TCRAP_Public/050602.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

             Thursday, June 2, 2005, Vol. 8, No. 108

                            Headlines

A U S T R A L I A

ABLEDIME PTY: To Declare Dividend June 16
ALICE RIVER: Members Agree to Wind Up Company
ALMADACO PTY: Final Meeting Slated for June 3
AUTO XTREME: Members, Creditors to Meet June 3
CITYROCK HOLDINGS: To Declare Dividend July 1

EVANS & ANNING: Fixes Final Meeting June 10
GREENDALE OLIVE: Appoints Official Liquidator
HACKWORTHY PTY: Final Meeting Set June 3
JAMES MCLARTY: Winds Up Voluntarily
KEMERTON SCAFFOLDING: Lays Out Final Meeting Agenda

KWINI HOLDINGS: Picks Liquidator from Ferrier Hodgson
LOCHWALL PTY: Falls Into Member's Voluntary Liquidation
MG ROVER AUSTRALIA: Goes Under Receivership
MOTOR GROUP: National Public Auction Kicks Off June 13
MULTIPLEX: Stock Plummets on Wembley Woes

MUSES LIMITED: Placed in Voluntary Administration
NAIRN INVESTMENTS: Hires Liquidator to Wind Up Company
NATIONAL AUSTRALIA: Rumored to be in Pre-season Talks with AFL
OZECOM LIMITED: Hudson Securities to Defend AU$4.8-Mln Claim
PEET & CO: Lays Out Agenda of Final Meeting

PENNY ENTERPRISES: To Convene Final Meeting June 7
PIBER CONTRACTORS: Liquidator to Report Manner of Winding Up
POWERTEL LIMITED: Back on Track, Dividend Payout Still Vague
PROTELO PTY: To Hold Final Meeting June 3
QANTAS AIRWAYS: New Jet Delivery Hits Snag

RANGERMAN PTY: Creditors Should Prove Claims by June 6
SANTOS LIMITED: To Delist from NZ Bourse
SANTOS LIMITED: Inks Indonesian Gas Sales Deal for Maleo
WABEL HOLDINGS: Liquidator to Lay Account on Winding Up
WILSON'S TRANSPORT: To Pay Dividend to Unsecured Creditors


C H I N A  &  H O N G  K O N G

BANK OF CHINA: Books US$2.5-Bln Profit in 2004
BANK OF CHINA: Talks With Suitors Going Well
BEAT STREET: Court Releases Winding Up Order
CHINA CONSTRUCTION: Updates Real Estate Loan Structure
CHINESE FORTUNE: Issues Debt Claim Notice

GOLD MOUNT: Receives Winding Up Notice
HAPPINESS LIMITED: To Undergo Winding Up Process
INDUSTRIAL AND COMMERCIAL: Inks Loan Agreement With Huarong
MASS POND: Court Orders Winding Up
MOBILE TELECOM: Net Loss Narrows to HKD3.98 Mln

MUJYAKI HOLDING: Winding Up Hearing Set June 22
REIGNTEX LIMITED: Court to Hear Winding Up Petition June 29
YUEN WA: Begins Winding Up Process


I N D O N E S I A

BANK MANDIRI: S&P Says Higher NPLs Will Not Affect Ratings


J A P A N

DAIEI INCORPORATED: To Close Five Unprofitable Stores
JAPAN AIRLINES: Northern Marianas Appeals for Continued Service
JAPAN AIRLINES: Expands Code Sharing Operations
KOBE STEEL: S&P Upgrades Rating on Improving Financial Profile
MITSUBISHI MOTORS: Shares Up 6.7% on Domestic Gains

MITSUBISHI MOTORS: Widens Net Loss to JPY474.8 Bln
SEIBU RAILWAY: Seven Directors To Resign
SEIYU LIMITED: Sun Hung Kai Buys Hong Kong Unit
* Real Estate Businesses Suffer from a Slump in Business


K O R E A

PAN OCEAN: Hopes to Raise KRW400 Bln from Singapore IPO


M A L A Y S I A

ANTAH HOLDINGS: Posts Wider Losses in 2004
BELL & ORDER: Notes Slight Rise in Net Loss
BUKIT KATIL: In Restructuring Talks with Potential Investors
CONSOLIDATED FARMS: Granted RO to Complete Restructure
I-BERHAD: Swings Back to Black

METROPLEX BERHAD: Auditors Issue Financial Report Qualification
MYCOM BERHAD: To Complete Rehab by Sept. 30
OLYMPIA INDUSTRIES: Restructuring Nears End
PANGLOBAL BERHAD: Still Regularizing Financial Condition
PANGLOBAL BERHAD: Notes High Increase in Net Loss

PICA CORPORATION: Quarterly Net Loss Falls
SATERAS RESOURCES: Net Loss Shrinks to MYR2.6 Mln
SETEGAP BERHAD: Widens Net Loss to MYR6.4 Mln

P H I L I P P I N E S

DIGITAL TELECOMMUNICATIONS: Confirms US$200-Mln Outlay for 2006
LIFETIME PLANS: Must Service Claims Despite Dissolution
MANILA ELECTRIC: Files New Rate Hike Petition
MANILA ELECTRIC: Delays Last Phase of Two-tranche Refund
MARIWASA MANUFACTURING: Clarifies The Manila Times Report

NATIONAL TRANSMISSION: Inks Evaluation Pact with Sinclair Knight
PHILIPPINE LONG: Boss Buys More Shares
PHILIPPINE LONG: Wants Majority Stake in GMA
PHILIPPINE LONG: Lists Additional Shares


S I N G A P O R E

ALLGREEN PROPERTIES: Issues, Allots 31,000 Ordinary Shares
CHARTERED SEMICONDUCTOR: Names New BOD Member
MANON MANI: Members Meeting Slated for June 27
MESSER SINGAPORE: To Hold Final Meeting June 27
OVERSEA-CHINESE: Dormant Subsidiary Placed in Liquidation

OVERSEA-CHINESE: Liquidates Idle Unit


T H A I L A N D

THAI PETROCHEMICAL: PTT Snags Stake for THB20,270Mln

     -  -  -  -  -  -  -  -

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

ABLEDIME PTY: To Declare Dividend June 16
-----------------------------------------
A first and final dividend is to be declared on June 16, 2005
for Abledime Pty Ltd (Subject To Deed Of Company Arrangement)
formerly trading as Noosaville Garden Centre A.C.N. 010 872 983.

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

Dated this 19th day of April 2005

J. W. Cunningham
J. R. Park
Joint & Several Deed Administrators
Ramsay Clout
Chartered Accountants
Level 1, 37 The Esplanade,
Maroochydore Qld 4558
Telephone: (07) 5479 6411
Facsimile: (07) 5479 6350


ALICE RIVER: Members Agree to Wind Up Company
---------------------------------------------
At a general meeting of the members of Alice River Pastoral Co
Pty Ltd A.C.N. 009 953 379 held at 51 Sturt Street, Townsville,
Qld on April 6, 2005 a special resolution that the Company be
wound up was voluntarily passed.

R. R. Peterson
Liquidator
PricewaterhouseCoopers
51 Sturt Street,
Townsville Qld 4810


ALMADACO PTY: Final Meeting Slated for June 3
---------------------------------------------
Notice is given that a final meeting of members of Almadaco Pty
Ltd (In Voluntary Liquidation) A.C.N. 010 510 746 will be held
at Level 13, 15 Lake Street, Cairns, on June 3, 2005 at 10:00
a.m.

Type of Meeting: Members in a Winding up.

Details of Meeting:

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

Accounts have been compiled in accordance with section 539(1)
and are available for inspection at Level 13, 15 Lake Street,
Cairns during normal business hours.

Dated this 21st day of April 2005

Gerry Mier
Liquidator
KPMG
Level 13, Cairns Corporate Tower,
15 Lake Street, Cairns Qld 4870
Telephone: 07 4046 8888


AUTO XTREME: Members, Creditors to Meet June 3
----------------------------------------------
Notice is given pursuant to Section 509 of the Corporations Act
2001 that a final meeting of the members and creditors of Auto
Xtreme Pty Ltd (In Liquidation) A.C.N. 082 174 721 will be held
at the office of Pearce & Heers, Level 8, 410 Queen Street,
Brisbane on Friday, June 3, 2005 at 10:00 a.m. for the purpose
of:

(1) Receiving an account from the Liquidator showing how the
winding up has been conducted and the property of the Company
disposed of; and

(2) Receiving an explanation of the account.

Dated this 21st day of April 2005

Mark Pearce
Liquidator
Pearce & Heers
Insolvency Accountants
Telephone: (07) 3221 0055
Facsimile: (07) 3221 8885


CITYROCK HOLDINGS: To Declare Dividend July 1
---------------------------------------------
A first and final dividend is to be declared on July 1, 2005 in
respect of Cityrock Holdings Pty Ltd (In Liquidation) A.C.N. 088
866 102.

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

Dated this 21st day of April 2005

Richard Cacho
Joint and Several Liquidator
Knights Insolvency Administration
Level 12, London House,
216 St Georges Terrace,
Perth WA 6001


EVANS & ANNING: Fixes Final Meeting June 10
-------------------------------------------
Notice is given pursuant to Section 509(1) of the Corporations
Act that a final meeting of the members of Evans & Anning Pty
Ltd (In Voluntary Liquidation) A.C.N. 010 235 800 will be held
in the meeting room of SimsPartners, Level 11, 145 Eagle Street,
Brisbane, Queensland, on June 10, 2005 at 9:00 a.m.

(1) To receive an account made up by the Liquidator showing how
the winding up has been conducted, the property of the Company
has been disposed of, and to receive any explanation required
thereof.

(2) Any other business.

Dated this 21st day of April 2005

Maree Henry
RAY RICHARDS
Joint and Several Liquidators
SimsPartners
Level 11, 145 Eagle Street,
Brisbane Qld 4000
Telephone: (07) 3831 2700


GREENDALE OLIVE: Appoints Official Liquidator
---------------------------------------------
Notice is hereby given that at an Extraordinary General Meeting
of members of Greendale Olive Products Pty Ltd A.C.N. 008 706
572 held on March 31, 2005 it was resolved that the Company be
wound up voluntarily and that for such purpose, Gary John
Anderson of Level 1, 12 Prowse Street, West Perth WA 6005
Western Australia, be appointed Liquidator.

Dated this 22nd day of April 2005

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


HACKWORTHY PTY: Final Meeting Set June 3
----------------------------------------
Notice is given that the final meeting of members of Hackworthy
Pty Ltd (In Liquidation) A.C.N. 000 579 206 will be held at
Level 6, 10 Market Street, Brisbane Qld, 4000 on June 3, 2005 at
10:00 a.m. for the purposes of laying before the meeting the
liquidators' final account and report and giving any explanation
thereof.

Dated this 21st day of April 2005

Alwyn Peffer
Joint Liquidator
Alwyn Peffer & Company Pty Ltd
Level 6, 10 Market Street,
Brisbane Qld 4000


JAMES MCLARTY: Winds Up Voluntarily
-----------------------------------
Notice is hereby given that at an Extraordinary General Meeting
of members of James Mclarty Holdings Pty Ltd A.C.N. 008 711 537
held on March 31, 2005 it was resolved that the Company be wound
up voluntarily and that for such purpose, Gary John Anderson of
Level 1, 12 Prowse Street, West Perth WA 6005 Western Australia,
be appointed Liquidator.

Dated this 22nd day of April 2005

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


KEMERTON SCAFFOLDING: Lays Out Final Meeting Agenda
---------------------------------------------------
Notice is given that pursuant to Section 509 of the Corporations
Act, a Final Meeting of members and creditors of Kemerton
Scaffolding Company Pty Ltd (In Liquidation) A.C.N. 087 601 161
will be held at the offices of Jones Condon, Chartered
Accountants, Colmel House, 241 Stirling Street, Perth on Friday
June 3, 2005 at 11:00 a.m.

AGENDA

(1) To lay before the meeting the Liquidator's Account showing
how the winding up has been conducted and how the property of
the Company has been disposed of, and giving any explanations
thereof.

(2) To review and approve, if required, the Liquidator's
remuneration.

(3) To resolve any other matters as may arise during the course
of the meeting.

Dated this 22nd day of April 2005

P.M. Melsom
Joint Liquidator
Jones Condon
Chartered Accountants
Colmel House, 241 Stirling Street,
Perth WA 6000


KWINI HOLDINGS: Picks Liquidator from Ferrier Hodgson
-----------------------------------------------------
Notice is hereby given that at an extraordinary general meeting
of members of Kwini Holdings Pty Ltd (In Liquidation) formerly
trading as Kwini Store A.C.N. 079 165 941 held on April 18,
2005, it was resolved that the Company be wound up voluntarily
and at a meeting of creditors held on the same day it was
resolved that for such purpose, Martin Jones and Andrew Saker of
Ferrier Hodgson, Chartered Accountants, Level 26, 108 St Georges
Terrace, Perth WA 6000 be appointed Joint and Several
Liquidators.

Dated this 21st day of April 2005

Martin Jones
Joint and Several Liquidator of Kwini Holdings Pty Ltd
Ferrier Hodgson
Chartered Accountants
Level 26, 108 St Georges Terrace,
Perth WA 6000


LOCHWALL PTY: Falls Into Member's Voluntary Liquidation
-------------------------------------------------------
At a General Meeting of Lochwall Pty Ltd (In Liquidation) A.C.N.
009 853 472, duly convened and held at the registered office of
the Company on April 22, 2005, the following Special Resolution
passed:

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

Dated this 22nd day of May 2005

Barry J. Tognola
Liquidator
WHK - TCM Smith
22 Walker Street,
Townsville Qld 4810


MG ROVER AUSTRALIA: Goes Under Receivership
-------------------------------------------
MG Rover Australia has followed its British parent into
receivership, according to the Herald Sun.

The local MG Rover distributor has appointed Bonhams and Goodman
to auction around 185 mostly brand new vehicles at a national
public auction to be conducted in five cities simultaneously on
June 13.

Former MG Rover Australia managing director Michel De Vriendt
said the firm has to close down after it found out the U.K.
Motor Group will be unable to supply vehicles.

MG Rover closed its doors in the U.K. last month, and soon after
the local distributor, Motor Group Australia, appointed
administrators.

A central auction will be based out of Fox Studios in Sydney but
interstate bidders will be invited to view cars and attend the
premises on auction night at locations in their nearest capital
city, including Bruces Auctions in Adelaide and Leonard Joel in
Melbourne and at other locations to be announced.

Buyers will be able to bid live in real time from their various
locations and by the Internet or by telephone.

The inventory will include the iconic MG TF convertible sports
cars, the Rover 75 Connoisseur and the amazing MG ZT 260 V8
saloon and all other current models.

A major Australian bank has an interest in the motor vehicles.

CONTACT:

MG Rover Australia
3 Kings Cross Road
Rushcutters Bay NSW 2010
Phone: 1800 720 001
Fax: +612 9326 9077
E-mail: info@mgroveraustralia.com.au
Web site: http://www.rovercars.com.au


MOTOR GROUP: National Public Auction Kicks Off June 13
------------------------------------------------------
Motor Group Australia, the national distributor of MG Rover,
will put 185 vehicles on the block this month as its creditors
try to recoup some of the losses incurred when the British
parent collapsed in April.

It will be an auction the likes of which hasn't been since 1975,
when the then-owners of the beleaguered car maker, British
Leyland Motor Corp, closed its Australian operations.

This time around, Bonhams & Goodman will hold a public sale
simultaneously across five cities, auctioning $12 million worth
of MGs and Rovers from the lots of Motor Group, now in voluntary
administration.

"This is the largest motor vehicle insolvency auction in
Australian history," the auction house's chief executive, Tim
Goodman, said Mr. Goodman estimated sales would total between $5
million and $8 million.

St. George Bank, a secured creditor, would like a result at the
top end of that range, as it has $7.2 million outstanding to the
distributor.

Aiming to ease a major concern of prospective buyers, Mr.
Goodman said cars sold at auction would have one-, two- or
three-year warranties.

"We have been able to negotiate with a couple of groups so they
will provide the warranty from the day the car is bought, he
said.

"I think they will provide a reasonable service to purchasers."

Peter Marsden, partner at RSM Bird Cameron Partners, who was
appointed with David Kerr as voluntary administrators of Motor
Group Australia, said the provision of warranties would give
some comfort and some certainty to prospective buyers.

Mr. Goodman was optimistic. "I know there is plenty of cash out
there. I'm seeing clients with lots of money. I don't think
there is a cash problem. It will depend on the perception of the
Australian public of the brands."

The auction house expected to draw in a new breed of buyers.

"We are expecting people with young families or who are single .
. . younger people who would usually not be able to afford an
MG," Mr. Goodman said. He also expected people who usually
bought BMWs or a top-of-the-range Holden who would be interested
in snapping up a bargain, many of them 30- to 40-year-old men.

A marketing campaign will be conducted in Singapore and
Indonesia. The auction house will also try to entice drivers
from New Zealand, where MGs have traditionally been a popular
choice in a country with hills and lots of winding roads.

David Miles, president of the MG Car Club of Queensland, said he
expected a number of club members might buy at the auction. "I
think a lot of people who are genuine MG enthusiasts will be
wanting to grab something as a last chance," he said.

Mr. Miles counts himself among one of the prospective bidders,
always keen to add to his own MG collection.


MULTIPLEX: Stock Plummets on Wembley Woes
-----------------------------------------
Embattled construction giant Multiplex Group has lost 21 percent
of its market value after it announced huge losses on its
Wembley Stadium project in U.K., Dow Jones Newswires reports.

Multiplex securities fell by as much as 30 percent Tuesday, with
more than 200 million changing hands, following its confirmation
of Wembley problems that had been the subject of speculation for
several weeks.

The Sydney-based firm has recently cut its net profit guidance
for the fiscal year ending June 30 by 28 percent to AU$170
million, mostly because of cost overruns on Wembley.

The firm also needs to make a pre-tax provision of AU$59 million
on the 90,000-seat stadium, in addition to a personal indemnity
of AU$50 million pledged by its founder, the Roberts family.

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/


MUSES LIMITED: Placed in Voluntary Administration
-------------------------------------------------
Music retailer The Muses Limited went under voluntary
administration with debts of AU$3.1 million, according to the
Australian Associated Press.

Muses director Mark Raphael said the decision to place the
Company in voluntary administration followed a comprehensive
appraisal of current trading.

Mr. Raphael said the group was left with no alternative after
looking at alternative options of maintaining the current
business in such a highly competitive environment.

Administrator Chris Powell says the business will be sold and
will be advertised in the national press this week.

Muses was formed in 1968 by the Raphael family and employs 37
people in five stores throughout Adelaide.


NAIRN INVESTMENTS: Hires Liquidator to Wind Up Company
------------------------------------------------------
Notice is given pursuant to Section 509 of the Corporations Act
2001 that a joint final meeting of the members and creditors of
Nairn Investments Pty Ltd (In Voluntary Liquidation) A.C.N. 009
679 994 will be held at the offices of Nickless Miller Pty Ltd,
1st Floor 261-267 High Street Ashburton, Vic, on June 10, 2005
at 10:00 a.m., for the purpose of having an account laid before
them showing the manner in which the winding up has been
conducted and the property of the Company disposed of and of
hearing any explanations that may be given by the Liquidator.

Dated this 19th day of April 2005

Glenn Anthony Miller
Liquidator
Nickless Miller Pty Ltd
1st Floor, 261-267 High Street,
Ashburton Vic 3147


NATIONAL AUSTRALIA: Rumored to be in Pre-season Talks with AFL
--------------------------------------------------------------
National Australia Bank (NAB) is reportedly in talks with the
Australian Football League (AFL) to take over sponsorship of the
pre-season competition, The Advertiser relates.

Wizard Homes Loans has sponsored the pre-season league for the
past four years for what is understood to be at a cost of about
AU$1 million a season. It took over the naming rights after the
collapse of Ansett.

AFL chief executive Andrew Demetriou said the Wizard sponsorship
had ended this year but would neither confirm nor deny NAB was
in the running to take over.

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/


OZECOM LIMITED: Hudson Securities to Defend AU$4.8-Mln Claim
------------------------------------------------------------
Hudson Securities Corporation Ltd (HSC) announced that its
subsidiary Company Hudson Securities Pty Ltd was served a
summons as a secondary defendant filed by Ozecom Ltd (in
liquidation) and Andrew Hugh Jenner Wily in the Supreme Court of
New South Wales (NSW).

The primary defendant is Hudson Investment Group Ltd (HIG), the
former parent Company of HSC. A director of HIG, Vincent Tan is
also named as a co-defendant.

The dispute arose from an agreement dated May 26, 1999 between
HIG and Ozecom Ltd relating to the management and underwriting
of the prospective float of Ozecom Ltd on the official list of
the Australian Stock Exchange (ASX).

The claim seeks the amount of an alleged shortfall under the
underwriting agreement of AU$4.618 million and in addition or
alternatively, damages for alleged breaches of contract,
negligence and misrepresentation.

HSC and HSP were controlled by HIG until April 1, 2003.
Notwithstanding, HSP does not accept the validity of the claim
and has referred the matter to its solicitors.


PEET & CO: Lays Out Agenda of Final Meeting
-------------------------------------------
Notice is given pursuant to Section 509 of the Corporations Act
that a final meeting of the members of Peet & Co Atwell Land
Syndicate Limited (In Liquidation) (The Company) A.C.N. 087 039
923 will be held at the Sandalwood & Sheoak Rooms, Holiday Inn,
778 Hay Street, Perth on Friday, June 3, 2005 at 10:00 a.m.

AGENDA

(1) To receive the Liquidator's final account of acts and
dealings and the conduct of the winding up and to hear any
explanations thereof.

(2) To consider any other matters which may properly be brought
before the meeting.

Dated this 21st day of April 2005

Brian Mcmaster
Liquidator
Peet & Co Atwell Land Syndicate Limited (In Liquidation)


PENNY ENTERPRISES: To Convene Final Meeting June 7
--------------------------------------------------
Notice is given that a final meeting of creditors and members of
Penny Enterprises Pty Ltd (In Liquidation) formerly trading as
Skids Sun Wear A.C.N. 002 305 964 will be held at the offices of
KordaMentha, Level 11, 37 St George's Terrace, Perth on Tuesday,
June 7, 2005 at 3:30 p.m.

AGENDA

(1) To receive the account made out by the Liquidator pursuant
to Section 509(1) of the Corporations Act 2001 and any
explanation of the account.

(2) Any other business that may properly be conducted.

Dated this 22nd day of April 2005

Oren Zohar
Liquidator for Penny Enterprises Pty Ltd
KordaMentha
Telephone: (08) 9221 6999


PIBER CONTRACTORS: Liquidator to Report Manner of Winding Up
------------------------------------------------------------
Notice is given pursuant to Section 509(2) of the Corporations
Act, that a creditors meeting of Piber Contractors Pty Ltd (In
Liquidation) A.C.N. 007 920 505 will be held at the offices of
Messrs Ernst & Young, Chartered Accountants, Level 21, 91 King
William Street, Adelaide, South Australia on Friday, June 3,
2005 at 11:30 a.m.

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

Dated this 26th day of April 2005

Anthony Stevens Smith
Liquidator
Piber Contractors Pty Ltd (in liquidation)
Ernst & Young
Chartered Accountants
Level 21, 91 King William Street,
Adelaide SA 5000


POWERTEL LIMITED: Back on Track, Dividend Payout Still Vague
------------------------------------------------------------
Powertel Limited announced it was on track to meet its earnings
and revenue estimates but kept mum on dividend payment, Sydney
Morning Herald reveals.

The telecom forecast both revenue and earnings before interest,
tax, depreciation and amortization (EBITDA) to grow strongly in
the first half of the fiscal year.

PowerTel is targeting calendar 2005 first half EBITDA growth of
between 23 and 44 percent to between AU$12.1 million and AU$14.1
million, compared to the same period last year. Revenue is
expected to increase by 21 to 25 percent to between AU$92.3
million and AU$95.3 million.

Last year, the Company suffered a net loss of AU$22.1 million,
which is AU$12.6 million more than its 2003 losses.

Chairman Richard Griffin declined to say when the Company would
make a bottom line profit or pay a dividend.

CONTACT:

Powertel Limited
55 Clarence Street
Level 11
Sydney, New South Wales 2000
AUSTRALIA
Phone: +61 2 8264 3888
Fax: +61 2 8264 3777
Web site: http://www.powertel.com.au


PROTELO PTY: To Hold Final Meeting June 3
-----------------------------------------
Notice is given that a final meeting of the members and
creditors of Protelo Pty Ltd (In Liquidation) A.C.N. 092 921 867
will be held at the offices of Deloitte Touche Tohmatsu, Level
14 Woodside Building, 240 St George's Terrace, Perth, WA, 6000
on Friday, June 3, 2005 at 10:00 a.m.

AGENDA

(1) To receive an account by the Liquidator of the manner in
which the winding up has been conducted and hearing any
explanations thereof.

(2) To approve the early destruction of the books and records of
the Company by the Liquidator.

(3) To consider and approve the remuneration of the Liquidator.

(4) Any other business.

Dated this 26th day of April 2005

D. J. Coates
Liquidator
c/- Deloitte Touche Tohmatsu
GPO Box A46, Perth WA 6837
Telephone: (08) 9365 7000
Facsimile: (08) 9365 7001


QANTAS AIRWAYS: New Jet Delivery Hits Snag
------------------------------------------
Delivery of Qantas Airways' A380 double-decker will be delayed
for at least six months due to problems at aircraft manufacturer
Airbus, The Australian says.

The national flag carrier expressed its disappointment since the
damages the carrier's plans to secure pre-eminence on lucrative
routes.

The airline plans to seek compensation from Airbus.

Qantas was scheduled to get the first of 12 A380 jets in October
2006, but now it won't arrive until April 2007.

"We are developing contingency plans to ensure there is no
impact on our schedules or available capacity during the six-
month delay," the airline said.

CONTACT:

Qantas Airways
Qantas Centre, Level 9,
Building A, 203 Coward Street,
Mascot, NSW, Australia, 2020
Head Office Telephone: (02) 9691 3636
Head Office Fax: (02) 9691 3339
Web site: http://www.qantas.com


RANGERMAN PTY: Creditors Should Prove Claims by June 6
------------------------------------------------------
A first and final dividend to preferential (employee) creditors
is to be declared on June 23, 2005 in respect of Rangerman Pty
Ltd (In Liquidation) formerly trading as Rangerman Mechanical
A.C.N. 085 455 358.

Creditors whose debts or claims have not already been admitted
are required on or before June 6, 2005 to formally prove their
debts or claims. In default, they will be excluded from the
benefit of the dividend.

Dated this 22nd day of April 2005

K. E. Judge
Liquidator
Judge Constable
67 Burswood Road,
Burswood WA 6100
Telephone: 08 9470 4100


SANTOS LIMITED: To Delist from NZ Bourse
----------------------------------------
Santos Limited announced that it is delisting from the New
Zealand Stock Exchange from the close of trading (New Zealand
time) on June 30, 2005. This will result in the cessation of
Santos' securities on that exchange.

Existing New Zealand shareholders will not be detrimentally
impacted by the change. All shares will continue to be traded on
the Australian Stock Exchange (ASX) and shareholders can follow
the Company's performance through the ASX web site
(http://www.asx.com.au)and the Santos web site
(http://www.santos.com).

All New Zealand shareholders will continue to receive annual
reports and all future information that Santos sends to
Australian shareholders. They can also subscribe to receive
Company announcements via e-mail through the Santos web site.

Santos will be notifying each New Zealand shareholder in writing
of the delisting and the wide range of options available to them
to continue to follow the Company's performance and to trade
their shares.

CONTACT:

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


SANTOS LIMITED: Inks Indonesian Gas Sales Deal for Maleo
--------------------------------------------------------
Santos Limited announced the signing of a long-term contract for
the sale of gas from its 75% owned Maleo field in Indonesia to
PT Perusahaan Gas Negara (PGN).

Santos (Madura Offshore) Pty Ltd, a wholly-owned Santos
subsidiary and operator of the Madura Offshore PSC, has
contracted to sell the entire reserves of the Maleo field
generating revenue (based on the proven and probable or 2P
reserves) in excess of US$550 million (A$700 million) over the 8
to 12 year field life.

The joint venture expects to start work shortly on the
production facilities with a development capital budget of
approximately US$75 million (A$100 million).

The Gas Sales Agreement (GSA) is subject to conditions which are
expected to be fulfilled within approximately 30 days and gas
production is expected to commence in the second half of 2006.

Santos' Managing Director, Mr. John Ellice-Flint said, "The
signing of the GSA marks another milestone in the development of
the Maleo field. The project is being advanced in a rapid
timeframe, thanks in part to the recent Indonesian regulatory
changes to reduce diesel subsidies and encourage greater use of
gas.

"Importantly for our overall growth plans, it also represents
another step in our international diversification and gas
commercialization strategy," he said.

The gross Maleo 2P reserves of about 240 billion cubic feet will
be produced using a leased Mobile Offshore Production Unit and
an 8 kilometre spur line to the under-utilized East Java Gas
Pipeline that supplies Surabaya.

Under the GSA, the joint venture will supply gas at a plateau
rate of up to 110 million standard cubic feet per day.  Plateau
production is expected to last for at least six years.

The GSA follows the Heads of Agreement signed in January 2004
and subsequent negotiations to finalize issues related to credit
risk.

The Maleo gas field is located in the Madura Offshore Production
Sharing Contract (PSC) and was discovered in June 2002. It is
located in 58 meters of water in the Madura Strait, 140
kilometres east of the city of Surabaya in the East Java region
of Indonesia.

Santos farmed into the Madura Offshore PSC following the Oyong
gas and oil discovery made in the adjoining Sampang PSC in
August 2001.

Participants in the Madura Offshore PSC are:

Santos (Madura Offshore) Pty Ltd  (Operator) - 75%
PC Madura Ltd - 25%

PC Madura Ltd is a wholly owned subsidiary of Petronas Carigali
Sdn Bhd.  Petronas Carigali is the state-owned Malaysian
petroleum exploration and production Company with interests
worldwide.

PGN is Indonesia's leading natural gas utility, with a
significant gas distribution business in East Java. Formally
entirely state-owned, PGN completed a successful partial
privatization, whereby the Indonesian Government divested 30% of
its interest in the Company to public shareholders. The public
shares in the Company are listed on the Jakarta Stock Exchange.


WABEL HOLDINGS: Liquidator to Lay Account on Winding Up
-------------------------------------------------------
Notice is hereby given that the final meeting of the members of
Wabel Holdings Pty Ltd (In Liquidation) A.C.N. 008 790 930 will
be held at the offices of Bentleys MRI Perth Pty Ltd, 1st Floor,
10 Kings Park Road, West Perth on June 6, 2005 at 10:00 a.m.

AGENDA

To lay before the meeting an account showing the manner in which
the winding up has been conducted and the property of the
Company has been disposed of and giving any explanation of the
account.

Dated this 18th day of April 2005

F. F. Wabel
Liquidator
57 Hensman Street,
South Perth WA 6151


WILSON'S TRANSPORT: To Pay Dividend to Unsecured Creditors
----------------------------------------------------------
A first and final dividend to preferred unsecured creditors is
to be declared on June 21, 2005 for Wilson's Transport (Sa) Pty
Limited (Subject To Deed Of Company Arrangement) formerly
trading as Wilson's Refrigerated Transport A.C.N. 105 065 316.

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

Dated this 20th day of April 2005

P. I. Macks
Deed Administrator
PPB
Chartered Accountants
10th Floor, 26 Flinders Street,
Adelaide SA 5000
Telephone: 8211 7800


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

BANK OF CHINA: Books US$2.5-Bln Profit in 2004
----------------------------------------------
The Bank of China (BOC) reaped a net profit of CNY20.9 billion
(US$2.5 Bln) in fiscal 2004, as it increased its share of the
consumer lending market to 15.5 percent, The Star Online
reports.

The bank did not immediately give a comparative profit figure
for 2003.

The bank received a US$22.5 billion bailout from the government
in December 2003 to help slash its bad loan ratio, is
reorganizing itself for a stock sale.

Selling shares will strengthen the Chinese bank and help it
compete with overseas lenders, including Citigroup Inc and HSBC
Holdings Plc, when the country is obliged to allow them to
conduct local currency business with its 1.3 billion citizens.

Bank of China is still in talks to sell stakes in itself to
European, American and Asian lenders, bank spokesman Wang
Zhaowen said. He declined to name the banks BOC was in talks
with.

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 CHINA: Talks With Suitors Going Well
--------------------------------------------
The Bank of China (BOC.UL) reveal that talks with potential
investors from the United States, Asia and Europe were going
well, according to Reuters, citing bank spokesman Wang Zhaowen.

UBS, J.P. Morgan and Deutsche Bank have all been tipped as
potential investors to help turn BOC, one of China's Big Four
sprawling, scandal-prone state-run banks, into a lender run
along sound commercial lines.

The bank's total assets reached CNY4.27 trillion (US$514.5
billion) at the end of last year, an increase of 7.3 percent
from the end of 2003.


BEAT STREET: Court Releases Winding Up Order
--------------------------------------------
Beat Street Asia Limited with registered office located at 6/F,
Flat 150, Ming Yang Mansion, 146-152 Queen's Road East, 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 16, 2005

Dated this 27th day of May 2005.

ET O'Connell
Official Receivers


CHINA CONSTRUCTION: Updates Real Estate Loan Structure
------------------------------------------------------
China Construction Bank has adjusted the structure of real
estate loans, giving priority to residential building, Xinhua
News reports.

The bank did this according to the nation's economic macro-
control and the current situations of real estate market.

CCB lent CNY12.43 billion (US$1.5 billion) to real estate
companies in the first quarter of this year, the largest number
among the loans of all the industries.

By the end of March, loans to residential houses projects
reached CNY114.26 billion (US$13.8 billion), accounting to 71
percent of the total loans in real estate.

This year, the Company will grant more loans to real estate
markets with a relatively advanced management, and grant less to
the overheated areas.

CONTACT:

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


CHINESE FORTUNE: Issues Debt Claim Notice
-----------------------------------------
Notice is hereby given that the creditors of Chinese Fortune
Investment Company Limited (In Creditors' Voluntary
Liquidation), which is being Voluntarily wound up, are required
on or before June 17, 2005, to send in their names, addresses
and particulars of their debts or claims, and the name and
address of their solicitors, if any, to the Joint and Several
Liquidators of the said Company at Messrs. Kennic L. H. Lui &
Co., 5th Floor, Ho Lee Commercial Building, 38-44 D'Aguilar
Street, Central, Hong Kong.

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

Dated this 27th day of May 2005

Kennic Lai Hang Lui
Leung Mun Yee Ruby
Joint and Several Liquidators


GOLD MOUNT: Receives Winding Up Notice
--------------------------------------
Gold Mount Trading Limited with registered office located at
17/F C.M.A. Building, 64 Connaught 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 18,
2005.

Date of Presentation of Petition: March 16, 2005

Dated this 27th day of May 2005.

ET O'Connell
Official Receivers


HAPPINESS LIMITED: To Undergo Winding Up Process
------------------------------------------------
Happiness Limited with registered office located at Shop 51, 52,
& G/F, Glorious Garden, 45 Lung Mun Road, Tuen Mun, New
Territories was issued a winding up notice by the High Court of
the Hong Kong Special Administrative Region Court of First
Instance on May 18, 2005.

Date of Presentation of Petition: March 16, 2005

Dated this 27th day of May 2005.

ET O'Connell
Official Receivers


INDUSTRIAL AND COMMERCIAL: Inks Loan Agreement With Huarong
-----------------------------------------------------------
The Industrial and Commercial Bank of China (ICBC) have signed
an agreement with China Huarong Asset Management Company to
transfer some of its bad loans, China Daily reports.

The CNY246 billion (US$29.6 billion) of bad loans, classified as
"losses", are being transferred to Huarong, but the process may
take three to four months, an official with Huarong said.

ICBC received a US$15 billion capital injection from the
government in April as it prepares for an initial public
offering, and is currently undergoing a joint stock
restructuring.

The bank reportedly plans to sell the remainder of its CNY700
billion (US$84 billion) of non-performing loans in a public
auction later this month.

CONTACT:

Industrial and Commercial Bank of China (Asia) Limited
ICBC Tower, 3 Garden Road
Central, Hong Kong
Phone: 25343333
Fax: 28051166
Web site: http://www.icbcasia.com


MASS POND: Court Orders Winding Up
----------------------------------
Mass Pond Limited with registered office located at Flat G,
13/F, Tower 15 (Yee Wan Court), South Horizons No. 15, South
Horizon Drive, 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 16, 2005

Dated this 27th day of May 2005.

ET O'Connell
Official Receivers


MOBILE TELECOM: Net Loss Narrows to HKD3.98 Mln
-----------------------------------------------
Mobile Telecom Network (Holdings) Limited (8266) booked a net
loss of HK$3.98 million for the fiscal year ended March 31, 2005
versus a net loss of HK$8.544 million a year earlier, Infocast
News reports.

The LPS was $0.009. No final dividend was declared.

CONTACT:

Mobile Telecom Network (Holdings) Limited
Room 3401, China Resources Building
26 Harbour Road, Wanchai, HK
Phone: 2845-8288
Fax: 2845-6288
Web site: http://www.mtelnet.com


MUJYAKI HOLDING: Winding Up Hearing Set June 22
-----------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Mujyaki Holding Limited by the High Court of Hong Kong was on
April 25, 2005 presented to the said Court by Lam Siu Hung of
Room 1007, Wah Tai House, Wah Fu (II) Estate, Aberdeen, Hong
Kong.

The said petition is to be heard before the Court at 9:30 a.m.
on June 22, 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
21, 2005.


REIGNTEX LIMITED: Court to Hear Winding Up Petition June 29
-----------------------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Reigntex Limited by the High Court of Hong Kong Special
Administrative Region was on April 28, 2005 presented to the
said Court by Yagi & Company (Hong Kong) Limited whose
registered office is situate at Unit 1101-1102, 11/F., Railway
Plaza, No. 39 Chatham Road South, Tsim Sha Tsui, Kowloon, Hong
Kong.

The said Petition is to be heard before the Court at 9:30 a.m.
on June 29, 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.

Hampton, Winter and Glynn
Solicitors for the Petitioner
20th Floor, Printing House
6 Duddell Street
Central, Hong Kong

Note:

Any person who intends to appear at the hearing of the said
petition must serve on or send by post to the abovenamed, notice
in writing of his intention to do so.

The Notice must state the name and address of the person, or if
a firm or his or their Solicitor (if any) and must be served or
if posted, must be sent by post in sufficient time to reach the
abovenamed not later than six o'clock in the afternoon of June
28, 2005.


YUEN WA: Begins Winding Up Process
----------------------------------
Yuen Wa Engineering Co. Limited with registered office located
at Room A, 7/F, Ka Yin Building, 384-388 Lockhart Road, Wanchai,
Hong Kong was issued a winding up notice by the High Court of
the Hong Kong Special Administrative Region Court of First
Instance on May 18, 2005.

Date of Presentation of Petition: March 16, 2005

Dated this 27th day of May 2005.

ET O'Connell
Official Receivers


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

BANK MANDIRI: S&P Says Higher NPLs Will Not Affect Ratings
----------------------------------------------------------
Standard & Poor's Ratings Services said on May 31, 2005 that PT
Bank Mandiri (Persero)'s (foreign currency B+/Positive/B; local
currency BB-/Stable/B) increased regulatory gross non-performing
loans (NPLs) in its first-quarter 2005 results is not expected
to have an immediate impact on the ratings on the bank.

The reported increase in NPLs remains within the tolerance of
its rating category and this is expected to be a one-off
adjustment in accordance with the central bank's revised asset
quality guidelines.

For the first quarter of 2005, Bank Mandiri reported an increase
in its regulatory gross NPL ratio to 17.8%, from 8.4% in the
previous corresponding quarter. This sharp rise in gross NPLs is
mainly attributed to certain qualitative factors, together with
its status of collectibility, as determined by Bank Indonesia
(the central bank). A large proportion of the loans downgraded
to NPL status in first-quarter 2005 remained current in interest
payments (65.5% of the total loans downgraded) or were less than
30 days overdue (25.1% of total).

Notwithstanding the hike in NPLs, the bank's capitalization
remained satisfactory, as denoted by its ratio of adjusted
common equity to adjusted assets of 9.11% at March 2005. Given
that this classification is based on Bank Indonesia's revised
asset quality regulations that were issued in January 2005,
Standard & Poor's expects the rise in Bank Mandiri's regulatory
NPLs to be a one-time incident.

Standard & Poor's will monitor the impact of the central bank's
revised asset quality regulations on the overall loan quality of
the Indonesian banking system. The impact remains uncertain at
this point in time, as banks have until mid-2005 to comply. As
part of the revised regulations, all banks would need to adopt
the lowest classification category that is assigned by any one
bank for debtors with exposures to several banks. Bank Indonesia
also has a directive on classification guidance based on
qualitative factors, on which it has the final say in the
classification of an asset.

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


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

DAIEI INCORPORATED: To Close Five Unprofitable Stores
-----------------------------------------------------
Daiei Incorporated plans to shut down five losing stores after
it failed to find buyers for them, just-food.com reports.

The five unprofitable stores, two of which are in Osaka and one
each in Nara, Hyogo and Nagasaki prefectures, are located in
outdated buildings.

The ailing supermarket chain operator is undergoing a massive
restructuring scheme under the guidance of the Industrial
Revitalization Corporation of Japan (IRCJ).

CONTACT:

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


JAPAN AIRLINES: Northern Marianas Appeals for Continued Service
---------------------------------------------------------------
Northern Marianas Governor Juan Babauta was in Tokyo on
Wednesday in an effort to convince Japan Airlines not to cancel
its service to the territory, ABC Radio Australia reports.

The carrier informally announced it would suspend flights in the
Marianas route due to "low profitability" made worse by
skyrocketing prices of aviation fuel.

But JAL accounts for 45 percent of Japanese tourists visiting
the islands.

The committee says many tour companies have no bookings for JAL
beyond the start of October.

CONTACT:

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


JAPAN AIRLINES: Expands Code Sharing Operations
-----------------------------------------------
Japan Airlines (JAL) and partner China Eastern Airlines
Corporation Ltd. will increase code-sharing operations between
Japan and China from July 1st 2005. The current operation will
expand to 10 routes and 95 flights per week. Now JAL and China
Eastern Airlines (MU) operate 8 routes and 76 flights per week.

With this expansion, JAL will continue to be the airline
offering the largest network between Japan and China. At
present, JAL serves 13 cities in China on 29 routes with a total
of 235 flights per week including code shares. From July 1st,
2005 the network will increase to 30 routes and 247 flights a
week.

>From July 1st the two airlines will launch code share flights on
two new routes: a daily service between Narita and Dalian
operated by Japan Airlines, and a twice-weekly flight between
Komatsu and Shanghai operated by China Eastern Airlines. Sales
of these new code share flights will start on June 10th .The
number of flights will also increase on three existing code
share routes: the Sapporo - Shanghai route will increase from
two flights per week to three; the Nagoya - Shanghai route from
seven flights per week to 14; and the Narita - Qingdao from five
flights per week to seven.

JAL and China Eastern have been code share partners since
September 2002. Currently, the arrangement includes code share
flights between Shanghai and Tokyo, Osaka, Nagoya and Sapporo;
flights between Osaka and Qingdao; and Osaka and Kunming. JAL
and China Eastern also operate three weekly cargo freighter code
share flights between Tokyo and Shanghai.

Additionally, under the name JAL China Express, JAL currently
offers daily flight connection services from Beijing to nine
destinations within Japan: Chengdu, Chongqing, Xian in
cooperation with Hainan Airlines (HU); and Changchun, Harbin,
Shenyang, Urumuqi, Wuhan, Zhengzhou in cooperation with China
Southern Airlines (CZ). As already announced earlier this year,
the connection service between Beijing - Chengdu operated by
Hainan Airlines from June 15, 2005 will become JAL's first ever
domestic China code share flight. Tickets for this new code
share will go on sale from June 1st.

This is a Company press release.


KOBE STEEL: S&P Upgrades Rating on Improving Financial Profile
--------------------------------------------------------------
Standard & Poor's Ratings Services has raised its long-term
credit ratings on Kobe Steel Ltd. and Sumitomo Metal Industries
Ltd. by two notches to 'BB' from 'B+', reflecting substantial
improvements in the companies' financial profiles, as well as
expectations for continued growth in profits and cash flows. At
the same time, the ratings on both companies' senior unsecured
debt were raised to 'BB+' from 'BB'. The outlooks on the long-
term credit ratings are stable.

"Both Kobe Steel and Sumitomo Metal made progress in
restructuring and have enhanced their competitive strengths
respectively, backing expectations for continued increases in
profits and cash flows," said Standard & Poor's credit analyst
Makiko Yoshimura.

Ms. Yoshimura added: "The companies also achieved substantial
improvements in their financial profiles through aggressive debt
reductions amid an upswing in the business environment, which
was characterized by robust demand and increased prices. Despite
uncertainties over sustained demand for steel and favorable
steel prices, the companies' credit qualities are not likely to
weaken even if the business environment deteriorates, as the
companies are expected to continue to enhance profitability,
improve the stability of cash flow generation, and reduce total
debt."

Kobe Steel benefits from a strong customer base in Japan and
abroad. Despite the small size of its steel business, a high
proportion of products customized to meet the specific needs of
its major customers underpins the stability of the Company's
profitability. The Company's revenue sources have been enhanced
by the expansion in the line-up of unique, high-performance
products, such as high-tension steel for automobiles. The weak
profitability of the non-steel businesses has been improving
gradually in line with Kobe Steel's restructuring efforts. The
Company's financial profile is also improving.

Kobe Steel is expected to achieve its debt reduction target six
months sooner than initially planned. The ratio of funds from
operations (FFO) to total debt rose to 25% as of March 2005 from
7.1% three years earlier. Standard & Poor's expects Kobe Steel
to be able to maintain the ratio of FFO to total debt at this
level through the medium to long term. Additionally, the ratio
of debt to total capital (including debt, minority interests,
and equity) also improved materially to 66%.

Sumitomo Metal is expected to further improve its profitability,
backed by its strength in seamless steel pipes, particularly
high-end pipes, and prime customer bases in Japan and abroad.
The Company's efforts to restructure its production system and
enhance its relationships with automakers and other major
customers will also contribute to further improving the
profitability of its steel business.

Although Sumitomo Metal is expected to continue investing
capital to enhance its production facilities for automotive
sheet steel and to renovate its blast furnaces, the capital
investments are not likely to have a marked impact on the
Company's financial profile. As a result of aggressive debt
reductions, Sumitomo Metal's financial profile has improved
materially. As of March 2005, the Company's ratio of FFO to
total debt improved to 27.6%, while the ratio of total debt to
capital improved to 63%. As such, Standard & Poor's expects that
these trends in improvement will continue.

Standard & Poor's ratings on the outstanding senior debt issued
by both Kobe Steel and Sumitomo Metal are one notch higher than
the issuer credit ratings on the companies, reflecting the
assumption that bondholders would incur no losses from any
default, as creditor banks would forgive the companies' debt.

Ratings List

                                To                    From

  Kobe Steel Ltd.
  Corporate credit rating       BB/Stable/--   B+/Stable/--
  Senior unsecured debt         BB+            BB


  Sumitomo Metal Industries Ltd.
  Corporate credit rating       BB/Stable/--   B+/Stable/--
  Senior unsecured debt         BB+            BB

CONTACT:

Kobe Steel, Ltd.
9-12 Kita-Shinagawa 5-chome
Shinagawa-ku, Tokyo, JAPAN
Phone:  +81-3-5739-6010
Web site: www.kobelco.co.jp


MITSUBISHI MOTORS: Shares Up 6.7% on Domestic Gains
---------------------------------------------------
Shares of Mitsubishi Motors Corporation jumped as much as 6.7
percent on Wednesday after domestic sales rose for the first
time since December 2003, Bloomberg reports.

Mitsubishi Motors shares gained as much as JPY9 to JPY144 to
their highest in two months, as of 10:44 a.m. in Tokyo.

Vehicle sales including mini vehicles rose 0.5 percent to about
14,800 units in May from the same month a year ago.

The carmaker has been trying to restore customer confidence by
offering free checkups to owners of Mitsubishi vehicles after a
spate of recalls last year damaged its image.

The sales figures for Japan's 12 automakers will be released on
July 2 in Tokyo.

CONTACT:

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


MITSUBISHI MOTORS: Widens Net Loss to JPY474.8 Bln
--------------------------------------------------
Mitsubishi Motors Corporation said its group net loss jumped 120
percent from a year earlier to JPY474.8 billion (4.4 billion
dollars) in the past year, Cayman Net News reports.

The Company's net loss more than doubled after a defect cover-up
scandal hit global sales and boosted recall and restructuring
costs.

"We plan to revive our vehicle sales by launching new models,"
Mitsubishi President Osamu Masuko told reporters.

The carmaker will add five models to its European lineup in the
current year, targeting the fast-growing Russian market, while
seeking to rejuvenate sales in the key North American market
with the new Eclipse sedan and Raider pickup.


SEIBU RAILWAY: Seven Directors To Resign
----------------------------------------
Four managing directors and three directors of Seibu Railway Co.
will resign next month in the wake of last year's scandal over
the issuance of false financial statements, Kyodo News reports.

Shareholders at their regular general meeting on June 28 would
endorse the management changes, which also include the
appointment of a new director and the promotion of three
directors to the position of managing director.

CONTACT:

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


SEIYU LIMITED: Sun Hung Kai Buys Hong Kong Unit
-----------------------------------------------
Sun Hung Kai Properties Limited has acquired 100 percent stake
in Seiyu (Shatin) Co. Limited, the Hong Kong department store
operations of Japan's Seiyu Limited, AFX News reports.

The Company declined to disclose the amount of the deal but said
the department store's operations are profitable.

Sun Hung acquired the Japanese department store after learning
of its owner's interest to sell its Hong Kong operations.

The purchase was also prompted by Sun Hung Kai Properties'
strategy of maintaining a well-balance tenant mix and quality
services at its New Town Plaza complex.

CONTACT:

Seiyu Ltd.
1-1 Akabane 2-Chome
Sunshine 60 Building
Kita-Ku 115-0045, Tokyo 170-6071
Japan
Phone: +81 3 3598 7639
Fax: +81 3 3598 7763
Web site: http://www.seiyu.co.jp/


* Real Estate Businesses Suffer from a Slump in Business
--------------------------------------------------------
Teikoku Databank conducted research and analysis on 441
companies dealing with real estate/regional development out of
1,724 third sector companies with clear a business description
across the country based on their fiscal 2003 account
settlements (April 2003 to March 2004).

This is our 37th research undertaking on the third sector.

RESEARCH RESULTS

Out of 423 companies (excluding ones without clear financial
status), the number of companies with unstable management in the
third sector, combining those expressing "Excess Debt" and
"Concern for Excess Debt", was 199, accounting for 47.0 percent
of the total.

Based on the 'ratio of annual sales to debt amount", an
extremely high debt ratio is noticeable in the real
estate/regional development industry. 92 companies reported
"debt amount is 2-5 times more than annual sales", ranked the
top (30.1%), while 49 companies reported "debt amount is 5-10
times more than annual sales" (16.0%), signifying that "excess
debt" greatly pressures the corporate business.

By area: The most bankruptcies were filed in "Kinki" (95 cases,
21.5%), followed by "Kanto" (83 cases, 18.8%) and "Chubu" (53
cases, 12.0%). It was because the large number of the third
sector companies dealing with leasing buildings was in big
cities such as Osaka and Tokyo. More than 60% of companies
expressed "Stable Management" in "Hokkaido" and "Kanto" while
the least number of companies expressing "Stable Management" was
in "Kyushu" (44.7%).

Based on 420 companies announcing their profit & loss
statements, 276 companies reported "Surplus in Two Consecutive
Terms", accounting for 65.7%. Among those, 195 companies
expressed "Stable Management" (70.7%) while 15 companies
expressed "Excess Debt" (5.4%). On the other hand, out of 70
companies reporting "Deficit in Two Consecutive Terms", only 6
companies expressed "Stable Management", indicating the sprit
between winners and losers.

As to major financial institutions of 293 companies,
"government-affiliated" was ranked the top (99 companies,
33.8%), followed by "regional banks/second-tiered regional
banks" (80 companies, 27.3%).

CONTACT:

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


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

PAN OCEAN: Hopes to Raise KRW400 Bln from Singapore IPO
-------------------------------------------------------
Shipping firm STX Pan Ocean Co. Ltd. plans to hold an initial
public offering (IPO) in Singapore to raise KRW404 billion in
order to buy new ships, reports Reuters News.

STX will be the first South Korean firm to list itself on the
Singaporean Exchange. It chose to list in Singapore to attract
more foreign investors, said a source close to the deal.

STX will hold the IPO in Singapore in order to raise funds to
buy new ships, according to a preliminary prospectus that was
filed earlier this week. The IPO will consist of new and vendor
shares, and premarketing will start in June. No other details
are available on the deal, which will be managed by Goldman
Sachs.

The Company currently owns 57 vessels and operates 200 chartered
vessels.

STX Pan Ocean went into court receivership in 1993 after failing
to fulfill its debt obligations to other shipping firms, but
graduated from a debt workout program last November, when STX
Corporation bought the firm for KRW450 billion.

CONTACT:

Pan Ocean Shipping Co. Ltd.
51-1, Namchang-Dong, Jung-Ku,
Seoul 100-778, Korea


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

ANTAH HOLDINGS: Posts Wider Losses in 2004
------------------------------------------
Antah 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
            41,517        33,252        118,910        99,463

2  Profit/(loss) before tax
            -7,209         1,860        -22,784         4,594

3  Profit/(loss) after tax and minority interest
            -7,609         8,848        -23,430         4,474

4  Net profit/(loss) for the period
            -7,609         8,848        -23,430         4,474

5  Basic earnings/(loss) per shares (sen)
             -2.24          0.55          -6.90          1.32

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)
                                 0.5500                0.6100

A full copy of the report is attached:

http://bankrupt.com/misc/tcrap_antah1060205.xls

http://bankrupt.com/misc/tcrap_antah2060205.doc

Notes:
(a) The Gross Interest Income for the current year quarter ended
March 31, 2005 should be nil.
(b) The Gross Interest Expense for the individual current year
quarter ended March 31, 2005 should be MYR5,224,000.
(c) The Gross Income Expense for the cumulative current year
quarter ended March 31, 2005 should be MYR14,958,000.

CONTACT:

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


BELL & ORDER: Notes Slight Rise in Net Loss
-------------------------------------------
Bell & Order 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
               268         2,283            268         2,283

2  Profit/(loss) before tax
              -869          -690           -869          -690

3  Profit/(loss) after tax and minority interest
              -869          -690           -869          -690

4  Net profit/(loss) for the period
              -869          -690           -869          -690

5  Basic earnings/(loss) per shares (sen)
             -4.53         -3.60          -4.53         -3.60

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)
                                -1.6700               -1.6200

This announcement supersedes the earlier announcement made on 31 May 2005.
Corrections have been made on the following:
1) Current year Operating Expenses for Individual Quarter and Cumulative
Period.
2) Current year Finance Costs for Individual Quarter and Cumulative Period.
3) Notes B3, B9 and B11.

For further details on the report, go to:

http://bankrupt.com/misc/tcrap_bell&order1060205.xls

http://bankrupt.com/misc/tcrap_bell&order2060205.doc

CONTACT:

Bell & Order Berhad
28 & 30 Jalan Pjs 11/14
Bandar Sunway
Petaling Jaya 46150
Malaysia
Phone: 03 - 56336966
Fax:   03 - 56345081


BUKIT KATIL: In Restructuring Talks with Potential Investors
------------------------------------------------------------
Bukit Katil Resources Berhad announced that in relation to
Practice Note 4/2001 of the Bursa Malaysia Securities Berhad
Listing Requirements, the Company is still formulating a debt-
restructuring plan to regularize its financial condition.

The Company is currently in talks with potential investors to
inject funds into the firm. Once the restructuring plan is
finalized and agreed upon by both parties, the plan's details
will be released in due course.

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


CONSOLIDATED FARMS: Granted RO to Complete Restructure
------------------------------------------------------
Consolidated Farms Berhad announced that on May 31, 2005, the
Kuala Lumpur High Court granted an extension of a restraining
order (RO) to the Company and its subsidiaries, for a further
period of 90 days from May 31, 2005 to Aug. 29, 2005, in order
to facilitate the Company's restructuring exercise.

The Company will announce any further developments to its
restructuring scheme in due course.

CONTACT:

Consolidated Farms Berhad
24-1 Jalan 24/70A,
Desa Sri Hartamas,
50480 Kuala Lumpur
Phone: 03-23001199
Fax:   03-23002299


I-BERHAD: Swings Back to Black
------------------------------
I-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
            15,492        15,208         15,492        15,208

2  Profit/(loss) before tax
             1,672          -603          1,672          -603

3  Profit/(loss) after tax and minority interest
             1,655          -596          1,655          -596

4  Net profit/(loss) for the period
             1,655          -596          1,655          -596

5  Basic earnings/(loss) per shares (sen)
              1.44         -1.36           1.44         -1.36

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)
                                 1.7600                1.7400

For a full copy of the report, click on:
http://bankrupt.com/misc/tcrap_iberhad060205.xls

CONTACT:

I-Berhad
3, Jalan Astaka U8/84
Section U8, Bukit Jelutong
40150 Shah Alam
Selangor, Malaysia
Phone: 03-7845 4511
Fax:   03-7845 4514
Web site: http://www.i-digital.com


METROPLEX BERHAD: Auditors Issue Financial Report Qualification
---------------------------------------------------------------
Metroplex Berhad announced that in relation to the Company's
financial statements for the year ended Jan. 31, 2005, external
auditors Meesrs P.C. Chan & Partners issued a qualification of
the statements.

The audit qualification made by the auditors as at May 31, 2005,
was due to the following matters:

"The management of the Company together with their advisers are
presently working on the proposed restructuring exercise as
disclosed in Note 30 to the financial statements, which is
conditional upon the approval of amongst others, the
shareholders, lenders and regulatory authorities. The outcome of
the proposed restructuring exercise could result in adjustments
to certain balances and to the classification of assets and
liabilities in the financial statements of the Group and the
Company, the final outcome of which is uncertain as at the date
of this report.

As announced to Bursa Malaysia Securities Berhad on May 13,
2005, the Company and some subsidiaries had defaulted on
principal and interest servicing obligations totaling
approximately MYR1,671,964,909 as at April 30, 2005, in respect
of various loan facilities from various financial institutions.
We consider this amount to be material and an approved Scheme of
Arrangement is necessary in resolving the borrowing defaults."

CONTACT:

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


MYCOM BERHAD: To Complete Rehab by Sept. 30
-------------------------------------------
Mycom Berhad announced that in relation to the Company's
proposed restructuring scheme, the Company has prepared a
proposed timeline to complete the implementation of such scheme.

Barring any unexpected circumstances, the Company expects to
complete the implementation of the scheme by Sept. 30, 2005, the
deadline set by the Securities Commission (SC) in its letter
dated April 6, 2005. The Company will submit a copy of the
timeline together with the letter of opinion to the SC.

Attached below is the Company's proposed timeline:

http://bankrupt.com/misc/tcrap_mycom060205.doc

CONTACT:

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


OLYMPIA INDUSTRIES: Restructuring Nears End
-------------------------------------------
Olympia Industries Berhad announced that in relation to the
Company's proposed restructuring scheme, the Company has
prepared a proposed timeline to complete the implementation of
such scheme.

Barring any unexpected circumstances, the Company expects to
complete the implementation of the scheme by Sept. 30, 2005, the
deadline set by the Securities Commission (SC) in its letter
dated April 6, 2005. The Company will submit a copy of the
timeline together with the letter of opinion to the SC.

Attached below is the Company's proposed timeline:

http://bankrupt.com/misc/tcrap_olympia060205.doc

CONTACT:

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


PANGLOBAL BERHAD: Still Regularizing Financial Condition
--------------------------------------------------------
Panglobal Berhad announced that in relation to Practice Note
4/2001 of the Bursa Malaysia Securities Berhad Listing
Requirements, there are no further developments to the Company's
plan to regularize its financial condition since its last
monthly announcement dated May 3, 2005.

CONTACT:

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


PANGLOBAL BERHAD: Notes High Increase in Net Loss
-------------------------------------------------
Panglobal 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
            69,459        56,797         69,459        56,797

2  Profit/(loss) before tax
           -27,759       -12,932        -27,759       -12,932

3  Profit/(loss) after tax and minority interest
           -27,958       -13,232        -27,958       -13,232

4  Net profit/(loss) for the period
           -27,958       -13,232        -27,958       -13,232

5  Basic earnings/(loss) per shares (sen)
            -19.95         -9.44         -19.95         -9.44

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)
                                -1.8300               -1.6300

A full copy of the report is attached:

http://bankrupt.com/misc/tcrap_panglobal1060205.xls

http://bankrupt.com/misc/tcrap_panglobal2060205.doc


PICA CORPORATION: Quarterly Net Loss Falls
------------------------------------------
Pica (M) Corporation Berhad released its unaudited report for
the financial period ended March 31, 2005.

              SUMMARY OF KEY FINANCIAL INFORMATION
                            31/03/2005

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

1  Revenue
               279         1,087            279         1,087

2  Profit/(loss) before tax
            -2,711        -3,613         -2,711        -3,613

3  Profit/(loss) after tax and minority interest
            -2,711        -3,613         -2,711        -3,613

4  Net profit/(loss) for the period
            -2,711        -3,613         -2,711        -3,613

5  Basic earnings/(loss) per shares (sen)
             -2.51         -3.34          -2.51         -3.34

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)
                                -1.7400               -1.7200

For further details on the report, click on:

http://bankrupt.com/misc/tcrap_pica060205.xls

CONTACT:

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


SATERAS RESOURCES: Net Loss Shrinks to MYR2.6 Mln
-------------------------------------------------
Sateras Resources Berhad released its unaudited report for the
financial period ended March 31, 2005.

              SUMMARY OF KEY FINANCIAL INFORMATION
                            31/03/2005

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

1  Revenue
               965           762          3,120         3,554

2  Profit/(loss) before tax
            -2,642        -7,077        -10,190       -17,740

3  Profit/(loss) after tax and minority interest
            -2,642        -7,082        -10,190       -17,745

4  Net profit/(loss) for the period
            -2,642        -7,082        -10,190       -17,745

5  Basic earnings/(loss) per shares (sen)
             -1.32         -3.53          -5.07         -8.84

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)
                                -0.0449               -0.6570

For further details on the report, go to:

http://bankrupt.com/misc/tcrap_sateras1060205.xls

http://bankrupt.com/misc/tcrap_sateras2060205.doc


CONTACT:

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


SETEGAP BERHAD: Widens Net Loss to MYR6.4 Mln
---------------------------------------------
Setegap 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
            13,304        26,296         13,304        29,296

2  Profit/(loss) before tax
            -4,355        -1,500         -4,355        -1,500

3  Profit/(loss) after tax and minority interest
            -6,387        -2,941         -6,387        -2,941

4  Net profit/(loss) for the period
            -6,387        -2,941         -6,387        -2,941

5  Basic earnings/(loss) per shares (sen)
            -12.85         -5.92         -12.85         -5.92

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)
                                -0.9800               -0.8400

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

http://bankrupt.com/misc/tcrap_setegap1060205.xls

http://bankrupt.com/misc/tcrap_setegap2060205.doc

CONTACT:

Setegap Berhad
72B&C, Jalan SS22/25
Damansara Jaya
47400 Petaling Jaya
Malaysia
Phone: 03-77297009
Fax:   03-77271555
Web site: http://www.setegap.com.my


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

DIGITAL TELECOMMUNICATIONS: Confirms US$200-Mln Outlay for 2006
---------------------------------------------------------------
Digital Telecommunications Philippines Inc. issued this
announcement in reference to the news article entitled "Digitel
sets US$200-M outlay for 2006" published in the May 31, 2005
issue of BusinessWorld.

The article reported that:

"The wireless brand of Gokongwei-controlled Digital
Telecommunications, Inc. (Digitel) will earmark about $200
million in capital expenditure next year to accommodate 10
million subscribers by end-2006. The 2006 budget for capital
expenses will top off the US$200 million that Digitel allotted
for network capacity expansion of Sun Cellular this year.
Charles A. Lim, Sun's business unit head, said the 2006 budget
for capital expenses will be sourced either through foreign-
denominated credits, bank financing, or financial leasing."

Digital Telecommunications Philippines, Inc. (DGTL), in its
letter to the Exchange dated May 31, 2005, stated that:

"We would like to confirm the following information contained on
the above-mentioned news article, to wit:

(1) Sun Cellular, the wireless brand of Gokongwei-controlled
Digital Telecommunications Phils. Inc. (DIGITEL) will earmark
about US$200 million in capital expenditure next year to
accommodate 10 million subscribers by end-2006.

(2) The 2006 budget for capital expenses will top off the US$200
million that DIGITEL allotted for network capacity expansion of
Sun Cellular this year.

(3) The 2006 budget for capital expenses will be sourced either
through foreign denominated credits, bank financing, or
financial leasing."

For your information.

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

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/


LIFETIME PLANS: Must Service Claims Despite Dissolution
-------------------------------------------------------
The corporate watchdog has ordered the now-defunct Lifetime
Plans Inc. to continue paying claims from its trust fund,
relates The Philippine Daily Inquirer.

The Securities and Exchange Commission (SEC), which recently
cancelled Lifetime's certificate of incorporation, asked the
pre-need firm to still make disbursements despite the revocation
order.

Lifetime was forced to shut its doors and transfer its plan
holders back to ailing sister firm, Pacific Plans, after SEC
decided to cancel its registration certificate for failure to
comply with requirements.

The Company, which has more than 400,000 plan holders, has asked
SEC to reconsider its revocation order, saying it was a drastic
move that could adversely affect its sales agents and plan
holders.

Lifetime sells fixed-value educational, memorial and pension
plans.


MANILA ELECTRIC: Files New Rate Hike Petition
---------------------------------------------
The Manila Electric Company has applied to increase its tariffs
by an average Php0.1476 per kilowatt-hour (kWh), according to
The Philippine Daily Inquirer.

The new petition lodged with the Energy Regulatory Commission
(ERC) replaces the previous application it withdrew recently.

The proposed rate adjustment is Php0.012 higher than the 0.1358
per kWh increase the electricity distributor was seeking through
a previous petition filed with the ERC in October 2003.

Meralco reportedly withdrew the earlier rate hike petition
because it was computed based on its return on rate base (RORB),
a measure of profitability.

In its new petition, Meralco said the proposed rate hike will
allow it to improve its RORB to be able to finance projects.

Meralco, whose actual RORB stood below the 15.5 percent allowed
by ERC, said its inability to attain a reasonable RORB and
generate the corresponding level of revenues have adversely
affected its capability to fund required capital projects.

The utility' firm's actual RORB for 2004 stood at 11.96 percent,
or 8.13 percent after income tax.

Last month, Meralco said it incurred a net loss of Php1.71
billion in the first quarter of this year from a net profit of
Php344.4 million in the year-ago period as it continued to
provision for probable losses arising from a stalled rate
increase.

CONTACT:

Manila Electric Co.
Lopez Building
Ortigas Avenue, Pasig City
Phone:  16220 (TL); 633-4553 (Corp. Sec.)
Fax:  (0632) 631-5572
E-mail Address: corcom@meralco.com.ph
Web site: http://www.meralco.com.ph


MANILA ELECTRIC: Delays Last Phase of Two-tranche Refund
--------------------------------------------------------
Manila Electric Company (Meralco) opted to push back to July and
October the last phase of the Php30-billion court-ordered refund
to big corporate customers, says The Philippine Daily Inquirer.

Phase 4a, which should have begun in January, would begin in
July, and Phase 4b would start in October instead of July.

The deferment, which was prompted by sluggish electricity sales
in the first five months of the year, will give Meralco some
relief in terms of cash flow.

But the utility will have to complete Phase 4a of the refund in
18 months as prescribed by the Energy Regulatory Commission
(ERC), 18 months shorter than the Company's proposed 36-month
time frame.

This means that while the power distributor could complete Phase
4a in 18 months, its implementation has to be pushed back by
half a year.


MARIWASA MANUFACTURING: Clarifies The Manila Times Report
---------------------------------------------------------
Mariwasa Manufacturing Inc. issued this announcement in
reference to the news article entitled "Mariwasa to sell
property to DMCI" published in the May 30, 2005 issue of The
Manila Times.

The article reported that:

"MARIWASA Manufacturing Inc. may sell one of its properties to
DMCI Holdings Inc. to pay some of its debt. Mariwasa's long-term
debt stood at Php3.34 billion in 2004 from P1.83 billion in
2003. Ferdinand Edwin Co Seteng, Mariwasa executive vice
president told reporters that DMCI made an offer to forge a
joint venture agreement to utilize Mariwasa's property in Pasig
City."

Mariwasa Manufacturing, Inc. (MMI), in its letter to the
Exchange dated May 30, 2005, stated that:

"We would like to clarify that Mariwasa's long-term debt
amounted to Php1.909 billion and Php1.946 billion in 2003 and
2004, respectively. The reported Php3.34 billion is Mariwasa's
total current liabilities in 2004, which increased from Php1.83
billion in 2003, due to the reclassification made by our
auditors of our long-term debt to current liabilities.

Also, we would like to confirm that Mariwasa intends to sell its
property in Pasig to reduce its debt but DMCI's offer of a joint
venture agreement to utilize Mariwasa's property is just one of
the several proposals we are considering. We have yet to make
this information public because... final negotiations have yet
to take off."

For your information.

(Original Signed)
JURISITA M. QUINTOS
Senior Vice President

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 TRANSMISSION: Inks Evaluation Pact with Sinclair Knight
----------------------------------------------------------------
National Transmission Corporation (Transco) has tapped a
consortium headed by Sinclair Knight Merz to appraise its
assets, according to Dow Jones Newswires.

Transco confirmed Wednesday that it has clinched a Php50.25-
million contract with the international consulting group.

Sinclair Knight Merz, along with Cuervo Appraisers Inc. and
PricewaterhouseCoopers Financial Advisors Inc., will recommend a
suitable evaluation methodology for accounting and regulatory
purposes and as basis for the transfer of the Transco assets to
be privatized.

Transco holds the transmission assets of state power firm
National Power Corporation (Napocor), which is scheduled for
privatization. The transaction marks the first evaluation that
Transco has undertaken since it started operating Napocor's
transmission network in June 2001.

The final Asset Evaluation Report that is to be submitted to
Transco on August 19 will be used to determine Transco's annual
revenue requirements, maximum allowable revenue and the
effective transmission service charges. The evaluation will also
be used for accounting, divestment and privatization purposes.

Meanwhile, the Energy Regulatory Commission (ERC) has ordered
Transco to submit a report on or before August 31.

CONTACT:

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


PHILIPPINE LONG: Boss Buys More Shares
--------------------------------------
The Chairman of Philippine Long Distance Telephone Company
(PLDT) has beefed up its stake in the Company, Dow Jones
Newswires reports.

Chairman Manuel Pangilinan has acquired 2,000 shares of the
Company for Php1,480 each.

The latest share purchase raised Mr. Pangilinan's stake in PLDT
to 97,358 shares, less than 0.1 percent of the Company's
outstanding shares.

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: Wants Majority Stake in GMA
--------------------------------------------
Philippine Long Distance Telephone Company (PLDT) said it will
settle for a minority position in GMA Network but wants
reassurance that it will be allowed to eventually take a
majority ownership of the firm, The Philippine Star reports.

PLDT recently revived its bid to acquire a stake in GMA Network,
more than four years after it pulled out of an agreement to
acquire a majority stake in the broadcast firm.

PLDT Group chairman Manuel Pangilinan and president Napoleoon
Nazareno reportedly met with MA chairman and president Felipe
Gozon to discuss the acquisition scheme but no specific offer
was made.

Mr. Gozon is believed to remain non-committal, and instead asked
Mr. Pangilinan and Mr. Nazareno to give the owners of GMA an
offer which would be "much higher than the current valuation of
Php30 billion".


PHILIPPINE LONG: Lists Additional Shares
----------------------------------------
The 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 1,000
common shares have been availed of and fully paid by the
optionees under the Company's ESOP.

In view thereof, the listing of the 1,000 common shares is set
for Wednesday, June 1, 2005. This brings the number of common
shares listed under the ESOP to a total of 455,004 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
=================

ALLGREEN PROPERTIES: Issues, Allots 31,000 Ordinary Shares
----------------------------------------------------------
Allgreen Properties Ltd. informed the Singapore Stock Exchange
on the issue and allotment of an aggregate of 31,000 ordinary
shares of SG$0.50 each in the capital of the Company, at the
subscription price of SG$0.95 each, pursuant to the exercise of
options granted under the Allgreen Share Option Scheme 2002.
These new shares have been listed and quoted on the Singapore
Exchange on May 12, 2005.

The new shares issued will rank pari passu in all respects with
the existing shares of the Company.

Upon the issue of the above shares, the number of issued and
paid-up shares in the capital of the Company is increased to
1,051,819,000 ordinary shares of SG$0.50 each.

By Order of the Board
Ms Isoo Tan
Company Secretary
26 May 2005

CONTACT:

Allgreen Properties Limited
Kim Seng Promenade #05-02
Great World City
Singapore 237994
Telephone: 65 67332822
Fax: 65 67383800
Web site: http://www.allgreen.com.sg


CHARTERED SEMICONDUCTOR: Names New BOD Member
---------------------------------------------
Chartered Semiconductor Manufacturing, one of the world's top
dedicated foundries, announced that semiconductor industry
veteran Pasquale Pistorio, Honorary Chairman of
STMicroelectronics (ST), has joined Chartered's board of
directors.

Mr. Pistorio brings to Chartered more than 38 years of industry
leadership experience. He is known for his business acumen; his
contributions to Europe's microelectronics industry; and his
strong advocacy of environmental protection and corporate social
responsibility.

Among his numerous accolades, Mr. Pistorio received the
"Lifetime Achievement Award" from Reed Electronics Group in
2003; was named first place in the "Top 25 Movers and Shakers"
ranking by Time magazine in 2002, and was voted among the top 50
"Stars of Europe" by Business Week magazine.

Mr. Pistorio's greatest achievement was the integration of SGS
Group with Thomson Semiconducteurs in 1987 to form SGS-THOMSON
Microelectronics, which was renamed STMicroelectronics in 1998.

He served as ST's president and CEO from 1998 until his
retirement in March 2005, during which the Company grew to
become one of the world's top semiconductor companies. He holds
a degree in electronics from the Polytechnic of Turin, Italy.

"We're honored to welcome Mr. Pistorio, a highly respected and
widely accomplished business leader, to the Chartered board,"
said James Norling, chairman of Chartered's board. "His hands-on
leadership experience in shaping corporate strategies for growth
and his strong industry relationships will be valuable to
Chartered as the Company steers toward long-term sustainable
growth and profitability."

"Chartered has entered an exciting phase of growth where it is
demonstrating continuing good progress executing to its leading-
edge strategies and transitioning into 300-millimeter
manufacturing," said Mr. Pistorio. "I am pleased to be part of a
very progressive global Company, which is at the forefront of
partnering with the industry to overcome increasingly complex
technical and business challenges."

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


MANON MANI: Members Meeting Slated for June 27
----------------------------------------------
Notice is hereby given pursuant to section 308 (2) of the
Companies Act, Cap. 50, that a Final Meeting of the Members of
Manon Mani K. Pillay Holdings Pte Ltd (In Members' Voluntary
Liquidation) will be held at 3 Mount Elizabeth, #03-04/05 Mount
Elizabeth Centre, Singapore 228510 on June 27, 2005 at 1:00 p.m.
for the purposes as stated in section 308 of the Companies Act,
Cap. 50.

Dated this 27th day of May 2005.

Madam Chia Lay Beng
Liquidator

Note:

A member entitled to attend and vote at the General Meeting is
entitled to appoint a Proxy to attend and vote on his behalf and
such Proxy need not be a member of the Company.

The Form of Proxy must be deposited at the Liquidators' Office
not less than 48 hours before the time appointed for holding the
Meeting or adjourned Meeting.


MESSER SINGAPORE: To Hold Final Meeting June 27
-----------------------------------------------
Notice is hereby given pursuant to section 308 (2) of the
Companies Act, Cap. 50, that a Final Meeting of Messer Singapore
Pte Ltd (In Member's Voluntary Liquidation) will be held at 1
Scotts Road, #21-07/08/09 Shaw Centre, Singapore 228208 on June
27, 2005 at 10:00 a.m. for the purposes as stated in section 308
of the Companies Act, Cap. 50.

Dated this 27th day of May 2005.

Madam Chia Lay Beng
Liquidator

Note:

A member entitled to attend and vote at the General Meeting is
entitled to appoint a Proxy to attend and vote on his behalf and
such Proxy need not be a member of the Company.

The Form of Proxy must be deposited at the Liquidator's Office
not less than 48 hours before the time appointed for holding the
Meeting or adjourned Meeting.


OVERSEA-CHINESE: Dormant Subsidiary Placed in Liquidation
---------------------------------------------------------
Oversea-Chinese Banking Corporation Limited (OCBC Bank) informed
the Singapore Stock Exchange (SGX) that Keppel Factors Pte Ltd
(in Members' Voluntary Liquidation), a dormant subsidiary of
OCBC Bank, was dissolved on May 31, 2005.

Keppel Factors Pte Ltd ceased to be a subsidiary of OCBC Bank
with effect from May 31, 2005.

CONTACT:

Oversea-Chinese Banking Corporation Limited
65 Chulia Street #29-02/04
OCBC Centre
Singapore 049513
Telephone: 65 63187222
Fax: 65 65337955
Web site: http://www.ocbc.com


OVERSEA-CHINESE: Liquidates Idle Unit
-------------------------------------
Oversea-Chinese Banking Corporation Limited (OCBC Bank) advised
the Singapore Stock Exchange (SGX) that Focal Nominees Pte. Ltd.
(in Members' Voluntary Liquidation), a dormant subsidiary of
OCBC Bank, is dissolved on May 31, 2005.

Focal Nominees Pte. Ltd. ceased to be a subsidiary of OCBC Bank
with effect from May 31, 2005.


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

THAI PETROCHEMICAL: PTT Snags Stake for THB20,270Mln
----------------------------------------------------
PTT informed the Stock Exchange of Thailand (SET) that, on June
1, 2005 PTT, Government Pension Fund (GPF), Government Saving
Bank (GSB) and Vayupak Mutual Fund One (VMF-1) together with
other institutions have reached agreement and signed Share
Purchase Agreement (SPA) with Thai Petrochemical Industry Pcl
(TPI), as issuer, and Bangkok Bank Public Co., Ltd. (BBL), in
its capacity as selling shareholders, in the transaction of
17,550 million shares of TPI representing 90 percent of total
outstanding shares of the Company upon the successful closing of
the transaction at THB3.30 per share.

Under the SPA, PTT will acquire a 31.5 percent ownership
interest in TPI through the purchase of 6,142.5 million shares
of TPI, equivalent to approximately THB20,270 million.

Moreover, GPF, GSB and VMF-1, agreed to purchase 10 percent
interest in TPI each, have jointly signed a shareholders
agreement with PTT to support PTT in management of TPI and
subsidiaries in the future.

PTT and the co-investors who will own a total shareholding of
61.5 percent in TPI upon the successful closing of the
transaction are also committed to holding shares for a minimum
period of 24 months to register their intention and commitment
to a long-term investment in TPI.

According to the Rehabilitation Plan of TPI and subsidiaries,
closing or the share transaction must be no later than November
4, 2005.

All of the proceeds from the transaction, approximately
THB57,915 million at THB3.30 per share, will be entirely used by
TPI to repay the principal debts under the financial debt
restructuring scheme.

Please be informed accordingly.

Yours sincerely,
Pichai Chunhavajira
Senior Executive Vice President
Corporate Finance and Accounting

For a detailed information on the Share Purchase Agreement,
click
http://bankrupt.com/misc/TPISharePurchaseAgreement.pdf

CONTACT:

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












                            *********


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

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 ***