TCRAP_Public/050527.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

             Friday, May 27, 2005, Vol. 8, No. 104

                            Headlines

A U S T R A L I A

AMP LIMITED: Bids to Grab Full Control of Equatorial
BRAHNDT PTY: Members Agree to Wind Up Company
BUSINESS AUSTRALIA: Court Appoints Receiver to Unit Trusts
CHEMEQ LIMITED: API Building Resumes Operations
CRAFTSMEN OFFICE: Proofs of Claim Due June 8

DMCK DEVELOPMENTS: To Declare Dividend June 8
GLOBAL AIR: ASIC Bans Former Director
GROVAM INVESTMENTS: To Declare Dividend June 8
HACLOW PTY: Members Pass Winding Up Resolution
HANDEX AUSTRALIA: Taps Liquidator from Ferrier Hodgson

HILL & DALE: Succumbs to Voluntary Liquidation
IANNELLO BROS: Names Richard Judson Liquidator
KAROTT PTY: To Pay First, Final Dividend May 31
LATROBE VALLEY: Fixes Final Meeting May 31
LIGHTS PTY: To Hear Liquidator's Report on Winding Up

MICHAEL ANTHONY: Enters Winding Up Process
MICROCAPS LIMITED: Creditors' Proofs of Claim Due June 8
MITSUBISHI AUSTRALIA: Contributed to Group's Hefty Losses
RAEGUN PTY: Liquidator to Lay Account of Winding Up
SARONIC HOLDINGS: Members Resolve to Wind Up Company

SONS OF GWALIA: Creditors See Fees Hit AU$4.6 Mln
STAG PTY: Creditors Have Until June 8 to Prove Claims
TEENUC PTY: Appoints Official Liquidator
TROPICAL TOUCH: Winds Up Voluntarily
VILLAGE LIFE: Suffers Its Third Downgrade

WHISPER IT: Picks Richard Herbert Judson as Liquidator
WINTY ENTERPRISES: Members Pass Winding Up Resolution
* ASIC Issues Guidelines for Liquidators


C H I N A  &  H O N G  K O N G

CHINA CONSTRUCTION: Seeks to List Overseas by November
CHINA CONSTRUCTION: Sticking to Dollar Assets
CHINA CONSTRUCTION: To Underwrite Huaneng Bonds
CREATE BILLION: Enters Winding Up Proceedings
HAVE MORE: Court Releases Winding Up Order

JEWELS FORCE: Begins Winding Up Process
ORIENTAL PHOENIX: Winding Up Hearing Slated for June 1
PCCW LIMITED: Chairman Acquires One Mln Shares
SEMICONDUCTOR MANUFACTURING: Secures Financing for Expansion
TIM MAMA: Court Releases Winding Up Order


I N D O N E S I A

ASIA PULP: Dismisses Greenpeace's Illegal Logging Allegations
BANK MANDIRI: Denies Merger Proposal with BNI
BANK MANDIRI: New CEO Must Prove He's Right for the Job
PERTAMINA: Discovers Illegal Mixed Fuel in Jakarta
PERUSAHAAN LISTRIK: Pre-Bidding for LNG Terminal Kicks Off


J A P A N

DAIEI INCORPORATED: Set to Endorse New Management Team
KANSAI INTERNATIONAL: Turns First Profit in 2004
RESONA HOLDINGS: Details Reverse Split of Stocks
RESONA HOLDINGS: Swings to JPY365.59 Bln Profit
TOSHIBA CORPORATION: Says RP Chaotic; Moves Business To China

UFJ BANK: Moody's Downgrades OPCO Preferred Securities to Caa1
UFJ HOLDINGS: Books FY/2004 JPY554 Bln Net Loss
UFJ HOLDINGS: Unveils June 29 AGM Agenda
UFJ HOLDINGS: Unit Suspends Dividend Payments
UFJ HOLDINGS: Names New Executives

UFJ HOLDINGS: Posts Changes to Organizational Structure
* 63 Large Keiretsu Companies Files for Bankruptcy


K O R E A

DAEWOO SHIPBUILDING: Inks Ship-building Contract with Iran


M A L A Y S I A

KRAMAT TIN: Net Loss Widens in Q1
METROPLEX BERHAD: Seeks Authority to Renew Shareholders' Mandate
METROPLEX BERHAD: Winding-Up Petitions to be Heard by One Court
MMC CORPORATION: Members Wind Up Unit's Subsidiaries
PANGLOBAL BERHAD: Unit Discloses Monthly Production Figures

PANTAI HOLDINGS: Posts Shares Buy Back Notice
POS MALAYSIA: Updates on Suit Filed by Malayan Banking
PUNCAK NIAGA: Records FY05 First Quarter Profit
PUNCAK NIAGA: Set to List Extra Shares Today
WEMBLEY INDUSTRIES: First Quarter Net Loss Widens Slightly


P H I L I P P I N E S

ATLAS CONSOLIDATED: Reopening Slated This Year
EVER GOTESCO: Pursues Debt-Restructuring Talks
MANILA ELECTRIC: ERC May Demand Php90-Mln Refund
METRO PACIFIC: Reschedules AGM to July 8
NATIONAL BANK: Clarifies News Articles

NATIONAL BANK: Tarriela Named Chairman
NATIONAL DEVELOPMENT: Mulls Asset Sale, Bond Float
PACIFIC PLANS: SEC Justifies Rejection of Rehab Plan
PACIFIC PLANS: Blamed for Rival's Sales Slump
VICTORIAS MILLING: Notes Changes in Shareholdings


S I N G A P O R E

ACCORD CUSTOMER: Requests for Trading Halt
CHINA AVIATION (S): SK Expresses Support to New Repayment Scheme
CITIRAYA INDUSTRIES: Court OKs 2-Month Reprieve on Proceedings
INFORMATICS HOLDINGS: Books SG$67.1Mln 1Q/2005 Net Loss
INFORMATICS HOLDINGS: Disposes of Unit's Properties

JAYA ATLANTIC: Creditors Must Prove Claims by June 25
JAYA MARITIME: Receiving Proofs of Claim Until June 25
JAYA VENUS: Proofs of Debt, Claim Due June 25
SPECTROL INDUSTRIES: Declares Preferential Dividend


T H A I L A N D

RS PROMOTION: To Zero in on Licensing to Boost Sales
THAI PETROCHEMICAL: Company Director Steps Down
* Large Companies With Insolvent Balance Sheets

     -  -  -  -  -  -  -  -

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


AMP LIMITED: Bids to Grab Full Control of Equatorial
---------------------------------------------------
A unit of insurance and funds management group AMP Limited
(AMP.AU) has announced a bid to kick out minority investors in
order to secure full control of copper miner Equatorial Mining
Ltd. (EQM.AU), Dow Jones reports.

AMP Life Limited, which already owns 95.8 percent of Equatorial,
offered AU$7.00 a share to acquire the remaining 4.2-percent
stake from a small group of institutional and individual
investors.

"This will give us greater flexibility and efficiency in
managing and maximizing the value of the business," said AMP
Life investment executive Merv Peacock, without elaborating.

Equatorial, whose independent directors have indicated they will
recommend the bid subject to the findings of an independent
assessment, is also waiting for a more detailed explanation of
AMP's offer.

Equatorial has established a foothold in Chile, the world's
largest copper producing country, with a 39-percent stake in the
El Tesoro mine with partner Antofagasta PLC (ANTO.LN). The mine
is Equatorial's sole revenue stream after closing operations in
the U.S.

CONTACT:

AMP Limited
Level 24, 33 Alfred St.
Sydney 2000, Australia
Phone: +61-2-9257-5000
Fax: +61-2-8275-0199
Web site: http://www.amp.com.au


BRAHNDT PTY: Members Agree to Wind Up Company
---------------------------------------------
Notice is hereby given that at general meetings of the members
of Brahndt Pty. Ltd. A.C.N. 051 422 023 (Voluntary Winding Up By
Members) held on April 14, 2005 it was resolved that the Company
be wound up voluntarily by the members and that, Richard Herbert
Judson of Members Voluntarys Pty Ltd be appointed liquidator.

Dated this 14th day of April 2005

Richard Judson
Members Voluntarys Pty. Ltd.
PO Box 819, Moorabbin Vic 3189


BUSINESS AUSTRALIA: Court Appoints Receiver to Unit Trusts
----------------------------------------------------------
The Australian Securities and Investments Commission (ASIC)
obtained interim orders in the Supreme Court of New South Wales
on May 23, 2005 appointing David John Frank Lombe and Peter
George Yates of Deloitte Touche Tohmatsu, Sydney, as interim
receivers to the assets of the BACF Unit Trust and the BACF
Investment Unit Trust (the unit trusts) respectively.

The orders were obtained by consent after ASIC issued
proceedings in the Supreme Court of NSW applying for the winding
up of Business Australia Capital Finance Pty Ltd (BACF) on just
and equitable grounds, and the winding up of the unit trusts as
unregistered managed investment schemes.

BACF gave undertakings to the Court that it would not deal with
or dispose of any money it received until June 14, 2005. An
interlocutory application for the appointment of a provisional
liquidator to BACF has been adjourned to 31 May 2005.

ASIC has also joined BACF Investments Pty Ltd (In
Administration), Bondedge Pty Ltd (In Administration) and
Business Australia Capital Mortgage Pty Ltd (In Administration)
as co-defendants in the proceedings due to their role in the
operation and management of the unit trusts which ASIC alleges
were unregistered managed investment schemes. Each of these
companies has recently been placed into voluntary
administration.

"ASIC has taken this action because we are concerned these
companies are operating unregistered managed investment schemes
and that investors' rights are in jeopardy. These interim orders
will ensure investors are protected pending the Court's
decision," ASIC's Deputy Executive Director of Enforcement, Mr.
Mark Steward said.

The hearing of ASIC's application for final relief has been set
down for 4 July 2005.

Background

Managed investment schemes with more than 20 members are
required to be registered under section 601EB of the
Corporations Act 2001 (the Act). ASIC may apply to the court to
wind up an unregistered managed investment scheme under section
601EE of the Act.

In its application to the court, ASIC alleged that:

The BACF Unit Trust and the BACF Investment Unit Trust were
unregistered managed investment schemes;

Bondedge Pty Ltd operated the unit trust known as the BACF Unit
Trust and BACF Investments Pty Ltd operated the unit trust known
as the BACF Investment Unit Trust in contravention of the
management scheme provisions of the Act.


CHEMEQ LIMITED: API Building Resumes Operations
-----------------------------------------------
Chemeq Limited announced that production of Active
Pharmaceutical Ingredient at the Company's manufacturing
facility, affected by a small fire two weeks ago, recommenced
Friday last week.

Minor repair work inside the APU building is now completed.

All other areas of the manufacturing facility remain unaffected
and manufacturing of finished product continues.

About Chemeq

Chemeq is an emerging veterinary drug producer, which has
developed a unique product, CHEMEQ polymeric antimicrobial for
the prevention and control of intestinal bacterial diseases in
feedstock animals such as pigs and poultry.

The Company's manufacturing facility in Western facility in
Western Australia was completed in August 2004 and is currently
undergoing commissioning and optimization.

Chemeq has secured conditional approval from the Australian
Pesticides & Veterinary Medicines Authority (APVMA) to commence
production at its manufacturing facility south of Perth, Western
Australia.

To date, product approval has been secured in South Africa (pigs
and poultry) and New Zealand (pigs). Distribution agreements
with leading distributors have been secured in South Africa, New
Zealand and Malaysia.

Chemeq's breakthrough AU$1.5 million sales order was signed with
a South African group in August 2004.

Last month, Chemeq shareholders approved a facility of up to
AU$60 million with investment group Mizuho that underpins the
future financial strength of the group.

CONTACT:

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


CRAFTSMEN OFFICE: Proofs of Claim Due June 8
--------------------------------------------
A first and final dividend is to be declared on June 8, 2005 for
Craftsmen Office Interiors (Wa) Pty Ltd (In Liquidation) A.C.N.
051 010 336.

Creditors whose debt or claims have not already been admitted
are required on or before the June 8, 2005 formally to prove
their debts or claims. If they do not, they will be excluded
from the benefit of the dividend.

Dated this 18th day of April 2005

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


DMCK DEVELOPMENTS: To Declare Dividend June 8
---------------------------------------------
A first and final dividend is to be declared on June 8, 2005 for
DMCK Developments Pty Ltd (In Liquidation) A.C.N. 096 634 347.

Creditors whose debt or claims have not already been admitted
are required on or before June 8, 2005 formally to prove their
debts or claims. If they do not, they will be excluded from the
benefit of the dividend.

Dated this 18th day of April 2005

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


GLOBAL AIR: ASIC Bans Former Director
-------------------------------------
The Australian Securities and Investments Commission (ASIC) has
banned Mr. Luke Norman Butler, formerly of Golden Beach in
Queensland, from managing corporations for three years.

ASIC imposed the ban following an investigation into Mr.
Butler's involvement with two air charter companies, Global Air
Australia Pty Ltd (Global Air) and We Both Pty Ltd (formerly
named Global Air Leasing Pty Ltd) (We Both).

Mr. Butler was a director of Global Air Australia and We Both,
which conducted an international air charter business. ASIC
found that:

(1) Mr. Butler was involved in the management of We Both during
a period when he was also an undischarged bankrupt;

(2) shortly before We Both was wound up, Mr. Butler was involved
in the transfer of a Company asset to a related Company in a way
that was detrimental to the creditors of We Both;

(3) Mr. Butler's conduct included breaches of provisions of the
Corporations Act 2001 relating to the requirement to keep proper
books and records, and the requirement to assist in the orderly
and proper winding up of companies in the interests of
creditors; and

(4) both Global Air and We Both were unable to pay creditors
more than 50 cents in the dollar after being placed into
liquidation.

ASIC took the action in the public interest to protect against
present and future misuse of the corporate structure.

"ASIC will continue to take action against Company officers who
fail to comply with their legal obligations under the
Corporations Act and, in doing so, put the public and businesses
at risk," ASIC's Deputy Executive Director of Enforcement, Mr
Mark Steward, said.

The banning will take effect as of June 7, 2005. Mr. Butler is
now a resident in Ghana, West Africa.

Mr. Butler has the right to appeal to the Administrative Appeals
Tribunal for a review of ASIC's decision.


GROVAM INVESTMENTS: To Declare Dividend June 8
----------------------------------------------
A first and final dividend is to be declared on June 8, 2005 for
Grovam Investments Pty Limited (In Liquidation) A.C.N. 000 870
860.

Creditors whose debt or claims have not already been admitted
are required on or before June 8, 2005 formally to prove their
debts or claims. If they do not, they will be excluded from the
benefit of the dividend.

Dated this 18th day of April 2005

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


HACLOW PTY: Members Pass Winding Up Resolution
----------------------------------------------
Notice is hereby given that at general meetings of the members
of Haclow Pty. Ltd. (Voluntary Winding Up By Members) A.C.N. 005
655 890 held on April 14, 2005 it was resolved that the Company
be wound up voluntarily by the members and that, Richard Herbert
Judson of Members Voluntarys Pty Ltd be appointed liquidator.

Dated this 14th day of April 2005

Richard Judson
Members Voluntarys Pty. Ltd.
PO Box 819, Moorabbin Vic 3189


HANDEX AUSTRALIA: Taps Liquidator from Ferrier Hodgson
------------------------------------------------------
Notice is hereby given that at a meeting of creditors of Handex
Australia Pty Ltd (In Liquidation) A.C.N. 079 452 270, convened
pursuant to Section 439A of the Corporations Act 2001, held on
April 6, 2005 it was resolved that the Company be wound up and
pursuant to Section 446A(4) of the Corporations Act 2001, Peter
Damien McCluskey and Adrian Lawrence Brown of Ferrier Hodgson,
Level 29, 600 Bourke Street, Melbourne, Victoria were appointed
Liquidators.

Dated this 15th day of April 2005

A. L. Brown
Liquidator
Ferrier Hodgson
Level 29, 600 Bourke Street,
Melbourne Vic 3000


HILL & DALE: Succumbs to Voluntary Liquidation
----------------------------------------------
Notice is hereby given that at an extraordinary general meeting
of Hill & Dale Pty Ltd (In Liquidation) A.C.N. 006 127 706 held
on April 8, 2005 it was resolved that the Company be wound up
voluntarily and at a meeting of creditors held on the same day
it was resolved that for such purpose, Robert Molesworth Hobill
Cole of Cole Downey & Co, Chartered Accountants, Level 1, 22
William Street, Melbourne Vic 3000 be appointed Liquidator.

Dated this 12th day of April 2005

Robert M. H. Cole
Liquidator
Cole Downey & Co
Chartered Accountants
Level 1, 22 William Street,
Melbourne Vic 3000


IANNELLO BROS: Names Richard Judson Liquidator
----------------------------------------------
Notice is hereby given that at general meetings of the members
of Iannello Bros Pty. Ltd. (Voluntary Winding Up By Members)
A.C.N. 000 734 163 held on April 14, 2005 it was resolved that
the Company be wound up voluntarily by the members and that,
Richard Herbert Judson of Members Voluntarys Pty Ltd be
appointed liquidator.

Dated this 14th day of April 2005

Richard Judson
Members Voluntarys Pty. Ltd.
PO Box 819, Moorabbin Vic 3189


KAROTT PTY: To Pay First, Final Dividend May 31
-----------------------------------------------
A first and final dividend is to be declared on May 31, 2005 for
Karott Pty. Ltd. (In Liquidation) formerly trading as RA
Distributions A.C.N. 059 774 588.

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

R. G. Mansell
Liquidator
Level 6/118 Queen Street,
Melbourne Vic 3000
Telephone: 03 9603 0090
Facsimile: 03 9603 0099


LATROBE VALLEY: Fixes Final Meeting May 31
------------------------------------------
Notice is hereby given that a final meeting of members of
Latrobe Valley VCFL Regional Board Inc (In Liquidation) will be
held at 126 George Street, Morwell on May 31, 2005 at 11:00 a.m.
for the purposes of laying before the meeting the account of the
liquidator's acts and dealings and the conduct of the winding
up.

Dated this 8th day of April 2005

R. D. M. Smith
Liquidator
126 George Street,
Morwell Vic 3840


LIGHTS PTY: To Hear Liquidator's Report on Winding Up
-----------------------------------------------------
Notice is given that pursuant to Section 509(1) of the
Corporations Law, a final meeting of the members of Lights Pty
Ltd (In Liquidation) A.C.N. 088 984 150 will be held in the
Meeting Room, Members Voluntarys Pty Ltd 1st Floor, 10 Park
Road, Cheltenham on June 14, 2005 at 11:15 a.m.

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

Dated this 18th day of April 2005

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


MICHAEL ANTHONY: Enters Winding Up Process
------------------------------------------
Notice is hereby given that at general meetings of the members
of Michael Anthony Pty. Ltd. (Voluntary Winding Up By Members)
A.C.N. 005 157 924 held on April 14, 2005 it was resolved that
the Company be wound up voluntarily by the members and that,
Richard Herbert Judson of Members Voluntarys Pty Ltd be
appointed liquidator.

Dated this 14th day of April 2005

Richard Judson
Members Voluntarys Pty. Ltd.
PO Box 819, Moorabbin Vic 3189


MICROCAPS LIMITED: Creditors' Proofs of Claim Due June 8
--------------------------------------------------------
A first and final dividend is to be declared on June 8, 2005 for
Microcaps Ltd (In Liquidation) A.C.N. 075 925 094.

Creditors whose debts or claims have not already been admitted
are required on or before June 8, 2005 formally to prove their
debts or claims. If they do not, they will be excluded from the
benefit of the dividend.

Dated this 18th day of April 2005

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


MITSUBISHI AUSTRALIA: Contributed to Group's Hefty Losses
---------------------------------------------------------
Mitsubishi Motors Corporation's losses surged to JPY475 billion
(AU$5.8 billion) in the first quarter due partly to heavy write-
offs in Australia and North America, Sydney Morning Herald
reports.

The Japanese automaker attributed half of the loss to asset
impairment and on the one-off charges.

Losses before one-offs rose 62 percent to JPY179 billion,
reflecting a 16 percent slump in revenues to JPY2.12 trillion as
vehicle sales slumped in North America and Japan in the wake of
scandals in both markets.

Meanwhile, Mitsubishi Motors Australia (MMA) announced a planned
restructure of its balance sheet and more than AU$300 million
written off due to asset impairment. This reflected the imminent
closure of the Lonsdale engine plant and the lay-offs at the
Tonsley Park assembly plant, where break-even capacity has been
sharply reduced.

Nevertheless, MMA chief executive Tom Phillips was confident
about the group's future since MMC's results are "in line with
the revitalization plan that was unveiled in January".

Mr. Phillips believed the group's lackluster performance will
have no impact on current or future. He added MMA will pursue
its plan to launch its new car in October.

MMA has invested about AU$250 million rebuilding its Adelaide
plant and a further AU$350 million to develop and introduce the
new model.

Directors of the parent company even revised upwards the
forecast sales of cars and trucks for the current financial year
when they released the 2003-05 results. MMC forecast that
operating losses were expected to shrink to JPY64 billion in the
current year. The revitalization plan forecasts a break-even
profit of JPY8 billion for the year to March 2007.

CONTACT:

Mitsubishi Motors Australia, Ltd. (MMAL)
Head Office: 1284 South Road
Clovelly Park South Australia, 5042 AUSTRALIA
Phone: 08 8275 7443
Fax: 08 8275 7309
E-mail: careers@mmal.com.au
Web site: www.mitsubishi-motors.com.au


RAEGUN PTY: Liquidator to Lay Account of Winding Up
---------------------------------------------------
Notice is given that pursuant to Section 509(1) of the
Corporations Law, a final meeting of the members of Raegun Pty
Ltd (In Liquidation) A.C.N. 010 007 600 will be held in the
Meeting Room, Members Voluntarys Pty Ltd 1st Floor, 10 Park
Road, Cheltenham on June 14, 2005 at 11:45 a.m.

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

Dated this 18th day of April 2005

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


SARONIC HOLDINGS: Members Resolve to Wind Up Company
----------------------------------------------------
Notice is hereby given that at general meetings of the members
of Saronic Holdings Pty. Ltd. (Voluntary Winding Up By Members)
A.C.N. 002 627 572 held on April 14, 2005 it was resolved that
the Company be wound up voluntarily by the members and that,
Richard Herbert Judson of Members Voluntarys Pty Ltd be
appointed liquidator.

Dated this 14th day of April 2005

Richard Judson
Members Voluntarys Pty. Ltd.
PO Box 819, Moorabbin Vic 3189


SONS OF GWALIA: Creditors See Fees Hit AU$4.6 Mln
-------------------------------------------------
The administrators of failed miner Sons of Gwalia were paid
AU$4.6 million since the firm's AU$900 million collapse in
August last year, according to The West Australian.

Documents from the Australian Securities and Investment
Commission revealed that Ferrier Hodgson & Company recorded
AU$2.16 million in fees in the four months to the end of
February 2005. This is in addition to the AU$2.48 million it
received for the first two months of the administration.

The administration is unlikely to end any time soon, with UBS
Australia leading a campaign to obtain maximum value for Sons of
Gwalia's lucrative tantalum business.

Sons of Gwalia's tantalum mine supplies over 50 percent of the
world's tantalum.

CONTACT:

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


STAG PTY: Creditors Have Until June 8 to Prove Claims
-----------------------------------------------------
A first and final dividend is to be declared on June 8, 2005 for
Stag Pty Ltd (In Liquidation) A.C.N. 006 276 384.

Creditors whose debt or claims have not already been admitted
are required on or before June 8, 2005 formally to prove their
debts or claims. If they do not, they will be excluded from the
benefit of the dividend.

Dated this 18th day of April 2005

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


TEENUC PTY: Appoints Official Liquidator
----------------------------------------
Notice is hereby given that at general meetings of the members
of Teenuc Pty. Ltd. (Voluntary Winding Up By Members) A.C.N. 082
493 810 held on April 14, 2005 it was resolved that the Company
be wound up voluntarily by the members and that, Richard Herbert
Judson of Members Voluntarys Pty Ltd be appointed liquidator.

Dated this 14th day of April 2005

Richard Judson
Members Voluntarys Pty. Ltd.
PO Box 819, Moorabbin Vic 3189


TROPICAL TOUCH: Winds Up Voluntarily
------------------------------------
Notice is hereby given that a Meeting of Members held on April
14, 2005 resolved that Tropical Touch Cleaning Services Pty.
Ltd. (In Liquidation) A.C.N. 079 026 350 be wound up voluntarily
and that Anthony Robert Cant of Romanis Cant, Chartered
Accountants, 106 Hardware Street, Melbourne be appointed
Liquidator for the purpose of such winding up.

Dated this 14th day of April 2005

Anthony R. Cant
Liquidator


VILLAGE LIFE: Suffers Its Third Downgrade
-----------------------------------------
Beleaguered Village Life said it would miss earnings targets,
driving its third profit downgrade, The Australian says.

Due to higher-than-expected construction costs for three
retirements villages, the aged-care developer and operator said
the revised net profit forecast made on May 9 of AU$4.5 million-
AU$4.7 million for the fiscal year ending June 30 will not be
achieved.

Village Life did not disclose the profit target this year. In
February, the firm revised its profit forecast down to AU$11.5
million-AU$12.5 million, a steep fall from its original forecast
of AU$15.4 million.

But despite Village Life's woes, ING Real Estate has not lost
interest to invest in the separately listed Village Life Trust,
which owns 25 retirement villages developed by the Company. ING
is also taking over management of the trust from Village Life,
which owns 7.8 percent of the trust.

Village Life said plans to sell 10 retirement villages to the
trust were now under review because of the cost blowout at the
three new villages, two in Victoria and one in Tasmania.

The chief executive of ING Real Estate Investment Management,
Hugh Thomson, said he was not surprised by Village Life's third
profit downgrade. "That's development for you," Mr. Thomson
said.

"Village Life's problems are not unique. Many developers are
facing the same problems because developments are subject to
construction cost increases and development approvals."

ING had reportedly taken over as the interim manager of the
trust, subject to unitholders' approval at a meeting to be held
in mid-June.

CONTACT:

Village Life Limited
61 Park Road (PO Box 1162)
Milton Queensland 4064 Australia
Telephone: +61 7 3514 6400
Facsimilie: +61 7 3514 6497
Web site: http://www.villagelife.com.au/


WHISPER IT: Picks Richard Herbert Judson as Liquidator
------------------------------------------------------
Notice is hereby given that at general meetings of the members
of Whisper It Pty. Ltd. (Voluntary Winding Up By Members) A.C.N.
102 970 409 held on April 14, 2005 it was resolved that the
Company be wound up voluntarily by the members and that, Richard
Herbert Judson of Members Voluntarys Pty Ltd be appointed
liquidator.

Dated this 14th day of April 2005

Richard Judson
Members Voluntarys Pty. Ltd.
PO Box 819, Moorabbin Vic 3189


WINTY ENTERPRISES: Members Pass Winding Up Resolution
-----------------------------------------------------
Notice is hereby given that at general meetings of members of
Winty Enterprises Pty Ltd (In Liquidation) A.C.N. 004 496 306
held on April 18, 2005 it was resolved that the Company be wound
up voluntarily and that Peter Goodin, Chartered Accountant, of
Brooke Bird & Co. Chartered Accountants, 471 Riversdale Road,
East Hawthorn, 3123, be appointed Liquidator.

John E. James
Director
Brooke Bird & Co
Chartered Accountants
471 Riversdale Road,
East Hawthorn 3123
Telephone: 9882 6666


* ASIC Issues Guidelines for Liquidators
----------------------------------------
The Australian Securities and Investments Commission (ASIC) has
published an ASIC guide for registered liquidators who are
appointed under Part 5.3A of the Corporations Act 2001 (the Act)
as administrator of a Company, or of a deed of Company
arrangement (DCA).

The guide explains ASIC's interpretation of certain obligations
of administrators where a DCA proposal involves a creditors'
trust. In particular, it explains the information that ASIC
thinks is material and should be disclosed to creditors in this
situation.

Creditors' trusts are explained in paragraphs 1.1-1.6 of the
guide.

ASIC is concerned that administrators appear not to be aware of,
or are not properly considering, all the issues raised by the
use of a creditors' trust, and therefore, are not acting in ways
which adequately protect the interests of creditors, given the
special risks that creditors' trusts pose for creditors. One of
the key obligations of administrators is to give creditors
sufficient material information to enable the creditors to make
an informed decision about the future of the Company.

"Our experience indicates that generally, administrators are not
giving creditors all the information we believe is material
before they vote on a DCA proposal that involves a creditors'
trust. By clarifying the information that we think is material
in these cases, we aim to assist administrators to better
perform their duties and functions," ASIC Commissioner, Ms Berna
Collier said.

"Any specific issues that may arise from our guidance will be
discussed in our regular liaison forums with the insolvency
profession," Ms Collier said.

Copies of the ASIC guide are available from the Insolvency page
of the ASIC website at www.asic.gov.au, by emailing ASIC's
Infoline on infoline@asic.gov.au or by calling 1300 300 630 or
click on:
http://bankrupt.com/misc/TCRAP_ASICGuidelines052605.pdf


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

CHINA CONSTRUCTION: Seeks to List Overseas by November
------------------------------------------------------
China Construction Bank is shooting for a landmark overseas
listing in November, The Standard reports, citing China
Construction Chairman Guo Shuqing.

The bank is also striving to equip its 330,000 staff with the
skills needed by a modern, service-orientated bank. Those skills
will be essential for the state-owned bank's future success.

The bank has hired KPMG as its external auditor and has selected
its law firm but still has to decide on underwriters and where
to issue the shares. Various overseas stock markets are under
consideration, Mr. Guo said. Banking sources have said that
investment banks China International Capital Corporation,
Citigroup and Morgan Stanley are handling the bank's listing.

Mr. Guo declined to reveal the names of foreign suitors
interested in acquiring strategic stakes ahead of the listing,
but he said the number has fallen to five or six from around 10.

CONTACT:

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


CHINA CONSTRUCTION: Sticking to Dollar Assets
---------------------------------------------
China Construction Bank [CCB.UL] has invested most of a $22.5
billion capital infusion from the government in U.S. bonds and
is not planning to diversify out of U.S. assets, according to
Reuters, quoting Chairman Guo Shuqing.

Beijing injected cash into Construction Bank in late 2003 to fix
its balance sheet after big loan losses.

Mr. Guo, who took the helm of the bank in March, said he did not
have an exact breakdown of the investments.

But they were mainly in U.S. assets, including agency and
corporate bonds as well as Treasuries, because the U.S. market
was deep and liquid.


CHINA CONSTRUCTION: To Underwrite Huaneng Bonds
-----------------------------------------------
Huaneng Power International picks China Construction Bank
(CCB.YY) as the chief underwriter for its issue of CNY5 billion
in short-term corporate bonds, Dow Jones reports.

The People's Bank of China will allow companies to issue
domestic short-term bonds to develop the country's money markets
and make corporate fund-raising easier.

CCB is one of the first commercial banks to be approved as a
chief underwriter for short-term corporate bonds.

China's central bank said short-term bonds can only be issued to
institutional investors, not to the public, and will be traded
on the interbank bond market.


CREATE BILLION: Enters Winding Up Proceedings
---------------------------------------------
Create Billion Limited with registered office located at 7th
Floor, Gofuku Tower, Nos 62-64 Woosung Street, 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 9, 2005.

Dated this 20th day of May 2005.

ET O'Connell
Official Receiver


HAVE MORE: Court Releases Winding Up Order
------------------------------------------
Have More Industrial Limited with registered office located at
Unit B, 20th Floor, Winsan Tower 98 Thomson Road, Wanchai, Hong
Kong was issued a winding up notice by the High Court of the
Hong Kong Special Administrative Region Court of First Instance
on May 11, 2005.

Date of Presentation of Petition: March 9, 2005.

Dated this 20th day of May 2005.

ET O'Connell
Official Receiver


JEWELS FORCE: Begins Winding Up Process
---------------------------------------
Jewels Force Limited with registered office located at Unit 503,
5th Floor, Silvercord Tower 2, 30 Canton Road, Tsimshatsui,
Kolon was issued a winding up notice by the High Court of the
Hong Kong Special Administrative Region Court of First Instance
on May 11, 2005.

Date of Presentation of Petition: March 11, 2005.

Dated this 20th day of May 2005.

ET O'Connell
Official Receiver


ORIENTAL PHOENIX: Winding Up Hearing Slated for June 1
------------------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Oriental Phoenix Investment (HK) Limited by the High Court of
Hong Kong Special Administrative Region was on April 1, 2005
presented to the said Court by Kosmo Corporation (acting through
its joint Provisional Liquidators, Kenneth Krys and Cosimo
Borrelli), whose registered office is situate at the offices of
Codan Trust Company (Cayman) Limited, Century Yard, Cricket
Square, Hutchins Drive, P.O. Box 2681 GT, George Town, Grand
Cayman, Cayman Islands and whose correspondence address in Hong
Kong is at 7th Floor, Allied Kajima Building, 138 Gloucester
Road, Hong Kong.  

The said Petition is to be heard before the Court at 9:30 a.m.
on June 1, 2005.

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

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

Messrs. Laracy Gall
Solicitors for the Petitioner
Acting on behalf of the Petitioner
Room 1402, 22nd Floor, Dina House
11 Duddell Street
Central, Hong Kong

Note:

Any person who intends to appear at the hearing of the said
petition must serve on or send by post to the abovenamed, notice
in writing of his intention to do so.  The Notice must state the
name and address of the person, or if a firm or his or their
Solicitor (if any) and must be served or if posted, must be sent
by post in sufficient time to reach the abovenamed not later
than six o'clock in the afternoon of June 31, 2005.


PCCW LIMITED: Chairman Acquires One Mln Shares
----------------------------------------------
Stock Exchange data disclosed that PCCW Limited (0008) Chairman
Richard Tzar-Kai Li has acquired 1 million shares of the Company
at $4.725 each on May 20, Infocast News reports.

The shares value was $4.725 million in aggregate.

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


SEMICONDUCTOR MANUFACTURING: Secures Financing for Expansion
------------------------------------------------------------
Semiconductor Manufacturing International Corporation (SMIC)
(NYSE: SMI; SEHK: 0981) announced on May 25 that its wholly
owned subsidiary, Semiconductor Manufacturing International
(Beijing) Corporation (SMIC Beijing), has entered into a US$600
million 5-year loan facility from a group of banks based in the
People's Republic of China (the Loan).

China Development Bank and China Construction Bank co-led the
arrangement of the Loan with other participants which include
Bank of China, Agricultural Bank of China, China Merchants Bank,
HuaXia Bank, China MingSheng Bank, Bank of Communications, Bank
of Beijing, Industrial and Commercial Bank of China (Asia) and
CITIC Ka Wah Bank. The proceeds of the Loan will help to expand
the capacity at SMIC's three 300-mm fabs located in Beijing.
SMIC will guarantee SMIC Beijing's obligations under the Loan.

Dr. Richard R. Chang, Chief Executive Officer of SMIC, said, "We
are pleased to receive the support of our Chinese banking
partners to finance a portion of SMIC Beijing's ongoing capital
requirements for its expansion plans. We plan to fund our future
expansion by both internally generated cashflow and additional
loans to be obtained from financial institutions."

About SMIC

SMIC (NYSE: SMI, SEHK: 0981.HK) is one of the leading
semiconductor foundries in the world, providing integrated
circuit (IC) manufacturing at 0.35-micron to 0.11-micron and
finer line technologies to customers worldwide.

Established in 2000, SMIC has four 8-inch wafer fabrication
facilities in volume production in Shanghai and Tianjin. In the
first quarter of 2005, SMIC commenced commercial production at
its 12-inch wafer fabrication facility in Beijing. SMIC also
maintains customer service and marketing offices in the U.S.,
Europe, and Japan, and a representative office in Hong Kong. As
part of its dedication towards providing high-quality services,
SMIC strives to comply with or exceed international standards
and has achieved ISO9001, ISO/TS16949, OHSAS18001, TL9000, and
ISO14001 certifications. For additional information, please
visit http://www.smics.com/.

CONTACT:

Reiko Chang (For America & Europe)
Phone: +86 (21) 5080 2000 ext 10544
Fax: +86 (21) 5080 2868
E-mail: PR@smics.com
or
Angela Miao (For Asia Pacific & other regions)
Phone: +86 (21) 5080 2000 ext 10088
Fax: +86 (21) 5080 2868
E-mail: PR@smics.com


TIM MAMA: Court Releases Winding Up Order
-----------------------------------------
Tim Mama Group Holdings Limited with registered office located
at G/F, 23 Tang Lung Street, Causeway Bay, Hong Kong was issued
a winding up notice by the High Court of the Hong Kong Special
Administrative Region Court of First Instance on May 11, 2005.

Date of Presentation of Petition: March 9, 2005.

Dated this 20th day of May 2005.

ET O'Connell
Official Receiver


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

ASIA PULP: Dismisses Greenpeace's Illegal Logging Allegations
-------------------------------------------------------------
Environmental group Greenpeace accused Indonesian paper firm
Asia Pulp and Paper Co. Ltd. (APP) of threatening the local
forests in Chinese province Hainan, in a discussion on the
developments of paper plantations in China, reports China Daily
News.

Company representatives denied the group's accusations, saying
they are working for sustainable development in China, and are
not destroying forests since they are abiding by the law.

Greenpeace investigations in March and April showed that low
supply of APP's unit Hainan Jinhai Pulp & Paper Co. Ltd.
resulted in the logging of natural forests in the area.

According to the group's forestry protection director Zhong Yu,
the APP Hainan unit needs 133,000 hectares of forest for its raw
materials. But APP has planted only 64,000 hectares of forest,
of which 6,000 hectares is available for logging. APP uses
eucalyptus trees for its raw materials.

But APP forestry head Ke Xiangsen said that the Company can get
wood from all over China, and not just in Hainan. Since the
Company's major raw material is eucalyptus, they will not touch
any of the natural forests in Hainan.

The Chinese provincial government is supporting APP's Hainan
plant in efforts to improve the local economy.

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: Denies Merger Proposal with BNI
---------------------------------------------
Contrary to previous reports, state-owned Bank Mandiri said that
it did not propose a merger with Bank Negara Indonesia (BNI) to
form a new, stronger bank, Reuters News reports.

Earlier this week, the Asian Wall Street Journal reported that
troubled Bank Mandiri had proposed a merger with government-
controlled BNI.

But bank director Nimrod Sitorus insisted they did no such
thing, saying that talks of a possible merger with BNI was in
response to parliament's question on the matter. It would be up
to the government if the two banks would merge, he added.

Bank Mandiri was formed from a merger of four state banks, after
the 1997 Asian financial crisis, where Indonesia's central bank
pushed for a consolidation of local banks. The bank's assets are
at IDR248 trillion, compared to BNI's total assets worth IDR136
trillion.

CONTACT:

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


BANK MANDIRI: New CEO Must Prove He's Right for the Job
-------------------------------------------------------
Bank Mandiri's newly appointed chief executive officer, Agus
Martowardojo, must pass a "Fit & Proper" test before he can be
fully established as the bank's new president, reports Dow
Jones.

Deputy Governor Siti Fadjrijah of the country's central bank,
Bank Indonesia, will conduct the test for Mr. Marto wardojo by
next week, and hopes to come up with the test results within
three days after the test is taken.

According to Ms. Fadjrijah, the bank's CEO must pass the test,
among which involves competency and integrity aspects, to be
authorized to make decisions regarding bank operations.
Otherwise, if he fails the test, then Bank Mandiri's
shareholders must convene another time to appoint a new
president.  

Mr. Martowardojo replaced former president director E.C.W.
Neloe, who was arrested for his involvement in an IDR1 trillion
lending scandal between the bank and several private firms that
requested for loans.


PERTAMINA: Discovers Illegal Mixed Fuel in Jakarta
--------------------------------------------------
State oil and gas firm PT Pertamina's team discovered more than
25,000 liters of mixed fuel (60% diesel, 40% kerosene) in a
building in Kramat Jati, East Jakarta, the Jakarta Post reports.

Team member Awi Adil said that the fuel, which would have sold
for a cheaper price than diesel fuel, was started only last
October. A security guard of the rented building identified its
tenants as Sy & M. The Company's team handed over the mixed fuel
to the police, and the building was sealed.

Nearby residents had complained about the illegal business,
saying that it had polluted their groundwater.

The Company regularly raids sites suspected of hoarding fuel,
which has caused shortages in the country.

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


PERUSAHAAN LISTRIK: Pre-Bidding for LNG Terminal Kicks Off
----------------------------------------------------------
State-owned power firm PT Perusahaan Listrik Negara (PLN) is set
to start pre-bidding for its liquefied natural gas (LNG)
terminal in Cilegon, West Java, reports the Jakarta Post.

The Company had shortlisted 18 domestic and foreign bidders for
the pre-bidding process, which started on May 26, 2005.

Company data shows that 6 firms were shortlisted for the
project's Lot 1, which covers the project's tank engineering,
procurement and construction (EPC):

1 Toyo Kanetsu KK
2 Mitsubishi Heavy Industry Ltd.
3 SN Technigaz
4 Chicago Bridge and Iron
5 A consortium of Kawasaki Heavy Industry and Marubeni Corp.
6 A consortium of Ishikawajiwa Harima Heavy Industry and
Sumitomo Corp.

For Lot 2, the offshore EPC, here are the contractors:

1 A consortium of PT Sac Nusantara and Deserco
2 A consortium of Mitsui Engineering Ship Building, Boskalis, PT
Waskita Karya, and Sumitomo Corp.
3 A joint operation of Inter Beton BV and Decorient Indonesia
4 A consortium of PT Pembangunan Perumahan, PT Rekayasa
Industri, and Inai Kiara Sdn, Bhd.
5. A consortium of PT Thiess Indonesia and Sandwell

Seven firms were selected to bid for the project's Lot 3 Main
EPC:

1. Chicago Bridge and Iron
2. Mitsubishi Heavy Industry, Ltd.
3. A consortium of Tractebel Gas Engineering Belgium and Inti
Karya Persada Teknik
4. A consortium of Tripatra and Flour
5. A joint venture of Sofregaz and Techint
6. A consortium of Ishikawajima-Harima Heavy Industry and
Sumitomo Corp.
7. A consortium of Darlim Industrial Co. Ltd., Daewoo
Engineering Co., and Daewoo International Corp.

The planned LNG terminal, estimated to cost around IDR2.28
trillion, is the first of its kind in the country, and is set to
begin operations in 2007. This is part of PLN's plans to create
a natural gas supply for its power plants, and lower its need
for more expensive fuel.

CONTACT:

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


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


DAIEI INCORPORATED: Set to Endorse New Management Team
------------------------------------------------------
Daiei Incorporated plans to hire new managers to join the
Company's eight-member board that will be responsible for
rebuilding the ailing retailer, Dow Jones Newswires reports.

The Company is set to hire Yasuyuki Higuchi, 47, former
president of Hewlett-Packard Japan Ltd., as Daiei's president
and chief operating officer, and Fumiko Hayashi, 59, former
president of BMW Tokyo Corp., as its chairwoman and chief
executive officer.

Daiei sought the IRCJ's help last October to turn around its
business, which had deteriorated as a result of aggressive
expansion into non-core operations during Japan 's bubble
economy era.

At the shareholders' meeting held on May 19, Daiei Acting
President Yoshiaki Takahashi said the Company incurred a
consolidated net loss of JPY510 billion.

CONTACT:

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


KANSAI INTERNATIONAL: Turns First Profit in 2004
------------------------------------------------
Kansai International Airport posted its first-ever full-year
profit in fiscal 2004, due to an increase in international
flights and a reduction in interest payments on debts, The Japan
Times reports.

The Company posted a net profit of JPY4.3 billion in fiscal
2004, versus a net loss of JPY6.04 billion a year earlier.

The airport operator has been laden with some JPY1.4 trillion in
debts and shoulders a huge interest burden. But this weight was
reduced thanks to the low level of current interest rates, the
Company said.

For further information, please contact:

International Affairs Division,
Kansai International Airport Co., Ltd.
1-banchi, Senshu-kuko kita,
Izumisano-shi, Osaka 549-8501
Japan
Phone: +81-724-55-2109
Fax: +81-724-55-2041
E-mail: tn0010@kiac.co.jp
Home Page: http://www.kansai-airport.or.jp/


RESONA HOLDINGS: Details Reverse Split of Stocks
------------------------------------------------
Resona Holdings, Inc. (Resona HD, President: Kenji Kawada)
passed a corporate resolution on May 25 to submit an agenda to
its fourth general meeting of shareholders to be held on June
28, 2005 which proposes reverse split of stocks and introduction
of fractional share system.

I. Outline of the reverse split of stocks

(1) Purpose

To reduce the excessive number of shares outstanding to an
appropriate level.

To enhance conveniences of shareholders and investors by
abandoning the current unit share system and making one share a
unit of investment. (Minimum amount necessary to purchase one
unit of shares remains the same before and after the reverse
split.)

(2) Implementation of the reverse split of stocks

For all common and preferred stocks, every 1000 share will be
merged into one share.

II. Abolition of current unit share system and adoption of
fractional share system

(1) Purpose

Since Resona HD intends to abolish the current unit share
system, it will introduce a new fractional share system.

(2) Outline of the new system

Current unit share system (1,000 shares = 1 unit) will be
abolished.

Fractional share system (down to 1/1000 of one share) will be
newly introduced.

All those shares totaling less than one share before the reverse
split takes effect will be treated as fractional shares.

(3) Schedule for the reverse split of stocks

Date                  Schedule

May 25, 2005    Corporate resolution to submit related agenda to
                the general meeting of shareholders

June 28, 2005   General meeting of shareholders

June 29, 2005   Submission of share certificates starts.
                Public announcements for submission of share
                certificates and abolition of the current unit
                share system

July 27, 2005   No trading period (until August 1, 2005)

August 1, 2005  Deadline for submission of share certificates

August 2, 2005  Reverse split and abolition of the current unit
                share system take effect

September 21, 2005 Delivery of new share certificates starts

(4) Others

The changes explained above are contingent on the approvals of
the agenda for the reverse split of stocks and other related
agendas which will be submitted to the general meeting of
shareholders to be held on June 28, 2005.

For more details, go to
http://bankrupt.com/misc/tcrap_resona052605.pdf

CONTACT:

Resona Holdings, Inc.
Address:  2-1, Bingomachi 2-chome, Chuo-ku
Osaka 540-8608, Japan
Phone: +81-6-6271-1221
Fax: +81-6-6268-1337


RESONA HOLDINGS: Swings to JPY365.59 Bln Profit
-----------------------------------------------
Resona Holdings Inc. incurred a net profit of JPY365.59 billion
in the year ended March 31, as it completed balance sheet
adjustments and pushed ahead with restructuring, Infocast News
reports.

The Osaka-based lender posted a JPY1.664 trillion loss in the
previous year.

The bank expects net profit to decline 45 percent to JPY200
billion for the current year, mainly due to slump in lending.  


TOSHIBA CORPORATION: Says RP Chaotic; Moves Business To China
-------------------------------------------------------------
Toshiba Corporation recently relocated its Philippine notebook
PC production in China because it cost the country over $100
million a month in export receipts, the Manila Bulletin reports,
citing Philippine Chamber of Commerce and Industry president
Donald Dee.

As part of its cost cutting scheme, the Company had decided to
stop assembling laptops in the Philippines, however it will
still operate its hard disk manufacturing base in Laguna.

"Our exports projection this year is modest especially since the
US economy which is a major export destination - is slowing
down. Our hit is our declining exports. The relocations aren't
helping of course," Mr. Dee said.

In the Philippines electronics is the biggest contributor to
exports, comprising some 70 percent of the country's outbound
shipments.

CONTACT:

Toshiba Corporation
1-1-1 Shibaura, Minato-ku, Tokyo, Japan
Contact: Naoto Hasegawa, General Manager
Corporate Communication Office
Phone: 81 3 3457 2096


UFJ BANK: Moody's Downgrades OPCO Preferred Securities to Caa1
--------------------------------------------------------------
Moody's Investors Service has downgraded the preferred stock
rating of OPCO preferred securities issued by Tokai Preferred
Capital Inc. (TPC: a subsidiary of UFJ Bank Ltd.) to Caa1 from
Ba3. The outlook for this preferred stock rating of TPC is
stable. The Caa1 preferred stock rating of Sanwa International
Finance (Bermuda) Trust is unaffected. All other ratings of UFJ
Bank, Ltd. (UFJBK) are also unaffected.

At the same time, the ratings of all other OPCO preferred
securities -- issued by subsidiaries (See list below for
details) of other Japanese banks, including Mizuho Corporate
Bank Ltd. and Sumitomo Mitsui Banking Corporation -- are
affirmed with stable outlooks. This affirmation is based on
Moody's view that these banks have available distributable
profits and their fundamentals have stabilized and are
improving.

The downgrade of the preferred stock rating for TPC to Caa1 was
prompted by UFJ Holdings Inc.'s announcement that it would
suspend its forthcoming payment on the preferred dividends of
TPC. Today's rating action is in line with Moody's past practice
of downgrading preferred stock ratings to Caa1 when preferred
payments are suspended. In Moody's view, this specific decision
to suspend the preferred dividends of the subject OPCO
securities has the effect of equally treating all preferred
holders under the current special situations.

Furthermore, the payment of the preferred dividends on these
OPCO securities on the next payment date of December 2005
remains at the discretion of the management of Mitsubishi UFJ
Financial Group Inc, which is to be established on October 2005.
However, Moody's does not expect the duration of this payment
suspension as likely to be long term in view of the forthcoming
integration of UFJ Holdings Inc. with Mitsubishi Tokyo Financial
Group Inc., and the expectation of a recovery in earnings of the
newly combined entity for FYE 3/2006.

In Moody's view, this forthcoming suspension of preferred
dividends for OPCO securities is also a new development with
important implications for the ratings of the preferred
securities of Japanese banks. This event shows that, under
certain substantial stress circumstances for financially very
weak banks, there will be a lesser degree of willingness to
service even their optional preferred dividend obligations.
However, Moody's considers that the probability of such a stress
scenario occurring for Japanese banks as having decreased
recently.

The following rating was downgraded.

Tokai Preferred Capital Company L.L.C.: preferred stock rating
to Caa1 from Ba3

The following ratings were affirmed

Sanwa International Finance (Bermuda) Trust: Caa1 preferred
stock rating

Mizuho JGB Investments L.L.C.: Baa1 preferred stock rating

Mizuho Preferred Capital Company L.L.C.: Baa1 preferred stock
rating

SB Treasury Company L.L.C.: Baa1 preferred stock rating

Tokyo
Mutsuo Suzuki
Senior Vice President
Rating Group
Moody's Japan K.K.
JOURNALISTS: (03) 5408-4110
SUBSCRIBERS: (03) 5408-4100

Hong Kong
Wei S. Yen
Managing Director
Financial Institutions Group
Moody's Asia Pacific Ltd.
Telephone: 852-2509-0200
Facsimile: 852-2509-0165


UFJ HOLDINGS: Books FY/2004 JPY554 Bln Net Loss
-----------------------------------------------
UFJ Holdings, Inc. announced the Company's consolidated
financial results for the fiscal year ended March 31, 2005.

Total Revenue for the fiscal year was JPY2,616 billion, compared
with JPY2,689 billion for the previous fiscal year.

Net Loss for the fiscal year was JPY554 billion, compared with
JPY402 billion for the previous fiscal year.

For more information, go to
http://bankrupt.com/misc/tcrap_ufj052605.pdf


UFJ HOLDINGS: Unveils June 29 AGM Agenda
----------------------------------------
UFJ Holdings, Inc. (Ryosuke Tamakoshi, President and CEO)
determined at the board of directors meeting held on May 25 that
it would put the agenda item "Approval of the merger agreement
between the Company and Mitsubishi Tokyo Financial Group, Inc.

(Nobuo Kuroyanagi, President and CEO)" on the agenda of its
fourth annual general shareholders' meeting and the class
shareholders' meetings of shareholders of ordinary shares and
each series of preferred shares of the Company, to be held on
June 29, 2005.

The schedule of, and the matters to be resolved at, the fourth
annual general shareholders' meeting and the class shareholders'
meetings of shareholders of ordinary shares of the Company are
described below. The convocation notice of each shareholder's
meeting will be dispatched on June 13, 2005.

1. Date June 29, 2005 (Wednesday)

2. Place UFJ Tokyo Building, 1-1, Otemachi 1-chome, Chiyoda-ku,
Tokyo

3. Subject Matters of the Meeting:

[Fourth Annual General Shareholders' Meeting]

(1) Matters to be reported:

1. Report on the business report, the balance sheet, and the
profit and loss statement for the fourth fiscal year (from April
1, 2004 to March 31, 2005)

2. Report on the consolidated balance sheet, the consolidated
profit and loss statement, and the results of audits of the
consolidated financial statements by the accounting auditor and
the board of statutory auditors for the fourth fiscal year (from
April 1, 2004 to March 31, 2005)

(2) Matters to be resolved:

Agenda Item No. 1: Approval of the plan for disposition of loss
for the fourth fiscal year

Agenda Item No. 2: Partial amendment to the Articles of
Incorporation

Agenda Item No. 3: Approval of the merger agreement between the
Company and Mitsubishi Tokyo Financial Group, Inc.

Agenda Item No. 4: Election of 7 Directors

Agenda Item No. 5: Election of 4 Statutory Auditors
[Meeting of Shareholders of Ordinary Shares]
Matters to be resolved:

Agenda Item: Matters concerning the approval of the merger
agreement between the Company and Mitsubishi Tokyo Financial
Group, Inc.

CONTACTS:

MTFG
Mr. Hirotsugu Hayashi
26F Marunouchi Building, 4-1 Marunouchi 2-chome
Chiyoda-ka Tokyo 100-6326 Japan
81-3-3240-9066
Hirotsugu_Hayashi@mtfg.co.jp

UFJ
Mr. Shiro Ikushima
1-1 Otemachi 1-chome, Chiyoda-ku Tokyo
100-8114 Japan
81-3-3212-5458
shiro_ikushima@ufj.co.jp


UFJ HOLDINGS: Unit Suspends Dividend Payments
---------------------------------------------
UFJ Holdings Inc. hereby gives notice that its subsidiary, UFJ
Bank Limited (the Bank), resolved not to pay dividends on the
next scheduled payment date (June 30, 2005) on the preferred
securities (the OPCO Securities) issued by Tokai Preferred
Capital Company L.L.C., an overseas special purpose subsidiary
of the Bank.

No decision has been made at this time with respect to the
payment of dividends on the OPCO Securities from December 2005.

Reference

Terms and Conditions

1. Issuer: Tokai Preferred Capital Company L.L.C.

2. Offered Securities: Non-cumulative Preferred Securities "the
Offered Securities", hereafter

The Offered Securities are intended to provide holders with
rights to liquidation preferences that are substantially
paripassu to those provided by UFJ Bank's most senior class of
preferred shares, and ranks senior to the common securities as
to payment of dividends.

3. Maturity Date & Redemption

The Offered Securities are perpetual, but may be redeemed in
whole or in part on any dividend payment date commencing in June
2008 at the option of the issuer. Any redemption of the offered
securities is subject to compliance with applicable regulatory
requirements, including the prior approval of the Financial
Services Agency of Japan if then required.

4. Dividend

Non-cumulative dividends are payable at a fixed rate through the
dividend payment date in June 2008 and thereafter, at a floating
rate with a step-up.

5. Amount
USD1billion (USD1,000 per security)

6. Issuing Date: March 26, 1998

7. Dividend Payment Dates

The last day of June and December of each year or, if such day
is not a Business Day, the immediately preceding Business Day.

8. Condition on Dividend Irrevocable

Dividends will become irrevocably due and payable on each
dividend payment date unless either a regulatory event has
occurred and is continuing or the Issuer receives (or deems to
receive) a notice from the holder of the common securities
instructing not to pay dividends on such dividend payment date
(the "dividend shift notice"), in which case no dividend shall
become due and payable on such dividend payment date; provided,
however, that if the dividend payment date as to which such
dividend shift notice is delivered is a compulsory dividend
payment date, then such dividend shift notice will apply to the
first dividend payment date thereafter that is not a compulsory
dividend payment date.

"Regulatory event" means an event where UFJ Bank's total risk-
based capital ratio or Tier I risk-based capital ratio,
calculated on a consolidated basis as of the end of any period
in respect of which UFJ Bank submits financial statements to the
Financial Services Agency of Japan, declines below the minimum
percentage required by Japanese banking regulation.

9. Condition on Compulsory Dividend Payment

If UFJ Bank pays any dividends on any of its capital stock with
respect to any fiscal year of UFJ Bank, then the Issuer will be
required to pay full dividends on the Offered Securities on the
dividend payment dates that occur in December of the calendar
year in which such fiscal year ends and June of the next
succeeding calendar year upon with dividend payment dates the
issuer is required to pay full dividends on the Offered
Securities

10. Liquidation Preference: USD1,000 per security

CONTACT:

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


UFJ HOLDINGS: Names New Executives
----------------------------------
Mitsubishi Tokyo Financial Group, Inc. and UFJ Holdings, Inc.
are progressing their preparations for integration in October
2005 (subject to approval by their respective shareholders'
meetings and the relevant regulatory authorities) and announced
the following planned general managers and other executives of
the new holding Company.

For additional details, go to
http://bankrupt.com/misc/tcrap_ufj102605.pdf

CONTACTS:

MTFG
Mr. Hirotsugu Hayashi
26F Marunouchi Building, 4-1 Marunouchi 2-chome
Chiyoda-ku, Tokyo 100-6326 Japan
81-3-3240-9066
Hirotsugu_Hayashi@mtfg.co.jp

UFJ
Mr. Shiro Ikushima
1-1 Otemachi I-chome, Chiyoda-ku, Tokyo
100-8114 Japan
81-3-3212-5458
shiro_ikushima@ufj.co.jp


UFJ HOLDINGS: Posts Changes to Organizational Structure
-------------------------------------------------------
Mitsubishi Tokyo Financial Group, Inc. (MTFG; President and CEO:
Nobuo Kuroyanagi), UFJ Holdings, Inc. (UFJ; President and CEO:
Ryosuke Tamakoshi), The Bank of Tokyo- Mitsubishi, Ltd. (BTM;
President: Nobuo Kuroyanagi), UFJ Bank Limited (UFJ Bank;
President: Takamune Okihara), The Mitsubishi Trust and Banking
Corporation (MTB; President: Haruya Uehara) and UFJ Trust Bank
Limited (UFJ Trust Bank; President: Shintaro Yasuda) have been
preparing for the two groups' management integration in October
2005, subject to the approval of their shareholders and relevant
authorities, and have decided to partially change the
organizational structure of the new bank and the new trust bank
which was announced on April 20, 2005 as below.

1. New Bank

The new bank will newly establish or change the names of the
following organizations in order to facilitate smooth transition
of its customers and branch networks and to newly establish
foreign exchange operations in the Chubu and Western Japan
regions.

1) Organizations to be newly established

i. "Business Integration Support Office" will be newly
established in each of the Retail Banking Business Unit,
Corporate Banking Business Unit and Operations & Systems Unit.

ii. "Nagoya International Operations Office" will be newly
established within Nagoya Corporate Banking Division No. 1.

iii. "Osaka International Operations Office" will be newly
established within Osaka Corporate Banking Division No. 1.

2) Name Change

i. The original Japanese name of "Branch Consolidation Support
Office" of the Retail Banking Planning Division will be changed.
However, its English name is unchanged.

ii. "Credit Quality Control Office" of the Retail Credit
Division will be changed to "Retail Credit Quality Control
Office".

iii. The original Japanese name of "Corporate Business
Reorganization Office" of the Corporate Business Planning
Division will be changed. However, its English name is
unchanged.

The revised organizational chart of the new bank is attached as
Appendix 1.

2. New Trust Bank

1) The new trust bank will newly establish "Integration Project
Division" in order to promote smooth integration of operations
of the two trust banks, including transition of customers.

2) The new trust bank will newly establish "Private Banking
Business Division" within the Retail Banking Business Unit in
order to create a private banking business model that takes
advantage of the various aspects of the trust business,
concurrent business (inheritance related business, real estate
business and corporate agency business) and banking business of
the trust bank.

The revised organizational chart of the new trust bank can be
accessed at http://bankrupt.com/misc/tcrap_ufj102605B.pdf


* 63 Large Keiretsu Companies Files for Bankruptcy
--------------------------------------------------
In February 2005, Teikoku Databank (TDB) conducted research on
the desire of 4,629 unlisted companies to go public and received
responses from 1,265 unlisted companies that plan or hope to go
public after March 2005. This is our 8th research report on the
issue.

INTRODUCTION

There were 77 bankruptcies filed by golf course management
companies in 2004, dipping below 100 for the first time in the
three years on a yearly basis. However, the number continued to
remain high as compared to the overall number of bankruptcies.
15 among 77 were keiretsu bankruptcies filed by their large
parent companies, applying the civil rehabilitation law. About
half of those (7 cases) were the cases that struggling
affiliated golf courses were closed down by their parent
companies, applying the civil rehabilitation law, as a result of
receiving support from the "Industrial Revitalization
Corporation of Japan".

Even among good-standing companies with excellent business
performance, the tendency to legally organizing their slumping
companies, such as a golf course within the group, became
stronger and its trend seems to continue in the future.
Teikoku Databank extracted "keiretsu companies*" including
subsidiary and affiliated companies of listed or large companies
and conducted research and analysis on their bankruptcy trend by
industry, business type, and movement of their parent companies.
This is our 4th research undertaking after the most recent one
in March 2004.

Definition of "keiretsu companies"

1. More than 20 percent of the Company was owned by its parent
(group) companies.

2. The parent (group) companies can influence the decision
making of the Company's sales and business through personnel or
business contracts even if the investment ratio is less than
20%.

SUMMARY

In 2004, the number of bankruptcies of keiretsu companies was
63, setting the 2nd highest record in history, same as the year
2003 (63 cases), although the number was less as compared to
2002 when a record-high was set (68 cases).

By industry: The number of "golf related business" bankruptcies
was the highest (15 cases), setting the historically worst
record (8 cases in 2003). In many cases, good-standing parent
companies decided to close down their affiliated golf course
management companies by filing under the civil rehabilitation
law.

By bankruptcy type: "Special Liquidation" ranked the top,
accounted for 55.6 percent of the total, which had been the most
common type for keiretsu bankruptcies filed by major
corporations. On the other hand, "civil rehabilitation law"
filings soared (19 cases, 30.2%), up 111.1 percent compared to
the previous year, as more affiliated golf courses was closing
down.

By industry of parent Company: The number of bankruptcies of
"distribution keiretsu" companies increased (9 cases), up 80.0
percent from the previous year. On the other hand, the number of
bankruptcies of "banking keiretsu" companies, which increased
substantially during 2000-2002, has remained flat (5 cases).
The number of keiretsu bankruptcies is expected to continue in
the future due to an increase of "special liquidation" of
unstable group companies or filing under the "civil
rehabilitation law" for affiliated golf course management
companies.

CONTACT:

Teikoku Databank America, Inc.
747 Third Avenue
25th Floor, New York,
NY 10017 USA
Web site: http://www.teikoku.com


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

DAEWOO SHIPBUILDING: Inks Ship-building Contract with Iran
----------------------------------------------------------
The Iranian government chose South Korean Daewoo Shipbuilding &
Marine Engineering Co. (DSME) to build three Very Large Crude
Carriers (VLCC) for USD384 million (KRW384.66 billion), reports
the Oil & Gas Journal.

The tankers, costing USD128 million (KRW128.23 billion) are
scheduled to be delivered in 2009 to Iran's National Iranian
Tanker Co. (NITC).

This is part of NITC's plan to award USD1 billion (KRW1
trillion) worth of contracts to Korean shipbuilders DSME,
Hyundai, and Samho Heavy Industries, since it plans to order 20
tankers and 10 LNG carriers, to be built by 2010.

Daewoo Shipbuilding is a separate entity of Daewoo Heavy
Industries & Machinery Ltd., which was split up into three
different firms - namely, Daewoo Heavy Industries & Machinery,
Daewoo Shipbuilding & Marine Engineering Co. and paper company
Daewoo Heavy Industries Co. - in October 2000.

CONTACT:

Daewoo Shipbuilding & Marine Engineering Co.
South Korea
Phone: 02-2129-0114
Web site: http://www.dsme.co.kr


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

KRAMAT TIN: Net Loss Widens in Q1
---------------------------------
Kramat Tin Dredging Berhad released its unaudited report for the
financial period ended March 31, 2005.

             SUMMARY OF KEY FINANCIAL INFORMATION
                            31/03/2005

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

1  Revenue
                 0             0              0             0

2  Profit/(loss) before tax
               -53           -22            -53           -22

3  Profit/(loss) after tax and minority interest
               -59           -28            -59           -28

4  Net profit/(loss) for the period
               -59           -28            -59           -28

5  Basic earnings/(loss) per shares (sen)
             -1.50         -0.70          -1.50         -0.70

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)
                                0.8000               0.8200

For further details on the report, go to:

http://bankrupt.com/misc/tcrap_kramattin1052605.xls

http://bankrupt.com/misc/tcrap_kramattin2052605.doc

CONTACT:

Kramat Tin Dredging Berhad
No 12 Jalan Gelenggang
Bukit Damansara
Kuala Lumpur, 50490
Malaysia
Phone: +60 3 2092 5588
Fax:   +60 3 2093 9917


METROPLEX BERHAD: Seeks Authority to Renew Shareholders' Mandate
----------------------------------------------------------------
Metroplex Berhad announced that the Company will seek
authorization from its shareholders for the proposed renewal of
shareholders' mandate for recurrent related party transactions
of a revenue or trading nature, in the Company's upcoming 42nd
Annual General Meeting.

The Company will dispatch a circular to its shareholders on the
proposal, together with its annual report for 2005, in due
course.

CONTACT:

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


METROPLEX BERHAD: Winding-Up Petitions to be Heard by One Court
---------------------------------------------------------------
Metroplex Berhad announced that Morgan Stanley Emerging Markets,
Inc. had issued a winding-up petition on the Company to the
Kuala Lumpur High Court on April 28, 2005. Morgan Stanley also
filed for a summons to appoint a provisional liquidator for the
wind up.

Last April 25, 2005, Philippine Asset Investment Inc. (PAII) had
also filed a winding-up petition on the Company, which was
served on May 12, 2005. PAII also filed to appoint a provisional
liquidator for the wind up.

The Kuala Lumpur High Court has fixed a hearing on May 27, 2005,
for PAII's application of the wind up and appointment of
liquidator to be transferred to the Kuala Lumpur High Court 4,
in order for the one court to hear both winding-up petitions and
application to appoint a provisional liquidator.


MMC CORPORATION: Members Wind Up Unit's Subsidiaries
----------------------------------------------------
MMC Corporation Berhad (MMC) announced that the members of
wholly owned subsidiaries Eastern Waste Management Berhad (EWM)
and Alam Dergahayu (Johor) Berhad (ADJ) had agreed to
voluntarily wind up the companies in their respective
Extraordinary General Meetings (EGMs) held on May 25, 2005. Mr.
Sathiea Seelan a/l Manickam has been appointed as Liquidator for
both companies.

Both EMW and ADJ, which are subsidiaries of Company unit MMC
Engineering Services Berhad, have never begun operations since
being incorporated. The liquidation of both companies is in line
with MMC's efforts to streamline the Company's structure, and
will not affect the Company' earnings and operations in any way.

CONTACT:

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


PANGLOBAL BERHAD: Unit Discloses Monthly Production Figures
-----------------------------------------------------------
Panglobal Berhad announced that its wholly owned subsidiary,
Limbang Trading Sdn Berhad reported a timber production volume
of 38,746.25 cubic meters for the month of April, 2005.

CONTACT:

Panglobal Berhad
8 Lorong P Ramlee
Kuala Lumpur, 50250
Malaysia
Phone: +60 3 2031 9199
Fax:   +60 3 2032 3977


PANTAI HOLDINGS: Posts Shares Buy Back Notice
---------------------------------------------
Pantai Holdings Berhad disclosed the details of its shares buy
back on May 25, 2005 to the Bursa Malaysia Securities Berhad.
  
Date of buy back: 25/05/2005

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

Total number of shares purchased (units):            178,100

Minimum price paid for each share purchased (MYR):      0.970

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

Total consideration paid (MYR):                  175,968.64

Number of shares purchased retained in treasury
(units): 178,100

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

Cumulative net outstanding treasury shares as at to-date
(units): 29,825,900

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

CONTACT:

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


POS MALAYSIA: Updates on Suit Filed by Malayan Banking
------------------------------------------------------
Pos Malaysia & Services Holdings Berhad announced that in the
suit by Malayan Banking Berhad against the Company and PSH
Allied Berhad, the Kuala Lumpur High Court approved the
defendants' application to strike out the plaintiff's writ of
summons with costs.

The Company further announces that Malayan Banking Berhad filed
a notice of appeal to the Court of Appeal on May 25, 2005,
against the High Court's decision to dismiss the plaintiff's
earlier appeal.

CONTACT:

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


PUNCAK NIAGA: Records FY05 First Quarter Profit
-----------------------------------------------
Puncak Niaga Holdings Berhad released its unaudited report for
the financial period ended March 31, 2005.

             SUMMARY OF KEY FINANCIAL INFORMATION
                            31/03/2005

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

1  Revenue
           260,117       147,029        260,117       147,029

2  Profit/(loss) before tax
            36,744        46,985         36,744        46,985

3  Profit/(loss) after tax and minority interest
            16,650        33,424         16,650        33,424

4  Net profit/(loss) for the period
            16,650        33,424         16,650        33,424  

5  Basic earnings/(loss) per shares (sen)
              3.62          7.39           3.62          7.39

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)
                                2.2800               2.4900

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

http://bankrupt.com/misc/tcrap_puncakniaga052605.xls

CONTACT:

Puncak Niaga Holdings Berhad
Suite 1401-1406, 14th Floor
Plaza See Hoy Chan
Jalan Raja Chulan
50200 Kuala Lumpur
Malaysia
Phone: 03-20318648
Fax:   03-20784386
Web site: http://www.puncakniaga.com.my


PUNCAK NIAGA: Set to List Extra Shares Today
--------------------------------------------
Puncak Niaga Holdings Berhad's additional 240,000 new ordinary
shares of MYR1.00 each issued pursuant to the Company's Employee
Share Option Scheme are granted listing and quotation effective
today (Friday), May 27, 2005.

CONTACT:

Puncak Niaga Holdings Berhad
Suite 1401-1406, 14th Floor
Plaza See Hoy Chan
Jalan Raja Chulan
50200 Kuala Lumpur
Malaysia
Phone: 03-20318648
Fax:   03-20784386
Web site: http://www.puncakniaga.com.my


WEMBLEY INDUSTRIES: First Quarter Net Loss Widens Slightly
----------------------------------------------------------
Wembley Industries Holdings Berhad released its unaudited report
for the financial period ended March 31, 2005.

             SUMMARY OF KEY FINANCIAL INFORMATION
                            31/03/2005

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

1  Revenue
                 0             0              0             0

2  Profit/(loss) before tax
           -14,564       -14,053        -14,564       -14,053

3  Profit/(loss) after tax and minority interest
           -14,564       -14,053        -14,564       -14,053

4  Net profit/(loss) for the period
           -14,564       -14,053        -14,564       -14,053  

5  Basic earnings/(loss) per shares (sen)
            -10.08         -9.73         -10.08         -9.73

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)
                               -4.7300              -4.6300

For a full copy of the report, go to:

http://bankrupt.com/misc/tcrap_wembley1052605.xls

http://bankrupt.com/misc/tcrap_wembley2052605.doc

CONTACT:

Wembley Industries Holdings Berhad
No 1 Jalan Pandungan
Kuching, Sarawak 93100
Malaysia
Phone: +60 82 236920
Fax:   +60 82 236922


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

ATLAS CONSOLIDATED: Reopening Slated This Year
----------------------------------------------
Atlas Consolidated Mining and Development Corporation will
resume operations after it has met all requirements set by the
Department of Environment and Natural Resources (DENR), The
Freeman reports, citing Mines and Geo-sciences Bureau regional
director Roger de Dios.

The Toledo mine's reopening was discussed during the recent
Mines Rehabilitation Fund Committee meeting.

But Atlas, which was initially scheduled to reopen by the third
quarter of this year, may restart operations by the end of the
year.  

According to Mr. de Dios, the Company has to settle the unpaid
benefits of about 200 employees who were displaced in 1994 when
its operation was suspended due to the low prices of copper
before it will be fully operational.

CONTACT:

Atlas Consolidated Mining and Development Corporation
7/F, Quad Alpha Centrum
125 Pioneer St., Mandaluyong City
Phone No:  635-2387/4495
Fax No:  633-3759; 634-2312
E-mail Address:  acmdcmla@info.com.ph
Auditor:  SyCip, Gorres, Velayo & Company
Transfer Agent:  Stock Transfer Service, Inc.


EVER GOTESCO: Pursues Debt-Restructuring Talks
----------------------------------------------
Debt-laden Ever Gotesco Resources & Holdings Inc. will continue
to negotiate with creditors banks for the restructuring of its
debts, in a bid to sustain its operations, The Philippine Star
reports.

Ever Gotesco told the Securities and Exchange Commission (SEC)
it will pursue talks with lenders for "the redemption of
foreclosed properties with emphasis on the revenue-generating
properties and/or restructuring of collateralized debt
obligations".

The firm, which earlier reported a decline in its first quarter
net profit this year to Php913,488 from Php9.78 million the
previous level, believes its liquidity problem is just
temporary.

Company management said it is confident the firm can sustain its
operations with the solution to its debt problem.

To boost its cashflow, Ever Gotesco will expand its mall leasing
and operations groups, enhance its marketing strategy and
contain costs to minimum levels.

The firm will also pursue its relatively aggressive but focused
and sustained promotional support to its tenants to strengthen
the Company's economic base.  

CONTACT:

Ever-Gotesco Resources And Holdings, Inc.
12/F, Ever Gotesco Corporate Center
1958 C. M. Recto Ave., Manila
Phone:  735-6901; 735-0271 to 81 (TL)
Fax:  735-5905; 734-8275


MANILA ELECTRIC: ERC May Demand Php90-Mln Refund
------------------------------------------------
The Energy Regulatory Commission is likely to order Manila
Electric Company (Meralco) to refund some Php90 million to its
customers for the Php0.12 per kilowatt-hour (kWh) it collected
last year, says The Philippine Star.

The regulator is currently reviewing Meralco's application to
withdraw its Php0.12 rate hike since the Company may have to
give back the amount to its customers.

Meralco in October 2003 filed an instant application for a 13.6
centavos per kwh basic rate increase and sought provisional
approval for the rate adjustment.

On November of the same year, the ERC issued an order
provisionally granting an average basic rate increase of only 12
centavos per kwh, less than the 13.6-centavo hike requested by
Meralco.

But after the ERC approval, the Freedom from Debt Coalition
(FDC) filed with the Supreme Court a petition for the annulment
of the provisional order by the ERC. On June 15 this year, the
SC granted FDC's the petition.

The ERC and the Meralco lodged separate motions for
reconsideration of the June 15, 2004 decision of the SC. The
motions have not been resolved up to this time.

To pave the way for a new rate-setting mechanism, Meralco
withdrew its controversial 12-centavo rate application with the
ERC.

In light of the Supreme Court's instructions that Meralco begin
again with a clean slate, "there could be no question that the
withdrawal of the instant petition is the more prudent course of
action that the applicant should take," Meralco said, in its
motion.

Meralco said certain developments have overtaken the resolution
of the motions for reconsideration such as the adoption of PBR.  

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


METRO PACIFIC: Reschedules AGM to July 8
----------------------------------------
Due to a financial reporting delay from certain subsidiaries,
Metro Pacific Corporation (the Company) is unable to complete
its consolidated financial reports in time for previously
scheduled June 24, 2005 stockholders' Annual General Meeting
(AGM).

Therefore, the Company has scheduled a new date for its 2004 AGM
to occur on July 8, 2005 at the Ballroom A, 3rd level, Palms
Country Club, 1410 Laguna Heights Drive, Filinvest Corporate
City, Muntinlupa City.

CONTACT:

Metro Pacific Corporation
10/F MGO Bldg., Legazpi cor. dela Rosa St.,
Legazpi Village 0721 Makati City, Philippines
Telephone No.: 888-0888
Fax No.: 888-0830


NATIONAL BANK: Clarifies News Articles
-------------------------------------
The Philippine National Bank (PNB) has issued a clarification in
reference to the following news articles:

(1) "Tan gets rights of first offer for PNB sale" published in
the May 25, 2005 issue of the Malaya. The article reported in
part that:

    "The joint technical committee tasked to undertake the sale
of Philippine National bank shares will serve the Lucio Tan
Group the notice of right of first offer upon the completion of
the bank's due diligence on June 15.

    "Mier said the bank is eyeing a net income of Php604 million
this year, on expectations it could duplicate its first-quarter
income of Php151 (million) for the for the rest of the remaining
quarters."

(2) "PNB says offers made to securitize transfers" published in
the May 25, 2005 issue of The Daily Tribune. The article
reported in part that:

    "Foreign financial institutions have previously approached
the Philippine National Bank (PNB) trying to strike a deal
converting a portion of its multi-billion dollar remittance
business into a marketable product, bank officials said
yesterday. PNB president and chief executive officer Omar Byron
Mier said the concept of 'securitizing' a portion of its
lucrative remittance business into a financial product has
caught the fancy of its major shareholders and that bank
management has keenly evaluated its potential as well."

Philippine National Bank (PNB), in a letter to the Exchange
dated May 25, 2005, stated that:

(1) "Tan gets right of first offer for PNB sale"

    "Please be advised that the Philippine National Bank is not
privy to the fact that 'the Joint Technical Committee tasked to
undertake the sale of PNB shares will serve the Lucio Tan Group
the notice of right of first offer upon completion of the bank's
due diligence on June 15'. The Joint Technical Committee is not
a Management or Board Committee of Philippine National Bank.
Rather, it is a committee that was jointly formed by the
Department of Finance and the Philippine Deposit Insurance
Corporation (PDIC) to manage the joint sale of the PNB shares of
the Philippine Government and the Lucio Tan Group.

    "We further wish to confirm that PNB President Omar Byron T.
Mier projected a net income of Php604 million for the year 2005,
on the assumption that the bank can repeat its first quarter net
income of Php151 million for the remaining three quarters. The
bank has earlier disclosed on April 27, 2005 that its Y2005
first quarter income of Php151 million represents a substantial
growth of 70 percent over the bank's average income earned
during 2004."

(2) "PNB says offers made to securitize transfers"

    "Bank management is continuously evaluating the feasibility
of securitizing its dollar remittance business into a marketable
product, including how to address potential regulatory issues."

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 BANK: Tarriela Named Chairman
--------------------------------------
Former Finance Undersecretary Florencia G. Tarriela was voted as
the new chairman of Philippine National Bank (PNB), replacing
Francisco A. Dizon, who has served as board chairman since 2002.

Joining Ms. Tarriela in the board are former Energy Secretary
Vincent S. Perez, Former Finance Undersecretary Eric O. Recto,
former Administrator of the Overseas Workers Welfare
Administration now PhilEXIM President and Chief Executive
Officer Virgilio R. Angelo.

They will be taking over the three vacant posts left by Mr.
Dizon, Vicente L. Panlilio and Santiago S. Cua.

Former PNB President Feliciano L. Miranda returns as director,
succeeding Cielo M. Salgado, who along with Mr. Cua has been
named to the bank's board of advisors.

Philippine Deposit Insurance Corp. (PDIC) President Ricardo M.
Tan will also remain as one of the bank's 11 directors.


NATIONAL DEVELOPMENT: Mulls Asset Sale, Bond Float
--------------------------------------------------
State-owned National Development Company (NDC) is looking to
liquidate some of its real estate assets and float bonds, in a
bid to raise part of a needed capital for infrastructure
projects, Today News reports.

The struggling firm was considering several options to raise
enough cash to fund priority government projects.

As the investment arm of the Department of Trade and Industry,
the NDC plans to sell some of its real estate properties in
Metro Manila and various provinces for a total of Php3 billion.
The peso-denominated bond float is, likewise, expected to
generate as much as Php5 billion.

The proceeds of government's asset disposal and bond floatation
will be used for priority infrastructure projects identified by
the Philippine Infrastructure Corp, a wholly owned subsidiary of
NDC.

NDC is among the 14 state-run corporations expected to report
huge deficits this year.

About NDC

The National Development Company is one of the oldest companies
in the Philippines commencing on March 10, 1919. It was mandated
to function as the government's investment arm. NDC, developed,
financed and implemented pioneering projects vital to the
sustainability of the government's structural reforms and
economic policies.

The reorganization of NDC in 1979 (NDC revised charter, PD 1648)
enabled the Company to provide capital and managerial expertise
for projects and enterprises it undertook. This also realigned
NDC's strategic role to the government's priorities in achieving
its target of industrial development.

Through the years, NDC has evolved and has been successful in
this role, as it has had a hand in establishing several
companies who are at the forefront in their respective industry.
Some of these are: Philippine Airlines, Philippine Electrical
Manufacturing Company, National Power Corporation, Philippine
Communication Satellite, Philippine National Lines, Manila Gas
Corporation, National Housing Authority, Philippine Packing
Corporation and Dole Philippines.

Today, NDC is still in the process of reorganization as directed
by EO 184. As it has identified its strategic functions in the
areas of investment research/structure, equity investment,
treasury/cash management and fund generation, NDC is leaning
towards its corporate direction of becoming one of the premier
investment companies of the country.


PACIFIC PLANS: SEC Justifies Rejection of Rehab Plan
----------------------------------------------------
The Securities and Exchange Commission (SEC) is firm on its
stand regarding its opposition to Pacific Plans Inc.'s
application for rehabilitation, according to The Philippine
Star.

The corporate regulator defended that its decision was based on
documents the ailing submitted.

"We were just informing the public what we know based on the
filings made by Pacific Plans," SEC secretary Gerard Lukban said
stressed.

Pacific Plans has alleged that the SEC was exercising a double
standard in dealing with the problems of pre-need firms. Pacific
Plans also described the SEC statements as irresponsible and
reckless.

But the SEC denied the pre-need firm's accusations that it was
giving preferential treatment to College Assurance Plans when
the agency's oversight committee proposed a swap of CAP's
traditional open-ended plans with fixed-value plans as part of
measures to keep the Company afloat. The regulator explained the
swap was just a recommendation of the oversight committee and
was still awaiting approval by the commission.

The SEC had earlier requested the Makati Regional Trial Court to
dismiss Pacific Plan's petition for rehabilitation for lack of
merit, saying the said petition was merely resorted to by the
firm to evade its contractual liability to planholders".

Pacific Plans' legal counsel Jeanette Tecson said the Company's
move to file for rehabilitation was not meant to defeat
planholders' claims but was, in fact, to ensure the expeditious
and orderly payment of claims.

Tecson said Pacific Plans is ready to answer all charges leveled
against it by the SEC.


PACIFIC PLANS: Blamed for Rival's Sales Slump
---------------------------------------------
Philam Plans Inc. claimed a recent court rehabilitation petition
by the ailing Pacific Plans Inc. has dampened the former's sales
in April, Today News relates.

Philam, one of the top pre-need providers in the Philippines,
said the number of new plans the Company sold went down by 15
percent owing to the "shock" consumers had with news of Pacific
Plans' rehabilitation petition.

Although first-quarter sales grew by 7 percent, sales in April
were unimpressive, Philam declared.

"This slowdown is because of factors we cannot control. April
was a slowdown month because of the [Pacific Plans] shock," the
Company added.


VICTORIAS MILLING: Notes Changes in Shareholdings
-------------------------------------------------
The following directors of Victorias Milling Company Inc. (VMC),
furnished the Exchange copies of their SEC Form 23-B (Statement
of Changes in Beneficial Ownership of Securities), pursuant to
Section 13 of the Revised Disclosure Rules pertaining to
"Disclosure on Transactions of Directors and Principal Officers
in the Issuer's Securities.":

(1) Ms. Juliana N. Gamilla
(2) Mr. Renato A. Castillo

Copies of said documents shall be made available for reference
at the PSE Centre and PSE Plaza libraries. The same shall
likewise be made available for downloading at the PSE web site:
http://www.pse.com.ph(under Listed Companies).

(Original Signed)
MA. PAMELA D. QUIZON
Head, Disclosure Department

CONTACT:

Victorias Milling Co. Inc.
9126 Sultana cor. Honradez Sts.
Barangay Olympia, Makati City
Phone No/s: 896-0381; 899-0485
Fax No/s: 895-4150
E-mail Address: fal@philonline.com
Web site: http://www.victoriasmilling.com
Auditor: Joaquin Cunanan & Company
Transfer Agent: Fidelity Stock Transfer, Inc.


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

ACCORD CUSTOMER: Requests for Trading Halt
------------------------------------------
Accord Customer Care Solution Ltd. issued to the Singapore Stock
Exchange (SGX) a request for trading half pending announcement
effective May 26, 2005 at 2:00 p.m.

Woo Kah Wai   
Company Secretary   
26 May 2005

CONTACT:

Accord Customer Care Solutions Limited
20 Toh Guan Road #07-00
Accord Distri Centre
Singapore 608839
Telephone: 65 64102600
Fax: 65 64102610
Web site: http://www.accordccs.com


CHINA AVIATION (S): SK Expresses Support to New Repayment Scheme
----------------------------------------------------------------
SK Energy, a China Aviation Oil (S) Ltd. (CAO) creditor is
amenable to the Company's new repayment scheme, Channel News
Asia reports.

Previously, SK Energy filed a petition to place CAO under
receivership, but now it wants to postpone a court hearing on
the said petition which was scheduled Thursday.

SK will seek for the High Court's approval to adjourn the case
until after CAO's creditors vote on the new scheme on June 8.  
SK said other creditors also showed a strong support on the new
scheme compared to the previous one in January this year.

SK sees a bigger chance for the creditors to approve on the new
scheme next month, assuming that CAO will soon give the
necessary clarification on certain aspects of the scheme.  Thus,
SK wants to hold the scheduled hearing on its petition to the
High Court.

CAO's collapse was attributed to losses of US$550 million from
trading in derivatives.

CONTACT:

China Aviation Oil (S) Corporation
Phone: (65) 6334 8979
Fax: (65) 6333 5283
Web site: http://www.caosco.com/


CITIRAYA INDUSTRIES: Court OKs 2-Month Reprieve on Proceedings
--------------------------------------------------------------
Citiraya Industries Ltd. advised the Singapore Stock Exchange
(SGX) that the High Court of Singapore has ordered that
proceedings in any Court action currently being pursued against
the Company, including the winding up petition that was filed
against it, be stayed for a period of two months, except with
the leave of the Court.

This is to enable the Company to continue discussions with
potential investors and to develop a finalized Scheme of
Arrangement that can be presented to its creditors.

The aforesaid Order will affect Court actions currently being
pursued against the Company by CES Corporate Environmental
Solutions Pte Ltd, Engineered Products & Services Pte Ltd, EPS
Consultants Pte Ltd, Jandec HR Services Pte Ltd, Karocraft Pte
Ltd and U-Freight Singapore Pte Ltd.

The Court has directed that the Company provide it with an
update, in five (5) weeks time, on developments in its
discussions with the potential investors and the preparation of
the Scheme.

The Company shall intensively pursue its discussions with the
potential investors during this period and shall make further
announcements when appropriate.    

CONTACT:

Citiraya Industries Ltd
65 Tech Park Crescent
Singapore 637787
Telephone: 65 62644338
Fax: 65 62666731
Web site: http://www.citiraya.com


INFORMATICS HOLDINGS: Books SG$67.1Mln 1Q/2005 Net Loss
-------------------------------------------------------
Mainboard-listed Informatics Holdings Ltd. (Informatics), a
leading provider of quality lifelong learning services, has
announced its results for the year ended March 31, 2005, showing
net loss of SG$67.1 million, after taking into account the
provisions of SG$15.8 million made for an educational investment
in the United States and a joint venture of SG$10.0 million in
China, compared to a loss of SG$44.2 million in the previous
financial year.

For the quarter ended March 31, 2005, the Group managed to
narrow its net loss attributable to shareholders to SG$1.5
million, after taking into account an exceptional gain of SG$5.4
million arising mainly out of the disposal of its subsidiary,
Cornerstone, in Sweden. This compared favourably to a loss of
SG$12.5 million in the previous quarter.  Quarter-on-quarter
results map a sturdy recovery trend with net loss narrowing
significantly in Q3FY2005 to SG$12.5 million from SG$26.7
million in Q2FY05. This quarter's results show a marked
improvement over the last quarter.

"Our Q4FY2004 results show that the Group is moving in the right
direction.  Education is a multi-billion dollar business.  
Singapore domestic spend on private education alone is SG$1.6
billion and all our key markets in China, India and Middle East
are experiencing growth.  Our initial launch programme into
Middle East was a great success.  We have the right strategy in
place and Informatics is pridefully being rated the top tier
private education brand by the market.  The management and Board
are committed to turn the Company around," said Dr. Michael
Teng, Chief Executive Officer of Informatics Group.

"We have restructured the organization and also brought in new
expertise to augment future growth. In addition, the move to the
campus is part of the turnaround plan," continued Dr. Teng.

To view a full copy of the news announcement, click
http://bankrupt.com/misc/InformaticsFY2005-Announcement-
24May2005.pdf
http://bankrupt.com/misc/InformaticsFY2005-Results-24May2005.pdf

CONTACT:

Informatics Holdings Limited
Informatics Campus
12 Science Centre Road
Singapore 609080
Telephone: 65 65625625
Fax: 65 65651371
Web site: http://www.informaticsgroup.com


INFORMATICS HOLDINGS: Disposes of Unit's Properties
---------------------------------------------------
The Board of Directors of Informatics Holdings Ltd announced to
the Singapore Stock Exchange (SGX) that following its
announcement in July 2004 on the disposal of its non-core
assets, the Company had on April 15, 2005 granted an option (the
CWA Option) to CWA Investment Pte Ltd for the purchase of its
leasehold property owned by the Company known as Informatics
Building located at 5 International Business Park, Singapore
609914 (Property A), at the price of SG$4,300,000.

CWA Investment Pte Ltd exercised the CWA Option on April 29,
2005 and has agreed with the Company to complete the sale of
Property A on or before July 22, 2005.

The Company had also on April 26, 2005 granted an option (HMS
Option) to Ho & May Services for the purchase of its leasehold
property owned by the Company located at 1 Sophia Road #02-16
Peace Centre, Singapore 228149 (Property B) at the price of
S$338,000.

Ho & May Services exercised the HMS option to purchase Property
B on May 5, 2005 and has agreed with the Company to complete the
sale of Property B on or before June 30, 2005.

The disposal of the above properties is subject to "The
Singapore Law Society's Conditions of Sale 1999" so far as they
are applicable to sale by private treaty.

The effect of the disposal of the above properties on the
Group's net tangible assets per share is insignificant.

The effect of the disposal of the above properties on the
Group's earnings per share is insignificant.

None of the Directors or controlling shareholders has any
interest, direct, or indirect, in the disposal of the above
properties.

By order of the Board

Raymond Quek Hiong How
Company Secretary
Singapore
24 May 2005


JAYA ATLANTIC: Creditors Must Prove Claims by June 25
-----------------------------------------------------
Notice is hereby given that the creditors of Jaya Atlantic Line
Pte Ltd (In Members' Voluntary Liquidation) which is being wound
up voluntarily, are required on or before June 25, 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 undermentioned liquidator at c/o 30 Robinson Road,
#04-01 Robinson Towers, Singapore 048546.

If so required by notice, 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 25th day of May 2005.

Tay Swee Sze
Liquidator


JAYA MARITIME: Receiving Proofs of Claim Until June 25
------------------------------------------------------
Notice is hereby given that the creditors of Jaya Maritime Pte
Ltd (In Members' Voluntary Liquidation) which is being wound up
voluntarily, are required on or before June 25, 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 undermentioned liquidator at c/o 30 Robinson Road, #04-01
Robinson Towers, Singapore 048546.

If so required by notice, 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 25th day of May 2005.

Tay Swee Sze
Liquidator


JAYA VENUS: Proofs of Debt, Claim Due June 25
---------------------------------------------
Notice is hereby given that the creditors of Jaya Venus Pte Ltd
(In Members' Voluntary Liquidation) which is being wound up
voluntarily, are required on or before June 25, 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 undermentioned liquidator at c/o 30 Robinson Road, #04-01
Robinson Towers, Singapore 048546.

If so required by notice, 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 25th day of May 2005.

Tay Swee Sze
Liquidator


SPECTROL INDUSTRIES: Declares Preferential Dividend
---------------------------------------------------
Spectrol Industries Pte Ltd (In Creditors' Voluntary
Liquidation) of 18 Cross Street #08-03 Marsh & McLennan Centre
Singapore 048423 posted at the Government Gazette, Electronic
Edition a notice of preferential dividend with the following
details.

Amount per centum: 100 percentum of all admitted preferential
claims pursuant to section 328 (1) (b) to (e) of the Companies
Act (Chapter 50).

Name of liquidators: Chee Yoh Chuang And
Lim Lee Meng

First and final or otherwise: First and final

When payable: 27th May 2005

Where payable:

Chio Lim & Associates
18 Cross Street
#08-01 Marsh & McLennan Centre
Singapore 048423

Dated this 25th day of May 2005


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

RS PROMOTION: To Zero in on Licensing to Boost Sales
----------------------------------------------------
RS Promotion Plc is hopeful of a turnaround in sales over the
next few years by focusing on selling artists' licenses and
organizing shows, relates Bangkok Post.

RS eyes sales of licensing and organizing shows will increase
62.5 percent year-on-year to THB130 million.  

The Company's deputy managing director Prasong Rungsmaithong,
said the move was aimed at complementing the Company's core
music, movie, and television revenues.  RS businesses include
music production, which makes up about 50 percent of the
Company's total sales, television and movie production.

RS posted THB7.32 million in its first quarter profit, a
decrease of 85 percent from last year due higher production
costs and falling music sales.  The Company recorded a THB606
million in first quarter revenues, a 5.9 percent rise compared
to last year.

RS suffered a net loss of THB131 million last year.

CONTACT:

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


THAI PETROCHEMICAL: Company Director Steps Down
-----------------------------------------------
Thai Petrochemical Industry Public Company Limited notified the
Stock Exchange of Thailand (SET) that Mr. San Aksharanugraha
submitted a resignation letter as the Company's director
effective May 24,2005.
         
Please be informed accordingly.
         
Yours Faithfully,

Mr. Suwit Nivartvong
Plan Administrator for
Thai Petrochemical Industry Pcl
         
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
         


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

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


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


INDONESIA
---------
PT Smart Tbk                    SMAR      (-37.55)   427.98


MALAYSIA
--------

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

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

Pilipino Telephone Co.          PLTL     (-159.78)     280.22

SINGAPORE
---------

Pacific Century Regional          PAC      -145.53    1289.71

THAILAND
--------

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





                            *********


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

Troubled Company Reporter -- Asia Pacific is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Trenton, NJ
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Dejito and Erica Fernando, Editors.

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

This material is copyrighted and any commercial use, resale or
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