TCRAP_Public/050722.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

             Friday, July 22, 2005, Vol. 8, No. 144

                            Headlines


A U S T R A L I A

A.A.A. GARAGES: Court Orders Wind-up
AINSWORTH GAME: To Resist Application for Access to Documents
AIR NEW ZEALAND: Dispute Settlement Still Vague
APELDA R&D: Members Pass Winding Up Resolution
BERTRAM TIMBERS: Members to Convene Final Meeting

BLUE TECHNOLOGY: Enters Voluntary Liquidation
BRIDGE TIMBER: Appoints Official Liquidator
CREATIVE CATERING: Liquidator Details Final Meeting Agenda
DOSTAN PTY: Sets Final Meeting July 26
EIRWAR PTY: Members, Creditors to Meet July 26

FLAIR R&D: Members Opt for Voluntary Liquidation
FORTESCUE METALS: Chichester Range Resource Beefs Up
FUGUET & SINGH: Names Geoffrey MacDonald Liquidator
G BURRAFATO: Declares Dividend Today
GLOBE INTERNATIONAL: Loses Target Audience on Way to Exchange

HUDSON TIMBER: Legal Proceedings Comes to End
HUNTER TOWAGE: Wound Up By Members
INTELLECT HOLDINGS: Gets New Order, Tafmo Stake Increases
INTELLECT HOLDINGS: Notifies of Change of Registered Office
LINK PTY: Creditors OK Appointment of Liquidator

L.&J. ZAMMIT: Begins Winding Up Proceedings
MANNAWARA PTY: Members Decide to Wind Up Operations
MARINE PLANT: Appoints Official Liquidators
QANTAS AIRWAYS: Rules Out Charity Transfer
RINTREE PTY: To Pay Dividend to Unsecured Creditors

TVSN GROUP: DOCA Offer Receives Part Acceptance
WALDOR DEVELOPMENT: Liquidator To Explain Winding Up Manner
WOLSELEY PASTORAL: Members Embark on Voluntary Liquidation
XANADU WINES: Bourse Grants Listing Rule Waiver
ZEVIC PTY: Set to Distribute Dividend Next Month


C H I N A  &  H O N G  K O N G

CHINA MOTION: FY/2005 Net Loss Widens to HK$459 Mln
CHINA MOTION: Sets Aside HK$461 Mln for CMTH Debts
CHINA SOUTHERN: Fined $400K by SFC
DIALIGHT COMPANY: Winding Up Hearing Set July 27
FUJIDENKISEIKI HONGKONG: Issues Debt Claim Notice

G.M.P. COMPANIES: Schedules Winding Up Hearing August 10
MOULIN GLOBAL: 15 Potential Buyers Emerge as Sale Nears
* CBRC Revokes Licenses of Eight Rural Credit Cooperatives


I N D O N E S I A

KERETA API: Government Says No to Workers' Demands
PERTAMINA: In Joint Venture with ExxonMobil to Develop Gas Block


J A P A N

ITOCHU CORPORATION: Establishes Joint Venture in China
JAPAN AIRLINES: Losing Passengers After Safety Lapses
MATSUSHITA ELECTRIC: Eyes 5% Share of Global DigiCam Market
RESONA BANK: Hybrid Tier One Preferred Securities Rated 'BBB-'
RESONA HOLDINGS: Banks Poised to Launch South Korea Fund

RESONA HOLDINGS: To Raise US$1.15 Bln in Preferred Securities
SANYO ELECTRIC: Opens US$22-Mln Facility in Hungary
SEIYU LIMITED: 1H/FY05 Net Loss Widens to US$93 Mln
UFJ HOLDINGS: Equity Unit Enters Liquidation


K O R E A

ASIANA AIRLINES: Prolonged Strike Could Hurt Exports
JINRO LIMITED: Takeover Gains Regulator's Conditional Approval
JINRO LIMITED: Details Major Developments of Sale
* Several Card Firms Seen to Post Positive Earnings this Year  


M A L A Y S I A

AMSTEEL CORPORATION: Unit Voluntarily Winds Up
CEPATWAWASAN GROUP: Court Reschedules Decision Next Month
FEDERAL FURNITURE: Issues Update on Proposals
HAP SENG: Buys Back 41,500 Ordinary Shares
INTI UNIVERSAL: Enters Into Share Transfer Agreement with Unit

LEBAR DAUN: Bourse Extends Private Placement Completion Period
MAXIS COMMUNICATIONS: Unveils Disposal of Shares
MBF HOLDINGS: Court Adjourns Stay of Execution Application
MBF HOLDINGS: Summary Relief, Interim Payment Adjourned
PWE INDUSTRIES: Scheme of Arrangement Gets Court Nod

QUALITY CONCRETE: AGM Resolutions Passed
QUALITY CONCRETE: Unveils Disposal, Acquisition of Securities
TRU-TECH HOLDINGS: Defaults on Monthly Payment
WAH SEONG: Concludes Delco Australia Transaction
WCT ENGINEERING: Updates Summons Served by Maju


P H I L I P P I N E S

ABS-CBN BORADCASTING: Steps Up Turnaround Efforts
ABS-CBN BROADCASTING: Seals Affiliation Agreement with DIRECTV
DAIKIN-ALEN: Shareholders Urged to Accept Mediation
MARCOPPER MINING: Government Takes Over Rehabilitation
MAYNILAD WATER: DBP Backs Out from Proposed Advisory Role

NATIONAL POWER: Assets Sale Proceeds Face Delay
NATIONAL POWER: 7 Firms Embark on Preliminary Asset Review
PHILIPPINE AIRLINES: Inks Interline Electronic Ticketing Ties
* Students with Pre-need Plan Woes to Receive Gov't Aid


S I N G A P O R E

AIROCEAN GROUP: Clarifies 2004 Financial Statement
DIGILAND VIETNAM: Enters Liquidation
FINEPLAS HOLDINGS: Court Orders Winding Up
PAN-UNITED ENGINEERING: Dissolved by Members
PUERSTINGER ASIA: Falls Under Liquidation

SEADEX PTE: Creditors to Submit Claims By August 15
UNITED FIBER: Gets Additional Funds from Cornell Capital


T H A I L A N D

KRUNG THAI: Releases Quarterly, Half-Year Financial Results
WYNCOAST INDUSTRIAL: Unveils Board Meeting Resolutions
* Large Companies With Insolvent Balance Sheets

     -  -  -  -  -  -  -  -

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

A.A.A. GARAGES: Court Orders Wind-up
------------------------------------
Notice is hereby given that on June 9, 2005, the Supreme Court
of New South Wales, Equity Division ordered the winding up of
A.A.A. Garages Pty Limited, and appointed Deryk Andrew to be the
Official Liquidator of the Company for such purpose.

Deryk Andrew
Official Liquidator
Bentleys MRI
Sydney Business Recovery & Insolvency Partnership
PO Box Q1165, QVB Post Office
Sydney NSW 1230


AINSWORTH GAME: To Resist Application for Access to Documents
-------------------------------------------------------------
Ainsworth Game Technology Limited (AGT) advised that an
individual who represents a group of problem gamblers has filed
an application in the Federal Court of Australia to obtain
access to documents held by AGT and other respondents of that
action.

The application has also been made in respect to 19 other
respondents, including State Governments, Gaming Machine
Manufacturers and Industry Associations. AGT, similarly to the
other respondents, will resist the application.

The Company also advised that its results for the financial year
ended June 30, 2005 will be released on August 24, 2005.

CONTACT:

Ainsworth Game Technology Limited
10 Hoker Street
Newington, New South Wales 2127
Australia
Phone: +61 9 7398 000
Fax: +61 9 7379 483
E-mail: sales@a-g-t.com.au
Web site: http://www.ainsowrth.com.au


AIR NEW ZEALAND: Dispute Settlement Still Vague
-----------------------------------------------
Embattled national carrier Air New Zealand said negotiations
with the union held Thursday have not produced a resolution for
the ongoing labor dispute, according to Dow Jones Newswires.

Air NZ admitted the two parties have not yet reached a
settlement, although the talks were "constructive".

The New Zealand-based airline has been forced to cancel up to 60
international flights so far this week as 1000 flight attendants
take a 48-hour strike action starting Monday in a dispute over
pay and conditions.

The union wants a 3.8-percent wage hike for each of the next
three years, while the airline has offered 3.3 percent.

The union is also upset about proposed crew levels for Air New
Zealand's Boeing-777 fleet, which is due to begin operation at
the end of this year.

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/


APELDA R&D: Members Pass Winding Up Resolution
----------------------------------------------
Notice is hereby given that at a general meeting of the members
of Apelda (Pla) R&D Pty Limited held on June 6, 2005, it was
resolved that the Company be wound up voluntarily, and that
Martin David Lewis, Chartered Accountant of Ferrier Hodgson,
Level 6, 81 Flinders Street, Adelaide be appointed Liquidator
for the winding up.

Dated this 10th day of June 2005

Martin David Lewis
Liquidator
c/o Ferrier Hodgson
Level 6, 81 Flinders Street
Adelaide SA 5000


BERTRAM TIMBERS: Members to Convene Final Meeting
-------------------------------------------------
Notice is hereby given that the final meeting of members of
Bertram Timbers Pty Limited will be held on July 25, 2005, 10:00
a.m. at the office of Chapman and French Suite 102, 100 Christie
Street, St. Leonards, for the purpose of laying before the
meeting the liquidator's final account and report and giving any
explanation thereof.

Dated this 15th day of June 2005

Graham John Chapman
Liquidator
Chapman & French
Suite 102, 100 Christie Street
St. Leonards


BLUE TECHNOLOGY: Enters Voluntary Liquidation
---------------------------------------------
Notice is hereby given that at a meeting of creditors of Blue
Technology Pty Limited 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, David H. Scott of Jones
Condon, Chartered Accountants, Ground Floor, 77 Station Street,
Malvern Vic 3144 was appointed Liquidator.

Dated this 9th day of June 2005

David H. Scott
Liquidator
Jones Condon
Chartered Accountants
Ground Floor, 77 Station Street
Malvern Vic 3144


BRIDGE TIMBER: Appoints Official Liquidator
-------------------------------------------
Notice is hereby given that pursuant to a meeting of the members
and creditors of Bridge Timber & Truss Company Pty, Limited held
on June 15, 2005, a Special Resolution was passed that Jamieson
Louttit be appointed Liquidator of the Company for winding up
purposes.

Jamieson Louttit
Liquidator
Jamieson Louttit & Associates
Level 15, 88 Pitt Street
Sydney NSW 2000
Phone: (02) 9231 0505
Fax:   (02) 9231 0303


CREATIVE CATERING: Liquidator Details Final Meeting Agenda
----------------------------------------------------------
Notice is given, pursuant to Section 509(2) of the Corporations
Act 2001, that a Final Meeting of the Members and Creditors of
Creative Catering Equipment Pty Limited will be held on Aug. 2,
2005, 10:00 a.m. at Ngan & Co, Level 5, 49 Market Street, Sydney
NSW 2000 for the following reasons:

AGENDA

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

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

Dated this 14th day of June 2005

P. Ngan
Liquidator
Ngan & Co.
Level 5, 49 Market Street
Sydney NSW 2000


DOSTAN PTY: Sets Final Meeting July 26
--------------------------------------
Notice is given that a meeting of the members of Dostan Pty
Limited will be held on July 26, 2005, 10:00 a.m. at the offices
of Harwoods Chartered Accountants, First Floor 19-21 Watt
Street, Gosford NSW 2250, to lay before them an account showing
the manner in which the winding up has been conducted and the
property of the Company disposed of, and of hearing any
explanations that may be given by the Liquidator.

Dated this 20th day of June 2005

J. L. Harwood
Liquidator
Harwoods
Chartered Accountants
First Floor, 19-21 Watt Street
Gosford NSW 2250


EIRWAR PTY: Members, Creditors to Meet July 26
----------------------------------------------
Notice is given that a final meeting of the members and
creditors of Eirwar Pty Limited will be held on July 26, 2005,
10:00 a.m. at Rodgers Reidy, Level 8, 333 George Street, Sydney.

The purpose of the meeting is:

(a) To receive an account from the Liquidator.

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

(c) To consider any other business.

Daniel Civil
Liquidator
Rodgers Reidy
Level 8, 333 George Street
Sydney NSW 2000


FLAIR R&D: Members Opt for Voluntary Liquidation
------------------------------------------------
Notice is hereby given that at a general meeting of the members
of Flair (Pla) R&D Pty Limited held on June 6,2005, it was
resolved that the Company be wound up voluntarily, and that
Martin David Lewis, Chartered Accountant of Ferrier Hodgson,
Level 6, 81 Flinders Street, Adelaide be appointed Liquidator
for the winding up.

Dated this 10th day of June 2005

Martin David Lewis
Liquidator
c/o Ferrier Hodgson
Level 6, 81 Flinders Street
Adelaide SA 5000


FORTESCUE METALS: Chichester Range Resource Beefs Up
----------------------------------------------------
Fortescue Metals Group Limited announced an increase to its
Cloud Break and Christmas Creek resource estimate to take its
total resources to 2.12 billion tonnes (Bt) of which 659 million
tonnes (Mt) is Indicated and 1.46 Bt is inferred status.

Of particular note is the "high grade" component (i.e. iron ore
with a "Fe" grade in excess of 60% and therefore considered to
be acceptable to the market without the need for beneficiation)
at Cloud Break has increased by 150% from 116 Mt to 293 Mt.

The current estimate of high-grade iron ore across Fortescue's
initial mining areas in the Chichester Range now totals 739 Mt.,
which the Company expects will be sufficient to defer the
construction of a benefication plant for at least the first six
(6) years of operations.

The overall resource estimate at Christmas Creek has increased
by 45 Mt and the Cloud Break resource estimate has increased by
339 Mt since the last resource upgrade announced on June 2,
2005. Fortescue had targeted a 50% (259 Mt) increase in the
resource for Cloud Break to 650 Mt from the current drilling
campaign. The interim interpretation reported here of that
drilling campaign has resulted in an 87% (339 Mt) overall
increase in the estimated tonnage to 730 Mt. Results from
ongoing drilling are expected to facilitate upgrading parts of
the resources at Cloud Break and Christmas Creek to Indicated
and Measured Status.

This reports has been compiled in conjunction with Fortescue's
independent advisor Snowden Mining Industry Consultants. It
excludes 391 Mt of lower grade iron ore at Mt. Nicholas, that
now falls outside of the Company's initial mine planning.

CONTACT:

Fortescue Metals Group Limited
Fortescue House
50 Kings Park Road
WEST PERTH
WESTERN AUSTRALIA WA 6005
Phone: +61 8 9266 0111
Fax: +61 8 9266 0188
E-mail: fmgl@fmgl.com.au
Web site: http://www.fmgl.com.au/


FUGUET & SINGH: Names Geoffrey MacDonald Liquidator
---------------------------------------------------
On June 9, 2005, the Supreme Court of New South Wales made an
order that Fuguet & Singh Development & Construction Pty Limited
be wound up, and appointed Geoffrey McDonald to be Official
Liquidator.

Dated this 14th day of June 2005

Geoffrey McDonald
Official Liquidator
Hall Chadwick
Level 29, 31 Market Street
Sydney NSW 2000
Phone: (02) 9263 2600
Fax:   (02) 9263 2800


G BURRAFATO: Declares Dividend Today
------------------------------------
A first and final dividend is to be declared today, July 22,
2005 for G Burrafato Investments 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

J. H. Stewart
Official Liquidator
Ferrier Hodgson
Level 29, 600 Bourke Street
Melbourne Vic 3000


GLOBE INTERNATIONAL: Loses Target Audience on Way to Exchange
-------------------------------------------------------------
Street and skatewear retailer Globe International Limited is
slowly losing its appeal on its core target market, young men,
and is possibly suffering from the "Levi's phenomenon", the
Sydney Morning Herald says.

The Company, which also owns the Mooks brand, issued a profit
warning last week due to tough trading conditions in the last
two months.

However, market observers believe Globe's woes run deeper than
just dwindling retail demand and shipment delays.

Dion Appel, chief executive of Melbourne youth marketing agency
Lifelounge, warned Globe could be suffering from the weakness
that plagued famous jean maker Levi Strauss in the late 90's.

"It was clear from an industry perspective that an assumption
was made that Globe's core audience would keep buying their
products when in fact, listing with the Globe brand commenced a
cycle of exposure to a new audience that the once core audience
chooses not to be associated with, eg. mums and dads," he said.

Mr. Appel said Globe could reclaim some of the lost ground. He
cited the board's decision last September to appoint Matt Hill
as CEO as evidence that the reins were being handed back to the
founders, after a succession of outsiders. The findings call
into question the reason why retail mogul Solomon Lew increased
his stake in the Company to 6 percent a month ago.

CONTACT:

Globe International Limited
300 Lorimer Street , PORT MELBOURNE ,
VICTORIA, AUSTRALIA, 3207  
Telephone: (03) 9681 9681  
Fax: (03) 8671 1800  
Web site: http://www.globeinternationalltd.com/


HUDSON TIMBER: Legal Proceedings Comes to End
---------------------------------------------
The Board of Directors of Hudson Investment Group Limited (the
Company) announced that the hearing into the matters relating to
Hudson Timber Products Limited and its subsidiary companies,
Australian Hardboards Limited and AH Bremer Park Pty Limited,
together with the directors, Bruce William McLeod and Peter
Cecil Holland, have concluded in the Supreme Court of New South
Wales after a nine hearing before Mr. Justice Einstein.

The matters involved seeking orders that the Company's
entitlement to AU$10 million from the sale of land at Ipswich
Queensland on or before June 2006 be specifically performed and
also orders that the Bremer Share Sale agreement involving the
transfer of 50-percent shareholding in AH Bremer Park Pty
Limited, a Company incorporated to hold title to the Ipswich
land, also be specifically performed.

Mr. Justice Einstein reserved his judgment.

CONTACT:

Hudson Timber Products Ltd.
Phone: 61 2 8870 4600
Fax: 61 2 9805 0641
Web site: http://www.hudsontimber.com.au


HUNTER TOWAGE: Wound Up By Members
----------------------------------
At an Extraordinary General Meeting of Hunter Towage Services
Pty Limited held on June 8, 2005, the Company's members resolved
to wind up the Company voluntarily, and to appoint Keiran
Hutchison and John Gibbons of Ernst & Young, Level 37, 680
George Street, Sydney NSW 2000 as Liquidators for such purpose.

Dated this 21st day of June 2005

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


INTELLECT HOLDINGS: Gets New Order; Tafmo Stake Increases
---------------------------------------------------------
Intellect Holdings announced that a substantial new order had
been received from a long-term customer, CCV of the Netherlands.

The firm also disclosed that Tafmo Limited, the Company that
acquired Intellect's financial transaction business in July
2004, has released a further 4 million shares from escrow.

The new order, for AERO Mobile Transaction devices, is worth
AU$1 million and represents the continuing demand for Intellect
devices in the highly advanced Dutch payments market.

Dutch market leaders, CCV, have a long order history with
Intellect, deploying may desktop, mobile and unattended devices
across a number of years. AERO devices have been in use by Dutch
merchants since 2001 and continue to be the mobile payment
device of choice. The high-security AERO Mobile Transaction
device has proven to be a strong seller in tough European
markets and is in use across the continent with key deployments
in Germany, Austria and Greece as well as the Netherlands.

The release of the additional 4 million shares in Tafmo
represents the final tranche of shares Intellect was entitled to
receive on the achievement of agreed milestones, so that the
total shareholding is now 16 million shares at a nominal value
of 50 cents each. Tafmo raised AU$20 million from the offer of
40 million shares at 50 cents each in July 2004.

Intellect's Chairman, Mr. Warren McLeland, said, "This is a good
start to the financial year showing increasing orders from our
traditional customer base. This repeat order from CCV shows
continuing customer confidence in Intellect and its product
range and follows recent orders from customers in Austria,
Belgium and Germany.

"The issue of the final 4 million shares in Tafmo takes
Intellect's total shareholding to 16 million shares or
approximately 27% of Tafmo. The outlook for Tafmo remains
positive.

CONTACT:

Intellect Holdings Ltd
Level 1, 9 Bowman Street
South Perth WA 6151
Telephone: +61 8 9367 8133
Facsimile: +61 8 9367 8812


INTELLECT HOLDINGS: Notifies of Change of Registered Office
-----------------------------------------------------------
Intellect Holdings Limited advised that 34,000,000 ordinary
fully paid shares are to be released from escrow on August 2,
2005 and the required Appendix 3B will be provided as soon as
the shares are released from escrow.

Furthermore, the Company advised that its registered address has
changed to Level 1, 9 Bowman Street South Perth, WA 6151.

Should there be further queries regarding the above matter,
please contact the undersigned.

Ross Kestel
Company Secretary


LINK PTY: Creditors OK Appointment of Liquidator
------------------------------------------------
Notice is given under Subsection 491(2)(b) that at a meeting of
members of Link Pty Limited held on June 8, 2005, the members
resolved that the Company be wound up and that Matthew L. Joiner
and Gerald T. Collins be nominated as Joint and Several
Liquidators. At a separately convened meeting of creditors held
later that day, the creditors confirmed the appointment.

Dated this 9th day of June 2005

Gerald T. Collins
Matthew L. Joiner
Joint and Several Liquidators
Horwath Jefferson Stevenson
Chartered Accountants
Level 4, 370 Queen Street
Brisbane Qld 4000


L.&J. ZAMMIT: Begins Winding Up Proceedings
-------------------------------------------
At the extraordinary general meeting of L.&J. Zammit Investments
Pty Limited, which was duly convened and held on June 8, 2005,
the following resolutions were passed:

(1) That the Company be wound up voluntarily.

(2) That David George Kettlestring of 17 Byron
Avenue, North Nowra NSW be appointed as liquidator.

Dated this 8th day of June 2005

David George Kettlestring
Liquidator
17 Byron Avenue
North Nowra NSW


MANNAWARA PTY: Members Decide to Wind Up Operations
---------------------------------------------------
At the General Meeting of the members of Mannawara Pty Limited
duly convened and held on June 10, 2005, the following special
resolutions were passed:

(1) That the Company be wound up voluntarily

(2) That on the winding up of the Company (subject to the
payment of its debts and liabilities and liquidation costs), its
assets be distributed amongst the members in specie, in whole or
in part, according to their rights and interest in the Company.

(3) That Dennis Gordon Laundy, Chartered Accountant, of 48
Greenhill Road, Wayville SA 5034, be appointed Liquidator for
the winding up.

Dated this 10th day of June 2005

Dennis G. Laundy
Chartered Accountant
48 Greenhill Road
Wayville SA 5034


MARINE PLANT: Appoints Official Liquidators
-------------------------------------------
At an Extraordinary General Meeting of Marine Plant Holdings Pty
Limited held on June 8, 2005, the Company's members resolved to
wind up the Company voluntarily, and to appoint Keiran Hutchison
and John Gibbons of Ernst & Young, Level 37, 680 George Street,
Sydney NSW 2000 as Liquidators for such purpose.

Dated this 21st day of June 2005

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


QANTAS AIRWAYS: Rules Out Charity Transfer
-------------------------------------
Qantas Airways is set to block a proposal to donate to charity
more than 100 million frequent flyers points accumulated by
jetsetting politicians, according to The Advertiser.

Charity groups have earlier asked for the points to be donated
if they were being left unused.

The requests came after Tasmanian MP Duncan Kerr suggested he
would use frequent flyer points accumulated through publicly
funded trips for personal travel.

Make-A-Wish Foundation is very much willing to receive the
points, as it sends about 200 children a year on trips
interstate and overseas.

However, Qantas said it would not enter into discussions at a
corporate or government level, because the loyalty program was
designed to benefit individuals.

Qantas is concerned there would be a string of tax problems if
the points will be transferred between people and organizations.

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


RINTREE PTY: To Pay Dividend to Unsecured Creditors
---------------------------------------------------
Rintree Pty Limited will declare a first and final dividend to
its ordinary unsecured creditors today, July 22, 2005.

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

Dated this 16th day of June 2005

John Vouris
Liquidator
Vouris & Bell
Level 9, 4 O'Connell Street
Sydney NSW 2000
Phone: (02) 9232 6800


TVSN GROUP: DOCA Offer Receives Part Acceptance
-----------------------------------------------
Creditors of two companies within home shopping retailer TVSN
Group have voted to put the firms into liquidation rather than
accept a maximum 6.5 cents in the dollar, reports the Australian
Associated Press.

Administrators Grant Thorton disclosed Danoz Directions Pty Ltd
and Shop From Home International Pty Ltd will now be placed into
liquidation pending court approval.

Four other companies namely, TVSN Ltd, Expo Channel Pty Ltd,
Emjoi Australasia Ltd and Danoz Direct Pty Ltd, have been placed
under the proposed deed of Company arrangement (DOCA), which
will see creditors receive between 4.5 cents and 6.5 cents in
the dollar.

But in unusual circumstances, six related companies have been
returned to the control of the directors after inter-Company
debtors failed to attend the latest meeting of creditors.

TVSN Limited was placed in receivership in October 2004 after
the poor trading performances of Danoz and the Danoz Directions
stores, a lack of key products, increased competition and
inadequate accounting systems.

The Australian Competition and Consumer Commission also turned
its gaze to the home shopping industry, banning the group's
Abtronic Fitness System from sale in September 2003, costing it
a further $1.5 million in legal fees, the administrator said.

The Australian Securities and Investment Commission (ASIC) still
has the option to investigate the companies, which may have
traded while insolvent between May and October last year.

TVSN has had a checkered history since it was established in
1995. Voluntary administrators were appointed three years later
before it listed on the Australian Stock Exchange in 1999.
It merged with the Danoz Group in March 2002.

CONTACT:

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


WALDOR DEVELOPMENT: Liquidator To Explain Winding Up Manner
-----------------------------------------------------------
Notice is given that a Final Meeting of the Members of Waldor
Development Pty Limited will be held on July 25, 2005, 9:00 a.m.
at 20 Young Street, Neutral Bay, NSW 2089.

AGENDA

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

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

Dated this 13th day of June 2005

R. W. MITCHELL
Liquidator
C/o 20 Young Street, Neutral Bay
NSW 2089


WOLSELEY PASTORAL: Members Embark on Voluntary Liquidation
----------------------------------------------------------
At a general meeting of the members of Wolseley Pastoral Co. Pty
Limited held on June 15, 2005, the following special resolution
was duly passed:

That the Company be wound up voluntarily.

Dated this 21st day of June 2005

Bradley G. J. Abbott
Liquidator
Abbott's Pty Ltd
813 Wellington Street
West Perth WA 6005


XANADU WINES: Bourse Grants Listing Rule Waiver
-----------------------------------------------
Xanadu Wines Limited was granted a waiver dated July 18, 2005
from Listing Rule 14.7 as follows:

(1) Based solely on the information provided, Australian Stock
Exchange Limited (ASX) grants Xanadu Wines Limited (the Company)
a waiver from Listing Rule 14.7 to the extent necessary to
permit the Company to issue up to a maximum of 2,270,000
convertible notes at AU$1.00 each to directors as approved by
shareholders on April 18, 2005 by no later than August 18, 2005,
on the condition that the terms of this waiver are immediately
released to the market.

(2) ASX has considered Listing Rule 14.7 only and makes no
statement as to the Company's compliance with other listing
rules.

CONTACT:

Xanadu Wines
Boodjidup Road, Margaret River
West Australia 6285
Phone: (61) 8 9757 2581
Fax: (61) 8 9757 3389


ZEVIC PTY: Set to Distribute Dividend Next Month
------------------------------------------------
Zevic Pty Limited is set to declare a first and final dividend
on Aug. 2, 2005.

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

Frank Lo Pilato
Liquidator
c/o RSM Bird Cameron Partners
Chartered Accountants
GPO Box 200, Canberra ACT 2601
Phone: (02) 6247 5988


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

CHINA MOTION: FY/2005 Net Loss Widens to HK$459 Mln
---------------------------------------------------
China Motion Telecom International Limited incurred a net loss
of HK$459.6 million for the year ended March 31, 2005, versus a
net loss of HK$47.46 million for the preceding financial year.

Year-end date: 31/03/2005
Currency: HKD
Auditors' Report: Unqualified

                                               (Audited   )
                             (Audited   )       Last
                              Current           Corresponding
                              Period            Period
                             from 01/04/2004    from 01/04/2003
                              to 31/03/2005      to 31/03/2004
                               Note  (`000)       (`000)

Turnover                           : 764,491            801,429           
Profit/(Loss) from Operations      : (404,196)          (23,467)          
Finance cost                       : (3,516)            (4,184)           
Share of Profit/(Loss) of
  Associates                       : (61,437)           (10,916)          
Share of Profit/(Loss) of
  Jointly Controlled Entities      : N/A                N/A               
Profit/(Loss) after Tax & MI       : (459,699)          (47,465)          
% Change over Last Period          : N/A       %
EPS/(LPS)-Basic (in dollars)       : (0.87)             (0.09)            
         -Diluted (in dollars)     : N/A                N/A               
Extraordinary (ETD) Gain/(Loss)    : N/A                N/A               
Profit/(Loss) after ETD Items      : (459,699)          (47,465)          
Final Dividend                     : Nil                Nil
  per Share                                              
(Specify if with other             : N/A                N/A
  options)                                               
                                                         
B/C Dates for
  Final Dividend                   : N/A   
Payable Date                       : N/A
B/C Dates for (-)            
  General Meeting                  : N/A   
Other Distribution for             : N/A
  Current Period                     
                                     
B/C Dates for Other
  Distribution                     : N/A   
  
Remarks:

Loss per share

The calculation of basic loss per share is based on the Group's
loss attributable to shareholders of HK$459,699,000 (2004:
HK$47,465,000) and the weighted average of 525,475,573 ordinary
shares (2004: 525,475,573 ordinary shares) in issue during the
year.

Diluted loss per share for the year ended 31 March 2005 and 2004
has not been presented as the conversion of potential ordinary
shares to ordinary shares would have anti-dilutive effect to the
basic loss per share.

CONTACT:

China Motion Telecom International Limited
20/F, Tower II & III
Enterprise Square
9 Sheung Yuet Road
Kowloon Bay, Hong Kong  
Phone: 22092888  
Fax: 28279883  
Web site: http://www.chinamotion.com


CHINA MOTION: Sets Aside HK$461 Mln for CMTH Debts
--------------------------------------------------
China Motion Telecom International Limited reported a loss of
HK$460 million after making material provisions of HK$461
million for the debts owed by CMTH Group (China Motion Telecom
Holdings Limited (CMTH) and/or its subsidiaries) as well as
investment in the VOIP related business in the People's Republic
of China.

In a disclosure to the Hong Kong Stock Exchange, the Group made
material provisions related to the debts owed by CMTH Group, as
well as the VOIP related business in the People's Republic of
China. The provisions of HK$461 million had a significant
material impact on the Group's financial results; yet, such
provisions do not materially adversely affect the daily
operations and working capital of the Group.

Upon making the provisions, the Group is actively seeking legal
and financial advice on remedies relating to the debts and has
appointed legal advisers to advise the Group in relation
thereto.

Moreover, the Group has continued discussions with CMTH
regarding possible arrangements for the settlement of the
outstanding debt. The Group reserves the rights to pursue legal
action to recover the debts with a view to serving the best
interests of its shareholders.

By Order of the Board
Hau Tung Ying
Chairman
Hong Kong, 20 July 2005


CHINA SOUTHERN: Fined $400K by SFC
----------------------------------
The Securities and Futures Commission (SFC) has reprimanded
China Southern Securities (Hong Kong) Limited and one of its
responsible officers Mr. Cheung Tung Woon for breaches of the
Securities and Futures (Financial Resources) Rules (FRR). China
Southern and Cheung were also fined $400,000 and $35,000
respectively.

An SFC investigation revealed that China Southern had a liquid
capital deficiency on a total of seven days during the periods
from 6 to 10 November 2003 and from 8 to 11 December 2003. The
deficiency arose when China Southern drew down two bank loans to
finance its clients in two Initial Public Offering (IPO)
subscriptions in November and December 2003 respectively (Note
2). As a result, China Southern breached section 6(1) of the
FRR. The breaches were rectified on 11 November 2003 and 12
December 2003.

Although China Southern reported the December 2003 FRR breaches
immediately after it became aware of them, it failed to report
the November 2003 breaches immediately. China Southern became
aware of the liquid capital deficiency in November 2003 when it
submitted the relevant FRR returns to the SFC on 19 February
2004. However, it did not notify the SFC of the deficiency in
writing until 27 February 2004. As a result, China Southern
breached section 146(1) of the Securities and Futures Ordinance.

Cheung did not know that the bank loans had to be included in
computing the required liquid capital until he was told by the
SFC during a meeting on 8 December 2003. Cheung was also the
signatory of the FRR returns submitted by China Southern on 19
February 2004 and was responsible for FRR compliance. He
admitted that he was negligent and had not diligently reviewed
the returns before he signed them. He is therefore responsible
for China Southern's failures.

The SFC concludes that the fitness and properness of China
Southern and Cheung has been called into question.

In deciding the level of fine, the SFC has considered the
Disciplinary Fining Guidelines (Note 3) and all the
circumstances of the case, including the fact that:

(1) China Southern and Cheung were negligent;

(2) China Southern and Cheung co-operated with the SFC's
investigation; and

(3) No loss or damage was suffered by clients, market users or
the general public.

Mr. Alan Linning, SFC's Executive Director of Enforcement, said:
"The SFC attaches great importance to compliance with FRR by
licensees to ensure that investors are protected. Licensees
should take steps to ensure compliance. Responsible officers who
sign an FRR return will be held responsible for its accuracy."

CONTACT:

The Securities and Futures Commission of Hong Kong
8th Floor, Chater House
8 Connaught Road Central
Hong Kong
Phone: 852-2840-9222/852-2842-7666
Fax: 852-2521-7836


DIALIGHT COMPANY: Winding Up Hearing Set July 27
------------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Dialight Company Limited by the High Court of Hong Kong Special
Administrative Region was on June 2, 2005 presented to the said
Court by Standard Chartered Bank (Hong Kong) Limited of 32nd
Floor, Standard Chartered Bank Building, 4-4A Des Voeux Road
Central, Hong Kong.  

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

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

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

TANNER DE WITT
Solicitors for the Petitioner
2308-9, 23rd Floor, Tower Two
Lippo Centre
89 Queensway
Hong Kong

Note:

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


FUJIDENKISEIKI HONGKONG: Issues Debt Claim Notice
-------------------------------------------------
Notice is hereby given that the Creditors of Fujidenkiseiki Hong
Kong Limited (In Members' Voluntary Liquidation), which is being
voluntarily wound up, are required on or before August 15, 2005
to send their names, addresses and descriptions, full
particulars of their debts or claims, as well as the names and
addresses of their solicitors (if any) to the Liquidators of the
Company.

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

In default thereof, such creditors will excluded from the
benefit of any distribution made before such debts are proved.

Dated this 15th day of June 2005

RAINIER HOK CHUNG LAM
Joint and Several Liquidator
22nd Floor, Prince's Building
10 Chater Road, Central
Hong Kong


G.M.P. COMPANIES: Schedules Winding Up Hearing August 10
--------------------------------------------------------
Notice is hereby given that a Petition for the Winding up of
G.M.P. Companies (H.K.) Limited by the Court under the
provisions of the Companies Ordinance (Cap. 32); or the
Respondents of the above action, namely, Heung Tsz Leung, Kuik
Sin Pheng, Toh Tiam Hock, Mainland Press PTE Ltd, Tam Wai Chung,
Heung Yam Yuen and G.M.P. Companies (H.K.) Limited may be
ordered to purchase the shares held by the Petitioners of the
above action, namely, Lee Sik Chuen and Lee Kar On in the
Company at a price to be assessed by the Court.

For such other order as shall be just was presented to the High
Court of Hong Kong Special Administrative Region was on June 15,
2005 presented to the said Court by Lee Sik Chuen of Room 908,
9th Floor, Block F, Healthy Garden, 560 King's Road, North
Point, Hong Kong.  

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

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

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

CLARENCE WONG, CHEUNG & LIU
Solicitors for the Petitioner
25th Floor, C.M.A. BUILDING
64 Connaught Road Central
Central, Hong Kong

Note:

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


MOULIN GLOBAL: 15 Potential Buyers Emerge as Sale Nears
-------------------------------------------------------
Mr. Roderick Sutton of provisional liquidator Ferrier Hodgson
confirmed the existence of at least 15 offers to buy all or part
of Moulin Global Eyeware's assets, The Standard reports.

Willie International Holdings said in a filing with the Hong
Kong Stock Exchange this month that it was in preliminary
discussions about buying Moulin's mainland manufacturing
operations.

Mr. Sutton declined to say if Willie was among the 15 interested
parties.

Moulin's debt amounted to more than HK$5.33 billion, of which
HK$2.4 billion falls under the liquidation proceedings managed
by Ferrier Hodgson.

Eye Care Centers of America, Moulin's U.S. unit, accounts for
most of the remaining debt, but the unit, which is still said to
generate positive cash flows, has been exempted from the
winding-up proceedings.

CONTACT:

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


* CBRC Revokes Licenses of Eight Rural Credit Cooperatives
----------------------------------------------------------
Following the approval by the State Council, the China Banking
Regulatory Commission (CBRC) decided, on June 3, to revoke the
licenses of eight rural credit cooperatives, which had been
transformed from the urban credit cooperatives (hereinafter
referred to as the eight RCCs) in Germu city, Qinghai province,
an action that was publicly announced in a joint public notice
issued by the CBRC and the local government.

Up to now, the principals and interests of most individual
deposits have been paid back, and the local stability has been
maintained.

Due to the serious malpractices committed by the eight RCCs,
such as the fraud capital input, abuse of capital, running
business entities without authorization, soliciting deposits by
offering high interest rates, making illicit loans to
shareholders, etc., the deposits in these eight RCCs have
witnessed a continuous decline since the beginning of 2005,
which led to severe payment risks.

To proceed with the revocation, the Qinghai provincial
government set up a liquidation team, which began to register
the claims of individual depositors on June 14th. After twenty
days' hard work, the registration was basically completed. The
first batch of registered legitimate principals and interests of
individual deposits amounted to RMB55.8413 million. From July
6th, the Germu rural credit union was entrusted by the
government to pay back the principals and interests of
individual deposits of the eight RCCs, with the capital for
payment provided by the state.

As of July 10th, altogether RMB51.9372 million principals and
interests in 2852 accounts have been paid back, accounting for
93.01 per cent of the total that have been registered.
Subsequently, the depositors re-deposited a total of RMB38.58
million in 1,610 accounts, marking a re-deposit ratio of 74.3
per cent. At present, the repayment and liability investigations
are well under way.

China Banking Regulatory Commission
General Office
No. 33 Cheng Fang Street
West District
Beijing, China
Phone: 66194560
Fax: 66051834

This is a Company press release.


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

KERETA API: Government Says No to Workers' Demands
--------------------------------------------------
The government did not agree to the demands of workers of state
railway form PT Kereta Api Indonesia (KAI) to be reinstated as
civil servants, which may mean thousands of KAI workers would go
on strike, reports the Jakarta Post.

Thousands of KAI workers held a rally at the Ministry of
Transportation, to demand that the government scrap Ministerial
Decree No. 18/1992, in order to make KAI workers regular
employees.

But Minister of Transportation Hatta Radjasa had discussed with
President Susilo Bambang Yudhoyono and said that the decree
would not be revoked. The protesters then proceeded to the
Constitutional Court to demand a judicial review of the decree,
but there has been no response from the court.

In the decree, KAI workers' status would change from that of
civil servant to a regular employee, which means that they would
receive lower wages and fewer benefits (such as an annual
additional month's salary given to government employees).

KAI spokesman Ahmad Sujadi said that Company workers would hold
a nationwide strike next month (Aug. 1-3) unless the government
revokes the decree.

Transportation Minister Hatta Radjasa only said that it was an
"administrative problem" and that the government would be
disbursing IDR500 billion in compensation, as a result of the
status change.

KAI spokesman Noor Hamidi said that the Company hoped workers
wouldn't go on strike as it would cripple the highly dependent
public, but he added that a strike was necessary to inform the
government of the poor situation of KAI workers.

CONTACT:

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


PERTAMINA: In Joint Venture with ExxonMobil to Develop Gas Block
----------------------------------------------------------------
The Indonesian government, together with state-owned oil and gas
firm PT Pertamina is set to sign a production-sharing contract
(PSC) with U.S. energy firm ExxonMobil to develop an oil-rich
gas block in the island of Cepu, the Jakarta Post reports.

ExxonMobil unit ExxonMobil Cepu Limited would form a joint
venture with Pertamina subsidiary Pertamina Cepu (to be set up
by month's end) and sign the PSC with government oil & gas
representative BPMigas.

This marks the end of a four-year long dispute between the two
companies, which began when ExxonMobil, which was then
developing the Cepu block, discovered additional oil reserves in
the island, and asked to extend its contract with Pertamina. But
the state oil firm refused, saying it could develop the gas
block on its own, if necessary.

Last June 25, the Pertamina negotiating team led by Company
chief commissioner Martiono Hadianto signed a memorandum of
understanding on the development of the gas block.

Under the deal, the Indonesian government gets 85% of output
while ExxonMobil gets15% of output from the block, provided
global oil prices go beyond USD45 per barrel. If global prices
are less than USD35 per barrel on a one-year average, then the
government would get 70% of output, while the contractor gets
30%.

As to participatory interest, Pertamina would 45% while
ExxonMobil would have another 45%, and the remaining 10% would
go to local government.

The Cepu gas block is expected to produce 170,000 barrels of oil
per day (at most), which accounts for 17% of Indonesia's oil
production at present.

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
=========

ITOCHU CORPORATION: Establishes Joint Venture in China
------------------------------------------------------
Itochu Corporation Japanese has signed an agreement with Tianjin
Tyngyi International Food and food conglomerate Kagome to
establish a joint venture in China, Japan Corporate News
reports.

The new entity, to be named Kagome (Hangzhou) Foods Co., Ltd.
and be capitalized at $9 million, will produce and market
vegetable and fruit juices under the trade name of Kagome.

The new Company will become operational in spring 2006.

Kagome will hold a 61 percent stake in the new Company while
Itochu and Tianjin Tygyi International Food will own 10 percent
and the remaining 29 percent, respectively.

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


JAPAN AIRLINES: Losing Passengers After Safety Lapses
-----------------------------------------------------
Japan Airlines Corporation (JAL) may raise airfares to meet its
sales and earnings forecasts this year, as it loses passengers
to All Nippon Airways Co. after reporting a series of safety
lapses, reports Bloomberg News.

The airline reported more than 10 cases of safety lapses this
year, including an unauthorized take-off on January 22 and an
admission on April 13 that an unqualified co-pilot had handled
three take-offs and landings.

Japan Airlines' domestic passenger traffic fell in April and
May, compared with All Nippon's 0.8 percent gain in the same
period.

"Company officials have held 220 meetings around Japan to talk
with ground workers, flights attendant and other employees to
find ways to improve safety," JAL President Toshiyuki Shinmachi
said.

Mr. Shinmachi plans to issue new guidelines based on employee
suggestions by the end of the month.

For further information contact:
Japan Airlines Corporation
Telephone: 81-3-5460-3109
Fax: 81-3-5769-6487
Web site: www.jal.com/en/corporate


MATSUSHITA ELECTRIC: Eyes 5% Share of Global DigiCam Market
-----------------------------------------------------------
Matsushita Electric Industrial Co. said it aims to get 15
percent of the Japanese market and at least 5 percent of the
global market this business year to March 2006, according to
Reuters.

Matsushita on Thursday unveiled three new updated models of
Panasonic-brand compact digital cameras, which will be sold
worldwide in August.

The Company is considered one of the weaker players in the
global digital camera market, which is dominated by Canon Inc.,
Sony Corp. and Eastman Kodak.

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


RESONA BANK: Hybrid Tier One Preferred Securities Rated 'BBB-'
--------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BBB-' rating to
the Hybrid Tier One Preferred Securities of Resona Bank Ltd.
(BBB+/Stable/A-2) issued through an offshore funding vehicle.

The issuer is Resona Preferred Global Securities (Cayman) Ltd.,
a wholly owned subsidiary of Resona Bank, and the issues are
step-up non-cumulative perpetual securities.

The two-notch difference between the counterparty rating on
Resona and the rating on the securities reflects the
deferability of dividend payments on the securities, the terms
and conditions of the issuance, and the overall financial status
of the bank. As of March 31, 2005, Resona had adequate
distributable profits and an improved financial profile,
indicating that profits will not likely deteriorate
significantly.

The ratings on Resona reflect its rapid progress in financial
restructuring under new management, most of who were appointed
when the government injected public funds into the bank in June
2003. Resona has reorganized its affiliates, restructured
lending to close corporate borrowers, and pared down its equity
portfolio. As a result, the bank's financial risk has decreased
substantially. The bank posted net profit of JPY366 billion in
fiscal 2004 (ended March 31, 2005), its first since being quasi-
nationalized in 2003.

Resona Holdings Inc. Ltd. is the holding Company for the Resona
group, which includes four major banks. The group's four major
banks' combined ratio of net nonperforming loans to total loans
declined to 1.5 percent as of March 2005 from 7.5 percent in
March 2003. At the same time, Resona Holdings' consolidated
ratio of equity holdings to Tier 1 capital improved to 53
percent from 241 percent, while its consolidated ratio of equity
to deferred tax assets fell to 4 percent from 100 percent.

Generating sufficient profit to repay the injected public funds,
totaling more than JPY3 trillion, is a key challenge for Resona.
Currently, the bank is facing stagnant lending demand from small
and midsize enterprises. Attracting prime borrowers is an
important step for the bank to further strengthen its customer
base. The ratings on Resona also incorporate the likelihood that
the government would provide support to the bank if necessary,
given its importance to the Japanese financial system.


RESONA HOLDINGS: Banks Poised to Launch South Korea Fund
--------------------------------------------------------
Two Resona group banks will launch a fund next Monday for
investment mainly in South Korea stocks, reports the Japan
Times.

Resona Bank and Saitama Resona Bank are the first Japanese banks
to handle a South Korean stock investment fund, the report said.
The minimum purchase unit for the Resona Korean fund is 10,000
yen.

CONTACT:

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


RESONA HOLDINGS: To Raise US$1.15 Bln in Preferred Securities
-------------------------------------------------------------
Resona Holdings Inc. said its unit Resona Bank would issue
dollar-based preferred securities worth US$1.15 billion on July
25 to strengthen its core capital base, according to Reuters.

Resona Bank will sell the securities to U.S. and European
institutional investors through a special-purpose company in the
Cayman Islands at a price of par with a dividend of 7.191
percent.

It will be Resona's first such financing deal since it was
bailed out by the government in 2003 with JPY2 trillion
(US$17.74 billion) in public funds.

Resona Holdings swung to a net profit of JPY365.6 billion in the
year ended in March, helped by falling bad-loan charges,
aggressive cost cuts and strong growth in housing loans and fee-
based services.


SANYO ELECTRIC: Opens US$22-Mln Facility in Hungary
---------------------------------------------------
Sanyo Electric Co. launched its US$22 million new facility in
northern Hungary that manufacturers solar cells and commercial
air conditioners, the Associated Press reports.

It plans to double the size of the unit during a later phase of
development, the Company said in a statement.

The total investment amount is likely to reach US$31 million by
the end of 2006. The new factory employs 150 people, which is
expected to rise to 400.

CONTACT:

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


SEIYU LIMITED: 1H/FY05 Net Loss Widens to US$93 Mln
---------------------------------------------------
Seiyu Limited posted a wider first-half net loss of JPY10.5
billion (US$93 million) from JPY2.88 billion a year earlier, The
Star Online reports.

The Company expects a full-year net loss of JPY7.5 billion yen,
cutting its earlier break-even forecast. It had a 12.3 billion
yen loss in 2004.  

Mr. Noriyuki Watanabe was appointed as the Company's new Chief
Executive Officer replacing Masao Kiuchi who resigned on July
20.

CONTACT:

Seiyu Ltd.
1-1 Akabane 2-Chome
Sunshine 60 Building
Kita-Ku 115-0045, Tokyo 170-6071
Japan
Phone: +81 3 3598 7639
Fax: +81 3 3598 7763
Web site: http://www.seiyu.co.jp/


UFJ HOLDINGS: Equity Unit Enters Liquidation
--------------------------------------------
UFJ Holdings, Inc. (UFJ) hereby gives notice that UFJ Bank
Limited (UFJ Bank) has resolved to liquidate UFJ Equity
Investments Co., Ltd. (UFJEI), a consolidated subsidiary of UFJ
Bank.

1. Outline of UFJEI

Address: Otemachi, Chiyoda-ku, Tokyo, Japan (UFJ's Tokyo
Headquarters Building)

President: Yoshiki Shincho

Capital: JPY150 billion (Wholly owned subsidiary of UFJ Bank)

Business: Securities investment, holding, administration, and
financial products development

2. Reason for Liquidation

Prior to the merger with the Bank of Tokyo-Mitsubishi, Ltd., UFJ
Bank has decided to transfer stocks held by UFJEI to UFJ Bank
and to close hedging operation of UFJEI.

3. Timing of Liquidation

Liquidation is expected to be completed by March 2006.

4. Impact on Earnings of UFJ

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

CONTACT:

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

This is a Company press release.


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

ASIANA AIRLINES: Prolonged Strike Could Hurt Exports
----------------------------------------------------
The Asiana Airlines pilot's union strike if continued for a long
time is expected to negatively affect South Korean exports,
Reuters reports, citing Vice Finance Minister, Bahk Byong-won.

Semiconductor and mobile phone exports are also a major concern.  
Cargo planes ship about 98 to 100 percent of the said products.

Exports particularly on brisk shipment of electronic goods are
major contributors to South Korea's economy, as private
consumption has remained in a stubborn slump for two years since
a credit bubble burst in 2002. Exports of electronic goods,
including semiconductor chips and cell phones, account for about
40 percent of total exports.

But due to global economy slowdown and diminishing Chinese
demand, exports are expected to grow only around 10 percent this
year, down from a 31 percent jump in 2004.

The pilot's union at Asiana Airlines commenced strike Sunday.  
Since then, few flights have been grounded and cargo planes have
become idle.

CONTACT:

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


JINRO LIMITED: Takeover Gains Regulator's Conditional Approval
--------------------------------------------------------------
The Fair Trade Commission has conditionally approved Hite
Brewery Co. to take over Jinro Ltd., considered as Korea's
largest-ever acquisition deal worth KRW3.4 trillion, according
to Yonhap News.

The Commission said Hite could acquire Jinro granting that it
does not raise the prices of its alcoholic beverages beyond
gains in national consumer prices for the next five years.

Hite and Jinro are also to maintain existing and wholly
independent marketing personnel for the said period.  Both
companies should submit a detailed plan that outlines the
brewery's commitment not to use its strengthened market presence
to impose unfair agreements on companies that it has dealings
with.  The detailed plan should be submitted within three
months.

The anti-trust regulator also required Hite and Jinro to report
on their inventory levels every six months during the five-year
period.

The ruling would uphold Hite's claim that the merger would not
create a monopoly in the liquor market.  Hite said soju is not
an alternative to beer considering that it has a higher alcohol
content and appeals to different consumer groups.  But Hite
recognized the merger has the possibility of hampering market
competition.

The Hite-Jinro merger faced contention for fear of domination in
the market. Opponents believe the merger would create an alcohol
distribution monopoly.  Hite holds 58 percent of the beer
market, and Jinro controls 55 percent of the soju market.

Anti-trust specialist Park Sang-il also forecast a conditional
approval for the Hite-Jinro combination on a basis of previous
FTC rulings.

According to him, FTC would rather set conditions, than
prohibiting such transactions.

An FTC official said the ruling was done because the regulatory
body believes the beer and soju market could be considered as
separate ones even if they fall under the same overall business
area.

Hite responded to the FTC's ruling by accepting the conditions
attached to the merger. Hite said it will hold talks with its
partners in order to conclude the purchase and get Jinro's
management up and moving.

Hite plans to negotiate with other members of the consortium in
order to generate additional KRW3.08 trillion in funds to seal
the deal.

Once Jinro receives the money from its new owners, the distiller
has 20 days to issue new stocks and corporate bonds, and to pay
back the outstanding debts, amounting to KRW2.4 trillion, to
creditors like JP Morgan, Deutsche Bank and Morgan Stanley.

If all dues are settled, Hite is expected to ask to lift court
receivership by September in order to appoint a new chief
executive and reorganize the Company.

CONTACT:

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


JINRO LIMITED: Details Major Developments of Sale
-------------------------------------------------
Prior to the conditional approval of the Fair Trade Commission
(FTC) on the sale of Jinro Ltd. to Hite Brewery, the following
events took place.

In September 1997 due to its failure to honor bills, Jinro
applied for Court protection.  Six years after, in January of
2003, the Company was delisted from Seoul's stock market.

Jinro was then placed under Court receivership in May 2003
following the petition filed by its creditor Goldman Sachs Group
Inc., claiming mismanagement.  In September 2004, Merril Lynch
was appointed as lead manager for the sale of the soju maker.

In March 2005, CJ Corp., Doosan Corp. and ten other bidders were
chosen to review the Company before the bidding scheduled on
March 30.

Other companies included Dongwon Group, Hite Brewery, CJ Group,
Daesang Co., Muhak Co., Taihan Wire and Allied Domecq, still
other firms have yet to be named. Many of the companies have
formed and are still forming consortiums in order to take over
the Company.

Hite Brewery Co. was chosen on April 1, 2005 as the preferred
bidder to buy Jinro Ltd., in the biggest takeover auction in
Korea and in Asia this year. Hite won with an offer of KRW3.1
trillion.

Also in April 2005, Hite Brewery Co., the preferred bidder in
the takeover sale of soju maker Jinro Limited, signed a
memorandum of understanding (MOU) to acquire the Company.

By June 2005, the Hite-led consortium signed a formal contract
to take over Jinro Ltd.

At present, July 2005, the Fair Trade Commission conditionally
approved a plan by a consortium led by Hite Brewery Co., the
country's largest beer producer, to acquire domestic liquor
distiller Jinro Ltd.


* Several Card Firms Seen to Post Positive Earnings this Year  
-------------------------------------------------------------
Various credit card companies are seen to experience better days
ahead as write offs on non-performing loans and tightened credit
screening cut losses significantly, relates The Korea Herald.

One of the nation's largest credit card issuer, LG Card is
estimated to book an estimated net profit of KRW700 billion in
the first half of the year, according to analysts.

Also, Samsung Card is expected to experience a turnaround with
net profits estimated to reach KRW50 billion in the second
quarter.

Industry analysts recommends that credit card companies must aim
to sign more low-risk customer.

The good news is that they've made significant progress in terms
of risk management. "But the bad news is the brisk earnings
results could be only-short-lived as it is partly result of the
normalization process of the credit card bubble," said Cho
Byung-jun who covers the credit card sector at Shinyoung
Securities Co.

Credit card firms have written off billions of dollars in debt
since the burst of the credit bubble. Consumer spending has been
in doldrums since the 2002 collapse of a consumer credit bubble,
weighing down credit card issuers and the economy as a whole.

Card firms target the nation's upper class.  They are competing
to get as many platinum customers as possible to tap their
lavish spending and stable payment patterns.

Beginning August, Visa Korea will introduce "platinum infinite"
cards that would only cater a select group of customers with top
financial records.

In the case of "platinum" cards, the spending per a credit card
is 4.2 times more than that of a normal credit card, the Company
said. Platinum cards issued by Visa accounts for 92 percent of
some 1.55 million platinum cards in Korea.

Improvement in performance was also seen in second-tier credit
card companies like Hyundai Card Co. The issuer posted a profit
of KRW11 billion in the first half of the year compared to a
KRW176.6 billion in losses a year earlier. Lotte Card Co.'s net
income rose to KRW70 billion and Shinhan Card Co had a net
profit of KRW28 billion for the same period.

Shinhan Card Co. is expected to merge with Chohung Bank's credit
card division first quarter next year.  The planned merger was
originally scheduled by the end of this year.

Analyst Cho raised the 2005 annual net income for LG Card to 802
billion won, 16.7 percent up from the previous forecast of 687
billion won. LG Card returned to profitability in September last
year.


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

AMSTEEL CORPORATION: Unit Voluntarily Winds Up
----------------------------------------------
Amsteel Corp. Berhad issued to Bursa Malaysia Securities Berhad
an update on voluntary winding-up of Shanghai Lion Food Industry
Co. Ltd.

(1) Introduction

The Board of Directors of Amsteel Corporation Berhad (Amsteel)
advised the bourse that following an application by Shanghai
Lion Food Industry Co Ltd (SLFI), a 93.79 percent owned
subsidiary of Amsteel to the relevant authority in the People's
Republic of China (PRC), SLFI had been voluntarily wound-up on
July 8, 2005 (Voluntary Winding-Up).

(For illustration purposes, the exchange rate of Rmb1: MYR0.4591
is assumed)

(2) Information on SLFI

SLFI is a joint venture between Masoni Investment Pte Ltd
(Masoni) and Shenghan Agriculture Industrial and Trade Co on an
equity ratio of 93.79:6.21. SLFI was incorporated on April 29,
1994 in the PRC with a registered and paid-up capital of
Rmb129.93 million (equivalent to approximately MYR60 million).
Masoni's cost of investment for its 93.79 percent equity
interest in SLFI was approximately Rmb122 million (equivalent to
approximately MYR56 million).

SLFI was involved in the manufacturing and packaging of food and
drinks.

(3) Rationale of the Voluntary Winding-Up

SLF ceased operation in 1999 due to continued operational losses
incurred since 1994 as a result of continuing difficult
operating conditions in the food business in the PRC.

(4) Effects of the Voluntary Winding-Up

The Voluntary Winding-Up does not have any material impact on
the earnings of the Amsteel Group for the financial year ended
June 30, 2005 and on the net tangible assets of the Amsteel
Group, based on the audited consolidated balance sheet as at
June 30, 2004 as all the losses have been fully provided for in
the financial statements.

As a result of the Voluntary Winding-Up, SLFI is no longer a
subsidiary of Amsteel.

CONTACT:

Amsteel Corporation Bhd.
Malaysia
Phone: 60 3 2162 2155
Fax: 60 3 2164 1036
Web site: http://www.lion.com.my


CEPATWAWASAN GROUP: Court Reschedules Decision Next Month
---------------------------------------------------------
Further to the announcement on June 15, 2005 regarding the Civil
Suit No D8-26-63-2004 in respect of Cepatwawasan Group's
(Petitioner) application to dispose of the Petition on the point
of law that is whether the 2nd to 8th Respondents have breached
Section 33 of the Securities Commission Act 1993, Section 6 of
the Malaysian Code on Take-Overs and Mergers of 1998 and
Practice Note 2.4 of the Malaysian Code on Take-Overs and
Mergers of 1998 (the said Application).

The said Application has been adjourned to August 12, 2005 for
decision as the Learned Judge requires more time to consider
both parties' counsels' submissions.

It should be noted that there is no prayer for relief in the
Petition directed against the Company.

Dated this 15th day of July 2005

CONTACT:

Cepatwawasan Group Bhd.
Malaysia
Phone: 60 89 272 773
Fax: 60 89 272 772
E-mail: cptgrp@tm.net.my


FEDERAL FURNITURE: Issues Update on Proposals
---------------------------------------------
Federal Furniture Holdings (M) Berhad (FFHB) disclosed to Bursa
Malaysia Securities Berhad an update on the following proposals:

(I) Proposed Capital Reduction;

(II) Proposed Reduction Of The Share Premium Account;

(III) Proposed Rights Issue With Warrants; And

(IV) Proposed Debt Restructuring

(Collectively known as the Proposals)

Reference is made to the announcements dated June 24, 2004 and
March 18, 2005 with regard to the Proposals.

On behalf of FFHB, Aseambankers Malaysia Berhad (Aseambankers)
advised that the Securities Commission (SC) had, via its letter
dated July 13, 2005 (which was received by Aseambankers on July
15, 2005) approved the proposed change of the administrator for
the management of Bumper Wood Sdn Bhd (BWSB), BWSB properties,
Paramount Wood Sdn Bhd (PWSB) and PWSB properties from BDO
Capital Consultant Sdn Bhd (which was previously approved by the
SC on March 15, 2005) to Covenant Equity Consulting Sdn Bhd
(Proposed Change) subject to the following terms and conditions:

(1) All relevant parties in relation to the Redeemable Secured
Loan Stocks (RSLS), including the lenders participating in the
debt restructuring scheme and the trustee (where applicable), be
fully informed of the Proposed Change, and where applicable,
their approvals and consents obtained;

(2) Aseambankers to submit a copy of the revised principal terms
and conditions for the respective RSLS issues reflecting the
Proposed Change and e-mail a soft copy (in PDF format) to
DS@seccom.commy;

Font: Arial
Font Size: 11
Margins (Top, Down, Right, Left): 1.25"
Spacing: Single; and

(3) Aseambankers to submit a written confirmation on compliance
with the above mentioned conditions.

This announcement is dated 15 July 2005.

CONTACT:

Federal Furniture Holdings (m) Berhad
No 1B Jalan Yong Shook Lin
46050 Petaling Jaya, Selangor Darul Ehsan
Malaysia
Telephone: +60 3 7955 9937 / +60 3 7956 2812


HAP SENG: Buys Back 41,500 Ordinary Shares
------------------------------------------
Hap Seng Consolidated Berhad issued to Bursa Malaysia Securities
Berhad the details of shares buy back on July 15, 2005, with the
following details:
   
Description of shares purchased: Ordinary shares of MYR1.00 each

Total number of shares purchased (units): 41,500

Minimum price paid for each share purchased (MYR): 2.090

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

Total consideration paid (MYR): 87,987.05

Number of shares purchased retained in treasury (units): 41,500

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

Cumulative net outstanding treasury shares as at to-date
(units): 32,843,500

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

CONTACT:

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


INTI UNIVERSAL: Enters Into Share Transfer Agreement with Unit
--------------------------------------------------------------
The Board of Directors of INTI Universal Holdings Berhad
informed Bursa Malaysia Securities Berhad that it had on July
14, 2005 entered into a Share Transfer Agreement with its wholly
owned subsidiary, INTI Higher Learning Centre Sdn Bhd (IHLC) to
acquire the entire equity interest in INTI College Malaysia Sdn
Bhd (ICM) comprising 3,000,000 ordinary shares of MYR1.00 each,
from IHLC for a total transfer price of MYR22,960,000/-
(Proposed Transfer). Upon the completion of the Proposed
Transfer, ICM will become a direct wholly owned subsidiary of
INTI.

The above transfer price of MYR22,960,000/- is based on the
approximate net tangible value of ICM as at 31 December 2004 and
shall be satisfied by way of set-off of an equivalent amount
against the inter-Company debt by IHLC to INTI.

The Proposed Transfer is pursuant to an internal reorganization
exercise to streamline the operations of the INTI Group.

The Proposed Transfer will not affect INTI's issued and paid-up
share capital and is not expected to have any material effect on
the earnings and net tangible assets of INTI Group for the
financial year ending December 31, 2005.

As the transaction is between the Company and its wholly owned
subsidiary, none of the Directors and/or major shareholders of
INTI and/or persons connected with them, has any interest,
direct or indirect, in the Proposed Transfer.

The Proposed Transfer is not subject to the approval of
shareholders of INTI. However the Proposed Transfer requires the
approval of the Foreign Investment Committee.

The Board of Directors of INTI is of the opinion that the
Proposed Transfer is in the best interest of INTI Group.

CONTACT:

INTI Universal Holdings Berhad
No. 15 & 17, Jalan Ss15/8a
Subang Jaya,
Telephone: 06 -7982033
Facsimile: 06 - 7997531
E-mail: alexlee@intimal.edu.my
Web site: [ http://newinti.edu.my/main/-- Modified Mar. 9, 2015 ]  


LEBAR DAUN: Bourse Extends Private Placement Completion Period
--------------------------------------------------------------
The Board of Directors of Lebar Daun Berhad disclosed that Bursa
Malaysia Securities Berhad (Bursa Securities) had vide its
letter dated July 15, 2005 granted the Company a further
extension of time of three months from June 30, 2005 until
September 30, 2005 to comply with the public shareholding spread
requirement pursuant to Paragraph 8.15(1) of the Listing
Requirements of Bursa Securities failing which trading in the
Company's securities will be suspended.

The Company has obtained the Shareholders' approvals in respect
of the Private Placement on June 7, 2005 and the Securities
Commission has on July 8, 2005 approved for the Extension of
time up till September 30, 2005 to complete the Private
Placement.

The Company shall use its best endeavor to complete the Private
Placement on or before September 30, 2005.

The Company has approached its major shareholder on the
possibility of reducing his shareholding in the Company. The
major shareholder has given his firm commitment to dispose part
of his shareholdings in the Company. However, the major
shareholder would like to do an orderly disposal of his
shareholding as to avoid unnecessary speculation. The Company is
also promoting its shares to the staff, staff's family members
and general public through its reputation as main contractor of
prestigious projects of Kumpulan Lebar Daun.

The Board of Directors of LDAUN is of the opinion that the
Company will use its best endeavor to achieve compliance with
the public shareholding spread on or before September 30, 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


MAXIS COMMUNICATIONS: Unveils Disposal of Shares
------------------------------------------------
Maxis Communications Berhad (Maxis) having received
notifications on July 15, 2005 pursuant to Paragraph 14.09(a) of
the Listing Requirements from Mr. Edward Ying Siew Heng, the
Chief Operating Officer of the Company, notified Bursa
Securities of his dealing in the securities of the Company as
set out below:

(1) The disposal of 30,000 ordinary shares of MYR0.10 each
(representing 0.001% of the issued share capital of Maxis) at
MYR9.95 each on July 11, 2005;

(2) The disposal of 20,000 ordinary shares of MYR0.10 each
(representing 0.001% of the issued share capital of Maxis) at
MYR10.10 each on July 12, 2005;

(3) The disposal of 20,000 ordinary shares of MYR0.10 each
(representing 0.001% of the issued share capital of Maxis) at
MYR10.10 each on July 14, 2005;

Collectively referred hereto as the Disposals.

Upon completion of the Disposal, the balance number of shares
held by Mr. Edward Ying Siew Heng is 115,000 shares representing
0.0046 percent of the total issued share capital of the Company.

This announcement is dated 15 July 2005.

CONTACT:

Maxis Communications Bhd
Level 18, Menara Maxis
Kuala Lumpur City Centre
Off Jalan Ampang
50088 Kuala Lumpur
Malaysia
Phone: 03-23307000
Fax: 03-2330059


MBF HOLDINGS: Court Adjourns Stay of Execution Application
----------------------------------------------------------
Further to the announcement on July 13, 2005, MBf Holdings
Berhad (MBfH) informed Bursa Malaysia Securities Berhad that the
application for stay of execution by MBfH and MBf Trading Sdn
Bhd, heard on July 14, 2005, had been adjourned to August 22,
2005.

Yours faithfully,

For and on behalf of
MBf Holdings Berhad
Ding Lien Bing
Company Secretary
July 15, 2005

CONTACT:

Mbf Holdings Berhad
No 8 Jalan Yap Kwan Seng
50450 Kuala Lumpur, Selangor Darul Ehsan 46150
Malaysia
Telephone: +60 2167 8000 / +60 2164 6985


MBF HOLDINGS: Summary Relief, Interim Payment Adjourned
-------------------------------------------------------
Further to the announcement on 15 June 2005, MBf Holdings Berhad
(MBfH) advised Bursa Malaysia Securities Berhad that GrandTech's
application for Summary Relief and Interim Payment was adjourned
to August 4, 2005 for hearing.

Yours faithfully,

For and on behalf of
MBf Holdings Berhad
Ding Lien Bing
Company Secretary
July 15, 2005


PWE INDUSTRIES: Scheme of Arrangement Gets Court Nod
----------------------------------------------------
On behalf of the Board of Directors of PWE Industries Berhad,
Malaysian International Merchant Bankers Berhad informed Bursa
Malaysia Securities Berhad that the Company had on July 12, 2005
extracted the order dated July 1, 2005 from the High Court of
Sabah and Sarawak at Kuching (Court Order) approving the
petition in relation to the scheme of arrangement between the
Company and its shareholders, pursuant to Section 176(1) of the
Companies Act, 1965.

Accordingly, the said Court Order will be lodged with the
Companies Commission of Malaysia.

This announcement is dated 15 July 2005.

CONTACT:

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


QUALITY CONCRETE: AGM Resolutions Passed
----------------------------------------
Quality Concrete Holdings Berhad advised Bursa Malaysia
Securities Berhad that all the resolutions as per the Notice of
the Ninth Annual General Meeting (AGM) dated June 14, 2005 were
duly passed at the AGM of the Company held at Room 209, 2nd
Floor, Wisma Bukit Mata Kuching, Jalan Tunku Abdul Rahman, 93100
Kuching, Sarawak, on Friday, July 15, 2005 at 10:00 a.m.


QUALITY CONCRETE: Unveils Disposal, Acquisition of Securities
-------------------------------------------------------------
The Board of Directors advised Bursa Malaysia Securities Berhad
that Quality Concrete Holdings Berhad has entered into the
following disposals and acquisitions of quoted securities, on
various dates as listed below, and for diverse considerations.

(1) Please refer to Appendix I for particulars of quoted shares
acquired or disposed off for the past 12 months.

(2) Aggregate value of consideration for transactions on July
15, 2005: - MYR103,182

This value represents the aggregate of actual sales proceeds
received.

(3) Effect of the transactions on Company:

NTA per share as at January 31, 2005: MYR2.2850
NTA per share after the transactions: MYR2.2831
Loss per share: MYR0.0012

The Company has on July 15, 2005:

(1) disposed off 90,640 ordinary shares of MYR1.00 each in OSK.

The Board will continue to monitor market conditions on Bursa
Malaysia and will make appropriate disclosures from time to time
in compliance with Bursa Malaysia Listing Requirements.

To view a full copy of the document, click
http://bankrupt.com/misc/QualityConcrete071505.pdf


TRU-TECH HOLDINGS: Defaults on Monthly Payment
----------------------------------------------
On behalf of Tru-Tech Holdings Berhad, Avenue Securities Sdn Bhd
informed Bursa Malaysia Securities Berhad that the Company will
not be able to make the monthly deposit of MYR1,500,000 due on
July 15, 2005 into the sinking fund account maintained for the
purposes of redemption of the RULS, due to Tru-Tech's current
tight cash flow position (Deposit Default).

The financial and legal implications to Tru-Tech in respect of
the Deposit Default are similar to that of the Default, which
was set out in the announcement dated October 17, 2003.

Save as disclosed above, there has been no material development
in respect of the Default pursuant to Practice Note 1/2001.

The principal outstanding of all other credit facilities granted
to Tru-Tech and its subsidiaries as at June 30, 2005 is set out
in Table 1 of the Appendix to this announcement.

To view a full copy of Table 1, click
http://bankrupt.com/misc/TruTechHoldings071405.xls

This announcement is dated 15 July 2005.

CONTACT:

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


WAH SEONG: Concludes Delco Australia Transaction
------------------------------------------------
Wah Seong Corp. Berhad informed Bursa Malaysia Securities Berhad
that its wholly owned sub-subsidiary Company, WSIPL has on July
15, 2005 duly completed the acquisition of 7,000 ordinary shares
of Australian Dollars One (A$1.00) each representing 70% equity
interest in Delco Australia Pty Ltd for a purchase consideration
of A$5,600,000.00 (equivalent to MYR16,604,000.00 based on the
exchange rate of A$1.00 to MYR2.965).

Yours faithfully,

Wah Seong Corporation Berhad
Chan Cheu Leong
Managing Director/Group Chief Executive Officer

CONTACT:

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


WCT ENGINEERING: Updates Summons Served by Maju
-----------------------------------------------
Further to WCT Engineering Berhad's announcements on May 3 and
May 27, 2005, the Board of Directors disclosed the following to
Bursa Malaysia Securities Berhad.

Summons served by Maju Holdings Sdn Bhd. (Maju) against WCT
Construction Sdn Bhd (WCTC)

Writ of Summons (Kuala Lumpur High Court Suit No. S5-22-333-05)

(1) The decision on Maju's application for stay of WCTC's
application to strike out Maju's Writ of Summons (WS) has been
fixed on July 21, 2005.

(2) The Hearing date for WCTC's application to strike out Maju's
WS has been fixed on July 21, 2005 pending the outcome on Maju's
application for stay of WCTC's application to strike out Maju's
WS.

Originating Summons (Kuala Lumpur High Court Suit No. S4-24-559-
2005)

(1) The Hearing date for WCTC's application to strike out Maju's
Originating Summons (OS) has been fixed on July 21, 2005.

(2) The Hearing date of Maju's OS has been adjourned to
September 23, 2005 pending the disposal of Maju's application to
amend the OS and WCTC's application to strike out Maju's OS.

This announcement is dated 15 July 2005.

CONTACT:

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


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

ABS-CBN BORADCASTING: Steps Up Turnaround Efforts
-------------------------------------------------
Losing ABS-CBN Broadcasting Corp. will press on with a major
reorganization, in a bid to streamline the network and turn in
profits, BusinessWorld reports.

ABS-CBN News and Current Affairs head Maria Ressa said the
broadcast network giant will proceed with the revival measures
through the end of August.

The network has been struggling with lower ratings against its
main rival GMA Network Inc.

Earlier, ABS-CBN cut its news department staff by serving early
retirement notices to 35 of the unit's top officials, editors
and reporters.

More than cutting its staff and operating costs, however, ABS-
CBN will embark on a different strategy to regain its top spot,
Ms. Ressa said. She added the Company's approach in delivering
the news will be different, veering away from sensationalism and
making it more developmental.

By improving the quality of news delivery and raising the
standards of television news reporting, ABS-CBN hopes to attract
a wider audience, improve ratings and eventually bring back
revenues.

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: Seals Affiliation Agreement with DIRECTV
--------------------------------------------------------------
In a bid to strengthen further its presence in the United
States, ABS-CBN Broadcasting Corporation (ABS-CBN) and its
subsidiary ABS-CBN International (INTERNATIONAL) have entered
into an affiliation agreement with DIRECTV INC. (DIRECTV), one
of the leading providers of direct-to-home (DTH) satellite
system in the United States.

Under the deal, ABS-CBN and INTERNATIONAL have granted to
DIRECTV the exclusive right to sell "TFC Direct" as a package
and a required buy-through for any additional programming that
may be offered on DIRECTV.

The "TFC Direct" package on DIRECTV includes video channels such
as The Filipino Channel (TFC), Cinema One, ABS-CBN News Channel
(ANC), Pinoy Central TV and two radio stations; DZMM and DWRR.

More than 80,000 existing TFC Direct subscribers will be
switched free of charge from INTERNATIONAL's equipment to the
DIRECTV platform over the next year. In return, DIRECTV will pay
license fees to ABS-CBN valued on the basis of subscribers to
the Channels availing of the DIRECTV Service during the
Migration Period. Meanwhile, INTERNATIONAL, shall have a 50%
revenue share from subscription fees paid to DIRECTV for the
Channels.

With the transfer of the channels to the DIRECTV Service
platform, their market potential will be enhanced as they will
now be delivered through high-powered satellite with adequate
back-up and recovery systems and received by subscribers using
superior transmission equipment. The distribution of the
channels will also be expanded with the nearly 70,000 dealers
and retailers nationwide of the DIRECTV Service in the United
States.

"ABS-CBN was deeply honored to be approached by DIRECTV and
together, we can reach more Filipino-Americans than ever
before," said Eugenio Lopez III, Chairman and Chief Executive
Officer of ABS-CBN.

"This deal creates more value for our appreciated family of
subscribers and allows us to focus on our core competence of
developing U.S. based content that will cater to a broader
Filipino-American audience. We have plans of offering movies,
sitcoms, dramas, and public service programs which are relevant
to first and second generation Filipinos residing in America."

The affiliation agreement shall be effective for a period of ten
(10) years from launch date of the Channels on the DIRECTV
Service.

DIRECTV is a corporation incorporated under and doing business
under California, U.S.A. laws. INTERNATIONAL is a 98%-owned
subsidiary of ABS-CBN, through its wholly owned subsidiary, ABS-
CBN Global, Ltd. INTERNATIONAL is a corporation also organized
and doing business under California, U.S.A. laws.


DAIKIN-ALEN: Shareholders Urged to Accept Mediation
---------------------------------------------------
A local court has ordered the squabbling Filipino and Japanese
shareholders of beleaguered Daikin-Alen Air Conditioning Inc. to
undergo mediation, according to BusinessWorld.

Judge Apolonio Bruselas of the Quezon City Regional Trial Court
directed the shareholders to submit the case for mediation in a
resolution issued May 25.

The same court has placed the Company in receivership in April
this year.

During mediation, parties will enter into negotiations for the
possible settlement of the case. The proceedings were suspended
for 30 days. While the 30-day period already lapsed, parties
were said to have sought an extension for the mediation.

Meanwhile, court-appointed receiver Danilo Concepcion is still
tasked to preserve the assets of the Company and find out the
validity of mismanagement allegations.

Daikin-Alen is a joint-venture Company that was formed by local
air conditioning Company Alen International Industrial Corp. and
Japanese firm Daikin Industries Ltd. It makes and distributes
air conditioning products under the Alenaire brand. It also
distributes Daikin air conditioning products in the Philippines.
It is 60-percent owned by the Japanese Company, and 40-percent
owned by the Filipino shareholders.

Early this year, Alen International charged Daikin and President
Hideki Nishimura of "deliberately mismanaging Daikin-Alen to the
detriment of Alen International, and to the benefit of Daikin.
Alen also claimed Daikin caused the joint-venture firm to suffer
losses.

Alen, likewise, said Daikin violated the joint-venture agreement
by having another entity distribute the Daikin brand in the
Philippines. It said Daikin ensured that minimal resources would
be allocated for marketing of Alenaire products, and that Daikin
representatives in the Company "sabotaged" and "jeopardized"
transactions involving Alenaire products, resulting in lost
sales amounting to at least Php120 million.

CONTACT:

Daikin-Alen Air Conditioning, Inc.
41 Linaw Street Sta, Mesa Heights,
Quezon City 1114, Philippines
Phone: 632-712-2144
Facsimile: 632-712-4501


MARCOPPER MINING: Government Takes Over Rehabilitation
------------------------------------------------------
The government has taken into its hands the rehabilitation of
Marcopper Mining Corp.'s (MMC) Marinduque mine to avert any
environmental disaster, as the miner's provisional environmental
compliance certificate (PECC)has already expired.

Department of Environment and Natural Resources (DENR)
Undersecretary Deinrado Simon D. Dimalibot told The Manila
Bulletin that the government is already initial rehabilitation
in Marcopper but stressed this does not mean government is
taking over operation of the mine.

Mr. Dimalibot said all 37 leasehold contracts that covered the
mine site have all expired which leaves MMC no right over the
area except that the Company is liable to the Philippine
government on the mine's rehabilitation.

The government will not allow renewal of operations until a
clean-up has been made at Marcopper, which still has an 18-year
mine life.

MCC may be penalized by the Pollution Adjudication Board (PAB)
for its continuing discharge of harmful substances to the
environment after failing to undertake rehabilitation authorized
by the PECC.

DENR is reportedly conducting detailed engineering on the dam
structures at Marcopper after which a six-month rehabilitation
can be undertaken depending on budget availability.

CONTACT:

Marcopper Mining Corp.
Sta. Cruz, Marinduque
Philippines


MAYNILAD WATER: DBP Backs Out from Proposed Advisory Role
---------------------------------------------------------
The Development Bank of the Philippines (DBP) refused a request
to act as financial adviser in the rehabilitation of cash-
strapped Maynilad Water Services Inc., citing conflict of
interest.

In an interview with the Manila Times, DBP President Reynaldo
David confirmed the bank has withdrawn its proposal to advise
the Metropolitan Waterworks and Sewerage System (MWSS) in
Maynilad's rehabilitation.

"It's very difficult to be a financial advisor at the same time
as its creditor," Mr. David said.

Moreover, the DBP rejected the MWSS request because it wanted
Maynilad to settle its debts. The DBP is Maynilad's biggest
creditor.

Besides DBP, other creditors include Equitable-PCI Bank, Rizal
Commercial Banking Corp., Credit-Agricole, Indosuez, Merchant
Bank Asia Ltd., Citibank NA, Bar-clays-Bank plc and BNP Paribas.

Maynilad is owned by the government through MWSS.

CONTACT:

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


NATIONAL POWER: Assets Sale Proceeds Face Delay
-----------------------------------------------
The finance secretary said the privatization proceeds of
National Power Corporation (Napocor) are facing a possible delay
and will not be realized this year, The Manila Times reveals.

Sec. Margarito Teves disclosed the finance department has
excluded the Napocor privatization, specifically the sale of
transmission assets, in the National Government's privatization
proceeds this year.

He said Napocor's privatization will take more than three months
so it will not be included in the projected budget computer for
2005.

The government has a programmed budget deficit of Php180 billion
this year, without incorporating the expected proceeds from the
implementation of the expanded value-added tax law. With VAT
implementation, budget deficit is expected to reach Php160
billion this year.

The bidding for Napocor's transmission assets is scheduled in
October this year. The Power Sector Assets and Liabilities
Management Corp. (PSALM), which was tasked to handle the power
firm's privatization, plans to sell some 70 percent of the
generating assets of the state-owned power firm by the end of
the year.

The proceeds from sale of Napocor assets are expected to help
reduce the national government's debt burden.

CONTACT:

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


NATIONAL POWER: 7 Firms Embark on Preliminary Asset Review
----------------------------------------------------------
Around seven potential investors undertook preliminary review of
the technical and financial information on National Power
Corporation's (Napocor) generation companies (gencos) set for
privatization, relates The Manila Bulletin.

The Power Sector Assets and Liabilities Management (PSALM),
through its Investor Preliminary Review Process (IPARP) allowed
investors to advance bids to look at the performance of their
target assets ahead of the formal bidding.

The IPARP, which is not considered part of the formal sale
process, was officially established last year to accelerate the
overall sale process of the generation assets.

PSALM, Napocor's transferee-Company, is confident the actual
period of due diligence will be shortened through the IPARP. As
set out in the guidelines, it was prescribed that the IPARP on a
particular power plant will terminate once the formal bid
process for the facility begins. The IPARP is targeted for
completion this August.

The accelerated review will aid the privatization committee to
hasten planned disposal of Napocor's assets.

PSALM has prescribed a four-stage sequence of the gencos' asset
divestiture, which is targeted for completion in eight months.

Sequence 1 covers the 600-megawatt Calaca; of which bidding was
declared a failure last June 28. The others are the 12MW
Masiway; 100-MW Pantabangan and 150-MW Bacon-Manito; while
sequence 2 lists 600-MW Limay; 360-MW Magat; and 685-MW Tiwi-
Makiling Banahaw plants.

Sequence 3, on the other hand, will have 850-MW Sucat; 310-MW
Navotas 1 and 2; 193-MW Palinpinon; and 175-MW Ambuklao-Binga
hydro; while Sequence 4 has 246-MW Angat; 147-MW
Panay/Pinamucan; 114-MW Iligan 1 and 2; 113-MW Tongonan; 22-MW
Bohol and 1.8-MW Amlan plants.


PHILIPPINE AIRLINES: Inks Interline Electronic Ticketing Ties
-------------------------------------------------------------
Philippine Airlines (PAL) is forging an alliance with American
Airlines on interline electronic ticketing, The Freeman reports.

With the latest team-up, PAL now offers customers control and
flexibility of changing itineraries especially on international
flights without having to worry about loss or theft of
traditional paper tickets.

PAL and American Airlines recently launched interline electronic
ticketing allowing customers to use single electronic ticket
when their itineraries include travel on both airlines.

The e-ticketing deal with American is PAL's first with a partner
airline, but for American Airlines, PAL becomes the 28th link
under its interline network. The deal places the flag carrier in
an elite category as it is among 10 percent of 264 airlines
belonging to the International Air Transport Association
offering interline e-ticketing service.

Electronic ticketing operates on a "ticketless" concept where
bookings are done online. PAL introduced e-ticketing in 2004 on
flights between Manila and Cebu and later expanding these to
Davao, Zamboanga, Puerto Princesa, Iloilo, Bacolod, General
Santos, Legaspi and Cagayan de Oro.

PAL also offers e-ticketing on six of its international routes
including Los Angeles, San Francisco, Honolulu, Las Vegas,
Vancouver and Hong Kong.

CONTACT:

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


* Students with Pre-need Plan Woes to Receive Gov't Aid
-------------------------------------------------------
President Gloria Macapagal-Arroyo has allotted Php1 billion in
government assistance fund to state colleges and universities to
accommodate planholder of troubled pre-need providers, The
Manila Bulletin reports.

The President has instructed Finance Secretary Margarito Teves
to source the funds from the Government Service Insurance System
(GSIS) dividends.

The President said the government will give the P1-billion GSIS
dividends to support the operational expenses of the state
colleges and universities in exchange for their accommodation
for these students.

Sec. Teves, however, made clear the P1 billion dividends coming
from the GSIS will be loaned to state colleges and universities
so they can accept students having difficulty with their pre-
need education firms.

Over a million clients-scholars of the College Assurance Plan
Inc. and Pacific Plans Inc. have complained of either receiving
bouncing checks or not getting the promised benefits at all for
their enrollment. The two pre-need companies claimed they are
running out of funds.


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

AIROCEAN GROUP: Clarifies 2004 Financial Statement
--------------------------------------------------
Airocean Group Limited refers to its financial statement
published in the Singapore Stock Exchange last May 29, 2005.

The Company announced that it received a query from the
Singapore Exchange Limited (SGX) seeking clarification on the
difference in the "(Repayment of) / proceeds from bank loans,
net" in the Consolidated Cash Flow Statement in the said Full
Year Financial Statement and the "Proceeds from bank term loans,
net of repayment" in the Consolidated Cash Flow Statement in the
Annual Report 2004/2005.

The Consolidated Cash Flow Statement in the said Full Year
Financial Statement reflected a bank term loan repayment of
SGD295,000 in FY 2004/2005, but the Consolidated Cash Flow
Statement in the Annual Report 2004/2005 reflected proceeds from
bank term loans, net of repayment, of SGD665,000 in FY
2004/2005.

The SGD960,000 difference is due to a reclassification of
balances as at March 31, 2004 by a subsidiary (disposed on Dec.
6, 2004) from term loan to bank overdraft.

By Order of the Board
Winston Seow Han Chiang
Joint Company Secretary
July 20, 2005

CONTACT:

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


DIGILAND VIETNAM: Enters Liquidation
------------------------------------
In the matter of Digiland Vietnam Pte Limited, a winding up
order was issued by the Singapore High Court on July 5, 2005 for
the Company, with the following details:

Name and Address of Liquidator: The Official Receiver
The URA Centre (East Wing)
45 Maxwell Road #05-11/#06-11
Singapore 069118

Engelin The Practice LLC
Solicitors for the Petitioners

CONTACT:

Digiland (Vietnam) Pte Limited
31 Ubi Road 1
#02-00 AZTech Building
Singapore 408694
Phone: 65 6788 9898
Fax:   65 6745 4885
Web site: http://www.digiland.com.vn


FINEPLAS HOLDINGS: Court Orders Winding Up
------------------------------------------
In the matter of Fineplas Holdings Pte Limited, a winding up
order was made on July 1, 2005 by the Singapore High Court, with
the following details:

Name and address of Liquidator: The Official Receiver
The URA Centre (East Wing)
45 Maxwell Road, #06-11
Singapore 069118.\

Messrs. Eng Leong & Partners
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.

CONTACT:

Fineplas Holdings Limited
5 Kallang Way 2A
Singapore 347494
Phone: 65 68422088
Fax:   65 67457088
E-mail: fineplas@fineplas.com.sg


PAN-UNITED ENGINEERING: Dissolved by Members
--------------------------------------------
Pan-United Corporation Limited announced that due to a Members'
Voluntary Liquidation, the Company's wholly owned dormant
subsidiary Pan-United Engineering Pte Limited was dissolved.

The dissolution of the Company would not affect Pan-United
Corporation's net tangible assets and earnings per share for the
financial year ending Dec. 31, 2005.

By Order of the Board

Loh Yeen Ying
Company Secretary
July 20, 2005

CONTACT:

Pan-United Engineering Pte Limited
C/o Pan-United Corporation Ltd
33 Tuas Crescent
Singapore 638722
Phone: 65 6862 1188
Fax:   65 6861 0532
Email: info@panunited.com.sg
Web site: http://www.panunited.com.sg


PUERSTINGER ASIA: Falls Under Liquidation
-----------------------------------------
In the matter of Puerstinger Asia Pacific Pte Limited, the
Singapore High Court issued a winding up order for the Company
on July 1, 2005 with the following details:

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

Dated this 4th day of July 2005

Messrs Harry Elias Partnership
Solicitors for the Petitioners

CONTACT:

Puerstinger Asia Pacific Pte Limited
25 International Business Park
#03-106 German Center
Singapore 609916
Phone: 65 65629986
Fax:   65 65629985
E-mail: puerstasia@aol.com


SEADEX PTE: Creditors to Submit Claims By August 15
---------------------------------------------------
Notice is hereby given that the creditors of Seadex Pte Limited,
which is being wound up voluntarily, are required on or before
Aug. 15, 2005 to send in their names and addresses, 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, and if
so required are to come in and prove their debts or claims as
shall be specified.

In default thereof, they will be excluded from the benefit of
any distribution made before such proof.

Dated this 15th day of July 2005

LEOW QUEK SHIONG
Liquidator
C/o 30 Robinson Road
#04-01 Robinson Towers
Singapore 048546

CONTACT:

Seadex Pte Limited
3 Tuas Crescent
Singapore 638707
Phone: 65 2651010
Fax:   65 8615614


UNITED FIBER: Gets Additional Funds from Cornell Capital
--------------------------------------------------------
United Fiber System Limited announces that the Singapore
Exchange Securities Trading Limited (SGX-ST) granted in-
principle approval for the listing and quotation of the new
ordinary shares of SGD0.10 each in the Company's capital, due to
the expanded equity line of credit proposed to be granted by
Cornell Capital Partners Offshore LP, subject to the following:

(a) the conditions as stated in the approval in-principle letter
of the SGX-ST dated Dec. 23, 2004, relating to the equity line
of credit of SGD40 million from Cornell Capital; and

(b) the Company's confirmation (prior to each issue of shares to
Cornell Capital) that Cornell Capital and its directors and
substantial shareholders have no connections (including any
business relationship) with the Company and its directors and
substantial shareholders.

Both parties are currently finalizing the legal documents
pertaining to the expanded equity line of credit and Series
Three Loan Note. Further announcement will be made once the
agreements are finalized and executed.

The SGX-ST's in-principal approval of the listing and quotation
of new shares does not indicate the merits of the new share
issue.

By Order of the Board
Kishore Dass
Chief Executive Officer
July 20, 2005

CONTACT:

United Fiber System Limited
103 Defu Lane 10
Poh Lian Building 1
Singapore 539223
Phone: 65 62846006  
Fax:   65 62840074  
Web site: http://www.ufs.com.sg


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

KRUNG THAI: Releases Quarterly, Half-Year Financial Results
-----------------------------------------------------------
Krung Thai Bank PCL submitted to the Stock Exchange of Thailand
(SET) its unaudited financial statements for the quarter and
half year ended June 30, 2005.

The Bank's results for the three-month period ended June 30,
2005 showed a net income before income tax of THB3,746 million,
an increase of THB2,175 million or 138.45 percent from the
previous year's net profit before tax of THB1,571 million.

After deducting THB446 million for income tax expense, the net
income for three-month ended June 30, 2005 was THB3,300 million
compared to THB1,571 for the same period in 2004. Income tax
expense was not charged in 2004.

The Bank's results for the six-month period ended June 30, 2005
show a net income before income tax of THB8,830 million, an
increase of THB2,064 million or 30.51 percent from the previous
year net profit before tax of THB6,766 million. After deducting
THB1,212 million for income tax expense, the net income for six
month ended June 30, 2005 was THB7,618 million compared to
THB6,766 for the same period in 2004.

Net interest and dividend income for the three months and six
months ended June 30, 2005 improved by 15.72 percent and 14.44
percent respectively as a result of higher asset yield and lower
cost of funds.

Sincerely yours,
Krung Thai Bank Public Co., Ltd.
Apisak Tantivorawong
President

CONTACT:

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

WYNCOAST INDUSTRIAL: Unveils Board Meeting Resolutions
------------------------------------------------------
Wyncoast Industrial Park Public Co. Ltd. unveiled to the Stock
Exchange of Thailand (SET) the resolutions of its Board of
Director's meeting held on July 19, 2005 at 9:00 a.m.

(1) Certified minutes of the Board of Directors' Meeting on          
    June 21,2005.

(2) Approved the financial statement for the second quarter of
    year 2005.

(3) Appointed the following Nominating and Remuneration Sub-    
    Committee:

(a) Mrs. Sunisa Pathompreuk- Chairman of Nominating and
                             Remuneration Sub-Committee

(b) Mr. Wisan Neranartkomol- Nominating and Remuneration Sub-
                             Committee

(c) Mr. Surachai Kositsareewong- Nominating and Remuneration
                                 Sub-Committee

(4) CEO informed to the Board that the Company has received the  
    permission to operate the Free Zone area from the Customs
    Department since June 30, 2005.

Please be informed accordingly.

Sincerely yours,

Mr. Pathrlap Davinongsa
Chief Executive Officer

CONTACT:

Wyncoast Industrial Park Public Company Limited   
105 Moo 3,Bangna-Trat Road,
Thakham, Bang Pakong Chacherngsao    
Telephone: 0-3857-3161-72   
Fax: 0-3857-3173-4




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

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


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


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

MALAYSIA
--------

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

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

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

SINGAPORE
---------

Pacific Century Regional          PAC      -145.53    1289.71

THAILAND
--------

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





                            *********


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

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

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

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without
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contained herein is obtained from sources believed to be
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delivered via e-mail. Additional e-mail subscriptions for
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                 *** End of Transmission ***