TCRAP_Public/050613.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

             Monday, June 13, 2005, Vol. 8, No. 115

                            Headlines

A U S T R A L I A

AONE FORMWORK: Court Issues Winding Up Order
ARISTOCRAT LEISURE: New Directors to Join Board June 20
ATRATECH PTY: To Declare Dividend June 23
BAROX INVESTMENTS: Names J.F. Taylor Official Liquidator
BEAR ENTERPRISES: Served with Winding Up Order

C&D BYRNES: Faces Winding Up Proceedings
CHARRA DEVELOPMENTS: To Declare Dividend June 20
CHEMEQ LIMITED: Offer Deemed Worthless
CMI CONTRACT: Final Dividend to be Declared June 15
COLLINS BOOKSELLERS: To Close Books on 10 Stores

COMDEK: Moves to Resolve Wind-up Application
CORPORATE CATERER: Members Agree to Wind Up Company
CORROCEAN SERVICES: To Convene Final Meeting June 17
CROYDON NURSING: Creditors, Members to Meet June 17
DINO MUSIC: To Declare First Dividend June 21

FLASHPOINT EMERGENCY: Final Meeting Fixed June 17
GLENMORE BUILDING: Winds Up Voluntarily
GREENWOOD BKT: Resolves to Wind Up Company
INTERNATIONAL WINE: Details Restructure Proposals
IT INFRASTRUCTURE: Final Meeting Slated for June 17

JAMES HARDIE: To Pay Dividend July 1
KWIK COURT: Creditors Meeting Set June 17
LECHNER PTY: To Hear Liquidators' Report on Winding Up
LLOYDS PERSONNEL: Hires Official Liquidator
MASTER BRUSH: Court Places Company in Liquidation

MAYNE GROUP: Two New Directors Essential to Demerger Plan
NATIONAL AUSTRALIA: Offers EUR1-Bln 5-Yr FRN at 99.952
NORFOLK JET: Crashes Due to Heavy Debts
NQ RENTALS: Runs Up an AU$1.4-Mln Tax Bill
POCHY PTY: Creditors Agree to Wind Up Company

VILLAGE ROADSHOW: Warner Deal Cost Firm AU$30 Mln


C H I N A  &  H O N G  K O N G

ANKOR SERVICE: To Appoint Liquidators
CHINA CONSTRUCTION: Charges Fee For Small Amount Deposits
CHINA CONSTRUCTION: Updates Real Estate Corporate Loans
CHINA CONSTRUCTION: Reports 34% Rise in Pretax Profit
DELTA LOGISTICS: Winding Up Hearing Set June 29

ELECTRONIC GLOBAL: Issues Debt Claim Notice
EXCALIBUR FUTURES: SFC Prosecutes Former Financial Controller
ISTEELASIA HOLDINGS: Posts FY05 Financial Results
GUANGDONG KELON: JPMorgan Further Sells Shares in GD Kelon
GUANGDONG KELON: AGM Scheduled for June 28

INTERNATIONAL ENTERTAINMENT: Unveils June 6 EGM Resolutions
KINGSWOOD TRADING: Creditors' Meeting Slated for June 29
LOULAN HOLDINGS: FY/2004 Net Loss Shrinks to RMB49.6 Mln
LOULAN HOLDINGS: Schedules AGM on June 30
M CHANNEL: Court Dismisses Plaintiff Claim

PROVIEW INTERNATIONAL: To Monitor Development of Proceedings
WING ON: Special General Meeting Slated for July 5
* Central Bank to Lend Money to Debt-laden Brokerage Houses


I N D O N E S I A

KERETA API: Faces Graft, Mismanagement Raps
PERTAMINA: Lawmakers Form Team to Settle ExxonMobil Row
PERTAMINA: Looking to Buy LNG for Delivery Next Month


J A P A N

HITACHI LIMITED: Eyes JPY45-Bln Revenue in 3 Years
KANEBO LIMITED: Set for Delisting Today
MITSUBISHI FUSO: Faces Accusations Regarding Recall Practices
MITSUBISHI MOTORS: New Vehicle Sizes Up Competition


K O R E A

INCHON OIL: Interested Buyers Must Submit Letter of Intent Soon


M A L A Y S I A

ACP INDUSTRIES: Expects Net Losses to Continue in 2006
ACP INDUSTRIES: Posts Fourth Quarter Net Loss
AIC CORPORATION: Reports Net Loss in 2005
BUKIT KATIL: Issues Winding-Up Petition Update
BUMIPUTRA-COMMERCE: Moody's Upgrades Outlook to Positive

COMMERCE INTERNATIONAL: Moody's Affirms "D" Rating
I-BERHAD: Posts Shares Buy Back Notice
METROPLEX BERHAD: To Appoint Official Liquidator
PANTAI HOLDINGS: Repurchases More Shares
PORTRADE DOTCOM: Net Loss Drops in Third Quarter


P H I L I P P I N E S

BENPRES HOLDINGS: Unveils New Director Line-up
BENPRES HOLDINGS: Benpres Sees P1-Bln Profit This Year
LEPANTO CONSOLIDATED: Strikers Told to Return to Work
MANILA ELECTRIC: Awaits BIR Guidelines for Tax Collection
MANILA ELECTRIC: To Revive International Bond Issue

NATIONAL BANK: Seeks Foreclosure of Lapu-Lapu City Property


S I N G A P O R E

CHINA AVIATION (S): Minority Shareholders Can't Sue CEO Directly
CHINA AVIATION (S): Head of Restructuring Team Flies to New York
GLOBAL VOICE: Faces Breach of Contractual Obligation Lawsuit
TSENG HOLDINGS: Lays Out Meeting Agenda
TUNG LIN: Faces Winding Up Proceedings

U-SYSTEMS SPECIALTY: Encourages Creditors to Attend Hearing
WEI KANG: Served with Winding Up Order
WOON CONTRACTOR: Faces Winding Up Proceedings


T H A I L A N D

ADVANCE PAINT: To Proceed with 8th Warrant Exercise June 30
EASTERN WIRE: Bourse Seeks Clarification over THB328.7Mln Loan
M.D.X: Submits Loan, Advance Transaction Report
NEW PLUS: Details Duties of Audit Committee
PAE THAILAND: Bourse Requests Issuance of Additional Information

T.C.J: SEC Demands Special Audit of Company

     -  -  -  -  -  -  -  -

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

AONE FORMWORK: Court Issues Winding Up Order
--------------------------------------------
On April 28, 2005 the Supreme Court of New South Wales, Equity
Division, made an order that Aone Formwork Pty Ltd (In
Liquidation) be wound up by the Court and appointed Steven
Nicols to be Liquidator.

Dated this 28th day of April 2005

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


ARISTOCRAT LEISURE: New Directors to Join Board June 20
-------------------------------------------------------
The Board of Aristocrat Leisure Limited announced that Sally
Pitkin and Roger Davis have been approved by the necessary
regulatory authorities and will be formally appointed to the
Board of Directors at the forthcoming Board Meeting on June 20,
2005.

The nomination of Sally Pitkin and Roger Davis for appointment
to the Board of the Company was announced on November 1, 2004.

David Simpson, Chairman, welcomed the news and said that Sally
Pitkin and Roger Davis had already contributed significantly to
Board deliberations in their roles as "directors elect".

"Sally Pitkin and Roger Davis will be important additions to the
Board of the Company. They each bring valuable experience and
expertise to Aristocrat."

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


ATRATECH PTY: To Declare Dividend June 23
-----------------------------------------
A first dividend is to be declared on June 23, 2005 in respect
of Atratech 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 26th day of April 2005

G. S. Andrews
Liquidator
G. S. Andrews & Assocs
22 Drummond Street,
Carlton Vic 3053
Telephone: (03) 9662 2666
Facsimile: (03) 9662 9544


BAROX INVESTMENTS: Names J.F. Taylor Official Liquidator
--------------------------------------------------------
Notice is hereby given that at a general meeting of members of
Barox Investments Pty Limited (In Liquidation) held on April 29,
2005 it was resolved that the company be wound up voluntarily
and that for such purposes Mr. John Frederick Taylor of Level
15, 309 Kent Street, Sydney was appointed as liquidator.

Dated this 29th day of April 2005

J. F. Taylor
Liquidator
c/- WHK Greenwoods


BEAR ENTERPRISES: Served with Winding Up Order
----------------------------------------------
On April 26, 2005 the Supreme Court of New South Wales, Equity
Division made an Order that Bear Enterprises Pty Ltd (In
Liquidation) be wound up by the Court and appointed Steven
Nicols to be Liquidator.

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


C&D BYRNES: Faces Winding Up Proceedings
----------------------------------------
On April 28, 2005 the Supreme Court of New South Wales, Equity
Division, made an order that C&D Byrnes & Sons Pty Ltd (In
Liquidation) be wound up by the Court and appointed Steven
Nicols to be Liquidator.

Dated this 28th day of April 2005

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


CHARRA DEVELOPMENTS: To Declare Dividend June 20
------------------------------------------------
A first and final dividend is to be declared on June 20, 2005
for Charra Developments Pty Limited (In Liquidation).

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

Dated this 3rd day of May 2005

Daniel Civil
Liquidator
Rodgers Reidy
Level 8, 333 George Street,
Sydney NSW 2000


CHEMEQ LIMITED: Offer Deemed Worthless
--------------------------------------
Shareholders of veterinary drug maker Chemeq Limited are facing
a further dilution of their holdings just six months after
approving an AU$40-million rescue package from Japanese bank
Mizuho in exchange for a 40-percent stake in the Australian
firm, The Age says.

Chemeq has advised shareholders they have until June 23 to
exercise their options to buy Chemeq shares ate AU$2.40, which
is more than double their current market price.

"With the Chemeq share price at AU$1.25 the options are
effectively worthless," Tolhurst Noall broker Marcus Padley
said.

"There is no bid on the screen for the stock at the moment. No
surprise there. That's AU$30 million the company won't be
getting."

But if Chemeq shareholders decide not to take up the shares,
which is most likely to happen, a fresh provision is the firm's
agreement with its white knight will be triggered.

As part of its original rescue package, Mizuho agreed to provide
an additional AU$20 million should Chemeq fail to raise AU$30
million from the options. Chemeq is issuing Mizuho bonds which
can be converted to company shares within three years. It is
also paying heavy interest of 8.5 percent on the funds.

With their stake already effectively diluted to between 60 and
74 percent via the first tranche of its rescue package,
shareholders will be diluted to as little as 50 percent of the
company should the full second tranche be converted.

Chemeq's woes started last year when it experienced cost
overruns and delays in the construction of its Perth
manufacturing facility.

It undertook a series of capital raisings totaling $30 million,
sparking concern about its financial position, before ending
2004 as the worst performing stock on the ASX 200, down 77 per
cent.

Its chief financial officer and a director quit in December and
the Australian Securities and Investments Commission launched
court action over alleged continuous disclosure breaches.

Faced dire financial dilemma, it agreed to a series of onerous
conditions in a deal with Mizuho, Stark Trading and Shepherd
Investments. It also agreed to a series of covenants which, if
breached, would lead to defaulting the deal. It successfully
passed the first hurdle of gaining regulatory approval for its
Perth factory earlier this year, allowing it to meet outstanding
orders to South Africa.

CONTACT:

Chemeq Limited
Suite 8 Petroleum House,
3 Brodie Hall Drive,
Technology Park,
Bentley, Australia, 6102
Head Office Telephone 08 9362 0100
Head Office Fax 08 9355 0199
Web site: http://www.chemeq.com.au/


CMI CONTRACT: Final Dividend to be Declared June 15
---------------------------------------------------
A first and final dividend is to be declared on June 15, 2005
for CMI Contract Labour Pty Ltd (In Liquidation).

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

Dated this 27th day of April 2005

Barry Keith Taylor
Liquidator
B.K. Taylor & Co
8/608 St Kilda Road,
Melbourne Vic 3004


COLLINS BOOKSELLERS: To Close Books on 10 Stores
------------------------------------------------
Veteran book retailer Collins Booksellers is bracing for the
closure of its almost half of its company-owned outlets after
administrators failed to secure buyers for them, according to
the Sydney Morning Herald.

Recovery firm Grant Thornton said yesterday six stores in
Victoria, two in NSW and two in the ACT would close, leaving
just 13 of the 23 company-owned stores trading.

The remaining 31 franchised Collins Booksellers are not directly
affected.

The NSW stores to close are the CBD store in the Queen Victoria
Building and one at Charlestown near Newcastle. The Canberra
stores are in Belconnen and Woden and the Victorian stores are
in Airport West, Doncaster, Elizabeth Street in the CBD,
Highpoint, Eastland and Southland.

The Hill of Content bookstore in Bourke Street, Melbourne, was
one of the outlets that secured a buyer.

Administrators have arranged continued employment for about 60
per cent of Collins Booksellers staff.

The 83-year old book chain entered administration in April this
year, owing creditors about AU$7 million.

CONTACT:

Collins Booksellers Pty Ltd
Level 9
388-390 Lonsdale Street
MELBOURNE
VIC 3000
Phone: 03 9949 1200
Fax: 03 9918 0319


COMDEK: Moves to Resolve Wind-up Application
--------------------------------------------
Comdek Limited is set to pay some AU$8,000 to resolve a wind-up
application slated for hearing in the West Australian Supreme
Court on June 14, 2005.

The West Perth-based firm answered an Australian Stock Exchange
query, saying that Todaytech Pty Ltd had withdrawn its wind-up
application. The court had ruled that Medquest Pty Ltd be
substituted as a creditor, with Comdek having to pay AU$8,000 to
Medquest.

The court will reconvene on June 14 when Comdek will seek to
resolve the wind-up application.

Comdek is a long-standing supplier of computer hardware to
government agencies and last year bought Internet service
provider Vianet. Its March quarter statement showed it had net
negative operating cash flow of AU$450,000 and negative cash at
the end of the quarter of AU$383,000.

CONTACT:

Comdek Limited
673 Murray St
West Perth, 6005
Western Australia
Phone: +61 8 9214-5200
Fax: +61 8 9214-5201
E-mail: info@comdek.net.au
Web site: http://www.comdek.com.au


CORPORATE CATERER: Members Agree to Wind Up Company
---------------------------------------------------
Notice is hereby given that at a general meeting of members of
Corporate Caterer Pty Limited (In Liquidation) held on April 26,
2005 it was resolved that the Company be wound up voluntarily
and that for such purpose Sule Arnautovic, of Jirsch Sutherland
Chartered Accountants, be appointed Liquidator.

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

Dated this 26th 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


CORROCEAN SERVICES: To Convene Final Meeting June 17
----------------------------------------------------
Notice is hereby given that a Final Meeting of creditors and
members of Corrocean Services Pty Ltd (In Liquidation), will be
held at the offices of O'Keeffe Walton Richwol, on June 17, 2005
at 1:30 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


CROYDON NURSING: Creditors, Members to Meet June 17
---------------------------------------------------
Notice is hereby given that a Final Meeting of creditors and
members of Croydon Nursing Home Pty Ltd (In Liquidation), will
be held at the offices of O'Keeffe Walton Richwol, on June 17,
2005 at 2:00 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


DINO MUSIC: To Declare First Dividend June 21
---------------------------------------------
A first and interim dividend is to be declared on June 21, 2005
for Dino Music Pty Limited (In Liquidation).

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

Dated this 2nd day of May 2005

C. Wykes
Liquidator
c/- Lawler Partners
Level 7, 1 Margaret Street,
Sydney NSW 2000
Telephone: (02) 8346 6000


FLASHPOINT EMERGENCY: Final Meeting Fixed June 17
-------------------------------------------------
Notice is hereby given that a Final Meeting of creditors and
members of Flashpoint Emergency Response Training Pty Ltd (In
Liquidation), will be held at the offices of O'Keeffe Walton
Richwol, on June 17, 2005 at 10:30 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


GLENMORE BUILDING: Winds Up Voluntarily
---------------------------------------
Notice is hereby given that at a meeting of members of Glenmore
Building Services Pty Ltd (In Liquidation) held on April 29,
2005 it was resolved that the company be wound up voluntarily
and Nicholas Crouch of Crouch Insolvency, Chartered Accountants,
Level 5, 82 Elizabeth Street Sydney NSW 2000 be appointed
Liquidator.

Dated this 29th day of April 2005


GREENWOOD BKT: Resolves to Wind Up Company
------------------------------------------
Notice is hereby given that at a general meeting of members of
Greenwood Bkt Financial Services Pty Limited (In Liquidation)
held on April 29, 2005 it was resolved that the company be wound
up voluntarily and that for such purposes Mr. John Frederick
Taylor of Level 15, 309 Kent Street, Sydney was appointed as
liquidator.

Dated this 29th day of April 2005

J. F. Taylor
Liquidator
c/- WHK Greenwoods


INTERNATIONAL WINE: Details Restructure Proposals
-------------------------------------------------
A respected investment fund manager and an expert in the global
wine industry are to be appointed as external administrators to
the listed International Wine Investment Fund under new
restructuring proposals.

The advisors include Mr. Geoff Wilson, the principal of Wilson
Asset Management, and Mr. Allan Cheesman, a former Trading
Director for Beers Wines and Spirits at Sainsburys Supermarkets
in the United Kingdom.

The proposals are contained in an information booklet sent this
week to Unitholders in the Wine Fund by its responsible entity,
Berren Asset Management Limited. The booklet provides relevant
information on the future intentions of the Fund and the terms
of the Unit Redemption Offer.

"The Unit Redemption Offer is intended to offer choice to the
Unitholders allowing them either to exit value of continue. The
proposed associated Board and management changes, provide a
clear future direction for the Fund and those Unitholders
wanting to be part of its continuance," Berren Chairman, Mr.
Mike Terlet, AO, said.

Key elements of the proposals include:

(1) A redemption price of AU$2.68 a unit for Unitholders wishing
to exit the Wine Fund;

(2) The appointment of an entity associated with Mr. Wilson and
Wilson Asset Management, as the Wine Fund's Investment Manger
for potentially the next 10 years;

(3) Establishment of a new Investment Committee; and

(4) A restructuring of the Berren Board and executive team.

"The Unit Redemption Offer delivers against Berren's undertaking
to provide an opportunity for those who wish to exit the IWIF to
do so at an intended premium to the recent market price whilst,
at the same time, not disadvantaging those Unitholders who wish
to continue," Mr. Terlet said.

"It also ensures that there is a highly motivated and
experienced management and advisory team in place for the Wine
Fund going forward, if that is the outcome, or if the Unit
Redemption Offer is oversubscribed, then an orderly wind-up
process will take place. Either way, there will be an exit
path," Mr. Terlet said.

"Berren considers that the Unit Redemption Offer is in the best
interests of all Unitholders whether or not they elect to
participate in the Unit Redemption Offer."

As previously announced, the Unit Redemption Offer will be
capped at 40 million units, or 63% of the Wine Fund's total
units on issue. If the Unit Redemption Offer is oversubscribed,
the Wine Fund will proceed to an orderly liquidation of its
assets returning the funds to all Unitholders.

"Berren has also provided an assurance that any future placement
of units in the fund will only be undertaken in respect of
rebuilding the funds under management, or, to finance future
investment opportunities. In any event, Berren will refrain from
making placements, if any, until after the close of the Unit
Redemption Offer on June 29, 2005," Mr. Terlet said.

The redemption price of AU$2.68 a unit was calculated as a 5%
discount on the Wine Fund's Net Tangible Asset backing on May
31, 2005. The Fund's market price has risen steadily over the
past six months, increasing from AU$2.04 as at November 2004 to
Monday's closing price of AU$2.65.

Sydney-based Mr. Wilson is one of Australia's most respected
fund managers. Berren has reached an in-principle agreement for
an entity associated with Mr. Wilson, initially Wilson Asset
Management (International) Pty Limited (Wilson) to act as the
Wine Fund's Investment Manager for an initial five year period,
with an option to renew for a further five years. The long-form
agreement is expected to be negotiated and details announced
before the expiry of the Unit Redemption Offer.

As Investment Manager, Wilson will provide advice on investment
strategy, capital management, the composition of the Wine Fund's
portfolio, and review and recommend investments and assets
disposals.

Mr. Wilson will become a member of a new Wine Fund Investment
Committee that will also include Mr. Vic Motto, Chairman of
Global Wine Partners and founder of the MKF Group-which advises
the global wine industry, and Mr. Cheesman.

Following the implementation of the Unit Redemption Offer,
Berren will continue as the Wine Fund's Responsible Entity,
supported by Wilson and the Investment Committee. The
restructured Berren Board will comprise:

(1) Mr. Terlet
(2) Mr. Mr. Jim Caddy - Chairman of CCW; and
(3) One other independent director.

Mr. Terlet says the benefits to Unitholders remaining in the
Wine Fund include:

(1) The Wine Fund will continue its global wine investment
activities which have provided strong returns in previous years;

(2) Berren will employ external investment advice, through
Wilson

(3) The capital gains tax which would be payable by Untiholder
accepting the Unit Redemption Offer, or on the liquidation of
the Wine Fund, will continue to be deferred, maximizing the
amount of funds being invested on each continuing Unitholder's
behalf;

(4) The NTA per unit for Unitholders continuing, will increase,
as those exiting the Wine Fund will only receive 95% of the Wine
Fund's NTA per unit; and

(5) Unitholders who do not participate in the Unit Redemption
Offer will be able to participate in the final distribution for
the year ending June 30, 2005, which distribution will be
announced on June 20, 2005 and will be paid on or before August
28, 2005.

The Unit Redemption Offer opened June 9 and closes on June 29,
2005.

CONTACT:

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


IT INFRASTRUCTURE: Final Meeting Slated for June 17
---------------------------------------------------
Notice is hereby given that a Final Meeting of creditors and
members of IT Infrastructure Pty Ltd (In Liquidation), will be
held at the offices of O'Keeffe Walton Richwol, on June 17, 2005
at 3:15 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


JAMES HARDIE: To Pay Dividend July 1
------------------------------------
James Hardie Industries' dividend of US6 cents per share
announced on May 16, 2005 converts to AU7.83 cents per CUFS.

The dividend is payable in Australian currency on July 1, 2005
to CUFs holders registered at the June 9, 2005 record date.

American Depositary Receipt holders will receive payment in U.S.
currency.

Dutch withholding tax will be deducted from the dividend.

CONTACT:

James Hardie Industries
Website: http://www.jameshardie.com.au/

Greg Baxter
Executive Vice President
Level 3, 22 Pitt Street
Sydney NSW 2000
Telephone: (02) 8274 5305
Fax: (02) 8274 5218
Mobile: 0419 461 368

Steve Ashe
Vice President Investor Relations
Telephone: (02) 8274 5246
Fax: (02) 8274 5218
Mobile: 0408 164 011

Julie Sheather
Vice President Public Affairs
Telephone: (02) 8274 5206
Fax: (02) 8274 5218
Mobile: 0409 514 643

All other enquiries to CustomerLink Service Centre on 13 1103.


KWIK COURT: Creditors Meeting Set June 17
-----------------------------------------
Notice is hereby given that a Final Meeting of creditors and
members of Kwik Court Pty Ltd (In Liquidation), will be held at
the offices of O'Keeffe Walton Richwol, on June 17, 2005 at 3:30
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


LECHNER PTY: To Hear Liquidators' Report on Winding Up
------------------------------------------------------
Notice is hereby given that a Final Meeting of creditors and
members of Lechner Pty Ltd (In Liquidation) will be held at the
offices of O'Keeffe Walton Richwol, on June 17, 2005 at 2:30
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


LLOYDS PERSONNEL: Hires Official Liquidator
-------------------------------------------
Notice is hereby given that at a general meeting of members of
Lloyds Personnel Pty Limited (In Liquidation) held on April 26,
2005 it was resolved that the company be wound up voluntarily
and that for such purpose Sule Arnautovic, of Jirsch Sutherland
Chartered Accountants, be appointed Liquidator. A meeting of
creditors held later that day confirmed this appointment.

Dated this 26th 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


MASTER BRUSH: Court Places Company in Liquidation
-------------------------------------------------
On April 28, 2005 the Supreme Court of New South Wales, Equity
Division, made an order that Master Brush Pty Ltd (In
Liquidation) be wound up by the Court and appointed Steven
Nicols to be Liquidator.

Dated this 28th day of April 2005

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


MAYNE GROUP: Two New Directors Essential to Demerger Plan
---------------------------------------------------------
Mayne Group Limited has added two new non-executive directors to
its board, as it continues to examine splitting its operations,
relates the Sydney Morning Herald.

The new appointments came after Mayne announced early last month
that it was keen on separating its pharmaceuticals and
healthcare operations.

James (Jim) Hall, who has a background in financial management,
joins the board after quitting his job as executive director of
finance at chemicals firm Orica Limited.

Paul McClintock, on the other hand, has a law and corporate
advisory background and has been a principal of the private
investment banking firm McClintock Associates since 1985.

Mayne chairman Peter Willcox declared that the appointment of
two additional directors is an important development to the
demerger process.

Should the demerger proceed, it is anticipated that Mr. Hall and
Mr. McClintock will each serve as a director of one of the
separate entities.

CONTACT:

Mayne Group
Level 21/390 St Kilda Rd
Melbourne 3004
Phone: +613 9868-0700
Web site: http://www.maynegroup.com/


NATIONAL AUSTRALIA: Offers EUR1-Bln 5-Yr FRN at 99.952
------------------------------------------------------
National Australia Bank (NAB) is offering EUR1 billion of
floating-rate notes with lead managers Barclays Capital. Terms
are as follows:

Amount:           EUR1 billion
Maturity:         June 24, 2010
Coupon:           Three-month Euribor plus 10 basis points
Issue Price:      99.952
Reoffer Price:    99.952
Payment Date:     June 24, 2005
Fees:             0.15% (total)
Debt Ratings:     Aa3 (Moody's)
                  AA- (Standard & Poor's)
                  AA (Fitch)
Denominations:    50,000
Listing:          Luxembourg
Interest:         Quarterly

The bonds are being sold under the borrower's Euro medium-term
note program.

CONTACT:

National Australia Bank Ltd.
Level 24, 500 Bourke Street,
Melbourne, Victoria, Australia, 3000
Head Office Telephone: (03) 8641-4160
Head Office Fax: (03) 8641-4927
Web site: http://www.national.com.au/


NORFOLK JET: Crashes Due to Heavy Debts
---------------------------------------
The Norfolk Government was prompted to sign an in-principle deal
to provide air services to the mainland for the next 12 months
after its local airline, Norfolk Jet Express, collapsed, The
Australian says.

The private carrier, which is the island's only link to the
Sydney and Brisbane, recently filed for liquidation after the
government issued a statutory demand for unpaid debts.

In order to ensure continued air services, the Norfolk
government has been talking with other carriers including
national flag carrier Qantas Airways and Brisbane-based Alliance
Airlines.

Norfolk Chief Minister Geoff Gardner said the flight schedules
to the island from Brisbane and Sydney would remain the same for
this week and planes chartered from Alliance would be used to
service the routes.

A new schedule would be introduced from June 18 using an Air
Nauru Boeing 737, with ticketing handled by Qantas and travel
agents.

Norfolk Jet Express went under liquidation after it failed to
pay off obligations to the Norfolk Government.

The government revealed it has experienced a number of problems
with the airline. Last year, the airline had agreed to pay off
debts of AU$569,075 for landing fees and other services. The
company had refinance some debt but failed to pay for items such
as electricity and telephones.

Another statutory demand was issued in May for a further
AU$89,089, giving the company 21 days to pay.

Although the administration received a part payment of AU$19,438
on the 21st day, there was no reasonable offer of full payment
and proceedings were started to have it wound up.

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/


NQ RENTALS: Runs Up an AU$1.4-Mln Tax Bill
------------------------------------------
Collapsed campervan hire firm NQ Australia Rentals failed to
submit Business Activity Statements to the Australian Tax Office
(ATO) since December last year, reveals The Cairns Post.

The ATO was reportedly running after NQ Rentals over an AU$1.4-
million tax bill when the firm collapsed in early April. Of the
total tax bill, AU$739,728 is in unpaid superannuation and a
further AU$540,972 in outstanding goods and services tax (GST).

Liquidator KPMG suspects the business was trading while
insolvent, as there has been no pay-as-you-go tax notifications
since December last year.

The now-bankrupt Neil Chapman, NQ Rental's sole director, is
believed to be disputing the superannuation claim.

Mr. Chapman declared himself bankrupt in April after NQ Rental's
majored secured creditor ANZ Bank, which is owed AU$6.9 million,
called in a receiver. The liquidator said Mr. Chapman's move was
likely to limit "recovery prospects" for creditors if a claim
over insolvent trading went to court.

NQ Rental's collapse was blamed on bad management and additional
financial burden after its campervan manufacturing subsidiary
Matilda Motorhomes was placed in voluntary administration, owing
creditors AU$5 million.

CONTACT:

NQ Australia Rentals Pty Ltd
440 Sheridan Street (PO Box 2075) Cairns,
4870, Queensland
Phone: +617 4053 1875
Fax: +617 4032 2068
Web site: http://www.nqrentals.com.au/


POCHY PTY: Creditors Agree to Wind Up Company
---------------------------------------------
Notice is hereby given that at a meeting of creditors of Pochy
Pty Limited, held on April 22, 2005 it was resolved that the
company be wound up voluntarily and that for such purpose Deryk
Andrew of Bentleys MRI Sydney, Business Recovery & Insolvency
Partnership, Level 8, Barrack House 16-20 Barrack Street,
Sydney, NSW, be appointed Liquidator.

Dated this 27th day of April 2005

Deryk Andrew
Liquidator


VILLAGE ROADSHOW: Warner Deal Cost Firm AU$30 Mln
-------------------------------------------------
The Victorian Supreme Court has heard that Village Roadshow lost
around AU$30 million on cross-payment deal with Hollywood's
Warner Brothers, The Australian reports.

Managing Director Graham Burke told the court that a US$200 non-
recourse finance raising by former executive director Peter
Ziegler in 1997 had given Village the clout to go into
partnership with Warners. But to seal the deal, Village agreed
to allow Warner to offset any loss in its U.S. domestic sales
against gains in Village's foreign sales.

Conversely, if Village posted a loss in foreign receipts, this
would be offset against Warner's U.S. sales. But by 2001, the
cross-payments deal had cost Village AU$30 million.

Mr. Ziegler is suing Village for AU$76 million in compensation
and bonuses he claims for raising AU$900 million in finance for
Village's production subsidiary. He had said that even if all
Village's productions failed at the box office, the company
would still make a profit.

Mr. Ziegler is claiming that his contract with Village entitled
him to 5 percent of all non-recourse finance he raised for the
company, while Village is arguing that the percentage was only
intended to apply to tax savings Mr. Ziegler engineered.

Mr. Burke said Village had threatened to walk away from a AU$2
billion sale-and-leaseback deal on the company's cinema assets
unless Mr. Ziegler dropped his claim for commission on the
transaction to 2.5 percent, a payment of AU$50 million.

CONTACT:

Village Roadshow Limited
206 Bourke Street
Melbourne Vic 3000
Australia
Phone: 61 3 9667 6666
Fax: 61 3 9639 1540


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

ANKOR SERVICE: To Appoint Liquidators
-------------------------------------
Take notice that pursuant to a direction given by Master S.
Kwang of the High Court a hearing has been fixed on July 6, 2005
at 9:30 a.m. at the High Court, High Court Building, 38
Queensway, Hong Kong for the High Court to consider the
application made by the Joint and Several Provisional Liquidator
pursuant to Section 194 of the Companies Ordinance for the
appointment of Kelvin Edward Flynn and Cosimo Borrelli as Joint
and Several Liquidators of Ankor Service Limited.

Copies of the Joint and Several Provisional Liquidators' reports
of the First Meetings of Creditors and Contributories can be
obtained from the Joint and Several Provisional Liquidators at
the address below.

Dated this 10th day of June 2005.

Kelvin Edward Flynn
Joint and Several Provisional Liquidator

RSM Nelson Wheeler Corporate Advisory Services Limited
7/F Allied Kajima Building
138 Gloucester Road
Wanchai, Hong Kong
Phone:  (852) 2598 5123
Fax: (852) 2598 0060  


CHINA CONSTRUCTION: Charges Fee For Small Amount Deposits
---------------------------------------------------------
China Construction Bank (CCB) Sichuan Branch will start to
accrue the interest rate of the demand deposit account under RMB
300 deposit per day at a rate of 0.01 percent, and charge fee of
RMB 10 for the same account on every July 1. The notice over the
interest rate reduction and fees has been displayed at over 600
CCB outlets of Sichuan Branch on May 31, 2005.

The major objective of lowering the interest rate and charging
fees for a small amount of the demand deposit account is to
improve the quality of services and cut down the cost, and to
promote wealth management and activate passive accounts. This
measure is carried out with its own characteristics as follows:
first, with the consideration of Sichuan's economic conditions,
CCB sets the amount limit of the demand deposit account at RMB
300 far lower than RMB 500 of CCB Shenzhen Branch limit; second,
in light of offering quality services to all kinds of clients,
when CCB nails down the criterion over charges, CCB also set
some preferential policies such as to offer charge free accounts
for students and persons with low income and charge no fee for
the third party collection and payment account, and accrue the
interest rate at the bench mark rate; third, before this July
1st, clients can cancel their passive and unnecessary accounts
and CCB would charge no fee for the cancellation.

The advantages of this measure are: first, by means of
collecting fees, CCB can urge clients to cancel their
unnecessary accounts to improve the network operation speed and
the service quality; second, CCB can help customers to advance
wealth management awareness and manage their assets in a right
way.

CCB wishes that this measure can be accepted and supported by
all clients and promote all customers to cancel their passive
and unnecessary accounts. In this way, all clients will not pay
additional expense, can manage their assets in an easier way and
play a positive role when CCB improves its service efficiency
and quality. It is a best choice and will reach a win-win goal.

CCB always follows the principle of focusing on customer's
services and currently, is committed to improving service
efficiency and quality throughout the whole bank. This measure
of clearing out passive and unnecessary accounts is just one of
CCB's programs. Yet there are still many approaches for CCB to
carry out to improve services and increase efficiency. CCB will
take further step to streamline procedures and improve staff
capabilities to offer better services for customers in a
practical way.

CONTACT:

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

This is a Company press release.


CHINA CONSTRUCTION: Updates Real Estate Corporate Loans
-------------------------------------------------------
In light of national macro control policies and the trend of the
real estate market, China Construction Bank (CCB) made a further
adjustment in the structure of real estate corporate loans,
bolstered housing loans under the requirement of national
measures, and scored substantial achievements in the structure
adjustment.

CCB is the first state-owned commercial bank to start real
estate financial services among domestic banks. And after over
20 years development, CCB has step by step established its
leading position in this line of business. By the end of 2004,
the balance of the real estate corporate loan had reached RMB
227.79 billion, accounting for 13.2% of the corporate loan
balance, and was the top one among all business lines. In the
first quarter, the increase of real estate corporate loans was
RMB 12.432 billion, ranked the top position in terms of increase
among all domestic banks. In recent years, CCB has taken the
structure adjustment as a major business development strategy
throughout the whole bank and scored a substantial achievement
in the structure adjustment of real estate corporate loans. CCB
supported housing loans under the requirement of national
measures. By the end of this March, the housing loan balance of
the whole bank had reached RMB 114.26 billion, accounting for
71% of the real estate development loan. The products structure,
the area structure, and the customers structure of the real
estate corporate loan throughout the bank have been improved and
the NPL balance and rate has been reduced.

CCB has gained substantial achievements in the structure
adjustment of the real estate services. Yet there are still some
works to do in terms of structure adjustments. At the end of
2004, the ratio of CCB customers with the real estate loan of
less than RMB 5 million reached 30.3%. In recent years, the
housing loan has always been accounted for nearly 70% of the
development loan. So we can see that there is still a long way
to go for the structure adjustment program.

A CCB insider said, the implementation of the national control
policy will bring the real estate market into an orderly one.
With this trend, the area structure, the products structure and
the customers structure of the real estate market will face
great changes. CCB will continue to pay much attention to the
competent policies, give its great efforts to analyze these
policies, and strengthen the research over the real estate
market. CCB will attach importance to the development trend of
this market and accelerate the development in this business line
in the preconditions of risk management.

CCB will take further step to change the structure and expand
the market share of good customers and buildings on the one
hand. And on the other hand, CCB will bolster housing loans and
improve the market share and efficiency to increase the ratio of
housing loans against development loans. Meanwhile, CCB will
offer different services to different clients. And the increase
of the real estate development loan this year will mainly go to
CCB branches with high-level management and good assets and key
cities with the sound development of the real estate market.


CHINA CONSTRUCTION: Reports 34% Rise in Pretax Profit
-----------------------------------------------------
China Construction Bank posted a pretax profit of CNY50.2
billion (US$6.1 billion) versus a pretax profit of CNY37.46
billion a year earlier, The Wall Street Journal reports.

The bank didn't provide net profit figures for 2004.

The Company's non-performing loans dropped to 3.92 percent of
all loans last year, and its capital-adequacy figure reached
11.29 percent. Net -interest income was CNY100.3 billion, an
increase of CNY11.35 billion from a year earlier.

New deposits in 2004 rose 9.2 percent to CNY295.3 billion, and
lending rose 12 percent to CNY229.6 billion, the bank said. New
lending consisted mainly of mortgages and loans for construction
projects.

Provisions amounted to CNY8.83 billion, up CNY661 million from
the previous year.

The bank's delay in issuing its annual financial report, which
was approved by the relevant regulatory agency, was because of
its restructuring last year, China Construction Bank said.


DELTA LOGISTICS: Winding Up Hearing Set June 29
-----------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Delta Logistics (Holdings) Limited by the High Court of Hong
Kong Special Administrative Region was on April 30, 2005
presented to the said Court by Peng Bun of Flat E, 14th Floor,
Block 1 Kui Fat Building, 19 Hop Choi Street, Yuen Long, New
Territories, Hong Kong.  

The said Petition is to be heard before the Court at 9:30 a.m.
on June 29, 2005.

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

And 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.

Livasiri & Co.
Solicitors for the Petitioner
Suite 1913, 19th Floor
Two International Finance Centre
8 Finance Street
Central, Hong Kong

Note:

Any person who intends to appear at the hearing of the said
petition must serve on or send by post to the abovenamed, notice
in writing of his intention to do so.  The Notice must state the
name and address of the person, or if a firm or his or their
Solicitor (if any) and must be served or if posted, must be sent
by post in sufficient time to reach the above-named solicitors
not later than 6 o'clock in the afternoon of June 28, 2005.


ELECTRONIC GLOBAL: Issues Debt Claim Notice
-------------------------------------------
Notice is hereby given that creditors of Electronic Global
Securities Asia Limited, which is being voluntarily wound up,
are requested on or before 5:00 p.m. on July 11, 2005 to send in
their names and addresses and particulars of their debts or
claims and the names and addresses of their Solicitors (if any)
to the undersigned, the Joint and Several Liquidator of the
abovenamed Company.

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

In default thereof, such creditors will be excluded from the
benefit of any distribution of available funds.

Dated this 10th day of June, 2005

Li Pak Ki
Joint & Several Liquidator
26th Floor, Citicorp Centre
18 Whitfield Road
Causeway Bay
Hong Kong


EXCALIBUR FUTURES: SFC Prosecutes Former Financial Controller
-------------------------------------------------------------
The Securities and Futures Commission (SFC) has successfully
prosecuted Excalibur Futures Limited and its former financial
controller, Mr. Chan Cheung Wah Linus, for failing to notify the
SFC of its liquid capital deficiencies.

An SFC investigation revealed that from February 20 to March 29,
2004, Chan had included cheques, received from a related company
but not deposited into the bank account of Excalibur Futures, in
the calculation of the liquid capital reported to the SFC
pursuant to the Financial Resources Rules. As a result, the
liquid capital position was inflated by between $770,000 and
$3.3 million. When the cheques were deposited a few days
afterwards, similar amounts of money were withdrawn in favor of
the related company.

Excalibur Futures and Chan each pleaded guilty to seven
summonses before Mr. Ian Candy, a Magistrate at Eastern
Magistracy for breaches of section 146(1) of the Securities and
Futures Ordinance and each was fined $35,000. Excalibur Futures
and Chan were ordered to pay investigation costs of $10,000 and
$5,000 respectively to the SFC.

CONTACT:

Excalibur Futures Ltd.
Room 2202,
9 Queen's Road Central
Hong Kong
Phone: 2526 0388


ISTEELASIA HOLDINGS: Posts FY05 Financial Results
-------------------------------------------------
For the year ended March 31, 2005, the iSteelAsia Holdings
Limited recorded a loss attributable to shareholders of
approximately HK$10,443,000, an approximately 59 percent decline
from last financial year's loss figure of approximately
HK$25,711,000. However, on a closer analysis of the figures, the
iSteelAsia Group's performance of core trading operations as
represented by the operations loss of HK$352,000 (after
excluding the gain on disposal of investments, net of
approximately is HK$911,000) for the year reflected a reduction
in profit of approximately HK$3,646,000 as compared to the
similar figure of approximately HK$3,294,000 (after excluding
the impairment loss of an investment of approximately
HK$20,414,000) for the previous year ended March 31, 2004.

At the same time, in light of the poor market condition and the
risks so associated with, the management of the iSteelAsia Group
has also taken a prudent review on the carrying value of its
assets and the operations and made necessary provisions for
diminution in value relating to inventories, receivables,
deferred tax assets and deposits in dispute amounting to
approximately HK$9.889,000. Such provisions have been made on a
conservative scenario basis.

For more information, go to
http://bankrupt.com/misc/tcrap_isteelasia061005.pdf

CONTACT:

ISteelAsia Holdings Limited
Room 4902-8, Hoppewell Centre
183 Queen'st Road East
Wanchai, Hong Kong  
Phone: 28657106  
Fax: 28650578  
Web site: http://www.isteelasia.com


GUANGDONG KELON: JPMorgan Further Sells Shares in GD Kelon
----------------------------------------------------------
JP Morgan has disposed of 3.23 million shares in Guangdong Kelon
Electrical (0921) at $0.86 per share on average, Infocast News
reports.

After the disposal, JPMorgan's stake in Guangdong Kelon fell
from 38.639 million shares to 35.409 million shares (or from
8.41 percent to 7.7 percent of the issued share capital.

The latest disposal is the 10th by JPMorgan since March 8,
before which JPMorgan held 19.13 percent Guangdong Kelon.s


GUANGDONG KELON: AGM Scheduled for June 28
------------------------------------------
The Board of Directors of Guangdong Kelon Electrical Holdings
Company Limited announced on April 28, 2005 that the 2004 Annual
General Meeting, Second Extraordinary General Meeting of Holders
of Domestic Shares in 2005 and Second Extraordinary General
Meeting of Holders of Overseas-listed Foreign Shares in 2005
will be held on June 28, 2005. An announcement was subsequently
issued on June 3, 2004 regarding amendments to a resolution to
be considered at the 2004 Annual General Meeting.

According to Article 8.10 of the Articles of Association of the
Company, if the number of shareholders intending to attend the
general meetings represent less than half of the total number of
shares of the Company conferring rights to vote thereat, the
Company has to notify shareholders of the relevant businesses to
be transacted, date and venue of the meetings in the form of a
public announcement. The Company hereby announces the relevant
matters of the 2004 Annual General Meeting as follows:

(1) General information of the meeting

1. Date and time: 11:00, 28 June 2005, Tuesday

2. Venue: Conference Room in the head office of the Company in
Shunde District, Foshan City, Guangdong Province, the PRC

3. Convenor: Board of Directors of the Company

4. Procedure: By poll

(2) Matters to be transacted

1. to consider and, if thought fit, pass the following
resolutions as ordinary resolutions:

(1) To consider and approve the report of the Directors of
Guandong Kelon Electrical Holdings Company Limited for the year
2004.

(2) To consider and approve the audited annual financial
statements of Guangdong Kelon Electrical Holdings Company
Limited for the year 2004.

(3) To consider and approve the profit distribution proposal of
the company for the year 2004.

(4) To consider and approve the appointment of Shenzhen Dahua
Tiancheng Certified Public Accountants and BDO Mc Cabe Lo &
Company as the Company's 2005 local and foreign auditors and to
authorize the Directors to fix their remuneration.

(5) To consider and approve the proposed amendments to The
Rules and Regulations Governing Shareholders' Meetings.

(6) To consider and approve the proposed amendments to The
Rules and Regulations Governing Directors' Meetings.

(7) To consider and approve the proposed amendments to The
Rules and Regulations Governing Supervisors' Meetings.

(8) To consider and approve the proposed amendments to
Regulations of Information Disclosure.

(9) To consider and approve the report of Supervisory Committee
of Guangdong Kelon Electrical Holdings Company Limited for the
year 2004.

2. to consider and, if thought fit, pass the following
resolutions as special resolutions:

(10) To consider and approve the proposed amendments to the
Company's Articles of Association set out in the Company's
Notice of Annual General Meeting dated 28 April 2005 and to
authorize the Board of Directors to present the Company's
amended Articles of Association to the relevant PRC government
authorities.

(11) To grant to the Board of Directors of the Company general
mandate to repurchase H Shares of the Company using the internal
resources of the Company.

For details of Resolutions 1 to 3 and 5 to 11 above, please
refer to China Securities Daily and Securities Daily published
on 30 April 2005 and Hong Kong Commercial Daily and China Daily
on 29 April 2005.

For details of Resolution 4 above, please refer to China
Securities Daily and Securities Daily published on 4 June 2005
and Hong Kong Commercial Daily and China Daily on 6 June 2005.

(3) Persons eligible for the meeting

1. Holders of the Company's shares whose names appeared on the
shareholders' register of the Company at the close of business
of 27 May 2005 are eligible to attend the 2004 Annual General
Meeting by person or by their appointee(s), provided that they
have returned the reply slip (please refer to annex 1 for
details) for the meeting on or before 8 June 2005 (within the
periods from 8:30 to 11:00 and 13:30 to 16:30);

2. Directors, supervisors and senior management of the Company;
and

3. Professionals engaged by the Company.

(4) Registration for the 2004 Annual General Meeting

1. Domestic shareholders who are corporations shall have
completed registration procedures in person, or by post or fax
for non-local shareholders, by producing to the Secretariat for
the Board of Directors of the Company copies of their business
licenses, shareholder's account cards, powers of attorney of the
statutory representatives and identity cards of the attendees on
or before 8 June 2005 (within the periods from 8:30 to 11:00 and
13:30 to 16:30);

2. Domestic shareholders who are individuals shall have
completed registration procedures in person, or by post or fax
for non-local shareholders, by producing to the Secretariat for
the Board of Directors of the Company their identity cards and
shareholder's account cards on or before 8 June 2005 (within the
periods from 8:30 to 11:00 and 13:30 to 16:30); and

3. Holders of H shares wishing to attend the 2004 Annual General
Meeting of the Company shall have returned the aforementioned
reply slip to the Company in person, by post or fax on or before
8 June 2004, and shall have lodged the relevant transfers and
share certificates to Computershare Hong Kong Investor Services
Limited at or before 16:00, 27 May 2005.

4. Proxies appointed by shareholders shall have completed
registration procedures in person, or by post or fax for non-
local shareholders, by producing to the Secretariat for the
Board of Directors of the Company their identity cards, forms of
proxy (see annex 2), shareholder's account cards and identity
cards of the relevant shareholders on or before 8 June 2005
(within the periods from 8:30 to 11:00 and 13:30 to 16:30).

(5) Reminder

1. Holders of H shares (H Shares) of RMB1.00 each of the Company
are reminded that the register for H share transfer is closed
from 28 May 2005 to 28 June 2005.

2. Shareholders attending the Annual General Meeting shall be
responsible for their transportation and accommodation costs.

(6) Contact Information

Address of the Secretariat for the Board of Directors of the
Company:

Secretariat for the Board of Directors of Guangdong Kelon
Electrical Holdings Company Limited No. 8 Ronggang Road, Ronggui
Street, Shunde District, Foshan City, Guangdong Province, the
PRC

Tel: (0757) 28362570 28362148
Fax: (0757) 28361055
Postal code: 528303

Contact persons: Yu Wan Li, Li Lin

By Order of the Board of

Guangdong Kelon Electrical Holdings Company Limited
Gu Chu Jun
Chairman

As at the date of this notice, the Company's executive directors
are Mr. Gu Chu Jun, Mr. Liu Cong Meng, Mr. Li Zhen Hua, Mr. Yan
You Song, Mr. Zhang Hong and Mr. Fang Zhi Guo; and the
independent non-executive directors are Mr. Chan Pei Cheong,
Andy, Mr. Li Kung Man and Mr. Xu Xiao Lu.

Foshan City, Guangdong, the PRC, 9 June, 2005

CONTACT:

Guangdong Kelon Electrical Holdings Company Limited
2502-2505 Harbour Ctr
25 Harbour Rd
Wanchai, Hong Kong  
Phone: 25110363  
Fax: 28023434  
Web site: http://www.kelon.com


INTERNATIONAL ENTERTAINMENT: Unveils June 6 EGM Resolutions
-----------------------------------------------------------
Reference is made to the announcement dated April 29, 2005 and
the circular dated May 20, 2005 (Circular) issued by
International Entertainment Corporation in relation to the
provision of installation work of cellular base stations by
Cyber On-Air (Asia) Limited, an indirectly wholly owned
subsidiary of the Company, to New World PCS Limited (NWPCS) on
an ongoing manner.

The Board is pleased to announce that at the EGM held on June 6,
the Resolution has been duly passed.

As stated in the Circular, Mediastar, NWPCS and Shareholders
with a material interest in the Transactions and their
respective associates are required to abstain from voting on the
Resolution. So far as is known to the Directors having made
reasonable enquiries, as at the date of the EGM, NWPCS and its
associates do not have any interest in the Shares. Mediastar (a
wholly owned subsidiary of CTF) and its associates are
beneficially interested in 120,000,079 Shares (representing
approximately 50.88% of the issued share capital of the Company)
at the date of the EGM. Mediastar and its associates had
indicated that they would abstain from voting on the Resolution
at the EGM in respect of all their Shares. The Board confirmed
that Mediastar and its associates had abstained from voting on
the Resolution at the EGM.

At the EGM, voting in respect of the Resolution was conducted by
way of poll. The total number of Shares entitling the holder to
attend and vote for or against the Resolution at the EGM
(excluding the total number of Shares held by Mediastar and its
associates) was 115,831,368 Shares. The total number of Shares
entitling the holder to attend and vote only against the
Resolution at the EGM was nil. The total number of Shares
represented by votes in favor of the Resolution was 9,398,986
Shares, representing 100% of the total number of Shares in
respect of which votes were cast on the Resolution, while the
total number of Shares represented by votes against the
Resolution was nil. As more than 50% of the votes cast were in
favor of the Resolution, the Resolution was duly passed by the
Independent Shareholders.

The branch share registrar of the Company in Hong Kong,
Computershare Hong Kong Investor Services Limited, acted as the
scrutineer for the vote taking in respect of the Resolution.

By order of the Board
Kwok Chi Kin
Company Secretary
Hong Kong, 6 June 2005

CONTACT:

International Entertainment Corporation
Rooms 1502-05,
New World Tower 1,
16-18 Queen's Road Central
Hong Kong
Web site: http://www.cyberonair.com


KINGSWOOD TRADING: Creditors' Meeting Slated for June 29
--------------------------------------------------------
Notice is hereby given that a Creditors' Meeting of Kingswood
Trading Limited will be held at 5th Floor, Ho Lee Commercial
Building, 38-44 D'Aguilar Street, Central, Hong Kong on 29th day
of June 2005 at 11:30 a.m. for the purposes provided for in
Sections 241, 242, 243 244 and 255A of the Companies Ordinance.  

Creditors may vote either in person or by proxy.

Proxies to be used at the meetings must be lodged at 2308-9,
23rd Floor, Tower Two, Lippo Centre, 89 Queensway, Hong Kong, no
later than 12:00 noon on the day before the meeting or adjourned
meeting at which they are to be used.

Dated this 3rd day of June 2005

By Order of the Board
Mario Villa Limited
Director


LOULAN HOLDINGS: FY/2004 Net Loss Shrinks to RMB49.6 Mln
--------------------------------------------------------
Loulan Holdings Limited announced its financial results ending
in December 31, 2004.

Year end date: 31/12/2004
Currency: RMB
Auditors' report: Qualified


                                (Audited)         (Audited)
                                  Current Last  Corresponding
                                   Period            Period
                               from 01/01/2004   from 01/01/2003
                                 to 31/12/2004     to 31/12/2003
                                   $ '000            $'000

Turnover                 :         41,362           183,533
Profit/(Loss) from Operations:     (46,048)         (2,887)
Finance cost                 :     (3,399)          (3,039)
Share of Profit/(Loss) of Associates: N/A            N/A
Share of Profit/(Loss) of Jointly
         Controlled Entites        : N/A             N/A
Profit/(Loss) after Taxation & MI  : (49,663)       (6,853)
% Change Over the Last Period      : N/A
EPS / (LPS)
          Basic (in dollar)        : RMB (0.124)     RMB (0.017)
          Diluted (in dollar)      : N/A             N/A
Extraordinary (ETD) Gain/(Loss)    : N/A             N/A
Profit (Loss) after ETD Items      : (49,663)       (6,853)
Final Dividends per Share          : NIL             NIL
(specify if with other options)    : N/A             N/A
B/C Dates for Final Dividends      : N/A
Payable Date                       : N/A
B/C Dates for (-) General Meeting  : N/A
Other Distribution for Current Period: NIL
B/C Dates for Other Distribution     : N/A
                                   (bdi: both days inclusive)

For and on behalf of
LOULAN HOLDINGS LIMITED

Signature :
Name      : Mr. Peng Zhi Heng
Title     : Company Secretary

Remarks:

1. Group reorganization

The Company was incorporated in the Cayman Islands on
August 29, 2001 as an exempted company with limited liability
and its shares have been listed on the GEM of the Stock
Exchange since August 12, 2002.

Pursuant to a group reorganization to rationalize the structure
of the Group in preparation for the listing of the Company's
shares on the GEM of the Stock Exchange, the Company became the
holding company of the Group on July 24, 2002.  Details of the
Reorganization are set out in the prospectus of the Company
dated July 31, 2002 (the Prospectus).

2. Basis of preparation and principal accounting policies

The financial statements have been prepared in accordance with
the Statements of Standard Accounting Practice and
interpretations issued by the Hong Kong Institute of Certified
Public Accountants, the disclosure requirements of the Hong Kong
Companies Ordinance and the applicable disclosure provisions of
the GEM Listing Rules of the Stock Exchange of Hong Kong
Limited.

3. Basis of presentation and fundamental uncertainties

The Group reported a net loss attributable to shareholders of
RMB49,663,000 for the year ended December 31, 2004 and at that
date, its current liabilities exceeded its current assets by
RMB51,314,000. Nevertheless, the financial statements have been
prepared on a going concern basis, which the Directors believe
to be appropriate because the Directors believe that the Group
will be able to obtain funds from other banks to allow it to
maintain as a going concern.

4. Contingent Liability

In January 2004, one of the Group's subsidiary, Xinjiang
Loulan initiated a lawsuit against a bank in respect of a bank
loan amounting to RMB8.17 million together with bank loan
interest of RMB2 million. The Directors consider that Xinjiang
Loulan is not liable to the bank loan as it had never received
such proceeds from the bank and the bank loan interest has been
paid under misrepresentation. In its judgment in October 8,
2004, the High People's Court of China, Xinjiang accepted that
the Company has no responsibility for RMB5 million together with
the interest of RMB1.2 million, but reject remain litigation.
Both the Bank and the Company disagree with the judgment.

The case was brought to the Supreme People's Court of
China and is still under processing.

5. Loss per share

The calculation of the loss per share for the year ended
31 December 2004 is based on the loss attributable to
shareholders of approximately RMB49,663,000 (2003: RMB6,853,000)
and the weighted average of 400,000,000 (2003: 400,000,000)
shares in issue during the year.

No diluted loss per share for the year ended 31 December 2004
and 2003 has been presented because there were no diluting
potential ordinary shares in existence during these years.

CONTACT:

Loulan Holdings Limited
Rooms 2001-4
20/F The Broadway
54-62 Lockhart Road
Wanchai, Hong Kong  
Phone: 28696178  
Fax: 28696306  
Web site: http://www.xiloulan.com


LOULAN HOLDINGS: Schedules AGM on June 30
-----------------------------------------
Notice is hereby given that the Annual General Meeting (AGM) of
Loulan Holdings Limited will be held at 11:00 a.m. on June 30,
2005 at The Empire Hotel, PM Floor, 33 Hennessy Road, Wanchai,
Hong Kong to transact the following ordinary business:

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

2. To re-elect Directors 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; and, as special business,
to consider and, if thought fit, passing the following
resolutions (the Resolution(s)) as ordinary and/or special
Resolutions respectively, with or without modifications.

For more information, go to
http://bankrupt.com/misc/tcrap_loulan061005.pdf


M CHANNEL: Court Dismisses Plaintiff Claim
------------------------------------------
The board of directors of M Channel Corporation Limited is
announced that the judgment dated May 13, 2005 and given by the
High Court of the Hong Kong Special Administrative Region in
which the Court found in favor of the Company and the claim
against the Company by the Plaintiff was dismissed.

Trading in shares of the Company was suspended effective from
11:04 a.m. on April 28, 2005 and remains suspended until further
announcement.

THE BACKGROUND

Reference is made to page 4 of the Company's Third Quarterly
Report 2004/2005 dated February 7, 2005 in relation to legal
proceedings against the Company. A supplier, Toppan Printing
Company (Hong Kong) Limited (the Plaintiff), initiated legal
proceedings against a former subsidiary of the Group (the First
Defendant) as first defendant in July 2002 in respect of a claim
for payment of printing services fees of approximately HK$6.6
million.

In September 2002, the Plaintiff amended its claim against and
joined the Company as second defendant alleging that the Company
had made a verbal guarantee to pay any outstanding sum owed by
such former subsidiary. By its Re-Amended Statement of Claim
filed in January 2004, the Plaintiff amended the basis for its
claim against the Company from the alleged guarantee to a
written agreement or confirmation by a former director of the
Company on its behalf.

The parties have exchanged witness statements and the trial has
been held from 26 On 13 May 2005, a judgment was issued by the
High Court of the Hong Kong Special Administrative Region which
held that there was no contract which bound the Company to meet
the unpaid debt due by the First Defendant to the Plaintiff and
dismissed the Plaintiff's claim against the Company with costs
(the Judgment). As at the date of this announcement, the Company
has not received any appeal from the Plaintiff in respect of the
Judgment.

Trading in shares of the Company was suspended effective from
11:04 a.m. on 28 April 2005 and remains suspended until further
announcement.

By Order of the Board
M Channel Corporation Limited
Wong Kun To
Chairman
Hong Kong, June 7, 2005

CONTACT:

M Channel Corporation Limited
26/F, Asia Orient Tower
33 Lockhart Road
Wanchai, Hong Kong  
Phone: 22369369  
Fax: 22369368  
Web site: http://www.m-channel.tv


PROVIEW INTERNATIONAL: To Monitor Development of Proceedings
------------------------------------------------------------
The board of directors of Proview International Holdings
Limited, which together with its subsidiaries (the Group), note
the recent decrease in the price of the shares and increase in
the trading volume of the shares of the Company.

The Directors also note from Bloomberg that a Japanese
electronics maker has made a claim against the Group over
certain patents for personal computer monitors. The Directors
confirm that as at the date hereof, the Group has not received
the pleadings in relation to the case. The Directors will seek
advice from the Group's legal advisers upon receipt of such
pleadings. The Directors will closely monitor the development of
such proceedings and will update the shareholders by issuing
announcement as and when necessary.

Saved as disclosed above, the Directors are not aware of any
other reasons for such decrease in the price and increase in the
trading volume.

The Directors confirm that there are no negotiations or
agreements relating to intended acquisitions or realizations
which are discloseable under rule 13.23 of the Rules Governing
the Listing of Securities on the Stock Exchange (the Listing
Rules), neither are the Directors aware of any matter
discloseable under the general obligation imposed by rule 13.09
of the Listing Rules, which is or may be of a price-sensitive
nature.

The announcement is made by the order of the board of Directors
of which individually and jointly accept responsibility for the
accuracy of this announcement.

As at the date of this announcement, the board of Directors
comprises eight directors, of which (i) five are executive
directors, namely, Mr. Yang Long-san, Rowell, Mr. Wang Ming-
chun, Morris, Mr. Chang Su-pong, Steve, Mr. Wong Kui-ming,
Luffer and Ms. Hui Siu-ling, Elina; and (ii) three are
independent non-executive directors, namely, Mr. Lee Chiu-kang,
Alex, Mr. Chan Mo-po, Paul and Mr. Liu Zixian.

By order of the board
Proview International Holdings Limited
Yang Long-san, Rowell
Chairman and Chief Executive Officer
Hong Kong, June 9, 2005

CONTACT:

Proview International Holdings Limited
1901, 19/F Tower 1 Enterprise Square
9 Sheng Yuet Rd. Kowloon Bay
Kowloon, Hong Kong  
Phone: 27502228  
Fax: 27502230  
Web site: http://www.irasia.com/listco/hk/proview


WING ON: Special General Meeting Slated for July 5
--------------------------------------------------
Notice is hereby given that a special general meeting of Wing On
Travel (Holdings) Limited (1189) will be held at 8th Floor,
Harcourt House, 39 Gloucester Road, Wanchai, Hong Kong on
Tuesday, 5 July 2005 at 10 a.m. for the purposes of considering
and, if thought fit, passing, with or without modifications, the
following resolutions of the Company:

ORDINARY RESOLUTION

1. "THAT the authorized share capital of Wing On Travel
(Holdings) Limited (the Company) be increased from
HK$500,000,000.00 divided into 500,000,000 shares of
HK$1.00 each (each a Share) to HK$1,500,000,000.00 divided into
1,500,000,000 Shares by creation of an additional 1,000,000,000
Shares."

SPECIAL RESOLUTION

2. "THAT, conditional upon compliance by the Company with the
requirements of Section 46(2) of the Companies Act 1981 of
Bermuda, with effect from the date on which this resolution is
passed:

(a) The entire amount of HK$1,323,673,014.00 standing to the
credit of the share premium account of the Company be cancelled
(the Cancellation);

(b) The credit arising from the Cancellation be transferred to
the contributed surplus account of the Company and such credit
be partially used to set off the accumulated losses of the
Company of HK$1,120,764,628.15 as at 31 December 2004; and

(c) The directors of the Company be and are hereby authorized to
do all things and acts and sign all documents which they may
consider necessary, desirable or expedient to implement and
effect any of the foregoing."

By Order of the Board
Wing On Travel (Holdings) Limited
Kam Yiu Sai, Florence
Company Secretary
Hong Kong, June 9, 2005

Notes:

1. Any member entitled to attend and vote at the meeting of the
Company is entitled to appoint one or more than one proxy to
attend and vote instead of him. A member who is the holder of
two or more shares may appoint more than one proxy in respect of
part only of his holding of shares in the Company to represent
him and vote on his behalf at the meeting of the Company. A
proxy need not be a member of the Company.

In addition, a proxy or proxies representing either an
individual member or a member which is a corporation, shall be
entitled to exercise the same powers on behalf of the member
which he or they represent as such member could exercise.

2. The instrument appointing a proxy and (if required by the
board of directors of the Company) the power of attorney or
other authority (if any) under which it is signed, or a
certified copy of such power of authority, shall be delivered to
7th Floor, Paul Y. Centre, 51 Hung To Road, Kwun Tong, Kowloon,
Hong Kong not less than forty-eight (48) hours before the time
appointed for holding the meeting or adjourned meeting at which
the person named in the instrument proposes to vote or, and in
default the instrument of proxy shall not be treated as valid.

CONTACT:

Wing On Travel (Holdings) Limited
7/F, Paul Y. Centre
51 Hung To Road
Kwun Tong, Kowloon
Hong Kong  
Phone: 28526868  
Fax: 28157661  
Web site: http://www.wingontravel.com


* Central Bank to Lend Money to Debt-laden Brokerage Houses
-----------------------------------------------------------
The People's Bank of China (PBoC) will bail out the country's
debt-laden brokerage houses by lending them CNY60 billion, the
21st Century Business Herald reports, citing PBoC Director Zhang
Xin.

The central bank is working on a possible funds injection with
Shenyin Wanguo Securities, one of the country's oldest brokerage
houses. The report said that the Shanghai-based brokerage house
itself has asked for CNY1.5 billion in loans.

Shenyin Wanguo is only a start and the central bank plans to
lend money to some 50 brokerage houses. The funds would be used
to repay the money that brokerages owe to their clients.

CONTACT:

People's Bank of China
No.32 Chengfang Street
Xi Cheng District
Beijing, China
Phone: 86-010-66194114
E-mail: webbox@pbc.gov.cn


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

KERETA API: Faces Graft, Mismanagement Raps
-------------------------------------------
State train operator PT Kereta Api Indonesia (KAI) was
discovered to be corrupt and mismanaged, which cost the state
IDR2.59 trillion in losses, the Jakarta Post reports.

A House of Representatives committee had reviewed the Company's
1998-2002 audit results for the past five months, and found
indications of graft, collusion and mismanagement in the
Company's operations.

According to committee member Taufik Kurniawan, losses were
discovered in the following areas:

Company's operational expenses - IDR764 billion
Maintenance Costs              - IDR 43 billion
Transportation expenses        - IDR542 billion
Unpaid ticket revenues         - IDR313 billion

Possible likely losses were also found in the Company's
advertising revenues, which cost the state a total of IDR471
billion, as well as other items that led to an IDR415 billion
net loss.

The House of Representatives committee is planning to summon KAI
management to clarify the "irregularities" that led to such huge
losses, for example the purchase of 32 Holec trains that
couldn't be used on the Indonesian rail system, as well as
questionable funds amounting to IDR1.41 trillion in the
Company's 2004 financial audit report.

The committee is thinking of turning over its findings to the
Corruption Eradication Commission (KPK) for further
investigation.

CONTACT:

PT. Kereta Api Indonesia (Persero)
Jl. Perintis Kemerdekaan No. 1 Bandung 40117
Phone: (022) 4241370, 4230031 ext. 13300, 13310
Fax:   (022) 4241370
Email: info@kereta-api.com
Web site: http://www.kereta-api.com


PERTAMINA: Lawmakers Form Team to Settle ExxonMobil Row
-------------------------------------------------------
Local politicians are creating a special team to resolve a long-
standing dispute between state-owned oil and gas firm PT
Pertamina and U.S. based ExxonMobil over an extension of a
contract in Cepu, reports AFX News.

But according to the Lower House of Parliament's Commission VII
vice chairman Sony Keraf, legislators do not recognize the
team's existence, as its creation is illegal, and it is
uncertain whether the team represents the government or the
Company.

The team consists of the following members: Pertamina
commissioner Muhammad Abdul, chairman; State Enterprises
Ministry expert Lien Che Wei, secretary; and Pertamina
commissioners Muhammad Abdul and  Umar Said, Pertamina deputy
president Mustiko Soleh, Ministry of Economy staff Muhammad
Ikhsan, Finance Ministry's Sahala Lumban Gaol, with political
analyst Rizal Malarangeng as the team's spokesman.

ExxonMobil was awarded a contract to explore oil reserves in
Pertamina's Cepu block. It wanted to extend its contract beyond
2010 after it discovered 250 million barrels of additional
reserves, but the Company refused to extend the contract, saying
that it would develop the gas block on its own. Hence, the oil
block has yet to be developed.

Pertamina's new President Widya Purnama doesn't want to extend
the contract, since he believes that the Company could take over
by 2010. In case the contract is extended, he said that it
should apply to only one block (there are a total of three gas
blocks in Cepu), with the Company taking majority of the
revenues gained. Mr. Purnama also wants that the Company have
the right to market the output from the gas blocks, to ensure a
steady supply of fuel in the country.

The government, which had previously set a deadline for both
firms to settle the dispute (May 22, 2005), wants a speedy
solution to this problem, in order to reduce fuel imports and
subsidies to the Company.

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


PERTAMINA: Looking to Buy LNG for Delivery Next Month
-----------------------------------------------------
PT Pertamina plans to purchase 125,000 metric tons of liquefied
natural gas (LNG) for delivery next month, Dow Jones reports.

According to oil and gas industry regulator (BPMigas) chief
Kardaya Warnika, the oil and gas firm is set to resell the LNG
to state-controlled fertilizer firm PT Pupuk Iskandar Muda in
Aceh province.

PT Pupuk Iskandar Muda depended on a gas field near Aceh that
was operated by an ExxonMobil affiliate for its LNG, but due to
decreased gas output, the fertilizer firm had to look for LNG
someplace else.

Aside from the lack of LNG in the country, Pertamina also has
fuel problems, with the increasing fuel demand and shortage,
which has led the Company to import both LNG and fuel from other
countries.


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

HITACHI LIMITED: Eyes JPY45-Bln Revenue in 3 Years
--------------------------------------------------
Hitachi Limited will target a combined revenue of JPY45 billion
from sales of its finger-vein-based biometrics systems for the
three years through March 2008, Dow Jones reports.

The Company said that revenue from its finger vein biometrics
systems is estimated to grow as Japanese banks are likely to
launch automated teller machines using the system as early as
this fiscal year ending March 2006.

"We are hoping that (such new) ATMs will spur demand" for
Hitachi's finger vein biometrics systems, Tsutomu Tashiro,
general manager at the security solution promoting division said
at a press briefing.

Hitachi also plans to increase revenue in its overall security-
related business to JPY160 billion this year from JPY120 billion
last fiscal year.

CONTACT:

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


KANEBO LIMITED: Set for Delisting Today
---------------------------------------
Kanebo Limited is being traded for the last time at the Tokyo
Stock Exchange on Friday ahead of its delisting on today over
accounting irregularities, Kyodo News reports.

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

The Company's stock ended the morning at 372 yen, up 31 yen from
Thursday's close. Brokers said some investors were doing last
minute buying of Kanebo on expectations that it will be a listed
company again.

This week it attracted strong buying after Kanebo said Monday it
will raise 20 billion yen in fresh capital in late July through
a third-party allocation of new shares to be purchased by Kanebo
Cosmetics Inc., a profitable entity spun off from Kanebo in May
last year as part of its restructuring efforts.

CONTACT:

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


MITSUBISHI FUSO: Faces Accusations Regarding Recall Practices
-------------------------------------------------------------
The Japanese government has ordered Mitsubishi Fuso Truck & Bus
Corporation to improve its recall practices', criticizing the
carmaker for sending no notices to customers on vehicle recalls,
Kyodo News reports.

The automakers in Japan are required to send recall notices to
vehicle owners within one month of reporting a recall to the
transport ministry.

CONTACT:

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


MITSUBISHI MOTORS: New Vehicle Sizes Up Competition
---------------------------------------------------
Mitsubishi Motors Australia claims that it will have a car big
enough to rival the Holden Commodore and Ford Falcon when it
launches its new car codenamed PS41 in October, reports The
Advertiser.

Former Adelaide Crow Ryan Fitzgerald demonstrated the interior
space of the new car by showing a 6.5-feet tall person has
enough room.

Mitsubishi President and Chief Executive Tom Phillips said the
company was seeing encouraging signs that an increasing number
of customers were prepared to "give Mitsubishi a go".

Mitsubishi has welcomed a surge in sales with demand to the end
of May up by 17 percent. Marketing manager Tony Breugen said:
"It shows we are not only coming back, we are back."

CONTACT:

Mitsubishi Motors Australia, Ltd. (MMAL)
Head Office: 1284 South Road
Clovelly Park South Australia, 5042 AUSTRALIA
Phone: 08 8275 7443
Fax: 08 8275 7309
E-mail: careers@mmal.com.au
Web site: www.mitsubishi-motors.com.au  


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

INCHON OIL: Interested Buyers Must Submit Letter of Intent Soon
---------------------------------------------------------------
South Korea Inchon Oil posted a notice on the Company's sale on
June 9, 2005, and interested buyers must submit letters of
intent by June 20, reports Dow Jones.

According to a Company official, the sale is set to officially
open on July 2. Due diligence will be from July 25 to Aug. 12,
and binding bids are to be submitted on Aug. 18, 2005.

The Company expects to conclude the sale by the end of the year;
the sale will be managed by the Inchon District Court, with
eight to ten potential bidders likely to be shortlisted.

Chinese Sinochem International Co. was previously chosen as the
preferred bidder in the initial attempt to sell of the Company
earlier this year. Sinochem bid KRW685 billion to buy the
Company, but major creditor Citigroup Inc. rejected the bid.

This time, Company officials are optimistic to garner a higher
bidding price for the takeover, even as a new sale price has not
been set.

Inchon Oil has been under court receivership since 2001, with an
outstanding debt of KRW910 billion. The Company has a refining
capacity of 275,000 barrels a day but is operating at 45 % of
that. It posted a net profit of KRW82.3 billion in the first
nine months of 2004.

CONTACT:

Inchon oil Refinery Co. Ltd.
Yensei Building 84-11
Namdaemunro-5Ga, Jung-Gu
Seoul, South Korea
Phone: +82 2 2004 3354
Fax:   +82 2 2004 3360
E-mail: kbkim@oilbank.co.kr


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

ACP INDUSTRIES: Expects Net Losses to Continue in 2006
------------------------------------------------------
ACP Industries Berhad (ACPI), a precast concrete products firm,
braces for more losses in 2006, due to a bleak outlook in the
Malaysian construction industry, reports New Straits Times.

According to a study performed by research house Dynaquest Sdn
Berhad, the company's performance is blocked by poor earnings
visibility, with declining financial health due to net losses in
the January to March 2005 period. As a result, the company's
debts have risen from MYR156 million last year to MYR174
million.

On a positive note, ACPI has outstanding job orders worth MYR465
million, which would contribute to upcoming sales. The Company
also has high asset backing, with its net tangible assets pegged
at MYR2.50.

Nevertheless, Dynaquest Berhad is maintaining a "hold"
investment rating on the company until they see signs of the
company's sustainable return to profit.

ACPI posted a MYR32.77 million net loss for the financial year
ended March 31, 2005.

CONTACT:

Acp Industries Berhad
3rd Floor, Wisma Domain
18A, Jalan 51A/223
46100, Petaling Jaya
Selangor Darul Ehsan, Malaysia
Tel : 603-7956 5186 (24 lines)
Fax : 603-7958 6130
Sales Enquiry : acp.industries@acpibhd.com
Web site: http://www.acpibhd.com


ACP INDUSTRIES: Posts Fourth Quarter Net Loss
---------------------------------------------
ACP Industries Berhad released its unaudited report for the
financial period ended March 31, 2005. The Company has been
experiencing net losses for the past two quarters (September and
December 2004).

             SUMMARY OF KEY FINANCIAL INFORMATION
                            03/31/2005

                 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
            83,710        69,142        341,144       307,299

2  Profit/(loss) before tax
           -23,549       -36,588        -30,278       -20,651

3  Profit/(loss) after tax and minority interest
           -23,821       -39,964        -32,771       -26,878

4  Net profit/(loss) for the period
           -23,821       -39,964        -32,771       -26,878

5  Basic earnings/(loss) per shares (sen)
            -17.84        -30.10         -24.55        -20.20

6  Dividend per share (sen)
              0.00          0.00           4.00          5.00

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

7  Net tangible assets per share (RM)
                                2.5000               2.7900

For further details on the report, go to:

http://bankrupt.com/misc/tcrap_acpindustries1061005.xls

http://bankrupt.com/misc/tcrap_acpindustries2061005.doc

Note: As per Dividend per share the dividend paid are as
follows:

Cumulative Quarter

Current year to date (March 31, 2005)

Final : 4.00

Preceding Year Corresponding Period (March 31, 2004)

Interim : 2.00
Final : 3.00


AIC CORPORATION: Reports Net Loss in 2005
-----------------------------------------
AIC Corporation Berhad (AIC) released its unaudited report for
the financial period ended March 31, 2005. The Company has been
experiencing net losses for the past two quarters (September and
December 2004).

AIC was incorporated on March 6, 1990 under the name
Autoindustries Corporation Sdn Berhad. It started out as an
automotive parts manufacturer, but then diversified into
plastics, precision metal, semiconductor and information
technology industry in 1995, where it changed its name to AIC
Corporation Berhad.

Below is the Company's financial report:

             SUMMARY OF KEY FINANCIAL INFORMATION
                            03/31/2005

                 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
            46,903        35,461         46,903        35,461

2  Profit/(loss) before tax
            -3,989           815         -3,989           815

3  Profit/(loss) after tax and minority interest
            -4,298            19         -4,298            19

4  Net profit/(loss) for the period
            -4,298            19         -4,298            19

5  Basic earnings/(loss) per shares (sen)
             -4.13          0.02          -4.13          0.02

6  Dividend per share (sen)
              0.00          0.00           0.00          0.00

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

7  Net tangible assets per share (RM)
                                1.4700               1.5100

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

http://bankrupt.com/misc/tcrap_aiccorporation061005.doc

Note:

The basic earnings per share for the preceding year
corresponding quarter and corresponding period have been
adjusted for the bonus issue implemented in June 2004.

CONTACT:

AIC Corporation Berhad  
Wisma AIC, Lot 3, Persiaran Kemajuan
Seksyen 16, 40200 Shah Alam
Selangor Darul Ehsan
Malaysia
Phone: +603 5543 1413
Fax:   +603 5543 2045
Email: General Enquiries:
       info@aic.com.my
       Corporate Affairs Matters:
      investor.relations@aic.com.my


BUKIT KATIL: Issues Winding-Up Petition Update
----------------------------------------------
Bukit Katil Resources Berhad refers to a winding-up petition
served on the Company by OCBC Bank (Malaysia) Berhad on Nov. 14,
2003 for a claim of MYR5,860,993.59 as of July 31, 2003, with a
7% to 7.75% annual interest rate.

Failing to settle the matter out of court, the Company filed an
application for a stay of execution (of the winding up) on Oct.
5, 2004. On May 11, 2005, the High Court dismissed the Company's
application to stay the winding-up execution.

The Company further announces that on June 8, 2005, it filed a
notice of motion in the Court of Appeal on the High Court's
decision to dismiss the Company's previous application for a
stay of the winding-up executions.

CONTACT:

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


BUMIPUTRA-COMMERCE: Moody's Upgrades Outlook to Positive
--------------------------------------------------------
Moody's Investors Service has changed Bumiputra-Commerce Bank
Berhad (BCB)'s bank financial strength rating (BFSR) from stable
to positive.  The action follows the announcement of a group-
wide restructuring exercise to merge BCB with Commerce
International Merchant Bankers Berhad (CIMB) on June 6, 2005.

At the same time, Moody's affirmed BCB's debt and deposit
ratings, which are currently at the country's A3 sovereign
ceiling. The outlook on the bank's debt and deposit ratings is
stable.

From an operational standpoint, the rating agency believes the
restructuring benefits BCB to a greater extent than CIMB. The
affirmation of CIMB's BFSR with a stable outlook and the change
in the outlook on BCB's BFSR from stable to positive underpins
this view.

Moody's said the improved outlook on BCB's "D-" BFSR recognizes
the potential benefits to its franchise as a result of a
additional management talent, technology transfers, as well as
business synergies, particularly in corporate banking and
treasury.  However, the rating agency notes that merging the two
banks' distinct corporate cultures could prove challenging. The
quality of BCB's retail book also remains weak for what is
generally regarded as a safe business, and a significant
enhancement in the near term is unlikely.

A successful revamp, reflected by significant and broad-based
improvements in both asset quality and earnings would be key
considerations for a positive re-rating of BCB's BFSR. Such a
scenario assumes that the financing of future corporate
activities and expansion would not unduly pressure internal
resources and capital.

The proposed restructuring involves combining CIMB's investment
banking business with BCB's commercial banking business under a
new unit, within Commerce Asset-Holding Berhad (CAHB). The
investment and commercial banks will remain as two principal
legal entities in compliance with domestic regulations. Under
the revamp, CIMB's CEO will oversee the two businesses as a
combined entity. The exercise is to be completed at the end of
the year.

Headquartered in Kuala Lumpur, BCB reported consolidated assets
of MYR82.6 billion as of March 31, 2005.

CIMB reported total assets of RM17 billion (US$4.5 billion) on
March 31, 2005.

The outlooks on the following ratings were changed to Positive
from Stable:

Bumiputra-Commerce Bank Berhad:

- D- Bank Financial Strength Rating

The following ratings were affirmed with a Stable outlook:  

Bumiputra-Commerce Bank Berhad:

- A3/Prime-1 long-term/short-term deposit ratings

- Baa1 subordinated debt rating

CONTACT:

Bumiputra-Commere Bank Berhad (13491-P)
6 Jalan Tun Perak, 50050 Kuala Lumpur
Malaysia
Phone: (603) 2693 1722
Fax:   (603) 2698 6628
Email: callcenter@bcb.com.my
Web site: http://www.bcb.com.my


COMMERCE INTERNATIONAL: Moody's Affirms "D" Rating
--------------------------------------------------
Moody's Investors Service has changed the outlooks for Commerce
International Merchant Bankers Berhad (CIMB)'s debt and deposit
rating s from stable to positive. The rating agency also
affirmed the Company's bank financial strenth rating (BFSR) with
stable outlooks.

The action follows the announcement of a group-wide
restructuring exercise on June 6, 2005.

The positive outlook on CIMB's debt and deposit ratings reflect
an improved credit outlook for the investment bank, as it
becomes more closely linked with a larger and more important
entity.

Greater clarity over CIMB's legal status in the enlarged group
and regulatory approval of the proposed exercise could mean an
upgrade of its debt and deposit ratings. To the extent that the
authorities approve the amalgamation of the investment and
commercial banking businesses as a single legal entity, CIMB's
ratings could be upgraded to the level of the commercial banks.

CIMB's "D" BFSR reflects its professionally managed and
reputable franchise, as well as on-going efforts to generate
more recurring income to stabilize its relatively volatile
earnings.

The proposed restructuring involves combining CIMB's investment
banking business with Bumiputra Commerce Bank Berhad (BCB)'s
commercial banking business under a new unit, within Commerce
Asset-Holding Berhad (CAHB). The investment and commercial banks
will remain as two principal legal entities in compliance with
domestic regulations. Under the revamp, CIMB's CEO will oversee
the two businesses as a combined entity. The exercise is to be
completed by the end of this year.


CIMB reported total assets of MYR17 billion on March 31, 2005.

The outlooks on the following ratings were changed to Positive
from Stable:

Commerce International Merchant Bankers Berhad:

- Baa2/Prime-3 long-term/short-term deposit ratings

- Baa3 subordinated debt rating  

The following ratings were affirmed with a Stable outlook:

Commerce International Merchant Bankers Berhad:

- D Bank Financial Strength Rating

CONTACT:

Commerce International Merchant Bankers Berhad
10th Floor Bangunan CIMB
Jalan Semantan Damansara Heights
50490 Kuala Lumpur, Malaysia
Phone: 603 2084 8888
Fax:   603 2084 8899
Web site: http://www.cimb.com.my


I-BERHAD: Posts Shares Buy Back Notice
--------------------------------------
I-Berhad disclosed the details of its shares buyback on June 9,
2005 to the Bursa Malaysia Securities Berhad.
  
Date of buy back: 09/06/2005

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

Total number of shares purchased (units):              4,000

Minimum price paid for each share purchased (MYR):      0.790

Maximum price paid for each share purchased (MYR):      0.790

Total consideration paid (MYR):                    3,184.23

Number of shares purchased retained in treasury
(units):  4,000

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

Cumulative net outstanding treasury shares as at to-date
(units): 2,492,700

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


METROPLEX BERHAD: To Appoint Official Liquidator
------------------------------------------------
Metroplex Berhad refers to the winding-up petition served on the
Company by Philippine Asset Investment (SPV-AMC), Inc. (PAII).

The winding-up petition was served on May 12, 2005 for a claim
of MYR41.2 million (principal of MYR17.16 million plus accrued
interest of MYR24.03 million) calculated as of April 18, 2005.

The Company announced that the hearing date of PAII's
application to appoint a provisional liquidator for the winding-
up, which had been previously scheduled on June 9,2005, was
postponed to a later date to be given by the Kuala Lumpur High
Court.

The Company will make the necessary announcements in due course.

CONTACT:

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


PANTAI HOLDINGS: Repurchases More Shares
----------------------------------------
Pantai Holdings Berhad disclosed to the Bursa Malaysia
Securities Berhad the details of its shares buy back on June 9,
2005.

Date of buy back: 09/06/2005

Description of shares purchased: Ordinary shares of RM1.00 each

Total number of shares purchased (units):            178,000

Minimum price paid for each share purchased (RM):      0.955

Maximum price paid for each share purchased (RM):      0.990

Total consideration paid (RM):                  173,295.03

Number of shares purchased retained in treasury
(units): 178,000

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

Cumulative net outstanding treasury shares as at to-date
(units): 33,094,000

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

CONTACT:

Pantai Holdings Berhad
3rd Floor, Block B
Pantai Medical Center
No. 8 Jalan Bukit Pantai
59100 Kuala LumpurMalaysia
Phone: 03-22879822
Fax:   03-22873822
Web site: http://www.pantai.com.my/


PORTRADE DOTCOM: Net Loss Drops in Third Quarter
------------------------------------------------
Portrade dotcom Berhad released its unaudited report for the
financial period ended March 31, 2005. The Company has been
experiencing net losses for the past two quarters (September and
December 2004).

Portrade dotcom Berhad is an affiliate of Malaysian
Malitnet/Microlink group of companies; it was incorporated in
June 2000. The Company develops, manages and provides
computerized applications for maritime port operators and its
related trading and port user community. The Company presently
has a paid-up capital of MYR7.6 million.

             SUMMARY OF KEY FINANCIAL INFORMATION
                            03/31/2005

                 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
             1,855         1,224         5,524          4,992

2  Profit/(loss) before tax
              -449        -1,250          -742         -2,103

3  Profit/(loss) after tax and minority interest
              -447        -1,263          -738         -2,164

4  Net profit/(loss) for the period
              -447        -1,263          -738         -2,164

5  Basic earnings/(loss) per shares (sen)
             -0.48         -1.35         -0.79          -2.32

6  Dividend per share (sen)
              0.00          0.00           0.00          0.00

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

7  Net tangible assets per share (RM)
                                0.0258               0.0458

Attached is a copy of the Company's financial report:

http://bankrupt.com/misc/tcrap_portrade061005.xls

CONTACT:

Portrade dotcom Berhad
F07, 1st Floor, 2300 Century Square
Jalan Usahawan
63000 Cyberjaya
Selangor DE, Malaysia
Phone: +603-8318 3388
Fax:   +603-8318 1866
Email: info@portrade.com
Web site: http://www.portrade.com


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

BENPRES HOLDINGS: Unveils New Director Line-up
----------------------------------------------
Benpres Holdings Corporation advised that the annual
stockholders' meeting held on June 9, 2005, the following were
elected as directors:

Mr. Oscar M. Lopez, Chairman
Mr. Felipe B. Alfonso
Mr. Eugenio Lopez, III
Mr. Manuel M. Lopez
Mr. Steve E. Psinakis
Mr. Angel S. Ong
Mr. Washington Sycip
Mr. Vicente T. Paterno

Mr. Sycip and Mr. Paterno were nominated and elected as
independent directors.

Other matters taken up during the meeting were:

(1) The approval of minutes of June 7, 2004 Annual Stockholders'
Meeting
(2) Chairman's Message and Report of the President
(3) Approval of the Audited Financial Statements for the year
ending December 31, 2004
(4) Appointment of Sycip, Gorres, Velayo & Co. as external
auditor

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


BENPRES HOLDINGS: Benpres Sees P1-Bln Profit This Year
------------------------------------------------------
Benpres Holdings Corporation expects to book at least Php1
billion in profit this year as it writes off investments in unit
Maynilad Water Services Inc., BusinessWorld reports.

Benpres President Angel S. Ong believes the firm will return to
profit, as it will be reversing provisions for probable losses
in its investments in Maynilad.

"We probably had to reverse the prior year's charges amounting
to more than Php2.5 billion mainly, it can reach up to Php4
billion. Therefore, the company can register a significant net
income for the year 2005. Again, these are accounting entries.
It doesn't mean the company will be liquid because of this
adjustment."

Last year, Benpres incurred a net loss of Php1.36 billion from
Php1.91 billion the year before.

Around Php1.4 billion to Php4 billion of Maynilad's debt would
be translated into gains in Benpres' books.

Last week, a Quezon City regional trial court approved
Maynilad's rehabilitation plan, which will slash the water
utility's debt by US$149.7 million.

Meanwhile, Benpres's unit Bayan Telecommunications, Inc.
(BayanTel) has attracted interested buyers. Although there is no
ongoing discussion about a sale, he said some parties are
looking at the telco.

During the annual stockholders' meeting, Benpres Treasurer
Eugenio L. Lopez III said there is a very good chance one of the
larger telcos will look at BayanTel.

"There are several plans to continue the increase in subscriber
base. We have some excess capacity in our servers. That
continues to go up," he added.


LEPANTO CONSOLIDATED: Strikers Told to Return to Work
-----------------------------------------------------
Lepanto Consolidated Mining Company advised that further to the
assumption order of May 10, 2005 which enjoined the Lepanto
Employees Union from staging a strike, a return-to-work order
from Department of Labor and Employment (DOLE) Acting Secretary
Manuel G. Imson was received Friday at the firm's mine site.

The order also requests appropriate personnel of the Philippine
National Police to assist in its enforcement.

In the meantime, a team of technical and financial personnel and
executives from Zijin Mining Group Co. Ltd. had just arrived at
the mine site to do due diligence work on one of Lepanto's
mining projects.

Zijin, the largest gold producer in China and listed at the Hong
Kong Stock Exchange, is keen on investing in Lepanto.

In this connection, the Company has made representations with
the government particularly the DENR to assist Lepanto in
getting the law enforced. The company expressed its concern that
the momentum that the mining industry gained with the pro-
investment ruling made by the Supreme Court in December 2004
should not be broken by any perception that the legal system
does not work in this country.

The Company will advise of further developments.

CONTACT:

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


MANILA ELECTRIC: Awaits BIR Guidelines for Tax Collection
---------------------------------------------------------
The Manila Electric Company is still awaiting a memorandum from
the Bureau of Internal Revenue (BIR) that will specify how the
revenue implementation on refunds will be carried, according to
The Manila Bulletin.

Meralco expects the BIR to issue implementing guidelines on the
mandate for it to withhold a 25-percent creditable income tax on
refunds to its commercial and industrial customers, and 32
percent for those with inactive accounts.

The BIR has ordered the tax collection through Revenue
Regulation Number 8-2005, which was issued prior to the filing
of an amended refund scheme before the Energy Regulatory
Commission (ERC) by the utility firm.

Meralco has advised that all customers covered by the final
phase or Phase IV of the refund scheme will receive letters from
the power utility firm informing them the details of their
refund and the steps they would follow based on the refund
option they prefer. The customers can either get their
reimbursements through post-dated check payments or fixed
credit-to-future-bills with cash option.

The refund amount of customers in Phase IV, running to a total
of Php18 billion, accounts for the largest chunk of the Supreme
Court ordered refund to Meralco customers of roughly Php28
billion.

Meralco earlier discarded the option of issuing refund notes, as
the Company deemed it would be more expensive to implement such
scheme.

The earlier considered option of issuing refund notes has been
discarded and replaced with postdated checks; as the company
deemed that the first option would be more expensive to
implement.

While the original timetables for Phase IV-A refund should have
been January 2005 and Phase IV-B in July 2005, these have been
moved to later dates of July 2005 and October 2005,
respectively.

CONTACT:

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


MANILA ELECTRIC: To Revive International Bond Issue
---------------------------------------------------  
The Manila Electric Co. (Meralco) may revive plans to secure a
loan from the international bond market if the Energy Regulatory
Commission (ERC) approves its 14.76-centavo per kilowatthour
(kwh) rate hike application, The Philippine Star reports.

The beleaguered power utility firm has been holding back its
plan to tap the international money market due to its inability
to secure a rate increase from the regulators.

But the firm said any plan to raise funds from abroad still
depends on the company's ability to pay up its loan which, in
turn, is measured by its return on rate base (RORB). Creditors
require an RORB of eight percent which can be attained by
Meralco through a rate increase.

Meralco has included a US$200-million bond offer as one of its
options to raise funds to finance its capital expenditures.

For its part, the ERC said it would study very carefully the
Meralco's rate increase petition and may even seek the
Commission on Audits assistance in evaluating the power firm's
application.

ERC chairman Rodolfo Albano Jr. said soliciting COA's expertise
would also allay the fears of electricity consumers.


NATIONAL BANK: Seeks Foreclosure of Lapu-Lapu City Property
-----------------------------------------------------------
The Philippine National Bank (PNB) is hoping that the Supreme
Court would allow it to pursue the foreclosure of a 353,916-
square meter property in Lapu-Lapu City, Cebu, relates
BusinessWorld.

PNB made the request, as it asked the court to junk the bid of
Palm Tree Estates, Inc. and loan mortgagor, Belle Air Golf and
Country Club, Inc. for a preliminary injunction on the
foreclosure. The bank is foreclosing the property after Palm
Tree Estates defaulted in the payment of loans now amounting to
Php1.76 billion, plus interests.

However, Palm Tree Estates, which built condominium units and
golf courses on Mactan Island in Cebu, claimed PNB could not
seize its property as the bank reneged on its commitment under a
seven-year term loan deal the two parties inked in 1997.

The property developer alleged that PNB failed to release the
entire Php320-million loan stipulated in the loan agreement and
the bank "unilaterally" changed the interest rates on the loan
obligation without consultation.

Belle Air was made an accommodation mortgagor for the loan
obligations after it bought the 199,134-square meter-portion of
Palm Tree Estates' mortgaged property.

In its 23-page petition, PNB however argued it released the
P320-million term loan on top of an additional P80-million loan
to finance the project.

PNB said Palm Tree Estates made at least six drawdowns or
availments of the million-peso loan facility accompanied by
promissory notes.

The bank further argued Palm Tree Estates was informed of any
changes in the loan interest and was allowed to file a written
objection in 10 days from interest setting date.

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


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

CHINA AVIATION (S): Minority Shareholders Can't Sue CEO Directly
----------------------------------------------------------------
Individual shareholders who bought shares of China Aviation Oil
(S) Corp. Ltd. in the open market amidst false financial
statement released by the company will not be able to sue the
company's chief executive directly, Channel News Asia reports.

The company's chief Chen Julin has a fiduciary duty under the
Companies Act to make correct statements and announcements
regarding the company, he cannot be taken directly responsible
to individual shareholders. Therefore, any legal action has to
come from the Company.

A shareholder that goes to the stock market to buy shares is
placed in a caveat emptor situation.  Caveat emptor is the axiom
or principle in commerce that the buyer alone is responsible for
assessing the quality of a purchase before buying.

"The shareholders would have to initiate the action in the name
of the company against Mr. Chen, because primarily the duty and
obligation is owing to the company." Channel News Asia quoted
Montague Choy, director of Clifford Law Corporation as saying.

Shareholder approval is also a step to attain a sustainable
legal action.  An extraordinary general meeting should be called
to resolve that the company actually initiates an action against
the wrongdoer.  That would depend on whether there is enough
shareholder support to push a resolution through.

The best thing for minority shareholders to do as of the moment
is wait for the company's restructuring process to kick in and
resumption of trading of CAO's shares.

CONTACT:

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


CHINA AVIATION (S): Head of Restructuring Team Flies to New York
----------------------------------------------------------------
One of the five top officials of China Aviation Oil (Singapore)
Corp. Ltd. facing criminal charges posted a SG$500,000 bail to
fly to the U.S., Asia Pulse reports.

The head of CAO's debt restructuring team, Gu Yanfei flew to the
U.S. to settle a class action lawsuit against her beleaguered
company. Ms. Gu's lawyer said, her presence in New York would
have a major impact on the company's debt restructuring scheme.

Two other Chinese directors facing charges were denied
permission to leave Singapore.

The Singapore High Court charged five top officials Wednesday
following the creditors' approval of CAO's new Scheme of
Arrangement.


GLOBAL VOICE: Faces Breach of Contractual Obligation Lawsuit
------------------------------------------------------------
The Board of Directors of Global Voice Ltd. informed the
Singapore Stock Exchange (SGX) that it has been served with a
Writ of Summons filed by Standard Chartered Private Equity
Limited (SCPEL) on June 8, 2005 at the High Court of the
Republic of Singapore.

The Company, under its former name, Horizon Education and
Technologies Limited (Horizon), has sometime in August 2001,
acquired shares in a company incorporated in the British Virgin
Islands, known as Quality Education Group Holdings Limited
(QEG).

Horizon was an education, e-commerce and e-learning provider and
was seeking to expand its education services in Hong Kong and
Greater China. QEG, through its subsidiaries, Honour Sheen Ltd,
Best Pacific Ltd and Master Arts Ltd, was an education provider
in Hong Kong and China. SCPEL, a private equity arm of Standard
Chartered Bank, had invested certain sums of money in the
acquisition of QEG.

It is alleged in the Writ of Summons served on the Company, that
the Company was in breach of certain contractual obligations and
is claiming, for inter alia, the sum of approximately HK$40
million.

Based upon advice given to the Board prior to the commencement
of proceedings, the Board believes that the claim as stated is
without merits and the Company will vigorously defend the claim.

Further announcement(s) may be made by the Company as and when
appropriate.


TSENG HOLDINGS: Lays Out Meeting Agenda
---------------------------------------
Notice is hereby given that pursuant to Section 308 of Tseng
Holdings Pte Ltd (In Members' Voluntary Liquidation) Act
(Chapter 50), that the Final General Meeting of the Members of
the abovenamed Company will be held at 1 North Bridge Road, #13-
03 High Street Centre, Singapore 179094 on June 30, 2005,
Thursday at 10:30 a.m. for the following purposes:

(1) To receive an account from the Liquidator showing the manner
in which the winding up has been conducted and the property of
the Company disposed of, and to hear any explanation that may be
given by the Liquidator.

(2) To determine by Resolution the manner in which the books,
accounts and documents of the Company and of the Liquidator,
shall be disposed of after the date of dissolution of the
Company pursuant to Section 320 (3) (b) of the Companies Act,
Cap. 50.

Dated this 1st June 2005.

Tay Joo Soon
Liquidator
Singapore

Note:

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

The instrument appointing a proxy must be deposited at the
Liquidator's office not less than 48 hours before the time
appointed for the Meeting.


TUNG LIN: Faces Winding Up Proceedings
--------------------------------------
In the matter of Tung Lin Construction Pte Ltd a winding up
order was made on March 16, 2005 and Order of Court made on May
18, 2005.

Name and address of Liquidator:

Chee Yoh Chuang
Messrs Chio Lim & Associates
18 Cross Street
#08-01 Marsh & McLennan Centre
Singapore 048423

Messrs Chong Chia & Lim LLC
Solicitors for the Petitioner
20 Maxwell Road
#03-01 E/F Maxwell House
Singapore 069113


U-SYSTEMS SPECIALTY: Encourages Creditors to Attend Hearing
-----------------------------------------------------------
Notice is hereby given that a Petition for the winding up of U-
Systems Specialty Coating Pte Ltd by the High Court was, on May
20, 2005 presented by Koon Teck Siong (NRIC No. S1627867Z) of
Blk 543, Choa Chu Kang Street 52 #03-70, Singapore 680543, a
Judgment Creditor.

The Petition is to be heard before the Court sitting at
Singapore at 10:00 o'clock 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 Blk 543, Choa Chu Kang Street 52
#03-70, Singapore 680543.

The Petitioner's solicitors are Messrs Legal Solutions LLC of 3
Pickering Street, #02-22 Nankin Row, China Square Central,
Singapore 048660.

Messrs Legal Solutions LLC
Solicitors for the Petitioner

Note:

Any person who intends to appear at the hearing of the Petition
must serve on or send by post to the Petitioner's solicitors,
Messrs Legal Solutions LLC of 3 Pickering Street, #02-22 Nankin
Row, China Square Central, Singapore 048660, 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 or 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 Petitioner's solicitors not later than 12:00
o'clock noon of June 30, 2005 (the day before the day appointed
for the hearing of the Petition).


WEI KANG: Served with Winding Up Order
--------------------------------------
In the matter of Wei Kang 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.


WOON CONTRACTOR: Faces Winding Up Proceedings
---------------------------------------------
In the matter of Woon Contractor Pte Ltd a winding up order was
made on May 20, 2005.

Name and Address of Liquidators:

Mr Kon Yin Tong/Mr Wong Kian Kok
Messrs Foo Kon Tan Grant Thornton
47 Hill Street
#05-01 Chinese Chamber of Commerce
& Industry Building
Singapore 179365

Messrs Tan Kok Quan Partnership
Solicitors for the Petitioners


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

ADVANCE PAINT: To Proceed with 8th Warrant Exercise June 30
-----------------------------------------------------------
Advance Paint & Chemical (Thailand) Public Company Limited
informed the Stock Exchange of Thailand (SET) that during the
Extraordinary General Meeting of Shareholders on December 9,
2002, there was a resolution for the company to issues Warrants
(APC-W1) and (APC-W2) to existing shareholders.

The shareholders' names appeared on the Company's Register Book
on December 27, 2002 with the exercise period every 3 months
within the last business day of March, June, September and
December during 9:00 a.m. to 4:00 p.m.

The 8th exercise process of APC-W1, APC-W2 will be:

(1) The exercise date will be on June 30, 2005 during
9:00 a.m. to 4:00 p.m. at the Advance Paint & Chemical
(Thailand) Public Co. Ltd.

(2) The warrant holders who wish to exercise the warrants can
submit the exercise notice to the company on the business day of
June 23, 2005 to June 29, 2005.

(3) Exercise Ratio is 1 warrant: 1 share at THB1 each.

(4) The warrant holders intending to exercise must submit the
following documents to the Company:

-  Completion form of Exercise Notice
          
-  Warrant Certificate(s) or Certificate Receipt(s) in the form
prescribed by the SET.

-  Cheque or Cashier Cheque payable to Advance Paint & Chemical
(Thailand) Public Co., Ltd. within Bangkok Metropolitan.

-  Copy of Identification Card or Passport with certified true
copy for individual Warrant holders.

-  Copy of Affidavit or the Certificate of Incorporation
certified by notary public (less than 6 months)for Corporate
Warrant holders.

Yours sincerely,

Mrs. Narumol Punnakitikashem
Executive Director

CONTACT:

Advance Paint & Chemical (Thailand) Pcl   
344 Moo 2, Bang Pa-In Industrial Estate,
Bang Pa-In Ayutthya    
Telephone: 0-3522-1140, 0-2541-5374-8   
Fax: 0-3526-1871   


EASTERN WIRE: Bourse Seeks Clarification over THB328.7Mln Loan
--------------------------------------------------------------
The Stock Exchange of Thailand (SET) requested Eastern Wire
Public Company Limited to further clarify the captioned loan
amounting to THB328.7 million.

(1) Rationale upon Board of Director's approval in purchasing
bill of exchange issued by a reliable company (JJ Land
Development Co. Ltd.).

The SET found further material information reported at
http://www.bol.co.th(source of information as of June 7, 2005-
Department of Business Development, Ministry of Commerce) that
JJ Land Development Co. Ltd. was found on February 20, 2003,
shareholders' equity as of December 31, 2003 reported at
THB389.92 million from 400 MB paid up capital, total revenue was
2.51 MB and having net loss at 10.08 MB.

(2) Name of authorized persons according to company's affidavit
on the date transaction occurred.

(3) According to information in the http://www.bol.co.th,Ms.  
Suchanya Lapvisuthisin is an authorized person from SBC 3.

Hence, the SET requests EWC to clarify the relationship between
Ms. Suchanya Lapvisuthisin and JJ Land Development Co. Ltd. both
in the past and at present e.g. if Ms. Suchanya was appointed to
be a manager or shareholder or not and if she was, when was she
resigned from that position.

EWC's subsidiary raw material advanced payment

According to EWC's notification reported to the SET that Union
Gas and Chemical Co. Ltd. was not able to deliver raw material
to the subsidiary, and on June 1, 2005 the subsidiary received
the returned advance payment plus compensation as agreed.  

Please clarify the following information;

(1) Rationale of BOD's resolution in appointing the captioned
company to deliver raw material in terms of business experience
in selling and purchasing agent of construction equipment.

(2) Date when subsidiary paid advance payment.

(3) Amount of compensation received.

The difference in shareholders' name of Union Gas and Chemical
Co. Ltd.

Kindly explain the above different information submitted to SET
between the document faxed on June 8, 2005 at 1:15 p.m.
(disclosed via SETSMART on June 8, 2005 at 8:28 p.m.) and
information disseminated via SETSMART on June 8, 2005 at 8:38
p.m.  The details are:

Information via fax

Information via SETSMART at 8:38 p.m.

Mr. Warawoot Lapvisutisin (40%)   
Mr. Komgrich Luechanya (96.99975%)
Ms. Supaporn Lapvisutisin (20%)   
Mrs. Rattana Satienvaree (3%)
Ms. Suchanya Lapvisutisin (10%)     
Retail investors (0.00025%)
Mrs. Rattana Satienvaree (9.99%)
Retail investors (0.0015%)

The SET requests EWC to disseminate the above requested
information via SETSMART within June 13, 2005.

CONTACT:

Eastern Wire Pcl   
Rasa Tower, Room 1201-1203,
555 Phaholyothin Road,
Chatu Chak Bangkok    
Telephone: 0-2937-0058-66   
Fax: 0-2937-0067


M.D.X: Submits Loan, Advance Transaction Report
-----------------------------------------------
M.D.X. Public Company Limited announced that it has submitted to
the Stock Exchange of Thailand (SET) additional information
regarding the Loan and Advance transaction.

To view a full copy of the transaction report, click
http://bankrupt.com/misc/MDXPublicCompanyLimited.pdf

Yours faithfully,
Mrs. Songsri Kalyanamitr
Authorized Director of Wittayu Planner Co., Ltd.
In its capacity as the Plan Administrator of MDX Public Co. Ltd.

CONTACT:

M.D.X. Public Company Limited
Nailert Tower, Floor 7, 10,2/4 Wireless Road,
Lumpini, Pathum Wan, Bangkok
Telephone: 0-2253-0428-36, 0-2267-9071
Fax: 0-2253-0427, 0-2253-2731


NEW PLUS: Details Duties of Audit Committee
-------------------------------------------
New Plus Knitting Public Company Limited unveiled to the Stock
Exchange of Thailand (SET) the resolutions passed on May 19,
2005 during the board of directors meeting of the company.

The board resolved to appoint a new person as the new audit
director replacing the previous director who resigned.  

Miss Suwanna Sunhajariya, which will be active from May 19,
2005.

(1) The audit committee consists of the following members:

- Chaiman of the audit committee

Mr. Montri Loasethakul, which will be active till April 19,
2006.

- Audit directors  

Mr. Akardej Angsusingha, which will be active till April 19,
2006.

Miss Suwanna Sunhajariya, which will be active till April 19,
2006.

- Secretary of the audit committee

Mrs. Maturoscharee    Prokhasomboon

(2) The responsibilities of the audit committee to the directors
of the company are as follows:

(a) Make sure that the financial report of the company is
accurate.

(b) Make sure that the company would have proper auditing
systems.

(c) Consider proper auditors for the company.

(d) Make sure that the company abides by the laws and
regulations.

(e) Make sure that the directors do not have a conflict of  
interest to the company.

(f) Comply to the directors requests.

(g) Write and sign the report on how the company performs during
the fiscal year, which will be posted on the annual report.

Mrs. Orasa Kruthakool)        
Director                                        

Mrs. Watcharee Pantho
Director

CONTACT:

New Plus Knitting Public Company Limited   
34 Moo 20, Saladang, Ban Num Priao, Chacherngsao    
Telephone: 0-3859-3126   
Fax: 0-3859-3125   


PAE THAILAND: Bourse Requests Issuance of Additional Information
----------------------------------------------------------------
PAE (Thailand) Public Company Limited issued to the Stock
Exchange of Thailand (SET) the following additional information
as requested:

(1) Transaction with Free Internet Co. Ltd.

(1.6) Please state name of executive or major shareholder of
such related activity in case of relation or having the same or
similar type of business to Free Internet.

-NO-  

(2) Transaction with Prodrive Drilling Co. Ltd.

(2.4) PAE did not consider the business with Prodrive Drilling
as related transaction based on the ground that the company did
not have a relationship with Prodrive Drilling and could not
control or have any authority in the company, even thought the
last name of Prodrive Drilling's director is similar with that
of PAE's president.

However, Khun Kobsak already sent a letter of explanation
regarding this matter to the audit committee. The auditor
concluded that he does not hold any share and management role in
Prodrive Drilling Company.  The MD is my cousin and not the
close relative or brother living in the same house.

Please be informed accordingly.

Sincerely Yours,
Kobsak Chinawongsewatana
President
PAE (Thailand) Public Company

CONTACT:

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


T.C.J: SEC Demands Special Audit of Company
-------------------------------------------
The Securities and Exchange Commission (SEC) has requested
T.C.J. Public Company Limited to undergo special audit after the
SEC noticed some ambiguous or doubtful items in their financial
statements that might affect the investors' decision.

Therefore, the SEC instructed T.C.J. to do the following:

- Prepare special audit to investigate the accuracy of goodwill
recognition from acquiring Toyo Millennium Co. Ltd and the
disclosure of related persons or parties on the audited yearly
financial statement ending 2004. The special audit report has to
be submitted to the SEC by July 25, 2005.

Moreover, TCJ must amend the profit and loss statement of the
yearly financial statement ending 2004. The amended financial
statements have to be submitted by June 24, 2005.

(The details have been shown on SEC's news June 9, 2005.)

Therefore, the Stock Exchange of Thailand (SET) informed the
investors to carefully scrutinize such company's information.

CONTACT:

T.C.J. Asia Pcl   
89/169 Moo 7, Vibhavadi Rangsit Road,
Don Muang Bangkok    
Telephone: 0-2552-6611, 0-2552-6622   
Fax: 0-2552-7185-6   
Website: http://www.tcj.co.th
  


                            *********


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

Troubled Company Reporter -- Asia Pacific is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Trenton, NJ
USA, and Beard Group, Inc., Frederick, Maryland USA. Lyndsey
Resnick, Ma. Cristina Pernites-Lao, Faith Marie Bacatan, Reiza
Dejito and Erica Fernando, Editors.

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

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

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

                 *** End of Transmission ***