TCRAP_Public/050531.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

             Tuesday, May 31, 2005, Vol. 8, No. 106

                            Headlines

A U S T R A L I A

ADSTEAM MARINE: Members Agree to Wind Up Company
A.E. & S.L.: Names G. M. Rambaldi Official Liquidator
ALBERT G. MCLANE: Resolves to Undergo Winding Up
ANALIS CONSULTING: Hires Official Liquidator
ASCOT SYSTEMS: Falls Into Voluntary Liquidation

AUSTEMP HEATING: Enters Winding Up Proceedings
BARBICAN MARINE: Winds Up Voluntarily
CLIBIN PTY: To Convene Final Meeting June 15
CONTINUITY GROUP: Members Pass Winding Up Resolution
G&S CLAREMONT: Members to Meet June 14

FRANTON PTY: To Undergo Winding Up Process
GLENN KNIGHT: Winds Up Voluntarily
GROWTHCORP: Former Sydney Bankrupt Sentenced
JAMES HARDIE: May Avoid Civil Prosecutions
KINGSWAY AUTHORISED: Members Pass Resolution to Wind Up Company

MATILDA MOTOR: Former Director Files for Bankruptcy
M N' M TRANSPORT: Winds Up Voluntarily
NATIONAL AUSTRALIA: Ex-Currency Options Trader Appears in Court
PARMALAT AUSTRALIA: To Relist on Milan Bourse This Year
PRESCRIPTION HEALTHCARE: ADV Buys Medical Imaging Biz

PRIME WINES: Hires Liquidator to Wind Up Company
PRINT AND DESIGN: To Pay Dividend to Priority Creditors
SANTOS LIMITED: Jeruk-2 ST 4 Appraisal Sidetrack Begins
SANTOS LIMITED: Oyong Development Drilling Underway
SMITH & BUTTULA: Names Bruce Roland Saward Liquidator

TK COLE: To Convene Final Meeting June 14
UPPER HUNTER: Passes Special Resolution to Wind Up Company
VILLAGE ROADSHOW: Boss Admits to Lying About Equity Proposal
WE ASSIST: Members Resolve to Wind Up Company
ZURICH AUSTRALIA: Says it Misled Regulator


C H I N A  &  H O N G  K O N G

CHINA CONSTRUCTION: Two Senior Heads Quit Due to Irregularities
CHINA CONSTRUCTION: To Offer Shares in Hong Kong
GREAT ONE: Court Issues Winding Up Notice
GREEN LIVING: Begins Winding Up Process
HILL RICH: Unveils Appointment of Liquidators

HVB CAMPUSTAR: Issues Debt Claim Notice
KELAB LIMITED: Receives Winding Up Order
KWONG HING: Former Executives Found Guilty of Bribery
MARGAUX FINANCE: Creditors General Meeting Set June 9
TCL COMMUNICATION: AGM Set for June 22

ZHU KUAN: Appoints Joint Liquidators
* China's Brokerage Industry in Bad Shape


I N D O N E S I A

KIANI KERTAS: Badly Needs Funds to Cover Debt
SEMEN GRESIK: Pefindo Affirms Ratings
SEMEN GRESIK: To Opt for Lower Dividend Payments This Year


J A P A N

KOBE STEEL: Launches Copper Sheet Processing Company in China
MITSUBISHI MOTORS: To Expand Operations in India
MITSUBISHI MOTORS: Unveils Spec Upgrades for Outlander
SEIBU RAILWAY: Posts FY/2004 JPY13 Bln Net Loss
TOSHIBA CORPORATION: Court Reschedules Post Trial Hearing


K O R E A

CHOHUNG BANK: Fitch Upgrades Ratings to 'BBB+'


M A L A Y S I A

AYER HITAM: To Announce Regularization Plan
INTAN UTILITIES: Provides Default Status Update
KIG GLASS: Temporarily Shuts Down Two Plants for Maintenance
LINEAR COOLING: SSC Serves Winding Up Petition
MEGASTEEL CORPORATION: To Contest Winding-Up Petition

MULTI VEST: Posts Loss in Q1/FY05
NAIM INDAH: Net Loss Narrows in Q1
NAUTICALINK BERHAD: Net Loss Widens Slightly
OCEAN CAPITAL: Shrinks Net Loss in Q1
OLYMPIA INDUSTRIES: Q1/FY05 Net Loss Balloons

PAN PACIFIC: Releases FY05 Quarterly Report
PANTAI HOLDINGS: Records Profit in Q1/FY05


P H I L I P P I N E S

ATLAS CONSOLIDATED: Denies Tax Evasion Report
DMCI HOLDINGS: Clarifies Report on Marubeni Alliance
LIFETIME PLANS: Seeks Reconsideration of Revocation Order
MARIWASA MANUFACTURING: Unveils New Set of Officers
MAYNILAD WATER: Manila Water Anticipating Takeover Plan

MAYNILAD WATER: Merrill Lynch Mulls Stake, Debt Buys
NATIONAL TRANSMISSION: Set to Seal Service Deals This Year
SWIFT FOODS: Soaring Production Costs Drive Up Losses


S I N G A P O R E

ACCORD CUSTOMER: PwC Concludes Investigation
AIROCEAN GROUP: Group Profit Rises 22.0%
ALLIANCE TECHNOLOGY: Receiving Proofs of Claim Until June 10
APBT MYANMAR: Lays Out Creditor's Meeting Agenda
DATACRAFT ASIA: Completes Issuance, Allotment of Shares

FHTK HOLDINGS: High Court OKs Capital Reduction Exercise
GREATRONIC LIMITED: Another Petition Delays Hearing
RSH LIMITED: Releases 1Q/FY2005 Financial Statement
WEARNES INTERNATIONAL: Releases PwC, GK Goh Reports


T H A I L A N D

NAKORNTHAI STRIP: Allocates 117,316,622 Common Shares
TONGKAH HARBOUR: Names New Company Director
BOND PRICING: For the Week 30 May to 03 June 2005

     -  -  -  -  -  -  -  -

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

ADSTEAM MARINE: Members Agree to Wind Up Company
------------------------------------------------
At an Extraordinary General Meeting of Adsteam Marine Charters
Pty Limited A.C.N. 077 306 506 (In Liquidation) Members'
Voluntary, held on April 18, 2005 the Company's members resolved
to wind up the companies voluntarily and to appoint Keiran
Hutchison and John Gibbons of Ernst & Young, Level 37, 680
George Street, Sydney NSW 2000 as Liquidators of the companies.

Dated this 18th day of April 2005

Keiran Hutchison
John Gibbons
Liquidators
Ernst & Young


A.E. & S.L.: Names G. M. Rambaldi Official Liquidator
-----------------------------------------------------
Notice is hereby given that the Special Resolution that A.E. &
S.L. Kerr Pty Ltd (In Liquidation) A.C.N. 004 904 358 be wound
up voluntarily was passed by the sole member of the Company on
April 14, 2005 and G. M. Rambaldi was appointed Liquidator.

Dated this 14th day of April 2005

G. M. Rambaldi
Liquidator
Pitcher Partners
Level 6, 161 Collins Street,
Melbourne Vic 3000


ALBERT G. MCLANE: Resolves to Undergo Winding Up
------------------------------------------------
Notice is hereby given that at a general meeting of the members
of Albert G. Mclane Investments Pty Limited (In Liquidation)
A.C.N. 000 589 597 held on April 8, 2005 it was resolved that
the Company be wound up voluntarily and that, Paul William
Gidley, Chartered Accountant of Lawler Partners, Chartered
Accountants, 763 Hunter Street, Newcastle West NSW 2302 be
nominated to act as Liquidator for the purpose of the winding
up.

Dated this 26th day of April 2005

P. W. Gidley
Liquidator
Lawler Partners
Chartered Accountants
763 Hunter Street,
Newcastle West NSW 2302


ANALIS CONSULTING: Hires Official Liquidator
--------------------------------------------
Notice is hereby given that at a General Meeting of Members of
Analis Consulting Pty Ltd (In Liquidation) A.C.N. 077 727 336
duly convened and held at Level 6, 161 Collins Street, Melbourne
on April 4, 2005 a Special Resolution was passed that the
Company be wound up voluntarily and that Gess Michael Rambaldi
and Andrew Reginald Yeo be nominated Joint & Several Liquidators
of the Company.

Dated this 12th day of April 2005

Patricia Mary Mahon
Director


ASCOT SYSTEMS: Falls Into Voluntary Liquidation
-----------------------------------------------
Notice is hereby given that at a General Meeting of Members of
Ascot Systems Pty Ltd (In Liquidation) A.C.N. 006 861 570 duly
convened and held at Level 39, 55 Collins Street, Melbourne on
April 13, 2005 a Special Resolution that the Company be wound up
voluntarily was passed by members and G. M. Rambaldi was
appointed Liquidator.

Dated this 13th day of April 2005

G. M. Rambaldi
Liquidator
Pitcher Partners
Level 6, 161 Collins Street,
Melbourne Vic 3000


AUSTEMP HEATING: Enters Winding Up Proceedings
----------------------------------------------
Notice is hereby given that at General Meeting of the members of
Austemp Heating & Air Conditioning Pty Ltd (In Liquidation)
A.C.N. 005 789 819, held on April 15, 2005 it was resolved that
the Company be wound up voluntarily and that for such purposes
Samuel Richwol be appointed Liquidator.

Dated this 15th day of April 2005

Samuel Richwol
Liquidator
O'Keeffe Walton Richwol
Suite 3, 431 Burke Road,
Glen Iris Victoria 3146
Telephone: (03) 9822 9823


BARBICAN MARINE: Winds Up Voluntarily
-------------------------------------
At an Extraordinary General Meeting of Barbican Marine
(Agencies) Pty Limited A.C.N. 002 879 932 (In Liquidation)
Members' Voluntary, held on April 18, 2005 the Company's members
resolved to wind up the Company voluntarily and to appoint
Keiran Hutchison and John Gibbons of Ernst & Young, Level 37,
680 George Street, Sydney NSW 2000 as Liquidators of the
Company.

Dated this 18th day of April 2005

Keiran Hutchison
John Gibbons
Liquidators
Ernst & Young


CLIBIN PTY: To Convene Final Meeting June 15
--------------------------------------------
Notice is hereby given of the final meeting of members of Clibin
Pty Limited (in voluntary liquidation) is to be held at Level 7,
60 Pitt Street, Sydney, N.S.W. on June 15, 2005, at 10:00 a.m.

The business to be considered is:

(1) To lay before the meeting an account showing how the winding
up has been conducted and the property of the Company disposed,
and

(2) Give such explanation of the account as may be required.

Dated this 18th day of April 2005

Prudence Elizabeth Reynolds
Liquidator


CONTINUITY GROUP: Members Pass Winding Up Resolution
----------------------------------------------------
At a general meeting of the members of The Continuity Group Pty
Ltd (In Liquidation) A.C.N. 051 315 452 held at Maliebaan 89,
3581 CG Utrecht, The Netherlands on April 8, 2005 a special
resolution that the Company be wound up voluntarily was passed.

Stephen Graham Longley
David Laurence Mcevoy
Liquidator
215 Spring Street,
Melbourne Vic 3000


G&S CLAREMONT: Members to Meet June 14
--------------------------------------
Notice is hereby given that pursuant to section 509 of the
Corporations Law, the final meeting of Members of G&S Claremont
Properties Pty Ltd (In Liquidation) A.C.N. 000 369 942 will be
held at the offices of Pinker Arnold & McLoughlin, 420 Forest
Road, Hurstville, on June 14, 2005 at 10:00 o'clock in the
forenoon for the purpose of laying before the meeting the
liquidators' final account and report and giving any explanation
thereof.

Dated this 18th day of April 2005

Colin Mcloughlin
Pinker Arnold & McLoughlin
Chartered Accountants
Suite 1, Level 2, 420 Forest Road,
Hurstville NSW 2220


FRANTON PTY: To Undergo Winding Up Process
------------------------------------------
Notice is hereby given that it was resolved by special
resolution on April 15, 2005 that Franton Pty Limited (In
Liquidation) A.C.N. 008 407 298 be wound up voluntarily and that
for such purpose, Mr. John Lord of PKF Chartered Accountants,
Level 10, 1 Margaret Street, Sydney, be appointed Liquidator.

Dated this 18th day of April 2005

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


GLENN KNIGHT: Winds Up Voluntarily
----------------------------------
Notice is hereby given that at General Meeting of the members of
Glenn Knight Constructions Pty Ltd (In Liquidation) A.C.N. 004
503 093, held on April 15, 2005 it was resolved that the
companies be wound up voluntarily and that for such purposes
Samuel Richwol be appointed Liquidator.

Dated this 15th day of April 2005

Samuel Richwol
Liquidator
O'Keeffe Walton Richwol
Suite 3, 431 Burke Road,
Glen Iris Victoria 3146
Telephone: (03) 9822 9823


GROWTHCORP: Former Sydney Bankrupt Sentenced
--------------------------------------------
Mr. Charles Edward Platcher, of Harris Park, Sydney, was on
Friday sentenced in the Downing Centre Local Court to 100 hours
community service, after being convicted of two counts of
managing a Company while disqualified due to bankruptcy.

Mr. Platcher was convicted on 21 January 2005 following an
investigation by the Australian Securities and Investments
Commission (ASIC).

ASIC alleged that Mr. Platcher had been involved in the
management of Growthcorp (Aust.) Pty Limited (Growthcorp)
between 12 February 1999 and 30 October 2000, in breach of his
disqualification, and that a number of persons who invested with
Growthcorp, while it was under his management, suffered serious
financial detriment. Three investors lost $660,000 in total.

This matter was prosecuted on behalf of ASIC by the Commonwealth
Director of Public Prosecutions.

Background

On 4 December 2000, ASIC commenced civil proceedings in the
Supreme Court of New South Wales alleging that Mr. Platcher had
managed Growthcorp while being an undischarged bankrupt. The
final relief sought by ASIC included an order disqualifying Mr
Platcher from managing corporations.

On 13 January 2003, Justice Stone of the Federal Court delivered
judgment and disqualified Mr. Platcher from managing
corporations for 25 years. Her Honour also dismissed an
application by Mr. Platcher for an annulment of his bankruptcy.

On 5 May 2003, the Deed of Company Arrangement entered into by
Growthcorp on 23 May 2001, was terminated and the Company was
placed in liquidation. On 17 December 2004 the Company was
deregistered.

On 7 March 2005, Mr Platcher was denied special leave to appeal
to the High Court against his 25-year disqualification from
managing corporations.


JAMES HARDIE: May Avoid Civil Prosecutions
------------------------------------------
The New South Wales (NSW) government plans to release James
Hardie from civil liability under a legally binding compensation
agreement to fund for asbestos victims, according to the Sydney
Morning Herald.

The firm's directors will avert civil prosecutions for
misleading and violating their duties, which carry fines and
bans from being a director.

However, disgruntled Australian Securities and Investments
Commission (ASIC) Chairman Jeff Lucy warned the plan would
compromise both the integrity of the Corporations Act and the
commission.

But NSW Premier Bob Carr, who has taken interest in forcing
James Hardie to face up to its liabilities, defended the latest
plans. He said the commission would still be free to pursue
criminal charges against James Hardie and others.

Meanwhile, the commission is not commenting its investigation as
to whether there were any Corporations Law breaches by any James
Hardie directors or executives.

CONTACT:

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

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

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

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

All other enquiries to CustomerLink Service Centre on 13 1103.


KINGSWAY AUTHORISED: Members Pass Resolution to Wind Up Company
---------------------------------------------------------------
Notice is hereby given that at a General Meeting of Members of
Kingsway Authorised Newsagency Pty Ltd (In Liquidation) A.C.N.
006 172 149 duly convened and held at 226 Canterbury Road,
Ringwood East on April 13, 2005 a Special Resolution that the
Company be wound up voluntarily was passed by members and G. M.
Rambaldi was appointed Liquidator.

Dated this 14th day of April 2005

G. M. Rambaldi
Liquidator
Pitcher Partners
Level 6, 161 Collins Street,
Melbourne Vic 3000


MATILDA MOTOR: Former Director Files for Bankruptcy
---------------------------------------------------
The business behind failed campervan manufacturer Matilda Motor
Homes went bust just days after creditors agreed to wind up the
business, The Courier Mail reveals.

Former Matilda Motor Homes sole director and secretary Lawrence
Neil Chapman reportedly filed for bankruptcy on April 26, four
days after Matilda Motor Homes creditors met and detailed
missing equipment and evidence of insolvent trading.

Matilda Motor Homes collapsed in early April with more than AU$5
million in debt. Its liquidation will not provide any return to
unsecured creditors of employees owed AU$4 million since the
proceeds of the assets sale will be handed over to secured
creditor ANZ Bank.

Employees are pursuing their entitlements under the Federal
Government's General Employee Entitlement Redundancy Scheme.

Liquidator Todd Kelly of Foremans Business Advisors said he had
found evidence to suggest Matilda Motor Homes had been trading
insolvently and while he plans to detail that in his final
report, he will not pursue the matter on behalf of the
creditors.

CONTACT:

Matilda Motor Homes
1/36 Buchan Street
Cairns QLD 4870
Phone: (07) 4035 6321
E-mail: sales@mmha.com.au
Web site: http://www.matilda-motorhomes.com.au/


M N' M TRANSPORT: Winds Up Voluntarily
--------------------------------------
Notice is hereby given that at a General Meeting of Members of M
N' M Transport Pty. Ltd. (In Liquidation) formerly trading as
Avilla Bin Hire A.C.N. 104 371 468 held on April 13, 2005 a
special resolution was passed that the Company be wound up
voluntarily and that Gregory Stuart Andrews, 22 Drummond Street,
Carlton 3053 be appointed Liquidator.
Dated this 14th day of April 2005

G. S. Andrews
Liquidator
G. S. Andrews & Associates
Certified Practising Accountants
22 Drummond Street,
Carlton Vic 3053
Telephone: (03) 9662 2666
Facsimile: (03) 9662 9544


NATIONAL AUSTRALIA: Ex-Currency Options Trader Appears in Court
---------------------------------------------------------------
Mr. David Bullen, a former trader at the National Australia Bank
(NAB) Foreign Currency Options Desk (FX Options Desk), appeared
in the County Court of Victoria Friday in relation to 19 charges
of dishonestly using his position as an employee, as well as one
charge of obtaining a financial advantage by deception.

Mr. Bullen, 33 years, of Ararat in Victoria, was asked by the
court to enter a plea of guilty or not guilty to the charges.
Mr. Bullen declined to enter a formal plea one way or the other
and the Court recorded a plea of not guilty.

Mr. Bullen was remanded on continuing bail and is due to
reappear in the County Court on 15 August 2005 for a contested
trial.

Friday's hearing followed an ASIC investigation into the alleged
unauthorized trading in foreign exchange and foreign exchange
options at the NAB by Mr. Bullen, Mr. Luke Duffy, Mr. Gianni
Gray and Mr. Vincent Ficarra. The former NAB foreign exchange
traders were first charged by ASIC in December 2004.

ASIC alleged that Mr. Bullen, together with co-defendants Messrs
Duffy, Gray and Ficarra, entered false information into the
NAB's accounting systems in order to falsely inflate the profit
results of the FX Options Desk between September 2003 and
January 2004. ASIC alleged that Mr. Bullen took part in the
entering of this false information for a number of reasons
including obtaining a performance bonus for the 2003/2004
financial year.

Mr. Duffy has pleaded guilty and is due to appear for sentencing
in the County Court in Melbourne on 14 June 2005.

Messrs Gray and Ficarra will next appear in the Melbourne
Magistrates Court for a contested committal hearing on 1 August
2005. Neither Mr. Gray nor Mr. Ficarra has been required to
enter their pleas.

The Commonwealth Director of Public Prosecutions is prosecuting
the matter. As this matter is currently before the Courts, ASIC
will not be commenting further at this stage.

CONTACT:

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


PARMALAT AUSTRALIA: To Relist on Milan Bourse This Year
-------------------------------------------------------
Parmalat Australia will be part of the restructured dairy group
Parmalat Finanziaria, which is set to relist on the Milan Stock
Exchange in the second half of this year, according to Dow Jones
Newswires.

Parmalat Australia, one of the country's biggest milk suppliers,
was confirmed to be a core member of the restructures group.

Its insolvent Italian parent was granted approval last week by
the Italian stock market regulator Consob to re-list its shares.
The stock was de-listed in December 2003 after the discovery of
what prosecutors said was a fraud that left a EUR20 billion hole
in its books.

However, Parmalat Australia is now focused on a turnaround,
saying the uncertainty created by the administration of its
parent Company has been managed well.

The Company added it is now firmly in a position to continue to
drive growth by focusing on core activities and markets.

CONTACT:

Parmalat Australia Ltd
South Brisbane, Queensland,
Australia


PRESCRIPTION HEALTHCARE: ADV Buys Medical Imaging Biz
-----------------------------------------------------
ADV Group Ltd has bought the Lifespan Medical Imaging business
operations in Sydney and Brisbane from the Prescription
Healthcare Ltd liquidator.

Prescription Healthcare was placed into administration by its
secured creditor ADV, after it defaulted on loan repayments.
Prescription Healthcare was then placed into liquidation by its
creditors.

The purchase may require shareholder and regulatory approval.


PRIME WINES: Hires Liquidator to Wind Up Company
------------------------------------------------
Notice is hereby given that at an extraordinary general meeting
of members of Prime Wines Australia Pty Ltd (In Liquidation)
A.C.N. 097 960 873 held on April 12, 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, Stephen Dixon and Laurence Fitzgerald of Horwath
Melbourne Partnership, Chartered Accountants, Level 5, 114
William Street, Melbourne, Victoria 3000 be appointed Joint and
Several Liquidators.

Dated this 13th day of April 2005

Stephen Dixon
Joint and Several Liquidator
Horwath Melbourne Partnership
Chartered Accountants
Level 5, 114 William Street,
Melbourne Vic 3000


PRINT AND DESIGN: To Pay Dividend to Priority Creditors
-------------------------------------------------------
A second and final dividend to Priority Creditors is to be
declared on June 25, 2005 for Print And Design A.C.N. 090 983
047.

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

Dated this 19th day of April 2005

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


SANTOS LIMITED: Jeruk-2 ST 4 Appraisal Sidetrack Begins
-------------------------------------------------------
Cue Energy Resources Limited announced that the reentry of
Jeruk-2 operated by Santos Limited began on May 29, 2005. The
Jeruk oil discovery is located in the Sampang Production Sharing
Contract area, offshore East Java, Indonesia, in approximately
44 meters water depth.

It is planned to sidetrack the well out of the existing well
bore with the objective of intersecting the reservoir at a point
about 200 meters south west of the Jeruk-2 sidetrack 2 reservoir
penetration and to then run a production test at the top of the
reservoir before cutting a number of cores. Additional
production tests will be run deeper in the well as required. The
planned total depth is 5570 meters measured depth.

The well should be finished in around 85 days, depending on
coring and testing requirements.

Participants in Jeruk and the Sampang PSC are:

Cue Sampang Pty Ltd                  15%
Santos (Sampang) Pty Ltd             45% (Operator)
Singapore Petroleum Sampang Pte Ltd  40%

CONTACT:

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


SANTOS LIMITED: Oyong Development Drilling Underway
---------------------------------------------------
Cue Energy Resources Limited announced that the Oyong field
development drilling operated by Santos Limited is underway and
2-inch casing has been set on all seven planned development
wells (Oyong 4 DW1-Oyong 10 DW1) and 13 3/8 inch casing has been
set to date on Oyong 7 DW1 and Oyong 8 DW1. The seven deviated
development wells are being batched drilled through the Oyong
well head platform by the Ocean Sovereign jack up drilling rig.

Development drilling and well completions are expected to
continue to around the end of third quarter 2005 with first oil
production expected by the end of 2005.

The Oyong field is located in the Sampang Production Sharing
Contract area, offshore East Java, Indonesia, in 41 meters water
depth.

Participants in the Sampang PSC are:

Cue Sampang Pty Ltd                 15%
Santos (Sampang) Pty Ltd            45% (Operator)
Singapore Petroleum Company Limited 40%


SMITH & BUTTULA: Names Bruce Roland Saward Liquidator
-----------------------------------------------------
Notice is hereby given that at a General Meeting of Smith &
Buttula Holdings Pty. Limited A.C.N. 004 754 947 held on April
6, 2005 it was resolved that the Company be wound up voluntarily
as a Members' Voluntary Winding up and that for such a purpose,
Bruce Roland Saward be appointed liquidator.

Dated this 6th day of April 2005

Bruce Roland Saward
Liquidator


TK COLE: To Convene Final Meeting June 14
-----------------------------------------
Notice is hereby given that pursuant to section 509 of the
Corporations Law, the final meeting of Members of TK Cole
Insurance Agencies Pty Ltd (In Liquidation) A.C.N. 001 498 004
will be held at the offices of Pinker Arnold & McLoughlin, 420
Forest Road, Hurstville, on June 14, 2005 at 11:00 o'clock in
the forenoon for the purpose of laying before the meeting the
liquidators' final account and report and giving any explanation
thereof.

Dated this 18th day of April 2005

Colin Mcloughlin
Pinker Arnold & McLoughlin
Chartered Accountants
Suite 1, Level 2, 420 Forest Road,
Hurstville NSW 2220


UPPER HUNTER: Passes Special Resolution to Wind Up Company
----------------------------------------------------------
At a General Meeting of Upper Hunter Timbers Pty Limited (In
Liquidation) A.C.N. 000 068 100, duly convened and held at 49A
Bundarra Avenue, Wahroonga NSW on April 15, 2005 the following
Special Resolution was passed:

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

Dated this 15th day of April 2005

Timothy G. Looby
Liquidator
Davies, Thompson & Wright
Chartered Accountants
60 Brook Street,
Muswellbrook NSW 2333


VILLAGE ROADSHOW: Boss Admits to Lying About Equity Proposal
------------------------------------------------------------
The Chairman of Village Roadshow, Robert Kirby, confessed he had
lied to former executive Peter Ziegler about the firm's proposal
to offer him equity in its film production operations, The
Australian reports.

Village is facing an AU$70 million lawsuit by former executive
Mr. Ziegler. The amount will serve as compensation for his role
in setting up US$900 million (AU$1.192 billion) in financing for
Village Roadshow Pictures (VRP).

Mr. Kirby admitted telling Mr. Ziegler in 1997 that that he had
discussed an equity stake in VRP with his brother, deputy
chairman John Kirby, despite having only raised the topic with
finance director Peter Foo.

Mr. Kirby said the Company had wanted to reward Mr. Ziegler for
his efforts in setting up the film production unit, and denied
it was intended to be a payoff for Mr. Ziegler dropping a demand
for a US$10 million commission he claimed to be owed for
securing US$200 million in non-recourse finance.

He said it didn't occur to him to clear the proposal with
Village's remuneration committee or board of directors before
making the offer to Mr. Ziegler.

Mr. Kirby conceded he understood the real meaning of non-
recourse financing when he had signed another Village
executive's employment contract, which provided for a share in
profits created by the use of debt facilities, prior to Mr.
Ziegler's 1996 agreement.

VRP's use of non-recourse or limited-recourse financing allowed
Village to access investor funds to make films such as the
Matrix trilogy, without the risk of having to pay back the money
if the movie flopped.

CONTACT:

Village Roadshow Limited
206 Bourke Street
Melbourne Vic 3000
Australia
Phone: 61 3 9667 6666
Fax: 61 3 9639 1540


WE ASSIST: Members Resolve to Wind Up Company
---------------------------------------------
Notice is hereby given that at a meeting of members of We Assist
U Pty Ltd (In Liquidation) A.C.N. 101 393 588 held on April 18,
2005 it was resolved that the Company be wound up voluntarily
and Nicholas Crouch of Crouch Insolvency, Chartered Accountants,
Level 5, 82 Elizabeth Street Sydney NSW 2000 be appointed
Liquidator.

Dated this 26th day of April 2005


ZURICH AUSTRALIA: Says it Misled Regulator
------------------------------------------
Zurich Australia was found to have deliberately overstated its
accounts in 2000, The Australian relates.

The Swiss insurance giant admitted it propped up its profits by
AU$61 million using financial reinsurance and staff knowingly
misled the regulator, as it reached a deal with authorities.

The insurer accepted a string of enforceable undertakings from
the Australian Prudential Regulation Authority (APRA) to
overhaul its corporate governance, and for two years will have
to advise APRA before taking out more financial reinsurance
contracts. It will also have to maintain higher minimum capital
requirements than the rest of the industry until the end of
2006.

As well as admitting the extent of the accounting fraud
discovered in its 2000 accounts, Zurich revealed it would not
have met regulatory solvency requirements without the additional
income.

The Company said it regretted "without reservation" those
circumstances.

APRA began an investigation into Zurich's reinsurance
arrangements a year ago after discovering irregularities in its
accounts.

CONTACT:

Zurich Financial Services Australia Ltd
5 Blue St North Sydney
NSW 2060 Australia
Web site: http://www.zurich.com.au/


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

CHINA CONSTRUCTION: Two Senior Heads Quit Over Irregularities
-------------------------------------------------------------
China Construction Bank (CCB) has accepted resignations of two
provincial executives after it found irregularities in their
branches during the past two years, Xinhua News reports.

The two officials, Mr. Liang Fucheng of Shanxi provincial branch
and Sun Jiancheng of Hunan provincial branch, proposed their
resignation after some illegal cases had been found in areas
under their jurisdiction.

New branch heads have been assigned to fill the vacancies, the
bank said.

The bank is stepping up supervision and speeding reorganization
as it aims to sell shares for the first time by the end of this
year. The bank in March named Mr. Guo Shuqing, head of the
country's foreign exchange regulator, to replace Mr. Zhang
Enzhao as Chairman. Mr. Zhang quit amid media reports of a
corruption probe.

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: To Offer Shares in Hong Kong
------------------------------------------------
China Construction Bank (CCB) will offer shares in Hong Kong as
it presses ahead with its long-awaited plans for an initial
public offering, AFP News reports.

The listing plan has yet to be approved by regulators, and as
such, no date for the listing has been set, bank spokesman Fan
Yifei said.

The bank is also planning to sell shares on China's domestic A-
share markets and on other bourses, Mr. Fan said.


GREAT ONE: Court Issues Winding Up Notice
-----------------------------------------
Great One Development Company Limited with registered office
located at Shop 110, 1/F, Ka Fuk Shopping Centre, Ka Fuk Est,
Fanling, New Territories was issued a winding up notice by the
High Court of the Hong Kong Special Administrative Region Court
of First Instance on May 17, 2005.

Date of Presentation of Petition: November 4, 2004.

Dated this 27th day of May 2005.

ET O'Connell
Official Receivers


GREEN LIVING: Begins Winding Up Process
---------------------------------------
Green Living Limited with registered office located at Room
1305, Peninsula Square, No. 18 Sung On Street, Hung Hom, Kolon
was issued a winding up notice by the High Court of the Hong
Kong Special Administrative Region Court of First Instance on
May 18, 2005.

Date of Presentation of Petition: March 14, 2005.

Dated this 27th day of May 2005.

ET O'Connell
Official Receiver


HILL RICH: Unveils Appointment of Liquidators
---------------------------------------------
By an order made by the High Court of Hong Kong Special
Administrative Region Court of First Instance dated March 10,
2005, Mr. Desmond Chung Seng Chiong and Mr. Roderick John Sutton
both of Ferrier Hodgson Limited, 14th Floor, Hong Kong Club
Building, 3A Chater Road, Central, Hong Kong, were appointed as
the Joint and Several Liquidators of Hill Rich Development
Limited on May 6, 2005.

Dated this 27th day of May 2005

E T O'CONNELLs
Official Receiver


HVB CAMPUSTAR: Issues Debt Claim Notice
---------------------------------------
Notice is hereby given that the creditors of HVB Campustar (Hong
Kong) Limited (In Members' Voluntary Liquidation), which is
being wound up voluntarily, are required on or before June 27,
2005 at noon, to send in their names, addresses and particulars
of their debts or claims, and the name and address of their
solicitors, if any, to the Joint and Several Liquidator of the
Company at 31/F., The Center, 99 Queen's Road Central, Hong
Kong.

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

In default thereof, they will be deemed to waive all of such
debts or claims and the Liquidators will be entitled, seven days
after the above date, to distribute any and all surplus assets
or funds available or any part thereof to the members.

Dated this 27th day of May 2005.

Kam Tim Hei
Fok Pui Ling Linda
Joint and Several Liquidators
31/F., The Center
99 Queen's Road Central
Hong Kong


KELAB LIMITED: Receives Winding Up Order
----------------------------------------
Kelab Limited with registered office located at Shop 110, 1/F,
Ka Fuk Shopping Centre, Ka Fuk Est, Fanling, New Territories was
issued a winding up notice by the High Court of the Hong Kong
Special Administrative Region Court of First Instance on May 17,
2005.

Date of Presentation of Petition: November 4, 2004.

Dated this 27th day of May 2005.

ET O'Connell
Official Receivers


KWONG HING: Former Executives Found Guilty of Bribery
-----------------------------------------------------
A former executive Director of publicly listed Kwong Hing
International Holdings (Bermuda) Limited (Kwong Hing) and a
former executive Director of a securities Company, charged by
the Independent Commission Against Corruption (ICAC), were on
Friday convicted at the District Court of bribery in relation to
the purchase of Kwong Hing's shares and the publication of a
research report of the listed Company.

Mr. Li Man-tak, 38, a former executive director of Kwong Hing,
and Nicholas Tan Chye-seng, 31, a former executive director of
UBS AG (UBS), were found guilty before Judge Fergal Sweeney on
one count of conspiracy to offer advantages to an agent. Li was
further convicted of a similar offence.

The judge adjourned the case to June 25, 2005 for mitigation,
and remanded the defendants in the custody of the Correctional
Services Department.

The court heard that in July 2003, Mr. Li came to know Adrian
Mr. Foo Tiang-hock, at the time a fund manager of ING Investment
Management Asia Pacific (HK) Limited (ING), through Mr. Louis
Lin Chak-pui and Mr. Vincent Yum. Mr. Lin and Mr. Yum were then
respectively a Director and a Senior Vice President of SBI E2-
Capital China Holdings Limited (SBI E2-Capital).

They agreed that Mr. Foo would use ING's fund to take up 15
million shares of Kwong Hing.

In return, Mr. Li would offer an advantage equivalent to the
difference between the market price and $0.92 per share for 3.8
million shares of Mr. Kwong Hing, which was to be shared by Mr.
Lin, Mr. Foo and Mr. Yum.

It was also agreed that Mr. Foo would use ING's fund to buy an
additional 3.8 million shares of Kwong Hing, which Mr. Li would
realize for paying the advantage.

Between August and December 2003, Mr. Li, on three separate
occasions, paid Yum a total of about $1.8 million, the court
heard.

On February 25, 2004, Mr. Li, in the presence of Mr. Lin, gave
Mr. Yum another $594,500, being the balance of the advantage,
outside a parking complex in Central.

After ICAC officers arrested the trio, the $594,500 bribe
payment was recovered from Yum. A piece of paper recording the
total bribe payments amounting to about $2.39 million was also
seized from Lin.

The court also heard that in September 2003, Li, having
acquainted with Tan through Yum, asked Tan to write a favourable
research report on the shares of Kwong Hing.

Mr. Li promised to pay an advantage, equivalent to the
difference between the market price and $1.38 per share for 10
million shares of Kwong Hing. The advantage was to be shared by
Mr. Lin, Mr. Tan and Mr. Yum.

Through Mr. Yum, Mr. Li subsequently paid Tan $1 million as an
advance payment.

On February 12, 2004, Tan caused UBS to publish a favorable
report in relation to Kwong Hing shares.

Mr. Lin, 36, and Mr. Foo, 35, who earlier pleaded guilty to
their respective roles in the case, have been remanded in
custody and ordered to attend court on June 1, 2005 for
mitigation.

The prosecution was represented by Mr. Alex Lee, Acting Senior
Assistant Director of Public Prosecutions, and assisted by ICAC
officer Mr. Aman Chee.

CONTACT:

The Independent Commission Against Corruption
Commission Access to Information Officer
Senior Executive Officer / Finance and General
Phone: 2826 3109
Fax: 2537 1741

This is a press release.


MARGAUX FINANCE: Creditors General Meeting Set June 9
-----------------------------------------------------
Notice is hereby given that the general meetings of Creditors
and Contributories of Margaux Finance Limited (In Winding-up
Proceedings) will be held at the Official Receiver's Office,
10th Floor, Queensway Government Offices, 66 Queensway, Hong
Kong on June 9, 2005 at the times specified below, for the
purpose of having an account laid before the meetings by the
liquidators.

Creditors' Meeting: 10 a.m.
Contributories Meeting: 10:30 a.m.

Dated this 27th day of May 2005

E T O'Connel
Official Receiver & Provisional
Liquidator


TCL COMMUNICATION: AGM Set for June 22
--------------------------------------
Notice is hereby given that the annual general meeting of the
TCL Communication Technology Holdings Limited will be held at 11
a.m. on June 22, 2005 at Chatham Room, 7th Floor, Conrad Hong
Kong, Pacific Place, 88 Queensway, Hong Kong for the purpose of
transacting the following business:

ORDINARY BUSINESS

1. To receive and consider the consolidated audited financial
statements and the reports of the directors of the Company
(Directors) and the auditors of the Company (Auditors) for the
year ended December 31, 2004.

2. To declare a final dividend for the year ended 31 December
2004.

3. To re-elect the retiring Directors and authorize the board of
directors of the Company to fix their remuneration.

4. To re-appoint Messrs. Ernst & Young as the Auditors and
authorize the board of directors of the Company to fix their
remuneration.

SPECIAL BUSINESS

To consider and, if thought fit, to pass the following
resolutions (with or without modification): As Ordinary
Resolutions

5. ``THAT

a. A general mandate be and is hereby unconditionally given to
the Directors to exercise during the Relevant Period (as
hereinafter defined) all the powers of the Company to allot,
issue and deal with un-issued shares in the Company (Share) or
securities convertible into Shares or options, warrants or
similar rights to subscribe for any Shares and to make or grant
offers, agreements or options which would or might require the
exercise of such powers either during or after the Relevant
Period, in addition to any Shares which may be issued from time
to time on a Rights Issue (as hereinafter defined) or under any
option scheme or similar arrangement for the time being adopted
for the grant or issue of Shares or rights to acquire Shares or
any scrip dividend pursuant to the articles of association of
the Company, not exceeding twenty percent of the aggregate
nominal value of the share capital of the Company in issue as at
the date of this resolution; and

b. for the purpose of this resolution, ``Relevant Period'' means
the period from the passing of this resolution until whichever
is the earliest of:

i. the conclusion of the next annual general meeting of the
Company;

ii. the expiration of the period within which the next annual
general meeting of the Company is required by law or the
articles of association of the Company to be held; and iii. the
revocation or variation of the authority given under this
resolution by an ordinary resolution of the shareholders of the
Company in general meeting; 1 and ``Rights Issue'' means an
offer of Shares open for a period fixed by the Directors to
holders of Shares on the register of members of the Company on a
fixed record date in proportion to their then holdings of such
Shares (subject to such exclusions or other arrangements as the
Directors may deem necessary or expedient in relation to
fractions entitlements or having regard to any restrictions or
obligations under the laws of any relevant jurisdiction, or of
the requirements of any recognised regulatory body or any stock
exchange applicable to the Company).''

6. ``THAT there be granted to the Directors an unconditional
general mandate to repurchase Shares, and that the exercise by
the Directors of all powers of the Company to purchase Shares
subject to and in accordance with all applicable laws, be and is
hereby generally and unconditionally approved, subject to the
following conditions:

a. such mandate shall not extend beyond the Relevant Period;

b. such mandate shall authorize the Directors to procure the
Company to repurchase Shares at such price as the Directors may
at their discretion determine;

c. the Shares to be repurchased by the Company pursuant to
paragraph a of this resolution during the Relevant Period shall
be no more than ten per cent. of the Shares in issue at the date
of passing this resolution; and

d. for the purpose of this resolution, ``Relevant Period'' means
the period from the passing of this resolution until whichever
is the earliest of: i. the conclusion of the next annual general
meeting of the Company; ii. the expiration of the period within
which the next annual general meeting of the Company is required
by law or the articles of association of the Company to be held;
and
iii. the revocation or variation of the authority given under
this resolution by an ordinary resolution of the shareholders of
the Company in general meeting.''

7. ``THAT, subject to the availability of unissued share capital
and conditional upon the resolutions nos. 5 and 6 above being
passed, the aggregate nominal amount of the Shares which are
repurchased by the Company pursuant to and in accordance with
resolution no. 6 above shall be added to the aggregate nominal
amount of the share capital of the Company that may be allotted
or agreed conditionally or unconditionally to be allotted by the
Directors pursuant to and in accordance with resolution no. 5
above.''

As Special Resolution

8. ``THAT, the existing articles of association of the Company
(the ``Articles'') be and is hereby amended by deleting the
existing Article 87(1) in its entirety and substitution therefor
the following: ``Notwithstanding any other provisions in the
Articles, at each annual general meeting one-third of the
Directors for the time being (or, if their number is not a
multiple of three (3), the number nearest to but not less than
one-third) shall retire from office by rotation, provided that
every Director shall be subject to retirement by rotation at
least once every three years.''''

By order of the Board
Li Dong Sheng
Chairman
Hong Kong, 30 May 2005

Notes:

1. The Hong Kong Branch Register of Members of the Company will
be closed from 21 June 2005 to 22 June 2005 (both days
inclusive), during which period no transfers of Shares will be
registered. In order to be eligible to attend and vote at the
Annual General Meeting to be held on 22 June 2005, all transfers
accompanied by the relevant share certificates must be lodged
with the branch share registrar
of the Company in Hong Kong, Tricor Investor Services Limited,
at Ground Floor, Bank of East Asia Harbour View Centre, 56
Gloucester Road, Wanchai, Hong Kong not later than 4: 30 p.m. on
20 June 2005.

2. A member of the Company who is a holder of two or more
Shares, and who is entitled to attend and vote at the Annual
General Meeting is entitled to appoint more than one proxy or a
duly authorised corporate representative to attend and vote in
his stead. A proxy need not be a member of the Company.
Completion and return of the form of proxy will not preclude a
member of the Company from attending the Annual General Meeting
and vote in person. In such event, his form of proxy will be
deemed to have been revoked.

3. A form of proxy for the Annual General Meeting is enclosed.
In order to be valid, the form of proxy together with the power
of attorney or other authority, if any, under which it is
signed, or a notarially certified copy of such power or
authority, must be deposited at the branch share registrar of
the Company in Hong Kong, Tricor Investor Services Limited, at
Ground Floor, Bank of East Asia Harbour View Centre, 56
Gloucester Road, Wanchai, Hong Kong not less than 48 hours
before the time for holding the Annual General Meeting or any
adjournment thereof.

4. With regard to resolutions nos. 5 and 7 above, the Directors
wish to state that they have no immediate plans to issue any new
Shares of the Company pursuant to the general mandate granted
under resolution no. 5 above.

5. As at the date of this notice, the board of Directors is
composed of Mr. Li Dong Sheng, Mr. Yuan Xin Cheng, Mr. Wan
Mingjian, Mr. Wong Toe Yeung, Mr. Yan Yong, Vincent, Mr. Du
Xiaopeng, Simon and Mr. Guo Aiping, George as executive
Directors, Mr. Shi Cuiming, Mr. Wang Chongju and Mr. Lau Siu Ki,
Kevin as independent non-executive Directors.

CONTACT:

TCL Communication Technology Holdings Limited
Alexandra House
16-20 Chater Road
Central, Hong Kong
Phone: (852) 3170 6750
Fax: (852) 2136 6068


ZHU KUAN: Appoints Joint Liquidators
------------------------------------
Mr. Cosimo Borrelli and Mr. Kelvin Edward Flynn, both of RSM
Nelson Wheeler Corporate Advisory Services Limited, 7th Floor,
Allied Kajima Building, 138 Gloucester Road, Wanchai, Hong Kong,
have been appointed as the Joint and Several Liquidators of Zhu
Kuan Group Company Limited by orders of the High Court of the
Hong Kong Special Administrative Region Court of First Instance
dated the March 21, 2004.

Dated this 27th day of May, 2005.

Cosimo Borrelli
Kelvin Edward Flynn
Joint and Several Liquidators
Zhu Kuan Group Company Limited
Zhu Kuan (Hong Kong) Company Limited


* China's Brokerage Industry in Bad Shape
-----------------------------------------
Xinhua Far East China Ratings (Xinhua Far East), the pioneer in
ranking credit risk among Chinese corporations using
international standards, on May 27 announced its sector research
report on China's brokerage industry.

The report revealed that the brokerage industry in China is in
bad shape. Since 2002, among the 100 or so brokerages in China,
seventeen securities companies have been sanctioned to close or
put under external receivership due to severe non-compliance and
financial distress. In addition, two brokerages are being
restructured.

The audited financial statements of 50 brokerages published in
through the inter-bank market or exchanges showed that this
group of domestic brokerages, arguably relatively healthy
players, reported a net loss of RMB 4.7 billion (USD 562
million) in 2004.

A fairly optimistic estimate would be that even among 50
relatively healthy brokerages, 23 will require a total of RMB
21.9 billion (USD 2.5 billion) to recapitalize, disregarding
quite apart from the ongoing bailout of troubled brokerages
(China Southern Securities alone will cost about RMB 8 billion
or USD 1 billion).

Xinhua Far East Managing Director Ivan Chung said that while
most industry players blamed the poor market condition and lack
of hedging tools like such as futures for the huge losses,
Xinhua Far East believes the core reasons are poor risk
management, inadequate compliance and lack of proper internal
control system.

"All these are the key factors that "caused" the poor market
condition despite buoyant GDP growth," added Mr Chung. "The
industry in general requires considerable recapitalization and
more importantly cultivation of proper risk management, internal
control and investment banking skills. Without addressing these
issues, a cash bailout alone will only provide a temporary
respite and fuel further moral hazard."

Xinhua Far East acknowledges that recent government policies to
tighten supervision of the brokerage industry and liberalize the
capital markets are favorable to restructuring in the sector.

Mr. Chung said, "We believe that the recent approval for Goldman
Sachs to invest in a domestic brokerage is not an isolated case.
We foresee more co-operations between international investment
banks, and young and small to medium sized local brokerages."

CONTACT:

Xinhua Finance
Global Headquarters
2003-5 Vicwood Plaza
199 Des Voeux Road Central
Hong Kong
Phone: +852 3196 3939
Fax: +852 2541 8266


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

KIANI KERTAS: Badly Needs Funds to Cover Debt
---------------------------------------------
Former son-in-law of ex-president Soeharto Prabowo Subianto is
set to sell his controlling stake in paper firm PT Kiani Kertas
if no investors will invest capital into the ailing firm,
reports the Jakarta Post.

According to the Company's vice president Widjono Hardjanto, Mr.
Subjanto said he would sell his stake in the firm within three
months, to rescue the troubled Company from bankruptcy due to
lack of working capital and huge debt.

PT Kiani Kertas is 99.99% owned by Fayola Investment, Ltd., a
subsidiary of Mr. Subjanto's flagship company, PT Nusantara
Energy. In 2003, Mr. Subjanto acquired a controlling stake in
Kiani Kertas for IDR7.1 trillion from the now-defunct Indonesian
Bank Restructuring Agency (IBRA), after it was surrendered by
former owner Mohammad "Bob" Hasan. But the Company couldn't
operate at full capacity due to lack of working capital.

Company shareholders are now in talks with foreign investors
interested in acquiring stake, but are wary of investing funds
in the firm due to its massive debt. The Company needs around
IDR474.3 billion to pay its debts to state-owned Bank Mandiri
before the 2007 due date.

If it were to operate at full capacity, Kiani Kertas could
garner at least IDR948.8 billion in operational profit, but at
present it would only reap about IDR284.6 billion in profits.

CONTACT:

PT Kiani Kertas
Bidakara Building, 9th Floor
Jl. Gatot Subroto Kav. 71-73
Jakarta, 12870
Indonesia
Phone : +62(021)8379-3211
Fax:    +62(21)8379-3215
Web site: http://www.kiani.com


SEMEN GRESIK: Pefindo Affirms Ratings
-------------------------------------
Pefindo affirmed the ratings of "idA+" for PT Semen Gresik
(Persero)-parent only (SMGR or the Company), as well as its Bond
I/2001 series B amounting to IDR447.5 billion due on July 12,
2006. The ratings are based on SMGR's parent only figures to
anticipate the possibility of its subsidiaries' spin-off, PT
Semen Padang (SMPD) and PT Semen Tonasa (SMTN).

The assigned ratings reflect SMGR's sound market position,
conservative capital structure and strong financial coverage.
Nevertheless, the ratings are mitigated by prolonged settlement
of Cemex dispute and spin-off as well as slightly weakened
operating profit margin. SMGR is one of the largest cement
companies in Indonesia with operating facilities in Gresik and
Tuban, East Java.

At present, the Company's major shareholders are still the
Indonesian government and Cemex Asia Holdings Ltd., which
respectively hold 51.01% and 25.53% ownerships.

CONTACT:

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


SEMEN GRESIK: To Opt for Lower Dividend Payments This Year
----------------------------------------------------------
PT Semen Gresik plans to allot less than 40% of its net profit
last year for dividend payments, as it needs funds to construct
new plants, reports the Jakarta Post.

The dividend payment would be proposed in the Company's upcoming
annual general meeting on June 27, 2005.

There was a need to construct new plants to anticipated expected
cement shortages in 2007, due to high demand for government
infrastructure projects.

The new plants are estimated to cost a total of IDR3.3 trillion,
and would produce 2.5 million to 3.5 million tons of cement
annually at installed capacity.

The Company's 2004 net profit was IDR520.5 billion, compared to
IDR372.5 billion net profit in 2003.


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

KOBE STEEL: Launches Copper Sheet Processing Company in China
-------------------------------------------------------------
Kobe Steel, Ltd. (TSE: 5406)(US: KBSTF) announces that it has
established a wholly owned Company in China to slit copper sheet
for use in electronic applications.  Called Suzhou Kobe Copper
Technology Co., Ltd., the new Company is based in Suzhou,
Jiangsu Province, west of Shanghai.

A plant will be constructed in Suzhou Industrial Park, and
Suzhou Kobe Copper Technology, which will employ 40 people, will
have a slitting capacity of 600 metric tons per month.
Operations are to commence in spring 2006. By 2009 or 2010, its
fourth or fifth year of operation, the new Company aims to
produce over 6,000 metric tons per year with sales of roughly 4
billion yen.

Kobe Steel's copper sheet business specializes in copper sheet
for automotive terminals and connectors and semiconductor
leadframes. To meet customer needs for high electrical
conductivity, material strength, and heat resistance, Kobe Steel
supplies proprietary copper alloys such as KLF5 and CAC60, which
are qualified and used by major wire harness makers and
automakers for use in terminals and connectors, and KFC, a
world-standard material for high current, high voltage
semiconductor leadframes. These products are highly rated in the
market.

Demand for copper sheet for electronic use is expanding in
Shanghai and the southern China area, including Hanzhou.  Car
production is increasing sharply, furthering demand for
electrical connector parts.  In addition, semiconductor
manufacturers are setting up plants, creating a need for
leadframes.

To date, Kobe Steel has been making master copper coils in wide
widths and slitting them at its Chofu Plant in Japan for its
customers in China.  In the future, Kobe Steel will keep an
inventory of wide-width coils made at the Chofu Plant in Suzhou.
This will enable Suzhou Kobe Copper Technology to promptly slit
the coils in accordance with customer requirements. By situating
a slitting operation in China, Kobe Steel will be able to more
promptly and flexibly respond to the rising demand for copper
sheet products in that country.

Combining technical services, Kobe Steel aims to incorporate
design and product development with its customers in its
marketing activities.

In addition to alloy development, group companies positioned in
Japan and Asia contribute to Kobe Steel's strong presence in the
market. Kobe Leadmikk, Ltd. and Singapore Kobe Pte., Ltd. stamp
and plate leadframe material, while Kobe Electronics (Thailand)
Co., Ltd. slits coils. Through these group companies, Kobe Steel
supplies copper alloy sheet made at its Chofu Plant in
Shimonoseki, Japan, to users throughout Asia. As a result, Kobe
Steel estimates it has the top share of the copper sheet market
in the Asian region. It has roughly 40% of the 6,000 metric ton-
per-month market for copper sheet used in automotive terminals
and connectors. It estimates it has about one-fourth of the
13,000 metric-ton-per-month market for semiconductor leadframes.

Suzhou Kobe Copper Technology Co., Ltd.

Location:     Suzhou Industrial Park, Suzhou, Jiangsu Province
Capital:      500 million yen (100% owned by Kobe Steel)
President:    Hideo Ohgi (concurrently Senior Officer, Kobe
              Steel)
Established:  May 2005
Business:     Slitting, sale and servicing of copper sheet for
              electronic use
Employees:    About 40 (at start-up in February 2006)
Start-Up:     Spring 2006 Slitting
capacity:     600 metric tons per month

Kobe Leadmikk, Ltd.

Location:     Kita-Kyushu, Fukuoka, Japan
Capital:      1.8 billion yen (Kobe Steel 75%)
President:    Kazuomi Hashiguchi
Established:  1984
Business:     Leadframe stamping and plating

Singapore Kobe Pte., Ltd.

Location:    Singapore
Capital:     S$4 million (Kobe Steel 100%)
President:   Kazuhiro Nakata
Established: 1976
Business:    Manufacture and sale of leadframes, copper coil
             Slitting and plating

Kobe Electronics Material (Thailand) Co., Ltd.

Location:    Ayutthaya, Thailand
Capital:     72 million baht (Kobe Steel 85%)
President:   Minoru Uehara
Established: 2001
Business:    Slitting and sale of copper alloys for electronic
             use

About Kobe Steel, Ltd.

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

CONTACT:

Gary Tsuchida
Publicity Group
Kobe Steel, Ltd.
Tokyo, Japan
Phone: +81-(0)3-5739-6010
E-mail: www-admin@kobelco.co.jp


MITSUBISHI MOTORS: To Expand Operations in India
------------------------------------------------
Mitsubishi Motors Corporation (MMC) announced that it has
reached an agreement with Hindustan Motors Limited (HML), its
local partner in India, to work together in driving forward MMC
business strategy in India.

HML began local production of the Mitsubishi Lancer sedan in
1998. In recently taken decisions aimed at bolstering MMC's
operations, HML is to start production of another model in the
Lancer range in January 2006. HML is also to add Mitsubishi
models such as Pajero, Outlander and Grandis to its lineup of
imported built-up models. All of these Mitsubishi brand models
will be sold through the HML sales network in India.

The two companies have also agreed to explore the possibility of
HML supplying MMC with automotive parts made in India. As part
of the Company's global sourcing program, this move would allow
MMC to reduce procurement and material costs.

The strengthening of operations in India announced today forms
part of MMC's strategy for the BRIC countries (Brazil, Russia,
India and China), which are seen as promising growth markets.

HML corporate profile

Company name: Hindustan Motors Limited (part of the Birla group,
              a major Indian business combine)

Date of establishment: 1942

Location: Head office: Calcutta

Lancer production plant: Chennai

Senior management: Chairman: C.K. Birla

President: R. Santhanam

Headcount: Approx. 400 (Mitsubishi Motors division)

Capitalization: Approx. INR1.6 billion (JPY4.0 billion @ JPY1 =
IRP2.5)

Business lines: Manufacture and sales of motor vehicles

Models sold: Lancer, Pajero

2004FY sales volume: Approx. 2,200 units

CONTACT:

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

This is a Company press release.


MITSUBISHI MOTORS: Unveils Spec Upgrades for Outlander
-----------------------------------------------------
Mitsubishi Motors Corporation has launched its all-new Outlander
4x4-crossover in some markets, but the current model will
continue a while yet in Europe, 4Car News reports.

For 2006, it will receive a few minor upgrades: all models gain
redesigned front and rear light clusters, a new tailgate, a new
rear spoiler with a clear-glass stop lap, new two-tone bumpers
with a body-coloured upper layer and light grey lower section,
and a revised front grille and dashboard.

Sport and Sport SE models gain cruise control and 17-inch alloy
wheels, plus more sculpted bumper mouldings and side air dams.


SEIBU RAILWAY: Posts FY/2004 JPY13 Bln Net Loss
-----------------------------------------------
Seibu Railway Co. posted a group net loss of JPY13 billion in
fiscal 2004, the second year in a row it has posted losses,
Kyodo News reports.

In its consolidated earnings report for the year ended March 31,
however, its operating profit increased 5.8 percent to JPY24.4
billion on operating revenue of JPY407.8 billion yen, down 1.6
percent.

CONTACT:

Seibu Railway Co Ltd
11-1 Kusunokidai 1-Chome
Tokorozawa 359-8520, Saitama 359-8520
Japan
Phone: +81 42 926 2081
Fax: +81 42 926 2237
Web site: http://www.seibu-group.co.jp/


TOSHIBA CORPORATION: Court Reschedules Post Trial Hearing
---------------------------------------------------------
Lexar Media, Inc. (Nasdaq:LEXR), a leading marketer and
manufacturer of high-performance digital media and accessories,
on May 26 confirmed that the Court has re-scheduled the Lexar
Media, Inc. v. Toshiba Corporation post-trial hearing for June
21, 2005 beginning at 1:30 PM PDT. If necessary, the hearing may
continue to June 22. The Court has also scheduled a conference
with counsel for June 14 to determine which matters will be
addressed at the hearing.

In post trial motions, Lexar has asked the Court for an
injunction of Toshiba products that have specifically been found
to incorporate Lexar's trade secrets, including Toshiba's large
and small block NAND flash chips, as well as Toshiba's
CompactFlash, Secure Digital and xD Picture Card products and
any other products that contain the same functionality covered
by Lexar's trade secrets.

Lexar has also asked that the Court consider Lexar's claim of
unfair competition, which is based on California Business and
Professions Code Section 17200 and follows the jury verdicts
finding Toshiba Corporation (JP:6502) and Toshiba America
Electronic Components, Inc. (PNK:TOSBF.PK) liable for $465.4
million in damages for breach of fiduciary duty and theft of
trade secrets.

Toshiba has asked the Court to rule on its equitable defenses.
The Court is expected to rule on the various post-trial motions
sometime after all hearings have been completed.

About Lexar Media, Inc.

Lexar is a leading marketer and manufacturer of flash memory
cards, USB flash drives, card readers and ATA controller
technology for the digital photography, consumer electronics,
industrial and communications markets. The Company holds over 80
issued or allowed controller and system patents, and licenses
its technology to companies including Olympus, Samsung
Electronics, SanDisk and Sony. For more information, please call
800-789-9418 or visit www.lexar.com.

Contacts:

Lexar Media, Inc.
Diane Carlini, 510-580-5604
dcarlini@lexar.com
or
The Fratelli Group
Ted Richane, 202-822-9491
trichane@fratelli.com

This is a Company press release.


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

CHOHUNG BANK: Fitch Upgrades Ratings to 'BBB+'
----------------------------------------------
Fitch Ratings, the international rating agency, had on May 30,
2005 upgraded the ratings on Korea-based Chohung Bank (CHB) to
Long-term 'BBB+' from 'BBB', Short-term 'F2' from 'F3' and
Individual 'C' from 'C/D'.

CHB's Support rating, meanwhile, was affirmed at '2'. Fitch's
ratings on CHB's Lower and Upper Tier II subordinated debt have
also been raised by one notch to 'BBB' and 'BBB-' (BBB minus).
The Outlook on CHB's ratings is Positive.

At the same time, the agency also revised the rating Outlook on
Shinhan Bank (Shinhan) to Positive from Stable. Shinhan's
ratings were simultaneously affirmed at Long-term 'BBB+',
Individual 'C', Short-term 'F2' and Support '2'.

The rating action follows the significant improvement in CHB's
performance in 2004 and the first quarter of 2005. Previously,
Shinhan's rating has been constrained by its weaker sister, CHB,
as losses at other Shinhan Financial Group (SFG) subsidiaries
required Shinhan to upstream additional dividends to SFG.

However, CHB's improved financials has considerably eased this
concern; CHB posted net income of KRW265.2 billion resulting in
11.7% ROE in 2004, a meaningful turnaround from losses of
KRW987bn in 2003. The bank's NPL ratio also declined
significantly to 1.94% at end-2004 from 4.8% a year earlier.
Thanks to the bank's downsizing and book-cleaning efforts in its
credit card and unsecured loans businesses, CHB continued to
post favorable operating results in the first quarter of 2005,
registering KRW125.9 billion for an annualized 0.80% ROA and
20.1% ROE, mainly thanks to falling provisioning charges.

Shinhan has continuously shown a favorable and stable operating
performance. In 2004, the bank posted a record high net income
of KRW844.1bn, which saw ROE at 22.1% and ROA at 1.2%; the bank
also posted KRW218.3 billion (for an annualized 23% ROE) in the
first quarter of 2005. The bank has also demonstrated a good
track record of risk management and exhibited among the best
asset quality in the sector. The two banks are scheduled to be
merged into one entity by September 2006, forming the second-
largest banking group in Korea with KRW135 trillion in assets.

Fitch views Shinhan Financial Group's ("SFG") on-going efforts
to raise CHB's risk management systems to the level of Shinhan
as a significant contributor to CHB's improved results in 2004
and the first quarter 2004. In addition, although there is a
risk in the integration process including a possible conflict
with CHB's labor union, Fitch views that the related risk has
been much moderated given recent efforts by SFG to improve staff
relationships, including pay raises and the introduction of a
cultural harmonization program. However, Fitch notes that there
remain some challenges to achieving higher ratings for the
integrated entity, including the need to improve CHB's operating
efficiency and capital adequacy.

At end-March 05, the two banks' combined capital ratio is
estimated at 11.24% CAR and 7.24% Tier 1, an improvement from
10.8% CAR with a 6.32% Tier 1 capital ratio at end-04. SFG
targets 12% CAR and 8% Tier 1 capital ratio (including 1% hybrid
Tier 1 capital) for the integrated entity: this could be
achievable if the two banks continue to generate the current
level of profits with a limited dividend payout.

CONTACT:

Chohung Bank
South Korea
Web site: http://www.chohungbank.co.kr/
E-mail:   zpwcho2@chohungbank.co.kr


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

AYER HITAM: To Announce Regularization Plan
-------------------------------------------
Ayer Hitam Tin Dredging Malaysia Berhad announced that in
relation to Practice Note 4/2001 of the Bursa Malaysia
Securities Berhad (Bursa Securities) Listing Requirements, the
Company still has not made a requisite announcement in its plan
to regularize its financial condition.

The Company filed an application to extend the release of the
announcement from April 28, 2005 to Oct. 28, 2005. The
application is currently pending Bursa Securities' approval.

On May 27, 2005, the Company received a letter from Bursa
Securities, asking it to make written representations
documentary evidence so that its securities would not be
suspended from trading in the market, if its extension
application is rejected.

CONTACT:

Ayer Hitam Tin Dredging Malaysia Berhad
No 8 Jalan Raja Chulan
Kuala Lumpur, 50200
Malaysia
Phone: +60 3 2031 9633
Fax:   +60 3 2031 6920


INTAN UTILITIES: Provides Default Status Update
-----------------------------------------------
Intan Utilities Berhad announced that in relation to Practice
Note 1/2001 of the Bursa Malaysia Securities Berhad Listing
Requirements, the Company has issued a summary of the defaults
of units IDS Electronics Berhad and IDS Technology Berhad.

Attached is a copy of the default status report:

http://bankrupt.com/misc/tcrap_intanutilities053005.xls

CONTACT:

Intan Utilities Berhad
11th Floor Menara Berjaya,
KL Plaza, 179 Jalan Bukit Bintang,
55100 Kuala Lumpur, Malaysia
Phone: 03-2935 8888
Fax:   03-29358043
Web site: http://www3.jaring.my/intan


KIG GLASS: Temporarily Shuts Down Two Plants for Maintenance
------------------------------------------------------------
Kig Glass Industrial Berhad announced that since April 26, 2005,
the Company has reduced its production in its plants located in
Pasir Gudang and Johor because of limited cash flow. On May 26,
2005, Company management decided to shut down the two plants
completely for maintenance purposes and to improve efficiency.

Company directors endorsed the management's decision in a board
meeting held on May 27, 2005. Production is set to restart
within two to three months (peak season).

The Company will try to sell its stocks on hand to generate
operating cash flow, while other operations would continue as
the Company has existing to stock ready for delivery. The
Company will make arrangements with customers to reduce any
losses incurred.

CONTACT:

KIG Glass Industrial Berhad
Suite 5.3A, Level 5, Menara Pelangi
No. 2, Jalan Kuning, Taman Pelangi
80400 Johor Bahru, Johor
Malaysia
Phone: 07-3341750
Fax:   07-3318617


LINEAR COOLING: SSC Serves Winding Up Petition
----------------------------------------------
Linear Cooling Industries Berhad (LCI) announced that the
Company was served a notice of a winding-up petition by Syarikat
Success Construction Berhad (SSC) on May 26, 2005. The winding-
up petition was presented to the Malaya High Court in Penang on
May 24, 2005.

Last Sept. 9, 2003, LCI chose SSC to construct a district
cooling plant room in Penang for a contract value of
MYR3,799,900. SSC is claiming for an amount of MYR583,418.82, a
retention sum and disputes of variation works, overdue interest
and claimed losses.

LCI's paid-up capital as of Dec. 31, 2004 was MYR3,087,000, with
net tangible assets worth MYR27,668,963.

CONTACT:

Linear Cooling Industries
20A, Jalan Perusahaan,
Prai Industrial Estate 4,
13600 Prai, Penang, Malaysia
Phone: 604-507 8822
Fax:   604-507 8359
Email: soh@linear.com.my
Web site: http://www.linear.com.my


MEGASTEEL CORPORATION: To Contest Winding-Up Petition
-----------------------------------------------------
Megasteel Corporation Berhad announced that the Company was
served a winding-up petition by MSET Engineering Berhad on May
26, 2005, for an amount of MYR238,455.70, the amount due to MSET
for the provision of equipment, labor, material and tools.

The Company is disputing the said amount. It was legally advised
that since there is a dispute as to the amount due, MSET should
have sued the Company for the debt instead of proceeding to
serve a winding-up petition.

The Company's net profit for the year ended June 30, 2004 was
MYR150 million, and its net tangible assets are approximately
MYR760 million, therefore the Company is not insolvent, and is
fully capable of paying its due debts.

The Company plans to contest the said petition.

CONTACT:

Megasteel Corporation Sdn Berhad
Lot 2319, Kawasan Perindustrian
Olak Lempit, Mukim Tanjung
42700 Banting
Selangor Darul Ehsan
Malaysia
Phone: 03-3181 6666/8866
Fax:   03-31816929


MULTI VEST: Posts Loss in Q1/FY05
---------------------------------
Multi Vest Resources 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
            10,609        13,724         35,531        36,303

2  Profit/(loss) before tax
               -57        -1,946          1,366        -1,610

3  Profit/(loss) after tax and minority interest
              -325        -2,369             97        -2,754

4  Net profit/(loss) for the period
              -325        -2,369             97        -2,754

5  Basic earnings/(loss) per shares (sen)
             -0.22         -1.58           0.06         -1.54

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)
                                 0.6000                0.6000

For further details on the report, go to:

http://bankrupt.com/misc/tcrap_multivest1053005.xls

http://bankrupt.com/misc/tcrap_multivest2053005.doc

CONTACT:

Multi Vest Resources Berhad
Level 8, Wisma Integrated
Persiaran Kewajipan, USJ1
47600 UEP Subang Jaya
Selangor Darul Ehsan
Malaysia
Phone: 03-76508099
Fax:   03-76508088/9


NAIM INDAH: Net Loss Narrows in Q1
----------------------------------
Naim Indah Corporation 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
             2,142         5,215          2,142         5,215

2  Profit/(loss) before tax
              -345         1,499           -345         1,499

3  Profit/(loss) after tax and minority interest
              -345         1,237           -345         1,237

4  Net profit/(loss) for the period
              -345         1,237           -345         1,237

5  Basic earnings/(loss) per shares (sen)
             -0.08          0.69          -0.08          0.69

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)
                                 0.3111                0.6000

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

http://bankrupt.com/misc/tcrap_naimindah1053005.xls

http://bankrupt.com/misc/tcrap_naimindah2053005.doc

CONTACT:

Naim Indah Corporation Berhad
Jalan Kampar Off Jalan Tun Razak
50400 Kuala Lumpur
Malaysia
Phone: +60 3 4043 9411


NAUTICALINK BERHAD: Net Loss Widens Slightly
--------------------------------------------
Nauticalink 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
                64           177             64           177

2  Profit/(loss) before tax
              -657          -566           -657          -566

3  Profit/(loss) after tax and minority interest
              -657          -566           -657          -566

4  Net profit/(loss) for the period
              -657          -566           -657          -566

5  Basic earnings/(loss) per shares (sen)
             -3.29         -2.83          -3.29         -2.83

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)
                                -2.2580               -2.2250

A copy of the report is attached:

http://bankrupt.com/misc/tcrap_nauticalink053005.xls

CONTACT:

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


OCEAN CAPITAL: Shrinks Net Loss in Q1
-------------------------------------
Ocean Capital 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         1,922              0         1,922

2  Profit/(loss) before tax
            -1,653        -3,920          1,653        -3,920

3  Profit/(loss) after tax and minority interest
            -1,653        -3,920          1,653        -3,920

4  Net profit/(loss) for the period
            -1,653        -3,920          1,653        -3,920

5  Basic earnings/(loss) per shares (sen)
             -4.14         -9.82          -4.14         -9.82

6  Dividend per share (sen)
              0.00          0.00           0.00          0.00

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

7  Net tangible assets per share (RM)
                                -1.8500               -1.8000

For further details on the report, go to:

http://bankrupt.com/misc/tcrap_oceancapital1053005.xls

http://bankrupt.com/misc/tcrap_oceancapital2053005.doc

CONTACT:

Ocean Capital Berhad
No. 43B, 2nd Floor Changkat
Bukit Bintang 50200
Kuala Lumpur, Malaysia
Phone: 03-21480700
Fax:   03-21454825


OLYMPIA INDUSTRIES: Q1/FY05 Net Loss Balloons
---------------------------------------------
Olympia Industries 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
            53,629        54,958        150,366       157,382

2  Profit/(loss) before tax
           -24,485       -17,185        -80,163       -66,108

3  Profit/(loss) after tax and minority interest
           -25,256       -16,193        -78,327       -63,770

4  Net profit/(loss) for the period
           -25,256       -16,193        -78,327       -63,770

5  Basic earnings/(loss) per shares (sen)
             -4.97         -3.19         -15.41        -12.54

6  Dividend per share (sen)
              0.00          0.00           0.00          0.00

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

7  Net tangible assets per share (RM)
                                -1.6400               -1.4800

For a full copy of the report, click on:

http://bankrupt.com/misc/tcrap_olympia1053005.xls

http://bankrupt.com/misc/tcrap_olympia2053005.doc

CONTACT:

Olympia Industries Berhad
No 8 Jalan Raja Chulan
Kuala Lumpur, 50200
Malaysia
Phone: +60 3 2070 0033
Fax:   +60 3 2070 0011


PAN PACIFIC: Releases FY05 Quarterly Report
-------------------------------------------
Pan Pacific Asia 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
            -9,497        -8,848        -28,968       -30,849

3  Profit/(loss) after tax and minority interest
            -9,497        -8,848        -28,968       -30,849

4  Net profit/(loss) for the period
            -9,497        -8,848        -28,968       -30,849

5  Basic earnings/(loss) per shares (sen)
             -7.39         -6.88         -22.53        -23.99

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)
                                -4.6100               -4.3800

For further details on the report, click on:

http://bankrupt.com/misc/tcrap_panpacific052805.xls

CONTACT:

Pan Pacific Asia Berhad
Unit No. 602B, Level 6, Tower B,
Uptown 5, 5 Jalan SS21/39,
Damansara Uptown, 47400
Petaling Jaya, Selangor
Malaysia
Phone: 03-77278168
Fax:   03-77271622


PANTAI HOLDINGS: Records Profit in Q1/FY05
------------------------------------------
Pantai 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
           177,384       156,654        517,711       453,891

2  Profit/(loss) before tax
            16,571      -121,384         47,987      -104,992

3  Profit/(loss) after tax and minority interest
            10,081      -125,313         29,589      -113,159

4  Net profit/(loss) for the period
            10,081      -125,313         29,589      -113,159

5  Basic earnings/(loss) per shares (sen)
              2.59        -33.57           7.60        -31.23

6  Dividend per share (sen)
              0.00          0.00           0.00          0.00

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

7  Net tangible assets per share (RM)
                                 1.0016                0.9241

A copy of the report is attached:

http://bankrupt.com/misc/tcrap_pantaiholdings1053005.xls

http://bankrupt.com/misc/tcrap_pantaiholdings2053005.doc

Notes:

The Board of Directors have declared the following interim
dividend on the ordinary shares of the Company for the financial
year ending 30 June 2005 as follows:

1. First Interim Dividend - 1% less income tax of 28% per share
amounting to RM2,803,334. The dividend was paid on 29 April
2005.

2. Second Interim Dividend - 1% less income tax of 28% per share
amounting to approximately RM2,803,895. The date of payment
shall be determined by the Directors at a later date.

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/



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

ATLAS CONSOLIDATED: Denies Tax Evasion Report
---------------------------------------------
Atlas Consolidated Mining and Development Corporation issued
this announcement in reference to the news article entitled
"Atlas facing tax evasion suit" published in the May 26, 2005
issue of BusinessWorld.

The article reported in part that "(a)uthorities in Aroroy,
Masbate are considering suing Atlas Consolidated Mining and
Development Corp. for failing to pay excise taxes to the local
government since 1991."

Atlas Consolidated Mining and Development Corporation (AT), in
its letter dated May 26, 2005, informed the Exchange that:

"Atlas is not aware of any tax evasion case filed or instituted
by the Bureau of Internal Revenue (BIR) against the Company."

For your information.

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

Noted by:

(Original Signed)
JURISITA M. QUINTOS
Senior Vice President

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.


DMCI HOLDINGS: Clarifies Report on Marubeni Alliance
----------------------------------------------------
DMCI Holdings Inc. issued this announcement in reference to the
news article entitled "DMCI taps Marubeni" published in the May
26, 2005 issue of the Philippine Daily Inquirer (Internet
Edition).

The article reported in part that "Construction conglomerate
DMCI Holdings Inc. has received offers from local and foreign
groups, including Marubeni Corp. of Japan, to form a joint
venture in its bid to acquire a controlling stake in Metro
Manila's west zone water concessionaire Maynilad Water Services
Inc., Inquirer sources in DMCI said.

"'DMCI has received offers from local and foreign groups to form
the consortium, but we could not act on these proposals unless
the due diligence on Maynilad starts,' a source in DMCI said.

"Another source added that DMCI had tapped investment bank
Macquarie Group as financial adviser in its bid to acquire
Maynilad."

Further to Circular for Brokers No. 2532-2005 dated May 26,
2005, DMCI Holdings Inc., in its letter of even date, disclosed
to the Exchange that:

"We would like to reiterate our previous disclosure that the
Company has received indications from local and foreign groups
in our bid to acquire Maynilad. They have also requested
confidentiality and since everything is preliminary in nature,
it may be premature to disclose the names of such groups.

"We also wish to inform you that the Company has engaged the
services of Macquarie Securities Hong Kong Limited as our
financial adviser to the Maynilad transaction."

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

Noted by:

(Original Signed)
JURISITA M. QUINTOS

CONTACT:

DMCI Holdings Incorporated
3/F, Dacon Building
2281 Chino Roces Ave. Ext.
Makati City 1231
Telephone:  888-3000
Fax:  816-7362
E-mail Address: dmcihi@dmcinet.com
Web site: http://www.dmchi.com


LIFETIME PLANS: Seeks Reconsideration of Revocation Order
---------------------------------------------------------
Lifetime Plans Inc. said it will request the Securities and
Exchange Commission (SEC) to reweigh its decision to close the
pre-need firm, according to The Philippine Daily Inquirer.

The Company recently ceased operations after the SEC revoked its
certificate of incorporation.

SEC's decision to cancel the firm's certificate of incorporation
meant Lifetime Plans' liabilities would have to be transferred
back to its ailing sister firm, Pacific Plans.

The SEC said earlier it had found Lifetime's submissions
"insufficient". It gave no explanation.

Lifetime Plans said the SEC decision effectively put in limbo
the payment of benefits to more than 400,000 plan holders and
the employment of the Company's 14,400 employees and agents.


MARIWASA MANUFACTURING: Unveils New Set of Officers
---------------------------------------------------
At the annual meeting of stockholders of Mariwasa Manufacturing
Inc. (MMI) on May 26, 2005, at which at least a majority of the
stockholders was present or represented and acting throughout,
the stockholders approved the following:

(1) The election of the following officers of the Corporation
for fiscal year 2005-2006:

    Edison Co Seteng               Chairman of the Board,
                                   President & General Manager

    Kajohnder Sangsuban            Vice Chairman

    Ferdinand Edwin Co Seteng      Executive Vice President

    Thavi Tanboonrit               Vice President for Finance,
                                   Treasurer
                                   Corporate Information and
                                   Compliance Officer

    Pramoth Phromaue               Vice President for Operations


    Antonio A. Picazo              Corporate Secretary

    Paul T. Salanga                Assistant Corporate Secretary


(2) The information of the following committees:

    Nomination Committee           Audit Committee

    Kajohndet Sangsuban (Chairman) Kan Trakulhoon (Chairman)
    Lourdes Sy                     Jacinto Sy
    Ferdinand Edwin Co Seteng      Benjamin Laurel

    Compensation Committee         Executive Committee

    Dusit Nontanakon (Chairman)    Edison Co Seteng
    Jacinto Sy                     Kahjohndet Sansuban
    Benjamin Laurel                Ferdinand Edwin Co Seteng
                                   Benjamin Laurel

CONTACT:

Mariwasa Manufacturing Inc.
C. Raymundo Avenue
Barrio Rosario, Pasig City
Phone:  628-1986 to 89; 628-3871 to 80
Fax:  625-1985/3991; 628-3991; 628-1983 to 85
E-mail Address:  hotline@mariwasa.com
Web site: http://www.mariwasa.com


MAYNILAD WATER: Manila Water Anticipating Takeover Plan
-------------------------------------------------------
Manila Water Company is confident it will be allowed to
participate in the tender for the takeover of fellow water
concessionaire Maynilad Water Services, BusinessWorld reports.

Manila Water, which operates the east concession of the
Metropolitan Waterworks and Sewerage System (MWSS), has
indicated its interest in acquiring troubled west water
concessionaire Maynilad with a group that includes ING Barings.

The water utility firm is optimistic it will be allowed to bid
for Maynilad since the old pre-bid rules, which prevented it
from operating both the east and west concessions of the MWSS,
no longer applies in the takeover bid for Maynilad.

Under the pre-bid rules that were drafted when the operations of
MWSS were privatized in 1997, no single concessionaire could
operate both concessions in order to prevent monopoly and allow
for benchmarking of water tariffs.

Manila Water President Antonino T. Aquino said, "There are no
pre-bid rules that have been formulated at this time. The
government is still forming an advisory panel to study the
process. They will formulate a new set of rules since the
circumstances are very different and there are now additional
stakeholders like the creditors."

CONTACT:

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


MAYNILAD WATER: Merrill Lynch Mulls Stake, Debt Buys
----------------------------------------------------
Maynilad Water Services Inc. has drawn the interest of
investment bank Merrill Lynch PLC, The Philippine Daily Inquirer
says.

Merrill Lynch recently indicated its intention to acquire a
"significant stake" and buy a debt paper in the cash-strapped
Maynilad.

Merrill Lynch has also asked that Maynilad officers make a
presentation of the Company's financial reports and capital
expenditure program that have been included in a rehabilitation
plan it has submitted to the Quezon City Regional Trial Court
for approval.

Maynilad expects a net income of about Php2 billion this year
after seven years of consecutive net losses. He said cash flow
would reach Php5 billion by yearend, and brushed aside criticism
that the Company depended on price increases to boost its
income.

Maynilad booked a Php215-million net income in February after it
raised its tariff in January.


NATIONAL TRANSMISSION: Set to Seal Service Deals This Year
----------------------------------------------------------
National Transmission Corporation (Transco) expects to sign
transmission service agreements (TSA) with the country's
electric cooperatives and distribution utilities within the
year, Today News reveals.

The state-owned firm is currently visiting regional centers and
holdings discussions with customers about the importance of
signing a TSA.

Under Energy Regulatory Commission rules, Transco requires all
its customers to sign the agreement, which will govern
transmission and related services to a distribution utility's
customers.

Previously, cooperatives and distribution utilities only signed
one contract with the National Power Corp. (Napocor) in the form
of a Power Supply Agreement, which covered both generation and
transmission services.

But with the move to unbundle power rates and the subsequent
independent operation of Transco, these customers must sign a
transmission service agreement to avail of Transco's services.
This agreement will be co-terminus with the terms of their
contract with Napocor.

The firm recently inked a TSA with the Mountain Province
Electric Cooperative, which was presented by Board President
Michael Dacoy and Manager Jude Domogoen.

CONTACT:

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


SWIFT FOODS: Soaring Production Costs Drive Up Losses
-----------------------------------------------------
Swift Foods Inc. saw its net loss more than double in the first
quarter amid slumping net sales, according to Business World.

Net loss for the first quarter reached Php76 million from Php37
million as net sales fell 11.32 percent to Php768 million from
Php866 million.

The food company blamed its lackluster gross margin performance
to higher production costs and the unprecedented level of frozen
inventory of the industry.

In a filing to the Securities and Exchange Commission (SEC), the
firm claimed the successive increases in oil prices have
affected the purchasing power of consumers resulting in lower
sales for the period.

Swift Foods, whose assets were lower 32.64 percent year on year
to Php1.3 million, said the first semester is a slow period for
poultry industry.

CONTACT:

SWIFT FOODS, INC.
Pioneer Corner Sheridan Streets
RFM Corporate Center
Mandaluyong City 1603
Philippines
Phone: +63 2 631 8101
Fax: +63 2 631 5064
Web site: http://www.rfm.com.ph/


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


ACCORD CUSTOMER: PwC Concludes Investigation
--------------------------------------------
The Board of Directors of Accord Customer Care Solutions Limited
advised the Singapore Stock Exchange (SGX) on:

(1) Results of Investigation into Overstatement of Revenue

On February 23, 2005 the Company had announced that there was an
overstatement of revenue for the 3-month period in the 3rd
quarter of financial year 2004 in relation to one particular
contract in Singapore with a customer of the Company.

It was further announced that based on information available to
the management of the Company at that time, this overstatement
of revenue in relation to the particular contract for the said
period was not expected to be material in the context of the
revenue and profits of the Company and its subsidiaries (the
Group) for the financial year ended December 2004 as announced
by the Company on February 22, 2005. On February 28, 2005 it was
announced that PricewaterhouseCoopers (PwC) had been appointed
to carry out a thorough investigation.

The Board wishes to announce that PwC has concluded its
investigations into the overstatement of revenue in relation to
a particular contract for the financial year 2004.

PwC's investigations in this regard has shown that the effect of
such overstatement is not likely to be material in the context
of the revenue and profits of the Group for the financial year
ended December 31, 2004 as announced by the Company on February
22, 2005.

(2) Refurbishment Income

In the course of the investigations being conducted by PwC, PwC
has discovered a possible overstatement of the Group's revenue
and profit before tax attributable to its refurbishment business
for the financial years 2003 and 2004.

Following further investigations carried out by PwC into the
refurbishment business of the Group, it was discovered that
there had been an overstatement of the revenue and profit before
tax amounting to approximately SG$22 million and SG$19 million
respectively for the financial year 2003 and approximately SG$60
million and SG$54 million respectively for the financial year
2004 in relation to the refurbishment business of the Group.

(3) Additional Provisions to Full Year Financial Statement

Following the cessation of the Group's after-market services
contract with Nokia to provide after-market services in 10
countries (as announced on February 17, 2005), the
investigations being carried out on the Company by the
Commercial Affairs Department (as announced on February 22,
2005) and the discovery of the overstatement of the profit
before tax attributable to the refurbishment business of the
Group, the Company has decided to undertake a review of its
business model and to focus solely on its after-market services
business and distribution management solutions business.

The after-market services business of the Group relates to the
provision of an integrated suite of services in the management
of after-sales care for manufacturers of mobile phones and high-
tech consumer products.

The distribution management solutions business of the Group
relates to the distribution and retail of mobile phones and the
provision of value-added logistics management services in
relation to spare parts for mobile handsets and accessories.

In light of the new business model of the Group, the Company has
decided to take prudent steps to make certain provisions against
the carrying value of the assets of the Group. In this regard,
the Company intends to make a further provision in its financial
statements for the financial year ended December 31, 2004 as
announced on February 22, 2005 (the Financial Statement). The
additional provisions are against the following balance sheet
items as reflected in the Financial Statement:

(i) An additional provision of SG$26.2 million against Goodwill,
mainly in connection with Shanghai ACCS Forte Science &
Technology Co., Ltd., ACCS PRC Limited, Broadmax Services
Limited, Accord Customer Care Solutions (Aust) Pty Ltd, Accord
Customer Care Solutions (Taiwan) Corp. and PT Accord Customer
Care Solutions;

(ii) An additional provision of SG$14.0 million against Long-
Term Receivables, in connection with Accord Customer Care
Solutions (Aust) Pty Ltd;

(iii) An additional provision of SG$9.3 million against
Investments, in connection with Accord Customer Care Solutions
(Aust) Pty Ltd, Allpro International Limited and Mobile
Communication Service Pte. Ltd.;

(iv) An additional provision of SG$5.0 million against Plant and
Equipment;

(v) An additional provision of SG$18.2 million against Advance
Payment for Investments;

(vi) An additional provision of S$5.3 million against Trade
Receivables; and

(vii) An additional provision of S$3.0 million for Contingent
Liabilities.

In light of the abovementioned provisions to be made, the
financial statements for the financial year ended December 31,
2004 as announced on February 22, 2005 will be restated. The
Company is currently working with its auditors to finalize the
accounts of the Company for the financial year ended 31 December
2004.

(4) Working Capital of the Company

The Group has sufficient working capital to meet its present
requirements as well as to carry on as a going concern.

(5) Management Changes

Mr. Victor Tan Hor Peow has resigned as the Chief Executive
Officer and Director of the Company with effect from May 25,
2005. Mr. Tong Choo Cherng has been appointed as the Chief
Executive Officer and Director of the Company with effect from
May 25, 2005 to oversee the day-to-day management of the
Company.

Mr. Victor Tan Hor Peow will be retained as a consultant to the
Company to assist in the management of the Company's clients.
Mr. Tong first joined the Company in August 2003 as the
Company's Regional Director and was responsible for managing the
Group's operations in Australia and New Zealand. Prior to
joining the Company, Mr. Tong was previously employed by
Flextronics International Ltd as Chief Financial Officer (South
Asia) and JIT Limited as Group Chief Financial Officer.

Mr. Yip Hwai Chong has resigned as the Chief Financial Officer
of the Company with effect from May 25, 2005. Mr. Low Hwee Chiak
has been appointed as the Chief Financial Officer of the Company
to replace Mr. Yip with effect from May 26, 2005. Mr. Low has
more than 24 years of financial and management experience,
having worked in various senior management positions for
companies across several industries.

The personal details and declarations of each of Mr. Tong Choo
Cherng and Mr. Low Hwee Chiak as required under Rule 704(7) of
the Listing Manual of the Singapore Exchange Securities Trading
Limited are contained in separate announcements.

(6) Independent Committee

On February 23, 2005 the Company had announced that the Board
had constituted an Independent Committee of the Board to oversee
the Company's independent investigation in addition to the
investigation being carried out by the Commercial Affairs
Department.

Following the completion of the investigation by PwC, the role
of the Independent Committee has come to an end. The Independent
Committee has accordingly been dissolved.

(7) Potential Investors

The Company had previously announced that its financial advisor,
nTan Corporate Advisory Pte Ltd, were in discussions with
several potential investors. With the findings from the
investigations being carried out by PwC, the Company is now in a
position to move forward with its discussions with such
potential investors.

By Order of the Board
Woo Kah Wai
Company Secretary
26 May 2005
Singapore

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


AIROCEAN GROUP: Group Profit Rises 22.0%
----------------------------------------
Airocean Group Ltd. Furnished the Singapore Stock Exchange (SGX)
a copy of an income statement (for the group) together with a
comparative statement for the corresponding period of the
immediately preceding financial year.

Airocean Group Limited is a leading global integrated air, sea
and land cargo logistics group with strong core businesses in
international freight forwarding, airline general sales agency
(GSA) and airport terminal ground cargo handling services.

Committed to growth, the Group has recently entered into China's
international and domestic express courier market with Express
Courier (China) Limited (Express), a new subsidiary that was
established through a joint venture with A-Sonic Aerospace
Limited.

To view a full copy of the financial report, click
http://bankrupt.com/misc/Airocean_FY2005.pdf

CONTACT:

Airocean Group Limited
80 Robinson Road #08-01/02
Singapore 068898
Telephone: 65 62255111
Fax: 65 62243594
Web site: http://www.airocean.com.sg


ALLIANCE TECHNOLOGY: Receiving Proofs of Claim Until June 10
------------------------------------------------------------
Take notice that a dividend is intended to be declared for
Alliance Technology And Development Limited (In Judicial
Management).

If proof of debt (Form 77) has not been filed, please do so to
the satisfaction of the Judicial Managers on or before June 10,
2005, or such later date as the Judicial Managers may fix,
failing which you will not be entitled to this dividend and
payment shall be made to all creditors whose claims have been
admitted, on a pari passu basis, without regard to such claim.

Dated this 27th May 2005.

Seshadri Rajagopalan
Judicial Manager
Alliance Technology and Development Limited
c/o 10 Collyer Quay
#21-01 Ocean Building
Singapore 049315


APBT MYANMAR: Lays Out Creditor's Meeting Agenda
------------------------------------------------
Take notice that a meeting of creditors of APBT Myanmar Pte Ltd
will be held at 8 Cross Street, #12-00 PWC Building, Singapore
048424 on June 3, 2005 at 11:00 am.

AGENDA

(1) To obtain approval to compromise the debt in relation to the
agreement by the Company to release MIPS SEA (S) Pte Ltd
(formerly known as Myanmar Integrated Port Services Pte Ltd)
(MIPS) from and waive their rights to the debt owing by MIPS in
connection with the sale of the whole of the issued ordinary
shares and issued convertible redeemable preference shares fully
paid up in the capital of MIPS.

(2) To appoint Committee of Inspection.

(3) Any other matters.

Dated this 27th day of May 2005.

Ramasamy Subramaniam Iyer
Joint Liquidator
for APBT Myanmar Pte Ltd
c/o 8 Cross Street
#17-00 PWC Building
Singapore 048424

Forms of general and special proxies are enclosed herewith.
Proxies to be used at the meeting must be deposited at 8 Cross
Street, #17-00 PWC Building, Singapore 048424, not less than
forty-eight (48) hours before the time appointed for holding the
above meeting.


DATACRAFT ASIA: Completes Issuance, Allotment of Shares
-------------------------------------------------------
On May 27, 2005, Datacraft Asia Ltd advised the Singapore Stock
Exchange (SGX) that it has issued and allotted 56,000 Ordinary
shares (the New Shares) at a price of US$0.725 each to a
director and certain employees of the Company's subsidiaries
upon the exercise of options pursuant to the Datacraft Asia
Share Option Scheme.

The New Shares will rank pari passu in all respects with the
existing shares of the Company in issue. Application is being
made to the Singapore Exchange Securities Trading Limited for
the listing and quotation of the New Shares.

Following the issue of the New Shares, the number of issued and
paid-up ordinary shares of the Company is increased to
467,324,683 ordinary shares of SG$0.10 each.

Chew Puay Hoon
Assistant Company Secretary
27 May 2005

CONTACT:

Datacraft Asia Ltd - Headquarters
6 Shenton Way #24-11
DBS Building Tower Two
Singapore 06880
Telephone: (65) 6 323 7988
Fax: (65) 6 323 7933
E-mail: ask@datacraft-asia.com


FHTK HOLDINGS: High Court OKs Capital Reduction Exercise
--------------------------------------------------------
The Directors of FHTK Holdings Ltd. announced to the Singapore
Stock Exchange (SGX) that the High Court has confirmed the
Capital Reduction Exercise pursuant to Section 73 of the Act.

The Company intends to lodge the Order of the High Court
confirming the Capital Reduction Exercise (the Court Order) with
the Accounting and Corporate Regulatory Authority (ACRA) on June
13, 2005 (the Effective Date), whereupon the capital reduction
will take effect. The Company will make an announcement when the
Court Order is lodged with ACRA.

Members who either have their names registered in the Register
of Members of the Company (other than the CDP) or Depositors
whose Securities Accounts are credited with Shares as at 5:00
p.m. on the Effective Date will, following the Capital Reduction
Exercise, be entitled to such number of SG$0.005 Shares
corresponding to and in place of the number of Shares held by
them as at 5:00 p.m. on the Effective Date.

Members who are holding Old Share Certificates are advised to
refer to pages 7 and 8 of the Circular under the section
"Shareholders' Entitlement to the New Shares pursuant to the
Capital Reduction Exercise". A summary of the procedures is set
out below.

Deposit of Share Certificates with CDP

Shareholders who hold Old Share Certificates in their own names
and who wish to deposit the same with CDP and have their New
Shares credited to their Securities Accounts must deposit their
Old Share Certificates, together with the duly executed
instruments of transfer in favour of CDP, no later than 5 Market
Days prior to the Effective Date in order for their Securities
Account to be credited with the relevant Shares prior to the
Effective Date.

After the Effective Date, CDP will only accept for deposit New
Share Certificates which reflect a par value of SG$0.005 each.
Shareholders who wish to deposit their share certificates with
CDP after the Effective Date must first deliver their Old Share
Certificates to the Share Registrar at 63 Cantonment Road,
Singapore 089758, in exchange for New Share Certificates.

The New Share Certificates will be sent by ordinary mail to the
registered addresses of Shareholders at their own risk within 15
Market Days from the date of the receipt of the Old Share
Certificates.

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

CONTACT:

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


GREATRONIC LIMITED: Another Petition Delays Hearing
---------------------------------------------------
On May 20, 2005 the Board of Greatronic Limited announced that
at the hearing of the Company's Petition for a Judicial
Management Order, the Company's application was adjourned to May
27, 2005 because Mr. Lim Kok Koon had filed an affidavit
objecting to the persons nominated to be the Judicial Managers
and the Company needed time to respond to that affidavit.

The Board announced to the Singapore Stock Exchange (SGX) that
on May 27, a group of minority shareholders led by Mr. Peter Boo
filed an affidavit questioning the Company's need for a JM
Order, disputing that such an Order would be in the interest of
the Company's shareholders and asking the Court to give the
Company's shareholders an opportunity to consider a proposal
that they had put to the Independent Directors earlier and which
the Independent Directors had rejected.

The proposal, as it finally evolved to, included Mr. Peter Boo
offering his services as Chairman and CEO for a token $1 per
month, an undertaking by him to subscribe or cause to be
subscribed 20 percent new shares at SG$0.02 per share in a
placement and a further undertaking, in the event of a rights
issue, to subscribe or cause to be subscribed for his full
entitlement and to underwrite the entitlement of the remaining
rights except those of Mr. Huang Ming Lang at Max Huang and Mr.
Lim Kok Koon.

Pending the placement, he also offered to make available a cash
advance of $25,000 initially with another $25,000, if necessary.

The Board made it clear from the start that it had been offered
similar proposals but the crux of the matter was the Company's
need for sufficient cash to carry on its minimal operations,
manage outstanding liabilities and pursue the actions that could
be pursued if cash was available.

In the Board's view, a credible cash commitment, significantly
above Mr. Peter Boo's offer, is necessary. Mr. Peter Boo was not
prepared to increase his offer and the proposal was not
accepted.

As a result of Mr. Peter Boo's affidavit the Company's lawyer
applied and was granted another adjournment to June 27 for the
Company to respond to that affidavit.

By order of the Board
30 May 2005

CONTACT:

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


RSH LIMITED: Releases 1Q/FY2005 Financial Statement
---------------------------------------------------
RSH Limited issued to the Singapore Stock Exchange (SGX) its
full year financial statement and dividend announcement for the
Year Ended March 31, 2005.

Books closure date

If the final dividend as recommended is approved by the
shareholders at the Annual General Meeting to be held on July
28, 2005 the Share Transfer Books and the Register of Members of
the Company will be closed on August 10, 2005 for the purpose of
determining Members' entitlement to the final dividend.

Duly completed registerable transfers in respect of the shares
in the Company received up to the close of the business at 5:00
p.m. on August 8, 2005 by the Company's Share Registrar, M&C
Services Pte Ltd, 138 Robinson Road #17-00, The Corporate
Office, Singapore 068906 will be registered to determine
Members' entitlements to such dividends.

Members whose Securities Accounts with The Central Depository
(Pte) Ltd are credited with shares in the Company as at 5:00
p.m. on August 8, 2005 will be entitled to such dividend.

To view a full copy of the financial results, click
http://bankrupt.com/misc/RSHLimitedFY05Results.pdf

To view a full copy of the auditor's Report, click
http://bankrupt.com/misc/RSHLimitedAuditorsReport.pdf

CONTACT:

RSH Limited (formerly: Royal Clicks Limited)
190 MacPherson Road #07-08
Wisma Gulab
Singapore 348548
Telephone: 65 67466555
Fax: 65 68404327


WEARNES INTERNATIONAL: Releases PwC, GK Goh Reports
---------------------------------------------------
The directors of Wearnes International (1994) Limited (the
Company) refer to the announcement by the Company on May 11,
2005 in connection with the Second Quarter and Half-Year
Financial Statement for the Period Ended March 31, 2005 (the
Interim Results Announcement).

Further to the Interim Results Announcement, the directors
informed shareholders that the unaudited results of the Company
and its subsidiaries (the Group) for the half-year, October 1,
2004 to March 31, 2005 (H1 FY 2005) and the prospect statement
has been reported on by the auditors of the Company,
PricewaterhouseCoopers (PwC), and the independent financial
adviser of the Company, G.K. Goh Stockbrokers Pte Ltd (GK Goh),
in accordance with the Singapore Code on Take-overs and Mergers.

The reports of PwC and GK Goh on the unaudited results of the
Group for H1 FY 2005 and the prospect statement are attached to
this Announcement.

The directors have taken all reasonable care to ensure that the
facts stated and opinions expressed in this Announcement are
fair and accurate and that no material facts have been omitted
from this Announcement, and they jointly and severally accept
responsibility accordingly.

By Order of the Board
Wearnes International (1994) Limited
Ong Kim Teck
Company Secretary
27 May 2005
Singapore

Click to view a full copy of the Company's assumptions
http://bankrupt.com/misc/WearnesInternationalAssumptions.pdf

To view a full copy of GK Goh report
http://bankrupt.com/misc/WearnesInternationalGKGoh.pdf

Click to view a full copy of PwC report
http://bankrupt.com/misc/WearnesInternationalPWC.pdf

CONTACT:

Wearnes International (1994) Limited
45 Leng Kee Road
159103
Singapore
Telephone: +65 6471 6288
Fax: +65 6472 0009


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

NAKORNTHAI STRIP: Allocates 117,316,622 Common Shares
-----------------------------------------------------
Starting from May 31, 2005 the Stock Exchange of Thailand (SET)
allowed the securities of Nakornthai Strip Mill Public Company
Limited (NSM) to be listed on the SET after finishing capital
increase procedures.

Name: NSM

Issued and Paid up Capital

Old: THB74,137,788,788.25

Common Share 8,986,398,641 shares

New: THB75,105,650,919.75

Common Share 9,103,715,263 shares

Par value per share: THB8.25

Allocate to: Creditors under the Business Rehabilitation Plan

Number of Share: 117,316,622 common shares

Ratio:

Conversion price per share: THB2.20

Exercise Date: March 23, 2005

CONTACT:

Nakornthai Strip Mill Public Company Limited
U.M. Tower, Floor 19,
9 Ramkhamhaeng Road,
Suan Luang, Bangkok
Telephone: 0-2719-9800-9, 0-2719-9830-2
Fax: 0-2719-9828


TONGKAH HARBOUR: Names New Company Director
-------------------------------------------
Pursuant to the Board of Director's Meeting No. 2/2005 held on
May 27, 2005 Tongkah Harbour Public Company (THL) informed the
Stock Exchange of Thailand (SET), shareholders and investors
that its Board resolved to:

(1) Acknowledged that Dr. Monthop Valayapetre intends to resign
as the Company's Director effective April 12, 2005.

(2) The appointment of Mr. Surapong Chaingtong as Company
Director to represent the Ministry of Finance (replace Dr.
Monthop Valayapetre) effective May 27, 2005.

Please be informed accordingly.

Yours faithfully,
Mr. Chailermchai Martmuang
Secretary to the Executive Board of Directors

CONTACT:

Tongkah Harbour Public Company Limited
Muang Thai Phatra Office Tower 1,
Floor 7, 252/11 Rachadapisek Road,
Huai Khwang Bangkok
Telephone: 0-2695-4912-28
Fax: 0-2695-4901




BOND PRICING: For the Week 30 May to 03 June 2005
-------------------------------------------------

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


AUSTRALIA
---------

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


MALAYSIA
--------

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


SINGAPORE
---------

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










                            *********


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

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

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

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                 *** End of Transmission ***