---

        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

             Thursday, June 16, 2005, Vol. 8, No. 118

                            Headlines

A U S T R A L I A

A.C.N. 077 690 978 PTY: To Pay Dividend June 21
ADMIN SUPPORT: To Convene Final Meeting June 21
AUSTRAL COATINGS: Liquidator to Lay Account of Winding Up
AURA COMMERCIAL: Final Meeting Slated for June 22
BARRY CARNEGIE: To Declare Dividend June 30

CUBE CAPITAL: Decided Not to Pursue IT Buy
CURRA PTY: Sets June 17 as Final Meeting Date
FLETCHER ALUMINIUM: Fixes June 20 as Final Meeting Date
FORTESCUE METALS: Lines Up New Partner
GOLDWOOD PTY: To Hold Final Meeting June 20

HATS CIVIL: Court Issues Winding Up Order
HATS ENTERPRISES: Served with Winding Up Order
INTELLECT HOLDINGS: Downgrades 2005 Profit; Replaces Chairman
JAPAUL PTY: To Pay Dividend July 10
J PRITCHARD: Liquidator to Report on Winding Up

LIDONO PTY: Final Meeting Slated for June 21
MERINO MOTEL: Members Pass Resolution to Wind Up Company
MIAMI DEVELOPMENTS: Names D.G. Scott as Liquidator
MUNICHRE OF AUSTRALIA: Members Agree to Wind Up Company
QUANTUM ELECTRICAL: Members to Meet June 20

PURE NEW ZEALAND: Liquidation Likely as Cash Woes Worsen
QANTAS AIRWAYS: Welcomes Government Decision
SANTOS LIMITED: Kipper Partners Apply for a Production License
ST AUBINS: Sets Final Meeting June 17
STONEX QUALITY: Dividend Declaration Set for June 29

STRATHFIELD: Mulls Rescue Plan
TAPA TOURS: General Meeting Resolves to Wind Up Company


C H I N A  &  H O N G  K O N G

APPLIED INTERNATIONAL: Repurchases Additional 480,000 Shares
CELESTIAL SECURITIES: Wind-Up Hearing Set June 22
ETERNAL HARVEST: Enters Wind-up Proceedings
GLORY TRINITY: Begins Winding Up Process
HON PO: Issues Notice to Reconvene Adjourned EGM

HON PO: Notes Unusual Price, Volume Movements
KOOLLCARE COLD: Court Issues Winding Up Notice
PCCW LIMITED: UBS Says Sunday Buy May Not Be a Good Decision
PCCW LIMITED: Unit Rating Not Affected by PCCW's Acquisition
PCCW LIMITED: To Continue Dividend Payments

RENREN HOLDINGS: In Property Development Talks with Third Party
SINO DEVELOPMENT: Receives Winding Up Notice
TC MANUFACTURES: Court to Hear Wind-up Petition July 6
WING SHING: Enters Bankruptcy
WORLD WIDE: Commences Bankruptcy Proceedings


I N D O N E S I A

BANK DANAMON: Faces Sanction from Central Bank
PUPUL ISKANDARMUDA: Stable Gas Supply Vital to Ops


J A P A N

KANEBO LIMITED: TSE Delisting Ends 116-Year Ops
KOJIMA COMPANY: R&I Assigns New BBB- Rating
MITSUBISHI MOTORS: Reverses Sales Slide in May
MISAWA HOMES: Expects Profit This Year
NAGOYA RAILROAD: R&I Assigns BBB+ on Shelf Reg Scheme

SANYO ELECTRIC: Joins Sony Group For New DVD Format
UFJ HOLDINGS: Shareholder OKs Merger Plan


K O R E A

DAEWOO GROUP: Defamed Ex-boss Admits to Penning Accounting Fraud
DAEWOO GROUP: Koreans May Shoulder Unrecoverable Public Funds


M A L A Y S I A

ANCOM BERHAD: Issues Shares Buy Back Notice
GADANG HOLDINGS: Revises Price of Placement Shares
KUMPULAN EMAS: Decides to Unload Losing Unit
MTD CAPITAL: Buys Back 50,000 Shares
PAN MALAYSIA: Purchases 13,000 Shares on Buy Back

PAN PACIFIC: Details Sale, Purchase Agreement with Perfect Trans
PANTAI HOLDINGS: Buys Back 89,000 Shares
PWE INDUSTRIES: Probe Report on Past Losses Submitted to SC
QUALITY CONCRETE: AGM Slated for July 15
SAAG CONSOLIDATED: To Hold EGM June 30

WAH SEONG: Enters Into Sale and Purchase Agreement with Greaves


P H I L I P P I N E S

ASIAN CAPITAL: PSE Tasked to Preserve Assets
COLLEGE ASSURANCE: Entry of New Capital Hits Snag
MANILA ELECTRIC: Seeks Higher Discounts to Ease VAT Burden
NATIONAL BANK: Says it Has Not Been Advised of Php43 Floor Price
NATIONAL POWER: Government Considers Further Debt Write-off

PHILIPPINE LONG: Board OKs Preferred Share Dividend
PHILIPPINE LONG: Sees Additional Php27-Bln in Profits
RB LILIW LAGUNA: Collapses Over Php139.5-Mln Debts


S I N G A P O R E

ATS GARMENTS: Creditors Should Prove Claims by July 11
BUILDWISE CONSTRUCTION: Proofs of Debt Due June 24
CENTRAL EDIBLE: Receiving Proofs of Debt Until June 24
CHEMICALS, BULK COMMODITIES: Members' Final Meeting Set July 11
CHINA AVIATION (S): ACRA Extends Submission of Financial Results

DE FENG CONSTRUCTION: Court to Hear Petition July 1
DIGILAND INTERNATIONAL: Answers SGX Query
UNITED FIBER: Replies to SGX Query
WEE POH: EGM Slated for June 30

T H A I L A N D

DATAMAT: Audit Committee Member Quits
EMC: Clinches Two New Contracts

     -  -  -  -  -  -  -  -

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

A.C.N. 077 690 978 PTY: To Pay Dividend June 21
-----------------------------------------------
A Dividend is to be declared on June 21, 2005 for A.C.N. 077 690
978 Pty. Ltd.

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

Dated this 2nd day of May 2005

Bruce Grant
Liquidator
PO Box 22, Engadine NSW 2233


ADMIN SUPPORT: To Convene Final Meeting June 21
-----------------------------------------------
Notice is hereby given pursuant to section 509 of the
Corporations Act 2001 that a general meeting of the members and
creditors of Admin Support Pty Limited (In Liquidation) will be
held at the offices of Senatore Brennan Rashid, Level 7, 28
University Avenue, Canberra ACT 2601 on June 21, 2005 at 10:30
a.m. noted 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 Companies disposed of and of hearing any
explanations that may be given by the Liquidator.

Dated this 17th day of May 2005

E. M. Senatore
Liquidator
Senatore Brennan Rashid
Level 7, 28 University Avenue,
Canberra ACT 2601
Telephone: (02) 6214 6700
Facsimile: (02) 6214 6799


AUSTRAL COATINGS: Liquidator to Lay Account of Winding Up
---------------------------------------------------------
Notice is hereby given that the final meeting of the creditors
and members of Austral Coatings Pty Limited (In Liquidation)
will be held at the offices of Jones Condon Chartered
Accountants, Level 13, 189 Kent Street, Sydney, NSW, on June 24,
2005 at 11:00 a.m., for the purpose of laying before the meeting
an account showing how the winding up has been conducted and the
property of the company has been disposed and giving any
explanation thereof.

Dated this 4th day of May 2005

Michael G. Jones
Liquidator
c/- Jones Condon
Chartered Accountants
Telephone: (02) 9251 5222


AURA COMMERCIAL: Final Meeting Slated for June 22
-------------------------------------------------
Notice is hereby given pursuant to Section 509 of the
Corporations Act 2001 that a Final Meeting of members and
Creditors of Aura Commercial Interiors Pty Limited (In
Liquidation) will be held at the offices of William Buck,
Chartered Accountants, Level 24, 201 Elizabeth Street, Sydney on
Wednesday, June 22, 2005 at 10:00 a.m. for the purpose of having
an account laid before them showing the manner in which the
winding up has been conducted and the property of the company
disposed of and the termination of the administration.

Dated this 3rd day of May 2005

David G. Young
Liquidator
Aura Commercial Interiors Pty Limited (In Liquidation)


BARRY CARNEGIE: To Declare Dividend June 30
-------------------------------------------
A first and final dividend is to be declared on June 30, 2005
for Barry Carnegie Investments Pty Ltd (In Liquidation).

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

Dated this 9th day of May 2005

Page Kirk & Jennings
Level 2, Garland House,
52 Kings Park Road, West
Perth WA 6005


CUBE CAPITAL: Decided Not to Pursue IT Buy
------------------------------------------
Cube Capital's transformation into an IT business is on hold,
after it recently decided not to pursue a conditional purchase
of a group of IT companies from JP & BM Holdings, says
stuff.com.nz.

The company opted to pull the plug on the deal since it could
not reach an acceptable "value proposition" from the deal.

Cube has invited the vendors to review their proposal and
resubmit it, but said the proposal was effectively at an end.

The former furniture manufacturer turned tech-investment firm
had planned to concentrate solely on the IT industry if the
acquisition went ahead.

Cube said it would now look into alternative businesses to buy
or merge with Cube. It declared it was continuing to review its
options for this business, which it planned to list on the
Australian Stock Exchange.

Other than cash and receivables Cube's only other asset is an
investment in a financial services company based in Sydney.

CONTACT:

Cube Financial Group
67-69 Nicholson Street
St Leonards NSW 2065
Australia
Client Services (AU): 1300 65 90 90
Client Services (NZ): 0800 55 00 22
Fax: +(61) 2 9438 3444
Admin: +(61) 2 9438 3777
E-mail: info@cubefinancial.com.au
Web site: http://www.cubefinancial.com.au


CURRA PTY: Sets June 17 as Final Meeting Date
---------------------------------------------
Notice is hereby given that pursuant to Section 509 of the
Corporations Act 2001, the final meeting of members of Curra Pty
Limited (In Liquidation) will be held at 126 Bathurst Street,
Condobolin on June 17, 2005 at 11:00 a.m. in the forenoon for
the purpose of laying before the meeting the liquidator's final
account and report and giving any explanations thereof.

Dated this 2nd day of May 2005

D. J. Carey
Liquidator
126 Bathurst Street,
Condobolin NSW 2877


FLETCHER ALUMINIUM: Fixes June 20 as Final Meeting Date
-------------------------------------------------------
Notice is given that a general meeting of members of Fletcher
Aluminium 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


FORTESCUE METALS: Lines Up New Partner
--------------------------------------
Fortescue Metals has announced moves to trim capital costs from
its AU$2 billion-plus Pilbara iron ore project, according to the
Sydney Morning Herald.

The disclosure came pending an announcement from the neighboring
Hope Downs project that could boost its chances of sharing a
railway.

Perth's Consolidated Minerals, which has a joint venture
agreement with Fortescue over a portion of its tenements, said
it had held talks with Hancock Prospecting about buying a stake
in the AU$2.2 billion Hope Downs project.

Although relations between Fortescue and Hancock have not been
very warm in the past, Consolidated Minerals could prove to be
the missing link.

Hancock chairwoman Gina Rinehart has previously insisted it was
"not humanly possible" for her Hope Downs project to share a
railway with Fortescue due to its advanced planning stages. But
on Wednesday, West Australia State Development Minister Alan
Carpenter told said there were provisions for third-party access
in the Hope Downs State Agreement and that he expected them to
be honoured.

The AU$970 million railway comprises nearly half of Fortescue's
capital costs, leading it to announce that 150 kilometres would
be cut from the line and replaced with trucks to help reduce
expenditures.

Sharing a railway with Hope Downs, which plans to spend more
than AU$1 billion on a line with a very similar route, tracking
BHP's line into Port Hedland, could give Fortescue the push it
needs to attract a new partner.

Consolidated Minerals is looking to purchase from Hancock all or
part of an option to expire on July 1 that would give it 50
percent of the project held by Kumba Resources for AU$232
million. Mitsubishi has also expressed interest in the stake.

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/


GOLDWOOD PTY: To Hold Final Meeting June 20
-------------------------------------------
Notice is given that a general meeting of members of Goldwood
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


HATS CIVIL: Court Issues Winding Up Order
-----------------------------------------
On May 3, 2005 the Supreme Court of New South Wales, Equity
Division, made an Order that Christopher J. Palmer be appointed
Official Liquidator of Hats Civil Pty Ltd. (In Liquidation).

Dated this 17th day of May 2005

Christopher J. Palmer
Official Liquidator
O'Brien Palmer
Level 4, 23-25 Hunter Street,
Sydney NSW 2000


HATS ENTERPRISES: Served with Winding Up Order
----------------------------------------------
On May 3, 2005 the Supreme Court of New South Wales, Equity
Division, made an Order that Christopher J. Palmer be appointed
Official Liquidator of Hats Enterprises Pty Limited (In
Liquidation).

Dated this 17th day of May 2005

Christopher J. Palmer
Official Liquidator
O'Brien Palmer
Level 4, 23-25 Hunter Street,
Sydney NSW 2000


INTELLECT HOLDINGS: Downgrades 2005 Profit; Replaces Chairman
-------------------------------------------------------------
Intellect Holdings Ltd downgraded its earnings and profit
forecasts for 2004-05 and replaced chairman Dr. Jos Haag with
interim chairman Warren McLeland on June 13, 2005

Mr. McLeland was appointed a director on April 21, 2005.

Belgium resident, Franky Carbonez, has been appointed a director
of Intellect.

The new board met at Intellect's Belgian headquarters last week
and completed a preliminary review of the company's performance
and set new targets for further improvement.

At the time of the half-year result, Intellect expected to be
cash flow positive for the final quarter of the 2005 financial
year and to see increased revenue and an operating profit for
the second half.

The company says the positive cash flow for the final quarter is
subject to deliveries for the current month, which are on
schedule, being achieved.

Full-year revenue including extraordinary items is expected to
be AU$50 million and pre-tax net profit is expected to be from
breakeven to a profit of AU$3 million. Company secretary Ross
Kestel confirmed that these were downgrades from previous
expectations.

The company's subsidiary, Intellect International, has completed
creditor payments and share issues under the Concordaat approved
by the Belgian court which completed the restructure announced
to the market in November 2004. The completion of the Concordaat
has allowed Intellect International to continue contracts with
traditional customers in Europe valued at AU$13 million. These
contracts are being delivered from June to December 2005.

The Company continues to pursue contracts across its markets in
Europe, Australia, Asia and South America.

Intellect has supplied electronic payments systems since 1988
and has customers in 35 countries. It is listed on the ASX with
corporate headquarters in Brussels. The company offers a broad
range of point of sale devices for attended, unattended and
mobile environments.

CONTACT:

Intellect Holdings Ltd
Level 1, 9 Bowman Street
South Perth WA 6151
Telephone: +61 8 9367 8133
Facsimile: +61 8 9367 8812


JAPAUL PTY: To Pay Dividend July 10
-----------------------------------
A final dividend is to be declared on July 10, 2005 for Japaul
Pty Ltd (In Liquidation).

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

Dated this 6th day of May 2005

Susan Carter
Liquidator
Downie Insolvency
Web site: http://www.downieinsolvency.com.au


J PRITCHARD: Liquidator to Report on Winding Up
-----------------------------------------------
Notice is given that pursuant to Section 509 of the Corporations
Act 2001, a meeting of members and creditors of J Pritchard Pty
Limited (In Liquidation) will be held at the office of the
Liquidator, 30/15 Terminus Street Castle Hill NSW 2154 on May 2,
2005 commencing at 10:00 a.m. for the purpose of having accounts
laid before the meeting showing the manner in which the winding
up was conducted and the property of the company disposed of,
and of hearing any explanations that may be given by the
Liquidator and also of determining the manner in which the
books, accounts and documents of the company and the Liquidator
thereof shall be disposed of.

Dated this 29th day of March 2005

Bruce Coombes
Liquidator
30/15 Terminus Street,
Castle Hill NSW 2154


LIDONO PTY: Final Meeting Slated for June 21
--------------------------------------------
Notice is hereby given pursuant to section 509 of the
Corporations Act 2001 that a general meeting of the members and
creditors of Lidono Pty Limited (In Liquidation) will be held at
the offices of Senatore Brennan Rashid, Level 7, 28 University
Avenue, Canberra ACT 2601 on June 21, 2005 at 10:00 a.m. for the
purpose of having an account laid before them showing the manner
in which the winding up has been conducted and the property of
the Companies disposed of and of hearing any explanations that
may be given by the Liquidator.

Dated this 17th day of May 2005

E. M. Senatore
Liquidator
Senatore Brennan Rashid
Level 7, 28 University Avenue,
Canberra ACT 2601
Telephone: (02) 6214 6700
Facsimile: (02) 6214 6799


MERINO MOTEL: Members Pass Resolution to Wind Up Company
--------------------------------------------------------
At a General Meeting of Merino Motel Pty Ltd (In Liquidation),
duly convened and held at 157 Brisbane Street, Dubbo on April
29, 2005 at 10:00 a.m. the following Special Resolution passed:

That the Company be wound up as a Members' Voluntary Liquidation
and that the assets of the Company may be distributed in whole
or in part to the members in specie should the Liquidators so
desire.

Dated this 29th day of April 2005

Peter J. Carnell
Liquidator
Accountants
157 Brisbane Street,
Dubbo NSW 2830


MIAMI DEVELOPMENTS: Names D.G. Scott as Liquidator
--------------------------------------------------
Notice is hereby given that an extraordinary general meeting of
members of Miami Developments Pty Ltd held was held on April 29,
2005 at which it was resolved that the company be wound up
voluntarily and that Dean G. Scott of D. G. Scott & Co Chartered
Accountants of 2nd Floor Dowie House, 83-89 Currie Street
Adelaide, South Australia 5000 be appointed liquidator.

Dated this 4th day of May 2005

D. G. Scott
Liquidator
D. G. Scott & Co
2nd Floor, 83-89 Currie Street,
Adelaide South
Australia 5000


MUNICHRE OF AUSTRALIA: Members Agree to Wind Up Company
-------------------------------------------------------
At a general meeting of the members of the company held at 143
Macquarie Street, Sydney NSW 2000 on April 19, 2005 a special
resolution that Munichre Of Australia Equity Investment Company
Pty Limited be wound up voluntarily was passed.

David Clement Pratt
Simon John Cathro
Liquidator
Level 15, 201 Sussex Street,
Sydney NSW 1171


QUANTUM ELECTRICAL: Members to Meet June 20
-------------------------------------------
Notice is given that a final meeting of members of Quantum
Electrical Services (NCLE) Pty Ltd (In Voluntary Liquidation)
will be held at Ground Floor 184 Parry Street Newcastle West NSW
2302 on June 20, 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 17th day of May 2005

Anthony Maher
Liquidator
Ground Floor, 184 Parry Street,
Newcastle West NSW 2302


PURE NEW ZEALAND: Liquidation Likely as Cash Woes Worsen
--------------------------------------------------------
Directors of Pure New Zealand warned the firm may undergo
liquidation due to drastic write-offs and write-downs, IRN News
reveals.

The investment Company was found to be technically insolvent
after reporting some AUS$2.4-million loss in its financial
accounts for the fiscal year ending December.

The firm's new board has been reportedly mapping out a rescue
scheme for its major creditors. The Company, however, faces
liquidation if a deal cannot be reached.

The current directors claimed they have been forced to undertake
a haircut of assets totaling more than AU$2 million, which
should have been recognized before they took control. Some
investments on the asset schedule did not exist, or had expired.
The directors say the only remaining asset of any real value is
an investment in a gold mine in Australia.

They said they have substantial issues with the previous
directors, and are not ruling out the possibility of legal
action.

CONTACT:

Pure New Zealand
Web site: www.purenz.co.nz/


QANTAS AIRWAYS: Welcomes Government Decision
--------------------------------------------
Qantas Airways on Wednesday welcomed the announcement by the
Federal Government to defer a decision on opening access to
Singapore Airlines on the trans-Pacific route.

The Chief Executive Officer of Qantas, Mr. Geoff Dixon, said
that it was ludicrous for Singapore Airlines to suggest that
this was one of the most protected air routes.

"The fact is that (on Wednesday), Qantas, Virgin Blue, Air New
Zealand, United Airlines and any other United States carrier
that choose to can operate between Australia and the United
States.

"Many carriers, including Continental, Northwest and American
Airlines, have operated on the Pacific, but abandoned it after
losing tens of millions of dollars," Mr. Dixon said.

He said Qantas had been talking to the Government about a range
of issues distorting international competition and the need for
the industry to restructure.

"It is pleasing to see that the Australian Government plans to
discuss a wider range of policy issues on an industry basis with
Qantas, Virgin Blue and other carriers," Mr. Dixon said.

"Qantas is one of the least protected airlines in the world - it
has maintained profitability and had relative success while
competing against a multitude of subsidized and government-owned
airlines," Mr. Dixon said.

CONTACT:

Qantas Airways
Qantas Centre, Level 9,
Building A, 203 Coward Street,
Mascot, NSW, Australia, 2020
Head Office Telephone: (02) 9691 3636
Head Office Fax: (02) 9691 3339
Web site: http://www.qantas.com


SANTOS LIMITED: Kipper Partners Apply for a Production License
--------------------------------------------------------------
Santos Limited is pleased to confirm that an application has
been made to the Victorian government for a production license
over the Kipper gas field in Bass Strait, offshore eastern
Victoria.

This application follows the resolution of access arrangements
for the processing of the gas and liquids from the Kipper field
through Esso and BHPB infrastructure and processing facilities
in Gippsland, Victoria.

Non binding Memoranda of Understanding have been signed between
the RL2 joint ventures and the Gippsland Basin Joint Ventures to
unitise the Kipper field; provide operating services and for
transportation and the processing of the gas and liquids.

Subject to corporate funding and approval processes, production
from the Kipper field is expected to commence in 2009. The
field's proven plus probable reserves comprise approximately 620
billion cubic feet of recoverable gas and 30 million barrels of
condensate and LPG.

"The Kipper production license signals a significant step
forward for this important project and adds to Santos' growing
Victorian operations," said Santos' Managing Director, Mr. John
Ellice-Flint.

"Santos now has interests in four offshore south-eastern
Australian projects:
Casino and Minerva offshore western Victoria and Patricia-Baleen
and Kipper offshore eastern Victoria.

The interests in Kipper field after unitisation will be:
Crusader (Victoria) Pty Ltd (a Santos Ltd subsidiary)   9.07%
Santos Offshore Pty Ltd (a Santos Ltd subsidiary)       4.93%
Esso Australia Resources Pty Ltd (operator)             32.5%
BHP Billiton Pty Ltd                                    32.5%
Woodside Energy Ltd                                     21%

CONTACT:

Santos Limited
Ground Floor, Santos
House, 91 King William Street,
Adelaide, S.A. 5000
Web site: http://www.santos.com.au/


ST AUBINS: Sets Final Meeting June 17
-------------------------------------
Notice is hereby given pursuant to Section 509 of Corporations
Law that a general meeting of the members of ST Aubins Without
Pty Limited (In Voluntary Liquidation) will be held at the
Offices of KPMG, Chartered Accountants, Level 15, 10 Shelley
Street, Sydney NSW 2000 on Friday, June 17, 2005 at 10:00 a.m.
for the purposes of having an account laid before them showing
the manner in which the winding up has been conducted and the
property of the company disposed of and of hearing any
explanations that may be given by the Liquidator.

Dated this 5th day of May 2005

Paul Michael Reid
Liquidator
KPMG
Chartered Accountants
10 Shelley Street,
Sydney NSW 2000
Telephone: (02) 9335 7000
Facsimile: (02) 9299 7077


STONEX QUALITY: Dividend Declaration Set for June 29
----------------------------------------------------
A first & final dividend is to be declared on June 29, 2005 for
Stonex Quality Discounters Pty Ltd (In Liquidation).

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

Dated this 9th day of May 2005

Ginette Muller
Liquidator
KordaMentha (Qld)
22 Market Street,
Brisbane Qld 4000
Telephone: (07) 3225 4000
Facsimile: (07) 3225 4999


STRATHFIELD: Mulls Rescue Plan
------------------------------
Strathfield Group Limited is considering a third party's rescue
scheme following a series of profit warnings this year, The
Courier Mail reports.

Trading of the Company's shares were suspended Tuesday as its
board met to consider a recapitalization offer by the unnamed
third party. A decision is expected today.

Earlier this month, Strathfield first acknowledged the existence
of an "unsolicited" financial white knight when it announced its
third profit downgrade since March.

The car audio and mobile phone retailer is now expecting to
incur an AU$2-million to AU$4-million loss this year instead of
the initial AU$5.5 million net profit forecast. The downgrade
was blamed on sluggish retail conditions and inventory problems.

The rescue package proposal, which is "subject to certain
conditions", come as the company prepares to deliver what will
amount to its fourth net loss in as many years and two years
after it posted a AU$41-million loss after a year of
restructuring.

CONTACT:

Strathfield Group Ltd
PO Box 1057,
Burwood North, NSW 2134
Australia
Head Office Phone: (02) 9747 7777
International: +61 2 9747 7777
Fax Head Office: (02) 9747 7882
Web site: http://www.strathfield.com/  


TAPA TOURS: General Meeting Resolves to Wind Up Company
-------------------------------------------------------
At a General Meeting of Tapa Tours Pty Ltd, duly convened and
held at 23 Wesley Court, Noosa Heads Qld 4567 on April 28, 2005
the following Special Resolution passed:

That the Company be wound up as a Members' Voluntary Liquidation
and that the assets of the company may be distributed in whole
or in part to the members in specie should the liquidators so
desire.

Dated this 28th day of April 2005

Richard Arnold
Arnold & Co
Liquidator & Accountant
Level 19, 2 Market Street,
Sydney NSW 2000


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

APPLIED INTERNATIONAL: Repurchases Additional 480,000 Shares
------------------------------------------------------------
Applied International bought back 480,000 shares at prices
ranging from HK$0.225 to HK$0.234, or at a total of HK$111,620
on June 14, Infocast News reports.

As of June 30, 2004, the Company has current assets of HK$23.73
million while its current liabilities were HK$96.79 million,
according to Chong Hing Securities Limited.

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


CELESTIAL SECURITIES: Wind-Up Hearing Set June 22
-------------------------------------------------
Notice is hereby given that a Petition for the winding up of
Celestial (International) Securities & Investment Limited by the
High Court of Hong Kong Special Administrative Region was on the
25th day of April 2005 present to the said Court by Ka Chee
Company Limited whose registered office is situate at Room 2703,
Olympia Plaza, No. 255 King's Road, Hong Kong.  

The said Petition is to be heard before the Court at 9:30 am on
the 22nd day of June 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.

Y. T. CHAN & CO.
Solicitors for the Petitioner
20th Floor, Wing Lung Bank Building
No. 45 Des Voeux Road Central
Central, Hong Kong
Phone No.: 2522 5157  
Fax No.: 2810 6280

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 the 21st day of June
2005.


ETERNAL HARVEST: Enters Wind-up Proceedings
-------------------------------------------
Notice is hereby given that a Petition for the winding up of
Eternal Harvest Enterprise Limited by the High Court of Hong
Kong was on the 4th day of May, 2005 present to the said Court
by Yip Chi Wai of Room 2419, Sun Ming House, Sun Chui Estate,
Shatin, New Territories, Hong Kong.  

The said petition is to be heard before the Court at 9:30 am. on
June 29, 2005 and 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 the 28th day of June
2005.


GLORY TRINITY: Begins Winding Up Process
----------------------------------------
Glory Trinity Development Limited, whose place of business is
located at Unit Nos 80A, 80-81 Basement, Hung Hom Commercial
Centre, 37-39 Ma Tau Waird, Hung Hom, Kolon, was issued a
winding up order 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


HON PO: Issues Notice to Reconvene Adjourned EGM
------------------------------------------------
Notice is hereby given pursuant to article 64 of the articles of
association of Hon Po Group (Lobster King) Limited that the
Extraordinary General Meeting of the Company convened by notice
dated March 21, 2005 and adjourned on April 8, 2005 will be re-
convened at Hon Po Restaurant of 1st Floor, 78A-B To Kwa Wan
Road, Kowloon at 3 p.m. on Thursday, June 30, 2005 (The
Adjourned Meeting).

CONTACT:

Hon Po Group (Lobster King) Limited
Units E&F, G/F, Phase 2
Kingsway Industrial Building
173-175 Wo Yi Hop Road
Kwai Chung, Hong Kong  
Phone: 26102929  
Fax: 26102622  
Web site: http://www.honpo.com.hk


HON PO: Notes Unusual Price, Volume Movements
---------------------------------------------
The Stock Exchange of Hong Kong has received a message from Hon
Po Group (Lobster King) Limited which is reproduced as follows:

This statement is made at the request of The Stock Exchange of
Hong Kong Limited.

The Company have noted the recent increases in the share price
and in the trading volume of the shares of the Company and wish
to state that the Board of Directors are not aware of any reason
for such increases.

Save as disclosed in the announcement of the Company dated 9th
May, 2005 in relation to (1) possible placing of convertible
notes; (2) update on possible placing of first convertible
notes; (3) proposed increase in authorized share capital; (4)
shareholders circular regarding the issue of the Convertible
Notes, the First Convertible Notes and proposed increase in
authorized share capital, we also confirm that there are no
negotiations or agreements relating to intended acquisitions or
realizations which are discloseable under rule 13.23 of the
Listing Rules, neither is the Board aware of any matter
discloseable under the general obligation imposed by rule 13.09
of the Listing Rule, which is or may be of a price-sensitive
nature.


KOOLLCARE COLD: Court Issues Winding Up Notice
----------------------------------------------
Kollcare Cold Chain Logistics Limited, whose place of business
is located at Room 921-28, 9th Floor Sun Hung Kai Centre, 30
Harbour Road, wanchai, Hong Kong, was issued a winding up order
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


PCCW LIMITED: UBS Says Sunday Buy May Not Be a Good Decision
------------------------------------------------------------
UBS said that PCCW Limited's takeover bid for Sunday
Communications may not be a good option for the Company, given
Sunday's low average revenue per user (ARPU) and high churn
rate, Infocast News reports.

The brokerage perceives Sunday as the weakest 2G and 3G operator
in Hong Kong and considerable resources and time may be
necessary to turn around the company.

The brokerage also added that PCCW's unexpected return into Hong
Kong cellular market may divert management's attention away from
UK wireless broadband and the joint venture with China Netcom
Group.

The brokerage maintained the "Buy" rating and $6.5 target price
for PCCW.  

CONTACT:

PCCW Limited
979 King's Road
Quarry Bay,
HONG KONG
Phone: +852 2888 2888
Fax: +852 2877 8877


PCCW LIMITED: Unit Rating Not Affected by PCCW's Acquisition
------------------------------------------------------------  
Standard & Poor's Ratings Services said on Tuesday that its
rating on PCCW-HKT Telephone Ltd. (HKTC; BBB/Positive/--) would
not be affected by a recent announcement by PCCW Ltd. (PCCW)
that it plans to buy mobile telecommunications firm SUNDAY
Communications Ltd. (SUNDAY).

The total cash consideration for 100% ownership in SUNDAY may
amount to about US$250 million, which is small compared with
PCCW's cash on hand of about US$1.7 billion as of March 2005.

SUNDAY's total revenue and debt amounted to about US$149 million
and US$76 million, respectively for the year ended Dec. 31,
2004.

HKTC is a wholly owned subsidiary of PCCW, and the rating on

HKTC is linked to PCCW. PCCW's financial profile has improved
recently with a substantial reduction in net debt to US$2.1
billion, while its net debt to EBITDA had improved to 2.5x as of
March 2005. Standard & Poor's expects PCCW to pursue growth
opportunities with its improved financial position. SUNDAY's
mobile telephone business would complement HKTC's existing
telecommunications business. Speculation that PCCW may re-enter
the mobile telephone sector has grown after a non-competition
agreement with Telstra Corp. Ltd. expired in February 2004.


PCCW LIMITED: To Continue Dividend Payments
-------------------------------------------
During an analyst meeting on Tuesday, the management of PCCW
Limited (0008) said that although the company plans to acquire
Sunday Communications for US$2 billion, it will continue to pay
dividends and will not slow down its pace for debt reduction,
according to Infocast News.

The management also said there will be an announcement in mid-
August regarding PCCW's cooperation with China Netcom Group to
redevelop telephone exchange sites in mainland China.


RENREN HOLDINGS: In Property Development Talks with Third Party
---------------------------------------------------------------
renren Holdings Limited said it has been actively exploring
opportunities to expand its operations and has been evaluating
and negotiating several property development projects with third
party independent of and not connected with the Company within
the meaning of the Listing Rules.

These negotiations, should they materialize, may be subject to
reporting, announcement and/or shareholders' approval
requirements under the Listing Rules.

The negotiations are in preliminary stage and no formal
agreements has been reached. Appropriate disclosure and
announcement will be made by the Company as and when necessary.

Save as above, the Company wish to confirm that there are no
other negotiations or agreements relating to intended
acquisitions or realizations which are discloseable under rule
13.23, neither is the Board aware of any matter discloseable
under the general obligation imposed by rule 13.09, which is or
may be of price-sensitive nature.

CONTACT:

renren Holdings Limited
2502B 25 th Floor Tower I
Admiralty Center 18
Harcourt Road HK
Phone: 28510736
Fax: 25430736
Web site: http://www.renren.com


SINO DEVELOPMENT: Receives Winding Up Notice
--------------------------------------------
Sino Development Holdings Limited, whose place of business is
located at 8th Floor, Luk Kwok Centre, 72 Gloucester Road,
Wanchai, Hong Kong, was issued a winding up order 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 6, 2005.

Dated this 10th day of June 2005.

Lee Mei Yee May
Acting Official Receiver


TC MANUFACTURES: Court to Hear Wind-up Petition July 6
------------------------------------------------------
Notice is hereby given that a Petition for the winding up of TC
Manufactures Limited by the High Court of Hong Kong Special
Administrative Region was on the 14th day of April 2005 present
to the said Court by Mr. Ansari Naseem Tahir of Hino C-19/44,
Vidyapith-Campus, Lallapura, Sigra, Varanasi, India.  

The said Petition is directed to be heard before the Court at
9:30 am on July 6, 2005 and 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.

STEPHENSON HARWOOD & LO
Solicitors for the Petitioner
18th Floor, Edinburgh Tower
The Landmark, 15 Queen's Road Central
Central, Hong Kong
Phone No.: 2868 0789  
Fax No.: 2868 1504

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 the 5th day of July
2005.


WING SHING: Enters Bankruptcy
-----------------------------
Notice is hereby given that the Bankruptcy Order against Wing
Shing Engineering Co. was made on June 1, 2005.

All debts due to the estate should be paid to its acting
official receiver.

Dated this 10th day of June 2005

Lee Lei Yee May
Acting Official receiver


WORLD WIDE: Commences Bankruptcy Proceedings
--------------------------------------------
Notice is hereby given that the Bankruptcy Order against World
Wide Transports was made on June 1, 2005.

All debts due to the estate should be paid to its acting
official receiver.

Dated this 10th day of June 2005

Lee Lei Yee May
Acting Official receiver


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

BANK DANAMON: Faces Sanction from Central Bank
----------------------------------------------
The Central Bank would likely slap Bank Danamon with IDR650
million in fines for failure to report the violation of legal
lending limit, reports Indoexchange, citing Asia Pulse.

The violation materialized when it acquired 75 percent of Adira
Dinamika Multi Finance in April.  Bank Danamon, which had
capital of IDR11.031 trillion, invested IDR1.801 trillion,
including IDR832 billion it paid for Adira Dinamika in April.

Bank Indonesia regulations state that a bank is only allowed to
have 10 percent of its capital invested in other companies.

CONTACT:

PT Bank Danamon Indonesia Terbuka
Jl Jend Sudirman Kav 45
Wisma Bank Danamon
Jakarta 12930
Indonesia
Phone: +62 1 577 0551
Fax: +62 1 577 0716
Web site: http://www.danamon.co.id/


PUPUL ISKANDARMUDA: Stable Gas Supply Vital to Ops
--------------------------------------------------
The discontinuance of gas supply to a PT Pupul Iskandarmuda's
(PIM) factory in Aceh would entail bigger problems than
expected, relates Asia Pulse.

According to Legislator Vera Febyanthy, PIM needs stable gas
supply in order for the factory to continue operations in order
for it to repay its loan to a syndicate of local banks as well
as loans from abroad. Shutting down its operations would affect
the performance of the banks.

The factory was built with a loan of IDR1 trillion (US$105.3
million) from local banks and US$190 million abroad.

Asean Aceh Fertilizer, founded by member countries of Asean
halted operations for over a year as a result of a drastic fall
in gas supply in that province.  The factory has been idle since
it was ready for operation last year.

It has been predicted that the gas supply would decline in Aceh,
which prompted Mr. Vera to question the decision of the
government in building the new factory.


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

KANEBO LIMITED: TSE Delisting Ends 116-Year Ops
-----------------------------------------------
The Tokyo Stock Exchange finally delisted Monday Kanebo Limited
for overstating its earnings for years, The Japan Times says.

Kanebo, one of the oldest listed corporations in Japan, inflated
its group net profit by a combined JPY216 billion in the five
fiscal years through March 2004, and said it had actually been
in negative net worth on a consolidated basis for nine years
from fiscal 1995.

The food, pharmaceutical and household products maker has been
undergoing rehabilitation since May last year under the auspices
of the state turnaround body Industrial Revitalization
Corporation of Japan (IRCJ).

It is likely that the Company could be listed again as early as
next year if it meets the TSE's special listing criteria for a
company that receives support from the IRCJ, such as making more
than JPY400 million in profit during a one-year period.

However, market observes say Kanebo is expected to face a
difficult road in recovering its credibility with investors
because it is expected to post a group pretax loss in the
current business years.

CONTACT:

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


KOJIMA COMPANY: R&I Assigns New BBB- Rating
-------------------------------------------
Rating and Investment Information, Inc. (R&I), has assigned the
following rating to Kojima Co., Ltd.

R&I RATING: BBB- (Newly Assigned)
RATING OUTLOOK: Stable

RATIONALE:

Kojima Co., Ltd. is a major domestic electronics retailer. The
company is characterized by its development of stores located on
suburban roadsides with its selling point in low prices. Sales
in fiscal 2004 were JPY490.7 billion, putting it third in the
industry.

With a major deterioration in business performance in the year
ended March 2002, Kojima embarked on a structural reform of its
business, and it has been putting efforts into strengthening the
company structure and improving profitability.

The company has improved the gross profit margin and built the
framework for efficient store operations through measures that
include aggressively amalgamating stores as well as establishing
the distribution system and introducing an automatic ordering
system that forecasts demand. It has also made progress in
turning personnel expenses into a variable expense by means such
as reducing employment of new graduates, employing part time
workers and adopting results based remuneration.

Earning potential is improving, and ordinary profit for the year
ended March 2005 was JPY5.7 billion, practically double the
previous year.

Nevertheless, ROA based on ordinary profit is low at 2.7%. This
is affected by the fact that Kojima still has many small stores
of less than 500 square meters opened under the former Large
Scale Retail Store Law, which have lost their competitiveness.
It also has fairly large inventories compared with other
companies in the industry. Stating the management plan for a
"investment-return oriented store opening strategy, " Kojima has
been promoting the opening of large stores with a 3000 square
meter standard, but there is room for improvement in asset
efficiency.

On the financial front, the balance between debt and cash flow
compares unfavorably to others in the industry, but net debt at
the end of the year ended March 2005 was JPY60.2 billion, which
was less than its peak of JPY67 billion at the end of the
previous year. The company succeeded in reducing inventory
through a review of its distribution system in the year ended
March 2005, and cash flow from operating activities increased
JPY5.7 billion on the consolidated statement of cash flow as a
result of the reduction in inventories.

Kojima will continue its aggressive opening of new stores in the
future, and debt is expected to remain at the current level with
capital expenditure projected to be made within the bounds of
operating cash flow.

R&I RATINGS:
ISSUER: Kojima Co., Ltd. (Sec. Code: 7513)
ISSUER RATING: BBB- (Newly Assigned)
RATING OUTLOOK: Stable

Issuer Rating is an R&I's opinion regarding an issuer's overall
capacity to repay its entire financial obligation, and it will
be assigned to all issuers. The rating of individual obligations
(i.e. bonds and loans etc.) includes the prospect of recovery
and reflects the terms and conditions of the agreement and it
may be lower or higher than Issuer Rating.

CONTACT:

Kojima Co., Ltd.
2-4-60 Kojima Ogawa, Kurashiki-shi,
Okayama 711-0911
Phone: 81-86-472-2830
Fax: 81-86-472-0866
E-mail: soumu@kojima-gp.co.jp  
Web site: http://www.kojima.net/


MITSUBISHI MOTORS: Reverses Sales Slide in May
----------------------------------------------
Auto dealers sold 11,380 Mitsubishi Motor vehicles in May, up
2,150 from April, the American International Automobile Dealers
reports.

Of the 2,150 increase, 1,383 were produced in the United States,
buoyed in large part by the introduction of the new Eclipse
coupe. For the year, however, U.S. Mitsubishi sales are down 38
percent.  

Coupe revved up the sales of Mitsubishi Motors North America-
produced vehicles in May.

MMC, which has battled image problems stemming from a recall
scandal, reported a $4.4 billion loss for its latest fiscal
year.


CONTACT:

Mitsubishi Motors Corporation
2-16-4 Konan, Minato-ku
Tokyo 108-8410, Japan  
Phone: +81-3-6719-2111
Fax: +81-3-6719-0014


MISAWA HOMES: Expects Profit This Year
--------------------------------------
Misawa Homes Holdings Inc. shares surged 4.3 percent on Monday
at 4,130 yen after it forecasted a group net profit of JPY125.5
billion in the current business year, according to Reuters.

The company has been restructured through financial aid from
Toyota Motor Corporation and others. The holding firm incurred a
group net loss of JPY203.33 billion in the last fiscal year.

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/


NAGOYA RAILROAD: R&I Assigns BBB+ on Shelf Reg Scheme
-----------------------------------------------------
Rating and Investment Information, Inc. (R&I), has assigned the
following rating to
Nagoya Railroad Co., Ltd.

New Issue (issued under the Shelf Registration scheme)
R&I RATING: BBB+

RATIONALE:

Combining rail and bus routes based on the Nagoya Main Line, the
transportation business of the Nagoya Railroad Group (Meitetsu
Group) consists of a transport network that covers almost the
entire Chukyo area. The sole rail connection to the Central
Japan International Airport which opened in February 2005 is
expected to be a stable source of earnings for Meitetsu.

Under the three-year Meitetsu Group New Medium-term Management
Plan, Meitetsu formulated plans to concentrate management
resources in the Chubu region. The exception is travel and
trucking businesses which are planned to continue operation on a
national scale. The earning capacity of the two businesses is
poor, however, and cannot be seen with optimism. A number of
large scale commercial buildings around the Nagoya station will
start business one after another in 2007, and Meitetsu Group
will compete by renovating its department store and the adjacent
commercial buildings.

Its three Inuyama businesses (Littleworld, Meijimura and Monkey
Center), the main enterprises of its leisure business, have
shifted to a low cost operation system. There has also been
progress in the company's withdrawal from unprofitable hotels,
retail trade and underutilized railway line. Profitability is
recovering with the shedding of such unprofitable businesses,
and a continuous fall in debt is expected in the future.

R&I RATINGS:

ISSUER: Nagoya Railroad Co., Ltd. (Sec. Code: 9048)
Long-term Issue Rating
New Issue (issued under the Shelf Registration scheme)
LONG-TERM ISSUE RATING: Issue Date Redemption Issue Amount (mn)
Unsec. Str. Bonds No. 34 Jun 24, 2005 Jun 22, 2012 Yen 15,000

Notes/Financial covenants:

1) negative pledge clause, which covers other unsecured domestic
bonds the firm has issued or may issue in the future, except
those with a change of security status clause

R&I RATING: BBB+
ISSUER RATING: BBB+

Issuer Rating is an R&I's opinion regarding an issuer's overall
capacity to repay its entire financial obligation, and it will
be assigned to all issuers. The rating of individual obligations
(i.e. bonds and loans etc.) includes the prospect of recovery
and reflects the terms and conditions of the agreement and it
may be lower or higher than Issuer Rating.

CONTACT:

Nagoya Railroad Co Ltd
2-4 Meieki 1-Chome
Nakamura-Ku Nagoya 450-8501,
Aichi 450-8501
Japan
Web site: http://www.meitetsu.co.jp/


SANYO ELECTRIC: Joins Sony Group For New DVD Format
---------------------------------------------------
Electronics maker Sanyo Electric Co. has joined Sony Corporation
to develop next-generation DVD format, but will also remain
allied with a rival group led by Toshiba Corporation, Kyodo News
reports.

Sanyo, a core member of the Toshiba side, joined the Sony bloc
in April, to provide key components for DVD players to both
camps, the officials said.

CONTACT:

Sanyo Electric Co. Ltd.
Address:  5-5 Keihan-Hondori, 2-chome
Moriguchi, Osaka 570-8677, Japan  
Phone: +81-6-6991-1181
Fax: +81-6-6991-2086


UFJ HOLDINGS: Shareholder OKs Merger Plan
-----------------------------------------
T&D Holdings Inc., which holds a 1.9 percent stake in UFJ
Holdings Inc., will vote in favor of a merger between UFJ and
Mitsubishi Tokyo Financial Group Inc. later this month to create
the world's biggest lender by assets, Bloomberg News reports.

The two companies plan to merge to form Mitsubishi UFJ Financial
Group Inc. with effect from October 1, subject to shareholder
approval. The two lenders, with combined assets of JPY192.9
trillion ($1.77 trillion), want to rank among the world's top
five lenders by market value within four years.

CONTACT:

UFJ Holdings, Inc.
5-6, Fushimimachi 3-chome,
Chuo-ku, Osaka-shi,
Osaka 541-0044,
Japan
Web site: http://www.ufj.co.jp


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

DAEWOO GROUP: Defamed Ex-boss Admits to Penning Accounting Fraud
----------------------------------------------------------------
Former Daewoo Group chief Kim Woo-Choong admitted to
masterminding a scheme to illegal acquire loans, according to
Agence France Presse, citing Yonhap News.

Mr. Kim, acknowledged before South Korean prosecutors the
accounting fraud but denied allegations of embezzlement.

The 68-year old fugitive turned himself in Tuesday after ending
a six-year exile abroad and was immediately detained and
questioned on Daewoo's disintegration in one of the world's
biggest accounting snafu.

Mr. Kim allegedly manipulated Daewoo Group's assets KRW41
trillion (US$41 billion) to obtain KRW9.9 trillion in illegal
bank loans. He is also suspected of diverting US$20 billion  
abroad.

Prosecutors said that, if convicted on any of the charges, Mr.
Kim could face between five years and life in prison.

Mr. Kim once represented South Korea's rags-to-riches rise from
poverty to one of the world's major industrial economies. He
rose from childhood poverty to launch his own textile trading
firm with a US$5,000 bank loan in 1967 and turned it into a top
conglomerate in the 1970s and 1980s.

In the late 1990s, Daewoo Group was exporting goods worth
US$17.6 billion, or 13.3 percent of South Korea's total exports,
and employed 250,000 people.


DAEWOO GROUP: Koreans May Shoulder Unrecoverable Public Funds
-------------------------------------------------------------
The Korea Asset Management Corporation (KAMCO) may fail to
recover over KRW10 trillion of the public funds it infused into
former affiliates of the now-defunct Daewoo Group, The Korea
Times says.

The Ministry of Finance and Economy and domestic merger and
acquisition (M&A) experts warned that Korean citizens are likely
to shoulder more than KRW200,000 per person as the entire
irrecoverable public funds will translate into a burden of the
state-run financial institutions.

The loss of financial companies will be filled up with public
taxes.

Fugitive Daewoo Group founder Kim Woo-choong, who was arrested
Tuesday upon his arrival in South Korea, would be unable to fend
off harsh criticism from the Korean public for passing huge
financial burden resulted from his mismanagement to the country.

Mr. Kim was arrested as he returned home six years after fleeing
the country following the Asian financial crisis in the 1997-98.
He has been accused of a massive accounting and slush fund
scandal for window dressing some KRW41 trillion and borrowing
KRW9.2 trillion through illegal means.

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). The country has spent
total of KRW29.7 trillion for bailing out Daewoo Group
affiliates over the past six years.

Of the KRW29.7 trillion, the government has recovered roughly
KRW7.7 trillion as of the end of last April.

State-run KAMCO took over KRW35.6 trillion in bad debts of the
then cash-strapped Daewoo Group affiliates from financial
institutions at both home and abroad for KRW12.7 trillion won.
In addition, the Korea Deposit Insurance Corp. injected an
additional KRW17 trillion in public funds into financial
companies to help make up the combined KRW22.9 trillion loss
that arose from loans extended to the Daewoo Group.

KAMCO retrieved KRW4.8 trillion by disposing of its stakes and
bonds of former Daewoo Group affiliates and the Korea
Development Bank (KDB) recovered KRW670 billion by selling its
stake in Doosan Infracore, formerly Daewoo Heavy Industries &
Machinery.

Chohung Bank also reclaimed KRW500 billion by disposing of its
stake in Ssangyong Motor, which used to be a Daewoo Motor
affiliate.

KAMCO and state-owned banks such as Woori Bank still have to
recover public funds by selling their stakes in the rest of
former affiliates including Daewoo Shipbuilding & Marine
Engineering (DSME), Daewoo Engineering and Construction (E&C),
Daewoo Electronics, Daewoo Capital, Daewoo Precision Industries,
Daewoo International and Daewoo Securities.


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

ANCOM BERHAD: Issues Shares Buy Back Notice
-------------------------------------------
Ancom Berhad issued to Bursa Malaysia the details of its shares
buy back on June 14, 2005.

Date of buy back: 14/06/2005

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

Total number of shares purchased (units): 54,000

Minimum price paid for each share purchased (RM): 0.645

Maximum price paid for each share purchased (RM): 0.680

Total consideration paid (RM):  

Number of shares purchased retained in treasury (units): 54,000

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

Cumulative net outstanding treasury shares as at to-date
(units): 10,048,800

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

CONTACT:

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


GADANG HOLDINGS: Revises Price of Placement Shares
--------------------------------------------------
On behalf of the Board of Directors of Gadang Holdings Berhad
(GHB), Commerce International Merchant Bankers Berhad announced
to Bursa Malaysia Securities Berhad that the Company proposes to
revise the issue price for the placement shares from RM1.40 per
share to its par value of RM1.00 per share in view of the
current weak market conditions.

Accordingly, the total gross proceeds to be raised for the
Company will also be revised, the details of which are set out
in Table 1.

To view a full copy of Table 1, click
http://bankrupt.com/misc/GADANGHOLDINGS061505.doc

This announcement is dated 14 June 2005.

CONTACT:

Gadang Holdings Berhad
Wisma Gadang 52, Jalan Tago 2
Off Jalan Persiaran Utama
Sri Damansara 52200 Kuala Lumpur
Telephone: 03-6275 6888
Fax: 03-6275 2136


KUMPULAN EMAS: Decides to Unload Losing Unit
--------------------------------------------
Kumpulan Emas Nerhad has opted to dispose of its entire stake in
wholly owned subsidiary Emas Pacific Limited, according to AFX-
Asia.

Purewise Investments Limited has agreed to pay RMB3 million for
the Company.

The company said in a statement that the disposal would prevent
the group from incurring further losses, as Emas Pacific's
logging operations in the Solomon Islands are not expected to
contribute positively to its earnings based on recent past
years' poor performances and bleak future operations.

The disposal will result in a loss of RMB6 million as well as a
loss arising from debts written-off amounting to RMB15 million
due from EPL.

CONTACT:

Kumpulan Emas Berhad
17th Floor, Menara Summit
Persiaran Kewajipan, USJ 1
47600 Subang Jaya
Selangor
Phone: 03-8024 8899
Fax: 03-8024 8998
Web site: http://www.keb.com.my


MTD CAPITAL: Buys Back 50,000 Shares
------------------------------------
MTD Capital Bhd issued to Bursa Malaysia Securities Berhad a
share buy back notice on June 14, 2005 with the following
details:

Date of buy back: 14/06/2005

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

Total number of shares purchased (units): 50,000

Minimum price paid for each share purchased (RM): 2.240

Maximum price paid for each share purchased (RM): 2.300

Total consideration paid (RM): 114,740.00

Number of shares purchased retained in treasury (units): 50,000

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

Cumulative net outstanding treasury shares as at to-date
(units): 16,694,700

Adjusted issued capital after cancellation
(no. of shares) (units) : 0

CONTACT:

MTD Capital Berhad  
Batu 8 Jalan Batu Caves
Lot 8359 Mukim of Batu
Batu Caves, Selangor Darul Ehsan 68100
Malaysia  
Telephone: +60 3 6189 9022/ +60 3 6187 7898  
Web site: http://www.mtdcap.com/


PAN MALAYSIA: Purchases 13,000 Shares on Buy Back
-------------------------------------------------
Pan Malaysia Corporation Berhad issued to Bursa Malaysia
Securities Berhad a notice of shares buy back on June 14, 2005
with the following details:

Date of buy back: 14/06/2005

Description of shares purchased: Ordinary shares of RM0.50 each

Total number of shares purchased (units): 13,000

Minimum price paid for each share purchased (RM): 0.435

Maximum price paid for each share purchased (RM): 0.440

Total consideration paid (RM): 5,742.46

Number of shares purchased retained in treasury: 13,000

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

Cumulative net outstanding treasury shares as at to-date
(units): 66,203,000

Adjusted issued capital after cancellation (no. of shares)
(units): 0

CONTACT:

Pan Malaysia Holdings Berhad
Jalan P Ramlee
Kuala Lumpur, 50250
Malaysia
Telephone: +60 3 2031 6722
           +60 3 2031 1299


PAN PACIFIC: Details Sale, Purchase Agreement with Perfect Trans
----------------------------------------------------------------
The Board of Directors of Pan Pacific Asia Berhad (PPAB)
announced to the Bursa Malaysia Securities Berhad that the
liquidator of Jafuong Plywood Corporation Sdn Bhd (In
Receivership and In Liquidation), a subsidiary of PPAB (Jafuong)
and its Executive Chairman, Datuk Dr. Philip Ling Lee Kang
(DDPL) had on June 13, 2005 entered into a conditional Sale and
Purchase Agreement (SPA) with Perfect Trans Sdn Bhd (the
Purchaser).

The Purchaser agreed to acquire all the lands and buildings and
machinery/equipment situated on the lands (both owned by Jafuong
and a third party) in Telok Engkalat, Sibu (the Properties) and
certain plant and machinery which are subject to hire purchase
agreements (HP Equipment) from the respective hire purchase
lenders (HP Lenders) (the Proposed Disposal).

Simultaneous with the execution of the SPA, DDPL had also
entered into a Settlement Agreement with HSBC Bank Malaysia
Berhad (HSBC) to inter-alia, discharge the following:

(a) The discharge of Jafuong from the banking facilities
extended by HSBC to Jafuong (Jafuong Banking Facilities) as well
as the personal guarantees of certain directors of Jafuong and
Corporate Guarantee of the Company (Guarantors);

(b) The discharge of Kawood Sdn Bhd (In Receivership) (Kawood),    
a subsidiary of PPAB, of all its liabilities to HSBC pursuant to
banking facilities extended by HSBC to Kawood (Kawood Banking
Facilities); and

(c) The discharge of all guarantors of the Kawood Banking      
Facilities, which also includes the Company. (the Proposed   
Settlement)

Details of the Proposed Disposal

The Purchaser will pay RM8,505,159.00 for the Properties and
RM1,494,841.00 for the HP Equipment. The entire RM8,505,159.00
would be utilized to inter-alia compromise and settle on the
entire liabilities of Jafuong to HSBC pursuant to the Jafuong
Banking Facilities and for the discharge of the Guarantors,
including PPAB. The RM1,494,341.00 will be paid to the HP
Lenders.

The purchase consideration for the Properties and the HP
Equipment was arrived at on a willing buyer willing seller
between the Purchaser and the liquidator of Jafuong.

The completion of the sale and purchase of the Properties and
the HP Equipment are subject to the procurement of certain
conditions precedent more particularly set out in the SPA within
a period of two (2) months (which can be extended by another two
(2) months, if so agreed to by the Purchaser) from the date of
the SPA. The completion date of the SPA is a date within ten
(10) working days from the date all conditions precedent are
fulfilled by the respective parties. The Settlement Agreement
becomes unconditional and effective on the completion date of
the SPA.

Information on Jafuong

Jafuong was incorporated in Malaysia as a private limited
company under the Companies Act, 1965 (the Act) on 10 August
1991. Its present authorized capital is RM25 million comprising
of 25 million ordinary shares of RM1.00 each of which 20 million
ordinary shares have been issued and credited as fully paid-up.

Pursuant to three (3) debentures dated 28 June 1995, 25
September 1997 and 21 October 1998, HSBC had on 2 January 2000
appointed Mr. Lim Thian Huat as the Receiver and Manager of
Jafuong. Pursuant to an Order by the High Court of Sibu, Sarawak
dated July 1, 2002; Mr. Tee Siew Kai was appointed as the
liquidator of Jafuong. The SPA was entered into by Mr. Tee Siew
Kai on behalf of Jafuong.

Information on Kawood

Kawood was incorporated in Malaysia as a private limited company
under the Act on May 13, 1980. Its present authorized capital is
RM5 million comprising of 5 million ordinary shares of RM1.00
each of which 1 million ordinary shares have been issued and
credited as fully paid-up. In accordance with the Debenture
dated 14 October 1987, HSBC had on 9 February 2000 appointed Mr.
Lim Thian Huat as the Receiver and Manager of Kawood.

Information on the Purchaser

The Purchaser was incorporated in Malaysia as a private limited
company under the Act on 16 December 1991. Its present
authorised capital is RM500,000.00 comprising of 500,000
ordinary shares of RM1.00 each of which 300,000 ordinary shares
have been issued and credited as fully paid-up.

Rationale for the Proposed Disposal and Proposed Settlement

The Company which stands as a guarantor for both the Jafuong
Banking Facilities and the Kawood Banking Facilities is
currently contingently liable to HSBC for the total amount of
approximately RM58 million. It is a term of the Settlement
Agreement that the Company will be discharged from its
guarantees to HSBC on completion date of the SPA.

The discharge of the Company from its guarantees to HSBC will
assist and enable the Company to undertake and implement its
proposed restructuring scheme, which was announced by Avenue
Securities Sdn Bhd on behalf of the Company on 15 December 2004.

Financial Effects on the Proposed Disposal and Proposed
Settlement

The Proposed Disposal will not have any financial effect on the
PPAB Group as Jafuong was placed under liquidation and was de-
consolidated from the PPAB's Group since the financial year
ended 30 June 2001.

The Proposed Settlement with HSBC will not have any financial
effect on the PPAB's Group as the contingent liability of the
Jafuong Banking Facilities was not provided for in the accounts
of PPAB. However, the PPAB Group will realise an exceptional
gain of approximately RM1.4 million arising from the waiver of
the Kawood Banking Facilities.

Directors' and Substantial Shareholders' Interests

Save for DDPL, who stood as a guarantor for the Jafuong Banking
Facilities, none of the other Directors or Substantital
Shareholders of the Company has any interest in the Proposed
Disposal.

The other Director of Jafuong namely Tiong Sii Kwong @ Tiong Sii
Kuong, will also be similarly discharge of his personal
guarantee to HSBC under the Proposed Settlement.

Documents for Inspection

The SPA and the Settlement Agreement will be available for
inspection during office hours from 9:00 a.m. to 5:00 p.m. from
Monday to Friday at its registered office at Unit 602B, Level 6,
Tower B, Uptown 5, 5, Jalan SS 21/39, Damansara Uptown, 47400
Petaling Jaya, Selangor.

This announcement is dated 14 June 2005.

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: Buys Back 89,000 Shares
----------------------------------------
Pantai Holdings Berhad issued to Bursa Malaysia Securities
Berhad a shares buy back notice on June 14, 2005 with the
following details:

Date of buy back: 14/06/2005

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

Total number of shares purchased (units): 89,000

Minimum price paid for each share purchased (RM): 0.970

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

Total consideration paid (RM): 87,919.95

Number of shares purchased retained in treasury (units): 89,000

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

Cumulative net outstanding treasury shares as at to-date
(units): 33,540,800

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

CONTACT:

Pantai Holdings Berhad
8 Jalan Damansara Endah
Damansara Heights Kuala Lumpur, Malaysia 50490
Malaysia
Tel: +60 3 2713 2282
Tel: +60 3 2094 4528


PWE INDUSTRIES: Probe Report on Past Losses Submitted to SC
-----------------------------------------------------------
Further to the announcement dated January 18, 2005, the Board of
PWE Industries Berhad (PWE) announced to Bursa Malaysia
Securities Berhad that the report on the investigative audit on
the past losses of PWE, which was conducted by Messrs Horwath in
compliance with the Securities Commission (SC)'s condition vide
its approval letter dated December 1, 2004 had been submitted
directly by Messrs Horwath to the SC on June 14, 2005.

The summary of the investigative audit findings is attached
herein under Attachment I. The Board of Directors of PWE will
examine the issues highlighted in the Investigative Audit report
and consider taking any appropriate actions.

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

This announcement is dated 14 June 2005.

CONTACT:

PWE Industries Berhad
Level 16, Wisma Ting Pek Khiing
No. 1 Jalan Padungan
93100 Kuching, Sarawak
Malaysia
Phone: 082-236908
Fax: 082-236922


QUALITY CONCRETE: AGM Slated for July 15
----------------------------------------
Notice is hereby given that the Ninth Annual General Meeting of
Quality Concrete Holdings Berhad will be held at Room 209, Level
2, Wisma Bukit Mata Kuching, Jalan Tunku Abdul Rahman, 93100
Kuching, Sarawak, on Friday, 15 July 2005 at 10:00 a.m. for the
following purposes:

ORDINARY BUSINESS

(1) Adoption of Financial Statements

To receive and adopt the Audited Financial Statements and
reports of Directors and Auditors for the financial year ended
31 January 2005. Resolution 1

(2) Re-Election of Directors

In accordance with Article 67 of the Company's Articles of
Association, the following Director retire from the Board and
being eligible, offer himself for re-election.

Mr. Michael Ong Kee Tuan Resolution 2

In accordance with Article 75 of the Company's Articles of
Association, the following Directors retire from the Board and
being eligible, offer themselves for re-election:

Mr. Tiang Ching Kok Resolution 3
Mr. Robin Lo Bing  Resolution 4

(3) Approval of Directors' Fee

To approve Directors' fees in respect of the financial year
ended 31 January 2005. Resolution 5

(4) Re-Appointment of Auditors

To re-appoint Messrs. Ernst & Young as Auditors and to authorize
the Directors to fix their remuneration. Resolution 6

To view a full copy of the notice, click
http://bankrupt.com/misc/QUALITYCONCRETE061505.doc

CONTACT:

Quality Concrete Holdings Berhad
Room 209, 2nd Floor
Wisma Mata Kuching
Jalan Tunku Abdul Rahman
93100 Kuching
Serawak
Phone: 082-206600
Fax: 082-206607


SAAG CONSOLIDATED: To Hold EGM June 30
--------------------------------------
Notice is hereby given that an Extraordinary General Meeting of
SAAG Consolidated (M) Bhd (SAAG) will be held at Ballroom 1,
Main Wing, Tropicana Golf and Country Resort, Jalan Kelab
Tropicana, Off Jalan Tropicana Utama, Persiaran Tropicana, 47410
Petaling Jaya, Selangor Darul Ehsan on Thursday, 30 June 2005 at
3:30 p.m. or immediately after the conclusion or adjournment (as
the case may be) of the 22nd Annual General Meeting which will
be held at the same venue on the same day at 3:00 p.m.,
whichever is later, for the purpose of considering and, if
thought fit, passing with or without modification, the following
resolutions:

ORDINARY RESOLUTION 1

Proposed provision of financial assistance by SAAG to its non-
wholly owned subsidiaries namely, SAAG Oil And Gas Sdn Bhd
(SOG), SAAG Drilling and Well Services Sdn Bhd (formerly known
as SAAG-Ecodrill (Malaysia) Sdn Bhd) (SDWS), Saag-Embah
Engineering Sdn Bhd (SAAG-Embah) and Bakat Elit Sdn Bhd (BESB)
for an amount of up to RM75.5 million in the form of corporate
guarantees to various financial institutions which have extended
or propose to extend banking facilities to the non-wholly owned
subsidiaries and a performance guarantee to a customer for the
supply of goods (proposed financial assistance)

"THAT, subject always to the Listing Requirements of Bursa
Malaysia Securities Berhad, approval be and is hereby given to
SAAG to provide financial assistance in the form of corporate
guarantees to its non-wholly owned subsidiaries namely SOG,
SDWS, SAAG-Embah and BESB as well as a performance guarantee on
behalf of SOG to a customer for an amount of up to RM75.5
million where the provision of financial assistance is necessary
to facilitate the ordinary course of business of the
aforementioned subsidiaries.

AND THAT the Directors of the Company be and are hereby
authorised to give effect to the Proposed Financial Assistance
with full powers to do all such acts as they may consider
necessary or expedient so as to give full effect to the same
with further power to assent to any conditions, modifications,
variations and/or amendments as may be required by the relevant
government or regulatory authorities."

To view a full copy of the notice, click
http://bankrupt.com/misc/SAAGCONSOLIDATED061505.doc

CONTACT:

SAAG Consolidated (M) Berhad
Level 14, Uptown 1
No. 1, Jalan SS21/58
Damansara Uptown
47400 Petaling Jaya
Malaysia
Phone: 03-77252888
Fax: 03-77257791
Web site: http://www.saag.com


WAH SEONG: Enters Into Sale and Purchase Agreement with Greaves
---------------------------------------------------------------
Further to Wah Seong Corporation Berhad's announcements on March
22, 2005 and June 10, 2005, the Company informed the Bursa
Malaysia Securities Berhad that its sub-subsidiary i.e. Drilbits
International Private Limited (Drilbits) have on June 11, 2005
entered into a Sale and Purchase Agreement.

The agreement was done to formalize the acquisition of the
Oilfield Drilling Division together with all assets thereto (ODD
Business) with Greaves Cotton Limited (Greaves) for
INR17,01,00,000 (Rupees Seventeen crores and one lac only)
(equivalent to RM15,155,910.

The amount is based on present exchange rate of INR100 to
RM8.91) derived based on the adjusted net assets value as at
March 31, 2005 (the Base Value) instead of INR16.50 crores as
per the net assets value as at June 30, 2004 as originally
determined in the Letter of Intent (LOI) due to the appreciation
in net asset value since June 30, 2004.

Subject to another joint due diligence exercise to be carried
out between the parties, the Base Value would be adjusted and be
determined as at June 29, 2005 (or such other mutually agreed
date being the selected transfer date of handover of the ODD
Business to Drilbits by Greaves) (the Transfer Date).

Information on Greaves and Drilbits

Greaves was incorporated on March 29, 1922 and is listed on the
Mumbai Stock Exchange, Mumbai (India) and National Stock
Exchange of India Limited, Mumbai (India). It is principally
involved in manufacturing, marketing and system engineering in
agricultural, marine, industrial, automotive, earthmoving,
material handling, construction and oilfield equipment and
related services. Its authorized capital is INR75 crores divided
into:

(a) 2,500,000 Redeemable Preference Shares of INR100/- each

(b) 50,000,000 Equity Shares of INR10/- each and its issued and
paid-up capital is INR45.63 crores.

Drilbits was formerly known as Drilbits India Private Limited
and was incorporated as a private company limited by shares in
India on March 4, 2005. It changed its name to its present name
effective March 31, 2005 and its registered office is at No.
C/1, Ground Floor, Victory Block Co-operative Housing Society,
31B, Hill Road, Behind Bandra Police Station, Bandra (West)
Mumbai 400 054, India.

It is currently dormant and has an authorized share capital of
INR2,00,00,000/- divided into 2,000,000 shares of INR10/- each,
whilst its issued and paid-up capital is INR2,00,00,000/- only.
Pursuant to announcement made on June 10, 2005, Drilbits is a
60% owned subsidiary of Wah Seong International Pte Limited
(WSIPL), a wholly owned sub-subsidiary of Wah Seong Corporation
Berhad (WSC) via Wah Seong Industrial Holdings Sdn Bhd. Mr Rajan
Abraham who is a director of Drilbits and the current Managing
Director and major shareholder of Driltools International FZCO
(DIF) holds the balance 40% equity interest in Drilbits.

Contents of the Spa

The salient terms of the SPA are inter alia as follows:

(a) This acquisition shall be subject to the following:

(i) The relevant approvals (wherever applicable) and such other
conditions precedent having been obtained/satisfied;

(ii) The joint conduct and completion of a due diligence
exercise to be carried out on the ODD Business to determine the
net assets value up to the Transfer Date which Base Value may be
adjusted accordingly thereafter;

(iii) The purchase price is payable by way of progressive
installments and as at to-date, only INR3,30,00,000 (Rupees
Three crores and thirty lacs) only have been paid with the final
payment due on July 10, 2005.

(b) The above transaction is expected to be completed by end
July 2005.

Basis of Consideration

Subject to item 3(a)(ii) above, the cost of acquisition for the
entire ODD Business by Drilbits is INR17,01,00,000 (Rupees
Seventeen crores and one lac only) (equivalent to RM15,155,910
based on present exchange rate of Rs.100 to RM8.91) is based on
a willing buyer willing seller basis.

The total purchase consideration shall be fully settled by
Drilbits in cash through shareholders' advances and/or bank
borrowings.

Rationale for the Acquisition

The acquisition of the ODD Business by Drilbits will be
synergistic to the existing business(s) of DIF and WSIPL. It is
the understanding of WSIPL that Drilbits will be the
manufacturing arm for the drilling bits and other parts and
components used for the drilling activities within the mineral,
water and oil and gas industries worldwide.

This investment which entails a transfer of technology in the
manufacturing of drilling bits and penetration into the Indian
market would enhance and extend WSC Group's global positioning
and networking within Asia Pacific and Central Asia. Hence, it
is expected to positively contribute to the earnings of the WSC
Group in the long run.

Financial Effects of the Acquisition

(6.1) Share Capital

The acquisition will not have any effect on the share capital of
WSC as the effective interest of WSC through WSIPL in Drilbits
will remain at 60 percent.

(6.2) Earnings

The acquisition is not expected to have any material effect on
the consolidated earnings of WSC and its group of companies for
the financial year ending December 31, 2005. However, the
revenue from Drilbits is expected to contribute positively to
its future earnings.

(6.3) Substantial Shareholding

There will be no changes in the equity interest in Drilbits as
this acquisition does not involve equity shares.

(6.4) Net Tangible Assets (NTA)

The proposed investment will not have any material effect on the
consolidated NTA value of WSC and its group of companies for the
year ending December 31, 2005.

Directors' Statement

Save as herein disclosed, none of the directors, major
shareholders, persons connected to Directors or persons
connected to the major shareholders of the Company and of the
Group or any of its subsidiaries has any interest, direct or
indirect, in the acquisition.

(a) Mr. Chan Cheu Leong is a common director of WSC, WSIPL, DIF
and Drilbits and a major shareholder of WSC.

(b) Mr. Giancarlo Maccagno is a common director of WSC, WSIPL,
DIF and Drilbits and a minority shareholder of WSC.

(c) Mr. Rajan Abraham is a common director and major shareholder
of DIF and Drilbits.

(8) Directors' Statement

Having considered all aspects of the acquisition, the Board of
Directors is of the opinion that the acquisition is in the best
interest of the Company.

(9) Condition of Acquisition

This acquisition is not subject to the approvals of any other
governmental authority and the shareholders of WSC.

(10) Documents for Inspection

Details of the SPA are available for inspection at the principal
office of WSC at No. 59-2, The Boulevard, Mid Valley City,
Lingkaran Syed Putra, 59200 Kuala Lumpur for one (1) week from
date of this Announcement during normal business hours from
Mondays to Fridays.

Yours faithfully,

Wah Seong Corporation Berhad
Chan Cheu Leong
Managing Director/Group Chief Executive Officer


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

ASIAN CAPITAL: PSE Tasked to Preserve Assets
--------------------------------------------
The Philippine Stock Exchange has received an order by the
corporate regulator to preserve the remaining assets of Asian
Capital Equities Inc.'s (ACE) that are not covered by
distribution to clients, says the Philippine Star.

The Securities and Exchange Commission (SEC) has also mandated
the PSE to the distribution to ACE clients all shares lodged in
the Philippine Depository & Trust Corp. under the broker firm's
client accounts.

The PSE has taken over ACE's operations due after discovering
the firm's poor financial health and after finding reasonable
grounds it violated provisions of the Securities Regulation Code
(SRC).

The SEC filed before the Department of Justice a criminal
complaint against ACE president Francisco Borromeo for violation
of several provisions of the SRC. In its complaint, the SEC
accused Mr. Borromeo, a former governor of the PSE, of engaging
in fraudulent activities to the detriment of ACE investors.

The regulator claimed Mr. Borromeo authorized and used
fictitious accounts, engaged in fictitious trades, sold client's
securities without their knowledge and fabricated documents
submitted to the securities regulators.

The alleged unethical and unlawful business practices of Mr.
Borromeo, according to the SEC, led to the collapse and eventual
issuance of a take-over order by the Commission for the PSE to
assume control over the operations of ACE for the protection of
its clients.

CONTACT:

Asian Capital Equities Inc.
c/o Roxas Delos Reyes & Laurel Law Off.,
1st e-bank Tower, 8737 Paseo de Roxas,
Makati City, Philippines
Telephone No: 815-9806
E-mail: info@asiancapital.com
Web site: http://asiancapital.com


COLLEGE ASSURANCE: Entry of New Capital Hits Snag
-------------------------------------------------
The expected US$1.2-million capital infusion by Swiss firm
International Global Holdings Corp. (IGHC) into the ailing
College Assurance Plans Philippines Inc. (CAP) may again face
another delay, BusinessWorld relates.

The white knight is likely to hold off the planned cash
injection since it has discovered that CAP's asset safekeeping
receipt (ASKR) has "certain unfavorable words".

The ASKR, which indicates that the asset under question remains
with the named company, was issued to secure CAP's Metro Rail
Transit bonds, allowing the pre-need firm to receive from
US$12.5 million to US$25 million in additional funds from IGCH.

Meanwhile, the Securities and Exchange Commission (SEC) said it
has already received complaints from CAP plan holders asking how
their plans would work out given the slow pace of developments.

Sen. Manuel A. Roxas has proposed the creation of a body which
will receive consumer complaints to better protect consumers.

Meanwhile, CAP director Russel Sobrepena said all unclaimed
checks due planholders from the previous semester are already
available and may be claimed from Veterans Bank.

CONTACT:

College Assurance Plans Philippines Inc.
CAP I Building
126 Amorsolo cor. Herrera Streets
Legazpi Ville, Makati City
Malaysia
Phone: 817-6586, 759-2000
Fax: (0632) 818-0560


MANILA ELECTRIC: Seeks Higher Discounts to Ease VAT Burden
----------------------------------------------------------
In a bid to alleviate the impact of the expanded value-added
(VAT) tax to be implemented in July, the Manila Electric Company
(Meralco) aims to increase discounts for its lifeline customers,
BusinesWorld reports.

The struggling power utility firm plans asked the Energy
Regulatory Commission (ERC) to modify and hike the discounts for
its lifeline clients to shelter them from the impact of the
higher VAT.

Lifeline clients are electricity users consuming only 100
kilowatt-hours or less. They enjoy discounts of as much as 50
percent. Lifeline customers account for more than 1.6 million
Meralco customers as of December, representing over one-third of
the distribution firm's 4.2 million customers.

Meralco earlier filed a tariff increase by an average of 14.76
centavos per kilowatt-hour. The new rate is higher than its
previous petition of 13.58 centavos per kilowatt-hour, which it
had decided to withdraw after the Supreme Court ruled against it
in June 2004.

The firm, however, assured the price increase would not affect
the consumers covered by its lifeline rates.

Meanwhile, the Department of Energy is working to expand the
lifeline structures, so that clients who consume more
electricity shall shoulder the additional tax burden. The
measure is being proposed so that the poor will not pay more.

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


NATIONAL BANK: Says it Has Not Been Advised of Php43 Floor Price
----------------------------------------------------------------
The Philippine National Bank (PNB) issued this announcement in
reference to the following attached news articles:

(1) "Floor price for PNB stocks held by gov't, Tan set at P43"
published in the June 11, 2005 issue of The Philippine Star. The
article reported in part that:

"The Privatization Council and the Philippine Deposit Insurance
Corp, (PDIC) approved yesterday the P43 per share floor price
for some 67 percent interest in Philippine National Bank (PNB)
held jointly by the National Government and the Lucio Tan group.
The price is P3 more than the P40 per share price that Tan paid
the government when it took over the bank in 2002."

(2) "PNB puts 67% equity stake in auction block" published in
the June 14, 2005 issue of The Philippine Star. The article
reported in part that:

"The 67-pecent stake of both the National Government and the
Lucio Tan Group in the Philippine National Bank (PNB) has been
placed in auction in block with July 1 this year as the deadline
for interested buyers to submit their auction bids. In a
statement, the committee said interested parties in good
standing with regulatory agencies must submit their pre-
qualification requirements to ING Bank N.V., the financial
advisor for the sale. `Prospective buyers can make their
submission either in the ING Bank's Philippine and Hong Kong
offices,' it said. "

Philippine National Bank (PNB), in its letter dated June 14,
2005, advised the Exchange that:

"The bank has not been formally advised to date that the
Privatization Council and the Philippine Deposit Insurance
Corporation have approved a floor price of Php43.00 per share
for the 67% equity shareholdings in the bank held jointly by the
National Government and the Lucio Tan Group. The bank only
became aware of this development through the June 11, 2005 cited
news item of the Philippine Star. Kindly note that the National
Government has the exclusive mandate to manage the joint sale
process, including the setting of a floor price for the bank's
shares subject of the joint sale.

"In this regard, please note that the Joint Technical Committee,
constituted by the Republic of the Philippines through the
Department of Finance and the PDIC, and not PNB, caused the
publication of the Announcement and Invitation to Pre-Qualify
and to Bid which appeared in the Philippine Star on June 13,
2005."

For your information.
(Original Signed)
MA. PAMELA D. QUIZON

Head, Disclosure Department
Noted by:
(Original Signed)
JURISITA M. QUINTOS
Senior Vice President

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: Government Considers Further Debt Write-off
-----------------------------------------------------------
The National Government is looking to absorb National Power
Corporation's (Napocor) remaining debts, in a bid to boost the
state power firm's value and facilitate the sale of its assets,
according to The Manila Times.

The government is reportedly considering ways by which it can
shoulder Napocor's remaining Php300 billion liabilities. The
government is allowed by law to take only Php200 billion of
Napocor's debts.

Around Php200 billion of the power firm's Php500-billion
liabilities was earlier wrote off by the government in
accordance with the provisions of the Electric Power Industry
Reform Act. (EPIRA).

Napocor's huge losses are the biggest burden on the government's
fiscal position and accounts for a big share of the public
sector's combined deficit.

Earlier, the Department of Finance said the government's
financial obligations dipped 0.4 percent to Php3.87 trillion in
March from Php3.88 trillion in February due to the cancellation
of Napocor's debt and government's issuance of bonds worth
US$1.5 billion.

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 LONG: Board OKs Preferred Share Dividend
---------------------------------------------------
The board of Philippine Long Distance Telephone Co. (PLDT) has
approved the payment of cash dividends to holders of its series
III, V, VI, and VII preferred shares as of the record date of
June 28.

The dividends - $1.029 a share for series III, PHP4.675 for
series V, $0.9925 for series VI, and Y10.180 series VII - are
payable on July 15.

The dividends were declared out of the unrestricted earnings of
the company as of end-2004.

CONTACT:

Philippine Long Distance Telephone Co.
Ramon Cojuangco Building
Makati Avenue, Makati City
Telephone Numbers:  814-3552; 888-0188
Fax Number:  813-2292
Web site: http://www.pldt.com.ph


PHILIPPINE LONG: Sees Additional Php27-Bln in Profits
-----------------------------------------------------
Philippine Long Distance Telephone Co. (PLDT) forecasts core
profit this year to reach Php27 billion against last year's
Php25 billion, according to BusinessWorld.

PLDT Chairman Manuel V. Pangilinan said growth will come from
PLDT's mobile business, its continued reduction of debts in
wireless business and its information technology units.

Mr. Pangilinan confirmed the Company targets Php30 billion
prtofits, without specifying the target date.

PLDT earnings this year would let it reward shareholders with a
dividend payout equivalent to 30 percent of earnings. Dividend
payout will rise 40 percent of earnings next year and 50 percent
the year after.

Consolidated net debts would be reduced to US$1 billion by next
year from US$3 billion a few years back.

PLDT has a market value of Php267 billion.

About PLDT

Philippine Long Distance Telephone Company (PLDT) is the
country's leading telecommunications service provider. It was
incorporated under the old Corporation Law of the Philippines
(Act 1459, as amended) on 28 November 1928, following the merger
of four telephone companies under common U.S. ownership. In
1967, effective control of PLDT was sold by General Telephone
and Electronics Corporation (a major stockholder since PLDT's
incorporation) to a group of Filipino businessmen. In 1981, in
furtherance of the then existing policy of the Philippine
government to integrate the Philippine telecommunications
industry, the Company purchased all of the assets and
liabilities of Republic Telephone Company. Its common shares
were listed and traded in the Manila Stock Exchange on 17
September 1953. Prior to 19 October 1994, its American
Depository Shares were listed and traded on the American Stock
Exchange and Pacific Exchange in the United States of America.

PLDT has three principal business groups: (1) fixed line, (2)
wireless, and (3) information and communications technology. It
offers a wide range of telecommunications services to over 15
million subscribers in the Philippines. The Company's fixed line
business segment provides local exchange, international and
national long distance calls, data, and other network and
miscellaneous services. On the other hand, its wireless service
provides cellular and satellite, very small aperture terminal
(VSAT) and other services. Whereas, its information and
communications technology business, through its wholly owned
subsidiary, ePLDT offers infrastructure and solutions for
Internet applications, Internet protocol-based solutions and
multimedia content delivery.


RB LILIW LAGUNA: Collapses Over Php139.5-Mln Debts
--------------------------------------------------
The Philippine Deposit Insurance Corporation (PDIC) has ordered
the closure of the Rural Bank of Liliw Laguna, BusinessWorld
relates.

PDIC on June 10 formally took over the failed bank after the
latter incurred liabilities amounting to Php139.5 million as of
2004.

In a Monetary Board Resolution No. 777 dated June 9, 2005, the
PDIC ordered the dissolution of the bank and effectively placed
the financial institution under its receivership.

PDIC is tasked to take control, preserve and administer the
assets, records and affairs of the closed bank for the benefit
of the depositors and creditors. This means depositors and
creditors of the rural bank are to conduct bank-related
transactions and inquiries with PDIC representatives.

Representatives of the insurer, who are conducting control
verification, are the bank's assets in preparation for the
servicing of claims of insured deposits.

The schedule of claims servicing is yet to be ascertained.

Rural Bank of Liliw Laguna, which had 13,641 mostly insured
deposit accounts, is of the two banks servicing the financial
needs of the municipality of Liliw in Laguna.




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

ATS GARMENTS: Creditors Should Prove Claims by July 11
------------------------------------------------------
Notice is hereby given that the Creditors of ATS Garments (S)
Pte Ltd (In Members' Voluntary Liquidation), which are 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 undersigned, the Liquidator of the
Company.

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

Dated this 10th day of June 2005.

Ng Geok Mui
Liquidator
c/o BDO Raffles
5 Shenton Way
#07-01 UIC Building
Singapore 068808


BUILDWISE CONSTRUCTION: Proofs of Debt Due June 24
--------------------------------------------------
Notice is hereby given that a first and final dividend is
intended declared in the above matter and the creditors of
Buildwise Construction Pte Ltd (In Liquidation) who have not yet
proved their debts are required on or before June 24, 2005 to
file their proof of debt form with the Liquidator of the
Company.

Pursuant to an Order of Court dated May 18, 2005 if creditors do
not establish their claims to the satisfaction of the Liquidator
before 12:00 p.m. on June 24, 2005 their claims shall be
expunged, and shall be excluded from the benefit of the first
and final dividend to be declared at the Final Meeting of
members and creditors to be held on June 27, 2005.

Dated 10th June 2005.

Yin Kum Choy
Liquidator
Buildwise Construction Pte Ltd
(In Liquidation)
c/o K C Yin & Co
Certified Public Accountants
100 Tras Street
#16-01 Amara Corporate Tower
Singapore 079027

Telephone: 6323 1613
Fax: 6323 1763

Note: Creditors who have previously lodged a Proof of Debt need
not lodge a Proof of Debt in response to this Notice


CENTRAL EDIBLE: Receiving Proofs of Debt Until June 24
------------------------------------------------------
Central Edible Oil (S) Pte Ltd (In Compulsory Liquidation) of 30
Robinson Road #04-01 Robinson Towers Singapore 048546 posted to
the Government Gazette, Electronic Edition a notice of intention
to declare dividend with the following details.

Court: High Court of Singapore

Number of Matter: Winding Up No. 300 of 1993

Last Day for Receiving Proofs: 24th June 2005

Name of Liquidator: Tay Swee Sze

Address of Liquidator:

30 Robinson Road
#04-01 Robinson Towers
Singapore 048546.
Dated this 10th day of June 2005

Tay Swee Sze
Liquidator


CHEMICALS, BULK COMMODITIES: Members' Final Meeting Set July 11
---------------------------------------------------------------
Notice is hereby given pursuant to section 308 (2) of Chemicals,
Bulk Commodities & Countertrade Pte. Ltd. (In Members' Voluntary
Liquidation) Act, Cap. 50, that a Final Meeting of the Members
of the abovenamed Company will be held at Blk 460, Ang Mo Kio
Avenue 10 #19-1580, Singapore 560460 on July 11, 2005 at 11:00
a.m. for the purposes as stated in section 308 of the Companies
Act, Cap. 50.

Dated this 10th day of June 2005.

Madam Lim Sia Kiow
Liquidator

Note:

A member entitled to attend and vote at the General Meeting is
entitled to appoint a Proxy to attend and vote on his behalf and
such Proxy need not be a member of the Company.

The Form of Proxy must be deposited at the Liquidators' Office
not less than 48 hours before the time appointed for holding the
Meeting or adjourned Meeting.


CHINA AVIATION (S): ACRA Extends Submission of Financial Results
----------------------------------------------------------------
Further to the announcement of China Aviation Oil (S) Corp. Ltd.
made to the Singapore Stock Exchange (SGX) on May 5, 2005 on the
application to the Accounting & Corporate Regulatory Authority
(ACRA) for an extension of time under Sections 175 and 201 of
the Companies Act (Act).

The Company announced that it has received approval from ACRA
under Section 201(2) of the Act for an extension of 3 months in
relation to tabling its accounts for the financial year ended
December 31, 2004 (Accounts) till July 31, 2005, being the date
whereby the Company is required to hold its Annual General
Meeting (AGM).

CONTACT:

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


DE FENG CONSTRUCTION: Court to Hear Petition July 1
---------------------------------------------------
Notice is hereby given that a Petition for the Winding Up of DE
Feng Construction Pte Ltd by the High Court was on May 24, 2005
presented by SMP Electrical Pte Ltd of 63 Ubi Avenue 1, #05-03
Boustead House, Singapore 408937, a Creditor of the Company.

The Petition is to be heard before the Court sitting at
Singapore at 10:00 a.m., on Friday, July 1, 2005.

Any creditor or contributory of the Company desiring to support
or oppose the making of an Order on the Petition may appear at
the time of hearing by himself or his counsel for that purpose;
and a copy of the Petition will be furnished to any creditor or
contributory of the Company requiring a copy of the Petition by
the undersigned on payment of the regulated charge for the same.

The Petitioners' address is at 63 Ubi Avenue 1, #05-03 Boustead
House, Singapore 408937.

The Petitioners' solicitors are Messrs Rodyk & Davidson of 80
Raffles Place, #33-00 UOB Plaza 1, Singapore 048624.

Messrs Rodyk & Davidson
Solicitors for the Petitioners

Note:

Any person who intends to appear at the hearing of the said
Petition must serve on or send by post to the abovenamed Messrs
Rodyk & Davidson of 80 Raffles Place, #33-00 UOB Plaza 1,
Singapore 048624, notice in writing of his intention to do so.

The notice must state the name and address of the person, or, if
a firm, the name and address of the firm and must be signed by
the person or firm, or his or their 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 12 o'clock noon on
June 30, 2005 (the day before the day appointed for the hearing
of the Petition).


DIGILAND INTERNATIONAL: Replies to SGX Query
--------------------------------------------
Further to Digiland International Limited's announcement on 13
June 2005 and in response to queries from The Singapore Exchange
Securities Trading (SGX-ST), the Board of Directors of the
Company wish to clarify:

(A1) Clarifications required

(1) In the first page of the Announcement,

(a) In respect of the consideration of US$3,353,908.25, to
disclose how much of it would be paid in cash and the details of
the installment tranches;

(b) To further disclose the factors taken into account in
arriving at the above consideration; and

(c) To provide details of the material conditions precedent to
the completion of the sale and purchase agreement.

(A2) Clarifications Consideration

The cash consideration of US$3,353,908.25 is arrived at after
arms' length negotiations on a willing-buyer and willing-seller
basis.

The Purchaser will pay the consideration in four installments,
namely:

(a) US$100,000 upon the signing of the Agreement;

(b) US$235,390.83 by the date falling 30 days of the date of the
official letter to the Purchaser from the Company or its special
consultant KPMG Business Advisory Services Pte. Ltd. stating
that the Company has held the meeting of the creditors of the
Company to consider the scheme of arrangement which the Company
intends to propose between itself and some of its creditors
pursuant to Section 210 of the Companies Act, Chapter 50 of
Singapore and that the creditors have approved the proposed
scheme;

(c) US$1,341,563.30 within 60 days of the fulfillment of the
following conditions precedent in the agreement;

(i) Approval of the sale of the Sale Shares on the terms of the
Agreement by the shareholders of the Company in accordance with
the listing rules of The Singapore Exchange Securities Trading
Limited (SGX-ST) or a waiver by the SGX-ST of the requirement to
obtain such shareholders' approval, (if such waiver or approval
is required);

(ii) The obtaining of every other consent or approval as may be
necessary from any third party or governmental or regulatory
body or competent authority having jurisdiction over the sale of
the Sale Shares and assignment of the book debts or a
transaction contemplated in the agreement having been granted or
obtained and not withdrawn or revoked, and if any consent or
approval is granted or obtained subject to any condition, such
condition being acceptable to the Company and the Purchaser; and

(iii) The obtaining of and the lodgement with the relevant
authorities of a copy of the court order of the Singapore court
approving or sanctioning the scheme of arrangement which the
Company intends to propose between itself and some of its
creditors pursuant to Section 210 of the Companies Act, Chapter
50 of Singapore; and

(d) US$1,676,954.12 on completion.

To view a full copy of the announcement, click
http://bankrupt.com/misc/DigilandPsaleClarification140605.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


UNITED FIBER: Answers SGX Query
-------------------------------
The Board of Directors of United Fiber System Limited (the
Company) issued a reply to the Singapore Exchange Securities
Trading Limited's query on Trading Activity on June 14, 2005.
To view a full copy of the document, click
http://bankrupt.com/misc/UNITEDFIBERSYSTEMSLTD.doc

By order of the Board
Kishore Dass
Chief Executive Director
14 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


WEE POH: EGM Slated for June 30
-------------------------------
Notice is hereby given that an Extraordinary General Meeting of
Wee Poh Holdings Limited (WPH) will be held at Heliconia Room,
Serangoon Gardens Country Club, 22 Kensington Park Road,
Singapore 557271 on June 30, 2005 at 9:00 a.m. for the purpose
of considering and, if thought fit, of passing the following
ordinary resolution as an Ordinary Resolution with or without
any modification:

As Ordinary Resolution

Disposal of the entire issued and paid-up share capital of Wee
Poh Construction Co. (Pte.) Ltd. (WPC) and the allotment and
issue of the compensation shares

The Company be and is hereby authorized to:

(i) Sell, transfer or otherwise dispose of the entire
shareholding in WPC which it currently owns (the Disposal),
comprising of 17,500,000 shares of par value SG$1.00 each in the
capital of WPC (the WPC Sale Shares), to Ho Lee Construction Pte
Ltd (Ho Lee) pursuant to the sale and purchase agreement entered
into by the Company with Ho Lee on 7 February 2005 (the WPC Sale
and Purchase Agreement); and

(ii) Issue and allot 200,000,000 new ordinary shares of par
value SG$0.005 each in the capital of the Company (the
Compensation Shares) to Ho Lee, or such other party as Ho Lee
may direct, pursuant to the WPC Sale and Purchase Agreement; and
the Directors of the Company be and are hereby authorized to do
any and all such acts and things as they may, in their absolute
discretion deem fit, expedient or necessary to give effect to
the Disposal, the transfer of the WPC Sale Shares to Ho Lee, the
WPC Sale and Purchase Agreement or the allotment and issue of
the Compensation Shares.

By Order of the Board
Nancy Quek
Secretary
14 June 2005

Notes:

(1) A Shareholder of the Company entitled to attend and vote at
the EGM is entitled to appoint not more than two proxies to
attend and vote on his behalf.

(2) A Shareholder of the Company which is a corporation is
entitled to appoint its authorized representative or proxy to
vote on its behalf. A proxy need not be a Shareholder of the
Company.

(2) The Proxy Form must be deposited at the registered office of
the Company at 105 Cecil Street #03-03/04 The Octagon Singapore
069534 not less than 48 hours before the time fixed for holding
the EGM in order to be entitled to attend and to vote at the
EGM.

(3) A Depositor's name must appear on the Depository Register
maintained by The Central Depository (Pte) Limited as at 48
hours before the time fixed for holding the EGM in order to be
entitled to attend and vote at the EGM.

CONTACT:

Wee Poh Holdings Limited
213 Upper Thomson Road
Singapore 574348
Telephone: 65 64521210
Fax: 65 64536310
Web site: http://www.weepoh.com.sg

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

DATAMAT: Audit Committee Member Quits
-------------------------------------
Datamat Public Company Ltd. informed the Stock Exchange of
Thailand (SET) that it has received a resignation letter from
Mr. Parames Krairiksh, Independent Director and Member of Audit
Committee effective from June 8, 2005 onwards.

For yours information

Sincerely yours,
Bhana Swasdiutara
Chief Executive Officer and Managing Director

CONTACT:

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


EMC: Clinches Two New Contracts
-------------------------------
EMC Public Company Limited informed the Stock Exchange Thailand
(SET) that it has been awarded with two new contracts, namely:

(1) Car Park Building of Aircraft Maintenance Center
Suvarnabhumi Airport

Employer: P. Construction and Material Supply Co., Ltd.

Scope of work: Supply and installation of

- Electrical and communication systems

- Mechanical system

- Fire fighting system

- Sanitary system

- Lift

Completion date: 31 August 2005

Contract value: THB22,000,000 (excluding VAT)

(2) New Car Park Building, Bumrungrat
Hospital (Phase 4)

Employer: Bumrungrat Hospital Public Company Limited

Scope of work: Supply and installation of Chiller & Cooling
Tower Plant

Completion date: 30 September 2005

Contract value: THB66,650,496 (excluding VAT)

The execution of above mentioned works is regarded as normal
business activities according to the company action plan.

Please be informed accordingly.

Yours faithfully,
Lt. Gen. Samang Thongpan
Director

CONTACT:

EMC Public Company Limited   
Rasa Tower, Floor 22, 555 Phaholyothin Road,
Chatu Chak Bangkok    
Telephone: 0-2937-0333   
Fax: 0-2937-0329   
Web site: http://www.emc-group.co.th





                            *********


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

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

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

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

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

                 *** End of Transmission ***