TCRAP_Public/050707.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

             Thursday, July 7, 2005, Vol. 8, No. 133

                            Headlines


A U S T R A L I A

ARISTOCRAT LEISURE: To Reap AU$6 Mln from Sale of African Stake
ASHFIELD FINANCE: Members Agree to Wind Up Ops
ATLAS HOLDINGS: Placed In Voluntary Liquidation
AT&T COMMUNICATIONS: Winds Up Voluntarily
BANKTON INVESTMENTS: Liquidator to Report Manner of Winding Up

BILL E.G.: Taps Ferrier Hodgson Liquidator
BULL & COLLEY: To Declare Dividend August 4
COMDEK: Disposes Of Newly Acquired ISP Division
COPYTALK PTY: Members Pass Wind Up Resolution
C&P DE JONGH: Wind Up Process Initiated

CUSTOMS CARGO: Hires Official Liquidator
FANTASY SPORTS: Wind Up Resolution Passed at Meeting
FELTEX CARPETS: Management Departures to Cost NZ$1.2 Mln
FILTERFAB EMPLOYEE: To Undergo Voluntary Liquidation
GARNOCK ENGINEERING: Members Decide to End Ops

HERITAGE SERVICES: Commences Winding Up Proceedings
INTERNATIONAL CONCERTS: ASX Halts Trading as Unit Winds Up
LANDFIN PTY: Names A.H.J. Wily Liquidator
MCKILLOP GENERAL: Begins Liquidation Process
MINGLADON PTY: Final Meeting Slated for July 14

MISTCAVE PTY: Special Wind-Up Resolution Duly Passed
MULTIPLEX: Grabs 11 NZ Retail Outlets
ONE.TEL LIMITED: ASIC Continues AU$92-Mln Action
QANTAS AIRWAYS: Carries Nearly 6% More Passengers in May On-Year
QANTAS AIRWAYS: Peter Cosgrove Joins Board

RVO CONTRACTING: Creditors Confirm Appointment of Liquidator
SANTOS LIMITED: Strengthens Sorell Basin Exploration Position
SANTOS LIMITED: Moves to Speed Up Coal Buy
SEVEAC PTY: To Wind Up Operations
WORLD CLASS: Hires Liquidator from Frasers Insolvency


C H I N A  &  H O N G  K O N G

AVT PLASMA: Faces Trading Suspension
EAGLE SPEED: First Meeting of Creditors Set July 11
FORTUNE UNITED: Creditors Meeting Slated for July 29
GAIN TALENT: Issues Debt Claim Notice
GOLDEN CHART: Winds Up Operations

GREAT FORCE: Creditors' Proofs of Claim Due July 15
HONGKONG CONSTRUCTION: Clarifies Proposed Capital Reduction
HON PO: Notes Unusual Volume Movement
HOYEE LIMITED: Court Schedules Winding Up Hearing July 27
MAINCO LIMITED: Court Issues Winding Up Order

MIN'AN SECURITIES: China Shuts Down Brokerage
MOULIN GLOBAL: Willie International Eyes Acquisition
PCCW LIMITED: OFTA Completes Acquisition Assessment
VES ELECTRONICS: Initiates Winding Up Process
YCINE COMPANY: Enters Liquidation Proceedings

* China Shuts Down 8 Credit Cooperatives


I N D O N E S I A

EXCELCOMINDO PRATAMA: S&P Affirms 'B+' Rating, Stable Outlook
KERTAS KRAFT: Secures Funds to Resume Ops
PERTAMINA: Aims to Boost Oil Output from Old Wells
PERTAMINA: Tries Out Premium Mogas Supply Cut
PUPUK ISKANDAR: To Stop Ops if Gas Supply Not Found


J A P A N

DAIMLERCHRYSLER JAPAN: Quits Commercial Vehicle Business
JAPAN AIRLINES: Expands Code Share Tie-up With Lufthansa
MEIJI YASUDA: President Kaneko To Resign
MEIJI YASUDA: S&P Places Rating on CreditWatch
SEIYU LIMITED: Wal-Mart Eyes Majority Stake in Retailer

UNIVERSAL STUDIOS: Goldman to Inject JPY20 Bln


K O R E A

ASIANA AIRLINES: Pilots Delay Protest for 24 Hours
HYNIX SEMICONDUCTOR: Lowers 2Gbit NAND Flash Quotes


M A L A Y S I A

AVANGARDE RESOURCES: In Talks Over Regularization Plan
BUKIT KATIL: Formulates Debt-Restructuring Plan
CHG INDUSTRIES: Awaits SC's Findings on Corporate Restructuring
KEMAYAN CORPORATION: Prepares Documents to Obtain Creditors' OK
KILANG PAPAN: Posts MYR4,369,000 in Losses

KILANG PAPAN: Proposed Restructuring Scheme Awaits SC Approval
LITYAN HOLDINGS: Hopes to Regularize Condition Soon
NORTH BORNEO: Status of Regularization Plan Unchanged
OLYMPIA INDUSTRIES: Completion of Restructuring May be Delayed
OMEGA HOLDINGS: Petition Awaits Bourse Approval

PICA (M) CORPORATION: Bourse Delists Securities
SAAG CONSOLIDATED: Shareholders OK Provision of Assistance
SUGAR BUN: Loss Widens to MYR3,122,000
TALAM CORPORATION: Issues Update on Various Transactions
WEMBLEY INDUSTRIES: Fails to Repay Lenders


P H I L I P P I N E S

ASIAN DIAMOND: SEC Throws Criminal Raps at Five Execs
DMCI HOLDINGS: Aussie Firm May Join Maynilad Consortium
LEPANTO CONSOLIDATED: Mine Operations Still Not Normal
LIFETIME PLANS: Mother Firm Asks SEC to Grant Dealers' License
MANILA ELECTRIC: Employees Want Labor to Settle Non-wage Issues

NATIONAL TRANSMISSION: Revs Up Php5.7-Bln Mindanao Projects
VICTORIAS MILLING: Board OKs Charter of Audit Committee


S I N G A P O R E

AMADEUS MUSIC: Requires Creditors to Prove Claims Next Month
CHUAN JOO: Creditors Have Until Next Month to Prove Claims
DIGILAND INTERNATIONAL: Court Orders Unit's Liquidation
DIGILAND (S) LIMITED: Parent OKs Hewlett-Packard's Petition
ELOGICITY INTERNATIONAL: To Pay First, Final Dividend

KONISHIYASU SINGAPORE: Proofs of Claim Due at Month's End
KS eVA PTE: Seeks Exit from ACRA
LIANG HUAT: Works Out Conditions Precedent for Scheme


T H A I L A N D

ADVANCE PAINT: Concludes Exercise of Warrant
PACIFIC ASSETS: Clarifies Engagement Letter
THAI PETROCHEMICAL: CITIC's Exit Sheds Light to PTT Acquisition

     -  -  -  -  -  -  -  -

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

ARISTOCRAT LEISURE: To Reap AU$6 Mln from Sale of African Stake
---------------------------------------------------------------
Aristocrat Leisure expects the partial sale of its South African
operations to generate around AU$6 million in net profit,
according to the Sydney Morning Herald.

The poker machine maker unloaded a 28-percent interest in the
African business to a local consortium under the South African
government's Black Economic Empowerment initiative, Yabohle
Investments. The consortium is led by y Matemeku Investments, a
BEE investment company with interests in minerals and
technology, as well as hospitality and tourism.

Aristocrat said the deal allied the company with prominent South
African businessmen such as Matemeku's executive chairman, Moss
Mashishi, the former head of South African Tourism. Matemeku
also has a venture with international gambling operator, Kerzner
International, which is bidding against Tabcorp and Publishing &
Broadcasting, for the right to build one of two casinos in
Singapore.

Another member of the consortium is Sfiso Buthelezi, founding
chief executive of the National Gambling Board for South Africa.

Kerzner and Matemeku are developing hotels and lodges in sub-
Sahara Africa.

Aristocrat said the gain on the sale of the stake in its
subsidiary would be reflected in the current half-year results.

For the 2004 financial year to December 31, Aristocrat's South
African operations reported a AU$2 million net profit.

CONTACT:

Aristocrat Leisure Ltd.
71 Longueville Road,
Lane Cove, Nsw,
Australia, 2066
Telephone: (02) 9413 6300
Fax: (02) 9420 1352
Web site: http://www.aristocratgaming.com


ASHFIELD FINANCE: Members Agree to Wind Up Ops
----------------------------------------------
At a General Meeting of Ashfield Finance Company Pty Limited
duly convened and held at 814 Princes Highway, Sutherland NSW
2232, the following Special Resolution was passed:

That the Company would be wound up as a Members' Voluntary
Liquidation, and that its assets be distributed in whole or in
part to the members in specie, should the liquidator so desire.

Dated this 1st day of June 2005

Jack Edward King
Liquidator
Chartered Accountant
814 Princes Highway
Sutherland NSW 2232


ATLAS HOLDINGS: Placed In Voluntary Liquidation
-----------------------------------------------
Notice is hereby given that at a general meeting of the members
of Atlas Holdings Pty Limited held on May 22, 2005, it was
resolved that the company be placed in voluntary liquidation,
and that Mr Nevil Moreton Anderson of Office 5, 9 Foamcrest
Avenue, Newport Beach 2106 be appointed as the Company
Liquidator.

Nevil M. Anderson
Liquidator
Office 5, 9 Foamcrest Avenue
Newport Beach 2106


AT&T COMMUNICATIONS: Winds Up Voluntarily
-----------------------------------------
Notice is hereby given that at a general meeting of members of
AT&T Communications Services Pty Limited held on May 20, 2005,
it was resolved that the company be wound up as members'
voluntary liquidation.

Dated this 25th day of May 2005

D. J. F. Lombey
H. W. Mosley
Liquidators


BANKTON INVESTMENTS: Liquidator to Report Manner of Winding Up
--------------------------------------------------------------
Notice is hereby given, pursuant to Section 509 of the
Corporations Act, that a final meeting of the members of Bankton
Investments Pty Limited will be held on Wednesday, July 20,
2005, 10:30 a.m., at Suite 67, Level 14/88 Pitt Street, Sydney
NSW 2000.

The purpose of the meeting is to lay before the members an
account for 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.

Proxies to be used at the meeting must be lodged with the
Liquidator no later than 4:00 p.m. of Tuesday, July 19, 2005.

Dated this 30th day of May 2005

Murray Godfrey
Liquidator
RMG Partners
Suite 67, Level 14/88 Pitt Street
Sydney NSW 2000
Phone: (02) 9231 0889


BILL E.G.: Taps Ferrier Hodgson Liquidator
------------------------------------------
Notice is hereby given that at a meeting of members of Bill E.G.
Pty Limited held on May 25, 2005, it was resolved that the
company be wound up voluntarily.

At a creditors' meeting held on the same day, it was resolved
that for such purpose, Daniel I. Cvitanovic of Ferrier Hodgson,
Chartered Accountants, Level 1, 121-123 Crown Street,
Wollongong, NSW 2500 be appointed Liquidator.

Dated this 25th day of May 2005

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


BULL & COLLEY: To Declare Dividend August 4
-------------------------------------------
A dividend is to be declared on August 4, 2005 for Bull & Colley
Belting Services Pty Limited.

Creditors who failed to prove their dates will be excluded from
the benefit of the dividend.

Dated this 24th day of May 2005

Bill Cotter
Liquidator
Level 3, United Overseas Bank Building,
32 Martin Place, Sydney NSW 2000


COMDEK: Disposes Of Newly Acquired ISP Division
-----------------------------------------------
Beleaguered technology firm Comdek Limited has sold its
corporate Internet service provider business, less than 18
months after acquiring the operation, The West Australian
reveals.

Vianet AIP was sold to fellow listed technology stock Datafast,
at about the same time Comdek faces liquidation proceedings from
a member of the consortium that sold Vianet last March in a cash
and convertible note deal.

Legal counsel for former Vianet shareholding company Medquest
Pty Ltd is ready to pursue before the West Australian Supreme
Court an application for Comdek to be put into liquidation for a
AU$7700 overdue debt.

Lawyers for Comdek and Medquest, which is also owed about
AU$155,000 under convertible notes that are not due to expire
for another eight months, had been working on a settlement of
their dispute and had asked 20 days ago for the case to be
adjourned until Tuesday morning.

But Medquest lawyer Lee Panontidid is firm on his stand to
proceed with the winding-up action.

Comdek shares suspended from trading last month after Comdek was
found to be facing a winding-up application.

Under the court's procedures, there is a presumption of
insolvency in winding-up applications that companies can be
compelled to disprove.

CONTACT:

Comdek Limited
673 Murray St
West Perth, 6005
Western Australia
Phone: +61 8 9214-5200
Fax: +61 8 9214-5201
E-mail: info@comdek.net.au
Web site: http://www.comdek.com.au


COPYTALK PTY: Members Pass Wind Up Resolution
---------------------------------------------
Notice is hereby given that at a general meeting of the members
of Copytalk Pty Limited held on May 24, 2005, it was resolved
that the company be wound up voluntarily, and that Michael
Edward Slaven of Rangott & Slaven, Unit 12, Level 3 Engineering
House, 11 National Circuit, Barton ACT be appointed Liquidator
for the Company.

Dated this 7th day of June 2005

M. E. Slaven
Rangott & Slaven
Unit 12, Level 3 Engineering House
11 National Circuit
Barton ACT


C&P DE JONGH: Wind Up Process Initiated
---------------------------------------
At a general meeting of the members of C&P De Jongh Pty
Limited duly convened and held at RSM Bird Cameron Partners,
Level 1, 103-105 Northbourne Avenue, Turner ACT 2612 on May
24, 2005, the special resolution set out below was duly passed:

That the company be wound up voluntarily.

Dated this 24th day of May 2005

Frank Lo Pilato
Liquidator
RSM Bird Cameron Partners
Level 1, 103-105 Northbourne Avenue
Turner ACT 2612
Phone: (02) 6247 5988


CUSTOMS CARGO: Hires Official Liquidator
----------------------------------------
Notice is hereby given that at a general meeting of members of
Customs Cargo Automators Pty Limited held on May 24, 2005, it
was resolved that the company be wound up voluntarily, and that
Schon Condon and Bruce Gleeson, of Jones Condon Chartered
Accountants, Level 1, 34 Charles Street, Parramatta NSW, be
appointed Joint Liquidators for the purposes of such winding up.

Dated this 24th day of May 2005

Schon G. Condon
Bruce Gleeson
Joint Liquidator
c/o Jones Condon
Chartered Accountants
Level 1, 34 Charles Street
Parramatta NSW
Phone: (02) 9893 9499


FANTASY SPORTS: Wind Up Resolution Passed at Meeting
----------------------------------------------------
Notice is hereby given that at a meeting of members and
creditors of Fantasy Sports Australia Pty Limited held on May
25, 2005, the following resolutions respectively were passed:

That the company be wound up voluntarily, and that Adam Shepard
be appointed Liquidator of the company.

Dated this 26th day of May 2005

Adam Shepard
Liquidator
c/o Star, Dean-Willcocks
Level 1, 32 Martin Place
Sydney NSW 2000
Phone: 9223 2944


FELTEX CARPETS: Management Departures to Cost NZ$1.2 Mln
--------------------------------------------------------
Following two profit downgrades, four senior management
executives of Feltex carpets Ltd. will leave the Company and be
replaced by internal staff as part of a strategic review, Dow
Jones Newswires says.

Chief operating officer John Kokic, general manager of
residential sales Rod Lyons, general manager of customer
services and distribution John Schackleton and Australasian
sales manager for wool products Terry Baker will vacate their
posts by the end of the year.

The company is also hunting for a new chief executive after
announcing last month that Sam Magill will depart from that role
later this year.

The embattled carpet maker acknowledged that the costs
associated with the departure of its four executives will reach
NZ$1.2 million. Costs associated with the departure of Mr.
Magill have yet to be determined.

The costs are NZ$840,000 after tax and will be counted in the
fiscal year ended June 30, 2005, but they won't be paid until
after the executives leave later this year

CONTACT:

Feltex Carpets Ltd
Feltex Centre
145 Symonds Street
PO Box 2884
Auckland
Telephone: +64 9 379 1900
Fax: +64 9 379 1911
E-mail: feedback@feltex.com
Web site: http://www.feltex.com/


FILTERFAB EMPLOYEE: To Undergo Voluntary Liquidation
----------------------------------------------------
Notice is hereby given that at an extraordinary general meeting
of Filterfab Employee Share Plan Pty Limited held on May 20,
2005, it was resolved that the company be wound up voluntarily,
and that Barry Peyton Simmons of Suite 502, Level 5, 262 Pitt
Street, Sydney NSW 2000 be appointed liquidator of the Company
for such purpose.

Dated this 20th day of May 2005

Barry P. Simmons
Liquidator
Suite 502, Level 5
Pitt Street, Sydney NSW 2000


GARNOCK ENGINEERING: Members Decide to End Ops
----------------------------------------------
Notice is hereby given that at a general meeting of members of
Garnock Engineering Company Pty Limited held on May 26, 2005, it
was resolved that the company be wound up voluntarily and that
for such purposes Mr. John Frederick Taylor of Level 15, 309
Kent Street, Sydney was appointed Liquidator of the Company.

Dated this 26th day of May 2005

J. F. Taylor
Liquidator
Level 15, 309 Kent Street
Sydney


HERITAGE SERVICES: Commences Winding Up Proceedings
---------------------------------------------------
At a General Meeting of Heritage Services Pty Limited duly
convened and held on May 24, 2005 at 157 Brisbane Street, Dubbo,
the following Special Resolutions were passed:

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

Dated this 24th day of April 2005

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


INTERNATIONAL CONCERTS: ASX Halts Trading as Unit Winds Up
----------------------------------------------------------
International Concert Attractions Ltd was suspended by the
Australian Stock Exchange (ASX) on July 5, 2005 pending further
information about its future activities.

In a press release to the ASX immediately after the suspension
notice International Concerts said that on July 4, 2005 Neil
Cussen and Michael Humphris were appointed as joint
administrators to ICA Presents Pty Ltd, a wholly owned
subsidiary of International Concert Attractions Ltd.

International Concert is a substantial creditor to ICA Presents
Pty Limited.

The International Concert Attractions board is considering the
future direction of the company in the entertainment industry.

Currently ICA Ltd owns a 40 percent interest in Saturday Night
Fever Productions Pty Limited, which has just completed a
successful tour of Hong Kong and is planned to go on show in
Brisbane later this month.

The board will consider a capital raising to ensure that the
company has a sound financial base for its future activities.

CONTACT:

Melbourne
Level 4
167 Collins Street
Melbourne Vic 3000
Telephone: +61 (0) 3 9639 3677
Facsimile: +61 (0) 3 9639 3766  

Sydney
Level 3
3 Young Street
Neutral Bay NSW 2089
Telephone: +61 (0) 2 8968 1333
Facsimile: +61 (0) 2 9908 7433


LANDFIN PTY: Names A.H.J. Wily Liquidator
-----------------------------------------
Notice is hereby given that at a creditors' meeting of Landfin
Pty Limited held on May 24, 2005, it was resolved that the
company be wound up.

Pursuant to Section 446A(4) of the Corporations Act 2001, A.H.J.
Wily of Armstrong Wily, Chartered Accountants, Level 5, 75
Castlereagh Street, Sydney NSW 2000 was appointed Liquidator for
the Company.

Dated this 24th day of May 2005

A. H. J. Wily
Liquidator
Armstrong Wily Chartered Accountants
Level 5, 75 Castlereagh Street
Sydney NSW 2000


MCKILLOP GENERAL: Begins Liquidation Process
--------------------------------------------
Notice is hereby given that, at a general meeting of members of
McKillop General Cartage Pty Limited held on May 27, 2005 it was
resolved that the company be wound up voluntarily, and that
Danny Vrkic of Jirsch Sutherland & Co., Wollongong Chartered
Accountants be appointed Liquidator for the winding up process.

The Liquidator's appointment was later confirmed by creditors at
a creditors' meeting held later that day.

Dated this 27th day of May 2005

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


MINGLADON PTY: Final Meeting Slated for July 14
-----------------------------------------------
Notice is hereby given, pursuant to Section 509(1) of the
Corporations Act, that a final meeting of members of Mingladon
Pty Limited will be held at the office of the Liquidator on July
14, 2005, 12:15 p.m., for the purpose of having an account laid
before them showing the manner in which the winding up has been
conducted and the property of the company disposed of, and
hearing of any explanations that may be given by the
Liquidator.

Proxies to be used at the meeting must be lodged with the
Liquidator beforehand.

Dated this 7th day of June 2005

Michael E. Wayland
Liquidator
Level 4, 23-25 Hunter Street
Sydney NSW 2000


MISTCAVE PTY: Special Wind-Up Resolution Duly Passed
----------------------------------------------------
At a general meeting of the members of Mistcave Pty duly
convened and held at RSM Bird Cameron Partners, Level 1, 103-105
Northbourne Avenue, Turner ACT on May 25, 2005, the special
resolution set out below was duly passed:

That the company be wound up voluntarily.

Dated this 25th day of May 2005

Frank Lo Pilato
Liquidator
RSM Bird Cameron Partners
103-105 Northbourne Avenue
Turner ACT 2611
Phone: 6247 5988


MULTIPLEX: Grabs 11 NZ Retail Outlets
-------------------------------------
Multiplex has gained foothold across the Tasman after its
unlisted Multiplex New Zealand Property Fund clinched a deal to
acquire a around 11 retail centers in New Zealand, the Sydney
Morning Herald says.

The NZ$55.35-million purchase deal, which were considered
positive by property trust analysts, was on an initial yield of
8.14 per cent (before costs) and was a $NZ1.35 million discount
to the independent valuation prepared by Colliers International
NZ of NZ$56.7 million.

The portfolio complements the previous two tranches of
properties acquired by the fund in August and September last
year and in May. The fund has 33 retail, office, industrial and
car park properties valued at NZ$602.8 million.

The new properties comprise 10 provincial supermarkets, known as
the Pernik Retail Portfolio, as well as the recently completed
Howick Shopping Centre in Auckland's eastern suburbs.

The acquisition will be initially fully debt funded, after which
there is a planned equity raising of about AU$23.3 million. For
the year to June 30, 2006, the forecast yield on new units
issued under the PDS at AU$1.07 will remain unchanged at 8.88
percent.

CONTACT:

Multiplex Group
Level 4, 1 Kent Street,
SYDNEY, NSW, AUSTRALIA, 2000
Telephone: (02) 9256 5000
Fax: (02) 9256 5001
Web site: http://www.multiplex.com.au


ONE.TEL LIMITED: ASIC Continues AU$92-Mln Action
------------------------------------------------
The Australian Securities and Investments Commission (ASIC)
returned to court on Sunday to pursue its case against One.Tel
Limited co-founder Jodee Rich, reports Mercury News.

The regulator's civil case against Mr. Rich and former One.Tel
finance director Mark Silbermann seeks AU$92 million in
compensation over the collapse of the telecommunications company
in 2001.

ASCI alleged the two executives violated a Corporations Act
requirement company executives act with care and diligence. The
watchdog also claimed One.Tel lost AU$92 million as a result of
those contraventions.

Former One.Tel accounts executive Samantha Randall took the
stand in the Supreme Court Sunday. Ms. Randall started with the
company on February 14, 2001, just months before One.Tel's
collapse.

Ms. Randall has sworn two affidavits, one in 2002 and another in
2004, which are the subject of cross-examination by the defense.  
She detailed her role in compiling bill runs and creditor
payments for the purpose of forecasting cash flows from February
20, six days after she joined One.Tel.

Ms. Randall told the court she was ordered to increase bill runs
by 10 percent each month "because that was how fast the company
was growing".

However, the defence challenged her evidence, saying bill runs
for February, March and April did not reflect increases of 10
per cent.

Ms Randall will be followed later this week by Publishing &
Broadcasting Ltd Chief Financial Officer Geoff Kleeman.  PBL
executive chairman James Packer and News Corp deputy chief
operating officer Lachlan Murdoch will also be called to give
evidence in the case, which is expected to run until at least
October.

ASIC's case has restarted following a delay of 10 months, during
which Mr. Rich and Mr.Silbermann went to the Court of Appeal and
the High Court to challenge the admissibility of certain
evidence.

The hearing continues.


QANTAS AIRWAYS: Carries Nearly 6% More Passengers in May On-Year
----------------------------------------------------------------
Qantas Airways Limited (QAN) said it carried 5.8 percent more
passengers in May than a year earlier, according to Egoli News.

The national flag carrier advised total traffic, measured in
passenger kilometers (RPKs) climbed by 3.8 percent. Capacity,
measured in availabel seat kilometers (ASKs), rose 1.9 percent.
The increased figures resulted in a revenue seat factor of
71.1%, which was 1.3% higher than the previous year.  

Qantas also advised that in terms of domestic traffic, and
comprising Qantas, QantasLink and Jetstar airlines, RPKs
increased by 8.0 percent in May 2005, while ASKs, increased 7.7
percent. The air carrier noted this resulted in a revenue seat
factor of 74.3 percent, slightly higher than for the previous
corresponding period.

The airline said total international RPKs increased by 1.8
percent in May 2005, while ASKs decreased by 0.7 percent over
the same period. The resulting revenue seat factor of 69.5
percent was 1.7 percent higher than the previous year.

CONTACT:

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


QANTAS AIRWAYS: Peter Cosgrove Joins Board
------------------------------------------
The Chairman of Qantas, Margaret Jackson, announced the
appointment of General Peter Cosgrove AC MC as a Non-Executive
Director of the Board of Qantas Airways Limited.

General Cosgrove will fill a casual vacancy on the Qantas Board,
taking up the position from today.

"I am very pleases to welcome Peter, one of Australia's most
respected individuals, to the Board. The intelligence and
leadership he has displayed during his distinguished military
career will be invaluable," Ms. Jackson said.

General Cosgrove was the Chief of the Australian Defense Force
from July 3, 2002 until his retirement this month.

He has served in the Australian Army in a variety of roles in
Australia and overseas since entering the Royal Military College
of Duntroon in 1965.

One of his greatest achievements was his command of the
international forces in East Timor from 1999 until the force was
withdrawn in February 2000, for which General Cosgrove was
appointed a Companion of the Military Division of the Order of
Australia.

He was awarded the Military Cross for his service in Vietnam
early in his career, and has received several foreign awards
including the Companion of the New Zealand Order of Merit (CNZM)
and Commander of the United States Legion of Merit.

General Cogrove was Australian of the Year in 2001.


RVO CONTRACTING: Creditors Confirm Appointment of Liquidator
------------------------------------------------------------
Notice is hereby given that at a General Meeting of Members of
RVO Contracting Pty Ltd duly convened and held at Frasers
Insolvency Advisory, Level 9, 99 Elizabeth Street, Sydney NSW
2000 on May 20, 2005, a Special Resolution that the Company be
wound up voluntarily was passed by members, and M. F. Cooper was
appointed Liquidator for the winding up.

The Liquidator's appointment was confirmed by creditors at a
creditors' meeting held later that day.

Dated this 25th day of May 2005

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


SANTOS LIMITED: Strengthens Sorell Basin Exploration Position
-------------------------------------------------------------
Santos Limited has further expanded its oil and gas exploration
acreage in the Sorrell Basin, offshore Tasmania.

The Company has been awarded a permit by the Commonwealth and
Tasmanian governments to explore for oil and gas in Block T/40P,
located 100 kilometers off Tasmania's northwestern coast.

The new permit area, covering approximately 315 square
kilometers, is the fifth offshore exploration permit held by
Santos in the Sorell Basin.

Santos has been awarded the block for a period of six years with
a work program which may result in expenditure of up to AU$23
million being invested in 2D and 3D seismic and the drilling of
one well.

"This builds on Santos' strong operating position in the waters
off Southern Australia's Otway and Sorell Basins, where we now
hold the exploration rights to eight blocks'" Santos' Managing
Directo0r, Mr. John Ellice-Flint, said.

"The new block not only adds to our established position in the
area but also is on trend with our other deep water blocks in
the Otway and Sorell Basins," he said.

"Acquiring this block, which is largely in water depths of less
than 200 meters, enables us to further evaluate the Cretaceous
Shipwreck Group reservoirs along trend from existing fields and
opportunities."

Santos holds 100 percent interest in T/40P and is the operator.

CONTACT:

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


SANTOS LIMITED: Moves to Speed Up Coal Buy
------------------------------------------
Santos Limited has fast-tracked its $612 million purchase of a
controlling interest in Tipperary, according to The Age.

The oil and gas producer has agreed with Slough Estates Plc to
speed up its acquisition of the Fairview coal seam methane field
by acquiring Slough's 54-percent interest in the Tipperary
Corporation and its 10 percent equity stake in Tipperary Oil and
Gas Australia Pty Ltd (TOGA) by July 13.

Santos said the acquisition price it had paid for Tipperary
shares and warrants held by Slough was based on US$7.39 per
share.

The company has also agreed with Tipperary to increase to
$US7.43 per share the amount to be received by the minority
shareholders.

The Tipperary acquisition gives Santos a 75 per cent stake in
one of the country's largest high-quality, coal-seam methane
(CSM) fields, Fairview, north of Roma in Queensland.

The deal is estimated to increase Santos' annual output by about
2 million barrels of oil equivalent in 2006. The company says
Fairview has proven reserves of about 103 million barrels of oil
equivalent.


SEVEAC PTY: To Wind Up Operations
---------------------------------
Notice is hereby given that at a General Meeting of Seveac Pty
Limited held on May 23, 2005, it was resolved that the company
be wound up voluntarily as a Members' Voluntary Winding up, and
that for such a purpose, David Calver be appointed Liquidator
for the winding up.

Dated this 23rd day of May 2005

David Calver
Liquidator
1 Loch Maree Avenue
Thornleigh NSW 2120


WORLD CLASS: Hires Liquidator from Frasers Insolvency
-----------------------------------------------------
Notice is hereby given that at a General Meeting of Members of
World Class Industries Pty Limited duly convened and held at
Frasers Insolvency Advisory, Level 9, 99 Elizabeth Street,
Sydney NSW 2000 on May 25, 2005, a Special Resolution that the
Company be wound up voluntarily was passed by members, and M. F.
Cooper was appointed Liquidator for the winding up.

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

Dated this 26th day of May 2005

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


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

AVT PLASMA: Faces Trading Suspension
------------------------------------
The securities of AVT Plasma Limited (Incorporated in Hong Kong)
will be suspended from quotation immediately at the request of
the Company, following the announcement of the Company's
proposed appointment of a liquidator.

AVT has received advice from Neptunus Pharmaceuticals USA Inc.
that it will not subscriber US$550,000 as it is obliged to do
under the Subscription Agreement with AVT dated October 27,
2004.

At the Board meeting on July 4, Directors considered the matter
and resolved that the Company should be wound-up and a
provisional liquidator appointed pursuant to Hong Kong law.

AVT has requested the Australian Stock Exchange impose a
voluntary suspension on trading in AVT's shares.

CONTACTS:

Stuart Nettleton, Chief Executive Officer
AVT PLasma Limited
Telephone: +612 9033 0050

Christopher Chong
Assistant Companies Adviser
Head Office Telephone (02) 9033 0050  
Head Office Fax (02) 9033 0053  
Web site: http://www.avtplasma.com


EAGLE SPEED: First Meeting of Creditors Set July 11
---------------------------------------------------
Notice is hereby given that pursuant to Section 241(2) of the
Companies Ordinance (Cap 32) that a meeting of the creditors of
Eagle Speed Global Manufacturing Limited will be held at Room
204, 2nd Floor, Duke of Windsor Social Service Building, No. 15
Hennessy Road, Wanchai, Hong Kong on July 11, 205 at the 11:30
a.m. for the purposes provided for in Sections 241, 242, 243 and
244 of the Companies Ordinance.  

Creditors may vote either in person or by proxy.

Proxies to be used at the meetings must be duly completed and
lodged at 1301 Eton Tower, 8 Hysan Avenue, Causeway Bay, Hong
Kong, not later than 12:00 noon on the day before the meeting or
adjourned meeting at which they are to be used.

Dated this 30th day of June 2005

By order of the Board
Mr. CHENG JOI KUEN KENNY
Director


FORTUNE UNITED: Creditors Meeting Slated for July 29
----------------------------------------------------
Notice is hereby given that pursuant to Section 237A of the
Companies Ordinance (Cap 32) that a meeting of the creditors of
Fortune United Corporation Limited will be held at Unit 301,
Long Ping Commercial Centre, Long Ping Estate, Yuen Long, New
Territories, Hong Kong on July 29, 2005 at the 2:30 p.m.

To entitle you to vote thereat your proof of debt must be lodged
with us at the following address not later than 5:30 p.m. on
July 22, 2005.

Proxies to be used at the meetings must be duly completed and
lodged at us at the following address not later than 5:30 p.m.
on July 22, 2005.

Dated this 30th day of June 2005

Fong Yu Ying Albert
Joint and Several Liquidator
K. M. CHOI & AU YEUNG LIMITED
Room 1101, 11/F., Tai Yau Building
181 Johnston Road
Wanchai, Hong Kong


GAIN TALENT: Issues Debt Claim Notice
-------------------------------------
Notice is hereby given that the creditors of Gain Talent
Development Limited (In Creditors Voluntary Liquidation) are
required on or before the close of business 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 undersigned at 27th Floor, Alexandra House, 16-20 Chater
Road, 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. The Liquidators will then distribute any and all
surplus assets to shareholders and contributories thereafter.

Dated this 30th day of June, 2005
JACKY CW MUK
Joint and Several Liquidator


GOLDEN CHART: Winds Up Operations
---------------------------------
Golden Chart Holdings Limited, whose place of business is
located at 7th Floor, Fung House, 19-20 Connaught Road Central,
Hong Kong was issued a winding up order notice by the High Court
of the Hong Kong Special Administrative Region Court of First
Instance on June 22, 2005.

Date of Presentation of Petition: April 21, 2005

Dated this 30th day of June 2005

ET O'Connell
Official Receiver


GREAT FORCE: Creditors' Proofs of Claim Due July 15
------------------------------------- -------------
Notice is hereby given that the creditors of Great Force
Industries Limited (In Creditors Voluntary Liquidation) are
required on or before the close of business 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 undersigned at 27th Floor, Alexandra House, 16-20 Chater
Road, 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. The Liquidators will then distribute any and all
surplus assets to shareholders and contributories thereafter.

Dated this 30th day of June, 2005
JACKY CW MUK
Joint and Several Liquidator


HONGKONG CONSTRUCTION: Clarifies Proposed Capital Reduction
-----------------------------------------------------------
Reference is made to the announcement and the circular issued by
Hong Kong Construction (Holdings) Limited on June 17 and June
24, 2005 respectively with regard to the proposed Capital
Reduction and Share Premium Cancellation.

The Company clarified that due to an inadvertent error as
described in paragraph "5.2 Trading arrangements" of the "Letter
from the Board" set out in the Circular, potential investors of
the Shares and Shareholders should note that "The Shares are
currently traded in board lots of 1,000 Shares. The New Shares
will continue to be traded in board lots of 1,000 new shares and
will rank pari passu in all respects with each other." instead
of 2,000 shares as originally stated.

It was described in the Circular that the new certificates for
the New Shares will be in a light blue background. In order to
prominently distinguish the new certificates for the New Shares
from the existing certificates for the Shares (i.e. in a light
yellow background with light green borders), the Company wishes
to announce that the color of the new certificates for the New
Shares will be in a green background with green borders.

Save for the abovementioned amendments, the other information
set out in the Circular remained unchanged.

By order of the Board of,
Hong Kong Construction (Holdings) Limited
Oei Kang Eric
Managing Director and Chief Executive Officer
Hong Kong, July 5, 2005


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

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

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

Save as disclosed in the announcement of the Company dated 30th
June, 2005 in relation to results of extraordinary general
meetings and extension of long-stop date, we also confirm that
there are no negotiations or agreements relating to intended
acquisitions or realizations which are discloseable under rule
13.23 of the Listing Rules, neither is the Board aware of any
matter discloseable under the general obligation imposed by rule
13.09 of the Listing Rule, which is or may be of a price-
sensitive nature.

As at the date of this statement, the board of the Company
comprises Mr. Cheung To Sang, Mrs. Cheung Lim Mai Tak, Grace,
Mr. She Hing Chiu, Mr. Tse Chick Sang and Mr. Chan Shi Yung as
executive directors, Mr. Chang Kin Man, Mr. Wu Tak Lung and Ms.
Lee Pui Hang, Pieann as independent non-executive directors.

Made by the order of Hon Po Group (Lobster King) Limited the
Board of Directors of which individually and jointly accept
responsibility for the accuracy of this statement.

By the Order of Board,
Hon Po Group (Lobster King) Limited
Luk Chi Shing
Company Secretary
5th July 2005


HOYEE LIMITED: Court Schedules Winding Up Hearing July 27
---------------------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Hoyee Limited by the High Court of Hong Kong Special
Administrative Region was on May 30, 2005presented to the said
Court by Bank of China (Hong Kong) Limited (the successor
banking corporation to Kincheng Banking Corporation pursuant to
Bank of China (Hong Kong) Limited (Merger) Ordinance (Cap.1167)
whose registered office is situated at 14th Floor, Bank of China
Tower, 1 Garden Road, Hong Kong.  

The said Petition is to be heard before the Court at 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.

Tsang, Chan & Wong
Solicitors for the Petitioner
16th Floor, Wing On House
No. 71 Des Voeux Road Central
Central, Hong Kong

Note: Any person who intends to appear at the hearing of the
said petition must serve on or send by post to the abovenamed,
notice in writing of his intention so to do.  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.


MAINCO LIMITED: Court Issues Winding Up Order
---------------------------------------------
Mainco Limited, whose place of business is located at 7th Floor,
Fung House, 19-20 Connaught Road Central, Hong Kong was issued a
winding up order notice by the High Court of the Hong Kong
Special Administrative Region Court of First Instance on June
22, 2005.

Date of Presentation of Petition: April 21, 2005

Dated this 30th day of June 2005

ET O'Connell
Official Receiver


MIN'AN SECURITIES: China Shuts Down Brokerage
---------------------------------------------
The China Securities Regulatory Commission has ordered the
closure of mid-sized brokerage Min'an Securities Co. in a bid to
restructure the brokerage industry, Shenzhen Daily reports,
citing a notice in the Shanghai Securities News.

A team formed under Chinese law firm King & Wood said in the
statement that it was in charge of clearing the accounts.

Min'an Securities has faced problems such as account fraud and
abuse of customers' trading settlement funds, according to the
local media.

China's brokerage industry remains plagued with fund abuse
scandals, and regulators have been working to clean up the
overcrowded sector.

CONTACT:

China Securities Regulatory Commission
Jin Yang Plaza, 16, Jin Rong Street
Xi Cheng District, Beijing 100032
The People's Republic of China
Phone: (86 10) 66210205
Fax: (86 10) 66210206


MOULIN GLOBAL: Willie International Eyes Acquisition
----------------------------------------------------
The Directors of Willie International Holdings Limited (formerly
named China United International Holdings Limited) is in
preliminary discussion with the Provisional Liquidators of
Moulin Global Eyecare Holdings Limited in relation to the
possible acquisition of the manufacturing operation of Moulin in
the People's Republic of China and the possible restructuring of
the Moulin Group.

However, the transaction may or may not proceed as the Directors
are still undergoing discussion with the Provisional
Liquidators.

Shareholders are advised to exercise cautions in dealing in the
shares.

By Order of the Board
Willie International Holdings Limited
King Phillip
Executive Director
Hong Kong, July 4, 2005

CONTACT:

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


PCCW LIMITED: OFTA Completes Acquisition Assessment
---------------------------------------------------
The Office of the Telecommunications Authority (OFTA) has
completed its assessment of whether the Transaction whereby PCCW
Limited will acquire a controlling shareholding in Sunday
Communications, warrants investigation under Section 7P of the
Ordinance.

OFTA in a press release said that no substantial lessening of
competition in any relevant telecommunications market is likely
to result from the Transaction Based on this assessment and with
specific references to section 7P(2) of the Ordinance, which
allows the Authority two weeks to commence a full competition
investigation following a change in relation to a carrier
licensee, the Authority has decided not to undertake an
investigation into the Transaction under section 7P(1)(a).

For a copy of the press release, go to
http://bankrupt.com/misc/tcrap_pccw070605.pdf

CONTACT:

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


VES ELECTRONICS: Initiates Winding Up Process
---------------------------------------------
Ves Electronics (Asia) Company Limited, whose place of business
is located at Block B, 6th Floor, Union Hing Yip Factory
Building, 20 Hing Yip Street, Kwun Tong, Kowloon was issued a
winding up order notice by the High Court of the Hong Kong
Special Administrative Region Court of First Instance on June
22, 2005.

Date of Presentation of Petition: April 21, 2005

Dated this 30th day of June 2005

ET O'Connell
Official Receiver


YCINE COMPANY: Enters Liquidation Proceedings
---------------------------------------------
Ycine Company Limited, whose place of business is located at
11th Floor, Block A, Alexandra Industrial Building, 1066 Tung
Chau 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


* China Shuts Down 8 Credit Cooperatives
----------------------------------------
China has ordered the closure of eight rural credit co-
operatives in the western province of Qinghai after depositors
tried to withdraw their savings from the institutions, the
Standard reports.

The incident began when depositors from Golmud city staged a
two-day run on the Kunlun Credit Cooperative in late May after
reports that it was on the verge of default, prompting similar
runs on seven other nearby rural banks.

China's extensive network of rural credit cooperatives, which
serves depositors in the countryside, is seen as one of the
weakest links in a financial system soaked in at least US$200
billion (HK$1.56 trillion) in bad debt and which remains
fragile.


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

EXCELCOMINDO PRATAMA: S&P Affirms 'B+' Rating, Stable Outlook
-------------------------------------------------------------
Standard & Poor's Ratings Services has affirmed its 'B+' rating
on Indonesia's third-largest cellular phone operator, PT
Excelcomindo Pratama. The outlook is stable.
     
"Excelcomindo's credit quality is enhanced to a certain extent
by its prospective ultimate majority ownership by Telekom
Malaysia," said Standard & Poor's credit analyst Cheow Hon Lee.
"This is offset by the potential increase in Excelcomindo's debt
burden, its significant foreign currency exposure, and weakened
competitive market position."
     
Telekom Malaysia Berhad (foreign currency A-/Stable/--; local
currency A/Stable/--) currently owns 27.3% of Excelcomindo and
it is committed to increase its stake to between 67.3% and 80.0%
by Oct. 31, 2005, based on the share sale and purchase
agreement, with a potential total investment in Excelcomindo of
up to US$920 million.

In addition, it currently has management control over
Excelcomindo, including the key appointments of the chief
executive officer and chief financial officer. Standard & Poor's
believes that Telekom Malaysia has an interest in ensuring
Excelcomindo's financial health and viability.
     
Excelcomindo's proposals to modify its existing covenants
indicate the possibility of an increase in the company's debt
burden. The company requires further investment to increase
capacity and improve its network coverage to take on the
competition and accommodate the rapid increase in subscribers,
given that the existing key players are more aggressive in their
capital spending.

As a result, its debt to EBITDA may increase to about 5x in the
near term, from 2.8x in fiscal 2004. At the same time,
Excelcomindo remains vulnerable to the risk of local currency
depreciation, as its borrowings and capital expenditure
commitments are largely in U.S. dollars, while its revenues are
mainly in rupiah.
     
Although the company remains the third-largest cellular operator
in Indonesia, its market share has continued to weaken to about
11% to 12% in May 31, 2005, from 15% in Sept. 30, 2004, due to
intense competition and the elimination of inactive subscribers.
In the first five months of 2005, its average monthly churn rate
was at a high of 11.4%. Improvements in network coverage and
quality will be key to its future market position.
     
Excelcomindo's liquidity is adequate. Although the firm does not
have any committed bank facilities, cash and cash equivalent of
Indonesian rupiah (Rp) 341 billion (US$36.5 million) at March
31, 2005, is sufficient to meet its liquidity needs. The next
principal debt repayment is only expected in 2008.
     
"The company's stable outlook assumes that Telekom Malaysia will
have continued management involvement and will provide
operational support to Excelcomindo," said Mr. Lee. "The outlook
also factors in the expectation that Telekom Malaysia will
attain majority ownership by the end of October 2005. If this is
not achieved, there will be downward pressure on the credit
rating of Excelcomindo."

CONTACT:

PT Excelcomindo Pratama
Jl. Mega Kuningan Lot. E4-7 No. 1
Kawasan Mega Kuningan
Jakarta 12950 - Indonesia
Phone: +62-21-579 59818
Fax: +62-21-579 59808
Web site: http://www.xl.co.id/


KERTAS KRAFT: Secures Funds to Resume Ops
-----------------------------------------
A consortium of state-owned banks have thrown a lifeline to
struggling kraft paper maker PT Kertas Kraft Aceh (KKA), Asia
Pulse reports.

KKA will receive IDR350-billion (US$35.7 million) in credit to
enable the state-owned firm to resume operation.

The country's only producer of sack paper with an annual
capacity of 135,000 tons has been lying idle for over a year due
to financial woes and gas fuel shortage.

KKA ceased operations in 2003 when supplier ExxonMobil stopped
supplying gas to the Company after failure to pay an outstanding
gas bill amounting to IDR65 billion. The Company was unable to
secure another gas supplier, and has stopped paying its 1,035
workers last year.

The Company has been seeking fresh loans to fund its planned
resumption of operations early next year.

CONTACT:

PT Kertas Kraft Aceh
Komplek PT.Kertas Kraft Aceh (Persero)
Po.Box 20 Lhokseumawe Aceh
Utara Lhokseumawe -
Indonesia
Phone: 0645-41733  
Fax:   0645-41482
Web site: www.KKA-lsm.com


PERTAMINA: Aims to Boost Oil Output from Old Wells
--------------------------------------------------
State oil and gas firm PT Pertamina is looking to increase its
oil production from old wells in the border areas between East
and Central Java, according to Asia Pulse.

Pertamina believes re-exploitations of the already abandoned
Kawengan and Ledok Nglobo oil fields have turned out oil, which
added to Pertamina's total oil production.

Pertamina General Manager Richard H. Tamba said oil production
from the old oil fields is expected to rise to 3,500 barrels per
day from 3,200 barrels at present. He said Pertamina has 151
productive oil wells in Kawengan and Ledok Ngolbo areas.

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: Tries Out Premium Mogas Supply Cut
---------------------------------------------
PT Pertamina is experimenting a 5-percent cut in the supply of
premium gasoline to filling stations in major cities in
Indonesia, The Jakarta Post reports.

The trial is conducted in order to clear the way for a reduction
in premium gasoline supply, aimed at equalizing national fuel
consumption with government supply quotas.

The government reportedly plans to counterbalance supply
reductions with increases in the stockpile of subsidized
Pertamax, Pertamina's high-quality gasoline brand.

The premium gasoline supply reductions are part of government
efforts to cope with a combination of rising domestic fuel
consumption and soaring global oil prices that threaten to
balloon government fuel price subsidies.

Premium gasoline consumption in Indonesia has exceeded
government budget quotas by 10 percent in the first five months
of this year.


PUPUK ISKANDAR: To Stop Ops if Gas Supply Not Found
---------------------------------------------------
State-run fertilizer Company PT Pupuk Iskandar Muda (PIM) will
be forced to shut down if it fails to find gas supply in two
days, Asia Pulse reports.

PIM president Hidayat Nyakman confirmed the factory will
automatically stop operation after July 8 if the government
cannot help find gas to feed the urea fertilizer plant.

The Company has been plagued with gas supply issues over the
past year as gas production from the gas fields of ExxonMobil
has diminished. The gas production of ExxonMobil, the only gas
producer in Aceh is barely enough to feed a liquefied natural
gas plant bound by long term contracts with Japanese and Korean
buyers.
  
The government, who pledged to rescue the fertilizer firm, has
allowed PIM to export its entire urea fertilizer production in
the hope it could buy gas at an international price, but the
urea fertilizer price dropped to below its production cost.  But
the government has also failed to import LNG to cope with the
gas shortage.

CONTACT:

PT Pupuk Iskandar Muda
Jl. Medan - Banda Aceh PO. Box 21
Lhokseumawe - Aceh Utara, Indonesia
Phone : (62-645) 56222
Fax. : (62-645) 56095
E-Mail  : info@pim.co.id
Web site: http://www.pim.co.id/


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

DAIMLERCHRYSLER JAPAN: Quits Commercial Vehicle Business
--------------------------------------------------------
DaimlerChrysler Japan Co. will withdraw from its commercial
vehicle business and focus instead on the car market, The Nihon
Keizai Shimbun reports.

The carmaker now sells Mercedes Benz trucks and vans in addition
to Mercedes Benz cars and the Smart subcompact.

The DaimlerChrysler group's commercial vehicle operations are
carried out in Japan through DaimlerChrysler Japan and
Mitsubishi Fuso, in which DaimlerChrysler AG holds an 85 percent
stake.

DaimlerChrysler Japan has already ended its alliance with a
sales agency affiliated with Komatsu Limited, through which most
of its commercial vehicles were sold.

CONTACT:

DaimlerChrysler Japan Company Ltd.
Phone: 81 3 5572 7200
Fax: 81 3 5572 8260
Web site: http://www.daimlerchrysler.co.jp


JAPAN AIRLINES: Expands Code Share Tie-up With Lufthansa
--------------------------------------------------------
At the end of September 2005, Japan Airlines (JAL) and Lufthansa
Cargo AG (LCAG) will inaugurate a new cargo code share flight
between Frankfurt airport and Chubu (Centrair) International
Airport located near to Nagoya.

The twice-weekly round-trip flight will be operated by LCAG
using a MD-11 freighter aircraft with a maximum payload of 95
tons.

The new flight will operate out of Centrair facilitating the
transportation of cargo between Germany and the Chubu (Central
Japan) Region. The Chubu Region is one of the principal
production bases of the Japanese economy and the center of the
Japanese automobile industry. Before Centrair opened in February
17, 2005, about 80% of goods manufactured in this region were
transported internationally out of Narita and Kansai airports.
Due to its convenient offshore location and 3,500 meter long
runway, Centrair is able to provide a 24 hour cargo handling
operation to air cargo freighters of any size. JAL is at present
using Centrair for international cargo flights which serve
Bangkok, Hong Kong, Singapore and the USA.

Cargo code share agreements have existed between JAL and
Lufthansa since 1969. At present JAL and LCAG code share on
cargo operations between Frankfurt and Narita, and Frankfurt and
Osaka (Kansai) offering in total 12 flights per week. The
addition of the new route will increases this code share network
to three routes and 14 flights per week.

In order to improve supply capabilities and meet cargo demand in
different countries, JAL has created code share agreements with
six other partners in addition to LCAG: Northwest Airlines, SAS
Cargo Group, Air France, British Airways, Singapore Airlines
Cargo and China Eastern Airlines.

Both JAL and LCAG are also members of the WOW cargo alliance,
which JAL joined in July 4, 2001. Together with the alliance's
other members - SAS Cargo Group and Singapore Airlines Cargo -
the companies are working closely together in building an
advanced worldwide air cargo logistics system. Preparations are
underway in linking the individual products of each company,
standardizing the transport quality, and integrating computer
systems.

For further information contact:
geoffrey.tudor@jal.com
stephen.pearlman@jal.com
Telephone: 81-3-5460-3109
Fax: 81-3-5769-6487
www.jal.com/en/corporate

This is a company press release.


MEIJI YASUDA: President Kaneko To Resign
----------------------------------------
Meiji Yasuda Life Insurance Co. President Ryotaro Kaneko
announced his intention to resign on Tuesday because new cases
of the company illegally withholding policy payouts have been
discovered, Kyodo News reports.

The Financial Services Agency may impose yet another
administrative punishment against Meiji Yasuda, when the extent
of the alleged misconduct becomes clearer.

CONTACT:

Meiji Yasuda Life Insurance Company
1-9-1 Nishi-Shinjuku, Shinjuku-ku
Tokyo 169-8701, Japan  
Phone: +81-3-3342-7111
Fax: +81-3-3215-8123


MEIJI YASUDA: S&P Places Rating on CreditWatch
----------------------------------------------
Standard & Poor's Ratings Services has placed its 'A-' financial
strength and long-term counterparty credit ratings and 'A-1'
short-term rating on Meiji Yasuda Life Insurance Co. on
CreditWatch with negative implications, reflecting growing
concerns over the insurer's nonpayment of death benefits claims.

At the same time, Standard & Poor's also placed its 'BBB+'
financial strength and long-term counterparty credit ratings on
Pacific Guardian Life Insurance Co. Ltd., the company's U.S.
subsidiary, and its 'BBB+' and 'BBB-' ratings on FLY21 Funding
Tokutei Mokuteki Kaisha's Series 1 class A and class B notes, on
CreditWatch with negative implications. The notes are supported
by kikin funding (a form of subordinated debt) from Meiji Yasuda
Life and Fukoku Mutual Life Insurance Co. (A-/Stable/--).

In February 2005, Japan's Financial Services Agency issued an
administrative order that Meiji Yasuda Life suspend business for
two weeks after the company was found to have acted
inappropriately in not paying death benefit claims based on a
fraud clause in policy contracts, even after two years from the
inception date.

At that time, Standard & Poor's considered the business
suspension would have only a limited impact on the company's
credit standing. However, a recent internal investigation by
Meiji Yasuda has found additional cases where insurance benefits
were not paid appropriately, including instances unrelated to
the fraud clause. The company has announced a full investigation
of the matter.

Standard & Poor's believes that the investigation and its
findings could have a larger impact on the company than was
previously expected.

Meiji Yasuda Life expects to complete the investigation in
October 2005, at which time the insurer may be obliged to make
additional payments of insurance benefits. The CreditWatch
status will be resolved once it becomes clear what effect these
payments will have on the business performance of the insurer.
Standard & Poor's expects that any downgrade would be within one
notch.


SEIYU LIMITED: Wal-Mart Eyes Majority Stake in Retailer
-------------------------------------------------------
Wal-Mart Inc. may raise its stake in Seiyu Limited to more than
50 percent and accelerate store renovation, AFP reports.  

The U.S. retailer has invested 74.6 billion yen in the Tokyo-
based company since taking a stake in May 2002.  

Seiyu lost money in its past two business years as it struggled
to compete against bigger rivals including Aeon Co. in Japan's
JPY14 trillion a year supermarket business.

Seiyu said in a statement "nothing has been decided" on the Wal-
Mart issue but that the company would promptly announce any
decisions.

CONTACT:

Seiyu Ltd.
1-1 Akabane 2-Chome
Sunshine 60 Building
Kita-Ku 115-0045, Tokyo 170-6071
Japan
Phone: +81 3 3598 7639
Fax: +81 3 3598 7763
Web site: http://www.seiyu.co.jp/


UNIVERSAL STUDIOS: Goldman to Inject JPY20 Bln
----------------------------------------------
Goldman Sachs plans to inject JPY20 billion (US$179.3 million)
into Universal Studios Japan by buying convertible preferred
stock through its investment fund, according to Reuters.

The rest of the capital will come from the Development Bank of
Japan, the report said.

Universal Studios Japan (USJ) posted losses of JPY26.5 billion
in the year ended March 31.

CONTACT:

Universal Studios Japan
2-1-33, Sakurajima
Konohana-ku, Osaka-shi
Osaka City, Japan
Phone: +81-6-6465-3100
Fax: +81-6-6465-3883


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

ASIANA AIRLINES: Pilots Delay Protest for 24 Hours
--------------------------------------------------
Industrial action by union pilots at Asiana Airlines Inc. has
stalled after the protesters agreed to negotiate with the
airline's management, The Korea Herald reports.

The strike was delayed for a day to give time for a possible
settlement between the unionists and Asiana management, after
the pilots reduced their demand for better working conditions.
They reportedly withdrew several controversial demands such as
calls for full authority to replace cabin crews, and lowered the
retirement age to 57 from 61.

The pilots were believed to have taken back their demands due to
public pressure. The public seems to view the protest negatively
because pilots have more time off and better pay than most other
people amid a sluggish economy.

The protesting pilots argue their workloads are too demanding
and this could jeopardize the safety of passengers, while
airline officials say the pilots already have reasonable rest
and pay.

A strike-breaking task force created by the Ministry of
Construction and Transportation in on stand-by at the control
center at Incheon International Airport, just in case a
demonstration breaks out.

CONTACT:

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


HYNIX SEMICONDUCTOR: Lowers 2Gbit NAND Flash Quotes
---------------------------------------------------
Hynix Semiconductor has lowered its 2Gbit NAND flash memory
quotes below US$10 to US$9.97, according to DigiTimes.

Rival memory chipmaker Samsung Electronics is expected to follow
suit.

Quotes for 2Gbit NAND flash memory started to fall recently amid
price competition between Samsung and Hynix. In addition, Micron
Technology has also started selling large volumes of 2Gbit NAND
flash since the beginning of June, significantly increasing NAND
flash supply in the market, according to memory card
manufacturers.

Alan Niebel, president of Web-Feet Research, was quoted by
EETimes recently as saying that the prices for 2Gbit parts have
fallen from US$18.70 in March to US$11.25 currently. Niebel
indicated that supply of NAND flash memory will not reach a
balance with demand until the fourth quarter.

Earlier in June, sources indicated that weaker than expected
sales of the iPod Shuffle may lead prices of NAND flash memory
to fall significantly, with Peter Shu, chairman of Transcend
Information, stating that NAND flash prices may drop up to 40
percent in the future.

Hynix and Samsung were not available for comment.

CONTACT:

Hynix Semiconductor Inc. (HIS)
891 Daechi-dong, Kangnam-gu,
Seoul, Korea
Telephone: 82-2-3459-3470
Fax: 82-2-3459-5987/8
Web site: http://www.hynix.com


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

AVANGARDE RESOURCES: In Talks Over Regularization Plan
------------------------------------------------------
In compliance with Paragraph 3.1(b) of PN17/2005, Avangarde
Resources Berhad issued to Bursa Malaysia Securities Berhad the
following development since the last announcement on June 1,
2005 relating to the Company's plan to regularize its condition.

The Board of Directors of the Company is still in the process of
negotiating the Regularization Plan, which once completed will
be made available to Bursa Securities.

This announcement is dated 1 July 2005.


BUKIT KATIL: Formulates Debt-Restructuring Plan
-----------------------------------------------
Pursuant to Paragraph 4.1(b) of the Practice Note No. 4/2001,
Bukit Katil Reources Berhad informed Bursa Malaysia Securities
Berhad that there has been no material change in the status of
the Company's plan to regularize its financial conditions since
the last announcement dated June 1, 2005.

The Company is still in the midst of formulating a debt-
restructuring plan to regularize its financial condition and is
currently in discussions with prospective investors on potential
assets for injection. The details of the restructuring plan will
be announced once it is finalized and agreed upon by all parties
concerned.

CONTACT:

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


CHG INDUSTRIES: Awaits SC's Findings on Corporate Restructuring
---------------------------------------------------------------
CHG Industries Berhad informed Bursa Malaysia Securities Berhad
that the Ministry of International Trade and Industry has no
objections to the Company's application on the Proposed Debt and
Corporate Restructuring Scheme as detailed in its announcement
released on June 22, 005.

Meanwhile, the Company is awaiting for the decision of the
Securities Commission and other relevant authorities.

This announcement is dated 1 July 2005.

CONTACT:

CHG Industries Berhad
8th Mile Jalan Cheras
Cheras, Selangor Darul Ehsan 43200
Malaysia
Telephone: +60 3 907 58811
Fax: +60 3 907 66215


KEMAYAN CORPORATION: Prepares Documents to Obtain Creditors' OK
---------------------------------------------------------------
Further to the announcement dated June 1, 2005, Public Merchant
Bank Berhad (PMBB), on behalf of the Board of Directors of
Kemayan Corp. Berhad (KCB), informed Bursa Malaysia Securities
Berhad that the approvals from the Securities Commission (SC)
was obtained vide its letter dated June 10, 2005, which was
received on June 13, 2005 for the variations to the profit
guarantees, variation to the terms of the proposed acquisition
of Amber Resources Sdn Bhd and the further extension of time to
implement the Proposed Restructuring Scheme (PRS) until November
30, 2005.

The Company is still in the midst of preparing the necessary
documents to obtain approvals of the Scheme Creditors and
shareholders of KCB at the relevant meetings to be convened.

Further developments in relation to the PRS will be made to the
Exchange in due course.

This announcement is dated 1 July 2005.

CONTACT:

Kemayan Corp. Berhad
167, Jln Glasiar Taman Tasek
80200 Johor Bahru Johor
Telephone: 07-2362390  
Fax: 07-2365307


KILANG PAPAN: Posts MYR4,369,000 in Losses
------------------------------------------
Kilang Papan Seribu Daya Berhad furnished Bursa Malaysia
Securities Berhad a copy of its unaudited first quarter 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.  Preceding Yr.
Quarter      Corresponding   to Date     Corresponding
             Quarter                     Period
30/04/2005  30/04/2004     30/04/2005   30/04/2004
RM'000  RM'000     RM'000      RM'000

(1) Revenue
203        1,047          203      1,047

(2) Profit/(loss) before tax  
-4,369  -4,360     -4,369      -4,360

(3) Profit/(loss) after tax and minority interest  
-4,369  -4,360     -4,369      -4,360

(4) Net profit/(loss) for the period
-4,369  -4,360      -4,369      -4,360

(5) Basic earnings/(loss) per shares (sen)  
-22.00  -22.00      -22.00      -22.00

(6) Dividend per share (sen)
0.00           0.00         0.00        0.00
       
As at End of Current Quarter As at Preceding Financial Year End

(7) Net tangible assets per share (RM)
       -10.0300                 -9.8200
       
To view a full copy of the financial report click
http://bankrupt.com/misc/KilangPapan070605.rtf
http://bankrupt.com/misc/KilangPapan070605.xls

CONTACT:

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


KILANG PAPAN: Proposed Restructuring Scheme Awaits SC Approval
--------------------------------------------------------------
Further to the company's announcement dated June 1, 2005,
AmMerchant Bank Berhad, a member of AmInvestment Group, on
behalf of Kilang Papan Seribu Daya Berhad (KPSD), informed Bursa
Malaysia Securities Berhad that KPSD is currently waiting for
approvals from the Securities Commission and Foreign Investment
Committee on its revised Proposed Restructuring Scheme.

Save as disclosed above, there is no material change to the
Company's plan to regularize its financial condition.

This announcement is dated 1 July 2005.


LITYAN HOLDINGS: Hopes to Regularize Condition Soon
---------------------------------------------------
Further to the announcement on May 31, 2005, Lityan Holdings
Berhad (LHB) issued to Bursa Malaysia Securities Berhad an
update on the details of the various credit facilities in
default by the Company and its subsidiaries to the financial
institutions as at June 30, 2005, as detailed in Table A:

To view a full copy of Table A, click
http://bankrupt.com/misc/LityanHoldingsTableA_30-06-05.doc

LHB is working on its regularization plan, looking into other
business opportunities within its core activities and also
actively taking steps to dispose the Group's non-core
investments and non-operating assets to address its current
financial position and to generate cashflow for settlement of
defaults and redemption of loans.

CONTACT:

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


NORTH BORNEO: Status of Regularization Plan Unchanged
-----------------------------------------------------
The Board of Directors of The North Borneo Corporation Berhad
informed Bursa Malaysia Securities Berhad that there are no
changes to the status of its plan to regularize its financial
position since the following announcements were made:

The Securities Commission, via its letter dated January 24, 2005
approved the Revised Scheme. The details of the conditions
imposed by the Securities Commission can be obtained through the
announcement dated January 25, 2005.

The Securities Commission, via its letter dated March 10, 2005,
informed that the application by the Company on the Proposed
Exemption will now be considered under Practice Note 2.9.1 of
the Malaysian Code on Take-overs and Mergers, 1998 instead of
under Practice Note 2.9.3. The details of the conditions imposed
for the approval of the Proposed Exemption can be obtained
through the announcement dated March 18, 2005.

The Securities Commission had also via its letter dated March
17, 2005 approved the application by the Company to expand the
Proposed Special Issue to include a proposed private placement
of 10,000,000 new LLT Shares. The details can be obtained
through the announcement dated March 21, 2005.

The Court had on March 30, 2005 granted an Order pursuant to
Section 176 of the Companies Act, 1965 to restrain all further
proceedings against the Company for a period of nine months from
the date of the Order and to convene the meetings of its members
and the meetings of its scheme creditors no later than nine
months from the date of the Order. The details can be obtained
through the announcement dated April 20, 2005.

The Equity Compliance Unit of the Securities Commission had vide
its letter dated April 28, 2005, informed that they have no
objection to the Revised Scheme pursuant to Foreign Investment
Committee's Guideline on Acquisition of Interests, Mergers and
Take-Overs by Local and Foreign Interests. The details of the
conditions imposed can be obtained through the announcement
dated May 3, 2005.

This announcement is dated 1 July 2005.


CONTACT:

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


OLYMPIA INDUSTRIES: Completion of Restructuring May be Delayed
--------------------------------------------------------------
Olympia Industries Berhad issued to Bursa Malaysia Securities
Berhad an update on the announcements dated April 8, 2005 on the
Securities Commission's (SC) approval for an extension of time
up to September 30, 2005 for the implementation of the Proposed
Restructuring Scheme and the subsequent announcements dated
April 29, 2005 and May 31, 2005 on the status of the
implementation of the Proposed Restructuring Scheme.

In view of recent unforeseen events, the Board of Directors of
OIB (Board) is of the opinion that the Company may not be able
to complete the Proposed Restructuring Scheme in time by
September 30, 2005.

For more information, click
http://bankrupt.com/misc/OLYMPIAINDUSTRIES070605

CONTACT:

Olympia Industries Berhad
No 8 Jalan Raja Chulan
Kuala Lumpur, 50200
Malaysia
Phone: +60 3 2070 0033
Fax:   +60 3 2070 0011


OMEGA HOLDINGS: Petition Awaits Bourse Approval
-----------------------------------------------
On behalf of Omega Holdings Berhad, Avenue Securities Sdn Bhd
informed Bursa Malaysia Securities Berhad that the Company has
been granted a restraining and stay order (RO) for a period of
90 days effective from June 30, 2005 up to September 28, 2005 by
the High Court of Malaya pursuant to Section 176(10) of the
Companies Act, 1965.

The aforesaid RO was applied for in order to facilitate the
Proposed New Restructuring Scheme, which was announced on
December 27, 2004 and is not expected to have any material
effect on the financial and operational matters of Omega.

Save for the above, there has been no material development in
respect of the Company's plan to regularize its financial
position.

The applications to regularize the financial condition of Omega
which were submitted to the Securities Commission and Foreign
Investment Committee on February 28, 2005 are currently pending
their approvals.

This announcement is dated 1 July 2005.

CONTACT:

Omega Holdings Berhad
Jalan Semantan Damansara Heights
50490 Kuala Lumpur,
Selangor Darul Ehsan 46050
Malaysia
Phone: +60 3 2713 2160
Fax:   +60 3 2713 2170


PICA (M) CORPORATION: Bourse Delists Securities
-----------------------------------------------
Bursa Malaysia Securities Berhad (Bursa Securities) had earlier
notified Pica (M) Corp. Berhad on February 20, 2004 that given
the fact that the Company had made a submission of its
regularization plans to the relevant authorities for approval on
December 3, 2003, Bursa Securities would await the outcome of
its application to the relevant authorities.

Bursa Securities also informed the Company that its decision was
without prejudice to Bursa Securities' right to proceed to de-
list the securities of the Company in the even the Company fails
to obtain any of the relevant authorities' approvals necessary
for the implementation of its regularization plans.

The Company announced on April 11, 2005 that it had retrieved
its application on its regularization plans from the Securities
Commission.

After having considered all the facts and circumstances of the
matter and upon consultation with the Securities Commission,
Bursa Securities in the exercise of its powers under Paragraph
16.17 of the Bursa Securities Listing Requirements, has decided
to de-list the securities of the Company from the Official List
of Bursa Securities as the Company does not have an adequate
level of financial condition to warrant continued listing on the
Official List of Bursa Securities.

Accordingly, please be informed that the securities of the above
Company will be removed from the Official List of Bursa
Securities at 9:00 am on Friday, July 15, 2005.

With respect to the securities of the Company which are
deposited with the Bursa Malaysia Depository Sdn Bhd (Bursa
Depository), please be informed that the securities of the
Company will continue to remain deposited with Bursa Depository
notwithstanding the de-listing of the securities of the Company
from the Official List of Bursa Securities. It is not mandatory
for the securities of the Company to be withdrawn from Bursa
Depository.

Alternatively, shareholders of the Company who intend to hold
their securities in the form of physical certificate can
withdraw these securities from their CDS accounts with Bursa
Depository, at anytime after the securities of the Company are
de-listed from the Official List of Bursa Securities by
submitting the application form for withdrawal in accordance
with the procedures prescribed by Bursa Depository.

Shareholders of the Company can contact any Participating
Organisation of Bursa Securities and/or Bursa Depository's
helpline at 03-20347711 or 03-20347715 information on the
withdrawal procedures.

CONTACT:

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


SAAG CONSOLIDATED: Shareholders OK Provision of Assistance
----------------------------------------------------------
On behalf of the Board of Directors of SAAG Consolidated Berhad,
Hwang-DBS Securities Berhad advised Bursa Malaysia Securities
Berhad that the shareholders of SAAG had, at the Company's
extraordinary general meeting approved the resolution pertaining
to the Proposed Financial Assistance to its non wholly owned
subsidiaries namely, SAAG Oil and Gas Sdn Bhd, SAAG Drilling and
Well Services Sdn Bhd (formerly known as SAAG-Ecodrill
(Malaysia) Sdn Berhad), SAAG-Embah Engineering Sdn Berhad and
Bakat Elit Sdn Bhd for an amount of up to MYR75.5 million in the
form of corporate guarantees to various financial institutions
which have extended or proposed to extend banking facilities to
the non-wholly owned subsidiaries and a performance guarantee
(Proposed Financial Assistance) without modifications.

This announcement is dated 30 June 2005.


SUGAR BUN: Loss Widens to MYR3,122,000
--------------------------------------
Sugar Bun Corporation Berhad released to Bursa Malaysia
Securities Berhad its unaudited first 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.  Preceding Yr.
Quarter      Corresponding   to Date     Corresponding
             Quarter                     Period
30/04/2005  30/04/2004     30/04/2005   30/04/2004
RM'000  RM'000     RM'000      RM'000

(1) Revenue
7,218    9,656          7,218       9,656

(2) Profit/(loss) before tax
-3,122 -2,066     -3,122       -2,066

(3) Profit/(loss) after tax and minority interest  
-3,107 -2,046     -3,107       -2,046

(4) Net profit/(loss) for the period
-3,107 -2,046     -3,107       -2,046

(5) Basic earnings/(loss) per shares (sen)
-3.45       -2.29           -3.45       -2.29

(6) Dividend per share (sen)
0.00         0.00       0.00        0.00
       
As At End Of Current Quarter As At Preceding Financial Year End

(7) Net tangible assets per share (RM)
      0.7000                          0.8900

(i) The basic loss per share is based on the weighted average
number of ordinary shares in issue for the Quarter-to-Date and
Year-to-Date of 90,104,000 (2004: 89,246,933) and
90,104,000(2004: 89,246,933) respectively.

To view a copy of the full quarterly report, click
http://bankrupt.com/misc/SugarBunInterimfinancialstatement.doc


TALAM CORPORATION: Issues Update on Various Transactions
--------------------------------------------------------
Talam Corp. Berhad refers to its announcement made to Bursa
Malaysia Securities Berhad dated July 1, 2004 on the Securities
Commission's (SC) approval for extension of time from May 2,
2004 to June 23, 2005 for Talam and Europlus Berhad (Europlus)
to comply with conditions imposed by the SC on certain
properties of Talam and Europlus.

Pursuant to the SC's approval for the extension of time, the
Company is required to make an announcement on the status of
compliance to Bursa Malaysia Securities Berhad on a quarterly
basis.

Further to our last announcement on March 31, 2005, the Board of
Directors of the Company wishes to announce the status of the
properties as set out in Table 1.

To view in full Table 1, click
http://bankrupt.com/misc/TALAMCORPORATIONBERHAD.doc

On behalf of Talam, Commerce International Merchant Bankers
Berhad had on June 1, 2005 applied to the SC for an extension of
time of one (1) year from June 23, 2005 to June 23, 2006 for
Talam to comply with the above conditions which is pending for
approval.

This announcement is dated 30 June 2005.    

CONTACT:

Talam Corporation Berhad
5th Floor, Wisma Talam
52 Jalan Kampung Attap
50460 Kuala Lumpur, WP
Malaysia
Phone: 603-2732222
Fax: 603-2731439


WEMBLEY INDUSTRIES: Fails to Repay Lenders
------------------------------------------
The Board of Directors of Wembley Industries Holdings Berhad
(WIHB) informed Bursa Malaysia Securities Berhad that the
Company and its subsidiaries (WIHB Group), namely Plaza Rakyat
Sdn Bhd (PRSB), Bipe Process Sdn Bhd (Bipe Process), Wembley
I.B.A.E. Sdn Bhd (WIBAE) had defaulted on the principal and
interest payment of their credit facilities (Facilities) granted
by several financial institutions (Lenders).

To view a full list of the Lenders, click
http://bankrupt.com/misc/WEMBLEYINDUSTRIES070605.doc

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

ASIAN DIAMOND: SEC Throws Criminal Raps at Five Execs
-----------------------------------------------------
The corporate watchdog has filed criminal charges against five
officials of failed pre-need provider Asian Diamond Plans Inc.
for violating pre-need rules, relates BusinessWorld.

The Securities and Exchange Commission (SEC) filed charges
against Asian Diamond and its officials, directors Bryan Wee Poh
Aun and Ennily Pang, President and Chief Executive Norman
Gonzalez, Vice-President and Chief Finance Officer Rommel Aniag,
and former President Damaso Magbual.

Asian Diamond and its officers were found to have violated
several provisions of the Securities Regulation Code and the
Revised Penal Code. They have resorted to a series of
misinterpretations on documents submitted to the SEC on Nov. 27,
2002 to make it appear they complied with the minimum paid-up
capital of Php100 million.

Per audit findings, Asian Diamond's capital at the time was only
Php43.96 million even after the entry of new investors in June
2002.

The SEC also alleged that the salary scheme of Asian Diamond
further drained its revenue collection. Instead of being used to
cover the required trust fund contribution and paid-up capital,
the collection stream was largely used to pay the exorbitant
remuneration of Asian Diamond's officers and directors.

In March this year, Asian Diamond was ordered liquidated by the
SEC due to its failure to inject the much-needed capital to
sustain operations.

CONTACT:

Asian Diamond Plans Incorporated
G L T Building 4301,
Lucena City, QUEZON


DMCI HOLDINGS: Aussie Firm May Join Maynilad Consortium
-------------------------------------------------------
An Australian financial services firm is tipped to team up with
DMCI Holdings for its bid to acquire ailing water concessionaire
Maynilad Water Services Inc., BusinessWorld reports.

Publicly listed DMCI is reportedly discussing a possible
alliance with Macquarie Securities, which is also the Filipino
firm's financial adviser in the due diligence audit it is
conducting on Maynilad.

A source at DMCI confirmed Macquarie is interested in the water
services business and considering joining the consortium.
However, the source said no final agreement has been reached
yet.

Another source said if the DMCI consortium wins in the bid for
Maynilad, Macquarie's participation in the consortium would
likely be "passive" because DMCI will control Maynilad's
operations. Macquarie will only be providing financial
assistance and business analysis.

DMCI is reportedly in talks with local and foreign companies for
the forming of the consortium that would bid for Maynilad.
Besides Macquarie, the company had also tapped Japanese firm
Marubeni.

DMCI President Isidro Consunji earlier said the firm will likely
keep a 60-percent stake in the consortium, while foreign
investors may get 40 percent, so the constitutional limits on
foreign ownership could be maintained.

CONTACT:

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


LEPANTO CONSOLIDATED: Mine Operations Still Not Normal
------------------------------------------------------
Lepanto Consolidated Mining Co. advised that the labor dispute
at the mine site has been resolved by the Department of labor
and Employment (DOLE) which has provided for an increase in
salary (which the Company is implementing), and ordered the
striking employees to return to work.

However, operations at the mine site have not quite returned to
normal due to the insistence of the Lepanto Employees' Union
(LEU) that the company reinstate the union officers and members
who led and participated in the illegal strike and defied the
return to work order, which the Company will not countenance.

Nevertheless, the supervisors are continuing to work. An
increasing number of LWU members are returning to work and a
number of contractual employees have been hired. The Company is
continuing to look at the option of hiring new employees.

The Company will advise further developments.

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


LIFETIME PLANS: Mother Firm Asks SEC to Grant Dealers' License
--------------------------------------------------------------
Embattled pre-need firm Pacific Plans Inc. is asking the
Securities and Exchange Commission (SEC) to allow its offshoot,
Lifetime Plans Inc, to continue selling education plans, reports
The Philippine Daily Inquirer.

The SEC has earlier cancelled the certificate of incorporation
of Lifetime Plans for alleged failure to meet capital
requirements that should reflect its ability to continue
operating.

Pacific Plans, on the other hand, stopped selling open-ended or
"traditional" plans in 1992 but continues paying plan holders
its obligations on those plans.

Pacific Plans President Ernesto Garcia confirmed Pacific was
seeking a license that will permit 15,000 Lifetime agents to
sell pre-need plans. Mr. Garcia added that if the SEC would ask
Pacific Plans to apply formally for a new license, the company
would be willing to comply with the requirements.

Meanwhile, the SEC was believed to be studying options in
resolving the issue of Pacific Plans' and Lifetime Plans'
permits and one option is to ask Pacific Plans to apply for a
new license.


MANILA ELECTRIC: Employees Want Labor to Settle Non-wage Issues
---------------------------------------------------------------
Manila Electric Co. (Meralco) employees are turning to labor
officials for support regarding non-wage issues Meralco
allegedly failed to address, according to BusinessWorld.

The Meralco Employees and Workers Association (MEWA),
representing about 1,526 rank and file workers, and the
Firstline Association of Meralco Employees, the firm's union for
supervisors, asked the National Conciliation and Mediation Board
(NCMB) to compel the utility to abide with the provisions of
bargaining agreements with the unions.

A union normally asks for preventive mediation to settle
disputes and issues they encounter with management to pre-empt
the possibility of a declaration a strike.

A preliminary conference was conducted Monday between the two
parties and another conference was scheduled by the NCMB on July
12 to thresh out the disputes.

Among the disputed benefits include the non-payment of meal and
lodging allowances of substation crew on provincial assignments;
interests pegged on educational loans; amendments to the
retirement plan for new hires and future hires; the conversion
of monthly rice allocation into cash for new hires and future
hires; and the conversion of excess sick leave and vacation
leave credits into cash.

The MEWA is seeking the immediate grant of allowances for all
substation crews sent outside Metro Manila while the Meralco
management is insisting on keeping the present policy, although
it had promised to review the demands.

The union also wants management to scrap the 7.8 percent annual
interest pegged on educational loans given to rank and file
employees and grant the commodity rice allowance instead of
giving it in cash.

However, the Meralco management on the other insists the 7.8
percent interest will continue until the firm has recovered from
its dire financial position even as it has maintained a new
policy that took effect early last year which instead gave
members a Php960 per month equivalent in lieu of their commodity
allowance.

CONTACT:

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


NATIONAL TRANSMISSION: Revs Up Php5.7-Bln Mindanao Projects
-----------------------------------------------------------
The National Transmission Corporatio0n (Transco) is speeding up
the completion of its Php5.7-billion worth of power transmission
lines and substations in Mindanao to address increasing power
demands this year, The Philippine Daily Inquirer says.

Transco is doubling its efforts to finish on time 23
transmission line and substation projects to prevent a power
crisis in the Mindanao area.

These include seven projects, totaling Php330 million, to
augment the capacities of substations in Iligan City and the
provinces of Zamboanga del Sur, Misamis Oriental, Surigao and
Davao, which were expected to be completed at the end of the
year.

Transco has a Mindanao Transmission Augmentation Project that
aims to fill the demand growth over the next few years. This
includes installation of microprocessor-based substation control
equipment in the Aurora substation in Zamboanga del Sur.
Targeted for completion in September, this will automate an
array of activities and procedures in the substation and allow
faster response to emergencies.

Transco has also started pre-construction work on 16 projects to
augment transmission line and substation capacities or add new
ones, he said.

These include a new 240-circuit-kilometer (ckm) Abaga-Kirahon
line, 216-ckm Kirahon-Maramag line and 204-ckm Maramag-Bunawan
line, all rated 230-kilovolts, he said. When completed, these
new lines will give additional capability to deliver power
coming from the Agus hydroelectric plant in northern Mindanao to
the cities of Davao and General Santos in southern Mindanao.

Construction of new 138-kilovolt lines is also in the works,
such as a 202-ckm General Santos-Tacurong line and a 68-ckm
Sangali-Pitogo line in Zamboanga City.

CONTACT:

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


VICTORIAS MILLING: Board OKs Charter of Audit Committee
-------------------------------------------------------
The Victorias Milling Company Board during its regular meeting
held July 30, 2005 at the Tasl Room Century Park Sheraton Hotel,
Manila confirmed and ratified the appointment of Atty. Santiago
T. Gabionza, Jr. as Corporate Secretary of Victorias Milling
Company Inc. (VMC).

Also in the said meeting, the Board approved the Charter of
Audit Committee, which is herewith attached:
http://bankrupt.com/misc/tcrap_victoriasmilling070605.pdf.

CONTACT:

Victorias Milling Co. Inc.
9126 Sultana cor. Honradez Sts.
Barangay Olympia, Makati City
Phone No/s: 896-0381; 899-0485
Fax No/s: 895-4150
E-mail Address: fal@philonline.com
Web site: http://www.victoriasmilling.com


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

AMADEUS MUSIC: Requires Creditors to Prove Claims Next Month
------------------------------------------------------------
Notice is hereby given that the Creditors of Amadeus Music
Agency (Pte) Limited, which is being wound up by Special
Resolutions of members on June 27, 2005, are required on or
before Aug. 1, 2005 to send in their names and addresses and the
particulars of their debts or claims and the names and addresses
of their solicitors (if any) to the undersigned, the Liquidators
of the Company.

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

Dated this 1st day of July 2005

Chia Soo Hien
Ng Geok Mui
Joint & Several Liquidators
c/o BDO Raffles
5 Shenton Way
#07-01 UIC Building
Singapore 068808


CHUAN JOO: Creditors Have Until Next Month to Prove Claims
----------------------------------------------------------
Chuan Joo Pte Ltd. posted a notice of intended dividend at the
Government Gazette, Electronic Edition with the following
details:

Name of Company: Chuan Joo Pte Ltd

Address of Registered Office: c/o The Liquidator's Office

Number of Matter: Companies Winding Up No. 51 of 2005

Last date for receiving Proofs: August 1, 2005

Name and address of Liquidator:

Mr. Goh Boon Kok
c/o Goh Boon Kok & Co.
Certified Public Accountants
1 Stadium Walk, Level 2
Kallang Theatre Building
Singapore 397688
Phone: 63466776
Fax: 63467117

Dated this 1st July 2005


DIGILAND INTERNATIONAL: Court Orders Unit's Liquidation
-------------------------------------------------------
Digiland International Ltd. informed the Singapore Stock
Exchange (SGX) that it did not object the winding-up petition
filed against its wholly owned subsidiary Digiland Vietnam Pte.
Ltd (DGV) by Hewlett-Packard Singapore (Sales) Pte. Ltd.  

Consequently, the court ordered for the winding up of the
company.

The liquidation of the unit will not have any material financial
impact on the DIL Group, as DGV is dormant.

By Order Of The Board

Lim Koon Hock
Company Secretary
Digiland International Limited
5 July 2005

CONTACT:

Digiland International Limited
31 Ubi Road 1
#02-00 Aztech Building
Singapore 408694
Telephone: 65 67889898
Fax: 65 63691613
Web site: http://www.digiland.com.sg


DIGILAND (S) LIMITED: Parent OKs Hewlett-Packard's Petition
-----------------------------------------------------------
Further to the announcement made on April 11, 2005, Digiland
International Limited (DIL) informed the Singapore Stock
Exchange (SGX) that it did not oppose the winding-up petition
presented against its wholly owned subsidiary Digiland
(Singapore) Pte Ltd (DGS) by Hewlett-Packard Singapore (Sales)
Pte Ltd.

Consequently, the court ordered the company to be wound up. The
liquidation of the subsidiary will not have any material
financial impact on the DIL Group, as DGS is dormant.

By Order Of The Board
Lim Koon Hock
Company Secretary
Digiland International Limited
5 July 2005


ELOGICITY INTERNATIONAL: To Pay First, Final Dividend
-----------------------------------------------------
ELogicity International Pte Ltd. of of 8 Cross Street #11-00 PWC
Building Singapore 048424 posted a notice of intended dividend
at the Government Gazette, Electronic Edition with the following
details:

Court: High Court of the Republic of Singapore.

Number of matter: Companies Winding Up No. 307 of 2003/N

Amount per centum: 100 per centum of all admitted claims

First and final or otherwise: First and final

When payable: July 28, 2005

Where payable:

Chio Lim & Associates
18 Cross Street
#08-01 Marsh & McLennan Centre
Singapore 048423

Dated this 4th day of July 2005

Chee Yoh Chuang
Lim Lee Meng
Liquidators

CONTACT:

Elogicity International Pte Limited
8 Cross Street
#11-00 PWC Building
Singapore 048424


KONISHIYASU SINGAPORE: Proofs of Claim Due at Month's End
---------------------------------------------------------
Notice is hereby given that the creditors of Konishiyasu
Singapore Pte Limited, which is being voluntarily wound up, are
required on or before July 30, 2005 to send in their names and
addresses with particulars of their debts and claims and the
names and addresses of their solicitors (if any) to the
Company's Liquidator, Ms Priscilla Low Yim Leng, at 1 Coleman
Street, #06-10 The Adelphi, Singapore 179803.

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

Dated June 28, 2005

Priscilla Low Yim Leng
Liquidator
1 Coleman Street
#06-10 The Adelphi
Singapore 179803


KS eVA PTE: Seeks Exit from ACRA
--------------------------------
The Board of Directors of KS Energy Services Limited (KS Energy)
informed the Singapore Stock Exchange (SGX) that KS eVA Pte Ltd,
a dormant subsidiary of the Company has submitted an application
for striking-off to the Accounting and Corporate Regulatory
Authority (ACRA).

The abovementioned transaction is not expected to have any
material impact on the Company's earnings per share and net
tangible assets of the Company for the financial year ending 31
December 2005.

By Order of The Board

Lim Ka Bee
Company Secretary
5 July 2005


LIANG HUAT: Works Out Conditions Precedent for Scheme
-----------------------------------------------------
Liang Huat Aluminium Limited (LHAI) refers to the previous
announcements made to the Singapore Stock Exchange (SGX) on
September 24, 2004, its subsequent monthly updates as well as
the announcement on March 28, 2005, in respect of the schemes of
arrangement proposed by each of the Company, LHAI and Durabeau
Industries Pte Ltd (DI) (known as the Principal Scheme, the LHAI
Scheme and the DI Scheme respectively and known collectively as
the Schemes).

The Creditors' meeting for the Company, LHAI and DI to approve
their respective Schemes were held on April 5, 2005. The Schemes
were all approved by a majority in number and value of creditors
who were present and voting at the meetings.
The requisite whitewash waiver has been obtained from the
Securities Industry Council.

The Company is in the process of fulfilling the remaining
conditions precedent for the Scheme to take effect:

- Obtaining the necessary and appropriate approvals from the
shareholders of the Company and Singapore Exchange Securities
Trading Limited for the listing and quotation of the
consideration shares to be issued with accordance to the terms
of the Schemes.

Pursuant to the terms of the Company's scheme of arrangement,
the Extraordinary General Meeting to approve the afore-mentioned
listing and quotation of the consideration shares is to be
convened within six months from the lodgment of the Order of
Court of the Company's Scheme.

The Company will make prompt and timely announcements of further
developments concerning the Schemes.

CONTACT:

Liang Huat Aluminium Limited
Blk 8 #07-05
Liang Huat Industrial Complex
51 Benoi Road
Singapore 629908
Telephone: 65 68622228
Fax: 65 68624962
Web site: http://www.lianghuatgroup.com.sg/


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

ADVANCE PAINT: Concludes Exercise of Warrant
--------------------------------------------
Advance Paint & Chemical (Thailand) Public Co. Ltd. previously
informed the Stock Exchange of Thailand (SET) that it has issued
167,453,025 warrants for right offering to existing shareholders
whose names appeared in the Shareholders Registered Book as of
December 27, 2002.

The warrants can be exercised every quarter starting from
December 31, 2003 at the exercise ratio 1 warrant: 1 common
share.

Thus, Advance Pant & Chemical (Thailand) Public Co., Ltd. issued
to the SET a report on the result of exercise of the warrant
holders on the date of June 30, 2005:

As of June 30, 2005

Beginning Balance of Warrants-133,463,425 Units

Less Exercised Warrants to be common shares- 0 Units

Ending Balance of Warrants- 133,463,425 Units

Please be informed accordingly.

Yours faithfully,
Mrs. Pricha Punnakitikashem
Managing Director

CONTACT:

Advance Paint & Chemical (Thailand) Pcl   
344 Moo 2, Bang Pa-In Industrial Estate,
Bang Pa-In Ayutthya    
Telephone: 0-3522-1140, 0-2541-5374-8   
Fax: 0-3526-1871   


PACIFIC ASSETS: Clarifies Engagement Letter
-------------------------------------------
Pacific Assets Public Company Ltd. issued to the Stock Exchange
of Thailand (SET) a simplified significant information regarding
the Deposit stated in the engagement letter disposed to the SET
earlier.

The Company notified the following to the SET:

(1) Lehman Brothers (Thailand) Co. Ltd. will deposit the amount
of US$3 million (The Deposit) into escrow within July 8, 2005
(14 days from the signing date of the Engagement Letter). For
the time being, due date for deposit payment still has not
arrived yet.

(2) If Lehman Brothers (Thailand) Co. Ltd. fails to pay the
Deposit to the escrow within such period, the Engagement Letter
shall terminate without liability to either party.

(3) When the Deposit has been provided, it shall be applied as
follows:

(a) Applied to the Purchase Price in the event that the buy/
sell of assets occurs according to the Buy/ Sell Agreement.

(b) Refunded to the Provider in the following cases:

- The Engagement expires because it could not occur within the
period designated (i.e. 90 days after the Engagement Letter's
signing date or 60 days after getting approval to sell the
assets from the Shareholders' Meeting. In this case, the Buy/
Sell Agreement still has not been signed.

- The Company could not get approval from their shareholders'
meeting and subsidiaries within 45 days from the Engagement
Letter's signing date (or other extended date as agreed by
Lehman Brother (Thailand) Co. Ltd.

- The Buy/ Sell Agreement has been signed but the buy/ sell of
assets does not occur within the period designated in the
Agreement.

The Engagement Letter's signing date was June 24, 2005

Please be informed accordingly.

Sincerely yours,
Mr. Tanes Kasemsuwan
Assistant Chief Executive Officer
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's Exit Sheds Light to PTT Acquisition
---------------------------------------------------------------
PTT Plc will most likely conclude a $1-billion acquisition of
Thai Petrochemical Industry Public Company Limited (TPI) by mid-
September, Business Day relates.

PTT has filed a financing plan for the acquisition last week.  
The mid-September deal paves the way for the sale of TPI's 30
percent stake in TPI Polene PLC, a requirement for a successful
reorganization.

Krung Thai Bank is said to have provided PTT Plc and its allies
with a standby letter of credit worth THB20.27 billion, TPI plan
administrator member Siri Jirapongphan said.

Under the agreement, PTT's acquisition of TPI would gain PTT
management control. PTT would buy 31.5 percent of TPI while the
Government Pension Fund, the Vayupak Fund and Government Savings
Bank plan to buy 10 percent each.

The withdrawal of China's CITIC Resources from negotiations with
TPI founder Prachai Leophairatana increases the chances of PTT
to succeed on its planned acquisition of the company.  

CITIC had previously agreed to spend $1 billion to expand
production at TPI through Mr. Prachai, but the China-based
company pulled out as the Central Bankruptcy Court allowed it to
conduct due diligence on the company. But even if CITIC withdrew
from negotiations Mr. Prachai said the court's approval applied
to him and whoever partners with him.

Mr. Prachai stated Tuesday that he is planning to make a final
attempt to bring Citic back to the negotiations before he turns
to other potential partners.  According to him there are two or
three interested parties waiting.

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 S. Bacatan,
Reiza Dejito, and Erica Fernando, Editors.

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

This material is copyrighted and any commercial use, resale or
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