TCRAP_Public/050719.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C


              Tuesday, July 19, 2005, Vol. 8, No. 141

                            Headlines

A U S T R A L I A

ACCOUNTOR PTY: Members Resolve to Close Operations
A.F. PALMER: To Declare Final Dividend July 29
AIR NEW ZEALAND: Strike Hits Commercial, Cargo Flights
ANTS PANTS: Members Opt for Voluntary Liquidation
BELL RESOURCES: Ex-director Pleads Guilty to Criminal Charges

BONLAC FOODS: Fonterra Wants to Expand Dairy Company
CLEAN EASY: Begins Winding Up Proceedings
EVANS & TATE: ANZ Bank Injects More Funds
FROST TRADING: Undergoes Voluntary Liquidation
ICON INDUSTRIES: Appoints Joint Liquidators

INVERARY PTY: Members Decide to Wind Up Operations
LOVELL EARTHMOVING: Creditors Approve Liquidator's Appointment
MORBAR PTY LTD: Names Gregory Shilton Official Liquidator
MOSCOMBE PTY: Falls Under Voluntary Liquidation
NEIRBO PTY: Members to Convene in July 29 Final Meeting

PAYDONE PTY: Members to Hear Liquidator's Wind-up Report
PETER HACKWORTHY: Set to Wind Up Ops
SEDDON CYCLES: Members Appoint Liquidator
SHARP SCAN: Liquidator to Explain Wind-up Manner
SIXTY FOURTH: Creditors Must Submit Proofs of Debt by July 31

TERINALLUM PROPERTIES: Enters Voluntary Liquidation
THAI HEALTH: Set to Shut Down Business
TVSN LIMITED: Court Approves Split of Proceeds
VAN WYK & SON: General Meeting Fixed July 25
YATTALUNGA PTY: Members Pass Winding Up Resolution



C H I N A  &  H O N G  K O N G

APPLIED INTERNATIONAL: Buys Back 120,000 Shares
ASCENT POWER: Enters Winding Up Proceedings
B.M. OPTICAL: Creditors Meeting Slated for July 25
INDUSTRIAL AND COMMERCIAL: Issues HK50-Mln Callable CDs Due 2008
KOREA INDUSTRIAL: Creditors Meeting Slated for July 25

LEMAN SKI-JACKET: Court to Hear Wind-up Petition August 10
METZLER INTERNATIONAL: Names Official Liquidators
MOULIN GLOBAL: Provisional Liquidators Appointed
NEW EASTERN: Court Releases Bankruptcy Order
ORIENTAL PHOENIX: Enters Winding Up Proceedings
PRICERITE GROUP: Unveils Board Lot, Parallel Trading Changes

SAND LEE: Receives Bankruptcy Order
TAI MING: Court Declares Bankruptcy
TAT CHI: Winding Up Hearing Fixed August 3
TRUELY LOVE: Wind-up Process Initiated
TSE SUI: ICAC Launches Investigation

VANCOUVER FUR: Enters Winding Up Proceedings


I N D O N E S I A

BANK MANDIRI: Vice President Says Probe Continues
EXCELCOMINDO PRATAMA: Mulls Issuance of IDR3.9-Trillion Bonds


J A P A N

DAIEI INCORPORATED: Debt Waivers Drive JPY434.8-Bln Profit
DAIEI INCORPORATED: Suffers 8.3% Sales Drop in March-May Quarter
JAPAN AIRLINES: May Hike Domestic Fares
MITSUBISHI MOTORS: R&I Downgrades Rating to CCC+
PIONEER CORPORATION: Updates Share Acquisition Rights

RESONA HOLDINGS: Banking Unit Issues Preferred Securities
SOJITZ HOLDINGS: Details Preferred Stock Conversion Price
UFJ HOLDINGS: May Delay Merger Plan


K O R E A

ASIANA AIRLINES: Unionized Pilots Commenced Strike Sunday
HYNIX SEMICONDUCTOR: Confirms Talks with STMicroelectronics
SAMSUNG ELECTRONICS: Transfer Motion for Brooks Case Granted


M A L A Y S I A

ANCOM BERHAD: Buys Back 27, 200 Shares
ANTAH HOLDING: Expects Losses Arising from Court Ex-Parte Order
ANTAH HOLDING: Says Wind Up Petition on Unit Won't Affect Ops
ANTAH HOLDING: Issues Status Report on Payment Default
GOLDEN HOPE: Files Notice of Appeal to Court's Decision

HAP SENG: Repurchases Ordinary Shares
MYCOM BERHAD: Unit Served with Writ of Summons
OLYMPIA INDUSTRIES: Unit Disposes of Assets
OLYMPIA INDUSTRIES: Issues MOU Progress Report
PAN MALAYSIA: Repurchases 1,120,000 Ordinary Shares

PANTAI HOLDINGS: Purchases 201,000 Shares on Buy Back
PILECON ENGINEERING: Updates Approved Proposals' Details
POLY GLASS: Director Acquires 23,900 Ordinary Shares
PUNCAK NIAGA: Bourse to List Additional 21,000 New Shares
TIMBERWELL BERHAD: Settles Overdraft Facility

WCT ENGINEERING: Court to Hear Applications Against Maju


P H I L I P P I N E S

ABS-CBN BROADCASTING: Employees Fear Further Job Cuts
ENGINEERING EQUIPMENT: Parent Unlikely to Infuse More Cash
LEPANTO CONSOLIDATED: Says Talks With Foreigners Continue
PHILIPPINE LONG: Clarifies Deleveraging Report
NATIONAL BANK: Ayalas Eye 67% Stake

NATIONAL POWER: Clinches US$9-Mln Loan
NATIONAL POWER: 2 Foreign Firms Want Calaca With or Without TSC
NATIONAL TRANSMISSION: Warns of Power Crisis in Central Visayas
NATIONAL TRANSMISSION: Goes After Overdue Accounts from Meralco
PHILIPPINE AIRLINES: To Put Up Fuel Depot with Macroasia


S I N G A P O R E

AIROCEAN GROUP: Amends AGM Notice
DELOITTE HASKINS: Creditors Required to Submit Proofs of Claim
ELMA TRADING: Posts Intended Dividend Notice
GEA TECHNOLOGY: Court Orders Winding Up
IPC CORPORATION: Starts to Dissolve Unprofitable Ops

NEOCORP INTERNATIONAL: Operating Loss Climbs
TRAVELPRO LIMITED: Receives Winding Up Order
TOUCHE ROSS: Liquidator Set to Distribute Dividend
VERTEX ASIA: Creditors' Proofs of Claim Due Aug. 8


T H A I L A N D

PICNIC CORPORATION: Issues Additional Info on Pride Transaction
THAI HEAT: Unveils Share Offering Result
THAI PETROCHEMICAL: PTT to Consolidate Firm with Existing Ops
BOND PRICING: For the Week 18 July to 22 July 2005

     -  -  -  -  -  -  -  -

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

ACCOUNTOR PTY: Members Resolve to Close Operations
--------------------------------------------------
At a meeting of members of Accountor Pty Limited held on June 7,
2005, it was unanimously resolved, pursuant to Section 491(1) of
the Corporations Act, that the company be wound up and Stephen
Gower Baker be appointed Liquidator for the winding up.

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


A.F. PALMER: To Declare Final Dividend July 29
----------------------------------------------
A First and Final dividend is to be declared on July 29, 2005
for A. F. Palmer (Removalist) North Queensland Pty Limited.

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

Dated this 9th day of June 2005

I. D. Jessup
Liquidator
Jessup & Partners
Accountants & Business Advisors
3rd Floor, 155-157 Denham Street
Townsville Qld
Phone: (07) 4772 3515
Fax:   (07) 4721 4513


AIR NEW ZEALAND: Strike Hits Commercial, Cargo Flights
------------------------------------------------------
The industrial action undertaken by Air New Zealand's
international flight attendants was believed to affect about 10
percent of the carrier's Australian flights, according to The
Australian.

Air NZ's 1000 personnel went on strike Monday in the first of
three 48-hour stoppages expected to disrupt travel for 15,000
passengers. The protest had forced the cancellation of 85
flights to and from New Zealand, including about 30 percent of
the flag-carrier's long-haul services over eight days. The second 48-hour
stoppage is due to start on Thursday and the last on Sunday.

Air New Zealand spokesman Ed Sims said flights worst affected
would be to Asia, including Singapore, Hong Kong, Japan and
Taipei. In contrast, the busiest routes to Australia would be
less affected with about 10 percent of 135 flights being
cancelled.

Mr. Sims said the airline was concerned the dispute over pay
increases and conditions would damage Air New Zealand's
reputation.

Flight Attendants and Related Service Association spokeswoman
Heather Stanley said the union regretted the strike had to go
ahead.

Air New Zealand said the cancelled flights were expected to cost
it about NZ$4 million (US$3.61 million) in lost revenue.

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/


ANTS PANTS: Members Opt for Voluntary Liquidation
-------------------------------------------------
Notice is hereby given that at a general meeting of the members
of Ants Pants Graphic Design Pty Limited held on June 7, 2005,
it was resolved that the company be wound up voluntarily, and
that Michael Edward Slaven of Rangott & Slaven, Unit 12, Level 3
Engineering House, 11 National Circuit, Barton ACT, be appointed
Liquidator of the Company.

Dated this 21st day of June 2005

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


BELL RESOURCES: Ex-director Pleads Guilty to Criminal Charges
-------------------------------------------------------------
Mr. Jeffrey Lucy, Chairman of the Australian Securities and
Investments Commission (ASIC), announced that Mr. Antony Gordon
Oates, a former director of Bell Resources Ltd (Bell Resources),
has pleaded guilty in the West Australian Supreme Court to three
criminal charges.

Mr. Oates, of Middle Swan, Perth, appeared before Justice
Jenkins and pleaded guilty to three charges that he made
improper use of his position as an officer of Bell Resources in
order to gain an advantage for Bond Corporation Holdings Ltd
(Bond Corporation) between September and November 1988.

"These charges relate to the stripping of $500 million from Bell
Resources in favor of Bond Corporation using a complex series of
deposits, loans and accounting entries in complete disregard of
the interests of Bell Resources," said Mr. Lucy.

"This was part of a serious and calculated fraud perpetrated on
an Australian company. Mr. Oates' decision to plead to these
charges means all the key participants in this fraud have now
admitted their guilt.

"ASIC would like to acknowledge the Attorney-General's
Department for their role in achieving Mr. Oates' extradition
from Poland, and the Commonwealth Director of Public
Prosecutions for prosecuting and concluding this matter," he
said.

Mr. Oates was bailed to appear at a sentencing hearing on 5
September 2005.

Background

Mr. Oates was initially charged in January 1995 in relation to
his conduct as a director of Bell Resources from 26 August 1988
to 29 May 1989 and of Freefold Pty Ltd (Freefold). At the time
he was charged he was living in Poland. Mr Oates was initially
charged with 17 offences, but he was extradited from Poland in
June 2003 on 15 charges (due to the Polish Statute of
Limitations in relation to two of the charges).

In Australia, Mr. Oates faced one count of conspiracy to
defraud, seven counts of failure to act honestly as a company
director and, in the alternative, seven counts of improper use
of his position as a company director.

Given the nature of the charges, Mr. Oates could have been found
guilty of the seven counts of improper use or the seven counts
of failure to act honestly (or a combination of the charges)
and/or the one count of conspiracy to defraud, but not of all
the charges. In fact, he pleaded guilty to three counts of
improper use of his position as a company director.

Mr. Oates pleaded guilty to three charges that he made improper
use of his position as an officer of Bell Resources in order to
gain an advantage for Bond Corporation by authorizing the
transfer of $50 million on or about 16 September 1988, $300
million on or about 7 October 1988 and $150 million on or about
3 November 1988 for the use of Bond Corporation.

Mr. Oates first appeared in Court on 23 June 2003 after his
extradition from Poland, where he had lived since 1991.

On 29 September 2004, Mr. Oates' trial was aborted after Justice
Roberts-Smith ruled that new evidence had been brought into the
trial during cross-examination, and ordered a re-trial.

The charges against Mr. Oates and his two co-accused Messrs Alan
Bond and Peter Mitchell arose from an extensive joint
investigation by the then Australian Securities Commission and
the Australian Federal Police into events in 1988 and 1989. The
charges followed Bond Corporation's takeover of the Bell group
of companies and relate to the use of more than $1 billion of
Bell Resources funds by Bond Corporation.

On 5 February 1997, Mr. Bond was sentenced to four years jail
(with eligibility for parole) after pleading guilty to two
counts of failing to act honestly as a company director (of
Freefold) with intent to defraud. After his guilty plea, the
prosecution did not proceed with five other charges.

On 2 May 1997, Mr. Mitchell was sentenced to four years jail
(and served 16 months) after pleading guilty to four counts of
making improper use of his position as a company officer of
Freefold. After his guilty plea, the prosecution did not proceed
with five other charges.


BONLAC FOODS: Fonterra Wants to Expand Dairy Company
----------------------------------------------------
New Zealand-based Fonterra is looking to grow Bonlac Foods if
the group's 1500 dairy suppliers accept the former's AU$85-
million takeover proposal on August 4, The Age relates.

Under the offer, Fonterra will buy out the half of Bonlac Supply
Company that it does not own, giving it total control of Bonlac
Foods, which would become a subsidiary of Fonterra.

In an explanatory memorandum to shareholders, Fonterra said it
would issue about 85 million $1 unsecured capital notes in
consideration for the cancellation of Bonlac Supply Company's
67.1 million shares in Bonlac Foods.

Fonterra promised to pay a milk price as high as Murray
Goulburn, Victoria's leading milk processor and Bonlac's chief
rival. Bonlac farmers' overall return - milk price, dividends,
franking credits and other amounts - would also be as high as
Murray Goulburn's.

The caveat is that Bonlac Supply Company must supply a minimum
1.2 billion litres of milk each year.

If the milk supply falls from 1.2 billion to 1 billion litres,
the interest paid on the unsecured capital notes will be reduced
on a linear sliding scale to zero.

If milk supplies fall below 1 billion litres, no interest will
be paid. The memorandum said milk volumes were now "comfortably
above 1.2 billion litres".

Bonlac Supply Company chairman Noel Campbell said only asset
sales and Fonterra's support had enabled Bonlac Foods to pay a
competitive milk price in the past four years. He said Fonterra
was committed to Bonlac Foods' in the longer-term.

"A strong Bonlac Foods is the key to long-term security of
shareholders' capital value," Mr. Campbell added.

CONTACT:

Bonlac Foods Limited
Level 7/636 St Kilda Rd
Melbourne
VIC 3004
Phone: +61 3 9270 0922
Fax: +61 3 9270 0911
Web site: http://www.bonlacfoods.com/


CLEAN EASY: Begins Winding Up Proceedings
-----------------------------------------
Notice is hereby given that at an extraordinary general meeting
of members of Clean Easy (Australia) International Pty Limited
held on June 6, 2005, it was resolved that the company be wound
up voluntarily and for such purposes, Nicholas Preobrajensky of
Nick Preo Accountant 43 King Street, Gloucester NSW 2422 be
appointed liquidator.

Dated this 7th day of June 2005

Nicholas Preobrajensky
Accountant
Nick Preo Accountant
43 King Street
Gloucester NSW 2422


EVANS & TATE: ANZ Bank Injects More Funds
-----------------------------------------
Embattled winemaker Evans & Tate (E&T) Limited has secured an
additional AU$10 million in short-term working capital from its
banker ANZ Banking Group Limited, Dow Jones Newswires reports.

The extra funds will be an extension to the Company's existing
working capital facilities with ANZ.

E&T has also agreed to implement a new management structure,
which could see the separation of chairman and chief executive
roles. It also intends to appoint two new non-executive
directors and a new CEO.

Executive Chairman Franklin Tate, who ranks as the company's
biggest shareholder, with about 30% of the stock, will move to
non-executive chairman. He will focus on the promotion of the
company's various brands and sales efforts.

The changes come three weeks after E&T dispelled fears it may be
on the brink of financial collapse and unveiled plans to slash
its inventory and reduce debt.

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/


FROST TRADING: Undergoes Voluntary Liquidation
----------------------------------------------
At a General Meeting of Frost Trading Proprietary Limited, duly
convened and held on June 6, 2005, the following Special
Resolution was passed:

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

Dated this 7th day of June 2005

R. T. Furse
Liquidator
Chartered Accountant
1st Floor, 18 Perouse Road
Randwick NSW 2031


ICON INDUSTRIES: Appoints Joint Liquidators
-------------------------------------------
At an Extraordinary General Meeting of Icon Industries (WA) Pty
Limited held on June 8, 2005, the companies' members resolved to
wind up the companies voluntarily, and to appoint Keiran
Hutchison and John Gibbons of Ernst & Young, Level 37, 680
George Street, Sydney NSW 2000 as Liquidators for such purpose.

Dated this 21st day of June 2005

Keiran Hutchison
John Gibbons
Liquidators
Ernst & Young
Level 37, 680 George Street
Sydney NSW 2000
Phone: (02) 9248 5555


INVERARY PTY: Members Decide to Wind Up Operations
--------------------------------------------------
At a General Meeting of Inverary Pty Limited duly convened and
held on June 7, 2005, a Special Resolution to wind up the
company as a member's voluntary liquidation was passed, and the
company's assets may be distributed in whole or in part to the
members in specie, should the liquidator want it.

Dated this 7th day of June 2005

Richard J. Wright
60 Brook Street
Muswellbrook NSW 2333


LOVELL EARTHMOVING: Creditors Approve Liquidator's Appointment
--------------------------------------------------------------
Notice is hereby given that at an extraordinary general meeting
of the sole member of Lovell Earthmoving Contractors Pty Limited
held on June 3, 2005, it was resolved that the Company be wound
up voluntarily and at a meeting of creditors held that same day,
it was resolved that Andrew Stewart Reed Hewitt of Grant
Thornton be appointed Liquidator for the winding up.

Dated this 8th day of June 2005

Andrew S. R. Hewitt
Liquidator
Grant Thornton
Rialto Towers Level 35, South Tower
525 Collins Street, Melbourne Vic 3000


MORBAR PTY LTD: Names Gregory Shilton Official Liquidator
---------------------------------------------------------
Notice is given that Morbar Pty Limited was wound up voluntarily
pursuant to Section 497, and for such purposes, Mr. Gregory John
Shilton was appointed liquidator.

Gregory J. Shilton
Liquidator
Gregory J. Shilton & Co
1st Floor, 407 Canterbury Road
Surrey Hills Vic 3127


MOSCOMBE PTY: Falls Under Voluntary Liquidation
-----------------------------------------------
At a general meeting of the members of Moscombe Pty Limited duly
convened and held at the Level 8, 525 Collins Street, Melbourne
on June 7, 2005, the Special Resolution set out below was duly
passed:

That the company be wound up voluntarily.

That Glenn A. Crisp be appointed Liquidator.

Dated this 7th 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


NEIRBO PTY: Members to Convene in July 29 Final Meeting
-------------------------------------------------------
Notice is hereby given that pursuant to section 509 of the
Corporations Law, the final meeting of members of Neirbo Pty
Limited will be held on July 29, 2005, 10:00 a.m. at office of
Liquidator A. B. Colvin, 1st Floor, 781 Pacific Highway, Gordon,
NSW to lay before the meeting the liquidator's final account and
report and giving any explanation thereon.

Dated this 10th day of June 2005

A. B. Colvin
Liquidator
Chartered Accountant
6/781 Pacific Highway
Gordon NSW 2072


PAYDONE PTY: Members to Hear Liquidator's Wind-up Report
--------------------------------------------------------
Notice is hereby given, pursuant to Section 509(1) of the
Corporations Act 2001, that a general meeting of the members of
Paydone Pty Limited will be held on July 25, 2005, 10:00 a.m. at
the office of PPB, Level 10, 90 Collins Street, Melbourne, Vic
3000, for the purpose of having an account laid before them
showing the manner in which the winding up has been conducted
and the property of the company disposed of, and hearing any
explanation that may be given by the liquidator.

Andrew Mclellan
Liquidator
Paydone Pty Ltd
PPB
Chartered Accountants
Level 10, 90 Collins Street
Melbourne Vic 3000


PETER HACKWORTHY: Set to Wind Up Ops
------------------------------------
Notice is hereby given that on June 8, 2005, the following
special resolution was passed in respect of Peter Hackworthy
Real Estate Pty Limited:

That the Company be wound up voluntarily in accordance with the
Corporations Act 2001 relating to a Creditors' Voluntary Winding
Up, and that Mr K. L. Sutherland, Chartered Accountant of 332 St
Kilda Road, Melbourne be appointed Liquidator for such purpose.

Dated this 9th day of June 2005

K. L. Sutherland
Liquidator
Bent & Cougle
Chartered Accountants
Level 5, 332 St Kilda Road
Melbourne Vic 3004


SEDDON CYCLES: Members Appoint Liquidator
-----------------------------------------
Notice is given that Seddon Cycles Pty Limited was wound up
voluntarily pursuant to Section 497, and Mr. Gregory John
Shilton was appointed liquidator for the winding up.

Gregory J. Shilton
Liquidator
Gregory J. Shilton & Co.
1st Floor, 407 Canterbury Road
Surrey Hills Vic 3127


SHARP SCAN: Liquidator to Explain Wind-up Manner
------------------------------------------------
Notice is given that a final meeting of the creditors and
members of Sharp Scan Pty Limited will be held on July 25, 2005,
10:00 a.m. at the offices of Pitcher Partners, Level 19, 15
William Street, Melbourne.

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

Accounts have been compiled in accordance with Section 539(1)
and are available for inspection at Level 6, 161 Collins Street,
Melbourne during normal business hours.

Dated this 13th day of June 2005

A. R. Yeo
Joint Liquidator
Pitcher Partners
Level 19, 15 William Street
Melbourne Vic 3000


SIXTY FOURTH: Creditors Must Submit Proofs of Debt by July 31
-------------------------------------------------------------
At a General Meeting of Sixty Fourth Agenda Pty Limited duly
convened and held on June 6, 2005, the following Special
Resolution was passed:

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

Creditors whose debts or claims have not already been admitted
are required on or before July 31, 2005 to prove their debts or
claims and to establish any title they may have to priority. In
default of thereof, they will be excluded from the benefit of
the dividend.

Dated this 6th day of June 2005

Richard J. Murray
Bruce M. Roberts
Joint and Several Liquidators
WHK Mahoney Gavens
89 Bromfield Street
Colac Vic 3250


TERINALLUM PROPERTIES: Enters Voluntary Liquidation
---------------------------------------------------
Notice is hereby given that on June 6, 2005, the following
Special Resolution was passed:

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

Dated this 6th day of June 2005

H. A. MacKinnon
K. L. Sutherland
Joint Liquidators
Bent & Cougle
Chartered Accountants
332 St Kilda Road
Melbourne Vic 3004


THAI HEALTH: Set to Shut Down Business
--------------------------------------
Notice is given that Thai Health Centers (Australia) Pty Limited
was wound up voluntarily pursuant to Section 497, and Mr.
Gregory John Shilton was appointed liquidator for the winding
up.

Gregory J. Shilton
Liquidator
Gregory J. Shilton & Co.
1st Floor, 407 Canterbury Road
Surrey Hills Vic 3127


TVSN LIMITED: Court Approves Split of Proceeds
----------------------------------------------
Unsecured creditors of TVSN Ltd (Receivers and Managers
appointed)(Administrators appointed) could receive between 6.48
cents in the dollar and 100 cents in the dollar, following a
judgment by Chief Justice Young in the Equity Division of the
Supreme Court of New South Wales on July 12, 2005.

Chief Justice Young accepted an application by David John
Winterbottom, one of the receivers, on the allocation of
proceeds of the sale of assets by operating subsidiaries of
TVSN.

Mr. Winterbottom had asked the court to rule on an apportionment
of proceeds because of the complexity of the TVSN group
structure.

Chief Justice Young said because the companies were operated on
a consolidated basis and their affairs intermingled it was
almost impossible to determine the assets and liabilities of
each company as a separate entity. To the extent that divisions
were recognized in TVSN they were not legal entities but
"business units". When the receivers sold the businesses they
were sold as business units and not by legal entity.

The receivers therefore proposed to apportion the proceeds on
assumptions considered fair and rational.

Chief Justice Young agreed with the approach and said it was
significant no-one had challenged it. He directed that the
proceeds be apportioned as proposed by the receivers.

Secured creditor St. George Bank will be paid its full exposure
of $8,146,102.

The surplus of $2,563,000 will be distributed under a proposed
deed of company arrangement (DOCA). The best case would see
creditors of operating subsidiary Expo Channel receive 100 cents
in the dollar and creditors of operating subsidiary Emjoi
Australasia receive 78.75 cents in the dollar. Creditors of the
other subsidiaries would receive 6.48 cents in the dollar.

In the worst case DOCA the numbers would be 100 cents, 76.57
cents and 4.51 cents respectively.

Creditors will vote on the deed today, July 19, 2005.

CONTACT:

TVSN Limited
Level 5 , 15 Orion Road ,
LANE COVE , NSW,
AUSTRALIA, 2066
Telephone: (02) 9490 6000
Fax: (02) 9490 6158


VAN WYK & SON: General Meeting Fixed July 25
--------------------------------------------
Notice is hereby given, pursuant to Section 509(1) of the
Corporations Act 2001, that a general meeting of the members of
Van Wyk & Son Flower Supply Incentive Pty Limited will be held
on July 25, 2005, 11:00 a.m. at the office of PPB, Level 10, 90
Collins Street, Melbourne, Vic, 3000, for the purpose of having
an account laid before them showing the manner in which the
winding up has been conducted and the property of the company
disposed of, and hearing any explanation that may be given by
the liquidator.

Andrew Mclellan
Liquidator
Van Wyk & Son Flower Incentive Pty Ltd
PPB Chartered Accountants
Level 10, 90 Collins Street
Melbourne Vic 3000


YATTALUNGA PTY: Members Pass Winding Up Resolution
--------------------------------------------------
Notice is hereby given that at a general meeting of the members
of Yattalunga Pty Limited held on June 2, 2005, it was resolved
that the company be wound up voluntarily, and that Mr. Donald
Glenn Poole be appointed Liquidator.

Dated this 9th day of June 2005

Donald G. Poole
Liquidator
Poole & Partners Pty Ltd
143-147 Brisbane Road, Mooloolaba Qld 4557
Phone: (07) 5478 0111
Fax:   (07) 5478 2511


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

APPLIED INTERNATIONAL: Buys Back 120,000 Shares
-----------------------------------------------
Applied International Holdings Limited (0519) bought back
120,000 shares at prices ranging from $0.21-$0.212, or at a
total of $25,280, on July 15, Infocast News reports.

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

CONTACT:

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


ASCENT POWER: Enters Winding Up Proceedings
-------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Ascent Power Industrial Limited by the High Court of Hong Kong
Special Administrative Region was on July 4, 2004 presented to
the said Court by Favour Century Limited whose registered office
is situate at Units C and D, 12th Floor, Spectrum Tower, No. 53
Hung To Road, Kwan Tong, Kowloon, Hong Kong.

The said Petition is directed to be heard before the Court at
9:30 a.m. on Augut 31, 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.

FUNG WONG NG & LAM
Solicitors for the Petitioner
Room 8, 4th Floor, New Henry House
10 Ice House Street
Central, Hong Kong
(Ref: RN/2012527/sl)

Note:

Any person who intends to appear at the hearing of the said
petition must serve on or send by post to the abovenamed, notice
in writing of his intention to do so.  The Notice must state the
name and address of the person, or if a firm or his or their
Solicitor (if any) and must be served or if posted, must be sent
by post in sufficient time to reach the abovenamed not later
than six o'clock in the afternoon of August 30, 2005.


B.M. OPTICAL: Creditors Meeting Slated for July 25
--------------------------------------------------
Notice is hereby given, pursuant to Section 228A of the Hong
Kong Companies Ordinance, that a meeting of the creditors of
B.M. Optical International Company Limited (In Creditors'
Voluntary Liquidation) will be held at Room 207, Duke of Windsor
Social Service Building, 15 Hennessy Road, Wanchai, Hong Kong on
July 25, 2005 at 2:30 p.m. for the purposes provided for in
Sections 228A, 241, 242, 243 and 244 of the Companies Ordinance.

Creditors may vote either in person or by proxy.

Proxies to be used at the meetings must be lodged at the Ferrier
Hodgson Limited, 14th Floor, Hong Kong Club Building, 3A Chater
Road, Central, Hong Kong, not later than 4:00 p.m. on July 22,
2005.

Dated this 11th day of July 2005

MA HON MING
Director


INDUSTRIAL AND COMMERCIAL: Issues HK50-Mln Callable CDs Due 2008
----------------------------------------------------------------
Hong Kong's Industrial and Commercial Bank of China (Asia) Ltd.
(0349.HK) is offering HK$50 million of callable certificates of
deposit, Dow Jones reports, citing lead manager Standard
Chartered Bank (Hong Kong) Ltd.

ICBC (Asia) is controlled by China's largest commercial bank,
the Industrial & Commercial Bank of China (ICBC.YY).

Terms for the issue are as follows:

Amount:               HK$50M
Maturity:             Jul. 25, 2008
Coupon:               4%
Coupon Frequency:     Quarterly
Call Options          Callable on every coupon payment
                      date after one year
Issue Price:          At par
Redemption:           At par
Payment date:         Jul. 25, 2005
Denominations:        HK$1M
Listing:              None

CONTACT:

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


KOREA INDUSTRIAL: Creditors Meeting Slated for July 25
------------------------------------------------------
Notice is hereby given that a meeting of the creditors of Korea
Industrial Leasing Company (Hong Kong) Limited (In Winding Up)
will be held at 16 Yeouido-Dong, Yeongdeungpo-Gu, Seoul 150-873,
Korea on July 25, 2005 at the 2:00 p.m. for the purpose
mentioned in Sections 241, 242, 243 244 and 255A of the
Companies Ordinance.

Creditors may vote either in person or by proxy.

Proxies to be used at the meetings must be duly completed and
lodged at 16 Yeouido-Dong, Yeongdeungpo-Gu, Seoul 150-873, Korea
on the 23rd day of July 2005 not later than 4:00 p.m. before the
meeting or adjourned meeting at which they are to be used.

Dated this 15th day of July 2005

By Order of the Board
CHO SOO CHEOL
Director


LEMAN SKI-JACKET: Court to Hear Wind-up Petition August 10
----------------------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Leman Ski-Jacket Manufacturer Limited by the High Court of Hong
Kong Special Administrative Region was on June 10, 2005
presented to the said Court by Bank of China (Hong Kong) Limited
(the successor banking corporation to Kincheng Banking
Corporation pursuant to Bank of China (Hong Kong) Limited
(Merger) Ordinance (Cap.1167) whose registered office is
situated at 14th Floor, Bank of China Tower, 1 Garden Road, Hong
Kong.

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

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

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

Signed: K. W. NG & CO.
Solicitors for the Petitioner
11th Floor, Wings Building
110 Queen's Road Central
Central, Hong Kong

Note:

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


METZLER INTERNATIONAL: Names Official Liquidators
-------------------------------------------------
Metzler International (Asia) Limited, whose place of business is
located at 4/F, Kenning Industrial Building, 19 Wang Hoi Road,
Kowloon Bay, Kowloon issued a notice of appointment of
provisional liquidators in the High Court of the Hong Kong
Special Administrative Region Court of First Instance on July 8,
2005.

Provisional Liquidators' Names: Roderick John Sutton, Desmond
Chung Seng Chiong

Provisional Liquidators' Address: c/o Ferrier Hodgson Limited,
14th Floor, Hong Kong Club Building, 3A Chater Road, Central,
Hong Kong.

Dated this 15th day of July 2005

Roderick John Sutton
Desmond Chung Seng Chiong
Joint and Several Provisional Liquidators


MOULIN GLOBAL: Provisional Liquidators Appointed
------------------------------------------------
Moulin Global Eyecare Holdings Limited (formerly known as Moulin
International Holdings Limited) issued a notice of appointment
of provisional liquidators in the High Court of the Hong Kong
Special Administrative Region Court of First Instance.

Joint & Several Provisional Liquidators' Names: Desmond Chung
Seng Chiong and Roderick John Sutton both of Ferrier Hodgson

Provisional Liquidators' Address: 14/F Hong Kong Club Building,
3A Chater Road Central, Hong Kong

Date of Appointment: June 23, 2005

Dated this 15th day of July 2005

E T O'CONNELL
Official Receiver

CONTACT:

Moulin Global Eyecare Holdings Limited
4/F Kenning Industrial Building
19 Wang Hoi Road Kowloon Bay
Kowloon


NEW EASTERN: Court Releases Bankruptcy Order
--------------------------------------------
Notice is hereby given that the bankruptcy order against Lui
Chun Kuen Anthony trading as New Eastern Court Seafood
Restaurant was made on July 6, 2005.

All debts due to the estate should be paid to its official
receiver.

Dated this 15th day of July 2005

ET O'Connell
Official receiver


ORIENTAL PHOENIX: Enters Winding Up Proceedings
-----------------------------------------------
Oriental Phoenix Investment (Hong Kong) Limited whose place of
business is located at Unit 18 2-18 D'Aguilar Street 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: April 1, 2005

Dated this 8th day of July 2005

ET O'Connell
Official Receiver


PRICERITE GROUP: Unveils Board Lot, Parallel Trading Changes
------------------------------------------------------------
With effect from Monday, July 28, 2005, the board lots for
trading in the ordinary shares (stock code: 996) of Pricerite
Group Limited will be changed from 4,000 shares to 2,000 shares
while its certificate color will also be changed from yellow to
white.

Accordingly, the parallel trading in the ordinary shares of
PRICERITE will commence at 9:30 a.m. on Monday, July 18, 2005
under the following particulars:

Stock Code     Stock Short Name   Board Lot   Certificate Colour
  --------     ----------------   ---------   ------------------
996            PRICERITE-2000        2,000 shares       White

2994           PRICERITE-4000        4,000 shares       Yellow

Settlement of trading at each counter shall be in respect of the
shares traded at the respective counters.

CONTACT:

Pricerite Group Limited
21/F The Center 99 Queen's Road Central
Hong Kong
Phone: 27911996
Fax: 27911849
Web site: http://www.pricerite.com.hk


SAND LEE: Receives Bankruptcy Order
-----------------------------------
Notice is hereby given that the bankruptcy order against Li Kam
Sang trading as Sand Lee Civil Engineering Co. was made on July
6, 2005.

All debts due to the estate should be paid to its official
receiver.

Dated this 15th day of July 2005

ET O'Connell
Official receiver


TAI MING: Court Declares Bankruptcy
-----------------------------------
Notice is hereby given that the bankruptcy order against Wong
Kit Ming trading as Tai Ming Engineering Co. was made on July 6,
2005.

All debts due to the estate should be paid to its official
receiver.

Dated this 15th day of July 2005

ET O'Connell
Official receiver


TAT CHI: Winding Up Hearing Fixed August 3
------------------------------------------
Notice is hereby given that a Petition for the Winding up of Tat
Chi Manufacturing Company Limited by the High Court of Hong Kong
was on June 8, 2005 presented to the said Court by Yeung Nga Yan
of 1/F., 336A Sun Fung Wai, Tuen Mun, New Territories, Hong
Kong.

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

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

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

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

Note:

Any person who intends to appear at the hearing of the said
petition must serve on or send by post to the abovenamed, notice
in writing of his intention to do so.  The Notice must state the
name and address of the person, or if a firm or his or their
Solicitor (if any) and must be served or if posted, must be sent
by post in sufficient time to reach the abovenamed not later
than six o'clock in the afternoon of August 2, 2005.


TRUELY LOVE: Wind-up Process Initiated
--------------------------------------
Notice is hereby given that a Petition for the Winding up of
Truely Love Bridal Photo Services Company Limited by the High
Court of Hong Kong was on June 17, 2005 presented to the said
Court by Law Lai Man of 7/F., No. 590 Reclamation Street,
Mongkok, Kowloon, Hong Kong.

The said petition is directed to be heard before the Court at
9:30 a.m. on August 17, 2005.

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

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

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

Note:

Any person who intends to appear at the hearing of the said
petition must serve on or send by post to the abovenamed, notice
in writing of his intention to do so.  The Notice must state the
name and address of the person, or if a firm or his or their
Solicitor (if any) and must be served or if posted, must be sent
by post in sufficient time to reach the abovenamed not later
than six o'clock in the afternoon of August 16, 2005.


TSE SUI: ICAC Launches Investigation
------------------------------------
Tse Sui Luen Jewellery (International) Limited announced that an
investigation was commenced by the Independent Commission
Against Corruption (ICAC) into its affairs on 20 April 2005 and
that the Company is fully co-operating with the investigation.

In addition, the board of directors of the Company also wishes
to clarify various press articles and other media coverage that
appeared on April 22-23, 2005 relating to the Company. On April
22, 2005, the ICAC issued a press release stating that it had
arrested 11 persons, including the former chairman and incumbent
chairman of a publicly listed company in relation to an alleged
illegal commission and suspected misappropriation of the
Company's funds.

According to the press release, it was alleged that the former
chairman, incumbent chairman, former deputy chairman and three
business promotion managers of the listed company were involved
in a scheme which offered illegal commissions to employees of a
number of travel agencies and to help it to evade tax. The
commissions were allegedly routed to three offshore companies
controlled by the senior management of the listed company and
their associates. It was further stated that the incumbent
chairman had allegedly misappropriated company funds totaling
over HK$2 million.

The following persons have informed the Company that they were
arrested on April 20, 2005 and released by the ICAC without
charge on April 22, 2005:

1.)  Mr. Tse Tat Fung, Tommy (Mr. Tse), the Executive Chairman
of the Company and its subsidiaries (TSL Group) who is
responsible for the TSL Group's overall strategy and business
development.

2.)  Mr. Stephen Wong, the Controller of showroom operations who
is responsible for the operations of the TSL Group's showroom
business.

3.)  Mr. Tse Sui Luen, a consultant to the TSL Group who advises
it on jewellery related matters as specified in the Company's
announcement dated April 13, 2005. He is the former chairman of
the TSL Group having resigned in September 2000.

None of the above persons have any dealings with the TSL Group
outside of their employment/consultancy agreements except that
Mr. Tse controls Partner Logistics Limited, which is a 73.9%
shareholder of the Company and a lender to the TSL Group on the
terms as specified in the Company's announcement dated
6 October 2004. Save as disclosed above, none of the Company or
its directors have been informed by any other directors or
employees of the TSL Group of their arrest by the ICAC. Save as
disclosed in this announcement, none of the existing directors
of the Company have been arrested by the ICAC.

Any of its former directors or employees of details of their
arrest and any allegations made against them by the ICAC have
not informed TSL GROUP. The Company does not have any dealings
with its former directors or employees save for Mr. Tse Sui Luen
as disclosed above.

On April 20, 2005, the ICAC executed a search warrant at the
Company's premises at Hung Hom and took away certain documents
and records.

The board of directors of the Company considers that the ICAC
allegations, as described above, appear in substance to emanate
from the matters dealt with in an internal review (the Review)
of certain transactions of the Company conducted by its then
board of directors with the assistance of its financial and
legal advisers in 2003. The Company presently understands from
its legal advisers that the ICAC investigation into the
Company's affairs will also consider the period subsequent to
the Review.

The main issues, which were the subject matter of the Review,
were summarized in the Company's announcement dated October 2,
2003. As stated in the announcement of October 2, 2003, as a
consequence of the Review, the Company introduced more stringent
internal controls in relation to the commission payments such
that there would be a full audit trail in relation to payments
made by the TSL Group to travel agents. Save for some small
freelance travel operators who only visit the showroom on a once
off or infrequent basis, all commission arrangements with travel
agents are supported by written contracts and all commission
entitlements of travel agents are calculated in accordance with
these contracts by a purpose built computer system. There is a
segregation of duty between relevant departments in that the
finance department closely monitors the showroom administration
department who must, save for the small freelance travel
operators mentioned above, provide them with the written
contracts for all commission arrangements with travel agents.

All commission entitlements of travel agents, including small
freelance travel operators, are processed and controlled through
the abovementioned computer system. After receiving approval
from appropriately authorized staff, the payment of the
commission entitlements of travel agents is made by showroom
administration department and, save for token payments to guides
and bus drivers, any cash payments of commissions to travel
agents are required to be acknowledged by the recipient by
written receipt. There is also a segregation of duties in that
the finance department reconciles the amount of commission paid
to the acknowledged receipt to ensure that all cash payments of
commission are acknowledged by written receipts. The executive
management has reported approximately every half year to the
board and the audit committee, including the independent non-
executive directors, of the progress and implementation of such
controls.

The announcement also referred to a payment by the Company of
the equivalent of HK$1,821,954 to Mr. Tse which related to,
according to Mr. Tse, a bonus payment to an employee of a
subsidiary of the Company. This payment was returned in full to
the Company in January 2003. In light of the issues arising from
the bonus payment, the Company introduced internal controls such
that all bonus payments are approved by the Remuneration
Committee of the Company which majority is composed of the
independent nonexecutive directors and paid to employees as part
of the payroll authorized by the Chief Executive Officer of the
Company by autopay. The board of directors of the Company,
including the independent non-executive directors, has reviewed
and is satisfied that these controls remain in place and are
effective as at the date of this announcement.

In addition the Company understands from its legal advisers that
the ICAC is also investigating amounts totaling HK$600,000 paid
to Mr. Tse by a third party business promoter between July and
November 2002. As stated in the Company's announcement dated
October 2, 2003, during the course of the Review, Mr. Tse
explained that such payments constituted a personal loan and
that did not emanate from the Company's funds.

A meeting of the directors of the Company was held at 5:00 p.m.
on Monday, 25 April 2005 and a committee of the three
independent non-executive directors of the Company was formed to
oversee the Company's response to this investigation.

Save as disclosed herein, the Company is not in a position to
comment further on the allegations made by the ICAC. While the
ICAC's investigation is still at an early stage, the board of
the directors, including independent non-executive directors, of
the Company is of the view that as things stand now there is no
material financial or operational impact on the Company arising
out of this investigation and is not aware of any further
developments that should be communicated to shareholders beyond
that contained in this announcement and previous announcements
dated December 31, 2002 and October 2, 2003 made by the Company.

Reference is made to the announcement made by the board of
directors of the Company on 27 April 2005 relating to the
resignation of Mr. Leung Yit Kuen, Raymond as executive director
of the Company with effect from 25 April 2005. The Company has
not been informed by Mr. Leung of his involvement, if any, in
the context of the ICAC investigation, or any other matter which
needs to be brought to the attention of shareholders of the
Company. The Company has not been able to contact Mr. Leung
following his resignation and it has not been informed by
Mr. Leung of the reasons for his resignation.

Trading in the Company's shares was suspended at the request of
the Company with effect from 9:30 a.m. on Thursday, April 21,
2005 pending the release of this announcement. An application
has been made to The Stock Exchange of Hong Kong Limited for
resumption of trading in the Company's shares with effect from
9:30 a.m. on July 18, 2005.

As at the date of this announcement, the board of directors of
the Company comprises:

By Order of the Board
Lai Tsz Mo, Lawrence
Company Secretary
Hong Kong, July 15, 2005

CONTACT:

Tse Sui Luen Jewellery (International) Limited
G/F Block B, Summit Building
30 Man Yue Street, Hunghom
Kowloon, Hong Kong
Phone: 23334221
Fax: 27640753
Web site: http://www.tsljewellery.com


VANCOUVER FUR: Enters Winding Up Proceedings
--------------------------------------------
Vancouver Fur & Leather (H.K.) Limited, whose place of business
is located at Unit 307, 3/F, Chevalier House, 45-51 Chatham Road
South, 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 27, 2005.

Date of Presentation: December 23, 2004

Dated this 8th day of July 2005

ET O'Connell
Official Receiver


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

BANK MANDIRI: Vice President Says Probe Continues
-------------------------------------------------
An ongoing investigation into the accounting irregularities that
occurred in state-owned Bank Mandiri will continue, reports the
Jakarta Post.

According to Indonesian vice president Jusuf Kalla, local
authorities are gathering and looking for more evidence into the
lending scam, where Bank Mandiri extended credit of up to IDR1
trillion to private firms which were not eligible for credit.

The Attorney General's Office (AGO) initiated its investigation
into the bank's records last April 2005, and has arrested three
top bank executives, among whom are former Bank Mandiri
president director E. C. W. Neloe. The three executives were
accused of having knowledge/participating in the improper
release of loans to 24 firms.

Bank Mandiri recently proposed an "internal consolidation"
program in order to reduce its high level of non-performing
loans and increase credit, with the higher aim of becoming a
state anchor bank.

CONTACT:

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


EXCELCOMINDO PRATAMA: Mulls Issuance of IDR3.9-Trillion Bonds
-------------------------------------------------------------
Local mobile phone operator PT Excelcomindo Pratama is seeking
to issue bonds amounting to IDR3.93 trillion later this year,
Reuters News reports.

According to an unnamed market source, the deal will most likely
push through in September, once the Company has done an equity
offering.

The IDR3.93 trillion bond deal will be managed by JPMorgan,
while CIMB and UBS are set to be joint bookrunners for the deal.

Malaysian fixed-line telecommunications giant Telekom Malaysia
Berhad, which owns 27.3% of the Company, hopes to increase its
stakeholding to a maximum of 80% by Oct. 31, 2005, reports
Standard & Poor's Rating Agency.

The Company was given a B- rating by Standard & Poor's.

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/


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

DAIEI INCORPORATED: Debt Waivers Drive JPY434.8-Bln Profit
----------------------------------------------------------
Daiei Incorporated posted a first quarter profit of JPY434.8
billion, bolstered by debt waivers, Bloomberg News reports.

The Company plans to return to profit this year and reduce debt
by closing money-losing stores and trimming its payroll.

The trading company Marubeni and investors led by Advantage
Partners are directing the revamp.

The retailer said it had cut group interest-bearing debt by
JPY568.4 billion to JPY928.1 billion. Daiei kept its net income
forecast unchanged at JPY03 billion for the year ending in
February.

CONTACT:

Daiei Incorporated
4-1-1, Minatojima Nakamachi
Chuo-ku,
Kobe 650-0046, Japan
Phone: +81-78-302-5001
Fax: +81-3-3433-9226


DAIEI INCORPORATED: Suffers 8.3% Sales Drop in March-May Quarter
----------------------------------------------------------------
Daiei Incorporated posted JPY424.9 billion in consolidated sales
in the March-May first quarter of this year, down 8.3 percent
form a year earlier, Kyodo News reports.

The result is blamed on a 9 percent drop in sales on a same-
store basis, the Company said.

CONTACT:

Daiei Incorporated
4-1-1, Minatojima Nakamachi
Chuo-ku,
Kobe 650-0046, Japan
Phone: +81-78-302-5001
Fax: +81-3-3433-9226


JAPAN AIRLINES: May Hike Domestic Fares
---------------------------------------
Japan Airlines Corporation (JAL) may increase domestic airfares
if the price of jet fuel stays at the current level, the Keizai
Shimbun reports, citing JAL President Toshiyuki Shimmachi.

The airline will likely spend around JPY45 billion more on fuel
than it planned in fiscal 2005 due to high prices, Mr. Shinmachi
said.

Around JPY20 billion of the cost blowout is expected to be
offset by higher charges for international passengers, and the
airline will lower costs by suspending loss-making international
routes, the President said.

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


MITSUBISHI MOTORS: R&I Downgrades Rating to CCC+
------------------------------------------------
On July 13, Rating and Investment Information, Inc. (R&I)
affirmed the Issuer Rating of Mitsubishi Motors (Sec. Code:
7211) at CCC+ and continued to maintain it on the Rating Monitor
with a Negative Outlook.

R&I believes that Mitsubishi Motors' recovery risk has risen as
a result of a significant increase in secured liabilities on
bank loans and has accordingly downgraded the bonds rated here
to a rating of CCC, one notch lower than the Issuer Rating and
has maintained the rating on the Rating Monitor with a
Negative Outlook.

Mitsubishi Motors posted current losses of JPY474.8 billion for
the year ending March 2005 as a result a downturn in sales and
losses related to its restructure. However, capital increases
from the Mitsubishi group on two occasions resulted in
consolidated equity capital of JPY324.7 billion at the end of
the fiscal period, enabling the company to secure the minimum
period for executing its rehabilitation plans. In addition to
assistance from the substantial capital increases, the company
was able to reduce its financial burden by entering into a joint
venture with Merrill Lynch in its North American sales financing
business.

However, the company has not recovered sufficiently in number of
sales for either the Japanese or the North American market and
it has had to announce further recalls, so it is difficult to
predict whether desired results can be achieved with the launch
of its new vehicles.

While the restructure of its production system is underway in
Japan and overseas, it has postponed the closure of the Okazaki
plant due to concerns over quality issues. It cannot be said
that the company is receiving enthusiastic financial assistance
and cooperation from banks outside the group and the situation
warrants attention. Although it has received comprehensive
backup from the Mitsubishi group until now in the form of
massive capital injections and the dispatch of management teams,
there is a possibility that if the rehabilitation plan ends
without achieving its goals, it would be difficult for
Mitsubishi Motor to expect further assistance and cooperation.

On January 28, 2005, Mitsubishi Motors announced a downward
revision of its business results and a "Mitsubishi Motors
Revitalization Plan" which contained a partial revision of the
business revitalization plan announced in May 2004. In view of
this announcement, R&I on the same day placed the rating on the
Rating Monitor with a Negative Outlook and has since then been
closely watching trends in the company's business balance and
financial management as well as rehabilitation efforts.

CONTACT:

Rating and Investment Information, Inc.
Nihonbashi 1-chome Bldg.
1-4-1, Nihonbashi
Chuo-ku, Tokyo 103-0027
Japan
Credit Rating Division
Phone: 03-3276-3419
Fax: 03-3276-3420
Web site: http://www.r-i.co.jp


PIONEER CORPORATION: Updates Share Acquisition Rights
-----------------------------------------------------
Pioneer Corporation has determined the final terms of share
acquisition rights for the purpose of granting stock options as
follows, which issue was resolved at the meeting of its board of
directors held on June 29, 2005.

Description

(1) Amount to be paid in per share upon exercise of share
acquisition rights: 1,828 yen (2) Aggregate amount to be paid in
upon exercise of share acquisition rights: 576,002,800 yen

(3) Amount to be accounted for as stated capital in respect of
shares to be issued upon exercise of share acquisition rights:
914 yen per share

References:

1. Date of meeting of board of directors to propose an agenda
for the authorization to issue share acquisition rights to the
ordinary general meeting of shareholders: April 27, 2005

2. Date of ordinary general meeting of shareholders to authorize
the issue of share acquisition rights: June 29, 2005

3. Date of issue of share acquisition rights: July 8, 2005

4. Number of share acquisition rights to be issued: 3,151

The number of shares to be issued or transferred in lieu of such
issuance upon exercise of each share acquisition right shall be
100.

5. Class and number of shares to be issued or transferred upon
exercise of share acquisition rights: 315,100 shares of common
stock of the Company

6. Issue price of share acquisition rights: No consideration
shall be paid.

7. Period during which share acquisition rights may be
exercised: From and including July 2, 2007, to and including
June 30, 2010

8. Persons to whom share acquisition rights shall be allocated:

Directors, executive officers and a number of employees of the
Company as well as a number of directors of domestic or overseas
subsidiaries of the Company (total: 436 persons)

This release is not an offer of securities for sale in any
region, including Japan or the United States. The securities may
not be offered or sold in the United States unless they are
registered under the U.S. Securities Act of 1933 or exempt from
registration thereunder, and any public offering of securities
to be made in the United States will be made by means of a
prospectus in English prepared in accordance with the U.S.
Securities Act of 1933, that will contain detailed information
about the issuer and management, as well as financial
statements.

This transaction does not involve any public offering of
securities in the United States.

For further information, please contact:
Hideki Okayasu
Senior Executive Officer and General Manager, Finance and
Accounting Division
Pioneer Corporation, Tokyo
Phone: +81-3-3494-1111
Fax: +81-3-3495-4431
E-mail: pioneer_shr@post.pioneer.co.jp
IR Website: http://www.pioneer.co.jp/ir-e


RESONA HOLDINGS: Banking Unit Issues Preferred Securities
---------------------------------------------------------
Resona Bank, Limited (Resona Bank, President: Masaaki Nomura),
one of the banking subsidiaries of Resona Holdings, Inc., has
decided to issue U.S. dollar denominated Step-up Non-cumulative
Perpetual Preferred Securities (the Preferred Securities) in the
markets outside Japan and to establish a wholly owned subsidiary
in the Cayman Islands (the Cayman SPC) for the purpose of the
issue of the Preferred Securities.

The Preferred Securities will be step-up non-cumulative
perpetual preferred securities issued by the Cayman SPC and will
be accounted for as minority interests in consolidated
subsidiaries which will contribute improvement of the Tier I
capital of Resona Holdings and Resona Bank. We believe that the
issue of the Preferred Securities will help strengthening
financial base and business foundation of the Resona Holdings
group.

The Preferred Securities will not be convertible into shares of
common stock of Resona Holdings.

Summary Terms of the Preferred Securities to be Issued

Issuer

Resona Preferred Global Securities (Cayman) Limited (a special
purpose company incorporated under the laws of the Cayman
Islands of which 100% voting rights will be owned by Resona
Bank)

Issue Size: To be decided

Type of the securities: US dollar denominated Step-up Non-
cumulative Perpetual Preferred Securities

Use of Proceeds: Net proceeds from the offering of the Preferred
Securities will be used to purchase perpetual subordinated bonds
to be issued by Resona Bank.

Ranking: The Preferred Securities are intended to rank equally
with preference stock issued by the Bank in its liquidation.

Offering: The Preferred Securities will be offered in the U.S.
and Euro markets (No offering will be made in Japan.)

This document is a press release for the purpose of general
publicity concerning the issue of securities by a subsidiary of
Resona Bank, Limited and is not intended to be used for the
purpose of any solicitation for investment or any other similar
activity whether in or outside Japan. In addition, this
announcement does not constitute an offer of securities for sale
in the United States. Securities may not be offered or sold in
the United States unless they are registered under the U.S.
Securities Act of 1933 or exempt from registration. No public
offering of securities will be made in the United
States in connection with the transaction described herein.

CONTACT:

Resona Holdings, Inc.
2-1, Bingomachi 2-chome
Chuo-ku, Osaka 540-8608
Japan
Phone: +81-6-6271-1221
Fax: +81-6-6268-1337


SOJITZ HOLDINGS: Details Preferred Stock Conversion Price
---------------------------------------------------------
Sojitz Holdings Corporation has notified the revision of the
conversion price of 1st Series Class VI Preferred Stock as
follows:

1. Revision of conversion price

1st Series Class VI Preferred Stock

Current conversion price: JPY428.9

Revised conversion price: JPY421.9

2. Effective date

As from July 13, 2005

3. Reasons for revision

The revision is made in accordance with the provisions as
specified in the terms and conditions.

CONTACT:

Sojitz Holdings Corporation
President & CEO: Akio Dobashi
Inquiries: Takeshi Yoshimura, General Manager
Public Relations Dept.
Phone: +81-3-5520-3404


UFJ HOLDINGS: May Delay Merger Plan
-----------------------------------
Mitsubishi Tokyo Financial Group Inc. and UFJ Holdings Inc. are
set to merge their business operations in October 1, but may
postpone the plan until January 2006, the Nihon Keizai Shimbun
reported over the weekend, without citing sources.

As of October 1, MTFG and UFJ plan to combine their holding
companies, securities firms, commercial banks and trust banks to
create the world's largest financial group in terms of assets.

Memories of extensive computer system problems at top domestic
lender Mizuho Financial Group when it was formed in 2002 by the
merger of three banks are behind the cautious stance, and there
are concerns similar problems this time could damage trust in
the Japanese banking system, the report said.

Officials at both banks were not immediately available for
comment.

CONTACT:

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


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

ASIANA AIRLINES: Unionized Pilots Commenced Strike Sunday
---------------------------------------------------------
The unionized pilots' indefinite strike that commenced Sunday
noon took a toll on Asiana Airlines Gimpo to Gwangju flight,
reveals Digital Chosunilbo.  Another 62 domestic flights and
four cargo flights are expected to be grounded.

The strike comes after some 300 pilots and Asiana failed to
reach an agreement on a package of 78 union demands it says has
flight safety at heart.  The airline says the number is 230.

Asiana deployed 310 non-union and 150 unionized pilots who have
not joined the strike to ensure no flight interruptions. But
despite the move, two domestic flights were still cancelled.
Asiana was flooded with angry complaints that the pilots were
trying to hold the people hostage.

Despite the inconvenience to passengers caused by the strike,
the pilots would not stop until Asiana comes up with a modified
offer.

The union and Asiana's meeting held Sunday afternoon failed to
reach a consensus on core issues including the pilots' demand
for commuting time to be racked up to annual flight hours, a  a
guaranteed retirement age of 58, extended holidays and a union
say in pilot accreditation.

The Ministry of Construction and Transportation set up situation
room in order to minimize damage.  The priority is the
international and Jeju-bound flights reducing routes and
facilitating connections with other airlines.

CONTACT:

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


HYNIX SEMICONDUCTOR: Confirms Talks with STMicroelectronics
-----------------------------------------------------------
Hynix Semiconductor confirmed Thursday last week it has received
a strategic offer from STMicroelectronics N.V. that could pull
them closer together, relates Agence France-Presse (AFP).

Hynix Spokesman Park Min-Ho in an interview with AFP said, "We
have received an offer from ST Microelectronics to discuss how
to strategically deal with memory chip operations."

He refused, however, to confirm reports that the Swiss company
has offered to transfer its NOR flash memory lines to Hynix and
buy a 5-10 percent stake in Hynix that is worth about US$970
million at current prices.

A U.S. investment bank trader based in Paris claimed no surprise
at the approach.  He said the flash memory chip business of
STMicro has been loss making, using up 35% of capital employed,
yet representing only 12 percent of revenues.

"This is in line with our view that STMicro will spin its flash
memory business and concentrate on historic strengths of mixed
signal/analogue," the unidentified trader told AFP.

The offer came two days after Hynix concluded a four-year debt
workout program with creditors.  Reports that STMicro might be
eyeing a stake in Hynix were sparked by the announcement of
Hynix creditors that they were preparing for the sale of a 24
percent stake.

Analysts believe Hynix could benefit from any deal with
STMicroelectronics, especially because it is facing anti-dumping
charges in Europe.

"If the big deal materializes, Hynix can expect a number of
positives, including a complete semiconductor chip line-up,
credit rating upgrades and easing trade frictions with Europe,"
Daewoo Securities analyst Chung Chang-Won told AFP.

If it pushes through, the deal won't be the first between the
two.  The Hynix-STMicro relationship dates from way back.  In
April, they agreed to build a US$2 billion plant in China to
make 200 millimetre (8.0 inch) wafers this year and 300
millimetre (12 inch) wafers by the end of 2006.

Hynix collapsed under the weight of a KRW11 trillion debt in
December 2000 and entered the debt workout program in 2001.  In
2003, creditors came out with a KRW3.2 trillion package that
left them with an 81 percent stake in the company.

Since then, Hynix has raised fresh funds at home and abroad to
repay debt and stand on its own feet.  Last month, it sold bonds
worth US$500 million in New York and took out US$750 million in
syndicated bank loans, AFP said.

CONTACT:

Hynix Semiconductor
San 136-1, Ami-Ri Bubal-eub
Icheon-si Kyoungki-do,
Korea 467-860
Telephone: 82-31-630-4114
Fax: 82-31-630-4103
Web site: http://www.hynix.com/eng/


SAMSUNG ELECTRONICS: Transfer Motion for Brooks Case Granted
------------------------------------------------------------
Madison County Circuit Judge Andy Matoesian transferred a local
man's class action suit against a Samsung Electronics subsidiary
to a court in suburban Chicago, The Madison County Record
reports.

By granting Samsung Telecommunications' transfer motion on July
8, the judge bounced the case of plaintiff James Brooks to the
Du Page County courthouse in Wheaton.

Mr. Brooks, of Bethalto, sued Samsung Telecommunications last
year, complaining that the screen on his wireless phone went
blank. In the suit, Mr. Brooks stated that he received a
replacement phone from a store, but the same thing happened. His
attorney, Evan Buxner of Brentwood, Missouri asked Judge
Matoesian to certify Mr. Brooks as representative of all buyers
of the phone.

Samsung Telecommunications attorney Troy Bozarth of Edwardsville
moved in November for transfer, arguing that Mr. Brooks did not
buy the phone in Madison County. He argued that the company had
no office nor did any business in Madison County. Additionally,
Mr. Bozarth told, Judge Matoesian that the company had offices
in Du Page and Cook counties, and asked the judge to send the
case to Du Page County. To reinforce his arguments, he presented
to the judge an affidavit by company executive Roy Cole, which
stated that Mr. Brooks bought the phone in Lewisville, Texas.
Judge Matoesian set hearings on the transfer motion February 2
and March 1, but each time the parties agreed to continue.

Throughout the case, Mr. Brooks beefed up his legal team, adding
Clayton, Missouri attorneys Jeffrey Lowe and John Carey. He also
added attorney Christopher Byron of Edwardsville. Their response
to the transfer motion argued that the case belonged in Madison
County because Mr. Brooks used the phone there. They also
pointed out a blunder in the transfer motion. Mr. Brooks had not
bought the phone in Texas. He had bought it in Fairview Heights
in St. Clair County.

Samsung executive Mr. Cole filed an affidavit June 2, retracting
his earlier statement. Mr. Bozarth filed an amended motion for
transfer the next day arguing that Samsung Telecommunications
does not manufacture phones. He also pointed out that Brooks
could not remember if his phone failed in Madison County. He
wrote in the motion, it would be ludicrous to take the position
that the simple use of a product in a specific location could
subject the product's seller to venue in that location. He
further wrote, If that were the case venue requirements would be
meaningless for all products except those few that are simply
too heavy to be moved.

However, in response, Mr. Buxner challenged the company's
assertion that it had an office in Du Page County. He wrote that
the person who the company identified as its representative in
the county worked at home. Finally, on July 8, Judge Matoesian
after hearing oral arguments granted the transfer motion.

CONTACT:

Samsung Electronics Co. Ltd.
Address:  250, 2-ga, Taepyong-ro, Jung-gu
Seoul 100-742, South Korea
Phone: +82-2-727-7114
Fax: +82-2-727-7985


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

ANCOM BERHAD: Buys Back 27, 200 Shares
--------------------------------------
Ancom Berhad issued to Bursa Malaysia Securities Berhad a notice
of shares buy back dated July 12, 2005 with the following
details:

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

Total number of shares purchased (units): 27,200

Minimum price paid for each share purchased (RM): 0.740

Maximum price paid for each share purchased (RM): 0.760

Total consideration paid (RM):

Number of shares purchased retained in treasury (units):

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

Cumulative net outstanding treasury shares as at to-date
(units):

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

CONTACT:

Ancom Berhad
Level 14, Uptown 1
No. 1 Jalan SS21/58
Damansara Uptown
47400 Petaling Jaya
Selangor
Telephone: 03-77252888
Fax: 03-77257791
Web site: http://www.ancom.com.my


ANTAH HOLDING: Expects Losses Arising from Court Ex-Parte Order
---------------------------------------------------------------
With reference to the Ex-Parte order of Court served against
Kaseh Lebuhraya Sdn Berhad, a wholly owned subsidiary of the
company and to the Bursa Malaysia Securities Berhad's query
letter dated July 8, 2005, Antah Holding Berhad furnished the
following additional information:

(1) The date of presentation of Ex-Parte Order of Court

The Ex-Parte Summons In Chambers was dated June 23, 2005 and the
affidavit in supporting the Ex-Parte was affirmed on the same
day.

(2) The details of default or circumstances leading to the
filing of Ex-Parte Order of Court

The Ex-Parte Order of Court is obtained by Azam Developers &
Construction Sdn. Bhd. to restrain Kaseh Lebuhraya from removing
and/or disposing any or all of its assets up to a value of
MYR19,400,000.

(3) The total cost of investment in Kaseh Lebuhraya

The total cost of investment in Kaseh Lebuhraya is
MYR190,000,000.

(4) The financial and operational impact of the Ex-Parte Order
of Court on the Group

The Ex-Parte Order of Court will have a material financial and
operational impact on Kaseh Lebuhraya.

However, the overall impact is not quantifiable with reasonable
certainty at this juncture.

(5) The expected losses arising from the Ex-Parte Order of Court

The Company, at this juncture, is not able to ascertain the
expected losses.

(6) The steps taken and proposed to be taken by Kaseh Lebuhraya
in respect of the Ex-Parte Order of Court

Antah, with legal advise from its solicitors, are taking the
appropriate actions to set aside the order by filing the
necessary cause papers in the Court. Necessary announcement will
be made to Bursa Malaysia Securities Berhad as and when it is
required.

To view a full copy of the bourse's query letter, click
http://bankrupt.com/misc/AntahHoldingsQueryLetter071205.doc

This announcement is dated 12 July 2005.

CONTACT:

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


ANTAH HOLDING: Says Wind Up Petition on Unit Won't Affect Ops
-------------------------------------------------------------
With reference to the winding up petition against Kaseh
Lebuhraya Sdn Berhad, a wholly owned subsidiary of Antah Holding
Berhad and to Bursa Malaysia Securities Berhad's letter dated
July 8, 2005, the company furnished the bourse the following
additional information for public release:

(1) There is no interest being claimed under the winding-up
petition.

(2) There will be no material financial impact on the winding-up
petition as the Company is disputing the amount claimed under
the petition.

In the present circumstances, the Company is able to meet the
amount claimed and is solvent.

To view a full copy of the Bursa Malaysia query letter, click
http://bankrupt.com/misc/AntahHoldings2071205.doc

This announcement is dated 12 July 2005.


ANTAH HOLDING: Issues Status Report on Payment Default
------------------------------------------------------
Further to the announcement on June 6, 2005, the Board of
Directors of Antah Holding Berhad (ANTAH) issued to Bursa
Malaysia Securities Berhad an update on the details of the
various credit facilities in default to the financial
institutions as at June 30, 2005, details of which are as per
attached.

To view full details of the announcement, click
http://bankrupt.com/misc/AntahHoldingsLoanDefaulted071205.xls


GOLDEN HOPE: Files Notice of Appeal to Court's Decision
-------------------------------------------------------
Golden Hope Plantations Berhad (GHPB) issued to Bursa Malaysia
Securities Berhad an update on the following proceedings:

Kuala Lumpur High Court Originating Summons No. D4-24-108-2005
Kumpulan Wang Simpanan Pekerja v. Golden Hope Plantations Berhad
& Island & Peninsular Berhad (108 Proceedings)

Kuala Lumpur High Court Originating Summons No. D4-24-111-2005
Golden Hope Plantations Berhad v. Lembaga Kumpulan Wang Simpanan
Pekerja & Island & Peninsular Berhad (111 Proceedings)

Voluntary general offer by I&P to acquire 70,599,161 ordinary
shares of MYR1.00 each, representing the entire issued and paid-
up share capital of Negara Properties (M) Berhad (Negara), for a
total offer price of MYR310,000,000 to be satisfied entirely by
the issuance of 91,176,470 new ordinary shares of MYR1.00 each
in I&P at an issue price of MYR3.40 per share to the
shareholders of Negara (VGO on Negara)

The company refers to its announcement dated 11 July 2005.

In relation to the decision of the court to dismiss the 111
Proceedings as announced on July 11, 2005, Aseambankers Malaysia
Berhad on behalf of the Company clarified that, the High Court
had, in making its decision, stated that the decision concerned
only the legal interpretation of Section 146(1)(b)(ii) of the
Companies Act 1965 and Article 61(B) of the Articles of
Association of the Company, and no finding of fact is made with
regard to the proceedings at the Company's extraordinary general
meeting on March 8, 2005.

The Company advised that it had filed its Notice of Appeal to
the Court of Appeal in respect of the said decision of the High
Court.

This announcement is dated 12 July 2005.


HAP SENG: Repurchases Ordinary Shares
-------------------------------------
Hap Seng Consolidated Berhad issued to Bursa Malaysia the
details of its shares buy back on July 12, 2005 with the
following details:

Description of shares purchased: Ordinary shares of MYR1.00 each

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

Minimum price paid for each share purchased (MYR): 2.080

Maximum price paid for each share purchased (MYR): 2.150

Total consideration paid (MYR): 19,342.85

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

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

Cumulative net outstanding treasury shares as at to-date
(units): 32,770,900

Adjusted issued capital after cancellation (no. of shares)
(units): 0

CONTACT:

Hap Seng Consolidated Berhad
No. 1A, Jalan 205
46050 Petaling Jaya
Selangor
Telephone: 03-7783 9888
Fax: 03-7781 6305


MYCOM BERHAD: Unit Served with Writ of Summons
----------------------------------------------
The Board of Directors of Mycom Berhad (Mycom) informed Bursa
Malaysia Securities Berhad that its 51 percent owned subsidiary,
Filati Lastex Sdn Bhd (FLSB), was on July 11, 2005, served a
copy of the writ of summons and statement of claim dated June
21, 2005 filed by Teh Ah Yau Rubber Factory Sdn Bhd against FLSB
for a claim of MYR4,253,441.74, interest of 8 percent per annum
on the claimed amount and legal costs thereon.

The amount claimed was in respect of goods supplied to FLSB for
the period from November 2004 to February 2005 pursuant to a
contract dated January 29, 2004. However, there were some issues
of quality raised over the supply and FLSB had thus discussed
with the supplier for a more mutually acceptable settlement
terms.

As the liability amount has taken up in the books of FLSB, the
claims will have no material financial and operational impact on
the Mycom Group.

FLSB will instruct its solicitors to file a statement of defence
in due course and FLSB will also look into settling the matter
amicably.

CONTACT:

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


OLYMPIA INDUSTRIES: Unit Disposes of Assets
-------------------------------------------
Pursuant to paragraph 10.08 of the Listing Requirements of Bursa
Malaysia Securities Berhad, Olympia Industries Berhad (OIB)
advised that its 60.06 percent owned subsidiary, Jupiter
Securities Sdn Bhd (Special Administrators Appointed) (JSSB) has
disposed a motor vehicle, Mercedes Benz E220A bearing
registration number WEF 9913 to Dairy Maid Resort & Recreation
Sdn Bhd (DMRR) for a total cash consideration of MYR75,000.00.
DMRR is a wholly owned subisidiary of OIB.

JSSB is principally engaged in the business of dealing in
securities and acting as a stock and share broker whilst DMRR is
involved in property investment and letting of properties.

The consideration for the transaction was arrived at on a
willing buyer-willing seller basis and after taking into account
the market value of the said vehicle. JSSB acquired the vehicle
in 1996 at the purchase price of MYR244,721.82. The net book
value is MYR1.00 as at June 30, 2005. The said vehicle was
disposed as it is in excess of JSSB's operational needs.

The transaction is not subject to the approval of the
shareholders of OIB and does not have any material financial
effect on the OIB Group.

Mr. Yap Wee Keat is director of both JSSB and DMRR. He is also a
director of OIB and has 5 percent (direct interest) and 17.57%
(direct and indirect interest) shareholdings in JSSB and OIB
respectively.

Saved as disclosed, none of the other directors and/or major
shareholders and persons connected with them have any interest,
direct or indirect in the above transaction.

The Board of OIB is of the opinion that the terms of the
transaction are fair and reasonable and on terms not more
favorable to the related party than those generally available to
the public.

CONTACT:

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


OLYMPIA INDUSTRIES: Issues MOU Progress Report
----------------------------------------------
The Board of Olympia Industries Berhad (OIB) informed Bursa
Malaysia Securities Berhad that there has been no major
development on the MOU between OIB, Vinci Construction Grand
Projects and Invescor-Dumez Jaya-Woh Hup JV since the last
update on April 12, 2005.


PAN MALAYSIA: Repurchases 1,120,000 Ordinary Shares
---------------------------------------------------
Pan Malaysia Corp. Berhad issued to Bursa Malaysia Securities
Berhad the details of its shares buy back on July 12, 2005 with
the following details:

Description of shares purchased: Ordinary shares of MYR0.50 each

Total number of shares purchased (units): 1,120,000

Minimum price paid for each share purchased (MYR): 0.465

Maximum price paid for each share purchased (MYR): 0.480

Total consideration paid (MYR): 538,452.44

Number of shares purchased retained in treasury (units):
1,120,000

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

Cumulative net outstanding treasury shares as at to-date
(units): 4,850,000

Adjusted issued capital after cancellation (no. of shares)
(units): 0

CONTACT:

Pan Malaysia Holdings Berhad
Jalan P Ramlee
Kuala Lumpur, 50250
Malaysia
Telephone: +60 3 2031 6722
Fax: +60 3 2031 1299


PANTAI HOLDINGS: Purchases 201,000 Shares on Buy Back
-----------------------------------------------------
Pantai Holdings Berhad posted at the Bursa Malaysia Securities
Berhad a notice of shares buy back on July 12, 2005 with the
following details:

Description of shares purchased: Ordinary shares of MYR1.00 each

Total number of shares purchased (units): 201,000

Minimum price paid for each share purchased (MYR): 0.990

Maximum price paid for each share purchased (MYR): 1.000

Total consideration paid (MYR): 200,269.94

Number of shares purchased retained in treasury (units): 201,000

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

Cumulative net outstanding treasury shares as at to-date
(units): 36,152,300

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

CONTACT:

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


PILECON ENGINEERING: Updates Approved Proposals' Details
--------------------------------------------------------
Pilecon Engineering Berhad issued to Bursa Malaysia Securities
Berhad an update on the following proposals:

(I) Proposed Capital Reduction;

(II) Proposed Share Consolidation;

(III) Proposed Rights Issue;

(IV) Proposed Debt Restructuring Scheme (PDRS), comprising:
- Proposed Cash Settlement;
- Proposed Debt-to-Equity Conversion;
- Proposed Issuance of Redeemable Convertible Secured Loan
Stocks (RCSLS); and
- Proposed Issuance of Irredeemable Convertible Unsecured Loan
Stocks (ICULS) hereinafter, collectively referred to as the
Approved Revised Proposals

The company refers to the announcement dated May 17, 2005
wherein Alliance Merchant Bank Berhad (Alliance), on behalf of
Board of Directors of Pilecon (Board), announced that the
Securities Commission (SC) had, vide its letter dated May 13,
2005 (Approval Letter), approved the Approved Revised Proposals
under Section 32(5) of the Securities Commission Act 1993,
subject to the terms and conditions as stipulated in the
Approval Letter (Terms and Conditions of Approval).

The announcement also stated that the Board was deliberating the
Terms and Conditions of Approval.

Alliance, on behalf of the Board, announced that the Board has
decided to accept the Terms and Conditions of Approval save for
the following variations which Pilecon is proposing to the
unsecured creditors under the PDRS (Unsecured Creditors) due to
the difficulties faced in securing financing to fund current and
future projects:

(i) Additional waiver of interest payment including penalty and
default interest and finance charges accruing for the period
from April 1, 2004 up to the completion of the Approved Revised
Proposals;

(ii) Additional debt waiver of 10% based on the outstanding
liabilities to be restructured under the PDRS as at March 31,
2002 of MYR323,104,633 after taking into consideration the
crystallisation of the corporate guarantee issued by Pilecon to
Danaharta Managers Sdn Bhd (DMSB) (Corporate Guarantee) which
has been fixed at MYR63,477,542 by DMSB vide its letter dated
June 9, 2005; and

(iii) Due to the above, the outstanding liabilities to be
settled under the PDRS will be further reduced and Pilecon
proposes that the number of five (5)-year 5% ICULS to be issued
under the PDRS be reduced accordingly from MYR83,594,170 nominal
value of ICULS to MYR58,483,707 nominal value of ICULS.

(hereinafter, collectively referred to as the PDRS Variations).

The additional interest and debt waiver will enable the Company
to allocate its resources towards building up its construction
contracts and expedite the Company's recovery as well as improve
the cash flow of Pilecon resulting from the lack of projects
under the existing conditions.

In addition to the PDRS Variations, Pilecon, after considering
the terms of the Proposed Rights Issue as imposed by the SC in
the Approval Letter, the present weak capital market sentiment
and the funding requirements of the Company, is also proposing
to set a minimum subscription level of MYR70 million for the
Proposed Rights Issue (Proposed Minimum Subscription Level).

Pursuant to the above, Alliance has, on July 12, 2005, submitted
an application to the SC on behalf of Pilecon to seek the SC's
concurrence on the PDRS Variations and the Proposed Minimum
Subscription Level.

This announcement is dated 12 July 2005.

CONTACT:

Pilecon Engineering Berhad
No 2 Jalan U1/26 Seksyen U1
40150 Shah Alam, Selangor Darul Ehsan 40150
Malaysia
Telephone: +60 3 7804 1888 / +60 3 7804 3888


POLY GLASS: Director Acquires 23,900 Ordinary Shares
----------------------------------------------------
Pursuant to Paragraph 14.08 of the Listing Requirements of Bursa
Malaysia Securities Berhad, this is to notify that Poly Glass
Fibre (M) Bhd (the Company) has on July 12, 2005 received a
notification dated July 12, 2005 from Mr. Fong Wah Kai, the
Executive Director of the Company in relation to acquisition of
23,900 ordinary shares of MYR1.00 each in the Company as per the
information below:

Date of Dealing: July 12, 2004

Consideration for the dealing: MYR0.19 per share

Amount of Securities acquired: 23,900 ordinary shares of MYR1.00
each

Percentage of Securities acquired: 0.01%

Total number of Securities held after acquisition: 5,475,400
ordinary shares of MYR1.00 each

Percentage of Securities held after acquisition: 3.42 percent

Dated this 12th day of July 2005


PUNCAK NIAGA: Bourse to List Additional 21,000 New Shares
---------------------------------------------------------
Puncak Niaga Holdings advised that its additional 21,000 new
ordinary shares of MYR1.00 each issued pursuant to the
Employees' Share Option Scheme will be granted listing and
quotation with effect from 9:00 a.m., Thursday, July 14, 2005.

CONTACT:

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


TIMBERWELL BERHAD: Settles Overdraft Facility
---------------------------------------------
Further to the announcement made by Timberwell Berhad (TWB) on
July 8, 2005 with regards to the Writ of Summons served on TWB's
wholly owned subsidiary, Timberwell Enterprise Sdn Bhd (TESB),
the Board of Directors of TWB advised that there would be no
operating losses arising from the summons and neither would
there be any operational impact on the Group as the overdraft
facility has been fully settled and the term loan of MYR3.85
million has been rescheduled for repayment.

This announcement is dated 12th July 2005.


WCT ENGINEERING: Court to Hear Applications Against Maju
--------------------------------------------------------
WCT Engineering Berhad issued to Bursa Malaysia Securities
Berhad an update on the Writ of Summons served by WCT
Construction Sdn Berhad on Maju Holdings Sdn Berhad.

The Court had on July 11, 2005 fixed the following applications
for decision on July 22, 2005:

(1) WCTC's Application to Strike out Maju's Counter Claim; and

(2) WCTC's Application for an Order to enter Judgment against
Maju.

This announcement is dated 12 July 2005.

CONTACT:

WCT Engineering Berhad
12, Jalan Majistret U1/26
Seksyen U1, Lot 44, Hicom-Glenmarie Industrial Park
40150 Shah Alam, Selangor Darul Ehsan, Malaysia
Telephone: 603-7805 2266
Fax: 603-7804 9877
E-mail: wctbhd@wcte.com.my


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

ABS-CBN BROADCASTING: Employees Fear Further Job Cuts
-----------------------------------------------------
Employees of loss-making ABS-CBN Broadcasting Corp. are bracing
for more job cuts, BusinessWorld reports.

The workers expect management to continue to serve early
retirement notices to top officials in other ABS-CBN units,
similar to what it did in the news division. Other ABS-CBN units
include Star Cinema, ABS-CBN's movie production outfit, ABS-CBN
Global, its subsidiary in charge of international operations,
ABS-CBN Publishing and Roadrunner, its post-production division.

As part of cost-cutting measures, the network's management last
month served early retirement notices to 35 reporters, editors
and anchors at the ABS-CBN news division.

Although the company's two recognized union groups have not
hinted of a strike, workers said they have already started
pooling a strike fund amid management's implementation of cost-
cutting measures.

ABS-CBN is struggling to recover from its Php114.3-million loss
in the first quarter, a sharp reversal from a net profit of
Php124.1 million in the same period last year.

CONTACT:

ABS-CBN Broadcasting Corp
Mother Ignacia St
Corner Sgt
Quezon City 1100
Philippines
Phone:  2 924 4101
Fax:  2 921 5888
Web site: http://www.abs-cbnnews.com/


ENGINEERING EQUIPMENT: Parent Unlikely to Infuse More Cash
----------------------------------------------------------
Construction firm Engineering Equipment Inc. may not secure
financial support from its Yuchengco group affiliate this year,
The Manila Times reports.

Yuchengco Group of Companies unit House of Investments Inc. (HI)
said it will not tap on the foreign and local debt market to
avoid foreign-exchange and interest-rate risks in financing its
projects this year.

HI said it prefers to rely on its internal cash flow rather than
tapping the debt market, where it has no control of the interest
rates.

Instead of securing more loans, HI plans to cut EEI's debts by
40 percent by generating enough cash within its own structure or
from its nonperforming and noncore assets. HI believes it will
be able to reduce EEI's debts by the end of the year.

HI Senior Vice President-Finance and Treasurer Jose Ma. G.
Castillo III declined to specify how much HI will allot for its
capital expenditure this year, saying that the firm will be
adopting a wait-and-see attitude, in light of the current
political uncertainty.


LEPANTO CONSOLIDATED: Says Talks With Foreigners Continue
---------------------------------------------------------
Lepanto Consolidated Mining Co. refers to the news article
appearing on the Philippine Daily Inquirer stating that Zijin
Mining Group Co. Ltd. of China and Invanhoe Mines Limited of
Canada are having second thoughts about investing in the mining
projects of Lepanto.

The Company advised that its talks with the above potential
investors are continuing and there has been no indication that
they are having second thoughts about investing in Lepanto.

The Company clarified that although operations have resumed, as
reported in the sale article, operations have yet to normalize.
Some members of the Lepanto Employees' Union have not gone back
to work and the Company in the meantime have supplemented its
workforce with contractual employees.

CONTACT:

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


PHILIPPINE LONG: Clarifies Deleveraging Report
----------------------------------------------
Philippine Long Distance Telephone Company (PLDT) issued this
announcement in reference to the news article entitled "PLDT
deleveraging" published in the July 14, 2005 issue of the
Malaya.

The article reported in part that:

"Philippine Long Distance Telephone Co. (PLDT) according to
president Napoleon Nazareno is deleveraging and is not expected
to be hurt by the ratings downgrade. Nazareno said that PLDT has
pared down debts to US$1.7 billion after paying AU$100 million
in the second quarter. Nazareno said second quarter profits are
expected to reach at least Php7 billion or more despite the
absence of one-time foreign gains during the second quarter.
'Our core earnings should be stable if not better," he said."

Philippine Long Distance Telephone Company (TEL), in a letter to
the Exchange dated July 15, 2005, stated that:

" We advise that PLDT Fixed Line debt balance as of July 30,
2005 stood at US$1,719 million. In the second quarter of 2005
alone, PLDT Fixed Line reduced debts US$96 million, bringing up
the total debt reduction of PLDT Fixed Line in the first months
of 2005 to US$251 million. These figures exclude the debts of
our cellular and other subsidiaries. The Group is on track to
meet our deleveraging targets for the year.

"PLDT Group will be announcing first half 2005 results on August
4, 2005. As a result of our adoption of International Accounting
Standards, and in particular IAS 21, our financial results are
impacted by foreign exchange translation gains/losses depending
on movements in exchange rates over the period covered. Full
details of our financial performance will be made available when
we announce our first half 2005 results."

For your information.

(Original Signed)
MA. PAMELA D. QUIZON
Head, Disclosure Department

Noted by:

(Original Signed)
JURISITA M. QUINTOS
Senior Vice President

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


NATIONAL BANK: Ayalas Eye 67% Stake
-----------------------------------
The country's second largest commercial bank is keen on
acquiring a controlling stake in the semi-private Philippine
National Bank (PNB), according to The Philippine Daily Inquirer.

Ayala-owned Bank of the Philippine Islands (BPI) is preparing to
challenge tycoon Lucio Tan over the right to purchase a 67-
percent stake in PNB.

BPI has reportedly submitted necessary documents to prequalify
for the PNB stake tender in August 12, held jointly by the
government and the Tan group.

BPI is intent on winning the bid since a merger with PNB can
catapult the bank into the country's biggest and finally edge
out taipan George Ty's Metropolitan Bank and Trust Co., which
has been at the top since 1996. In fact, it has started
discussions with ING Bank, the financial adviser for the PNB
bidding.

The deadline to submit prequalification documents for next
month's bidding expired last July 1, but a government task force
handling the sale led by Philippine Deposit Insurance Corp.
(PDIC) does not intend to release the list of prequalified
bidders.

Meanwhile, Metrobank said it wasn't keen on bidding for PNB
since it has no plans to undertake any major acquisition in the
future.

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: Clinches US$9-Mln Loan
--------------------------------------
Beleaguered National Power Corporation (Napocor) has secured a
US$9-million credit facility from Kanbutsu CXZ of Japan for the
purchase of diesel-fired power generation sets, The Manila
Bulletin relates.

The Monetary Board of the Bangko Sentral Pilipinas (central
bank) has approved last week the loan, which will be used to
fund the purchase of diesel-fired power generation sets.

The loan contract will finance, supply and deliver generating
sets to Small Power Utilities Group.

Kanbutsu CXZ Association is a joint venture of Kanto Bussan
Kaisha, Ltd. of Tokyo, Japan and the Shanghai Xinzhong Power
Machine Plant of Shanghai, China.

Last year, the Japanese power company also loaned out US$9.2
million for the financing of Napocor generation assets
(gensets). They provided 25 diesel-fired gensets with a capacity
of 500 kilowatts each.

The units were deployed to augment the capacity of 15 existing
diesel power plants in the following SPUG areas: Busuanga, Cuyo
and Culion Islands, El Nido, and San Vicente, all in Palawan;
Lubang in Occidental Mindoro; Polilio Island in Quezon; Sibuyan
Island and Corcuera in Romblon; Dinagat Island in Surigao del
Norte; Siasi in Sulu; Rapu-Rapu in Albay; Pilar in Cebu; Cagayan
de Tawi Tawi in Tawi-Tawi; and Tingloy in Batangas.

CONTACT:

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


NATIONAL POWER: 2 Foreign Firms Want Calaca With or Without TSC
---------------------------------------------------------------
Two foreign companies have hinted at plans to bid for National
Power Corporation's (Napocor) 600-megawatt (MG) Calaca power
plant even without a transition supply contract (TSC), according
to The Philippine Star.

Power Sector Assets and Liabilities Management Corp. (PSALM),
the government agency tasked to handles Napocor's privatization,
confirmed the two firms are keen on buying the facility even if
it is offered as a merchant plant.

A merchant plant refers to a power plant operating without a
fixed buyer for the electricity it will produce.

PSALM Vice President for Asset Management and Electricity
Froilan A. Tampico said the companies are willing to waive the
TSCs, which should ensure that Calaca will have a ready market
for its electricity.

Last month, two potential investors Mitsui and Co. Ltd. of Japan
and Phil-Mal Petroenergy Corp. withdrew thier bids for Calaca
due to the absence of TSC's.

Thus, PSALM cancelled the bidding. PSALM also no longer accepted
the bid documents presented by First GenLuzon Power Corp. and
rescheduled the bidding for September.

The Calaca power plant in San Rafael, Calaca, Batangas, is the
first major asset in the government's bidding line-up for this
year.


NATIONAL TRANSMISSION: Warns of Power Crisis in Central Visayas
---------------------------------------------------------------
The National Transmission Commission (Transco) has warned an
impending power shortage in Central Visayas, The Freeman
reports.

Transco predicted the region will suffer a power crisis in the
next few years due to the growing economic activity in the
region has driven up an annual seven-percent increase in power
demand. Transco also said the Cebu-Negros-Panay grid posted a
peak demand of 700 megawatts last year but recently it reached
to 750-mW already.

Cebu has a supply capacity of only 320-mW but it accounts for
three-fourths of the demand of 442-mW. The Leyte geothermal
plants supply the shortfall through the existing 200-mW Leyte-
Cebu interconnection submarine cables.

Negros Island's present supply of 175-mW has been barely enough
also to meet its power demand while, in Panay Island, power
supply is only half of its 120-mW demand. The power shortfall in
these islands is partly remedied by two power barges and excess
power from Cebu through Transco's submarine cables. But power
reserves plunged further whenever the gas turbine plants in Naga
are put on economic shutdown, and other bigger power plants are
placed on unscheduled maintenance shutdown, Transco said.

Because of this, the electric utilities and cooperatives in
these areas resorted to a manual load-dropping scheme, or
scheduled rotating brownouts, to balance the supply-demand
equation.

To address the problem, Transco is fast-tracking the
implementation of the Php3-billion Leyte-Cebu interconnection
uprating project, expected for completion this coming October.

This project is expected to double the carrying capacity of
Transco's existing submarine cables, from 200-mS to 400m-MW, and
increase the margin of power reserves in CNP grid.

CONTACT:

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


NATIONAL TRANSMISSION: Goes After Overdue Accounts from Meralco
---------------------------------------------------------------
The National Transmission Corporation (Transco) is set to
collect from Manila Electric Company (Meralco) some Php6.377
billion in overdue accounts for the use of its transmission
network, The Manila Bulleting says.

The Meralco receivables reportedly accounted for the largest
portion of the total Php8.775-billion receivables booked by
Transco in its financial statement last year.

Loss-making Transco explained that Meralco's accumulated unpaid
account was under the Transmission Delivery Service (TDS),
representing Operation and Maintenance Transmission Loss
Recovery; which was reported to have been deducted by Meralco
from its payments.

A big portion of the unpaid account reportedly relates to unpaid
shortfall charges amounting to Php4.254 billion from the utility
firm's previous power supply contract with National Power
Corporation covering the periods September 26, 2002 up to
October 25, 2004, plus imbalance charges of Php30.54 million.

Transco likewise pointed out that one of the main factors that
pulled up its level of receivables was due to the increase in
ancillary service charges, thereby increasing it to a total of
Php5.881 billion consisting of accounts from both Meralco and
non-Meralco customers for Php4.694 billion and Php1.187 billon,
respectively.

Meralco and NPC has earlier filed before the Energy Regulatory
Commission (ERC) their settlement agreement over a dispute that
ensued on their supply contract. But since the deal lapsed in
December 2004, there was no ruling rendered by the regulatory
body on this.

Meanwhile, an official of Meralco has emphasized that the amount
booked as receivables by Transco is already being discussed and
that they are confident on eventually working out an acceptable
deal for the parties.


PHILIPPINE AIRLINES: To Put Up Fuel Depot with Macroasia
--------------------------------------------------------
National flag carrier Philippine Airlines and local aviation
support and logistics service provider Macroasia Corp. has
agreed to jointly construct a Php1-billion fuel depot near the
Ninoy Aquino International Airport (NAIA), according to The
Manila Standard.

The two firms, owned by tycoon Lucio Tan, decided put up the
depot to service the fuel requirements of the airline industry.

Macroasia President and Chief Executive Joseph Chua told
reporters the project would bring down fuel cost of airlines.
Airlines spend about 70 percent of their total operating costs
on aviation fuel.

Petron Corp., Pilipinas Shell Petroleum Corp. and Caltex
Philippines Inc. operate the biggest fuel depots in the country.

Mr. Chua, however, did not discount the possibility of the joint
venture getting its fuel requirements from the Petron, Shell and
Caltex, which are still the cheapest suppliers of fuel in the
country.

Mr. Chua said Macroasia and PAL are also looking at having other
airlines join the project consortium if they are interested.
Other airline companies have already signified their interest to
join the project.

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


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

AIROCEAN GROUP: Amends AGM Notice
---------------------------------
Airocean Group Limited announced that in relation to its Annual
General Meeting notice released on July 14, 2005, the Company
made some amendments to such notice.

Attached are the amendments to the Company's AGM notice:

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


DELOITTE HASKINS: Creditors Required to Submit Proofs of Claim
--------------------------------------------------------------
Notice is hereby given that the creditors of Deloitte Haskins &
Sells Management Consultants Pte Limited, whose debts or claims
have not already been admitted, are required on or before Aug.
10, 2005 to submit particulars of their debts or claims and any
security held by them to the Liquidator.

In default thereof, they will be excluded from the benefit of
the dividend.

Dated this 11th day of July 2005

Mah Chee Kheong Chally
Liquidator
c/o 6 Shenton Way
#32-00 DBS Building Tower Two
Singapore 068809


ELMA TRADING: Posts Intended Dividend Notice
--------------------------------------------
Elma Trading (Singapore) Pte Limited, formerly of 8 Jln Kilang
Timor #02-05 Kewalram House, Singapore 159305, posted a notice
of intended dividend at the Government Gazette, Electronic
Edition with the following details:

Name of Company: Elma Trading (S) Limited
Court: Supreme Court, Singapore
Number of Matter: Companies Winding Up No. 301 of 1993
Last Day for Receiving Proofs: July 29, 2005
Name & Address of Liquidator: The Official Receiver
The URA Centre (East Wing)
45 Maxwell Road #06-11
Singapore 069118

Dated: 15th July 2005

Moey Weng Foo
Assistant Official Receiver


GEA TECHNOLOGY: Court Orders Winding Up
---------------------------------------
Notice is hereby given that a Petition for the Winding Up of GEA
Technology Pte Limited by the Singapore High Court was presented
by Australian creditor Intelmail Explorenet Pty. Limited on June
2, 2005.

The said Petition is directed to be heard before the Court
sitting at Singapore on Friday, Aug. 5, 2005, 10:00 a.m.

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

A copy of the Petition will be furnished to any creditor or
contributory of the said Company requiring the same by the
undersigned, on payment of the regulated charge for the same.
The Petitioner's registered address is at Unit 3, 16 Mars Road,
Lane Cove, NSW 2066, Australia.

The Petitioner's solicitors are Messrs. Lee & Lee of No. 5
Shenton Way, Level 19, UIC Building, Singapore 068808.
LEE & LEE
Solicitors for the Petitioner

Note:

Any person who intends to appear at the hearing of the said
Petition must serve on or send by post to Messrs. Lee & Lee,
notice in writing of his intention to do so. The notice must
state the name and address of the person, or, if a firm, the
name and address of the firm and must be signed by the person or
firm or his or their solicitors (if any) and must be served, or,
if posted, must be sent by post in sufficient time to reach the
solicitors not later than 12:00 p.m. of Aug. 4, 2005 (the day
before the day appointed for the hearing of the Petition).

CONTACT:

GEA Technology Pte Ltd
Blk 203 Henderson Road
#06-01 Henderson Industrial Park
Singapore 159 546
Phone: 65 6872 5005
Fax:   65 6872 1771
E-mail: geatech@singnet.com.sg


IPC CORPORATION: Starts to Dissolve Unprofitable Ops
----------------------------------------------------
IPC Corporation Limited announced that the Company has decided
to voluntarily cease the operation and de-register Shanghai
Shared Data Network Co. Limited (SSDN), which is held under the
Group's wholly owned subsidiary IPC Information and
Communications Pte Limited.

The voluntary cessation and de-registration of SSDN is part of
the Company's current corporate strategy of selling
off/disposing of its non-profitable operations, so that it can
focus on its core businesses.

For the financial year ended Dec. 31, 2004, SSDN's revenue
represented 0.7% of the Group's total revenue, and its net
tangible assets (NTA) represented 1.4% of the Group's NTA; SSDN
incurred a SGD892,000 net loss.

After de-registration, SSDN's NTA amounting to approximately
SGD1.9 million would be realized. SSDN's voluntary cessation and
de-registration would not have any affect on the Company's NTA
for the financial year ending Dec. 31, 2005.

CONTACT:

IPC Corporation Limited
23 Tai Seng Drive
IPC Building
Singapore 535224
Phone: 65 67442688
Fax:   65 67430691
Web site: http://www.ipc.com.sg


NEOCORP INTERNATIONAL: Operating Loss Climbs
--------------------------------------------
Neocorp International Limited issues its financial statement for
the period ended May 31, 2005.

The Company's net income loss had increased from SGD3.53 million
in May 2004 to SGD6.3 million in May 2005.

To view a full copy of the Company's financial statement, go to:

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

CONTACT:

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


TRAVELPRO LIMITED: Receives Winding Up Order
--------------------------------------------
In the matter of Travelpro Pte Limited, a winding up order was
issued on July 1, 2005, with the following details:

Names and address of Liquidators: The Official Receiver
Insolvency & Public Trustee's Office
The URA Centre (East Wing)
45 Maxwell Road #05-11/#06-11
Singapore 069118

SHOOK LIN & BOK
Solicitors for the Petitioner

CONTACT:

Travelpro Pte Limited
277 Orchard Road, #B1-04
Specialists' Shopping Centre
Singapore 238858
Phone: (65) 62383968
Fax:   (65) 67352551
Email: trvelch@singnet.com.sg
Web site: http://www.travelpro.com.sg


TOUCHE ROSS: Liquidator Set to Distribute Dividend
--------------------------------------------------
Notice is hereby given that the creditors of Touche Ross
Management Consultants Pte Limited, whose debts or claims have
not already been admitted, must submit the particulars of their
debts or claims on or before Aug. 10, 2005.

Failure to do so would exclude them from the benefit of the
dividend.

Dated this 11th day of July 2005

Mah Cheeh Kheong Chaly
Liquidator
c/o 6 Shenton Way
#32-00 DBS Building Tower Two
Singapore 068809


VERTEX ASIA: Creditors' Proofs of Claim Due Aug. 8
--------------------------------------------------
Notice is hereby given that the creditors of Vertex Asia
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. In default thereof they will be excluded from the
benefit of any distribution made before such debts are proved.

Dated this 8th day of July 2005

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


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

PICNIC CORPORATION: Issues Additional Info on Pride Transaction
---------------------------------------------------------------
With reference to the acquisition of 99.99 percent common shares
of Pride Logistics Co., Ltd (Pride) by World Gas (Thailand) Co.,
Ltd. (WGT), a wholly owned subsidiary of Picnic Corporation PLC.
on July 5, 2005, the company issued the following additional
information to the Stock Exchange of Thailand (SET):

Reason of acquisition: Pride operates LPG transportation
business which will synergize WGT by decreasing the
transportation cost.

Transaction value: About THB1,000,000

Establish date: May 20, 2005

Please be informed accordingly

Sincerely yours,
Dr. Suphot Phattanasri
Managing Director

CONTACT:

Picnic Corporation Public Company Limited
805 Srinakarin Road, Suan Luang Bangkok
Telephone: 0-2721-3600-59
Fax: 0-2721-3571
Web site: http://www.picniccorp.com


THAI HEAT: Unveils Share Offering Result
----------------------------------------
Thai Heat Exchange Public Company Limited issued to the Stock
Exchange of Thailand a report on the result of its shares
offering.

(1) Information relating to the share offering

Category of shares offered        :  Common share
Number of shares offered          :  61,985,800 shares
Offered to                        :  old shareholders
Price per share                   :  THB1
Subscription and payment period   :  July 4 to July 8,2005

(2) Results of the sale of shares:

[ ] totally sold out
[X] partly sold out, with 4,496,597 shares remaining.

The remaining shares are allocated to:

(1) The shareholders which registrar on June 23, 2005. The
contact place and persons are:

MS. Urailak Praepanichwat
or  MS.Pranee  Dechwigai
Thai Heat Exchange Public Company Limited
1364 Ramkhamhaeng Road, Suanluang, Bangkok 10250
Telephone: 02-3191911-5
Attn: 22 or 29

The subscription date is within July 29, 2005 earlier when the
subscribed shares exceeds the remaining shares.  The company
will allocate the excess shares on a pro rate basis of the new
subscribed shares.

(2) New investors by private placement to not exceeding 35
persons, in case there are still remaining shares.

(3) Details of the sale

  Thai investors          Foreign investors
Juristic    Nutural       Juristic   Natural      Total
Persons     persons       persons    persons

Number of persons

5             741          1           3          750

Number of shares
Subscribed

6,832,900   50,464,303    2,000    190,000     57,489,203

Percentage of total Shares offered for sale

11.02        81.41         0.00       0.31       92.74

(4) Amount of money received from the sale of shares

Total amount: THB57,489,203

Less expense (specify): - Baht

Net amount received: THB57,489,203
The company certified that the information contained in this
report is true and complete in all respects.

Mr. Surin Wanpensakul
Director

CONTACT:

Thai Heat Exchange Pcl
1364 Ramkhamhaeng Road,
Suan Luang Bangkok
Telephone: 0-2318-2478-9, 0-2314-4582, 0-2319-1911-5
Fax: 0-2318-2655, 0-2319-4268
Web site: http://www.thaiheat.com


THAI PETROCHEMICAL: PTT to Consolidate Firm with Existing Ops
-------------------------------------------------------------
PTT Plc plans to make Thai Petrochemical Industry Public Co.
Ltd. (TPI) a separate entity once it has concluded the
transaction, reveals Bangkok Post.

PTT President Prasert Bunsumpun said TPI would be under the PTT
umbrella.  It would play a key role in PTT's chemical business
since the company already has a fully integrated operation.

TPI and PTT would create a good synergy in terms of reducing the
costs of crude oil procurements, feedstock management, trading
of products and marketing activities.

"TPI is an exceptional case for us. Consolidating it with our
operations would require full collaboration from all parties
concerned, including PTT subsidiaries, Thai Olefins Plc and The
Aromatics (Thailand) Plc," Mr. Prasert said.

PTT plans to merge Thai Olefins (TOC) with National
Petrochemical (NPC) by the end of this year and set up PTT
Chemicals Co.  The latter would manage its petrochemical
business, including Aromatics (Thailand) and possibly TPI.

The target date for the final acquisition of PTT on TPI is
September, once the sale in shares of TPI's cement subsidiary is
completed.  Proceeds from the sale would be used to reduce TPI's
debts.

PTT, along with four other state-controlled entities the
Government Pension Fund, Vayupak Fund, Government Savings Bank
and Government Housing Bank, have secured a deal brokered by the
Finance Ministry to take a 61.5 percent stake in TPI. As part of
the deal, PTT will take management control of the company.

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



BOND PRICING: For the Week 18 July to 22 July 2005
--------------------------------------------------

Issuer                              Coupon     Maturity   Price
------                              ------     --------   -----


AUSTRALIA
---------
Advantage Group Ltd                  10.000%     4/15/06     1
Ainsworth Game                        8.000%    12/31/09     1
Amcom Telecommunications Ltd         10.000%    10/28/07     2
APN News & Media Ltd                  7.250%    10/31/08     5
A&R Whitcoulls Group                  9.500%    12/15/10     9
Arrow Energy NL                      10.000%     3/31/08     1
Austral Coal                          9.500%    10/01/06     1
Babcock & Brown Pty Ltd               8.500%     2/28/49     9
Babcock & Brown Pty Ltd               8.500%    12/31/49     9
Becton Property Group                 9.500%     6/30/10     1
BIL Finance Ltd                       8.000%    10/15/07     8
BIL Finance Ltd                       8.750%    10/15/05     9
BIL Finance Ltd                       9.250%    10/15/06     9
Capital Properties NZ Ltd             8.500%     4/15/07     8
Capital Properties NZ Ltd             8.500%     4/15/09     8
CBH Resources                         9.500%    12/16/09     1
Chrome Corporation Ltd               10.000%     2/28/08     1
Djerriwarrh Investments Ltd           6.500%     9/30/09     4
Evans & Tate Ltd                      8.250%    10/29/07     1
Fletcher Building Ltd                 7.550%     3/15/11     8
Fletcher Building Ltd                 7.800%     3/15/09     8
Fletcher Building Ltd                 7.900%    10/31/06     8
Fletcher Building Ltd                 8.300%    10/31/06     8
Fletcher Building Ltd                 8.600%     3/15/08     8
Fletcher Building Ltd                 8.750%     3/15/06     8
Fletcher Building Ltd                 8.850%     3/15/10     8
Fernz Corp Ltd                        8.560%    10/15/06     8
Futuris Corporation Ltd               7.000%    12/31/07     2
GPS Online Ltd                       10.000%     6/30/06     1
Gympie Gold Ltd                       8.500%     9/30/07     1
Hy-Fi Securities Ltd                  7.000%     8/15/08     7
Hy-Fi Securities Ltd                  8.750%     8/15/08    10
Hudson Timber Products Ltd            7.000%    12/31/10     1
Hutchison Telecoms Australia          5.500%     7/12/07     1
Infrastructure & Utilities NZ Ltd     8.500%     9/15/13     8
Infrastructure & Utilities NZ Ltd     8.500%    11/15/15     8
Kagara Zinc Ltd                       9.750%     5/06/07     1
Kiwi Income Property Trust            8.000%     6/30/10     1
Nuplex Industries Ltd                 9.300%     9/15/07     8
Pacific Print Group Ltd              10.250%    10/15/09    11
Primelife Corporation                 9.500%    12/08/06     1
Primelife Corporation                10.000%     1/31/08     1
Riversdale Mining Ltd                 8.000%    12/31/05     1
Salomon SB Australia                  4.250%     2/01/09     8
Sapphire Securities Ltd               7.410%     9/20/35     7
Sherlock Bay Nickel                  12.000%     9/01/07     1
Silver Chef Ltd                      10.000%     8/31/08     1
Software of Excellence                7.000%     8/09/07     1
Strathfield Group                    11.000%    12/31/05     1
Sunshine Gas Company Ltd             12.000%     9/30/06     1
Sydney Gas Company                   12.000%     4/01/06     1
Tower Finance Ltd                     8.650%    10/15/09     8
Tower Finance Ltd                     8.750%    10/15/07     8
TrustPower Ltd                        8.300%     9/15/07     7
TrustPower Ltd                        8.300%    12/15/08     8
TrustPower Ltd                        8.500%     9/15/12     8
TrustPower Ltd                        8.500%     3/15/14     8
Urbus Properties Ltd                  9.250%     3/10/07     1
Vision Systems Ltd                    9.000%    12/15/08     2


MALAYSIA
--------

Aliran Ihsan Resources Bhd            5.000%    11/29/11     1
Artwright Holdings Bhd                5.500%     3/06/07     1
Asian Pac Holdings Bhd                4.000%    12/22/05     1
Berjaya Group Bhd                     5.000%    10/17/09     1
Berjaya Land Bhd                      5.000%    12/30/09     1
Berjaya Sports Toto Bhd               8.000%      8/04/12    4
Camerlin Group Bhd                    5.500%      7/15/07    1
Crescendo Corporation Bhd             3.000%      8/25/07    1
Crest Builder Holdings Bhd            7.000%      2/24/06    1
Dataprep Holdings Bhd                 4.000%      8/05/05    1
Dataprep Holdings Bhd                 4.000%      8/06/07    1
Denko Industrial Corporation Bhd      5.000%      3/15/07    1
Eden Enterprises (M) Bhd              2.500%     12/02/07    1
EG Industries Bhd                     5.000%      6/16/10    1
Fountain View Development Sdn Bhd     3.500%     11/03/06    1
Furqan Business Organization          2.000%     12/19/05    1
Gadang Holdings Bhd                   2.000%     12/24/08    1
Greatpac Holdings Bhd                 2.000%     12/11/08    1
Gula Perak Bhd                        6.000%      4/23/08    1
Hong Leong Industries Bhd             4.000%      6/28/07    1
Huat Lai Resources Bhd                5.000%      3/28/10    1
I-Berhad                              5.000%      4/30/07    1
Insas Bhd                             8.000%      4/19/09    1
Integrax Bhd                          3.000%     12/24/05    1
Kamdar Group Bhd                      3.000      11/09/09    1
Killinghall Bhd                       5.000%      4/13/09    1
Kosmo Technology Industrial Bhd       2.000%      6/23/08    1
Kretam Holdings Bhd                   1.000%      8/10/10    1
Kumpulan Jetson                       5.000%     11/27/12    1
LBS Bina Group Bhd                    4.000%     12/29/06    1
LBS Bina Group Bhd                    4.000%     12/31/07    1
LBS Bina Group Bhd                    4.000%     12/31/08    1
LBS Bina Group Bhd                    4.000%     12/31/09    1
Lebar Daun Bhd                        2.000%      1/06/07    3
Lion Diversified Holdings Bhd         2.000%      6/01/09    1
Media Prima Bhd                       2.000%      7/18/08    1
Mithril Bhd                           3.000%      4/05/12    1
Mithril Bhd                           8.000%      4/05/09    1
Mutiara Goodyear Development Bhd      2.500%      1/15/07    1
Naim Indah Corporation Bhd            0.500%      8/24/06    1
Nam Fatt Corporation Bhd              2.000%      6/24/11    1
Pantai Holdings Bhd                   5.000%      3/28/07    1
Pantai Holdings Bhd                   5.000%      7/31/07    1
Patimas Computers Bhd                 6.000%      2/19/06    1
Poh Kong Holdings Bhd                 3.000%      1/20/07    1
Prinsiptek Corporation Bhd            2.000%     11/20/06    1
Puncak Niaga Holdings Bhd             2.500%     11/18/16    1
Ramunia Holdings                      1.000%     12/20/07    1
Rashid Hussain Bhd                    0.500%     12/24/12    1
Rashid Hussain Bhd                    2.652%      6/30/07   75
Rashid Hussain Bhd                    3.000%     12/24/12    1
Rhythm Consolidated Bhd               5.000%     12/17/08    1
Silver Bird Group Bhd                 1.000%      2/15/09    1
Southern Steel                        5.500%      7/31/08    1
Tanah Emas Corporation Bhd            2.000%     12/09/06    1
Talam Corporation Bhd                 7.000%      7/19/05    1
Talam Corporation Bhd                 7.000%      4/19/06    1
Tap Resources Bhd                     2.000%      6/29/06    1
Tenaga Nasional Bhd                   3.050%      5/10/09    1
Time Engineering Bhd                  2.000%     12/25/05    1
Tradewinds Corporation Bhd            2.000%      2/08/12    1
VTI Vintage Bhd                       4.000%      8/22/06    1
WCT Land Bhd                          3.000%      8/02/09    1
Wah Seong Corp                        3.000%      5/21/12    3


SINGAPORE
---------

Sengkang Mall                         8.000%     11/20/12    1
Structural System Singapore          11.000%      6/30/07    1
Tampines Assets Ltd                   5.625%     12/07/06    1





                            *********


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

Troubled Company Reporter -- Asia Pacific is a daily newsletter
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USA, and Beard Group, Inc., Frederick, Maryland USA. Lyndsey
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Copyright 2005.  All rights reserved.  ISSN: 1520-9482.

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                 *** End of Transmission ***