TCRAP_Public/050601.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

             Wednesday, June 1, 2005, Vol. 8, No. 107

                            Headlines

A U S T R A L I A

ALL NATIONS: Court Issues Winding Up Order
AOTEAROA BUILDING: Members Agree to Wind Up Company
AUSTRAL COAL: Unveils Resolutions Passed at AGM
AUSTRAL COAL: Centennial Extends Takeover to June 10
BAYEBB PTY: Members, Creditors to Meet June 2

COTTON PICKER: Final Meeting Set Today
D.T. SECURITY: Served with Winding Up Order
F.T.W. & CO.: Members Resolve to Wind Up Company
HOSKINS PROPERTY: To Declare Dividend June 2
INFORMATION SOLUTION: Dividend Declaration Fixed June 10

INTERNATIONAL WINE: Berren Announces Redemption Fund Plans
MEDINA MARITIME: Taps Ernst & Young Liquidators
MELWOOD & ASSOCIATES: To Convene Final Meeting June 7
MILLER'S RETAIL: Pursuing Strategic Review
MRI HOLDINGS: Rejects Calls for Liquidation

MULTIPLEX: Cuts Profit Forecast on Wembley Loss Blowout
MULTIPLEX: Rules Out Break Up Plan
MUTSUMI PTY: Court Names Steven Nicols Liquidator
MOND CONSTRUCTIONS: To Undergo Winding Up Process
NATIONAL AUSTRALIA: Issues HK$600M Notes Due 2010 Via HSBC

NORTH QUEENSLAND: Appoints Official Liquidator
NORTHWEST TRANSFER: Winds Up Voluntarily
PETROTECH MARKETING: Schedules Dividend Payment
RAINVALLEE PTY: Holds Joint Meeting Today
STIRLING MARINE: Members Place Company in Liquidation

THIRD MILLENNIUM: To Declare Dividend June 21
THORLEY & SONS: Final Meeting Slated June 2
VICTORIAN TUBERCULOSIS: To Declare Dividend June 8
WAVERLEY WOOLLEN: Mills Up for Sale


C H I N A  &  H O N G  K O N G

BANK OF CHINA: Plans 2006 IPO
BANK OF COMMUNICATIONS: HSBC Aims to Keep 19.9% Stake
BRILLIANT INDUSTRIAL: Court Issues Winding Up Notice
CHINA CONCEPT: Begins Winding Up Process
EASY WATCH: Appoints Joint Liquidators

E-LIFE INTERNATIONAL: Changes Name to China Best Group
HO ON: Court Issues Winding Up Notice
NAM FONG: High Court Adjourns Winding Up Hearing to June 6
NATIONWIDE TREASURE: Winding Up Hearing Slated June 8
NEW WORLD: Court Releases Winding Up Order

PRICERITE GROUP: Plans Eight Mainland Outlets
TIN WAH: Receives Winding Up Notice
WENDA TRADING: Winding Up Hearing Fixed June 15
ZHU KUAN: Appoints Joint Liquidators
* China's Four Major Commercial Banks Posts CNY64.74 Bln Profit


I N D O N E S I A

BANK MANDIRI: Mulls Credit Extension to SMEs
BANK MANDIRI: Posts 70% Drop in Q1 Net Profit
PERTAMINA: May Fail to Supply Unleaded Gasoline Nationwide


J A P A N

DAIEI INCORPORATED: 188 Employees Apply for Retirement
HITACHI LIMITED: To Strengthen Plasma Display Business
KANEBO LIMITED: Books FY/2004 JPY314.97-Bln Profit
MATSUSHITA ELECTRIC: Launches New VCSEL Laser
MEIJI YASUDA: Reemploys Two Former Executives

MITSUBISHI FUSO: Names New President, CEO
ODAKYU ELECTRIC: Four Execs to Resign Over Stock Scam


K O R E A

SAMSUNG CARD: Averts Sanction for Breaking Rules


M A L A Y S I A

BUKIT KATIL: Provides Default Status Update
CHG INDUSTRIES: Sets AGM Schedule Next Month
CYGAL BERHAD: Discloses Financial Results
KIG GLASS: Net Loss Falls Slightly
LANKHORST BERHAD: Granted RO to Allow Restructuring

NALURI BERHAD: To Hold AGM on June 23
OMEGA HOLDINGS: Net Loss Drops to MYR145 Mln
PICA CORPORATION: Court Fixes Hearing Dates
PILECON ENGINEERING: Sees No Change in Default Status
TRU-TECH HOLDINGS: Reveals Drop in Quarterly Net Loss

UNITED CHEMICAL: Net Loss Balloons


P H I L I P P I N E S

ABS-CBN BROADCASTING: Eyes Early Retirement Deal to Pare Losses
ATLAS CONSOLIDATED: Unit Files Listing Application at PSE
CAMP JOHN: BCDA Eyes New Operator for Resort
DIGITAL TELECOMMUNICATIONS: To Tap Internal Funds for Expansion
DIGITAL TELECOMMUNICATIONS: Cries Foul Over New Text Tax Bill

GLOBE TELECOM: Globe Telecom's Outlook Revised To Stable
MARIWASA MANUFACTURING: Keen on Pasig Property Development
NATIONAL POWER: Off-peak Scheme Saves Big Customers Php164 Mln
PHILIPPINE LONG: Fitch Revises Outlook to Stable
PHILIPPINE LONG: Chief Expects Lower Earnings Growth This Year

PHILIPPINE LONG: Lists Extra Shares


S I N G A P O R E

ACCORD CUSTOMER: Shares Plummet After PwC Report
ASIA-PACIFIC PORT: Lays Out Creditors' Meeting Agenda
BRETHREN CONTRACT: Receiving Proofs of Claim Until June 10
CHARTERED SEMICONDUCTOR: Names New Senior Vice President
CHINA AVIATION (S): Faces Investigation After Collapse

HUA KOK: Completes Strategic Subscription of Shares
SK KOGYO: Creditors Given Until July 8 to Prove Claims
TAN CHENG: Proofs of Debt, Claim Due June 27
TRI-M TECHNOLOGIES (S): Net Loss Widens to SG$3.87Mln


T H A I L A N D

KRUNG THAI: ING to Streamline Management, Organization Structure
TANAYONG: Debt Restructure Gets Court Nod

     -  -  -  -  -  -  -  -

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

ALL NATIONS: Court Issues Winding Up Order
------------------------------------------
On April 15, 2005 the Supreme Court of New South Wales, Equity
Division, made an order that the All Nations Fruit Market Pty
Ltd (In Liquidation) A.C.N. 097 965 538 be wound up by the Court
and appointed Steven Nicols to be Liquidator.

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


AOTEAROA BUILDING: Members Agree to Wind Up Company
---------------------------------------------------
Notice is hereby given that, at a general meeting of members of
Aotearoa Building & Consultants Pty Limited (In Liquidation)
A.C.N. 069 796 130 held on April 13, 2005 it was resolved that
the Company be wound up voluntarily and that for such purpose
Roderick Mackay Sutherland, of Jirsch Sutherland Chartered
Accountants be appointed Liquidator.

A meeting of creditors held later that day confirmed this
appointment.

Dated this 15th day of April 2005

Roderick Mackay Sutherland
Liquidator
Jirsch Sutherland
Chartered Accountants
Level 2, 84 Pitt Street,
Sydney NSW 2000
Telephone: (02) 9233 2111
Facsimile: (02) 9233 2144


AUSTRAL COAL: Unveils Resolutions Passed at AGM
-----------------------------------------------
The Directors of Austral Coal Limited advised that the following
resolutions were passed at the Company's Annual General Meeting
held Tuesday, May 31, 2005.

Resolutions:

Reports

(1) To receive and adopt the Financial Reports thereon.

Directors

(2) To re-elect Dr. Paul Moy as a Director of the Company,
originally appointed to fill a casual vacancy.

(3) To re-elect Mr. Robert Cameron as a Director of the Company,
originally appointed to fill a casual vacancy.

(4) To re-elect Mr. Robert Dougall as a Director of the Company,
originally appointed to fill a casual vacancy.

(5) To re-elect Mr. Roger Knight as a Director of the Company,
originally appointed to fill a causal vacancy.

(6) To re-elect Mr. David Moult as a Director of the Company,
originally appointed to fill a causal vacancy.

Special Business (subject to an ordinary resolution of
Shareholders)

(7) To confirm the appointment of Deloitte Touche Tohmatsu as
the new auditors of the Company.

(8) Refreshment of the 15% Placement Rule Pursuant to Rule 7.4
of the Listing Rules of the Australian Stock Exchange Limited
(ASX).

CONTACT:

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


AUSTRAL COAL: Centennial Extends Takeover to June 10
----------------------------------------------------
For the purpose of ASX Listing Rule 3.2, Centennial Coal Company
Limited (Centennial) advised of the following in relation to its
off-market takeover bid (Bid) for all the ordinary shares in
Austral Coal Limited (Austral);

(a) The offer period in respect of the offers under the Bid
contained in its bidder's statement dated March 9, 2005 (as
supplemented) (Offers) has been further extended to 7:30 p.m.
(Sydney time) on Friday, June 10, 2005;

(b) At the time of making the first of the Offers under the Bid,
being March 21, 2005, Centennial and its associates had a
relevant interest in 9.6% of the ordinary shares in Austral; and

(c) At the date of the extension of the Offers, being May 30,
2005, Centennial and its associates have a relevant interest in
85.19% of the ordinary shares in Austral.


BAYEBB PTY: Members, Creditors to Meet June 2
---------------------------------------------
Notice is hereby given that a final meeting of members and
creditors of Bayebb Pty Ltd (In Liquidation) A.C.N. 003 913 479
will be held at the office of Nicholls & Co, Chartered
Accountants, Suite 6, 459 Peel Street Tamworth NSW 2340, on
Thursday, June 2, 2005, at 11:00 a.m. for the purpose of
receiving the Liquidator's account showing how the winding up
has been conducted and the property of the Company disposed of
and hearing any explanation which may be given by the
Liquidator.

Dated this 15th day of April 2005

A. R. Nicholls
Liquidator
Nicholls & Co
Suite 6, 459 Peel Street,
Tamworth NSW 2340


COTTON PICKER: Final Meeting Set Today
--------------------------------------
Notice is hereby given that a final meeting of members and
creditors of Cotton Picker Repair Services Pty Ltd (In
Liquidation) A.C.N. 000 709 642 will be held at the office of
Nicholls & Co., Chartered Accountants, Suite 6, 459 Peel Street
Tamworth NSW 2340, today, June 1, 2005, at 11:00 a.m. for the
purpose of receiving the Liquidator's account showing how the
winding up has been conducted and the property of the Company
disposed of and hearing any explanation which may be given by
the Liquidator.

Dated this 13th day of April 2005

A. R. Nicholls
Liquidator
Nicholls & Co
Suite 6, 459 Peel Street,
Tamworth NSW 2340


D.T. SECURITY: Served with Winding Up Order
-------------------------------------------
Take notice that by an Order of the Supreme Court of New South
Wales, Equity Division, made on April 7, 2005 Deryk Andrew was
appointed Official Liquidator of D.T. Security Services Pty Ltd
(In Liquidation) A.C.N. 094 187 014.

Deryk Andrew
Official Liquidator
Bentley MRI Sydney Business Recovery &
Insolvency Partnership,
PO Box Q1165, QVB Post
Office Sydney NSW 1230


F.T.W. & CO.: Members Resolve to Wind Up Company
------------------------------------------------
Notice is hereby given that at a General Meeting of F.T.W. & Co.
Pty Limited (In Liquidation) A.C.N. 000 610 640 held on April 5,
2005 it was resolved that the Company be wound up voluntarily as
a Members' Voluntary Winding up and that for such a purpose,
Mark Willock be appointed liquidator.

Dated this 5th day of April 2005

Mark Willock
Liquidator


HOSKINS PROPERTY: To Declare Dividend June 2
--------------------------------------------
Notice is hereby given that a first and final dividend is to be
declared on June 2, 2005 in respect of Hoskins Property Holdings
Pty Limited (In Liquidation) A.C.N. 001 180 212.

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

Dated this 15th day of April 2005

S. H. M. De Hauteclocque
Liquidator
c/- HLB Mann Judd
Level 19, 207 Kent Street,
Sydney NSW 2000


INFORMATION SOLUTION: Dividend Declaration Fixed June 10
--------------------------------------------------------
A first dividend to priority creditors is to be declared on June
10, 2005 for Information Solution Works Pty Ltd (In Liquidation)
A.C.N. 074 036 810.

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

Dated this 18th day of April 2005

Paul Cook
Liquidator
Level 4, 18 Elizabeth Street,
Hobart Tas 7000
Telephone: 03 6223 2555
Facsimile: 03 6223 2556
E-mail: info@pjc.com.au


INTERNATIONAL WINE: Berren Announces Redemption Fund Plans
----------------------------------------------------------
Unitholders in the listed International Wine Investment Fund are
being provided with the opportunity to redeem their holdings at
a 5% discount to the Fund's net tangible asset backing (NTA) as
at May 31, 2005.

The Berren Board said it was expected that the Wine Fund would
continue as an investment vehicle in the global wine industry,
on the completion of a successful redemption plan. As announced
last week, Berren has commenced a review or its management and
Board structure and after the implementation of the Redemption
Fund will appoint individuals with wine industry and funds
management experience to complement the existing team.

Announcing details of the proposed Redemption Fund Tuesday,
Berren Asset Management Limited - the Wine Fund's Responsible
Entity - said its Board of Directors had determined to proceed
with the redemption plan following discussions with major
Unitholders in the Wine Fund.

Details of the proposed Redemption Fund are:

(1) The Redemption Fund would be priced at a 5% discount to NTA
calculated as at May 31, 2005. The Directors believe this
discount level would be approximately equivalent to the level of
returns likely to be generated if the Fund was to be wound up;

(2) The Fund's listed investments, including trading stock,
would be valued at the on-market price for the investments as at
May 31, 2005, and the Fund's unlisted investments would not be
revalued;

(3) As it is expected that the Wine Fund will continue, the NTA
will be determined without deduction for realization costs or
tax on notional realization gains;

(4) The Redemption Fund will be limited to a maximum of 40
million units of the 63.4 million Units currently on issue;

(5) The NTA calculation would be subject to specific assurance
procedures to be performed by the Wine Fund's auditor.

An Explanatory Memorandum explaining the terms of the Redemption
Fund and providing all relevant information, including details
of Berren's future intentions for the Wine Fund, will be
dispatched on Monday, June 6, 2005.

The Explanatory Memorandum will assist Unitholders with their
decision to either participate in the Redemption Fund or remain
as continuing investors in the Fund. Unitholders will be able to
apply to participate in the Redemption Fund for some or all of
their units.

The Redemption Fund will open for acceptances on June 9, 2005
and close 21 days later on June 29, 2005, with cheques being
dispatched to participating Unitholders on June 30, 2005.

At the request of a number of major Unitholders, Berren gave
consideration to deferring the establishment of a Redemption
Fund until early in the 2005-2006 Financial Year. However, the
complexities of such a deferral from taxation, earnings,
distribution and valuation perspective, due in part to new
International Financial Reporting Standards required to be
adopted in the new financial year, outweighed any potential
benefits.

In the event acceptances exceed 40 million units, the Redemption
Fund will be suspended and Berren will immediately take steps to
wind-up the Wine Fund on an orderly basis. The principal reasons
for undertaking to wind up the fund in these circumstances are
to avoid the scale-back of acceptances and in recognition that
at this reduced size the purposes of the Wine Fund will be
compromised due to a lack of diversity in investments and
insufficient scale yo afford dedicated investment expertise.

Accordingly, Unitholders wishing to exit at a premium to
historical market values should be able to do so either by way
of the Redemption Fund or, if it is oversubscribed, by orderly
liquidation.

In these circumstances, the Board of Berren believes that the
Redemption Fund will offer a certain exit path at an attractive
discount to NTA for those Unitholders who wish to exit the Fund.

Conversely, for those Unitholders who wish to continue to invest
in the global wine industry and take advantage of the
opportunities available from its continuing rationalization,
while also benefiting from being able to defer any capital gains
tax liability associated with redeeming their units, an
opportunity remains for them to participate in a Fund of
sufficient critical mass and with a portfolio of investments
that should continue to provide above-average returns.

The Wine Fund's assets as at April 30, 2005 totaled AU$223
million, comprising AU$77 million cash in the bank, AU$110
million approximately in listed investments and AU$32 million in
unlisted investments.

CONTACT:

International Wine Investment Fund
Ground Floor
26 Greenhill Road
Wayville, South Australia 5034
P.O. Box 59
Goodwood South Australia 5034
Telephone: +618 8373 9900
Facsimile: + 618 8373 9911
Web site: http://www.iwif.com.au/index.htm


MEDINA MARITIME: Taps Ernst & Young Liquidators
-----------------------------------------------
At an Extraordinary General Meeting of Medina Maritime Services
Pty Limited A.C.N. 000 186 309 (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


MELWOOD & ASSOCIATES: To Convene Final Meeting June 7
-----------------------------------------------------
Notice is hereby given that pursuant to Section 509 of the
Corporations Law the Final Meeting of Melwood & Associates Pty
Ltd (In Liquidation) A.C.N. 095 794 184 will be held at 65
Culloden Road, Marsfield, NSW on June 7, 2005 at 10:00 a.m. for
the purpose of laying before the meeting the liquidator's final
account and report and giving any explanation thereof.

Dated this 21st day of April 2005

John Chi Keung Lee
Liquidator
65 Culloden Road,
Marsfield NSW


MILLER'S RETAIL: Pursuing Strategic Review
------------------------------------------
Miller's Retail said it continues to make progress on its
strategic review and expects to announce the result in two
weeks, Dow Jones Newswires reports.

The troubled discount retailer made the statement as a response
to a share price query from the Australian Stock Exchange.

Miller's said it is currently reviewing restructuring and
divestment opportunities, particularly in the Discount Variety
Division.

Miller's said in late April that while its apparel businesses
were operating to plan, its discount variety stores including
Go-Lo and Crazy Clarks were under pressure.

The Company also repeated its statement from late April that
business improvement initiatives that were previously expected
to contribute to an improved second half performance from the
previous second half wouldn't flow through in this time period.

Last month, Miller's said it expects to complete the review as
soon as possible and announce the results before the end of May.

CONTACT:

Miller's Retail Ltd
151-163 Wyndham Street
Alexandria, New South Wales 2015
Australia
Phone: +61 2 9310 2233
Fax: +61 2 9310 2255
Web site: http://www.millersretail.com.au/


MRI HOLDINGS: Rejects Calls for Liquidation
-------------------------------------------
Listed investment firm MRI Holdings has dismissed calls to
liquidate and return some AU$20 million to shareholders,
according to The West Australian.

The Chinese-controlled firm insisted it will find an investment
for its surplus cash, saying a wind up would only be considered
if all else fails.

MRI's predicament began when major shareholder Havencape Pty Ltd
criticized the group for its lack of corporate direction and its
ill-fated investment in an orchard and fruit packing business.

Representing Havencape, Jackson McDonald lawyer Stephen Doyle
said winding up MRI would be in the best interests of
shareholders. Mr. Doyle noted only one investment has been made
in the past six years, despite the recovery of financial
markets.

Executive director Ian Burton told the meeting he had put
several proposals to the board, including a partial return to
shareholders and a selective buy-back.

MRI has been suspended since July last year because more than
half of the Company's assets is held in cash, which is a breach
of the listing regulations.

MRI Holdings Limited is engaged primarily in investment. It
operates predominantly in Hong Kong.  

CONTACT:

MRI Holdings Limited
45 Stirling Highway
2nd Floor
Nedlands, Western Australia 6009
AUSTRALIA  
Phone: +61 8 9389 8799
Fax: +61 8 9389 8327  


MULTIPLEX: Cuts Profit Forecast on Wembley Loss Blowout
-------------------------------------------------------
Multiplex trimmed by 28 percent its full-year profit guidance
due to a cost blowout at its U.K. stadium project, the
Australian Associated Press says.

The troubled construction giant expects its Wembley project
losses to reach GBP45 million (AU$109 million). The figure is
more than double the AU$50-million indemnity extended by the
firm's founder, the Roberts family.

Multiplex advised the Australian Stock Exchange of its revised
profit forecast of AU$170 million in the year to July, from its
early profit guidance of AU$235 million. It said it would take
an AU$59-million to cover cost overruns at the Wembley project.

The Wembley project has been plagued with contractual disputes
and speculation over whether it will be finished on time.

The project has also been hit by rising costs associated with
steel and jobs like painting and tiling.

CONTACT:

Multiplex Group
Level 4, 1 Kent Street,
SYDNEY, NSW, AUSTRALIA, 2000
Telephone: (02) 9256 5000
Fax: (02) 9256 5001
Web site: http://www.multiplex.com.au/


MULTIPLEX: Rules Out Break Up Plan
----------------------------------
Property developer Multiplex insisted Monday it will not break
up the trust from the development company, according to Reuters.

Chief Executive Andrew Roberts said the integrated property
model has been working for the group, saying the Company's
Wembley problems were a one-off.

"Wembley, overshadowing all of our results, really is a one-off
in terms of its impact on the group," Mr. Roberts said.

Monday's announcement is just the latest but the biggest blow
for Multiplex, which in February announced writedowns totaling
AU$68.3 million dollars to the AU$1.2-billion dollar
redevelopment of Wembley Stadium and its West India Quay project
in the same city.


MUTSUMI PTY: Court Names Steven Nicols Liquidator
-------------------------------------------------
On April 15, 2005 the Supreme Court of New South Wales, Equity
Division, made an order that Mutsumi Pty Ltd (In Liquidation)
A.C.N. 051 765 783 be wound up by the Court and appointed Steven
Nicols to be Liquidator.

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


MOND CONSTRUCTIONS: To Undergo Winding Up Process
-------------------------------------------------
On April 15, 2005 the Supreme Court of New South Wales, Equity
Division, made an order that Mond Constructions Pty Ltd (In
Liquidation) A.C.N. 104 424 268 be wound up by the Court and
appointed Steven Nicols to be Liquidator.

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


NATIONAL AUSTRALIA: Issues HK$600M Notes Due 2010 Via HSBC
----------------------------------------------------------
National Australia Bank Ltd. (NAB) is offering HK$600 million of
fixed-rate notes due 2010, lead manager HSBC said Monday.

Terms for the issue are as follows:

Amount:            HK$600 million
Maturity:          June 10, 2010
Coupon:            3.89%
Coupon Frequency:  Annual
Issue Price:       At par
Redemption:        At par
Payment date:      June 10, 2005
Denominations:     HK$500,000
Listing:           None

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/


NORTH QUEENSLAND: Appoints Official Liquidator
----------------------------------------------
At an Extraordinary General Meeting of North Queensland Marine
Towage Pty Limited A.C.N. 009 674 088 (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


NORTHWEST TRANSFER: Winds Up Voluntarily
----------------------------------------
At an Extraordinary General Meeting of Northwest Transfer
Services Pty Limited A.C.N. 094 052 338 (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


PETROTECH MARKETING: Schedules Dividend Payment
-----------------------------------------------
A dividend is to be declared on June 19, 2005 for Petrotech
Marketing Pty Ltd (In Liquidation) A.C.N. 002 784 483.

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

Dated this 13th day of April 2005

T. J. Schmierer
Official Liquidator
Level 3, United Overseas Bank Building,
32 Martin Place, Sydney NSW 2000


RAINVALLEE PTY: Holds Joint Meeting Today
-----------------------------------------
Notice is given pursuant to Section 509 of the Corporations Act
that a joint meeting of the members and creditors of Rainvallee
Pty Limited (In Liquidation) A.C.N. 101 796 114 will be held at
the offices of Lawler Partners, 763 Hunter Street, Newcastle
West NSW 2302 today, June 1, 2005 at 11:30 a.m., for the purpose
of having an account laid before them showing the manner in
which the winding up has been conducted and the property of the
Company disposed of and hearing any explanations that may be
given by the Liquidator.

Dated this 26th day of April 2005

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


STIRLING MARINE: Members Place Company in Liquidation
-----------------------------------------------------
At an Extraordinary General Meeting of Stirling Marine
Constructions Pty Limited A.C.N. 009 136 056 (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
Level 37, 680 George Street,
Sydney NSW 2000
Telephone: (02) 9248 5555


THIRD MILLENNIUM: To Declare Dividend June 21
---------------------------------------------
A first and final dividend is to be declared on June 21, 2005
for Third Millennium Clothing Company Pty Limited (Subject To
Deed Of Company Arrangement) A.C.N. 051 989 309.

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

Dated this 26th day of April 2005

Robert Moodie
Deed Administrator
c/- Rodgers Reidy
Chartered Accountants
Level 8, 333 George Street,
Sydney NSW 2000


THORLEY & SONS: Final Meeting Slated June 2
-------------------------------------------
Notice is hereby given pursuant to Section 509 of the
Corporations Law, that the final meeting of the Members of
Thorley & Sons Pty Ltd (In Liquidation) A.C.N. 000 460 186 will
be held at 109 Jessie Street Armidale New South Wales on June 2,
2005 for the purpose of having an account laid before them
showing the manner in which the winding up has been conducted
and the property of the Company disposed of and of hearing any
explanation that may be given by the liquidator.

Dated this 22nd day of April 2005

A. J. Gilbey
Liquidator
c/- Cameron Kirk Rose
Chartered Accountants
109 Jessie Street,
Armidale NSW 2350


VICTORIAN TUBERCULOSIS: To Declare Dividend June 8
--------------------------------------------------
A first and final dividend is to be declared on June 8, 2005 for
Victorian Tuberculosis And Lung Association A.C.N. 004 275 334
In Liquidation.

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

Dated this 18th day of April 2005

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


WAVERLEY WOOLLEN: Mills Up for Sale
-----------------------------------
The 130-year-old Waverley Woollen Mills entered administration
last week, with total debt of AU$3 million, according to Mercury
News.

The move comes just two weeks after the veteran travel rug and
blanket manufacturer appointed administrators Steven Hernyk and
Dick Shoobridge of Deloitte Touche Tohmatsu.

Receivers McGrath Nichol and Partners will advertise the
business for sale as a going concern in interstate newspapers
this week.

Waverley Woollen Mills, intermittently profitable except in
recent years, went into receivership despite a meeting of
creditors convened by administrators two weeks ago.

CONTACT:

Waverley Woollen Mills
PO Box 31
Launceston
Tasmania, Australia, 7250
By Phone/Fax in Australia:
Phone:     03 6339 1106
Facsimile: 03 6339 3537
By Phone/Fax Internationally:
Phone:     +61 3 6339 1106
Facsimile: +61 3 6339 3537
Web site: http://www.waverleyknittingyarn.com.au/


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

BANK OF CHINA: Plans 2006 IPO
-----------------------------
The Bank of China (BOC) will sell stakes worth $10 billion to
potential investors by the end of this year and will launch its
initial public offering in 2006, MarketWatch reports, citing
Bank of China Executive Assistant President Zhu Xingiang.

On plans for an initial public offering, Mr. Zhu said, "An IPO
this year is unlikely to happen, but we expect it to take place
next year."

The report quoted Mr. Zhu as saying the bank would not shed "a
large number" of employees after selling the stakes.

CONTACT:

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


BANK OF COMMUNICATIONS: HSBC Aims to Keep 19.9% Stake
-----------------------------------------------------
HSBC Holdings Plc hopes to maintain its 19.9-percent stake in
the Bank of Communications (BoComm) after the Shanghai-based
lender goes public in Hong Kong, Infocast News reports, citing
HSBC Chairman Vincent Cheng.

BoComm plans to increase up to US$2 billion by listing in Hong
Kong as early as next month.  

CONTACT:

Bank of Communications
20 Pedder Street, Central, Hong Kong
E-mail: enquiry@bankcomm.com.hk
Web site: http://www.bankcomm.com.hk/


BRILLIANT INDUSTRIAL: Court Issues Winding Up Notice
----------------------------------------------------
Brilliant Industrial Limited with registered office located at
Room 1006, 10/F, World-wide House, 19 Des Voeux Road, Central
Hong Kong was issued a winding up notice by the High Court of
the Hong Kong Special Administrative Region Court of First
Instance on May 17, 2005.

Date of Presentation of Petition: March 14, 2005

Dated this 27th day of May 2005.

ET O'Connell
Official Receivers


CHINA CONCEPT: Begins Winding Up Process
----------------------------------------
China Concept Trading Limited with registered office located at
17/F, Yam Tze Commercial Building, 23 Thomson Road, Wanchai,
Hong Kong was issued a winding up notice by the High Court of
the Hong Kong Special Administrative Region Court of First
Instance on May 18, 2005.

Date of Presentation of Petition: March 14, 2005

Dated this 27th day of May 2005.

ET O'Connell
Official Receivers


EASY WATCH: Appoints Joint Liquidators
--------------------------------------
Mr. Chan Mo Po and Ms. Chua Suk Lin, Ivy, both of Suites 2205-
06, Island Place, Tower, 510 Kings Road, North Point, Hong Kong,
have been appointed as the Joint and Several Liquidators of Easy
Watch Products Manufactory Company Limited (In by orders of the
High Court of the Hong Kong Special Administrative Region Court
of First Instance.

Dated this 27th day of May, 2005.

Chan Mo Po
Chua Suk Lin, Ivy
Joint and Several Liquidators


E-LIFE INTERNATIONAL: Changes Name to China Best Group
------------------------------------------------------
Reference is made to the announcement of China Best Group
Holding Limited dated February 3, 2005 and the circular of the
Company dated April 8, 2005.

The special resolution regarding the change of the name of the
Company from "E-Life International Limited" to "China Best Group
Holdings Limited", was passed by the Shareholders at the SGM
held on May 4, 2005 as announced by the Company on May 5, 2005.

The new name of the Company was entered into the register by the
Register of the Companies in Bermuda (the Registrar) on May 4,
2005 and the Company received the Certificate of Incorporation
on Change of Name dated May 10, 2005 issued by the Registrar on
May 13, 2005. The Company has carried out the necessary filing
procedures with the Registrar of Companies of Hong Kong and the
Certificate of Registration of Change of Name of Oversea Company
dated May 28, 205 was received by the Company on May 30, 2005.

With effect from June 2, 2005: (i) the shares of the Company
will be traded under the new name; (ii) the English stock short
name of the Company will be changed from "E-Life International"
to "China Best". The stock code of the Company will remain
unchanged at "370".

By order of the Board
China Best Group Holding Limited
Wang Jian Hua
Chairman

CONTACT:

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


HO ON: Court Issues Winding Up Notice
-------------------------------------
Ho On Machinery Engineering Limited with registered office
located at Room 2514, Ho Kong Commercial Centre, 6-12 Fa Yuen
Street, Mongkok, 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 Receivers


NAM FONG: High Court Adjourns Winding Up Hearing to June 6
----------------------------------------------------------
Reference is made to the announcement dated May 17, 2005 of Nam
Fong International Holdings Limited regarding a winding-up
petition by Nanyang Commercial Bank, Limited (NCB.

In the hearing on May 30, 2005, the High Court adjourned the
hearing of the Petition to June 6, 2005 to grant seven days'
leave to the Company for negotiating a settlement proposal with
NCB. The negotiation of settlement is ongoing but the relevant
terms and conditions have not been reached by both parties.
Further announcement will be made as and when appropriate.

Investors should exercise extreme caution when dealing in the
shares of the Company.

Trading in the shares of the Company on The Stock Exchange of
Hong Kong Limited (the Stock Exchange) was suspended from 10:45
a.m. on February 7, 2005 at the request of the Company to the
Stock Exchange pending for the release of the announcement in
relation to the winding-up petition against the Company by NCB.

Trading in the shares of the Company on the Stock Exchange will
remain suspended pending the demonstration by the Company to the
satisfaction of the Stock Exchange that, among others, the
continuing listing of the shares of the Company is warranted.
Further announcement will be made as and when appropriate.

By Order of the Board
Tong Shi Jun
Chairman
Hong Kong, May 30, 2005

CONTACT:

Nam Fong International Holdings Limited
16/F, Dah Sing Financial Centre
108 Gloucester Road
Wanchai, Hong Kong
Phone: 25062322
Fax: 25061013


NATIONWIDE TREASURE: Winding Up Hearing Slated June 8
-----------------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Nationwide Treasure (HK) Limited by the High Court of Hong Kong
Special Administrative Region was on March 17, 2005 presented to
the said Court by Lung Ka Cheung of Flat 6C, Block 26, Baguio
Villa, 555 Victoria Road, Pokfulam, Hong Kong.  

The said Petition is directed to be heard before the Court at
9:30 am on the 8th day of June 2005 and any creditor or
contributory of the said Company desirous to support or oppose
the making of an order on the said petition may appear at the
time of hearing by himself or his counsel for that purpose.

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

K. C. HO & FONG
Solicitors for the Petitioner
18th Floor, Henley Building
5 Queen's Road Central
Central, Hong Kong
(Ref: CH/HH/37234/04)

Note:

Any person who intends to appear at the hearing of the said
petition must serve on or send by post to the abovenamed, notice
in writing of his intention to do so.  The Notice must state the
name and address of the person, or if a firm or his or their
Solicitor (if any) and must be served or if posted, must be sent
by post in sufficient time to reach the abovenamed not later
than six o'clock in the afternoon of the June 7, 2005.


NEW WORLD: Court Releases Winding Up Order
------------------------------------------
New World Electronics Company Limited with registered office
located at Flat 12, 13 & 14 35th Floor, New City Centre, 2 Lei
Yue Mun Road, Kwun Tong, 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 Receivers


PRICERITE GROUP: Plans Eight Mainland Outlets
---------------------------------------------
Furniture retailer Pricerite Group plans to open four mid- to
high-end outlets each in Beijing and Shanghai next year after it
unveiled a venture with an Australian firm, The Standard
reports.

The Company is recruiting new staff and looking for suitable
location for the eight new stores. Chairman Bankee Kwan expects
the new outlets to open in 2006.

Pricerite plans to raise HK$108 million by selling convertible
bonds to Sydney-based AustChina Information Technology to fund a
venture with the Australian firm.

Under the agreement, AustChina will provide funds for developing
retail business in mainland of up to A$100 million (HK$592
million), while Pricerite will be responsible for the
administration and operation.

Pricerite's overseas retail business is expected to book profits
in the fourth quarter this year or early next year.

CONTACT:

Pricerite Group Limited
21/F The Center 99 Queen's Road Central
Hong Kong  
Phone: 27911996  
Fax: 27911849  
Web site: http://www.pricerite.com.hk


TIN WAH: Receives Winding Up Notice
-----------------------------------
Tin Wah Printing Company Limited with registered office located
at 2/F, Flat B, 114 King Fuk Street, Chiat King Industrial
Building, San Po Kong, 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 Receivers


WENDA TRADING: Winding Up Hearing Fixed June 15
-----------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Wenda Trading International Limited by the High Court of Hong
Kong was on April 13, 2005 presented to the said Court by Khan
Shah Zaman of Unit Q, 7/F., Yan On Mansion, 357 Ngau Tau Kok
Road, Kwun Tong, Kowloon, Hong Kong.  

The said petition is to be heard before the Court at 9:30 a.m.
on June 15, 2005.

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

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

(Betty Chan)
For Director of Legal Aid
34th Floor, Hopewell Centre
183 Queen's Road East, Wanchai
Hong Kong

Note:

Any person who intends to appear at the hearing of the said
petition must serve on or send by post to the abovenamed, notice
in writing of his intention to do so.  The Notice must state the
name and address of the person, or if a firm or his or their
Solicitor (if any) and must be served or if posted, must be sent
by post in sufficient time to reach the abovenamed not later
than six o'clock in the afternoon of June 14, 2005.


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 (Hong Kong) Company Limited by orders of the High Court of
the Hong Kong Special Administrative Region Court of First
Instance.

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 Four Major Commercial Banks Posts CNY64.74 Bln Profit
---------------------------------------------------------------
China's four major state-owned commercial banks posted combined
profits of CNY64.74 billion in 2004, versus a loss of 3.16
billion a year earlier, AFX News reports, citing the China
Banking Regulatory Commission (CBRC).

The agency said all four banks namely the Industrial and
Commercial Bank of China, Agricultural Bank of China, Bank of
China, and China Construction Bank saw their profitability
improve in 2004.

Jointly-held commercial banks, however, posted combined losses
of CNY9.67 billion last year due to provisions set by the Bank
of Communications to fund its restructuring.

The country's rural credit lenders, including rural commercial
banks and rural credit cooperatives, saw a combined profit for
the first time ever of CNY10.46 billion.


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

BANK MANDIRI: Mulls Credit Extension to SMEs
--------------------------------------------
State-owned PT Bank Mandiri plans to extend credit of up to
IDR4.5 trillion to small and medium businesses (SMEs) this year,
despite reports of possible bad loans, reports the Jakarta Post.

According to the bank's SME director Sasmita, the bank's credit
expansion is geared towards strengthening the bank's position in
the small business sector and boosting the real economy. In
order to prepare for the expansion, the bank set up a special
division to handle the SMES, with the cooperation of micro banks
located throughout the country.

Of the bank's total lending portfolio of more than IDR95
trillion, around 34% (32 trillion) are outstanding loans to
SMEs. The bank forecasted that its outstanding loans for small
and medium businesses would reach IDR125 trillion in 2010.

Bank Mandiri extends credit below IDR100 million for micro
businesses, from IDR100 million to IDR2 billion for small
businesses, IDR2 billion to IDR5 billion for commercial
businesses, and above IDR5 billion credit to medium enterprises.

CONTACT:

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


BANK MANDIRI: Posts 70% Drop in Q1 Net Profit
---------------------------------------------
PT Bank Mandiri recorded a 70% drop in its first quarter net
profit, due to higher provisions for loan losses, and reduced
net interest income, Dow Jones reports.

The bank's net profit from January to March was IDR519 billion,
compared to last year's IDR1.74 trillion net profit for the same
period.

According to the bank's Vice President I Wayan Agus Mertayasa,
the bank had to increase its loan loss provisions due to an
adjustment in its non-performing loans and collateral asset
quality, based on regulations by the central bank, Bank
Indonesia.

Bank Mandiri's net interest income also fell 8.1%, from IDR2.58
trillion in 2004 to IDR2.37 trillion this year. Since the bank's
non-performing loans had more than doubled from last year's
IDR6.42 trillion to IDR17.77 trillion this year, the bank had to
raise its loan loss provisions accordingly to IDR763 billion,
from IDR243 billion last year.

The bank's assets increased, however, at IDR249.37 trillion,
whereas in the same period last year its assets were pegged at
IDR239.38 trillion.


PERTAMINA: May Fail to Supply Unleaded Gasoline Nationwide
----------------------------------------------------------
State firm PT Pertamina will not be able to support the
government's campaign to use unleaded gasoline, as it cannot
supply the entire nation with the fuel, reports the Jakarta
Post.

According to the Company's marketing director Ari Soemarno, the
Company is limited in funds, operations and procurement of
unleaded gasoline, that it simply cannot supply enough of the
fuel for the entire nation, although the Company is ready to
cooperate with the government's help.

The Company would need up to US$5 trillion in government
subsidies to meet the program's target of supplying unleaded
gasoline for all Indonesia, given the current world price of
US$58 to US$59 per barrel of oil.

The program was started in 2003 by then president Megawati
Soekarnoputri. But Pertamina had difficulties in modifying its
refineries to increase production of unleaded gasoline.
Therefore, the fuel is available only in certain areas, which
account for 25% of the national demand for unleaded gasoline.

Company spokesman Muhammad Harun said that at existing capacity,
Pertamina would be able to supply unleaded gasoline to other
areas in the next few months.

CONTACT:

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


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

DAIEI INCORPORATED: 188 Employees Apply for Retirement
------------------------------------------------------
Daiei Incorporated plans to shut down five money-losing stores
in Western Japan as part of its restructuring scheme, Dow Jones
reports.

The ailing retailer also said in a statement that a total of 188
management-level employees have applied for the Company's early
retirement program.

There is no change to its earnings estimates for this fiscal
year through February 2006, Daiei said.

CONTACT:

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


HITACHI LIMITED: To Strengthen Plasma Display Business
------------------------------------------------------
Hitachi Ltd. announced plans to ramp up production capacity at
the Miyazaki Works of Fujitsu Hitachi Plasma Display Limited
(FHP) as part of measures to strengthen the plasma display (PDP)
business. The new, augmented plans call for the investment of
approximately JPY85.0 billion in a third plant at the Miyazaki
Works. At the same time, a line using state-of-the-art
technology will be built to raise plasma display panel
production efficiency to a world-class level.

Specific plans are for the third plant alone to be capable of
producing 100,000 units per month by the second half of fiscal
2006, with monthly capacity to increase to 200,000 units by the
end of fiscal 2008, the year ended March 31, 2009. Together with
the monthly output of 100,000 units at the Miyazaki Works'
second plant, this will give FHP total monthly capacity of
200,000 units in the second half of fiscal 2006, and 300,000
units by the end of March 2009.

To strengthen the PDP business, Hitachi in spring this year
purchased part of Fujitsu's equity in FHP to make FHP a
consolidated subsidiary, and also acquired PDP module patents at
the same time. Looking ahead, Hitachi and FHP will implement a
more unified business strategy with the goals of expanding the
PDP business in Japan by pushing the Wooo brand to the fore, and
expanding the plasma display business overseas under the HITACHI
brand. Furthermore, FHP plans to increase the supply of panels
using the ALIS*1) method to Japanese and overseas manufacturers
as well as raise the profile of both Hitachi and FHP in the
market as a whole, extending from panels to TVs.

FHP first announced in March 2004 that it would construct a
third plant at its Miyazaki Works. The plan at that time was to
invest a total of 75.0 billion yen and start construction early
in 2005 with the goal of starting the volume production of
50,000 units per month early in 2006, giving FHP the ability to
supply a maximum of 150,000 units per month in fiscal 2007.
However, to develop the PDP business further amid rapid change
in the operating environment, including a sharp drop in PDP
prices, FHP decided it was necessary to construct a more
efficient production line that could preserve its
competitiveness into the future. While keeping a close eye on
innovation in production equipment, FHP reexamined the process
for constructing the third plant, facilities and other matters
and set the latter half of 2006 as the timeframe for the
commencement of operations.

Now, the current forecast points to greater demand in the PDP
market. Furthermore, Hitachi believes that demand for Hi-Vision
panels with outstanding picture quality will increase further as
digital broadcasting comes of age in 2006. The decision has,
therefore, been made to augment the original plan by having the
third plant produce 100,000 units per month from the outset of
volume production and 200,000 units per month when operations
are in full swing. As a result of the plans being upgraded, the
total investment will be 85.0 billion yen.

Hitachi and FHP will work to implement a more unified business
strategy moving forward. As a leading manufacturer of plasma
TVs, Hitachi is determined to further increase its presence in
the market by responding to the shift toward digital
broadcasting around the world with TVs featuring larger screens
and higher definition. For its part, as a specialist PDP
manufacturer, FHP aims to be a driving force in the world market
by supplying to a great number of leading manufacturers large,
high-definition panels that match the needs of finished product
manufacturers better than ever before.

Furthermore, based on a wide-ranging strategic partnership with
Matsushita Electric Industrial Co., Ltd. announced in February
2005, Hitachi aims to expand the PDP market and achieve greater
efficiency in its operations, as well as raise its global
presence through actions like a tie-up with Paramount Pictures
for promoting the blockbuster movie "War of the Worlds". The
overriding goal is to cement a leading position in the market.

About Fujitsu Hitachi Plasma Display Limited

President: Yoshiyuki Imoto
Headquarters: Kawasaki City, Kanagawa Prefecture, Japan
Established: April 1999
Businesses: Development, production and marketing of plasma
display panels
Employees: Approximately 1,100 (as of March 2005)
Capital: 54 billion yen (80.1% Hitachi, Ltd.;19.9% Fujitsu
Limited)

About Hitachi, Ltd.

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

CONTACT:

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

This is a Company press release.


KANEBO LIMITED: Books FY/2004 JPY314.97-Bln Profit
--------------------------------------------------
Kanebo Limited posted a net profit of JPY314.97 billion in the
fiscal 2004, versus the previous year's loss of JPY142.09
billion, Kyodo News reports.

The pretax balance remained in the red with a loss of JPY9.56
billion, compared with the previous year's loss of JPY28.77
billion. Its operating balance returned to the black at JPY1.62
billion in profit on sales of JPY268.50 billion, down 41.1
percent from the previous year.

The group's per-share net profit came to JPY4,071.56 against a
loss of JPY277.59 in the preceding year.

Under a revival plan approved by the state-backed corporate
bailout agency, the Company cut its excessive interest-bearing
debts by JPY543 billion to JPY57.9 billion while withdrawing
from unprofitable operations to enhance profitability.

The Tokyo Stock Exchange and Osaka Securities Exchange will
delist Kanebo on June 13 after the Company admitted it
systematically continued to falsify financial statements for
five years through March 2004.


MATSUSHITA ELECTRIC: Launches New VCSEL Laser
---------------------------------------------
Panasonic, the leading brand by which Matsushita Electric
Industrial Co., Ltd. (TSE: 6752)(U.S: MC) is generally known,
announced the development of the 850 nm AlGaAs/GaAs VCSEL
(Vertical Cavity Surface Emitting Laser) capable of high speed
12.5 Gbps modulation at low operating current of 8 mA. This
laser will be used for a low-cost optical communication such as
plastic fiber communication and spatial light transmission.

For high-speed operation, it is essential to reduce the
parasitic capacitance in the laser. The developed VCSEL has our
original planarized structure using BCB (benzocyclobutene) resin
with low dielectric constant formed around the light emitting
post structure. This structure hugely reduces the parasitic
capacitance to less than one third of the conventional value
from 0.7 pF to 0.2 pF. This has doubled the modulation bandwidth
previously limited by the parasitic capacitance, realizing the
world's highest data transmission rate of 12.5Gbps with 12 GHz
relaxation oscillation frequency.

In addition, the optimization of the device structure employing
current confinement by selective oxidation has realized a low
threshold current of 1 mA, a high slope efficiency of 1.1 W/A
that is almost three times higher than the conventional value.
This has resulted in a low operating current of 8mA for 12.5Gbps
modulation.

Panasonic aims to begin shipping the two types of surface
emitting lasers (2.5 Gbps and 12.5 Gbps) in early 2006.
Applications for forty domestic and nine international patents
have been filed. These research and development results have
been presented at Conference on Lasers and Electro-Optics (CLEO)
2005, held in Baltimore, U.S. from May 22 to 27, 2005.

About Matsushita Electric Industrial Co., Ltd.

Best known by its Panasonic brand name, Matsushita Electric
Industrial Co., Ltd. is a worldwide leader in the development
and manufacture of electronic products for a wide range of
consumer, business, and industrial needs. Based in Osaka, Japan,
the Company recorded consolidated net sales of US$81.44 billion
for the year ended March 31, 2005. The Company's shares are
listed on the Tokyo, Osaka, Nagoya, New York (NYSE:MC), Euronext
Amsterdam and Frankfurt stock exchanges. For more information on
the Company and the Panasonic brand, visit the Company's website
at http://panasonic.co.jp/global/index.html

Contact:

MEDIA CONTACTS:
E-mail: semiconpress@scd.mei.co.jp


MEIJI YASUDA: Reemploys Two Former Executives
---------------------------------------------
Meiji Yasuda Life Insurance Co. has rehired two former staff
members who resigned at the end of March to take blame for the
Company's illegal policy sales, Kyodo News reports.

The reemployment of Mr. Shigeru Hirata, a former senior managing
director in charge of the firm's insurance money payout
division, and Mr. Kazutomo Ueyama, a former director in charge
of legal affairs, was revealed in a question-and-answer session
of the life insurer's press conference to announce its fiscal
2004 earnings results.

The Company marked a 5.7 percent decline after the Financial
Services Agency ordered the insurer to suspend part of its
policy sales operations for two weeks in February due to illegal
and fraudulent practices.

CONTACT:

Meiji Yasuda Life Insurance Company
1-9-1 Nishi-Shinjuku, Shinjuku-ku
Tokyo 169-8701, Japan  
Phone: +81-3-3342-7111
Fax: +81-3-3215-8123


MITSUBISHI FUSO: Names New President, CEO
-----------------------------------------
Mitsubishi Fuso Truck & Bus Corporation (MFTBC), one of the
leading commercial vehicle manufacturers in Asia, announced the
planned appointment of a new President & CEO. Mr. Harald
Boelstler, currently Vice President Mercedes-Benz Passenger Car
Procurement, will succeed the current President & CEO of MFTBC,
Mr. Wilfried Porth.

The appointment becomes effective upon the approval of MFTBC's
regular shareholders meeting on June 27, 2005. Mr. Porth will
return to DaimlerChrysler later this year to take on a new
function at the same level in Europe after assisting in the
transition to the new management in Japan.

In a further step in this planned change of top management at
MFTBC, the current MFTBC Chairman Michio Hori will retire from
his post after almost 40 years of service with various
Mitsubishi group companies. The new Chairman will be Keisuke
Egashira, currently Chairman of the Japan Automobile Importers
Association (JAIA) and Director at DaimlerChrysler Japan Co.,
Ltd.

The top management move comes at the culmination of a thorough
clean-up process of past quality issues. Since March 2004, MFTBC
has rigorously dealt with former quality issues and successively
implemented the necessary procedures and countermeasures. The
appointment of a new CEO marks the deliberate shift into the
second phase of the fundamental restructuring of Mitsubishi Fuso
in Japan and its further integration into the DaimlerChrysler
group.

DaimlerChrysler Board of Management member responsible for the
Commercial Vehicle Division Andreas Renschler commented:

"This top management change is fully supported by our Mitsubishi
Group partners. DaimlerChrysler has step-by-step enlarged its
long-term commitment to Mitsubishi Fuso. I would like to thank
Wilfried Porth for his extraordinary accomplishments over the
last 30 months. Thanks to all the initiatives taken and by being
an integral part of the largest commercial vehicle manufacturer
in the world, MFTBC today is better positioned than ever to move
ahead on its course of renewal and compete at the forefront of
the Asian and global commercial vehicle market. The integration
process includes the adoption of DaimlerChrysler's leading
quality standards for trucks and busses."

In a letter to all employees, Mr. Porth explained the background
of this top management change:

"We are concluding the clean-up of past quality issues and have
laid the foundation for a new corporate culture for Fuso. Phase
II will see the permanent renewal of our Company. It will be
marked by a lasting restoration of trust in Fuso and a return to
its successful business in Japan supported by a further
integration of our Company into DaimlerChrysler's commercial
vehicle operations."

Mr. Porth joined MFTBC from DaimlerChrysler AG in January 2003
as President & CEO. In March 2004, MFTBC became a fully
consolidated subsidiary of DaimlerChrysler when the Company
raised its shares to 65%. As a consequence of a compensation
agreement with Mitsubishi Motors Corporation (MMC) in March
2005, DaimlerChrysler received a further 20% of shares formerly
owned by MMC. The remaining 15% continue to be owned by various
Mitsubishi Group companies. During his tenure, Mr. Porth led the
integration of Mitsubishi Fuso into the global commercial
vehicles operations of DaimlerChrysler, affecting all stages of
the value chain including areas such as R&D, procurement,
production, marketing & sales and finance.

On June 18, 2003, Mitsubishi Fuso had announced three key
business objectives in the areas of material costs, investment
and overseas sales for the period until March 2006 and
respectively March 2008. Already after two years, Mitsubishi
Fuso is ahead of its targets except for material cost reductions
due to the recent increase of raw material prices. Overseas
sales increased from 86,900 units in FY 2002 to 118,200 (+ 36%)
units in FY 2004, thereby clearly exceeding the original target
of a 20% increase after two instead of the planned five years.

CONTACT:

Mitsubishi Fuso Truck and Bus Corporation
2-16-4, Kounan,Minato-ku,Tokyo 108-8285, Japan
Global Communication
Phone: +81-3-6719-4889
Fax: +81-3-6719-0111
Web site: http://www.mitsubishi-fuso.com


ODAKYU ELECTRIC: Four Execs to Resign Over Stock Scam
-----------------------------------------------------
Four top executives at Odakyu Electric Railway Co. will resign
next month as a result of the failure by group firms to correct
false financial statements on the identities of their
shareholders, Kyodo News reports.

The report said Chairman Kunio Toshimitsu and President
Toshiyuki Matsuda will officially resign on June 10. The
Presidents of Odakyu Real Estate Co. and Odakyu Construction
Co., Mr. Kazunori Toyama and Mr. Michikatsu Ishihara, will also
step aside.

The Odakyu group discovered last October that it had
underreported its own shareholdings by disguising some shares in
the group firms as those held by individuals, such as group
directors and employees.

CONTACT:

Odakyu Electric Railway Co., Limited
1-8-3, Nishi-Shinjuku, Shinjuku-ku
Tokyo 106-8309, Japan  
Phone: +81-3-3349-2526
Fax: +81-3-3346-2447


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

SAMSUNG CARD: Averts Sanction for Breaking Rules
------------------------------------------------
Korea's antitrust watchdog was criticized for not calling to
attention troubled firm Samsung Card Co., which violated
antitrust rules, the Korea Times reports.

Last year, the Financial Supervisory Service (FSS) showed that
Samsung Card violated antitrust rules when it acquired stakes in
other firms without FSS approval. The law required that a
financial firm must obtain approval before buying more than 5%
share in a non-financial Company.

Samsung Card bought more than 5% stake in amusement park Samsung
Everland without FSS approval, in order to secure its units'
management rights by circulating cardholders' money. But the FSS
and the Financial Supervisory Commission (FSC) did not sanction
the Company for buying the stake.

FSS and FSC officials are saying that they don't have the power
to demand that Samsung Card dispose of its stake in Samsung
Everland.

According to activist group the People's Solidarity for
Participatory Democracy (PSPD), there is legal basis for the FSC
and FSS to discipline the firm, citing that since May 2004 when
the FSC ordered Samsung Card to submit an internal plan to sell
off its stake in Samsung Everland. The Company has not done
anything to dispose of the stake.

Added to that, the FSC is pushing to revise a law that restricts
the ratio of financial firms' shareholding in non-financial
firms. Economists and some politicians are criticizing this move
by the FSC.


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

BUKIT KATIL: Provides Default Status Update
-------------------------------------------
Bukit Katil Resources Berhad announced that in relation to
Practice Note 1,2001 of the Bursa Malaysia Securities Berhad
Listing Requirements, the Company made the following updates on
its various loan facilities:

Bumiputra-Commerce Bank Berhad:

On July 16, 2004, the Learned Senior Assistant Registrar allowed
the bank's application to enter summary judgment against the
Company. The Company filed a Notice of Appeal against the said
decision; no hearing date has been set.

OCBC Bank (Malaysia) Berhad

OCBC Bank (Malaysia) Berhad obtained an order for sale on Nov.
14, 2003, on Omega Bricks Sdn Bhd's land held under Grant Reg
No. 31, Lot No. 5058 Mukim Gunung Semanggol, Daerah Krian,
Negeri Perak. The Application for Execution of Order for Sale is
fixed for hearing on Sept. 19, 2005.

OCBC Bank (Malaysia) Berhad also obtained a winding-up petition
on Oct. 6, 2003, which was served on the Company on Nov. 14,
2003. On Sept 8, 2004, the High Court allowed the Bank's
application for the winding-up petition. The Company has already
filed a Notice of Appeal to the Court of Appeal against the
court's decision, and a stay of execution of the winding-up
order was filed on Oct. 5, 2004. The application was later
dismissed on May 10, 2005, and the Company seeks to file a
motion of stay at the Court of Appeal.

Alliance Merchant Bank Berhad

At present, no date has been set to hear the Bank's application
for summary judgment.

Perbadanan Kemajuan Negeri Pahang

The Company is a defendant in a suit initiated by Perbadanan
Kemajuan Negeri Pahang for breach of a Call Option Contract. On
April 19, 2004, the High Court granted a final judgment for
MYR14 million against the Company, plus interest until the full
settlement date. The Company is filing a Notice of Appeal to the
Court of Appeal.

The Company is creating a debt-restructuring proposal to settle
the above liabilities.

Attached are the details of the Company's defaults:

http://bankrupt.com/misc/tcrap_bukitkatil053105.doc

CONTACT:

Bukit Katil Resources Berhad
Damasara Town Centre
Jalan Damanlela, Pusat Bandar
Damansara, Damansara Heights
Kuala Lumpur, 50490 Malaysia
Phone: +60 3 2095 7077
Fax:   +60 3 2094 9940


CHG INDUSTRIES: Sets AGM Schedule Next Month
--------------------------------------------
CHG Industries Berhad announced that the Company will hold its
15th Annual General Meeting (AGM) on June 22, 2005, 9:00 a.m.,
at Function Room 2 & 3, Level 4, Dynasty Hotel, 218 Jalan Ipoh,
51200 Kuala Lumpur.

CHG Industries Berhad wishes to inform that the Fifteenth (15th)
Annual General Meeting ('AGM') of the Company will be held at
Function Room 2 & 3, Level 4, Dynasty Hotel, 218, Jalan Ipoh,
51200 Kuala Lumpur on Wednesday, 22 June 2005 at 9.00 a.m.

The Company's May 31 AGM Notice is attached herewith:

http://bankrupt.com/misc/tcrap_chgindustries053105.pdf

CONTACT:

CHG Industries Berhad
8th Mile Jalan Cheras
Cheras, Selangor
Darul Ehsan 43200
Malaysia
Phone: +60 3 907 58811
Fax:   +60 3 907 66215


CYGAL BERHAD: Discloses Financial Results
-----------------------------------------
Cygal 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
            18,410        24,264         18,410        24,264

2  Profit/(loss) before tax
            -5,681        -5,885         -5,681        -5,885

3  Profit/(loss) after tax and minority interest
            -5,802        -5,964         -5,802        -5,964

4  Net profit/(loss) for the period
            -5,802        -5,964         -5,802        -5,964

5  Basic earnings/(loss) per shares (sen)
            -12.14        -12.48         -12.14        -12.48

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)
                               -5.0546              -4.9336

For further details, go to:

http://bankrupt.com/misc/tcrap_cygal053105.xls

CONTACT:

Cygal Berhad
Lot 4.21, 4th Floor, Plaza Prima
4 1/2 Miles, Jalan Klang Lama
58200 Kuala Lumpur
Malaysia
Phone: 03-7983 9099
Fax:   03-7981 7629


KIG GLASS: Net Loss Falls Slightly
----------------------------------
KIG Glass Industrial 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
            16,678        22,341         16,678        22,341

2  Profit/(loss) before tax
            -7,101        -7,523         -7,101        -7,523

3  Profit/(loss) after tax and minority interest
            -6,318        -7,042         -6,318        -7,042

4  Net profit/(loss) for the period
            -6,318        -7,042         -6,318        -7,042

5  Basic earnings/(loss) per shares (sen)
             -3.88         -4.32          -3.88         -4.32

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)
                                0.1469               0.1857
To view a full copy of the report, click on:

http://bankrupt.com/misc/tcrap_kigglass1053105.xls

http://bankrupt.com/misc/tcrap_kigglass2053105.doc

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


LANKHORST BERHAD: Granted RO to Allow Restructuring
---------------------------------------------------
Lankhorst Berhad announced that in relation to the Company's
proposed restructuring scheme, the Kuala Lumpur High Court
granted a restraining order on May 30, 2005 to the Company and
the following subsidiaries:

1. Lankhorst Pancabumi Contractors Sdn. Bhd.
2. Cardon (M) Sdn. Bhd.
3. Lankhorst Hartanah Sdn. Bhd.
4. Lankhorst M&E Sdn. Bhd.
5. Port Dickson Sepang Quarry Sdn. Bhd.
6. Lankhorst Track Construction Sdn. Bhd.
7. Rampai Budi-Jaya Sdn. Bhd.
8. Tradepro Sdn. Bhd.

The Restraining Order would facilitate the Company's corporate
restructuring exercise, and is valid for three months from May
30, 2005. Other details on the Company's restructuring exercise
will be announced in due course.

CONTACT:

Lankhorst Berhad
5th Floor, Bangunan Umno Selangor
Persiaran Perbandaran , Section14
40000 Shah Alam
Selangor, Malaysia
Phone: 03-50313030
Fax:   03-50313036


NALURI BERHAD: To Hold AGM on June 23
-------------------------------------
Naluri Berhad announced that the Company will hold its 23rd
Annual General Meeting (AGM) on June 23, 2005, 10:00 a.m., a
Ballrooms 1 & 2, Level 2, of the Hotel Nikko Kuala Lumpur, 165
Jalan Ampang, 50450 Kuala Lumpur.

Details of the notice, which was published on May 31, 2005, are
attached herewith:

http://bankrupt.com/misc/tcrap_naluri053105.doc

CONTACT:

Naluri Berhad
161B Jalan Ampang
Kuala Lumpur, 50450
Malaysia
Phone: +60 3 2162 0878
Fax:   +60 3 2162 0676


OMEGA HOLDINGS: Net Loss Drops to MYR145 Mln
--------------------------------------------
Omega Holdings Berhad released its unaudited report for the
financial period ended March 31, 2005.

             SUMMARY OF KEY FINANCIAL INFORMATION
                            31/03/2005

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

1  Revenue
                 0             4              0           561

2  Profit/(loss) before tax
              -145          -575           -615          -755

3  Profit/(loss) after tax and minority interest
              -145          -576           -620          -756

4  Net profit/(loss) for the period
              -145          -576           -620          -756

5  Basic earnings/(loss) per shares (sen)
             -0.05         -0.19          -0.21         -0.25

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)
                               -0.0090              -0.0066

For further details on the report, go to:

http://bankrupt.com/misc/tcrap_omegaholdings1053105.xls

http://bankrupt.com/misc/tcrap_omegaholdings2053105.doc

CONTACT:

Omega Holdings Berhad
Jalan Semantan Damansara Heights
50490 Kuala Lumpur,
Selangor Darul Ehsan 46050
Malaysia
Phone: +60 3 2713 2160
Fax:   +60 3 2713 2170


PICA CORPORATION: Court Fixes Hearing Dates
-------------------------------------------
Pica (M) Corporation Berhad announced that in relation to
Practice Note 1/2001 of the Bursa Malaysia Securities Berhad
Listing Requirements, the Company announced the following:

1. MYR60 Million Guaranteed Revolving Underwriting Facility

The Company announced that the Court has fixed a hearing date
for the Plaintiff's summary judgment application on June 24,
2005. Apart from the above, the legal proceeding is still
pending in court.

2. MYR5 Million Revolving Credit Facility & MYR7 Million Short
Term Loan

The Company announced that the Plaintiff's summary judgment
application has been fixed for hearing on June 7, 2005. Apart
from the above, the legal proceeding is still pending in court.

3. MYR50 Million Term Loan Facility

The Company announced that the Plaintiff's summary judgment
application has been fixed for further hearing on June 9, 2005.
Apart from the above, the legal proceeding is still pending in
court.

4. MYR4 million Revolving Credit Facility & MYR7 million
Overdraft Facility
            
The Company announced that the Plaintiff's summary judgment
application has been fixed for hearing on June 27, 2005. Apart
from the above, the legal proceeding is still pending in court.

5. Approximately MYR3 million Credit Facility

The Company announced that the Plaintiff's summary judgment
application was dismissed on Jan. 25, 2005. The Plaintiff
appealed against the dismissal and the Court fixed a decision
date for the appeal on June 24, 2005. Apart from the above, the
legal proceeding is still pending in court.

CONTACT:

Pica (M) Corporation Berhad
No 3 Jalan Kia Peng
Kuala Lumpur, 50450
Malaysia
Phone: +60 3 2161 8800
Fax:   +60 3 2161 1714


PILECON ENGINEERING: Sees No Change in Default Status
-----------------------------------------------------
Pilecon Engineering Berhad announced that in relation to
Practice Note 1,2001 of the Bursa Malaysia Securities Berhad
Listing Requirements, there are no material changes to the
Company's default status since its last monthly announcement
dated April 29, 2005.

The Company also announces that the Securities Commission had on
May 13, 2005 approved the Company's revised scheme of
arrangement under Section 32(5) of the Securities Commission Act
1933, subject to the terms & conditions indicated in the letter.

CONTACT:

Pilecon Engineering Berhad
No. 2, Jalan U1/26 Seksyen U1,
Hicom-Glenmarie Industrial Park, Shah Alam,
Selangor Darul Ehsan 40000 Malaysia
Phone: (603) 704-188


TRU-TECH HOLDINGS: Reveals Drop in Quarterly Net Loss
-----------------------------------------------------
Tru-Tech 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
             4,817        51,383          4,817        51,383

2  Profit/(loss) before tax
            -1,723        -2,895         -1,723        -2,895

3  Profit/(loss) after tax and minority interest
            -1,652        -2,896         -1,652        -2,896

4  Net profit/(loss) for the period
            -1,652        -2,896         -1,652        -2,896

5  Basic earnings/(loss) per shares (sen)
             -3.83         -6.72          -3.83         -6.72

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)
                               -1.5200              -1.4700

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

http://bankrupt.com/misc/tcrap_trutech053105.XLS

CONTACT:

Tru-Tech Holdings Berhad
Lot 45, Batu 12, Jalan Johor Bahru
Kota Tinggi, Mukim Plentong,
81800 Ulu Tiram, Johor
Malaysia
Phone: (60) 3 7861 5220
Fax:   (60) 3 7861 7972


UNITED CHEMICAL: Net Loss Balloons
----------------------------------
United Chemical 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
                 0             0              0             0

2  Profit/(loss) before tax
            -1,754        -1,058         -1,754        -1,058

3  Profit/(loss) after tax and minority interest
            -1,754        -1,058         -1,754        -1,058

4  Net profit/(loss) for the period
            -1,754        -1,058         -1,754        -1,058

5  Basic earnings/(loss) per shares (sen)
             -9.48         -5.72          -9.48         -5.72

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)
                               -3.5300              -3.1800

A full copy of the report is attached:

http://bankrupt.com/misc/tcrap_unitedchem1053005.XLS

http://bankrupt.com/misc/tcrap_unitedchem2053005.doc

CONTACT:

United Chemical Industries Berhad
10th Floor, Wisma MCA
Jalan Ampang
50450 Kuala Lumpur, WP
Malaysia
Phone: 603-2619055
Fax:   603-2610502


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

ABS-CBN BROADCASTING: Eyes Early Retirement Deal to Pare Losses
---------------------------------------------------------------
Loss-making ABS-CBN Broadcasting Corp. has mapped out schemes to
curb its expenses, according to The Manila Times.

The network told shareholders it plans to offer early-retirement
for its employees and avoid exclusive contracts with talents, in
a bid to trim down costs.

ABS-CBN Chairman Eugenio Lopez III admitted the Company is
facing a possible reduction of its revenues from advertisers,
which would prompt the network to apply cost-cutting measures
that would necessitate early-retirement packages to interested
employees.

"The economy is definitely slowing down. It's going to be a
difficult year this year," Mr. Lopez said.

ABS-CBN is dead set on recovering its losses in 2004 and
regaining the top spot in Philippine television, after it
suffered a 25 percent decline in its net income for 2004.

CONTACT:

ABS-CBN Broadcasting Corp
Mother Ignacia St
Corner Sgt
Quezon City 1100
Philippines
Phone:  2 924 4101
Fax:  2 921 5888


ATLAS CONSOLIDATED: Unit Files Listing Application at PSE
---------------------------------------------------------
A subsidiary of publicly listed Atlas Consolidated Mining
Corporation is seeking to go public, according to Today News.

Carmen Copper Corp. has filed a listing application with the
Philippine Stock Exchange.

The PSE board is set to make a formal approval of Carmen's
public-listing application in its next meeting.

The PSE is mulling a waiver of its profitability requirements
for mining companies planning to go public. Under PSE rules, a
Company must first show proof of profitability for a minimum of
three years before it can list at the local bourse.

Carmen was included in Atlas' structural plan, under which the
firm will evolve to become a holding Company with six
subsidiaries hosting the copper operations, nickel exploration,
properties and real estate.

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.


CAMP JOHN: BCDA Eyes New Operator for Resort
--------------------------------------------
The Bases Conversion and Development Authority (BCDA) would want
a private sector to operate Camp John Hay, reports The Manila
Bulletin.

The BCDA said the government does not intend to run Camp John
Hay but will look for a new developer to operate the facility.

BCDA subsidiary John Hay Management Corporation spokesperson
Lyssa Pagano-Calde said, "It appears inevitable that a new
private operator may have to come in since there seems to be no
resolution in sight concerning the huge debt problem of the
current private operator."

"A number of potential operators with world-class capabilities
and experience in operating similar tourism facilities have
already expressed interest in handling the operations of Camp
John Hay." Ms. Pagano-Calde added.

Several local and foreign investors have signified their serious
interest in operating John Hay.

The Fil-Estate group backed Camp John Hay Management Corporation
(CJHDevco) won the lease agreement to operate the facility but
has incurred some Php2.2 billion in arrears of which Php1.2
billion is due and demandable.

The unpaid obligations has affected the bid of the Baguio City
Council to rehabilitate its water works since some Php300
million in the city government's share in John Hay rentals are
trapped in the huge arrears.

CJHDevco officially acknowledged some Php489.2 million in
arrears for 2001, and another Php438.4 million in arrears for
2002 in a memorandum of agreement inked with BCDA in 2003. The
debt is estimated at Php2.3 billion at the end of April this
year.

CONTACT:

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


DIGITAL TELECOMMUNICATIONS: To Tap Internal Funds for Expansion
---------------------------------------------------------------
Digital Telecommunications Philippines Inc. (Digitel) is looking
to invest a hefty amount to boost its cellular phone network
next year, Today News reports.

The Company, which operates the Sun Cellular brand, is
completing a US$200-million expansion and will spend another
US$200 million to beef up its capacity from the current 6
million subscribers to 10 million by the end of 2006.

Digitel is planning to finance its expansion program using
internal funds and borrowings.

Charles Lim, head of Digitel's mobile services, said that Sun
Cellular should be "cash positive" by the middle of next year in
terms of earnings before interest, taxes, depreciation and
amortization (Ebitda).

By 2007, we expect to be Ebitda positive and to start posting
profits by 2008," Mr. Lim added.

CONTACT:

Digital Telecommunications Phils Inc
110 E Rodriguez Jr Ave Bagumbayan
1110 Quezon City 1110
Philippines
Phones: +63 2 633 0000
Fax: +63 2 635 6142
Web site: http://www.digitelone.com/


DIGITAL TELECOMMUNICATIONS: Cries Foul Over New Text Tax Bill
-------------------------------------------------------------
Digital Telecommunications Philippines Inc. (Digitel) is opposed
to a proposal in Congress, requiring mobile operators to pay
Php0.50 tax for every short messaging service (SMS) sent through
their networks, BusinessWorld relates.

Digitel claimed the plan could hamper the expansion of cellular
firms since the additional tax payments would drain their
capital expenditures.

The Company also said the move in Congress may also obstruct
plans of mobile operators to extend operators in rural areas,
where operators often incur losses in the first few years of
operations.

Pangasinan Rep. Mark O. Conjuangco last week filed a bill that
sought to order mobile pay a 50-centavo tax for every SMS sent
by subscribers on top of the existing income and value-added
taxes. The bill prohibits cellular phone companies from passing
the tax to consumers through higher rates for their services and
value-added offerings.

There are about 35 million cellular phone subscribers in the
Philippines or roughly 43 percent of the population, making the
market an easy target for tax collection. Cellular subscribers
send seven to 10 SMS daily.


GLOBE TELECOM: Globe Telecom's Outlook Revised To Stable
--------------------------------------------------------
Fitch Ratings, the international rating agency, has revised the
Outlook on the Long-term foreign currency rating of the
Philippines' Globe Telecom Inc. (Globe) to Stable from Negative.

At the same time, Fitch has affirmed Globe's Long-term foreign
currency rating and that of the Company's outstanding senior
notes at 'BB'.

Fitch has also affirmed Globe's Long-term local currency rating
at 'BB+' and retained the Stable Outlook on this rating.

The rating actions reflect Fitch's recent decision to revise its
Outlook on the Republic of the Philippines' 'BB' Long-term
foreign currency rating to Stable from Negative.

CONTACT:

Globe Telecom Incorporated
Pioneer Corner Madison Streets
2/F Globe Telecom Plaza
Mandaluyong, MANILA 1552
PHILIPPINES  
Phone: +63 2 730 2000
Fax: +63 2 739 2000  
Web site: http://www.globe.com.ph


MARIWASA MANUFACTURING: Keen on Pasig Property Development
----------------------------------------------------------
Tiles and ceramics maker Mariwasa Manufacturing Inc. is still
entertaining proposals for the development of its Pasig
property, according to BusinessWorld.

Company director and executive vice president Ferdinand Edwin Co
Seteng confirmed Mariwasa is wiling to divide the Pasig property
if it receives an attractive bid. He also disclosed the firm has
received a joint-venture proposal from DMCI Holdings Inc.

Mariwasa is working to complete its loan restructuring
negotiations initiated in 2004 before the end of this quarter.
Its total liabilities stood at Php3.6 billion as of last year.

In its 2004 annual report, the firm said it has not been able to
fully comply with the quarterly principal and interest payments
and financial ratios as required by creditor banks.

Chairman and President Edison Co Seteng said the debt
restructure is critical for the Company to invest and grow
profitably.

In view of the continuing losses of the parent Company, the
board of directors approved a motion to permanently cease
operations at its six-hectare Pasig plant in June 2001.

All manufacturing operations were transferred in Sto. Tomas,
Batangas through wholly owned subsidiary Mariwasa Siam Ceramics,
Inc. Although the Pasig plant was shut down, the firm is still
active in marketing and selling ceramic tiles.

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


NATIONAL POWER: Off-peak Scheme Saves Big Customers Php164 Mln
--------------------------------------------------------------
National Power Corporation's (Napocor) Time-Of-Use (TOU) scheme
allowed 29 of the power firm's bulk-power customers to save over
Php164 million in their electricity bills, says The Philippine
Star.

Documents submitted by Napocor to the Energy Regulatory
Commission (ERC) showed that the huge saving were realized for
the billing period covering November 2004 through April 2005. In
April alone, savings as a result of the TOU system reached
Php25.85 million.

Napocor's TOU program is a billing system which encourages end-
users to maximize their power usage during "off-peak" hours,
when power rates are at their cheapest.

The state-owned power firm began offering the TOU rates on
November last year to incite directly-connected customers to
shift their electricity consumption from peak to off-peak hours,
and thus improve Napocor's system load factor.

Among those who were able to realize the biggest savings from
the TOU billing scheme in April were: the Visayan Electric Co.
Inc. (Php8.63 million); TIPCO Estates Corp. (Php5.32 million);
Northern Cement Corp. (Php2.94 million); Continental Operating
Corp. (Php2.44 million); and Taiheiyo Cement Phils. Inc.
(Php2.09 million).  

CONTACT:

National Power Corporation
Quezon Ave., East Triangle, Diliman
Quezon City, Metro Manila, Philippines
Phone: +63-2921-3541
Fax:   +63-2921-2468
Web site: http://www.napocor.gov.ph/


PHILIPPINE LONG: Fitch Revises Outlook to Stable
------------------------------------------------
Fitch Ratings, the international rating agency, has today
revised the Outlook on Philippine Long Distance Telephone
Company's (PLDT) Long-term foreign currency rating to Stable
from Negative.

At the same time, Fitch has affirmed PLDT's Long-term foreign
currency rating, global bonds and senior notes at 'BB' and its
convertible preferred stock at 'B+'.

PLDT's Long-term local currency rating has also been affirmed at
'BB+' and the Stable Outlook on this rating remains in place.

The rating actions reflect Fitch's decision to revise its
Outlook on the Republic of the Philippines' 'BB' Long-term
foreign currency rating to Stable from Negative.

CONTACT:

Philippine Long Distance Telephone Co.
Ramon Cojuangco Building
Makati Avenue, Makati City
Telephone Numbers:  814-3552; 888-0188
Fax Number:  813-2292
Web site: http://www.pldt.com.ph


PHILIPPINE LONG: Chief Expects Lower Earnings Growth This Year
--------------------------------------------------------------
Slowing subscriber growth and sluggish consumer spending is
expected to lower the earnings growth of Philippine Long
Distance Telephone Company (PLDT) in 2005, Reuters reports.

"Profit should continue to grow, but in percentage terms, this
is definitely lower than in previous years," PLDT chairman
Manuel Pangilinan told reporters.

Reuters Estimates data revealed that PLDT is seen posting a net
profit of Php28.2 billion (US$517.9 million) for calendar year
2005. This is almost flat a net income of Php28 billion in 2004.

Earlier this month, the firm posted a 65 percent increase in
first-quarter profit to Php9.4 billion (US$174 million), beating
analysts' expectations, as a stronger peso helped it weather the
impact of tough domestic competition. Stripping out the foreign
exchange gains, the Company said its adjusted net income was
Php7 billion in the quarter.


PHILIPPINE LONG: Lists Extra Shares
-----------------------------------
The Philippine Stock Exchange approved on June 14, 2000, the
application submitted by Philippine Long Distance Telephone
Company (the Company) to list additional 1,289,745 common
shares, with a par value of Php5.00 per share, to cover the
Executive Stock Option Plan (ESOP) of the Company, at an
exercise price of Php814.00 per share.

In this connection, please be advised that a total of 500 common
shares have been availed of and fully paid by the optionee under
the Company's ESOP.

In view thereof, the listing of the 500 common shares was set
Monday, May 30, 2005. This brings the number of common shares
listed under the ESOP to a total of 454,004 common shares.

The designated stock transfer agent is hereby authorized to
record and register in its books the above number of shares.

For your information and guidance.

(Original Signed)
CLAUDINE E. CRUZ
OIC, Listings Department

Noted by:
(Original Signed)
JURISITA M. QUINTOS
Senior Vice President


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

ACCORD CUSTOMER: Shares Plummet After PwC Report
------------------------------------------------
Troubled firm Accord Customer Care Solutions (ACCS) suffered a
near 52-weak low in its shares following a
PricewaterhouseCoopers report (PwC) regarding a SG$54 million
overstatement in 2004 revenue, relates Channel News Asia.

Following the announcement, UOB Kay Hian dropped its coverage
and changed its rating to a "Sell".  OCBC Securities also
dropped its coverage on the Company while CLSA Asia Pacific
currently does not have a rating on ACCS. Other few brokerages
have also downgraded the stock.

In March 2003, ACCS' IPO price was 18 cents compared to the
recent price of 13 cents, resulting in a 23.5 percent loss in
share price.

In a report dispatched earlier by the Company, it said that the
recent accounting irregularities have raised concerns over the
profitability of the Company's mobile phone business.

ACCS insisted it has a sufficient working capital to meet its
present requirements and to carry on as a going concern.

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


ASIA-PACIFIC PORT: Lays Out Creditors' Meeting Agenda
-----------------------------------------------------
Take notice that a meeting of creditors in Asia-Pacific Port Pte
Ltd will be held at 8 Cross Street #12-00 PWC Building,
Singapore 048424 on June 3, 2005 at 10:00 a.m.

AGENDA

(1) To obtain approval to provide mandate to the Liquidators to
accept any offer for the whole of the issued ordinary shares and
issued convertible redeemable preference shares fully paid up in
the capital of MIPS SEA (S) Pte Ltd (formerly known as Myanmar
Integrated Port Services Pte Ltd), a substantial investment of
the Company, for US$2 million and above.

(2) To appoint Committee of Inspection.

(3) Any other matters.

Dated this 27th day of May 2005.

Ramasamy Subramaniam Iyer
Joint Liquidator
for Asia-Pacific Port 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.


BRETHREN CONTRACT: Receiving Proofs of Claim Until June 10
----------------------------------------------------------
Brethren Contract Services Pte Ltd. formerly of 10 Anson Road,
#13-16 International Plaza, Singapore 079903 posted at the
Government Gazette, Electronic Edition a notice of intended
dividend with the following details.

Court: Supreme Court, Singapore

Number of Matter: Companies Winding Up No. 239 of 1995

Last Day for Receiving Proofs: 10th June 2005

Name & Address of Liquidator:

The Official Receiver
The URA Centre (East Wing)
45 Maxwell Road #06-11
Singapore 069118
27th May 2005

Sunari Bin Kateni
Assistant Official Receiver


CHARTERED SEMICONDUCTOR: Names New Senior Vice President
--------------------------------------------------------
Chartered Semiconductor Manufacturing, one of the world's top
dedicated semiconductor foundries, announced to the Singapore
Stock Exchange (SGX) the appointment of Dr. Liang Choo "LC" Hsia
as senior vice president of technology development.

Dr. Hsia joined Chartered in 2000 as vice president for advanced
module development and has been leading Chartered's joint
development efforts with IBM at 90 nanometer (nm) as well as
65nm development with IBM, Infineon and Samsung.

In his new role, Dr. Hsia will report directly to the president
& CEO and oversee Chartered's technology development
organization and direct Chartered's efforts toward technology
leadership in the foundry industry.

"Dr. Hsia's appointment to this critical role recognizes the
commitment he has demonstrated and his leadership role in the
joint technology development efforts, supporting the
acceleration of our technology development and furthering our
position as a top-tier foundry," said Chia Song Hwee, president
and CEO of Chartered.

Dr. Hsia draws on a strong background in semiconductor
technology with nearly 25 years of experience. He joined
Chartered after serving for three years as director of
technology development of United Microelectronics Corporation in
Taiwan.

Prior to that, he spent over a decade with IBM as an advisory
scientist in various divisions. Dr. Hsia, who received his Ph.D.
in physics from Ohio State University, has been awarded 25 US
patents with 16 more pending, and his work has been featured in
more than 80 technical publications.

Dr. Shi-Chung "SC" Sun, who was previously holding this
position, has decided to leave the Company to pursue other
interests. "We thank Dr. Sun for his contributions to Chartered
and wish him all success in future endeavors," concluded Chia.

About Chartered

Chartered Semiconductor Manufacturing (Nasdaq: CHRT, SGX-ST:
CHARTERED), one of the world's top dedicated semiconductor
foundries, offers leading-edge technologies down to 90 nanometer
(nm), enabling today's system-on-chip designs. The Company
further serves the needs of customers through its collaborative,
joint development approach on a technology roadmap that extends
to 45nm.

Chartered's strategy is based on open and comprehensive design
enablement solutions, manufacturing enhancement methodologies,
and a commitment to flexible sourcing. In Singapore, the Company
operates a 300mm fabrication facility and four 200mm facilities.
Information about Chartered can be found at
http://www.charteredsemi.com.

CONTACT:

Chartered Semiconductor Manufacturing Ltd
60 Woodlands Industrial Park D Street 2
Singapore 738406
Telephone: 65 63622838
Fax: 65 63622938
Web site: http://www.charteredsemi.com


CHINA AVIATION (S): Faces Investigation After Collapse
------------------------------------------------------
Chinese regulators contemplate of conducting a probe into the
downfall of China Aviation Oil (S) Corp. (CAO), Channel News
Asia reports.  

The collapse is said to be the second trading scandal to hit
Singapore since the fall of Barings Bank in 1995.

Chinese state-owned Assets Supervision and Administration
Commission aims to identify the officials behind the CAO
scandal.  Monitoring of overseas Chinese firms will also be
intensified.

CAO has been proposing a revised debt-repayment plan in which it
will pay creditors 53.9 cents for every dollar of debt.

According to the regulators, the new debt repayment plan by CAO
Singapore was the best it could offer and will not consider a
further revision.

CAO's collapse was attributed to losses of SG$1 billion on
derivatives trading.

CONTACT:

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


HUA KOK: Completes Strategic Subscription of Shares
---------------------------------------------------
The Board of Directors of Hua Kok International Ltd advised the
Singapore Stock Exchange (SGX) that the Strategic Subscription
was completed on May 31, 2005 pursuant to which 1,440,484,323
shares in the capital of the Company (the Strategic Shares) were
allotted and issued to Prosperity at a price of S$0.0042 per
Strategic Share.

Pursuant to the completion of the Strategic Subscription, the
existing issued share capital of the Company has increased from
617,350,424 ordinary shares of S$0.001 each in the capital of
the Company (the Shares) to 2,057,834,747 Shares.

The listing and quotation of the Strategic Shares on the
Official List of the Singapore Exchange Securities Trading
Limited (SGX-ST) is expected to take place on June 1, 2005.

On April 22, 2005, the Company had announced that the SGX-ST had
granted approval in-principle on April 22, 2005 for the listing
and quotation of, inter alia, the Strategic Shares, subject to
the submission of an undertaking from the Company (the
Undertaking) that it will make periodic announcements on the
utilisation of the Strategic Subscription proceeds as and when
the Strategic Subscription proceeds are materially disbursed,
will provide a status report on the use of the Strategic
Subscription proceeds in its Annual Report, and will comply with
the continuing public float requirements under the Listing
Manual of the SGX-ST. The Company has since submitted the
Undertaking to the SGX-ST.

Submitted by
David Phua Puay Heng
Group Financial Controller
31 May 2005

CONTACT:

Hua Kok International Ltd
32 Sungei Kadut Way
Hua Kok Industrial Building
Singapore 728787
Telephone: 65 63625667
Fax: 65 63685593
Web site: http://www.huakok.com.sg


SK KOGYO: Creditors Given Until July 8 to Prove Claims
------------------------------------------------------
Notice is hereby given that the creditors of SK Kogyo Singapore
Pte. Ltd. (In Liquidation), which is being wound up voluntarily,
are required on or before July 8, 2005 to send in their names
and addresses and the particulars of their debts or claims, and
the names and addresses of their solicitors (if any) to the
Liquidator at 300 Beach Road, #38-05 The Concourse, Singapore
199555.

If so required by notice in writing from the said Liquidator,
are by their solicitors or personally, to come in and prove
their 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.

Heng Lee Seng
Liquidator
27th May 2005


TAN CHENG: Proofs of Debt, Claim Due June 27
--------------------------------------------
Notice is hereby given that the creditors of Tan Cheng Moh
Electric Co. (Pte) Ltd (In Voluntary Liquidation) which is being
voluntarily wound up are required on or before June 27, 2005 to
send in their names and addresses with particulars of their
debts and claims and the names and addresses of their solicitors
(if any) to the undersigned Liquidator c/o Messrs Wee Seng Tiong
& Co., 1 Coleman Street, #06-10 The Adelphi, Singapore 179803.

If so required by notice in writing from the said Liquidator,
are by their solicitors or personally to come in and prove their
debts and 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 and claims
are proved.

Wee Hui Pheng
Liquidator
Singapore
25th May 2005


TRI-M TECHNOLOGIES (S): Net Loss Widens to SG$3.87Mln
-----------------------------------------------------
Tri-M Technologies (S) Limited furnished the Singapore Stock
Exchange (SGX) a copy of its full year financial statement for
the period ended March 31, 2005.

Year March 31, 2005 (in millions of SG$ unless stated)

                                2005          2004
Operating profit/(loss)       (3.87)   vs   (0.59)
Exceptional items             (0.21)   vs   (0.09)
Pre-tax profit/(loss)         (5.27)   vs   (1.35)
Net profit/(loss)             (5.66)   vs   (0.23)
Group shr (cents)             (8.25)   vs   (0.33)
Turnover                      59.81    vs   73.03
Dividend (pct)                  nil    vs     nil

The exceptional items comprise of retrenchment costs from the
exercise of restructuring and consolidating its Singapore and
Philippines operations.

To view a full copy of the financial statement, click
http://bankrupt.com/misc/TRI-M-SGXAnnouncementFY05.pdf

CONTRACT:

Tri-M Technologies (Singapore) Limited
25 Kallang Avenue #07-01/06
Kallang Basin Industrial Estate
Singapore 339416
Telephone: 65 62939293
Fax: 65 62297656
Web site: http://www.tri-m.com.sg


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

KRUNG THAI: ING to Streamline Management, Organization Structure
----------------------------------------------------------------
Krung Thai Bank (KTB) has mandated ING Wholesale Banking's ING
Advisory to assist in the reorganization of its management and
the organization structure.

The project includes providing KTB's management with advice to
implement changes, which will help the bank meets its future
financial and strategic goals efficiently.

ING Advisory has been specifically requested to support the
optimization of the organization's structure according to
international best practice, while adhering to pertinent
regulatory requirements.

The recommended organization structure will provide the bank
with clear guidance on the principal responsibilities and
reporting lines that will support an improved management
function. The advice will also focus on individual business
units and outline their composition, roles and reporting
structures. The project will take be undertaken over a three
month period.

ING Advisory will also submit a migration plan to management to
implement the suggested changes according to a pre-defined
timetable. The consultancy services ING Advisory will provide
intend in particular to concentrate on the sales, product
management and risk management areas of the bank.

KTB provides a full range of financial services through its head
office in Bangkok and its extensive branch network. Currently,
the Bank operates through 618 domestic and seven foreign
branches and sub-branches, with approximately 15,000 employees.

The bank was originally established in 1966 through the merger
between Agricultural Bank Limited and Provincial Bank Limited.
The Financial Institutions' Development Fund is the majority
shareholder.

ING Advisory is an integral part of ING Financial Institutions,
ING's main point of contact with financial institutions clients.
The division undertakes financial sector (bank, insurance,
pension fund) advisory and restructuring projects including so-
called "twinning" projects and interim management assignments
for terms of up to three years with a strong focus on the hands-
on implementation of restructuring assignments.

ING Advisory has developed a core group of specialist advisers
with proven international experience and skills in the financial
services industry, and capable of providing a tailor-made
service. Its clients include private commercial banks and
insurance companies, sovereign governments and international
financial institutions, including the World Bank, and the
European Union.

ING is a global financial institution of Dutch origin offering
banking, insurance and asset management to over 60 million
private, corporate and institutional clients in over 50
countries. With a diverse workforce of over 113,000 people, ING
comprises a broad spectrum of prominent companies that
increasingly serve their clients under the ING brand.

ING Wholesale Banking is the investment and commercial banking
division of ING Group and in Asia focuses on providing high-
value-added products and services to its clients, including
structured finance, debt capital markets, mergers and
acquisitions advisory and syndicated loans, supported by its
anchor products in lending, cash management and treasury.

ING Advisory, previous known as the Institutional & Government
Advisory group, is an independent advisory unit of ING Group.
Founded in 1989, it specializes in bank advisory services,
pension and insurance-related advisory work, and debt advisory
services for its clients.

To date, ING Advisory has successfully completed nearly 100
projects in more than 40 countries spanning Asia, Africa, Europe
and South America. For more information, please visit
http://www.ingadvisory.com.

CONTACT:

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

TANAYONG: Debt Restructure Gets Court Nod
-----------------------------------------
The Central Bankruptcy Court has approved the THB62 billion debt
-restructuring of ailing property firm Tanayong Public Company
Limited, according to The Nation.

The approval prompted an interest from potential partners to
take a 70 percent stake in Tanayong.  

The Company is currently wrapping up a deal with the said
investors.  Should the deal materialize, new funds and expertise
would be injected into the Company to support long-term
operations.

Keeree Kanjanapas, Tanayong's chief executive said the debt-
restructuring would end in five years if things would go as
planned.

The debt-restructuring plan calls for the Company to pay back
its debt in varying degrees, which means some creditors will
have to write off a higher percentage of debt than others.

Creditors with loans backed by collateral will be repaid nearly
100 per cent of what they are owed. On the other hand, creditors
with loans not backed by collateral will receive about 10 per
cent.  Other debts will be repaid within five years.

Tanayong will speed up transferring its 30 percent stake in
Bangkok Mass Transit System Co Ltd (BTS) after its debt
restructuring.  The transfer, which could clear additional debts
will be made to two creditors - one of which is Credit Suisse
First Boston.

Tanayong is also planning to focus on all kinds of property
development, including hotels right after the completion of its
debt-restructuring.

CONTACT:

Tanayong Public Company Limited   
100-100/1 Moo 4, Km.14,Bangna-Trat Road,
Bang Plee, Samut Prakarn    
Telephone: 0-2273-8511-15   
Fax: 0-2273-8516-17   
Web site: http://www.tanayong.co.th





                            *********


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

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.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without
prior written permission of the publishers.  Information
contained herein is obtained from sources believed to be
reliable, but is not guaranteed.

The TCR -- Asia Pacific subscription rate is $575 for 6 months
delivered via e-mail. Additional e-mail subscriptions for
members of the same firm for the term of the initial
subscription or balance thereof are $25 each.  For subscription
information, contact Christopher Beard at 240/629-3300.

                 *** End of Transmission ***