TCRAP_Public/050615.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

             Wednesday, June 15, 2005, Vol. 8, No. 117

                            Headlines

A U S T R A L I A

ADELONG CAPITAL: Former Exec Guilty of Making False Statements
AUSTRALIANS AIDING: To Pay Dividend to Unsecured Creditors
BABTERN PTY: Final Meeting Slated for June 17
CUPRIFEX MINING: Lays Out Final Meeting Agenda
DARWIN CITY: Members Agree to Wind Up Company

DR C BONANNO: Members Pass Wind-up Resolution
EXOTIC TIMBERS: To Declare Dividend June 20
FOURSTICKS: Former Bosses Rescue Firm
FORTESCUE METALS: Provides Simple Lean Configuration Update
HILLS MOTORWAY: Chairman Steps Aside

INTERNATIONAL STEEL: Enters Winding Up Process
KDH SYSTEMS: Lays Out Final Meeting Agenda
MANTACOM TECHNOLOGY: Priority Creditors Set to Receive Dividend
N.A. BELL: To Hear Liquidators' Account on Winding Up
NATIONAL AUSTRALIA: Ex-trader Pleads Guilty Over Forex Scam

OAKLEY WOOD: To Convene Meeting June 20
PEGASUS SECURITIES: Court Orders Dissolution of Company
PETASHARD PTY: Winds Up Voluntarily
RGC PTY: Members, Creditors to Meet Final June 17
RIMCAPITAL ADVISORS: Hires Official Liquidator

RTI WOOD: Members to Meet June 20
ROLLER HOUSE: Liquidator to Detail Winding Up Manner
SCANFIRE EXPLORATION: Names Ferrier Hodgson Liquidator
TRUE BOX: To Declare Dividend June 23
WESFI WOODWORKS: Sets Final Meeting Date June 20

XANADU WINES: Names New Company Secretary


C H I N A  &  H O N G  K O N G

AGRICULTURAL BANK: Leads First Traders in Bond Forwards
APPLIED INTERNATIONAL: Buys Back 140,000 Shares
APPLIED INTERNATIONAL: Appoints New Director
CHINA CHENGTONG: Unit's Hearing Slated for June 15
CHINA CHENGTONG: AGM Set for June 24

CROWN FORTUNE: Court Receives Winding Up Order
JAZZ PHOTO: To Appoint Liquidators
LINK SWAY: Receives Winding Up Notice
LOULAN HOLDINGS: Schedules Board Meeting June 23
NAM FONG: Adjourns Winding Up Hearing to June 20

PCCW LIMITED: Returns to Wireless Biz With Sunday Buy
POMAX LIMITED: Begins Winding Up Process
SEASONAL SOUND: Enters Winding Up Proceedings
SOUTH EAST: Creditors Meeting Fixed June 23
SPEEDY EXPRESS: Winding Up Hearing Slated June 29

TOKO HOLDINGS: Begins Wind-up Process
ZIDA COMPUTER: Shares Trading Suspended


I N D O N E S I A

BARITO PACIFIC: Shuts Down Timer Plant Due to Log Shortage
PERUSAHAAN LISTRIK: Gas Deal May Yield US$257-Mln for Medco
SAMPOERNA: Moody's Upgrades Foreign Currency Debt Rating to Ba1


J A P A N

DAIEI INCORPORATED: To Spend JPY4 Bln to Revamp System
FUJITA CORPORATION: Wins US$911.4-Mln Debt Relief
JAPAN AIRLINES: Rules Out Domestic Fare Hike
MISAWA HOMES: Lenders Agree to Forgive JPY113-Bln Debt
MITSUBISHI FUSO: Inks Deal With Nissan Diesel

MITSUBISHI MOTORS: Australian Unit Wins Vectra Contract
SANKEI CO.: METI OKs Restructuring Plan


K O R E A

DAEWOO GROUP: Ex-chief Busted Upon Return to S. Korea
HYNIX SEMICONDUCTOR: Moody's Assigns (P)Ba3/(P)B1 Ratings
JINRO LIMITED: Unionists Frown at Hite Deal
SAMSUNG MOTOR: Creditors to File US$6-Bln Lawsuit
SK CORPORATION: Appeals Court Grants Probation


M A L A Y S I A

ASIAN PAC: Purchases 121,000 RCSLS
KUB MALAYSIA: Bourse Lists, Quotes Additional Shares
METROPLEX BERHAD: Default Figure Hits RM1,686,251,291.00
METROPLEX BERHAD: To Hold AGM July 6
PAN PACIFIC: Issues Default Details

PANTAI HOLDINGS: Purchases 200,000 Shares on Buyback
PSC INDUSTRIES: To Dispute AmFinance's Demand
PUNCAK NIAGA: To List Extra 8,000 Ordinary Shares
TELEKOM MALAYSIA: Declares Dividend for Redeemable Shares
TELEKOM MALAYSIA: Parent's Transaction with IDEA Lapses


P H I L I P P I N E S

BENPRES HOLDINGS: Clarifies Assets Sale Report
MANILA ELECTRIC: Seeks SC Support on Price Hike
MANILA ELECTRIC: ERC Will Take Time to Decide on Rate Hike
NATIONAL BANK: Government Sets Floor Price for Stocks
NATIONAL POWER: Masinloc Buyer Complies with Bond Requirements

PHILIPPINE GLOBAL: APC Stockholders Approve Sale


S I N G A P O R E

ANGULLIA INVESTMENTS: Proofs of Claim Due July 11
CHINA AVIATION (S): Lone Singaporean Defendant Posts Bail
CHINA AVIATION (S): Court Drops SK Judicial Management Petition
DIGILAND INTERNATIONAL: Commences Sale, Purchase Agreement
DIGILAND INTERNATIONAL: Updates Scheme of Arrangement

FHTK HOLDINGS: New Shares' Listing Commences June 14
INFORMATICS HOLDINGS: Unit to Sell Land Properties
LIANG HUAT: Bourse Denies Request for Extension of AGM
UNITED FIBER: Outstanding Loan Stands at $5.8Mln
WANT WANT HOLDINGS: Incorporates New Unit


T H A I L A N D

KRUNG THAI: Completes Sale of Unit Shares
THAI PETROCHEMICAL: Founder Hikes Offer to Buy 75% Stake
THAI PETROCHEMICAL: Taps KIM Eng to Manage Stake Sale in Unit

     -  -  -  -  -  -  -  -  

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

ADELONG CAPITAL: Former Exec Guilty of Making False Statements
--------------------------------------------------------------
Mr. Craig William Manners, a former director of the listed
Company previously known as Adelong Capital Limited (Adelong),
was found guilty on three counts of making false or misleading
statements.

Charges were brought against Mr. Manners, of Nunawading,
Victoria following an investigation by the Australian Securities
and Investments Commission (ASIC).

Mr. Manners was acquitted on a further six counts of making
false or misleading statements and nine counts of breaching his
duties as a director.

ASIC's investigation centered on the circumstances surrounding
an interview Mr. Manners gave a German journalist on 13 January
2000. ASIC alleged that Mr. Manners, then a director of Adelong,
a venture capital Company specializing in investments in
technology start-ups, made false and misleading statements
regarding the future expectations and prospects of Adelong and
its share price. These statements were published on the German
Internet site www.wallstreet-online.de.

ASIC alleged that the interview caused a substantial increase in
the demand for, and price of, Adelong shares on German stock
exchanges and on the Australian Stock Exchange (ASX).

ASIC also alleged that following the publication of the
interview, Mr. Manners, a client adviser with D&D Tolhurst Ltd
at the time, sold shares and options in Adelong on his own
behalf, and on behalf of companies associated with him. ASIC
alleged that Mr. Manners' net profit on his trading subsequent
to the interview was at least AU$1.698 million.

"Company directors must act honestly, and ensure that the
information they provide to the market is true and factual. In
this case, statements made by Mr. Manners had a material effect
on the market. ASIC will not tolerate those who seek to
undermine the integrity of the market and harm investors,"
ASIC's Executive Director of Enforcement, Ms Jan Redfern said.

ASIC's investigation followed a referral from the ASX.

The verdict followed a nine-week trial in the County Court of
Victoria before Judge White. Mr. Manners will appear for
sentencing on 4 July 2005.

The Commonwealth Director of Public Prosecutions is prosecuting
the matter.


AUSTRALIANS AIDING: To Pay Dividend to Unsecured Creditors
----------------------------------------------------------
A First and Final Dividend for Unsecured Creditors (All Claims)
is to be declared on June 24, 2005 for Australians Aiding
Children Adoptive Agency Inc (In Liquidation).

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

Dated this 4th day of May 2005

Alan Scott
Liquidator
Level 6, 12 Pirie Street,
Adelaide SA 5000


BABTERN PTY: Final Meeting Slated for June 17
---------------------------------------------
Notice is hereby given that pursuant to Section 509 of the
Corporations Act 2001 that the Final Meeting of Members of
Babtern Pty Ltd (In Voluntary Liquidation) will be held at 10.00
a.m. on June 17, 2005 at 18 High Street, Stanthorpe for the
purpose of having an account laid before them showing the manner
in which the winding up has been conducted and the property of
the Company disposed of and hearing any explanation that may be
given by the
Liquidator.

Dated this 17th day of May 2005

Raymond John Mcmeniman
Liquidator


CUPRIFEX MINING: Lays Out Final Meeting Agenda
----------------------------------------------
Notice is given that pursuant to Section 509(1) of the
Corporations Act, a final meeting of members and creditors of
Cuprifex Mining NL (In Liquidation) will be held at the offices
of PPB, Level 1, 5 Mill Street, Perth WA on Friday, June 17,
2005 at 11:00 a.m.

AGENDA

(1) To provide an account to the members and creditors of the
liquidation.

(2) To discuss any other matters that arises.

Dated this 17th day of May 2005

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


DARWIN CITY: Members Agree to Wind Up Company
---------------------------------------------
Notice is hereby given that at a general meeting of members of
Darwin City Heart Promotions Ltd (In Liquidation) duly convened
and held at the Novotel Atrium, The Esplanade, Darwin on May 3,
2005, a special resolution that the Company be wound up
voluntarily was passed by members and Geoffrey Donald Finch
appointed liquidator.

Dated this 4th day of May 2005

Geoffrey Donald Finch
Liquidator
KPMG
18 Smith Street,
Darwin NT 0800


DR C BONANNO: Members Pass Wind-up Resolution
---------------------------------------------
At a general meeting of the members of DR C Bonanno Pty Limited
(In Liquidation) duly convened and held at Level 8, AMP Tower, 1
Hobart Place, Canberra ACT 2601 on April 26, 2005 the special
resolution set out below was duly passed:

That the Company be wound up voluntarily.

Dated this 5th day of May 2005

Frank Lo Pilato
Liquidator
RSM Bird Cameron Partners
Level 1, 103-105 Northbourne Avenue,
Turner ACT 2612
Telephone: (02) 6247 5988


EXOTIC TIMBERS: To Declare Dividend June 20
-------------------------------------------
A first and final dividend is to be declared on June 20, 2005
for Exotic Timbers Of Australia 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 5th day of May 2005

G. D. Finch
Liquidator
KPMG
18 Smith Street,
Darwin NT 0800


FOURSTICKS: Former Bosses Rescue Firm
-------------------------------------
A group of former Foursticks executives has bought the failed
software firm out of administration, The Advertiser says.

Foursticks, which provides software that enhances network
performance, is now trading as NetPriva.

NetPriva, a Company set up to facilitate the management buy-out,
believes the product has a strong market.

NetPriva's Chief Executive Alan Noble, Foursticks former chief
technology officer, said the new organization would be much
leaner than the previous Company had been, and should be cash-
flow positive with turnover of about AU$1 million in its first
year "then growing quite well from that base".

This should help avoid the cash-flow problem, which proved to be
the downfall of Foursticks.

Mr. Noble said there was strong customer and distributor
confidence in the product and the Company, demonstrated by a
U.S. and a European distributor each investing money in the new
Company to make the buy-out possible.

The NetPriva board is headed by executive chairman Peter Vroom,
who is also the director of sales and marketing. Foursticks
founder and former chief executive David Bohn stepped aside in
March.

The Company was placed in administration and put on the market a
month later, following the loss of a large overseas contract and
accelerating cash-flow problems.

CONTACT:

Foursticks
Level 16, 33 King William St
Adelaide, South Australia, 5000
Phone: +61 8 8111-4300
Fax: +61 8 8111-4399
Web site: http://www.foursticks.com/


FORTESCUE METALS: Provides Simple Lean Configuration Update
-----------------------------------------------------------
Following discoveries of higher quality iron mineralization at
Fortescue Metal's wholly owned tenement sites Cloud Break and
Christmas Creek deposits, the Project hub has now been moved to
Cloud Break with a proposed bulk trucking link to the adjoining
deposit of Christmas Creek.

The simplified design maintains the delivery of the original 45
million tonnes p.a. production estimates and includes the
deletion of:

(1) Approx. 150 kilometers of rail line from the original plan,
(2) The wet beneficiation plant for at least the initial five
years of operations,
(3) Associated process plant infrastructure including a major
bore water field,
(4) Permanent work camp and related infrastructure.

Further streamlining has been achieved in the:

(1) Bulk material handling design,
(2) Construction and procurement strategy,
(3) Communication and general infrastructure.

Fortescue Metals Group Limited provides the above as an update
on progress made by WorleyParsons, GEM Consulting, ProMet
Engineers and Fortescue on the delivery of the project now
referred to as the Simple Lean Configuration (SLC) model. The
SLC program is designed to provide substantial mitigation
against the present environment of escalated construction costs.

CONTACT:

Fortescue Metals Group Limited
Fortescue House
50 Kings Park Road
WEST PERTH
WESTERN AUSTRALIA WA 6005
Phone: +61 8 9266 0111
Fax: +61 8 9266 0188
E-mail: fmgl@fmgl.com.au
Web site: http://www.fmgl.com.au/


HILLS MOTORWAY: Chairman Steps Aside
------------------------------------
Non-executive Chairman of The Hills Motorway Limited, Jock
Murray, has tendered his resignation from the Board, effective
from the close of business on Friday, June 10, 2005.

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

Mr. Laurie Cox has been appointed as Chairman of the Company.

CONTACT:

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


INTERNATIONAL STEEL: Enters Winding Up Process
----------------------------------------------
At a general meeting of the members of International Steel
Frames Investments Pty Ltd (In Liquidation) held at 1-5-7
Kameido, Koto-ku, Tokyo, Japan 136, at 9:00 a.m. on May 2, 2005
a special resolution that the Company be wound up voluntarily
was passed.

Ian Richard Hall
Official Liquidator
Waterfront Place,
1 Eagle Street,
Brisbane Qld 4001


KDH SYSTEMS: Lays Out Final Meeting Agenda
------------------------------------------
Notice is given that a Final Meeting of the Members and
Creditors of KDH Systems Pty Ltd (In Liquidation) will be held
on Friday, June 17, 2005 at Freer Parker & Associates, 40 Sturt
Street Adelaide, at 10:00 a.m.

AGENDA

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

(2) Any other business.

Dated this 5th day of May 2005

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


MANTACOM TECHNOLOGY: Priority Creditors Set to Receive Dividend
---------------------------------------------------------------
A first and final dividend to priority creditors is to be
declared today, June 15, 2005 for Mantacom Technology Ltd (In
Liquidation).

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

Dated this 9th day of May 2005

Louis Nilant
Liquidator
KordaMentha
Telephone: (08) 9221 6999


N.A. BELL: To Hear Liquidators' Account on Winding Up
-----------------------------------------------------
Notice is given that a final meeting of members of N.A. BELL
Holdings Pty Ltd (In Voluntary Liquidation) will be held at
Level 30, Central Park, 152-158 St Georges Terrace, Perth WA
6000, on June 24, 2005 at 10:00 a.m.

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

Dated this 4th day of May 2005

Robyn Mckern
Liquidator
McGrathNicol+Partners
Level 30, Central Park,
152-158 St George's Terrace,
Perth WA 6000
Telephone: (08) 6363 7622
Web site: http://www.mcgrathnicol.com.au


NATIONAL AUSTRALIA: Ex-trader Pleads Guilty Over Forex Scam
-----------------------------------------------------------
The former head of National Australia Bank's (NAB) foreign
currency options desk has on Tuesday pleaded guilty to charges
related to the bank's forex trading debacle, Asia Pulse says.

Luke Howard has pleaded guilty to three counts of dishonesty
using his position for personal gains.

The charges involved Mr. Duffy misrepresenting the performance
of the trading desk, resulting in performance bonus payments for
himself. He was also accused of entering several false foreign
exchange options to the value of more than AU$145 million.

Mr. Duffy and three other former NAB traders were allegedly
involved in an AU$360-million (US$273.78 million) unauthorized
trading at NAB between December 2003 and January 2004.

Crown prosecutor Terry Forrest, QC, told the court Duffy and the
co-accused hid the true losses of the trading desk to avoid
scrutiny by management.

He said this ensured any threats to their well-paid jobs
stemming from their poor performance would be minimized.

By camouflaging the true state of their activities, they falsely
claimed they had achieved their set budgets of AU$37 million
profit for the year ending September 30, 2003, Mr. Forrest said

Mr. Duffy and the three co-accused received hefty bonuses as a
result of the deception.

One of the co-accused is expected to stand trial in the
Victorian County Court while the other two will face a pre-trial
committal hearing.

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/


OAKLEY WOOD: To Convene Meeting June 20
---------------------------------------
Notice is given that a general meeting of members of Oakley Wood
Panels Pty Limited (In Liquidation) will be held simultaneously
at the offices of Messrs Wise Lord & Ferguson, Chartered
Accountants, 160 Collins Street, Hobart 7000 on June 20, 2005,
at 10:00 a.m.

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

Dated this 9th day of May 2005

R. P. Whitehouse
Liquidator
Wise Lord & Ferguson
Chartered Accountants
1st Floor, 160 Collins Street,
Hobart Tas 7000
Telephone: 03 6223 6155


PEGASUS SECURITIES: Court Orders Dissolution of Company
-------------------------------------------------------
Take notice that by Order of the Supreme Court of South
Australia dated May 4, 2005 John Sheahan of Level 8, 26 Flinders
Street, Adelaide, the liquidator of Pegasus Securities Limited
(In Liquidation), was granted the release as liquidator and the
Company was dissolved as at the date of this Order.

Dated this 9th day of May 2005

John Sheahan
Partner
Sheahan Lock Partners
Level 8, 26 Flinders Street,
Adelaide SA 5000


PETASHARD PTY: Winds Up Voluntarily
-----------------------------------
Notice is hereby given that, at a General Meeting of Members of
Petashard Pty Ltd (In Liquidation) held on April 26, 2005 at the
offices of Holzman Associates, Level 2, 32 Martin Place, Sydney
NSW 2000, it was resolved that the Company be wound up
voluntarily and that for such purpose Manfred Holzman, Chartered
Accountant, of Holzman Associates, Chartered Accountants, Level
2, 32 Martin Place, Sydney be appointed Liquidator. A meeting of
creditors confirmed that appointment.

Dated this 26th day of April 2005

Manfred Holzman
Liquidator
Holzman Associates
Chartered Accountants
Level 2, 32 Martin Place,
Sydney NSW 2000
Telephone: (02) 9222 9070
Facsimile: (02) 9222 9071


RGC PTY: Members, Creditors to Meet Final June 17
-------------------------------------------------
Notice is hereby given that a Final Meeting of creditors and
members of RGC Pty Ltd (In Liquidation), will be held at the
offices of O'Keeffe Walton Richwol, on June 17, 2005 at 4:45
p.m. for the purpose of laying before the meeting an account of
the liquidator's costs and dealings and the conduct of the
winding up.

Dated this 26th day of April 2005

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


RIMCAPITAL ADVISORS: Hires Official Liquidator
----------------------------------------------
Notice is hereby given that at a general meeting of members held
on April 29, 2005 it was resolved that Rimcapital Advisors Pty
Limited (In Liquidation) would be wound up voluntarily and that
J. R. Biddle of Level 19, 207 Kent Street, Sydney be appointed
Liquidator for the purpose.

Dated this 3rd day of May 2005

J. R. Biddle
Liquidator


RTI WOOD: Members to Meet June 20
---------------------------------
Notice is given that a general meeting of members of RTI Wood
Panels Pty Limited (In Liquidation) will be held simultaneously
at the offices of Messrs Wise Lord & Ferguson, Chartered
Accountants, 160 Collins Street, Hobart 7000 on June 20, 2005 at
10:00 a.m.

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

Dated this 9th day of May 2005

R. P. Whitehouse
Liquidator
Wise Lord & Ferguson
Chartered Accountants
1st Floor, 160 Collins Street,
Hobart Tas 7000
Telephone: 03 6223 6155


ROLLER HOUSE: Liquidator to Detail Winding Up Manner
----------------------------------------------------
Notice is hereby given that the final meeting of the creditors
and members of Roller House Pty Limited (In Liquidation) will be
held at the offices of Jones Condon Chartered Accountants, Level
1, 34 Charles Street, Parramatta NSW, on June 20 at 10:00 a.m.,
for the purpose of laying before the meeting an account showing
how the winding up has been conducted and the property of the
Company has been disposed and giving any explanation thereof.

Dated this 3rd day of May 2005

Schon G. Condon Rfd
Liquidator
c/- Jones Condon
Chartered Accountants
Telephone: (02) 9893 9499


SCANFIRE EXPLORATION: Names Ferrier Hodgson Liquidator
------------------------------------------------------
Notice is hereby given that at an extraordinary general meeting
of members of Scanfire Exploration Pty Ltd (In Liquidation) held
on May 3, 2005 it was resolved that the Company be wound up
voluntarily and at a meeting of creditors held on the same day
it was resolved that for such purpose, Garry Trevor, Andrew Love
and Darren Weaver of Ferrier Hodgson, Chartered Accountants,
Level 26, 108 St George's Terrace, Perth WA 6000 be appointed
Joint & Several Liquidators.

Dated this 3rd day of May 2005

Darren Weaver
Joint and Several Liquidator of Scanfire Exploration
Pty Ltd
Ferrier Hodgson
Chartered Accountants
Level 26, 108 St George's Terrace,
Perth WA 6000


TRUE BOX: To Declare Dividend June 23
-------------------------------------
A first and final dividend to preferential (employee) creditors
is to be declared on June 23, 2005 in respect of True Box
Nominees Pty Ltd (In Liquidation) formerly trading as EPE
Services.

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

Dated this 22nd day of April 2005

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


WESFI WOODWORKS: Sets Final Meeting Date June 20
------------------------------------------------
Notice is given that a general meeting of members of Wesfi
Woodworks Pty Limited (In Liquidation) will be held
simultaneously at the offices of Messrs Wise Lord & Ferguson,
Chartered Accountants, 160 Collins Street, Hobart 7000 on June
20, 2005 at 10:00 a.m.

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

Dated this 9th day of May 2005

R. P. Whitehouse
Liquidator
Wise Lord & Ferguson
Chartered Accountants
1st Floor, 160 Collins Street,
Hobart Tas 7000
Telephone: 03 6223 6155


XANADU WINES: Names New Company Secretary
-----------------------------------------
Xanadu Wines Limited announced the appointment of Ms. Susan
Hunter as Company Secretary.

Ms. Hunter is appointed in place of Ms. Joanna Chronis who
resigned as Company Secretary effective close of business on
June 10, 2005.

CONTACT:

Xanadu Wines
Boodjidup Road, Margaret River
West Australia 6285
Phone: (61) 8 9757 2581
Fax: (61) 8 9757 3389


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

AGRICULTURAL BANK: Leads First Traders in Bond Forwards
-------------------------------------------------------
Thirty-six domestic financial institutions have been cleared to
start bond forwards trading starting this week, as Beijing moves
to expand its fledgling debt markets, The Standard reports.

The first batch of firms selected to start trading on June 14
includes the Agricultural Bank of China, China Merchants Bank
and major brokerage Guotai Jinan Securities, the official China
Securities Journal said.

Bond forwards is viewed as a small step toward reintroducing
exchange-traded financial derivatives, banned since 1995 after a
treasury bonds scandal that brought down China's most prominent
securities brokerage.

CONTACT:

Agricultural Bank of China
Beijing, China
Phone: 86 10 6845 8621
Fax: 86 10 6829 7160
E-mail: zhlqp@intl.abocn.com
Web Site: http://www.abchina.com


APPLIED INTERNATIONAL: Buys Back 140,000 Shares
-----------------------------------------------
Applied International (0519) bought back 140,000 shares at
prices ranging from $0.225 to $0.231, or at a total of $32,140
on June 13, Infocast News reports.  

As of June 30, 2004, the Company has current assets of HKD23.73
million while its current liabilities were HK$96.79 million,
according to Chong Hing Securities Limited.

For more information, go to
http://bankrupt.com/misc/tcrap_applied101405.xls

CONTACT:

Applied International Holdings Limited
41/F Far East Finance Centre
16 Harcourt Road
Central, Hong Kong  
Phone: 25538267  
Fax: 28734676  
Web site: www.appliedintl.com


APPLIED INTERNATIONAL: Appoints New Director
--------------------------------------------
Applied International Holdings Limited (0519) announced that (i)
Mr. Raymond Hung Kin Sang resigned as the Chairman of the Board
of Directors of the Company with effect from 31 May 2005 and
(ii) Mrs. Mimi Hung Wong Kar Gee who was already a director, was
appointed the Chairman of the Board of Directors of the Company
with effect from 31 May 2005.

Mr. Raymond Hung Kin Sang remains the Managing Director of the
Company.

By Order of the Board
Fang Chin Ping
Executive Director
Hong Kong, 31 May 2005


CHINA CHENGTONG: Unit's Hearing Slated for June 15
--------------------------------------------------
China Chengtong Development Group Limited hereby gives notice
that a petition dated July 28, 2003 filed by Guangzhou Shi nan
Building Development Limited, as plaintiff, against Merry World
Associates Limited, as defendant, a wholly owned subsidiary of
China Chengtong Development Group Limited, together with its
subsidiaries, will beheard by the Intermediate People's Court of
Guangzhou City on June 15, 2005.

The Plaintiff was the vendor of a landed property located at the
Guangzhou City of the Guangdong Province of the People's
Republic of China (PRC) and known as Zone A of Level 3 of Li Wan
Plaza, No. 9 Dexing Lu, Li Wan District (Zone A), which was sold
to Merry World in 2001 by the Plaintiff.

The Plaintiff is seeking in the Petition, among other matters, a
damages claim against Merry World for an alleged breach by Merry
World to provide loan facilities to the Plaintiff under an
agreement signed between the Plaintiff and Merry World dated 25
April 2001 and an order for the transfer of Zone A to the
Plaintiff which was previously transferred by the plaintiff to
Merry World in 2001.

The Company has consulted and instructed PRC legal advisers to
advise on the matter and represent Merry World in the Petition.
Further announcement will be made by the Company as soon as
practicable of the outcome of the hearing.

Shareholders and potential investors are advised to exercise
caution when dealing in the shares of the Company.

CONTACT:

China Chengtong Development Group Limited
2904-2907, 29/F, One International Centre,
1 Harbour Sea Street
Central, Hong Kong
Phone: 21601600  
Fax: 21601608  
Web site: http://www.chinalogisticsgroup.com


CHINA CHENGTONG: AGM Set for June 24
------------------------------------
Notice is hereby given that the Annual General Meeting (AGM) of
China Chengtong Development Group Limited will be held at
Concord Room 3, 8th Floor, Renaissance Harbour View Hotel, No. 1
Harbour Road, Wanchai, Hong Kong at 10:30 a.m. on Friday, June
24, 2005 for the following purposes:

Ordinary Business

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

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

3. To re-appoint the Company's auditors and to authorize the
board of directors to fix their remuneration.

For more details, go to
http://bankrupt.com/misc/tcrap_china_chengtong061405.pdf


CROWN FORTUNE: Court Receives Winding Up Order
----------------------------------------------
Crown Fortune International Holdings Limited with registered
office located at 21/F, No 88 Gloucester Road, Wanchai, Hong
Kong as issued a winding up notice by the High Court of the Hong
Kong Special Administrative Region Court of First Instance on
June 1, 2005.

Date of Presentation of Petition: April 1, 2005

Dated this 10th day of June 2005.

Lee Mei Yee May
Acting Official Receiver


JAZZ PHOTO: To Appoint Liquidators
----------------------------------
By an order made by Master S. Kwang of High Court in Chambers on
May 31, 2005, Messrs Alan C. W. Tang and Ms. Alison Wong Lee
Fung Ying, both of Grant Thornton, Certified Public Accountants,
of 13/F., Gloucester Tower, The Landmark, 11 Pedder Street,
Central, Hong Kong, were appointed as the Joint and Several
Liquidators of Jazz Photo (Hong Kong) Limited.

Dated this 13th day of June 2005.

Alan C. W. Tang
Alison Wong Lee Fung Ying
Joint and Several Li


LINK SWAY: Receives Winding Up Notice
-------------------------------------
Link Sway Limited with registered office located at 2/F, Laguna
Club House 1, No. 8 Laguna Street Laguna City, Chakwo Ling, Kwun
Tong, Kolon as issued a winding up notice by the High Court of
the Hong Kong Special Administrative Region Court of First
Instance on June 1, 2005.

Date of Presentation of Petition: April 4, 2005

Dated this 10th day of June 2005.

Lee Mei Yee May
Acting Official Receiver


LOULAN HOLDINGS: Schedules Board Meeting June 23
------------------------------------------------
The board of directors of Loulan Holdings Limited hereby
announces that a meeting of the Board will be held at Rooms
2001-4, 20th Floor, The Broadway, 54-62 Lockhart Road, Wanchai,
Hong Kong on June 23, 2005 at 11:00 a.m. for the following
purposes:

(1) To consider and approve the un-audited first quarter results
of the Company and its subsidiaries for the three months ended
31 March 2005 and approve the draft announcement in respect of
the un-audited quarter results to be published on the GEM
website:

(2) To consider the payment of a dividend, if any;

(3) To consider the closure of the Register of Members, if
necessary; and

(4) To transact any other business.

By order of the Board
Loulan Holdings Limited
Woo Hang Lung
Chairman
Hong Kong, 13 June 2005

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


NAM FONG: Adjourns Winding Up Hearing to June 20
------------------------------------------------
Reference is made to the announcements dated May 17, 2005, May
30, 2005 and June 6, 2005 of Nam Fong International Holdings
Limited (1176) regarding a winding-up petition by Nanyang
Commercial Bank, Limited. In the hearing on June 13, 2005, the
High Court adjourned the hearing of the Petition to June 20,
2005 to grant seven days' leave to the Company for negotiating a
settlement proposal with NCB. The negotiation of settlement is
ongoing but the relevant terms and both parties have not reached
conditions. Further announcement will be made as and when
appropriate.

Investors should exercise extreme caution when dealing in the
shares of the Company.

Trading in the shares of the Company on The Stock Exchange of
Hong Kong Limited was suspended from 10:45 a.m. on February 7,
2005 at the request of the Company to the Stock Exchange pending
for the release of the announcement in relation to the winding-
up petition against the Company by NCB.

Trading in the shares of the Company on the Stock Exchange will
remain suspended pending the demonstration by the Company to the
satisfaction of the Stock Exchange that, among others, the
continuing listing of the shares of the Company is warranted.
Further announcement will be made as and when appropriate.

By Order of the Board
Tong Shi Jun
Chairman
Hong Kong, 13 June 2005

CONTACT:

Nam Fong International Holdings Limited
16/F, Dah Sing Financial Centre
108 Gloucester Road
Wanchai, Hong Kong
Phone: 25062322
Fax: 25061013


PCCW LIMITED: Returns to Wireless Biz With Sunday Buy
-----------------------------------------------------
PCCW Limited has mapped out a return to the mobile phone
business by offering HK$1.94 billion to buy Hong Kong's smallest
mobile phone operator Sunday Communications, The Standard
reports.

Analysts cautioned, though, that PCCW may face heavy capital
commitments to help Sunday roll out its third-generation (3G)
mobile service, and this could accelerate the decline of its
fixed-line business, where it is the market leader.

PCCW's share of the fixed-line voice market in Hong Kong
declined to 67 percent in 2004 from 69 percent a year earlier,
and revenues from telephony services fell 12 percent to HK$5.3
billion. However, sales of homes in its Cyberport luxury
development helped it return to a net profit of HK$1.63 billion
in 2004, following a loss of HK$6.1 billion in 2003.

Trading in both companies has been suspended on June 13.

As of December 31, 2004, the Company has total assets of HK$44.9
million while its total liabilities were HK$51.6 million,
according to Chong Hing Securities Limited.

CONTACT:

PCCW Limited
979 King's Road
39th Flr HK Telecom Tower TaiKoo Place
Quarry Bay
Hong Kong
Phone: +852 2888 2888
Fax: +852 2877 8877  
Web site: http://www.pccw.com


POMAX LIMITED: Begins Winding Up Process
----------------------------------------
Pomax Limited with registered office located at Shop No 101, On
Yam Estate, Shopping Ctr, On Yam Est, Kwai Chung, New
Territories as issued a winding up notice by the High Court of
the Hong Kong Special Administrative Region Court of First
Instance on June 1, 2005.

Date of Presentation of Petition: April 1, 2005

Dated this 10th day of June 2005.

Lee Mei Yee May
Acting Official Receiver


SEASONAL SOUND: Enters Winding Up Proceedings
---------------------------------------------
Seasonal Sound Limited with registered office located at 5A,
5/F, 29-33 High Street, Hong Kong as issued a winding up notice
by the High Court of the Hong Kong Special Administrative Region
Court of First Instance on June 1, 2005.

Date of Presentation of Petition: April1, 2005

Dated this 10th day of June 2005.

Lee Mei Yee May
Acting Official Receiver


SOUTH EAST: Creditors Meeting Fixed June 23
-------------------------------------------
Take notice that annual meetings of creditors and contributories
in South East Asia Limited (In Creditors' Voluntary Liquidation)
will be held concurrently at the office of Ferrier Hodgson
Limited, 14th Floor, Hong Kong Club Building, 3A Chater Road,
Central, Hong Kong on the 23rd day of June 2005 at 11 o'clock in
the morning, for the purpose of having accounts laid before the
creditors and members detailing the Liquidators' acts and
dealings and the conduct of the winding-up during the preceding
year, and of hearing any explanations that may be given by the
Liquidators.

Forms of general and special proxies may be obtained from the
office of Ferrier Hodgson Limited, 14th Floor, Hong Kong Club
Building, 3A Chater Road, Central, Hong Kong. Proxies to be used
at the meeting must be lodged at the office of Ferrier Hodgson
Limited not later than 4 o'clock in the afternoon on the 22nd
day of June 2005.

Dated this 10th day of June 2005

Desmond Chung Seng Chiong
Joint and Several Liquidator


SPEEDY EXPRESS: Winding Up Hearing Slated June 29
-------------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Speedy Express International Limited by the High Court of Hong
Kong was on May 4, 2005 presented to the said Court by Chan Ho
Yee Suzan of Room H, 7/F., Block 21, Richland Gardens, Kowloon
Bay, Kowloon, Hong Kong.  

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

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

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

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

Note:

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


TOKO HOLDINGS: Begins Wind-up Process
-------------------------------------
Toko Holdings Limited with registered office located at Shop 1,
8 & 9, G/F Hillwood Court, 22 Hillwood Road, Tst Kolon as issued
a winding up notice by the High Court of the Hong Kong Special
Administrative Region Court of First Instance on June 1, 2005.

Date of Presentation of Petition: April 1, 2005

Dated this 10th day of June 2005.

Lee Mei Yee May
Acting Official Receiver


ZIDA COMPUTER: Shares Trading Suspended
---------------------------------------
At the request of Zida Computer Technologies Limited, trading in
its shares will be suspended with effect from 9:30 a.m. on June
14, 2005 pending an announcement in relation to a proposed
placing and subscription of shares of the Company.

Chong Hing Securities Limited disclosed that Zida Computer
posted a net loss of HK$9.88 million in the year ended March 31,
2004, versus a net loss of HK$28.8 million a year earlier.

CONTACT:

Zida Computer Technologies Limited
28/F, Henry House
42 Yun Ping Road
Causeway Bay, Hong Kong  
Phone: 22766000  
Fax: 24560717  
Web site: http://www.zida.com


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

BARITO PACIFIC: Shuts Down Timer Plant Due to Log Shortage
----------------------------------------------------------
Operations in one of Barito Pacific's timber processing plants
in West Kalimantan were halted due to shortage of log supply,
according to Asia Pulse.

The factory has not been operating normally in the past year due
to the unsteady supply of raw materials.

The Jakarta Stock Exchange said that it will not take action by
suspending trading of Barito shares because of the suspension of
factory operation.

Barito was once Indonesia's largest producer and exporter of
plywood before it was severely hit by the 1997 Asian economic
crisis.

CONTACT:

PT Barito Pacific Timber
Jl Let jend S Parman Kav 62-63
Tower B Lt 6 - 11
Jakarta 11410, Indonesia
Phone: +62 21 530 6711
Fax:   +62 21 530 6680
Web site: http://www.ebarito.com/


PERUSAHAAN LISTRIK: Gas Deal May Yield US$257-Mln for Medco
-----------------------------------------------------------
Energy firm PT Medco Energi Internasional expects to reap around
US$256.9 million from a recently signed 11-year gas supply
contract with state electric firm PT Perusahaan Listrik Negara
(PT PLN), relates Asia Pulse.

Under the contract, Medco will supply 87.4 trillion British
thermal units (BTU) to PT PLN to feed its gas-fired power plants
in South Sumatra.

Medco is hoping to earn an additional annual income from the
contract of around US$23 million.

PLN, one of Indonesia's struggling state-owned corporations, was
able to swing to profit in 2004 with an unaudited net profit of
IDR225.95 billion, against a IDR3.56 trillion net loss the year
before.

CONTACT:

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


SAMPOERNA: Moody's Upgrades Foreign Currency Debt Rating to Ba1
---------------------------------------------------------------
Moody's Investors Service has upgraded to Ba1 from Ba3 the
foreign currency rating of the senior unsecured notes issued by
Sampoerna International Finance Co BV and guaranteed by PT
Hanjaya Mandala Sampoerna (Sampoerna).

The ratings action follows the completion of the acquisition of
Sampoerna by PT Philip Morris Indonesia, a wholly owned
subsidiary of Philip Morris International Inc., which is in turn
wholly owned by Altria Group Inc. ("Altria" rated
Baa2/negative). At the same, time, Moody's has affirmed
Sampoerna's Baa2 local currency issuer rating. The outlook for
the ratings is stable.

The upgrade of the foreign currency bond rating reflects Moody's
expectation that Altria, the new parent Company of Sampoerna and
an internationally diversified food and tobacco company, may
provide Sampoerna with stronger access to foreign currency
resources.

We believe Altria views the Indonesian market as a good growth
engine for expanding its international presence and,
accordingly, the acquisition of Sampoerna is considered
strategically important. Furthermore, the outstanding amount for
Sampoerna's senior unsecured notes of US$66 million is small
relative to Altria's investment of over US$5 billion in
Sampoerna. As a result, in case of extremis, Moody's considers
Altria as likely to be willing and able to provide Sampoerna
with foreign currency funding resources and support.

Sampoerna's Ba1 foreign currency rating incorporates
convertibility risk, and is a function of its own risk of
default (as indicated by its Baa2 local currency rating), the
probability of an Indonesian government default on its foreign
debt (as implied by its B2/positive rating), the likelihood that
the government would declare a moratorium in the event of a
default and, if it did, the chances that it would exempt a
Company such as Sampoerna. For details, please refer to Moody's
Rating Methodology, "Piercing the Country Ceiling: An Update,"
January 2005.

Moody's says that a change of Sampoerna's local currency rating
would prompt a review of its foreign currency rating.
Furthermore, evidences of a weakening in Altria's willingness
and ability to provide foreign currency funding resources and
support to Sampoerna would be negative for the foreign currency
rating.

PT Hanjaya Mandala Sampoerna, headquartered in Surabaya,
Indonesia, is one of Indonesia's leading cigarette companies,
manufacturing and marketing premium clove, or kretek, brands in
the country.

Altria Group Inc., headquartered in New York, is the world's
leading cigarette manufacturer and a major global food company.

CONTACT:

P.T. Hanjaya Mandala Sampoerna Terbuka
Jalan Rungkut Industri Raya
Surabaya, 60293
Indonesia
Phone: +62 31 843 1699
Fax:   +62 31 843 0986


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

DAIEI INCORPORATED: To Spend JPY4 Bln to Revamp System
------------------------------------------------------
Daiei Incorporated will spend JPY4 billion to upgrade the order
and inventory system for its 180 general merchandise stores,
Sify Finance reports.

The new system will allow store clerks to check goods orders,
inventories and other data on sales floors and other places
using wireless handheld terminals.

The move will help reduce staff working hours, enabling them to
spend more time with customers as well as perform other duties,
the Daiei spokesman said.

The ailing retailer will also spend JPY60 billion on store
renovations, partly through assistance from its turnaround
sponsors over the next two fiscal years.

CONTACT:

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


FUJITA CORPORATION: Wins US$911.4-Mln Debt Relief
-------------------------------------------------
Creditor banks of Fujita Corporation (TSE:1725) have agreed to
its request to forgive JPY98.9 billion (US$911.4 million) of
lending, Asia Pulse reports.

The announcement, made at a creditors meeting in Tokyo, followed
Wednesday's release of a new business rehabilitation scheme.
Central to this plan are requesting debt forgiveness from
creditors and eliminating negative net worth by issuing shares
to a fund whose investors include Goldman Sachs (Japan) Ltd.

The second-tier general contractor plunged into a negative net
worth of JPY116.3 billion at the end of fiscal 2004, partly on a
lump-sum write-off of asset valuation losses.

CONTACT:

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


JAPAN AIRLINES: Rules Out Domestic Fare Hike
--------------------------------------------
Japan Airlines (JAL) has no plan to raise domestic fares, the
Nihon Keizai Shimbun reports, citing JAL President Toshiyuki
Shinmachi.

The airline is expected to make about 60 percent less this year
than previously projected because of high fuel costs.

JAL assumed its fuel costs would average US$54 a barrel for the
financial year to March 2006, but actual costs are currently at
around US$65-70, and if prices remain at that level, JAL's full-
year profit would be eroded by JPY45 billion.

CONTACT:

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


MISAWA HOMES: Lenders Agree to Forgive JPY113-Bln Debt
------------------------------------------------------
Misawa Homes Holdings Incorporated (1722 JT) said UFJ Bank and
other lenders agreed to waive the firm's JPY113.3 billion debt,
less than the JPY120 billion it requested, according to Reuters.

The group net balance remained in the red due to restructuring
costs, losses incurred in withdrawing from unprofitable
businesses and a decline in sales.

Pretax profit fell 44.4 percent to JPY11.51 billion on a 3.3
percent slump in sales to JPY390.04 billion.

CONTACT:

Misawa Homes Co. Ltd
4-5 Takaido-Higashi 2-Chome
Suginami-Ku 168-8533, Tokyo 168-8533
Japan
Phone: +81 3 3331 1111
Fax: +81 3 5381 7830
Web site: http://www.misawa.co.jp/


MITSUBISHI FUSO: Inks Deal With Nissan Diesel
---------------------------------------------
Mitsubishi Fuso Truck and Bus Corporation had agreed to use
exhaust-cleaning technology from Nissan Diesel Motor Co. to cut
development and production costs, according to Reuters.

Mitsubishi Fuso will use parts and components used in Nissan
Diesel's Selective Catalytic Reduction technology, which uses
urea, a bulk fertilizer, to clean nitrogen oxides out of exhaust
emissions.

Details, including the value of the deal, were not available.

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: Australian Unit Wins Vectra Contract
-------------------------------------------------------
Vectra Corporation has partnered with Mitsubishi Motors
Australia Limited (MMAL) in a multi-million-dollar deal for the
Asia-Pacific IT specialist to provide infrastructure services
for the next five years.

Australian Company Vectra Corporation has been selected as the
preferred IT infrastructure partner for Mitsubishi Motors'
mainframe and more than 100 mid-range computer systems that
control vehicle assembly processes ranging from computer-aided
design to critical business activities. Vectra has assisted
Mitsubishi with its mainframe operation for the past seven
years.

The Company won the new contract against multinational
competition because of Vectra's proven track record, its
practical approach and competitive pricing.

John Vine Hall, Vectra's Manager Strategic Business, said the
Mitsubishi success demonstrated the value of the Company's
partnership approach to business. "We work beside our clients
rather than for them, which delivers long-term value to both
parties," he said. "Mitsubishi is very much focused on its
efficiency of operation, so Vectra has worked with the
Mitsubishi IT team to improve the efficiency of delivering their
IT infrastructure and resources."

According to Mitsubishi Motors Australia Ltd General Manager for
Information Systems Tony Newman, Vectra's role will be
"absolutely fundamental" to the successful production of
Mitsubishi's all new locally manufactured car, to be launched in
October.

"We have updated everything from our business processes to the
systems we use to increase quality control, parts traceability
and electronic modeling. IT plays a pivotal role in ensuring we
can track and trace the component parts from external suppliers
for our new model," he said.

"For example, many parts will be delivered in sequence at a
predetermined time before a particular vehicle reaches the
assembly line. Our IT system will trigger an order in real time
for suppliers to prepare and dispatch the exact part required
for each vehicle.

"Much of the planning for our new car is about eliminating
waste, reducing inventory and improving efficiency. Vectra has
demonstrated strong project management capabilities that offer
us the potential to improve the way we do business. We are
confident Vectra will provide us with a scalable solution that
is flexible and suited to meet fluctuating work demands."

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

This is a Company press release.


SANKEI CO.: METI OKs Restructuring Plan
---------------------------------------
The business-restructuring plan submitted by Sankei Co., Ltd.
was found to meet the requirements for structural reform and
business innovation of the Law on Special Measures for
Industrial Revitalization.

The Ministry of Economy, Trade and Industry consequently
approved the plan this month.

CONTACT:

Sankei Co. Ltd.
2-14-6 Yawata-ishizuka
Ichihara City, Chiba 290
Japan
Phone: +81 436 41-1820
Fax: +81 436 41-1845


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

DAEWOO GROUP: Ex-chief Busted Upon Return to S. Korea
-----------------------------------------------------
The former chairman of the now-defunct Daewoo Group was arrested
Tuesday, according to the Associated Press.

Kim Woo-Choong was held as he returned home six years after
fleeing the country following the Asian financial crisis in the
1997-98.

Mr. Kim was accused of falsifying Daewoo's accounts to draw huge
dollar amounts in illegal bank loans before diverting them
overseas.

The Supreme Prosecutor's Office has accused Mr. Kim of taking
US$20 billion (EUR16.58 billion) out of the country. Police
believe Kim had been traveling in Europe since leaving South
Korea, and that he acquired French citizenship.

Upon his arrival at Incheon International Airport from Vietnam,
the 69-year-old fugitive declared he will take responsibility
over the collapse of the Daewoo Group.

Mr. Kim could face up to life in prison, though given his age,
former stature in South Korea and public expression of remorse
upon arrival it's doubtful he would serve much time if
convicted.

The collapse of Daewoo and other conglomerates during the Asian
crisis forced South Korea to bail out its economy with the help
of the International Monetary Fund (IMF).

Parts of Daewoo were sold off after the collapse. Detroit-based
General Motors Corp. acquired a majority stake in the dissolved
Daewoo Motor, creating GM Daewoo in 2002.


HYNIX SEMICONDUCTOR: Moody's Assigns (P)Ba3/(P)B1 Ratings
---------------------------------------------------------
Moody's Investors Service has assigned its prospective (P)Ba3
senior implied rating and (P)B1 senior unsecured rating to Hynix
Semiconductor Inc's (Hynix) proposed bond issuance. The ratings
outlook is stable.

The bond proceeds will be utilized to refinance existing debt
due in 2006, which has received the approval of creditors for
early repayment. Moody's expects to assign definitive ratings
upon a conclusive review of the finalized documentation and the
completion of the bond issuance.

Moody's considers that the completion of the refinancing plan
will be positive for Hynix as it will remove refinancing risk
and allow it to focus on developing its core competitiveness.
Consequently, the ratings will experience downward pressure if
the exercise does not go ahead as planned.

The (P)Ba3 rating reflects Hynix's four credit strengths: (1)
position as the world's second largest DRAM manufacturer; (2)
cost competitiveness; (3) position in the fast growing NAND
flash segment; and (4) improving balance sheet and financial
flexibility.

At the same time, the rating reflect the following key
challenges: (1) unpredictable cash flow stemming from highly
volatile nature of DRAM pricing and the silicon cycle; (2)
participation in a capital-intensive industry, and which
requires massive capex requirements for technological
migrations; and (3) track record of liquidity crises and
bailouts, partially mitigated by its improved balance sheet
liquidity.

The (P)B1 bond rating further reflects the risks of legal
subordination given that over 50% of projected total debts are
secured debts.

Hynix was -- as of end-2004 -- the world's second largest
manufacturer of dynamic random access memory (DRAM) after
Samsung, competing head-on against Micron. Scale and cost
structures are both important for chipmakers as they drive
competitive positions and profitability. Hynix has demonstrated
its ability to increase market share despite its under-
investment over the last few years. The Company has been able to
utilize its 8-inch fabs and existing machinery to increase wafer
output and has leveraged its proprietary know-how to improve its
competitiveness against its peers.

Moody's also expects Hynix will remain competitive in terms of
costs per bit, given its proprietary know-how, and will continue
production with its 8-inch fabs. Moreover, additional wafer
starts and a higher number of die per wafer from its 12-inch fab
will lower its cost structure

Hynix has revitalized itself from a debt-laden Company carrying
almost KRW12.0 trillion of debt in 2000 to KRW2.0 trillion now.
Debt/Cap improved from 55% to 33%. While Moody's understands its
credit metrics can be erratic, depending on general industry
performance, its current balance sheet liquidity affords greater
financial flexibility. As a result, it can focus on enhancing
competitiveness - as opposed to de-leveraging - and as evidenced
by its heavy projected capex plan for the next few years.

Moody's recognizes that its investment of 2 fabs with ST
Microelectronics in China will enable Hynix to secure more
production with 12-inch fab and 90-nanometer chip processing
technology. It will also help resolve the issue of
countervailing duties (CVD) in the US and Europe. Moody's
understands that the DRAM to be produced in the China fab will
be exempt from CVD sanctions.

On the other hand, semiconductor companies, such as Hynix, have
high operational leverage and their operating results are very
sensitive to product pricing. DRAM products also continue to
exhibit declining ASP. While Hynix has allocated capacity for
NAND flash manufacturing and such a strategy of diversification
into non-DRAM revenue streams helps lower earnings volatility,
NAND flash also belongs to the family of memory ICs, which
exhibit price volatility.

Moody's notes Hynix lags its peers in processing technology
migration because of its several years of under-investment. As
it is now in catch-up mode, it targets an aggressive capex plan
for the next few years to build sufficient 12-inch capacity.
Although we understand Hynix will arrange standalone debt
financing for its joint venture investment in China, Hynix must
generate a strong cash flow stream in the next 2 years, in
additional to its cash balance of KRW1 trillion as of end-2004,
to sustain such large capex/investment burden. We expect the
Company to start generating positive free cash flow by 2007 when
its cost structure is further lowered with more 12-inch
capacities.

Furthermore, its investment in the 2 fabs in China involves
risks of cost over-runs and delays in completion.

Moody's says that upward rating pressure would arise if Hynix
demonstrates the ability to generate positive free cash flow and
establishes a track record for managing a stable capital
structure through the silicon cycle. A build-up in its cash
balance and the maintenance of strong balance sheet liquidity to
buffer against industry cyclicality would also be positive for
the rating.

On the other hand, the rating would undergo downward pressure
if: (1) there is a continual widening of its technology
migration gap with competitors; (2) it is unable to generate
positive free cash flow by 2007; or (3) a deterioration in its
credit metrics occurs, due to a significant industry downturn or
margin erosion, such that Debt/Cap exceeds 35%.

Hynix Semiconductor Inc, headquartered in Kyongki-do, the
Republic of Korea, is one of the world's leading memory
semiconductor manufacturers.

CONTACT:

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


JINRO LIMITED: Unionists Frown at Hite Deal
-------------------------------------------
Union members of South Korean makers of distilled liquor "soju"
protest against the acquisition of top distiller Jinro Company
Limited by beer giant Hite Brewery Co., Yonhap relates.

Labor union leader of six provincial soju makers and Oriental
Brewery Co. presented their appeal to the Fair Trade Commission
(FTC), saying the merger between Hite and Jinro is a breach of
the anti-monopoly law. The unionists feel the merger will since
threaten the survival of many workers through unfair
competition.

A labor union chief, who requested not to be identified,
affirmed that the management of other soju makers will combine
their efforts to block the acquisition.

Early this month, a consortium led by Hite has formally agreed
to pay to Jinro's creditors KRW3.41 trillion  (US$3.36 billion)
for the soju maker. The FTC is expected to release its decision
this month on whether it will approve the proposed acquisition
or not.

Jinro has been in court receivership since May 2003, but its
business performance remains strong. It posted an operating
profit of KRW221.9 billion on sales of KRW734.7 billion in 2004.

CONTACT:

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


SAMSUNG MOTOR: Creditors to File US$6-Bln Lawsuit
-------------------------------------------------
A group of creditors of collapsed Samsung Motor is suing the
Samsung Group and its chairman Lee Kun-hee for some KRW6
trillion (US$6 billion) they were owed plus interest, the
Digital Chosunilbo reports.

The group, which consists of 16 financial institutions including
Seoul Guarantee Insurance, Woori Bank and Korea Development
Bank, decided to sue for payment since their credit rights
expires this year.

Samsung has in August 1999 promised to pay the creditors around
KRW2.45 trillion and them 3.5 million unlisted shares in Samsung
Life held by Mr. Lee. The insurance firm's stock was priced at
KRW700,000 per share on the assumption that it would be listed.

Thirty-one Samsung subsidiaries including Samsung Electronics
also agreed to pay 19 percent overdue interest per annum if they
failed to pay off the debts by the end of 2000. But the debt has
not been paid off and Samsung Life has not been listed on the
Korean Stock Exchange, while its stock is being traded at
W210,000 outside the market.


SK CORPORATION: Appeals Court Grants Probation
----------------------------------------------
SK Corporation issued the following statement on the decision by
the Seoul Court of Appeals to grant probation on Chairman Chey
Tae-Won's sentence on his appeal of the June 2003 lower court
decision against him.

Dr. Kyuho Whang, SK Corp. Senior Vice President, the Head of
Corporate Relations, said: "We respect the Court's ruling which
granted him probation."

In reaching its decision, the Court said that it took the
following points into consideration.
    
The court recognized that the events that led to the charges
against Mr. Chey occurred in the process of trying to resolve
problems from the past that he inherited when he became
chairman.

The court believes that Mr. Chey did nothing motivated by self-
interest.

The court sees that Mr. Chey has made great progress in
improving the Company's corporate governance.

The court found that the losses that had been incurred have
already been recovered.
    
The court recognizes the critical role Mr. Chey continues to
play in corporate activities.
    
"Mr. Chey has continued to vigorously lead the Company as it
implements its strategic plan to grow, improve its business
performance, and create value for all shareholders.  Mr. Chey
received a vote of confidence at the 2005 Annual General Meeting
of SK Corp.  A substantial majority of shareholders voted to
accept every recommendation of the Board of Directors, including
the reappointment of Chairman Chey.  We believe this vote also
acknowledged the success and continued potential of Chairman
Chey's long-term growth strategy."
    
Results of Chairman Chey's strategy and actions include:
    
    -- SK Corp achieved an increase in Return on Equity (ROE)
from 2.8% in
       1998 when Chairman Chey took office to 24.5% in 2004.
    -- SK Corp's net debt/equity was reduced from 132% in 2001
to 73% in 2004
       and total operating profits for 2004 increased 141% over
the
       corresponding period in 2003.
    -- Under Chairman Chey's leadership, SK has adopted
corporate governance
       initiatives which are recognized as among the strongest
in Korea.
    
About SK Corporation

SK Corporation is the leading energy company in Korea and is the
world's second largest single oil refinery.  Established in
1962, SK Corporation has established operations in a number of
core areas, including petroleum, petrochemicals, lubricants and
exploration & production.  The Company, which employs 4,931
staff worldwide, is headquartered in Seoul with offices around
Europe, the U.S. and Asia.
    
SK Corporation continuously seeks to maximize investment
efficiency and to increase return to its shareholders, investors
and employees to the greatest extent possible.  SK Corporation
is also focused on securing its position as the most valuable
Company in Korea -- a successful value innovative Company, a
Company its employees are proud of, and a Company respected by
the community.
    
CONTACT:

SK Corporation
99, Seorin-dong, Jongro-gu,
Seoul 110-110, Korea
Phone: +82-2-2121-5114
Fax: +82-2-2121-7001
Web site: http://eng.skcorp.com/


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

ASIAN PAC: Purchases 121,000 RCSLS
----------------------------------
The Board of Directors of Asian Pac Holdings Berhad advised
Bursa Malaysia Securities Berhad (BMSB) that between May 31,
2005 to June 10, 2005, the Company has purchased a total of
121,000 Redeemable Convertible Secured Loan (RCSLS) 2000/2005 of
nominal value of RM1.00 each at a total consideration of
RM42,613.02 equivalent to an average price of RM0.352 each.

CONTACT:

Asian Pac Holdings Berhad
6 Lorong P Ramlee
Kuala Lumpur,
Kuala Lumpur 50250
Malaysia
Phone: +60 3 2070 5152
Fax:   +60 3 2070 5195


KUB MALAYSIA: Bourse Lists, Quotes Additional Shares
----------------------------------------------------
KUB Malaysia Berhad (KUB) announced that its additional
10,741,651 ordinary shares of RM1.00 Each (New Shares) issued
pursuant to Scheme of Arrangement Under Section 176 of the
Companies Act, 1965 between A&W (Malaysia) Sdn Bhd, a wholly
owned subsidiary of KUB and its Scheme Creditors has been
granted listing and quotation at Bursa Malaysia Securities
Berhad with effect from 9:00 a.m., Monday, June 13, 2005.

CONTACT:

KUB Malaysia Berhad
No. 6, Block H, Jalan 65C
Off Jalkan Pahang Barat
53000 Kuala Lumpur
Malaysia
Phone: 03-421 4121
Fax: 03-423 3090


METROPLEX BERHAD: Default Figure Hits RM1,686,251,291.00
--------------------------------------------------------
Further to the announcement dated 13 May 2005 on PN1, Metroplex
Berhad provided Bursa Malaysia Securities Berhad an update on
the status in default in payment of MB Group's various loan
facilities as at May 31, 2005 as set out in Table A attached.

The estimated amount of default (principal and interest) as at
31 May 2005 is RM1,686,251,291.00

Currently, MB is in negotiations with its lenders on the
Proposed Composite Schemes of Arrangement (Proposed Scheme),
which will essentially address the default in payment. Upon the
finalization of the Proposed Scheme, an announcement will be
made to Bursa Securities.

This announcement is dated 13 June 2005.

To view a copy of Table A, click
http://bankrupt.com/misc/MetroplexBerhadTableAPN1.xls

CONTACT:

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


METROPLEX BERHAD: To Hold AGM July 6
------------------------------------
Notice is hereby given that the Forty-Second Annual General
Meeting of Metroplex Berhad will be held at Ballroom 1, 9th
Floor, The Legend Hotel, Putra Place, 100 Jalan Putra, 50350
Kuala Lumpur on Wednesday, July 6, 2005 at 2:30 p.m. for the
purpose of transacting the following businesses:

AGENDA

As Ordinary Business:

(1) To receive and adopt the Audited Financial Statements for
the financial year ended January 31, 2005 together with the
Reports of the Directors and Auditors thereon. (Resolution 1)
  
(2) To approve the payment of Directors' fees for the year ended
January 31, 2005. (Resolution 2)
  
(3) To re-elect Mr. Chan Teik Huat who retires pursuant to
Article 99 of the Company's Articles of Association. (Resolution
3)
  
(4) To re-elect Mr. Lee Seng Huat who retires pursuant to
Article 99 of the Company's Articles of Association. (Resolution
4)
  
(5) To re-appoint YBhg Dato' Dr Yahya bin Ismail who retires
pursuant to Section 129(6) of the Companies Act, 1965.
(Resolution 5)
  
(6) To appoint Messrs BDO Binder as Auditors of the Company in
place of the retiring Auditors, Messrs P. C. Chan & Partners and
to authorize the Directors to fix their remuneration. Notice of
Nomination pursuant to Section 172(11) of the Companies Act,
1965, a copy of which is annexed to the Annual Report 2005 and
marked Annexure A has been received by the Company for the
nomination of Messrs BDO Binder, who have given their consent to
act, for appointment as Auditors of the Company and of the
intention to propose the following Ordinary Resolution:

"THAT Messrs BDO Binder be and are hereby appointed as Auditors
of the Company in place of the retiring Auditors, Messrs P. C.
Chan & Partners, to hold office until the conclusion of the next
Annual General Meeting at a remuneration to be determined by the
Directors." (Resolution 6)

To view a full copy of the notice, click
http://bankrupt.com/misc/METROPLEXBERHAD.doc


PAN PACIFIC: Issues Default Details
-----------------------------------
On behalf of the Board of Directors of Pan Pacific Asia Berhad
(PPAB) the Company issued the details of Default in Payment as
at May 31, 2005 of PPAB and its subsidiaries in accordance with
the Practice Note 1/2001.

The Company also informed the bourse that there are no material
changes in PPAB's status of default from the date of the last
announcement until May 31, 2005.

To view a full copy of the document, click
http://bankrupt.com/misc/PanPacificdefaultpaymentmay05.xls

CONTACT:

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


PANTAI HOLDINGS: Purchases 200,000 Shares on Buyback
----------------------------------------------------
Pantai Holdings Berhad issued to Bursa Malaysia Securities
Berhad a share buy back notice with the following details:

Date of buy back: June 13, 2006

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

Total number of shares purchased (units): 200,000

Minimum price paid for each share purchased (RM): 0.980

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

Total consideration paid (RM): 197,948.08

Number of shares purchased retained in treasury (units): 200,000

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

Cumulative net outstanding treasury shares as at to-date
(units): 33,451,800

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/


PSC INDUSTRIES: To Dispute AmFinance's Demand
---------------------------------------------
The Board of Directors of PSC Industries Berhad (PSCI) informed
Bursa Malaysia Securities Berhad (BMSB) that the Company and its
wholly owned subsidiary, Penang Shipbuilding & Construction Sdn
Bhd (PSC) have received letter of demand from AmFinance Berhad
(AmFinance) on June 11, 2005 demanding repayment of an aggregate
amount of RM7,576,022.95 as at March 2, 2005 in relation to the
Hire Purchase facilities granted to PSC.

PSCI and PSC will reply to AmFinance to dispute the said demand.

This announcement is dated 13th June 2005.

CONTACT:

PSC Industries Berhad
Jalan Bukit Nanas
Kuala Lumpur, 50250
Malaysia
Phone: +60 3 201 6516
Fax: +60 3 232 6214


PUNCAK NIAGA: To List Extra 8,000 Ordinary Shares
-------------------------------------------------
Puncak Niaga Holdings Berhad advised the Bursa Malaysia
Securities Berhand (BMSB) that its additional 8,000 new ordinary
shares of RM1.00 each issued pursuant to the Employees' Share
Option Scheme will be granted listing and quotation with effect
from 9:00 a.m. Thursday, June 16, 2005.

CONTACT:

Puncak Niaga Holdings Berhad
Suite 1401-1406, 14th Floor
Plaza See Hoy Chan
Jalan Raja Chulan
50200 Kuala Lumpur
Malaysia
Phone: 03-20318648
Fax: 03-20784386
Web site: http://www.puncakniaga.com.my


TELEKOM MALAYSIA: Declares Dividend for Redeemable Shares
---------------------------------------------------------
Telekom Malaysia Berhad refers to its announcement made to the
Bursa Malaysia Securities Berhad (BMSB) dated December 30, 2003
on the issuance of:

(I) RM2,983.5 million nominal value Redeemable Unsecured Bonds
(Telekom Bonds) by Telekom (Proposed Telekom Bonds Issues)
comprising:

- RM1,983.5 million nominal value 10-year Redeemable Unsecured
Bonds (Telekom Bonds Tranche 1); and

- RM1,000 million nominal value 15-year Redeemable Unsecured
Bonds (Telekom Bonds Tranche 2)

(II) 2,000 Redeemable Preference Shares (RPS) of RM0.01 each
(Telekom RPS) comprising:

- 1,000 Class A RPS of RM0.01 each (Telekom RPS A) at an issue
price of RM1.00 each; and

- 1,000 Class B RPS of RM0.01 each (Telekom RPS B) at an issue
price of RM1.00 each

The Company is pleased to announce dividends in respect of:

(i) Telekom RPS A, a gross dividend of RM85,875,252.10 or
RM85,875.25 per RPS (net dividend of RM61,830,181.51 or
RM61,830.18 per RPS). This represents a gross dividend rate of
8,587,525.21% per RPS (net dividend rate of 6,183,018.15% per
RPS); and

(ii) Telekom RPS B, a gross dividend of RM36,358,447.49 or
RM36,358.45 per RPS (net dividend of RM26,178,082.19 or
RM26,178.08 per RPS). This represents a gross dividend rate of
3,635,844.75% per RPS (net dividend rate of 2,617,808.22% per
RPS).

The net dividend on Telekom RPS A represents interest payable on
the Telekom Bonds Tranche 1 for the six (6) months ending 30
June 2005.

The net dividend on Telekom RPS B represents interest payable on
the Telekom Bonds Tranche 2 for the six (6) months ending 30
June 2005.

The entitlement date for the above dividends is June 13, 2005.

This announcement is dated 13 June 2005.

CONTACT:

Telekom Malaysia Berhad
Level 51, North Wing, Menara Telekom
Off Jalan Pantai Baharu
50672 Kuala Lumpur
Malaysia
Phone: +60-3-2240-9494
Fax:   +60-3-2283-2415
Web site: http://www.telekom.com.my


TELEKOM MALAYSIA: Parent's Transaction with IDEA Lapses
-------------------------------------------------------
Telekom Malaysia Berhad (TM) informed Bursa Malaysia Securities
Berhad that the proposed acquisition by TM International, a
wholly owned subsidiary of TM, as part of a consortium with ST
Telemedia (the Consortium), of 47.7 percent of the enlarged
equity interest in IDEA has lapsed in accordance with the terms
of the transaction documents.

The proposed transaction has lapsed as approvals from the
Department of Telecommunications and the Foreign Investment
Promotion Board of India required for the proposed acquisition
were not obtained by June 11, 2005 being the latest date
specified in the transaction documents.

TM is currently reviewing all its available options in respect
of its investment strategy in India and the region.

This announcement is dated 13 June 2005.


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

BENPRES HOLDINGS: Clarifies Assets Sale Report
----------------------------------------------
Benpres Holdings Corporation issued this announcement in
reference to the news article entitled "Benpres to unload MNTC,
Bayantel, Medical City" published in the June 10, 2005 issue of
the Philippine Daily Inquirer.

The article reported in part that "BENPRES HOLDINGS Corp., the
flagship Company of the Lopez family with interests in media and
power distribution, is selling some of its prime assets to help
ensure cash flow and cut down its $403-million debt. Following
its stockholders' meeting yesterday, Benpres president Angel Ong
said the Company is looking to dispose...its stakes in Medical
City and Bayan Telecommunications Inc. (Bayantel).

"Benpres' stake in Bayantel will be diluted once Bayantel's debt
restructuring is fully implemented. The final equity dilution
has yet to be known. In the same stockholders' meeting, Benpres
director and ABS-CBN Broadcasting Corp. chair Eugenio Lopez III
said that there is also a chance a big telecommunications firm
may buy Bayantel. He did not name the possible investors, but
sources pointed to the Philippine Long Distance Telephone Co.
and Globe Telecom Inc. as some of the companies that have been
eyeing the firm.

"There are no discussions over the sale of Bayantel at present.
Benpres also expects to book income of at least P1 billion this
year when it reflects as income Maynilad Water Services' P1.4
billion and P2.6 billion worth of other provisions for interest
payments."

Benpres Holdings Corporation (BPC), in its letter dated June 10,
2005, informed the Exchange that:

1) Non-core assets of Benpres have been considered for sale
since June 2002 to support its Balance Sheet Management Plan;

2) The sale of Customer Contact Center, Inc. in July 2003 was
part of this plan;

3) There are no current discussions with any party for the sale
of Bayantel nor of Medical City;

4) While several parties have expressed interest to buy
Benpres's equity stake in Manila North Tollways Corporation, we
are prohibited by confidentiality agreements from disclosing
their indentities until such time that we entertain a firm
offer; and

5) Accounting rules allow Benpres to reverse over-provisions for
previous years' losses from its investment in Maynilad. This
overprovision is approximately P1.4 billion.

For your information.

(Original Signed)
MA. PAMELA D. QUIZON

Noted by:

(Original Signed)
JURISITA M. QUINTOS
Senior Vice President

CONTACT:

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


MANILA ELECTRIC: Seeks SC Support on Price Hike
-----------------------------------------------
Cash-strapped Manila Electric Company (Meralco) has requested
the Supreme Court to uphold its proposed price increase,
BusinessWorld reports.

The power utility firm is asking the court to review the
dismissal of its appeal to permit the 17-centavo per
kilowatthour hike in its basic power rate.

Meralco admitted to the court that it was guilty of procedural
lapses in a filing its appeal, but explained that this was
unintentional.

The Supreme Court resolved on May 16 that Meralco has failed to
submit a valid certification of non-forum shopping as well as
proved that its officials were duly authorized to file the
appeal.

Meralco had sought the reversal of the January 2005 ruling by
the Court of Appeals against the price increase.

The Court of Appeals ruled against the Meralco price increase,
claiming that regulators failed to conduct the required audit of
Meralco's books and accounts

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: ERC Will Take Time to Decide on Rate Hike
----------------------------------------------------------
The Energy Regulatory Commission (ERC) admitted that it will
take more time to review and decide on Manila Electric Company's
(Meralco) 14.76 centavos per kilowatthour (kwh) rate hike
petition, The Philippine Star reports.

ERC Chairman Rodolfo Albano Jr. said the decision on the merits
of the case will be extended, in a bid to avoid similar issues
like that of the previous rate hike petition that was blocked by
the Supreme Court.

Mr. Albano said under the rules, they have 75 days after the
filing of the petition to give a provisional authority and one
year to come up with a final decision.

Meanwhile, Mr. Albano said the ERC is in the process of drafting
new rules for the conduct of orderly public hearings and
consultations on power and energy issues.

A five-day seminar on best practices on this matter was recently
concluded to help the ERC in drafting the guidelines. The
seminar was funded through a United States Agency for
International Development (USAID) technical grant and was
facilitated by a group of experts from the National Judicial
College of the U.S.

Based on the draft guidelines, the ERC proposed to conduct a
preview of the hearing, which will allow the commissioners to
screen the oppositors and the witnesses before they join the
public hearings. The commission will ask the oppositors to
submit their respective formal written opposition papers before
they would be allowed to participate in the public hearings.


NATIONAL BANK: Government Sets Floor Price for Stocks
-----------------------------------------------------
The 67-percent stake in Philippine National Bank (PNB) jointly
held by the National Government and tycoon Lucio Tan was
recently given a floor price of Php43 per share, relates The
Philippine Star.

The Privatization Council and the Philippine Deposit Insurance
Corporation (PDIC) approved the Php45-floor price, which is Php3
more than the Php40 per share price Mr. Tan paid the government
when it took over the bank in 2002.

According to the Department of Finance (DOF), the floor price
was based on the valuation made by the ING Bank NV. The
government has hired ING as financial adviser for the
transaction.

The floor price will be the minimum bid price for the shares of
both the government and Mr. Tan's camp when it is sold jointly.

The Tan Group has already been informed of the floor price and
they have 15 days to either accept or reject the floor price or
to exercise their right of first offer.

Both parties had agreed to sell at least 67 percent ownership in
PNB but Mr. Tan had the option to make the first offer.

The government has decided to sell its interests in PNB before
September this year, drumming up interests for its holdings in
the bank which represents a 45 percent voting right held by the
PDIC.

The government's remaining shares in the PNB was estimated to
generate between Php9 billion and Php15 billion for the national
coffers

CONTACT:

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


NATIONAL POWER: Masinloc Buyer Complies with Bond Requirements
--------------------------------------------------------------
The buyer of National Power Corporation's (Napocor) 600-megawatt
Masinloc coal-fired power facility has already complied with
requirements, according to The Manila Bulletin.

YNN Holdings's move paves the way for its initial US$9.0 million
bond deposit to be advanced to the level of performance bond
which necessitates it to be jacked up to US$11.0 million.

An industry source confirmed YNN has already complied and the
bond deposit was already turned into a performance bond.

As requirements on the completion of asset sale and turnover are
being worked on, YNN has noted that they are already getting
ahead on negotiations with targeted buyers of the plant's
output.

Since YNN has already complied with the initial requirements,
YNN would be required to settle an upfront cash payment of
US$223 million at least within 270 days from the effectivity of
transaction date. This represents 40-percent of the bid price.
The remaining 60-percent would be treated as a "privatized debt"
due for settlement over seven-year stretch.

The Masinloc sale has been plagued with controversies. Industry
players and lawmakers have questioned YNN's financial capacity
to make good its bid for the power facility.

CONTACT:

National Power Corporation
Quezon Ave., East Triangle, Diliman
Quezon City, Metro Manila, Philippines
Phone: +63-2921-3541
Fax:   +63-2921-2468
Web site: http://www.napocor.gov.ph/


PHILIPPINE GLOBAL: APC Stockholders Approve Sale
------------------------------------------------
Stockholders of APC Group, Inc. have accepted the offer of Fiber
Telecom Group to buy the investment firm's stake in losing
telecom unit, Philippine Global Communications (PhilCom),
BusinessWorld reports.

The APC board has decided to accept the offer made by Fiber
Telecoms to purchase (APC's) shares in PhilCom for the purchase
price of Php1 subject to the details of the finalization of the
transaction which will be embodied in the documents to be
executed by the parties.

Fiber Telecom was the only firm that offered to buy PhilCom.
While the sale price may seem cheap, the transaction will
actually ease APC of the Php5.3-billion liabilities of PhilCom,
which has burdened the holding firm's books.

APC earlier said the sale of its stake in PhilCom is expected to
improve its net worth by over Php4 billion. It holds 241,929
million shares representing a 40% stake in PhilCom.

APC has been planning to divest its stake in PhilCom but it
deferred the sale in 1999 to allow the telco to restructure its
debts. The APC board decided to finally sell its stake during a
March 9 board meeting as per the advice of its finance advisor.

APC Group trimmed its net loss by 76.46 percent to Php41.8
million in the first quarter from Php177.6 million the same
period in 2004, citing PhilCom's foreign exchange gain on its
dollar-denominated obligations.

CONTACT:

APC Group Inc.
Phone: 63 2 845 0614
Fax: 63 2 845 0259


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

ANGULLIA INVESTMENTS: Proofs of Claim Due July 11
-------------------------------------------------
Notice is hereby given that the creditors of Angullia
Investments Pte Ltd (Members' Voluntary Winding Up), which is
being wound up voluntarily, are required on or before July 11,
2005 to send in their names and addresses and the particulars of
their debts or claims, and the names and addresses of their
solicitors (if any), to the liquidator, c/o 47 Hill Street, #05-
01 Chinese Chamber of Commerce & Industry Building, Singapore
179365.

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

Kwa Bing Seng
Liquidator
10th June 2005


CHINA AVIATION (S): Lone Singaporean Defendant Posts Bail
---------------------------------------------------------
The only Singaporean among the five officials involved in the
China Aviation Oil (S) Corp. Ltd. (CAO) scandal has posted a
SG$250,000 bail, Channel News Asia reports.

Peter Lim, who faces five counts of cheating and falsifying
statements was the last to post bail and is required to report
to the Commercial Affairs Department every weekday.  

Last Friday, suspended CAO chief Chen Julin posted a SG$2
million bail. Mr. Chen arrived some 10 minutes after CAO's
chairman Jia Chiangbin and non-executive director Li Yongji. The
three officials are also required to report to the Commercial
Affairs Department at 10:00 a.m. every Wednesday.

Another CAO official Gu Yanfei, is currently in the U.S. to meet
investors and is expected to return to Singapore on Saturday.

Mr. Lim and Mr. Chen are to appear in court again on June 17,
while Mr. Jia, Ms. Gu and Mr. Li will have their case mentioned
on June 23.

CAO rocked the investment community when it announced losses of
some US$550 million last November.

CONTACT:

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


CHINA AVIATION (S): Court Drops SK Judicial Management Petition
---------------------------------------------------------------
China Aviation Oil (S) Corp. Ltd. announced that it has
successfully obtained the Court's sanction of its Scheme of
Arrangement which was approved by its creditors during the
Creditors' Meeting on 8 June 2005.

Accordingly, the High Court also granted leave for the judicial
management petition presented by SK Energy Asia Pte Ltd to be
withdrawn.


DIGILAND INTERNATIONAL: Commences Sale, Purchase Agreement
----------------------------------------------------------
The directors of Digiland International Limited (Digiland
International) advised the Singapore Stock Exchange (SGX) that
on June 11, 2005 it entered into a conditional sale and purchase
agreement (the Agreement) with Jimmy D. Go (the Purchaser), for
the sale by Digiland International to the Purchaser of its
entire shareholding in MSI-Digiland (Phils), Inc. (Digiland
Philippines) and an assignment to the Purchaser, of the book
receivables from Digiland Philippines and Microcircuits Corp. (a
Company linked to the Purchaser) in the records of the Company
as at January 31, 2005.

Digiland International's entire shareholding in Digiland
Philippines is 2,721,715 common shares of Php100 each which
constitutes approximately 87.88% of the total issued share
capital of Digiland Philippines (the Sale Shares).

The Purchaser is the other existing shareholder of Digiland
Philippines. The sale of the Sale Shares constitutes part of the
proposed Scheme of Arrangement with creditors and is subject
among other things, to the approval of the Company's
shareholders and the approval of the Scheme by the scheme
creditors.

Information on Digiland Philippines

Digiland Philippines is a distributor of information technology
products and provider of information technology services in the
Philippines.

Consideration

The consideration for the Sale Shares and the assignment of the
book receivables is US$3,353,908.25, arrived at after arms'
length negotiations on a willing-buyer and willing-seller basis.
The Purchaser will pay the consideration in four instalments, of
which the first installment of US$100,000 upon the signing of
the Agreement has been received.

The final installment is expected to be received upon completion
which, subject to the fulfillment of certain conditions
precedent, is expected to be within the next 12 months.

To view a full copy of the press release, click
http://bankrupt.com/misc/AnnouncementDGPsale130605.pdf

CONTACT:

Digiland International Limited
31 Ubi Road 1
#02-00 Aztech Building
Singapore 408694
Telephone: 65 67889898
Fax: 65 63691613
Web site: http://www.digiland.com.sg


DIGILAND INTERNATIONAL: Updates Scheme of Arrangement
-----------------------------------------------------
Digiland International Ltd. issued to the Singapore Stock
Exchange (SGX) the details of its Scheme of Agreement with
Scheme creditors.

(1) Further to the announcements dated February 11, 2005 and May
6, 2005 the directors of Digiland International Limited
(Digiland International) announced that it posted to the scheme
creditors a proposed scheme of arrangement and an explanatory
statement (in compliance with Section 211 of the Companies Act,
Chapter 50 of Singapore).

It will advertise on June 14, 2005 in the Business Times and
Lianhe Zaobao the meeting of the scheme creditors.

Principal terms of scheme

(2) The Company will divide each claim of a scheme creditor into
two parts:

(2.1) A serviceable loan (to be serviced during the scheme
period); and

(2.2) A convertible two-year bond which the Company will convert
into new shares.

Amount payable under serviceable loan

(2.3) The Company estimates that the aggregate amount payable to
all scheme creditors under the serviceable loan is US$7,198,000.

(2.4) For the serviceable loan, the Company will pay
US$1,948,000 to the scheme creditors pro rata in 24 equal
installments. The Company will pay the first installment within
five business days after the effective date of the scheme. If
the effective date is less than five business days before August
31, 2005 the Company must pay the 1st installment no later than
August 31, 2005.

The Company will pay each subsequent installment on or before
the last day of each subsequent month.

(2.5) For the remaining US$5,250,000 of the serviceable loan,
the Company expects to derive the funds from the sale of some of
its assets. It will pay the proceeds from the sale of these
assets when it receives the proceeds and subject to the Company
obtaining the approval from its shareholders for the sale of
such assets (if necessary) or a waiver from the Singapore
Exchange Securities Trading Limited.

Click to view a full copy of the announcement
http://bankrupt.com/misc/DigilandInternationalscheme130605.pdf


FHTK HOLDINGS: New Shares' Listing Commences June 14
----------------------------------------------------
The Directors of FHTK Holdings Ltd. advised the Singapore Stock
Exchange (SGX) that a copy of the Order of the High Court
confirming the Capital Reduction Exercise has been lodged with
the Accounting and Corporate Regulatory Authority. Accordingly,
the capital reduction is now effective.

The listing and quotation of the New Shares with a reduced par
value of SG$0.005 each on the SGX-ST will commence from 9:00
a.m. on June 14, 2005 in place of the Shares with the original
par value of SG$0.05.

Capitalized terms not otherwise defined in this Announcement
shall have the same meanings ascribed to them in the Circular to
Shareholders dated April 15, 2005.

By Order of the Board

CONTACT:

FHTK Holdings Limited
20 Harbour Drive #06-02
PSA Vista
Singapore 117612
Telephone: 65 67795688
Fax: 65 67773960


INFORMATICS HOLDINGS: Unit to Sell Land Properties
--------------------------------------------------
The Board of Directors of Informatics Holdings Ltd. informed the
Singapore Stock Exchange (SGX) that Informatics Inc. (IINC), a
wholly owned subsidiary incorporated in Delaware, the United
States of America (USA), has on April 2, 2005 entered into an
Asset Purchase Agreement with Salem International University
Inc. a non-profit corporation incorporated in West Virginia, USA
(the University), and Salem International University LLC
incorporated in Delaware, USA (the Buyers), to sell all those
certain tracts or parcels of land, together with all buildings
situate in Greenbrier District, Doddridge County and Harrison
County, West Virginia, USA (Assets) owned by IINC for a
consideration of US$500.00 (approximately SG$830,250) to be
satisfied in cash (the Divestment).  The Divestment was
completed on June 11, 2005.

(A) Background information and Rationale for Divestment

In June 2001, the Company and its subsidiaries (collectively the
Group) through IINC acquired the Assets comprising of land and
the main campus of the University, a non-profit private college
located in West Virginia, USA.  The Group's total investment in
the University and advances provided to the University amounted
to SG$15.8 million which has been fully impaired as at March 31,
2005.

In light of the continued poor financial performance of SIU, the
Group has decided to make the Divestment and exit its strategy
in developing its presence in the USA through the University.  
This is consistent with the Group's action plan to rationalise
its loss-making entities.

CONTACT:

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


LIANG HUAT: Bourse Denies Request for Extension of AGM
------------------------------------------------------
Liang Huat Aluminium Limited informed the Singapore Stock
Exchange (SGX) that further to a written request to the SGX-ST
on May 18, 2005 for a further extension of time to hold its AGM,
the Exchange has subsequently replied on June 13, 2005 to inform
of their decision not to grant the Company the same.

In view of the above, the Company will strive to convene the AGM
as soon as practicable. A specific date will be advised
separately. The delay has been due to the factors causing delay
in the release of the full year unaudited results as mentioned
in earlier announcements, as well as the knock-on effects the
delay had on the timing in the finalization of the audit in
preparation of the audited financial statements to be enclosed
in the Annual Report.

With reference to our March 31, 2005 announcement, a request was
duly submitted to ACRA on April 1, 2005 in relation to our
application for extension of time to hold our AGM. The approval
is currently pending, with certain conditions requested by ACRA
currently being addressed by the Company.

Further to the previous announcements on the recent
developments, the Company confirms that it is not aware of any
information that will have a material bearing on investors'
decision which has yet to be announced.

Upon the eventual conclusion of the forthcoming AGM, a review
will be conducted by the Board of Directors of the recent events
leading up to the delay in holding the AGM and necessary
preventive measures will be taken to ensure that future AGMs
would be held within the stipulated timeframe.

CONTACT:

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


UNITED FIBER: Outstanding Loan Stands at $5.8Mln
------------------------------------------------
Further to the announcements dated December 7 and 28, 2004 the
Board of Directors of United Fiber System Ltd (UFS) announced to
the Singapore Stock Exchange (SGX) that the Company has on June
7, 2005 issued an Advance Notice for S$1,000,000 to Cornell
pursuant to the Equity Line (the Advance) as partial repayment
of the $7.5 million Loan Note. With this repayment, $5.8 million
of the Loan Note has been repaid.

Following the 3-day pricing period, the exercise price for the
Advance has been determined to be SG$0.3618, which is not lower
than 94 percent of the volume weighted average price of the
Company's shares traded on June 6, 2005 of SG$0.3408.

To expedite the settlement of shares under the Advance, the
Company shall borrow 2,763,957 shares from its controlling
shareholder, Tektronix Industries Limited (Tektronix), to
deliver to Cornell. Tektronix will not receive any financial
benefit, directly or indirectly, from such arrangement.

Save as disclosed above, none of the Directors, controlling
shareholders or substantial shareholders of the Company has an
interest, direct or indirect, in the above transactions.

By Order of the Board
Kishore Dass
Chief Executive Officer
13 June 2005    

CONTACT:

United Fiber System Limited
(formerly: Poh Lian Holdings Limited)
103 Defu Lane 10
Poh Lian Building 1
Singapore 539223
Telephone: 65 62846006
Fax: 65 62840074
Web site: http://www.ufs.com.sg


WANT WANT HOLDINGS: Incorporates New Unit
-----------------------------------------
The Board of Directors of Want Want Holdings Ltd informed the
Singapore Stock Exchange (SGX) that it has incorporated the
following wholly owned subsidiaries in the People's Republic of
China:

No.: i

Name of Subsidiary: Xinjiang Want Want Foods Ltd

Place of Incorporation: Xinjiang Shihezi Economic and
Technological Development Zone

Registered Capital: US$2.5 million

Principal Activities: Manufacturing, processing and distribution
of baked food products and other related products.

The above transaction is not expected to have any material
impact on the net tangible assets or earnings per share of the
Company for the financial year ending 31 December 2005.

None of the Directors or substantial shareholders of the Company
has any interest, direct or indirect, in the aforesaid
transactions.

Submitted by
Adams Lin Feng I
Group Vice President
Director
13 June 2005

CONTACT:

Want Want Holdings Ltd
400 Orchard Road #17-05
Orchard Towers
Singapore 238875
Telephone: 65 62251588
Fax: 65 62211588
Web site: http://www.want-want.com


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

KRUNG THAI: Completes Sale of Unit Shares
-----------------------------------------
Krung Thai Bank Public Company Limited informed the Stock
Exchange of Thailand (SET) that it has completed selling the
700,000 ordinary shares of Krung Thai Auto Lease Co. Ltd. as
described below:

Transaction Date: 10 June 2005

Transaction Asset: Ordinary shares of Krung Thai Auto Lease Co.
Ltd.

Objective: To divest investment in Krung Thai Auto Lease Co. Ltd

Type of Business: Auto Leasing

Registered and paid-up Capital: THB200,000,000 divided into
2,000,000 ordinary shares at par value THB100 per share

Number of shares sold: 700,000 ordinary shares

Selling Price: At THB300 per share

Value of Transaction: THB210,000,000

Percentage of shares: After this transaction KTB is no longer a
shareholder of Krung Thai Auto Lease Co. Ltd.

This transaction is not regarded as transaction of acquisition
or disposal of the assets of a listed Company according to the
specified criteria and as the scope of connected transaction of
a listed Company.

The Company appreciates your kind acknowledgement of the
abovementioned matter and for taking the process on your part
relevant to this matter.

Sincerely yours,

For Krung Thai Bank Public Company Limited
Mr. Suwit Udomsab
Senior Executive Vice President
Capital Markets Department
Telephone: 0-2208-3052

CONTACT:

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

THAI PETROCHEMICAL: Founder Hikes Offer to Buy 75% Stake
--------------------------------------------------------
The founder of Thai Petrochemical Industry PLC (TPI), Prachai
Leophairatana and China International Trust & Investment Co.
offered to buy 75% of the shares held by creditors at THB5 a
share, Business Day reports.

Mr. Prachai's offer beat the current price of THB3 a share
offered under a finance ministry-broked state buyout which
involves issuing new shares.

"The creditors of Thai Petrochemical will certainly receive the
payment of both debt principal and incurred loan interest,"
Business Day quoted Mr. Prachai as saying. "Meanwhile, the
debtor will regain the Company."

Mr. Prachai and other minority shareholders, who own about 25
percent of TPI shares have entered into a memorandum of
understanding with CITIC in a bid to repay $2.7 billion of debt
to creditors and regain control.

A CITIC unit said the completion of the agreement it signed with
Mr. Prachai is conditional on the Thai Court's approval and due
diligence of TPI's business.

If the court and creditors accepts Mr. Prachai and CITIC's
proposal, it would overthrow the current agreement arranged by
the finance ministry to sell Thai Petrochemical at a discount to
state-controlled companies, led by PTT Plc, the country's
biggest energy group.  The court is expected to hand out the
decision on June 27

CONTACT:

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

THAI PETROCHEMICAL: Taps KIM Eng to Manage Stake Sale in Unit
-------------------------------------------------------------
Thai Petrochemical Industry PCL (TPI) picks KIM Eng Securities
(Thailand) as financial advisor on the disposal of its 30
percent stake in TPI Polene PCL, Business Day relates, citing
TPI's debt administrator.

Kim Eng was chosen to lead the sale because it proposed the
lowest fee at 0.25 percent of the transaction.  TPI expects to
raise $250 million from the auction. Proceeds will be used to
repay TPI's existing debt.

Last week a management team source said the offer price for the
249 million shares should not be lower than THB40 each and
indicated that the proceeds would be used to pay down some of
TPI's massive debt.

In a disclosure to the Stock Exchange of Thailand (SET), TPI
said it has to urgently proceed with the disposal of the TPI
Polene Plc. shares before the rehabilitation plan's completion
on November 10, 2005.




                            *********


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

Troubled Company Reporter -- Asia Pacific is a daily newsletter
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Copyright 2005.  All rights reserved.  ISSN: 1520-9482.

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