TCRAP_Public/050517.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

             Tuesday, May 17, 2005, Vol. 8, No. 96

                            Headlines

A U S T R A L I A

A.C.N. 008 105 682: To Hold Final Meeting May 20
ARIAH PARK: Members Agree to Wind Up Company
ASHCROFT GROUP: Lays Out Final Meeting Agenda
AUSTRAL COAL: Centennial Rejects Glencore Application
BAKE PTY: Members, Creditors to Meet May 19

CAPPEEDEE PTY: Final Meeting Slated for May 18
DEEP YELLOW: To Declare 2nd Dividend May 24
HILLS MOTORWAY: Four Directors Quit Group
JACKSAL PTY: Liquidator to Report Winding Up Account
JAMES HARDIE: Q4 Operating Profit Up 48% to US$46.3 Mln

JAMES VANDELEUR: To Hear Liquidator's Report on Winding Up
JAVELIN AUTO: Appoints Official Liquidators
LACH TRANSPORT: Sets Final Meeting May 18
MAYNE GROUP: Demerger Proposal Poses Questions for Lenders
MURCHISON DEVELOPMENT: Voluntarily Winds Up

NATIONAL AUSTRALIA: Reconfirms Banking Ties with OAMPS
NATIONAL AUSTRALIA: Starts Layoffs in Asia
NATIONAL AUSTRALIA: CEO Says Downside Risks Have Eased
NATIONAL AUSTRALIA: Issues HK$430M Notes Due '07 Via HSBC
N&M MCSWEENY: Fixes May 20 as Date of Final Meeting

NOGOA INVESTMENTS: Members Resolve to Wind Up Company
OMNIPOL PTY: Sets May 20 as Final Meeting Date
REKLAW PTY: Final Meeting Set May 24
PROPERTY RESEARCH: Faces Winding Up Process
R.M.N. CORPORATION: Members Pass Winding Up Resolution

SPECIALISED MACHINING: Names Brian Mcmaster Official Liquidator
SUNFAIR ASSET: To Declare First and Final Dividend June 1
UNIVERSAL RESOURCES: Closes Failed CopperCo Takeover Bid
YOORINGA NO.2: Liquidator to Report on Winding Up


C H I N A  &  H O N G  K O N G

ARTFIELD ADVERTISING: Winding Up Hearing Slated for June 29
BETTER FLOW: Begins Bankruptcy Proceedings
DAY WAY: Court Orders Winding Up
GUANGDONG KELON: Auditors Not Seeking Re-appointment
GUANGDONG KELON: Clears "Head Subject to Surveillance" Report

GUANGDONG KELON: AGM Set June 28
HARVEST LOYAL: Winding Up Hearing Fixed June 8
L.A. NOMINESS: Enters Winding Up Proceedings
LIPCORP COMPANY: Court Releases Winding Up Order
M DREAM: First Quarter Loss Widens to HK22.9 Mln

SING LEE: Net Loss Balloons to RMB14 Mln in First Quarter
SHANGHAI LAND: Changes Address of Registered Office
TELLINK LIMITED: To Appoint Liquidators, Committee Inspection
TIANJIN TIANLIAN: Q1/FY05 Net Loss Swells to RMB4.22 Mln


I N D O N E S I A

BANK MANDIRI: Picks New Chief to Replace Ousted Boss
BANK MANDIRI: Says it Did Not Ignore Non-Performing Loans
CHAROEN POKPHAND: Pefindo Downgrades Ratings, Outlook
SEMEN GRESIK: Set to Build IDR3.3-Trillion Cement Plant


J A P A N

DAIEI INCORPORATED: Likely to Sell Recruit Shares to 3 Firms
MATSUSHITA ELECTRIC: Executes Own Share Repurchase
PIONEER CORPORATION: Launches New HDD-based "Cyber Navi" Vehicle
SOJITZ HOLDINGS: Revises First Series Class III Preferred Stock
SUPESU WARUDO: Enters Bankruptcy

SUMITOMO MITSUI: Daiwa to Become Top Shareholder


K O R E A

SK LIFE: Sold to Mirae Asset Group for KRW160 Bln


M A L A Y S I A

AKTIF LIFESTYLE: Discloses FY05 Quarterly Results
I-BERHAD: Issues Notice of Shares Buy Back
METROPLEX BERHAD: Default Status Remains Unchanged
METROPLEX BERHAD: Ordered to Pay IDR10 Mln to HSBC
PADIBERAS NASIONAL: To List Additional Shares

PAN MALAYSIA: Repurchases Extra Shares
PECD BERHAD: Clarifies Unit's Winding Up Petition
SUNWAY INFRASTRUCTURE: Net Loss Widens
TECHVENTURE BERHAD: Replies to Bursa Malaysia Query


P H I L I P P I N E S

BELLE CORPORATION: Posts Definitive Information Statement
FIL-ESTATE CORPORATION: Net Loss Balloons to Php17 Mln
MAYNILAD WATER: Judge Asks Time to Review Rehab Plan
NATIONAL BANK: Picks SunGard's TAPS for its Trust Banking Ops
NATIONAL POWER: State to Absorb Less Than Php300-Bln of Debts

NATIONAL RAILWAYS: Misses Funding for US$1-Bln Bicol Line Rehab
NATIONAL STEEL: Faces Tax Audit on Imports


S I N G A P O R E

ACCORD CUSTOMER: SGX-ST OKs Request to Extend Submission of FS
EXCEL MACHINE: Earns SG$2,700,000 from Public Tender Process
NEPTUNE ORIENT: 1Q/2005 Net Profit Jumps 16%
NEPTUNE ORIENT: Names Two New Board Members
SEATOWN CORPORATION: Delays Submission of Financial Results

STARTECH ELECTRONICS: Details CXp Revised Proposal
WEI KANG: Court Schedules Hearing May 27
YR 2000: Faces Winding Up Proceedings


T H A I L A N D

NAKORNTHAI STRIP: Points Out Items Affecting Net Profit, Loss
THAI NAM: Net Profit Rises to THB7,229,000
THAI PETROCHEMICAL: Posts THB2,171,909,000 Net Profit
BOND PRICING: For the Week 16 May to 20 May 2005

     -  -  -  -  -  -  -  -

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


A.C.N. 008 105 682: To Hold Final Meeting May 20
------------------------------------------------
Notice is hereby given that pursuant to section 509 of the
Corporations Act 2001, the final meeting of members of A.C.N.
008 105 682 Pty Limited (In Liquidation) A.C.N. 008 105 682 will
be held at the offices of the liquidator of 28 Lower Portrush
Road, Marden, SA 5070, on May 20, 2005 at 10:00 a.m. for the
purpose of laying before the meeting the liquidator's final
account and report and giving any explanation thereof.

Dated this 19th day of April 2005

Anthony John Ryan
Liquidator
28 Lower Portrush Road,
Marden SA 5070


ARIAH PARK: Members Agree to Wind Up Company
--------------------------------------------
Notice is hereby given that at an extraordinary general meeting
of members of Ariah Park Investments Pty Ltd A.C.N. 080 593 862
held on April 8, 2005 it was resolved that the company be wound
up voluntarily and that Michael Oscar Basedow of mhm - a
personal approach to business, Level 1, 121 Greenhill Road,
Unley, South Australia be appointed as Liquidator for the
purposes of such winding up.

Dated this 11th day of April 2005

M. O. Basedow
Liquidator
mhm - a personal approach to business
Level 1, 121 Greenhill Road,
Unley SA 5061


ASHCROFT GROUP: Lays Out Final Meeting Agenda
---------------------------------------------
Notice is hereby given that a final meeting of members and
creditors of Ashcroft Group Pty Limited (In Liquidation) A.C.N.
087 963 942 will be held in the offices of PPB, Chartered
Accountants, 10th Floor, 26 Flinders Street, Adelaide in the
State of South Australia, on May 18, 2005 at 9:30 a.m.

AGENDA

(1) To receive the Liquidator's account showing how the winding
up has been conducted and the property of the company disposed
of and explanations thereof in pursuance of section 509 of the
Corporations Act 2001.

Dated this 11th day of April 2005

M. C. Hall
Liquidator
PPB
Chartered Accountants
10th Floor, 26 Flinders Street,
Adelaide SA 5000
Telephone: 8211 7800


AUSTRAL COAL: Centennial Rejects Glencore Application
-----------------------------------------------------
Centennial Coal Company Limited notes the Takeover Panel media
release dated May 12, 2005 reporting on the application of the
same date from Glencore International AG and Fornax Investments
Limited (together Glencore) in relation to the affairs of
Austral Coal Ltd and the scrip takeover for Austral by
Centennial.

Centennial rejects the Glencore application.

Further announcements will be made as and when appropriate.

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


BAKE PTY: Members, Creditors to Meet May 19
-------------------------------------------
Notice is given that pursuant to Section 509 of the Corporations
Act the final meeting of the creditors and members of Bake Pty
Ltd (In Liquidation) A.C.N. 085 851 985 will be held in the
meeting room of SimsPartners, Level 6, 12 Pirie Street,
Adelaide, on May 19, 2005 at 10:00 a.m.

Dated this 5th day of April 2005

John Irving
Joint and Several Liquidator

Note:

To enable creditors to vote at the meeting, proof of debt and
proxy forms should be forwarded to SimsPartners, Level 6, 12
Pirie Street, Adelaide before the commencement of the meeting.
Proof of debt and proxy forms are available from SimsPartners.
E-mail: adel@simspartners.com.au


CAPPEEDEE PTY: Final Meeting Slated for May 18
----------------------------------------------
Notice is given that the final meeting of Cappeedee Pty Ltd (In
Liquidation) A.C.N. 007 600 482 will be held at the offices of
PPB, 10th Floor, 26 Flinders Street, Adelaide South Australia on
May 18, 2005 at 10:00 a.m. for the purpose of receiving an
account of how the winding up has been conducted and the
property of the company disposed of.

Dated this 11th day of April 2005

Timothy J. Clifton
Liquidator
c/- PPB
Chartered Accountants
10th Floor, 26 Flinders Street,
Adelaide SA 5000


DEEP YELLOW: To Declare 2nd Dividend May 24
-------------------------------------------
A second dividend is to be declared on May 24, 2005 for Deep
Yellow Limited Creditors' Trust.

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

Dated this 7th day of April 2005

Bryan Hughes
Trustee of the Deep Yellow Limited Creditors' Trust
Pitcher Partners
10 Ord Street, West Perth WA 6005
Telephone: (08) 9322 2022
Facsimile: (08) 9322 1262


HILLS MOTORWAY: Four Directors Quit Group
-----------------------------------------
Following Transurban's acquisition of more than a 96 percent
stake in Hills Motorway Group, pursuant to the takeover bid it
made for the Hills Motorway Group on February 14, 2005, Michael
Polin and Bill Jocelyn have resigned as Directors of The Hills
Motorway Limited and Andy Hogendijk and Darrell Hendry have
resigned as Directors of Hills Motorway Management Limited (the
Responsible Entity for Hills Motorway Trust) effective Friday,
May 16, 2005.

Jock Murray, John Hopman, Peter Byers, Laurence Cox and Kim
Edwards continue as Directors of The Hills Motorway Limited, and
John Collier, Peter Byers, Laurence Cox and Kim Edwarsd continue
as Directors of Hills Motorway Management Limited.

CONTACT:

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


JACKSAL PTY: Liquidator to Report Winding Up Account
----------------------------------------------------
Notice is hereby given that a final meeting of members and
creditors of Jacksal Pty Ltd will be held at 5th Floor, 63 Pirie
Street, Adelaide, South Australia on Friday, May 20, 2005 at
9:45 a.m. for the purpose of having an account laid before them
showing how the winding up has been conducted and the property
of the company disposed of and to hear any explanations that may
be given by the Liquidator.

Dated this 8th day of April 2005

B. N. Mulvaney
Bruce Mulvaney & Co
1st Floor, 613 Canterbury Road,
Surrey Hills Vic 3127
Telephone: (03) 9896 9000
Facsimile: (03) 9896 9001


JAMES HARDIE: Q4 Operating Profit Up 48% to US$46.3 Mln
-------------------------------------------------------
James Hardie on Friday announced a 48% increase in operating
profit from continuing operations to US$46.3 million for the
three months ended March 31, 2005.

The strong 4th quarter result lifted operating profit from
continuing operations for the full year to US$127.9 million, up
2% on the prior year, after expensing costs incurred on the NSW
Government Special Commission of Inquiry into the Medical
Research and Compensation Foundation (SCI) and other related
matters.

Among the 4th quarter highlights, net sales increased 26%, gross
profit was up 35% and EBIT increased 86% to US$64.6 million.

The USA Fibre Cement business was again the standout performer
in the quarter with net sales up 34% and EBIT increasing 79%.

Despite a softer Australian housing market, our Asia Pacific
Fibre Cement business improved its operating performance with
Australia and New Zealand EBIT up 46% and the Philippine
delivering another positive EBIT result.

For the full year, total Company net sales increased 23%, gross
profit was up 19 percent and EBIT increased 14% to US$196.2
million.

During the year, significant costs of US$28.1 million were
incurred in relation to the SCI and other related matters, along
with a related income tax benefit of US$5.8 million. For the
year, operating profit continuing operations excluding SCI and
other related expenses was 20% higher at US$150.2 million.

Diluted earnings per share from continuing operations increased
from US6.8 cents to US10.0cents for the 4th quarter and from US
27.2 cents to US 27.7 cents for the year.

The full year net operating profit including discontinued
operations includes additional expenses related to business and
property sales disposed of in prior periods.

The Board has approved a dividend of US 6.0 cents a share. The
dividend was declared in United States dollars and will be paid
on July 1, 2005 with a record date of June 9, 2005. The
Australian Dollar equivalent dividend to be paid to CUFS holders
will be announced to the ASX on June 10, 2005. ADR holders will
receive their dividend in United States currency.

To view James Hardie's Preliminary Final Report, click on:
http://bankrupt.com/misc/tcrap_jameshardie051605.pdf

CONTACT:

James Hardie Industries
Website: http://www.jameshardie.com.au/

Greg Baxter
Executive Vice President
Level 3, 22 Pitt Street
Sydney NSW 2000
Telephone: (02) 8274 5305
Fax: (02) 8274 5218
Mobile: 0419 461 368

Steve Ashe
Vice President Investor Relations
Telephone: (02) 8274 5246
Fax: (02) 8274 5218
Mobile: 0408 164 011

Julie Sheather
Vice President Public Affairs
Telephone: (02) 8274 5206
Fax: (02) 8274 5218
Mobile: 0409 514 643

All other enquiries to CustomerLink Service Centre on 13 1103.


JAMES VANDELEUR: To Hear Liquidator's Report on Winding Up
----------------------------------------------------------
Notice is hereby given that a final meeting of the members of
James Vandeleur & Son Pty Ltd (In Liquidation) A.C.N. 007 533
940 will be held at the offices of Richard Auricht, Chartered
Accountants, 242 Grenfell Street, Adelaide SA 5000, on May 18,
2005, at 3 o'clock in the afternoon.

AGENDA

To receive the Liquidator's account showing how the winding up
has been conducted and the property of the company disposed of,
and explanations thereof pursuant to Section 509 of the
Corporations Act.

Dated this 6th day of April 2005

Richard Auricht
Liquidator
Richard Auricht
Chartered Accountant
242 Grenfell Street,
Adelaide SA 5000
Telephone: (08) 8223 1033


JAVELIN AUTO: Appoints Official Liquidators
-------------------------------------------
Notice is hereby given that at a Meeting of Members of Javelin
Auto Body Works Pty Ltd A.C.N. 007 897 921 held on March 31,
2005 it was resolved that the Company be wound up voluntarily
and that Richard George Freer and Robert Colin Parker of 40
Sturt Street, Adelaide, SA. Telephone: (08) 8211 7177,
Facsimile: (08) 8212 6177 be appointed as joint and several
Liquidators for the purpose of such winding up.

Dated this 31st day of March 2005

Wayne G. Brazier
Director


LACH TRANSPORT: Sets Final Meeting May 18
-----------------------------------------
Notice is hereby given that a final meeting of creditors of Lach
Transport Pty Limited (In Liquidation) A.C.N. 007 981 026 will
be held at Bernardi Martin, Level 1, 195 Victoria Square,
Adelaide on May 18, 2005 at 4:00 p.m.

AGENDA

To consider how the winding up of the company has been
conducted, how the property of the company has been disposed of
and the destruction of the company's books and records after 6
months.

To approve the Liquidator's remuneration.

Dated this 6th day of April 2005

Hugh Martin
Liquidator


MAYNE GROUP: Demerger Proposal Poses Questions for Lenders
----------------------------------------------------------
Standard & Poor's Ratings Services said in a report that a
demerger of Mayne Group Ltd.'s (BB/Developing/--) global
pharmaceutical business from its domestic healthcare business
could have different implications for different Mayne lenders.

If Mayne elects to proceed with a demerger, the effect on
current lenders will depend on the nature of the demerger, and
on the choices made available to lenders under the terms of the
debt agreements.

Standard & Poor's expects Mayne to approach the restructure of
its debt arrangements in an orderly manner by implementing a
refinancing strategy if an event of default were looming under
its existing debt facilities. Given the company's low level of
net debt, Standard & Poor's would expect bank markets to offer
the necessary liquidity for a refinancing.

On May 4, 2005, Mayne announced that it is undertaking a
strategic review to assess the merits of a demerger involving
separate listings for its domestic healthcare business and its
global pharmaceutical business. At that time, Standard & Poor's
revised its outlook on Mayne to developing, reflecting our view
that any demerger could have positive or negative credit
implications. These will depend on the final structure of the
company after a restructuring, and which businesses will be
included in the rated entity. In the report, Standard & Poor's
has reviewed the current bank loan facility agreements and bond
indentures to assess the possible impact on debt providers
should a demerger be approved.

"If a demerger gets the green light, it is more than likely that
Mayne's capital structure will require reorganizing to meet the
long-term objective of the new companies. This is irrespective
of whether the demerger breaches any terms in the company's debt
agreements," said credit analyst Peter Stephens, Corporate &
Infrastructure Finance Ratings.

CONTACT:

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


MURCHISON DEVELOPMENT: Voluntarily Winds Up
-------------------------------------------
Notice is hereby given that at an extraordinary general meeting
of members of Murchison Development Pty Ltd A.C.N. 086 456 797
held on April 8, 2005 it was resolved that the company be wound
up voluntarily and that Michael Oscar Basedow of mhm - a
personal approach to business, Level 1, 121 Greenhill Road,
Unley, South Australia be appointed as Liquidator for the
purposes of such winding up.

Dated this 11th day of April 2005

M. O. Basedow
Liquidator
mhm - a personal approach to business
Level 1, 121 Greenhill Road, Unley SA 5061


NATIONAL AUSTRALIA: Reconfirms Banking Ties with OAMPS
------------------------------------------------------
OAMPS and the National Australia Bank (NAB) have entered into a
Deed of Settlement which settles all matters related to Idoport
(including any issues relating to potential exposure for NAB's
costs in defending the Idoport action) through a one off payment
of AU$2.95 million, and contracts the two organizations into a
banking relationship for a period of 4 years.

While OAMPS legal advice remains that OAMPS does not have an
exposure to any costs related to Idoport's litigation with the
NAB, it has been made clear by the NAB that it is the NAB's
intention to test this in the courts.

The potential cost, both in dollars and time, of defending our
position was considered likely to exceed the cost of this
settlement, making this agreement an appropriate course for the
OAMPS Group.

Background

In September 1998, the previous board of the OAMPS Group
contracted to acquire shares in Idoport Pty Ltd. Idoport
commenced litigation against the NAB about this time. In January
2002, the NSW Supreme Court dismissed Idoport's case against the
NAB and costs were ordered in favor of the NAB. The NAB has
sought to recover these costs from parties including the OAMPS
Group.

The OAMPS Group is no longer a shareholder in Idoport having
sold its shareholding for a nominal amount to an existing
Idoport shareholder in February 2005.

Deed of Settlement

The matter has been settled by the payment to the NAB of an
amount of AU$2.95 million plus an agreement to obtain all
material Australian banking services from the NAB for a period
of 4 years.

In certain events, a payment in addition to the AU$2.95 million
may be required. The additional payment is due only if the
obligations regarding banking services are not met, and is
limited to the difference between the estimated value of OAMPS
banking with the NAB and AU$1.25 million per annum. Valuing the
banking services is covered in the agreement with the NAB, and
OAMPS does not anticipate that any further payment will be
required.

OAMPS is pleased that its value to the NAB as a customer has
been recognized and believes that this agreement is a sound
foundation for a strong banking relationship.

OAMPS remains confident of achieving its previous guidance on
earnings per share growth but adjusted for this one off payment
of AU$2.96 million, which will be expensed in the current
financial year.

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: Starts Layoffs in Asia
------------------------------------------
National Australia Bank Limited (NAB) has begun its job cuts in
Singapore and South Korea, as part of a restructuring scheme
announced last week, Dow Jones Newswires reports.

NAB has started laying off five foreign exchange and fixed
income traders in South Korea and another 12 in Singapore. Some
of the disengaged employees will be given the option to relocate
in Hong Kong.

Last week, NAB unveiled plans to slash a total of 4,200 jobs
over the next few years as part of restructuring program.

The reform will involve "rationalizing" the Institutional
Markets & Services division's activities in Hong Kong and
closing offices in Singapore, South Korea and Malaysia. NAB will
also shut its Tokyo-based securities company.

The retail businesses in Singapore, Hong Kong and Tokyo will,
however, continue to operate.


NATIONAL AUSTRALIA: CEO Says Downside Risks Have Eased
------------------------------------------------------
The chief executive officer of embattled National Australia Bank
(NAB) said that NAB was finally leaving behind the downside
risks it was facing last year, Reuters reports.

After six months of consolidation, John Stewart said the bank
had now stabilized as it has already regained market share,
curbed expenses and created a "great" management team.

While he was "cautious" about forecasts, Mr. Stewart said the
bank was one year into a two- to three-year turnaround, with
profits next year to be "acceptable relative to the position we
are in".

Mr. Stewart added the bank had bottomed and was starting to
recover.

NAB, Australia's biggest bank by assets, is currently
restructuring its local retail, institutional and fund
management businesses.


NATIONAL AUSTRALIA: Issues HK$430M Notes Due '07 Via HSBC
---------------------------------------------------------
National Australia Bank Ltd. (NAB) is offering HK$430 million of
fixed-rate notes due 2007, lead manager HSBC said Friday.

Terms for the issue are as follows:

Amount:            HK$430 million
Maturity:          May 21, 2007
Coupon:            3.24%
Coupon Frequency:  Quarterly
Issue Price:       At par
Redemption:        At par
Payment date:      May 19, 205
Denominations:     HK$500,000
Listing:           None


N&M MCSWEENY: Fixes May 20 as Date of Final Meeting
-----------------------------------------------------
Notice is hereby given pursuant to Section 509 of the
Corporations Law that a general meeting of the members and
creditors of N & M Mcsweeny Pty Ltd (In Liquidation) formerly
Herbert Valley Motel Pty Ltd A.C.N. 009 718 914 will be held at
the office of Coco & Stanton, First Floor, 134 Charters Towers
Road, Hermit Park Qld 4812 on Friday, May 20, 2005 at 10:00 a.m.
for the purpose of having an account laid before them showing
the manner in which the winding up has been conducted and the
property of the company disposed of and of hearing any
explanations that may be given by the liquidator.

Dated this 19th day of April 2005

Angelo M. Coco
Liquidator


NOGOA INVESTMENTS: Members Resolve to Wind Up Company
-----------------------------------------------------
Notice is hereby given that, at a General Meeting of Members of
Nogoa Investments Pty Ltd (In Liquidation) A.C.N. 009 826 680
held on Thursday, March 31, 2005, it was resolved that the
company be wound up voluntarily and that for such purpose Graham
Richard Aland, Chartered Accountant, of Alands Accountants,
Level 1, 293 Queen Street, Brisbane Qld be appointed Liquidator.

Dated this 1st day of April 2005

Graham Richard Aland
Liquidator
Alands Accountants
Level 1, 293 Queen Street,
Brisbane Qld 4000


OMNIPOL PTY: Sets May 20 as Final Meeting Date
----------------------------------------------
Notice is hereby given that a final meeting of members and
creditors of Omnipol Pty Ltd (In Liquidation) A.C.N. 077 259 342
will be held at 5th Floor, 63 Pirie Street, Adelaide, South
Australia on Friday, May 20, 2005 at 9:30 a.m. for the purpose
of having an account laid before them showing how the winding up
has been conducted and the property of the company disposed of
and to hear any explanations that may be given by the
Liquidator.

Dated this 8th day of April 2005

B. N. Mulvaney
Bruce Mulvaney & Co
1st Floor, 613 Canterbury Road,
Surrey Hills Vic 3127
Telephone: (03) 9896 9000
Facsimile: (03) 9896 9001


REKLAW PTY: Final Meeting Set May 24
------------------------------------
Notice is hereby given that a final meeting of the members of
Reklaw Pty Ltd (In Liquidation) A.C.N. 007 658 693 will be held
at the offices of Richard Auricht, Chartered Accountant, 242
Grenfell Street, Adelaide SA 5000, on May 24, 2005, at 3:00
o'clock in the afternoon.

AGENDA

To receive the Liquidator's account showing how the winding up
has been conducted and the property of the company disposed of,
and explanations thereof pursuant to Section 509 of the
Corporations Act.

Dated this 5th day of April 2005

Richard Auricht
Liquidator
Richard Auricht
Chartered Accountant
242 Grenfell Street,
Adelaide SA 5000
Telephone: (08) 8223 1033


PROPERTY RESEARCH: Faces Winding Up Process
-------------------------------------------
Take notice that at a Meeting of Members of The Property
Research Institute Pty Ltd duly convened and held at the offices
of Jones Condon, 241 Stirling Street, Perth on Wednesday, March
30, 2005, it was resolved that the company be wound up
voluntarily and that G.A. Lopez and E.R. Verge be appointed the
Joint and Several Liquidators.

At a meeting of creditors also held on March 30, 2005, the
appointment of Messrs Lopez and Verge as Joint and Several
Liquidators was confirmed.

Dated this 4th day of April 2005

Joseph Stone
Director
Jones Condon
Chartered Accountants
Colmel House, 241 Stirling Street,
Perth WA 6000


R.M.N. CORPORATION: Members Pass Winding Up Resolution
------------------------------------------------------
At a meeting of the creditors of R.M.N. Corporation (253) Pty
Ltd (In Liquidation) A.C.N. 008 148 043 duly convened and held
in the offices of PPB, Level 10, 26 Flinders Street, Adelaide on
April 8, 2005 the special resolution set out below was duly
passed:

SPECIAL RESOLUTION

(1) That the company in view of its inability to continue in
business by reason of its liabilities, be wound up voluntarily;
and

(2) That Mark Christopher Hall and Timothy James Clifton,
Chartered Accountants Level 10, 26 Flinders Street, Adelaide, SA
be appointed joint and several liquidators for the purpose of
such winding up.

S. M. Buckland
Director


SPECIALISED MACHINING: Names Brian Mcmaster Official Liquidator
---------------------------------------------------------------
Notice is hereby given that at a General Meeting of Members of
Specialised Machining Services Pty Ltd (In Voluntary
Liquidation) A.C.N. 097 870 703 held on March 31, 2005, it was
resolved that the company be wound up voluntarily and that Oren
Zohar and Brian McMaster, of KordaMentha, Level 11, 37 St
Georges Terrace, Perth, Western Australia be appointed to act as
Joint and Several Liquidators for the purpose of the winding up.

Dated this 11th day of April 2005

Brian Mcmaster
Liquidator for Specialised Machining Services Pty Ltd
KordaMentha (WA)
Telephone: (08) 9221 6999


SUNFAIR ASSET: To Declare First and Final Dividend June 1
---------------------------------------------------------
A first and final dividend is to be declared on June 1, 2005 for
Sunfair Asset Pty Ltd (Subject To Deed Of Company Arrangement)
A.C.N. 100 296 580.

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

Dated this 7th day of April 2005

Gary Anderson
Deed Administrator
PO Box 1661, West Perth WA 6872
Telephone: (08) 9486 7822
Facsimile: (08) 9226 4250
E-mail: garya@iinet.net.au


UNIVERSAL RESOURCES: Closes Failed CopperCo Takeover Bid
--------------------------------------------------------
Australian copper group Universal Resources Limited said Monday
it was pleased to be able to return its full fcous to the
development of its North Queensland copper business following
the closure on Friday of CopperCo Limited's unsuccessful
takeover Offer.

CopperCo's scrip offer closed at 5 p.m. (WST) on Friday, May 13
with CopperCo advising the ASX that it had a relevant interest
in 19.42% of Universal shares and was not in a position to move
to compulsory acquisition.

"We are delighted that the extremely time-consuming process of
the bid, which has played out over the past six months, is now
at the end," said Universal's Executive Chairman, Mr. Peter
Ingram.

"We can now focus our attention on the important job of the
development of the Roseby Copper Project and adding value for
our shareholders."

"Fortunately, we have been able to maintain high levels of
activity at the site throughout the past few months, and we
currently have four drilling rigs on site as part of the current
feasibility study at Roseby," he added.

"Universal has entered an exciting and busy period, and we look
forward to progressing both the Roseby Project and our alliance
with Xstrata Copper."

CONTACT:

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


YOORINGA NO.2: Liquidator to Report on Winding Up
-------------------------------------------------
Notice is hereby given that pursuant to Section 509 of the
Corporations Act a final meeting of Yooringa No.2 Pty Ltd (In
Voluntary Liquidation) A.C.N. 008 071 529 will be held at the
office of BDO Chartered Accountants and Advisers, 248 Flinders
Street, Adelaide on May 19, 2005 at 9:00 a.m. for the purpose of
laying before the meeting an account showing how the winding up
has been conducted, and how the assets have been disposed of.

Dated this 6th day of April 2005

George Divitkos
Liquidator
BDO
Chartered Accountants & Advisers
248 Flinders Street,
Adelaide SA 5000


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

ARTFIELD ADVERTISING: Winding Up Hearing Slated for June 29
-----------------------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Artfield Advertising Limited by the High Court of Hong Kong
Special Administrative Region was on the 3rd day of May 2005
present to the said Court by Bank of China (Hong Kong) Limited
(the successor banking corporation to Kincheng Banking
Corporation pursuant to Bank of China (Hong Kong) Limited
(Merger) Ordinance (Cap.1167) whose registered office is
situated at 14th Floor, Bank of China Tower, 1 Garden Road, Hong
Kong.

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

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

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

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.


BETTER FLOW: Begins Bankruptcy Proceedings
------------------------------------------
Better Flow Limited with registered office located at 12th
Floor, Hou Feng Industrial Building, 1-5 Wing Kin Road, Kwai
Chung, New Territories was issued a winding up notice by the
High Court of the Hong Kong Special Administrative Region Court
of First Instance on May 4, 2005.

Date of Presentation of Petition: March 1, 2005

Dated this 13th day of May 2005.

Lee Mei Yee May
Acting Official Receiver


DAY WAY: Court Orders Winding Up
--------------------------------
Day Way Development Limited with registered office situated at
Flat 3, 5th Floor, New City Centre, No 2 Lei Yue Mun Road, Kwun
Tong, Kolon was issued a winding up notice by the High Court of
the Hong Kong Special Administrative Region Court of First
Instance on May 4, 2005.

Date of Presentation of Petition: March 1, 2005.

Dated this 13th day of May 2005.

Lee Mei Yee May
Acting Official Receiver


GUANGDONG KELON: Auditors Not Seeking Re-appointment
----------------------------------------------------
Guangdong Kelon Electrical Holdings Company Limited (0921) was
informed on May 11, 2005 by a letter dated May 9, 2005 that its
existing auditors in Hong Kong, Deloitte Touche Tohmatsu, and
its existing auditors in the PRC, Deloitte Touche Tohmatsu
CPA Limited would not be seeking reappointment as auditors of
the Company at the annual general meeting of the Company to be
held on June 28, 2005.

Deloitte were the Company's auditors for the year ended December
31, 2004. Deloitte had issued a qualified audit opinion for the
Company's audited financial statements for the above said
period.

The Company has received a confirmation letter from Deloitte
that apart from the matters referred to in the qualified opinion
and this announcement there are no matters that should be
brought to the attention of the Company's shareholders.

In their letter dated May 9, 2005, Deloitte referred to
significant limitations in evidence during their audit about
specific items, the details of which were set out in the
qualified audit opinion and which resulted in them qualifying
their opinion. Against the background of their qualified audit
opinion, Deloitte is not satisfied with the Company's commitment
to good financial record keeping and so has decided not to seek
re-appointment.

According to the Company's understanding from Deloitte,
Deloitte's qualification was a result of them not being
satisfied with the financial record keeping relating to the
transactions referred to in the limitations set out in qualified
opinion.

The Company disagrees with Deloitte's view on the Company's
financial record keeping and reserves its legal rights
accordingly.

The board of directors of the Company will appoint new auditors
in place of Deloitte subject to shareholders' approval in a
general meeting. Further announcement will be made as and when
appropriate.

Unusual price and trading volume movement

The following statement is made at the request of the Stock
Exchange pursuant to rule 13.10 of the Rules Governing the
Listing of Securities on The Stock Exchange of Hong Kong Limited
(the Listing Rules).

The Board has noted the decrease in the price and increase in
the trading volume of the shares of the Company on May 11, 2005.
Save as disclosed above and its recent announcements dated April
26, 2005 and May 9, 2005, the Board wishes to state that it is
not aware of any reasons for such movement.

The Board also confirms that there are no negotiations or
agreements relating to intended acquisitions or realizations
which are discloseable under rule 13.23 of the Listing Rules,
neither is the Board aware of any matter discloseable under the
general obligation imposed by rule 13.09 of the Listing Rules,
which is or may be of a price-sensitive nature.

The Board of the directors of which individually and jointly
accept responsibility for the accuracy of this statement.

Resumption of trading

At the request of the Company, trading in shares of the Company
was suspended with effect from 9:30 a.m. on 12 May 2005 pending
the release of this announcement. The Company has applied for
resumption of trading in its shares with effect from 9:30 a.m.
on 13 May 2005.

Investors shall exercise caution when dealing in the shares of
the Company.

By order of the Board of
Guangdong Kelon Electrical Holdings Company Limited
Gu Chu Jun
Chairman

CONTACT:

Guangdong Kelon Electrical Holdings Company Limited
2502-2505 Harbour Ctr
25 Harbour Road
Wanchai, Hong Kong
Phone: 25110363
Fax: 28023434
Web site: http://www.kelon.com


GUANGDONG KELON: Clears "Head Subject to Surveillance" Report
-------------------------------------------------------------
Guangdong Kelon Electrical Holdings Company Limited (0921) notes
various articles, which appeared in a number of newspapers in
Hong Kong on May 13, 2005 quoting news from mainland sources
that the Chairman and an Executive Director of the Company, Mr.
Gu Chu Jun, is currently subject to residential surveillance.

The Company has made enquiries of Mr. Gu. Mr. Gu has not
received any notification that he is subject to any residential
surveillance in the PRC and has been freely traveling between
the offices of various companies in the PRC in which he has an
interest.

By order of the Board of
Guangdong Kelon Electrical Holdings Company Limited
Gu Chu Jun
Chairman

At the request of Guangdong Kelon Electrical Holdings Company
Limited, trading in its H shares has been suspended with effect
from 9:30 a.m. on May 12, 2005 pending simultaneous publication
of an announcement regarding price sensitive information of the
Company in Hong Kong and Shenzhen.

Foshan City, Guangdong, the PRC, May 13, 2005.


GUANGDONG KELON: AGM Set June 28
--------------------------------
Notice is hereby given that an Annual General Meeting (AGM) of
Guangdong Kelon Electrical Holdings Company Limited will be held
at the conference room of the Company's head office, Shunde
District, Foshan City, Guangdong Province on Tuesday, June 28,
2005 at 11:00 a.m. for the purpose of considering, and, if
thought fit, passing with or without amendment, the following
resolutions, which will be proposed as ordinary resolutions and
special resolutions of the Company:

ORDINARY RESOLUTIONS

(1) To consider and approve the report of the Directors of
Guandong Kelon Electrical Holdings Company Limited for the year
2004.

(2) To consider and approve the audited annual financial
statements of Guangdong Kelon Electrical Holdings Company
Limited for the year 2004.

(3) To consider and approve the profit distribution proposal of
the company for the year 2004.

(4) To consider and approve the reappointment of Auditors of the
Company presented by the Board of Directors and authorize the
Directors to fix remuneration of the Auditors.

(5) To consider and approve the proposed amendments to "The
Rules and Regulations Governing Shareholders' Meetings".

(6) To consider and approve the proposed amendments to "The
Rules and Regulations Governing Directors Meetings".

(7) To consider and approve the proposed amendments to "The
Rules and Regulations Governing Supervisors' Meetings".

(8) To consider and approve the proposed amendments to
"Regulations of Information Disclosure".

(9) To consider and approve the report of Supervisory Committee
of Guangdong Kelon Electrical Holdings Company Limited for the
year 2004.

By order of the Board of
Guangdong Kelon Electrical Holdings Company Limited
Gu Chu Jun
Chairman
Foshan City, Guangdong, the PRC, 28 April, 2005

Notes:

1. The register of members of the Company will be closed from 28
May, 2005 to 28 June, 2005, both days inclusive, during which
period no share transfers will be registered. To qualify for
attendance at the extraordinary general meeting, all transfers
accompanied by the relevant share certificates must be lodged
with the Company's Branch Share Registrar in Hong Kong, Hong
Kong Registrars Limited of Rooms 1712-1716, 17/F Hopewell
Centre, 183 Queen's Road East, Wanchai, Hong Kong, no later than
4:00 p.m. on May 27, 2005, for registration.

2. Shareholders intending to attend the annual general meeting
shall give written notice of the same to the Company, which
shall be lodged at the registered office of the Company on or
before 4:00 p.m. on June 8, 2005.

3. Shareholders entitled to attend and vote at the annual
general meeting are entitled to appoint one or more persons
(whether or not a shareholder of the Company) as their proxy to
attend and vote on behalf of themselves.

4. In order to be valid, the form of proxy, together with a duly
notarized power of attorney or other document of authority, if
any, under which the form is signed must be deposited at the
registered office of the Company not later than 24 hours before
the time for holding the extraordinary general meeting.

5. The registered address of the Company is: No. 8 Ronggang
Road, Ronggui Street, Shunde District, Foshan City, Guangdong
Province.

Postal code: 528303
Phone: (86) 757 28362570
Fax: (86) 757 28361055
Contact person: Li Lin, Yu Wan Li


HARVEST LOYAL: Winding Up Hearing Fixed June 8
----------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Harvest Loyal International Limited by the High Court of Hong
Kong Special Administrative Region was on April 8, 2005
presented to the said Court by Shenzhen Sunfood Trading Co. Ltd.
Whose registered office is situated at No. 1 Tang Keng Zai, Wu
Tong Mount, Luohu, Shenzhen, People Republic of China.

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

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

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

So, Lung & Associates
Solicitors for the Petitioner
15th Floor, Ming An Plaza Phase 2
8 Sunning Road
Causeway Bay, Hong Kong

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


L.A. NOMINESS: Enters Winding Up Proceedings
--------------------------------------------
L.A. Nominess Limited with registered office located at 2002,
20th Floor, Sino Plaza, 255-257 Gloucester Road, Causeway Bay,
Hong Kong was issued a winding up notice by the High Court of
the Hong Kong Special Administrative Region Court of First
Instance on May 4, 2005.

Date of Presentation of Petition: January 26, 2005

Dated this 13th day of May 2005.

Lee Mei Yee May
Acting Official Receiver


LIPCORP COMPANY: Court Releases Winding Up Order
------------------------------------------------
Lipcorp Company Limited with registered office located at 2002,
20th Floor, Sino Plaza, 255-257 Gloucester Road, Causeway Bay,
Hong Kong was issued a winding up notice by the High Court of
the Hong Kong Special Administrative Region Court of First
Instance on May 4, 2005.

Date of Presentation of Petition: January 26, 2005

Dated this 13th day of May 2005.

Lee Mei Yee May
Acting Official Receiver


M DREAM: First Quarter Loss Widens to HK22.9 Mln
------------------------------------------------
M Dream Inworld disclosed its financial results for the first
quarter of this year ending March 31, 2005.

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


                                (Unaudited)         (Unaudited)
                                  Current              Last
                                                  Corresponding
                                   Period            Period
                               from 01/01/2005   from 01/01/2004
                                 to 31/03/2005     to 31/3/2004
                                   Note (000)             (000)

Turnover                  :         10,066               326
Profit/(Loss) from Operations       (22,709)           (1,883)
Finance cost              :          (200)               N/A
Share of Profit/(Loss) of Associates:  N/A               N/A
Share of Profit/(Loss) of Jointly
         Controlled Entites         :  N/A               N/A
Profit/(Loss) after Taxation & MI   : (22,909)         (1,883)
% Change Over the Last Period       :  N/A
EPS / (LPS)
          Basic (in dollar)         : (HKD 0.0088)  (HKD 0.0015)
          Diluted (in dollar)       :  N/A               N/A
Extraordinary (ETD) Gain/(Loss)     :  N/A               N/A
Profit (Loss) after ETD Items       : (22,909)           (1,883)
1st Quarter Dividends per Share     :  NIL               NIL
(specify if with other options)     :  N/A               N/A
B/C Dates for 1st Quarter Dividends :  N/A
Payable Date                        :  N/A
B/C Dates for (-) General Meeting   :  N/A
Other Distribution for Current Period: NIL
B/C Dates for Other Distribution     : N/A
                                   (bdi: both days inclusive)

For and on behalf of
M Dream Inworld Limited

Signature:
Name     : Koh Tat Lee, Michael
Title    : Director

Loss per share

The calculation of the Group's basic loss per share for the
period ended 31 March 2005 is based on the Group's loss
attributable to shareholders of approximately HK$22,909,000
(2004: approximately HK$1,883,000) and the weighted average
number of 2,606,949,911 shares of the Company for the period
ended 31 March 2005(2004: 1,293,706,901 shares).

Diluted loss per share has not been presented since the exercise
of share options granted by the Company would have an anti-
dilutive effect on the loss per share for the quarter ended
March 31, 2005 and 2004.

CONTACT:

M Dream Inworld Limited
20/F, Beautiful Group Tower
77 Connaught Road Central
Central, Hong Kong
Phone: 29597219
Fax: 25093113
Web site: http://www.mdreaminworld.com


SING LEE: Net Loss Balloons to RMB14 Mln in First Quarter
---------------------------------------------------------
Sing Lee Software (Group) Limited (8076) disclosed its financial
results for the first quarter of 2005.

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


                                (Unaudited)         (Unaudited)
                                  Current              Last
                                                  Corresponding
                                   Period            Period
                               from 01/01/2005   from 01/01/2004
                                 to 31/03/2005     to 31/3/2004
                                 RMB$'000             RMB$'000

Turnover                :            1,744             2,674
Profit/(Loss) from Operations:     (13,865)          (4,894)
Finance cost                 :       (81)              (83)
Share of Profit/(Loss) of Associates: N/A               N/A
Share of Profit/(Loss) of Jointly
         Controlled Entites         : N/A               N/A
Profit/(Loss) after Taxation & MI   :(13,961)        (5,032)
% Change Over the Last Period       : N/A
EPS / (LPS)
          Basic (in dollar)         :(RMB 0.0232)      (RMB
0.0083)
          Diluted (in dollar)       : N/A               N/A
Extraordinary (ETD) Gain/(Loss)     : N/A               N/A
Profit (Loss) after ETD Items       :(13,961)           (5,032)
1st Quarter Dividends per Share     : NIL               NIL
(specify if with other options)     : N/A               N/A
B/C Dates for 1st Quarter Dividends : N/A
Payable Date                        : N/A
B/C Dates for (-) General Meeting   : N/A
Other Distribution for Current Period: NIL
B/C Dates for Other Distribution     : N/A
                               (bdi: both days inclusive)

For and on behalf of
Sing Lee Software (Group) Limited

Signature :
Name      : Hung Yung Lai
Title     : Director

Loss per share

The calculation of the Group's basic loss per share for the
three months ended 31 March 2005 based on the Group's unaudited
loss attributable to shareholder of approximately RMB13,961,000
(three months ended 31 March 2004: loss attributable to
shareholders of approximately RMB5,032,000) divided by the
weighted average number of ordinary shares outstanding for three
months ended March 31, 2005 of  603,000,000 shares (three months
ended March 31, 2004: 603,000,000 shares) in issue respectively.

Diluted loss per share has not been presented as the exercise of
share options would have an anti-dilutive effect during the
three months ended March 31, 2005 and three months ended March
31, 2004.

5. Dividend

The Board does not recommend the payment of dividend for the
three months ended March 31, 2005 (three months ended March 31,
2004: Nil).

CONTACT:

Sing Lee Software (Group) Limited
32nd Floor, Morrison Plaza
9 Morrison Hill Road
Wanchai, Hong Kong
Phone: 25763666
Fax: 25779661
Web site: www.singlee.com.cn


SHANGHAI LAND: Changes Address of Registered Office
---------------------------------------------------
Shanghai Land Holdings Limited (Receivers Appointed) announced
that the registered office of the Company has been changed to
the Receivers' new office at 18/F., Two International Finance
Centre, 8 Finance Street, Central, Hong Kong with effect from 9
May 2005.

As at the date of this announcement, the board of directors of
the Company comprises eight directors. The executive directors
are Mr. Chau Ching Ngai, Mr. Jiang Dong Liang, Mr. Koo Hoi Yan,
Donald and Mr. Mao Wei Ping. The non-executive directors are Ms.
Fan Cho Man and Mr. Tan Lim Heng. The independent non-executive
directors are Mr. Mok Chiu Kuen and Mr. Ho Yau Hoo, Ronald.

For and on behalf of Shanghai Land Holdings Limited
(Receivers Appointed)

Hong Kong, May 9, 2005.

Stephen Liu Yiu Keung
and Yeo Boon Ann
Joint & Several Receivers


TELLINK LIMITED: To Appoint Liquidators, Committee Inspection
-------------------------------------------------------------
Tellink Limited gave notice that an application by the Official
Receiver and Provisional Liquidator will be heard before Master
S. Kwang of the High Court in Chambers for consideration of the
resolutions and determinations (if any) of the first meeting of
creditors and contributories both held on January 27, 2005,
deciding the differences (if any) and making such order of
appointments as the court may think fit.

Date and Time of Hearing: June 10, 2005 (Friday) at 10:00 a.m.

Place of hearing: High Court Building, No. 38 Queensway, Hong
Kong.

Any creditor or contributory of the Company is entitled to
attend and be heard at the above hearing.

Dated this 13th day of May 2005.

Lee Mei Yee, May
Acting Official Receiver
& Provisional Liquidator


TIANJIN TIANLIAN: Q1/FY05 Net Loss Swells to RMB4.22 Mln
--------------------------------------------------------
Tianjin Tianlian Public Utilities Company Limited (08290)
disclosed its financial results for the first quarter of this
year.

Year-end date: 31/12/2005
Currency: RMB
Auditors' report: N/A
Interim report reviewed by: Both Audit Committee and Auditors


                                (Unaudited)         (Unaudited)
                                  Current              Last
                                                  Corresponding
                                   Period            Period
                               from 01/01/2005   from 01/01/2004
                                 to 31/03/2005     to 31/3/2004
                               Note ('000)             ('000)

Turnover                           : 2,787              1,753
Profit/(Loss) from Operations      : (3,317)            (1,775)
Finance cost                       : (856)              (384)
Share of Profit/(Loss) of
  Associates                       : N/A                N/A
Share of Profit/(Loss) of
  Jointly Controlled Entities      : N/A                N/A
Profit/(Loss) after Tax & MI       : (4,223)            (1,446)
% Change over Last Period          : N/A       %
EPS/(LPS)-Basic (in dollars)       : (0.0042)           (0.0015)
         -Diluted (in dollars)     : N/A                N/A
Extraordinary (ETD) Gain/(Loss)    : N/A                N/A
Profit/(Loss) after ETD Items      : (4,223)            (1,446)
1st Quarter Dividend               : N/A                N/A
  per Share
(Specify if with other             : N/A                N/A
  options)

B/C Dates for
  1st Quarter Dividend             : N/A
Payable Date                       : N/A
B/C Dates for (-)
  General Meeting                  : N/A
Other Distribution for             : N/A
  Current Period

B/C Dates for Other
  Distribution                     : N/A


For and on behalf of
Tianjin Tianlian Public Utilities Company Limited

Name :  KWOK SHUN TIM
Title : COMPANY SECRETARY

LOSS PER SHARE

The calculation of the basic loss per share is based on the net
loss attributable to equity holders of the parent for the period
of RMB4,223,000 (three months ended 31 March 2004: RMB1,446,000)
and the number of 995,000,000 shares (2004: weighted average
number of 968,626,373 shares) in issue during the period.

No diluted loss per share has been presented, as there were no
potential ordinary shares during the three months ended 31 March
2005 and 2004.

CONTACT:

Tianjin Tianlian Public Utilities Company Limited
9th Floor, Gangao Tower
18 Zhengzhou Road,
He Ping District
Tianjin PRC


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


BANK MANDIRI: Picks New Chief to Replace Ousted Boss
----------------------------------------------------
PT Bank Mandiri has named a new chief executive officer to
replace president director E.C.W. Neloe after he was named a
suspect in an ongoing case on the bank's lending practices,
reports Dow Jones.

In the bank's annual shareholders' meeting on May 16, 2005,
shareholders decided to name Mr. Agus Martowardojo as their new
chief executive officer. Mr. Martowardojo is the chief executive
officer of PT Bank Permata. Two new directors were named, but
the other 6 board members were retained.

The bank's board of commissioners, which supervises the board of
directors, were all replaced by shareholders. This was done in
order to strengthen the bank's supervision. PT Bank Central Asia
commissioner Edwin Gerungan was named as the bank's president
commissioner.

Analysts expect the new management to improve the bank's
performance, saying that the ongoing investigations into the
bank are not likely to affect its operations.

As of December last year, Bank Mandiri's net profit totaled
IDR5.26 trillion.

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: Says it Did Not Ignore Non-Performing Loans
---------------------------------------------------------
State-owned Bank Mandiri denies that it ignored its non-
performing loans (NPL), as the bank disclosed its loan exposure
(including the NPLs in an IPO offering in 2003, Antara News
reports.

According to the bank's managing director and corporate
secretary Nimrod Sitorus, the bank is subject to regular audits
by an external auditor, and the bank has disclosed its
performance (including the performance of its NPLs on a regular
basis through announcements and website postings.

Mr. Sitorus added that the naming of three of the bank's
directors would not affect the bank's operations in any way,
thus there was no need for customers to panic, as Bank Mandiri
is "committed to fulfill its obligations, including providing
services to its customers."

Mr. Sitorus further said that the bank would continue to
cooperate with investigations by the Attorney General's Office
on its NPLs.

Bank Mandiri's president director E.C.W. Neloe, vice president
I. Wayan Pugeg and corporate director M. Sholeh Tasripan were
named suspects in an alleged fraud investigation concerning the
bank's lending practices.

The bank has chosen five law firms to assist in its case, and of
the total 22 debtors being reviewed by the State Audit Agency
(BPK) totaling IDR12. 2 trillion in loans, 82.1% of these were
performing according to an audit conducted by external auditors
Ernst & Young, in compliance with Indonesian General Accepted
Accounting Procedures.


CHAROEN POKPHAND: Pefindo Downgrades Ratings, Outlook
-----------------------------------------------------
P.T. Pefindo downgraded the ratings of PT Charoen Pokphand
Indonesia Tbk.(CPIN) and its Bond I/2003 of IDR500 billion to
"idBBB-" with the `Stable' Outlook from "idBBB" with the
`Negative' Outlook.

The downgrades reflect the Company's weak profitability,
inadequate cash flow coverage as well as inherent industry
risks. The ratings, however, are still supported by the
Company's good business position in the industry. In addition,
CPIN breached its bond covenant of interest coverage ratio below
the minimum requirement of two times (x) in 2003 and 2004.
Nevertheless, CPIN still fully served its current financial
obligations on the due dates.

As of March 31, 2005, CPIN was able to fulfill its bond covenant
required by Trustee, which had given the Company the opportunity
to improve its performance.

CPIN is an integrated agribusiness enterprise with a main focus
on the formulation and production of poultry feed and the
breeding of poultry stock for the Indonesian market. As of
December 31, 2004, the Company's shares were owned by PT Central
Proteinaprima (55.34%), Royal Bank of Canada (Asia) Ltd.
(22.95%), and Others (21.71%).

CONTACT:

P.T. Charoen Pokphand Indonesia
Jalan Ancol VIII/1
Jakarta, 14430
INDONESIA
Phone: +62 21 691 2501
Fax: +62 21 691 9862


SEMEN GRESIK: Set to Build IDR3.3-Trillion Cement Plant
-------------------------------------------------------
Cement maker PT Semen Gresik Tbk is planning to build a cement
factory to increase its capacity by 2.5-3.0 million tons
annually, reports Reuters News.

According to company president Satriyo, a feasibility study on
the project will be completed in a month or two, with investment
for the project at around IDR3.32 trillion. Construction is set
to start next year, but no place has been indicated as yet. The
facility is expected to begin producing cement in 2009.

In order to finance the project, the Company plans to raise
bonds worth IDR3.3 trillion. Semen Gresik's current capacity is
17.2 million tons.

The firm is also building another factory to meet demand, which
is expected to increase by 5-10% this year.

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

CONTACT:

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


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


DAIEI INCORPORATED: Likely to Sell Recruit Shares to 3 Firms
------------------------------------------------------------
Daiei Incorporated will sell its equity stake in Recruit Co. to
three companies later this month for a total of JPY50 billion to
JPY60 billion, Kyodo News reports.

The supermarket chain operator, which is currently
rehabilitating its business, has already entered into talks with
Recruit over sales to Norinchukin Bank, Aozora Bank and
Advantage Partners Inc., a Japanese investment fund.

The Daiei group holds a combined 10 percent stake in Recruit,
which is seen as highly profitable but has yet to go public.

CONTACT:

Daiei Incorporated
4-1-1, Minatojima Nakamachi
Chuo-ku,
Kobe 650-0046, Japan
Phone: +81-78-302-5001
Fax: +81-3-3433-9226


MATSUSHITA ELECTRIC: Executes Own Share Repurchase
--------------------------------------------------
Matsushita Electric Industrial Co. Ltd., best known for its
"Panasonic" brand, announced on May 13 that it has repurchased a
portion of its own shares from the market in conformity with
provisions of Article 211-3, Paragraph 1, Item 2 of the Japanese
Commercial Code.

Details of the share repurchase are as follows:

1. Class of shares: Common stock
2. Period of repurchase: Between May 2, 2005 and May 13, 2005
3. Aggregate number of shares repurchased: 6,271,000 shares
4. Aggregate repurchase amount: 9,999,760,000 yen
5. Method of repurchase: Shares were repurchased on the Tokyo
Stock Exchange

(Reference 1)
1) The following details were resolved at the Board of Directors
meeting held on April 28, 2005:

Class of shares: Common stock

Aggregate number of repurchasable shares: Up to 120 million
shares

Aggregate repurchase amount: Up to 150 billion yen

2) Cumulative total of shares repurchased since the April 28,
2005 Board of Directors resolution through today:

Aggregate number of shares repurchased: 6,271,000 shares

Aggregate repurchase amount: 9,999,760,000 yen

(Reference 2)

The number of shares issued and treasury stock as of March 31,
2005:

Total number of shares issued (excluding treasury stock):
2,258,357,710 shares

Treasury stock: 194,695,787 shares

CONTACT:

Matsushita Electric Industrial Co Ltd (Panasonic)
1006, Oaza Kadoma
Kadoma-shi, Osaka 571-8501
Japan
Phone: +81 6 6908 - 1121
Fax: +81 6 6908 2351

This is a Company press release.


PIONEER CORPORATION: Launches New HDD-based "Cyber Navi" Vehicle
----------------------------------------------------------------
Pioneer (TSE: 6773; NYSE: PIO) announced a new HDD-based CYBER
NAVI car navigation system for the Japanese market on May 11,
according to Japan Corporate News Network.

The AVIC-ZH990MD and AVIC-ZH990 are 2DIN-type DSP-control AV
navigation auto servers with a built-in 7-inch wide touch-screen
TV. The AVIC-XH990 is a 1DIN-type navigation auto server with an
on-dash 7-inch wide touch-screen TV. The AVIC-H990 is a 1DIN-
type navigation auto server (without a monitor).

The suggested retail prices are 367,500 yen, 346,500 yen,
304,500 yen, and 210,000 yen (including tax), respectively.

Pioneer first introduced the Agent function in 2003 into its
HDD-based Cyber Navi car navigation systems, a new concept in
car navigation that automatically tracked and stored the
preferences and driving/operating patterns of individual
drivers.

In the 2004 Cyber Navi lineups, the company realized a high-
class combination of navigation, audio and video functions by
adding innovative new functions such as Traffic Congestion
Forecast and Feeling Play.

In the 2005 Cyber Navi models, Pioneer has further advanced the
Agent feature by adopting new functions, such as On-demand VICS
and Route Equalizer, and upgrading the removable Brain Unit (the
car computer section + HDD).

he new Brain Unit employs PC Link function, which enables users
to connect the Brain Unit to their PC and transfer the stored
music tracks or location data found on the website to the Brain
Unit at home, further enhancing home-use convwith the the new
systems.

CONTACT:

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


SOJITZ HOLDINGS: Revises First Series Class III Preferred Stock
---------------------------------------------------------------
Sojitz Holdings Corporation has notified the revision of the
conversion price of 1st Series Class III Preferred Stock as
follows.

1. Revision of conversion price

1st Series Class III Preferred Stock:

Current conversion price: JPY568
Revised conversion price: JPY503

2. Effective date: As from May 14, 2005

3. Reasons for revision

The revision is made in accordance with the provisions as
specified in the terms and conditions.

CONTACT:

Sojitz Holdings Corporation
President & CEO: Hidetoshi Nishimura
Securities Code: 2768 TSE/OSE 1st Section
Inquiries: Takeshi Yoshimura, General Manager
Public Relations Dept.
Phone: +81-3-5520-3404

This is a Company press release.


SUPESU WARUDO: Enters Bankruptcy
--------------------------------
Supesu Warudo K.K. has begun bankruptcy proceedings with total
liabilities of US$34.29 million, says Teikoku Databank America.

The amusement park operator is based in Kitayushu-shi, Fukuoka
805-0071.

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


SUMITOMO MITSUI: Daiwa to Become Top Shareholder
------------------------------------------------
Daiwa Securities Group Inc. plans to invest about JPY60 billion
in Sumitomo Mitsui Construction Company, The Asahi Shimbun
reports.

The investment would make Daiwa the top shareholder in Sumitomo
Mitsui, a second-tier construction company whose liabilities are
expected to exceed its assets by JPY210 billion in the year
ended March 2005.

Sumitomo Mitsui will seek about JPY184 billion in assistance
from about 60 financial institutions, including Sumitomo Mitsui
Banking Corporation.

The company, whose shares have fallen a fifth this year, is
scheduled to formally report annual earnings on May 27. The
stock was unchanged at JPY88 as of market close on May 13.

CONTACT:

Sumitomo Mitsui Construction Co., Ltd
1-38-1, Chuuou, Nakano-ku, Tokyo, JAPAN
Phone. +81-3-5337-2137
Fax. +81-3-3367-4767
Web site: http://www.smcon.co.jp


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


SK LIFE: Sold to Mirae Asset Group for KRW160 Bln
-------------------------------------------------
SK Networks Co. sold its subsidiary, SK Life Insurance to Mirae
Asset Group for KRW160 billion as part of its restructuring
program, Dow Jones reports.

Mirae Asset Group, the preferred bidder for the takeover of SK
Life, signed a contract last May 12, 2005 to acquire 51% stake
in the insurance company for around KRW84 billion, with SK
Networks agreeing to sell its unit's remaining 46.6% after the
management transfer is completed.

The sale is expected to rake in a total of KRW122.4 billion,
much higher than the expected KRW85.5 billion for the takeover
of the company.

Mirae Asset Group was chosen as the preferred bidder for SK Life
instead of U.S.-based Metlife Inc. after failing to agree with
SK Networks on labor issues and other matters. Mirae Asset Group
also promised to keep SK Life's current workforce for uo to two
years, according to some unnamed industry analysts.

The sale of SK Life is in line with parent SK Group's efforts to
sell off its non-core subsidiaries in order to repay its debts
to creditors of SK Networks, which owns a 74.3% in SK Life. The
sale of the Company is also expected to enable SK Networks to be
released from a debt workout program by its creditors.

SK Life, which commands 2.4% of the life insurance market,
reported a KRW70 billion net profit last year. The Company has
KRW4.8 trillion in assets.

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


AKTIF LIFESTYLE: Discloses FY05 Quarterly Results
-------------------------------------------------
Aktif Lifestyle Corporation Berhad released its restated
unaudited report for the financial period ended Feb. 28, 2005,
pursuant to the Securities Commission's order to rectify and
reissue the Company's 2004 financial statements.

             SUMMARY OF KEY FINANCIAL INFORMATION
                            02/28/2005

                 INDIVIDUAL PERIOD        CUMULATIVE PERIOD
        CURRENT YEAR  PRECEDING YEAR CURRENT YEAR PRECEDING YEAR
          QUARTER    CORRESPONDING    TO DATE     CORRESPONDING
                        QUARTER                       PERIOD
          31/12/2004    31/12/2003     31/12/2004    31/12/2003

1  Revenue
                 7           447         32,456       181,977

2  Profit/(loss) before tax
              -179          -131         61,452       -17,402

3  Profit/(loss) after tax and minority interest
              -105          -131         61,633       -18,371

4  Net profit/(loss) for the period
              -105          -131         61,633       -18,371

5  Basic earnings/(loss) per shares (sen)
             -0.51         -0.64         300.96        -89.71

6  Dividend per share (sen)
               0.00          0.00         0.00        0.00

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

7  Net tangible assets per share (RM)
                                0.1100               0.1300

For further details on the report, go to:

http://bankrupt.com/misc/tcrap_aktiflifestyle1051405.xls

http://bankrupt.com/misc/tcrap_aktiflifestyle2051405.doc


CONTACT:

Aktif Lifestyle Corporation Berhad
Level 10, Grand Seasons Avenue, No. 72,
Jalan Pahang, 53000 Kuala Lumpur
Malaysia
Phone: (60) 3 2693 1828
Fax:   (60) 3 2691 2798


I-BERHAD: Issues Notice of Shares Buy Back
------------------------------------------
I-Berhad disclosed to the Bursa Malaysia Securities Berhad the
details of its shares buy back on May 13, 2005.

Date of buy back: 13/05/2005

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

Total number of shares purchased (units):             28,000

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

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

Total consideration paid (MYR):                   22,566.36

Number of shares purchased retained in treasury
(units): 28,000

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

Cumulative net outstanding treasury shares as at to-date
(units): 1,719,900

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


METROPLEX BERHAD: Default Status Remains Unchanged
--------------------------------------------------
Metroplex Berhad announced that pursuant to Practice Note 1/2001
of the Bursa Malaysia Securities Berhad Listing Requirements,
the Company posted an update of its default in payment to the
Company's various loan facilities as of April 30, 2005.

The Company is currently in default for an amount of
MYR1,671,964,909.82 (principal with interest) as of April 30,
2005. Metroplex Berhad is currently in talks with its lenders to
come up with a proposed scheme of arrangement to arrange its
defaults; it will publish an announcement on the matter in due
course.

To view the Company's defaults on its loans, click on:

http://bankrupt.com/misc/tcrap_metroplex051405.xls

CONTACT:

Metroplex Berhad
1st Floor Wisma Equity
150 Jalan Ampang
50450 Kuala Lumpur,
Malaysia
Phone: 03-2618911


METROPLEX BERHAD: Ordered to Pay IDR10 Mln to HSBC
--------------------------------------------------
Metroplex Berhad announced that together with its wholly owned
subsidiary Jumantan Sdm Berhad (JSB), the Company received
letters of demand from HSBC Bank Malaysia Berhad (HSBC)
solicitors on May 11, 2005, for a repayment of MYR10,228,461.71,
pursuant to the following banking facilities that were granted
to JSB, with the Company as its guarantor:

Amount as of May 10, 2005

1) Overdraft Facility of MYR1,500,000 MYR2,860,849.06
2) Revolving Credit Facility of MYR5,000,000 MYR7,367,612.65

Total outstanding MYR10,228,461.71

The Company has instructed its solicitors to dispute the said
demand.


PADIBERAS NASIONAL: To List Additional Shares
---------------------------------------------
Padiberas Nasional's additional 136,500 new ordinary shares of
MYR1.00 each issued pursuant to the Company's Employee Share
Option Scheme will be granted listing and quotation effective
Wednesday, May 18, 2005, 9:00 a.m.

CONTACT:

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


PAN MALAYSIA: Repurchases Extra Shares
--------------------------------------
Pan Malaysia Corporation Berhad disclosed the details of shares
it had bough back on May 13, 2005 to the Bursa Malaysia
Securities Berhad.

Date of buy back: 13/05/2005

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

Total number of shares purchased (units):            100,000

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

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

Total consideration paid (MYR):                   45,205.19

Number of shares purchased retained in treasury
(units): 100,000

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

Cumulative net outstanding treasury shares as at to-date
(units): 39,703,500

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


PECD BERHAD: Clarifies Unit's Winding Up Petition
-------------------------------------------------
PECD Berhad issues the following statements in response to Bursa
Malaysia Securities Berhad's query letter on the winding up of
the Company subsidiary Peremba Construction Sdn Berhad dated May
12, 2005:

(1) The Petition was served on the Subsidiary on May 6, 2005 and
came to the Company's knowledge on May 9, 2005;

(2) There is no specific claim for interest in the Petition;

(3) The total investment cost of the Company in the Subsidiary
was MYR77,063,291.00; and

(4) The Petition is fixed for hearing on June 24, 2005.

CONTACT:

PECD Berhad
Block E, Peremba Square
Saujana Resort, Sec. U2
40150 Shah Alam
Selangor Darul Ehsan
Malaysia
Phone: 603 - 7844 9888
Fax:   603 - 7845 5494
E-mail:   marketing@pecd.com.my
Web site: http://www.pecd.com.my


SUNWAY INFRASTRUCTURE: Net Loss Widens
--------------------------------------
Sunway Infrastructure Berhad has released its quarterly report
for the financial period ended March 31, 2005.

                       SUMMARY OF KEY FINANCIAL INFORMATION
                                 31/03/2005

            INDIVIDUAL PERIOD                CUMULATIVE PERIOD
        CURRENT YEAR  PRECEDING YEAR CURRENT YEAR PRECEDING YEAR
          QUARTER    CORRESPONDING    TO DATE     CORRESPONDING
                        QUARTER                       PERIOD
          31/03/2005   31/03/2004      31/03/2005   31/03/2004
             RM'000      RM'000         RM'000       RM'000

1  Revenue   5,191         17            5,191         17


2  Profit/(loss) before tax
           -18,732       -948           -18,732       -948

3  Profit/(loss) after tax and minority interest
           -18,736       -953            -18,736      -953

4  Net profit/(loss) for the period
           -18,736       -953            -18,736      -953
5  Basic earnings/(loss) per shares (sen)
             -10.41      -0.53             -10.41     -0.53

6  Dividend per share (sen)
              0.00         0.00             0.00        0.00

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

7  Net tangible assets per share (RM)
                              0.7800                 0.8900

CONTACT:

Sunway Infrastructure Berhad
Jalan Lagoon Timur Bandar Sunway
46150 Petaling Jaya, Delangor Darul Ehsan
MALAYSIA
Phone: +60 3 5635 8889
Fax: +60 3 5634 1349


TECHVENTURE BERHAD: Replies to Bursa Malaysia Query
---------------------------------------------------
Further to the announcement dated 11 May 2005 regarding the writ
of summons by Malayan Banking Berhad (Maybank), Techven Berhad
announced the following additional information:

1. Date of service of summons

The writ of summons was received by TVB Ventures Sdn Bhd on 6
May 2005.

2. Interest rate on the amount claimed for

The interest rate on the amount claimed for is at the prevailing
interest rate for hire purchase facilities.

3. Expected losses, if any, arising from the legal action

Other than legal costs, which may be incurred and which are not
ascertainable now, no losses are expected to arise.

4. Financial and operational impact on the Group arising from
the legal action
Other than legal costs, which may be incurred, there is no
financial or operational impact on the Group as the loan and
accrued interest have already been recorded in the financial
statements.

5. Steps taken

The hire purchase facility from Maybank forms part of the debts
of the Group that are being restructured under the proposed
debt-restructuring scheme. Negotiations are on going with
Maybank with the view to resolve the outstanding loan.

6. Details of default or circumstances leading to the filing of
the summons

Techven had undertaken a debt restructuring exercise to address
the Group's borrowings with the assistance of Ernst & Young, a
professional firm, who had been retained to work out a scheme
with the lenders. Pending the finalization of the scheme,
Techven had deferred repayments of the loan.

This announcement is dated 13 May 2005

Query Letter content:

We refer to your announcement dated 11 May 2005 in respect of
the aforesaid matter.

In this connection, kindly furnish the Securities Exchange
immediately with the following additional information for public
release:

1) The date the summon was served on Techventure Berhad and TVB
Ventures Sdn
Bhd.

2) The interest rate on the amount claimed for.

3) Expected loss, if any, arising from the summon.

4) Financial and operational impact on the group, arising from
the summon.

5) The steps that your Company has taken and will take with
regards to the summon.

6) The details of default or circumstances leading to the filing
of the summon.

TAN YEW ENG
Sector Head, Issues & Listing
Group Regulations
TYE/NMA

CONTACT:

Techventure Berhad
69B, Jalan SS 22/19
Damansara Jaya
47400 Petaling Jaya , Selangor
Malaysia
Phone: 603-7180115
Fax: 603-7193533


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


BELLE CORPORATION: Posts Definitive Information Statement
---------------------------------------------------------
Further to Circular for Brokers No. 2030-2005 dated April 29,
2005, Belle Corporation furnished the Exchange a copy of its SEC
Form 20-IS (Definitive Information Statement) in connection with
its Annual Stockholders' Meeting, which will be held on June 3,
2005, at 3:00 p.m. at the Magellan Room, Discovery Suites, 25
ADB Avenue, Ortigas center, Pasig City.

As previously announced, "the close of business on April 29,
2005 has been fixed as the record date for the determination of
the stockholders entitled to notice of and vote at said meeting
and any adjournment thereof".

A copy of BEL's Definitive Information Statement shall be made
available for reference at the PSE Center and PSE Plaza
libraries. The same shall likewise be made available for
downloading at the PSE web site: http://www.pse.com.ph(under
Listed Companies).

For your information.

(Original Signed)
JURISITA M. QUINTOS
Senior Vice President

CONTACT:

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


FIL-ESTATE CORPORATION: Net Loss Balloons to Php17 Mln
------------------------------------------------------
Fil-Estate Corporation's net loss for the first quarter of the
current fiscal year has widened to Php17.6 million from Php13.34
million during the same period last year, according to The
Manila Bulletin. The Company attributed the higher loss to its
regular operating expenses.

The company also disclosed it ended first quarter of 2005 with a
deficit of Php1.72 billion, higher than its deficit of Php1.42
billion during the first quarter of 2004.

Despite a its dwindling performance, Fil-Estate Corp. plans to
continue its strategy of maintaining itself as a holding firm
with key investment in the MRT project through MRTH and MRTH2.
The operation for the next 12 months will be strictly confined
to that of an investee company.

Meanwhile, Fil-Estate Corp's wholly owned unit Fil-Estate Land,
Inc. (FELI) will start construction of the Nasugbu Harbor Town
in Batangas this year.

Fil-Estate Corp. chairman Robert John Sobrepe¤a told reporters
Harbor Town FELI will spend Php800 million in development cost
for the said project. FELI's finished projects include Forest
Hills in Antipolo, Plaridel Heights in Bulacan, Palmridge Pointe
in Tagaytay and Sherwood Hills in Cavite. Future projects of the
company include Tierra Vista in Lipa, Batangas, Richgate in
Baguio City, Festival Villa in Iloilo, Phase 4 of Canyon Woods
in Tagaytay City and Pililia Farm Estates in Rizal.

CONTACT:

Fil-Estate Corporation
6/F, Renaissance Tower
Meralco Avenue, Pasig City
Phone No/s:  633-6205; 637-0100 (TL) loc 7004/7027
Fax No/s:  633-6248
E-mail Address:  e_merca@yahoo.com
Web site:  http://www.fil-estate.8m.com


MAYNILAD WATER: Judge Asks Time to Review Rehab Plan
----------------------------------------------------
Quezon City Regional Trial Court Judge Reynaldo Daway has asked
the Supreme Court for at least 15 more days before he can
approve the interim guidelines for the rehabilitation of
Maynilad Water Services Inc., says the Philippine Daily
Inquirer.

Judge Daway made the request after deciding he needed extra time
to study the latest revival plan of Metro Manila' west water
concessionaire. The latest scheme contains provisions on a new
debt structure and a capital restructuring agreement with
creditors.

Maynilad's court-designated receiver Rosario S. Bernaldo said
the guidelines were supposed to be issued last week. She added
that certain conditions in the plan have not been met, including
the written approval from the Monetary Board of the Bangko
Sentral ng Pilipinas (the central bank) as most of Maynilad's
creditors are foreign banks.

The revised plan, however, met opposition from cause-oriented
groups. The Akbayan Party-List group, Action for Economic
Reforms and other parties have urged the central bank to junk
the plan, saying that the agreement is contrary to law and
public policy.

CONTACT:

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


NATIONAL BANK: Picks SunGard's TAPS for its Trust Banking Ops
-------------------------------------------------------------
SunGard Asia Pacific, an operating unit of SunGard, announced
that the Philippine National Bank (PNB), a leading bank in the
Philippines with more than 2 million depositors, has selected
TAPS, SunGard's retail trust administration solution.

TAPS will assist PNB streamline its trust banking processing to
help improve operational efficiency and enhance customer
service.

PNB selected TAPS as it required a solution that would cater for
front-to-back-office transactions, provide real-time data
processing, multi-currency trading, portfolio modeling, and risk
management. Key to PNB's decision was flexible reporting that
extended to the new regulatory requirements of the Banko Sentral
ng Pilipinas (BSP), and compliance with international accounting
standards and best practices.

Ms. Ma. Elena S. Sarmiento, head of PNB Trust Banking Group,
said, "The selection of SunGard's TAPS solution will help enable
our trust operations to focus on providing our customers with
new and superior investment opportunities, including the new
peso-and-dollar denominated unit investment trust funds."

PNB will use TAPS to support its entire unit investment fund,
lending and trust operations. TAPS will help enable PNB's branch
network to enter transactions online without back-office
intervention. This straight-through processing capability will
help PNB improve customer service levels and increase
operational efficiency.

"PNB Trust has positioned itself to be a major player in the
trust industry by utilizing the winning combination of a higher
than-market return on investments, personalized service,
superior products and a highly skilled workforce capable of
meeting the various needs of its clients. The selection of TAPS
will assist us to continue to meet this objective and grow our
business," concluded Ms. Sarmiento.

John Wilson, president of SunGard Asia Pacific, said, "The
Philippines' trust banking industry continues to view back-
office solutions as a key component to achieve regulatory
compliance and drive operational efficiencies. SunGard has been
working closely with the trust banks and our TAPS solution is
proven in providing a back-office solution for the business. Our
commitment to the region, and specifically to the Philippines,
is key. Over the past year we have seen our business grow and we
now support four of the Philippines' top six banks. I look
forward to expanding our relationships with the Philippines
financial services industry."

CONTACT:

Philippine National Bank
Pres Diosdado P Macapagal Boulevard
PNB Financial Center
Pasay 1300
Philippines
Phone: +63 2 891 6040
Fax: +63 2 551 5187
Web site: http://www.pnb.com.ph


NATIONAL POWER: State to Absorb Less Than Php300-Bln of Debts
-------------------------------------------------------------
Finance officials said that the amount of National Power
Corporation's (Napocor) debts that the national government would
shoulder will be less than the estimated Php300 billion, relates
The Philippine Star.

The government, which has originally pledged to absorb around
Php500 billion of Napocor's debt, will not pay the power firm's
remaining Php300-billion debt since Napocor will be able to
improve its debt portfolio from the proceeds of its assets sale
and the recent power rate hike.

This year, the state started paying Php200 billion of Napocor's
debts as mandated under the Electric Power Industry Reform Act
(EPIRA). The remaining Php300 billion, however, have not been
loaded into the government debt while the Arroyo administration
struggled to improve its revenues by raising certain taxes.

According to Finance Undersecretary Nieves Osorio, the
additional inflows for Napocor from its assets sale and price
rate adjustments would be used to eliminate its operating
losses, service its debt and even settle some of its principal
debts. Thus, the amount of Napocor debt that the government will
have to absorb will be less.

CONTACT:

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


NATIONAL RAILWAYS: Misses Funding for US$1-Bln Bicol Line Rehab
---------------------------------------------------------------
The Philippine National Railways' efforts to turn around its
operations and speed up its financial recovery has hit a snag
after it failed to secure funds from China for the US$1-billion
rehabilitation of its Bicol line, The Philippine Daily Inquirer
says.

PNR was unable to obtain the financing commitment after the
Chinese government decided to lend US$500 million to another
Philippine project, the North rail venture.

The agency, however, said it would pursue talks with China, as
well as with other foreign multilateral creditors for a low-cost
loan that would allow PNR to begin the rehabilitation of the
480-kilometer Bicol or South line as soon as possible.

PNR resumed on May 2 the operations of the Bicol line, which
were suspended in November when one of its trains fell into a
ravine in Quezon province.

Since the accident, PNR has been losing between Php7 million and
Php8 million a month when its most profitable line was closed
for an investigation and repairs. The last time this line was
rehabilitated was 10 years ago.

The agency, however, managed to keep its losses at about Php200
million in 2004 or the same level as the previous year's.

CONTACT:

Philippine National Railways
PNR Management Center, Torres Bugallon Street,
Sangandaan, Caloocan City 1408 Philippines
Telephone: (632) 287-3062, 365-4716
Facsimile: (632) 362-0824
Web site: http://www.pnr.gov.ph/


NATIONAL STEEL: Faces Tax Audit on Imports
------------------------------------------
The Customs bureau is seeking a tax audit on National Steel
Corporation to see if its new owners have paid the appropriate
taxes and duties on their raw material imports, Business World
reports.

Deputy Customs Commissioner Celso P. Templo said the government
will lose hefty amounts in revenues if Global Steelworks
International, Inc. is allowed to get away with its alleged
failure to file the required import declarations.

A Customs inspection team, led by Mr. Templo, recently
discovered that the Indian-owned Global Steelworks failed to
file import entries for at least 30,000 metric tons of raw
material imports for the Iligan-based steel plant. The rules
require importers to file an import entry within 30 days from
the date of importation.

Mr. Templo said he had submitted a report to Customs
Commissioner Alberto D. Lina recommending an audit of Global
Steelwork's import and export activities.

Global Steelworks, a unit of London-based Global Infrastructure
Holdings Ltd., acquired National Steel for Php13.25 billion,
payable within eight years. The London firm is the international
arm of Ispat Industries Ltd., one of India's largest private
steel operations.


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


ACCORD CUSTOMER: SGX-ST OKs Request to Extend Submission of FS
--------------------------------------------------------------
The Board of Directors of Accord Customer Care Solutions Limited
informed the Singapore Stock Exchange (SGX) that the Singapore
Exchange Securities Trading Limited (SGX-ST) has granted an
extension of 1 month to June 15, 2005 (the Extension) for the
Company to announce its financial statements for the first
quarter ended March 31, 2005 (the First Quarter Results) as
required pursuant to Rule 705(2)(b) of the Listing Manual of the
SGX-ST (the Listing Manual).

The Extension was sought, as the First Quarter Results will not
be finalized in time for the Company to announce the same within
the 45-day period required by Rule 705(2) (b) of the Listing
Manual. This is due to the ongoing investigations by the
Commercial Affairs Department and PricewaterhouseCoopers (as
announced on February 22, 2005 and February 28, 2005
respectively).

PricewaterhouseCoopers had indicated that it is envisaged that
their investigations into the overstatement of revenue in
relation to a particular contract for the 3-month period in the
3rd quarter of the financial year 2004 would be completed by the
end of May this year.

The Company is not aware of any material information, which has
not been previously announced.

By Order of the Board

Woo Kah Wai
Company Secretary
13 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


EXCEL MACHINE: Earns SG$2,700,000 from Public Tender Process
------------------------------------------------------------
With reference to the announcement made to the Singapore Stock
Exchange (SGX) dated March 14, 2005, the Judicial Managers of
Excel Machine Tools Ltd (Under Judicial Management) informed the
shareholders of the Company that the Company has completed the
public tender process and has disposed of all the machinery,
equipment and inventory used in the Company's operations in
Singapore.

Proceeds from the disposal are approximately SG$2,700,000. The
Company has also handed over possession of the property at 521
Bukit Batok Street 23, Singapore to the secured creditor with
effect from May 1, 2005.

Further, the Judicial Managers of the Company informed
shareholders of the Company that the Company will be disposing
of its shares in certain of its operating subsidiaries and
liquidating certain subsidiaries which are no longer in
operation. Submitted by Goh Thien Phong, Judicial Manager of the
Company.

CONTACT:

Excel Machine Tools Limited
521 Bukit Batok Street 23
Excel Building
Singapore 659544
Telephone: 65 66650488
Fax: 65 66653433
Web site: http://www.excelmachines.com


NEPTUNE ORIENT: 1Q/2005 Net Profit Jumps 16%
--------------------------------------------
Global transportation and logistics company, Neptune Orient
Lines (NOL), reported on Friday net profit of US$195 million for
the first quarter (1Q), a 16% increase over the corresponding
period last year.

Core Earnings Before Interest Expense, Tax and Non-Recurring
Items (EBIT) in the 1Q was US$216 million, a 19% year-on-year
(YoY) increase. This was achieved on revenue growth of 16%.

To view a full copy of the financial results, click
http://bankrupt.com/misc/NOL_1Q_2005_Press_Release.pdf
http://bankrupt.com/misc/NOL_Q1_2005.pdf

CONTACT:

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


NEPTUNE ORIENT: Names Two New Board Members
-------------------------------------------
Global Transportation and logistics company Neptune Orient Lines
(NOL) announced Monday the appointment of two non-executive
Board members, both former Chief Executive from leading
container shipping and logistics companies.

Mr. Timothy Harris CBE, a former CEO of liner company P&O
Nedlloyd, and Mr. Peter Wagner, who headed global freight
forwarder Danzas and was also involved in driving the
development of Deutsche Post's logistics activities, bring a
"wealth of industry and business experience to the NOL Board",
said NOL Chairman Mr. Cheng Wai Keung.

Mr. Harris, aged 57, served on the P&O Board from 1986, managing
the company's cruise interests as both Chairman and CEO, and in
1989 was appointed Chairman of P&O Containers Line Limited in
1996 at the announcement of the merger between P&O Containers
and Nedlloyd Lines BV, leading the company until 2000.  His
current appointments include chairing marine services company,
James Fisher and Sons, and leading shipbroking firm Clarkson.

Mr. Peter Wagner has held senior positions in the logistics
industry in Switzerland the USA and Germany over the past 25
years. He was appointed CEO of Danzas Holding AG in 1996, and
from 1999 to 2001 was also a member of Deutsche Post's
Management Board responsible for worldwide logistics activities.
Earlier, 59 year old Mr. Wagner served Danzas as Chief Executive
Financial Officer and Chief Operating Officer Freight
Forwarding.

Mr. Wagner recently retired as Chairman of Vontobel Holding AG
and Bank Vontobel AG, one of the largest Swiss banking
interests.  He is currently the Vice Chairman of Wild Group
Management AG, Zug.

Mr. Harris will also join as a Member of the Executive Resource
and Compensation Committee and Mr. Wagner will join as a Member
of the Audit Committee.

The appointment of Mr. Harris and Mr. Wagner to the NOL Board
follows the retirement last month of three non-executive
directors, including industry veteran Mr. Tim Rhein, and the
then Group Chief Financial Officer Mr. Lim How Teck.

Mr. Cheng said the two new appointments, with strong credentials
in the global transportation and logistics industry, were an
ideal fit to complement the broad range of skills and business
expertise on the NOL Board.

Media Inquiries:
Sarag Lockie
Phone: + 65 6371 5022
E-mail: sarah_lockie@nol.com.sg


SEATOWN CORPORATION: Delays Submission of Financial Results
-----------------------------------------------------------
The Directors of Seatown Corporation Ltd advised the Singapore
Stock Exchange (SGX) that the Singapore Exchange Securities
Trading Limited has approved the Company's application for an
extension of up to June 6, 2005 to announce the Company's half
year financial results for the period ended March 31, 2005
subject to the following:

(a) Submission of an undertaking by the Company to announce its
half-year financial results for the period ended March 31, 2005
by June 6, 2005;

(b) Submission of a confirmation from the Company that it is not
aware of any information that will have a material bearing on
investors' decision which has yet to be announced; and

(c) The Company making an immediate announcement that an
extension of up to June 6, 2005 has been granted by the Exchange
to comply with Rule 705(1) of the Listing Manual to release its
half year financial statements for the period ended March 31,
2005, stating the conditions attached to the extension given and
the Company's reasons for the delay in the release of the
financial statements and that the information will be released
latest by June 6, 2005.

The delay in announcing the half-year financial results for the
period ended March 31, 2005 was due to the Company's subsidiary,
Fermold Pte Ltd (Fermold) presently facing difficulties in
closing its management accounts for the six months ended March
31, 2005. These difficulties are due to Fermold's relocation of
their business office in April 2005, which took up a substantial
amount of the staff's time.

Additionally, Fermold is also experiencing difficulties with its
computer systems resulting in staff being unable to access their
computer systems. Fermold is presently resolving these
difficulties.

The Company has complied with the conditions imposed by the
Exchange as set out in (a) and (b) above.

CONTACT:

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


STARTECH ELECTRONICS: Details CXp Revised Proposal
--------------------------------------------------
The Board of Directors (the Board) of Startech Electronics Ltd
(the Company or Startech) refers to the announcement made to the
Singapore Stock Exchange (SGX) on December 6, 2004.

On December 6, 2004 the Board announced a proposal from China
Xpress Pte Ltd (CXp) to invest into the Company. CXp is a 98.8
percent subsidiary of China Credit Holdings Ltd, which is listed
on HKSE.

Revised Proposal:

CXp and the Company have agreed to revise the terms of the
proposal whereby the Company shall purchase 1,260,000 existing
ordinary shares of HKD10 each and 145,595 existing redeemable
cumulative preference shares of HKD10 each in the capital of
Online Credit Card Limited (OCCL), representing 10.5 percent of
OCCL (the Acquisition).

As consideration, Startech shall issue secured convertible bond
at 4 percent per annum of principal amount of SG$7,000,000 (the
Convertible Bond). The Convertible Bond has a maturity period of
36 months from the date of issue, and may be extended by a
further 24 months at the sole discretion of CXp. The Bond can be
converted into Startech Share at SG$0.10 for each new Startech
Share.

The Acquisition:

OCCL, a company incorporated in Hong Kong, is licensed to
operate the credit card business of MasterCard International
Incorporated in Hong Kong. Presently, OCCL is a 72 percent
indirectly owned subsidiary of CXp.

OCCL's issued and fully paid-up share capital comprised
12,000,000 ordinary shares of HK$10 each and 1,386,623 non-
voting redeemable cumulative preference shares of HK$10 each
(RCPS). The RCPS carry a fixed and cumulative preferential
dividend of 7 percent per annum and may be redeemed by OCCL at
anytime at a price of HK$11.20 per RCPS by furnishing 30 days'
notice in writing. Each RCPS may be converted at the option of
the holder into one new ordinary share of HK$10 each in the
capital of OCCL not later than December 31, 2010.

Based on its audited financial statements for the year ended
March 31, 2003, OCCL generated a turnover and profit after tax
of HK$45.2m (S$10m) and HK$9.9m (S$S$2.2m) respectively, and as
at March 31, 2003 had a net asset value of HK$48.6m (S$10.8m).
For the financial year ended March 31, 2004, the audited
turnover and loss after tax were HK$16.3m (S$3.6m) and HK$6.4m
(S$1.4m) respectively, and the net asset value as at March 31,
2004 was HK$42.1m (S$9.4m). The S$ figures are derived using an
exchange rate of S$1=HK$4.50

The purchase consideration of S$7,000,000 for the Acquisition
was arrived at on a willing-buyer-willing-seller basis, and
shall be satisfied in full through the issue of the Convertible
Bond to CXp.

Based on a third party valuation report dated March 17, 2004,
the fair value of entire equity interest of OCCL is estimated to
be HK$350m (S$77.8m). The Company will be engaging an
independent third party valuer to perform an updated fair value
evaluation of OCCL.

The conversion price of the Convertible Bond is S$0.10 for each
new Startech Share. The conversion price exceeds (and represents
a premium to) the closing market price of S$0.05 on May 13,
2005.

Rationale:

Startech (through its proposed various other acquisitions) is
building its TRM for merchant services by consolidating relevant
technologies such as loyalty program management platforms,
point-of-sales payment infrastructure, business intelligence and
electronic card manufacturing capabilities.

CXp is currently developing new business activities by combining
travel-related and finance-related activity. CXp intends to
become a China focused company with strong international
presence and achieve this through acquisitions and strategic
partnership throughout travel and travel-related industries and
has plans to operate travel franchise stores worldwide and
launch credit cards and loyalty programmes.

OCCL is licensed to operate credit card business under
MasterCard International in Hong Kong and plans to expand its
card businesses by developing and offering products and services
that are closely tied into CXp's travel related products and
services, and marketed by CXp's travel agents.

The Board believes the alliance with CXp and OCCL through the
Acquisition is beneficial to Startech's TRM business. Startech
will have the first rights to provide the TRM merchant services
platform to support CXp's new business initiatives and OCCL's
credit card and other cards-based businesses in the region.
Also, the geographical markets of Startech, CXp and OCCL are
mutually supportive. Startech can now ride on CXp's strong
market positioning in Hong Kong, China, Japan, Australia and the
USA. Finally, CXp's initiatives in the travel industry provide
an excellent horizontal fit to Startech's TRM merchant retail
focus.

Key terms of revised proposal:

The key terms of the investment and strategic alliance, by way
of a revised term sheet proposal (which supersedes the earlier
term sheet proposal announced on 6 December 2004) are as
follows:

(1) CXp shall subscribe for, and Startech shall issue, the
Convertible Bond of principal amount of SG$7,000,000.

(2) The consideration of SG$7,000,000 shall be satisfied by the
transfer of 1,260,000 existing ordinary shares of HKD10 each and
145,595 existing redeemable cumulative preference shares of
HKD10 each of Online Credit Card Ltd representing 10.5 percent
of OCCL, to Startech.

(3) For the purposes of Rule 1006(c), the consideration of
S$7,000,000 is 70 percent against the current market
capitalization of Startech of SG$10.1 million.

(4) CXp shall be entitled to convert in part or in full the
outstanding principal amount of the Convertible Bond into new
Startech Shares at a conversion price of SG$0.10 per share at
any time prior to the Maturity Date of the Convertible Bond. The
Convertible Bond shall not be subject to any mandatory
conversion.

(5) The Convertible Bond shall be transferable, carry an
interest rate of 4 percent per annum and has a maturity date 36
months from date of issue, extendable by a further 24 months at
the sole discretion of CXp.

(6) For as long as CXp holds the Convertible Bond or Startech
Shares representing 5 percent or more of Startech's issued share
capital at any point in time, CXp shall have the right to
appoint 2 nominated representatives of CXp as directors of
Startech. It is currently envisaged that Mr Chan Heng Fai,
Executive Chairman of China Credit Holdings Limited will be one
of the appointees to the Board of Startech.

(7) CXP shall have the first right of refusal from Startech to
participate in the subscription of any other convertible
securities in Startech, including options (other than options
granted under Startech's employee share option scheme), warrants
or equity-linked securities

(8) Startech shall have the first right of refusal from CXp to
provide the requisite TRM's infrastructure including terminals
hardware and software for CXp's business operations, on
commercial terms to be mutually agreed and subject to prior
agreements entered and excluding any agreements entered into
prior to the completion of the Acquisition and any internal
development efforts already done by CXp, OCCL and/or their
subsidiaries.

Financial Effects:

(1) Upon transferal of 1,260,000 existing ordinary shares of
HKD10 each and 145,595 existing redeemable cumulative preference
shares of HKD10 each of OCCL, to Startech, Startech will own
10.5% of OCCL upon completion of the Acquisition.

(2) Before the Acquisition, Startech's EPS and NTA as at
December 31, 2004 is negative 3.50 cents and negative 2.15
cents.

(3) After the Acquisition, Startech's EPS and NTA as at December
31, 2004 will be negative 3.50 cents and negative 2.15 cents.

(4) On a fully-diluted basis, assuming 100 percent subscription
and conversion of the Convertible Bond, Startech's proforma EPS
and NTA as at December 31, 2004 will be negative 1.48 cents and
positive 0.09 cents, respectively (This does not take into
account any subscription and dilution effect of the existing
warrants of Startech.)

None of the directors or controlling shareholders has any
interest, direct or indirect, in the convertible bond
subscription.

The Board clarifies that the above proposal is subject to
further mutual due diligence between both parties, formal
contract, approvals by the respective shareholders and approvals
by stock exchange authorities of both Startech Electronics Ltd
in Singapore and China Credit Holdings Ltd in Hong Kong.

By Order of The Board

Lim Tai Toon
Managing Director

CONTACT:

Startech Electronics Ltd
11 Collyer Quay
The Arcade #13-01
Singapore 049317
Telephone: 65 62200762
Fax: 65 62202839
Web site: http://www.startechgrp.com


WEI KANG: Court Schedules Hearing May 27
----------------------------------------
Notice is hereby given that a Petition for the Winding Up of Wei
Kang Pte Ltd by the High Court was on the 6th day of May 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/104854/04649).

Dated this 10th 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).


YR 2000: Faces Winding Up Proceedings
-------------------------------------
In the matter of Yr 2000 Builder & Project Mgt Pte Ltd. a
winding up order was made on May 6, 2005.

Name and Address of Liquidator:

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

Dated this 11th day of May 2005.

Messrs Asialegal LLC
Solicitors for the Petitioner

Note:

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

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


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


NAKORNTHAI STRIP: Points Out Items Affecting Net Profit, Loss
-------------------------------------------------------------
Nakornthai Strip Mill Public Company Limited issued to the Stock
Exchange of Thailand (SET) the major items that influenced the
company's net profit of THB470.24 million and net loss of
THB195.22 million for the three-month period ended March 31,
2004.

General:

The total production volume during the three-month period ended
March 31, 2005 amount to 223,207 tons compare to the three-month
period ended March 31, 2004 volume of 28,743 tons. The three-
month period ended March 31, 2005 EBITDA amounting to THB759.48
million compare to the three-month period ended March 31, 2004
EBITDA amounting to THB53.97 million.

Net profit for the three-month period ended March 31, 2005 was
mainly attributed to strong demand for hot-rolled steel products
and the efficiency production capacity.

(1) Sales: The sales for the three-month period ended March 31,
2005 amounting to THB5,135.55 million are higher compared to the
three-month period ended March 31, 2004 amounting to THB343.90
million because of expanded production by the automotive and
electrical appliance industries, as well as buoyant conditions
in the construction market.

(2) Other income: For the three-month period ended March 31,
2005, other income mainly consisted of the export tax
compensation from Custom Department, training income and others.

(3) Cost of sales: The current cost of sales represents
associated cost incurred in connection with the above mentioned
resumption of normal operation and sales during the three-month
period ended March 31, 2005, which varied by sales.

(4) Interest expenses: Interest expense represents the amount of
interest due to the holder of Restructured term loan of USD 200
million in accordance with the approved Rehabilitation plan.

Please be informed and disseminate the above accordingly.

Yours Sincerely,
Mr. Sawasdi Horrungruang
Director
Maharaj Planner Company Limited
as the plan Administrator of
Nakornthai Strip Mill Public Company Limited

CONTACT:

Nakornthai Strip Mill Public Company Limited
U.M. Tower, Floor 19,
9 Ramkhamhaeng Road,
Suan Luang, Bangkok
Telephone: 0-2719-9800-9, 0-2719-9830-2
Fax: 0-2719-9828


THAI NAM: Net Profit Rises to THB7,229,000
------------------------------------------
Thai Nam Plastic Public Company Limited furnished the Stock
Exchange of Thailand a copy of its reviewed quarterly financial
statements.

Reviewed (In thousands)
Ending 31 March Quarter 1

Year                              2005              2004

Net profit (loss)                7,229             2,227

EPS (baht)                       0.34000         0.11000

Type of report: Qualified 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. Siriphorn Mangkornkarn
Position Deputy Managing Director
Authorized to sign on behalf of the company

CONTACT:

Thai Nam Plastic Public Company Limited
40 Moo 7 Petchkasem Road, Km 23, Krathum Baen Samut Sakhon
Telephone: 0-2420-9968-74, 0-2810-3000 (40 Lines)
Fax: 0-2420-1827, 0-2420-9967
Web site: http://www.thainam.com


THAI PETROCHEMICAL: Posts THB2,171,909,000 Net Profit
-----------------------------------------------------
Thai Petrochemical Industry Public Company Limited issued to the
Stock Exchange of Thailand its reviewed quarterly financial
statements.

Reviewed (In thousands)
Ending 31 March Quarter 1

Year                              2005              2004

Net profit (loss)            2,171,909          2,446,705

EPS (baht)                        0.28          0.31

Type of report: Qualified 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."

Mr. Suwit Nivartvong
Plan Administrator
Authorized to sign on behalf of the company

CONTACT:

Thai Petrochemical Industry Pcl
TPI Tower, Floor 8, 26/56
New Jun Road, Thungmahamek, Sathon Bangkok
Telephone: 0-2678-5000, 0-2678-5100
Fax: 0-2678-5001-5
Web site: http://www.tpigroup.co.th





BOND PRICING: For the Week 16 May to 20 May 2005
------------------------------------------------

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


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


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






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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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