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        T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

             Wednesday, July 6, 2005, Vol. 8, No. 132

                            Headlines


A U S T R A L I A

ANDREW WOODS: To Declare Dividend Next Month
AUSTRALIAN GAS: Seals PNG Gas Equity Agreement
AUSTRALIAN GAS: Moody's Affirms A2 Senior Unsecured Rating
BNS TRANSPORT: Members Opt for Voluntary Liquidation
BUCKET OF CLAY: Members Pass Wind-up Resolution

CAPRICE CONSULTANTS: Posts Winding Up Notice
FASTCHARGE PTY: Placed Under Voluntary Liquidation
GALDOR PTY: Appoints Official Liquidators
HIH INSURANCE: Federal Gov't Urged to Renew Underwriting Deal
J.A. LAWSON: Supreme Court Orders Winding Up

JAD PROPERTIES: Set to Close Operations
KNIGHTS INSOLVENCY: To Pursue Final Claim Against Ex-exec
M.K.P.C. PTY: Creditors, Members Set to Hear Liquidators' Report
NEW EXPRESS: To Pay Dividend to Priority Employee Creditors
NOIR INVESTMENTS: Names G.M. Rambaldi Liquidator

OLDFIELD & GREEN: To Undergo Voluntary Liquidation
PAK AUSTRALIA: Creditors Elect to Wind Up Firm
P&M SMITH: Wind Up Process Initiated
RAY HOLDINGS: Details Agenda of Final Meeting
RM RESOURCE: Intends to Pay Dividend Next Week

R&M EDDY: Begins Winding Up Proceedings
ROYAL COMMONWEALTH: Members Decide to Liquidate Ops
SANTOS LIMITED: To Boost Production Via Tipperary Purchase
SYDNEY GAS: Knight Rethinks Strategy
TROY WHITE: Special Wind-up Resolution Duly Passed

VICTORIAN RAIL: To Hold Final Meeting July 13
* ASIC Bans NSW Director for Two Years


C H I N A  &  H O N G  K O N G

ADVANCED INK: Winding Up Hearing Slated for July 27
BANK OF COMMUNICATIONS: Eligible for Short Selling Friday
BEST CYCLE: Enters Winding Up Process
BESTEEL INDUSTRIES: Begins Liquidation Proceedings
BILLION RISE: Court Issues Winding Up Order

CARGO SERVICES: Creditors' Proofs of Debt Due July 15
CHEERFUL LEGEND: Undergoing Wind-up Process
CHINA CONSTRUCTION: Ties Up with Singaporean Firm
DYNASTY INBOUND: Winding Up Process Initiated
HIGH RANK: Winds Up Operations

INDUSTRIAL AND COMMERCIAL: Likely to Do Business with CSFB
INTERCHINA HOLDINGS: FY/2005 Net Loss Widens to HK$69 Mln
KEEN FAMOUS: Receives Winding Up Notice
SMART STEPS: Placed Under Liquidation
SYLINE COMPANY: Court Issues Winding Up Order

TOP REGION: Court to Hear Wind-up Petition August 10


I N D O N E S I A

BARITO PACIFIC: Production Falls 27% in Q1/FY2005
GARUDA INDONESIA: Expects Losses to Skyrocket
PERTAMINA: Asks Customers to Reduce Fuel Consumption
PERTAMINA: Delays IDR5.44-Trillion Loan Plan


J A P A N

ASHIKAGA FINANCIAL: Yields Recovery for Preferred Stock Holders
HITACHI LIMITED: Sets Up Unit to Steer Plasma Patents
MITSUBISHI MOTORS: Canada Unveils June 2005 Sales
MIYANO MACHINERY: IRCJ OKs Revitalization Plan
SANYO ELECTRIC: Warns of Mass Layoffs in Next Three Years

SANYO ELECTRIC: Aims to Triple Sales of Digicams This Year
SANYO ELECTRIC: Mulls US$20-Mln Investment in Indonesian Unit
SOFTBANK CORPORATION: Shares Up 1.6% Monday
UNIQUE SHOP: Enters Bankruptcy


K O R E A

DAEWOO GROUP: Prosecutors Indict Former Chairman
DAEWOO GROUP: Former Execs Claim Misunderstanding
DAEWOO HEAVY: Doosan Completes Acquisition


M A L A Y S I A

EKRAN BERHAD: Issues Default in Payment Update
HONG LEONG: Wraps Up Disposal of MPI Polyester
HONG LEONG: Places Unit in Voluntary Winding Up
I-BERHAD: Purchases 9,000 Shares on Buy Back
KUMPULAN EMAS: Trims Down Losses to MYR2,848,000

MTD CAPITAL: Updates Units' Preliminary Agreement with PNCC
PANTAI HOLDINGS: Repurchases 271,000 Shares
PICA (M) CORPORATION: Authorizes Directors to Issue Shares
SETEGAP BERHAD: Shareholders Pass All AGM Resolutions
TAP RESOURCES: Awaits RCSLS' Response to Proposal

TENCO BERHAD: Inks DRA with Financial Institutions
TIME DOTCOM: Utilization of IPO Proceeds Extended
WEMBLEY INDUSTRIES: Unveils Status of Compliance with SC


P H I L I P P I N E S

CAMP JOHN: Local Officials Challenge Gov't Control of Resort
COLLEGE ASSURANCE: SEC Takeover Hinges on Data Verification
LEPANTO CONSOLIDATED: Ready to Axe 19 Labor Union Leaders
MANILA ELECTRIC: To Include E-Vat in August Bills
NEGROS NAVIGATION: Rehab Does Good for Shipping Firm

PACIFIC ACTIVATED: Secures Fresh Loan to Hasten Rehabilitation
PHILIPPINE REALTY: Settles Export Bank Loan
PHILIPPINE REALTY: Keen on Fort Bonifacio Joint Venture


S I N G A P O R E

EBELIAN HOLDINGS: Members to Hear Liquidator's Report
PENTON INTERNATIONAL: Posts Corrections to Financial Statement
RECREAIDS PTE: Judgment Creditor Seeks Wind Up in Court
SINGER GARMENTS: Pays Preferential Dividend
SPH MEDIAWORKS: Posts Dividend Notice

TEMIC AUTOMOTIVE: Creditors Must Submit Debt Claims By Aug. 1
WING TAI: Unit Receives Tender to Develop Property


T H A I L A N D

SINO-THAI RESOURCES: Director Tenders Resignation
CENTRAL PAPER: Picks SCMB to Monitor Cash
NATURAL PARK: Provides Additional Info on Purchase Offer
PACIFIC ASSETS: Defends Sale of 2 Hotels
THAI PETROCHEMICAL: CITIC Pulls Out from Talks with Shareholders

     -  -  -  -  -  -  -  -

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

ANDREW WOODS: To Declare Dividend Next Month
--------------------------------------------
Andrew Woods Consultants Pty Limited will declare a dividend on
August 5, 2005.

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

Dated this 30th day of May 2005

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


AUSTRALIAN GAS: Seals PNG Gas Equity Agreement
----------------------------------------------
The Australian Gas Light Company (AGL) and Oil Search Limited on
Tuesday announced the conditional acquisition by AGL from Oil
Search of an equity interest of 10 percent of the upstream Papua
New Guinea (PNG) Gas Project. This follows the earlier
announcement by AGL of the entry into a conditional gas supply
agreement with the PNG producers for around 1500 PJ of natural
gas over 20 years.

Commenting on the equity agreement Oil Search Managing Director
Peter Botten said, "We are very pleased to introduce AGL into
the upstream Joint Venture and align the Project's resource
owners with related pipeline and strong gas marketing interests.
Our relationship with AGL will leverage the respective skills of
the two Companies to work to fully evaluate and develop a range
of opportunities for PNG gas over many years to come."

AGL Managing Director Greg Matin said, "AGL welcomes the
opportunity to participate in the upstream PNG Gas Project with
Oil Search. AGL and Oil Search have complementary skills and
knowledge in the upstream and downstream energy sectors and will
use these to bring competitive PNG gas into the Australian
market. AGL will consider other value adding opportunities where
our respective skills can be applied for the benefit of energy
customers."

Both the gas supply and equity agreements are conditional on the
PNG Gas Project reaching financial close. A final investment
decision by the PNG producers is due in the second half of 2006.

CONTACT:

Australian Gas Light Co (The)
Corner Pacific Highway and Walker Street
AGL Centre
North Sydney, New South Wales 2059
Australia
Phone: +61 2 9922 0101
Fax: +61 2 9957 3671
Web site: http://www.agl.com.au/


AUSTRALIAN GAS: Moody's Affirms A2 Senior Unsecured Rating
----------------------------------------------------------
Moody's Investors Service has affirmed the A2 senior unsecured
rating of Australian Gas Light Company (AGL). At the same time,
the outlook on the A2 rating has been changed to negative from
stable.

The rating action follows AGL's announced intention to acquire a
10% strategic stake in a Papua New Guinea gas field for A$400
million. This acquisition is conditional upon a separate PNG Gas
Project proceeding and a commitment to the construction of a gas
pipeline from PNG to Eastern Australia, a decision on which is
expected by the second half of 2006. AGL is a 50% joint-venture
partner in the AGL-Petronas Consortium (APC) -- the preferred
developer of the Australian component of the pipeline project.

Moody's says the change in outlook reflects the greater risk in
AGL's business and financial profiles if the gas field
acquisition and green-field pipeline project proceed. The rating
action also highlights the company's increased appetite for
businesses with risk profiles higher than those of its existing
electricity and gas activities. The company's experience in
these new businesses is further largely untested and could
divert attention and resources away from its existing
activities.

While the strategic reasons for AGL's investments in these
businesses are apparent, the latter also involve some business
and execution risk, and which could over time stress its credit
profile. In this regard, significant capital investments
associated with these investments are likely to become apparent
over the next three years. At the same time, cash in flows would
likely be minor, especially given the green-field nature of the
pipeline.

In respect of the gas field, AGL would be exposed to political
risk as well as some uncertainty on gas reserve levels, although
these fields are currently producing and, as a result, have a
lower risk profile than a non-producing field. The company is
expected to fund this acquisition with debt. Given this expected
increase in debt, its financial metrics would become adversely
impacted.

AGL would also be exposed to pipeline construction risk. The
final construction costs, ownership and funding structures, as
well as risk allocation in respect of the construction risks,
are still to be determined. Moody's expects the company to
retain substantial influence over the economic well-being of the
pipeline, and could potentially support it if necessary, given
the important role it would play in securing future gas
supplies.

Over the next 12 months, Moody's will seek further clarity on
AGL's ownership and funding strategies for the pipeline, its de-
leveraging strategy following the debt-funding of the gas field
acquisition, as well as how the company intends to minimize its
risk exposure to these new activities. If it became apparent
that AGL would assume substantial risk and financing obligations
surrounding pipeline construction, with no meaningful de-
leveraging strategy, then its rating would likely face further
negative rating pressure.

AGL is an integrated electricity and gas company, based in
Australia. It is listed on the Australian Stock Exchange.

Sydney
Clement K. Chong
Asst Vice President - Analyst
Corporate Finance Group
Moody's Investors Service Pty Ltd
612 9270 8100

Sydney
Brian Cahill
Managing Director
Corporate Finance Group
Moody's Investors Service Pty Ltd
612 9270 8100


BNS TRANSPORT: Members Opt for Voluntary Liquidation
----------------------------------------------------
At a general meeting of BNS Transport Pty Limited duly convened
and held on May 20, 2005, the following was resolved:

That the company be wound up voluntarily, and that Kim David
Holbrook of Holbrook & Associates, Chartered Accountants, Level
2, 19 Pier Street, Perth, Western Australia be appointed
Liquidator of the company for purposes of the winding up.

Dated this 20th day of May 2005

Kim D. Holbrook
Liquidator
Holbrook & Associates
Chartered Accountants
Level 2, 19 Pier Street (GPO Box M925)
Perth WA 6001


BUCKET OF CLAY: Members Pass Wind-up Resolution
-----------------------------------------------
Notice is hereby given that at an extraordinary general meeting
of the members of Bucket of Clay Pty Ltd held on May 23, 2005,
it was resolved that the company be wound up voluntarily.

At a meeting of creditors held on the same day pursuant to
Section 497, it was resolved that for such purpose, Richard
Herbert Judson of Judson & Co, Chartered Accountants, Level 1,
10 Park Road, Cheltenham be appointed liquidator.

Dated this 23rd day of May 2005

Richard H. Judson
Liquidator
Judson & Co
Chartered Accountants
Suite 4, Level 1, 10 Park Road
Cheltenham Vic 3192
Phone: 9585 4155


CAPRICE CONSULTANTS: Posts Winding Up Notice
--------------------------------------------
Notice is hereby given that at a Meeting of the Members of
Caprice Consultants Pty Ltd held on May 23, 2005 it was resolved
that the company be wound up voluntarily.

At a creditors' meeting on the same day pursuant to Section 497,
it was resolved that for such purpose, Paul Vartelas, of B. K.
Taylor & Co., 8th Floor, 608 St. Kilda Road, Melbourne be
appointed Liquidator for the winding up process.

Dated this 23rd day of May 2005

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


FASTCHARGE PTY: Placed Under Voluntary Liquidation
--------------------------------------------------
Notice is hereby given that at an extraordinary general meeting
of the members of Fastcharge Pty Ltd held on May 20, 2005, it
was resolved that the company be wound up voluntarily.

At a meeting of creditors held on the same day pursuant to
Section 497, it was resolved that for such purpose, Richard
Herbert Judson of Judson & Co, Chartered Accountants, Level 1,
10 Park Road, Cheltenham be appointed liquidator.

Dated this 20th day of May 2005

Richard H. Judson
Liquidator
Judson & Co
Chartered Accountants
Suite 4, Level 1, 10 Park Road
Cheltenham Vic 3192
Phone: 9585 4155


GALDOR PTY: Appoints Official Liquidators
-----------------------------------------
Notice is hereby given that at an extraordinary general meeting
of members of Galdor Pty Limited held on May 27, 2005, it was
resolved that the company be wound up voluntarily.

At a creditors' meeting held on the same day, Mr. Paul William
Gidley and Mr. Stewart William Free of Lawler Partners,
Chartered Accountants, 763 Hunter Street, Newcastle West 2302
were appointed Joint and Several Liquidators for the winding up.

Dated this 7th day of June 2005

Paul W. Gidley
Stewart W. Free
Joint Liquidators
Lawler Partners
Chartered Accountants
763 Hunter Street
Newcastle West NSW 2302


HIH INSURANCE: Federal Gov't Urged to Renew Underwriting Deal
-------------------------------------------------------------
The New South Wales (NSW) Treasurer warned about the negative
implication of a decision by the Federal Government not to renew
an underwriting agreement for councils affected by the collapse
of HIH Insurance group, ABC News Online reports.

The move by the government could mean that councils could be
exposed to huge outstanding insurance claim costs.

NSW Treasurer Adrew Refshauge said a failure by the Australian
Prudential Regulation Authority (APRA) to report on the
debilitating financial position of HIH means the Federal
Government has a moral obligation to continue the assistance
program.

"They have formally written back to me refusing to continue this
on despite the fact that cases just haven't been finalized as
yet," Mr. Refshauge said.

"Some councils could actually be sent bankrupt if they don't
fulfill their side of the bargain," he insisted.


J.A. LAWSON: Supreme Court Orders Winding Up
--------------------------------------------
On May 23, 2005 the Supreme Court of New South Wales, Equity
Division made an Order that J.A. Lawson Holdings Pty Limited be
wound up by the Court and appointed Steven Nicols to be the
Liquidator for such purpose.

Steven Nicols
Liquidator
Level 2, 350 Kent Street
Sydney NSW 2000


JAD PROPERTIES: Set to Close Operations
---------------------------------------
Notice is hereby given that at a meeting of members of Jad
Properties Pty Limited held on May 27, 2005, it was resolved
that the company be wound up voluntarily, and that Cornelius
Gregory Meehan of 64 Rosstown Road, Carnegie Victoria be
appointed liquidator for the winding up process.

Dated this 27th day of May 2005

Cornelius G. Meehan
Liquidator
64 Rosstown Road
Carnegie, Victoria


KNIGHTS INSOLVENCY: To Pursue Final Claim Against Ex-exec
---------------------------------------------------------
Knights Insolvency Administration Limited on Tuesday provided an
update on the court decision handed down in relation to an
injunction that the Company sought against a former executive
director, Mr. Adrian Duncan.

Injunction Sought

Knights sought an interim injunction from the court to precent
Mr. Duncan dispersing funds received as remuneration as
administrator or liquidator for matters under Mr. Duncan's
control while he was an employee of Knights. Among other things,
knights contended that the moneys so received by Mr. Duncan was
held by him on trust for Knights and its subsidiaries rather
than for his personal benefit.

Decision

His Honor, Justice Nichols dismissed the application for an
interim injunction. The Court held that, while there remains a
serious question for determination at trial as to whether Mr.
Duncan holds these moneys on trust for the Knights Group, there
was at present insufficient evidence to establich that mr.
Duncan proposed to deal with funds received in breach of that
trust.

Knights is considering the judgment and determining what action
is available to it to pursue the claim against Mr. Duncan on a
final basis.

Disclosure

As required by ASX Listing Rule 3.1, Knights will continue to
keep the market informed regarding the above and changes in the
operating and financial position of the Company as and when they
occur. Knights considers that it is in compliance with the
requirements of ASX Listing Rule 3.1.

CONTACT:

Knights Insolvency Administration Ltd
Level 14, Brisbane Club Tower
241 Adelaide Street
Brisbane QLD 4000
Phone: 61-7-3004 3200
Fax: 61-7-3004 3201
Web site: http://www.knights.com.au/


M.K.P.C. PTY: Creditors, Members Set to Hear Liquidators' Report
----------------------------------------------------------------
Notice is hereby given, pursuant to Section 509 of the
Corporations Act, that a final meeting of members and creditors
of M.K.P.C. Pty Limited will be held at the offices of Sleiman &
Co., Certified Practising Accountants Level 8, 65 York Street,
Sydney NSW 2000 on July 28, 2005 at 10:00 a.m. for the purpose
of having an account laid before them, showing the manner in
which the winding up has been conducted and the property of the
company disposed of, and of hearing any explanations that may be
given by the Liquidator.

Dated this 26th day of May 2005

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


NEW EXPRESS: To Pay Dividend to Priority Employee Creditors
-----------------------------------------------------------
Pursuant to Section 556(1) of the Corporations Act, New Express
Foods Pty Limited will declare a First and Final Dividend to
Employee Creditors granted priority, on July 30, 2005.

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

Dated this 30th day of May 2005

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


NOIR INVESTMENTS: Names G.M. Rambaldi Liquidator
------------------------------------------------
Notice is hereby given that at a General Meeting of Members of
Noir Investments Pty Limited duly convened and held at Level 6,
161 Collins Street, Melbourne on May 23, 2005, a Special
Resolution that the company be wound up voluntarily was passed
by members and G.M. Rambaldi was appointed Liquidator for the
wind up.

Dated this 24th day of May 2005

G. M. Rambaldi
Liquidator
Pitcher Partners
Level 6, 161 Collins Street
Melbourne Vic 3000


OLDFIELD & GREEN: To Undergo Voluntary Liquidation
--------------------------------------------------
Notice is hereby given that, at a General Meeting of Members of
Oldfield & Green Pty Limited held on Monday, May 23, 2005, it
was resolved that the company be wound up voluntarily, and that
for such purpose, Henry Kazar of SimsPartners, Chartered
Accountants, 32 Theisiger Court, Deakin, ACT be appointed
Liquidator.

Dated this 27th day of May 2005

Henry Kazar
Liquidator
SimsPartners
Chartered Accountants
32 Theisiger Court
Deakin ACT 2600


PAK AUSTRALIA: Creditors Elect to Wind Up Firm
----------------------------------------------
Notice is hereby given that on May 20, 2005, the following
special resolution was passed:

That Pak Australia 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.

Dated this 20th day of May 2005

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


P&M SMITH: Wind Up Process Initiated
------------------------------------
Notice is given that at a members' meeting of P&M Smith (Vic)
Pty Limited held on May 20, 2005, it was resolved that the
company be wound up voluntarily, and that for such purposes
Richard Gell Mansell of R. G. Mansell & Associates, Level 3, 118
Queen Street, Melbourne be the nominated Liquidator for the
winding up.

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

Dated this 20th day of May 2005

Richard G. Mansell
Liquidator
R. G. Mansell & Associates
Level 3, 118 Queen Street
Melbourne
Phone: 03 9603 0090
Fax:   03 9603 0099


RAY HOLDINGS: Details Agenda of Final Meeting
---------------------------------------------
Notice is given pursuant to Section 509(2) of the Corporations
Act 2001, that a Final Meeting of the Members and Creditors of
Ray Holdings (Queensland) Pty Limited will be held at Ngan & Co,
Level 5, 49 Market Street, Sydney NSW 2000 on Tuesday July 12,
2005 at 10:45 a.m.

AGENDA:

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

(2) To consider any other business brought before the meeting.

Dated this 27th day of May 2005

P. Ngan
Liquidator
Ngan & Co.
Level 5, 49 Market Street
Sydney NSW 2000


RM RESOURCE: Intends to Pay Dividend Next Week
----------------------------------------------
A first dividend is to be declared on July 13, 2005 for RM
Resource Engineering Pty Limited.

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

Dated this 20th day of May 2005

Lachlan Mcintosh
Liquidator
KordaMentha (Qld)
22 Market Street
Brisbane Qld 4000
Phone (07) 3225 4900
Fax:  (07) 3225 4999


R&M EDDY: Begins Winding Up Proceedings
---------------------------------------
Notice is given that at an extraordinary general meeting of the
members of R&M Eddy Pty Ltd held on May 23, 2005, it was
resolved that the company be wound up voluntarily, and that
Andrew Leonard Dunner, Chartered Accountant, 23 Erin Street,
Richmond Victoria 3121 be appointed liquidator of the company
for the purposes of the winding up.

Dated this 23rd day of May 2005

Andrew L. Dunner
Liquidator
Andrew Dunner & Associates
23 Erin Street, Richmond Vic 3121
Phone: (03) 9428 1888


ROYAL COMMONWEALTH: Members Decide to Liquidate Ops
---------------------------------------------------
Notice is hereby given that at a general meeting of the members
of Royal Commonwealth Society Geelong, Inc. held on May 24,
2005, it was resolved that the association be wound up
voluntarily, and that for such purpose, Russell Graeme Peake,
Chartered Accountant and Registered Liquidator of Jenkins Peake
& Co, 1st Floor, Lexen Building, 200 Malop Street, Geelong,
3220, be appointed Liquidator for the winding up.

Dated this 26th day of May 2005

Russell G. Peake
Liquidator
Jenkins Peake & Co.
Chartered Accountants
PO Box 1570, Geelong 3220
Phone: (03) 5223 1000
Fax:   (03) 5221 4938


SANTOS LIMITED: To Boost Production Via Tipperary Purchase
----------------------------------------------------------
Santos Limited has paid around AU$612 million for a majority
stake in a large Queensland gas field from its U.S. owners,
according to The Advertiser.

The purchase of the loss-making U.S.-listed company, Tipperary
Corp., provides Santos with a 75-percent share in the Fairview
field, one of the largest high-quality coal-seam methane fields
in Australia.

Santos said Fairview field was one of the largest CSM assets in
Australia, with field properties similar to those found in the
highly productive San Juan Basin in the USA.

The group advised that Fairview net revenue interest Proven (1P)
reserves were 578 bcf (103 mmboe) as at 31 December 2004, and is
currently producing at the facility limit of approximately 38 TJ
per day from 53 producing wells, with well capacity of up to
approximately 48 TJ per day.

As a result of the acquisition, the company estimates that
overall production was expected to increase by approximately 12
PJ (2 mmboe) in 2006, with further incremental increases
thereafter.

Santos said Fairview would also deliver over 4,000 square km of
additional exploration acreage in the Comet Ridge area of the
Bowen Basin.

Santos believes the acquisition will have an immediate and
positive impact on both production and reserves.

The transaction is to be effected by way of a merger and subject
to Tipperary Corporation shareholder approval, which is expected
early in the fourth quarter, the company noted.

Santos concluded that all Tipperary shareholders would be
entitled to participate in the merger, which has been
recommended by the independent directors of the board of
Tipperary Corporation.

CONTACT:

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


SYDNEY GAS: Knight Rethinks Strategy
------------------------------------
The chairman of troubled coal-seam methane producer Sydney Gas
has announced a strategic review of the Company after heavy
criticism of its large executive salaries, according to the
Sydney Morning Herald.

Former NSW Olympics minister and current Sydney Gas chief,
Michael Knight, has ordered a review of the Company in the name
of "good governance". The review is expected to be completed by
next month.

The firm is also hoping to pacify disgruntled investors for its
failure to raise AU$50 million through two tranches of listed
bonds to help pay for a AU$90 million project.

In its announcement to the stock exchange, Sydney Gas revealed
the reason for former chief executive Dr Bruce Butcher's
departure: his contract was not renewed after he sought a
$500,000 annual bonus and remuneration above his previous $1.9
million package.

Dr Butcher, who received a $300,000 bonus when the company
reported a $16.3 million loss in the 2004 fiscal year, had been
proclaimed a corporate governance expert in the company's
promotional materials.

The company also disclosed that former executive chairman
Domenic Martino, who remains on the board, received a $300,000
bonus last year in addition to his $1.55 million remuneration
package, but did not seek a bonus this year.

Sydney Gas, which has a market capitalization of about $130
million, said it would award pay packages in line with the
company's size in the future, rather than setting similar rates
as major energy companies such as AGL, Origin or Santos.

Sydney Gas appointed former chief operating officer Andrew
Purcell as acting chief executive while it searches for a
replacement for Dr Butcher. It added that Mr. Purcell was an
eligible candidate for the permanent job.

Other aspects of the strategic review will focus on its Camden
operations, which are the company's sole revenue source, and on
developing controversial projects in the Hunter Valley and the
Wyong area.

CONTACT:

Sydney Gas Limited
Level 11, 1 O'Connell Street
Sydney NSW 2000
Australia
Telephone: (61 2) 9253 5555
Facimile: (61 2) 9241 5155
E-mail: office@sydneygas.com
Web site: http://www.sydneygas.com/


TROY WHITE: Special Wind-up Resolution Duly Passed
--------------------------------------------------
At a general meeting of the members of Troy White Engineering
Pty Limited duly convened and held at the Level 8, 525 Collins
Street, Melbourne on May 23, 2005, the Special Resolution set
out below was duly passed:

That the company be wound up voluntarily.

That Glenn A. Crisp be appointed Liquidator.

Dated this 23rd day of May 2005

Glenn A. Crisp
Liquidator
c/o RSM Bird Cameron
Chartered Accountants
Level 8, 525 Collins Street
Melbourne Vic 3000
Phone: (03) 9286 1800
Fax:   (03) 9286 1899


VICTORIAN RAIL: To Hold Final Meeting July 13
---------------------------------------------
Notice is given that a final meeting of the members of Victorian
Rail Services Pty Limited will be held at Level 1, 161 Collins
Street, Melbourne, Victoria 3000, on July 13, 2005 at 10:00 a.m.

The purpose of the meeting is to receive the Liquidators'
account showing how the winding up has been conducted, and to
receive any explanation of the account.

Dated this 26th day of May 2005

Robyn McKern
Liquidator
McGrathNicol+Partners
Level 1, 161 Collins Street
Melbourne Vic 3000
Phone: (03) 9038 3164
Web site: www.mcgrathnicol.com.au


* ASIC Bans NSW Director for Two Years
--------------------------------------
The Australian Securities & Investments Commission (ASIC) has
banned Mr. Eddie Fong Chung Ng, of Newington, New South Wales
from managing corporations for two years.

ASIC banned Mr. Ng following an investigation into his
involvement in three failed companies, Kam Fook Sharks Fin
Seafood Restaurant Pty Limited (Kam Fook Sharks Fin Seafood
Restaurant), Kam Fook (Hurstville) Pty Limited (Kam Fook
(Hurstville)) and Market City Tavern (Haymarket) Pty Limited
(Market City Tavern), as well as his involvement in Kam Fook
(Chatswood) Pty Limited (Kam Fook (Chatswood)), which is
currently subject to a Deed of Company Arrangement.

ASIC found that Mr. Ng had failed to pay statutory debts,
including tax liabilities and superannuation guarantee charges,
and had also breached provisions of the Corporations Act 2001
concerning the requirement to keep adequate financial records
and the requirement to provide assistance to a liquidator,
including the provision of information relating to the financial
circumstances of a failed company.

"Directors who do not carry out their duties properly pose a
threat to consumers and the wider business community. ASIC will
not hesitate to take banning action against directors who
intentionally or negligently fail to fulfill their
responsibilities," ASIC's Director of National Assessment &
Action, Mr. Adrian Borchok said

Mr. Ng has the right to appeal to Administrative Appeals
Tribunal for a review of ASIC's decision.

Background

Kam Fook Sharks Fin Seafood Restaurant, Kam Fook (Hurstville)
and Kam Fook (Chatswood) were incorporated in March 1995,
October 1997 and October 1998 respectively for the purpose of
providing yum cha dining facilities to the public. Market City
Tavern was incorporated in April 1997 for the purpose of
providing liquor, music and gaming facilities to the public.

All four companies encountered trading difficulties when a
credit card scamming operation involving employees at Kam Fook
Sharks Fin Seafood Restaurant resulted in credit card providers
withdrawing all credit card facilities from the four companies
in 1999. Market City Tavern was also adversely affected by the
murder of its general manager during a robbery in 2001.

Kam Fook Sharks Fin Seafood Restaurant went into liquidation in
June 2004 with an estimated deficiency of assets over
liabilities of approximately $380,000.

Kam Fook (Hurstville) went into liquidation in May 2003 with an
estimated deficiency of assets over liabilities of approximately
$662,000.

Market City Tavern went into liquidation in July 2002 with an
estimated deficiency of assets over liabilities of approximately
$733,000. In each case the liquidators reported that they would
be unable to pay unsecured creditors more than 50 cents in the
dollar.

Kam Fook (Chatswood) was placed in administration in October
2002 with an estimated deficiency of assets over liabilities of
approximately $3,900,000 and in December 2002 became subject to
a Deed of Company Arrangement.

Kam Fook (Hurstville) was deregistered in January 2004 while the
winding up process continues for Kam Fook Sharks Fin Seafood and
Market City Tavern.


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

ADVANCED INK: Winding Up Hearing Slated for July 27
---------------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Advanced Ink & Coatings Limited by the High Court of Hong Kong
Special Administrative Region was on May 31, 2005 presented to
the said Court by Chan Man Bun of Flat F., Block 4, Pokfulam
Gardens, 180 Pokfulam Road, Hong Kong.

The said Petition is directed to be heard before the Court at
9:30 a.m. on July 27, 2005.

Any creditor or contributory of the said company desirous to
support or oppose the making of an order on the said petition
may appear at the time of hearing by himself or his counsel for
that purpose. A copy of the petition will be furnished to any
creditor or contributory of the said company requiring the same
by the undersigned on payment of the regulated charge for the
same.

ALAN LAM, YAM & PE
Solicitors for the Petitioner
Suite 3A, 3rd Floor, Crocodile House 1
50 Connaught Road Central
Central, Hong Kong
(Ref: AL/L/213/2004)

Note:

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


BANK OF COMMUNICATIONS: Eligible for Short Selling Friday
---------------------------------------------------------
The Stock Exchange of Hong Kong Limited announced that with
effect from July 8, the Bank of Communications Company Limited
(3328) will be added to the list of designated securities
eligible for short selling, Infocast News reports.

CONTACT:

Bank of Communications Company Limited
20 Pedder Street Central Hong Kong
Phone: 86-21-58781234
Web site: http://www.bankcomm.com


BEST CYCLE: Enters Winding Up Process
-------------------------------------
Notice is hereby given that a Petition for the Winding up of
Best Cycle Limited by the High Court of Hong Kong Special
Administrative Region was on May 12, 2005 presented to the said
Court by the Commissioner of Inland Revenue of Revenue Tower, 5
Gloucester Road, Wanchai, Hong Kong.

The said Petition is to be heard before the Court at 9:30 a.m.
on July 13, 2005.

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

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

HENRY H. L. HUNG
Government Counsel
Counsel for the Petitioner
Department of Justice
2nd Floor, High Block
Queensway Government Offices
66 Queensway, Hong Kong

Note:

Any person who intends to appear at the hearing of the said
petition must serve on or send by post to the abovenamed, notice
in writing of his intention to do so.  The Notice must state the
name and address of the person, or if a firm or his or their
Solicitor (if any) and must be served or if posted, must be sent
by post in sufficient time to reach the abovenamed not later
than six o'clock in the afternoon of July 12, 2005.


BESTEEL INDUSTRIES: Begins Liquidation Proceedings
--------------------------------------------------
Besteel Industries Limited, whose place of business is located
at 7/F, Allied Kajima Building, 138 Gloucester Road, Hong Kong
was issued a winding up order notice by the High Court of the
Hong Kong Special Administrative Region Court of First Instance
on June 15, 2005.

Date of Presentation of Petition: April 15, 2005

Dated this 20th day of June 2005

ET O'Connell
Official Receiver


BILLION RISE: Court Issues Winding Up Order
-------------------------------------------
Billion Rise Limited, whose place of business is located at
Shops Nos 4-9, G/F, Cheong Fat Building, Yeun Long, 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 of Petition: April 18, 2005

Dated this 20th day of June 2005

ET O'Connell
Official Receiver


CARGO SERVICES: Creditors' Proofs of Debt Due July 15
-----------------------------------------------------
Notice is hereby given that the creditors of Cargo Services
Holdings Limited (In Liquidation), which is being voluntarily
wound up, are required on or before July 15, 2005, to send in
their names, addresses and particulars of their debts or claims,
and the name and address of their solicitors, if any, to the
Joint and Several Liquidators of the said company at 18th Floor,
Two International Finance Centre, 8 Finance Street, Central,
Hong Kong.

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

Dated this 30th day of June, 2005

STEPHEN LIU YIU KEUNG
YEO BOON ANN
Joint and Several Liquidators


CHEERFUL LEGEND: Undergoing Wind-up Process
-------------------------------------------
Cheerful Legend Asia Limited, whose place of business is located
at 1/F & 2/F, 390-394 King's Road, Hong Kong was issued a
winding up order notice by the High Court of the Hong Kong
Special Administrative Region Court of First Instance on June
15, 2005.

Date of Presentation of Petition: April 20, 2005

Dated this 20th day of June 2005

ET O'Connell
Official Receiver


CHINA CONSTRUCTION: Ties Up with Singaporean Firm
-------------------------------------------------
China Construction Bank (CCB) has forged a strategic partnership
agreement with Singapore-based Temasek Holdings (Private)
Limited, China Daily reports.

The Chinese bank and Temasek's unit Asia Financial Holdings Pte
Ltd (AFH) inked a definitive strategic investment deal on July
1.

Under the agreement, Temasek will invest in CCB through AFH,
which will pump US$1 billion into CCB at a planned international
initial public offering (IPO) for CCB. AFH will also purchase
certain existing shares from China SAFE Investments Ltd, subject
to regulatory approval.

In addition, AFH will assist CCB in improving corporate
governance, including the right to nominate suitable candidates
for election to the CCB board of directors. Other areas of
collaboration and support are still under discussion.

According to CCB, the strategic partnership with Temasek
represents another important step forward in deepening reform
and improving corporate governance, and also signifies that its
strategic investor negotiation process is basically complete.

CONTACT:

China Construction Bank
25 Finance St.
Beijing, 100032, China
Phone: +86-10-6759-7114
Fax: +86-10-6360-3194
Web site: http://www.ccb.cn/portal/cn/home/index.html


DYNASTY INBOUND: Winding Up Process Initiated
---------------------------------------------
Dynasty Inbound and Outbound Services Limited, whose place of
business is located at Room 811, 8/F, Hollywood Plaza, 610
Nathan Road, 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 22, 2005.

Date of Presentation of Petition: April 8, 2005

Dated this 30th day of June 2005

ET O'Connell
Official Receiver


HIGH RANK: Winds Up Operations
------------------------------
High Rank Development Limited, whose place of business is
located at G/F, 438 King's Road, North Point, Hong Kong was
issued a winding up order notice by the High Court of the Hong
Kong Special Administrative Region Court of First Instance on
June 15, 2005.

Date of Presentation of Petition: April 20, 2005

Dated this 20th day of June 2005

ET O'Connell
Official Receiver


INDUSTRIAL AND COMMERCIAL: Likely to Do Business with CSFB
----------------------------------------------------------
Credit Suisse First Boston (CSFB) was tipped to become the first
overseas strategic investor in Industrial and Commercial Bank of
China (ICBC) after the Chinese bank set up a listing vehicle
this year, Xinhua News reports, citing China Securities Journal.

ICBC is reportedly pursuing discussions with U.S. and European
financial institutions for a strategic investment in the Chinese
bank.

The report followed the establishment of China's first bank-run
fund management company by ICBC, CSFB, and China Ocean Shipping
(Group) Co., announced Thursday last week.

ICBC is preparing to set up by late September a joint-stock
company, which will be used as a vehicle for the bank's initial
public offering (IPO) in 2006 or 2007.

ICBC is one of China's four largest banks who won a US$15
billion cash bailout in April to help it clean up its balance
sheet and allow it to follow rival State-backed lenders Bank of
China and China Construction Bank as they prepared IPOs.

CONTACT:

Industrial and Commercial Bank of China (Asia) Limited
ICBC Tower, 3 Garden Road
Central, Hong Kong
Phone: 25343333
Fax: 28051166
Web site: http://www.icbcasia.com


INTERCHINA HOLDINGS: FY/2005 Net Loss Widens to HK$69 Mln
---------------------------------------------------------
Interchina Holdings Company Limited incurred a net loss of
HK$69.193 million for the year ended March 31, 2005, versus a
net loss of HK$26.3 million for the preceding financial year.

Loss per share (LPS) was $0.01487. No final dividend is
declared.

Year-end date: 31/03/2005
Currency: HKD
Auditors' Report: Unqualified

                                               (Audited   )
                             (Audited   )       Last
                              Current           Corresponding
                              Period            Period
                             from 01/04/2004    from 01/04/2003
                              to 31/03/2005      to 31/03/2004
                               Note  (`000)       (`000)
Turnover                       : 225,003            89,422
Profit/(Loss) from Operations  : (36,345)           3,145
Finance cost                   : (34,491)           (31,043)
Share of Profit/(Loss) of
  Associates                   : N/A                (2,371)
Share of Profit/(Loss) of
  Jointly Controlled Entities  : N/A                N/A
Profit/(Loss) after Tax & MI   : (69,193)           (26,300)
% Change over Last Period      : N/A       %
EPS/(LPS)-Basic (in dollars)   : (0.01487)          (0.00572)
         -Diluted (in dollars) : (0.01487)          (0.00572)
Extraordinary (ETD) Gain/(Loss): N/A                N/A
Profit/(Loss) after ETD Items  : (69,193)           (26,300)
Final Dividend                 : NIL                NIL
  per Share
(Specify if with other         : N/A                N/A
  options)

B/C Dates for
  Final Dividend               : N/A
Payable Date                   : N/A
B/C Dates for (-)
  General Meeting              : N/A
Other Distribution for         : N/A
  Current Period

B/C Dates for Other
  Distribution                 : N/A

Remarks:

1. As at 31 March 2005, the Company and its subsidiaries (the
"Group") has not terminated or disposed of or intended to
terminate or dispose of any of its operating divisions.

2. Details of items before taxation which are of such size,
nature or incidence that their disclosure is relevant to explain
the financial performance of the Group for the period are as
follows:

                                              Audited
                                           2005      2004
                                           HK$'000  HK$'000
(Loss) profit from operations            (36,345)    3,145
Finance costs                            (34,491)  (31,043)
Share of results of associates              -       (2,371)
                                         -----------------
Loss before taxation                     (70,836)  (30,269)


3.  Loss per share
The calculation of the basic and diluted loss per share is based
on the following data:

Audited

2005  2004

HK$'000 HK$'000

Loss for the year and for the purpose of basic and diluted loss
per share

69,193   26,300

Number of shares:
2005 2004

Weighted average number of ordinary shares for the purpose of
basic and diluted loss per share

4,652,622,262  4,594,923,632

The computation of diluted loss per share for both years does
not assume the exercise of the Company's outstanding share
options during the periods since their exercise would reduce the
loss per share.

CONTACT:

Interchina Holdings Company Limited
45/F, Far East Finance Center
16 Harcourt Road
Admiralty, Hong Kong
Phone: 25289910
Fax: 25289737
Web site: www.interchina.com.hk


KEEN FAMOUS: Receives Winding Up Notice
---------------------------------------
Keen Famous Engineering Limited, whose place of business is
located at Room 10, 29/F, Block A, Ching Shing Court, Tsing Yi,
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 of Petition: April 15, 2005

Dated this 20th day of June 2005

ET O'Connell
Official Receiver


SMART STEPS: Placed Under Liquidation
-------------------------------------
Smart Steps Solution Limited, whose place of business is located
at Room 509, 5/F, Opulent Building, 402 Hennessy Road, Wanchai,
Hong Kong was issued a winding up order notice by the High Court
of the Hong Kong Special Administrative Region Court of First
Instance on June 15, 2005.

Date of Presentation of Petition: April 15, 2005

Dated this 20th day of June 2005

ET O'Connell
Official Receiver


SYLINE COMPANY: Court Issues Winding Up Order
---------------------------------------------
Syline Company Limited, whose place of business is located at
11th Floor, Block A, Alexandra Industrial Building, 1066 Tung
Chau West Street, Lai Chi Kok, 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 22, 2005.

Date of Presentation of Petition: April 21, 2005

Dated this 30th day of June 2005

ET O'Connell
Official Receiver


TOP REGION: Court to Hear Wind-up Petition August 10
----------------------------------------------------
Notice is hereby given that a Petition for the Winding up of Top
Region Holdings Limited trading as Mega Home by the High Court
of Hong Kong Special Administrative Region was on June 14, 2005
presented to the said Court by Lau, Wong & Chan on behalf of the
petitioner, So Hei Cheung of Flat B, 12th Floor, No. 99 Broadway
Street, Mei Foo SunChuen, Kowloon, Hong Kong.

The said Petition is to be heard before the Court at 9:30 a.m.
on August 10, 2005.

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

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

LAU, WONG & CHAN
Solicitors for the Petitioner
18th Floor, World Trust Tower
50 Stanley Street
Central, Hong Kong

Note:

Any person who intends to appear at the hearing of the said
petition must serve on or send by post to the abovenamed, notice
in writing of his intention to do so.  The Notice must state the
name and address of the person, or if a firm or his or their
Solicitor (if any) and must be served or if posted, must be sent
by post in sufficient time to reach the abovenamed not later
than six o'clock in the afternoon of August 9, 2005.


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

BARITO PACIFIC: Production Falls 27% in Q1/FY2005
-------------------------------------------------
Indonesian plywood producer PT Barito Pacific Timber reported a
27% drop in its production for January to March 2005, compared
to its production in the same period last year, reports Asia
Pulse.

According to Company director Andrea Bachruddin, production
decreased by 41,496 cubic meters to 111,496 cubic meters. Sales
also slipped 43%, from 207,481 cubic meters to 118,305 cubic
meters.

Mr. Bachruddin attributed the decline to the government's policy
of setting a low quota for logging.

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

The Company is presently undergoing a debt-restructuring
program, where it issued IDR2.05 trillion in exchangeable bonds
to Commerzebank International Trust (Singapore) Limited.

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/


GARUDA INDONESIA: Expects Losses to Skyrocket
---------------------------------------------
State-owned flag carrier PT Garuda Indonesia reported an
increase in its operating losses in the first half of 2005 due
to rising oil prices, Dow Jones reports.

According to Minister of State Enterprises Sugiharto, the
Company's losses widened from IDR20.6 billion in January to
IDR445 billion. In a report, an increase of just one cent in
aviation fuel prices increases the airline's annual costs by
IDR88.9 billion. Global prices of oil surged from 38 cents/liter
in January to 49 cents/liter in May.

The Company's audited net loss stood at IDR861.21 billion as of
2004. In March, its total debt amounted to IDR8.17 trillion.

Company president director Emirsyah Satar said that the Company
is already in talks to reschedule its IDR4.94 trillion with its
largest creditor, Eurpoean Credit Agencies.

CONTACT:

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


PERTAMINA: Asks Customers to Reduce Fuel Consumption
----------------------------------------------------
Due to increasing global oil prices and fuel demand, state oil
firm PT Pertamina has called the attention of customers in a bid
to lessen fuel use, Associated Press reports.

Company spokesman Muhamad Harun said that they want the people
to be more efficient in using gasoline, as the fuel shortage is
not seen to be resolved anytime soon. National demand for oil
has risen, together with strong economic growth, for the past
two years.

The government is also committed not to increase its oil prices
so as to make it more affordable for the poor, but as the cost
of crude oil has risen to an all-time high of USD60 per barrel,
the state budget would not be able to support a low price for
very long, since the government absorbs the price difference so
as to maintain a low price of fuel.

Pertamina has cut back on distributing oil to other countries in
order to maintain a 20-day safe level of oil reserves, but so
far the Company has enough reserves to last two weeks.

The government, which has struggled to support Pertamina in the
need to import more oil, has promised to disburse more fuel
subsidies to the oil firm.

CONTACT:

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


PERTAMINA: Delays IDR5.44-Trillion Loan Plan
--------------------------------------------
State-owned oil firm PT Pertamina has postponed its plans to
borrow IDR5.44 trillion from foreign banks in order to import
more oil to cope with demand, reports Asia Pulse.

Company finance director Alfred H. Rohimone said that several
foreign banks had offered to extend a loan to the troubled oil
firm, so that it could import more oil from abroad. A consortium
of foreign banks that includes BNP Paribas and Fortis Bank were
willing to lend the IDR5 trillion to Pertamina.

But the Company won't need the loan just yet, after having
received fuel subsidies amounting to IDR9.3 trillion from the
Indonesian government.

Pertamina's tight cash flow situation and rising global oil
prices have made it very difficult for the Company to import
oil. There is a current fuel shortage nationwide, and the
Company is trying to see where it can buy more oil to cope with
customer demand.


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

ASHIKAGA FINANCIAL: Yields Recovery for Preferred Stock Holders
---------------------------------------------------------------
Fitch Ratings, the international rating agency, notes that
although the preferred stock holders of the failed Japanese bank
holding company (BHC) Ashikaga Financial Group ("Ashikaga FG")
have suffered substantial losses, they have still recovered more
of their original investments as a result of the legal
liquidation process than if they had held similar investments in
Ashikaga FG's previous subsidiary Ashikaga Bank, which was
nationalized and survives as a going concern.

Brett Hemsley, Senior Director in Fitch's Financial Institutions
group in Tokyo, says "This is because in November/December 2003
when Ashikaga Bank failed and was nationalized, its parent BHC,
Ashikaga FG, had little debt that ranked more senior to
preferred stock holders."

Mr. Hemsley also points out that "in the 18 months since
Ashikaga FG's application to be liquidated under Japan's
corporate reorganization law, the company has managed to sell
three of its four remaining subsidiaries, has paid off all
senior creditors and has also returned some of its preferred
stock holders' original investments."

In a Special Report issued today, Fitch notes that another
interesting aspect in the 'Ashikaga Saga', which is the first
BHC liquidation in Japan, is the different recovery rates for
the authorities compared to other preferred stock investors.
Although all preferred stock investors' claims on Ashikaga FG in
theory rank equally, in practice, the government, via the
Resolution and Collection Corporation ("RCC"), has deliberately
sacrificed its own interests to boost the amount paid out to
local organizations and residents in Tochigi Prefecture. Tochigi
is Ashikaga Bank's home region.

Fitch estimates that a recently announced interim dividend to
holders of defaulted Ashikaga FG preferred stock will give back
local investors 7.89% of their original investment, while the
RCC will recover only around 2.47%. This is almost certainly a
political gesture aimed at mollifying local opinion. The
liquidation of Ashikaga FG will be completed by March 2006. By
that time, and thanks to additional payouts, Fitch expects local
investors to have recovered between 9.7% and 17.0% of their
original investment. This will be somewhat higher than the
average recovery rate on defaulted preferred stock seen in other
countries, which varies between zero and 10%. By contrast, Fitch
expects the RCC to have recovered only between 3.6% and 7.2% of
its original preferred stock investment by March 2006, which is
more in line with international experience. Ashikaga FG's common
equity holders are expected to receive nothing.

"Although we must be careful not draw the lessons of the
'Ashikaga Saga' too widely, particularly as the regulatory
environment, legal framework and traditions of bank support vary
greatly from country to country, the fact that Ashikaga FG is
Japan's first ever liquidation of a bank holding company is
fascinating in itself," Mr. Hemsley adds.

"What makes this story more interesting is that Ashikaga FG's
preferred stock holders, both local investors and the RCC, have
actually recovered more as a result of their securities being
issued by a BHC that is currently being liquidated under Japan's
bankruptcy framework, than if their securities had been issued
by Ashikaga Bank, which was fully supported and survives as a
going concern."

This is because of the way Ashikaga Bank was supported by the
authorities - it was nationalised in December 2003 and all
equity instruments in the bank were confiscated and cancelled by
the Deposit Insurance Corporation at the order of the prime
minister. As Ashikaga FG was Ashikaga Bank's sole shareholder,
and because its stake in its Ashikaga Bank subsidiary was by far
its largest asset - an asset that was suddenly rendered
worthless by the bank's nationalisation - Ashikaga FG had no
choice but to file for liquidation.

Fitch rates the senior unsecured obligations of Ashikaga Bank
Long-term 'BBB-' (BBB minus), Short-term 'F3', and rates the
bank Individual 'E' and Support '2'. The Outlook is Stable.

A detailed overview of the events surrounding Ashikaga Bank,
Ashikaga FG, and also an explanation of the actual and estimated
preferred stock recovery rates the can be found in the Special
Report 'The Ashikaga Saga - A Case Study of Japan's First Bank
Holding Company Liquidation', which is available on
www.fitchratings.com.

CONTACT:

Ashikaga Financial Group, Inc.
4-1-25 Sakura
Utsunomiya Tochigi
320-8610 Japan
Web site: http://www.ashiginfg.co.jp/

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


HITACHI LIMITED: Sets Up Unit to Steer Plasma Patents
-----------------------------------------------------
Hitachi Limited is setting up a new subsidiary to manage its
plasma patents this month as it boost its presence in the
technology in which South Korean rivals have become a driving
force, Daily Times reports.

The Company is also considering allowing Matsushita Electric Co.
to take a 20 percent stake in the unit.

Matsushita and Hitachi, ranked number three and four
respectively in the global plasma market, joined forces in
February to cut costs in the technology that was invented in
Japan.

Hitachi has also reinforced its position in plasma displays by
recently taking Fujitsu's stake in Hitachi Fujitsu Plasma
Display, which had been a joint venture.

CONTACT:

Hitachi Limited
6-6 Marunouchi 1-Chome
Chiyoda-Ku 100-8280, Tokyo 101-8010
Japan
Phone: +81 3 3258 1111
Fax: +81 3 3258 5480


MITSUBISHI MOTORS: Canada Unveils June 2005 Sales
-------------------------------------------------
Mitsubishi Motor Sales of Canada, Inc. (MMSCAN) reported June
sales of 768 vehicles and year-to-date sales of 4,992 vehicles.

Mitsubishi Motors North America, Inc., (MMNA) is responsible for
all manufacturing, finance, sales, marketing, research and
development operations of the Mitsubishi Motors Corporation in
the United States and Canada.

Mitsubishi Motors sells coupes, convertibles, sedans and sport
utility vehicles through a network of approximately 650 dealers.
Mitsubishi Motors sold its first vehicle in the U.S. in 1981,
and began building cars in 1988 at its manufacturing facility in
Normal, Illinois.

For further information: Laura Hooker, Fleishman-Hillard Canada,
Inc.,
(416) 645-8181, hookerl@fleishman.com

This is a press release.


MIYANO MACHINERY: IRCJ OKs Revitalization Plan
----------------------------------------------
The Industrial Revitalization Corporation of Japan (the IRCJ)
has resolved to carry out a partial sale of the equity it holds
in Miyano Machinery Japan Inc. (Miyano).

1. Background

On June 4, 2004 the IRCJ approved an application for assistance
by Miyano under Article 22, Clause 3 of the Industrial
Revitalization Corporation Act of 2003.

On July 13 of the same year, the IRCJ reached agreement on the
purchase of Miyano's debt under Article 25, Clause 1 of the same
act. In September 2004 a capital injection was carried out.
Since then, the IRCJ has been carrying out a business
revitalization plan for Miyano, while at the same time making
the preparations necessary to sell its equity in the company.

Having resolved to sell its equity in Miyano, the IRCJ will now
move as promptly as possible to complete the share transfer
contract with the recipient companies Nikko Antfactory K.K.1 and
Kuroda Electric Co., Ltd., with the aim of completing the
transaction within June 2005.

In addition, the transfer of equity will be coordinated with
Sumitomo Mitsui Banking Corporation (Sumitomo Mitsui), holder of
Miyano's preferred shares. Part of the preferred shares held by
Sumitomo Mitsui will be transferred to the Japanese Endeavor
Fund, which will convert them into ordinary shares, and then
transfer them to CBC Co., Ltd.

Note: An overview of each recipient company is presented on a
separate sheet.

2. Capital injection, etc.

Through a capital injection of 2.0 billion yen, the IRCJ holds
ordinary shares in Miyano that give it 89.2% of voting rights.
The IRCJ will sell 22.3% (equivalent to 5.0 billion yen of the
original capital injection) of its ordinary shares. Following
the sale, the IRCJ will hold ordinary shares that give it 66.9%
of voting rights.

Note: The voting rights mentioned above are voting rights based
on the minimum trading unit. Voting rights on preferred shares
are not considered in these calculations.

3. Comment from the State Ministers in charge of the Industrial
Revitalization Corporation of Japan

None expressed.

OVERVIEW OF RECIPIENT COMPANIES

NIKKO ANTFACTORY K.K.

(Equity will be received by its Ant Catalyzer No.2 investment
operation limited partnership)

Head Office: 1-2-1 Marunouchi, Chiyoda-ku, Tokyo

Representative: President & Chief Executive Officer - Kazunori
Ozaki

Established: October 2000

Paid-in capital: JPY35,000 million

No. of employees: 62 (as of April 1, 2005)

Main businesses: Venture investments, MBO and M&A investments,
management and financial consulting, fund administration
outsourcing

KURODA ELECTRIC CO., LTD.

Head Office: 4-11-3 Kikawahigashi, Yodogawa-Ku, Osaka

Representative: President & Chief Executive Officer - Sadao
Uesugi

Established: March 1947

Paid-in capital: JPY6,212.5 million

No. of employees: 2,807 consolidated, as of March 2005

Main businesses: Manufacture, sales and import and export of
electronic raw materials, standard electronic parts, semi-
conductors, and hardware and appliances

CBC CO., LTD.

Head Office: 2-15-13 Tsukishima, Chuo-ku, Tokyo

Representative: President & Chief Executive Officer "C Utaro Doi

Established: November 1935

Paid-in capital: JPY850 million

No. of employees: 376 (as of March 31, 2005)

Main businesses: 1. Manufacture of IT related products, sales
and manufacture of information processing electronic equipment

2. Import and export and domestic sales of synthetic resins,
chemical products, pharmaceuticals and agrochemicals, food
products, and machinery and apparel

For more information, please contact
Corporate Planning Department
The Industrial Revitalization Corporation of Japan
Tel: 03-6212-6437

The public and private sector established the IRCJ jointly on
April 16, 2003, with the aim of providing revitalization
assistance beneficial to both the industrial and the financial
sectors in Japan. It targets assistance at companies that have
sound business fundamentals but are unable to thrive because of
excessive debt levels or other factors. The IRCJ has
approximately 200 employees and is based in Tokyo.

This is a press release.


SANYO ELECTRIC: Warns of Mass Layoffs in Next Three Years
---------------------------------------------------------
Sanyo Electric Co. Ltd. announced plans to axe 15 percent of its
total workforce or more than 14,000 jobs in the next three
years, according to Agence France Presse.

The embattled electronics manufacturer will dismiss 15 percent
of its total workforce of 96,000 employees by the fiscal year
ending March 2008, in a drastic measure to return to profit.

As part of its restructuring, Sanyo also aims to trim costs by
JPY70 billion (US$630 million) and will close or sell 20 percent
of its factories in Japan. It also plans to cut interest-bearing
debt by JPY600 billion.

Sanyo has suffered dwindling profits due to cutthroat
competition in digital cameras and suffered damage to its chip-
making plant in an earthquake last October in central Niigata.

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


SANYO ELECTRIC: Aims to Triple Sales of Digicams This Year
----------------------------------------------------------
Sanyo Electric Co. Limited recently announced the introduction
of the world's smallest and lightest digital movie camera the
Xacti C5, reports AME Info.

The new offering, the latest in the Xacti C-series of hybrid
digital movie and still cameras, aims to consolidate and grow
the company's share of the regional digital camera market to 7
percent in the financial year 2005.

The Company expects to register a year-on-year growth of 200
percent in this financial year 2005.


SANYO ELECTRIC: Mulls US$20-Mln Investment in Indonesian Unit
-------------------------------------------------------------
Beleaguered Sanyo Electric Co. Ltd. is looking to pour around
US$20 million into its Indonesian operations through its
subsidiary, PT Sanyo Indonesia, Dow Jones Newswires relates.

The planned investment is expected to boost the firm's
production and enhance the firm's general performance.

The investment commitment followed recent reports that Sanyo
will lay off workers in Indonesia and other countries as aprt of
a global cost-reduction scheme.

CONTACT:

P.T. SANYO Electronics Indonesia
EJIP Industrial Park, Plot 1A-3,
Cikarang Selatan, BEKASI 17550,
Indonesia
Phone: +62-21-8971161
Fax: +62-21-8971170


SOFTBANK CORPORATION: Shares Up 1.6% Monday
-------------------------------------------
Shares of Softbank Corporation surged 1.6 percent on Monday
after asking the government for a wider frequency allocation for
mobile-phone services, Bloomberg News reports.

Japan will allocate two new frequencies for mobile-phone
services, allowing up to three more firms into a market now
dominated by NTT DoCoMo Inc. and KDDI Corporation. The plan
paves the way for competition in the market for the first time
in 12 years.

The Company will petition the telecommunications ministry for as
much as 15MHz allocation, and a minimum of 10MHz, said company
spokesman Hideo Azuma, confirming an earlier report by the Nihon
Keizai newspaper.

CONTACT:

Softbank Corporation
24-1, Nihonbashi-Hakozakicho,
Chuo-ku, Tokyo 103-8501, JAPAN
Phone: 81-3-5642-8000
Web site: http://www.softbank.co.jp/english/index.html


UNIQUE SHOP: Enters Bankruptcy
------------------------------
Unique Shop Tsushima Co. Ltd. has begun bankruptcy proceedings,
says Teikoku Databank America.

For more information visit http://www.teikoku.com/or contact
office@teikoku.com or +1-212-421-9805.

CONTACT:

Unique Shop Tsushima K.K.
3-18-8, SHOWA
Hakodate, Hokkaido, 041-0812
Ph: 0138402200
Fax: 0138402208


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

DAEWOO GROUP: Prosecutors Indict Former Chairman
------------------------------------------------
Former Daewoo Group Chairman, Kim Woo-choong was indicted last
Friday on $71 billion in fraud charges after nearly six years of
living abroad on the run, relates Associated Press.

According to a statement from the Supreme Public Prosecutor's
Office, Mr. Kim was indicted on charges of $40 billion in
accounting fraud, obtaining $9 billion in illegal financing and
diverting $22 billion.

There are doubts if Mr. Kim 69 years of age, would be able to
serve a possible maximum sentence of life in prison, considering
his age, former stature in South Korea and public expression of
remorse upon arrival.

Police and prosecutors believe Mr. Kim, had been traveling in
Europe since leaving South Korea, and that he acquired French
citizenship during his sojourn. He left the country in October
1999 before charges were prepared, first heading for a Daewoo
auto component factory in Yantai, China.

Daewoo collapsed during the Asian financial crisis and was
forced to accept a $58 billion International Monetary Fund
bailout.  After the collapse, General Motors acquired a majority
stake in Daewoo Motor, thus GM Daewoo emerged in 2002.


DAEWOO GROUP: Former Execs Claim Misunderstanding
-------------------------------------------------
Former officials of Daewoo Group ran advertisements in some
newspapers claiming misunderstanding over the crisis encountered
by the company, relates The Dong-A Ilbo.

The said officials indicated the following alleged
misunderstandings:

(a) The currently known size of the accounting fraud, 41
trillion won, is a miscalculation derived from simply adding up
the figures in 1997 and 1998, while the actual amount of its
accounting fraud stands at 15 to 16 trillion won;

(b) The size of its accounting fraud jumped due to sharp rises
in the won-dollar exchange rate and interest rates after the
Asian financial crisis; and

(c) The British Finance Center (BFC), widely known as an
organization for managing Daewoo's slush fund, is nothing but an
account of Daewoo's British corporation for making overseas
investments and supporting the local corporation.

The newspaper advertisement was made in order to correct the
misunderstandings, Baek Ki-seung, the former director of public
relations at Daewoo Group who now is serving as the public
relations agent for former Daewoo Chairman Kim Woo-jung,
explained.

The central investigation department at the Supreme Public
Prosecutor's Office is still maintains the position that what
the former chairman committed something illegal though it partly
admitted their claims.  Accounting fraud or window dressing is
still against the law regardless of its extent.


DAEWOO HEAVY: Doosan Completes Acquisition
------------------------------------------
Doosan Corporation has formally taken over Daewoo Heavy
Industries Yantai Co. Ltd. China Daily reports.

Finally, Doosan acquired authority over a previous affiliate of
Daewoo Heavy Industries (DHI) of South Korea.  The company will
soon replace the original Daewoo brand name to Doosan Daewoo
after a two-to-three-year transition period.

According to Choe Sung-chul, president of South Korea's Doosan
Infracore, the co-branding strategy is done in order to minimize
the influence of the handling of the change and to smoothly
introduce the Doosan brand in the Chinese market.

"Our establishment and presence here represents the beginning of
Doosan's large-scale entry into the Chinese market. We aim to
turn the company into a global leader among the international
infrastructure support business arena. Purchasing excellent
companies, including foreign ones, is a major strategy to
achieve our goal of fast-paced growth," China Daily quotes Mr.
Choe as saying.

Doosan Infracore is one of the affiliated companies of the
renowned Doosan Corporation. With 109 years of history, Doosan
Corporation is currently South Korea's ninth-largest company. It
is comprised of 20 affiliated companies, all of which focus
primarily on infrastructure support business, and consumer
products and services. It makes more than 100 kinds of products,
ranging from foods and beverages to the world's No 1 seawater
desalination plant. On April 29, Doosan Corp formally merged
with DHI Korea, the principal investor behind DHI Yantai.

The merger between Daewoo and Doosan Infracore will not have
negative influences on the company's management, production,
research and development or financing, Doosan Infracore's
General Manager said.

CONTACT:

Daewoo Heavy Industries & Machinery Ltd.
14-34 Youido-Dong, Youngdungpo-Gu,
Seoul 150-010
Republic of Korea
Web site: www.dhiltd.co.kr/eng/index.asp


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

EKRAN BERHAD: Issues Default in Payment Update
----------------------------------------------
Ekran Berhad issued to Bursa Malaysia Securities Berhad a Status
Report in respect of Practice Note 1/2002 of the Listing
Requirements Default in payment.

Click to view a full copy of the status report in respect of the
default in payment of the credit facilities of Ekran Group.
http://bankrupt.com/misc/EKRANBERHAD063005.doc

Ekran Berhad's principal activities are the provision of
construction services and property development. Other activities
include cultivation of oil palm plantation, logging and sale of
timber products, sawmilling, provision of management services
and investment holding. Construction and property development
accounted for 99% of fiscal 2002 revenues and oil palm
plantation, 1%.

CONTACT:

Ekran Berhad
Lot 5428-5429 Block 16 KCLD
16TH FLOOR, WISMA TING PEK KHIING
Lorong Lapangan Tebrang Baru,
93350 Kuching Sarawak 50480
MALAYSIA
Phone: +60 8 245 0908
Fax: +60 8 245 0922


HONG LEONG: Wraps Up Disposal of MPI Polyester
----------------------------------------------
Hong Leong Industries Berhad informed Bursa Malaysia Securities
Berhad that the approval of the Ministry of International Trade
and Industry for the Disposal has been obtained and the disposal
of its entire interests in MPI Polyester Industries Sdn Bhd to
Deltrone Investments Ltd is completed.

This announcement is dated 30 June 2005.

CONTACT:

Hong Leong Industries Berhad
Level 9, Wisma Hong Leong
18, Jalan Perak
50450 Kuala Lumpur
Malaysia
Phone: 03-2164 2631
Fax: 03-2164 2514
Web site: http://www.hongleong.com


HONG LEONG: Places Unit in Voluntary Winding Up
-----------------------------------------------
Hong Leong Industries Berhad (HLI) informed Bursa Malaysia
Securities Berhad that it will place MPI Property Sdn Bhd (MPI
Property), a wholly owned subsidiary of the Company, under
Member's Voluntary Winding-Up pursuant to Section 254(1)(b) of
the Companies Act, 1965. Mr Ling Kam Hoong of Messrs Ling Kam
Hoong & Co., No. 6-1, Jalan 3/64A, Udarama Kompleks, Off Jalan
Ipoh, 50350 Kuala Lumpur will be appointed as liquidator of MPI
Property.

MPI Property has been dormant since its incorporation in 1989
and there are no future plans to activate this company.

This announcement is dated 30 June 2005.


I-BERHAD: Purchases 9,000 Shares on Buy Back
--------------------------------------------
I-Berhad issued to Bursa Malaysia Securities Berhad a notice of
shares buy back on June 30, 2005 with the following details:

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

Total number of shares purchased (units): 9,000

Minimum price paid for each share purchased (RM): 0.802

Maximum price paid for each share purchased (RM): 0.802

Total consideration paid (RM): 7,274.01

Number of shares purchased retained in treasury (units): 9,000

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

Cumulative net outstanding treasury shares as at to-date
(units): 2,960,800

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

This announcement is dated 30 June 2005.

CONTACT:

I-Berhad
3, Jalan Astaka U8/84
Section U8, Bukit Jelutong
40150 Shah Alam
Selangor, Malaysia
Phone: 03-7845 4511
Fax: 03-7845 4514
Web site: http://www.i-digital.com


KUMPULAN EMAS: Trims Down Losses to MYR2,848,000
------------------------------------------------
Kumpulan Emas Berhad furnished Bursa Malaysia Securities Berhad
a copy of its unaudited third quarter financial report for the
period ended April 30, 2005.

Summary of Key Financial Information
April 30, 2005

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

(1) Revenue
11,069 11,036         37,831      27,828

(2) Profit/(loss) before tax
-2,848 -4,070         -9,421         -1,471

(3) Profit/(loss) after tax and minority interest
-3,478 -4,506        -11,271         -3,202

(4) Net profit/(loss) for the period
-3,478 -4,506        -11,271      -3,202

(5) Basic earnings/(loss) per shares (sen)
-0.53       -0.86          -1.80             -0.66

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

   As at end of Current Quarter       As at Preceding Year End

(7) Net tangible assets per share (RM)
         0.7549                        0.7496

To view a full copy of the financial report, click
http://bankrupt.com/misc/KumpulanEmasKLSEqtrApr05.xls

CONTACT:

Kumpulan Emas Berhad
17th Floor, Menara Summit
Persiaran Kewajipan USJ 1
47600 UEP Subang Jaya
Selangor Darul Ehsan
Malaysia
Phone: 603-80248899
Fax: 603-80248998
E-mail: (investor relations)     maria@keb.com.my
       (business opportunities) nfwong@keb.com.my
Web site: http://www.keb.com.my


MTD CAPITAL: Updates Units' Preliminary Agreement with PNCC
-----------------------------------------------------------
MTD Capital Berhad issued to Bursa Malaysia Securities Berhad an
update to the preliminary agreement to a shareholder's agreement
between Philippine National Construction Corp. (PNCC), Hopewell
Crown Infrastructure Inc. (HCII) and MTD Equity Sdn Berhad (MTD
Equity).

(1) Introduction

MTD Capital Bhd (MTD) advised the bourse that its wholly owned
subsidiary MTD Equity Sdn Bhd (MTD Equity) and HCII, had on June
29, 2005 entered into a Preliminary Agreement to a Shareholders'
Agreement (Agreement) with PNCC (all herein collectively known
as the Parties) upon the terms and conditions which are mutually
acceptable and shall be integral to the terms of the Amended
Joint Venture Agreement (AJVA) entered between PNCC and HCII on
August 22, 2000, incorporating the execution by PNCC and HCII of
a Shareholders' Agreement for South Luzon Toll Corporation
(SLTC) and the prospective Shareholders' Agreement envisaged in
the AJVA, sufficient for the Parties to commence negotiations
with Toll Regulatory Board (TRB) for the Supplemental Toll
Operation Agreement (STOA) for South Luzon Expressway (SLEX)
Project (PROJECT).

(2) Background Information

(2.1) Information on PNCC

PNCC is a corporation organized and existing under and by virtue
of the laws of the Republic of the Philippines, known previously
as Construction and Development Corporation of the Philippines.
PNCC was granted the franchise to construct, operate, and
maintain the North Luzon Expressway, South Luzon Expressway and
Metro Manila Expressway, by virtue of Presidential Decree (P.D.)
No. 1113, as amended by P.D. No. 1894.

(2.2) Information on HCII

HCII is a Filipino strategic company originally established for
the purpose of undertaking the rehabilitation, construction,
operation and maintenance of portions of the South Luzon
Expressway.

The issued and paid-up share capital of HCII is
Php250,150,000.00 comprising 250,150,000 shares of stock at par
value of P1.00 each (HCII Shares).

MTD Equity has to date acquired a total of 50,015,000 shares,
representing approximately 20 percent of the issued and
outstanding capital stock of HCII. MTD Equity also holds proxies
to 117,000,000 HCII shares (comprising 15,000,000 HCII shares
registered in the name of Northeast Development & Acquisitions
Corporation and 102,000,000 HCII shares registered in the name
of Crown Equities Inc.). Hence, MTD Equity controls 67 percent
of HCII equity.

To view a full copy of the agreement, click
http://bankrupt.com/misc/MTDCAPITALBERHAD063005.doc

CONTACT:

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


PANTAI HOLDINGS: Repurchases 271,000 Shares
-------------------------------------------
Pantai Holdings Berhad issued to Bursa Malaysia Securities
Berhad a notice of shares buy back on June 30, 2005 with the
following details:

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

Total number of shares purchased (units): 271,000

Minimum price paid for each share purchased (RM): 0.985

Maximum price paid for each share purchased (RM): 0.995

Total consideration paid (RM): 269,347.81

Number of shares purchased retained in treasury (units): 271,000

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

Cumulative net outstanding treasury shares as at to-date
(units): 35,156,300

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

CONTACT:

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


PICA (M) CORPORATION: Authorizes Directors to Issue Shares
----------------------------------------------------------
The Board of Directors of Pica (M) Corporation Berhad issued to
Bursa Malaysia Securities Berhad the following announcement for
immediate public release:

That at the Company's Thirty First (31st) Annual General Meeting
which was duly convened on Thursday, June 30, 2005 at 9:00 a.m.
at Function Room 3, Level 2, Hotel Sri Petaling, 30, Jalan Radin
Anum, Bandar Baru Sri Petaling, 57000 Kuala Lumpur, all the
resolutions tabled to the shareholders were duly passed:

Ordinary Business

Resolution 1 - Receipt and adoption of the Audited Financial
Statements for the year ended December 31, 2004 and Reports of
the Directors and Auditors thereon

Resolution 2 - Re-election of Dato' Ngu Tieng Ung as Director of
the Company in accordance with Article 91 of the Company's
Articles of Association

Resolution 3 - Appointment of the Auditors, Messrs KPMG and
authorization to the Directors to determine their remuneration

Special Business

Resolution 4 - Authority to the Directors to issue and allot
shares pursuant to Section 132D of the Companies Act, 1965.

CONTACT:

Pica (M) Corporation Berhad
No 3 Jalan Kia Peng
Kuala Lumpur, 50450
Malaysia
Phone: +60 3 2161 8800
Fax: +60 3 2161 1714


SETEGAP BERHAD: Shareholders Pass All AGM Resolutions
-----------------------------------------------------
The Board of Directors of Setegap Berhad advised Bursa Malaysia
Securities Berhad that all resolutions as set out in the notice
of AGM dated June 8, 2005 have been duly passed by the
shareholders at the Company's 21st Annual General Meeting.

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


TAP RESOURCES: Awaits RCSLS' Response to Proposal
-------------------------------------------------
Pursuant to the Practice Note No. 1/2001, the Board of Directors
of TAP Resources Berhad informed Bursa Malaysia Securities
Berhad that the Company had seek from the Redeemable Convertible
Secured Loan Stocks (RCSLS) Holders to extend the due date of
the redemption and interest payment of the following:

(a) Redemption of the following nominal value 5 percent coupon
RCSLS totaling MYR17,228,315.00 from the RCSLS Holders due on
June 30, 2005 in respect of the various Trust Deeds dated May 8,
2003 entered into between TAP and AmTrustee Berhad (the Trustee)
(Trust Deeds):

Loan Stocks (RCSLS) RCSLS Holders Redemption Amount (RM)

RCSLS-A Loan Stockholders A 8,751,500.00
RCSLS-B Loan Stockholders B 4,833,000.00
RCSLS-C Loan Stockholders C 3,643,815.00
   ----------------------
17,228,315.00

(b) The half-yearly interest payments amounting to MYR918,716.32
in respect of the above mentioned RCSLS due on June 30, 2005.
The RCSLS were issued by the Company to the RCSLS Holders on
June 30, 2003 and are constituted under the Trust Deeds.

The Company had submitted the proposal to the RCSLS Holders to
seek their indulgence to allow the Company an extension of time
of six (6) months i.e. up to December 31, 2005 to redeem the
RCSLS and service the interest payment as the Company is in the
process of working out a revised fund raising and corporate
exercise. The Company is awaiting the response from the RCSLS
Holders in respect of the proposal.

This announcement is dated 30 June 2005.

CONTACT:

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


TENCO BERHAD: Inks DRA with Financial Institutions
--------------------------------------------------
Further to Tenco Berhad's announcement made to Bursa Malaysia
Securities Berhad on May 31, 2005, the Board of Directors of
Tenco informed the bourse that the Company and its subsidiaries,
namely Westech Sdn Bhd, Wilron Products Sdn Bhd and Tenco
Industries Sdn Bhd have on June 1, 2005, entered into a debt
restructuring agreement (DRA) with the financial institutions
which are involved in the Proposed Debts Restructuring of the
Company.

Please refer to the announcement made by the Company's Adviser,
Commerce International Merchant Bankers Berhad, for and on
behalf of the Company, on June 1, 2005 for further information
in relation to the DRA.

CONTACT:

Tenco Berhad
No. 5, Jalan Pelabur 23/1
40000 Shah Alam, Selangor
Malaysia
Phone: (60) 3 541 0612
Fax:   (60) 3 541 0132


TIME DOTCOM: Utilization of IPO Proceeds Extended
-------------------------------------------------
Pursuant to the Securities Commission's letter dated June 28,
2000 and Paragraphs 9.03 and 9.08 of the Bursa Malaysia Listing
Requirements, Time Dotcom Berhad (TdC) informed the bourse that
its Board of Directors has resolved to extend the period for the
utilization of its IPO proceeds to finance its
telecommunications business from June 30, 2005 to June 30,
2006.The balance of the IPO proceeds is MYR33.8 million as at
March 31, 2005.

This is the fourth extension of time approved by the Board of
Directors. The previous extensions approved by the Board were:

(i) From December 31, 2001 to June 30, 2003;
(ii) From June 30, 2003 to June 30, 2004; and
(iii) From June 30, 2004 to June 30, 2005.

This announcement is made pursuant to the condition imposed by
the Securities Commission in their abovementioned approval
letter for TdC's listing and quotation of its issued and entire
paid-up capital on the Main Board of Bursa Malaysia in year
2001, whereby TdC is required to seek its Board's approval to
extend the period for utilization of its IPO proceeds and to
make the appropriate announcement to Bursa Malaysia.

CONTACT:

TIME dotCom Berhad
Level 1 Wisma TIME
249, Jalan Tun Razak
50400 Kuala Lumpur
Malaysia
Phone: +603 2720 8000
Fax: +603 2720 0199
Web site: http://www.time.com.my


WEMBLEY INDUSTRIES: Unveils Status of Compliance with SC
--------------------------------------------------------
Wembley Industries Holdings Berhad (WIHB) issued to Bursa
Malaysia Securities Berhad an update to the following proposals:

- Proposed Capital Reduction and Consolidation;
- Proposed Debt Restructuring; and
- Proposed Rights Issue with Warrants
(hereinafter collectively referred to as Proposals)

Further to the announcements dated April 25, 2005 and May 31,
2005, Alliance Merchant Bank Berhad, on behalf of the Board of
Directors of WIHB, announced the status of WIHB's compliance to
the following conditions imposed by the Securities Commission
(SC) vide its approval letter dated April 18, 2005, in relation
to the SC's approval for an extension of time of one (1) year to
January 27, 2006 for WIHB to complete the implementation of the
Proposals (Approval Letter):

Conditions Status of Compliance

Signing of the Supplemental Joint Venture Agreement (SJVA)
between Dewan Bandaraya Kuala Lumpur (DBKL) and Plaza Rakyat Sdn
Bhd (PRSB) by May 31, 2005. Alliance, on behalf of WIHB, had on
May 31, 2005, applied for an extension of time to June 30, 2005
for signing the SJVA as DBKL will require additional time to
review the terms and conditions of the SJVA.

Subsequently, DBKL had, vide its letter dated June 30, 2005,
written to the SC that DBKL will require an extension of one (1)
month to July 31, 2005 to execute the SJVA.

The extension of time was requested on the basis that the
Kementerian Wilayah Persekutuan had, on June 22, 2005, submitted
a proposal to Jabatan Peguam Negara (JPN) to seek its comments
and review on the terms and conditions of the SJVA. As at to-
date, DBKL is still awaiting for the feedback from JPN.

- Extraordinary General Meeting (EGM) for the shareholders to
consider the Proposals to be held by July 31, 2005.

- Submission of the application to the Kuala Lumpur High Court
(High Court) for the Proposed Capital Reduction and
Consolidation (High Court Application) by July 31, 2005. In view
of the delay in the abovementioned event, the deadline of July
31, 2005 imposed by the SC for WIHB to hold the EGM and to
submit the High Court Application will not be met.

As a result, the Company plans to seek the SC's approval for an
extension of time to September 30, 2005 to hold the EGM and to
submit the High Court Application, subject to the signing of the
SJVA by July 31, 2005.

In light of the above, the Company plans to seek the approval of
the SC for the following:

(i) An extension of time to sign the SJVA between DBKL and PRSB
by July 31, 2005; and

(ii) An extension of time for the Company to hold the EGM for
the shareholders to consider the Proposals and to submit the
High Court Application by September 30, 2005.

An application on the abovementioned will be made to the SC in
due course.

This announcement is dated 30 June 2005.

CONTACT:

Wembley Industries Holdings Berhad
No 1 Jalan Pandungan
Kuching, Sarawak 93100
Malaysia
Phone: +60 82 236920
Fax:   +60 82 236922


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

CAMP JOHN: Local Officials Challenge Gov't Control of Resort
------------------------------------------------------------
Baguio City officials are questioning the control of the state-
run Bases Conversion Development Authority (BCDA) over Camp John
Hay, according to The Philippine Daily Inquirer.

The local execs are looking to contest the Camp John Hay title,
saying the Philippine government has more right over the Cam
John Hay's 600-hectare reservation than a "mere government
agency".

The officials, led by Baugio City Mayor Braulio Yaranon and
Baguio Rep. Mauricio Domogan, have taken steps to protect an
agreement with BCDA that compels the agency to abide by 19
conditions in administering the privatization of the former
American rest and recreation facility.

In fact on June 28, the BCDA was preparing to nullify this
agreement, which gave the city government much higher shares
from rent earned from John Hay developers.

A Supreme Court ruling in October 2003, and an affirmation in
March 2005, has nullified the tax benefits enjoyed by the
developers of Camp John Hay. This has provided officials extra
leverage against BCDA.

Mayor Yaranon said he was wary of new legislative measures
intended to correct the flaws in the BCDA law that were
uncovered by the high court.

CONTACT:

Camp John Hay Dev. Corp.
Marketing Department
Loakan Road, Baguio City
Philippines 2600
Phone: (6374)442-7902 to 08
Fax:  (6374)442-5782
E-mail: cjhmanor@info.com.ph
Web site: http://www.campjohnhay.com/


COLLEGE ASSURANCE: SEC Takeover Hinges on Data Verification
-----------------------------------------------------------
The Securities and Exchange Commission (SEC) has delayed an
action on a recommendation of an oversight committee for the
management takeover of besieged College Assurance Plan
(Philippines), Inc. (CAP), BusinessWorld reveals.

The corporate watchdog explained the action on the proposed
management takeover hinges on the report and collection of
crucial data from the pre-need provider.

The SEC has earlier accepted the oversight committee's
recommendation on CAP. However, it will only decide on what
measure to take after receiving verified data of the list of CAP
planholders and the real financial status of the firm.

Once the required documents are gathered, the SEC would appoint
a committee to handle the operations of CAP.

CONTACT:

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


LEPANTO CONSOLIDATED: Ready to Axe 19 Labor Union Leaders
---------------------------------------------------------
The management of Lepanto Consolidated Mining Corp. won't budge
on its decision to terminate labor union leaders who led the
month-long industrial action, relates The Manila Bulletin.

The Lepanto management has recently issued the second
termination notice to the 75 leaders of striking employees with
corresponding notices to vacate in seven days their bunk houses
at the mine site in Mankayan, Benguet.

Lepanto has is considering to reinstate some workers who were
believed to be misled in joining the "illegal strike", as
requested by the Labor Department. The mining firm, however, is
firm on its stand to dismiss the 19 union leaders.

During a media briefing in Baguio last week, Engineer Ernesto
Laoagan, assistant resident manager of Lepanto, said that the
management had decided on a "non-negotiable" policy on the
dismissal without benefits of the identified 19 core leaders of
the Lepanto Employees Union.

The case of the other members who joined the illegal strike will
be decided on a case-to-case basis but hinted the possibility of
reinstatement but with corresponding suspension, demotion or
removal of some benefits.

It was also learned that the 19 dismissed workers would not
receive any separation pay.

CONTACT:

Lepanto Consolidated Mining Co.
21st Floor, Lepanto Building
8747 Paseo de Roxas
1226 City of Makati
Telephone No. 815-9447
Fax: 63 (2) 812-0451/63 (2) 810-5583
E-mail: mis@lepantomining.com
Web site: http://www.lepantomining.com


MANILA ELECTRIC: To Include E-Vat in August Bills
-------------------------------------------------
The Manila Electric Company (Meralco) advised that the expanded
value added tax (E-Vat) will be reflected in its consumer bills
starting next month, Asia Pulse reports.

Task Force on VAT implementation chairman Anthony Rosette said
some proportionate computations will have to be undertaken but
will not be included yet in the July 2005 billings.

This is in accordance with the E-VAT law, which states that if a
billing period covers power consumption for the period before
and after July 1, 10 per cent VAT shall be applied only to
electricity consumption on or after the said date. Since the law
states that E-vat will take effect this month, the additional
bill will cover only consumption for July.

The Energy Regulatory Commission (ERC) has issued draft
guidelines on VAT implementation, which was set to undergo
public consultation yesterday, July 5.

Meralco is still awaiting the ERC's final guidelines to discuss
the details on VAT implementation and then inform the customers
accordingly.

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


NEGROS NAVIGATION: Rehab Does Good for Shipping Firm
----------------------------------------------------
Negros Navigation Co. (Nenaco) is reportedly performing quite
well under its rehabilitation program due to good management,
The Manila Standard relates, citing receiver Monico Jacob.

Nenaco, the shipping unit of Metro Pacific Corp., is expected to
book a Php216-million net income this year. The estimated figure
is a significant improvement from the Php15-million loss
projected under its revival plan.

Mr. Jacob said the shipping firm has been able to outperform its
rehabilitation plan, in which it was supposed to lose money.

Nenaco's notable performance was attributed to successful cost
reduction measures by the management, as well as additional
revenues by fully utilizing its nine vessels.

As of the first five months of the year, Nenaco posted a net
income of Php88 million, as against a Php27 million net loss
posted in the same period last year and Php33 million net income
projected under the rehabilitation plan.

Operating expense from January to May totaled Php854 million
versus the Php980 million expected under the plan.

For May alone, Nenaco registered Php46.7 million net profits
compared to a Php9.5 million net loss in May 2004 and Php7.7
million net income projected under the rehabilitation plan.
During that month, the company posted gross revenues of Php269
million against the Php222 million projected under the
rehabilitation plan.

CONTACT:

Negros Navigation Company. Inc.
Pier 2. North Harbor. Tondo. Manila, Philippines 1012
Telephone Number: (6321 245.5588
Fax Number: (6321 245-1091
Web site: www.negrosnavigation.ph


PACIFIC ACTIVATED: Secures Fresh Loan to Hasten Rehabilitation
--------------------------------------------------------------
German financial firm DEG has recently bestowed a US$6.3-million
loan to activated carbon exporter Pacific Activated Carbon Co.
Inc. (PACCO) to fund the final phase of the latter's
rehabilitation, Today News reports.

The fresh loan is a restructuring of PACCO's debt from a local
bank, which was refinanced by DEG under a seven-year term with a
one-year grace period at lower interest rates.

PACCO President Herman Montenegro said the loan will serve as a
catalyst to accelerate the firm's on-going rehabilitation
program, expected to be completed this year.

The loan will also allow the company to hike its gross revenues
from a mere Php500 million to US$12 million.

Mr. Montenegro said PACCO secured the long-term loan from DEG as
the company is beset by the lack of available long-term loans
from local banks, a problem, which has hampered the growth of
many industries in the Philippines.

With the loan, PACCO's rehabilitation program will be 75-percent
complete by mid-July and finished by end-October.

Meanwhile, the firm advised it will undertake a public offering
of 20 percent of its equity shares before the local stock
exchange by 2006 to raise added capital. It expects to raise $8
million in yields for the public offering, allowing the company
to cut its Php850 million debt by 60 percent.

In 2004, PACCO suffered hefty losses over a "financial
dislocation leading to lower production volume." The firm's
production in 2004 dropped to Php300 million from Php900
million, previously.

CONTACT:

PACIFIC ACTIVATED CARBON CO., INC.
6th Floor, One Corporate Plaza
1200 Metro Manila
Phone: (63-2) 813-65-15; 812-69-09; 818-18-95
Fax: (63-2) 817-49-46; 812-69-08; 812-00-84
Telex: 45231 PACCO PM


PHILIPPINE REALTY: Settles Export Bank Loan
-------------------------------------------
Philippine Realty & Holdings Corp. (Philrealty) has settled a
loan from Export and Industry Bank by way of a payment-in-kind
arrangement, says The Philippine Daily Inquirer.

Philrealty confirmed it had settled around Php190 million in
loan principal plus Php58.25 million in accrued interest. The
payment involved its land property in the Bonifacio Global City
business district, which is worth Php248.25 million.

In addition, the parties have agreed to restructure the balance
of Php5 million pesos into a 10-year loan.

No other details were given.

CONTACT:

Philippine Realty & Holdings Corp.
Andrea North Complex
Balete Drive corner N. Domingo St.
New Manila , Quezon City
Phone No/s:  631-3179/8579/8580; 636-7550/7551
E-mail Address:  philrltv@info.com.ph


PHILIPPINE REALTY: Keen on Fort Bonifacio Joint Venture
-------------------------------------------------------
Philippine Realty and Holdings Corp. (Philrealty) is considering
a possible joint venture for its Fort Bonifacio Global City
property, The Philippine Daily Inquirer reports.

The listed property developer and investment firm was reportedly
in talks with several foreign companies about a potential
investment in the Fort Bonifacio property, which it acquired for
Php200 million about eight years ago.

Philrealty was initially considering an office development in
the Fort Bonifacio property and not ruled out a residential
project. Earlier, the firm signed a joint-venture agreement with
new property firm Xcell Property Ventures to develop "The Icon,"
which will have two 34-storey towers on Philrealty's 4,300-
square-meter property in Fort Bonifacio.

Philrealty is also considering a joint-venture project for its
four-hectare property in Tagaytay City, outside Manila, which it
wants to develop into a vacation home.


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

EBELIAN HOLDINGS: Members to Hear Liquidator's Report
-----------------------------------------------------
Notice is hereby given that pursuant to section 308 of the
Companies Act, Chapter 50, the Final Meeting of Members of
Ebelian Holdings Pte Limited will be held at the office of 98A
Amoy Street, Singapore 069918 on July 31, 2005, 10:30/11:00
a.m., for the following purpose:

(1) To receive the Liquidators' Statement of Accounts showing
the manner in which the winding up has been conducted and the
assets of the company disposed of, and of hearing any
explanation that may be given by the Liquidators.

(2) To determine by ordinary resolution the manner in which the
books, accounts and documents of the Company and of the
Liquidators shall be disposed of.

Dated this 1st day of July 2005

Lim Yeong Seng
Liquidator
98A Amoy Street, Singapore 069918

Note:

Any member entitled to attend and vote at this meeting is
entitled to appoint a proxy to attend and vote in his stead. The
proxy need not be a member of the Company.


PENTON INTERNATIONAL: Posts Corrections to Financial Statement
--------------------------------------------------------------
Penton International Limited announced that there was an
unintentional error in the Company's cash flow statement under
Section 1 (c) of its financial statement announcement, which was
published last July 1, 2005.

The amount shown under "Trade and other payables" should have
been "nil" instead of "5,342,088". Nevertheless, all other
figures remain the same.

Attached is a copy of the Company's amended financial statement:

http://bankrupt.com/misc/tcrap_penton070505.pdf


RECREAIDS PTE: Judgment Creditor Seeks Wind Up in Court
-------------------------------------------------------
Notice is hereby given that on June 22, 2005, a Petition for the
winding up of Recreaids Pte Limited by the Singapore High Court
was presented by Malaysian firm and judgement creditor Marican
Sdn Berhad and having its place of business at 35 Tannery
Road, #05-10 Ruby Industrial Complex, Singapore 347740, the
Judgment Creditors and that

The said Petition is to be heard before the Court sitting at
Singapore on July 15, 2005, 10:00 a.m.

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

A copy of the Petition will be furnished to any creditor or
contributory of the said Company requiring the same by the
Company's solicitors on payment of the regulated charge for the
same.

The Petitioners' solicitors are Messrs Niru & Co of No. 9
Battery Road, #10-08 to 09 Straits Trading Building, Singapore
049910.

Note:

Any person who intends to appear at the hearing of the said
Petition must serve on or send by post to solicitors Messrs Niru
& Co, notice in writing in his intention to do so. The notice
must state the name and address of the person, or, if a firm,
the name and address of the firm, and must be signed by the
person or firm, or his or their 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 14,
2005 (the day before the date appointed for the hearing of the
Petition).


SINGER GARMENTS: Pays Preferential Dividend
-------------------------------------------
Singer Garments Limited posted a notice of intended dividend at
the Government Gazette, Electronic Edition with the following
details:

Name of Company: Singer Garments Co Pte Ltd.
Address of Registered Office: 13, Neythal Road
Singapore 628579
Court: Supreme Court, Singapore
Number of Matter: Companies Winding Up No. 197 of 1994
Amount Per Centum: 16.44%
First and Final or otherwise: Final Preferential Dividend.
When Payable: April 21, 2005.
Where Payable: The Official Receiver
The URA Center (East Wing)
45 Maxwell Road #06-11
Singapore 069118
Dated : 1st July 2005

Chan Wang Ho
Assistant Official Receiver


SPH MEDIAWORKS: Posts Dividend Notice
-------------------------------------
SPH Mediaworks Limited posted a notice of intended dividend at
the Government Gazette, Electronic Edition with the following
details:

Name of Company: SPH Mediaworks Limited
Address of Registered Office: 1000 Toa Payoh North News Center,
Singapore 318994
Last Day for Receiving Proofs: July 15, 2005
Name of Liquidators: Michael Ng Wei Teck, Peter Chay Fook
Yuen and Tham Sai Choy
Address of Liquidators: c/o KPMG
16 Raffles Quay
#22-00 Hong Leong Building
Singapore 048581

Dated this 1st day of July 2005

Peter Chay Fook Yuen
Liquidator
C/o KPMG
16 Raffles Quay
#22-00 Hong Leong Building
Singapore 048581


TEMIC AUTOMOTIVE: Creditors Must Submit Debt Claims By Aug. 1
-------------------------------------------------------------
Notice is hereby given that the creditors of Temic Automotive
(Singapore) Pte Limited, which is being wound up voluntarily,
are required on or before Aug. 1, 2005 to send in their names
and addresses and particulars of their debts or claims, and the
names and addresses of their solicitors (if any) to the Company
liquidator.

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

Dated this 1st day of July 2005

Hamish Alexander Christie
Liquidator
c/o 16 Raffles Quay #22-00
Hong Leong Building
Singapore 048581


WING TAI: Unit Receives Tender to Develop Property
--------------------------------------------------
Wing Tai Holdings Limited announced that its wholly owned
subsidiary, Winnervest Investment Pte Limited, was awarded the
tender for a freehold site named the "Phoenix Mansion," with an
area of approximately 28,873 square feet, at Cairnhill Road,
Singapore, pending approval from the Strata Title Board (STB).

If the STB approves the sale, then Winnervest Limited would
develop the land as residential property to be developed and
sold.

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

SINO-THAI RESOURCES: Director Tenders Resignation
-------------------------------------------------
Sino-Thai Resources Public Company Limited informed the Stock
Exchange of Thailand (SET) on the resignation of Mr. Piroon
Shinawatra from the board of director on July 1, 2005.

The announcement is in compliance with SET Board regulation.

Please be informed accordingly

Sincerely yours,
Mr. Umyos Huvanandana
Manager Director

CONTACT:

Sino-Thai Resources Development Public Co., Ltd.
Shinawatra Thai Tower, Floor 7, Zone A,
626 Rama Iv Road, Mahapruttharam, Bang Rak Bangkok
Telephone: 0-2633-0088
Fax: 0-2633-0008


CENTRAL PAPER: Picks SCMB to Monitor Cash
-----------------------------------------
Central Paper Industry Public Company Limited (CPICO) informed
the Stock Exchange of Thailand (SET) that during the scheduled
meeting of the board of the Rehabilitative Plan Administrator of
the company, SCMB Co. was appointed Cash Monitoring committee of
CPICO in accordance with the court-approved Rehabilitation Plan.

The Report has to be sent to the Rehabilitative Plan
Administrator and Thai Assets Management Corporation (TAMC)
every six-month since the Central Bankruptcy Court approved the
Rehabilitative Plan.

Yours Sincerely

Mr. Parkpoom Sitthiprasert
Rehabilitative Plan Administrator of
Central Paper Industry Public Company Limited.

CONTACT:

Central Paper Industry Public Company Limited
40 Moo 13 Sukhaphiban 6 Road,
Phra Pra Daeng Samut Prakarn
Telephone: 0-2383-0257-70
Fax: 0-2383-0208-9


NATURAL PARK: Provides Additional Info on Purchase Offer
--------------------------------------------------------
The Stock Exchange of Thailand (SET) has requested additional
information No. 3 from Natural Park Public Company Limited (N-
Park) regarding the offer to purchase assets of N-Park from
Pacific Assets Public Company Limited (PA).

N-Park would like to notify as follow:

(1) As additionally requested by SET regarding the monitoring of
benefit between N-Park and PA by N-Park as a major shareholder
of PA.

N-Park would like to additionally notify that N-Park will
constantly receive performance report of PA through the
Management Report.

Moreover, the policy of the Board of Directors of PA and N-Park
are independent from each other, whereby, both companies have
strictly followed related laws and regulations.

In the case that where major decisions are being made, PA will
not request approval from N-Park but will call for the Board of
Directors meeting to consider such matter, also where any
resolution made by Board of Directors of PA, N-Park will be
informed of the resolution in the same manner of other
shareholders.

If such matter needs approval from the shareholders of PA, N-
Park will participate in the meeting and vote, as appropriate,
in the shareholders meeting of PA as a major shareholder.

For more information, click
http://bankrupt.com/misc/NATURALPARK070505.doc

CONTACT:

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


PACIFIC ASSETS: Defends Sale of 2 Hotels
----------------------------------------
Pacific Assets Company Limited issued to the Stock Exchange of
Thailand (SET) a reply to its query regarding the asset sale and
purchase transaction of the company.
Question No. 1.1:

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

Answer to Question No. 1.1:

(1.1) The Company emphasized that its policy is to focus on the
hotel business and the Company intends to become a leader in the
hotel industry in Thailand and expand customer base to include
various destinations not limited to only Phuket and Koh Samui.

The Company, therefore, considered to sell the assets that are
not related to its main business and then decided to sell Pantip
Court Executive Residence and One Pacific Place and Two Pacific
Place Buildings to correspond with its policy.

Such assets were leasehold properties with only 16 and 14 years
remaining lease respectively and it seemed uncertain whether
their lease could be extended or not.

Fortunately, Lehman Brothers (Thailand) Co. Ltd. proposed to
purchase Pantip Court Executive Residence and One Pacific Place
and Two Pacific Place Buildings with a condition requested by a
potential purchaser that the Company had to include the sale of
Le Royal Meridien Baan Taling Ngam and Le Royal Meridien Phuket
Yacht Club.

Thus, the Company has no other reason than expecting revenue
from the sale of both hotels and the other assets in order to
proceed with its business policy.

To view a full copy of the document, click
http://bankrupt.com/misc/PACIFICASSETS070505.doc

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


THAI PETROCHEMICAL: CITIC Pulls Out from Talks with Shareholders
----------------------------------------------------------------
CITIC Petrochemical has terminated its discussions with Thai
Petrochemical Industry Public Company Limited (TPI) Shareholders
regarding the formation of the Joint Venture Company to acquire
the Existing TPI Shares.

CITIC Petrochemical is an indirect wholly owned subsidiary of
the Company.

Reason for Withdrawal from Negotiations

An acquisition of the Existing TPI Shares in the manner
contemplated under the Memorandum of Understanding would
represent a significant transaction for CITIC Petrochemical and
the Company.

Given the advanced competing interest of the strategic investors
such as PTT Public Company Limited in TPI, it has been a
priority for and imperative that CITIC Petrochemical be able to
commence background work such as due diligence in respect of TPI
and its subsidiaries (the TPI Group) as soon as possible and to
fully understand the obstacles that CITIC Petrochemical and the
TPI Shareholders will need to deal with to progress the Proposed
Transaction.

To view a full copy of the announcement, click
http://bankrupt.com/misc/CiticResources070505.pdf

CONTACT:

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






                            *********


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

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

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

This material is copyrighted and any commercial use, resale or
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contained herein is obtained from sources believed to be
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