TCRAP_Public/050610.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

             Friday, June 10, 2005, Vol. 8, No. 114

                            Headlines


A U S T R A L I A

ANVIL MINING: Massacre Report Alleges Involvement
ARISTOCRAT LEISURE: Awaits Class Ruling on Capital Return
ATIWEAL PTY: Members Pass Winding Up Resolution
AUSTRAL COAL: Panel Commences Proceedings
AUTUMN FACTORY: Final Meeting Slated for June 17

BODY ON LINE: Names R. M. Sutherland Official Receiver, Manager
BOX HILL: Fixes June 17 as Final Meeting Date
BRADMILL: Lays Off 20% of Entire Workforce
BRIGHTON REHABILITATION: Members, Creditors to Meet June 17
BULLFROG ENTERTAINMENT: To Hear Liquidator's Winding Up Report

CLOUGH LIMITED: Tells Clients to Take More Risk as Costs Soar
CORPORATE IMAGE: Members Opt to Wind Up Company
CORROCEAN PTY: Liquidator to Lay Account of Winding Up
DELITE CONSTRUCTIONS: To Convene Final Meeting June 24
DJ&KA PTY: Fixes Final Meeting June 13

E&G BROWN: Hires Official Liquidator
ELECTROMASTER PTY: Creditors Decide to Wind Up Company
EMPEROR MINES: Needs AU$15 Mln to Turn Profit
GLOBAL SDR: Supreme Court Orders Wind Up
GREYSTANES BUILDING: Court Issues Winding Up Order

H.C.L.I. PTY: Resolves to Wind Up Voluntarily
LACH DRUMMOND: Hunt for Lost AU$900,000 Continues
MARJAY NOMINEES: Members Pass Resolution to Wind Up Firm
NEWCASTLE CONTROL: To Pay Dividend June 30
NEWTECH CLEANING: Taps Ferrier Hodgson Liquidator

NORFOLK JET: Clips its Wings for Good
NYLEX LIMITED: Shareholders OK Final Stage of Capital Boost
OAKRIDGE CONSTRUCTIONS: Winds Up Voluntarily
QRST PTY: Names Albert J. Cachia Liquidator
WILLIAM D. SMITH: To Enter Winding Up Proceedings


C H I N A  &  H O N G  K O N G

ATLEX FAR EAST: Sets Winding Up Hearing July 13
BANK OF COMMUNICATIONS: IPO Shares Over-subscribed
BRIDGE SECURITIES: Adjourns AGM to June 24
EZCOM TECHNOLOGY: Winding Up Hearing Slated for June 22
GAIN ROYAL: Court Orders Winding Up

HAIZHOU COAL: China Closes Largest Coal Mine
NISON ENERGY: Winding Up Hearing Fixed July 13
POLY INVESTMENTS: To Suspend Trading on January 2006
POLY INVESTMENTS: AGM Meeting Slated for June 20
RICHLY PLAN: Enters Winding Up Process

WEALTHMARK INTERNATIONAL: Updates Independent Committee's Review
WEALTHMARK INTERNATIONAL: Appoints Independent Committee Members
WEALTHMARK INTERNATIONAL: Schedules AGM June 23


I N D O N E S I A

BANK MANDIRI: Probe May Extend to Other Operations
PERTAMINA: Quits Joint Venture to Explore Oil in Vietnam
PERUSAHAAN LISTRIK: Continues to Procure Fuel at Lower Price


J A P A N

FUJITA CORPORATION: Gets Aid from Goldman Sachs, Mori Trust
HITACHI LIMITED: Sues Taiwanese Firms for Patent Infringement
JAPAN TOBACCO: To Launch 13 New Cigarette Products in Japan
RESONA HOLDINGS: Revises Conversion Ratio for Class B Shares
* April Corporate Bankruptcies Lowest in 13 Years


K O R E A

HYNIX SEMICONDUCTOR: Named Defendant in U.S. Class Action Suit


M A L A Y S I A

ARTWRIGHT HOLDINGS: Returns to Profit
I-BERHAD: Buys Back 15,000 Shares
KAI PENG: Sells Off More Property to Refinance Debt
POS MALAYSIA: Unveils Employee Share Option Scheme
TIME DOTCOM: Losses Widen in First Quarter of 2005

TIME DOTCOM: Seeks to Boost Performance, Focus on Core Business
WEMBLEY INDUSTRIES: Bourse Adds More Conditions for Delisting
WEMBLEY INDUSTRIES: Schedules AGM June 30
YAN JIN: Up for Liquidation in September 2005


P H I L I P P I N E S

ABS-CBN BROADCASTING: Reduces Listed PDRs
BENPRES HOLDINGS: Woes to Remain Despite Maynilad Debt Deal
CAMP JOHN: Urged to Settle Row with BCDA
METRO PACIFIC: Declines to Comment on MNTC Stake Purchase Rumors
NATIONAL BANK: Banks on Consumer Products to Boost Revenue

NATIONAL TRANSMISSION: N. Luzon Op Obtains ISO Certification
PACIFIC PLANS: Says It Has Been Servicing Tuition Claims
POLLUTION ABATEMENT: May Close Doors Due to Losses


S I N G A P O R E

ASIA-PACIFIC PORT: Served with Winding Up Order
CHINA AVIATION (S): Singapore Court Charges Five Top Officials
CHINA AVIATION (S): Creditors Approve Scheme of Arrangement
COMPACT METAL: Seeks Quotation of New Shares, Bonus Warrants
ESSIE INVESTMENT: Requires Creditors to Prove Claims by July 4

HUA KOK: Names New Executive Chairman, CEO
JAYA HOLDINGS: Snags US$58-Mln Shipbuilding Contract
SWANLIN MARINE: Receiving Proofs of Claim Until June 17
TENG HUAT: Faces Winding Up Proceedings
TRAVELPRO PTE: Court Schedules Hearing July 1


T H A I L A N D

COMMERCIAL INSURANCE: Urged to File Rehab Plan
PAE THAILAND: Unveils Shareholder Structure
TANAYONG: Updates Business Reorganization Plan
THAI HEAT: Hikes Registered Capital
THAI PETROCHEMICAL: To Auction Out TPI Polene Stake

THAI PETROCHEMICAL: Shareholders Can Renew Share Certificate
* Large Companies With Insolvent Balance Sheets

     - - - - - - - - - -

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

ANVIL MINING: Massacre Report Alleges Involvement
-------------------------------------------------
Shares in Anvil Mining have suffered following the release of a
documentary that claimed the Company was involved in the
massacre of at least 100 people in the Democratique Republic of
Congo (DRC), The Advertiser says.

ABC's Four Corners program alleged that Anvil provided vehicles
and financed a plane to transport troops from the 62nd brigade
of the Congolese army. The troop was reportedly tasked to
control rebel activity in the village of Kilwa, where one of
Anvil's biggest copper mining interests is based.

Anvil admitted the plane made up to four trips to the regional
capital to bring in between 80 and 100 troops.

But the miner denied its participation in the massacre, saying
the allegations were  "deplorable and without foundation".

The ABC program, which was aired Monday night, only focused on
the DRC government's response to the incident.

To view Anvil's official response to the TV report, click on:
http://bankrupt.com/misc/tcrap_anvilmining060805.pdf

CONTACT:

Anvil Mining Limited
2nd Floor, 35 Ventnor Avenue
West Perth WA 6005
Australia
Telephone: +(61 8) 9481 4700
Fax: +(61 8) 9481 4800
E-mail: anvil@anvil.com.au
Web site: http://www.anvil.com.au/


ARISTOCRAT LEISURE: Awaits Class Ruling on Capital Return
---------------------------------------------------------
The Australian Taxation Office has advised Aristocrat Leisure
Limited that the Commissioner of Taxation will publish a Class
Ruling in relation to the capital return proposed to
shareholders and approved at Aristocrat's Annual general Meeting
on May 3, 2005.

On receipt of the Australian Taxation Office advice, the
Aristocrat board will on July 15 pay a capital return of AU$0.21
per ordinary share to shareholders. Shares will trade ex-
entitlement to the capital return from Monday, June 27, 2005.

Aristocrat stressed that the return of capital will not be
treated as a dividend for Australian income tax purposes. If the
shareholder concerned is an Australian tax resident shareholder,
the capital return will be treated as a reduction in the cost of
the shares held by that shareholder.

The Class Ruling, which is still not legally binding on the
Australian Taxation Office until it is gazetted, will apply to
the holders of ordinary shares in Aristocrat and to the
Australian income tax year ending June 30, 2006.

CONTACT:

Aristocrat Leisure Ltd.
71 Longueville Road,
Lane Cove, Nsw,
Australia, 2066
Telephone: (02) 9413 6300
Fax: (02) 9420 1352
Web site: http://www.aristocratgaming.com


ATIWEAL PTY: Members Pass Winding Up Resolution
-----------------------------------------------
Notice is hereby given that at a meeting of creditors of Atiweal
Pty Limited (In Liquidation) convened pursuant to Section 439A
of the Corporations Act 2001 held on April 26, 2005, it was
resolved that the company be wound up and pursuant to Section
446A(4) of the Corporations Act 2001, A.H.J. Wily of Armstrong
Wily, Chartered Accountants, Level 5, 75 Castlereagh Street,
Sydney NSW 2000 was appointed Liquidator.

Dated this 27th day of April 2005

A. H. J. Wily
Liquidator
Armstrong Wily
Chartered Accountants
Level 5, 75 Castlereagh Street,
Sydney NSW 2000


AUSTRAL COAL: Panel Commences Proceedings
-----------------------------------------
The Takeovers Panel has decided to conduct proceedings with
respect to the application from Centennial Coal Company Limited
in relation to the affairs of Austral Coal Limited.

As noted in the Panel's Media Release dated June 6, 2005,
Centennial has alleged that unacceptable circumstances exist in
relation to the failure by Glencore International AG to make
timely disclosure regarding equity swap arrangements it entered
into in relation to more than 5% of Austral.

The President of the Panel has appointed Meredith Hellicar
(sitting President), Guy Alexander and Hamish Douglass as the
sitting Panel in these Proceedings.

CONTACT:

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


AUTUMN FACTORY: Final Meeting Slated for June 17
------------------------------------------------
Notice is hereby given that a Final Meeting of creditors and
members of Autumn Factory Outlet Pty Ltd (In Liquidation), will
be held at the offices of O'Keeffe Walton Richwol, on June 17,
2005 at 10:00 a.m. for the purpose of laying before the meeting
an account of the liquidator's costs and dealings and the
conduct of the winding up.

Dated this 26th day of April 2005

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


BODY ON LINE: Names R. M. Sutherland Official Receiver, Manager
---------------------------------------------------------------
Notice is hereby given that on April 29, 2005, Roderick Mackay
Sutherland of Jirsch Sutherland Chartered Accountants was
appointed as Receiver & Manager of Body On Line Pty Limited
trading as Body Online.

Dated this 29th day of April 2005

R. M. Sutherland
Receiver & Manager
Jirsch Sutherland
Chartered Accountants
Level 2, 84 Pitt Street,
Sydney NSW 2000
Telephone: 02 9233 2111
Facsimile: 02 9233 2144


BOX HILL: Fixes June 17 as Final Meeting Date
---------------------------------------------
Notice is hereby given that a Final Meeting of creditors and
members of Box Hill Private Hospital Management Pty Ltd (In
Liquidation), will be held at the offices of O'Keeffe Walton
Richwol, on June 17, 2005 at 1:15 p.m. for the purpose of laying
before the meeting an account of the liquidator's costs and
dealings and the conduct of the winding up.

Dated this 26th day of April 2005

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


BRADMILL: Lays Off 20% of Entire Workforce
------------------------------------------
Ailing textile manufacturer Bradmill was prompted by the strong
Australian dollar to axe nearly 20 percent of its workforce,
according to The Age.

Between 30 and 40 of Bradmill's 200 workers lost their jobs
after a number of major customers decided to withdraw their yarn
orders in favor of offshore suppliers.

The Australian Industry Group (Ai) survey of manufacturers
released on Wednesday showed the sector suffering from the
combined effects of a high Australian dollar and cheap imports
from China.

Ai chief executive Heather Ridout said manufacturing was
encountering a very flat patch, reflecting consumer nervousness
and a slowdown in spending.

Bradmill chief executive David O'Keeffe confirmed the lay-offs
over the past two weeks involved mill workers and supervisors,
but refused to comment further.

Bradmill came close to collapse in 2001, when it went into
receivership owing an estimated AU$A15 million to unsecured
creditors and AU$A32 million to the ANZ Bank. But it has been
saved by a rescue package involving the De Lutis Group.

CONTACT:

Bradmill Pty Ltd
Melbourne VIC
Phone:03 9274 6200
Web site: http://www.bradmill.com.au


BRIGHTON REHABILITATION: Members, Creditors to Meet June 17
-----------------------------------------------------------
Notice is hereby given that a Final Meeting of creditors and
members of Brighton (Rehabilitation) Management Pty Ltd (In
Liquidation) will be held at the offices of O'Keeffe Walton
Richwol, on June 17, 2005 at 12:45 p.m. for the purpose of
laying before the meeting an account of the liquidator's costs
and dealings and the conduct of the winding up.

Dated this 26th day of April 2005

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


BULLFROG ENTERTAINMENT: To Hear Liquidator's Winding Up Report
--------------------------------------------------------------
Notice is hereby given pursuant to Section 509 of the
Corporations Act that a final meeting of members and creditors
of Bullfrog Entertainment Pty Limited (In Liquidation) will be
held at Suite 67, Level 14/88 Pitt Street, Sydney NSW 2000 on
Tuesday, June 14, 2005 at 11:30 a.m.

The purpose of the meeting is to lay before the members and
creditors an account for the manner in which the winding up has
been conducted and the property of the Company disposed of and
of hearing any explanations that may be given by the Liquidator.

Proxies to be used at the meeting must be lodged with the
undersigned no later than 4.00 p.m. on Friday, 10
June 2005.

Dated this 28th day of April 2005
Murray Godfrey
Liquidator
RMG Partners
Suite 67, 14/88 Pitt Street,
Sydney NSW 2000
Telephone: (02) 9231 0889


CLOUGH LIMITED: Tells Clients to Take More Risk as Costs Soar
-------------------------------------------------------------
Embattled engineering and construction group Clough is advising
its clients to take more of the risk of raw materials price
rises, as the corporate casualties of soaring costs continue to
grow, The West Australian reveals.

Clough Managing Director David Singleton said the Company's
operations, like other contractors, were being hit everywhere by
price rises which had reached the point where they were
impossible to predict.

Mr. Singleton said the difficulties being faced by contractors
were reflected in the AU$109 million loss Multiplex was facing
on the Wembley Stadium project in London, prompting Multiplex to
slash its forecast profit for 2004-05 by AU$65 million to AU$170
million and for next year by about AU$50 million to between
Au$200 million and AU$215 million.

He said clients were not happy about bearing more risk and
Clough had probably lost a couple of contracts as a result.

Mr. Singleton said Clough's efforts to turn around its
performance following the heavy losses of recent years were
going reasonably well. Its order book was back above AU$900
million even though it was continuing to reduce its exposure to
high-risk projects.

Clough announced Friday last week it was expecting an AU$60
million loss this financial year due to huge provisions related
to its involvement in a dispute over Origin Energy's AU$400
million BassGas project.

CONTACT:

Clough Limited
Head Office &
Principal Registered Office
Level 6, 251 St Georges Terrace
Perth, Western Australia 6000
Telephone: +618 9281 9281
Facsimile: +618 9481 6699
E-mail: clough@clough.com.au
Web site: http://www.clough.com.au/


CORPORATE IMAGE: Members Opt to Wind Up Company
-----------------------------------------------
Notice is hereby given that at an extraordinary general meeting
of members of Corporate Image Management Pty Ltd (In
Liquidation) held on April 22, 2005, it was resolved that the
company be wound up voluntarily and at a meeting of creditors
held on the same day it was resolved that for such purpose,
Andrew Hugh Jenner Wily of Armstrong Wily, Chartered
Accountants, Level 5, 75 Castlereagh Street, Sydney NSW 2000 be
appointed Liquidator.

Dated this 26th day of April 2005

A. H. J. Wily
Liquidator
Armstrong Wily
Chartered Accountants
Level 5, 75 Castlereagh Street,
Sydney NSW 2000


CORROCEAN PTY: Liquidator to Lay Account of Winding Up
------------------------------------------------------
Notice is hereby given that a Final Meeting of creditors and
members of Corrocean Pty Ltd (In Liquidation) will be held at
the offices of O'Keeffe Walton Richwol, on June 17, 2005 at 1:00
p.m. for the purpose of laying before the meeting an account of
the liquidator's costs and dealings and the conduct of the
winding up.

Dated this 26th day of April 2005

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


DELITE CONSTRUCTIONS: To Convene Final Meeting June 24
------------------------------------------------------
Notice is hereby given pursuant to Section 509 of the
Corporations Act that a final meeting of members and creditors
of Delite Constructions Pty Limited (In Liquidation) will be
held at the offices of Sleiman & Co, Certified Practising
Accountants Level 8, 65 York Street Sydney NSW 2000 on June 24,
2005 at 10:00 a.m. for the purpose of having an account laid
before them showing the manner in which the winding up has been
conducted and the property of the company disposed of and of
hearing any explanation that may be given by the Liquidator.
Dated this 27th day of April 2005

J. Sleiman
Liquidator


DJ&KA PTY: Fixes Final Meeting June 13
--------------------------------------
Notice is hereby given that pursuant to Section 509 of the
Corporations Act the final meeting of the members of DJ&KA Pty
Limited (In Liquidation) will be held at Suite 301, Level 3, 71-
73 Archer Street, Chatswood NSW on June 13, 2005 commencing at
11:00 a.m., for the purpose of having accounts 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
liquidation that may be given by the liquidator.

Dated this 19th day of April 2005

N. Bove
Liquidator


E&G BROWN: Hires Official Liquidator
------------------------------------
At an Extraordinary General Meeting of Members of E&G Brown
Service Stations Pty Ltd (In Liquidation) duly convened and held
at 5 Wulumay Close, Rozelle NSW on April 15, 2005 it was
resolved that the company be wound up by Members' Voluntary
Liquidation and that Mr Gabriel Brown of 5 Wulumay Close,
Rozelle NSW be appointed Liquidator of the company with power to
destroy all books and papers after five years of the date of
dissolution of the company.

Dated this 15th day of April 2005

Gabriel Brown
Liquidator


ELECTROMASTER PTY: Creditors Decide to Wind Up Company
------------------------------------------------------
Notice is hereby given that at a meeting of creditors of
Electromaster Pty Limited (In Liquidation) held on April 29,
2005 it was resolved that the company be wound up voluntarily
and that for such purpose Roderick Mackay Sutherland and Sule
Arnautovic of Jirsch Sutherland Chartered Accountants be
appointed Joint Liquidators.

Dated this 29th day of April 2005

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


EMPEROR MINES: Needs AU$15 Mln to Turn Profit
---------------------------------------------
Struggling Emperor Mines Limited admitted Thursday it will need
an AU$15-million (US$11.5 million) cash infusion to restore the
Fiji mine's profitability, Reuters reports.

Emperor has finalized a plan, subject to agreement with
shareholders, to address the mine's problems. The plan included
total capital expenditure of AU$15 million over the next 12
months over the next 12 months to slash operating costs by AU$10
million a year.

The expenditure, however, hinges on the approval of an AU$10-
million short-term loan from Australia and New Zealand bank
Limited.

Emperor, burdened with worker fatalities and low ore resources,
has warned of a substantially higher net loss in the second half
of the fiscal year compared with the first half, which will
likely take its full-year loss before tax to more than AU$18
million.

Three workers have been killed in the last 12 months at the
mine, prompting management to initiate trials for safer and more
productive mining methods.

CONTACT:

Emperor Mines Limited
Suite 303, Level 3
50 Margaret Street,
Sydney NSW 2000
Australia
Phone: +61 2 9299 7422
Fax: +61 2 9299 7433
E-mail: emperor@emperor.com.au
Web site: http://emperor.com.au


GLOBAL SDR: Supreme Court Orders Wind Up
----------------------------------------
The Supreme Court of Victoria has made orders winding up Global
SDR Technologies Pty Ltd (Global SDR), a company formerly
controlled by the now bankrupt father and son duo Mr. Roger May
and Mr. Jason May (the Mays). The court orders followed a
successful application by the Australian Securities and
Investments Commission (ASIC).

The Court appointed Mr. Paul A Pattison, of Pattison Consulting,
the liquidator of Global SDR. Mr. Pattison was previously
appointed provisional liquidator in October 2004 after ASIC made
an urgent application.

ASIC sought the orders to appoint a liquidator after receiving
information that there were substantial amounts owing to former
employees of three previously failed companies. ASIC was
concerned that attempts were being made to transfer the only
valuable asset of Global SDR, intellectual property rights in
emerging telephony technology known as 'Spectrucell SDR' and
'PC4', to an offshore location beyond the reach of potential
creditors. Creditors included former employees of the May/SDR
Group who had developed the technology over a period of three
years and who had not been adequately remunerated.

ASIC submitted that the Court could no longer have confidence in
the Mays, as directors of Global SDR, given their history of
failing to comply with their obligations as directors of Global
SDR and other companies within the May/SDR Group. These failings
included:

(1) Not ensuring that adequate books and records were
maintained;

(2) Not paying taxation obligations;

(3) Not paying employees wages and superannuation entitlements;
and

(4) Not producing books, records and other property of companies
to external administrators when required.

The Court found that Global SDR was insolvent, and ordered that
it be wound up on just and equitable, and insolvency grounds.

"Where there is evidence raising fears that a company is
behaving in a way that is inconsistent with its legal
obligations, especially when there is evidence of insolvency,
ASIC will act quickly and decisively to protect the interests of
creditors, especially employees, who are often the most
vulnerable in these circumstances," ASIC's Deputy Executive
Director of Enforcement, Mr. Mark Steward said.

In the course of its investigation ASIC has cooperated with, and
received assistance from, the Department of Employment and
Workplace Relations, AusIndustry and the Australian Taxation
Office.


GREYSTANES BUILDING: Court Issues Winding Up Order
--------------------------------------------------
On April 28, 2005, the Supreme Court of New South Wales made an
Order that Greystanes Building Pty Limited (In Liquidation) be
wound up by the Court and appointed Maxwell William Prentice to
be Liquidator.

Dated this 29th 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


H.C.L.I. PTY: Resolves to Wind Up Voluntarily
---------------------------------------------
Notice is hereby given, that the general meeting of H.C.L.I. Pty
Ltd (In Members' Voluntary Liquidation) duly convened and held
on April 20, 2005 at 11:00 a.m. at Level 11 499 St Kilda Road,
Melbourne, Victoria 3004, proposed and passed as a special
resolution:

That the Company be wound up voluntarily and that Marc Peskett
of MPR Group Level 11 499 St Kilda Road, Melbourne, Victoria
3004, be appointed as liquidator for the purposes of such
winding up.

Dated this 19th day of April 2005

Marc Peskett
Liquidator
MPR Group Pty Ltd
Level 11, 499 St Kilda Road,
Melbourne Vic 3004


LACH DRUMMOND: Hunt for Lost AU$900,000 Continues
-------------------------------------------------
The former administrators of collapsed Lach Drummond Resources
are pursuing a bankruptcy petition against a former director,
The West Australian reports.

Insolvency firm Pitcher Partners, the former administrators of
the failed firm, are trying to bankrupt Ben Jensen in a bid to
recover around AU$900,000 that mysteriously disappeared from the
firm's treasury.

Lach Drummond called in administrators in July last year when
they would not access AU$900,000 that had been put on term
deposit with a shelf company with links to Mr. Jensen, who has
given personal guarantees for the money.

Mr. Jensen, together with Nicholas Kenneth Reed and Stuart
Davies, were directors of the suspended shell Fashion Intimates
when a deal was struck in late 2003 to backdoor-list a junior
gold float headed by Ross Kennedy, a founder of Resolute.

While still under the control of the former directors, the
Company raised AU$2.8 million in fresh equity, AU$886,000 was
deposited with Veraison Capital Pty Ltd, whose sole director at
the time was Paul Bowker.

Mr. Kennedy, John Ikstrums and Jose Martins were appointed to
the newly named Lach Drummond on January 12 last year and the
shares relisted at the end of that month.

Mr. Jensen remained on the board but resigned on July 5, four
days before directors called in administrators after failing to
access the term deposit with Veraison.

According to the Australian Securities and Investments
Commission, Mr. Jensen replaced Mr. Bowker as the sole director
of Veraison shortly before he resigned from Lach Drummond.

The administrators have had a liquidator appointed to Veraison
but the Company's records were incomplete, as there was no
record of it ever receiving an amount approximating AU$886,000.

Lach Drummond administrators requested ASIC to probe the
collapse last year but the investigation was dropped because of
insufficient evidence to gain a conviction. But the
administrators were advised to pass on to the corporate
regulator any information they will uncover during their current
investigations.

The Company came out of administration last month after being
restructured and relisted but Pitcher Partners are continuing to
be funded by former Lach Drummond creditors, including trade
creditors and convertible noteholders, who are potentially owed
more than AU$1 million.

CONTACT:

Lach Drummond Resources Limited
Level 3
50 Colin Street
West Perth WA 6005
Telephone: 08 9481 7133
Facsimile: 08 9481 7166
E-mail: perth@ldr.com.au
Web site: http://www.ldr.com.au/


MARJAY NOMINEES: Members Pass Resolution to Wind Up Firm
--------------------------------------------------------
At a General Meeting of Marjay Nominees Pty Ltd (In
Liquidation), duly convened and held at 6 Hunter Street, Dover
Heights NSW 2030 on April 20, 2005, the following Special
Resolution was passed:

That the Company be wound up voluntarily in accordance with the
provisions of Section 491(1) of the Corporations Act 2001 and
that the assets may be distributed in whole or part to the
members of the company in specie should the liquidator so
desire.

Dated this 22nd day of April 2005

Bruce Leonard Bailey
Liquidator
Saccasan Bailey Partners
Chartered Accountants
Level 15, 1 York Street,
Sydney NSW


NEWCASTLE CONTROL: To Pay Dividend June 30
------------------------------------------
A first and final dividend is to be declared on June 30, 2005
for Newcastle Control Engineering Pty Ltd (In Liquidation).

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

Dated this 10th day of May 2005

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


NEWTECH CLEANING: Taps Ferrier Hodgson Liquidator
-------------------------------------------------
Notice is hereby given that at a meeting of members of Newtech
Cleaning Pty Limited (In Liquidation) held on April 28, 2005, it
was resolved that the company be wound up voluntarily and at a
meeting of creditors held on the same day it was resolved that
for such purpose, Daniel I. Cvitanovic of Ferrier Hodgson,
Chartered Accountants, Level 1, 121-123 Crown Street,
Wollongong, NSW 2500 be appointed Liquidator.

Dated this 28th day of April 2005

Daniel I. Cvitanovic
Liquidator
Ferrier Hodgson
Level 1, 121-123 Crown Street,
Wollongong NSW 2500


NORFOLK JET: Clips its Wings for Good
-------------------------------------
Norfolk Jet Express, Norfolk Island's sole link to Australia,
has gone into voluntary liquidation.

The Australian Associated Press reported Norfolk Jet Express Pty
Ltd has formally decided to go into receivership.

The Norfolk government said in a statement that every option
would be explored to ensure that ongoing services would be
provided. It assured that discussions are continuing with Qantas
Airways and Alliance Airlines.

The community would be kept informed by the Norfolk Island
government and inquiries in relation to flights should be
directed to the Norfolk Island Government Tourist Bureau on
telephone 22147.

CONTACT:

Norfolk Jet Express
Level 4/97 Creek Street Brisbane,
QLD 4000
Phone: (6723) 24313
Fax: (6723) 24314
Web site: http://www.norfolkjet.com.au/


NYLEX LIMITED: Shareholders OK Final Stage of Capital Boost
-----------------------------------------------------------
Cash-strapped Nylex Limited finally made progress on its capital
raising after shareholders approved the final stage of the plan
Wednesday.

At a General Meeting of members held June 8, 2005, shareholders
agreed to issue shares to institutional and sophisticated
investors in respect of the capital raising of AU$28.81 million
completed in April.

The shareholders also approved the issuance of more shares to
investors in respect of a capital raising totaling AU$5.04
million, as well as the issue of shares to Garden Park Equities
Pty Ltd. in respect of a capital raising of AU$6.15 million.

Nylex's AU$5-million share purchase plan closes on June 14,
2005.

CONTACT:

Nylex Limited
Level 2/ 564 St Kilda Rd
Melbourne 3004
Phone:
Phone: (03) 9533 9333
Fax: (03) 9533 9388
Web site: http://www.nylexlimited.com.au
E-mail: contactus@nylexlimited.com.au


OAKRIDGE CONSTRUCTIONS: Winds Up Voluntarily
--------------------------------------------
Notice is hereby given that, at a general meeting of members of
the above company held on April 27, 2005 it was resolved that
Oakridge Constructions Pty Limited (In Liquidation) be wound up
voluntarily and that for such purpose Danny Vrkic, of Jirsch
Sutherland & Co - Wollongong Chartered Accountants be appointed
Liquidator. A meeting of creditors held later that day confirmed
this appointment.

Dated this 10th day of May 2005

Danny Vrkic
Liquidator
Jirsch Sutherland & Co - Wollongong
Chartered Accountants
6-8 Regent Street,
Wollongong NSW 2500
Telephone: 02 4225 2545
Facsimile: 02 4225 2546


QRST PTY: Names Albert J. Cachia Liquidator
-------------------------------------------
Notice is hereby given that a General meeting of QRST Pty Ltd
(In Voluntary Liquidation) duly convened and held at Level 1 13
Victoria Street, Wollongong NSW, on April 28, 2005 a Special
Resolution that the company be wound up voluntarily was passed
by members and Albert J. Cachia was appointed Liquidator.

Dated this 28th day of April 2005

Albert J. Cachia
Liquidator
c/- Bartlett & Cachia
Chartered Accountants
Level 1, 13 Victoria Street,
Wollongong NSW 2500


WILLIAM D. SMITH: To Enter Winding Up Proceedings
-------------------------------------------------
Notice is hereby given that at a general meeting of members of
William D. Smith (Holdings) Pty Limited (In Liquidation) held on
April 29, 2005 it was resolved that the company be wound up
voluntarily and that for such purpose R. M. Sutherland was
appointed Liquidator of the company.

Dated this 29th day of April 2005

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


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

ATLEX FAR EAST: Sets Winding Up Hearing July 13
-----------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Atlex Far East Limited by the High Court of Hong Kong Special
Administrative Region was on May 11, 2005 presented to the said
Court by the Bank of China (Hong Kong) Limited (the successor
banking corporation to Kincheng Banking Corporation pursuant to
Bank of China (Hong Kong) Limited (Merger) Ordinance (Cap.1167)
whose registered office is situated at 14th Floor, Bank of China
Tower, 1 Garden Road, Hong Kong.

The said Petition is to be heard before the Court at 9:30 a.m.
on July 13, 2005.

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

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

Ford Kwan and Company
Solicitors for the Petitioner
Rooms 1202-1206, 12th Floor
Wheelock House, 20 Pedder Street
Central, Hong Kong
Tel: 2810 8388
Fax: 2810 6537

Note:

Any person who intends to appear at the hearing of the said
petition must serve on or send by post to the abovenamed, notice
in writing of his intention to do so.  The Notice must state the
name and address of the person, or if a firm or his or their
Solicitor (if any) and must be served or if posted, must be sent
by post in sufficient time to reach the abovenamed not later
than six o'clock in the afternoon of July 12, 2005.


BANK OF COMMUNICATIONS: IPO Shares Over-subscribed
--------------------------------------------------
Market sources say that the institutional tranche of Bank of
Communications' (BoComm) initial public offering (IPO) was two
times subscribed, reflecting the good response of investors, AFX
News reports.

BoComm, which recently kicked off a roadshow for the IPO, is
likely to fix the issue price on June 17. The bank plans to
issue 6.9 billion H-shares for HK$1.9-2.3 a share, to raise
between HK$13 billion and HK$15.6 billion. The institutional
portion amounts to about 95 percent of the issue.

HSBC Holdings and Goldman Sachs Group are arranging the sale.

CONTACT:

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


BRIDGE SECURITIES: Adjourns AGM to June 24
------------------------------------------
The directors of Regent Pacific Group Limited refers to the
announcement dated June 1, 2005 by the Company with respect to,
inter alia, the adjournment at the Annual General Meeting (AGM)
of Bridge Securities Co., Ltd (Bridge, a 77.75% owned subsidiary
of Bridge Investment Holding Limited (BIH), which is in turn a
40.2% owned associate of the Company) held on June 1, 2005 of
the resolutions to consider and, if thought fit, approve the
voluntary dissolution, the appointment of liquidator(s) and the
suspension and closure of the securities business to June 8,
2005.

The Directors wish to announce that they have been informed by
BIH that at Bridge's adjourned AGM held on June 8, 2005, the
aforesaid resolutions were further adjourned unanimously by
shareholders to June 24, 2005.

Further announcements will be made as and when appropriate.
Shareholders and potential investors are advised to exercise
caution when dealing in the shares of the Company.

On Behalf of the Board of
Regent Pacific Group Limited
Jamie Gibson
Director
Hong Kong, 8 June 2005


EZCOM TECHNOLOGY: Winding Up Hearing Slated for June 22
-------------------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Ezcom Technology Limited by the High Court of Hong Kong Special
Administrative Region was on April 25, 2005 presented to the
said Court by Sojitz Corporation whose registered office is
situated at Kokusai Shin-Akasaka Building 1-20 Akasaka 6-chome,
Minato-ku, Tokyo, 107-8655, Japan.

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

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

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

Lovells
Solicitors for the Petitioner
23/F., Cheung Kong Center
2 Queen's Road Central
Central, Hong Kong
Tel: 2219 0888
Fax: 2219 0222

Note:

Any person who intends to appear at the hearing of the said
petition must serve on or send by post to the abovenamed, notice
in writing of his intention to do so.  The Notice must state the
name and address of the person, or if a firm or his or their
Solicitor (if any) and must be served or if posted, must be sent
by post in sufficient time to reach the above-named solicitors
not later than 6 o'clock in the afternoon of June 21, 2005.


GAIN ROYAL: Court Orders Winding Up
-----------------------------------
Gain Royal Limited with registered office located at 2-3/F,
Pacific Plaza, 410-418 Des Voeux Road West, Hong Kong was issued
a winding up notice by the High Court of the Hong Kong Special
Administrative Region Court of First Instance on May 25, 2005.

Date of Presentation of Petition: March 23, 2005

Dated this 3rd day of June 2005

ET O'Connell
Official Receivers


HAIZHOU COAL: China Closes Largest Coal Mine
--------------------------------------------
China shut down its largest coal mine in Fuxin City on
Wednesday, a move to snuff out the country's dying state-owned
mines, People's Daily Online reports.

The state-owned Haizhou Coal Mine is located in the northeast
China's Liaoning Province and was Asia's largest mine in the
1950s. It has now become the largest coal mine to announce
bankruptcy since China began to close failing mines in 1999.

By 2003, Haizhou had contributed 210 million tons of coal and
CNY3.38 billion (US$407 million) in profits since it opened in
1953, according to Haizhou Colliery Head Sun Hongmao.


NISON ENERGY: Winding Up Hearing Fixed July 13
----------------------------------------------
Notice is hereby given that a Petition for the winding up of
Nison Energy & Technologies (H.K.) Limited by the High Court of
Hong Kong Special Administrative Region was on May 11, 2005
presented to the said Court by Bank of China (Hong Kong) Limited
(the successor banking corporation to Kincheng Banking
Corporation pursuant to Bank of China (Hong Kong) Limited
(Merger) Ordinance (Cap.1167) whose registered office is
situated at 14th Floor, Bank of China Tower, 1 Garden Road, Hong
Kong.

The said Petition is to be heard before the Court at 9:30 a.m.
on July 13, 2005.

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

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

Ford Kwan and Company
Solicitors for the Petitioner
Rooms 1202-1206, 12th Floor
Wheelock House, 20 Pedder Street
Central, Hong Kong
Tel: 2810 8388   Fax: 2810 6537

Note:

Any person who intends to appear at the hearing of the said
petition must serve on or send by post to the abovenamed, notice
in writing of his intention to do so.  The Notice must state the
name and address of the person, or if a firm or his or their
Solicitor (if any) and must be served or if posted, must be sent
by post in sufficient time to reach the abovenamed not later
than six o'clock in the afternoon of July 12, 2005.


POLY INVESTMENTS: To Suspend Trading on January 2006
----------------------------------------------------
Reference is made to the announcements made by Poly Investments
Holdings Limited (0263) on December 17, 2004, February 16, 2005,
February 21, 2005 and March 18, 2005 respectively.

The hearing dates for the Petition have been fixed. The Petition
will be heard from January 17-19, 2006. The Company will apply
for suspension of trading of the Shares with effect from 9:30
a.m. on January 17, 2006 pending the release of an announcement
in respect of the Shareholders of the Company and potential
investors are advised to exercise extreme caution when dealing
in the shares.

Poly Investments announced in mid-December 2004 that a winding-
up petition was issued against it by Asian Power Development on
December 13, 2004 in relation to a claim in the aggregate sum of
HK$80 million.

CONTACT:

Poly Investments Holdings Limited
Suites 1502-3, 15th Floor
Great Eagle Centre
23 Harbour Road,
Hong Kong
Phone: 31626666
Fax: 31626669


POLY INVESTMENTS: AGM Meeting Slated for June 20
------------------------------------------------
Notice is hereby given that the Annual General Meeting (AGM) of
Poly Investments Holdings Limited will be held at Plaza IV,
Lower Lobby, Novotel Century Hong Kong, 238 Jaffe Road, Wanchai,
Hong Kong on Monday, June 20, 2005 at 9:30 a.m. for the
following purposes:

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

2. To re-elect retiring directors of the Company and to
authorize the Board of Directors to fix the directors'
remuneration.

3. To re-appoint auditors and to authorize the Board of
Directors to fix their remuneration.

4. To consider as special business and, if thought fit, pass
with or without amendments the following resolutions as Ordinary
Resolutions.

For more information, go to
http://bankrupt.com/misc/tcrap_polyinvestment090905.pdf


RICHLY PLAN: Enters Winding Up Process
--------------------------------------
Richly Plan Limited with registered office located at No. 1,
G/F, Sun Fung Centre, 88 Kwok Shui Road, Kwai Chung, New
Territories was issued a winding up notice by the High Court of
the Hong Kong Special Administrative Region Court of First
Instance on May 25, 2005.

Date of Presentation of Petition: March 23, 2005

Dated this 3rd day of June 2005

ET O'Connell
Official Receivers


WEALTHMARK INTERNATIONAL: Updates Independent Committee's Review
----------------------------------------------------------------
Wealthmark International (0039) refers to its announcement dated
February 22, 2005, and wishes to update Shareholders on the
status of the Inquiry and review of the Independent Committee.

The Company further announces a breach of the Previous Listing
Rules in connection with the acquisition of the Cambodia
factory. The Company refers to its announcement dated February
22, 2005 and wishes to update Shareholders on the status of the
Inquiry and review.

THE INQUIRY

The Independent Committee has reviewed certain accounts, records
and affairs of the Group. Following their review and findings of
HLB Hodgson Impey Cheng (HLB) on the internal controls of the
Group as announced on May 4, 2005, the Board has currently taken
the following steps:

a.) To manage and protect the group's assets against risk and
exposure of the group:

b) To monitor the continuation of normal operation of the Group

c) Whether proper books and accounts are kept:

ALLEGED MISAPPROPRIATION

Based on preliminary tracing exercises conducted by the
Independent Committee, the Independent Committee has identified
seven cheques which in aggregate total HK$20,800,000 (the
"Funds), a sum which matches the funds alleged by the ICAC to
misappropriated by Mr. Wong. Cheques were paid to CK Trading Co.
Limited and cash to Mr. Wong Chun Ping totalling HK$20,800,000.
So far as the Independent Committees are, Mr. Wong Chua Ping is
connected to CK Trading Co. Limited.

Confirmation letters from Guangzhou Haojing Property Development
Company Limited had been found by the Independent Comitee
confirming receipt of the said amounts. The relationship between
this company and CK Trading Co. Limited and Mr. Wong Chun Ping
is not yet known.

By Order of the Board
Wealthmark International Limited
Peter Lo
Chairman
Hong Kong, June 7, 2005.

For a full copy of the press release, go to
http://bankrupt.com/misc/tcrap_wealthmark0600910.pdf


WEALTHMARK INTERNATIONAL: Appoints Independent Committee Members
----------------------------------------------------------------
Wealthmark International (Holdings) Limited announced that Dr.
Leung Kwan-Kwok and Mr. Sam Zuchowski have been appointed as
additional members of the Independent Commitee and that the
registered principal place of business address of the Company in
Hong Kong has been changed.

The Company further announces that, at a board meeting of the
Company held on May 31, 2005, Mr. Peter Lo was appointed as
Chairman of the Board and Mr. David Lee Sun was appointed as
Chief Executive Officer of the Company.

The Independent Committee now comprises 5 members all of whom
are independent non-executive directors.

Wealthmark is engaged in three main businesses; (1) the
manufacture and sale of handbag products and related
accessories; (2) the provision of subcontracting services; and
(3) the trading of raw materials used in the manufacture of
handbags and related products.

By Order of the Board
Wealthmark International (Holding) Limited
Peter Lo
Chairman

CONTACT:

Wealthmark International (Holdings) Limited
2116 Hutchison House
10 Harcourt Road,
Central, Hong Kong
Phone: 27990515
Fax: 27963712


WEALTHMARK INTERNATIONAL: Schedules AGM June 23
-----------------------------------------------
Notice is hereby given that an Annual General Meeting (AGM) of
Wealthmark International (Holdings) Limited will be held at
Small Connaught Room, 1/F, Mandarin Oriental Hong Kong, 5
Connaught Road, Central, Hong Kong on Friday, 24 June 2005 at
11:00 a.m. for the following purposes:

1. To receive and consider the audited consolidated financial
statements and the reports of the Directors and the auditors for
the year ended 31 December 2004;

2 To re-elect Directors and to fix their remuneration;

3 To re-appoint auditors and to authorize the Directors to fix
the remuneration of the

4 To consider and, if thought fit, pass with or without
amendments, the following resolution (i) subject to paragraph
(iii), the exercise by the Directors of the Company during the
Relevant Period (as defined below) of all the powers of the
Company to allot, issue and deal with additional shares in the
share capital of the Company and to make or grant offers,
agreements and options which might require the exercise of such
power be and is hereby generally and unconditionally approved;

(ii) the approval in paragraph (i) shall authorize the
Directors of the Company during the Relevant Period to make or
grant offers, agreements and options which might require the
exercise of such power after the end of the Relevant Period;

(iii) the aggregate nominal amount of share capital allotted or
agreed conditionally or unconditionally to be allotted (whether
pursuant to an option or otherwise) by the Directors of the
Company pursuant to the approval in paragraph (i), otherwise
than pursuant to (a) a Rights Issue (as defined below) or (b)
the exercise of any option under the share option scheme of the
Company, shall not exceed 20% of the aggregate nominal amount of
the share capital of the Company in issue at the date of passing
this Resolution and the said approval shall be limited
accordingly; and

(iv) for the purposes of this Resolution:

Relevant Period means the period from the passing of this
Resolution until whichever is the earliest of:

(a) the conclusion of the next Annual General Meeting of the
Company; or

(b) the revocation or variation of the authority given under
this Resolution by an ordinary resolution of the shareholders of
the Company in general meeting; or

(c) the expiration of the period within which the next Annual
General Meeting of the Company is required by the Articles of
Association of the Company or any other applicable laws of the
Cayman Islands to be held.

"Rights Issue" means an offer of shares open for a period fixed
by the Directors of the Company to holders of shares on the
register of members of the Company on a fixed record date in
proportion to their then holdings of such shares (subject to
such exclusions or other arrangements as the Directors of the
Company may deem necessary or expedient in relation to
fractional entitlements or having regard to any restrictions or
obligations under the laws of, or of the requirements of any
recognized regulatory body or any stock exchange in, or in any
territory outside Hong Kong)."


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

BANK MANDIRI: Probe May Extend to Other Operations
--------------------------------------------------
A government auditor said that the ongoing investigation on
state-owned Bank Mandiri may include its other operations, Dow
Jones reports.

According to State Audit Agency Chief Anwar Nasution, they also
audit procurement and information technology purchases, aside
from bank loans. This means that Bank Mandiri's ongoing
investigation may take more time and become more difficult than
similar probes into other banks such as Bank Negara Indonesia
and Bank Rakyat Indonesia.

Mr. Nasution said that this is so mainly due to the size of Bank
Mandiri, which is Indonesia's largest bank (by assets).

"The biggest problem is still at Bank Mandiri simply because
it's the biggest bank," he said.

Bank Mandiri was recently in hot water early this year due to a
lending scam which involved the bank's extension of loans
totaling IDR1 trillion to ineligible companies. It led to the
arrest of top bank officials, including Bank Mandiri's former
president, for their involvement in the scam.

CONTACT:

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


PERTAMINA: Quits Joint Venture to Explore Oil in Vietnam
--------------------------------------------------------
PT Pertamina withdrew from a joint project with a Vietnamese and
Malaysian firm to look for oil on the Vietnamese coast as it was
not economical anymore, reports Dow Jones.

The Indonesian oil and gas firm entered into a joint venture
with Malaysian Petroliam Nasional Berhad and Vietnamese
Petrovietnam in order to look for oil on a Vietnamese gas block,
but after drilling two wells in the field, there was still no
oil. State-owned Pertamina, which was planning to invest IDR192
billion into the joint venture, had already invested around
IDR48 billion to IDR58 billion in the project.

Pertamina signed the contract in 2002 together with Petronas and
Petrovietnam to develop oil resources in Vietnam. Pertamina had
a 30% stake in the still unnamed joint venture firm, with
Petronas holding another 30% and Petrovietnam with 40%.

According to the Company's upstream director Harry Kustoro, they
withdrew from the venture since it was too expensive, with no
results. But Petrovietnam and Petronas are still searching for
oil, and if they become successful, then the Company would
rejoin them.

Even though Pertamina did withdraw from this project, it would
continue with its two other joint projects with both firms in
Indonesia and Malaysia.

CONTACT:

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


PERUSAHAAN LISTRIK: Continues to Procure Fuel at Lower Price
------------------------------------------------------------
State-owned oil and gas firm PT Pertamina is to continue
providing a steady fuel supply to state power firm PT Perusahaan
Listrik Negara (PLN) at the usual rate, Asia Pulse reports.

This is to ensure that no more power blackouts would occur,
according to Minister of Energy & Mineral Resources Purnomo
Yusgiantoro.

PT PLN bought fuel from Pertaminja at IDR2,200 per liter, even
as the global market price for fuel had risen to IDR4,000 per
liter. The power firm was reported to experience a fuel
shortage, since its fuel needs had risen from 9.7 million
kiloliters to 11.4 million kiloliters, well beyond its 8.4
million kiloliter quota.

PT PLN assumed a price of IDR2,200 per liter of fuel in its
business plan for 2005; this meant that even if it had to buy
the additional 2 million kiloliters of oil at the global market
price, it would still be less costly.

Minister Yusgiantoro said that the government plans to evaluate
fuel consumption in October, as it did not want power blackouts
to occur due to fuel shortage. He denied allegations that the
government was subsidizing the fuel supply to PT PLN.

CONTACT:

PT Perusahaan Listrik Negara (Persero)
Jl. Trunojoyo Blok M-1 No. 135, Kebayoran Baru
Jakarta, 12160, Indonesia
Phone: +62-21-725-1234
Fax:   +62-21-722-1330
Web site: http://www.pln.co.id



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


FUJITA CORPORATION: Gets Aid from Goldman Sachs, Mori Trust
-----------------------------------------------------------
A group of investors including U.S. bank Goldman Sachs Group
Inc. and Mori Trust Co. will invest JPY41 billion in Fujita
Corporation in September, to lead the rehabilitation of the
ailing construction firm, Asahi Shimbun reports.

Fujita will use the proceeds to finance part of its plan to
eliminate JPY148.4 billion in accumulated losses.

In line with a turnaround plan announced in late March, Fujita
also said it will seek the waiver of JPY91 billion in debts to
clean up its balance sheet.

"Fujita is expected to strengthen its profit-generating
capability by tapping into Goldman Sachs's client base and know-
how on real estate business, as well as Mori Trust's expertise
in real estate business," the U.S. investment banker said.

CONTACT:

Fujita PR Department
4-25-2 Sendagaya
Shibuya-ku, Tokyo
151-8570 Japan
Fax: +81-3-3796-2346
E-mail: info2@fujita.co.jp


HITACHI LIMITED: Sues Taiwanese Firms for Patent Infringement
-------------------------------------------------------------
Hitachi, Ltd. (NYSE:HIT/TSE:6501) on June 8 announced that it
has filed suit against 3 major Taiwanese monitor manufacturers
"Amtran Technology Co.,Ltd., Proview Electronics Co.,Ltd. and
Tatung Co." together with their related companies "Proview
Electronics International Holdings Ltd., Proview Technology,
Inc. and Tatung Co. of America, Inc.", on June 6, 2005 in US
District Court of Northern California.

For well more than a year Hitachi has been discussing the
possible patent license agreement with these manufacturers
without success. In view of the fairness with those companies
who already obtained license from Hitachi, Hitachi has no choice
but to initiate litigation.

According to the complaint, these manufacturers produce and
market PC monitor without having entered into license agreement
with Hitachi.

The suit seeks, among other things, monetary damages and an
injunction prohibiting these manufacturers from using Hitachi's
patents in their products and from offering, marketing, or
importing them.

About Hitachi, Ltd.

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

CONTACT:

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

This is a company press release.


JAPAN TOBACCO: To Launch 13 New Cigarette Products in Japan
-----------------------------------------------------------
Japan Tobacco Inc. (JT) (TSE:2914) will launch 13 new cigarette
products on July 1, 2005. One of the new 13 products, "Mild
Seven One Menthol 100's box," will be sold nationwide, with the
rest sold in specific prefectures. This is the first time JT
will bring 13 new products into the market at any one time.

With four new D-spec product launches, a total of 11 D-spec
products will be available in the market. In the growing "1-
milligram tar" segment, the company introduced "Mild Seven One
Menthol 100's Box" and "Cabin One 100's Box". "isit? Box" and
"isit? Menthol Box" are new products being marketed with a
"casual" concept. "Siesta" will be re-launched as a 5-milligram
tar product and "Peace Smooth Aroma Box" will now be the lowest
6-milligram tar product in the Peace brand family with charcoal
filters.

JT integrated the domestic sales and marketing of JTI's 24
products, including the three global flagship brands (GFBs),
Camel, Winston, and Salem, into its domestic tobacco operations
in May 2005 to make better use of its global brands as part of
its competitive and new product strategies. On this occasion JT
is launching four new products from the integrated JTI product
portfolio in the Camel, Winston, and Pianissimo brand families.

JT continues to launch a record number of products in its
efforts to regain market share, particularly since the company's
licensing agreement with Marlboro expired at the end of April
2005. In addition, the Japanese tobacco market, because of its
competitiveness, has proven itself to be a good testing ground
for products that may one day make it into the international
market, like Lucia did in November 2004, in Russia. Considering
this, JT will continue to launch products from both domestic and
global brands with the hope that the new products will one day
become a major contributor to the group's top-line growth
strategy around the world.

"Thanks to the launch of these 13 new products and the renowned
brands in our international portfolio, we will cut into
Marlboro's market share," said Yasumasa Matsunaga, JT senior
executive vice president, who heads the Product Group of JT's
Tobacco Business. "This is a major step in the right direction
and we're going to plow ahead with solid growth in market
share."

Each of the new products announced today will be sold in
prefectures that differ from product to product. In this market
entry phase, each product will be assessed, and if successful,
its sales area will be expanded further regionally or
nationwide.

CONTACT:

Japan Tobacco Incorporated
2-1, Toranomon 2-Chome
Minato-Ku 105-8422, Tokyo 105-8422
Japan
Phone: +81 3 3582 3111
Fax: +81 3 5572 1441
Web site: http://www.jti.com


RESONA HOLDINGS: Revises Conversion Ratio for Class B Shares
------------------------------------------------------------
Resona Holdings, Inc. (Resona HD) announced that the conversion
ratio for its Class B First Series Preferred Share has been
changed with the following detais.

1. Conversion Ratio Revised conversion ratio for Class B First
Series Preferred Share: 2.857 (Conversion ratio before the
revision: 2.956)

2. Date of Application

The new conversion price will become effective on June 30, 2005.

3. Reason for the Revision

The conversion ratio has been revised in accordance with the
pre-determined terms and conditions stipulated in the conversion
clause for the Class B First Series Preferred Share.

CONTACT:

Resona Holdings, Inc.
2-1, Bingomachi 2-chome
Chuo-ku, Osaka 540-8608
Japan
Phone: +81-6-6271-1221
Fax: +81-6-6268-1337


* April Corporate Bankruptcies Lowest in 13 Years
-------------------------------------------------
The number of total corporate bankruptcies in April was 948,
dipping below 950 for the first time in the past 13 years and 3
months, since January 1992 immediately after the burst of the
bubble, Teikoku Databank America reports.

In comparison with the same month of the previous year, the
number of bankruptcies has been decreasing for 28 consecutive
months and has reduced almost by half in the past 3.5 years
since the latest peak in Oct 2001 (1911 cases).

The current trend of decreasing bankruptcies seems to be largely
influenced by the "enhanced governmental support for small
business" as well as the decrease in the bill clearing amount
due to the "spread of business practice without using bills".

The structural change of the Japanese economy has been
fundamentally altering the bankruptcy trend.

Total liabilities during this period was 388,270 million yen,
dropping below 400 billion yen for the first time in the past 5
months, 30.7% below the previous month.

In comparison with the same month of the previous year, a
decrease of the number of bankruptcies has been observed in all
industries. In particular, there were only 28 cases in the "real
estate" industry, dipping below 30 cases for the first time in
the past 14.5 years since Oct 1990 when 27 cases were filed.

The type of bankruptcy: "Settlement type legal re-organization"
(414 cases in total including insolvency and special
liquidation) accounted for 43.7%, setting the second highest
record in history. More than 40% of the overall bankruptcies
were forced to give up continuing their business.

The cause of bankruptcy: In comparison with the same month of
the previous year, bankruptcies due to "voluntary
reorganization" has decreased for 33 consecutive months and
bankruptcies due to "dishonor" continue to decrease.

In comparison with the same month of the previous year, a
decrease of the number of bankruptcies has been observed in all
areas. In particular, a decrease for 24 consecutive months was
recorded in the "Kinki" area. Over 20% decrease as compared to
the same month of previous year has been seen in Hokkaido (38
cases, 32.1% down), Tohoku (60 cases, 22.1% down), Hokuriku (25
cases, 46.8% down), Kinki (203 cases, 20.7% down), Chugoku (42
cases, 23.6% down), and Shikoku (29 cases, 23.7% down).

The bankruptcy of a listed company was reported for the first
time in the past 5 months. (1 case - filed by NASDAQ-listed "55
Station Co., Ltd." with 12.7 billion yen in liabilities).

Recession-related bankruptcies accounted for 75.1%, dipping
below 75% for the first time in the last 2 months.
The number of bankruptcies filed by long-established companies
with more than 30 years of history was 269, accounting for 28.4%
and maintaining a high level.

CONTACT:

Teikoku Databank America, Inc.
Address 747 Third Avenue, 25th Floor
New York, NY 10017
Phone: 1-212-421-9805
Fax: 1-212-421-9806
Web site: http://www.teikoku.com


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

HYNIX SEMICONDUCTOR: Named Defendant in U.S. Class Action Suit
--------------------------------------------------------------
Memory chipmaker Hynix Semiconductor Inc. will be part of
another U.S. class action suit, this time filed by British
computer manufacturer Centerprise, reports the Inquirer.

The suit also includes other firms such as Infineon Technology,
NEC, Elpida, Nanya and Winbond.

According to Centerprise, the 6 firms were allegedly involved in
a years-long international conspiracy to eliminate competition
and fix prices of Dynamic Random Access Memory (DRAM) chips
worldwide, among other things. The U.K. firm said that because
of these companies' intervention, the prices of DRAM chips were
higher than if they were decided by a competitive market.

Centerprise bought DRAM chips from the companies, which were
placed inside computers that were sold to France, the U.K. and
the U.S., with sales costs were relatively higher. According to
the firm, after an October 1999 earthquake in Taiwan that caused
a worldwide shortage of DRAM chips, Hynix and the others
conspired to hoard a supply of the chips in order to manipulate
prices.

The antitrust action was filed in a U.S. (Pennsylvania) court
last month.

CONTACT:

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


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

ARTWRIGHT HOLDINGS: Returns to Profit
-------------------------------------
Artwright Holdings Berhad released its restated unaudited
quarterly report for the financial period ended March 31, 2005.

              SUMMARY OF KEY FINANCIAL INFORMATION
                            31/03/2005

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

1  Revenue
            14,147        14,674         43,069        43,204

2  Profit/(loss) before tax
             1,367           437          3,206         3,158

3  Profit/(loss) after tax and minority interest
             1,368           409          3,170         3,085

4  Net profit/(loss) for the period
             1,368           409          3,170         3,085

5  Basic earnings/(loss) per shares (sen)
              3.29          1.11           7.62          8.36

6  Dividend per share (sen)
               0.00          0.00         0.00        0.00

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

7  Net tangible assets per share (RM)
                                 0.4500                0.3500

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

http://bankrupt.com/misc/tcrap_artwright1060905.XLS

http://bankrupt.com/misc/tcrap_artwright2060905.DOC

CONTACT:

Artwright Holdings Berhad
274909-A
6th Floor
3 Cangkat Raja Chulan
50250 Kuala Lumpur, WP
Malaysia


I-BERHAD: Buys Back 15,000 Shares
---------------------------------
I-Berhad disclosed the details of its shares buy back on June 8,
2005 to the Bursa Malaysia Securities Berhad.

Date of buy back: 08/06/2005

Description of shares purchased: Ordinary shares of MYR1.00 each

Total number of shares purchased (units):             15,000

Minimum price paid for each share purchased (MYR):      0.800

Maximum price paid for each share purchased (MYR):      0.800

Total consideration paid (MYR):                   12,088.80

Number of shares purchased retained in treasury
(units): 15,000

Number of shares purchased which are proposed to be cancelled
(units):      0

Cumulative net outstanding treasury shares as at to-date
(units): 2,488,700

Adjusted issued capital after cancellation
(no. of shares) (units):

CONTACT:

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


KAI PENG: Sells Off More Property to Refinance Debt
---------------------------------------------------
Kai Peng Berhad proposed to dispose of its properties, namely
two 1 story terraced factories in Jalan Chan Sow Lin, Kuala
Lumpur for MYR1.08 million, to improve cash flow and repay its
debts, reports Business Times.

This is the third in a series of property disposals that the
Company has engaged within the area. The Company had earlier
disposed of a total of ten other units in the same area in April
and May, for a total of MYR5.1 million. The recent property
disposal would earn the Company a total net gain of MYR60,000,
based on their current net book values.

The Company, a steel products manufacturing firm, reported a
drop in its net loss to MYR4.2 million for a nine-month period
that ended on March 31, 2005, compared to the same period last
year where the Company posted a net loss of MYR5.81 million.

The Company is expected to dispatch a notice to its shareholders
on the proposed property disposals, together with its earlier
disposals in April & May, in due course.

For further details on the disposal and purchasers, go to:
http://bankrupt.com/misc/tcrap_kaipeng060905.doc


CONTACT:

Kai Peng Berhad
2nd Floor, Bangunan Palm Grove
No. 14 Jalan Glenmarie (Persiaran Kerjaya)
Section U1, 40150 Shah Alam
Selangor Darul Ehsan
Malaysia
Phone: 03-55685000
Fax:   03-55685027
Web site: http://www.kaipeng.com


POS MALAYSIA: Unveils Employee Share Option Scheme
--------------------------------------------------
Pos Malaysia & Services Holdings Berhad's additional 74,000 new
ordinary shares of MYR1.00 each issued pursuant to the Company's
Employee Share Option Scheme will be granted listing and
quotation effective Tuesday, June 14, 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


TIME DOTCOM: Losses Widen in First Quarter of 2005
--------------------------------------------------
Time dotCom Berhad disclosed its unaudited quarterly report for
the financial period ended March 31, 2005.

              SUMMARY OF KEY FINANCIAL INFORMATION
                            31/03/2005

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

1  Revenue
           118,848       139,893        118,848       139,893

2  Profit/(loss) before tax
           -54,572        -7,371        -54,572        -7,371

3  Profit/(loss) after tax and minority interest
           -54,720        -7,651        -54,720        -7,651




4  Net profit/(loss) for the period
           -54,720        -7,651        -54,720        -7,651

5  Basic earnings/(loss) per shares (sen)
             -2.20         -0.30          -2.20         -0.30

6  Dividend per share (sen)
              0.00          0.00         0.00        0.00

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

7  Net tangible assets per share (RM)
                                 0.7400                0.7600

For further details on the report, go to:

http://bankrupt.com/misc/tcrap_timedotcom060905.doc

CONTACT:

TIME dotCom Berhad
Level 1 Wisma TIME
249, Jalan Tun Razak
50400 Kuala Lumpur
Malaysia
Phone: +603 2720 8000
Fax:   +603 2720 0199
Web site: http://www.time.com.my


TIME DOTCOM: Seeks to Boost Performance, Focus on Core Business
---------------------------------------------------------------
Time dotCom Berhad is optimistic about the Company's performance
for 2005, despite pretax losses amounting to MYR831.9 million,
compared to a pretax profit of MYR7.9 million in 2004, as
announced on the Company's website.

For the first quarter of this year, the Company reported huge
net losses due to a whopping MYR715.2 million depreciation
charge for a change in its depreciation method, from revenue
basis to straight line method in relation to its
telecommunications network assets. The Company also increased
its provisions for bad debts because of lesser traffic in its
interconnect business, which resulted in another MYR26.2 million
loss.

According to Company chairman Dato' Wan Muhamad Wan Ibrahim, the
Company changed its depreciation method to reflect current
market best practices, and even if it did hurt its 2004
financial statements, it would ensure better financial results
in the future.

Mr. Dato' Wan Muhamad added that the Company's aim is to
increase competitiveness and improve business performance,
including strengthening of core businesses through higher sales,
introduction of new products and services, and strategic
partnerships with other firms. The Company also needs to
increase revenue in its other existing businesses, as well.


WEMBLEY INDUSTRIES: Bourse Adds More Conditions for Delisting
-------------------------------------------------------------
Wembley Industries Holdings Berhad announced that in relation to
the Securities Commission (SC)'s requirements that the Company
must comply with by a certain deadline in order to avoid
delisting of its securities, Bursa Malaysia Securities Berhad
(Bursa Securities) has added the following conditions for
delisting:

(a) The Company fails to comply with any of the conditions
imposed by the SC and/or any further conditions imposed by the
SC; or

(b) the Company fails to implement its regularization plan
within the timeframe stipulated by the SC i.e. by Jan. 27, 2006,
or such other extended timeframe as stipulated by the SC.

If Wembley Industries commits any of the above, Bursa Securities
will delist the Company's securities two weeks after the date of
notification on the delisting, or any other date as Bursa
Securities may specify.

CONTACT:

Wembley Industries Holdings Berhad
No 1 Jalan Pandungan
Kuching, Sarawak 93100
Malaysia
Phone: +60 82 236920
Fax:   +60 82 236922


WEMBLEY INDUSTRIES: Schedules AGM June 30
-----------------------------------------
Wembley Industries Holdings Berhad announced that the Company
has scheduled to hold its 29th Annual General Meeting (AGM) on
June 30, 2005, 9:00 a.m. at Ballroom III of the Santubong
Kuching Resort, Jalan Santubong, 93748 Kuching, Sarawak in
Malaysia.

Attached is a copy of the Company's AGM Notice:

http://bankrupt.com/misc/tcrap_wembley060905.doc


YAN JIN: Up for Liquidation in September 2005
---------------------------------------------
Japanese metal manufacturer Sumitomo Light Metal Industries Ltd.
said that it will begin liquidation proceedings on its Malaysian
subsidiary, Yan Jin (Malaysia) Sdn Berhad, reports Jiji Press.

According to parent Sumitomo, the liquidation process for Yan
Jin would start in September.

Yan Jin (Malaysia) Sdn Berhad was formed in 1989, and it
manufactures and sells electrical parts for Sumitomo Light,
including corrugated heat sinks for computers and audiovideo
products. Company sales suffered when its main clients, Japanese
equipment firms, left Malaysia and prices of electrical parts
plunged.

The Company currently exports its products to Indonesia, Hong
Kong, Singapore, the U.S., Brazil, France and Germany, among
others.

CONTACT:

Yan Jin (Malaysia) Sdn Berhad
Plot 32, Kawasan Perusahaan
Bukit Minyak, Seberang Prai (T)
14100 Simpang Ampat
Pulau Pinang
Malaysia
Phone: 04-5077963
Fax:   04-5070522
E-mail: yanjin@po.jaring.my


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

ABS-CBN BROADCASTING: Reduces Listed PDRs
-----------------------------------------
Loss-making ABS-CBN Broadcasting Corp. plans to reduce its
listed Philippine Depository Receipts (PDRs) by 200,000,
according to Today News.

PDRs are derivatives created to permit foreign investors to
acquire shares in the broadcasting network without breaching the
law limiting ownership of media companies in the country.

The plan was arrived at after shareholders owning an equal
number of PDRs exercised their right to convert them into common
shares.

The latest reduction will bring the firm's total listed PDRs to
268.4 million.

CONTACT:

ABS-CBN Broadcasting Corp
Mother Ignacia St
Corner Sgt
Quezon City 1100
Philippines
Phone:  2 924 4101
Fax:  2 921 5888
Web site: http://www.abs-cbnnews.com/


BENPRES HOLDINGS: Woes to Remain Despite Maynilad Debt Deal
-----------------------------------------------------------
Debt-laden Benpres Holdings is expected to have continued
troubles despite judicial approval last week of a debt deal for
its cash-strapped joint venture with French firm Suez, according
to the Financial Times.

Maynilad Water Services Inc. had been granted approval for its
rehabilitation plan on hopes the deal will ease Benpres' debt
woes.

The agreement is expected to free Benpres from loan guarantees
of about US$140 million, equivalent to a quarter of the holding
company's past due obligations of US$540 million. In return,
Benpres must write off its 60 percent equity stake and
receivables claims.

But despite a huge reduction in the firm's debts, analyst
LauraDy-Liacco of ATR Kim Eng Securities sees little improvement
in the company's ability to pay maturing debts in full.

She said dividends from mostly money-losing affiliates would not
be enough to pay interest and maturing principal on Benpres'
remaining debt of about US$400 million.

Publicly listed Benpres, which defaulted on its loans in 2002,
is currently holding debt-restructuring talks with its
creditors.

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: Urged to Settle Row with BCDA
----------------------------------------
Worried about the prolonged media scuffle between Bases
Conversion Development Authority (BCDA) and the Camp John Hay
Development Corp. (CJHDevCo), Baguio City has urged the two
parties to compromise, The Philippine Star reveals.

Baguio City Representative Mauricio Domogan asked BCDA and
CJHDevCo to resolve an ongoing media war between both camps.

BCDA and CJHDevCo has been at loggerheads over the alleged
breach of contract following a recent Supreme Court ruling
nullifying the John Hay Special Economic Zone (JHSEZ) tax and
duty free incentives extended under the lease contract.

The City Council of Baguio, likewise, urged the government
through BCDA-John Hay Management Corp. to sit down with CJHDevCo
to settle their differences amicably for the sake of the people
of the Baguio who stand to be most affected.

Sub-locators, concessionaires and sub-lessees in Camp John Hay
Project also suggested that BCDA-JHMC and CJHDevCo should find a
common ground so that innocent third parties are not caught in
the crossfire and become unwilling casualties.

Earlier, BCDA had dared CJHDevco to pay its Php1.2 billion "due
and demandable debt" before BCDA agrees to talk about the
remaining arrears of CJHDevCo.

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/


METRO PACIFIC: Declines to Comment on MNTC Stake Purchase Rumors
----------------------------------------------------------------
Metro Pacific Corporation issued this announcement in reference
to the news article entitled "First Pacific eyes control of
MNTC" published in the June 7, 2005 issue of The Philippine Star
(Internet Edition).

The article reported in part that:

"Hong Kong-based First Pacific Co., through its Philippine
subsidiary Metro Pacific Corp., has offered to acquire Lopez-
owned First Philippine Holdings Corp.'s controlling stake in the
company that operates the North Luzon Expressway (NLEX).

"The group of Manuel V. Pangilinan is offering to purchase for
$40 million the 51-percent stake of First Philippine Holdings in
First Philippine Infrastructure Development Corp. (FPIDC), the
majority shareholder of Manila North Tollway Corp. (MNTC) which
in turn holds the 25-year franchise to operate the NLEX
connecting Metropolitan Manila to provinces up north. However,
highly placed sources from the Lopez group said that the offer
was turned down because it was too low.

"The group believes that First Holdings' stake is worth at least
$200 million. Earlier, Pangilinan revealed that the proceeds of
a recent bond offering by First Pacific are still largely intact
and will be used for investments in infrastructure and
telecommunications in the region.

"Aside from a plan to increase its exposure in the Skyway, First
Pacific has also expressed interest in the South Luzon
Expressway (SLEX). The 9.3-kilometer Skyway is a joint venture
of state-owned Philippine National Construction Corp. and
Indonesian firm P.T. Citra Lamtoro Gung Persada through Citra
Metro Manila Tollways Corp.

"Metro Pacific currently owns 10 percent of Citra Metro Manila
through Metro Strategic Infrastructure Holdings. First Pacific
Co. wants to increase its stake in the Indonesian-controlled
company that operates the Skyway in Metro Manila so it could
help raise at least P12.5 billion for the upgrade and
integration of the SLEX all the way to the Port of Batangas,
south of Manila."

Metro Pacific Corporation (MPC), in a letter to the Exchange
dated June 7, 2005, stated that:

"Metro Pacific Corporation has stated that it maintains an
interest in potential opportunities in Philippine infrastructure
generally, and in toll roads particularly. With regards to the
Philippine Star article, as a policy, Metro Pacific does not
comment on market rumors. Metro Pacific assures the Philippine
Stock Exchange and the investing public that it will make
appropriate disclosures as material events may warrant as it
explores possible investment opportunities."

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

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

CONTACT:

Metro Pacific Corporation
10/F MGO Bldg., Legazpi cor. dela Rosa St.,
Legazpi Village 0721 Makati City, Philippines
Telephone No.: 888-0888
Fax No.: 888-0830


NATIONAL BANK: Banks on Consumer Products to Boost Revenue
----------------------------------------------------------
The Philippine National Bank (PNB) is looking into consumer
banking as a way to boost revenue while it is undergoing
rehabilitation, The Freeman reports.

PNB is now aggressively developing its consumer banking products
that could give them advantage using its 324 network branches in
the country. Consumer banking products include housing loans,
auto loans and capitalization financing, among others.

The bank is also rationalizing its operations while it is still
under a rehabilitation program, and is now relocating branches
that are not very feasible.

Aside from enhancing its consumer loan products, PNB is also
developing products that would attract dollar-earners or the
Overseas Filipino Workers (OFWs).

PNB is a publicly listed bank, 45 percent of which is owned by
tycoon Lucio Tan, another 45 percent by the state and the
remaining 10 percent by investors.

CONTACT:

Philippine National Bank
Pres Diosdado P Macapagal Boulevard
PNB Financial Center
Pasay 1300
Philippines
Phone: +63 2 891 6040
Fax: +63 2 551 5187
Web site: http://www.pnb.com.ph


NATIONAL TRANSMISSION: N. Luzon Op Obtains ISO Certification
------------------------------------------------------------
The National Transmission Corporation (TransCo) added yet
another feather in its cap as its North Luzon Operation &
Maintenance (NLOM) Group attained the much-coveted ISO 9001:2000
certification.

In a simple awards ceremony held at TransCo's regional center in
Poro Point, La Union, President & CEO Alan T. Ortiz and
Assistant VP for North Luzon O&M Fernando S. Abesamis receives
the international certification for quality management system
from audit firm Certification International Phils. Also on stage
to receive the recognition were NLOM District Managers Jose R.
Arellano and Bienvenido Juguilon. San Fernando City Mayor Mary
Jane Ortega was on hand to witness the awarding.

The ISO Certification covers all of the region's seven district
areas namely, the Ilocos, Mt. Province, Cagayan Valley, North
Central Plains, West Central Plains, South Central Plains, and
Northern Tagalog.

This most recent seal of quality assurance is a testament to
Transco's commitment of continuously improving its processes and
operational efficiency for the benefit of electricity consumers
by providing reliable transmission of electricity nationwide.

CONTACT:

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


PACIFIC PLANS: Says It Has Been Servicing Tuition Claims
--------------------------------------------------------
Ailing Pacific Plans insisted it has not stopped paying maturing
obligations for this school-year despite its opposition to the
corporate regulator's move to cancel the articles of
incorporation of its sister firm, Lifetime Plans, Today News
says.

Pacific Plans said it has been releasing payments for plan
holders through the Php341 million earmarked under the firm's
rehabilitation plan.

The pre-need provider said that beneficiaries from exclusive
schools received tuition assistance ranging from Php50,000 to
Php70,000.

On Tuesday, plan holders flocked to the Philippine Trade
Training Center in Pasay City to claims their checks.

Earlier, the company stirred anger among plan holders when it
threatened to stop payment of its tuition assistance to protest
the Securities and Exchange Commission's revocation of
Lifetime's corporate registration.


POLLUTION ABATEMENT: May Close Doors Due to Losses
--------------------------------------------------
The Pollution Abatement Systems Specialists Inc. (PASS) is
likely to shut down its Php20-million waste treatment facility
due to huge operating losses, relates The Freeman.

PASS, operator of Cebu's first and only Autoclave Hospital Waste
Treatment Facility, has been incurring losses since its started
operating last year due to refusal of Cebu's large hospitals to
avail of its services.

A group of retired and practicing mechanical engineers decided
to invest in the facility based on recommendation by the
Department of Environment and Natural Resources (DENR),
Department of Health (DOH), and Philippine Association of
Hospital Administrators that Cebu needed such facility for
hospitals to comply with the law.

Under R.A. 9003 or the Ecological Solid Waste Management Act,
healthcare establishments especially hospitals are required to
treat its solid waste to prevent the spread of diseases.

PASS is using the Autoclave facility to treat these wastes.
Autoclaves, the most commonly used healthcare waste treatment
alternative in the United States, destroys infectious agents
through the use of steam heat and pressure.

But PASS fears that it will have to close down the facility
since it cannot sustain its operational costs, unless the bigger
hospitals in Cebu decided to comply with the law and utilize the
facility.

PASS is now servicing smaller clients such as the Philippine
National Red Cross, University of San Carlos Laboratory, and is
trying to close a deal with Hi-Precision Laboratory and Visayas
Community Hospital.

CONTACT:

Pollution Abatement Systems Specialists Inc.
Inayawan, Pardo
Cebu City


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

ASIA-PACIFIC PORT: Served with Winding Up Order
-----------------------------------------------
In the matter of Asia-Pacific Port Pte Ltd a winding up order
was made on May 20, 2005.

Name and address of Liquidators:

Ramasamy Subramaniam Iyer and Goh Thien Phong both of Messrs
PriceWaterhouseCoopers of 8 Cross Street, #17-00 PWC Building,
Singapore 048424

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

(b) All debts due to the abovenamed company should be forwarded
to the
Liquidators.

Drew & Napier LLC
Solicitors for the Petitioner


CHINA AVIATION (S): Singapore Court Charges Five Top Officials
--------------------------------------------------------------
The suspended chief and four top officials of China Aviation Oil
(Singapore) Corp. Ltd. (CAO) were charged with fraud and
dishonesty in a Singapore court Thursday, Reuters reports.

Following the approval of creditors on CAO's bailout plan,
China-born chief executive, Chen Jiulin faced 15 charges that
includes forgery of documents and making misleading statements
about the company before its collapse in November.

Out of the total charges, thirteen of it carries a maximum
sentence of seven years imprisonment.  A $2 million bail was set
for Mr. Chen.

CAO's Chairman and President Jia Changbin also faces three
offences, including an insider trading charge related to the
sale of a 15 percent stake in the company worth about SG$196
million ($118 million).  The sale took place prior to the court
protection from its creditors sought by CAO. Two of the charges
Mr. Jia faces carry a maximum penalty of 7 years jail.

Two more top officials of CAO namely Finance Chief Peter Lim and
head of debt restructuring team Gu Yanfei faces five charges of
cheating and fraud, and two charges respectively.

Li Yongji, the fifth official facing charges, is accused of
failing to inform China Aviation's board of directors and the
stock market regulator of the company's options trading losses
in October and November.
CONTACT:

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


CHINA AVIATION (S): Creditors Approve Scheme of Arrangement
-----------------------------------------------------------
China Aviation Oil (Singapore) Corp. Ltd. informed the Singapore
Stock Exchange (SGX) that its creditors overwhelmingly approved
its Scheme of Arrangement dated May 24, 2005 at a meeting held
Wednesday.

A total of 92 creditors with a debt value of US$555,440,116
voted at the Creditor meeting. 89 of the 92 creditors with a
debt value of US$539,134,549 voted for the Scheme. As these
creditors represented 97% both in number and value of those
present and voting, the Scheme was approved.

Mdm Gu Yanfei, Special Task Force Leader said: "I am very
pleased with the result and would like to thank the creditors
for their support of the Scheme and giving us the mandate to
proceed with the restructuring of the Company. We shall continue
to keep Creditors informed about developments as we proceed to
the next phase, which is to discuss the equity restructuring of
the Company with the New Investor and to seek shareholder
approval for the restructuring."

The President of CAOHC and the Chairman of the Board, Mr. Jia
Changbin also said: "The fact that this scheme passed through
successfully endorsed the affirmation of the current
restructuring by various parties. Both Chinese and Singaporean
sides have contributed great efforts to the restructuring
process by showing support and providing assistance. I believe
that the Company will surely learn from the lessons and carry on
the business honestly and credibly to create value for the
shareholders.

At the same time, I hope both the Chinese and Singaporean sides
will treat the Company's past with a peaceful and rationale
mindset, thus to create a favorable environment for the recovery
of the Company".


COMPACT METAL: Seeks Quotation of New Shares, Bonus Warrants
------------------------------------------------------------
Further to the announcement made by the Board of Directors of
Compact Metal Industries Ltd on October 19, 2004 relating to the
Proposed Restructuring Plan and on February 22, 2005 relating to
the Restructuring Agreement dated February 21, 2005 entered into
between the Company and its Singapore Subsidiaries, the Creditor
Banks, directors and a major shareholder of the Company (the
directors and a major shareholder of the Company collectively
known as the Tan Family).

The Directors announced that the Company has, on the date
hereof, submitted the application to the SGX-ST for permission
to deal in and for the listing and quotation of all the New
Shares and the Bonus Warrants on the SGX-ST upon and subject to
completion under the Restructuring Agreement, which
Restructuring Agreement is subject to certain conditions
precedent being fulfilled or satisfied.

There is no assurance that all the conditions precedent, which
include regulatory approvals, will be fulfilled or satisfied.
Further announcements will be made by the Company as and when
appropriate.

By Order of the Board

Tan Chin Eng
Managing Director

CONTACT:

Compact Metal Industries Limited
120 Pioneer Road #01-03
Singapore 639597
Telephone: 65 68633268
Fax: 65 68633968
Web site: http://www.compact.com.sg/web/cmi/


ESSIE INVESTMENT: Requires Creditors to Prove Claims by July 4
--------------------------------------------------------------
Notice is hereby given that the creditors of Essie Investment
Pte Ltd (In Member's Voluntary Liquidation), which is being
wound up voluntarily, are required, on or before July 4, 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, or in default thereof they will be
excluded from the benefit of any distribution made before such
debts are proved.

Dated this 2nd day of June 2005.

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


HUA KOK: Names New Executive Chairman, CEO
------------------------------------------
The Board of Directors of Hua Kok International Ltd is pleased
to announce the appointment of Mr. Yap Tian Suan as Executive
Chairman and CEO of the Company in place of Mr. Tan Teck See who
will remain as Executive Director with effective from June 8,
2005.

CONTACT:

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


JAYA HOLDINGS: Snags US$58-Mln Shipbuilding Contract
----------------------------------------------------
Singapore Exchange Main Board-Listed Jaya Holdings Ltd.
announced that its wholly owned subsidiary Jaya Shipbuilding and
Engineering Pte Ltd. (JSE) has secured two shipbuilding
contracts worth over US$58 million in total.  The contracts are
signed with Seatankers Management Co. Ltd. which is incorporated
in the Republic of Cyprus.

Each contract is for the building of a 75-metre 15,000 bhp
Anchor Handling Tow Supply Vessel (AHTS).  These vessels are of
high technical specifications meant for operation in cold and
deep waters and are to be constructed; machinery installed
equipment provided in accordance with the American Bureau of
Shipping (ABS) Class requirements.

These specifications include a static bollard pull of 170
tonnes, speed of 15 knots, tow winch of 450 tonnes brake
holding, Fire Fighting Class 1 and Dynamic Position System 2
(DPS 2).  Both vessels will be built at JSE's shipyard in
Singapore and are scheduled for completion in the first and
second quarters of calendar year 2007 respectively.

Commenting on the latest orders, Jaya Group Managing Director,
Mr. YM Pang said, "We are very pleased and honored to be given
this opportunity of building this state-of-the-art vessels for
Seatankers Management Co. Ltd.

They are new client to us with which we very much want to
develop a long-term relationship.  These vessels are the largest
which we will be building to-date and their undertaking will
surely add to our experience and reputation as a reliable
shipbuilder.

Although our heavy existing building commitments do not allow us
to offer shorter construction lead times, we continue to
generated keen interest from our international fleetowning
clients for our vessels."

In addition to these two vessels, the Group currently has 30
other vessels under construction at its own shipyards as well as
third-party shipyards to which the Group has outsourced its
requirements.  These vessels are scheduled for completion over
the next 20 months and are intended for its own chartering
operations as well as sale to external buyers.

Based on present market prices, these 30 vessels will have a
combined market value of approximately US$365 million when
completed.  Of these vessels, 9 units have to-date been
committed for sale to various customers and their combined
selling prices are in excess of US$97 million.

CONTACT:

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


SWANLIN MARINE: Receiving Proofs of Claim Until June 17
-------------------------------------------------------
Swanlin Marine Pte Ltd. formerly of 165 Bukit Merah Central
#07-3663, Singapore 150165 posted a notice of intended
preferential dividend at the Government Gazette, Electronic
Edition with the following details.

Court: Supreme Court, Singapore

Number of Matter: Companies Winding Up No. 249 of 1997

Last Day for Receiving Proofs: 17th June 2005

Name & Address of Liquidator:

The Official Receiver
The URA Centre (East Wing)
45 Maxwell Road #06-11
Singapore 069118
3rd June 2005

Sunari Bin Kateni
Assistant Official Receiver


TENG HUAT: Faces Winding Up Proceedings
---------------------------------------
In the matter of Teng Huat Trading Pte Ltd. a winding up order
was made on May 27, 2005.

Name and address of Liquidator:

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

Dated this 27th day of May 2005.

Rajah & Tann
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.


TRAVELPRO PTE: Court Schedules Hearing July 1
---------------------------------------------
Notice is hereby given that a petition for the winding up of
Travelpro Pte Ltd by the High Court was on May 19, 2005,
presented by Tradewinds Tours And Travel Pte Ltd, a creditor.

The petition is to be heard before the Court sitting at the High
Court of Singapore at 10:00 a.m. in the forenoon, on July 1,
2005.

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

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

The Petitioner's address is at 25 Airline Road, Airline House,
Singapore 819829.

The Petitioner's solicitors are Messrs Shook Lin & Bok of 1
Robinson Road, #18-00 AIA Tower, Singapore 048542.

Messrs Shook Lin & Bok
Solicitors for the Petitioner

Note:

Any person who intends to appear n the hearing of the petition
must serve on or send by post to the Petitioner's solicitors,
notice in writing of his intention to do so.

The notice must state the name and address of the person, or if
a firm, the name and address of the firm, and must be signed by
the person, firm, or his or their solicitors (if any) and must
be served, or, if posted, must be sent by post in sufficient
time to reach the abovenamed not later than 12 o'clock noon of
June 30, 2005 (the day before the day appointed for the hearing
of the petition).


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

COMMERCIAL INSURANCE: Urged to File Rehab Plan
----------------------------------------------
Commercial Insurance Co. Ltd. has to submit a rehabilitation
plan in order to avoid being shut down, reports The Nation.

The Insurance Department is giving the cash-strapped insurer
until June 20 to do so.  The department also ordered the firm to
inform the department if it would not be able to submit a
rehabilitation plan on the indicated date. Failure to comply
with the order would prompt the department to consider
alternative solutions for the insurer.

On Wednesday, Commercial Insurance was ordered to stop accepting
premiums from new customers.  However, existing customers are
still able to make claims with the insurer.

Should Commercial Insurance be shut down, customers would be
transferred to the Thai Insurance Association, which would
decide which firms to transfer policyholders to.

Potjanee Thavara-vanit, director general of the department said
Commercial Insurance was told to raise its registered capital by
THB150 million from THB300 million in February. But the company
has only come up with THB50 million to date.

The insurer's woes were discovered late last year when if failed
to meet legal requirements. It didn't have enough reserves to
pay for customers' claims.  The company was also facing
liquidity problems.

Commercial Insurance reported assets of THB1.7 billion, but the
department found out that its assets only amounted to THB755
million.
It also reported bank deposits amounting to THB300 million.  The
department again found out that it only has THB30 million in the
bank.

The firm is indebted with THB1.3 billion, while its reserves,
which are set aside to pay claims, total THB613 million.  A
total of THB120 million claims were not being paid.  Some 2,000
clients sued the insurer.


PAE THAILAND: Unveils Shareholder Structure
-------------------------------------------
As the Stock Exchange of Thailand (SET) requested PAE (Thailand)
Public Company Limited to supply additional information of the
current business transaction between the shareholders and
general investors in the stock market, the company extended the
following information:

(1) Transaction with Free Internet Co. Ltd.

Company profile of Free Internet Company the major stakeholder
in PAE (Thailand) Plc.

-Type of Business: Providing Internet service network,
consulting networking in computer, providing service of office
service in rental office and equipment, including utility.

- Date of Company Registration: April 19, 2000

- Capital Registration: THB500,000,000 (five million Baht)
50,000,000 shares (fifty million shares) at Par THB10 each.
Fully paid up.

- Location: 50 GMM Grammy Place, 11-12 Floor, Sukumvit 21 ( Soi
Asoke) Klongtoei , Wattana Disctrict, Bangkok 10110

Shareholders Structure

Name                                 No. of Share          %

(1) Mr. Viroj Sangsanit               6,000,000            12

(2) Mr. Kobsak Chinawongsewatana     14,900,000            29.8

(3) Mr.Pornsak Chinawongsewatana     11,750,000            23.5

(4) Mrs. Kobporn Chinawongsewatana    7,000,000            14

(5) Mr. Surasak Chinawongsewatana     7,000,000            14

(6) Mrs. Andria Franky                1,500,000             3

(7) Mr.Hiroshi Ohira                    200,000             0.4

(8) Mr.Hirouki Okate                    150,000             0.3

(9) Mr. Yoshiaki Ijima                  100,000             0.2

(10) Mr.Hiroshi Irie                     50,000             0.1

(11) Nippon Hitocom Company             100,000             0.2

(12) Miss Pirinthorn Tiyawutiroj        750,000             1.5

(13) Mr. Bruce Edward Daye              500,000             1

TOTAL                                50,000,000           100

Executive Director:

(1) Mr. Kobsak Chinawongsewatana

(2) Mr. Pornsak Chinawongsewatana

To view a full copy of the announcement, click
http://bankrupt.com/misc/PAETHAILAND060905final.pdf

CONTACT:

PAE (Thailand) Pcl
69 Sinakharin Road, Suan Luang, Bangkok
Telephone: 0-2322-0222
Fax: 0-2322-2970-1
Web site: http://www.pae.co.th


TANAYONG: Updates Business Reorganization Plan
----------------------------------------------
Tanayong Public Company Limited issued to the Stock Exchange of
Thailand (SET) a summary of its business reorganization plan
which was approved by The Central Bankruptcy Court.

TREATMENT OF SECURED CREDITORS

(1) Transfer the collateral to the creditors within 180 days
after the Court Approval Date or the date that the final
decision of the Court on any appeal is rendered, whichever is
later.

(2) In case of the same collateral held by many creditors

(2.1) Transfer of the collateral will be made to all of them
within 180 days after the Court Approval Date or the date that
the final decision of the Court on any appeal is rendered,
whichever is later.

(2.2) Failure to perform as per 2.1, creditors, with the
majority vote, shall inform the Company to act as the
representative to sell the assets equivalent to appraised value.

(2.3) The Company shall act as the representative no more than
18 months at the price agreed by majority of creditors.

To view a full copy of the announcement, click
http://bankrupt.com/misc/TANAYONGPUBLIC060905.pdf

CONTACT:

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


THAI HEAT: Hikes Registered Capital
-----------------------------------
Thai Heat Revival Company Limited as the rehabilitation plan
administrator of Thai Heat Exchange Public Company Limited
informed the Stock Exchange of Thailand (SET) that it has
resolved to increase the registered capital of Thai Heat
Exchange Public Co. Ltd according to the order of the Central
Bankruptcy Court on May 16, 2005 the details are:

(1) The company will decrease the par value of its 61,985,800
authorized shares from THB10.00 per share to THB1.00 per share.

This will cause the company's registered and paid up capital to
become THB61,985,800. This step is being on progress.

(2) The company will increase the registered capital from
THB61,985,800 to THB185,957,400. This will be the result of new
issuance of 61,985,800 common shares and 61,985,800 units of
warrant, value THB1.00 per share.

The existing shareholders will be entitled to purchase at the
rate of 1 old share per 1 new share at the par value of THB1.00
THBper share plus 1 unit of free warrant. One unit of warrant
can be converted to one common share with an exercising price
Baht 1:1 share.

The warrant holders may convert warrant to common shares at the
end of each quarter within the period of 5 years from May 6,
2005.

The name of the warrant holder will be specified in the warrant
and the warrant is not transferable as well as will not be
listed in SET.

(3) The company will then increase the registered capital from
THB185,957,400 to THB473,369,494. This step is to be arranged
for conversion of debt into equities according to the following:

(3.1) Convert loans that is owed to pledged financial
institutions amounting THB225,922,878 at the rate of THB1 per 1
common share.

The financial creditors may take their right to do the
conversion at the end of each quarter within June 30, 2006. The
first conversion can be done within June 16, 2005.

(3.2) Convert loans that is owed to 4 non-pledged financial
institutions amounting to THB15,178,921 at the rate of THB1 per
1 common share.

(3.3) Convert debt that owe to employees amounting THB46,310,295
at the rate of THB1 per 1 common share. This process will be
done shortly after getting an approval from SEC.

The conversion of debt and loan due to the financial
institutions and employees will not be entitled to purchase new
shares with free warrant as mentioned in 2) above.

After completion of all processes and conversion of debt into
equities done by all financial institutions, the paid up capital
will become 473,369,494 shares with the value of THB1 per share
causing the registered capital to read THB473,369,494.

In addition, for the right of the existing shareholders as
mentioned in 2) above, the company will close the book of
shareholders and offer such right to the shareholders as of June
23, 2005 at 12:00 pm.

Please convey this information to investors.

Yours sincerely,
Surin Wanpensakul
Director

CONTACT:

Thai Heat Exchange Pcl
1364 Ramkhamhaeng Road,
Suan Luang Bangkok
Telephone: 0-2318-2478-9, 0-2314-4582, 0-2319-1911-5
Fax: 0-2318-2655, 0-2319-4268
Web site: http://www.thaiheat.com


THAI PETROCHEMICAL: To Auction Out TPI Polene Stake
---------------------------------------------------
Thai Petrochemical Industry Public Company Limited (TPI) is set
to sell by auction its 30 percent stake in cement maker TPI
Polene as part of a $2.7 billion debt-restructuring plan,
Reuters reports.

The sale is expected to raise $250 million which will be used to
repay TPI's debt.  In one or two days a financial adviser that
would handle the sale will be selected.

The offer price for the 249 million TPI Polene shares is said
not to be lower than THB40 each.

Earlier deals for the sale of TPI Polene stake were cancelled.

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: Shareholders Can Renew Share Certificate
------------------------------------------------------------
As Thai Petrochemical Industry Public Company Limited registered
the paid-up capital decrease by decreasing the par value from
THB10 to THB1 per share with the Ministry of Commerce on April
4, 2005, Thailand Securities Depository Co., Ltd. (TSD), as the
TPI registrar have already issued new share certificate dated
April 4, 2005 without change of share numbers.

TSD notified the Stock Exchange of Thailand (SET) that
shareholders can request to renew the share certificates
beginning June 10, 2005 onwards to the following address:

Renewal of share certificates Thailand Securities Depository
Co., Ltd. 62 The Stock Exchange of Thailand Building, 4th Floor
Rajadapisek Road, Klongtoey, Bangkok 10110 Thailand

Any additional enquiries, please contact
TSD Call Center 0-2229-2888
E-mail: contact.tsd@set.or.th
Web site: http://www.tsd.co.th




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

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


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


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

MALAYSIA
--------

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

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

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

SINGAPORE
---------

Pacific Century Regional          PAC      -145.53    1289.71

THAILAND
--------

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





                            *********


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

Troubled Company Reporter -- Asia Pacific is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Trenton, NJ
USA, and Beard Group, Inc., Frederick, Maryland USA. Lyndsey
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Dejito and Erica Fernando, Editors.

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

This material is copyrighted and any commercial use, resale or
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