TCRAP_Public/050524.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

             Tuesday, May 24, 2005, Vol. 8, No. 101

                            Headlines


A U S T R A L I A

II SISTERS: Receives Winding Up Order
A.C.N. 055 263 413: Court Appoints Liquidator
A.M. BUSINESS: To Declare Dividend May 27
AUSTRALIAN FOODS: Winding Up Application Dismissed
AWS AUSTRALIA: Members Agree to Wind Up Company

BI-CEN PTY: Court Names Geoffrey McDonald Official Liquidator
CORINDALE ENTERPRISES: Faces Winding Up Proceedings
DOUBLE SHOT: Creditors to Meet May 26
EDCOM REAL: Court Finds Former Liquidator Guilty of Fraud
FALCON SECURITY: To Declare Dividend June 17

FEATHERWOOD FILMS: Enters Winding Up Proceedings
FLOWCOM LIMITED: Delshore Proposes to Relist Shell
FOURSTICKS: Authorities Freeze Assets Sale
GRAN HIGH: Begins Winding Up Process
HERITAGE FINE: Investors May Shoulder Liquidation Costs

HILLS FITNESS: To Convene Final Meeting May 31
HILLS MOTORWAY: Offer Period for Takeover Bid Closes
HOLIDAYMAN PTY: Members, Creditors to Meet May 25
JAMES HARDIE: Changes Registered Office Address
KNIGHTS INSOLVENCY: Mulls Sale of Indian Ops

MIDDLESEX INVESTMENTS: Undergoes Voluntary Liquidation
MONOT INVESTMENTS: Members Resolve to Wind Up Company
RICO CONSULTING: Court Issues Winding Up Order
SANTOS LIMITED: Forecasts Strong Growth, Output
SENAMEX PTY: To Wind Up Voluntarily

SUNRO SEAFOOD: Lays Out Final Meeting Agenda
SUPA-LINK JACKPOT: Hires Official Liquidator
TRANSNORTH PTY: Picks Ernst & Young Liquidators


C H I N A  &  H O N G  K O N G

AGRICULTURAL BANK: NAO Starts Overall Audit
BANK OF CHINA: Opens Shenzhen Baoan Sub-branch
CHINA CONSTRUCTION: Taps International Investors
E-LIFE INTERNATIONAL: Details Restructuring Scheme
FINEMOST INDUSTRIES: Enters Bankruptcy Proceedings

JILIN CHEMICAL: Unveils May 20 AGM Resolutions
JINHUI HOLDINGS: Passes EGM Resolutions
JINHUI HOLDINGS: Updates Odd Lot Arrangement
RBG GLOBAL: Receives Winding Up Order
SINO TRADE: Court Orders Winding Up

STEEL CASTLE: Enters Bankruptcy Proceedings
SURPLUS TRADER: Begins Winding Up Process
* Jones Day Adds Litigation Partner to its Hong Kong Team


I N D O N E S I A

BANK MANDIRI: IDR2.8 Trillion Bonds Up for Another Review
GARUDA INDONESIA: Pursues Aircraft Purchase Talks With Boeing
PERTAMINA: May Extend ExxonMobil's Cepu Field Contract


J A P A N

HIGUCHI GUMI: Enters Bankruptcy
JAPAN AIRLINES: Plans to Suspend Saipan Flights
KOBE STEEL: To Form Direct Reduced Iron Venture in China
MISAWA HOMES: Widens FY/2004 Net Loss to JPY203.33 Bln
MITSUBISHI MOTORS: Unveils FY/2004 Full-year Results

MITSUBISHI MOTORS: Forecasts Regional Sales Volume for 2005
MITSUBISHI MOTORS: Details FY/2005 Operational Plans
MITSUBISHI MOTORS: Sees FY/2005 JPY64 Bln Net Loss
NIPPON OIL: Swings to JPY131.52 Bln Profit
OLYMPUS CORPORATION: Launches New Camedia C-180

SOFTBANK CORPORATION: JCR Assigns BBB to Bonds
TONE GEO: Begins Bankruptcy Proceedings


K O R E A

DAEWOO PRECISION: Creditor Reopens Stake Sale


M A L A Y S I A

AKTIF LIFESTYLE: Extends MOU Duration to May 31
GOLDEN FRONTIER: Buys Back 1,000 Shares
I-BERHAD: Posts Notice of Shares Buy Back
LION CORPORATION: To List Additional Shares Soon
LION INDUSTRIES: Unveils Executive Share Option Scheme

MMC CORPORATION: Dissolves Dormant Unit in Reorganization
MYCOM BERHAD: Discloses Q3/FYO5 Results
PAN MALAYSIA: Repurchases More Shares
PANTAI HOLDINGS: Issues Shares Buy Back Notice
SEAL INCORPORATED: Net Loss Widens in First Quarter


P H I L I P P I N E S

LILIAN EXPRESS: 400 Lose Jobs on Closure
MANILA ELECTRIC: Says it Can Pay Php2.1-Bln Debt Due This Year
MANILA ELECTRIC: Tax Bureau to Collect Php4 Bln
MAYNILAD WATER: Receiver Confident BSP Will OK Debt Deal
NATIONAL BANK: Approves BOD Nominees List

NATIONAL HOME: Pays Php119.6-Mln Loan to SSS
PACIFIC PLANS: Woes Spill Out Into Former Unit


S I N G A P O R E

GREATRONIC LIMITED: Court Puts Off Judicial Management Petition
IRE CORPORATION: Updates Debt, Equity Restructuring
MILLENNIUM-WESTMONT: Receiving Proofs of Debt Until June 3
MORLEY FUND: Creditors Should Prove Claims by June 20
POWEN AUTOMATION: Creditors Given Until June 10 to Prove Claims

NEOCORP INTERNATIONAL: Unit Served with Winding Up Order
THAKRAL CORPORATION: Books SG$18.5Mln in Net Profit


T H A I L A N D

CENTRAL PAPER: Issues Additional Information on FS
EASTERN PRINTING: Releases Summary of 1Q/2005 FS
NATURAL PARK: Total Assets Reach THB16,539.77Mln as of 1Q/2005
THAI HEAT: Issues Convertible Preferred Shares
BOND PRICING: For the Week 23 May to 27 May 2005

     -  -  -  -  -  -  -  -

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

II SISTERS: Receives Winding Up Order
-------------------------------------
On April 5, 2005 the Supreme Court made an Order that II Sisters
Pty Limited (In Liquidation) trading as Marcias Lunch & Brunch
A.C.N. 108 551 471 be wound up and appointed Mark Roufeil to be
Official Liquidator.

Mark Roufeil
Gavin Thomas & Partners
Level 9, 31 Market Street,
Sydney


A.C.N. 055 263 413: Court Appoints Liquidator
---------------------------------------------
On April 1, 2005 the Supreme Court of New South Wales made an
Order that A.C.N. 055 263 413 Pty Limited (In Liquidation)
formerly known as Sportsfile Pty Limited A.C.N. 055 263 413 be
wound up by the Court and appointed Stephen James Parbery to be
Liquidator.

Dated this 4th day of April 2005

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


A.M. BUSINESS: To Declare Dividend May 27
-----------------------------------------
A first and final dividend is to be declared on May 27, 2005 for
A.M. Business Solutions Pty Limited (In Creditors' Voluntary
Liquidation) A.C.N. 077 423 600.

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

Dated this 5th day of April 2005

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


AUSTRALIAN FOODS: Winding Up Application Dismissed
--------------------------------------------------
The Australian Securities and Investments Commission (ASIC) has
obtained orders from the Supreme Court of Western Australia to
dismiss its winding up application in respect of Australian
Foods Company Pty Ltd (AFC) (In Liquidation).

ASIC sought the orders on the basis that the Supreme Court of
South Australia had ordered that AFC be wound up and appointed
Mr. Alan Scott of Sims Partners as liquidator of AFC. The orders
in South Australia were made in proceedings commenced after
ASIC's application was filed in Western Australia.

The orders obtained by ASIC on May 12, 2005 also provide that
Mr. Barry Honey, of McGrath Nicol and Partners, remain as the
receiver and manager of AFC until further orders are made.

Mr. Honey was originally appointed receiver and manager of AFC
on 29 October 2004 following an application by ASIC.

AFC is a Perth-based trader that purchased and exported grain.
The sole director of AFC is Mr. Pavan Shivnani.

CONTACT:

Australian Foods Company Pty Ltd.
Level 9, Septimus Roe Square,
256 Adelaide Terrace, Perth 6000
Western Australia
Phone: 0061 8 9225 4988
Fax: 0061 8 9225 6392
E-mail: info@australianfoods.com
Web site: http://www.australianfoods.com.au


AWS AUSTRALIA: Members Agree to Wind Up Company
-----------------------------------------------
At an Extraordinary General Meeting of AWS Australia Pty Limited
(In Liquidation) - Members' Voluntary, held on April 7, 2005,
the Company's members resolved to wind up the Company
voluntarily and to appoint Keiran Hutchison and John Gibbons of
Ernst & Young, Level 37, 680 George Street Sydney NSW 2000 as
Liquidators of the Company.

Dated this 19th day of April 2005

Keiran Hutchison
John Gibbons
Liquidators
Ernst & Young
Level 37, 680 George Street,
Sydney NSW 2000
Telephone: (02) 9248 5555


BI-CEN PTY: Court Names Geoffrey McDonald Official Liquidator
-------------------------------------------------------------
On March 31, 2005 the Supreme Court of New South Wales made an
order that Bi-Cen Pty Ltd (In Liquidation) A.C.N. 000 781 395 be
wound up in insolvency under the provisions of the Corporations
Act 2001, and appointed Geoffrey McDonald as official liquidator
of the Company.

Dated this 6th day of April 2005

Geoffrey Mcdonald
Hall Chadwick
Level 29, 31 Market Street,
Sydney NSW 2000
Telephone: (02) 9263 2600
Facsimile: (02) 9263 2800


CORINDALE ENTERPRISES: Faces Winding Up Proceedings
---------------------------------------------------
Notice is hereby given that at a general meeting of members of
Corindale Enterprises Pty Ltd A.C.N. 001 074 586 held on April
7, 2005 it was resolved that the Company be wound up voluntarily
and that for such purpose Mr. Jeffrey Edward McKee, Certified
Practicing Accountant of PMK Partners, Suite 40, Victoria Park
Estate, 8 Victoria Avenue, Castle Hill, NSW, 2154, be appointed
Liquidator.

Dated this 7th day of April 2005

Jeffrey Edward Mckee
Liquidator
PMK Partners
Suite 40, Victoria Park Estate,
8 Victoria Avenue,
Castle Hill NSW 2154


DOUBLE SHOT: Creditors to Meet May 26
-------------------------------------
Take note that the affairs of The Double Shot Company Pty
Limited (In Liquidation) A.C.N. 083 904 867 are now fully wound
up and pursuant to Section 509(1) of the Corporations Act, a
meeting of the Company and its creditors will be held at the
offices of Burton Glenn Allen, Chartered Accountants, Level 2,
57 Grosvenor Street, Neutral Bay NSW 2089 at 10:00 a.m. on May
26, 2005.

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

Dated this 11th day of April 2005

Brian H. Allen
Peter G. Burton
Liquidators
Burton Glenn Allen
Chartered Accountants
Level 2, 57 Grosvenor Street,
Neutral Bay NSW 2089


EDCOM REAL: Court Finds Former Liquidator Guilty of Fraud
---------------------------------------------------------
An Adelaide District Court jury on Friday found Mr. John
Henderson Jackson, a former Adelaide based liquidator, guilty of
fraud following an investigation by the Australian Securities
and Investments Commission (ASIC) into his conduct as a receiver
and manager of Edcom Real Estate Pty Ltd (Edcom).

Mr. Jackson was found guilty of five counts of fraudulently
converting a total of AU$26,190 for his own use and benefit.

It was alleged that in about October 1995, Mr. Jackson received
over AU$79,000 as receiver and manager of Edcom, which was
deregistered on 10 July 1999.

It was further alleged that between September 1999 and April
2000, Mr. Jackson fraudulently transferred AU$62,050 in seven
transactions to his personal bank accounts and used the money
for his own use or benefit, including for the purchase of land
on Hindmarsh Island.

The judge found that Mr. Jackson was entitled to take about
AU$46,000 on account of fees owing to Pannell Kerr Forster, a
chartered accounting firm of which he was a partner until April
1994 and a consultant until August 1994, and directed his
acquittal on two charges.

On 15 January 2001, during the course of ASIC's investigation,
Mr. Jackson resigned his positions as both an official and
registered liquidator.

"Liquidators have important responsibilities and are placed in
positions of trust and reliability, particularly where
creditors, employees or customers are concerned. ASIC will not
hesitate to pursue those who blatantly misuse their positions of
trust for their own benefit," ASIC's Deputy Executive Director
of Enforcement, Mr. Allen Turton said.

Mr. Jackson has been remanded on continuing bail for sentencing
in the District Court in Adelaide on 1 July 2005.

The matter is being prosecuted by the Commonwealth Director of
Public Prosecutions.


FALCON SECURITY: To Declare Dividend June 17
--------------------------------------------
A first and final dividend is to be declared on June 17, 2005
for Falcon Security Guard Services Pty Limited (In Liquidation)
A.C.N. 082 196 272.

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

Dated this 11th day of April 2005

P. Hillig
Liquidator
Smith Hancock
Chartered Accountants
Level 4, 88 Phillip Street,
Parramatta NSW 2150


FEATHERWOOD FILMS: Enters Winding Up Proceedings
------------------------------------------------
Notice is hereby given that at a general meeting of members of
Featherwood Films Pty Limited (In Liquidation) A.C.N. 084 636
028, held on April 4, 2005 it was resolved that the Company be
wound up voluntarily and that Schon G. Condon and Bruce Gleeson,
of Jones Condon Chartered Accountants, Level 1 34 Charles Street
Parramatta NSW, be appointed Joint Liquidators for the purposes
of such winding up.

Dated this 5th day of April 2005

Schon G. Condon
Bruce Gleeson
Joint Liquidators
c/- Jones Condon
Chartered Accountants
Telephone: (02) 9893 9499


FLOWCOM LIMITED: Delshore Proposes to Relist Shell
--------------------------------------------------
Flowcom Limited's co-administrator RW Whitton of Lawler Partners
released a summary of the main terms of the Deed of Company
Arrangement which incorporated the proposal of Delshore Nominees
Pty Ltd to relist the Company shell.

Mr. Whitton said in his statement to the ASX on May 16, 2005
that Flowcom's creditors accepted Delshore's proposal at a
meeting on August 10, 2004. The deed of Company arrangement
stated that Delshore would pay AU$700,000 for the Company's debt
following which the deed would terminate and the administrators,
Mr. Whitton and Adrian Duncan, would act as trustees for
Flowcom's creditors; and that the trustees would distribute the
funds received from Delshore.

The funds would be distributed in the following preferential
order: payment of administration liabilities; payment of
employee entitlements; payment of AU$100,000 to the unsecured
creditors; and payment of an agreed amount to the secured
creditor Crown Financial Pty Ltd, with any remaining balance to
be paid to the Company.

Mr. Whitton further said in his statement that upon acquisition
of Flowcom, Delshore would launch a share capital raising of at
least AU$1.2 million at AU$0.01 a share.


FOURSTICKS: Authorities Freeze Assets Sale
------------------------------------------
The administrators of collapsed software developer Foursticks
were banned by federal authorities from selling Company assets,
The Australian says.

The Australian Government Solicitor has filed an injunction
before the Federal Court on behalf of the department's
AusIndustry unit to prevent Foursticks administrators acting on
an offer to buy the assets.

The government agency are using the courts to enforce repayment
of a AU$987,000 concessional loan made as part of the
department's R&D Start funding in May last year.

When Foursticks declared insolvency last month, the department
had no choice but to act on behalf of taxpayers to enforce
repayment through the courts.

AusIndustry will seek full repayment of the loan, and is
negotiating with the administrator to ensure the debt is passed
as a liability to the buyer of the Foursticks assets.

The Adelaide technology Company, which develops network
performance software and attracted IBM as an equity investor and
Global reseller, called in administrators Michael Basedow and
Tarquin Koch of MHM last month.

The administrators said Foursticks had liabilities of AU$2.15
million and, excluding the value of its intellectual property,
had assets of about AU$260,000.

MHM said it had been unable to value the Foursticks intellectual
property, and the value would remain unknown until it was sold.

MHM blamed the Foursticks failure to a series of problems
ranging from poor sales performance to cash-flow problems and a
notification by AusIndustry on April 15 that it would not
approve an application for a further grant.

CONTACT:

Foursticks
Level 16, 33 King William St
Adelaide, South Australia, 5000
Phone: +61 8 8111-4300
Fax: +61 8 8111-4399
Web site: http://www.foursticks.com/


GRAN HIGH: Begins Winding Up Process
------------------------------------
On March 7, 2005 the Supreme Court of New South Wales made an
Order that Gran High Tops Pty Ltd (In Liquidation) be wound up
by the Court and appointed A. R. Nicholls to be Liquidator.

A. R. Nicholls
Official Liquidator
c/- Nicholls & Co
Chartered Accountants
Suite 6, 459 Peel Street,
PO Box 271 Tamworth NSW 2340


HERITAGE FINE: Investors May Shoulder Liquidation Costs
-------------------------------------------------------
The liquidator of failed Heritage Fine Wines demanded that
investors pay around AU$1 per bottle to cover his costs and
expenses, Daily Telegraph reports.

Nick Crouch of Crouch Insolvency disclosed in a circular that
Heritage Fine Wines had between 1.2 and 1.5 million bottles
worth up to AU$80 million. Of the total amount, Mr. Crouch was
hopeful 80 percent could be returned to investors.

However, Mr. Crouch fears that it will take several months for
the reconciliation process to be completed. Thus, he proposed
that the costs be made up by investors and said he would apply
to the Supreme Court for authority to levy a fee of about AU$1
per bottle.

Mr. Crouch, who replaced accountant Peter Ngan as liquidator
earlier this month, said he has consented to a court order that
he would not sell, dispose of or part with any of the wine on
stock.

He said no wine will be released to any investor until the
appropriate time.


HILLS FITNESS: To Convene Final Meeting May 31
----------------------------------------------
Notice is given pursuant to Section 509 of the Corporations Act
that a meeting of the members and creditors of Hills Fitness
Spring Pty Limited (In Liquidation) A.C.N. 074 799 965 will be
held at the offices of Smith Hancock Chartered Accountants,
Level 4, 88 Phillip Street, Parramatta, NSW 2150, on May 31,
2005, at 11:00 a.m., for the purpose of having an account laid
before them showing the manner in which the winding up has been
conducted and the property of the Company disposed of and of
hearing any explanations that may be given by the Liquidator.

Dated this 6th day of April 2005

M. J. M. Smith
Liquidator
Smith Hancock
Chartered Accountants
Level 4, 88 Phillip Street,
Parramatta NSW 2150


HILLS MOTORWAY: Offer Period for Takeover Bid Closes
----------------------------------------------------
On January 31, 2005, Transurban announced a takeover offer for
all the securities in Hills Motorway Group. The offer period of
the takeover bid for Hills closed at 10:00 p.m. (Melbourne time)
last Friday, May 20, 2005.

After the close of the offer period, Transurban and its
associates have a relevant interest in 98.38 percent of Hills
securities.

As previously announced to the Australian Stock Exchange (ASX),
Transurban is in the process of compulsory acquiring the
outstanding Hills securities.

CONTACT:

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


HOLIDAYMAN PTY: Members, Creditors to Meet May 25
-------------------------------------------------
Notice is given pursuant to Section 509 of the Corporations Act
that a final meeting of the members and creditors of Holidayman
Pty Limited (In Liquidation) A.C.N. 090 137 670 will be held at
the offices of Lawler Partners, 763 Hunter Street, Newcastle
West NSW 2302 on Monday, May 25, 2005 at 11:30 a.m., for the
purpose of having an account laid before them showing the manner
in which the winding up has been conducted and the property of
the Company disposed of and hearing any explanations that may be
given by the Liquidator.

Dated this 5th day of April 2005

R. G. Tolcher
Liquidator
Lawler Partners
Chartered Accountants
763 Hunter Street,
Newcastle West NSW 2302


JAMES HARDIE: Changes Registered Office Address
-----------------------------------------------
Please be advised that James Hardie Industries has changed the
address of its registered office in The Netherlands.

The new registered office address is as follows:

8th Level, Atrium, Unit 04-07
Strawinskylaan 3077
1077 ZX Amsterdam
The Netherlands

PIM VLOT
Company Secretary


KNIGHTS INSOLVENCY: Mulls Sale of Indian Ops
--------------------------------------------
Failed insolvency services provider Knights Insolvency
Administration Ltd. has decided to dispose of its Indian
business, according to Asia Pulse.

The Queensland-based firm has agreed to sell off its Indian
international operations to entities associated with its former
managing director John Schmierer and Bill O'Chee at a minimum
purchase price of AU$200,000 (US$152,040) payable on completion
and another AU$550,000 payable over three years from completion.

The purchase price is performance-based.

Knights opted to divest the international business since it had
been unprofitable and was a cash-drain to existing operations.

CONTACT:

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


MIDDLESEX INVESTMENTS: Undergoes Voluntary Liquidation
------------------------------------------------------
Notice is hereby given that at a general meeting of the members
of Middlesex Investments Pty Limited (In Liquidation) A.C.N. 000
603 118 held on April 8, 2005 it was resolved that the Company
be wound up voluntarily and that, Paul Andrew Billingham,
Chartered Accountant of Grant Thornton, Level 17, 383 Kent
Street, Sydney NSW 2000 be nominated to act as Liquidator for
the purpose of the winding up.

Dated this 11th day of April 2005

P. A. Billingham
Liquidator
Grant Thornton
Level 17, 383 Kent Street,
Sydney NSW 2000


MONOT INVESTMENTS: Members Resolve to Wind Up Company
-----------------------------------------------------
Notice is hereby given that at an Extraordinary General Meeting
of members of Monot Investments Pty Ltd (In Liquidation) A.C.N.
007 065 689, held on April 1, 2005 it was resolved that the
Company be wound up voluntarily and at a meeting of creditors
held on the same day it was resolved that for such purpose,
Andrew McLellan of PPB, Chartered Accountants, Level 10, 90
Collins Street, Melbourne, be appointed as Liquidator.

Dated this 7th day of April 2005

Andrew Mclellan
Liquidator
PPB
Chartered Accountants
Level 10, 90 Collins Street,
Melbourne Vic 3000


RICO CONSULTING: Court Issues Winding Up Order
----------------------------------------------
On April 5, 2005 the Supreme Court of New South Wales made an
Order that Rico Consulting Pty Ltd (In Liquidation) A.C.N. 087
739 642 be wound up by the Court and appointed me to be
Liquidator.

Dated this 5th day of April 2005

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


SANTOS LIMITED: Forecasts Strong Growth, Output
-----------------------------------------------
Santos Limited is positive it will boost this year's exploration
spending by 11 percent amid diversification from its core Cooper
Basin assets, reports Dow Jones Newswires.

The Australian energy group forecast that production will grow
10 percent next year as it brings online new oil and gas
projects in Australia and Indonesia.

Chief Executive John Ellice-Flint said the Company expects to
meet its production forecasts of around 54 million barrels of
oil equivalent this year, compared with 47 million barrels in
2004, with a further increase of at least 10 percent next year.

Analysts said the forecasts confirm Santos is steadily
rebuilding from an explosion early last year at its Moomba gas
plant in central Australia that cut production.

Mr. Ellice-Flint said Santos will beef up this year's
exploration budget to AU$170 million for the drilling of 28
exploration wells.

Santos plans to start four new projects during the next 12
months, including two domestic Australian gas ventures, the
Bayu-Undan liquefied-natural-gas project in the Timor Sea and
the US$115 million Oyong oil and gas field offshore Indonesia.

The firm's biggest recent exploration success is the Jeruk oil
field offshore Indonesia, where the Company plans to drill
additional appraisal wells, possibly starting in the fourth
quarter."

CONTACT:

Santos Limited
Ground Floor, Santos
House, 91 King William Street,
Adelaide, S.A. 5000
Web site: http://www.santos.com.au/


SENAMEX PTY: To Wind Up Voluntarily
-----------------------------------
Notice is hereby given that at a meeting of Senamex Pty Limited
(In Liquidation) A.C.N. 073 845 253 held on April 7, 2005 the
following Special Resolution was passed:

That as the Company is unable to pay its debts as and when they
fall due, the Company be wound up voluntarily and that Daniel
Civil and Peter Rodgers be appointed Joint Liquidators for the
purpose of such winding up.

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


SUNRO SEAFOOD: Lays Out Final Meeting Agenda
--------------------------------------------
Notice is given under Section 509(2) of the Corporations Act
2001 that a postponed final meeting of members and creditors of
Sunro Seafood Sales Pty Ltd (In Liquidation) A.C.N. 003 107 159
will be held at CatalystEffect Level 9, 1 Chandos Street, St
Leonards NSW 2065 on May 31, 2005 at 11:00 a.m.

AGENDA

(1) To receive a report from the Liquidator, being an account of
his acts and dealings and the conduct of the winding up during
the period of the liquidation ending on 30th April 2005.

(2) To consider any other business brought before the meeting.

David C. Owen
Liquidator
c/- CatalystEffect
Level 9, 1 Chandos Street,
St Leonards NSW 1590


SUPA-LINK JACKPOT: Hires Official Liquidator
--------------------------------------------
Notice is hereby given that at a general meeting of the members
of Supa-Link Jackpot Pty Limited (In Liquidation) A.C.N. 074 618
345 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


TRANSNORTH PTY: Picks Ernst & Young Liquidators
-----------------------------------------------
At an Extraordinary General Meeting of and Transnorth Pty
Limited (In Liquidation)- Members' Voluntary, held on April 7,
2005 the Company's members resolved to wind up the Company
voluntarily and to appoint Keiran Hutchison and John Gibbons of
Ernst & Young, Level 37, 680 George Street Sydney NSW 2000 as
Liquidators of the Company.

Dated this 19th day of April 2005
Keiran Hutchison
John Gibbons
Liquidators
Ernst & Young
Level 37, 680 George Street,
Sydney NSW 2000
Telephone: (02) 9248 5555


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C H I N A  &  H O N G  K O N G
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AGRICULTURAL BANK: NAO Starts Overall Audit
-------------------------------------------
The National Audit Office (NAO) has launched an overall audit on
the Agricultural Bank of China (ABC), one of China's "Big Four"
state-owned commercial banks, Xinhuanet reports.

The move will help the bank find internal problems and create
the conditions for its future listing. The audit is expected to
be completed by November 20, 2005.

The audit work on debt-laden ABC will be focused on risk
control, management and profit, aiming to regularize management,
reduce loopholes and prevent risks.

The treasury injected US$45 billion in the Bank of China (BOC)
and China Construction Bank (CCB) at the end of 2003, each of
which got US$22.5 billion. This year a total of US$15 billion of
the country's foreign exchange was allocated to the Industrial
and Commercial Bank of China (ICBC) for its reform.

China, however, will not start the joint-stock reform on the ABC
until it develops an overall reform plan on rural finance
system.

CONTACT:

Agricultural Bank of China
Beijing, China
Phone: 86 10 6845 8621
Fax: 86 10 6829 7160
Web Site: http://www.abchina.com
E-mail: zhlqp@intl.abocn.com


BANK OF CHINA: Opens Shenzhen Baoan Sub-branch
----------------------------------------------
Bank of China (Hong Kong) Limited (BOCHK) announced the opening
of its Shenzhen Baoan Sub-branch to provide comprehensive and
quality financial products and services to retail and corporate
customers in Baoan District, Shenzhen.

BOCHK is the first foreign bank to establish a sub-branch in the
area beyond the checkpoints connecting Shenzhen Special Economic
Zone (SEZ).

The opening ceremony was officiated by Mr. Gao Yingxin, Deputy
Chief Executive, and Mr. Chow Chak Chee, General Manager of
China Business Head Office, BOCHK.

About 200 guests, including Mr.Chen Ying Chun, deputy mayor of
Shenzhen municipality, other Shenzhen government officials,
fellows from the financial sectors and BOCHK's customers,
attended the ceremony. Addressing the audience at the ceremony,
Mr. Chow Chak Chee said, "BOCHK is a leading listed banking
group in Hong Kong.

BOCHK is not only the first foreign bank to establish sub-
branches in Shenzhen, but also have the largest number of
branches and sub-branches among the foreign banks in this
municipality. To better serve its customers in area beyond the
check points connecting Shenzhen economic zone, it will relocate
its Luohu Sub-branch (one of our three branches and sub-branches
in Shenzhen) to Baoan and rename it as Shenzhen Baoan Sub-
branch.

BOCHK therefore becomes the first foreign bank to establish a
sub-branch in area beyond the checkpoints connecting Shenzhen
SEZ, which marks another new development for its China-related
business.

"China's economy continues to grow steadily and rapidly. With
its vast rich potential, the Mainland market remains one of our
major business focuses. Shenzhen has always been ranked the top
in the Mainland of China in terms of economic growth, while
financial service is one of its three pillar industries. In line
with the tremendous growth of Shenzhen, BOCHK has expanded its
service team to provide comprehensive and quality banking
services to corporate and retail customers there."

As at today, BOCHK has three branches and sub-branches in
Shenzhen, namely Shenzhen Branch, Shenzhen Futian Sub-branch and
Shenzhen Baoan Sub-branch, all of which are committed to
supporting the development of financial industry in Shenzhen.
The newly opened Shenzhen Baoan Sub-branch is located at Unit
108, Xushida Garden, Xin An Si Road, Baoan District 34-2,
Shenzhen.

The three branches and sub-branches provide diverse banking
services to customers in Shenzhen. These services include
foreign currency and RMB banking services, insurance agency and
financial derivatives services. In the time ahead, BOCHK will
continue to capitalise on its unique China business edge to
expand and accelerate development in order to better serve
customers in the Mainland.

About Bank of China (Hong Kong) Limited

Bank of China (Hong Kong) Limited (BOCHK), established on 1
October 2001, is a leading commercial banking group in Hong
Kong. With about 280 branches and 450 ATMs and other
distribution channels in Hong Kong, it offers a comprehensive
range of financial products and services to retail and corporate
customers. BOCHK is one of the three bank note issuing banks in
Hong Kong and serves as a Chairman Bank of the Hong Kong
Association of Banks on a rotational basis. In addition, BOCHK
has 14 branches and sub-branches in the Mainland of China to
provide cross-border banking services to customers in Hong Kong
and the Mainland.

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

This is a Company press release.


CHINA CONSTRUCTION: Taps International Investors
------------------------------------------------
Bank of America, America's second largest bank, has signed a
memorandum of understanding to take a strategic stake in China
Construction Bank (CCB), The Economist has learned.

CCB, the first China's big four state lenders to attract foreign
investors, is also in advanced talks with Temasek, the Singapore
government's investment agency.

Talks are ongoing, but sources indicate that both parties could
be seeking a 5% stake in CCB, representing an investment of
between $1.5 billion-2 billion.

If successful, the deals would represent a big vote of
confidence in the bank, making the international IPO in 2005
much more likely. The flotation, planned to take place in Hong
Kong and Shanghai and expected to raise $4 billion-5 billion,
would involve close to 15% of CCB's shares, valuing the group at
around $30 billion, say people close to the talks.

The world's banks are attracted by China's huge potential, but
have been reluctant to invest much, given the local banks'
weighy non-performing loans (NPLs), poor corporate governance
and opaque accounts.

Ken Lewis, Bank of America's chief executive, has said that he
is interested in investing $1 billion-2 billion in Chinese bank
as part of a broader, strategic partnership that could include,
for example, a credit card joint venture on the mainland.

Gyo Shaqing, CCB's new chairman, said this week he was confident
that CCB could complete its floatation this year.

The Chinese bank is still talking to other banks and private
equity firms.

CONTACT:

Eileen Wise-PR Manager
St. Jame's St, London SW1A 1HG
Phone: +44-20-7576-1046
Fax: +44-20-930-2340
Switchboard: +44-20-7830-7000
Email: Eileenwise@economist.com
Web site: www.economist.com

Asia Pacific PR Contact
Jo Osborn-The Consultancy Limited
9B Carfield Commercial Building, 75-77 Wyndham Street
Central, Hong Kong
Phone: +852-3114-6336
Fax: +852-3114-6166
E-mail: josborn@consultancy-pr.com.hk
Web site: http://www.economist.com/mediadirector/


E-LIFE INTERNATIONAL: Details Restructuring Scheme
--------------------------------------------------
The controlling shareholder E-LIFE International Limited (to be
formally renamed as China Best Group Holding Limited) is Best
Chance Holdings Limited. Best Chance recently effected certain
restructuring, details of which are disclosed below.

Mr. Wang's attributable interest in the Company did not change
despite such restructuring.

The directors of the Company who were parties to the
restructuring exercise made filings pursuant to the Securities
and Futures Ordinance (SFO). Additional information regarding
such restructuring is set out in this announcement for the
information of shareholders and investors.

Best Chance's interest in the shares of the Company:

As at the date of this announcement, and based on the register
of interests in shares maintained by the Company under section
336 of the SFO, Best Chance is the beneficial owner of
2,113,872,000 shares (Share(s)) of the Company, representing
about 40.03% of existing issued share capital of the Company.

Mr. Wang Jian Hua, the Chairman of the Company, is the sole
beneficial owner of Best Chance.

Shareholdings in Best Chance immediately before the
restructuring Prior to 6 May 2005, Best Chance beneficially
owned 2,256 million Shares (about 42.72% of the Company's issued
capital). Best Chance was, in turn, owned by the following:

Mr. Wang: 93.7% - Mr. Ng Tang, a director of the Company (Mr.
Ng): 3.8%

Mr. Bao Wen Bin, a former director of the Company (Mr. Bao):
2.5%.

Restructuring of Best Chance on 6 May 2005:

On 6 May 2005, Best Chance effected a buyback of its own shares
from two of its then shareholders, Mr. Ng and Mr. Bao. The
buyback was effected through a distribution of a total of
142,128,000 Shares, being the attributable interests of Mr. Ng
and Mr. Bao in the Shares held by them through Best Chance.

The distribution was made to companies wholly owned by Mr. Ng
and Mr. Bao individually in proportion to their then respective
shareholdings in Best Chance. Following completion of the
buyback and distribution, the 2,256 million Shares originally
held by Best Chance became held by Best Chance and the following
persons:

Mr. Wang: 2,113,872,000 Shares (about 40.03% of the Company's
issued capital) (these Shares are held through Best Chance,
which became wholly-owned by Mr. Wang on completion of the
buyback)

Mr. Ng: 85,728,000 Shares (about 1.62% of the Company's issued
capital) (at the direction of Mr. Ng, then being distributed to
Power Win Group Limited (see note 2 to the table below))

Mr. Bao: 56,400,000 Shares (about 1.07% of the Company's issued
capital) (at the direction of Mr. Bao, then being distributed to
Trifirst Investments Limited (see note 3 to the table below))

Following the above buyback and distribution of Shares, Mr. Wang
wholly owned Best Chance. The purpose for the buyback and
distribution was to enable each of the minority shareholders,
Mr. Ng and Mr. Bao, to directly hold his own attributable
interest in the Company previously held through Best Chance. Mr.
Bao tendered his resignation as director of the Company on 5 May
2005 for his personal reason and his resignation was approved
and accepted by the Board with effect from 6 May 2005.

Dealings by Mr. Wang, Mr. Ng and Mr. Bao in shares of the
Company since the restructuring Mr. Wang has confirmed to the
Company that, up to the date of this announcement, Best Chance
has not disposed of any of the Shares which it held immediately
after the above buyback and distribution. Mr. Ng has confirmed
that he has not disposed of any of the Shares distributed to him
by Best Chance.

The Company has been notified by Mr. Bao that he had disposed of
a total of 5,000,000 Shares (about 0.09% of the Company's issued
capital) since May 6, 2005. (The 5,000,000 Shares disposed of by
Mr. Bao were acquired by him following an exercise of options
held by him under the Company's share option scheme, and were
not part of the Shares distributed to him by Best Chance.)

By Order of the Board
E-LIFE International Limited
Wang Jian Hua
Chairman
Hong Kong, 20 May 2005

CONTACT:

E-Life International Limited
3412-13, Convention Plaza Office Tower
1 Harbour Road
Wanchai, Hong Kong
Phone: 23640201
Fax: 27642967


FINEMOST INDUSTRIES: Enters Bankruptcy Proceedings
--------------------------------------------------
Finemost Industries Limited with registered office located at
Room 701-2, 7/F, Wayson Commercial House, 68-70 Lockhart 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 11, 2005.

Date of Presentation of Petition: February 23, 2005.

Dated this 20th day of May 2005.

ET O'Connell
Official Receiver


JILIN CHEMICAL: Unveils May 20 AGM Resolutions
----------------------------------------------
Jilin Chemical Industrial Company Limited held its 2004 Annual
General Meeting (the AGM) at No. 9 Longtan Street, Longtan
District, Jilin City, Jilin Province, the People's Republic of
China (the PRC) on May 20, 2005.

The annual general meeting was convened in accordance with the
articles of association of the Company and the relevant laws and
regulations of the PRC.

Shareholders or their proxies representing 3,275,369,499 shares
with voting rights and 91.98% of the Company's registered share
capital attended the AGM. The AGM was convened by the board of
directors (the Board) of the Company chaired by Mr. Yu Li,
Chairman of the Board. Voting by a show of hands was taken at
the AGM.

Upon approval by more than half of the shareholders (including
proxies) with voting rights who attended the AGM, the following
resolutions were passed as ordinary resolutions:

1. The approval of the 2004 report of the board of directors of
the Company;

2. The approval of the 2004 report of the supervisory committee
of the Company;

3. The approval of the 2004 audited financial statements of the
Company;

4. The approval of the profit appropriation plan for 2004 of the
Company;

5. The approval of the amount of the aggregate remuneration for
all of the directors of the Company for 2005, which is estimated
to be RMB666,000 (which includes RMB80,000 as the aggregate
remuneration for all of the independent non-executive
directors), and the approval of the amount of the aggregate
remuneration for all of the supervisors of the Company for 2005,
which is estimated to be RMB303,000;

6. The approval of the re-appointment of PricewaterhouseCoopers
(certified public accountants in Hong Kong) and
PricewaterhouseCoopers Zhong Tian CPAs Company Limited
(registered accountants in the PRC) as the Company's
international and domestic auditors respectively for 2005, and
to hold offices from the time the AGM has been concluded until
the conclusion of the 2005 annual general meeting, and
authorization of the Board to determine the remuneration of the
auditors for 2005.

Upon approval by more than two thirds of the shareholders
(including proxies) with voting rights who attended the AGM, the
following resolutions were passed as special resolutions:

7. The approval of the amendments to the articles of association
of the Company;

8. The approval of the amendments to the rules of procedure for
the general meetings of the shareholders of the Company and
adoption of the amended rules of procedure for the general
meetings of the shareholders as an appendix to the articles of
association of the Company;

9. The approval of the rules of procedure for the meetings of
the board of directors of the Company and adoption of the same
as an appendix to the articles of association of the Company;

10. The approval of the rules of procedure for the meetings of
the supervisory committee of the Company and adoption of the
same as an appendix to the articles of association of the
Company.

According to the requirements of the Standard Opinions on the
Shareholders' General Meetings of the Listed Companies (2000
Revised) issued by China Securities Regulatory Commission, Zhou
Ning from King & Wood, the PRC legal advisers to the Company,
attended the AGM and issued legal opinions that the procedures
for convening and holding AGM, the eligibility of persons who
attended the AGM and the procedures for voting at the AGM are in
compliance with provisions of the Company Law of the PRC, other
relevant laws and regulations of the PRC, the Rules Governing
the Listing of Stocks on Shenzhen Stock Exchange and the
articles of association of the Company, and all the resolutions
passed at the AGM are lawful and valid.

According to the Rules Governing the Listing of Stocks on
Shenzhen Stock Exchange, trading of A Shares of the Company on
the Shenzhen Stock Exchange was suspended on May 20, 2005 and
will resume on May 23, 2005.

By Order of the Board
Zhang Liyan
Company Secretary
Jilin, PRC
20 May, 2005

CONTACT:

Jilin Chemical Industrial Company Limited
No 9 Longtan Street Longtan District
Jilin City, Jilin Province 132021
CHINA
Phone: +86 432 390 3651
Fax: +86 432 302 8126


JINHUI HOLDINGS: Passes EGM Resolutions
---------------------------------------
Reference is made to the circular of Jinhui Holdings Company
Limited and the notice (EGM Notice) of the extraordinary general
meeting (EGM) of the Company held on May 20, 2005, both dated
April 22, 2005.

The Directors are pleased to announce that the ordinary
resolution (Ordinary Resolution) as referred to in the EGM
Notice relating to the Share Subdivision and the special
resolution (Special Resolution) as referred to in the EGM Notice
relating to the amendment of article 3 of the Articles of
Association of the Company were duly passed by Shareholders by
way of show of hands at the EGM.

The Share Subdivision will take effect from May 23, 2005 and the
board lot size of the Subdivided Shares will be changed to 1,000
Subdivided Shares in accordance with the timetable as set out in
the Circular.

By Order of the Board
Jinhui Holdings Company Limited
Ng Siu Fai
Chairman
Hong Kong, 20 May 2005

CONTACT:

Jinhui Holdings Co. Limited
1-6 Connaught Road West
Hong Kong
Phone: +852 2545 0951
Fax: +852 2541 9794


JINHUI HOLDINGS: Updates Odd Lot Arrangement
--------------------------------------------
The Hong Kong Stock Exchange has received a message from Jinhui
Holdings Company Limited, which is reproduced as follows:

"ARRANGEMENT ON ODD LOT TRADING

In order to facilitate the trading of odd lots of Subdivided
Shares for the existing odd lots of Shares, the Company will
appoint UOB Kay Hian (Hong Kong) Limited to act as the agent in
providing a "matching service" on a best efforts basis to those
Shareholders who wish to top-up or sell their holdings of odd
lots of the Subdivided Shares.

UOB Kay Hian (Hong Kong) Limited will provide the service to
match the sale and purchase of odd lots of Subdivided Shares
during the period from Monday, 23 May 2005 to Monday, 27 June
2005, both days inclusive.

Shareholders of Subdivided Shares in odd lots who wish to take
advantage of this facility either to dispose of or top-up their
odd lots to a board lot of 1,000 Subdivided Shares may, directly
or through their brokers, contact Ms. Kitty Y.C. Ho of UOB Kay
Hian (Hong Kong) Limited at Room 1501, 15th Floor, AON China
Building, 29 Queen's Road Central, Hong Kong, and at telephone
number (852) 2840 9692 during such period. Shareholders should
note that successful matching of the sale and purchase of odd
lots of Subdivided Shares is not guaranteed and will depend on
there being adequate amounts of odd lots of Subdivided Shares
available for such matching."


RBG GLOBAL: Receives Winding Up Order
-------------------------------------
RBG Global S.A. with registered office located at Pasea Estate,
P.O. Box 958, Road Town Tortola, British Virgin Islands was
issued a winding up notice by the High Court of the Hong Kong
Special Administrative Region Court of First Instance on May 9,
2005.

Date of Presentation of Petition: August 3, 2002.

Dated this 20th day of May 2005.

ET O'Connell
Official Receiver


SINO TRADE: Court Orders Winding Up
-----------------------------------
Sino Trade Asia Limited with registered office located at Unit
1401, 14/F, Ashley Centre, 23-35 Ashley Road, Tsimshatsui, Kolon
was issued a winding up notice by the High Court of the Hong
Kong Special Administrative Region Court of First Instance on
May 10, 2005.

Date of Presentation of Petition: July 29, 2004.

Dated this 20th day of May 2005.

ET O'Connell
Official Receiver


STEEL CASTLE: Enters Bankruptcy Proceedings
-------------------------------------------
Steel Castle Limited with registered office located at Rm 701-2,
7/F, Wayson Commercial House, 68-70 Lockhart 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 11, 2005.

Date of Presentation of Petition: February 23, 2005.

Dated this 20th day of May 2005.

ET O'Connell
Official Receiver


SURPLUS TRADER: Begins Winding Up Process
-----------------------------------------
Surplus Trader Limited with registered office located at Unit
1401, 14/F, Ashley Centre, 23-25 Ashley Road, Tsimshatsui, Kolon
was issued a winding up notice by the High Court of the Hong
Kong Special Administrative Region Court of First Instance on
May 10, 2005.

Date of Presentation of Petition: July 29, 2004.

Dated this 20th day of May 2005.

ET O'Connell
Official Receiver


* Jones Day Adds Litigation Partner to its Hong Kong Team
---------------------------------------------------------
Jones Day announced in April the appointment of Mr. Simon Powell
as a partner of the Firm's Hong Kong office. Mr. Simon joins
Jones Day from the Hong Kong office of Denton Wilde Sapte where
he was partner and head of the office's Reconstruction and
Insolvency Group. Ms. Joanna Tan, a litigation associate of
Denton Wilde Sapte, will also be joining Simon in the move.

Mr. Simon is recognized as a leading lawyer in Hong Kong for his
dispute resolution work and for his well-established insolvency
and corporate restructuring practice.  He has been active in
Asian restructuring and insolvency for many years, working
especially with insolvency practitioners, bankers, creditors,
corporates, and regulators.  More recently, Simon has been
focusing on contentious competition issues, in particular
concerning Hong Kong's telecommunications industry.  He also
advises on commercial dispute resolution work in the banking and
financial markets and in the field of corporate regulation and
investigation.  Mr. Simon is a Committee Member of the Hong Kong
Society of Accountants' Insolvency Interest Group.

Commenting on Mr. Simon's arrival, Ms. Barbara Mok, Partner-in-
Charge for Jones Day Hong Kong, said, "the recruitment of Simon
is part of our strategic plan to expand the Firm's fast growing
insolvency and restructuring practice internationally.  We have
a very successful bankruptcy and restructuring practice in the
U.S. and see great opportunity in this area both in Asia and in
Europe.   With his accomplished practice in Hong Kong, Simon
will help us take advantage of the opportunities that flow from
our leading position in this practice area in the United
States".

Commenting on his move, Mr. Simon said, "I am delighted to be
joining a firm whose commitment to client service is recognized
as being second to none.  This, and the vision of the Firm's
ambition in the Greater China region, is a large part of why I
decided to join Jones Day.  I am very much looking forward to
working closely with my new colleagues, both in Hong Kong and
overseas, to enhance Jones Day's already excellent reputation in
dispute resolution work in the region, as well as assisting in
the ongoing development of the international insolvency and
restructuring practice of the Firm".

ABOUT JONES DAY:

Jones Day is an international law firm with 29 locations in
centers of business and finance throughout the world.  With more
than 2,200 lawyers, it ranks among the world's largest law
firms.

At the 2003 Asian Legal Business Awards, the firm was named
International Law Firm of the Year and North American Law Firm
of the Year.

Jones Day acts as principal outside counsel to, or provides
significant legal representation for, more than half of the
Fortune Global 500 companies, as well as to a wide variety of
other entities and individuals.  Surveys repeatedly list Jones
Day as one of the firms most frequently engaged by U.S.
corporations and many of the firm's lawyers have achieved
international recognition in their disciplines.

In a survey of almost 200 corporate counsel at U.S. Fortune 1000
companies (Survey of Client Service Performance for Law Firms,
BTI Consulting, January 2004) Jones Day was ranked #1 for client
service by a margin of 35% over the second-place finisher.

CONTACT:

Business Development Manager, Jones Day, Hong Kong
Rebecca Dickson
Phone: 852.3189.7237
Fax: 852.2868.5871


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

BANK MANDIRI: IDR2.8 Trillion Bonds Up for Another Review
---------------------------------------------------------
State-owned Bank Mandiri may not push trough with a proposed
IDR2.84 trillion bond issue as it is subject to another review,
reports AFX News.

Newly appointed president Agus Martowaroyo said that the bonds
issue needs to be reviewed again. He stressed there is no need
to sell bonds if the review determines that the bank does not
require external funds.

Therefore, there is a big possibility that that the bonds issue
may likely be postponed.

The bonds issue, which has a five to ten-year maturity, was
planned to refinance the bank's IDR2.34 trillion debt that
matures next month. It had already been postponed from its
initial schedule from January to March this year.

Bank Mandiri had already chosen underwriters Deutsche Bank AG
and JP Morgan Chase & Co. to manage the sale.

The planned bonds issue is part of an IDR9.47 trillion set by
the central bank in 2002, of which Bank Mandiri has sold IDR1.9
trillion so far. The bank was scheduled to issue eurobonds worth
IDR1.42 trillion last year, but cancelled the sale as it felt it
had enough liquidity to continue operations.

CONTACT:

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


GARUDA INDONESIA: Pursues Aircraft Purchase Talks With Boeing
-------------------------------------------------------------
Garuda Indonesia will continue its negotiations with airline
Boeing to acquire six Boeing B777 and 18 Boeing B737 NG
airplanes, Asia Pulse reports.

The airplanes are estimated at a total value of IDR15.36
trillion.

According to Garuda president Emirsyah Satar, the Company plans
to look for leasing firms to help finance the aircraft purchase.

At present, Garuda Indonesia operates 57 airplanes, and has a
debt of IDR7.83 trillion, of which IDR4.96 trillion is owed to
the European Credit Agency. It also owes IDR1.05 trillion to
Bank Mandiri and IDR333.03 billion to state airport operators
Angkasa Pura I & II, while its annual interest and principal
payments are worth IDR1.05 trillion.

The Company recorded an operating loss of IDR131 billion in the
first quarter of this year, due to high fuel costs and
increasing market competition.

CONTACT:

PT Garuda Indonesia
Garuda Indonesia Bldg.,
Jalan Merdeka Selatan No. 13
Jakarta, 10110, Indonesia
Phone: +62-21-231-0082
Fax:   +62-21-231-1679
Web site: http://www.garuda-indonesia.com


PERTAMINA: May Extend ExxonMobil's Cepu Field Contract
------------------------------------------------------
Oil and gas firm PT Pertamina may extend ExxonMobil Indonesia
Inc.'s contract to develop an oil field in Cepu beyond its
planned termination in 2010, reports AFX News.

Chief commissioner Martiono Hadianto said both firms have yet to
reach an agreement on the contract, but it is very likely that
talks would lead to an extension of ExxonMobil's current
contract or a new contract.

The government had hoped that Pertamina would settle the dispute
with ExxonMobil on the Cepu contract before May 20, 2005. Exxon
Mobil was developing the Cepu block in East and Central Java
when it uncovered a large quantity of oil reserves. However, the
firm did not develop the field, as its current contract was due
to end in 2010. Instead, ExxonMobil requested for an extension
of its contract, but Pertamina refused, saying that it would
develop the gas block alone.

Both firms had agreed last year that in exchange for a contract
extension, ExxonMobil would pay compensation to the state-owned
oil and gas firm. But Pertamina withdrew from the agreement
after new management decided to develop the gas block on its
own, after the expiry of the contract in 2010.

State Enterprises staff Lin Che Wei, a member of the negotiation
team, said that the contract extension is necessary so that it
may attract more investment as well as increase current domestic
oil output.

CONTACT:

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


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

HIGUCHI GUMI: Enters Bankruptcy
-------------------------------
Ceramic manufacturer Higuchi Gumi Co. Ltd. has begun bankruptcy
proceedings, says Teikoku Databank America.

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


JAPAN AIRLINES: Plans to Suspend Saipan Flights
-----------------------------------------------
Due to high fuel costs and low passenger traffic, Japan Airlines
Corporation may suspend flights to Saipan starting in October,
Saipan Tribune reports, citing Commonwealth Ports Authority
Executive Director Carlos H. Salas.

The airline will issue an official notice regarding the plan by
June or July.

In the meantime, the Commonwealth of the Northern Mariana
Islands (CNMI) government should pull together to come up with a
solution to keep the carrier on Saipan, Mr. Salas said.

"JAL is experiencing a lot of losses, mainly due to the high
fuel prices. They're planning to address these losses by
suspending flights to Saipan and also to Guam. What this means,
of course, is they're looking at routes where they can generate
more income to recover their losses," Mr. Salas said.

He described JAL's plan as "another hit" to the CNMI's tourism
industry, which has already been experiencing declining arrivals
from Japan.

CONTACT:

Japan Airlines Corporation
4-11, Higashi-shinagawa 2-chome
Shinagawa-ku, Tokyo 140-8605, Japan
Phone: +81-3-5769-6097
Fax: +81-3-5460-5929


KOBE STEEL: To Form Direct Reduced Iron Venture in China
--------------------------------------------------------
Kobe Steel Ltd. signed on May 19 a letter of intent with
Shijiazhuang Iron & Steel Company Limited (also called Shigang)
with the aim to establish a joint venture Company that will
produce direct reduced iron using a coal-based process in Hebei
Province, China. Japanese trading firms Mitsui & Co., Ltd. and
Sojitz Corporation also are planning to participate in the
venture.

Under the letter of intent, the four companies will conduct a
detailed feasibility study to set up the joint venture business.
They plan to sign a final agreement later this year and begin
plant operations in spring 2008. This will be the world's first
commercial FASTMELT Plant, which makes molten pig iron.

The joint venture will use the FASTMELT Process (FASTMET/CDM),
which was developed by Kobe Steel and subsidiary Midrex
Technologies, Inc. Steaming coal is used as the reductant to
produce direct reduced iron (DRI). A coal-based DRI melter (CDM)
melts the DRI and the slag is separated from the hot metal,
resulting in pig iron of the same quality as that made in blast
furnaces. Most of the pig iron made by the joint venture will be
supplied to Shigang. Plans call for the FASTMET/CDM plant to
replace an aging mini blast furnace at Shigang.

As the FASTMET/CDM Process does not use coke or sintered iron
ore, operating costs are reduced by roughly 30 percent in
comparison to conventional mini blast furnaces. Shigang's blast
furnaces are located within the city of Shijiazhuang, and the
adoption of the FASTMET/CDM Process, which emits less air
pollution, is expected to lessen the environmental burden.

In China where 272.5 million tons of crude steel was produced in
2004, it is estimated that over 100 million tons of pig iron
were made by mini blast furnaces of less than 1,000 cubic
meters. To rein in the overheating economy and curb air
pollution, the Chinese government is undertaking measures to
control over investment. It is setting out a policy that bans
the construction of new mini blast furnaces of 1,000 cubic
meters or under. Among small to medium-sized steel makers,
demand is anticipated to grow for new iron making processes that
do not require the use of coke, such as the FASTMELT Process. In
addition, direct reduction iron making has been designated as an
encouraged industry under the Foreign Investment Guide Catalogue
and will enjoy preferential treatment in joint venture approval,
taxes and other measures.

Viewed as a model plant, the joint venture with Shigang will
serve to further promote the marketing of the energy-efficient,
coal-based FASTMET/CDM Process.

Details of the Letter of Intent

Partners:     Shigang & Kobe ESupply of plant, technology and
              operating services
              Mitsui EProduct marketing
              Sojitz EPlant supply support

Equity share: Shigang 2/3, Japanese partners 1/3

Production capacity of FASTMET/CDM plant: 500,000 tons per year
The pig iron will be supplied to Shigang, but the Japanese
partners will receive a minor portion for outside sale.

Outline of Shigang

Name:          Shijiazhuang Iron & Steel Company Limited

Location:      Shijiazhuang, Hebei Province (300 km southwest of
               Beijing)

Established:   1957

Capital:       1.52 billion yuan (US$184 million, in 2003)

Sales:         3.99 billion yuan (US$482 million, in 2003)

Employees:     8,300 (in 2002)

Main products: Structural steel bar for machinery and automotive
               use

Equipment:     4 mini blast furnaces, 2 converters, 2 electric
               arc furnaces,
               4 bar mills Crude steel

Production:    2 million tons

FASTMET/CDM Process

The FASTMET/CDM Process uses steaming coal as the reductant to
produce direct reduced iron. Agglomerates made of pulverized
coal and iron ore fines are fed to a rotary hearth furnace and
heated to a high temperature. At 1,350 C, the agglomerates are
rapidly reduced in 10 minutes, leaving high-quality direct
reduced iron (DRI). The DRI is melted in a coal-based DRI melter
and the slag is removed, leaving molten pig iron. As long as
there is a supply of iron ore and coal, plant location is not
greatly restricted.

About Kobe Steel, Ltd.

Kobe Steel, Ltd. (TSE: 5406; OTC: KBSTF) is a leading supplier
of direct reduction plants and other plant engineering services
for the steel, energy and chemical industries. Kobe Steel is one
of Japan's top steelmakers and producers of aluminum and copper
products. Other businesses include welding consumables,
machinery, construction equipment, and real estate.

Contact:

Gary Tsuchida
Publicity Group
Kobe Steel, Ltd.
Tokyo, Japan
Phone: +81-3-739-6010
E-mail: http://www-admin@kobelco.co.jp


MISAWA HOMES: Widens FY/2004 Net Loss to JPY203.33 Bln
------------------------------------------------------
Misawa Homes Holdings Inc. posted a net loss of JPY203.33
billion in the year ended March 31, versus a net loss of
JPY128.77 a year earlier, Kyodo News reports.

The group net balance remained in the red due to restructuring
costs, losses incurred in withdrawing from unprofitable
businesses and a decline in sales.

Pretax profit fell 44.4 percent to JPY11.51 billion on a 3.3
percent slump in sales to JPY390.04 billion.

CONTACT:

Misawa Homes Co. Ltd
4-5 Takaido-Higashi 2-Chome
Suginami-Ku 168-8533, Tokyo 168-8533
Japan
Phone: +81 3 3331 1111
Fax: +81 3 5381 7830
Web site: http://www.misawa.co.jp/


MITSUBISHI MOTORS: Unveils FY/2004 Full-year Results
---------------------------------------------------
Mitsubishi Motors Corporation (MMC) announced on May 23 its
full-year results for the year ended March 31, 2005, together
with forecasts and operational plans for the year ending March
31, 2006.

(1) Fiscal 2004 overview

Mitsubishi Motors consolidated net sales for fiscal 2004 totaled
2,122.6 billion yen, down 396.8 billion yen from the same period
last year (2,519.4 billion yen). Higher net sales in Europe over
the previous year failed to counter declines in other regional
markets including significant declines in Japan and North
America.

Mitsubishi Motors posted an operating loss of JPY128.5 billion,
JPY31.6 billion worse than for the previous year. Making a
positive contribution were cuts in sales incentives and other
advertising expenses. Lower material and labor costs and the
non-recurrence of credit losses from MMC's financial services
operations in the United States booked in the previous fiscal
year. However, these savings were more than offset by declines
in sales volume, primarily in Japan and North America, and from
the impact of fluctuations in the model mix.

Mitsubishi Motors posted an ordinary loss of JPY179.2 billion,
JPY68.9 billion yen worse than for the previous year. Factors
contributing to the deterioration included the cost of issuing
new shares for the capital increase implemented in fiscal 2004,
and equity method investment losses stemming mainly from the
deterioration in the results of Mitsubishi Fuso Truck & Bus
Corporation.

Mitsubishi Motors posted a net loss for the term of JPY474.8
billion, JPY259.4 billion worse than for the previous year. The
main factors contributing to the deterioration were the booking
of extraordinary losses including asset-impairment accounting
charges in the U.S. and Australia to alleviate future burdens,
losses on the sale and disposal of fixed assets, compensation in
connection with the transfer of MFTBC shares, free inspection
service campaign costs, provisions for losses on restructuring
and of restructuring costs.

(2) Sales volume

Sales of Mitsubishi Motors vehicles on global markets in fiscal
2004 totaled 1,313,000 vehicles, a decline of 214,000 on the
1,527,000 sold the previous year.

In Japan, Mitsubishi Motors sold 227,000 vehicles, a decline of
132,000 over the previous year. However, sales exceeded the
forecast of 220,000 for the year as month-on-month sales began
recovering after bottoming out in July 2004 and were assisted by
the introduction of the new Colt Plus from October 2004.

In North America, Mitsubishi Motors sold 174,000 vehicles, a
decline of 99,000 over the year before. The decline was mainly
due to curbs on fleet sales and to slower sales in the end user
market. In Europe, Mitsubishi Motors sold 241,000 vehicles, an
increase of 27,000 on the previous year. Factors contributing to
the higher sales were the introduction of the new Colt,
increased sales in Russia and the U.K. and a recovery in Germany
where sales had been sluggish earlier in the fiscal year.

In Asia and other regions, Mitsubishi Motors sold 671,000
vehicles, a drop of 10,000 over the previous year. Firm sales in
the ASEAN region, Latin America, the Middle East and Africa
failed to counter downturns in Australia and China.

CONTACT:

Mitsubishi Motors Corporation
2-16-4 Konan, Minato-ku
Tokyo, 108-8410, Japan
Phone: +81-3-6719-2111
Fax: +81-3-6719-0014
Web site: http://www.mitsubishi-motors.co.jp

This is a Company press release.


MITSUBISHI MOTORS: Forecasts Regional Sales Volume for 2005
-----------------------------------------------------------
Mitsubishi Motors Corporation included forecasts for fiscal 2005
in the Mitsubishi Motors Revitalization Plan (Revitalization
Plan) published on January 28, 2005.

The Company has recently revised for certain regions the sales
volume plans on which those forecasts were based to reflect
changes in the business environment and market vitality since
then. The Company now plans global sales volume for fiscal 2005
of 1,370,000 vehicles, an increase of 57,000 over the previous
year and 10,000 vehicles more than the Revitalization Plan
forecast.

Mitsubishi Motors forecasts the following regional sales volumes
for fiscal 2005.

Japan: 253,000 vehicles, an increase of 26,000 over the previous
year and 29,000 more than the Revitalization Plan forecast;

North America: 184,000 vehicles, an increase of 10,000;

Europe: 254,000 vehicles, an increase of 13,000 (forecasts for
North America and Europe remain unchanged from those in the
Revitalization Plan);

Asia and other regions: 679,000, an increase of 8,000 over the
previous year and 19,000 fewer than the Revitalization Plan
forecast.

Mitsubishi Motors forecasts total sales for fiscal 2005 of
JPY2,220.0 billion, an increase of JPY97.4 billion over the
previous year and JPY190 billion more than the Revitalization
Plan forecast. This revision has been made primarily to reflect
the fact that the Company's European production subsidiary
NedCar, which the Company had been planning to unconsolidated,
will now remain a consolidated affiliate, and to reflect
upwardly revised sales volume plans.

Mitsubishi Motors earnings forecasts for fiscal 2005 remain
unchanged from those in the Revitalization Plan. The Company
forecasts a full-year operating loss of JPY14 billion, an
improvement of JPY114.5 billion over the previous year, a full-
year ordinary loss of JPY40 billion, an improvement of 139.2
billion yen, and a full-year net loss of JPY64 billion, an
improvement of JPY410.8 billion.

This is a Company press release.


MITSUBISHI MOTORS: Details FY/2005 Operational Plans
----------------------------------------------------
Since it published the Revitalization Plan on January 28 this
year, Mitsubishi Motors Corporation has been laying the
foundations vital for its achievement. Having this new plan
authorized on March 10, the Company remains as a certified
entity under the "Law on Special Measures for Industrial
Revitalization".

On March 30, Mitsubishi Motors submitted its final report on
past quality issues to the Ministry of Land, Infrastructure and
Transport and on the same day announced details of internal
disciplinary measures in connection with those issues and now
considers the matter of past quality issues to be closed. The
Company sees this as a major step forward in its crusade to
regain trust and confidence.

Mitsubishi Motors has successfully secured the funding needed to
implement the Revitalization Plan in full and to strengthen its
financial footing. The funding derives from the implementation
of a 284.2 billion yen capital increase through the issuance of
new shares to Mitsubishi Heavy Industries, Mitsubishi
Corporation, The Bank of Tokyo-Mitsubishi and Mitsubishi Trust
and Banking Corporation. The Company also secured 30 billion yen
in financing from the Development Bank of Japan at the end of
March.

In other moves to promote the Revitalization Plan, on April 1
Mitsubishi Motors introduced major organizational and management
changes and on April 27 announced the establishment of the
Business Revitalization Monitoring Committee. This is an
external body that has already started to discharge its remit of
following up and monitoring the progress made in the
implementation of the Revitalization Plan.

Mitsubishi Motors has postponed plans to terminate vehicle
production at its Okazaki Plant. This is in order to ensure the
full integrity of its quality control and production systems,
which is a key aspect to the successful achievement of the
Revitalization Plan.

ONGOING EFFORTS TO REGAIN TRUST AND CONFIDENCE

Mitsubishi Motors reaffirms that regaining the trust of both
customers and society at large is the priority issue in the
Company's revitalization. Toward that end and guided by the
three principles of "Corporate Compliance," "Corporate Culture
Reform" and "Putting the Customer First," the Company will
continue to devote all resources to regaining trust and
confidence.

BUSINESS REVITALIZATION MONITORING COMMITTEE

The Business Revitalization Monitoring Committee is an external
body made up of specialists in their own fields from outside the
Company and of representatives of major shareholders from the
Mitsubishi group (Mitsubishi Heavy Industries, Mitsubishi
Corporation, The Bank of Tokyo-Mitsubishi). Acting as an
advisory body to the Board of Directors, the Committee monitors
the progress being made by the Revitalization Plan. As well as
offering recommendations, it will also submit reports and
proposals in response to specific requests by the Board. By
having the implementation of the Revitalization Plan monitored
from an external perspective, Mitsubishi Motors has augmented
its system of checks and balances as it works to achieve the
goals and targets laid down by the Plan.

TRIPLE-5

Mitsubishi Motors recognizes that the most important factor in
achieving the Revitalization Plan is the need for all employees
to recognize that they are involved parties and to band together
and carry the plan through by their own efforts. Toward that
end, the Company has recently initiated its Triple-5 strategy -
a program in which every employee participates in small-group
activities. Belonging to small groups that have established
improvement targets for realizing the three goals of Boosting
Sales by 5%, Cutting Expenses by 5% and Increasing Reliability
by 5%, each and every employee is working to achieve those
targets in the course of his or her work.

OPERATIONAL MEASURES BY REGION

I. Japan

Introduction of a new SUV and new concept minicar.

New model and trim level for Grandis, plus new special editions
for other models.

Will continue working together with sales companies in regaining
customer trust.

Will increase profitability of after-sales services.
Sales network to be rebuilt.

II. North America

Release of the new Eclipse to be brought forward; new Raider
pickup to be introduced.

Fleet sales to be trimmed back further and inventories reduced
with view to rebuilding brand.

Will gear up for exporting Mitsubishi Motors models made in the
U.S. to the Middle East and Russia.

III. Reorganization of financial services operations in the U.S.

In March 2005, the Company established MMCA Services, LLC as a
joint venture between MMCA, its financial services subsidiary in
the United States, and Merrill Lynch & Co., Inc. The new Company
will specialize in the planning, sales and marketing of auto
loan and leasing operations.

In order to offer competitive sales financing products the
Company is reorganizing its financial services operations in the
United States as follows:

MMCA will reduce its exposure to default risks by selling on
auto loan product assets to Merrill Lynch as soon as they are
generated.

Claims management and call center functions will be out-sourced
to realize significant cuts in operation costs.

The tie up with Merrill Lynch will add a boost to the Company's
financial services business and allow it to offer highly
competitive sales financing programs to customer and dealers
alike.

It is planned to move to the new operational footing described
above in July 2005.

IV. Europe

Expand sales with active introduction of new products and by
leveraging high critical acclaim.

Maintain sales momentum in Germany and the U.K.

Expand sales in Russia, the Ukraine and other growth markets.

Bolster sales strength in southern Europe including France and
Spain.

V. Asia and other regions

China: Strengthen operational footing through direct investments
in local partners, consolidation and expansion of sales network
and by establishing R&D facilities.

Thailand: Introduce new pickup model; consolidate as core
production center.

Malaysia: Start sales through new sales Company.

Australia: Launch new locally produced model.

This is a Company press release.


MITSUBISHI MOTORS: Sees FY/2005 JPY64 Bln Net Loss
--------------------------------------------------
For the current fiscal year ending March 31, 2006, Mitsubishi
Motors Corporation expects its group net loss to narrow sharply
to JPY64.00 billion and its group sales to edge up to JPY2.220
trillion, according to Dow Jones Newswires.

The projected loss is in line with a forecast the carmaker made
in January, when it revised an earlier restructuring scheme. But
the sales outlook is slightly more upbeat than its previous
forecast of JPY2.028 trillion.

The carmaker was struggling even after it announced its initial
reform plan a year ago. The auto maker on January 28 disclosed a
revised restructuring plan outlining another JPY284 billion in
assistance from Mitsubishi Heavy Industries Ltd. and other
Mitsubishi group firms to beef up its capital as well as a
borrowing of JPY240 billion. This support followed a JPY496
billion financial rescue under its first restructuring plan.


NIPPON OIL: Swings to JPY131.52 Bln Profit
------------------------------------------
Nippon Oil Corporation incurred a net profit of JPY131.52
billion in the fiscal 2004, versus a net loss of JPY133.53
billion a year earlier, Bloomberg News reports.

"Profit benefited greatly from the effect on inventories,"
Tatsuya Tsunoda, a senior analyst at Mizuho Securities Co. in
Tokyo, said before the earnings were released. ``While
underlying performance should improve, I expect profit to fall
from reduced inventory gains." Mr. Tsunoda has a buy rating on
Nippon Oil shares.

The refiner forecasts net income to slump 33 percent to JPY88
billion on sales of JPY4.99 trillion for the year through March
31, 2006.

CONTACT:

Nippon Oil Corporation Company
3-12, Nishi Shimbashi 1-chome, Minato-ku
Tokyo 105-8412, Japan
Phone: +81-3-3502-1131
Fax: +81-3-3502-9352


OLYMPUS CORPORATION: Launches New Camedia C-180
-----------------------------------------------
Olympus Corporation just introduced a new entry-level 5.1
megapixel digital camera, the Camedia C-180. Olympus is touting
the camera's "one button, one function" design and its auto-
focus capabilities, intended to make taking photos as
straightforward as possible.

The camera has 14MB of internal memory and uses xD-Picture Cards
for additional storage. Without an optical zoom though, its
appeal will be severely limited, especially for well-informed
Engadget readers.

CONTACT:

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

This is a Company press release.


SOFTBANK CORPORATION: JCR Assigns BBB to Bonds
----------------------------------------------
Japan Credit Rating Agency (JCR) has assigned a BBB rating to
the bonds of Softbank Corporation to be issued under the shelf
registration scheme.

Issue Amount (bn) Issue Date Due Date Coupon
bonds no.20 Y12.5 June 9, 2005 June 9, 2008 1.41%

Covenants: Negative Pledge, Collateralized and Other

Commissioned Company: Yes

Shelf Registration: Maximum Valid

JPY80 billion two years effective from January 5, 2005

RATIONALE

Although Softbank incurred an operating loss for fiscal 2004
ended March 31, following fiscal 2003, its ADSL business turned
into the black in the 4th quarter of fiscal 2004. The
performance has already turned into the black on an operating
profit basis excluding the discounted fixed telephone service
using Softbank group's own communications network independent of
NTT switching network.

The operating earnings are expected to improve further in the
future thanks to progress in ADSL business and the fixed
telephone service. The interest-bearing debt increased in fiscal
2004, reflecting the venture into new lines of business, raising
the financial burden. On the other hand, Softbank retains large
unrealized gains on equity securities of the group companies
held by it.

Optical fiber services have gained price competitiveness
recently. Fiercer competition may lead to drop in stability of
the ADSL business. Competition in fixed phone services is also
intensifying due to NTT's price cut.

JCR deems it necessary to watch carefully trend of contracts.
Softbank also plans to make inroads into cellular phone
business. The entry depending on the way of it might force
Softbank to bear a large risk. Given the possibility of rise in
business risk, JCR will watch carefully the future business
trend.


TONE GEO: Begins Bankruptcy Proceedings
---------------------------------------
Tone Geo Tech Co. Limited has begun bankruptcy proceedings, says
Teikoku Databank America.

The construction firm is based in 16-2 Minami Kamata 2-Chome,
Ohta-ku 144-0035, Tokyo 144-0035.

The Group's principal activity is engineering contract. The
Company specializes in underground development such as diaphragm
wall works, piling works, exploration, boring and disaster
prevention works.

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


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

DAEWOO PRECISION: Creditor Reopens Stake Sale
---------------------------------------------
One of Daewoo Precision Industries Co.'s main creditors has
renewed bidding for its majority stake in the local auto parts
firm, reports Asia Pulse.

Woori Bank is planning to sell its entire 85.6% stake in Daewoo
Precision, and is set to receive letters of intent for the stake
by June 10, according to the Company.

Last month, creditors rejected a bid for the stake by a
consortium led by KTB Networks Co., since the Financial
Supervisory Service (FSS) did not allow the sale to take place.
According to the FSS, the consortium cannot acquire the stake as
one of its members, Daewoo International Corp., is still under
creditor control.

Both Daewoo Precision and Daewoo International belong to Daewoo
Group, which collapsed in 1999 due to a KRW80.3 trillion debt
incurred in the 1997 Asian financial crisis.

CONTACT:

Daewoo Precision Industries, Ltd.
5 Songjong-Ri, Cholma-myon
Gijang-Gun, Pusan-Shi 628-875
South Korea
Phone: +82 51 5092114
Fax:   +82 51 5083339


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

AKTIF LIFESTYLE: Extends MOU Duration to May 31
-----------------------------------------------
Aktif Lifestyle Corporation Berhad announced that the Company
entered into a memorandum of understanding (MOU) with white
knights Lee Sey Liang and Lim Siew Swan on April 29, 2005, to
undertake a corporate restructuring.

On May 20, 2005, the Company and the white knights agreed to
extend the duration of the MOU up to May 31, 2005.

CONTACT:

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


GOLDEN FRONTIER: Buys Back 1,000 Shares
---------------------------------------
Golden Frontier Berhad disclosed the details of its shares buy
back on May 20, 2005 to the Bursa Malaysia Securities Berhad.

Date of buy back: 20/05/2005

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

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

Minimum price paid for each share purchased (MYR):      0.560

Maximum price paid for each share purchased (MYR):      0.560

Total consideration paid (RM):                      573.23

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

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

Cumulative net outstanding treasury shares as at to-date
(units): 1,505,700

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 Notice of Shares Buy Back
-----------------------------------------
I-Berhad disclosed to the Bursa Malaysia Securities Berhad the
details of shares it had bought back on May 20, 2005.

Date of buy back: 20/05/2005

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

Total number of shares purchased (units):             47,000

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

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

Total consideration paid (MYR):                   37,876.64

Number of shares purchased retained in treasury
(units): 47,000

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

Cumulative net outstanding treasury shares as at to-date
(units): 1,881,200

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


LION CORPORATION: To List Additional Shares Soon
------------------------------------------------
Lion Corporation Berhad's additional 482,000 new ordinary shares
of MYR1.00 each issued pursuant to the Company's Executive Share
Option Scheme will be granted listing and quotation effective
Thursday, May 26, 2005, 9:00 a.m.

CONTACT:

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


LION INDUSTRIES: Unveils Executive Share Option Scheme
------------------------------------------------------
Lion Industries Corporation Berhad's additional 750,000 new
ordinary shares of MYR1.00 each issued pursuant to the Company's
Executive Share Option Scheme will be granted listing and
quotation effective Thursday, May 26, 2005, 9:00 a.m.

CONTACT:

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


MMC CORPORATION: Dissolves Dormant Unit in Reorganization
---------------------------------------------------------
MMC Corporation Berhad announced that the Company has begun
dissolution proceedings on its wholly owned subsidiary, Malaysia
Siamond Manufacturers, Incorporated (MDM).

The dissolution is in relation to the Company's reorganization
and streamlining of rationalization efforts, and will not affect
the Company's operations in any way.

MDM is located in New York, U.S.A., and has been dormant since
1993.

CONTACT:

MMC Corporation Berhad
10th Floor, Block B, HP Towers
No. 12, Jalan Gelenggang
Damansara Heights, 50490
Kuala Lumpur, Malaysia
Phone: +603 2092 5588
Fax:   +603 2093 9917


MYCOM BERHAD: Discloses Q3/FYO5 Results
---------------------------------------
Mycom Berhad released its unaudited report for the financial
period ended March 31, 2005.

             SUMMARY OF KEY FINANCIAL INFORMATION
                            03/31/2005

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

1  Revenue
            27,423        50,576         97,281       169,786

2  Profit/(loss) before tax
           -22,656       -27,506        -60,678       -84,748

3  Profit/(loss) after tax and minority interest
           -21,657       -22,155        -56,319       -66,631

4  Net profit/(loss) for the period
           -21,657       -22,155        -56,319       -66,631

5  Basic earnings/(loss) per shares (sen)
             -5.52         -5.64         -14.34        -16.97

6  Dividend per share (sen)
               0.00          0.00         0.00        0.00

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

7  Net tangible assets per share (RM)
                               -1.1300              -0.9900

For further details on the report, go to:

http://bankrupt.com/misc/tcrap_mycom1052105.xls

http://bankrupt.com/misc/tcrap_mycom2052105.doc

http://bankrupt.com/misc/tcrap_mycom3052105.doc

CONTACT:

Mycom Berhad
Level 23, Menara Olympia
Jalan Raja Chulan
Kuala Lumpur, 50250
Malaysia
Phone: +60 3 2072 3993
Fax:   +60 3 2072 3996


PAN MALAYSIA: Repurchases More Shares
-------------------------------------
Pan Malaysia Corporation disclosed the details of the shares it
had bought back on May 20, 2005 to the Bursa Malaysia Securities
Berhad.

Date of buy back: 20/05/2005

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

Total number of shares purchased (units):          3,550,000

Minimum price paid for each share purchased (MYR):      0.460

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

Total consideration paid (MYR):                1,658,679.69

Number of shares purchased retained in treasury
(units):  3,550,000

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

Cumulative net outstanding treasury shares as at to-date
(units): 52,284,500

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: Issues Shares Buy Back Notice
----------------------------------------------
Pantai Holdings Berhad disclosed to the Bursa Malaysia
Securities Berhad the details of its shares buy back on May 20,
2005.

Date of buy back: 20/05/2005

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

Total number of shares purchased (units):             72,000

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

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

Total consideration paid (MYR):                   72,606.26

Number of shares purchased retained in treasury
(units):  72,000

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

Cumulative net outstanding treasury shares as at to-date
(units): 29,554,300

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 LumpurMalaysia
Phone: 03-22879822
Fax:   03-22873822
Web site: http://www.pantai.com.my/


SEAL INCORPORATED: Net Loss Widens in First Quarter
---------------------------------------------------
Seal Incorporated Berhad released its unaudited report for the
financial period ended March 31, 2005.

             SUMMARY OF KEY FINANCIAL INFORMATION
                            03/31/2005

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

1  Revenue
             4,921         3,679         13,705        12,565

2  Profit/(loss) before tax
              -547          -309         -3,888        -2,067

3  Profit/(loss) after tax and minority interest
              -402           -11         -3,546        -1,561

4  Net profit/(loss) for the period
              -402           -11         -3,546        -1,561

5  Basic earnings/(loss) per shares (sen)
             -0.26         -0.01          -2.30         -1.18

6  Dividend per share (sen)
               0.00          0.00         0.00        0.00

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

7  Net tangible assets per share (RM)
                                1.1600               1.1900

To view a full copy of the report, click on:

http://bankrupt.com/misc/tcrap_sealinc052105.xls

CONTACT:

Seal Incorporated Berhad
No 1 Penang Road
Penang, Peral Darul Ridzuan 10000
Malaysia
Phone: +60 5 2415633


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

LILIAN EXPRESS: 400 Lose Jobs on Closure
----------------------------------------
Around 400 employees of bus operator Lilian Express and its unit
Mary May have lost their jobs after the two bus lines ceased
operations recently, SunStar Daily relates.

The Department of Labor and Employment (DOLE) said that the
closure of the two bus lines is the single biggest job loss of
the western Mindanao region this year.

The Company was reportedly forced to close down due to financial
difficulties.

The bus firm, owned by the Opulentisima family, last month sent
a memorandum to its employees announcing its surprising decision
to shut down. It has also agreed to pay mandatory benefits to
its displaced workers after subsequent negotiations between
representatives of management and the employees.

The Company's fleet of buses is now owned by its former rival
Rural Transit Mindanao, Inc. (RTMI) which is owned by the
Bacolod City-based bus magnate that runs Ceres Liner.

With the demise of Lilian Express and Mary May, RTMI has
consolidated its position in the bus passenger market in the
western Mindanao region.


MANILA ELECTRIC: Says it Can Pay Php2.1-Bln Debt Due This Year
--------------------------------------------------------------
Manila Electric Company (Meralco) is confident it could pay some
Php2.1 billion in maturing debts this year despite a Php1.7-
billion loss in the first quarter, Business World relates.

The cash-strapped power utility firm disclosed it has internal
funds earmarked for the maturing obligations, which are being
paid in batches over a year.

Meralco said that the Company still has free cash since it has
not yet given refunds to big customers in line with a Supreme
Court ruling that ordered it to return to customers, overcharges
from 1994 to 2003. Meralco is supposed to service the Php18-
billion refund to big customers this year.

The firm said the Php2.1 billion obligation, portions of which
were already paid in March and the rest to be serviced in June
and September, will not have an impact on its bottom line or its
capital expenditures.

The Php2.1-billion debt is part of the Php23.26-billion loan
that Meralco will pay to the Asian Development Bank, the World
Bank and other creditors over the next five years.

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


MANILA ELECTRIC: Tax Bureau to Collect Php4 Bln
-----------------------------------------------
The Bureau of Internal Revenue (BIR) is running after the cash-
strapped Manila Electric Co. (Meralco) to collect over Php4
billion in withholding taxes, according to The Philippine Daily
Inquirer.

Meralco's huge tax liability was discovered after it was ordered
by the Supreme Court earlier to refund Php30.302 billion to
customers who used the utility's services from February 1994 to
May 2003.

Commercial and industrial customers of Meralco account for
Php18.668 billion of the total amount to be refunded, while
residential clients account for the rest.

The refund given to commercial and industrial clients of Meralco
would reportedly be treated as Company income and will be
subject to corporate income tax. In accordance with the Tax
Code, Meralco is obligated to withhold at least 25 percent of
the income of its corporate clients arising from the refund, and
then remitting the withheld taxes to the government.

The BIR recently issued Revenue Regulation No. 8-2005, which
provides the guidelines for the payment of taxes related to the
Meralco refund. Under the revenue regulation, Meralco, in giving
the refund, should withhold 25 percent from its active clients,
and 35 percent from companies that have already terminated their
contracts with the power firm.


MAYNILAD WATER: Receiver Confident BSP Will OK Debt Deal
--------------------------------------------------------
Maynilad Water Services Inc.'s court-appointed receiver is
confident Bangko Sentral ng Pilipinas or the central bank will
approve the water utility's debt restructuring proposal,
Business World reports.

Receiver Rosario S. Bernaldo said that the debt-restructuring
plan was subjected to close scrutiny by the lawyers of creditor
banks and is sure to get the nod of the Monetary Board.

Ms. Bernaldo insisted it would be unlikely for the central bank
to reject the proposal. But should BSP object to the debt-
restructuring agreements, the worst thing that could happen is
that it may "delay" the approval of the rehabilitation plan by
the Quezon City Regional Trial Court to allow the parties to
resolve the oppositions.

Under Maynilad's revised rehabilitation plan, the Metropolitan
Waterworks and Sewerage System (MWSS) will borrow US$31 million
from the World Bank to fund the Lopez-led utility's capital and
operating expenditures. The water firm will begin to remit loan
payments to the MWSS starting 2013 after all the debts to
creditor banks have been paid.

Action for Economic Reforms, Akbayan party-list group and other
organizations have asked the Bangko Sentral to junk the revised
rehabilitation plan, arguing the agreement is "contrary to
public policy".

But Bangko Sentral Assistant Governor Diwa C. Guinigundo said
the appropriateness of the rehabilitation plan is something for
the rehabilitation court to determine.

CONTACT:

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


NATIONAL BANK: Approves BOD Nominees List
-----------------------------------------
The Philippine National Bank advised that during the meeting of
its Corporate Governance Committee on May 20, 2005, the
following nominees for the bank's Board of Directors were
approved:

(1) Mr. Virgiliop R. Angelo
(2) Mr. Domingo T. Chua
(3) Mr. Omar Byron T. Mier
(4) Mr. Feliciano L. Miranda, Jr.
(5) Mr. Vincent S. Perez
(6) Mr. Eric O. Recto
(7) Mr. Washington Z. Sycip
(8) Mr. Lucio C. Tan
(9) Mr. Ricardo M. Tan
(10)Ms. Florencia G. Tarriela
(11)Mr. Macario U. Te

The nominations were made in accordance with the provisions of
the Term Sheet executed on December 19, 2001 by the Republic of
the Philippines (the Government) and the Lucio Tan Group of
Companies (Lucio Tan Group).

The nominees fpr Independetn Directors of Mr. Washington Z.
Sycip and Ms. Florencia G. Tarriela from the Lucio Tan Group and
the Government, respectively.

The foregoing will be formally nominated for election to the
Board of Directors during the Annual Stockholders' Meeting of
the bank on May 24, 2005.

CONTACT:

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


NATIONAL HOME: Pays Php119.6-Mln Loan to SSS
--------------------------------------------
The Social Security System (SSS) has received Php119.6 million
from the National Home Mortgage Finance Corporation (NHMFC) as
amortization of a Php30-billion loan it extended to the
struggling mortgage firm, Business World reports.

The amount represents payment for the first three months of the
year and covers interest and principal for both the low and
moderately delinquent mortgage accounts.

As of April this year, NHMFC has paid the SSS a total of Php3.95
billion.

The mortgage firm obtained the loan from SSS to secure home
loans granted from 1987 to 1996 to SSS members under the state's
Unified Home Lending Program.

In late 2003, SSS agreed to restructure the loan in order to
ensure a regular stream of payments.

So far, the agency has met its periodic amortizations since 2003
and has not defaulted in the amounts falling due. Despite the
payments, the restructured loan has as of last month hit Php40.5
billion, of which Php12.6 billion represents interest and
penalties.

NHMFC, which has a deficit of Php8.3 billion, is among the top
troubled state-run firms.

About NHMFC

The NHMFC is the major government home mortgage institution. Its
initial main function is to operate a viable home mortgage
market, utilizing long-term funds principally provided by the
Social Security System, the Government Service Insurance System,
and the Home Development Mutual Fund to purchase mortgages
originated by both public and private institutions that are
within government-approved guidelines. It is also charged with
the development of a system that will attract private
institutional funds into long-term housing mortgages.

CONTACT:

National Home Mortgage Finance Corporation
Filomena III Bldg., 104 Amorsolo St.,
Legaspi Village Makati City
Telephone: 892-5146 / 892-5430


PACIFIC PLANS: Woes Spill Out Into Former Unit
----------------------------------------------
Pacific Plans Inc. on Thursday asked regulators to revoke the
license of its subsidiary, Lifetime Plans Inc., according to
Business World.

The ailing pre-need provider said Lifetime Plans should also be
banned from selling pre-need plans since it failed to meet
requirements for setting up a new corporation.

Parents Enabling Parents (PEP) Coalition head Philip H. Piccio,
said Lifetime's registration papers should have never been
approved because its application papers were incomplete.

Procedures require that before application papers are processed
and approved, all documents must be complete, Mr. Piccio said.
Lifetime asked for more time to complete its papers last April
13.

Pacific Plans had earlier transferred the assets and liabilities
of its profitable pension, memorial, and fixed-value educational
plans to Lifetime Plans, created on June 9, 2004 with paid-up
capital of Php205.138 million.

More than a month later, in August 20, Pacific sold its stake in
Lifetime to GPL Holdings, Inc., another Yuchengco Company, at
its book value of Php205.138 million, despite having Php17
billion in assets and Php2.8 billion in expected gross profits
from installments to be collected from 400,000 planholders.

Planholders have alleged that this is a strategy to keep the
assets away from the reach of creditors. Mr. Piccio said
regulators agreed to hold Pacific's Lifetime shares in escrow,
to be released only upon proof of asset transfer in Lifetime's
name.

Mr. Piccio further warned that Lifetime's planholders would be
in jeopardy if the transfer fails to push through.


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

GREATRONIC LIMITED: Court Puts Off Judicial Management Petition
---------------------------------------------------------------
Greatronic Limited advised the Singapore Stock Exchange (SGX)
that the hearing of the Judicial Management Petition was
adjourned last Friday for one week to enable the Company to
consider and respond to an affidavit filed by a creditor,
Thursday evening, objecting to the judicial manager nominated by
the Company.

By Order of the Board
Greatronic Limited
20 May 2005

CONTACT:

Greatronic Ltd (formerly: Cybermast Ltd)
627A Aljunied Road #07-02
Biztech Centre
Singapore 389842
Telephone: 65 68417828
Fax: 65 68417282
Web site: http://www.greatronic.com/


IRE CORPORATION: Updates Debt, Equity Restructuring
---------------------------------------------------
The Board of Directors of IRE Corp. Ltd. refers to the Debt and
Equity Restructuring Exercise of the Company, which was
completed on August 10, 2004.

Under the Debt Conversion Exercise Standard Chartered Bank (SCB)
has:

(1) Pursuant to an agreement (Debt Conversion Agreement) entered
into with inter alia, the Company, converted a total of
$12,208,885 of debt liabilities owing by the Company into an
aggregate of 488,355,400 shares in the capital of the Company
(the First Conversion Shares); and

(2) Pursuant to an agreement (Settlement Loan Agreement) entered
into with inter alia, the Company restructured the balance
outstanding debt liabilities aggregating $3,871,810.90 (SCB
Restructured Loan) owing by the Company to SCB.

Under the Debt Conversion Agreement, SCB has granted to the
Company a put option (SCB Put Option) pursuant to which the
Company has the right, during the period commencing from the
date of the Debt Conversion Agreement up to August 1, 2005 (the
Option Period), to require SCB to convert the entire SCB
Restructured Loan into an aggregate of 154,872,436 ordinary
shares in the capital of the Company (SCB Second Conversion
Shares) at a conversion price of $0.025 per Share subject to
inter alia, a purchaser (the Purchaser) being procured to
acquire from SCB the entire SCB First Conversion Shares and 60
million of the SCB Second Conversion Shares at a price of $0.01
per Share if such Purchaser is procured on or before December
24, 2004, or at a price of $0.0125 per share if such Purchaser
is procured after December 24, 2004 but before August 1, 2005.

To view a full copy of the announcement, click
http://bankrupt.com/misc/IREcorpDebt-Equity-Restructuring-
Plan.pdf

CONTACT:

IRE Corporation Limited
1 Sophia Road #05-03
Peace Centre
Singapore 228149
Telephone: 65 63371295
Fax: 65 63374225
Web site: http://www.ire.com.sg


MILLENNIUM-WESTMONT: Receiving Proofs of Debt Until June 3
----------------------------------------------------------
Millennium-Westmont Pte Ltd. of 16 Raffles Quay #14-02 Hong
Leong Building Singapore 048581 posted a notice of intended
dividend at the Government Gazette, Electronic Edition with the
following details.

Court: High Court of Singapore

Number of Matter: No. 241 of 1998

Last Day for Receiving Proofs: 3rd June 2005

Name and address of Liquidator:

Ong Yew Huat
c/o 10 Collyer Quay
#21-01 Ocean Building
Singapore 049315


MORLEY FUND: Creditors Should Prove Claims by June 20
-----------------------------------------------------
Notice is hereby given that the creditors of Morley Fund
Management (Singapore) Limited (In Members' Voluntary
Liquidation), which is being wound up voluntarily are required
on or before June 20, 2005 to send in their names and addresses
and particulars of their debts or claims, and the names and
addresses of their solicitors (if any) to the undersigned, the
Liquidators of the said Company.

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

Dated this 20th day of May 2005.

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


POWEN AUTOMATION: Creditors Given Until June 10 to Prove Claims
---------------------------------------------------------------
Powen Automation Systems Pte Ltd (In Creditors' Voluntary
Liquidation) formerly 2 Balestier Road #04-665 Singapore 320002
posted at the Government Gazette, Electronic Edition a notice of
intended preferential dividend.

Last day for receiving proofs: 10th June 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 20th day of May 2005

Chee Yoh Chuang
Lim Lee Meng
Liquidators


NEOCORP INTERNATIONAL: Unit Served with Winding Up Order
--------------------------------------------------------
Further to our announcement dated April 20, 2005, the Board of
NeoCorp International Ltd announced to the Singapore Stock
Exchange (SGX) that its 85 percent owned subsidiary, Adventure
Training Systems (Asia-Pacific) Pte Ltd (ATS), had been served
with a winding up petition by Ubin Lagoon Resort Pte Ltd (In
Liquidation) (ULR).

The High Court had fixed the hearing of the petition to be on
July 1, 2005.

ATS is co-insured with ULR under a public liability insurance.
The insurer, QBE, has however denied liability. ATS had through
an Originating Summons (OS) applied to the Court to determine
and declare that ATS is indeed covered by the said insurance and
has instructed its lawyer to pursue the OS. In consequence, the
lawyer will oppose the winding up petition on the basis of the
ongoing OS.

As previously disclosed in Section 8 of our announcement for the
financial statements for the full year ended 30 November 2004,
the Group had already made a provision of $1.7 million in
respect of the claim. However, its exposure is limited to the
carrying amount of the investment in the subsidiary amounting to
approximately $0.4 million as at 30 November 2004.

As ATS is a dormant Company, there will not be any impact on the
Group's operations.

By Order of the Board

CONTACT:

NeoCorp International Ltd
(formerly: Presscrete Holdings Ltd)
31 Changi South Avenue 2
Singapore 486478
Telephone: 65 65429315
Fax: 65 65457880
Web site: http://www.neocorp.com.sg


THAKRAL CORPORATION: Books SG$18.5Mln in Net Profit
---------------------------------------------------
Thakral Corporation Ltd (Thakral Corp) posted a net profit of
SG$18.5 million on Group turnover of SG$535.3 million, up one
per cent for the full-year ended March 31, 2005. Its EPS
(earnings per share) for the year is 1.23 cents while its NAV
(net asset value) increased from 11.23 cents to 11.46 cents.

The rise in Group turnover came despite the absence of revenue
contribution from its former subsidiaries Beijing Wenlu and
China Express Associates, which were divested during the
financial year. Excluding this contribution, Group turnover
would have increased by 4.2 percent compared to the previous
financial year.

Group net profit of SG$18.5 million, which is 18 percent lower
than the previous financial year, reflected the reduced gross
profits from its property development unit in Wujiang, its Home
Entertainment (HE) and DVR security cards units. And
additionally, advertising and promotion expenses of SG$1.6
million were incurred on building the group's own `YES' brand.

The Group's balance sheet strengthened in the past 12 months.
Proceeds from a private share placement helped to boost its cash
balance from SG$42.1 million to SG$61.3 million. With a
reduction in total borrowings from SG$44.8 million to SG$32.3
million, the Group's total debt to equity ratio improved further
from 27 percent to 16 percent. As at March 31, 2005, the Group's
net cash position improved from negative SG$2.7 million in the
previous financial year to positive SG$29.0 million.

In view of its positive performance in 2005 and better financial
position, the Board is recommending a final one-tier tax-exempt
dividend of 0.6 cents per share to reward shareholders for their
confidence and continued support of Thakral. This dividend will
be subject to shareholders' approval at the coming Annual
General Meeting.

To view a full copy of the press release, click
http://bankrupt.com/misc/TCLPRFY2005_19May2005.pdf

CONTACT:

Thakral Corporation Limited
20 Upper Circular Road
#03-06 The Riverwalk
Singapore 058416
Telephone: 65 63368966
Fax: 65 63367225
Web site: http://www.thakral.com


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

CENTRAL PAPER: Issues Additional Information on FS
--------------------------------------------------
Central Paper Industry Plc. (CPICO) issued to the Stock Exchange
of Thailand (SET) additional information on the financial
statement for the first quarter of 2005 wherein the auditor
issued a disclaimer of opinion.

In case the auditor did not receive confirmation from two
financial institutions, the Company clarified that it has
recorded the principal amount of loans and the accrued interest
expense at the interest rate as defined in the invoice delivered
by the said two financial institutions in the amount of
THB109.30 million and THB119.20 million respectively.

After the completion of the negotiation with Thai Assets
Management Corporation (TAMC), the Central Bankruptcy court
approved the Company's rehabilitation Plan and appointed the
Company to be the Plan Administrator on February 1, 2005. The
Company will use the same method to request for writing off some
of such debts.

In case the Company continuously incur losses from its
operations and has been sued by a commercial bank for default on
debt repayment in principal amount of loan accrued interest
expenses totaling THB2,834.36 million, such bank has transferred
such amount of debt to Thai Assets Management Corporation
(TAMC).

In the year 2004, the Company submitted rehabilitation request
to the Central Bankruptcy Court and approved for the Company to
rehabilitate its business and appointed CPICO as the
Rehabilitative Plan Administrator.

Yours Sincerely

Mr. Parkpoom Sitthiprasert
Rehabilitative Plan Administrator of
Central Paper Industry Public Company Limited

CONTACT:

Central Paper Industry Public Company Limited
40 Moo 13 Sukhaphiban 6 Road,
Phra Pra Daeng Samut Prakarn
Telephone: 0-2383-0257-70
Fax: 0-2383-0208-9


EASTERN PRINTING: Releases Summary of 1Q/2005 FS
------------------------------------------------
Eastern Printing Public Company Limited issued to the Stock
Exchange of Thailand (SET) its reviewed quarterly financial
statements for the period ended March 31, 2005.

Reviewed (In thousands)
Ending 31 March Quarter 1

Year                       2548              2547

Net profit (loss)        28,513            21,439

EPS (baht)                 0.11              0.09

Type of report: Unqualified Opinion with an emphasis of matters

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

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

Very Truly Yours,
Mr. Weera Louwitawat
EPCO Management Co. Ltd.

Ms. Laddawan Suwapradub
Plan Administrator


NATURAL PARK: Total Assets Reach THB16,539.77Mln as of 1Q/2005
--------------------------------------------------------------
Natural Park Public Company Limited has recently submitted to
the Stock Exchange of Thailand (SET) its reviewed financial
statements for the interim ended March 31, 2005 with a view to
share the information with general investors.

The key indicators and changes regarding the financial status
and operating performance are:

Financial Position of the Company

As at March 31, 2005 the Company's total assets amounted
THB16,539.77 million a declined of 3.69 percent from the balance
of THB17,172.81 million as at December 31, 2004 resulting from
the partially sold investment in Bangkok Metro Public Company
Limited.

However, the Company still focuses on the development and
renovation of various projects such as The Chedi Hotel
Chiangmai, The Sofitel Sukhumvit Hotel, The Novotel Panwa Beach
Resort Hotel and Siam Hotel and Serviced Apartment as shown in
the increase of construction in progress.

As for liabilities, as at March 31, 2005, the Company's total
liabilities amounted THB8,791.65 million, a declined by 5.46
percent from the balance as of THB9,299.76 million as at
December 31, 2004 because the Company repaid some debt to the
financial institution.

Therefore, the Debt ratio of the Company fell 0.54 times to 0.53
times and Debt to Equity ratio of the Company fell 1.18 times to
1.13 times.

Operating Performance of the Company

Operating performance for the first quarter ended March 31, 2005
compared over the same period of the previous year.

Total revenue for the first quarter of the year 2005 amounted
THB453.73 million, an increase by 18.70 percent from the same
period of year 2004 of THB382.25 million.  The major reasons
came from the first quarter of year 2005 the Company incurred
additional revenue from the gain on sale of investment in
associated Company, which is Bangkok Metro Public Company
Limited, amounting to THB128.33 million. Revenue from restaurant
business amounted THB25.94 million including Le Notre, Auberge
Dab French Cuisine and Park Avenue Steak House.

However, the revenue from hotel business declined by THB27.84
million due to one of the hotel of Pacific Assets Public Company
Limited (a subsidiary) located in Phuket has been affected in
terms of business opportunity loss caused by a tidal wave which
occurred in the South at the end of 2004.

Also, the Company has stopped recognizing the revenue from an
associated Company of such subsidiary since the associated
Company was sold in the fourth quarter of 2004, hence, resulted
in the decline of share of profits from investments under equity
method of THB37.35 million.

The selling and administrative expenses for the first quarter of
year 2005 amounted THB115.76 million, an increase by 82.99
percent from the same period of year 2004 of THB63.26 million
due to expenses related to the business expansion from real
estate development and investment in the service industry such
as hotels and restaurants.

In addition, there are expenses related to pre-operating
expenses of The Chedi Chiangmai Hotel, research and development
of project development, professional fees and consultant fees
for the Ratchaphatsadu land at Rong Pasee Roi Chak Sam
development project whereby the Company has entered into
agreements regarding the investment with the Treasury
Department.

The Company has earnings before interest expense and income tax
(EBIT) amounting THB77.84 million, increased by 109.35 percent
from the same period of the year 2004.  After deducted interest
expense, corporate income tax and minority interest, the Company
incurred a net loss for the first quarter of 2005 of THB28.34
million, a decline by 64.39 percent from the same period of year
2004 of THB79.58 million.

Furthermore, as at March 31, 2005, Natural Park Public Company
Limited has a total of 8 real estate development projects that
the Company develops and renovates to generate revenue.  The
projects are:

(1) The Natural Park Apartment Project

A Luxurious apartment located in Sukhumvit 49 and comprises of
82 rooms with occupancy rate of almost 100 percent the whole
year.

Currently, the project is under renovation to serve new concept
of living.  The renovation progress is approximately 30 percent
and is expected to be complete at the end of year 2005.

(2) The Platinum Office Building Project (Formerly Mercury)

Office building located at the corner of Ploenchit and Lang Suan
road, right next door to Chidlom sky train station. The 23
storey building with 6 floors underground car park has total
rental space of 22,000 sq. m. Currently, the project is
operating while under renovation in some areas.  The renovation
progress is approximately 10 percent and is expected to be
complete at the end of 2005.

(3) Novotel Panwa Beach Resort Hotel Project

A four-star resort that currently operates the first phase with
77 rooms and additional rooms are under construction.  After
completed construction there will be 219 rooms, total usable
area of 14,000 sq. m. The construction of additional rooms are
expect to be complete and operations will commence at the end of
year 2005.

(4) The Chedi Chiangmai Hotel

A five-star hotel located in the old site of British Consulate,
along Mae Ping Riverside.  The four-storey building with one
underground floor has a total of 84 guestrooms and many
facilities.  The project has total usable area of 20,000 sq. m.

Currently, the project is under construction and is expected to
be complete and commence operations in June 2005.

(5) Siam Opera Project

The First theater of Thailand that meets the world-class
standard.

Located on the 5th floor, Siam Paragon. Fully equipped with
stage and sound system that can accommodate Broadway, concert,
and various world-class performing arts. Currently, the project
is under conceptual design phase by experts and
expected to open at the end of year 2006.

(6) Sofitel Sukhumvit Hotel Project

A five-star hotel located between Sukhumvit soi 13 and 15. The
hotel has total area of 3 rai with 345 guestrooms. Currently,
the project is under construction with 15% progress and expected
to complete and operate in early of year 2007.

(7) Siam Hotel and Serviced Apartment Project

A five-star hotel on 18 rai land plot, located adjacent to the
Siam Paragon Shopping Complex and Siam Opera.  The project has
total of 303 hotel guestrooms and 99 units of serviced apartment
on usable area of 76,000 sq.m.  Currently, the project is under
the design phase and expected to complete and operate at the end
of year 2007.

(8) Phuket Hotel Project

A five-star hotel on sloped boulder with the perfect view of
Kata Noi Bay fully equipped with facilities.  The project has
120 guestrooms and usable area of 35,000 sq. m. Currently, the
project is under the design phase and expected to operate at the
end of year 2007.

Please be informed accordingly.

Sincerely Yours,
Mr. Sermsin Samalapa
President and Chief Executive Officer

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


THAI HEAT: Issues Convertible Preferred Shares
----------------------------------------------
Thai Heat Exchange Public Co. Ltd. (THECO) advised the Stock
Exchange of Thailand (SET) that it had issued Convertible
Debenture of 80,264 shares and 31,408,200 preferred shares
according to the recent financial restructure and rehabilitation
plan that allows the conversion being done at the end of each
quarter.

On May 16, 2005 the Central Bankruptcy Court has agreed with the
Company's rehabilitation plan to convert all remaining
convertible debentures and preferred shares within 90 days.

The Company would like to convert the remaining 45,592
convertible debentures and 4,334,700 preferred shares.

On May 17,2005, the Company has converted convertible debentures
and preferred shares with the following details.

Financial Stock    Amount    Ratio     Common     Price    Date
                             (stock)    (unit)   Stock (unit)

SCB   -Preferred S. 2,905,700 1:1  2,905,700    -    17 May 2005

BC    -Preferred S. 1,379,800 1:1  1,379,800    -    17 May 2005

BAY   -Preferred S.    49,200 1:1     49,200    -    17 May 2005

TMB   -Convertible     28,658 1:100  2,865,800  -    17 May 2005
       Debenture

BT    -Convertible      6,813 1:100    681,300  -    17 May 2005
       Debenture

BC    -Convertible      5,446 1:100    544,600  -    17 May 2005
       Debenture

CALIYON -Convertible    3,574 1:100    357,400  -    17 May 2005
         Debenture

KBANK   -Convertible      684 1:100     68,400  -    17 May 2005
         Debenture
BAM   -Convertible      263   1:100     26,300  -    17 May 2005
       Debenture

BAY   -Convertible      154   1:100     15,400  -    17 May 2005
       Debenture

After being converted, the Company has no any convertible
debentures and preferred shares. The paid up common stock have
been changed from 53,091,900 units value THB530,919,000 to
61,985,800 units value THB619,858,000.

As the reorganization planner of Thai Heat Exchange PLC.

Mr. Surin Wanpensakul
Authorized Director

CONTACT:

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




BOND PRICING: For the Week 23 May to 27 May 2005
------------------------------------------------

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


AUSTRALIA
---------

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


MALAYSIA
--------

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


SINGAPORE
---------

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








                            *********


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

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

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

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                 *** End of Transmission ***