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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

             Monday, May 16, 2005, Vol. 8, No. 95

                            Headlines

A U S T R A L I A

ALBING PTY: General Meeting Set May 20
AUSTRAL COAL: Panel Receives Application from Glencore
AUSTRAL COAL: Centennial Resolves Dispute with Gujarat
BONNY VIEW: To Pay Dividend June 3
BRANDO INVESTMENTS: To Declare Dividend June 12

CHEMEQ LIMITED: Manufacturing Plant Catches Fire
CYCLE & CARRIAGE: Members Agree to Wind Up Company
GARNER ROSE: Winds Up Voluntarily
GREAT SOUTHERN: To Pay Dividend June 11
ICAN AUSTRALIA: To Declare Dividend May 27

JARRAH ASSET: Fixes May 18 as Date of Dividend Declaration
JK HOLDINGS: Lays Out Final Meeting Agenda
KDM (WA) PTY: Sets May 19 as Date of Joint Meeting
MULTIPLEX: U.K. Ops May Drive Turnaround
NATIONAL AUSTRALIA: Gets Reward for Delivering Good News

NATIONAL AUSTRALIA: Cuts Anger Customers, Staff Across Globe
NT EDDY: Lays Out Agenda of Final Meeting
PEARL GROVE: To Convene Final Meeting May 20
PRIORITY UNSECURED: To Declare Dividend May 18
QANTAS AIRWAYS: Boosts Domestic Flights to Perth

QUINNSMITH PTY: Joint Meeting Set May 18
RASETO PTY: Members Pass Resolution to Wind Up Company
READ RITE: Voluntarily Winds Up
STATION ROAD: Hires Officials Liquidators
ST GEORGE: Final Dividend to be Declared June 3

TATLI ELECTRICS: Taps Chartered Accountants Liquidator
TIGER SPRING: ASIC Bans Father and Daughter
TOP FASHION: Names Loke Ching Wong Official Liquidator


C H I N A  &  H O N G  K O N G

CHINA CONSTRUCTION: To Charge Fees on Small Accounts
CROWN RISING: Court to Hear Petition June 29
FORTUNA INTERNATIONAL: Updates Sale Purchase Agreement
INDUSTRIAL AND COMMERCIAL: Finalizing Establishment of Fund Unit
KAM-TRONIC CYBER: Gives Creditors Until June 12 to Prove Claims

LUEN WON: Creditors Meeting, EGM Slated for May 21
MAE HOLDINGS: Consolidates Ordinary Shares into HK$0.01 Each
PROACTIVE TECHNOLOGY: Books $18,000 Net Loss in 1Q/2005
WAI YUEN: Beefs Up Board Lot Size to 6,000 New Shares
* More Than 2000 SOEs Expected to Go Under


I N D O N E S I A

BANK MANDIRI: Bank Indonesia OKs Part of Bond Issue
BANK MANDIRI: To Replace Suspected Execs


J A P A N

FUJITSU LIMITED: Opens 2nd Platform Solution Center in Singapore
KANEBO LIMITED: Faces TSE Delisting Over Accounting Scam
RESONA HOLDINGS: Pays JPY100 Mln to Fraud Victims
SHOWA DENKO: Operating Income Up 23.2% in First Quarter
SPACE WORLD: Applies for Court Protection

TOBU RAILWAY: R&I Assigns BBB- to Shelf Reg.


K O R E A

BRIDGE SECURITIES: To Decide Whether to Undertake Liquidation
CHOHUNG BANK: Workers Threatens Strike if Merger Pushes Through
SK LIFE: Preferred Bidder Signs Contract for Takeover


M A L A Y S I A

BUKIT KATIL: Seeks to Extend Announcement on Financial Condition
I-BERHAD: Buys Back 7,000 Shares
MAXIS COMMUNICATIONS: To List Extra Shares
MEGA FIRST: Unit's Subsidiary Under Administration
PAN MALAYSIA: Posts Notice of Shares Buy Back

PAN PACIFIC: Sees No Change in Default Status
PANTAI HOLDINGS: Repurchases More Shares
POS MALAYSIA: Unveils Employee Share Option Scheme
WCT ENGINEERING: Blocks Maju Holdings' Move


P H I L I P P I N E S

BACNOTAN CONSOLIDATED: To Undertake Tender Offer of COC Shares
COLLEGE ASSURANCE: Execs Slapped with Tax Evasion Raps
COLLEGE ASSURANCE: Camp John Hay to File Suit Over Unpaid Rent
MAYNILAD WATER: Manila Water Shareholders to Join Bid
METRO PACIFIC: Board Approves Reactivation of ESOP

METRO PACIFIC: Incurs Php64.8 Mln Net Loss in Q1
NATIONAL POWER: Keeps Turbine On to Prevent Brownouts in Cebu
PHILIPPINE LONG: U.S. DOJ Terminates Antitrust Probe
ZEUS HOLDINGS: Postpones ASM to June


S I N G A P O R E

ACCORD CUSTOMER: Answers SGX-ST Query
ASIA-PACIFIC PORT: Court Sets Hearing May 20
BO DA INVESTMENT: Proofs of Debt, Claims Due June 6
CHINA AVIATION (S): Releases New Final Scheme of Arrangement
FUNAI ASIA: Pays First and Final Dividend

HPC ASIA: Winding Up Hearing Slated for May 27
JAYA HOLDINGS: Group's Net Profit Swells 88%
MANAGEMENT CORPORATION: Receiving Proofs of Claims Until June 6
TENG HUAT: Court to Hear Winding Up Petition May 27
UNIVERSAL BUILDING: Begins Bankruptcy Proceedings


T H A I L A N D

ADVANCE PAINT: Net Loss Climbs to THB12,552,000
POWER-P: Clarifies 20% Increase in Operating Results
T.C.J. ASIA: Unit Inks Rental Contract with Juthamard

     -  -  -  -  -  -  -  -

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


ALBING PTY: General Meeting Set May 20
--------------------------------------
Notice is hereby given in pursuance of Subsection 509(1) and (2)
of the Corporations Act 2001 that a General Meeting of the
Members of Albing Pty Ltd (In Voluntary Liquidation) A.C.N. 004
431 921 will be held on May 20, 2005 at 2:00 p.m. at the Office
of Eager and Partners, Accountants, 74 Main Street, Bairnsdale
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 has been disposed of and hearing any
explanation that may be given by the Liquidator.

Dated this 1st day of April 2005

Robert Zagami
Liquidator


AUSTRAL COAL: Panel Receives Application from Glencore
------------------------------------------------------
The Takeovers Panel has advised that it has received an
application Thursday from Glencore International AG and a
Company controlled by Glencore, Fornax Investments Ltd (together
Glencore), in relation to the affairs of Austral Coal Limited
and the scrip takeover offer for Austral by Centennial Coal
Company Limited.

Glencore has applied for a declaration of unacceptable
circumstances, interim orders and final orders.

Glencore has alleged that the disclosure on April 29, 2005 by
Centennial of its intention to close the Munmorah coal mine in
NSW constitutes unacceptable circumstances. Glencore has alleged
that Centennial had made inadequate, or misleading disclosure
concerning the value of the Centennial shares being offered
under its bid for Austral and how that venue might be affected
by the Munmorah mine and the developments announced on April 29.

Glencore has requested that the Panel make interim orders
restraining the further processing of applications under the
Centennial takeover, pending the outcome of its application.

Glencore has requested that the Panel make final orders
requiring Centennial to:

(1) Issue a supplementary bidder's statement containing full
information concerning the Munmorah mine and Centennial's
decision; and

(2) Give former Austral shareholders who have accepted the
Centennial takeover offers an opportunity to withdraw their
acceptances.

The Panel has not decided whether to conduct proceedings in
relation to the application and makes no comment on the merits
of the application. It also notes that it has not received
submissions from the other parties to the application and it is,
therefore, unaware of their views.

The President of the Panel is appointing a sitting Panel to
consider the application.

CONTACT:

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


AUSTRAL COAL: Centennial Resolves Dispute with Gujarat
------------------------------------------------------
The Directors of Centennial Coal Company Limited, Austral Coal
Limited and Gujarat NRE Coke Limited are pleased to announce
that the proceedings brought by Gujarat have been amicably
resolved between the parties with each of Austral and Gujarat
agreeing to a Deed of Release and meeting their own legal costs.

Centennial and Gujarat look forward to exploring future
opportunities for the supply of coal from Austral's Tahmoor
coking coal mine and Centennial's other operations to Gujarat's
coking operations in India.


BONNY VIEW: To Pay Dividend June 3
----------------------------------
A first and final dividend is to be declared on Friday, June 3,
2005 for Bonny View Corporation Limited (In Liquidation) A.C.N.
098 183 816.

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

Dated this 4th day of April 2005

Todd Kelly
Peter Morris
Liquidators
c/- Foremans Business Advisors
Suite 1, 29 Lake Street,
Cairns Qld 4870


BRANDO INVESTMENTS: To Declare Dividend June 12
-----------------------------------------------
A first and final dividend for ordinary unsecured creditors is
to be declared on June 12, 2005 for Brando Investments (Qld) Pty
Ltd (Subject To Deed Of Company Arrangement) A.C.N. 097 643 046.

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

Dated this 30th day of March 2005

Jonathan Mcleod
Deed Administrator
c/- Knights Insolvency Administration
Level 14, Brisbane Club Tower,
241 Adelaide Street,
Brisbane Qld 4000


CHEMEQ LIMITED: Manufacturing Plant Catches Fire
------------------------------------------------
Chemeq Limited announced that there had been a small contained
fire which was extinguished in minutes, at the Company's
manufacturing facility Thursday afternoon.

Chemeq Chairman Dr. Graham Melrose said there were no injuries
to personnel, and damage to the plant was minimal.

"Initial indications are that an oil relief valve caused the
fire in the Active Pharmaceutical Ingredient building and some
control cabling has been damaged," he said.

"We have closed the API building whilst the cause of the fire is
investigated and minor repair work is carried out."

"All other areas of the plant are unaffected and Chemeq has
sufficient quantities of CHEMYDE API stored at the formulation
building to ensure manufacturing of the finished product will
reasonably continue as scheduled, whilst the repai work is
completed."


The API building housed the production of CHEMYDE API which is
then formulated into Chemeq polyneric antimicrobial. The cost of
repairs to the plant is at this stage expected to be minimal and
covered by insurance.

CONTACT:

Chemeq Limited
Suite 8 Petroleum House,
3 Brodie Hall Drive,
Technology Park,
Bentley, Australia, 6102
Head Office Telephone 08 9362 0100
Head Office Fax 08 9355 0199
Web site: http://www.chemeq.com.au/


CYCLE & CARRIAGE: Members Agree to Wind Up Company
--------------------------------------------------
At general meeting of the members of Cycle & Carriage Properties
Pty Limited A.C.N. 060 193 062 held concurrently at 8 Baywater
Drive, Homebush Bay NSW 2127 on March 31, 2005 a special
resolution that the company be wound up voluntarily was passed.

S. R. T. Craig
Liquidator
80 Pymble Avenue,
Pymble NSW 2073


GARNER ROSE: Winds Up Voluntarily
---------------------------------
Notice is hereby given that at the extraordinary general
meetings of the members of Garner Rose Investments Pty Ltd (In
Liquidation) A.C.N. 099 775 345 held on April 1, 2005 it was
resolved that the company be wound up voluntarily and at
meetings of creditors held later the same day it was resolved
that Victor Raymond Dye and Nicholas Giasoumi, Registered
Liquidators, both of Suite 8, 260 Auburn Road, Hawthorn 3122 be
appointed joint and several liquidators.

Dated this 1st day of April 2005

V. R. Dye
N. Giasoumi
Joint & Several Liquidators
Dye & Rennie
Chartered Accountants
Suite 8, 260 Auburn Road,
Hawthorn 3122


GREAT SOUTHERN: To Pay Dividend June 11
---------------------------------------
A first and final dividend is to be declared on June 11, 2005
for Great Southern Caravans Pty Ltd (Subject To Deed Of Company
Arrangement) A.C.N. 106 190 149.

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

Dated this 5th day of April 2005

G. M. Rambaldi
Deed Administrator
Pitcher Partners
Level 6, 161 Collins Street,
Melbourne Vic 3000


ICAN AUSTRALIA: To Declare Dividend May 27
------------------------------------------
A first and final dividend is to be declared on Friday, May 27,
2005 for Ican Australia Pty Ltd (In Liquidation) A.C.N. 051 461
119.

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

Dated this 1st day of April 2005

Mark Pearce
Liquidator
Pearce & Heers Insolvency Accountants
Level 8, 410 Queen Street,
Brisbane Qld 4000
Telephone: 07 3221 0055
Facsimile: 07 3221 8885


JARRAH ASSET: Fixes May 18 as Date of Dividend Declaration
----------------------------------------------------------
A first and final dividend is to be declared on May 18, 2005 for
Jarrah Asset Pty Ltd (In Liquidation) A.C.N. 082 173 484.

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

Dated this 29th day of March 2005

K. A. Strickland
Official Liquidator
Hall Chadwick
Level 40, BankWest Tower,
108 St George's
Terrace, Perth WA 6000


JK HOLDINGS: Lays Out Final Meeting Agenda
------------------------------------------
Notice is hereby given that pursuant to Section 509(1) of the
Corporations Act, the final meeting of the members of JK
Holdings Pty Ltd (In Liquidation) A.C.N. 009 728 367 will be
held at Level 21, 123 Eagle Street, Brisbane on the May 17, 2005
at 10:00 a.m.

AGENDA

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

Dated this 12th day of April 2005

J. E. Scott
Liquidator


KDM (WA) PTY: Sets May 19 as Date of Joint Meeting
--------------------------------------------------
Notice is given pursuant to Section 509 of the Corporations Act
2001 that a joint meeting of the members and creditors of KDM
(WA) Pty Ltd (In Liquidation) A.C.N. 055 658 145 will be held at
the offices of Hall Chadwick, Level 40, BankWest Tower, 108 St
George's Terrace, Perth WA 6000 on May 19, 2005 at 10:30 a.m.,
for the purpose of having an account laid before them showing
the manner in which the winding up has been conducted and the
property of the company disposed of and of hearing any
explanations that may be given by the Joint and Several
Voluntary Liquidators.

Dated this 31st day of March 2005

C. M. Williamson
Liquidator
Hall Chadwick
Level 40, BankWest Tower,
108 St George's Terrace,
Perth WA 6000


MULTIPLEX: U.K. Ops May Drive Turnaround
----------------------------------------
Multiplex's Wembley stadium woes may be overcasting the
potential of the Company's U.K. operations, reports The
Australian.

Investment bank Credit Suisse First Boston (CSFB) issued a
research report suggesting that Multiplex's U.K. operations
could still have some earnings upside that are yet to be
reflected in the property firm's share price.

Multiplex's shares plunged in February when it revealed its
flagship AU$1.2 billion construction project to rebuild London's
Wembley stadium was no longer expected to make a profit and was
only anticipated to break even.

But CSFB reports that Multiplex's recent investments and
development opportunities in the U.K. should provide the group
with the "the necessary scale in the UK to justify further
longer-term investment in this new market".

CSFB also suggests that Multiplex now has increased scale and
debt funding capacity due to its merger with Ronin Property
Group last year.

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/


NATIONAL AUSTRALIA: Gets Reward for Delivering Good News
--------------------------------------------------------
National Australia Bank (NAB) has finally reaped the benefits of
its first positive earnings since 2001, Sydney Morning Herald
says.

Most analysts and investors agree that NAB is on the road to
recovery after four years of blunders, including the ill-fated
acquisition of U.S. mortgage bank Homeside, the forex trading
debacle, the share raid on AMP, a distracting boardroom brawl
and management overhaul.

The question now is on how quickly it will turn around.

ABN Amro analysts said the key issue for NAB was managing to
show revenue growth in the face of stronger competition. They
believe the task will be difficult, so they maintain thier
"reduce" recommendation.

However, Macquarie Research analysts were more positive. They
said the growth in earnings from the Australian business in the
first half on the previous six months was "terrific given the
competitive headwinds".

But NAB boss John Stewart admitted the bank still lags its
peers. NAB's overall margins fell by 10 basis points in the
latest result, a big improvement on the second half of last
year, but double that of its major bank peers.

CONTACT:

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


NATIONAL AUSTRALIA: Cuts Anger Customers, Staff Across Globe
------------------------------------------------------------
National Australia Bank's (NAB) latest announcement to trim
costs has angered customers in Britain and alarmed employee
representatives in Australia, The Age relates.

While analysts were generally bullish in NAB's efforts to
stabilize its position and beef up revenue, Finance Sector Union
national secretary Paul Schroder believes the bank has taken a
very aggressive approach.

"The bank is determined to reduce costs by cutting jobs but we
need to know how much is enough," Mr. Schroder.

Meanwhile, investment bank analysts cautiously welcomed NAB's
interim cash profit of AU$1.62 billion. They said it showed the
bank was back on track, even if full recovery was not in sight.

Citigroup said it was "cautiously optimistic about the bank's
outlook" but was worried about the pace of the turnaround and
the revenue risk created by large-scale redundancies.


NT EDDY: Lays Out Agenda of Final Meeting
-----------------------------------------
Notice is hereby given that a final meeting of the members of NT
Eddy Pty Ltd (In Liquidation) A.C.N. 008 710 647 will be held at
the offices of RSM Bird Cameron, Chartered Accountants, 1st
Floor, 8 St George's Terrace, Perth, on June 17, 2005 at 10:00
a.m.

AGENDA

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

(2) Any other business.

Dated this 30th day of March 2005

A. A. Gaffney
Joint & Several Liquidator for N T Eddy Pty Ltd
RSM Bird Cameron
Chartered Accountants
8 St George's Terrace,
Perth WA 6000
Telephone: (08) 9261 9100


PEARL GROVE: To Convene Final Meeting May 20
--------------------------------------------
A first and final dividend is to be declared on May 20, 2005 for
Pearl Grove Pty Ltd (In Liquidation) formerly trading as Ritz
Auto Electricians A.C.N. 009 451 101.

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

Dated this 31st day of March 2005

Mervyn J. Kitay
Liquidator
Grant Thornton
Level 6, 256 St George's Terrace,
Perth WA 6000


PRIORITY UNSECURED: To Declare Dividend May 18
----------------------------------------------
A first and final dividend in respect of unsecured creditors is
to be declared on May 18, 2005 for Priority Unsecured Creditors
United (T & C) Investments Pty Ltd (In Liquidation) A.C.N. 060
660 193.

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

Dated this 31st day of March 2005

T. J. Schmierer
Liquidator
c/- Knights Insolvency Administration
Level 14, Brisbane Club Tow,
241 Adelaide Street,
Brisbane Qld 4000
Telephone: (07) 3004 3200


QANTAS AIRWAYS: Boosts Domestic Flights to Perth
------------------------------------------------
Perth Airport has announced that Qantas Airways will be
increasing its domestic services to Perth.

Domestic passenger figures for the financial year to date are on
the rise with a 10 percent increase on last year, while
international passenger volumes are up 11 percent.

There will be 11 additional domestic Qantas services commencing
in July, with five extra flights on the Perth-Brisbane route,
three additional Perth-Melbourne flights, a third Perth-Cairns
service and a second seasonal Broome-Sydney service. A second
seasonal flight on the Perth-Kunuhurra route will also be added
from May 18.

Internationally, Qantas and other airlines have increased
capacity into Perth by 20 percent in the current Northern Summer
Schedule, compared to the same six-month period in 2004.

CONTACT:

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


QUINNSMITH PTY: Joint Meeting Set May 18
----------------------------------------
Notice is given pursuant to Section 509 of the Corporations Act
2001 that a joint meeting of the members and creditors of
Quinnsmith Pty Ltd (In Liquidation) A.C.N. 085 893 965 will be
held at the offices of Hall Chadwick, Level 40, BankWest Tower,
108 St George's Terrace, Perth WA 6000 on May 18, 2005 at 10:30
a.m., for the purpose of having an account laid before them
showing the manner in which the winding up has been conducted
and the property of the company disposed of and of hearing any
explanations that may be given by the Joint and Several
Voluntary Liquidators.

Dated this 29th day of March 2005

K. A. Strickland
Liquidator
Hall Chadwick
Level 40, BankWest Tower,
108 St George's Terrace,
Perth WA 6000


RASETO PTY: Members Pass Resolution to Wind Up Company
------------------------------------------------------
Notice is hereby given that at the extraordinary general
meetings of the members of Raseto Pty. Ltd. (In Liquidation)
A.C.N. 073 528 819 held on April 1, 2005 it was resolved that
the companies be wound up voluntarily and at meetings of
creditors held later the same day it was resolved that Victor
Raymond Dye and Nicholas Giasoumi, Registered Liquidators, both
of Suite 8, 260 Auburn Road, Hawthorn 3122 be appointed joint
and several liquidators.

Dated this 1st day of April 2005

V. R. Dye
N. Giasoumi
Joint & Several Liquidators
Dye & Rennie
Chartered Accountants
Suite 8, 260 Auburn Road,
Hawthorn 3122


READ RITE: Voluntarily Winds Up
-------------------------------
Notice is hereby given that on April 1, 2005 the following
special resolution was passed that Read Rite Pty Ltd (In
Liquidation) A.C.N. 094 154 515 be wound up voluntarily in
accordance with the Corporations Act 2001 relating to a
Creditors' Voluntary Winding Up and that Mr. K. L. Sutherland
and Mr H. A. MacKinnon, Chartered Accountants, of 332 St Kilda
Road, Melbourne be appointed joint and several Liquidators.

Dated this 1st day of April 2005

H. A. Mackinnon
K. L. Sutherland
Joint and Several Liquidators
Bent & Cougle
Chartered Accountants
332 St Kilda Road,
Melbourne Vic 3004


STATION ROAD: Hires Officials Liquidators
-----------------------------------------
Notice is hereby given that at the extraordinary general
meetings of the members of Station Road Cafe/Bakery Pty. Ltd.
(In Liquidation) A.C.N. 006 953 573 held on April 1, 2005 it was
resolved that the companies be wound up voluntarily and at
meetings of creditors held later the same day it was resolved
that Victor Raymond Dye and Nicholas Giasoumi, Registered
Liquidators, both of Suite 8, 260 Auburn Road, Hawthorn 3122 be
appointed joint and several liquidators.

Dated this 1st day of April 2005

V. R. Dye
N. Giasoumi
Joint & Several Liquidators
Dye & Rennie
Chartered Accountants
Suite 8, 260 Auburn Road,
Hawthorn 3122


ST GEORGE: Final Dividend to be Declared June 3
-----------------------------------------------
A final dividend is to be declared on June 3, 2005 for St George
Appliances Pty Limited (In Liquidation) (Receivers And Managers
Appointed) A.C.N. 000 154 521.

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

A Form 535 Formal Proof of Debt may be obtained from the
official liquidator's office.

Dated this 1st day of April 2005

Peter William Marsden
Official Liquidator
c/- RSM Bird Cameron Partners
12th Floor, 60 Castlereagh Street,
Sydney NSW 2000
Telephone: (02) 9233 8933
Facsimile: (02) 9233 8521


TATLI ELECTRICS: Taps Chartered Accountants Liquidator
------------------------------------------------------
Notice is hereby given that at the extraordinary general
meetings of the members of Tatli Electrics Pty. Ltd. (In
Liquidation) A.C.N. 071 527 510 held on April 1, 2005 it was
resolved that the companies be wound up voluntarily and at
meetings of creditors held later the same day it was resolved
that Victor Raymond Dye and Nicholas Giasoumi, Registered
Liquidators, both of Suite 8, 260 Auburn Road, Hawthorn 3122 be
appointed joint and several liquidators.

Dated this 1st day of April 2005

V. R. Dye
N. Giasoumi
Joint & Several Liquidators
Dye & Rennie
Chartered Accountants
Suite 8, 260 Auburn Road,
Hawthorn 3122


TIGER SPRING: ASIC Bans Father and Daughter
------------------------------------------
The Australian Securities and Investments Commission (ASIC) has
banned Mr. Peter Salter and his daughter, Ms. Linda Salter from
managing corporations for a total of five years.

Both company directors, Mr. Salter was banned for three years
and six months, while Ms. Salter was banned for 18 months.

ASIC banned the Salters following an investigation into their
involvement in two failed public companies, Tiger Spring Ltd
(Tiger Spring) and Aussie Viva Ltd (Aussie Viva), both based in
Perth.

ASIC found that both Mr. Salter and Ms Salter breached
provisions of the Corporations Act 2001 relating to directors
duties, the requirement to give an administrator full details of
the financial circumstances of a company, and failing to ensure
that Aussie Viva complied with the prohibition against offering
securities without a current lodged disclosure document.

"ASIC will not hesitate to take banning action to protect
consumers and the business community against directors who do
not carry out their duties properly," ASIC's Director of
Complaints Compliance Action, Mr. Adrian Borchok said.

Mr. Salter and Ms. Salter both have the right to appeal to the
Administrative Appeals Tribunal for a review of ASIC's decision.

Background

Tiger Spring was incorporated in April 2000 to pursue the
commercial marketing of bottled water. The company had acquired
the rights to two mineral springs in Tasmania that produced
mineral water high in magnesium, and it proposed to export water
from these springs to California, to be bottled and sold in the
United States. Aussie Viva was formed in November 2001 to ship
water from Ballarat to Melbourne for bottling, and then export
the bottled water to the United States.

Tiger Spring went into liquidation in June 2003, while Aussie
Viva went into liquidation in September 2003. It was reported by
their liquidators that they would be unable to pay creditors
more than 50 cents in the dollar. Tiger Spring had a deficiency
of assets over liabilities of approximately $197,514.68 and
incurred a loss of shareholder funds of $1,147,451. Aussie Viva
had a deficiency of assets over liabilities of approximately
$25,902.69 with a loss of shareholder funds of $825,000.

Both companies are now deregistered.


TOP FASHION: Names Loke Ching Wong Official Liquidator
------------------------------------------------------
Notice is hereby given that at an extraordinary general meeting
of members of Top Fashion Pty Ltd (In Liquidation) A.C.N. 056
452 236 held on April 1, 2005 it was resolved that the company
be wound up voluntarily and at a meeting of creditors held on
the same day pursuant to Section 497, it was resolved that for
such purpose, William Bernard Abeyratne and Loke Ching Wong of
Harrisons Insolvency, Level 1, 49-51 Stead Street, South
Melbourne be appointed joint and several liquidators.

Dated this 4th day of April 2005

Loke Ching Wong
Joint and Several Liquidator
c/- Harrisons Insolvency
Level 1, 49-51 Stead Street,
South Melbourne Vic 3205
Telephone: 9696 2885


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C H I N A  &  H O N G  K O N G
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CHINA CONSTRUCTION: To Charge Fees on Small Accounts
----------------------------------------------------
In a bid to limit operating costs, the China Construction Bank
(CCB) will charge fees on smaller savings accounts, according to
Xinhua News.

Staring July 1, CCB's Shenzhen branch will charge an annual
administration fee of CNY10 on savings account of less than
CNY500 on both new and existing customers. The bank will also
lower interest rates on the accounts to 0.01 percent.

According to experts, the administration costs for a CNY100
account is same as for a CNY1-million account. They say it's a
routine measure taken by international commercial banks to
reduce their costs.

So far, no other Chinese bank has followed suit.

CONTACT:

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


CROWN RISING: Court to Hear Petition June 29
--------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Crown Rising Industries Limited by the High Court of Hong Kong
Special Administrative Region was on April 28, 2005 presented to
the said Court by Bank of China (Hong Kong) Limited (the
successor banking corporation to Kincheng Banking Corporation
pursuant to Bank of China (Hong Kong) Limited (Merger) Ordinance
(Cap.1167) whose registered office is situated at 14th Floor,
Bank of China Tower, 1 Garden Road, Hong Kong.

The said Petition is directed to be heard before the Court at
9:30 am on June 29, 2005 and 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.

Gallant Y. T. Ho & Co.
Solicitors for the Petitioner
5th Floor, Jardine House
No. 1 Connaught Place
Central, Hong Kong

Note:

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

The Notice must state the name and address of the person, or if
a firm or his or their Solicitor (if any) and must be served or
if posted, must be sent by post in sufficient time to reach the
abovenamed not later than six o'clock in the afternoon of June
28, 2005.


FORTUNA INTERNATIONAL: Updates Sale Purchase Agreement
------------------------------------------------------
Reference is made to the announcements of Fortuna International
Holdings Ltd. made to the Hong Kong Stock Exchange (HKSE) dated
February 15, 2005 and March 2, 2005 (the Announcements) in
relation to the conditional agreement dated January 20, 2005
made between Ms. Lam as the Vendor and Everacme Management
Limited, a subsidiary of the Company, as the Purchaser, for the
sale and purchase of 30% interests in the Target Company.

Terms used herein shall have the same meanings as defined in the
Announcements unless the context otherwise requires.

The Company announced on April 19, 2005 that the parties to the
Agreement have agreed to extend the long stop date of the
Agreement from March 20, 2005 to May 20, 2005 (Long Stop Date)
as further time is required to conduct the due diligence review
on the Target Company, in particular, in respect of the title of
the Target Company in the Hotel.

As requested by the Stock Exchange, the Circular should contain
information regarding whether the Target Company has the right
to use, occupy and manage the Hotel. As such, the dispatch of
the circular of the Company (Circular) in relation to the
Acquisition was further delayed to May 11, 2005.

Up to the date of this announcement, the Company is still
liaising with the Vendor for the necessary documentation
regarding the Target Company's right to use, occupy and manage
the Hotel. As such, the Circular was not dispatched to the
Shareholders on May 11, 2005.

In view that the Long Stop Date has been extended, the Vendor
has up to May 20, 2005 to fulfill the conditions precedent to
the Agreement, which include, amongst other things, delivery of
a Macau legal opinion confirming the Target Company has a valid
title to the Hotel.

The Company will make further announcement to inform the
Shareholders if information regarding the Hotel is obtained on
or before May 20, 2005.

The Circular will be dispatched to the Shareholders as soon as
possible when such information is obtained.

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

CONTACT:

Fortuna International Holdings Limited
Suite 3301 Tower 1,
Lippo Centre 89 Queensway
Hong Kong  
Telephone: 23335195  
Fax: 27640614  


INDUSTRIAL AND COMMERCIAL: Finalizing Establishment of Fund Unit
----------------------------------------------------------------
The Industrial and Commercial Bank of China (ICBC) is now in the
final stages of setting up a fund management unit with Credit
Suisse First Boston (CSFB) and the China Ocean Shipping (Group)
Company (COSCO), China Daily reports, citing the China
Securities Journal.

Under the joint venture agreement, ICBC would finance more than
half of the total CNY200 million (US$24.16 million) capital of
the new entity. CSFB will hold a 25 percent stake and COSCO will
provide the rest of the funds.

ICBC and its two partners were designing fund products for the
venture, hoping to start operation after the China Securities
Regulatory Commission (CSRC) approves their application.

Last month, the People's Bank of China (the central bank,
authorized the ICBC, the China Construction Bank and the Bank of
Communications to establish fund management units in a trial
program.

Of the three pilot banks, ICBC is the first to receive approval
from the China Banking Regulatory Commission.

CONTACT:

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


KAM-TRONIC CYBER: Gives Creditors Until June 12 to Prove Claims
---------------------------------------------------------------
Notice is hereby given that the creditors of Kam-Tronic Cyber
Tech Limited (In Creditors' Voluntary Liquidation), which is in
Creditors' Voluntary Liquidation, are required (if they have not
already done so), on or before 5:30 p.m. on June 12, 2005, to
send in their names, addresses and particulars of their debts or
claims, and the name and address of their solicitors, if any, to
the Joint and Several Liquidators and to establish any title
they may have to priority under Section 265 of the Companies
Ordinance or in default thereof, they will be excluded from the
benefit of any distribution made next after June 12, 2005 or as
the case may be from objecting to such distribution.

Dated this 10th day of May 2005

Lai Kar Yan (Derek)
Darach E. Haughey
Joint and Several Liquidators
26th Floor, Wing On Centre
111 Connaught Road Central
Hong Kong


LUEN WON: Creditors Meeting, EGM Slated for May 21
--------------------------------------------------
Notice is hereby given that pursuant to S.241 (2) of the
Companies Ordinance (Chapter 32), a meeting of the creditors of
Luen Won Catering Enterprises Limited will be held at Room 103,
1st Floor, Duke of Windsor Social Service Building, No. 15
Hennessy Road, Wanchai, Hong Kong on May 21, 2005 at 10:30 a.m.
for the purposes provided for in Sections 241, 242, 243 and 244
of the Companies Ordinance.  

Creditors may vote either in person or by proxy. Proxies to be
used at the meetings must be lodged at 1301 Eton Tower, 8 Hysan
Avenue, Causeway Bay, Hong Kong, not later than 12:00 noon on
the day before the meeting or adjourned meeting at which they
are to be used.

Notice is also hereby given that, an Extraordinary General
Meeting of Luen Won has been summoned to be held on May 21, 2005
at 9:15 a.m. at which a resolution for the voluntary winding up
of the Company is to be proposed.

Dated this 10th day of May 2005

By Order of the Board
Ms. Ching Siu Yi
Director


MAE HOLDINGS: Consolidates Ordinary Shares into HK$0.01 Each
------------------------------------------------------------
Market participants are requested to note that the ordinary
shares of HK$0.0005 each (after the Capital Reduction becoming
effective) (Old Shares) in the capital of MAE Holdings Limited
will be consolidated into ordinary shares of HK$0.01 each (New
Shares) on the basis of 20 into 1 subject to its shareholders'
approval at the Special General Meeting to be held on May 17,
2005.

Upon the proposals becoming effective, a temporary counter under
stock code 2976 and stock short name MAE HOLDINGS will be
established for trading in board lots of 1,000 New Shares each
to replace the present counter (stock code: 851) for trading in
board lots of 20,000 Old Shares each effective from Wednesday,
May 18, 2005.


PROACTIVE TECHNOLOGY: Books $18,000 Net Loss in 1Q/2005
-------------------------------------------------------
Proactive Technology Holdings Limited (8089) posted a net loss
of $18,000 for the first quarter of 2005, compared to a net loss
of $1,354,000 a year ago. The LPS was 0.01 cent. No dividend was
declared.

                           2005         2004        2004
                       1st Quarter   4th Quarter   1st Quarter
                       HK$'000       HK$'000       HK$'000

Turnover:

Telecommunications      3,279        1,727        1,980
Computer telephony      2,794        3,454        2,310
Total turnover          6,073        5,181        4,290
Gross profit            3,554        1,915        2,674
Gross profit margin       59%          37%          62%

Distribution, selling,
general and
administrative expenses 3,550        5,084        3,877
Net loss                 (18)       (2,751)      (1,354)
Net assets value        10,383      10,402       16,297
Cash on hand             9,704       9,763       10,620
Debt-equity ratio     0.58 times  0.71 times   0.37 times

The total unaudited consolidated turnover for the three months
ended 31 March 2005 (First Quarter) was HK$6,073,000,
representing an increase of 42% and 17% as compared with the
last corresponding period ended 31 March 2004 (Last
Corresponding Period), and last quarter ended 31 December 2004
(Last Quarter) respectively.

The gross profit for the First Quarter amounted to approximately
HK$3,554,000 while the gross profit was 59%.  Operating
expenditures decreased by 8% to HK$3,550,000 as compared with
Last Corresponding Period.

To view a full copy of the financial results, click
http://bankrupt.com/misc/ProactiveTechnology051205.pdf


WAI YUEN: Beefs Up Board Lot Size to 6,000 New Shares
-----------------------------------------------------
Reference is made to the announcement released at the Hong Kong
Stock Exchange (HKSE) and the circular of Wai Yuen Tong Medicine
Holdings Limited dated April 20, 2005 and May 13, 2005
respectively in relation to the Capital Reorganization and
change of board lot size.

Terms used in this announcement shall have the same meanings as
those defined in the Circular unless the context requires
otherwise.

Dispatch Of Circular

The Directors announce that the Circular will be dispatched to
the Shareholders and, for information only, the holders of the
2005 Convertible Notes on May 13, 2005.

Change Of Board Lot Size

Currently, the Shares are traded on the Stock Exchange in board
lots of 2,000 Existing Shares. The Company announced in the
Announcement that the board lot size shall be changed to 4,000
New Shares following the Share Consolidation.

In order to allow the New Shares being traded in a more
reasonable board lot size and value, the Board has resolved to
further increase the board lot size to 6,000 New Shares
following the Share Consolidation. The New Shares, when issued,
will rank pari passu in all respects with each other and any
other Shares.

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

CONTACT:

Wai Yuen Tong Medicine Holdings Limited (Stock Code: 897)
5th Floor, Wai Yuen Tong Medicine Building
9 Wang Kwong Road
Kowloon Bay, Kowloon  
Telephone Number:  2312 8288
Fax Number:  2312 8148


* More Than 2000 SOEs Expected to Go Under
------------------------------------------
The State-owned Assets Supervision and Administration Commission
(SASAC) disclosed more than 2,000 troubled state-owned
enterprises (SOEs) face closure or bankruptcy in the next four
years, Xinhua News reports.

The enterprises, mostly large and medium-sized SOEs that have
incurred consecutive years of losses and have little hope of
recovering and paying back their debts, will be the last to
undergo policy-arranged SOE closure or bankruptcy in China, for
which the government foots the bill. Following the expected
closures, SOE bankruptcies are likely to be market-oriented.

The loss of the 2,167 SOEs expected to fail will leave 3.66
million people jobless.

SASAC minister Li Rongrong said that the planned SOE will focus
on stability while protecting legal interest of employees
affected by closures. He said the enterprises doomed to collapse
according to the schedule should first have relevant
reallocation funds settled.

SASAC statistics showed the number of SOEs and State-controlled
firms in China had declined from 238,000 in 1998 to 150,000 at
the end of 2003. But such enterprises witnessed their profits
rise 22 fold during the period to a combined CNY495.1 billion
(US$59.8 billion) in 2003.

According to Mr. Li, this shows that State restructuring has
been moving in the right direction.


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


BANK MANDIRI: Bank Indonesia OKs Part of Bond Issue
---------------------------------------------------
Bank Indonesia will allow state-owned Bank Mandiri to issue
bonds worth IDR2.84 trillion, and not IDR9.48 trillion as was
originally planned by the bank, reports Asia Pulse.

Bank director Nimrod Sitorus said it is still uncertain when the
bond would be issued, as the market was not thought to be
favorable for bond issues.

Bank Mandiri, which is being investigated by prosecutors on an
alleged lending scam, wanted to sell bonds in order to repay a
IDR2.34 billion debt which would mature in June.

The bank has chosen Citigroup, Deutsche Bank, HSBC Securities,
JP Morgan Securities and UBS Securities to handle the bonds
issue.

CONTACT:

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


BANK MANDIRI: To Replace Suspected Execs
----------------------------------------
Indonesia's Board of Commissioners requested Bank Mandiri to
replace its executives who had been named suspects in an ongoing
investigation on the bank's lending practices, Asia Pulse
reports.

According to Minister for State Enterprises Sugiharto, the
bank's Chief Commissioner Binhadi must replace the bank's
president, vice president and corporate banking director, as the
three current executives (Mr. E.C.W. Neloe, Mr. I. Wayan Pugeg
and Mr. M. Soleh Tasripan, respectively) who were named suspects
in a IDR1 trillion lending scam would have to deal with
investigators.

Mr. Binhadi said, however, that the Board of Commissioners did
not say that the three directors would be suspended, as this
would have to be decided in the banik's upcoming shareholders'
meeting on Monday, May 16, 2005.

Bank Mandiri's top three officials were named suspects in an
investigation on the bank's lending practices after some
"accounting irregularities" were uncovered in the bank's 2004
financial statements which were audited by the State Audit
Agency.


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


FUJITSU LIMITED: Opens 2nd Platform Solution Center in Singapore
----------------------------------------------------------------
Fujitsu Limited announced on May 11 that its Singapore-based
subsidiary Fujitsu Asia established the Platform Solution
Center, Singapore on May 5. The new center, which is the second
such facility for Fujitsu and the first outside Japan, will
provide comprehensive customer support solutions ranging from
consultation on platform products and solution proposals to
prototyping and system verification.

In collaboration with the Platform Solution Center in Japan with
which the Singapore center is connected through a virtual
private network (VPN), the new center functions as a gateway for
Fujitsu's business operations throughout Southeast Asia and
India.

The VPN connectivity enables Fujitsu and its partners in
Singapore to evaluate the viability of available technologies as
they seek customizable solutions for their local customers.

Taking this opportunity, Fujitsu Asia will strive to accelerate
its operations in the regions.

CONTACT:

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


KANEBO LIMITED: Faces TSE Delisting Over Accounting Scam
--------------------------------------------------------
Kanebo Limited will be delisted from the Tokyo Stock Exchange on
June 13 over a massive case of accounting fraud, The Japan Times
reports.

The bourse decided to delist the embattled textile and household
product maker for systematically falsifying financial statements
for the five years to March 2004, saying the firm's misconduct
has undermined public trust.

On April 13, Kanebo announced that an internal investigation
found the former management breached the TSE's listing rules by
inflating the Company's earnings by a total of JPY215 billion
during the five-year period beginning in fiscal 1999.

At the time of the announcement, the Industrial Revitalization
Corp. of Japan (IRCJ), which is assisting in Kanebo's
turnaround, said it was asking the TSE to keep the firm on the
bourse. The bailout agency insisted Kanebo should not be
punished because the wrongdoing was committed by Kanebo's former
management and the company voluntarily came clean about its
past.

But given the length of the wrongdoing and the scale of the
company's involvement, the bourse had no choice but to resort to
the delisting even though the company is effectively receiving
public assistance.

Kanebo is the second major company to be kicked out from the TSE
in recent months. In December, Seibu Railway Co. was delisted
after it was found the company had been falsifying shareholder
records for nearly 50 years.

CONTACT:

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


RESONA HOLDINGS: Pays JPY100 Mln to Fraud Victims
-------------------------------------------------
Resona Holdings Inc. has shelled out JPY100 million to refund
victims of bank transfer frauds, according to Kyodo News.

Resona, the parent of Resona Bank and Saitama Resona Bank, has
reimbursed 130 victims of cases involving swindlers pretending
mostly to be the victims' relatives or legal mediators having
them send money to bank accounts linked to the swindlers.

The refunds were made out of cash remaining in the accounts of
the Resona group's banks into which the victims were tricked
into remitting money by the swindlers, who claimed to be in
urgent need of it.

The bank's decision to compensate these fraud victims with
remaining balances in the accounts involved may influence other
banks facing calls to reimburse money to victims of similar
swindles.

Resona has been refunding money since February last year, once
it has confirmed that the balances in the accounts used for
illicit purposes originated from remittances from victims

Resona has been stepping up efforts to prevent the fraud cases
from growing since it has already stirred a public outcry.

CONTACT:

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


SHOWA DENKO: Operating Income Up 23.2% in First Quarter
-------------------------------------------------------
Showa Denko K.K. (SDK) announced a 23.2% increase in operating
income for the first quarter of 2005 (January 1 - March 31), to
JPY 12,492 million, on net sales up 13.0%, to JPY 190,245
million.

Ordinary income increased 43.7%, to JPY 10,366 million. Net
income of the quarter jumped 189.3%, to JPY 13,130 million,
reflecting extraordinary profit of JPY 3,785 million, which was
due mainly to the sale of shares in SDS Biotech K.K.

During the period, SDK and its Group companies made progress
with the implementation of the medium-term consolidated business
plan, the Sprout Project, fostering strategic growth businesses
while renovating operations and reducing costs.

To view the summary of the results by business segment, click
on: http://bankrupt.com/misc/tcrap_showadenko051305.pdf

About Showa Denko K.K.

Showa Denko (SDK)(TSE: 4004; OTC: SHWDF) is a major manufacturer
and marketer of chemical products serving a wide range of fields
ranging from heavy industry to the electronic and computer
industries. SDK makes petrochemicals (ethylene, propylene),
aluminum products (ingots, rods) electronic equipment (hard
disks for computers), and inorganic materials (ceramics,
carbons). The company has overseas operations and a joint
venture with Netherlands-based Montell and Nippon Petrochemicals
to make and market polypropylenes. In March 2001, SDK merged
with Showa Denko Aluminum Corporation to strengthen the high-
value-added fabricated aluminum products operations, and is
today developing next-generation optical communications-use
wafers.

CONTACT:

Showa Denko K. K.
13-9 Shiba Daimon 1-Chome
Minato-ku 105-8518, Tokyo 105-8518
Japan
Phone: +81 3 5470 3384
Fax: +81 3 3431 6442


SPACE WORLD: Applies for Court Protection
-----------------------------------------
Theme park operator Space World Inc. has filed for bankruptcy
under the Civil Rehabilitation Law, Japan Today reveals, citing
Kyodo News.

The Nippon Steel subsidiary, which operates a theme park in
Kitakyushu, Fukuoka Prefecture, collapsed with an estimated debt
of JPY35 billion.

Nippon Steel agreed to transfer Space World's management rights
to a resort company in Hokkaido by reducing its JPY2 billion
capital to zero.

CONTACT:

Space World Inc.
4-1-1 Yahata-Higashi-ku, Kitakyushu City,
Fukuoka, Japan
Web site: http://www.spaceworld.co.jp


TOBU RAILWAY: R&I Assigns BBB- to Shelf Reg.
--------------------------------------------
Rating and Investment Information, Inc. (R&I), has assigned the
following preliminary rating on Tobu Railway Co.

Long-term Issue Rating
Preliminary Rating for the Shelf Registration scheme
R&I RATING: BBB-

RATIONALE:

The railroad business earns stably about 60% of the cash flow of
Tobu Railway Co., Ltd. The company has a large service area with
lines extending from central Tokyo to Saitama Prefecture and out
to Tochigi Prefecture and Gunma Prefecture in northern Kanto.
The hinterland of the company's service area includes the
tourist spots of Nikko and Oze. Tobu Railway has been proactive
in improving the convenience of its transport network, and it
has many lines with direct links to other lines. Its core Tobu
Isesaki Line, Nikko Line and Tobu Tojo Line is directly linked
to the Tokyo Metro lines. Tobu Tojo Line plans to link to the
No. 13 New Tokyo Metro Line (Ikebukuro - Shibuya) in the future.
Also, the direct train from JR East, from Shinjuku to Nikko and
the Kinugawa-onsen district is planned. The hinterland of the
company's lines has a rich natural environment, the hiking trip
that uses the train service is increasing.

Meanwhile, Tobu Railway's financial structure has significant
weaknesses. This is because Tobu Department Store subsidiaries
indulged in excessive financing during the bubble period, and
costs for the disposal of losses have climbed to a significant
sum. Under the Tobu Group Restructuring Plan, the company is
focusing its management resources on streamlining a bloated
balance sheet. It is making no exceptions even for good quality
subsidiaries, as demonstrated by the sale of Tobu Gas Co., Ltd.
and Tobu Drug.

In the past, the company's bus and leisure businesses were
sectors that sustained continuous deficits and put pressure on
the company's cash flow. Thanks to drastic measures to cut fixed
costs, however, the profitability in those sectors have shown
improvement. As a result of these measures and the support of a
stable cash flow generated by the railroad business, the
financial structure is beginning to show steady improvement.

R&I RATINGS:

ISSUER: Tobu Railway Co., Ltd. (Sec. Code: 9001)
Long-term Issue Rating
Preliminary Rating for the Shelf Registration scheme
ISSUE: Bonds to be Rated: Corporate Bonds
Issue Amount: JPY80,000 million (Shelf Amount)
Issue Period: Two years from May 10, 2005
R&I RATING: BBB-

Formal ratings will be assigned to individual bonds issued under
the scheme on confirmation of the issuing contract, the purpose
for which the funds will be used, the operational environment,
and the content of the issuing contract.

ISSUER RATING: BBB-

Issuer Rating is an R&I's opinion regarding an issuer's overall
capacity to repay its entire financial obligation, and it will
be assigned to all issuers. The rating of individual obligations
(i.e. bonds and loans etc.) includes the prospect of recovery
and reflects the terms and conditions of the agreement and it
may be lower or higher than Issuer Rating.

CONTACT:

Tobu Railway Co Ltd
1-2 Oshiage 1-Chome
Sumida-Ku 131-8522, Tokyo 131-8522
Japan  
Phone: +81 3 3621 5055
Fax: +81 3 3621 5161
Web site: http://www.tobu.co.jp/english/index.html


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


BRIDGE SECURITIES: To Decide Whether to Undertake Liquidation
-------------------------------------------------------------
Bridge Securities Co. plans to hold its shareholders' meeting on
June 1, 2005, to determine whether to suspend the Company's
operations or to enter liquidation, reports Asia Pulse.

Hiong-Kong based Bridge Investment Holding Ltd., which owns a
majority stake in the Company, threatened to liquidate the
brokerage firm unless the South Korean financial regulator
approves the Company's merger with Leading Investment &
Securities Co.

Korea's Financial Supervisory Service and the prosecutor's
office are investigating Bridge Investment Ltd. on suspicions of
its violating market rules in the sale of Bridge Securities to
Leading Investment & Securities Co. Last month, it was
questioned for entering into a leveraged buyout deal to sell
86.9% stake in the Company to Leading Investment Co.

Bridge Securities Co. and Leading Investment Co. are awaiting
the FSS approval on the deal, wherein Leading Investment would
pay an advance of KRW20 billion to Bridge Investment Ltd., and
then pay the remainder by selling the Bridge Securities' quick
assets later on.

Bridge Securities Co. was created three years ago through a
merger between Regent Securities Co. and Ileun Securities Co.

CONTACT:

Bridge Securities Company, Limited
198 Ulchiro 2-ga, Chung-gu
Seoul, South Korea
Phone: +82 2 771 0900
Fax:   +82 2 3779 3610
Web site: http://www.bridgefn.com/


CHOHUNG BANK: Workers Threatens Strike if Merger Pushes Through
---------------------------------------------------------------
Unionists at Chohung Bank said that they would go on strike if a
proposed merger with Shinhan Bank goes ahead, Asia Pulse
reports.

Parent Shinhan Financial Group Co. has been trying to decide
whether to form a new bank by merging the two banks, or to allow
Chohung Bank to be absorbed by Shinhan Bank. But unionists say
that Shinhan Financial must have decided on the latter, as
Company president Choi Young-hwi was terminated.

President Choi was seeking to form a new bank through a merger,
but Shinhan Financial had decided to terminate him over alleged
differences with group chairan Ra Eung-chan on the merger. Board
members are set to decide on his termination this week.

Shinhan Financial, which has an 80.04% stake in Chohung Bank, is
set to consolidate the banks starting September, in order to
improve its banking unit. President Choi had said earlier that
the merger was expected to be completed by January to March
2006.

CONTACT:

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


SK LIFE: Preferred Bidder Signs Contract for Takeover
-----------------------------------------------------
Mirae Asset Group, preferred bidder to acquire SK Life Insurance
Co., was set to formally sign a contract to acquire the troubled
insurance firm on May 13, 2005, reports Asia Pulse.

An unnamed spokesman for Mirae Asset Group said that they may
pay up to KRW160 billion to buy a 97.37 stake in SK Life. This
would be lower than the offer price of former bidder Metlife
Inc., a U.S.-based insurance firm who had earlier withdrawn as
bidder due to differences with the Company.

According to SK Life creditors, Mirae Asset was chosen as the
preferred bidder for the firm even with its low offering price
as it has promised not to restructure the Company before the
takeover.

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

CONTACT:

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


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


BUKIT KATIL: Seeks to Extend Announcement on Financial Condition
----------------------------------------------------------------
Bukit Katil Resources Berhad announced that in relation to
Practice Note 4/2001 of the Bursa Malaysia Securities Berhad
(Bursa Securities) Listing Requirements, the Company submitted
an application to Bursa Securities on May 15, 2005 to seek an
extension of two months from May 15 to July 15, 2005 to release
a Requisite Announcement on its plan to regularize its financial
condition.

CONTACT:

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


I-BERHAD: Buys Back 7,000 Shares
--------------------------------
I-Berhad disclosed the details of its shares buy back on May 12,
2005 to the Bursa Malaysia Securities Berhad.

Date of buy back: 12/05/2005

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

Total number of shares purchased (units):              7,000

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

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

Total consideration paid (MYR):                    5,641.84

Number of shares purchased retained in treasury
(units):  7,000

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

Cumulative net outstanding treasury shares as at to-date
(units): 1,691,900

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


MAXIS COMMUNICATIONS: To List Extra Shares
------------------------------------------
Maxis Communications Berhad's additional 98,000 new ordinary
shares of MYR0.10 each issued pursuant to the Company's Employee
Share Option Scheme will be granted listing and quotation
effective Tuesday, May 17, 2005, 9;00 a.m.

CONTACT:

Maxis Communications Bhd
Level 18, Menara Maxis
Kuala Lumpur City Centre
Off Jalan Ampang
50088 Kuala Lumpur
Malaysia
Phone: 03-23307000
Fax:   03-2330059


MEGA FIRST: Unit's Subsidiary Under Administration
--------------------------------------------------
Mega First Corporation Berhad announced that on May 9, 2005, the
Company unit's subsidiary, Hatherton Engineering Limited, was
placed under voluntary administration.

Hatherton Engineering Limited (HE) is a wholly owned subsidiary
of Company unit Bloxwich Engineering Limited. It has been
incurring losses for the past several months, and its financial
condition is not expected to improve in the future.

HE's voluntary administration by its directors will result in a
loss of MYR3.5 million for the financial year ending June 30,
2005; Company earnings and net tangible assets would also be
reduced by 1.5 sen per share.

CONTACT:

Mega First Corporation Berhad
8 Jalan Damanlela Bukit Damansara
50490 Kuala Lumpur
50250 Malaysia
Phone: +60 3 2093 8818
Fax:   +60 3 2093 7818


PAN MALAYSIA: Posts Notice of Shares Buy Back
---------------------------------------------
Pan Malaysia Corporation Berhad disclosed the details of its
shares buy back on May 12, 2005 to the Bursa Malaysia Securities
Berhad.
  
Date of buy back: 12/05/2005

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

Total number of shares purchased (units):          2,753,000

Minimum price paid for each share purchased (MYR):      0.445

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

Total consideration paid (MYR):                1,284,808.74

Number of shares purchased retained in treasury
(units):  2,753,000

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

Cumulative net outstanding treasury shares as at to-date
(units): 39,603,500

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


PAN PACIFIC: Sees No Change in Default Status
---------------------------------------------
Pan Pacific Asia Berhad announced that in relation to Practice
Note 1/2001 of the Bursa Malaysia Securities Berhad Listing
Requirements, the Company issued an update on its default in
payments to financial institutions as of April 30, 2005.

The Company announces that there are no material changes to its
default status since its last monthly announcement on the
matter.

For further details on the update, go to:

http://bankrupt.com/misc/tcrap_panpacific051305.xls

CONTACT:

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


PANTAI HOLDINGS: Repurchases More Shares
----------------------------------------
Pantai Holdings Berhad disclosed to the Bursa Malaysia
Securities Berhad the details of its shares buy back on May 12,
2005.
  
Date of buy back: 12/05/2005

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

Total number of shares purchased (units): 67,000

Minimum price paid for each share purchased (MYR): 1.000

Maximum price paid for each share purchased (MYR): 1.020

Total consideration paid (MYR): 67,746.29

Number of shares purchased retained in treasury
(units):  67,000

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

Cumulative net outstanding treasury shares as at to-date
(units): 29,093,200

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/


POS MALAYSIA: Unveils Employee Share Option Scheme
--------------------------------------------------
Pos Malaysia & Services Holdings Berhad's additional 68,000 new
ordinary shares of MYR1.00 each issued pursuant to the Company's
Employee Share Option Scheme will be granted listing and
quotation effective Tuesday, May 17, 2005, 9:00 a.m.

CONTACT:

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


WCT ENGINEERING: Blocks Maju Holdings' Move
-------------------------------------------
WCT Engineering Berhad announced that in the writ of summons
served by Company subsidiary WCT Construction Sdn Berhad on Maju
Holdings Sdn Berhad, wherein the Kuala Lumpur High Court fixed a
hearing on May 26, 2005, the defendant (Maju Holdings) applied
for a stay of proceedings on the Company's claims against it,
and so the hearing date was moved to June 21, 2005.

The Company filed an affidavit to oppose Maju Holdings Sdn
Berhad's application, as it was seen as a frivolous attempt on
the Company's claims.

CONTACT:

WCT Engineering Berhad
12, Jalan Majistret U1/26
Seksyen U1, Lot 44,
Hicom-Glenmarie Industrial Park
40150 Shah Alam, Selangor Darul
Ehsan, Malaysia
Phone: 603-7805 2266


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


BACNOTAN CONSOLIDATED: To Undertake Tender Offer of COC Shares
--------------------------------------------------------------
On April 22, 2005, Bacnotan Consolidated Industries Inc. (BCI)
disclosed the execution of a Share Purchase Agreement for the
acquisition of share of stock of Cagayan de Oro College Inc.
(COC).

BCI and Philippine Investment Management Inc. (Phinma) will
acquire shares of stock constituting at least fifty-six percent
(56%) and fourteen percent (14%), respectively, of the issued
and outstanding capital stock of COC.

In compliance with the Securities Regulation Code (SRC) and the
SRC Rules, the Company and Phinma will be undertaking a
mandatory tender offer for all outstanding shares of stock of
COC apart from those covered by the said Share Purchase
Agreement.

The Company and Phinma (the Bidders) filed today with the
Securities and Exchange Commission a Tender Offer Report (SEC
Form 19-1) with a copy thereof to be hand-delivered to the
target Company, COC.

The tender offer will commence on May 18, 2005 and end on June
15, 2005.

CONTACT:

Bacnotan Consolidated Industries Incorporated
No 39 Plaza Drive Rockwell Centre
4th Floor PHINMA Building
Makati City 1200
Philippines
Phone: +63 2 8700 100
Fax: +63 2 8700 456


COLLEGE ASSURANCE: Execs Slapped with Tax Evasion Raps
------------------------------------------------------
Officials of financially distressed College Assurance Plans
Philippines Inc. (CAP) are facing tax evasion and estafa charges
for allegedly failing to turn over to the government over
Php85.5 million in taxes, Business World reports.

Bureau of Internal Revenue Commissioner Guillermo Parayno, Jr.
filed the charges against CAP President Enrique A. Sobrepena,
Jr., his treasurer Alfredo Collado, and CAP Pension executives
James Marsh Thompson and Romulo M. Espal-don.

"We are charging the officers with tax evasion for their failure
to remit the withholding taxes and to pay VAT, and swindling or
estafa for misappropriating money they received in trust," Mr.
Parayno told reporters.

Mr. Parayno added it was hard for the tax bureau to sue CAP
given its liquidity problems, but eventually filed that criminal
charges against the officers of CAP who may have been
responsible not only for the non-remittance but maybe for the
firm's woes.

CAP executive Bobby Cafe said the tax evasion case was
harassment. He said the tax bureau itself gave CAP an extension
on its withholding tax, and that its VAT liabilities were still
in question at the Court of Tax Appeals.

The executive also said CAP just paid Php500,000 to tax
officials as an advance on its withholding taxes, and as a
condition to the extension.

CONTACT:

College Assurance Plans Philippines Inc.
CAP I Building
126 Amorsolo cor. Herrera Streets
Legazpi Ville, Makati City
Malaysia
Phone: 817-6586, 759-2000
Fax: (0632) 818-0560


COLLEGE ASSURANCE: Camp John Hay to File Suit Over Unpaid Rent
--------------------------------------------------------------
The firm operating Camp John Hay in Baguio City will file a suit
against College Assurance Plan (CAP) for Php2.2 billion in
unpaid rent, Today News says.

Johnny Development Corporation decided on the legal move since
CAP has not lived up to its financial obligations.

Lawyer Liza Calde, legal counsel of Johnny Development, said her
client is a subsidiary of the Bases Conversion and Development
Authority (BCDA), a government agency tasked to oversee the
privatization of former military bases in the country.

"So in effect, CAP owes the government Php2.2 billion because
BCDA is a government owned and controlled corporation," Ms.
Calde said.

Ms. Calde clarified that the amount in question has nothing to
do with the tax evasion case the Bureau of Internal Revenue
filed against CAP.


MAYNILAD WATER: Manila Water Shareholders to Join Bid
-----------------------------------------------------
Shareholders of Manila Water Corp. may likely participate in the
consortium that will bid for cash-strapped Maynilad Water
Services Inc., The Philippine Star reports.

U.K.-based water and power firm United Utilities and the
International Finance Corp. are interested in joining Ayala
Corp. in its bid to take over west water concessionaire
Maynilad.

But while Manila Water has joined the consortium that is
evaluating the viability of taking over the rehabilitation of
Maynilad, the listed water utility firm's focus will remain its
own concession and that such investment will only be pursued if
it would add value to shareholders.

The consortium is currently evaluating its bid on the basis of
investment merits after a stringent due diligence process.

The Ayala conglomerate is the single biggest shareholder in
Manila Water with a 30.2-percent stake followed by United
Utilities with 11.7 percent.

Other shareholders are the International Finance Corp. (7.4
percent), Mitsubishi Corp. (7.9 percent), BPI Capital (3.9
percent), employees (4.2 percent), and the public (34.6
percent).

CONTACT:

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


METRO PACIFIC: Board Approves Reactivation of ESOP
--------------------------------------------------
This is to inform that during a regularly scheduled meeting of
the Metro Pacific Corporation Board of Directors, the Board
approved the reactivation of the Metro Pacific Employee Stock
Option Program (ESOP).

Metro Pacific's ESOP program remained inactive due to the
Company's debt workout over since 2001 and only now has the
Board approved its reactivation. Following are the borad stokes
of the plan:

(1) The number of shares of the ESOP shall not exceed 10% of the
total issued outstanding capital stock of Metro Pacific, or
approximately 1.8 billion shares;

(2) The term of the ESOP is limited to 10 years;

(3) Qualified participants in the ESOP shall include directors
and members of senior management of Metro Pacific and its
subsidiaries;

(4) The vesting period for the ESOP shall be determined by the
Board's Compensation and Remuneration Committee;

(5) The option exercise price shall be higher of (i) par value,
(ii) closing price on the option offer date, and (iii) average
closing price for 5 business days prior to the option offer
date.

CONTACT:

Metro Pacific Corporation
10/F MGO Bldg., Legazpi cor. dela Rosa St.,
Legazpi Village 0721 Makati City, Philippines
Telephone No.: 888-0888
Fax No.: 888-0830


METRO PACIFIC: Incurs Php64.8 Mln Net Loss in Q1
------------------------------------------------
Metro Pacific Corporation on Friday reported an unaudited net
loss of Php64.8 million for the first three months of 2005
versus an unaudited income of Php4.0 million reported for the
same period in 2004.

Last year, Metro pacific recorded exceptional gains of Php126.5
million for the first quarter, while in 2005, only Php49.3
million of exceptional gains were realized.

Consolidated revenues stood at Php703.2 million this year,
compared with Php760.1 million for 2004, due to reduced revenues
from Negros Navigation Company (Nenaco).

Nenaco's higher vessel operating costs caused an increase in
consolidated cost of sales to Php663.6 million in 2005 versus
Php611.9 million in 2004. Financing charges, however, fell
significantly to Php34.6 million in 2005, compared with Php126.5
million in 2004, as Metro Pacific continued to reduce its debts.

Metro pacific went into a self-administered debt workout
scenario from late 2001, when its parent Company bank debts
stood at approximately Php11.7 billion. Metro Pacific has since
reduced this amount to Php801.1 million as of March 31, 2005,
representing a decrease of 93.0 percent. Of this outstanding
amount, Php437 million are presently subject to closing
documentation, and will result in Metro Pacific's debts falling
to only Php364 million by year-end, or about 3.0 percent of
total debts in 2001.

About Metro Pacific

Metro Pacific Corporation is a Manila, Philippines-based holding
firm listed on the Philippine Stock Exchange (PSE:MPC). Metro
Pacific's businesses include property concerns Landco Pacific
Corporation and Pacific Plaza Towers, and shipping firm Negros
Navigation Company.


NATIONAL POWER: Keeps Turbine On to Prevent Brownouts in Cebu
-------------------------------------------------------------
State-owned National Power Corporation (Napocor) will keep its
two land-based gas turbines in Naga running for 10 hours until
May 18 to prevent power outages in the Cebu province, Asia Pulse
reports.

Napocor committed to extend the running hours of the turbines,
which normally run for only three hours a day, to avoid more
manual load droppings.

The province has been experiencing brownouts in the past few
days since the power demand has gone higher than the predicted
30 megawatts this summer.

There is also a deficiency in the system because of the
scheduled preventive maintenance of the 50-mw Cebu Thermal Power
Plant l that started May 7. On May 18, however, the thermal
plant will be operational again.

The scheduled quarterly preventive maintenance shutdown of the
Salcon's Thermal l caused the manual load droppings in the Cebu-
Negros-Panay grid since May 9, which led to the brownouts.

Manual load droppings are done to balance the supply and demand
for power.

Napocor explained that the maintenance of thermal l is long
overdue and has been postponed several times because it is
needed in the system.

CONTACT:

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


PHILIPPINE LONG: U.S. DOJ Terminates Antitrust Probe
----------------------------------------------------
On May 11, 2005, the U.S. Department of Justice (U.S. DOJ)
informed the Philippine Long Distance Telephone Company's (PLDT)
legal counsel in Washington D.C., Covington & Burling, that the
U.S. DOJ has terminated its antitrust investigation relating to
the termination rate increases implemented in early 2003 by
certain Philippine long distance carriers including PLDT.

No enforcement action is being taken.

PLDT is pleased that this matter has been satisfactorily
resolved.

CONTACT:

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


ZEUS HOLDINGS: Postpones ASM to June
------------------------------------
The Board of Directors of Zeus Holdings Inc. (ZHI) has resolved
to postpone the ZHI annual stockholders' meeting this year from
any day in June, as provided in ZHI's By-Laws, to a later date,
considering that ZHI had just concluded last year's annual
stockholders' meeting on December 14, 2004.

Zeus Holdings, Inc. (ZHI) was incorporated on December 17, 1981
to engage in the garment manufacturing, distribution and export
business. After fifteen years, the Company diversified into
other businesses and closed its garment operations. It increased
its capitalization from Php100 million to Php3 billion and
changed its primary purpose to that of a holding company.

Consequently, it changed its name from JR Garments Corporation
to Zeus Holdings, Inc. The company sold all of its shareholdings
in MPCC in December 2000. Meanwhile, ZHI shall maintain its
character as an investment holding company.

CONTACT:

ZEUS HOLDINGS, INC
17/F, BA Lepanto Building
8747 Paseo de Roxas, Makati City
Phone:  892-8036
Fax:  813-2895


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


ACCORD CUSTOMER: Answers SGX-ST Query
-------------------------------------
The Board of Directors of Accord Customer Care Solutions Limited
refers to the queries from the Singapore Exchange Securities
Trading Limited (SGX-ST) concerning the substantial increase in
the price and trading volume of the Company's shares on the SGX-
ST on May 12, 2005.

The Company clarified that:

1) It is not aware of any information not previously announced
concerning the Company, its subsidiaries or associated companies
which, if known, might explain the trading;

2) As previously announced, it is continuing to be in
discussions with various parties and it otherwise is not aware
of any other possible explanation for the trading; and

3) It is in compliance with the listing rules and in particular,
listing rule 703.

By Order of the Board

Woo Kah Wai
Company Secretary
12 May 2005
Singapore

CONTACT:

Accord Customer Care Solutions Limited
20 Toh Guan Road #07-00
Accord Distri Centre
Singapore 608839
Telephone: 65 64102600
Fax: 65 64102610
Web site: http://www.accordccs.com


ASIA-PACIFIC PORT: Court Sets Hearing May 20
--------------------------------------------
Notice is hereby given that a Petition for the Winding Up of
Asia-Pacific Port Pte Ltd by the High Court was on the 29th day
of April 2005, presented by Asia-Pacific Bulk Terminal
(Holdings) Pte Ltd (In Compulsory Liquidation) (RC No.
199507394W) of 1 Shenton Way #10-09, Singapore 068803, a
creditor.

The said Petition is to be heard before the Court sitting at
10:00 o'clock in the forenoon, on Friday, May 20, 2005.

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

A copy of the said 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.

The Petitioner's address is 1 Shenton Way #10-09, Singapore
068803.

The Petitioner's Solicitors are Drew & Napier LLC of 20 Raffles
Place, #17-00 Ocean Towers, Singapore 048620.

Drew & Napier LLC
Solicitors for the Petitioner

Note:

Any person who intends to appear at the hearing of the said
Petition must serve on or send by post to the abovenamed Drew &
Napier LLC a notice in writing of his intention to do so.

The notice must state the name and address of the person, or if
a firm, the name and address of the firm, and must be signed by
the person or firm, or his or their Solicitors (if any) and must
be served, or if posted must be sent by post in sufficient time
to reach the abovenamed, not later than twelve o'clock noon of
May 19, 2005.


BO DA INVESTMENT: Proofs of Debt, Claims Due June 6
---------------------------------------------------
Notice is hereby given that the creditors of Bo Da Investment &
Development Pte Ltd (In Members' Voluntary Liquidation), which
is being wound up voluntarily are required on or before June 6,
2005 to send in their names and addresses and particulars of
their debts or claims, and the names and addresses of their
solicitors (if any) to the undersigned, the Liquidators of the
said Company.

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

Dated this 6th day of May 2005.

Chee Yoh Chuang
Lim Lee Meng
Liquidators
18 Cross Street
#08-01 Marsh & McLennan Centre
Singapore 048423


CHINA AVIATION (S): Releases New Final Scheme of Arrangement
------------------------------------------------------------
China Aviation Oil (Singapore) Corporation Ltd (CAO) unveiled
Thursday, a proposed final Scheme of Arrangement (Scheme) to its
creditors (the Final Scheme), which is a significant improvement
compared to the previous Scheme that was announced on January
24, 2005 (the Initial Scheme).

Following the release of the Initial Scheme, CAO has undertaken
a detailed process of meeting and discussions with its creditors
to obtain feedback and exchange ideas. CAO believes that the
Final Scheme addresses the feedback received and results in a
substantially higher recovery rate of US$275 million, which
represents an average recovery rate of about 54% for creditors.

For more information, click
http://bankrupt.com/misc/CAOImprovedScheme120505English.pdf
http://bankrupt.com/misc/CAOHCStatementonCAOImprovedScheme.pdf

CONTACT:

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


FUNAI ASIA: Pays First and Final Dividend
-----------------------------------------
Funai Asia Pte Ltd (In Creditors' Voluntary Liquidation)
formerly of 33 Jalan Afifi #04-01 Eng Yick Building Singapore
409180 posted at the Government Gazette, Electronic Edition a
notice to preferential creditors of first and final dividend.

First and Final Dividend: 100 per centum of all admitted proofs
of preferential creditors pursuant to section 328 of the
Companies Act, Cap. 50.

When Payable: 11th May 2005

Where Payable:

KPMG Business Advisory Pte Ltd
16 Raffles Quay
#22-00 Hong Leong Building
Singapore 048581

Dated this 11th day of May 2005.

Bob Yap Cheng Ghee
Liquidator


HPC ASIA: Winding Up Hearing Slated for May 27
----------------------------------------------
Notice is hereby given that a Petition for the winding up of HPC
Asia Pte Ltd by the High Court was, on May 6, 2005 presented by
Yongkie Singorahardjo (Indonesian Passport No. K455771), of
Jalan Ngemplak 14-16, Surabaya 60272, East Java, Indonesia, a
creditor of the Company.

The Petition is to be heard before the High Court sitting at
Singapore at 10 o'clock in the forenoon, on May 27, 2005.

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

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

The Petitioner's address is Jalan Ngemplak 14-16, Surabaya
60272, East Java, Indonesia.

The Petitioner's solicitors are Messrs Harry Elias Partnership
of 9 Raffles Place, #12-01 Republic Plaza, Singapore 048619.

Messrs Harry Elias Partnership
Solicitors for the Petitioner

Note:

Any person who intends to appear at the hearing of the said
Petition must serve on or send by post to the abovenamed Messrs
Harry Elias Partnership of 9 Raffles Place, #12-01 Republic
Plaza, Singapore 048619, notice in writing of his intention to
do so.

The notice must state the name and address of the person, or, if
a firm, the name and address of the firm, and must be signed by
the person or firm, or his or their 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 12 o'clock noon of
May 26, 2005.


JAYA HOLDINGS: Group's Net Profit Swells 88%
--------------------------------------------
Singapore Exchange Main Board-listed Jaya Holdings Ltd (Jaya or
the Group) announced to the Singapore Stock Exchange (SGX) on
Thursday its third quarter results for the current financial
year ending June 30, 2005.

Total Group revenue of $17.4 million was marginally lower than
the previous corresponding quarter's revenue of $17.6 million.

The Group's net profit attributable to shareholders of $19.8
million was 88% higher than the previous corresponding quarter's
net profit of $10.6 million.

This has brought the Group's nine months total revenue to $ 91.8
million, an increase of 76% over the previous corresponding
period. The net profit attributable to shareholders for the nine
months amounted to $62.8 million, an increase of 80% over the
previous corresponding period.

For the quarter under review, the higher revenue from the
Offshore Shipping division of $12.6 million (3Q04 : $6.0
million) was contributed by a higher fleet utilization of 76% as
against 63% previously. The operating fleet of 33 vessels as at
the end of the quarter was two more than a year ago.

The average capacity of its motorised vessels as at the end of
the quarter under review has also increased to 3,388 bhp (brake
horsepower) from 2,793 bhp a year ago. Both the Shipbuilding and
Conventional Shipping divisions recorded lower revenues.

In the case of the Shipbuilding Division, its work during the
quarter was largely devoted to new buildings intended for the
Group's internal fleet, unlike the previous corresponding
quarter where it had worked on two vessels, which were for
associate companies, for which progressive revenue recognition
was recorded.

The decrease in the revenue of Conventional Shipping division
was due to the downsizing of its fleet down to only one vessel
as at the end of the quarter from five vessels a year ago.

The Group's total net profit attributable to shareholders of
$19.8 million was mostly contributed by its Offshore Shipping
division due to both increases in chartering profits as well as
disposal gains. The Conventional Shipping also contributed a
profit of $2.4 million from the disposal of a vessel during the
quarter.

The Shipbuilding Division, although not having worked on
external orders during the quarter as above explained, still
managed to contribute a profit of $0.6 million from the
modification works it had undertaken for an external party.

Commenting on the results, Jaya's Managing Director Mr Pang Yoke
Min said that they reflect the efforts put in by the Group in
addressing the market needs anticipated some years ago. The
offshore sector is expected to remain active over the mid-term.
The underlying support driving factors for the industry should
remain steadfast.

These being the prevailing high price of crude oil and the
continuing shortage of offshore support vessels. Compounding the
vessel shortage is the tight capacity situation at shipyards the
world over, which is hampering the renewal process of the ageing
global fleet.

Going forward, Mr. Pang said that he expects the Group to
continue to do well for the coming financial year although it
will not have benefit of its two associate companies Jaya-TDS
Shipping Ltd and Alam Maritim Sdn Bhd and also may be more
inclined to retain a higher percentage of its future new
buildings, of which it presently has over 30 under construction,
for the purpose of enlarging its existing fleet size.

For more information, click
http://bankrupt.com/misc/JayaHoldings3QResults.pdf

CONTACT:

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


MANAGEMENT CORPORATION: Receiving Proofs of Claims Until June 6
---------------------------------------------------------------
Notice is hereby given that the creditors of The Management
Corporation (In Voluntary Liquidation) which is being wound up
voluntarily are required on or before June 6, 2005 to send in
their names and addresses and particulars of their debts or
claims, and the names and addresses of their solicitors (if any)
to the undersigned, the liquidator of the said management
corporation.

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

Dated this 6th day of May 2005.

Lai Seng Kwoon
Liquidator
c/o 16 Raffles Quay
#22-00 Hong Leong Building
Singapore 048581


TENG HUAT: Court to Hear Winding Up Petition May 27
---------------------------------------------------
Notice is hereby given that a Petition for the Winding Up of
Teng Huat Trading Pte Ltd by the High Court was on May 4, 2005
presented by Bank Of China Limited (formerly known as Bank of
China) (RC No. F00753/W), a bank incorporated in The People's
Republic of China and having a place of business at 4 Battery
Road, Bank of China Building, Singapore 049908, a creditor.

The Petition is to be heard before the Court sitting at
Singapore at 10:00 o'clock in the forenoon on May 27, 2005.

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

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

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

The Petitioner's solicitors are Messrs Rajah & Tann of 4 Battery
Road, #15-01 Bank of China Building, Singapore 049908 (Ref.
RCH/tlc/104854/05277).

Dated this 5th day of May 2005.

Messrs Rajah & Tann
Solicitors for the Petitioner

Note:

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

The notice must state the name and address of the person, or, if
a firm, the name and address of the firm, and must be signed by
the person or firm, or his or their solicitors (if any) and must
be served, or, if posted must be sent by post in sufficient time
to reach the Petitioner's solicitors not later than twelve
o'clock noon of May 26, 2005 (the working day before the day
appointed for the hearing of the Petition).


UNIVERSAL BUILDING: Begins Bankruptcy Proceedings
-------------------------------------------------
Notice is hereby given that a petition for the winding up of
Universal Building Materials Pte Ltd (Formerly known as Ridee
Private Limited) by the High Court was, on May 5, 2005 presented
by Messrs Active Decor Pte Ltd of 41 Defu Lane 1, Singapore
539494.

The petition is to be heard before the Court sitting at
Singapore at 10:00 a.m. on May 27, 2005.

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

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

The Petitioners' address is 41 Defu Lane 1, Singapore 539494.

The Petitioners' solicitor is Messrs Christopher Bridges of No.
9-A Mosque Street, Singapore 059489.

Messrs Christopher Bridges
Solicitors for the Petitioners

Note:

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

The notice must state the name and address of the person, or, if
a firm, the name and address of the firm, and must be signed by
the person, 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 12 o'clock noon of May
26, 2005 (the day before the day appointed for the hearing of
the Petition).


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


ADVANCE PAINT: Net Loss Climbs to THB12,552,000
-----------------------------------------------
Advance Paint & Chemical (Thailand) Public Company Limited
issued to the Stock Exchange of Thailand (SET) its Reviewed
quarterly financial statements for the month ended march 31,
2005.

Reviewed (In thousands)
Ending 31 March, Quarter 1

                                   Year                   
                          2005              2004

    
Net profit (loss)      (12,552)          (3,798)

EPS (baht)               (0.06)          (0.02)

Type of report: Unqualified Opinion with an emphasis of matters

Comment: Please see details in financial statements, auditor's
report and remarks from SET SMART.

"The company hereby certifies that the information above is
correct and complete. In addition, the company has already
reported and disseminated its financial statements in full via
the SET Electronic Listed Company Information Disclosure
(ELCID), and has also submitted the original report to the
Securities and Exchange Commission."

Mrs. Narumol Punnakitikashem
Director
Authorized to sign on behalf of the company

CONTACT:

Advance Paint & Chemical (Thailand) Pcl   
344 Moo 2, Bang Pa-In Industrial Estate,
Bang Pa-In Ayutthya    
Telephone: 0-3522-1140, 0-2541-5374-8   
Fax: 0-3526-1871   


POWER-P: Clarifies 20% Increase in Operating Results
----------------------------------------------------
According to the interim financial statements on the first
quarter of 2005, Power-P Public Company Limited (the Company)
had a total revenue THB66.71 million and net profit THB11.43
million compared to the same period last year that had a total
revenue and net profit amounting to THB4.62 million and THB0.03
respectively, the company issued to the Stock Exchange of
Thailand (SET) a clarification on the 20 percent excess in the
company's operating results:

(1) The company had total revenue of THB62.09 million

(1.1) Revenue from construction had increased to THB57.84
million due to the company have recognized income on the
increase of percentage on projects completed.

(1.2) Revenue from adjustment on some liability items that has
obviously no other claimed amounted THB8.52 million

(2) The company had net profit of THB11.40 million due to the
increase in revenue.

Please be informed accordingly

Sincerely Yours,
Mr. Phongsak Khongpanyakul
Deputy Managing Director- Accounting and Finance

CONTACT:

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


T.C.J. ASIA: Unit Inks Rental Contract with Juthamard
-----------------------------------------------------
T.C.J. Asia Public Company Limited (TCJ) informed the Stock
Exchange of Thailand (SET) that on May 12, 2005, Toyo MIllennium
Company Limited, (TOYO) is the subsidiary company which TCJ
holds 51 percent of TOYO's registered capital, has made the
Office-Space rental Contract from Juthamard Asset Company
Limited (TCJ major shareholders hold 100 percent of paid up
capital) which are considered as connected transaction.

Details are as follows:

(1) Transaction Date: May 12, 2005

(2) Parties Involved:

Lessee: Toyo MIllennium Company Limited

Lessor: Juthamard Asset Company Limited

(3) General Characteristics of the Transaction
   
Office Space Rental Contract of JUTHAMARD Building.

Space Area: 230 sq. Meter

Validity: 2 years from May 2,2005 to April 30, 2007

Previously, the subsidiary company rented such space area from
TCJ to be used as Office branch in Bangkok (The company's Head
Office situated at Klang-Dong district, Nakornrajsrima
province).

The contract was valid for 3 years starting from May 1, 2004.  
Then, TCJ has waived the right to renew the Leased Land Contract
where Juthamard Building is situated.

Thus, The subsidiary company has to renew the rental contract
with Juthamard Asset Co. Ltd. with its Registered Shares held by
Juthamard Group as major shareholders of TCJ by having the same
rental fee and contract details as previously signed by TOYO and
TCJ.

(4) Total value of the Consideration
   
Rental and Service Fee per sq. Meter: THB200 per sq. meter which
is not insignificantly different from the related parties and
non-related customers. Rental and Service range THB170 to THB260
per sq. meter

Rental Validity and Service Contract: 2 years from May 2, 2005
to April 30, 2007

The total value of the rental contract and service contract:
THB1,104,000.

Guarantee money per Rental Contract: THB92,000

Total value to be paid: THB1,196,000

The size of the transaction is about 0.25% of Net Tangible
Assets of TCJ 's Consolidated Financial Statement as at December
31, 2004.

Or the size of transaction is about 0.34 %of Net Tangible Assets
of TOYO's Financial Statement as at December 31, 2004.

(5) Expected Benefits
   
It is necessary for TOYO to have the Office in Bangkok to make
it more convenient for the local customers to contact with the
company. Besides that, in connection with the foreign customers
for exporting, the shipping forwarders are all in Bangkok area.  

Moreover, it is more controllable for the salesmen to take care
both local and foreign customers in Bangkok, than in the Head
Office. It is more convenient for TCJ as mother-company to
control all management work of TOYO for its most efficiency.

Besides that, the location of the branch office is not in the
center of the city e.g. Sukhumvit or Silom Road, etc, but
situated on Viphavadee Rangsit Road, which is direct way to
factory.  So, the rental fee is not so high compared with
Sukhumvit or Silom area. Moreover, going from Bangkok to the
Head office without passing through the city can save energy.
                  
The reason why TOYO did not move the office to follow TCJ to
Bangna is before TCJ invested in TOYO's shares, TOYO's
management had selected the place for its branch and decided to
choose Juthamard building for its convenience. They had made
rental contract since the beginning of Year 2004 and the place
became well known for general including TOYO's customers.

The place is so comfortable for deal business and
transportation. So, if TOYO moves the office, it may be
effective to customers and TOYO's staffs.

(6) Connected person
    
Juthamard Asset Company Limited's shares are held 100 percent by
the TCJ's major shareholders.

(7) Characteristics and scope of interests of the connected
persons
   
Juthamard Family is all 100% shareholders and has full authority
to control and manage Juthamard Asset Company Limited.  
Juthamard Family holds 51,140,808 of TCJ's shares, or about
91.73% of TCJ's registered capital.

(8) Directors who have interests -none-

(9) Opinions of the Plan Administrator
   
It is necessary for TOYO to have the office in Bangkok to make
it more convenient to deal business with both local and foreign
customers as well as with the shipping forwarders. The salesmen
can also contact and take care both local & foreign customers
easier than the office situated at Nakornrajsrima Head Office.
It is more convenient for TCJ as mother-company to control all
management work of TOYO for its most efficiency.

Besides that, the location of the branch office is not in the
center of the city, but it is situated on Viphavadee Rangsit
Road, which is direct way to factory. So, the rental fee is not
so high comparing with office area in the center city.

Therefore, to make such transaction is an appropriate one.

(10) Opinions of the Audit Committee -none-

This is for your information

Yours Faithfully,

Srivilai Chatjuthamard
As Plan Administrator of
T.C.J. Asia Public Company Limited

CONTACT:

T.C.J. Asia Pcl   
89/169 Moo 7, Vibhavadi Rangsit Road,
Don Muang Bangkok    
Telephone: 0-2552-6611, 0-2552-6622   
Fax: 0-2552-7185-6   
Web site: http://www.tcj.co.th
  




                            *********


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

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

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