TCRAP_Public/050623.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

             Thursday, June 23, 2005, Vol. 8, No. 123

                            Headlines


A U S T R A L I A

ANVIL MINING: Continues to Deny Alleged Military Involvement
BROWNGATES INVESTMENTS: Members Agree to Wind Up Company
CHAMELEON MINING: Liquidator Executes Deal with Centerbright
COBAE PTY: Placed in Voluntary Liquidation
DEVOMU PTY: Members Pass Wind Up Resolution

DIDASKO LIMITED: Goes Under Administration
ENFIELD RSL: To Declare Dividend June 30
HI-TECH PLASTIC: To Hold Final Meeting June 23
JAMES HARDIE: Asbestos Victims to Wait Again
KENMAXINE PTY: Names Peter Elphick Liquidator

KEYMARK INVESTMENTS: Sets June 24 as Final Meeting Date
MARIE JOSEPHINE: To Hold Final Meeting June 27
MARKERRY HOLDINGS: Hires Official Liquidator
MATES CENTRAL: To Pay Dividend to Priority Creditors
MOSSBROOK PTY: Former Adviser Goes to Jail

MUXLOWS GARAGE: Final Meeting Set for June 27
NEWCASTLE BOWLING: To Hear Liquidators' Wind-up Report
NORTEL PACIFIC: Lays Out Final Meeting Agenda
ONE.TEL DIGITAL: To Declare Dividend June 28
PAN PHARMACEUTICALS: $300-Mln Mediation Fails

QANTAS AIRWAYS: Cuts Jobs as Profit Downgrade Looms
REDWON PTY: Liquidator to Lay Account on Winding Up
SONS OF GWALIA: Shareholders Face Worst Fears
SOUTH WEST STEEL: Wraps Up Liquidation Proceedings
SPROWLES FILMS: Final Meeting Slated for June 27

TANDRACON PTY: Members Pass Resolution to Wind Up Company
TEAC AUSTRALIA: Probe Continues, Becomes More Baffling
TRUNDLE GOLF: Lays Out General Meeting Agenda
VILLAGE LIFE: Shares Nosedive on Another Downgrade
WALEBEN PTY: Members to Meet June 27


C H I N A  &  H O N G  K O N G

BANK OF COMMUNICATIONS: Unveils IPO Allotment Results
BESTWAY INTERNATIONAL: Notes Unusual Volume Movement
C.P. POKPHAND: Disposes of Equity Interests in Dong Fang Chia
EAST NOBLE: Court Releases Winding Up Notice
FUJIAN PROVINCE: Issues Intended Dividend Notice

JUN CHENG: Schedules Winding Up Hearing July 20
MOULIN GLOBAL: Faces Winding Up Proceedings
MOULIN GLOBAL: Delays Annual Results
MOULIN GLOBAL: Appoints CCIF CPA Official Auditors
ORIENTAL PHOENIX: Winding Up Hearing Set for June 29

SEWCO INTERNATIONAL: Officials Arrested in $6-Mln Bribery Case
SHUM YIP: Creditors Meeting Fixed June 27
START TARGET: Receives Winding Up Order
UNITED RICH: Court Issues Winding Up Order
VICTORY TEAM: Enters Winding Up Process

* Moody's Sees Stable Outlook for Chinese Banking Sector


I N D O N E S I A

GARUDA INDONESIA: Braces for Another Airfare Hike
PERTAMINA: Fails to Secure LNG for Aceh Fertilizer Plant
PERTAMINA: Sets Aside Low-Sulfur Waxy Residue for Export
PERUSAHAAN LISTRIK: Fuel Shortage May Force Plant Shutdowns


J A P A N

ASHIKAGA BANK: Mizuho Denies Takeover Plan
DAIEI INCORPORATED: To Close 53 Outlets This Year
HITACHI LIMITED: Establishes New PDP Management Company
JAPAN AIRLINES: Chief Resigns as Industry Head
LONG-TERM CREDIT: Ex-execs Convicted of Hiding Loans Lose Appeal

MATSUSHITA ELECTRIC: May Restart Talks on DVD Format
MITSUBISHI MOTORS: Outsources Logistics Ops to Cut Costs
MITSUBISHI MOTORS: Launches New Colt CZ3 Vehicle


K O R E A

KOREA TECHNOLOGY: Faces KRW1 Trillion in Losses
SAEHAN INDUSTRIES: Mulls Shares Sale as Part of Restructuring


M A L A Y S I A

AMTEK HOLDINGS: Posts Net Loss in Third Quarter
KILANG PAPAN: Seeks Shareholder Approval of Proposed Mandate
KONSORTIUM LOGISTIK: Aims To Break Even With New Business
KONSORTIUM LOGISTIK: Net Loss Decreases
LION INDUSTRIES: Completes Debt Restructuring Exercises

PADIBERAS NASIONAL: Spends MYR30 Mln to Upgrade Rice Mills
PAN PACIFIC: SC Approves Proposed Restructuring Scheme
SRIWANI HOLDINGS: Completes Restructuring; Changes Name
TAP RESOURCES: Aborts Proposed Rights Issue


P H I L I P P I N E S

COLLEGE ASSURANCE: SEC Heeds Call to Review ARL Computation
LIFETIME PLANS: Court Wants to Fold Firm Back to Pacific
PACIFIC PLANS: SEC Orders Submission of Probe Requirements
PHILIPPINE AIRLINES: Urges ATO to Upgrade Airports
PHILIPPINE POSTAL: PMO Mulls Options for Privatization

RB BUGUEY: PDIC Applies Termination of Liquidation Proceedings


S I N G A P O R E

CHINA AVIATION (S): Ex-Chief Given 3 Weeks to Prepare Defense
DATACRAFT ASIA: Bourse OKs New Share Listing
KINVAC CONSTRUCTION: Proofs of Debt Due July 1
LITE-ON INTERNATIONAL: Creditors Should Prove Claims by July 18
MEDIA ASIA: Dissolves Dormant Unit

RSH LIMITED: AGM Moved to July 28
SEMICONDUCTOR ALLIANCE: Goes Into Voluntary Liquidation
WEE POH: Scheme Share Final Count Reaches 255,103,216


T H A I L A N D

DON MUANG: Finance Ministry Optimistic re Plan's Approval
M.D.X: Clarifies Auditor's Failure to Express Opinion
SRITHAI FOOD: Notifies SET on Submission of Reorganization Plan

     -  -  -  -  -  -  -  -

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

ANVIL MINING: Continues to Deny Alleged Military Involvement
------------------------------------------------------------
Anvil Mining Limited confirmed that it would continue to defend
itself against any inference or allegation that it had knowledge
of, or provided assistance to, the Democratic Republic of Congo
(DRC) armed forces (known as FARDC) in the committing of any
human rights violations during the suppression of a rebel
insurgency in the town of Kilwa, in October 2004.

Since October 2002, Anvil has operated a copper/silver mine at
Dikulushi, 50 kilometres from Kilwa and about 400 kilometers
from Lubumbashi, the Provincial Capital.

Anvil President and CEO Mr. Bill Turner repeated his June 7,
2005 news statement, insisting that the allegations against
Anvil are deplorable and without foundation.

Mr. Turner confirmed that:

(1) Following the taking of the town of Kilwa by rebels on
October 14, 2004, the Military of the DRC Government had
commandeered Anvil vehicles, drivers and chartered aircraft to
assist the Military in suppressing the rebel insurgency. Given
Anvil's previous experience with rebel activity in the Kilwa
area, during which Anvil's vehicles were, after initial
resistance, commandeered at gunpoint, Anvil had absolutely no
choice but to provide the transport required by the DRC Military
and had no reason to suspect that this would involve anything
other than the lawful enforcement of the laws of the DRC. Anvil
had no knowledge of what was planned for the Military operations
and was not involved in the Military operations in any way.

(2) Anvil was aware, following the October 2004 insurgency, that
the United Nations were conducting an investigation, but Anvil
was not contacted by the UN in relation to the incident other
than to confirm the security situation in the Kilwa area.

(3) After Anvil personnel, who had been evacuated from the area
on October 14, returned to Kilwa on October 16, Anvil
coordinated relief efforts and ensured that the situation was
normalized as quickly as possible. At this stage, there were
rumors of looting by the military and some of the villagers.
Anvil established and manned a Crisis Centre at the mission and
delivered three truckloads of food to Kilwa from the Dikulushi
Mine to ensure that basic foodstuffs were available to locals
and to the Military personnel, to ensure no further looting took
place.

(4) Anvil was encouraged by the Government of DRC to reopen its
operations as soon as possible to ensure that Kilwa could
normalize as quickly as possible. Mining operations recommenced
on October 19, 2004.

(5) Anvil is cooperating fully with investigations of the
October 14 incident by the United Nations Mission in the
Democratic Republic of the Congo (MONUC), which maintains about
16,000 peacekeepers in the DRC.

"Although at the time, Anvil had no knowledge of the occurrence
of human rights abuses, we are now learning, it was a terrible
event. The climate of fear and retribution that exists in this
strife-torn part of the world means that it takes a considerable
amount of time for any party to obtain all information that
relates to such events as occurred at Kilwa. We will of course
co-operate with any further inquiry into the incident."

Mr. Turner said that he and all Anvil employees were deeply
upset that deaths occurred as a result of the military activity
in the town of Kilwa in October last year.

Mr. Turner confirmed that despite operating in one of the most
difficult and poorest regions of the world, the Company has
made, and is continuing to make a significant and meaningful
contribution to the region through employment and community
initiatives, the latter being funded out of a 10% interest in
the project held via a trust structure for the benefit of the
local community.

Anvil employs 621 Congolese nationals and 27 expatriate staff.
The local employees are estimated to support approximately 6,000
other locals with their salaries in an area where there is
almost total unemployment and no other source of reasonable
income. In addition, the Company conducts training programs for
young Congolese geologists, mining engineers, surveyors,
metallurgical engineers, welders and electricians. The Company
draws approximately one third of its workforce from the town of
Kilwa, transporting approximately 200 staff from Kilwa to the
mine every day.

Anvil's community projects include creating a new school in
Dikulushi for 200 children, refurbishing the Kilwa hospital,
upgrading roads and bridges, and providing power lines to the
local high school and mission. Mr. Turner said that despite the
terrible allegations and the impact on its many employees, the
Dikulushi Mine is operating normally.

CONTACT:

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


BROWNGATES INVESTMENTS: Members Agree to Wind Up Company
--------------------------------------------------------
At an extraordinary general meeting of members of Browngates
Investments Pty Limited held on May 10, 2005, it was resolved
that the company be wound up in a members' voluntary winding up.

Dated this 10th day of May 2005

G. A. Marx
Liquidator
Suite 601, 3 Waverley Street,
Bondi Junction NSW 2022


CHAMELEON MINING: Liquidator Executes Deal with Centerbright
------------------------------------------------------------
John Vouris refers to his appointment as Official Liquidator of
Chameleon Mining NL (In Liquidation) on December 22, 2004 by an
order made in the Supreme Court of New South Wales, Equity
Division and his previous reports to the creditors and
shareholders of the Company.

Mr. Vouris advised that, pursuant to the acceptance of an offer
by Centerbright Pty Limited by the Committee of Inspection on
April 11, 2005, he executed on June 10, 2005 a subscription
agreement with Centerbright Pty Limited for the sale of shares
in the Company.

Centerbright Pty Ltd is required to pay the Liquidator a total
of AU$1,530,000 for the issue of:

(a) 112 million shares in the Company at an issue price of 0.25
cents per share;

(b) 250 million shares in the Company at an issue price of 0.5
cents per share; and

(c) 66,820,000 shares to certain creditors of the Company in
exchange for a release of their claims against the Company.

The agreement is subject to a number of other conditions,
including the consent of a majority of the shareholders of the
Company. A further condition of the agreement is that the
Liquidator applies to the Supreme Court of New South Wales, to
have the Company placed in Administration, with the intention of
the Company entering into a Deed of Company Arrangement with the
creditors of the Company. The Deed will have a requirement that
a Creditors' Trust be established for the payment of their pro-
rata entitlements, so that Chameleon can continue to trade.

Subsequent to the orders of the Supreme Court, it will be
necessary for the Liquidator to convene a meeting of
shareholders of the Company to ratify the issue of the shares,
which is expected to occur on or about Oct. 8, 2005.

CONTACT:

VOURIS & BELL CHARTERED ACCOUNTANTS
Level 9
4 O'Connell Street
Sydney, NSW 1044
GPO Box 4453
Sydney, NSW 1044
Phone: 02 9232 6800
Fax: 02 9232 6900
E-mail: info@vourisbell.com.au
Web site: www.vourisbell.com.au


COBAE PTY: Placed in Voluntary Liquidation
------------------------------------------
Notice is given that pursuant to Section 509 of the Corporations
Act 2001, at a meeting of members of Cobae Pty Limited (In
Liquidation) held on May 12, 2005 it was unanimously resolved to
voluntarily liquidate the company and to appoint Bruce Coombes
as the liquidator.

Dated this 12th day of May 2005

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


DEVOMU PTY: Members Pass Wind Up Resolution
-------------------------------------------
Notice is hereby given that on April 18, 2005 the members of
Devomu Pty Limited signed and thereby passed the following
circulating special resolution:

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

Dated this 9th day of May 2005

Richard Hudson
Liquidator
c/- Quest
Chartered Accountants
PO Box 165, St Leonards NSW 1590


DIDASKO LIMITED: Goes Under Administration
------------------------------------------
As previously announced to the market on June 3, 2005, creditors
of Didasko Limited (Administrators Appointed) resolved to accept
a Deed of Company Arrangement proposed at the creditors meeting
held on June 1, 2005.

The meetings of the other Companies being subsidiaries of
Didasko Limted were all adjourned for a maximum period of 60
days.

The major meeting of creditors for the subsidiary companies has
now been reconvened for Friday, June 24, 2005 with Supplementary
Reports to Creditors sent out on June16, 2005.

The outcome of these meetings will be released to the market
following the completion of all the meetings.

Signed:

RICHARD ALBARRAN
Administrator
Hall Chadwick
Level 29 St Martins Tower
31 Market Street
SYDNEY NSW 2000 Australia
Phone: (02) 9263 2600
Fax: (02) 9263 2800
E-mail: hcsydinfo@hallchadwick.com.au
Web site: http://www.hallchadwick.com.au/

About the Company

Didasko is a national provider of vocational training products
and services, educational media and ICT solutions. Didasko
Limited is a publicly owned corporation listed on the Australian
Stock Exchange (ASX: DID). Its range of training and educational
services is tailored to meet the needs of government and private
sector customers.

Its businesses are involved in the production, distribution and
delivery of education and vocational products and training
services and ICT solutions.

CONTACT:

Didasko Limited
833 Dandenong Road
East Malvern 3145
Victoria
Phone: 61 3 9573 3900
Fax: 61 3 9573 3901
Web site: http://www.didasko.co


ENFIELD RSL: To Declare Dividend June 30
----------------------------------------
A first and final dividend is to be declared on Thursday, June
30, 2005 for Enfield RSL Club Ltd (In Liquidation).

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

Dated this 10th day of May 2005

Chris Wykes
Liquidator
c/- Lawler Partners
Level 7, 1 Margaret Street,
Sydney NSW 2000
Telephone: (02) 8346 6000
Facsimile: (02) 8346 6099


HI-TECH PLASTIC: To Hold Final Meeting June 23
----------------------------------------------
Notice is hereby given that pursuant to section 509 of the
Corporations Act, the final meeting of Members of Hi-Tech
Plastic Welding Pty Ltd (In Liquidation) will be held at the
offices of Antony de Vries and Riad Tayeh at Level 3, 95
Macquarie Street, Parramatta, on June 23, 2005 from 11:00 a.m.
for the purpose of laying before the meeting the Liquidator's
final account and report and giving any explanation thereof.

Dated this 12th day of May 2005

Riad Tayeh
Joint and Several Liquidator
de Vries Tayeh
Level 3, 95 Macquarie Street, Parramatta NSW 2150


JAMES HARDIE: Asbestos Victims to Wait Again
--------------------------------------------
The Premier of New South Wales, the Hon Bob Carr announced an
extension of the timetable for the signing of the Principal
Agreement between James Hardie and the NSW Government in
relation to the company's voluntary long-term asbestos
compensation funding proposal.

Under the new timetable, both parties are working towards
signing the Principal Agreement in late July/early August 2005.

The company announced at its fourth quarter and full year
results in May this year that the timetable which had been
previously announced was ambitious, due to significant
structural, legal and accounting complexities surrounding the
establishment of the Special Purpose Fund and the voluntary
funding proposal.

As a result of the revised timetable.  James Hardie anticipates
the shareholder meeting to consider approving the funding
proposal will now be held in late September/early October 2005.

Through this intervening period, while the Principal Agreement
is being finalized and lender and shareholder approval obtained,
claimants will continue to be entitled to receive compensation
for proven claims for asbestos-related personal injuries through
the Medical Research & Compensation Foundation.

Background

James Hardie announced on December 21, 2004 that it had signed a
non-binding Heads of Agreement with the NSW Government, the
ACTU, Unions NSW and asbestos support groups to provide long-
term funding to a Special Purpose fund to meet Australian
asbestos-related personal injury claims against former James
Hardie group entities Amaca Pty. Ltd., Amaba Pty. Ltd. and ABN
60 Pty. Ltd.

On April 15, 2005, James Hardie announced that it would extend
the coverage of the Special Purpose Fund to permit former mine
workers and residents of the Baryulgil community to receive
compensation funding for proven claims against the former
subsidiary, Asbestos Mines Pty. Ltd.

The Heads of Agreement set out the key principles on which the
Principal Agreement is being negotiated and settled between
James Hardie and the NSW Government.  Following approval by
James Hardie's shareholders and lenders and the satisfaction of
the other conditions to be set out in it, the Principal
Agreement will be a legally binding agreement.

CONTACT:

Investor and Analyst Enquiries:

Steve Ashe
Vice President, Investor Relations
Telephone: 61 2 8247 5246
Mobile: 0408 164 011
E-mail: steve.ashe@jameshardie.com.au

Media Enquiries:

James Richards
Telephone: 61 2 8274 5304
Mobile: 0419 731 371
Facsimile: 61 2 8274 5218
E-mail: media@jameshardie.com.au
Web site: http://jameshardie.com


KENMAXINE PTY: Names Peter Elphick Liquidator
---------------------------------------------
The following resolutions were passed at a General Meeting of
Members of Kenmaxine Pty Limited (In Liquidation) held on May 3,
2005.

That the Company be wound up voluntarily and Peter Elphick be
appointed Liquidator.

Dated this 3rd day of May 2005

Peter Elphick
Liquidator
62 Burwood Road,
Burwood NSW 2134


KEYMARK INVESTMENTS: Sets June 24 as Final Meeting Date
-------------------------------------------------------
Notice is hereby given that pursuant to Section 509 of the
Corporations Law, the final meeting of members of Keymark
Investments Pty Limited (In Liquidation) will be held at the
offices of Bentleys MRI Newcastle Accountants at 63 Lindsay
Street, Hamilton NSW on June 24, 2005 at 10:00 a.m. for the
purpose of laying before the meeting the liquidators final
account and report and giving any explanation thereof.

Dated this 11th day of May 2005

Richard Craig Mcartney
Liquidator


MARIE JOSEPHINE: To Hold Final Meeting June 27
----------------------------------------------
Notice is hereby given that pursuant to section 509 of the
Corporations Act 2001, the final meeting of members of Marie
Josephine Delaney Pty Ltd will be held at the offices of
Kellaway Cridland Pty Ltd, Chartered Accountants, 48 Hunter
Street, Sydney on Monday, June 27, 2005 at 11:00 a.m. for the
purposes of laying before the meeting the Liquidator's final
accounts and report and giving any explanation thereof.

Dated this 12th day of May 2005

Peter Kellaway
Liquidator
Kellaway Cridland Pty Ltd
Level 4, 48 Hunter Street,
Sydney NSW 2000


MARKERRY HOLDINGS: Hires Official Liquidator
--------------------------------------------
Notice is hereby given that at a general meeting of members of
Markerry Holdings Pty Limited (In Liquidation) held on May 12,
2005, it was resolved that the company be wound up voluntarily
and that for such purpose R. M. Sutherland was appointed
Liquidator of the company.

Dated this 12th day of May 2005

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


MATES CENTRAL: To Pay Dividend to Priority Creditors
----------------------------------------------------
A first and final dividend to Priority Creditors of Mates
Central West Management Pty Limited (Subject To Deed Of Company
Arrangement) (In Official Liquidation) is to be declared on July
22, 2005.

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

Dated this 24th day of May 2005

R. G. Tolcher
Deed Administrator
Lawler Partners
Chartered Accountants
763 Hunter Street,
Newcastle West NSW 2302


MOSSBROOK PTY: Former Adviser Goes to Jail
------------------------------------------
The Chairman of the Australian Securities and Investments
Commission (ASIC), Mr. Jeffrey Lucy has noted the jail sentence
imposed on a former financial planner and adviser by the
District Court in Adelaide Tuesday.

Mr. Michael Andrew Smith, of Glenata in South Australia, was
sentenced to three years and six months imprisonment, with a
non-parole period of 18 months, on charges relating to his
conduct as a financial planner and adviser.

Mr. Smith conducted his business via the company Mossbrook Pty
Ltd, and the registered business names Mossbrook Financial
Management and Mossbrook Financial Planning. Mossbrook Pty Ltd
was placed into receivership on 8 February 2002.

In December 1999 and March 2001, Mr. Smith fraudulently
converted $35,000 received from two clients for investment, for
his own, or his company's, use or benefit. In both instances,
cheques were made payable to Mr. Smith's company rather than to
a particular recommended financial product.

In December 2001 and January 2002, Mr. Smith received a total of
$146,000 from eight clients for the purchase of shares in
Arrowlea Pty Ltd and of that amount, he fraudulently converted
$48,666 for his own, or his company's, use or benefit.

Mr Lucy said the case illustrated the need for consumers to be
cautious when seeking financial advice.

"This case shows that it's safer to make cheques payable direct
to the issuer of the financial product, and not the adviser."

"Financial advisers have important responsibilities, are placed
in positions of trust and must act honestly in the best interest
of their clients. ASIC will not hesitate to pursue those who
blatantly misuse their positions of trust for their own
benefit," Mr. Lucy said.

The order made at the commencement of Mr. Smith's trial,
suppressing his name from publication, was lifted following Mr.
Smith's guilty plea on 17 June 2005.

This concludes ASIC's actions against Mr. Smith which included a
permanent banning from providing financial services.

The charges were prosecuted by the Commonwealth Director of
Public Prosecutions.


MUXLOWS GARAGE: Final Meeting Set for June 27
---------------------------------------------
Notice is hereby given that a final meeting of members and
creditors of Muxlows Garage Pty Ltd (In Liquidation) will be
held at the office of Nicholls & Co, Chartered Accountants,
Suite 6, 459 Peel Street Tamworth NSW 2340, on Monday, June 27,
2005, at 11:30 a.m. for the purpose of receiving the
Liquidator's account showing how the winding up has been
conducted and the property of the company disposed of and
hearing any explanation which may be given by the Liquidator.

Dated this 13th day of May 2005

A. R. Nicholls
Liquidator
Nicholls & Co
Suite 6, 459 Peel Street,
Tamworth NSW 2340


NEWCASTLE BOWLING: To Hear Liquidators' Wind-up Report
------------------------------------------------------
Notice is given pursuant to Section 509 of the Corporations Act
that a joint meeting of the members and creditors of Newcastle
Bowling Club Limited (In Liquidation) will be held at the
offices of Lawler Financial Services, Level 1, 1 National Park
Street, Newcastle West NSW 2302, on June 27, 2005 at 9:30 a.m.,
for the purpose of having an account laid before them showing
the manner in which the winding up has been conducted and the
property of the company disposed of and hearing any explanations
that may be given by the Liquidator.

Dated this 10th day of May 2005

R. G. Tolcher
Liquidator
Lawler Partners
Chartered Accountants
763 Hunter Street,
Newcastle West NSW 2302


NORTEL PACIFIC: Lays Out Final Meeting Agenda
---------------------------------------------
Notice is given that the final meeting of the members of Nortel
Pacific Pty Limited (In Liquidation) will be held at the offices
of Bacchus Associates Pty Limited, Suite 31, The Upper Deck,
Jones Bay Wharf, 26-32 Pirrama Road, Pyrmont, NSW, 2009 on June
27, 2005 at 10:00 a.m.

AGENDA

To lay before the meeting an account showing how the winding up
has been conducted and how the property of the company has been
disposed of and giving any explanation of the account.

Dated this 16th day of May 2005

R. N. Yabsley
Liquidator
c/- Bacchus Associates Pty Limited
Suite 31, The Upper Deck,
Jones Bay Wharf, 26-32
Pirrama Road, Pyrmont NSW 2009


ONE.TEL DIGITAL: To Declare Dividend June 28
--------------------------------------------
A first interim dividend is to be declared on June 28, 2005 for
One.Tel Digital Pty Limited (In Liquidation).

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

Dated this 24th day of May 2005

Steven Sherman
Joint Liquidator
Ferrier Hodgson
Level 17, 2 Market Street,
Sydney NSW 2000


PAN PHARMACEUTICALS: $300-Mln Mediation Fails
---------------------------------------------
A $300 million damages suit against former Pan Pharmaceuticals
chief executive Jim Selim will proceed after a formal mediation
session failed, according to Asia Pulse.

Lawyers for both sides told the Federal Court that, although
unsuccessful, the talks had helped them better understand each
other's case.

A timetable has been agreed for Pan's liquidator, Tony McGrath
of McGrathNicol, to produce an amended statement of claim and
for Mr Selim to file his reply defending the role he played in
the loss of Pan's license to manufacture vitamins and herbal
products.

The case returns to court in September for directions.

Mr. Selim's barrister, Stephen Stanton, is considering another
attempt to settle "cannot be ruled out".

In the meantime Mr. Selim, who has a net worth of AU$50 million,
will return to the Downing Centre Local Court next month for a
four-day committal hearing on criminal charges of document
tampering brought by the regulator which cancelled Pan's
license, the Therapeutic Goods Administration.


QANTAS AIRWAYS: Cuts Jobs as Profit Downgrade Looms
---------------------------------------------------
Qantas Airways has reportedly started laying off regular workers
ahead of a possible downgrade this week, Sydney Morning Herald
reveals.

On Monday, around 14 QantasLink staff at Newcastle Airport were
told they would be out of jobs in two weeks after Jetstar
outsourced its passenger service contract to baggage handler
Skystar.

As talks of huge job cuts mounts, unions have begun accusing
Qantas chief executive Geoff Dixon of breaking his promise that
no Qantas jobs would be loss as a result of Jestar expansion.

But Qantas general manager of people, Kevin Brown, denied the
airline has broken its word that no jobs would be lost due to
the outsourcing.

Mr. Brown said Qantas "never said jobs would not be lost over
time" after Jetstar's introduction.

However, the Australian Services Union insisted the Newcastle
job losses could be the start of a large job-culling program.

And the talk of a profit downgrade has increased with Qantas
chief financial officer Peter Gregg arranging an analysts
briefing on Friday on International Financial Reporting
Standards.

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


REDWON PTY: Liquidator to Lay Account on Winding Up
---------------------------------------------------
Notice is hereby given that the final meeting of the members of
Redwon Pty Limited (In Liquidation) will be held at the offices
of Jones Condon Chartered Accountants, Level 13, 189 Kent
Street, Sydney, NSW, on June 27, 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 13th day of May 2005

Thomas Javorsky
Liquidator
c/- Jones Condon
Chartered Accountants
Telephone: 02 9251 5222


SONS OF GWALIA: Shareholders Face Worst Fears
---------------------------------------------
Sons of Gwalia administrators declared Tuesday there was no
chance the shareholders would recover their investment in the
failed miner, The West Australian reports.

In a statement to the Australian Stock Exchange, the
administrators declared that "they have reasonable grounds to
believe that there is no likelihood that shareholders in the
company will receive any distribution".

The news came as a blow for shareholders given that Ferrier
Hodgson is confident of recouping a lot of the money owed to
creditors, mostly through the planned sale or refloat of its
tantalum business.

The AU$500-million business, produces around 55 per cent of the
world's tantalum. Investment bank UBS is evaluating proposals to
monetise the division, with a float shaping as the most likely
option.

The administrators have already sold Gwalia's once powerhouse
gold division for $2 million in cash and $35 million in assumed
environmental bonds, while a string of other exploration assets
have also been offloaded in recent months.

Adding to shareholders' worries is the fact that Ferrier Hodgson
has also been collecting over AU$4.6-million in fees from the
administration to the end of February. That figure is set to
rise substantially given the second creditors meeting has just
been deferred again to the end of July, and may yet be deferred
once more.

The only consolation for shareholders was that they will be
allowed to claim a loss against any capital gains tax they may
owe on other investments this financial year.

The news may also help listed litigation funder IMF Australia in
its efforts to mount a shareholder class action against the
company on the basis that it failed to adequately inform
investors of its financial woes.

CONTACT:

Sons of Gwalia Limited
16 Parliament Place
West Perth, Western Australia 6005
Australia
Phone: +61 8 9263 5555
Fax: +61 8 9481 1271
Web site: http://www.sog.com.au/


SOUTH WEST STEEL: Wraps Up Liquidation Proceedings
--------------------------------------------------
Take note that the affairs of South West Steel Fabrication &
Products Pty Limited (In Liquidation) are now fully wound up and
pursuant to Section 509(1) of the Corporations Act, a meeting of
the Company and its creditors will be held at the offices Burton
Glenn Allen on Friday, June 24, 2005 at 10:00 a.m.

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

Dated this 10th day of May 2005

Peter G. Burton
Brian H. Allen
Joint Liquidators
c/- Burton Glenn Allen
Chartered Accountants
Level 2, 57 Grosvenor Street,
Neutral Bay NSW 2089
Telephone: (02) 9904 4644
Facsimile: (02) 9904 9644


SPROWLES FILMS: Final Meeting Slated for June 27
------------------------------------------------
Notice is given pursuant to Section 509 of the Corporations Act
2001 that a joint meeting of the members and creditors of
Sprowles Films Pty Ltd (In Liquidation) will be held at the
offices of Horwath Sydney Partnership on Monday, June 27, 2005
at 10:00 a.m., for the purpose of having an account laid before
them showing the manner in which the winding up has been
conducted and the property of the company disposed of and of
hearing any explanations that may be given by the Liquidator.

Dated this 16th day of May 2005

G. T. Hancock
Liquidator
Horwath Sydney Partnership
Level 10, 1 Market Street,
Sydney NSW 2000
Telephone: (02) 9372 0777
Facsimile: (02) 9372 0606


TANDRACON PTY: Members Pass Resolution to Wind Up Company
---------------------------------------------------------
At a general meeting of the members of Tandracon Pty Limited
duly convened and held at 103-105 Northbourne Avenue, Turner ACT
on May 2, 2005 the special resolution set out below was duly
passed:

That the company be wound up voluntarily.

Dated this 12th day of May 2005

Andrew Robert Green
Director
c/- Frank Lo Pilato
RSM Bird Cameron Partners
103-105 Northbourne Avenue,
Turner ACT 2611
Telephone: (02) 6247 5988


TEAC AUSTRALIA: Probe Continues, Becomes More Baffling
------------------------------------------------------
Creditors of failed electronic goods maker TEAC Australia were
surprised by a damning claim sent out by the firm's
administrators Wednesday last week, according to The Age.

TEAC Australia administrators have won another extension for
assessing the firm's financial health, a task that has
apparently been complicated by allegations of possible offences
committed in relation to the failed Company.

Most creditors are reportedly confused as to what was meant by
the statement: "We are continuing with our investigations into
the affairs of the company, into potential recovery proceedings
and possible offences committed."

"There are significant write-downs of major assets and we
believe that creditors are unlikely to receive any dividend
under a liquidation scenario," the letter says. "It is therefore
in the best interests of the creditors that they wait for this
process to be finalized."

TEAC Australia called in voluntary administrators in March due
to cash flow problems, owing unsecured creditors around AU$55
million.

CONTACT:

TEAC Australia
Address: 280 William St
Melbourne Vic 3000
Phone: (03) 9672 2400
       (03) 9644 2442
Fax: (03) 9672 2499
E-mail: info@teac.com.au
Web site: http://www.teac.com.au/


TRUNDLE GOLF: Lays Out General Meeting Agenda
---------------------------------------------
Notice is hereby given pursuant to section 509 of the
Corporations Act that a general meeting of the members of
Trundle Golf Club Limited (In Liquidation) will be held at the
offices of Lawler Partners, Chartered Accountants, Level 7, 1
Margaret Street, Sydney, NSW 2000 on Monday, June 27, 2005 at
10:00 a.m.

AGENDA

(1) To have an account of the company's winding up laid before
the meeting and to hear any explanations that may be given by
the liquidator.

Dated this 13th day of May 2005

Chris Wykes
Liquidator
c/- Lawler Partners
Level 7, 1 Margaret Street,
Sydney NSW 2001


VILLAGE LIFE: Shares Nosedive on Another Downgrade
--------------------------------------------------
Shares in struggling Village Life went tumbling after it issued
its fourth profit downgrade this year, The Australian reports.

Blaming its own rapid growth and the "current property boom" for
its troubles, Village Life estimated net profit for the 12
months to June 30 at between AU$1.5 million and AU$1.8 million.
This compares to its AU$4.5 million to AU$4.7 million forecast
on May 9.

But Village Life managing director Tony Roberts declared the
latest profit downgrade would be the last since the Company has
stepped up efforts to get back to its core business and perform.

The company has now decided to abandon the development of its
Sydenham retirement village in Victoria and will proceed with
two other projects - in Victoria and Tasmania - but only in
2006.

Village Life operates 79 villages with 3974 units that are
rented to retirees. More than 10 other sites are under
construction.  

Mr. Roberts said the company would undergo an extensive review
of its business strategy by independent experts.

CONTACT:

Village Life Limited
61 Park Road (PO Box 1162)
Milton Queensland 4064 Australia
Telephone: +61 7 3514 6400
Facsimilie: +61 7 3514 6497
Web site: http://www.villagelife.com.au/


WALEBEN PTY: Members to Meet June 27
------------------------------------
Notice is hereby given that pursuant to Section 509 of the
Corporations Act 2001, the final meeting of members of the
Waleben Pty Ltd will be held at the offices of Kellaway Cridland
Pty Ltd, Chartered Accountants, 48 Hunter Street, Sydney on
Monday, June 27, 2005 at 10:00 a.m. for the purposes of laying
before the meeting the Liquidator's final accounts and report
and giving any explanation thereof.

Dated this 12th day of May 2005

Peter Kellaway
Liquidator
Kellaway Cridland Pty Ltd
Level 4, 48 Hunter Street,
Sydney NSW 2000


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

BANK OF COMMUNICATIONS: Unveils IPO Allotment Results
-----------------------------------------------------
The Directors of the Bank of Communications announced that at
the close of the application lists at 12:00 noon on June 16,
2005, a total of 270,467 valid applications (including
electronic application instructions given to HKSCC) have been
received pursuant to the Hong Kong Public Offering for a total
of 59,922,044,000 Hong Kong Offer Shares, equivalent to
approximately 204 times of the total number of 292,782,000 H
Shares initially available under the Hong Kong Public Offering.

Due to the over subscription in the Hong Kong Public Offering,
the clawback mechanism as specified in the section headed
"Structure of the Global Offering" in the Prospectus has been
applied and the number of Offer Shares allocated to the Hong
Kong Public Offering has been increased to 1,171,126,000 Offer
Shares, representing 20% of the total number of Offer Shares
initially available under the Global Offering (before exercise
of the Over-allotment Option).

Of the 270,467 valid applications on white and yellow
Application Forms and by electronic application instructions
given to HKSCC for a total of 59,922,044,000 Hong Kong Offer
Shares, a total of 264,877 applications in respect of a total of
14,849,096,000 Hong Kong Offer Shares were for Hong Kong Offer
Shares with an aggregate subscription amount based on the
maximum offer price of HK$2.55 per H Share (excluding brokerage
of 1%, SFC transaction levy of 0.005%, investor compensation
levy of 0.002% and Hong Kong Stock Exchange trading fee of
0.005% payable) of HK$5 million or less (representing
approximately 101 times of the 146,391,000 Hong Kong Offer
Shares initially comprised in pool A), and a total of 5,590
applications in respect of a total of 45,072,948,000 Hong Kong
Offer Shares were for Hong Kong Offer Shares with an aggregate
subscription amount based on the maximum offer price of HK$2.55
per H Share (excluding brokerage of 1%, SFC transaction levy of
0.005%, investor compensation levy of 0.002% and Hong Kong Stock
Exchange trading fee of 0.005% payable) of more than HK$5
million (representing approximately 307 times of the 146,391,000
Hong Kong Offer Shares initially comprised in pool B). All
multiple or suspected multiple applications have been rejected.
The H Shares offered in the Hong Kong Public Offering were
conditionally allocated on the basis set out in the paragraph
headed "Basis of Allotment" below.

The Directors further announce that the Offer Shares initially
offered under the International Offering have been very
significantly oversubscribed. 703,553,000 H Shares, representing
12.01% of the H Shares initially available under the Global
Offering, have been over-allocated under the International
Offering. Due to the over subscription in the Hong Kong Public
Offering, the clawback mechanism as specified in the section
headed "Structure of the Global Offering" in the Prospectus has
been applied and the number of Offer Shares under the Global
Offering allocated to the International Offering has been
reduced to 4,684,500,000 Offer Shares, representing 80% of the
Offer Shares initially available under the Global Offering.

As disclosed in the Prospectus, pursuant to HSBC's right under
the Investor Rights Agreement between it and the Company, HSBC
had advised the Company that it intended to subscribe for H
Shares in the International Offering so as to enable it to
maintain its shareholding interest in the Company at 19.90%
immediately following completion of the Global Offering
(assuming no new Shares will be issued under the HSBC Price
Adjustment Top-Up). The Company hereby confirms that
1,165,269,000 H Shares have been conditionally placed with HSBC
in the International Offering pursuant to the exercise of such
right by HSBC.

Taking into account the shareholding interest of HSBC
immediately prior to the completion of the Global Offering and
such additional H Shares to be placed to HSBC in the
International Offering, HSBC is expected to own 8,940,211,580 H
Shares in the Company immediately upon completion of the Global
Offering, representing approximately 19.90% of the enlarged
issued share capital of the Company (assuming the Over-allotment
Option is not exercised).

The Company has granted to the International Purchasers the
Over-allotment Option exercisable by the Joint Global
Coordinators on behalf of the International Purchasers within 30
days from the last day for the lodging of applications under the
Hong Kong Public Offering to require the Company to issue up to
an aggregate of 878,344,000 additional H Shares. If the Over-
allotment Option is exercised, a press announcement will be
made.

Except in respect of the H Shares placed to HSBC in the
International Offering noted above, the Directors confirm that
no Offer Shares have been allocated to applicants who are
connected persons of the Company within the meaning of the Hong
Kong Listing Rules. Other than the conditional allocation to
HSBC noted above, none of the Joint Sponsors and the
Underwriters has taken up any Offer Shares for its own benefit
under the Global Offering.

The Company confirms that immediately following completion of
the Global Offering and before the exercise of the Over-
allotment Option, the number of H Shares in public hands
represents approximately 17.12% of the total issued share
capital of the Company and this percentage will satisfy the
minimum percentage of public float, namely 17.12% or such higher
percentage of the Company's issued share capital as will be held
by the public in the event that the whole or a part of the Over-
allotment Option is exercised, which the Hong Kong Stock
Exchange has exercised its discretion under Rule 8.08(1)(d) of
the Hong Kong Listing Rules to accept in this case.

OFFER PRICE

The Offer Price has been determined at HK$2.50 per Hong Kong
Offer Share (excluding brokerage of 1%, SFC transaction levy of
0.005%, investor compensation levy of 0.002% and Hong Kong Stock
Exchange trading fee of 0.005%).

CONTACT:

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


BESTWAY INTERNATIONAL: Notes Unusual Volume Movement
----------------------------------------------------
The Stock Exchange of Hong Kong has received a message from
Bestway International Holdings Limited, which is reproduced as
follows:

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

The Company has noted on Tuesday an increase in the trading
volume of the shares of the Company and wishes to state that we
are not aware of any reasons for such increases.

The Company also confirm that there are no 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 a price-sensitive
nature.

Made by the order of the Board of Bestway International Holdings
Limited the directors (save for Mr. Chang Bin Lin, who is the
executive director, is at present out of town and cannot be
contacted) of which individually and jointly accept
responsibility for the accuracy of this statement.

Hong Kong 21 June 2005

For and on behalf of
Bestway International Holdings Limited
Billy Leung
Company Secretary

CONTACT:

Bestway International Holdings Limited
18/F, Tesbury Centre
28 Queen's Road East
Wanchai, Hong Kong  
Phone: 28151199  
Fax: 28541076


C.P. POKPHAND: Disposes of Equity Interests in Dong Fang Chia
-------------------------------------------------------------
The board of Directors C.P. Pokphand Co. Ltd. (0043) announced
that on June 21, 2005, Chia Tai (China) Agro-Industrial Ltd., a
wholly-owned subsidiary of the Company (the Vendor) and Chia Tai
Biotech Company Limited (the Purchaser) entered into the Equity
Transfer Contract whereby the Vendor conditionally agreed to
dispose of its 50% equity interest in Dong Fang to the Purchaser
at the consideration of RMB5,055,000 (approximately
HK$4,751,700).

The Directors, including the independent non-executive
Directors, consider that the terms of the Equity Transfer
Contract, which were concluded by the parties after arm's length
negotiations, are fair and reasonable and are on normal
commercial terms and the Equity Transfer Contract is in the
interests of the Company and its shareholders as a whole.

The Purchaser is owned as to 50% by Mr. Sumet Jiaravanon, a
Director of the Company. Hence, the Purchaser is an associate of
Mr. Sumet Jiaravanon and a connected person of the Company
within the meaning of the Listing Rules. Accordingly, the
Disposal constituted a connected transaction for the Company. As
the applicable percentage ratios of the Disposal are below 2.5%,
the transaction is subject to the reporting and announcement
requirements and is exempt from the independent shareholders'
approval under Chapter 14A of the Listing Rules.

As of December 31, 2004, C.P. Pokphand has total assets of
HK$6.9 million, while total liabilities stood at HK$6.5 million,
Chong Hing Securities reports.

For more information, go to
http://bankrupt.com/misc/tcrap_cppokphand062205.pdf

CONTACT:

C.P. Pokphand Company Limited
21/F Far East Finance Centre
16 Harcourt Road
Admiralty, Hong Kong  
Phone: 25201602  
Fax: 28612514  
Web site: http://www.cpthailand


EAST NOBLE: Court Releases Winding Up Notice
--------------------------------------------
East Noble Shipping (Agency) Limited, whose place of business is
located at 8A, Man Lok Commercial Building, 89-93 Bonham Strand
East, Central 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 8, 2005.

Date of Presentation: April 7, 2005.

Dated this 17th day of June 2005

ET O'Connell
Official Receiver


FUJIAN PROVINCE: Issues Intended Dividend Notice
------------------------------------------------
Notice is hereby given that a first and final preferential
dividend, and a first ordinary dividend are intended to be
declared in Fujian Province Zhong Fu (Group) Company (formerly
known as China Fujian Corporation For International techno-
Economic Cooperation).

If creditors do not establish their claim to the satisfaction of
the Liquidators on or before July 8, 2005, or such later date as
the Liquidators may fix, your claim will expunged, and we shall
proceed to make a dividend without regard to such claim.

Dated this 17th day of June 2005

Kong Chi How, Johnson
Joint and Several Liquidator


JUN CHENG: Schedules Winding Up Hearing July 20
-----------------------------------------------
Notice is hereby given that a Petition for the Winding up of Jun
Cheng Group Company Limited by the High Court of Hong Kong
Special Administrative Region was on May 27, 2005 presented to
the said Court by Asia Commercial Bank Limited, a banking
corporation duly incorporated in Hong Kong Special
Administrative Region whose registered office is situate at Asia
Financial Centre, 120 Des Voeux Road Central, Hong Kong.  

The said Petition is to be heard before the Court at 9:30 a.m.
on July 20, 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.

Gallant Y. T. Ho & Co.
Solicitors for the Petitioner
5th Floor, Jardine House
No. 1 Connaught Place
Central, Hong Kong

Note: Any person who intends to appear at the hearing of the
said petition must serve on or send by post to the abovenamed,
notice in writing of his intention to do so.  The Notice must
state the name and address of the person, or if a firm or his or
their Solicitor (if any) and must be served or if posted, must
be sent by post in sufficient time to reach the abovenamed not
later than six o'clock in the afternoon of July 19, 2005.


MOULIN GLOBAL: Faces Winding Up Proceedings
-------------------------------------------
Hongkong & Shanghai Banking Corporation, a creditor of Moulin
Global Eyecare Holdings (0389.HK), has filed a winding-up
petition against the Company at the High Court on Tuesday, a
move that threatens to derail Moulin's effort to restructure its
HK$5.33 billion in debt, The Standard reports.

Anglo Chinese Corporate Finance, which Moulin had hired to
advise it on its attempted debt restructuring, said it is
disappointed that winding-up proceedings have been initiated.

About 16 banks have called in loans amounting to HK$946 million.

Five banks, including Bank of China (Hong Kong), HSBC, Hang Seng
Bank, Standard Chartered and Singapore's OCBC, have HK$150
million each in outstanding credit lines to Moulin.

In an announcement to the Hong Kong Stock Exchange, Moulin said
it had just HK$15 million in working capital in a Hong Kong bank
account, not the HK$90 million it cited earlier this month. The
Company said inconsistency resulted from the double counting of
a HK$40 million bank transfer.

CONTACTS:

Moulin Global Eyecare Holdings Limited
4/F, Kenning Industrial Building
19 Wang Hoi Road
Kowloon Bay, Kowloon, H.K.  
Phone: 27073800  
Fax: 21487272  
Web site: http://www.moulin.com.hk

Anglo Chinese Corporate Finance, Limited
40th Floor
Two Exchange Square
8 Connaught Place
Central Hong Kong
Tel: 852 2845 4400
Fax: 852 2842 1162
E-mail: accf@anglochinesegroup.com


MOULIN GLOBAL: Delays Annual Results
------------------------------------
The Board of Directors of Moulin Global Eyecare Holdings Limited
announces that the publication of the Group's 2004 annual
results will be delayed until further notice.

This delay continues a breach of Rules 13.46(2) (a) and 13.49(1)
of The Rules Governing the Listing of Securities on The Stock
Exchange of Hong Kong Limited.

The Stock Exchange of Hong Kong Limited reserves the right to
take appropriate action against the Company and, or its
directors in respect of such breach. The audit work of the
Group's results for the year ended December 31, 2004 is
continuing.

CONTACT:

Moulin Global Eyecare Holdings Limited
4/F, Kenning Industrial Building
19 Wang Hoi Road
Kowloon Bay, Kowloon, H.K.  
Phone: 27073800  
Fax: 21487272  
Web site: http://www.moulin.com.hk


MOULIN GLOBAL: Appoints CCIF CPA Official Auditors
--------------------------------------------------
At the Special General Meeting of Moulin Global Eyecare Holdings
Limited held on June 17, 2005, a resolution was passed to
appoint CCIF CPA Limited as auditors of the Company.

The Board also announces that Mr. Chan Wing Wah, Ivan and Mr. Ng
Tai Chiu, David have, for persona reasons, resigned as
independent Non-executive Directors of the Company with effect
from June 7 and 8, 2005, respectively.

The board is not aware of any matters relating to the
resignation of Mr. Chan and Mr. Ng that need to be brought to
the attention of the shareholders of the Company.

The board is not aware of any disagreement between the Board and
Mr. Chan or Mr. Ng. Following the resignation of Mr. Chan and
Mr. Ng., the Company presently has one independent non-executive
director. The Company intends to appoint two additional
independent non-executive directors to meet the requirements
under Rule 3.10(1) and 3.10(2) of the Listing Rules within three
months in accordance with the requirements under RUle 3.11 of
the Listing Rules.


ORIENTAL PHOENIX: Winding Up Hearing Set for June 29
----------------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Oriental Phoenix Investment (Hong Kong) Limited by the High
Court of Hong Kong Special Administrative Region was on April 1,
2005 presented to the said Court by Kosmo Corporation (acting
through its Joint Provisional Liquidators, Kenneth Krys and
Cosimo Borrelli), whose registered office is situate at the
office of Codan Trust Company (Cayman) Limited, Century Yard,
Cricket Square, Hutchins Drive, P O Box 2681 GT, George Town,
Grand Cayman, Cayman Islands and whose correspondence address in
Hong Kong is at 7th Floor, Allied Kajima Building, 138
Gloucester Road, Hong Kong.  

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

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

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

Messrs. Laracy Gall
Solicitors for the Joint Liquidators of the Petitioner
Acting on behalf of the Petitioner
Room 1402, 14th Floor, Dina House
Ruttonjee Centre, 11 Duddell Street
Central, Hong Kong
Tel: 2836 0555   Fax: 2836 0777
(Ref: NG/0010-07/05)

Note:

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


SEWCO INTERNATIONAL: Officials Arrested in $6-Mln Bribery Case
--------------------------------------------------------------
Senior executives of toymaker Sewco International Holdings has
been arrested along with nine others by the Independent
Commission Against Corruption (ICAC) for their alleged
involvement in an illegal rebate scheme worth more than H$6
million, The Standard reports.

The agency did not name the firm and persons involved, but
sources said that Sewco Chairman Mr. Herbert Cheung and
purchasing Manager Mr. Him Yin-ping, were alleged to have
demanded secret rebates from a number of suppliers for each
purchase order placed by the listed company.

To facilitate the payment of the alleged secret rebates, the
suppliers were alleged to have inflated their invoices billed to
the listed company, and the secret rebates were paid into the
bank accounts of the purchasing manageress.

CONTACT:

Sewco International Holdings Limited
18th Floor, Wing Wong Commercial Building
No. 557 and 559 Nathan Road
Yaumatei, Kolon  
Phone: 22705033  
Fax: 27705036  
Web site: http://www.sewco.com.hk

Independent Commission Against Corruption
Community Relations Department
Division 2
ICAC Regional Office (Kowloon Central)
21E Nga Tsin Wai Road, Ground Floor
Kowloon City, Kowloon
Phone: 2926 6200
Fax: 2382 2112


SHUM YIP: Creditors Meeting Fixed June 27
-----------------------------------------
Shum Yip Materials Company Limited (In Liquidation) issued a
notice of creditors meeting in the High Court of the Hong Kong
Special Administrative Region Court of First Instance.

Date of Meetings: June 27, 2005

Time: At 4:00 p.m.

Place: 18th Floor, Two International Finance Centre, 8 Finance
Street, Central, Hong Kong.

Dated this 17th day of June 2005

Stephen Liu Yiu Keung
Joint and Several Liquidator


START TARGET: Receives Winding Up Order
---------------------------------------
Start Target Development, whose place of business is located at
Flat 17, Block 4th Floor, Focal Industrial Centre, 21 Man Lok
Street, Hunghom, 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 8, 2005.

Date of Presentation: April 7, 2005.

Dated this 17th day of June 2005

ET O'Connell
Official Receiver


UNITED RICH: Court Issues Winding Up Order
------------------------------------------
United Rich (H.K.) Limited, whose place of business is located
at Unit 24, G/F, Commercial Complex Tsui Lai Garden, 9 Fung Nam
Road, Sheung Shiu, New Territories was issued a winding up order
notice by the High Court of the Hong Kong Special Administrative
Region Court of First Instance on June 8, 2005.

Date of Presentation: April 6, 2005.

Dated this 17th day of June 2005

ET O'Connell
Official Receiver


VICTORY TEAM: Enters Winding Up Process
---------------------------------------
Victory Team Limited, whose place of business is located at G/F,
347-349, Dex Voeux Road, West 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 8, 2005.

Date of Presentation: April 6, 2005.

Dated this 17th day of June 2005

ET O'Connell
Official Receiver


* Moody's Sees Stable Outlook for Chinese Banking Sector
--------------------------------------------------------
Moody's Investors Service says in a new report that the outlook
for the Chinese banking sector is stable to positive.

"Overall, the government's accelerated efforts to recapitalize
the state banks in 2004 have reduced the system's risks," says
the report, entitled China Banking System Outlook 2005: Reforms
on Track, but More Needed.

"Furthermore, credit tightening by the authorities from mid-2004
has prompted loan growth to slow significantly and to a more
controllable and manageable pace, favorable for the long-term
development of the banking sector," the report says.

The report, which is released annually, is authored by May
Meizhi Yan, a Moody's Vice President / Senior Analyst, based in
the ratings agency's Hong Kong office.

The report provides in-depth analysis of a broad range of
issues, including the impact on the banking sector of economic
development, overall reform, regulatory changes, established and
new business niches, system performance, each category of banks,
the treatment of non-performing loans, and the challenges posed
by foreign banks.

Moody's average bank financial strength rating for Chinese banks
(BFSR) is E+. The low BFSRs reflect the weak fundamentals of the
banks, while their relatively high deposit ratings reflect
Moody's view of extremely strong government support.

The report says that Chinese banks have benefited from a
structural shift away from an extreme concentration on
traditional higher-risk corporate lending towards the lower-risk
consumer business. Accompanying this transition are
opportunities for more fee activity. In the medium-to-long term,
such a development can help improve profitability as well as
lower risk profiles.

"However, the transition will be challenged by the gradual
liberalization of interest rates, which may erode interest
income, as well as the opening of the banking sector -- under
China's WTO commitments -- in December 2006," the report says.

Looking more long term, the report says that the key for Chinese
banks to grow into commercially viable entities lies in their
ability to improve profitability. This outcome in turn requires
a successful transition in business models as well as a major
strengthening in risk management and internal control.

However, currently, the lack of income diversification is a key
factor affecting profitability. Chinese banks, on average, only
make less than 10% of their total operating income from non-
interest income. Fee-generating businesses, such as securities
trading, insurance and wealth management, can add significantly
to earnings. "However, it will take some time for the banks to
develop this segment," the report says.

On recapitalization, the report says that for the state banks in
2005 efforts in this area will concentrate on subsidizing large-
scale NPL sales for Industrial and Commercial Bank of China, one
of the Big 4 state banks. Meanwhile, the recapitalization of
Agricultural Bank of China, another of the Big 4, may not occur
in the near term, as it needs to be considered in conjunction
with reform of the Agricultural Development Bank and rural
credit coops. However, the capital and asset quality of the
recapitalized banks will remain vulnerable to potential
downturns in the economy.

Hong Kong
May Yan
Vice President - Senior Analyst
Financial Institutions Group
Moody's Asia Pacific Ltd.
Telephone: 852-2509-0200
Facsimile: 852-2509-0165

Hong Kong
Leo Wah
Asst Vice President - Analyst
Financial Institutions Group
Moody's Asia Pacific Ltd.
Telephone: 852-2509-0200
Facsimile: 852-2509-0165


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

GARUDA INDONESIA: Braces for Another Airfare Hike
-------------------------------------------------
National airline PT Garuda Indonesia plans to raise its domestic
airfares again this year due to the increasing costs of aviation
fuel, reports the Jakarta Post.

According to Garuda president director Emirsyah Satar, between
30-35% of the Company's total operating costs goes to aviation
fuel. Thus, the Company is evaluating which routes would be
affected by the price hike.

Garuda Indonesia had recently increased its airfare rates by an
average of 10% last month. The Company has also stopped flying
to certain destinations and increased flight frequencies to
other cities. The airline flies to 21 domestic and 23
international destinations.

Another reason for the price hike is the avoidance of possible
operating losses and an increase in revenue, as the airline
posted an expected net loss of up to IDR193 billion due to the
rising costs of aviation fuel.

Garuda has also launched an information technology joint venture
with Lufthansa Systems Germany to provide software development
and data center services for regional customers. The new firm,
called Lufthansa Systems Indonesia, started operations on June
21, 2005, and is 51% owned by Garuda Indonesia and 49% owned by
Lufthansa Systems Germany. It is expected to increase Garuda's
revenue by approximately 3-5%.

CONTACT:

PT Garuda Indonesia
Garuda Indonesia Bldg.,
Jalan Merdeka Selatan No. 13
Jakarta, 10110, Indonesia
Phone: +62-21-231-0082
Fax:   +62-21-231-1679
Web site: http://www.garuda-indonesia.com


PERTAMINA: Fails to Secure LNG for Aceh Fertilizer Plant
--------------------------------------------------------
PT Pertamina failed to buy liquefied natural gas (LNG) to supply
a fertilizer plant in tsunami-struck Aceh, which has led to a
halt in the operations of Asean Aceh Fertilizer, Asia Pulse
reports.

The LNG purchase was planned by the Indonesian government to
cover a supply shortage of the gas to foreign buyers in Japan &
South Korea, as it had used part of the gas supply in Arun, Aceh
for a state-controlled fertilizer plant, PT Pupuk Iskandar Muda.

But since the LNG output in the Aceh plant, which is run by U.S.
firm ExxonMobil, became lesser, there was only enough LNG to
supply contract buyers in Japan and South Korea. Company
marketing director Arie Soemarno said that they had been seeking
to buy LNG from other countries, but no one could offer LNG.

The Oman government had earlier offered to sell LNG to
Pertamina, but the Company was given two days to decide on terms
of payment, and the Indonesian government could not guarantee
that the Company would be able to pay for the gas.
Earlier, Pertamina received an offer from Oman but the
government could not guarantee payment and as a result Pertamina
missed that opportunity as Oman gave only two days to decide on
the payment term, Arie said.

Pertamina is currently facing difficulties with its cash flow,
and its fuel stock levels have also decreased to cover only 12
days, instead of a safe 22-day level.

CONTACT:

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


PERTAMINA: Sets Aside Low-Sulfur Waxy Residue for Export
--------------------------------------------------------
State-owned oil and gas firm PT Pertamina allotted 2.2 million
barrels of low-sulfur waxy residual fuel oil (LSWR) for export
in July, a 17% increase from its last LSWR export this month,
reports Dow Jones.

The Company allocated 7 cargoes (at 200,000 barrels per cargo)
of mixed/cracked LWSR for export from its Balikpapan oil
refinery. Aside from that, Pertamina will also export two other
cargoes of LSWR from its Dumai refinery, together with two
cargoes of straight-run LSWR from its refinery in Sungei
Pakning.

Demand for LSWR has remained high despite drops in demand for
the product from Japanese and South Korean power firms. Many
power companies are buying the LSWR at low prices to keep stock,
and oil firms have also bought the residual oil for blending.

According to traders, demand from northeast Asia remains firm
despite falling demand from Japan and South Korea power
generators.

Since LSWR is not prime fuel, the Company can afford to keep
prices low, and according to a trader, if the price is right end
users will continue buying LSWR.


PERUSAHAAN LISTRIK: Fuel Shortage May Force Plant Shutdowns
-----------------------------------------------------------
State-controlled power firm PT Perusahaan Listrik Negara (PLN)
may shut down more power plants in the next week due to a fuel
shortage in sister company PT Pertamina, Dow Jones reports.

The following plants are scheduled to be shut down by PLN within
the next two to three days: a 1,000-megawatt Tambak Lokok power
plant in central Java, 1,000-megawatt Gili Manuk Power plant in
western Bali, and a 840-megawatt Muara Tawar plant in Jakarta,
according to the Company's general manager, Mulyo Adji.

Mr. Adji confirmed that PLN had shut down a 750-megawatt power
plant in East Java because there wasn't any fuel to run the
plant, but he did not say for how long the plants would be shut
down.

Accordingly, power in the islands of Java and Bali would be
affected by the shutdown of the plants, which provide
electricity to these islands. Mr. Adji said that there would be
a rotation of the power outage in these islands.

CONTACT:

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


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

ASHIKAGA BANK: Mizuho Denies Takeover Plan
------------------------------------------
Mizuho Financial Group Inc. President Terunobu Maeda denied
media reports that his bank will acquire the operations of
Ashikaga Bank of the Ashikaga Financial Group Inc., according to
Dow Jones Newswires.

Ashikaga Bank was placed under government control two years ago
after it was found to be insolvent with a negative net worth of
JPY102.3 billion as of September 30, 2003.

CONTACT:

Ashikaga Bank Limited (The)
1-25 Sakura 4-Chome
Utsunomiya 320-8610, Tochigi 320-8610
Japan
Phone: +81 28 622 0111
Fax: +81 28 625 5546
Web site: http://www.ashikagabank.co.jp/


DAIEI INCORPORATED: To Close 53 Outlets This Year
-------------------------------------------------
Japan's 10 major supermarket operators, including Daiei
Incorporated, will shut down 92 outlets in this business year,
according to a report in business daily Nihon Keizai cited by
just-food.com.

Daiei is in talks with landlords to close down a total of 53
stores, the most since 33 were shut in the year to March 2003.

Daiei, Aeon and Ito-Yokado Co. previously expanded the number of
stores handling a wide range of products. But their sales have
been hit by the opening of an increasing number of specialty
stores and of commercial complexes housing these outlets.

CONTACT:

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


HITACHI LIMITED: Establishes New PDP Management Company
-------------------------------------------------------
Hitachi, Ltd. announced on June 22 the establishment of a new
operating company to manage Plasma Display Panel (PDP) patent
portfolio owned by Hitachi, Ltd. Details of the new company are
as follows:

About Hitachi Plasma Patent Licensing Co., Ltd. -0- *T
President: Akira Shibata (Corporate Chief Engineer Ubiquitous
Platform Systems, Hitachi, Ltd.) Headquarters: Chiyoda-ku,
Tokyo, Japan Capital: 100 million yen (100% owned by Hitachi,
Ltd.) Businesses: Management and exploitation of PDP patent
portfolio Date of establishment: July 1st, 2005 *T

Hitachi, Ltd. has formed a collaborative relationship with
Matsushita Electric Industrial Co., Ltd. in the PDP business.
Hitachi is considering allowing Matsushita Electric Industrial
to acquire an equity interest of less than 20% in Hitachi Plasma
Patent Licensing following its establishment. The purpose is to
build an ongoing and stable licensing relationship between
Hitachi and Matsushita Electric Industrial, as well as to manage
the accomplishments of joint development activities based on
this collaborative relationship.

About Hitachi, Ltd.

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

CONTACT:

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


JAPAN AIRLINES: Chief Resigns as Industry Head
----------------------------------------------
Japan Airlines President Toshiyuki Shimmachi will resign as head
of the Scheduled Airlines Association of Japan before his two-
year term expires, Japan Times reports.

Mr. Shimmachi wants to focus on efforts to restore customer
confidence in his company, which has been hit by a series of
safety blunders.

All Nippon Airways President Mineo Yamamoto will succeed Mr.
Shimmachi, and the replacement will be endorsed at the
association's board meeting on Friday.

CONTACT:

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


LONG-TERM CREDIT: Ex-execs Convicted of Hiding Loans Lose Appeal
----------------------------------------------------------------
The Tokyo High Court on Tuesday rejected the appeals of three
former top executives of the now-defunct Long-Term Credit Bank
of Japan (LTCB) who were convicted of window-dressing the bank's
earnings reports, The Asahi Shimbun reports.

The court thus upheld the suspended sentences handed down to
former LTCB President Katsunobu Onogi, and two other former
executives, Masami Suda, and Yoshiharu Suzuki.

The defendants were convicted of violating the Securities and
Exchange Law and the Commercial Code by hiding some JPY310 yen
in non-performing loans.

The LTCB was placed under state control in October 1998, and the
government, which spent 3.6 trillion yen to clean up LTCB's
debts, signed an agreement to sell it to a consortium led by
U.S. investment group Ripplewood Holdings.


MATSUSHITA ELECTRIC: May Restart Talks on DVD Format
----------------------------------------------------
Matsushita Electric Industrial Co., Sony Corporation and Toshiba
Corporation may restart negotiations aimed at working out a
common DVD format after their respective shareholder's meeting
later this month, AFX News reports.

Sony and Matsushita have been promoting the Blu-ray Disc format,
whereas Toshiba is seeking to make its HD DVD format the
industry standard.

Earlier talks collapsed in mid-May, because the managing
directors and lower-ranking officials from the three firms got
bogged down in debate over which of the two formats excelled in
technological terms, the newspaper noted.

Matsushita President Kunio Nakamura, Sony's Chubachi and
Toshiba's Nishida will likely attend the new round of talks. The
view is gaining currency at the three firms that their top
executives should meet first regardless of the outcome.

CONTACT:

Matsushita Electric Industrial Co Ltd (Panasonic)
1006, Oaza Kadoma
Kadoma-shi, Osaka 571-8501
Japan
Phone: +81 6 6908 - 1121
Fax: +81 6 6908 2351


MITSUBISHI MOTORS: Outsources Logistics Ops to Cut Costs
--------------------------------------------------------
Mitsubishi Motors Corporation (MMC) has fully outsourced the
shipment and management of auto components, which it procures
from overseas to Dutch logistics company TNT NV in a bid to cut
costs, AFX News reports, citing the Nihon Keizai Shimbun.

TNT is providing logistics services, including shipment, storage
and inventory management for all parts that are produced outside
of Japan.

The automaker fully consigned such tasks to TNT this month. The
automaker spends nearly JPY1 billion annually on the shipment of
some 400 types of parts produced in Europe, the U.S. and Asia
outside Japan. It expects to slash such costs by about 10
percent by outsourcing the work to TNT, the report said.

CONTACT:

Mitsubishi Motors Corporation
2-16-4 Konan, Minato-ku
Tokyo, 108-8410, Japan
Phone: +81-3-6719-2111
Fax: +81-3-6719-0014
Web site: http://www.mitsubishi-motors.co.jp


MITSUBISHI MOTORS: Launches New Colt CZ3 Vehicle
------------------------------------------------
Mitsubishi Motors Corporation has released its top of the range
150bhp Colt from the all-new 3-door Colt CZ3 range. Due to go on
sale early 2005 the Colt CZ3 range, including the Colt CZT turbo
charged variant, will add another exciting dimension to
Mitsubishi's revitalized product line-up in the UK.

Shorter than its 5-door sister model, with a lower roofline,
more sculpted body sections, wide sills, longer doors and
teardrop rear quarter windows, Colt CZ3 represents a more
dynamic expression of New Colt's One-Motion design theme.

Setting a precedent in the segment, Colt CZ3 is not simply a
shortened version of the hatchback but a stand-alone model. Its
unique styling means that all exterior panels (except for the
bonnet and front bumper) have been individually designed and are
not simply carry-overs from the 5-door Colt.

With a sportier and muscled-up coupe-like body style, Colt CZ3
has been created to have a look and feel all of its own. This
individuality has been reflected in the naming strategy with the
3-door range taking the badge "Colt CZ3" and the 150bph turbo
charged performance variant being christened "Colt CZT".

The Colt CZ3 range will be available early 2005 with either a 5
speed manual gearbox or the All shift to automated manual
transmission coupled with a choice of four engines: 1.1 litre
75bhp, 1.3 litre 95bhp, 1.5 litre 109bhp petrol engine and 1.5
95bhp direct injection diesel.

In parallel, the new 3-Door Colt will also appeal to a young
crowd of enthusiasts with the "Colt CZT" variant, exclusively
offered with a turbo-charged version of Mitsubishi Motors' MIVEC
Turbo DOHC 16 valve intercooled 1.5 litre engine, developing
150bhp and 210Nm of torque with a 0-62 time of 8 seconds and a
top speed of 130mph.

More than an all-out sports car, Colt CZT was developed at the
specific request of Mitsubishi Motors Europe and styled at
Mitsubishi Design Europe to create a sharp and chic B-segment
car which blends together all the best elements of Mitsubishi's
motor sports and engineering heritage along with its new design
style.

The Colt CZT will make its World Premier at this year's Paris
Motor Show in September.

This is a Company press release.


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

KOREA TECHNOLOGY: Faces KRW1 Trillion in Losses
-----------------------------------------------
A South Korean state loan guarantee agency, the Korea Technology
Credit Guarantee Fund (KOTEC), may post a net loss of up to KRW1
trillion due to defaulted loans to small companies and venture
enterprises, reports Asia Pulse.

According to report by the Board of Audit and Inspection, KOTEC
spent KRW804.6 billion to pay off defaulted loans of small
companies from 2001 to May 2005.

To help small firms and venture startups fund their businesses,
the South Korean government had in 2001 set up a Primary
Collateralized Bond Obligation (P-CBO), wherein the KOTEC would
provide payment guarantees for the debts. The debts were backed
by low-grade bonds issued by the small firms.

At present, the KOTEC has provided payment guarantees for P-CBOs
worth KRW2.21 trillion. The agency's net loss is also expected
to widen even more, as they include debts by "unqualified" firms
grouped into underlying assets for the P-CBOs.

KOTEC was founded in 1989 by the South Korean Government as a
non-profit guarantee institution under the special enactment,
"Financial Assistance to New Technology Businesses Act," which
went through a full-scale revision and was newly titled "Korea
Technology Credit Guarantee Fund Act" in 2002.

CONTACT:

Korea Techonology Credit Guarantee Fund Agency
13-13 Youido-dong, Yongdungop-gu
Seoul 150-010 South Korea
Phone: +82 2 789 9375/+82 2 789 9431
Fax:   +82 2 789 9494
Email: kotec@kibo.co.kr
Web site: http://www.kotec.or.kr


SAEHAN INDUSTRIES: Mulls Shares Sale as Part of Restructuring
-------------------------------------------------------------
Saehan Industries Inc. plans to sell 10.86 million shares that
it holds in joint venture firm Toray Saehan Inc. as part of its
restructuring plan, Asia Pulse reports.

The shares sale would dispose more than half of Saehan's 26.79%
stake in the polyester film & filament firm, and 16.17% of the
shares of the firm itself. Saehan will sell the shares for
KRW54.3 billion to its Japanese partner in the joint venture,
Toray Inc., at the end of the month.

Saehan Industries Inc. formed a joint venture with Japanese
plastics and textile maker Toray Inc. in October 1999, called
Toray Saehan. At the beginning of the firm, Toray Inc. held 74%
of its shares, while Saehan controlled 18 million shares.

Saehan Industries is also set to sell its shares in Pacific
Epoxy Polymenrs, Inc. and Saehan Matech Co., in order to repay
outstanding loans and reduce the Company's synthetic & chemical
fiber conglomerate's debt ratio to 140%.

CONTACT:

Saehan Industries Inc.
Saehan Building
254-8, Kong Duk-Dong
Mapo-Ku 121-710   
Seoul, South Korea
Phone: (+82) 2 - 3279 7353
Fax: (+82) 2 - 3279 7088
Email: duckim@saehan.co.kr
Web site:   www.saehancsm.com


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

AMTEK HOLDINGS: Posts Net Loss in Third Quarter
-----------------------------------------------
Amtek Holdings Berhad released its unaudited report for the
financial period ended March 31, 2005.

The Company has been suffering net losses for the past two
quarters.

              SUMMARY OF KEY FINANCIAL INFORMATION
                            31/03/2005

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

1  Revenue
            21,000        23,559         65,459        76,773

2  Profit/(loss) before tax
            -1,987        -2,114         -6,445       -11,011

3  Profit/(loss) after tax and minority interest
            -2,023        -2,244         -6,534       -11,281

4  Net profit/(loss) for the period
            -2,023        -2,244         -6,534       -11,281  
             
5  Basic earnings/(loss) per shares (sen)
             -4.05         -4.49         -13.07        -22.56

6  Dividend per share (sen)
              0.00          0.00           0.00          0.00

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

7  Net tangible assets per share (RM)
                                 1.0300                1.1400

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

http://bankrupt.com/misc/tcrap_amtek1062205.xls

http://bankrupt.com/misc/tcrap_amtek2062205.doc

CONTACT:

Amtek Holdings Berhad
No. 3, Jalan 2/118C, Desa Tun Razak
Industrial Park Cheras
Kuala Lumpur Wilayah Persekutuan
56000 Malaysia
Phone: 60 4 398 4240
Fax:   60 4 398 3523


KILANG PAPAN: Seeks Shareholder Approval of Proposed Mandate
------------------------------------------------------------
Kilang Papan Seribu Daya Berhad announced that in its next
annual general meeting, the Company will seek the approval of
its shareholders to renew the shareholders' mandate obtained in
the Company's 15th Annual General Meeting on July 28, 2004.

A circular containing the details of the proposed shareholders'
mandate will be sent to the Company shareholders in due course.

CONTACT:

Kilang Papan Seribu Daya Berhad
Lot 1 Harmoni Industrial Estate
Kolombong, Inanam 88100
Malaysia
Phone: +60 88 423 385
Fax:   +60 88 423 287


KONSORTIUM LOGISTIK: Aims To Break Even With New Business
---------------------------------------------------------
Konsortium Logistik Berhad, a Malaysian logistics firm, hopes to
break even by the end of 2005, as it bought the haulage business
of Diperdana Holdings Berhad last April, reports Bernama News.

The acquisition garnered a 20% share of the market for the
Company, enabling it to expand its customer base and provide a
more integrated range of services, said executive chairman and
president Mirzan Mahathir.

Konsortium entered into a sale of business deal with Diperdana
Holdings Berhad in 2001. It bought over Diperdana's assets and
business for MYR80 million, through the issuance of 50 million
new shares at MYR1.00 each, at an issue price of MYR1.60 per
share.

The Company has been suffering losses for the past two years. In
2003 it recorded a net loss of MYR34.9 million, and in 2004 its
net loss increased to MYR42.4 million. For the first quarter of
2005, the Company posted a MYR900,000 net loss, a 70%
improvement over last quarter's MYR3 million net loss.

Mr. Mahathir said that there are too many "players" in the
hauling industry, which has a very small market and fuel prices
are rising. As such, the Company would seek for a fuel price
adjustment from the market. The Company is also looking into
expanding overseas into India, Indonesia and Thailand.

CONTACT:

Konsortium Logistik Berhad
Jalan Puchong
47100 Puchong, Selangor Darul Ehsan
Malaysia
Phne: +60 3 8060 5000
Fax:  +60 3 8060 5070


KONSORTIUM LOGISTIK: Net Loss Decreases
---------------------------------------
Konsortium Logistik Berhad released its unaudited report for the
financial period ended March 31, 2005.

The Company has been suffering net losses for the past two
quarters.

              SUMMARY OF KEY FINANCIAL INFORMATION
                            31/03/2005

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

1  Revenue
            40,695        45,203         40,695        45,203

2  Profit/(loss) before tax
              -459        -2,336           -459        -2,336

3  Profit/(loss) after tax and minority interest
              -899        -3,017           -899        -3,017

4  Net profit/(loss) for the period
              -899        -3,017           -899        -3,017
               
5  Basic earnings/(loss) per shares (sen)
             -0.47         -1.65          -0.47         -1.65

6  Dividend per share (sen)
              0.00          0.00           0.00          0.00

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

7  Net tangible assets per share (RM)
                                 1.3100                1.3200

For further details on the report, go to:

http://bankrupt.com/misc/tcrap_konsortium1062205.xls

http://bankrupt.com/misc/tcrap_konsortium2062205.doc


LION INDUSTRIES: Completes Debt Restructuring Exercises
-------------------------------------------------------
Lion Industries Corporation Berhad announced that in relation to
the Company's groupwide corporate and debt restructuring
exercises, the proposal by subsidiary Amsteel Mills Sdn Berhad
to let its scheme creditors tender their debts for cancellation
in exchange for shares in Amsteel Corporation Berhad and Liob
Diversified Holdings Berhad on June 21, 2005.

Hence, the Company has implemented all the proposals in its
corporate and debt restructuring exercises.

CONTACT:

Lion Industries Corporation Berhad
Level 46, Menara Citibank
165, Jalan Ampang
50450 Kuala Lumpur
Malaysia
Phone: 03-21622155
Fax:   03-21623448
Web site: http://www.lion.com.my


PADIBERAS NASIONAL: Spends MYR30 Mln to Upgrade Rice Mills
----------------------------------------------------------
Rice distributor Padiberas Nasional Berhad (Bernas) is
undertaking a MYR30 million project to upgrade its rice mills in
order to improve local production, reports Business Times.

According to chairman Datuk Mohd Hashim Hassan, due to the high
prices of imported rice, the Company had to absorb the
difference, in order to keep the current market price. This year
alone, Bernas is expected to absorb a difference of MYR100
million, as the price of imported rice in 2005 is MYR1,400 per
ton, higher than last year's MYR1,200 per ton. The Company
imports 30-35% of its rice from nearby Thailand & Vietnam.

According to Datuk Hassan, the project to upgrade Bernas' 15
rice mills is scheduled for completion in 2007, by which time
they hope to have a production capacity of 500,000 tons of rice.

Bernas' net profit was affected by a 20% increase in the
international price of rice; it garnered a net profit of
MYR233.23 million only.  The company has brought the matter up
with the government, and hopes to resolve the issue by
September, at which time their supply of rice to meet local
demand would run out.

CONTACT:

Padiberas Nasional Berhad
Level 8B, 10 & 19, CP Tower
No.11, Section 16/11, Jalan Damansara
46350 Petaling Jaya
Malaysia
Phone: 03-4604545
Fax:   03-4604646
Web site: http://www.bernas.com.my/


PAN PACIFIC: SC Approves Proposed Restructuring Scheme
------------------------------------------------------
Pan Pacific Asia Berhad refers to the Securities Commission
(SC)'s approval of its proposed restructuring scheme, subject to
the following:

(a) In order to meet the public spread requirement, Compugates
Holdings Berhad (CHB) must undertake a restricted issue of up to
25,000,000 new CHB shares to the shareholders of PPAB (excluding
all shareholders who were involved in the management/sat on the
Board of the Company) at an issue price of MYR1.00 per share
instead of the Proposed Private Placement as proposed earlier.

Pan Pacific Asia Berhad further announces that, together with
the vendors of Compugates Sdn Berhad (Goh Kheng Peow and Tan
Ngaip Soon), the Company has accepted the SC's conditions for
approval of its restructuring scheme; hence, the Company's
proposed restructuring scheme now comprises the following:

(i) Proposed Acquisition;

(ii) Proposed Exemption;

(iii) Proposed Scheme of Arrangement with Creditors;

(iv) Proposed Scheme of Arrangement with Shareholders;

(v) Proposed Restricted Issue;

(vi) Proposed Listing Transfer; and

(vii) Proposed Disposal/Liquidation.

The details of the Company's proposed restructuring scheme are
attached:

http://bankrupt.com/misc/tcrap_panpacific062205.doc

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


SRIWANI HOLDINGS: Completes Restructuring; Changes Name
-------------------------------------------------------
The shareholders of Sriwani Holdings Berhad have approved the
proposal to change the company name to DFZ Capital Berhad,
Business Times reports.

The name change is in line with the company's return to profit,
after suffering losses for seven years. The Company has
completed its restructuring exercises, and hopes that a change
of name would convey a better image to the public, said chairman
Tan Sri Megat Junid Megat Ayob.

According to Mr. Ayob, the Company can now focus on its core
duty-free and retailing business, and new management is looking
at ways to improve revenue by opening more outlets and
increasing marketing efforts. The Company has 16 duty-free
outlets in Malaysia.

The Company was able to raise MYR50 million from its
restructuring exercise, half of which would be used as working
capital and to expand the business.

Sriwani Holdings posted a net profit of MYR278.74 million for
the financial year ended December 2004, a huge turnaround from a
MYR26.56 million net loss in 2003.

CONTACT:

Sriwani Holdings Berhad
Wisma Sriwani, 418 Chulia Street
10200 Penang
Phone: 04-2628535
Fax:   04-2614076
Web site: http://www.sriwani.com.my


TAP RESOURCES: Aborts Proposed Rights Issue
-------------------------------------------
Tap Resources Berhad refers to a proposed renounceable two-call
rights issue of up to 70,445,093 new TAP Shares together with up
to 35,222,547 detachable warrants on the basis of two (2) Rights
Shares together with one (1) free Warrant for every four (4)
existing TAP Shares held, at par, payable in two (2) calls, as
follows:

(a) the first call of MYR0.70 will be payable in cash upon
application; and

(b) the second call of the remaining MYR0.30 will be payable out
of the Company's share premium account.

The Company announces that it has decided to abort the proposed
rights issue in line with the re-assessment of its overall plan
and financial strategy, taking into consideration its current
financial condition. The Company has another proposal under way,
and the details are currently being worked out.

CONTACT:

Tap Resources Berhad
No. 18, Block B,
Jalan 1/89B (Seksyen 92A),
Batu 3 1/2 Off Jalan Sungei Besi,
57100 Kuala Lumpur
Malaysia
Phone: 03-79823388
Fax:   03-79811329


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

COLLEGE ASSURANCE: SEC Heeds Call to Review ARL Computation
-----------------------------------------------------------
The Securities and Exchange Commission (SEC) gave in to a
request by College Assurance Plan (Philippines) Inc. (CAP) for
the watchdog to review the computation of the actuarial reserve
liability (ARL), reports Asia Intelligence Wire.

The embattled CAP claimed the ARL, considered the bone of
contention among pre-need firms, has inflated its liabilities
and undervalued its assets.

A review of the computation of ARL may help pre-need companies
show that they are not in financial trouble as they would be
able to present an investment rate they project would yield
desired results, and not be limited by a set rule.

SEC Chairman Fe Barin offered other possible solutions to the
crisis under the Pre-Need Code, including the establishment of a
planholders' protection fund, "fit and proper" rule for
directors and officers, stronger penalties for offenses, grounds
for suspension or revocation of licenses, and examination of
pre-need companies.

CAP's ARL now stands at Php25.7 billion against its trust fund
amounting to only Php8.5 billion. This places CAP with a trust
fund deficiency of Php17.2 billion putting into question its
ability to service its future obligations.

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


LIFETIME PLANS: Court Wants to Fold Firm Back to Pacific
--------------------------------------------------------
A Makati Court on June 9 issued an order that embattled Lifetime
Plans be folded back to its Yuchengco Group affiliate, Pacific
Plans Inc., according to BusinessWorld.

The court order upheld the position of the Securities and
Exchange Commission (SEC) and other opposing planholders.
Lifetime Plans vowed to seek a reconsideration of the order.

In a statement, Lifetime Plans told its shareholders not to
worry because while Pacific Plans has a pending petition for
rehabilitation, the court's stay order does not cover Lifetime's
more than 400,000 planholders.

Meanwhile, Pacific Plans vowed to coordinate with Lifetime to
exhaust all legal remedies and seek out solutions to ensure that
no Lifetime employee is displaced.

Last month, the corporate regulator revoked Lifetime's
certificate of incorporation due to failure to comply with SEC
requirements to secure its legitimacy as a firm spun off from
Pacific Plans. The SEC earlier said Lifetime is non-existent
since its assets are now held by its former parent.

The SEC also asked the Court to dismiss Pacific Plans' petition
for rehabilitation since "it is now moot and academic".

SEC's move angered Lifetime planholders and sales agents, who
flocked to the SEC for days, asking the regulator to explain its
course of action.


PACIFIC PLANS: SEC Orders Submission of Probe Requirements
----------------------------------------------------------
Beleaguered Pacific Plans Inc. needs to comply with
investigation requirements or risk being penalized, reports The
Manila Standard.

The Securities and Exchange Commission (SEC) has warned it may
impose a penalty on Pacific Plans if the pre-need firm fails to
submit reportorial requirements in line with the investigation
commissioned by the regulator.

The SEC decided last week to compel Pacific Plans to submit the
said documents even though the commission has opted to reject
the Company's rehabilitation proposal.

Among the documents being sought from Pacific Plans are the
management service agreement executed between Pacific Plans and
Lifetime Plans Inc., actuarial valuation report as of end-2004,
trust fund statement as of end-March 2005, deed of sale of
Pacific Plans shares executed by Lifetime and GPL Holdings and
deed of sale of GPL shares in Pacific Plans executive between
GPL and Exemplar Holdings Inc.

These documents would be used for the monitoring and
investigation being conducted by SEC against the Pacific Plans
and Lifetime. The agency is investigating if there is any
violation committed by Pacific when it transfer its fixed
education plans, life and pension plans to Lifetime.

But Pacific Plans, in a letter to SEC, asked for exemption
because the SEC has taken an adverse stance on Pacific Plans'
rehabilitation plan. Instead of submitting the documents, the
firm said it would file all the required documents with the
rehabilitation court should the court asks for these documents.

CONTACT:

Pacific Plans Inc.
Web site: http://www.pacificplans.com/


PHILIPPINE AIRLINES: Urges ATO to Upgrade Airports
--------------------------------------------------
National flag carrier Philippine Airlines (PLA) has urged the
national government to repair 21 airports before it proceeds
with the expansion of its domestic operations next year, reports
BusinessWorld.

PAL requested the Air Transportation Office (ATO) to set up
control tower, widen airstrips, construct perimeter fences,
expand terminal buildings, haul refueling and night landing
facilities, and extend runways to accommodate larger planes.

The airline, likewise, asked the ATO to upgrade airports in
Butuan, Cotabato, Legazpi, Tagbilaran, Tuguegarao, baguio,
Zambaonga and Laoag as soon as possible.

Gokongwei-controlled PAL had embarked on a US$670-million
refleeting with leasing and buying of A319 and A320 aircraft to
establish its domestic presence and boost profits.

CONTACT:

Philippine Airlines
Mabuhay Miles Service Center
Ground Floor, Philippine Airlines Center
Legazpi Street, Legaspi Village
Makati City 0750, Philippines
Phone : Manila (632) 817-8000               
       USA/CANADA 1-800-747-1959
Fax : (632) 818-4921 ; 893-6884
E-mail : mabuhaymiles@pal.com.ph
Web site: www.philippineairlines.com


PHILIPPINE POSTAL: PMO Mulls Options for Privatization
------------------------------------------------------
The Privatization Management Office (PMO) is studying three
possible modes by which the government's interest in the ailing
Philippine Postal Corp. (Philpost) will be privatized within the
year, The Manila Standard relates.

The options include listing of the government's shares in
Philpost at the Philippine Stock Exchange (PSE), offering it
under a build-operate-transfer (BOT) scheme and or selling its
shareholdings outright.

Tokyo-based information technology giant ROA Systems Co. Ltd.
has proposed a modernization program that will put Philpost at
par with those of Japan and Taiwan. ROA Systems has been in
operation for more than 20 years and has undertaken the
modernization of Japan Postal Corp.

Philpost, one of the country's cash-strapped state-run firms,
operates more than 2,000 post officers, distribution centers and
mailing outlets all over the country. It has a workforce of
18,000 employees and more than 2,500 mail vans and motorcycles.

CONTACT:

Philippine Postal Corporation
Liwasang Bonifacio
Manila NCR
Phone: +63 (2) 527 83 27 To 30
Web site: http://www.philpost.gov.ph/


RB BUGUEY: PDIC Applies Termination of Liquidation Proceedings
--------------------------------------------------------------
Please take notice that on June 24, 2005 at 10:00 a.m. the
motion for Approval of Final Project of Distribution of the
Assets and Termination of the Liquidation Proceedings of the
Rural Bank of Buguey (Cagayan), Inc. will be submitted to the
Liquidation Court (RTC 2nd Judicial Region, Branch 07, Aparri
Cagayan, Sp. Proc. No. 07-171) for approval.

PHILIPPINE DEPOSIT INSURANCE CORPORATION
Liquidator


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

CHINA AVIATION (S): Ex-Chief Given 3 Weeks to Prepare Defense
-------------------------------------------------------------
The former chief executive of China Aviation Oil (Singapore)
Corp. Ltd. (CAO) only has three more weeks to prepare responses
to the 15 charges filed against him, Muzi.com News reports.

Ex-chief Chen Juilin is facing charges on insider trading,
failure to disclose losses and other crimes linked to risky oil
trades that pushed Beijing's top jet fuel supplier to the brink
of bankruptcy.

On the other hand, the court also gives Peter Lim Tong ample
time before his next court appearance on July 7, when a second
pre-trial conference will take place.  Three other officials are
scheduled to appear in court on June 23.

CAO shocked markets last year after it revealed $500 million in
losses by betting on the future price of oil.  By the first
quarter of 2004, the company began losing money, and sought
court protection from creditors in December.

CONTACT:

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


DATACRAFT ASIA: Bourse OKs New Share Listing
--------------------------------------------
Further to the announcement dated June 3, 2005 by Datacraft Asia
Ltd. relating to the Capital Reduction Exercise, the Directors
of the Company informed the Singapore Stock Exchange (SGX) that
following the grant by the High Court of Singapore of the order
sanctioning the Capital Reduction Exercise on May 30, 2005 a
copy of the Order of Court has been lodged with the Accounting
and Corporate Regulatory Authority on June 21, 2005 and the
Capital Reduction is now complete and effective.

The listing and quotation of the ordinary shares of revised par
value of S$0.05 each in the capital of the Company on the
Singapore Exchange Securities Trading Limited is expected to
commence from 9:00 a.m. on June 22, 2005.

CONTACT:

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


KINVAC CONSTRUCTION: Proofs of Debt Due July 1
----------------------------------------------
Kinvac Construction & Trading Pte Ltd. formerly of 32 Ang Mo Kio
Industrial Park 2, #07-17 Sing Industrial Complex Singapore
569510 posted a notice of preferential dividend at the
Government Gazette, Electronic Edition with the following
details:

Court: Supreme Court, Singapore

Number of Matter: Companies Winding Up No. 600195 of 2001

Last Day for Receiving Proofs: 1st July 2005

Name & Address of Liquidator:

The Official Receiver
The URA Centre (East Wing)
45 Maxwell Road #06-11
Singapore 069118
17th June 2005

Kamala Ponnampalam
Assistant Official Receiver


LITE-ON INTERNATIONAL: Creditors Should Prove Claims by July 18
---------------------------------------------------------------
Notice is hereby given that the creditors of Lite-On
International Pte. Ltd. (In Members' Voluntary Liquidation),
which is being wound up voluntarily are required on or before
July 18, 2005 to send in their names and addresses and
particulars of their debts or claims, and the names and
addresses of their solicitors (if any) to the undersigned, the
Liquidator of the said Company.

If so required by notice in writing by the said Liquidator are,
by their solicitors or personally, to come in and prove their
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 17th day of June 2005.

Tan Siok Kheng
Liquidator
c/o 18 Cross Street
#07-02 Marsh & McLennan Centre
Singapore 048423


MEDIA ASIA: Dissolves Dormant Unit
----------------------------------
The Board of Directors of Media Asia Entertainment Group Limited
advised the Singapore Stock Exchange (SGX) that further to its
announcement of April 15, 2005, the Group's 60 percent-owned
subsidiary, Media Asia Consumer Products Ltd., has been duly
dissolved in accordance with the laws of the British Virgin
Islands.

As previously announced, Media Asia Consumer Products Ltd., had
been a dormant company in the Group since 2001. The dissolution
of Media Asia Consumer Products Ltd. will have no impact on the
business and affairs of the Group and will have no material
impact on the net tangible assets or earnings per share of the
Group for the year ending December 31, 2005.

By order of the Board

Yeung Kam Hoi and Ng Joo Khin
Joint Company Secretaries
21 June 2005    

CONTACT:

Media Asia Entertainment Group Limited
Clarendon House
2 Church Street
Hamilton HM 11
Bermuda
Telephone: (852)2314 4288
Fax: (852)2314 7908
Web site: http://www.mediaasia.com


RSH LIMITED: AGM Moved to July 28
---------------------------------
RSH Limited refers to announcement made to the Singapore Stock
Exchange (SGX) dated May 27, 2005 and the mention of July 28,
2005 as the Annual General Meeting (AGM) date in the
Announcement.

Due to the non-availability of certain key directors of the
Company who will be overseas from July 27, 2005 to July 28, 2005
to attend to urgent business matters with one of the Company's
business associates, the Company wishes to inform that the AGM
date will be brought forward to July 26, 2005.

By Order of the Board

CONTACT:

RSH Limited (formerly: Royal Clicks Limited)
190 MacPherson Road #07-08
Wisma Gulab
Singapore 348548
Telephone: 65 67466555
Fax: 65 68404327


SEMICONDUCTOR ALLIANCE: Goes Into Voluntary Liquidation
-------------------------------------------------------
The Board of Directors of Ellipsiz Limited advised the Singapore
Stock Exchange (SGX) that its associated company, Semiconductor
Alliance Pte Ltd, has been voluntarily liquidated.

The liquidation of Semiconductor Alliance Pte Ltd is not
expected to have any material impact on the net tangible assets
and earnings per share of the Company for the current financial
year ending June 30, 2005.

None of the Directors and to the best of the knowledge of the
Directors, none of the substantial shareholders of the Company,
has any interest, direct or indirect, in the above transaction.


WEE POH: Scheme Share Final Count Reaches 255,103,216
-----------------------------------------------------
Further to the circular to Shareholders dated August 26, 2004
and the announcements made on September 2, 2004, September 17,
2004, September 27, 2004 and April 27, 2005, as announced by Wee
Poh Holdings Ltd. on April 27, 2005, the Scheme Administrator
has completed the adjudication of all claims lodged with him
pursuant to the Scheme.

As at April 27, 2005, approximately 4,957,298 Scheme Shares had
yet to be issued to certain Participating Creditors who had yet
to comply with certain administrative requirements (the
Outstanding Participating Creditors) and a further 15,651,086
Scheme Shares might have to be issued to one creditor if its
claim against WPC is ordered by the Court to be re-admitted in
its entirety.

On June 21, 2005, the Company has issued 4,957,298 Scheme Shares
to the Outstanding Participating Creditors. In addition, WPC has
negotiated a settlement with the said creditor and on June 21,
2005, the Company has issued 12,000,000 Scheme Shares in full
and final satisfaction of such creditor's claim against WPC.

Accordingly, the Company has on June 21, 2005 allotted and
issued an aggregate of 16,957,298 remaining Scheme Shares at an
issue price of SG$0.05 each to the Participating Creditors.

Taking into account these 16,957,298 Scheme Shares, the existing
issued and paid up share capital of the Company has been
increased from SG$15,819,417.77 comprising 3,163,883,554
ordinary shares of SG$0.005 each (Shares) to SG$15,904,204.26
comprising 3,180,840,852 Shares.

Listing and Quotation of the 16,957,298 Scheme Shares on the
Official List of the SGXSESDAQ is expected to commence at 9:00
a.m. on June 22, 2005. The in-principle approval from the SGX-ST
for the listing and quotation of the Scheme Shares is not an
indication of the merits of the Scheme Shares and the Scheme.

The Scheme Administrator has confirmed that the final amount of
the Admitted Claims for the purpose of the Scheme is
SG$12,755,160.85 and accordingly the final number of Scheme
Shares to be issued under the Scheme is 255,103,216 which is
less than the maximum limit of 300,000,000 Scheme Shares that
was approved by the Shareholders of the Company for issuance
pursuant to the Scheme.

By Order of the Board

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
===============

DON MUANG: Finance Ministry Optimistic re Plan's Approval
---------------------------------------------------------
The Finance Ministry is hopeful that creditors of Don Muang
Tollway Public Company Ltd. will accept the THB10.2 billion
debt-restructuring proposal next month, relates Bangkok Post.

The ministry's permanent secretary Suparut Kawatkul, met with
creditors Tuesday to discuss the progress of the restructuring
plan.

Under the new plan, the immediate repayment of the THB500
million is sought upon signing of the deal.  The remaining
THB10.2 billion-debt would be repaid over a 15-year period.  
Accrued interest of THB1.49 billion will be reduced to THB1
billion, to be paid in 15 years with the last principal payment.  
The implementation of the plan would save Don Muang THB200
million a year in interest.

"Frankly, the new interest rates under the plan are the same as
those offered to normal borrowers already. We should receive
this rate in any case," Bangkok Post quoted Sombat Panitcheewa,
the president of Don Muang Tollway, as saying.

Boonsak Jiampreecha, the comptroller-general and chairman of the
Government Savings Bank (GSB) said the bank was reviewing its
legal options to help the restructuring for Don Muang to
proceed.

Don Muang still has an outstanding payable to GSB of THB3.94
billion, which makes the latter its largest creditor.  Other
creditors include TMB Bank, Siam City Bank, Krung Thai Bank,
Siam Commercial Bank and BankThai.

CONTACT:

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

M.D.X: Clarifies Auditor's Failure to Express Opinion
-----------------------------------------------------
MDX Public Company Limited issued to the Stock Exchange of
Thailand (SET) a clarification regarding the failure of the
auditor to express any opinion on the year 2004 and on the first
quarter of 2005 financial and consolidated financial statements
of the company and its subsidiaries.

(1) Liabilities shown in MDX's financial statements and MDX and
its subsidiaries consolidated financial statements are higher
than its assets, together with a high level of deficit. Thus,
MDX's continued operation will depend on the success of its
debt-restructuring according to the Rehabilitation Plan. The
financial statements are, then, prepared on going concern basis.

MDX is under implementation of Rehabilitation Plan. Up to the
present, the implementation process is considered successful as
stipulated in the Plan. The company is coordinating with the
auditors in order to write off the remaining principal and total
accrued interest expense which is scheduled to be completed
within this year.

Consequently, MDX's total liabilities should reduce to roughly
about THB2,000 million and all the deficit should be cleared off
and finally, the shareholder' equity should become positive.

(2) Financial statements of one associated company incorporated
by equity method in MDX's financial statements were not reviewed
by any other auditor.

The reason is that the associated company is a foreign company  
not listed in the Stock Exchange of Thailand. So, it is not
obliged to prepare quarterly financial statements as a listed
company. Furthermore, MDX cannot participate in management
activities due to its limited shareholding.

Due to the above factors, the auditor is, then, unable to
express any opinion on the financial statements and consolidated
financial statements of MDX and its subsidiaries. However, MDX
has already disclosed all sufficient information in its notes of
financial statements.

About the performance for the first quarter of 2005, though MDX
has higher revenue from operation, its expenses increase higher
than the increase in revenue due to the write off of the advance
payment of the project of related company. Thus, its performance
changed more than 20 percent compared to that of the same
quarter of 2004.

Please be informed accordingly.

Yours sincerely,
Songsri Kalyanamitr
Director of Wittayu Planner Co. Ltd.
In its capacity as the Plan Administrator of MDX Pcl

CONTACT:

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


SRITHAI FOOD: Notifies SET on Submission of Reorganization Plan
---------------------------------------------------------------
Srithai Food & Beverage Public Compay Ltd. informed the Stock
Exchange of Thailand (SET) that pursuant to the order of the
court for the company to undergo reorganization, and the
appointment of the company as the planner on September 3, 2004,
the company advised SET that the the planner has submitted the
plan to the trustee on March 26, 2005.

The company also notified the SET that it has postponed a
scheduled meeting for June 20, 2005 to August 15, 2005.

For your acknowledgement.

Yours sincerely
Mr. Anan Jantranukul
Executive Director

CONTACT:

Srithai Food & Beverage Public Company Limited   
69 Moo 4 Watkingkaew Road,
Rajadhewa, Bang Plee, Samut Prakarn    
Telephone: 0-2312-4281-4, 0-2312-4289-300   
Fax: 0-2312-4285   
Web site: http://www.srithaifood.thai.com
  










                            *********


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 S. 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
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contained herein is obtained from sources believed to be
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                 *** End of Transmission ***