TCRAP_Public/050726.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

             Tuesday, July 26, 2005, Vol. 8, No. 146

                            Headlines

A U S T R A L I A

A.H. PETERS: Members Opt for Voluntary Liquidation
AIR NEW ZEALAND: Open to Boeing 777 Crew Size Reviews
AIR NEW ZEALAND: Disruption Persists Despite Settlement
AIR NEW ZEALAND: Says Domestic Performance Remains Strong
AUSTRAL COAL: Panel Further Extends Stay of Orders

AUSTRALIAN ROADBASE: Court Appoints Official Liquidator
BOTANY FABRICS: Members Agree to Wind Up Voluntarily
CUBE CAPITAL: Sells Financial Services Group to Branson Holdings
CUBE CAPITAL: NZXR Grants Approval to Proposed Repricing
DINO MUSIC: To Declare Dividend August 4

F.A.L.C. PTY: Creditors Must Submit Claims by July 31
F.&S. MARICONTI: To Distribute Dividend to Creditors
GAOHAWK PTY: Members Pass Winding Up Resolution
GLOBAL STEELFIXING: Members, Creditors Convene in Final Meeting
GREESHMA ENTERPRISES: Creditors Confirm Liquidator's Appointment

HEWITT HOLDINGS: Placed Under Voluntary Liquidation
HINBER PROPRIETARY: Set to End Operations
KINGS CREEK: To Pay Dividend to Priority Creditors
MOLDAVIA PTY: Creditors' Proofs of Debt Due July 27
NATIONAL AUSTRALIA: Tackles Credit Card Competition

ORIGINAL PEKING: Supreme Court Orders Wind Up
PARER BOND: Joint Liquidators Named
PORT A CHEF: To Hold Final Meeting August 4
PUBLIC IMAGE: Names Joseph Sleiman Official Liquidator
PENGANA MANAGERS: Struggles to Win Investors' Confidence

QANTAS AIRWAYS: Budget Unit Merges With Valuair
SAM PENNA: Members Decide to Shut Down Business
SLINGO & WILLIAMS: Members to Hear Liquidator's Report
WUNDERBAR PTY: Begins Winding Up Proceedings
* Profit Warnings Surge in First Half


C H I N A  &  H O N G  K O N G

ASPIRE DEVELOPMENTS: Schedules Winding Up Hearing August 17
CHINA SOUTHERN: Xinhua Far East Downgrades Rating to BB+
DORING DEVELOPMENT: Winding Up Hearing Set August 17
HONGKONG CONSTRUCTION: Divests Zonetime for HK$100 Mln
NORTHERN INTERNATIONAL: FY/2005 Net Loss Widens to HK$19.6 Mln

PCCW LIMITED: Mulls Sale of 79.72% JALECO Stake for US$47 Mln
SMART FOREST: Winding Up Hearing Fixed August 3
REIGNTEX LIMITED: Enters Winding Up Proceedings
RNA HOLDINGS: Receives Winding Up Order
SPECIAL YEAR: Wind Up Process Initiated

STANDARD CURTAIN: High Court Orders Closure of Business
TC MANUFACTURES: Court Issues Winding Up Order


I N D O N E S I A

DIRGANTARA INDONESIA: Will Investigate Aceh Plane Crash
PERTAMINA: To Build Oil Refinery with Chinese Firm
PERUSAHAAN LISTRIK: To Tap Other Energy Sources to Provide Power


J A P A N

JAPAN AIRILNES: Releases Traffic Forecast for 2005
KANEBO LIMITED: L'Oreal to Bid JPY600 Bln in Takeover
MITSUBISHI MOTORS: Greyfield Capital Keen On Dealership
PIONEER CORPORATION: Releases PureVision Plasma TVs
RESONA HOLDINGS: Poised to Start Paying US$26.9 Bln to Gov't

SANYO ELECTRIC: Doubt Looms Amid Earthquake Loss
SEIBU RAILWAY: To Resume Kyoto Hotel Operations
SOFTBANK CORPORATION: To Boost Internet Service Capacity


K O R E A

ASIANA AIRLINES: About 78% Domestic Flights Resume as Scheduled
ASIANA AIRLINES: Strike to Have Minimal Effect on Earnings
HAITAI STORES: E-Land Awaits Approval on Sale
JINRO LIMITED: Hite Cuts Stake Following Approval
LG CARD: Delinquency Ratio Slides Further


M A L A Y S I A

AKTIF LIFESTYLE: Gains Approval to Extend Proposal Submission
HAP SENG: Buys Back 7,500 Ordinary Shares
KEMAYAN CORPORATION: Unit Receives Winding Up Order
MBF HOLDINGS: Suit to Be Dropped Upon Completion of Acquisition
MYCOM BERHAD: Seeks Extension for Restructuring's Implementation

OLYMPIA INDUSTRIES: Asks for an Extension to Execute Scheme
PANTAI HOLDINGS: Purchases 662,500 Shares on Buy Back
SATERAS RESOURCES: To Appeal Court's Decision
TANJONG PUBLIC: Unit Begins Exclusive Negotiation with EDF
TELEKOM MALAYSIA: Bourse to List, Quote Additional Shares

WCT ENGINEERING: New Project to Contribute to Future Earnings


P H I L I P P I N E S

BAYAN TELECOMMUNICATIONS: PLDT Firms Up Purchase Offer
COLLEGE ASSURANCE: SEC Threatens Takeover
EYCO GROUP: Nikon Brand Stages Comeback After Six Years
MAYNILAD WATER: MWSS' Hunt for New Financial Consultant Begins
NATIONAL BANK: Bags "Bank of the Year" Award

NATIONAL POWER: ADB OKs Partial Guarantee
NATIONAL POWER: Close to Resolving Php27-Bln Row with Meralco
PACIFIC PLANS: SEC Urges Pre-need Firm to Rethink Rehab Case
PHILIPPINE AIRLINES: Keen on Asian Expansion
PHILIPPINE AIRLINES: Pushes Ruling on Php2-Bln Fees


S I N G A P O R E

ALLCHEM INDUSTRIES: Court Issues Winding Up Order
CHARTERED SEMICONDUCTOR: Details Plan to Repay Maturing Debt
CHENG POH: Begins Liquidation Proceedings
HUA KOK: Buys 999,999 More Shares in Unit
PENTON INTERNATIONAL: Bourse Approves Capital Reduction

PENTON INTERNATIONAL: Seeks Lifting of Trading Halt
TONSBERG ENGINEERING: Pays Dividend to Creditors


T H A I L A N D

EMC: Unveils Utilization of Capital Increase Proceeds
HANTEX: Directorship Appointee Refuses Post
PACIFIC ASSETS: Reschedules EGM Date
TPI POLENE: Administrator Files Petition to Buy Shares
BOND PRICING: For the Week 25 July to 29 July 2005

     -  -  -  -  -  -  -  -

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

A.H. PETERS: Members Opt for Voluntary Liquidation
--------------------------------------------------
Notice is hereby given that at a general meeting of members of
A.H. Peters & Co. Pty Limited held on June 16, 2005, it was
resolved that the company be wound up voluntarily and that for
such purpose, R. M. Sutherland was appointed as Company
Liquidator.

Dated this 17th day of June 2005

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


AIR NEW ZEALAND: Open to Boeing 777 Crew Size Reviews
-----------------------------------------------------
Embattled Air New Zealand has agreed to regular reviews of crew
levels on the airline's Boeing 777 aircraft, Dow Jones Newswires
reports

The reviews are part of the carrier's new employment agreement
with the Flight Attendants and Related Services Association
(FARSA).

The settlement, which still needs to be endorsed by union
members at a series of meetings in coming weeks, was reached
late Friday and ended strike action by around 1,000 long-haul
flight attendants.

Air New Zealand said the proposed settlement includes an
agreement that there will be 10 cabin crewmembers on each of its
Boeing-777 flights.

However, the airline added that it has also agreed to review the
size of the crew at seven-monthly intervals for a period of 21
months from the introduction of the first aircraft, which is due
to be delivered late this year.

Crew levels on the Boeing-777 were a major point of dispute
between the airline and union during earlier talks, with Air New
Zealand proposing to put 10 crew members on the jet but the
union asking for 11 for health and safety reasons.

Air New Zealand said the regular reviews of Boeing-777 crew
levels will be based on customer and crew feedback.

Other terms of its agreement with the union include an average
3.3% annual pay rise over the next three years, and increased
allowance provisions, such as an additional in-flight meal on
certain services.

Last week, 1000 long-haul flight attendants staged a series of
three 48-hour strikes that forced Air New Zealand to cancel
around 20 international flights on each of the affected days.

The last of the strikes, scheduled for Sunday and Monday, was
called off following the union and airline's agreement.

Air New Zealand has said the strike action will cost it around
NZ$2 million.

CONTACT:

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


AIR NEW ZEALAND: Disruption Persists Despite Settlement
-------------------------------------------------------
Disruption of Air New Zealand's international flights continued
until the end of Monday despite the settlement of a labor
dispute with flight attendants, reports Agence France Presse.

International flight attendants staged an industrial action last
week, which forced Air New Zealand to cancel 85 flights. The
cancellations disrupted travel for 15,000 passengers.

The airlines and the attendants union have negotiated over pay
and conditions, and have successfully reached an agreement
Friday. But it was too late to restore flights cancelled for
Sunday and Monday.

A total of 29 Sunday and Monday flights have been cancelled.
Services to Asia have been most affected by the strike,
including flights to and from Singapore, Hong Kong, Japan and
Taiwan.


AIR NEW ZEALAND: Says Domestic Performance Remains Strong
---------------------------------------------------------
On Friday, Infratil (majority owner of Wellington Airport)
released some factually incorrect statements about Air New
Zealand's domestic business to the stock exchange. These
statements are being refuted in this release. Also included is
an update on our foreign exchange hedging as requested by a
number of market participants.

Infratil has accused Air New Zealand of not increasing capacity
from regional markets to Wellington, blaming the airline for not
replacing the capacity reductions of one of its competitors.

Infratil's comments were selective and failed to mention obvious
factors that have impacted on capacity, such as weather
disruptions caused by fog - an act of nature that clearly the
company has no control over. During the June quarter Air New
Zealand cancelled 243 flights to Wellington due to the weather
disruptions, a 140 percent increase on the previous comparative
period. However, we have continued to experience robust traffic
growth (in addition to traffic stimulation of 40 percent since
the introduction of the revamped new domestic service introduced
in 2002). In fact, June statistics for the total domestic
network were very strong, boosted by the recent Lions tour of
New Zealand.

Customer preferences for more direct services have also led to
the introduction of increased direct regional services that
reduce the need to hub over Wellington Airport. For example,
direct flights between Napier-Christchurch and Hamilton-
Christchurch have been successfully introduced. Further growth
opportunities in the domestic market are being pursued with the
introduction of a 14th 737, which increases capacity to
Wellington by 6 percent. Likewise, the new Q300 aircraft will
increase capacity to this market by 10 percent over two years.
This will result in a minimum 16 percent growth in capacity to
Wellington.

Infratil's comments around competition are baseless and display
a lack of understanding of our business. In June, two aircraft
were in maintenance which restricted expansion of capacity. Also
June is an off-peak period which means that additional passenger
demand was absorbed without needing to increase capacity. It is,
however, surprising that Infratil has chosen to comment on
competition when they enjoy substantial pricing power through
their majority stake in Wellington Airport - a monopoly. Air New
Zealand notes that for the 12-month period ending 31 March 2005,
Wellington Airport's disclosed EBITDA margin is 580 percent more
than Glasgow Prestwick, which is also owned by Infratil. We hope
that the Wellington Airport customers are not being asked to
subsidize Infratil's investment in Glasgow Prestwick through
excessive airport charges.

Meantime, Air New Zealand is committed to ensuring that any form
of agreement for closer co-operation with Qantas would continue
to see its business grow. Infratil's comments suggesting that
any form of collaboration with Qantas would "undoubtedly
restrict the capacity of competitors to enter and grow the
market" are irresponsible and inaccurate. Competition on the
Tasman clearly illustrates that barriers to entry are very low
which has resulted in significant over-capacity and
unsustainably low fares. Air New Zealand's introduction of its
new A320 on Tasman services demonstrates its commitment to this
market. Yet other airlines such as Pacific Blue have chosen to
shift their services from Wellington to Auckland.

Finally, Air New Zealand recently advised market participants
that it had completed its foreign exchange hedging on US$550
million of its future capital expenditure. The average hedge
rate was 0.7133 cents. Following this disclosure a number of
market queries regarding our foreign exchange hedge position on
USD denominated operating costs were received. In response to
these questions, Air New Zealand advises that it has currently
hedged around 70 percent of US$ 740 million of net USD operating
expenses for the 2006 financial year. The average hedged rate is
0.7047 cents.

For further information contact:
Abhy Maharaj
Investor relations
DD. +649 336 2863
MOB: +6421 645 041


AUSTRAL COAL: Panel Further Extends Stay of Orders
--------------------------------------------------
The Takeovers Panel announced that it has further extended the
stay of orders 1,2,3 and 5 of the Orders dated July 1, 2005 in
relation to the Austral Coal Limited 02 matter to July 26, 2005.

These orders relate to, respectively, Glencore's disclosure of
its swap arrangements with CSFB and ABN AMRO, the Restoration
Offer, Glencore's right to close out the Swaps in part if
required to give effect to the Restoration Offer, and the
advertisement of the Restoration Offer.

Nigel Morris
Directo, Takeovers Panel
Level 47, 80 Collins Street
Melbourne, VIC 3000
Phone: +61 3 9655 3501
nigel.morris@takeovers.gov.au

CONTACT:

Austral Coal Limited
ACN 069 071 816
Level 18, 25 Bligh Street Sydney
NSW 2000 Australia
Telephone: 61+02+8256-4700
Facsimile: 61+02+9235-0997
E-mail: info@austcoal.com.au
Web site: http://www.austcoal.com.au


AUSTRALIAN ROADBASE: Court Appoints Official Liquidator
-------------------------------------------------------
Notice is hereby given that the Supreme Court of New South
Wales, Equity Division, ordered on June 14, 2005 that Deryk
Andrew be the Liquidator of Australian Roadbase Supplies Pty
Limited, which is in liquidation.

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


BOTANY FABRICS: Members Agree to Wind Up Voluntarily
----------------------------------------------------
At a General Meeting of botany Fabrics Pty Limited duly convened
and held on June 16, 2005, the following Special Resolution was
passed:

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

Dated this 16th day of June 2005

Bernard J. O'Neil
112 Wallis Avenue
Strathfield NSW 2135


CUBE CAPITAL: Sells Financial Services Group to Branson Holdings
----------------------------------------------------------------
Cube Capital Limited (Cube) advised that it has completed an
agreement to sell its financial services division, Cube
Financial Group (CFG), to Branson Holdings Limited.

The consideration payable is $1,000 but Cube will retain an
investment in $600,000 of Redeemable Preference Shares that are
repayable over 2 years with 6.5% interest. In addition, Cube
will be released from any ongoing obligations it has in relation
to CFG, including an effective underwriting commitment in
respect of CFG's Australian business.

Executive Chairman, Simon Wallace, said, "CFG primarily operates
in Australia which remains a tough market for an embryonic
financial services business. While its prospects remain sound,
more capital and scale is needed and the Cube board believes
that there are better opportunities for the company in New
Zealand. The board will consider opportunities for the listed
shell and we hope to be able to make further announcements in
the not too distant future."

The sale is effective from 30 June 2005 and has been completed
July 11 with formal documents finalized.

In additional news Cube confirms that it will complete the issue
of 1,350,000 shares to Baroda Hill Investments Limited a company
associated with Wayne Johnson and the entity with whom Cube has
been contracted, as approved by shareholders in June 2002. This
will satisfy all obligations between Baroda Hill Investments and
Wayne Johnson and Cube.

Wayne Johnson will continue as an independent Director of Cube
and as Managing Director of the separated CFG.

Cube will utilize treasury shares of 902,605 (from the sale of
Traveltech in 2004) and issue 447,395 new shares in settlement
of its contractual obligations to Baroda Hill Investments and
Wayne Johnson.

Following this issue, Cube will have 44,839,818 shares on issue.

CONTACT:

Cube Capital Limited
67-69 Nicholson Street
St Leonards NSW 2065 Australia
PO Box 1375
Lane Cove NSW 2066
Australia
Phone: (AU) 1300 65 90 90
        (NZ) 0800 55 00 22
Web site: www.cubecapital.co.nz


CUBE CAPITAL: NZXR Grants Approval to Proposed Repricing
--------------------------------------------------------
Cube Capital Limited issued this announcement in relation to its
application for approval for a proposed repricing under Listing
Rule 7.3.7A.

Background

1. The applicant's solicitors advise that at its annual meeting
held on 28 June 2002, Cube Capital Limited (CUB)'s shareholders
approved:

(a) the issue of 400,000 shares to Baroda Investments Limited
(Baroda), a company associated with CUB Director Wayne Johnson;
and

(b) the grant of 450,000 options to Baroda to subscribe for
shares at 45 cents each.

2. We are advised that these securities were issued as part of
remuneration arrangements for the provision of services to CUB
by Wayne Johnson through Baroda.

3. In addition, Baroda is entitled to receive annual payments
for NZ$100,000 for the renewal of its contract for services with
CUB for each of the 2003 and 2004 calendar years and at the end
of the 2004 calendar year, conditional on the issue of the
shares that Baroda will receive upon exercising the options.

4. As a result of a 2:1 bonus issue undertaken by CUB in October
2002, the 450,000 options were converted into 1,350,000 options
exercisable at 15 cents each.

5. It is proposed that arrangements between CUB and Baroda be
amended to reflect a continued reduction in the value of CUB's
shares. Recent market prices for CUB shares have been between 3
and 5 cents.

6. The amendments proposed are as follows:

(a) The exercise price for the options is to be reduced from 15
cents each to the market price on the day of issue. We are
advised that it is intended that the date of issue is as soon as
NZX (or if required, shareholder) approval is obtained. Assuming
a 5 cent issue price for illustrative purposes, the total cost
of exercising the options would fall by NZ$135,000.

(b) The level of annual renewal payment is reduced from
NZ$100,000 to an amount that is (after deduction of 33% on
account of tax) sufficient to pay for the issue price of the
shares. Assuming a 5 cent issue price for illustrative purposes,
the annual renewal payment, being an amount sufficient to pay
for the issue price of the shares, would be NZ$33,582. Net of
tax at 33%, these three payments will equal the NZ$67,500
required to exercise the options 5 cents.

Application

7. In the first instance, the applicant's solicitors have
applied to NZX Regulation (NZXR) for an approval of a proposed
repricing under NZSX Listing Rule 7.3.7A.

8. In support of their application, the applicant's solicitors
note:

(a) Under the current arrangements CUB owes NZ$300,000 to
Baroda. The payment is conditional on the exercise of the
options, at a total value of NZ$202,500. The net cost to CUB is
NZ$97,500.

If the proposed amendments are accepted and assuming a 5 cent
issue price, CUB will be required to pay NZ$100,000 to Baroda,
who will in turn exercise options at a total value of NZ$67,500.
The net cost to CUB would be NZ$32,500.

The saving to CUB in adopting the proposed amendments is
(assuming a 5 cent issue price) approximately NZ$65,000. The
change produces the same after-tax position for Baroda, but CUB
is able to incur a lower overall cost as the reduced payment to
Baroda results in it having a lower tax cost to this transaction
(reflecting the further reduction in market value).

(b) There is no material change or benefit to Baroda or Wayne
Johnson from this variation to the agreement.

(c) The completion of these arrangements brings to an end CUB's
liabilities to Baroda to 31 December 2004.

(d) The cost of an independent appraisal report would be between
NZ$10,000 - $15,000. In the context of the value of the
transaction to CUB, this level of expenditure seems
disproportionately high, and will reduce any benefit to
shareholders.

(e) In light of the nature of the amendments, and the financial
benefit to CUB, the re-pricing should be able to be achieved
without requiring shareholder approval.

Listing Rule 7.3.7A

9. NZSX Listing Rule 7.3.7A provides that:

Except as provided in Rules 8.1.7 and 8.1.9, no Issuer may
reprice or amend the terms of any Securities issued with
shareholders' approval to or for the benefit of Employees or
Directors under Rule 7.3, in their capacity as such, without
either the approval of NZX or a further Ordinary Resolution of
the shareholders resolving to approve the repricing or
amendment.

(Emphasis added)

Decision

10. On the basis that the information provided to NZXR is full
and accurate in all material respects, NZXR has decided to grant
the approval sought on the condition that confirmation is
provided by the Independent Directors of CUB that the proposed
repricing:

(a) Is an arms length and commercial decision for CUB;

(b) Was not unduly influenced by Wayne Johnson, a director of
CUB; and

(c) Is in the best interests of CUB shareholders.

Reasons

11. In coming to the decision to approve CUB's proposed
repricing under NZSX Listing Rule 7.3.7A NZXR has considered the
following matters:

a. NZXR queried the financial benefit of the revaluation to CUB
as NZXR considered that while there was an up-front cash
difference to CUB, net of tax there appeared to be no material
difference. That is, the cash saving to CUB from repricing is
matched by an equal reduction in the tax payable by CUB
resulting from the tax deduction generated by the payment of the
remuneration to Mr Johnson.

However, the applicant's solicitors advised NZXR, and NZXR has
no reason not to accept, that the directors of CUB are currently
seeking the introduction of new businesses to CUB on terms that
would result in the introduction of a new major shareholder.
Accordingly, there is a reasonable prospect that the continuity
of shareholding required to utilize any losses will be breached.
In this scenario, the up-front cash difference relating to the
reduced tax payment could amount to an absolute saving for CUB.
Accordingly, NZXR considers it is of financial benefit to CUB.

b. NZXR is advised and has no reason not to accept that there is
no material change or benefit to Baroda or Wayne Johnson from
the proposed repricing.

c. The NZXR decision is made on the condition that confirmation
is provided by the Independent Directors of CUB that the
proposed repricing is an arm's length and commercial decision
for CUB, was not unduly influenced by Wayne Johnson and is in
the best interests of CUB shareholders.

d. In light of the nature of the repricing, and the financial
benefit to CUB, NZXR considers that the repricing should be able
to be achieved without requiring shareholder approval. Given
this, the level of expenditure involved in obtaining shareholder
approval would without good reason reduce any benefit to
shareholders.


DINO MUSIC: To Declare Dividend August 4
----------------------------------------
A first and interim dividend is to be declared on August 4, 2005
for Dino Music Pty Limited.

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

Dated this 28th day of June 2005

C. Wykes
Liquidator
c/o Lawler Partners
Level 7, 1 Margaret Street
Sydney NSW 2000
Phone: (02) 8346 6000


F.A.L.C. PTY: Creditors Must Submit Claims by July 31
-----------------------------------------------------
Notice is hereby given that creditors of F.A.L.C. Pty Limited
whose debts or claims have not already been admitted, are
required on or before July 31, 2005 to submit particulars of
their debts or claims and of any security held by them to the
Liquidator of the Company.

If so required by written notice from such Liquidator, they must
formally prove their debts or claims and establish any title
they may have to priority by written statement.

If they do not comply with this notice, they will be excluded
from (a) the benefit of any distribution made before their debts
or claims are proved or their priority is established; and (b)
objecting to the distribution.

Dated this 13th day of June 2005

Glenn Trinick
Liquidator
Glenn Trinick
Unit A2, Attadale Business Centre
550 Canning Highway, Attadale WA 6156
Phone: (08) 9317 4448
Fax:   (08) 9317 4449


F.&S. MARICONTI: To Distribute Dividend to Creditors
----------------------------------------------------
F.&S. Mariconti Holdings Pty Limited will declare a first and
final dividend on July 29, 2005.

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

Dated this 22nd day of June 2005

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


GAOHAWK PTY: Members Pass Winding Up Resolution
-----------------------------------------------
At a general meeting of the members of Gaohawk Pty Limited duly
convened and held on June 14, 2005, the following special
resolution was 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


GLOBAL STEELFIXING: Members, Creditors Convene in Final Meeting
---------------------------------------------------------------
Notice is given, pursuant to Section 509(2) of the Corporations
Act 2001, that a Final Meeting of the Members and Creditors of
Global Steelfixing Pty Limited will be held on Aug. 5, 2005,
10:15 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
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


GREESHMA ENTERPRISES: Creditors Confirm Liquidator's Appointment
----------------------------------------------------------------
Notice is hereby given that at a general meeting of members of
Greeshma Enterprises Pty Limited held on June 16, 2005, it was
resolved that the Company be wound up voluntarily.

For such purpose Roderick Mackay Sutherland, of Jirsch
Sutherland Chartered Accountants was appointed Liquidator.

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

Dated this 16th day of June 2005

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


HEWITT HOLDINGS: Placed Under Voluntary Liquidation
---------------------------------------------------
Notice is hereby given that on June 14, 2005, the following
special resolution was passed:

That Hewitt Holdings Pty Limited be wound up voluntarily in
accordance with the Corporations Act 2001 (relating to a
Members' Voluntary Winding Up), and that Mr. B. J. Marchesi,
Chartered Accountant, of Bent & Cougle, Level 5, 332 St Kilda
Road, Melbourne be appointed Liquidator for the winding up.

Dated this 15th day of June 2005

B. J. Marchesi
Liquidator
Bent & Cougle
Chartered Accountants
332 St Kilda Road
Melbourne Vic 3004


HINBER PROPRIETARY: Set to End Operations
-----------------------------------------
At a General Meeting of Hinber Proprietary Limited duly convened
and held on June 16, 2005, the following Special Resolution was
passed:

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

Dated this 17th day of June 2005

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


KINGS CREEK: To Pay Dividend to Priority Creditors
--------------------------------------------------
Kings Creek Winery Pty Limited is set to declare a first and
final dividend on Aug. 2, 2005, in favor of priority creditors.

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

Dated this 17th day of June 2005

C. P. White
Official Liquidator
HLB Mann Judd
Chartered Accountants
Level 1, 160 Queen Street
Melbourne 3000


MOLDAVIA PTY: Creditors' Proofs of Debt Due July 27
---------------------------------------------------
A first and final dividend is to be declared on July 27, 2005
for Moldavia Pty Limited.

Creditors whose debts or claims have not already been admitted
are required on or before July 27, 2005 to formally prove their
debts or claims.

If they do not, they will be excluded from the benefit of the
dividend.

Dated this 16th day of June 2005

A. A. Gaffney
Liquidator
c/o RSM Bird Cameron
1st Floor, 8 St George's Terrace
Perth WA 6000
Phone: (08) 9261 9100


NATIONAL AUSTRALIA: Tackles Credit Card Competition
---------------------------------------------------
National Australia Bank (NAB) has launched a hybrid product, in
a bid to woo customers amid aggressive rivalry in the credit
card market, Dow Jones Newswires reports.

NAB on Monday introduced a new product that is part credit card
and part personal loan. The credit card has a 90-day life and a
credit limited of up to AU$35,000, that is paid back in
installments similar to a personal loan.

The so-called Personal Project Loan gives customers the
flexibility and convenience of making a range of large purchases
on credit card and the discipline of planned repayments over
time.

NAB General Manager of Cards and Personal Loans Andrew Maitland
said the bank's credit card business has maintained its margins
and it remains focused on the "loyalty customer relationship"
part of the market.

Yet it isn't ruling out slashing its rates to compete with a
raft of zero interest rate products on offer.

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/


ORIGINAL PEKING: Supreme Court Orders Wind Up
---------------------------------------------
On June 14, 2005, the Supreme Court of New South Wales, Equity
Division ordered that The Original Peking VIP Restaurant Pty
Limited be wound up, and appointed Steven Nicols to be
Liquidator for such purpose.

Dated this 14th day of June 2005

Steven Nicols
Level 2, 350 Kent Street
Sydney NSW 2000


PARER BOND: Joint Liquidators Named
-----------------------------------
Notice is given that at an extraordinary general meeting of the
members of Parer Bond Pty Limited held on June 14, 2005, it was
resolved that the Company be wound up voluntarily and that
Messrs. Philip Newman and David Charles Quin of HLB Mann Judd,
Chartered Accountants, Level 1, 160 Queen Street, Melbourne, be
appointed joint and several liquidators of the company for the
winding up.

Dated this 14th day of June 2005

Philip Newman
David Charles Quin
Liquidator
HLB Mann Judd
Chartered Accountants
Level 1, 160 Queen Street
Melbourne


PORT A CHEF: To Hold Final Meeting August 4
-------------------------------------------
Notice is hereby given that Port A Chef Pty Limited will hold a
final meeting of members and creditors on Aug. 4, 2005, 11:00
a.m. at the office of Nicholls & Co., Chartered Accountants,
Suite 6, 459 Peel Street, Tamworth NSW 2340, to receive the
Liquidator's account showing how the winding was conducted and
the property of the company disposed of, and to hear any
explanation which may be given by the Liquidator.

Dated this 16th day of June 2005

A. R. Nicholls
Liquidator
Nicholls & Co
Suite 6 459 Peel Street
Tamworth NSW 2340


PUBLIC IMAGE: Names Joseph Sleiman Official Liquidator
------------------------------------------------------
Notice is hereby given that at a general meeting of members of
Public Image Australia Pty Limited held on June 15, 2005, it was
resolved that the company be wound up voluntarily and that for
such purposes, Joseph Sleiman, Certified Practicing Accountant
of Sleiman & Co., Level 8, 65 York Street, Sydney, be appointed
liquidator.

Dated this 15th day of June 2005

Joseph Sleiman
Liquidator
Sleiman & Co.
Level 8, 65 York Street
Sydney


PENGANA MANAGERS: Struggles to Win Investors' Confidence
--------------------------------------------------------
Investment performance figures revealed that it has been a
dismal year for hedge fund incubator Pengana Managers Limited,
reports the Sydney Morning Herald.

A year ago the fund gained the support of high-profile investors
including Robert Whyte, David Coe and Peter Ivany amid its
struggle under difficult conditions.

At that time, Pengana Mangers only managed to fetch less than
one-third of the AU$100 million it had set out to raise.

But things went downhill quickly.

Pengana was forced to dismiss some of its underperforming
managers after Mr. Whyte withdrew his support. The fund's share
price also plunged, trading at 21 percent discount to its net
tangible assets of 91 cents a share.

Pengana's management team is optimistic a significant corporate
restructure, announced in May, will generate results for the
fund over the next 12 months.

"From July 1 Pengana Managers has allocated the bulk of its
assets to its more proven managers (Tier 1) while maintaining
reduced allocations to new or developing managers (Tier 2)," the
company said in the June investor report.

But investors are hesitant to commit money to a fund, which
supports managers without a proven track record.

CONTACT:

Pengana Managers Limited
Level 29 , 20 Bond Street,
SYDNEY , NSW,
AUSTRALIA, 2000
Telephone (02) 8524 9900
Fax (02) 8524 9901
http://www.pengana.com.au


QANTAS AIRWAYS: Budget Unit Merges With Valuair
-----------------------------------------------
Qantas Airways Limited's Singaporean-based low-cost unit Jetstar
Asia and Valuair on Sunday announced the formation of a new
Singaporean company that will own and operate both airlines.

The new Company will be chaired by Mr. Geoff Dixon, who is
Chairman of Jetstar Asia and Chief Executive Officer of Qantas
Airways.

Mr. Dixon said that the Chief Executive Officer of Jetstar Asia,
Mr. Ken Ryan, had been appointed as Chief Executive of both
Valuair and Jetstar Asia and would run both airlines.

Mr. Dixon said Jetstar Asia and Valuair would operate in their
own right for the foreseeable future, with little or no change
to the service offered by either airline.

He said that both airlines would be well placed to participate
in growth opportunities within the region.

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


SAM PENNA: Members Decide to Shut Down Business
-----------------------------------------------
At a meeting of members held on June 15, 2005, it was
unanimously resolved, pursuant to Section 491(1) of the
Corporations Act, that Sam Penna Motor Group Pty Limited be
wound up, and Stephen Gower Baker be appointed Liquidator of the
Company for such purpose.

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


SLINGO & WILLIAMS: Members to Hear Liquidator's Report
------------------------------------------------------
Notice is hereby given that pursuant to section 509 of the
Corporations Law, the final meeting of members of Slingo &
Williams Pty Limited will be held on Aug. 1, 2005, 2:00 p.m. at
the offices of Peter Walker Partners, Level 1, 379 Kent Street,
Sydney NSW 2000, for the purpose of laying before the meeting
the liquidators' final account and report, and giving any
explanation thereof.

Dated this 21st day of June 2005

Brent McLauchlan
Liquidator
c/o Peter Walker Partners
Level 1, 379 Kent Street
Sydney NSW 2000


WUNDERBAR PTY: Begins Winding Up Proceedings
--------------------------------------------
Notice is hereby given that at an Extraordinary General Meeting
of Wunderbar Pty Limited held on June 14, 2005, it was resolved
that the company be wound up voluntarily and that Andrew
McLellan of PPB, Chartered Accountants, Level 10, 90 Collins
Street, Melbourne, Victoria, 3000 be appointed Liquidator for
such purpose.

Dated this 14th day of June 2005

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


* Profit Warnings Surge in First Half
-------------------------------------
Profit warnings hit a record level in the first six months this
year, but the outlook is expected to be more stable between now
and Christmas as investors prepare themselves for the reporting
season, says the Sydney Morning Herald.

The plunge in consumer spending contributed to the 155 warnings
which, according to Ernst & Young's Profit Watch report, came in
at more than two and half times the rate of the same period in
2004.

This figure also represented the highest number of warnings
since the firm started monitoring announcements to the
Australian Stock Exchange in 1999.

The reduced level of consumer spending was the most common
reason cited for profit warning announcements (23 percent),
ahead of increased operating costs and overheads (15 percent),
restructuring costs (12 percent) and more competition (8
percent).

Share prices dropped by an average 9.4 percent on the day of the
warning, with the average blowing out to 13 percent seven days
after the warning was issued.

Ernst & Young partner John Georgakis said the greatest number of
warnings were from consumer discretionary stocks, including
clothing retailers, wine stocks, whitegoods, appliance
distributors and general merchandisers.


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

ASPIRE DEVELOPMENTS: Schedules Winding Up Hearing August 17
-----------------------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Aspire Developments Limited by the High Court of Hong Kong
Special Administrative Region was on June 15, 2005 presented to
the said Court by Cine Art Laboratory Limited whose registered
office is situate at Unit C, 4th Floor, Freder Centre, 68 Sung
Wong Toi Road, Kowloon, Hong Kong.

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

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

OR, NG & CHAN
Solicitors for the Petitioner
15th Floor, The Bank of East Asia Building
10 Des Voeux Road Central
Central, Hong Kong

Note:

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


CHINA SOUTHERN: Xinhua Far East Downgrades Rating to BB+
--------------------------------------------------------
Xinhua Far East China Credit Ratings has downgraded the domestic
currency issuer credit rating of China Southern Airlines Ltd
from BBB to BB+.

The downgrade is prompted by Xinhua Far East's concerns that it
will be very challenging for CSA to turn around its operations
and significantly reduce its high financial gearing amid soaring
jet fuel costs (see chart 1) and intensifying competition in
China's aviation market.  As such, it will be difficult for the
Company to restore its credit profile that is commensurate with
the requirements of an investment grade rating.

The Company has reported after tax net loss since financial year
2003 and it has recently announced an earning warning that it
expected to continue to report a net loss for the first half of
2005.  At the same time its peers Air China Ltd (HKSE: 753, not
rated) and China Eastern Airlines Ltd (SH A: 600115; HKSE: 670;
NYSE: CEA, BB+) managed to rebound from setbacks by SARS in 2003
and became profitable in 2004.

While CSA's acquisitions of regional airlines in 2004 reinforced
its position as the largest airline in China with the most
extensive domestic routing network, the acquisitions brought
about substantial rise in debts and financial leverage, and
dragged down its operating efficiency.  Including the
liabilities under financial leases, the Company's total debt
increased from RMB 18.9 billion in 2003 to RMB 35.3 billion in
2004, and further up to RMB 40.5 billion as at end of first
quarter of 2005.  Correspondingly, its total debt to total
capital ratio exhibited a rising trend, from 58.2% in 2003, to
71.8% in 2004 and to 74.5% as at March 31, 2005.

Despite the sharp rise in revenues by organic growth and
acquisitions, soaring jet fuel costs have considerably eroded
CSA's profitability.  It is noteworthy that prevailing
regulatory framework hinders CSA from fully and immediately
transferring the hikes in fuel costs to the passengers in
domestic routes.  Furthermore, the progressive liberalization of
China's domestic air transportation fuels increasing competition
among domestic airlines and consequently constrains airlines'
flexibility to increase airfares.  Thus, even though CSA's
extensive domestic network enables it to enjoy the burgeoning
growth potentials in domestic aviation, its large exposures to
domestic routes makes it more vulnerable to increases in fuel
price.

Under the backdrop of above operating challenges and a RMB 11.8
billion capital commitment to procure 33 new aircrafts and
equipment during 2005 - 2007, it will be difficult for CSA to
generate adequate cash flow to reduce its large debt burdens in
next few years.

Xinhua Far East acknowledged that CSA's strategic importance to
China's aviation industry and economic development would warrant
government support, which has been proven during the SARS crisis
in 2003.  In Xinhua Far East's opinion, such support against
contingency mitigates the liquidity pressure on the Company and
is already factored into CSA's ratings.

China Southern Airlines Company Limited is the largest airlines
in China in terms of volume of passenger traffic, number of
routes and size of aircraft fleet.  As of the year-end of 2004,
the Company operated 542 routes, of which 434 were domestic, 85
were international and 23 were Hong Kong regional.  In addition
to its main route base in Guangzhou, the Company maintains 18
regional route bases in southern, northern, western and central
China, enabling it to operate the most extensive domestic route
network among all Chinese airlines.  As of 31 December, 2004,
the Company operated a fleet of 231 aircrafts with an average
age of 7.47 years.

CSA is a constituent in the Xinhua/FTSE China A50 Index.  As of
July 21, 2005, the total market cap of CSA accounted for RMB
8.42 billion (USD 1.02 billion) with an investable market cap of
RMB 3.37 billion (USD 407.16 million).

For the rating report summary, please visit
http://www.xinhuafinance.com/creditrating

CONTACT:

China Southern Airlines Company Limited
Unit B1, 9/F, United Ctr
95 Queensway, Hong Kong
Phone: 28610288
Web site: http://www.cs-air.com


DORING DEVELOPMENT: Winding Up Hearing Set August 17
----------------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Doring Development Limited by the High Court of Hong Kong
Special Administrative Region was on the June 20, 2005 presented
to the said Court by Bank of China (Hong Kong) Limited (the
successor banking corporation to Kincheng Banking Corporation
pursuant to Bank of China (Hong Kong) Limited (Merger) Ordinance
(Cap.1167) whose registered office is situated at 14th Floor,
Bank of China Tower, 1 Garden Road, Hong Kong.

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

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

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

TSANG, CHAN & WONG
Solicitors for the Petitioner
16th Floor, Wing On House
No. 71 Des Voeux Road Central
Central, Hong Kong

Note:

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


HONGKONG CONSTRUCTION: Divests Zonetime for HK$100 Mln
------------------------------------------------------
The Board of Directors of HongKong Construction (Holdings)
Limited hereby announces that on July 20, 2005, the Company
entered into the sale and purchase agreement with Good Smart
pursuant to which the Company agreed to sell and Good Smart
agreed to purchase the entire issued share capital of Zonetime
at the price of HK$100 million.

The disposal constitutes a discloseable transaction for the
Company under Rule 14.06 of the Listing Rules. A circular
containing, among other things, further particulars of the
Disposal will be dispatched to the shareholders as soon as
practicable in accordance with the requirements of the Listing
Rules.

By order of the Board
Hong Kong Construction (Holdings) Limited
EOI Kang Eric
Managing Director and Chief Executive Officer

For a copy of the press release, go to
http://bankrupt.com/misc/tcrap_HKConstruction0725.pdf

CONTACT:

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


NORTHERN INTERNATIONAL: FY/2005 Net Loss Widens to HK$19.6 Mln
--------------------------------------------------------------
Northern International Holdings Limited (0736) posted a net loss
of HK$19.64 million for the fiscal year ended March 31, versus a
net loss of $15.52 million a year earlier.

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


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

Turnover                           : 70,084,060
81,001,038
Profit/(Loss) from Operations      : (17,017,661)
(12,658,540)
Finance cost                       : (2,107,764)
(2,133,108)
Share of Profit/(Loss) of
  Associates                       : 0                  0
Share of Profit/(Loss) of
  Jointly Controlled Entities      : N/A                N/A
Profit/(Loss) after Tax & MI       : (19,636,769)
(15,524,931)
% Change over Last Period          : N/A       %
EPS/(LPS)-Basic (in dollars)       : (0.0041)           (0.0034)
         -Diluted (in dollars)     : N/A                N/A
Extraordinary (ETD) Gain/(Loss)    : N/A                N/A
Profit/(Loss) after ETD Items      : (19,636,769)
(15,524,931)
Final Dividend                     : NIL                NIL
  per Share
(Specify if with other             : N/A                N/A
  options)

B/C Dates for
  Final Dividend                   : N/A
Payable Date                       : N/A
B/C Dates for (-)
  General Meeting                  : N/A
Other Distribution for             : N/A
  Current Period

B/C Dates for Other
  Distribution                     : N/A

The calculation of basic loss per share is based on the net loss
from ordinary activities attributable to shareholders for the
year of HK$19,636,769 (2004: HK$15,524,931) and the weighted
average of 4,846,403,321 (2004: 4,548,528,197) ordinary shares
in issue during the year.

Diluted loss per share for the years ended 31 March 2005 and
2004 have not been disclosed as the impact of the potential
ordinary shares was anti-dilutive.

CONTACT:

Northern International Holdings Limited
Blk A, 2/F Man Fonng Ind. Building
7 Cheung Lee Street, Chai Wan,
Hong Kong
Phone: 26066775
Fax: 26913194
Web site: http://www.northern.com.hk


PCCW LIMITED: Mulls Sale of 79.72% JALECO Stake for US$47 Mln
-------------------------------------------------------------
This announcement is made by PCCW Limited voluntarily to provide
information to its shareholders and to the public.

The Board of Directors of PCCW wishes to announce that an
indirect wholly owned subsidiary of PCCW has entered into a sale
and purchase agreement with Sandringham Fund SPC Ltd., an
independent third party, on July 22, 2005 for the disposal of
its entire stake in Hyperlink Investments Group Limited, an
indirect wholly owned subsidiary of PCCW, which in turn will
have a 79.72% interest in JALECO Ltd. by the date of completion.
The consideration will be approximately US$47 million subject to
certain completion adjustments.

The proceeds of the Disposal will amount to approximately US$
million before completion adjustments and is expected to result
in an estimated disposal gain of approximately HK$160 million
for PCCW Group. The actual gain from the Disposal may be
different from this amount as it can only be determined upon
completion. Completion is expected to take place before the end
of August 2005 subject to the terms and conditions of the sale
and purchase agreement.

JALECO Ltd. is incorporated under the laws of Japan with shares
listed on the Jasdaq Securities Exchange Inc. and is engaged in
the development and marketing of console and mobile games,
predominantly in Japan. PCCW considers that JALECO Ltd.'s
activities are non-core to PCCW Group.

To the best of the knowledge, information and belief of the
Board, having made all reasonable enquiries, Sandringham Fund
SPC Ltd. is a third party independent of PCCW and is not a
connected person (as defined in the Rules Governing the Listing
of Securities on The Stock Exchange of Hong Kong Limited (the
Listing Rules)) of PCCW. The Disposal does not constitute any
notifiable transaction under Rule 14.06 of the Listing Rules.

An English translation of an announcement made by JALECO Ltd. to
the Jasdaq Securities Exchange Inc. on July 22, 2005 in relation
to the Disposal was sent to The Stock Exchange of Hong Kong
Limited (Hong Kong Stock Exchange) for publication on its
website pursuant to Rule 13.09(2) of the Listing Rules.
Shareholders of PCCW and the public may refer to this
translation for further details.

By the Order of the Board
PCCW Limited
Hubert Chak
Company Secretary
Hong Kong, July 22, 2005

CONTACT:

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


SMART FOREST: Winding Up Hearing Fixed August 3
-----------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Smart Forest Limited by the High Court of Hong Kong Special
Administrative Region was on the May 4, 2005 presented to the
said Court by Cheung Siu Chui of Room 10, 28th Floor, Block E,
Tin Ma Court, Wong Tai Sin, Kowloon, Hong Kong.

The said Petition is to be heard before the Court at 10 a.m. on
August 3, 2005.

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

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

GEORGE Y. C. MOK & CO.
Solicitors for the Petitioner
5th Floor, Yuen Long Trade Centre
99-109 Castle Peak Road
Yuen Long, New Territories
Hong Kong

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


REIGNTEX LIMITED: Enters Winding Up Proceedings
-----------------------------------------------
Reigntex Limited whose place of business is located at Rm A12,
11F, International Industrial Building, 501-503 Castle Peak
Road, Cheung Sha Wan, Kowloon was issued a winding up order
notice by the High Court of the Hong Kong Special Administrative
Region Court of First Instance on July 4, 2005.

Date of Presentation: April 28, 2005

Dated this 22nd day of July 2005

Lee Mei Yee May
Acting Official Receiver


RNA HOLDINGS: Receives Winding Up Order
---------------------------------------
RNA Holdings Limited whose place of business is located at 16th
Floor, Cheung Fat Building, 7-9 Hill Road Western District, Hong
Kong was issued a winding up order notice by the High Court of
the Hong Kong Special Administrative Region Court of First
Instance on July 13, 2005.

Date of Presentation: March 27, 2004

Dated this 22nd day of July 2005

Lee Mei Yee May
Acting Official Receiver


SPECIAL YEAR: Wind Up Process Initiated
---------------------------------------
Special Year International Limited whose place of business is
located at Unit B8-2, Blk B, 1/F, Hong Kong Industrial Centre,
489-491 Castle Peak Road, Laichikok, Kowloon was issued a
winding up order notice by the High Court of the Hong Kong
Special Administrative Region Court of First Instance on July 6,
2005.

Date of Presentation: May 4, 2005

Dated this 22nd day of July 2005

Lee Mei Yee May
Acting Official Receiver


STANDARD CURTAIN: High Court Orders Closure of Business
-------------------------------------------------------
Standard Curtain Factory Limited whose place of business is
located at Rm 730, 7th Floor, Nam fung Centre, 264-298 Castle
Peak Road, Tsuen Wan, New Territories was issued a winding up
order notice by the High Court of the Hong Kong Special
Administrative Region Court of First Instance on July 6, 2005.

Date of Presentation: May 5, 2005

Dated this 22nd day of July 2005

Lee Mei Yee May
Acting Official Receiver


TC MANUFACTURES: Court Issues Winding Up Order
----------------------------------------------
TC Manufactures Limited whose place of business is located at Rm
1708, Dominion Centre, 43-59 Queen's Road East, Wanchai, Hong
Kong was issued a winding up order notice by the High Court of
the Hong Kong Special Administrative Region Court of First
Instance on July 6, 2005.

Date of Presentation: April 14, 2005

Dated this 22nd day of July 2005

Lee Mei Yee May
Acting Official Receiver


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

DIRGANTARA INDONESIA: Will Investigate Aceh Plane Crash
-------------------------------------------------------
State aircraft maker PT Dirgantara Indonesia (PTDI) said it
would investigate an accident concerning one of its CN-235
planes in Nangroe Aceh Darussalam last week, reports Asia Pulse.

The CN-235 military transport plane was about to land at the
Malikussaleh Airport in Lhokseumawe, Aceh. The plane was
carrying 8 passengers and 6 crew when it crashed, killing three
Army officers and injuring others.

The plane was coming from Bandah Aceh, when it had stalled and
dropped on the tarmac, sliding a distance of 200 meters. One of
its wings and propellers broke.

PTDI director of operations Budi Wuraskito said that they are
awaiting a detailed report on the crash from the Indonesian Air
Force (IAF), and would investigate the accident with the IAF's
approval. If there was engine trouble, the Company would send
its team of technology field experts to investigate.

Dirgantara Indonesia, which is run by the government, has been
manufacturing CN-235 planes since 1980, and has exported such
planes to nearby countries such as Malaysia and Thailand.

CONTACT:

PT Dirgantara Indonesia
Jl. Pajajaran no. 154 Bandung 40174,
Indonesia
Phone: 62-22-6034562, 62-22-6010754, 62-22-6010759
Fax:   62-22-6019538, 62-22-6075671, 62-22-6031696
Email: infosales@indonesian-aerospace.com
Web site: http://www.indonesian-aerospace.com


PERTAMINA: To Build Oil Refinery with Chinese Firm
--------------------------------------------------
State-owned oil and gas firm PT Pertamina is set to sign a
memorandum of understanding (MOU) with China Petroluem &
Chemical Corporation (Sinopec) to build an oil refinery in
Tuban, East Java, the Jakarta Post reports.

According to Minister of Energy & Mineral Resources Purnomo
Yusgiantoro, the two firms are set to sign the agreement on
Indonesian President Susilo Bambang Yudhoyono's visit to China
later this week.

Pertamina President Widya Purnama said they hope to build the
Company's tenth oil refinery this year, or in 2006 at the
latest. However, he did not provide details on the cost of
construction and the ownership split of the refinery project.

The Tuban oil refinery is expected to process from 150,000 to
200,000 barrels of crude oil daily, according to Mr. Purnama.
The oil refinery will be built to prevent future oil shortages
as the state is currently in an oil crisis, with increased
demand for fuel and little supply.

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


PERUSAHAAN LISTRIK: To Tap Other Energy Sources to Provide Power
----------------------------------------------------------------
State power firm PT Perusahaan Listrik Negara (PLN) plans to use
other energy sources to produce electricity in place of fuel
oil, as it is inefficient in producing electricity, reports Asia
Pulse.

According to PLN Energy & Power Director Ali Herman Ibrahim,
coal would make up 44%, natural gas 36%, water 8%, geothermal
energy 6%, fuel oil 5% of the Company's energy sources in order
to produce power by 2008. He further added that by 2015, the
percentages would increase/decrease, with coal providing 64%,
natural gas 22%, hydropower 6%, geothermal 4% and fuel oil 4% of
the Company's energy sources.

Last year, 40% of the Company's operational expenses (IDR23
trillion) was spent on procuring fuel oil to provide
electricity, while it produced only 33% of its total 94,041 GMH
of electricity production. At the same time, the Company spent
IDR3.58 trillion to provide coal, which enabled it to produce
32.6% of total production (30,700 GWH electricity), while it
spent a mere IDR3.77 trillion for gas to come up with 19,899 GWH
of electricity. The Company also spent only IDR1.06 trillion for
geothermal energy and IDR45 billion for hydropower to produce
3,084 GWH and 9,171 GWH of electricity, respectively.

In order to be more efficient, PLN has decided to switch to
these alternative energy sources in order to produce
electricity, as fuel oil costs are rising and produces lesser
electricity than coal, gas, water or geothermal energy.

CONTACT:

PT Perusahaan Listrik Negara (Persero)
Jl. Trunojoyo Blok M-1 No. 135, Kebayoran Baru
Jakarta, 12160, Indonesia
Phone: 62 21 725 1234
Fax:   62 21 722 1330
Web site: http://www.pln.co.id


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

JAPAN AIRILNES: Releases Traffic Forecast for 2005
--------------------------------------------------
Japan Airlines Group has released its projected figures for
international and domestic traffic for the Japanese summer
vacation period, stretching this year from July 22 to August 21,
AsiaTravelTips reports.

Total international passenger reservations during the 31-day
period, currently stand at 653,541, are 3.6 percent less than
the same vacation period last year. The forecast seat load
factor is 69.3 percent. (Based on the combined reservations of
JAL, JALways and Japan Asia Airways).

Bookings on transpacific routes to North America are 6.7 percent
up on last year. Projected load factors on routes from Japan to
Hawaii, the mainland USA and Oceania are at high levels: 83.6
percent, 97.9 percent and 91 percent respectively. On the other
hand, bookings to beach resort destinations in Southeast Asia
via Bangkok and Kuala Lumpur are lower than last year,
influenced by the airline says by the December 2004 Tsunami.
Reservations on China routes are also down on the same period
and reflect the airline believes the impact of anti-Japanese
demonstrations earlier this year.

JAL will operate 34 extra flights on resort routes and will make
a total of 152 tourist charter flights, including some to new
destinations such as Prague, St. Petersburg and Alice Springs,
Australia.

JAL Group domestic summer vacation passenger reservations total
4,207,059, 1.2 percent lower than last year's traffic result.
However domestic seat supply is 2.7 percent lower than the same
period last year. The JAL Group plans to operate an additional
144 flights on domestic Japan routes to key vacation
destinations. At present the domestic Japan seat load factor
forecast is 67.3 percent.

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


KANEBO LIMITED: L'Oreal to Bid JPY600 Bln in Takeover
-----------------------------------------------------
Societe General (SG) says L'Oreal SA may offer up to JPY600
billion to acquire Kanebo Limited and Kanebo Cosmetics Inc., New
Ratings reports.

SG says the Industrial Revitalization Corporation of Japan
(IRCJ) is "susceptible to favoring the most 'Japanese
solution'," and synergies would be largest with Kao Corporation,
but L'Oreal, being a bigger group, would be able to record
revenue benefits more quickly.

The acquisition would be an important part of L'Oreal's push to
grow in Asia. Next round of bidding for Kanebo is expected next
month.

CONTACT:

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


MITSUBISHI MOTORS: Greyfield Capital Keen On Dealership
-------------------------------------------------------
Greyfield Capital Inc. on July 22 is negotiating to acquire an
operating Mitsubishi dealership.

The Mitsubishi dealership currently markets new and used
vehicles and is also certified to perform maintenance work on
all Mitsubishi make and models.

When acquired, the dealership will immediately be adding revenue
and profits to the company.

Mitsubishi Motors is globally recognized as an innovative leader
in the automobile industry. More information about Mitsubishi
Motors can be found at http://www.mitsubishicars.com.

Greyfield shall also be releasing its inventory asset numbers on
July 25.

New management of Greyfield is committed to having an open
relationship with all of its shareholders.

Greyfield Capital is quoted on NQB Pink Sheets as "GRYF."

About Greyfield Capital

Canadian Autorama is a highly profitable, fast growing premium
automobile dealership in Canada. Canadian Autorama has been in
operation for the last 3 years and has experienced explosive
growth and is quickly becoming the largest automobile dealership
in central Canada.

Contact:

Greyfield Capital Inc.
O' Bell, 415-738-6950
E-mail: info@theautorama.com

This is a company press release.


PIONEER CORPORATION: Releases PureVision Plasma TVs
---------------------------------------------------
Pioneer Corporation announced on July 22 that it will introduce
three new "PureVision" high-definition plasma TV models equipped
with a new proprietary technology "P.U.R.E.(*1) Black Panel."

The new panel can reproduce blacker blacks and the details of
dark images thanks to its new "Crystal Emissive Layer." The
Pioneer 50-inch PDP-506HD (separate type), the 43-inch PDP-436HD
(separate type), and the 43-inch PDP-436SX (one-body type) will
be shipping in between early September and early October 2005 in
Japan at a suggested retail price of 748,000 yen, 598,000 yen,
and 568,000 yen (including tax) respectively.

Pioneer released the world's first high-definition plasma TVs
equipped with XGA screens at the end of 1997. Since then, the
company has been offering advanced, innovative products
employing the world's first technologies such as "Deep-encased
Cell Structure" and "Direct Color Filter," and leading markets
both in Japan and overseas.

The Pioneer new "PureVision" high-definition plasma TV models
come equipped with a wealth of new proprietary image-processing
technologies included in the "P.U.R.E. Drive II" as well as the
prominent panel technologies that the company has cultivated
over the years. This new high picture-quality drive circuit
fully realizes the high performances of the new P.U.R.E. Black
Panel to deliver brilliant images with high-density, smooth
color reproduction to viewers.

Main Features

(1) The new, innovative plasma panel "P.U.R.E. Black Panel"
reproduces blacker blacks thanks to Pioneer's newly developed
"Crystal Emissive Layer".

The "Crystal Emissive Layer" is a state-of-the-art technology
that realizes the high performance and potential of plasma
panels. It enhances the image expression and power-saving
performances of Pioneer's new plasma TVs in three important
ways:

- The luminance in a dark area is reduced to about one fourth
that of the previous models. Thanks to it, the contrast ratio in
a dark area is increased. The 50-inch PDP-506HD achieves a
4000:1 contrast ratio in a dark area (the highest in the
industry(*2)). Blacker blacks make images more vivid, giving
them a sense of reality and depth. Blacker blacks and details of
dark areas often found in movie scenes are well reproduced, so
users can enjoy the excitement and true-to-life reproduction of
motion pictures.

- The luminance efficiency is increased by 22 percent over that
of the previous models. High luminance with low power
consumption is further enhanced.

- The discharge rate is increased three-fold, realizing a low
power, one-sided drive circuitry. The reduction in the number of
parts and the saving in power contribute to environmental
conservation.

(2) The "Direct Color Filter" reduces external light
reflections, resulting in sharper images.

- Adopting the Direct Color Filter, which is directly affixed
to the plasma panel, has eliminated a glass for the front
filter. This world's first proprietary technology significantly
has reduced the deterioration of focus quality caused by
multiple reflections previously generated between the front
filter glass and the plasma panel. Moreover, as reducing the
ambient light reflection rate and heightening color
reproducibility, the Direct Color Filter technology allows
viewers to enjoy images that are sharper, crispier and more
vivid even in bright environments.

* The elimination of a glass for the front filter enables
Pioneer to offer the lightest models in both 50-inch and 43-inch
classes (*4). Lighter weight, moreover, leads to a saving of
natural resources and reduction in CO2 emissions, thereby
greatly contributing to environmental conservation.

(3) The new, full-digital high-picture quality circuit "P.U.R.E.
Drive II" maximizes the performance of the new plasma panel.
P.U.R.E. Drive II includes:

- Flex Clear Drive technology achieves high density, smooth
color gradation expression by automatically analyzing the
characteristics of the image and adjusting the distribution of
color gradations to optimize picture quality.

- Active Dynamic Range Expander (Active DRE) reproduces a
crisp, contrastive picture quality. It increases the contrast
ratio of the image by automatically detecting its
characteristics and keeping optimal control of its dynamic
range, peak brightness, and gradations in its dark area. The
Active DRE makes possible delicate expressions that vividly
accentuate the shades of people's face expression or the
daylight filtering through tree leaves.

- Color Management that ensures brilliant color reproduction is
further enhanced.

* Digital Noise Reduction (DNR), MPEG Noise Reduction (MPEG-
NR), and other technologies that ensure reproduction of clear,
noiseless images, are further improved.

(4) The lowest annual power consumption(*3) and lightest
weight(*4) in the industry

- The P.U.R.E. Black Panel, highly efficient luminance
technology, and other various power-saving technologies allow
the new PureVision plasma TVs to consume the lowest power in the
industry. Also, the new models realize the lightest weight in
the industry:

[Annual power consumption]

PDP-436SX --- 289kWh/yr (a reduction of about 25% from the
previous models)

PDP-436HD --- 298kWh/yr (a reduction of about 30% from the
previous models)

PDP-506HD --- 398kWh/yr (a reduction of about 20% from the
previous models)
[Total weight]

PDP-436SX: 31.8kg, PDP-436HD: 33.9kg*, PDP-506HD: 40.2kg*
(Including those for the display unit, media receiver, speakers,
and mounting kit)

- The new panel has achieved the luminance life(*5) of over 60
thousand hours.

(5) "P.U.R.E. Sound" system achieves high quality sound
reproduction befitting the era of digital broadcasting.
The new plasma TVs have employed the slim speakers equipped with
newly developed units based on the high quality sound technology
that Pioneer has cultivated over the years. This ensures both
high fidelity sound reproduction for movies and music, and easy-
to-listen sound reproduction appropriate for television viewing.
The users can fully enjoy high quality digital broadcast sound
with a sense of presence without any stress.

(6) "Clean & Fewer Elements" design makes the frame around the
screen as thin as possible.

The Clean & Fewer Elements design concept has reduced the number
of elements from the frame area around the screen as much as
possible. Its simple design is a perfect match for a
comfortable, high-quality living space.

(7) Additional functions that pursue "ease of use" and the
"spirit of non-compromise" for the era of digital broadcasting.

- A 4-tuner configuration supports terrestrial, BS, and 110deg
CS digital broadcasts as well as terrestrial analog broadcasts.

- A new expanded Electronic Program Guide (EPG) is suitable for
large screen plasma TVs. TV Programs for the user's favorite
eight digital broadcast channels are displayed on the entire PDP
screen in high resolution. The EPG function for analog
broadcasts supports the G-Guide(*6) technology.

- Two remote controls-new "direct remote control" and "simple
remote control"-are attached for convenience of use (for the
PDP-506HD and PDP-436HD only).

- An HDMI (High Definition Multimedia Interface) terminal
allows direct digital connection of video and audio signals from
DVDs and other sources using a single cable to offer viewers
full-digital images and sound without signal deterioration (for
the PDP-506HD and PDP-436HD only).

- Advanced PureCinema achieves the realism of the original
film-based programs by sequentially converting images composed
of 24 frames per second shown in cinemas.

- Multi-Screen makes full use of the large screen to display
images in 50/50 split screen or P-in-P (for the PDP-506HD and
PDP-436HD only).

- SRS WOW (*7) features three surround modes to deliver true-
to-life reproduction of sound.

- Home Gallery displays high-quality photo images stored in
digital camera memory cards.

For specifications please visit the Pioneer site:
http://www.pioneer.co.jp/press/release153.html

About Pioneer Corporation

Pioneer Corporation is one of the leading manufacturers of
consumer and business-use electronics products such as audio,
video and car electronics on a global scale. Its shares are
traded on the New York Stock Exchange, Euronext Amsterdam, Tokyo
Stock Exchange, and Osaka Securities Exchange.

For further information, please contact:
Pioneer Corporation, Tokyo
Phone: +81-3-3494-1111
Fax: +81-3-3495-4431
E-mail: pioneer_shr@post.pioneer.co.jp
IR Web site: http://www.pioneer.co.jp/ir-e


RESONA HOLDINGS: Poised to Start Paying US$26.9 Bln to Gov't
------------------------------------------------------------
Resona Holdings Inc. is getting in position to start paying back
JPY3 trillion ($26.7 billion) it owes the government from two
bailouts, Bloomberg News reports, citing Resona Chairman Eiji
Hosoya.

The bank, which received almost JPY2 trillion from the
government two years ago, trails Mizuho Financial Group Inc. and
other banks in repaying public funds.

Clearing the debt may attract more investors to the Osaka-based
bank, which is expected to complete the sale of $1.15 billion of
preferred securities to overseas investors on July 25.

CONTACT:

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


SANYO ELECTRIC: Doubt Looms Amid Earthquake Loss
------------------------------------------------
The 6.8-magnitude earthquake that hit Sanyo Electric's chip-
making plant in northern Japan last October 23 reversed the
company's profit forecast to a huge loss, the Associated Press
reports.

The world leader in digital cameras and mobile phones has since
installed new management to rekindle the company, turning heads
with the rare appointment of a female Chief Executive Ms. Tomoyo
Nonaka.

After the earthquake, the company's share price, already diving,
continued its fall and has now lost half its value in the past
18 months.

Sanyo will slash domestic factory space by about a fifth,
discontinuing some lines, and aims to cut debt now totaling
JPY1.2 trillion by JPY600 billion by March 2008.

Analysts and investors will be watching closely on Wednesday,
when Sanyo reports first-quarter earnings.

CONTACT:

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


SEIBU RAILWAY: To Resume Kyoto Hotel Operations
-----------------------------------------------
Seibu Railway Co. will continue to operate the Takaragaike
Prince Hotel in Kyoto, reversing its original plan to sell its
under business rehabilitation scheme, Kyodo News reports.

A panel tasked with rebuilding the railway group has judged it
possible to rebuild the hotel's business in view of its being
located in Kyoto, a world-famous tourist spot, and its past
record of hosting many international conferences.

CONTACT:

Seibu Railway Co Ltd
11-1 Kusunokidai 1-Chome
Tokorozawa 359-8520, Saitama 359-8520
Japan
Phone: +81 42 926 2081
Fax: +81 42 926 2237
Web site: http://www.seibu-group.co.jp/


SOFTBANK CORPORATION: To Boost Internet Service Capacity
--------------------------------------------------------
Softbank Corporation plans to increase the capacity of its
Internet service by a little more than 15 times within three
years, to about one terabit per second, by expanding its fiber-
optic network, AFX News, citing the Nihon Keizai Shimbun.

The company is seeking to meet demand from Internet users, who
will likely begin viewing more movies through the Internet. The
projected capacity is considered sufficient to beam 10,000
movies at once.

Softbank will first install advanced routers between Tokyo and
Chiba Prefecture and other areas where telecom traffic is
particularly high. One router will feature a throughput of 1.2
terabits per second. The routers will be installed in areas from
Tokyo to Fukuoka in August and in Sapporo two month later,
thereby completing a nationwide network. The total number of new
routers will exceed 20, the report said.

The Company did not reveal how much it is spending for the
planned capital investment but each Cisco Systems Inc. router it
will use is said to cost JPY100 million, the report said.

CONTACT:

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


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

ASIANA AIRLINES: About 78% Domestic Flights Resume as Scheduled
---------------------------------------------------------------
Asiana Airlines said about 78 percent of its domestic flights
will operate as scheduled while only the Sydney, Australia
flight will be disrupted among the international flights, Asia
Pulse reports, citing Yonhap News.

Out of the 99 domestic flights to the resort island of Jeju, 22
will be cancelled, leaving 82 out of the 178 domestic flights to
proceed as planned.

Asiana announced the flight schedules after the unionized pilots
relocated the venue of the strike to a youth hostel for campers
in the central province of the country to prepare for a more
sustained walkout. The contract is to last until August 20.

The contract of the previous venue, which is a training center
located in Incheon expired, forcing the protesters to move.

"We could not find a place to accommodate more than 400 people
near the Incheon place, so we chose a place near the mountain,"
a unionized pilot said. "The schedule for negotiations has yet
to be set."

Asiana Vice President, Joo Jae-hong, has asked the government to
consider drawing up countermeasures that include an "emergency
arbitration" to resolve the dispute.

"To further guard against people being inconvenienced and the
damage to businesses, I think government measures such as
emergency arbitration should be taken to limit the strike," Mr.
Joo said.

Mr. Joo added that the union's move to a new venue shows lack of
will regarding negotiations.

Should the government pursue emergency arbitration, it would
immediately order a halt to the strike, and ban the union from
resuming the strike for the next 30 days.

The emergency arbitration by law is normally taken for a strike
in public service businesses such as railroads, city bus lines,
electricity, gas or hospitals.

"The union should express a willingness for negotiations instead
of thinking about a long-term strike," a company official said,
asking to remain anonymous.

Asiana has not changed its position over the pilots' demands,
claiming the demands infringe upon management rights.

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 to Have Minimal Effect on Earnings
----------------------------------------------------------
Since Asiana Airline's international flight is operating
normally, analysts say that the strike would only have minimal
impact on the airline's earnings this year, relates The Korea
Herald.

Asiana's international flights constitute about 60 percent of
its business. And currently serves as the carrier's lifeline. If
international flights were starting to get cancelled, the damage
would escalate.  Domestic and cargo only accounts 10 and 30
percent respectively.

Asiana stated that it loses KRW3 billion in sales a day due to
the strike. Cargo services account for nearly KRW2.5 billion and
KRW500 million for domestic flights

"Of course, the strike is a negative factor for its business,
cutting sales every day," said analyst Lee Seung-jae, who covers
the aviation industry at Hana Securities Co. "But in terms of
earnings, there seems to have so far been little damage as the
most profitable services have been maintained. If the strike
ends before affecting international routes, its impact will be
minimal."

However, Asiana has been incurring losses on its domestic routes
even before the strike, excluding the Jeju Island route.
Ironically, the cancellation of domestic flights has helped
Asiana save money.

Furthermore, the ratio of operating profit to net sales is 5
percent for its cargo business. Actual profit losses from the
suspension of cargo services, therefore, will stay around just
KRW130 million a day, Mr. Lee said.

Even though the strike could only have minimal effect on Asiana,
it would create a slight damage to the economy in the short
term.  The strike would weaken the airline's image and
credibility that would scare away possible individual and
corporate customers.

In the onset of the strike, Samsung Elecronics Co. warned that
it may reduce its dependence on Asiana cargo.  Samsung depends
on air shipment of its mobile phone, semiconductors and liquid
crystal display screens.


HAITAI STORES: E-Land Awaits Approval on Sale
---------------------------------------------
E-Land Group agreed to buy Haitai Stores Co., a local
supermarket chain under court receivership, for KRW63.65
billion, Asia Pulse reveals.

E-Land will take managerial control of Haitai Stores this year
once its creditors and court has given their approval on the
sale.  The acquisition is aimed at raising profits from the
supermarket business by creating a "synergy effect," the company
said.

E-Land, is focused on expanding its retail business. It runs 17
department stores and discount outlets nationwide.

In 2004 E-Land recorded a consolidated net profit of KRW28.5
billion on sales of KRW2.06 trillion.

Haitai, which has been under court receivership since 2000,
posted a net loss of KRW8.4 billion on sales of KRW160 billion
last year.

CONTACT:

Haitai Store Company Limited
47-7 Myongil-Dong Kangdong-gu
Seoul, 134-070
Telephone: +82 2 440 0998-9
Fax: +82 2 429 3880


JINRO LIMITED: Hite Cuts Stake Following Approval
-------------------------------------------------
Hite Brewery said it wants to pare its stake in Jinro Ltd. to 41
percent from the previous 52.2 percent, according to The Korea
Herald.

The move was done in order for its consortium partners to
increase their holdings.  Hite would also reduce its cost as
controlling shareholder, a Hite spokesman said.

"The company is now in the middle of trying to sell shares to
the other consortium partners," the Hite spokesperson said. This
means the brewer's costs would be between KRW900 billion and
KRW1 trillion.

According to the Hite spokesman, the members prefer to shoulder
more costs themselves as opposed to bringing in another partner.
But if necessary, Hite would consider looking into the idea, Kim
Jee-hyun, managing director at Hite said.

The consortium now includes the Korean Teachers Credit Unit, the
Military Aid Association, Korean Federation of Community Credit
Cooperatives and a private equity fund of Korea Development
Bank.

According to a report released by Daewoo Securities Co., the
partners are paying KRW2.43 trillion for equity in the company
and taking on a KRW1 trillion loan.

Hite said the Jinro acquisition would pose a financial burden
since it has enough funds in cash and from selling securities to
complete takeover on August 13.

However, an analyst at Hyundai Securities Co. said the
acquisition would be more of a going out that coming in for
Hite. Interest payments alone amounted to KRW60 billion.
Operating profit forecast is expected to reach KRW230 billion
this year, the analysts expects Hite would lose KRW40 billion on
the acquisition.

The analyst added that it would take at least five years to
create synergy between Hite and Jinro.

The Fair Trade Commission approved Hite's KRW3.43 trillion
takeover on conditions that:

(1) Price increases in soju and beer should be within the range
of the overall consumer price increase for the next five years

(2) The consolidation of distribution channels is prohibited for
the next five years

(3) Shipment volume to liquor wholesalers is required on a semi-
annual basis for the next five years, and

(4) Hite should come up with antitrust measures within three
months.

To view a full copy of Daewoo Securities' report, click
http://bankrupt.com/misc/DaewooSecuritiesReport072205.pdf

CONTACT:

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


LG CARD: Delinquency Ratio Slides Further
-----------------------------------------
LG Card Co. said credit delinquency ratio continued to fall in
June as it stepped up efforts to liquidate idle assets,
according to Asia Pulse, citing Yonhap News.

LG Card took KRW89.7 billion worth of bad assets off its balance
sheet, more than what was written off in May for KRW83.8
billion.

The credit card company's payments overdue for one month or more
accounted for 9.69 per cent of its total assets last month, down
0.54 percentage point from the previous month, the card firm
said in a regulatory filing.  Rescheduled credit card bills also
fell 4.8 per cent to KRW2.29 trillion (US$2.24 billion) in June
from the previous month.

In 2003, LG posted KRW5.6 trillion in losses as it was hit by
rising overdue card billings and a subsequent rise in loan-loss
reserves.

Last year, LG Card cut its losses to KRW81.6 billion and managed
to turn a net profit of KRW326 billion in the fourth quarter.

Creditors and affiliated companies agreed on a KRW5 trillion-
bailout package last year to rescue the company from bankruptcy.
At the end of December, another bailout worth KRW1 trillion was
agreed upon to prevent the firm from being delisted.

Creditors have been working for the sale of the firm, estimated
to be worth at least KRW4.5 trillion.

CONTACT:

LG Card Company Limited
Fax: (02) 3420-7002
E-mail: webmaster@card.lg.co.kr
Web site: http://www.lgcard.com


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

AKTIF LIFESTYLE: Gains Approval to Extend Proposal Submission
-------------------------------------------------------------
Aktif Lifestyle Corp. Berhad refers to the announcement dated
July 1, 2005 on the extension of time pursuant to paragraph 6.1
of Practice Note no 10/2001 (pn10) of the listing requirements
of Bursa Malaysia Securities Berhad (Bursa Securities).

On behalf of the Board of Directors of Aktif, Avenue Securities
Sdn Bhd advised that Bursa Securities has via its letter dated
July 19, 2005 approved the extension of time of one (1) month
from July 17, 2005 to August 16, 2005 to enable Aktif to submit
its comprehensive proposal to the relevant authorities for
approval in accordance with the provisions of PN10.

This announcement is dated 19 July 2005.

CONTACT:

Aktif Lifestyle Corporation Berhad
Level 10, Grand Seasons Avenue, No. 72,
Jalan Pahang, 53000 Kuala Lumpur
Malaysia
Phone: (60) 3 2693 1828
Fax: (60) 3 2691 2798


HAP SENG: Buys Back 7,500 Ordinary Shares
-----------------------------------------
Hap Seng Consolidated Berhad posted to Bursa Malaysia Securities
Berhad the details of its shares buy back on July 19, 2005.

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

Total number of shares purchased (units): 7,500

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

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

Total consideration paid (MYR): 16,144.59

Number of shares purchased retained in treasury (units): 7,500

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

Cumulative net outstanding treasury shares as at to-date
(units): 32,861,500

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

CONTACT:

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


KEMAYAN CORPORATION: Unit Receives Winding Up Order
---------------------------------------------------
The Board of Directors of Kemayan Corporation Berhad (KCB)
informed Bursa Malaysia Securities Berhad that its wholly owned
subsidiary, Kemayan Buildmaster Sdn Bhd (KBSB) had on July 19,
2005 received a winding up petition pursuant to Section 218 of
the Companies Act, 1965, served by Kerajaan Malaysia of Tingkat
16 Kanan, Blok 8A, Kompleks Bangunan Kerajaan, Jalan Duta, 50600
Kuala Lumpur in respect of the outstanding tax of MYR394,640.72
plus interest as at December 13, 2004.

The financial and operation impact on the Group arising from the
winding up petition is not expected to be significant as KBSB
has already ceased its business operation.

KCB is currently undergoing a corporate and debt restructuring
scheme.

CONTACT:

Kemayan Corp. Berhad
167, Jln Glasiar
Taman Tasek
80200 Johor Bahru
Johor
Telephone: 07-2362390
Fax: 07-2365307


MBF HOLDINGS: Suit to Be Dropped Upon Completion of Acquisition
---------------------------------------------------------------
MBf Holdings Berhad (MBfH) issued to Bursa Malaysia Securities
Berhad an update on the Kuala Lumpur High Court Suit No.D5-22-
1818-2003 (MBfH vs Advent International Corporation (Advent) and
Atox Cards Sdn Bhd (Formerly known as Arab-Malaysian Capital
Markets Group Sdn Bhd) (ACSB) and Messrs Tay & Partners and MBF
Cards (M'sia) Sdn Bhd) (MBF Cards).

Further to the announcement on October 7, 2004, the Company
advised that the abovementioned matter, which came up for
mention on July 18, 2005, is now fixed for mention on August 2,
2005.

On June 28, 2005, the Company announced that the acquisition by
Jastura Sdn Bhd, a wholly owned subsidiary of MBfH, of 37.45
percent of the issued and paid-up share capital of MBF Cards
from Advent was completed on June 27, 2005 and hence, MBF Cards
is now a wholly owned subsidiary of MBfH. With the completion of
the aforesaid acquisition, the above suit will be withdrawn
accordingly in the coming hearing.

Yours faithfully,

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

CONTACT:

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


MYCOM BERHAD: Seeks Extension for Restructuring's Implementation
----------------------------------------------------------------
Alliance Merchant Bank Berhad, on behalf of the Board of
Directors of Mycom Berhad, informed Bursa Malaysia Securities
Berhad that it had on July 19, 2005, sought approval from the
Securities Commission (SC) for an extension of time of three (3)
months until December 31, 2005 to complete the implementation of
the Restructuring Scheme.

This announcement is dated 19 July 2005.

CONTACT:

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


OLYMPIA INDUSTRIES: Asks for an Extension to Execute Scheme
-----------------------------------------------------------
Alliance Merchant Bank Berhad, on behalf of the Board of
Directors of Olympia Industries Berhad (OIB), advised Bursa
Malaysia Securities Berhad that the Company had on July 19,
2005, sought approval from the SC on the following:

(i) Proposed variation to the condition imposed by the SC on the
HSSB Acquisition;

(ii) Extension of time of three (3) months until December 31,
2005 to complete the implementation of the Restructuring Scheme;
and

(iii) Extension of time of three (3) months until March 31, 2006
for the merger between Jupiter Securities Sdn Bhd and at least
one (1) other stockbroking company.

This announcement is dated 19 July 2005.

CONTACT:

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


PANTAI HOLDINGS: Purchases 662,500 Shares on Buy Back
-----------------------------------------------------
Pantai Holdings Berhad posted at Bursa Malaysia Securities
Berhad a notice of shares buy back with the following details:

Date of buy back from: July 11, 2005

Date of buy back to: July 15, 2005

Total number of shares purchased (units): 662,500

Minimum price paid for each share purchased (MYR): 0.980

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

Total amount paid for shares purchased (MYR): 659,912.93

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

Number of shares purchased retained in treasury (units): 662,500

Total number of shares retained in treasury (units): 36,430,800

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

Total issued capital as diminished: 0

Date lodged with registrar of companies: July 19, 2005

Lodged by: Pantai Management Resources Sdn Bhd

CONTACT:

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


SATERAS RESOURCES: To Appeal Court's Decision
---------------------------------------------
Further to the announcement made on April 1, 2005, the Board of
Directors disclosed that Sateras Resources (Malaysia) Berhad's
application for an extension to the Restraining Order, which was
filed on January 27, was dismissed on July 8, 2005. The
Restraining Order was valid till July 8, 2005.

The Company has instructed its solicitors to file and pursue an
appeal to the Court of Appeal in respect of the decision of the
High Court and the said appeal was filed on July 15, 2005.

CONTACT:

Sateras Resources (malaysia) Berhad
19 Jalan Pinang
50450 Kuala Lumpur, Kuala Lumpur 50450
Malaysia
Telephone: +60 3 2162 5288
Fax: +60 3 2161 8529


TANJONG PUBLIC: Unit Begins Exclusive Negotiation with EDF
----------------------------------------------------------
Tanjong Public Limited Co. informed Bursa Malaysia Securities
Berhad that this announcement is being made in conjunction with
the press release that is being issued by Electricite de France
(EDF) in France on the Exclusivity.

Please be informed that at this stage, the Tanjong Group is
bound by the terms of the non-disclosure agreement with EDF and
further details can only be made available at the appropriate
time once the Company is in a position to do so.

To view a full copy of the document, click
http://bankrupt.com/misc/TanjongPublic071905.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


TELEKOM MALAYSIA: Bourse to List, Quote Additional Shares
---------------------------------------------------------
Telekom Malaysia Berhad advised that its additional 62,000 new
ordinary shares of MYR1.00 each issued pursuant to Employees'
Share Option Scheme will be granted listing and quotation with
effect from 9:00 a.m., Thursday, July 21, 2005.

CONTACT:

Telekom Malaysia Berhad
Level 51, North Wing, Menara Telekom,
Off Jalan Pantai Baharu
50672 Kuala Lumpur, Malaysia
Phone: +60-3-2240-9494
Fax: +60-3-2283-2415S


WCT ENGINEERING: New Project to Contribute to Future Earnings
-------------------------------------------------------------
WCT Engineering Berhad issued to Bursa Malaysia Securities
Berhad details of the provision of airfield paving, tunnel and
detention ponds works for the new Doha International Airport.

Introduction

WCT Engineering Berhad (WCT) disclosed that Sinohydro-Gamuda-WCT
Joint Venture (the Joint Venture) has on July 18, 2005 received
from New Doha International Airport Steering Committee (the
Employer) the acceptance of the Joint Venture's tender for the
project known as "The Provision of Airfield Paving, Tunnel &
Detention Ponds Works For The New Doha International Airport"
(the Project).

Details of the Project

Scope of Work

The Project involves the design and construction of the 3 main
systems, namely, airfield facilities (Airfield Facilities),
tunnel (Tunnel) and detention ponds (Detention Ponds).

The Airfield Facilities which will be able to cater for the
latest large body aircrafts will include 2 runways of 4.84km and
4.25km respectively, three parallel taxiways, aircraft parking
aprons, drainage works, airfield ground lighting facilities
complete with 4 nos of substations and other related facilities.

The Tunnel is a 1 km dual 3 lanes midfield access tunnel. The
structure of the Tunnel will consist of twin cells with a
dimension of 20m by 5.5m per cell. It will also be constructed
complete with mechanical and electrical facilities for power,
communication and ventilation system.

There will be 4 nos of the Detention Ponds which will include
all necessary power supply and pump station system.

Joint Venture

The Project is awarded to Sinohydro-Gamuda-WCT Joint Venture, an
unincorporated joint venture between the Company, Sinohydro
Corporation (Sinohydro) and Gamuda Berhad (Gamuda). The rights
and liabilities of Sinohydro, Gamuda and WCT in the Joint
Venture are 60:25:15.

Sinohydro is a company incorporated in China and its main
business activities involve the design and construction of civil
engineering projects and the manufacture of plants and
equipment.

Gamuda is a public company listed on the Main Board of Bursa
Malaysia and its main business activities are investment holding
and civil engineering construction.

It is agreed between the partners of the Joint Venture that,
without affecting the rights and liabilities of the Joint
Venture vis--vis the Employer, Gamuda and WCT will undertake a
substantial portion of the works comprised in the Project.

Contract Price and Payment

The fixed lump sum price of the Project awarded by the Employer
is QRs.1,798,000,000.00 which is estimated at approximately
MYR1,880,000,000.00. The Contract Price shall be paid to the
Joint Venture progressively throughout the construction period.

Construction Period

The construction period of the Project is 33 months.

Source of Funds

The Company will fund its share in the Joint Venture through
internally generated funds and bank borrowings.

Financial Effects

Share Capital

The Project will not have any effect on the share capital of the
Company.

Earnings

The Project is not expected to have any material effect on the
earnings of WCT Group for the financial year ending December 31,
2005. However, it is expected to contribute positively to its
future earnings.

Net Tangible Assets (NTA)

The Project not expected to have any material impact on the NTA
of the WCT Group for the financial year ending December 31,
2005.

Approval(s) Required

The award of the Project is not subject to the approval of the
shareholders of the Company or any governmental/regulatory
authorities.

Directors' and Major Shareholders' Interest

None of the Directors, major shareholders or persons connected
to them has any interest, direct or indirect, in the Project.

Statement by the Board of Directors

The Directors of the Company are of the opinion that the
acceptance of the award of the Project is in the best interest
of the Company.

This announcement is dated 19 July 2005.

CONTACT:

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


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

BAYAN TELECOMMUNICATIONS: PLDT Firms Up Purchase Offer
------------------------------------------------------
Philippine Long Distance Telephone Co. (PLDT) has offered to buy
Bayan Telecommunications Inc. (BayanTel) through a swap deal
involving PLDT's remaining stake in the home cable business,
relates The Philippine Daily Inquirer.

PLDT is reportedly in exploratory talks with the Lopez family
for a few months now to swap its one-third ownership in Beyond
Cable Holdings with control BayanTel.

The negotiations were believed to be stalled by an offer of PLDT
rival Globe Telecom Inc. Sources said that when Globe heard
about ongoing discussions between PLDT and Bayantel, it set off
a new round of talks with the Lopez phone unit. But Globe
President Gerardo Ablaza denied that his Company has revived
talks to acquire BayanTel.

Meanwhile, a source confirmed there have been talks, but PLDT
and Bayantel cannot even progress to the level of conducting due
diligence.

Bayantel is a subsidiary of Benpres Holdings Corp. The parent
company said that Bayantel, along with other non-core interests
like a stake in a tollway company and a hospital, has been up
for sale.

PLDT's single-biggest owner, First Pacific Co. Ltd., has offered
to buy Benpres' stake in Manila North Tollways Corp.

Bayantel operates a fixed-line and data business in Metro Manila
and select provincial areas. It has close to 300,000 fixed-line
customers and about 4,000 subscribers to its high-speed Internet
service. It also operates a prepaid Internet service called
Blast.

The company's data business, according to PLDT, would benefit
the country's leading telecom firm.

CONTACT:

Bayan Telecommunications Inc.
Investor Relations
3/F BayanTel Corporate Center
Maginhawa corner Malingap Streets
Teacher's Village East, Diliman
Quezon City 1101, Philippines
Fax: (632) 449-2174
Web site: http://www.bayantel.com.ph

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


COLLEGE ASSURANCE: SEC Threatens Takeover
-----------------------------------------
The corporate regulator has ordered College Assurance Plans
Philippines Inc. (CAP) to explain within 10 calendar days why
the commission should reject the recommendations of the third
oversight committee to take over the ailing pre-need provider,
The Manila Time reports.

The Securities and Exchange Commission (SEC) directed CAP to
submit its response before the deadline from the receipt of the
omnibus, or it would proceed with the implementation of the
management take over.

SEC commissioner Jesus Martinez said that the omnibus also
included eight or nine Securities Regulations Code (SRC)
violations committed by CAP. These violations included its
failure to file audited financial statements, which were
properly attested to by an actuary.

The Securities and Exchange Commission is waiting for CAP's full
compliance of its data requirements in preparation for the en
banc's decision to subscribe to the terminal report on CAP.

CAP officials said they had yet to receive the SEC's show-cause
letter and to study the violations leveled against the company.

CONTACT:

College Assurance Plans Philippines Inc.
CAP I Building
126 Amorsolo cor. Herrera Streets
Legazpi Ville, Makati City
Malaysia
Phone: 817-6586, 759-2000
Fax: (0632) 818-0560


EYCO GROUP: Nikon Brand Stages Comeback After Six Years
-------------------------------------------------------
The Nikon brand has returned as a player in the appliance
sector, six years after the Eyco Group of Companies became
insolvent, BusinessWorld reveals.

Nikon Industrial Corp, the collapsed group's flagship brand,
again sold in the market after three of the Yutingco-owned firms
were excluded from liquidation. The Nikon Industrial Corp.,
Nikolite Industrial Corp., and 2000 Industries Corp. were
allowed to survive.

The three surviving firms, engaged in the manufacture and sale
of Nikon brand appliances, secured fresh capital of Php124-
million from the old creditors of the Eyco group.

The creditors allowed the companies to resume the appliance
business because they were doing well when the Eyco group was
declared insolvent.

The three companies are now owned by Adamson Yu-tingco, the son
of the original owners.

The Eyco group, which was composed of Nikon Industrial,
Nikolite, 2000 Industrial, Trade Hope Industrial Corp., Thames
Philippines, Inc., EYCO Properties, Inc., Nikon Land Corp.,
Clarion Printing House, Inc., Integral Steel Corp. and First
Unibrands Food Corp. was declared insolvent by the Securities
and Exchange Commission (SEC) in 1999.

The SEC ordered Eyco's liquidation and dissolution after the
company was hit by the slump in the real estate sector and the
peso volatility.

Earlier reports said that Eyco's debts to 28 creditor banks and
financial institutions ballooned to Php5.2 billion from Php2.08
billion when it filed for debt relief in 1997.

The company's liquidation plan is now 85% complete, with many of
the creditors getting repaid with company's assets.


MAYNILAD WATER: MWSS' Hunt for New Financial Consultant Begins
--------------------------------------------------------------
The Metropolitan Waterworks and Sewerage System (MWSS) is
searching for a new financial consultant that will oversee the
rehabilitation of Maynilad Water Services Inc. after the exit of
Development Bank of the Philippines (DBP), BusinessWorld says.

DBP recently declined to act as consultant for the Maynilad
reprivatization, saying its services may be in conflict with its
role as a creditor. DBP authored another draft of terms of
reference, which again failed to meet the government agency's
requirements.

Maynilad owes creditors some Php10 billion. Under its
rehabilitation proposal, the firm has to pay all its creditors
within eight years.

MWSS Deputy Administrator Macra Cruz, meanwhile, said the
government does not see any delays in the reprivatization
despite the lack of a financial consultant. Instead, it will
have to rely first on internal officers to fast-track the
drafting of the bidding plan.

According to Ms. Cruz, the independent consultant would "soon"
be hired. She said hiring one is more feasible since tapping a
private bank is more time-consuming.

CONTACT:

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


NATIONAL BANK: Bags "Bank of the Year" Award
--------------------------------------------
The Bangko Sentral ng Pilipinas (the central bank) has named the
Philippine National Bank (PNB) as the Commercial bank of the
Year for Highest Reported Overseas Filipino Workers Remittances,
according to Asia Pulse.

PNB's recognition affirms the bank's continued market leadership
in the OFW remittance field and substantiates its claim as the
bank of choice among global Filipinos.

BSP Governor Amando M. Tetangco, Jr. and the members of the
central bank's judging panel were impressed with PNBs lions
share of OFW remittances among local commercial banks all
throughout the five-year coverage of the performance reviews.

PNB currently has a total of 324 branches nationwide and 97
overseas branches and remittance centers worldwide.

PNB's latest award is a quick addition to the bank's recent
bagging of a second consecutive Gold Superbrand award from the
international publication Readers Digest.

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: ADB OKs Partial Guarantee
-----------------------------------------
The Asian Development Bank (ADB) has agreed to extend a partial
credit guarantee (PCG) to National Power Corporation's (Napocor)
new batch of loans primarily allocated to pay some maturing
obligations, The Manila Bulletin says.

Energy Secretary Raphael P.M. Lotilla said the amount of the
loans to be raised is still undetermined. He added that the
actual figure will depend on a mission to thresh out this
particular concern with ADB.

Mr. Lotilla has further noted that the ADB guarantee is intended
to soften the interest rates of the new loan that would be
secured by NPC'ss transferee-company, the Power Sector Assets
and Liabilities Management Corporation (PSALM).

While Napocor has not made any public issuance of its financial
performance for 2004 yet, it was gleaned from NPC documents that
its interest expenses for the year was placed at Php35.57
billion; up by roughly Php10 billion from the 2003 figure of
Php25.006 billion.

Estimates also laid down that NPC's total long term liabilities
would be soaring Php1.013 trillion last year, with borrowings
accounting for Php374.83 billion.

CONTACT:

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


NATIONAL POWER: Close to Resolving Php27-Bln Row with Meralco
-------------------------------------------------------------
National Power Corporation (Napocor) and Manila Electric Company
(Meralco) are expected to resolve a Php27-billion settlement
agreement very soon, The Manila Standard reports.

The Energy Regulatory Commission (ERC) has conducted several
hearings on Meralco and Napocor's agreement, and is set to warp
up the settlement as soon as possible.

The energy commission has asked the opposed to submit in writing
their final arguments on the case.

The ERC hopes to conclude the hearings within the year so
consumers will be able to enjoy lower electricity rates.

The dispute between Meralco and Napocor's 10-year sales contract
started in 2003. Under the contract, Meralco is supposed to
purchase 3,600 megawatts of power annually from Napocor.
However, Meralco gradually reduced its offtake from Napocor and
starting getting its power requirements from its independent
power producers (IPPs).

Napocor and Meralco underwent a mediation process to come up
with a win-win solution. After the mediation proceedings,
Meralco agreed to compensate Napocor Php27.5 billion for the
electricity it failed to buy from the power firm.

On the other hand, Napocor will pay Meralco some Php7.5 billion
for its failure to provide transmission services to the IPPs of
Meralco. The net settlement amount to about Php20 billion.

If the ERC approves the settlement agreement, Meralco will pass
on to its customers the financial benefits of its IPPs placed at
25 centavos per kwh, which will lower the cost of electricity.


PACIFIC PLANS: SEC Urges Pre-need Firm to Rethink Rehab Case
------------------------------------------------------------
A Securities and Exchange Commission official advised Pacific
Plans Inc. to withdraw its rehabilitation case from court or map
out a new rehabilitation plan to effect its amicable settlement
with its planholders, The Manila Times reports.

The ailing pre-need provider and the Parents Enabling Parents
(PEP) coalition on June 21 agreed that the firm would pay its
planholders at present value, indicating that it would remit
payments to its clients at the current value of the plan based
on current tuition prices for school year 200-06.

SEC Commissioner Jesus Martinez said that Pacific Plans needs
liquidity to pay its customers in order for the settlement to
work. But since the company has a pending rehabilitation case
and received a suspension of payments order from the Makati
Regional Trial Court, it is unable to pay its planholders.

Mr. Martinez said that Pacific Plans and the PEP should have
gone to court and sought for lifting of the suspension of
payments order.

However, the situation is likely to become more complicated if
the court decides to refuse the lifting of suspension of
payments order. The court issued the order to prevent the
company from further depleting its assets.

In a joint statement released earlier, Pacific Plans and the
coalition said that availing plan holders will receive an
entitlement for unavailed years based on the tuition fee for
school year 2005-06 while nonavailing plan holders will receive
an entitlement based on the current average tuition fee for each
category of schools as of school year 2005-06.

The exact details of the payment scheme, have yet to be
determined.

CONTACT:

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


PHILIPPINE AIRLINES: Keen on Asian Expansion
--------------------------------------------
Philippine Airlines (PAL) is taking advantage of the country's
improving tourism industry and plans to expand its routes in
Asia, according to The Philippine Daily Inquirer.

PAL president Jaime Bautista said the flag carrier would launch
flights to Beijing in November.

"We plan to fly three times a week to Beijing starting November.
The original timetable for this route is March 2006 but we
advanced it because of the improving tourism picture," Mr.
Bautista said in an interview.

CONTACT:

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


PHILIPPINE AIRLINES: Pushes Ruling on Php2-Bln Fees
---------------------------------------------------
Philippine Airlines (PAL) is hoping to get an early decision on
the case involving Php2 billion in aeronautical fees it
allegedly owes the Manila International Airport Authority (MIAA)
for using the Ninoy Aquino International Airport (NAIA) Terminal
2, The Manila Times reports.

The Commission on Audit has asked the MIAA to institute all
possible actions to resolve the issue, such as asking Congress
to review Presidential Decree 1590 which gave PAL its franchise
to define the airline's exemption on fees.

The commission noted that PAL owes the MIAA a total of Php2.075
billion in aeronautical fees as of December 2004.

A PAL official said the national flag carrier long been wanting
for a court to resolve the case to determine once and for all
whether it is entitled to the exemption.

The commission said the NAIA Terminal 2 was constructed using
foreign loan and that the MIAA is still paying the amortization.

PAL, MIAA's biggest concessionaire, stopped paying aeronautical
fees while at the same time deriving income from using the NAIA
facilities, the audit commission said.

PAL said it is exempt from paying the fees because of its
franchise. The commission noted, "At the time PAL's new
franchise was issued on June 11, 1978, the government had
reacquired the ownership, control and management of PAL.
Apparently, the exemption was incorporated to favor PAL, as a
government-owned and -controlled corporation."

MIAA filed a case for declaratory relief to know whether or not
PAL was exempt from paying aeronautical fees.

In a decision issued on July 21, 2003, the Pasay City Regional
Trial Court ruled in favor of PAL. MIAA elevated the case to the
Court of Appeals and is now waiting for the resolution of the
case.


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

ALLCHEM INDUSTRIES: Court Issues Winding Up Order
-------------------------------------------------
In the matter of Allchem Industries (Singapore) Pte Limited, the
Singapore High Court issued a winding up order on July 1, 2005,
with the following details:

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

Dated this 5th day of July 2005.

Messrs. Wee Swee Teow & Co.
Solicitors for the Petitioner

CONTACT:

Allchem Industries (Singapore) Pte Ltd
101 Thomson Road #26-02 United Square
Singapore 307591
Phone: 65 62536711
Fax:   65 62536733


CHARTERED SEMICONDUCTOR: Details Plan to Repay Maturing Debt
------------------------------------------------------------
On July 22, 2005, Chartered Semiconductor Manufacturing Limited
announced its plan to finance the redemption or repurchase of
its 2.5% USD575 million (SGD953.91 million) senior convertible
notes redeemable in April 2006.

The redemption amount for the Existing Convertible Notes
including yield to maturity is approximately USD664 million
(SGD1.1 billion).

The plan consists of a public offering of approximately USD450
million (SGD746.55 million) of senior notes, and a private
placement of USD250 million (SGD414.75 million) of units.
Closure of the Senior Notes Public Offering and the Units
Private Placement are not contingent on one another.

To view the Company's full news release on the matter, go to:

http://bankrupt.com/misc/CharteredSemiconductor2.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


CHENG POH: Begins Liquidation Proceedings
-----------------------------------------
Notice is hereby given that on July 15, 2005, Yung Tat Lee
Engineering Pte Limited filed a petition for the winding up of
Cheng Poh Building Construction Pte Limited by the Singapore
High Court.

The petition is to be heard before the Court sitting at the High
Court on Aug. 12, 2005, 10:00 a.m.

Any creditor or contributory of the company desiring to support
or oppose the making of an order on the petition may appear at
the time of hearing by himself or his counsel for that purpose;
and a copy of the petition will be furnished to any creditor or
contributory of the company requiring the copy of the petition
by the Liquidator on payment of the regulated charge for the
same.

Netto & Magin LLC
Solicitors for the Petitioners

Note:

Any person who intends to appear at the hearing of the petition
must serve on or send by post to Netto & Magin LLC, notice in
writing of his intention to do so.

The notice must state the name and address of the person, or, if
a firm, the name and address of the firm, and must be signed by
the person firm, or his or their solicitors (if any) and must be
served, or if posted, must be sent by post in sufficient time to
reach the solicitors not later than 12:00 p.m. of Aug. 11, 2005
(the day before the day appointed for the hearing of the
petition).


HUA KOK: Buys 999,999 More Shares in Unit
-----------------------------------------
Hua Kok International announced that the Company has increased
its shareholding in subsidiary Prosperity Steel Singapore Pte
Limited (PSS), from the existing SGD1/= to SGD1 million by
subscribing additional 999,999 shares at SGD1.00 each in PSS, in
order to strengthen its financial position.

The Company further announces the proposed usage of the SGD6
million proceeds from a strategic share subscription by
Prosperity Steel Asia Co Limited, as follows:

a) Increased Investment in PSS         SGD1.0 million

b) Legal /Professional fees            SGD0.5 million

c) Working Capital for General Trading SGD4.5 million

The increase in the Company's stake in PSS is not expected to
affect its net tangible assets and earnings per share.

CONTACT:

Hua Kok International Limited
32 Sungei Kadut Way
Hua Kok Industrial Building
Singapore 728787
Phone: 65 63625667
Fax:   65 63653862
Email: info@huakok.com.sg
Web site: http://www.huakok.com.sg


PENTON INTERNATIONAL: Bourse Approves Capital Reduction
-------------------------------------------------------
Penton International Limited announced that the Singapore
Exchange Securities Trading Limited (SGX-ST) has granted the
Company in-principle approval for the listing and quotation of
84,904,030 new ordinary shares of par value SGD0.005 each
arising from a capital reduction exercise, to reduce par value
from SGD0.12 to SGD0.005 each.

Although this is in line with the Company's efforts to fulfill
certain conditions imposed by the SGX-ST so as to remove the
suspension on its shares, such approval from SGX-ST is not an
indication of the merits of the capital reduction exercise.


PENTON INTERNATIONAL: Seeks Lifting of Trading Halt
---------------------------------------------------
The Singapore Exchange Securities Trading Limited (SGX-ST) had
suspended the shares of Penton International Limited and would
lift the suspension when the following conditions are met:

(a) The Company can show the SGX_ST that it has a healthy
financial position in terms of:

  (i)  Being profitable
  (ii) Having a positive cash flow from operations and
       sufficient working capital
  (iii)Having resolved its debt issues

(b) Demonstrate a reasonable track record in the marble quarry
business of up to three years from the date of completion of the
Acquisition.

The Company announces that it is now solvent, recapitalized with
new injection of capital and is in a healthy financial position
in terms of the following:

  (i)  Profitable, albeit minimal profits,
  (ii) Having a positive cash flow from operations;
  (iii)Having sufficient working capital and
  (iv) Having resolved its debt issues fully

The Company had previously relied on the marble quarry business
establishing a reasonable track record to request the lifting of
suspension. However, with its subsequent developments, the
Company would then ask the SGX-ST to lift the suspension of its
shares so that Penton shareholders could make independent
decisions and trade freely on their shares of the Company in the
stock market of Singapore.

Furthermore, the lifting of suspension of the Company's shares
would allow investors who are interested in companies with
principal businesses that extracts and deals in natural
minerals, especially marble, coal and iron ore, to purchase
Penton's shares.

Attached is a copy of the Company announcement on the matter:
http://bankrupt.com/misc/PentonInternational.pdf


TONSBERG ENGINEERING: Pays Dividend to Creditors
------------------------------------------------
Tonsberg Engineering Pte Limited,formerly of 28 Joo Koon circle,
Singapore 629057, posted a notice of intended dividend at the
Government Gazette, Electronic Edition with the following
details:

Name of Company: Tonsberg Engineering Pte Limited
Court: Supreme Court, Singapore
Number of Matter: Companies Winding Up No. 85 of 2002
Amount per centum: 100%
When payable: July 2, 2005
Name & Address of Liquidator:

The Official Receiver
The URA Centre (East Wing)
45 Maxwell Road #06-11
Singapore 069118

Dated: 15th July 2005

Kamala Ponnampalam
Assistant Official Receiver


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

EMC: Unveils Utilization of Capital Increase Proceeds
-----------------------------------------------------
EMC Public Company Limited (the company) issued to the Stock
Exchange of Thailand (SET) a report on the utilization of the
Capital Increase from January 1, 2005 to June 30, 2005 as per
the following details.

(1) The Capital Increase was done by allocating 60,000,000 new
ordinary shares to a Private Placement at THB5.25 per share and
generated a total amount of THB315,000,000 on December 20, 2004.

To use as working capital for the company's projects

The remaining of the capital increase

at December 31, 2004 (MB): 241

Utilized Capital (MB): 47.2

Non-utilized Capital (MB): 193.8

(2) The Capital Increase by offering the new ordinary shares to
the Private Placement at the total amount of THB230,000,000 on
January 13, 2004.

(2.1) Paid to the company's creditors according to the
rehabilitation plan the amount of THB140,518,258.35.

(2.2) Paid to the creditors of BIP Engineering and
Construction Co. Ltd. for the Guarantee Burden the amount of
THB16,406,755.27.

(2.3) Paid to the creditors of Hydrotek Co., Ltd. for the
Guarantee Burden the amount of THB8,646,285.73.

(2.4) Pledge the deposit money with Bank to secure the Letter of
Guarantee the amount of THB25,286,202.49.

(2.5) Use as working capital of the company the amount
of THB35,093,317.62.

The remainder of the Capital Increase the total amount of
THB4,049,180.54 has been used as working capital for the
companys projects.

Please be informed accordingly.

Yours faithfully,
Lt. Gen. Samang Thongpan
Director

CONTACT:

EMC Public Company Limited
Rasa Tower, Floor 22, 555 Phaholyothin Road,
Chatu Chak Bangkok
Telephone: 0-2937-0333
Fax: 0-2937-0329
Web site: http://www.emc-group.co.th


HANTEX: Directorship Appointee Refuses Post
-------------------------------------------
The Committee of the Board of Director approved the appointment
of Mr. Manoj Sheopori to be a Director and Executive Director of
Hantex Public Company Limited, however after being informed of
such appointment, Mr. Manoj did not accept the appointment as he
is occupied with other work.

Therefore, the company informed the Stock Exchange of Thailand
(SET) on the cancellation of the appointment.

Please acknowledge.

Yours sincerely,
Mr. Monchai Pongstabadee
Director

CONTACT:

Hantex Public Company Limited
Ocean Tower 1, Floor 4,
170/9-10 Rajadapisek Road,
Khlong Toei Bangkok
Telephone: 0-2261-2814-20, 0-2261-2824-26
Fax: 0-2261-2822


PACIFIC ASSETS: Reschedules EGM Date
------------------------------------
Pacific Assets Public Company Limited informed the Stock
Exchange of Thailand (SET) that the Board of Directors' meeting
resolved to postpone the company's Extraordinary Shareholders'
Meeting scheduled for July 29.

The Company intends to provide full and complete information
with regard to all relevant information including those required
by the Independent Financial Advisor in order to give opinion to
the shareholders on the Connected Transaction and the
Acquisition and Disposal of Assets to be submitted to the Stock
Exchange of Thailand and the shareholders before the
Shareholders' Meeting.

Since the information are rather important and comprise much
details, it then requires more time and caution in the process
of preparing the documents. Thus resulting to a delay on the
previous schedule.

The meeting will be postponed to August 8, 2005 at 2:00 p.m.
The venue will be cited in the invitation letters to be
distributed to shareholders.

Agenda for the meeting will remain unchanged that will be in
accordance with the resolution of the Board of Directors
No.10/2005 held on June 24, 2005.

Sincerely Yours,

Pacific Assets Public Company Limited
Mr. Alex Te-Heng Ho
Vice Chairman

CONTACT:

Pacific Assets Public Company Limited
Two Pacific Place, Floor 23,
142 Sukhumvit Road,
Khlong Toei, Bangkok
Telephone: 0-2254-9900
Fax: 0-2254-9909, 0-2254-9287


TPI POLENE: Administrator Files Petition to Buy Shares
------------------------------------------------------
The planned e-auction of TPI Polene Pcl's 250 million shares
would most likely be derailed once the court approves Prachai
Leophairatana's petition to buy part of the said shares, Bangkok
Post reports.

Mr. Prachai, TPI Polene's plan administrator, was seeking for
the Central Bankruptcy Court's approval last week to buy 249
million shares or around 31 percent of the total shares held by
Thai Petrochemical Industry Pcl. (TPI) at a price of US$1 each.
The petition was the latest attempt of Mr. Prachai to regain
control of the country's third-largest cement maker.

Payment would be in the form of a swap with shares of TPI
Polene's low-density polyethylene (LDPE) manufacturing plant
instead of a cash payment.

The court has scheduled a mediation session between Mr. Prachai
and the TPI plan administrator over the latest petition.

TPI's Finance Ministry-appointed plan administrator is set to
hold an electronic auction for the 249 million shares of TPI
Polene on August 9. And at least five investors, both local and
overseas have expressed interest to participate in the bid.  The
auction is a part of TPI's US$2.7-billion debt restructuring
plan approved by the court last November.

Under the plan, TPI will acquire at least $250 million from
selling off the TPI Polene shares. If the offered price fails to
meet the target value, creditors would be allowed to decide
whether the shares should be sold.

Mr. Prachai has made several attempts to negotiate with TPI's
plan administrators a proposal that would involve swapping the
LDPE plant for TPI Polene shares held by TPI.  Mr. Prachai and
his family currently holds 22 percent of TPI Polene shares, if
negotiations would be successful, he would regain 53 percent of
the shares.

According to Siri Jiraponghan, a TPI planning team member, the
planner opposed Mr. Prachai's proposal, "If he (Mr. Prachai)
wants to buy TPI Polene shares, he should participate in the
auction we are conducting on August 9 under the court-approved
TPI debt restructuring plan," Mr. Siri said.

However, Mr. Siri said the plan administrator was willing to
consider purchasing the LDPE plant from TPI Polene at its proper
value but not through Mr. Prachai's proposed swap option.

TPI Polene is Thailand's largest LDPE producer with a market
share of approximately 55 percent. It is also the only producer
of LDPE copolymer, known as ethylene and vinyl acetate (EVA), in
Thailand and Southeast Asian.

CONTACT:

TPI Polene Public Company Limited
26/56 New Jun Road,
Thungmahamek, Sathon Bangkok
Telephone: 0-2678-5100, 0-2678-5000
Fax: 0-2678-5001-5
Web site: http://www.tpipolene.com



BOND PRICING: For the Week 25 July to 29 July 2005
--------------------------------------------------

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


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

  KOREA
  -----

Korea Electric                        7.950%     4/01/96    49


MALAYSIA
--------

Aliran Ihsan Resources Bhd            5.000%    11/29/11     1
Artwright Holdings Bhd                5.500%     3/06/07     1
Asian Pac Holdings Bhd                4.000%    12/22/05     1
Berjaya Group Bhd                     5.000%    10/17/09     1
Berjaya Land Bhd                      5.000%    12/30/09     1
Berjaya Sports Toto Bhd               8.000%      8/04/12    4
Camerlin Group Bhd                    5.500%      7/15/07    1
Crescendo Corporation Bhd             3.000%      8/25/07    1
Crest Builder Holdings Bhd            7.000%      2/24/06    1
Dataprep Holdings Bhd                 4.000%      8/05/05    1
Dataprep Holdings Bhd                 4.000%      8/06/07    1
Denko Industrial Corporation Bhd      5.000%      3/15/07    1
Eden Enterprises (M) Bhd              2.500%     12/02/07    1
EG Industries Bhd                     5.000%      6/16/10    1
Fountain View Development Sdn Bhd     3.500%     11/03/06    1
Furqan Business Organization          2.000%     12/19/05    1
Gadang Holdings Bhd                   2.000%     12/24/08    1
Greatpac Holdings Bhd                 2.000%     12/11/08    1
Gula Perak Bhd                        6.000%      4/23/08    1
Hong Leong Industries Bhd             4.000%      6/28/07    1
Huat Lai Resources Bhd                5.000%      3/28/10    1
I-Berhad                              5.000%      4/30/07    1
Insas Bhd                             8.000%      4/19/09    1
Integrax Bhd                          3.000%     12/24/05    1
Kamdar Group Bhd                      3.000      11/09/09    1
Killinghall Bhd                       5.000%      4/13/09    1
Konsortium Lebuhraya                  4.000%      1/15/18   75
Konsortium Lebuhraya                  4.000%      1/15/19   71
Konsortium Lebuhraya                  4.000%      7/15/19   70
Konsortium Lebuhraya                  4.000%      1/15/20   69
Konsortium Lebuhraya                  4.000%      7/15/20   68
Konsortium Lebuhraya                  4.000%      1/15/21   67
Konsortium Lebuhraya                  4.000%      7/15/21   66
Konsortium Lebuhraya                  4.000%      1/14/22   64
Konsortium Lebuhraya                  4.000%      7/15/22   63
Kosmo Technology Industrial Bhd       2.000%      6/23/08    1
Kretam Holdings Bhd                   1.000%      8/10/10    1
Kumpulan Jetson                       5.000%     11/27/12    1
LBS Bina Group Bhd                    4.000%     12/29/06    1
LBS Bina Group Bhd                    4.000%     12/31/07    1
LBS Bina Group Bhd                    4.000%     12/31/08    1
LBS Bina Group Bhd                    4.000%     12/31/09    1
Lebar Daun Bhd                        2.000%      1/06/07    4
Lion Diversified Holdings Bhd         2.000%      6/01/09    1
Media Prima Bhd                       2.000%      7/18/08    1
Mithril Bhd                           3.000%      4/05/12    1
Mithril Bhd                           8.000%      4/05/09    1
Mutiara Goodyear Development Bhd      2.500%      1/15/07    1
Naim Indah Corporation Bhd            0.500%      8/24/06    1
Nam Fatt Corporation Bhd              2.000%      6/24/11    1
Pantai Holdings Bhd                   5.000%      3/28/07    1
Pantai Holdings Bhd                   5.000%      7/31/07    1
Patimas Computers Bhd                 6.000%      2/19/06    1
Poh Kong Holdings Bhd                 3.000%      1/20/07    1
Prinsiptek Corporation Bhd            2.000%     11/20/06    1
Puncak Niaga Holdings Bhd             2.500%     11/18/16    1
Ramunia Holdings                      1.000%     12/20/07    1
Rashid Hussain Bhd                    0.500%     12/24/12    1
Rashid Hussain Bhd                    2.652%      6/30/07   75
Rashid Hussain Bhd                    3.000%     12/24/12    1
Rhythm Consolidated Bhd               5.000%     12/17/08    1
Silver Bird Group Bhd                 1.000%      2/15/09    1
Southern Steel                        5.500%      7/31/08    1
Tanah Emas Corporation Bhd            2.000%     12/09/06    1
Talam Corporation Bhd                 7.000%      4/19/06    1
Tap Resources Bhd                     2.000%      6/29/06    1
Tenaga Nasional Bhd                   3.050%      5/10/09    1
Time Engineering Bhd                  2.000%     12/25/05    1
VTI Vintage Bhd                       4.000%      8/22/06    1
WCT Land Bhd                          3.000%      8/02/09    1
Wah Seong Corp                        3.000%      5/21/12    3


SINGAPORE
---------

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



                            *********


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

Troubled Company Reporter -- Asia Pacific is a daily newsletter
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Dejito and Erica Fernando, Editors.

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

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