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        T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

             Friday, June 3, 2005, Vol. 8, No. 109

                            Headlines

A U S T R A L I A

BINDEREE PTY: Members Pass Winding Up Resolution
BONSMILE AGENCIES: Names Barry Keith Taylor Liquidator
CAPITAL GAMES: Final Meeting Slated for June 6
CHEVAGE PTY: Members, Creditors to Meet June 6
COS GROUP: Final Meeting Fixed June 7

DABEIBA HOLDINGS: To Convene Final Meeting June 7
EARLSCOTT PTY: Liquidator to Present Winding Up Account
FAULKNER HOLDINGS: Appoints Official Liquidator
GAS RELEASE: Faces Winding Up Proceedings
HENRY WALKER: Clough Completes WA Civil Transaction

HILLS MOTORWAY: Managing Director Resigns
JAMES MCLARTY: Enters Voluntary Liquidation
JALIN PTY: To Pay Dividend to Priority Creditors
MENTONE SMASH: To Undergo Voluntary Winding Up
PARMALAT AUSTRALIA: Vows to Stay with Embattled Parent

PROFESSIONAL VINYL: Liquidator to Report on Winding Up
QANTAS AIRWAYS: April Revenue Seat Growth Falls
QANTAS AIRWAYS: Fires Security Manager as Scandal Escalates
QANTAS AIRWAYS: Relaxes Mobile Rules
RIMBANDA PTY: Members Agree to Wind Up Company

R&M HOGG: Hires Official Liquidator
SHEPPARTON FURNITURE: Voluntarily Winds Up
SUPERPAK PTY: Members Opt for Winding Up
TAILWINGS PTY: Liquidator to Detail Manner of Winding Up
TRAVEL SYSTEMS: Final Meeting Set June 8

WAVERLEY WOOLLEN: State Rejects Bailout
WESTBUS: Depot Sales Cast Cloud on Future
WINEORB: Class Suit Looms
WINNERS CIRCLE: Hires Liquidator from Hall Chadwick


C H I N A  &  H O N G  K O N G

ARTDECO DESIGN: Begins Winding Up Process
BANK OF CHINA: Releases 2004 Annual Report
BANK OF COMMUNICATIONS: Sees RMB7.5-8.3 Bln Profit This Year
CHINA CONSTRUCTION: Citigroup May Be Excluded From $5-Bln IPO
GETEK INDUSTRIES: Winding Up Hearing Set June 22

INDUSTRIAL AND COMMERCIAL: Appoints New Secretary
LOYALAND ASIA: Court Releases Winding Up Order
MOULIN GLOBAL: Updates Status of Bank Facilities
NEW WINNING: To Undergo Winding Up Process
STANDARD CURTAIN: Winding Up Hearing Slated for July 6

UNION GAINER: Receives Winding Up Notice


I N D O N E S I A

STAR AIR: Halts Ops Due to High Fuel Costs, Competition


J A P A N

CITIBANK JAPAN: Citigroup Units in Trouble Over Taxes
KANEBO LIMITED: Seeks 'Magic Pill' As Sales Fall 40%
MITSUBISHI MOTORS: Canada Reports May 2005 Sales
NIPPON SHINKO: Aiful Takeover Rumored
SANYO ELECTRIC: S&P Affirms 'BBB' Rating

* Recovery Continues At Japan's Banks


K O R E A

HYNIX SEMICONDUCTOR: To Raise KRW2.4 Bln in Bond Sale, Loans


M A L A Y S I A

AKTIF LIFESTYLE: To Change Core Business in Restructuring
ANCOM BERHAD: Set to Liquidate Inactive Subsidiaries
AYER HITAM: Requests Extension to Announce Restructuring
CHG INDUSTRIES: Restructuring Scheme Being Processed
CONSOLIDATED FARMS: Defaults on Payments

CYGAL BERHAD: Bank Negara Approves Warrants Issuance
KEMAYAN CORPORATION: SC Has Yet to OK Restructuring Plan
K.P. KENINGAU: Asks to Extend Announcement of Restructuring
LINEAR COOLING: Rejects Winding Up Petition
MENTIGA CORPORATION: Awaits SC OK of Revised Proposals

MERCES HOLDINGS: To Hold AGM This Month
MYCOM BERHAD: Sees No Further Changes in Restructuring
NAUTICALINK BERHAD: To Implement Restructuring Scheme
OCEAN CAPITAL: In Talks with Potential Investor on Restructuring
OLYMPIA INDUSTRIES: Notes No Changes in Restructuring Scheme

OMEGA HOLDINGS: Proposed Restructuring Plan Awaits Approval
PAN PACIFIC: SC OKs Restructuring Scheme
PARK MAY: Paving the Way for Restructuring


P H I L I P P I N E S

GLOBE TELECOM: Inks Pact with Citystate
LEPANTO CONSOLIDATED: Employees Stage Strike
LIFETIME PLANS: SEC May Reconsider Revocation Order
MANILA ELECTRIC: Revises Refund Scheme for Corporate Clients
MAYNILAD WATER: Court OKs Rehabilitation Plan

PACIFIC PLANS: Planholders Fight for Tuition Assistance
PHILIPPINE LONG: Lists Additional Shares Today
PRYCE CORPORATION: Issues Definitive Information Statement


S I N G A P O R E

ACCORD CUSTOMER: Names Phillip Eng Chairman
ASIA-PACIFIC BULK: Lays Out Creditor's Meeting Agenda
IRE CORPORATION: Issues Ordinary Shares to SCB
JAYA HOLDINGS: EGM Slated for June 17
KEMPER INTERNATIONAL: Creditors Should Prove Claims by June 27

LIANG HUAT: Awaits Completion of Remaining Scheme Conditions
RSH LIMITED: Answers SGX Query


T H A I L A N D

DATAMAT: Details Capital Revisions
DATAMAT: Unveils New Director Line-up
KRUNG THAI: Offers Sale of Debentures
NFC FERTILIZER: Bank Provides THB1,500Mln Credit Line
* Large Companies With Insolvent Balance Sheets

     -  -  -  -  -  -  -  -

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

BINDEREE PTY: Members Pass Winding Up Resolution
------------------------------------------------
At a General Meeting of Binderee Pty Ltd (In Liquidation) A.C.N.
009 853 525, 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 April 2005

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


BONSMILE AGENCIES: Names Barry Keith Taylor Liquidator
------------------------------------------------------
Notice is hereby given that at a Meeting of Members of Bonsmile
Agencies Pty Ltd (In Liquidation) A.C.N. 104 951 359 held on
April 22, 2005 it was resolved that the company be wound up
voluntarily and at a Meeting of the Creditors held on the same
day pursuant to Section 497 it was resolved that for such
purpose, Barry Keith Taylor, of B.K. Taylor & Co., 8th Floor,
608 St Kilda Road, Melbourne be appointed Liquidator.

Dated this 22nd day of April 2005

Barry Keith Taylor
Liquidator


CAPITAL GAMES: Final Meeting Slated for June 6
----------------------------------------------
Notice is given that a final meeting of Capital Games Centre Pty
Ltd (In Liquidation) A.C.N. 057 025 939 and its creditors will
be held at the offices of Green & Sternfeld Corporate Services
Pty Ltd, 201 Balaclava Road, Caulfield North, Victoria, 3161, on
June 6, 2005 at 11:00 a.m. for the purpose of laying before the
meeting an account showing how the winding up has been conducted
and how the property has been disposed of and giving any
explanation of the account.

Dated this 19th day of April 2005

Joseph Loebenstein
Liquidator
Green & Sternfeld Corporate Services Pty Ltd
201 Balaclava Road,
North Caulfield Vic 3161


CHEVAGE PTY: Members, Creditors to Meet June 6
----------------------------------------------
Notice is hereby given pursuant to Section 509(2) of the
Corporations Act 2001 that a final general meeting of the
members and creditors of Chevage Pty Ltd (In Liquidation) A.C.N.
005 681 327 will be held at the offices of PPB, Level 10, 90
Collins Street, Melbourne on June 6, 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 hearing any explanations that may be
given by the Liquidator.

Dated this 20th day of April 2005

Wayne Benton
Liquidator
Chevage Pty Ltd
PPB
Chartered Accountants
Level 10, 90 Collins Street,
Melbourne Vic 3000


COS GROUP: Final Meeting Fixed June 7
-------------------------------------
Notice is hereby given pursuant to Section 509(1) of the
Corporations Act 2001 that a final meeting of the members of COS
Group Pty Ltd (In Liquidation) A.C.N. 005 257 509 will be held
at the office of PPB, Level 10, 90 Collins Street, Melbourne,
Vic, 3000, on June 7, 2005 at 11:00 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 hearing any explanation that may be
given by the liquidator.

Andrew Mclellan
Liquidator
Cos Group Pty Ltd
PPB
Chartered Accountants
Level 10, 90 Collins Street,
Melbourne Vic 3000


DABEIBA HOLDINGS: To Convene Final Meeting June 7
-------------------------------------------------
Notice is hereby given that a final meeting of members and
creditors of Dabeiba Holdings Pty Ltd (In Liquidation) A.C.N.
007 201 872 will be held at the offices of Brooke Bird & Co,
Chartered Accountants, 471 Riversdale Road, Hawthorn East, 3123,
on June 7, 2005 at 9:30 a.m., for the purpose of having an
account laid before them showing the manner in which the winding
up has been conducted and the property of the company disposed
of and of hearing any explanations that may be given by the
Liquidators.

Dated this 16th day of April 2005

Robyn Erskine
Peter Goodin
Joint & Several Liquidators
Brooke Bird & Co
Chartered Accountants
471 Riversdale Road,
Hawthorn East 3123
Telephone: 9882 6666


EARLSCOTT PTY: Liquidator to Present Winding Up Account
-------------------------------------------------------
Notice is hereby given pursuant to Section 509(1) of the
Corporations Act 2001 that a final general meeting of the
members and creditors of Earlscott Pty Ltd (In Liquidation)
A.C.N. 009 557 233 will be held at the offices of PPB, Level 10,
90 Collins Street, Melbourne on June 13, 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 hearing any explanations
that may be given by the liquidator.

Dated this 21st day of April 2005

Andrew Mclellan
Liquidator
Earlscott Pty Ltd
PPB
Chartered Accountants
Level 10, 90 Collins Street,
Melbourne Vic 3000
Chartered Accountant
PO Box 579, Carlton Vic 3053
Telephone: (03) 9347 0411


FAULKNER HOLDINGS: Appoints Official Liquidator
-----------------------------------------------
At a General Meeting of Faulkner Holdings Pty Ltd (In
Liquidation) A.C.N. 104 812 240, duly convened and held at Level
1, 282 Gouger Street, Adelaide, SA on 21 April 2005 the
following Special Resolutions were passed:

(a) That the company be wound up as a Members' Voluntary Winding
Up and that Derek Ralph Lander of 80 Overtoun Terrace,
Wellington, New Zealand be appointed liquidator of the company
for the purposes of such winding up.

(b) That the liquidator be and is hereby authorized to
distribute in specie such assets of the company as he may deem
fit.

Dated this 21st day of April 2005

Derek Ralph Lander
Liquidator
80 Overtoun Terrace,
Wellington, New Zealand


GAS RELEASE: Faces Winding Up Proceedings
-----------------------------------------
Notice is hereby given that at a general meeting of members of
Gas Release Co Pty Ltd. (In Liquidation) A.C.N. 079 089 286 held
on April 13, 2005 it was resolved that the company be wound up
as a members' voluntary winding up.

Dated this 19th day of April 2005

Andrew W. Beck
Salvatore Algeri
Liquidators


HENRY WALKER: Clough Completes WA Civil Transaction
---------------------------------------------------
Clough Limited (ASX:CLO) has completed the transaction with the
Henry Walker Eltin Administrator to buy its Western Australian
Civil construction business.

As a result of the transaction Clough has obtained the name of
"Clough Walker Civils", associated intellectual property and
HWE's 45% interest in the Roe 7 highway extension project.

Clough has transferred the jobs and entitlements of thirteen
former HWE employees to its payroll. These entitlements include
annual leave, long service leave and other accrued benefits.

Clough is one of Australia's largest multi-disciplinary
engineering, construction and development groups. Clough
operates globally in industry sectors such as onshore and
offshore oil and gas, petrochemicals, minerals processing,
infrastructure and property and has a significant capability in
project management and engineering.

CONTACT:

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


HILLS MOTORWAY: Managing Director Resigns
-----------------------------------------
Hills Motorway Group advised that as a result of the successful
takeover bid fro Hills by Transurban, the Hills Board has
accepted the resignation of Mr. John Hopman as managing director
of The Hills Motorway Limited.

Transurban recognizes the valuable knowledge Mr. Hopman has of
Hills and has asked Mr. Hopman to be a consultant to Hills to
assist in the smooth transition of the Hills business into the
Transurban Group.

The Hills Board and Transurban would like to thank Mr. Hopman
for his valuable contribution to the Hills Motorway Group.

John Collier
Chief Financial Officer/Company Secretary]
The Hills Motorway Limited
Telephone: (61 2) 9869 5311

CONTACT:

Hills Motorway Group
Off Culloden Road
M2 Toll Plaza Building
North Ryde, New South Wales 2113
Australia
Phone: +61 2 9869 4578
Fax: +61 2 9869 4519
Web site: http://www.hillsmotorway.com.au/


JAMES MCLARTY: Enters Voluntary Liquidation
--------------------------------------------
Notice is hereby given that at an Extraordinary General Meeting
of members of James Mclarty Investments Pty Ltd A.C.N. 008 693
605 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


JALIN PTY: To Pay Dividend to Priority Creditors
------------------------------------------------
A first and final dividend is to be declared on June 6, 2005 in
respect of the priority creditors of Jalin Pty Ltd (In
Liquidation) Formerly Trading As Mobil - Rockbank A.C.N. 089 444
404.

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

Dated this 26th day of April 2005

Peter Goodin
Robyn Erskine
Joint & Several Liquidators
Brooke Bird & Co
Insolvency Practitioners
471 Riversdale Road,
Hawthorn East Vic 3123
Telephone: (03) 9882 6666


MENTONE SMASH: To Undergo Voluntary Winding Up
----------------------------------------------
Notice is hereby given that at a meeting of creditors held on
April 20, 2005 it was resolved that Mentone Smash Repairs Pty
Ltd (In Liquidation) A.C.N. 005 442 688 be wound up voluntarily
and that for such purposes Glenn Anthony Crisp, Chartered
Accountant, of RSM Bird Cameron Partners, Level 8, 525 Collins
Street, Melbourne, be appointed Liquidator.

Dated this 21st day of April 2005

Glenn Anthony Crisp
Liquidator
RSM Bird Cameron Partners
Rialto South Tower, Level 8,
525 Collins Street,
Melbourne Vic 3000
Telephone: (03) 9286 1800
Facsimile: (03) 9286 1899


PARMALAT AUSTRALIA: Vows to Stay with Embattled Parent
------------------------------------------------------
Parmalat Australia said it will remain part of its beleaguered
Italian parent despite losing AU$20.6 million from the fraud
scandal, according to The Advertiser.

The local operation's future as part of Parmalat Finanziaria was
secured after the extraordinary administrator confirmed it was
part of the restructured global group that will relist on the
Milan Stock Exchange in the second half of this year, in a bid
to repay creditors.

Parmalat Australia announced it has already renegotiated a
replacement loan facility with a banking syndicate led by ANZ
Bank, which included Suncorp and the Bank of Scotland.

The facility is said to be at a significantly reduced cost to
previous facilities and is in place until February 2008.

Parmalat Australia's Managing Director David Lord said that the
firm will be a core member of the restructured group provides us
with significant structural and strategic advantages.

"The uncertainty created by the parent company administration is
now well behind us," Mr. Lord declared.

CONTACT:

Parmalat Australia Ltd
South Brisbane, Queensland,
Australia


PROFESSIONAL VINYL: Liquidator to Report on Winding Up
------------------------------------------------------
Notice is hereby given that a final meeting of members and
creditors of Professional Vinyl Floors Pty Ltd (In Liquidation)
A.C.N. 091 513 736 will be held at the offices of Brooke Bird &
Co., Chartered Accountants, 471 Riversdale Road, Hawthorn East,
3123, on June 6, 2005 at 9:30 a.m. for the purpose of having an
account laid before them showing the manner in which the winding
up has been conducted and the property of the company disposed
of and of hearing any explanations that may be given by the
Liquidators.

Dated this 18th day of April 2005

Robyn Erskine
Peter Goodin
Joint & Several Liquidators
Brooke Bird & Co
Chartered Accountants
471 Riversdale Road,
Hawthorn East 3123
Telephone: 9882 6666


QANTAS AIRWAYS: April Revenue Seat Growth Falls
-----------------------------------------------
Qantas Airways has announced its preliminary monthly traffic and
capacity statistics for April 2005.

Month of April 2005

Total Domestic (Qantas, QantasLink and Jestar) traffic, measured
in Revenue Passenger Kilometers (RPKs) increased by 10.8 percent
in April 2005 while capacity, measured in Available Seta
Kilometers (ASKs) increased by 11.5 percent. This resulted in a
revenue seat factor of 80.4 percent, 0.5 percentage points lower
than for April 2004.

Total International (Qantas and Australian Airlines) RPKs
increased by 1.2 percent in April 2005, while ASKs increased by
2.5 percent over the same period. The resulting revenue seat
factor of 75.2 percent was 1.0 percentage points lower than the
previous.

April Group (comprising Qantas Domestic, QantasLink, Jestar,
Qantas International and Australian Airlines) passenger numbers
increased by 8.2 percent over the previous year. RPKs increased
by 4.2 percent, while ASKs were up 5.2 percent, resulting in a
revenue seat factor of 76.9 percent, which was 0.7 percentage
points lower than the previous.

Financial Year to Date April 2005

Total Domestic revenue seat factor for the financial year to
April 2005 decreased by 0.8 percentage points to 79.2 percent
when compared with year to date April 2004, while total Domestic
yield excluding exchange decreased by 3.4 percent over the same
period. Total International yield excluding exchange for the
financial year to April increased by 4.1 percent when compared
with the same period last year. Total International revenue seat
factor decreased by 3.0 percentage points to 75.9 percent over
the same period.

Group passenger numbers for the year to April 2005 increased by
9.3 percent from the previous year. RPKs increased by 7.6
percent, while ASKs increased by 10.8 percent, resulting in a
revenue seta factor of 76.9 percent, 2.3 percentage points lower
than the previous year.

Recent Developments

On June 1, 2005, Qantas confirmed that the delivery of its first
A380 would be delayed by six months as a result of manufacturing
issued at Airbus. Qantas is now scheduled to take delivery of
the first of its 12 new A380 aircraft in April 2007. Qantas is
developing contingency plans to ensure there is no impact on its
schedules or available capacity during the six month delay.
Possible contingencies under discussion include deferring the
retirement of a number of aircraft, redirecting capacity, and
bringing forward the delivery of other aircraft on order. Qantas
will be working closely with Airbus to ensure to ensure the new
deadline is met and will also be seeking compensation from
Airbus in line with the terms of its contract.

On May 11, 2005, Qantas announced an additional 11 domestic
flights per week for Western Australian. From July 2005, Qantas
will add five extra Perth-Brisbane services, three additional
Perth-Melbourne flights, a third Perth-Cairns service and a
second seasonal Broome-Sydney service. A second seasonal Perth-
Kumumurra service operated by QantasLink was added from 18 May
2005. The flights will provide an additional 1,700 seats in each
direction each week.

On April 29, 2005, the Qantas Group announced that it would move
to all-inclusive pricing for its airfare and package holiday
advertising in Australia from May 11, 2005. Qantas made the
decision in support of the Federal Government's recent
announcement that it would amend the Trade Practices Act in
relation to component pricing in a number of industries. Qantas,
QantasLink, Australian Airlines and Jestar have all moved to the
new advertising style.

For a copy of the entire press release, click on:
http://bankrupt.com/misc/TCRAP_QANTASAIRWAYS060205.pdf

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


QANTAS AIRWAYS: Fires Security Manager as Scandal Escalates
-----------------------------------------------------------
Qantas Airways' has sacked a security manager over a security
controversy at Australia's airports, Asia Pulse says.

The airline has terminated the contract of former drug detective
and the carrier's security manager Alan Conwell as a result of
an ongoing investigation.

In evidence before the commission, Mr. Conwell was caught on
phone taps trying to help a criminal associate of fugitive
Michael Hurley avoid prosecution.

The move came after a secret Australian Customs Service report,
completed last September, found some Sydney airport workers had
been involved in drug smuggling and stealing, and some could
pose a terrorist threat.

The reports also detailed serious security breaches and illegal
activity by baggage handlers, aircrew, ramp and trolley workers,
security screeners and cleaners.


QANTAS AIRWAYS: Relaxes Mobile Rules
------------------------------------
Qantas Airways will allow domestic passengers to make mobile
phone calls once their flight has landed and as it approaches
the airport terminal, The Advertiser reports.

The airline will also permit business passengers to use mobile
phones and personal digital assistants equipped with "flight
mode" on board once the seatbelt sign has been turned off after
take-off.

Flight mode switches off the transmitter in a phone or PDA but
allows the device's other functions to be used. Users will be
required to activate flight mode prior to turning the device off
and all electronic equipment will still need to be switched off
for landings and take-off.

In a relaxation of rules that align the Australian carrier more
closely with overseas practices, Qantas will allow passengers on
domestic flights, from June 7, to make calls after the aircraft
has landed.

Qantas's softer stance on mobile phones comes as the US Federal
Communications Commission is considering whether to completely
lift its ban on mobile phone usage in planes.

The airline originally banned all mobile phone use on board
because of hotly debated fears the devices could interfere with
electronics on aircraft.

However, it has previously bowed to demand from business
customers and allowed passengers on Cityflyer flights docked at
aerobridges to use the devices until the cabin door was shut.

Qantas said the new policy, which has been approved by the Civil
Aviation Safety Authority, will initially apply only to domestic
flights.


RIMBANDA PTY: Members Agree to Wind Up Company
----------------------------------------------
At a General Meeting of Rimbanda Pty Ltd (In Liquidation) A.C.N.
009 853 516, 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 liquidator so
desire.

Dated this 22nd day of April 2005

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


R&M HOGG: Hires Official Liquidator
-----------------------------------
Notice is hereby given that at a General Meeting of R&M Hogg Pty
Ltd (In Liquidation) A.C.N. 063 624 715 held on April 15, 2005
it was resolved that the company be wound up voluntarily as a
Members' Voluntary Winding up and that for such a purpose,
Geoffrey Cootes be appointed liquidator.

Dated this 15th day of April 2005

Geoffrey Cootes
Liquidator


SHEPPARTON FURNITURE: Voluntarily Winds Up
------------------------------------------
Notice is hereby given that on April 22, 2005 the following
special resolution was passed in respect of Shepparton Furniture
Cartage Pty Ltd (In Liquidation) A.B.N. 71 007 341 460:

That the Company be wound up voluntarily in accordance with the
Corporations Act 2001 relating to a Creditors' Voluntary Winding
Up and that Mr. K. L. Sutherland, Chartered Accountant of 332 St
Kilda Road, Melbourne be appointed Liquidator.

Dated this 22nd day of April 2005

K. L. Sutherland
Liquidator
Bent & Cougle
Chartered Accountants
Level 5, 332 St Kilda Road,
Melbourne Vic 3004


SUPERPAK PTY: Members Opt for Winding Up
----------------------------------------
At a general meeting of the members of Superpak Pty Ltd (The
Company) A.C.N. 100 911 260 duly convened and held at Level 8,
525 Collins Street, Melbourne on April 21, 2005 the Special
Resolution set out below was duly passed:

That the company be wound up voluntarily.

Dated this 21st day of April 2005

Eric Rizoglou
Director
c/- RSM Bird Cameron
Chartered Accountants
Level 8, 525 Collins Street,
Melbourne Vic 3000
Telephone: (03) 9286 1800
Facsimile: (03) 9286 1899


TAILWINGS PTY: Liquidator to Detail Manner of Winding Up
--------------------------------------------------------
Notice is hereby given that a final meeting of members and
creditors of Tailwings Pty Ltd (In Liquidation) A.C.N. 088 253
856 will be held at the offices of Brooke Bird & Co., Chartered
Accountants, 471 Riversdale Road, Hawthorn East, 3123, on June
6, 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 Liquidators.

Dated this 18th day of April 2005

Robyn Erskine
Peter Goodin
Joint & Several Liquidators
Brooke Bird & Co
Chartered Accountants
471 Riversdale Road,
Hawthorn East 3123
Telephone: 9882 6666


TRAVEL SYSTEMS: Final Meeting Set June 8
----------------------------------------
Notice is hereby given that a final meeting of members and
creditors of Travel Systems Group Pty Ltd (In Liquidation)
A.C.N. 081 784 250 will be held at the offices of Brooke Bird &
Co, Chartered Accountants, 471 Riversdale Road, Hawthorn East,
3123, on June 8, 2005 at 9:30 a.m., for the purpose of having an
account laid before them showing the manner in which the winding
up has been conducted and the property of the company disposed
of and of hearing any explanations that may be given by the
Liquidators.

Dated this 18th day of April 2005

Robyn Erskine
Peter Goodin
Joint & Several Liquidators
Brooke Bird & Co
Chartered Accountants
471 Riversdale Road,
Hawthorn East 3123
Telephone: 9882 6666


WAVERLEY WOOLLEN: State Rejects Bailout
---------------------------------------
Failed Waverley Woollen Mills is very unlikely to get financial
support from the State Government, Mercury News relates.

The state has ruled out injecting fresh capital into the veteran
travel rug and blanket manufacturer in Launceston, since it
wants to concentrate more in securing employment for the mill
workers.

Economic Development Minister Lara Giddings said the sale of
Waverley's assets offered hope for the mill's 80 employees.

The 130-year-old firm entered administration last month, with
total debt of AU$3 million.

CONTACT:

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


WESTBUS: Depot Sales Cast Cloud on Future
-----------------------------------------
A surprise decision to sell six depots owned by failed private
bus operator Westbus has mired hopes for recovery, says the
Daily Telegraph.

Westbus administrators have offered for sale multi-million
dollar depots at Seven Hills, Penrith, Bonnyrigg, Northmead,
Dural and Windsor as individual properties without conditions
they remain depots.

Drivers and staff were shocked by Administrator Peter Yates'
unexpected decision, since it could leave 520 buses homeless.
The move has also cast doubts on the jobs of 800 people, as well
as the transport of 100,000 daily commuters and schoolchildren.

Transport Workers Union representatives said they were led to
believe that Westbus, which crumbled in February under debts of
AU$100 million, would be sold as an ongoing concern. They said
they will do whatever they can to prevent the depots' sale.

Mr. Yates reportedly opted for the depot sales in a bid to
maximize return to creditors.

CONTACT:

Westbus Pty Ltd
Level 12, 100 George Street
Parramatta, NSW 2150
Web site: http://www.westbus.com.au


WINEORB: Class Suit Looms
-------------------------
Disgruntled investors of failed investment fund Wineorb are
considering a group action to legally recover their wine, The
Australian says.

Around 130,000 bottles of premium Australian wine worth over
AU$6 million are now kept by liquidator Peter Ngan at Winevault
in Sydney's Artamon.

Wineorb investors, including Tony Carr and Paul Bruton, said
they are worried because the liquidator has refused to divulge
any information about the true value of the wine.

Mr. Ngan, an accountant with Ngan & Co, was replaced by Nick
Crouch as liquidator of another failed wine fund, Heritage Fine
Wines, earlier last month. He stepped down amid claims his
decision to buy ANZ's AU$324,000 in unpaid loans to Heritage,
making him the biggest secured creditor, created an untenable
conflict of interest.


WINNERS CIRCLE: Hires Liquidator from Hall Chadwick
---------------------------------------------------
Notice is hereby given that at a general meeting of the members
of The Winners Circle Club No 3 Ltd (In Liquidation) A.C.N. 094
304 686 held on April 18, 2005, it was resolved that the company
be wound up voluntarily and that, Stan Traianedes, of Hall
Chadwick, Chartered Accountants, Level 9 459 Collins Street,
Melbourne Vic 3000 was appointed to act as Liquidator for the
purpose of the winding up.

Dated this 19th day of April 2005

Stan Traianedes
Liquidator
Hall Chadwick
Chartered Accountants
Level 9, 459 Collins Street,
Melbourne Vic 3000


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

ARTDECO DESIGN: Begins Winding Up Process
-----------------------------------------
Notice is hereby given that a Petition for the Winding up of
Artdeco Design & Construction Limited by the High Court of Hong
Kong was on April 15, 2005 presented to the said Court by Wu Man
Tak of Room 606, Nam Yiu House, Nam Shan Estate, Shamshuipo,
Kowloon, Hong Kong.  

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

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

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

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

Note:

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


BANK OF CHINA: Releases 2004 Annual Report
------------------------------------------
On May 31, Bank of China (BOC) formally released its 2004 annual
report with approval from its Board of Directors.

The year 2004 was a watershed in terms for BOC's development and
reform. Significantly, Bank of China Limited was incorporated as
a joint-stock bank.  The Bank took full advantage of expanding
market opportunities, strengthened its corporate governance and
enjoyed steady growth.

In 2004, Bank of China Group (the Group) had an operating profit
RMB 57.8 billion, and net profit for the year was RMB 20.9
billion. Excluding the effect of the net gain from sale of
shares in Bank of China Hong Kong (Holdings) Limited in 2003,
operating profit increased by 21.3 percent, and net profit kept
nearly the same compared to year 2003. The key ratios of return
on average total assets and return on average shareholders'
funds were 0.61 percent and 10.04 percent, respectively.

At the end of 2004, BOC's capital adequacy ratio was 10.04%,
which reflects a strengthening of the Group's capital position.
The disposition of NPLs has, through write-offs and sales, been
substantially completed. Asset quality has improved
significantly, with a non-performing loan ratio of 5.12% and NPL
provision coverage of 68.02 percent.

During 2004, the Group's operating income was RMB104.7 billion.
Excluding the effect of the net gain from sale of shares in Bank
of China Hong Kong (Holdings) Limited in 2003, operating income
increased 22.2 percent. The Group's net interest income
increased by RMB 13.1 billion, or 18.2 percent, to RMB 85.0
billion in 2004.

This increase was attributable to the effects of steady growth
in the average balance of interest-earning assets and a widening
of the net interest spread. Income from intermediary business
activities grew steadily. Net fee and commission income rose by
16.4 percent to RMB 8.6 billion and net trading income increased
by 96.4 percent to RMB8.8 billion.  

At December 31, 2004, the Group's total assets were RMB 4,270.4
billion, 7.3 percent more than the previous year-end. The
Group's outstanding balance of loans was RMB 2,146.5 billion.
After excluding the effect of the write-offs and sales of NPLs
as part of Joint Stock Reform, loan growth was 11.3% during
2004. Consumer lending experienced robust growth as a result of
continued market expansion and BOC's introduction of innovative
new products. At December 31, 2004, the Group's balance of
deposits was RMB 3,342.5 billion, an increase of 10.1 percent
over the previous year-end.

Bank of China's 2004 Annual Report reflects its commitment to
continuing improvement in financial reporting and disclosure in
many areas. First, the Bank's 2004 financial statements reflect
the adoption of the Accounting System for Financial Institutions
(2001), which is more consistent with international practice.
Notably in this regard, the financial statements reflect
provisions for all impaired assets that are based on their
estimated recoverable amounts. Management believes that these
financial statements properly reflect BOC's financial position
and results of operations. PricewaterhouseCoopers has audited
these financial statements and issued an unqualified opinion.

Next, these financial statements reflect the adoption of the
classification provisions of International Accounting Standard
No. 39.  In this regard, BOC's investments in debt securities
have been accounted for at either fair value or amortised cost.  
In addition, all derivatives have been accounted for at fair
value. Furthermore, the bank is substantially consistent with
the requirements on disclosure and presentation of financial
instruments of IAS 39.

Finally, consistent with the CSRC disclosure requirements for
listed banks, the financial statements include significantly
expanded disclosures and more detailed account breakdowns.

The abstract of the 2004 Annual Report is available through
newspapers and can also be viewed through Bank of China's
website at http://www.bank-of-china.com/

CONTACT:

Bank of China
1 Fuxingmen Nei Dajie
Beijing, 100818, China
Phone: +86-10-6659-6688
Fax: +86-10-6601-4024

This is a Company press release.


BANK OF COMMUNICATIONS: Sees RMB7.5-8.3 Bln Profit This Year
------------------------------------------------------------
The Bank of Communications (BoComm) is expected to report a net
profit of RMB 7.5-8.3 billion this year, with a return on equity
(ROE) between 13.23-14.67 percent, Infocast News reports, citing
China Everbright Securities.

The brokerage said that BoComm's loan growth slipped from 28.9
percent as in 2003 to 16.4 percent last year, mainly due to the
impact of the macroeconomic control measures. It is projected
that the commercial and retail loan growths will be 9.5 percent
and 44.3 percent respectively, similar to the 2004 figures.

China Everbright estimated that the lender's net interest margin
(NIM) will widen from last year's 2.59 percent to 2.61 percent
this year, while operating will take a 13.2 percent dive. The
2005 provisions are estimated at RMB3.78 billion, equivalent to
0.51 percent of gross advances. This figure is the same as the
running average for the past 3 years, but higher than the 2004
figure of 0.48 percent.

The brokerage added that the bank's 2004 cost-to-income ratio
was 60.8 percent, which is the highest among listed banks.
Accordingly, BoComm has room to improve its operating
efficiency. It is predicted that the bank's cost-to-income ratio
can be reduced to 53.5 percent in 2005.  

CONTACT:

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


CHINA CONSTRUCTION: Citigroup May Be Excluded From $5-Bln IPO
-------------------------------------------------------------
Citigroup Incorporated may be excluded from this year's largest
initial public offering (IPO), a $5 billion sale for China
Construction Bank, Bloomberg News reports.

People involved in the transaction said Construction Bank didn't
invite Citigroup to meetings with investment bankers from Morgan
Stanley and China International Capital Corporation during the
past two weeks. The three companies were hired in 2004 to
arrange the bank for an IPO.

Richard Tesvich, Citigroup's spokesman in Hong Kong, declined to
comment.

Citigroup still is negotiating to remain in the transaction, the
people said. Chief Executive Officer Charles Prince has met with
Construction Bank's new Chairman Guo Shuqing in Beijing two
weeks ago, the people said, without being more specific.

Construction Bank, which is planning to sell shares in Hong Kong
this year, wants to boost investor confidence in its management
by appointing foreign bankers and accountants as independent
directors.

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


GETEK INDUSTRIES: Winding Up Hearing Set June 22
------------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Getek Industries Company Limited by the High Court of Hong Kong
Special Administrative Region was on April 21, 2005 presented to
the said Court by Bank of China (Hong Kong) Limited (the
successor banking corporation to Kincheng Banking Corporation
pursuant to Bank of China (Hong Kong) Limited (Merger) Ordinance
(Cap.1167) whose registered office is situated at 14th Floor,
Bank of China Tower, 1 Garden Road, 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.

Fong & Ng
Solicitors for the Petitioner
Suite 1101, 11th Floor
Nine Queen's Road Central
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 21, 2005.


INDUSTRIAL AND COMMERCIAL: Appoints New Secretary
-------------------------------------------------
The Board of Directors of Industrial and Commercial Bank of
China (Asia) Limited (349) announces that Mr. Ngai Wai Fung has
resigned as the Company Secretary of the Bank and Ms. Cheng Pui
Ling, Cathy has been appointed as the Company Secretary of the
Bank both with effect from June 1, 2005.

Ms. Cheng is a solicitor of the High Court of the Hong Kong
Special Administrative Region, with over 14 years of experience
in legal and company secretarial field.

Taking this opportunity, the Board would like to express its
sincere gratitude to Mr. Ngai for his contributions to the Bank
during the tenure of his service and to welcome Ms. Cheng to
join the Bank.

On behalf of the Board
Wong Yuen Fai
Director and Alternate Chief Executive
Hong Kong, 1 June 2005

As at the date of this announcement, the Board comprises Mr. Zhu
Qi, Mr. Wong Yuen Fai and Mr. Zhang Yi as executive directors,
Dr. Jiang Jianqing, Ms. Wang Lili, Mr. Chen Aiping and Mr. Damis
Jacobus Ziengs as non-executive directors and Professor Wong Yue
Chim, Richard, SBS, JP, Mr. Tsui Yiu Wa, Alec and Mr. Yuen Kam
Ho, George as independent non-executive directors.

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


LOYALAND ASIA: Court Releases Winding Up Order
----------------------------------------------
Loyaland Asia Limited with registered office located at Room Pa,
Block 2, 23/F, Kingswin Industrial Building, 32-50 Lei Muk Road,
Kwai Chung, 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


MOULIN GLOBAL: Updates Status of Bank Facilities
------------------------------------------------
Reference is made to Moulin Global Eyecare Holdings Ltd's (389)
announcement dated April 28, 2005 relating to, amongst other
things, the delay in publication of the Company's results for
the year ended December 31, 2004 and the change of auditors.

On 29 April, 2005, the Company and its subsidiaries (the Group)
were in technical default of their banking arrangements by
virtue of trading in shares in the Company having been suspended
on the Stock Exchange for more than nine trading days breaching
a covenant in a loan agreement entered into with a syndicate of
banks, as announced by the Company on 12 November, 2004,
comprising a term loan facility of up to HK$450,000,000 and a
revolving credit facility of up to HK$300,000,000.

As at the date of this announcement, the Group has not received
from the syndicate of banks any claims or demands for repayment
of the aggregate loan amount of HK$750,000,000 as a result of
the technical default.

The Group has received demand letters from eight of its bank
creditors (the Bank Creditors) requiring the immediate repayment
of an aggregate of some HK$329 million. The receipt of demand
letters from Bank Creditors also triggered cross default
provisions in other bank facilities of the Group. Save for the
demand letters that have been received, the Directors are not
aware of any other actions being instituted by Bank Creditors
against the Group.

As at the latest practicable date for the purposes of this
announcement, the Group, excluding Eye Care Centers of America,
Inc. (ECCA), had unaudited aggregate bank borrowings of some
HK$2.8 billion. Subsequently, on May 9, 2005, the Company met
its Bank Creditors, and at that meeting, received informal
indications of support from them. Formal withdrawal of one of
the demand letters has been received as at the date of this
announcement.

On May 9, 2005, a steering committee of Bank Creditors was
formed comprising representatives of seven of them to oversee
the Company's discussions with Bank Creditors in relation to the
Group's indebtedness then. An independent financial adviser has
been engaged by the steering committee, at the expense of the
Company, to review the operations of the Group (the Review). In
the meantime, Bank Creditors are continuing to make facilities
of a revolving nature, including trade lines, available to the
Group.

The Company is presently discussing a formal standstill with
Bank Creditors pending the results of the Review and the
submission of a recapitalisation proposal from Anglo Chinese
Corporate Finance, Limited (Anglo Chinese) by way of a rights
issue, other issue of securities, asset sales or the
introduction of a strategic investor.

The Company and its Bank Creditors are reviewing a draft
standstill agreement and the Company has been and continues to
cooperate with the steering committee and its independent
financial advisers in providing access to information.
Meanwhile, the Company will announce as necessary further
developments relating to its discussions with Bank Creditors.
The Company has undertaken not to give preference to any Bank
Creditor over another in terms of loan repayments or creating or
perfecting security, pending a standstill agreement having been
agreed.

Save for four mortgage loans with an aggregate outstanding
principal of some HK$8.6 million as at 6 May, 2005, none of the
Group's other assets were pledged as collateral for the Group's
bank borrowings in Hong Kong.

OPERATIONS OF THE GROUP

The Group designs, manufactures and distributes quality eyewear
products to customers worldwide. The Group is the largest
eyewear manufacturer in Asia and the third largest worldwide,
with production volumes exceeding fifteen million frames per
year. It is expected that the Group's recent acquisition of
ECCA, the second largest optical retail chain as measured by net
revenues in the United States, will transform the Group into a
vertically integrated eyewear company with global operations.

Notwithstanding that a formal standstill agreement with Bank
Creditors is not yet in place, and providing that Bank Creditors
do not enforce demands made, the board of directors of the
Company (the Board) believes that the Group has sufficient
internally generated working capital for its operations. The
Group's day-to-day operations have not been impacted by the
status of its bank facilities.

As at the latest practicable date for the purpose of this
announcement, the Group held approximately HK$90 million in an
operating account with a bank in Hong Kong where no borrowing
relationship exists with the Group.

The acquisition of ECCA was completed on March 1, 2005. As
previously announced, the acquisition was funded by
shareholders' equity and by the issue of senior subordinated
notes and bank borrowings. These bank facilities were secured by
substantially all of the assets of ECCA, including its capital
stock and the capital stock of its subsidiaries. All the
financing arrangements for the ECCA acquisition, which are
without recourse to the Company, have been completed.
The Company does not anticipate any immediate funding
requirements for the ECCA operations and expects reduced working
capital requirements after completion of the ECCA acquisition as
a result of a then integrated distribution network and
streamlined supply chain. It is expected that the Group's cash
generating capability will be strengthened after the acquisition
with ECCA, it having produced a total of US$57 million (HK$445
million) in free cash flow in the three fiscal years ended 31
December, 2003.

CHANGE OF AUDITORS AND DELAY IN PUBLICATION OF ANNUAL RESULTS

Further to the Company's announcement of 28 April, 2005, the
Board anticipates that the publication of the Group's 2004
annual results will be delayed until the end of June, 2005. This
delay constitutes a breach of Rules 13.46(2) (a) and 13.49(1) of
Rules Governing the Listing of Securities on The Stock Exchange
of Hong Kong Limited (the Listing Rules). The Stock Exchange of
Hong Kong Limited reserves the right to take appropriate action
against the Company and, or, its directors in respect of such
breach. However, such delay did not result in a breach of the
bye-laws of the Company or the applicable laws of Bermuda.

The Company will set up an independent team with experience in
reviewing financial reporting and compliance systems, procedures
and controls to review the internal control systems of the
Group.

According to the bye-laws of the Company, if the office of the
auditor of the Company becomes vacant by resignation, the Board
shall as soon as practicable convene a special general meeting
to fill the vacancy. The Board has resolved to propose to the
shareholders of the Company the appointment of CCIF CPA Limited
(CCIF) as the new auditors of the Company to fill the vacancy
arising from Messrs. Deloitte Touche Tohmatsu's resignation
until the conclusion of the next annual general meeting of the
Company. A notice of special general meeting with an
accompanying circular will be diespatched to the shareholders of
the Company on June 1, 2005.

BOARD CHANGES

The Board also announces that Mr. Ma Hon Kin, Dennis and Mr.
Joseph A. Barrett have resigned as executive directors of the
Company with effect from May 13, 2005. The resignation of Mr. Ma
was part of the Company's plan to reduce the proportion of
family members on the Board, and in due course, additional
independent non-executive directors are expected to be
appointed. Mr. Barrett resigned due to his plans to return to
the United States. Mr. Barrett had on 16 May, 2005 entered with
the Company into a consultancy agreement under which
Mr. Barrett agreed to provide consultancy services to the Group.
Save for the aforesaid, the Board is not aware of any matters
relating to the resignation of the two executive directors that
need to be brought to the attention of the shareholders of the
Company. Mr. Ma and Mr. Barrett have confirmed that none of them
presently have any disagreement with other members of the Board
in relation to matters concerning the Group.

GENERAL

Anglo Chinese has been appointed to advise the Company in
negotiating with its Bank Creditors and on a recapitalization
proposal which may involve raising new capital by way of a
rights issue, other issue of securities, asset sales or the
introduction of a new strategic investor. It is not presently
expected that the introduction of a new strategic investor, if
it happens, will result in a change of control of the Company
within the meaning of the Hong Kong Codes on Takeovers and
Mergers.

The Company noted that there are recent newspaper articles
reporting the Company's intention to place its shares through
Sun Hung Kai Securities Limited. The Company is not in
discussion with any brokerage firms, securities firms or any
other parties with regard to the placing of its shares. The
Board has confirmed that the contents of such articles are not
true and do not have any basis or substance.

The Board also confirms that there are no negotiations or
agreements relating to intended acquisitions or realizations,
which are discloseable under Rule 13.23 of the Listing Rules.
Save as disclosed in this announcement the Board is not aware of
any other matter discloseable under the general obligation under
Rule 13.09 of the Listing Rules, which is or may be of a price-
sensitive nature.

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

Trading in the Company's shares has been suspended at the
request of the Company with effect from 9:30 a.m. on 18 April,
2005 and will continue to be suspended until the publication of
the Company's 2004 annual results and the concerns of the Stock
Exchange arising from the delay in the publication of annual
results have been satisfactorily addressed.

CONTACT:

Moulin Global Eyecare Holdings Limited
4/F, Kenning Industrial Building
19 Wang Hoi Road, Kowloon Bay
Kowloon, H.K.  
Phone: 27073800  
Fax: 21487272  
Web site: http://www.moulin.com.hk

This is a Company press release.


NEW WINNING: To Undergo Winding Up Process
------------------------------------------
New Winning Development Limited with registered office located
at Ground Floor, 38 Wing Shun Street, Tsuen Wan, New Territories
was issued a winding up notice by the High Court of the Hong
Kong Special Administrative Region Court of First
Instance on May 18, 2005.

Date of Presentation of Petition: March 16, 2005

Dated this 27th day of May 2005.

ET O'Connell
Official Receivers


STANDARD CURTAIN: Winding Up Hearing Slated for July 6
------------------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Standard Curtain Factory Limited by the High Court of Hong Kong
Special Administrative Region was on the 5th day of May 2005
present to the said Court by Bank of China (Hong Kong) Limited
(the successor banking corporation to Kincheng Banking
Corporation pursuant to Bank of China (Hong Kong) Limited
(Merger) Ordinance (Cap.1167) whose registered office is
situated at 14th Floor, Bank of China Tower, 1 Garden Road, Hong
Kong.  

The said Petition is to be heard before the Court at 9:30 a.m.
on July 6, 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.

Fong & Ng
Solicitors for the Petitioner
Suite 1101, 11th Floor
Nine Queen's Road Central
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 July 5, 2005.


UNION GAINER: Receives Winding Up Notice
----------------------------------------
Union Gainer Holdings Limited with registered office located at
Shop C Ground Floor and Shop A, B, C, Upper Ground Floor, Siu
Wah Building, 116-122 Tsat Tsz Mui Road, 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
=================

STAR AIR: Halts Ops Due to High Fuel Costs, Competition
-------------------------------------------------------
Indonesian budget airline Star Air stopped operations this week
amid fierce competition and rising fuel costs, Agence France
Presse reports.

According to Star Air official Ade, the airline halted all its
operations indefinitely, as of June 1, 2005, with the last
flight from Surabaya, Java, which landed in Sukarno-Hatta on May
31. Airline spokesperson Nurwulan Handayani said that all the
557 employees of Star Air would be temporarily suspended until
the Company could find a buyer.

The Media Indonesian newspaper reported Star Air President Eddy
Saddily as saying that the rising price of aviation fuel and
monthly losses of up to IDR1 billion put the airline out of
business. Aviation fuel expenses represented 53% of the
airline's operational costs.

Star Air operated domestic routes, with one international route
from Jakarta to Kuala Lumpur, Malaysia. The airline has six
Boeing 737-200 and two MD-82 aircraft.

CONTACT:

Star Air
Jl. Gunung Sahari Raya No. 57 A - B
Jakarta 10610, Indonesia
Phone: 62 21 422 2622, 424 9622, 424 9742
Fax:   62 21 424 9538
Email: commercial@starair-online.com
Web site: http://www.starair-online.com
  

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

CITIBANK JAPAN: Citigroup Units in Trouble Over Taxes
-----------------------------------------------------
Two Japanese units of U.S. giant Citigroup Inc. were reprimanded
by the Tokyo Regional Taxation Bureau for failing to declare
about JPY8.4 billion in taxable income in the four years to
March 2004, The Asahi Shimbun reports.

The tax agency has ordered Citibank Japan and Cititrust and
Banking Corporation to pay an estimated JPY2.7 billion in back
taxes and penalties. The two units have already filed revised
tax reports. The income was gained mainly from acts that
violated the Banking Law.

In September 2004, the Financial Services Agency (FSA) revoked
its permission for Citibank Japan to operate its four offices in
Japan for repeated violations of the Banking Law, including the
promotion of Japanese investments in overseas real estate
without registration and opening shady accounts allegedly used
for money laundering.

The FSA in April this year has ordered the two firms not to
engage in any new trust business because of illegal operations
and its evasion of an agency inspection since May 2.

CONTACT:

Citibank Japan
Ohtemachi Branch
1F, Ohte Center Bldg., 1-1-3 Ohtemachi
Chiyoda-ku, Tokyo 100-0004  
Phone: 03(3215) 0051


KANEBO LIMITED: Seeks 'Magic Pill' As Sales Fall 40%
----------------------------------------------------
Kanebo Limited returned to profit for the first time in six
years on the back of a spin-off of its cosmetics division,
despite a 40 percent fall in sales, according to the Yomiuri
Shimbun.

The Company, which is undergoing rehabilitation, will be
delisted from the Tokyo Stock Exchange and Osaka Securities
Exchange on June 13 for its accounting fraud that had continued
for the five years through March 2004.

The sharp drop in sales was largely a result of restructuring
efforts, including the spin-off of its cosmetic business and the
transfer or liquidation of 22 businesses, including a cup noodle
business.

But there is a sign of recovery with Kanebo now concentrating on
its three core businesses--daily commodities, pharmaceuticals
and food.

CONTACT:

Kanebo Limited
Fukuoka, Sapporo
3-20-20 Kaigan Minato Tokyo
108-8080 Japan
Web site: http://www.kanebo.co.jp/english/Index.htm


MITSUBISHI MOTORS: Canada Reports May 2005 Sales
------------------------------------------------
Mitsubishi Motor Sales of Canada, Inc. (MMSCAN) reported May
sales of 742 vehicles and year-to-date sales of 4,224 vehicles.

Mitsubishi Motors North America, Inc., (MMNA) is responsible for
all manufacturing, finance, sales, marketing, research and
development operations of the Mitsubishi Motors Corporation in
the United States and Canada.

Mitsubishi Motors sells coupes, convertibles, sedans and sport
utility vehicles through a network of approximately 650 dealers.
Mitsubishi Motors sold its first vehicle in the U.S. in 1981,
and began building cars in 1988 at its manufacturing facility in
Normal, Illinois.

For further information: Laura Hooker, Fleishman-Hillard Canada,
Inc., (416) 645-8181, hookerl@fleishman.com.

This is a press release.


NIPPON SHINKO: Aiful Takeover Rumored
-------------------------------------
Aiful Corporation is keen to acquire Nippon Shinko Bank, a
financially weak bank for small business, Kyodo News reports.

"We have just knocked on the door," Yoshitaka Fukuda told
reporters, denying that negotiations for a takeover are under
way.

Nippon Shinko Bank has been exploring possible business and
equity alliances with several companies, although no decision
has been made, it said in a statement.

CONTACT:

Nippon Shinko Bank Limited
Otemachi Bld. 1F, 1-6-1,
Otemachi, Chiyoda-ku,
Tokyo
Phone: 03-3213-0010


SANYO ELECTRIC: S&P Affirms 'BBB' Rating
----------------------------------------
Standard & Poor's Ratings Services has affirmed its 'BBB' long-
term credit rating on Sanyo Electric Co. Ltd. following an
examination of the company's revisions to its financial
statements for fiscal 2004 (ended March 31, 2005). The outlook
on the long-term rating remains negative.

"Although Sanyo Electric is expected to record a net loss in
fiscal 2005 for the second consecutive year, and its capital
structure is likely to continue to deteriorate, Standard &
Poor's assumes that the profitability of its core businesses
will improve, backed by restructuring measures," said Standard &
Poor's credit analyst Fusako Nagao.

"Furthermore, Sanyo Electric is not expected to increase its
debt further, given the company's policy to generate additional
cash flow through other financing measures, such as asset
sales," Ms. Nagao added.

On May 24, 2005, Sanyo Electric revised its financial results
for fiscal 2004, released April 2005, to reflect additional
reductions in deferred tax assets in response to advice from the
company's auditor. As a result, the company's net loss increased
to JPY171.5 billion from JPY137.1 billion. Standard & Poor's
estimates that the company's ratio of net debt to capital
(excluding Sanyo Electric's financial subsidiary) stands at
about 63%, which is substantially high for a 'BBB' rating. The
ratio is likely to rise further in fiscal 2005 (ending March 31,
2006), since the company expects an erosion of capital from the
expected JPY92 billion net loss, which will partly stem from
business restructuring costs.

Nevertheless, Standard & Poor's expects the company to be able
to avoid further deterioration of its debt-servicing ability
through internal cash flows, as profitability from its core
businesses is expected to recover as a result of the
restructuring. In addition, the company's policy to generate
positive free cash flows by taking on various financing
measures, including sales of assets and a reduction of
inventory, to avoid an increase in debt, should also support its
debt servicing ability.

However, the rating on the company could be lowered if it fails
to recover profitability as planned in fiscal 2005 and its
capital structure deteriorates more than expected.


* Recovery Continues At Japan's Banks
-------------------------------------
Fitch Ratings, the international rating agency, said that
Japan's banking sector has drawn a line under the asset quality
problems it has suffered in recent years. Although two of
Japan's major banks reported net losses for the fiscal year
ending March 2005 (FYE05), according to a report released today,
Fitch said it expects all seven of the major domestic banking
groups to return to the black in the current year (FYE06).

Moreover, Fitch thinks that the major banks may report aggregate
net profits of between JPY1.5 trillion to JPY2.0trn in FYE06,
which would be their best performance since 1989 when their loan
books were about 40% larger than they are now, domestic stock
prices were three times higher, Japan's real estate prices were
booming and the bubble economy was in full swing.

In the comment, Fitch notes the dramatic improvement in asset
quality in the sector. The ratio of net non-performing loans
("NPL") to the banks' aggregate equity was just 15% in FYE05
down substantially from 95% in FYE02. This improvement in asset
quality is the result of increasingly strict regulatory
inspections, the banks' own aggressive NPL disposals in recent
years and substantially higher levels of loan loss reserves.

Fitch welcomes all of these developments. Moreover, the sector's
reliance on deferred tax assets (DTA) to bolster capital ratios
is declining rapidly. The major challenge now facing the sector
is how to raise earnings as loan books continue to shrink and
margins remain thin. Even if the sector reports record net
profitability of JPY1.5 trillion-JPY2.0 trillion in FYE06, it
would represent a return on total assets of about 0.3%-0.4%,
which is only around one-third the level of comparable
diversified major banking groups in other developed markets. As
a result, all of Japan's major banks are adopting strategies to
boost their retail operations, with particular focus on
unsecured consumer and small-business lending, residential
mortgages and fee and commission income.

The amount of public Tier 1 capital outstanding at the major
banks is JPY5.3trn. Fitch expects most of the banks that have
not already done so to repay the government within two to three
years. This will help to improve further the quality if not
quantity of the sector's regulatory capital. With growing
confidence, repaired balance sheets and no longer an obligation
to repay the Japanese taxpayer, Fitch believes the major banks
could start searching at home and overseas for bolt-on
acquisitions as a relatively easy way to help solve the major
question they all now face: how are they going to improve their
earnings?

Contacts: Brett Hemsley, Reiko Toritani, Tokyo, Tel: +81 3 3288
2628; David Marshall, +852-2263-9911.

Media Relations: Ching-Yuen Lock, Singapore, Tel: +65 6238 7301.


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

HYNIX SEMICONDUCTOR: To Raise KRW2.4 Bln in Bond Sale, Loans
------------------------------------------------------------
Hynix Semiconductor Inc. wants to raise KRW2.4 billion through a
bond sale and syndicated loans, reports Asia Pulse.

The South Korean chipmaker would use the proceeds from the sale
and the loan to repay its maturing debts and fund operations.

The Company's board of directors approved the financial scheme,
and the firm plans to raise KRW1 trillion in an international
bond sale, while the rest would be borrowed from domestic
creditors.

The bonds have a 12-year maturity date, and are set to be listed
on the Singapore Stock Exchange, according to the Company. The
bond issue's terms may change in accordance with varying market
conditions, and subscription and settlement for the bonds is
scheduled for next month.
  
The Company was granted a KRW1.5 trillion debt-refinancing
package by creditors last April 21 in order to graduate from a
creditor-led debt workout program 20 months ahead of schedule.

Creditors, who own 81% stake in Hynix, are planning to sell 30%
stake in the Company, with the remaining 51% to be sold at the
end of 2007.

CONTACT:

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


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

AKTIF LIFESTYLE: To Change Core Business in Restructuring
---------------------------------------------------------
Aktif Lifestyle Corporation Berhad is undergoing a restructuring
wherein it will be taken over by new firm Integrated M&G
Industries Berhad, reports Business Times.

The Company signed a conditional restructuring agreement with
several vendors and the new firm, where it will have new core
businesses, including the quarrying, manufacturing and trading
of granite products.

Integrated M&G Industries Berhad wil be injecting two companies,
namely Mahawira Sdn Berhad and Citatah AMS Marble Sdn Berhad
into Aktif Lifestyle for its new core business.

Aktif Lifestyle will also issue a private placement of five
million shares to public or identified investors at MYR1.00
each, as part of its restructuring plan.

CONTACT:

Aktif Lifestyle Corporation Berhad
Level 10, Grand Seasons Avenue, No. 72,
Jalan Pahang, 53000 Kuala Lumpur
Malaysia
Phone: (60) 3 2693 1828
Fax:   (60) 3 2691 2798


ANCOM BERHAD: Set to Liquidate Inactive Subsidiaries
----------------------------------------------------
Ancom Berhad announced that it plans to liquidate three wholly
owned subsidiaries through a members' voluntary liquidation. The
three subsidiaries are: Bullion Mining & Developments Sdn Berhad
(BMD), Elderberry Sdn Berhad (ESB) and Synergy Tanker Sdn Berhad
(STSB).

Bullion Mining & Developments Sdn Berhad, which was incorporated
in 1971, dealt with property development and owned several
properties. The firm disposed all of its properties to another  
unit of the Company, and is not active. As of May 31, 2004, BMD
posted a net loss of MYR796,000, and holds shareholders funds
worth MYR9.1 million.

Elderberry Sdn Berhad was incorporated in 1992, and operated a
ship, the MT Norella, which was disposed of in 2003; the firm is
currently inactive. ESB posted a net loss of MYR123,000 as of
May 31, 2004, and has MYR1.3 million in shareholder funds.

Synergy Tanker Sdn Berhad was incorporated in 1997, and operated
the ship MT Zainab, which was disposed of in May 2000; STSB is
an investment holding company at present.

As of May 31, 2004, STSB recored a net loss of MYR318,000, with
a capital deficiency of MYR1 million.
Since there are no plans to revive the three subsidiaries, the
Company has decided to liquidate all three units; the
liquidation will not affect the Company's net tangible assets,
profits and share capital in any way.

CONTACT:

Ancom Berhad
Level 14, Uptown 1
No. 1 Jalan SS21/58
Damansara Uptown
47400 Petaling Jaya
Selangor, Malaysia
Phone: 03-77252888
Fax:   03-77257791
Web site: http://www.ancom.com.my


AYER HITAM: Requests Extension to Announce Restructuring
--------------------------------------------------------
Ayer Hitam Tin Dredging Malaysia Berhad announced that pursuant
to Practice Note 4/2001 of the Bursa Malaysia Securities Berhad
(Bursa Securities) Listing Requirements, the Company is
currently awaiting the response from Bursa Securities on its
application for an extension to make a Requisite Announcement on
its restructuring plan.

Once Bursa Securities informs the Company of its decision on the
matter, an announcement will be made in due course.

CONTACT:

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


CHG INDUSTRIES: Restructuring Scheme Being Processed
----------------------------------------------------
In relation to the Bursa Malaysia Securities Berhad Listing
Requirements, CHG Industries Berhand announced that the
Company's proposed restructuring scheme, which was submitted
last Dec. 24, 2004, is pending approval on the review by the
Securities Commission and relevant authorities.

CONTACT:

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


CONSOLIDATED FARMS: Defaults on Payments
----------------------------------------
Consolidated Farms Berhad announced that in relation to Practice
Note 1/2001 of the Bursa Malaysia Securities Berhad Listing
Requirements, the Company has not been able to pay the principal
amount plus interest on its credit facilities as of May 31,
2005.

Attached below is a table of the Company's defaults in payment.

In terms of Practice Note 4/2001, there have been no further
developments to the Company's plan to regularize its financial
condition.

CONTACT:

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


CYGAL BERHAD: Bank Negara Approves Warrants Issuance
----------------------------------------------------
Cygal Berhad announced that in relation to the Company's
restructuring plan, the Company had earlier submitted the
following to the Securities Commission for approval:

(i) Proposed implementation of a revised rights issue to issue
up to 40,952,574 rights shares together with up to 40,952,574
warrants for free at an issue price of MYR1.00 per rights share
on the basis of eight (8) rights shares with eight (8) free
warrants for every seven (7) new company shares held after the
Proposed Share Exchange; and

(ii) Extension of time from Sept. 30, 2005 to Dec. 31, 2005 for
the Company to implement the Proposals in its restructuring
plan.

The Company further announces that under the proposed rights
issue of shares together with free detachable warrants, Warrants
will be issued to the entitled shareholders who may be non-
residents. On May 12, 2005, the Company submitted an application
to Bank Negara Malaysia (BNM) to approve the issue of Warrants
under Exchange Control Notice No. 12. BNM, in its letter dated
May 30, 2005 (received on June 1, 2005), approved the issue of
the Warrants to the entitled shareholders, including non-
residents.

CONTACT:

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


KEMAYAN CORPORATION: SC Has Yet to OK Restructuring Plan
--------------------------------------------------------
Pursuant to Practice Note 4/2001 of the Bursa Malaysia
Securities Berhads Listing Requirements, Kemayan Corporation
Berhad announced that the Company is awaiting the approval of
the Securities Commission (SC) on its proposed restructuring
scheme, which was submitted last Dec. 31, 2004, together with
the proposed variations to the scheme, which were submitted on
Jan. 12, 2005.

The Company is preparing the necessary documents to obtain the
Company's scheme creditors and shareholders' approval in
upcoming meetings.

CONTACT:

Kemayan Corporation Berhad
Taman Tasek
Johor Bahru, Johor Bahru 80200
Malaysia
Phone: +60 7 236 2390
Fax:   +60 7 236 5307


K.P. KENINGAU: Asks to Extend Announcement of Restructuring
-----------------------------------------------------------
In accordance with the Bursa Malaysia Securities Berhad (Bursa
Securities) Listing Requirements, K.P. Keningau Berhad has to
make a requisite announcement on its proposed restructuring
scheme on or before May 22, 2005.

The Company had asked for an extension to release its requisite
announcement. The decision by Bursa Securities is still pending.

CONTACT:

K.P. Keningau Berhad
Lot 10, The Highway Centre
Jln 51/205 46050 Petaling Jaya,
Selangor, Malaysia
Phone: 03-7784 3922
Fax:   03-7784 1988


LINEAR COOLING: Rejects Winding Up Petition
-------------------------------------------
Linear Cooling Industries Berhad announced that with regard to
the winding-up petition served on the Company by Syarikat
Success Construction Berhad, the total cost of investment by
parent Linear Corporation Berhad in the Company as of Dec. 31,
2004 was MYR28.9 million, and there are no expected losses on
Linear Corporation Berhad from the petition, as required by
Bursa Malaysia Securities Berhad in its query letter.

Linear Corporation Berhad further states that there is no basis
for the winding-up petition on the Company, and necessary action
would be taken to safeguard its interests.

CONTACT:

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


MENTIGA CORPORATION: Awaits SC OK of Revised Proposals
------------------------------------------------------
Mentiga Corporation Berhad announced that in relation to
Practice Note 4/2001 of the Bursa Malaysia Securities Berhad
Listing Requirements, the Company is still awaiting the approval
of the Securities Commission on its revised proposals to its
restructuring scheme, which were submitted on March 15, 2005.

CONTACT:

Mentiga Corporation Berhad
Jalan Kampar Off Jalan Tun Razak
Kuala Lumpur, 50400
Malaysia
Phone: +60 3 40439411
Fax:   +60 3 40431233


MERCES HOLDINGS: To Hold AGM This Month
---------------------------------------
Merces Holdings Berhad announced that the Company will hold its
39th Annual General Meeting on June 24, 2005, 9:00 a.m., at
Crystal 1, 1st Floor of the Crystal Crown Hotel, Harbour View,
217 Persiaran Raja Muda Musa, 42000 Pelabuhan Klang, Selangor.

Attached is a copy of the AGM notice:

http://bankrupt.com/misc/tcrap_mercesholdings060205.doc

CONTACT:

Merces Holdings Berhad
9th Floor, Wisma Sime Darby
14 Jalan Raja Laut
50350 Kuala Lumpur
Malaysia
Phone: 03-2919366
Fax:   03-2928773/2919901


MYCOM BERHAD: Sees No Further Changes in Restructuring
------------------------------------------------------
Pursuant to Practice Note 4/2001 of the Bursa Malaysia
Securities Berhad Listing Requirements, Mycom Berhad announced
that there are no further developments to the Company's proposed
restructuring scheme since its last monthly announcement on May
3, 2005.

CONTACT:

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


NAUTICALINK BERHAD: To Implement Restructuring Scheme
-----------------------------------------------------
Pursuant to Practice Note 4/2001 of the Bursa Malaysia
Securities Berhad Listing Requirements, Nauticalink Berhad
announced that it is working to implement its corporate
restructuring scheme.

CONTACT:

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


OCEAN CAPITAL: In Talks with Potential Investor on Restructuring
----------------------------------------------------------------
Ocean Capital Berhad announced that in relation to Practice Note
4/2001 of the Bursa Malaysia Securities Berhad Listing
Requirements, the Company is negotiating with an interested
party in order to come up with a restructuring scheme to
regularize its financial condition.

CONTACT:

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


OLYMPIA INDUSTRIES: Notes No Changes in Restructuring Scheme
------------------------------------------------------------
Olympia Industries Berhad announced that in relation to Practice
Note 4/2001 of the Bursa Malaysia Securities Berhad, there have
been no changes in the Company's proposed restructuring plan
since its last monthly announcement on May 3, 2005.

CONTACT:

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


OMEGA HOLDINGS: Proposed Restructuring Plan Awaits Approval
-----------------------------------------------------------
Omega Holdings Berhad announced that with regards to Practice
Note 4/2001 of the Bursa Malaysia Securities Berhad Listing
Requirements, the Company had submitted its proposed
restructuring scheme to the Securities Commission (SC) and
Foreign Investment Committee (FIC) on Feb. 28, 2005. The
proposed scheme is still pending approval from the SC and FIC.

CONTACT:

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


PAN PACIFIC: SC OKs Restructuring Scheme
----------------------------------------
Malaysia's Securities Commission approved Pan Pacific Asia
Berhad's restructuring scheme, reports Business Times.

The Company will engage in a new core business, and its listing
status in Bursa Malaysia Securities Berhad's main board will be
taken over by Compugates Sdn Berhad.

The Company is set to acquire the entire 3.5 million stake of
Compugates Berhad for MYR162 million, with the deal to be
completed by an issuance of 85 million new Compugates Holdings
Berhad (CHB) shares at MYR1.00 each and 77 million irredeemable
convertible preference shares at 10 sen each.

The deal will be satisfied by the issue of 85 million new
Compugates Holdings Bhd (CHB) shares priced at RM1 each and 77
million irredeemable convertible preference shares of 10 sen
each in CHB.

The restructuring scheme will involve CHB transferring PPAB's
entire issued and paid-up capital of 6.43 million shares to a
special purpose vehicle for the disposal.

CONTACT:

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


PARK MAY: Paving the Way for Restructuring
------------------------------------------
Park May Berhad announced that in line with Practice Note 4/2001
of the Bursa Malaysia Securities Berhad Listing Requirements,
the Company is fulfilling the conditions in order to undertake
its proposed restructuring scheme.

CONTACT:

Park May Berhad
Lot 18115 Batu 5
Jalan Kelang Lama, Kuala Lumpur 58100
Malaysia
Phone: +60 3 7982 7060
Fax:   +60 3 7625 4987


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

GLOBE TELECOM: Inks Pact with Citystate
---------------------------------------
Citystate Savings Bank Inc. (CSB.PH) has signed a memorandum of
understanding with Globe Telecom Inc. (GLO.PH), according to Dow
Jones Newswires.

The Philippines' second largest mobile phone operator will tie-
up in Citystate's integrated payment system, G-Cash.

Citystate is the first bank to link with Globe for this
facility, which will allow Citystate clients make payments,
transfer funds and do other transactions through their Globe
mobile phones.

CONTACT:

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


LEPANTO CONSOLIDATED: Employees Stage Strike
--------------------------------------------
Lepanto Consolidated Mining Co. advised that its rank-and-file
employees at the minesite, members of the Lepanto Employees
Union (LEU), have gone on an illegal strike.

Starting Thursday morning, officers of the LEU barricaded the
mine portals to prevent their members from working underground.

The strike is illegal because the Secretary of the Department of
Labor and Employment has assumed jurisdiction over the labor
dispute which involves the daily wage increases for the next
three years.

The Company is availing of all legal remedies to ensure that
operations resume at the soonest possible time.

The Company will advise of further developments.

CONTACT:

Lepanto Consolidated Mining Co.
21st Floor, Lepanto Building
8747 Paseo de Roxas
1226 City of Makati
Telephone No. 815-9447
Fax: 63 (2) 812-0451/63 (2) 810-5583
E-mail: mis@lepantomining.com
Web site: http://www.lepantomining.com


LIFETIME PLANS: SEC May Reconsider Revocation Order
---------------------------------------------------
A corporate watchdog may reconsider its an earlier order to
cancel the Certificate of Registration of pre-need provider
Lifetime Plans Inc., The Manila Bulletin reveals.

The Securities and Exchange Commission has directed its General
Counsel to review the motion for reconsideration filed Friday
last week by Lifetime Plans and recommend to the agency the
proper course of action to take. The SEC will decide on the
motion in due course.

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.

Despite the revocation order, the SEC has mandated the pre-need
firm to continue paying planholders' claims from its trust fund.
It also asked agents to advise their clients to premiums as
scheduled to avoid the lapse of their policies as the company
reverts back to Pacific Plans, Inc., the company from which it
was spun off.


MANILA ELECTRIC: Revises Refund Scheme for Corporate Clients
-------------------------------------------------------------
Manila Electric Company (Meralco) has decided against the
issuance of refund notes, which it earlier proposed, says The
Philippine Daily Inquirer.

As a result, the cash-strapped utility firm said it would refund
commercial and industrial clients by either issuing them with
post-dated checks or by crediting the refundable amount to their
future bills.

Meralco, which has already filed amendments to its proposed
refund procedures, decided to discard refund notes, citing high
costs.

The utility firm was ordered by the Supreme Court to pay back a
total of Php30 billion to customers for overbillings dating back
to 1994. Around Php18.67 billion would be paid to commercial and
industrial clients.

Under its previous proposal, smaller commercial and industrial
clients, or those with contracted demand lower than 40
kilowatts, were supposed to get their refunds through credit-to-
future bills. It also planned to issue refund notes to bigger
clients.

In the amended proposal, customers under both categories will
have the option of getting their reimbursements through post-
dated checks. Those who would not opt for post-dated checks will
still avail of the fixed credit-to-future-bills with an added
option of receiving their refunds in cash on other months
following the first month of refund implementation.

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


MAYNILAD WATER: Court OKs Rehabilitation Plan
---------------------------------------------
The rehabilitation plan of ailing water concessionaire Maynilad
Services Inc. has been approved by the lower court, according to
Business World.

Court-appointed receiver Rosario S. Bernaldo confirmed that the
Quezon City Regional Trial Court has finally given the go-ahead
for Maynilad's debt and capital restructuring, clearing the way
for an immediate takeover by a private investor.

Under the rehabilitation plan, Maynilad's majority shareholder,
listed investment holding group Benpres Holdings Inc. (BPC.PH),
will divest all its shares. Shares of Benpres' French partner,
Ondeo Philippines, formerly known as Suez Lyonnais des Eaux,
will be reduced to 13 percent.

State agency Metropolitan Waterworks and Sewerage System will
hold the shares for eventual sale to a private investor.

Maynilad's rehabilitation plan was accepted by its foreign and
local creditors, except for state-owned Development Bank of the
Philippines (DBP), which was awaiting the go-ahead from its
board of directors.

The creditors agreed that the plan would significantly improve
the financial and operational viability of Maynilad, which
serves more than eight million customers in Manila and nearby
cities and municipalities.

Maynilad's top creditors include the regulator Metropolitan
Waterworks and Sewerage System (MWSS), foreign banks Credit
Agricole, Indosuez Merchant Bank Asia Ltd., Citibank NA,
Barclays Bank PLC and BNP Paribas, and local lenders Equitable
PCI Bank, Rizal Commercial Banking Corp. and DBP.

CONTACT:

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


PACIFIC PLANS: Planholders Fight for Tuition Assistance
-------------------------------------------------------
Planholders of struggling Pacific Plans Inc. have pleaded with
the Securities and Exchange Commission (SEC) to order the pre-
need provider to resume its payment of tuition claims
immediately, reports The Philippine Star.

The Coordinating Alliance for Reform and Empowerment in the Pre-
need Industry (CARE) and the Alyansang Reporma at Ugnayang
Galing at Aruga ((ARUGA), which represent Pacific Plans
planholders, said the legal squabble between Pacific Plans and
the SEC has left enrolment money of planholders hanging in
uncertainty.

The two groups said SEC's decision to revoke the certificate of
incorporation of Pacific Plans' subsidiary Lifetime Plans Inc.
has resulted in the suspension of Pacific Plans' tuition
assistance, to the detriment of thousands of the pre-need firm's
planholders.

Both organizations noted that "many planholders are pinning
their hope for such assistance to ensure the enrollment of their
children this coming schoolyear and that such assistance should
cover the whole schoolyear and not merely the first semester
enrollment".

CARE and ARUGA said the SEC should ensure that the greatest
number of beneficiaries would benefit from such assistance by
making it, for the time being, equal in amount to all
planholders regardless of the original terms of their contract.

Prior to the SEC order, Pacific Plans had distributed Php591
million in cash to its planholders, Php250 million of which came
from former ambassador Alfonso Yuchengco.

Pacific Plans said it would provide a liquidity window of
another Php300 million to its traditional planholders should the
court approve its rehabilitation plan.


PHILIPPINE LONG: Lists Additional Shares Today
----------------------------------------------
The Exchange approved on June 14, 2000, the application
submitted by Philippine Long Distance Telephone 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 4,450
common shares have been availed of and fully paid by the
optionees under the Company's ESOP.

In view thereof, the listing of the 4,450 common shares is set
for Friday, June 3, 2005. This brings the number of common
shares listed under the ESOP to a total of 459,454 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

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


PRYCE CORPORATION: Issues Definitive Information Statement
----------------------------------------------------------
Further to Circular for Brokers No. 2431-2005 dated May 19,
2005, Pryce Corporation (PPC or the Company) furnished the
Exchange a copy of its SEC Form 20-IS (Definitive Information
Statement) in connection with its Annual Stockholders' Meeting,
which will be held on June 22, 2005, at 4:00 p.m. at the Valle
Verde Country Club.

As previously announced, "(a)ll stockholders of record as of
June 2, 2005 are entitled to notice of and to vote at the
Company's Annual Stockholders' Meeting."

A copy of PPC's Definitive Information Statement shall be made
available for reference at the PSE Centre and PSE Plaza
libraries. The same shall likewise be made available for
downloading at the PSE website: www.pse.com.ph (under Listed
Companies).

For your information.

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

Noted by:

(Original Signed)
JURISITA M. QUINTOS
Senior Vice President


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

ACCORD CUSTOMER: Names Phillip Eng Chairman
-------------------------------------------
Accord Customer Care Solutions Limited (ACCS) advised the
Singapore Stock Exchange (SGX) that it has appointed Mr. Philip
Eng as Chairman and Non-Executive Director with effect June 1,
2005.

Mr. Eng, 58, is the Deputy Chairman of MCL Land and former Group
Managing Director of Jardine Cycle & Carriage. He takes over
from Mr. Henry Tan who will remain as a Non-Executive Director
of the Company.

An accountant by training, Mr. Eng joined Jardine Cycle &
Carriage in 1982 and worked in different capacities before being
appointed Group Managing Director in 1996, taking charge of the
group's businesses throughout the Asia Pacific region. He was
credited with diversifying the group's motor business in
Australia and New Zealand where the group's brands achieved
leadership positions in their respective market segments.

During his tenure, he also expanded the group's property
business to Malaysia. Mr. Eng is perhaps best known for his role
in Jardine Cycle & Carriage's largest investment - in Indonesian
conglomerate and largest independent automotive group in South
East Asia, PT Astra International Tbk.

Mr. Eng retired from Jardine Cycle & Carriage at the end of
February this year. Apart from his directorship at MCL Land, he
is also a director of MTQ Corporation, Asia General Holdings and
the Chinese Development Assistance Council. Other recent
appointments include being Commissioner of PT Bank Danamon
Indonesia, Director of City Gas Pte Ltd and Singapore Computer
Systems. He has been Singapore's High Commissioner to the
Federal Republic of Nigeria, resident in Singapore, since 2000.

"We are happy that Philip Eng has agreed to come on board and
provide leadership during this difficult period for ACCS. We can
benefit much by tapping on his extensive experience and
knowledge in growing leading brands in the region," said Mr. CC
Tong, ACCS' newly appointed Chief Executive Officer.

"The new team taking ACCS forward is a complementary blend of
long years of experience in business, consumer electronics,
distribution, finance, service and technology sectors on a
regional basis," he added.

On the tasks ahead, Mr. Tong said: "Recent events and
disclosures have been disruptive and have taken a heavy toll on
management. We are grateful to our staff and customers for their
support during this period.

"One of my top priorities is to instill confidence and re-build
stability in ACCS as soon as possible by working with our
customers, our service providers, our staff and other
stakeholders.

"Despite the circumstances, day-to-day operations have been
running fairly normally.

Our regional network and customer base remain intact. All this
while, we continued to service our customers in the markets that
we have a presence. We intend to improve further in order to
serve them better. "

The Company is re-focusing on its core after-market services and
distribution management solutions businesses, two areas that it
believes it still holds the competitive edge in Asia Pacific and
where opportunities exist for expansion.

CONTACT:

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


ASIA-PACIFIC BULK: Lays Out Creditor's Meeting Agenda
-----------------------------------------------------
Take notice that a meeting of creditors of Asia-Pacific Bulk
Terminal Services Pte Ltd will be held at 8 Cross Street, #12-00
PWC Building, Singapore 048424 on June 3, 2005 at 10:30 am.

AGENDA

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

(2) To appoint Committee of Inspection.

(3) Any other matters.

Dated this 27th day of May 2005

Ramasamy Subramaniam Iyer
Joint Liquidator
for Asia-Pacific Bulk Terminal Services Pte Ltd
c/o 8 Cross Street #17-00
PWC Building
Singapore 048424

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


IRE CORPORATION: Issues Ordinary Shares to SCB
----------------------------------------------
Further to the announcements made to the Singapore Stock
Exchange (SGX) on May 20, 2005 and May 26, 2005, the Board of
Directors of IRE Corporation Ltd. announced that 77,930,276
ordinary shares of $0.01 each in the capital of the company (the
Conversion Shares) have been allotted and issued to Standard
Chartered Bank (SCB) on May 30, 2005 pursuant to the first
exercise of the Put Option Notice under the Debt Conversion
Agreement dated April 29, 2004, as amended by supplemental
agreement thereto dated May 19, 2005, entered into between,
inter alia, the Company and SCB.

The Conversion shares were listed and quoted on the SGX-ST on
May 31, 2005.

By Order of the Board

Michael Tay Kwang How
Company Secretary
June 1, 2005

CONTACT:

IRE Corporation Limited
1 Sophia Road #05-03
Peace Centre
Singapore 228149
Telephone: 65 63371295
Fax: 65 63374225
Web site: http://www.ire.com.sg


JAYA HOLDINGS: EGM Slated for June 17
-------------------------------------
Notice is hereby given that an Extraordinary General Meeting of
Jaya Holdings Limited will be held at 13 Tuas Crescent,
Singapore 638707 on Friday, June 17, 2005 at 10:30 a.m. for the
purpose of considering and, if thought fit, passing with or
without modifications the following ordinary resolution:

ORDINARY RESOLUTION

That:

(a) Approval be and is hereby given, for the purposes of Chapter
9 of the Listing Manual of the Singapore Exchange Securities
Trading Limited (SGX-ST), for the Company, its subsidiaries and
target associated companies (as defined in the Company's
Circular to Shareholders dated June 1, 2005 (the Circular)), or
any of them, to enter into any of the transactions falling
within the types of Interested Person Transactions, particulars
of which are set out in the Circular, with the Interested Person
described in the Circular, provided that such transactions are
made on normal commercial terms and in accordance with the
guidelines and review procedures for Interested Person
Transactions as set out in the Circular (the Shareholders'
Mandate);

(b) The Shareholders' Mandate shall, unless revoked or varied by
the Company in general meeting, continue in force until the next
Annual General Meeting of the Company is held or is required by
law to be held;

(c) The Audit Committee of the Company be and is hereby
authorized to take such action as it deems proper in respect of
procedures and/or to modify or implement such procedures as may
be necessary to take into consideration any amendment to Chapter
9 of the Listing Manual which may be prescribed by the SGX-ST
from time to time; and

(d) The Directors of the Company be and are hereby authorized to
do all such acts and things (including, without limitation,
executing all such documents as may be required) as they may
consider expedient or necessary or in the interests of the
Company to give effect to the Shareholders' Mandate and/or the
Ordinary Resolution set out in this Notice.

By order of the Board of Directors

Shirley Lim
Company Secretary
1 June 2005
Singapore

Notes:

(1) A member entitled to attend and vote is entitled to appoint
a proxy to attend and vote instead of him, provided that if the
member is The Central Depository (Pte) Limited, it may appoint
more than 2 proxies to attend and vote at the Meeting. A proxy
need not be a Member of the Company.

(2) If the appointor is a corporation, the instrument appointing
a proxy must be executed under seal or the hand of its duly
authorised officer or attorney.

(3) The instrument appointing a proxy must be deposited at the
Registered Office of the Company at 13 Tuas Crescent, Singapore
638707 not less than 48 hours before the time for holding the
Meeting.

CONTACT:

Jaya Holdings Limited
13 Tuas Crescent
Singapore 638707
Telephone: 65 62651010
Fax: 65 68645555
Web site: http://www.jayaholdings.com


KEMPER INTERNATIONAL: Creditors Should Prove Claims by June 27
--------------------------------------------------------------
Notice is hereby given that the creditors of Kemper
International Company Pte. Limited (In Members' Voluntary
Winding Up), which is being wound up voluntarily, are required
on or before June 27, 2005 send in their names and addresses and
the particulars of their debts or claims, and the names and
addresses of their solicitors (if any), to the liquidators, c/o
47 Hill Street, #05-01 Chinese Chamber of Commerce & Industry
Building, Singapore 179365.

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

Kon Yin Tong
Wong Kian Kok
Aw Eng Hai
Joint Liquidators
27th May 2005


LIANG HUAT: Awaits Completion of Remaining Scheme Conditions
------------------------------------------------------------
The Board of Directors of Liang Huat Aluminum Ltd. refers to the
previous announcements made by the Company on September 24, 2004
its subsequent monthly updates as well as the announcement on
March 18, 2005 in respect of the schemes of arrangement proposed
by each of the Company, LHAI and DI (known as the Principal
Scheme, the LHAI Scheme and the DI Scheme respectively and known
collectively as the Schemes).

The Creditors' meeting for the Company, LHAI and DI to approve
their respective Schemes were held on April 5, 2005. The Schemes
were all approved by a majority in number and value of creditors
who were present and voting at the meetings.

The Company is in the process of fulfilling the remaining
conditions precedent for the Schemes to take effect:

- Obtaining a whitewash waiver from the Securities Industry
Council: and

- Obtaining the necessary and appropriate approvals from the
shareholders of the Company and Singapore Exchange Securities
Trading Limited for the listing and quotation of the
consideration shares to be issued with accordance to the terms
of the Schemes.

Pursuant to the terms of the Company's scheme of arrangement,
the Extraordinary General Meeting to approve the aforementioned
listing and quotation of the consideration shares is to be
convened within six months from the lodging of the Order of
Court of the Company's Scheme.

The Company will make prompt and timely announcements of further
developments concerning the Schemes.

By order of the Board
Liang Huat Aluminium Limited
Tan Yong Kee
Group Managing Director

CONTACT:

Liang Huat Aluminium Limited
Blk 8 #07-05
Liang Huat Industrial Complex
51 Benoi Road
Singapore 629908
Telephone: 65 68622228
Fax: 65 68624962
Web site: http://www.lianghuatgroup.com.sg/


RSH LIMITED: Answers SGX Query
------------------------------
RSH Limited issued to the Singapore Stock Exchange (SGX) a reply
to its letter ref ref RMR/IR/JH dated June 1, 2005.

The following is a transcript of SGX's query and the company's
reply.

SGX's Question

You noted on page 3 of the results announcement that property,
plant and equipment decreased from SG$123.8 million to S$35.8
million. In respect of the above:

(i) Please explain the reasons for the significant decrease,
taking into account that the sale of property, plant and
equipment amounted to only SG$1,000 in the cash flow statement
for 4Q FY 2005; and group purchase of property, plant and
equipment remained constant for FY 2005 at SG$15.9 million.

The company's reply

The significant decrease in property, plant and equipment took
place in 1Q and 3Q of FY 2005. In 1Q FY 2005, we disposed
leasehold properties with a total net book value of SG$9.1
million. Freehold land and building with a net book value of
SG$83.8 million was disposed in 3Q FY 2005.

Total sales consideration amounted to SG$64.8 million, of which
SG$12.2 million was receivable in subsequent years and has been
reflected under "other receivables" in the balance sheet as at
March 31, 2005.

The difference, after offsetting the net book values and the
sales consideration, related to the revaluation reserves on
these properties. The movements in these reserves were shown in
the statement of changes in equity.

SGX's Question

(ii) Please explain the reasons for the increase in depreciation
charge from SG$9.67 million to SG$11.30 million, taking into
account the significant decrease of the property, plant and
equipment.

FULL YEAR RESULTS FOR YEAR ENDED 31 MARCH 2005

The company's reply

The Group purchased property, plant and equipment of SG$15.9
million during the financial year in line with the opening of
new retail stores; these assets are depreciated over the period
of the respective leases. Freehold land of SG$68.4 million,
which was not subject to depreciation, was disposed in 3Q FY
2005. As a result, the current year depreciation charge
increased over the previous year despite the significant
decrease in the net book value of property, plant and equipment.

SGX's Question

Please provide the nature of other receivables of SG$58 million.
As this amount is greater than 10% of NAV, please provide
further details of items or transactions where applicable.

The company's reply

The amount of SG$58 million related to total trade and other
receivables. Trade debtors constituted 41% of the amount while
rental deposits paid to landlords contributed 24%.

The remaining balance comprised mainly of the amount due from
associate company.

Please do not hesitate to contact if you require any
clarifications.

Yours faithfully
Mr. Vinod Kumar Gomber
Group Chief Executive Officer

CONTACT:

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


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

DATAMAT: Details Capital Revisions
----------------------------------
Datamat Public Company Limited informed the Stock Exchange of
Thailand (SET) that it has registered its capital decrease,
capital increase, and the amendments of the Board of Directors
with the Department of Business Development, Ministry of
Commerce.

(1) The resolution for Capital Decrease was registered on May
25, 2005.

The Company's registered capital becomes THB2,713,736,777.50 and
the Paid-up capital becomes THB2,713,736,777.50.

(2) The resolution for Capital Increase was registered on May
26, 2005.

The Company's registered capital becomes THB5,420,605,165 and
the Paid-up capital becomes THB2,713,736,777.50.

(3) The amendment of the Board of Directors was registered on
May 26, 2005.

The two retired directors are: Mr. Pisit Jirapinyo and Mr.
Miguel Angel Aerni.

And there were five new directors: Mr. Weerakorn Ongsakul, Mr.
Watchara Achakornlak, Mr. Parames Krairiksh, Mr. Chayangkura
Kaewbandit, and Miss Sa-angjit Prempridi.

At present, the Company has nine directors:

(1) Mr. Philip Newson
(2) Mr. Oliver Gordon Hughes
(3) Mr. Bhana Swasdibutara
(4) Mr. Worawit Israngkul
(5) Mr. Weerakorn Ongsakul
(6) Mr. Watchara Achakornlak
(7) Mr. Parames Krairiksh
(8) Mr. Chayangkura Kaewbandit
(9) Miss Sa-angjit Prempridi

For your information

Sincerely yours,
Bhana Swasdibutara
Chief Executive Officer and Managing Director
CONTACT:

Datamat Public Company Limited   
Asoke Towers, Floor 17, 18 And 19,
219 Soi Asoke (Sukhumvit 21),
Sukhumvit Road, Klongtoey Nua,
Watthana Bangkok    
Telephone: 0-2310-5111   
Fax: 0-2319-8208   
Web site: http://www.datamat.co.th


DATAMAT: Unveils New Director Line-up
-------------------------------------
Datamat Public Company Limited advised the Stock Exchange of
Thailand (SET) that the Board of Directors Meeting held on May
31, 2005 resolved to approve the following important issues.

(1) Approved the minutes of the Borad of Director's Meeting No.
5/2548, which was held on May 12, 2005;

(2) Appointed Mr. Weerakorn Ongsakul, director, to be the
chairman of the Board of Directors, and appointed Miss Sa-angjit
Prempridi to be the chairman of Audit Committees;

(3) Appointed Mr. Nopporn Suwannik to be the advisor to Chief
Executive Officer and Managing Director;

(4) Approved the change of numbers and names of authorized
directors who may sign to bind the company to be "(1) Mr.
Weerakorn Ongsakul shall jointly sign with Mr. Philip Newson or
Mr. Oliver Gordon Hughes or Mr. Bhana Swasdibutara or Mr.
Watchara Achakornlak or Mr. Chayangkura Kaewbandit, affix with
the company's seal   or (2) Mr. Weerakorn Ongsakul, Mr. Watchara
Achakornlak Mr. Chayangkura Kaewbandit two of these directors
can sign to bind the company together with the company's seal";

(5) Approved a Power of Attorney to appoint Mr. Bhana
Swasdibutara or Mr. Weerakorn Ongsakul or Mr. Watchara
Achakornlak or Mr. Chayangkura Kaewbandit to be the authorized
directors to withdraw money of amount not exceed 1,000,000 Baht
(one million Baht) for each withdrawal in order to do the
business of the company under a condition that two of four said
directors can sign to bind each withdrawal,

For your information

Yours sincerely,
Bhana Swasdibutara
Chief Executive Officer and Managing Director


KRUNG THAI: Offers Sale of Debentures
-------------------------------------
Krung Thai Bank Public Company Limited advised the Stock
Exchange of Thailand (SET) that the 12th Annual General Meeting
of the company resolved to approve the issuance and offering for
sale of debentures in Baht and/or other equivalent currency
within the total amount of not exceeding THB40,000 million
within 5 years.

The Bank filed the registration statement and the draft
prospectus to the Office of the Securities and Exchange
Commission.  Such registration statement and the draft
prospectus have been in effect since May 11, 2005.  The features
of the debentures are:

Type of debentures: subordinated, name-registered, not
amortizing, unsecured and non-convertible debentures with a
Debentureholders' Representative

Number and value offered: 10,000,000 units worth
THB10,000,000,000

Additional number and value: 5,000,000 units worth
THB5,000,000,000 offered

Total value: Not more than 15,000,000 units totaling not
exceeding THB15,000,0000,000

Amount subscribed and: THB10,400,000,000 allotted

Par value: THB1,000 per unit

Offer price per unit: THB1,000

Coupon rate: Year 1 - 5: fixed rate at 4.6 % p.a.
           
             Year 6 - 10: fixed rate at 6.0 % p.a.

Maturity: 10 years from the issuance date (Redemption by the
issuer can be made after year 5)

Type of offering: Offering of debentures in General Case under
the Securities and Exchange Commission's Notification No. Kor.
Jor. 32/2544, Re: Application for and

Approval of Offer for Sale of Newly Issued

Debentures dated 19 October 2001 (as amended)

Offering date: 16-17 May 2005
Issuance date: 18 May 2005
Redemption date: 18 May 2015

Please be informed accordingly.

Sincerely yours,

Krung Thai Bank Public Company Limited
Suwit Udomsab
Senior Executive Vice President


CONTACT:

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


NFC FERTILIZER: Bank Provides THB1,500Mln Credit Line
-----------------------------------------------------
With reference to the Board of Directors Meeting no. 1/2547,
1/2548 and 5/2548 on September 20, 2004, January 18, 2005 and
May 17, 2005, respectively, NFC Fertilizer Public Company
Limited had resolved to apply for a loan with Bank of Ayudhaya
Public Co., Ltd. in order to use as a working capital.

At present, the Company has received a working capital credit
line from the bank for the amount of THB1,500 million and a
USD10 million credit line for foreign exchange forward/spot
contract.

The credit lines are secured by the Company assets including
land lease right, plant and building, all machinery and
equipment and pledging of shares of its subsidiary company, and
personal guarantee by the Company's director.

Please be informed accordingly.

Sincerely yours

NFC Fertilizer Public Co., Ltd.
Mrs. Bongkot Rasmeepaisarn
Vice President
Office of the Chief Executive Officer

CONTACT:

NFC Fertilizer Pcl   
Laopengnguan Bldg 1, Floor 17-19,
333 Vibhavadi Rangsit Road, Chatu Chak, Bangkok    
Telephone: 0-2618-8100   
Fax: 0-2618-8200   
Web site: http://www.nfc.co.th
  


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

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


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


INDONESIA
---------
PT Smart Tbk                    SMAR      (-37.55)   427.98
Barito Pacific Timber Tbk Pt    BRPT      (-62.86)     360.72

MALAYSIA
--------

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

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

Pilipino Telephone Co.          PLTL     (-159.78)     280.22
Benpres Holdings Corp.          BPCP       35.72       850.58
  
SINGAPORE
---------

Pacific Century Regional          PAC      -145.53    1289.71

THAILAND
--------

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








                            *********


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

Troubled Company Reporter -- Asia Pacific is a daily newsletter
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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
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                 *** End of Transmission ***