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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

             Monday, June 6, 2005, Vol. 8, No. 110

                            Headlines

A U S T R A L I A

ALLSTATE EXPLORATIONS: Shareholders Demand Probe
BESTELEC PTY: Lays Out Final Meeting Agenda
BHL GROUP: Collapses Over Failure to Pay Up Debt
CAPPEEDEE PTY: Final Meeting Set for June 10
COMPUTER EXPRESS: To Declare Dividend June 28

CYCLONE INDUSTRIES: Flyscreen Plant Closes Door
EVOLUTION INTERIORS: Court Issues Winding Up Order
GEELONG PORT: Members Resolve to Wind Up Company
HOSKINS PROPERTY: To Convene Final Meeting June 10
IZAMAR CONSTRUCTIONS: Court Orders Winding Up

JONIDER PLUMBING: Completes Winding Up Process
KNIGHTS INSOLVENCY: Net Cash Flow Nosedives
LINE RUNNING: Appoints Official Liquidators
MARINE PACIFIC: Hires Ernst & Young Liquidators
MILNER INVESTMENTS: To Declare Dividend June 7

MELBOURNE UNIVERSITY: Councilor to Fight Accusations
MULTIACTIVE SOFTWARE: To Pay Dividend to Unsecured Creditors
MULTIPLEX: New Chair Reassures Shareholders
MULTIPLEX: Wyllie Talk Lifts Stock Value
MULTIPLEX: Mulls Sale of More U.K. Assets

NEWMONT PASTORAL: To Lay Account of Winding Up Process
ONE WORLD: Lays Out Final Meeting Agenda
PARMALAT AUSTRALIA: Looking Forward to a Brighter Future
PERPLEKS PTY: To Hold Final Meeting June 10
QANTAS AIRWAYS: IASC Casts Doubts on Ties with SAA

RR&R HOLDINGS: To Declare First, Final Dividend
S.B.S ENTERPRISES: To Declare Dividend June 24
SENTRA CONSTRUCTIONS: Dividend Declaration Fixed June 22
T.J.&H. AGENCIES: Final Meeting Slated for June 10
UNDERDOWN INVESTMENTS: Lays Out Agenda of Final Meeting


C H I N A  &  H O N G  K O N G

BANK OF CHINA: Removes 20 Local Branch Directors
BANK OF COMMUNICATIONS: Plans June 23 Hong Kong Listing
HERALD TINPLATE: Receives Winding Up Order
INDUSTRIAL AND COMMERCIAL: Sheds HKD30 Bln Bad Debt Pre-IPO
INDUSTRIAL AND COMMERCIAL: Raises HKD650,000 in Charity Event

MEIJI YASUDA: Issues Debt Claim Notice
KIN YIP: AGM Set for Today
LOXFORD COMPANY: Creditors Meeting Slated June 20
SANYUAN GROUP: In Third Stage of Delisting Procedures
TAIT & COMPANY: Sets Creditors Meeting June 15

TIGER ELECTRONICS: Creditors Given Until July 20 to Prove Claims
YAU SHING: Court Releases Winding Up Order


I N D O N E S I A

SEMEN GRESIK: Draws Interest of Australian Investor


J A P A N

JAPAN AIRLINES: Receives IOSA Registration
KAJIMA CORPORATION: Liquidates 4 Subsidiaries
MATSUSHITA ELECTRIC: To Reduce U.S. Work Force
SANYO ELECTRIC: Will Resume Supply of Handsets to NTT DoCoMo
SOJITZ HOLDINGS: Sells Commodity Futures Trader to Livedoor

UFJ HOLDINGS: JV Firm to Double Asian Profit
ZECOO INC.: Faces Possible Delisting


K O R E A

BRIDGE SECURITIES: Faces Liquidation Next Week
JINRO LIMITED: Set to Close Takeover Deal with Hite Brewery
TRIGEM COMPUTER: Focuses on Domestic Operations


M A L A Y S I A

JIN LIN: Seeks SC Approval on Restructuring Scheme
KIG GLASS: Served with Notice to Pay
KIG GLASS: To Hold AGM at the End of the Month
MEGASTEEL CORPORATION: Posts Winding Up Petition Update
MENTIGA CORPORATION: Schedules AGM on June 27

MERCES HOLDINGS: Sees No Change in Default in Payment
PILECON ENGINEERING: Schedules AGM for This Month
POS MALAYSIA: To List Extra Shares
TRU-TECH HOLDINGS: Issues Update on Proposed Restructuring Plan
UNITED CHEMICAL: Proposed Restructuring Plan Remains Unchanged


P H I L I P P I N E S

ABS-CBN BROADCASTING: Suspends Pay Hikes, Hiring
BENPRES HOLDINGS: To Write Off Php3-Bln Equity
CAMP JOHN: Replacement to Enjoy PEZA Perks
LEPANTO CONSOLIDATED: Strike Cripples Mines
LIFETIME PLANS: Agents Seek Payment Order

MANILA ELETCRIC: ERC Asks COA to Help Assess Rate Hike Bid
PHILIPPINE LONG: Chairman Buys More Shares


S I N G A P O R E

AIROCEAN GROUP: Clarifies Statement Made to SGX
ASPLINUX PTE: Creditors Should Prove Claims by June 28
ATS HOLDINGS: Falls Into Voluntary Liquidation
CHARTERED SEMICONDUCTOR: Expects Higher Revenues in 2Q
DATACRAFT ASIA: Wins US$2Mln Contract from Hanaro

DUNWOOD ENTERPRISES: Faces Winding Up Proceedings
INFORMATICS HOLDINGS: Explains Variance in Operating Expense
INTERACTIVE KNOWLEDGE: Served with Winding Up Order


T H A I L A N D

KRUNG THAI: NPL Increases 2.0%
THAI DURABLE: SEC Rules Out Amendment of FS
THAI PETROCHEMICAL: To Proceed with Disposal of TPIPL Shares
THAI PETROCHEMICAL: Founder Has Legal Rights to Repay Debts
THAI PETROCHEMICAL: Inks MoU with CITIC Petrochemical

     -  -  -  -  -  -  -  -

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

ALLSTATE EXPLORATIONS: Shareholders Demand Probe
------------------------------------------------
Shareholders of Allstate Explorations have questioned the
administrators' move to transfer some AU$77.4 million of
interCompany debts to Macquarie Bank, The Australian reports.

Honest Remark, a firm owned by Allstate shareholder Jeffrey
Knapp, filed last week a petition with the NSW Supreme Court to
appoint a special-purpose administrator to examine the affairs
of Allstate's administrators. The action is backed by other
Allstate shareholders and underwritten by publicly listed
litigation fund IMF Australia.

Allstate, a Tasmanian gold miner, fell into the hands of
administrators Michael Ryan and Tony Woodings of Taylor Woodings
in June 2001.

Mr. Knapp refused to disclose the details of the claim but said
the court must scrutinize the transactions of Allstate
administrators.

In March 2002, the administrators transferred AU$77.4 million
worth of Allstate's inter-Company loans to Macquarie Bank for
AU$300,000, or 5 cents in the dollar, after a recommendation
from Mr. Ryan. The Honest Remark shareholder claim concerns the
transaction involving these inter-Company debts and the
preceding sale of the Allstate manager's right over a stockpile
of gold at the mine.

A further directions hearing has been slated for June 14.


BESTELEC PTY: Lays Out Final Meeting Agenda
-------------------------------------------
Notice is given that a meeting of the members and creditors of
Bestelec Pty Ltd (In Liquidation) will be held at the Conference
Room, Worrells, Level 5 15 Queen Street, Melbourne Vic 3000 on
June 14, 2005 at 11:30 a.m.

AGENDA

(1) To receive the final receipts and payments from the
Liquidator.

(2) To receive formal notice of the end of the administration.

(3) Any other business that may be considered with the
foregoing:

Dated this 18th day of April 2005

Paul Burness
Liquidator
Worrells
Solvency & Forensic Accountants
Web site: http://www.worrells.net.au


BHL GROUP: Collapses Over Failure to Pay Up Debt
------------------------------------------------
BHL Group has fallen into the hands of external administrators,
according to the Sydney Morning Herald.

BHL, the privately held firm that acquired Mad Ron's business
from the controversial Ron Bakir in 2002, was declared insolvent
after it failed to hand over some AU$570,000 owed to Mad Ron's
rival Crazy John's.

The administration came as creditors attempt to recover debts
more than AU$1.4 million from the web of companies that owns Mad
Ron's mobile phones, the business Mr. Bakir fronts.

Mr. Bakir is the prominent sympathizer and backer of convicted
drug smuggler Schapelle Corby.

The debt relates to a legal dispute between the two businesses
that forced the business then known as Crazy Ron's to change its
name to Mad Ron's.

BHL's administrator, Paul Brake, is also the liquidator for
Crazy Ron's Communications (CRC), a subsidiary of BHL which was
put into liquidation last month.

It is not known how much of the Mad Ron's business is still
owned by BHL and its subsidiaries, or who ultimately owns Mad
Ron's. It is understood that BHL jointly owns Mad Ron's
dealership license with CASD Management, whose sole director
Sebastian Canzoneri has been convicted of fraud and sentenced to
two years jail term.

BHL's administrator will hold a creditors' meeting today, which
is expected to include all of the creditors owed AU$1.4 million
by CRC's collapse.

Debtors include the Australian Tax Office, which was also owed
money after the collapse of Crazy Ron's Pty Ltd three years ago.
The collapse bankrupted Mr. Bakir.


CAPPEEDEE PTY: Final Meeting Set for June 10
--------------------------------------------
Notice is given that the final meeting of Cappeedee Pty Ltd (In
Liquidation) will be held at the offices of PPB, 10th Floor 26
Flinders Street, Adelaide South Australia on June 10, 2005 at
11:00 a.m. for the purpose of receiving an account of how the
winding up has been conducted and the property of the Company
disposed of.

Dated this 2nd day of May 2005

Timothy J. Clifton
Liquidator
c/- PPB
Chartered Accountants
10th Floor, 26 Flinders Street,
Adelaide SA 5000


COMPUTER EXPRESS: To Declare Dividend June 28
---------------------------------------------
A first and final dividend is to be declared on June 28, 2005
for Computer Express Group Pty Ltd (In Liquidation).

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

Dated this 3rd day of May 2005

Robert W. Whitton
Joint & Several Liquidator
Level 7, 1 Margaret Street,
Sydney NSW 2000


CYCLONE INDUSTRIES: Flyscreen Plant Closes Door
-----------------------------------------------
Cyclone Industries' historic flyscreen factory in Melbourne has
finally ceased operations after years of struggle, leaving 40
workers jobless, Sydney Morning Herald reports.

The famous flyscreen manufacturer has closed its facility in
suburban Bentleigh after more than 50 years due to the continued
threat of cheaper imported products.

The facility has been on the market, but the management could
not find a buyer. Cyclone started discussing about the closure
last year.

Managing director Alan Mackie Cyclone's flyscreen wire would be
manufactured in China and imported into Australia.

This came after the Australian Workers Union, which had
represented about 40 workers at the site, said the closure
showed the ramifications of a free trade agreement with the
emerging powerhouse country.

Cyclone remains a major manufacturer of garden tools in
Australia, with factories at Wonthaggi, in Victoria, and
Grafton, NSW.


EVOLUTION INTERIORS: Court Issues Winding Up Order
--------------------------------------------------
On April 14, 2005 the Supreme Court of New South Wales made an
Order that Evolution Interiors Pty Limited (In Liquidation) be
wound up by the Court and appointed Maxwell William Prentice to
be Liquidator.

Dated this 15th day of April 2005

Maxwell William Prentice
c/- PPB
Chartered Accountants and Business Reconstruction
Specialists
15th Floor, 25 Bligh Street,
Sydney NSW 2000
Telephone: (02) 9233 4955
Facsimile: (02) 9221 1310


GEELONG PORT: Members Resolve to Wind Up Company
------------------------------------------------
At an Extraordinary General Meeting of the Geelong Port Services
Pty Limited (In Liquidation) Members' Voluntary, held on April
18, 2005 the Company's members resolved to wind up the Company
voluntarily and to appoint Keiran Hutchison and John Gibbons of
Ernst & Young, Level 37, 680 George Street, Sydney NSW 2000 as
Liquidators of the companies.

Dated this 18th day of April 2005

Keiran Hutchison
John Gibbons
Liquidators
Ernst & Young


HOSKINS PROPERTY: To Convene Final Meeting June 10
--------------------------------------------------
Notice is hereby given that pursuant to Section 509 of the
Corporations Act 2001, a final meeting of members of Hoskins
Property Holdings Pty Limited (In Liquidation) will be held at
Level 19, 207 Kent Street, Sydney, NSW on June 10, 2005 at 10:00
a.m. for the purpose of having an account laid before them
showing the manner in which the winding up has been conducted
and the property of the Company disposed of and hearing any
explanations that may be given by the liquidator and also
determining the manner in which the books, accounts and
documents of the Company and of the liquidator shall be disposed
of.

Dated this 15th day of April 2005

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


IZAMAR CONSTRUCTIONS: Court Orders Winding Up
---------------------------------------------
Take notice that by an Order of the Supreme Court of New South
Wales, Equity Division, made on April 7, 2005, Deryk Andrew was
appointed Official Liquidator of Izamar Constructions Pty
Limited (In Liquidation).

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


JONIDER PLUMBING: Completes Winding Up Process
----------------------------------------------
Take note that the affairs of Jonider Plumbing Pty Limited (In
Liquidation) are now fully wound up and pursuant to Section
509(1) of the Corporations Act, a meeting of the Company and its
creditors will be held at the offices of Burton Glenn Allen,
Chartered Accountants, Level 2, 57 Grosvenor Street, Neutral Bay
NSW 2089 at 10:00 a.m. on June 9, 2005.

The purpose of the meeting is to table an account indicating how
the winding up has been conducted and the property of the
Company disposed of and giving explanations thereof.

Dated this 19th day of April 2005

Brian H. Allen
Peter G. Burton
Liquidators
Burton Glenn Allan
Chartered Accountants
Level 2, 57 Grosvenor Street,
Neutral Bay NSW 2089


KNIGHTS INSOLVENCY: Net Cash Flow Nosedives
-------------------------------------------
Knights Insolvency Administration Limited reported that its net
operating cash outflow for the month of April was only
AU$180,000.

The figure compared favorably to the month of March that showed
a net cash outflow of AU$455,000.

The monthly result included expenses relating to the
restructuring of the Company's operations.

Meanwhile, the firm secured an additional funding facility from
ANZ bank that will enable Knights' operations to be funded until
a General Meeting can be called in early July to approve a
recapitalization proposal that is currently under consideration.

Further announcements relating to the Company's operations and
the General Meeting are expected to be made in the coming weeks.

CONTACT:

Knights Insolvency Administration Ltd
Level 14, Brisbane Club Tower
241 Adelaide Street
Brisbane QLD 4000
Phone: 61-7-3004 3200
Fax: 61-7-3004 3201
Web site: http://www.knights.com.au/


LINE RUNNING: Appoints Official Liquidators
-------------------------------------------
At an Extraordinary General Meeting of Line Running Services Pty
Limited (In Liquidation) Members' Voluntary, held on April 18,
2005 the Company's members resolved to wind up the Company
voluntarily and to appoint Keiran Hutchison and John Gibbons of
Ernst & Young, Level 37, 680 George Street, Sydney NSW 2000 as
Liquidators of the Company.

Dated this 18th day of April 2005

Keiran Hutchison
John Gibbons
Liquidators
Ernst & Young


MARINE PACIFIC: Hires Ernst & Young Liquidators
-----------------------------------------------
At an Extraordinary General Meeting of Marine Pacific Australia
Pty Limited (In Liquidation) Members' Voluntary, held on April
18, 2005 the Company's members resolved to wind up the Company
voluntarily and to appoint Keiran Hutchison and John Gibbons of
Ernst & Young, Level 37, 680 George Street, Sydney NSW 2000 as
Liquidators of the Company.

Dated this 18th day of April 2005

Keiran Hutchison
John Gibbons
Liquidators
Ernst & Young


MILNER INVESTMENTS: To Declare Dividend June 7
----------------------------------------------
A first and final dividend is to be declared on June 7, 2005 in
respect of Milner Investments Pty Ltd (In Members Voluntary
Liquidation).

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

Dated this 10th day of May 2005

Cliff Rocke
Liquidator
c/- PPB
Chartered Accountants
Level 1, 5 Mill Street,
Perth WA 6000


MELBOURNE UNIVERSITY: Councilor to Fight Accusations
----------------------------------------------------
The liquidators of Melbourne University Student Union have
accused Banyule councilor Dean Sherriff of conspiring to defraud
the union, Heidelberger reports.

Mr. Sherriff was among the defendants of an AU$3.5-million
lawsuit filed last week with the Victorian Supreme Court against
former union presidents, union council members and employees.

The writ claims Mr. Sheriff participated in transactions to
secure leases for three food outlets from the union at the
university's Parkvile campus. The leases had reportedly been
bought for a nominal fee and then resold in July 2003 for
AU$11.2 million.

The allegations relate to Mr. Sherriff's term as the union's
director of financial services from November 2002 to July 2003.

Mr. Sheriff, who was dismissed from the position over the
alleged misconduct, lodged an unfair dismissal claim with the
Australian Industrial Relations Commission that is yet to be
resolved.

But he said he would fight the allegations. "The applicant is
about to get the biggest fight in his largely uninspirational
life," he said.


MULTIACTIVE SOFTWARE: To Pay Dividend to Unsecured Creditors
------------------------------------------------------------
A first and final dividend is to be declared on or before July
3, 2005 for the unsecured creditors of Multiactive Software Pty
Limited (Subject To Deed Of Company Arrangement).

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

Dated this 19th day of April 2005

Geoffrey Mcdonald
Deed Administrator
Hall Chadwick
Level 29, 31 Market Street,
Sydney NSW 2000


MULTIPLEX: New Chair Reassures Shareholders
-------------------------------------------
Multiplex Group's newly appointed chairman has written to
shareholders, assuring them that the Company is working hard to
restore their confidence, reveals the Sydney Morning Herald.

Chairman Allan McDonald acknowledged that the AU$109-million
loss on the AU$1.2-billion Wembley Stadium project in London,
has caused significant concern to all security holders.

"I would like to assure you that the board is entirely focused
on addressing this situation."

Mr. McDonald joined the group just last week after Multiplex
founder John Roberts' resignation. Mr. Roberts, however, will
remain on the board.

The head of Multiplex's construction division, Noel Henderson,
moved off the board completely.

Multiplex has also recently introduced a number of new senior
personnel within the United Kingdom construction division.

Analysts have warned Multiplex management will have to produce a
series of good results to regain the confidence of investors
after apparent delays in either discovering or unveiling
problems at Wembley.

CONTACT:

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


MULTIPLEX: Wyllie Talk Lifts Stock Value
----------------------------------------
Multiplex Group's securities recovered last week on rumors that
business tycoon Bill Wyllie's Company was buying up the stock,
according to The West Australian.

Wyllie Group refused to discuss its interest amid speculation it
was taking advantage on an investor backlash against Multiplex.

Mr. Wyllie, a long-standing business associate and development
partner of Multiplex founder John Roberts, was a keystone
investor in Multiplex's float in December 2003 but capitalized
in a rally in the stock late last year to halve his stake from
more than 33 million shares to 17 million.

Analysts believe that if Wyllie Group management had confidence
in Multiplex management and saw value in its assets, it would
suit Mr. Wyllie's track record as a long-term investor.


MULTIPLEX: Mulls Sale of More U.K. Assets
-----------------------------------------
Multiplex is keen on divesting strategic stakes in more British
projects, as part of efforts to avoid problems like that of the
Wembley Stadium project, Sydney Morning Herald reveals.

The embattled group confirmed it was planning to consolidate its
British operations, which are worth about AU$3 billion and
involve residential, retail, commercial-industrial and master-
planned community sites.

Possible sales include Multiplex's 25 percent stake in the
GBP4.1-billion (AU$9.9 billion) residential, office and retail
development next to Stratford International Channel Tunnel rail
terminal in London's east. The project will be part of the
Olympic village if London wins its bid to host the 2012 Games.

Multiplex had undertaken a review of the broader construction
business in Britain as part of the review of its loss-making
Wembley operations.

As part of that process, two weeks ago the group sold its 12.5
percent stake in the White City, London, shopping center
development to Westfield for an "accounting" loss of AU$18
million. It retains the construction contract for the project.

Multiplex managing director Andrew Roberts said the U.K.
business strategy would be to replicate the Australian business
model and look to balance development opportunities in Britain
to more evenly distribute emerging profits.


NEWMONT PASTORAL: To Lay Account of Winding Up Process
------------------------------------------------------
Notice is given that a final meeting of members of Newmont
Pastoral Pty Ltd (In Liquidation) will be held at the offices of
Newmont Australia Limited, 100 Hutt Street, Adelaide, South
Australia on June 10, 2005 at 11:30 a.m.

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

Dated this 2nd day of May 2005

Timothy Paul Burfield
Liquidator
Newmont Pastoral Pty Ltd (in liquidation)
Ernst & Young
Level 21, 91 King William Street,
Adelaide SA 5000
Telephone: (08) 8233 7111


ONE WORLD: Lays Out Final Meeting Agenda
----------------------------------------
Notice is given pursuant to Section 509 of the Corporations Act
that a final meeting of the members and the creditors of One
World Corporate Pty Ltd (In Liquidation) will be held at the
offices of KordaMentha (SA & NT), Level 4, 70 Pirie Street,
Adelaide, South Australia on Friday, June 10, 2005 at 10:00 a.m.

AGENDA

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

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

Dated this 2nd day of May 2005

Peter J. Lanthois
Liquidator


PARMALAT AUSTRALIA: Looking Forward to a Brighter Future
--------------------------------------------------------
Parmalat Australia has now erased the uncertainty created by its
troubled Italian parent, according to the Australian Associated
Press.

A strong trading performance and successful corporate
restructuring has allowed Parmalat Australia to slowly recover.

Parmalat Pacific Holdings Pty Ltd, the holding Company of
Parmalat Australia Group, said today earnings generated from its
trading operations rose 2.2 percent in 2004. It reported
earnings before interest, tax, depreciation and amortization
(EBITDA) of AU$56.2 million. In 2003 EBITDA was AU$55 million.

Parmalat Australia managing director David Lord said the dairy
Company has in 2004 consolidated its position as brand market
leader in the national fresh milk market and has enjoyed strong
volume growth in the flavored milk, yogurts and desserts market.

The Queensland-based Company was seen as a takeover target when
its parent went bankrupt last year, owing more than US$20
billion. Parmalat Pacific Holdings' results were affected by
one-off costs related to the extraordinary administration of
Parmalat Finanziaria SpA.

But the Parmalat Australia directors are bullish about the
firm's prospects for 2005 and beyond.

As Mr. Lord has said, the uncertainty created by the parent
Company administration is now well behind them and has been
managed well by the Company.

CONTACT:

Parmalat Australia Ltd
South Brisbane, Queensland,
Australia


PERPLEKS PTY: To Hold Final Meeting June 10
-------------------------------------------
Notice is given that a final meeting of members of Perpleks Pty
Ltd (In Liquidation) will be held at the offices of Newmont
Australia Limited, 100 Hutt Street, Adelaide, South Australia on
June 10, 2005 at 12:00 p.m.

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

Dated this 2nd day of May 2005

Timothy Paul Burfield
Liquidator
Perpleks Pty Ltd (in liquidation)
Ernst & Young
Level 21, 91 King William Street,
Adelaide SA 5000
Telephone: (08) 8233 7111


QANTAS AIRWAYS: IASC Casts Doubts on Ties with SAA
--------------------------------------------------
The International Air Services Commission is worried about the
impact of alleged lack of competition between Qantas Airways and
South African Airways (SAA), Sydney morning Herald relates.

The federal government body raised its concerns about
"continuing high fares" and "lack of competition" on flights to
South Africa, after grudgingly renewing a code-share agreement
between the two airlines.

The IASC grated Qantas' request to renew the agreement with SAA
for two year, but with reservations. It imposed new conditions
should the code share were to continue after November 1.

One is that Qantas and SAA add an extra weekly service to South
Africa. One reason the IASC renewed the code share was the
likelihood SAA would have a monopoly on the Perth-Johannesburg
route, where Qantas has no plans to add services.

Qantas executive general manager John Borghetti pacified the
IASC's fears, saying the Australian carrier was planning to add
a Sydney-Johannesburg service.

He said Qantas's services to South Africa had a "long period of
unprofitability, which the codeshare addressed to some extent".

The ACCC said Qantas and SAA's airfares to South Africa were
"considerably higher" than rival Singapore Airlines', "despite
the higher costs incurred by the latter through its indirect
routing".

Citing discount economy return fares obtained on April 18, the
ACCC noted Qantas fares for travel to Johannesburg on July 1
were $2456 compared with $2052 for Singapore Air. SAA's fares
were also more expensive.

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


RR&R HOLDINGS: To Declare First, Final Dividend
-------------------------------------------------
A first and final dividend is to be declared on June 8, 2005 for
RR&R Holdings Pty Limited (In Liquidation).

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

Dated this 22nd day of April 2005

M. C. Donnelly
Official Liquidator
c/- Ferrier Hodgson
Level 17, 2 Market Street,
Sydney NSW 2000


S.B.S ENTERPRISES: To Declare Dividend June 24
----------------------------------------------
A third interim dividend is to be declared on June 24, 2005 for
S.B.S Enterprises Pty Ltd (Subject To Deed Of Company
Arrangement) formerly trading as Darby's Pies.

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

Dated this 26th day of April 2005

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


SENTRA CONSTRUCTIONS: Dividend Declaration Fixed June 22
--------------------------------------------------------
A final dividend is to be declared on June 22, 2005 for Sentra
Constructions Pty Limited (Subject To Deed Of Company
Arrangement).

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

Dated this 22nd day of April 2005

Kenneth Whittingham
Deed Administrator
c/- BDO
Level 19, 2 Market Street,
Sydney NSW
Telephone: (02) 9286 5605


T.J.&H. AGENCIES: Final Meeting Slated for June 10
--------------------------------------------------
Notice is given that the final meeting of T.J.&H. Agencies
Australia Pty Ltd (In Liquidation) will be held at the offices
of PPB, 10th Floor, 26 Flinders Street, Adelaide South Australia
on June 10, 2005 at 10:00 a.m. for the purpose of receiving an
account of how the winding up has been conducted and the
property of the Company disposed of.

Dated this 2nd day of May 2005

Timothy J. Clifton
Liquidator
c/- PPB
Chartered Accountants
10th Floor, 26 Flinders Street,
Adelaide SA 5000


UNDERDOWN INVESTMENTS: Lays Out Agenda of Final Meeting
-------------------------------------------------------
Notice is given that a Final Meeting of the Members of Underdown
Investments Pty Ltd (In Liquidation) will be held on Tuesday,
June 14, 2005, at Freer Parker & Associates, 40 Sturt Street,
Adelaide, at 10:00 a.m.

AGENDA

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

(2) Any other business.

Dated this 29th day of April 2005

Richard George Freer
Liquidator
Freer Parker & Associates
40 Sturt Street,
Adelaide SA 5000
Telephone: (08) 8211 7177
Facsimile: (08) 8212 6177


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

BANK OF CHINA: Removes 20 Local Branch Directors
------------------------------------------------
The Bank of China (BOC) has dismissed 20 local branch directors
due to their breach of duty that caused considerable losses to
the bank, Xinhua News reports, citing BOC spokesman Wang
Zhaowen.

The report did not mention the names of the directors.

The BOC, which is seeking to offer shares this year, posted an
operating profit of CNY57.8 billion in 2004. The bank's net
profit last year amounted to CNY20.9 billion (US$2.5 billion).

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

CONTACT:

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


BANK OF COMMUNICATIONS: Plans June 23 Hong Kong Listing
-------------------------------------------------------
The Bank of Communications (BoCom) will make its debut on the
Hong Kong Stock Exchange on June 23 at the earliest, AFX News
reports, citing the Shanghai Securities News.

The lender plans to issue 6.9 billion H-shares at 1.9-2.3 a
share, to raise between HK$13 billion and HK$15.6 billion. The
price-to-book ratio of the offering stands at between 1.6 to 1.8
times.

Previous media reports said the Hong Kong Stock Exchange listing
committee has already approved the bank's listing plan.

Big state-owned banks have been seeking foreign strategic
partners and preparing for IPOs as part of its restructuring.

CONTACT:

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


HERALD TINPLATE: Receives Winding Up Order
------------------------------------------
Herald Tinplate Products Limited with registered office located
at Flat No 21, 7th Floor, Chung Mei Building, No 153 Tai Kok
Tsui Road, Tai Kok Tsui, Kolon was issued a winding up notice by
the High Court of the Hong Kong Special Administrative Region
Court of First Instance on May 18, 2005.

Date of Presentation of Petition: March 16, 2005

Dated this 27th day of May 2005.

ET O'Connell
Official Receivers


INDUSTRIAL AND COMMERCIAL: Sheds HKD30 Bln Bad Debt Pre-IPO
-----------------------------------------------------------
The Industrial and Commercial Bank of China (ICBC) will offload
$30 billion of bad assets to a debt-clearing agency, according
to Reuters.

The report said Huarong Asset Management Company, China's
largest asset management Company, would take on CNY246 billion
($29.7 billion) in non-performing loans (NPLs) from ICBC
[ICBC.UL].

The move follows a smaller-than-expected $15 billion injection
for the bank, as Beijing pushes lenders to float shares; attacks
industry corruption; and otherwise scrambles to shore up a
sector laden with more than $200 billion in sour debt before it
opens wider to foreigners in 2007.

An ICBC executive said the deal would be overseen by the finance
ministry but would not elaborate.

State media have reported that ICBC carried bad debt of about
CNY700 billion in early 2005.

ICBC is talking to foreign investors with an eye to selling
strategic stakes, paving the way for a public listing in 2006 or
2007.

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


INDUSTRIAL AND COMMERCIAL: Raises HKD650,000 in Charity Event
-------------------------------------------------------------
Industrial and Commercial Bank of China (Asia) Limited [ICBC
(Asia)] and Belgian Bank successfully raised over HK$650,000
through a charity dance performance held on May 27, 2005.

Entitled "Classical Retrospective" and performed by the Hong
Kong Dance Company, the show was co-organized by the two Banks.
It was well received by attendees, which included the Banks'
customers and business partners. Proceeds from the dance
performance will be donated to Caritas-Hong Kong and the Hong
Kong Dance Company.

"The event was a great success and we are especially grateful to
the generous support from our customers and partners," said
Stanley Wong, Director & Deputy General Manager of ICBC (Asia).
"ICBC (Asia) and Belgian Bank are committed to the local
community and will continue to encourage both staff members and
customers to remain actively involved in our charity work."

About Industrial and Commercial Bank of China (Asia) Limited
ICBC (Asia) is a full licensed bank incorporated in Hong Kong
with its shares listed on The Stock Exchange of Hong Kong
Limited (stock code: 0349).

ICBC (Asia) has 20 branches and one wealth management center in
Hong Kong. ICBC (Asia) is principally engaged in banking,
financial and financial related services with focus on
commercial, retail banking business as well as corporate banking
business. ICBC (Asia) is the flagship of ICBC Group's banking
business in Hong Kong. It became the sixth largest bank (in
terms of total assets) among listed banks operation in Hong
Kong, after its acquisition of Belgian Bank (formerly Fortis
Bank Asia HK). On 16 April 2004, ICBC (Asia) was assigned
A2/Prime-1 long-term/short-term deposit ratings and D Bank
Financial Strength Rating (BFSR) by Moody's Investors Service.

About Belgian Bank

Belgian Bank, formerly known as Fortis Bank Asia HK, is a wholly
owned subsidiary of ICBC (Asia). Belgian Bank established its
first branch in Hong Kong in 1935 and today, it has a network of
22 retail branches and five dedicated commercial business
centres. Belgian Bank provides a wide range of products and
services, including general banking, credit card, consumer
finance, and investment and insurance services. Belgian Bank
also puts a strong focus on providing one-stop financial
advisory services. Its Personal Banking service offers
professional financial planning services to customers through a
dedicated team of advisors and investment strategists.

This is a press release.


MEIJI YASUDA: Issues Debt Claim Notice
--------------------------------------
Notice is hereby given that the Creditors of Meiji Yasuda
Company Limited (In Members' Voluntary Liquidation), whose debts
or claims have not already been admitted, are required on or
before July 4, 2005 to prove by affidavit their debts or claims
by sending in their names, addresses and descriptions and full
particulars of their debts or claims in accordance with Form 63A
of the Companies (Winding-up) Rules, and the names and addresses
of their Solicitors (if any) to the undersigned Liquidators of
the said Company.

If so required by notice in writing from the said Liquidators,
they are to personally or by their Solicitors or duly authorized
Representative, to come and prove their said debts or claims and
to establish any title they may have to priority at such time
and place as shall be specified in such notice.  

In default of complying with this Notice, such creditors will be
excluded from the benefit of any distribution made before such
debts or claims are proved and/or from objecting to any
distribution made before such priorities are established.

Dated this 3rd day of June 2005.

Natalia K M SENG
Joint and Several Liquidator
28/F, Bank of East Asia Harbour
View Centre, 56 Gloucester Road,
Wanchai, Hong Kong

Susan Y H LO
Joint and Several Liquidator
28/F, Bank of East Asia Harbour
View Centre, 56 Gloucester Road,
Wanchai, Hong Kong


KIN YIP: AGM Set for Today
--------------------------
Notice is hereby given that pursuant to Section 238 of the
Companies Ordinance (Chapter 32), the Annual General Meeting of
the Members of Kin Yip Company Limited (In Members' Voluntary
Liquidation) will be held at 18th Floor, Two International
Finance Centre, 8 Finance Street, Central, Hong Kong on June 6,
2005 at 11:00 a.m. for the purposes of having an account laid
before them, showing the manner in which the winding up has been
conducted during the preceding year and of hearing any
explanation that may be given by the Liquidators.  

Dated this 27th day of May 2005

Stephen Liu Yiu Keung
Joint and Several Liquidator


LOXFORD COMPANY: Creditors Meeting Slated June 20
-------------------------------------------------
Notice is hereby given that a meeting of the creditors of
Loxford Company Limited will be held at 3/F., Hong Kong Trade
Centre, 161 Des Voeux Road C., Hong Kong on 20th day of June
2005 at 4:00 p.m. for the purposes provided for in Sections 241,
242, 243 244 and 251 of the Companies Ordinance.  

Creditors may vote either in person or by proxy. Proxies to be
used at the meeting must be lodged at the offices of 3/F., Hong
Kong Trade Centre, 161 Des Voeux Road C., Hong Kong, not later
than 4:00 p.m. on the day before the meeting.

Dated this 27th day of May 2005

Lo Ying Kit
Director


SANYUAN GROUP: In Third Stage of Delisting Procedures
-----------------------------------------------------
The Stock Exchange of Hong Kong Limited (The Exchange) announced
that effective on June 2, 2005, Sanyuan Group Limited (140) will
be put into the third stage of the delisting procedures in
accordance with Practice Note 17 to the Listing Rules (Delisting
Procedures). Practice Note 17 formalizes the procedures to be
adopted in dealing with long suspended companies.

Dealing in the shares of the Company has been suspended since 13
May 2004. The Company has been placed in the second stage of the
Delisting Procedures pursuant to Practice Note 17 since 12
November 2004. Prior to the expiry of the second stage of the
Delisting Procedures on 11 May 2005, the Company has not
submitted a viable resumption proposal.

A viable resumption proposal means a proposal that, if it were
implemented, would enable an issuer to demonstrate that it
complies with, among others, Rule 13.24 of the Listing Rules.
Rule 13.24 of the Listing Rules requires an issuer to carry out,
directly or indirectly, a sufficient level of operations or have
tangible assets of sufficient value and/or intangible assets for
which a sufficient potential value can be demonstrated to the
Exchange to warrant the continued listing of the issuer's
securities on the Exchange.

In view of the absence of any resumption proposals prior to the
expiry of the second stage of the Delisting Procedures and the
Company's continued failure to demonstrate it is able to meet
the requirements as stipulated under Rule 13.24 of the Listing
Rules, the Company will now proceed to the third stage of the
Delisting Procedures. The Company will have a final six months
for the submission of a viable resumption proposal to the
Exchange. A viable resumption proposal should be submitted at
least 10 business days before the expiry of the six-month
period. If the Company does not submit a viable resumption
proposal as required, the Exchange intends to cancel the listing
of the Company on the expiry of the six-month period from 3 June
2005.

The Exchange will make a further announcement in due course if
the delisting takes place.

Hong Kong, 3 June 2005

CONTACT:

Sanyuan Group Limited
Suite 1429, 14/F,
Ocean Centre, 5 Canton Road
Tsimshatsui, Kowloon
Hong Kong  
Phone: 28696789  
Fax: 25960223


TAIT & COMPANY: Sets Creditors Meeting June 15
----------------------------------------------
Notice is hereby given that pursuant to Section 247 of the
Companies Ordinance (Chapter 32), a meeting of the members of
Tait & Company Limited (In Technical Creditors' Voluntary
Liquidation) will be held at 26th Floor, Wing On Centre, 111
Connaught Road Central, Hong Kong on June 15, 2005 at 11 a.m.
and will be followed by a meeting of the creditors of the
Company to be held at the same place at 11:15 a.m. for the
purpose of receiving an account of the liquidator's act and
dealings and of the conduct of the winding up of the Company
during the year ended March 6, 2005.

A member or creditor entitled to attend vote at the above
meeting may appoint proxy to attend and vote instead of him. A
proxy need not be a member or creditor of the Company. Forms of
proxies for both meetings must be lodged at 26th Floor, Wing One
Centre, 111 Connaught Road Central, Hong Kong not less than 24
hours before the time for holding the meetings.

Dated this 27th day of May 2005

Darach E. Haughey
Stuart Sybersma
Joint and Several Liquidators


TIGER ELECTRONICS: Creditors Given Until July 20 to Prove Claims
----------------------------------------------------------------
Notice is hereby given that the Creditors of Tiger Electronics
Far East Limited, whose debts or claims have not already been
admitted, are required on or before June 20, 2005 to prove by
affidavit their debts or claims by sending in their names,
addresses and descriptions and full particulars of their debts
or claims in accordance with Form 63A of the Companies (Winding-
up) Rules, and the names and addresses of their Solicitors (if
any) to the undersigned Liquidators of the said Company

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

Dated this 3rd day of June, 2005

Natalia K M SENG
Joint and Several Liquidator
28/F, Bank of East Asia Harbour
View Centre, 56 Gloucester Road,
Wanchai, Hong Kong

Susan Y H LO
Joint and Several Liquidator
28/F, Bank of East Asia Harbour
View Centre, 56 Gloucester Road,
Wanchai, Hong Kong


YAU SHING: Court Releases Winding Up Order
------------------------------------------
Yau Shing Container Transportation with registered office
located at Flat H, 9/F, Man Fung Building, 11-15 Fung Kwan
Street, Yuen Long, 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


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

SEMEN GRESIK: Draws Interest of Australian Investor
---------------------------------------------------
An Australian firm is interested in buying Mexican Cemex SA's
25.53% stake in national cement firm PT Semen Gresik, AFX News
reports.

Daily newspaper Kompas quoted Lower House of Parliament (DPR)'s
Commission V head Khofifa Indar Parwansa as saying that Cemex
agreed to sell its remaining stake in the Indonesian cement
maker for government approval to build cement plants in Western
Java.

The Mexican cement firm is currently in talks with the
government on an out-of court settlement to end a years-long
dispute over a failed attempt to acquire more shares in Semen
Gresik.  

In 2001, Cemex SA bought some shares in Semen Gresik after being
promised that it could buy more stake in the firm later. But the
government did not exercise a put option to sell 51% stake in
the cement firm to Cemex because of strong opposition from local
politicians and workers in a Semen Gresik plant in Sumatra.

In December 2003, Cemex SA filed an arbitration petition against
the government to seek compensation and damages worth IDR4.8
trillion, but suspended the proceedings last year to agree to a
settlement.  

Cemex officials have yet to confirm whether they are indeed
willing to sell off their remaining stake in the state-owned
cement manufacturer.

CONTACT:

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


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


JAPAN AIRLINES: Receives IOSA Registration
------------------------------------------
Japan Airlines has received a registration in the International
Air Transport Association (IATA) Operational Safety Audit (IOSA)
programme. The IATA Operational Safety Audit programme is an
internationally recognized and accepted evaluation system
designed to assess the operational management and control
systems of an airline.

IOSA was launched in 2003 to meet two specific aviation industry
needs in the areas of safety and cost-effectiveness:

1) To provide a system for maintaining the safety of airline
operations, the airline industry's and IATA's top priority.
Complying with IOSA standards and recommended practices helps an
airline deliver operational safety in all aspects of its
operations, as well as improving efficiency.

2) The need for a single, agreed common airline audit standard,
to replace an ever-increasing proliferation of audits that often
overlap in purpose and content, and to ensure quality and
consistency in the audit process.

All IATA airlines are committed to undergoing an IOSA audit as
soon as practicable.

An IOSA audit covers over 700 published operational standards
and recommended practices. It focuses on operational quality and
safety management and covers:

1) Organization and management systems
2) Flight operations
3) Operational Control/Flight Dispatch
4) Engineering and maintenance
5) Cabin operations
6) Ground Handling
7) Cargo operations
8) Operational Security.

IOSA Audits are conducted by Audit Organizations accredited by
IATA. Melbourne-based Aviation Compliance Solutions Pty Ltd, one
of six such Organizations, conducted the JAL IOSA audit.
Airlines on the IOSA Registry are those that have been audited
against the Standards and have corrected any findings.

Including JAL, there are currently 41 airlines on the IOSA
Registry - www.iata.org/registry

CONTACT:

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

This is a Company press release.


KAJIMA CORPORATION: Liquidates 4 Subsidiaries
---------------------------------------------
The following four (4) consolidated overseas subsidiaries of
Kajima Corporation have been duly liquidated.

1. Commercial Developments International/West, Incorporated:

1.1.  Corporate summary:

1) Headquarters: 901 Corporate Center Drive, Suite 104, Monterey
Park, CA, 91754 U.S.A.

2) Represented by: Takashi Ito, President

3) Common stock: US$200 (U.S. Dollars Two Hundred Only)

4) Stockholders: 100% owned by Kajima Real Estate Development
Incorporated, a wholly owned subsidiary of Kajima Corporation

1.2.  Causes for liquidation:

  The above subsidiary, having conducted the property rental
business in the U.S., was liquidated upon the sale of the
properties it had held.

1.3.  Future outlook:

  No additional loss shall be incurred in connection with the
liquidation of the said subsidiary.

2. Comet Park Hatfield Limited:

2.1.Corporate summary:

1) Headquarters: Grove House 248A, Marylebone Road, London NW1
6JZ United, Kingdom

2) Represented by: Katsumi Shibasaki, President

3) Common stock: 200,000 (Sterling Pound Two Hundred Thousand
Only)

4) Stockholders: 100% owned by Kajima Property Holdings,
Limited, a wholly owned subsidiary of Kajima Corporation

2.2. Causes for liquidation:

  The above subsidiary, having conducted the real estate
development business in U.K., was liquidated upon the sale of
the properties it had held.

2.3. Future outlook:

  No additional loss shall be incurred in connection with the
liquidation of the said subsidiary.

3. Wood Street Properties Limited:

3.1.Corporate summary:

1) Headquarters: Grove House 248A, Marylebone Road, London NW1
6JZ United, Kingdom

2) Represented by: Katsumi Shibasaki, President

3) Common stock: 100 (Sterling Pound One Hundred Only)

4) Stockholders: 100% owned by Kajima Property Holdings,
Limited, a wholly owned subsidiary of Kajima Corporation

3.2.Causes for liquidation:

  The above subsidiary, having conducted the real estate
development business in U.K., was liquidated upon the sale of
the properties it had held.

3.3.Future outlook:

  No additional loss shall be incurred in connection with the
liquidation of the said subsidiary.

4. Embassy Partnerships Limited:

4.1.Corporate summary:

1) Headquarters: Grove House 248A, Marylebone Road, London NW1
6JZ United, Kingdom

2) Represented by: Katsumi Shibasaki, President

3) Common stock: 716,000 (Sterling Pound Seven Hundred Sixteen
Thousand Only)

4) Stockholders: 100% owned by Kajima Property Holdings,
Limited, a wholly owned subsidiary of Kajima Corporation

4.2.Causes for liquidation:

  The above subsidiary, having conducted the real estate
development business in Germany, was liquidated upon the
disposition of the assets it had held.

4.3.Future outlook:

  No additional loss shall be incurred in connection with the
liquidation of the said subsidiary.

Further information is available at:

Mr. Takashi Monma
Director
General Manager
Corporate Planning Department, Corporate Planning Division
Kajima Corporation
2-7, Motoakasaka 1-chome,
Minato-ku, Tokyo 107-8388, Japan
Telephone (03) 3404-3311; International 81-3-3404-3311
Facsimile (03) 3746-7052; International 81-3-3746-7052
E-mail: ir@ml.kajima.com


MATSUSHITA ELECTRIC: To Reduce U.S. Work Force
----------------------------------------------  
Matsushita Electric Industrial plans to slash 500 jobs in the
United States before September and use the money to bolster
advertising, the International Herald Tribune says, citing
Yoshihiko Yamada, Chief Executive of Panasonic Corporation of
North America.

Matsushita, which forecasts that group revenue will remain flat
at JPY8.72 trillion, or $80.5 billion, this business year, is
introducing more expensive high-definition plasma televisions
under the Panasonic brand in the United States as competition
squeezes profit margins. The United States accounts for 12
percent of the Company's sales.

Panasonic of North America had 334,752 employees worldwide at
the end of March, according to its latest figures.

The United States and Europe each accounted for about a third of
the global market, while demand in Japan fell 55 percent in the
quarter.

CONTACT:

Panasonic Corporation of North America
1 Panasonic Way
Secaucus, NJ 07094
Phone: 204-348-700
Fax: 201-392-6007


SANYO ELECTRIC: Will Resume Supply of Handsets to NTT DoCoMo
------------------------------------------------------------
Sanyo Electric Co., the world's biggest manufacturer of digital
cameras, will resume supplying handsets to Tokyo-based NTT
DoCoMo Inc., Bloomberg News relates, citing Sanyo spokesman
Akihiko Oiwa.

Sanyo expects to ship 1 million of the handsets annually, and
supply two other models starting next year. The Company already
sells phones to KDDI Corporation.

The Company, which forecasts a narrower loss this year, may
benefit from the phone companies' increased projections for
subscribers. The Osaka-based Company recorded a net loss of
JPY171.5 billion ($1.6 billion) for the year ended March 31.

CONTACT:

Sanyo Electric Co. Ltd
5-5, Keihan-Hondori 2-Chome
Moriguchi City, 570-8677, Osaka 570-8677
Japan
Phone: +81 6 6991 1181
Fax: +81 6 6991 6566


SOJITZ HOLDINGS: Sells Commodity Futures Trader to Livedoor
-----------------------------------------------------------
Sojitz Holdings Corporation plans to sell its commodity futures
trading unit Nissho Iwai Futures Inc. to Livedoor Financial
Holdings Co., a subsidiary of Internet portal site operator
Livedoor Co., Kyodo News reports.

Sojitz will transfer the 40,000 shares in Nissho Iwai Futures to
Livedoor Financial on June. No price was made available.

CONTACT:

Sojitz Holdings Corporation
1-20 Akasaka 6-chome, Minato-ku
Tokyo, 107-8655, Japan
Phone: +81-3-5446-3600
Fax: +81-3-5446-1542
Web site: http://www.sojitz-holdings.com


UFJ HOLDINGS: JV Firm to Double Asian Profit
--------------------------------------------
Mitsubishi UFJ Financial Group Inc. plans to double profit in
China and Southeast Asia within four years by making loans to
auto-parts makers that are shifting production to low-cost
nations, Bloomberg News reports.

Merger partners Mitsubishi Tokyo Financial Inc. and UFJ Holdings
Inc. plan to be profitable as soon as they combine on October 1,
forming the world's biggest bank by assets.

``The new bank will be pretty powerful, combining Mitsubishi
Tokyo's product development skills and branding power with UFJ's
sales acumen and ability to take action,'' Nikko Citigroup
Managing Director Hironari Nozaki said.

CONTACT:

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


ZECOO INC.: Faces Possible Delisting
------------------------------------
The Tokyo Stock Exchange has moved Zecoo Inc., listed on its
Mothers market for startup firms, to its monitoring post for
possible delisting, Jiji Press reports.

The measure was taken after a Company executive notified the
exchange of a plan to file for bankruptcy proceedings.

The restaurant chain operates a franchise of Japanese style pubs
named "Toriaezu Gohei."


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

BRIDGE SECURITIES: Faces Liquidation Next Week
----------------------------------------------
Brokerage firm Bridge Securities may be liquidated as soon as
next week, when the firm would hold its annual general meeting,
reports the South China Morning Post.

The Company's annual general meeting will be held on June 8,
2005, where shareholders with a combined 77.75% interest would
vote in favor of liquidation, according to the Company's Hong-
Kong listed shareholder Regent Pacific. The Hong-Kong based firm
controls Bridge Investment Holdings Co. (BIH), which holds a
majority stake in Bridge Securities.

On May 27, 2005, the Financial Supervisory Commission (FSC)
informed the Company of its rejection of the proposed sale by
major stockholder BIH of a controlling 77.75% stake to South
Korean Leading Investment & Securities Co. for KRW117.3 billion.
According to the FSC, the proposed sale "lacked substance,"
given the buyer's unrealistic business plan and potential as a
full-service securities firm.

BIH had earlier threatened to liquidate Bridge Securities if the
sale would not push through.  

CONTACT:

Bridge Securities Company, Limited
198 Ulchiro 2-ga, Chung-gu
Seoul, South Korea
Phone: +82 2 771 0900
Fax:   +82 2 3779 3610
Web site: http://www.bridgefn.com/


JINRO LIMITED: Set to Close Takeover Deal with Hite Brewery
-----------------------------------------------------------
A consortium led by local beer maker Hite Brewery Co. was
expected to sign a formal contract to take over soju maker Jinro
Ltd. for KRW3,41 trillion, Dow Jones reports.

In the biggest takeover in South Korea as of 2005, a spokesman
for Hite Brewery said that they were scheduled to sign a main
contract to close the deal on June 3, 2005. The Hite Brewery
consortium was selected as the preferred bidder in the takeover
of the Company last April, after offering a slightly lower
KRW.32 trillion to buy out the liquor firm.

In the acquisition, Hite Brewery is set to own up to 40% stake
in the Company, while the rest is to be divided among the group,
namely Korea Development Bank, the Korean Federation of
Community Credit Cooperatives, the Korean Teachers Credit Union
and the Military Mutual Aid Association.

The Fair Trade Commission (FTC) is still reviewing the
acquisition to determine whether it would create a monopoly in
the local liquor market, and expects to release a statement next
month.

CONTACT:

Jinro Limited
Jinro Bldg, 1448-3 Seocho-dong
Seocho-gu, Seoul, 137-866
South Korea
Phone: +82 2 520 3114
Fax:   +82 2 520 3453
Web site: http://www.jinro.co.kr/


TRIGEM COMPUTER: Focuses on Domestic Operations
-----------------------------------------------
Computer firm Trigem Computer Inc. is withdrawing a bid to
supply personal computers to Brazil, reports Yonhap News.

The Company, which had been negotiating to supply personal
computers to a Brazilian firm a few months ago, decided to
suspend the KRW2.5 trillion order so as to focus its efforts on
local operations. The demand for the computers was part of the
Brazilian government's efforts to increase the penetration rate
of personal computers in South America.

Trigem Computer sought court protection after reportedly
undergoing financial distress since May 18, 2005. The Company
posted a net loss of KRW16.2 billion in 2004, and recorded a
further KRW2.9 billion net loss from January to March this year.

CONTACT:

TriGem Computer Incorporated
1055 Singil-dong Ansan-SI
Gyeonggi-do, 425-839
South Korea
Phone: +82 31 489 3000
Fax:   +82 31 489 3333


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

JIN LIN: Seeks SC Approval on Restructuring Scheme
--------------------------------------------------
Jin Lin Wood Industries Berhad announced that in relation to
Practice Note 4/2001 of the Bursa Malaysia Securities Berhad
Listing Requirements, the Securities Commission (SC) is still
processing the Company's proposed restructuring scheme.

Once the Company is informed of the SC's decision on its
restructuring scheme, an announcement will be made in due
course.

CONTACT:

Jin Lin Wood Industries Berhad
177, 2nd Floor, Taman Sri Dagang
P O Box 3181, 97013 Bintulu
Sarawak, Malaysia
Phone: 086-334661/335570
Fax:   086-330866/334808


KIG GLASS: Served with Notice to Pay
------------------------------------
KIG Glass Industrial Berhad announced that a Notice of Demand
was served on the Company by BP Malaysia Sdn Berhad for an
outstanding amount of MYR1,318,216.00 owed to BP Malaysia, as
balance of the price of goods sold and delivered to the Company.

The Company's lawyers are currently looking into the matter.

CONTACT:

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


KIG GLASS: To Hold AGM at the End of the Month
----------------------------------------------
KIG Glass Industrial Berhad announces that the Company will hold
its 17th Annual General Meeting on June 30, 2005, 10:00 a.m., at
Sri Pontian, lower ground floor of the Hyatt Regency Hotel,
Jalan Sungai Chat, 80720 Johor Bahru.


MEGASTEEL CORPORATION: Posts Winding Up Petition Update
-------------------------------------------------------
In response to a query letter by Bursa Malaysia Securities
Berhad, Megasteel Corporation Berhad announced that the winding-
up petition was served on the Company on May 26, 2005, and that
there is no interest on the amount claimed, if any. The total
investment cost in the Company is MYR1.3 billion by parent Lion
Corporation Berhad (LCB), through an LCB subsidiary, Limpahjaya
Sdn Berhad.

The financial impact of the winding-up petition on the Company
and Linear Corporation Berhad, based on audited financial
statements for the financial year ended June 30, 2004 are:
            
Alleged sum:             MYR238,455.70 = 0.16%
Megasteel's net profit:  MYR150,590,470


Alleged sum:             MYR238,455.70 = 0.03%
Megasteel's net tangible
assets (NTA):            MYR760,353,001

Alleged sum:             MYR238,455.70 = 0.55%
LCB Group's net profit:  MYR43,231,000

Alleged sum:             MYR238,455.70 = 0.56%
LCB Group's NTA:         MYR42,542,000

There are no expected losses from the winding-up petition of the
Company.

CONTACT:

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


MENTIGA CORPORATION: Schedules AGM on June 27
---------------------------------------------
Mentiga Corporation Berhad announced that the Company will hold
its 34th Annual General Meeting on June 27, 2005, 2:30 p.m., at
the Junior Ballroom 2, Level 2 of Hotel Nikko, 165 Jalan Ampang,
50450 Kuala Lumpur, for the following purposes:

1. To receive and adopt the Statutory Financial Statements for
the year ended Dec. 31, 2004 and the Reports of the Directors
and Auditors thereon. (Resolution 1)

2. To approve the payment of Directors' fees for the year ended
Dec. 31, 2004. (Resolution 2)

3. To re-elect the following Directors retiring in accordance
with Article 80 of the Company's Articles of Association and
being eligible, offer themselves for re-election:

i) YAB Dato' Sri Haji Adnan Bin Haji Yaakob (Resolution 3)

ii) Encik Bahudin Bin Mansor (Resolution 4)

4. To re-appoint Auditors and to authorize the Directors to fix
their remuneration. (Resolution 5)

5. To transact any other business for which due notice has been
given.

NOTES:

1. A member of the Company entitled to attend and vote at this
meeting is entitled to appoint a proxy and vote in his stead. A
proxy may but need not be a member of the Company.

2. Proxy Form duly completed must be deposited at the Registered
Office of the Company not less than 48 hours before the
scheduled time of the meeting.

CONTACT:

Mentiga Corporation Berhad
20th Floor, East Wing
Plaza Permata,Jalan Kampar
Off Jalan Tun Razak
Kuala Lumpur, 50400
Malaysia
Phone: +60 3 40439411
Fax:   +60 3 40431233


MERCES HOLDINGS: Sees No Change in Default in Payment
-----------------------------------------------------
Merces Holdings Berhad announced that in relation to Practice
Note 1/2001 of the Bursa Malaysia Securities Berhad Listing
Requirements, there are no further developments to the Company's
default in payment (principal plus interest) to Southern Bank
Berhad.

CONTACT:

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


PILECON ENGINEERING: Schedules AGM for This Month
-------------------------------------------------
Pilecon Engineering Berhad announces that the Company will hold
its 28th Annual General Meeting on June 24, 2005, 10:00 a.m., at
Dewan Bunga Raya, No. 2 Jalan U1/26, Seksyen U1, Hicom-Glenmarie
Industrial Park, 40150 Shah Alam, Selangor Darul Ehsan.  

To view a copy of the AGM notice, click on:

http://bankrupt.com/misc/tcrap_pileconeng060205.doc

CONTACT:

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


POS MALAYSIA: To List Extra Shares
----------------------------------
Pos Malaysia & Services Holdings Berhad's additional 39,000 new
ordinary shares of MYR1.00 each issued pursuant to the Company's
Empolyee Share Option Scheme will be granted listing and
quotation effective Monday, June 6, 2005, 9:00 a.m.

CONTACT:

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


TRU-TECH HOLDINGS: Issues Update on Proposed Restructuring Plan
---------------------------------------------------------------
Tru-Tech Holdings Berhad announced that a hearing to set aside
an intervener action filed by scheme creditor Affin Bank Bank
Berhad in order to set aside an order to hold court-convened
creditors' meetings was postponed to Aug. 12, 2005, pending a
settlement with Affin Bank Berhad.

The Company submitted its proposed restructuring scheme to the
Securities Commission and Foreign Investment Committee for
approval last Dec. 31, 2004; the scheme is currently pending
approval.

CONTACT:

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


UNITED CHEMICAL: Proposed Restructuring Plan Remains Unchanged
--------------------------------------------------------------
United Chemical Industries Berhad announced that pursuant to
Practice Note 4/2001 of the Bursa Malaysia Securities Berhad
Listing Requirements, there are no current changes to the
Company's proposed restructuring scheme.

Any changes to the scheme will be announced in due course.

CONTACT:

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


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

ABS-CBN BROADCASTING: Suspends Pay Hikes, Hiring
------------------------------------------------
Embattled ABS-CBN Broadcasting Corp. has suspended salary
benefits and increases for all staff and halted employment of
new workers, BusinessWorld reports.

The moratorium is part of the network's recovery efforts aimed
at bringing the Company back to profitability.

In the first quarter of the current fiscal year, ABS-CBN
suffered a net loss of Php114.3 million, a sharp reversal from a
net profit of Php124.1 million in the same period last year.

The Company admitted the losses resulted from its continued loss
of viewers to main rival, GMA Network Inc.

CONTACT:

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


BENPRES HOLDINGS: To Write Off Php3-Bln Equity
----------------------------------------------
Benpres Holdings Corporation issued this announcement in
reference to the news article entitled "Court approves Maynilad
rehabilitation plan" published in the June 2, 2005 issue of the
Philippine Daily Inquirer (Internet Edition).

The article reported that:

"The Quezon City Regional Trial Court gave its seal of approval
Tuesday to the latest rehabilitation plan of Metro Manila's
west-zone water concessionaire Maynilad Water Services Inc. The
rehabilitation plan was also accepted by foreign and local
creditors of Maynilad, except for state-owned Development Bank
of the Philippines (DBP), which was awaiting the go-ahead from
its board of directors.

"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. The major
highlight of the rehabilitation plan is that Maynilad's majority
shareholder, Benpres Holdings Inc. of the Lopez group, will
divest all its shares valued at $22.7 million. Shares of
Benpres' French partner, Ondeo Philippines (formerly known as
Suez Lyonnais des Eaux), will be reduced to 13 percent.

"Maynilad rehabilitation receiver Rosario Bernaldo said 84
percent of Maynilad's shares would be for subscription by the
MWSS, which favored a debt-to-equity conversion whereas the
banks preferred cash payment for a certain period."

Benpres Holdings Corporation (BPC), in its letter dated June 2,
2005, informed the Exchange that:

1) The Court approved on June 01, 2005 the Rehabilitation Plan
submitted by Maynilad Water Services, Inc. on April 29, 2005;

2) As of May 5, 2005, 100% of creditors approved the 2005
Rehabilitation Plan by signing the Debt and Capital
Restructuring Agreement;

3) Benpres will divest all its shares in Maynilad, reflecting a
write off of Php3.06 billion in equity and Php621 million in
advances;

4) MWSS will own 84% of Maynilad; and

5) The processes necessary to implement the 2005 Rehabilitation
Plan are expected to be completed in the next three months."

For your information.

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

Noted by:

(Original Signed)
JURISITA M. QUINTOS
Senior Vice President

CONTACT:

Benpres Holdings Corporation
4/F, Benpres Building
Exchange Road corner Meralco Avenue
Ortigas Center, Pasig City
Phone No:  633-3368
Fax No:  634-3009
E-mail Address: jr_benpres@bayantel.com.ph
Web site:  http://www.benpres-holdings.com


CAMP JOHN: Replacement to Enjoy PEZA Perks
------------------------------------------
A prospective group of investors who would take over the
operation of Camp John Hay from beleaguered Camp John Hay
Development Corp. (CJHDevco) is likely to enjoy attractive
incentives, says The Philippine Star.

The Bases Conversion and Development Authority (BCDA) said it
intends to offer the potential investor Philippine Economic Zone
Authority (PEZA) incentives, which may include tax holidays from
four to six years or a 5-percent tax on gross in lieu of all
other taxes.

PEZA incentives are said to be far more attractive than current
investor come-ons under the Subic Bay Metropolitan Authority
(SBMA) package.

The adoption of the PEZA package does not require any
legislation and subject only to the approval of PEZA and the
BCDA board.

BCDA is also seriously studying the possible application of the
PEZA incentives to the current locators in the Camp John Hay
Special Economic Zone.

CONTACT:

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


LEPANTO CONSOLIDATED: Strike Cripples Mines
-------------------------------------------
Lepanto Consolidated Mining Company halted operations following
an industrial action by more than 1,000 workers Thursday, Today
News reveals.

Gold mining operations in Benguet were suspended after officers
of the Lepanto Employees Union (LEU) barricaded the mine portals
to prevent employees from working.

The LEU earlier filed a notice of strike before the National
Conciliation and Mediation Board on April 5 due to a deadlock in
the union's collective bargaining agreement. Labor Secretary
Patricia Santo Tomas, however, advised the LEU to defer the
strike pending the resolution of the case.

The Company said it is exploring all legal remedies to ensure
the resumption of mining operations.

It also admitted the strike would threaten the supply of
precious metals in the market, which would, in turn, have
adverse effects on the economy.

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: Agents Seek Payment Order
-----------------------------------------
Lifetime Plans Inc. agents urged the Securities and Exchange
Commission (SEC) to order its sister firm, Pacific Plans, to
continue servicing tuition fee claims of Lifetime planholders,
Today News says.

The agents made request following Pacific Plans' move to
discontinue tuition assistance to Lifetime planholders in
protest of the regulator's decision to revoke Lifetime's
business license and registration.

Lifetime agents fear that SEC's ordering Pacific Plans to stop
honoring claims will put the future of its planholders in
uncertainty.

The members of the Coordinating Alliance for Reform and
Empowerment in the Preneed Industry (CARE-PreNeed) and the
Alyansang Reporma at Ugnayang Galing at Aruga sa Preneed
Industry (ARUGA-PreNeed Convenor Group), which are mainly
composed of Lifetime and Pacific Plans planholders, insisted the
tuition support should cover the entire school year.

"Many plan holders are pinning their hope for such assistance to
ensure the enrollment of their children this coming school year
and that such assistance should cover the whole school year and
not merely the first-semester enrollment," the members said in
their statement.

Earlier, the SEC revoked the registration of LPI due to
incomplete capitalization requirements, paving the way to its
dissolution.

In reaction to the SEC's decision, Lifetime's parent Company,
Pacific Plans, said the Company is stopping its payment of
tuition assistance for this semester.

Pacific Plans spokesperson Jeanette C. Tecson said payment of
its plan holders' tuition might cast a doubt on the
rehabilitation of the Company.


MANILA ELETCRIC: ERC Asks COA to Help Assess Rate Hike Bid
----------------------------------------------------------
The Energy Regulatory Commission (ERC) will tap the Commission
on Audit (COA) to assist in the evaluation of Manila Electric
Company's (Meralco) new 14.76-centavo per kilowatthour (kwh)
rate hike petition, The Philippine Star reports.

The Commission solicited COA's expertise primarily to assure the
public that the representations made by the applicant in its
financial statements are true and correct. This measure would
help allay concerns of electricity consumers on the rate
increase.

Last May 31, Meralco submitted its application to the ERC for
revised rate schedules and appraisal of property with prayer for
provisional authority.

The Lopez-managed power firm proposed an overall average
increase of 2.1 percent from the present average selling rate of
Php7.0315 per kwh. The present rates being implemented by
Meralco were approved by the ERC in May 30, 2003.

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


PHILIPPINE LONG: Chairman Buys More Shares
------------------------------------------
Philippine Long Distance Company (PLDT) Chairman Manuel
Pangilinan has bought 2,500 additional shares of the Company for
Php1,550 each, Dow Jones Newswires reports.

The latest share purchase raised Mr. Pangilinan's stake in PLDT
to 99,858 shares, less than 0.1 percent of the firm's
outstanding shares.

PLDT did not provide a reason for the purchase.

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


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

AIROCEAN GROUP: Clarifies Statement Made to SGX
-----------------------------------------------
Further to the announcement of Airocean Group Ltd.'s full year
financial statement made on May 29, 2005, Airocean Group Limited
had received a query from the Singapore Stock Exchange Limited
(SGX) seeking clarification on the statement "Following the
disposal of a subsidiary in Hong Kong, the Group recorded a $1.0
million gain which was included in Other Revenue for
FY2004/2005." on page 12 of the Full Year Financial Statement.

The Company clarified that the details of the said disposal are
set out in an earlier announcement (Masnet No. 00069 of December
6, 2004).  Any inconvenience caused is regretted.

By Order of the Board

Winston Seow Han Chiang
2 June 2005

CONTACT:

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


ASPLINUX PTE: Creditors Should Prove Claims by June 28
------------------------------------------------------
Notice is hereby given that the creditors of Asplinux Pte Ltd
(In Member's Voluntary Liquidation), which is being wound up
voluntarily, are required, on or before June 28, 2005 to send in
their names and addresses, with particulars of their debts and
claims, and the names and addresses of their solicitors (if any)
to the undersigned, the liquidators of the said Company.

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

Dated this 27th day of May 2005.

Low Sok Lee Mona
Cheng Soon Keong
Liquidators
c/o Low, Yap & Associates
4 Shenton Way
#04-01 SGX Centre 2
Singapore 068807


ATS HOLDINGS: Falls Into Voluntary Liquidation
----------------------------------------------
The Board of Directors of Ocean Sky International Limited (OSIL)
advised the Singapore Stock Exchange (SGX) that its ultimate
holding Company, ATS Holdings (2000) Pte Ltd (ATS) has on June
2, 2005 commenced a members' voluntary liquidation to wind up
ATS and that Mr. Yeo Ek Khuan and Mdm Ng Geok Mui have been
appointed as liquidators for the liquidation of ATS.

Mr. Ang Boon Cheow Edward and Mr. Ang Boon Chong are the
directors and substantial shareholders of both OSIL and ATS.
None of the other directors or substantial shareholders of OSIL
has an interest, directly or indirectly, in the transaction
other than those as disclosed above.

Mr. Ang Boon Cheow Edward and Mr. Ang Boon Chong who hold 60%
and 40% of the shares in ATS respectively will be entitled to
receive OSIL's shares held by ATS according to their percentage
holdings in ATS as interim distribution of assets in specie upon
the voluntary liquidation of ATS. ATS currently holds
235,382,723 ordinary shares representing 61.03% of the total
paid-up capital of OSIL.

The voluntary liquidation of ATS is not expected to have any
material impact on the business or affairs of OSIL and its group
of companies and will have no material impact on the net
tangible assets or earnings per share of the Group for the
financial year ending 31 December 2005.   


CHARTERED SEMICONDUCTOR: Expects Higher Revenues in 2Q
------------------------------------------------------
Chartered Semiconductor Manufacturing (Nasdaq: CHRT and SGX-ST:
CHARTERED) issued to the Singapore Stock Exchange (SGX) an
update on its second-quarter guidance, which was originally
provided on April 22, 2005.

"Revenues including our share of Silicon Manufacturing Partners
(SMP or Fab 5) are now expected to be at the higher end of our
prior guidance and revenues at Chartered level are expected to
be approximately at the mid point of our prior guidance. Our
share of SMP revenues is expected to be higher than prior
guidance. Consistent with higher revenues, our second-quarter
net loss will be at the lower end of the range guided
previously," said George Thomas, senior vice president & CFO of
Chartered.

Chartered plans to release second quarter 2005 results on
Friday, July 22, 2005 Singapore time, before the Singapore
market opens.

Chartered's original guidance for second quarter 2005 was
published in the Company's first quarter 2005 earnings release
dated April 22, 2005, which can be found on Chartered's Web site
at http://www.charteredsemi.com,under Investor Relations,  
Earnings Releases section.

Presentation of Information in this News Release

The Company's financial results are prepared and determined in
accordance with US GAAP. In order to give investors additional
information, Chartered has also provided information on its
total business base revenues, which included the Company's share
of SMP.

SMP is a minority-owned joint-venture Company and under US GAAP
reporting, SMP revenues are not consolidated into Chartered's
revenues.

References to revenues including Chartered's share of SMP in
this report are therefore not in accordance with US GAAP.

CONTACT:

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


DATACRAFT ASIA: Wins US$2Mln Contract from Hanaro
-------------------------------------------------
Datacraft Asia Ltd., the region's leading independent IT
services Company, has secured a one-year contract worth US$2
million, to maintain hanarotelecom's nationwide IP network
infrastructure.

The award of the contract comes as the Korean broadband market
is entering a phase of consolidation with hanarotelecom leading
the way.

The two companies have a close relationship that dates back six
years, during which Datacraft has built most of hanarotelecom's
IP backbone and significant portions of its ADSL distribution
network. Having moved into profit in 2004, Korea's number two
broadband ISP is aggressively increasing market share through
acquisition of regional and national competitors, most recently
signing a definitive agreement to acquire Korea Thrunet.

"We are very much focused on strengthening the competitiveness
and improving the profitability of our broadband Internet
business," said Soo-Tae Kim, Director, Internet Network
Operation Team at hanarotelecom. "That entails delivering
excellent services while at the same time managing our costs.

"We are therefore once again banking on Datacraft to provide the
pro-active Uptime maintenance and support services we need to
keep our extensive IP network infrastructure operating at
optimum levels round-the-clock. Backed by their in-depth
technical expertise, extensive knowledge of our network and
strong track record across the region, we are further assured of
their services delivery capability. "

Uptime is Datacraft's 7x24x365 IT maintenance service that
includes pro-active on-line monitoring, troubleshooting and
resolution service for mission-critical IT systems. The new
contract covers hanarotelecom's entire commercial Internet
service network, comprising 19,000 Cisco routers, switches and
access servers along with its network management system.

"Datacraft has been providing high-level Uptime maintenance
services to hanarotelecom since before its commercial launch in
1999," said Young-Jong Hur, General Manager of Datacraft Korea.
"We are naturally pleased to extend our partnership into a
seventh year, despite the determined efforts of some local
competitors. Winning this contract is a reaffirmation of
Datacraft's capabilities and professionalism."

With more than 2.75 million broadband customers, over 1.4
million of whom also use the Company's telephone service,
hanarotelecom holds about 23 per cent of Korea's broadband
Internet services market. In December it strengthened its
position in the Taegu area by acquiring the broadband Internet
operations of DBS Daekyung Broadcasting Co Ltd, and in February
added more customers around Taejon by taking over CM TEL Co
Ltd's broadband service.

These acquisitions, however, are dwarfed by the Company's US$460
million deal, pending creditor approval, to buy Thrunet which
has around 1.3 million customers nationwide.

The contract has no material impact on this financial year.

About Datacraft

"Best Asian Systems Integrator" for fifth consecutive year -
Telecom Asia Datacraft is the leading independent IT services
and solutions Company in Asia Pacific. The Company helps clients
plan, build and support their IT infrastructures. Datacraft
combines an expertise in networking, security, operating
environments, storage and contact centre technologies, with
advanced skills in consulting, integration and managed services,
to craft IT solutions for businesses.

A member of the Dimension Data Group, Datacraft is listed on the
main board of the Singapore Exchange and is a component company
of the Straits Times Index. Headquartered in Singapore,
Datacraft spans more than 50 major offices and has over 1,200
employees across 13 Asia Pacific markets. More information can
be found at http://www.datacraft-asia.com.

For further information contact:

Media Contacts
Datacraft Asia
Esther Quah, Head, Corporate Communications & Brand Management,
Tel: 6322 6688
E-mail: esther.quah@datacraft-asia.com

BeeKee Lim, Specialist,
Corporate Communications & Brand Management, Tel: 6322 6605
E-mail: bee-kee.lim@datacraft-asia.com

CONTACT:

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


DUNWOOD ENTERPRISES: Faces Winding Up Proceedings
-------------------------------------------------
In the matter of Dunwood Enterprises Pte Ltd. a winding up order
was made on May 13, 2005.

Name and address of the Liquidator:

Official Receiver
The URA Centre (East Wing)
45 Maxwell Road #05-11/#06-11
Singapore 069118

Dated this 27th day of May 2005.

Rodyk & Davidson
Solicitors for the Petitioners


INFORMATICS HOLDINGS: Explains Variance in Operating Expense
------------------------------------------------------------
With reference to the unaudited results of Informatics Holdings
Ltd. announced on May 24, 2005, the Singapore Exchange has asked
the Company to provide explanation for the following variances
in the Group's balances.

(i) Decrease in other operating expense

The Group's other operating expenses for FY2005 was $81.6
million compared to $112.3 million in the previous year.  The
decrease of $30.7 million was mainly due to:

(1) $12.7 million savings in operating expenses of IGUK, a UK
subsidiary Company which ceased operation in October 2003 of
FY2004;

(2) $1.4 million savings in one month of operating expenses from
our operations in Sweden which was disposed in March 2005, one
month before the year end;

(3) As stated in paragraph 1(a)(i) in the announcement made on
May 24, 2005, $9.1 million was due to decrease in bad debts
written off or provision made for doubtful debts.  The total
debts written off and provision for doubtful debt and the joint
venture in China amounted to $19.1 million in FY2005, compared
to $28.2 million in FY2004;

(4) $2.0 million decrease in foreign exchange loss;

(5) $3.0 million decrease in amortization or write off of
goodwill;

(6) Other net savings arising from the rationalization and cost
reduction in the Group's operations, particularly in Singapore
and Malaysia.

(ii) Decrease in the investment in associated companies

The balance of Investment in associated companies decreased by
$3.1 million to $0.9 million as of March 31, 2005.  This was due
to share of losses from associated companies amounting to $0.8
million and $2.3 million of net impairment loss recorded in
FY2005.

(iii) Exceptional items

The net amount for exceptional items was a loss of $12.4 million
in professional fees in addressing the misstatement of quarterly
results of FY2004.  The Company also made full provision
amounting to $15.8 million for its investment cost and loans
provided to its educational investment in United States. The
disposal of its operations in Sweden gave rise to an accounting
profit of $5.6 million.

In previous year, a net gain of $3.6 million was recorded for
the cessation of the IGUK operations in the UK.

(iv) Increase in fees received in advance

Fees received in advance as at March 31 2005 was $12.2 million
compared to $2.4 million as at March 31, 2004. The increase of
$9.8 million includes $5.0 million of payment received in
advance from a licensee for which courses have yet to commence.  
A further increase of $4.8 million is due to the tightening of
computation of revenue deferment for course fees received as
part of the implementation of PwC findings.

(v) Increase in amount due to a director

The amount due to a creditor represents an interest-free,
unsecured loan of MYR7.5 million (SG$3.265 million) provided by
Tan Sri Vincent Tan to fund the Group's working capital
requirements.

By Order of the Board

Raymond Quek Hiong How
Company Secretary
02 June 2005
Singapore

CONTACT:

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


INTERACTIVE KNOWLEDGE: Served with Winding Up Order
---------------------------------------------------
In the matter of Interactive Knowledge Systems Pte Ltd. a
winding up order was made on May 20, 2005.

Name and Address of Liquidator:

The Liquidator
The Official Receiver
Insolvency & Public Trustee's Office
The URA Centre (East Wing)
45 Maxwell Road #05-11/#06-11
Singapore 069118

Dated this 27th day of May 2005.

Messrs Sant Singh Partnership
Solicitors for the Petitioner

Note:

(a) All creditors of the abovenamed Company should file their
proof of debt with the Liquidator who will be administering all
affairs of the Company.

(b) All debts due to the abovenamed Company should be forwarded
to the Liquidator.


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

KRUNG THAI: NPL Increases 2.0%
------------------------------
Krung Thai Bank Public Company Limited issued to the Stock
Exchange of Thailand (SET) a report that discusses the principal
changes in the reviewed unconsolidated financial statements for
the first quarter ended March 31, 2005 of the Company.

Operating results

Net profit for the period was THB4.3 billion after providing
THB908 million in provisioning and income tax expense of THB766
million, a significant increase from the THB534 million net
profit reported for the fourth quarter ended December 31, 2004.

However, the result was less than the net profit reported for
the first quarter of 2004 of THB5.2 billion.

The THB908 million bad debts and doubtful accounts provision
during the period was in line with earlier announcements that
for 2005, the policy for bad debts and doubtful accounts would
be set at a minimum of THB300 million per month.

As Krung Thai Bank will be incurring income tax liability for
2005, income tax expense of THB766 million has been provided for
the period.
                 
Unit: Million Baht

                         First quarter         Change
                        2005      2004      Amount     %

Net profit before
provisioning and
income tax expense     5,992       6,928   -936      -13.5

Provisioning             908       1,733   -825      -47.6

Income tax expense      766            0    766      -

Net profit             4,318       5,195   -877      -16.9

Table 1 Operating results

Revenue

Net interest and dividend income of THB9.4bn was received during
the period ended March 31, 2005, an increase of THB1.1bn over
the corresponding quarter of 2004, due mainly to higher interest
yields and lower cost of funds. Higher dividends from Vayupak
Fund were also received.

Fee and service income rose moderately by 7.6 percent to THB1.2
billion, whilst non-interest income declined by THB1.6 billion
from the first quarter of 2004 to THB1.9 billion for the first
quarter of 2005 due to the reduction of other income and gain on
investments.

Non-interest expense

Non-interest expense of THB5.3 billion increased by THB430
million, mainly due to the increases in personnel expenses and
other expenses.

Financial status

Loans to customer (excluding SAM promissory notes) stood at
THB885.0 billion at the end of March 2005, an increase of
THB29.9bn or 3.5 percent from the end of December 2004. SAM
promissory notes of THB33.0 billion were redeemed during the
quarter, resulting in a balance of THB49.8 billion as at March
31, 2005.

Non-performing loans (NPLs) increased by THB2.4 billion or 2.0
percent to THB122.1 billion at the end of the quarter.

Statutory capital fund

As at March 31, 2005, the Bank's total capital funds were
THB87.4 billion or 10.8 percent of risk-weighted assets (RWA).

Dissection of capital fund movements is shown in Table 2
                                                             
Unit: Million Baht

                        Mar 31, 2005   Dec 31, 2004    Change
                       Amount  % of   Amount  % of    Amount   %
                               RWA           RWA

Tier 1 capital fund   65,871   8.1   65,871   8.2       0     -

Tier 2 capital fund   22,441   2.8   22,269   2.8     172   0.8

Total capital fund
before less items     88,312         88,140           172   0.2

Less revaluation deficit
(net) on investments in
available-for-sale
equity securities       908            908             0     -
Total capital fund     87,404  10.8   87,232  10.9     172   0.2

Risk-weighted assets  810,980        799,040        11,940   1.5

Note: Excluding net profit in the first quarter of 2005

Table 2 Statutory capital fund

Subsequent to March 31, 2005 KTB issued THB10.4 billion 10 year
subordinated debentures. The issue is part of the total Bt 40bn
debenture program approved by shareholders in April 2005.

Assigned national long-term rating of 'AA- (tha)' by Fitch
Ratings (Thailand) Limited, the debentures bear interest,
payable semi-annually, at a rate of 4.6 percent per annum for
the first five years and 6.0 percent for the remaining years.

The issue resulted in an increase in the Bank's capital adequacy
ratio to 12.1 percent.

Overall, the first quarter result is in line with internal
targets.

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


THAI DURABLE: SEC Rules Out Amendment of FS
-------------------------------------------
Previously, the Stock Exchange of Thailand (SET) has posted the
NP (Notice Pending) sign on the securities of Thai Durable Group
Public Company Limited (TDT) since May 18, 2005 because the
Company submitted to the SET a financial statement without an
auditor's conclusion.

The SET was waiting for the conclusion whether the Company has
to amend its financial statements.

The Securities and Exchange Commission (SEC) has now informed
the SET that it is not necessary to amend its financial
statements on the issue that the auditors stated, therefore, the
SET has posted the NR (Notice Received) sign on TDT 'securities
on June 3, 2005 to announce that the SET has received the
conclusion from the SEC.

CONTACT:

Thai Durable Group Pcl   
33 Moo 4 Suksawadi Road,
Tambol Bangchak, Phra Pradaeng Samut Prakarn    
Telephone: 0-2463-0024, 0-2463-2293-6   
Fax: 0-2463-3821


THAI PETROCHEMICAL: To Proceed with Disposal of TPIPL Shares
------------------------------------------------------------
With reference to a letter from the Stock Exchange of Thailand
(SET) demanding Thai Petrochemical Industry Public Company
Limited (TPI) to provide information relating to the disposal of
TPI Polene Plc. (TPIPL) shares owned by the Company as pressed
in newspapers.

These are the following information:
       
According to the Company's Business Reorganization Plan, the
successful completion condition of the rehabilitation is that
the Company will sell 249,007,294 TPI Polene shares owned by the
Company to repay the special payment scheme debt amounting to
USD250 million.

If the net proceeds from such sale are insufficient to repay in
full the USD250 million, the entire shortfall of which will be
forgiven. Nevertheless, if there remain any net proceeds from
the sale left after the full repayment of USD250 million, such
remaining net proceeds will be used to repay the debt in other
trances.

The Company has to urgently proceed with the disposal of the TPI
Polene Plc. shares before the rehabilitation plan's completion
on November 10, 2005.

Accordingly, the proceeds are preliminarily targeted to be
complete in two months.

Your acknowledgement for the above matter is highly appreciated.
      
Sincerely Yours,
Mr. Suwit Nivartvong
Plan Administrator for
Thai Petrochemical Industry Plc

CONTACT:

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


THAI PETROCHEMICAL: Founder Has Legal Rights to Repay Debts
-----------------------------------------------------------
A former Central Bankruptcy Court chief justice said Thai
Petrochemical Industry Pcl founder, Prachai Leophairatana has
the right to repay the Company's debt given that he has proofs
of his ability to do so, relates Bangkok Post.

Pichai Nilthongkam said Mr. Prachai as a debt guarantor for
TPI's $2.7-billion debt, has a legal right to repay the
Company's debt without condition.  If Mr. Prachai would be able
to come up with the funds to the court, the planners must accept
that money rather than looking for money from new investors.

Even if funds have been raised from new investors to settle
TPI's debt under the current restructuring plan, Mr. Prachai
still has the right to petition the court to repay the remaining
debt, a move that could result in TPI caught up in the courts
again.

"Why shouldn't the Finance Ministry give Mr. Prachai one last
chance to prove himself? If he fails to come up with the funds,
well, it raises questions about his capability and he would no
longer be in a position to block the planners," Bangkok Post
quoted Mr. Pichai as saying.

According to Senator Intharat Yodbangtoey, chairman of the
Senate administration panel, the Ministry of Finance was
challenging the authority of the Central Bankruptcy Court by
moving forward with the restructuring plan.  The court
previously said that Mr. Prachai, as a guarantor for TPI, should
be given the opportunity to clear the debt during the
rehabilitation process.

However, Prime Minister Thaksin Shinawatra believes that all
actions were in compliance with the law and that the current
restructuring plan was the best option for TPI.

The Central Bankruptcy Court had given Mr. Prachai a directive
to demonstrate that he has funds to settle the obligations.  Mr.
Prachai said he could do it within 90 days.

On May 30, Mr. Prachai have entered into a Memorandum of
Understanding with CITIC Resources to finance the acquisition of
TPI's existing shares.

"If the proposed transaction is successfully concluded, the sale
of the existing TPI shares and the new TPI shares to strategic
investors such as PTT ... will not proceed," Citic said.

The Finance Ministry is of the view that delays would only hurt
TPI. It also said it is committed to the current restructuring
plan.

      
THAI PETROCHEMICAL: Inks MoU with CITIC Petrochemical
-----------------------------------------------------
CITIC Petrochemical informed the Hong Kong Stock Exchange that
it has entered into a Memorandum of Understanding (MoU) with the
shareholders of Thai Petrochemical Industry Public Company
Limited (TPI) concerning the formation of the Joint Venture
Company as a special purpose vehicle to be used by the Parties
to acquire the existing TPI shares (representing about 75% of
the existing issued share capital of TPI).

CITIC Petrochemical is an indirect wholly owned subsidiary of
CITIC Resources Holdings Ltd.

TPI is a diversified fully integrated petrochemical producer in
Thailand and its shares are listed on the Stock Exchange of
Thailand. TPI is undergoing a business reorganisation pursuant
to the Business and Debt Restructuring Plan approved by the Thai
Central Bankruptcy Court.

The Memorandum of Understanding does not constitute CITIC  
Petrochemical's legally binding commitments and the Proposed
Transaction remains subject to, amongst other things, further
negotiations amongst the Parties, the approval of the Thai
Central Bankruptcy Court, due diligence and execution and
completion of the
Transaction Documents.

Certain provisions of the Memorandum of Understanding do,
however, constitute legally binding commitments of the TPI
Shareholders. In particular, the TPI Shareholders have agreed,
until CITIC Petrochemical decides it does not wish to proceed
with its negotiations with the TPI Shareholders in respect of
the Proposed Transaction, to act and co-operate with CITIC
Petrochemical on an exclusive basis pursuant to which the TPI
Shareholders shall not, amongst other things, negotiate or enter
into any agreement with any third party in respect of any matter
that is the subject of or contemplated by the Memorandum of
Understanding.

To view a full copy of CITIC announcement, click
http://bankrupt.com/misc/citic_tpi_mou060205.pdf




                            *********


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

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