether any arrests were made.


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


BUMI RESOURCES: Posts 154% Increase in Net Income
-------------------------------------------------
PT Bumi Resources reported a 154% increase in its net income to
IDR9.81 trillion for 2004, Asis Pulse reports, citing Company
president Ari S. Hindaya.

Mr. Hindaya said that the increase was due to rising prices of
coal in the global market. Bumi Resources has two coal mining
companies in Kalimantan namely the PT Arutmin and PT Kaltim
Prima Coal, which is the country's largest exporter of coal.

Production capacity increased 22% to 36.4 million tons, while
sales from both companies were up 17.6% to 36 million tons. Net
profit also increased to Idr1.21 trillion from 2003.

The Company is set to issue IDR5.7 trillion in bonds in order to
refinance debt due in 2.5 years, incurred by PT Kaltim Prima
Coal. Merrill Lynch was chosen to underwrite the bond issue.
Bumi Resources plans to issue bonds valued at US$600 million to
refinance debts and it has named Merrill Lynch as the
underwriter for the bond issue.

CONTACT:

Pt Bumi Resources Terbuka
Midplaza 2, 11th floor
JI. Jend Sundirman, Kav 10-11
Jakarta 10220
Indonesia
Phone: +62 21 574-2050
Fax:   +62 21 573-3421


PERTAMINA: Needs Emergency Funds to Finance Oil Imports
-------------------------------------------------------
Indonesia's fuel supplies may be depleted if state-owned oil and
gas firm PT Pertamina fails to obtain additional funds to import
oil, reports the Jakarta Post.

Pertamina has already spent IDR19 trillion in fuel subsidy funds
allotted in the initial state budget for the year, and needs
cash to import oil.

The government is set to discuss the distribution of IDR3.3
trillion in emergency reserve funds with the House of
Representatives, to enable the Company to import oil.

According to the Ministry of Finance's director of state
treasury Mulia Nasution, the government's top priority is to
disburse additional funds to Pertamina. Minister of Energy and
Mineral Resources Purnomo Yusgiantoro also said that Pertamina
has the government's support in obtaining 20 days' worth of fuel
supply for the country.

But the additional funds may not be enough for the Pertamina's
needs, as the Company usually spends around IDR7.6 trillion to
IDR10.45 trillion a month for its oil imports. The state budget
had set aside only IDR19 trillion in fuel subsidies for the
entire year. The government decided to increase fuel prices by
29% in March due to steadily increasing global prices.

The House of Representatives is set to deliberate on the
additional disbursement next week. Although House financial
affairs chairman Paskah Suzetta said that the government may use
its emergency reserve funds for additional fuel subsidies even
before the deliberation starts, under close supervision by the
House.

CONTACT:

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


PERTAMINA: Set to Buy Four Oil Tankers This Year
------------------------------------------------
PT Pertamina plans to acquire four new tankers this year,
amounting to IDR831 billion, Asia Pulse reports.

The four tankers consist of two types: the general purpose (GP)
type, measuring 17,500 dead weight tonnage (DWT) each, and the
medium range (MR) type, measuring 30,000 DWT. The 2 GP tankers
will cost IDR375.8 billion, while the MR tankers would cost IDR
456 billion.

The Company would use the four tankers to carry crude oil from
the oil fields to its refineries all over the country, according
to a statement.

Pertamina transports oil through the use of leased tankers, but
the Company's tankers account for 57% of its transport capacity.


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


JAPAN AIRLINES: Posts Financial Results for 2004
------------------------------------------------
Japan Airlines Corporation, announced on May 9 the consolidated
financial results of the JAL Group for the year ended March 31,
2005. The announcement includes the Company's forecast for the
year ending March 31, 2006.

Total sales revenues were JPY2,129.8 billion (10.2% up on the
previous year)

Total operating costs were JPY2,073.7 billion (3.7% up on the
previous year)

Operating income was JPY56.1 billion (in the previous year, a
loss of 67 billion yen)

Ordinary income was JPY69.8 billion (previous year, a loss of 71
billion yen)

Net income was JPY30 billion (previous year, a loss of 88
billion yen)

International passenger traffic increased by 25.5%

JAL's fuel bill rose 18% on the previous year to a total of
288.9 billion yen.

For more information, go to
http://bankrupt.com/misc/tcrap_jal050905.pdf

This is a Company press release.


JAPAN AIRLINES: Issues FY2005 Business Plan
-------------------------------------------
Japan Airlines Corporation announced its business plan and
outlook for the fiscal 2005 as follows:

International passenger: JAL will suspend low yield routes and
reallocate resources to high yield, high growth routes, notably
in Asia and China, rebuilding the network with the focus on
profitability. JAL will plan and introduce new passenger
services to meet customer needs. The group expects an increase
in international passenger revenues of JPY48.7 billion on the
year just ended.

Domestic passenger: JAL will promote customer convenience and
competitiveness through E-marketing and the expansion of
services such as Class J and IC check-in service. JAL expects an
increase of revenue of JPY10.2 billion.

International cargo: JAL will actively expand into growth
markets in Asia and China and forecasts a revenue increase of
JPY3.6 billion.

Others: Fuel prices continue to rise from the average cost per
barrel of US$54.00, the figure on which JAL's current 2005-2007
business plan is based, but JAL doesn't plan to change the
forecast because the Company expects to take further counter
measures to improve revenues. These counter measures include
personnel costs reductions, structural reform of international
passenger business, revision of outsourcing policies, reduction
of sales costs based on expansion of e-business and asset
reviews and debt reduction, as announced in March in the JAL
Group's current medium term business plan for the period April
1, 2005 to March 31, 2007.

JAL has no plans to post more aircraft credit memos.

In the current fiscal year due to end March 31, 2006, the JAL
Group expects operating income of JPY60 billion, ordinary income
of JPY29 billion and net income of JPY17 billion, with a
dividend of four yen per share.

This is a Company press release.


JAPAN AIRLINES: Kaneko to Quit as Chairman, Director
----------------------------------------------------
Mr. Isao Kaneko will step down as Chairman and Director of Japan
Airlines Corporation by the end of this month to take
responsibility for the carrier's deteriorating safety record,
Kyodo News reports, citing the Nihon Keizai Shimbun.

The decisions will be officially approved at a board meeting on
May 16, the business daily said. The airline's chairmanship will
remain vacant for the time being.

The airline was ordered by Japan's transport minister to improve
its safety record and was put through a three-day safety audit
by the ministry last month.

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


KANEBO LIMITED: Awaits Fateful TSE Decision
-------------------------------------------
The Tokyo Stock Exchange may delist Kanebo Limited after the
Company manipulated its financial statements to the extent of
JPY215 billion, the Asahi Shimbun reports.

The bourse will need to consider the impact of delisting on
Kanebo's rehabilitation, a point emphasized by the Industrial
Revitalization Corporation of Japan (IRCJ).

The IRCJ, which is overseeing Kanebo's turnaround efforts, is
urging the TSE to protect the Company's 110,000 shareholders.

The Kanebo on Monday submitted the revised financial statements
for five fiscal years through March 2004, correcting the past
reports that incorporated JPY215 billion in window dressing by
the former management.

Delisting would inevitably affect Kanebo's turnaround, such as
its search for a rehabilitation sponsor and the IRCJ's plan to
regain its investments and loans.

CONTACT:

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


SANYO ELECTRIC: Places Rating on Monitor
----------------------------------------
Rating and Investment Information, Inc. (R&I), has placed the
following rating of Sanyo Electric Co. Ltd. on the Rating
Monitor with view to downgrading.

Issuer Rating; Long-term Issue Rating

Preliminary Rating for the Shelf Registration scheme
Debt Issuance Programme

ISSUER RATING: (A+); Placed on the Rating Monitor with view to
downgrading

RATIONALE:

Sanyo Electric Co. Limited posted a net loss of JPY137.1 billion
for the year ending in March, 2005 due to the damage from the
earthquake in Niigata Prefecture as well as a drop in earnings
from the digital electronic equipment and writing-off deferred
tax assets.

The restoration of the production capacity of Sanyo's subsidiary
Niigata Sanyo Electronics, which was struck by the earthquake,
has been completed, and the operating income of the
semiconductor business for the year ending on March 2006 is
expected to show recovery.

However, the influence of the earthquake remains, and the
decrease in earnings would not be avoided in the consumer
segment including cellular phones and digital cameras.
Additionally, Sanyo is planning to embark on a drastic
structural reform, and the cost is expected to sum up to JPY90
billion.

The net loss of JPY92 billion (projection) - a significant sum
for the two consecutive years - will seriously hurt its capital
stock, incurring further damage to its financial condition along
with the debt increases due to the earthquake.

R&I placed the rating for Sanyo on Rating Monitor with a view to
downgrading. With consideration to the structural reform, asset
sales and debt reduction, which will be announced in the
beginning of July, R&I will announce a new rating.

CONTACT:

Sanyo Electric Co. Ltd
5-5, Keihan-Hondori 2-Chome
Moriguchi City, 570-8677, Osaka 570-8677
Japan
Phone: +81 6 6991 1181
Fax: +81 6 6991 6566


* Widening Credit Quality Gap in Japanese Airlines
--------------------------------------------------
Fitch Ratings, the international rating agency, has said that
the difference between the credit quality of the two Japanese
airlines - Japan Airlines (JAL) and All Nippon Airways ("ANA") -
has become increasingly evident, as ANA's demonstrated ability
to cope with the rapid changes in air passenger markets and
escalating fuel prices in recent years have led to a faster
operational and financial recovery than at JAL.

In a comment published today, Fitch says that escalating fuel
prices presents considerable risk for the two airlines. As jet
fuel costs account for roughly 15% of the air transportation
business's operating costs (the second-largest operating cost
component, after staff expenditure), a 10% rise in jet fuel
prices is likely to cause a 1.5% increase in operating costs,
assuming both no fuel hedging and that other operating cost
components remaining stable. Since January 2005 Singapore
Kerosene, a benchmark jet fuel price in Asia, rose by 58.8% to a
peak of USD75.65 per barrel on 5 April.

Meanwhile, the yen (JPY)/US dollar (USD) exchange rate has been
moving within a narrow range of between 104 and 108, no longer
offsetting the higher fuel price in yen terms. Moreover, the
recovery in international passenger volumes is likely to
increase future fuel consumption. These two factors together
could have put significant downward pressure on the airlines'
earnings if effective hedging strategies had not been put in
place.

The two airlines have said that increased fares and fuel
surcharges, as well as a recovery in passenger demand, will
boost revenues, partly offsetting increased fuel costs. However,
Fitch believes that fuel prices and passenger volumes will
continue to dictate the airlines' earnings, leading to greater
uncertainty over future performance. The agency is also
concerned that the industry remains highly competitive, making
it more difficult for the airlines to pass the increased costs
onto passengers.

Further, Fitch takes the view that that timely capacity
adjustments and conservative fuel hedging are key to stabilizing
the airlines' credit profiles, especially as safety control
management is the top priority for any public transportation
businesses, including airlines, while cost controls are
secondary concerns, making it more difficult to reduce costs.

On April 12, 2005, Fitch upgraded ANA to 'BB' from 'BB- (BB
minus)' and affirmed JAL at 'BB- (BB minus)'. The Outlooks of
the two companies' ratings remain stable. ANA's upgrade reflects
its successful capacity adjustments against a background of
changing demand in both international and domestic passenger
markets and its conservative financial strategies, including
full fuel hedging. Both of these factor have helped improve its
operating and financial performances. Meanwhile, JAL, having
focused on the post-merger business consolidation while trying
to leverage its broad operating base as Japan's largest airline,
has been hesitant at reducing its capacity, resulting in its
relatively lower operational efficiency and lagged recovery.

As noted above, the difference between the two airlines' credit
qualities is increasingly evident in their operating
performances and financial ratios. The agency is of opinion that
in view of the level of competition in the market and
uncertainties over the business environment, this gap is
unlikely to be closed in the short term by a single Company's
efforts.


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


CHOHUNG BANK: Parent Firm's CEO Faces Termination Over Merger
-------------------------------------------------------------
The president of Chohung Bank's parent Company, Shinhan
Financial Group Co., may be terminated next week, in relation to
the bank's merger with another unit, Shinhan Bank.

Shinhan Financial Group is set to decide whether to fire Mr.
Choi Young-hwi, the Company chief executive officer (CEO), in
the group's meeting of board members next week. The group
acquired a controlling interest in Chohung Bank in 2003, and is
set to merge the bank with Shinhan Bank in September this year.

Mr. Choi was reported to have differences a with the group's
chairman, Ra Eung-chan, over how to proceed with the merger.

Chohung Bank incurred a net profit of KRW260 billion in 2004.

CONTACT:

Chohung Bank
South Korea
Web site: http://www.chohungbank.co.kr/
E-mail: zpwcho2@chohungbank.co.kr


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


BOUSTEAD HOLDINGS: To List Additional Shares
--------------------------------------------
Boustead Holdings Berhad's additional 65,000 new ordinary shares
of MYR0.50 each issued pursuant to the Company's Employee Share
Option Scheme will be granted listing and quotation effective
Wednesday, May 11, 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


I-BERHAD: Buys Back 12,500 Shares
---------------------------------
I-Berhad disclosed to the Bursa Malaysia Securities Berhad the
details of the shares it had bought back on May 6, 2005.

Date of buy back: 06/05/2005

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

Total number of shares purchased (units):             12,500

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

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

Total consideration paid(MYR):                        10,074.00

Number of shares purchased retained in treasury
(units):    12,500

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

Cumulative net outstanding treasury shares as at to-date
(units): 1,597,000

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

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


MERCES HOLDINGS: Sees No Change in Default Status
-------------------------------------------------
Merces Holdings 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 payments of the principal sum plus interest to
Southern Bank Berhad.

CONTACT:

Merces Holdings Berhad
9th Floor, Wisma Sime Darby
14 Jalan Raja Laut
50350 Kuala Lumpur
Malaysia
Phone: 03-2919366
Fax:   03-2928773/2919901


NAIM INDAH: Unit Posts Zero Log Production for April 2005
---------------------------------------------------------
Naim Indah Corporation Berhad announced that its unit, Jernih
Makmur Sdn Berhad, was unable to extract round timber last
April, as the Company is currently tagging the Compartment
assigned for logging extraction.

Thus, Jernih Makmur Sdn Berhad reports zero (0) log production
for the month of April 2005.

CONTACT:

Naim Indah Corporation Berhad
Jalan Kampar Off Jalan Tun Razak
50400 Kuala Lumpur
Malaysia
Phone: +60 3 4043 9411


NAM FATT: Schedules AGM for Next Month
--------------------------------------
Nam Fatt Corporation Berhad announced that the Company will hold
its 25th Annual General Meeting (AGM) on Wednesday, June 1,
2005, 10:00 a.m. at the Royal Ballroom (Function Room) of the
Kelab Golf Sultan Abdul Aziz Shah No. 1 Club House, Jalan Kelab
Golf 13/6, 40100 Shah Alam, Selangor Darul Ehsan.

Attached is a full copy of the notice, which was published in
The Star on Monday, May 9, 2005:
http://bankrupt.com/misc/tcrap_namfatt050705.doc

CONTACT:

Nam Fatt Corporation Berhad
40B Persiaran Sultan Ibrahim
41300 Klang, Selangor
Darul Ehsan 41300 Malaysia
Phone: +60 3342 0766
Fax:   +60 3342 7830


NORTH BORNEO: Seeks Extension to Revise FY04 Financial Report
-------------------------------------------------------------
The North Borneo Corporation Berhad announced that the Company's
external auditors, Messrs Ernst & Young, qualified its financial
statements for the year ended Dec. 31, 2004, the details of
which were released last May 3, 2005.

In a board meeting last April 22, 2005, the Company's Board of
Directors approved its financial statements for the financial
year ended Dec. 31, 2004; but on April 28, 2005, the Company's
external auditors announced their intent to qualify such
financial statements.

Hence, the Company announces that it intends to retract its
financial statements for the financial year ended Dec. 31, 2004
from the Bursa Malaysia Securities Berhad for revision. The
Company therefore seeks to apply for an extension of time to
release its revised financial statements for public release.

CONTACT:

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


PAN MALAYSIA: Repurchases Extra Shares
--------------------------------------
Pan Malaysia Corporation Berhad disclosed the details of its
shares buy back on May 6, 2005 to the Bursa Malaysia Securities
Berhad.
  
Date of buy back: 06/05/2005

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

Total number of shares purchased (units):          2,600,000

Minimum price paid for each share purchased (MYR):      0.455

Maximum price paid for each share purchased (MYR):      0.470

Total consideration paid (MYR):                1,217,290.17

Number of shares purchased retained in treasury
(units):  2,600,000

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

Cumulative net outstanding treasury shares as at to-date
(units): 31,955,500

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: Posts Shares Buy Back Notice
---------------------------------------------
Pantai Holdings Berhad disclosed to the Bursa Malaysia
Securities Berhad the details of the shares it bought back on
May 6, 2005.
  
Date of buy back: 06/05/2005

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

Total number of shares purchased (units):             18,000

Minimum price paid for each share purchased(MYR):          1.030

Maximum price paid for each share purchased(MYR):          1.040

Total consideration paid(RM):                         18,768.24

Number of shares purchased retained in treasury
(units):     18,000

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

Cumulative net outstanding treasury shares as at to-date
(units): 28,889,200

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

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/


SARAWAK ENTERPRISE: Court Approves Restructuring
------------------------------------------------
Sarawak Enterprise Corporation Berhad (SECB) said that the High
Court of Sabah & Sarawak approved the Company's restructuring
scheme on April 25, 2005, reports the Star News.

The scheme, which was approved by shareholders in a meeting on
April 14, consists of two parts: the first part is an investment
set-off of impairment value worth MYR208 million against the
Company's existing share premium reserves, in accordance with
its proposed non-core assets disposal.

The second part involves a goodwill write-off of MYR946 million,
from a premium on acquisition for 45% stake in Sarawak
Electricity Supply Corporation (SESco).

The restructuring scheme also entails that along with the
Company's current 45% stake in SESco, it would acquire an
additional 51.6% in the Company from Sarawak's State Financial
Secretary for MYR1.03 billion, allowing SECB to own 96.6% of
SESco. The Company would be privatized under Syarikat SESco
Berhad, after which SECB would acquire the remaining 3.4% equity
through a mandatory general offer (MGO).

SECB and SESco will also dispose of some non-core assets to the
State Financial Secretary or its chosen entities in the
Company's restructuring.

SECB chairman Datuk Mohamad Taha Ariffin said that the
restructuring scheme would boost the Company's efficiency by
improving its human resources, infrastructure and operating
systems.


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


BENPRES HOLDINGS: Disposes of Shares in Digitel
-----------------------------------------------
Benpres Holdings, the registrant, disclosed that it has disposed
of 10,507,000 Digital Telecommunications Inc. (Digitel) common
hsraes through the Philippine Stock Exchange indicated below:

      Date                 Volume
      April 4, 2005          780,000
      April 5, 2005        8,940,000
      April 7, 2005           60,000
      April 11, 2005         450,000
      April 12, 2005         277,000

      Total               10,507,000

CONTACT:

Benpres Holdings Corporation
4/F, Benpres Building
Exchange Road corner Meralco Avenue
Ortigas Center, Pasig City
Phone No:  633-3368
Fax No:  634-3009
E-mail Address: jr_benpres@bayantel.com.ph
Web site:  http://www.benpres-holdings.com


CEBU PLAZA: To Serve Ad Congress Participants
---------------------------------------------
Defunct Cebu Plaza Hotel will formally reopen in September, in
time for the 19th Philippine Advertising Congress, SunStar Daily
relates.

Metropolitan Bank and Trust Co. (Metrobank), Cebu Plaza's new
owner, decided to resume hotel operations on the said date so it
could accommodate house participants of the Ad Congress, which
will be held in Cebu in November.

Aside from opening the entire hotel to guests, Metrobank plans
to construct a lagoon in front of Cebu Plaza, as it plans to
package the facility as a city resort.

Metrobank, which has decided to maintain ownership of the hotel,
has teamed up with an international management company to manage
the facility.

Cebu Plaza closed in 2003 after its owner, Pathfinder Holdings
Philippines Inc. (PHPI), turned it over to Metrobank in payment
of PHPI's P900-million debt. PHPI had used the hotel as
collateral for its loan.


DIGITAL TELECOMMUNICATIONS: Says Link-up with Smart Still Knotty
----------------------------------------------------------------
Digitel Mobile, a unit of Digital Telecommunications Philippines
Inc., acknowledged that interconnection woes between Sun
Cellular and Smart Communications are far from over, The
Philippine Daily Inquirer reports.

Digtel Mobile, which uses Sun Cellular as its trade name, had
been complaining that calls and text messages from its network
to Smart have been failing since March. The latest Digitel tests
conducted in late April and just last week still showed that 89
percent of calls from Sun to Smart failed to connect.

Smart, for its part, challenged Digitel to submit itself to
third-party testing as earlier proposed. Smart said it was
willing to help fund such a network audit and even Globe Telecom
Inc. said it was agreeable to the plan.

Digitel said that tests done on calls from Sun Cellular to Smart
from 6 a.m. of April 28 to 6 a.m. of April 29 showed that 89
percent failed "due to no circuit available". Of the 1.08
million Sun-to-Smart calls, 965,098 failed, according to the
Gokongwei firm.

On the other hand, of the 286,075 calls from Sun to Globe
Telecom Inc., only 489 failed.

Smart challenged Digitel that an independent test be conducted
by a third party in order to verify the conflicting claims being
made regarding the network performance of all operators.
However, only Globe agreed to join the plan.

CONTACT:

Digital Telecommunications Phils Inc
110 E Rodriguez Jr Ave Bagumbayan
1110 Quezon City 1110
Philippines
Phones: +63 2 633 0000
Fax: +63 2 635 6142
Web site: http://www.digitelone.com/


GLOBE TELECOM: Fitch Assigns 'BB+' Local Currency Rating
--------------------------------------------------------
Fitch Ratings, the international rating agency, has assigned a
Long-term local currency rating of 'BB+', with a Stable Outlook,
to Globe Telecom Inc ("Globe"). At the same time, Fitch has
affirmed Globe's Long-term foreign currency rating at 'BB'.

The Outlook on the affirmed rating remains Negative, reflecting
the Outlook of the Republic of the Philippines' Long-term
foreign currency rating.

"Globe's robust financial profile and entrenched market position
should stand it in good stead to weather the threat of
heightened competition. Its credit metrics are also supported by
its historical approach to managing competition, which has not
materially altered its financial position - hence the Stable
Outlook on the local currency rating," said Jonathan Cornish,
Director, Corporates group, Asia.

"Globe's ratings are supported by its strong brands and market
position within the high-growth Philippine cellular industry,
robust subscriber growth which has underpinned its improving and
very sound financial profile (for the current ratings), a benign
regulatory environment and modest benefits from its association
with the SingTel group," Mr. Cornish elaborated.

But, he said that apart from the risks inherent with having
operations concentrated in the Philippines constraining the
ratings were Fitch's concerns about the heightened
competitiveness within the cellular industry - where 89% of
Globe's revenues are generated - a factor which has contributed
to a loss of market share in fiscal year 2004.

"Additionally, free cash flow generation is being limited by
persistently high capex commitments to improve network coverage
and capacity, along with increasing distributions to
shareholders," Mr. Cornish added.

Fitch estimates that with 12.5 million subscribers at FYE04,
Globe had a 38% share of the country's cellular market. Globe
and rival Smart Communications, together with its affiliate
Piltel, account for a combined 97% of industry subscribers, but
since Sun Cellular launched its services in 2003 it has garnered
some 3% of industry subscribers and is boosting the level of
competition in its pursuit of additional market share. The
effect of competition may be compounded by the expected slowdown
in subscriber growth, given that penetration of the addressable
market is already at 65% (as per Fitch's estimates). In addition
to cellular services, Globe also provides wireline voice and
data services, although they currently account for just 11% of
group revenues and less than 10% of EBITDA. Fitch estimates that
Globe had a 10% share of the local access market at FYE04.

Fitch notes that like its SingTel affiliates, Globe employs good
fiscal discipline and prudent financial policies. Globe has
maintained a consistently sound (but also improving) financial
profile, with its FY04 credit metrics very sound for its
ratings: EBITDA margin was 59%, net leverage (net debt to
EBITDA) at 1.1x, EBITDA to net interest cover 8.6x, and total
debt to total capitalization 48%.

Globe comfortably complies with its loan covenants. Globe's
liquidity position at FYE04 was also quite sound. Its cash
reserves of PHP13.6 billion, positive free cash flow and
committed lines of credit of some PHP11.0 billion are sufficient
to meet its 2005 debt maturities of PHP9.0 billion, even after
recent share buybacks which totaled some PHP7.7 billion.

CONTACT:

Globe Telecom Incorporated
Pioneer Corner Madison Streets
2/F Globe Telecom Plaza
Mandaluyong, MANILA 1552
PHILIPPINES  
Phone: +63 2 730 2000
Fax: +63 2 739 2000  
Web site: http://www.globe.com.ph


MAYNILAD WATER: Rehab Plan Scored
---------------------------------
The amended rehabilitation plan submitted by Maynilad Water
Services has been described by the Action for Economic Reforms
(AER) a "virtual bailout" for the utility firm's parent, Benpres
Holdings Corporation.

Business World revealed that the latest revisions in the plan,
submitted to a Quezon City court on April 29, translate to a
bailout for Benpres. The AER described it as "grossly
disadvantageous to the government and the consuming public".

The AER stressed there has bee a change in the valuation of
Manila Waterworks Sewerage System (MWSS) purchase price of the
84 percent interest in Maynilad from AU$60 million in the 2004
rehabilitation plan to AU$22 million in the latest
rehabilitation plan. The agency also noted that the manner of
payment has changed significantly.

The AER added that instead of being taken from the proceeds of
the performance bond draw, the payment will be through an offset
of concession fee receivables and in installments.

CONTACT:

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


NATIONAL POWER: Cebu, Negros, Panay Suffer 12-day Brownouts
-----------------------------------------------------------
The National Power Corporation alerted electricity users in
Cebu, Negros and Panay islands of 12 days of brownouts starting
Friday last week, Business World says.

The power interruptions take place at as result of maintenance
servicing of the 50-megawatt Cebu Thermal Power Plant (CTPP) 1
at the Naga Power Plant Complex.

The Naga plant, which is maintained by Salcon Power Corp., is a
major source of power for the Cebu-Negros-Panay (CNP) grid.

Napocor officials were hopeful that the commissioning of two
units of the Panay Diesel Power Plant 3, with a capacity of 13
megawatts each, would offset the shortage. The two units were
being tested as of Thursday last week.

Meanwhile, two units of the Palinpinon Geothermal Power Plant in
Oriental Negros were put under eight-hour emergency shutdown
last week after a cooling power fan became defective. Each unit
has a capacity of 20 megawatts.

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/


NEGROS NAVIGATION: Launches New Party Ship
------------------------------------------
Negros Navigation Company (Nenaco) has re-launched its flagship
vessel Mary Queen of Peace as "Boracay Funship", according to
Business World.

The vessel, which was transformed into a "party ship" and
floating hotel, leads the Nenaco "Funship Series' that started
with the Manila-Boracay direct service.

The vessel's facilities are comparable to modern land-based
hotels, but a dorm-type accommodation is also available for
backpackers on a tight budget.

Jose Fernando Alcantara, strategic business unit manager for
MQPeace, said the refurbishing done for the Boracay Funship is
the Company's means of keeping abreast with the preference of
the market.

"We wanted to emphasize the importance of an enjoyable and
memorable journey even while they're still onboard. More than
bringing our passengers to their destination, we wanted to give
them a trip worth remembering," Mr. Alcantara said.

CONTACT:

Negros Navigation Company. Inc.
Pier 2. North Harbor. Tondo. Manila, Philippines 1012
Telephone Number: (6321 245.5588
Fax Number: (6321 245-1091
Web site: www.negrosnavigation.ph


PILIPINO TELEPHONE: Elects New Directors, Officers
--------------------------------------------------
At the Annual Meeting of the Stockholders of Pilipino Telephone
Corporation held on May 9, 2005, the following were elected as
directors, three of whom are independent directors:

Manuel V. Pangilinan
Napoleon L. Nazareno
Victor S. Chiongbian  - Independent Director
Anabelle L. Chua
Arturo B. Diago, Jr.
Ramoncito S. Fernandez
Enrique G. Filamor
Edward S. Go          - Independent Director
Anastacio R. Martires
Carlos A. Pedrosa     - Independent Director
Rolando G. Pena

At the Orgnizational Meeting of the Board of Directors
immediately following the Annual Meeting of Stockholders, the
following were elected as Officers:

Manuel V. Pangilinan        - Chairman
Napoleon L. Nazareno        - President & Chief Executive
Officer
Deborah Anne N. Tan         - Corporate Governance Compliance
Officer
Aileen M. Malto             - Controller
Alexander D. Arevalo        - Treasurer
Ma. Lourdes C. Rausa-Chan   - Corporate Secretary

At the same meeting, the Board confirmed the appointment of the
following Chairman and members of the various Board Committees:

(1) Audit Committee

    Edward S. Go            - Chairman
    Carlos A. Pedrosa
    Anabelee L. Chua

(2) Nomination Committee

   Victor S. Chiongbian     - Chairman
   Napoleon L. Nazareno
   Arturo B. Diago, Jr.

CONTACT:

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


UOB PHILIPPINES: Sells Off 67 Branches to BDO
---------------------------------------------
Banco de Oro Universal Bank (BDO) recently inked a conditional
agreement to acquire UOB Philippines' 67 branches for Php600
million, The Philippine Daily Inquirer relates.

UOB Philippines, the loss-making subsidiary of Singapore-based
United Overseas Bank ((UOB) has agreed to sell its branch
network and related assets, as well as assign its deposit
liabilities to BDO for Php600 million, which will be used to
subscribe to an issue of new BDO shares.

UOB said that its Philippine unit is applying to downgrade its
operations from a commercial bank to a thrift bank in order to
focus on wholesale banking and fee-based income.

The sale of most of UOB's Philippine branches is expected to
have a marginally positive impact on UOB's earnings and is in
line with its strategy to rationalize the Philippine operations.

In 1999, UOB paid Php3.3 billion (US$82.5 million) for 60
percent of the Philippines-based Westmont Bank. It later renamed
it UOB Philippines.

UOB Philippines incurred a loss of SG$21.2 million (US$12.9
million) last year and a SG$19.7 million loss in 2003.

CONTACT:

United Overseas Bank Philippines
17th Floor, Pacific Star Bldg.,
Sen. Gil Puyat Ave., Cor. Makati Ave.,
Makati City.
Phone: (632) 6700-8686
Fax: (632) 811-5917
E-mail: info@uob.com.ph
Web site: http://www.uob.com.ph


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


CHARTERED SEMICONDUCTOR: Files Form 6-K With the U.S. SEC
---------------------------------------------------------
Chartered Semiconductor Manufacturing Limited has filed its Form
6-K with the United States Securities and Exchange Commission
(SEC) relating to the first quarter ended March 31, 2005.

For further details, go to
http://bankrupt.com/misc/tcrap_csm050905.pdf

CONTACT:

Chartered Semiconductor Manufacturing Ltd
60 Woodlands Industrial Park D Street 2
Singapore 738406
Telephone: 65 63622838
Fax: 65 63622938
Web site: http://www.charteredsemi.com


CITIRAYA INDUSTRIES: Venture One Halts Investment Agreement
-----------------------------------------------------------
Citiraya Industries Ltd refers to the announcement made to the
Singapore Stock Exchange (SGX) on February 28, 2005 in relation
to the proposed investment in the Company by NewSmith Capital
Partners (Asia) Pte Ltd, Koh Boon Hwee and others (the Proposed
Investment), through their investment vehicle, Venture One
Finance Ltd (the Investor).

As stated in the Announcement, pursuant to the Investment
Agreement dated February 26, 2005 and entered into between the
Company and the Investor (the Investment Agreement), completion
of the Proposed Investment is subject to, inter alia, the
Investor having undertaken due diligence investigations in
respect of the Group, including but not limiting to the
business, affairs and the financial position of the Group, and
the results of such due diligence being satisfactory in all
material respects to the Investor in its absolute discretion.

The Board of Directors of the Company would like to announce
that the Investor, having completed its due diligence exercise,
has decided not to proceed with the Investment Agreement and has
served on the Company a notice of termination of the Investment
Agreement.

In connection with the termination of the Investment Agreement,
Mr. Koh Boon Hwee, Mr. Low Check Kian, Mr. Hengky Oeni and Mr.
Lee Kim Bock who were appointed to the Board pursuant to the
Investment Agreement, have resigned as directors of the Company
with immediate effect. Mr. Hengky Oeni and Mr. Lee Kim Bock have
also resigned with immediate effect from their executive
positions as CEO and President of the Company, respectively. Mr.
Richard Jacob, who had previously stepped down as CEO to allow
for Mr. Oeni to assume the position of CEO of the Company, has
consented to be re-appointed as Acting CEO and will be re-
appointed as Acting CEO with immediate effect.

In the meantime, the Company is continuing discussions with
other potential investors. However, these efforts are
detrimentally affected by the continued action by certain
creditors to pursue or threaten litigation.   


ENG WAH: Idle Unit Enters Voluntary Liquidation
-----------------------------------------------
Eng Wah Organization Limited announced in a disclosure made to
the Singapore Stock Exchange (SGX) that Jubilee Leisure (S) Pte
Ltd, an inactive subsidiary in which the Company held 70% of the
issued share capital, has been liquidated pursuant to a members'
voluntary liquidation.

The voluntary liquidation did not have any impact on the net
tangible assets and earnings per share of the Group. None of the
Directors or substantial shareholders of the Company had any
interest, direct or indirect, in the above transaction.

Submitted by

Goh Min Yen
Director on
6 May 2005


GREAT WORLD: Receiving Proofs of Debt until June 6
--------------------------------------------------
A first and final dividend is to be declared for Great World
Ventures Pte Limited (In Liquidation). Those who are mentioned
in the statement of affairs, but have not yet proved your debt
is given until 6th day of June 2005 to do so.

Failure to prove debt will be excluded from the benefits of this
dividend.

Dated this 6th day of May 2005

John Teo Cheng Lok
Joint and Several Liquidator
c/o TeoFoongWongLCLoong
15 Beach Road
#03-10 Beach Centre
Singapore 189677

Note:

Claims must be supported by a Proof of Debt (Form 77).

Form 77 may be obtained from www.tfwlcl.com/form77.pdf


HOTEL PROPERTIES: Dormant Unit Placed in Voluntary Liquidation
--------------------------------------------------------------
The Directors of Hotel Properties Limited advised the Singapore
Stock Exchange (SGX) that its dormant subsidiary, Poussain Pte
Ltd (Poussain), has been placed under members' voluntary
liquidation.

Mr. Lim Say Wan of 8 Robinson Road #08-00 ASO Building
Singapore 048544 has been appointed as Liquidator of Poussain.

The voluntary liquidation of Poussain has no material effect on
the consolidated net tangible assets per share and the
consolidated earnings per share of HPL Group based on the
audited consolidated accounts of the HPL Group for the year
ended 31 December 2004.

By Order of the Board
Chuang Sheue Ling & Lo Swee Oi
Joint Company Secretaries
6 May 2005


LEONG SENG: Served with Winding Up Order
----------------------------------------
In the matter of Leong Seng Hin Piling Pte. Ltd. a winding up
order was made on the 29th day of April 2005.

Name and Address of Liquidator:

Mr. Don Ho Mun-Tuke
Messrs Don Ho & Associates
20 Cecil Street
#12-02/03 Equity Plaza
Singapore 049705

Dated this 29th day of April 2005

Bih Li & Lee
Solicitors for the Petitioner

Note:

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

(2) All debts due to the abovenamed Company should be forwarded
to the liquidator.


LIAN KOK: Gives Creditors Until May 20 to Prove Claims
------------------------------------------------------
Lian Kok Pte Ltd. formerly of 66 Dido Street Singapore 459495
posted at the Government Gazette, Electronic Edition a notice of
intended dividend with the following details.

Court: Supreme Court, Singapore

Number of Matter: Companies Winding Up No. 600098 of
2002

Last Day for Receiving Proofs: 20th May 2005

Name & Address of Liquidator:

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

6th May 2005
Kamala Ponnampalam
Assistant Official Receiver


MARLEX DISTRIBUTOR: Lays Out Meeting Agenda
-------------------------------------------
Take notice that separate meetings of the creditors and
contributories of Marlex Distributor Pte Ltd (In Liquidation)
will be held as follows:

Date: 13th May 2005.

Time: 2.30 p.m. for creditors/4.15 p.m. for contributories.

Venue: 336 Smith Street,  #05-300 New Bridge Centre,
Singapore 050336.

AGENDA

(a) To decide on the members of the Committee of Inspection
which has been ordered by the Court to be set up.

Dated this 6th day of May 2005

David Kung Seah Lim
Liquidator
c/o 336 Smith Street
#05-310 New Bridge Centre
Singapore 050336

Proxies to be used at the meeting must be lodged at the office
of the Liquidator not later than 4 o'clock in the afternoon of
the 12th day of May 2005.


SPECTROL INDUSTRIES: Issues Intended Dividend Notice
----------------------------------------------------
Spectrol Industries Pte Ltd (In Creditors' Voluntary
Liquidation) located at 18 Cross Street, #08-03 Marsh & McLennan
Centre, Singapore 048423 posted a notice of intended
preferential dividend at the Government Gazette, Electronic
Edition with the following details:

Last day for receiving proofs: May 24, 2005.

Name of liquidators: Chee Yoh Chuang and Lim Lee Meng.

Address of liquidators: c/o Chio Lim & Associates, 18 Cross
Street #08-01 Marsh & McLennan Centre, (China Square Central)
Singapore 048423.

Dated this 9th day of May 2005.

Chee Yoh Chuang
Lim Lee Meng
Liquidators


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


KRUNG THAI: Sets Coupon Rates for THB15-Bln Bonds
-------------------------------------------------
Krung Thai Bank PCL has on Friday set a coupon rate for its
planned 10-year bonds at 4.6 percent for the first five years
and 6 percent for the remaining five years, Dow Jones Newswires
reports.

The state-owned bank intended to issue as much as THB15.0
billion of the 10-year debt in May. The bank said it will offer
bonds worth THB10.0 billion first, and will offer an additional
THB5.0 billion if there is a robust demand.

Krung Thai will use the proceeds of the bond offering to beef up
its noncore capital.

The bond issuance, which received shareholder approval last
month, is part of Krung Thai's plan to sell around THB40-
billions bonds over five years. The bonds will be sold to local
and foreign institutional investors.  

CONTACT:

Krung Thai Bank Public Company Limited   
35 Sukhumvit Road, Khlong Toei Nua, Wattana Bangkok    
Telephone: 0-2255-2222   
Fax: 0-2255-9391-6   
Web site: http://www.ktb.co.th


KRUNG THAI: Fitch Assigns 'AA-(tha)' to Subordinated Bonds
----------------------------------------------------------
Fitch Ratings (Thailand) assigned a National Long-term rating of
'AA-(tha)' (AA minus(tha)) to Krung Thai Bank Public Company
Limited's (KTB) subordinated debentures of up to THB15 billion
with a maturity of 10 years. The Outlook on the rating is
Stable. At the same time, Fitch has also affirmed KTB's National
Long-term senior debt rating at 'AA(tha)' and Short term at
'F1+(tha)'.

KTB's ratings reflect the improvement in its financial position,
although challenges in re-establishing a viable business,
reforming its organization and aggressive loan growth - which
raises concerns about future asset quality problems and
profitability - continue to constrain the ratings. Although
government ownership and control provide support to the ratings,
on a standalone basis, these factors have tended to weaken KTB's
financial performance. While the large loan reclassification in
the first half of 2004 highlights Fitch's concerns about KTB's
policy role, asset quality and risk management, the impact on
profitability and capital does not, as yet, appear significant.

KTB reported a net profit of THB11.1billion in 2004, up from
THB8.7billion in 2003 due largely to one-off dividends from the
Vayupak Fund - the Thai government-initiated fund - strong loan
growth, lower funding costs and higher gains from investments.
Nonetheless, profitability was hurt by additional provisioning
for the large increase in impaired loans. As a result of
regulatory intervention, the aggressive loan growth of 30% per
annum seen in 2002 and 2003, now appears to have moderated (15%
in 2004).

KTB's net interest margin improved to 2.87% in 2004 from 2.16%
the prior year, due mainly to loan growth. Margins were also
boosted by the restatement of penalty fees as interest income
rather than non-interest, from the second quarter of 2004. In
first quarter of 2005, KTB reported a net profit of
THB4.3billion, which, while lower than the THB5.2billion
reported in the first quarter of 2004 (due mainly to smaller
gains from investments and higher income tax expenses) still
shows underlying recovery is on track. The bank's performance
should continue to improve in 2005 with stronger earnings and
lower provisioning, although loan growth is expected to moderate
further given Thailand's weakening economic growth outlook.

Adjusting for the government bail-out bonds, KTB's impaired
loans increased to THB123.3billion or 14.5% of total loans at
end-2004 from THB82.9billion or 11.2% at end-2003 as a result of
the more stringent loan classification criteria set by the Bank
of Thailand. While the re-classification had no immediate impact
on KTB's profitability, as some of general reserves were
transferred to specific reserves, its reserve coverage ratio has
now fallen to only 51.4% from 71.8% at end-2003, which appears
relatively weak, indicating the risk of more provisions. The
bank is implementing improvements to risk management including
general provisioning policy, which should address some of these
concerns.

At end-2004, KTB's Tier 1 capital ratio stood at around 8.2% of
risk-weighted assets while the total capital ratio stood at
10.9%. Earnings recovery should underpin capital adequacy,
although if strong asset growth continues this could put
pressure on capital adequacy over the next two years.


PHUKET AIR: U.K. Seizes Plane, Puts Airline on Blacklist
--------------------------------------------------------
Phuket Air has been barred from flying to the U.K., just days
before it was banned from servicing flights to the Netherlands,
The Nation reveals, citing the Guardian News Service.

The U.K. Department for Transport (DFT) disclosed in its web
site that the "the Secretary of State has suspended the permit
of Phuket Airlines (Thailand) because of operational safety
concerns".

Phuket Air is just one of several foreign carriers in the U.K.
blacklist. Other airlines include ones from Equatorial Guinea,
Liberia, Tajikistan, Sierra Leone, Congo, Mauritania and
Swaziland.

One of Phuket Air's aircraft has been reportedly seized for non-
payment of landing fees at London's Gatwick Airport.

The Gatwick airport operator, BAA, confirmed it will not release
Phuket Air's Boeing 747 jet until the carrier had paid its
bills.

Sribenja Semmeesook of Aziam Burson-Marsteller, Phuket Air's
public relations agency, said that Phuket Air suspended flights
to and from Gatwick in the middle of April because of few
passenger traffic. As to the seizure of the 747 at Gatwick, Ms.
Semmeesook refused to comment on the matter, saying it was a
financial issue.

CONTACT:

Phuket Airlines Co., Ltd.
1168/102 34th-B Fl. Lumpini Tower Bldg.
Rama IV Road, Thungmahamek
Sathorn Bangkok 10120
Thailand.
Telephone: (662) 679-8999 (10 Line)
Fax: (662) 679-8235-6
E-mail: info@phuketairlines.com


THAI HEAT: Planner Unveils Rehab Plan Revisions
-----------------------------------------------
Thai Heat Revival Company Limited as the reorganization planner
of Thai Heat Exchange Public Company Limited has sent the
correction of the rehabilitation plan to the Central Bankruptcy
Court on April 29, 2005.

On May 9,2005, 87.30 % of the creditors passed a resolution
accepting the correction.

The details of the plan correction are as follows:
  
1. Convert all prefer shares amount as of December 31,2004
totaling 5,504,100 preferred shares to 5,504,100 common shares
at par value THB10.00.
  
2. Convert all convertible debentures amount as of December 31,
2004 totaling 51,829 debentures to 5,182,900 common shares at
par value THB10.00.
  
3. Adjust premium on shares and legal reserved to reduce the
deficit.

4. Decrease par value from 10.00 Baht to 1.00 Baht to reduce the
deficit.

5. Increase the capital amount 62 million common shares at par
value THB1.00 and offer the right to existing shareholders at
the ratio 1 share: 1 new share at par. And issue 62 million free
warrants attached to new shares at the ratio 1 warrant: 1 new
share. 1 warrant could be exercise to 1 common share at the end
of every quarter within 3 years and exercise price is THB1.00.
  
6. Convert unsecured financial institution creditors amount of
THB15,198,920 to 15,198,920 common shares at par value THB1.00.
  
7. Convert labor creditors amount of THB46,585,695 to 46,585,695
common shares at par value THB1.00.
  
8. The secured financial institution creditors amount of
THB225.9 million could be converted all of partial of loans to
common shares at ratio THB1 : 1 share at par value within June
30, 2006.

The Central Bankruptcy court set the date to judge the
rehabilitation plan on May 16,2005 at 9:00 A.M.

CONTACT:

Thai Heat Exchange Public Company Limited
1364 Ramkhamhaeng Road, Suan Luang Bangkok
Telephone: 0-2318-2478-9, 0-2314-4582, 0-2319-1911-5
Fax: 0-2318-2655, 0-2319-4268
Web site: http://www.thaiheat.com




BOND PRICING: For the Week 9 May to 13 May 2005
-----------------------------------------------

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


AUSTRALIA
---------

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


MALAYSIA
--------

Aliran Ihsan Resources Bhd             5.000%     11/29/11    1
Asian Pac Holdings Bhd                 4.000%     12/22/05    1
Artwright Holdings Bhd                 5.500%      3/06/07    1
Berjaya Group Bhd                      5.000%     10/17/09    1
Berjaya Land Bhd                       5.000%     12/30/09    1
Berjaya Sports Toto Bhd                8.000%      8/04/12    4
Camerlin Group Bhd                     5.500%      7/15/07    1
Crescendo Corporation Bhd              3.000%      8/25/07    1
Crest Builder                          7.000%      2/24/06    1
Dataprep Holdings Bhd                  4.000%      8/05/05    1
Dataprep Holdings Bhd                  4.000%      8/06/07    1
Eden Enterprises (M) Bhd               2.500%     12/02/07    1
Equine Capital Bhd                     3.000%      8/26/08    2
Fountain View Development Sdn Bhd      3.500%     11/03/06    2
Furqan Business Organization           2.000%     12/19/05    1
Gadang Holdings Bhd                    2.000%     12/24/08    1
Greatpac Holdings Bhd                  2.000%     12/11/08    1
Gula Perak Bhd                         6.000%      4/23/08    1
Hong Leong Industries Bhd              4.000%      6/28/07    1
Huat Lai Resources Bhd                 5.000%      3/28/10    1
I-Berhad                               5.000%      4/30/07    1
Insas Bhd                              8.000%      4/19/09    1
Integrax Bhd                           3.000%     12/24/05    1
Kamdar Group Bhd                       3.000      11/09/09    1
Killinghall Bhd                        5.000%      4/13/09    1
Kretam Holdings Bhd                    1.000%      8/10/10    1
Kumpulan Jetson                        5.000%     11/27/12    1
LBS Bina Group Bhd                     4.000%     12/29/06    1
LBS Bina Group Bhd                     4.000%     12/31/07    1
LBS Bina Group Bhd                     4.000%     12/31/08    1
LBS Bina Group Bhd                     4.000%     12/31/09    1
Lebar Daun Bhd                         2.000%      1/06/07    5
Lion Diversified Holdings Bhd          2.000%      6/01/09    2
Media Prima Bhd                        2.000%      7/18/08    1
Mithril Bhd                            3.000%      4/05/12    1
Mithril Bhd                            8.000%      4/05/09    1
Mutiara Goodyear Development Bhd       2.500%      1/15/07    1
Naim Indah Corp.                       0.500%      8/24/06    1
Nam Fatt Corporation Bhd               2.000%      6/24/11    1
Pantai Holdings Bhd                    5.000%      7/31/07    1
Patimas Computers Bhd                  6.000%      2/19/06    1
Poh Kong Holdings                      3.000%      1/20/07    1
Prinsiptek Corporation Bhd             2.000%     11/20/06    1
Puncak Niaga Holdings Bhd              2.500%     11/18/16    1
Ramunia Holdings                       1.000%     12/20/07    1
Rashid Hussain Bhd                     0.500%     12/24/12    1
Rashid Hussain Bhd                     1.500%      6/30/07   75
Rashid Hussain Bhd                     3.000%     12/24/12    1
Rhythm Conoslidated Bhd                5.000%     12/17/08    1
Silver Bird Group Bhd                  1.000%      2/15/09    1
Southern Steel                         5.500%      7/31/08    2
Tanah Emas Corporation Bhd             2.000%     12/09/06    1
Talam Corporation Bhd                  7.000%      7/19/05    1
Talam Corporation Bhd                  7.000%      4/19/06    1
Tap Resources Bhd                      2.000%      6/29/06    1
Tenaga Nasional Bhd                    3.050%      5/10/09    1
Time Engineering Bhd                   2.000%     12/25/05    1
VTI Vintage Bhd                        4.000%      8/22/06    1
WCT Land Bhd                           3.000%      8/02/09    1
Wah Seong Corp                         3.000%      5/21/12    3


SINGAPORE
---------

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





                            *********


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

Troubled Company Reporter -- Asia Pacific is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Trenton, NJ
USA, and Beard Group, Inc., Frederick, Maryland USA. Lyndsey
Resnick, Ma. Cristina Pernites-Lao, Faith Marie Bacatan, Reiza
Dejito and Erica Fernando, Editors.

Copyright 2005.  All rights reserved.  ISSN: 1520-9482.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without
prior written permission of the publishers.  Information
contained herein is obtained from sources believed to be
reliable, but is not guaranteed.

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delivered via e-mail. Additional e-mail subscriptions for
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subscription or balance thereof are $25 each.  For subscription
information, contact Christopher Beard at 240/629-3300.

                 *** End of Transmission ***