TCRAP_Public/050520.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

             Friday, May 20, 2005, Vol. 8, No. 99

                            Headlines

A U S T R A L I A

ANNABEL'S NATURAL: Creditors Agree to Wind Up Company
APEX TELECOMMUNICATIONS: Appoints Official Liquidator
AUSTRAL COAL: Centennial Extends Takeover Offer to May 30
BETTSONS INVESTMENTS: Winds Up Voluntarily
BOSDAY PTY: Creditors Should Prove Claims, Debt by May 27

BRUTTCOLE PTY: Members Pass Winding Up Resolution
CALINGO PTY: Court Issues Winding Up Order
CKN PACKAGING: Names Michael William Elsley Official Liquidator
COMMUNIQUE DIRECT: Served with Winding Up Order
COMMUNICATION ASSET: Hires Liquidator to Wind Up Company

COMPLETE FLOORING: Enters Winding Up Proceedings
CONCRETE CONTRACTORS: To Declare Dividend May 26
CORO ENTERPRISES: Liquidator to Report Winding Up Account
EARLCASH PTY: Faces Winding Up Proceedings
EBET NORTHERN: Picks John Frederick Lord as Liquidator

FALABI PTY: To Undergo Voluntary Liquidation
FINASIA PTY: Begins Winding Up Proceedings
GALIDE PTY: Members Agree to Wind Up Company
GAZAL & BAKER: Creditors Have Until May 27 to Prove Claims
GRS AIRCONDITIONING: Resolves to Undergo Winding Up

HENRY WALKER: Clough Buys Biz to Secure Jobs, Road Projects
HURLTOY PTY: Members to Meet May 24
ION LIMITED: Price Deadlock Prompts Plant Closure
JAMES HARDIE: Beefy U.S. Sales Overcast Scandal
MULTIPLEX: Decides to Sell Interest in White City

NATIONAL AUSTRALIA: Staff Angered at Plan to Export Jobs
QANTAS AIRWAYS: Hopes for Tie-up with Air NZ Revived
SAM'S SEAFOOD: ASIC Probe on Accounts Looms


C H I N A  &  H O N G  K O N G

BANK OF CHINA: China Banks Face IPO Woe
CHINA CONSTRUCTION: Offers Incentives for Investors
EAST SECTOR: Enters Bankruptcy Proceedings
EXCERPTA MEDICA: Issues Debt Claim Notice
FX GROUP: Court Orders Winding Up

GLORY BRIGHT: Winding Up Hearing Fixed June 29
IA NETWORKING: Begins Winding Up Process
INFINEUM HONG KONG: Receiving Proofs of Debt Until June 20
NARDU COMPANY: Winding Up Hearing Set June 22
OCEANIC COTTON: Creditors' Proofs of Claims Due May 30

VASO INTERNATIONAL: Enters Bankruptcy Proceedings
TCL COMMUNICATION: Alcatel Quits Loss-making Handset Business


I N D O N E S I A

MERPATI NUSANTARA: Gov't Rules Out Sale to Foreigners
PERUSAHAAN LISTRIK: To Get Natural Gas Supply from Petronas
SAMPOERNA: Philip Morris Now Owns Major Stake


J A P A N

HITACHI LIMITED: Enters Alliance With Siam Motors
MATSUSHITA ELECTRIC: Battery Firm Workers End Strike
MATSUSHITA ELECTRIC: Malaysian Unit Posts RM4.87 Mln Net Loss
MATSUSHITA ELECTRIC: Updates Existing Shareholders Mandate
MIYAZAKI KOTSU: Local Firms to Offer Assistance

SOJITZ HOLDINGS: Rating Unaffected By Convertible Bond Issue
SOJITZ HOLDINGS: Down on CB Issuance, May Stay Weak
TAJIMA METALWORK: Enters Bankruptcy
UFJ HOLDINGS: Unveil Changes in Organizational Structure
* Teikoku Databank to Scale Down Bankruptcy Data


K O R E A

KOREA EXCHANGE: Moody's Raises Rating from 'E+' to 'D-'
BRIDGE INVESTMENT: May Be Liquidated Due to Takeover Opposition


M A L A Y S I A

GOLDEN FRONTIER: Repurchases More Shares
I-BERHAD: Posts Shares Buy Back Notice
INNOVEST BERHAD: Bourse Delists Securities
NAUTICALINK BERHAD: Issues Update on Proposed Restructuring
PAN MALAYSIA: Buys Back 1,700,000 Shares

PANTAI HOLDINGS: Posts Notice of Shares Buy Back
PARK MAY: Releases Full Report of Q1/FY05 Results
POS MALAYSIA: Set to List New Shares Next Week


P H I L I P P I N E S

CAMP JOHN: BCDA Threatens Takeover
COLLEGE ASSURANCE: Potential White Knight Backs Out
MANILA ELECTRIC: Provisions Hurt FPHC Earnings
UNITED COCONUT: Turns to PDIC for Help
* Loss-making GOCCs Seek Dividend Cut


S I N G A P O R E

DIGI BUILDER: Pays First Dividend
JAYA HOLDINGS: Members Place Units into Liquidation
LEONG SAN: Lays Out AGM Agenda
MARCO POLO: Final Meeting Slated for June 15
MEDIASTREAM LIMITED: SGX-ST OKs Waiver from Compliance

UNIVERSAL BUILDING: Court to Hear Petition May 27
UNI TECHNOLOGY: Receiving Proofs of Debt Until May 27
UOB VENTURE: Proofs of Claim, Debt Due June 13
VIEWINTERNET.COM: Gives Creditors Until May 27 to Prove Debt


T H A I L A N D

DATAMAT: Fails to Submit FS on Time
EASTERN PRINTING: Books THB7.07 Million Rise in Profit
NATURAL PARK: Posts THB28,338,000 Net Loss in 1Q/2005
R.S. PROMOTION: Unveils Resolutions Passed at BOD Meeting
TPI POLENE: Posts Additional Info on Financial Results

* Large Companies With Insolvent Balance Sheets

     -  -  -  -  -  -  -  -

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


ANNABEL'S NATURAL: Creditors Agree to Wind Up Company
-----------------------------------------------------
Notice is hereby given that, at a creditors meeting of Annabel's
Natural Food Stores Pty Limited (In Liquidation) traded as
Annabel's Organics A.C.N. 062 506 405 held on April 6, 2005, it
was resolved that the Company be wound up voluntarily and for
such purpose Roderick Mackay Sutherland, of Jirsch Sutherland
Chartered Accountants was appointed Liquidator.

Dated this 6th day of April 2005

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


APEX TELECOMMUNICATIONS: Appoints Official Liquidator
-----------------------------------------------------
Notice is hereby given that, at a general meeting of members of
Apex Telecommunications Pty Limited (In Liquidation) A.C.N. 100
778 765 held on April 4, 2005 it was resolved that the Company
be wound up voluntarily and that for such purpose Roderick
Mackay Sutherland of Jirsch Sutherland Chartered Accountants be
appointed Liquidator. A meeting of creditors held on 11 April
2005 confirmed this appointment.

Dated this 11th day of April 2005

R. M. Sutherland
Liquidator
Jirsch Sutherland
Chartered Accountants
84 Pitt Street,
Sydney NSW 2000
Telephone: (02) 9233 2111
Facsimile: (02) 9233 2144


AUSTRAL COAL: Centennial Extends Takeover Offer to May 30
---------------------------------------------------------
There has been a strong response by Austral Coal (AUO)
noteholders to the previous extension of Centennial's takeover
offer and most have now converted their notes.

In order to allow such converting noteholder to accept
Centennial's takeover offer under the timetable set-out in the
Austral Note Trust Deed, Centennial has agreed to extend its
offer to 7:30 p.m. Sydney time on May 30, 2005.

Following continued acceptances of its offer by ordinary
shareholders and convertible noteholders, Centennial now holds
an 84.62% interest in Austral.

By accepting Centennial's Offer, a noteholder will receive 10
Shares in an expanded Centennial for every 37 Austral Shares you
currently own. Austral shareholder wishing to accept
Centennial's Offer should:

(1) CHESS holders - instruct their broker
(2) Issuer sponsored holders - fax their completed acceptance
form to Computershare on +61 2 8235 8212 or use the previously
provided reply paid envelope.

AUO shareholder who have lost their Offer documents may request
a copy of Computershare by calling the toll free number 1800 239
905 (if resident in Australia) or +61 3 9415 4121 (if resident
outside Australia).

CONTACT:

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


BETTSONS INVESTMENTS: Winds Up Voluntarily
------------------------------------------
At a General Meeting of Bettsons Investments (NSW) Pty Ltd
A.C.N. 001 838 571, duly convened and held at Level 2, 10
Moorabool Street Geelong on March 31, 2005 the following Special
Resolution was passed:

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

Dated this 31st day of March 2005

Michael J. Betts
Level 2, 10 Moorabool Street,
Geelong Vic 3220


BOSDAY PTY: Creditors Should Prove Claims, Debt by May 27
---------------------------------------------------------
A First and Final dividend to ordinary unsecured creditors is to
be declared on May 30, 2005 for Bosday Pty Limited (In
Liquidation) A.C.N. 001 768 663.

Creditors whose debts or claims have not already been admitted
are required on or before May 27, 2005 to formally prove their
debts or claims. If they do not, they will be excluded from the
benefit of the dividend.

Dated this 11th day of April 2005

Murray Godfrey
Liquidator
RMG Partners
Suite 67, Level 14/88 Pitt Street,
Sydney NSW 2000
Telephone: (02) 9231 0889


BRUTTCOLE PTY: Members Pass Winding Up Resolution
-------------------------------------------------
At a general meeting of the members of Bruttcole Pty Limited (In
Liquidation) A.C.N. 002 087 121 duly convened and held at 143
Bourke Street Goulburn NSW, on April 8, 2005 the special
resolution set out below was duly passed.

That the Company be wound up voluntarily.

Dated this 8th day of April 2005

Douglas John Greig Macculloch
Liquidator
c/- RSM Bird Cameron
143 Bourke Street,
Goulburn NSW 2580
Telephone: (02) 4821 1066


CALINGO PTY: Court Issues Winding Up Order
------------------------------------------
On April 7, 2005 the Supreme Court of New South Wales, Equity
Division, made an order that Calingo Pty Ltd (In Liquidation)
A.C.N. 099 820 756 be wound up by the Court and appointed Steven
Nicols to be Official Liquidator.

Steven Nicols
Level 2, 350 Kent Street,
Sydney NSW 2000


CKN PACKAGING: Names Michael William Elsley Official Liquidator
---------------------------------------------------------------
At a General Meeting of CKN Packaging Pty Limited (In
Liquidation) A.C.N. 003 435 603, duly convened and held at Level
3, 1 Bogler Street, Campbelltown, NSW on April 5, 2005 the
following Special Resolutions were passed:

(a) That the Company be wound up as a Members' Voluntary Winding
Up and that Michael William Elsley of Level 3, 1 Bogler Street,
Campbelltown, NSW be appointed liquidator of the Company for the
purposes of such winding up.

(b) That the liquidator be and is hereby authorized to
distribute in specie such assets of the Company as he may deem
fit.

Dated this 5th day of April 2005

Michael William Elsley
Liquidator
Level 3, 1 Bogler Street,
Campbelltown NSW


COMMUNIQUE DIRECT: Served with Winding Up Order
-----------------------------------------------
On April 7, 2005 the Supreme Court of New South Wales, Equity
Division, made an order that Communique Direct Sales Pty LTD
A.C.N. 091 202 078 be wound up by the Court and appointed me to
be Official Liquidator.

Steven Nicols
Level 2, 350 Kent Street,
Sydney NSW 2000


COMMUNICATION ASSET: Hires Liquidator to Wind Up Company
--------------------------------------------------------
Notice is hereby given that, at a general meeting of members of
Communication Asset Solutions Pty Limited (In Liquidation)
A.C.N. 097 079 635 held on April 7, 2005 it was resolved that
the Company be wound up voluntarily and that for such purpose
Danny Vrkic, of Jirsch Sutherland & Co, Wollongong be appointed
Liquidator. A meeting of creditors held later that day confirmed
this appointment.

Dated this 19th day of April 2005

Danny Vrkic
Liquidator
Jirsch Sutherland & Co. Wollongong
Chartered Accountants
Level 3, 6-8 Regent Street,
Wollongong NSW 2500, PO Box 573,
Wollongong East NSW 2520
Telephone: (02) 4225 2545
Facsimile: (02) 4225 2546


COMPLETE FLOORING: Enters Winding Up Proceedings
------------------------------------------------
On April 5, 2005 the Supreme Court of New South Wales made an
Order that Complete Flooring Pty Limited (In Liquidation)
A.C.N. 106 828 586 be wound up by the Court and appointed the
undersigned to be Liquidator.

Dated this 7th day of April 2005

Maxwell William Prentice
c/- PPB
Chartered Accountants and Business Reconstruction
Specialists
15th Floor, 25 Bligh Street,
Sydney NSW 2000
Telephone: (02) 9233 4955
Facsimile: (02) 9221 1310


CONCRETE CONTRACTORS: To Declare Dividend May 26
------------------------------------------------
A dividend is to be declared on May 26, 2005 for Concrete
Contractors Pty Limited (Subject To Deed Of Company Arrangement)
A.C.N. 074 425 139.

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

Dated this 19th day of May 2005

Danny Vrkic
Liquidator
Jirsch Sutherland & Co Wollongong
Chartered Accountants
Level 3, 6-8 Regent Street,
Wollongong NSW 2500


CORO ENTERPRISES: Liquidator to Report Winding Up Account
---------------------------------------------------------
Notice is hereby given pursuant to Section 509 of the
Corporations Act that a final meeting of members and creditors
of Coro Enterprises Pty Limited (In Liquidation) A.C.N. 104 560
474 will be held at Suite 67, Level 14/88 Pitt Street, Sydney
NSW 2000 on Wednesday, May 25, 2005 at 11:00 a.m.

The purpose of the meeting is to lay before the members and
creditors an account for the manner in which the winding up has
been conducted and the property of the Company disposed of and
of hearing any explanations that may be given by the Liquidator.

Proxies to be used at the meeting must be lodged with the
undersigned no later than 4:00 p.m. on Tuesday, May 24, 2005.
Dated this 11th day of April 2005

Murray Godfrey
Liquidator
RMG Partners
Suite 67, Level 14/88 Pitt Street,
Sydney NSW 2000
Telephone: (02) 9231 0889


EARLCASH PTY: Faces Winding Up Proceedings
------------------------------------------
Notice is hereby given that at a general meeting of Earlcash Pty
Limited (In Creditors' Voluntary Liquidation) A.C.N. 084 522 832
held on April 1, 2005 the following special resolution was
passed:

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

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


EBET NORTHERN: Picks John Frederick Lord as Liquidator
------------------------------------------------------
Notice is hereby given that at a general meeting of the members
of Ebet Northern Territory Racing Pty Limited (In Liquidation)
A.C.N. 096 181 154 held on April 5, 2005 it was resolved that
the Company be wound up voluntarily and that, John Frederick
Lord of PKF, Chartered Accountants, Level 10, 1 Margaret Street,
Sydney NSW 2000 be appointed to act as Liquidator for the
purpose of the winding up.

Dated this 6th day of April 2005

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


FALABI PTY: To Undergo Voluntary Liquidation
--------------------------------------------
On April 7, 2005 the Supreme Court of New South Wales, Equity
Division, made an order that Falabi Pty Ltd (In Liquidation)
A.C.N. 003 174 758 be wound up by the Court and appointed Steven
Nicols to be Official Liquidator.

Steven Nicols
Level 2, 350 Kent Street,
Sydney NSW 2000


FINASIA PTY: Begins Winding Up Proceedings
------------------------------------------
On April 7, 2005 the Supreme Court of New South Wales, Equity
Division, made an order that Finasia Pty Ltd (In Liquidation)
A.C.N. 068 751 324 be wound up by the Court and appointed Steven
Nicols to be Official Liquidator.

Steven Nicols
Level 2, 350 Kent Street,
Sydney NSW 2000


GALIDE PTY: Members Agree to Wind Up Company
--------------------------------------------
Notice is hereby given that at a general meeting of members of
Galide Pty Ltd (In Liquidation) A.C.N. 003 986 374 held on April
6, 2005 it was duly resolved that the Company be wound up
voluntarily and that Antony de Vries and Riad Tayeh of de Vries
Tayeh, Level 3, 95 Macquarie Street, Parramatta NSW 2150 be
appointed Joint and Several Liquidators.

Dated this 5th day of April 2005

Riad Tayeh
Joint Liquidator
de Vries Tayeh
Level 3, 95 Macquarie Street,
Parramatta NSW 2150


GAZAL & BAKER: Creditors Have Until May 27 to Prove Claims
----------------------------------------------------------
A First and Final dividend to ordinary unsecured creditors is to
be declared on May 30, 2005 for Gazal & Baker Pty Limited (In
Liquidation) A.C.N. 003 520 009.

Creditors whose debt or claims have not already been admitted
are required on or before May 27, 2005 to formally prove their
debts or claims. If they do not, they will be excluded from the
benefit of the dividend.

Dated this 11th day of April 2005

Murray Godfrey
Liquidator
RMG Partners
Suite 67, Level 14/88 Pitt Street,
Sydney NSW 2000
Telephone: (02) 9231 0889


GRS AIRCONDITIONING: Resolves to Undergo Winding Up
---------------------------------------------------
At a General Meeting of GRS Airconditioning Pty Ltd A.C.N. 007
031 290, duly convened and held at Level 2, 10 Moorabool Street
Geelong on April 4, 2005 the following Special Resolution was
passed:

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

Dated this 4th day of April 2005

Michael J. Betts
Level 2, 10 Moorabool Street,
Geelong Vic 3220


HENRY WALKER: Clough Buys Biz to Secure Jobs, Road Projects
-----------------------------------------------------------
Clough Limited on Tuesday executed a Heads of Agreement with the
Henry Walker Eltin (HWE) Administrator to buy part of its
Western Australian civil construction business. The parties are
working towards finalizing the acquisition within the next 10
days.

Clough Limited's CEO & Managing Director, David Singleton said,
"This acquisition will secure the jobs of HWE employees
currently working on the Roe 7 highway extension project. It
will ensure continuity of the Roe 7 project schedule and budget,
which is of utmost importance to Clough and the Alliance
partners.

"Additionally, this acquisition fits well with our strategy to
expand our Infrastructure & Construction Division through
performance of Relationship and Alliance contracts. The greatest
asset within the HWE civil business is the knowledge and
experience contained in the existing talent pool, which adds
strength to Clough's capability for future projects."

Clough will pay approximately AU$1 million for the business,
which will add AU$25 million of contract value to Clough's order
book. The business includes HWE's interest in the Roe 7
contract, intellectual property and HWE's interest in joint
tenders with Clough.

As a result of acquiring the civil construction business Clough
will secure the jobs and entitlements of the current HWE
employees working on the Roe 7 highway extension project. These
entitlements include annual leave, long service leave and other
accrued benefits.

The Roe 7 Alliance consists of Main Roads Western Australia,
Clough, HWE and Maunsell. Construction began on Roe 7 in
December 2004 and is on schedule with completion expected early
2006.

Clough and HWE are currently tendering for the Karratha - Tom
Price Road Stage 2 as part of the SpinifexLink consortium.

CONTACT:

Henry Walker Eltin Group Limited
33 Paul Street North
North Ryde, New South Wales 2113
Australia
Phone: +61 02 9887 6400
Fax: +61 02 9805 0945
Web site: http://www.hwe.com.au/


HURLTOY PTY: Members to Meet May 24
-----------------------------------
Notice is given that pursuant to Section 509(1) of the
Corporations Law, a final meeting of members of Hurltoy Pty Ltd
A.C.N. 003 149 728 will be held in the Meeting Room, Members
Voluntarys Pty Ltd 1st Floor, 10 Park Road, Cheltenham on May
24, 2005 at 10:45 a.m.

The purpose of each of the meetings is to lay accounts before it
showing the manner in which the winding up has been conducted
and the property of each of the companies has been disposed of
and of hearing any explanation that may be given by the
Liquidator.

Dated this 7th day of April 2005

Richard Judson
Liquidator
Members Voluntarys Pty Ltd
1st Floor, 10 Park Road,
Cheltenham 3192


ION LIMITED: Price Deadlock Prompts Plant Closure
-------------------------------------------------
Ion Limited's Wingfield plant is scheduled to shut down because
of potential buyers and key customers failed to agree on future
prices, The Advertiser reveals.

Administrators have abandoned efforts to sell the facility,
causing 400 workers to lose their jobs when the factory closes
in July.

McGrathNicol told creditors that indicative bids received for
Wingfield could not progress when talks with major customers
Holden and Bosch broke down. The parties, according to the
administrators, were unable to come on terms on viable future
supple agreements.

The Wingfield plant, budgeted to cost AU$51 million, but which
ultimately cost AU$110 million, was constructed to supply Holden
with cylinder heads, inlet manifold valves and oil pans for its
V6 engine.

Holden and its other major customer, Bosch, are meeting most of
the cost of keeping the plant operating until July.

McGrathNicol's investigations found the Wingfield plant was
"plagued by difficulties" from the moment it was approved by the
Ion board in November 2002.

Administrators still hope to sell the Wingfield plant for an
alternative use.

CONTACT:

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


JAMES HARDIE: Beefy U.S. Sales Overcast Scandal
-----------------------------------------------
Robust sales in the U.S. contributed significantly to James
Hardie Industries' stunning operational profit this year,
according to The Australian.

However, the building product manufacturer's success was
undermined by hefty costs associated with its asbestos
compensation debacle.

James Hardie recently booked a 2 percent increase in operating
profit to US$127.9 million (AU$169 million) for the year to
March. The U.S. fibre cement business, which caters mainly to
the housing market, was the Company's star performer, with net
sales up 34 percent in the quarter.

But what would otherwise have been a 20 percent boost in net
profit for the year to US$150 million was almost completely
wiped out by US$28.1 million in costs linked to Hardie's battles
over asbestos compensation.

The huge sum was swallowed up by expenses on lawyers, actuaries,
spin doctors and other advisers during the year, starting with
the NSW Special Commission of Inquiry into the underfunding of
the independent trust Hardie established in 2001 to meet its
future asbestos claims.

CONTACT:

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

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

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

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

All other enquiries to CustomerLink Service Centre on 13 1103.


MULTIPLEX: Decides to Sell Interest in White City
-------------------------------------------------
R&M Investments a 50:50 JV between Multiplex and Aldersgate,
(and the parties in their individual capacity) have agreed to
sell their 25% interest in the UK White City development project
to Westfield for GBP65 million.

The sale of Multiplex's (12.5%) minority interest will enable
Multiplex to concentrate on its significant development pipeline
in the UK. Multiplex's preference is not to hold small minority
interests in assets except in circumstances where it has a role
as asset manager and fund manager.

As part of the sale, the GBP220 million project retention will
be released to Multiplex and Aldersgate. These funds will be
applied to the refinancing of the Duelguide debt and expedite
the asset split with Westfield. The profit to Multiplex on the
sale of the project interest is expected to be circa GBP10
million and will partially offset the interest costs incurred
between the acquisition date in November 2004 and the
refinancing of the Duelguide debt which will occur on the
completion of this sale.

The extent of any impact of this transaction on Multiplex
Group's full year 2005 accounts needs to be considered in
conjunction with accounting for the Duelguide transaction as a
whole. Multiplex is planning to announce updated forecast
guidance for the full year 2005 accounts around 31 May 2005, by
which time all areas of the Groups activities including the
impact of the Duelguide acquisition will have been reviewed. If
it becomes practicable to provide earnings guidance prior to
that date Multiplex will do so.

Multiplex will remain as construction contractor for the White
City project.

For further information please contact:

Investors
Peter Murphy
Director - Listed Property Trust & Communications
Phone: +61 (2) 9256 5012

Media
Mathew Chandler
Group Manager - Communications
Phone: +61 (2) 9256 5115


NATIONAL AUSTRALIA: Staff Angered at Plan to Export Jobs
--------------------------------------------------------
National Australia Bank (NAB) failed to come to terms with its
staff over a pilot program to outsource back-office jobs to
India, according to the Sydney Morning Herald.

To pacify disgruntled employees, NAB explained that the program
was a "learning experience" and that no decisions had been made
about whether it would be implemented in any sector of the bank.

NAB earlier announced it is considering shifting a part of its
back-office to India, fuelling fear of more job losses just days
after it unveiled plans to axe 4200 positions.

NAB's plan followed similar announcements from rival banks that
are looking to take advantage of the lower wages paid in
countries such as India and the Philippines.

An anonymous fax sent to media outlets claimed that NAB "staff
are furious" not because they are losing jobs but because plans
to ship jobs offshore "had been hidden from staff".

It claimed that affected staff had already been briefed on the
handover by Peter Cochrane, head of financial management.

CONTACT:

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


QANTAS AIRWAYS: Hopes for Tie-up with Air NZ Revived
----------------------------------------------------
Qantas Airways and Air New Zealand (Air NZ) may pursue a plan to
team up after the Australian Competition Tribunal overturned the
local competition watchdog's September 2003 rejection of the
proposed deal, Sydney Morning Herald reports.

Eight months ago, talks to form an alliance between the two
carriers were abandoned after the New Zealand High Court backed
a similar rejection of the tie-up by the NZ Commerce Commission.
Under the consolidation plan, Qantas was supposed to acquire a
22.5 percent stake in Air NZ.

On Monday, the competition tribunal ruled in favor of the
airlines, reviving talk that some form of deal might be
resurrected in the future.

Meanwhile, Qantas and Air NZ said they would read the tribunal's
findings before making further comment.

The ACCC rejected the proposed Qantas-Air NZ alliance in
September 2003 on the grounds it would result in higher airfares
and less choice for travelers.

CONTACT:

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


SAM'S SEAFOOD: ASIC Probe on Accounts Looms
-------------------------------------------
Receivers and managers of collapsed Sam's Seafood Holdings has
asked the Australian and Investments Commission (ASIC) to
investigate the accounts of the Brisbane-based distributor, ABC
Premium News says.

Deloitte receiver John Greig said his camp made the request
after failing to account for more than AU$13 million worth of
stock. Mr. Greig added he is certain ASIC will check the books.

"It would appear at this stage that there are accounting errors
and of course the directors of the Company have responsibilities
for the preparation of those accounts so I'm just not prepared
to say at this stage what it represents one way or the other,"
he said.

Sam's Seafood has been offered for sale after it went into
receivership earlier this month due to its inability to pay
debt. Mr. Greig says there have been numerous expressions of
interest in buying Sam's as an on-going concern.

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/


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

BANK OF CHINA: China Banks Face IPO Woe
---------------------------------------
The Bank of China and China Construction Bank will find it
difficult to complete its initial public offerings (IPOs) this
year, but are close to naming strategic investors, The Standard
reports, citing China Banking Regulatory Commission Chairman Liu
Mingkang.

Both lenders have been gearing up for multibillion-dollar stock
listings by cleaning up their balance sheets and hunting for
foreign strategic investors to add capital and management
expertise.

Mr. Liu said the Construction Bank has already signed memoranda
of understanding with a number of potential strategic partners,
while the Bank of China was ``very close'' to signing MOUs.

Citigroup, JPMorgan, UBS and Deutsche Bank have been cited as
the bank's future stakeholders, given their global reach and
deep pockets.

Beijing bailed out Bank of China and Construction Bank with a
combined US$45 billion at the end of 2003, leading the way for
them to raise money in overseas capital markets. Construction
Bank still aims to complete its listing by the end of the year.

CONTACT:

Bank of China
1 Fuxingmen Nei Dajie
Beijing, 100818, China
Phone: +86-10-6659-6688
Fax: +86-10-6601-4024
Web site: http://www.bank-of-china.com


CHINA CONSTRUCTION: Offers Incentives for Investors
---------------------------------------------------
China Construction Bank (CCB.YY) is offering potential investors
senior executive posts and joint ventures in credit cards if
they take a stake in the bank ahead of its overseas listing
planned for this year, the Financial Times reports.

"I hope possible overseas partners would decide soon on any
investment in Construction Bank to keep the US$5 billion-US$10
billion initial public offering on track," CCB Chairman Guo
Shuqing said.

Citigroup, which is advising the Chinese bank on the IPO, is
believed to have pledged to buy a stake in the bank should it
fail to find another investor, the report says.

Mr. Guo declined to comment on reports that Construction Bank
had decided to list in Hong Kong only, instead of having a dual
listing in New York.

CONTACT:

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


EAST SECTOR: Enters Bankruptcy Proceedings
------------------------------------------
East Sector International Limited with registered office located
at RM 1201, Capitol Centre, 5-19 Jardine's Bazaar, Causeway Bay,
Hong Kong was issued a winding up notice by the High Court of
the Hong Kong Special Administrative Region Court of First
Instance on May 4, 2005.

Date of Presentation of Petition: March 4, 2005

Dated this 13th day of May 2005.

Lee Mei Yee May
Acting Official Receiver


EXCERPTA MEDICA: Issues Debt Claim Notice
-----------------------------------------
Notice is hereby given that the creditors of Excerpta Medica
Asia Limited, which is being voluntarily wound up, are required
on or before June 14, 2005, to send in their names, addresses
and particulars of their debts or claims, and the name and
address of their solicitors, if any, to its liquidators.

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

Dated this 13th day of May 2005.

Yeung Betty Yuen
Chung Miu Yin Diana
Joint and Several Liquidators
24th Floor, Prince's Building
Central, Hong Kong


FX GROUP: Court Orders Winding Up
---------------------------------
FX Group International Limited with registered office located at
Unit 3508, 35/F, Tower Two, Lippo Centre, No 89 Queensway,
Admiralty, Hong Kong was issued a winding up notice by the High
Court of the Hong Kong Special Administrative Region Court of
First Instance on May 4, 2005.

Date of Presentation of Petition: March 4, 2005

Dated this 13th day of May 2005.

Lee Mei Yee May
Acting Official Receiver


GLORY BRIGHT: Winding Up Hearing Fixed June 29
----------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Glory Bright Technology Development Limited by the High Court of
Hong Kong Special Administrative Region was on April 27, 2005
presented to the said Court by Tai Hing Linings Company Limited
whose registered office is situated at Basement, Kwong Loong Tai
Building, 1016-1018 Tai Nam West Street, Kowloon, Hong Kong.  

The said Petition is to be heard before the Court at 9:30 a.m.
on the 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. King & Company
Solicitors for the Petitioner
12th Floor, New World Tower 11
18 Queen's Road Central
Central, Hong Kong

Note:

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


IA NETWORKING: Begins Winding Up Process
----------------------------------------
IA Networking Limited with registered office located at 7/F,
Allied Kajima Building, 138 Gloucester Road, Wanchai, Hong Kong
was issued a winding up notice by the High Court of the Hong
Kong Special Administrative Region Court of First Instance on
May 4, 2005.

Date of Presentation of Petition: March 4, 2005

Dated this 13th day of May 2005.

Lee Mei Yee May
Acting Official Receiver


INFINEUM HONG KONG: Receiving Proofs of Debt Until June 20
----------------------------------------------------------
Notice is hereby given that the creditors of Infineum Hong Kong
Limited, which is being voluntarily wound up, are required on or
before June 20, 2005, to send in their names, addresses and
particulars of their debts or claims, and the name and address
of their solicitors, if any, to its liquidators.

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

Dated this 4th day of May 2005.

Stephen Liu Yiu Keung
Yeo Boon Anns
Joint and Several Liquidators
17th Floor, Hutchison House
10 Harcourt Road
Central, Hong Kong


NARDU COMPANY: Winding Up Hearing Set June 22
---------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Nardu Company Limited by the High Court of Hong Kong Special
Administrative Region was on April 26, 2005 presented to the
said Court by Global Explorer Limited whose registered office is
situated at the Offices of Offshore Incorporation Limited, P. O.
Box 957, Offshore Incorporations Centre, Road Town, Tortola,
British Virgin Islands and whose principal place of business in
Hong Kong is situated in 2nd Floor, East Ocean Centre, 98
Granville Road, Tsim Sha Tsui East, Kowloon, 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.

Philip K. H. Wong
Kennedy Y. H. Wong & Co.
Solicitors for the Petitioner
23rd Floor, Admiralty Centre Tower 11
18 Harcourt Road
Admiralty, Hong Kong

Note:

Any person who intends to appear at the hearing of the said
petition must serve on or send by post to the abovenamed, notice
in writing of his intention to do so.  The Notice must state the
name and address of the person, or if a firm or his or their
Solicitor (if any) and must be served or if posted, must be sent
by post in sufficient time to reach the abovenamed not later
than six o'clock in the afternoon of June 21, 2005.


OCEANIC COTTON: Creditors' Proofs of Claims Due May 30
------------------------------------------------------
Notice is hereby given that the creditors of Oceanic Cotton Mill
Limited (In Members' Voluntary Liquidation), which is being
voluntarily wound up, are required on or before May 30, 2005, to
send in their names, addresses and particulars of their debts or
claims, and the name and address of their solicitors, if any, to
the Liquidator of the Company at 2/F., East Ocean Centre, 98
Granville Road, Tsimshatsui East, Kowloon, Hong Kong.

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

Dated this 13th day of May 2005.

Lam Woon Bun
Liquidator


VASO INTERNATIONAL: Enters Bankruptcy Proceedings
-------------------------------------------------
Vaso International Limited with registered office located at
Unit 3508, 35/F, Tower Two, Lippo Centre, No 89 Queensway,
Admiralty, Hong Kong was issued a winding up notice by the High
Court of the Hong Kong Special Administrative Region Court of
First Instance on May 4, 2005.

Date of Presentation of Petition: March 4, 2005

Dated this 13th day of May 2005.

Lee Mei Yee May
Acting Official Receiver


TCL COMMUNICATION: Alcatel Quits Loss-making Handset Business
-------------------------------------------------------------
Alcatel on Tuesday sold its 45 percent stake in a joint venture
with China's TCL Communication for HK$ 63.3 million ($8 million)
in shares, Bloomberg News reports.

Alcatel and TCL, based in the southern city of Huizhou, are
separating nine months after TCL received approval from the
European Union for the venture, TCL & Alcatel Mobile Phone.

Under terms of the agreement, Alcatel had the option to swap its
stake for shares of TCL Communication Technology Holding, TCL's
Hong Kong-listed unit, for as long as five years after the
venture was formed, according to a statement in April 2004.

"The unprofitable venture is a big burden for Alcatel," said. Ma
Guoqi, an analyst at Guotai Junan Securities in Shanghai who
covers the technology sector in China.

"It's better for the Company to get rid of it," Mr. Guoqi added.

The joint venture lost HK$357 million in the first quarter of
this year while TCL Communication, China's second largest
domestic cellphone maker, incurred a net loss of HK$386 million.

For more information, go to
http://bankrupt.com/misc/tcrap_tcl051905.pdf


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

MERPATI NUSANTARA: Gov't Rules Out Sale to Foreigners
-----------------------------------------------------
The Indonesian government has no plans to sell off its 49% stake
in Merpati Nusantara Airlines to foreign investors despite its
continuing losses, reports Asia Pulse.

Transport Minister Hatta Rajasahe he doesn't want to sell 49%
stake of a state-owned Company, as it might result to the
foreign dominance of the country's domestic airline industry.

He also said that the government is looking for ways to rescue
the troubled airline, which has posted losses of IDR50 billion
in monthly operating costs.

CONTACT:

Merpati Nusantara Airlines
PO Box 323, Jln. Angkasa
Block 815 Kav 2-3
Jakarta 10720 Indonesia
Phone: +61 (0) 8 8941 1606
Fax: +62 21 654 6789
Web site: http://www.merpati.co.id


PERUSAHAAN LISTRIK: To Get Natural Gas Supply from Petronas
-----------------------------------------------------------
Petronas Gas Berhad's subsidiary will be providing a supply of
natural gas to state-owned PT Perusahaan Listrik Negara (PLN),
Bernama News reports.

In the deal, which was signed by Petronas, unit PC Muriah will
supply 145 million standard cubic feet of natural gas daily to
the Company's Tambak Lorok Power Plant for the next 10 years.

The gas supply will come from the Muriah Block in the Kepodang
field, which has been appraised and is ready to be developed.

The signing of the gas agreement signifies the end of the
combined efforts of Petronas, PLN and other relevant parties
such as BP Migas and the Directorate General of Oil & Gas in the
country's Ministry of Energy & Mineral Resources.

CONTACT:

PT Perusahaan Listrik Negara (Persero)
Jl. Trunojoyo Blok M-1 No. 135, Kebayoran Baru
Jakarta, 12160, Indonesia
Phone: +62-21-725-1234
Fax:   +62-21-722-1330
Web site: http://www.pln.co.id


SAMPOERNA: Philip Morris Now Owns Major Stake
---------------------------------------------
Local cigarette maker PT Hanjaya Mandala Sampoerna now belongs
to U.S. firm Philip Morris, which owns 97% stake in the Company,
reports the Jakarta Post.

U.S. cigarette giant Philip Morris now controls 97 percent of
the country's second largest cigarette maker PT Hanjaya Mandala
Sampoerna, and has appointed Martin King as the new president,
replacing the founder's descendant Michael Sampoerna.

In an extraordinary general meeting (EGM) of shareholders held
on May 18, 2005, the Company appointed Martin King to replace
Sampoerna's President Michael Sampoerna, along with Philip
Morris Asia-Pacific President Matteo Pellegrini as its president
director. Angky Camaro, Edward Frankel, Sugiarta Gandasaputra
were retained as directors, together with Arndt Kottsieper,
Andrew White and Salman Hameed.

The meeting retains Angky Camaro, Edward Frankel, and Sugiarta
Gandasaputra as directors of Sampoerna and adds Salman Hameed,
Arndt Kottsieper and Andrew White to the board of directors.

Philip Morris, which had bought a 40% stake in the Company,
bought the remaining 57% stake in a tender where share prices
were pegged at IDR10,600 per share.

CONTACT:

P.T. Hanjaya Mandala Sampoerna Terbuka
Jalan Rungkut Industri Raya
Surabaya, 60293
Indonesia
Phone: +62 31 843 1699
Fax:   +62 31 843 0986


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

HITACHI LIMITED: Enters Alliance With Siam Motors
-------------------------------------------------
Hitachi Ltd. (NYSE: HIT / TSE: 6501) has signed a contract with
Siam Motors Co., Ltd. under which the Hitachi Group will
purchase from Siam Motors an additional 20% of the shares of two
joint-venture companies: Siam-Hitachi Elevator Co., Ltd. (SHE)
and Bangkok-Hitachi Elevator Service Co., Ltd. (BHESCO) which
are located in Thailand. SHE manufactures and sells elevators
and escalators and BHESCO provides maintenance and services for
these products. This purchase is aimed at strengthening the
Hitachi Group's elevator and escalator business in Southeast
Asia and the Middle East.

As a result of this agreement, the investment ratio of the
Hitachi Group (including Hitachi's affiliated Company) in both
SHE and BHESCO will increase from 40% at present to 60%, giving
Hitachi management control. By further bolstering cooperation
with the two companies, Hitachi aims to strengthen its framework
for elevator and escalator manufacturing, maintenance and
services in Asia.

SHE and BHESCO were established in 1991 by the Hitachi Group and
Siam Motors Group with the aim of conducting manufacturing,
sales and service operations for elevators and escalators in
Thailand. With the Thai economy having grown at a stable annual
rate of 5-6% in recent years, the elevator and escalator market
in the country has also expanded steadily.

Hitachi has positioned Southeast Asia and the Middle East as
important regions alongside China and Japan in the elevator and
escalator business. Operations are being conducted with the goal
of becoming one of the top three companies in Southeast Asia and
the Middle East in 2009 with a share of 15% of orders for
elevators and escalators in these markets.

By increasing its investment ratio, Hitachi will deepen ties
with SHE and BHESCO, allowing it to utilize its management
resources, technologies and know-how, more than before in these
operations in Southeast Asia and the Middle East. Backed by a
strong market environment, Hitachi plans to leverage its
sophisticated technological capabilities, a central strength of
the Company, and its accomplishments to date in Thailand to
strengthen elevator and escalator operations in Southeast Asia
and the Middle East.

Furthermore, by adding SHE to manufacturing bases in Japan,
China and Singapore, Hitachi's elevator and escalator
manufacturing infrastructure will be reinforced in Asia. By
taking actions to supply products with greater stability, offer
more competitive models and enhance maintenance services,
Hitachi plans to expand its elevator and escalator business in
Asia.

About SHE

Company name: Siam-Hitachi Elevator Co., Ltd.

Location: 10th Floor RS Tower, 121/42-45, Rachadaphisek Road,
Din Daeng, Bangkok, Thailand

Capital Stock: 33.5 million baht (around 90 million yen)

Shareholders: (current)

Hitachi, Ltd. 20%, Hitachi Asia Ltd. 10%,

Hitachi Elevator Engineering (Singapore) Pte. Ltd. 10%,

Siam Motors Co., Ltd. 49.98%, others 10.02% (after purchasing
shares)

Hitachi, Ltd. 40%, Hitachi Asia Ltd. 10%,

Hitachi Elevator Engineering (Singapore) Pte. Ltd. 10%,

Siam Motors Co., Ltd. 29.98%, others 10.02%

President: Phornthep Phornprapha

Number of employees: 157 (as of December 31, 2004)

Business: Manufacturing, sales and installation of elevator and
escalator

Net sales: Around 400 million baht (around 1.1 billion yen)
(fiscal year ended December 31, 2004)
  
About BHESCO

Company name: Bangkok-Hitachi Elevator Service Co., Ltd.

Location: 10th Floor RS Tower, 121/42-45, Rachadaphisek Road,
Din Daeng, Bangkok, Thailand

Capital Stock: 16.8 million baht (around 45 million yen)

Shareholders: (current) Hitachi, Ltd. 5%,

Hitachi Elevator Engineering (Singapore) Pte. Ltd. 20%,

Hitachi Building Systems Co., Ltd. 15%,

Siam Motors Co., Ltd. 49.79%, others 10.21% (after purchasing
shares) Hitachi, Ltd. 5%,

Hitachi Elevator Engineering (Singapore) Pte. Ltd. 20%,

Hitachi Building Systems Co., Ltd. 24%,

Hitachi Transport System (Thailand), Ltd. 11%

Siam Motors Co., Ltd. 29.79%, others 10.21%

President: Phornthep Phornprapha

Number of employees: 281 (as of December 31, 2004)

Business: Maintenance and services of elevator and escalator

Net sales: Around 300 million baht (around 800 million yen)
(fiscal year ended December 31, 2004)

About Hitachi, Ltd.

Hitachi, Ltd., (NYSE: HIT/ TSE: 6501), headquartered in Tokyo,
Japan, is a leading global electronics Company with
approximately 347,000 employees worldwide. Fiscal 2004 (ended
March 31, 2005) consolidated sales totaled 9,027.0 billion yen
($84.4 billion). The Company offers a wide range of systems,
products and services in market sectors including information
systems, electronic devices, power and industrial systems,
consumer products, materials and financial services. For more
information on Hitachi, please visit the Company's website at
http://www.hitachi.com.

CONTACT:

Hitachi, Ltd.
Kantaro Tanii
Public Relations
Corporate Communications Division
Phone: +81-3-5208-9323
Fax: +81-3-4564-2149

This is a Company press release.


MATSUSHITA ELECTRIC: Battery Firm Workers End Strike
----------------------------------------------------
Workers of Matsushita Electric Co. (East Africa) Ltd. (Tanzania)
who were on strike to press for their terminal benefits have
resumed work after the management asked them to put their
demands in writing, according to the Guardian Reporter.

The workers went on strike on Monday to protest the Company's
management decision to change the Company name to Panasonic
Battery (Tanzania) Company Ltd (PBTZ) without the knowledge of
the employees.

With the Company operating under the new name, the employees
feared that they might lose their benefits.

The workers and the management agreed to enter into a legal
binding agreement with the management under the promise that
change of name will not affect their employment contracts.

CONTACT:

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


MATSUSHITA ELECTRIC: Malaysian Unit Posts RM4.87 Mln Net Loss
-------------------------------------------------------------
Matsushita Electric Co. (M) Berhad posted a net loss of RM4.87
million for the year ended March 31, versus a RM53.61 million
profit a year earlier, reports the New Straits Times.

Revenue in the same period dropped to RM702.21 million from
RM768.15 million in the previous year while loss per share was
8.02 sen compared with earnings of 88.25 sen the year before.

Matsushita blamed the lower revenue on continued tough market
condition and severe price competition.

The Company is confident that upon the completion of its
restructuring exercise, coupled with the implementation of
various cost counter-measures and strengthening of the
organization structure, the Company will be in a stronger and
more competitive position to improve its profitability and
operational efficiency and maximize shareholders' returns.

CONTACTS:

Matsushita Electric Co. (M) Bhd
No. 3 Jalan Sesiku
15/2 Shah Alam Industrial Site
Shah Alam 40200

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


MATSUSHITA ELECTRIC: Updates Existing Shareholders Mandate
----------------------------------------------------------
Matsushita Electric Company (Malaysia) Berhad had on August 24,
2004, obtained from its shareholders the mandate to enter into
recurrent related party transactions (RRPT) of a revenue or
trading nature (Existing Shareholders Mandate) on terms as set
out in the Circular to Shareholders dated 30 July 2004 at the
Thirty-Ninth Annual General Meeting (AGM). This Existing
Shareholders' Mandate will expire at the conclusion of the
Fortieth AGM (40th AGM) to be convened at a date to be announced
later.

In compliance with Paragraph 10.09 of the Listing Requirements
of the Bursa Malaysia Securities Berhad, the Company proposes to
seek shareholders' approval for the Proposed Shareholders'
Mandate at the forthcoming 40th AGM of the Company.

The Proposed Shareholders' Mandate will take effect from the
date of passing the relevant resolutions at the 40th AGM until
the 41st AGM.

The circular to shareholders, which sets out details of the
Proposed Shareholders' Mandate will be issued in due course.


MIYAZAKI KOTSU: Local Firms to Offer Assistance
-----------------------------------------------
A group of local companies, major travel agency H.I.S. Co. and a
Japanese investment firm presented Wednesday their respective
rehabilitation plans for Miyazaki Kotsu Co. to the Industrial
Revitalization Corporation of Japan (IRCJ), Kyodo News reports.

The IRCJ will pick a sponsor from among the three candidates
this week at its decision-making meeting of the Industrial
Revitalization Committee.

The major contenders are H.I.S. and the local corporate group,
which consists of 13 companies based in Miyazaki Prefecture
including Unkai Shuzo Co. and four others such as All Nippon
Airways Co., Nishi-Nippon Railroad Co. and Kyushu Electric Power
Co.

The local group plans to invest a total of JPY2 billion, with
each member company putting up JPY30 million to JPY300 million.

Miyazaki Kotsu operates a large number of businesses ranging
from bus and taxi services that support local transportation,
hotels that serve a broad customer base, leisure facilities that
serve as a focus for tourism, the leading travel agent network
in the prefecture and its airline agencies.

However, in a monopoly situation, the shortcomings of its
services have led to loss of customers; while debts accrued
through over-investment in hotels during the bubble economy
period have placed the group in an extremely difficult
operational situation.

For more information, please contact:

Corporate Planning Department
The Industrial Revitalization Corporation of Japan
Phone: 03-6212-6437


SOJITZ HOLDINGS: Rating Unaffected By Convertible Bond Issue
------------------------------------------------------------
Standard & Poor's Ratings Services said on May 19 that its
rating on Sojitz Corp. (BB-/Stable/--) would not be affected by
the issuance of convertible bonds by its parent, Sojitz Holdings
Corporation.

The holding Company announced a plan to issue convertible and
warrant bonds worth JPY60 billion through a third party, and to
repurchase and redeem preferred stock worth JPY52.6 billion.

According to the announcement, Sojitz Holdings plans to increase
its capital by converting the warrant and convertible bonds into
common stock and use the proceeds, in all or in part, to
repurchase and redeem preferred stock worth JPY52.6 billion
before the conversion period starts in May 2006.

Standard & Poor's takes into account the consolidated financial
data of the holding Company when assessing the credit quality of
Sojitz. Although the announced plan is expected to improve the
capital quality of Sojitz Holdings, the impact on the total
capital of the group will be too small to lead to an upward
revision of the rating on Sojitz.

CONTACT:

Sojitz Holdings Corporation
Inquiries: Takeshi Yoshimura, General Manager
Public Relations Dept.
Phone: +81-3-5520-3404


SOJITZ HOLDINGS: Down on CB Issuance, May Stay Weak
---------------------------------------------------
Shares of Sojitz Holdings Corporation fell 2.4 percent on
Wednesday after the Company said it would issue convertible
bonds worth JPY60 billion, New Ratings reports.

Investors are worried over near-term supply/demand situation,
says Shinko Securities strategist.

The issue may stay weak as large-lot hedge selling kicks in,
says domestic brokerage dealer.


TAJIMA METALWORK: Enters Bankruptcy
-----------------------------------
Tajima Metalwork Co. Limited has begun bankruptcy proceedings
with a total capital of JPY100 million, says Teikoku Databank
America.

The Company is based in 3-1, Nanpeidai-cho, Shibuya-ku, Tokyo
150-0036, Japan.

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


UFJ HOLDINGS: Unveil Changes in Organizational Structure
--------------------------------------------------------
Mitsubishi Tokyo Financial Group, Inc. (MTFG; President and CEO:
Nobuo Kuroyanagi), UFJ Holdings, Inc. (UFJ; President and CEO:
Ryosuke Tamakoshi), Mitsubishi Securities Co., Ltd. (Mitsubishi
Securities; President: Koichi Kane) and UFJ Tsubasa Securities
Co., Ltd. (UFJ Tsubasa Securities; President: Kimisuke Fujimoto)
have been preparing for the two groups' management integration
in October 2005, subject to the approval of their shareholders
and relevant authorities, and have decided to partially change
the organizational structure of the new securities Company which
was announced on April 20, 2005 as below, to strengthen its
strategic business areas.

1. 'Real Estate Investment Banking Office' shall be changed to
'Real Estate Investment Banking Division'.

2. 'Equity Marketing Division' shall be newly established.

3. 'Equity Sales Division I, Global Business Support Office'
shall be changed to 'Equity Marketing Division, Marketing
Planning Office'.

4. 'International Business Division' shall be newly established.

CONTACT:

UFJ Holdings Inc.
5-6, Fushimimachi 3-chome
Chuo-ku, Osaka-shi
Osaka, Japan  
Phone: +81-6-6228-7111
Fax: +81-3- 3212-5870


* Teikoku Databank to Scale Down Bankruptcy Data
------------------------------------------------
Teikoku Databank Ltd. will substantially cut down monthly data
on corporate bankruptcies in Japan as a result of April's
effectuation of the personal information protection law, Kyodo
News reports.

The law, which took effect in April, has made it difficult to
gather information on small businesses, the private credit
research agency said.

Starting with May data to be released in June, monthly data will
not include bankruptcies involving voluntary liquidation.

Voluntary liquidation takes place when a Company's promissory
notes are dishonored twice, prompting a bank to stop doing
business with it, or when the representative of a Company
concludes that it is insolvent.

Large companies are usually subjected to legal liquidation
procedures, such as filing for court protection from creditors
under the Corporate Rehabilitation Law, when they cannot meet
liabilities. Voluntary liquidation often involves small
businesses.

According to data released by Teikoku Databank, voluntary
liquidation in April accounted for approximately half of
companies that went down with liabilities of more than JPY10
million.

CONTACT:

Teikoku Databank Limited
2-5-20 Minami-Aoyama Minatoku
Tokyo 107-8680 Japan
Phone: +81 3 5775 3132
Fax: +81 3 5775 3127


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

KOREA EXCHANGE: Moody's Raises Rating from 'E+' to 'D-'
-------------------------------------------------------
Moody's Investors Service has raised Korea Exchange Bank's (KEB)
bank financial strength rating (BFSR) to D- from E+. The revised
rating carries a stable outlook. All other ratings -
senior/subordinated debt of Baa2/Baa3 and long-term/short-term
deposit of Baa2/Prime-3 with stable outlook - are unaffected.

The rating action reflects KEB's improved, although still weak,
financial fundamentals. At the same time, the bank is supported
by the positive developments in its economic solvency,
stabilizing operating performance and healthier asset quality.

Management has successfully contained the potential financial
damage from its absorption of troubled credit card subsidiary,
Korea Exchange Bank Credit Service (KEBCS). Despite the poor
asset quality of the credit card portfolio at the time of
merger, the bank's undercapitalized condition has been partly
reversed, allowing it to move into the current BFSR rating band.
Also, the bank will need to demonstrate an improved and
sustainable operating performance for further rating upgrades.

Moody's maintains that KEB's prospects are brighter overall
under Lone Star. But its entry as a financial investor - as
opposed to a strategic one - raises the question of its
investment horizon, even though we believe support would be
forthcoming. However, Commerzbank - KEB's other large
shareholder besides Lone Star - could be in a weaker position to
provide assistance - given its difficulties in its home market.

Secondly, under its previous shareholders, KEB's franchise - as
one of Korea's oldest banks and as a specialized foreign
exchange bank - had seemingly become more marginalized as the
system consolidated. However, Lone Star, as a major financial
investor, is expected to continue investing in the business.

Finally, a stronger balance sheet will provide the new
management team with more resource. This team has defined a
strategy to develop the franchise leveraging KEB's existing
strengths in foreign exchange and trade finance. A positive
rating driver would be management's ability to execute this
strategic plan.

CONTACT:

Korea Exchange Bank
181 2-ga Ulchiro, Chung-gu
Seoul, 100-793, South Korea
Phone: +82-2-729-8000
Fax:   +82-2-752-3141
Web site: http://www.keb.co.kr/english/index.htm


BRIDGE INVESTMENT: May Be Liquidated Due to Takeover Opposition
---------------------------------------------------------------
If regulators won't allow Hong-Kong based Bridge Investment
Holding Ltd. (BIH) to sell a controlling stake in Bridge
Securities Co. Ltd., then the Company may have no choice but to
enter liquidation, the Korea Times reports.

BIH was planning to sell its 77.75% stake in the Company to
Leading Investment & Securities (LIS), but this is still pending
approval of antitrust watchdog, the Financial Supervisory
Commission (FSC).

But the FTC is skeptical of Leading Investment's potential to
create a "viable" Company once it merges with Bridge Securities.
LIS wanted to buy Bridge Securities through a leveraged buy-out,
where it would either sell off the Company's assets to raise
funds for the sale or using its property as collateral to secure
a loan.

Bridge Securities' offering price is KRW130 billion, but LIS has
only paid a KRW2 billion down payment so far, and will raise the
rest through the asset sale or loan. BIH is scheduled to discuss
the issue in its annual general meeting on June 1, 2005, where
they plan to vote on Bridge Securities' liquidation if the sale
is not approved by the FSC.

According to FSC Vice Chairman Yang Cheon-sik, BIH's proposal to
sell Bridge Securities seems like they want to dispose of the
Company and leave Korea with KRW150 billion in proceeds. It is
unsure whether the merged companies (Bridge Securities & LIS)
will continue to operate after the merger, as BIH is set to
retrieve 90% of the sale. This means that BIH is putting the
Company up for liquidation and not a merger/acquisition.


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

GOLDEN FRONTIER: Repurchases More Shares
----------------------------------------
Golden Frontier disclosed the details of its shares buy back on
May 18, 2005 to the Bursa Malaysia Securities Berhad.
  
Date of buy back: 18/05/2005

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

Total number of shares purchased (units):              5,900

Minimum price paid for each share purchased (MYR):      0.550

Maximum price paid for each share purchased (MYR):      0.570

Total consideration paid (MYR):                    3,310.03

Number of shares purchased retained in treasury
(units):  5,900

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

Cumulative net outstanding treasury shares as at to-date
(units): 1,502,700

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

CONTACT:

Golden Frontier Berhad
No 11 Lorong Kinta
10400 Penang,
Malaysia
Phone: +60 4 226 2226
Fax:   +60 4 228 2890


I-BERHAD: Posts Shares Buy Back Notice
--------------------------------------
I-Berhad disclosed to the Bursa Malaysia Securities Berhad the
details of its shares buy back on May 18, 2005.
  
Date of buy back: 18/05/2005

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

Total number of shares purchased (units):             70,300

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

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

Total consideration paid (MYR):                   56,656.94

Number of shares purchased retained in treasury
(units):    70,300

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

Cumulative net outstanding treasury shares as at to-date
(units): 1,815,200

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


INNOVEST BERHAD: Bourse Delists Securities
------------------------------------------
Innovest Berhad announced that Bursa Malaysia Securities Berhad
(Nursa Securities) had, after consulting with the
Securities Commission and considering all the facts, decided to
de-list the Companies Securities from the Official List of
securities, as the Company's financial condition does not
warrant continued listing on the Official List.

The Securities Commission had rejected the Company's
regularization plan, as well its appeal to reconsider. Thus, the
Company's securities were removed from the Official List of
Bursa Securities on Thursday, May 19, 2005, 9:00 a.m.

With respect to the Company securities that are deposited with
the Bursa Malaysia Depository Sdn Bhd (Bursa Depository), such
securities may continue to remain deposited with the Depository,
notwithstanding the de-listing of the Company's securities from
the Official List. Alternatively, Company shareholders who
intend to hold their securities in the form of physical
certificate can withdraw these securities from their Central
Depository System accounts with Bursa Depository, at anytime
after the Company's securities of the Company are de-listed from
the Official List, by submitting the application form for
withdrawal in accordance with the procedures prescribed by Bursa
Depository.

CONTACT:

Innovest Berhad
2 Lorong Dungun Kiri Damansara Heights
Kuala Lumpur, Kuala Lumpur 50490
Malaysia
Phone: +60 3 2093 3373
Fax:   +60 3 2094 3733


NAUTICALINK BERHAD: Issues Update on Proposed Restructuring
-----------------------------------------------------------
Nauticalink Berhad announced that in relation to the Company's
proposed restructuring scheme, the Company was allowed an
extension up to June 3, 2005 to satisfy the conditions of the
following agreements:

(i) Loan Stocks Sale Agreement dated Aug. 7, 2003 for the
Proposed Acquisition of Loan Stocks; and

(ii) Share Sale Agreement between Kosmo Seraya Sdn Berhad,
Perbadanan Nasional Berhad and the shareholders of Kosmo, namely
En. Norhamzah bin Nordin and En. Mohd Azham bin Mohd Noor for
the Proposed Acquisition of Hexariang Sdn Berhad Shares dated
Aug. 7, 2003.

The Company will announce any further developments in relation
to its proposed restructuring scheme.

CONTACT:

Nauticalink Berhad
8th Flr, Tower Block
Plaza Pekeliling
2, Jln Tun Razak
50400 Kuala Lumpur
Malaysia
Phone: 03-40431005
Fax:   03-40431058


PAN MALAYSIA: Buys Back 1,700,000 Shares
----------------------------------------
Pan Malaysia Corporation Berhad disclosed to the Bursa Malaysia
Securities Berhad the details of its shares buy back on May 18,
2005.
  
Date of buy back: 18/05/2005

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

Total number of shares purchased (units): 1,700,000

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

Maximum price paid for each share purchased (MYR):      0.465

Total consideration paid (MYR): 789,470.71

Number of shares purchased retained in treasury
(units):  1,700,000

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

Cumulative net outstanding treasury shares as at to-date
(units): 45,704,500

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

CONTACT:

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


PANTAI HOLDINGS: Posts Notice of Shares Buy Back
------------------------------------------------
Pantai Holdings Berhad disclosed the details of shares it had
bought back on May 18, 2005 to the Bursa Malaysia Securities
Berhad.
  
Date of buy back: 18/05/2005

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

Total number of shares purchased (units):             44,000

Minimum price paid for each share purchased (MYR):      0.990

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

Total consideration paid (MYR):                   44,250.33

Number of shares purchased retained in treasury
(units):  44,000

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

Cumulative net outstanding treasury shares as at to-date
(units): 29,399,300

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: Releases Full Report of Q1/FY05 Results
-------------------------------------------------
Park May Berhad issued an amended announcement to its FY05 first
quarter report, as there was no attachment of its full quarterly
report in the release of its financial statement last May 17,
2005.

To view a full copy of the Company's first quarter financial
report, go to:

http://bankrupt.com/misc/tcrap_parkmay051905.doc

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


POS MALAYSIA: Set to List New Shares Next Week
----------------------------------------------
Pos Malaysia & Services Holdings Berhad's additional 143,000 new
ordinary shares of MYR1.00 each issued pursuant to the Company's
Employee Share Option Scheme will be granted listing and
quotation effective Wednesday, May 25, 2005, 9:00 a.m.

CONTACT:

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


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

CAMP JOHN: BCDA Threatens Takeover
----------------------------------
The Bases Conversion and Development Authority (BCDA) is keen on
taking over Camp John Hay from the embattled Camp John Hay
Development Corp. (GJH DevCo) amid signs that the latter would
not settle some Php2.2 billion in rental arrears, The Philippine
Star says.

BCDA said it was finalizing legal options regarding an apparent
refusal by the group to settle its debt.

BCDA earlier said it has informed CJHDevco that the 30-day
notice for the payment of the P1.2 billion portion of the total
arrears has lapsed.

The notice was served on March 30 this year.

BCDA earlier expressed fears that CJHDevco might be evading the
payment of the debt by invoking a Supreme Court ruling on tax
incentives.

CJHDevco, Lawyer Lyssa Pagano-Calde said, "must have assessed
that it is cheaper to pursue a legal move before this private
organization rather than pay its debt."

CJH DevCo recently filed a petition for arbitration before the
Philippine Dispute Resolution Center Inc.

CONTACT:

Camp John Hay Dev. Corp.
Marketing Department
Loakan Road, Baguio City
Philippines 2600   
Phone: (6374)442-7902 to 08
Fax:  (6374)442-5782
E-mail: cjhmanor@info.com.ph
Web site: http://www.campjohnhay.com/


COLLEGE ASSURANCE: Potential White Knight Backs Out
---------------------------------------------------
A group of property firms owned by Romeo Roxas has withdrawn its
pledge to inject Php6 billion into stricken pre-need provider
College Assurance Plan Philippines Inc. (CAP), reports The
Philippine Daily Inquirer.

Mr. Roxas has advised that he would only extend financial
assistance to CAP if the Securities and Exchange Commission
(SEC) renews CAP's dealer's license.

The SEC as of late Tuesday had not renewed CAP's permit to sell
securities, pending compliance to requirements such as
addressing its own capital inadequacy, and wiping out
underdeposits to its trust fund.

Mr. Roxas, who owns Green Square Properties Corp. and Green
Circle Properties and Resources Corp., earlier proposed to buy
into CAP, using parcels of land in Baler town in the eastern
province of Aurora, near Dingalan Bay.

The pieces of property are worth Php6 billion, but some of the
titles for the property, measuring 30.46 million square meters,
are said to belong to the government. Mr. Roxas reportedly
proposed to issue separate titles, free and clear of land claims
under the government's agrarian reform program.

CONTACT:

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


MANILA ELECTRIC: Provisions Hurt FPHC Earnings
----------------------------------------------
First Philippine Holdings Corporation (FPHC) saw its earnings
plunge 48 percent in the first quarter to Php458 million due to
Manila Electric Company (Meralco) provisioning.

Publicly listed FPHC blamed its lower earnings to its share in
the net loss of its associate, Meralco, which made provisioning
for possible losses regarding its unbundling rate case currently
pending with the Supreme Court.

FPHC said its net income would have been better than that for
the same period last year without the net loss uptake at
Php549.5 million.

FPHC is the holding Company of the Lopez group mainly for its
power generation assets, most of which are situated in Batangas
City. It has a 17.7-percent stake in Meralco, the country's
largest power distribution utility firm.

CONTACT:

Manila Electric Co.
Lopez Building
Ortigas Avenue, Pasig City
Phone:  16220 (TL); 633-4553 (Corp. Sec.)
Fax:  (0632) 631-5572
E-mail Address: corcom@meralco.com.ph
Web site: http://www.meralco.com.ph


UNITED COCONUT: Turns to PDIC for Help
--------------------------------------
State-run United Coconut Planters Bank (UCPB) is seeking the
help of the Philippine Deposit Insurance Corp. (PDIC) again, and
this time, in exchange possibly for management control, Business
World reports.

UCPB formally requested the Philippine Deposit Insurance Corp.
(PDIC) to convert into equity Php12 billion in loans that it had
previously extended to the bank as part of the Financial
Assistance Agreement (FAA) signed in July 2003. The request was
made following months of preliminary talks between UCPB and PDIC
officials.

Converting the Php12 billion into shares will give PDIC at least
67 percent of the bank, which the government had sequestered
from businessman Eduardo Cojuangco, Jr. during the Aquino
administration.

The money from the conversion is reportedly earmarked to meet
the central bank's minimum capital requirement for universal and
commercial banks.

Bank officials reportedly met with PDIC executives last week to
propose the conversion. But the deposit insurer is still to
agree to it. Upon PDIC's approval, the conversion of the loans
into equity will bring UCPB total capital to over Php15 billion.

UCPB, which started to make good progress on its recovery
effort, expects to return to profitability in 2008.

CONTACT:

United Coconut Planters Bank
7907 Makati Ave., Makati City  
Telephone: (632) 811-9000  
E-mail Address: crc@ucpb.com  
Web site: http://www.ucpb.com/   


* Loss-making GOCCs Seek Dividend Cut
-------------------------------------
Ailing government owned and controlled corporations (GOCCs) have
hinted at plans to pass on payment dividends due to the national
government, reports Today News.

The GOCCs, which are mandated to remit half of their earnings to
the national government, have pleaded to forgo the dividend
payment this year.

The Department of Finance (DOF) said the government's decision
regarding whether to reduce the remittances or waive them
entirely hinges on the firm's respective cash flows. The DOF is
currently reviewing the GOCCs' request.

Cash-strapped state-run firms include, among others, the
National Home Mortgage and Finance Corp. with a deficit of
Php8.3 billion; Philippine Export and Import Bank, Php3.2
billion; Power Sector Assets and Liabilities Management Corp.,
Php1.2 billion; Philippine Postal Corp., Php0.8 billion;
Philippine Rice Research Institute, Php314 million.

Last year, the Bangko Sentral ng Pilipinas (BSP) remitted the
biggest dividend at P2.6 billion.

Other GOCCs that remitted their share to the national treasury
include the Development Bank of the Philippines at Php750
million; Land Bank of the Philippines, Php600 million; Manila
International Airport Authority, Php231 million; Philippine
Economic Zone Authority, Php220 million; and Philippine National
Oil Co., Php143 million.


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

DIGI BUILDER: Pays First Dividend
---------------------------------
Digi Builder Pte Ltd (In Liquidation) formerly of 705 Sims Drive
#04-10 Shun Li Industrial Complex Singapore 387384 issued to the
Government Gazette, Electronic Edition a notice of dividend with
the following details.

Court: High Court of Singapore

No. of Matter: No. 127 of 2004

Amount per centum: S$0.10.

First and final or otherwise: First

When payable: 13th May 2005

Where payable:

c/o Kung Seah Lim & Co.
336 Smith Street
#05-310 New Bridge Centre
Singapore 050336
13th May 2005


JAYA HOLDINGS: Members Place Units into Liquidation
---------------------------------------------------
The Board of Directors of Jaya Holdings Limited (Jaya) advised
the Singapore Stock Exchange (SGX0 that its members put its
following subsidiaries into voluntary liquidation on May 16,
2005:

(1) Jaya Venus Pte Ltd (85% owned by Jaya)
(2) Jaya Atlantic Line Pte Ltd (95 percent owned by Jaya)
(3) Jaya Maritime Pte Ltd (95 percent owned by Jaya)

As the subsidiaries have ceased operations and become dormant,
the shareholders of the subsidiaries have agreed to liquidate
the subsidiaries voluntarily.

The liquidation of the subsidiaries will not have any
significant impact on the net tangible assets or earnings per
share of the Company for the financial year ending June 30,
2005. None of the directors or, controlling shareholders of the
Company, has any interest, direct or indirect, in the above
transaction.

By Order of the Board
Shirley Lim
Company Secretary

CONTACT:

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


LEONG SAN: Lays Out AGM Agenda
------------------------------
Notice is hereby given that the Annual General Meeting (AGM) of
Leong San Tong will be held on Wednesday, May 25, 2005 at 62
Cecil Street, #04-00 TPI Building, Singapore 049710, at 3:00
p.m.

AGENDA

(1) To confirm the Minutes of the Annual General Meeting held on
28th April 2004.

(2) Matters arising.

(3) To receive and adopt the audited accounts for the year ended
June 30, 2004 and the report of the Auditors thereon.

(4) To re-appoint PricewaterhouseCoopers as Auditors for the
ensuing year and to authorize the Trustees to fix their
remuneration.

(5) Any other matters arising.

By Order of the Trustees
Chan Kum Kit
Secretary
6th May 2005


MARCO POLO: Final Meeting Slated for June 15
--------------------------------------------
Notice is hereby given pursuant to Section 308 of the Companies
Act, Cap. 50, that a Final Meeting of the Members of Marco Polo
Hotels Management Singapore Pte Ltd (In Members' Voluntary
Winding-Up) will be held at 138 Cecil Street #15-00, Cecil
Court, Singapore 069538 on Wednesday, June 15, 2005 at 10:00
a.m. for the purpose of laying before the Meeting an account
showing how the winding up has been conducted, and the property
of the Company disposed of and of hearing any explanation that
may be given by the Liquidators, and also of determining by
resolution the manner in which the books, accounts and documents
of the Company and of the Liquidators shall be disposed of.

Dated this 13 May 2005.

Steven Tan Chee Chuan
and
Douglas Tan Kay Yeow
Joint Liquidators

Note:

Pursuant to Section 181 of the Companies Act, Cap. 50, a member
entitled to attend and vote at this Meeting is entitled to
appoint another person or persons (whether a member or not) as
his proxy to attend and vote in his stead.


MEDIASTREAM LIMITED: SGX-ST OKs Waiver from Compliance
------------------------------------------------------
MediaStream Limited advised the Singapore Exchange Securities
Trading Limited (SGX-ST) that it has on May 17, 2005 granted the
Company a waiver from complying with paragraph 10(b), Appendix
2.2 of the Listing Manual.

The Company's reasons for the application for the waiver are as
follows:

(1) The Company's auditors Messrs Ernest & Young have not
commenced audit of the Company's accounts for the financial year
ended December 31, 2004;

(2) The auditors are not in a position to commence audit on the
Company's accounts as the Company is unable to pay the
outstanding audit fees for prior years;

(3) The Company was placed under judicial management pursuant to
an Order of Court for Judicial Manager dated 22 April 2005; and

(4) The Company is not required to hold its Annual General
Meeting during the period of judicial management.

By Order of Tim Reid
Judicial Manager of
MediaStream Limited

CONTACT:

MediaStream Limited (formerly: Form Holdings Limited)
39 Tampines St 92
MediaStream Building
Singapore 528883
Telephone: 65 67887888
Fax: 65 67871238
Web site: http://www.mediastreamsg.com


UNIVERSAL BUILDING: Court to Hear Petition May 27
-------------------------------------------------
Notice is hereby given that a petition for the winding up of
Universal Building Materials Pte Ltd (formerly known as Ridee
Private Limited) by the High Court was, on May 5, 2005 presented
by Messrs Active Decor Pte Ltd of 41 Defu Lane 1, Singapore
539494.

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

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

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

The Petitioners' address is 41 Defu Lane 1, Singapore 539494.
The Petitioners' solicitor is Messrs Christopher Bridges of No.
9-A Mosque Street, Singapore 059489.

Messrs Christopher Bridges
Solicitors for the Petitioners

Note:

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

The notice must state the name and address of the person, or, if
a firm, the name and address of the firm, and must be signed by
the person, firm or his or their solicitor (if any) and must be
served, or, if posted, must be sent by post in sufficient time
to reach the abovenamed not later than 12 o'clock noon of May
26, 2005 (the day before the day appointed for the hearing of
the Petition).


UNI TECHNOLOGY: Receiving Proofs of Debt Until May 27
-----------------------------------------------------
Uni Technology (S) Pte Ltd (In Liquidation) formerly of 45A
Circular Road Singapore 049400 posted at the Government Gazette,
Electronic Edition a notice of intended dividend with the
following details.

Court: High Court of the Republic of Singapore

Matter: Companies Winding Up No. 207 of 2000

Last day for receiving proofs: 27th May 2005

Name and address of liquidators:

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

Dated this 13th day of May 2005.

Chee Yoh Chuang
Lim Lee Meng
Liquidators


UOB VENTURE: Proofs of Claim, Debt Due June 13
----------------------------------------------
Notice is hereby given that the creditors of UOB Venture
Investments II Limited (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
liquidator of the said Company.

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

Dated this 13th day of May 2005.

Lee Kay Beng
Liquidator
c/o 16 Raffles Quay
#22-00 Hong Leong Building
Singapore 048581


VIEWINTERNET.COM: Gives Creditors Until May 27 to Prove Debt
------------------------------------------------------------
Viewinternet.Com Pte Ltd (In Creditors' Voluntary Liquidation)
formerly of 491B River Valley Road #19-03/04 Valley Point
Singapore 248873 posted at the Government Gazette, Electronic
Edition a notice of intended preferential dividend with the
following details.

Last day of receiving proofs: 27th May 2005

Name and address of liquidators:

Chee Yoh Chuang and
Lim Lee Meng
c/o Chio Lim & Associates
18 Cross Street
#08-01 Marsh & McLennan Centre
Singapore 048423

Dated this 13th day of May 2005.

Chee Yoh Chuang
Lim Lee Meng
Liquidators


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

DATAMAT: Fails to Submit FS on Time
-----------------------------------
The Stock Exchange of Thailand (SET) has posted an SP
(suspension) sign on Datamat Public Company Limited effective
May 17, 2005 for failure to submit its financial statement for
the period ending March 31, 2005 by the deadline specified by
the SET.

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   
Web ite: http://www.datamat.co.th


EASTERN PRINTING: Books THB7.07 Million Rise in Profit
------------------------------------------------------
Eastern Printing Public Company Limited informed the Stock
Exchange of Thailand (SET) on its performance for the first
quarter (January 1 to March 31, 2005).

The Company showed an increase in profit of THB7.07 million
compared to last year attributed to an increase in sales revenue
to THB19.73 million as a result of a well-planned Marketing and
Production, improvement of machinery efficiencies and by
controlling cost thus resulting in a better operating
performance.
        
Very truly yours,
Mr. Weera Louwitawat, (Ms. Laddawan Suwapradub)
EPCO Management Co. Ltd.
Plan Administrator


NATURAL PARK: Posts THB28,338,000 Net Loss in 1Q/2005
-----------------------------------------------------
Natural Park Public Company issued to the Stock Exchange of
Thailand (SET) a summary of its reviewed and consolidated
financial statement for the period ending March 31, 2005.

Reviewed Quarterly Financial Statements (In thousands)
Ending 31 March, Quarter 1   

Year                      2005              2004

Net profit (loss)      (28,338)          (79,584)

EPS (baht)             (0.0035)          (0.01)

Type of report: Unqualified Opinion

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

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

Mr. Sermsin Samalapa and Mr. Paisarn Tangyuenyong
Director

CONTACT:

Natural Park Public Company Limited   
Address: 88 Soi Klang (Sukhumvit 49),
Sukhumvit Road, Wattana, Bangkok
Telephone: 0-2259-4800-11   
Fax: 0-2259-4819, 0-2259-4815   


R.S. PROMOTION: Unveils Resolutions Passed at BOD Meeting
---------------------------------------------------------
R.S. Promotion issued to the Stock Exchange of Thailand (SET)
the material resolutions passed at the Board of Directors
meeting held on May 16, 2005 at 4:00 p.m.

(1) Adopted the Minutes of Board of Directors Meeting No.
1/2005.

(2) Acknowledged the Audit Committee's report.

(3) Acknowledged the operating results for the first quarter
2005.

(4) Approved the Financial Statements for the first quarter
2005.

(5) Approved the capital increase of subsidiaries and approve
the dilution of shareholding in 99.99% owned subsidiaries as
following details:

(5.1) R.S. Television Co., Ltd.
      
(1) Transaction period: Within May 2005

(2) The general features of the transaction:
     
(2.1) Type of transaction: R.S. Television Co., Ltd. will
increase its registered capital from THB3,000,000 to
THB4,000,000 by issuing new 10,000 ordinary shares at the par
value of THB100 to the existing shareholders.

Due to the existing shareholders will not exercise their whole
rights, therefore the new issuing shares will be allocated to
R.S. Promotion Public Company Limited of 4,001 shares and Miss
Pattira Palawatvichai, the Managing Director of R.S. Television
Co. Ltd. of 5,999 shares.

(2.2) Basis used to determine the transaction size: Total asset
value criteria.
      
(2.3) Transaction size (%): 0.49%

(3) The details of assets:

(3.1) Securities of R.S. Television Co. Ltd. (ordinary shares)

General information: R.S. Television Co., Ltd.

Board of directors:

(1) Mr. Surachai Chetchotisak
(2) Miss Pornpan Rungruengbangchan
(3) Mr. Bannarong Pichyakorn
(4) Miss Pattira Palawatvichai

To view a full copy of the disclosure, click
http://bankrupt.com/misc/RSPromotion051905.pdf

CONTACT:

R.S. Promotion Public Company Limited
419/1 Chetchotisak Building Ladphrao
Bangkok, 10900
Thailand
Telephone: +66 2511 0555/ +66 2511 2324


TPI POLENE: Posts Additional Info on Financial Results
------------------------------------------------------
TPI Polene Public Company Limited provided the Stock Exchange of
Thailand (SET) information regarding the consolidated and the
Company's financial statements for the period ended March 31,
2005 reviewed by the auditor of the Company.

The net operating results and the reclassification of some
transactions presented in the audited financial statements have
no material change from those in the preliminary financial
statements submitted to you on April 19, 2005.
       
Please be informed accordingly.

Yours faithfully,
Mrs. Orapin Leophairatana
Senior Executive Vice President

CONTACT:

TPI Polene Public Company Limited   
26/56 New Jun Road,
Thungmahamek, Sathon Bangkok    
Telephone: 0-2678-5100, 0-2678-5000   
Fax: 0-2678-5001-5   
Web site: http://www.tpipolene.com
       
       

* Large Companies With Insolvent Balance Sheets
-----------------------------------------------

                                         Total
                                         Shareholders   Total
                                         Equity         Assets
  Company                      Ticker    ($MM)          ($MM)
  ------                       ------    ------------   ------


CHINA & HONG KONG
-----------------
Guangdong Sunrise-B            200030    (-177.22)     45.09
Guangdong Sunrise-A            000030    (-177.22)     45.09
Hainan Dadong-A                000613     (-5.15)      18.72
Hainan Dadong-B                200613     (-5.15)      18.72
Informatics Holdings Ltd         INFO       26.82      62.92
Shenzhen China Bicycles-B
Co., Ltd.                      200017    (-203.9)      52.16
Shenzhen China Bicycles-A
Co., Ltd.                      000017    (-203.9)      52.16


INDONESIA
---------
Barito Pacific Timber Tbk Pt    BRPT      (-62.86)     360.72
PT Smart Tbk                    SMAR      (-37.55)   427.98


MALAYSIA
--------

Kemayan Corp Bhd                KOP      (-393.11)      67.55
Panglobal Bhd                   PGL       (-50.36)     189.92

PHILIPPINES
-----------

Pilipino Telephone Co.          PLTL     (-159.78)     280.22

SINGAPORE
---------

Pacific Century Regional          PAC      -176.29    1050.46

THAILAND
--------

Asia Hotel PCL                  ASIA       (-30.12)     101.17
Asia Hotel PCL                  ASIA/F     (-30.12)     101.17
Bangkok Rubber PCL              BRC        (-57.12)      78.77
Bangkok Rubber PCL              BRC/F      (-57.12)      78.77
Central Paper Industry PCL      CPICO      (-37.02)      40.41
Central Paper Industry PCL      CPICO/F    (-37.02)      40.41
Circuit Elect PCL               CIRKIT     (-25.89)      61.3
Circuit Elect PCL               CIRKIT/F   (-25.89)      61.3
Datamat PCL                     DTM        (-1.72)       17.55
Datamat PCL                     DTM/F      (-1.72)       17.55
National Fertilizer PCL         NFC          70.66       142.61
National Fertilizer PCL         NFC/F        70.66       142.61
Siam Agro-Industry Pineapple
And Others PCL                  SAICO      (-14.71)      13.38
Siam Agro-Industry Pineapple
And Others PCL                  SAIC0/F    (-14.71)      13.38
Thai Wah Public
Company Limited-F               TWC        (-47.01)     158.87
Thai Wah Public
Company Limited-F               TWC/F      (-47.01)     158.87






                            *********


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

Troubled Company Reporter -- Asia Pacific is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Trenton, NJ
USA, and Beard Group, Inc., Frederick, Maryland USA. Lyndsey
Resnick, Ma. Cristina Pernites Lao, Faith Marie S. Bacatan,
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Copyright 2005.  All rights reserved.  ISSN: 1520-9482.

This material is copyrighted and any commercial use, resale or
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                 *** End of Transmission ***