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

                     A S I A   P A C I F I C

             Friday, July 15, 2005, Vol. 8, No. 139

                            Headlines

A U S T R A L I A

AIR NEW ZEALAND: Moody's Reveals Rating Impact of JDA
AIR NEW ZEALAND: Prepares for Proposed Industrial Action
AIR NEW ZEALAND: Crew Strike May Cut Revenue by NZ$5 Mln
AMP LIMITED: Receives Ratings Upgrade
A.V. PATERSON: Members Opt for Voluntary Liquidation

BATAVIA MINING: Uranium Sends Share Price Soaring
BCGL PTY: Members Decide to Wind Up
CRYSTAL CLEAR: Names Paul Burness Official Liquidator
D&C WHOLESALERS: Supreme Court Issues Winding Up Order
DELITAT PTY: Creditors, Members to Hear Liquidator's Report

DEXCAM AUSTRALIA: To Hold Final Meeting July 21
EVANS & TATE: Planned Griffith Sale Sparks Concern
EXPERT RISK: Liquidator to Detail Wind-up Manner
EXPORT CONSULTING: Members, Creditors to Meet July 22
FELTEX CARPETS: Director Quits Over Staff Payouts

HARRIETTE STREET: Inability to pay Debt Prompts Wind-up Action
HOME CENTER: Liquidator to Give Report in Final Meeting
ICON AUTOMOTIVE: Administration May Lead to Job Cuts
INTERNATIONAL HAIR: Ordered to Close Operations
JON L SEAGULL: Winds Up Operations

LAINGS ELECTRICAL: To Pay Dividend to Priority Creditors
LA TROBE: Schedules Final Meeting July 21
MINE & QUARRY: To Declare Second, Final Dividend
NOVA-CREST AUSTRALIA: Distributing Dividend Next Month
PARK PTY: Appoints Official Liquidators

PURE NEW ZEALAND: Moves to Restructure, Recapitalize
QANTAS AIRWAYS: Foreign Ownership Limits Could be Eased
SURFERS PARADISE: Members Resolve to Wind Up Operations
ULTRABUILD PTY: Members Pass Winding Up Resolution
YALWARNU PTY: Wind-up Process Initiated

* ASIC Bans Armitage from Managing Corporations for Five Years


C H I N A  &  H O N G  K O N G

ARTFIELD ADVERTISING: Court Issues Winding Up Order
CHRISTAMS GROUP: Creditors Meeting Set July 19
DEEP SUCCESS: Enters Winding Up Process
EASYTRAN INTERNATIONAL: Issues Debt Claim Notice
ETERNAL HARVEST: High Court Releases Wind-Up Order

GOLDEN TRIP: To Undergo Court-ordered Liquidation
GUANGDONG KELON: Issues Profit Warning
J-VISION WORKSHOP: Wind-up Process Initiated
M DREAM: Has Yet to Receive Writ from Softbank
MOULIN GLOBAL: Willie Clarifies Takeover Report

PCCW LIMITED: Forges Service Deal With China Netcom
PCCW LIMITED: To Sell 10-year Bonds to Boost Reserves
PCCW LIMITED: Fitch Revises PCCW-HKT's Outlook to Negative
SOUTH AUSTRALIAN: Creditors Meeting Slated for July 29


I N D O N E S I A

EXCELCOMINDO PRATAMA: Moody's Affirms Ba3 Local Currency Rating
PERTAMINA: Seeks to Build East Java Oil Refinery


J A P A N

FALTEC COMPANY: Losses Prompt Production Halt in U.S.
JAPAN AIRLINES: Inks Frequent Flyer Deal With LAN Airlines
JAPAN AIRLINES: Mulls Another International Fuel Surcharge Hike
KANEBO LIMITED: Receives Bid from Cosmetics Makers
SOFTBANK CORPORATION: Advises of Change in Trade Name

UFJ BANK: Fitch Upgrades Individual Ratings


K O R E A

JINRO LIMITED: Decision on Takeover Nears
LEGO KOREA: 130 Production Workers About to Lose Jobs


M A L A Y S I A

ANTAH HOLDING: To Go Through Retrenchment Exercise
DENKO INDUSTRIAL: Unit Receives Court Order to Wind Up
HABIB CORPORATION: BNM Agrees to Acquire Unit for MYR740Mln
LION CORPORATION: BNM Approval to Proposals Bears Condition
MECHMAR CORPORATION: Terminates Agreement with Ranhill

NALURI BERHAD: Unit Cuts Signforce Ties
PAN PACIFIC: Default in Payment Status Unchanged
PUNCAK NIAGA: Unit Completes Property Acquisition
SUGAR BUN: To Convene AGM July 29
SUBUR TIASA: To Advertise Notice of Dividend in Straits Times  

TALAM CORPORATION: Unveils Conditions Set by SC
TANCO HOLDINGS: Scheme Creditors OK Cash Proposal
TIMBERWELL BERHAD: Unit to Repay Outstanding Loan in 24 Months


P H I L I P P I N E S

GLOBE TELECOM: Moody's Unveils Rating Impact of JDA
GLOBE TELECOM: Fitch Downgrades Outlook to Negative
MANILA ELECTRIC: Regulator Approves Refund Scheme Changes
MAYNILAD WATER: Needs SEC Clearance Before Rehab Starts
NATIONAL BANK: Product Bags Excellence Award

NATIONAL POWER: Moody's Assigns B1 Rating
PHILIPPINE AIRLINES: Steps Up Security Measures
PHILIPPINE LONG: Fitch Revises Outlook to Negative


S I N G A P O R E

AIROCEAN GROUP: To Hold AGM July 29
BCV INVESTMENT: Liquidator Asks Creditors to Submit Claims
HIANGKIE INDUSTRIES: Court Orders Liquidation
INFORMATICS HOLDINGS: Schedules July 29 AGM
LIFEXCHANGE ASIA: Liquidators Detail Creditors' Meeting Agenda

METSO PTE: Creditors Must Submit Debt Claims By August 2
NATIONAL SEMICONDUCTOR: To Close Plant, Lay Off 950 Workers
NATSTEEL LIMITED: Proposes to Change Company Name
SUMIKIN BUSSAN: Members Resolve to Wind Up
U-SYSTEMS SPECIALTY: Enters Winding Up Proceedings


T H A I L A N D

KRUNG THAI: Details Transfer of Substandard Assets to TAMC
THAI PETROCHEMICAL: Responds to SET's Query Re EBITDA
* S&P Raises Ratings, Revises Outlooks on 17 Asian Firms
* Large Companies With Insolvent Balance Sheets

     -  -  -  -  -  -  -  -  

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

AIR NEW ZEALAND: Moody's Reveals Rating Impact of JDA
-----------------------------------------------------
Moody's Investors Service has assigned a Ba1 corporate issuer
rating to Air New Zealand Limited.

The rating includes an upward adjustment to one notch following
a recent review of Moody's methodology used in rating government
related issuers.

Air New Zealand Limited -- Long Term Foreign Currency Issuer
Rating -- Upgraded to Ba1/STA from Ba2/STA

Moody's Investors Service published the results of an
examination of the ratings of corporate government-related
entities in Asia Pacific (including Japan) in light of the
introduction of its new rating methodology for Joint Default
Analysis (JDA).

In April 2005, Moody's published a Rating Methodology report,
entitled "The Application of Joint-Default Analysis to
Government-Related Issuers".

The new methodology formally disaggregates the ratings of GRIs
into four components: (i) an assessment of the GRI's baseline
credit risk, (ii) the default risk of the supporting government,
(iii) the default dependence between the GRI and the government,
and (iv) the expected level of support from the government.

The application of the new methodology resulted in 21 ratings
upgraded and 39 ratings affirmed.

CONTACT:

Air New Zealand Limited
Air New Zealand Airpoints Service Centre
Private Bag 4755
Christchurch
New Zealand
Phone: +64 (0)9 488 8777
Fax: +64 (0)9 488 8787
E-mail: enquiry@computershare.co.nz
Web site: http://www.airnz.co.nz/


AIR NEW ZEALAND: Prepares for Proposed Industrial Action
--------------------------------------------------------
Air New Zealand has implemented a contingency plan to minimize
the impact of industrial action on its long haul services next
week.

Air New Zealand General Manager International Airline Ed Sims
says that mediation with FARSA, the union representing 1000 long
haul cabin crew, ended Wednesday, without agreement or the
withdrawal of the notice to strike on three separate occasions
of 48 hours commencing July 18, 21 and 24.

"We have a responsibility to our customers to finalize rosters,
aircraft schedules and a range of logistics. In this case, we
have been left with no option but to implement a contingency
plan that will see the travel arrangements of around 14,000 New
Zealand and overseas customers affected," Mr. Sims said.

"Over the past week we have had a team dedicated to exploring
all the options for minimizing disruption to customers' travel.  
Their efforts have allowed us to come up with a solution that
will see around 70 percent of long haul flights operate over the
six days of the proposed strike, with no impact on domestic
services."

Mr. Sims says that on average between 15 and 20 international
flights a day will be cancelled due to the strike.

All direct services between New Zealand and Los Angeles, San
Francisco and London are scheduled to operate on the proposed
strike days.  However, some services operating via the Pacific
Islands to Los Angeles will be affected.

On the Tasman and Pacific Island routes, all A320 services will
operate as scheduled.  However, some Boeing 747 and 767 services
to Brisbane, Sydney, Melbourne and Perth will be affected.

Services to Asian destinations, such as Singapore, Hong Kong,
Taipei, Nagoya and Kansai are likely to be most affected by the
proposed strikes.  The airline will maintain a daily service to
Narita, Tokyo.

Air New Zealand and FARSA have been negotiating for three
months, and in the past week have undertaken two days of
mediation.

"Whilst we have negotiated with FARSA in good faith, we are
still some way apart in terms of reaching agreement," Mr Sims
says.

Areas where Air New Zealand and FARSA have been unable to reach
agreement include pay, meal allowances and annual leave
entitlements.  The cost of FARSA's formal claim is $14.2 million
over three years.

"Simply, we cannot bear that cost in a business that is doing
its best to rebuild and compete in an industry, still facing
huge challenges and spiraling fuel costs."

Customers can see a full list of cancelled flights at:

http://www.airnewzealand.co.nz/travelinfo/travelsupport/importan
tcustomerinfo/cancelled_flights.htm


AIR NEW ZEALAND: Crew Strike May Cut Revenue by NZ$5 Mln
--------------------------------------------------------
A planned strike by Air New Zealand Ltd.'s long-haul cabin crew
could cost the airline between NZ$4 million and NZ$5 million in
lost passenger revenue, and is likely to hit its Asian routes
hardest, The Independent reports.

Members of the Flight Attendants and Related Services
Association are reportedly planning an industrial action for
three 48-hour periods on July 18, July 21 and July 24 if talks
with Air New Zealand aren't resolved.

Unnamed industry sources estimated the potential loss of revenue
if the full six days of action go ahead, but added that it may
be partially offset by savings on fuel and services.

The strike would likely affect up to 20 of the airline's daily
flights, including routes to Taiwan, Hong Kong, Singapore and
Japan.


AMP LIMITED: Receives Ratings Upgrade
-------------------------------------
AMP Limited on Thursday welcomed the increase in its credit
rating from Standard & Poor's to A from A- previously. The
entity rated by S&P is AMP Group Holdings Limited.

The ratings increase is a result of a Standard & Poor's review
of its ratings methodology. S&P has narrowed to two notches
(from three) the differential in the credit ratings between AMP
Group Holdings Limited and AMP Life (the regulated core
operating subsidiary).

S&P also noted that the adjusted ratings reflects the overall
credit risk profile and debt-servicing capability of AMP Group
Holdings Limited.

AMP Chief Financial Officer Paul Leaming said the latest
increase in AMP's credit rating was pleasing, as it had been an
area of focus since the demerger of the Group's U.K. operations
in December 2003. Since then, the rating for AMP Group Holdings
Limited has improved from BBB+ to A.

"We will continue to manage our business to ensure our financial
strength is consistent with that of an 'A-band' rated company,"
Mr. Learning said.

The ratings outlook for AMP Group Holdings remains stable.

CONTACT:

AMP Limited
Level 24, 33 Alfred St.
Sydney 2000, Australia
Phone: +61-2-9257-5000
Fax: +61-2-8275-0199
Web site: http://www.amp.com.au   


A.V. PATERSON: Members Opt for Voluntary Liquidation
----------------------------------------------------
Notice is hereby given that at a general meeting of the members
of A.V. Paterson (Holdings) Pty Limited held on June 6, 2005, it
was resolved that the company be wound up voluntarily, and that
James Patrick Downey, Chartered Accountant of Cole Downey & Co.
Chartered Accountants, Level 1, 22 William Street, Melbourne Vic
3000 be nominated to act as Liquidator for the winding up.

Dated this 6th day of June 2005

J. P. Downey
Liquidator
Cole Downey & Co
Chartered Accountants
Level 1, 22 William Street
Melbourne Vic 3000


BATAVIA MINING: Uranium Sends Share Price Soaring
-------------------------------------------------
Shares in struggling gold hopeful Batavia Mining has soared 51
percent after the miner moved into uranium exploration,
according to The Age.

The skyrocketing share price was triggered by an announcement
that the group has acquired a portfolio of Northern Territory
uranium exploration projects.

Batavia has joined a string of explorers that have enjoyed big
share price increases by adding exploration for uranium to their
interests.

Other strong uranium explorers of late include Paladin,
Curnamona, Pepinnini, Stellar and Marathon. Meanwhile, Ranger
uranium producer ERA, which Rio Tinto controls, closed at AU$14
a share yesterday, up from AU$6.25 at the start of January.

Investor interest in uranium has kept pace with the surge in
price for the nuclear fuel from about US$10 a pound two years
ago to US$29 a pound. In addition, the Howard Government is keen
to broker a deal that would allow Australia's first uranium
sales to China.

The uranium interests picked up by Batavia, until now known for
its challenging Gullewa gold project in Western Australia,
includes the Harts Range prospect in the Northern Territory.

CONTACT:

Batavia Mining Limited
Level 3, 30 Richardson Street
WEST PERTH WA 6005
Phone +61 8 9327 0980
Fax +61 8 9327 0901
Web site: http://www.bataviamining.com.au/


BCGL PTY: Members Decide to Wind Up
-----------------------------------
At a general meeting of the members of BCGL Pty Limited duly
convened and held at the Level 8, 525 Collins Street, Melbourne
on June 3, 2005, the following Special Resolution was duly
passed:

That the company be wound up voluntarily.

That Glenn A Crisp be appointed Liquidator.

Dated this 3rd day of June 2005

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


CRYSTAL CLEAR: Names Paul Burness Official Liquidator
-----------------------------------------------------
Notice is given that Paul Burness, Registered Liquidator, of
Worrells, Level 5 15 Queen Street, Melbourne Vic 3000, was
appointed Liquidator of Crystal Clear Maintenance Services Pty
Limited, at a general meeting of the company's members on June
6, 2005.

Dated this 6th day of June 2005
Paul Burness
Liquidator
Worrells
Solvency & Forensic Accountants
Web site: www.worrells.net.au


D&C WHOLESALERS: Supreme Court Issues Winding Up Order
------------------------------------------------------
On June 7, 2005, the Supreme Court of New South Wales, Equity
Division made an order that Christopher J. Palmer be appointed
Official Liquidator for the winding up of D&C Wholesalers Pty
Limited.

Christopher J. Palmer
Official Liquidator
O'Brien Palmer
Level 4, 23-25 Hunter Street
Sydney NSW 2000


DELITAT PTY: Creditors, Members to Hear Liquidator's Report
-----------------------------------------------------------
Notice is hereby given that a general meeting of creditors and
members of Delitat Pty Limited will be held on July 22, 2005,
10:30 a.m. at the office of Ross McDermott, Chartered
Accountant, Suite 13, 233 Cardigan Street, Carlton Vic 3053, for
the purpose of having an account laid before them showing the
manner in which the winding up has been conducted and the
property of the company disposed of, and of hearing any
explanations that may be given by the liquidator.

Dated this 6th day of June 2005

Ross McDermott
Chartered Accountant
PO Box 579, Carlton Vic 3053
Phone: (03) 9347 0411


DEXCAM AUSTRALIA: To Hold Final Meeting July 21
-----------------------------------------------
Notice is given pursuant to Section 509(2) of the Corporations
Act, that a Final Meeting for Dexcam Australia Pty Limited will
be held on July 21, 2005, 10:30 a.m. at the offices of Messrs.
Ernst & Young, Chartered Accountants, in the Jacaranda Room at
St Michael's Hall.

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

Dated this 2nd day of June 2005

John Georgakis
Liquidator
Ernst & Young
Chartered Accountants
120 Collins Street
Melbourne Vic 3000


EVANS & TATE: Planned Griffith Sale Sparks Concern
--------------------------------------------------
A plan by Evans & Tate (E&T) to sell its Griffith winery has
worried Riverina grape growers, ABC Riverina NSW relates.

The embattled winemaker expects to reap around AU$10-12 million
from the sale. The proceeds will be used to help reduce debts.

Earlier, E&T said it would lease back the Griffith operation.

Brian Simpson from the Winegrapes Marketing Board says he doubts
the plan can come off and is concerned at the implications for
growers.

"We definitely need the organization to be reaffirming the
position with the uncontracted supplier of grapes in this area
so that those growers can start planning for next year if the
unfortunate situation occurs where they need to look for another
home," he said.

"I don't want to see an 11th hour exodus from a winery as has
happened in the past."

The head of Evans and Tate, Franklin Tate, has moved to reassure
the local industry.

He says the company will reduce its intake of winegrapes again
next year, but more contract processing is planned.

Mr. Tate is unclear how much of that may occur in Griffith.

CONTACT:

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


EXPERT RISK: Liquidator to Detail Wind-up Manner
------------------------------------------------
Notice is given pursuant to Section 509 of the Corporations
Act, that a meeting of the members and creditors of Expert
Risk Management Pty Limited will be held on July 22, 2005,
10:30 a.m. at the offices of Smith Hancock Chartered
Accountants, Level 4, 88 Phillip Street, Parramatta NSW 2150,
for the purpose of having an account laid before them showing
the manner in which the winding up of the company has been
conducted and the property disposed of, and of hearing any
explanations that may be given by the Liquidator.

Dated this 9th day of June 2005

M. J. M. Smith
Liquidator
Smith Hancock
Chartered Accountants
Level 4, 88 Phillip Street
Parramatta NSW 2150


EXPORT CONSULTING: Members, Creditors to Meet July 22
-----------------------------------------------------
Notice is given pursuant to Section 509 of the Corporations
Act, that a meeting of the members and creditors of Export
Consulting Australia Pty Limited will be held on July 22, 2005,
10:30 a.m. at the offices of Smith Hancock Chartered
Accountants, Level 4, 88 Phillip Street, Parramatta NSW 2150,
for the purpose of having an account laid before them showing
the manner in which the winding up of the company has been
conducted and the property disposed of, and of hearing any
explanations that may be given by the Liquidator.

Dated this 9th day of June 2005

M. J. M. Smith
Liquidator
Smith Hancock
Chartered Accountants
Level 4, 88 Phillip Street
Parramatta NSW 2150


FELTEX CARPETS: Director Quits Over Staff Payouts
-------------------------------------------------
A director of troubled rug and carpet maker Feltex Carpets
stepped down Monday due to differences in opinion regarding the
NZ$1.2-million severance of the firm's four senior managers, The
New Zealand Herald reports.

Craig Horrocks, who tendered his resignation after eight years
in the Feltex board, confirmed a difference of opinion relating
to conditions of those exits was part of his decision to leave.

"I wouldn't have resigned if there hadn't been those
differences."

The four senior executives who are to leave Feltex over the next
few months, at a cost of NZ$1.2 million, are: John Kokic, chief
operating officer; Rod Lyons, general manager residential sales;
John Shackleton, general manager customer services and
distribution; Terry Baker, Australasian sales manager, wool.

Meanwhile, Feltex Chairman Tim Suanders declined to give further
details on Horrocks' resignation, and wouldn't confirm whether
the severance payout was the primary reason.

Mr. Horrocks departure came at a sensitive time for the Company,
which has been flocked with shareholders' complaints for failing
to live up to profit forecasts of its prospectus when it listed
on the stock exchange a year ago.

The company has downgraded its profit forecast twice since then,
and its earnings for the year to June 30 are now likely to be
half of the $23.9 million earlier forecast.

Feltex blames its woes primarily on a sudden downturn in the
Australian residential carpet market and on the strength of the
dollar against its Australian and United States counterparts.

CONTACT:

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


HARRIETTE STREET: Inability to pay Debt Prompts Wind-up Action
--------------------------------------------------------------
Notice is hereby given that at Meetings of Members and Creditors
of Harriette Street Pty Limited, duly convened and held on June
9, 2005, the following Special Resolution was passed:

That as the company is unable to pay its debts as and when they
fall due, the company be wound up voluntarily, and that Robert
Elliott be appointed Liquidator for the purpose of such winding
up.

Dated this 10th day of June 2005

Robert Elliott
Hall Chadwick
Level 29, 31 Market Street
Sydney NSW 2000


HOME CENTER: Liquidator to Give Report in Final Meeting
-------------------------------------------------------
Notice is hereby given that pursuant to Section 509 of the
Corporations Act, the final meeting of members and creditors of
Home Center (NO1) Pty Limited will be held on July 22, 2005,
9:00 a.m. at the offices of Stephen Baker & Co., Suite 2, 98
Woolwich Road Woolwich NSW 2110 for the purpose of laying before
the meeting the liquidator's final account and report and giving
any explanation thereof.

Dated this 9th day of June 2005

Stephen Baker
Liquidator
Stephen Baker & Co.
Suite 2, 98 Woolwich Road
Woolwich NSW 2110


ICON AUTOMOTIVE: Administration May Lead to Job Cuts
----------------------------------------------------
Some 120 workers of Icon Automotive risk losing their jobs after
the auto components maker was placed in administration
Wednesday, according to The Age.

The firm called in administrator PPB after suffering from
prohibitive labor costs and inherent production difficulties.

PPB confirmed possible job cuts, but said the administrators are
in discussions with relevant unions in relation to current
levels of employment at the company.

The administrators said they intended to implement a broad
program of cost rationalization under a deed of company
arrangement.

"In addition, expressions of interest in the business by way of
equity or acquisition will be sought," they said.

PPB insolvency specialist Wayne Benton said: "The number of
workers is too high."

Melbourne-based Icon makes under-body components, predominantly
air-intake assemblies, mainly for Ford and Toyota. The business
was acquired from embattled diversified industrial group Nylex
about nine months ago.


INTERNATIONAL HAIR: Ordered to Close Operations
-----------------------------------------------
Notice is hereby given that on June 6, 2005, the Supreme Court
of New South Wales ordered the winding up of International Hair
Products Pty Limited, and Roderick Mackay Sutherland was
appointed as Official Liquidator of the Company.

Dated this 10th day of June 2005

Roderick Mackay Sutherland
Official Liquidator
Jirsch Sutherland
Chartered Accountants
Level 2, 84 Pitt Street
Sydney NSW 2000
Phone: (02) 9233 2111
Fax:  (02) 9233 2144


JON L SEAGULL: Winds Up Operations
----------------------------------
Notice is hereby given that at a Meeting of Members of Jon L
Seagull Enterprises Pty Limited held on June 2, 2005, it was
resolved that the Company be wound up voluntarily, and that
Robert Colin Parker, of 40 Sturt Street, Adelaide SA 5000 be
appointed Liquidator for such purpose.

Dated this 2nd day of June 2005

Robert C. Parker
40 Sturt Street, Adelaide SA 5000
Phone: (08) 8211 7177
Fax:   (08) 8212 6177


LAINGS ELECTRICAL: To Pay Dividend to Priority Creditors
--------------------------------------------------------
Laings Electrical Pty Limited will declare a first and final
dividend to priority creditors on July 22, 2005.

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

Dated this 14th day of June 2005

M .G. McCann
Liquidator
Grant Thornton
Level 4, Grant Thornton House
102 Adelaide Street, Brisbane Qld 4000
Phone: (07) 3222 0200
Fax:   (07) 3222 0448


LA TROBE: Schedules Final Meeting July 21
-----------------------------------------
Notice is given pursuant to Section 509(2) of the Corporations
Act, that a Final Meeting for LA Trobe Properties Pty Limited
will be held on July 21, 2005, 11:00 a.m. at the offices of
Messrs. Ernst & Young, Chartered Accountants, in the Jacaranda
Room at St Michael's Hall.

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

Dated this 2nd day of June 2005

John Georgakis
Liquidator
Ernst & Young
Chartered Accountants
120 Collins Street
Melbourne Vic 3000


MINE & QUARRY: To Declare Second, Final Dividend
------------------------------------------------
A second and final dividend is to be declared on July 20, 2005
for Mine & Quarry Equipment Pty Limited.

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

Dated this 31st day of May 2005

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


NOVA-CREST AUSTRALIA: Distributing Dividend Next Month
------------------------------------------------------
Nova-Crest Australia Pty Limited is set to declare a dividend to
its preferred unsecured creditors on Aug. 2, 2005.

Creditors whose debts or claims have not already been admitted
are required on or before July 19, 2005 to formally prove their
debts or claims. Failure to do so would exclude them from the
benefit of the dividend.

Dated this 2nd day of June 2005

M. C. Hall
Liquidator
Chartered Accountants
10th Floor, 26 Flinders Street
Adelaide SA 5000
Phone: (08) 8211 7800
Fax:   (08) 8211 8922


PARK PTY: Appoints Official Liquidators
---------------------------------------
Notice is hereby given that at a General Meeting of the Members
of Park (No. 3) Pty Limited held on June 2, 2005, it was
resolved that the company be wound up voluntarily, and that
Brian McMaster and Oren Zohar of KordaMentha, Level 11, 37 St.
Georges Terrace, Perth, WA, be appointed to act as Liquidators
for the winding up.

Dated this 3rd day of June 2005

Brian McMaster
Oren Zohar
Joint Liquidators
KordaMentha
Level 11, 37 St. Georges Terraces
Perth, WA
Phone: (08) 9221 6999
Fax:   (08) 9221 6977


PURE NEW ZEALAND: Moves to Restructure, Recapitalize
----------------------------------------------------
Pure New Zealand Ltd (PUR) announced that it has gained
conditional agreement of creditors and funders to restore its
solvency and allow the company to move forward.

Subject to shareholder and any other required PUR approvals,
major creditors of PUR totaling over NZ$500,000 have agreed to
convert the majority of this debt to equity, with a small
component of cash being paid or guaranteed to be paid by 19.9%
PUR shareholder Probus Holdings Ltd (Probus). A component of the
arrangement also involves forgiveness of debt. Details of this
will be provided to shareholders in a notice of meeting and
presented for approval at a general meeting to be called.

Certain issues with the former directors remain unresolved, but
the board of PUR does not believe PUR has any further financial
obligation to those persons.

In addition PUR has gained agreement from Probus for it or a
related party to inject NZ$1 million as equity. As part of this
recapitalization, Probus' advances to PUR up to the approval
date will be repaid. This capital injection will need to be
approved by shareholders at general meeting and will be subject
to the independent appraisal reports required under the NZSX
Listing Rules and the Takeovers Code.

In this regard Jai Basrur of Horwath Porter Wigglesworth Ltd,
Auckland has been contracted to produce an independent appraisal
report.

Notice of meeting will be prepared and circulated in due course.

CONTACT:

Pure New Zealand
Web site: www.purenz.co.nz/


QANTAS AIRWAYS: Foreign Ownership Limits Could be Eased
-------------------------------------------------------
Australia is expected to ease foreign ownership limits on
national flag carrier Qantas Airways Limited, as part of efforts
to revamp national aviation policy, says The New Zealand Herald.

Australian Transport Minister Warren Truss said foreign
ownership limits on Qantas were part of the government's review
of aviation and should be completed in three or four months.

Qantas has a special place in the heart of Australians. I think
all Australians have an attachment to Qantas and would want to
see it remain as Australian," Mr. Truss said.

Under laws enacted in 1992, overall foreign ownership of Qantas
is limited to 49 per cent.

Single foreign investors are restricted to no more than 25
percent, while foreign airlines are limited to a maximum 35
percent of Qantas.

If the ownership limits in the Qantas Sale Act are scrapped, the
government's Foreign Investment Review Board will still have to
examine any majority foreign ownership, giving the government
the power to veto any foreign takeover.

Meanwhile, Australia will not rule out the possibility of other
airlines operating on the trans-Pacific route.

The aviation review will also examine efforts by rival Singapore
Airlines Ltd, the world's second biggest airline by market
value, to fly the lucrative Sydney to Los Angeles air route.

CONTACT:

Qantas Airways Limited
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


SURFERS PARADISE: Members Resolve to Wind Up Operations
-------------------------------------------------------
Notice is hereby given that at a general meeting of Surfers
Paradise Hotels Attorneys Limited held on June 3, 2005, it was
resolved that the company be wound up voluntarily, and that
Michael Gerard McCann, of Grant Thornton Chartered
Accountants, Level 4, Grant Thornton House, 102 Adelaide Street,
Brisbane, be appointed Liquidator.

Dated this 3rd day of June 2005

Michael G. McCann
Grant Thornton Chartered Accountants
Level 4, Grant Thornton House
102 Adelaide Street, Brisbane


ULTRABUILD PTY: Members Pass Winding Up Resolution
--------------------------------------------------
Notice is hereby given that at an Extraordinary General Meeting
of the members of Ultrabuild (Australia) Pty Limited held on 3
June 2005, it was resolved that the company be wound up
voluntarily and at a meeting of creditors held on the same day,
it was resolved that for such purpose, Richard John Cauchi and
David James Lofthouse of CJL Partners, Level 3, 180 Flinders
Lane, Melbourne be appointed Joint and Several Liquidators.

Dated this 6th day of June 2005

Richard J. Cauchi
David J. Lofthouse
Joint and Several Liquidators
CJL Partners
Level 3, 180 Flinders Lane
Melbourne Vic 3000
Phone: (03) 9639 4779
Fax:   (03) 9639 4773


YALWARNU PTY: Wind-up Process Initiated
---------------------------------------
At a General Meeting of Yalwarnu Pty Limited duly convened and
held on June 3, 2005, the following Special Resolution was
passed:

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

Dated this 9th day of June 2005

Trevor Satill
Satill & Miller
Level 2, 222 Pitt Street
Sydney NSW 2000


* ASIC Bans Armitage from Managing Corporations for Five Years
--------------------------------------------------------------
The Australian Securities and Investments Commission (ASIC) has
banned Mrs. Joan Dorothy Armitage, of Box Hill in Victoria, from
managing corporations for the maximum period of five years.

ASIC commenced its investigation into Mrs. Armitage following
complaints from the liquidators of Colorclad Pty Ltd (Colorclad)
and Mecelec Australia Pty Ltd (Mecelec). Reports were also
received from the liquidators of Drews Furniture Pty Ltd
(Drews), Asia Pacific Coating Pty Ltd (APC) and Chairtech
Australia Pty Ltd (Chairtech). Mrs. Armitage was a director of
all five companies that entered liquidation with significant
liabilities.

ASIC was satisfied that it was in the public interest for Mrs
Armitage to be disqualified for the maximum period on the basis
that she:

(1) Authorized the provision of false information to the
Department of Immigration and APC's Workcover insurer, thereby
leaving the company uninsured and employees exposed to risk;

(2) Breached her duties as a director by attempting to
improperly transfer the assets of APC to Colorclad in a phoenix-
type transaction;

(3) Demonstrated a lack of regard for the duties owed by a
director to the employees and creditors of a company by allowing
Chairtech to trade whilst insolvent and Colorclad and Mecelec to
accumulate liabilities in excess of $3 million to unsecured
creditors; and

(4) Failed to properly assist the liquidators of the companies
and could not be relied upon to act in a manner that was
transparent and accountable, with respect to the companies she
managed.

"ASIC will not hesitate to act against directors who fail to
uphold their responsibilities and in doing so, put the
livelihoods of employees, customers and other businesses at
risk," Mr. Mark Steward, Deputy Executive Director of
Enforcement said.

Background

Colorclad, Mecelec, Drews, APC and Chairtech operated powder-
coating and manufacturing businesses in various suburbs around
Melbourne.

APC attempted to defeat creditors' claims by transferring its
business and assets to Colorclad in a phoenix-type transaction.
APC and Colorclad went into liquidation with net deficiencies of
$548,849 and $961,609, respectively. Mecelec was severely under-
capitalized from its inception and went into liquidation with
nil assets and liabilities of $2,348,156 to unsecured creditors.

The liquidator of Chairtech instituted legal proceedings against
Mrs. Armitage for insolvent trading. On 28 September 2004, the
Federal Court ordered Mrs. Armitage to pay $306,162.73, and
interest of $73,690.89, as compensation, pursuant to the
Corporations Act 2001.

Drews went into liquidation with outstanding employee
entitlements of $148,778 and a liability of $16,628 for unpaid
superannuation guarantee charges.


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

ARTFIELD ADVERTISING: Court Issues Winding Up Order
---------------------------------------------------
Artfield Advertising Limited, whose place of business is located
at Room 2701, 27th Floor, Wing On House, 71 Des Voeux Road
Central, Hong Kong was issued a winding up order notice by the
High Court of the Hong Kong Special Administrative Region Court
of First Instance on June 29, 2005.

Date of Presentation of Petition: May 3, 2005

Dated this 8th day of July 2005

ET O'Connell
Official Receiver


CHRISTAMS GROUP: Creditors Meeting Set July 19
----------------------------------------------
Notice is hereby given that that a meeting of the creditors of
Christams Group (Hong Kong) Limited (In Creditors' Voluntary
Liquidation) will be held at Duke of Windsor Social Service
Building, 15 Hennessy Road, Wanchai, Hong Kong on Tuesday, 19
July 2005 at the 11:00 a.m. for the purposes provided for in
Sections 228A, 241, 242, 243 244 the Companies Ordinance.  

Creditors may vote either in person or by proxy.

Proxies to be used at the meetings must be duly completed and
lodged at Ferrier Hodgson Limited, 14th Floor, Hong Kong Club
Building, 3A Chater Road, Central, Hong Kong, not later than 4
o'clock in the afternoon on July 18, 2005.

Dated this 8th day of July 2005

By order of the Board
MG Management Limited
Director


DEEP SUCCESS: Enters Winding Up Process
---------------------------------------
Deep Success Industrial Limited, whose place of business is
located at Unite, 10/F Kai Centre, No 36 Hung To Road, Kwun
Tong, Kowloon was issued a winding up order notice by the High
Court of the Hong Kong Special Administrative Region Court of
First Instance on June 29, 2005.

Date of Presentation of Petition: May 3, 2005

Dated this 8th day of July 2005

ET O'Connell
Official Receiver


EASYTRAN INTERNATIONAL: Issues Debt Claim Notice
------------------------------------------------
Notice is hereby given that the creditors of Easytran
International Limited (In Members' Voluntary Liquidation), which
is being voluntarily wound up, are required (if they have not
already done so), on or before August 8, 2005, to send in their
names, addresses and particulars of their debts or claims, and
the name and address of their solicitors, if any, to the
undersigned, the Liquidators of the said company.

If so required by notice in writing from the said Liquidators,
they are to personally or by their solicitors to come in and
prove their said debts or claims at such time and place as shall
be specified in such notice.

In default thereof, they will be deemed to waive all of such
debts or claims and the Liquidators will be entitled seven days
after the above date, to distribute the funds available or any
part thereof to the Members.

Dated this 8th day of July, 2005

SUEN PUI YEE
IAIN FERGUSON BRUCE
Liquidators
8th Floor, Gloucester Tower
The Landmark
11 Pedder Street
Central, Hong Kong


ETERNAL HARVEST: High Court Releases Wind-Up Order
--------------------------------------------------
Eternal Harvest Enterprise Limited, whose place of business is
located at Shop No 2-3, G/F Metropole Building, 416-438 King's
Road, North Point, Hong Kong was issued a winding up order
notice by the High Court of the Hong Kong Special Administrative
Region Court of First Instance on June 29, 2005.

Date of Presentation of Petition: May 4, 2005

Dated this 8th day of July 2005

ET O'Connell
Official Receiver


GOLDEN TRIP: To Undergo Court-ordered Liquidation
-------------------------------------------------
Golden Trip International Limited, whose place of business is
located at Flat B, 3rd Floor, Hon Kwong Mansion, No 25-29 Hankow
Road, Tsimshatsui, 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 29, 2005.

Date of Presentation of Petition: April 29, 2005

Dated this 8th day of July 2005

ET O'Connell
Official Receiver


GUANGDONG KELON: Issues Profit Warning
--------------------------------------
It is expected that the unaudited consolidated results for
Guangdong Kelon Electrical Holdings Company Limited and its
subsidiaries (together with the Company, the Group) for the six
months ended June 30, 2005 may record substantial losses for
reasons set out below.

The Group's net profit and earnings per share for the six months
ended June 30, 2004 amounted to approximately RMB159 million
(equivalent to approximately HK$150 million) and RMB0.16 per
share (equivalent to approximately HK$0.15 per share)
respectively.

After preliminary calculations by the Company's management based
on management accounts of the Company, it is expected that the
Group may record substantial losses in its unaudited
consolidated results for the six months ended 30th June, 2005 in
contrast with the results for the last corresponding period,
because of various factors including, but not limited to a more
than 50% decrease in the sales of the Company in May and June
2005 as compared with those of 2004.

This profit-warning announcement is only based on the
preliminary calculations by the Company's management according
to the management accounts of the Company. Investors should read
the Company's results announcement for the six months ended June
30, 2005 carefully, which is expected to be published before the
end of August 2005. The Company did not issue profit warning
forecast in its announcement of results for the first quarter
ended March 31, 2005 dated April 28, 2005.

The Company has also made a profit-warning announcement in
accordance with the Rules Governing the Listing of Stocks on
Shenzhen Stock Exchange.

At the request of the Company, trading in shares of the Company
was suspended with effect from 10 a.m. on June 16, 2005 pending
the release of an announcement in relation to price sensitive
information.

Subject to the publication of an announcement in relation to the
financial, production and trading position of the Group, trading
in shares of the Company will remain suspended until further
notice.

Shareholders of the Company and investors should exercise
caution when dealing in the shares of the Company.

For the year ended December 31, the Company has current assets
of HK$7.68 million while current liabilities were HK$8 million,
according to the Chong Hing Securities Limited.

CONTACT:

Guangdong Kelon Electrical Holdings Company Limited
2502-2505 Harbour Center
25 Harbour Road
Wanchai, Hong Kong
Phone: 25110363
Fax: 28023434
Web site: http://www.kelon.com


J-VISION WORKSHOP: Wind-up Process Initiated
--------------------------------------------
Notice is hereby given that a Petition for the Winding up of J-
Vision Workshop (Global) Limited by the High Court of Hong Kong
Special Administrative Region was on May 26, 2005 presented to
the said Court by WIS of 30 R De Campo Formio 75013 Paris, Trade
Brand Limited whose registered office is situated at Room 803,
San Toi Building, 137-139 Connaught Road Central, Hong Kong and
Mikli Asia Limited whose registered office is situate at 14th
Floor, Far East Consortium Building, 121 Des Voeux Road Central,
Hong Kong.  

The said Petition is to be heard before the Court at 9:30 a.m.
on July 20, 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.

BENNY KONG & PETER TANG
Solicitors for the Petitioner
21st Floor, Tesbury Centre
28 Queen's Road East
Wanchai, Hong Kong

Note:

Any person who intends to appear at the hearing of the said
petition must serve on or send by post to the abovenamed, notice
in writing of his intention to do so.  The Notice must state the
name and address of the person, or if a firm or his or their
Solicitor (if any) and must be served or if posted, must be sent
by post in sufficient time to reach the abovenamed not later
than six o'clock in the afternoon of July 19, 2005.


M DREAM: Has Yet to Receive Writ from Softbank
----------------------------------------------
The Directors of M Dream Inworld Limited referred to the
articles in Sing Tao Daily and Oriental Daily on July 13, 2005
in connection with a Writ of Summons instituted by Softbank
against the Company and its Chairman, Mr. Koh Tat Lee, Michael.

The Directors confirmed that the Writ had not been served to the
Company but the Directors had contacted Softbank to obtain more
information on the Writ. The Company had also been negotiating
with Softbank on the refinancing of the loan. Further
announcement will be made when details of the refinancing are
finalized.

In a disclosure to the Hong Kong Stock Exchange, the directors
referred to the articles appearing in Sing Tao Daily and
Oriental Daily on 13 July 2005 in connection with a Writ of
Summons (the Writ) in High Court instituted by Softbank
Investment International (Strategic) Limited (Softbank) dated
July 12, 2005 against the Company and its Chairman, Mr. Koh Tat
Lee, Michael. The Writ concerned a loan of US$1 million (HK$7.8
million equivalent) extended from Softbank to the Company plus
interest accrued thereon of approximately HK$390,000.

The Directors confirmed that the Writ had not been served to the
Company but the Directors had contacted Softbank to obtain more
information on the Writ. The Company had also been negotiating
with Softbank on the refinancing of the loan. Further
announcement will be made when details of the refinancing are
finalized threatened against the Group.

The Directors confirm that they are not aware of any adverse
change in the financial or trading position of the Group, which
is brought about by the pending litigation threatened against
the Group.

The Directors wish to confirm that, apart from the above, they
are not aware of any matter discloseable under the general
obligations imposed by the Rules Governing the Listing of
Securities on the Growth Enterprise Market of The Stock Exchange
of Hong Kong Limited, which is or may be of a price sensitive
nature.

By Order of the Board
M Dream Inworld Limited
Koh Tat Lee, Michael
Chairman
Hong Kong, 13 July 2005

CONTACT:

M Dream Inworld Limited
20/F, Beautiful Group Tower
77 Connaught Road Central
Central, Hong Kong
Phone: 29597219
Fax: 25093113
Web site: http://www.mdreaminworld.com


MOULIN GLOBAL: Willie Clarifies Takeover Report
-----------------------------------------------
The directors of Willie International Holdings Limited wishes to
make a clarification in relation to two articles published in
Sing Tao Daily and Ming Pao on July 12, 2005 which reported
that, among other things, the Company had formed a joint venture
to acquire the assets of Moulin Global Eyecare Holdings
Limited (Moulin) and subscribe new shares of Moulin.

The Directors wish to clarify that the Company has not submitted
a formal indicative offer (the Formal Offer) to the Provisional
Liquidators and, save as disclosed herein, there is no further
progress of the possible acquisition of the manufacturing
operation of Moulin in the People's Republic of China and the
possible restructuring of the Moulin group (the Transaction)
since the announcement of the Company dated 4 July 2005 (the
Announcement).

The Directors refer to the Announcement, which stated that the
Company was in preliminary discussion with Mr. Roderick Sutton
of Ferrier Hodgson Limited, the provisional liquidators of
Moulin (the Provisional Liquidators) in relation to the
Transaction. The Directors further announced that the Company is
considering the submission of the Formal Offer to the
Provisional Liquidators according to the indicative timetable of
the Provisional Liquidators.

Apart from the information disclosed herein and in the
Announcement, the Directors confirm that there is no further
progress of the Transaction which requires public disclosure as
pursuant to the Rules Governing the Listing of Securities on The
Stock Exchange of Hong Kong Limited (the Listing Rules) as at
the date of this announcement and there are no negotiations or
agreements relating to intended acquisitions or realizations
which are discloseable under Rule 13.23 of the Listing Rules,
neither is the board of directors of the Company aware of any
matter discloseable under the general obligation imposed by Rule
13.09 of the Listing Rules, which is or may be of a price-
sensitive nature.

Since the Transaction may or may not proceed, shareholders of
the Company are reminded to exercise cautions in dealing the
Shares.

Made by the order of the Board, the Directors of which
individually and jointly accept responsibility for the accuracy
of this statement.

CONTACT:

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


PCCW LIMITED: Forges Service Deal With China Netcom
---------------------------------------------------
The Directors announce that PCCW Beijing, a wholly owned
subsidiary of PCCW Limited, has agreed to enter into nine
Enterprise Resource Planning (ERP) agreements with China Netcom
and China Netcom (Group) Company Limited on or before August 31,
2005.

China Netcom BVI, an indirect wholly owned subsidiary of China
Netcom, is a substantial shareholder and connected person (as
defined in the Listing Rules) of the Company.

Accordingly, the China Netcom Group is therefore connected
person of the Company under the Listing Rules.

The provision of system integration and consultancy services for
establishing ERP system to the China Netcom Group will commence
on July 14, 2005 or on such later date as agreed by the parties.

The Transaction constitutes a connected transaction of the
Company and is subject to the reporting and announcement
requirements but is exempt from the independent Shareholders'
approval requirements under Rule 14A.32 of the Listing Rules.

For more details, go to
http://bankrupt.com/misc/tcrap_pccw0714.pdf

CONTACT:

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


PCCW LIMITED: To Sell 10-year Bonds to Boost Reserves
-----------------------------------------------------
PCCW Limited has sold US$500 million (HK$3.9 billion) worth of
10-year bonds, with the money used to strengthen the company's
weak capital base and for general corporate purposes, Infocast
reports.

The bonds are priced at 99.142 percent of the face value to
yield 120 basis points above the U.S. Treasuries. The coupon
rate is 5.25 percent.

The subscriptions for the issue amounted to US$1.3 billion.
Around 50 percent of the bonds were allocated to U.S. investors,
while European and Japanese investors are allocated with 25
percent each.


PCCW LIMITED: Fitch Revises PCCW-HKT's Outlook to Negative
----------------------------------------------------------
Fitch Ratings, the international rating agency, revised on July
13 the rating Outlook on PCCW-HKT Telephone Limited (HKTC) to
Negative from Stable, and affirmed HKTC's Senior Unsecured
rating at 'BBB+'. At the same time, Fitch assigned a rating of
'BBB+' to the proposed USD500 million Senior Unsecured bond due
2015 to be issued by PCCW-HKT Capital No.3 Limited and
guaranteed by HKTC. The proceeds of the bond will be used for
general corporate purposes.

Meanwhile, the ratings on HKTC's existing debt issues and
committed facilities have also all been affirmed at 'BBB+'.

"The revision in the rating Outlook follows the weaker than
anticipated operating performance by HKTC over the past two
years on account of the harsh regulatory regime and sustained
acute competition in the Hong Kong telecom market," said
Jonathan Cornish, Fitch's Regional Head of TMT - Asia-Pacific.

He said this has led to higher gross leverage (or gross debt to
EBITDA) and lower interest coverage ratios than the agency
expected. At FYE04, HKTC had gross leverage (including debt
guaranteed on behalf of the PCCW group (PCCW)) of 3.0x, but this
will rise further following the issue of the new USD500m bond.

Since HKTC is the principal cash flow and earnings generator of
the group, PCCW's coverage ratios have also been weaker than
Fitch had expected and will deteriorate slightly following the
bond issue. Other factors that have contributed to PCCW's weaker
coverage ratios include some USD300m in financial support -
through a capacity prepayment and the acquisition of a
distressed bank loan - being provided over time to Reach Ltd (a
50/50 joint venture with Telstra Corporation Limited) and the
recent acquisition of a 60% stake in Sunday Communications
Limited ("Sunday") for USD150million. Should PCCW acquire 100%
of Sunday then with assumed debt and capex financing
commitments, PCCW's net leverage will be around 3.0x (based on
FY04 EBITDA).

"In addition to the currently weaker than expected financial
profiles of HKTC and PCCW and the acutely competitive
environment, the revised Outlook also reflects the need to boost
Sunday's market position, which may exert more pressure on key
credit metrics in the near-term," said Mr Cornish.

He added however that Fitch recognizes the longer-term benefit
of the Sunday acquisition and the potential for PCCW to leverage
operating synergies and enhance its competitive position. HKTC's
Outlook may be stabilized should it demonstrate greater
resilience to competition, including no further deterioration in
its financial profile and further sustained improvement in
PCCW's financial profile.

On the other hand, should earnings at HKTC continue to
deteriorate and gross leverage be sustained above 3.6x for
longer than six months and/or PCCW's net leverage be sustained
above 3.1x over the same period, then the rating may be lowered.

"The ratings could also see some downward pressure should PCCW
fund any further acquisitions or investments with debt. In this
regard, Fitch notes that PCCW may invest in projects in China,"
added Mr. Cornish.

However, Fitch is not aware of any such imminent investments
that would result in an increase in PCCW's net indebtedness in
the near-term.

HKTC's rating continues to be supported by its leading position
in the Hong Kong telecom market, its superior networks and
technology as well as its positive free cash flow ("FCF")
generation (although this has been diminishing in recent years).
With greater operational flexibility provided by recent
regulatory determinations and its affiliation with Sunday, Fitch
expects HKTC to strengthen its competitive position going
forward.

The rating is, however, constrained by its current level of
financial leverage, which is at the upper level of comfort for
the rating category, the prevailing acute competitive conditions
in Hong Kong that are eroding operator profitability and its
affiliation with PCCW, which itself has moderately high leverage
but is dependent upon HKTC for a large part of its cash flow.
That said, Fitch notes that PCCW has been de-leveraging and is
expected to continue to do so beyond 2005.

PCCW's net debt currently is around USD2.3bn, which is
substantially lower than the USD3.4bn at FYE04 due to the sale
of the PCCW Tower (for which PCCW received USD360m) and the
USD1.0bn received from the sale of a 20% equity stake to the
China Netcom Group. However, Fitch expects PCCW to reduce net
debt further over time. Apart from positive cash flow
contributions from HKTC, its future de-leveraging efforts will
be assisted by further distributions from the Cyberport project.

Liquidity at HKTC and PCCW remains very sound; in addition to
the group's USD448m in cash at FYE04, positive FCF at HKTC and
distributions to PCCW expected from Cyberport, the group also
has access to some USD1.4bn in committed and un-drawn credit
lines. The debt maturity profile is well spread; apart from the
USD1.1bn convertible bond maturing in December 2005, the next
debt maturity of USD450m does not fall due until 2007.

Existing debt issues and committed facilities that have had
their ratings affirmed at 'BBB+' are as follows:

1) USD500m Guaranteed Notes issued by PCCW-HKT Capital No.2
Limited due 2013;
2) USD1,000m Guaranteed Notes issued by PCCW-HKT Capital Limited
due 2011;
3) HKD2.8bn revolving credit facility; and
4) HKD6.0bn revolving credit facility.

Contact:

Jonathan Cornish, Hong Kong
Phone: +852 2263 9901
Tony Stringer
Phone: +852 2263 9559


SOUTH AUSTRALIAN: Creditors Meeting Slated for July 29
------------------------------------------------------
Notice is hereby given that the creditors of South Australian
Finance (Hong Kong) Limited (In Members' Voluntary Liquidation)
are required on or before July 29, 2005, to send in their names,
addresses and particulars of their debts or claims, and the name
and address of their solicitors, if any, to the undersigned.

If so required by notice in writing from the said Liquidators,
they are to personally or by their solicitors to come in and
prove their said debts or claims at such time and place as shall
be specified in such notice.

In default thereof, they will be deemed to waive all of such
debts or claims and the Liquidators will be entitled seven days
after the above date, to distribute the funds available or any
part thereof to the Members.

Dated this 8th day of July, 2005

KENNETH G MORRISON
Liquidator
c/o 3801 Central Plaza
18 Harbour Road
Wanchai, Hong Kong


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

EXCELCOMINDO PRATAMA: Moody's Affirms Ba3 Local Currency Rating
---------------------------------------------------------------
Moody's Investors Service has assigned a Ba3 corporate family
rating to PT Excelcomindo Pratama.

Excelcomindo Pratama (P.T.) -- Long Term Domestic Currency
Corporate Family Rating -- Affirmed at Ba3/STA
  
Moody's Investors Service published on July 14, 2005 the results
of an examination of the ratings of corporate government-related
entities in Asia Pacific (including Japan) in light of the
introduction of its new rating methodology for Joint Default
Analysis (JDA).
In April 2005, Moody's published a Rating Methodology report,
entitled "The Application of Joint-Default Analysis to
Government-Related Issuers".

The new methodology formally disaggregates the ratings of GRIs
into four components: (i) an assessment of the GRI's baseline
credit risk, (ii) the default risk of the supporting government,
(iii) the default dependence between the GRI and the government,
and (iv) the expected level of support from the government.

CONTACT:

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


PERTAMINA: Seeks to Build East Java Oil Refinery
------------------------------------------------
State-owned oil and gas firm PT Pertamina proposed to build an
oil refinery in Tuban, East Java, which would produce 200,000
barrels of crude oil daily, reports Asia Pulse.

According to Pertamina President Director Widya Purnama, the
construction project is expected to cost IDR9.8 trillion, and
would enable Indonesia to refine up to 1.25 million barrels of
oil on a daily basis, as well as increase the national level of
fuel stocks to have fuel reserves for up to 30 days, instead of
the safe 22-day requirement.

Even with a reported decline in oil production from some gas
blocks, Pertamina is confident that by 2008, Indonesia's current
oil production would increase from 1.13 million barrels per day
to 1.25 million barrels per day. This is mainly due to the
operation of the Company's gas block in Cepu and Jeruk, in
Eastern Java.

A long-standing dispute between the Indonesian government, which
runs Pertamina, and U.S. oil giant ExxonMobil on the operation
of the Company's Cepu block was resolved just a few weeks
earlier, with both parties coming to an agreement that they coud
agree on. Pertamina's Cepu block, once it is fully operational,
is expected to produce up to 170,000 barrels of crude oil daily,
while its Jeruk gas block would have a production capacity of
100,000 barrels per day.

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


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

FALTEC COMPANY: Losses Prompt Production Halt in U.S.
-----------------------------------------------------
Autoparts manufacturer Faltec Co. will halt its production in
North America by August following accumulated losses at its U.S.
unit H.A. Parts Products of Indiana Co. (Happico), the Nikkei
Weekly reports.

The company attributes the poor performance of its U.S.
operations to demands for severe cost cuts from its main
customer, Nissan Motor Co. and Faltec is not the only parts
maker once closely associated with Nissan struggling to turn a
profit in the United States.

Faltec will also sell some of its plants and equipment for
producing plastics to Chiyoda Mfg. Co., which is based in Ota,
Gunma Prefecture. The remaining equipment will be transferred to
four or five U.S. autoparts makers. Happico will then be
liquidated.

CONTACT:

Faltec Co. Ltd.
320 Kamiyabe-cho, Totsuka-ku
Yokohama, Kanagawa 245-0053
Japan
Web site: http://www.faltec.co.jp/en/


JAPAN AIRLINES: Inks Frequent Flyer Deal With LAN Airlines
----------------------------------------------------------
Japan Airlines and LAN Airlines (NYSE:LFL) have received the
Japanese Government's approval to initiate a reciprocal Frequent
Flyer Program agreement beginning July 1, 2005.

The JAL Group and LAN Airlines commence a reciprocal Frequent
Flyer Program agreement, offering 17.35 million JAL Mileage Bank
(JMB) members and approximately 1.4 million of LAN's LANPASS
members the ability to accrue and redeem mileage on each other's
networks (note 1).

Japan Airlines, Asia's biggest airline group, serves some 208
airports in 35 countries and territories worldwide. The group
network extends over 227 international passenger routes, and
provides the largest Japan domestic network covering more than
60 destinations.

Ignacio Cueto, Chief Executive Officer of LAN Airlines'
passenger division said: "As we are continuously thinking about
expanding the benefits to our LANPASS members, we have signed
this agreement with the best and most prestigious Japanese
company that will allow the accumulation and redemption
throughout the vast network of international destinations
operated by Japan Airlines. As a result, Latin America's leading
frequent flyer program once again offers more and better
benefits to its partners around the world."

LAN Airlines is part of a service alliance consisting of five
airlines (note 2) in Latin America. The LAN alliance's vast
route network reaches a large number of destinations throughout
the world, including the Americas, Europe and the South Pacific.
LAN Alliance operates 46 destinations in Latin America and seven
destinations in United States, Europe and South Pacific.

JAL's frequent flyer member passengers traveling on
international LAN flights (note 3) will be able to accrue JAL
Mileage Bank mileage and redeem mileage on LAN flights.
Similarly, LANPASS members traveling on international JAPAN
AIRLINES flights will be able to accrue LANPASS kilometers and
redeem their kilometers on JAL flights.

Please refer to http://www.lan.comfor further accrual and  
redemption conditions.

(note 1) Mileage accrual will be applicable for flights on and
after July 1, 2005. Application for LAN award tickets will be
accepted from August 1, 2005 for flights on and after August 15,
2005. Application for JAL award tickets will be accepted from
July 1, 2005 for flights on and after July 15, 2005.

(note 2) LAN Airlines, LAN Express, LAN Peru, LAN Ecuador and
LAN Argentina.

(note 3) Domestic Flights of LAN Peru, LAN Express, LAN Airlines
and LAN Argentina do not accrue miles on the first stage. LAN
Argentina's international flights identified with "4M" code do
not accrue miles during the first stage.  
  
CONTACT INFORMATION  
MSP Communications, Inc., Coral Springs, Fla.
Misty Pinson, 954-341-2535
mspcomm@bellsouth.net  

This is a company press release.


JAPAN AIRLINES: Mulls Another International Fuel Surcharge Hike
---------------------------------------------------------------
Japan Airlines (JAL) is considering raising the fuel surcharge
for its international cargo service to JPY42 a kilogram from
JPY36 to pass on surging fuel prices, Agassi-France Press
reports.

The plan is approved by the transport ministry in Japan and will
be the fifth hike in the surcharge since 2004.

The airline has already increased surcharges for passengers on
international routes twice this year because of the high cost of
oil.

CONTACT:

Japan Airlines Corporation
4-11, Higashi-shinagawa 2-chome
Shinagawa-ku, Tokyo 140-8605, Japan
Phone: +81-3-5769-6097
Fax: +81-3-5460-5929


KANEBO LIMITED: Receives Bid from Cosmetics Makers
--------------------------------------------------
Shiseido Co., Kose Corporation and Kao Corporation will take
part in tenders for acquiring Kanebo Limited and Kanebo
Cosmetics Inc., Kyodo News reports.

It was not immediately known whether the three major cosmetics
makers are bidding separately or forming an alliance with other
companies.

CONTACT:

Kanebo Limited
Fukuoka, Sapporo
3-20-20 Kaigan Minato Tokyo
108-8080 Japan
Web site: http://www.kanebo.co.jp/english/Index.htm


SOFTBANK CORPORATION: Advises of Change in Trade Name
-----------------------------------------------------
Softbank Corporation announced that a proposed change in the
trade name of Softbank Finance Corporation (Head office: Minato-
ku, Tokyo; Representative Director: Yoshitaka Kitao), its wholly
owned subsidiary has been duly approved at its general meeting
of shareholders held on July 14 as follows:

New Trade Name: Softbank AM Corporation
Date of Change: Effective June 28, 2005
Reason for Change: The business line of the subsidiary is to be
changed.

CONTACT:

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


UFJ BANK: Fitch Upgrades Individual Ratings
-------------------------------------------
Fitch Ratings, the international rating agency, has upgraded the
Individual ratings of three major Japanese banks as follows:
Mitsubishi Trust & Banking Corporation (Mitsubishi Trust) to
'C/D' from 'D', UFJ Bank (UFJ) to 'D/E' from 'E', and UFJ Trust
Bank (UFJ Trust) also to 'D/E' from 'E'.

At the same time, the agency placed the Individual ratings of
both UFJ Bank and UFJ Trust on Rating Watch Positive in
anticipation of their merger with Bank of Tokyo-Mitsubishi (BTM)
and Mitsubishi Trust scheduled for 1st October 2005. BTM's
Individual rating was affirmed at 'C/D'. Fitch also affirmed its
Long- and Short-term ratings on BTM, Mitsubishi Trust, UFJ and
UFJ Trust at 'A- (A minus)' and 'F1', respectively. The Long-
term rating Outlook for all four banks is Stable.

At the start of the second half of the current fiscal year, BTM
and UFJ Bank will merge to create the Bank of Tokyo-Mitsubishi
UFJ. Fitch expects to assign the following ratings to the new
bank: Long-term 'A-' (A minus), Short-term 'F1', Individual
'C/D' and Support '1'. On the same date, Mitsubishi Trust and
UFJ Trust will also merge, crerating, Mitsubishi UFJ Trust and
Banking. Fitch also expects to assign the following ratings to
the newly-created Mitsubishi UFJ Trust & Banking: Long-term 'A-'
(A minus), Short-term 'F1', Individual 'C/D' and Support '1'.

In the fiscal year ending March 2005 ("FYE05"), BTM and
Mitsubishi Trust achieved further improvements in both capital
and asset quality, primarily reflecting a recovery in economy.
Although lower than the previous year, BTM posted ROE of over 8%
in FYE05. BTM also continued to utilise its deferred tax assets
("DTAs"), and these fell to just 12% of Tier 1 capital.

Mitsubishi Trust reported a similar trend. Tier 1 capital less
DTAs were 6.1% of BTM's risk weighted assets and 7.4% of
Mitsubishi Trust's. However, the forthcoming merger with UFJ
Bank will erode BTM's superior capital quality in comparison to
its peers. Considering this future development, Fitch has today
affirmed BTM's Individual rating at 'C/D'. On the other hand,
UFJ Trust is much smaller than Mitsubishi Trust, and
consequently, Fitch has raised Mitsubishi Trust's Individual
rating to reflect the improvement in the bank's performance to
date and also the limited impact on capital and asset quality
expected from the merger with UFJ Trust.

The Individual ratings of both UFJ Bank and UFJ Trust have been
raised following substantial improvement in asset quality in
FYE05, although Fitch notes these improvements have left the
capital positions of both banks very weak.

Since the mid-1990s, BTM's stand-alone strength has been
consistently superior to its peers as most of Japan's major
banks have struggled with asset and capital quality problems.
However, as the other banks recover, this relative strength -
one of the pillars of BTM's strong franchise - is going to be
challenged. The forthcoming merger with UFJ Bank will fortify
BTM's presently smaller presence in the Kinki/Osaka and Nagoya
areas of Japan. UFJ is also comparatively stronger in more
profitable business lines such as lending to small and middle
market corporates. These factors should enhance the retail
franchise of the merged bank.

Fitch expects the new bank to rapidly utilise UFJ Bank's stock
of DTAs, which will improve its capital quality. However the
quantity of capital will not increase substantially for the
first two years as the new bank repays public funds.

Nevertheless, Fitch believes that the merger will provide the
opportunity to achieve substantial synergies in terms of
business lines and customer bases. The new trust bank will gain
a dominant position in many areas, especially in the important
pension management business, which will enhance profitability.
If the merged banks achieve fast integration of systems,
business models and corporate cultures it could lead to
Individual and Long-term rating upgrades going forward. The new
group, Mitsubishi UFJ Financial Group, will have market share of
c.20% in both deposits and lending in Japan.

CONTACT:

Reiko Toritani, Akiko Kudo, Brett Hemsley (Tokyo)
Phone: +81 3 3288 2628
David Marshall (Hong Kong)
Phone: +852 2263 9963
Fred Puorro (New York)
Phone: +1 212 908 0500
Media Relations: Ching-Yuen Lock, Singapore
Phone: +65 6238 7301


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

JINRO LIMITED: Decision on Takeover Nears
-----------------------------------------
Pressure is mounting on Hite Brewery Co. over its acquisition of
Jinro Limited, relates Yonhap News.

The Fair Trade Commission is slated to make a decision if Hite's
takeover violates the country's antitrust law.

The opponents to the acquisition are concerned that Hite would
monopolize the domestic liquor market and put smaller markets
out of business.

"If Hite gets approval for the acquisition, it will take control
of the nation's liquor distribution network," said Kim Jun-
young, president of No. 2 beer maker Oriental Brewery Co.

Oriental Brewery as well as the city council of Gwangju, 329
kilometers southwest of Seoul is against the deal because they
believe that the acquisition will have a negative impact to the
regional economy.
Oriental Brewery and Bohae Soju plants are located there.

But the opposition does not affect Hite, because Hite believes
that their concerns are groundless.  Hite said brand power
matters more than distribution channels.  The company is
expecting a reasonable ruling from the Commission.

Hite has already expressed an intention to expand its market
share using Jinro distribution channels in the Seoul
Metropolitan area, Mr. Kim claimed.        

About 58 percent of the South Korea beer market is controlled by
Hite, while Jinro holds 55 percent of the soju market. Soju is a
popular distilled liquor consumed mainly by ordinary Koreans.

CONTACT:

Jinro Limited
1448-3 Seocho-dong Seocho-gu
Jinro Bldg
Seoul, Seoul 137-866
Korea (South)
Telephone: +82 2 520 3114; +82 2 520 3453  
Web site: http://www.jinro.co.kr/


LEGO KOREA: 130 Production Workers About to Lose Jobs
-----------------------------------------------------
Lego Korea Co. Ltd. is set to close its plant as part of its
global restructuring plan, Asia Pulse reveals.

As a result of Lego's struggle to improve its financial
condition the Incheon plant will be shutdown. The Lego Korean
unit would lay off 130 production workers and sell its
headquarters building.

Earlier, Lego announced that it has sold its theme parks in
other parts of the world to private equity fund Blackstone for
EUR375 million as part of the restructuring plans.

Lego is experiencing slow growth in the traditional toy market
as more and more children prefer to play with digital gadgets.

CONTACT:

Lego Korea Co., Ltd.
818-9 Yusan-Ri Hobub-Myun
Ichon-City, Kyungki-Do
ROK-Seoul, Korea
Telephone: +82 31 639 5000
Fax: +82 31 639 5001


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

ANTAH HOLDING: To Go Through Retrenchment Exercise
--------------------------------------------------
Antah Holding Berhad (Antah) issued to Bursa Malaysia Securities
Berhad an update on the reorganization of the company's
structure retrenchment of surplus employees.

(1) Introduction

The Company (ANTAH) advised the bourse that it will be carrying
out an exercise to reorganize the Company's structure. The
reorganization of the Company's structure will affect the
Company's current size of workforce at its corporate office, now
operating from Subang Jaya, Selangor Darul Ehsan.

(2) Rationale for Implementation

The reorganization of the Company's structure is due to the
surplus of employees at the Company's corporate office, wherein
a redundancy situation exists. The Company will carry out the
retrenchment exercise in view of the fact that it had suffered
financial losses over the past few years, which had now caused
financial hardship to the Company.

The retrenchment exercise will be carried out in accordance with
the applicable laws and the employment contract(s) of the
retrenched employee(s).

(3) Effect of the Retrenchment Exercise

The retrenchment exercise will involve some of the Company's
employees at its current corporate office at Subang Jaya,
Selangor Darul Ehsan.

The above exercise is not expected to have any material
financial effect on the net tangible assets and earnings per
share of the Antah Group.

CONTACT:

Antah Holdings Berhad
9577 Jalan SS16/1 Subang Jaya
47500 Petaling Jaya Selangor
Telephone: 03-5632 8668
Fax: 03-5635 1234


DENKO INDUSTRIAL: Unit Receives Court Order to Wind Up
------------------------------------------------------
On behalf of the Board of Denko Industrial Corporation Berhad
(Denko), the company informed Bursa Malaysia Securities Berhad
that on July 5, 2005, Skiva Holdings Sdn. Bhd (SHSB), a wholly
owned subsidiary of Denko Industrial Corporation Berhad had
received a Court Order (Kuala Lumpur High Court Winding-up No.
D6-21-151-2004) in respect of Winding-Up petition filed by
Government of Malaysia.

The following are the Court's order:

(a) That SHSB will Wind-Up in accordance with Companies Act,
1965;

(b) That the Official Liquidator be appointed to SHSB;

(c) That the cost of the Winding-Up petition will be assessed by
the Court Official and will be paid out of the assets of SHSB.

(1) Detail information of SHSB and its subsidiaries are as
follows:

(a) SHSB is principally engaged in manufacturing and sale of
foundation garments made of cotton, polyester and other types of
fabrics.

To view a full copy of the document, click
http://bankrupt.com/misc/DenkoIndustrial070805.doc

CONTACT:

Denko Industrial Corp. Berhad
Lot 4.21, 4th Floor, Plaza Prima
4 1/2 Miles, Jalan Klang Lama
58200 Kuala Lumpur
Telephone: 03-7983 9099
Fax: 03-7981 7629


HABIB CORPORATION: BNM Agrees to Acquire Unit for MYR740Mln
-----------------------------------------------------------
Habib Corp. Berhad issued to Bursa Malaysia Securities Berhad an
update on the:

(I) Proposed acquisition by the company from Chuan Hup Holdings
Ltd. (CH or vendor) of the following:

- The entire Marine Logistics business of CH;

- 205,000,000 ordinary shares of SG$0.05 each representing 29.07
percent equity interest in CH Offshore Ltd. and;

- 298,905,500 ordinary shares of IDR100 each representing 49.07
percent equity interest in PT Rig Tenders Indonesia Tbk (PTRT)

for a total purchase consideration of SG$570,621,190
(MYR1,312,428,737) to be satisfied via a cash payment of
SG$485,621,190 (MYR1,116,928,737) and the issuance of
170,000,000 new ordinary shares of MYR1.00 each in HCB (HCB
Shares) at the issue price of MYR1.15 each (proposed
acquisitions)

(II) Proposed rights issue of 74,000,000 new HCB shares (rights
shares) at an issue price of MYR1.15 per rights share on the
basis of one (1) rights share for each HCB share held on a date
to be determined and announced later (proposed rights issue);

(iii) Proposed restricted issue of 173,913,043 new HCB shares at
an issue price of MYR1.15 per HCB share to Scomi Group Bhd
(Scomi) (proposed restricted issue);

(iv) Proposed placement of up to 96,000,000 new HCB shares at a
minimum issue price of MYR1.25 per HCB share to institutional
investors (to be identified) (proposed placement);

(V) Proposed issuance of up to 160,000,000 redeemable
convertible cumulative preference shares of MYR0.01 each (HCB
RCCPS or RCCPS) at an issue price of MYR1.00 each to investors
(to be identified) and on terms to be determined at a later date
(Proposed RCCPS Issue);

(vi) Proposed general offer for the remaining 310,224,500
ordinary shares of IDR100 each (PTRT Shares) representing 50.93%
equity interest in PTRT not owned by HCB after the proposed
acquisitions (Proposed PTRT Go); and

(vii) Proposed increase in the authorized share capital of HCB
from MYR100,000,000 comprising 100,000,000 HCB shares to
MYR802,000,000 comprising 800,000,000 HCB shares and 200,000,000
HCB RCCPS.

On behalf of HCB, Commerce International Merchant Bankers Berhad
(CIMB) announce to the bourse that Bank Negara Malaysia (BNM)
had, via its letter dated July 4, 2005 (which was received on
July 8, 2005) granted the:

(i) Approval for the payment of a total amount equivalent to
MYR740 million to a wholly owned subsidiary of HCB to be
incorporated in Singapore (Newco) for the purpose of the
Proposed Acquisitions; and

(ii) Approval-in-principal for the Proposed RCCPS Issue.

The above approvals are subject to the following:

For the Proposed Acquisitions

(i) HCB is required to repatriate back to Malaysia, all the
dividends, profits and earnings from the proceeds of the
disposal of investment once (i) such dividends and profits are
paid, or (ii) the investment in its foreign subsidiary is being
disposed of. Further, HCB is required to inform the Foreign
Exchange Administrative Department (FEAD) accordingly;

(ii) To complete and furnish to BNM a quarterly report on its
External Assets and Liabilities of Resident Companies in
Malaysia in the third quarter of 2005 based on the procedures
set out in the abovesaid BNM's letter. Action may be taken by
BNM if HCB fails to comply with this requirement; and

(iii) HCB and Newco are required to submit a copy each of their
financial year-end statements to the FEAD, once they are made
available.

If HCB has not made the payment within a period of twelve (12)-
month from the date of the abovesaid BNM's letter, i.e. July 4,
2006, HCB is required to further inform BNM before making such
payment.

HCB is required to inform the BNM, the name and details of the
Newco, once it is incorporated.

For the Proposed RCCPS Issue

Approval-in-principal is granted to HCB to issue the RCCPS to
non-resident investors, subject to HCB informing BNM the terms
of the RCCPS once it has been issued, to enable BNM to issue the
reference number for the said RCCPS.

This announcement is dated 8 July 2005.


LION CORPORATION: BNM Approval to Proposals Bears Condition
-----------------------------------------------------------
Lion Corporation Berhad (LCB) issued to Bursa Malaysia
Securities Berhad an update on:

(i) Proposed conditional take-over offer to acquire the
remaining 71,522,971 ordinary shares of MYR1.00 each in
Amalgamated Containers Berhad (ACB) representing approximately
95.73 percent of ACB's issued and paid-up share capital not
already owned by LCB and its wholly owned subsidiary, Limpahjaya
Sdn Bhd (Limpahjaya), on the basis of two (2) new ordinary
shares of MYR1.00 each in LCB at an issue price of MYR1.31 for
every three (3) existing ordinary shares of MYR1.00 each in ACB
held (the Proposed Offer);

(ii) Proposed acquisition by LCB of 148,750,644 ordinary shares
of SG$0.10 each in Lion Asiapac Limited (LAP) representing
approximately 36.68 percent in the issued and paid-up share
capital of LAP and 148,750,644 warrants in LAP for a purchase
consideration of SG$32,725,142 (equivalent to approximately
MYR75,595,078) (the Proposed LAP Acquisition); and

(iii) Proposed acquisition by LCB of the entire issued and paid-
up share capital of Lion Plate Mills Sdn Bhd (LPM) comprising
10,000 ordinary shares of MYR1.00 each in LPM for a purchase
consideration of MYR70,000,000 (the Proposed LPM Acquisition).

(The Proposed LAP Acquisition and the Proposed LPM Acquisition
are collectively referred to as the Proposed Acquisitions and
the Proposed Offer and the Proposed Acquisitions are
collectively referred to as the Proposals)

The company refers to the announcement dated November 25, 2004
made by K&N Kenanga Berhad (Kenanga) on behalf of the Company in
relation to the Proposals. Kenanga announced, on behalf of the
Company, that Bank Negara Malaysia (BNM) has, vide its letter
dated July 4, 2005, which was received on July 7, 2005, approved
the following:

(a) LCB to provide credit facility of approximately SG$32.73
million (equivalent to approximately MYR75.60 million) to LCB
Venture Pte Ltd (LCBV), a wholly owned subsidiary company of LCB
incorporated in Singapore, for the purpose of the Proposed LAP
Acquisition; and

(b) LCB to provide credit facility of approximately SG$30.30
million (equivalent to MYR70 million) to Lion General Trading &
Marketing (S) Pte Ltd (Lion General), a wholly owned subsidiary
company of LCB incorporated in Singapore, for the purpose of the
Proposed LPM Acquisition.

The approval from BNM is conditional upon the following:

(a) LCB is required to repatriate to Malaysia all dividends,
profit and capital gains from any disposal of investments by
LCBV and Lion General as soon as any of the above is paid or
upon the disposal of its investments in shares of foreign
company(ies), and to inform Jabatan Pentadbiran Pertukaran Asing
of BNM (JPPA) accordingly;

(b) LCB is to submit the Quarterly Report on External Assets and
Liabilities of Resident Companies in Malaysia commencing from
the 3rd quarter of 2005; and

(c) LCB is to submit to JPPA a copy of the annual audited
financial statements of LCB, LCBV and Lion General each as soon
as the said annual audited financial statements are made
available.

The Proposals are still subject to other approvals to be
obtained as set out in the conditions precedent as disclosed in
the Company's announcement dated November 25, 2004.

This announcement is dated 8 July 2005.

CONTACT:

Lion Corporation Berhad
Level 46, Menara Citibank
165, Jalan Ampang
50450 Kuala Lumpur
Phone: 03-21622155
Fax: 03-21623448
Web site: http://www.lion.com.my


MECHMAR CORPORATION: Terminates Agreement with Ranhill
------------------------------------------------------
Mechmar Corporation (Malaysia) Berhad (Mechmar) issued to Bursa
Malaysia Securities Berhad an update to the proposed disposal by
Mechmar to Ranhill Power Berhad (Ranhill Power) of its entire
equity interest in Independent Power Tanzania Limited (IPTL)
comprising 7 ordinary shares of Tanzanian Shilling 5,000 each in
IPTL representing 70 percent of the issued and paid-up share
capital of IPTL for a total cash consideration of US$15 million
(equivalent to MYR57 million) (Proposed Disposal).

The Board of Directors of Mechmar disclosed that the conditional
sale and purchase agreement dated March 10, 2005 in relation to
the Proposed Disposal lapsed July 9, 2005 and will thereafter be
deemed terminated. In this respect, Mechmar will not proceed
with the Proposed Disposal.

This announcement is dated 8 July 2005.

CONTACT:

Mechmar Corporation (Malaysia) Berhad
HICOM-Glenmarie Industrial Park
Shah Alam, Selangor Darul Ehsan 40150
Malaysia
Phone: +60 3 5569 2828
Fax:   +60 5569 1316


NALURI BERHAD: Unit Cuts Signforce Ties
---------------------------------------
Naluri Berhad (Naluri) issued an announcement to Bursa Malaysia
Securities Berhad pertaining to the Deed Of Settlement between
Technology Resources Properties Sdn Bhd (TRP) and Signforce Sdn
Bhd (Signforce).

(1) Introduction

The Board of Directors of Naluri Berhad (Naluri) informed the
bourse that its wholly owned subsidiary company, TRP, had on
July 7, 2005 entered into a Deed of Settlement with Signforce.

(2) Details of the Settlement

Under a Hotel Management Agreement entered into between TRP and
Signforce dated September 10, 2001, TRP had appointed Signforce
to manage the Suitestay Executive Residences (the Hotel) from
September 10, 2001 to September 9, 2011 subject to the terms of
the Hotel Management Agreement.

Under a Hotel License Agreement dated September 10, 2001 entered
into by TRP and Signforce dated September 10, 2001, Signforce
had granted TRP a limited non exclusive license of the right to
use the intellectual property rights including the name
Suitestay Executive Residences subject to the terms of the Hotel
License Agreement.

The Board of TRP had decided to directly manage and operate the
Hotel.

The Deed of Settlement is entered into between TRP and Signforce
to mutually terminate and rescind the following agreements at a
consideration of Ringgit Malaysia Two Million Nine Hundred and
Fifty Thousand (MYR2,950,000) to be paid to Signforce pursuant
to the terms and conditions of the said Deed of Settlement
(hereinafter referred to as the Settlement):

(a) Hotel Management Agreement between TRP and Signforce for the
management and operation of the Hotel of which TRP is the legal
and beneficial owner; and

(b) Hotel License Agreement between TRP and Signforce granting
TRP a limited non-exclusive license of the right to use of the
intellectual property rights relating to the Hotel subject to
the terms of the Hotel License Agreement.

(3) Information on Suitestay Executive Residences

Suitestay Executive Residences is a service apartment hotel with
161 rooms situated at 161-D Jalan Ampang, 50450 Kuala Lumpur of
which TRP is the legal and beneficial owner and had been in
operation for ten years since its inception in 1995.

(4) Rationale for the Settlement

The Board of TRP is of the opinion that the Hotel will be more
efficiently managed and operated directly by TRP. The Tourism
Ministry had projected a 6% growth in the tourism industry in
Malaysia.

The Board of TRP is confident to develop and market the Hotel as
a residence of choice, to efficiently control costs and to
improve its occupancy rate in the light of the growing tourism
industry and the central location of the Hotel with its
proximity to major shopping malls and offices in the heart of
the Kuala Lumpur city centre.

With efficient and direct management of the Hotel, the Board
expects the future profit contribution from the hotel operations
to be enhanced thus further strengthening the Naluri Group's
earnings and enhancing shareholders' value. The hospitality
business will be an increasingly significant core business of
the Naluri Group.

(5) Directors' and Major Shareholders' Interests

None of the Directors and major shareholders of Naluri Group
have any interest, direct and indirect, in the Settlement.

(6) Directors' Statement

The Board of Naluri, having considered all aspects of the
Settlement, is of the opinion that the Settlement is in the best
interest of Naluri.

This announcement is dated 8th day of July 2005.

CONTACT:

Naluri Berhad
161B Jalan Ampang
Kuala Lumpur, 50450
Malaysia
Phone: +60 3 2162 0878
Fax:   +60 3 2162 0676


PAN PACIFIC: Default in Payment Status Unchanged
------------------------------------------------
On behalf of the Board of Directors of Pan Pacific Asia Berhad  
(PPAB), we wish to announce the Default in Payment as at June
30, 2005 of PPAB and its subsidiaries in accordance with the
Practice Note 1/2001.

The company also informed the bourse that there are no material
changes in PPAB's status of default from the date of the last
announcement until June 30, 2005.

To view a full copy of the announcement, click
http://bankrupt.com/misc/PanPacificdefaultpayment0605.xls

CONTACT:

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


PUNCAK NIAGA: Unit Completes Property Acquisition
-------------------------------------------------
Puncak Niaga Holdings Berhad (PNHB) issued to Bursa Malaysia
Securities Berhad an update on the Acquisition of Property
(Wisma Maritim) by wholly owned subsidiary, Puncak Niaga (M) Sdn
Bhd (PNSB).

The company refers to its earlier announcement to Bursa Malaysia
on February 18, 2005 in relation to the execution of the Sale
and Purchase Agreement in relation to the acquisition of a
Property in Shah Alam (Wisma Maritim) dated February 18, 2005
(SPA) between its wholly owned subsidiary, PNSB and Timor Marine
Sdn Bhd (the Vendor).

The company announced that PNSB had on July 6, 2005, received a
Letter of Consent dated July 4, 2005 from the Pejabat
Daerah/Tanah Petaling approving the transfer of the Property to
PNSB. The approval from the Foreign Investment Committee on the
SPA had been obtained earlier on March 16, 2005.

As such, the Condition Precedent of the SPA had been fulfilled
and the acquisition of the Property is deemed completed upon the
payment of the balance sum of MYR35,100,000 by PNSB to the
Vendor's solicitors under the terms and conditions of the SPA.

This announcement is dated 8 July 2005.

CONTACT:

Puncak Niaga Holdings Berhad
Suite 1401-1406, 14th Floor
Plaza See Hoy Chan
Jalan Raja Chulan
50200 Kuala Lumpur
Phone: 03-20318648
Fax: 03-20784386
Web site: http://www.puncakniaga.com.my


SUGAR BUN: To Convene AGM July 29
---------------------------------
The Board of Directors of Sugar Bun Corporation Berhad informed
Bursa Malaysia Securities Berhad that the 21st Annual General
Meeting of the Company will be held at Level 9, Wisma Oceanic,
Jalan OKK Awang Besar, 87007, W.P. Labuan on Friday, July 29,
2005 at 8:00 a.m.

To view a full copy of the notice, click
http://bankrupt.com/misc/SugarBun070805.doc


SUBUR TIASA: To Advertise Notice of Dividend in Straits Times  
-------------------------------------------------------------
Further to the announcement on declaration of interim dividend
on June 28, 2005 bearing reference number CC-050609-40203, the
Board of Directors of Subur Tiasa Holdings Berhad informed Bursa
Malaysia Securities Berhad that the Notice of Dividend
Entitlement will be advertised in the New Straits Times on July
11, 2005.


TALAM CORPORATION: Unveils Conditions Set by SC
-----------------------------------------------
Talam Corporation Berhad (Talam) refers to its announcements
dated January 23, 2003, May 7, 2003 and July 1, 2004 on the
conditions imposed by the Securities Commission (SC) on certain
properties of Talam and Europlus Berhad.

On behalf of Talam, the company announced that the SC had, vide
its letter dated July 5, 2005 (which was received on July 7,
2005), approved an extension of time from June 23, 2005 to June
23, 2006 for Talam to comply with the following conditions:

To view a full copy of the conditions, click
http://bankrupt.com/misc/TalamCorpBerhad070805.pdf

The approval of the SC is subject to the following conditions:

(i) Announcements on the status of the conditions above be made
to Bursa Malaysia Securities Berhad on a quarterly basis; and

(ii) That the SC be informed of the status of the conditions
when the announcements are made.

This announcement is dated 8 July 2005.

CONTACT:

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


TANCO HOLDINGS: Scheme Creditors OK Cash Proposal
-------------------------------------------------
Tanco Holdings Berhad advised Bursa Malaysia Securities Berahd
on May 24, 2005 that it is an Affected Listed Issuer pursuant to
PN17/2005.

In compliance with Paragraph 3.1(b) of PN17/2005, the Company
announced that subsequent to the last announcement dated July 1,
2005 on the status of the Company's Regularization Plan, the
Company has received further conditional approvals to the
Company's Cash Proposal from two further Scheme creditors,
namely, AmMerchant Bank Berhad and AmInternational (L) Ltd.

As a result, the Company has to date obtained conditional
approval from 79 percent of the Scheme creditors for the
Company's Cash Proposal.

The announcement is dated 8 July 2005.

CONTACT:

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


TIMBERWELL BERHAD: Unit to Repay Outstanding Loan in 24 Months
--------------------------------------------------------------
The Board of Directors of Timberwell Berhad (TWB) informed Bursa
Malaysia Securities Berhad that RHB Bank Berhad (Plaintiff)
served a Writ of Summons to TWB's wholly owned subsidiary,
Timberwell Enterprise Sdn Bhd (TESB) vide High Court in Sabah
and Sarawak at Kota Kinabalu Suit No. K22-125 of 2003 dated July
21, 2003 claiming for the following sum:

(a) Total outstanding payment of MYR2,052,475.41 from Overdraft
Facility as at June 30, 2003;

(b) Total outstanding payment of MYR3,954,853.54 from 5 year
term loan as at June 30, 2003;

(c) Interests on the total outstanding at 2.5 % and 1.75% per
annum above BLR of 6% and overdue interest at 1% per annum above
the BLR of 6.0% respectively from July 1, 2003 until the date of
full settlement of the outstanding sum;

(e) Legal cost incurred by the Plaintiff on a solicitor and
client basis;

(f) Any other order as the court may deem fit and proper to
grant.

Events leading up to the Summons

TESB has applied and was granted an Overdraft Facility of MYR2.0
million, a Term Loan Facility of MYR4.0 million and a
FBEP(AP)/DBEP (AP) Facility for MYR2.0 million (hereinafter
referred to as the Loan) by RHB Bank Berhad via the Letter of
Offer dated August 28, 1999 to finance the working capital of
TESB.

The Plaintiff agreed to reschedule the banking facilities by
consolidating the existing term loan and bankers acceptance into
a 5-year new term loan of MYR3.850 million vide a Supplemental
Agreement dated April 16, 2002 between the Plaintiff and TESB.

A parcel of land held under title TL017536300 (hereinafter
referred to as the Land) was charged by TESB to RHB as security
for the said facilities.

The Writ of Summons was served on TESB on July 23, 2003 after
demanding the total outstanding sum of MYR5,888,623.24 and the
Plaintiff has applied to sell the Land by way of foreclosure
under the Sabah Land Ordinance.

Financial impact of the litigation on the Group

After the full settlement of the MYR2.0 million overdraft
facility and rescheduling of the MYR3.85 million term loan (see
below), the Plaintiff covenants to TESB not to levy any
execution or bring or prosecute any proceedings against TESB,
and thus the litigation shall not have any material impact on
the net tangible assets of the Group.

Steps taken and proposed to be taken by the company

TESB has been making periodic payments to the Plaintiff before
and after receiving the Writ of Summons and at the same time,
negotiating with the Plaintiff to reschedule the banking
facilities.

The overdraft facility totaling MYR2.0 million was fully settled
by TESB to the Plaintiff on May 14, 2005. For the MYR3.85
million Term Loan, the Plaintiff has offered TESB and TESB has
accepted the offer of repayment in the sum of MYR175,000/- per
month for 24 months effective from July 15, 2005.

This announcement is dated 8th July 2005.


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

GLOBE TELECOM: Moody's Unveils Rating Impact of JDA
---------------------------------------------------
Moody's Investors Service has assigned a Baa3/Positive Long Term
Domestic Currency Corporate Family Rating to Globe Telecom Inc.

The rating agency also upgraded the firm's Senior Unsecured
Foreign Currency Debt Rating to Ba2/Negative from Ba3/Positive.

The rating follows a recent review of Moody's methodology used
in rating government related issuers.

Globe Telecom, Inc. -- Long Term Domestic Currency Corporate
Family Rating -- Affirmed at Baa3/POS

- Globe Telecom, Inc. -- Senior Unsecured Foreign Currency Debt
Rating -- Upgraded to Ba2/NEG from Ba3/POS

Moody's Investors Service published the results of an
examination of the ratings of corporate government-related
entities in Asia Pacific (including Japan) in light of the
introduction of its new rating methodology for Joint Default
Analysis (JDA).

In April 2005, Moody's published a Rating Methodology report,
entitled "The Application of Joint-Default Analysis to
Government-Related Issuers".

The new methodology formally disaggregates the ratings of GRIs
into four components: (i) an assessment of the GRI's baseline
credit risk, (ii) the default risk of the supporting government,
(iii) the default dependence between the GRI and the government,
and (iv) the expected level of support from the government.

The application of the new methodology resulted in 21 ratings
upgraded and 39 ratings affirmed.

CONTACT:

Globe Telecom Incorporated
Pioneer Corner Madison Streets
2/F Globe Telecom Plaza
Mandaluyong, MANILA 1552
PHILIPPINES
Phone: +63 2 730 2000
Fax: +63 2 739 2000
Web site: http://www.globe.com.ph


GLOBE TELECOM: Fitch Downgrades Outlook to Negative
---------------------------------------------------
Fitch Ratings, the international rating agency, has revised the
Outlook on the Long-term foreign currency rating of the
Philippines' Globe Telecom Inc. (Globe) to Negative from Stable.
At the same time, Fitch affirmed Globe's Long-term foreign
currency rating at 'BB' and the rating on its USD300 million
Senior Notes due 2012 at 'BB'.

Meanwhile, Fitch also affirmed the company's Long-term local
currency rating at 'BB+' with a Stable Outlook.

The revision in Outlook reflects a similar revision in Fitch's
rating Outlook on the Republic of the Philippines' 'BB' Long-
term foreign currency and 'BB+' local currency ratings to
Negative from Stable. Globe's foreign currency and senior debt
instrument ratings are constrained by the sovereign foreign
currency rating. However, as Globe's Long-term local currency
rating is not constrained by the sovereign, the Stable Outlook
on this rating has been maintained.

CONTACT: Jonathan Cornish, Hong Kong, Tel: +852 2263 9901.

Fitch's rating definitions are available on the agency's public
site, www.fitchratings.com. Published ratings, criteria and
methodologies and relevant policies and procedures are also
available from this site, at all times. This document will
remain on the public site for seven days. The issuer did not
participate in the process other than through the medium of its
public disclosure.


MANILA ELECTRIC: Regulator Approves Refund Scheme Changes
---------------------------------------------------------
Manila Electric Company's (Meralco) application to amend terms
of the fourth phase of a refund program for corporate clients
was approved by the Energy Regulatory Commission (ERC), The
Manila Standard relates.

The approval of Phase 4 will pave the way for the completion of
Meralco's Php30-billion refund as mandated by a Supreme Court
decision in 2003 for alleged overcharges.

The ERC unanimously accepted Meralco's application including its
petition to move the refund schedule for Phase 4-A to July and
Phase 4-B to October.

Phase 4-A is for small commercial/industrial customers and flat
streetlights including government hospitals and metered
streetlights (GHMS) with contracted monthly demand lower than 40
kilowatts.

Refund period for Phase 4-A will start on July to December 2006.
Terminated services of Phase 4-A will begin on May 2006 to
November 2006.

Phase 4-B, on the other hand, is for medium, large, very large
and extra large commercial and industrial customers including
GHMS with contracted monthly demand of 40 kw or higher.

For Phase 4-B, the refund period will start from October to
December 2010. Refund for terminated services will start on
January to June 2008.

Customers would be refunded through the issuance of postdated
checks, fixed credit to bills or cash.

CONTACT:

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


MAYNILAD WATER: Needs SEC Clearance Before Rehab Starts
-------------------------------------------------------
Maynilad Water Services Inc. still awaits regulator's approval
before it could implement its financial rehabilitation program,
according to BusinessWorld.

But before the Securities and Exchange Commission (SEC) could
give its nod, the Metropolitan Waterworks and Sewerage System
(MWSS) has to subscribe first to the shares of the debt-ridden
water concessionaire.

Court-appointed receiver Rosario S. Bernaldo, however, said the
transition group handling Maynilad's reprivatization will have
to thresh out a few more "issues" hampering the full
implementation and timing of the plan.

As such, the SEC's approval can be achieved by end-September,
Mr. Bernaldo said.

Maynilad's rehabilitation plan was already approved earlier by
the central bank. Under the scheme, Lopez-led Benpres Holdings
Corp. will write off its Php3.06-billion equity in Maynilad, as
well as Php621 million in advances. Benpres' French partner
Ondeo will also write off Php2 billion in equity and US$33
million in loans and advances.

CONTACT:

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


NATIONAL BANK: Product Bags Excellence Award
--------------------------------------------
The Philippine National Bank's (PNB) Budget Checking Account won
the Philippine Marketing Excellence Award as the country's Most
Outstanding Checking Account, BusinessWorld reports.

The recognition was given by the Philippine Marketing Excellence
Awards Institute, Sales and Marketing magazine, and the Asian
Institute of Marketing and Entrepreneurship.

The award was based on the results of various surveys, focus
group discussions, and market researches jointly conducted by
consumers and marketing professionals for the sole purpose of
selecting the best marketing companies or brands.

The survey used the following marketing metrics: market
dominance, market awareness, innovative marketing practices,
publicity generated in the mass media, customer service
orientation, product/service quality, value pricing, likeability
and goodwill, truthfulness in advertising, customer confidence,
other awards received, and overall market acceptability.

The PNB Budget Checking Account is a regular checking account
that requires an initial deposit or minimum maintaining balance
requirement of only Php2,500 from a client/depositor.

Launched only last February, its target market is composed of
young professionals, overseas Filipino workers (OFWs),
households, sole proprietors, and nonprofit/nongovernmental
organizations (NGOs) that would like to manage or monitor their
monthly expenditures properly by availing of the convenience
offered by checking accounts sans the usually stiff, high
maintaining balance requirement.

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 POWER: Moody's Assigns B1 Rating
-----------------------------------------
Moody's Investors Service has assigned a B1 debt rating to
National Power Corporation.

The rating follows a recent review of Moody's methodology used
in rating government related issuers.

National Power Corporation -- Backed Senior Unsecured Domestic
Currency Debt Rating -- Affirmed at B1/NEG

Moody's Investors Service published the results of an
examination of the ratings of corporate government-related
entities in Asia Pacific (including Japan) in light of the
introduction of its new rating methodology for Joint Default
Analysis (JDA).

In April 2005, Moody's published a Rating Methodology report,
entitled "The Application of Joint-Default Analysis to
Government-Related Issuers".

The new methodology formally disaggregates the ratings of GRIs
into four components: (i) an assessment of the GRI's baseline
credit risk, (ii) the default risk of the supporting government,
(iii) the default dependence between the GRI and the government,
and (iv) the expected level of support from the government.

The application of the new methodology resulted in 21 ratings
upgraded and 39 ratings affirmed.

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/


PHILIPPINE AIRLINES: Steps Up Security Measures
-----------------------------------------------
Philippine Airlines (PAL) and airport authorities have toughened
security checks on prohibited items after finding guns and
bullets seized at pre-departure areas of the country's
international airports in recent months, The Freeman reports.

The national flag carrier, in an advisory it released last week,
cautioned passengers about bringing prohibited items including
firearms, bullets and ammunition, illegal drugs and dangerous
goods onboard the aircraft. PAL warned airport authorities will
confiscate these and hold passengers for questioning or restrain
them from taking their flight.

PAL has apparently issued the advisory after airlines and
airport authorities converged for security meetings in recent
months.

Tirso Serrano, senior consultant to the general manager of the
Manila International Airport Authority said the aviation
industry was alarmed after live bullets were confiscated from
passengers checking in at pre-departure areas or about to board.

The toughened security measures are also in line with a U.S.
transportation security authority regulation, requiring aircraft
with U.S. destinations to have aviation security policies and
systems in their host countries or face denial of entry in U.S.
airports.

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


PHILIPPINE LONG: Fitch Revises Outlook to Negative
--------------------------------------------------
Fitch Ratings, the international rating agency, has revised the
Outlook on Philippine Long Distance Telephone Company's (PLDT)
Long-term foreign currency rating to Negative from Stable.

At the same time, Fitch has affirmed PLDT's Long-term foreign
currency rating and global bonds/senior notes at 'BB' and
convertible preferred stock at 'B+'.

PLDT's Long-term local currency rating has also been affirmed at
'BB+' with a Stable Outlook.

The revision in Outlook reflects a similar change in Fitch's
Outlook on the Republic of the Philippines' BB' Long-term
foreign currency and 'BB+' local currency ratings to Negative
from Stable. PLDT's foreign currency and senior debt instrument
ratings are constrained by the sovereign foreign currency
rating. On the other hand, PLDT's Long-term local currency
rating is not constrained hence the Stable Outlook has been
maintained.

PLDT itself has reported consistent improvement in its operating
and financial profile over a sustained period and this
contributed to its local currency rating being upgraded in May
2005 to 'BB+' from 'BB'. Much of the improvement has been driven
by robust growth at its highly cash-generative and 100%-owned
cellular subsidiary Smart Communications Inc, although PLDT's
fixed-line business is also free cash flow positive.

CONTACT:

Philippine Long Distance Telephone Co.
Ramon Cojuangco Building
Makati Avenue, Makati City
Telephone Numbers:  814-3552; 888-0188
Fax Number:  813-2292
Web site: http://www.pldt.com.ph


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

AIROCEAN GROUP: To Hold AGM July 29
-----------------------------------
Notice is hereby given that the Annual General Meeting of
Airocean Group Limited will be held on Friday, July 29, 2005, 3:
30 p.m. at Raffles The Plaza & Swissotel The Stamford, Raffles
City Convention Center, Mercury Room, 4th Level, 2 Stamford
Road, Singapore 178882.

The Company will also close its Transfer Book & Register of
Members on Aug. 11, 2005, to prepare dividend warrants and to
determine shareholders' entitlements to the dividend. The AGM
notice and the Company's annual report for the financial year
ended March 31, 2005 was dispatched to members on July 14, 2005.

To view a copy of the AGM notice, go to:

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

CONTACT:

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


BCV INVESTMENT: Liquidator Asks Creditors to Submit Claims
----------------------------------------------------------
Notice is hereby given that the creditors of BCV Investment Asia
(Singapore) Pte Limited, which is being wound up voluntarily,
are required on or before Aug. 8, 2005 to send in their names
and addresses and particulars of their debts or claims, and the
names and addresses of their solicitors (if any) to the
liquidator of the Company.

If so required by notice in writing by the said liquidator are,
by their solicitors or personally, to come in and prove their
debts or claims at the time and place specified in the notice.
Failure to do so would exclude them from any benefit of the
dividend.

Dated this 8th day of July 2005

Chong Shiao Feng
Liquidator
c/o 16 Raffles Quay
#22-00 Hong Leong Building
Singapore 048581


HIANGKIE INDUSTRIES: Court Orders Liquidation
---------------------------------------------
In the matter of Hiangkie Industries Pte Limited, a winding up
order was issued on July 1, 2005 by the Singapore High Court,
with the following details:

Name and address of Liquidator: Ernst & Young
10 Collyer Quay
#21-01 Ocean Building
Singapore 049513

Dated this 8th day of July 2005

Messrs Rajah & Tann
Solicitor for the Petitioner
No. 4 Battery Road #15-01
Bank of China Building
Singapore 049908


INFORMATICS HOLDINGS: Schedules July 29 AGM
-------------------------------------------
Notice is hereby given that the 22nd Annual General Meeting of
Informatics Holdings Limited will be held on Friday, July 29,
2005, 2:00 p.m. at Topaz Room 1 & 2, Level 2 Sheraton Towers, 39
Scotts Road, Singapore 228230.

Attached is the Company's AGM notice detailing the resolutions
to be passed during the meeting:

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

CONTACT:

Informatics Holdings Limited
Informatics Campus
12 Science Centre Road
Singapore 609080
Phone: 65 65625625
Fax:   65 65651371
Web site: http://www.informaticsgroup.com


LIFEXCHANGE ASIA: Liquidators Detail Creditors' Meeting Agenda
--------------------------------------------------------------
Notice is hereby given that the First Meeting of Creditors of
Lifexchange Asia Pacific Pte Limited regarding the Company's
winding up will be held on July 28, 2005, 3:00 p.m. at 7 Shenton
Way, Singapore Conference Hall, Singapore 068810
(SHRI - Summer Room).

Creditors must submit proof of debt at the Liquidators' office
no later than July 27, 2005, 4:00 p.m. and proxies to be used at
the meeting must be lodged with the office at the same period.

AGENDA

1. To receive a status update from the Liquidators.

2. To appoint a Committee of Inspection.

3. Any other matters.

Dated this 12th day of July 2005

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


METSO PTE: Creditors Must Submit Debt Claims By August 2
--------------------------------------------------------
Notice is hereby given that the creditors of Metso (Asia-
Pacific) Pte Limited, which is being wound up voluntarily, are
required on or before Aug. 2, 2005 to send in their names and
addresses with particulars of their debts or claims and the
names and addresses of their solicitors (if any) to the
liquidator of the company.

If so required by written notice by such liquidator, are by
their solicitors or personally, to come in and prove the said
debts or claims at the designated time and place of the notice;
failure to do so would exclude the creditor(s) from benefiting
from the dividend distribution.

Dated this 30th day of June 2005

Jacqueline Chan Li Shan
Liquidator
138 Cecil Street
#09-01A Cecil Court
Singapore 069538


NATIONAL SEMICONDUCTOR: To Close Plant, Lay Off 950 Workers
-----------------------------------------------------------
National Semiconductor Corporation is set to close its plant in
Singapore and lay off 950 employees, in preparation to transfer
production to countries with lower cost, Bloomberg News reports.

In a statement last July 14, 2005, the Company said that it
plans to transfer its plant to Malaysia and China, where
production are significantly lower due to cheap labor. Its
Singapore plant is set to close in December 2006, and expects to
save up to SGD10.14 million on a quarterly basis. The Company
would lose up to SGD50.73 million this quarter, however, with
the shutdown of its chip-making plant.

The Company's closing up shop and moving to China is part of a
recent trend by several companies to move closer to their
customers and take advantage of cheap land and labor costs, in
order to be more cost-effective. This has led Singapore Prime
Minister Lee Hsien Loong to aggressively promote service
industries in order to replace the jobs lost in manufacturing
firms that have shut down. Due to a slump in the local economy,
the country's unemployment rate has risen to a high of 3.9%.

CONTACT:

National Semiconductor Corporation
2900 Semiconductor Dr.
P.O. Box 58090
Santa Clara, California
USA 95052-8090
(408) 721-5000

National Semiconductor Corporation
11, Lorong 3, Toa Payoh
Singapore 319579


NATSTEEL LIMITED: Proposes to Change Company Name
-------------------------------------------------
Notice is hereby given that an Extraordinary General Meeting of
the Members of Natsteel Limited will be held on Aug. 12, 2005,
3: 30 p.m. at Function Rooms 1, 2 and 3, Raffles Marina Ltd, 10
Tuas West Drive Singapore 638404 in order to discuss and, if
thought fit, to approve the proposed name change of the Company
from Natsteel Limited to NSL Limited.

CONTACT:

NatSteel Limited
22 Tanjong Kling Road
Singapore 628048
Phone: 65 62651233
Fax:   65 62658317
Web site http://www.natsteel.com.sg


SUMIKIN BUSSAN: Members Resolve to Wind Up
------------------------------------------
At a General Meeting of Sumikin Bussan International Pte
Limited, duly convened and held on June 27, 2005, the following
resolutions were duly passed:

SPECIAL RESOLUTIONS:
(a) That the Company be wound up voluntarily pursuant to section
290 (1) (b) of the Companies Act, Cap. 50, and that Messrs
Steven Tan Chee Chuan and Douglas Tan Kay Yeow of 138 Cecil
Street, #15-00 Cecil Court, Singapore 069538, be and are hereby
appointed as Joint Liquidators for the purpose of such winding-
up.

(b) That the Liquidators be and are hereby authorized (when and
as soon as the debts and liabilities of the Company have been
paid and satisfied or duly provided for) to distribute the
assets in specie or kind among the contributories of the Company
in accordance with their respective rights and interests.

(c) That the Liquidators of the Company be and are hereby
authorized to exercise any of the powers given by section 272
(1) (b), (c), (d) and (e) of the Singapore Companies Act, Cap.
50.

ORDINARY RESOLUTION:

That the Liquidators, Messrs Steven Tan Chee Chuan and Douglas
Tan Kay Yeow, be remunerated for the work of winding-up of the
Company on their normal scale of fees and that the Liquidators
be indemnified by the Company against all costs, charges,
losses, expenses and liabilities incurred or sustained by them
in the execution and discharge of their duties in relation
thereto.

Steven Tan Chee Chuan
Douglas Tan Kay Yeow
Liquidators
138 Cecil Street, #15-00 Cecil Court
Singapore 069538


U-SYSTEMS SPECIALTY: Enters Winding Up Proceedings
--------------------------------------------------
In the matter of U-Systems Specialty Coating Pte Limited, a
winding up order was made on July 1, 2005 by the Singapore High
Court, with the following details:

Name and address of Liquidator: Mr Don Ho Mun-Tuke
Messrs Don Ho & Associates
20 Cecil Street
#12-02 & 03 Equity Plaza
Singapore 049705

Note:

(a) All creditors of the Company should file their proof of debt
with the liquidator who will be administering all affairs of the
company.

(b) All debts due to the Company should be forwarded to the
liquidator.


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

KRUNG THAI: Details Transfer of Substandard Assets to TAMC
----------------------------------------------------------
Krung Thai Bank Public Company Limited issued to the Stock
Exchange of Thailand (SET) details on the transfer of its
substandard assets to TAMC.

It is stipulated in the Thai Asset Management Corporation Royal
Ordinance B.E. 2544 (2001), Section 30 that a financial
institution or assets management company with the Financial
Institutions Development Fund or any combined government
agencies or state enterprises as its shareholders holding more
than fifty percent of paid - up registered capital shall
transfer all its substandard assets as at December 31, 2000 to
the Thai Asset Management Corporation (TAMC) within the period
of time specified by the TAMC.

In this regard, the Board of Directors of Krung Thai Bank Public
Co. Ltd. at its meeting No. 15/2544 (576) on October 17, 2001,
passed its resolution to ratify the approval of the transfer of
all substandard debtors to TAMC as mentioned above.

Initially there will be about 60,000 cases/debtors and THB80,000
million of outstanding debts in total. Of these figures, the
Bank already transferred them 29 times. As for the 30th transfer
scheduled for July 15, 2005, it consists of the following
details:

Serial Date Number of  Book Value  Transfer      Transfer
Number      cases       in          Price in      price to
                       Million Baht Million Baht  Outstanding
30   July 15,  23        66.28         30.74        46.38%
      2005

Information on transfer as at July 15, 2005 is estimated figures
since it is still in the transfer process and for the following
transfer, exact date and amount have not been fixed as yet.

Upon the Bank's transfer of substandard debtors to TAMC, it has
to complete verifying the asset prices to be initially repaid
within 180 days. If TAMC sees that such prices are correct, it
will issue a letter confirming the asset prices to be primarily
paid to the Bank within 7 days.

Concerning method of payment, TAMC will issue a nontransferable
promissory note on which the following details will be
specified:
    
-  Amount of money according to the price of asset transferred
to TAMC

-  Promissory note (P/N) issuing date according to the date of
asset transfer and due date of repayment upon the expiration of
10 years from the P/N issuing date with an aval by the Financial
Institutions Development Fund.

However, TAMC may exercise its right to redeem the P/N before
its maturity.

As for interest payment, TAMC will pay the interest on P/N to
the Bank according to the average interest on deposit by
calculating the interest as at the last working day of the year.

In addition, the above transactions are categorized as related -
party transactions but they are exempted according to Clause 8
(1) of the announcement of the Stock Exchange of Thailand (SET)
governing disclosure of related - party transactions, and the
size of the transaction when being fully transferred according
to the estimate will account for the rate of approximately 8.22
percent of the Bank's total assets whereby the Bank does not
have to comply with the SET's announcement governing the
acquisition or disposal of assets of a registered company.

Please be informed accordingly.

Yours sincerely,
Mr. Somanat Chutima
Senior Executive Vice President
Asset Management Group

CONTACT:

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


THAI PETROCHEMICAL: Responds to SET's Query Re EBITDA
-----------------------------------------------------
Thai Petrochemical Industry Public Company Limited (TPI) refers
to the letter of the Stock Exchange of Thailand (SET) that
required the company to provide information to the estimated
earnings before interest, tax and depreciation (EBITDA) for the
quarter ended June 30, 2005.

TPI disclosed the following to the SET:

The Company had recorded EBITDA of THB3,965 millions as reported
on the reviewed financial statements for the quarter ended March
30, 2005. As for the interim financial statements for the
quarter ended June 30, 2005, currently awaits review by the
Company's auditor, the Company expects to record an additional
EBITDA of THB4,710 millions.

Therefore, the estimated EBITDA for the period of January 1 to
June 30, 2005 should be THB8,675 millions.

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

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&P Raises Ratings, Revises Outlooks on 17 Asian Firms
--------------------------------------------------------
Standard & Poor's Ratings Services said that it had raised its
counterparty credit ratings or revised its rating outlooks on 15
banks and two financial holding companies in China, Hong Kong,
Malaysia, Singapore, Taiwan, and Thailand (see rating list
below).
     
The rating actions are primarily driven by Standard & Poor's
expectation that the strengthened credit fundamentals of these
rated banks and institutions can be sustained over the medium
term.
     
They follow a region-wide bank credit review in conjunction with
the assignment of bank fundamental strength ratings to banks in
the Asia-Pacific (see separate media release entitled "Standard
& Poor's Assigns Bank Fundamental Strength Ratings On Asia-
Pacific Banks").
     
While the banking sectors of emerging Asia have generally
improved since the 1997-1998 Asian financial crisis, the quality
of improvement has been uneven between and within sectors.
Standard & Poor's has been specifically identifying banks that
have successfully incorporated lasting improvements into their
risk management systems. By definition, some management system
controls are cultural and therefore qualitative in nature. As a
matter of course, Standard & Poor's expectations incorporate
some tolerances in accounting for cyclical fluctuations in a
bank's performance against those of its peers.

China

The Chinese government's measured endeavors to clean up the
country's banks are making good progress in the areas of
capitalization, asset quality, and risk management. While
Standard & Poor's continues to hold more conservative views of
the quality of banking sector assets than those articulated by
the authorities and the management teams of individual banks,
nonperforming asset sales and recent capital injections have
added to the credit strength of banks in China. More
particularly, Standard & Poor's is satisfied that China
Construction Bank and Bank of China are solidly embarked on the
path of financial reformation, noting that both banks are likely
to make IPOs in the near future. Consequently, Standard & Poor's
is revising its outlooks on the 'BBB-' long-term counterparty
credit ratings on both banks to positive from stable. The
ratings on the banks may be raised if they strengthen their
capital positions and continue to improve their asset quality
and profitability.
     
These actions mean that the outlooks on the counterparty credit
ratings on Bank of China, China Construction Bank, Industrial
and Commercial Bank of China, and Bank of Communications are all
positive.

Malaysia

(For more detailed discussion of today's rating actions on
Malaysian banks, see separate media release entitled "Ratings On
Malaysia's Maybank, RHB Bank And AmMerchant Raised; BFSRs
Assigned")
     
Standard & Poor's is confident that the credit profile of
Malayan Banking Berhad (Maybank) has recovered to a level
similar to that which the bank enjoyed prior to the 1997-1998
crisis, and that the bank will sustain this profile over the
medium term. Consequently, Standard & Poor's is raising its
long-term credit ratings on Maybank to 'A-' from 'BBB+'. The
ratings on Maybank and Public Bank Berhad ('A-/Stable/A-2') are
now the highest assigned to banks in Malaysia.
     
In terms of progress made since the regional crisis, the story
for RHB Bank Berhad is similar to Maybank's, with the added
complication of RHB Bank's merger with Bank Utama. Standard &
Poor's is raising its long-term credit ratings on RHB Bank to
'BBB-' from 'BB+'.
     
AmMerchant Bank Berhad has made headway in transiting to an
investment-banking model. Much work remains to be done to
strengthen its franchise, given that Commerce International
Merchant Bankers Berhad (BBB/Stable/A-2) has been vying in
recent years for the position of leading domestic merchant bank.
The long-term credit rating on AmMerchant has been raised to
'BB+' from 'BB'. The outlook on the long-term counterparty
credit ratings on Maybank and RHB Bank have been revised to
stable from positive, while that on the ratings on AmMerchant
remains stable.

Singapore and Hong Kong

The counterparty credit ratings on DBS Bank Ltd. have been
raised to 'AA-/A-1+' from 'A+/A-1'. Accordingly the bank now
stands alongside Hongkong and Shanghai Banking Corp. Ltd.
(foreign currency: A+/Positive/A-1; local currency: AA-
/Stable/A-1+) and Hang Seng Bank Ltd. (foreign currency:
A+/Positive/A-1; local currency: AA-/Stable/A-1+), the highest-
rated banks in Asia prior to Tuesday's action. The upgrade
reflects Standard & Poor's expectation that DBS Bank's risk
management systems, and anticipated improvements in these
systems in the years ahead, will be up to the task of sustaining
the bank's strong credit profile. While a cyclical credit
downturn in Asia over the medium term is possible, the bank is
expected to weather any such downturn even if its asset quality
and bottomline performance suffer.
     
As Standard & Poor's regards DBS Bank (Hong Kong) Ltd. as a core
entity of the DBS Bank group, the local currency counterparty
credit ratings on DBS Bank (Hong Kong) Ltd. have also been
raised to 'AA-/A-1+' from 'A+/A-1.' The foreign currency
counterparty credit ratings and outlook on DBS Bank (Hong Kong)
Ltd. remain unchanged, in line with the sovereign foreign
currency ratings and outlook on the Hong Kong Special
Administrative Region.

The outlooks on the long-term counterparty credit ratings on DBS
Bank and the local currency long-term counterparty credit
ratings on DBS Bank (Hong Kong) Ltd. have been revised to stable
from positive. The ratings and outlooks on the other two
domestic Singapore banks, United Overseas Bank Ltd.
(A+/Positive/A-1+) and Oversea-Chinese Banking Corp. Ltd.
(A+/Stable/A-1), remain unchanged.

Taiwan

The larger private sector banks in Taiwan continue to challenge
government-linked banks for market position. Among the more
successful private sector banks are Chinatrust Commercial Bank
and Bank Sinopac. Chinatrust Commercial Bank is poised to
benefit from its strengthening business franchise while Bank
Sinopac's business profile has improved in terms of increased
diversification of revenue sources and increased market share.
Consequently,
Standard & Poor's has revised its outlook on the 'BBB+' long-
term counterparty credit rating on Chinatrust Commercial Bank to
positive from stable and raised its counterparty credit ratings
on Bank Sinopac to 'BBB/A-2' from 'BBB-/A-3'.

The rating outlook on Bank Sinopac remains stable. In addition,
Standard & Poor's has revised its outlook on the rating on
Chinatrust Financial Holding Co. to positive from stable to
mirror the change in the outlook on the rating on Chinatrust
Commercial Bank and upgraded the long-term counterparty credit
ratings on SinoPac Holdings to 'BBB-' from 'BB+' to reflect the
change in the rating on Bank SinoPac, the holding company's key
subsidiary.
     
It should be pointed out that government-linked banks have also
sought to improve their profiles. Among them is Farmers Bank of
China whose efforts over the past few years have eased some of
the pressure on its financial profile.

Accordingly, the long-term counterparty credit rating on the
bank has been raised to 'BB+' from 'BB'. The outlook on the
rating remains stable. The highest rated Taiwan bank remains
government-owned Bank of Taiwan (A+/Stable/A-1).

Thailand

(For more detailed discussion of today's rating action on Thai
banks, see separate release entitled "Ratings On Four Thai Banks
Raised; Three To Investment Grade; Bank Financial Strength
Ratings Assigned."
     
Among the banking systems in Asia, Thailand's has been one of
the slowest to reduce its gross nonperforming assets to levels
closer to pre-Asian crisis ratios. Nevertheless, Thailand's
leading domestic banks have made inroads into their asset
quality problems and boosted their operating profitability.

Accordingly, Standard & Poor's is raising its counterparty
credit ratings on three banks, namely Bangkok Bank Public Co.
Ltd., KASIKORNBANK Public Co. Ltd. and Siam Commercial Bank
Public Co. Ltd. to 'BBB-/A-3' from 'BB+/B'. This marks the first
time since the Asian financial crisis that any Thai private
sector bank has returned to investment grade under Standard &
Poor's criteria.
     
Among the next tier of Thai banks, Standard & Poor's has raised
its long-term counterparty credit rating on Bank of Ayudhya
Public Co. Ltd. to 'BB+' from 'BB' with the outlook remaining
stable and the 'B' short-term counterparty credit rating
unchanged. The outlook on the 'BB+' long-term counterparty
credit rating on government-related Krung Thai Bank Public Co.
Ltd. has been revised to positive from stable.

Rating List
                          To                  From
China
Bank of China             BBB-/Positive/A-3   BBB-/Stable/A-3
China Construction Bank   BBB-/Positive/A-3   BBB-/Stable/A-3

                          To                  From
Hong Kong
DBS Bank (Hong Kong) Ltd.
Local currency            AA-/Stable/A-1+     A+/Positive/A-1
Foreign currency          A+/Positive/A-1
US$261.62M notes due 2007 A+                  A

                             To              From
Malaysia
AmMerchant Bank Berhad       BB+/Stable/B    BB/Stable/B

Malayan Banking Berhad       A-/Stable/A-2   BBB+/Positive/A-2
US$250M sub notes due 2005   BBB+            BBB
US$380M sub notes due 2012   BBB+            BBB

RHB Bank Berhad              BBB-/Stable/A-3 BB+/Positive/B
US$150M sub notes due 2013   BB+             BB-

                             To                From
Singapore
DBS Bank Ltd.                AA-/Stable/A-1+   A+/Positive/A-1

                                          To   From
S$1.1B perpetual non cum pref shares      A    A-
US$750M variable rate sub notes due 2019  A    A-
US$850M sub notes due 2011                A    A-
US$500M sub notes due 2010                A    A-
US$750M sub notes due 2009                A    A-
DBS Capital Funding Corp. Ltd.
US$600M perpetual preferred share         A    A-
(subordinated guarantee
from DBS Bank Ltd.)

                             To                 From
Taiwan
Bank Sinopac                 BBB/Stable/A-2     BBB-/Stable/A-3

SinoPac Holdings             BBB-/Stable/A-3    BB+/Stable/B
US$230M conv. bond due 2007  BBB-               BB+

Chinatrust Commercial Bank   BBB+/Positive/A-2  BBB+/Stable/A-2
US$500M var rate
Upper Tier II perp
sub notes                    BBB- (no change)   

Chinatrust FHC               BBB/Positive/A-3   BBB/Stable/A-3
US$400M zero coupon conv.
bonds due 2007               BBB (no change
NT$5 bil. fltg rate
unsecured subordinate
bnds due 2010                BBB- (no change)

                             To                 From

Farmers Bank of China        BB+/Stable/B       BB/Stable/B


                              To                From

Thailand
Bangkok Bank Public Co. Ltd.  BBB-/Stable/A-3   BB+/Positive/B
US$450M sub notes due 2029    BB+               BB-
US$300M sub notes due 2007    BB+               BB-

Bank of Ayudhya
Public Co. Ltd.               BB+/Stable/B      BB/Stable/B

KASIKORNBANK Public Co. Ltd.  BBB-/Stable/A-3   BB+/Positive/B
US$200M sub bonds due 2016    BB+               BB-

Krung Thai Bank
Public Co. Ltd.               BB+/Positive/B    BB+/Stable/B
US$150M senior
unsecured FRCD due 2009       BB+ (unchanged)

Siam Commercial Bank
Public Co. Ltd.               BBB-/Stable/A-3   BB+/Positive/B
US$1.5B sr unsecd/
sub/s.t. debt
MTN program:
  senior unsecured            BBB-              BB+
  short-term debt             A-3               B
US$150M sub notes
due 2006                      BB+               BB-




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

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


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


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

MALAYSIA
--------

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

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

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

SINGAPORE
---------

Pacific Century Regional          PAC      -145.53    1289.71

THAILAND
--------

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




                            *********


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

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

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

This material is copyrighted and any commercial use, resale or
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                 *** End of Transmission ***