TCRAP_Public/050711.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C


              Monday, July 11, 2005, Vol. 8, No. 135

                            Headlines


A U S T R A L I A

AIRLIE PROPERTIES: To Pay Dividends to Qualified Creditors
ATKINS TRANSPORT: Proofs of Debt, Claim Due Next Week
AUSTRAL COAL: Panel Declines to Commence Proceedings
AUSTRALIAN CONSULTING: Set to Hear Liquidator's Report
BOLDLINE HOLDINGS: Creditors Ratify Appointment of Liquidators

DON HOWARD: Special Resolution to Liquidate Passed
FACADE INSTALLATION: Members OK Company's Winding Up
GOLDEN CIRCLE: Fights Its Way Back to Health
HEAD HUNTERS: Members Agree to Wind Up Ops
HGH (ORANGE): Members to Hold Meeting July 18

HILDA WHYTE: Sets Final Meeting July 18
HYDEWELL PTY: Wind Up Process Initiated
INTERNATIONAL APPLIANCE: Final Meeting Set Next Week
INTERNATIONAL WINE: Berren Confirms Redemption Offer
JULPET HAULAGE: Names Holdbrook & Associates Liquidator

KAYDO PTY: Lays Out Final Meeting Agenda
KEMAG PTY: Members, Creditors to Convene Meeting July 20
LIAMENA NURSERIES: To Undergo Voluntary Liquidation
NATIONAL AUSTRALIA: To Fight NZ Tax Evasion Charges
OUTAT ENTERTAINMENT: Hires Official Liquidator

POWER RESOURCES: Unveils Final Meeting Agenda
PROJECT DYNAMICS: Names Malcolm Fraser Anderson Liquidator
QANTAS AIRWAYS: Plans No Increase in Fuel Surcharge
RODDY DE WRECKER: Liquidator to Distribute Company's Assets
WARREN INDUSTRIES: Proofs of Claim Due End of Month

WELLINGTON WORKING: Staves Off Liquidation


C H I N A  &  H O N G  K O N G

ACHIEVER LIMITED: Court Releases Wind Up Order
ANDEL JEWELRY: Creditors Meeting Slated for July 19
FINE HUGE: Enters Winding Up Process
KIU YU: Court Hearing Slated for July 21
MOULIN GLOBAL: Lays Off 55% of Hong Kong Staff

MOULIN GLOBAL: Chairman Released on Bail
MOULINE GLOBAL: Updates Status of Operations
MUJYAKI HOLDING: Winds Up Operations
NICHOLAS CONSTRUCTION: Court Orders Winding Up
QUAM EQUITY: Falls Into Voluntary Liquidation

ROBERTSON PRODUCTS: Creditor's Annual Meeting Set July 29
SHANXI CENTRAL: To Appoint Liquidators
SKYMOUNT LIMITED: Receives Winding Up Order
WEALTHMARK INTERNATIONAL: Suspends Rights Issue
WELL SUCCESS: Winding Up Hearing Fixed August 3

WINMARK PROPERTIES: Court to Hear Petition July 13


I N D O N E S I A

BANK MANDIRI: Prosecutors Grill Kiani Kertas Boss
KERETA API: Government to Spin Off Jakarta Unit
PERTAMINA: Fuel Shortages Spur Panic Buying
PERUSAHAAN LISTRIK: Operating Costs May Climb by IDR7.5 Trillion


J A P A N

HITACHI LIMITED: Launches Joint Product Development With Kabira
HONMA GOLF: SBI Provides JPY2-Bln Credit Line
MITSUBISHI FUSO: Provides U.S. Trucks
MITSUBISHI MOTORS: Names Dave McKenzie New Product Support VP
MITSUBISHI MOTORS: Europe Launches Concept-Sportback Models

UFJ HOLDINGS: U.S. Unit Faces Liquidation
UFJ HOLDINGS: Updates Conversion of Preferred Shares


K O R E A

HYNIX SEMICONDUCTOR: Shares Jump 7% on Workout Hopes
HYUNJU COMPUTER: Gets Court Approval to Enter Receivership
SSANGYONG MOTOR: Shanghai Automotive Takes Additional Stake


M A L A Y S I A

AKTIF LIFESTYLE: Unveils New Board Composition
CYGAL BERHAD: Names Replacement for Independent Advisor
JIN LIN: Proposed Restructuring Still Under Evaluation
KUB MALAYSIA: Telekom Malaysia Awards Supply Contracts
LITYAN HOLDINGS: Works on Regularization Plan

MENTIGA CORPORATION: Awaits SC Approval on Revised Proposal
MYCOM BERHAD: Status of Restructuring Unchanged
POHMAY HOLDINGS: Condition Still Not Regularized
POHMAY HOLDINGS: In Talks with Lenders to Restructure Loans
OLYMPIA INDUSTRIES: Restructuring Proposal Unchanged

PICA (M) CORPORATION: Bourse Delists Securities' Listing
TELEKOM MALAYSIA: Bourse Grants Listing of New Shares
UNITED CHEMICAL: Extends Completion Date of Agreement


P H I L I P P I N E S

GLOBAL STEELWORKS: Defends Quality of Products in Iligan
LEPANTO CONSOLIDATED: Says Labor Row Resolved
MAYNILAD WATER: Rehab Plan Gets Nod from Monetary Board
NATIONAL BANK: Tycoon May Regain Full Control
NATIONAL FOOD: Keen on Debt Restructure

NATIONAL POWER: Urged to Settle Php113-Mln Tax Obligations
NATIONAL TRANSMISSION: Net Income Dips in 2004
PHILIPPINE AIRLINES: Seeks Another Fuel Surcharge Hike
PLATINUM PLANS: Files for Court Rehabilitation


S I N G A P O R E

AIROCEAN GROUP: Shanghai Administration OKs License
CHINA AVIATION (S): Chief Seeks Clarification of Charges
DKK (S) Pte: Paid Dividend July 2
ID CONNECT.COM: Court to Hear Petition July 29
LEE ONN: Posts Notice of Dividend

NEOCORP INTERNATIONAL: Updates Litigation Against Units
ROOMZ E-PUBLISHERS: Proofs of Claims Due July 22


T H A I L A N D

DATAMAT: SEC Further Extends Submission of Financial Statement
EASTERN PRINTING: Warrant Exercise Leaves 129,549,758 Units
JASMINE INTERNATIONAL: Proceeds Utilized as Working Capital
PICNIC CORPORATION: Seeks Extension of Repayment of Bill
PICNIC CORPORATION: Deputy Managing Director Quits

THAI PETROCHEMICAL: Unveils New Web Site

     -  -  -  -  -  -  -  -

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

AIRLIE PROPERTIES: To Pay Dividends to Qualified Creditors
----------------------------------------------------------
Airlie Properties Pty Limited will declare a dividend on July
20, 2005.

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

Dated this 30th day of May 2005

Ginette Muller
Liquidator
KordaMentha (Qld)
22 Market Street, Brisbane Qld 4000
Phone: (07) 3225 4000
Fax: (07) 3225 4999


ATKINS TRANSPORT: Proofs of Debt, Claim Due Next Week
-----------------------------------------------------
A dividend is to be declared on July 14, 2005 in respect of
Atkins Transport Pty Limited (In Liquidation).

Creditors whose debts or claims have not already been admitted
are required on or before July 13, 2005 to formally prove their
debts or claims. In default, they will be excluded from the
benefit of the dividend.

Dated this 14th day of June 2005

E. M. Senatore
Liquidator
Senatore Brennan Rashid DFK
Level 7, 28 University Avenue,
Canberra ACT 2601
Telephone: (02) 6214 6700
Facsimile: (02) 6214 6799


AUSTRAL COAL: Panel Declines to Commence Proceedings
----------------------------------------------------
The Takeovers Panel advised that it has declined to commence
proceedings in relation to an application dated July 4, 2005
from Glencore International AG, which was lodged outside the
statutory 2 month time limit, in relation to the affairs of
Austral Coal Limited (Austral Coal) which is currently the
subject of a takeover offer by Centennial Coal Company Limited.

Glencore alleged in its application that unacceptable
circumstances existed in relation to the sale of 9.6% of shares
in Austral Coal to Centennial by Noble Group Limited (Noble) on
March 2, 2005 and Noble's acquisition, and subsequent acceptance
of the Centennial bid on March 23, 2005, of a further 6.9% of
Austral Coal.

Glencore alleged that Centennial and Noble became associates in
negotiations concerning the sale of Noble's shares in Austral
Coal. Glencore also alleged that Centennial made arrangements
with Noble to retain and/or extend the scope or term of Noble's
existing seven year exclusive agency for the sale of Austral
Coal's coal and that this was a benefit offered to Noble which
was not offered to any other Austral Coal shareholder.

The application was made outside the 2 month time limit provided
under section 657C(3) of the Corporations Act, with a request
that the Panel extend the period within which Glencore's
application may be made.

The Panel did not consider that it was appropriate for it to
grant such an extension. In the Panel's view, Glencore's
application did not provide any reasonable to basis to find that
an association arose, or any agreement was reached, between
Centennial and Noble, or that a benefit was given by Centennial
to Noble. The Application also did not demonstrate that any
material harm had been caused to the market by the actions of
Centennial and Noble. As such, the Panel did not consider that
it was in the interests of public policy to extend the statutory
2 month time limit or commence proceedings. The matter was
concluded on this basis.

The Panel will publish the reasons for its decision on its web
site in due course.

CONTACT:

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


AUSTRALIAN CONSULTING: Set to Hear Liquidator's Report
------------------------------------------------------
Notice is given pursuant to Section 509(2) of the Corporations
Act 2001 that a Final Meeting of the Members and Creditors of
Australian Consulting And Capital Partners Pty Limited will be
held at Ngan & Co, Level 5, 49 Market Street, Sydney NSW 2000 on
Tuesday, July 19, 2005 at 10:15 a.m.

AGENDA

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

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

Dated this 2nd day of June 2005

P. Ngan
Liquidator


BOLDLINE HOLDINGS: Creditors Ratify Appointment of Liquidators
--------------------------------------------------------------
Notice is hereby given that at an extraordinary general meeting
of members of Boldline Holdings Pty Limited held on May 24,
2005, it was resolved that the company be wound up voluntarily
and that for such purpose, Kimberley Andrew Strickland and
Christopher Michael Williamson of Hall Chadwick, Chartered
Accountants, Level 40, BankWest Tower, 108 St George's Terrace,
Perth WA 6000 be appointed Joint and Several Voluntary
Liquidators.

The appointment of the liquidators was ratified at a creditors'
meeting held that same day.

Dated this 26th day of May 2005

K. A. Strickland
Liquidator
Hall Chadwick
Level 40, BankWest Tower
108 St George's Terrace
Perth WA 6000


DON HOWARD: Special Resolution to Liquidate Passed
--------------------------------------------------
At a General Meeting of Don Howard Pty Limited, duly convened
and held at 82 Marine Parade Maroubra NSW on May 31, 2005 the
following Special Resolution passed:

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

Dated this 31st day of May 2005

John-Paul Lisica
c/- JP & Co Pty Limited
PO Box 3078, Bankstown Square NSW 2200


FACADE INSTALLATION: Members OK Company's Winding Up
----------------------------------------------------
Notice is given that Anthony Warner and Ivor Worrell, Registered
Liquidators, of Worrells, Level 3 333 George Street, Sydney NSW
2000, were appointed Liquidators of Facade Installation Pty Ltd
at a general meeting of the company's members on May 24, 2005.

Dated this 27th day of May 2005

Ivor Worrell
Liquidator
Worrells
Solvency & Forensic Accountants
Web site: http://www.worrells.net.au


GOLDEN CIRCLE: Fights Its Way Back to Health
--------------------------------------------
Fruit, vegetable and juice producer Golden Circle aims to return
to profitability this year, The Australian reports.

The Brisbane-based co-operative had an AU$31 million loss in
2003. But an AU$50-million fresh fund infusion this year has
allowed it to pursue expansion plans.

Golden Circle, long considered a target for acquisitive
predators, is now on the lookout for other food and beverage
businesses to buy. The company had also managed to
simultaneously lift payments to growers and rein in costs.

Last week, the Company unveiled a new corporate logo to
reinforce its positive outlook.

After a rush of interest from the market when expressions of
interest in Golden Circle were sought last year through an
auction handled by Rothschild, a deal was finalized in March for
Babcock & Brown to take $50 million in convertible notes in the
company.

An AU$24 million plant upgrade of the Northgate canning and
packaging facility in Brisbane has begun and the company has
slashed its previous AU$150 million of interest-bearing debt to
about AU$100 million.

Chief executive Steve Morrow said morale among the company's
owners and 1400 workers was now "considerably better" than 12
months ago. He said problems arose for Golden Circle partly
because of the amount of debt-funded expansion it undertook in
recent years.

"We have made significant progress in reducing our costs, and
our people on the factory floor are driving that. All our people
are involved in taking Golden Circle forward, and they feel good
about that. The people never gave up," Mr. Morrow said.

The main challenges facing Golden Circle now were the cost of
tinplate and steel, which had shot up 41 per cent in the past
two months. But Mr. Morrow claimed there were indications that
the market had peaked and prices may now ease.

CONTACT:

Golden Circle
E-mail: info@goldencircle.com.au
Web site: http://www.goldencircle.com.au/


HEAD HUNTERS: Members Agree to Wind Up Ops
------------------------------------------
Pursuant to Section 491 of the Corporations Act, the members of
Head Hunters Queensland Pty Limited passed a special resolution
on May 27, 2005 for the company to be wound up voluntarily, and
Mark Pearce was appointed Liquidator for the purposes of the
winding up.

Dated this 27th day of May 2005

Mark Pearce
Liquidator
c/- Pearce & Heers Insolvency Accountants
Level 8, 410 Queen Street
Brisbane Qld 4000


HGH (ORANGE): Members to Hold Meeting July 18
---------------------------------------------
Notice is hereby given that pursuant to section 509 of the
Corporations Act 2001, the final meeting of members of HGH
(Orange) Pty Limited will be held at the offices of Accountants
of Auswild & Co, 1st Floor, 50 Montgomery Street, Kogarah on
July 18, 2005 at 2:00 p.m. for the purpose of laying before the
meeting the liquidators' final account and report and giving any
explanation thereof.

Dated this 3rd day of June 2005

James Dick
Liquidator
Accountants
1st Floor, 50 Montgomery Street,
Kogarah


HILDA WHYTE: Sets Final Meeting July 18
---------------------------------------
Notice is given that a final meeting of members of Hilda Whyte
Pty Limited (In Liquidation) will be held at the offices of
Stanley & Williamson, 1st Floor, 34 Burton Street, Kirribilli on
July 18, 2005 at 10:00 a.m.

The purpose of the meeting is to receive the liquidator's
account showing how the winding up has been conducted and the
property of the company has been disposed of and to receive any
explanation of the account.

Dated this 27th day of May 2005

Samuel H. K. Shun
Liquidator
c/- Stanley & Williamson
1st Floor, 34 Burton Street,
Kirribilli NSW 2061
Telephone: (02) 9923 2666


HYDEWELL PTY: Wind Up Process Initiated
---------------------------------------
At a general meeting of the members of Hydewell Pty Limited (In
Liquidation) duly convened and held at 478 Henderson Street
Lavington NSW, on June 3, 2005 the special resolution set out
below was duly passed:

That the company be wound up voluntarily.

Dated this 3rd day of June 2005

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


INTERNATIONAL APPLIANCE: Final Meeting Set Next Week
----------------------------------------------------
Notice is given that a final meeting of the members and
creditors of International Appliance Specialists Pty Limited
will be held at Rodgers Reidy, Level 8, 333 George Street,
Sydney on July 14, 2005 at 3:00 p.m.

The purpose of the meeting is:

(a) To receive an account from the Liquidator.

(b) A resolution to destroy the books & records of the company.

(c) To consider any other business.

Robert Moodie
Liquidator
Rodgers Reidy
Level 8, 333 George Street,
Sydney NSW 2000


INTERNATIONAL WINE: Berren Confirms Redemption Offer
----------------------------------------------------
Following press commentary and discussions with the Australian
Securities and Investments Commission (ASIC), Berren Asset
Management Limited (Berren) confirms its decision to proceed
with the Redemption Offer for the International Wine Investment
Fund (IWIF) on the basis set out in its release of July 1, 2005.

The following provides further information to unitholders about
the rationale to increase the size of the Redemption Offer and
the consequences of that decision.

Before its decision to increase the size of the Redemption Offer
the Berren Board discussed the matter with the holders of 38% of
units on issue, reconsidered the intentions of all unitholders
and concluded as follows:

(1) The four major investors who collectively control more than
24 million units wished the Redemption Offer to proceed;

(2) A reasonable person would conclude that the overwhelming
majority of the other unitholders accepting the Offer who
collectively represent 16.8 million units also wanted the
Redemption Offer to proceed rather than the fund be wound up and
the uncertainty and delay associated with that process;

(3) Those 1,784 investors representing 67% in number of all
investors who elected not to participate in the Redemption Offer
and who collectively control approximately 22.5 million units
did not want the IWIF to be wound up;

(4) The NTA based on the May 31, 2005 NTA calculation for the
continuing unitholders will increase by a further 1.4 cents per
unit (from AU$3.072 to AU$3.086 per unit) as a result of 40.8
million units being redeemed as opposed to 40 million units
being redeemed; and

(5) To wind the IWIF up would, notwithstanding the terms of the
Offer, run counter to the clear wishes of the majority of
unitholders.

Berren believes the increase in the size of the redemption fund
is not material in the context of the Offer for the following
reasons:

(1) The size of the IWIF post redemption will be AU$69.4 million
as against AU$71.5 million; and

(2) Funds utilized in redeeming units will only be increased
from AU$107.2 million to AU$109.4 million, a difference of only
2%;

It is now expected that cheques for units redeemed will be sent
next week.

CONTACT:

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


JULPET HAULAGE: Names Holdbrook & Associates Liquidator
-------------------------------------------------------
At a general meeting of Julpet Haulage Pty Limited, duly
convened and held on May 26, 2005, the following was resolved:

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

Dated this 26th day of May 2005

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


KAYDO PTY: Lays Out Final Meeting Agenda
----------------------------------------
Notice is hereby given that a final meeting of the members and
creditors of Kaydo Pty Limited (In Liquidation) will be held at
the offices of SimsPartners, Suite 5, 32 Thesiger Court, Deakin
ACT on Thursday, July 14, 2005 at 10:00 a.m.

AGENDA

(1) To receive an account showing how the winding up has been
conducted and the property of the company has been disposed of;
and

(2) To receive any explanation in relation to the winding up.

Dated this 6th day of June 2005

Henry Kazar
Liquidator
SimsPartners
Chartered Accountants
PO Box 211, Deakin West ACT 2600


KEMAG PTY: Members, Creditors to Convene Meeting July 20
--------------------------------------------------------
Notice is hereby given pursuant to Section 509 of the
Corporations Act that a final meeting of members and creditors
of Kemag Pty Limited will be held at Suite 67, Level 14/88 Pitt
Street, Sydney NSW 2000 on Wednesday, July 20, 2005 at 11:00
a.m.

The purpose of the meeting is to lay before the members and
creditors an account for the manner in which the winding up has
been conducted and the property of the Company disposed of and
of hearing any explanations that may be given by the Liquidator.

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

Dated this 3rd day of June 2005

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


LIAMENA NURSERIES: To Undergo Voluntary Liquidation
---------------------------------------------------
At a general meeting of the members of Liamena Nurseries Pty
Limited duly convened and held at Fernleigh, River Road,
Nelligan NSW, on May 30, 2005, the special resolution set out
below was duly passed:

That the company be wound up voluntarily.

Dated this 3rd day of June 2005

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


NATIONAL AUSTRALIA: To Fight NZ Tax Evasion Charges
---------------------------------------------------
National Australia Bank (NAB) is confident it will win its
battle with the New Zealand tax department despite claims its
subsidiary had used structured finance deals to dodge tax and
then shared the spoils with its financiers, relates the Sydney
Morning Herald.

The NZ Inland Revenue Department has filed charges against NAB
before the Wellington High Court, alleging that NAB's Bank of
New Zealand (BNZ) set up structured finance deals with Credit
Suisse First Boston and a Warren Buffett company, General Re.
The tax bureau also claimed that BNZ then paid those companies a
fee to "share the benefits arising from the tax avoidance".

But BNZ rejected the IRD's tax reassessments and said it would
contest the allegations in court.

The BNZ, which is fighting amendments dating back to 1998, could
be liable for as much as $518 million in unpaid tax.

Court papers show the BNZ case centers on a series of loans BNZ
subsidiaries took out with General Re and CSFB in 1998 and 1999.
BNZ bought beneficial interests in three separate trusts run by
General Re and CSFB and also paid them a 2.95 percent
procurement fee on the loans. General Re and CSFB then bought
back BNZ's interests in their trusts.

The IRD alleged BNZ wrongly booked the procurement fees on loans
from the U.S. institutions as allowable deductions in New
Zealand tax returns. It also objected to one of the BNZ
subsidiaries claiming a tax credit for more than $25 million of
tax paid to the U.S. Internal Revenue Service by a General Re
trust.

CONTACT:

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


OUTAT ENTERTAINMENT: Hires Official Liquidator
----------------------------------------------
Notice is hereby given that at an Extraordinary General Meeting
of the members of Outat Entertainment Pty Limited held on May
31, 2005, it was resolved that the Company be wound up
voluntarily, and that Greg Seers of 1st Floor, 434 Nepean
Highway, Frankston be appointed liquidator for the purpose of
winding up.

Dated this 31st day of May 2005

Greg Seers
Liquidator
Shepard Webster & O'Neill Pty Ltd
1st Floor, 434 Nepean Highway
Frankston Vic 3199
Queensland


POWER RESOURCES: Unveils Final Meeting Agenda
---------------------------------------------
Notice is given pursuant to Section 509(2) of the Corporations
Act 2001 that a Final Meeting of the Members and Creditors of
Power Resources Pty Limited will be held at Ngan & Co, Level 5,
49 Market Street, Sydney NSW 2000 on Tuesday, July 19, 2005 at
10:45 a.m.

AGENDA

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

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

Dated this 6th day of June 2005

P. Ngan
Liquidator


PROJECT DYNAMICS: Names Malcolm Fraser Anderson Liquidator
----------------------------------------------------------
At a general meeting of the members of Project Dynamics
Australia Pty Ltd duly convened and held at 100 Christie Street,
St Leonards, NSW on 23 May 2005, the special resolution set out
below was duly passed:

Project Dynamics Australia Pty Ltd be wound up. The members
appoint Malcolm Fraser Anderson of A9/4 Central Avenue,
Thornleigh as liquidator.

Dated this 2nd day of June 2005

Malcolm Fraser Anderson
Liquidator
Unit A9/4 Central Avenue,
Thornleigh NSW 2120
Telephone: (02) 9875 4955
Facsimile: (02) 9875 2818


QANTAS AIRWAYS: Plans No Increase in Fuel Surcharge
---------------------------------------------------
Qantas Airways said it is ruling out an increase in its
passenger fuel surcharge despite skyrocketing oil prices, the
Wall Street Journal reports.

Geoff Dixon explained any surcharge hike could "possibly do more
harm than good" to the airline's domestic operations.

Mr. Dixon declined to comment on the company's results for the
12 months ended June 30, which are due next month, repeating the
company's official line that "they're in line with what the
market expects."

Qantas has been recently linked to rival Singapore Airlines in a
possible merger. Late last month, Qantas confirmed that its
Singapore-based budget offshoot, Jetstar Asia Ltd., was in
preliminary merger talks with rival Valuair Ltd.

Mr. Dixon said it was "still too early" in the process to
comment, but confirmed that Valuair initiated the talks.

But he said "consolidation is very hard to achieve," noting
Qantas' failed bid to buy a controlling stake in Air New Zealand
Ltd. three years ago, due primarily to regulatory opposition.

CONTACT:

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


RODDY DE WRECKER: Liquidator to Distribute Company's Assets
-----------------------------------------------------------
At an extraordinary meeting of members of Roddy De Wrecker
Autowreckers Pty Limited duly convened and held at the offices
of Rosenfeld Kant & Co. Level 24 Tower II, 101 Grafton Street
Bondi Junction NSW 2022 on May 25, 2005 at 10:00 a.m. the
following resolution was passed.

That the company be wound up as a members' voluntary winding up
and that Leslie Rosenfeld, Chartered Accountant, of Level 24,
Plaza II, 101 Grafton Street, Bondi Junction, be appointed
liquidator for the purpose of such winding up and that the
liquidator may divide among the contributories in specie or kind
the whole or any part of the assets of the company.

Dated this 25th day of May 2005

Leslie Rosenfeld
Liquidator


WARREN INDUSTRIES: Proofs of Claim Due End of Month
---------------------------------------------------
On May 19, 2005 it was resolved that Warren Industries Pty
Limited (In Liquidation) be wound up voluntarily and that James
Duncan Rae, Chartered Accountant (Level 9, 26 Ridge Street,
North Sydney NSW 2060) be appointed liquidator.

Take notice that creditors of the company must lodge with the
liquidator by July 31, 2005 proofs of debt detailing the amounts
claimed as owing by the company, if they wish to participate in
any general distribution.

J. D. Rae
Liquidator


WELLINGTON WORKING: Staves Off Liquidation
------------------------------------------
The 128-year-old Wellington Working Men's Club and Literary
Institute has been rescued from a move to put it into
liquidation, reports The New Zealand Herald.

The club's creditors, new management and new board have worked
together to let the club trade again, eight months after fell
into the hands of interim liquidator Bruce McCallum in November.

The club was released from liquidation last week and is now
managed by Petone Working Men's Club.

The club's long-term debt had been restructured, and unsecured
creditors had agreed to settle for 25 cents in the dollar over
the next two years rather than put the club under and get
nothing. Inland Revenue also agreed to a "very rare" debt write-
off.

The club, which also had new gaming license, hoped the
Department of Internal Affairs would cancel inquiries into the
operation of its old licenses.

Internal Affairs spokesman Vince Cholewa said the club's new
committee had been asked to see what happened to money missing
from its gaming machine account and report back. The club was
not under investigation.


==============================
C H I N A  &  H O N G  K O N G
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ACHIEVER LIMITED: Court Releases Wind Up Order
----------------------------------------------
Achiever Limited, whose business address is situated at Portion
of Workshop G, 7th Floor, Century Industrial Centre, No 33-35 Au
Pui Wan Street, Shatin, New Territories was issued a winding up
order notice by the High Court of the Hong Kong Special
Administrative Region Court of First Instance on June 22, 2005.

Date of Presentation of Petition: April 25, 2005

Dated this 30th day of June 2005

ET O'Connell
Official Receiver


ANDEL JEWELRY: Creditors Meeting Slated for July 19
---------------------------------------------------
Notice is hereby given that pursuant to section 241 of the
Companies Ordinance (Chapter 32), a meeting of the creditors of
Andel Jewelry Limited will be held at Room 1101, 11/F., Shiu Lam
Building, 23 Luard Road, Wan Chai, Hong Kong on 19 July 2005 at
11:30 a.m. for the purposes mentioned in sections 241, 242, 243,
244 and 255A of the Companies Ordinance.

Creditors may vote either in person or by proxy. Forms of proxy
to be used at the meeting must be lodged at Room 1101, 11/F,
Shiu Lam Building, 23 Luard Road, Wan Chai, Hong Kong not later
than 4 p.m. on the day before the meeting or adjourned meeting
at which they are to be used.

Dated 8 July 2005
By Order of the Board of
ANDEL JEWELRY LIMITED
MO SUE
Director


FINE HUGE: Enters Winding Up Process
------------------------------------
Fine Huge Investment Limited, whose business address is situated
at Portion of G/F & 1/F, Harbour-view Garden, Tower III, No. 2
Catchick Street, 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 25, 2005

Dated this 30th day of June 2005

ET O'Connell
Official Receiver


KIU YU: Court Hearing Slated for July 21
----------------------------------------
Notice is hereby given that pursuant to the directions made by
Master S. Kwang of High Court, a hearing has been fixed to be
held on July 21, 2005 at 9:30 a.m. at High Court, High Court
Building, 38 Queensway, Hong Kong for the purpose of considering
the application for appointment of liquidators of Kiu Yu and Kiu
Fat Mansions.

Dated this 4th day of July, 2005

TSE TO CHUEN
Joint and Several Provisional Liquidator


MOULIN GLOBAL: Lays Off 55% of Hong Kong Staff
----------------------------------------------
On July 5, 2005 the Provisional Liquidators of Moulin Global
Eyecare Holdings Limited and management laid off approximately
100 members of the Group's staff based in Hong Kong,
representing approximately 55 percent of the Hong Kong-based
work force.

On July 4, 2005, following reports by bank creditors of apparent
accounting irregularities uncovered by the Provisional
Liquidators, as announced by the Company in its announcement
dated June 20, 2005, the Commercial Crime Bureau (CCB) conducted
a search of the Company's premises and seized documents and
records of the Group.

The Company and the Provisional Liquidators understand that the
CCB's investigations are ongoing.

CONTACT:

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

This a company press release.


MOULIN GLOBAL: Chairman Released on Bail
----------------------------------------
Moulin Global Eyecare Holdings Limited has been informed that
the Company's Chairman Ma Bo-kee, Chief Executive Officer Ma
Lit-kin, and three other members of staff were arrested and
subsequently released on bail.

Moreover, the Provisional Liquidators' investigations into the
apparent accounting irregularities are continuing.

The Company will make a further announcement on the same, as
appropriate, when it has the Provisional Liquidators' findings
before it.

The Company is not in a position to comment on press speculation
as to the current status of actions taken by lenders against the
members of the Ma Family, and companies controlled by them, in
relation to the private borrowings of the Ma Family.

For and on behalf of
Moulin Global Eyecare Holdings Limited
(Provisional Liquidators Appointed)
Roderick John Sutton
Desmond Chung Seng Chiong
Joint and Several Provisional Liquidators
Hong Kong, 8 July, 2005

This is a company press release.


MOULINE GLOBAL: Updates Status of Operations
--------------------------------------------
The Provisional Liquidators of Moulin Global Eyecare Holdings
Limited are continuing in their endeavors to investigate the
Group's assets, liabilities and prospects and to secure buyer(s)
for all or part of the Group's businesses and/or new investment
for those businesses.

Contrary to press comment on the same, the Company's non-wholly
owned subsidiary in the United States, Eye Care Centers of
America, Inc., has not filed for Chapter 11 bankruptcy
protection in the United States and continues to trade normally.
In addition, certain of the Group's other manufacturing,
distribution and retail businesses continue to operate. A
further announcement in relation to the Group's operations and
prospects will be made as and when there are further material
developments.

RESIGNATION OF DIRECTOR

Mr. Tong Ka Wai, Dicky resigned as an Executive Director of the
Company with effect from June 23, 2005. The resignation of Mr.
Tong is due to personal reasons and the Provisional Liquidators
are not aware of any matters relating to the resignation of the
executive director that need to be brought to the attention of
the shareholders of the Company. Mr. Tong confirmed that there
are no disagreements with the board of directors of the Company
and that he has no outstanding claims against the Company
whether for compensation for loss of office or on any other
account howsoever.

As at the date of this announcement, the Chairman (Mr. Ma Bo
Kee) and Chief Executive Officer (Mr. Ma Lit Kin, Cary) remain
as Directors of the Company and the board of the Company
comprises:

Executive Directors:
Mr. Ma Bo Kee
Mr. Ma Bo Fung
Mr. Ma Bo Lung
Mr. Ma Lit Kin, Cary

Independent Non-executive Director:
Mr. So Kwan Hon, Danny

Although the board is comprised of the above individuals,
effective management and control of the Company is now in the
hands of the Provisional Liquidators pursuant to the court order
of June 23, 2005.

Trading in the Company's shares has been suspended since April
18, 2005 and will continue to be suspended until further notice.

For and on behalf of
Moulin Global Eyecare Holdings Limited
(Provisional Liquidators Appointed)
Roderick John Sutton
Desmond Chung Seng Chiong
Joint and Several Provisional Liquidators
Hong Kong, 8 July, 2005

This is a company press release.


MUJYAKI HOLDING: Winds Up Operations
------------------------------------
Mujyaki Holding Limited, whose business address is situated at
G/F, 9 Lan Fong Road, Causeway Bay 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 25, 2005

Dated this 30th day of June 2005

ET O'Connell
Official Receiver


NICHOLAS CONSTRUCTION: Court Orders Winding Up
----------------------------------------------
Nicholas Construction Company Limited, whose business address is
situated at 1/F, 3445 Wing Ping Tsuen Road, San Tin, Yuen Long,
New Territories was issued a winding up order notice by the High
Court of the Hong Kong Special Administrative Region Court of
First Instance on June 22, 2005.

Date of Presentation of Petition: April 25, 2005

Dated this 30th day of June 2005

ET O'Connell
Official Receiver


QUAM EQUITY: Falls Into Voluntary Liquidation
---------------------------------------------
Quam Equity Growth Fund Limited (In Voluntary Liquidation)
hereby gives notice that the company's dissolution was commenced
on June 29, 2005.

Codan Managements (B.V.I.) Ltd. of Romasco Place, Wickhams Cay
1, Road Town, Tortola, British Virgin Islands has been appointed
liquidator of the company.


ROBERTSON PRODUCTS: Creditor's Annual Meeting Set July 29
---------------------------------------------------------
Notice is hereby given that pursuant to Section 247 of the
Companies Ordinance (Chapter 32), the annual meetings of members
and creditors of Robertson Products Limited (Formerly known as
H.H. Robertson Hong Kong Limited) (In Creditors' Voluntary
Liquidation) will be held at 13/F., Gloucester Tower, The
Landmark, 11 Pedder Street, Central, Hong Kong on July 29, 2005
at 2:30 p.m. and 3 p.m. respectively for the purpose of having
an account laid before the meetings by the liquidators of their
acts and dealings and of the conduct of the winding-up during
the year ended May 12, 2005.

Forms of general proxy to be used at the meetings must be lodged
at our office at 13/F., Gloucester Tower, The Landmark, 11
Pedder Street, Central, Hong Kong or sent b facsimile to 2218
3500 not later than 4 p.m. on the day before the meetings.
Proxies need not be members or creditors of the Company.

Dated this 8th day of July 2005.

Wong Kwok Man
Joint & Several Liquidator


SHANXI CENTRAL: To Appoint Liquidators
--------------------------------------
Shanxi Central Pharmaceutical International Limited issued a
notice of appointment of liquidators and a committee of
inspection in the High Court of the Hong Kong.

Joint & Several and Liquidators': Messrs. Darach E. Haughey, Lai
Kar Yan (Derek)

Liquidators' Address: 26th Floor, Wing On Centre, 111 Connaught
Road Central, Hong Kong

Members of a Commitee of Inspection:

(1) DBS Bank (Hong Kong) Limited
(2) Citic Ka Wah Bank Limited

Date of Appointment: 22nd June 2005

Dated this 7th day of July, 2005

Darach E. Haughey
Lai Kar Yan (Derek)
26th Floor, Wing On Centre
111 Connaught Road Central
Hong Kong

CONTACT:

Shanxi Central Pharmaceutical International Limited
26th Floor, Wing On Centre
111 Connaught Central, Hong Kong.


SKYMOUNT LIMITED: Receives Winding Up Order
-------------------------------------------
Skymount (HK) Limited, whose business address is situated at
Flat B, 9th Floor, Alpha House, 27-33 Nathan Road, Tst, 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 25, 2005

Dated this 30th day of June 2005

ET O'Connell
Official Receiver


WEALTHMARK INTERNATIONAL: Suspends Rights Issue
-----------------------------------------------
At the request of Wealthmark International (Holdings) Limited,
trading in its shares will be suspended with effect from 9:30
a.m. on July 8, 2005 pending the issue of an announcement in
relation to a proposed rights issue by the Company.

CONTACT:

Wealthmark International (Holdings) Limited
2116 Hutchison House
10 Harcourt Road,
Central, Hong Kong
Phone: 27990515
Fax: 27963712


WELL SUCCESS: Winding Up Hearing Fixed August 3
-----------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Well Success Industries Limited by the High Court of Hong Kong
was on June 3, 2005 presented to the said Court by Cheng Shek
Kuen of Room 515, Block 1, Pak Tin Estate, Sham Shui Po,
Kowloon, Hong Kong.  

The said petition is to be heard before the Court at 9:30 a.m.
on August 3, 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 August 2, 2005.


WINMARK PROPERTIES: Court to Hear Petition July 13
--------------------------------------------------
Notice is hereby given that a Petition against Winmark
Properties Limited by the High Court of Hong Kong Special
Administrative Region was on the 12th day of May 2005 present to
the said Court by Leung Kin Yan Thomas who resides at 2/F., 2
Hing Hon Road, Mid-levels, Hong Kong.  

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

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

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

Y. T. CHAN & CO.
Solicitors for the Petitioner
20th Floor, Wing Lung Bank Building
45 Des Voeux Road Central
Central, Hong Kong
Tel: 2522 5157   Fax: 2810 6280
Ref: LC/-/AC/46620/2004(AC)

Note:

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


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

BANK MANDIRI: Prosecutors Grill Kiani Kertas Boss
-------------------------------------------------
The president director of PT Kiani Kertas was brought to the
Attorney General's Office for questioning on Tuesday in
connection with an ongoing probe into the controversial Bank
Mandiri, The Jakarta Post reveals.

Prosecutors questioned Parwobo Subianto, the former son-in-law
of ex-president Soeharto, over a lending scam at Bank Mandiri
that allegedly cost the state around IDR12 trillion (US$1.28
billion).

Mr. Prawobo was interrogated for the first time, after he failed
to respond to summons two weeks ago.

Mr. Prabowo heads a group of investors which in 2002 bought
Kiani Kertas, the operator of one of Indonesia's biggest pulp
mills. Prosecutors are examining circumstances surrounding some
US$200 million Kiani Kertas owes to Mandiri as part of a broader
probe into the bank's lending practices.

Mr. Prabowo's questioning would mark the latest of a high-
profile figure in connection with the Mandiri probe. Three
former top officials at Mandiri, including former president
director E. CW. Neloe, and four executives from the debtor
companies have already been named as suspects in the case and
detained by the Attorney General's Office.

CONTACT:

PT Bank Mandiri
Jl Jend Gatot Subroto Kav 36-38
Jakarta 12190
Indonesia
Phone: +62 21 5299 7777/5296 4023
Web site: http://www.bankmandiri.co.id


KERETA API: Government to Spin Off Jakarta Unit
-----------------------------------------------
The government is considering divesting a unit of state-run
train operator PT Kereta Api Indonesia (KAI), in a bid to help
revitalize the operations of the firm and enhance railway
services to the public, The Jakarta Post relates.

The government and the Jakarta administration planned to sell
off KAI's Greater Jakarta unit after deciding KAI is no longer
able to provide effective and safe services to the public
because of lack of funds.

Minister of State Enterprises Sugiharto agreed that the trains
serving the metropolis should be managed by a combination of
capable private and state operators or entirely by the private
sector.

With scarce funds and a number of reported train accidents, the
government deiced to free the country's railway system and
invite private sector into the business.

For decades, KAI has enjoyed a monopoly managing the country's
railway system and services. But widespread corruption in the
company, from management level down to the ticket collectors on
trains who pocket money from passengers, has led to chronic
inefficiencies in its operations.

CONTACT:

PT. KERETA API (Persero)
Jl. Perintis Kemerdekaan No. 1 Bandung 40117
Telephone: (022) 4241370, 4230031 ext. 13300, 13310
Fax: (022) 4241370
E-mail: info@kereta-api.com
Web site: http://www.kereta-api.com/


PERTAMINA: Fuel Shortages Spur Panic Buying
-------------------------------------------
PT Pertamina's failure secure sufficient fuel supply has prompt
Indonesians to queue for hours at gas stations across the
country, reports Associated Press.

The state oil and gas firm has been unable to secure enough fuel
stockpiles to meet soaring demand amid skyrocketing global oil
prices.

President Susilo Bambang Yudhoyono advised the people not to
panic, as the government will strive to fulfill the public's
fuel needs and find a formula to solve the "energy crisis".

Other government ministers have called for fuel reduction
measures, but it is unclear how they will be enforced.

Although Indonesia is the sole Southeast Asian member of the
Organization of Petroleum Exporting Countries, falling
investment in oil exploration and extraction in the country has
reduced output in recent years and made the country a net crude
importer for several months in 2004.  

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: Operating Costs May Climb by IDR7.5 Trillion
----------------------------------------------------------------
PT Perusahaan Listrik Negara (PLN) expects its operating
expenses to jump by IDR7.5 trillion (US$766.48 million) if the
government orders the firm to pay for 3.09 million kiloliters
(kl) of over-quota fuel based on market prices, The Jakarta Post
says.

Should this happen, PLN said it would seek loans to maintain its
cash flow position.

PLN has requested state oil and gas firm PT Pertamina to provide
the 11.44 million kl needed to generate power this year, more
than the allocated quota of 8.35 million kl. Pertamina said that
it could supply the fuel, providing that the power firm paid
based on the market price, which is about twice what PLN pays
currently at IDR2,200 per liter.

But even with the subsidized fuel, PLN will still spend IDR6.7
trillion more on fuel this year as comapred to last year.

Therefore, PLN would have to seek short-term loans to plug for
the cash-flow deficit.

Even with subsidized fuel for the rest of the year, PLN expects
to see its operating balance return to the red as the government
had decided not to raise electricity prices this year.

PLN booked another year of net losses in 2004 at IDR2.02
trillion but managed to record an operating profit of IDR.56
trillion, the first time since the Asian financial crisis in
1997 prompted a string of losses.

CONTACT:

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


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

HITACHI LIMITED: Launches Joint Product Development With Kabira
---------------------------------------------------------------
Hitachi, Ltd. (NYSE: HIT / TSE:6501) and Kabira Technologies,
Inc. announced an alliance to co-develop a Linux-based high
performance, highly reliable, transaction-processing system on
Hitachi's integrated service platform 'BladeSymphony.' Through
this collaboration, Hitachi and Kabira plan to deliver the
world's first large data set, real-time processing, mainframe
class, mission critical system on Linux.

The Hitachi and Kabira alliance builds on the escalating market
growth of network services such as mobile payment, smart card,
credit interchange and IP telephony. Increasing transaction
volumes over high-speed networks require a high-speed, highly
reliable open transaction platform. Businesses require rapid
development, deployment and provisioning of new services to win
in these new highly competitive markets.

Under the terms of the agreement, the collaboration combines
Hitachi's mission critical hardware platform expertise and
Kabira's real-time transaction software expertise. The joint
solution will be optimized for Hitachi's Itaniumr 2-based 8way
scalable blade server (BladeSymphony) supporting real-time
transaction processing and non-stop high availability built on
Red Hat Enterprise Linux 4.

Increased transaction performance is achieved with the
combination of Kabira's memory resident transaction processing
architecture and the large memory capacity (256GB/chassis) and
high-speed server blade interconnect architecture of Hitachi's
'BladeSymphony'. The joint offering supports both "scale-up"
growth for large point systems and "scale-out" growth for large
distributed systems. Hitachi's high reliability hardware is
enhanced by Kabira's High Availability Component to provide
fault tolerance and disaster recovery capability. Hitachi and
Kabira will further co-develop industry specific components for
markets demanding performance and high reliability.

About Kabira

High Volume Transaction Leadership:

Kabira offers the World's Fastest Switching Software for Real-
Time Services. Our customers require unique speed, scalability,
transactionality, high-availability and business model
flexibility for their mission-critical systems. Headquartered in
San Rafael, California, Kabira has been installed and widely
adopted by over 70 leaders in telecommunications, financial
services and government sectors in more than 30 countries.
Kabira's Model Driven Architecture combined with rigorous
development processes reduces risk, time to market and on-going
support costs by up to 80%. Global partners include Capgemini
U.S.LLC, Electronic Data Systems Corporation, Hewlett-Packard
Company, Hitachi, Ltd., Mitsui & Co., Ltd., Motorola, Inc.,
Nokia Corporation, Sun Microsystems, Inc., Unisys Corporation
and Visa International Service Association. www.kabira.com

About Hitachi, Ltd.

Hitachi, Ltd., (NYSE: HIT), headquartered in Tokyo, Japan, is a
leading global electronics company with approximately 347,000
employees worldwide. Fiscal 2004 (ended March 31, 2005)
consolidated sales totaled 9,027.0 billion yen ($84.4 billion).
The company offers a wide range of systems, products and
services in market sectors including information systems,
electronic devices, power and industrial systems, consumer
products, materials and financial services. For more information
on Hitachi, please visit the company's Website at
http://www.hitachi.com

CONTACT:

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


HONMA GOLF: SBI Provides JPY2-Bln Credit Line
---------------------------------------------
SBI Holdings Inc. has set a JPY2 billion credit line for Honma
Golf Company, Jiji Press reports.

SBI set the credit line in mid-May through a subsidiary before
Honma Golf filed for protection from creditors under the Civil
Rehabilitation Law with Tokyo District Court on June 20.

But SBI said it has not decided yet whether to sponsor Honma
Golf's rehabilitation process.

The golf equipment maker went bankrupt leaving liabilities of
JPY30,572 million yen. It will be delisted from the Jasdaq
Securities exchange on July 21.

CONTACT:

Honma Golf Co., Ltd.
35-10 Kaminoge 4-Chome
Setagaya-Ku 158-8551, Tokyo 158-8551
Japan
Phone: +81 3 5707 8000
Fax: +81 3 5707 7072


MITSUBISHI FUSO: Provides U.S. Trucks
-------------------------------------
DaimlerChrysler AG announced that the first commercial vehicle
resulting from its new optimization program "Global Excellence"
will be introduced by mid-year 2006.

Sterling, a unit of DaimlerChrysler's Freightliner LLC North
American truck unit, will expand its product line-up with the
introduction of a low cab-over-engine truck developed in
partnership with DaimlerChrysler's Japanese truck unit,
Mitsubishi Fuso.

The new light-duty truck is based upon a recently introduced
Mitsubishi Fuso Canter platform and opens up a new market
segment for Sterling.

Andreas Renschler, the DaimlerChrysler Board of Management
member responsible for the Commercial Vehicles Division said:
"This new product extension is tangible evidence of our ability
to leverage our global span by bringing exciting, new products
to markets with modest developmental investments. This forms the
basis of our commitment to develop our product strategy on a
global basis going forward."

The new low cab-over-engine truck will be available through
select Sterling dealerships across North America by mid-2006. It
will appeal strongly to traditional Sterling customers in retail
and wholesale distribution, and urban vocational markets,
complementing the successful Acterra, Condor, and L- and A-Line
models already offered. Further development of mid-range
offerings is also planned for subsequent introductions.

"Adding a truck that covers classes 3, 4, and 5 to the Sterling
line-up is a logical next step in the growth of our business
because it enables us to be a full-line provider of professional
work trucks," said John Merrifield, Senior Vice President of
Sales and Marketing for Sterling Truck Corporation. "Mitsubishi
Fuso is a well-respected company with a great reputation for
producing outstanding vehicles, and we look forward to working
together. The technology used in these vehicles is acknowledged
to be world class, in keeping with the Sterling brand's
reputation, and is already familiar to the North American
marketplace."

"The cooperation with Sterling is a true win-win situation. We
are very pleased to join forces to seize this new business
opportunity while we continue to pursue our successful
operations in North America under the Mitsubishi Fuso brand and
its network," added Bert van Dijk, Mitsubishi Fuso Senior Vice
President of International Sales and Service. "In addition, the
dealer networks will complement each other geographically."

Founded in 1997, Sterling already is well-positioned in the
medium- and heavy-duty markets with a wide array of vocational
applications from on-highway LTL and regional haul to
construction and refuse. Sterling's hard-working trucks are
distinguished by outstanding dependability, performance and
customization.

In North America, Mitsubishi Fuso is one of the leaders in the
competitive cab-over-engine market and well known as one of
premium brands. Mitsubishi Fuso Truck of America (MFTA), Inc.,
was founded in 1985 in New Jersey and markets a complete line of
class 3 to 7, diesel-powered, cab-over trucks including crew-cab
and 4x4 models through more than 170 dealer locations throughout
the U.S. and Canada. MFTA has delivered over 80,000 Mitsubishi
Fuso trucks, fulfilling the transportation needs of a wide
variety of businesses and industries.

Sterling Truck Corp. is a division of Freightliner LLC, a
DaimlerChrysler company in the Commercial Vehicles Division.
Mitsubishi Fuso is a fully consolidated subsidiary of
DaimlerChrysler AG, which owns 85 % of Mitsubishi Fuso shares.

CONTACT:

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

This is a press release.


MITSUBISHI MOTORS: Names Dave McKenzie New Product Support VP
-------------------------------------------------------------
Mr. Rich Gilligan, President & CEO of Mitsubishi Motors North
America, Inc. (MMNA), today announced the hiring of Dave
McKenzie as Vice President of Service and Product Support,
effective July 25.

McKenzie, served in a variety of management positions with
Mitsubishi Motors from 1982 to 2001, including Vice President,
Product Support; Vice President, Product Engineering and Quality
Assurance; Vice President, Service and Engineering; and Vice
President, Service and Customer Management. Most recently, Dave
worked for American Suzuki Motor Corporation in its Southern
Region.

"I'm confident Dave will make an immediate impact on the
continued revitalization of our brand," said Gilligan. "He is
familiar with our employees, dealers, and procedures, and is
well aware of the challenges we face."

Mr. McKenzie replaces Mr. Chuck Halper, who left the company
last week.

Mitsubishi Motors North America, Inc., (MMNA) is responsible for
all manufacturing, finance, sales, marketing, research and
development operations of Mitsubishi Motors Corporation in the
United States and Canada. Mitsubishi Motors sells coupes,
convertibles, sedans and sport utility vehicles through a
network of approximately 625 dealers. For more information,
contact the Mitsubishi Motors News Bureau at (888) 560-6672 or
visit http://media.mitsubishicars.com.

CONTACT:

Mitsubishi Motors North America, Inc.
6400 Katella Ave.
Cypress, CA 90630-0064
Phone: 714-372-6000
Fax: 714-373-1020
Web site: http://www.mitsucars.com


MITSUBISHI MOTORS: Europe Launches Concept-Sportback Models
-----------------------------------------------------------
Mitsubishi Motors Corporation and its European unit Mitsubishi
Motors Europe B.V. will be exhibiting a number of exciting
concept and production models at the 61st Internationale
Automobil Ausstellung (IAA; commonly known as the Frankfurt
Motor Show) in Frankfurt in September.

Exhibit highlights will include the world premiere of the
MITSUBISHI Concept-Sportback, a next-generation sports hatchback
concept. Also on display on the Mitsubishi Motors stand will be
the European version of the Lancer Evolution IX high-performance
4WD sports sedan that has its European launch in the fourth
quarter of this year, and the Pajero Evolution model that took
part in the 2005 Dakar Rally.

Held at the Frankfurt Messe Complex, the 2005 Frankfurt Motor
Show will be open to the public from September 15 through 25,
with press and media pre-viewing on September 12 to 14.
Mitsubishi Motors will hold its press briefing at its stand at
3:30 p.m. on Monday September 12.

MITSUBISHI Concept-Sportback is a concept for the 5-door sports
hatchback class that is becoming highly popular in Europe. This
concept previews a brand new Mitsubishi Motors C-segment
platform. The direction Mitsubishi Motors' design is set to take
for the near future is readily apparent in the concept's
exterior. Distinguishing features include sporty lines that
embody Mitsubishi Motors' sporty DNA, a front visage that gives
prominence to the 3-diamond logo, and body proportions that give
full expression to the vehicle concept.

Also taking a prominent place on the display stand will be the
Lancer Evolution IX that is due to appear in European showrooms
during the fourth quarter of this year. The European version of
the model that went on sale in Japan in March this year, Lancer
Evolution IX is a high-performance 4WD sports sedan that
features the critically acclaimed 2-liter MIVEC*1 engine with
turbocharger/intercooler and Mitsubishi's ACD*2+Super
AYC*3+Sports ABS*4 electronically controlled all-wheel control
system.

Sales of Mitsubishi brand cars on the European market for the
January-June period showed a robust year-on-year increase of
22%, standing at 137,088 units. Notable performers include
Russia (+103% at 24,726 units), supported by the success of the
4-door Lancer that took segment honors in the Russian Car of the
Year. Second was Germany (23,363 sales, or 43% increase compared
to the previous year), boosted by the launch of the Colt CZ3 and
Colt CZT 3-door compact models during the period. Third largest
European market for Mitsubishi Motors was the United Kingdom
(21,618 units or + 18%), with L200 remaining market leader.

Mitsubishi Motors will be continuing its fiscal 2005 model drive
with the introduction of a diesel-powered Grandis and a new Colt
coupe-cabriolet.

*1: Mitsubishi Innovative Valve timing Electronic Control system

*2: ACD (Active Center Differential)

The ACD incorporates an electronically controlled hydraulic
multi-plate clutch. An ECU optimizes clutch cover clamp load for
different driving conditions, regulating the differential
limiting action between free and locked states. The result is
improved steering response together with better traction. ACD
provides three modes - Tarmac / Gravel / Snow - to enable
quicker control response for changes in road surface. A single
ECU provides integrated management of both ACD and Super AYC
components.

*3: Super AYC (Active Yaw Control)

Mitsubishi's Active Yaw Control system uses a torque-transfer
mechanism in the rear differential. Under ECU control, the
system operates to raise cornering performance by transferring
torque between the rear wheels as dictated by driving conditions
and so control the yaw moment acting on the car body. In an
evolutionary step, switching from the use of a bevel to a
planetary gear differential gave Super AYC the ability to
transfer almost twice the torque between the rear wheels. As
well as reducing understeer further, it delivers LSD-level
traction. The use of a single ECU to integrally manage Super AYC
with the ACD results in a synergism that makes both components
operate more effectively than if they were under independent
control.

*4: Sports ABS braking

The system ECU uses information from a steering angle sensor
that detects steering inputs as well as from lateral G and
vehicle speed sensors to apportion pressure to each of the four
wheels independently. The result is improved steering response
under braking. Mitsubishi's Electronic Brake Force Distribution
(EBD) system, integral with Sports ABS, optimizes allocation of
braking force between the front and rear wheels. Increasing the
pressure applied to the rear wheels when braking close to the
limit, EBD reduces the load on the front wheels to realize
better anti-fade performance. The system also compensates for
changes in surface and vehicle load conditions to ensure
predictable and consistent stopping performance at all times.

CONTACT:

Mitsubishi Motors Corporation
2-16-4 Konan, Minato-ku
Tokyo, 108-8410, Japan
Phone: +81-3-6719-2111
Fax: +81-3-6719-0014
Web site: http://www.mitsubishi-motors.co.jp


UFJ HOLDINGS: U.S. Unit Faces Liquidation
-----------------------------------------
UFJ Holdings, Inc. hereby gives notice that UFJ Bank Limited has
decided to liquidate UFJ Futures, L.L.C., a consolidated
subsidiary of UFJ Bank.

1. Outline of UFJ Futures, L.L.C.

Address: 141 West Jackson Boulevard, Suite 1755 Chicago,
Illinois 60604, USA

President: Masayuki Takaura

Capital: US$18 million

Business: Financial futures agency business

2. Reason for Liquidation

In pursuit of reduced costs and enhanced efficiency, UFJ Bank
has decided to outsource the financial futures agency business
that has been conducted by UFJ Futures, L.L.C. As a consequence,
it has been decided to liquidate UFJ Futures, L.L.C.

3. Timing of Liquidation

Liquidation is expected completed by December 2006.

4. Impact on Earnings of UFJ

There is no change to the current forecasts of UFJ's
consolidated and non-consolidated financial results, as
announced on May 25, 2005, for the interim period ending
September 30, 2005.

CONTACT:

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


UFJ HOLDINGS: Updates Conversion of Preferred Shares
----------------------------------------------------
UFJ Holdings, Inc. hereby gives notice that the price for the
mandatory conversion of the Class I Preferred Share of UFJ has
been determined as follows in accordance with the stipulations
for the mandatory conversion of the said preferred share.

The preferred shares, which are not claimed for conversion by
July 31, 2005 are scheduled to be converted to common shares.

Dividing JPY3,000,000 shall calculate the number of common
shares issued in exchange for the preferred shares by the
conversion price mentioned below.

Description:

1. Price for mandatory conversion: Yen 750,000
2. Date applicable: August 1, 2005

(For reference)

Class I Preferred Shares:

(Number of preferred shares outstanding) 1,817 shares as of July
7, 2005

(Issuance) When UFJ Holdings, Inc. was established through a
stock transfer, one Class I Preferred Share was issued in
exchange for 1,000 of the preferred share described below:

First Preference Share of The Sanwa Bank, Limited (current UFJ
Bank Limited) (Issued on March 17, 1998; issue price of Yen
3,000; 50,000 thousand shares issued)


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

HYNIX SEMICONDUCTOR: Shares Jump 7% on Workout Hopes
----------------------------------------------------
Shares in Hynix Semiconductor Inc. rose more than 7 percent
Friday amid growing hopes for a termination of the firm's debt-
restructuring program, Reuters reports.

Earlier reports revealed Hynix was expected to end a creditor-
led debt workout scheme as early as next week.

The reports came after Hynix secured US$1.3 billion in
syndicated loans and US$500 million in overseas borrowings, as
part of a plan to terminate the debt workout.

Hynix creditors are reportedly thinking of terminating to the
chipmaker's debt workout due to its good performance in the last
two years.

CONTACT:

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


HYUNJU COMPUTER: Gets Court Approval to Enter Receivership
----------------------------------------------------------
Embattled South Korean personal computer producer Hyunju
Computer Co. said Wednesday its request to be placed under court
receivership has been approved, says Yonhap News.

The approval came nearly three months after the company filed
its application for court supervision with the Suwon District
Court.

The company went bankrupt in April due to an invasion of
overseas computers with better prices.

Hyunju Computer is a personal computer (PC) manufacturer
headquartered in Seoul, Korea. The Company primarily
manufactures: desktop PCs, under the model names of MINI,
WINTOP, E4, EVE2, TOP, S11 and S14, and notebook PCs, such as
HJC 650 and HJC 660, as well as thin-film transistor liquid
crystal display monitors. In addition, the Company has built an
Internet shopping mall, Hyunju Plaza, and has a subsidiary, Hook
Computer.

CONTACT:

Hyunju Computer Co., Ltd.
66-1 SangDaeWon-Dong
Sungnam, Kyunggi  
152-053  South Korea
Phone: (02) 210-61000


SSANGYONG MOTOR: Shanghai Automotive Takes Additional Stake
-----------------------------------------------------------
Shanghai Automotive Industry Co. (SAIC) said Friday it has taken
over an additional 0.87 percent stake in South Korean automaker
Ssangyong Motor Co., according to Asia Pulse.

The Chinese carmaker purchased the stake in mid-June. The
additional stake hiked Shanghai Auto's stake in Ssangyong to
50.91 percent from 50.04 percent.

Shanghai Automotive has increased its stake in Ssangyong since
it completed the acquisition of a 48.92-percent stake in
Ssangyong Motor in January.

CONTACT:

Ssangyong Motor Company Limited
150-3 ChilgoE-dong
Pyeongtaek-si, Kyonggi 459-711
South Korea
Phone: +82 31 610 1114
Fax:   +82 31 610 3739


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

AKTIF LIFESTYLE: Unveils New Board Composition
----------------------------------------------
The Board of Directors of Aktif Lifestyle Corporation Berhad
(Aktif) advised Bursa Malaysia Securities Berhad that Encik
Faris Bin Abdullah @ Patrick Chen Yee Ching has been
redesignated as an Independent Non-Executive Director of the
Company with effect from June 30, 2005.

The composition of the Board of Directors of Aktif shall now
comprise of the following:

(1) Sharifah Noor Binti Syed Abdul Rahman Al-Attas

- Chairman, Independent Non-Executive Director

(2) Chan Teik Huat

- Executive Director

(3) Dato' Haji Man Bin Haji Mat

- Independent Non-Executive Director

(4) Faris Bin Abdullah @ Patrick Chen Yee Ching

- Independent Non-Executive Director

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


CYGAL BERHAD: Names Replacement for Independent Advisor
-------------------------------------------------------
Cygal Berhad advised Bursa Malaysia Securities Berhad that
Alliance Merchant Bank Berhad has been appointed to replace RHB
Sakura Merchant Bankers Berhad as the independent advisor of the
Company in relation to the restructuring plan as a proposed
funding arrangement with the latter may affect the independence
in their advisory role.

Other than as mentioned above and as previously announced, there
has been no further development on the status of its
restructuring plan.


JIN LIN: Proposed Restructuring Still Under Evaluation
------------------------------------------------------
In compliance with PN4 paragraph 4.1 (b) of the Bursa Securities
Listing Requirements which requires an affected listed issuer to
announce the status of its plan to regularize its financial
condition on a monthly basis until further notice from Bursa
Securities, Jin Lin Wood Industries Berhad (JLWIB) informed
Bursa Malaysia Securities Berhad that the Proposed Restructuring
Scheme of JLWIB submitted to the Securities Commission (SC) is
still in the process of being evaluated by SC.

This announcement is dated 1 July 2005.

CONTACT:

Jin Lin Wood Industries Bhd.
Phone: 60 3 2710 5555
Fax: 60 3 2710 3108
E-mail: jlwood@po.jaring.my


KUB MALAYSIA: Telekom Malaysia Awards Supply Contracts
------------------------------------------------------
KUB Malaysia Berhad (KUB) informed Bursa Malaysia Securities
Berhad that KUB-Fujitsu Telecommunications (Malaysia) Sdn Bhd
(KUB-Fujitsu), the company's 70 percent owned joint venture
subsidiary had on even date accepted the following Awards from
Telekom Malaysia Berhad:

(1) Award for the supply of Remote Digital Subscriber Line
Access Multiplexer (RDSLAM) System and the provision of
installation works for contract sum of MYR22,248,190.33  
(Contract No.: K 1230846/05) (the Award 1); and

(2) Award for the supply of spare parts and after sales services
for microwave transmission system for contract sum of
MYR4,579,859.00 (Agreement No.: K 1260827/05) (the Award 2).

None of the directors and substantial shareholders of the
Company and KUB-Fujitsu have any interest, whether direct or
indirect, in the aforesaid Awards.

In so far as the directors and substantial shareholders are able
to ascertain and are aware of, no person connected with them has
any interest, direct or indirect in the aforesaid Awards.

CONTACT:

KUB Malaysia Berhad
Level 20, KUB.Com,
Jalan Yap Kwan Seng, 50450,
Kuala Lumpur, Malaysia
Web site: http://www.kub.com.my/home.html


LITYAN HOLDINGS: Works on Regularization Plan
---------------------------------------------
In compliance with Paragraph 3.1(b) of PN17/2005, Lityan
Holdings Berhad (Company) advised Bursa Malaysia Securities
Berhad that since the last announcement on June 1, 2005, the
Company's Board of Directors is still in the midst of working
out the Regularization Plan.

CONTACT:

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


MENTIGA CORPORATION: Awaits SC Approval on Revised Proposal
-----------------------------------------------------------
Further to the status report made on June 1, 2005, Mentiga Corp.
Berhad informed Bursa Malaysia Securities Berhad that the
Company is still awaiting for the Securities Commission (SC)
approval on the revised proposals which were submitted by
Commerce International Merchant Bankers (CIMB), on behalf of the
Company on March 15, 2005.

CONTACT:

Mentiga Corporation Berhad
Peramu Jaya 26607 Pekan,
Pahang Darul Makmur 50400
Malaysia
Telephone: +60 443 9411 / +60 443 1233


MYCOM BERHAD: Status of Restructuring Unchanged
-----------------------------------------------
The Board of Directors of Mycom Berhad (Mycom) informed Bursa
Malaysia Securities Berhad that there is no change in the status
of implementation of the Proposed Restructuring Scheme of Mycom
since the last announcements made on June 1, 2005 and June 30,
2005.

This announcement is dated 1 July 2005.

CONTACT:

Mycom Berhad
No 8 Jalan Raja Chulan
Kuala Lumpur, 50200
Malaysia
Telephone: +60 3 2072 3993 / +60 3 2072 3996


POHMAY HOLDINGS: Condition Still Not Regularized
------------------------------------------------
In compliance with Paragraph 1.3(b) of PN17/2005, Pohmay
Holdings Berhad issued to Bursa Malaysia Securities Berhad the
following development since the last announcement on June 1,
2005 relating to the Company's plan to regularize its condition.

The Board of Directors of the Company is still in the process of
outlining the Regularization Plan and will be made available to
Bursa Malaysia Securities Berhad once completed.

This announcement dated 1 July 2005.


POHMAY HOLDINGS: In Talks with Lenders to Restructure Loans
-----------------------------------------------------------
In relation to the status of default in payment pursuant to
PN1/2001, the Board of Directors of Pohmay 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 the last announcement on
June 2, 2005.

In compliance with Paragraph 3.2 of PN1/2001, the Company
announced that the Company is in the process of negotiation with
its lenders to restructure the Group's loans and is actively
working on various schemes to alleviate the Group from its
current financial predicament.

The Board of Directors of the Company will make available to
Bursa Malaysia Securities Berhad its plan to regularize once
completed.

This announcement is dated 1 July 2005.


OLYMPIA INDUSTRIES: Restructuring Proposal Unchanged
----------------------------------------------------
The Board of Directors of Olympia Industries Berhad issued to
Bursa Malaysia Securities Berhad an announcement that,
subsequent to the announcements made on June 1, 2005, June 16,
2005 and June 30, 2005, there is no change in the status of
implementation to the Proposed Restructuring Scheme of the
Company.

This announcement is dated 1 July 2005.

CONTACT:

Olympia Industries Bhd.
Malaysia
Phone: 60 3 2070 0033
Fax: 60 3 2070 0011
E-mail: olympia@oib.com.my


PICA (M) CORPORATION: Bourse Delists Securities' Listing
--------------------------------------------------------
The Board of Directors of Pica (M) Corporation Berhad made the
following announcement to Bursa Malaysia Securities Berhad for
public release:

The Company informed the bourse that it has been notified by
Bursa Malaysia Berhad via its letter dated July 1, 2005, Bursa
Securities Malaysia Berhad (Bursa Securities) in the exercise of
its powers under Paragraph 16.17 of Bursa Securities Listing
Requirements has decided to de-list the securities of the
Company from the Official List of Bursa Securities with effect
from 9:00 a.m., Friday, July 15, 2005.

CONTACT:

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


TELEKOM MALAYSIA: Bourse Grants Listing of New Shares
-----------------------------------------------------
Telekom Malaysia Berhad advised that its additional 146,000 new
ordinary shares of RM1.00 each issued pursuant the Employees'
Share Option Scheme will be granted listing and quotation by
Bursa Malaysia Securities Berhad with effect from 9:00 a.m.,
Wednesday, July 6, 2005.

CONTACT:

Telekom Malaysia Berhad
Level 51, North Wing,
Menara Telekom,
Off Jalan Pantai Baharu
50672 Kuala Lumpur, Malaysia  
Phone: +60-3-2240-9494
Fax: +60-3-2283-2415


UNITED CHEMICAL: Extends Completion Date of Agreement
-----------------------------------------------------
Alliance Merchant Bank Berhad, on behalf of the Board of
Directors of United Chemical Industries Berhad (UCI) informed
Bursa Malaysia Securities Berhad that UCI, Perbadanan Kemajuan
Negeri Perak and Majuperak Holdings Bhd (formerly known as
Majuperak Holdings Sdn Bhd and Aspirasi Ekuiti Sdn Bhd) had, on
June 30, 2005, agreed to extend the completion date of the
Corporate Restructuring Agreement to December 31, 2005.

This announcement is dated July 1, 2005.

CONTACT:

United Chemical Industries Bhd
Malaysia
Phone: 60 3 4043 9411
Fax: 60 3 4043 1233
Web site: http://www.uci.com.my


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

GLOBAL STEELWORKS: Defends Quality of Products in Iligan
--------------------------------------------------------
Global Steelworks International Inc. (GSII), the new owner of
National Steel Corporation, has denied allegations by the
Filipino Galvanizers Institutes (FGI) that it produced poor
quality steel, according to The Manila Bulletin.

GSII President and CEO Sushant Das dismissed the accusations as
deliberate attempts to tarnish the firm's image in the domestic
markets.

Mr. Das said, the facts are that apart from having a state-of-
the-art steel plant at Iligan, GSII has put in place world-class
quality assurance practices which make our products and services
internationally competitive against top-of-the-league foreign
steel producers like Bao Steel, Posco, Blue Scope, and others.
Over 40,000 metric tons of steel has been exported by our
dedicated and highly trained Filipino team working at GSIIs
Iligan plant.

"We are proud that the product of the work is so highly admired
in the discerning markets of China, Vietnam, Indonesia, and
Pakistan. While our steel goes to the world's most demanding
markets and customers, its quality is also admired by many large
domestic galvanizers such as Galvaphil, Sonic, Tower, Sugar
Steel, Phil Steel and other fabricators. It seems that it is
only unacceptable to the president of the FGI and his close
associates," Mr. Das asserted.

CONTACT:

Global Steelworks International (SPV-AMC), Inc.
Suarez, 9200 Iligan City
Philippines
Telephone: 063-221-2663
Fax: 063-492-2566


LEPANTO CONSOLIDATED: Says Labor Row Resolved
---------------------------------------------
Beleaguered Lepanto Consolidated Mining Corp. claimed last week
that the labor dispute at its mine site has already been settled
with the intervention of the Department of Labor and Employment
(DOLW) which granted a wage hike to workers, The Philippine Star
says.

However, the mining firm admitted the Lepanto Employees' Union
still insist that the Company reinstate dismissed workers, who
participate in the month-long illegal strike.

Despite the increasing number of workers returning to work,
Lepanto said it is continuing to look at the option of hiring
new employees.

The company's workers went on strike last May due to a deadlock
in negotiations for pay increases. They specifically asked for a
P27 salary increase for the first year, P27 for the second year
and P40 for the third year, and other benefits such as the
supply of liquefied petroleum gas and two sacks of rice every
year.

Just last month, Zijin Mining Group Co. Ltd., the largest gold
producer in China, expressed interest in investing in Lepanto.
Zijin is listed at the Hong Kong Stock Exchange.

The company incurred a net loss of P43.05 million in the first
quarter this year, largely due to lower sales and increasing
finance cost. This was a reversal from the P57.21 million profit
reported in the same period a year ago.

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


MAYNILAD WATER: Rehab Plan Gets Nod from Monetary Board
-------------------------------------------------------
The central bank's Monetary Board has finally given Maynilad
Water Services Inc. the green light to implement its
rehabilitation program, reports The Philippine Daily Inquirer.

Maynilad's rehabilitation receiver Rosario Bernaldo said the
Monetary Board Approval is a pre-requisite to submission of
Maynilad's corporate restructuring program to the Securities and
Exchange Commission.

Mr. Bernaldo also said the approval would mean payment of a
total of $32 million to foreign and local creditor banks and
regulator Metropolitan Waterworks and Sewerage System (MWSS) by
July 15.

Bernaldo said a petition for preliminary injunction filed with
the Supreme Court by the civic groups would not stop
implementation of Maynilad's rehabilitation program.

According to the revised plan approved by Branch 90 of the
Quezon City Regional Trial Court, Benpres, Maynilad's holding
company, will formally exit and divest all its shares in
Maynilad, valued at US$22.7 million. Shares held by Benpres'
French partner Ondeo Philippines (formerly known as Suez
Lyonnais des Eaux) would be reduced to 13 percent.

Bernaldo said about 84 percent of Maynilad shares would be up
for subscription by the MWSS, which favors a debt-to-equity
conversion as against cash payment.

Maynilad suffered financial difficulties due to its heavy debt
burden and operational woes. It owes Php8 billion to MWSS. The
other creditors, with a total of P10 billion in exposure,
include Credit Agricole, Indosuez Merchant Bank Asia Ltd.,
Citibank NA, Barclays Bank PLC, BNP Paribas, Equitable PCI Bank,
Rizal Commercial Banking Corp., and state-owned Development Bank
of the Philippines.

CONTACT:

Maynilad Water Services Inc.
G/F MWSI Building, Katipunan Road
MWSS Compound, Balara
Quezon City
Philippines


NATIONAL BANK: Tycoon May Regain Full Control
---------------------------------------------
Filipino tycoon Lucio Tan is likely to regain majority control
of Philippine National Bank (PNB) if the bidding for two-thirds
of the bank's stake proceeds next month, according to The
Philippine Daily Inquirer.

Mr. Tan, who currently owns 45 percent of PNB, was believed to
have an edge over possible bidders who have yet to conduct due
diligence on the bank. The government owns the other 45 percent
and the rest belong to the public.

Analysts also believe the PNB stake sale may not attract
possible bidders due to the unstable political environment in
the country.

In line with an agreement executed in 2002 to rehabilitate the
bank, the government and Mr. Tan agreed to jointly sell at least
67 percent of the bank. The government has set the floor price
at 43 pesos per share.

The government had set a July 1 deadline for pre-qualification
of bidders, after which due-diligence audits would begin. No
list of bidders has been released so far.

Analysts have long conjectured that Mr. Tan will end up bidding
to acquire the government's shares, even before he expressed his
interest in exercising his right of first refusal accorded to
him under the joint sale agreement with the government.

By exercising his right of first refusal, Mr. Tan has the right
to match the highest bid from other bidders.

James Lago, research head at Westlink Global Equities, believes
Tan will "fight" for control of PNB after having spent "so much
time and resources to rehabilitate the bank."

He said that the bank was turning around from a string of losses
in past years and that this could draw interest from other
investors.

CONTACT:

Philippine National Bank
Pres Diosdado P Macapagal Boulevard
PNB Financial Center
Pasay 1300
Philippines
Phone: +63 2 891 6040
Fax: +63 2 551 5187
Web site: http://www.pnb.com.ph


NATIONAL FOOD: Keen on Debt Restructure
---------------------------------------
The National Food Authority (NFA) is planning to undergo a debt
workout scheme, which may include a reduction it its huge
subsidy and retirement offers to 500 personnel, The Manila
Bulletin reports.

NFA Administrator Gregorio Y. Tan Jr. said the NFA undertaking a
rationalization under Executive Order 366 while a restructuring
is still being subjected to a comprehensive review.

NFA has been incurring an annual debt of about Php6-Php7 billion
because the national government has failed to release a budget
for the subsidy that it should allocate for NFA's rice
procurement and rice distribution program. This prompted NFA to
obtain commercial debts worth Php33-Php34 billion.

Meanwhile, the government has allocated a budget for the early
retirement for about 500 personnel out of its present 5,600
people which should make NFA's operations lean, efficient, and
more focused on its core functions-food security, buffer
stocking, and price stabilization.

NFA's restructuring also originally involved the private
sector's take-over of NFA's proprietary functions, which
includes rice importation and rice trading. However, Mr. Tan
said the private sector's hand over these functions needs an
amendment of Presidential Decree 4 which created NFA.

Besides, he said most farmers' groups have taken the position
that the function of importing the country's rice production
shortfall should continue with the NFA along with its function
to distribute the staple in far-flung islands, such as in
Batanes where the private sector would not want to operate.

Over the last three years, NFA has been allowing the private
sector including farmers to import rice, but this program has
apparently failed when prices rose to about US$280 to US$290 per
metric ton this year from about US$190 to US$200 per MT two
years ago.

CONTACT:

National Food Authority
101 E. Rodriguez Sr. Ave.,
Quezon City, 1100
Philippines
Web site: http://www.nfa.gov.ph/


NATIONAL POWER: Urged to Settle Php113-Mln Tax Obligations
----------------------------------------------------------
The Benguet Provincial Board (PB) is again pressing the National
Power Corporation (Napocor) to pay the Php59 million real
property tax due the province, according to SunStar Daily.

Benguet claimed Napocor owes the local government
Php59,965,197.60, including interests and surcharges, derived
from the operations of the Binga Hydro Power Plant in Itogon,
one of Napocor's real properties.

The amount due is an accumulated obligation, which has not been
paid by Napocor from 1994 to present.

The PB admitted it is forcing Napocor to pay its financial
obligations to warn potential buyers of the Binga facility that
the power company has liabilities to the Provincial Government.
The debts, if still unpaid, would be eventually shouldered by
whoever wins the bid.

The Provincial Government warned it could resort to selling
Binga should Napocor still refuses to settle its real property
tax delinquency.

The PB earlier asked the government to donate the power plant to
the province but the body has yet to receive any response to
said request.

CONTACT:

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


NATIONAL TRANSMISSION: Net Income Dips in 2004
----------------------------------------------
The National Transmission Corp. (Transco) saw its net income dip
2.1 percent to Php15.701 billion in 2004, but 11.5 percent
higher than its target, BusinessWorld reports.

Transco blames the profit decline to the overall weak economy
affecting all industries.  

The figures were calculated based on the Electric Power Industry
Reform Act's (EPIRA) mandate that Transco be debt-free to
attract private fund managers to invest in the state's
transmission assets.

Last year Transco completed 19 transmission and reliability
projects including the construction of 370 circuit kilometers of
transmission lines and 285 megavolt-amperes of substation
capacity nationwide.

These projects allowed the company to increase delivery of power
by 2.26 percent to 102,107 mega-watt-month from 2003 figures.
Megawatt-month is the sum of monthly billing demand in mega-
watts.

Projects in 2004 include the stage 2 of the Leyte-Bohol
Interconnection Project which provided additional 60-megawatts
to Bohol while further optimizing the energy produced by several
geothermal plants in Leyte.

The company was also able to start construction works in the
Cebu-Mactan, Leyte-Cebu, Panay-Boracay interconnection projects,
seen to solve power issues in the region in the medium term.

As mandated by the EPIRA, the firm also started to sell
subtransmission assets. It had inked deals with nine
distribution firms worth Php251.5 million.

CONTACT:

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


PHILIPPINE AIRLINES: Seeks Another Fuel Surcharge Hike
------------------------------------------------------
The Civil Aeronautics Board (CAB) has received another request
for fuel surcharge hike by the Philippine Airlines (PAL),
according to BusinessWorld.

The national flag carrier applied for a fuel surcharge increase
to US$37 from US$22 for international passengers, its second in
two months.

PAL also petitioned for an increase in cargo rates to US$0.45
per kilo from US$0.35 per kilo. It said it wants to cover
unabated surge in cost of fuel in the world market that reached
a July average of US$52.88 per barrel from a June average of
$51.08.

CAB is scheduled to conduct public hearing on PAL's application
for fuel surcharge on July 19.

If the application were approved, the fuel surcharge would apply
on PAL flights to US and Canada, specifically on routes to
Vancouver, San Francisco, Los Angeles, Las Vegas, Honolulu, and
Guam. PAL's other international routes to Japan, South Korea,
China, Hong Kong, Macau, Middle East, Asia and Australia were
not covered by the application.

In May, CAB allowed PAL to collect an additional US$8 in fuel
surcharge in one-way fares to the US, Canada and Australia. The
airline also received the go-ahead to add US$3 in one-way fares
to the Middle East and other destinations.

CONTACT:

Philippine Airlines
Mabuhay Miles Service Center
Ground Floor, Philippine Airlines Center
Legazpi Street, Legaspi Village
Makati City 0750, Philippines
Phone : Manila (632) 817-8000
       USA/CANADA 1-800-747-1959
Fax : (632) 818-4921 ; 893-6884
E-mail : mabuhaymiles@pal.com.ph
Web site: www.philippineairlines.com


PLATINUM PLANS: Files for Court Rehabilitation
----------------------------------------------
The Makati Regional Trial Court on Thursday has directed the
suspension of payments to Platinum Plans Inc. planholders and
creditors, The Philippine Daily Inquirer reports.

The local court issued the order after the pre-need firm applied
for court protection early last week.

The Salas-controlled firm has its license to sell fixed-value
and open-ended education plans suspended this year after it ran
into liquidity issues and reported a trust fund deficit of more
than Php100 million.

In its petition, Platinum asked the court to suspend all claims
that would be filed against it and its guarantors. It said it
could settle only up to Php75 million of its maturing
obligations to plan holders. It has also asked the court to
appoint a rehabilitation receiver.

Under its proposed eight-year revival plan, Platinum will not
sell, transfer or dispose in any way any of its properties
except as requested or incurred in the course of its business.
It will also ask the court to allow it to sell assets to raise
enough funds to settle maturing obligations.

Platinum said that while it has more than enough assets to cover
all liabilities, it might not be able to pay for plans as they
mature.

Like other pre-need firms that sold open-ended plans, Platinum
was adversely affected by spiraling tuition rates.

Platinum is the second pre-need firm to ask for court protection
this year. In April, Pacific Plans Inc. of the Yuchengco group
filed for rehabilitation with the Makati court.

CONTACT:

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


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

AIROCEAN GROUP: Shanghai Administration OKs License
---------------------------------------------------
Further to the announcement made on February 3, 2005, Airocean
Group Limited informed the Singapore Stock Exchange (SGX) that
the Shanghai Administration of Industry & Commerce (SAIC) Pudong
New District Branch has granted a business license to register
(UBI-Endlos China Co Ltd.) as a foreign joint venture
enterprise.

Winston Seow Han Chiang
Joint Company Secretary
7 July 2005

CONTACT:

Airocean Group Limited
80 Robinson Road #08-01/02
Singapore 068898
Telephone: 65 62255111
Fax: 65 62243594
Web site: http://www.airocean.com.sg


CHINA AVIATION (S): Chief Seeks Clarification of Charges
--------------------------------------------------------
Suspended chief of China Aviation Oil (S) Corp. Ltd. (CAO)
appeared in court ahead of trial schedule in order to clarify
the charges he is facing, reports Associated Press.

Mr. Chen Jiulin's counsel, Michael Huang said they want
clarification of the charge made against his client.  Mr. Huang
said there were ambiguities in all 15 charges, however he did
not specify what they were. The former chief's charges include
insider trading and making false statements.  

Mr. Huang also said he would press for the release of documents
pertinent to the case's defense, after earlier attempts to do so
at the first pre-trial conference last month were unsuccessful.

The counsel is seeking to get hold of a copy of the full report
by PricewaterhouseCoopers which showed glaring failures in
corporate governance that allowed CAO managers to hide losses
from the board, audit committee and shareholders.

The CAO scandal was considered the second biggest to hit
Singapore since the collapse of Barings in 1995.  But unlike
Barings, CAO received a lifeline after creditors voted in favor
of a restructuring plan.

CONTACT:

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


DKK (S) Pte: Paid Dividend July 2
---------------------------------
DKK (S) Pte Ltd. formerly of 371 Beach Road #13-05 Keypoint,
Singapore 199597 posted a notice of dividend at the Government
Gazette, Electronic Edition with the following details:

Court: Supreme Court, Singapore

Number of Matter: Companies Winding Up No. 290 of 2000

Amount Per Centum: 0.53%

First and Final or otherwise: First & Final Dividend

When Payable: 2nd July 2005

Where Payable: The Official Receiver
The URA Centre (East Wing)
45 Maxwell Road #06-11
Singapore 069118

Dated: 8th July 2005

Moey Weng Foo
Assistant Official Receiver


ID CONNECT.COM: Court to Hear Petition July 29
----------------------------------------------
Notice is hereby given that a petition for the winding up of ID
CONNECT.COM by the High Court was, on July 4, 2005 presented by
Hitachi Credit Singapore Pte Ltd of 268 Orchard Road #11-01,
Singapore 238856, a creditor.

The petition is to be heard before the Court sitting at the High
Court of Singapore at 10:00 a.m., on July 29, 2005.

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

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

The Petitioner's address is 268 Orchard Road #11-01, Singapore
238856.

The Petitioner's Solicitors are Messrs Guan Teck & Lim of 139
Cecil Street #03-02, Cecil House, Singapore 069539.

Messrs Guan Teck & Lim
Solicitors for the Petitioner

Note:

Any person who intends to appear at the hearing of the petition
must serve on or send by post to the Petitioner's solicitors,
notice in writing of his intention to do so.

The notice must state name and address of the person, or, if a
firm, the name and address of the firm, and must be signed by
the person, firm or his or their 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 twelve o'clock noon of July
28, 2005 (the day before the day appointed for the hearing of
the Petition).


LEE ONN: Posts Notice of Dividend
---------------------------------
Lee Onn Pte Ltd. formerly of 2 Finlayson Green #15-08 Asia
Insurance Building Singapore 049247 posted at the Government
Gazette, Electronic Edition a notice of dividend with the
following details:

Court: Supreme Court, Singapore

Number of Matter: Companies Winding Up No. 274 of 1992

Amount Per Centum: 2.53%

First and Final or otherwise: First & Final Preferential
Dividend

When Payable: 28th June 2005

Where Payable:

The Official Receiver
The URA Centre (East Wing)
45 Maxwell Road #06-11
Singapore 069118

8th July 2005

Chan Wang Ho
Assistant Official Receiver


NEOCORP INTERNATIONAL: Updates Litigation Against Units
-------------------------------------------------------
The Board of Neocorp International issued to Singapore Stock
Exchange the following announcement:

(a) Adventure Training Systems (Asia-Pacific) Pte Ltd

In the Company's announcement dated May 20, 2005, its 85 percent
owned subsidiary, Adventure Training Systems (Asia-Pacific) Pte
Ltd (ATS), has been served with a winding up petition by Ubin
Lagoon Resort Pte Ltd (In Liquidation) (ULR).

The petition was heard in the High Court on July 1, 2005, which
ordered that ATS be wound-up. The Official Receiver has been
appointed the liquidator of ATS.

Consequently, ATS could not pursue further its Originating
Summons (OS) seeking co-insurance cover under a public liability
policy taken up by ULR, although the OS was scheduled for
hearing on August 4, 2005. This matter may be pursued by the
Official Receiver as liquidator.

The Group had already made a provision amounting to
approximately $1.7 million in respect of the claim, for the
previous financial year-ended November 30, 2004. The Court
awarded further damages and costs amounting to approximately
$0.5 million subsequently.

However, the Group's real exposure is limited to the carrying
amount of the investment in the subsidiary amounting to
approximately $0.4 million. The financial impact of the
liquidation of ATS on the consolidated accounts for the current
financial year-ending November 30, 2005 will be a reversal of
losses previously taken to consolidated reserves but such
reversal is not likely to result in improvement in the financial
result of the Group.

There will not be any impact on the Group's current operations
as ATS is a dormant company.

(b) Neocorp Innovations Pte Ltd

On May 6, 2004 CS Geotechnic Pte Ltd (CSG) had filed a suit
against NeoCorp Innovations Pte Ltd (NIPL), a wholly owned
subsidiary of the Company, for the sum of $424,819 for micro-
piling works for an upgrading project at Marine Crescent
Precinct

Judgment had been entered against NPIL on July 1, 2005 with the
amount payable including cost to be assessed.

NIPL will review the judgment with its company solicitors for
possible course of action, including an appeal against the
judgment.

Pending the assessment of damages and any appeal against the
judgment handed down, NIPL will make a provision for the amount
claimed in its financial statements for the year ending November
30, 2005.

By Order of the Board

CONTACT:

NeoCorp International Ltd
(formerly: Presscrete Holdings Ltd)
31 Changi South Avenue 2
Singapore 486478
Telephone: 65 65429315
Fax: 65 65457880
Web site: http://www.neocorp.com.sg


ROOMZ E-PUBLISHERS: Proofs of Claims Due July 22
------------------------------------------------
Roomz E-Publishers Pte Ltd. formerly of 138 Cecil Street #18-00
Cecil Court, Singapore 069538 posted at the Government Gazette,
Electronic Edition a notice of intended dividend with the
following details.

Court: Supreme Court, Singapore

Number of Matter: Companies Winding Up No. 370 of 2000

Last Day for Receiving Proofs: 22nd July 2005

Name & Address of Liquidator:

The Official Receiver
The URA Centre (East Wing)
45 Maxwell Road #06-11
Singapore 069118

Dated: 8th July 2005

Moey Weng Foo
Assistant Official Receiver


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

DATAMAT: SEC Further Extends Submission of Financial Statement
--------------------------------------------------------------
Datamat Public Company Limited disclosed to the Stock Exchange
of Thailand (SET) that it has gained an approval from the Office
of the Securities and Exchange Commission to extend the First
Quarter Financial Statements' submission schedule from May 16,
2005 to June 17, 2005.

However, the company has submitted another request letter dated
June 16, 2005, for further extension of its First Quarter
Financial Statements' submission schedule, to the SEC from June
17, 2005 to July 29, 2005.

On July 1, 2005, the Company received the letter No. KorLorTor.
Chor. 1327/2548 approved to permit our request accordingly.

Yours sincerely,

Bhana Swasdibutara
Chief Executive Officer and Managing Director

CONTACT:

Datamat Public Company Limited   
Asoke Towers, Floor 17, 18 And 19,
219 Soi Asoke (Sukhumvit 21),
Sukhumvit Road, Klongtoey Nua,
Watthana Bangkok    
Telephone: 0-2310-5111   
Fax: 0-2319-8208   
Web site: http://www.datamat.co.th
  

EASTERN PRINTING: Warrant Exercise Leaves 129,549,758 Units
-----------------------------------------------------------
Eastern Printing Public Company Limited issued to the Stock
Exchange of Thailand (SET) an update on Warrant Exercise under
the Business Rehabilitation Plan.

As of May 17, 2005, there are 134,365,863 units of warrant with
the condition that each warrant holder could exercise its right
to convert at the ratio of 1 unit of warrant: 1 ordinary share
on the last business day of each quarter from 2005 to 2009.

The Company informed the SET that there were 2 warrant holders,
holding 4,816,105 warrants converted to 4,816,105 ordinary
shares on June 30, 2005.  Therefore, the outstanding number of
warrants are 129,549,758 units.
      
Please be informed accordingly.

Yours Faithfully
Mr. Weera Louwitawas / Ms. Laddawan Suwapradub
EPCO Management Co. Ltd.
Plan Administration
      

JASMINE INTERNATIONAL: Proceeds Utilized as Working Capital
-----------------------------------------------------------
Chaengwatana Planner Company Limited as the Plan Administrator
of Jasmine International Public Company Limited issued a report
to the Stock Exchange of Thailand (SET) on the utilization of
funds from capital increase that occurred from conversion of
warrants offered to the existing shareholders (JAS-W, JAS-W2)
and to directors and/or employees of the Company and its
subsidiaries (ESOP):

(1) Amount received from conversion of warrants (JAS-W, JAS-W2
and ESOP) since January 2005 to June 2005 is THB833,523.20.

(2) The above-mentioned money will be utilized as working
capital of the Company.

Please be informed accordingly.

Yours sincerely,

Authorized director
Mr. Somboon Patcharasopak
Chaengwatana Planner Co., Ltd., the Plan Administrator of
Jasmine International Public Company Limited

CONTACT:

Jasmine International Public Company Limited   
200 Fl. 30, Moo 4, Chaengwatthana Rd.,
Pak Kret, Nonthaburi    
Telephone: 0-2502-3000-7   
Fax: 0-2502-3150-2   
Web site: http://www.jasmine.co.th


PICNIC CORPORATION: Seeks Extension of Repayment of Bill
--------------------------------------------------------
Regarding to the meeting between Picnic Corporation Public
Company Limited (PICNI), the bill of exchange creditors and
financial institutional creditors held in the afternoon of July
7, 2005, the Company had explained that it intended to repay
bill of exchange loan by the proceeds from the shares offering
to the existing shareholders that had been approved by its board
of directors in the morning of the same day.

Thus, the Company had asked the creditors to extend the bill of
exchange totaling THB2,200 million, all of which will gradually
be retired about at the end of 2005, until the right offering is
completed.  The interest rate may be raised about 0.25%
according to the financial market situation and business
environment.

Please be informed accordingly.

Sincerely yours,
Dr. Suphot Phattanasri
Managing Director


PICNIC CORPORATION: Deputy Managing Director Quits
--------------------------------------------------
Picnic Corp. Public Company Limited informed Bursa Malaysia
Securities Berhad that Miss Supaporn Lapvisutisin resigned from
being a Director and the Deputy Managing Director of the
company. The resignation will take effect July 8, 2005.

Please be informed accordingly

Yours faithfully
Dr. Suphot Phatanasri
Managing Director


THAI PETROCHEMICAL: Unveils New Web Site
----------------------------------------
Thai Petrochemical Industry Public Co. Ltd. Informed the Stock
Exchange of Thailand (SET) that its web site has been changed:

Previous Website: http://www.tpigroup.co.th

Current Website: http://www.tpi.co.th

Your acknowledgement of the above matter is highly appreciated.
        
Yours sincerely,
Suwit Nivartvong
Plan Administrator for
Thai Petrochemical Industry Pcl

CONTACT:

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




                            *********


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

Troubled Company Reporter -- Asia Pacific is a daily newsletter
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Copyright 2005.  All rights reserved.  ISSN: 1520-9482.

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