TCRAP_Public/050720.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

             Wednesday, July 20, 2005, Vol. 8, No. 142

                            Headlines

A U S T R A L I A

ADMAR FOOD: Creditors, Members Set Final Meeting
AIR NEW ZEALAND: Hopes to Resolve Row with Union
AVONSIDE CONSULTING: Creditors Opt for Voluntary Liquidation
BONDEGE PTY: Appoints Official Liquidator
BARNSBURY COURT: Members Winds Up Ops

CHEMEQ LIMITED: Jolts Market with Another Trading Halt
CVB INVESTMENT: Enters Voluntary Liquidation
FRANGIPANI NOMINEES: Members Resolve to Voluntarily Wind Up
GEM BUSINESS: Begins Liquidation Proceedings
GRANT FIELKE: Liquidator Details Agenda of Final Meeting

GUARD LAND: Members to Hear Liquidator's Report
HIH INSURANCE: Cooper Details Reasons for Court Application
INCITEC PIVOT: Trims Number of Directors
JAMES HARDIE: Fails to Fend Off Impending Law Suits
LEADER BUILT: Creditors OK Liquidator's Appointment

LINTHAL PTY: Liquidator To Explain Manner of Winding Up
MYSHINER PTY: Names Stephen Baker Liquidator
NATIONAL AUSTRALIA: Outsourcing Sparks Emotional Debate
NORTHPORT MOTORS: Schedules Final Meeting Next Month
PAN PHRAMACEUTICAL: Former Boss Faces Court for Alleged Cover-up

PECOL CONSULTING: To Pay Dividend to Unsecured Creditors
PERFEC PTY: Members Pass Winding Up Resolution
QANTAS AIRWAYS: Budget Unit Reopens Merger Talks with Valuair
ROJEN INVESTMENTS: Set to Close Operations
SANTOS LIMITED: Disposes Of Undeveloped Gas Field

SEABAY INVESTMENTS: ASIC Takes Action Over Investment Scheme
SOUTH WEST: To Distribute Dividend to Creditors
STAMPVILLE PTY: Lone Member Decides to Wind Up Firm
STARWEST GROUP: To Declare First, Final Dividend This Month
WRIGHT & COMPANY: Members To Wind Up Operations

* ASIC Prosecutes 14 Negligent Queensland Company Directors


C H I N A  &  H O N G  K O N G

AGRICULTURAL BANK: Posts 1H/FY05 CNY21.83-Bln Net Profit
AGRICULTURAL BANK: Launches New Data Center
BANK OF CHINA: Manager Associates to Repay US$28.2 Mln
BANK OF COMMUNICATIONS: Stabilization Period Ends
C.T. NOMINEES: Creditors Meeting Set August 8

G+H MONTAGE: Issues Debt Claim Notice
CHINA SECURITIES: Brokerage Firms Eye Takeover
GOLD CONCORD: Winding Up Hearing Slated for August 17
GUANGDONG KELON: Seeks Legal Opinion on Huayi Share Freeze
HONGKONG CONSTRUCTION: Unveils July 18 EGM Results

HUNG WAI: Court Releases Bankruptcy Order
MAN WAH: Enters Winding Up Proceedings
MILIKING INTERNATIONAL: Court to Hear Wind-up Petition Aug. 17
PEACE CITY: Creditors Meeting Fixed July 25
VICKIE ENGINEERING: Receives Bankruptcy Order


I N D O N E S I A

BANK LIPPO: Unlikely to Reach 2005 Profit Target
PERTAMINA: More Fuel Subsidies Lead to Higher Budget Deficit


J A P A N

HITACHI LIMITED: Launches World's First Server Module
ITOCHU CORPORATION: Sees US$450-Mln Net Profit This Year
MATSUSHITA ELECTRIC: Unit Awards Sapiens With US$1.5Mln Contract
MITSUBISHI MOTORS: MMCA Enters Alliance With DealerTrack's
MITSUBISHI MOTORS: Malaysia Targets 400-500 Car Sales Monthly


K O R E A

ASIANA AIRLINES: Strike Affects 81 Domestic Flights
DAEWOO GROUP: Founder Rushed to Hospital
SAMSUNG ELECTRONICS: Net Income Drops 13%


M A L A Y S I A

CAMERLIN GROUP: Bourse Grants Trading Suspension Request
JIN LIN: ICPS Should be Converted Within 12 Months from SC's OK
LEADER STEEL MARKETING: Faces Dissolution in Three Months
LANKHORST BERHAD: Clarifies Notice Posted at The Star
LEBAR DAUN: SC Extends Time for Private Placement of Shares

MAGNUM CORPORATION: Bourse Lists Additional Shares
MEDIA PRIMA: Collaborates with Service Companies
METROPLEX BERHAD: Default Amount Reaches MYR1,690,850,847.04
MBF HOLDINGS: Court to Decide on Unit's Case Next Week
MTD CAPITAL: Unveils Shares Buy Back Result

PARK MAY: Applies for Extension to Complete Scheme
POLYMATE HOLDINGS: Releases Units' Payment Default Status
TELEKOM MALAYSIA: Additional Shares Set for Listing
TIMBERWELL BERHAD: Unit's Writ of Summons Won't Affect Firm
WAH SEONG: Adds 22,000,000 Shares for Listing


P H I L I P P I N E S

ABS-CBN BROADCASTING: U.S. Unit Gives Money to Televiewers
ABS-CBN BROADCASTING: Brings Free Concert Series to U.S.
CEBU PLAZA: To Operate Under Marco Polo Name
CITICAPITAL INCORPORATED: Slapped with Permanent CDO from SEC
MANILA ELECTRIC: Refund Ready by September

NATIONAL POWER: Power Supply Deal Causes Huge Losses
PHIL-ASIA CARE: Hikes Capital to Php150-Mln
PHILIPPINE LONG: Boss Acquires More Shares
PHILIPPINE LONG: Lists Additional Shares


S I N G A P O R E

FIRST PACIFIC: Liquidator Requires Submission of Proofs of Claim
GE/FITCH SINGAPORE: Creditors Must Submit Debt Claims Soon
HI-LIAN CONSTRUCTION: Posts Dividend Notice
ORIENT NETWORKS: Swiss Creditor Files Winding Up Petition
OVERSEAS BUSINESS: Court Releases Wind-up Order

UNIVERSAL BUILDING: Wind-up Process Initiated


T H A I L A N D

DON MUANG: To Ink Debt Plan with Creditors Next Week
PICNIC CORPORATION: Amends Shareholders' Meeting Agenda
SUN TECH: Commissions A.M.T. & Associates to Audit Business
THAI HEAT: Remaining Shares Now Fully Paid Up

     -  -  -  -  -  -  -  -

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

ADMAR FOOD: Creditors, Members Set Final Meeting
------------------------------------------------
Notice is given that a final meeting of members and creditors of
Admar Food Services Pty Limited will be held on Thursday, July
28, 2005, 10:00 a.m. in the boardroom of Anthony Matthews &
Associates, Ground Floor, 91 Hutt Street, Adelaide, South
Australia.

AGENDA
(1) To receive an account showing how the winding up has been
conducted and the property of the Company disposed of.

(2) Any other business.

Dated this 9th day of June 2005

A.C. Matthews
Liquidator
Anthony Matthews & Associates
Chartered Accountants
Ground Floor, 91 Hutt Street
Adelaide SA 5000
Phone: (08) 8232 8885
Fax:   (08) 8232 8886
Email: info@matthewsassociates.com.au

Note: Notice states that a person is not entitled to vote as a
creditor at a meeting unless he or she has lodged with the
Chairperson of the meeting particulars of the debt or claim,
which he or she claims to be due from the Company.


AIR NEW ZEALAND: Hopes to Resolve Row with Union
------------------------------------------------
The union representing striking Air New Zealand workers intends
to settle a labor dispute which has forced the cancellation of
up to 40 international flights over the past two days, according
to Dow Jones Newswires.

Over 1000 Flight Attendants and Related Services Association
(FARSA) members began a series of 48-hour strikes Monday after
the failure of negotiations for a new employment agreement.

The industrial action has forced Air NZ to cancel up to 20
flights a day, with services to several destinations in Asia,
Australia and the Pacific Islands the most affected.

The airline and the union have agreed to resume talks Tuesday
afternoon. The union is ready to call off the remaining days of
strike action if a settlement can be reached.

FARSA spokeswoman Heather Stanley said that if there isn't any
movement in negotiations before the planned six-day strike ends,
the union's leaders will go back to their members and see
whether they want to strike again.

Air NZ has estimated that the planned six-day strike will reduce
its revenue by about NZ$4 million, although that will be
partially offset by savings in areas of landing charges, fuel,
catering and wages. The airline has said the likely net negative
impact will be about NZ$2 million.

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/


AVONSIDE CONSULTING: Creditors Opt for Voluntary Liquidation
------------------------------------------------------------
Notice is hereby given that at a General Meeting of the members
of Avonside Consulting Pty Limited held on June 9, 2005, it was
resolved that the Company be wound up voluntarily and that for
such purpose, Samuel Richwol of O'Keeffe Walton Richwol,
Chartered Accountants, Suite 3, 431 Burke Road Glen Iris 3146 be
appointed Liquidator.

Dated this 9th day of June 2005

Samuel Richwol
Liquidator
O'Keeffe Walton Richwol
Chartered Accountants
Suite 3, 431 Burke Road
Glen Iris 3146


BONDEGE PTY: Appoints Official Liquidator
-----------------------------------------
Notice is hereby given that at a meeting of creditors of Bondege
Pty Limited (formerly Business Australia Corporate Finance Pty
Limited), which was convened and held on June 8, 2005, it was
resolved that the Company be wound up and pursuant to Section
446A(4) of the Corporations Act 2001, Andrew Hugh Jenner Wily of
Armstrong Wily, Chartered Accountants, Level 5, 75 Castlereagh
Street, Sydney NSW 2000 was appointed Liquidator.

Dated this 9th day of June 2005

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


BARNSBURY COURT: Members Winds Up Ops
-------------------------------------
Notice is hereby given that a general meeting of Barnsbury Court
Pty Limited held on June 9, 2005, it was resolved that the
Company be wound up voluntarily and that Paul Brymore Bunting of
MSI Ragg Weir Chartered Accountants, Level 2, 50 Burwood Road,
Hawthorn 3122 be appointed liquidator for the winding up.

Dated this 9th day of June 2005

Paul Brymore Bunting
Liquidator
MSI Ragg Weir
Level 2, 50 Burwood Road
Hawthorn 3122
Phone: (03) 9819 4011


CHEMEQ LIMITED: Jolts Market with Another Trading Halt
------------------------------------------------------
The securities of Chemeq Limited (the Company) will be placed in
pre-open at the request of the Company, pending the release of
an announcement by the Company concerning funding arrangements
currently being management with respect to the issue and
allotment of convertible bonds with a face value of AU$20
million to Mizuho International, Stark Trading and Shepherd
Investments International.

It is believed Perth-based Chemeq was dealing with several
issues related to the second tranch of investment from the
parties. The struggling Company banked AU$40 million in March
when it issued 40,000 convertible bonds to the investors. A
further AU$20 million was committed should options expiring in
June remain unexercised.

Unless the Australian Stock Exchange (ASX) decides otherwise,
the securities will remain in pre-open until the earlier of the
commencement of normal trading on Wednesday, July 20, 2005 or
when the announcement is released to the market.

CONTACT:

Chemeq Limited
Suite 8 Petroleum House,
3 Brodie Hall Drive,
Technology Park,
Bentley, Australia, 6102
Head Office Telephone 08 9362 0100
Head Office Fax 08 9355 0199
Web site: http://www.chemeq.com.au/


CVB INVESTMENT: Enters Voluntary Liquidation
--------------------------------------------
Notice is hereby given that at an extraordinary general meeting
of the members of CVB Investment Pty Limited held on June 7,
2005, it was resolved that the Company would be wound up
voluntarily, and that Andrew Stewart Reed Hewitt of Grant
Thornton be appointed liquidator for the purpose of the winding
up.

Dated this 9th day of June 2005

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


FRANGIPANI NOMINEES: Members Resolve to Voluntarily Wind Up
-----------------------------------------------------------
Notice is hereby given that at an extraordinary general meeting
of Frangipani Nominees Pty Limited duly convened and held on
June 6, 2005, the following resolutions were passed:

SPECIAL RESOLUTION:

That the Company be wound up as a Members Voluntary Winding Up.

ORDINARY RESOLUTION:

That Christopher Raman Patel of 374 Grieve Road, Rochedale Qld
4123, be, and is appointed Liquidator for the purpose of such
winding up.

Dated this 6th day of June 2005

Christopher Raman Patel
Liquidator
Cranstoun & Hussein
Chartered Accountants
Level 2, 102 Adelaide Street
Brisbane Qld 4000


GEM BUSINESS: Begins Liquidation Proceedings
--------------------------------------------
Notice is hereby given that at a meeting of creditors of GEM
Business Investments Pty Limited held on June 6, 2005, it was
resolved that the Company be wound up and pursuant to Section
446A(4) of the Corporations Act 2001, Alan Edward Lewis and
James Alexander Shaw of Ferrier Hodgson, Chartered Accountants,
Level 3, 2 Market Street, Newcastle NSW 2300 were appointed
Liquidators.

Dated this 8th day of June 2005

Alan E. Lewis
James Alexander Shaw
Liquidators
Ferrier Hodgson
Chartered Accountants
Level 3, 2 Market Street
Newcastle NSW 2300


GRANT FIELKE: Liquidator Details Agenda of Final Meeting
--------------------------------------------------------
Notice is given that a final meeting of members and creditors of
Grant Fielke Sports Pty Limited will be held on Wednesday, July
27, 2005, 10:00 a.m. in the boardroom of Anthony Matthews &
Associates, Ground Floor, 91 Hutt Street, Adelaide, South
Australia.

AGENDA

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

(2) Any other business.

Dated this 9th day of June 2005

A. C. Matthews
Liquidator
Anthony Matthews & Associates
Chartered Accountants
Ground Floor, 91 Hutt Street
Adelaide SA 5000
Phone: (08) 8232 8885
Fax:   (08) 8232 8886
Email: info@matthewsassociates.com.au

Note: Notice states that a person is not entitled to vote as a
creditor at a meeting unless he or she has lodged with the
Chairperson of the meeting particulars of the debt or claim
which he or she claims to be due from the Company.


GUARD LAND: Members to Hear Liquidator's Report
-----------------------------------------------
Notice is hereby given, pursuant to Section 509(1) of the
Corporations Act 2001, that a final general meeting of the
members and creditors of Guard Land Security Services Pty
Limited will be held on Aug. 8, 2005, 11:00 a.m. at the offices
of PPB, Level 10, 90 Collins Street, Melbourne 3000 to have an
account laid before them, showing the manner in which the
winding up has been conducted, the property of the Company
disposed of, and hearing any explanations that may be given by
the Liquidator.

Dated this 9th day of June 2005

Andrew Mclellan
Liquidator
Guard Land Security Services Pty Ltd
PPB Chartered Accountants
Level 10, 90 Collins Street
Melbourne Vic 3000


HIH INSURANCE: Cooper Details Reasons for Court Application
-----------------------------------------------------------
The beleaguered former associate of failed HIH Insurance Group
Brad Cooper has lodged before the New South Wales (NSW) Supreme
Court papers explaining why he applied for a permanent stay of
hid trial on 13 criminal charges due to start on August 1,
Sydney morning Herald reports.

Seven of the charges relate to alleged bribery or attempted
bribery of former HIH chief investment manager Bill Howard, who
is expected to give evidence at the trial. A further six charges
deal with Cooper allegedly giving false or misleading
information.

Last week, Mr. Cooper appeared without legal representation in
the NSW Supreme Court and sought a permanent stay of his trial.
Justice Michael Grove ordered him to explain why the application
was made.

But Mr. Cooper failed to appear in court Monday, choosing
instead to file his reasons in writing as to why he should not
go to trial. A Supreme Court spokeswoman confirmed that Mr.
Cooper or his lawyers had filed papers but said their contents
could not be disclosed.

Mr. Cooper is due to appear at a pre-trial directions hearing in
the Supreme Court on July 25.


INCITEC PIVOT: Trims Number of Directors
----------------------------------------
Incitec Pivot Limited has cut the number of directors on its
board to seven from nine as part of its restructuring efforts,
according to the Sydney Morning Herald.

The Melbourne-based fertilizer producer expects that the smaller
board will boost efficiencies. The cut is in line with a
restructure, under which key divisions will be consolidated and
staffing levels reduced to streamline administration and cut
back on costs.

Under the changes, the board will have a majority of four
independent directors.

Leo Delahunty, Barbara Gibson, Graeme Liebelt and David Trebeck
have resigned as non-executive directors.

The Company's former chief financial officer James Fazzino has
been named Incitec Pivot's finance director, while John
Chesterfield, former chief risk officer at Orica Ltd, has been
appointed non-executive director.

CONTACT:

Incitec Pivot Limited
ABN 42 004 080 264
70 Southbank Boulevard
Southbank
Victoria
Australia 3006
Telephone: + 61 3 8695 4400
Facsimile: + 61 3 8695 4419


JAMES HARDIE: Fails to Fend Off Impending Law Suits
---------------------------------------------------
James Hardie Industries is again preparing to defend itself
against an expected wave of lawsuits over its asbestos exports
to the United States, The Australian reveals.

American lawyers for both victims and other former asbestos
producers are reportedly plotting a legal action against the
embattled building products manufacturer. U.S. law firms are
also considering suing the Company for its involvement in South
African blue asbestos mines.

The new threats come as Hardie engages in a US$300,000
(AU$400,000) lobbying campaign in the U.S. to thwart possible
actions over another killer substance, silica, present in the
building materials it manufactures today.

The U.S. moves could place pressure on Hardie's ability to
follow through with a AU$1.7-billion deal to compensate
Australian asbestos victims.

Hardie exported asbestos building products and brake blocks from
Australia to the U.S. from the 1960s to the 1980s.

Hardie, which now has the vast majority of its operations in the
U.S., had been named in 75 asbestos suits in the San Francisco
jurisdiction alone since 1999, with several cases pending.

The publicity, and the fact that Hardie is one of the few former
asbestos producers in the US which has not gone bankrupt and is
making huge profits, has encouraged U.S. law firms to seek
opportunities to sue it.

Meanwhile, Hardie spokesman James Richards said that the Company
continued to believe the prospects of litigations against it in
the U.S. were minimal.

CONTACT:

Investor and Analyst Inquiries:

Steve Ashe
Vice President, Investor Relations
Telephone: 61 2 8247 5246
Mobile: 0408 164 011
E-mail: steve.ashe@jameshardie.com.au

Media Inquiries:

James Richards
Telephone: 61 2 8274 5304
Mobile: 0419 731 371
Facsimile: 61 2 8274 5218
E-mail: media@jameshardie.com.au
Web site: http://jameshardie.com


LEADER BUILT: Creditors OK Liquidator's Appointment
---------------------------------------------------
Notice is hereby given that at a General Meeting of Members of
Leader Built In Wardrobes Pty Limited duly convened and on June
7, 2005, a Special Resolution that the Company be wound up
voluntarily was passed by members and Mr. M. F. Cooper was
appointed Liquidator.

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

Dated this 9th day of June 2005

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


LINTHAL PTY: Liquidator To Explain Manner of Winding Up
-------------------------------------------------------
Notice is hereby given that a final meeting of the members and
creditors of Linthal Pty Limited will be held on August 3, 2005,
9:30 a.m. in the offices of PPB, Chartered Accountants, 10th
Floor, 26 Flinders Street, Adelaide, South Australia for the
following purposes:

To receive the Liquidator's account showing how the winding up
was conducted and the property of the Company disposed of, and
explanations thereof, pursuant to section 509 of the
Corporations Act 2001.

Dated this 7th day of June 2005

P. I. Macks
P. I. MACKS
PPB Chartered Accountants
10th Floor, 26 Flinders Street
Adelaide SA 5000
Phone: 8211 7800


MYSHINER PTY: Names Stephen Baker Liquidator
--------------------------------------------
At a meeting of members of Myshiner 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 G. Baker
Liquidator
Stephen Baker & Co.
Chartered Accountant
Suite 2, 98 Woolwich Road
Woolwich NSW 2110
Phone: 9817 6427
Fax:   9879 0964


NATIONAL AUSTRALIA: Outsourcing Sparks Emotional Debate
-------------------------------------------------------
Recent moves by National Australia Bank (NAB) and other leading
Australian investment banks to shift jobs offshore has reignited
an emotional debate in the country, the Sydney Morning Herald
reports.

Australians have become touchier when it comes to hearing about
local jobs v\being lost because it is more efficient to
outsource certain services.

In mid-May, NAB announced it was setting up a pilot project to
move 20 account processing jobs to India. The bank had launched
a bidding for the project and nears signing an agreement with
anyone. However, the bank had already started preparation work
on other areas where jobs could be outsourced.

Other leading banks such as the Commonwealth Bank have followed
suit.

But a growing number of people in the industry urged Australians
to look at the global outsourcing trend as an opportunity rather
than a threat.

Consultant Sri Annaswamy estimated that 800 jobs have been
created in Australia over the last three years as positions were
moved from higher cost centers such as New York and London to
Sydney.

The Finance Sector Union is in favour of attracting high-skilled
jobs. But spokeswoman Cath Noye said the FSU's main concern was
that companies were making decisions based on cost comparisons
rather than service.

"We cannot compete with wages paid in India and Malaysia and
that is the dilemma," Mr. Noye added.

CONTACT:

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


NORTHPORT MOTORS: Schedules Final Meeting Next Month
----------------------------------------------------
Notice is hereby given that, pursuant to section 509 of the
Corporations Act 2001, the final meeting of members of Northport
Motors Pty Limited will be held on Aug. 1, 2005, 10:00 a.m. at
the offices of NorthCorp Accountants, 109 WilliamStreet, Port
Macquarie NSW 2444, for the purpose of laying before the meeting
the liquidators' final account and report, and giving any
explanation thereof.

Dated this 21st day of June 2005

Paul Andrew Fahey
Winifred Gibson
Joint and Several Liquidators
North Corp Accountants
109 William Street
Port Macquarie NSW 2444


PAN PHRAMACEUTICAL: Former Boss Faces Court for Alleged Cover-up
----------------------------------------------------------------
A court has been told that Pan Pharmaceutical founder and former
chief executive officer Jim Selim has allegedly hid evidence
that "a rogue analyst" had manipulated testing to allow a faulty
travel sickness drug to go on the market.

Asia Pulse reported that Mr. Selim on Monday faced a committal
hearing on charges on intentionally destroying the data.

Pan Pharmaceuticals was put into voluntary administration in May
last year after the Therapeutic Goods Administration (TGA)
ordered a massive recall of its nutritional supplements,
medicines and other products.

The court was told five batches of the travel sickness drug
Travacalm, containing inconsistent doses of the chemical
hyoscine hydrobromide, went onto the market.

Prosecutor Robert Bromwich said tests conducted by Pan revealed
there were substantial difficulties brought about by a dry mix
method of production. He claimed the tests results were
manipulated as to hide the deficiencies. He said the graphs
detailing the manipulation were stored in the firm's computer.

On January 20, 2003, the TGA ordered a recall of the product and
commissioned a surprised audit ten days after. But the computer
holding the vital files mysteriously crashed on the second day
of the audit.

Pan Pharmaceuticals' former IT manager Karl Brooks, who
testified against Mr. Selim, told the court his boss asked him
to get rid of the data on January 31, 2003 by reformatting the
computer.

Mr. Selim has been charged with procuring another to destroy or
make inaccessible material which he knew or believed might be
required as evidence.

The hearing before Magistrate Les Brennan continues.


PECOL CONSULTING: To Pay Dividend to Unsecured Creditors
--------------------------------------------------------
A first and final dividend to preferred unsecured creditors is
to be declared on Aug. 9, 2005 for Pecol Consulting Services Pty
Limited.

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

Dated this 10th day of June 2005

M. C. Hall
Liquidator
PPB
Chartered Accountants
10th Floor, 26 Flinders Street
Adelaide SA 5000
Phone: 8211 7800


PERFEC PTY: Members Pass Winding Up Resolution
----------------------------------------------
Notice is hereby given that at a General Meeting of the members
of Perfec Pty Limited held on June 9, 2005, it was resolved that
the Company be wound up voluntarily and that for such purpose,
Samuel Richwol of O'Keeffe Walton Richwol, Chartered
Accountants, Suite 3, 431 Burke Road Glen Iris 3146 be appointed
Liquidator of the Company.

Dated this 9th day of June 2005

Samuel Richwol
Liquidator
O'Keeffe Walton Richwol
Chartered Accountants
Suite 3, 431 Burke Road
Glen Iris 3146


QANTAS AIRWAYS: Budget Unit Reopens Merger Talks with Valuair
-------------------------------------------------------------
Qantas Airways' low-cost unit Jetstar Asia and Singapore
discount carrier Valuair are once again discussing a possible
consolidation, a few weeks after the two cancelled merger talks,
Business Times reports.

Under the new proposed deal, Jetstar will infuse fresh funds
through its major shareholder Qantas into a larger joint airline
Company.

Valuair's shareholders, led by former Singapore Airlines veteran
Lim Chin Beng, Star Cruises and Asiatravel.com, will be minority
shareholders of the enlarged airline.

The deal has not yet been finalized and is subject to
shareholder approval on both sides, but the newspaper said it
may go ahead given the financial stress the two carriers are
under.

CONTACT:

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


ROJEN INVESTMENTS: Set to Close Operations
------------------------------------------
At a general meeting of the members of Rojen Investments Pty
Limited duly convened and held on June 8, 2005, the following
special resolutions were duly passed:

SPECIAL RESOLUTIONS

(A) That the Company be wound up voluntarily and Paul Jeffery of
Crispin & Jeffery, Chartered Accountants, Level 2, 57 Grosvenor
Street, Neutral Bay, New South Wales, be appointed Liquidator
for such winding up.

The resolution was unanimously carried.

(B) That on the winding up of the Company (subject to the
payment of the debts and liabilities of the Company and the cost
of Liquidation and if necessary), the assets may be distributed
amongst the Members in specie, the whole or in part according to
their rights and interest in the Company.

The resolution was unanimously carried.

Dated this 8th day of June 2005

Roger Arnott Scamps
ROGER ARNOTT SCAMPS
Director
c/- Crispin & Jeffery
Chartered Accountants
Level 2, 57 Grosvenor Street
Neutral Bay NSW
Phone: (02) 9908 4744
Fax:   (02) 9953 8951


SANTOS LIMITED: Disposes Of Undeveloped Gas Field
-------------------------------------------------
Santos Limited has entered into an agreement to sell its 100%
working interest in permit VIC/RL1, which contains the
undeveloped Golden Beach gas field, to Cape Energy Group.

Golden Beach was discovered in 1967 and is located in the
offshore Gippsland, Basin, four kilometers off the eastern
Victorian coast.

The agreement includes Santos Direct purchasing up to 44
petajoules of sales gas produced from the Golden Beach field.

The sale follows Santos' acquisition earlier this year of OMV
Australia Pty Ltd's Gippsland assets, which included a 33% stake
in Golden Beach.

"This transaction continues Santos' strategy of rationalizing
its portfolio by selling non core assets," said Santos Managing
Director Mr. John Ellice-Flint.

"It also provides Santos Direct with another option for gas
supply, in addition to our share of the Minerva gas field," he
said.

The Golden Beach agreement completion is expected by the third
quarter of 2005, subject to government approvals.

The sale agreement was completed by Santos Limited and cap
Energy (Victoria) Pty Ltd, a wholly owned subsidiary of Cape
Energy Group SA, which is a private group involved in oil and
gas development and production activities. The Group is focused
on the acquisition and exploitation of hydrocarbon assets in the
Asia Pacific region, which others may perceive to be mature,
marginal or "non-material".

CONTACT:

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


SEABAY INVESTMENTS: ASIC Takes Action Over Investment Scheme
------------------------------------------------------------
The Australian Securities and Investments Commission (ASIC) has
obtained interim orders in the Federal Court of Australia in
Adelaide as part of its investigation into the conduct of Mr.
Guiseppe Antonio Mercorella.

ASIC alleges Mr. Mercorella has been operating a managed
investment scheme in breach of the Corporations Act (the Act)
since at least 2002 and that he owes at least 78 investors about
$56 million.

Most investors are from South Australia where the scheme was
operated but there are some investors in other states around
Australia.

ASIC has obtained interim orders restraining Mr. Mercorella
from:

(1) Further promoting or operating the managed investment
scheme;

(2) Receiving or soliciting any further funds in connection with
the scheme; and

(3) Disposing or dealing with property in relation to the
scheme.

Mr. Mercorella consented to the interim orders. Mr. Mercorella
also agreed not to leave Australia without consent pending the
hearing of ASIC's application.

The matter will return to court on 8 August 2005 for a hearing
of ASIC's application to appoint Mr. Bruce Carter of Ferrier
Hodgson as receiver to the assets of Mr. Mercorella and the
scheme.

ASIC will also seek orders appointing Mr. John Irving of Sims
Partners as liquidator of Seabay Investments Pty Ltd (Seabay
Investments) which is suspected of issuing debentures in breach
of the Act since about April 2003.

ASIC alleges that about 40 investors loaned funds to Seabay
Investments which had been loaned to Mr. Mercorella. Seabay
Investments is owed over $20 million by Mr. Mercorella.

ASIC also alleged that over the past three years Mr. Mercorella
has received loans totaling about $236 million by offering
investors interest rates of between three per cent and six per
cent per month. It is estimated that more than $56 million of
these loans are outstanding, with individual investors owed
amounts ranging between $50,000 and $8 million.

"ASIC took action to protect investors and to prevent even more
people giving Mr. Mercorella their money to invest in what we
believe is an unregistered and illegal investment scheme,"
ASIC's Executive Director Enforcement, Ms Jan Redfern said.

Anyone who has lent money to Mr. Mercorella, either directly or
through another person or Company, can contact ASIC's Infoline
on 1300 300 630 or email infoline@asic.gov.au to discuss their
concerns and provide further details.

ASIC's investigation is continuing.  


SOUTH WEST: To Distribute Dividend to Creditors
-----------------------------------------------
South West Operating Systems is set to declare a first and final
dividend on Aug. 3, 2005.

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

Dated this 7th day of June 2005

Oren Zohar
Liquidator
KordaMentha
Level 11, 37 St Georges Terrace
Perth WA 6000


STAMPVILLE PTY: Lone Member Decides to Wind Up Firm
---------------------------------------------------
Notice is hereby given that a Special Resolution to wind up
Stampville Pty Limited voluntarily by the Company's sole member
was passed. Mr. G. M. Rambaldi was appointed liquidator for such
purpose.

Dated this 10th day of June 2005

G. M. Rambaldi
Liquidator
Pitcher Partners
Level 6, 161 Collins Street
Melbourne Vic 3000


STARWEST GROUP: To Declare First, Final Dividend This Month
-----------------------------------------------------------
Starwest Group Pty Limited will declare a first and final
dividend on July 29, 2005.

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 July 2005

Ron Gamble
Liquidator
c/o BDO Chartered Accountants & Advisers
8th Floor, 256 St George's Terrace
Perth WA 6000
Phone: (08) 9360 4200


WRIGHT & COMPANY: Members To Wind Up Operations
-----------------------------------------------
At an Extraordinary General Meeting of Wright & Company Pty
Limited held on June 8, 2005, the Company's 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 of the companies.

Dated this 21st day of June 2005.

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


* ASIC Prosecutes 14 Negligent Queensland Company Directors
-----------------------------------------------------------
Company directors operating in Queensland have been the subject
of the Australian Securities and Investments Commission's (ASIC)
attention recently, with the prosecution of 14 directors in the
Brisbane Magistrates Court. One Company has also been prosecuted
in relation to contraventions of the Corporations Act 2001.

Fines and costs totaling AU$43,664.50 were imposed.

The offences related to:

(1) Failing to assist external administrators of failed
companies by not providing key information relating to the
companies' finances and history, which hampered the liquidators
return to employees and creditors;

(2) Failing to update ASIC's register with relevant address
details; and

(3) The failure of a public Company to have the requisite number
of directors.

"ASIC will take action in respect of these type of
contraventions of the law," ASIC's Director of National
Assessment and Action, Mr. Adrian Borchok said.

"Company officers need to be aware of their obligations under
the Corporations Act or ASIC will take action," Mr. Borchok
added.

A list of the persons and Company prosecuted is available at:
http://bankrupt.com/misc/tcrap_ASIC071905.pdf


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

AGRICULTURAL BANK: Posts 1H/FY05 CNY21.83-Bln Net Profit
--------------------------------------------------------
The Agricultural Bank of China tallied a net profit of CNY21.83
billion (US$2.64 billion) in the first half of this year,
according to Reuters.

The bank managed to turn in profit despite slowing loan growth
as it ventured beyond its core lending business

However, the bank also remained saddled with a heavy load of bad
debts, which still account for more than a quarter of loans
outstanding despite slight improvement in the period.

CONTACT:

Agricultural Bank of China
Beijing, China
Phone: 86 10 6845 8621
Fax: 86 10 6829 7160
E-mail: zhlqp@intl.abocn.com
Web Site: http://www.abchina.com


AGRICULTURAL BANK: Launches New Data Center
-------------------------------------------
Cisco Systems(R) (NASDAQ:CSCO) announced that the Agricultural
Bank of China (ABC), one of the four largest state-owned banks
in China, has chosen Cisco(R) as its networking solution
provider for the data center project in Beijing.

IBM worked collaboratively with Cisco for the Beijing data
center, which is part of the ABC's strategy for integrating data
sources nationwide, with plans for a second center to follow in
Shanghai. The new initiative will lead to a more secure, stable
and resilient business environment, along with enhanced
productivity and operational efficiency.

In April 2004, Cisco unveiled the Business Ready Data Center
initiative, which helps companies to protect, optimize and grow
their businesses. This initiative supports immediate data center
demands such as consolidation, business continuity and disaster
recovery, while laying the foundation for on-demand information
technology (IT) strategies. It offers a cohesive architectural
approach to data center solutions, which include data and
storage networking, data center interconnection, network system
intelligence, and embedded application and storage services.

IBM and Cisco offer the 'Cisco Business Ready Data Center
optimized with IBM for the On-Demand Operating Environment'
initiative, which is designed and tested to help customers
reduce data center operating expenses, improve application
performance and enable faster delivery of services and
applications, all by unifying IT and networking infrastructures.

The ABC has identified nationwide data integration as one of the
main tasks in the development of its e-business and a critical
step in the informatization of the bank. By enabling effective
integrated management and in-depth analysis of data resources,
the implementation will make data communication and integration
between different systems possible, allowing for maximized data
utilization. For example, under the old system, installing an
application system in all 36 provincial centers would have taken
a year, but will only require a month in the new data center.

Raymond Lau, vice president of Cisco Systems (China), commented:
"Teaming up with IBM from the very beginning helped ensure a
thorough understanding of ABC's requirements. Taking advantage
of the strengths of both companies' solution and resources will
help drive project success from the initial planning stage
through to the implementation and maintenance stages. Cisco
values the working relationship we have forged with the ABC, and
looks forward to more opportunities to use our experience in
serving global financial institutions in the advancement of
China's banking industry."

The partnership between Cisco and the ABC began with the
establishment of the ABC's national backbone network and its
major sub-branch networks, for which Cisco was the primary
equipment provider. In selecting Cisco again, ABC has adopted
Cisco's industry-leading solutions, and well-established
products and technologies.

About Cisco Systems

Cisco Systems, Inc. (NASDAQ:CSCO), the worldwide leader in
networking for the Internet, celebrates 20 years of commitment
to technology innovation, industry leadership, and corporate
social responsibility. Information about Cisco can be found at
http://www.cisco.com.For more news, visit  
http://www.cisco.com/global/CN/about/news_info/index.shtml.

Cisco, Cisco Systems, and the Cisco Systems logo are registered
trademarks or trademarks of Cisco Systems, Inc. and/or its
affiliates in the United States and certain other countries. All
other trademarks are the property of their respective owners.
The use of the word partner does not indicate a partnership
relationship between Cisco and any other Company.

CONTACT:

Cisco Systems, Inc.
Terry Alberstein, (61) 3 9659-4263 (Press)
talberst@cisco.com
Shang Rong, (8610) 6526-7777 ext. 5017 (Press)
rshang@cisco.com
Pamela Rupert, 408-527-9076 (U.S. Press)
parupert@cisco.com
Cherry Pu, (852) 2934 4628 (Investor Relations)
cherryp@cisco.com
www.businesswire.com


BANK OF CHINA: Manager Associates to Repay US$28.2 Mln
------------------------------------------------------
A Hong Kong court has ordered associates of three former Bank of
China (BOC) branch managers to repay more than HK$220 million
(US$28.2 million) stolen from the bank, according to Reuters.

The district court discovered that Mr. Kwong Wa-po, Mr. Ching
Fo-chu and Mr. Xu Xiali acted knowingly in helping three Bank of
China branch managers in south China's Kaiping city launder
money through Hong Kong.

The branch managers misappropriated about HK$1.96 billion
between 1992 and 2001, the report said.

Mr. Kwong was ordered to repay some HK$200 million for his role
in laundering stolen bank funds. Mr. Ching and Mr. Xu Xiali, who
were arrested in 2001, were ordered to repay combined funds of
over HK$19 million.

CONTACT:

Bank of China
1 Fuxingmen Nei Dajie
Beijing, 100818, China
Phone: +86-10-6659-6688
Fax: +86-10-6601-4024
Web site: http://www.bank-of-china.com


BANK OF COMMUNICATIONS: Stabilization Period Ends
-------------------------------------------------
In a disclosure to the Hong Kong Stock Exchange, the Bank of
Communications announced that the stabilization period in
connection with the Global Offering ended on July 16, 2005.

The stabilizing actions undertaken during the stabilization
period were over-allocations made in the International Offering
and the exercise in full of the Over-allotment Option in respect
of 878,344,000 additional H Shares, of which 174,791,000 H
Shares were issued to HSBC pursuant to its exercise of its right
under the Investor Rights Agreement and the balance of
703,553,000 H Shares were used solely to cover over-allocations
in the International Offering.

The Company makes this announcement pursuant to Section 9(2) of
the Securities and Futures (Price Stabilizing) Rules (Cap. 571W
of the Laws of Hong Kong) and announces that the stabilization
period in connection with the Global Offering ended on 16 July
2005.

The stabilizing actions that have been taken by The Hongkong and
Shanghai Banking Corporation Limited (HSBC), the Stabilizing
Manager, during the stabilization period were over-allocations
made in the International Offering and the exercise in full by
Goldman Sachs (Asia) L.L.C. and HSBC, as Joint Global
Coordinators on behalf of the International Purchasers, of the
Over-allotment Option in respect of 878,344,000 additional H
Shares (the Over-allotment Shares) on July 4, 2005, of which
174,791,000 H Shares were issued to HSBC pursuant to its
exercise of its right under the Investor Rights Agreement and
the balance of 703,553,000 H Shares were used solely to cover
over-allocations in the International Offering.

Pursuant to the exercise of the Over-allotment Option, the
Company allotted and issued the Over-allotment Shares at HK$2.50
per H Share. The details of the exercise of the Over-allotment
Option are more particularly described in the Company's
announcement dated July 5, 2005.

CONTACT:

Bank of Communications Company Limited
20 Pedder Street Central Hong Kong
Phone: 86-21-58781234
Web site: http://www.bankcomm.com


C.T. NOMINEES: Creditors Meeting Set August 8
---------------------------------------------
Notice is hereby given that pursuant to Section 247 of the
Companies Ordinance (Chapter 32), annual meetings of the members
and creditors of C.T. Nominees Limited (In Creditors' Voluntary
Liquidation) will be held at 27th Floor, Alexandra House, 16-20
Chater Road, Central, Hong Kong on August 8, 2005 at the times
listed below, for the purpose of receiving an account of the
liquidator's act and dealings and of the conduct of the winding
up of the Company during the preceding year.
                                          
                             Time
Members' Meeting             10:00 a.m.
Creditors' Meeting           11:00 a.m.

A member or creditor entitled to attend vote at the above
meeting may appoint proxy to attend and vote instead of him. A
proxy need not be a member or creditor of the Company. Proxies
in the prescribed form must be lodged at 27th Floor, Alexandra
House, 16-20 Chater Road, Central, Hong Kong. Members' proxies
should be lodged at the above address not less than 48 hours
before the time for holding the members' meeting and creditors'
proxies not later than 4:00 p.m. on the day before the meeting.

Dated this 15th day of July 2005

N.P. ETCHES
Joint and Several Liquidator


G+H MONTAGE: Issues Debt Claim Notice
-------------------------------------
Notice is hereby given that a dividend is intended to be
declared in G+H Montage South East Asia Limited (In Creditors'
Voluntary Liquidation).

Creditors who have not proved their debts are required on or
before July 29, 2005, to formally prove their debts or claims.
The requested form for this purpose may be obtained from the
undersigned.

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

Dated this 8th day of July, 2005

DESMOND CHUNG SENG CHIONG
Joint and Several Liquidator
c/o Ferrier Hodgson Limited
14th Floor, Hong Kong Club Building
3A Chater Road
Central, Hong Kong


CHINA SECURITIES: Brokerage Firms Eye Takeover
----------------------------------------------
CITIC Securities and China Jianyin Investment Limited (JIC) will
work together to acquire the healthy assets of failed China
Securities, China Daily reports.

A new brokerage will be launched in which CITIC will own a 60
percent stake while JIC will hold the other 40 percent.

The restructuring will help build a new, high quality brokerage,
a senior official at China Securities said.

By the end of June last year, China Securities the brokerage had
misappropriated about CNY1.6 billion (US$193 million) of the
clients' funds. Its own investments in the stock market also
proved defunct due to poor decisions and a sluggish market
environment.

Altogether the firm shoulders debt of about CNY6 billion (US$726
million).


GOLD CONCORD: Winding Up Hearing Slated for August 17
-----------------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Gold Concord Enterprises Limited by the High Court of Hong Kong
Special Administrative Region was on June 17, 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 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.

FORD, KWAN & COMPANY
Solicitors for the Petitioner
Rooms 1202-1206, 12th Floor, Wheelock House
20 Pedder Street
Central, Hong Kong
Phone: 2810 8388   
Fax: 2810 6537

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.


GUANGDONG KELON: Seeks Legal Opinion on Huayi Share Freeze
----------------------------------------------------------
Guangdong Kelon Electrical Holdings Company Limited has been
sued by Jiaxi Beila Compressor Company Limited on July 6, 2005
for alleged breaches of a guarantee agreement dated June 18,
2005 (the Guarantee Agreement) entered into between the Company
and Jiaxi Beila in respect of outstanding amounts due on goods
purchased from Jiaxi Beila by the Company's subsidiaries,
allegedly to be approximately RMB17,100,000.

The Intermediate People's Court of the Jiaxing City of the
Zhejiang Province (the Court) gave judgment against the Company
on July 6, 2005 and approved the application by Jiaxi Beila in
respect of sequestrating the Company's bank deposit in the
amount of RMB17,100,000 or the Company's other assets of similar
value, representing amounts allegedly owed by the Company under
the Guarantee Agreement.

On July 14, 2005 the Company received a sequestration order
sequestrating the Company's interests in 59,280,000 unlisted
promoter national shares and any bonus shares in  (Huayi
Compressor Holdings Company Limited) (Huayi Compressor).

Solely for reference only, based on the closing share price of
Huayi Compressor's listed A share of RMB1.97 on 15th July, 2005,
the total value of the Company's interests in 59,280,000
unlisted promoter national shares is approximately RMB117
million. The Company is seeking legal advice as to the merits of
the claim and Huayi Compressor is a Company whose A shares are
listed on the Shenzhen Stock Exchange.

As at the date hereof, the Company is interested in 59,280,000
unlisted promoter national shares in Huayi Compressor,
representing approximately 22.73% of its total capital. Jiaxi
Beila is a subsidiary of Huayi Compressor.

At the request of the Company, trading in shares of the Company
was suspended with effect from 10:00 a.m. on June 16, 2005
pending the release of an announcement in relation to price
sensitive information.

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

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

By order of the Board of
Guangdong Kelon Electrical Holdings Company Limited
Gu Chu Jun
Chairman
Foshan City, Guangdong, the PRC, 18th July, 2005


HONGKONG CONSTRUCTION: Unveils July 18 EGM Results
--------------------------------------------------
The Board of HongKong Construction Holdings Ltd. announced that
the special resolutions relation to:

(i) the Capital Reduction; and

(ii) the Share Premium Cancellation were duly passed by the
Shareholders by way of a poll at the Extraordinary General
Meeting held on July 18, 2005.

The share registrars of the Company, Computershare Hong Kong
Investor Services Limited on 46th Floor, Hopewell Centre, 183
Queen's Road East, Wanchai Hong Kong, was appointed as the
scrutineer at the Extraordinary General meeting for the purpose
of vote-taking.

Details of the poll result in respect of the special resolutions
proposed at the Extraordinary General Meeting can be accessed at
http://bankrupt.com/misc/tcrap_hkconstruction071905.pdf.

CONTACT:

Hong Kong Construction (Holdings) Ltd.
801-802 East Ocean Centre
98 Granville Road
Kowloon, Hong Kong  
Phone: 23693949  
Fax: 27212526  
Web site: http://www.hkconstruction.com


HUNG WAI: Court Releases Bankruptcy Order
----------------------------------------
Notice is hereby given that the bankruptcy order against Lai
Kwok Wai trading as Hung Wai Construction 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


MAN WAH: Enters Winding Up Proceedings
--------------------------------------
Man Wah (Chung Kee) Engineering Limited whose place of business
is located at Shop L&M, G/F, Universal Mansion 52 Hillwood Road,
Tsimshatsui, Kowloon was issued a winding up order notice by the
High Court of the Hong Kong Special Administrative Region Court
of First Instance on June 29, 2005.

Date of Presentation: April 27, 2005

Dated this 8th day of July 2005

ET O'Connell
Official Receiver


MILIKING INTERNATIONAL: Court to Hear Wind-up Petition Aug. 17
--------------------------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Miliking International Limited by the High Court of Hong Kong
Special Administrative Region was on June 20, 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 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.

TSANG, CHAN & WONG
Solicitors for the Petitioner
16th Floor, Wing On House
71 Des Voeux Road Central
Central, Hong Kong

Note:

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


PEACE CITY: Creditors Meeting Fixed July 25
-------------------------------------------
Notice is hereby given that pursuant to Section 241 of the
Companies Ordinance (Cap 32) that a meeting of the creditors of
Peace City Investment Limited (In Winding Up) will be held at
Duke of Windsor Social Service Building, 15 Hennessy Road,
Wanchai, Hong Kong on July 25, 2005 at the 9:00 a.m. for the
purposes provided for in sections 241, 242, 243 244 and 251 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 4th Floor, Kenning Industrial Building, 19 Wang Hoi
Road, Kowloon Bay, Kowloon, Hong Kong, before 4:00 p.m. on July
22, 2005.

Dated this 15th day of July, 2005

LEE KONG LEONG
Director


VICKIE ENGINEERING: Receives Bankruptcy Order
---------------------------------------------
Notice is hereby given that the bankruptcy order against Wong
Mei Lin trading as Vickie 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


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

BANK LIPPO: Unlikely to Reach 2005 Profit Target
------------------------------------------------
Indonesian lender Bank Lippo may miss its profit target due to
the sale of certain property assets below book value, reports
Bloomberg News.

According to the bank's managing director Joseph Luhukay, Bank
Lippo signed an agreement with Austrian property investor
Grunberger & Seitschek to sell foreclosed assets that were worth
IDR2.31 trillion (as of March 31, 2005) for an amount of IDR2
trillion, to be paid over four years.

Bank Lippo's operating profit for the year ending March 31, 2006
may increase 25%, and not its targeted 30% increase. The bank
was taken over by the Indonesian Bank Restructuring Agency in
1999, after the government injected funds to increase its
capital. In February 2004, it was sold to Swissasia Global for
IDR1.4 trillion.

Bank Lippo's 2004 operating profit was worth IDR423.5 billion,
and a profit of IDR892.7 billion (which includes non-operating
income profit). The bank's gross non-performing loan ratio was
6.6% (as of March 31).

CONTACT:

PT Bank Lippo Tbk
Asia Tower Building
Jl. Diponegoro Boulevard
Lippo Village, Karawaci, Tangerang
Indonesia
Phone : (62-21) 546 0555; 546 0666
Fax : (62-21) 546 0601; 546 0605
Web site: http://www.lippobank.co.id


PERTAMINA: More Fuel Subsidies Lead to Higher Budget Deficit
------------------------------------------------------------
Due to an increase in global oil prices and an increase in the
disbursement of fuel subsidies as a result thereof, Indonesia's
state budget deficit may be higher than initially expected, the
Jakarta Post reports.

According to Minister of Finance Jusuf Anwar, the budget deficit
could go as high as 1.3% of the gross domestic product (GDP),
equivalent to IDR35.2 trillion, from initial projections of 0.8%
of GDP (IDR20.3 trillion).

This means that the government would have to spend up to IDR123
trillion in fuel subsidies to state oil & gas firm PT Pertamina,
this year alone.

The government disburses fuel subsidies to Pertamina so as to
keep local fuel prices affordable for the people; unfortunately,
this puts a strain on the state budget, which may be hard to
maintain if oil prices keep rising.

The state budget for fuel subsidies was pegged at IDR76.5
trillion this year, assuming that oil prices are at USD45 per
barrel, but the global price has risen to an all-time high of
USD60 per barrel. The government is set to submit a revised
state budget proposal to the House of Representatives next
month, to include the recent price increase.

The government has currently started an energy conservation
program nationwide, urging the public to be more economical in
their use of fuel. The government has already spent IDR46
billion in fuel subsidies to Pertamina, which is more than half
of its allotted state budget for fuel subsidies in 2005.

CONTACT:

PT Pertamina Tbk
Jalan Merdeka, Timur No. 1 A
Jakarta 10110
Indonesia
Phone: (62)(21) 3815111
Fax:   3846865/ 3843882
Web site: http://www.pertamina.com


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

HITACHI LIMITED: Launches World's First Server Module
-----------------------------------------------------
Hitachi, Ltd. announced the world's first server module product
offering a high-speed Front Side Bus (FSB) speed of 667MHz*1 on
the latest 64bit Intel Itanium 2 processor (1.66GHz).

The module of 'BladeSymphony' blade server, supporting the
improved FSB speeds will be generally available in Japan on July
21, 2005.

The 667MHz FSB Intel Itanium 2 processor module of
'BladeSymphony' blade server achieved the world highest
performance on SPEC CFP 2000 Benchmark*2: widely used compute-
intensive floating point performance benchmark. Hitachi's
innovative proprietary chipset, high-speed logic design, PCB
packaging technology, and years of Mainframe design expertise
contributed to the performance improvements.

*1) Front Side Bus (FSB) is a communication path connecting the
processor with the memory sub-system, expansion bus, and I/O
interface within a computer.

*2) SPEC CFP2000 test is based on SPECfp_base2000 (Actual:
2,801), and SPECfp_rate_base2000 (Actual: 56.7 @ 2-ways)
measured results as of 7/19/2005.

The acceleration of the data bus from the processor through
memory including the FSB resulted in up to 35% improvement of
the effective memory bandwidth, when compared to the 400MHz FSB
server module. Performance improvements will benefit customers
requiring intensive data processing performance in areas such
as, large-scale database processing, in-memory transaction
processing, and complex computational processing.

"We are pleased with Hitachi's announcement today that it
introduced a new server module based on the latest Intelr
Itanium 2 processor with 667MHz FSB and this server module
achieved the highest SPEC CFP 2000 Benchmark," said Kazumasa
Yoshida, vice president of the Sales and Marketing Group, Intel
Corporation and co-president of Intel K.K.

"Intel Itanium 2 processor-based systems continue to make
strides among companies' mission-critical systems and the High
Performance Computing field with their high reliability,
excellent price/performance, and the variety of open platform
choices. Through collaboration with companies like Hitachi,
Intel continues to forge ahead with platform innovations to meet
the ever-increasing demands of enterprise computing."

About Hitachi

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

CONTACT:

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


ITOCHU CORPORATION: Sees US$450-Mln Net Profit This Year
--------------------------------------------------------
Itochu Corporation expects a net profit of JPY50 billion (US$450
million) at its overseas operations in fiscal 2005, Asia Pulse
reports.

The trading Company sees group net profit jumping 29 percent to
JPY100 billion to mark the second consecutive record.

"The profitability of our overseas operations has been growing,"
Itochu President Eizo Kobayashi said.

The Company's Australian resources development subsidiary is
projected to post a JPY20 billion net profit thanks to
burgeoning coal and iron ore prices and increased production.

The European operations, which last year booked a JPY1.5 billion
net loss due to loan loss provisions in the car-leasing
business, are expected to swing to a net profit of over JPY500
million.

CONTACT:

Itochu Corporation
5-1 Kita-Aoyama 2-Chome
Minato-Ku 107-8077, Tokyo 107-8077
JAPAN
Phone: +81 3 3497-2121
Fax: +81 3 3497-4141  
Web site: http://www.itochu.co.jp


MATSUSHITA ELECTRIC: Unit Awards Sapiens With US$1.5Mln Contract
----------------------------------------------------------------
Sapiens International Corporation N.V. announced that Panasonic
U.K., a leading supplier of electronic products, has extended
its Application Support Contract of their supply chain logistics
system known as PRIDE with Sapiens U.K. for a further 15 months.

This contract extends a multi-year IT relationship between
Panasonic U.K. and Sapiens U.K., during which time the two
companies jointly developed the PRIDE application. The current
contract extension is valued at approximately US$1.5 million.
Performance by Sapiens under the contract extension began a few
months ago.

PRIDE, a mission-critical application, is an end-to-end supply
chain solution that enables Panasonic U.K. to manage and track
each product from the initial purchase order through delivery.
It also includes a customs management component that tracks
Panasonic U.K.'s compliance with customs regulations.

Commenting on this contract, Mr. David Tipping IT Manager of
Panasonic U.K. said: "We are delighted to be extending our long-
term relationship with Sapiens. We have been very impressed with
Sapiens' eMerge solution, and its high quality design and
development. The Sapiens team has strongly supported us and we
continue to see substantial business benefits from Pride."

Mr. Kali Bagary, Managing Director, Sapiens U.K., added:
"Sapiens continues to expand its Sapiens Maintenance Practice
(SMP) within its UK customer base. SMP is our unique service
centre in which we maintain customer solutions, delivering a
best of breed service with substantially lower operational and
maintenance costs enabling customers like Panasonic to focus on
its core competencies. We look forward to the continuation of
our long, mutually beneficial relationship with Panasonic UK."

About Panasonic UK

Panasonic was established in the UK in 1972. Since then the
Company has grown substantially and become a leading supplier of
consumer, business and communication electronics products. Its
UK headquarters is located in Bracknell, Berkshire and is
supported by a Logistics Centre in Northampton. Panasonic's
parent Company, Matsushita Electric Industrial Co. Ltd., has
also established seven manufacturing plants in the UK, and the
Company now employs in total more than 4,000 people in the UK.

About Sapiens International

Sapiens International Corporation N.V. (Nasdaq:SPNS) and
(TASE:SPNS), a member of the Formula Group (Nasdaq:FORTY) and
(TASE:FORT), is a leading global provider of proven IT solutions
that modernize business processes and enable insurance
organizations to adapt quickly to change. Sapiens' innovative
solutions are widely recognized for their ability to cost-
effectively align IT with the business demands for speed,
flexibility and efficiency. Sapiens operates through its
subsidiaries in North America, the United Kingdom, EMEA and Asia
Pacific, and has partnerships with market leaders such as IBM
and EDS. Sapiens' clients include AXA, Allianz Group, Liverpool
Victoria, Norwich Union, OneBeacon, Principal Financial Group,
Abbey National, ING, Menora and Occidental Fire & Casualty among
others.

For more information, please visit http://www.sapiens.comor  
contact Christiana Odia Christiana_Odia@Sapiens.com

CONTACT:

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


MITSUBISHI MOTORS: MMCA Enters Alliance With DealerTrack's
----------------------------------------------------------
DealerTrack, Inc. announced that Mitsubishi Motors Credit of
America (MMCA), the captive automotive financial services arm of
Mitsubishi Motors North America, has signed an agreement to join
DealerTrack's independent online auto finance network.

The agreement enables Mitsubishi dealers to use DealerTrack(R)
exclusively when securing financing for their customers, whether
through MMCA or any of the more than 140 additional financing
sources available through DealerTrack's Web-based network.

"Over 95 percent of Mitsubishi dealerships were already active
on the DealerTrack platform," said Gene Cook, director of sales
and marketing at MMCA. "Eliminating our old electronic portal
and integrating its functionality with DealerTrack will create
new efficiencies for our dealers and allow them, in turn, to
provide enhanced service and responsiveness to Mitsubishi
consumers."

MMCA became available to its dealer customers on the DealerTrack
network in early July. Mitsubishi dealers can now use
DealerTrack to submit credit applications electronically to MMCA
and a wide range of other financing sources, monitor related
application and contract status changes, access credit reports,
and obtain product and program information.

"This decision by another major captive finance organization to
join DealerTrack underscores our position in the marketplace as
a trusted, independent financing platform," said Mark O'Neil,
DealerTrack's chairman of the board and chief executive officer.
"We are confident that DealerTrack will continue to have a
positive impact on the business of both Mitsubishi dealers and
Mitsubishi Motors Credit of America."

About DealerTrack

DealerTrack is a leading provider of on-demand software and data
solutions for the automotive retail industry in the United
States. We have established a network of active relationships
with over 20,000 automotive dealers, including over 80% of all
franchised dealers; over 140 financing sources, including the 20
largest independent automotive financing sources in the United
States; and a number of other service and information providers
to the automotive retail industry.

Its core credit application processing product enables dealers
to automate and accelerate the indirect automotive financing
process by increasing the speed of communications between these
dealers and their financing sources. Its integrated suite of
subscription-based software products and services enables its
automotive dealer customers to receive valuable consumer leads,
compare various financing and leasing options and programs, sell
insurance and other after-market products, document compliance
with certain laws and execute financing contracts
electronically. In addition, we offer data and other products
and services to various industry participants, including lease
residual value and automobile configuration data. More
information on DealerTrack is available at
http://www.dealertrack.com/or by calling 877-357-8725.

Contact:

Mitsubishi Motors North America Inc.
Dotty Diemer, 714-372-5528
E-mail: ddiemer@mmsa.com
or
Mitsubishi News Bureau
888-560-MMSA (6672)
E-mail: newsbureau@mmsa.com


MITSUBISHI MOTORS: Malaysia Targets 400-500 Car Sales Monthly
-------------------------------------------------------------
Mitsubishi Motors Malaysia Sdn Bhd (MMM) aims to sell 400 to 500
Mitsubishi vehicles a month, capturing 1 percent of the
Malaysian automotive market by the end of the year, The Star
Online reports.

The brand's Lancer and Storm vehicles will be sold from
RM87,998.20 to RM284,863.90. All the vehicles are manufactured
in Japan, except the Storm 4x4, which is Thailand-made.

The Malaysian firm is a joint venture between EON and Mitsubishi
Corporation, will exclusively distribute Mitsubishi passenger
cars and commercial vehicles.

MMM is the importer and distributor for the cars in Malaysia,
while EON Auto Mart Sdn Bhd has invested RM25 million to
establish 24 sales outlets, 38 service centres, marketing and
sales activities, storage and inventory and human resources
development to retail Mitsubishi vehicles.

CONTACT:

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


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

ASIANA AIRLINES: Strike Affects 81 Domestic Flights
---------------------------------------------------
The strike staged by the unionized pilots of Asiana Airlines
affected almost half of the carrier's domestic passenger
flights, according to the Associated Press.

Asiana and the protesters' failure to reach an agreement
intensified the strike Monday causing the cancellation of 81 of
Asiana's 168 scheduled domestic flights and four of the seven
cargo flights, Asiana spokesman Oh Kyung-keun said.  

However, all of Asiana's 115 international flights were
operating normally. Among Asiana's overseas destinations are New
York, Seattle, Los Angeles, London, New Delhi, Singapore and
Tashkent, Uzbekistan.  The international flights are considered
more income intensive because they include more high-fare paying
business travelers.

Protesters' various demands include more rest days, a greater
say in management decisions and lifting the retirement age from
55 to 60. They walked off the job Sunday for the second time in
less than two weeks,

CONTACT:

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


DAEWOO GROUP: Founder Rushed to Hospital
----------------------------------------
Former Daewoo Group Chairman was rushed to the hospital Friday
due to a life-threatening heart ailment, Associated Press
relates.

The incident made the multi-billion dollar fraud investigation
on Kim Woo-choong murky as the allegations against him have been
temporarily suspended while he undergoes treatment.

"His doctor says there is a serious threat to his life," said
hospital spokeswoman Park Doo-hyuk, adding that Mr. Kim may need
surgery and could be hospitalized for up to two weeks. Park also
said an intestinal blockage has prevented Mr. Kim from eating
normally.

Mr. Kim fled from South Korea in 1999 and returned six years
after last July 1.  He was indicted on fraud charges worth $70
billion.  Mr. Kim epitomized the excesses of South Korea's
chaebol- the privately controlled conglomerates whose unbridled
expansion on borrowed money helped undermine the economy in the
1990s.

After Daewoo's collapse during the Asian crisis, South Korea was
forced to accept a $58-billion International Monetary Fund
bailout.


SAMSUNG ELECTRONICS: Net Income Drops 13%
-----------------------------------------
Samsung Electronics Co. Ltd. released in its website financial
results for the second quarter of 2005.

The Company recorded sales of KRW13.59 trillion, operating
income of KRW1.65 trillion, and net income of KRW1.7 trillion,
representing a 2 percent drop, 23 percent decrease and 13
percent rise, respectively, from the previous quarter.

Despite a drop in prices of some of its main products, such as
memory chips, the Company was able to maintain sales of more
than KRW13.5 trillion due to the growth of the LCD and Digital
Appliance Businesses. While operating profits decreased, net
income rose because of gains from Samsung Card's turnaround,
which was incorporated through valuation using equity method of
accounting.

Sales and operating income of the Semiconductor Business
decreased slightly to KRW4.2 trillion and KRW1.1 trillion,
respectively, because of a seasonal decline in DRAM and NAND
flash memory prices. However the business continued to maintain
high margins of over 26%, and the Company expects improved
performance in the second half with stronger demand for PCs. In
addition, a boost in demand for high capacity NAND flash memory
is expected with the introduction of new MP3 players and digital
cameras with higher pixel counts.

The Telecommunication Network Business posted sales of KRW4.5
trillion and operating income of KRW530 billion, representing a
decrease of 8% and 37%, respectively. The drop is attributed to
increased marketing spend to counter growing competitiveness.
Samsung sold 49 million phones in the first half despite a
stagnant domestic market and slow-down in the growth of the
overall mobile phone market. The Company expects stronger
performance in unit sales and ASPs in the third quarter with the
launch of new premium products.

The LCD Business reported revenue and operating income figures
of KRW2.1 trillion and KRW12.7 billion, respectively. The
Company expects its performance to improve in the third quarter
as demand for LCDs increases. Plans for the full ramp-up of S-
LCD's 7th-generation line are on schedule, which will contribute
to the increased sales of 32-inch and larger LCD TV panels.

Digital Media Business sales decreased to KRW1.6 trillion and
posted a KRW50.0 billion operating loss because of the seasonal
downturn. Sales of its Digital Appliance Business grew 27% to
KRW1 trillion and operating income at KRW30.0 billion returned
to the black from increased sales of air-conditioners.

Dr. Woosik Chu, Senior Vice President and General Manager of the
IR Team, states, " Despite the challenging business environment
and depressed market conditions, sales remain at similar levels
from the prior quarter and operating profit figures met the
market's expectation, demonstrating the inherent strength and
competitiveness of Samsung's business model." He added, " With
demand for IT products expected to return and steady growth in
our DRAM, NAND Flash, LCD and mobile phone businesses, Samsung
Electronics anticipates improvements in both sales and operating
profits in the second half of 2005."

About Samsung Electronics

Samsung Electronics Co., Ltd. is a global leader in
semiconductor, telecommunication, digital media and digital
convergence technologies with 2004 parent Company sales of
US$55.2 billion and net income of US$10.3 billion. Employing
approximately 1 1 3,000 people in over 9 0 offices in 48
countries, the Company consists of five main business units:
Digital Appliance Business, Digital Media Business, LCD
Business, Semiconductor Business and Telecommunication Network
Business. Recognized as one of the fastest growing brands,
Samsung Electronics is the world's largest producer of color
monitors, color TVs, memory chips and TFT-LCDs. For more
information, please visit www.samsung.com.

To view a full copy of the earnings result, click
http://bankrupt.com/misc/SAMSUNGElectronics2005.pdf

CONTACT:

Samsung Electronics Co., Ltd.
250, 2-ga, Taepyong-ro, Jung-gu
Seoul, 100-742, South KoreaPhone: +82-2-727-7114
Fax: +82-2-727-7985
Web site: http://www.samsung.com


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

CAMERLIN GROUP: Bourse Grants Trading Suspension Request
--------------------------------------------------------
Bursa Malaysia Securities Berhad advised that at the request of
Camerlin Group Berhad, trading in its securities has been
suspended with effect from 2:30 p.m., Wednesday, 13 July 2005.
Please refer to Camerln's announcement dated July 13, 2005.

CONTACT:

Camerlin Group Berhad
18 Jalan Perak
Level 9, Wisma Hong Leong
50450 Kuala Lumpur
Malaysia
Telephone: +60 3 2164 2631 /+60 3 2164 2514  


JIN LIN: ICPS Should be Converted Within 12 Months from SC's OK
---------------------------------------------------------------
Jin Lin Wood Industries Berhad (Jin Lin) issued an update to the
following proposals:

- Proposed Scheme Of Arrangement With Shareholders;
- Proposed Scheme Of Arrangement With Creditors;
- Proposed Acquisitions;
- Proposed Exemption;
- Proposed Disposal;
- Proposed Offer;
- Proposed Placement; And
- Proposed Listing Transfer

(Collectively Known As Proposed Restructuring Scheme)

The Company refers to the announcements dated February 9, 2004,
June 29, 2004 and February 7, 2005 in relation to the Proposed
Restructuring Scheme and the application to the Securities
Commission (SC) in relation to, inter-alia,

(i) The proposed exemption pursuant to Practice Note 2.9.3 of
the Malaysia Code on Take-Overs and Mergers, 1998 (Code) to Seo
Aik Leong and Siw Seng Chiw @ Seo Seng Chew (collectively
referred to as Concerted Parties) from the obligation to extend
a mandatory offer for all the remaining Gefung Shares (as
defined therein), not already held by the Concerted Parties upon
completion of the Proposed Acquisitions (as defined therein)
(Proposed Acquisition Exemption); and

(ii) The proposed exemption pursuant to Practice Note 2.9.1 of
the Code to the Concerted Parties from the obligation to extend
a mandatory offer for all the remaining Gefung Shares, not
already held by the Concerted Parties upon conversion of the
ICPS (as defined therein) (Proposed ICPS Exemption).

On behalf of Jin Lin, Avenue Securities Sdn Bhd advised that the
SC has, via its letter dated July 8, 2005, stated that the
Proposed Acquisition Exemption would only be considered by the
SC under Practice Note 2.9.1 of the Code. In this connection,
the SC would only consider the Proposed Acquisition Exemption
and the Proposed ICPS Exemption after the following have been
obtained:

(i) Approval of the shareholders of Jin Lin/Gefung by way of
poll, at an Extraordinary General Meeting (EGM) whereby all
interested parties shall abstain from voting and that the voting
results must be verified by an independent auditor;

(ii) Provision of competent independent advice to the
shareholders of Jin Lin/Gefung whereby the appointment of the
Independent Adviser and the contents of the independent advice
circular that will be dispatched to the shareholders of Jin Lin
have been approved by the SC; and

(iii) Declaration by the Concerted Parties (dated after the EGM)
to SC, that they have not acquired Jin Lin/Gefung Shares (as
defined therein) within the six (6) months period prior to the
dispatch of the circular to shareholders of Jin Lin in relation
to the Proposed Restructuring Scheme, but subsequent to
negotiations, discussions, undertakings or agreements with the
Directors of Jin Lin in relation to the Proposed Restructuring
Scheme, whichever is the earlier, until the SC approves the
Proposed Acquisition Exemption and Proposed ICPS Exemption.

The SC has also stated that the Proposed ICPS Exemption, will
only be considered by the SC, subject to the condition that the
Concerted Parties convert their ICPS within twelve (12) months
from the date of the SC's approval for the Proposed ICPS
Exemption (if so granted).

This announcement is dated 13 July 2005.

CONTACT:

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


LEADER STEEL MARKETING: Faces Dissolution in Three Months
---------------------------------------------------------
Further to our announcement made on March 21, 2003, Leader Steel
Holdings Berhad informed Bursa Malaysia Securities Berhad that
its 100 percent owned subsidiary, Leader Steel Marketing Sdn.
Bhd. (In Member's Voluntary Liquidation) will be dissolved on
October 12, 2005, i.e. 3 months from July 13, 2005.

CONTACT:

Leader Steel Holdings Berhad
Suite 2-1, 2nd Floor (Room 102),
Menara Penang Garden,
42A Jalan Sultan Ahmad Shah,
10050 Penang


LANKHORST BERHAD: Clarifies Notice Posted at The Star
-----------------------------------------------------
Lankhorst Berhad issued a reply to Bursa Malaysia Securities
Berhad's query letter.

The Company refers to its announcement on July 5, 2005 in reply
to the bourse letters of March 24, 2005 and April 6, 2005 on the
advertisement of winding-up petition respectively.

With regard to the information required in the letter of April
6, 2005 and the Company's aforesaid announcement, the Company
wishes to inform that the winding-up petition was not withdrawn
as stated in the announcement but rather the hearing of the
winding-up petition was adjourned to a later date pending the
fulfillment of the Company's obligations in the terms of
settlement.

To view a full copy of Bursa Malaysia's query letter, click
http://bankrupt.com/misc/LankhorstBerhad071305.doc

This announcement has been endorsed by the Board of Directors.

CONTACT:

Lankhorst Berhad
5th Floor, Bangunan Umno Selangor
Persiaran Perbandaran , Section14
40000 Shah Alam
Selangor, Malaysia
Phone: 03-50313030
Fax: 03-50313036


LEBAR DAUN: SC Extends Time for Private Placement of Shares
-----------------------------------------------------------
On behalf of Lebar Daun Berhad, AmMerchant Bank informed Bursa
Malaysia Securities Berhad that the Securities Commission (SC)
had, via its letter dated July 8, 2005 which was received on
July 12, 2005 approved the application for extension of time for
the private placement of up to 11,848,367 new ordinary shares of
MYR0.50 each in the Company up till September 30, 2005 instead
of the December 31, 2005 applied for.

This announcement is dated 13 July 2005.

CONTACT:

Lebar Daun Berhad
No 2 Jalan Tengku Ampuan Zabedah J9/J
Seksyen 9, 40000 Shah Alam, Selangor Darul Ehsan
Malaysia
Telephone: +60 3 5511 1333 / +60 3 5511 1888


MAGNUM CORPORATION: Bourse Lists Additional Shares
--------------------------------------------------
Magnum Corp. Berhad advised that its additional 1,000 new
ordinary shares of MYR0.50 each issued pursuant to the
Employees' Share Option Scheme will be granted listing and
quotation with effect from 9:00 a.m., Friday, July 15, 2005.

CONTACT:

Magnum Corporation Berhad
No 8 Jalan Munshi Abdullah
50100 Kuala Lumpur, 50100
Malaysia
Telephone: +60 3 2698 8033/ +60 3 2698 9885


MEDIA PRIMA: Collaborates with Service Companies
------------------------------------------------
Media Prima Berhad issued to Bursa Malaysia Securities Berhad
its entry into a collaboration and assistance agreement with
Natseven Tv Sdn Bhd, Synchrosound Studio Sdn Bhd, Questseven Dot
Com Sdn Bhd (service companies) and certain shareholders of the
service companies, namely Datuk Seri Dr. Mohamed Effendi Bin
Norwawi, Encorp Services Sdn Bhd and Awansia Corporation Sdn Bhd
(collaboration and assistance agreement).

(1) Introduction

Commerce International Merchant Bankers Berhad, on behalf of the
Board of Directors of MPB, advised the bourse that the Company
had on July 13, 2005 entered into the Collaboration and
Assistance Agreement.

(2) Details of the Collaboration and Assistance Agreement.

The following are the salient terms of the Collaboration and
Assistance Agreement:

(i) MPB and the Service Companies agree to work together in a
spirit of mutual co-operation, trust and confidence in order to
manage the proposed debt restructuring exercises of the Service
Companies (Proposed Debt Restructurings) to restructure the
debts due and owing by the Service Companies to their respective
creditors.

(ii) MPB shall, as from the date of the Collaboration and
Assistance Agreement, be provided with reasonable access at all
times to the Service Companies, and their respective premises,
resources and facilities, and shall also be provided by all the
other parties which such assistance and/or information as it may
reasonably require for the purposes of undertaking the Proposed
Debt Restructurings.

(iii) MPB has the option and the exclusivity to commence
negotiations in good faith with the Respective Shareholders in
respect of the sale of all of the issued share capital of the
Service Companies, on terms to be mutually agreed among them.

(iv) The Service Companies and the Respective Shareholders agree
with MPB that they will not, after the date of the Collaboration
and Assistance Agreement, individually or collectively, directly
or indirectly, conduct any negotiations with, or solicit any
offers or proposals from, any third party with regard to any
acquisition of or investment in any one or more of the Service
Companies.

(3) Rationale for entering into the Collaboration and
Assistance Agreement

The execution of the Collaboration and Assistance Agreement will
allow MPB to assist the Service Companies in their undertaking
of the Proposed Debt Restructurings.

Further, it will allow MPB the option to commence exclusive
negotiations for the acquisition of all of the issued share
capital of the Service Companies from the Respective
Shareholders.

In addition, the proposed collaboration between MPB and the
Service Companies will allow them to progress to identify areas
in which MPB and the Service Companies may co-operate,
especially to focus on growing the share of television
advertising expenditure for the benefit of both groups.

This announcement is dated 13 July 2005.

CONTACT:

Media Prima Berhad
Sri Pentas,
No. 3 Persiaran Bandar Utama,
Bandar Utama,
47800 Petaling
Selangor
Phone: 03-77266333
Fax: 03-77280787
Web site: http://www.mediaprima.com.my/index.asp


METROPLEX BERHAD: Default Amount Reaches MYR1,690,850,847.04
------------------------------------------------------------
Further to its announcement dated June 13, 2005 on PN1,
Metroplex Berhad (MB) provided Bursa Malaysia Securities Berhad
an update on the status of default in payment of MB Group's
various loan facilities as at June 30, 2005 as set out in Table
A attached.

The estimated amount of default (principal and interest) as at
June 30, 2005 is MYR1,690,850,847.04.

Currently, MB is in negotiations with its lenders on the
Proposed Composite Schemes of Arrangement (Proposed Scheme)
which will essentially address the default in payment. Upon the
finalization of the Proposed Scheme, an announcement will be
made to Bursa Securities.

To view a full copy of the table, click
http://bankrupt.com/misc/MetroplexBerhad071305.doc

This announcement is dated 13 July 2005.


MBF HOLDINGS: Court to Decide on Unit's Case Next Week
------------------------------------------------------
Further to its announcement on July 11, 2005, MBf Holdings
Berhad issued to Bursa Malaysia Securities Berhad information
that MBf Leasing Sdn Bhd's (the Defendant) application for
summary judgment against MBf Automobile Sdn Bhd and MBfH via
Kuala Lumpur High Court Suit No.D5-22-1573-2004 which was heard
on July 12, 2005, has now been fixed for decision on July 28,
2005.

Yours faithfully,
For and on behalf of
MBf Holdings Berhad
Ding Lien Bing
Company Secretary
12 July 2005

CONTACT:

MBF Holdings Berhad Federal Furniture Holdings (M) Berhad
Suite 1501B Menara Choy Fook On
1B Jalan Yong Shook Lin, Section 7
46050 Petaling Jaya
Telephone: 03-7955 9937
Fax: 03-7956 2812
Web site: http://www.federal-furniture.com


MTD CAPITAL: Unveils Shares Buy Back Result
-------------------------------------------
MTD Capital Berhad issued to Bursa Malaysia Securities Berhad
the details of its shares buy back on July 13, 2005 with the
following details:

Date of buy back from: 07/07/2005

Date of buy back to: 07/07/2005

Total number of shares purchased (units): 58,500

Minimum price paid for each share purchased (RM): 2.230

Maximum price paid for each share purchased (RM): 2.300

Total amount paid for shares purchased (RM): 133,397.55

The name of the stock exchange through which the shares were
purchased: Bursa Malaysia Securities Berhad

Number of shares purchased retained in treasury (units): 58,500

Total number of shares retained in treasury (units): 17,324,900

Number of shares purchased which were cancelled (units): 0

Total issued capital as diminished: 0

Date lodged with registrar of companies: 13/07/2005

Lodged by: MTD Capital Berhad

CONTACT:

MTD Capital Berhad  
Batu 8 Jalan Batu Caves
Lot 8359 Mukim of Batu
Batu Caves, Selangor Darul Ehsan 68100
Malaysia  
Telephone: +60 3 6189 9022/ +60 3 6187 7898  
Web site: http://www.mtdcap.com/


PARK MAY: Applies for Extension to Complete Scheme
--------------------------------------------------
Park May Berhad issued to Bursa Malaysia Securities Berhad
details of Proposed Restructuring Scheme comprising of:

(a) Proposed acquisitions of six (6) subsidiaries of Kumpulan
Kenderaan Malaysia Berhad (KKMB), namely Kenderaaan Langkasuka
Sdn Bhd, Kenderaan Klang Banting Berhad, Kenderaan Labu Sendayan
Sdn Bhd, Starise Sdn Bhd, Syarikat Rembau Tampin Sdn Bhd and
Transnasional Express Sdn Bhd, by Konsortium Transnasional
Berhad (KTB), the Company which will assume the listing status
of Park May pursuant to the Proposed Restructuring Scheme, for a
total purchase consideration of MYR85,055,614.50 to be satisfied
by the issuance of 170,111,229 new Shares in KTB at an issue
price of MYR0.50 per Share (Proposed Acquisitions Of Six (6) Bus
Companies);

(b) Conditional voluntary offer by KTB to acquire all the issued
and paid-up share capital of Syarikat Kenderaan Melayu Kelantan
Berhad (SKMK), a subsidiary of KKMB, comprising 7,250,620
ordinary shares of MYR1.00 each to be satisfied by the issuance
of 72,506,200 new Shares in KTB at an issue price of MYR0.50 per
Share on the basis of ten (10) new Shares in KTB for every one
(1) existing ordinary share of MYR1.00 each held in SKMK;

(c) Conditional voluntary offer by KTB to acquire all the issued
and paid-up share capital of Tanjong Keramat Temerloh Utara
Omnibus Berhad (Keramat), a subsidiary of KKMB, comprising
1,054,653 ordinary shares of MYR1.00 each to be satisfied by the
issuance of 7,382,571 new Shares in KTB at an issue price of
MYR0.50 per Share on the basis of seven (7) new Shares in KTB
for every one (1) existing ordinary share of MYR1.00 each held
in Keramat;

(Items (a), (b) and (c) to be collectively referred to as
Proposed Acquisitions Of Bus Companies)

(d) Proposed exchange of all the existing ordinary shares of
RM1.00 each in Park May with new Shares in KTB on the basis of
two (2) new Shares in KTB for every three (3) existing ordinary
shares of MYR1.00 each held in Park May prior to the Proposed
Shares Cancellation (Proposed Share Exchange);

(e) Proposed cancellation of the entire issued and paid-up share
capital of Park May involving 74,996,022 ordinary shares of
RM1.00 each pursuant to Section 64 of the Act and the issuance
of new ordinary shares of MYR1.00 each in Park May to KTB
(Proposed Shares Cancellation);

(f) Proposed debt restructuring of MYR63.0 million of the
outstanding Commercial Papers (CP) of Park May by way of
cancelling MYR63.0 million of the CP outstanding and the
issuance of an equivalent nominal value of Irredeemable
Convertible Secured Loan Stocks by KTB;

(g) Proposed waiver to KKMB and parties acting in concert with
it from the obligation to extend an unconditional mandatory
general offer for all the remaining Shares not already owned by
them in KTB after the Proposed Acquisitions Of Bus Companies and
Proposed Share Exchange;  

(h) Proposed offer for sale / placement of the Shares in KTB
held by KKMB to the Malaysian public / investors to comply with
the minimum 25 percent public shareholding spread requirement;
and

(i) Proposed admission of the entire enlarged issued and paid-up
share capital of KTB to the Official List of the Bursa Malaysia
Securities Berhad and proposed delisting of Park May.

(Items (a) to (i) to be collectively referred to as Proposed
Restructuring Scheme)

On July 28, 2004, AmMerchant Bank Berhad (a member of
AmInvestment Group) (AmMerchant Bank), on behalf of
Park May, announced that the Securities Commission (SC) had
approved the Proposed Restructuring Scheme via its letter dated
July 27, 2004 (SC Approval).

Pursuant to Paragraph 18.02 of the SC's Policies and Guidelines
on Issue / Offer of Securities, the SC Approval will expire on
July 26, 2005. In this respect, the Company announced that
AmMerchant Bank, on behalf of the Company, had on July 8, 2005
submitted an application to the SC for an extension of time of
three (3) months from July 27, 2005 until October 26, 2005 for
the Company to complete the Proposed Restructuring Scheme. The
application is still pending the SC's decision.

The announcement is dated 13 July 2005.

CONTACT:

Park May Berhad
Lot 18115 Batu 5
Jalan Kelang Lama
58100 Kuala Lumpur
Telephone: 0379827060
Fax: 03-76254987
Web site: http://www.parmayberhad.com


POLYMATE HOLDINGS: Releases Units' Payment Default Status
---------------------------------------------------------
The Board of Directors of Polymate Holdings Berhad advised Bursa
Malaysia Securities Berhad that an event of default in payments
by the following subsidiaries of POLYMATE have occurred:

(a) ABI Malaysia Sdn Bhd (ABIM);

(b) Polymate Industries (M) Sdn Bhd (PISB);

(c) Polymate Packaging Sdn Bhd (PPSB)

Details of the default in payments of the principal and interest
are indicated in Table A.

(1) Reasons for the default in payments

The above subsidiary companies are unable to service the loan
repayments to the lending banks due to their very tight overall
working capital positions. The cash flow problems are mainly
attributed to accumulated losses incurred over the past few
years, sharp increases of raw material prices and withdrawals of
some banking facilities by two of the lending banks.

(2) Measures taken to address the default in payments

POLYMATE is in discussion with all the lending banks to
negotiate on a restructuring scheme for the various banking
facilities of its subsidiary companies in order to regularise
its financial position. A restructuring consultant has been
appointed and a bank creditors' meeting will be called as soon
as a restructuring plan is formulated.

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

With the default, the lending banks could recall their
respective banking facilities and demand for repayments.

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

The Al-Bai' Bithaman Ajil Islamic Debt Securities (BaIDS)
arranged by the facility agent and granted to ABIM was
constituted under the Trust Deed (Trust Deed). The default
stated in Table A above can cause cross default in the said
BaIDS facility. Under the provisions of the Trust Deed, an event
of default can empower the Trustee namely Pacific Trustees
Berhad to institute such proceedings as it may think fit against
the Issuer namely ABIM to enforce such repayment of the BaIDS.

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

Not applicable.

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

The default in payments will cause cross default in all banking
facilities granted to the said subsidiary companies.

(7) Any other information

None.

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

This announcement is dated 13 July 2005

CONTACT:

Polymate Holdings Bhd.
Malaysia
Phone: 60 3 2031 1988
Fax: 60 3 2031 9788


TELEKOM MALAYSIA: Additional Shares Set for Listing
---------------------------------------------------
Telekom Malaysia Berhad advised that its additional 117,000 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., Friday, July 15, 2005.

CONTACT:

Telekom Malaysia Berhad
Level 51, North Wing, Menara Telekom,
Off Jalan Pantai Baharu
50672 Kuala Lumpur, Malaysia
Phone: +60-3-2240-9494
Fax: +60-3-2283-2415
Web site: http://www.telekom.com.my


TIMBERWELL BERHAD: Unit's Writ of Summons Won't Affect Firm
-----------------------------------------------------------
Timberwell Berhad (TWB) issued a reply to Bursa Malaysia
Securities Berhad's Query Letter.

Further to the announcement made by 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 further announced 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.
Bursa Malaysia's Query Letter content:

We refer to your announcement dated July 8, 2005 in respect of
the aforesaid matter.

In this connection, kindly furnish the Securities Exchange
immediately with the following additional information for public
release:

(1) Expected loss, if any, arising from the summons.

(2) Operational impact on the group, arising from the summons.

Yours faithfully
Tan Yew Eng
Sector Head, Issues & Listing
Group Regulations


WAH SEONG: Adds 22,000,000 Shares for Listing
---------------------------------------------
Wah Seong Corp. Berhad advised that its additional 22,000,000
new ordinary shares of MYR0.50 each arising from the Private
Placement of 22,000,000 new ordinary shares of MYR0.50 each be
granted listing and quotation with effect from 9:00 a.m.,
Friday, July 15, 2005.

CONTACT:

Wah Seong Corporation Bhd
Lingkaran Syed Putra
59200 Kuala Lumpur,
Malaysia
Telephone: +60 3 2288 1212 / +60 3 2288 1272


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

ABS-CBN BROADCASTING: U.S. Unit Gives Money to Televiewers
----------------------------------------------------------
The U.S. subsidiary of embattled ABS-CBN Broadcasting Corp.
announced it is giving away money to subscribers until the end
of July, Today News reports.

ABS-CBN International, 98-percent owned by ABS-CBN, said it was
"giving away a total of US$150,000 (Php8.25 million) over the
next four weeks as part of a sweepstakes" through its major
product The Filipino Channel (TFC).

ABS-CBN, whose first-quarter operations reflect continuing
negative trends that began last year, listed sixteen
subsidiaries including ABS-CBN Dubai and ABS-CBN Global. Of
these subsidiaries, only 11-year-old ABS-CBN International and
Roadrunner Network Inc. are not fully owned by ABS-CBN.

In its first-quarter report to the Philippine Stock Exchange,
the Lopez-controlled media firm said that net accounts
receivable increased by 10 percent to more than Php4 billion
from end-2004 levels due to an increase in the customer base of
the Company's international business. This business includes
ABS-CBN International that relies on news and entertainment
programs originating from Manila for TFC viewers.

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/


ABS-CBN BROADCASTING: Brings Free Concert Series to U.S.
--------------------------------------------------------
ABS-CBN International, the North American unit of ABS-CBN
Broadcasting Corp., today revealed details for the West Coast
leg of the "ABS-CBN Summer Kapamilya Caravan" for both Los
Angeles and San Francisco.

The Kapamilya Summer Caravan began on the Philippine Island of
Cebu in May before traveling to Europe, the Middle East, Asia
and now to the United States. The Caravan brings the hottest
names in Philippine entertainment directly to the fans and
allows many to see their favorite television, movie and music
entertainers live and in person.

"ABS-CBN International is very excited to offer free concerts
and events with the hottest talent from the Philippines," said
Esperanza Cabunoc, Senior Manager of TFC Direct at ABS-CBN
International.

"The great thing about these free shows is that the entire
family can afford to see their favorite performers -- there's
something for everyone. We are pleased to host these concerts to
thank our very loyal viewers and members of the TFC Kapamilya
Circle for 11 years of uninterrupted patronage."

Details on the free events are as follows:

LOS ANGELES (Saturday, July 16 at 12:00 p.m.)

The free Los Angeles concert will be held at the Rose Bowl
Stadium in Pasadena, Calif., on July 16. Gates will open at
12:00 p.m. and feature activities and fan photograph sessions
with some of the most popular ABS-CBN stars. Performances will
begin at 5:00 p.m. A future announcement will detail the star
line-up.

SAN FRANCISCO (Saturday, July 23 at 12:00 p.m.)

The free San Francisco concert will be held at the Monster Park
Fairgrounds (formerly Candlestick Park). Gates will open at
12:00 p.m. and feature activities and fan photograph sessions
with some of the most popular ABS-CBN stars. The show "The Buzz"
will conduct a special taping at 4:00 p.m. Performances will
begin at 6:00 p.m. A future announcement will detail the star
line-up.

Cabunoc added, "We know how important it is to stay in touch
with our homeland, so when ABS-CBNi announces an event, it
happens. You can expect to see even more events this year, so,
as they say, 'stay tuned.'"

The "ABS-CBN Summer Kapamilya Caravan" concerts come on the
heels of a number of wildly successful ABS-CBN International
events. The Kapamilya network recently hosted a special taping
of the extremely popular game show "Wowowee" in San Francisco on
June 19 where more than 10,000 people watched as ABS-CBNi gave
away 1 million Philippine pesos ($18,000) to one lucky Kapamilya
Circle member. During September 2004 more than 10,000 fans took
part in "The Night of the Champions."

About ABS-CBNi

ABS-CBN International (ABS-CBNi) was created to be of service
for all Filipinos 11 years ago. With the launch of The Filipino
Channel, the Company was the first and most successful Filipino
broadcaster in the U.S. The Company offers telecommunication,
retail, money remittance and cargo forwarding services along
with philanthropic support of Filipinos and the communities they
now call home. Based in Burlingame, Calif., ABS-CBNi is a wholly
owned subsidiary of ABS-CBN, the Philippines largest
entertainment and broadcasting Company. For more information,
visit www.abs-cbni.com.


CEBU PLAZA: To Operate Under Marco Polo Name
--------------------------------------------
The new Cebu Plaza Hotel will be operated by the Marco Polo
Hotel Group and will be renamed the Marco Polo Plaza Hotel, Asia
Pulse says.

Asia Pacific Management Corp. (APMC), the new owner of the
hotel, will sign formally sign the contract on July 25. APMC
reportedly picked international operator Marco Polo Hotel Group
to run the hotel. APMC is part of the Metropolitan Bank and
Trust Co. (Metrobank) group.

Cebu Plaza halted its operations two years ago after its
previous owner, Pathfinder Holdings Phils. Inc., failed to
settle its loans with Metrobank. The facility was turned over to
Metrobank under a dacion en pago or payment-in-kind arrangement.

Metrobank decided to develop the facility resume hotel
operations in order to meet the growing demand in Cebu due to
the rapid influx of tourists.


CITICAPITAL INCORPORATED: Slapped with Permanent CDO from SEC
-------------------------------------------------------------
The corporate regulator has made permanent the cease-and-desist
order it issued against lending firm Citicapital Incorporated,
The Philippine Star reports.

The Securities and Exchange Commission issued the CDO against
Citicapital for selling securities top the public without prior
registration.

The issuance came after an investigation conducted by the
watchdog's Compliance and Enforcement Department (CED) revealed
that Citicapital sold preferred shares to more than 19 persons,
in violation of the 19-lender rule.

The CED said the shares were sold without prior approval of the
Company's registration statement by the SEC.

Citicapital, a leading player in the highly competitive
microcredit sector in the Philippines, was assessed a Php1.41-
million penalty by the SEC which to date has not yet been
complied with.

SEC's move to make permanent the CDO followed an earlier
rejection of Citicapital's motion to lift the CDO for lack of
merit. With the CDO made permanent, the officers, directors,
agents, and representatives of Citicapital are prohibited from
further soliciting investments from the public.


MANILA ELECTRIC: Refund Ready by September
------------------------------------------
Manila Electric Co. (Meralco) said will pay by September refunds
to industrial and commercial customers through credit on future
billings, according to The Manila Standard.

Meralco's refund management task force will send out letters to
Phase 4 clients, asking for their preferred refund mode as well
as tax identification numbers, as required by the Bureau of
Internal revenue (BIR).

The Energy Regulatory Commission has ordered Meralco to start
the refund process by July.

All refunds will be subjected to a 25 percent withholding tax
for active accounts and 32 percent for terminated accounts.
Terminated services pertain to those services whose contracts
were already terminated as of April 30, 2003.

Meralco said that even if there will be a two-month delay in the
implementation, Phase 4 customers will be refunded retroactive
to July.

CONTACT:

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


NATIONAL POWER: Power Supply Deal Causes Huge Losses
----------------------------------------------------
The National Power Corporation (Napocor) has reportedly incurred
monthly losses of Php12 million as a result of a failed power
supply agreement, The Philippine Daily Inquirer says.

The state-owned power firm was forced to produce more
electricity because of Mirant Global Corp.'s failure to provide
its share of the power supply.

During a July 14 public offering, Napocor Mindoro-Romblon area
manager Robert Davalos said that if power supply in Mindoro was
not privatized by the time Napocor's contract ended in May 2006,
a huge amount will be lost.

Napocor subsidies have amounted to a screaming Php500 million
per year.

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/


PHIL-ASIA CARE: Hikes Capital to Php150-Mln
-------------------------------------------
Phil-Asia Plans Inc. has refiled its application to boost its
authorized capital stock for approval of the Securities and
Exchange (SEC), according to the Manila Bulletin.

The pre-need firm aims to raise its capital to Php150 million
from only Php3 million, as it bids to resume operations in the
local pre-need industry.

Phil-Asia, formerly Consolidated Care Plans, wants to legitimize
its business after being slapped with a Cease and Desist Order
(CDO) a few years back for selling unregistered securities.

Phil-Asia only obtained certificates to sell pre-need plans in
the years 1990,1991 and 1993 and currently has no license to
sell pre-need plans. The SEC however learned that the pre-need
firm sold pre-need plans without prior registration and approval
of the Commission.

By engaging in sale of pre-need plans without prior registration
and approval from the SEC, Phil-Asia has flagrantly violated the
provisions of the Securities Regulation Code and the New Rules
on the Registration and Sale of Pre-Need Plans.

But the official from the SEC said Phil-Asia now wants to resume
its business and legalize the sale of its pre-need plans. The
official added the SEC still has to look into the matter.

A SEC official said Phil-Asia needed to submit all the
requirements needed for the resumption of its business and the
increase in its authorized capital stock. The official added the
pre-need firm also has to settle the case it filed against the
SEC regarding its CDO.

Phil-Asia challenged the CDO issued against it by the Commission
before the Court of Appeals. The case is still pending.


PHILIPPINE LONG: Boss Acquires More Shares
------------------------------------------
Philippine Long Distance Telephone Co. (PLDT) Chairman Manuel
Pangilinan has acquired 1,300 additional shares of the Company
for Php1,540 each.

The latest share purchase raises Mr. Pangilinan's stake in PLDT
to 101,158 shares, less than 0.1 percent of the Company's
outstanding shares.

The Company didn't provide a reason for the purchase.

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


PHILIPPINE LONG: Lists Additional Shares
----------------------------------------
Philippine Long Distance Telephone Co. (PLDT) on Tuesday listed
3,530 shares issued under the Company's executive stock-option
plan.

This will bring the number of shares issued to executives under
the plan and listed on the exchange to 509,402.

A total of 1.29 million shares have been set aside under the
plan.


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

FIRST PACIFIC: Liquidator Requires Submission of Proofs of Claim
----------------------------------------------------------------
Notice is hereby given that the creditors of First Pacific
Development Pte Limited, which is being wound up, is required on
or before Aug. 8, 2005 to send in their names and addresses,
with particulars of their debts or claims and the names and
addresses of their solicitors (if any) to the Liquidator of the
Company.

If so required by notice in writing by the said Liquidator, are
personally or by their solicitors, to come in and prove their
said debts or claims at the time and place designated as
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 7th July 2005

Goh Boon Kok
Liquidator
1 Stadium Walk, Level 2
Kallang Theatre Building
Singapore 397688


GE/FITCH SINGAPORE: Creditors Must Submit Debt Claims Soon
----------------------------------------------------------
Notice is hereby given that the creditors of GE/Fitch Singapore
Pte Limited, which is being wound up voluntarily, are required
on or before Aug. 8, 2005 to send in their names and addresses
and the particulars of their debts or claims and the names and
addresses of their solicitors (if any) to the liquidator at c/o
30 Robinson Road, #04-01 Robinson Towers, Singapore 048546.

If so required, they are to come in and prove their debts or
claims as shall be specified or in default will be excluded from
the benefit of any distribution made before such proof.

Dated the 8th day of July 2005

Leow Quek Shiong
Liquidator
C/o 30 Robinson Road
#04-01 Robinson Towers
Singapore 048546


HI-LIAN CONSTRUCTION: Posts Dividend Notice
-------------------------------------------
Hi-Lian Construction Pte Limited, formerly of 30 East Coast Road
#03-41/42 Paramount Shopping Center, Singapore 428751 posted a
notice of intended preferential dividend at the Government
Gazette, Electronic Edition with the following details:

Name of Company: Hi-Lian Construction Pte Limited (formerly
known as Hi-Lian Marine & Construction Services Pte Limited)
Court: Supreme Court, Singapore
Number of Matter: Companies Winding Up No. 600069 of 2001
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: July 15, 2005

Sunari Bin Kateni
Assistant Official Receiver


ORIENT NETWORKS: Swiss Creditor Files Winding Up Petition
---------------------------------------------------------
Notice is hereby given that a Petition for the Winding Up of
Orient Networks Holdings Limited by the Singapore High Court was
on July 6, 2005 presented by Alliance Management S.A., of Rue du
Marche 9, 1204 Geneva, Switzerland, a creditor.

The said Petition is to be heard before the Court sitting on
Friday, July 29, 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 the hearing by himself or his Counsel
for that purpose.

A copy of the said 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 address is Rue du Marche 9, 1204 Geneva,
Switzerland.

The Petitioner's Solicitors are Drew & Napier LLC of 20 Raffles
Place #17-00, Ocean Towers, Singapore 048620.

Note:

Any person who intends to appear at the hearing of the said
Petition must serve on or send by post to the solicitors Drew &
Napier LLC a 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 July 28,
2005.


OVERSEAS BUSINESS: Court Releases Wind-up Order
-----------------------------------------------
In the matter of Overseas Business Development Pte Limited, a
winding up Order was made on July 8, 2005, with the following
details:

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

Dated this 8th day of July 2005
Rajah & Tann

Solicitors for the Petitioner

Note:

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

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


UNIVERSAL BUILDING: Wind-up Process Initiated
---------------------------------------------
In the matter of Universal Building Materials Pte Limited
(formerly known as Ridee Private Limited) a winding Up order was
made on July 1, 2005, with the following details:

Name and Address of Liquidators: Mr Jason Mah Kah Leong
Messrs MGI Jason Mah & Associates
#11-06 International Plaza
Singapore 079903

Dated the 15th day of July 2005

Messrs Christopher Bridges
Solicitors for the Petitioners

Note:

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

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


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

DON MUANG: To Ink Debt Plan with Creditors Next Week
----------------------------------------------------
Don Muang Tollway Co. and its creditors are set to sign a debt-
restructuring plan on July 25, reveals The Nation.

The initiation of the debt-restructuring plan will help Don
Muang pay off the THB12.2 billion it owed creditors.

Stated in the plan is a cut on interest rates of the Company's
remaining debt to the MLR (minimum lending rate), currently at
six percent, minus two percent for four years and after that it
would pay the MLR less 0.5 percent.

An agreement to extend the term of repayment to 15 years from
nine years was also reached.

"This will help reduce the Company's interest-rate expenses from
THB600 million to THB400 million a year in the first four
years," said Sompat Phanitcheeva, the Company's chief executive.

On the day the plan is signed, Don Muang agreed to pay THB500
million according to the agreement.  Creditors would immediately
react by cutting unpaid interest charges to THB1 billion from
THB1.49 billion. The outstanding THB1 billion would be paid in
the final year of the plan.

But given that the Company's income is lower than expected after
the Don Muang Airport shuts down, it reserves the right to
review the plan.

The airports closure would create a major impact to Don Muang.  
Everyday 135,000 vehicles use the tollway, once the airport
closes half of it would go to the airport.

Don Muang records a THB2.8 billion-revenue per day, way far from
the THB3.3 million daily average at the end of last year.  The
revenue decrease came after the tollway operator reduced toll
fees to a maximum price depending on distance of THB20 from the
previous THB43.

CONTACT:

Don Muang Tollway Public Co. Ltd.
40/40 Viphavadi Rangsit Road,
Don Muang, Bangkok 10210
Telephone: 0-2973-3436-41
Web site: http://www.tollway.co.th/home.html


PICNIC CORPORATION: Amends Shareholders' Meeting Agenda
-------------------------------------------------------
With reference to the board of directors' meeting held on July
18, 2005, Picnic Corp. Public Co. Ltd. informed the Stock
Exchange of Thailand (SET) the following meeting resolutions:

(1) Resolved to cancel the resolution to issue additional THB260
million shares and allot by mean of private placement which has
been resolved by the ordinary shareholders' meeting 2005 held on
April 29, 2005.

(2) Resolved to change the 2/2005 extraordinary shareholders'
meeting date from August 11, 2005 to August 15, 2005, 2:00 p.m.
The venue will be informed later.

(3) Resolved to amend the agenda of the 2/2005 extraordinary
shareholders' meeting, therefore the resolution after the
correction are as follows:
           
Agenda 1

To confirm the minutes of the annual general meeting

Agenda 2    

To approve the revised financial statements and the operation
for the year ended December 31, 2004

Agenda 3    

To appropriate 2004 net profit for legal reserve and cancel
dividend payment.

Agenda 4    

To approved the Company's auditor and to fix the auditor's
remuneration

Agenda 5    

To cancel Picnic warrant no. 2 issuance

Agenda 6    

To decrease the registered capital by writing off the have not
been issued common stock amounting 709,323,327 shares, par value
THB1, totaling THB709,323,327

Agenda 7    

To amend the memorandum of association item 4 in accordance to
the decreasing registered capital

Agenda 8    

To cancel the resolution to issue additional THB260 million
shares and allot by mean of Private Placement

Agenda 9    

To increase registered capital amounting THB1,485,000,000. Thus
the registered capital will be increased from THB1,490,676,673
to THB2,975,676,673.

Agenda 10   

To amend the memorandum of association item 4 in accordance to
the increasing registered capital

Agenda 11   

To allot the increasing common stock

Agenda 12   

Others

Please be informed accordingly

Sincerely yours,
Dr. Suphot Phatanasri
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


SUN TECH: Commissions A.M.T. & Associates to Audit Business
-----------------------------------------------------------
Srisongkram Planner Company Limited in its capacity as Sun Tech
Group Public Company Limit's Plan Administrator informed the
Stock Exchange of Thailand (SET) that the Company will hold a
meeting on June 20, 2005 at 2:00 PM at the Conference Room, 19th  
Floor ,U.M. Tower  9 Ramkhamhaeng  Road ,Suanluang Sub-District,
Suanluang District, Bangkok.

Directors attending

(1) Mr. Sawasdi Horrungruang      Director Chairperson
(2) Mr. Chaiyaphon Horrungruang   Director
(3) Mr. Sivar Nagdhary            Secretary

Agenda Item 1: To acknowledge
               -none-

Agenda Item 2: To appoint the Auditor of Sun Tech Group Company

The Chairperson has been informed to consider the appointment of
A.M.T.& Associates Auditing which has Professor Kesree
Narongdej, a Certified Public Accountant (CPA) no. 76 or Mrs.
Natsarak Sarochanunjeen CPA no. 4563 or Mr. Chaiyuth
Angsuwithaya CPA no. 3885 as members of the office who proposed
to be the new Auditor of Sun Tech Group Public Company Limited
and subsidiaries, succeeding the office of DIA international
auditing.  The new office will start audit from the year ended
June 30, 2005 onward.

Resolution

The Board of Directors has resolved to appoint office of A.M.T.
& Associates Auditing as auditor of the Company to replace the
former office on condition that the Auditors fee would not
exceedi THB1 million.

Agenda Item 3: Other matters

     -none-

The meeting closed at 3:30 p.m.

Mr. Sawasdi Horrungruang
Director

Mr. Chaiyaphon Horrungruang
Director

Mr. Sivar Nagdhary
Meeting Secretary

CONTACT:

Sun Tech Group Public Company Limited   
U.M. Tower, Floor 17, 9 Ramkhamhaeng Road,
Suan Luang, Bangkok    
Telephone: 0-2719-9743   
Fax: 0-2719-9744
                       

THAI HEAT: Remaining Shares Now Fully Paid Up
---------------------------------------------
Thai Heat Revival Company Limited as the reorganization planner
of Thai Heat Exchange Public Company Limited issued to the Stock
Exchange of Thailand (SET) additional report on increasing
capital Form (F53-5) on July 15, 2005 which there are only
remaining shares of 4,496,597. On July 18, 2005, the remaining
shares are all subscribed. All increasing shares of 61,985,800
shares are fully paid up.

The Company will close the shares subscription on July 18, 2005.

Thai Heat Revival Co. Ltd.
As the reorganization planner of Thai Heat Exchange PCL
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


                            *********


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

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