TCRAP_Public/050701.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

             Friday, July 1, 2005, Vol. 8, No. 129

                            Headlines


A U S T R A L I A

21ST CENTURY: Liquidator Details Wind Up Manner
AMS SPORTS: Manager/Receiver Steps Aside
ANEW-TEC INDUSTRIAL: Members Pass Winding Up Resolution
BARAB INVESTMENTS: Appoints Official Liquidator
BETOTA PTY: Members Opt to Wind Up Operations

BMY HOMES: To Declare Dividend July 22
BROSIA PTY: Names Clifford Rocke, Jeffrey Laurence Liquidators
CAMPOLO PTY: Enters Winding Up Process
CERVANTES SEAFOOD: To Distribute Dividend to Creditors
CROWNSTAR INTERNATIONAL: Melbourne Club Operators Go to Jail

DESTINY DEVELOPMENTS: To Convene for Final Meeting July 15
DOUBLE C JEANERY: Set to Enter Liquidation
FREIGHTLINK: Boosts Freight Service
HARNDALE PTY: To Pay Employee Priority Claims
INTERNATIONAL WINE: Shareholders May Accept Offer Without PwC OK

JAMES HARDIE: Benjanim Butterfield Joins Managing Board
J.B.&T.M. CATERING: Members, Creditors to Hold Final Meeting
KAYLEX PTY: To Declare Dividend July 11
KENNETH KITTO: To Be Wound Up Voluntarily by Members
LEWIS FARMS: Liquidator to Distribute Assets to Creditors

MILLIGAN CONTRACTORS: Begins Winding Up Proceedings
NARJAY PTY: Posts Notice of Final Meeting
NYLEX LIMITED: Blames Plunging Shares on Briefing
OPENWAY VENTURES: Members, Creditors To Hear Liquidator's Report
QANTAS AIRWAYS: Mulls Merger Within 5-10 Years

XANADU WINES: Chairman to Go During Radical Overhaul
YORK MINING: Placed Under Voluntary Liquidation
* ASIC Acts against 478 Company Officers Over Public Complaints


C H I N A  &  H O N G  K O N G

ART DECO: Receives Wind-up Notice
CHONG HING: Braces for Bankruptcy Discharge
ENG. HK: Creditors Asked to Prove Debts by July 29
EXPRESS BUILDERS: Creditor's Annual Meeting Set July 8
HARVEST LOYAL: Court Orders Winding Up

HUALING HOLDINGS: Trading in the Nil Paid Rights to Start Monday
FONTANA LIMITED: Creditors' Proofs of Debt Due July 15
FULL TIME: Enters Winding Up Proceedings
FUSHAN INTERNATIONAL: Suspended Pending Disclosure of Major Deal
LEE FUNG: Prepares to Exit Bankruptcy

NAM PEI: Winding Up Hearing Slated for July 27
NAN FENG: Tsui Tak Joins Audit Team
PCCW LIMITED: Sets Up Advertising Unit to Boost Revenue
PCCW LIMITED: Re-designates Fan Xingcha as Director
SEMI-TECH (GLOBAL): Former Boss Guilty of Accounting Fraud

TIAN SIN: Begins Winding Up Process
WENDA TRADING: Court Releases Wind-up Order
WONDER FILL: Issues Debt Claim Notice


I N D O N E S I A

CIPUTRA DEVELOPMENT: Seeks to Return to Black This Year
DIRGANTARA INDONESIA: Secures IDR700-Bln Contract
MERPATI NUSANTARA: May be Restructured or Dissolved
PERUSAHAAN LISTRIK: Suffers IDR2-Trillion Net Loss in 2004


J A P A N

JAPAN TOBACCO: Russia Rejects Appeal Against Back Taxes
JAPAN TOBACCO: Changes Mild Seven Package Design
JAPAN TOBACCO: Forges Research Alliance With Dupont
KOKUDO CORPORATION: 8 Directors Set to Retire
MITSUBISHI FUSO: Recalls 40,000 Large Vehicles

UFJ HOLDINGS: MTFG Shareholders Approve Proposed Merger


K O R E A

DAEWOO GROUP: Founder's Indictment to be Handed Down This Week
GENERAL MOTORS KOREA: To Recall Defective Units
MEDISON COMPANY: Exit from Court Receivership Vague


M A L A Y S I A

ANTAH HOLDING: Inks SPA with Allied
AV VENTURES: Unit Freed from Winding Up Petition
DATUK KERAMAT: Clarifies Extension of Restraining Order
DISCCOMP BERHAD: Shareholders Carry Out Resolution at AGM
HAP SENG: All Resolutions Approved at AGM

LIEN HOE: Passes All AGM Resolutions
LITYAN HOLDINGS: Shareholders Carry Out Resolution at AGM
MBF HOLDINGS: Wraps Up Acquisition of MBf Cards
NORTH BORNEO: Fixes AGM Date July 20
PARK MAY: Shareholders Approve AGM Resolutions

PAN MALAYSIA: Purchases 130,000 Shares on Buy Back
PK RESOURCES: Unit Enters Winding Up Process
PUNCAK NIAGA: Lists Additional 27,000 Ordinary Shares
PUNCAK NIAGA: Unveils Resolutions Passed at AGM
PUNCAK NIAGA: Proposals Get Shareholders Nod at EGM

SETEGAP BERHAD: Slapped with MYR36,000 Fine
WAH SEONG: Clarifies News Article by The Star


P H I L I P P I N E S

BACNOTAN CONSOLIDATED: Purchases Additional Shares in COC
BAYAN TELECOMMUNICATIONS: Globe Clarifies Acquisition Report
COLLEGE ASSURANCE: Trustee Bank Moves to Boost Trust Fund
CRB PANDAN: Awaits Termination of Liquidation Proceedings
DMCI HOLDINGS: To Convene Annual Stockholders Meeting July 27

MAKATI MEDICAL: Seeks to Restructure Php1.2-Bln Debt
MANILA ELECTRIC: ATR Says Shares Still a 'Long-term Buy'
NATIONAL POWER: Gov't Tells Meralco, Co-ops to Seal Supply Deals
PHILIPPINE AIRLINES: Charging 10% VAT on Domestic Fares
PICOP RESOURCES: Aims to Turn Around in Two Years

PICOP RESOURCES: Elects New Directors, Officers


S I N G A P O R E

CITIRAYA INDUSTRIES: Files Affidavit in Court, Issues Update
ENG WAH: Acquires Capital Investments of Two Companies
IPCO INTERNATIONAL: Returns to Profit
PACIFIC RIM: Plans to Pay Dividend
SNP RETAIL: Creditors Must Prove Claims Before July 27

UNITED FIBER: Posts Details of Acquisition of Paper Firm
UNITED FIBER: Details Share Issue to Tektronix
WEE POH: Passes Resolution to Dispose of Subsidiary


T H A I L A N D

HANTEX: SEC Extends Due Date of FS
NATURAL PARK: Still No Decision on Transaction with PA
TANAYONG: Net Loss Narrows to THB2,601,008
THAI PETROCHEMICAL: Updates Sale of TPI Polene Shares
* Large Companies With Insolvent Balance Sheets

     -  -  -  -  -  -  -  -

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

21ST CENTURY: Liquidator Details Wind Up Manner
-----------------------------------------------
Notice is hereby given pursuant to Section 509 of the
Corporations Act that a final meeting of members and creditors
of 21st Century Maintenance Resources Pty Ltd will be held at
the offices of Sleiman & Co, Certified Practicing Accountants
Level 8, 65 York Street Sydney NSW 2000 on July 15, 2005 at
11:00 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 20th day of May 2005

J. Sleiman
Liquidator
Sleiman & Co.
Certified Practicing Accountants
Level 8, 65 York Street
Sydney NSW 2000


AMS SPORTS: Manager/Receiver Steps Aside
----------------------------------------
Gregory Winfield Hall, of PricewaterhouseCoopers, 201 Sussex
Street, Sydney NSW 1171 gave notice that on May 13, 2005, he
ceased to act as Receiver and Manager of AMS Sports &
Entertainment Pty Ltd.

Dated this 13th day of May 2005

Gregory Winfield Hall
Manager
PricewaterhouseCoopers
201 Sussex Street
Sydney NSW 1171


ANEW-TEC INDUSTRIAL: Members Pass Winding Up Resolution
-------------------------------------------------------
Notice is hereby given that at a meeting of the members of Anew-
Tec Industrial Coatings Pty Limited held on May 18, 2005, it was
resolved that the Company be wound up voluntarily and at a
meeting of creditors held on the same day it was resolved that
for such purpose, Daniel I. Cvitanovic of Ferrier Hodgson,
Chartered Accountants, Level 1, 121-123 Crown Street,
Wollongong, NSW 2500 be appointed Liquidator.

Dated this 18th day of May 2005

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


BARAB INVESTMENTS: Appoints Official Liquidator
-----------------------------------------------
Notice is hereby given that at a general meeting of members of
Barab Investments Pty Limited held on May 23, 2005, it was
resolved that the Company be wound up voluntarily and that for
such purposes Mr John Frederick Taylor of Level 15, 309 Kent
Street, Sydney was appointed as liquidator.

Dated this 23rd day of May 2005

J. F. Taylor
Liquidator
c/o WHK Greenwoods


BETOTA PTY: Members Opt to Wind Up Operations
---------------------------------------------
Notice is hereby given that at an Extraordinary General Meeting
of the members of Betota Pty Ltd held on May 13, 2005, it was
resolved that the Company be wound up voluntarily and at a
meeting of creditors held on the same day, it was resolved that
for such purpose, Wayne Benton of PPB, Chartered Accountants,
Level 10, 90 Collins Street, Melbourne, Victoria, be appointed
as Liquidator.

Dated this 16th day of May 2005

Wayne Benton
Liquidator
PPB
Chartered Accountants
Level 10, 90 Collins Street
Melbourne Vic 3000


BMY HOMES: To Declare Dividend July 22
--------------------------------------
BMY Homes Pty Limited will declare a first and final dividend on
July 22, 2005.

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

Dated this 23rd day of May 2005

John Park
Liquidator
KordaMentha (Qld)
Level 2, Corporate Centre One
2 Corporate Court
Bundall Qld 4217
Phone: (07) 5574 1322,
FaX:   (07) 5574 1433


BROSIA PTY: Names Clifford Rocke, Jeffrey Laurence Liquidators
--------------------------------------------------------------
Notice is hereby given that at an Extraordinary General Meeting
of Brosia Pty Ltd held on May 16, 2005, it was resolved that the
Company be wound up voluntarily and that Clifford Stuart Rocke
and Jeffrey Laurence Herbert of PPB, Chartered Accountants,
Level 1, 5 Mill Street, Perth, Western Australia, be appointed
as Liquidators.

Dated this 17th day of May 2005

Cliff Rocke
Liquidator
PPB
Chartered Accountants
Level 1, 5 Mill Street
Perth WA 6000


CAMPOLO PTY: Enters Winding Up Process
--------------------------------------
Notice is hereby given that at a General Meeting of Members of
Campolo Pty Ltd held on May 20, 2005, it was resolved that the
Company be wound up voluntarily and that Gregory Stuart Andrews
of G. S. Andrews & Associates, 22 Drummond Street, Carlton 3053
be appointed Liquidator of the Company for the winding up.

Dated this 20th day of May 2005

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


CERVANTES SEAFOOD: To Distribute Dividend to Creditors
------------------------------------------------------
A First & Final dividend is to be declared on July 15, 2005 for
Cervantes Seafood Limited.

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

Dated this 18th day of May 2005

Gary Anderson
Liquidator
PO Box 1661
West Perth WA 6872
Phone: (08) 9486 7822
Fax:   (08) 9226 4250
Email: garya@iinet.net.au


CROWNSTAR INTERNATIONAL: Melbourne Club Operators Go to Jail
------------------------------------------------------------
The Melbourne operators of holiday and travel club Crownstar
International Pty Ltd (Crownstar) have been sentenced after
pleading guilty to breaches of directors' duties following an
Australian Securities and Investments Commission (ASIC)
investigation.

Ms. Melanie Louise Ash, and Mr. Kevin Anthony Gaw, both of
Kingsville, Victoria, were sentenced in the County Court of
Victoria after pleading guilty to dishonestly using their
positions to gain a financial advantage while operating
Crownstar.

Ms. Ash, Crownstar's sole director, was sentenced to 28 months
jail, wholly suspended upon entering a recognizance in the
amount of $35,000 to be of good behavior for 28 months, after
pleading guilty to six counts of dishonestly using her position
in 2000 and 2001, to gain a financial advantage of approximately
$127,000.

Mr. Gaw, Crownstar's CEO, was sentenced to 42 months jail,
wholly suspended upon entering a recognizance in the amount of
$50,000 to be of good behavior for 42 months, after pleading
guilty to four counts of being knowingly concerned in the
commission of Ms. Ash's offences in 2000 and 2001 in relation to
transactions of approximately $117,000 and four counts of
dishonestly using his position to gain a financial advantage of
approximately $26,000.

Ms. Ash and Mr. Gaw used Company funds for their personal use to
the detriment of creditors of the Company. The couple used the
funds for a house deposit and repayments, legal fees, a personal
party and to refund an investor of Mr. Gaw's past illegal horse-
race betting scheme. They committed these offences before the
Company was placed into liquidation.

Her Honor Judge Douglas noted Mr. Gaw's prior convictions when
handing down her sentence. Mr. Gaw was previously sentenced to
two years and four months imprisonment on 28 September 2001,
with a minimum of eight months to be served, for his part in
promoting a series of unregistered horse-race betting schemes.
At that time Mr. Gaw also entered into good behavior bond for 28
months.

In sentencing Mr. Gaw today, Her Honor also took into account a
separate charge of managing a Company whilst disqualified (by
virtue of his imprisonment). ASIC laid the charge after the
current investigation found that Mr. Gaw continued to direct the
activities of Crownstar from jail by writing letters directing
Ms. Ash about managing the business.

Should Ms. Ash or Mr. Gaw re-offend during the period of their
suspended sentences, they will be brought before Judge Douglas
and may be required to fulfill their sentences in jail and pay
their recognizance.

"ASIC will take action to ensure that directors who exploit
their positions by acting dishonestly, and intentionally misuse
Company funds for their personal use, are brought before the
Courts," ASIC's Deputy Executive Director of Enforcement, Mr.
Allen Turton, said.

The Commonwealth Director of Public Prosecutions prosecuted the
matter.

Background

Crownstar promoted a travel and holiday club aimed at raising
public membership funds and promising discounted hotel and
travel packages and rewards. Crownstar's memberships ranged from
$1,980 for Aussie, $2,970 for Gold, $3,960 for Platinum and
$5,990 for Corporate. By November 2001, Crownstar had signed up
over 1500 members.

ASIC obtained orders in December 2001 in the Federal Court of
Australia appointing Mr. Andrew McLellan of Carson McLellan as
the provisional liquidator to Crownstar and a related travel
club, C.C. Travel Pty Ltd. Mr. McLellan was then appointed
liquidator in early 2002 after reporting that the companies were
insolvent.


DESTINY DEVELOPMENTS: To Convene for Final Meeting July 15
----------------------------------------------------------
Notice is hereby given pursuant to Section 509 of the
Corporations Act that a final meeting of members and creditors
of Destiny Developments Pty Ltd will be held at the offices of
Sleiman & Co, Certified Practicing Accountants Level 8, 65 York
Street Sydney NSW 2000 on July 15, 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 20th day of May 2005

J. Sleiman
Liquidator
Sleiman & Co.
Certified Practicing Accountants
Level 8, 65 York Street
Sydney NSW 2000


DOUBLE C JEANERY: Set to Enter Liquidation
------------------------------------------
Notice is hereby given that at a Meeting of Members of Double C
Jeanery Pty Ltd held on May 17, 2005 it was resolved that the
Company be wound up voluntarily and at a Meeting of the
Creditors held on the same day pursuant to Section 497, it was
resolved that for such purpose, Paul Vartelas of B.K. Taylor &
Co., 8th Floor, 608 St Kilda Road, Melbourne be appointed
Liquidator for such winding up.

Dated this 17th day of May 2005

Paul Vartelas
B.K. Taylor & Co.
8th Floor, 608 St. Kilda Road
Melbourne


FREIGHTLINK: Boosts Freight Service
-----------------------------------
Struggling rail freight operator FreightLink is extending its
service to Melbourne so that Victorian companies can more easily
send their goods to the Northern Territory and then on to Asia,
according to The Age.

The Adelaide-Darwin rail service has extended its service
further east in a code share deal with Australian Railroad
Group, which is one of its shareholders.

The new service will provide FreightLink customers with a
regular Melbourne link six times a week to and from Adelaide, to
connect with the five times a week service between Adelaide and
Darwin. The service between Melbourne and Darwin will be called
NT Direct.

FreightLink Chief Executive John Fullerton said his Company
would initially make 75 slots a week available on the new
service, which will start on Monday.

NT Direct is part of the Company's revised business plan, which
was outlined earlier this year. Changes to the business plan
were made after FreightLink acknowledged that competition from
road transport had cut revenue in the first year of operation.
The revised plan, which includes an extra $30 million in capital
investment, aims to tap into new mining business.

FreightLink has blamed rail capacity constraints for limiting
its ability to get freight into Adelaide for shipment to Darwin.
Mr. Fullerton said capacity on the Melbourne to Adelaide line
had been restricted.

The new NT Direct rail service will enable customers to redirect
the transport of some goods from Melbourne to Darwin. At present
many goods are transported via Brisbane, which supplies the
Darwin market by road transport.

CONTACT:

Adelaide
1 Station Place
Hindmarsh SA 5007
Phone: +61 8 8245 9100
Fax: +61 8 8346 7244

Darwin
Berrimah Freight Terminal
Export Drive
Berrimah NT 0828
Phone: +61 8 8984 2000
Fax: +61 8 8947 4632

Melbourne
412 Mt Alexander Road
Ascot Vale VIC 3032
Phone: +61 3 9326 2799
Fax: +61 3 9370 7871

Web site: http://www.freightlink.com.au/


HARNDALE PTY: To Pay Employee Priority Claims
---------------------------------------------
Harndale PTY Ltd (formerly trading as Cairns Independent
Wholesalers) will declare a first and final dividend in respect
of employee priority claims on Friday, July 29, 2005.

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

Dated this 31st day of May 2005

Todd Kelly
Peter Morris
Joint Liquidators
Foremans Business Advisors
Suite 1, 29 Lake Street
Australia


INTERNATIONAL WINE: Shareholders May Accept Offer Without PwC OK
----------------------------------------------------------------
Shares in International Wine Investment Fund (IWI) were
suspended yesterday pending an announcement regarding the
outcome of its unit redemption offer, according to Egoli News.

The offer of AU$2.68 per unit represents an internally
calculated 5-percent discount to net tangible assets at May 31,
2005. IWI's auditor PricewaterhouseCoopers (PwC), however, has
refused to comment on the valuation.

But even without PwC's approval, the offer was expected to
receive acceptance from a number of dismayed unitholders, who
failed to remove the fund's responsible entity at an
extraordinary meeting in Berri last month.

The issue, which was set yesterday, was the level of acceptance
the redemption offer receives.

If acceptances exceed 40 million units, representing two thirds
of the register, the responsible entity Berren Asset Management
has agreed to wind the fund up.

If wind up occurs, payment will be deferred to another tax year
and could result in a higher unit price. There has however been
some doubt surrounding AU$25 million of the fund's unlisted
international investments.

Unaudited net tangible asset backing was last reported in May at
AU$2.82 per unit.

CONTACT:

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


JAMES HARDIE: Benjanim Butterfield Joins Managing Board
-------------------------------------------------------
James Hardie announced Thursday that Mr. Benjamin Butterfield
has been appointed to its Managing Board and to the position of
Company Secretary effective July 1, 2005.

Mr. Butterfield joined James Hardie in January 2005 as General
Counsel, and he retains this position.

Prior to this, he was most recently, General Counsel of Lennar
Corporation. He is a former General Counsel of Hughes Supply
Inc. and partner of the U.S. law firm Maguire, Voorthis, &
Wells, PA (now part of Holland & Knight LLP).

Mr. Butterfield has a Bachelor of Arts from Covenenat College in
Lookout Mountain, Tennessee, and a Juris Doctorate from Stetson
University College of Law in St. Petersburg, Florida.

Mr. Butterfield's appointment follows the resignation of Mr. Pim
Viot from the Managing Board and as Company Secretary effective
close of business June 30, 2005.

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


J.B.&T.M. CATERING: Members, Creditors to Hold Final Meeting
------------------------------------------------------------
Notice is given that a joint meeting of members and creditors of
J.B.&T.M. Catering Pty Ltd will be held at the offices of
D'Aloia Handberg, Chartered Accountants, Level 10, 200 Queen
Street, Melbourne on July 12, 2005 at 11:00 a.m., to have an
account laid before them showing the manner in which the winding
up was conducted and the property of the Company disposed of,
and of hearing any explanations that may be given by the
Liquidator.

Dated this 18th day of May 2005

A. D'aloia
Liquidator
D'Aloia Handberg
Chartered Accountants
Level 10, 200 Queen Street
Melbourne Vic 3000


KAYLEX PTY: To Declare Dividend July 11
---------------------------------------
A dividend is to be declared on July 11, 2005 for Kaylex Pty
Ltd.

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

Dated this 19th day of May 2005

Jason Bettles
Liquidator
Downie Insolvency
Level 6, 50 Cavill Avenue
Surfers Paradise Qld
Web site: www.downieinsolvency.com.au


KENNETH KITTO: To Be Wound Up Voluntarily by Members
----------------------------------------------------
Notice is hereby given that at a general meeting of the members
of Kenneth Kitto Pty Limited held on May 19, 2005, it was
resolved that the Company be wound up voluntarily and that Schon
G Condon and Bruce Gleeson, of Jones Condon Chartered
Accountants, Level 1 34 Charles Street Parramatta NSW, be
appointed Joint Liquidators for the purposes of such winding up.

Dated this 23rd day of May 2005

Schon G. Condon
Bruce Gleeson
Joint Liquidators
c/o Jones Condon Chartered Accountants
Phone: (02) 9893 9499


LEWIS FARMS: Liquidator to Distribute Assets to Creditors
---------------------------------------------------------
At a General Members' Meeting of Lewis Farms Pty Ltd held on May
17, 2005, the members resolved that the Company be wound up
under the provisions applicable to a Members' Voluntary
Liquidation.

Glenn Douglas Trinick was appointed as Liquidator for the
winding up.

Creditors who were not able to prove their debts or claims
will be excluded from the benefit of the distribution of assets
by the Liquidator.

Dated this 17th day of May 2005

Glenn Trinnick
Liquidator
Newman Partners
Unit A2, Attadale Business Centre
550 Canning Highway
Attadale WA 6156
Phone: (08) 9317 4448
Fax:   (08) 9317 4449


MILLIGAN CONTRACTORS: Begins Winding Up Proceedings
---------------------------------------------------
Notice is hereby given that at an Extraordinary General Meeting
of Milligan Contractors Pty Ltd held on May 18, 2005, it was
resolved that the Company be wound up voluntarily and that K. S.
Wallman of PO Box 4055, Wembley, WA, be appointed Liquidator for
such purpose.

Dated this 18th day of May 2005

K. S. Wallman
Liquidator
PO Box 4055
Wembley WA


NARJAY PTY: Posts Notice of Final Meeting
-----------------------------------------
Notice is hereby given that a final meeting of the members and
creditors of Narjay Pty Ltd will be held at the office of
Nicholls & Co, Chartered Accountants, Suite 6, 459 Peel Street
Tamworth NSW 2340, on Wednesday, July 13, 2005 at 11:00 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 25th day of May 2005

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


NYLEX LIMITED: Blames Plunging Shares on Briefing
-------------------------------------------------
Manufacturing firm Nylex Limited said that a broker briefing may
have triggered the heavy selling that sent its shares plummeting
last week, The Advertiser reports.

In response to an Australian Stock Exchange query of the share
price drop, Nylex said it was not aware of any information that
had not been announced that could have sparked the trading.

The Company said, however, that its managing director Glen Casey
had delivered a presentation to Citigroup earlier, which may
have caused the selling.

During the presentation, Mr. Casey was asked if the Company's
earnings before interest, tax and amortization for 2005-06 would
be about AU$46 million. Mr. Casey told Citigroup this projection
had never been made by the Company and was not supported by
present information.

He stressed that at the present stage the Company was not
prepared to go beyond stating that its EBIT (earnings before
interest and tax) for the year ending June 2005 would be in the
range of AU$33million to AU$35 million.

Nylex said Citicorp Nominees held 13.87 million shares in Nylex
"and the Company assumes these have been divested". "The Company
assumes that this possible large divestment by Citicorp Nominees
has led to other divestments."

CONTACT:

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


OPENWAY VENTURES: Members, Creditors To Hear Liquidator's Report
----------------------------------------------------------------
Notice is hereby given pursuant to Section 509 of the
Corporations Act that a final meeting of the members and
creditors of Openway Ventures Pty Ltd will be held at the
offices of Sleiman & Co, Certified Practicing Accountants,
Level 8, 65 York Street Sydney NSW 2000 on July 19, 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 23rd day of May 2005

J. Sleiman
Liquidator
Sleiman & Co.
Certified Practicing Accountants
Level 8, 65 York Street
Sydney NSW 2000


QANTAS AIRWAYS: Mulls Merger Within 5-10 Years
----------------------------------------------
Qantas Airways said it will merger with another international
carrier within five to 10 years, but not necessarily with
Singapore Airlines, The Australian reveals.

After a week of speculation by politicians about a possible
merger deal with SingAir, Qantas dismissed rumors of an imminent
tie-up.

"There is no particular issue of Singapore Airlines and Qantas;
there'll be Qantas and someone else," Qantas Chief Executive
Geoff Dixon declared.

Earlier, Prime Minister John Howard announced he had discussed a
possible merger with Singapore leader Lee Hsien Loong.

Treasurer Peter Costello, likewise, said the Government should
consider lifting foreign investment restrictions on Qantas.

The Government is reviewing the Qantas Sale Act, which prohibits
any single airline from owning more than 25 per cent of Qantas.

However, the Foreign Acquisitions & Takeovers Act prohibits an
Australian international airline being more than 49 per cent
foreign owned.

The Foreign Investment Review Board would have to decide if an
overseas Company could pass that ownership cap.

While the Treasurer is keen to explore the idea of foreign
control of Qantas, sources close to outgoing Transport Minister
John Anderson said there was "no possibility whatsoever" that
Qantas would be foreign-owned.

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


XANADU WINES: Chairman to Go During Radical Overhaul
----------------------------------------------------
Ross Norgard will leave his post as Chairman of Xanadu Wines, as
part of the winemaker's drastic restructuring and liquidation
sale, according to The West Australian.

Mr. Norgard, who has presided over deterioration in the group's
share price since it listed four years ago, will quit the board
along with fellow directors Ken Richards and Conor Lagan after
the AU$26.2 million sale of the group's assets to Melbourne
businessman Doug Rathbon.

The sale of Xanadu's winery, restaurant and cellar operations
will leave the firm with only AU$1 million in assets.

Xanadu said its focus after the sale would include
"consideration of new brand and distribution relationships
around the world", and "the sale of bulk wine stock", but it
would also look at options outside the industry.

It also confirmed that Westpac, its major lender, had pressured
the Company into selling its major assets to reduce debt.

CONTACT:

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


YORK MINING: Placed Under Voluntary Liquidation
-----------------------------------------------
Notice is hereby given that at a General Meeting of members
of York Mining Pty Limited duly convened and held at Level 9,
10 Shelley Street, Sydney NSW on May 23, 2005, a Special
Resolution that them companies be wound up voluntarily was
passed by members and M. C. Smith was appointed Liquidator for
the winding up.

Dated this 23rd day of May 2005

M. C. Smith
Liquidator
c/o McGrathNicol+Partners
Level 9, 10 Shelley Street
Sydney NSW 2000.
Phone: (02) 9338 2666
Web site: www.mcgrathnicol.com.au


* ASIC Acts against 478 Company Officers Over Public Complaints
---------------------------------------------------------------
The Australian Securities and Investments Commission (ASIC)
announced that over the last 12 months it had successfully
prosecuted 478 Company officers for 905 contraventions of the
Corporations Act, leading to the imposition of fines and costs
totalling more than $989,000, as a result of complaints from the
general public and business.

Other results included 30 Company directors receiving good
behaviour bonds, one director receiving a three month jail
sentence and another seven being disqualified from managing
corporations for five years each because of their convictions.

ASIC's actions against the Company officers were based on
complaints about:

(1) Failing to assist insolvency practitioners in the
administration of their failed companies;

(2) Continuing to act as an officer of a Company following
appointment of a liquidator;

(3) The officers and their companies failing to update ASIC
registers with the addresses of their companies and Company
officers, in an attempt to thwart creditor's efforts at
initiating debt recovery proceedings;

(4) Using unregistered Company structures, meaning that
customers and individuals can't pursue legal claims;

(5) Lodging documents with ASIC that contained false and
misleading information; and

(6) Disqualified people managing corporations.

ASIC also conducted random assessments of more than 120 people
who were Company directors at the time they were declared
bankrupt. These assessments found that most of the bankrupts
visited were able to provide information that established that
they were no longer involved in the Company nor in a management
role. Some seven others are presently under scrutiny and may
become the subject of prosecution action.

"These results show that ASIC focuses on all types of corporate
misconduct and can and will pursue a variety of options to
resolve matters," ASIC's Director of Complaints Compliance
Actions, Mr. Adrian Borchok said.

"ASIC is committed to promptly acting on the complaints it
receives."

"If a liquidator reports that a director is refusing to hand
over Company records or a creditor advises that an officer is
'debt dodging' by failing to update their Company register, then
we will waste no time in taking the appropriate action," Mr.
Borchok said.

Complaints can be lodged with ASIC via http://www.asic.gov.auor
by writing to any of its capital city offices across Australia:

Manager
National Assessment & Action
ASIC
GPO Box 9827
IN YOUR CAPITAL CITY


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

ART DECO: Receives Wind-up Notice
---------------------------------
Art Deco Design & Construction Limited, whose place of business
is located at Pear Shop G/F, Tak Lung Industrial Building, 179
Wai Yip Street, Kwun Tong, Kowloon was issued a winding up order
notice by the High Court of the Hong Kong Special Administrative
Region Court of First Instance on June 15, 2005.

Date of Presentation: April 15, 2005

Dated this 28th day of June 2005

ET O'Connell
Official Receiver


CHONG HING: Braces for Bankruptcy Discharge
-------------------------------------------
Notice is hereby given that under the provisions of section 30 A
of the Bankruptcy Ordinance (Chapter 6), Yuen Tat Wai in his own
name and trading under the style or firm name of Chong Hing
Motor Co. (the bankrupt), will be discharged from bankruptcy on
October 31, 2005, in the absence of any objections from their
trustee in bankruptcy or creditors.

The bankrupts' creditors have the right to object to their
discharge on any of the following grounds:

(i) In the case of a discharge to which section 30A(2)(a) of the
Bankruptcy Ordinance (Chapter 6) applies, that the bankrupt is
likely within 5 years of the commencement of the bankruptcy to
be able to make a significant contribution to its estate;

(ii) That the discharge of the bankrupt would prejudice the
administration of its estate;

(iii) That the bankrupt has failed to co-operate in the
administration of its estate;

(iv) That the conduct of the bankrupt, either in respect of the
period before or the period after the commencement of the
bankruptcy, has been unsatisfactory;

(v) Without limiting section 30A(4)(c) or (d) of the Bankruptcy
Ordinance (Chapter 6)(i.e. ground (iii) or (iv)), that the
bankrupt has departed from Hong Kong and has failed forthwith to
return to Hong Kong following a request to do so from the
trustee;

(vi) That the bankrupt has continued to trade after knowing to
be insolvent;

(vii) That the bankrupt has committed an offence under section
129 or any of sections 131 to 136 of the Bankruptcy Ordinance
(Chapter 6); and

(viii) That the bankrupt has failed to prepare an annual report
of his/her earnings and acquisitions for the trustee.

ET O'Connel
Official Receiver
10th Floor, Queensway Government Offices,
66 Queensway, Hong Kong
Phone: 2867 2448
Fax: 3105 1814
Web site: http://www.info.gov.hk.oro


ENG. HK: Creditors Asked to Prove Debts by July 29
--------------------------------------------------
Notice is hereby given that the creditors of Eng. HK Limited (In
Members' Voluntary Liquidation), which is being voluntarily
wound up, are required on or before July 29, 2005, to prove by
affidavit their debts or claims by sending in their names,
addresses and description and full particulars of their debts or
claims in accordance with Form 63A of the Companies (Winding-up)
Rules, and the name and address of their solicitors, if any, to
the Joint and Several Liquidators of the said Company.

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

Dated this 28th day of June, 2005

(Sd.) NATALIA K M SENG
(Sd/) SUSAN Y H LO
Joint and Several Liquidators
28/F., Bank of East Asia Harbour View Centre
56 Gloucester Road
Wanchai, Hong Kong


EXPRESS BUILDERS: Creditor's Annual Meeting Set July 8
------------------------------------------------------
Notice is hereby given that pursuant to Section 247 of the Hong
Kong Companies Ordinance, the annual meetings of members and
creditors of The Express Builders Company Limited (In Creditors'
Voluntary Liquidation) will be held at Room 207, Duke of
Windsor, Social Service Building, No. 15 Hennessy Road, Wanchai,
Hong Kong on July 8, 2005 at the following times:

Annual Meeting of Members  2:00 p.m.
Annual Meeting of Creditors  2:15 p.m.

Proxies must be lodged at 7/F, Allied Kajima Building, 138
Gloucester Road, Wanchai, Hong Kong no later than 4:00 p.m. on
the day before the meeting or adjourned meeting at which it is
to be held.

Dated this 30th day of June 2005.
Stephen Briscoe
Joint and Several Liquidator


HARVEST LOYAL: Court Orders Winding Up
--------------------------------------
Harvest Loyal International Limited, whose place of business is
located at Room 1101, 11/F, Beautiful Group Tower, 77 Connaught
Road 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 15, 2005.

Date of Presentation: April 8, 2005

Dated this 28th day of June 2005

ET O'Connell
Official Receiver


HUALING HOLDINGS: Trading in the Nil Paid Rights to Start Monday
----------------------------------------------------------------
Trading in the nil paid Rights in the ordinary shares of Hualing
Holdings Limited will commence at 9:30 a.m. on Monday, July 4,
2005 under the following particulars (FORCE MAJEURE WARNING:
These rights are conditional):

Stock Code      Stock Short Name        Board Lot
----------      ----------------        ---------
2991            HUALING RTS             2,000 shares

CONTACT:

Hualing Holdings Limited
Room 4108-10, 41st Floor
Hopewell Centre
183 Queen's Road East
Wanchai, Hong Kong
Phone: 28022155
Fax: 25988995
Phone: http://www.hualing.com.hk


FONTANA LIMITED: Creditors' Proofs of Debt Due July 15
------------------------------------------------------
Notice is hereby given that the creditors of Fontana (Hong Kong)
Limited (In Creditors' Voluntary Liquidation), which is being
voluntarily wound up, are required on or before July 15, 2005,
to send in their names, addresses and particulars of their debts
or claims, and the name and address of their solicitors, if any,
to the Joint and Several Liquidators of the said Company at
Messrs. Kennic L. H. Lui & Co., 5th Floor, Ho Lee Commercial
Building, 38-44 D'Aguilar Street, Central, Hong Kong.

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

Dated this 24th day of June, 2005

KENNIC LAI HANG LUI
RUBY MUN YEE LEUNG
Joint and Several Liquidators


FULL TIME: Enters Winding Up Proceedings
----------------------------------------
Full Time Manufacturing Limited, whose place of business is
located at Unit 5, 5th Floor, Golden Era Plaza, 39 Sai Yee
Street, Mongkok, Kowloon was issued a winding up order notice by
the High Court of the Hong Kong Special Administrative Region
Court of First Instance on June 15, 2005.

Date of Presentation: April 13, 2005

Dated this 28th day of June 2005

ET O'Connell
Official Receiver


FUSHAN INTERNATIONAL: Suspended Pending Disclosure of Major Deal
----------------------------------------------------------------
At the request of Fushan International Energy Group Limited,
trading in its shares will be suspended with effect from 9:30
a.m. on June 30, 2005 pending the announcement in relation to a
proposed acquisition of the Company, which constitutes a major
transaction.

Fushan International posted a net loss of HK$14.71 million in
the year ended December 31,2004, versus a net loss of HK$2.81
million a year earlier, Chong Hing Securities reports.

The stock closed yesterday at $0.47.

CONTACT:

Fushan International Energy Group Limited
12/F Kwan Chart Tower
No 6 Tonnochy Road
Wanchai Hong Kong
Phone: 27650839
Fax: 27650958


LEE FUNG: Prepares to Exit Bankruptcy
-------------------------------------
Notice is hereby given that under the provisions of section 30 A
of the Bankruptcy Ordinance (Chapter 6), Liu Tze Leung trading
as Lee Fung Container Transportation Co. (the bankrupt), will be
discharged from bankruptcy on November 28, 2005, in the absence
of any objections from their trustee in bankruptcy or creditors.

The bankrupts' creditors have the right to object to their
discharge on any of the following grounds:

(i) In the case of a discharge to which section 30A(2)(a) of the
Bankruptcy Ordinance (Chapter 6) applies, that the bankrupt is
likely within 5 years of the commencement of the bankruptcy to
be able to make a significant contribution to its estate;

(ii) That the discharge of the bankrupt would prejudice the
administration of its estate;

(iii) That the bankrupt has failed to co-operate in the
administration of its estate;

(iv) That the conduct of the bankrupt, either in respect of the
period before or the period after the commencement of the
bankruptcy, has been unsatisfactory;

(v) Without limiting section 30A(4)(c) or (d) of the Bankruptcy
Ordinance (Chapter 6)(i.e. ground (iii) or (iv)), that the
bankrupt has departed from Hong Kong and has failed forthwith to
return to Hong Kong following a request to do so from the
trustee;

(vi) That the bankrupt has continued to trade after knowing to
be insolvent;

(vii) That the bankrupt has committed an offence under section
129 or any of sections 131 to 136 of the Bankruptcy Ordinance
(Chapter 6); and

(viii) That the bankrupt has failed to prepare an annual report
of his/her earnings and acquisitions for the trustee.

ET O'Connel
Official Receiver
10th Floor, Queensway Government Offices,
66 Queensway, Hong Kong
Phone: 2867 2448
Fax: 3105 1814
Web site: http://www.info.gov.hk.oro


NAM PEI: Winding Up Hearing Slated for July 27
----------------------------------------------
Notice is hereby given that a Petition for the Winding up of Nam
Pei Hong Nominees Limited by the High Court of Hong Kong was on
June 1, 2005 presented to the said Court by Cheung Ka Sing of
Room 3024, Tung On House, Lei Tung Estate, Ap Lei Chau, Hong
Kong.

The said petition is to be heard before the Court at 9:30 a.m.
on July 27, 2005. Any creditor or contributory of the said
Company desirous to support or oppose the making of an order on
the said petition may appear at the time of hearing by himself
or his counsel for that purpose.

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

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

Note:

Any person who intends to appear at the hearing of the said
petition must serve on or send by post to the abovenamed, notice
in writing of his intention to do so. The Notice must state the
name and address of the person, or if a firm or his or their
Solicitor (if any) and must be served or if posted, must be sent
by post in sufficient time to reach the abovenamed not later
than six o'clock in the afternoon of July 26, 2005.


NAN FENG: Tsui Tak Joins Audit Team
-----------------------------------
The board of directors of China Nan Feng Group Limited announced
that Mr. Tsui Wing Tak has been appointed as an independent non-
executive Director and a member of the audit committee of the
Company with effect from July 1, 2005.

Mr. Tsui, aged 36, holds a bachelor's degree in economics from
Macquarie University, Australia.

He is a member of both the Hong Kong Institute of Certified
Public Accountants and CPA Australia. He has over 12 years of
experience in auditing, accounting and financing. Mr. Tsui is
also an independent non-executive director of Aptus Holdings
Limited (stock code: 8212) and B&B Natural Products Limited
(stock code: 8156), companies listed on The Stock Exchange of
Hong Kong Limited.

At the date of this announcement, no service contract has been
entered into between Mr. Tsui and the Company and Mr. Tsui has
not been appointed for any specified term. Mr. Tsui will be
entitled to a director's fee of HK$8,000 per month, which
determined by the Board with reference to his duties and
responsibilities within the Company and the prevailing market
condition.

Mr. Tsui has not previously held any position in the Company or
any or its subsidiaries. He is not connected with any directors,
senior management or substantial or controlling shareholders of
the Company. As at the date hereof, Mr. Tsui does not have any
interests in the shares of the Company within the meaning of
Part XV of the Securities and Futures Ordinance.

China Na Feng posted a net profit of HK$161.85 million in the
year ended on December 31, 2004, versus a net loss of HK$262.34
million the same period a year earlier, Chong Hing Securities
Ltd relates.

CONTACT:

China Nan Feng Group Limited
Room B, 11/F., Cheung Lee Industrial Building
No. 9 Cheung Lee Street
Chai Wan, Hong Kong
Phone: 28660666
Fax: 28660669


PCCW LIMITED: Sets Up Advertising Unit to Boost Revenue
-------------------------------------------------------
PCCW Limited plans to set up an advertising unit this month to
increase its finances amid falling income from its fixed-line
business, The Standard reports.

Its new unit PCCW Media will initially sell airtime at its
broadband Internet service, Netvigator, and pay-television
service NOW TV, as well as magazine iShop to advertisers.

The Company is looking into other revenue streams, as fixed-line
income has fallen as more rivals such as City Telecom entered
the market with cheaper services.

The phone company is also planning to return to the mobile phone
market, having offered to buy out Sunday Communications, Hong
Kong's smallest phone operator.

CONTACT:

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


PCCW LIMITED: Re-designates Fan Xingcha as Director
---------------------------------------------------
The Board of Directors of PCCW Limited announced that Dr. Fan
Xingcha, a Non-executive Director of the Company, shall be re-
designated as an Executive Director of the Company with effect
from July 1, 2005. Dr. Fan, aged 40, became a Non-executive
Director and a member of the PRC Business Development Committee
and the Finance and Management Committee of the Company on 1
April 2005.

Since April 2000, Dr Fan has served as Vice President of
Strategy and Business Development and Executive Vice President
of Operations of China Netcom (Holdings) Company Limited (China
Netcom Holdings), and Chief Financial Officer of China Netcom
Group Corporation (Hong Kong) Limited. Prior to joining China
Netcom Holdings, Dr Fan was a senior consultant of McKinsey &
Company in its Shanghai office. Dr Fan received a Ph.D. degree
in computer science from Flinders University in 1996 and a
master's degree in electrical engineering from Southeast
University in China in 1987.

Other than the positions held within the group of companies of
China Network Communications Group Corporation as disclosed
above, Dr. Fan does not have any relationships with any other
Directors, senior management or substantial or controlling
shareholders of the Company. He does not have any interests in
the shares of the Company within the meaning of Part XV of the
Securities and Futures Ordinance. There is no service contract
between the Company and Dr Fan.

There are no other matters related to the re-designation of Dr.
Fan as an Executive Director of the Company that need to be
brought to the attention of the shareholders of the Company.

By the Order of the Board
PCCW Limited
Hubert Chak
Company Secretary


SEMI-TECH (GLOBAL): Former Boss Guilty of Accounting Fraud
----------------------------------------------------------
Mr. James Ting, the former Chairman of Semi-Tech (Global)
Company Limited, is facing 20 years in prison, after being
charged of false accounting involving around HK$330 million, The
Standard reports.

The two charges were related to statements in the audited
accounts of the Company for the year ended January 31, 1999. Mr.
Ting was accused of dishonestly falsifying the documents made
for the accounts.

The charges read out to the court stated that Mr. Ting made or
concurred in entries which falsely purported to show that Semi-
Tech held a 50 percent interest in MicroMain Systems worth
HK$300 million, and other shares in MicroMain worth HK$38.46
million.

CONTACT:

Semi-Tech (Global) Company Limited
Suite 3001-3004
2 Exchange Square
8 Connaught Place
Hong Kong
Phone: (+852) 524 1043


TIAN SIN: Begins Winding Up Process
-----------------------------------
Notice is hereby given that a Petition for the Winding up of
Tian Sin Zipper Company Limited by the High Court of Hong Kong
Special Administrative Region was on June 14, 2005 presented to
the said Court by Bank of China (Hong Kong) Limited (the
successor banking corporation to Kincheng Banking Corporation
pursuant to Bank of China (Hong Kong) Limited (Merger) Ordinance
(Cap.1167) whose registered office is situated at 14th Floor,
Bank of China Tower, 1 Garden Road, Hong Kong.

The said Petition is to be heard before the Court at 10:30 a.m.
on August 10, 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.

TSANG, CHAN & WONG
Solicitors for the Petitioner
16th Floor, Wing On House
No. 71 Des Voeux Road Central
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 August 9, 2005.


WENDA TRADING: Court Releases Wind-up Order
-------------------------------------------
Wenda Trading International Limited, whose place of business is
located at Room 409 Sun Fung Centre, 88 Kwok Shui Road, Kwai
Chung, 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 15, 2005.

Date of Presentation: April 13, 2005

Dated this 28th day of June 2005

ET O'Connell
Official Receiver


WONDER FILL: Issues Debt Claim Notice
-------------------------------------
Notice is hereby given that the creditors of Wonder Fill Limited
(In Members' Voluntary Winding Up) which is being wound up
voluntarily are required, on or before August 1, 2005 to send
their names and addresses, with full particulars of their debts
or claims, and the names and addresses of their solicitors, if
any, to the undersigned.

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

Dated this 30 June 2005

(Sd.) CHENG Kwok Wai David
CHENG Kwok Wai David
Joint and Several Liquidator
WONDER FILL LIMITED
31/F, Gloucester TowerThe Landmark
11 Pedder Street
Central, Hong Kong


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

CIPUTRA DEVELOPMENT: Seeks to Return to Black This Year
-------------------------------------------------------
Property development firm PT Ciputra Development is seeking to
return to profit this year as it begins property development
projects, reports the Jakarta Post.

The developer will begin building a shopping mall in South
Jakarta this year, which costs IDR900 billion, according to
corporate secretary Tulus Santoso.

The firm also has two upcoming development projects: a first-
class 60-hectare housing project outside of Java, called Citra
Garden Lampung, which would cost IDR100 billion, and another 20-
hectare housing complex in Tangerang, Banten, called Citra
Garden Cengkareng, at IDR200 billion.

Ciputra Development CEO Candra Ciputra said that they would
start to market the housing projects this month.

With these projects, the Company aims to return to profit,
expecting a 26.8% increase in revenue from IDR738.6 billion in
2004 to IDR936.3 billion this year. Currently, housing projects
make up 60% of the Company's total revenue, while shopping
centers, hotels and restaurants comprise the remaining 40%.

The Company is expecting to bring in revenues amounting to
IDR548. billion this year, a vast improvement over its IDR219.3
billion net loss incurred in 2004.

Ciputra Development also entered into a deal which would convert
its IDR1.76 trillion debt into shares, which would strengthen
the Company's financial structure, enabling it to return to
profit sooner.

CONTACT:

PT Ciputra Development Terbuka
Jalan Prof Dr Satrio Kav 6
Jakarta, 12940
Indonesia
Phone: +62 21 522 5858/21 522 6868
Fax:   +62 21 520 5262/21 527 4125
Email: investor@ciputra.com
Web site: http://www.ciputra.com


DIRGANTARA INDONESIA: Secures IDR700-Bln Contract
-------------------------------------------------
State-owned aircraft maker PT Dirgantara Indonesia obtained a
IDR777.5 billion contract from BAE Systems PLC to produce
aircraft parts, AFX News reports.

In the contract, which was signed in Jakarta on June 29, 2005,
the Indonesian aircraft manufacturer will produce components for
the Airbus A320 and A340, according to Company spokesman
Rohendi. The Company is slated to produce three aircraft
components to be delivered within five years.

The Company also has an ongoing 10-year contract to produce
components for the Airbus A380, which was awarded to the firm in
2003.

PT Dirgantara Indonesia, which was established in 1976, is one
of the indigenous aerospace Company in Asia with core competence
in aircraft design, development and manufacturing of civilian
and military regional commuter aircraft.

After a restructuring program that was implemented in 2004, the
Company has downsized its workforce from 9,670 employees to
3,720 employees, and has narrowed dwon its 18 business units
into 5, which are comprised of the following:

1) Aircraft (Airplane & Helicopter)

2) Aircraft Services (Maintenance, Overhaul, Repair and
Alteration)

3) Aerostructure (Parts & Components, Sub Assemblies, Assemblies
Tools & Equipment)

4) Defense (Launcher, SUT Torpedo, Rocket)

5) Engineering Services (Communication Technology, Simulator
Technology, Information Technology Solution, Design Center)

CONTACT:

PT Dirgantara Indonesia
Jl. Pajajaran no. 154 Bandung 40174,
Indonesia
Phone: 62-22-6034562, 62-22-6010754, 62-22-6010759
Fax:   62-22-6019538, 62-22-6075671, 62-22-6031696
Email: infosales@indonesian-aerospace.com
Web site: http://www.indonesian-aerospace.com


MERPATI NUSANTARA: May be Restructured or Dissolved
---------------------------------------------------
Troubled state-owned airline Merpati Nusantara must either be
restructured or dissolved by the Indonesian government, which is
short of funds at the moment, reports the Jakarta Post.

Aside from a IDR1.6 trillion debt, the airline currently has a
monthly cash flow deficit of IDR40 billion, and a negative
equity position of IDR871.3 billion, due to the lack of working
capital.

According to Minister of State Enterprises Sugiharto, it's not
so easy to choose either option. If the government decides to
restructure the troubled airline, it would need IDR450 billion
in funds to stabilize the firm, and the state budget is not
enough to restructure the Company.

The funds are needed to cover Merpati's IDR1.6 trillion debt to
creditors and business partners, as well as a debt-to-equity
swap to cover its IDR92 billion debt to the government, a
IDR1264 billion debt to state-owned Bank Mandiri and IDR95
billion to Bank Danamon, and obligations to state-owned
businesses. Added to that is a possible downsizing of the
airline's 3,468 employees. The Company may need to lay off
around 2,500 employees in the restructuring, in order to reach a
balance with its 42 planes.

Hence, the government would focus on turning Merpati Nusantara
into a low-cost carrier, so that it would not compete with other
state-owned airline PT Garuda Indonesia.

If the Company were to be dissolved, it would cost IDR2 trillion
in compensation to the employees that would be laid off, as well
as having negative social and political effects.

The best way, according to Minister of Transportation Hatta
Radjasa, would be to offer the airline to investors in a
strategic sale, as the government cannot afford to restructure
the troubled firm at present. He added that several investors
had expressed interest in the airline, and are undergoing due
diligence at this time.

CONTACT:

Merpati Nusantara Airlines
PO Box 323, Jln. Angkasa
Block 815 Kav 2-3
Jakarta 10720 Indonesia
Phone: +61 (0) 8 8941 1606
Fax: +62 21 654 6789
Web site: http://www.merpati.co.id


PERUSAHAAN LISTRIK: Suffers IDR2-Trillion Net Loss in 2004
----------------------------------------------------------
State-controlled power firm PT Perusahaan Listrik Negara (PLN)
incurred a whopping IDR2.02 trillion net loss in 2004, but was
able to reap an operating profit of IDR2.56 trillion for the
first time since the 1997 Asian financial crisis, the Jakarta
Post reports.

This is a significant improvement over its operational net loss
in 2003, which amounted toIDR3.5 trillion. Its 2004 net loss
amounted to less than half of its net loss in 2003, which was
IDR5.9 trillion.

But despite all these improvements, the Company decided not to
award bonuses to employees after a decision to award IDR238
billion in bonuses to its board of directors/commissioners and
other Company employees was protested by the general public, sue
to the Company's poor performance.

PLN president commissioner Roes Ariawijaya said that it started
with the board of commissioners seeking a raise since 2002,
which had never been approved because it would have tightened
the Company's cash flow even more. So they decided to give a
bonus in appreciation of the Company's improvement in
performance.

While the blame has been passed as to who was responsible for
awarding the bonuses in 2004, police are looking into like
corruption in the case.

Company President Eddie Widiono said that the Company might not
be able to return to profit as early as this year, as the
government had said that it would not raise power rates, but has
raised fuel prices by a 29% average. Hence, the Company is
aiming for net income without having to increase its rates, but
it would depend on the amount of subsidies it would receive from
the government.

PLN, which assumes IDR8.6 trillion in subsidies into its budget,
hopes to get IDR3.9 trillion from the revised state budget this
year.

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
=========

JAPAN TOBACCO: Russia Rejects Appeal Against Back Taxes
-------------------------------------------------------
A Moscow arbitration court on Tuesday rejected an appeal by the
Russian sales unit of Japan Tobacco Inc. (JTI) against the
imposition of back taxes, Kyodo News reports.

The court ruled in favor of Russian tax authorities, which had
slapped taxes worth 2 billion rubles (JPY7.8 billion) on JTI
Marketing and Sales last fall for alleged tax evasion in 2000.

JTI said it is considering appealing the latest court ruling.

In April, a Russian arbitration court sent the case back to the
appellate court, saying deliberations were lacking.

CONTACT:

Yukiko Seto
Associate General Manager
Media and Investor Relations
Japan Tobacco Inc.
2-1, Toranomon 2-chome, Minato-ku
Tokyo 105-8422 Japan
Phone: +81-3-5572-4292


JAPAN TOBACCO: Changes Mild Seven Package Design
------------------------------------------------
Japan Tobacco Inc. (JT) (TSE: 2914) announced on June 29 that it
would globally introduce the Mild Seven "Blue Wind" symbol that
was successfully launched in Japan in 2003.

The symbol on the Mild Seven packages, one of the JT group's
Global Flagship Brands(1) and the world's second best-selling
cigarette brand, will be phased in, over time, in each market.

The packaging is characterized by a graphic symbol called "Blue
Wind," which was originally placed on Mild Seven brand
cigarettes before being extended to most of the brand family in
March 2004 in the domestic market.

Since the launch of the new package design, Mild Seven's market
share in Japan has rebounded, from 32.5 percent in the fiscal
year that ended March 2003 to 32.9 percent in the year that
ended March 2005. This initiative revitalized the 28-year-old
Mild Seven brand in Japan with an eye-catching graphic that
helped to modernize the brand while setting it apart from
competitors. The Company today believes that the international
launch of the "Blue Wind" packaging will enhance the brand's
consistency around the world.

Mild Seven products with the "Blue Wind" design will appear in
the Taiwan market in July, in the Korean, Malaysian and Hong
Kong / Macau markets in August, in the Singaporean, Thailand and
Russian markets in September, and in the mainland China market
in December. The other 13 markets(2) , where JT group companies
directly sell Mild Seven cigarettes, will also receive the new
packaging.

"If the increase in Mild Seven's market share in Japan is any
indication, we expect that the "Blue Wind" packaging, once
introduced globally, will have a positive impact on our Mild
Seven performance around the world," said Yasumasa Matsunaga, JT
Senior Executive Vice President, who heads the Product Group of
JT's Tobacco Business. "This was a much-needed change, and we
look forward to seeing how the revitalized Mild Seven brand
acquires additional customer base in our overseas markets."

1 Global Flagship Brands = Camel, Winston, Mild Seven and Salem.
2 Products in the Mild Seven brand family are distributed in
over 40 countries globally.

This is a Company press release.


JAPAN TOBACCO: Forges Research Alliance With Dupont
---------------------------------------------------
DuPont announced that it has entered into a research
collaboration with Japan Tobacco Inc., (JT) for development of
yield related traits in plants. Scientists at Pioneer Hi-Bred
International, Inc., a DuPont subsidiary and a world leader in
agricultural plant genetics, will work directly with JT. Terms
of the agreement were not disclosed.

"We are excited with the progress and findings to date, and
anticipate the knowledge gained through this relationship will
help us achieve our goal of doubling our rate of yield gain by
2014, thereby growing our industry-leading yield advantage,"
declared Jim Miller, vice president DuPont Crop Genetics
Research and Development. "Yield is one of the most important
agronomic traits for farmers around the world, and it's a top
priority in our research program."

JT has developed a proprietary screening system for evaluating
yield and yield-related parameters in rice plants. The screening
system has already identified a number of promising leads that
the companies plan to further evaluate in several important row
crops.

"JT's proprietary trait screening system represents a novel
approach to evaluating a diverse set of genes in crops of
interest to Pioneer," said Miller. "This collaboration will
identify key genes and produce valuable traits that will enhance
our product development pipeline, including products that
maintain yields under stressful environmental conditions such as
drought."

"JT strongly believes that this collaboration will provide
Pioneer with effective solutions to improve yield of several
important crops and broad expertise of Pioneer will help JT
further strengthen its trait exploration capability," said
Kazuei Obata, Executive Deputy President of JT.

Japan Tobacco Inc. is the world's third largest international
manufacturer of tobacco products. The Company manufactures
internationally recognized cigarette brands including Camel,
Winston, Mild Seven and Salem. Since its privatization in 1985,
JT has actively diversified its operations into pharmaceuticals
and foods. The Company's net sales were JPY 4,664 trillion in
the fiscal year ended March 31, 2005.

Pioneer Hi-Bred International, Inc., a subsidiary of DuPont, is
the world's leading source of customized solutions for farmers,
livestock producers and grain and oilseed processors. With
headquarters in Des Moines, Iowa, Pioneer provides access to
advanced plant genetics, crop protection solutions and quality
crop systems to customers in nearly 70 countries. DuPont is a
science Company. Founded in 1802, DuPont puts science to work by
creating sustainable solutions essential to a better, safer,
healthier life for people everywhere. Operating in more than 70
countries, DuPont offers a wide range of innovative products and
services for markets including agriculture, nutrition,
electronics, communications, safety and protection, home and
construction, transportation and apparel.

Contacts:

Stephanie Jacobson
Pioneer Hi-Bred International, Inc.
515-334-6515
stephanie.jacobson@pioneer.com


KOKUDO CORPORATION: 8 Directors Set to Retire
---------------------------------------------
Shareholders of Kokudo Corporation, a core member of the
scandal-plagued Seibu Railway Co. group, have decided that eight
Company Directors should apply for retirement to cover its
negative net worth in fiscal 2004, according to Kyodo News.

The eight directors include Mr. Hiroyoshi Yamaguchi, who
concurrently served as President of Prince Hotels Inc., which is
also a member of the Seibu Railway group.

Further details were not disclosed.

CONTACT:

Seibu Railway Co. Ltd.
1-11-1, Kusunokidai
Tokorozawa, Saitama 359-8520, Japan
Phone: +81-42-926-2035
Fax: +81-42-926-2237


MITSUBISHI FUSO: Recalls 40,000 Large Vehicles
----------------------------------------------
Mitsubishi Fuso Truck & Bus Corporation will recall 39,916
trucks and buses for free repairs to faulty brakes and six other
defects, Kyodo News reports.

One of the seven defects involves the installation by mistake of
air-bag activators for passenger cars, which could inflate air
bags in response to vibrations caused by large vehicles,
Mitsubishi Fuso said in a report to the Ministry of Land,
Infrastructure and Transport.

CONTACT:

Mitsubishi Fuso Truck and Bus Corporation
2-16-4, Kounan,
Minato-ku,Tokyo 108-8285,
Phone: +81-3-6719-4821
Fax: +81-3-6719-0111
Web site: http://www.mitsubishi-fuso.com


UFJ HOLDINGS: MTFG Shareholders Approve Proposed Merger
-------------------------------------------------------
On June 29, 2005, the 4th Annual General Meeting of Shareholders
of Mitsubishi Tokyo Financial Group, Inc. was held and the
proposed merger agreement between Mitsubishi and UFJ Holdings,
Inc. was approved.

The notice of resolutions of the Annual General Meeting of
Shareholders of the Company including the other resolutions may
be accessed at http://bankrupt.com/misc/tcrap_ufj063005.pdf

This is a Company press release.

CONTACT:

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


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

DAEWOO GROUP: Founder's Indictment to be Handed Down This Week
--------------------------------------------------------------
The indictment on charges of fraud and foreign currency
violations for the founder of the now-defunct Daewoo Group is
set for this week, according to Asia Pulse.

Kim Woo-choong faces three-count charges of accounting fraud of
KRW41 trillion, illicit lending from banks of KRW10 trillion,
and a suspected capital flight of US$20 billion.

The charges against Mr. Kim may land him in jail for life.
However, his role in the country's economic growth may
contribute for his pardon.

In 1999, Mr. Kim fled South Korea upon the collapse of his
conglomerate with US$80 billion in debts, and is considered one
of the world's largest business failures.

Two weeks ago, Mr. Kim was arrested upon coming back to the
country after nearly six years on the run overseas.

Officials at the Supreme Public Prosecutors Office said that
they will continue to trace Mr. Kim's hidden assets and his
alleged lobbying to politicians and government officials, even
after he is indicted on Friday.


GENERAL MOTORS KOREA: To Recall Defective Units
-----------------------------------------------
General Motors Korea Co. will recall 611 vehicles of its
Cadillac and Saab models, relates Asia Pulse citing the Ministry
of Construction and Transportation said Thursday.

The Cadillac model is believed to have possible defects in the
air bags, while the Saab units may have defects in the brake
system.

Beginning Friday, owners of the cars subject to the recall can
receive free repairs for 18 months beginning Friday, the
ministry said.

The first vehicles to be recalled are two units of Cadillac CTS
made between March 11 to 16, 2003 and 39 units of SRX sold
between November 24, 2003 and April 7, 2004.

Another 315 units, all of Saab 9-3 Linear, 128 units of 9-3 Arc,
67 units of Aero, which were manufactured between July 4, 2002
to March 11, 2005, will also be subject to the recall, the
ministry said in a news release.

Also to be recalled are 36 units of 9-3 Linear convertibles and
24 units of Aero convertibles made between November 11, 2002 and
March 18, 2005, it said.


MEDISON COMPANY: Exit from Court Receivership Vague
---------------------------------------------------
Embattled Medison Co. Ltd. targets an operating margin of 25
percent on sales of KRW500 billion by 2010, Asia Pulse says.

The move is in line with the Company's plan to become the
world's biggest maker of ultrasound diagnostic scanners by then,
Chief Executive Lee Seung-woo said.

Medison was founded in 1985, and was once considered a
bellwether for South Korea's technology start-ups.  After the
Company invested aggressively in its affiliates and was hit hard
by the bursting of a tech bubble in the stock market, it began
facing tough times.

Medison declared bankruptcy in January 2002 for failing to repay
heavy debts and has been under court receivership since then.
The Company has not disclosed any information as to when it will
exit in court receivership.

CONTACT:

Medison Co. Ltd.
Medison Venture Tower,
997-10, Daechi-Dong Kangnam-Gu,
Seoul, Korea 135-280
CEO Kil Soo Yu / Seung Woo Lee, Ph.D.
Telephone: 82-2-2194-1400
Fax: 82-2-2194-1168
E-mail: sales@medison.com
Web site: http://www.medison.com


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

ANTAH HOLDING: Inks SPA with Allied
-----------------------------------
The Board of Directors of Antah Holdings informed Bursa Malaysia
Securities Berhad that Antah Holdings had on June 28, 2005
entered into a conditional share purchase agreement (SPA) with
Allied Corporate Resources Sdn. Bhd. for the disposal 11,000,000
ordinary shares of MYR1.00 each in Antah Sri Radin Sdn. Bhd.
(ASR) (Sale Shares) to Allied for a cash consideration of
MYR3,900,000.

To view a full copy on the details of the SPA, click
http://bankrupt.com/misc/ANTAHHOLDINGBERHAD.pdf

CONTACT:

Antah Holdings Berhad
9577 Jalan SS16/1 Subang Jaya
47500 Petaling Jaya Selangor
Telephone: 03-5632 8668
Fax: 03-5635 1234


AV VENTURES: Unit Freed from Winding Up Petition
------------------------------------------------
Reference is made to AV Ventures Corporation Berhad's
announcement submitted to Bursa Malaysia Securities Berhad on
November 26, 2004 pertaining to the winding up petition No: D4-
28-777-2004 against Diasia Ventures Sdn Bhd, a wholly owned
subsidiary of AV Ventures Corporation Berhad.

The Company advised that the winding up petition was heard by
the Honorable Judge and subsequently the same was fixed for
decision Tuesday, June 28, 2005.

The Honorable Judge ruled in favor of Diasia Ventures Sdn Bhd
and dismissed the winding up petition with costs.


DATUK KERAMAT: Clarifies Extension of Restraining Order
-------------------------------------------------------
Further to Datuk Keramat Holdings Berhad's announcement made to
Bursa Malaysia Securities Berhad on June 27, 2005 in respect of
the restraining order, the Company stated that the interim
extension granted by the High Court of Kuala Lumpur on June 24,
2005 was for the period from June 24, 2005 to July 5, 2005.

The said extension is pending further court directions.

CONTACT:

Datuk Keramat Holdings Berhad
16B 3rd Floor
Jalan 14/20 Section 14
46100 Petaling Jaya
Malaysia
Phone: 03-79588166
Fax: 03-79566766


DISCCOMP BERHAD: Shareholders Carry Out Resolution at AGM
---------------------------------------------------------
On behalf of the Board of Directors of Disccomp Berhad, Alliance
Merchant Bank Berhad, informed Bursa Malaysia Securities Berhad
that all the ordinary resolutions as set out in the Notice of
the AGM issued by Disccomp dated June 6, 2005 were passed by the
shareholders of Disccomp during the AGM.

This announcement is dated 28 June 2005.

The Company's principal activities are manufacturing and
marketing of computer diskettes of all kinds, retailing and
supplying of computer hardware, software, accessories and
related services. The Company is also engaged in investing.

CONTACT:

Disccomp Berhad
3 1/2 Miles Off Jalan Sungei Besi
57100 Kuala Lumpur,
MALAYSIA
Phone: +60 3 7983 3333
Fax: +60 3 7980 3333


HAP SENG: All Resolutions Approved at AGM
-----------------------------------------
The Board of Hap Seng Consolidated Berhad unveiled in a
disclosure made to Bursa Malaysia Securities Berhad that all
resolutions set out in the Notice of AGM and Notice of EGM both
dated May 31, 2005 were approved during the relevant AGM and EGM
held Tuesday at Kristal Ballroom, Hilton Petaling Jaya, No.2
Jalan Barat, 46200 Petaling Jaya, Selangor Darul Ehsan.

CONTACT:

Hap Seng Consolidated Berhad
No. 1A, Jalan 205
46050 Petaling Jaya
Selangor
Telephone: 03-7783 9888
Fax: 03-7781 6305


LIEN HOE: Passes All AGM Resolutions
------------------------------------
The Board of Directors of Lien Hoe Corporation Berhad advised
Bursa Malaysia Securities Berhad that shareholders approved all
the resolutions during the meeting Tuesday, as contained in the
notice of the 35th annual general meeting dated June 3, 2005.

Lien Hoe's principal activity is that of property and investment
holding. Other activities include construction, management of
building and apartments as well as food court, land and housing
development, building and civil works, travel and tour and
manufacturing and trading of timber moldings.

The Group operates in Malaysia, Australia and Indonesia.
Property investment holding accounted for 49% of 2001 revenues;
construction, 36%; manufacturing and trading, 3% and tourism and
others, 12%.

This announcement is dated 28 June 2005

CONTACT:

Lien Hoe Corporation Berhad
18th Floor, Menara Lien Hoe
No. 8, Persiaran Tropicana
Tropicana Golf & Country Resort
47410 Petaling Jaya
Phone: 03-7805 1331
Fax: 03-7805 3112
Web site: http://http://www.lienhoe.com.my


LITYAN HOLDINGS: Shareholders Carry Out Resolution at AGM
---------------------------------------------------------
The Board of Directors of Lityan Holdings Berhad unveiled in a
disclosure made to Bursa Malaysia Securities Berhad that at the
Company's Twelfth AGM held on June 28, 2005, the shareholders of
the Company had approved all the resolutions as set out in the
Notice.

CONTACT:

Lityan Holdings Berhad
Bangunan Lityan,
Peremba Square Saujana Resort,
Section U2, 40150 Shah Alam
Selangor Darul Ehsan, Malaysia
Phone: + 603-7622-1188
Fax:   +603-7666-6870
E-mail: enquiry@lityan.com.my


MBF HOLDINGS: Wraps Up Acquisition of MBf Cards
-----------------------------------------------
On April 19, 2004, MBf Holdings Berhad (MBfH) disclosed to Bursa
Malaysia Securities Berhad that the acquisition of 11.55 percent
of the issued and paid-up share capital of MBf Cards was
completed on April 16, 2004. Accordingly, MBf Cards became the
Company's 62.55 percent subsidiary on April 16, 2004.

MBf Holdings informed Bursa Malaysia Securities Berhad that the
Proposed Acquisition was completed on June 27, 2005 and hence,
MBf Cards is now the Company's wholly owned subsidiary.

Yours faithfully,

For and on behalf of
MBf Holdings Berhad

Ding Lien Bing
Company Secretary
28 June 2005

CONTACT:

MBF Holdings Berhad Federal Furniture Holdings (M) Berhad
Suite 1501B Menara Choy Fook On
1B Jalan Yong Shook Lin, Section 7
46050 Petaling Jaya
Telephone: 03-7955 9937
Fax: 03-7956 2812
Web site: http://www.federal-furniture.com


NORTH BORNEO: Fixes AGM Date July 20
------------------------------------
The North Borneo Corp. Berhad informed Bursa Malaysia Securities
Berhad that the Fifty-Fifth Annual General Meeting (AGM) of The
North Borneo Corporation Berhad will be held at Labuan Ballroom,
Sheraton Labuan Hotel, 462 Jalan Merdeka, 87029 W.P. Labuan, on
Wednesday, July 20, 2005 at 9:00 am.

Click to view a full text of the Notice of the Fifty-Fifth AGM
http://bankrupt.com/misc/NorthBorneoAGM062805.doc

CONTACT:

The North Borneo Corporation Bhd
Lot 1, 2nd Floor Wisma Siamloh
Jalan Kemajuan
87007 Federal Territory Labuan
Telephone: 087-417810
Fax: 087-424220


PARK MAY: Shareholders Approve AGM Resolutions
----------------------------------------------
The Board of Directors of Park May Berhad informed Bursa
Malaysia Securities Berhad that all the resolutions contained in
the Notice of the 32nd Annual General Meeting dated June 6, 2005
were approved by the shareholders at the Company's 32nd Annual
General Meeting held Tuesday.

Park May's principal activity is the provision for public bus
transportation in Peninsular Malaysia which categorized into
stage bus and express bus. Other activities include operation
and construction of light rail transit system, trading and
property holding, and investment holding and managing operation.

CONTACT:

Park May Berhad
Lot 18115 Batu 5
Jalan Kelang Lama
58100 Kuala Lumpur
Telephone: 0379827060
Fax: 03-76254987
Website: http://www.parkmayberhad.com


PAN MALAYSIA: Purchases 130,000 Shares on Buy Back
--------------------------------------------------
Pan Malaysia Corp. Berhad issued to Bursa Malaysia Securities
Berhad a notice of shares buy back dated June 28, 2005 with the
following details.

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

Total number of shares purchased (units): 130,000

Minimum price paid for each share purchased (RM): 0.410

Maximum price paid for each share purchased (RM): 0.420

Total consideration paid (RM): 54,481.12

Number of shares purchased retained in treasury (units): 130,000

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

Cumulative net outstanding treasury shares as at to-date
(units): 130,000

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

CONTACT:

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


PK RESOURCES: Unit Enters Winding Up Process
--------------------------------------------
The Board of Directors of PK Resources Berhad (PKR) advised
Bursa Malaysia Securities Berhad that Peladang Chemicals (S) Pte
Ltd, a wholly owned subsidiary of PKR incorporated in the
Republic of Singapore, had on June 28, 2005 passed the following
resolution at its Extraordinary General Meeting:

(1) That the Company be wound up voluntarily pursuant to Section
290 (1)(b) of the Companies Act Cap. 50, Singapore; and

(2) That Mr. Goh Thien Chee of 100 Jalan Sultan, #09-14, Sultan
Plaza, Singapore 199001 be and is hereby appointed Liquidator
for the purpose of the winding-up and that he be indemnified by
the Company against all cost, charges and expenses incurred or
sustained by him in the execution and discharge of the duty in
conjuction with the liquidation.

Peladang Chemicals (S) Pte Ltd was dormant since 1997.

There is no financial and operational impact of the winding-up
proceedings on the Group.

This announcement is dated 28 June 2005.

CONTACT:

PK Resources Berhad
Jalan BBN 1/1A Putra Point Phase 1
Wisma BBN, PT 7454
Bandar Baru Nilai, 71800 Nilai,
Negeri Sembilan Darul Khusus 71800
MALAYSIA
Phone: +60 6 850 1888
Fax: +60 6 850 1881


PUNCAK NIAGA: Lists Additional 27,000 Ordinary Shares
-----------------------------------------------------
Puncak Niaga Holdings Berhad advised that its additional 27,000
new ordinary shares of MYR1.00 each issued pursuant to the
Employees Share Option Scheme will be granted listing and
quotation at Bursa Malaysia Securities Berhad with effect from
9:00 a.m., Thursday, June 30, 2005.

CONTACT:

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


PUNCAK NIAGA: Unveils Resolutions Passed at AGM
-----------------------------------------------
Puncak Niaga Holdings Berhad unveiled to Bursa Malaysia
Securities Berhad that at the Eighth Annual General Meeting of
PNHB held Tuesday, the Ordinary Resolutions (as set out in the
Notice of Meeting dated June 6, 2005) were unanimously approved
by the shareholders of the Company, except for Resolution 6 on
the re-election of Madam Loong Chun Nee as a Director of the
Company which was dropped from the Agenda since Madam Loong Chun
Nee had already tendered her resignation as a Director of the
Company on June 35, 2005.

This announcement is dated 28 June 2005.


PUNCAK NIAGA: Proposals Get Shareholders Nod at EGM
---------------------------------------------------
Puncak Niaga Holdings Berhad issued to Bursa Malaysia Securities
Berhad an update on the:

(1) Proposed exemption sought by Central Plus (M) Sdn Bhd and
persons acting in concert from the obligation to undertake a
mandatory general offer (MGO) for the remaining shares in Puncak
not already owned by them subsequent to the implementation of
the purchase of Puncak of its own shares, as permitted under
practice note 2.9.10 of the Malaysian code on takeovers and
mergers 1998 (proposed MGO exemption); and

(2) Proposed purchase by Puncak of its own shares of up to 10%
of its issued and paid-up share capital (proposed share buy
back).

On behalf of Puncak, Aseambankers Malaysia Berhad unveiled that
at the Extraordinary General Meeting of Puncak held Tuesday, the
ordinary resolutions in respect of the Proposals, were approved
by the shareholders of the Company by way of poll vote and show
of hands respectively.

This announcement is dated 28 June 2005.


SETEGAP BERHAD: Slapped with MYR36,000 Fine
-------------------------------------------
On June 24, 2005, Bursa Malaysia Securities Berhad (Bursa
Securities) publicly reprimanded and imposed a fine of MYR36,000
on Setegap Berhad (SETEGAP) for breach of paragraph 9.23(b) of
the Listing Requirements of Bursa Securities (Bursa Securities
LR).

Paragraph 9.23(b) of the Bursa Securities LR states that a
listed issuer must ensure that the annual audited accounts
together with the auditors' and directors' report shall, in any
case be given to Bursa Securities for public release, within a
period not exceeding 4 months from the close of the financial
year of the listed issuer unless the annual report is issued
within a period of 4 months from the close of the financial year
of the listed issuer.

SETEGAP was found to be in breach of paragraph 9.23(b) of the
Bursa Securities LR for failure to submit its annual audited
account for the financial year ended December 31, 2004 (AAA
2004) by the due date of April 30, 2005. The Company only
submitted the AAA 2004 to Bursa Securities for public release on
June 6, 2005.

The public reprimand and fine were imposed pursuant to paragraph
16.17 of the Bursa Securities LR after taking into consideration
all relevant factors, including the fact that SETEGAP had
previously breached the Bursa Securities LR.

CONTACT:

Setegap Berhad
72B&C, Jalan SS22/25
Damansara Jaya
47400 Petaling Jaya
Malaysia
Phone: 03-77297009
Fax:   03-77271555
Web site: http://www.setegap.com.my


WAH SEONG: Clarifies News Article by The Star
---------------------------------------------
Wah Seong Corporation Berhad informed Bursa Malaysia Securities
Berhad that it is not aware of the statement made as per news
article appearing in The Star on June 27, 2005.

However, on page 5, per paragraph 3 of our Managing
Director/Group Chief Executive Officer's Statement in our Annual
Report 2004, as extracted below, we have mentioned that:

"The internal restructuring and reorganization of the Group that
began in early 2004 is now almost complete. Upon the final
completion of this exercise, WSC will be in a stronger position
to focus on its oil and gas businesses whilst actively pursuing
the plan to de-merge other non-core businesses in the
foreseeable future."

This paragraph may have been misinterpreted by the author of the
said news article as the plan to "list" is not the only definite
route or option for the Company's consideration to ensure better
returns for the Company's shareholders. Neither are they
confined to the building materials and the infrastructure
divisions.

The Company trusts the same clarifies the matter.

Yours faithfully,
Wah Seong Corporation Berhad

Lau Bee Gee
Joint Company Secretary


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

BACNOTAN CONSOLIDATED: Purchases Additional Shares in COC
---------------------------------------------------------
As earlier disclosed, Bacnotan Consolidated Industries Inc.
entered into a Share Purchase Agreement for the acquisition of
at least 56 percent of the issued and outstanding shares of
Cagayan de Oro College Inc. (COC).

On June 29, 2005, the Corporation entered into a Supplement and
Amendment to Share Purchase Agreement under the terms of which
the sellers in the said Share Purchase Agreement included
additional shares of COC in the sale and purchase and new
sellers agreed to sell their shares in COC under the same
Agreement. The Corporation will acquire a total of 1,944,786
shares equivalent to 66& of the outstanding shares of COC for
Php206,516,825.34.

On the same date, First Closing on the Share Purchase Agreement
occurred. The Second Closing Date under the said Agreement is 30
days after First Closing.

The mandatory tender offer undertaken by BCI and Phinma for
shares of stock of COC, other than the shares of stock covered
in the Share Purchase Agreement, which was earlier disclosed,
was also completed. Thirty-eight (38) stockholders of COC
tendered a total of 35,569 shares equivalent to 1.22% of  the
outstanding shares of COC. The Corporation acquired 28,455 of
the said tender offer shares for Php3,021,636.45.

CONTACT:

Bacnotan Consolidated Industries Incorporated
No 39 Plaza Drive Rockwell Centre
4th Floor PHINMA Building
Makati City 1200
Philippines
Phone: +63 2 8700 100
Fax: +63 2 8700 456


BAYAN TELECOMMUNICATIONS: Globe Clarifies Acquisition Report
-----------------------------------------------------------
This is in reference to the news article entitled "Globe drops
BayanTel" published in the June 28, 2005 issue of Malaya.

The article reported that:

"GLOBE Telecom, the country's second largest mobile phone firm,
is no longer interested in acquiring fixed line operator Bayan
Telecommunications Inc. (BayanTel), an official of the joint
venture between Ayala Corp. and Singapore Telecom Ltd. said. Gil
Genio, chief executive officer of Innove Communications Inc.,
the fixed line arm of Globe, said that there had been
discussions years ago but the talks did not prosper.

"`While it is true that there were some discussions seven years
ago, there is currently no discussion of a purchase of
Bayantel,' said Genio."

Globe Telecom, Inc., in its letter to the Exchange dated June
28, 2005, stated that:

"We confirm that there were discussions seven years ago but
these did not progress. However, the Company from time to time,
may consider investment alternatives and fully optimize
opportunities presented by such."

For your information.

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

Noted by:

(Original Signed)
JURISITA M. QUINTOS
Senior Vice President

CONTACT:

Bayan Telecommunications Inc.
Investor Relations
3/F BayanTel Corporate Center
Maginhawa corner Malingap Streets
Teacher's Village East, Diliman
Quezon City 1101, Philippines
Fax: (632) 449-2174
Web site: http://www.bayantel.com.ph

Globe Telecom Incorporated
Pioneer Corner Madison Streets
2/F Globe Telecom Plaza
Mandaluyong, MANILA 1552
PHILIPPINES
Phone: +63 2 730 2000
Fax: +63 2 739 2000
Web site: http://www.globe.com.ph


COLLEGE ASSURANCE: Trustee Bank Moves to Boost Trust Fund
---------------------------------------------------------
The College Assurance Plans (Philippines) Inc.'s (CAP) trustee
bank wants Fil Estate Management Inc. (FEMI) to swap assets for
FEMI shares held by CAP in order to boost the pre-need firm's
trust fund, BusinessWorld reports.

The trust department of Bank of Commerce (BOC) insists that
properties and other assets to be swapped should be worth at
least Php1.6 billion because that was the value FEMI gave for
the stake when CAP bought it.

Earlier, FEMI said it was offering Php900 million worth of
properties and cash for the FEMI shares held by CAP. While the
amount is less than the Php1.9 billion worth of asets that BOC
had wanted to exchange for the shares, this was a little higher
than the Php700 million valuation the bank gave for the stake.

The FEMI shares held by CAP represents a 15-percent stake in the
holding Company. CAP purchased the shares for Php2 billion. It
was transferred to the bank in 1997 at a value of Php1.6
billion, but as of December, its book value was reduced to
Php654 million.

BOC is pursuing the proposed swap because it would add value to
CAP's trust assets amid its capital deficiency problems.

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


CRB PANDAN: Awaits Termination of Liquidation Proceedings
---------------------------------------------------------
Please take notice that on June 30, 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
Community Rural Bank of Pandan (Antique), Inc. will be submitted
to the Liquidation Court (RTC- 6th Judicial Region, Branch 13,
Province of Antique, Sp. Proc. No. 13-20) for approval.

PHILIPPINE DEPOSIT INSURANCE CORPORATION
Liquidator

CONTACT:

Philippine Deposit Insurance Corporation
PDIC Bldg., 2228 Chino Roces Avenue
1231 Makati City, Philippines
Phone: (632) 841-4000
E-mail: info@pdic.gov.ph
Web site: http://www.malaya.com.ph/


DMCI HOLDINGS: To Convene Annual Stockholders Meeting July 27
-------------------------------------------------------------
Please be notified that annual meeting of stockholders of DMCI
Holdings, Inc. (the Corporation) will be held on July 27, 2005,
Wednesday, at 9:00 a.m. at the Fairways Function Room, Manila
Golf and country Club, Forbes Park, Makati City, with the
following agenda.

(1) Call to order.
(2) Report on attendance and quorum.
(3) Approval of minutes of previous stockholders' meeting.
(4) Management report for the year ended December 31, 2004.
(5) Ratification of all acts of the board of directors and
officers during the preceding year.
(6) Appointment of independent auditor.
(7) Election of directors including two Independent Directors
(as defined under the Corporation's Manual on Corporate
Governance).
(8) Other matters.
(9) Adjournment.

Stockholders of record as of June 17, 2005 will be entitled to
notice of, and to vote at said annual meeting or any adjournment
or postponement thereof.

CONTACT:

DMCI Holdings Incorporated
3/F, Dacon Building
2281 Chino Roces Ave. Ext.
Makati City 1231
Telephone:  888-3000
Fax:  816-7362
E-mail Address: dmcihi@dmcinet.com
Web site: http://www.dmchi.com


MAKATI MEDICAL: Seeks to Restructure Php1.2-Bln Debt
----------------------------------------------------
The Makati Medical Center is currently in talks with creditors
to restructure around Php1.2 billion in loans, BusinessWorld
relates.

Makati Med interim President Gabino A. Mendoza confirmed that
the hospital management was negotiating with potential investors
who could help the institution pay its debts and improve its
facilities and services.

MR. Mendoza also disclosed the appointment of Philippine Long
Distance Telephone Co. Chairman Manuel V. Pangilinan as
independent director.

Makati Med has also tapped creditor Development Bank of the
Philippines (DBP) to be its adviser in restructuring the
hospital's loans, which went partly to the purchase of new
medical equipment.

As part of the hospital's financial rehabilitation, Makati
Medical Center is reorganizing its board of directors and its
management staff, Mr. Mendoza said, which started with the
nomination of Mr. Pangilinan to the board.

Mr. Mendoza said the hospital would need a fresh capital
injection of Php200 million, which will be sued to retire old
debts, to refurbish hospital facilities, and to buy new medical
equipment. A portion of the money may also pay for a better
information system, he said, and possibly for market research.

Makati Med, which is among the country's most modern hospitals,
incurred about Php300 million in losses in the last three years
due to alleged mismanagement and inadequate information systems.

But Mr. Mendoza added that his hospital was hoping to break even
this year, and to fully recover in two years to regain in five
years' time its post as one of the premier hospitals in Asia.

CONTACT:

Makati Medical Center
2 Amorsolo St., Legaspi Village,
Makati City
Philippines
Phone 815-9911
Web site: http://www.makatimed.ph


MANILA ELECTRIC: ATR Says Shares Still a 'Long-term Buy'
--------------------------------------------------------
Investment firm ATR-Kim Eng Securities Inc. is keeping its
"long-term buy" recommendation of the stocks of Manila Electric
Co. (Meralco), says The Philippine Daily Inquirer.

Although Meralco's performance in the coming months would likely
remain poor while it has not yet secured a rate increase, ATR-
Kim Eng retains it recommendation on hopes that Meralco will
return to black starting next year.

Meralco said on Monday that sales volume in the January-May
period fell 0.2 percent year-on-year owing to a slowdown in
economic activity.

Company officials also fear Meralco may miss its 3.0 percent
sales growth target for this year because of bigger bills
resulting from the imposition of a 10 percent value-added tax on
electricity starting next month. The spike in bills may see some
electricity users reducing consumption.

They added that Meralco would continue to set aside provisions
for possible losses amounting to 6.0 billion pesos annually in
the event that it finally loses a lawsuit over tariffs, now
pending before the Supreme Court.

In 2004, the power firm swung to a net loss of 2.61 billion
pesos from a net profit of 1.27 billion in 2003, because of huge
provisions.

The power distributor's 2005 guidance shows an even bigger loss
of Php3.7 billion due to further loss provisions and under-
recoveries in some pass-through charges. But earnings are seen
to improve to Php2.2 billion in 2006 and Php6.5 billion in 2007,
contingent on the approval of an adjustment mechanism to address
Meralco's under-recoveries in 2006 and a 0.12 pesos per
kilowatthour rate hike in August 2006.

CONTACT:

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

ATR Kim Eng Securities Inc.
17th Fl. Tower One & Exchange Plaza
Ayala Triangle, Ayala Avenue
Makati City, Manila
The Philippines
Phone: (63)-2-849-8988
Fax: (63)-2-848-5286
E-mail: swan@kimeng.com


NATIONAL POWER: Gov't Tells Meralco, Co-ops to Seal Supply Deals
----------------------------------------------------------------
The government has is urging power distributors to complete
transition supply talks with the National Power Corporation
(Napocor)) after the recent bidding failure of Napocor's biggest
power facility, The Manila Times reveals.

The Energy Department is calling Manila Electric Co. (Meralco),
electric cooperatives and large power users to hasten
negotiations for supply contracts with Napocor, in a bid to draw
investor interest in the country's power generating assets.

Energy Secretary Raphael P.M. Lotilla said the investors will
likely offer higher prices for the power plants, provided they
are backed with transition supply contracts.

Mr. Lotilla's statement came after the cancellation of auction
for Napocor's 600-megawatt coal-fired Calaca power plant. The
Power Sector Assets and Liabilities Management Corp. (PSALM),
which is tasked to handle the sale of Napocor's assets, said the
bidding failed after two of the three bidders backed out due to
the absence of supply contracts with distribution utilities and
large power users.

The government is selling its power assets to cut its losses and
relieve the government of the burden of subsidizing the Company.

Napocor remains one of the biggest drags on the national
government's finances. The Arroyo administration last year
absorbed some Php200 billion of the power firm's Php500-billion
debt to make its assets more attractive to investors.

CONTACT:

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


PHILIPPINE AIRLINES: Charging 10% VAT on Domestic Fares
-------------------------------------------------------
Philippine Airlines Inc. (PAL) will start collecting a 10-
percent value-added tax (VAT) on domestic passenger tickets,
cargo carriage and on domestic excess baggage carriers today,
according to BusinessWorld.

The 10-percent VAT will be added to the total amount to be paid
by the passenger or cargo shipper as stated in the air ticket or
airway bill.

PAL made the move after the Bureau of Internal Revenue released
the implementing rules and regulations on the new law, which now
covers transport services by air and sea carriers.

Philippine regulators in May authorized PAL and two other
airlines to impose a fuel surcharge of up to US$4.62 per
passenger on domestic flights and as much as eight dollars on
international flights to offset costs of higher jet fuel prices.

PAL controls 60 percent of the domestic market and services
local flights to to Davao, Zamboanga, Laoag, Puerto Princesa,
General Santos, Cebu, Butuan, Dipolog, Laoag and Kalibo, among
others. It also flies internationally to the Netherlands,
Thailand, Korea, US, United Arab Emirates, Qatar, Vietnam,
Japan, Indonesia, Malaysia, Australia, Singapore, Saudi Arabia,
Canada and China.

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


PICOP RESOURCES: Aims to Turn Around in Two Years
-------------------------------------------------
PICOP Resources Inc. is confident it would start recovering
financially in the next two years, BusinessWorld reports.

The Company expects to bounce back to black after suffering from
a string of losses since 1997, as it steps up efforts to trim
energy costs.

During the firm's annual stockholder meeting held June 29, 2004,
PICOP President Teodoro G. Bernardino said power price hikes and
increase in fuel prices have adversely affected the paper
industry.

"The stiff price increases by National Power Corp. [Napocor]
became a challenge for the industry. The mill began shedding
load during peak periods when the power rates are low. The use
of coal as alternative to bunker fuel has been considered for
implementation. Back pressure turbines will also be installed to
reduce dependence on Napocor power. These projects are expected
to lower energy costs which comprise 40 percent of the total
cost of production," Mr. Bernardino said.

PICOP acknowledged there was a significant improvement in sales
last year for paper products due to better quality of newsprint
and linerboard, while sales of timber products dwindle.

About PICOP Resources

Formerly known as the Paper Industries Corporation of the
Philippines, the Company changed its corporate name to PICOP
Resources, Inc. (PCP) on February 14, 1995. The Company was
privatized in March 1994 through a public bidding that covered
183.1 million shares representing 90% of the government's
stakes. At present, the Company is under the control of TP
Holdings, Inc.

PCP is the only integrated forest and paper Company in the
country. Its forest concession covers about 200,000 hectares in
Northeastern Mindanao under a sustainable and expanding yield
basis. PCP is a multi-billion peso wood-based industrial complex
operating one of the largest, fully integrated timber, pulp and
paper mills in Southeast Asia. It is widely recognized for the
quality of its timber products such as plywood, veneer and
lumber, and its paper products such as newsprint, kraft
linerboard, corrugating medium, mechanical printing paper and
world-class telephone directory paper.

Through the years, PCP has developed the pioneering expertise
and advancement in wood technology and paper manufacturing. It
is Southeast Asia's window in the fields of forest management
and paper manufacturing using mixed tropical wood resources and
recycled paper.

CONTACT:

Picop Resources
2/F, Moredel Building
2280 Pasong Tamo Extension, Makati City
Phone:  813-2081/5308/5309
Fax No/s:  893-7195
E-mail Address:  srmo@i-next.net
Web site:  http://www.srmo-law.com


PICOP RESOURCES: Elects New Directors, Officers
-----------------------------------------------
At the Stockholders' Meeting of Picop Resources Inc. held June
29, 2005, the following were elected as Directors of the
Company:

Atty. Leonardo Siguion Reyna
Mr. Joost Pekelhering
Mr. Teodoro G. Bernardino
Mr. Ramon E. Montano (Independent Director)
Mr. Pedrito M. Aragon
Mr. Carlos T. Castro (LandBank Nominee)
Mr. Cornelio P. Mapa (Independent Director)

At the Organizational Meeting of the Board of Directors of the
Company held immediately after the Stockholders' Annual Meeting,
the following were unanimously elected to the position indicated
after their names:

(1) OFFICERS:

    Leonardo Siguion Reyna    -  Chairman of the Board
    Mr. Joost Pekelhering     -  Vice Chairman of the Board
    Mr. Teodoro G. Bernardino -  President
    Eleanore B. Gutierrez     -  Treasurer, Chief Fin'l Officer
    Pedrito M. Aragon         -  Senior Vice President
    Wilfredo D. Fuentes       -  Vice President
    Marvin E. Marcojos        -  Vice President
    Rolando A. Gonzales       -  Asst. Vice President
    Edgardo G. Balois         -  Corporate Secretary
    Lincoln L. Tan, Jr.       -  Asst. Corporate Secretary

(2) EXECUTIVE COMMITTEE

    Joost Pekelhering         -  Chairman
    Teodoro G. Bernardino     -  Member
    Eleanore B. Gutierrez     -  Member
    Pedrito M. Aragon         -  Member

(3) AUDIT COMMITTEE

    Ramon E. Montano          -  Chairman (Independent Director)
    Pedrito M. Aragon         -  Member
    Cornelio P. Mapa          -  Member

(4) COMPENSATION AND REMUNERATION COMMITTEE

    Teodoro G. Bernardino    -  Chairman
    Joost Pekelhering        -  Member
    Cornelio P. Mapa         -  Member (Independent Director)

(5) NOMINATION COMMITTEE

    Cornelio P. Mapa         -  Chairman (Independent Director)
    Ramon E. Montano         -  Member
    Pedrito M. Aragon        -  Member

(6) COMPLIANCE OFFICER - Mr. Pedrito M. Aragon

(7) OFFICERS authorized by the Board to sign disclosures with
Philippine Stock Exchange and Securities and Exchange
Commission:

    Teodoro G. Bernardino    -  President
    Pedrito M. Aragon        -  Compliance Officer
    Eleanore B. Gutierrez    -  Treasurer
    Edgardo G. Balois        -  Corporate Secretary


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

CITIRAYA INDUSTRIES: Files Affidavit in Court, Issues Update
------------------------------------------------------------
Citiraya Industries Limited announced that, in accordance with
the directions issued by the Singapore High Court when it
granted a stay on proceedings that had been instituted against
the Company, it has filed an affidavit in the High Court with an
update on developments.

In the update, the Company reported that several potential
investors have approached it, though some indicated that they
are not planning to pursue an investment. To date, the Company
has met with 23 potential investors, 11 of which are in talks on
a possible investment into Citiraya Industries as an equity
stakeholder, while 4 investors have indicated that they want to
buy Company assets. The Company is focusing on negotiations with
the investors that are interested in buying an equity stake.

The Company's advisors are also preparing the necessary
documents for a scheme of arrangement, the potential terms of
which have been discussed with some creditors; it is expected to
file the Scheme in Court very soon.

Citiraya Industries is also conducting an independent
investigation on a case against four Citiraya employees, who
were charged earlier with conspiring with top Company executives
to sell microprocessor chips on the black market instead of
recycling them. The investigation is being conducted on the
hopes that it will further clarify the irregular transactions
carried out in the Company by certain employees.

CONTACT:

Citiraya Industries Ltd
65 Tech Park Crescent
Singapore 637787
Phone: 65 62644338
Fax:   65 62666731
Web site: http://www.citiraya.com


ENG WAH: Acquires Capital Investments of Two Companies
------------------------------------------------------
Eng Wah Organization Limited announced that the Company acquired
the entire issued and paid-up share capital of investment
holding firm Highworth Pte Ltd and property development firm
Topwise Pte Ltd.

The acquisitions are not expected to materially affect the
Company's net tangible assets and earnings per share for the
financial year ended March 31, 2005.

For further details on the acquisitions, go to:

http://bankrupt.com/misc/tcrap_engwah063005.pdf


IPCO INTERNATIONAL: Returns to Profit
-------------------------------------
Ipco International Limited disclosed to the Singapore Stock
Exchange its financial statement for the period ending April 30,
2005.

The Company booked a SGD1.54 million net profit, as compared to
its net loss of SGD10.13 million in the same period last year.

IPCO International Limited is engaged in the development of
infrastructure projects, turnkey engineering and construction,
systems integration and distribution of computer peripherals.

Attached is the Company's financial statement for the financial
year ending April 30, 2005:

http://bankrupt.com/misc/tcrap_ipco063005.pdf

CONTACT:

IPCO International Limited
7 Temasek Boulevard 038987
Singapore
Phone: +65 2642711
Fax:   +65 2642091/2641469
Web site: http://www.ipco.com.sg/


PACIFIC RIM: Plans to Pay Dividend
----------------------------------
Pacific Rim Textiles (Singapore) Pte Ltd., formerly of 100 Beach
Road, #15-07 Shaw Tower, Singapore 189702, posted a notice of
intended dividend at the Government Gazette, Electronic Edition
with the following details:

Court: High Court, Singapore
Last Day for Receiving Proofs: July 11, 2005
Name & Address of Liquidators: Chee Yoh Chuang & Lim Lee Meng
c/o Chio Lim & Associates
18 Cross Street
#08-01 Marsh & McLennan Center
Singapore 048423

Chee Yoh Chuang
Lim Lee Meng
18 Cross Street
#08-01 Marsh & Mclennan Center
Singapore 048423
John Thong How Ley
Lim Jen Howe
27 Cantonment Road
Singapore 089745


SNP RETAIL: Creditors Must Prove Claims Before July 27
------------------------------------------------------
Notice is hereby given that the creditors of SNP Retail Pte Ltd,
which is being wound up voluntarily, are required on or before
July 27, 2005 to send in their names and addresses and the
particulars of their debts or claims and the names and addresses
of their solicitors (if any) to the the Liquidator of the
Company.

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

Dated this 27th day of June 2005

Chia Soo Hien
Liquidator
c/o BDO Raffles
5 Shenton Way
#07-01 UIC Building
Singapore 068808


UNITED FIBER: Posts Details of Acquisition of Paper Firm
--------------------------------------------------------
United Fiber System Limited announces that the Company has on
June 29, 2005 entered into a letter of intent that is valid for
6 months with Kingsclere Finance Limited, pursuant to which
Kingsclere proposes to sell, and the Company proposes to buy
from Kingsclere, a majority stake of the issued shares in PT
Kiani Kertas, a Company incorporated in Indonesia that is
involved in the manufacture of pulp from a facility at East
Kalimantan in Indonesia, for a price to be determined after
conclusion of due diligence investigations on the said Company.

PT Kiani Kertas' modern pulp mill produces 525,000 tons of high
quality bleached hardwood kraft pulp per annum and is situated
on a 3,400 ha site located in Mangkajang, Berau, East
Kalimantan. The pulp mill is supported with infrastructure and
facilities including a 126 MW co-generation power-plant, an air
strip, a deep water harbour, a water treatment plant, an
effluent treatment plant and a townsite which can accommodate up
to 800 workers.

The Company will make necessary announcements at the appropriate
time, if and when the terms of the Proposed Acquisition are
finalized and a definitive sale and purchase agreement relating
to the Proposed Acquisition is entered into between the Company
and Kingsclere.

The Proposed Acquisition will be subject to certain conditions
precedent being fulfilled or satisfied including the obtaining
of the approval, consent and/or waiver of various regulatory
authorities, as well as the approval of the shareholders of the
Company in a General Meeting to be convened (if necessary). The
Board of Directors of the Company would hence like to advise
holders of securities of the Company to exercise prudence in
their dealings in the securities of the Company.

Mr Wisanggeni Lauw, who is the Company's substantial
shareholder, is also the 100% shareholder of Kingsclere. Save as
disclosed, none of the Directors of the Company or substantial
shareholders of the Company has any interest, direct or
indirect, in the Proposed Acquisition.

By Order of the Board
Kishore Dass
Chief Executive Officer
June 29, 2005


UNITED FIBER: Details Share Issue to Tektronix
----------------------------------------------
United Fiber System Limited announced that the Company has
allotted and issued 19,079,908 new ordinary shares of S$0.10
each to Tektronix Industries Limited. The New Shares represent
0.99% of the enlarged share capital of the Company comprising
1,918,750,470 ordinary shares.

With reference to the Company's earlier announcements, it has
borrowed a total of 19,079,908 shares from Tektronix to deliver
to Cornell Capital Partners Offshore LP for the full repayment
of the SGD7.5 million Series One Loan Note. The purpose of this
share issue is to return the Borrowed Shares to Tektronix,
pursuant to the Securities Lending Agreement between the Company
and Tektronix.

The New Shares will be listed and quoted on the Singapore
Exchange Securities Trading Limited effective today, July 1,
2005, 9:00 a.m.

By Order of the Board
Kishore Dass
Chief Executive Officer
June 29, 2005


WEE POH: Passes Resolution to Dispose of Subsidiary
---------------------------------------------------
Wee Poh Holdings Limited announced that during the Company's
Extraordinary General Meeting on June 14, 2005, the resolution
to sell Wee Poh Construction Co. Pte Ltd to Ho Lee Construction
Pte Limited was approved.

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

http://bankrupt.com/misc/tcrap_weepoh063005.pdf

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

HANTEX: SEC Extends Due Date of FS
----------------------------------
Hantex Public Company Limited informed the Stock Exchange of
Thailand that the Securities and Exchange Commission (SEC) has
considered and approved its request to extend the submission of
its first quarter financial statements to July 29, 2005.

Kindly be informed accordingly.

Yours sincerely,
Mr. Monchai Pongstabadee
Director

CONTACT:

Hantex Public Company Limited
Ocean Tower 1, Floor 4,
170/9-10 Rajadapisek Road,
Khlong Toei Bangkok
Telephone: 0-2261-2814-20, 0-2261-2824-26
Fax: 0-2261-2822


NATURAL PARK: Still No Decision on Transaction with PA
------------------------------------------------------
Natural Park Public Company Limited (N-PARK) has been informed
that the Board of Directors of Pacific Assets Public Company
Limited (PA) has resolved to propose to the Shareholders'
Meeting of PA regarding the offer to purchase assets of N-PARK.

(1) Common share of Natural Hotel Siam Company Limited, the
owner of Siam Hotel and Service Apartment (Siam) project,
750,000 shares or 75% of shares issued.

(2) Common share of Natural Hotel Panwa Company Limited, the
owner of Panwa Beach Resort Phuket (Panwa), 2,999,994 shares
or 100% of shares issued.

(3) Land, construction, fixture, furniture and assets related
to the Chedi Chiang Mai Hotel (Chedi) from Natural Real Estate
Company Limited, and Common share of Delux Origin Company
Limited, the owner of Chedi Chiang Mai Service Apartment with
993 shares or 99.93% of shares issued.

N-PARK, therefore, held the Board of Directors Meeting No.
9/2005 dated June 28, 2005 at 5:30 p.m. which has the following
resolutions:

(1) To acknowledge the resolution of the Board of Directors of
PA but has not decided such matter yet since further study
should be conducted carefully.

(2) To appoint Ayudhya Securities Public Company Limited, as
a financial advisor to study and analyze advantages and
disadvantages of selling such assets (3 hotels) including the
appropriateness of business structure between N-PARK and PA (a
subsidiary of N-Park), which is in the process of consideration
of the Board of Directors of N-PARK.

The financial advisor expected to propose the study to the Board
of Directors within July 20, 2005 hence, the Board of Directors
expected to consider such matter within July 31, 2005.

In the case that the Board of Directors has approved the offer
to sell the mentioned assets, N-PARK is expected to call a
shareholders meeting to consider such matter within September
2005.

Nonetheless, the decision on behalf of N-PARK in regards to the
sale of assets will be based upon the resolution of shareholders
meeting of PA whether or not to approve the purchase of assets
from N-PARK.

Also, N-PARK will not use its voting right as a shareholder of
PA to vote to consider such matter in the shareholders meeting
of PA.

Presently, N-PARK has not yet decided whether to sell assets
to PA and no conclusion has also been reached.  Shall N-PARK
have any further progress on this matter, the Company will
continually notify it through The Stock Exchange of Thailand for
the benefit of investors.

Please be informed accordingly.

Sincerely Yours,
Mr. Sermsin Samalapa
President and Chief Executive Officer

CONTACT:

Natural Park Public Company Limited
Address: 88 Soi Klang (Sukhumvit 49),
Sukhumvit Road, Wattana, Bangkok
Telephone: 0-2259-4800-11
Fax: 0-2259-4819, 0-2259-4815


TANAYONG: Net Loss Narrows to THB2,601,008
------------------------------------------
Tanayong Public Company Limited issued to the Stock Exchange of
Thailand (SET) a summary of its audited, consolidated yearly
financial statement.


Audited (In thousands)
Ending, 31 March

                          For year           Year
                          2005               2004

Net profit (loss)         (2,601,008)       (5,820,029)

EPS (baht)                  (7.07000)       (15.83000)

Auditors Opinion: Disclaimer of Opinion

Comment: Please see details in financial statements, auditor's
report and remarks from SET SMART.

"The Company hereby certifies that the information above is
correct and complete. In addition, the Company has already
reported and disseminated its financial statements in full via
the SET Electronic Listed Company Information Disclosure
(ELCID), and has also submitted the original report to the
Securities and Exchange Commission."


THAI PETROCHEMICAL: Updates Sale of TPI Polene Shares
-----------------------------------------------------
Thai Petrochemical Industry Public Company Limited informed the
Stock Exchange of Thailand (SET) that the Plan Administrator has
approved in principle the sale of TPI Polene Shares held by TPI
under the following terms:

(1) All of 249,007,294 TPI Polene Shares are to be sold in total
block through a private placement by an E-Auction. The TPI
Polene Shares are to be sold under the exemption from
registration statement and prospectus filing under the
Notification of the Securities and Exchange Commission no kor
jor 44/2543 Re: The filing and exemptions from filing of
registration statements (as amended).

(2) The Terms of Reference and other auction documents will be
made available from June 30 to August 8, 2005.

(3) The letter of intent to participate in the auction of TPI
Polene Shares is scheduled to be submitted on August 5 to August
8, 2005 and the E-Auction date is scheduled to be held on August
9, 2005.

Thai Petrochemical Industry Plc. has appointed Kim Eng
Securities (Thailand) Plc. as the Financial Adviser in order to
ensure the transparency and bona fide in the sale of TPI Polene
Shares and to achieve a fair market price under the prevailing
circumstances as well.

Your acknowledgement of the above matter is highly appreciated.

Yours sincerely,

Suwit Nivartvong
Plan Administrator, for
Thai Petrochemical Industry Pcl

CONTACT:

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





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

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


CHINA & HONG KONG
-----------------
Hainan Dadong-A                000613     (-6.63)      17.81
Hainan Dadong-B                200613     (-6.63)      17.81
Heilongjiang Black Dragon      600187     (-29.45)    153.92
Co. Ltd.
Informatics Holdings Ltd         INFO       26.82      62.92
Sichuan Topsoft Investment     000583     (-45.54)    228.05


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

MALAYSIA
--------

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

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

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

SINGAPORE
---------

Pacific Century Regional          PAC      -145.53    1289.71

THAILAND
--------

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





                            *********


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

Troubled Company Reporter -- Asia Pacific is a daily newsletter
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