TCRAP_Public/050708.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C


              Friday, July 8, 2005, Vol. 8, No. 134

                            Headlines

A U S T R A L I A

1ST POUR: Taps Harrisons Insolvency Liquidator
ALLPINE LOG: Passes Wind Up Resolution
CLOUGH LIMITED: Unloads Interest in Mermaid Marine
COMDEK: Blames Payment Delays on Sale Fluff
CRANBROOK PTY: Members Opt to Wind Up Business

DAKOTA HOLDINGS: Commences Winding Up Process
DREAMCORP IMPROVEMENTS: Court Issues Wind Up Order
ENVIRONMENTAL CARE: To Convene Final Meeting Next Week
FELTEX CARPETS: Confirms Tie-up Talks with Rival
FIZZ PTY: Creditors Appoint Liquidator

GUS SEVIL: Members Pass Wind Up Resolution
JAB EXPRESS: Members Agree to Liquidate Ops
J.J. MARVIK: Passes Special Resolution to Wind Up Business
KALIMNA PTY: Hires Jenkins Peake & Co Liquidators
LOCKINGTON INVESTMENTS: Final Meeting Set July 12

LOGEC SYSTEMS: Names Glenn A. Crisp Official Liquidator
MULTIPLEX: Profit Concerns Hurt Shares Again
OZLAY CONSTRUCTIONS: Members, Creditors Agree to Wind Up Company
P.G.I. PTY: Wind-up Process Initiated
PRIMELIFE CORPORATION: Sees Progress on Investment Schemes

RMG ACQUISITIONS: Names Joint, Several Receivers
RUSSALLCANE PTY: Begins Liquidation Proceedings
SANTOS LIMITED: Ratings Affirmed Following Tipperary Acquisition
S.K.E. CRANES: Hires Liquidator to Wind Up Ops
TWIN STAR: Members OK Special Resolution to Wind Up

VOTRAINT NO.1261: To Undergo Voluntary Liquidation


C H I N A  &  H O N G  K O N G

ALL NATURE: Winds Up Operations
APPLIED INTERNATIONAL: Buys Back 20,000 Shares
BARBER LIMITED: SFAT Reduces Officer's Suspension
BLOOMEX MANUFACTURING: Receives Winding Up Notice
CHAMPION SYSTEMS: Court to Hear Winding Up Petition July 27

FIVEOCEANS SUPPLY: Issues Dividend Notice
GETEC INDUSTRIES: Enters Winding Up Proceedings
ONWARD ELECTRICAL: Creditors' Annual Meeting Set August 1
PATH VIEW: To Appoint Liquidators
SEWCO INTERNATIONAL: Confirms Chairman Arrested by ICAC

SILCOM LIMITED: Court Order Winding Up
TAKE POINT: Court Releases Winding Up Notice


I N D O N E S I A

GARUDA INDONESIA: Competition, Oil Prices Drive Huge Losses
MERPATI NUSANTARA: House Heeds Rescue Call
PERTAMINA: To Secure Dollars Directly from Central Bank
PERUSAHAAN LISTRIK: Plans to Spend US$1.6 Bln on Power Plants
SEMEN GRESIK: Unit Exceeds Cement Output Target


J A P A N

MATSUSHITA ELECTRIC: Develops Ultra-Strong Inlet for IC Cards
MITSUBISHI MOTORS: Launches All-New Large Australian Car
SANYO ELECTRIC: Ratings Unaffected By Business Reform Plan
UNIVERSAL STUDIOS: Goldman Sachs to Become Top Shareholder
* European Accounting Rules Could Spur Delistings


K O R E A

ASIANA AIRLINES: Pilots End Strike, Threaten General Action
DAEWOO GROUP: Ex-execs to Present Info on Kim's Sudden Flight
KOHAP GROUP: Ordered to Pay KRW810 Mln for Fraud


M A L A Y S I A

AKTIF LIFESTYLE: Seeks Another Extension to Submit Proposal
AYER HITAM: Prepares Representations to Avoid Delisting
AYER HITAM: Accepts Perbadanan Kemajuan's Offer
AYER HITAM: Unveils New Remuneration Committee
BELL & ORDER: SC Approves Proposals

CONSOLIDATED FARMS: Issues Progress Report on PN4 Condition
EMICO HOLDINGS: Bourse Grants Listing of Additional Shares
KIG GLASS: Cash Flow Not Enough to Make Repayments
K.P. KENINGAU: No Development Since White Knight's Exit
KRAMAT TIN: Status of Proposal Remains Unchanged

MEGA PASCAL: Still Processing Regularization Plan
PAN PACIFIC: Mulls Over Proposed Restructuring Scheme
PETALING TIN: To Regularize Condition Soon
PWE INDUSTRIES: Awaits High Court's Order on Petition
SETEGAP BERHAD: Regularization of Condition Under Process

TANCO HOLDINGS: Issues Update to PN1 Condition
TRU-TECH HOLDINGS: Application Made to SC Pending Approval


P H I L I P P I N E S

COLLEGE ASSURANCE: Planholders Demand Payment of Claims
DIGITAL TELECOMMUNICATIONS: Seeks to Make Price Promo Permanent
EASYCALL COMMUNICATIONS: Makes Profit After One-time Gain
LEPANTO CONSOLIDATED: Sees No End to Labor Row Saga
MAKATI MEDICAL: Employees Plan Industrial Action

PACIFIC PLANS: SEC Studies Plea to Use Lifetime License


S I N G A P O R E

ACCORD CUSTOMER: Former Director Only Serves as Consultant
HUA ANN BROTHERS: To Pay Dividend Next Week
I.R.E. CORPORATION: Extends Completion Date of Land Acquisition
MACH PTE: Proofs of Debt, Claim Due Next Month
SEATOWN CORPORATION: Completion of Agreement with KPH Delayed

STABLE KINGDOM: Gives Creditors Until Next Month to Prove Claims
UCB-PLATOU DRY: Final Meeting Slated End of the Month


T H A I L A N D

EASTERN WIRE: To Invest Further Using Remaining Proceeds
KRUNG THAI: Hopes to Achieve Target on NPA Sale
RATTANA REAL: Unveils New Company Name
* Alvarez & Marsal Expands Asian Operations
* Large Companies With Insolvent Balance Sheets

     -  -  -  -  -  -  -  -

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

1ST POUR: Taps Harrisons Insolvency Liquidator
----------------------------------------------
Notice is hereby given that at an extraordinary general meeting
of members of 1st Pour Pty Limited held on May 26, 2005, it was
resolved that the company be wound up voluntarily, and at a
creditors' meeting held on the same day pursuant to Section 497,
it was resolved that for such purpose, Loke Ching Wong and
William Bernard Abeyratne of Harrisons Insolvency, Level 1, 49-
51 Stead Street, South Melbourne be appointed joint and several
liquidators.

Dated this 26th day of May 2005

Loke Ching Wong
William B. Abeyratne
Joint and Several Liquidators
c/o Harrisons Insolvency
Level 1, 49-51 Stead Street
South Melbourne Vic 3205
Phone: 9696 2885


ALLPINE LOG: Passes Wind Up Resolution
--------------------------------------
Notice is given that at a meeting of members and creditors of
Allpine Log Cabins Pty Limited convened pursuant to Section
497(1) & (2) of the Corporations Act 2001, and held on May 27,
2005, creditors resolved that the company be wound up, and
pursuant to Section 491(1) of the Corporations Act 2001 R. A.
Sutcliffe was appointed Liquidator for the wind up.

Dated this 27th day of May 2005

R. A. Sutcliffe
Liquidator
Ground Floor, 192-198 High Street
Northcote Vic 3070
Phone: (03) 9482 6277


CLOUGH LIMITED: Unloads Interest in Mermaid Marine
--------------------------------------------------
Mermaid Marine Australia Limited advised that on the 5th of
July, Clough Investment Holdings Pty Ltd disposed of their
shareholding of 15,897,385 shares representing an 11% stake in
the Company. The sale was to a group of financial institutions,
which will help to improve liquidity in the Company's shares.

The vessel business has grown substantially over the last two
years and together with supply bases are the Company's core
activities. This growth has reduced the traditional reliance on
less predictable offshore contracting activities and although
Mermaid and Clough remain the best equipped and most experienced
in that field, the shareholding was no longer considered a
strategic imperative by the new Clough management team.

Mermaid Marine and Clough Limited still maintain a joint venture
focused on shallow meter pipelay projects on the North West
Shelf. However, there are no clear opportunities planned in the
short term and Mermaid's jointly owned pipelay barge is
currently deployed in India supporting Clough Limited contract
there.

Mermaid Marine's relationship with Clough continues to be strong
and we will continue to support their offshore projects as
appropriate and in areas where value can be added.

CONTACT:

Clough Limited
Head Office &
Principal Registered Office
Level 6, 251 St Georges Terrace
Perth, Western Australia 6000
Telephone: +618 9281 9281
Facsimile: +618 9481 6699
E-mail: clough@clough.com.au
Web site: http://www.clough.com.au/


COMDEK: Blames Payment Delays on Sale Fluff
-------------------------------------------
Embattled technology group Comdek pointed to the sale of its
Internet service provider Vianet AIP as the main reason for its
inability to pay a hostile creditor ahead of a Supreme Court
hearing, The West Australian reports.

Comdek counsel Ken Robson told the court Monday his group had
received payment from Datafast for Vianet, but the funds had not
been cleared because of an "unfortunate slip-up".

Comdek had been expected Monday to unveil a finalized settlement
with creditor, Medquest Pty Ltd, which had claimed to be owed
about AU$7700 immediately and another AU$155,000 under
convertible notes issued last year as part of Comdek's
acquisition of Vianet from Medquest and other vendors.

Last month, Comdek won a 19-day adjournment of an action being
run by Medquest for the company to be wound up under provisions
of the Corporations Act that allow the court to put a liquidator
into a company that has not paid a petitioning creditor or
cannot establish its solvency.

The ailing firm has blamed its current financial woes on a deal
finalized four months ago to buy the remote area satellite
broadband operation eSat from a Launceston-based company 154
Collins Street Pty Ltd, which is claiming to be owed around
AU$377,000 by Comdek.

Mr. Robson told the court Monday that it immediately planned to
settle the claim by Medquest against the company and pay out 154
Collins Street from the proceeds of the Vianet sale. He said his
client also planned to settle a claim by another creditor Rawley
Pty Ltd, which claims to be owed about AU$150,000, through the
issue of Comdek shares.

Mr. Robson opposed an application from Medquest for a series of
orders to be made relating to the production of documents,
including for Comdek managing director Haydn Collins to show
material on which he based an affidavit.

The court hearing will resume on July 12.

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


CRANBROOK PTY: Members Opt to Wind Up Business
----------------------------------------------
Notice is hereby given that by a special Resolution passed at a
shareholders' meeting of Cranbrook (Willow Tree) Pty Ltd duly
convened and held on May 27, 2005, it was resolved that the
Company be wound up voluntarily, and that Neil Edgar Brackenbury
of 147 George Street, Quirindi be appointed Liquidator for the
winding up.

Dated this 27th day of May 2005

N. E. Brackenbury
Liquidator
147 George Street, Quirindi


DAKOTA HOLDINGS: Commences Winding Up Process
---------------------------------------------
Notice is hereby given that at a meeting of creditors of Dakota
Holdings (NSW) Pty Limited held on May 24, 2005, it was resolved
that the company be wound up voluntarily and that for such
purpose, Deryk Andrew of Bentleys MRI Sydney, Business Recovery
& Insolvency Partnership, Level 8 Barrack House, 16-20 Barrack
Street, Sydney, NSW be appointed Liquidator for the Company.

Dated this 26th day of May 2005

Deryk Andrew
Liquidator
Bentleys MRI Sydney
Business Recovery & Insolvency Partnership
Level 8, Barrack House
16-20 Barrack Street, Sydney NSW


DREAMCORP IMPROVEMENTS: Court Issues Wind Up Order
--------------------------------------------------
On May 19, 2005, the Supreme Court of New South Wales ordered
that Dreamcorp Improvements Pty Limited be wound up by the
Court, and appointed Richard G. Mansell to be Official
Liquidator for such purpose.

Richard G. Mansell
Official Liquidator
R. G. Mansell & Associates
Level 3, 118 Queen Street
Melbourne Vic 3000


ENVIRONMENTAL CARE: To Convene Final Meeting Next Week
------------------------------------------------------
Notice is given that pursuant to Section 509(1) of the
Corporations Act 2001, a final meeting of members and creditors
of Environmental Care Pty Ltd will be held on July 15, 2005,
11:00 a.m. in the Meeting Room, HLB Mann Judd, Chartered
Accountants, Level 1, 160 Queen Street,
Melbourne.

The purpose of the meeting is to lay accounts before the
members, showing the manner in which the winding up has been
conducted and the property of the company disposed of, and of
hearing any explanation that may be given by the Liquidator.

Dated this 31st day of May 2005

C. P. White
Liquidator
HLB Mann Judd
Chartered Accountants
Level 1, 160 Queen Street
Melbourne 3000


FELTEX CARPETS: Confirms Tie-up Talks with Rival
------------------------------------------------
New Zealand-based Feltex Carpets Limited has admitted it had
held discussions about a possible alliance with Australian rival
Godfrey Hirst, Reuters reports.

Feltex chairman Tim Suanders said his firm will consider any
merger proposal from Godfrey Hirst, as long as the move will
boost shareholder value for Feltex investors when compared
against other alternatives. Feltex, however, did not indicate
whether it would back a merger move.

According to Mr. Suanders, the talks had been "constructive" and
the Feltex board would consider the issue by the end of this
month.

In June, Godfrey Hirst took a nearly 6-percent stake in ailing
Feltex and said it would start merger talks although it did not
want a full takeover.

On the same month, Feltex forecast a 25-percent profit decline,
its second hefty downgrade in three months. The group has blamed
slower demand due to a weaker Australian housing market and
competition from imported synthetic carpets for the downgrades.

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/


FIZZ PTY: Creditors Appoint Liquidator
--------------------------------------
Notice is hereby given that at an extraordinary general meeting
of members of Fizz Pty Limited held on May 25, 2005, it was
resolved that the company be wound up voluntarily, and at a
creditors' meeting held on the same day, it was resolved that
for such purpose, Robert Molesworth Hobill Cole of Cole Downey &
Co, Chartered Accountants, Unit 2, 6 Moorabool Street, Geelong
Vic 3220 be appointed Liquidator.

Dated this 25th day of May 2005

Robert M. H. Cole
Liquidator
Cole Downey & Co
Chartered Accountants
Unit 2, 6 Moorabool Street
Geelong Vic 3220


GUS SEVIL: Members Pass Wind Up Resolution
------------------------------------------
Notice is hereby given that at a Shareholders' meeting of Gus
Sevil Pty Ltd duly convened and held on May 27, 2005, it was
resolved that the Company be wound up voluntarily, and that Neil
Edgar Brackenbury of 147 George Street, Quirindi be appointed
Liquidator of the Company.

Dated this 27th day of May 2005

N. E. Brackenbury
Liquidator
147 George Street, Quirindi


JAB EXPRESS: Members Agree to Liquidate Ops
-------------------------------------------
Notice is hereby given that at a General Meeting of Members of
Jab Express Pty Limited held on May 24, 2005, a special
resolution was passed that the company be wound up voluntarily,
and that Gregory Stuart Andrews, 22 Drummond Street, Carlton
3053 be appointed Liquidator for the winding up.

Dated this 24th day of May 2005

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


J.J. MARVIK: Passes Special Resolution to Wind Up Business
----------------------------------------------------------
Notice is hereby given that on May 24, 2005, the following
special resolution was passed:

That J.J. Marvik Pty Limited be wound up voluntarily in
accordance with the Corporations Act 2001 relating to a
Creditors' Voluntary Winding Up, and that Mr K. L. Sutherland
and Mr H. A. MacKinnon, Chartered Accountants, of 332 St Kilda
Road, Melbourne be appointed joint and several Liquidators for
the Company.

Dated this 24th day of May 2005

H. A. MacKinon
K. L. Sutheland
Joint and Several Liquidators
Bent & Cougle
Chartered Accountants
332 St Kilda Road
Melbourne Vic 3004


KALIMNA PTY: Hires Jenkins Peake & Co Liquidators
-------------------------------------------------
Notice is hereby given that at a general meeting of members of
Kalimna Pty Limited held on May 27, 2005, it was resolved that
the company be wound up voluntarily, and that for such purpose
Russell Graeme Peake and Geoffrey Charles Ridgeway, Chartered
Accountants and Registered Liquidators of Jenkins Peake & Co,
1st Floor, Lexen Building, 200 Malop Street, Geelong, 3220, be
appointed Joint and Several Liquidators for the winding up
proceedings.

Dated this 27th day of May 2005

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


LOCKINGTON INVESTMENTS: Final Meeting Set July 12
-------------------------------------------------
Notice is hereby given that a final meeting of members and
creditors of Lockington Investments Pty Limited will be held on
July 12, 2005, 9:30 a.m. at the offices of Brooke Bird & Co.,
Chartered Accountants, 471 Riversdale Road, Hawthorn East, 3123,
for the purpose of having an account laid before them showing
the manner in which the winding up has been conducted and the
property of the company disposed of and of hearing any
explanations that may be given by the Liquidators.

Dated this 13th day of May 2005

Robyn Erskine
Peter Goodin
Joint & Several Liquidators
Brooke Bird & Co.
Chartered Accountants
471 Riversdale Road
Hawthorn East 3123
Phone: 9882 6666


LOGEC SYSTEMS: Names Glenn A. Crisp Official Liquidator
-------------------------------------------------------
Notice is hereby given that at a general meeting of members of
Logec Systems Pty Limited held on May 23, 2005, it was resolved
that the company be wound up voluntarily and that for such
purpose, Glenn Anthony Crisp, Chartered Accountant of RSM Bird
Cameron Partners, Chartered Accountants, Level 8, 525 Collins
Street, Melbourne Vic 3000 be appointed liquidator of the
Company.

Dated this 24th day of May 2005

Glenn A. Crisp
Liquidator
RSM Bird Cameron Partners
8/525 Collins Street
Melbourne Vic 3000


MULTIPLEX: Profit Concerns Hurt Shares Again
--------------------------------------------
Multiplex shares fell 3.6 percent to AU$2.94 Thursday after
property trust analysts revised downwards by a further 10
percent their 2004-05 profit forecasts, reports the Sydney
Morning Herald. The latest revisions reflect more unexpected,
one-off payments out of earnings.

Brokers said the company's recent profit forecasts did not
include an estimated AU$16.5 million payment to holders of
Multiplex's listed SITES, which are interest-bearing securities
that convert into normal securities.

Once brokers read the fine print they identified further
payments for the preferred stock distributions which will leave
profit closer to AU$133 million. It was enough to wipe 11 cents
off the price of Multiplex's securities.

The company warned on Friday that its 2004-05 profit, would be
down by about AU$20 million, taking it to about AU$150 million,
due to timing problems of bringing certain projects' profits to
account.

A spokesman for Multiplex said the 2005-06 year would rise by a
corresponding $20 million, although counting the extra SITES
payments, that figure will also decline.

Multiplex's recent profit guidances were for net profit before
taking into account distributions for SITES.

Goldman Sachs JBWere's Nick Vrondas said on reviewing the
company's May guidance: "We believe that our NPAT forecasts (and
most of those in the market) have overestimated earnings.

"This is due to the basis of the guidance being before preferred
stock distributions and without regard for the additional
funding costs of Duelguide [which Multiplex jointly bought with
Westfield last year].

"We have downgraded earnings per security by a further 10 per
cent for the 2004-05 year. These forecasts suggest that there
remains a very poor level of profitability out of the
corporation. Even after allowing for IFRS [new international
reporting standards] impacts, the returns and margins implicit
in these numbers are very poor. We retain our sell
recommendation."

Credit Suisse First Boston's analysts also cut their 2004-05
profit figure saying, "just when we thought Multiplex's
disclosure and transparency was improving, we discover this".

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


OZLAY CONSTRUCTIONS: Members, Creditors Agree to Wind Up Company
----------------------------------------------------------------
Notice is now given that at a meeting of members and creditors
of Ozlay Constructions Pty Limited convened, pursuant to Section
497(1)&(2) of the Corporations Act 2001 and held on May 25,
2005, creditors resolved that the company be wound up and
pursuant to Section 491(1) of the Corporations Act 2001, R. A.
Sutcliffe was appointed Liquidator for the winding up.

Dated this 25th day of May 2005

R. A. Sutcliffe
Liquidator
Ground Floor, 191-198 High Street
Northcote Vic 3070
Phone: (03) 9482 6277


P.G.I. PTY: Wind-up Process Initiated
-------------------------------------
Notice is hereby given that at a general meeting of members of
P.G.I. Pty Ltd held on May 25, 2005, it was resolved that the
company be wound up voluntarily, and that Barry Keith Taylor, of
B. K. Taylor & Co., 8th Floor, 608 St. Kilda Road, Melbourne,
Victoria 3004 be appointed to act as Liquidator for the purpose
of the winding up.

Dated this 27th day of May 2005

Barry K. Taylor
Liquidator
B. K. Taylor & Co.
8th Floor, 608 St. Kilda Road
Melbourne, Victoria 3004


PRIMELIFE CORPORATION: Sees Progress on Investment Schemes
----------------------------------------------------------
Primelife Corporation Limited announced positive results in
connection with the winding-up of the first group of managed
investment schemes.

This follows the Company's settlement on 1 April 2005 of the
proceedings brought by the Australian Securities & Investment
Commission relating to the Company's association with allegedly
non-compliant managed investment schemes between 1998 and 2002.
These include:

(1) The purchase by Primelife of Montclaire aged care facility,
a 39 bed extra service hostel at Brighton, Victoria. The
purchase price was approximately $3 million (including costs),
and the facility will generate positive cash flow and industry
accepted returns;

(2) The renegotiation of the management arrangements (on more
favourable terms to Primelife) in relation to Trevi Court aged
care facility at Essendon, Victoria, and Glen Woodley and
Vermont retirement villages in South Australia as part of their
sale to a third party. The resultant contracts are profitable
for Primelife, with a positive profit impact in excess of $1
million expected in the 05/06 year; and

(3) The sale of Victoria by the Park, a retirement village in
Elsternwick, Victoria to a third party. Primelife will continue
to manage the facility in the short term while it is converted
from serviced apartments to aged care. The property, in serviced
apartment form, did not prove viable for all parties. Net cash
proceeds to Primelife were approximately $8 million, with a
positive profit impact in excess of $500,000.

Jim Hazel, Managing Director of Primelife, said: "the settlement
of the Company's proceedings with ASIC in relation to these
matters has provided us with an opportunity to accelerate the
negotiations for reaching a mutually beneficial outcome with
investor groups. The optimal result is to find regularisation
solutions that create 'win-win' situations, which we believe we
have done in these matters.

"Substantial progress continues to be made in discussions with
other syndicates".

CONTACT:

Primelife Corporation Limited
Melbourne
Victoria, Victoria 3000
Australia
Phone: +61 3 9618 5500
Fax: +61 3 9618 5599
Web site: http://www.primelife.com.au/


RMG ACQUISITIONS: Names Joint, Several Receivers
------------------------------------------------
Notice is hereby given that on May 23,2005, Mark F. Mentha and
Craig Shepard were appointed joint and several Receivers and
Managers by Pacific Retail Finance Limited of the property of
RMG Acquisitions Pty Limited, under the powers contained in the
instrument dated Dec. 20, 2002, being a deed of debenture
registered at the Australian Securities & Investments Commission
as charge number 916787.

Dated this 24th day of May 2005

Craig Shepard
Joint Receiver & Manager
KordaMentha
Level 24, 333 Collins Street
Melbourne Vic 3000


RUSSALLCANE PTY: Begins Liquidation Proceedings
-----------------------------------------------
Notice is hereby given that at an extraordinary general
shareholders' meeting of Russallcane Pty Limited duly convened
and held on May 27, 2005 at 79 Cowper Street, Crookwell, the
following resolutions were passed:

That the company be wound up as a Member's Voluntary
Liquidation.

That Paul Joseph Culhane CPA of 42 Colyer Street Crookwell, be
appointed to act as liquidator for the winding up of the
company.

Dated this 27th day of May 2005

P. J. Culhane
Liquidator
42 Colyer Street
Crookwell


SANTOS LIMITED: Ratings Affirmed Following Tipperary Acquisition
----------------------------------------------------------------
Standard & Poor's Ratings Services said that it has affirmed its
'BBB+' long-term rating and 'A-2' short-term rating on Santos
Ltd. following the announcement that it has successfully bid for
the 54% shareholding in Tipperary Corporation, and a 10%
interest in Tipperary Oil and Gas Australia Pty Ltd. (TOGA) (a
90% subsidiary of Tipperary Corporation), from Slough Estates
USA Inc.

Subject to minority shareholder approval, anticipated early in
the fourth quarter of 2005, Santos will purchase the remaining
46% of Tipperary Corporation. Total consideration for the
acquisition (including debt owed by TOGA) is A$612 million. The
settlement for the 54% shareholding in Tipperary Corporation and
the 10% interest in TOGA will take place on July 13,2005.The
acquisition will provide Santos with about 75% equity in the
Fairview Coal Seam Methane (CSM) field in Queensland. The
outlook is stable.

Given the Tipperary transaction will be fully debt funded and
will not generate material cash flows in the short term, Santos'
credit metrics are expected to weaken, with funds from
operations to debt likely to fall below 50%. Consequently,
Santos will have used up its balance-sheet capacity to take on
further substantial debt-funded acquisitions at the current
rating level.

Nevertheless, obtaining the majority interest in the Fairview
CSM field will marginally improve Santos' business profile,
through improved diversification of the company's gas reserve
base. Fairview has substantial estimated 1P and 2P reserves at
103 million barrels of oil-equivalent and 243 mmboe (at Dec. 31,
2004), and a decade of robust production history. It is well
positioned in Queensland, where strong gas demand exists, and it
has long-term gas sales contracts.

The Tipperary acquisition addresses the need for reserve
replacement; however, in the medium term much of the incremental
cash flow generated will be reinvested in development projects.
The commercialization of Tipperary gas reserves is necessary to
achieve adequate returns on the investment, and therefore
further development expenditure will be required.

The ratings on Santos reflect its reliable and contracted gas
cash flows and increasing geographical asset diversity. Gas
revenues make up about 50% of cash flows, while the more
volatile crude oil, condensate, and LPG revenues form the
balance. Offsetting the certainty of the existing contracted-gas
revenues are volatile oil prices, the competitive pricing of new
gas contracts, the company's relatively poor historic reserve-
replacement record,
and significant changes to its asset-acquisition profile.

Santos' moderate financial profile supports its ratings.

CONTACT:

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


S.K.E. CRANES: Hires Liquidator to Wind Up Ops
----------------------------------------------
At a meeting of Members of S.K.E. Cranes Pty Limited held on May
31, 2005, it was unanimously resolved, pursuant to Section
491(1) of the Corporations Act, that the company be wound up and
Stephen Gower Baker be appointed Liquidator for such purpose.

Stephen Baker & Co
Liquidator
Chartered Accountant
Suite 2, 98 Woolwich Road
Woolwich NSW 2110
Phone: 9817 6427
Fax:   9879 0964


TWIN STAR: Members OK Special Resolution to Wind Up
---------------------------------------------------
In a General Meeting of Twin Star Pty Limited duly convened and
held on May 27, 2005 at Level 1, 95 Tamar Street, Ballina NSW
2478, the following Special Resolution was passed:

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

Dated this 27th day of May 2005

Bryan W. J. Marriott
Vernon P. Ware
Joint and Several Liquidators
Marriott Foreman
Chartered Accountants and Business Advisers
Level 1, 95 Tamar Street
Ballina NSW 2478


VOTRAINT NO.1261: To Undergo Voluntary Liquidation
--------------------------------------------------
Notice is hereby given that at a General Meeting of the Members
of Votraint No.1261 Pty Limited held on May 24, 2005, a Special
Resolution was passed that the company be wound up voluntarily
and that Colin McIntosh Nicol and Robyn McKern be appointed
joint and several Liquidators for such purpose.

Dated this 24th day of May 2005

Robyn McKern
Colin Mcintosh Nicol
Liquidators
c/o McGrathNicol+Partners
Level 1, 161 Collins Street
Melbourne Vic 3000
Phone: (03) 9038 3164
Web site: http://www.mcgrathnicol.com.au


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

ALL NATURE: Winds Up Operations
-------------------------------
All Nature Med. Corp. Limited, whose place of business is
located at Room 605-6, 6/F, Crown Ind. Building, 106 How Ming
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 22, 2005

Dated this 30th day of June 2005

ET O'Connell
Official Receiver


APPLIED INTERNATIONAL: Buys Back 20,000 Shares
----------------------------------------------
Applied International Holdings Limited (0519) bought back 20,000
shares at a price of HK$0.194, or at a total of HK$3,880, on
July 6.

The Company posted a net profit of HK$96.48 million in the year
ended June 30, 2004, versus a net loss of HK$167 million a year
earlier, Chong Hing Securities relates.

CONTACT:

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


BARBER LIMITED: SFAT Reduces Officer's Suspension
-------------------------------------------------
The Securities and Futures Appeals Tribunal (SFAT) has affirmed
the Securities and Futures Commission (SFC) decision to suspend
the license of Mr. Andrew Nicholas Barber of Barber Limited. The
SFAT has reduced the length of the suspension after Mr. Barber
put forward important new evidence at the hearing.

Mr. Barber was a deemed licensed representative and responsible
officer of Barber Asia Limited.

Background

On June 17, 2003, a judgment was entered against Barber Asia
Limited (BAL) in the civil proceedings that one of its clients,
Ms Susan Field, had brought against the firm. BAL was held
liable in negligence for losses suffered by the client.
The Court of First Instance in those proceedings concluded that
Barber had negligently advised the client, causing her financial
loss.

The subject matter of the civil suit was an investment product
known as a "Loan and Guarantee Scheme", which the client entered
into in reliance on Barber's advice in August 1998. The scheme
involved the client gearing her original investment by assigning
it to a lender as security for a loan, the proceeds of which
would be used to acquire another investment, which would also be
assigned to the lender as security for the loan. The essence of
the scheme was a borrowing in Japanese Yen for investment in
Pounds Sterling, and a gearing factor of 2.5 times being applied
to the client's original investment. Following a substantial
appreciation of the Yen, the client was required to make
additional margin payments (i.e. to provide extra collateral to
secure the gearing loan). When the client decided to close out
her whole position in early December 1999 after repeated margin
calls, she received back less than a quarter of the value of her
original investment.

On the basis of the Court of First Instance judgment, and having
taken into account detailed representations submitted on
Barber's behalf before and after the dismissal by the Court of
Appeal in September 2004 of BAL's appeal against the Court of
First Instance judgment, the SFC found that the negligent advice
Barber gave his client had called into question his fitness and
properness.

Review by the SFAT

The SFC decided to suspend Barber's license for six months in
September 2004. Barber appealed to the SFAT. Taking into account
new oral and documentary evidence put forward by Barber, which
he had not submitted during the civil proceedings in the High
Court or the SFC disciplinary proceedings, the SFAT reached
factual findings which are different from those of the Court of
First Instance, the Court of Appeal, and the SFC and which are
more favorable to Barber.

The SFAT held that Barber had been insufficiently diligent in
explaining to his client the downside risks of the investment he
had introduced, and that he had failed to properly assess the
suitability of this investment to this particular client.
However, in view of the new factual findings, the SFAT reduced
the length of the suspension to one month (Note 2).

The SFAT's Reasons for Determination confirm that express
warnings on the face of the investment product documentation do
not absolve an investment adviser from their duty to properly
explain the risks involved to the client. Although the SFAT
accepted that Barber had gone over the documentation with the
client, the Code of Conduct for Persons Licensed by or
Registered with the SFC requires an investment adviser, when
providing services to a client in derivative products, including
futures contracts or options, or any leveraged transaction, to
assure themselves that the client understands the nature and
risks of the products and has sufficient net worth to be able to
assume the risks and bear the potential losses of trading in
such products.

The SFAT also rejected Barber's argument that the fact that the
client concerned was an "Execution Only" client (Note 3) was in
itself sufficient to divest the investment adviser of
responsibility for any advice given.

Mr. Alan Linning, SFC's Executive Director of Enforcement, said:
"Substandard investment advice remains an enforcement priority.
The SFAT decision has confirmed that breaches of the diligence
and suitability requirements under the Code of Conduct deserve
serious sanctions. The Code of Conduct requirements of diligence
and suitability apply whenever a licensee makes a recommendation
or solicitation, including where the client is an "Execution
Only" client. In appropriate cases, the Securities and Futures
Ordinance now also empowers the SFC to fine people guilty of
mis-selling."

A copy of the SFAT's Reasons for Determination is posted on the
SFAT's website (http://www.sfat.gov.hk).

Ends

Notes to Editors:

1. Barber Asia Limited's license was suspended under section
195(1)(d) of the Securities and Futures Ordinance (SFO) in July
2004 after it notified the SFC that, after losing the appeal in
Susan Field v Barber Asia Limited, its liquid capital had fallen
short of the required liquid capital under the Securities and
Futures (Financial Resources) Rules. Neither BAL nor Barber
applied for a full license under the SFO, and their deemed
licenses expired on 31 March 2005. Although the SFC no longer
has disciplinary jurisdiction over Barber and so the suspension
will have no formal effect, the SFC will consider the suspension
decision and the grounds for it, should Barber ever reapply for
a regulatory approval, e.g. a license.

2. The SFAT ordered each party to pay his/its legal costs.

3. Barber emphasized that Ms. Field was an "Execution Only"
client, i.e. where no advice was contracted for, and BAL would
merely execute the client's instructions to buy, sell, subscribe
or redeem the investment products.


BLOOMEX MANUFACTURING: Receives Winding Up Notice
-------------------------------------------------
Bloomex Manufacturing Company Limited, whose place of business
is located at Block B, 7/F Fuk Tsun Factory Building, 66-68 Fuk
Tsun Street, Tai Kok Tsui, 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 22, 2005

Dated this 30th day of June 2005

ET O'Connell
Official Receiver


CHAMPION SYSTEMS: Court to Hear Winding Up Petition July 27
-----------------------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Champion Systems Logistics Co. Limited by the High Court of Hong
Kong was on June 1, 2005 presented to the said Court by Co Soy
Wan of Room 1812, Ming Shun Lau, Jat Min Chuen, Shatin, New
Territories, Hong Kong.

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

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

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

(BETTY CHAN)
For Director of Legal Aid
34th Floor, Hopewell Centre
183 Queen's Road East, Wanchai
Hong Kong

Note:

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


FIVEOCEANS SUPPLY: Issues Dividend Notice
-----------------------------------------
FiveOceans Supply Services Limited (In Liquidation) hereby gives
notice that the Company has issued a dividend notice in the High
Court of the Hong Kong Special Administrative Region Court of
First Instance with the following details:

Second Interim Dividend: 12%

When payable: On or after 8th July 2005

Where payable: Room 1601-2, 16th Floor, One Hysan Avenue,
Causeway Bay, Hong Kong.

CONTACT:

FiveOceans Supply Services Limited
16th Floor, One Hysan Avenue
Causeway Bay, Hong Kong
Dated this 30th day of June 2005

James Wardell
Joint and Several Liquidator


GETEC INDUSTRIES: Enters Winding Up Proceedings
-----------------------------------------------
Getec Industries Limited, whose place of business is located at
Room 1805, No 655 Nathan Road, Kowloon was issued a winding up
order notice by the High Court of the Hong Kong Special
Administrative Region Court of First Instance on June 22, 2005.

Date of Presentation of Petition: April 21, 2005

Dated this 30th day of June 2005

ET O'Connell
Official Receiver


ONWARD ELECTRICAL: Creditors' Annual Meeting Set August 1
---------------------------------------------------------
Onward Electrical & Supplies Company Limited (In creditors'
voluntary liquidation) hereby gives notice that the annual
meeting of the creditors of the Company will be held at Room
207, 2nd Floor, Duke of Windsor Social Service Building, 15
Hennessy Road, Wanchai, Hong Kong on August 1, 2005 at 3 o'clock
in the afternoon.

AGENDA

1. To receive and consider liquidator annual report.

2. To consider the waiver of audit of the Liquidator's accounts
of receipts and payments in order to save unnecessary costs.

3. To consider that the books, accounts and records of the
Company be kept at the custody of the Liquidator and that the
same shall be destroyed after expiration of three months from
the date of the final meeting of creditors and members convened
pursuant to S. 248 of the Companies Ordinance.

4. Any other business.

Dated this 28th day of June, 2005

Mr. LI MAN WAI
Liquidator


PATH VIEW: To Appoint Liquidators
---------------------------------
Path View Limited (In Compulsory Liquidation) hereby gave notice
that pursuant to a direction given by Master S Kwang of the High
Court a hearing has been fixed on September 1, 2005 at 9:30 a.m.
at the High Court, 38 Queensway, Hong Kong.

The court may consider the application made by the Provisional
Liquidators under Section 194 of the Companies Ordinance for the
appointment of Mr. Nicholas Timothy Cornforth Hill and Mr.
Stephen Briscoe as Joint and Several Liquidators of the Company.

Copies of the Provisional Liquidators' reports of the First
Meetings of Creditors and Contributories can be obtained from
the Provisional Liquidators at the address below.

Dated this 1st day of July, 2005

NICHOLAS TIMOTHY CORNFORTH HILL
DAMIEN MARK HODGKINSON
Joint and Several Provisional Liquidators
PATH VIEW LIMITED

Presented by:

RSM Nelson Wheeler Corporate Advisory Services Limited
7/F., Allied Kajima Building
138 Gloucester Road
Wanchai, Hong Kong
Phone: (852) 2598 5123
Fax: (852) 2598 0060


SEWCO INTERNATIONAL: Confirms Chairman Arrested by ICAC
-------------------------------------------------------
The board of directors of Sewco International Holdings
Limited refers to press articles, which appeared in various
newspapers on 22nd June 2005 regarding the arrest of some senior
executives of the Company, including the Chairman of the Board
and the announcement of the Company dated June 28, 2005 in
relation to the resignation of Mr. Yeung Po Chin and appointment
of Mr. Lam Chin Fung as independent non-executive director of
the Company.

The Board held a meeting on June 28, 2005 and discussed and
resolved, amongst other things, the following matters:

i) The resignation of Mr. Cheung Po Lun, the controlling
shareholder of the Company, as the Chairman of the Board and an
executive director of the Company with effect from the
conclusion of the board meeting of the Company held on June 28,
2005;

ii) The suspension of the duties of Mr. Hui Kwok Chu, as an
executive director and also the chief executive officer of the
Company with effect from the conclusion of the board meeting of
the Company held on June 28, 2005 until the Independent
Commission Against Corruption has completed its investigation;

iii) The appointment of Ms. Cheung Yan, Priscilla as an
executive director of the Company and the Chairman of the
Board and Mr. CHEUNG Wang as an executive director of the
Company with effect from the conclusion of the board meeting of
the Company held on June 28, 2005.

At the request of the Company, trading in the securities of the
Company was suspended with effect from 2:30 p.m. on June 20,
2005 and will remain suspended pending review of the Group's
accounts.

On behalf of the Board
Cheung Man, Catherine
Executive Director
Hong Kong, 6 July 2005

CONTACT:

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


SILCOM LIMITED: Court Order Winding Up
--------------------------------------
Silcom Limited, whose place of business is located at G/F, 37
Kwan Yick Building, State 2, 343 Des Voeux Road West, Hong Kong
was issued a winding up order notice by the High Court of the
Hong Kong Special Administrative Region Court of First Instance
on June 22, 2005.

Date of Presentation of Petition: April 21, 2005

Dated this 30th day of June 2005

ET O'Connell

Official Receiver


TAKE POINT: Court Releases Winding Up Notice
--------------------------------------------
Take Point Investment Limited, whose business address is
situated at G/F, 9-11 Fuk Wing Street, Shamshuipo, 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 22, 2005

Dated this 30th day of June 2005

ET O'Connell
Official Receiver


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

GARUDA INDONESIA: Competition, Oil Prices Drive Huge Losses
-----------------------------------------------------------
National flag carrier Garuda Indonesia saw a continued trend in
its operating losses in the first five months of the year,
according to the Associated Press.

The ailing carrier saw its losses grow to IDR445 billion (US$45
million) due to skyrocketing global oil prices and tough
competition from budget airlines.

Minister for State Enterprises Sugiharto told the Jakarta Post
that the airline's losses stood at IDR20.6 billion (US$2
million) in January, but widened to IDR131.8 billion (US$13
million) in May.

Garuda has been operating at a loss since the 1997-1998 Asian
financial crisis sent the value of the local currency
plummeting, meaning the company could not afford to pay off
planes purchased before the crisis.

Last year, the airline tallied a net loss of IDR861.21 billion.
As of March, the company's total debts stood at some US$826.5
million.

The losses were caused by soaring fuel prices and cutthroat
competition, especially with the rapidly growing low cost
carriers in the domestic market.

CONTACT:

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


MERPATI NUSANTARA: House Heeds Rescue Call
------------------------------------------
The government was authorized by the House of Representatives to
provide an IDR450-billion (US$47.3 million) lifeline to Merpati
Nusantara Airlines, according to Asia Pulse.

The capital infusion will be extended to rescue the debt-mired
airline from bankruptcy. State-owned Merpati, which has
liabilities of IDR1.3 trillion, needs fresh funds to be able to
survive the cutthroat competition in the country.

The airline will use the new capital to boost its productivity
and refinance maturing obligations.

Besides injecting the IDR45- billion funds to restructure
Merpati, another life-saving option for the airline would indeed
be to offer it through a strategic sale to investors.

The government had also mulled dissolving Merpati altogether,
but it would need a whopping IDR2 trillion in compensation for
the airline's workers.

Merpati's restructuring could also include a possible layoff of
thousands of employees to reach an ideal ratio to the number of
its airplanes. At present, Merpati operates a fleet of some 30
planes, down from 58 aircraft in its peak period.

CONTACT:

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


PERTAMINA: To Secure Dollars Directly from Central Bank
-------------------------------------------------------
Bank Indonesia, Indonesia's central bank, will directly supply
state oil and gas firm PT Pertamina with dollars to fund fuel
imports, Dow Jones Newswires reports.

Bank Indonesia Governor Burhanuddin Abdullah confirmed the
central bank will temporarily provide Pertamina with dollar
bills to pay for oil imports.

Pertamina's demand for dollars has soared in recent weeks as the
firm has scrambled to shore up dwindling national fuel reserves
amid record high global oil prices.

Traditionally, Pertamina purchased dollars on the market for its
oil import needs with rupiah supplied by the central bank. The
central bank's decision to directly supply Pertamina with U.S.
dollars to fund its oil imports aims to bring relief to a
battered rupiah that has fallen against the dollar in seven
straight sessions.

The central bank announced it will also directly supply dollars
to other major state-owned companies including state electrical
utility Perusahaan Listrik Negara, or PLN.

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


PERUSAHAAN LISTRIK: Plans to Spend US$1.6 Bln on Power Plants
-------------------------------------------------------------
State power utility PT Perusahaan Listrik Negara (PLN) is
considering building four or five gas-fired power facilities, in
a bid to prevent power shortages in Java and Sumatra, The
Jakarta Post relates.

The loss-making firm is expected to allocate a total of US$1.6
billion for the project, or US$400 million for each plant.

The proposed power facilities, which will have a combined
capacity of 3,000 megawatts (MW), are expected to be operational
by 2010 or 2011.

The plants are part of PLN's strategy to reduce its dependency
on fuel-generated plants, following a declining domestic fuel
production and the rising cost of oil. The company is working to
phase out its diesel-powered generators, which will be replaced
with combined-cycle coal- and gas-fired plants, with a target of
reducing its fuel consumption to less than 5 percent by 2006.

In addition to the power plants, PLN also plans to spend about
US$300 million to build the country's first liquefied natural
gas (LNG) receiving terminal in Cilegon, Banten, which will
receive LNG from ships and convert it into gas starting 2007.

The power plant and LNG terminal projects have reportedly caught
the attention of Japanese investors Sumitomo Corp. and Mitsui &
Co. PLN is now shortlisting tenders for the projects.

CONTACT:

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


SEMEN GRESIK: Unit Exceeds Cement Output Target
-----------------------------------------------
A subsidiary of state-owned Semen Gresik in West Sumatra has
exceeded its target of 2.3 million tons for the first semester,
according to Asia Pulse.

Cement maker PT Semen Padang yielded 2.4 million tons for the
first period. Its sales also exceeded the target of 2.42 million
tons to 2.46 million tons.

Clinker production, however, was 99.15 percent of the target
figure of 2.24 million tons in the first six months of this
year.

Company President Endang Irzal is confident that the firm, which
has an annual capacity of 5.24 million tons, will reach its
targets in production and sales this year.

CONTACT:

PT Semen Gresik (Persero) Terbuka
Jalan Veteran
Gresik 61122
Indonesia
Phone: +62 31 398 1731-2/1745
Fax:   +62 31 398 3209/3972 2264


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

MATSUSHITA ELECTRIC: Develops Ultra-Strong Inlet for IC Cards
-------------------------------------------------------------
Panasonic, the leading brand by which Matsushita Electric
Industrial Co., Ltd. is generally known, announced today it has
developed the world's highest class inlet (core component of IC
Card that accommodates antenna and LSI chip on the film) that
makes it possible to produce contactless IC cards whose physical
strength is more than three times greater than is possible with
the conventional models. The newly developed inlet will enable
to manufacture reliable IC cards that prove greatly against
pressure and physical shock.

As contactless IC cards have come into wide use, accompanying
the trend towards use of the technology in portable devices, it
is becoming imperative to meet the increased demand for cards
that are capable of with standing a variety of usage
environments.

Panasonic's new ultra-strong inlet sheet for use in IC cards is
resistant to pressure and physical shock incurred in daily life.
By making it less likely that chip damage will cause cards to
malfunction, the sheet offers improved reliability for card
users as well as reduced support and troubleshooting costs for
system operators. The new inlet makes it easy to deliver an
extremely flat card surface on which high-quality facial
photographs and other information can be printed. This
capability positions the technology as an ideal choice for use
in employee passes and other forms of ID.

The new inlet incorporates the following leading technologies;

1)  The company's original simulation technology applied to the
new assembly and process leads to an optimal reinforcing
structure,

2)  New design technology allows the reinforcing sheet to be
used on just one surface, decreasing by 20% in thickness
compared to use of reinforcing sheet on both surfaces.

Including current applications, Panasonic holds five Japanese
and one overseas patent on the new inlet.

Working with the affiliate, Matsushita Electronic Instruments
Corp., Semiconductor Company announced sample shipments of the
inlet for contactless IC cards using Matsushita's FeRAM Embedded
System LSI (MN101CY727), which realizes 300śm thickness and is
compliant with the ISO/IEC 14443 Type B international IC card
standard, are planned for July 2005, and mass production is
scheduled for November 2005. The product features high speed and
performance with low power consumption due to the usage of FeRAM
and will be widely applied to various IC Cards for ID and
Electric Commerce.

About Panasonic

Best known by its Panasonic brand name, Matsushita Electric
Industrial Co., Ltd. is a worldwide leader in the development
and manufacture of electronic products for a wide range of
consumer, business, and industrial needs. Based in Osaka, Japan,
the company recorded consolidated net sales of US$81.44 billion
for the year ended March 31, 2005. The company's shares are
listed on the Tokyo, Osaka, Nagoya, New York (NYSE: MC),
Euronext Amsterdam and Frankfurt stock exchanges. For more
information on the company and the Panasonic brand, visit the
company's website at http://panasonic.co.jp/global/index.html

CONTACT:

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


MITSUBISHI MOTORS: Launches All-New Large Australian Car
--------------------------------------------------------
Mitsubishi Motors Corporation (Australia) will release its all-
new locally manufactured large car known as the Mitsubishi "380"
in mid-October, Autoweb reports.

The new vehicle has been widely known by its code-name PS41. It
is powered by a 3.8 litre V6 engine, and is the first Australian
manufactured vehicle to meet the newer, more stringent Euro 3
emission requirements, and tougher drive-by noise regulations.

The Mitsubishi '380' was rated the most stylish car in its class
in consumer clinics conducted in Sydney in July 2004.

CONTACT:

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


SANYO ELECTRIC: Ratings Unaffected By Business Reform Plan
----------------------------------------------------------
Standard & Poor's Ratings Services announced that its ratings on
Sanyo Electric Co. Ltd. (BBB/Negative/--) would be unaffected by
the company's three-year business reform plan.

According to the plan announced on July 5, 2005, Sanyo Electric
aims to increase its operating profit margin after depreciation
to 5% in fiscal 2007 (ending March 31, 2008) from 1.7 percent in
fiscal 2004 (ended March 31, 2005) through reducing costs and
restructuring its business portfolio.

The company also aims to reduce debt by JPY600 billion in the
next three years by reducing assets, and off-balancing JPY400
billion of debt by removing a number of businesses from its
consolidated balance sheet, thereby recovering soundness in its
capital structure.

"Given the difficult earning environments for Sanyo Electric's
core businesses, which include digital products and electronics
components, as well as the fact that the company has not
achieved a 5% operating profit margin after depreciation in the
last ten or more years, this target will be a high hurdle for
the company," said Standard & Poor's credit analyst Fusako
Nagao.

"In addition, Sanyo Electric has not disclosed the specific
details on how it intends to improve its business portfolio,
leaving unclear how the company will enhance profitability while
addressing the challenges of its small portfolio of competitive
products and weak brand recognition. The plan to remove
businesses from the balance sheet will require close monitoring,
since Standard & Poor's considers that the parent company will
ultimately assume the financial risk of the businesses as long
as it remains the major shareholder," added Ms. Nagao.

The outlook on Sanyo Electric is negative and downward pressure
on the rating will increase if the company fails to recover
profitability in fiscal 2005 as planned, or if its debt
increases or additional restructuring costs are incurred,
leading to greater erosion of the balance sheet than expected. A
key issue for the company is the progress made through the
restructuring plans, specifically, the degree of enhancement in
profitability and its financial profile.

CONTACT:

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


UNIVERSAL STUDIOS: Goldman Sachs to Become Top Shareholder
----------------------------------------------------------
U.S.-based Goldman Sachs Group Inc. plans to spend US$180
million to become the top shareholder of Universal Studios Japan
(USJ), reports the United Press International.

Goldman Sachs` investment in the ailing theme park will give the
big investment bank a 30.8 percent stake in USJ.

Parent firm USJ Co. will use 80 percent of the proceeds from its
new share issue to repay interest-bearing debt. The remainder
will be used to finance the theme park`s land-leasing fees to
the city of Osaka.

The park has been struggling with a drop in the number of
visitors.

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


* European Accounting Rules Could Spur Delistings
-------------------------------------------------
The European Union is expected to call on foreign companies to
disclose more financial information based on the international
accounting standards, formally known as the International
Financial Reporting Standard, Asahi News reports.

For foreign companies listed on European bourses, that would
mean a major expense in time and money to prepare supplementary
reports.

Japanese companies have already started pulling out of European
stock markets because of the low level of trading. Demands for
more paperwork may accelerate the trend, analysts said.

Trading house Mitsui & Co., chemicals maker Kaneka Corp.,
printer Dai Nippon Printing Co., Nisshin Steel Co. and
supermarket chain operator Seiyu Ltd. have all decided to leave
European bourses. All these companies cited declining trading of
their shares as the primary reason for delisting.

The EU plans to make a final decision on whether to adopt the
CESR proposal by the end of the year.


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

ASIANA AIRLINES: Pilots End Strike, Threaten General Action
-----------------------------------------------------------
Unionized pilots of Asiana Airlines returned to work Thursday
after staging a one-day strike Wednesday afternoon, according to
the Korea Herald.

About 250 of the 527 union members participated in the protest,
refusing to pilot all flights scheduled to depart from Incheon
International Airport and Gimpo International Airport for 24
hours.

The pilots went on strike after failing to reach an agreement
with the airline's management through dialogue.

Although Asiana reported no major disruptions due to the latest
industrial action, the carrier said it will be forced to slash
its flight frequencies by 20-30 percent.

After internal discussions Wednesday, which delayed the protest
for a day, the pilots' union said it would return to work
Thursday but stage a general strike within 10 days if management
refused to meet their demands.

When Asiana pilots held a general strike for six consecutive
days in June 2001, the airline had a loss of KRW10.2 billion as
it was forced to cut off more than half of its international
flights.

CONTACT:

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


DAEWOO GROUP: Ex-execs to Present Info on Kim's Sudden Flight
-------------------------------------------------------------
Former executive officers of the now-defunct Daewoo Group will
soon present to the prosecution materials on the suspicions
surrounding the flight of Daewoo founder Kim Woo-choong out of
the country in 1999, Yonhap News reveals.

The former executives have agreed to collect information on the
speculations about why Chairman Kim fled the country.

They vowed to collect the information by the end of the week so
that Kim's lawyers at Kim & Chang can submit the materials to
the prosecution.

The remark is a sharp turnaround of the position of ex-Daewoo
executives, as they would not talk about the suspicions
surrounding Mr. Kim's sudden flight when they were questioned by
prosecutors for the past days.

Mr. Kim, who returned to Korea from Vietnam June 14, remained in
exile for nearly six years. He was recently indicted for US$40
billion in accounting fraud, US$9.6 billion in illicit lending
with falsified company documents, and diverting US$24 billion in
slush funds overseas by forging import-export documents.

If convicted of the charges, he could face from five years to
life in prison.


KOHAP GROUP: Ordered to Pay KRW810 Mln for Fraud
------------------------------------------------
The former management of Kohap Group were directed by the Seoul
District Civic Court to pay compensation of KRW810 million
(US$769,500) to Woori Bank for its fraudulent activities in the
past, Asia Pulse reports.

The court ruled that Kohap's former head Chang Chi-hyeok and
four other executives must pay compensation for doctoring the
group's financial statement in fiscal 1995-1996 that convinced
former guarantor Woori Bank to guarantee Kohap's corporate bonds
the following year.

The fraud has caused Worri Bank to incur KRW20 billion in losses
when it assumed liability for Kohap when the latter entered into
a debt-restructuring program in 1998.

The court decision found Woori Bank responsible for 80 percent
of its losses, citing the bank's failure to thoroughly
investigate the credit risk posed by Kohap.

Kohap, which had been operating in the red since 1989, was found
to have inflated the value of its assets by hundreds of billions
of won, despite the fact that they were actually diminishing.

Mr. Chang was sentenced to four years imprisonment in February
after being convicted on charges relating to the submission of
false financial statements.


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

AKTIF LIFESTYLE: Seeks Another Extension to Submit Proposal
-----------------------------------------------------------
Aktif Lifestyle Corporation Berhad (Aktif) refers to the
Company's announcements made on March 10, 2005 and June 6, 2005,
wherein it was announced that Bursa Malaysia Securities Berhad
(Bursa Securities) and the Securities Commission (SC) approved
an extension of time to submit a comprehensive proposal to
regularize its financial condition (Proposal) for two (2) months
to July 16, 2005.

Avenue Securities Sdn Bhd, on behalf of the Board of Directors
of Aktif, advised Bursa Malaysia Securities Berhad that
applications have been made to Bursa Securities and the SC for a
further extension of time of one (1) month from July 16, 2005 to
August 16, 2005 to submit the Proposal.

Save for the above, there have been no material developments in
respect of the proposed new restructuring scheme, which was
announced on June 1, 2005 to regularize the financial condition
of Aktif.

This announcement is dated 1 July 2005.

CONTACT:

Aktif Lifestyle Corporation Berhad
Level 10, Grand Seasons Avenue, No. 72,
Jalan Pahang, 53000 Kuala Lumpur
Malaysia
Phone: (60) 3 2693 1828
Fax: (60) 3 2691 2798


AYER HITAM: Prepares Representations to Avoid Delisting
-------------------------------------------------------
Bursa Securities Malaysia Berhad (Bursa Securities) had vide
their letter dated June 23, 2005 informed The Ayer Hitam Tin
Dredging Malaysia Berhad that trading in securities of AHTIN
will be suspended with effect from 9:00 a.m. Friday, July 1,
2005 until further notice is given by the Exchange.

In addition, on the same day, Bursa Securities had also served a
notice dated June 23, 2005 to the Company requesting the Company
to make written representations supported by documentary
evidence (if any) within 14 days from the date of the said
notice as to why the securities of AHTIN should not be de-listed
from the Official List of Bursa Securities.

The Company is currently in the midst of preparing necessary
written representations to Bursa Securities.

CONTACT:

Ayer Hitam Tin Dredging Malaysia Berhad
No 8 Jalan Raja Chulan
Kuala Lumpur, 50200
Malaysia
Phone: +60 3 2031 9633
Fax:   +60 3 2031 6920


AYER HITAM: Accepts Perbadanan Kemajuan's Offer
-----------------------------------------------
The Ayer Hitam Planting Syndicate Berhad (TAHPS) issued to Bursa
Malaysia Securities Berhad an update to the proposed acquisition
by the company of 20,000,001 ordinary shares of MYR1.00 each in
Bukit Hitam Development Sdn Berhad (Bukit Hitam) from Perbadanan
Kemajuan Negeri Selangor (PKNS) for a total cash consideration
of approximately MYR104 million or equivalent to MYR5.20 per
share (Proposed Acquisition).

(1) The Proposed Acquisition

On behalf of TAHPS, Commerce International Merchant Bankers
Berhad (CIMB) advised the bourse that on July 1, 2005, TAHPS
accepted an offer by PKNS (PKNS Offer) whereby PKNS agrees in
principle to sell to TAHPS 20,000,001 ordinary shares of MYR1.00
each in Bukit Hitam (Sale Shares).

The total purchase consideration for the Sale Shares is
approximately MYR104 million or equivalent to MYR5.20 per Sale
Share and will be satisfied wholly in cash. TAHPS plans to
finance the Proposed Acquisition through its internally
generated funds and/or bank borrowings.

The PKNS Offer is subject to, amongst others, the mode of
settlement of the purchase consideration whereby 10 percent of
the total purchase consideration will be paid upon the signing
of the Sale and Purchase Agreement for the Proposed Acquisition
(S&P) and the balance of 90 percent will be paid within one (1)
month from the date the S&P becomes unconditional. The period
for fulfillment of the conditions precedent under the S&P is
three (3) months from the date of the S&P.

TAHPS currently holds 50 percent equity interest in Bukit Hitam.
Upon the completion of the Proposed Acquisition, Bukit Hitam
will become its wholly owned subsidiary.

The Proposed Acquisition represents an opportunity for TAHPS to
acquire the remaining ordinary shares in Bukit Hitam which will
enable TAHPS to consolidate the results of Bukit Hitam into the
Company's financial statements. Currently, Bukit Hitam is the
largest contributor to the consolidated results of TAHPS.

PKNS and TAHPS will enter into the S&P at a later date. The S&P
will contain the full terms and conditions of the Proposed
Acquisition to be agreed between the two parties. Further
details of the Proposed Acquisition will be made upon the
execution of the S&P.

(2) Information on Bukit Hitam

Bukit Hitam was incorporated in Malaysia on August 28, 1990
under the Companies Act, 1965 and has its registered office at
2nd Floor, Perbadanan Kemajuan Negeri Selangor, Persiaran Barat,
Off Jalan Barat, 46505 Petaling Jaya, Selangor Darul Ehsan. Its
principal activity is to carry on the business of property
development.

The present authorized share capital of Bukit Hitam is MYR41
million comprising 41 million ordinary shares of MYR1.00 each.
Its present issued and paid-up share capital is MYR40,000,002
comprising 40,000,002 ordinary shares of MYR1.00 each.

Bukit Hitam's main development is located at Bandar Bukit
Puchong, Selangor, which occupies a total area of approximately
1,290 acres. The development is situated at the southern part of
Puchong and is accessible by a wide network of major expressways
serving the southern corridor of Klang Valley. Bandar Bukit
Puchong is located in a freehold ex-plantation land. The
development consists of a self-contained township.

(3) Information on PKNS

PKNS is a statutory body incorporated under the Selangor State
Development Corporation Enactment 1964 and having its registered
office at PKNS Building, Persiaran Barat, 46505 Petaling Jaya,
Selangor Darul Ehsan. PKNS is incorporated for the purpose of
encouraging socio-economic growth in Selangor based on the
government's policies of establishing stability, harmony and
social justice in achieving the country's vision.

This announcement is dated 1 July 2005.


AYER HITAM: Unveils New Remuneration Committee
----------------------------------------------
The Ayer Hitam Tin Dredging Malaysia Berhad informed Bursa
Malaysia Securities Berhad that with effect from July 1, 2005,
Mr. Chow Yeon Loong @ Chow Yoon Loong has ceased to be a member
of the Remuneration Committee of the Company, following his
resignation as a Director of the Company on the same day.

The following are the composition of the Remuneration Committee
after change:

(1) Dato' Ikhwan Salim bin Dato' Haji Sujak (Chairman,
Independent and Non-Executive)

(2) Dato' S.S. Subramaniam (Member, Independent and Non-
Executive)

(3) Encik Hazli bin Ibrahim (Member, Independent and Non-
Executive)

This announcement is dated 1 July 2005.


BELL & ORDER: SC Approves Proposals
-----------------------------------
In compliance with the requirements of Paragraph 3.1(b) of
PN17/2005, Avenue Securities Sdn Bhd, on behalf of the Board of
Directors of Bell & Order Berhad, disclosed the following
developments to Bursa Malaysia Securities Berhad relating to the
Company's plan to regularize its financial condition.

The Securities Commission had on June 24, 2005 approved the
Proposals (as defined in the announcement dated January 7, 2005)
subject to conditions as stipulated in the announcement dated
June 28, 2005.

This announcement is dated 1 July 2005.

CONTACT:

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


CONSOLIDATED FARMS: Issues Progress Report on PN4 Condition
-----------------------------------------------------------
The Board of Consolidated Farms Berhad (Confarm) issued the
following announcement to Bursa Malaysia Securities Berhad:

(1) Monthly Status Announcement: Practice Note No. 1/2001

The Confarm Group has been unable to pay the amount of principal
and/or interest in respect of its credit facilities as at June
30, 2005 as set out in Table 1.

Lender     Borrower       Amount Due     Type of Facilities
                          as at 30
                          June (RM'000)


Bank       Confarm         11,836.7     Term Loan (TL)
Pertanian
Malaysia
(BPM)

Bumiputra-   Confarm    10,784.0    Bankers' Acceptance
Commerce                                   (BA)
Bank Berhad
(BCBB)

Malayan     Confarm     12,480.0    TL and BA
Banking
Berhad (MBB)

BCBB        Consolidated     4,533.4     TL & BA
            Breeder Farms
            Sdn Bhd

BCBB        Consolidated    11,833.4     TL and BA
            Feedmill Sdn
            Bhd (CFM)

BPM         Consolidated       501.3      TL
            Organic Fertiliser
            Sdn Bhd (COF)

BCBB        Consolidated      2,688.1      TL and BA
            Liquid Eggs
            Sdn Bhd (CLESB)

BPM       CLESB             615.4         TL

AmMerchant  Confarm       733.2           Revolving Credit
Bank Berhad                                   (RC)
(AMBB)

AMBB        CFM               274.9           RC

Total                  56,576.4

(2) Monthly Status Announcement: Practice Note No. 4/2001

Further to the Announcement dated June 1, 2005, the Board of
Directors of Confarm disclosed to the bourse that there has been
no material development in respect of the Company's plan to
regularize its financial position.

This announcement is dated 1 July 2005.

CONTACT:

Consolidated Farms Berhad
24-1 Jalan 24/70A,
Desa Sri Hartamas,
50480 Kuala Lumpur
Telephone: 03-23001199
Fax: 03-23002299


EMICO HOLDINGS: Bourse Grants Listing of Additional Shares
----------------------------------------------------------
Emico Holdings Berhad advised that the Company's additional
274,711 new ordinary shares of MYR1.00 each arising from the
conversion of MYR305,400 4% 5-Year Irredeemable Convertible
Secured Loan Stocks 2004/2009 will be granted listing and
quotation with effect from 9:00 a.m., Wednesday, July 6, 2005.

CONTACT:

Emico Holdings Berhad
18, Lebuhraya Kampung Jawa,
Non-Ftz, Bayan Lepas,
11900 Penang
Telephone Number: 604 - 644 3843
Fax Number: 604 - 643 8563 / 643 8360
E-Mail: Enquiry@Emico.Com.My
Web Site: http://www.emico.com.my


KIG GLASS: Cash Flow Not Enough to Make Repayments
--------------------------------------------------
The Board of Directors of KIG Glass Industrial Berhad
Issued to Bursa Malaysia Securities Berhad an updated
announcement in relation to defaults of all principals and
interests set out in Table 1 as at May 31, 2005.

Click to view a full copy of Table 1
http://bankrupt.com/misc/KIGGLASS070205.doc

(1) Reasons for default in payments.

KIG is unable to service the loan repayments to the
banks/financial institutions, as the cash flow of KIG from
operations was only able to meet operational needs.

(2) Measures taken to address the default in payments:

KIG is still negotiating with the banks/financial institutions
to address and resolve this issue. The Company and the Group as
a whole are in the process of exploring the possibility of
undertaking a restructuring exercise which would address all the
defaults faced by the Company. Announcement would be made at the
appropriate time if and when the terms of the restructuring have
been finalized.

KIG Glass Industrial Berhad (KIG) has appointed a financial
advisor to review and advise on the capital-restructuring plan
for KIG and its subsidiaries. The review is on final stage. The
appointment of the financial advisor was previously announced by
KIG.

(3) The financial and legal implications in respect of the
default in payments including the extent of the listed issuer's
liability in respect of the obligations incurred under the
agreements for the indebtedness:

Details of the financial implications on the default are given
in Table 1. KIG is currently having ongoing negotiations with
lenders in respect of the proposed restructuring.

(4) In the event of default is in respect of secured loan stocks
or bonds, the lines of action available to the guarantors or
security holders against the listed issuer:

Not applicable.

(5) In the event the default is in respect of payment under a
debenture, to specify whether the default will empower the
debenture holder to appoint a receiver or manager:

As earlier announcements, some of the defaults will empower the
debenture holders to appoint a receiver and/or manager under the
debenture.

(6) Whether the default in payment constitute an event of
default under a different agreement for indebtedness (cross
default and details thereof, where applicable):

All indebtedness as stipulated in Table 1 as such does not have
any cross default.

(7) Any other information: None

CONTACT:

KIG Glass Industrial Berhad
PLO 340 Jalan Perak 4
81707 Pasir Gudang, Johor Darul Ta'zim 80400
Malaysia
Telephone: +60 7 251 5282 / +60 7 251 5278


K.P. KENINGAU: No Development Since White Knight's Exit
-------------------------------------------------------
K.P. Keningau Berhad refers to its announcement made to Bursa
Malaysia Securities Berhad dated June 22, 2005 wherein Southern
Investment Bank Berhad (SIBB) on behalf of the Company announced
that as at that date, the Restructuring Agreement in relation to
the proposed rescue cum debt restructuring scheme (Proposed
Restructuring Scheme) to be undertaken with Gabungan Cendawan
Sdn Bhd (GCSB) as the White Knight had not been executed.

In the announcement dated June 24, 2005, it was announced that
the Company had on June 23, 2005 applied to Bursa Malaysia
Securities Bhd (Bursa) for a further extension of time for the
Company to make the Requisite Announcement pursuant to PN4 of
the Listing Requirements, of its plan to regularize its
financial condition.

In the announcement dated June 30, 2005, SIBB announced that the
White Knight, GCSB had vide its letter dated June 29, 2005
informed the Company of its withdrawal as White Knight from the
Proposed Restructuring Scheme.

As a result of the above, the Company is evaluating its options
and will endeavor to make the Requisite Announcement on or
before the expiry of the extension of time applied for, which is
pending a decision by Bursa.

Save for the above, there is no further new development since
the date of the previous announcement made pursuant to the PN4
Requirements.

This announcement is dated 1 July 2005.

CONTACT:

K.P. Keningau Berhad
Lot 10, The Highway Centre
Jln 51/205 46050 Petaling Jaya,
Selangor
Telephone: 03-7784 3922
Fax: 03-7784 1988


KRAMAT TIN: Status of Proposal Remains Unchanged
------------------------------------------------
Further to the announcement dated June 1, 2005, Commerce
International Merchant Bankers Berhad, on behalf of Kramat Tin
Dredging Berhad (KTD), announced on June 3, 2005 that KTD,
Prudent Location Sdn Bhd (Prudent), Setia Putrajaya Sdn Bhd, SP
Setia Bhd, Putrajaya Holdings Sdn Bhd (PJH), Abad Kilat Sdn Bhd
(AKSB) and Kelana Ventures Sdn Bhd had agreed to revise certain
salient terms relating to the irredeemable convertible
preference shares of Prudent. Further details are set out in the
announcement dated June 3, 2005.

On June 9, 2005, the Securities Commission (SC) had approved the
proposals subject to certain conditions. However, the SC did not
approve the application by KTD for a waiver for both PJH and
AKSB from complying with the requirement of Paragraph 12.09 of
the Policies and Guidelines on Issue/Offer of Securities of the
SC relating to the waiver from the requirement to subject 50% of
the securities to be received by PJH and AKSB under the
proposals to a moratorium (Proposed Waiver).

The respective parties to the proposals are still deliberating
on the SC's decision on the Proposed Waiver and the conditions
imposed by it.

Based on the foregoing, the status of KTD's plan remains
unchanged from what had been announced on June 3, 2005 and June
9, 2005 respectively.

This announcement is dated 1 July 2005.

CONTACT:

Kramat Tin Dredging Berhad
No 12 Jalan Gelenggang Bukit Damansara
50490 Kuala Lumpur, 50490
Malaysia
Telephone: +60 3 2092 5588 / +60 3 2093 9917


MEGA PASCAL: Still Processing Regularization Plan
-------------------------------------------------
In compliance with the requirements of Paragraph 3.1(b) of
PN17/2005, Mega Pascal Berhad advised Bursa Malaysia Securities
Berhad that it is currently deliberating on the regularization
plan.

Once completed the requisite announcement outlining the
regularization plan shall be made available to the Bursa
Securities.


PAN PACIFIC: Mulls Over Proposed Restructuring Scheme
-----------------------------------------------------
The Board of Directors of Pan Pacific Asia Berhad (PPAB)
informed Bursa Malaysia Securities Berhad that it currently
envisaged the completion of the Proposed Restructuring Scheme of
the Company under Section 32(5) of the Securities Commission
Act, 1983 and the Guidelines on the Acquisition of Interests,
Mergers and Take-Overs by Local and Foreign Interests.

CONTACT:

Pan Pacific Asia Bhd
5 Jalan SS 21/39 Damansara Uptown
Unit No. 602b Level 6, Tower B, Uptown 5
47400 Petaling Jaya, Selangor Darul Ehsan 47400
Malaysia
Telephone: +60 3 7727 8168 / +60 3 7727 1622
Web site: http://www.dno.no


PETALING TIN: To Regularize Condition Soon
------------------------------------------
In compliance with the requirements of Paragraph 3.1(b) of
PN17/2005, Petaling Tin Berhad issued the following developments
since the last announcement on June 1, 2005 relating to the
Company's plan to regularize its condition.

As announced earlier, the Company's wholly owned subsidiary,
Lembah Langat Development Sdn Bhd (LLD), has launched the sale
of 71 units of Double Storey Link Houses located at Taman Kelab
Ukay, Ampang on January 25, 2005.

The total Gross Development Value (GDV) of the project is
estimated at MYR29.51 million. As at June 30, 2005, LLD has
received booking and sales for 70 residential units with total
GDV of approximately MYR28.93 million.

In the same location, LLD will be launching in the later part of
the year the first phase of its 144 units of townhouses priced
at MYR300,000 upwards.

In addition, 83 units of Double Storey Link Houses priced from
MYR233,000 onwards are expected to be launched later this year
by another of the Company's wholly owned subsidiary, Magilds
Park Sdn Bhd, at its development project located at Desa Bukit
Indah, Sungai Buloh.

Upon achieving a revenue of MYR17.21 million which represents
more than 5 percent of the issued and paid-up capital of the
Company, the Company will submit an application to Bursa
Malaysia Securities Berhad to be uplifted from PN17/2005.

This announcement is dated 1 July 2005.

CONTACT:

Petaling Tin, Berhad
No 8 Lorong P Ramlee
Level 19 Menara PanGlobal
50250 Kuala Lumpur 50250
Malaysia
Telephone: +60 3 2026 4491 / +60 3 2026 3106


PWE INDUSTRIES: Awaits High Court's Order on Petition
-----------------------------------------------------
On behalf of the Board of Directors of PWE Industries Berhad,
Malaysian International Merchant Bankers Berhad advised Bursa
Malaysia Securities Berhad that the High Court of Sabah and
Sarawak (High Court) had on July 1, 2005 approved the petition
in relation to the scheme of arrangement between the Company and
its shareholders, pursuant to Section 176(1) of the Companies
Act, 1965.

PWE is presently awaiting the extraction of an order from the
High Court in relation to the above-mentioned petition.

This announcement is dated 1 July 2005.

CONTACT:

PWE Industries Berhad
Lorong Lapangan Terbang Baru 1
Level 16 Wisma Ting Pek Khiing
93350 Kuching, Sarawak 93100
Malaysia
Telephone: +60 82 450 908 / +60 82 450 922


SETEGAP BERHAD: Regularization of Condition Under Process
---------------------------------------------------------
The Board of Directors of Setegap Bhd. issued to Bursa Malaysia
Securities Berhad an announcement that there is no new
development since the date of the last announcement and, the
Company is still in the midst of finalizing the scheme to
regularize its financial condition.

This announcement is dated 1 July 2005

CONTACT:

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


TANCO HOLDINGS: Issues Update to PN1 Condition
----------------------------------------------
In relation to the status of default in payment pursuant to PN
1/2001, the Board of Directors of Tanco Holdings Berhad informed
Bursa Malaysia Securities Berhad that there is no change to the
status of default in payments of interest and principal sums to
the Lenders since then.

In compliance with the requirements of Paragraph 3.2 of PN1/2001
and Paragraph 3.1(b) of PN17/2005, the Company announced that in
the month of June 2005, Aseambankers Malaysia Berhad, one of the
Scheme creditors has given their conditional approval to our
outright cash settlement proposal (the Cash Proposal).

The detail of the Cash Proposal has been announced on February
28, 2005. This approval received together with three other
approvals that the company had secured previously from three
other Scheme creditors amounted to about 46 percent of the debts
sum that the Group has proposed to settle under the Cash
Proposal.

CONTACT:

Tanco Holdings Berhad
Jalan Desa Bandar Country Homes
48000 Rawang, Selangor Darul Ehsan 48000
Malaysia
Telephone: +60 3 6092 8333 / +60 3 6091 3188


TRU-TECH HOLDINGS: Application Made to SC Pending Approval
----------------------------------------------------------
On June 27, 2005, Avenue Securities Sdn Bhd, on behalf of Tru-
Tech Holdings Berhad informed Bursa Malaysia Securities Berhad
that the the company and its subsidiary companies, namely Tru-
Tech Electronics (M) Sdn Bhd and Tru-Tech Technology Sdn Bhd
were granted an extension of restraining and stay order for a
period of 180 days effective from March 25, 2005 up to September
20, 2005 by the Johor Bahru Court on June 27, 2005.

Save as disclosed 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 Tru-
Tech which were submitted to the Securities Commission and
Foreign Investment Committee on December 31, 2004 are currently
pending approvals from the relevant authorities.

This announcement is dated 1 July 2005.

CONTACT:

Tru-tech Holdings Berhad
Lot 45, Batu 12
Jalan Johor Bahru - Kota Tinggi
Mukim Plentong
81800 Ulu Tiram
Johor
Telephone: 07-8615220
Fax: 07-8616371


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

COLLEGE ASSURANCE: Planholders Demand Payment of Claims
-------------------------------------------------------
A group of dismayed College Assurance Plan (Philippines) Inc.
(CAP) planholders is calling on the embattled pre-need firm to
tend to their obligations to customers, according to The
Philippine Daily Inquirer.

The 110 planholders insist CAP must settle their tuition fee
requirements and requests for termination of policies and
reimbursements, some of which date back from October 2004.

The Securities and Exchange Commission, meanwhile, said it would
soon take action to address the complaints of the disgruntled
planholders.

A source at CAP disclosed the pre-need firm has given priority
to plans that cover students enrolled since October last year.
Most of the requests for termination requests. The source added
that CAP will utilize whatever money it collects from old
planholders to pay present claims.

Meanwhile, the takeover of CAP's management now becomes likely
after the Securities and Exchange Commission (SEC) en banc voted
to accept the recommendations of its third oversight committee.

SEC Commissioner Jesus Martinez earlier told senators that the
commission had already accepted the committee recommendation,
outlining drastic measures to solve CAP's financial problems.
The commissioners also voted four-to-one, to form a management
committee that would immediately take over the operations of
CAP.

But CAP President Enrique Sobrepea Jr. refuted SEC's decision
since CAP was not given enough opportunity to present its side
and correct the misimpression about the pre-need firm.

CONTACT:

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


DIGITAL TELECOMMUNICATIONS: Seeks to Make Price Promo Permanent
---------------------------------------------------------------
Digital Telecommunications Philippines Inc. (Digitel) has
requested the regulator to allow it to make permanent its cut-
price call-rate promotions, The Philippine Star reports.

Digitel's close rival, Globe Telecom Inc., also made the same
request before the National Telecommunications Commission (NTC).

NTC director Edgardo Cabarios confirmed such requests and said
the commission is still studying the application filed by the
two companies.

"They will be called from time to time to formally hear their
intent as to why they want to implement the promotion on a
permanent basis," Mr. Cabarios added.

Globe Telecom, Digital and other Philippine phone companies have
introduced an array of promotional services that allow customers
to make cheaper phone calls, in a bid to boost usage as
competition rises and growth slows in mobile phone
subscriptions, the industry's most profitable segment.

The competition for cheap services was triggered by Digital
which began offering a service last year that allows customers
to make unlimited mobile phone calls and send unlimited text
messages in an effort to boost subscriptions of its Sun
Cellular, the smallest among the nation's five mobile phone
services.

CONTACT:

Digital Telecommunications Phils Inc
110 E Rodriguez Jr Ave Bagumbayan
1110 Quezon City 1110
Philippines
Phones: +63 2 633 0000
Fax: +63 2 635 6142
Web site: http://www.digitelone.com/


EASYCALL COMMUNICATIONS: Makes Profit After One-time Gain
---------------------------------------------------------
Easycall Communications Philippines Inc. booked a Php6.6 million
profit in the first quarter, as against a Php20.9 million loss
in the same period last year, BusinessWorld reports.

The turnaround was attributed to a one-time gain of the Php7-
million sale of its Galleria condominium units. The firm also
cited Php1.6-million discount granted by a creditor under an
agreement to settle liabilities for the rosier profits.

In a filing, the company said the net proceed from the sale of
the condo units will be used to settle a substantial portion of
its outstanding liabilities and for working capital
requirements.

"These measures will substantially ease the financial burden of
the company and will help the company meet its working capital
requirements in the months ahead. The company will continue to
closely monitor its revenues, expenses and cash balances."

Easycall said its contact center subsidiary e-Performax Contact
Centers Corp. realized a net income of Php7.9 million from a net
loss of Php18.1 million. The subsidiary saw revenues grow to
Php123.2 million from Php47.2 million.

"The company's 25% share in the net income of e-Performax for
the quarter amounted to P1.98 million compared with the equity
in net loss of P4.53 million for the same quarter last year. We
expect e-Performax to continue to contribute positively to the
consolidated operating results of the company in the months
ahead as the latter further expands its contact center
facilities to serve its existing and new customers," Easycall
said.

Aside from its investment in e-Performax, Easycall will continue
to focus on its Internet and data center services, it said. The
firm said it will also provide business software solutions and
applications by implementing the integration of Transnational e-
Business Solutions, Inc. into Easycall.

This was approved by the board of directors last November.

CONTACT:

EasyCall Communications Philippines Inc.
418 Arayat corner Libertad Sts.
Mandaluyong City
Phone:  533-8001 to 25
Fax:  533-4390
E-mail: lhd@easycall.com.ph
Web site:  http://www.easycall.com.ph


LEPANTO CONSOLIDATED: Sees No End to Labor Row Saga
---------------------------------------------------
The standoff between management and workers of Lepanto
Consolidated Mining Company (LCMC) has escalated as the two
parties continue to ignore each other's plea for a solution to
their month-long labor dispute, SunStar Daily says.

The Lepanto Employees Union (LEU) had admitted it breached one
of the agreements during their June 23 negotiation, when it
closed five gates the mining company Saturday last week after
agreeing that it would maintain the five gates open for them to
conduct free consultations with its members.

LEU spokesperson Ronald Maslian explained the union resorted to
closing the Nayak gate because management is hiring new mine
workers, which he claimed, is not embodied in their joint
manifestation.

Aside from this, he added, they opted to block the entry of
individuals to the mining firm's premises because members of the
Philippine National Police (PNP) are escorting people who go
inside the mine site.

Maslian further accused the Philippine National Police (PNP) of
illegally arresting 19 union members who are to negotiate with
the management Saturday morning. But he said the workers were
released the following afternoon.

The Benguet Provincial Board (PB) immediately asked the PNP not
to engage in violent actions relative to their dispersal
operations. But the PNP denied it has resorted to violent
dispersal. The force also stressed it is not taking any side
with regard the dispute.

Lepanto said it has been losing millions of pesos due to the
strike, which started last June 2. Workers refused to report to
work after management failed to grant the increase they are
asking in their daily wages.

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


MAKATI MEDICAL: Employees Plan Industrial Action
------------------------------------------------
Employees of the embattled Makati Medical Center are planning to
stage a strike this week to show their sentiment on the axing of
295 hospital staff last month, reports The Philippine Daily
Inquirer.

The hospital management was scheduled to hold last-minute
negotiations with the workers union after it was notified of the
planned industrial action.

The management explained the retrenchment was part of measures
to address the institution's growing financial woes.

But the union does not believe Makati med was having monetary
issues. The workers insisted the hospital was using the matter
as an excuse to dismiss their colleagues.

The 60-year-old hospital in the Makati business district fired
295 employees last month, trimming its workforce to 1,600. Of
those laid off, 153 are union members.

The union is accusing the management for union busting,
demanding the dismissed workers be reinstated.

Meanehile, observers believe Makati Med co-founder Raul Fores
may be blamed for the hospital's problems, claiming it was under
his watch that the hospital "deteriorated and suffered losses."
The hospital incurred Php300 million in losses from 2002 to
2004.

CONTACT:

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


PACIFIC PLANS: SEC Studies Plea to Use Lifetime License
-------------------------------------------------------
The Securities and Exchange Commission (SEC) is mulling over
Pacific Plan's request to use the license of its spin-off unit
Lifetime Plans Inc., BusinessWorld reports.

Troubled Pacific Plans reportedly wants Lifetime's license to be
transferred automatically to it after the subsidiary ceased to
exist after the regulator cancelled its certificate of
incorporation on May 24.

But before taking any action, the SEC needs to further study the
request in consideration of the parties, the agents and
planholders, who will be affected.

According to Sources, the SEC may possibly allow Pacific to
substitute automatically Lifetime's license or Pacific reapplies
for a new license. But the second option may not gain ground
immediately due to the tedious process the pre-need firm needs
to go through before obtaining a license.

Pacific, a Yuchengco-led pre-need firm, has filed for
rehabilitation in April. The move surprised the regulator, which
revoked the certificate of incorporation of Lifetime weeks later
due to the subsidiary's inability to produce documents that will
support the legitimacy of its incorporation with Pacific.

CONTACT:

PACIFIC PLANS, INC.
2nd Flr., Grepalife Bldg,
221 Sen. Gil Puyat Ave.
Makati City
E-mail: bizialcita@grepa.com


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

ACCORD CUSTOMER: Former Director Only Serves as Consultant
----------------------------------------------------------
Accord Customer Care Solutions Ltd. furnished the Singapore
Stock Exchange (SGX) a copy of a letter the company sent to the
Business Times.

Accord Customer refers to the Hock Lock Siew column published in
The Business Times on Tuesday, July 6, 2005 that was headlined
"Under a cloud-but still in charge".  The Board of Directors of
Accord Customer Care Solutions Limited explained the role of ex-
CEO, Mr. Victor Tan, as consultant to the company.

The company clarifies that Mr. Tan does not have any role in the
management and operations of the company since his resignation
on May 25, 2005.

Mr. Tan's role as a consultant is transitional and non-paying,
and is limited to assisting the company with transitioning
matters relating to, inter alia, the transfer of all signatories
and authorization requirements for group companies to new
management staff.  This is expected to be completed by end-July
2005.

Accord certainly hope this letter clarifies Mr. Victor Tan's
role in the company.

CONTACT:

Accord Customer Care Solutions Limited
20 Toh Guan Road #07-00
Accord Distri Centre
Singapore 608839
Telephone: 65 64102600
Fax: 65 64102610
Web site: http://www.accordccs.com


HUA ANN BROTHERS: To Pay Dividend Next Week
-------------------------------------------
Hua Ann Brothers Pte Ltd (In Liquidation) posted at the
Government Gazette, Electronic Edition a notice of dividend with
the following details:

Address of registered office: Office of the Liquidator

Amount Per Centum: 100.0%

Full & Final or Otherwise: Full & Final Payment

When Payable: 11th July 2005

Where Payable:

Office of the Liquidator
c/o Don Ho & Associates
Certified Public Accountants
Corporate Advisory & Recoveries
Equity Plaza
20 Cecil Street #12-02 & 03
Singapore 049705

Telephone: 6532 0320 (8 lines)
Fax: 6532 0331
Name of Liquidator: Mr Don M. Ho, FCPA

Dated this 6th July 2005


I.R.E. CORPORATION: Extends Completion Date of Land Acquisition
---------------------------------------------------------------
The Board of Directors of I.R.E. Corp. Ltd. refers to the
announcements made to the Singapore Stock Exchange on December
8, 2004 and April 1, 2005 and announced that the company had on
June 30, 2005 entered into a further supplemental agreement with
Pembinaan Kota Laksamana (Melaka) Sdn Berhad (the Vendor).

Under the further supplemental agreement, the parties have
agreed inter alia, to extend the completion date for the
acquisition of the two plots of land located in the State of
Malacca in Malaysia from June 30, 2005 to October 31, 2005.  The
extension is to allow more time for the conditions precedent to
be fulfilled.

By Order of the Board

Michael Tay Kwang How
Company Secretary
July 6, 2005

CONTACT:

IRE Corporation Limited
1 Sophia Road #05-03
Peace Centre
Singapore 228149
Telephone: 65 63371295
Fax: 65 63374225
Web site: http://www.ire.com.sg


MACH PTE: Proofs of Debt, Claim Due Next Month
----------------------------------------------
Notice is hereby given that the creditors of Mach (Asia) Pte
Limited, which is being wound up voluntarily are required on or
before August 1, 2005 to send in their names and addresses and
particulars of their debts or claims, and the names and
addresses of their solicitors (if any) to the liquidator of the
Company.

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

Dated this 1st day of July 2005

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


SEATOWN CORPORATION: Completion of Agreement with KPH Delayed
-------------------------------------------------------------
Seatown Corp. provided the Singapore Stock Exchange (SGX) with
updates on the following matters:

(1) Banking facilities, which are in default resulting in the
outstanding amounts repayable on demand.

Other than matters previously announced by the Company, there
have been no further developments since the date of the earlier
announcement.

(2) Annual Report for the year ended September 30, 2004

Paragraph 4(v) of the auditors' report states that the ability
of the Company and the Group to continue as going concerns and
meet their financial obligations as and when they fall due are
dependent, inter alia, on the following factors:

(a) The successful restructuring of the Company's and Group's
outstanding debts with lenders as at September 30, 2004;

(b) The Group not incurring significant losses in the future and
being able to secure additional new profitable contracts;

(c) The successful implementation of the Investment Agreement
with King Premier by the Judicial Manager;

(d) The successful outcome of negotiations between the Group and
lenders to the Group concerning the preservation of existing
banking facilities available to the Group including those where
covenants have been breached not being withdrawn or materially
reduced by the banks and the indemnities provided by the Company
to third parties such as financial institutions in respect of
performance bonds and guarantees issued by such third parties on
account of its subsidiaries not being called upon by such third
parties.

There have been no further developments since the date of the
auditors' report.

(3) Resumption of trading proposal

There have been no further developments since the date of the
last announcement on June 3, 2005 regarding the resumption of
trading proposal to the Singapore Exchange Securities Trading
Limited.

(4) Schemes of arrangement for Seatown Construction Pte Ltd and
Fermold Pte Ltd

There have been no further developments since the date of the
earlier announcement.

(5) Update on progress of Judicial Management of the Company

The Company announced that King Premier Holdings (KPH), with
whom the Company has entered into an investment agreement (the
KPH Agreement), has informed the Company that there have been
changes made to the financial regulatory laws in the People's
Republic of China (PRC).

KPH further informed that it is currently in the midst of
reviewing these changes and, where necessary, are taking steps
to comply with the new financial regulatory laws. This has
inevitably delayed the progress of the KPH Agreement.

Given the delay, the financial advisor to the KPH Agreement,
Genesis Capital Pte Ltd (Genesis) has revised its tentative
timetable for the completion of the KPH Agreement. It is now
anticipated that the submission to the SGX will take place in
September 2005.

Genesis has also advised the Company and KPH to update their
financial results which are currently as at March 31, 2005 and
September 30, 2004 respectively, to the period ended June 30,
2005. This is to ensure that the circular to the shareholders of
the Company and the submission to the SGX contain the most
current financial results of the Company and KPH.

Accordingly, the Company and KPH are presently in the midst of
updating their respective financial results to the period ended
June 30, 2005. The key professionals to the KPH Agreement are
also undertaking the process of updating their respective
reports to include the financial results of the Company and KPH
for the period ended June 30, 2005.

The Company will be in a position to seek the necessary
approvals from the SGX on the KPH Agreement and obtain the
requisite whitewash resolution from its shareholders after the
necessary compliance with the new financial regulatory laws in
the PRC and the finalization of the Company and KPH's financial
results for the period ended June 30, 2005.

CONTACT:

Seatown Corporation Limited (In Judicial Management)
(formerly: Pacific Can Investment Holdings Limited)
20 Maxwell Road #02-01
Maxwell House
Singapore 069113
Telephone: 65 62211777
Fax: 65 62235202/65 67887788


STABLE KINGDOM: Gives Creditors Until Next Month to Prove Claims
----------------------------------------------------------------
Notice is hereby given that the Creditors of Stable Kingdom Pte
Limited, which is being wound up voluntarily, are required on or
before August 4, 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 Liquidator of the
Company.

If so required by notice in writing from the said Liquidator,
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 4th day of July 2005

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


UCB-PLATOU DRY: Final Meeting Slated End of the Month
-----------------------------------------------------
Notice is hereby given, pursuant to section 308 (2) of the
Companies Act, Cap. 50, that a Final Meeting of the Members of
UCB-Platou Dry Cargo Pte Limited will be held on July 29, 2005,
1:00 p.m. at 1 Temasek Avenue, #18-03 Millenia Tower, Singapore
039192 for the purposes as stated in section 308 of the
Companies Act, Cap. 50.

Dated this 4th day of July 2005

Madam Chia Lay Beng
Liquidator

Note:

A member entitled to attend and vote at the General Meeting is
entitled to appoint a Proxy to attend and vote on his behalf and
such Proxy need not be a member of the Company. The Form of
Proxy must be deposited at the Liquidators' Office not less than
48 hours before the time appointed for holding the Meeting or
adjourned Meeting.


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

EASTERN WIRE: To Invest Further Using Remaining Proceeds
--------------------------------------------------------
Eastern Wire Public Company Limited initially sold 32,000,000
ordinary shares to the public at the offering price of THB37
each during the subscription period between May 10 to 11, 2005.
The aggregated net proceeds from the offering after the offering
expenses are about THB1,150 million.

In accordance with the objectives of the capital increase, the
Company issued to the Stock Exchange of Thailand (SET) a report
on the utilization of the increased capital fund up to June 30,
2005 as follows:

     Description   Fund projected       Fund utilized up to
                   to be utilized       June 30,2005
                  (Million Baht)       (Million Baht)

(1) For purchasing new Machinery and factory
                        50                   -

(2) Reserve for stocking core raw material
                       150                  100

(3) Reserve and utilized for working capital
                         70                   -

(4) Reseve for payment to institution finance
                        230                   77

(5) Reserve for investing new business
                        680                   -

Total                1,150                   177

The amount of increased capital is THB1,150 million utilized up
to June 30, 2005 was THB177 Million, and it's remaining balance
is THB973 Million. The company has further plans of investing if
plan works.

Please be informed accordingly,

Best regards,
Mr. Prirom Priyawat
Managing Director

CONTACT:

Eastern Wire Pcl
Rasa Tower, Room 1201-1203,
555 Phaholyothin Road,
Chatu Chak Bangkok
Telephone: 0-2937-0058-66
Fax: 0-2937-0067


KRUNG THAI: Hopes to Achieve Target on NPA Sale
-----------------------------------------------
Krung Thai Bank Public Company Limited (KTB) mulls sale of non-
performing assets (NPA) worth THB6.2 billion this year, relates
The Nation.

The NPAs include single houses, townhouses, shophouses, office
buildings, factories and land. The bank's NPAs currently stands
at THB30 billion. Of KTB's total non-performing assets, 800 of
them, worth Bt11 billion, are in Bangkok and 8,000, valued at
Bt19 billion, are in the provinces.

Krung Thai plans to sell NPAs every week in order to achieve its
target of THB6.2 billion in sales. The bank would also offer
more than 1,000 NPAs worth THB15 billion at a grand sale between
July 29 and 31.

According to the bank's Senior Executive Vice President, Somanat
Chutima, KTB has sold some 500 non-performing assets over the
first half of this year.  The proceeds were worth more than
THB1.4 billion.

The NPAs that Krung Thai holds is a legacy of the 1997 Asian
financial crisis.  The bank was able to seize the assets that
served as collateral for loans when most of the customers failed
to service their debt.

Mr. Somanat said the bank would be able to sell the NPAs as
targeted.  The bank has adjusted its selling platform to suit
customers in each area.  Direct sales are found to be more
effective to customers and bring about quicker response with
fair prices.

CONTACT:

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


RATTANA REAL: Unveils New Company Name
--------------------------------------
Rattana Real Estate Public Company Limited notified the Stock
Exchange of Thailand (SET) on the resolutions of the Ordinary
Genneral Meeting of Shareholders No.1/2005, held on June 15,
2005, and the Directors' Meeting, held on July 4, 2005, to
change the company's name and security symbol accordingly.

The company would like to report that the Company's name,
Memorandum of Association, and Articles of Association have been
registered at the Department of Business Development, Ministry
of Commerce, which was effective from July 6, 2005 as details
below.

New Company's name: Thai Property Public Company Limited

Old Company's name: Rattana Real Estate Public Company Limited

New Security's symbol: TPROP

Old Security's symbol: RR

Please be informed accordingly

Sincerely yours,

Mr. Vitavas Vibhagool
Managing Director

CONTACT:

Rattana Real Estate Pcl
Charn-Issara Tower 2, Fl29,
2922/305-306 New Petchburi Road,
Bangkapi, Huai Khwang Bangkok
Telephone: 0-2308-2049, 0-2308-2708-18
Fax: 0-2308-2719-20




* Alvarez & Marsal Expands Asian Operations
-------------------------------------------
Alvarez & Marsal, one of the world's premier professional
services firms specializing in operational and financial
turnaround management and restructuring, announced that Cos
Borrelli, Kelvin Flynn, and Neill Poole will be joining the firm
as Managing Directors and will form the core leadership team for
Alvarez & Marsal Asia Limited.  The trio will also be joined by
their entire 80 strong team formerly of RSM Nelson Wheeler
Corporate Advisory Services Limited from offices based in Hong
Kong and Singapore.  RSMNW CASL is one of the region's leading
corporate recovery and restructuring, insolvency, forensic
accounting and advisory firms.

Established for more than ten years in Asia, the team has
extensive advisory experience across Hong Kong, Singapore,
China, Japan, Korea, Philippines, Taiwan, Malaysia and Thailand.
It has successfully worked on some of the region's high-profile
corporate distress and dispute situations and has a proven track
record in establishing, negotiating and delivering restructuring
arrangements and provision of forensic accounting and expert
witness testimony across a wide range of industries.

Alvarez & Marsal, founded in 1983, is a leader in providing
turnaround and interim management, corporate and creditor
advisory services in the US and Europe.  This major expansion in
Asia provides the firm with comprehensive global coverage and
gives clients access to experienced resources on a global basis.

Tony Alvarez, Co-founder of Alvarez & Marsal, commented, "It is
clear that the appetite for independent and experienced
turnaround management services in Asia is set to grow strongly,
and Alvarez & Marsal is now well suited to meet these emerging
needs.  Our decision to bring on such a highly recognized and
experienced leadership group such as Kelvin, Cos, Neill and
their team provides Alvarez & Marsal with a unique opportunity
to position ourselves as the global leader in this area."

Alvarez & Marsal's expansion into Asia reflects a change in the
market place for insolvency and restructuring services and, in
particular the increasing conflicts arising from Sarbanes-Oxley
legislation requirements for greater corporate governance and
independence.  Asian companies are increasingly recognizing the
benefit of the early intervention crisis management and profit
improvement services offered by the firm.

Kelvin Flynn, Managing Director added, "This strategic decision
to join Alvarez & Marsal reflects our view that the traditional
insolvency and restructuring business in Asia has shifted.  We
are more than just liquidators.  Increasingly we are getting
involved in turnaround and operational restructurings, and
combining our local knowledge and experience with Alvarez &
Marsal's service lines and global reach makes a great deal of
sense for us and our clients.

Cos Borrelli, Managing Director added, "Moving our operations
into Alvarez & Marsal will not only increase the firm's
international presence, but will enable us to better serve our
US and European headquartered clients who have operations in
Asia.  Our clients, both corporate debtors and creditors alike,
now have unparalleled access to the full range of advisory and
workout services, on a global basis."

Neill Poole, Managing Director added, "The tighter regulation of
multi-national corporations in the United States and Europe is
increasingly affecting companies in the Asia Pacific region.  In
addition, the growth in Asian markets is likely to result in
more disputes between foreign and local investors and trading
partners.  We can see a great deal of synergy arising from the
combination of our experience of assisting companies in the Asia
Pacific region with their resolution of disputes and regulatory
issues and Alvarez & Marsal's dispute resolution and forensic
accounting experience internationally."

       About Kelvin Flynn, Cos Borrelli and Neill Poole

Kelvin Flynn, Cos Borrelli and Neill Poole established The RSM
Nelson Wheeler Corporate Advisory Services business in 1995.  It
became one of the leading specialist corporate recovery and
restructuring, insolvency, forensic accounting and advisory
practices in the Asia Pacific region.  Its professionals have
been drawn from Hong Kong, the PRC, Singapore, Malaysia,
Australia, the United Kingdom, Thailand and the United States.

The team has worked on numerous high-profile assignments
including:

    * Akai - US$1 billion international liquidation and
      investigation

    * Benpres - US$550 million debt workout

    * CCP - restructuring and sale of Chinese power stations

    * Forefront - turnaround and interim management of Scania's
      distributor for Greater China

    * GSTZ - China recovery

    * Hong Kong Pharmaceuticals - turnaround and debt
      restructuring

    * I-China - restructuring and asset injection

    * Jinro HK - "IFR's Debt Restructuring of the Year for
2004",
      US$3.2 billion international M&A

    * Seapower - restructuring

    * SK Global - provisional liquidation and US$900 million
debt
      restructuring

    * Tai Kam Construction - transfer of Government construction
      licenses

    * Thai Petrochemical Industries - US$3.8 billion operational
      and debt restructuring

    * TRI /Celcom - US$50 million debt restructuring of
Malaysia's
      largest mobile phone company

    * Wing Fai Limited - novation of contracts and liquidation

    * Zhu Kuan Group - debt restructuring

                     About Alvarez & Marsal

Founded in 1983, Alvarez & Marsal is a leading global
professional services firm with expertise in guiding
underperforming businesses through complex operational and
financial challenges. The firm has been at the forefront of
leading complex turnaround and restructuring initiatives with
professionals based in locations across the Unites States,
Europe, Asia and Latin America.  The firm attracts and deploys
senior operating and consulting talent with diverse cultural and
multi-lingual backgrounds to solve problems and unlock corporate
value.  With a bias toward hands-on execution, Alvarez & Marsal
draws on its strong operational heritage to implement solutions
and deliver results for corporate and public sector
organizations as well as owners, investors and stakeholders of
organizations.

Through more than 500 professionals worldwide, Alvarez & Marsal
delivers Turnaround Management Consulting; Crisis and Interim
Management, Profit and Performance Improvement; Creditor and
Lender Advisory; Financial Advisory; Dispute Analysis and
Forensic Investigations; Real Estate Advisory; Tax Advisory; and
Business Consulting.


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

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


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


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

MALAYSIA
--------

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

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

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

SINGAPORE
---------

Pacific Century Regional          PAC      -145.53    1289.71

THAILAND
--------

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


                            *********


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

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

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

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without
prior written permission of the publishers.  Information
contained herein is obtained from sources believed to be
reliable, but is not guaranteed.

The TCR -- Asia Pacific subscription rate is $575 for 6 months
delivered via e-mail. Additional e-mail subscriptions for
members of the same firm for the term of the initial
subscription or balance thereof are $25 each.  For subscription
information, contact Christopher Beard at 240/629-3300.

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