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

                     A S I A   P A C I F I C


              Monday, July 25, 2005, Vol. 8, No. 145

                            Headlines

A U S T R A L I A

AHF SERVICES: Final Meeting Fixed July 27
AWS AUSTRALIA: Members to Hear Liquidator's Report
BIGSPACE TECHNOLOGIES: Liquidator to Explain Wind-up to Members
CHEMEQ LIMITED: Leadership Delay Dismays Big Investor
COBAR ELECTRICAL: Creditors Confirm Liquidator's Appointment

COMSPECT PTY: Set to Declare Dividend July 29
D&D CONTROLS: Court Orders Winding Up
FIRST CALL: Liquidator Details Final Meeting Agenda
FRANID PTY: Members Pass Wind-up Resolution
GORDON M. JENKINS: Appoints Official Liquidator

IMONUNZ PTY: Members Decide to Close Business
INCITEC PIVOT: Issues Profit Warning
LUSBY'S FURNITURE: Intends to Distribute Dividend
METAL STORM: Boeing Deal Pulls Up Shares
NATIONAL AUSTRALIA: Credit Corp Acquires Debt Ledger

NATIONAL AUSTRALIA: Extends Help to Atypical Clients
NQ RENTALS: Buyers Flock Van Auction
ORLANDO REAL: To Hold Final Meeting July 29
PB PRINT: Names Jamieson Louttit Official Liquidator
PINE VALLEY: Members Schedule Final Meeting to Discuss Wind-up

QANTAS AIRWAYS: Tycoon May Threaten Merger with Valuair
SECURIX AUSTRALIA: Creditors Accept Proposed DOCA
SKILLFORM MANAGEMENT: Federal Court Demands Liquidation
S&W KITCHENS: Inability to Pay Debts Prompts Wind-up Action
TINNERMUK PTY: Begins Liquidation Process

TOWNS HAULAGE: Pays Dividend to Creditors Next Week
VANBALKINSON MARKETING: Supreme Court Issues Winding Up Order
WINCRAFT PTY: Placed Under Voluntary Liquidation
WOODSTOCK AUSTRALIA: Liquidation Clouds Festival's Future
* ASIC Prosecutes 20 Directors in Sydney


C H I N A  &  H O N G  K O N G

ARTFIELD GROUP: FY/2005 Net Loss Narrows to HK$2.7 Mln
BILLION HOPE: Enters Winding Up Proceedings
BANK OF COMMUNICATIONS: Vice Chairman Qiao Wei Resigns
CHINA SOUTHERN: Jianying to Bailout Brokerage Firms
CHUN YIP: Court to Hear Wind-up Petition September 7

FOREFRONT MOTORS: Appoints Joint, Several Liquidators
HAITONG SECURITIES: Brokerage Incurs CNY216-Mln Loss
HUAXIA SECURITIES: Citic, Jianyin May Acquire Securities Firm
LEADKEEN INDUSTRIAL: Winding Up Hearing Set August 24
MINFA SECURITIES: Regulator Shuts Down Brokerage

MOULIN GLOBAL: Winding Up Hearing Fixed August 24


I N D O N E S I A

PERTAMINA: Set to Temporarily Close Dumai Refinery
PERTAMINA: Refuses to Sign Cepu Contract with ExxonMobil
SEMEN GRESIK: Sales in First Half of 2005 Up by 3.8%


J A P A N

MATSUSHITA ELECTRIC: Executes Own Share Repurchase
MATSUSHITA ELECTRIC: Introduces CCD Digital Cameras
SOJITZ HOLDINGS: Details Dissolution of Subsidiary
TOSHIBA CORPORATION: To Install New 200mm Production Facility
TOSHIBA CORPORATION: Commercializes SMIA-compliant Modules

USJ COMPANY: Shareholders OK Goldman Sach's Revival Plan


K O R E A

ASIANA AIRLINES: Travel Industry Praying for Strike's End
ASIANA AIRLINES: Strike Could Push Losses Further
ASIANA AIRLINES: Another Settlement Talk Fails
CITIBANK KOREA: Financial Watchdog Launches Probe
DAEWOO PRECISION: Picks Hyosung as Preferred Bidder


M A L A Y S I A

ANCOM BERHAD: Purchases Ordinary Shares on Buy Back
CAMERLIN GROUP: Updates Mandatory Offer to Associate Firm
CAMERLIN GROUP: Offer Does Not Cover Firm
CEPATWAWASAN GROUP: Receives Writ of Summons
CHASE PERDANA: Seeks Extension of Scheduled Payments

HAP SENG: Repurchases 10,500 Ordinary Shares
GULA PERAK: Director Details Dealings in Securities
MAXIS COMMUNICATIONS: Bourse to Grant Listing of New Shares
MENTIGA CORPORATION: Unit Disposes of Shares
MTD CAPITAL: Buys Back 370,000 Ordinary Shares

PAN MALAYSIA: Purchases Ordinary Shares on Buy Back
PANTAI HOLDINGS: Issues Shares Buy Back Notice
PSC INDUSTRIES: To Discuss Privatization Matters with PAC
PSC INDUSTRIES: Denies Allegations of PAC Chairman
PSC INDUSTRIES: Unveils AGM Resolutions

SRIWANI HOLDINGS: Issues New Ordinary Shares for Listing
SIN KEAN: Unit Wants to Acquire Kosmo Share
TANJONG PUBLIC: Shares Now Registered Under Company


P H I L I P P I N E S

MAKATI MEDICAL: To Revive Free Treatment Program
NATIONAL BANK: 10 Pre-qualify to Bid for 67% Stake
NATIONAL BANK: Comments on Moody's Downgrade
NATIONAL POWER: Wants Fuel Sharing Deal with First Gas
NATIONAL TRANSMISSION: Earmarks Php37 Bln for Mindanao Projects

NATIONAL TRANSMISSION: Warns of Power Outages in Visayas
PACIFIC PLANS: Reaches Out-of-court Deal with PEP
PHILIPPINE AIRLINES: Maintains Code-Share with Royal Brunei


S I N G A P O R E

CAPITALAND LIMITED: Units to Sell Off Subsidiaries
CHARTERED SEMICONDUCTOR: Incurs SGD111.5-Mln Losses in Q2
CHARTERED SEMICONDUCTOR: Gets First-Time Provisional Baa3 Rating
JAK ALHADAD: Shuts Down Operations
PACIFIC MECHANICAL: Court Orders Winding Up

POWEN AUTOMATION: Distributes Dividend to Creditors


T H A I L A N D

PICNIC CORPORATION: Denies Any Financial Issues
SUNTECH GROUP: Implements Amended Plan Through Share Issuance

     -  -  -  -  -  -  -  -

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

AHF SERVICES: Final Meeting Fixed July 27
-----------------------------------------
Notice is given that the final meeting of members and creditors
of AHF Services Pty Limited will be held on Wednesday, July 27,
2005, 10:30 a.m. at Level 1, 32 Martin Place, Sydney NSW.

AGENDA

(1) To consider the account by the liquidators on the conduct of
the winding up and the disposal of the Company's property.

Proxies to be used at the meeting should be lodged prior to the
commencement of the meeting.

Dated this 17th day of June 2005

Nick Malanos
Liquidator
C/o Level 1, 32 Martin Place
Sydney NSW


AWS AUSTRALIA: Members to Hear Liquidator's Report
--------------------------------------------------
Notice is given that a final meeting of members of AWS Australia
Pty Limited will be held on July 29, 2005, 10:00 a.m. at the
offices of Ernst & Young, Level 37, 680 George Street, Sydney
NSW 2000.

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

Dated this 28th day of June 2005

John Gibbons
Keiran Hutchison
Liquidators
Ernst & Young
Level 37, 680 George Street
Sydney NSW 2000
Phone: (02) 9248 4057


BIGSPACE TECHNOLOGIES: Liquidator to Explain Wind-up to Members
---------------------------------------------------------------
Notice is hereby given that pursuant to Section 509 of the
Corporations Law, a final meeting of creditors and a general
meeting of the members of Bigspace Technologies Pty Limited will
be held on Thursday, July 28, 2005, 9:00 a.m. at the offices of
Gavin Thomas & Partners, Level 9, 31 Market Street, Sydney, to
have an account laid before them showing the manner in which the
winding up has been conducted and the property of the Company
disposed of, and of hearing any explanations that may be given
by the Liquidator.

Gavin Thomas
Liquidator
Gavin Thomas & Partners
Level 9, 31 Market Street
Sydney


CHEMEQ LIMITED: Leadership Delay Dismays Big Investor
-----------------------------------------------------
Chemeq Limited's major shareholder Mizuho International is
believed to be increasingly concerned about delays in appointing
a new chief executive to the veterinary drug Company almost a
year after executive chairman Graham Melrose flagged his
intention to stand down, says The West Australian.

Chemeq said last week it was continuing the search for a
replacement chief but would not say if it was close to making an
appointment. It refused to comment on whether it had a shortlist
or if it had interviewed any potential candidates.

The holdups are understood to be causing tension between Chemeq
and Mizuho, which has pumped US$60 million into rescuing Chemeq
and controls almost half of the Company.

The Japanese investment Company has already appointed one
representative to Chemeq's board and has the final say in other
appointments, including a new chief executive to replace founder
Dr. Melrose. It also has a management team in place overseeing
the rebuilding of the Company.

Dr. Melrose admitted last month the Company was still struggling
to find a replacement chief executive 10 months after he flagged
his intention to step down from his executive role under
mounting market pressure.

Chemeq is also hunting for a new independent chairman to replace
Dr. Melrose, who will become a non-executive director.

The final US$20 million of the US$60 million rescue package is
expected to be paid todaay after Chemeq and Mizuho sorted out
"technical and procedural issues" that had delayed the final
convertible note issue.

A Chemeq spokesman said the delay was caused because Mizuho
wanted to ensure all conditions of the rescue package were met
and "asked for clarification on certain issues".

CONTACT:

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


COBAR ELECTRICAL: Creditors Confirm Liquidator's Appointment
------------------------------------------------------------
Notice is hereby given that at a general meeting of members of
Cobar Electrical Engineering Services Pty Limited held on June
15, 2005, it was resolved that the Company be wound up
voluntarily, and that for such purpose, Roderick Mackay
Sutherland of Jirsch Sutherland Chartered Accountants be
appointed Liquidator.

A meeting of creditors held later that day confirmed this
appointment.

Dated this 16th day of June 2005

Roderick M. Sutherland
Liquidator
Jirsch Sutherland
Chartered Accountants
Level 2, 84 Pitt Street
Sydney NSW 2000
Phone: 02 9233 2111
Fax:   02 9233 2144


COMSPECT PTY: Set to Declare Dividend July 29
---------------------------------------------
A first and final dividend is to be declared on July 29, 2005
for Comspect Pty Limited.

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

Dated this 21st day of June 2005

Michael G. Jones
Liquidator
c/o Jones Condon
Chartered Accountants
Phone: (02) 9251 5222


D&D CONTROLS: Court Orders Winding Up
-------------------------------------
On June 14, 2005, the Supreme Court of New South Wales, Equity
Division ordered the winding up of D&D Controls Pty Limited, and
appointed Steven Nicols for the Company.

Dated this 14th day of June 2005

STEVEN NICOLS
Level 2, 350 Kent Street
Sydney NSW 2000


FIRST CALL: Liquidator Details Final Meeting Agenda
---------------------------------------------------
Notice is given that a Final Meeting of the Members and
Creditors of First Call Wholesale Pty Limited will be held on
Aug. 5, 2005, 10:30 a.m. at Ngan & Co., Level 5, 49 Market
Street, Sydney NSW 2000.

AGENDA

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

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

Dated this 24th day of June 2005

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


FRANID PTY: Members Pass Wind-up Resolution
-------------------------------------------
Notice is hereby given that at a general meeting of members of
Franid Pty Limited held on June 14, 2005, the following
resolutions were passed:

SPECIAL RESOLUTION

The Company be wound up voluntarily.

ORDINARY RESOLUTION

That Mr. Stephen J. Rogers of Level 29, 264 George Street,
Sydney NSW 2000, be and is hereby nominated Liquidator of the
Company for the purpose of the winding up.

Stephen J. Rogers
Liquidator
Level 29, 264 George Street
Sydney NSW 2000


GORDON M. JENKINS: Appoints Official Liquidator
-----------------------------------------------
At the Extraordinary General Meeting of Members of Gordon M.
Jenkins (Holdings) Pty Limited held on June 14, 2005, the
following resolution was passed:

That the Company be wound up voluntarily, and that Brian Patrick
Woodward of B. P. Woodward & Associates Suite 501, 83 York
Street, Sydney NSW be appointed as Liquidator for the wind up.

Dated this 14th day of June 2005

Brian Patrick Woodward
Liquidator
B. P. Woodward & Associates
Suite 501, 83 York Street
Sydney NSW 2000


IMONUNZ PTY: Members Decide to Close Business
---------------------------------------------
At a general meeting of the members of Imonunz Pty Limited duly
convened and held on 14 June 2005, the following special
resolution was passed:

That the Company be wound up voluntarily.

Dated this 14th day of June 2005

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


INCITEC PIVOT: Issues Profit Warning
------------------------------------
Incitec Pivot Limited has advised that earnings for the year
ending September 30, 2005 will be adversely impacted as a result
of continued unfavorable weather conditions.

The Company advised the ASX it expected full year net profit
after tax (NPAT) excluding significant items to be in the region
of AU$32 million (EBIT approximately AU$65 million).

"Our performance has been dramatically affected by the drought
which delayed winter crop plantings and was further exacerbated
following heavy rain in many areas, which left the ground too
wet to sow crops," said Managing Director and CEO Julian Segal.

"We now look forward to more normal conditions in the spring."

He said the Company was aggressively managing the situation and
was already well advanced on a major restructuring to reduce
annual costs by AU$25 million to offset increased competition in
the fertilizer market.

Incitec Pivot's restructure, which started in May, will capture
significant savings in management and administration costs and
optimize asset utilization, while strengthening customer
services to meet challenges in the marketplace.

The cost of the restructure is likely to be about AU$25 million
before tax, with the final figure heavily dependent on a review
of assets across the business.

CONTACT:

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


LUSBY'S FURNITURE: Intends to Distribute Dividend
-------------------------------------------------
Lusby's Furniture Company Pty Limited will declare a dividend on
July 28, 2005.

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

Mark Roufeil
Liquidator
Level 9, 31 Market Street
Sydney NSW 2000


METAL STORM: Boeing Deal Pulls Up Shares
----------------------------------------
Shares in ailing weapons developer Metal Storm Limited soared
almost 52 percent after the firm revealed it had clinched a
contract with U.S.-based Boeing, according to The Advertiser.

The contract requires the Brisbane-based Company to undertake a
study on capability specifications for a weapons system. No data
was provided about the weapon or how it might be deployed.

Boeing, better known for its commercial jetliners, has expanded
its defense work since merging with rival McDonnell Douglas in
1997 and now produces a range of jet fighters, helicopters and
other military hardware.

Metal Storm said it was pleased to be able to introduce its
technology to one of the defense industry's leading players.

CONTACT:

Metal Storm Limited
Level 34
Central Plaza One
345 Queen Street
Brisbane
Queensland 4000
Australia
Phone: 61 (0) 7 3221 9733
Fax: 61 (0) 7 3221 9788
E-mail: msau@metalstorm.com
Web site: http://www.metalstorm.com


NATIONAL AUSTRALIA: Credit Corp Acquires Debt Ledger
----------------------------------------------------
The Directors of Credit Corp Group Limited announced the
acquisition of a portfolio of consumer receivables debt ledgers
from National Australia Bank (NAB).

The ledger comprises predominantly credit cards and personal
loan debts, supplemented with transaction and mortgage accounts.

Managing Director, Geoffrey Lucas stated: "apart from
representing a material transaction by way of capital
commitment, the deal represents our first debt acquisition from
The National, and flows from our recently enhanced partnership
with the National under which we also undertake contingency
collections.

National Australia Bank Head of Collections, Mr. Peter Vicente,
said: "We are pleased to continue our ongoing relationship with
Credit Corp who we already use as a third party collections
agency. Their selection follows a competitive tendering process,
rigorous probity checks and strict level agreements that protect
the National's customers' interests."

The acquisition represents a capital commitment of approximately
AU$7 million and will be funded by our existing cash flow and
debt facility. The acquisition provides additional diversity to
the panel of large Australian banks with whom we partner, and
forms an integral component of our 2005/06 ledger acquisition
program that is expected to approximate AU$35 million to AU$40
million.

CONTACT:

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


NATIONAL AUSTRALIA: Extends Help to Atypical Clients
----------------------------------------------------
Nine months after launching a pilot program to provide micro-
credit to the disadvantaged, National Australia Bank (NAB) has
discovered it was flocked with atypical bank customers, The Age
reports.

When NAB introduced its StepUP low-interest loans program
through the Collingwood-based Good Shepherd Youth and Family
Service, staff from Australia's biggest bank were confronted
with dislocated, broken families, women coming out of prison and
refugees.

Corinne Proske, the NAB's corporate social responsibility (CSR)
manager, said it was a critical lesson for the bank.

"There is a preconception out there that people on low incomes
can't manage their money. What we are seeing is that some have
difficulty, but others are really good at it. It's not about
them not being able to manage money, they just don't have enough
income," Ms. Proske.

To prove that point, the repayment rate for the StepUP loans is
an impressive 95 percent, well above the rate for personal loans
in the mainstream part of the NAB's business.

The bank has provided AU$1.7 million, covering lines of credit
for the loans of up to AU$3000, as well as administration and
promotion. NAB has sent in staff volunteers to provide Good
Shepherd with computer skills and training, and it has also
given a hand helping Good Shepherd develop its funding model.

The project is part of the NAB's growing corporate social
responsibility program, which the bank has started promoting in
its branches. The program also includes staff volunteer programs
- with the bank's 22,000 workers each getting two days' paid
leave to do volunteer work - best practice awards for local and
regional volunteer groups, a community donation program and
sponsorships.

The StepUP program was born out of the NAB's involvement with
the No Interest Loan Scheme (NILS), a longstanding community
micro-credit scheme that provides loans of up to $800 to people
with no access to finance from mainstream institutions.

Ms Proske said StepUP was created because people taking out
loans through the NILS did not have a credit history. With no
record showing they had the capacity to repay a loan, they could
not get mainstream finance, leaving them stuck in no-man's land.

Aiming to bring the people getting the money into the
mainstream, the loans have been deliberately built into the
NAB's personal loan infrastructure.

The loans have a 7.15 percent interest rate, about half that of
personal loans. The bank's product and pricing committee set the
rate.

The pilot program is running in a number of places - the
Mornington Peninsula, St Albans and north-east Melbourne, taking
in the CBD, and in the cities of Yarra, Darebin and Moreland. It
also operates in some NSW locations. The bank plans to evaluate
the program next month, with plans to extend it.


NQ RENTALS: Buyers Flock Van Auction
------------------------------------
The sale of 50 vehicles of failed campervan hire firm NQ
Australia Rentals attracted motor home enthusiasts from around
the country, according to Cairns Post.

The bargain sale drew 500 people from Australia, New Zealand and
Perth, making it the largest event of its kind in Cairns for
years.

Auctioneer Stacey Quaid, who conducted proceedings together with
Brisbane-based auctioneers Grays, deemed the tender very
successful because it was able to generate more than AU$1
million.

Ex-hire pop-top vans went for as low as AU$3000-AU$4000. All
vehicles were sold with each lot attracting 5-30 bidders.

Another three auctions are being held in other capital cities.

NQ Australia Rentals collapsed in April owing creditors more
than AU$10 million. Its downfall was blamed on bad management
and additional financial burden after its campervan
manufacturing subsidiary Matilda Motorhomes was placed in
voluntary administration, owing creditors AU$5 million.

CONTACT:

NQ Australia Rentals Pty Ltd
440 Sheridan Street (PO Box 2075) Cairns,
4870, Queensland
Phone: +617 4053 1875
Fax: +617 4032 2068
Web site: http://www.nqrentals.com.au/


ORLANDO REAL: To Hold Final Meeting July 29
-------------------------------------------
Notice is given that the of Orlando Real Estate will hold a
final meeting on July 29, 2005, 11:00 a.m. at the offices of
BWR Accounting Pty Limited, 11 Daniel Street,
Granville NSW 2142, for the purpose of laying before the meeting
the liquidator's final account, and report and giving any
explanation thereof.

Dated this 20th day of June 2005

Brian Wilton Roughley
Liquidator
66 The Avenue, Granville NSW 2142


PB PRINT: Names Jamieson Louttit Official Liquidator
----------------------------------------------------
Notice is hereby given that pursuant to resolutions passed at
the Meeting of Members and Creditors of PB Print Services Pty
Limited, which was held on June 17, 2005, Jamieson Louttit was
appointed Liquidator for the winding up of the Company.

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


PINE VALLEY: Members Schedule Final Meeting to Discuss Wind-up
--------------------------------------------------------------
Notice is given that the members of Pine Valley Coal Pty Limited
will hold a final meeting on July 28, 2005, 10:00 a.m. at the
offices of Ernst & Young, Level 37, 680 George Street, Sydney
NSW 2000.

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

Dated this 28th day of June 2005

John Gibbons
Liquidator
Ernst & Young
Level 37, 680 George Street
Sydney NSW 2000
Phone: (02) 9248 4057


QANTAS AIRWAYS: Tycoon May Threaten Merger with Valuair
-------------------------------------------------------
A high-profile entrepreneur may be moving to spoil a reported
merger agreement between Qantas Airways' budget unit Jetstar
Asia and Singapore's Valuair, The Australian reports.

Tony Fernandes is seen as a threat to the proposed team-up with
a counterbid for Valuair. His Malaysia-based carrier, AirAsia,
had reportedly offered to buy Valuair for SG$20 million.

The report said AirAsia could stop losses at Valuair within two
months with measures that included leasing two of the Singapore
carrier's four aircraft and axing unprofitable medium-haul
routes. Queries to AirAsia yesterday went unanswered.

AirAsia has been flying for three years and in 2004 formed joint
ventures in Thailand and Indonesia.

Qantas was still unable to confirm reports from Singapore of a
surprise deal between Valuair and Jetstar Asia that would see
Qantas funding the Valuair's share of a SG$50million (US$39.4
million) capital injection into a merged airline.

Media reports earlier revealed the troubled low-cost carriers
had restarted on and off discussions after canceling them a week
ago.

The Singapore shake-up comes as both Jetstar and Valuair have
been struggling in a region where 16 low-cost carriers are
either flying, or about to start operations.

Qantas owns 49 percent of Jetstar Asia and has already
contributed sg$50 million to its start-up war chest. The
remainder is owned by Temasek and two Singaporean businessmen.

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


SECURIX AUSTRALIA: Creditors Accept Proposed DOCA
-------------------------------------------------
Securix Corporation Limited announced that the creditors of its
subsidiary Securix Australia Pty Ltd, which has been under
Voluntary Administration since June 16, 2005, supported a
proposed Deed of Company Arrangement (DOCA) at a meeting of
creditors Friday which will see SAPL staff entitlements paid out
in full.

The DOCA will require a contribution from SXC, which is capped
at $200,00 to top up any shortfall to ensure that such
entitlements are paid in full.

The Company currently estimates that this contribution will be
less than $100,000.


SKILLFORM MANAGEMENT: Federal Court Demands Liquidation
-------------------------------------------------------
On June 10, 2005, the Federal Court of Australia issued a
winding up order on Skillform Management Pty Limited, and
appointed Steven Nicols to be the Official Liquidator of the
Company.

Steven Nicols
Liquidator
Level 2, 350 Kent Street
Sydney NSW 2000


S&W KITCHENS: Inability to Pay Debts Prompts Wind-up Action
-----------------------------------------------------------
Notice is hereby given that at a meeting of S&W Kitchens Pty
Limited held on June 14, 2005, the following Special Resolution
was passed:

That as the Company is unable to pay its debts as and when they
fall due, the Company be wound up voluntarily, and that Robert
Moodie be appointed Liquidator for the winding up.

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


TINNERMUK PTY: Begins Liquidation Process
-----------------------------------------
Notice is hereby given that at an extraordinary general meeting
of members of Tinnermuk Pty Limited held on June 14, 2005, it
was resolved that the Company be wound up voluntarily.

At a meeting of creditors held on the same day, it was resolved
that for such purpose, Stephen Brennan and Eddie Senatore of
Senatore Brennan Rashid, Level 7, 28 University Avenue, Canberra
ACT 2601 be appointed jointly and severally as Liquidators.

Dated this 14th day of June 2005

Stephen Brennan
Eddie Senatore
Liquidators
Senatore Brennan Rashid
Level 7, 28 University Avenue
Canberra ACT 2601
Phone: (02) 6214 6700
Fax:   (02) 6214 6799


TOWNS HAULAGE: Pays Dividend to Creditors Next Week
---------------------------------------------------
Towns Haulage (Victoria) Pty Limited is set to declare a first
and final dividend on July 25, 2005.

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

Dated this 14th day of June 2005

Andrew Mclellan
Liquidator
Towns Haulage (Vic) Pty Ltd
c/o PPB Chartered Accountants
Level 10, 90 Collins Street
Melbourne Vic 3000


VANBALKINSON MARKETING: Supreme Court Issues Winding Up Order
-------------------------------------------------------------
On June 14, 2005, the Supreme Court of New South Wales, Equity
Division issued a order to wind up Vanbalkinson Marketing Pty
Limited, and appointed Steven Nicols for such purpose.

Dated this 14th day of June 2005

STEVEN NICOLS
Level 2, 350 Kent Street
Sydney NSW 2000


WINCRAFT PTY: Placed Under Voluntary Liquidation
------------------------------------------------
At a general meeting of the members of Wincraft Pty Limited
convened and held on June 14, 2005, the following special
resolution was duly passed:

That the Company be wound up voluntarily.

Dated this 17th day of June 2005

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


WOODSTOCK AUSTRALIA: Liquidation Clouds Festival's Future
---------------------------------------------------------
The famous Woodstock music festival is likely to be ruined, as
the Woodstock Festival Australia Pty Ltd was put in liquidation
last month after falling under voluntary administration in May.

The Redcliffe Bayside Herald reported the Woodstock Festival
collapsed after only its second year of operation due to hefty
debts of about AU$1 million.

Around one-third of the debt is personally guaranteed by
director Wayne Atkinson.

It is understood that several Redcliffe investors, including
real estate consultant Andrew Reibelt, also will be out of
pocket after the Company's liquidation.

Mr. Reibelt is certain he would lose "substantial amounts"
invested in the Company.

Meanwhile, Mr. Atkinson said he believed the liquidation of the
Company would ruin the festival's future.

"What this has done has shot the hell out of Woodstock, as we
have creditors going crazy for their money and the
administrators moving in," Mr. Atkinson said.

Mr. Atkinson said that, if the festival were resurrected, it
would be hard to maintain credibility in an industry where "bad
news travels fast".

"It was growing every year and next year we would have looked at
20,000 to 30,000 people, but credibility is the biggest killer,"
he added.


* ASIC Prosecutes 20 Directors in Sydney
----------------------------------------
Twenty Company directors and two companies were prosecuted by
the Australian Securities and Investments Commission (ASIC), in
the Sutherland Local Court, in Sydney, recently in relation to
contraventions of the Corporations Act 2001.

Fines and costs totaling AU$68,886 were imposed.

The offences related to:

(1) Failing to assist official liquidators in their
investigation of failed companies by not providing the Report as
to Affairs and the Company books and records;

(2) Failing to update the ASIC register with relevant Company
address details.

"ASIC will not hesitate to take action against directors who
fail to fulfill their responsibilities," ASIC's Director of
National Assessment and Action, Mr. Adrian Borchok said.

"Company officers need to ensure that they provide external
administrators with the necessary information to ensure the best
return for creditors and employees of failed companies.

"Instances of Company officers failing to update ASIC registers
with information about their companies and officers are serious
breaches of the law, particularly if it is an attempt to thwart
creditors' efforts to recover debts," Mr. Borchok added.

A list of the persons and companies prosecuted is available at:
http://bankrupt.com/misc/TCRAP_ASIC072205.pdf.


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

ARTFIELD GROUP: FY/2005 Net Loss Narrows to HK$2.7 Mln
------------------------------------------------------
Artfield Group (1229) posted a net loss of HK$2.67 million for
the fiscal year ended March 31, compared to a net loss of
$16.538 million a year ago.

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                           : 238,300            229,925
Profit/(Loss) from Operations      : 153                (12,721)
Finance cost                       : (3,185)            (3,527)
Share of Profit/(Loss) of
  Associates                       : 765                N/A
Share of Profit/(Loss) of
  Jointly Controlled Entities      : N/A                0
Profit/(Loss) after Tax & MI       : (2,670)            (16,538)
% Change over Last Period          : N/A       %
EPS/(LPS)-Basic (in dollars)       : (0.0102)           (0.0687)
         -Diluted (in dollars)     : N/A                N/A
Extraordinary (ETD) Gain/(Loss)    : N/A                N/A
Profit/(Loss) after ETD Items      : (2,670)            (16,538)
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 Annual
  General Meeting                  : 18/08/2005         to
25/08/2005 bdi.
Other Distribution for             : N/A
  Current Period

B/C Dates for Other
  Distribution                     : N/A

No diluted loss per share for the years ended March 31, 2005 and
2004 has been presented as the warrants and share options
outstanding during both years had an anti-dilutive effect on the
basic loss per share for both years.

CONTACT:

13/F Universal Industrial Centre
19-21 Shan Mei Street
Fo Tan, New Territories
Phone: 26985388
Fax: 26950075
Web site: http://www.artfield.com.hk


BILLION HOPE: Enters Winding Up Proceedings
-------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Billion Hope Holdings Limited by the High Court of Hong Kong
Special Administrative Region was on June 27, 2005 presented to
the said Court by Deson Development Limited whose registered
office is situate at 11th Floor, Nanyany Plaza, 57 Hung To Road,
Kwun Tong, Kowloon, Hong Kong.

The said Petition is to be heard before the Court at 9:30 a.m.
on August 31, 2005.

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

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

TSANG & LEE
Solicitors for the Petitioner
1510-12, 15th Floor, Nan Fung Tower
173 Des Voeux Road Central
Central, Hong Kong

Note:

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


BANK OF COMMUNICATIONS: Vice Chairman Qiao Wei Resigns
------------------------------------------------------
The Board of Directors of Bank of Communications Co., Ltd.
announces that Mr. Qiao Wei has resigned from his post as an
Executive Director, Vice Chairman of the Board and Executive
Vice President of the Company, Mr. Or Ching Fai has resigned
from his post as non-executive director of the Company and
member of the audit committee of the Board and Mr. Li Ruge has
resigned from his post as non-executive director of the Company.

All three resignations will take effect from 1 Mr. Qiao Wei
resigned because he has reached retirement age. Mr. Or Ching Fai
resigned because he has been appointed as the chief executive
officer of Hang Seng Bank Limited. Mr. Li Ruge resigned due to
his job reassignment and he no longer holds any position in
Shandong Electric Power Corporation.

Each of Mr. Qiao Wei, Mr. Or Ching Fai and Mr. Li Ruge has
confirmed that there is no disagreement with the Board and there
is no matter relating to his resignation that needs to be
brought to the attention of the shareholders of the Company. The
Board takes this opportunity to acknowledge the contributions
of Mr. Qiao Wei, Mr. Or Ching Fai and Mr. Li Ruge to the
Company, with the highest regard and deepest

By Order of the Board
Zhang Jixiang
Company Secretary

CONTACT:

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


CHINA SOUTHERN: Jianying to Bailout Brokerage Firms
---------------------------------------------------
China Jianying Investment has won approval to sell CNY10 of
bonds in the third quarter this year in a move to revive the
country's ailing brokerage firms, The Standard reports.

The proceeds will help in the bailout China Southern Securities,
Huaxia Securities and China Technology Securities, the China
Securities Journal said Thursday.

The Securities and Futures Commission (SFC) recently 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.


CHUN YIP: Court to Hear Wind-up Petition September 7
----------------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Chun Yip Electronic Manufacturing Limited by the High Court of
Hong Kong Special Administrative Region was on July 8, 2005
presented to the said Court by Bank of China (Hong Kong) Limited
(the successor banking corporation to Kincheng Banking
Corporation pursuant to Bank of China (Hong Kong) Limited
(Merger) Ordinance (Cap.1167) whose registered office is
situated at 14th Floor, Bank of China Tower, 1 Garden Road, Hong
Kong.

The said Petition is to be heard before the Court at 10 a.m. on
September 7, 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.

ROWLAND CHOW, CHAN & CO.
Solicitors for the Petitioner
15th Floor, Wing Lung Bank Building
No. 45 Des Voeux Road Central
Central, Hong Kong

Note: Any person who intends to appear at the hearing of the
said petition must serve on or send by post to the abovenamed,
notice in writing of his intention to do so.  The Notice must
state the name and address of the person, or if a firm or his or
their Solicitor (if any) and must be served or if posted, must
be sent by post in sufficient time to reach the abovenamed not
later than six o'clock in the afternoon of September 6, 2005.


FOREFRONT MOTORS: Appoints Joint, Several Liquidators
-----------------------------------------------------
By order of the High Court of the Hong Kong Special
Administrative Region, dated March 31, 2005, Kelvin Edward Flynn
and Cosimo Borrelli of Alvarez & Marsal Asia Limited, 5th Floor,
Allied Kajima Building, 138 Gloucester Road, Wanchai, Hong Kong
have been appointed as Joint and Several Liquidators of
Forefront Motors (Hong Kong) Limited (In Compulsory Liquidation)
without a committee of inspection.

Dated this 22nd day of July 2005.
Kelvin Edward Flynn
Joint and Several Liquidator
Forefront Motors (Hong Kong) Limited


HAITONG SECURITIES: Brokerage Incurs CNY216-Mln Loss
----------------------------------------------------
Haitong Securities posted a first-half loss of CNY216.9 million
(HK$203.88 million) as stock markets slumped and the government
suspended new share sales, The Standard reports.

"The stock market slump has devastated companies' brokerage and
asset-management businesses," said Qiu Zhicheng, Shanghai-based
analyst at Xiangcai Securities.

"To make things worse, the government has suspended new share
sales."

China wants to revitalize brokerages by shutting down ailing
firms, injecting capital into others and encouraging
acquisitions.

CONTACT:

Haitong Securities Tower
11th Floor Unit 08
No 689 Guang Dong Road
Shanghai 200001
People's Republic of China
Phone: 86 512 6361 8181
Fax: 86 512 6361 8180


HUAXIA SECURITIES: Citic, Jianyin May Acquire Securities Firm
-------------------------------------------------------------
Citic Securities Co. and China Jianyin Investment Ltd. may
acquire Huaxia Securities Co. for an undisclosed sum, reports
the China Knowledge Press, citing the International Finance
News.

The brokerage firms will set up a new Company after the
acquisition. Citic Securities will own 60 percent of the Company
and Jianyin Investment the balance, the reports.

The loss-making Huaxia Securities, also known as China
Securities, was set up in 1992 by the Industrial and Commercial
Bank of China, and then hived off in 1995 when the government
ordered banks to get rid of their securities operations.


LEADKEEN INDUSTRIAL: Winding Up Hearing Set August 24
-----------------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Leadkeen Industrial Limited by the High Court of Hong Kong
Special Administrative Region was on June 21, 2005 presented to
the said Court by The Hong Kong And Shanghai Banking Corporation
Limited whose registered office is situate at 1 Queen's Road
Central, Hong Kong.

The said Petition is to be heard before the Court at 9:30 a.m.
on August 24, 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.

JOHNSON STOKES & MASTER
Solicitors for the Petitioner
18th Floor, Prince's Building
10 Chater Road
Central, Hong Kong
(Ref: AWCL/H9/05/6722344/6)

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 23, 2005.


MINFA SECURITIES: Regulator Shuts Down Brokerage
------------------------------------------------
The China Securities Regulatory Commission has ordered the
closure of Minfa Securities as China aims to reorganize
struggling securities firms, Shenzhen Daily reports.

The regulator appointed China Orient Asset Management
Corporation to liquidate the Fuzhou-based securities company.
Creditors can register their claims by October 20.

Officials at the watchdog said the Company has been found guilty
of serious irregularities and ordered to be taken over by
Orient, one of China's four State-owned debt-clearing agencies.

Ninety percent of China's 130-odd brokers posted combined losses
of CNY15 billion last year, hit by a plummeting stock market and
accounting rules requiring higher bad-debt provisions, the China
Securities Association said.

CONTACT:

Minfa Securities Co., Ltd.
28F, Huanqiu Plaza, No. 158
Wu Si Road, Fuzhou, Fujian Province, P.R.C.
Tel: (0519) 7853127
Fax: (0519)7839338
Postcode: 350003
Web site: http://www.mfzq.com.cn


MOULIN GLOBAL: Winding Up Hearing Fixed August 24
-------------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Moulin Global Eyecare Trading Limited (formerly known as Moulin
Optical Manufacturing Limited) by the High Court of Hong Kong
Special Administrative Region was on June 21, 2005 presented to
the said Court by The Hong Kong And Shanghai Banking Corporation
Limited whose registered office is situate at 1 Queen's Road
Central, Hong Kong.

The said Petition is to be heard before the Court at 9:30 a.m.
on August 24, 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.

JOHNSON STOKES & MASTER
Solicitors for the Petitioner
18th Floor, Prince's Building
10 Chater Road
Central, Hong Kong
(Ref: AWCL/H9/05/6722344/6)

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 23, 2005.


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

PERTAMINA: Set to Temporarily Close Dumai Refinery
--------------------------------------------------
State-owned oil and gas firm PT Pertamina is set to shut down
its Dumai refinery for maintenance reasons on July 23, 2005,
reports Dow Jones.

The Company was scheduled to shut down its refinery located in
Riau, central Sumatra, for 21 days earlier this month for
maintenance.

But according to Company director Suroso Atmomartoyo, they
decided to delay the shutdown for another two weeks, so as to
continue producing more oil to cope with increased national
demand and the lack of supply.

Pertamina spokesmen did not say for how long the refinery would
remain closed.

The Dumai oil refinery yields up to 120,000 barrels of fuel
per day, and is one of the Company's nine oil refineries, which
produce 1 million barrels of oil daily.

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


PERTAMINA: Refuses to Sign Cepu Contract with ExxonMobil
--------------------------------------------------------
State oil firm PT Pertamina said that it would not be the one to
sign a contract agreement with U.S. energy firm ExxonMobil,
Tempo News reports.

According to Pertamina commissioner Umar Said, the Company's
directors are not the ones who would sign the contract, as the
state oil and gas law stipulates that a subsidiary of the
Company is the one that would have to sign such contract.

Hence, the Company is currently setting up a subsidiary firm, to
be called Pertamina Cepu, which is expected to begin operations
by the end of this month.

Mr. Said added that since the negotiating team of Pertamina and
ExxonMobil (U.S.) had already reached an agreement (in
principle), Pertamina Cepu must draw up the contract for
signing.

Head of the Pertamina negotiating team Martiono Hadianto had
signed the agreement in principle with ExxonMobil team chairman
Stephen Greenlee, where such agreement covers profit sharing
(depending on global oil prices) and participating interest for
both firms.


SEMEN GRESIK: Sales in First Half of 2005 Up by 3.8%
----------------------------------------------------
State cement maker PT Semen Gresik said that its sales had risen
3.8% to 7.56 million metric tons from January to June 2005,
reports Dow Jones.

The Company reported that even with a sharp 17% slide in exports
(down to 878,530 tons) its local cement sales increased 7.3% to
6.66 million ton, although its didn't explain the increase in
sales.

At present, Semen Gresik produces 44% of the national supply for
cement. It is operating at full capacity of around 6.9 million
tons. But with changes to some of its plants, the Company may
produce up to 7.5 million tons of cement by the end of the year.

Semen Gresik is 51% owned by the Indonesian government, while
Mexican cement firm Cemex SA de CV (CX) owns another 25.53% in
the firm.

CONTACT:

PT Semen Gresik (Persero) Terbuka
Jalan Veteran
Gresik 61122
Indonesia
Phone: +62 31 398 1731-2/1745
Fax:   +62 31 398 3209/3972 2264


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

MATSUSHITA ELECTRIC: Executes Own Share Repurchase
--------------------------------------------------
Matsushita Electric Industrial Co., Ltd. (MEI (NYSE symbol:
MC)), best known for its Panasonic brand, announced that it has
repurchased a portion of its own shares from the market in
conformity with provisions of Article 211-3, Paragraph 1, Item 2
of the Japanese Commercial Code.

Details of the share repurchase are as follows:

1. Class of shares: Common stock

2. Period of repurchase: Between July 1, 2005 and July 21, 2005

3. Aggregate number of shares repurchased: 8,670,000 shares

4. Aggregate repurchase amount: 14,998,313,000 yen

5. Method of repurchase: Shares were repurchased on the Tokyo
Stock Exchange

(Reference 1)

1) The following details were resolved at the Board of Directors
meeting held on April 28, 2005:

Class of shares: Common stock

Aggregate number of repurchasable shares: Up to 120 million
shares

Aggregate repurchase amount: Up to 150 billion yen

2) Cumulative total of shares repurchased since the April 28,
2005 Board of Directors resolution through today:

Aggregate number of shares repurchased: 30,175,000 shares

Aggregate repurchase amount: 49,998,055,000 yen

(Reference 2)

The number of shares issued and treasury stock as of March 31,
2005:

Total number of shares issued (excluding treasury stock):
2,258,357,710 shares

Treasury stock: 194,695,787 shares

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


MATSUSHITA ELECTRIC: Introduces CCD Digital Cameras
---------------------------------------------------
Panasonic, the leading brand for which Matsushita Electric
Industrial Co., Ltd. is well known, has launched three new LUMIX
digital still cameras. They include the DMC-FX9 in the compact
and stylish FX series, the DMC-FZ30 in the super zoom FZ series
and the DMC-LX1 in the new wide mode LX series. The LX1 is the
first digital still camera featuring a CCD, which supports a
16:9 wide screen width to height ratio (aspect ratio). They will
be available in Japan on August 26 and released worldwide from
August this year.

"We set a new standard in compact digital camera photography
with our optical image stabilizer. Now, we are introducing a
unique 16:9 aspect ratio and a powerful 19x zoom in this field.
I believe our bold steps will hasten the evolution of digital
still cameras to respond to a wide range of consumers' tastes,"
Mr. Shunzo Ushimaru, Director, Corporate Marketing Division for
Panasonic Brand in Japan, commented.

All the three models feature Panasonic's highly acclaimed MEGA
O.I.S. (optical image stabilizer), a must for small and light-
weight cameras, to compensate for hand shaking. As with the
previous models, they are equipped with high-quality Leica DC
Vario-Elmarit lenses and the Venus Engine image processors, the
Venus Engine II for the FZ30 and LX1 and Venus Engine Plus for
the FX9.

The 6-megapixel 3x optical zoom DMC-FX9 packs every essential
feature needed for a compact digital camera in a well-designed
slim and fashionable body. The FX9 has a large 2.5-inch LCD
monitor for displaying 207,000-pixel high-resolution images for
clear viewing and reviewing. In daylight, the Power LCD can
boost the backlight brightness by 40 percent for easy viewing.

The FX9 has five focusing modes: 5-point, 3-point high-speed, 1-
point high-speed, 1-point normal speed and Spot. The 1-point
high-speed mode enables 0.27 second quick focusing.

The model incorporates the efficient Venus Engine Plus image
processor. The LSI reduces the power consumption by 30 percent
compared to the Venus Engine II while enabling quick response
and high-quality imaging. Coupled with a larger battery, this
94.1 x 50.5 x 24.2 mm compact camera can shoot 270 pictures per
battery charge. The FX9 comes in silver, red, black and gray.

The DMC-LX1 has an 8.4-megapixel 1/1.65-inch 16:9 CCD to capture
images in a true high-definition wide screen mode with true-to-
life color and texture. Together with a 4x optical zoom 28-mm
wide-angle lens, it gives more depth and scope to the pictures.
The images stored on the SD Memory Card can be viewed on a wide-
screen TV such as Panasonic Viera flat-panel TV without image
distortion.

The 105.7 x 55.8 x 25.6 mm compact camera offers extensive
manual controls including manual focus and manual exposure. To
set exposure, aperture (wide: F2.8-8.0, telephoto: F4.9-8.0) and
shutter speed (60-1/2000 sec.) can be determined individually
for desired photographic effects. The DMC-LX1 comes with a
unique joy stick for easy operation. It enables users to set the
shutter speed, control manual focus and shortcut to a menu
containing frequently used settings. The LX1, equipped with the
same 2.5-inch LCD monitor as the FX9, is available in black and
silver.

The FX9 and LX1 adopt Extra Optical Zoom (EX) that extends the
zoom ratio by using the center part of the CCD. With EX, the FX9
and LX1 can achieve 4x and 5.6x, respectively, for 4:3 3-
megapixel recording.

For advanced users, the 8-megapixel DMC-FZ30, the high-end model
in the FZ series, comes with a 12x optical zoom and full manual
operation. The optical zoom lens system is comprised of 14 lens
elements in 10 groups including one extra-low dispersion (ED)
lens and three aspherical lenses. With EX, the FZ30 can extend
the 12x optical zoom up to 19x for 4:3 3-megapixel image
recording.

MEGA O.I.S. delivers perfect telephoto shots without a tri-pod
as it detects every slightest hand shake by sampling images
4,000 times per second.

Manual focus and zoom rings allow for fine adjustment and
artistic photography similar to traditional film cameras. The
ring-type manual controls not only provide quick and smooth
operation but also give the photographer joy of creative picture
taking.

The FZ30 comes with a free-angle 235,000-pixel high-resolution
2.0-inch LCD monitor to support high- and low-angle shooting.
The model is available in black and silver.

The three models offer switchable aspect ratio options. Users
can easily select 4:3, 3:2 or 16:9 when shooting. Other common
features include video and audio recording capability. The FX9
and FZ30 can capture moving images at 640 x 480 VGA and the LX1
at 848 x 480 Wide VGA at 30 frames per second.

For further information about LUMIX digital still cameras, visit
the LUMIX web site at http://panasonic.co.jp/pavc/global/lumix/.

About Panasonic

Best known by its Panasonic brand name, Matsushita Electric
Industrial Co., Ltd. is a worldwide leader in the development
and manufacture of electronic products for a wide range of
consumer, business, and industrial needs. Based in Osaka, Japan,
the Company recorded consolidated net sales of US$81.44 billion
for the year ended March 31, 2005. The Company's shares are
listed on the Tokyo, Osaka, Nagoya, New York (NYSE:MC), Euronext
Amsterdam and Frankfurt stock exchanges. For more information on
the Company and the Panasonic brand, visit the Company's website
at http://panasonic.co.jp/global/index.html.

MEDIA CONTACTS:

Akira Kadota
International PR
Phone: +81-3-3578-1237
Fax: +81-3-3436-6766
Panasonic News Bureau
Phone: +81-3-3542-6205
Fax: +81-3-3542-9018


SOJITZ HOLDINGS: Details Dissolution of Subsidiary
--------------------------------------------------
Sojitz Holdings Corporation announced the details of its
decision to dissolve a subsidiary Company.

Details of the subsidiary to be dissolved are briefly, as
follows.

1. Firsthands Corporation

(1) Company Profile

a. Address: 6-1-20 Akasaka, Minato-ku, Tokyo
b. Representative: Yukihisa Matsumoto
c. Activities: Semiconductor, electronic component and PC-
related equipment sales over the Internet
d. Establishment: October 2001
e. Paid-in Capital: JPY250 million
f. Shareholders: Sojitz Corporation (51.1%), Ebistrade Inc.

(15%), Sojitz (Hong Kong) Ltd. (6%)

(2) Reason for Dissolution

The subsidiary was established to conduct semiconductor,
electronic component and PC-related equipment sales over the
Internet. However its core business has continued to slump in
fundamentals and there is no prospect of recovery. As a result,
Sojitz Holdings commits to withdraw from this business, which
will subsequently be dissolved.

(3) Outlook

Sojitz Holdings plans to complete proceedings in connection with
the liquidation of the aforementioned Company in October 2005.

Although Sojitz Holdings expects to incur a loss on a
consolidated basis in accordance with the dissolution of the
aforementioned subsidiary, no effect is anticipated on the
Sojitz Holdings' forecast for the fiscal year ending March 31,
2006.

CONTACT:

Sojitz Holdings Corporation
Takeshi Yoshimura, General Manager
Public Relations Dept.
Phone: + 81-3-5520-3404


TOSHIBA CORPORATION: To Install New 200mm Production Facility
-------------------------------------------------------------
Toshiba Corporation and Iwate Toshiba Electronics Co., Ltd
(Iwate Toshiba) announced that they would construct a new
semiconductor production line based on 200mm wafers at Iwate
Toshiba, a consolidated subsidiary of Toshiba based in Iwate
prefecture, northern Japan. The new line will produce driver ICs
for liquid crystal displays and power metal-oxide semiconductor
field effect transistors (MOSFET).

Iwate Toshiba constructed a building in 1997 as the first step
to boosting production capacity with a new production line. In
the face of deteriorating market demand, the Company shelved the
plan, mid-way through installation of the clean room.

With demand growing for LCD driver ICs for LCD panels in mobile
equipment such as mobile phones, and for Power MOSFET to control
current in power supply in PCs and home appliances, Toshiba and
Iwate Toshiba decided to construct a new mass production line
for those devices.

Overall investment in the new line is expected to be in the
order of 10 billion yen. Mass production will start in the
latter half of fiscal year 2005 for Power MOSFET and in the
first half of fiscal year 2006 for LCD driver ICs. Monthly
capacity will reach 3,750 wafers for LCD drivers and 5,000
wafers for Power MOSFET in the first half of fiscal year 2006.

Iwate Toshiba, a production site for CMOS image sensors
(DynastronTM), microcontrollers and LCD driver ICs, is a key
manufacturing facility in Toshiba Group's System LSI business.

Toshiba's strategy for responding to growing demand for Power
MOSFET also includes installation of a new 200mm wafer
production line at Toshiba Himeji Operations-Semiconductor, in
Hyogo Prefecture. Himeji Operations-Semiconductor and Iwate
Toshiba will cooperate in mass production of Power MOSFET.

By utilizing the building at Iwate Toshiba, and transferring
equipment from other Toshiba facilities, Toshiba will optimize
Group-wide investment efficiency and also achieve an earlier
date for volume production.

Overview of Iwate Toshiba Electronics Co., Ltd

Location: 6-6, Kitakogyodanchi, Kitakami, Iwate Pref.
Established: January 20, 1973 President and
Representative Director: Kawata Tsuneo
Employees: Approx. 1,800
Capitalization: 15 billion yen
Main Products: CMOS image sensors (DynastronTM),
Microcontrollers and LCD driver ICs

Note: DynastronTM is a trademark of Toshiba Corporation

CONTACT:

Toshiba Corporation
1-1-1 Shibaura, Minato-ku, Tokyo, Japan
Contact: Naoto Hasegawa, General Manager
Corporate Communication Office
Phone: 81 3 3457 2096


TOSHIBA CORPORATION: Commercializes SMIA-compliant Modules
----------------------------------------------------------
Toshiba Corporation has announced its decision to develop and
commercialize camera modules that are compliant with the
Standard Mobile Imaging Architecture (SMIA) specification
proposed by Nokia and STMicroelectronics.

In recent years Toshiba has made a significant contribution to
the growth of the camera phone market through its CMOS Image
Sensor family of high performance, miniature camera modules.
Development and commercialisation of products in the 1.3 and 2
Megapixel range in 2005 and 2006, coupled with the commitment to
the SMIA standard, will further support this growth.

Discussing the Company's decision to develop products that meet
the SMIA specification, Mr. Murao, General Manager of Toshiba
System LSI Div I, comments: "The camera module market is growing
rapidly and there are increasing demands for standardisation of
the specifications. To help meet those demands with proven, high
performance solutions, Toshiba has decided to develop and
commercialise camera modules that will be compliant with the
SMIA standard."

Introduced by Nokia and STMicroelectronics in 2004, SMIA is an
open standard for use by all companies manufacturing, buying or
specifying miniature integrated camera modules for use in mobile
applications. The standard defines a highly flexible imaging
sensor resolution and is applicable to three types of compact
camera modules using a serial interface with a reduced number of
pins.

About Toshiba

Toshiba Corporation is a leader in information and
communications systems, electronic components, consumer products
and power systems. The Company's integration of these wide-
ranging capabilities assures its position as an innovator in
advanced components, products and systems. Toshiba has more than
161,000 employees worldwide and annual sales of over US$53
billion (FY2003).

Toshiba Electronics Europe (TEE) is the European Headquarters
for the electronic components business of Toshiba Corporation,
which is the world's fourth largest semiconductor vendor
according to estimates by Dataquest.

Providing design, manufacturing, marketing and sales, TEE was
formed in 1973 in Neuss, Germany. The Company now has
headquarters in Dsseldorf, Germany and subsidiaries in France,
Germany, Italy, Spain, Sweden and the United Kingdom. Company
president is Mr Shikama and the total number of personnel in
Europe is around 400.

Toshiba Electronics Europe offers one of the industry's broadest
IC and discrete product lines including high-end memory,
microcontrollers, ASICs, ASSPs and display products for
automotive, multimedia, consumer, telecoms and networking
applications. The Company also has a wide range of power
semiconductor solutions.

For more Company information visit Toshiba's web site at
http://www.toshiba-components.com


USJ COMPANY: Shareholders OK Goldman Sach's Revival Plan
--------------------------------------------------------
Shareholders of theme park operator USJ Co. has given the go-
ahead signal for the Company's revival plan, including JPY25
billion yen in new capital, Kyodo News reports.

The plan calls for issuing JPY25 billion in preferred shares -
JPY20 billion to GS Capital Partners, a Goldman Sachs Group Inc.
unit, and JPY5 billion to the state-run Development Bank of
Japan.

The rescue scheme also features a proposal to invite three
people from the GS group and the DBJ as part-time directors.

Of the money raised through the new share issue, USJ will use
JPY20 billion to cut debt and JPY5 billion for paying brand-
usage fees to Universal Studios Inc. of the United States.


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

ASIANA AIRLINES: Travel Industry Praying for Strike's End
---------------------------------------------------------
The pilot's strike at Asiana Airline has stirred the travel
industry as it reached fifth day, according to Digital
Chosunilbo.

Cancelled flights caused travel businesses to acquire losses.
Around a third of 200 customers who made reservations have
cancelled.  Tourists are mostly affected by a prolonged strike,
as they will have trouble getting to their vacation
destinations.  Travel agencies would then face both reduced
sales and customer complaints.

The only consolation the industry can get is that international
flights are still operating normally, but how long the strike
would be remains uncertain.

In an ominous sign, some flights to Australia have been
cancelled and others bound for Japan and China switched to other
carriers. Moreover, Asiana only tells travel agents a day in
advance whether overseas flights will operate as scheduled.

The travel industry fears that popular holiday destinations like
Southeast Asia and Australia could be disrupted, especially that
peak season falls in July and August.  If it comes to that
point, it would make a great impact to the industry because
tourists heading for the said destinations account for 40 to 50
percent of the total customers of the industry.

Most of the experienced pilots that joined the strike fly the
large aircraft used on the Seoul-Australia route, thus the
travel industry would suffer bigger losses on that area once the
strike is prolonged. Substitute pilots and smaller planes could
not compensate the loss due to numbers of passengers that were
not accommodated.

CONTACT:

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


ASIANA AIRLINES: Strike Could Push Losses Further
-------------------------------------------------
Asiana Airlines booked KRW8.6 billion in losses in the second
quarter, resulting from a surge in fuel costs, reveals Yonhap
News.

The carrier's operating loss reached KRW1.2 billion. Sales went
up 3.5 percent from the previous quarter to KRW751.3 billion for
the April-June period.

Fuel costs jumped 51.7 percent, or 48.9 billion won, from a year
ago due to soaring oil prices, it said.

Asiana unionized pilots have been on strike since Sunday.  The
strike is seen to make a major impact to Asiana's financial
condition.


ASIANA AIRLINES: Another Settlement Talk Fails
----------------------------------------------
Asiana Airlines and striking pilots still did not reached common
ground Thursday as the strike entered its fifth day, Asia Pulse
reports.

Some 13 key issues were not resolved as both reopened
negotiations at 10:00 a.m.  The conflicting parties scheduled
another line of talks Friday.

Several negotiations have materialized since Sunday, but to no
avail. The latest round got underway after the public and
political parties harshly criticized the union and management
for creating a disturbance during the summer peak season.

Union demands include improved working conditions to safeguard
the flights.  Asiana said the proposal go beyond what it can
accept.

The pilot's key demands are that the retirement age be extended
from 55 to 58, travel hours between flights be counted as part
of pilots' annual 1,000-hour flight duty, and female pilots
receive two years of paid maternity leave in addition to the
legally guaranteed 90 days.

Out of the airlines' 830 pilots, 510 are union members.


CITIBANK KOREA: Financial Watchdog Launches Probe
-------------------------------------------------
The Financial Supervisory Service has commissioned a probe into
Citibank Korea Inc. for suspicions of deceiving customers by
charging unfairly high interest mortgage loans in late 2002,
Asia Pulse reports.

The investigation came a day after the Company's employees union
filed a lawsuit on the same charges.

The financial overseer asked Citibank Korea to submit documents
relating to the mortgage loan product to assist with its
investigation.

The union claimed that a former South Korean branch of Citigroup
gained an extra KRW7.4 billion by imposing higher interest rates
on mortgage loans than promised to customers earlier.

The branch had promised to apply floating interest rate but
instead applied fixed rates when the market rates were falling
at the end of 2002.

According to Citibank Korea, at that time it was not able to
apply floating rates because its funding costs were relatively
high.  The decision was also in line with market condition at
the time.

Citibank Korea emerged as a result of a merger between the
group's local banking branch and KorAm Bank.  Citigroup bought
KorAm Bank in April before merging it with with its South Korean
unit last November.

CONTACT:

Citigroup PAO Office
Citibank Korea Inc.
39, Da-Dong, Chung-gu
Seoul, Korea 100-180
Telephone: 82-2-3455-2114
Fax: 82-2-3455-2966

Media Matters
Sun-Oh Park
Telephone: 82-2-3455-2340

Administrative Matters
Kun-Sang Kim
Telephone: 82-2-3705-0609


DAEWOO PRECISION: Picks Hyosung as Preferred Bidder
---------------------------------------------------
Hyosung Corp. was chosen Thursday as preferred bidder for
creditor-controlled Daewoo Precision Industries Co., Asia Pulse
relates.

If the acquisition has been concluded it would pave the way for
Hyosung to enter the auto parts industry. Daewoo Precision is
the former software and auto parts unit of the now-defunct
Daewoo Group

Creditors of the Company scrapped talks with KTB Networks Co.-
led consortium on the Company's sale since the negotiations have
been dragged out.  Since then the creditors have been pushing to
pick a preferred bidder for the Company.

Daewoo Precision formerly under the umbrella of Daewoo Group was
separated in 2002.  Daewoo Group filed for bankruptcy in 1999.

CONTACT:

Daewoo Precision Industries, Ltd.
5, Songjong-Ri, Cholma-Myon
Gijang-Gun, Pusan-Shi 626-875
Korea (South)
Telephone: +82 51 5092114 / +82 51 5083339


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

ANCOM BERHAD: Purchases Ordinary Shares on Buy Back
---------------------------------------------------
Ancom Berhad issued to Bursa Malaysia Securities Berhad a notice
of shares buy back dated July 18, 2005 with the following
details:

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

Total number of shares purchased (units): 52,700

Minimum price paid for each share purchased (MYR): 0.720

Maximum price paid for each share purchased (MYR): 0.750

Total consideration paid (MYR):

Number of shares purchased retained in treasury (units): 52,700

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

Cumulative net outstanding treasury shares as at to-date
(units): 11,383,500

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

CONTACT:

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


CAMERLIN GROUP: Updates Mandatory Offer to Associate Firm
---------------------------------------------------------
Camerlin Group Berhad informed Bursa Malaysia Securities Berhad
that its associated Company, BIL International Limited (BIL),
has released the announcements in relation of:

(1) Mandatory conditional cash offer by High Glory Investments
Limited For BIL

(2) Request for lifting of trading halt

(3) Notice of a substantial shareholder's interest & Notices of
a change in the percentage level of substantial shareholders'
interests.

Click to view copies of BIL's announcements dated 14 July 2005.
http://bankrupt.com/misc/CamerlinGroupA071805.pdf
http://bankrupt.com/misc/CamerlinGroupB071505.pdf
http://bankrupt.com/misc/CamerlinGroupC071805.pdf

This announcement is dated 18 July 2005.

CONTACT:

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


CAMERLIN GROUP: Offer Does Not Cover Firm
-----------------------------------------
Camerlin Group Berhad issued a reply to Bursa Malaysia
Securities Berhad's query letter.

Pursuant to the terms of the Offer announced on July 14, 2005,
High Glory Investments Limited, the Offeror, will make the Offer
for all the shares in the capital of BIL International Limited
not already owned, controlled or agreed to be acquired by the
Offeror and parties acting in concert with the Offeror.

As Camerlin Group Berhad is a subsidiary of Guoco Group Limited
which in turn is the holding Company of High Glory Investments
Limited, the Offer will not extend to Camerlin Group Berhad,
being a party acting in concert with the Offeror.

Query Letter content:

We refer to your Company's announcement dated July 14, 2005.
In respect of the Offer, please confirm whether your Company is
entitled to the Offer in respect of your Company's interest in
BIL International Limited and whether the Board of Directors has
decided to accept the Offer or otherwise.

Please furnish the Exchange with your reply for public release
within one (1) market day from the date hereof.

Yours faithfully

Lisa Lam
Sector Head, Issues & Listing
Group Regulations


CEPATWAWASAN GROUP: Receives Writ of Summons
--------------------------------------------
The Board of Directors of Cepatwawasan Group Berhad advised
Bursa Malaysia Securities Berhad that it has received Summons
No. 52-203 of 2005 from Tan Pang Tsen & Co. in respect of
statement of claim by the following former employees:

(1) Tsen Thau Tet (1st Plaintiff);
(2) Foo Kon Chen (2nd Plaintiff);
(3) Lim Su Leong (3rd Plaintiff); and
(4) Phang Wai Jye (4th Plaintiff),

Against the Company (1st Defendant) and its three subsidiaries,
namely,

(1) Syarikat Melabau Sdn. Bhd. (2nd Defendant);
(2) Kovusak Sdn. Bhd. (3rd Defendant); and
(3) Prolific Yield Sdn. Bhd. (4th Defendant).

For the stop payment of cheques which were issued by the former
directors of the Company who were removed by the shareholders in
an EGM on August 6, 2004 for the following payments:

- Gratuity payment of MYR82,619.62 and reimbursement of expenses
of MYR1,063.28 to the 1st Plaintiff;

- Gratuity payment of MYR14,159.85 and reimbursement of expenses
of MYR47.83 to the 2nd Plaintiff;

- Gratuity payment of MYR15,058.40 to the 3rd Plaintiff; and

- Payment in lieu of notice of termination of employment of
MYR14,370.71 to the 4th Plaintiff.

The Company and its subsidiaries are summoned to appear before
the Sandakan Sessions Court on August 4, 2005 to answer the
claim. The Company and its subsidiaries will be represented by
its solicitor to attend to the matter.

Dated this 18th 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


CHASE PERDANA: Seeks Extension of Scheduled Payments
----------------------------------------------------
Pursuant to the Restructuring Scheme of Chase Perdana Berhad
(CPB) Group, the Company informed Bursa Malaysia Securities
Berhad that it has, in 2003, issued the following loan stocks to
the holders:

(1) 3.5 percent redeemable convertible secured loan stock due
2003/2008 (RCSLS)

(2) 3.5 percent redeemable convertible unsecured loan stock due
2003/2008 (RCULS).

Pursuant to the RCSLS Issuing Agreements, all dated June 4,
2003, made between CPB and the RCSLS Holders, CPB is due to make
a 10 percent redemption amount and a 3.5 percent coupon payment
on the 2nd anniversary of the issuance of RCSLS, falling on July
18, 2005.

Pursuant to the RCULS Trust Deed dated June 4, 2003 made between
CPB and Bumiputra-Commerce Trustee Berhad (acting as trustee for
the RCULS Holders) (the Trustee), CPB is required to make a 3.5
percent coupon payment on the 2nd anniversary of the issuance of
RCULS, falling on July 18, 2005.

Proposed Rescheduling Of The 2nd Anniversary Redemption And
Coupon Payments

On July 14, 2005, CPB met with the RCSLS Holders and the Trustee
for the RCULS Holders and a proposal has been presented and
discussed, to reschedule the 2nd anniversary redemption and
coupon payments due on July 18, 2005 to July 18, 2006.

Although CPB has the cash at hand to make the required payments,
the proposed rescheduling is necessary in order to maintain a
higher liquidity position at the working capital level. This
will enable CPB to meet initial funding requirements for the
implementation of new projects currently being undertaken and
pursued by the Group. These new projects to be implemented over
the next six years are estimated to be worth approximately
MYR1.0 billion. If the time for the scheduled payments can be
extended by another year, CPB would have sufficient cash to
service all amount due to the RCSLS, RCULS and RCPS (redeemable
convertible preference shares) holders.

With the proposed rescheduling, CPB will be able to undertake
new projects, enhance its growth prospects while also ensuring
that future scheduled payments to the RCSLS, RCULS and RCPS
Holders are met.

Further discussions with the RCSLS and RCULS Holders on the
proposal are expected within the next 60 days before an
agreement can be made on the proposed rescheduling. Thus, the
2nd anniversary redemption and coupon payments will be deferred/
rescheduled until such time when a mutual agreement has been
arrived at between the parties concerned.
Financial Implications

CPB has to pay both the RCSLS and RCULS Holders late interest
payments on the outstanding principal and coupon due (the
outstanding principal and coupon due is as outlined in Table 1
below) at the rate of 4.5 percent per annum.

Legal Implications

Under the RCSLS Issuing Agreements

The RCSLS Holders may declare by notice in writing that all sums
payable to the Holders shall become immediately due and payable
whereupon the same shall become immediately due and payable. The
Holders shall also have the right to concurrently exercise all
or any other remedies available to recover all monies due and
owing, if agreements on the proposed rescheduling are not
forthcoming.

Under the RCULS Trust Deed

The Trustee, upon instructions from the Majority Holders of the
RCULS via a Special Resolution, may declare by notice in writing
that all sums payable to the Holders shall become immediately
due and payable whereupon the same shall become immediately due
and payable. The Trustee shall also have the right to
concurrently exercise all or any other remedies available to
recover all monies due and owing, if an agreement on the
proposed rescheduling is not forthcoming.

Click to view a copy of Table 1 - Amount of Principal and/or
Interests Due to RCSLS and RCULS as at July 18, 2005
http://bankrupt.com/misc/ChasePerdana071805.pdf

CONTACT:

Chase Perdana Berhad
Off Jalan Semantan Damansara Heights
50490 Kuala Lumpur, 50490
Malaysia
Telephone: +60 3 2718 3700 / +60 3 2094 0503


HAP SENG: Repurchases 10,500 Ordinary Shares
--------------------------------------------
Hap Seng Consolidated Berhad posted a notice of shares buy back
on July 18, 2005 with the following details:

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

Total number of shares purchased (units): 10,500

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

Maximum price paid for each share purchased (MYR): 2.130

Total consideration paid (MYR): 22,229.24

Number of shares purchased retained in treasury (units): 10,500

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

Cumulative net outstanding treasury shares as at to-date
(units): 32,854,000

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


GULA PERAK: Director Details Dealings in Securities
---------------------------------------------------
Gula Perak Berhad (GPB) advised Buras Malaysia Securities Berhad
that it had on July 14, 2005 received a notice from Mr. Lim Soo
Ka, a son to a Director of GPB, Tan Sri Dato' Lim Cheng Pow,
that he has entered into the following dealing in the securities
of the Company.

Name of    Opening    Transfer/  % of  Price  Closing    % of
person     Balance    Acquire or Share Per    Balance    Shares
connected  (Ordinary  (Disposal)       Share  (Ordinary
to a       Share @                            Share @
Director   MYR1.00                            MYR1.00

Lim Soo   Direct   12/07/2007   -     0.3800  20,444,650  4.47%
Ka        Interest             0.01%

CONTACT:

Gula Perak Berhad
Level 7, Dynasty Hotel
Kuala Lumpur 218, Jln Ipoh,
51200 Kuala Lumpur
Telephone: 03-4044 2828
Fax: 03-4044 6688


MAXIS COMMUNICATIONS: Bourse to Grant Listing of New Shares
-----------------------------------------------------------
Maxis Communications Berhad advised that its additional
1,676,000 new ordinary shares of MYR0.10 each issued pursuant to
the aforesaid Scheme will be granted listing and quotation with
effect from 9:00 a.m., Wednesday, July 20, 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


MENTIGA CORPORATION: Unit Disposes of Shares
--------------------------------------------
Mentiga Corp. Berhad issued to Bursa Malaysia Securities Berhad
the proposed disposal by Selat Bersatu Sdn Bhd (SBSB), a 56
percent-owned subsidiary of Mentiga, of 18,900 ordinary shares
of Indonesian Rupiah (IDR) 1,000,000 each in PT Rebinmas Jaya
(PTRJ), representing its entire 90 percent equity interest in
PTRJ to Delloyd Plantation Sdn Bhd and Taipan Hectares Sdn Bhd,
for a cash consideration of MYR61,200,000 (proposed disposal)

Mentiga refers to the announcements dated January 19, 2005 and
May 3, 2005 in respect of the Sale and Purchase Agreement (SPA)
and Supplemental Agreement (First Supplemental Agreement)
entered into between SBSB and Karli Boenjamin (collectively
referred to as Vendors) and Delloyd Plantation Sdn Bhd (DPSB)
and Taipan Hectares Sdn Bhd (collectively referred to as
Purchasers) for the Proposed Disposal.

On behalf of Mentiga, Commerce International Merchant Bankers
Berhad announced that the Vendors and Purchasers have on July
18, 2005 entered into a Second Supplemental Agreement for the
following:

(i) Extension of Time

The Vendors and Purchasers have agreed to extend the last date
for the conditions precedent of the SPA to be fulfilled to
October 17, 2005 (Extension of Time).

(ii) Stakeholder Sum

A deposit sum of MYR6.8 million was paid by the Purchasers to
the Vendors' solicitors upon execution of the SPA, and was
subsequently dealt with in the following manner:

(i) MYR1.0 million was retained by the Vendors to manage and
rehabilitate the oil palm plantations belonging to PTRJ
(Plantations). PTRJ and DPSB had on April 18, 2005 entered into
a Management Agreement appointing DPSB as the contractor to
manage the Plantations;

(ii) MYR2.5 million was released to SBSB on February 14, 2005
upon receipt of all relevant documents required by the Vendors'
solicitors after the execution of the SPA; and

(iii) MYR3.3 million is currently held by the Vendors'
solicitors as stakeholder pending satisfaction of all conditions
precedent of the SPA.

Under the Second Supplemental Agreement, the Vendors will
release to DPSB an amount of MYR500,000 (Released Sum) from the
MYR3.3 million currently held by its solicitors for further
rehabilitation of the Plantations. The Released Sum will be
repaid to SBSB together with the balance consideration for the
Proposed Disposal in accordance with the SPA.

Other than the above, all other terms and conditions of the SPA
and First Supplemental Agreement as announced on 19 January 2005
and May 3, 2005 shall continue to be valid and binding.

This announcement is dated July 18, 2005

CONTACT:

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


MTD CAPITAL: Buys Back 370,000 Ordinary Shares
----------------------------------------------
MTD Capital issued to Bursa Malaysia Securities Berhad the
details of its shares buy back on July 18, 2005 with the
following details:

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

Total number of shares purchased (units): 370,000

Minimum price paid for each share purchased (MYR): 2.210

Maximum price paid for each share purchased (MYR): 2.230

Total consideration paid (MYR): 820,734.00

Number of shares purchased retained in treasury (units): 370,000

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

Cumulative net outstanding treasury shares as at to-date
(units): 18,039,900

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

CONTACT:

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


PAN MALAYSIA: Purchases Ordinary Shares on Buy Back
---------------------------------------------------
Pan Malaysia Corporation Berhad posted at the Bursa Malaysia
Securities Berhad a notice of shares buy back on July 18, 2005.

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

Total number of shares purchased (units): 1,300,000

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

Maximum price paid for each share purchased (MYR): 0.490

Total consideration paid (MYR): 636,228.18

Number of shares purchased retained in treasury (units):
1,300,000

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

Cumulative net outstanding treasury shares as at to-date
(units): 9,800,000

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

CONTACT:

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


PANTAI HOLDINGS: Issues Shares Buy Back Notice
----------------------------------------------
Pantai Holdings Berhad issued to Bursa Malaysia Securities
Berhad a notice of shares buy back on July 18, 2005 with the
following details:

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

Total number of shares purchased (units): 27,000

Minimum price paid for each share purchased (MYR): 0.975

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

Total consideration paid (MYR): 26,661.78

Number of shares purchased retained in treasury (units): 27,000

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

Cumulative net outstanding treasury shares as at to-date
(units): 36,457,800

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

CONTACT:

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


PSC INDUSTRIES: To Discuss Privatization Matters with PAC
---------------------------------------------------------
PSC Industries Berhad (PSCI) advised Bursa Malaysia Securities
Berhad that after due deliberation, the Company has decided to
seek an appointment with the Public Accounts Committee (PAC) to
clarify on the achievement and the status of the privatization
of PSC Naval Dockyard Sdn Bhd (PSCND) and the Patrol Vessels
project.

Based on a newspaper report, the Public Accounts Committee
visited the dockyard in Lumut on Friday July 15, 2005 and was
briefed by Economic Planning Unit, the workers, union officials
and officers of the naval base on the effects of the
privatization.

The Company decided to seek an appointment with the Public
Accounts Committee, as it has not been given the opportunity to
brief the Public Accounts Committee.

CONTACT:

PSC Industries Berhad
3rd Flr, Ming Building
Jln Bukit Nanas
50250 Kuala Lumpur
Telephone: 03-20787770/ 20716516
Fax: 03-20787768


PSC INDUSTRIES: Denies Allegations of PAC Chairman
--------------------------------------------------
PSC Industries Berhad issued a press release to clarify various
articles featured in the local dailies on July 16, 2005 on its
subsidiary, PSC Naval Dockyard Sdn Berhad, as presented by the
Public Accounts Committee (PAC).

The Company stated that certain allegations made by the Chairman
of PAC are inaccurate.  The Company takes the view that the
allegations are indeed highly damaging.  The matter is now being
referred to the lawyers for their opinion and advice.


PSC INDUSTRIES: Unveils AGM Resolutions
---------------------------------------
PSC Industries Berhad issued to Bursa Malaysia Securities Berhad
details of the:

- Special notice pursuant to section 153 and 128(2) of the
Companies Act, 1965

- Notice of candidates to be appointed as directors pursuant to
article 93 of the articles of associations of the Company

The Company announced that the Company has on July 18, 2005
received notice pursuant to Section 153 and 128(2) of the
Companies Act, 1965 as well as Article 93 of the Company's
Articles of Association from Boustead Holdings Berhad (3871-H)
and Yeo See Koon, being the members of the Company, of their
intention to propose the following resolutions as Ordinary
Resolution at an Extraordinary General Meeting which is to be
called by members pursuant to Section 145 of the Companies Act,
1965 and to be held at 10:00 a.m. on August 18, 2005 at Dewan
LTAT, 13th Floor, Bangunan LTAT, Jalan Bukit Bintang, 55100
Kuala Lumpur:

Ordinary Resolution 1: Removal of Tan Sri Dato' Amin Shah Bin
Haji Omar Shah as a director

"That Tan Sri Dato' Amin Shah Bin Haji Omar Shah be and is
removed from his office as a director of the Company with
immediate effect."

Ordinary Resolution 2: Removal of Ibrahim Bin Topaiwah as a
director

"That Ibrahim Bin Topaiwah be and is removed from his office as
a director of the Company with immediate effect."

Ordinary Resolution 3: Removal of all persons (if any) appointed
as Directors between June 28, 2005 and the conclusion of
Ordinary Resolution 2 above

"That all persons (if any) appointed as directors of the Company
between June 28, 2005 and the conclusion of Ordinary Resolution
2 above be and are hereby removed from their respective offices
as directors of the Company with immediate effect."

Ordinary Resolution 4: Appointment of Datuk Azzat Bin Kamaludin
(NRIC No. 450908-01-5375) as a director

"That Datuk Azzat Bin Kamaludin (NRIC No. 450908-01-5375) be and
is appointed as a director of the Company with immediate
effect."

Ordinary Resolution 5: Appointment of Laksamana Madya (R) Dato'
Seri Ahmad Ramli Bin Haji Mohd Nor (NRIC No. 440114-38-5009) as
a director

"That Laksamana Madya (R) Dato' Seri Ahmad Ramli Bin Haji Mohd
Nor (NRIC No. 440114-38-5009) be and is appointed as a director
of the Company with immediate effect."

This announcement is dated 18th July 2005


SRIWANI HOLDINGS: Issues New Ordinary Shares for Listing
--------------------------------------------------------
Sriwani Holdings Berhad advised that the abovementioned
Company's additional 14,399 new ordinary shares of MYR1.00 each
arising from the conversion of 158,389 Irredeemable Convertible
Preference Shares - A (2005/2010) of MYR0.10 each into 14,399
new Ordinary Shares will be granted listing and quotation with
effect from 9:00 a.m., Wednesday, July 20, 2005.

CONTACT:

Sriwani Holdings Berhad
Wisma Sriwani, 418 Chulia Street
10200 Penang
Telephone: 04-2628535
Fax: 04-2614076
Web site: http://www.sriwani.com.my


SIN KEAN: Unit Wants to Acquire Kosmo Share
-------------------------------------------
Sin Kean Boon Group Berhad informed Bursa Malaysia Securities
Berhad that SKB Aluminium Industries Sdn Bhd (SKBA), a 51
percent owned subsidiary of the Company, is desirous to acquire
1 ordinary share of MYR1/= each in the capital of Kosmo Indah
Sdn Bhd (Kosmo) for a total cash consideration of MYR1/=. This
represents 50 percent of the total issued and paid up share
capital of Kosmo.

SKBA shall further subscribe for 59,999 ordinary shares of
MYR1/= each at par value for cash, making a total of 60,000
ordinary shares of MYR1/= each, representing 60 percent of the
total issued and paid-up share capital of Kosmo.

Information on Kosmo

Kosmo shall be a joint venture Company between SKBA and Mr Yeoh
Bee Guan and Mr. Lim Kim Chong. Kosmo shall be involved in the
tendering and securing of projects involving the fabrication of
aluminium extrusion products in the local market and overseas
market and also involving in the manufacturing of fabricated
aluminium extrusion products.

Kosmo was incorporated in Malaysia under the Companies Act, 1965
on June 2, 2005. Its present authorized share capital is
MYR100,000/= comprising 100,000 ordinary shares of MYR1.00 each
whilst its present issued and fully paid up share capital is
MYR2/= comprising 2 ordinary shares of MYR1/= each.

The issued and paid up share capital of Kosmo will be increased
to 100,000 ordinary shares of MYR1/= each.

The equity held by the respective parties in Kosmo will be as
follows:

Name              No. of shares                          %

SKBA           60,000 Ordinary shares of RM1-00 each     60

Yeoh Bee Guan  32,000 Ordinary shares of RM1-00 each     32

Lim Kim Chong   8,000  Ordinary shares of RM1-00 each     8

              100,000  Ordinary shares of RM1-00 each   100

Source of funds for financing the investment

The financing of investment in Kosmo will be from internally
generated funds.

Rationale for the joint venture

The said joint venture is for the purpose of tendering and
securing of projects involving the fabrication of aluminium
extrusion products in the local market and overseas market and
also involving in the manufacturing of fabricated aluminium
extrusion products which will increase the demand for the
aluminium extrusion products in SKBA.

In addition, Kosmo will also benefit from the transfer of
technical knowledge and expertise from Mr. Yeoh Bee Guan and Mr.
Lim Kim Chong on the fabrication of aluminium extrusion
products.

Salient features of joint venture

No formal joint venture has been drawn up to date.

Financial Effect

The Board of Directors is of the opinion that the joint venture
will not have any material impact on the earnings per share, net
tangible assets per share, share capital and substantial
shareholders' shareholdings of the Group for the time being.

The said joint venture is not subject to the approval of
shareholders and/or any government authorities.

Prospects and risk factors

By participating in this new joint venture, SKBA is able to
diversify downstream with the manufacture of value-added
products and to further expand the Group's export markets.

Interest of Directors, Major Shareholders and Persons Connected
to Directors and Major Shareholders

None of the directors of the Group or any of its major
shareholders or the persons connected has any interests direct
or indirect in the said transaction.

Statement by Board of Directors

The Board of Directors is of the opinion that the above
transaction is in the best interests of SKBA and of the Group.

Securities Commission's Policies and Guidelines

The Board is not aware of any departure from Securities
Commission's Policies And Guidelines On Issue / Offer Of
Securities.

Yours sincerely,

Lam Voon Kean
Joint Secretary


TANJONG PUBLIC: Shares Now Registered Under Company
---------------------------------------------------
Tanjong Public Limited Company advised Bursa Malaysia Securities
Berhad that it has on July 18, 2005 been notified under Section
198 of the United Kingdom Companies Act, 1985 (UKCA) of the
following:

That 8,656,000 shares of 7.5 pence of the Company in which Usaha
Tegas Sdn Bhd has an interest, which were previously registered
in the name of Cartaban Nominees (Tempatan) Sdn. Bhd., are now
registered in its own name.

Click to view the full details of Notification
http://bankrupt.com/misc/TanjongPublic071805.doc

CONTACT:

Tanjong Public Limited Co.
Principal Office in Malaysia
Level 30, Menara Maxis
Kuala Lumpur City Centre
50088 Kuala Lumpur
Telephone: 03-23813388
Fax: 03-23813399


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

MAKATI MEDICAL: To Revive Free Treatment Program
------------------------------------------------
The embattled Makati Medical Center is in talks with the Makati
government to bring back its free treatment program,
BusinessWorld reports.

The hospital is seeking to revive the Makati Health Plus Program
that would allow the poor residents of Makati City.

Under the program, poor residents get free treatment in the
hospital to be shouldered by the Makati City government.

Meanwhile, Mr. Mendoza said Makati Med had asked Philippine Long
Distance Telephone Co. Chairman Manuel V. Pangilinan to head the
hospital's board.

"He has agreed to be elected chairman," he said.

CONTACT:

Makati Medical Center
2 Amorsolo St., Legaspi Village,
Makati City
Philippines
Phone 815-9911
Web site: http://www.makatimed.ph


NATIONAL BANK: 10 Pre-qualify to Bid for 67% Stake
--------------------------------------------------
Ten foreign and local companies were pre-qualified to bid for 67
percent of Philippine National Bank (PNB) jointly offered by the
government and tycoon Lucio Tan, according to The Philippine
Star.

The Joint Technical Committee (JTC), composed of the Department
of Finance (DoF) and the Philippine Deposits and Insurance Corp.
(PDIC), is now in the process of overseeing the pre-qualified
process.

Government sources expect several of the 10 to consolidate their
bids to have better chances of winning.

Finance secretary Margarito Teves said four investors have
already started their due diligence on the bank. Investors have
until August 10 to conduct their review of the bank ahead of the
August 12 auction.

The government and the Lucio Tan group are set to sell their
combined 67-percent PNB stake, with shares priced at Php43
apiece.

ING Bank NV, the financial adviser on the sale, valued the
shares at Php43 each considering "PNB's earning potential based
on its franchise, branch network and infrastructure, market
share, solid client base, and overall intrinsic value".

PNB will continue to remain as government depository bank until
May 2007.

CONTACT:

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


NATIONAL BANK: Comments on Moody's Downgrade
--------------------------------------------
Philippine National Bank (PNB) issued this announcement in
reference to the news article entitled "Moody's downgrades
credit ratings of 11 RP bank" published in the July 15, 2005
issue of Manila Bulletin.

The article reported in part that:

"Moody's Investors Service said it has revised the outlook on
the foreign currency credit ratings on 11 Philippine banks. The
banks' ratings with a negative outlook are as follows: PNB:
foreign currency long-term deposit rating of 'B1'; local
currency senior debt rating of 'Ba2'; local currency
subordinated debt rating of 'Ba3'."

PNB, in response to the Exchange's query on the above-quoted
news article, stated that:

"This change is normally the result of the downgrading of the
ratings or a change in the outlook of the Philippines since
corporate entities in a country cannot have a rating or an
outlook higher than the sovereign. Please note that the change
is in the 'outlook' for the country and the banks (from stable
to negative) and is not a down-grade in rating."

For your information.

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

CONTACT:

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


NATIONAL POWER: Wants Fuel Sharing Deal with First Gas
------------------------------------------------------
National Power Corporation (Napocor) is looking to ink an accord
with First Gas Power Corporation for their liquid fuel supply,
The Manila Bulletin reports.

Napocor is seeking out an arrangement with First Gas for the
1,200-megawatt Ilijan gas-fired facility to share with the
latter's liquid fuel reserve.

The move is part of the government's contingency measures should
the Malampaya gas facility experience a disruption.

It would be noted that First Gas immediately switched its fuel
use to condensate when the Malampaya field suffered disruption
in gas production after its platform was struck by a lightning
last Wednesday.

Because of this level of readiness on the part of the baseload
gas-fired facilities, imminent massive power outages were
prevented in the Luzon grid.

In case of any untoward incident where any of the gas plants
would trip due to fuel shortage, government also wants to ensure
that the other plants would be able to compensate lost capacity
from any of the units downed.

CONTACT:

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


NATIONAL TRANSMISSION: Earmarks Php37 Bln for Mindanao Projects
---------------------------------------------------------------
National Transmission Corp. (Transco) will allocate around
Php150 billion in a 10-year investment program, according to
BusinessWorld.

Luzon will still get the lion's share of 55 percent (Php82
billion), Visayas around 20 percent (Php30 billion) and Mindanao
around 25 percent (Php37 billion).

Mindanao's 10-year investment schedule showed the northeastern
region, which caters to major industries, will get Php13
billion; north-central Mindanao, Php12 billion; southwestern and
northwestern Mindanao, roughly Php4 billion each and the Lanao
and Iligan City area, Php1.6 billion.

A government statement said that within the period covered,
Transco will increase the Mindanao transmission system's
capacity to 3,250 mega-volt amperes from the current 1,817. An
additional 4,436 kilometers of transmission lines is also
planned to augment the present 5,548 kilometers of Transco power
cables.

Transco has been criticized in recent years by local leaders due
to unstable power supply in some areas of the island. Some
critics also claimed the government does not have enough
resources to support Transco's plan to expand its facilities.

But Transco officials denied the claims, saying the investment
plan is meant to be implemented based on annual schedules.

Mindanao power demand has been generally static in some areas
due to security problems as well as a slump brought about by
consumer pullouts.

CONTACT:

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


NATIONAL TRANSMISSION: Warns of Power Outages in Visayas
--------------------------------------------------------
The troubled National Transmission Corporation (Transco) through
its Generation Corporation (Genco) advised all electric
cooperatives in Negros, Cebu and Panay of saturated brownouts in
the coming days, according to SunStar Daily.

Transco warned that the Cebu-Negros-Panay Grid will experience
power supply deficiency by 120 megawatts during peak hours.

The power shortages are blamed non-availability of Cebu Thermal
Power Plant-1, no fuel for Cebu Thermal Power Plant-2, no fuel
for Land Gas Turbine 1 & 2.

However, in case of extreme emergency as a result of isolation
of other running generating units, emergency measures shall be
implemented by the System Operations Group (SOG) to save the
system from collapse.

These measures will be implemented until such time the situation
is normalized, the Transco advisory added.


PACIFIC PLANS: Reaches Out-of-court Deal with PEP
-------------------------------------------------
Beleaguered pre-need provider Pacific Plans Inc. has reached an
amicable settlement in the dispute with 34,000 planholders, The
Philippine Star relates.

The Pacific Plans management and leaders of the Parent Enabling
parents (PEP) coalition have agreed to a negotiated deal for
presentation to the Makati Regional Trial Court for approval.
The terms and conditions of the agreement will be finalized in
the next 15 to 30 days.

The Manila Standard reported that the development is expected to
pave the way for payments of entitlements to planholders
although no schedule of payments has been finalized yet.

The plan will generally put availing and nonavailing planholders
on equal footing in terms of entitlements. Availing planholders,
or those who have started receiving benefits, will get an
entitlement for "unavailed" years based on the tuition for
school year 2005-2006. Nonavailing planholders, meanwhile,
receive an entitlement based on the current average tuition per
category of schools as of school year 2005-2006.

The schedule of payments will depend on how the Company performs
under the rehabilitation plan and the orderly disposition of
assets under the trust fund of these traditional plans.

CONTACT:

PACIFIC PLANS, INC.
2nd Flr., Grepalife Bldg,
221 Sen. Gil Puyat Ave.
Makati City
E-mail: bizialcita@grepa.com


PHILIPPINE AIRLINES: Maintains Code-Share with Royal Brunei
-----------------------------------------------------------
National flag carrier Philippine Airlines is keeping its code-
share services with Royal Brunei, Asia Pulse says.

With the code-share, the public is allowed greater flexibility
when traveling between Manila and Bandar Seri Begawan.

PAL is offering seats on Royal Brunei's five time flights
between the two capitals, giving the Philippine flag carrier a
preview of the Brunei.

These flights are operated using Royal Brunei's Boeing 767 wide-
body aircraft, configured in a tri-class layout.

Royal Brunei Airlines is PAL's ninth international code-share
partnership after Cathay Pacific Airways, Emirates, EVA Air (for
cargo), Royal Dutch Airlines, Malaysia Airlines, Qatar Airways
and Vietnam Airlines.

CONTACT:

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


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

CAPITALAND LIMITED: Units to Sell Off Subsidiaries
--------------------------------------------------
CapitaLand Limited announced that the Company reached an
agreement with its partners on the proposed disposal of the
Company's stake in Parco Bugis Junction and Bugis Junction
Tower.

The Company's divestment of its stake in the two units is part
of its productivity strategy, wherein such transactions would
achieve the Company's goals of monetization and unlocking of
asset value.

Parco Bugis Junction will be sold to CapitaMall Trust (CMT)
through an asset sale for SGD580.8 million, while Bugis Jnuction
Tower will be divested to Keppel Land Properties Pte Limited,
through a share sale with a SGD140 million asset value. Both
transactions are expected completed by December 2005.

CapitaLand Limited has a 50.6% stake in BCH Retail Investment
Pte Limited, which owns Parco Bugis Junction, and a 62.1% stake
in BCH Office Investment Pte Limited, which owns Bugis Junction
Tower.

The Company is expected to receive approximately $32 million in
proceeds from the sale of both units.

For further details on the Company's announcement and press
release, go to:

http://bankrupt.com/misc/CapitaLand1.pdf

http://bankrupt.com/misc/CapitaLand2.pdf

CONTACT:

CapitaLand Limited
168 Robinson Road #30-01
Capital Tower
Singapore 068912
Phone: 65 68233200
Fax:   65 68202202
Web site: http://www.capitaland.com


CHARTERED SEMICONDUCTOR: Incurs SGD111.5-Mln Losses in Q2
---------------------------------------------------------
Singaporean chipmaker Chartered Semiconductor Manufacturing
Limited suffered a SGD11.48-million loss for the second quarter,
reports Dow Jones.

According to analysts, excess inventory and high start-up costs
of a new fabrication plant (called Fab 7) accounted for the
Company's loss in the quarter ended June 30.

Individual forecasts ranged from SGD128.03 million to as high as
SGD141.34 million. But the Company's reported SGD11.48 million
loss is lower than the expected loss of SGD132.85 million.

The 60% government-owned Company, which is set to report its
results today, July 22, has been operating at 85% of capacity to
cover costs, which is higher than the 65% break-even point of
its rivals' capacity utilization.

Analysts estimated that start-up losses for Fab 7 in the second
quarter were at SGD33.24 million, but the plant is expected to
break even in the third quarter.

The Company's expected second quarter net loss is no cause for
concern, however, as higher demand and targeting a lower
capacity utilization break-even level may bring the Company back
to profit as early as next quarter.

Chartered Semiconductor is aiming for a 75% utilization break-
even level, and expects to incur a net profit of SGD19.9 million
and SGD49.85 million in the next two quarters. The Company is
also slated to raise funds to pay a debt of SGD955.54 million in
bonds, due to mature in April next year.

To view the Company's financial results, click on:

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


CONTACT:

Chartered Semiconductor Manufacturing Ltd
60 Woodlands Industrial Park D Street 2
Singapore 738406
Phone: 65 63622838
Fax:   65 63622938
Web site: http://www.charteredsemi.com


CHARTERED SEMICONDUCTOR: Gets First-Time Provisional Baa3 Rating
----------------------------------------------------------------
Moody's Investors Service assigned a provisional (P)Baa3
corporate family rating to Chartered Semiconductor Manufacturing
Limited on July 22, 2005.

At the same time, Moody's assigned (P)Baa3 ratings to the
following proposed senior unsecured bonds and amortizing bonds
to be issued by the Company:

1) USD450 million senior unsecured notes, (P)Baa3

2) 5-year amortizing bonds, (P)Baa3 -- issued as part of the
USD250 million units placement

The outlook for these ratings is stable. This is the first time
that Moody's assigned ratings to Chartered Semiconductor. The
rating agency expects to affirm the Baa3 ratings and removing
them from provisional status upon review of the final offering
circular and completion of the bond issuance. The proceeds will
be used to refinance existing debt.

The Company's ratings reflect the application of Moody's new
rating methodology for government-related issuers (GRIs), which
can be found in Moody's Rating Methodology entitled "The
Application of Joint Default Analysis to Government-Related
Issuers", published in April 2005.

To view the entire rating report, go to:
http://bankrupt.com/misc/CharteredSemiconductor.doc


JAK ALHADAD: Shuts Down Operations
----------------------------------
In the matter of Jak Alhadad & Co. Pte Limited, the Singapore
High Court issued a winding up order on July 8, 2005, with the
following details:

Name and Address of Liquidator: Mr. Tay Swee Sze
Messrs Tay Swee Sze & Associates
30 Robinson Road
#04-01 Robinson Towers
Singapore 048546

Wong Tan & Molly Lim LLC
Solicitors for the Petitioner

Note:

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

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

CONTACT:

Jak Alhadad & Co. Pte Limited
North Bridge Road
Singapore 179098
Phone: 65 63348166


PACIFIC MECHANICAL: Court Orders Winding Up
-------------------------------------------
In the matter of Pacific Mechanical & Electrical Engineering Pte
Limited, the Singapore High Court made a winding up order on
July 1, 2005, with the following details:

Name and address of Liquidators:

Mr. Chan Ket Teck
Messrs. K. T. Chan
C/o 97-B Upper Thomson Road
#17-05 Singapore 574328
and
Mr. Goh Boon Kok
Messrs. Goh Boon Kok & Co.
C/o 1 Stadium Walk, Singapore 397688

Dated this 15th day of July 2005

Messrs. Tan Koh Quan Patnership
Solicitors for the Petitioners

Note:

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

(2) All debts due to the Company should be forwarded to the
Liquidator.


POWEN AUTOMATION: Distributes Dividend to Creditors
---------------------------------------------------
Powen Automation Systems Pte Limited, formerly of 2 Balestier
Road, #04-665 Singapore 320002, posted a notice of preferential
dividend at the Government Gazette, Electronic Edition with the
following details:

Name of Company: Powen Automation Systems Pte Limited
Court: Supreme Court, Singapore
Name of Liquidators: Chee Yoh Chuang & Lim Lee Meng
Amount per centum: 100% of all admitted preferential claims
pursuant to section 328 (1) of the Companies Act, Cap. 50
When payable: 22nd day of July 2005

Dated this 18th day of July 2005

Chee Yoh Chuang
Lim Lee Meng
Liquidators
c/o Chio Lim & Associates
18 Cross Street
#08-01 Marsh & McLennan Centre
Singapore 048423


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

PICNIC CORPORATION: Denies Any Financial Issues
-----------------------------------------------
With reference to the news reported by the Interest Business
2005 newspaper published for the period during Monday, 11 to
Sunday July 17, 2005 "Overwhelming P/N issuing" "at present,
Picnic Corp. Public Co. Ltd. (PICNI) has to borrow money from
money market by issuing promissory notes or P/N which are due
less than 1 year.

The Company had borrowed almost THB10 billion which more than
THB5 billion P/N are guaranteed by commercial banks and the
others are not guaranteed."

"Moreover, PICNI share price has plummeted". It affects the
guarantee banks because the Company has pledged its shares as
security to the banks.." . The news may bring damages to the
Company, its shareholders and overall money and capital market.

The Company would like to object to the news. As at March 31,
2005, according to the statements of account reviewed by the
auditor, the Company had the P/N balance only THB1,249 million
which were not guaranteed by PICNI shares at all.  And the
Company had other P/N balance THB759 million.

For the short-term loan repayment, the Company had discussed
with the creditors on July 7, 2005, which the Company had
already disclosed to the public through ELCID.  Thus, the
Company confirmed that it has no financial problem and still
operate the businesses as usual.

Please be informed accordingly.

Sincerely yours,
Dr. Suphot Phattanasri
Managing Director

CONTACT:

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


SUNTECH GROUP: Implements Amended Plan Through Share Issuance
-------------------------------------------------------------
The Central Bankruptcy Court issued an order approving the
application for amendment of the business reorganization plan
(Amended Plan) of Suntech Group Public Company Limited (Company)
on July 13, 2005.

Srisongkram Planner Company Limited as the plan administrator of
the Company,  (Plan Administrator) informed the Stock Exchange
of Thailand (SET) that currently, the Company is implementing
the Amended Plan in the part of the capital restructuring by
offering 165,000,000 new shares at the par value of THB10 per
share for sale to the existing shareholders.

To ensure that the implementation is in accordance with the
Amended Plan, the Plan Administrator has to close the share
register to determine the right to subscribe to the new shares
offered to the existing shareholders of the Company from August
4, 2005 at noon onwards.

Please be informed accordingly.

Sincerely yours,
Srisongkram Planner Company Limited
as Plan Administrator for Suntech Group Public Company Limited
Mr. Sawasdi Horrungruang / Mr. Chaiyaphon Horrungruang

CONTACT:

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




                            *********


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, Erica Fernando, Editors.

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

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