TCRAP_Public/050704.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

             Monday, July 4, 2005, Vol. 8, No. 130

                            Headlines

A U S T R A L I A

ABS DEVELOPMENT: Members Elect to Wind Up Operations
AMALGAMATED ROAD: Wind Up Process Initiated
ANN HOWARD: Liquidator Lays Out Final Meeting Agenda
AUSTRAL COAL: Centennial Welcomes Takeovers Panel's Decision
BOYNE TANNUM: To Pay Properly Filed, Approved Claims

DR C BONANNO: Members, Creditors Set Final Meeting July 14
EVANS & TATE: Survival Hinges on New Loan
EVENTS & CORPORATE: Gregory Hall Steps Down as Receiver
HIGH & LOW: Supreme Court Orders Liquidation
INTERNATIONAL WINE: Moves Forward on Redemption Offer

JUST GROUP: Lew Increases Stake, Takeover Not Certain
LIKE MINDS: Creditors OK Liquidator Appointment  
MARK MCGRORY: Members Schedule Final Meeting July 25
MAVIS BUSH: Members, Creditors to Hear Liquidator's Report
MAYNE GROUP: Pharma Division Completes European Deals

MEDIA WORLD: Names Craig Crosbie Official Liquidator
MONDO TRADING: Members Vote to Wind Up
MONZO PTY: Set to Make Final Dividend Payment to Creditors
NATIONAL AUSTRALIA: Warns Clients of New Email Scam
NEW WALLSEND: Members Pass Resolution to Wind Up

OPEN SYSTEMS: Appoints Liquidator
ORIGIN PACIFIC: Tycoon Quits Board Despite Ownership Stake
PACIFIC RETAIL: S&P Assigns 'BB-' Rating, Outlook Developing
PAK TRADING: Placed Under Liquidation
QANTAS AIRWAYS: Minister Asks SingAir to Consider Merger Option

STRATA UNIT: Final Dividend Expected July 4
ULTIMATE DROP: Enters Winding Up Proceedings
WALDOR DEVELOPMENT: Members Decide to Wind Up
WHEATSHEAF TAVERN: Forced Into Liquidation by Smoking Ban


C H I N A  &  H O N G  K O N G

ANANDA HOLDINGS: Liquidation Hearing Set for July 14
APPLIED INTERNATIONAL: Buys Back 40,000 Shares
BETTER BOND: Issues Debt Claim Notice
CHONG YIP: Bankruptcy Rules Outlined, Exit Date Set
COUNTRY FORD: Asks Creditors to Prove Debt

COUNTRY MODE: Creditors' Proofs of Claim Due July 25
COUNTRY SMART: Creditors Must Submit Proofs of Claim by July 25
FAIR LADY: Receives Bankruptcy Notice
HING YIP: Court Declares Bankruptcy
HON PO: Shareholders Authorize Convertible Note Issue

PO SING: Prepares to Exit Bankruptcy
SET PHONE: Court Releases Order to Liquidate
SHUN HING: Moves Toward Bankruptcy Discharge
SQUARE FUND: Enters Winding Up Proceedings
SUNDIAL ENTERPRISE: Court Releases Bankruptcy Order


TSE SUI: Financial Statement Delay Breaches Listing Rules
* ICAC Arrests 10 People Regarding Debt Collection Business


I N D O N E S I A

BARITO PACIFIC: Ventures Into Palm Oil Production
DHARMALA INTILAND: Plans to Complete Restructuring This Year
MERPATI NUSANTARA: Politicians Push for Garuda Buy-out  
PERUSAHAAN LISTRIK: Seeks Fuel Supply Guarantee from Pertamina


J A P A N

DAIEI INCORPORATED: Shutting Down Five More Failing Outlets
DAIEI INCORPORATED: To Waive JPY2-Bln Loan Claims on Unit
INTEL K.K.: Faces US$50-Mln Suit by AMD Japan
MATSUSHITA ELECTRIC: To Resume Shares Purchase Policy
MITSUBISHI MOTORS: Australian Unit Anticipates Profit Next Year

PIONEER CORPORATION: To Issue Equity Warrants as Stock Options
SANYO ELECTRIC: Trims Over 10,000 Jobs in Restructuring
UFJ BANK: OPCO Securities Downgraded To 'D'
UFJ HOLDINGS: Amends Financial Statement


K O R E A

ASIANA AIRLINES: Pilots to Stage One-Day Strike
ASIANA AIRLINES: Details Four New Weekly Flights to Cebu

M A L A Y S I A

BELL & ORDER: Passes all AGM Resolutions
BUKIT KATIL: Summary Judgment Application Awaits Court Ruling
DUOPHARMA BIOTECH: Shareholders Carry Out AGM Resolutions
HO HUP: Re-elects Retiring Directors
INTAN UTILITIES: Receives Offer from RHB, CIMB

JOHAN HOLDINGS: Posts MYR2,191Mln in Losses
KILANG PAPAN: Moratorium Period Extended
KRETAM HOLDINGS: Announces Annual General Meeting Results
MAGNUM CORPORATION: Rejects Proposal to Hire Another Director
MAXIS COMMUNICATIONS: Bourse to List 134,00 Additional Shares

NAUTICALINK BERHAD: Exits Restructuring Program
SBBS CONSORTIUM: Fails to Repay Lenders, Default Ensues
SBBS CONSORTIUM: All Resolutions Get Shareholders' Nod
SETEGAP BERHAD: Court Extends Meeting Date
SRIWANI HOLDINGS: Adds New Shares for Listing


P H I L I P P I N E S

ABS-CBN BROADCASTING: Manuel Lopez Steps Down as Director
ABS-CBN BROADCASTING: Pares Listed PDRs
MANILA ELECTRIC: Aims to Boost Lifeline Rates
NATIONAL POWER: Set to Slash Off-grid Subsidies
NATIONAL TRANSMISSION: Pays Php101.6 Mln for Subic Substation

PHILIPPINE REALTY: Seeks Debt Reduction to Php900 Mln
PLATINUM PLANS: Watchdog Poised to Take Over Management
RB CONSOLACION: Final Liquidation Proceedings Due Soon


S I N G A P O R E

CAPITALAND LIMITED: Unit Incorporates Two Subsidiaries
CHINA AVIATION: Forms Assessment Committee
PENTON INTERNATIONAL: Bounces Back to Black in 2004
TONG HUP: Judicial Manager Files for Winding Up
UNITED FIBER: Obtains More Funding From Cornell Capital

WING TAI: Unit Divests of Park Mall Property
  

T H A I L A N D

KRUNG THAI: Offloads Non-Performing Loans to AMC
PACIFIC ASSETS: SET Requires More Clarification on Transaction


     - - - - - - - - - -


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

ABS DEVELOPMENT: Members Elect to Wind Up Operations
----------------------------------------------------
Notice is hereby given that, at a General Meeting of the Members
of ABS Development Pty Ltd duly convened and held at Frasers
Insolvency Advisory, Level 9, 99 Elizabeth Street, Sydney NSW
2000 on Friday, May 20, 2005 at 11:00 a.m., a Special Resolution
that the Company be wound up voluntarily was passed by members
and the undersigned was appointed Liquidator.

The appointment of Liquidator was confirmed by creditors
pursuant to Section 497(1) of the Corporations Act 2001 at a
creditors meeting held subsequently that day.

Dated this 25th day of May, 2005

M. F. Cooper
Liquidator
Frasers Insolvency Advisory
Level 9, 99 Elizabeth Street
Sydney NSW 2000


AMALGAMATED ROAD: Wind Up Process Initiated
-------------------------------------------
At a General Meeting of Amalgamated Road Services Pty Limited
duly convened and held at Level 15, 1 York Street, Sydney, NSW,
2000 on May 18, 2005, the following Special Resolution was
passed:

That the Company be wound up voluntarily in accordance with the
provisions of Section 491(1) of the Corporations Act 2001 and
that the assets may be distributed in whole or part to the
members of the company under the liquidator's official
administration.

Dated this 20th day of May 2005

Bruce Leonard Bailey
Liquidator
Saccasan Bailey Partners
Chartered Accountants
Level 15, 1 York Street
Sydney NSW


ANN HOWARD: Liquidator Lays Out Final Meeting Agenda
----------------------------------------------------
Notice is hereby given that a final meeting of the members of
Ann Howard Pty Ltd will be held at the offices of Knights
Insolvency Administration, Level 3, United Overseas Bank
Building, 32 Martin Place, Sydney, NSW on July 7, 2005 at 9:00
a.m.

AGENDA

(1) To receive an account made up by the Liquidator showing how
the winding up has been conducted and how the property of the
company has been disposed of, and to receive any explanation
required thereof.

(2) Any other business which may be lawfully considered with the
foregoing.

Dated this 27th day of May 2005

Bill Cotter
Joint and Several Liquidator
c/o Knights Insolvency Administration
Level 3, United Overseas Bank Building
32 Martin Place, Sydney NSW 2000
Phone: (02) 8226 8100
Fax:   (02) 8226 8188


AUSTRAL COAL: Centennial Welcomes Takeovers Panel's Decision
------------------------------------------------------------
Centennial Coal Company Limited welcomed on Friday the Takeovers
Panel decision to declare that " unacceptable circumstances"
existed in relation to certain activity by Glencore during the
period of Centennial's takeover offer for Austral Coal Limited.

This finding is subject to review following an application to
the Panel by Gelncore and the Panel's restorative orders are
suspended pending outcome of that review. Centennial is
considering Glencore's application.

Austral's Tahmoor operations are meeting Centennial's
expectations. The mine is now profitable and the major problems
previously experienced with the longwall equipment have been
resolved. In addition, since taking control, Centennial has
implemented significant changes to shift rosters and stabilized
the mine's production. As a result, Tahmoor is expected to be
the largest contributor to group profitability next year.

Excluding interests held by Glencore and shares hedging the
Glencore swaps, holders representing 99% of Austral shares have
accepted Centennial's offer, with less than 270 individual
shareholders remaining on the register.

Centennial's offer of 10 Centennial shares for every 37 Austral
shares is currently due to close at 7:00 p.m. Sydney time on
Monday, July 11, 2005 (unless further extended).

CONTACT:

Austral Coal Limited
ACN 069 071 816
Level 18, 25 Bligh Street Sydney
NSW 2000 Australia
Telephone: 61+02+8256-4700
Facsimile: 61+02+9235-0997
E-mail: info@austcoal.com.au
Web site: http://www.austcoal.com.au


BOYNE TANNUM: To Pay Properly Filed, Approved Claims
----------------------------------------------------
The Boyne Tannum Country Club Limited will declare a First and
Final dividend on July 31, 2005 in respect of employee
entitlements.

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

Dated this 22nd day of May 2005

Peter Geroff
Liquidator
c/o Ferrier Hodgson (Qld)
Level 7, 145 Eagle Street
Brisbane Qld 4000


DR C BONANNO: Members, Creditors Set Final Meeting July 14
----------------------------------------------------------
Notice is hereby given that pursuant to Section 509 of the
Corporations Act, the final meeting of the members and creditors
of Dr C Bonanno Pty Limited will be held at the offices of RSM
Bird Cameron Partners, Level 1, 103-105 Northbourne Avenue,
Turner ACT 2612 on Thursday, July 14, 2005 at 9:00 a.m., for the
purpose of laying before the meeting the liquidator's final
accounts and reports and give an explanation thereof.

Dated this 27th day of May 2005

Frank Lo Pilato
Liquidator
RSM Bird Cameron Partners
103-105 Northbourne Avenue
Turner ACT 2612


EVANS & TATE: Survival Hinges on New Loan
-----------------------------------------
Market concerns about the future of Evans & Tate (E&T) abound
after the winemaker admitted it was cash flow negative and had
sought an AU$8.5-million capital injection from ANZ Bank, The
West Australian reports. But the winery, which also warned that
asset writedowns would leave it with a loss of up to AU$7.5
million this financial year, has yet to have its request for
further credit approved by the bank.

The firm said it would cut the value of its wine inventories by
AU$8 million to AU$10 million and offload stock at discount. It
also revealed it would cut the carrying value of its Oakridge
winery in Victoria's Yarra Valley by AU$4.3 million.

The potential AU$14.3 million in write-downs will be booked this
financial year, wiping out E&T's expected 2004-05 net profit of
AU$6.8 million to AU$7.5 million.

However, E&T executive chairman Franklin Tate assured investors
the company was solvent, despite being cash flow negative.

He said the initiatives, which also include plans to reduce
E&T's packaged wine stock and sell and lease-back its Griffith
winery in New South Wales, would help move "the company into
positive cash flow during the 2006 financial year".

E&T would use the proceeds from its restructuring initiatives,
including the sale of discounted wine and the Griffith lease-
back, to repay the short-term facility, which would fund the
company's "normal operations".

CONTACT:

Evans & Tate
54 Salvado Road,
Wembley WA 6014
PO Box 451
Wembley WA 6913
Telephone: (08) 6462 1799
Facsimile: (08) 6462 1798
E-mail: et@evansandtate.com.au
Web site: http://www.evansandtate.com.au/


EVENTS & CORPORATE: Gregory Hall Steps Down as Receiver
-------------------------------------------------------
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 Events & Corporate
Golf Pty Ltd.

Dated this 13th day of May 2005

Gregory Winfield Hall
PricewaterhouseCoopers
201 Sussex Street
Sydney NSW 1171


HIGH & LOW: Supreme Court Orders Liquidation
--------------------------------------------
On May 24, 2005, the Supreme Court made an Order that High & Low
Pty Ltd be wound up, and appointed Mark Roufeil of Gavin Thomas
& Partners, Sydney NSW 2000 to be Official Liquidator for such
purpose.

Mark Roufeil
Gavin Thomas & Partners
Level 9, 31 Market Street
Sydney NSW 2000


INTERNATIONAL WINE: Moves Forward on Redemption Offer
-----------------------------------------------------
The International Wine Investment Fund (IWIF) is to proceed with
its Unit Redemption Offer, ensuring the future of the Wine Fund.
The Board of Berren Asset Management Limited, the responsible
Entity for the Wine Fund announced Friday that subject to
confirmation of final unitholdings, the IWIF had received
acceptances for 40,809,333 units. Some 1,784 unitholders
representing 67% in number will remain as Unitholders in IWIF
following the Redemption as they did not accept the Redemption
Offer.

Unithoders will be aware that in accordance with the terms of
the Unit Redemption Offer, the Berren Board indicated that it
would suspend the Unit Redemption Offer and proceed to take the
necessary steps to wind up the IWIF in the event acceptances,
which closed at 5:00 pm Adelaide time on Wednesday, exceeded 40
million units.

Following discussions which concluded Friday, major Unitholders
representing approximately 38% of the total units on issue
proposed a variation to the size of the Redemption Offer.
Accordingly, and after taking legal advice, the Berren Board
resolved to increase the size of the Redemption Fund from 40
million units to 41 million units and that all other terms and
conditions of the Redemption Offer remained unchanged.

The Berren Board has elected to increase the size of the
Redemption Fund and to proceed with the Redemption Offer in the
interests of all Unitholders as this decision reflects more
closely the expressed wishes of those Unitholders who have
requested Redemption and the wishes of those Unitholders who
have chosen to continue as Unitholders of the IWIF. The Berren
Board considers that the number of applications in excess of 40
million units will not adversely impact the viability of the
IWIF going forward.

Any Unitholder or group of Unitholders representing more than
100 in number or 5% of the IWIF Unitholding not included to
agree with the Responsibility Entity's decision that to increase
the size of the Redemption Fund is in the best interests of all
Unitholders, has the option of requisitioning a meeting of
Unitholders to consider an extraordinary resolution to wind up
the Fund. Any extraordinary resolution to wind up the IWIF must
be passed by 50% of all IWIF Unitholders, that is, not just 50%
of those Unitholders present at the meeting in person or by
proxy as is the case for an ordinary resolution.

In view of the support of the major Unitholders and the
continuing Unitholders, Berren has concluded to proceed with the
Redemption Offer forthwith. Berren will treat all redemptions
with effect from June 29, 2005 and will prepare its accounts on
that basis.

Berren anticipates that it will be in a position to dispatch
Redemption Cheques to Unitholders late this week following
confirmation of final holdings.

IWIF intends to make its final distribution of 6.5 cents per
unit, which represents the balance of the 2005 years earnings t
the continuing Unitholders on or before Friday, August 26, 2005.
As advised previously, Unitholders who accepted the Redemption
Offers will not receive this distribution.

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


JUST GROUP: Lew Increases Stake, Takeover Not Certain
-----------------------------------------------------
Businessman Solomon Lew has acquired additional stake in
struggling retailer Just Group Limited, raising his total
interest in the department store chain to almost 18 percent,
according to The Australian Financial Review.

Mr. Lew, who also owned a majority stake in Coles Myer Limited,
paid around AU$42 million for a block of 20 million Just shares.
The new purchase has added to the 8.6% stake amassed earlier
through his Metrepark entity. Mr. Lew's associates have
reportedly contacted Just Group to confirm Mr. Lew was, in fact,
the buyer.

Despite speculation of a possible takeover, sources close to Mr.
Lew said the businessman's stake in Just Group does not
necessarily mean he wants to take over the retailer. The sources
clarified that the positions were acquired to ensure Mr. Lew has
influence on any future corporate activity.

CONTACT:

Just Group Limited
Just Jeans Building
658 Church Street
RICHMOND , VICTORIA,
AUSTRALIA, 3121  
Telephone: (03) 9420 0298  
Fax (03): 9426 0298  
Web site: http://www.justgroup.com.au


LIKE MINDS: Creditors OK Liquidator Appointment  
-----------------------------------------------
Notice is hereby given that, at a general meeting of the members
of Like Minds Digital Solutions Pty Limited held on May 23,
2005, it was resolved that the company be wound up voluntarily
and that for such purpose, Danny Vrkic of Jirsch Sutherland & Co
Wollongong Chartered Accountants be appointed Liquidator.

A creditors meeting held later that day confirmed his
appointment.

Dated this 31st day of May 2005

Danny Vrkic
Liquidator
Jirsch Sutherland & Co Wollongong
Chartered Accountants
PO Box 573
Wollongong NSW 2520
Phone: (02) 4225 2545
Fax:   (02) 4225 2545


MARK MCGRORY: Members Schedule Final Meeting July 25
----------------------------------------------------
Notice is hereby given that a final meeting of the members and
creditors of Mark McGrory Dental Pty Ltd will be held at the
office of Nicholls & Co, Chartered Accountants, Suite 6, 459
Peel Street Tamworth NSW 2340, on Monday, July 25, 2005 at 11:30
a.m., for the purpose of receiving the Liquidator's account
showing how the winding up has been conducted and the property
of the company disposed of, and hearing any explanation which
may be given by the Liquidator.

Dated this 27th day of May 2005

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


MAVIS BUSH: Members, Creditors to Hear Liquidator's Report
----------------------------------------------------------
Notice is hereby given that pursuant to Section 509 of the
Corporations Act, the final meeting of the members and creditors
of Mavis Bush & Co. Pty Ltd will be held at the offices of RSM
Bird Cameron Partners, Level 1, 103-105 Northbourne Avenue,
Turner ACT 2612, on Thursday, July 14, 2005 at 10:00 a.m. for
the purpose of laying before the meeting the liquidator's final
accounts and reports, and give an explanation thereof.

Dated this 27th day of May 2005

Frank Lo Pilato
Liquidator
RSM Bird Cameron Partners
103-105 Northbourne Avenue
Turner ACT 2612


MAYNE GROUP: Pharma Division Completes European Deals
-----------------------------------------------------
Mayne Group Limited has provided a strategic update in relation
to Mayne Pharma, its international generic and specialty
pharmaceuticals business. In addition to announcing that Mayne
Pharma recently completed a number of bolt-on acquisitions and
other strategic arrangements in Europe to further enhance its
business platform in that region, this disclosure also provides
an update regarding propofol and ondansetron for the U.S.
market.

In recent weeks, Mayne Pharma has completed a number of related
transactions in Europe to reinforce its leading marketing and
distribution position for generic, hospital pharmaceuticals in
the region.

In Italy, Mayne has increased its existing presence by acquiring
two generic pharmaceutical businesses specializing in the
hospital segment: Biologici Italia Laboratories (Biologici) and
PHT Pharma.

Mayne is buying the hospital sales and distribution capability
of Biologici, a pharmaceutical Company based in Milan that
currently sells 28 acute care hospital injectable products
across a broad range of therapeutic areas. Mayne has also
acquired the marketing authorizations for three additional
products that are expected to be approved for sale in Italy in
the near future.

PHT Pharma is a Milan-based marketing and sales organization
whose product offering includes 11 generic, injectable and three
generic, oral products that are sold into the hospital channel.
Its product range is focused on cardiovascular, anaesthesiology
and pain management and is complementary to both Mayne Pharma's
existing oncology (cancer) portfolio in Italy and that of
Biologici.

Mayne's Group Managing Director and Chief Executive Officer, Mr.
Stuart James said, "The Italian acquisitions build on Mayne
Pharma's existing strength in the European generic, hospital
pharmaceutical market and are consistent with our stated
strategy of bolt-on acquisitions to supplement organic
development."

According to IMS Health, growth in generic pharmaceutical sales
in Italy was 20% in the 12 months to June 2004, compared to
growth in branded pharmaceutical sales of 5% over the same
period.

Mayne Pharma also recently broadened its strategic relationship
with Ivax Corporation (Ivax) in Eastern and Western Europe. As
part of this collaboration, Ivax will license and sell a range
of Mayne's generic, injectable products for markets in Central
and Eastern Europe. Mayne Pharma reshaped its arrangement with
Ivax for Paxene in Western Europe so that it now has increased
control over the marketing and supply of paclitaxel in the
region.

Mr. James said that he was very pleased to have established
these product relationships with Ivax and looked forward to
their continued strong relationship in the future.

"The arrangements with Ivax benefit both Companies because they
leverage each of our strengths to achieve an outcome that could
not have been as efficiently or effectively delivered if we
operated on our won.

"Paclitaxel in Europe has been a success story for Mayne. The
recent changes to our arrangement with Ivax will give us more
flexibility in implementing sales and marketing initiatives and
this, combined with Mayne's intimate knowledge of the Western
European market, will provide further opportunity to expand
Mayne's paclitaxel sales and market share. Similarly Ivax's
detailed knowledge of and significant presence in central and
Eastern Europe will help expand Mayne's product sales into these
countries."

Mayne Pharma is also announcing the acquisition of all of the
shares of Onkoworks Gasellschaft fur Herstellung und Vertrieb
onkologischer Spezialpraparate GmbH (Onkoworks), a
pharmaceutical Company that focuses on the sale of generic,
oncology products to specialist doctors operating in private
practices across Germany. Mayne Pharma's sales organization is
currently focused on the public hospital segment of the German
market.

In regards to the Onkoworks acquisition, Mr. James said, "The
German generic pharmaceutical market is the largest in Europe
and we have been investing significant time and effort to
improve our presence in this key territory.

"Because direct sales to oncology specialists are usually based
on long-standing personal relationships, this acquisition
provides Mayne with a running start to access this important
segment of the German market.

"This acquisition will also enable Onkoworks customers to
simplify their purchasing activities by acquiring additional,
important oncology drugs from Mayne Pharma's product range, such
as paclitaxel, pamidronate and carboplatin, that were not
previously available through Onkoworks."

In relation to the U.S. business, Mayne pharman advised that
litigation is continuing over its Paragraph IV filing in
relation to the anaesthetic product protocol. While the trail
has now concluded, a decision may not be handed down for several
months. Since it is common for an appeal process to follow such
a judgment, it is unlikely that legal proceedings in relation to
Mayne's propofol filing would be concluded prior to June 2006.
It is alos likely that pediatric extension for ondansetron will
make U.S. sales of this product unlikely before late 2006.

Whilst none of the changes announced are individually
significant to Mayne Pharma's overall performance, in
combination, they assist in meeting in meeting Mayne Pharma's
long term trend guidance of a business with the potential to
sustain 15-20% average annual revenue growth with EBITA margins
of 17-20% over time.

CONTACT:

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


MEDIA WORLD: Names Craig Crosbie Official Liquidator
----------------------------------------------------
Notice is hereby given that pursuant to Corporations Regulation
5.3A.07 and Division 12 of Part 5.3A of the Corporations Act
2001, Media World Communications Limited passed resolutions
under section 491 of the Corporations Act 2001 on May 17, 2005
that the Company be wound up voluntarily and for such purpose,
Craig Crosbie of PPB, Chartered Accountants, Level 10, 90
Collins Street, Melbourne, Victoria, be appointed as Liquidator.

Dated this 18th day of May 2005

Craig Crosbie
Liquidator
PPB Chartered Accountants
Level 10, 90 Collins Street
Melbourne Vic 3000


MONDO TRADING: Members Vote to Wind Up
--------------------------------------
Notice is hereby given that at a General Meeting of the members
of Mondo Trading Pty Ltd held on May 20, 2005, it was resolved
that the company be wound up voluntarily and that for such
purposes Samuel Richwol of O'Keeffe Walton Richwol, Chartered
Accountants, Suite 3, 431 Burke Road Glen Iris 3146 be appointed
Liquidator.

Dated this 20th day of May 2005

Samuel Richwol
Liquidator
O'Keeffe Walton Richwol
Chartered Accountants
Suite 3, 432 Burke Road
Glen Iris 3146


MONZO PTY: Set to Make Final Dividend Payment to Creditors
----------------------------------------------------------
A first and final dividend is to be declared on July 4, 2005
For Monzo Pty Limited. Creditors who were not able to prove
their debts or claims will be excluded from the benefit of the
dividend.

Dated this 26th day of May 2005

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


NATIONAL AUSTRALIA: Warns Clients of New Email Scam
---------------------------------------------------
The National Australia Bank (NAB) has warned customers about a
new email scam that may targeting their accounts, the Sydney
Morning Herald said. The said emails, which supposedly came from
either NAB or ANZ, direct customers to fake Internet sites.

ANZ said the bank has identified the "phishing" scam, which
triggers the release of a trojan virus after they click on the
website link. Trojans generally collected customers' personal
details including account passwords.

NAB, on the other hand, said the web site link from the fake
emails did not appear to work as though the host site has been
disabled, which means details can't be captured.

Both banks said they had alerted customers through their
websites and were working with the Australian Federal Police to
have the fake Internet sites taken down.

ANZ was still investigating the extent of the hoax, while the
NAB had already received 200 emails from customers alerting it
to the scam.

CONTACT:

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


NEW WALLSEND: Members Pass Resolution to Wind Up
------------------------------------------------
Notice is hereby given that at a General Meeting of the Members
of New Wallsend Coal Pty Limited duly convened and held at Level
9, 10 Shelley Street, Sydney NSW on May 23, 2005, a Special
Resolution that the companies be wound up voluntarily was passed
by members, and M.C. Smith was appointed Liquidator for such
purpose.

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


OPEN SYSTEMS: Appoints Liquidator
---------------------------------
Notice is hereby given that Jamieson Louttit was appointed
Liquidator of Open Systmes Management (A'Asia) Pty Limited,
pursuant to resolutions passed at a Meeting of Members and
Creditors on May 25, 2005.

Jamieson Louttit
Liquidator
Jamieson Louttit & Associates
Level 15, 88 Pitt Street
Sydney NSW 2000
Phone: (02) 9231 0505
Fax:   (02) 9231 0303


ORIGIN PACIFIC: Tycoon Quits Board Despite Ownership Stake
----------------------------------------------------------
Multi-millionaire Mike Pero has left the board of struggling
Nelson airline Origin Pacific, just 10 months after taking a 25-
percent stake and announcing he planned to take a leading role
in developing and marketing the airline, The Independent
reveals.

Though he has retained his 9.56 million shares, Mr. Pero said he
resigned from the board on April 13 to spend more time on a
fledgling flight simulator business in Christchurch.  

Mr. Pero explained he intended to be only a short-term director
of Origin. He said though the airline was a high-risk/high-
return investment, he was happy to retain his stake as it was
"money he did not need" from the sale of another business.

Mr. Pero, a former pilot, never disclosed the price he paid for
his Origin stake. His cash injection, along with other
investors, rescued the airline from liquidation.

Shortly after Mr. Pero's departure, husband and wife team Dallas
and Susan Hay arrived from O'Connor Airlines in South Australia
to run Origin Pacific Airways.

CONTACT:

Origin Pacific Airways
PO Box 7022
Trent Drive,
Nelson Airport
Nelson
New Zealand
Phone: +64 (3) 547 2020
Fax: +64 (3) 547 6760
Freephone: 0800 302 302 (within NZ)
E-mail: Service@OriginPacific.co.nz
Web site: http://www.originpacific.co.nz


PACIFIC RETAIL: S&P Assigns 'BB-' Rating, Outlook Developing
------------------------------------------------------------
Standard & Poor's Ratings Services has assigned its 'BB-' rating
on New Zealand-based finance company Pacific Retail Finance Ltd.
(PRF). The rating outlook is developing.
     
The 'BB-' rating is based on PRF's adequate risk-based
capitalization, though limited absolute capital level, and its
solid earnings record and reasonable geographic diversification.
Moderating the rating are the higher risk nature of PRF's asset
base, the company's limited market position and profile as a
midsize player in the highly contested retail asset finance
market, and its concentrated debenture funding profile.

Standard & Poor's 'BB' category rating indicates to investors
that PRF is potentially exposed to any negative shift in
economic conditions or changing circumstances in the highly
contested New Zealand finance company sector.

"Nevertheless, current financial parameters, including PRF's
very good interest margin, good asset quality, and acceptable
risk-based capitalization, indicate a viable business, with some
resilience likely to any weakening of the economic environment,"
said Standard & Poor's credit analyst, Kate Thomson, Financial
Services Ratings.
     
PRF has been flagged for possible sale by its parent, New
Zealand-based consumer product retailer Pacific Retail Group
Ltd. (not rated), through a trade sale by August 2005. The
developing rating outlook indicates the uncertainty about future
ownership and structure, and that the rating assigned could
increase, decrease, or stay the same, depending on the financial
strength characteristics of an acquirer.

Complete ratings information is available to subscribers of
RatingsDirect, Standard & Poor's Web-based credit analysis
system, at www.ratingsdirect.com. All ratings affected by this
rating action can be found on Standard & Poor's public Web site
at www.standardandpoors.com; under Credit Ratings in the left
navigation bar, select Find a Rating, then Credit Ratings
Search.

Ratings are statements of opinion, not statements of fact or
recommendations to buy, hold, or sell any securities. Standard &
Poor's (Australia) Pty. Ltd. does not hold an Australian
financial services license under the Corporations Act 2001. Any
rating and the information contained in any research report
published by Standard & Poor's is of a general nature. It
has been prepared without taking into account any recipient's
particular financial needs, circumstances, and objectives.
Therefore, a recipient should assess the appropriateness of such
information to it before making an investment decision based on
this information.

CONTACT:

Pacific Retail Finance Limited
Federal Street, Auckland  
PO Box 90317, Auckland
Phone: 0800 366 388
Fax: 00 64 3 371 5848  
E-mail: prfsinfo@prf.co.nz
Web site: http://prf.co.nz/


PAK TRADING: Placed Under Liquidation
-------------------------------------
Notice is hereby given that on May 20, 2005, the following
special resolution was passed:

That Pak Trading Pty Ltd be wound up voluntarily in accordance
with the Corporations Act 2001 relating to a Creditors'
Voluntary Winding Up, and that Mr B. J. Marchesi, Chartered
Accountant, of Level 5, 332 St Kilda Road, Melbourne be
appointed Liquidator of such wind up.

Dated this 20th day of May 2005

B. J. Marchesi
Liquidator
Bent & Cougle
Chartered Accountants
Level 5, 332 St Kilda Road
Melbourne Vic 3004


QANTAS AIRWAYS: Minister Asks SingAir to Consider Merger Option
---------------------------------------------------------------
Singaporean transport minister Yeo Cheow Tong is urging
Singapore Airlines Limited (SingAir) to keep a merger option
with Qantas Airways Limited open, reports the Australian
Associated Press. The Minster actually commented that the two
carries may have already been talking.

But SingAir spokesman Stephen Forshaw refused to confirm that
merger talks have taken place, but he revealed that the airline
had discussed cooperation with Qantas in non-competitive areas
such as in engineering, catering, training and ground handling.

Mr. Forshaw said there were many issued to be addressed before
the two airlines could consider merging.

Meanwhile, Minister Yeo said the two airlines should review all
options to keep them competitive.

As commercial companies in a very competitive sector, it's
useful for the two to keep all options open. This includes
joining in a consolidation process," the Minister added.

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


STRATA UNIT: Final Dividend Expected July 4
-------------------------------------------
Strata Unit Insurance Services Pty Limited intends to declare a
first and final dividend on July 4, 2005. Creditors who were not
able to prove their debts or claims will be excluded from the
benefit of the dividend.

Dated this 26th day of May 2005

Keith Barton
Liquidator
Barton Sellars
5/31 Market Street
Sydney


ULTIMATE DROP: Enters Winding Up Proceedings
--------------------------------------------
Notice is hereby given that at a general meeting of the members
of Ultimate Drop Management Pty Ltd held on May 18, 2005, it was
resolved that the company be wound up voluntarily, and that
Adrian Lawrence Brown and John Ross Lindholm of Ferrier Hodgson,
Level 29, 600 Bourke Street, Melbourne, Victoria, be nominated
to act as joint Liquidators for the purpose of the winding up.

Dated this 18th day of May 2005

A. L. Brown
Liquidator
Ferrier Hodgson
Level 29, 600 Bourke Street
Melbourne Vic 3000


WALDOR DEVELOPMENT: Members Decide to Wind Up
---------------------------------------------
Notice is hereby given that at a general members meeting of
Waldor Development Pty Ltd held on May 27, 2005, it was resolved
that the company be wound up voluntarily and that Robert William
Mitchell of 70 Memorial Avenue, St Ives, NSW 2075, be appointed
liquidator of the company.

Dated this 28th day of May 2005

Robert W. Mitchell
Liquidator
70 Memorial Avenue
St. Ives, NSW 2075


WHEATSHEAF TAVERN: Forced Into Liquidation by Smoking Ban
---------------------------------------------------------
Wheatsheaf Tavern is the first ever hotel in New Zealand to
close as a result of a smoking ban on bars. WIN Party Leader and
former Banks Peninsula publican John van Buren closed the
tavern's doors in March and on Friday, July 1, placed Wheatsheaf
Tavern Limited into liquidation.

"There was no point keeping a business going," says Mr. van
Buren, "when your customers have been driven away by the
draconian smoke free legislation."

Mr. Van Buren is due to appear before the Christchurch District
Court on Monday to defend a charge of allegedly having breached
the Smokefree Environments Amendment Act legislation.

"I expect the prosecution to still go ahead despite the fact the
Wheatsheaf has been closed for more than three months and is now
in liquidation," said Mr. van Buren.

"The present government will want to send a clear message to any
licensee who may be considering defying the ban in an attempt to
keep their business afloat, that they will feel the full weight
of the law if they do so."


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

ANANDA HOLDINGS: Liquidation Hearing Set for July 14
----------------------------------------------------
Ananda Holdings Limited gave notice that an application by the
Liquidators of the Company will be heard before Master S. Kwang
of the High Court for consideration of the resolutions and
determinations (if any) of the meeting of creditors held on May
11, 2005 and the inquorate first meeting of contributories and
the inquorate adjourned first meeting of contributories held on
May 11, 2005 and May 18, 2005 respectively, deciding the
differences (if any) and making such order of appointment as the
court may think fit.

Date and Time of Hearing: July 14, 2005 (Thursday) at 09:30 a.m.

Place of Hearing: High Court, High Court Building, No. 38
Queensway, Hong Kong.

Any creditor or contributory of the Company is entitled to
attend and be heard at the above hearing.

Dated this 29th day of June, 2005

ELIZABETH LAW
KWOK HON PING
Joint and Several Liquidators


APPLIED INTERNATIONAL: Buys Back 40,000 Shares
----------------------------------------------
Applied International Holdings Limited (0519) bought back 40,000
shares at prices ranging from $0.237 to $0.24, or at a total of
$9540 on June 29.  

As of June 30, 2004, Applied International has current assets of
HK$23.73 million while current liabilities total HK$96.79
million, Chong Hing Securities Ltd.

CONTACT:

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


BETTER BOND: Issues Debt Claim Notice
-------------------------------------
Notice is hereby given that the creditors of Better Bond Limited
(In Voluntary Winding Up) are required on or before July 25,
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 undersigned and Mr. John Toohey, the Joint and
Several Liquidators of the 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
are proved.

Dated this 24th day of June 2005

RAINIER HOK CHUNG LAM
Joint and Several Liquidator
22/F., Prince's Building
Central, Hong Kong


CHONG YIP: Bankruptcy Rules Outlined, Exit Date Set
---------------------------------------------------
Notice is hereby given that under the provisions of section 30 A
of the Bankruptcy Ordinance (Chapter 6), Chan Hau Man trading as
Chong Yip Transport Co. (the Debtor), will be discharged from
bankruptcy on December 12, 2005, in the absence of any
objections from their trustee in bankruptcy or creditors.

The bankrupt company's 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 bankruptcy would prejudice the
administration of its estate;

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

(iv) That the conduct of the Debtor, 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
Debtor 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 Debtor has continued to trade after knowing to be
insolvent;

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

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

Dated this 30th day of June 2005.

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


COUNTRY FORD: Asks Creditors to Prove Debt
------------------------------------------
Notice is hereby given that the creditors of Country Ford
Limited (In Member's Voluntary Liquidation) are required on or
before July 25, 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 undersigned and Mr. John
Toohey, the Joint and Several Liquidators of the 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
are proved.

Dated this 24th day of June 2005

RAINIER HOK CHUNG LAM
Joint and Several Liquidator
22/F., Prince's Building
Central, Hong Kong


COUNTRY MODE: Creditors' Proofs of Claim Due July 25
----------------------------------------------------
Notice is hereby given that the creditors of Country Mode
Development Limited (In Member's Voluntary Liquidation) are
required on or before July 25, 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 undersigned and
Mr. John Toohey, the Joint and Several Liquidators of the
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
are proved.

Dated this 24th day of June 2005

RAINIER HOK CHUNG LAM
Joint and Several Liquidator
22/F., Prince's Building
Central, Hong Kong


COUNTRY SMART: Creditors Must Submit Proofs of Claim by July 25
---------------------------------------------------------------
Notice is hereby given that the creditors of Country Smart
Limited (In Member's Voluntary Liquidation) are required on or
before July 25, 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 undersigned and Mr. John
Toohey, the Joint and Several Liquidators of the 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
are proved.

Dated this 24th day of June 2005

RAINIER HOK CHUNG LAM
Joint and Several Liquidator
22/F., Prince's Building
Central, Hong Kong


FAIR LADY: Receives Bankruptcy Notice
-------------------------------------
Notice is hereby given that a bankruptcy order against Lam Choi
Po trading as Fair Lady Beauty Centre was made on June 21, 2005.

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

Dated this 30th day of June 2005.

ET O'Connell
Official Receiver


HING YIP: Court Declares Bankruptcy
-----------------------------------
Notice is hereby given that a bankruptcy order against Lam Shu
Fui trading as Hing Yip Knitting Factory was made on June 22,
2005.

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

Dated this 30th day of June 2005.

ET O'Connell
Official Receiver


HON PO: Shareholders Authorize Convertible Note Issue
-----------------------------------------------------
Hon Po Group (Lobster King) Limited announced that, at the
Adjourned Extraordinary General Meeting (EGM) held at 3 p.m. on
June 30, 2005, the ordinary resolution approving placement of
the First Convertible Notes was duly passed by the Independent
Shareholders present and voting by way of poll.

The members who were entitled to vote at the Adjourned EGM were
those who were members of the Company on April 8, 2005. At the
request of the Hong Kong Stock Exchange, Hon Po Investment
Limited and its associates, who held 380,000,000 shares of
HK$0.01 each in the Company, representing 50.26% of the total
issued capital of the Company as at the date of the Adjourned
EGM, are required to abstain from voting on the ordinary
resolution proposed at the Adjourned EGM to approve the placing
of the First Convertible Notes.

The results of the voting taken on a poll at the Adjourned EGM
were as follows:

(a) Total number of shares in issue as at the date of the
Adjourned EGM: 756,000,000 Shares

(b) Total number of shares entitling the Independent
Shareholders to attend and vote for or against the ordinary
resolution at the Adjourned EGM to approve the placing of the
First Convertible Notes: 376,000,000 Shares

(c) Total number of Shares entitling the holders to attend and
vote only against the ordinary resolution at the Adjourned EGM
to approve the placing of the First Convertible Notes: NIL

(d) Total number of Shares represented by votes of the
Independent Shareholders for the ordinary resolution at the
Adjourned EGM to approve the placing of the First Convertible
Notes: 125,970,000 Shares

(e) Total number of Shares represented by votes of the
Independent Shareholders against the ordinary resolution at the
Adjourned EGM to approve the placing of the First Convertible
Notes: 100,000 Shares

As more than 50% of the votes represented by the Independent
Shareholders attending in person or by proxy at the Adjourned
EGM were in favor of the ordinary resolution to approve the
placing of the First Convertible Notes, it was duly passed as an
ordinary resolution of the Company.

RESULTS OF THE SECOND EGM

The Board is pleased to announce that at the Second EGM held at
3:15 p.m. on 30 June 2005, (i) the ordinary resolution approving
the increase in the authorised share capital of the Company was
duly passed by the Shareholders present and voting at the Second
EGM; and (ii) the ordinary resolution approving the placing of
the Second Convertible Notes was duly passed by the Independent
Shareholders present and voting at the Second EGM by way of
poll.

At the request of the Stock Exchange, Hon Po Investment Limited
and its associates, who hold 76,000,000 Shares of HK$0.05 each
in the Company, representing of 50.26% of the total issued
capital of the Company as at the date of the Second EGM, are
required to abstain from voting on the ordinary resolution
proposed at the Second EGM to approve the placing of the Second
Convertible Notes.

The results of the voting taken on a poll at the Second EGM were
as follows:

(a) Total number of shares in issue as at the date of the Second
EGM: 151,200,000 Shares

(b) Total number of shares entitling the Independent
Shareholders to attend and vote for or against the ordinary
resolution at the Second EGM to approve the placing of the
Second Convertible Notes: 75,200,000 Shares

(c) Total number of Shares entitling the holders to attend and
vote only against the ordinary resolution at the Second EGM to
approve the placing of the Second Convertible Notes: NIL

(d) Total number of Shares represented by votes of the
Independent Shareholders for the ordinary resolution at the
Second EGM to approve the placing of the Second Convertible
Notes: 15,914,000 Shares

(e) Total number of Shares represented by votes of the
Independent Shareholders against the ordinary resolution at the
Second EGM to approve the placing of the Second Convertible
Notes: 0 Share

As more than 50% of the votes represented by the Independent
Shareholders attending in person or by proxy at the Second EGM
were in favor of the ordinary resolution to approve the placing
of the Second Convertible Notes, it was duly passed as an
ordinary resolution of the Company.

Tengis Limited, the Hong Kong branch share registrar of the
Company, acted as the scrutineer for the vote-taking at both the
Adjourned EGM and the Second EGM.

EXTENSION OF LONG-STOP DATE

As the Company requires additional time to obtain listing
approval of the Conversion Shares to be issued upon exercise of
the conversion rights attached to the First Convertible Notes
and the Second Convertible Notes, the long-stop date for
fulfillment of all conditions to the placings of the First
Convertible Notes and the Second Convertible Notes was extended
from 30 June 2005 till 31 July 2005.

As at the date of this announcement, the executive Directors are
Mr. Cheung To Sang, Mr. Chan Nun Chiu, Mrs. Cheung Lim Mai Tak,
Grace, Mr. She Hing Chiu and Mr. Tse Chick Sang and the
independent non-executive Directors are Mr. Chang Kin Man, Mr.
Wu Tak Lung and Ms. Lee Pui Hang, Pieann.

By order of the board
Hon Po Group (Lobster King) Limited
Cheung To Sang
Chairman and Managing Director
Hong Kong, 30 June 2005

CONTACT:

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


PO SING: Prepares to Exit Bankruptcy
------------------------------------
Notice is hereby given that under the provisions of section 30 A
of the Bankruptcy Ordinance (Chapter 6), Ching Chung Kwan
trading as Po Sing Industrial Company (the Debtor), will be
discharged from bankruptcy on December 13, 2005, in the absence
of any objections from their trustee in bankruptcy or creditors.

The Debtor 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 Debtor 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 Debtor would prejudice the
administration of its estate;

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

(iv) That the conduct of the Debtor, 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
Debtor 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 Debtor has continued to trade after knowing to be
insolvent;

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

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

Dated this 30th day of June 2005.

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


SET PHONE: Court Releases Order to Liquidate
--------------------------------------------
Set Phone Limited, whose place of business is located at 19th
Floor Flat A, Yun Kei Commercial Building, Nos 680-682 Shanghai
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 20, 2005.

Date of Presentation: February 24, 2005

Dated this 30th day of June 2005

ET O'Connell
Official Receiver


SHUN HING: Moves Toward Bankruptcy Discharge
--------------------------------------------
Notice is hereby given that under the provisions of section 30 A
of the Bankruptcy Ordinance (Chapter 6), Yeung Kei Chi trading
as Shun Hing Furniture Decorating Construction (the Debtor),
will be discharged from bankruptcy on December 17, 2005, in the
absence of any objections from their trustee in bankruptcy or
creditors.

The Debtor's 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 Debtor 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 Debtor would prejudice the
administration of its estate;

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

(iv) That the conduct of the Debtor, 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
Debtor 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 Debtor has continued to trade after knowing to be
insolvent;

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

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

Dated this 30th day of June 2005.

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


SQUARE FUND: Enters Winding Up Proceedings
------------------------------------------
Square Fund Industrial Limited, whose place of business is
located at Flat C & D, 4/F, Valiant Industrial Centre, 2-12 Au
Pui Wan Street, Fo Tan, 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 30th day of June 2005

ET O'Connell
Official Receiver


SUNDIAL ENTERPRISE: Court Releases Bankruptcy Order
---------------------------------------------------
Notice is hereby given that a bankruptcy order against Li Ip
Kwong trading as Sundial Enterprise Co. was made on June 22,
2005.

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

Dated this 30th day of June 2005.

ET O'Connell
Official Receiver


TSE SUI: Financial Statement Delay Breaches Listing Rules
---------------------------------------------------------
The Board of Directors of Tse Sui Luen Jewellery (International)
Limited announced that the publication of the audited annual
results announcement and dispatch of the annual report of the
Company for the year ended February 28, 2005 will be delayed.

Such delay constitutes breaches of Rules 13.49(1) and
13.46(2)(1) of the Rules Governing the Listing of Securities on
The Stock Exchange of Hong Kong Limited respectively.

The Stock Exchange of Hong Kong Limited reserves its right to
take appropriate actions against the Company and/or its
directors in respect of such breaches. The Board expects that
the Company will be in a position to public the annual results
announcement and to dispatch the annual report on or before July
22, 2005.

By Order of the Board
Tse Tat Fung, Tommy
Chairman
Hong Kong, 29 June 2005.

CONTACT:

Tse Sui Luen Jewellery (International) Limited
G/F Block B, Summit Building
30 Man Yue Street, Hunghom
Kowloon, Hong Kong
Phone: 23334221
Fax: 27640753
Web site: http://www.tsljewellery.com


* ICAC Arrests 10 People Regarding Debt Collection Business
-----------------------------------------------------------
The Independent Commission Against Corruption (ICAC) has
arrested 10 persons, including a director and two employees of a
debt-collecting agency, for alleged bribery in relation to debt
collection business, the ICAC reported on its Web site.

Also arrested in an operation codenamed "Marksman", which
commenced on June 29, were six employees of five banks and a
credit card company, and a middleman.

The investigation arose from a corruption complaint, alleging
that a director of a debt-collecting agency might have corruptly
obtained confidential information about account holders from
employees of various financial institutions.

ICAC enquiries revealed that the arrested director and two
employees of the agency had allegedly offered loans or monetary
rewards to six employees of five banks and a credit card
company.

In return, the employees of the banks and the credit card
company allegedly provided the agency with confidential
information about personal data of account holders to facilitate
the agency's debt collection business.

The employees of the banks and the credit card company were
alleged to have conducted unauthorized checks from their
employers' computers to obtain the account holders' personal
data.

Over 300 sets of unauthorized check requests and results were
seized from the arrestees during the operation.

The banks and the credit card company concerned have rendered
full assistance to the ICAC during its investigation. Enquiries
are continuing.  

This ICAC press release did not mention the names of the banks
and persons involved.

CONTACT:

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


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

BARITO PACIFIC: Ventures Into Palm Oil Production
-------------------------------------------------
Indonesian timber company PT Barito Pacific said that it plans
to diversify its business into palm oil production, spurred on
by good prospects in the industry, reports Asia Pulse.

Company director Agus Salim said that crude palm oil prices are
expected to remain strong in the global market, and so this is a
major motive for the Company's plan to go into the business of
palm oil.

Another reason for the Company's foray into palm oil is the
decline in the timber business in the past years. Barito Pacific
was Indonesia's largest producer of plywood before it was hit by
the 1997 Asian financial crisis.

The Company posted a net loss of IDR154.87 billion for 2004, on
revenues of IDR1.28 trillion. In the January-March period this
year, the Company recorded a 1.34% decrease in sales, to IDR306
billion. It is currently undergoing a debt-restructuring plan,
where it has relinquished control of two subsidiaries to
creditor Commerzebank Ltd.

CONTACT:

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


DHARMALA INTILAND: Plans to Complete Restructuring This Year
------------------------------------------------------------
Property firm PT Dharmala Intiland said it hopes to end the
restructuring of its IDR1.49 debt by the end of 2005, reports
Associated Press. The Company still needs to restructure
IDR147.3 billion worth of debt, according to Company president
Hendro Gondokusumo, but he said he expects the Company's
creditors to convert its remaining debt (that has yet to be
restructured).

But there may be some problems in the second phase of the
Company's restructuring, as some of its foreign creditors have
not agreed to the Company's proposed restructuring scheme.

Primarily, creditors had agreed to roll over repayment on the
Company's debt in the first phase of the restructuring, but now
they want to convert the remaining debt into shares.

Aside from the completion of its debt-restructuring program,
Dharmala Intiland also plans to develop two condominiums in
Jakarta at an investment cost of IDR1 trillion.

P.t. Dharmala Intiland Terbuka
Jl Jend Sudirman Kav 32
Jakarta, 10220
Indonesia
Phone: +62 21 570 1912/21 570 8088
Fax: +62 21 570 0015/21 570 0014
Web site: http://www.dharmala-intiland.com


MERPATI NUSANTARA: Politicians Push for Garuda Buy-out  
------------------------------------------------------
Many Indonesian politicians suggested that state-owned airline
PT Garuda Indonesia buy out troubled local airline PT Merpati
Nusantara, Asia Pulse reports. According to Commission V's
Enggartiasto Lukita, an acquisition from Garuda Indonesia would
rescue the ailing airline from bankruptcy. This means that the
government would not need to inject additional funds of IDR450
billion into the debt-laden airline.

According to Transportation Minister Hatta Rajasa, the
government will do what is necessary to help keep Merpati
Nusantara afloat, but he also acknowledged that it doesn't have
the necessary funds to restructure the state-owned airline. As
an alternative, the government is trying to offer Merpati to
interested investors who are able to cover its debt and finance
its operations, adding that many potential investors have
already conducted due diligence to buy out the Company.

At present, Merpati Nusantara has a huge IDR1.6 trillion debt,
together with a monthly cash flow deficit of IDR40 billion and a
negative equity position of IDR871.3 billion, due to the lack of
working
capital.

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: Seeks Fuel Supply Guarantee from Pertamina
--------------------------------------------------------------
State-owned power firm PT Perusahaan Listrik Negara (PLN) has
asked for a guarantee of fuel supply from state oil and gas firm
PT Pertamina, in order to prevent a likely fuel shortage in the
next quarter, reports Asia Pulse.

According to PLN president Eddie Widiono, several hydropower
plants may temporarily halt operations within the next three
months due to the country's dry season, therefore the Company
must rely on alternative sources (e.g. coal-fired, diesel,
geothermal plants) to power up its plants.

Added to that is the fact the demand for power has increased due
to the surge in oil prices, forcing several industries to rely
on PLN for power supply. But Mr. Widiono said that he is certain
that PLN can provide enough power supply to meet demand, if it
obtains a guarantee from oil firm PT Pertamina, that it can
supply enough oil to the Company.

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

CONTACT:

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


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

DAIEI INCORPORATED: Shutting Down Five More Failing Outlets
-----------------------------------------------------------
Daiei Incorporated will close five unprofitable stores by the
end of August, in addition to the five stores announced earlier
as part of a restructuring plan, Kyodo News.

The newly announced five are located in Sakata, Yamagata
Prefecture, Nagaoka, Niigata Prefecture, Chino, Nagano
Prefecture, Akashi, Hyogo Prefecture, and Arao, Kumamoto
Prefecture, it said.

The ailing retailer has been shutting down losing stores as part
of its rehabilitation program under the state-backed Industrial
Revitalization Corporation of Japan (IRCJ).

CONTACT:

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


DAIEI INCORPORATED: To Waive JPY2-Bln Loan Claims on Unit
---------------------------------------------------------
Daiei Incorporated has granted waive loan claims against its
unit Jujiya Co. Ltd. as part of its restructuring scheme, AFX
News reports. The ailing retailer said it would allow debt
forgiveness for JPY22 billion out of its total loan claims worth
JPY25.9 billion.

Jujiya, which is based in Tokyo, is an operator of clothing
department stores.

CONTACT:

Jujiya Co., Ltd.
20-11 Yanagibashi 2-Chome
Taito-Ku 111-8510, Tokyo 111-8510
JAPAN  
Phone: +81 3 3864 2580
Fax: +81 3 3864 2674  
Web site: http://www.jujiya-gp.co.jp


INTEL K.K.: Faces US$50-Mln Suit by AMD Japan
---------------------------------------------
AMD Japan (Shinjuku-ku, Tokyo, David M. Uze, President and
Representative Director) filed on June 30 two claims against
Intel Corporation's Japanese subsidiary, Intel K.K., in the
Tokyo High Court and the Tokyo District Court for damages
arising from violations of Japan's Antimonopoly Act.

The suit in the Tokyo High Court seeks USD$50 million (approx.
5.5 billion yen) in damages, following on the Japan Fair Trade
Commission (JFTC)'s findings in its March 8, 2005 Recommendation
that Intel K.K. committed violations of the Antimonopoly Act.

The JFTC Recommendation concluded that Intel K.K. interfered
with AMD Japan's business activities by providing large amounts
of funds to five Japanese PC manufacturers (NEC, Fujitsu,
Toshiba, Sony, and Hitachi) on the condition that they refuse to
purchase AMD processors.

As a result of these illegal acts, AMD Japan suffered serious
damages, losing all of its sales to Toshiba, Sony, and Hitachi,
while sales to NEC and Fujitsu also fell precipitously. The suit
in the Tokyo High Court follows Intel K.K.'s acceptance of the
JFTC Recommendation. In accepting the Recommendation, Intel K.K.
did not dispute the JFTC findings.

An additional suit filed at the Tokyo District Court level seeks
to recover millions of dollars in damages for various
anticompetitive acts in addition to what is covered in the scope
of the JFTC Recommendation. These anticompetitive acts also had
the effect of interfering with AMD Japan's right to engage in
normal business and marketing activities.

In the complaint, AMD Japan points to the following specific
examples of anticompetitive actions taken by Intel:

1.) Instructing a Japanese PC manufacturer to remove from its
product catalog and Internet website all computer models using
processors made by AMD, in exchange for providing a large amount
of funds to that manufacturer;

2.) Putting pressure on an AMD customer that was scheduled to
attend a new product launch of AMD products. The customer
eventually had to cancel its attendance at the new product
launch;

3.) Interfering with a joint promotional event being held by AMD
and a customer to promote PCs using a new processor developed by
AMD. Just before the promotional event was scheduled to take
place, Intel purchased all the PCs that had AMD processors and
replaced them with PCs using Intel processors. Intel K.K.
provided a large amount of funds to this customer as an
incentive to cooperate in this last-minute interference.

These acts represent only the tip of the iceberg of Intel's
worldwide coercion of customers to prevent them from doing
business with AMD Japan. AMD, the parent of AMD Japan, also
filed suit in the United States on June 27, 2005 to stop Intel's
illegal business practices.

Intel continues to refuse to acknowledge that its conduct is
wrongful. Yet its anticompetitive acts, designed to restrict
AMD's market share, clearly constitute an abuse of Intel's
dominant position in the processor market.

"These illegal actions have restricted fair competition and
narrowed the choices available to consumers in the computer
market," said David M. Uze, AMD Japan's president and
representative director. "In March of this year, the JFTC
clearly found that Intel K.K. violated the law. AMD Japan hopes
to bring fair and open competition in the computer marketplace,
allowing consumers to have a true choice."

AMD's Position on Fair and Open Competition

AMD stands for fair and open competition and the value and
variety competition delivers to the marketplace. Innovative AMD
technology allows users to break free to reach new levels of
performance, productivity and creativity. Businesses and
consumers should have the freedom to choose from a range of
competitive products that come from continuous innovation. When
market forces work, consumers have choice and everyone wins. For
more information, please visit http://www.amd.com/breakfree.

About AMD Japan

AMD Japan is a wholly owned subsidiary of and commissioned sales
agent for AMD, Inc. (NYSE:AMD), which designs and produces
innovative microprocessors, Flash memory devices and low-power
processor solutions for the computer, communications and
consumer electronics industries. AMD is dedicated to delivering
standards-based, customer-focused solutions for technology
users, ranging from enterprises to government agencies and
individual consumers. For more information visit www.amd.com.

AMD, the AMD Arrow logo and combinations thereof, are trademarks
of Advanced Micro Devices, Inc. Other names are for
informational purposes only and may be trademarks of their
respective owners.

This is a press release.


MATSUSHITA ELECTRIC: To Resume Shares Purchase Policy
-----------------------------------------------------
Matsushita Electric Industrial Co., Ltd. (Matsushita (NYSE
symbol: MC)), best known for its Panasonic brand, announced on
June 29 that its Board of Directors resolved to continue its
policy toward large-scale purchases of Matsushita shares (ESV*
plan).

Matsushita's Board of Directors adopted the policy of large-
scale purchases of Matsushita shares (ESV plan) at the Board of
Directors meeting held on April 28, 2005, as announced in the
press release of the same date. At the time, the company
indicated it would review whether to continue the ESV plan at a
meeting of the new Board of Directors to be held after the
annual general meeting of shareholders, and announce its
determination as soon as practicable.

At today's meeting of the new Board of Directors, who were
elected at today's annual general meeting of shareholders, a
resolution to continue the ESV plan was unanimously approved by
all Directors present. Also in attendance were the Corporate
Auditors of Matsushita, each of whom stated agreement with the
ESV plan on condition that it is duly implemented.

For the contents of the ESV plan, please refer to the following
materials (available on Matsushita's IR Web site):

(1) April 28, 2005 press release Matsushita Announces Policy
toward Large-scale Purchases of Matsushita Shares (ESV
plan) http://ir-site.panasonic.com/relevant/
(2) Questions and Answers released on May 19, 2005 Questions
regarding the ESV plan and Matsushita's Responses
http://ir-site.panasonic.com/esv/* ESV stands for  
Enhancement of Shareholder Value.

CONTACT:

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


MITSUBISHI MOTORS: Australian Unit Anticipates Profit Next Year
---------------------------------------------------------------
Mitsubishi Motors Australia is expected to return to profit in
2006 after reducing production costs, Dow Jones reports, citing
Chief Executive Tom Phillips. As part of its global
restructuring, Mr. Phillips was forced to shut down two Adelaide
manufacturing plants, putting 1,200 people out of work.

For the first six months of 2005, Mitsubishi Australia's sales
are up 24 percent year over year, in the midst of a 5.5 percent
boost in sales for the overall Australian market. "Which is
pretty good in Mitsubishi-world," Mr. Phillips said.

Mr. Phillips set a sales target of 2,500 a month, for its new
model code-named PS41, more than double the 1,200 a month target
for the Magna.

CONTACT:

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


PIONEER CORPORATION: To Issue Equity Warrants as Stock Options
--------------------------------------------------------------
Pioneer Corporation has announced that it resolved, at the
meeting of its board of directors held on June 29, 2005, to
issue share acquisition rights for the purpose of granting stock
options, pursuant to the provisions of Articles 280-20 and 280-
21 of the Commercial Code of Japan, and to the approval at its
ordinary general meeting of shareholders held on June 29, 2005.

The terms of the issue are as follows:

Description

(1) Date of issue of share acquisition rights:

The date of issue of share acquisition rights (hereinafter
referred to as the Issue Date) is expected to be July 8, 2005.

(2) Number of share acquisition rights to be issued: 3,151

The number of shares to be issued or transferred in lieu of such
issuance upon exercise of each share acquisition right shall be
100.

(3) Class and number of shares to be issued or transferred upon
exercise of share acquisition rights: 315,100 shares of common
stock of the Company

(4) Issue price of share acquisition rights: No consideration
shall be paid.

(5) Amount to be paid in upon exercise of share acquisition
rights:

The amount to be paid in per share upon exercise of share
acquisition rights (hereinafter referred to as the Exercise
Price) shall be the amount obtained by multiplying the higher of
either (i) the average of closing prices (including quotations;
hereinafter the same shall apply) in the regular tradings of the
shares of common stock of the Company on the Tokyo Stock
Exchange for 30 consecutive trading days (excluding any trading
day on which the closing price does not exist) commencing on the
day 45 trading days prior to the Issue Date (such Issue Date is
expected to be July 8, 2005), or (ii) such closing price on the
day immediately preceding the Issue Date (such day is expected
to be July 7, 2005) (if the closing price does not exist on such
day, the closing price on the day immediately preceding such
day), by 1.05. Any fraction less than one (1) yen resulting from
this calculation shall be rounded up to the nearest one (1) yen.

(6) Amount to be accounted for as stated capital in respect of
shares to be issued upon exercise of share acquisition rights:

The amount to be accounted for as stated capital shall be the
amount obtained by multiplying the Exercise Price by 0.5, and
any fraction less than one (1) yen resulting from this
calculation shall be rounded up to the nearest one (1) yen.

(7) Issue of certificates for share acquisition rights:

Certificates for share acquisition rights shall be issued only
upon request of the holders of share acquisition rights.

(8) Persons to who share acquisition rights shall be allocated:

Directors, executive officers and a number of employees of the
Company as well as a number of directors of domestic or overseas
subsidiaries of the Company (total: 436 persons)

References:

1. Date of meeting of board of directors to propose an agenda
for the authorization to issue share acquisition rights to the
ordinary general meeting of shareholders: April 27, 2005

2. Date of ordinary general meeting of shareholders to authorize
the issue of share acquisition rights: June 29, 2005

3. Period during which share acquisition rights may be
exercised:

>From and including July 2, 2007, to and including June 30, 2010

For further information, please contact:
Hideki Okayasu
Senior Executive Officer and General Manager, Finance and
Accounting Division
Pioneer Corporation, Tokyo
Phone: +81-3-3494-1111 / Fax: +81-3-3495-4431
E-mail: pioneer_shr@post.pioneer.co.jp
IR Web site: http://www.pioneer.co.jp/ir-e

This release is not an offer of securities for sale in any
region, including Japan or the United States. The securities may
not be offered or sold in the United States unless they are
registered under the U.S. Securities Act of 1933 or exempt from
registration thereunder, and any public offering of securities
to be made in the United States will be made by means of a
prospectus in English prepared in accordance with the U.S.
Securities Act of 1933, that will contain detailed information
about the issuer and management, as well as financial
statements. This transaction does not involve any public
offering of securities in the United States.


SANYO ELECTRIC: Trims Over 10,000 Jobs in Restructuring
-------------------------------------------------------
Sanyo Electric Co. plans to slash over 10,000 employees as part
of its global restructuring, the Nihon Keizai Shimbun reports.
In Japan, the Company will cut its group payroll of 38,000 by
3,000 this fiscal year, adding some 2,000 of these cuts are
expected to come from its ailing semiconductor sector.

Shares of the Company increased as much as 3.9 percent on Friday
after the company said it will cut jobs.

CONTACT:

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


UFJ BANK: OPCO Securities Downgraded To 'D'
-------------------------------------------
Standard & Poor's Ratings Services has lowered to 'D' from 'C'
its rating on the operating company (OPCO) preferred securities
issued by a funding vehicle of UFJ Bank Ltd. (A/Stable/A-1),
following the bank's nonpayment of a dividend originally
scheduled for June 30, 2005. The ratings on the securities of
the OPCO, Tokai Preferred Capital Co. LLC, were lowered on May
25, 2005, to 'C' from 'BB' when the bank announced the
suspension of the dividend. Today's downgrade has no effect on
the ratings on UFJ Bank and UFJ Trust Bank Ltd. (A/Stable/A-1).

The UFJ group is set to merge with Mitsubishi Tokyo Financial
Group in October 2005, and its financial standing will improve
as it becomes one of the largest banking groups in the world.
After the merger, there is a high possibility that dividends on
the underlying OPCO securities will be paid, given the expected
business performance and level of distributable profit of the
combined banking groups. An upgrade of the OPCO securities could
occur if the new bank realizes sufficient distributable profit,
proceeds smoothly through the merger, and meets its targets for
mid-year performance and repayment of public funds.

The OPCO's suspension of dividend payment is in accordance with
the terms and conditions of the preferred securities and does
not constitute a default.

Accordingly, the nonpayment of dividends does not lead to a
downgrade on the counterparty ratings on UFJ Bank to 'D' or 'SD'
(Selective Default). The issue ratings on the securities,
however, are revised to 'D' when their dividend payment is
suspended, even if the securities are deferrable and the
nonpayment is in accordance with relevant agreements. For
details, please refer to the commentary entitled "Rating Policy
In The Event Of Nonpayment Of Deferrable Instruments," dated
July 17, 2003.


UFJ HOLDINGS: Amends Financial Statement
----------------------------------------
UFJ Holdings, Inc. hereby gives notice that there was incorrect
posting in Supplementary to Consolidated Financial Results for
the Fiscal Year Ended March 31, 2005, publicized on May 25,
2005. UFJ makes an announcement for amendment as set forth
below.

Supplementary to Consolidated Financial Results for the Fiscal
Year Ended March 31, 2005

II. SUMMARY OF LOANS AND OTHER ASSETS/LIABILITIES

6. BALANCE AND RATIO OF LOANS TO SMALL-SIZED COMPANIES

(Before correction) Millions of yen

                                   COMBINED

                  March 31, 2005   Sept.30, 2004  Mar.31, 2004

Loans to small-sized  24,884,561   25,554,981     7,047,930
companies etc.

Ratio of loans to     69.92%       68.52%         67.58%
small-sized companies

After correction

                                      COMBINED

                   March 31, 2005   Sept.30, 2004  Mar.31, 2004

Loans to small-sized   24,884,561   25,554,981     27,047,930
companies etc.

Ratio of loans to      71.01%       68.52%         67.58%
small-sized companies

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
=========

ASIANA AIRLINES: Pilots to Stage One-Day Strike
-----------------------------------------------       
Asiana Airlines Inc. will be facing a protest from unionized
pilots on demands for longer retirement age and other benefits,
according to Asia Pulse. The pilots will stage a strike against
Asiana this week. According to them, negotiated settlements
would still be considered but the strike will definitely push
through. The one-day protest is expected to seriously disrupt
Asiana's operations in the midst of a full traveling season.

An Asiana official said the company is working on contingency
plans that include reduction of domestic flights and increase
foreign-bound flights. The disputes between the pilots and
Asiana is about whether to extend retirement age of the pilots,
increase their holidays and give them full power to change their
crew members.

Asiana's management is not mum on these demands. It said it will
do its best to resolve the dispute.

CONTACT:

Asiana Airlines Incorporated
47 Osoe-Dong Kangseo-Gu
157-270
Korea (South)
Telephone: +82 2 669 3114 / +82 2 669 3170


ASIANA AIRLINES: Details Four New Weekly Flights to Cebu
--------------------------------------------------------
Asiana Airlines unveiled in a company announcement that it now
provides flight to Cebu, four times. The Inchon-Cebu route will
be available on July 16.

Flight Information

Flight    Flight    Type of    Day of      Time of             
Route     Number    Airplane   Departure   Departure/Arrival              
                                          
                                            Depart from Inchon
Inchon-   0Z7093    A321                    20:20
Cebu      0Z7193    A321                    Arrive at Cebu
                                Wednesday   23:50
                                Thursday         
                                Saturday        
                                Sunday      Depart from Cebu
                                            00:50
                                            Arrive at Inchon
                                            06:20


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

BELL & ORDER: Passes all AGM Resolutions
----------------------------------------
The Board of Directors of Bell & Order Berhad informed Bursa
Malaysia Securities Berhad that all resolutions as set out in
the Notice of the AGM dated June 7, 2005 were duly passed at the
Twenty-First AGM of the Company held on June 29, 2005.

CONTACT:

Bell & Order Berhad
28 & 30 Jalan Pjs 11/14
Bandar Sunway
Petaling Jaya 46150
Malaysia
Phone: 03 - 56336966
Fax: 03 - 56345081


BUKIT KATIL: Summary Judgment Application Awaits Court Ruling
-------------------------------------------------------------
The Board of Directors of Bukit Katil Resources Berhad issued to
Bursa Malaysia Securities Berhad an update on the following loan
facilities.

Bumiputra Commerce Bank Berhad

The application by the Bank to enter summary judgement against
the Company was allowed by the Learned Senior Assistant
Registrar on July 16, 2004. The company has filed a Notice of
Appeal against the said decision to the Judge in Chamber. No
date has been set for hearing.

OCBC Bank (Malaysia) Berhad

OCBC Bank (Malaysia) Berhad has obtained an order for sale on
November 14, 2003 on Omega Bricks Sdn Bhd's land held under
Grant Reg No.31, Lot No 5058 Mukim Gunung Semanggol, Daerah
Krian, Negeri Perak. Application for Execution of Order for Sale
has been fixed for hearing on September 19, 2005.

OCBC Bank (Malaysia) Berhad has also obtained a winding-up
petition under Section 218(2) of the Companies Act, 1965 on
October 6, 2003 and was served on the Company on November 14,
2003.

The High Court on September 8 allowed the Bank's application for
the winding-up petition. The Company has already filed a Notice
of Appeal to the Court of Appeals against the decision of the
High Court. A stay of execution of the winding-up order was
filed on October 5, 2004. The High Court dismissed the Company's
application for stay on May 10, 2005. The Company has filed a
motion of stay at the Court of Appeal.

Alliance Merchant Bank Berhad

The High Court has fixed for Case Management on July 15, 2005 to
consider the Bank's application for summary judgement.

CONTACT:

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


DUOPHARMA BIOTECH: Shareholders Carry Out AGM Resolutions
---------------------------------------------------------
The Board of Directors of Duopharma Biotech Bhd informed Bursa
Malaysia Securities Berhad that the shareholders of the Company
have at the 4th AGM held on Wednesday, June 29, 2005 approved
all the resolutions as prescribed in the notice convening the
meeting contained in the Annual Report 2004 of the Company, copy
of which had been forwarded to you earlier.


HO HUP: Re-elects Retiring Directors
------------------------------------
The Board of Ho Hup Construction Company Berhad advised Bursa
Malaysia Securities Berhad that at the Thirty First Annual
General Meeting held on June 29, 2005, the shareholders of the
Company have approved all the matters and resolutions (including
the Special Business) tabled under the Notice of Meeting.

The retiring Directors namely, YBhg Dato' Low Tuck Choy, Mr. Lai
Moo Chan and YBhg Dato' Mohd Ghazali @ Fauzi Yacub were duly re-
elected as Directors of the Company.

This announcement is dated 29 June 2005.

CONTACT:

Ho Hup Construction Company Berhad
No 2 Medan Imbi
Kuala Lumpur, 55100
Malaysia
Telephone: +60 3 2148 7711/ +60 3 2142 4988


INTAN UTILITIES: Receives Offer from RHB, CIMB
----------------------------------------------
Intan Utilities Berhad issued to Bursa Malaysia Securities
Berhad an update on the following proposals:

- Proposed BToto Acquisition;
- Revised Proposed Rights Issue; and
- Revised Proposed Restricted Issue

For consistency, the abbreviations used throughout this
announcement shall have the same meaning as previously defined
in the Company's announcement dated June 23, 2005.

RHB Sakura, on behalf of the Board, announced that the Company
has received letters of offer from RHB Bank Berhad and Commerce
International Merchant Bankers Berhad (CIMB) of up to MYR500
million in aggregate to partially finance the Proposed BToto
Acquisition.

This announcement is dated 29 June 2005.

CONTACT:

Intan Utilities Berhad
11th Floor Menara Berjaya,
KL Plaza, 179 Jalan Bukit Bintang,
55100 Kuala Lumpur
Telephone: 03-2935 8888
Fax: 03-29358043
Web site: http://www3.jaring.my/intan


JOHAN HOLDINGS: Posts MYR2,191Mln in Losses
-------------------------------------------
Johan Holdings Berhad issued to Bursa Malaysia Securities Berhad
a copy of its unaudited first quarterly report for the financial
period ended April 30, 2005.

Summary of Key Financial Information
30/04/2005


         Individual Period              Cumulative Period
    Current Year  Preceding Year  Current Year   Preceeding Year
    Quarter       Corresponding   to Date        Corresponding
                  Quarter                              Period
    30/04/2005      30/04/2004      30/04/2005     30/04/2004
    RM'000          RM'000          RM'000         RM'000

(1) Revenue  

    476,738         484,951         476,738        484,951

(2) Profit/(loss) before tax  

    -2,191          -1,433           -2,191        -1,433

(3) Profit/(loss) after tax and minority interest  

    1,121          -2,530            1,121        -2,530

(4) Net profit/(loss) for the period

    2,212         -2,530            1,121        -2,530

(5) Basic earnings/(loss) per shares (sen)  

    0.22          -0.50              0.22        -0.50

(6) Dividend per share (sen)  
    
    0.00           0.00               0.00          0.00

         As at end of           As at preceding    
         current Quarter        financial year end

(7) Net tangible assets per share (RM)  

    0.3754                      0.3714

To view a full copy of the financial results, click
http://bankrupt.com/misc/JHBQ12006-300405.xls


KILANG PAPAN: Moratorium Period Extended
----------------------------------------
Kilang Papan Seribu Daya Berhad (KPSD) informed Bursa Malaysia
Securities Berhad that the moratorium period for KPSD under
Section 41 of the Pengurusan Danaharta Nasional Berhad Act, 1998
(the Act) which took effect from the date of appointment of the
Special Administrators on December 14, 1999 has been extended to
December 31, 2005.

During the period of the moratorium, no creditor may take action
against the Company except in accordance with Section 41 of the
Act.

CONTACT:

Kilang Papan Seribu Daya Berhad
Lot 1, Harmoni Industrial Estate Inanam
88100 Kota Kinabalu, Sabah
Telephone: 088-423385
Fax: 088-423287


KRETAM HOLDINGS: Announces Annual General Meeting Results
---------------------------------------------------------
Kretam Holdings Berhad unveiled to Bursa Malaysia Securities
Berhad the resolutions approved by the shareholders during its
Seventeenth Annual General Meeting held on June 29, 2005:

(1) To receive and adopt the Audited Accounts for the year ended
December 31, 2004 and the Reports of the Directors and Auditors
thereon. (Ordinary Resolution 1)

(2) To re-elect the following Directors retiring by rotation in
accordance with Article 80 of the Company's Articles of
Association:

(a) Mr. Lim Nyuk Sang @ Freddy Lim (Ordinary Resolution 2)

(b) Ms Lim Kun Kim (Ordinary Resolution 3)

(3) To approve Directors' fees of MYR60,000 for the year ended
31 December 2004. (Ordinary Resolution 4)

(4) To re-appoint Messrs Ernst & Young as Auditors of the
Company and to authorise the Directors to fix their
remuneration. (Ordinary Resolution 5)

(5) As Special Business

To pass the following resolutions as Ordinary Resolutions:

(5.1) Section 132D

"That subject always to the Companies Act, 1965 (Act), the
Articles of Association of the Company and the approvals of the
relevant governmental/regulatory authorities, the Directors be
and are hereby empowered, pursuant to section 132D of the Act,
to issue shares in the Company from time to time to such parties
and upon such terms and conditions and for such purposes as the
Directors may deem fit provided that the aggregate number of
shares issued pursuant to this resolution does not exceed 10% of
the issued and paid-up capital of the Company at the time of the
passing of this resolution and that such authority shall
continue in force until the conclusion of the next Annual
General Meeting of the Company". Ordinary Resolution 6

(5.2) Proposed Renewal Of Shareholders' Mandate For Recurrent
Related Party Transactions Of A Revenue Or Trading Nature

"That subject to compliance with all applicable laws,
regulations and guidelines, a mandate be and is hereby given to
the Company and its subsidiaries to enter into recurrent
transactions of a revenue or trading nature with related parties
which are necessary for the day to day operations and not more
favorable to the related parties than those generally available
to the public and are not to the detriment of the minority
shareholders as set out in Appendix 1 of the Annual Report and
that authority conferred by this resolution shall commence
immediately upon the passing of this resolution;

And that such mandate shall continue in force until:

(a) The conclusion of the next Annual General Meeting (AGM) of
the Company, at which time it will lapse, unless by a resolution
passed at that meeting, the authority is renewed;

(b) The expiration of the period within which the next AGM after
the date it is required to be held pursuant to Section 143(1) of
the Act, (but shall not extend to such extension as may be
allowed pursuant to Section 143(2) of the Act); or

(c) Revoked or varied by resolution passed by the shareholders
in an AGM or Extraordinary General Meeting; whichever is the
earlier

And that the breakdown of the aggregate value of the recurrent
related party transactions made during the financial year will
be disclosed in the Company's Annual Report based on the
following information:

(a) The type of the recurrent related party transactions made;
and

(b) The names of the related parties involved in each type of
the recurrent related party transactions made and their
relationship with the Company." (Ordinary Resolution 7)


MAGNUM CORPORATION: Rejects Proposal to Hire Another Director
-------------------------------------------------------------
Magnum Corporation Berhad advised Bursa Malaysia Securities
Berhad that at the AGM held Wednesday, shareholders of the
company have approved nine (9) out of ten (10) resolutions set
out in the Notice of AGM dated 6 June 2005.

The summary is as follows:

(1) Adoption of the audited accounts for the year ended December
31, 2004 and the Reports of the Directors and Auditors thereon.

(2) Approval of the final dividend of 12% less income tax, in
respect of the year ended December 31, 2004.

(3) Approval of the directors' fees of MYR350,000 in respect of
the year ended December 31, 2004.

(4) Re-election of Dato' Tham Ka Hon as a director of the
Company.

(5) Re-election of Datuk Henry Chin Poy Wu as a director of the
Company.

(6) Re-appointment of Messrs Ernst & Young as auditors and
authority for the directors to fix their remuneration.

(7) Authority for allotment and issue of shares pursuant to
Section 132D of the Companies Act, 1965.

(8) Renewal of shareholders' approval for proposed share buy-
back.

(9) Shareholders' mandate for recurrent related party
transactions of revenue or trading nature.

The company also informed the bourse that the ordinary
resolution pertaining to the proposed appointment of an
additional independent director was not approved by shareholders
at the AGM.

This announcement is dated 29 June 2005.


MAXIS COMMUNICATIONS: Bourse to List 134,00 Additional Shares
-------------------------------------------------------------
Maxis Communications Berhad disclosed that its additional
134,000 new ordinary shares of MYR0.10 each issued pursuant to
the Employee Share Option Scheme will be granted listing and
quotation with effect from 9:00 a.m., Monday, July 4, 2005.

CONTACT:

Maxis Communications Bhd
Level 18, Menara Maxis
Kuala Lumpur City Centre
Off Jalan Ampang
50088 Kuala Lumpur
Malaysia
Phone: 03-23307000
Fax:   03-2330059


NAUTICALINK BERHAD: Exits Restructuring Program
-----------------------------------------------
Nauticalink Berhad issued to Bursa Malaysia Securities Berhad
the following announcement:

(1) Delisting of Nautica

(2) Admission of Kosmo Technology Industrial Berhad (KOSMO) to
the official list in place of Nautica.

Scheme of arrangement between Nautica, its shareholders and
KOSMO for the following proposals:

Acquisitions by Kosmo Technology Industrial Berhad (KOSMO)
(formerly known as Orion Unggul Sdn Bhd) of:

(i) 5,300,000 ordinary shares of MYR1.00 each in Hexariang Sdn
Bhd (Hexariang), representing the entire issued and paid-up
share capital of Hexariang from Kosmo Seraya Sdn Bhd (KSSB) for
a purchase consideration of MYR100,000,000 to be satisfied via
the issuance of 100,000,000 new ordinary shares of MYR1.00 each
in KOSMO (KOSMO Shares) to be issued at par [Acquisition of
Hexariang Shares]; and

(ii) MYR3,400,000 nominal value of 7% 5-year Convertible
Redeemable Guaranteed Loan Stocks in Hexariang (Loan Stocks)
from Perbadanan Nasional Berhad for a purchase consideration of
MYR3,400,000 to be satisfied via the issuance of 3,400,000 new
KOSMO Shares to be issued at par and the subsequent cancellation
of the Loan Stocks [Acquisition of Hexariang Loan Stocks];

(Collectively referred to as the Acquisition of Hexariang)

Acquisition of a parcel of 99-year leasehold industrial land
measuring approximately 87,120 square feet together with an
office cum warehouse (Property) erected thereon located at No.
1839, Jalan Gergaji 15/14, 40200 Shah Alam, Selangor by
Nagatrend Plastic Sdn Bhd, a wholly owned subsidiary of
Hexariang, from Manis Resort Sdn Bhd for a purchase
consideration of MYR7,500,000 to be satisfied via the issuance
of 7,500,000 new KOSMO Shares to be issued at par (Acquisition
of Property);

Settlement of debts owing to the Scheme Creditors of Nautica
amounting to approximately MYR45.47 million based on the cut-off
date as at December 31, 2002, by way of a scheme of arrangement
pursuant to Section 176 of the Companies Act, 1965 (Act) vide
the issuance of MYR8,396,618 nominal value of 2% 3-year
Irredeemable Convertible Unsecured Loan Stocks (ICULS) by KOSMO
[Debt Restructuring];

Share exchange pursuant to a scheme of arrangement under Section
176 of the Act whereby the entire existing issued and paid-up
share capital of Nautica of MYR19,999,000 comprising 19,999,000
ordinary shares of MYR1.00 each in Nautica (Nautica Shares) will
be exchanged with 1,999,900 new KOSMO Shares on the basis of one
(1) new KOSMO Share for every ten (10) existing Nautica Shares
(Share Exchange);

Private placement of:

(i) 8,000,000 new KOSMO Shares by KOSMO at an issue price of
RM1.00 per share; and

(ii) New KOSMO Shares by KSSB, to meet the public shareholding
spread requirement; (Placement);

De-listing of Nautica from the Official List of the Second Board
of Bursa Malaysia Securities Berhad (formerly known as Malaysia
Securities Exchange Berhad) (Bursa Securities) and the transfer
of the listing status of Nautica to KOSMO and the listing of and
quotation for the entire enlarged issued and paid-up share
capital of KOSMO on the Second Board of Bursa Securities.

(hereinafter referred to as the Restructuring Scheme)

Nautica has regularized its financial condition pursuant to
Practice Note 4/2001 (PN4/2001) due to the completion of the
Restructuring Scheme.

As part of the scheme, Nautica will be de-listed from the
Official List of the Second Board of Bursa Securities and KOSMO
will be admitted to the Official List of the Second Board of
Bursa Securities in place of Nautica with effect from 9:00 a.m.,
Thursday, June 30, 2005. Therefore, Nautica is no longer
required to comply with the obligations under PN4/2001.

Kindly be advised that, following the completion of the
Restructuring Scheme, KOSMO's:

(A) Entire issued and paid-up share capital of MYR120,899,902
comprising 120,899,902 ordinary shares of MYR1.00 each issued as
follows:

(i) 2 existing KOSMO Shares;

(ii) 1,999,900 new KOSMO Shares issued pursuant to the Share
Exchange;

(iii) 103,400,000 new KOSMO Shares issued pursuant to the
Acquisition of Hexariang as follows:

(a) 100,000,000 new KOSMO Shares issued pursuant to the
Acquisition of Hexariang Shares; and

(b) 3,400,000 new KOSMO Shares issued pursuant to the
Acquisition of Hexariang Loan Stocks.

(iv) 7,500,000 new KOSMO Shares issued pursuant to the
Acquisition of Property;

(v) 8,000,000 new KOSMO Shares issued pursuant to the Placement;
and

(B) MYR8,396,618 nominal value of 2% 3-year irredeemable
convertible unsecured loan stocks (ICULS) issued pursuant to the
Debt Restructuring will be admitted to the Official List of
Bursa Securities in place of Nautica, and the listing and
quotation of:

(aa) KOSMO Shares on the Second Board under the Industrial
Products sector; and

(bb) KOSMO ICULS on the Second Board under the Loans sector will
be granted with effect from 9:00 a.m., Thursday, June 30, 2005,
on a Ready basis pursuant to the Rules of Bursa Securities.

The Stock Short Name, ISIN Code and Stock Number of the KOSMO
ordinary shares are KOSMO, MYL9636OO001 and 9636 respectively.

The Stock Short Name, ISIN Code and Stock Number of the KOSMO
ICULS are KOSMO-LA, MYL9636LAI62 and 9636LA respectively.

The reference price for KOSMO's ordinary shares is RM1.00 and
the trading limit will be 500%.

The company advised that the KOSMO ordinary shares and ICULS are
prescribed securities. Dealings in the aforesaid securities
shall be carried out in accordance with Securities Industry
(Central Depositories) Act, 1991 and the Rules of Bursa Malaysia
Depository Sdn Bhd.

The Company also reminds that only free securities can be
utilized for settlement of trades involving the aforesaid
securities.

Please refer to Nautica's announcement dated June 24, 2005 for
the salient features of the KOSMO ICULS.

CONTACT:

Nauticalink Berhad
8th Flr, Tower Block
Plaza Pekeliling
2, Jln Tun Razak
50400 Kuala Lumpur
Malaysia
Phone: 03-40431005
Fax:   03-40431058


SBBS CONSORTIUM: Fails to Repay Lenders, Default Ensues
-------------------------------------------------------
In accordance with PN1/2001, the Board of Directors of SBBS
Consortium Berhad informed Bursa Malaysia Securities Berhad that
the Company and a former subsidiary, Wood Culture Sdn Bhd
(WCSB), have defaulted in banking facilities repayment to
lenders.

Details of Default

(1) Credit facilities claimed by RHB Bank Berhad of MYR6.91
million, of which various demands have been made.

(2) Credit facilities claimed by Bumiputra-Commerce Bank Berhad
(BCB) of RM36.63 million, of which various demands have been
made. BCB is a debenture holder and is empowered to appoint a
receiver and/or manager over the fixed and floating assets of
the Company.

(3) Credit facilities claimed by AmBank Berhad of MYR2.09
million, of which various demands have been made.

4. Pursuant to a corporate guarantee given by SBBS to its former
subsidiary, WCSB, Southern Bank Berhad has made a demand against
the Company on its debt of MYR200,511, of which judgment has
since been obtained.

(5) A winding up petition was served on the Company on May 17,
2005 by Alliance Bank Malaysia Berhad for its judgment debt of
MYR860,718.75.

(6) Bank Islam Malaysia Berhad has obtained a judgment over its
claim of MYR1.87 million against the Company.

Reasons for Default

Due to the inability to service its loan facilities, the Company
had entered into various negotiations with its bank creditors,
and in order to ensure that these creditors are treated on a a
pari passu basis, the Company had ceased making repayments to
its bank creditors on an ad-hoc basis. As a consequence of this
treatment, its bank creditors have taken various measures to
recover their outstanding loans. Negotiations between the
Company and its bank creditors are nonetheless, still
continuing.

Measures Taken to Address Default

The Company is presently considering various sources of new
business and funds to address its financial position, and had on
June 24, 2005 appointed Covenant Equity Consulting Sdn Bhd to
advise on its options.


SBBS CONSORTIUM: All Resolutions Get Shareholders' Nod
-----------------------------------------------------
The Board of Directors of SBBS Consortium Berhad issued to Bursa
Malaysia Securities Berhad an announcement that all resolutions
proposed at the Twenty-Sixth Annual General Meeting held on June
29, 2005 were duly passed by the shareholders of the Company.


SETEGAP BERHAD: Court Extends Meeting Date
------------------------------------------
Further to the announcement dated March 17, 2005, the Board of
Directors of Setegap Berhad informed Bursa Malaysia Securities
Berhad that the High Court of Malaya, Kuala Lumpur on June 29,
2005 has granted an extension up to August 10, 2005 in respect
of the Restraining Order as well as the Order for convening of
the Creditors' meeting and the Shareholders' meeting to approve
the Proposed Restructuring Scheme.

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


SRIWANI HOLDINGS: Adds New Shares for Listing
---------------------------------------------
Sriwani Holdings Berhad advised that the company's additional
15,000 new ordinary shares of MYR1.00 each arising from the
conversion of 165,000 Irredeemable Convertible Preference Shares
A (2005/2010) of RM0.10 Each into 15,000 New Ordinary Shares
will be granted listing and quotation with effect from 9:00
a.m., Monday, July 4, 2005.

CONTACT:

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




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

ABS-CBN BROADCASTING: Manuel Lopez Steps Down as Director
---------------------------------------------------------
Mr. Manuel M. Lopez resigned as a director of ABS-CBN
Broadcasting Corporation. The Board of Directors elected Ms.
Emily S. Abrera as director to fill the vacancy left by Mr.
Manuel M. Lopez's resignation.

Mr. Abrera was the Chairperson of McCann Erickson Philippines,
Inc. from January 1999 top March 2004 and was named its
President/Chief Executive Officer in January 1992. She occupied
key positions in the Advertising Board of the Philippines. She
is a founding member of the Women's Business Council and is an
adviser of the De La Salle University Graduate School of
Business.

The Board of Directors also approved the amendments to the by-
laws of the corporation to include provisions that would
disqualify persons in competing or antagonistic business from
becoming a director.

CONTACT:

ABS-CBN Broadcasting Corp
Mother Ignacia St
Corner Sgt
Quezon City 1100
Philippines
Phone:  2 924 4101
Fax:  2 921 5888
Web site: http://www.abs-cbnnews.com/


ABS-CBN BROADCASTING: Pares Listed PDRs
---------------------------------------
ABS-CBN Broadcasting Corp. on Friday reduced by 80,000 the
number of listed Philippine Depository Receipts, according to
Dow Jones Newswires. The loss-making network made the move after
shareholders, owning an equal number of PDRs, exercised their
right to convert them into common shares of the Philippines'
largest media broadcasting network.

The reduction will bring ABS-CBN's total listed PDRs to 268.4
million.

About the Company

ABS-CBN Broadcasting Corporation (ABS) is the largest integrated
media and entertainment company in Philippines. It traces its
roots from Bolinao Electronic Corporation (BEC), which was
established in 1946 as an assembler of radio transmitting
equipment. In 1952, BEC changed its corporate name to Alto
Broadcasting Corporation (ABC). On 24 September 1956, the Lopez-
owned Chronicle Broadcasting Network (CBN) was organized and
acquired ABC a year later. On 01 February 1967, the corporate
name was changed to ABS-CBN Broadcasting Corporation.

ABS ceased operations with the imposition of martial law in
September 1972 as the government took over the Company's studios
and equipment. The Company resumed commercial operations in
February 1986 during the height of the EDSA revolution. It went
public on 08 July 1992.

Its broadcasting operations cover the production of television
and radio programs that serve its target audience's needs for
news, information and entertainment, and public service. Its
Congressional Franchise was renewed for another 25 years on 30
March 1995 to allow the Company to continue operating its
television and radio stations.


MANILA ELECTRIC: Aims to Boost Lifeline Rates
---------------------------------------------
Manila Electric Company (Meralco) is set to file today before
the Energy Regulation Commission (ERC) its modified lifeline
rates for approval, BusinessWorld reports.

Meralco vice-president and utility economics head Ivanna G. dela
Pena explained the new rates would give bigger discounts to poor
consumers to protect them from the impact of the value-added tax
(VAT).

However, she clarified that the customers' bill will still
reflect the VAT, but they will enjoy an expanded lifeline rate
supporting the equivalent VAT he will be paying.

The VAT, in turn, will be subsidized by those consuming more
than 1,000 kilowatt-hours per month. No other calculations are
available.

CONTACT:

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


NATIONAL POWER: Set to Slash Off-grid Subsidies
-----------------------------------------------
National Power Corporation (Napocor) has mapped out a scheme
that would cut losses in off-grid areas by as much as Php2
billion, BusinessWorld reports. The plan is intended to reduce
the subsidies to off-grid islands and reallocate these to remote
areas.

The measures include raising Small Power Utilities Group (SPUG)
rates in Luzon islands to Php5.64 per kilowatthour (kwh) from
Php3.74 per kwh; eliminating wastes and increasing the
efficiency of the SPUG; and the first wave privatization of SPUG
operations in 14 islands.



State-run Napocor believes that losses from subsidizing the off-
grid islands, of about Php3 billion a year, must be reduced so
as not to add to the burden of electric consumers.

The firm, through the SPUG, produces power at an average cost of
Php10 per kwh but sells these to rural electric cooperatives at
only Php3.74 per kwh in Luzon, Php5.64 per kwh in the Visayas,
and Php4.80 per kwh in Mindanao.

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/


NATIONAL TRANSMISSION: Pays Php101.6 Mln for Subic Substation
-------------------------------------------------------------
A subsidiary of Aboitiz Equity Ventures has acquired National
Transmission Corp.'s (Transco) substation at the economic zone
of the Subic Bay Metropolitan Authority in Zambales, The
Philippine Star says.

Transco said it sold the substation to Subic Enerzone Corp.
(SEZC) for Php101.6 million.

The sale contract, signed by Transco president Alan Ortiz and
SEZC president Jaime Jose Y. Abotitiz, completes the Aboitiz
group's acquisition of Transco's subtransmission assets in the
economic zone.

Mr. Ortiz said the 181-hectare central business district at the
Subic Bay Freeport will benefit from the service improvements
expected from the deal.

As in the 15 earlier lease-purchase contracts signed by TRANSCO,
the Energy Regulatory Commission, however, has yet to approve
the deal with SEZC.

CONTACT:

National Transmission Corporation
Power Center BIR Road, cor. Quezon Avenue
Diliman, Quezon City
Telephone: (02) 9812100
Web site: https://www.transco.ph



PHILIPPINE REALTY: Seeks Debt Reduction to Php900 Mln
-----------------------------------------------------
Debt-saddled Philippine Realty & Holdings Corp. (Philrealty) is
confident the implementation of a court-approved rehabilitation
plan will help it reduce its liabilities from Php2.2 billion to
Php900 million, according to The Manila Standard.

The real estate developer is banking on its biggest creditor
Metropolitan Bank & Trust Co.'s (Metrobank) approval of the
revival program. Of the company's total outstanding debt, over
Php1 billion is from Metrobank.

Unfortunately, Metrobank and another lender, Prudential Bank,
snubbed the court-approved rehabilitation plan because of
valuation problems.

Earlier, Metrobank and Philrealty clashed on the mode of
repayment, since the bank had insisted on a full debt
restructuring, while Philrealty proposed a full dacion en pago
of its obligations.  

So far, only Equitable PCI Bank and Export Industry Bank have
agreed to the rehabilitation plan.  

CONTACT:

Andrea North Complex
Balete Drive corner N. Domingo St.
New Manila , Quezon City
Satellite Office Address:
33/F, East Tower
Philippine Stock Exchange Center
Exchange Rd., Ortigas Center, Pasig City
Phone No/s:  631-3179/8579/8580; 636-7550/7551
E-mail Address:  philrltv@info.com.ph


PLATINUM PLANS: Watchdog Poised to Take Over Management
-------------------------------------------------------
The Securities and Exchange Commission is considering a
management takeover of Platinum Plans Inc. to settle the pre-
need firm's trust fund shortfall, The Philippine Daily Inquirer
reports. The regulator is studying a possible takeover after it
has received many complaints for delayed payments of the pre-
need's policies.

But Platinum Plans insisted the report delays have been
addressed after it made advanced payments to planholders.

An SEC official said that Platinum Plans may opt to seek
approval of a proposed rehabilitation plan from local courts to
solve its cash woes.

Platinum Plans was severely hurt by the overall weakness in the
pre-need industry following troubles at College Assurance Plan
Philippines and Pacific Plans Inc. Its dealer's license has been
suspended this year.

CONTACT:

PLATINUM PLANS PHILIPPINES INC.
10/F The World Center
330 Sen. Gil Puyat Avenue
Makati City
E-mail: els@platinumplans.com


RB CONSOLACION: Final Liquidation Proceedings Due Soon
------------------------------------------------------
Please take notice that on July 8, 2005 at 8:30 a.m., the
Philippine Deposit Insurance Corporation (PDIC), as Liquidator
of the closed RURAL BANK OF CONSOLACION (CEBU), INC., will
submit the Final Project of Distribution of the Assets of the
said bank for approval of the Liquidation Court (Regional Trial
Court - Branch 28 of Mandaue, Cebu City, Sp. Proc. No. 135-MAN
(530).

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/  


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

CAPITALAND LIMITED: Unit Incorporates Two Subsidiaries
------------------------------------------------------
Capitaland Limited announced that its unit, Raffles Holdings
Limited, has incorporated two new subsidiaries, namely Raffles
Company (Europe) Pte. Ltd. and Gestitrade Barcelona, S.L.

For further details on the announcement, go to:

http://bankrupt.com/misc/tcrap_capitaland070105.pdf

CONTACT:

CapitaLand Limited
168 Robinson Road #30-01
Capital Tower
Singapore 068912
Phone: 65 68233200  
Fax:   65 68202202  
Web site: http://www.capitaland.com


CHINA AVIATION: Forms Assessment Committee
------------------------------------------
Singapore-based oil firm China Aviation Oil (CAO) formed a
Corporate Governance Assessment Committee composed of five
members, in order to improve management and strengthen corporate
governance, Channel News Asia reports.

The committee's aim is to advise the Company's board of
directors with respect to corporate governance, management
structure and systems for future plans. This would enable the
Company to implement its scheme of arrangement successfully.

The committee has been given three months to review and suggest
recommendations on how to improve CAO's risk management systems,
and boost its corporate governance. Once the committee has
completed its task, it would be dissolved. CAO's external
advisers, Deloitte & Touche and Rajah & Tann will assist the
committee in carrying out its tasks.

To view a copy of the Company's report, click on:
http://bankrupt.com/misc/tcrap_chinaaviation070105.doc

CONTACT:

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


PENTON INTERNATIONAL: Bounces Back to Black in 2004
---------------------------------------------------
Penton International Limited disclosed its financial statement
for the financial year 2004 to the Singapore Stock Exchange.
The Company posted a net profit of SGD4,163,450 in 2004, a huge
turnaround from the previous year's net loss (2003) of SGD1.68
million.

To view the Company's financial statement, go to:
http://bankrupt.com/misc/tcrap_pentonint070105.pdf


TONG HUP: Judicial Manager Files for Winding Up
-----------------------------------------------
Notice is hereby given that a Petition for the winding up of
Tong Hup Seng Construction Company Pte Ltd by the High Court was
on June 17, 2005 presented by Tay Swee Sze care of 30 Robinson
Road, #04-01 Robinson Towers, Singapore 048546, the judicial
manager of the Company.

The Petition is directed to be heard before the High Court
sitting on July 8, 2005, 10:00 a.m.

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

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

The Petitioner's address is care of 30 Robinson Road, #04-01
Robinson Towers, Singapore 048546.

The Petitioner's solicitors are Messrs Hee Theng Fong & Co. of 7
Temasek Boulevard, #13-02 Suntec Tower 1, Singapore 038987.

Dated 24th day of June 2005

Messrs Hee Theng Fong & Co
Solicitors for the Petitioner

Note:

Any person who intends to appear on the hearing of the Petition
must serve on or send by post to solicitors Messrs Hee Theng
Fong & Co., notice in writing of his intention to do so. The
notice must state the name and address of the person, or, if a
firm, the name and address of the firm, and must be signed by
the person firm, or his or their solicitors (if any) and must be
served, or, if posted, must be sent by post in sufficient time
to reach the solicitors not later than 12:00 p.m. of July 7,
2005 (the day before the date appointed for the hearing of the
Petition.


UNITED FIBER: Obtains More Funding From Cornell Capital
-------------------------------------------------------
United Fiber System Ltd (UFS) announces that the Company and
Cornell Capital Partners Offshore LP have entered into a letter
of intent (the Equity Line LOI) to increase the existing Equity
Line of Credit facility. Pursuant to the terms of the Equity
Line LOI and subject to agreement, the Equity Line of Credit
Agreement (ELCA) announced by the Company on Dec. 7 and Dec. 23,
2004 will be amended as follows:

1. The equity line of credit will be increased from the current
SGD40 million to SGD165 million; and

2. The maximum amount for each advance will be increased from
SGD1.2 million to SGD5 million.

In addition, the Company and Cornell have also entered into a
letter of intent, whereby Cornell shall agree to subscribe to a
Loan Note of SGD50,000,000 from the Company, subject to terms
and conditions. The Series Three Loan Note is repayable within
270 days, either by way of cash or from drawdowns pursuant to
the Increased Equity Line, at the option of the Company.

If the Company opts to repay the Series Three Loan Note via
drawdowns pursuant to the Increased Equity Line, the Company
will continue to use the existing Securities Lending arrangement
with Tektronix Industries Limited, a controlling shareholder of
the Company, to expedite the settlement of shares. Tektronix
will not receive any financial benefit, directly or indirectly,
from such arrangement.

The proceeds from the above financing are to be used for
proposed acquisition activities and general corporate purposes
of the Group.

Both the Increased Equity Line and the Series Three Loan Note
will be subject to the execution of definitive agreements and
the fulfillment of certain conditions precedent, including
obtaining the approval by the Singapore Exchange Securities
Trading Limited (the SGX-ST) for the listing and quotation of
the new shares under the Increased Equity Line.

By Order of the Board
Kishore Dass
Chief Executive Officer
June 30, 2005

CONTACT:

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


WING TAI: Unit Divests of Park Mall Property
--------------------------------------------
Wing Tai Holdings Limited announced that Wingain Investment Pte
Ltd (Wingain), a 66.67% owned subsidiary of the Company, entered
into a transaction for the sale of its property known as Park
Mall, 9 Penang Road, Singapore to HSBC Institutional Trust
Services (Singapore) Limited as trustee of Suntec REIT.

The Property is sold at market value of SGD230 million, which is
also the book value. The sale price was arrived on a willing-
buyer willing-seller basis and is to be satisfied in cash on
completion. The sale proceeds will be used to repay bank
borrowings on the Property, and to create general working
capital for the Company. The property disposal is in line with
the Company's effort to rationalize its property portfolio at
the opportune time.

The disposal is not expected to affect the Company's
consolidated net tangible assets and earnings per share.

BY ORDER OF THE BOARD
Gabrielle Tan
Company Secretary

CONTACT:

Wing Tai Holdings Limited  
107 Tampines Road  
Singapore 535129
Phone: 65 62809111  
Fax:   65 63838940  
Web site: http://www.wingtaiasia.com.sg
   

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

KRUNG THAI: Offloads Non-Performing Loans to AMC
------------------------------------------------
Krung Thai Bank Public Company Limited issued to the Stock
Exchange of Thailand the details on the sale of its non-
performing loans. Krung Thai Bank PCL. made an agreement to sell
its non-performing loans (NPLs) of THB15,595 million to the
Asset Management Corporation (AMC) in the accounting period of
June 2005 by having agreed to sell them at an average price of
approximately 41 percent of the book value.

The debtors sold were those with complicated repayment problems.  
Some debts had been restructured for several years but the
debtors were unable to comply with the terms and conditions in
the debt restructuring agreement.

However, the Bank has fully provisioned for bad debt.  In
selling such non-performing loans (NPLs), the Bank made an
arrangement for the interested buyers to quote their prices and
selected those who gave the best prices.

Please be informed accordingly.

Yours sincerely,
Krung Thai Bank Public Company Limited
Mr. Somgiat Sangsurane
Secretary to The Board of Directors

CONTACT:

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

PACIFIC ASSETS: SET Requires More Clarification on Transaction
--------------------------------------------------------------
The Stock Exchange of Thailand (SET) required Pacific Assets
Public Company Limited (PA) to issue a second clarification on
the transaction with Natural Park Public Company Limited. The
SET still wants to clarify some issues that required PA to
disclose additional information.

(1) PA has decided to sell Le Royal Meridien Baan Taling Ngam
and Le Royal Meridien Phuket Yacht Club since the interested
investor have set a condition to purchase Pantip Court Executive
Residence, One Pacific Place and Two Pacific Place only if PA
sell them with those hotels.

The hotel business is the core business of PA and main assets
that generate main revenues are Le Royal Meridien Baan Taling
Ngam and Le Royal Meridien Phuket Yacht Club.

Refer to the disclosed information, the condition in selling
these assets are independent and not dependent on the purchase
of the assets from N-PARK.

(1.1) Has the board of directors of PA considered other reasons
in the sale of the 2 hotels besides the profit gained from the
sale and the above conditions?

(1.2) Are there any secondary plans if N-PARK will not sell the
assets to PA and PA has already sold 2 hotels? If PA encounters
problems with the business, would it affect PA's financial
status and performance? and how?

(2) PA entered into an Engagement letter in the buy and sale of
assets of PA with Lehman Brothers (Thailand) Co. Ltd. which is
considered to be the Arranger or otherwise purchaser by
depositing 3 million US dollars or around THB120 million in the
ESCROW account.

(2.1) In the case that Lehman Brothers (Thailand) Co. Ltd. is
considered to be the Arranger, the SET requires the company to
clarify the details of the real investors and to identify
whether they are connected persons as stated by the notification
of the SET regarding the disclosure of information and other act
of listed company concerning the connected transaction,
including any person that perform as the representative or under
the control of the connected persons.

Should there be any confirmation indicating that it is connected
transaction, the SET will deem that PA violates the SET's
regulations and the SET will take action strictly.

(2.2) Please provide the detail of the process and the period in
which the company has entered into the engagement and the
deposit of the money in the ESCROW account, including the
principle and content in MOU especially in the part related to
the depository such as condition of depository, the return and
the expropriate of the deposited money.

(3) Lehman Brothers (Thailand) Co. Ltd. will conduct the due
diligence only after getting the shareholders' approval for the
sale of those assets.  

Their reason for such is that the expenses for Due Diligence is
quite high which Lehman Brothers (Thailand) Co. Ltd. could not
bear such cost incurred while there is still uncertainty whether
shareholders will grant an approval or not.

It is therefore necessary for PA to have a Shareholders' Meeting
to get an approval before proceeding with the Due Diligence.

(3.1) If the Extraordinary Shareholder's Meeting of PA has
approved to sell the assets, please provide the timeline of the
process of Due Diligence, the transfer of assets and the
receiving of the remaining cash.

(3.2) If the Extraordinary shareholder's Meeting of PA has
already approved to sell the assets and Lehman Brothers
(Thailand) Co. Ltd rejected to purchase the assets.
Will PA still purchase the assets from N-PARK?  Where would PA
get the funds to use for purchasing the assets since the source
of fund for purchasing the assets is the fund PA gets from the
sale of assets to Lehman Brothers (Thailand) Co. Ltd.

(4) Has the assets, purchased from N-PARK, be a collateral
securities for any loan? How are they, Do the book value price
offer to purchase the assets include the contingent?

If the asset has been a collateral securities, How will PA
manage this contingent?

(5) Since PA is the asset purchaser of N-PARK, PA has to do the
due diligence like Lehman Brothers (Thailand) Co. Ltd. has done,
thus, the SET requires PA to submit the due diligence report to
shareholders to supplement the material for consideration of
this transaction.

The SET requires PA to clarify more information within July 4,
2005 and SET still posts SP sign on its securities.

CONTACT:

Pacific Assets Public Company Limited   
Two Pacific Place, Floor 23,
142 Sukhumvit Road,
Khlong Toei, Bangkok  
Telephone: 0-2254-9900   
Fax: 0-2254-9909, 0-2254-9287






                            *********


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

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