TCRAP_Public/050525.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

             Wednesday, May 25, 2005, Vol. 8, No. 102

                            Headlines

A U S T R A L I A

A.C.N. 081 025 461: To Declare Dividend June 24
A.C.N. 094 596 817: Dividend Declaration Set June 6
A MCCULLOCH: Final Meeting Slated for May 27
ATTACK CONFECTIONERY: To Hear Liquidator's Report May 27
AUSTRAL COAL: Redeems Convertible Notes

AWDM PTY: Joint Meeting Date Fixed May 26
BARRON ENTERTAINMENT: To Hold Joint Final Meeting May 31
BARRON FEATURES: Lays Out Meeting Agenda
BESSER INDUSTRIES: Dividend to be Declared June 8
DAREX PTY: Names Hugh Martin Official Liquidator

EUCO LTD: To Pay Dividend to Group E Creditors
HENRY WALKER: Sale Process for Contract Mining Biz Kicks Off
ISTRUE PTY: Members Agree to Wind Up Company
KNIGHTS INSOLVENCY: Cancels Unlisted Options
KNIGHTS INSOLVENCY: Former Liquidator Quits Board

MINSTEAD INVESTMENTS: Hires Official Liquidator
REDROCK TIMBER: To Convene Final Meeting May 27
SANTOS LIMITED: Unveils Resolutions Passed at AGM
SIMPLY INSURANCE: S&P Changes Rating Outlook to Developing
TERRY BULLER: Members Pass Special Resolutions

THARS PTY: Fixes Final Meeting May 26
THOMPSON BRINDAL: To Receive Liquidator's Report on Winding Up
VIC & BRYAN: Winds Up Voluntarily
WADDINGTON HOLDINGS: Members Pass Winding Up Resolution
WINGSIDE NOMINEES: To Declare Dividend June 17

WIN TECHNICAL: Lays Out Final Meeting Agenda


C H I N A  &  H O N G  K O N G

AGRICULTURAL BANK: No Government Bailout Expected This Year
BANK OF COMMUNICATIONS: IPO Roadshow Kicks Off June 6
E-LIFE INTERNATIONAL: Notes Unusual Price, Volume Movements
EKE FUNG: Receives Winding Up Notice
HENTRON INVESTMENTS: Enters Bankruptcy Proceedings

KING YIELD: Court Issues Winding Up Order
LOFTY GAIN: Winds Up Operations
PCCW LIMITED: Unveils Financial Results For 2004
PCCW LIMITED: Discloses May 23 AGM Voting Results
PCCW LIMITED: Cascade Wins e-Government Contract in Brunei

WAYSIN INTERNATIONAL: Court Orders Winding Up
* China Law Poses Challenges for Creditors


I N D O N E S I A

ASIA PULP: Indonesian Restructuring Completed April 28
BANK MANDIRI: Must Reduce Bad Debt to Improve Image
PERTAMINA: Set to Develop Iraqi Oil Fields
SEMEN GRESIK: Unsettled Dispute Prompts Cemex to Sell 25% Stake


J A P A N

IKARI SAUCE: Applies for Bankruptcy Protection
JAPAN AIRLINES: Loses Passenger Tickets Holding Credit Card Info
MITSUBISHI MOTORS: Adds Sport Gear SUV-style Model to Grandis
MITSUBISHI MOTORS: DaimlerChrysler's Stake Falls to 12.9%
MITSUBISHI MOTORS: Picks Name for New SUV, Kei Minicar Models

MITSUBISHI MOTORS: To Break New National Advertising Campaign
PIONEER CORPORATION: Revises Business Results for Fiscal 2005
SHISEIDO CO.: Enters Alliance With Warisan TC
TAKARA COMPANY: To Exit Noncore Operations
TSU-MATSUBISHI CO.: IRCJ Receives Debt Payment in Full


K O R E A

HYNIX SEMICONDUCTOR: Starts Chip Production in Upgraded Plant
JINRO LIMITED: Hite to Wrap Deal This Month


M A L A Y S I A

ANTAH HOLDINGS: Aborts Proposes Listing Of Unit on Mesdaq Market
GULA PERAK: Bourse Designates Securities, Listed Derivatives
FORESWOOD GROUP: Securities Removed from PN4 List
INNOVEST BERHAD: Exits PN4 Condition
MAXIS COMMUNICATIONS: Granted Additional Shares Listing

PADIBERAS NASIONAL: Unveils Employee Share Option Scheme
POS MALAYSIA: Set to List New Shares Today
SATERAS RESOURCES: Restraining Order Expires Next Week
TENAGA NASIONAL: To List Extra Shares May 26
TT RESOURCES: Posts FY05 Quarterly Results

WCT ENGINEERING: Court Adjourns Hearing to May 26


P H I L I P P I N E S

INTEGRATED DEVICE: To Shut Down Philippine Plant
LIGHT RAIL: Losses Seen Ballooning by Year-end
MANILA ELECTRIC: Denies Owing Php4-Bln in Taxes
MANILA ELECTRIC: Scraps Bond Refund
NATIONAL BANK: Projects 70% Rise in 2005 Profit

NATIONAL TRANSMISSION: Inks Transmission Line Deal with Marubeni
PACIFIC PLANS: SEC Snubs Rehab Plan
RB SULAT: Liquidator Issues Notice to All Creditors
UNIWIDE HOLDINGS: First Quarter Receivables Surge
* S&P Says Credit Rating Outlook OK for Now


S I N G A P O R E

CHUA & LOW: Lays Out Final Meeting Agenda
ELECTRO MAGNETICS: Parent Fails to Pay Dues  
EMTEC MAGNETICS: Proofs of Claim Due June 20
LEADWORLD PTE: Creditors Have Until June 20 to Prove Claims
PENYU AGAR: Creditors Must Prove Claims by June 20


T H A I L A N D

CIRCUIT ELECTRONIC: Reorganization Gets Court Nod
JASMINE INTERNATIONAL: Details Exercise of Rights Warrant
KRUNG THAI: Releases Summary Statement of Assets and Liabilities
NEW PLUS: Replaces Resigned Directors
THAI PETROCHEMICAL: MoF Given Go Signal to Buy Shares

     -  -  -  -  -  -  -  -

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

A.C.N. 081 025 461: To Declare Dividend June 24
-----------------------------------------------
A first and final dividend to priority creditors is to be
declared on June 24, 2005 for A.C.N. 081 025 461 Pty Ltd (In
Liquidation) formerly Prime Security Systems A.C.N. 081 025 461.

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


Dated this 26th day of April 2005

George Divitkos
Joint Liquidator
c/- BDO
Chartered Accountants & Advisers
248 Flinders Street,
Adelaide SA 5000
Telephone: (08) 8223 1066


A.C.N. 094 596 817: Dividend Declaration Set June 6
---------------------------------------------------
A first and final dividend is to be declared on June 6, 2005 for
the A.C.N. 094 596 817 Pty Ltd.

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

Dated this 14th day of April 2005

Samuel Richwol
Liquidator
O'Keeffe Walton Richwol
Suite 3, 431 Burke Road,
Glen Iris


A MCCULLOCH: Final Meeting Slated for May 27
--------------------------------------------
Notice is hereby given that pursuant to Section 509 of the
Corporations Act a final meeting of the members of A Mcculloch
Pty Ltd (In Voluntary Liquidation) A.C.N. 000 841 485 will be
held at Level 1 Enterprise House, 136 Greenhill Road, Unley SA
5061, Adelaide on May 27, 2005 at 10:30 a.m.

The purpose of the meeting is to receive the Liquidator's
account showing how the winding up has been conducted and the
assets and property have been disposed of.

Dated this 12th day of April 2005

Hillary Orr
Liquidator
PO Box 1022,
Blackwood SA 5051


ATTACK CONFECTIONERY: To Hear Liquidator's Report May 27
--------------------------------------------------------
Notice is given pursuant to Section 509 of the Corporations Act
2001 that a joint meeting of the members and creditors of Attack
Confectionery A.C.N. 092 168 020 will be held at the offices of
Hall Chadwick, Chartered Accounts, Level 40 BankWest Tower, 108
St George's Terrace, Perth WA 6000 on May 27, 2005 at 10:30
a.m., for the purpose of having an account laid before them
showing the manner in which the winding up has been conducted
and the property of the Company disposed of and of hearing any
explanations that may be given by the Joint and Several
Liquidators.

Dated this 18th day of April 2005

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


AUSTRAL COAL: Redeems Convertible Notes
---------------------------------------
The directors of Austral Coal advised that all of the remaining
51,801 convertible notes on issue were redeemed yesterday in
accordance with the Early Redemption Notice dated April 22,
2005.

For further information contact Stephen Peterson, Company
Secretary on (02) 8256-4702.

CONTACT:

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


AWDM PTY: Joint Meeting Date Fixed May 26
-----------------------------------------
Notice is given pursuant to Section 509 of the Corporations Act
2001 that a joint meeting of the members and creditors of AWDM
Pty Ltd (In Liquidation) A.C.N. 088 203 169 will be held at the
offices of Hall Chadwick, Level 40, BankWest Tower, 108 St
George's Terrace Perth WA 6000 on May 26, 2005 at 10:30 a.m. for
the purpose of having an account laid before them showing the
manner in which the liquidation has been conducted and the
property of the Company disposed of and of hearing any
explanations that may be given by the Joint and Several
Voluntary Liquidators.

Dated this 18th day of April 2005

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


BARRON ENTERTAINMENT: To Hold Joint Final Meeting May 31
--------------------------------------------------------
Notice is now given that a joint final meeting of members and
creditors of Barron Entertainment Finance Ltd (In Liquidation)
(The Company) A.C.N. 085 164 156 will be held at the offices of
Pitcher Partners, 10 Ord Street, West Perth in the State of
Western Australia on Tuesday, May 31, 2005 at 9:30 a.m.

AGENDA

GENERAL

Discuss the conduct of the Liquidation; and Table the accounts
of the Liquidation for inspection.

DIVIDENDS

There are no funds available for distribution in the
liquidation. Accordingly, no dividend will be paid to unsecured
creditors of the Company.

Dated this 18th day of April 2005

Vincent Smith
Joint and Several Liquidator
c/- Pitcher Partners
10 Ord Street, West Perth WA 6000
Telephone: (08) 9322 2022
Facsimile: (08) 9322 1262


BARRON FEATURES: Lays Out Meeting Agenda
----------------------------------------
Notice is now given that a joint final meeting of members and
creditors of Barron Features Pty Ltd (In Liquidation) (The
Company) A.C.N. 009 195 760 will be held at the offices of
Pitcher Partners, 10 Ord Street, West Perth in the State of
Western Australia on Tuesday, May 31, 2005 at 9:00 a.m.

AGENDA

GENERAL

Discuss the conduct of the Liquidation; and Table the accounts
of the Liquidation for inspection.

DIVIDENDS

There are no funds available for distribution in the
liquidation. Accordingly, no dividend will be paid to unsecured
creditors of the Company.

Dated this 18th day of April 2005

Vincent Smith
Joint and Several Liquidator
c/- Pitcher Partners
10 Ord Street, West Perth WA 6000
Telephone: (08) 9322 2022
Facsimile: (08) 9322 1262


BESSER INDUSTRIES: Dividend to be Declared June 8
-------------------------------------------------
A final dividend is to be declared on June 8, 2005 in respect of
Besser Industries (NT) Pty Ltd (Subject To Deed Of Company
Arrangement) A.C.N. 009 593 944.

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

Dated this 15th day of April 2005

S. J. Duncan
C. R. Powell
Deed Administrators
KordaMentha (SA & NT)
4th Floor, 70 Pirie Street,
Adelaide SA 5000


DAREX PTY: Names Hugh Martin Official Liquidator
------------------------------------------------
Notice is given that at a general meeting of the members of
Darex Pty Limited (In Liquidation) A.C.N. 086 708 625, duly
convened and held on April 13, 2005 it was resolved that Hugh
Martin of Bernardi Martin, Level 1, 195 Victoria Square,
Adelaide be appointed Liquidator.

Dated this 13th day of April 2005

Hugh Martin
Liquidator


EUCO LTD: To Pay Dividend to Group E Creditors
----------------------------------------------
A First Dividend to Group E Creditors is to be declared on May
31, 2005 for Euco Ltd (Subject To Deed Of Company Arrangement)
A.C.N. 102 448 055.

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

Dated this 18th day of April 2005

E. R. Verge
Joint Administrator of the Deed of Company Arrangement


HENRY WALKER: Sale Process for Contract Mining Biz Kicks Off
------------------------------------------------------------
McGrathNicol+Partners, as administrator of Henry Walker Eltin
Group Limited (Administrators Appointed)(HWE), is pleased to
announced the commencement of a sale process in relation to
HWE's mining contracting and services business (HWE Mining).

Administrator Mr. Scott Kershaw said: "HWE Mining is the seventh
business to be divested from the group and, with turnover in
excess of AU$600 million, is the largest business in the HWE
group and one of the largest mining contract services providers
to the resources sector in Australia, employing over 1,700
personnel across 20 sites."

HWE Mining has a major presence in iron ore in the Pilbara, and
is active in a number of other commodities including gold, coal,
bauxite, nickel and copper both in Australia and overseas. The
business has continued to grow, being well-positioned to take
advantage of mine expansion opportunities across many of its
operations.

The Administrators will invite interested parties to either
purchase all of HWE Mining, or to make a cornerstone investment
in the business as part of a recapitalization and later exit.
Should the Administrators decide that a recapitalization is
preferred, there is also the possibility that HWE's U.S.-based
institutional investors will participate in a debt for equity
swap.

Counsel for the U.S. investors, Mr. Evan Flaschen from the law
firm Bingham McCutchen said: "The U.S. investors believe in the
fundamental value of HWE Mining as a key industry participant
and are prepared to achieve that value whether via a sale for
fair value, a cornerstone investment on appropriate terms, ot
their own acquisition of the equity in the business as a long-
term investment vehicle.

"We support the excellent job that the Administrators have been
performing and we are looking forward to a process that
maximizes stakeholder value by the most appropriate means."

The Administrators have appointed Macquarie Bank Limited as
financial adviser to assist with the divestment process, which
is expected to commence with the distribution of an Information
Memorandum in early June 2005. Any queries in relation to the
f\divestment process should be directed to:

Dominic Meagher
Division Director
Macquarie Bank Limited
Phone: +61 2 8232 6398

or

Campbell Johnson
Associare Director
Macquarie Bank Limited
Phone: +61 3 9635 8360

The Administrators have also sought and received further orders
from the Federal Court of Australia extending the period for
convening the second meeting of creditors from may 23, 2005 to
July 5, 2005. The Administrators sought that extension to better
align the timing of voluntary administrations with the
divestment process.

CONTACT:

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


ISTRUE PTY: Members Agree to Wind Up Company
--------------------------------------------
Notice is hereby given that at a General Meeting of Istrue Pty
Ltd (In Liquidation) A.C.N. 008 284 348 held on April 15, 2005
the following special resolutions were passed.

That the Company be wound up voluntarily. That the assets of the
Company may be distributed in specie to the members.

Dated this 15th day of April 2005

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


KNIGHTS INSOLVENCY: Cancels Unlisted Options
--------------------------------------------
Knights Insolvency Administration Limited (Knights) advised that
it cancelled 1,300,000 unlisted options (KIA03) exercisable at
50 cents with varying expiry dates on Feb. 21, 2005.

The holders of the unlisted options were:

Mr. Adrian Duncan            500,000
Mr. John Schmierer           500,000
Mr. Dennis Offermans         300,000

Following the cancellation of the above options, the balance of
outstanding unlisted options is nil.

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/


KNIGHTS INSOLVENCY: Former Liquidator Quits Board
-------------------------------------------------
A former liquidator of ailing Knights Insolvency Administration
has resigned from the firm's board, only weeks after being
sacked from the listed insolvency company, reports Courier Mail.

Mr. Adrian Duncan's resignation came after his supposed
involvement in legal disputes with his former employer over
almost AU$1.6 million worth of work.

But Knights said Mr. Duncan had reassured the board he would
"meet all his obligations" in relation to revenue on all files
under his possession legally.

Meanwhile, Mr. Duncan said he will contest claims from the
Australian Securities and Investment Commission (ASIC) after it
referred him to a peer board over issues including payments for
referral of work.

Mr. Duncan was discharged from Knights last month following a
sudden half-year profit loss for the Brisbane-based insolvency
Company, the accounts of which are under ASIC investigation over
issues including the recoverability of its work-in-progress.


MINSTEAD INVESTMENTS: Hires Official Liquidator
-----------------------------------------------
Notice is hereby given that at an extraordinary general meeting
of members of Minstead Investments Pty Ltd (In Liquidation)
A.C.N. 009 132 192 held on April 12, 2005, it was resolved that
the Company be wound up voluntarily and that for such purpose,
Kimberley Andrew Strickland and Christopher Michael Williamson
of Hall Chadwick, Chartered Accountants, Level 40, BankWest
Tower, 108 St George's Terrace, Perth WA 6000 be appointed Joint
and Several Voluntary Liquidators.  

At a meeting of creditors held on the same day the appointment
of the liquidators was ratified.

Dated this 14th day of April 2005

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


REDROCK TIMBER: To Convene Final Meeting May 27
-----------------------------------------------
Notice is given that a final meeting of the creditors and
members of Redrock Timber Products Pty Limited (In Liquidation)
A.C.N. 069 972 425 will be held at Level 2, 33 George Street,
Launceston, on Friday, May 27, 2005 at 11:00 a.m.

Type of Meeting:

Joint meeting of Members and Creditors in a Winding up

Details of Meeting:

The purpose of the meeting is to receive the Liquidator's
account showing how the winding up has been conducted and the
property of the Company has been disposed of, and to receive any
explanation of the account.

Dated this 18th day of April 2005

Michael H. Cooke
Liquidator
KPMG
33 George Street,
Launceston Tas 7250
Telephone: (03) 6337 3722


SANTOS LIMITED: Unveils Resolutions Passed at AGM
-------------------------------------------------
In accordance with Listing Rule 3.13.2, Santos Limited advised
that the outcome in respect of each resolution put at the above
meeting is as follows:

RESOLUTIONS:

(a) That Mr. Kenneth Alfred Dean be elected a Director.

(b) That Mr. Christopher John Recny be elected a Director.

(c) That Mr. Peter Charles Barnett be re-elected a Director.

(d) That Mr. Michael Anthony O'Leary be re-elected a Director.

The above resolutions were Passed as Ordinary Resolution.

CONTACT:

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


SIMPLY INSURANCE: S&P Changes Rating Outlook to Developing
----------------------------------------------------------
Standard & Poor's Ratings Services has revised its rating
outlook on Simply Insurance New Zealand Ltd. to developing from
stable. The rating remains at 'B'.

Simply Insurance and its sister Company Pacific Retail Finance
Ltd. (PRF; not rated) have been flagged for possible sale by its
parent, New Zealand-based consumer product retailer
Pacific Retail Group Ltd. (not rated), through a trade sale or
initial public offering, by August 2005.

The developing rating outlook indicates the uncertainty about
future ownership and structure, and that the rating assigned
could increase, decrease, or stay the same, depending upon the
financial strength characteristics of an acquirer.

Ratings are statements of opinion, not statements of fact or
recommendations to buy, hold, or sell any securities. Standard &
Poor's (Australia) Pty. Ltd. does not hold an Australian
financial services license under the Corporations Act 2001. Any
rating and the information contained in any research report
published by Standard & Poor's is of a general nature. It has
been prepared without taking into account any recipient's
particular financial needs, circumstances, and objectives.
Therefore, a recipient should assess the appropriateness of such
information to it before making an investment decision based on
this information.


TERRY BULLER: Members Pass Special Resolutions
----------------------------------------------
At a general meeting of the Members of Terry Buller & Associates
Pty Ltd (In Member's Voluntary Liquidation) A.C.N. 009 132 049
duly convened and held at Level 1, 5 Mill Street, Perth WA on
April 13, 2005 at 10:00 a.m., the Special Resolutions set out
below were duly passed:

SPECIAL RESOLUTIONS

(i) That the Company be wound up voluntarily. The resolution was
unanimously carried.

(ii) That the Liquidators shall distribute in cash or in specie
the assets of the Company to the Shareholders in accordance with
the Articles of Association.

The resolution was unanimously carried.

Mr. Clifford Stuart Rocke and Mr Jeffrey Laurence Herbert of
PPB, Level 1, 5 Mill Street, Perth were appointed as Joint and
Several Liquidators.

Dated this 15th day of April 2005

Cliff Rocke
Liquidator
PPB
Level 1, 5 Mill Street,
Perth WA 6000


THARS PTY: Fixes Final Meeting May 26
-------------------------------------
Notice is hereby given that pursuant to Section 509 of the
Corporations Act a final meeting of Thars Pty. Limited (In
Liquidation) A.C.N. 007 915 451 will be held at 1 Northcote
Terrace, Medindie, South Australia on May 26, 2005 at 9:00 a.m.
for the purpose of laying before the meeting an account showing
how the winding up has been conducted, and how the assets have
been disposed of.

Dated this 13th day of April 2005

David Garry
Liquidator
David Garry & Associates
1 Northcote Terrace,
Medindie SA 5081


THOMPSON BRINDAL: To Receive Liquidator's Report on Winding Up
--------------------------------------------------------------
Notice is hereby given that pursuant to Section 509 of the
Corporations Act a final meeting of the members of Thompson
Brindal Ltd (In Voluntary Liquidation) A.C.N. 008 176 163 will
be held at KordaMentha (SA & NT), Level 4, 70 Pirie Street,
Adelaide on May 27, 2005 at 10:30 a.m.

The purpose of the meeting is to receive the Liquidator's
account showing how the winding up has been conducted and the
assets and property have been disposed of.

Dated this 14th day of April 2005

Peter J. Lanthois
Liquidator
KordaMentha (SA & NT)
Level 4, 70 Pirie Street,
Adelaide SA 5000


VIC & BRYAN: Winds Up Voluntarily
---------------------------------
At a General Meeting of Vic & Bryan Pty Ltd (In Liquidation)
A.C.N. 007 581 053, duly convened and held at 163 Hindmarsh Road
Victor Harbor SA on April 8, 2005 the following Special
Resolution passed:

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

Dated this 8th day of April 2005

Timothy Russell Shierlaw
Liquidator
163 Hindmarsh Road,
Victor Harbor SA 5211


WADDINGTON HOLDINGS: Members Pass Winding Up Resolution
-------------------------------------------------------
At a General Meeting of Waddington Holdings Pty Ltd (In
Liquidation) A.C.N. 001 115 153, duly convened and held at 86
Rosevears Drive, Rosevears, Tasmania on April 5, 2005 the
following Special Resolution was passed:

That the Company be wound up voluntarily in accordance with the
provisions of Section 491(1) of the Corporations Act 2001 and
that the assets may be distributed in whole or part to the
members of the Company in specie should the liquidator so
desire.

Dated this 12th day of April 2005

Peter John Saccasan
Liquidator
Saccasan Bailey Partners
Chartered Accountants
Level 15, 1 York Street,
Sydney NSW


WINGSIDE NOMINEES: To Declare Dividend June 17
----------------------------------------------
A First and final dividend is to be declared on June 17, 2005
for Wingside Nominees Pty Ltd (Subject To Deed Of Company
Arrangement) as trustee for The Bengal Unit Trust A.C.N. 078 036
281.

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


Dated this 18th day of April 2005

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


WIN TECHNICAL: Lays Out Final Meeting Agenda
--------------------------------------------
Notice is given that a meeting of the creditors and members of
Win Technical Resources Pty Ltd (In Liquidation) will be held at
Level 19, QV1 Building, 250 St George's Terrace, Perth, WA, 6000
on May 26, 2005 at 10:30 a.m.

AGENDA

(i) To lay the Liquidator's account before the creditors and
members showing how the winding up has been conducted and the
property of the Company has been disposed of, and to give any
explanations as required;

(ii) Consider the remuneration of the Liquidator;

(iii) Any other business as required.

Dated this 15th day of April 2005

G. F. Totterdell
PricewaterhouseCoopers
Level 19, QV1, 250 St George's Terrace,
Perth WA 6000


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

AGRICULTURAL BANK: No Government Bailout Expected This Year
-----------------------------------------------------------
The Agricultural Bank of China will not receive a cash injection
from the central government this year, The Standard reports,
citing Peoples Bank of China deputy governor Wu Xiaoling.

The government had not given a timetable for a bailout of the
debt-burdened bank, widely regarded as the weakest of China's
big four banks in terms of total assets and deposits.

It has been apparent for some time that Agricultural Bank would
be the last big bank to undergo a state-run overhaul.

The central government is trying to bolster the capital base of
the bank as it seeks to improve its internal management in order
to prepare the bank for initial public offering.

CONTACT:

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


BANK OF COMMUNICATIONS: IPO Roadshow Kicks Off June 6
-----------------------------------------------------
Bank of Communications (BoCom) will start pre-marketing its
US$1.5 billion IPO on June 6 after winning listing approval from
the Hong Kong Stock Exchange, according to Reuters.

The roadshow will last from June 6 to June 17.

The lender plans to open its order book for IPO shares around
June 7 -- the day that top Chinese coal miner China Shenhua
Energy Co. Ltd. is scheduled to close the order books on its
Hong Kong IPO worth as much as US$3 billion.

BoCom is 20 percent owned by HSBC Holdings PLC (HBC), which will
subscribe to the IPO to prevent its stake being diluted.

A listing debut is expected around June 23.

HSBC and Goldman Sachs are underwriters of the IPO.  


E-LIFE INTERNATIONAL: Notes Unusual Price, Volume Movements
-----------------------------------------------------------
The Stock Exchange of Hong Kong has received a message from E-
Life International Limited, which is reproduced as follows:

"This statement is made at the request of The Stock Exchange of
Hong Kong Limited.

The Company have noted that the recent increase in the trading
price and increase of the trading volume of the Shares of E-LIFE
International Limited and wish to state that we are not aware of
any reasons for the recent increase in the trading price and
increase of the trading volume.

Save for the proposed substantial acquisition of Shanxi
Changxing Yuci Coking Co., Ltd. announced on February 4, 2005
and the intended acquisition of Gu Jiao Yi Yi Mei Jiao Company
Limited announced on July 14, 2004 we also confirm that there
are no negotiations or agreements relating to intended
acquisitions or realizations are discloseable under Listing
Rule 13.23, neither are the Board aware of any matter
discloseable under the general obligation imposed by Listing
Rules 13.09, which is or may be of a price sensitive nature.

Made by the order of the Board of the Company, the directors of
which individually and jointly accept responsibility for the
accuracy of this statement.

By order of the Board
E-LIFE International Limited

CONTACT:

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


EKE FUNG: Receives Winding Up Notice
------------------------------------
EKE Fung Company Limited with registered office located at Flat
D, 4th Floor, Block 14, Beacon Heights, No. 14 Lung Ping Road,
Kolon 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: March 8, 2005.

Dated this 20th day of May 2005.

ET O'Connell
Official Receiver


HENTRON INVESTMENTS: Enters Bankruptcy Proceedings
--------------------------------------------------
Hentron Investments Limited with registered office located at
Flat B, Block 2, 15th Floor, Oak Mansion, 7 Tak Fung Street,
Hung Hom, Kolon 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: March 1, 2005.

Dated this 20th day of May 2005.

ET O'Connell
Official Receiver


KING YIELD: Court Issues Winding Up Order
-----------------------------------------
King Yield Enterprise Limited with registered office located at
G/F, 158 Cheung Sha Wan Road, Shamshuipo, Kolon 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: March 8, 2005.

Dated this 20th day of May 2005.

ET O'Connell
Official Receiver


LOFTY GAIN: Winds Up Operations
-------------------------------
Lofty Gain Limited with registered office located at Unit 1, 5/F
Wah Lik Industrial Centre, 459-469 Castle Peak Road, Tsuen Wan,
New Territories was issued a winding up notice by the High Court
of the Hong Kong Special Administrative Region Court of First
Instance on May 11, 2005.

Date of Presentation of Petition: March 4, 2005.

Dated this 20th day of May 2005.

ET O'Connell
Official Receiver


PCCW LIMITED: Unveils Financial Results For 2004
------------------------------------------------
PCCW Limited announced the filing of its 2004 Form 20-F with the
SEC in accordance with the requirements of the United States
securities laws.

In accordance with those requirements, the Company is required
to reconcile certain financial information of the group for the
year ended December 31, 2004 included in the 2004 Form 20-F to
U.S. GAAP, which differs in certain significant respects from HK
GAAP, and to include certain information in the 2004 Form 20-F
that has not previously been announced by the Company for the
general information of the Shareholders and public investors.

For a copy of the Company's financial statements, which sets out
the summary of differences between HK GAAP and US GAAP, go to
http://bankrupt.com/misc/tcrap_pccw052405.pdf

By Order of the Board
Hubert Chak
Company Secretary
Hong Kong, May 12, 2005


PCCW LIMITED: Discloses May 23 AGM Voting Results
-------------------------------------------------
At the Annual General Meeting (AGM) of PCCW Limited held on May
23, 2005, poll voting was demanded by the Chairman of the AGM
for voting on the proposed resolutions as set out in the notice
of AGM dated April 22, 2005.

The Company's share registrars, Computershare Hong Kong Investor
Services Limited, was appointed as the scrutineer at the AGM for
the purpose of vote-taking.

Shareholders of the Company approved all resolutions.

The poll results can be accessed at
http://bankrupt.com/misc/tcrap_pccwB052405.pdf

By Order of the Board
PCCW Limited
Hubert Chak
Company Secretary
Hong Kong, May 23, 2005

CONTACT:

PCCW Limited
979 King's Road
39th Flr HK Telecom Tower TaiKoo Place
Quarry Bay
Hong Kong
Phone: +852 2888 2888
Fax: +852 2877 8877  
Web site: http://www.pccw.com


PCCW LIMITED: Cascade Wins e-Government Contract in Brunei
----------------------------------------------------------
Cascade Limited (Cascade), a wholly owned subsidiary of PCCW
Limited, together with Universal Electronic Enterprises (UEE)
and BCQRE, has won a contract valued at more than HK$48 million
from the Ministry of Finance (MOF) of the Negara Brunei
Darussalam Government to create a network infrastructure
interconnecting all Government agencies.

Cascade was contracted to design, build and operate the
infrastructure because of its ability to create and operate a
high quality secured network. Cascade is one of the largest
technical services groups in the Asia Pacific. UEE is one of
Brunei's leading IT companies and BCQRE is a major e-security
solution provider in Korea.

"The key to winning this contract to deploy one of the largest
network infrastructures in Brunei was our proven track record
and our expertise in network management," said Mr Chan Wing Wa,
Managing Director of Cascade.

"We applied a stringent set of requirements, as well as
guaranteed service level commitments and network reliability to
ensure a successful solution. In doing so we have achieved a
further step in our continuing expansion of operations in the
region."

The project is expected to fully integrate into the Brunei
Government's core network infrastructure by the third quarter of
2005, providing a powerful foundation for expediting the
country's extensive e-government strategy.

Under the contract, the parties will construct an Information
Communications Technology (ICT) network infrastructure that will
interconnect all the Government agencies with centralized
management of common facilities This will be designed to enable
seamless integration and collaboration across agency programs
for the efficient and effective delivery of services to the
nation.

The end-to-end managed network will apply the latest IP
technologies to provide a flexible, scalable, cost-effective,
reliable and secure platform for future applications.

Upon completion, the infrastructure housed within the Network
Operation Center will provide service to 900 users, including 30
Wireless Access Points and two high-speed access links to the
Internet. The Center and its network will be the largest
mission-critical and secure IP-enabled in Brunei.

In addition to carrying this project, Cascade, as an appointed
Associate Consultancy to the British Standards Institution, will
also be assisting the MOF in formulating a roadmap towards BS
7799 Information Security Management Standards certification.

With more than 3,000 technology experts, and more than 1,700
certifications, Cascade has an extensive breadth of expertise
and experience in IP networking, and in handling large-scale
mission-critical systems.

About Cascade Limited

Cascade is among the largest technical services organizations in
Asia Pacific and employs a team of more than 3,000 highly
skilled engineers and technical experts. As the builder and
operator of one of the world's most advanced telecommunication
networks, Cascade has been the technical engine behind PCCW,
providing a 99.9999 percent network availability rate and world-
class network solutions. Cascade provides a range of services,
including: network infrastructure design, build and maintenance;
consulting solutions; project management; operating systems
development and technical support. To ensure world-class
quality, Cascade has upgraded its ISO 9001 certification to
become the first technical services company in Asia to hold TL
9000 certification. Besides this accreditation, Cascade also
holds BS 7799 security certification.

To learn more about Cascade, go to www.cascade-ltd.com

For media enquiries please call:

Anita Choi
Phone: (852) 2888 6320
E-mail: anita.km.choi@pccw.com


WAYSIN INTERNATIONAL: Court Orders Winding Up
---------------------------------------------
Waysin International Investment Limited with registered office
located at Unit B, 12th Floor, Jade Centre, 98-102 Wellington
Street Central, 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 24, 2005.

Dated this 20th day of May 2005.

ET O'Connell
Official Receiver


* China Law Poses Challenges for Creditors
------------------------------------------
Creditors in mainland bankruptcy cases still face legal
uncertainties and enforcement constraints even after the passage
of the country's new bankruptcy law, the South China Morning
Post reports, citing foreign lawyers.

The law, slated for passage as early as this year, outlines
bankruptcy proceedings and is intended to replace vague and
outmoded early reform-era legislation, which itself competes
with a jumble of conflicting edicts and rulings that have
stunted development of a modern credit system in China.

"The new bankruptcy law may improve the situation. But there are
concerns that the provisos in the new legislation are so broad,
that in practice it will remain very difficult if not impossible
for foreign liquidators, say in the most limited of
circumstance." Said Simon Powell, a partner at U.S. law firm
Jones Day.

A draft of the new law passed the first two examination sessions
of the Standing Committee of the 10th National People's Congress
last year. Mainland media report it may be passed at a third and
final session this year. Pleasing foreign investors is probably
not at the top of Beijing's motivations in pushing the law
through.

Beijing announced in March that it would stop subsidizing
bankrupt state-owned enterprises (SOEs) within four years. Under
the current law, foreign liquidators had great difficulty
convincing local authorities that they had the right to seize
the assets of an insolvent Company in China, even if the firm in
default was foreign, he said.

"It's a real problem for liquidators around the world when
dealing with China," Mr. Powell said. "And I remain to be
convinced that the new law will grant foreign liquidators the
recognition they require, as the new law appears to erect
several hurdles."

"One crucial issue that continues to haunt investors is the lack
of guidance on how Chinese courts are to interpret 'social
public interest' under Chinese law," says Randall Peerenboom, a
professor at the University of Californian of Los Angeles Law
School. Local protectionism is exacerbated by the lack of
independence of Chinese courts, which depend on the government
for funding, said Mr. Peerenboom.


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

ASIA PULP: Indonesian Restructuring Completed April 28
------------------------------------------------------
Shearman & Sterling LLP has advised on the restructuring of the
Indonesian operating companies of Asia Pulp & Paper Co., Ltd.
(APP).

The restructuring became fully effective on 28 April, and was
the largest debt restructuring ever completed in Southeast Asia,
involving approximately USD5.7 billion (IDR53.95 trillion) in
debt.

Singapore-based partner Sandor Schick led the Shearman team on
the deal, which saw the US firm advise the combined steering
committee of creditors comprising about 20 creditors. These
included the export credit agencies of Japan, Germany, Sweden,
Austria, and Finland, five major Japanese trading companies, and
ABN AMRO and HVB among other banks.

The restructuring of APP's principal Indonesian operating
companies began over four years ago in March 2001. Creditors
holding about 93% of the total debt of APP's three principal
Indonesian operating companies participated in the consensual
structuring, and received interest payments on the effective
date in the approximate aggregate amount of USD145 million
(IDR1.4 trillion).

The restructured debt is divided into three tranches and is
denominated in euros, US dollars, Japanese yen and Indonesian
rupiah. The restructuring documents, which include three master
restructuring agreements, three credit agreements, three fiscal
agency agreements, several exchange offer memoranda, security
agreements, escrow and account agreements, a monitoring
committee agreement and numerous other ancillary agreements, are
variously governed by Indonesian, New York, Dutch, English and
BVI law.

Shearman will continue to act for certain 'negotiating
creditors', formed by members of its client group, in monitoring
compliance by the debtors with the restructuring agreements
after the effective date, among other things.

Schick said: "This was the largest transaction of its kind in
Southeast Asia, involving a large number of creditors and
external parties, four currencies and multiple agreements
governed by the law of various jurisdictions. It was a
challenging and complex restructuring of a large Company with a
huge debt burden that required hard work from all involved, over
a period of four years. We are proud to have played a leading
role in this landmark transaction that is of great importance to
the Indonesian economy, to lenders into Indonesia, and to the
distressed debt market."

CONTACT:

Asia Pulp & Paper Company Ltd.
69 Loyang Dr.
508958 Singapore
Phone: +65-6477-6118
Fax: +65-6477-6116
Web site: http://www.asiapulppaper.com


BANK MANDIRI: Must Reduce Bad Debt to Improve Image
---------------------------------------------------
State-owned Bank Mandiri needs to improve its tainted image and
regain public trust after a lending scandal that led to the
arrest of three top executives, reports the Jakarta Post.

Minister of State Enterprises Sugiharto said that the bank is
not perceived in a good light, not only because of the high-
profile scandal, but also because of its bad debts, which it
should aim to reduce. He added that the government sees the
bank's operations as being important to the economy, influencing
its success or failure.

Bank Mandiri's current assets are worth IDR248 trillion,
representing 22% of all Indonesian bank assets. The government
is a majority (70%) stakeholder in the bank.

Mr. Sugiharto also said that Bank Mandiri is financially sound,
as according to the latest report of central Bank Indonesia,
which classified the bank as "healthy," although it needs to
improve its asset quality.

Newly appointed president Agus Martowardojo said that the bank
would take the necessary measures to ensure that that the
scandal will not happen again. The bank's management plans to
reduce its bad loans by improving the bank's assessment methods,
compliance supervision, human resources, internal controls and
risk management system, while at the same time studying the
plans of its previous directors, such as bond issues and mergers
and acquisitions.

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


PERTAMINA: Set to Develop Iraqi Oil Fields
------------------------------------------
Oil and gas firm PT Pertamina is negotiating with the Iraqi
government to develop three gas blocks in Iraq, the Jakarta Post
reports.

Company deputy director Kun Kurnaely said that the Iraqi
government is set to put up a contract to formalize the deal in
June or July. The Company has already sent a team of five
experts to Iraq for two weeks to prepare for the project.

One of the gas blocks to be developed is the Western Desert
field, south of Baghdad, which holds around 3,000,000,000
barrels of oil.

The project is part of an agreement between the two countries to
cooperate in oil and gas exploration, which stipulates that
Pertamina would drill for oil and gas in a 10,000 square
kilometer block in the Western Desert field.

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


SEMEN GRESIK: Unsettled Dispute Prompts Cemex to Sell 25% Stake
---------------------------------------------------------------
After failing to settle a dispute to acquire more shares,
Mexican firm Cemex SA agreed to sell its 25% stake in state firm
PT Semen Gresik, reports AFX News.

According to Indonesia's Coordinating Minister for Economic
Affairs Aburizal Bakrie, the Mexican cement maker is now willing
to part with its 25% stake in Semen Gresik after unsuccessfully
trying to increase its shares. It would then use the proceeds
from the sale to invest in Indonesia.

In 1998, the Mexican cement firm bought shares in Semen Gresik
in an agreement to buy a controlling stake, which was stalled in
2001 due to political opposition from the government and workers
in Semen Gresik's West Sumatra unit. In 2003, Cemex filed an
arbitration petition against the government for compensation and
damage worth IDR3.8 trillion, but suspended the proceedings in
lieu of a settlement.

Last March, Cemex announced that it would sell off its 25% stake
in the Company. Mr. Bakrie has said that he hopes the stake
would be sold to local investors, but it wouldn't matter if the
shares would go to foreign investors.

Semen Gresik, which reported a net profit of IDR520.5 billion
for 2004, has a yearly production capacity of 15.95 million
tons. The Company currently produces 44% of Indonesia's cement
supply.

CONTACT:

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


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

IKARI SAUCE: Applies for Bankruptcy Protection
----------------------------------------------
Manufacturer Ikari Sauce Co. has filed for bankruptcy protection
under the Corporate Rehabilitation Law with the Osaka District
Court, Kyodo News reports.

Bull-Dog Sauce Co., one of the largest players in Japan's sauce
market, has decided to offer the cash-strapped firm
reconstruction assistance.

Ikari Sauce was founded in 1896 and sold Japan's first
Worcestershire sauce.


JAPAN AIRLINES: Loses Passenger Tickets Holding Credit Card Info
----------------------------------------------------------------
Japan Airlines has lost 369 tickets collected from passengers
who were aboard three of its international flights, including at
least 48 on which credit card numbers of the passengers were
printed, Kyodo News reports.

The airline lost the tickets it collected from 355 passengers on
the flights, which left Amsterdam on April 23 --Flight 412 for
Narita, east of Tokyo, Flight 5321 for Madrid and Flight 5323
for Barcelona.

JAL reported the incident to the Land, Infrastructure and
Transport Ministry on May 23 after it failed to find the
tickets.

The carrier said a recovery in international routes helped it
return to profit, but added that high fuel costs would hold back
earnings growth this year.

For the year ended in March, JAL said its net profit totaled
JPY30.1 billion (USD$284.9 million) on sales of JPY2.13 trillion
(USD$20.2 billion). It logged a group net loss of JPY88.62
billion (USD$839.1 million) in the year-earlier period.

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


MITSUBISHI MOTORS: Adds Sport Gear SUV-style Model to Grandis
-------------------------------------------------------------
Mitsubishi Motors Corporation announced the addition of the all-
new Sport Gear model to its Grandis minivan range. Melding SUV
brawn with minivan space, carrying capacity and convenience to
introduce a new "active & sporty" theme in the minivan segment,
Sport Gear stands taller than other Grandis models and is
identified by exclusive exterior design.

Powered by a 2.4-liter MIVEC engine, Sport Gear goes on sale at
affiliated Mitsubishi Motors dealerships throughout Japan on
Saturday June 4 The 2WD model carries a tax-inclusive price tag
of 2,667,000 yen. The full Grandis range has also been updated
with minor changes to both exterior and interior trim and
equipment. The changes include restyled front end to present a
wider and more aggressive image, the use of more stylish and
sportier interior trim, and a number of improvements introduced
to enhance utility levels.

The introduction of a new upscale Exceed grade is just one of
changes marking a revamped trim level structure in the updated
Grandis minivan range that goes on sale on May 28. The Sport-E
model goes on sale on June 4.

Features distinguishing the new Sport Gear model include: the
Multi-select 4WD (standard on 4WD models) with ASC1 and TCL2
handling control systems that deliver outstanding performance
over difficult surfaces; new wheels and 215/55R17 tires; and a
vehicle height that stands 15mm taller than other models in the
range.

Evolved and nurtured through the Company's Pajero and Delica
models, Sport Gear's SUV DNA profile is clearly identified by
the use of an exclusively designed bumper with skid-plate
garnish, wheel lip moldings, and structural roof rails. These
features combine to produce a minivan with macho-tough looks
that is ideally suited to a wide spectrum of outdoor adventure
lifestyles.

Giving enhanced minivan utility, Sport Gear features, as
standard on most models, a keyless operation system that enables
the driver to lock and unlock doors as well as start and stop
the engine without key operation, and an electric tailgate.
Available convenience features include a voice guidance system
to assist the driver in garaging and maneuvering into and from
roadside parking spots.

All models in the updated Grandis range qualify for Green
Vehicle Tax exemption with a 4-star rating for emission levels
that are 75% lower than required by Japanese 2005 Emission
Regulations and for returning fuel consumption that surpasses
the Japanese 2010 mileage requirements by 5%.

Models in the new Grandis range are offered in four well-defined
trim levels - MX, Exceed, Exceed-X and Sport-E that replace the
Customer Free Choice system available to date.

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: DaimlerChrysler's Stake Falls to 12.9%
---------------------------------------------------------
Mitsubishi Motors Corporation (MMC) said DaimlerChrysler AG's
stake in the carmaker has dropped to 12.9 percent from 17
percent as a result of its capital increase in March, Kyodo News
reports.

MMC has been facing difficulty recovering from a series of
defect cover ups and recalls since DaimlerChrysler, formerly its
biggest stakeholder, withdrew from a rescue package in April
last year.


MITSUBISHI MOTORS: Picks Name for New SUV, Kei Minicar Models
-------------------------------------------------------------
Mitsubishi Motors Corporation announced the names of its new SUV
and new kei minicar models.

Mitsubishi Motors is planning to introduce the new SUV model on
the domestic Japanese market this autumn and the new kei minicar
early next year. The new SUV model will take on the name
"Outlander" while the new kei minicar will be christened "i".
Flowing through the veins of both are the "Sporty DNA" and "SUV
DNA" that identify Mitsubishi Motors cars.

These characteristics have been evolved through technology and
know-how feedback harvested in the course of Mitsubishi Motors
long-running and highly successful participation in the Dakar
Rally, World Rally Championship and other motorsport arenas.
Given graphic expression in the design, specifications and
performance of the new models, these details clearly illuminate
the Company's approach to car development and building.

1. Outlander

The new SUV's Outlander moniker evokes an image of an adventurer
heading at speed for unknown lands. The name Outlander will be
the standardized model name in all global markets.

The new Outlander has been developed as the "next generation SUV
which combines a flexible utility with the sporty style."

Outlander is distinguished by the following main features:

New 2.4-liter engine with aluminum cylinder block.
New platform with high crash safety.

New Body and chassis that have technologies grown by the Lancer
Evolution models.

Outlander sits on a newly developed platform, which Mitsubishi
Motors plans to phase in on its C-segment models.

2. "i"

Mitsubishi Motors has decided to christen the latest addition to
its kei minicar range "i". This new-age car encourages the owner
to express him/herself (I) fully. Starting with the letter "i"
"innovation," also served as a keyword in the development of the
car. As a "next-generation innovative kei," to deliver levels of
safety, handling and stability that go well beyond the norm for
its size classification, "i" becomes the first Mitsubishi Motors
model to employ a rear-midship layout.  


MITSUBISHI MOTORS: To Break New National Advertising Campaign
-------------------------------------------------------------
Injecting a new energy and contemporary edge to its brand image
in the U.S., Mitsubishi Motors North America (MMNA) breaks its
new national advertising campaign to support the launch of its
all-new 2006 Eclipse sport coupe.

Created by world-renown BBDO, the multi-media campaign's first
commercial spot debuts on an array of top prime time show season
finales this week, including ABC's "Desperate Housewives,"
"Extreme Makeover Home Edition" and "Grey's Anatomy," FOX's
"24," CBS's "Two And A Half Men," as well as ABC's "Alias" and
"Lost." The print campaign kicks off with full-page, four-color
ads in USA Today, starting on May 23.

The campaign marks a new direction for the Mitsubishi Motors
brand in the U.S., celebrating the Company's reputation for
standout styling, outstanding performance and world-class
engineering, while wrapping the product message in uniquely hip
and stylish Japanese pop culture imagery. The campaign also
debuts the Company's new tagline, "Driven to Thrill," which is
designed to communicate to consumers that Mitsubishi is a
Company that is "driven to thrill" in every aspect -- from its
engineering, to its product design, to its people.

"Our products are known for their unique styling, performance
and world-class engineering, and the thrill they give every
driver who gets behind the wheel -- which is more thrills per
dollar than any competitor in the market," said Dave Schembri,
MMNA executive vice president of sales and marketing. "Add to
that a taste of our Japanese heritage and tie it in with timely
pop culture, and the result is a distinct and ownable brand
image that's uniquely Mitsubishi."

He added, "Launching this ad campaign during the network's
season finale week is actually just the beginning for us. As
this campaign rolls out over the next few weeks, audiences will
see the new look of Mitsubishi and know we're the car Company
that is truly 'driven to thrill.'"

Mitsubishi Motors' brand image will be distinguished by the
contemporary, edgy look put forward in the new campaign, which
incorporates subtle elements of Asian influence in U.S. pop
culture, often referred to as "Japanese cool," or "J.Cool." As
real as the British invasion of the 1960s, the J.Cool cultural
phenomena is popping up everywhere -- from Gwen Stefani's smash
hit "Harajuku Girls," to Quentin Tarantino's "Kill Bill" film
series, to Japanese anime cartoons and "Hello Kitty," to the
Academy Award-winning film "Lost in Translation." A modern mix
of Japanese influences with a distinctly current spin, J.Cool
provides a wonderfully distinct flavor and complimentary
backdrop to Mitsubishi's "Driven to Thrill" brand message.

The introductory :60/:30 television spots for the new Eclipse
(called "Kodo") intercuts shots of the standout styling and
performance of the all-new 2006 Eclipse sport coupe with the
rhythmic sounds of Kodo drums, whipping viewers into a frenzy
before coming to a stop on the new theme line, "Driven to
Thrill." Print, outdoor and point-of-sale materials reinforce
the excitement of owning and driving a Mitsubishi, and are
inspired by Japanese pop art culture.

"The advertising recognizes the influence of Japanese pop
culture on American popular culture," said David Lubars, chief
creative officer, BBDO North America. "It embraces Mitsubishi's
hip, cool Japanese roots, which is reflected in the music,
design, structure and animation of the campaign. From the
syncopated beat of Kodo drums to the distinctly current spin of
the Mitsubishi logo, the advertising boldly speaks to consumers,
asking 'why satisfy when you can thrill?'"

In addition to broadcast media placement, MMNA's media planner,
PHD, initially has targeted a number of consumer and enthusiast
books for the campaign's print ads, such as Esquire, Vibe,
Wired, Entertainment Weekly, Men's Health, FHM, GQ, Sports
Illustrated, Motor Trend and Car & Driver. Traditional outdoor
billboard ads will be featured starting June 1 in multiple
markets, supplemented with wallscapes in key markets such as New
York, Chicago and San Francisco.

"We have shown the Company can make a turn as tight and as fast
as the new Eclipse," said Schembri. "Forty-five days ago, we
appointed BBDO as our new creative agency. Today, thanks to
BBDO, PHD and all of our partners, we are launching a brilliant
new multi-media campaign, driven by a competitive and motivating
strategy and fully integrated across nameplates, national and
local advertising, direct mail, online, point-of-sale and more.
And all in place three weeks ahead of schedule."

The all-new, two-door 2006 Mitsubishi Eclipse sport coupe is the
first of three new products MMNA will introduce in the next 12
months. Designed to combine exotic styling and performance with
the utility of a daily driver, this fourth generation Eclipse
sports coupe exhibits an impressive power range, outstanding
handling, an available blasting 650-watt Rockford Fosgate stereo
system, room for four, and several new safety and luxury
amenities that do not sacrifice the incredible value that the
Eclipse name has come to represent.

Mitsubishi Motors North America, Inc., (MMNA) is responsible for
all manufacturing, finance, sales, marketing, research and
development operations of Mitsubishi Motors Corporation in the
United States and Canada. Mitsubishi Motors sells coupes,
convertibles, sedans and sport utility vehicles through a
network of approximately 625 dealers. For more information,
contact the Mitsubishi Motors News Bureau at (888) 560-6672 or
visit media.mitsubishicars.com.

Contact:

Mitsubishi Motors North America Inc.
Dotty Diemer, 714-372-5528
ddiemer@mmsa.com
or
Mitsubishi News Bureau
888-560-MMSA (6672)
newsbureau@mmsa.com


PIONEER CORPORATION: Revises Business Results for Fiscal 2005
-------------------------------------------------------------
Pioneer Corporation announced amendments to its consolidated
business results for fiscal 2005, ended March 31,2005, which
were announced on April 27, 2005.

For a full copy of its financial statements, go to
http://bankrupt.com/misc/tcrap_pioneer052405.pdf

For further information, please contact:

Investor Relations Department, Corporate Communications Division
Pioneer Corporation, Tokyo
Phone: +91-3-3495-6774
Fax: +81-3-3495-4301
E-mail: pioneer_ir@post.pioneer.co.jp
Web Site: http://www.pioneer.co.jp/ir-e


SHISEIDO CO.: Enters Alliance With Warisan TC
---------------------------------------------
Shiseido Co. has entered into a 50-50 joint venture with
Malaysian firm Warisan TC Holdings Bhd to distribute, import and
sell Shiseido cosmetic products in Malaysia and Brunei, Asian
Legal Business reports.

Malaysian firm Tay & Partners represented Shiseido in
negotiating the joint venture, which will commence in September.
Managing Partner Beng Chai Tay led the firm's team.

Shiseido decided the joint venture would be the most effective
way for it to improve sales in the Malaysian market. It
generates around JPY1.7 billion (US$16.3m) annually in turnover
and wants to increase that to JPY3 billion (US$28.7 million) by
2008.

"This was the first time we have represented Shiseido and
helping foreign companies navigate local Malaysian regulatory
rules is an important part of our M&A practice," said Beng Chai
Tay.

Mr. Tay declined to comment on any further details about the
deal however as it is still pending approval from Warisan
shareholders and regulatory approvals.

Under the terms of the agreement, Warisan's wholly owned
subsidiary Tung Pao (TP) will hold the distributorship before
selling the business to Shiseido Malaysia for MYR21.68 million
(US$5.7 million) via a share swap to Warisan and cash to TP.


TAKARA COMPANY: To Exit Noncore Operations
------------------------------------------
Takara Company Limited plans to close unprofitable operations
such as electric vehicles this year to improve earnings,
business daily Nihon Keizai reported on Tuesday.

The toy maker, which posted a net loss of nearly JPY15 billion
($139.2 million) in 2004/05, aims to reduce its group companies
to 18 from 32 in the year to March 2006, hoping to boost
earnings in light of its planned merger with smaller rival Tomy
Co. on March 1, 2006.

The Company wants to focus in its core operations of toys,
entertainment content and household goods, the paper said.

CONTACT:

Takara Company Limited
19-16 Aoto 4-Chome
Katsushika-Ku 125-8503, Tokyo 125-8503
Japan
Phone: +81 3 3603 2131
Fax: +81 3 3690 3720


TSU-MATSUBISHI CO.: IRCJ Receives Debt Payment in Full
------------------------------------------------------
The Industrial Revitalization Corporation of Japan (the IRCJ)
has approved the receipt of repayment in full for debt the IRCJ
had purchased from financial institutions as part of a business
revitalization plan for Tsu-Matsubishi Co., Ltd.

The payment received by the IRCJ means that it no longer holds
any debt or other obligations of Tsu-Matsubishi.

1. Name of Company concerned: Tsu-Matsubishi Co., Ltd.

2. Process to date

On October 24, 2003 the IRCJ approved an application for
assistance by Tsu-Matsubishi under Article 22, Clause 3 of the
Industrial Revitalization Corporation Act of 2003. On November
27 of the same year, under Article 25, Clause 1 of the same act,
the IRCJ reached agreement with financial institutions on the
purchase of this Company's debts.

Following this, according to the revitalization plan, a capital
injection was received from the sponsor Japan Recovery Fund and
revitalization began.

3. Amount of debt

The principal value of Tsu-Matsubishi's debt purchased from
financial institutions was JPY957 million, for which the IRCJ
paid JPY299 million, with JPY646 million being transferred to
the Japan Recovery Fund in line with the revitalization plan.
With respect to the remaining JPY311 million of debt held by the
IRCJ, the payment of JPY226 million received today means that
the amount of Tsu-Matsubishi debt owing to the IRCJ has now been
paid in full.

4. Comment from the state ministers in charge of the Industrial
Revitalization Corporation of Japan None expressed.

Note on comments from ministers: The IRCJ is a quasi-
governmental organization. As such, the IRCJ is required to
obtain comments about decisions to assist private-sector
companies from the three government ministers in charge of the
IRCJ.

For more information, please contact
Corporate Planning Department
The Industrial Revitalization Corporation of Japan
Phone: 03-6212-6437

About the IRCJ The IRCJ was established jointly by the public
and private sector on April 16, 2003, with the aim of providing
revitalization assistance beneficial to both the industrial and
the financial sectors in Japan. It targets assistance at
companies that have sound business fundamentals but are unable
to thrive because of excessive debt levels or other factors. The
IRCJ has approximately 200 employees and is based in Tokyo. For
more information please visit www.ircj.co.jp


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

HYNIX SEMICONDUCTOR: Starts Chip Production in Upgraded Plant
-------------------------------------------------------------
Hynix Semiconductor Inc. started to produce mass-memory chips on
300 millimeter wafer in its newly upgraded plant in Inchon at
the south of Seoul, Dow Jones reports.

The Company's new plant features the latest technology to
produce 12-inch (300 millimeter) dynamic random access memory
(DRAM) chips, which are used in personal computers. Hynix
upgraded an existing 8-inch plant in order to save on investment
costs, and its new technology also increases production of
memory chips from silicon wafers, thereby lowering production
costs.

This will allow the Company to become more competitive in the
memory chip market. Three more plants are being built in China,
together with Geneva's STMicroelectronics N.V. The plants are
scheduled to start operations by next year.  

CONTACT:

Hynix Semiconductor Inc. (HIS)
891 Daechi-dong, Kangnam-gu,
Seoul, Korea
Phone: 82-2-3459-3470
Fax:   82-2-3459-5987/8
Web site: http://www.hynix.com


JINRO LIMITED: Hite to Wrap Deal This Month
-------------------------------------------
Hite Brewery Co., South Korea's largest beer producer, will
likely forge a formal deal on the acquisition of distiller Jinro
Limited at the end of this month, Asia Pulse says.

A consortium led by Hite was selected on April 1 as the
preferred bidder for Jinro, the country's largest maker of the
distilled liquor "soju," after bidding KRW3.2 trillion (US$3.16
billion).

CONTACT:

Jinro Limited
Jinro Bldg, 1448-3 Seocho-dong
Seocho-gu, Seoul, 137-866
South Korea
Phone: +82 2 520 3114
Fax:   +82 2 520 3453
Web site: http://www.jinro.co.kr/


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

ANTAH HOLDINGS: Aborts Proposes Listing Of Unit on Mesdaq Market
----------------------------------------------------------------
Avenue Securities Sdn Bhd on behalf of Antah Holdings Berhad
announced that the Board of Directors of Antah Holdings (Board)
has resolved to abort the Proposed Listing of Antah Healthcare
Group Bhd (Antah Healthcare), a wholly owned subsidiary of the
Company on the Mesdaq market of Bursa Malaysia Securities
Berhad.

The Board will deliberate on seeking other avenues to unlock the
value of its pharmaceutical and healthcare division and an
announcement will be made in due course.


This announcement is dated 20 May 2005.

CONTACT:

Antah Holdings Berhad
Level 7, Menara Milenium,
Jalan Damanlela,
Pusat Bandar Damansara,
Damansara Heights 50490
Kuala Lumpur, Malaysia
Phone: 03-20849000
Fax:   03-20949940


GULA PERAK: Bourse Designates Securities, Listed Derivatives
------------------------------------------------------------
Bursa Malaysia Securities Berhad has, pursuant to Rule 604.1 of
the Rules of Bursa Malaysia Securities Berhad and in
consultation with the Securities Commission, resolved that the
following securities of Gula Perak Berhad be declared
"Designated Securities" with effect from 9.00 a.m., Tuesday, 24
May 2005:

GULA PERAK BERHAD (GPERAK);
GULA PERAK BERHAD - IRREDEEMABLE CONVERTIBLE SECURED LOAN STOCKS
2000/2005 (GPERAK-LA);
GULA PERAK BERHAD - REDEEMABLE CONVERTIBLE SECURED NOTES
2003/2008 (GPERAK-NA);
GULA PERAK BERHAD -WARRANTS (GPERAK-WA);
GULA PERAK BERHAD - WARRANTS 2001/2005 (GPERAK-WB)

Trading on these counters will continue subject to the following
terms which will take effect from 9.00 a.m., Tuesday, 24 May
2005 until further notice:

To prohibit any sale of GPERAK, GPERAK-LA, GPERAK-NA, GPERAK-WA
and GPERAK-WB securities unless the seller has a free balance of
the securities (i.e. securities which have been given good value
and confirmed by the Registrar) in the CDS account maintained
with the Participating Organization at the time of entering into
the sale contract.

In addition, dealings in GPERAK, GPERAK-LA, GPERAK-NA, GPERAK-WA
and GPERAK-WB securities shall be restricted to "Delivery before
Sale" basis pursuant to the Rules of Bursa Malaysia Securities
Berhad. This means that contra or netting settlement of purchase
contract against subsequent sale contract is not permitted.

To impose 100% upfront payment by the buying clients to the
buying Participating Organization for purchases of GPERAK,
GPERAK-LA, GPERAK-NA, GPERAK-WA and GPERAK-WB securities before
entering into the purchase contract.

To prohibit the use of margin financing for purchase
transactions of GPERAK, GPERAK-LA, GPERAK-NA, GPERAK-WA and
GPERAK-WB securities.

The following are to be noted in respect of "Delivery before
Sale" basis:

Delivery for contracts done - for all contracts done on
"Delivery before Sale" basis, book entry will be effected by
9.00 a.m. on the second (2nd) market day following the date of
contract.

Payment for contracts done - payment shall be made on the second
(2nd) market day following the date of contract, latest by 12.30
p.m. in respect of selling Participating Organization to selling
clients.

CONTACT:

Gula Perak Berhad
Level 7, Dynasty Hotel
Kuala Lumpur 218, Jln Ipoh,
51200 Kuala Lumpur
Malaysia
Phone: 03-4044 2828
Fax:   03-4044 668


FORESWOOD GROUP: Securities Removed from PN4 List
-------------------------------------------------
The securities of Foreswood Group Berhad (FORES), a Practice
Note No. 4/2001 (PN4) Company, were removed from the Official
List of Bursa Malaysia Securities Berhad (Bursa Securities) with
effect from Friday last week.

On 5 May 2005, Bursa Securities had announced that the
Securities Commission (SC) had vide its letter dated 27 April
2005 decided not to approve FORES' appeal to the SC against its
decision to reject FORES' application for approval of its
regularization plans.

In the circumstances and in accordance with Bursa Securities'
earlier decision, the securities of FORES shall be de-listed
from the Official List of Bursa Securities.

Effect of De-Listing from the Official List of Bursa Securities

With respect to the securities of FORES that were de-listed
which are currently deposited with Bursa Malaysia Depository Sdn
Bhd (Bursa Depository), the securities may remain deposited with
Bursa Depository notwithstanding the de-listing of the
securities from the Official List of Bursa Securities. It is not
mandatory for the securities of a de-listed Company to be
withdrawn from Bursa Depository.

Alternatively, shareholders of FORES who intend to hold their
securities in the form of physical certificates, can withdraw
these securities from their Central Depository System accounts
maintained with Bursa Depository at any time after the
securities of FORES have been de-listed from the Official List
of Bursa Securities. This can be effected by the shareholders
submitting an application form for withdrawal in accordance with
the procedures prescribed by Bursa Depository.

The shareholders can contact any Participating Organization of
Bursa Securities and/or Bursa Depository's helpline at
03-20347711 for further information on the withdrawal
procedures.

Upon the de-listing of FORES, the Company will continue to exist
but as an unlisted entity. The Company is still able to continue
its operations and business and proceed with its corporate
restructuring and its shareholders can still be rewarded by the
Company's performance. However, the shareholders will be holding
shares no longer quoted and traded on Bursa Securities.

Status of PN4 Companies

As at 20 May 2005, there are a total of 26 PN4 Companies
representing 2.63% of the total number of 986 companies listed
on Bursa Securities. A total of 12 PN4 Companies have obtained
all relevant regulatory approvals necessary for the
implementation of their restructuring plans.

CONTACT:

Foreswood Group Berhad
Level 4, B59
Taman Sri Sarawak Mall
Jalan Tunku Abdul Rahman
93100 Kuching , Sarawak
Malaysia
Phone: 6082-428626
Fax: 6082-423626


INNOVEST BERHAD: Exits PN4 Condition
------------------------------------
The securities of Practice Note No. 4/2001 (PN4) Company,
Innovest Berhad (INNOVEST), were removed from the Official List
of the Bursa Malaysia Securities Berhad (Bursa Securities) with
effect from Friday last week.

On 4 May 2005, Bursa Securities had announced its decision to
de-list INNOVEST after having completed due process and
consequently its securities would be de-listed from the Official
List of Bursa Securities.

Effect of De-listing from the Official List of Bursa Securities

With respect to the securities of INNOVEST which are currently
deposited with Bursa Malaysia Depository Sdn Bhd (Bursa
Depository), the securities may remain deposited with Bursa
Depository notwithstanding the de-listing of the securities from
the Official List of Bursa Securities. It is not mandatory for
the securities of a de-listed Company to be withdrawn from Bursa
Depository.

Alternatively, shareholders of INNOVEST who intend to hold their
securities in the form of physical certificates, can withdraw
these securities from their Central Depository System (CDS)
accounts maintained with Bursa Depository at anytime after the
securities of INNOVEST have been de-listed from the Official
List of Bursa Securities. This can be effected by the
shareholders submitting an application form for withdrawal in
accordance with the procedures prescribed by Bursa Depository.

These shareholders can contact any Participating Organisation of
Bursa Securities and/or Bursa Depository's helpline at 03-2034
7711 for further information on the withdrawal procedures.

Upon the de-listing of INNOVEST, it will continue to exist but
as an unlisted entity. The Company is still able to continue its
operations and business and proceed with its corporate
restructuring and its shareholders can still be rewarded by the
Company's performance. However, the shareholders will be holding
shares which are no longer quoted and traded on Bursa
Securities.

CONTACT:

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


MAXIS COMMUNICATIONS: Granted Additional Shares Listing
-------------------------------------------------------
Maxis Communications Berhad's additional 251,000 new ordinary
shares of MYR0.10 each issued pursuant to the Company's Employee
Share Option Scheme are granted listing and quotation
effective Wednesday, May 25, 2005, 9:00 a.m.

CONTACT:

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


PADIBERAS NASIONAL: Unveils Employee Share Option Scheme
--------------------------------------------------------
Padiberas Nasional Berhad's additional 78,000 new ordinary
shares of MYR1.00 each issued pursuant to the Company's Employee
Share Option Scheme will be granted listing and quotation
effective Thursday, May 26, 2005, 9:00 a.m.

CONTACT:

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


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

CONTACT:

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


SATERAS RESOURCES: Restraining Order Expires Next Week
------------------------------------------------------
Sateras Resources (Malaysia) Berhad announced that in relation
to Practice Note 4/2001 of the Bursa Malaysia Securities Berhad
Listing Requirements, the Company applied for an extension of a
restraining order to regularize its financial condition.

The extension of the Restraining Order granted by the Kuala
Lumpur High Court on the Company is due to expire on Friday,
June 3, 2005.

CONTACT:

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


TENAGA NASIONAL: To List Extra Shares May 26
--------------------------------------------
Tenaga Nasional Berhad's additional 1,604,400 new ordinary
shares of MYR1.00 each issued pursuant to the Company's Employee
Share Option Scheme will be granted listing and quotation
effective Thursday, May 26, 2005, 9:00 a.m.

CONTACT:

Tenaga Nasional Berhad
129 Jalan Bangsar
Kuala Lumpur, 59200
Malaysia
Phone: +60 3 2296 5566
Fax:   +60 3 2283 3686


TT RESOURCES: Posts FY05 Quarterly Results
------------------------------------------
TT Resources Berhad disclosed the details of its shares buy back
on May 20, 2005 to the Bursa Malaysia Securities Berhad.

SUMMARY OF KEY FINANCIAL INFORMATION
                            31/03/2005

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

1  Revenue
            38,699        36,568         38,699        36,568

2  Profit/(loss) before tax
             3,041         2,956          3,041         2,956

3  Profit/(loss) after tax and minority interest
             2,667         1,850          2,667         1,850

4  Net profit/(loss) for the period
             2,667         1,850          2,667         1,850   

5  Basic earnings/(loss) per shares (sen)
              3.65          2.64           3.65          2.64

6  Dividend per share (sen)
               0.00          0.00         0.00        0.00

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

7  Net tangible assets per share (RM)
                                 0.3100                0.2700

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

http://bankrupt.com/misc/tcrap_ttresources1052405.xls

http://bankrupt.com/misc/tcrap_ttresources2052405.doc

CONTACT:

TT Resources Berhad
Lot 302, 3rd Floor, Wisma Dijaya
No. 1A, Jalan SS 20/1
Damansara Utama 47400
Petaling Jaya, Selangor
Darul Ehsan, Malaysia
Phone: 03-77268297
Fax:   03-77268076
Web site: http://www.ttrb.com.my


WCT ENGINEERING: Court Adjourns Hearing to May 26
-------------------------------------------------
WCT Engineering Berhad announced that in relation to the writ of
summons served by Maju Holdings Sdn Berhad on Company subsidiary
WCT Construction Sdn Berhad, wherein the Company filed an
application with the Kuala Lumpur High Court to strike out the
summons, the Court adjourned the hearing on the application to
Thursday, May 26, 2005.

CONTACT:

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


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

INTEGRATED DEVICE: To Shut Down Philippine Plant
------------------------------------------------
California-based semiconductor solutions firm Integrated Device
Technology Inc. (IDT) has decided to shut down by next month its
173,000-square foot chip test and assembly plant in the
Carmelray Industrial Park I in Canlubang, Laguna, Business World
relates.

The U.S. firm was forced to cease its Philippine operations due
to a combination of changing market needs that are making its
Philippine plant less relevant and an economic slowdown that
forced financial restructuring.

The move is expected to dislocate 732 employees, including 395
operators, 124 technicians, and 45 engineers currently working
in the four-hectare site.

IDT had in the past three months disclosed details of its
financial restructuring efforts to improve profitability.

Last January, IDT announced a reduction in workforce,
consolidation of certain functions, and the consolidation of
California operations into a new San Jose campus.

Last April, it announced the pending closure of its assembly and
test facility in the Philippines, which will be transferred to a
similar plant in Penang, Malaysia by next month.

Some assembly functions will then be transferred to third party
sub-contractors, also in the Philippines, by the end of this
September.

"These actions are a result of the Company's continued focus on
improving profitability by fully utilizing its existing
resources," the Company said in a press release.

"In time, the combined effects of all these measures are
projected to save approximately US$5 million to US$6 million per
quarter..."

IDT said that the Manila facility was not "tooled to provide the
kinds of capabilities required by (the firm's) future growth,
and (its) current needs do not allow us to utilize our Manila
operation in a cost-effective manner".

Headquartered in Santa Clara, California, IDT has design
facilities in Sydney, Australia and in Shanghai, China; a text
and assembly plant in Penang, Malaysia; as well as a
manufacturing facility in Oregon. It employs 3,100 worldwide.

Founded in May 1980, IDT has 25 years of experience in the
design, manufacturing, sales and marketing of integrated
circuits for the increasing complexity of networks in a variety
of environments, including enterprise and small office/home
office data centers and wireless segments of networks. Clients
include Alcatel; Cisco Systems; EMC Corporation; Ericsson;
Fujitsu; IBM; Lucent Technologies; Motorola, Inc.; NEC Corp.;
Nokia; Nortel Networks; and Siemens.

CONTACT:

Integrated Device Technology, Inc.
2975 Stender Way
Santa Clara, CA 95054 (Map)
Phone: 408-727-6116
Fax: 408-492-8674
Toll Free: 800-345-7015
Web site: http://www.idt.com


LIGHT RAIL: Losses Seen Ballooning by Year-end
----------------------------------------------
State-owned Light Rail Transit Authority (LRTA) estimates its
total deficit to reach Php10.9 billion by end-2005 on rising
debts, expenses, and government subsidy for public rail transit
passengers, according to Business World.

According to Administrator Melquiades A. Robles, the shortfall
accumulated since 1980 when the LRTA started securing dollar-
denominated loans from Belgium and Japan to put up the two-
railway systems.

As of December, LRTA's total outstanding loans stood at Php43.7
billion. By yearend, outstanding loans will increase by another
Php3.38 billion.

Capital expenditure is also expected to amount to Php7.75
billion this year, when the office is expected to push through
with initial phases of expansion for Line 1 and Line 2.

With overhead, maintenance, and electricity costs all factored
in, total expenses of LRTA will amount to Php13.67 billion by
yearend, lower than its projected revenues of Php3.09 billion.

With mounting foreign loans, LRTA said that it plans to plug
deficit by pressing ahead with a fare hike.

If fare hike petitions were not approved, the government will
continue to assume liabilities of the debt-saddled office.

The national government earlier froze plans to increase fare by
Php10 on ensuing rise of other land transportation costs. Since
last year, LRTA had been proposing a two-fold Php10-increase in
minimum fare to Php22 from Php12.

CONTACT:

Light Rail Transit Authority
Administration Building,
LRTA Compound, Aurora Boulevard,
Pasay City, Metro Manila,Philippines
Phone:+63 (2) 853-0041 to 60
E-mail: lrtamain@lrta.gov.ph
Web site: http://www.lrta.gov.ph


MANILA ELECTRIC: Denies Owing Php4-Bln in Taxes
-----------------------------------------------
The cash-strapped Manila Electric Co. (Meralco) insisted it
doesn't owe the tax bureau Php4 billon in withholding taxes, The
Philippine Daily Inquirer says.

The power utility firm explained that its task is only to
withhold taxes arising from the refund of its corporate clients.
Therefore, the tax due will come from companies that will
receive the said refund.

"The refund of our corporate clients will be treated as part of
their Company income and, that being the case, it is obvious
that it is not Meralco's income that is under scrutiny and is
subject to tax here," said Elpidio Cuna, Meralco's vice
president for corporate communications.

Meralco issued the statement in response in response to a
newspaper report Monday that the Bureau of Internal Revenue
(BIR) is running after it to collect over Php4 billion in
withholding taxes, which arose after the Supreme Court earlier
ordered the utility to refund Php30.302 billion to customers who
used the utility's services from February 1994 to May 2003.

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: Scraps Bond Refund
-----------------------------------
Manila Electric Company (Meralco) will not refund overcharges to
its big corporate customers by way of five-year, zero-coupon
bonds since regulators find this approrach to costly for the
troubled power utility firm, Business World says.

Instead, Meralco will request the Energy Regulatory Commission
(ERC) to allow it to issue checks postdated by five years, to
cover refunds to industrial and commercial clients.

Meralco is still to return about Php18 billion to these
customers, in line with the Supreme Court decision that barred
it from including income tax payments in operating costs charged
to customers. The refund, estimated to total Php30 billion,
covers overcharges from 1994 to 2003.

The refund would be spread over six to 18 months, and "would be
advantageous to the government." The refund for industrial and
commercial customers will also be subject to withholding tax,
with Meralco as agent.

The Bureau of Internal Revenue (BIR) has issued a revenue
regulation that authorizes Meralco to withhold a 25 percent tax
on refunds due industrial and commercial customers with active
accounts. Refunds for customers in the same category but with
terminated accounts would be subject to 32 percent tax.

Meralco still needs to get ERC approval for revisions to the
refund plan.


NATIONAL BANK: Projects 70% Rise in 2005 Profit
-----------------------------------------------
The Philippine National Bank (PNB) forecasts its net profit to
soar 70 percent to Php600 million this year from Php353.3
million in 2004, The Philippine Daily Inquirer reveals.

The bank is upbeat on its forecasts on the back of strong
overseas remittance business and the sale of non-performing
assets.

PNB also sees its non-performing loans (NPLs) ratio at less than
30 percent to Php24.3 billion by year-end from last year's
Php37.7 billon.

PNB president Omar Byron Mier said, "We feel confident that we
will be able to hit Php600 million (in net profit) this year. We
annualized our first quarter net profit of 151 million pesos,
(and) that is our running rate."

The majority shareholders of PNB are the government and
businessman Lucio Tan.

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 TRANSMISSION: Inks Transmission Line Deal with Marubeni
----------------------------------------------------------------
The National Transmission Corp (Transco) last week sealed a
Php144-million transmission line project with Marubeni
Philippines Corporation, according to The Philippine Star.

Transco President Alan T. Ortiz and Marubeni Power Development
Corp. general manager Tomofumi Fukuda signed the deal for the
project, which is expected to boost the power transmission
distribution in the Luzon grid.

The project, which is set for completion by December this year,
will cover the 10-kilometer distance from the San Roque
Hydroelectric plant to Transco's San Manuel station in
Pangasinan and will use steel towers and double-circuit
conductors.

Mr. Ortiz said that the peaking plant will be a major component
of the power sector's commitment to provide adequate and
reliable power to the Luzon grid, which accounts for about 70
percent of the country's total electricity consumption.

CONTACT:

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


PACIFIC PLANS: SEC Snubs Rehab Plan
-----------------------------------
The Securities and Exchange Commission has requested the Makati
Regional Trial Court to junk Pacific Plans Inc.'s application
for corporate rehabilitation, according to The Manila Bulletin.

SEC claimed the troubled pre-need firm does not need to undergo
corporate rehabilitation since financial documents show that the
Company remains to be solvent and liquid.

SEC insisted that Pacific Plans only resorted to filing the
rehabilitation petition to evade its contractual liability to
the planholders when, in fact, it is still capable of servicing
claims as they fall due.

Based on Pacific Plans' 2004 financial reports, the firm has a
solvency ration of 1.24:1.0 and a liquidity ratio of 1.77:1.  

The regulator added that Pacific Plans has even exceeded its
trust fund liquidity reserve requirement by Php3.77 billion as
of end-2004. The corporate regulator also noted that PPI's trust
fund exceeds its projected benefits by Php1.2 billion, which
does not even include interest income that should accrue
annually on the trust fund and possible foreign exchange gain
that may be earned by the National Power Corporation (Napocor)
bonds.

The SEC also noted PPI's ability to declare stock and cash
dividends since 1989 and pay out huge amount of commissions and
bonuses to its agents.


RB SULAT: Liquidator Issues Notice to All Creditors
---------------------------------------------------
Please take notice that on May 20, 2005 at 10:00 a.m. the motion
for Approval of Final Project of Distribution of the Assets and
Termination of the Liquidation Proceedings of the Rural Bank of
Sulat (E. Samar), Inc. will be submitted to the Liquidation
Court (RTC 8th Judicial Region, Branch II, Borongan, Eastern
Samar, Sp. Proc. No. 3166) for approval.

PHILIPPINE DEPOSIT INSURANCE CORPORATION          
Liquidator  


UNIWIDE HOLDINGS: First Quarter Receivables Surge
-------------------------------------------------
Uniwide Holdings Incorporated reported that its receivables in
the first quarter jumped on the back of uncollected rent from
tenants and additional charges, Business World relates.

The Company reported a 51.45 percent increase in its receivables
to Php84.12 million in the first three months of the year.
Receivables in the same period last year stood at only Php55.54
million.

The Company's accounts payables and accrued expenses also
increased slightly to Php2.64 billion this quarter from Php2.62
billion in the fourth quarter of 2004.

The firm also reported lower operating costs in the first
quarter after the completion last month of a debt-asset swap
involving the firm's Ternate, Cavite, property.

It posted a Php40.82 million net loss during the first three
months of the year, compared to Php50.48 million in the same
period last year.  The Ternate property swap, which had a value
of Php160.71 million, contributed to the decrease in Uniwide
Holdings' operating expenses.

The Company's operating expenses for the period was pegged at
Php78.90 million, up 11.73-percent from last year's Php89.38
million.

Uniwide Holdings attributed the improvement in operating
expenses to the decline in property-related expenses, savings on
professional fees, rental expenses, insurance and personnel-
related expenses.

In addition, the decline in other charges from interest expenses
and income translated to lower operating costs.

The Company's other charges were also cut by 65.72 percent to
Php0.26 million for the first quarter.

Meanwhile, the Company's assets amounted to Php3.93 billion in
the first quarter compared to Php3.95 billion in the fourth
quarter of last year.

Under a rehabilitation plan approved by the SEC in 2000, the
Company will have to repay its debts through a combination of
cash payment and asset-debt swaps.

CONTACT:

Uniwide Holdings, Inc.
Upper Ground Floor Pearl Plaza Bldg.
0165 Quirino Avenue, Brgy. Tambo
Paranaque City
Telephone Number: (632)-851-12-58


* S&P Says Credit Rating Outlook OK for Now
-------------------------------------------
A credit analyst with the Standard & Poor's Rating Agency (S&P)
said the agency will retain the Philippines' BB-minus rating and
its "stable" outlook despite a budget surplus, reports The
Philippine Daily Inquirer.

"Our rating and the outlook is appropriate for the time being
notwithstanding the budget surplus," S&P credit analyst Agost
Benard said.

"The surplus ... is encouraging (but) what we are talking about
here is a need for a fundamental turnaround of the fiscal
deficit and debt positions," he said.

He added that a change in the outlook was also not imminent.

The national government announced last week it had a budget
surplus of Php3.3 billion in April, the first in four years,
after record collections that month by the main tax agency.

Central bank official Renato Pizarro had said the Philippines
would likely merit an improved ratings outlook by major rating
agencies this year on the back of recent progress in its fiscal
position.

Aside from the passage of the value-added tax (VAT) reform
package, Mr. Pizarro said the Philippines had achieved a lot
such as the record collections by the Bureau of Internal Revenue
in April, the rising balance-of-payments surplus, the
appreciation of the peso against the US dollar, the upward trend
in the stock market, declining interest rates, and the strong
inflow of migrant remittances.

S&P is sending a team to the country to conduct an onsite
assessment from May 30 to June 4.


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

CHUA & LOW: Lays Out Final Meeting Agenda
-----------------------------------------
Notice is hereby given that a Final General Meeting of Chua &
Low Holdings Pte Ltd (In Members' Voluntary Liquidation) will be
held on June 20, 2005 at 10:00 a.m. at 30 Robinson Road, #04-01
Robinson Towers, Singapore 048546 for the following purpose:

AGENDA

(1) To consider the Liquidators' Statement of Accounts showing
how the winding up has been conducted and how the property of
the Company has been disposed of and to receive any explanation
thereon.

(2) To resolve that pursuant to section 320 (3) of the Companies
Act (Cap. 50), the books and records of the Company and of the
liquidators be disposed of by the liquidators upon the
dissolution of the Company.

Dated this 20th day of May 2005.

Wong Joo Wan
Liquidator
Singapore

Note:

A member entitled to attend and vote at the above meeting may
appoint a proxy to attend and vote instead of him. A proxy need
not be a member of the Company.

The instrument appointing a proxy must be deposited at 30
Robinson Road, #04-01 Robinson Towers, Singapore 048546 at least
48 hours before the time appointed for the meeting.


ELECTRO MAGNETICS: Parent Fails to Pay Dues  
-------------------------------------------
With reference to GMG Global Ltd's announcement made to the
Singapore Stock Exchange (SGX) on February 23, 2005 on the
matter of the loan of $12,600,000 due to the Judicial Manager of
Electro Magnetics (1992) Ltd (In Judicial Management) (EML), the
Board of Directors announced that the loan which was due for
repayment on May 22, 2005 remains outstanding.

The financial consultant appointed by the Company to advise on
the resolution of this loan is still in continuing discussions
with the Judicial Manager of EML.

The Company will make further announcement as appropriate when
there are further developments.    


EMTEC MAGNETICS: Proofs of Claim Due June 20
--------------------------------------------
Notice is hereby given that the creditors of Emtec Magnetics
Singapore Pte Ltd (In Creditors' Voluntary Liquidation) which is
being wound up voluntarily, are required on or before June 20,
2005 to send in their names and addresses and the particulars of
their debts or claims and the names and addresses of their
solicitors (if any) to the Liquidator at Ernst & Young c/o 10
Collyer Quay, #21-01 Ocean Building, Singapore 049315.

If so required by the liquidators, they are to come in and prove
their debts or claims as shall be specified. In default will be
excluded from the benefit of any distribution made before such
proof.

Dated this 20th day of May 2005.

Seshadri Rajagopalan
Liquidator


LEADWORLD PTE: Creditors Have Until June 20 to Prove Claims
-----------------------------------------------------------
Notice is hereby given that the creditors of Leadworld Pte. Ltd.
(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 Companies.

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


PENYU AGAR: Creditors Must Prove Claims by June 20
--------------------------------------------------
Notice is hereby given that the creditors of Penyu Agar Shipping
Pte Ltd (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 Companies.

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


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

CIRCUIT ELECTRONIC: Reorganization Gets Court Nod
-------------------------------------------------
Circuit Electronic Industries Public Co. Ltd. advised the Stock
Exchange of Thailand (SET) that pursuant to the Company's
request for a petition to enter into reorganization submitted to
the Central Bankruptcy Court on March 30, 2005, the Company
announced that on May 09, 2005, the Central Bankruptcy Court has
ordered the Company to enter into reorganization process
according to the Bankruptcy Law including the appointment of the
Company as plan administrator.  

The Company should submit its reorganization plan to the Central
Bankruptcy Court within three months.

Please be informed.

Yours sincerely,

Mr. Somboon Kritchanchai
Executive Vice President Finance

CONTACT:

Circuit Electronic Industries Public Company Limited   
45 Moo 12,Rojana Industrial Park, Amphoe Uthai Ayutthya    
Telephone: 0-3533-0556-9, 0-3522-6280-9, 0-3522-6711   
Fax: 0-3533-0560, 0-3522-6710   
Web site: http://www.cei.co.th


JASMINE INTERNATIONAL: Details Exercise of Rights Warrant
---------------------------------------------------------
Jasmine International Public Company Limited informed the Stock
Exchange of Thailand (SET) regarding the Exercise of
1,156,203,100 units of the Company's Rights Warrants:

(1) The Notification Period is during 8:30 a.m. to 3:30 p.m. on
the Company's business day on June 1 to 14, 2005.

(2) The Exercise Date is on June 15, 2005.

(3) Contact Place to exercise the Rights Warrants and to get the
Exercise Notice Forms is:

Jasmine International Public Company Limited
200, Jasmine International Tower, 29th Floor,
Moo 4, Chaengwattana Road,
Pakkred Sub-district, Pakkred,
Nonthaburi 11120, Thailand,
Telephone Number: (66 2) 502-3119-20
Fax Number: (66 2) 502-3151 or download exercise notice from
http://www.jasmine.com

Or at any office of the brokerage companies during the
Notification Period.

(4) The Exercise Ratio and the Exercise Price to subscribe the
Company's Common Shares: 1 Rights Warrant has a right to
subscribe 1 Common Share of the Company at the price of THB0.334
per share.

(5) Payment Method

The Warrant holders can pay by cash, cheques, drafts, bill of
exchanges or payment orders from banks which can be cashed in
Bangkok when called within 2 days and shall be made payable to
"Jasmine International Public Company Limited".

Please be informed accordingly.

Mr. Somboon Patcharasopak
Chaengwatana Planner Co., Ltd., the Plan Administrator of
Jasmine International Public Company Limited

CONTACT:

Jasmine International Public Company Limited   
200 Fl. 30, Moo 4, Chaengwatthana Rd.,
Pak Kret, Nonthaburi    
Telephone: 0-2502-3000-7   
Fax: 0-2502-3150-2   
Web site: http://www.jasmine.co.th


KRUNG THAI: Releases Summary Statement of Assets and Liabilities
----------------------------------------------------------------
Krung Thai Bank Public Company Limited submitted to the Stock
Exchange of Thailand (SET) its summary statement of assets and
liabilities as of April 30, 2005.

Assets                                                  baht

Cash                                          18,704,170,291.35

Interbank and money market items              64,196,749,889.84

Securities purchased under resale agreements  73,800,000,000.00

Investment in securities,net                  90,489,925,340.35
(with obligations thb4,571,139,113.86)

Loans (net of allowance for
Doubtful accounts)                            863,834,360,839.57

Accrued interest receivable                     7,597,433,538.69

Properties foreclosed                          32,352,228,713.40

Customers' liabilities under acceptances        2,978,114,117.17

Premises and equipment, net                    16,252,483,033.13

Other assets                                   17,467,400,186.63

Total assets                                1,187,672,865,950.13

Customers' liabilities
Under unmatured bills                             325,512,964.00

Total                                       1,187,998,378,914.13


Liabilities                                             baht


Deposits                                    1,027,755,270,871.80

Interbank and money market items               53,092,846,934.45

Liabilities payable on demand                   2,659,773,310.78

Securities sold under
Repurchase agreements                                       0.00

Borrowings                                     10,001,173,778.61

Bank's liabilities under acceptances            2,978,114,117.17

Other liabilities                              16,127,120,116.37

Total liabilities                           1,112,614,299,129.18

Shareholders' equity

Paid-up share capital
(registered share capital
Baht 57,664,098,087.50)                        57,604,032,350.00

Reserves and net profit
After appropriation                             9,489,250,073.90

Other reserves & profit and loss account        7,965,284,397.05

Total shareholders' equity                     75,058,566,820.95

Total liabilities and shareholders' equity  1,187,672,865,950.13

Bank's liabilities under unmatured bills          325,512,964.00

Total                                       1,187,998,378,914.13

                                                                 
Non-Performing Loans                                Baht

As of March 31, 2005 (Quarterly)              122,052,308,895.79
(12.63  percent of total Loans
before allowance for doubtful accounts)

Required provisioning for loan loss,
as of March 31,2005 (Quarterly)                51,933,371,039.58

Actual allowance for doubtful accounts         64,336,710,791.70

Loans to related parties                        8,546,950,550.00

Loans to related asset management companies    38,763,147,107.43

Loans to related parties due
to debt restructuring                           3,052,955,289.53

Borrowings as part of  
subordinated debentures cum
preferred share to be included in the Tier 1 Capital,
permitted by the Bank of Thailand                           0.00

Legal Capital Fund                             88,626,287,883.98

Changes in Liabilities and assets
this month due to the penalty expenses
from violating the Commercial Bank
Act B.E.2505 and Amended Act                                0.00

International Banking Facility' s assets and liabilities

Total Assets                                    5,260,538,895.41

Total Liabilities                                  16,895,129.52

Significant Contingent liabilities

Avals to Bills and Guarantees of loans         10,781,648,568.37

Letters of Credit                              26,866,945,344.42

This Summary Statement has not been reviewed or audited by
Certified Public Accountant

Ms. Yaovaluk Lerksantivong
First Senior Vice President & Manager                

Mr. Apisak Tantivorawong
President
Accounting Department

CONTACT:

Krung Thai Bank Public Company Limited   
35 Sukhumvit Road, Khlong Toei Nua, Wattana Bangkok    
Telephone: 0-2255-2222   
Fax: 0-2255-9391-6   
Web site: http://www.ktb.co.th
  

NEW PLUS: Replaces Resigned Directors
-------------------------------------
The board of directors of New Plus Knitting Public Company
Limited issued to the Stock Exchange of Thailand (SET) a report
on the resolutions of the meeting held on May 19, 2005 at 2:00
p.m.

(1) The resolution to approve directors request to resign from
the position which will take effect May 16,2005.

Mr. Boonpakorn Chokvathana and Mr. Kumthorn Poonsakudomsin
resign as directors and the meeting has approved the new
directors to replace the said directors, Miss Suwanna
Sunhajariya

(2) The board of directors has the resolution to replace the
directors and audit committees as the following details:

(1) Mrs. Chamnean Chokvathana   Chairman
(2) Mrs. Songsang Sudhom        Vice-Chairman
(3) Mrs. Orasa Kruthakool       Director
(4) Mr. Marut Changamporn       Director
(5) Mr. Montri Loasethakul      Director
(6) Mr. Akardej Angsusingha     Director
(7) Mrs. Warcharee Pantho       Director
(8) Miss On-uma Funkfon         Director
(9) Miss Suwanna Sunhajariya    Director

Members to the audit committee are as follows:

(1) Mr. Montri Loasethakul- Chairman Of the Audit Committee

(2) Mr. Akardej Angsusingha- Audit Committee Member

(3) Miss Suwanna Sunhajariya- Audit Committee Member

    Mrs. Maturoscharee Prokhasomboon- Audit Committee Secretary

Yours Sincerely,

Mrs. Orasa Kruthakool
Director                          

Mrs Warcharee Pantho
Director

CONTACT:

New Plus Knitting Public Company Limited   
34 Moo 20, Saladang, Ban Num Priao, Chacherngsao    
Telephone: 0-3859-3126   
Fax: 0-3859-3125   


THAI PETROCHEMICAL: MoF Given Go Signal to Buy Shares
-----------------------------------------------------
The Ministry of Finance (MoF) would be able to purchase shares
of Thai Petrochemical Industry Public Company Limited (TPI)
following the approval of the cabinet over the proposal, reports
Dow Jones.

According to the ministry, it will buy the TPI shares for resale
to Vayupak, in accordance with the debt restructuring plan.  
Other participants in the offering will buy the shares directly.

"The cabinet approval helps to widen the investment scope of the
(Vayupak) fund," Chaiyot Sasomsub, deputy finance minister, told
reporters.  The share purchase agreement is still scheduled to
be signed in June, Mr. Chaiyot said.

In a previous statement the ministry said that the fund will buy
a 10 percent stake in TPI at THB3.30 per share. MFC Asset
Management PCL (MFC.TH) President, Pichit Akrathit manager of
Vayupak Fund-One, said the offering price is reasonable given
TPI's solid fundamentals.

Mr. Pichit said the fund is liquid enough to buy TPI shares
without selling its current portfolio.

Under a court-backed restructuring plan, TPI will offer shares
to new partners and existing shareholders in order to raise
about THB57.92 billion ($1.45 billion) from the sale of 17.55
billion shares. The offering will help to pay down debt of
around $2.95 billion.

TPI will divest its 249 million shares in TPI Polene PCL (TPIPL)
and is expected to raise around $250 million.  Creditors have
agreed to write off $250 million in accrued interest. Proceeds
from the stake sale and the divestment is would be used to repay
creditors.  TPI's remaining debt is expected to shrink to $1
billion.

CONTACT:

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



                            *********


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

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