TCRAP_Public/050518.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

             Wednesday, May 18, 2005, Vol. 8, No. 97

                            Headlines

A U S T R A L I A

A.C.N. 009 695 612: Members to Meet May 24
ADELPHI PTY: Members Pass Special Resolution to Wind Up Company
AUSTRALIA MARBLE: Appoints Official Liquidators
BROCKHOFF CONSULTING: Lays Out Final Meeting Agenda
CALIGIURI ENTERPRISES: Voluntarily Winds Up

CANLAY DRAINAGE: To Declare Dividend June 1
CHEMEQ LIMITED: Completes First Sales Shipments
DM CONSULTANTS: Exits Winding Up Process
FORTESCUE METALS: Welcomes New Chairman
GLADMAN CONSTRUCTIONS: To Declare Dividend May 23

INTERBRAKE PTY: To Convene Meeting May 20
J.P. AUSTRALIA: Names Robyn Erskine and Peter Goodin Liquidators
JUST 4 FUND: Creditors, Members to Meet May 23
MANDARIN TRAWLERS: Secured Creditor Picks Receivers and Managers
MAYNE GROUP: Issues Clarification on Shares Buy-back

N&T NGUYEN: Lays Out Agenda of Final Meeting
PAPER TRANSPORTERS: Members Agree to Wind Up Company
QM TECHNOLOGIES: Faces Winding Up Process
REEFSAIL PTY: Hires Liquidator to Wind Up Company
RE&M ALLEN: To Declare Priority Creditor Dividend June 1

SAM'S SEAFOOD: Up for Sale
SONS OF GWALIA: IMF Releases Report on Collapse
SOUTH EASTERN: Fixes Final Meeting May 20
UNICORN INTERNATIONAL: To Hear Liquidator's Report on Winding Up
UNIVERSAL RESOURCES: Shareholders Accept CopperCo Offer

WARATAH QUEST: To Pay Dividend June 3


C H I N A  &  H O N G  K O N G

ACROSSASIA LIMITED: Returns to Profit in First Quarter
GOLDEN CHART: Enters Winding Up Proceedings
EZCOM HOLDINGS: Shares Trading Suspended
HOOVER ETERNITY: Winding Up Hearing Slated for June 29
JIAN EPAYMENT: Q1/FY05 Net Loss Shrinks to RMB2.93 Mln

LEE KONG: Begins Bankruptcy Proceedings
NEW PACIFIC: Issues Intended Preferential Dividend Notice
NORTHEAST TIGER: First Quarter Loss Balloons to RMB1.1 Mln
SELEGAN COMPANY: Enters Winding Up Proceedings
SHANGHAI LAND: Former Boss Sued for HKD735 Mln

SKY FOCUS: Court Orders Winding Up
SYLINE COMPANY: Winding Up Hearing Fixed June 22
SYSCAN TECHNOLOGY: Net Loss Narrows to HKD6.6 Mln
TATTUNG AIR-CONDITIONING: Enters Bankruptcy Proceedings
TOPNIC FOREX: Court Releases Winding Up Order

YCINE COMPANY: Begins Winding Up Process


I N D O N E S I A

PERTAMINA: Fuel Reserves Enough for 20 Days
PERTAMINA: Government to Order Purchase of LNG for Aceh
SEMEN GRESIK: Government OKs Expansion Project
TELEKOMUNIKASI INDONESIA: Government to Retain 51% Stake


J A P A N

MITSUBISHI PAPER: JCR Places BBB Rating on Credit Monitor
OLYMPUS CORPORATION: S&P Downgrades Rating to BBB+
SUMITOMO MITSUI: To Seek Debt Waivers
TOBU RAILWAY: R&I Assigns BBB- Rating
* 518 Bankruptcies Filed in the Food Service Industry in 2004


K O R E A

SAMSUNG LIFE: Draws Interest of Another U.S. Fund


M A L A Y S I A

I-BERHAD: Repurchases More Shares
LION CORPORATION: Set to List Additional Shares
MECHMAR CORPORATION: To Hold AGM Next Month
PAN MALAYSIA: Posts Notice of Shares Buy Back
PANTAI HOLDINGS: Buys Back 42,000 Shares

PARK MAY: Seeks Shareholders' OK on Proposed Mandate Renewal
SATERAS RESOURCES: Court Approves RO Extension Up to June 3
TRU-TECH HOLDINGS: Reveals Deposit Default


P H I L I P P I N E S

ABS-CBN BROADCASTING: Viewer Numbers Affect Profitability
BANCO DE ORO: Moody's Affirms Ratings on Plans to buy UOB Phils.
BENPRES HOLDINGS: Turns Around with Php281-Mln Profit
DIGITAL TELECOMMUNICATIONS: Q1 Net Loss Widens to Php451.3 Mln
GLOBAL STEELWORKS: Reopening to Pare Steel Prices in Mindanao

NATIONAL POWER: To Issue Extra Php2-Bln Bonds on Robust Demand
NATIONAL POWER: Asset Sale to Cut Deficit to Php4.165 Bln
NATIONAL TRANSMISSION: Deferment of Sale Turns Off Investors
PACIFIC PLANS: Yuchengco Hands Over Php250-Mln Lifeline
* Moody's Says Philippine Finances Worse Than Argentina in 2001


S I N G A P O R E

ADVANCE MAINTENANCE: Receiving Proofs of Claim Until June 30
ANNE PRODUCT: Creditors' Proofs of Claims Due June 13
EMG TECHNOLOGIES: Served with Winding Up Order
FHTK HOLDINGS: Court Hearing on Capital Reduction Set May 25
IONICS EMS: 1Q/FY05 Net Loss Shrinks to PHP132,604,000

LIANG HUAT: Unit Must Pay Administrative Penalties
NEPTUNE ORIENT: Disposes of Shares in Lorenzo Shipping


T H A I L A N D

DATAMAT: SET Keeps Shares Suspended from Trading
DATAMAT: Posts THB57,474,000 1Q/2005 Net Loss
M.D.X: Notifies SET on FS Availability
PAE THAILAND: Attributes Good Performance to Debt Restructuring
WYNCOAST INDUSTRIAL: Unveils Resolutions Passed at Board Meeting

     -  -  -  -  -  -  -  -  

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

A.C.N. 009 695 612: Members to Meet May 24
------------------------------------------
Notice is given pursuant to Section 509 of the Corporations Act
2001 that a meeting of the members of A.C.N. 009 695 612 Pty Ltd
(In Liquidation) formerly SM George Pty Ltd will be held at the
offices of Grant Thornton, Level 4, 102 Adelaide Street,
Brisbane Qld 4001 on May 24, 2005 at 9:00 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 explanation that may be
given by the Liquidator.

Dated this 19th day of April 2005

M. G. Mccann
Liquidator
Grant Thornton
Chartered Accountants
Level 4, 102 Adelaide Street,
Brisbane Queensland 4000


ADELPHI PTY: Members Pass Special Resolution to Wind Up Company
---------------------------------------------------------------
Notice is hereby given that at a General Meeting of Members of
Adelphi Pty Ltd A.C.N. 007 161 944 duly convened and held at
Level 6, 161 Collins Street, Melbourne on April 5, 2005, a
Special Resolution was passed that the company be wound up
voluntarily and that Andrew Reginald Yeo and Gess Michael
Rambaldi be nominated Joint and Several Liquidators of the
company.

Dated this 5th day of April 2005

William Spiers Corker
Director


AUSTRALIA MARBLE: Appoints Official Liquidators
-----------------------------------------------
Notice is hereby given that at a general meeting of members of
Australia Marble Investment Company Pty Ltd (In Liquidation)
A.C.N. 086 982 765 held on April 11, 2005, it was resolved that
the company be wound up voluntarily.

For such purpose Mr. David John Cranstoun and Mr. John Feddema,
Chartered Accountants of Cranstoun & Hussein, Level 2, 102
Adelaide Street, Brisbane in the State of Queensland will be
appointed as joint and several liquidators.

Dated this 11th day of April 2005

John Feddema
Liquidator


BROCKHOFF CONSULTING: Lays Out Final Meeting Agenda
---------------------------------------------------
Notice is given that final meetings of members and creditors of
Brockhoff Consulting Pty Ltd (In Liquidation) A.C.N. 058 350 986
will be held at the offices of CJL Partners Pty Ltd, Level 3,
180 Flinders Lane, Melbourne, 3000 at 10:30 a.m. and 11:00 a.m.
respectively on Thursday, May 19, 2005.

AGENDA

To lay before the meetings a final account of the Liquidator's
acts and dealings and of the conduct of the winding up.  

Dated this 11th day of April 2005

Richard J. Cauchi
Liquidator
CJL Partners
Level 3, 180 Flinders Lane,
Melbourne Vic 3000
Telephone: 9639 4779
Facsimile: 9639 4773


CALIGIURI ENTERPRISES: Voluntarily Winds Up
-------------------------------------------
Notice is hereby given that at a General Meeting of Members of
Caligiuri Enterprises Pty Ltd (In Liquidation) A.C.N. 100 137
166 duly convened and held at Institute of Chartered Accountants
Level 10, 600 Bourke Street, Melbourne Vic 3000 on Thursday,
April 7, 2005 at 11:00 a.m. a Special Resolution that the
Company be wound up voluntarily was passed by members and the
undersigned was appointed Liquidator.

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

Dated this 11th day of April 2005

M. F. Cooper
Liquidator
Frasers Insolvency Advisory
Level 9, 99 Elizabeth Street,
Sydney NSW 2000


CANLAY DRAINAGE: To Declare Dividend June 1
-------------------------------------------
A first and final dividend is to be declared on June 1, 2005 for
Canlay Drainage Pty Ltd (In Liquidation) A.C.N. 101 168 003.

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

Dated this 11th day of April 2005

John Park
Liquidator
KordaMentha (Qld)
22 Market Street,
Brisbane Qld 4000
Telephone: (07) 3225 4900
Facsimile: (07) 3225 4999


CHEMEQ LIMITED: Completes First Sales Shipments
-----------------------------------------------
Chemeq Limited announced that it had completed shipments of its
Chemeq polymeric antimicrobial to customers in South Africa and
New Zealand.

The shipments are the first since the licensing of the Company's
commercial manufacturing facility at Rockingham in Western
Australia.

A small consignment of 640 liters of polymeric antimicrobial was
shipped to Chemeq's South African distributor.

In addition, 200 liters of polymeric antimicrobial was sold and
shipped to a customer in New Zealand. Chemeq Chairman Dr. Graham
Melrose said that the first shipments of finished product from
the Company's manufacturing facility ushered in a new era for
Chemeq.

"The whole Chemeq team can be very proud that we have now taken
our polymeric antimicrobial product from original research and
development through to manufacture and commercial sales," he
said.

"Chemeq has an ambitious strategy for its polymeric
antimicrobial, and our immediate priority is to improve capacity
at the Company's plant and continue the global marketing of our
products."

As previously disclosed, a filtration issue is currently
limiting production at the Company's manufacturing facility to
between 10% and 25% of nameplate capacity.

Notwithstanding the filtration issue, all other parts of the
manufacturing plant have operated consistently at 55% of
nameplate capacity.

In conjunction with its independent engineering consultants,
Chemeq has considered a number of possible solutions to the
filtration issue. As a result, Chemeq has ordered supplementary
equipment which its believes will increase production output.

Dr. Melrose said that if the supplementary equipment operates as
planned, Chemeq expects plant capacity to be at least 55% of
nameplate capacity in the near future.

"We can then commence final process refinement and
commissioning," he said.

"However, whilst commissioning continues at the plant, we are
still able to produce finished product and continue shipments to
customers."

The total cost of the installed, supplementary equipment is
budgeted at AU$500,000. No existing plant will be made obsolete
as a result of the plant configuration changes.

It is expected that the supplementary equipment will be
delivered by the end of may. After installation and testing, the
Company anticipates being in a position to provide an update on
plant capacity, during July.

CONTACT:

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


DM CONSULTANTS: Exits Winding Up Process
----------------------------------------
The affairs of DM Consultants Pty Ltd (In Liquidation) A.C.N.
010 572 031 are now finalized.

Pursuant to Section 509(1) of the Corporations Act, 2001, a
final meeting of members and creditors of the Company will be
held at the offices of Lucas & Currie, Chartered Accountants,
Level 8, 100 Edward Street, Brisbane, Queensland, on May 23,
2005 at 10:00 a.m.

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

Dated this 4th day of April 2005

G. L. Starkey
Liquidator
Lucas & Currie
Chartered Accountants
Level 8, 100 Edward Street,
Brisbane Qld 4000
Telephone: (07) 3232 5200
Facsimile: (07) 3003 0334


FORTESCUE METALS: Welcomes New Chairman
---------------------------------------
Fortescue Metals Group Limited has announced it has appointed a
new chairman, Asia Pulse says.

The Company has picked Gordon Toll to replace chief executive
and former chairman Andrew Forrest.

"The separation of the roles of chairman and chief executive
reflects the growth and maturity of Fortescue as it moves into
the next phase in the development of the company's Pilbara Iron
Ore and Infrastructure Project," Mr. Forrest said.

Mr. Toll has extensive global experience in the iron ore
industry including senior positions with BHP Billiton, Texasgulf
and Rio Tinto.

CONTACT:

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


GLADMAN CONSTRUCTIONS: To Declare Dividend May 23
-------------------------------------------------
A First and Final dividend is to be declared on May 23, 2005 for
Gladman Constructions Pty Ltd (In Liquidation) A.C.N. 056 514
848.

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

William B. Abeyratne
Liquidator
c/- Harrisons Insolvency
Level 1, 49-51 Stead Street,
South Melbourne Vic 3205
Telephone: 9696 2885


INTERBRAKE PTY: To Convene Meeting May 20
-----------------------------------------
Notice is hereby given that a meeting of members and creditors
of Interbrake Pty Ltd (In Liquidation) A.C.N. 010 289 960 will
be held at the offices of Lucas & Currie, Chartered Accountants,
Level 8, ING Building, 100 Edward Street, Brisbane, Qld 4000 on
Friday, May 20, 2005 at 11:30 a.m.

Dated this 7th day of April 2005

G. L. Starkey
Liquidator


J.P. AUSTRALIA: Names Robyn Erskine and Peter Goodin Liquidators
----------------------------------------------------------------
Notice is hereby given that at a general meeting of members of
J.P. Australia Leisure Products Pty Ltd (In Liquidation)
formerly trading as Outdoor Adventure A.C.N. 075 946 048 held on
April 11, 2005, it was resolved that the company be wound up
voluntarily and that Robyn Erskine & Peter Goodin, of Brooke
Bird & Co., Chartered Accountants, 471 Riversdale Road, Hawthorn
East, 3123, be appointed Liquidators.

Phillip Ross
Director
Brooke Bird & Co
Chartered Accountants
471 Riversdale Road,
Hawthorn East 3123
Telephone: 9882 6666


JUST 4 FUND: Creditors, Members to Meet May 23
----------------------------------------------
Notice is hereby given that a final meeting of creditors and
members of Just 4 Fund Pty Ltd (In Liquidation) A.C.N. 098 882
118 is to be held at the offices of Messrs SV Partners, Level
16, 120 Edward Street, Brisbane in the State of Queensland on
Monday, May 23, 2005 at 10:30 a.m.

AGENDA

(1) Receive an account by the liquidators.

(2) To consider and if thought fit pass the following
resolution: "that the books and records of the company be
destroyed".

(3) General business.

Dated this 11th day of April 2005

Paul D. Sweeney
Terry G. Van Der Velde
Liquidators


MANDARIN TRAWLERS: Secured Creditor Picks Receivers and Managers
----------------------------------------------------------------
John Patrick Cronin and William James Harris were appointed
Receivers and Managers of Mandarin Trawlers (Australia) Pty Ltd
(Receivers And Managers Appointed) A.C.N. 059 760 799 by a
secured creditor of the company on April 4, 2005.

William James Harris
John Patrick Cronin
Receivers and Managers
McGrathNicol+Partners
345 Queen Street, Brisbane Qld 4000


MAYNE GROUP: Issues Clarification on Shares Buy-back
---------------------------------------------------
Mayne Group Limited announced on May 4, 2005 that it is
undertaking a strategic review to assess the merits of a
demerger involving separate listing of its pharmaceutical and
healthcare businesses and, if a demerger is undertaken, the
optimal configuration of the listed entities.

In the light of this review, based on legal advice the Company
has decided to suspend purchases under its on-market share buy-
back announced on March 8, 2005 until either the strategic
review is completed or notice is given that the buyback is to be
resumed.

For the avoidance of doubt, the Appendix 3F Final Share Buy-back
Notice filed on March 23, 2005 related to the on-market buyback
programme announced on March 1, 2004 (as amended on March 22,
2004) and did not affect the on-market share buy-back announced
on March 8, 2005.

CONTACT:

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


N&T NGUYEN: Lays Out Agenda of Final Meeting
--------------------------------------------
Notice is hereby given that a final meeting of creditors and
members of N&T Nguyen Restaurant Pty Ltd A.C.N. 076 128 357 is
to be held at the office of Messrs SV Partners, Level 16, 120
Edward Street, Brisbane, in the State of Queensland on May 23,
2005 at 2:00 p.m.

AGENDA

(1) Receive an account by the liquidators.

(2) To consider and if thought fit pass the following
resolution: "that the books and records of the company be
destroyed".

(3) General business.

Dated this 11th day of April 2005

Terry Van Der Velde
David Stimpson
Liquidators


PAPER TRANSPORTERS: Members Agree to Wind Up Company
----------------------------------------------------
Notice is given that at a general meeting of members of Paper
Transporters Pty Ltd (In Liquidation) A.C.N. 089 181 779 held on
Tuesday, April 5, 2005, it was resolved that the company be
wound up voluntarily and that for such purpose Robert Eugene
Murphy, Chartered Accountant, of R.E. Murphy & Co, Chartered
Accountants, Level 9, 46 Edward Street, Brisbane, Qld 4000 be
appointed Liquidator.

Dated this 5th day of April 2005

R. E. Murphy
Liquidator


QM TECHNOLOGIES: Faces Winding Up Process
-----------------------------------------
Notice is hereby given that at a general meeting of members of
QM Technologies (No 3) Pty Ltd (In Liquidation) A.C.N. 096 953
409 held on April 5, 2005 it was resolved that the company be
wound up voluntarily and that for such purpose Michael Owen,
Chartered Accountant, of BDO Kendalls, Level 18, 300 Queen
Street, Brisbane Qld 4000 be appointed Liquidator.

Dated this 6th day of April 2005

Michael Owen
Liquidator


REEFSAIL PTY: Hires Liquidator to Wind Up Company
-------------------------------------------------
Notice is hereby given that Reefsail Pty Ltd (In Voluntary
Liquidation) A.C.N. 084 402 497 on Thursday, March 31, 2005 duly
resolved at a general meeting of member held under Section
491(2)(b) of the Corporations Act 2001 that the Company be wound
up voluntarily and that Peter Anthony Lucas and Ian Alexander
Currie of Lucas & Currie, Chartered Accountants, Level 8, ING
Building, 100 Edward Street, Brisbane, Queensland, 4000 be
appointed Joint & Several Liquidators for the purposes of such
winding up.

Dated this 4th day of April 2005

P. A. Lucas
I. A. Currie
Joint & Several Liquidators


RE&M ALLEN: To Declare Priority Creditor Dividend June 1
--------------------------------------------------------
A priority creditor dividend is to be declared on June 1, 2005
for RE&M Allen Pty Ltd (In Liquidation).

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

Dated this 6th day of April 2005

Lachlan Mcintosh
Liquidator
KordaMentha
22 Market Street,
Brisbane Qld 4000


SAM'S SEAFOOD: Up for Sale
--------------------------
Sam's Seafood Holdings has been offered for sale after it went
into receivership earlier this month due to its inability to pay
debt, reports the Sydney Morning Herald.

Administrators John Greig and David Lombe of Deloitte Corporate
Reorganisation on Monday offered the businesses for sale.

The partners said the business generates sales of approximately
AU$40 million per annum in the seafood wholesale, retail and
distribution industry in Queensland.

Sam's Seafood on Wednesday went under receivership after its
main financier Rabobank demanded repayment of all debts.

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

Last month, Sam's announced it expected a loss of AU$2 million
for 2004/05 after making an AU$2.5 million net profit the
previous 12 months.

CONTACT:

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


SONS OF GWALIA: IMF Releases Report on Collapse
-----------------------------------------------
IMF (Australia) Ltd has released to the Australian Stock
Exchange (ASX) a report on the collapse of Sons of Gwalia
Limited (Administrator Appointed).

1. In September 2004, numerous shareholder of Sons of Gwalia
approached IMF with a request that IMF investigate the collapse
of the Company and, if appropriate, fund an action by those
shareholders against the Company.

2. IMF requested and received a copy of the share register from
the administrators of Sons of Gwalia.

3. On September 2004, IMF requested the administrators to
consent to the use of the register by IMF to contact other
relevant shareholders and advise them of the potential
litigation. The administrators declined to give their consent.

4. On September 28, 2004, IMF made application to the Federal
Court for a declaration that such contact with shareholders by
use of the share register would be lawful conduct by IMF.

5. On November 1, 2004, His Honor Mr. Justice French decided
that it would not be lawful for IMF to use the register in order
to contact shareholder in relation to the potential litigation
and accordingly declined to make the declaration.

6. IMF appealed from that decision to the Full Court of the
Federal Court which on May 12, 2005 decided by a majority of two
to one that the original judgment by Mr. Justice French was
correct. The appeal was accordingly dismissed with costs against
IMF in favor of the administrators.

7. IMF is currently taking legal advice on the utility of
seeking special leave to appeal to the High Court 9especially in
the light of the fact that the Full Court judgment was by
majority).

8. It is the case with many if not most listed Australian
Companies that 60% to 70% of their shares are held by their top
20 shareholders, by persons who have lodged substantial
shareholder notices or by persons who were formerly in the list
of the top 20 shareholders. By way of example, at the point of
administration, the 10 largest shareholder of Sons of Gwalia
held 59% of its shares.

9. The contact details of all these shareholder are constantly
available to the public either through annual reports by the
Company in question or by virtue of lodgments with either, or
both of, ASIC or ASX.

10. As a result, the share registers of most companies are not
required in order for IMF to communicate with the larger
shareholders and IMF can and does communicate with the holders
of 60% to 70% of shares without any need for access to, or use
of, the share register.

11. It remains the case, however, that the smaller shareholder
cannot be contacted by use of the share register and hence IMF
will seek special leave to appeal against the Full Court's
decision and will also go back to the administrators of Sons of
Gwalia with a further request that IMF be permitted to use the
share register to contact all of the smaller shareholders in
order to advise them of the potential litigation.

12. If, as is expected, the administrators refuse their consent
then IMF will seek a Supreme Court review of their decision.

CONTACT:

Sons of Gwalia Limited
16 Parliament Place
West Perth, Western Australia 6005
Australia
Phone: +61 8 9263 5555
Fax: +61 8 9481 1271
Web site: http://www.sog.com.au/


SOUTH EASTERN: Fixes Final Meeting May 20
-----------------------------------------
Notice is given that a final meeting of members of South Eastern
Medical Complex Limited (In Liquidation) will be held at the
offices of Ernst & Young, Level 33, 120 Collins Street,
Melbourne Victoria 3000 on May 20, 2005 at 10:30 a.m.

The purpose of the meeting is to lay an account before it,
showing the manner in which the winding up has been conducted
and the property of the company disposed of, and for hearing any
explanation that may be given by the Liquidators.

Dated this 11th day of April 2005

Michael Scales
Liquidator
South Eastern Medical Complex Limited (In Liquidation)
Ernst & Young
120 Collins Street,
Melbourne Vic 3000
Telephone: 03 8650 7539


UNICORN INTERNATIONAL: To Hear Liquidator's Report on Winding Up
----------------------------------------------------------------
Notice is given pursuant to Section 509 of the Corporations Act,
2001 that a combined Annual General Meeting and Final Meeting of
the Members and Creditors of Unicorn International Associated
Distributors Pty Ltd (In Liquidation) A.C.N. 091 192 326 will be
held in the Boardroom of Jessup & Partners, 1st Floor 488
Mulgrave Road Earlville Qld on May 27, 2005 at 11:00 a.m.

AGENDA

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

(2) To approve the remuneration of the Liquidator.

(3) Any other business.

Dated this 5th day of April 2005

I. D. Jessup
Liquidator


UNIVERSAL RESOURCES: Shareholders Accept CopperCo Offer
-------------------------------------------------------
As a result of the Universal Resources Limited Shareholders
accepting the CopperCo Limited offer contained in the Bidder
Statement, the Company has now issued a further 2,740,554 fully
paid ordinary shares, in addition to the 88,407,894 fully paid
ordinary shares issued previously.

The consideration offered is 6 CopperCo Shares for every 1
Universal Share.

CooperCo's relevant interest in Universal Resources Limited is
19.42%.

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/


WARATAH QUEST: To Pay Dividend June 3
-------------------------------------
A final dividend is to be declared on June 3, 2005 for Waratah
Quest Pty Ltd (In Liquidation) A.C.N. 006 965 215.

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

William B. Abeyratne
Liquidator
Harrisons Insolvency
Level 1, 49-51 Stead Street, South Melbourne Vic
3205. Telephone 9696 2885


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

ACROSSASIA LIMITED: Returns to Profit in First Quarter
------------------------------------------------------
AcrossAsia Limited (8061) posted a net profit of HK$914,000 in
the first quarter ended 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
                                   $ '000             $'000

Turnover                     :      1,295,161           216,778
Profit/(Loss) from Operations:         57,694             6,902
Finance cost                 :       (50,822)          (23,714)
Share of Profit/(Loss) of Associates:  2,960             6,832
Share of Profit/(Loss) of Jointly
         Controlled Entites         :  N/A               N/A
Profit/(Loss) after Taxation & MI   :  914             (11,239)
% Change Over the Last Period       :  N/A
EPS / (LPS)
          Basic (in dollar)         : HKD 0.0002    (HKD 0.0022)
          Diluted (in dollar)       : N/A               N/A
Extraordinary (ETD) Gain/(Loss)     : N/A               N/A
Profit (Loss) after ETD Items       : 914             (11,239)
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
ACROSSASIA LIMITED

Signature:
Name     : Mr. Marshall Wallace COOPER
Title    : Executive Director

Earnings/(loss) per share

The calculation of basic earnings/(loss) per share is based on
the profit attributable to shareholders of the Company for the
three months ended 31st March 2005 (Three-month Period) of
HK$914,000 (2004: loss of HK$11,239,000) and 5,064,615,385
(2004: 5,064,615,385) ordinary shares in issue during the Three-
month Period.

Diluted earnings/(loss) per share for the Three-month Period and
the corresponding period in 2004 are not disclosed as there were
no dilutive potential ordinary shares.

CONTACT:

AcrossAsia Limited
Room 4302, 43 Floor,
Tower One, Lippo Centre 89 Queensway
Hong Kong  
Phone: 28681400  
Fax: 28682340  
Web site: http://www.across-asia.com


GOLDEN CHART: Enters Winding Up Proceedings
-------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Golden Chart Holdings Limited by the High Court of Hong Kong
Special Administrative Region was on April 21, 2005 presented to
the said Court by Bank of China (Hong Kong) Limited (the
successor banking corporation to Kincheng Banking Corporation
pursuant to Bank of China (Hong Kong) Limited (Merger) Ordinance
(Cap.1167) whose registered office is situated at 14th Floor,
Bank of China Tower, 1 Garden Road, Hong Kong.  

The said Petition is to be heard before the Court at 9:30 a.m.
on June 22, 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.

Chow, Griffiths & Chan
Solicitors for the Petitioner
Rooms 1902-4, 19th Floor
Hang Seng Building
77 Des Voeux Road Central
Central, Hong Kong
(Ref: TC/BOC/101963/05/DC)

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. 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 21, 2005.


EZCOM HOLDINGS: Shares Trading Suspended
----------------------------------------
At the request of Ezcom Holdings Limited, trading in its shares
will be suspended with effect from 9:30 a.m. on May 17, 2005
pending release of an announcement in respect of certain price-
sensitive information.

The stock closed at $0.048 on Friday.

CONTACT:

Ezcom Holdings Limited
Unit 1C & 1D
14/F, Tower 2,
Admiralty Centre
18 Harcourt Road
Ceutral, Hong Kong
Phone: 28276388
Fax: 28276788
Web site: http://www.ezcom.com.hk/


HOOVER ETERNITY: Winding Up Hearing Slated for June 29
------------------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Hoover Eternity Limited by the High Court of Hong Kong Special
Administrative Region was on April 29, 2005 presented to the
said Court by Lo Wing Kwong & Lau Heung Wa trading as Hsin Pao
Frozen Foods (Bun Kee) Whose principal place of business is
situate at No. 438 Portland Street, Kowloon, 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.

Messrs. Li, Wong & Lam
Solicitors for the Petitioner
Unit 2602, 26th Floor, Tower One
No. 89 Queensway
Hong Kong
Phone: 2869 1238  Fax: 2525 5871

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.


JIAN EPAYMENT: Q1/FY05 Net Loss Shrinks to RMB2.93 Mln
------------------------------------------------------
Jian ePayment Systems Limited (8165) disclosed its first quarter
results for 2005.

Year-end date: 31/12/2005
Currency: RMB
Auditors' Report: N/A
Interim 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                           : 1,334              323               
Profit/(Loss) from Operations      : (2,858)           (4,430)           
Finance cost                       : (81)               (158)             
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       : (2,939)            (4,588)           
% Change over Last Period          : N/A       %
EPS/(LPS)-Basic (in dollars)       : (0.007)            (0.011)           
         -Diluted (in dollars)     : N/A                N/A               
Extraordinary (ETD) Gain/(Loss)    : N/A                N/A               
Profit/(Loss) after ETD Items      : (2,939)            (4,588)           
1st Quarter Dividend               : NIL                NIL
  per Share                          N/A                N/A
(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
Jian ePayment Systems Limited
  
Name:  CHAN Wing Chung
Title: Company Secretary  

LOSSES PER SHARE

The calculation of basic losses per share for the three months
ended March 31, 2005 is based on the loss attributable to
shareholders of approximately RMB2,939,000 (2004: RMB4,588,000)
and the number of 400,000,000 shares (2004: 400,000,000 shares)
deemed to be in issue during the period.

No diluted loss per share has been presented for the period as
the assumed exercise of the Company's share options would result
in a decrease in loss per share.

CONTACT:

Jian Epayment Systems Limited
Unit 1214, 12/F
China Merchants Tower
Shun Tak Centre
168-200 Connaught Road Central
Central, Hong Kong  
Phone: 25878809  
Fax: 25878771  
Web site: http://www.jianep.com


LEE KONG: Begins Bankruptcy Proceedings
---------------------------------------
Lee Kong Knitters Limited with registered office located at
19/F, Wing Shing Ind Building, 26 Ng Fong St, San Po Kong, 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 2, 2005

Dated this 13th day of May 2005.

Lee Mei Yee May
Acting Official Receiver


NEW PACIFIC: Issues Intended Preferential Dividend Notice
---------------------------------------------------------
New Pacific Properties Limited issued a notice of intended
preferential payment and dividend in the High Court of the Hong
Kong Special Administrative Region Court of First Instance with
the following details:

Name of Liquidator: The Official Receiver

Registered Office and Liquidator's Address: 10th Floor,
Queensway Government Offices, 66 Queensway, Hong Kong.

Last Day of Receiving Proofs: May 28, 2005.

Dated this 13th day of May 2005.

Lee Mei Yee May
Acting Official Receiver &
Liquidator


NORTHEAST TIGER: First Quarter Loss Balloons to RMB1.1 Mln
----------------------------------------------------------
Northeast Tiger Pharmaceutical Company announced its financial
results for the first quarter of 2005.

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


                                (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                      :      11,409            10,302
Profit/(Loss) from Operations :      (754)             (165)
Finance cost                  :      (357)             (340)
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   :(1,111)           (505)
% Change Over the Last Period       : N/A
EPS / (LPS)
          Basic (in dollar)         :(RMB 0.001)     (RMB 0.001)
          Diluted (in dollar)       : N/A               N/A
Extraordinary (ETD) Gain/(Loss)     : N/A               N/A
Profit (Loss) after ETD Items       :(1,111)           (505)
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
Northeast Tiger Pharmaceutical Company Limited

Signature :
Name      : Xu Zhe
Title     : Chairman

CONTACT:

Northeast Tiger Pharmaceutical Co. Limited
Room 2201-02, 22/F World Wide House
19 Des Voeux Road Central
Central, Hong Kong  
Phone: 2537-7773  
Fax: 2537-6758  
Web site: www.northeasttiger.com


SELEGAN COMPANY: Enters Winding Up Proceedings
----------------------------------------------
Selegan (H.K.) Company Limited with registered office located at
Flat 4, 5th Floor, Sun Cheong Industrial Building, No. 1 Cheung
Shun St, Lai Chi Kok, 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 2, 2005

Dated this 13th day of May 2005.

Lee Mei Yee May
Acting Official Receiver


SHANGHAI LAND: Former Boss Sued for HKD735 Mln
----------------------------------------------
The receivers of Shanghai Land Holdings have sued its former
Chairman, Chau Ching-ngai, for more than HK$735 million,
alleging that he took Company funds to repay the loan he used to
buy control of it, The Standard reports.

The loan was made by Bank of China (Hong Kong), to which Mr.
Chau earlier pledged his 75 percent stake in the Company.

Shanghai Land, whose receivers have begun liquidation efforts,
is still unable to trace more than CNY600 million (HK$565.62
million) loaned to subsidiaries. Its shares have been suspended
from trading in Hong Kong since June 2003.

Shanghai Land Holdings Limited involves in property investment
in Hong Kong and invests in early stage wireless technology
companies in Asia. During the fiscal 2001, the Group disposed of
Scorewell Corporation and Reunification Properties Ltd. Rental
income accounted for 74 percent of fiscal 2001 revenues;
Interest income, 26 percent and Other, nom.

CONTACT:

Shanghai Land Holdings Limited  
10 Harcourt Road Central
11th Floor, The Center
Central
Hong Kong
Phone: +852 2846 9606
Fax: +852 2827 0715  
Web site: http://www.shanghailand.com


SKY FOCUS: Court Orders Winding Up
----------------------------------
Sky Focus Industries Limited with registered office located at
1/F, Dundas Square, 43H Dundas St, Nongkok, 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 2, 2005

Dated this 13th day of May 2005.

Lee Mei Yee May
Acting Official Receiver


SYLINE COMPANY: Winding Up Hearing Fixed June 22
------------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Syline Company Limited by the High Court of Hong Kong Special
Administrative Region was on April 21, 2005 presented to the
said Court by Bank of China (Hong Kong) Limited (the successor
banking corporation to Kincheng Banking Corporation pursuant to
Bank of China (Hong Kong) Limited (Merger) Ordinance (Cap.1167)
whose registered office is situated at 14th Floor, Bank of China
Tower, 1 Garden Road, Hong Kong.  

The said Petition is to be heard before the Court at 9:30 a.m.
on June 22, 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.

Chow, Griffiths & Chan
Solicitors for the Petitioner
Rooms 1902-4, 19th Floor
Hang Seng Building
77 Des Voeux Road Central
Central, Hong Kong
(Ref: TC/BOC/101033/04/DC)

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 21, 2005.


SYSCAN TECHNOLOGY: Net Loss Narrows to HKD6.6 Mln
-------------------------------------------------
Syscan Technology Holdings Limited posted 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
                                     $ '000          $ '000

Turnover                 :         14,321           105,775
Profit/(Loss) from Operations:     (4,881)           (9,587)
Finance cost                 :     (1,797)           (2,192)
Share of Profit/(Loss) of Associates: 0                 0
Share of Profit/(Loss) of Jointly
         Controlled Entites         : 0                 0
Profit/(Loss) after Taxation & MI   :(6,607)          (11,328)
% Change Over the Last Period       : N/A
EPS / (LPS)
          Basic (in dollar)         :(HKD 0.065)     (HKD 0.111)
          Diluted (in dollar)       : N/A               N/A
Extraordinary (ETD) Gain/(Loss)     : N/A               N/A
Profit (Loss) after ETD Items       :(6,607)          (11,328)
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
SYSCAN Technology Holdings Limited

Signature :
Name      : Chan Man Ching
Title     : Executive Director

Loss per share

The calculation of the basic loss per share for the three-month
period ended March 31, 2005 was based on the unaudited loss
attributable to shareholders of approximately HK$6,607,000
(2004: HK$11,328,000) and on the weighted average number of
approximately 102,364,328 shares (2004: 102,364,328 shares) in
issue during the three-month period ended March 31, 2005.

No diluted loss per share is presented as the outstanding
employee share options were anti-dilutive.

CONTACT:

Syscan Technology Holdings Limited
Unit C, 21/F
Seabright Plaza
9-23 Shell Street
North Point, Hong Kong  
Phone: 27975223  
Fax: 25109662  
Web site: http://www.syscaninc.com


TATTUNG AIR-CONDITIONING: Enters Bankruptcy Proceedings
-------------------------------------------------------
Notice is hereby given that a Bankruptcy Order against Wong Yuk
Sai trading as Tattung Air-Conditioning Engineering Company was
made on May 4, 2005.

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

Dated this 13th day of May 2005.

Lee Mei Yee May
Acting Official Receiver


TOPNIC FOREX: Court Releases Winding Up Order
---------------------------------------------
Topnic Forex Limited with registered office located at Flat 3,
26th Floor, Yan Lai Hse, Yan Shing Court, 15 Wah Ming Road,
Fanling, 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 2, 2005

Dated this 13th day of May 2005.

Lee Mei Yee May
Acting Official Receiver


YCINE COMPANY: Begins Winding Up Process
----------------------------------------
Notice is hereby given that a Petition for the Winding up of
Ycine Company Limited by the High Court of Hong Kong Special
Administrative Region was on April 21, 2005 presented to the
said Court by Bank of China (Hong Kong) Limited (the successor
banking corporation to Kincheng Banking Corporation pursuant to
Bank of China (Hong Kong) Limited (Merger) Ordinance (Cap.1167)
whose registered office is situated at 14th Floor, Bank of China
Tower, 1 Garden Road, Hong Kong.  

The said Petition is to be heard before the Court at 9:30 a.m.
on June 22, 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.

Chow, Griffiths & Chan
Solicitors for the Petitioner
Rooms 1902-4, 19th Floor
Hang Seng Building
77 Des Voeux Road Central
Central, Hong Kong
(Ref: TC/BOC/101032/04/DC)

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 21, 2005.


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

PERTAMINA: Fuel Reserves Enough for 20 Days
-------------------------------------------
PT Pertamina said that it has enough fuel reserves for 20.2 days
as it obtained letters of credit from some banks to guarantee
import payments, reports the Jakarta Post.

In a hearing at Indonesia's House of Representatives Commission
VII on energy last May 16, 2005, Pertamina's marketing director
Ari Soemarno said that the state-owned oil and gas firm had
enough oil to last 20.2 days.

According to Minister of Energy and Mineral Resources Purnomo
Yusgiantoro, the government has proposed an oil price range from
USD32-USD48 per barrel, in order to revise its current state
budget.

Pertamina has already spent the IDR19 trillion fuel subsidy
allotted in the 2005 initial state budget, but it still needed
cash for oil imports, as it usually spends around IDR7 trillion
to IDR10 trillion a month on such imports alone.

The government has already dispensed IDR3.3 trillion of its
emergency reserve funds to the firm, and will begin to pay
IDR1.2 trillion in monthly subsidies for it to buy more oil.

CONTACT:

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


PERTAMINA: Government to Order Purchase of LNG for Aceh
-------------------------------------------------------
The government will order oil and gas firm PT Pertamina to buy
one shipment of liquefied natural gas (LNG) to supply fertilizer
firms in Aceh, AFX News reports.

Minister of Energy and Mineral Resources Purnomo Yusgiantoro is
considering the move due to a shortage in gas supply for firms
PT Pupuk Iskandar Muda I (PIM I) and PT Pupuk Iskandar Muda II
(PIM II). The government will continue to supply gas to both
firms only until July.

State Minister Sugiharto will instruct the Company to buy LNG
from producers in Qatar, Malaysia or Australia, to cover the
reduced output of a gas field in Arun, which is operated by
ExxonMobil Indonesia Inc.

The government is currently locked in talks with U.S. firm
ConocoPhillips to cover the gas shortage with the firm's gas
field in Aceh, and is looking into the possibility of PIM I and
II's investing in the said gas block.

According to Mr. Sugiharto, fertilizer firm PT ASEAN Aceh
Fertilizer will remain closed due to the gas shortage. The
nearby governments of Malaysia, Singapore and Thailand are
offering to sell their stake in the firm to Indonesia. The
Indonesian government is reviewing their offers.


SEMEN GRESIK: Government OKs Expansion Project
----------------------------------------------
The Indonesian government has approved state-owned PT Semen
Gresik's plan to expand its operations at an estimated cost of
IDR3.78 trillion, reports Asia Pulse.

According to the cement maker's president Satriyo, the Company
will finance the project using its own funds, bonds issuance and
loan funds. The completion of a new refinery will increase its
capacity by 2.5 million tons annually.

Semen Gresik, with a yearly production capacity of 15.95 million
tons, is currently involved in a dispute between the Indonesian
government, which is a 51% stakeholder of the Company, and
Mexican firm Cemex S.A., which is a 25.5% shareholder. The
government refused to sell a larger stake to Cemex S.A., which
would make the Mexican cement firm a controlling shareholder in
Semen Gresik.

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


TELEKOMUNIKASI INDONESIA: Government to Retain 51% Stake
--------------------------------------------------------
The Indonesian government is not planning to sell off a part or
its entire stake in PT Telekomunikasi Indonesia (Telkom), Dow
Jones reports.

At present, the government has a 51% stake in the Company. In
fact the state wants to increase its current stake in the
telecommunications firm, if possible.

The government began selling stake in some companies to foreign
investors after the 1997 Asian financial crisis, in order to
reduce the state budget's deficit. But Mr. Sugiharto said that
it is necessary to maintain a controlling stake in Telkom, so
that public telecommunications services would remain affordable.

CONTACT:

P.T. Telekomunikasi Indonesia (Persero)
Jalan Japati No 1
Bandung 40133
Indonesia
Phone: +62 22 452 1108
Fax: +62 22 452 1408
Web site: http://www.telkom.co.id/


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

MITSUBISHI PAPER: JCR Places BBB Rating on Credit Monitor
---------------------------------------------------------
Japan Credit Rating Agency (JCR) continues placing Credit
Monitor on the senior debt rating of Mitsubishi Paper Mills
Limited as BBB.

Rationale

Mitsubishi Paper Mills and Chuetsu Pulp & Paper announced on May
16 that they had agreed to dissolve their plan to merge. The two
companies entered into a basic agreement on merger on January
31, 2005. They planned to merge their operations in order to
respond proactively to the structural and rapid changes in the
paper industry. They envisaged that the merger would increase
the business size and product lineup and would strengthen the
sales force. Synergy was also to be created for cost reductions
as much as JPY5 billion. They announced also that they would
restructure Kitakami Mill of Mitsubishi Paper Mills, writing
down the fixed assets of the mill amounting to JPY24 billion.

JCR placed the rating for Mitsubishi Paper Mills under Credit
Monitor on January 31, 2005 to examine carefully synergy and
restructuring for Kitakami Mill. Mitsubishi Paper Mills will
have to restructure the mill and make cost reductions further in
order to endure changing business environment with the merger
plan being dissolved. JCR places rating on Mitsubishi Paper
Mills under Credit Monitor continually to examine carefully the
management strategy of the company for the future.

Outlook for the rating is negative, given the following: 1) It
may take time for Mitsubishi Paper Mills to improve the
structure. 2) Mitsubishi Paper Mills is estimated to have
incurred a large net loss, impairing the capital. The impairment
will lead to deterioration in its financial health.

CONTACT:

Shin-Nisseki Bldg.,
4-2, Marunouchi 3-chome,
Chiyoda-ku, Tokyo 100-0005,
Japan  
Phone: +81-3-3213-3751
Fax: +81-3-3214-2338


OLYMPUS CORPORATION: S&P Downgrades Rating to BBB+
--------------------------------------------------
Standard & Poor's Ratings Services has lowered its long-term
credit rating on Olympus Corp. to 'BBB+' from 'A-' on the
company's weak financial results reported for fiscal 2004. The
outlook on the rating is stable.

"The one-notch downgrade reflects the substantial decline in
profitability of Olympus' imaging systems business, and weakened
financial profile due to decreased cash flow generation and an
increase in debt after consolidating ITX Corp.," said Standard &
Poor's credit analyst Chizuko Satsukawa.

Olympus posted a consolidated net loss in fiscal 2004 (ended
March 31, 2005) for the first time since the company started
disclosing consolidated financials, due to a slump in the
imaging systems business, and losses associated with business
restructuring and a write off of some of its deferred tax
assets.

"Olympus suffered a steeper fall in sale prices than the
industry average in digital cameras, since the company failed to
launch hit products even as competition grew more fierce," said
Ms. Satsukawa.

The meager financial results are also attributable to an
increase in inventory as a result of the company's weak sales in
digital cameras.

"Olympus is expected to be able to stop the deterioration in
profitability to a degree through efforts to reduce its
workforce, cut costs, and enhance inventory control. However,
the business environment is likely to remain difficult,
considering the continuing fall in prices of digital cameras,"
Ms. Satsukawa added.

The company's weakness in the imaging systems business is
partially offset by its strength in medical products. Olympus
has an overwhelmingly strong position in the endoscope market,
which has high technological barriers for new entrants. Although
a disproportionately high reliance on the medical products
segment is a source of concern, the medical products business is
expected to remain highly profitable and underpin the company's
profitability overall.

Standard & Poor's expects Olympus' funds from operations (FFO)
to debt to remain weak at between 10%-20% for the next few
years, given the company's weak profitability and increase in
debt. Olympus' debt increased as a result of consolidating ITX
Corp., an information technology company. As a result, the
company's net debt-to-capital ratio rose to 50% as of March 2005
from 26% a year earlier.

The stable outlook reflects the expectation that the
deterioration of profitability in the imaging systems business
will be stabilized by cost reductions and other efforts. The
outlook also assumes that the highly profitable medical products
business will continue to support Olympus' overall
profitability. Nevertheless, the company's credit quality may
weaken further if cash flow protection weakens further as a
result of continuing deterioration or delay in the recovery of
the imaging systems business performance, or if the company's
financial profile is further weakened due to additional losses.

CONTACT:

Olympus Corporation Company
Monolith, 3-1 Nishi-Shinjuku
2-chome, Shinjuku-ku
Tokyo 163-0914, Japan  
Phone: +81-3-3340-2111
Fax: +81-3-3340-2062


SUMITOMO MITSUI: To Seek Debt Waivers
-------------------------------------
Sumitomo Mitsui Construction Company will seek debt waivers
worth JPY178.8 billion from Sumitomo Mitsui Banking Corporation
(SMBC) and other lenders as it is expected to fall into a large
negative net worth in fiscal 2004, according to Kyodo News.

The midsize construction firm will also ask its shareholders,
excluding SMBC, for approval of a 90 percent capital reduction
and will raise JPY60 billion through private placement of new
preferred shares by the end of September.

CONTACT:

Sumitomo Mitsui Construction Co. Limited
1-36-5, Nihonbashi-Kakigaracho, Chuo-ku
Tokyo 103-0014, Japan  
Phone: +81-3-5614-9832
Fax: +81-3-5614-9810


TOBU RAILWAY: R&I Assigns BBB- Rating
-------------------------------------
Rating and Investment Information, Inc. (R&I), has assigned the
BBB- preliminary rating on the shelf registration scheme of Tobu
Railway Co. Limited.

ISSUE: Bonds to be Rated: Corporate Bonds

Issue Amount: JPY80,000 million (Shelf Amount)

Issue Period: Two years from May 10, 2005

Long-term Issue Rating: R&I RATING: BBB-

RATIONALE:

The railroad business earns stably about 60% of the cash flow of
Tobu Railway Co., Ltd. The company has a large service area with
lines extending from central Tokyo to Saitama Prefecture and out
to Tochigi Prefecture and Gunma Prefecture in northern Kanto.
The hinterland of the company's service area includes the
tourist spots of Nikko and Oze.

Tobu Railway has been proactive in improving the convenience of
its transport network, and it has many lines with direct links
to other lines. Its core Tobu Isesaki Line, Nikko Line and Tobu
Tojo Line is directly linked to the Tokyo Metro lines. Tobu Tojo
Line plans to link to the No. 13 New Tokyo Metro Line (Ikebukuro
- Shibuya) in the future. Also, the direct train from JR East,
from Shinjuku to Nikko and the Kinugawa-onsen district is
planned. The hinterland of the company's lines has a rich
natural environment, the hiking trip that uses the train service
is increasing.

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

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

CONTACT:

Rating and Investment Information Inc.
Nihonbashi 1-chome Bldg.,
1-4-1, Nihonbashi,
Chuo-ku, Tokyo 103-0027,
Japan
Credit Rating Division
Phone: 03-3276-3419
Fax.03-3276-3420
Web site: http://www.r-i.co.jp


* 518 Bankruptcies Filed in the Food Service Industry in 2004
-------------------------------------------------------------
The number of bankruptcies is expected to remain high in the
food industry with fierce competition. Teikoku Databank
conducted research and analysis on the bankruptcy trend of the
food service industry (more than 10 million yen liabilities)
since 1990, focusing on their status in 2004, by cause of
bankruptcies, business history, liabilities, and area.

RESEARCH RESULTS:

There were 518 bankruptcies in the food service industry in
2004, remaining at a high level considering the declining trend
of overall bankruptcies. The causes of failures were sluggish
sales and excessive investments in many cases. Large-sized
bankruptcies were filed including STT Bussan (51,400 million yen
liabilities) and Tokyo Onsen (33,133 million yen).

By Cause of Bankruptcies: Among 518 bankruptcies, "recession-
related bankruptcy" ranked the top (348 cases, 67.2%), followed
by "undisciplined management" (42 cases, 8.1%) and "failure of
facility investment / business planning" (34 cases, 6.6%).

By Liabilities: Total amount of liabilities were about 167,924
million yen, setting the 2nd highest record since World War II
by exceeding 100 billion yen for the first time in three years.
Companies with "less than 100 million yen liabilities" ranked
the top (429 cases, 82.8%), followed by "100 - 500 million yen
liabilities" (66 cases, 12.7%). Companies with "less than 500
million yen liabilities" accounts for 95.5%, which indicates the
majority of bankruptcies in the food service industry were filed
by small business.

By Business history: Among the total of 518, the bankruptcy of
companies with "10-20 years of business history" ranked the top
(191 cases, 36.9%), followed by "5-10 years" (97 cases, 18.7%)
and "20-30 years" (96 cases, 18.5%). On the other hand, the
number of bankruptcy of long-established companies with "more
than 30 years of history" is relatively small compared to other
industries. (83 cases, 16.0%).

By Area: The highest number of bankruptcies was filed in "Kanto"
(197 cases, 38.0%), followed by "Kinki" (171 cases, 33.0%) and
"Chubu" (50 cases, 9.7%). It shows that most of the bankruptcies
in the food industry were reported in the big metropolitan
areas.

CONTACT:

Teikoku Databank America, Inc.  
747 Third Avenue, 25th Floor
New York, NY 10017
Phone: 1-212-421-9805
Fax: 1-212-421-9806
Web site: http://www.teikoku.com


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

SAMSUNG LIFE: Draws Interest of Another U.S. Fund
-------------------------------------------------
Another U.S.-based fund, besides Mirae Asset Group, is
interested in buying a stake in Samsung Life Insurance Co.,
reports Asia Pulse.

Kohlberg Kravis Roberts & Co. (KKR) offered to buy 17.5% stake
in the troubled insurance firm, which creditors are holding as
collateral for a debt of its sister company Samsung Motor Inc.

Samsung Motor creditors, who are trying to sell their shares in
the Company, are now reviewing the KKR's bid, which was
submitted last April 29. The 17.6% stake is roughly estimated to
cost KRW800 billion. According to an unnamed official of Samsung
Life's main creditor Seoul Guarantee Insurance Co., there are no
other bidders so far.

Creditors were in talks with U.S. equity fund Newbridge Capital
and Warburg Pincus on the sale of Samsung Life shares, but
negotiations fell through when they couldn't agree on the sale
terms. They are planning to sell the stake this year.

CONTACT:

Samsung life Insurance Co., Ltd.
Samsung Life Insurance Bldg.
150, Taepyungro 2-ga, Jung-gu
Seoul, 100-716, South Korea
Phone: +82-2-1588-3114
Fax:   +82-2-751-8021
Web site: http://www.samsunglife.com


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

I-BERHAD: Repurchases More Shares
---------------------------------
I-Berhad disclosed the details of shares it had bought back on
May 16, 2005 to the Bursa Malaysia Securities Berhad.

Date of buy back: 16/05/2005

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

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

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

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

Total consideration paid (MYR):                   14,507.16

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

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

Cumulative net outstanding treasury shares as at to-date
(units): 1,737,900

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


LION CORPORATION: Set to List Additional Shares
-----------------------------------------------
Lion Corporation Berhad's additional 235,000 new ordinary shares
of MYR1.00 each issued pursuant to the Company's Executive Share
Option Scheme will be granted listing and quotation effective
Thursday, May 19, 2005, 9:00 a.m.

CONTACT:

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


MECHMAR CORPORATION: To Hold AGM Next Month
-------------------------------------------
Mechmar Corporation (Malaysia) Berhad announced that the Company
will hold its 32nd Annual General Meeting (AGM) on Wednesday,
June 8, 2005, 10:30 a.m., at the Company Auditorium, No. 1 Jalan
Perunding U1/17, Seksyen U1, Hicom-Glenmarie Industrial Park,
40150 Shah Alam, Selangor Darul Ehsan.

Attached is a copy of the Company's notice, together with the
agenda to be discussed at the AGM:

http://bankrupt.com/misc/tcrap_mechmar051705.doc

CONTACT:

Mechmar Corporation (Malaysia) Berhad
HICOM-Glenmarie Industrial Park
Shah Alam, Selangor Darul Ehsan 40150
Malaysia
Phone: +60 3 5569 2828
Fax:   +60 5569 1316


PAN MALAYSIA: Posts Notice of Shares Buy Back
---------------------------------------------
Pan Malaysia Corporation Berhad disclosed the details of its
shares buy back on May 16, 2005 to the Bursa Malaysia Securities
Berhad.
  
Date of buy back: 16/05/2005

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

Total number of shares purchased (units):            400,000

Minimum price paid for each share purchased (MYR):      0.425

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

Total consideration paid (MYR):                  173,150.77

Number of shares purchased retained in treasury
(units): 400,000

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

Cumulative net outstanding treasury shares as at to-date
(units): 40,103,500

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

CONTACT:

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


PANTAI HOLDINGS: Buys Back 42,000 Shares
----------------------------------------
Pantai Holdings Berhad disclosed to the Bursa Malaysia
Securities Berhad the details of its shares buy back on May 16,
2005.
  
Date of buy back: 16/05/2005

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

Total number of shares purchased (units):             42,000

Minimum price paid for each share purchased (MYR):      1.010

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

Total consideration paid (MYR):                   42,755.63

Number of shares purchased retained in treasury
(units):  42,000

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

Cumulative net outstanding treasury shares as at to-date
(units): 29,213,300

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

CONTACT:

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


PARK MAY: Seeks Shareholders' OK on Proposed Mandate Renewal
------------------------------------------------------------
Pursuant to Paragraph 10.09 of Chapter 10 of the Listing
Requirements of Bursa Malaysia Securities Berhad, Park May
Berhad (The Company) had, at the Extraordinary General Meeting
(EGM) held on 23 June 2004, obtained its shareholders mandate
for recurrent related party transactions of a revenue or trading
nature.

The aforesaid shareholders' mandate will expire at the Company's
forthcoming 32nd AGM, to be convened no later than 30 June 2005.

The Company intends to seek the shareholders' approval on the
proposed renewal of the shareholders' mandate at the forthcoming
32nd AGM. The Circular to Shareholders containing information on
the transactions is subject to the approval of Bursa Malaysia
Securities Berhad and will be sent to the shareholders of the
Company in due course.

This announcement is made on 16 May 2005.

CONTACT:

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


SATERAS RESOURCES: Court Approves RO Extension Up to June 3
-----------------------------------------------------------
Sateras Resources ( Malaysia ) Berhad announced that in relation
to Practice Note 4/2001 of the Bursa Malaysia Securities Berhad
Listing Requirements, the Company applied for an extension of a
restraining order to regularize its financial condition.

The Company further announces that the Kuala Lumpur High Court
extended the interim Restraining Order from May 13, 2005 to June
3, 2005, pursuant to Section 176 of the Companies Act, 1965.

CONTACT:

Sateras Resources (Malaysia) Berhad
19 Jalan Pinang Kuala Lumpur,
Kuala Lumpur 50450
Malaysia Phone: +60 2162 5288
Telephone:      +60 2161 8529


TRU-TECH HOLDINGS: Reveals Deposit Default
------------------------------------------
On behalf of Tru-Tech Holdings Berhad, Avenue Securities Sdn Bhd
announced that the Company will not be able to make the monthly
deposit of RM1,500,000 due on 17 May 2005 into the sinking fund
account maintained for the purposes of redemption of the RULS,
due to Tru-Tech's current tight cash flow position (Deposit
Default).

The financial and legal implications to Tru-Tech in respect of
the Deposit Default are similar to that of the Default, which
was set out in the announcement dated 17 October 2003.

Save as disclosed above, there has been no material development
in respect of the Default pursuant to Practice Note 1/2001.

The principal outstanding of all other credit facilities granted
to Tru-Tech and its subsidiaries as at 30 April 2005 is set out
in Table 1 of the Appendix to this announcement.

This announcement is dated 17 May 2005.

CONTACT:

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


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

ABS-CBN BROADCASTING: Viewer Numbers Affect Profitability
---------------------------------------------------------
ABS-CBN Broadcasting Corporation booked a net loss of Php114
million in the first quarter to March, a reversal from a profit
of Php124 million in the same period last year, according to The
Philippine Star.

The network primarily blamed its lackluster performance to its
failure to stop the decline in its viewership ratings, as its
rival GMA Network Inc. continue to capture a big portion of the
audience share.

ABS-CBN, which a few years ago was leading the ratings, said its
television audience share in the greater Manila area, which
includes metropolitan Manila and the provinces of Rizal, Laguna
and Batangas, dropped to 34 percent.

ABS-CBN said its audience share in the greater Manila area in
2004 was 38 percent, against GMA's 42 percent. In 2003, it had
40 percent, against GMA's 34 percent. ABS-CBN said airtime and
other broadcasting-related revenues declined 7 percent year-on-
year to Php2.24 billion.

To prevent the continued decline in ratings and return to
profitability, ABS-CBN President and Chief Operating Officer
Luis Alejandro said the network will implement a three-point
recovery plan which would involve regaining the lead in
primetime ratings, optimizing production costs and margins, and
the review of its manpower complement.

ABS-CBN Broadcasting Corp
Mother Ignacia St
Corner Sgt
Quezon City 1100
Philippines
Phone:  2 924 4101
Fax:  2 921 5888


BANCO DE ORO: Moody's Affirms Ratings on Plans to buy UOB Phils.
----------------------------------------------------------------
Moody's Investors Service has affirmed Banco de Oro Universal
Bank's (BDO) D bank financial strength rating, constrained B1/B1
senior debt/long-term deposit ratings and Not-Prime short-term
deposit rating. The outlook for the bank's ratings is stable.

The ratings affirmation follows a recent announcement of BDO's
planned acquisition of Singapore-based United Overseas Bank's
(UOB) Philippine branches. BDO will buy the assets and deposit
liabilities of all but one of UOB's 67 branches in the
Philippines for Php600 million.

BDO intends to finance the acquisition with new shares that will
be purchased by UOB with the proceeds from its sale of the
branches. UOB would then have a 2.4% stake in the BDO as well as
representation on its board.

Moody's says that the transaction should not cause material
changes in BDO's financial fundamentals and therefore would not
warrant a ratings revision. The rating agency believes BDO's
capital and earnings are strong enough to mitigate the weak
quality of the acquired assets, particularly given the funding
of the acquisition with new equity, and management's experience
with acquisitions.

The acquisition will increase BDO's branches by more than a
third and could put upward pressure on the bank's ratings.
Moody's would consider changing the outlook on BDO's BFSR to
positive and eventually upgrading the rating on signs that, (a)
the additional scale was beginning to contribute to greater core
earnings growth, and (b) that losses on the acquired loan
portfolio would not exceed 50%.

However, Moody's notes that given the underlying volatility in
the Philippines and BDO's propensity for frequent acquisitions -
- particularly of weaker entities -- could pressure the bank's
financial condition, offsetting the potential benefits of this
acquisition and holding the BFSR at its current level, or in
more extreme conditions, adversely affecting its ratings.

Headquartered in Mandaluyong City, BDO had consolidated assets
of Php179.1 billion (USD3.2 billion) as at December 31, 2004.

The following ratings were affirmed:

Senior unsecured foreign currency debt rating of B1; Stable
Outlook

Long-term foreign currency deposit rating of B1; Stable Outlook

Short-term foreign currency debt rating of Not-Prime; Stable
Outlook

Bank financial strength rating of D; Stable Outlook

CONTACT:

Banco de Oro Universal Bank
12 ADB Avenue, Ortigas Center, Mandaluyong City
Trunk line 636-6060 connecting all departments
Web site: http://www.bdo.com.ph/


BENPRES HOLDINGS: Turns Around with Php281-Mln Profit
-----------------------------------------------------
Investment holding firm Benpres Holdings Corp. is back to black
in the first quarter with a Php281 million profit against a
Php144 million loss in the same period last year, Dow Jones
reports.

Benpres attributed the improved profit to a higher revenue and
foreign exchange gain.

Revenue rose 37 percent year-on-year in net sales. The firm's
net sales was boosted to Php1.79 billion from Php1.26 billion
last year since regulators had allowed its water utility unit,
Maynilad Water Services Inc., to increase tariff this year from
Php19.92 per cubic metro Php30.15 per cubic meter.

Benpres also booked a foreign exchange gain of Php264 million as
the peso appreciated against the U.S. dollar.

The Company said the higher revenue and foreign exchange gains
allowed it to more than offset the losses on the ABS-CBN
Broadcasting Corp. debt notes it holds, and the first-quarter
net loss of its affiliate Manila Electric Co. because of a
delayed distribution rate hike.

Meanwhile, the net profit of affiliate First Philippine Holdings
Corp. fell 52 percent year-on-year to Php458 million due to its
share in the loss of Manila Electric and the absence of any one-
off gain this year.

CONTACT:

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


DIGITAL TELECOMMUNICATIONS: Q1 Net Loss Widens to Php451.3 Mln
--------------------------------------------------------------
Digital Telecommunications Philippines Inc. (Digitel) saw its
first quarter net loss widen to Php451.3 million from the
previous Php299.5 million due to higher spending for the
promotion and expansion of its cellular operation, relates Dow
Jones.

Digitel, the Philippine's third largest telecommunications
group, managed to boost its revenue by 22 percent on year to
Php2.15 billion. Last year, the firm had a first quarter net
loss of Php299.5 million when revenue was Php1.76 billion.

Consolidated expenses which consisted substantially of
marketing, selling, administrative, and depreciation costs
jumped 18 percent on year to Php2.07 billion in the first
quarter.

Digitel started offering its cellular service in early 2003 and
after nearly two years it has, with its unlimited text and call
offering, taken a small share of a market dominated by Smart
Communications Inc. and Globe Telecom.

The program allows subscribers to Digitel's Sun Cellular service
to make unlimited calls and send a limitless amount of text
messages for a certain period in exchange for a certain fee
within the company's network.

It said earnings before interest, taxes, depreciation and
amortization in the first quarter climbed to Php795.9 million
from Php595.5 million last year.

Digitel said other charges jumped to Php485.7 million from
Php321.8 million because of the Php313.4 million interest paid
on bonds issued by its foreign unit to finance its expansion
projects.

CONTACT:

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


GLOBAL STEELWORKS: Reopening to Pare Steel Prices in Mindanao
-------------------------------------------------------------
The reopening of the new Global Steelworks International
Incorporated (GSII) steel mill, formerly owned by the National
Steel Corporation, is expected to help reduce the price of steel
in various parts of Mindanao, Asia Pulse says.

Department of Trade and Industry-Davao Field Office Director
Teolulo Pasawa confirmed the firm's reopening would provide
enough supply of steel in the region. Thus, steel dealers in
Mindanao do not have to spend much on transportation.

Dealers, who still get their raw materials from steel mills in
Manila, will benefit from the reopening since there would be
immediate supply from a nearer source. The dealers do not have
to stock steel products in their stores for a longer period,
which oftentimes lead to lower income due to their idle capital.

With a shorter period of stocking and lesser volume of stocks,
the movement of goods and capitalization is faster, thus, the
recovery of profit is faster.

Global Steelworks was reopened early this year by an Indian
consortium after purchasing the facility from the National Steel
Corporation, its previous owner.

CONTACT:

Global Steelworks International (SPV-AMC), Inc.
Suarez, 9200 Iligan City
Telephone: 063-221-2663
Fax: 063-492-2566


NATIONAL POWER: To Issue Extra Php2-Bln Bonds on Robust Demand
--------------------------------------------------------------
The national government is considering selling Php2 billion more
National Power Corporation (Napocor) bonds due to large demand,
Business World reveals.

The government plans to avail of the "green-shoe option,
allowing it to raise the issue size of its bond float by another
Php2 billion and offer it in two weeks time.

The initial Php5-billion bond float, which was four times
oversubscribed, were underwritten by First Metro Investment
Corp., Land bank of the Philippines and Deutsche Bank.

Two weeks ago, Napocor's Php3-billion five-year bonds and Php2-
billion seven-year bonds have attracted strong investor interest
due to excess liquidity in the market. Bids soared to as high as
Php20 billion for both debt instruments. The five-year bonds
fetched a coupon rate of 9.125 percent and the seven-year bonds
at 10.375 percent, which was even lower at the secondary market.

The underwriters are still mulling whether to offer the bonds
through a tap facility where investors can buy over-the-counter
at the Bureau of Treasury or through a bought-deal where the
joint issue managers can just buy all Php2 billion and offer
these at the secondary market.

CONTACT:

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


NATIONAL POWER: Asset Sale to Cut Deficit to Php4.165 Bln
---------------------------------------------------------
The privatization National Power Corporation's (Napocor) power
assets is forecast to significantly cut the financial deficit of
the state-owned power firm by more than half, The Philippine
Star says.

Proceeds from the sale of Napocor's generation and transmission
assets are expected to post a deficit of Php4.165 billion, lower
than the Php73.378 billion registered in 2004.

Napocor's total privatization proceeds include about US$224
million expected from the sale of Napocor's Masinloc coal-fired
power plant to YNN Pacific Corp.

Meanwhile, the remaining 60 percent in proceeds from
privatization will come from the sale of five power plants-
Talomo, US$1.37 billion; Agusan, US$1.528 billion; Barit, US$458
million; Kawayan, US$1.8 million, among others.

Last year, the Power Sector Assets and Liabilities Management
Corp (PSALM) was also able to sell Napocor's .6 mW Agusan hydro-
electric power plant for US$1.5 million. The 1.8 mW Barit power
plant in Camarines Sur was also privatized for US$480,000.


NATIONAL TRANSMISSION: Deferment of Sale Turns Off Investors
------------------------------------------------------------
Potential investors of the National Transmission Corp. (Transco)
have been discouraged by sudden changes in Transco's
privatization schedule, according to The Manila Times.

Transco president and chief executive Alan T. Ortiz admitted
that the firm has yet to hear from the investor groups that
earlier expressed interest in buying Transco.

Congress is pushing for an October sale to help raise funds for
the government.

"Transco is very difficult to sell. Considering the regulatory
risk, most of the investors are also afraid of the regulatory
environment, uncertainty of regulation, interference of the
judicial courts, as all of these top their list of concerns,"
Ortiz said.

Energy Secretary Raphael P.M. Lotilla, however, dispelled the
supposed flight of investors.

"We remain optimistic that there will be new groups of investors
to join in the privatization of TRANSCO. We have received
inquiries from a number of groups, and we are hoping they will
also participate to come up with more credible results," he
said.

CONTACT:

National Transmission Corporation
Power Center BIR Road, cor. Quezon Avenue
Diliman, Quezon City
Telephone: (02) 9812100
Web site: https://www.transco.ph


PACIFIC PLANS: Yuchengco Hands Over Php250-Mln Lifeline
-------------------------------------------------------
Business tycoon Alfonso t. Yunchengco has fulfilled his promise
to extend additional financial aide to help the ailing Pacific
Plans Inc. meet tuition fee claims, according to The Philippine
Star.

In a simple ceremony The Peninsula Manila Friday, Mr. Yuchengco
gave a check worth Php250 million to Pacific Plans president
Ernesto C. Garcia.

Mr. Yuchengco is hoping that the amount will contribute
significantly to Pacific Plan's cause to serve the best interest
of its planholders.

He appealed to the planholders' utmost understanding on the
difficult situation PPI is facing now. He also reassured the
planholders that the Yuncgenco group will do everything in its
capacity to help ease the problem.

With the additional Php250 million, tuition support is increased
to give currently availing planholders, regardless of their
school category, the balance of their last availment. In
addition, tuition support is given to first time availers or
planholders who are enrolling their scholars for the first time
this 2005 school opening.


* Moody's Says Philippine Finances Worse Than Argentina in 2001
---------------------------------------------------------------
Moody's Investors Service said that the Philippine's finances
are in worse shape than Argentina's before the latter defaulted
on its bonds in December 2001, Bloomberg reports.

According to Moody's analyst Thomas Byrne, the government's
US$75-billion debt was equivalent to 525 percent of the state's
revenue in 2004, almost double the ration for Argentina before
its US$95-billion default.

Mr. Byrne released the statement three months after Moody's cut
the Philippine's debt rating two notches to a record B1.

The government's payment of US$22.3 billion of foreign- currency
bonds will depend on its ability to maintain a surplus in the
current account, the broadest measure of money flows across
borders, and a "fairly comfortable level" of foreign-exchange
reserves, Mr. Byrne said.

The Philippines, the biggest overseas debt seller in Asia, is
selling bonds with longer maturities to spread out payments on
its record Php4.08 trillion (US$75 billion) in debt. It sold 25-
year bonds in January, the longest maturity allowed by the
nation's law, for the first time since 2000.

But National Treasurer Omar Cruz defended that the longer
maturity of the Philippine government's debt puts it in a
stronger position than that faced by Argentina. Data complied by
Bloomberg show that the government has eight years to pay holder
of its foreign -currency bonds.

Moody's is concerned about the government's record debt and
difficulty in implementing proposals to raise taxes. Mr. Byrne
said there has to be much more vigorous program of tax reform
and administrative reform.

The Philippines' B1 debt rating is four levels lower than
investment grade and the lowest since Moody's first assessed the
nation's creditworthiness in July 1993. The rating is a step
below that assigned by Standard & Poor's, which cut it by one
level to BB- in January.

A ratings downgrade usually increases the government's borrowing
costs because it heightens the perceived risk of the nation
defaulting on its debt. Philippine Finance Secretary Cesar
Purisima said in January the Moody's cut was "too severe".


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

ADVANCE MAINTENANCE: Receiving Proofs of Claim Until June 30
------------------------------------------------------------
Notice is hereby given that the creditors of Advance Maintenance
Specialist Pte Ltd (In Members' Voluntary Liquidation), which is
being wound up voluntarily, are required on or before the June
30, 2005 to send in their names and addresses and particulars of
their debts or claims and the names and addresses of their
solicitors (if any) to the undersigned, the Liquidators of the
said Company.

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

Dated this 3rd day of May 2005.

Tan Choon Chye
Mrs. Low nee Tan Leng Fong
Tan Shou Chieh
Liquidators
c/o Singapore Secretarial Services Co. (Pte.)
6001 Beach Road
#12-01 & #12-11 Golden Mile Tower
Singapore 199589


ANNE PRODUCT: Creditors' Proofs of Claims Due June 13
-----------------------------------------------------
Notice is hereby given that the creditors of Anne Product
Carriers (Pte) Ltd (In Members' Voluntary Liquidation), which is
being wound up voluntarily are required on or before June 13,
2005 to send in their names and addresses and particulars of
their debts or claims, and the names and addresses of their
solicitors (if any) to the undersigned, the Liquidators of the
said Company.

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

Dated this 13th day of May 2005.

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


EMG TECHNOLOGIES: Served with Winding Up Order
----------------------------------------------
In the matter of EMG Technologies Pte. Ltd. formerly known as
Entertainment Media Group Pte Ltd, a winding up order was made
on May 6, 2005.

Name and address of Liquidator:

The Official Receiver
Insolvency & Public Trustee's Office
45 Maxwell Road #06-11
The URA Centre (East Wing)
Singapore 069118

Colin Ng & Partners
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.


FHTK HOLDINGS: Court Hearing on Capital Reduction Set May 25
------------------------------------------------------------
Further to the announcement made by FHTK Holdings Ltd to the
Singapore Stock Exchange (SGX) on May 11, 2005 relating to its
shareholders' approval of the proposed capital reduction (the
Capital Reduction Exercise) to reduce the par value of each
ordinary share in the capital of the Company from SG$0.05 to
SG$0.005, the Board of Directors announced that the Company has
filed an originating summons with the High Court in respect of
the Capital Reduction Exercise on May 12, 2005.

The court hearing to confirm the Capital Reduction Exercise has
been fixed for hearing on May 25, 2005.

The Company will continue to update shareholders on the progress
of the Capital Reduction Exercise as well as the effective date.

By Order of the Board

CONTACT:

FHTK Holdings Limited
20 Harbour Drive #06-02
PSA Vista
Singapore 117612
Telephone: 65 67795688
Fax: 65 67773960


IONICS EMS: 1Q/FY05 Net Loss Shrinks to PHP132,604,000
------------------------------------------------------
Ionics EMS Inc. furnished the Singapore Stock Exchange (SGX) a
copy of its first quarter financial statements and dividend
announcement.

                                 Company
                                PhP ('000)   

                        31/3/2005       31/3/2004   % change

Turnover                857,582         962,042      (10.86)

Cost of Sales           943,585       1,042,777       (9.51)

Gross Loss              (86,003)        (80,735)       6.53

Operating Expenses

General and
Administrative           42,950          39,369        9.10

Selling and
marketing                15,512          10,500       47.73

Total Operating Expenses 58,462          49,869       17.23

Loss from Operations    144,465         130,604       10.61

Other Income (expenses)- net

Foreign exchange
gain (loss)               4,252         (14,017)      130.33

Interest                  5,032           2,710        85.68

Miscellaneous             2,577            (926)      378.29

Loss before
income tax             (132,604)        (142,837)       (7.16)

Provision for
income tax                -                 -              -

Net Loss               (132,604)        (142,837)        (7.16)     

Basic Loss per Share      (0.21)           (0.23)        (7.16)

To view a full copy of the financial statement, click
http://bankrupt.com/misc/IonicsEMSSGXReport_1stQ_2005.pdf

CONTACT:

Ionics EMS Inc
Fusion Street, PEZA
Light Industry & Science Park,
Barrio Diezmo
Cabuyao, Laguna
Philippines
Telephone: 632 889 8578
Fax: 632 889 8584 or 6349 543 0145
Web site: http://www.ionics-ems.com
          http://www.ionicsgroup.com


LIANG HUAT: Unit Must Pay Administrative Penalties
--------------------------------------------------
Liang Huat Aluminium Limited announced in a disclosure made to
the Singapore Stock Exchange (SGX) that Foshan City Nanhai
Hualian Aluminium Co. Ltd (NHL), a 77 percent owned subsidiary
of the Company, was presented with a Notice for back taxes
amounting RMB4,819,855 and administrative penalties of
RMB2,230,000 for insufficient custom declaration documentation
of material import duty versus products exported.

The said matter arose in September 2000 when certain
discrepancies were noted in an annual audit by the Customs
Department on NHL's custom books.

Further to NHL's efforts to reconcile the said discrepancies and
providing the related documents to the Customs Department, there
were no further enquiries on the same from the Customs
Department from 2001 till recently, where the enquiries were
furthered, resulting in the back taxes and administrative
penalty assessment of the above-mentioned by the Customs
Department.

NHL is in the midst of reconciling the discrepancies and
discussing the settlement proposal with the Customs Department
and will provide updates on further developments in relation to
this matter.

CONTACT:

Liang Huat Aluminium Limited
Blk 8 #07-05
Liang Huat Industrial Complex
51 Benoi Road
Singapore 629908
Telephone: 65 68622228
Fax: 65 68624962
Web site: http://www.lianghuatgroup.com.sg/


NEPTUNE ORIENT: Disposes of Shares in Lorenzo Shipping
------------------------------------------------------
Pursuant to Rule 704(16)(c) of the Singapore Stock Exchange
Listing Manual, Neptune Orient Lines Limited (NOL) announced
that it has disposed of its entire 86,246,243 common shares
(representing approximately 28.7 percent of the total
outstanding common capital stock of LSC) and 86,246,231
cumulative, redeemable, convertible, non-participating and non-
voting preferred shares (representing approximately 82.2 percent
of the total outstanding preferred capital stock of LSC) in
Lorenzo Shipping Co. (LSC) (the Disposal) to National Marine
Corporation (NMC) a Filipino Company, for a total cash
consideration of Philippines Pesos Ninety Four Million Eight
Hundred Seventy Thousand Eight Hundred and Fifty Nine
(PHP94,870,859, approximately US$1.7 million)(the
Consideration).  

The Consideration was arrived at as a result of "willing buyer-
willing seller" negotiations, taking into account, amongst
others, the weighted average price of the common shares of LSC
(0.75 Peso per share) on the market day preceding the date of
execution by NOL and NMC of the Memorandum of Understanding
relating to the Disposal and the agreement by NMC to assume all
of NOL's contingent liabilities amounting to US$5 million in
connection with LSC.

LSC is a Philippine incorporated company that owns and operates
7 small container vessels plying domestic trade in the
Philippines. It has been listed on the Philippines Stock
Exchange since 1996. Prior to the Disposal, the company was the
single largest shareholder of LSC.

The disposal is not expected to have any significant impact on
the consolidated earnings per share and consolidated net
tangible assets per share of the NOL Group for financial year
ending December 31, 2005.

None of the creditors has any interest, direct or indirect, in
the Disposal.  The directors are not aware of any substantial
shareholder having any interest, direct or indirect, in the
Disposal and have not received any notification of any interest
in the Disposal from any substantial shareholder.

By Order of the Board
Marjorie Wee/ Wong Kim Wah
Company Secretaries
May 16, 2005

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


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

DATAMAT: SET Keeps Shares Suspended from Trading
------------------------------------------------
Previously, the SEC has instructed Datamat Public Company
Limited (DTM) to amend its annual financial statements ending
December 31, 2004, audited by Mr. Prawit Wipusirikup, regarding
allowance for doubtful accounts and submit its amended financial
statements within May 13, 2005.

Now, DTM has submitted the amendment of its annual financial
statements ending December 31, 2004, which was instructed by the
SEC. Its shareholders' equity of the audited yearly consolidated
financial statements ending 2004 of (THB20.15) Million compared
with its shareholders' equity ending 2003 of THB15.69 Million.

Therefore, the Stock Exchange of Thailand (SET) has still posted
SP sign against DTM under REHABCO sector until the causes of
delisting are eliminated and DTM could be permitted to transfer
its securities from REHABCO sector to Normal sector according to
the SET's regulation. The SET will post SP (Suspension) on the
securities of listed companies whose securities are being traded
in the REHABCO sector whenever their shareholders' equity after
being adjusted becomes more recessive (Recessive shareholders'
equity) which means positive equity becomes negative.

However, DTM's shareholders and investors should follow the
special audit report audited by the independent another auditor
later.

CONTACT:

Datamat Public Company Limited   
Asoke Towers, Floor 17, 18 And 19,
219 Soi Asoke (Sukhumvit 21),
Sukhumvit Road, Klongtoey Nua,
Watthana Bangkok    
Telephone: 0-2310-5111   
Fax: 0-2319-8208   
Website: http://www.datamat.co.th


DATAMAT: Posts THB57,474,000 1Q/2005 Net Loss
---------------------------------------------
Datamat Public Company Limited Audited issued to the Stock
Exchange of Thailand (SET) a summary of the company's financial
statements.

December 31 (In thousands)

Year                     2004               2003

Net profit (loss)     (57,474)            77,312

EPS (Baht)             (0.05)               0.10

Type of report: Unqualified Opinion with no emphasis of matters

Comment: 1. Please see details in financial statements,
auditor's report and remarks from SET Information Management
System.

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

Bhana Swasdibutara
Managing Director
Authorized to sign on the behalf of the Company


M.D.X: Notifies SET on FS Availability
--------------------------------------
M.D.X. Public Company Limited has submitted its quarterly
financial statement for the period ended March 31, 2005 to the
Stock Exchange of Thailand (SET). However, the dissemination of
report on the summary of operating result (Form 45) via SETSMART
has still not been completely released to the public as a result
of certain obstacles.
   
The SET, therefore, suggests seeing a copy of MDX's reviewed
quarterly financial statements as of March 31, 2005 through the
SETSMART instead.

CONTACT:

M.D.X. Public Company Limited
Nailert Tower, Floor 7, 10,2/4 Wireless Road,
Lumpini, Pathum Wan, Bangkok
Telephone: 0-2253-0428-36, 0-2267-9071
Fax: 0-2253-0427, 0-2253-2731


PAE THAILAND: Attributes Good Performance to Debt Restructuring
---------------------------------------------------------------
PAE (Thailand) Public Company Limited issued to the Stock
Exchange of Thailand (SET) a report on its performance for the
first quarter of 2005.

The company recorded a net gain for the first quarter of
THB2,990.14 million compared to THB11.08 million in the same
period of 2004.

This is due to:

(1) Revenue from sales and construction works in the first
quarter of 2005 was THB51.99 million which has increased by
811.86 percent or THB46.28 million because of the achievement of
debt restructuring plan and Business Operation is nearing normal
Condition.

(2) In the first quarter of 2005 cost of sales and construction
work was THB48.83 million which represents 93.94 percent of
revenue from sales and construction. Cost of sales and
construction in the first quarter of 2004 was THB8.65 million or
represents 151.75 percent of revenue from sales and
construction.

(3) The selling and administration expenses in the first quarter
of 2005 were THB7.44 million or increased by 41.66 percent.

Yours faithfully,

PAE (Thailand) Public Co. Ltd
Kobsak Chinawongwatana
President

CONTACT:

PAE (Thailand) Pcl   
69 Sinakharin Road, Suan Luang, Bangkok    
Telephone: 0-2322-0222   
Fax: 0-2322-2970-1   
Web site: http://www.pae.co.th


WYNCOAST INDUSTRIAL: Unveils Resolutions Passed at Board Meeting
----------------------------------------------------------------
Wyncoast Industrial Park Public Co. Ltd. notified the Stock
Exchange of Thailand (SET) on the resolutions passed during its
Board of Director's meeting held On May 13, 2005 at 1:00 p.m.

(1) Certify minute of the Board of Director Meeting no. 3/2548
dated March 23, 2005.

(2) Approve the financial statement for the first quarter of
year 2005.

(3) Appoint new Chairman to the Board who is Dr. Prasit
Damrongchai.

(4) Approve to sign the loan agreement with a commercial bank
for the amount of THB90 million. The fund is used for financing
the construction and decoration of area and building for the
Free Zone project.

(5) Authorize CEO to manage and prepare to set up the Company's
subsidiary in order to provide services and provide facilities
to customers who rent Free Zone area and other projects in the
future.

(6) Authorize CEO to study the feasibility of further business
expansion through related business such as logistics services,
BOI promoted zone and industrial park operator.

Please be informed accordingly.

Sincerely Yours,
Mr. Pathrlap Davivongsa
Chief Executive Officer

CONTACT:

Wyncoast Industrial Park Public Company Limited   
105 Moo 3,Bangna-Trat Road,
Thakham,Bang Pakong Chacherngsao    
Telephone: 0-3857-3161-72   
Fax: 0-3857-3173-4


                            *********


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

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