TCRAP_Public/050728.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

             Thursday, July 28, 2005, Vol. 8, No. 148

                            Headlines

A U S T R A L I A

AMALGAMATED LEASING: Falls Into Voluntary Liquidation
AUSTRALIAN MARITIME: Pushes for 'Exclusive' Fremantle License
BRUNN ENGINEERING: Members Decide to Wind Up
BUILDING SURVEYORS: Members, Creditors to Convene August 4
DRAGONPAUL PTY: Sole Member Initiates Wind-up

EMPEROR MINES: To Consider Approval of Loan Agreement Provisions
HARMAN INVESTMENTS: Appoints Official Liquidator
J TRIMARCHI: Liquidator to Detail Wind-up at Final Meeting
KARL SULEMAN: Former Director Committed for Trial
KAY'S A: Members Agree to Quit Operations

LET'S TRAVEL: Roderick Sutherland Named Liquidator
LKT PROPERTIES: Set to Distribute Dividend to Creditors
MARNOE PROPERTIES: Members Schedule Final Meeting August 1
M1 MIDDLE: Begins Winding Up Proceedings
PADTRANS PTY: Members Resolve to Liquidate Company

PALADIN INFORMATION: Supreme Court Orders Wind-up
PALUSZAK HAULAGE: Wind-up process Initiated
PARMALAT AUSTRALIA: Performs Well in First Half
PRIMELIFE CORPORATION: ASIC Freezes Proceeds of Assets Sale
RA CARIDI: Liquidator Authorized to Distribute Assets

R&J TRANSPORT: Court Releases Wind-up Order
SANTOS LIMITED: Delivers Record AU$1.02 Bln First Half Revenue
SHADOWFIELDS PTY: Manger Steps Aside
SIRIUS RETAIL: Intends to Pay Dividend to Creditors
THORLEY'S TRANSPORT: Liquidator to Explain Wind Up Manner

TR CARTY: To Undergo Voluntary Liquidation


C H I N A  &  H O N G  K O N G

ASIA PACIFIC: Court Orders Winding Up
BESTWAY INTERNATIONAL: To Offset Part of Accumulated Losses
BESTWAY INTERNATIONAL: FY05 Net Loss Widens to HK$27.1 Mln
BRILLIANT TECHNOLOGY: Court Orders Closure
BULLETS EXPRESS: Winding Up Process Initiated

CELESTIAL SECURITIES: Receives Court Order to Shut Down
DRANSFIELD HOLDINGS: Issues Notice of Creditors' Meeting
FU MING: Receives Wind-up Order
HAPPY BRIGHT: Winding Up Hearing Slated for September 14
HUNG HING: Receives Bankruptcy Order

KAR LUNG: Begins Liquidation Proceedings
ORIENT POWER: Notes Unusual Volume Movement
PCCW LIMITED: Launches New Financial Channel
SOUTH LIGHT: Creditors Meeting Fixed August 22


I N D O N E S I A

BANK MANDIRI: AGO to Seize Key Graft Suspect's Assets
BANK PERMATA: Tax Payments Cut 23.6% on Net Profit
PERUSAHAAN LISTRIK: Growing Demand May Drive Power Shortage


J A P A N

FUJITSU LIMITED: Revises 1H/FY05 Financial Results Forecast
JAPAN TOBACCO: To Realign Domestic Leaf Tobacco Division
MATSUSHITA ELECTRIC: Unit Shares Up 1.75% on Wednesday
MITSUBISHI MOTORS: Launches Low Indoor VOC in Mini Vehicles
RESONA HOLDINGS: 1Q/FY05 Profit Falls 12% on Lending Slump

SANYO ELECTRIC: Incurs JPY26.2-Bln Quarterly Loss
SOFTBANK CORPORATION: Sells Shares in Advanced Media


K O R E A

ASIANA AIRLINES: Eyes Cuts in International Flights This Week
ASIANA AIRLINES: Unveils Amended Flight Schedules
CITIBANK KOREA: Exim Demands Payment for Daewoo Corp's Debt
DOOSAN GROUP: Seoul Prosecutors Office Launches Probe
HYNIX SEMICONDUCTOR: Investigation on DRAM Duties Extended


M A L A Y S I A

ANCOM BERHAD: Purchases 469,400 Shares on Buy Back
AYER HITAM: Unit Served with Winding Up Order
DUOPHARMA BIOTECH: Bourse Suspends Trading of Shares
DUOPHARMA BIOTECH: Shareholders Enter into SPA with Tekan Maju
DUOPHARMA BIOTECH: Bourse to List Additional Shares

HABIB CORPORATION: Clarifies Various Items Stated in Circular
KEMAYAN CORPORATION: Gets More Time to Fulfill Set of Conditions
MAGNUM CORPORATION: Unlikely to Fulfill Conditions of Agreement
MAXIS COMMUNICATIONS: Issues Additional Shares for Listing
METROPLEX BERHAD: Hearing to Appoint Liquidator Adjourned

SARAWAK ENTERPRISE: Bourse Extends Time to Complete Acquisition
SARAWAK ENTERPRISE: New Shares Listed on Bourse
SRIWANI HOLDINGS: Petitioner Files Appeal
TANJONG PUBLIC: Passes All AGM Resolutions
TRU-TECH HOLDINGS: Undertakes Supplemental MA


P H I L I P P I N E S

ABS-CBN BROADCASTING: PLDT Mulls Acquisition
COLLEGE ASSURANCE: May Face Charges for Breaking Pre-need Rules
MANILA ELECTRIC: Seeks Withholding Tax Guidelines for Refund
MANILA ELECTRIC: Rakes in Profit in Q2
MANILA ELECTRIC: ERC Order Hikes Refund Budget by Php1.1 Bln

MAYNILAD WATER: Manila Water Eyes 30% Stake
MAYNILAD WATER: Directors to Quit in MWSS Favor
NATIONAL BANK: Unaware of Identities of Potential Investors
NATIONAL BANK: Awaits SEC Advisory on Tender Rule Exemption
NATIONAL POWER: ADB Likely to OK Transfer of Debts to PSALM


S I N G A P O R E

D'ORIGINAL SATAY: Court Orders Liquidation
FIKE SOUTHEAST: Receiving Proofs of Debt Until August 10
HESHE HOLDINGS: Unit Sells Shares in Heshe-Kabil
LIANG HUAT: Replies to SGX Queries on Annual Results
MYRIAD FORTE: Creditor Files Winding Up Petition

PDC CORP: Bares Names of Creditors Not Participants in Scheme
UNITED FIBER: Sets Hands on Kiani Kertas Pulp Mill


T H A I L A N D

PICNIC CORPORATION: EGM Slated Next Month
SUN TECH: Offers New Shares in Capital Restructuring

     -  -  -  -  -  -  -  -

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

AMALGAMATED LEASING: Falls Into Voluntary Liquidation
-----------------------------------------------------
At the general meeting of Amalgamated Leasing Pty Limited duly
convened and held on June 17, 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 May 2005
A. D. HILL
Liquidator
A. D. Hill & Co
Chartered Accountants
Level 13, 84 Pitt Street
Sydney NSW 2000


AUSTRALIAN MARITIME: Pushes for 'Exclusive' Fremantle License
-------------------------------------------------------------
Struggling tug boat operator Australian Maritime Services (AMS)
is working to become the "exclusive tug boat operator in the
nation's fourth largest container port, Sydney Morning Herald
reports.

AMS, Adsteam Marine's domestic towage rival, plans to lodge a
submission to the Port of Fremantle in Western Australia to
operate tug services there after Adsteam's contract expires on
May 31 next year.

AMS, which has already secured around one-third of the Sydney,
Melbourne and Brisbane tug markets since it started operations
in 2001, is reportedly seeking an "exclusive" license to operate
the entire towage services in Fremantle.

But analysts doubt the firm's capacity to continue operating,
let alone planning to expand. They believe a move to Fremantle
could generate more losses for AMS, which is reportedly
incurring up to AU$10 million losses annually.

However, the executive director of AMS's 55 percent shareholder
Hong Kong United Dockyards (HUD), Alan Loynd, said the tug boat
company was performing well. HUD is co-owned by Hutchison
Whampoa-Swire.

Meanhile, the Port of Fremantle is yet to decide if the tender
will be "exclusive or non-exclusive". Submissions close on
August 11.

JPMorgan analyst Michael Willoughby downplayed AMS's chances of
securing the Fremantle contract. He said that the major obstacle
for AMS securing the deal could be the hefty AU$10-million
redundancy bill it could face.

CONTACT:

Australian Maritime Services
Paul Bundy
Australian Maritime Services
Pier 31 South Wharf
Lorimer Street
Port Melbourne VIC 3207

Postal address
PO Box 268
World Trade Centre VIC 3005

Phone: +61 3 9645 3688
Fax: +61 3 9645 2311
E-mail: info@ams2000.com.au
Web site: www.ams2000.com.au


BRUNN ENGINEERING: Members Decide to Wind Up
--------------------------------------------
Notice is hereby given that at an extraordinary general meeting
of members of Brunn Engineering Pty Limited held on June 15,
2005, it was resolved that the Company be wound up voluntarily
and that for such purpose, Christopher Michael Williamson and
Kimberley Andrew Strickland of SimsPartners, Level 12, 40 St
George's Terrace, Perth WA 6000 be appointed Joint and Several
Voluntary Liquidators. The Liquidators' appointment was later
ratified at a meeting of creditors held on the same day.

Dated this 17th day of June 2005

C. M. Williamson
Liquidator
SimsPartners
Level 12, 40 St George's Terrace
Perth WA 6000


BUILDING SURVEYORS: Members, Creditors to Convene August 4
----------------------------------------------------------
Notice is given, pursuant to Section 509 of the Corporations
Act, that a final meeting of the members and the creditors of
Building Surveyors & Allied Professionals Accreditation Board
Inc. will be held on Aug. 4, 2005, 2:30 p.m. at the offices of
KordaMentha (SA & NT), Level 4, 70 Pirie
Street, Adelaide, South Australia.

AGENDA

(1) To receive the Liquidator's final account of acts and
dealings and the conduct of the winding up and to hear any
explanations thereof.

(2) To consider any other matters which may properly be brought
before the meeting.

Dated this 16th day of June 2005

Peter J. Lanthois
Liquidator


DRAGONPAUL PTY: Sole Member Initiates Wind-up
---------------------------------------------
On June 17, 2005 a special resolution was passed by the sole
member of Dragonpaul Pty Limited, that the Company be wound up
voluntarily as a creditors' voluntary winding up.

Dated this 17th day of June 2005

Robert A. Feguson
Liquidator
Fergusons Chartered Accountants
Level 8, 115 Grenfell Street
Adelaide SA 5000


EMPEROR MINES: To Consider Approval of Loan Agreement Provisions
----------------------------------------------------------------
A General Meeting of Emperor Mines Limited ACN 007 508 787
(Company) will be held at 11:00 a.m on Monday, August 29, 2005
at the Menzies Hotel, 14 Carrington Street, Sydney, New South
Wales.

The business to be considered at the General Meeting is set out
below. This Notice of Meeting should be read in conjunction with
the accompanying Explanatory Memorandum, which contains
information in relation to each of the following resolutions. A
Proxy Form also accompanies this Notice of Meeting.

BUSINESS

Resolution - Approval of the debt to equity conversion rights in
the Convertible Loan Agreement with DRD (Isle of Man) Limited

To consider and, if thought fit, to pass the following ordinary
resolution:

"That, for the purposes of Rule 10.11 of the Listing Rules of
Australian Stock Exchange Limited and all other purposes, the
Company hereby approves and authorizes the provisions of the
Loan Agreement that permit loan advances of up to AU$10 million
made by DRD (Isle of Man) Limited to the Company and such
further amounts that have become due and payable by the Company
to DRD (Isle of Man_ Limited (including interest) pursuant to
that Loan Agreement to be convertible into fully paid ordinary
shares issued in the capital of the Company on the terms and
conditions set out in the Loan Agreement."

VOTING EXCLUSION STATEMENT

The Company will disregard any votes cast on the Resolution by
DRD (Isle of Man) Limited and any associates of DRD (Isle of
Man) Limited. However, the Company need not disregard a vote if:

(a) It is cast by a person as proxy for a person who is entitled
to vote in accordance with the directions on the proxy form; or

(b) It is cast by the person chairing the meeting as proxy for a
person who is entitled to vote in accordance with the direction
on the proxy form to vote as the proxy decides.

To view the Explanatory Statement for the Meeting, click on:
http://bankrupt.com/misc/TCRAP_emperormines072705.pdf

CONTACT:

Emperor Mines Limited
Suite 303, Level 3
50 Margaret Street,
Sydney NSW 2000
Australia
Phone: +61 2 9299 7422
Fax: +61 2 9299 7433
E-mail: emperor@emperor.com.au
Web site: http://emperor.com.au


HARMAN INVESTMENTS: Appoints Official Liquidator
------------------------------------------------
Notice is hereby given that at Extraordinary General Meetings of
Harman Investments Pty Limited held on June 15, 2005, it was
resolved that the Company be wound up voluntarily, and that
Wayne Benton of PPB, Chartered Accountants, Level 10, 90 Collins
Street, Melbourne, Victoria, 3000 be appointed as Liquidator for
such purpose.

Dated this 16th day of June 2005

Wayne Benton
Liquidator
PPB
Chartered Accountants
Level 10, 90 Collins Street
Melbourne Vic 3000


J TRIMARCHI: Liquidator to Detail Wind-up at 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 J
Trimarchi Pty Limited will be held on Aug. 5, 2005, 10:45 a.m.
at Ngan & Co., Level 5, 49 Market Street, Sydney NSW 2000 for
the following purposes:
  
AGENDA

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

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

Dated this 24th day of June 2005

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


KARL SULEMAN: Former Director Committed for Trial
-------------------------------------------------
Mr. Karl Suleman on Tuesday appeared in the Downing Centre Local
Court, Sydney, and was committed to stand trial on 26 charges
under the Crimes Act 1900 (NSW) following an investigation by
the Australian Securities and Investments Commission (ASIC).

Mr. Suleman, a former director of Karl Suleman Enterprises Pty
Limited (KSE) and the Froggy group of companies, was committed
on 15 counts of making false statements. The false statements
relate to allegations that Mr. Suleman induced 15 investors to
enter into agreements and invest AU$3.185 million in KSE's
supermarket trolley collection business. It is alleged that the
revenue generated by KSE's supermarket trolley collection
business was never sufficient to fund the promised returns to
investors.

Mr. Suleman was also committed on 11 counts of using false
documents, which induced one investor to invest AU$1 million in
KSE and its supermarket trolley collection business.

The alleged offences occurred between April 2000 and July 2001.

KSE was placed into voluntary administration on 12 November
2001, soon after ASIC commenced proceedings before the New South
Wales Supreme Court to close down an unregistered managed
investment scheme operated by the company.

KSE and several related companies within the Froggy Group have
since been placed into liquidation.

On 22 July 2002, Mr. Suleman was ordered by the NSW Supreme
Court to pay $17.4 million in damages to KSE. On 30 July 2002,
Mr. Suleman was declared bankrupt.

On 15 April 2004, Mr. Suleman was sentenced in the NSW District
Court, Downing Centre, to 21 months jail, with a non-parole of
12 months, in relation to four fraud charges brought by ASIC.
These charges resulted from an ASIC investigation into KSE and
other businesses in the Froggy group of companies, and concerned
the provision of a false bank statement and making false
statements to finance brokers with the intention of obtaining
finance. Mr. Suleman was released from prison in March 2005.

The current matter will reappear before the District Court,
Sydney, on 12 August 2005. Mr. Suleman's bail has been
continued.

The Commonwealth Director of Public Prosecutions is prosecuting
the matter.

Background

Mr. Suleman was involved in the business of trolley collection
services for supermarkets located between Cairns and Adelaide,
from at least 1993. The supermarkets paid Mr. Suleman an agreed
fee, out of which he paid infrastructure costs and sub-
contractors to do the work of collecting the trolleys.

Mr. Suleman was the sole director of KSE which was incorporated
in December 1999 to be the corporate management vehicle for Mr
Suleman's expanding trolley collection business.

From December 1999 until November 2001, investments were sought
from the public in the trolley collection business. These
investments took the form of a contract entitled "Financial
Investment Agreements", entered into between an investor and
KSE.

On 12 November 2001, Mr. Neil Cussen and Mr. Paul Weston were
appointed joint administrators of KSE, and on 7 December 2001
they were appointed the joint liquidators. Messrs Cussen and
Weston concluded that the revenue generated by the trolley
collection business was never sufficient to fund the returns
promised to, and paid to, investors pursuant to the agreements,
and that repayments to existing investors were paid out of new
investor funds under a pyramid style scheme.


KAY'S A: Members Agree to Quit Operations
-----------------------------------------
Notice is hereby given that at an extraordinary general meeting
of members of Kay's A Lady Pty Limited held on June 15, 2005, it
was resolved that the Company be wound up voluntarily and that
for such purpose, Kimberley Andrew Strickland and Christopher
Michael Williamson of SimsPartners, Chartered Accountants and
Business Advisors, Level 12, 40 St George's Terrace, Perth WA
6000 be appointed Joint and Several Voluntary Liquidators.
Creditors later confirmed the liquidators' appointment at a
meeting of creditors held later that day.

Dated this 17th day of June 2005

Kimberly A. Strickland
Christopher M. Williamson
Liquidators
SimsPartners
Level 12, 40 St George's Terrace
Perth WA 6000


LET'S TRAVEL: Roderick Sutherland Named Liquidator
--------------------------------------------------
Notice is hereby given that at a creditors' meeting of Let's
Travel Australia Pty Limited held on June 17, 2005, it was
resolved that the Company be wound up voluntarily and that for
such purpose, Roderick Mackay Sutherland of Jirsch Sutherland
Chartered Accountants was appointed Liquidator.

Dated this 20th day of June 2005

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


LKT PROPERTIES: Set to Distribute Dividend to Creditors
-------------------------------------------------------
LKT Properties Pty Limited is set to declare a dividend on Aug.
1, 2005.

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

Dated this 21st day of June 2005

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


MARNOE PROPERTIES: Members Schedule Final Meeting August 1
----------------------------------------------------------
Notice is given that a meeting of the members of Marnoe
Properties Pty Limited will be held on Aug. 1, 2005, 9:00 a.m.
at the offices of Jones Condon, Ground Floor, 77 Station Street,
Malvern Vic 3144, to have an account laid before them showing
the manner in which the winding up has been conducted and the
property of the Company disposed of and of hearing any
explanations that may be given by the Liquidator.

Dated this 20th day of June 2005

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


M1 MIDDLE: Begins Winding Up Proceedings
----------------------------------------
Notice is hereby given that at a general meeting of the members
of M1 Middle Crescent Pty Limited held on June 15, 2005, it was
resolved that the Company be wound up voluntarily and that John
Ross Lindholm of Ferrier Hodgson, Level 29, 600 Bourke Street,
Melbourne, Victoria be nominated to act as Liquidator for the
winding up.

Dated this 16th day of June 2005

J. R. Lindholm
Liquidator
Ferrier Hodgson
Level 29, 600 Bourke Street
Melbourne Vic 3000


PADTRANS PTY: Members Resolve to Liquidate Company
--------------------------------------------------
Notice is hereby given that at an extraordinary general meeting
of members of Padtrans Pty Limited held on June 17, 2005, it was
resolved that the Company be wound up voluntarily, and at a
meeting of creditors held on the same day, it was resolved that
for such purpose, Leonard A. Milner of Venn Milner & Co., Suite
1, 43 Railway Road, Blackburn Vic 3130 be appointed Liquidator.

Dated this 17th day of June 2005

Leonard A. Milner
Liquidator
Venn Milner & Co.
Suite 1, 43 Railway Road
Blackburn Vic 3130


PALADIN INFORMATION: Supreme Court Orders Wind-up
-------------------------------------------------
On June 9, 2005, the Supreme Court of New South Wales, Equity
Division ordered that Paladin Information Pty Ltd be wound up by
the Court, and appointed Steven Nicols to be Liquidator.

Steven Nicols
Level 2, 350 Kent Street
Sydney NSW 2000


PALUSZAK HAULAGE: Wind-up process Initiated
-------------------------------------------
Notice is now given that at a meeting of members and creditors
of Paluszak Haulage Pty Limited convened and held on June 15,
2005, creditors resolved that the company be wound up and
appointed R A. Sutcliffe to be Liquidator for such purpose.

Dated this 15th day of June 2005

R. A. Sutcliffe
Liquidator
Ground Floor, 192-198 High Street
Northcote Victoria 3070
Phone: (03) 9482 6277


PARMALAT AUSTRALIA: Performs Well in First Half
-----------------------------------------------
Parmalat Australia's revenues for the first six months of 2005
grew to EUR193.3 million, up from EUR182.6 million in 2004.  
EBITDA were also up, rising both in absolute terms (from EUR13.8
million to EUR15.0 million) and as a percentage of revenues
(from 7.6% to 7.7%).

In June 2005, net revenues totaled EUR32.6 million and EBITDA
increased to EUR2.5 million (EUR2.1 million in June 2004).  

Higher unit sales (especially pasteurized milk and yogurt) and a
shift in the sales mix contributed to these improved results. At
the same time, the launch of new streamlining projects (closure
of two production facilities, exit from unprofitable product
areas and markets and divestiture of non-strategic assets, such
as a Coca-Cola bottling franchise) offset the negative impact of
the higher prices paid for milk and packaging materials during
the first half of 2005.

There was no significant difference between the average exchange
rates for the first six months of 2005 and 2004.

To view the Parmalat group's first half results, click on:
http://bankrupt.com/misc/Parmalat(1h2005).pdf.

CONTACT:

Parmalat Australia Ltd
South Brisbane, Queensland,
Australia

PARMALAT FINANZIARIA S.p.A.
Legal Seat
43044 Collecchio (Pr)
Via Oreste Grassi, 26

Administrative Seat
20122 Milan
Piazza Erculea, 9
Phone: +39 02 806 8801
Fax: +39 02 869 3863
Web site: http://www.parmalat.net


PRIMELIFE CORPORATION: ASIC Freezes Proceeds of Assets Sale
-----------------------------------------------------------
The Australian Securities and Investments Commission (ASIC) has
obtained interim injunctions to protect investors' funds in two
investment schemes related to retirement villages and aged care
facilities associated with Primelife Corporation Limited
(Primelife).

The retirement villages and aged care facilities are based in
Victoria.

ASIC commenced legal proceedings in the Federal Court in
September 2004 seeking orders for the winding up of these
unregistered managed investment schemes.

ASIC alleges that the scheme managers of the Victoria Gardens
Property Syndicate (Victoria Gardens Syndication Pty Ltd (VGS))
and Glendale RV Syndication Scheme (Glendale RV Syndication Pty
Ltd (GRS)) have dealt with, or sought to deal and/or dissipate
assets of the relevant investment schemes, in circumstances
where ASIC had not been satisfied that all investors had been
consulted in relation to such dealings. Further, ASIC had
recently received complaints of improper dealings from investors
in respect of the schemes.

On 20 July 2005, Mr. Justice Goldberg of the Federal Court of
Australia made orders, which were not opposed by VGS or GRS,
restraining:

(1) VGS from disbursing or otherwise disposing of over $2
million in proceeds from a sale of scheme property until further
order of the Court or the hearing and determination of ASIC's
claim; and

(2) GRS from taking any further step in relation to effecting
the sale of the scheme property situated at Glendale Court,
Werribee and from disbursing or otherwise disposing of the
deposit of $1million paid to GRS in respect of the sale of the
property, until after the further hearing of ASIC's application
on 2 August 2005.

ASIC has not been satisfied that all investors in the Victoria
Gardens Property Syndicate and the Glendale RV Syndication
Scheme are aware of, or have agreed to, the relevant dealings in
relevant scheme property. ASIC brought applications after
failing to receive adequate explanations from VGS and/or GRS.
ASIC also acted on the basis of recent complaints from investors
in the schemes relating to the actions of VGS and GRS.

"ASIC has acted to ensure that investors in such schemes are
given the opportunity to properly consider any transaction that
concerns their investment, particularly when proceedings are on
foot for the winding up of the schemes," ASIC's Executive
Director Enforcement, Ms. Jan Redfern said.

"The operators of managed investment schemes must ensure that
schemes are registered with ASIC, and run in accordance with the
requirements of the Corporations Act. In an effort to protect
the interests of investors, ASIC will take action when these
requirements are not fulfilled," Ms. Redfern said.

Ms. Redfern reiterated that ASIC's proceedings should not cause
any disruption to the residents of the retirement villages and
aged care facilities operated by Primelife.

Background

On 23 September 2004, ASIC filed 37 proceedings in the Federal
Court of Australia seeking, amongst other things, orders that an
investigating accountant be appointed over each of the schemes
to report to the Federal Court and enabling proper disclosure of
the position of each of the schemes to be made to the investors.
ASIC has also applied for the schemes to be wound up.

ASIC filed two further proceedings in the Federal Court of
Australia seeking similar relief on 22 June 2005.

ASIC alleges that the schemes are not registered, as required
under the Corporations Act 2001 (the Act). ASIC brought the
Federal Court proceedings against Primelife and a number of
other defendants including parties who, ASIC alleges, have been
involved in promoting and managing the schemes to a large number
of investors since 1997.

ASIC entered into terms of settlement with Primelife Corporation
Limited (Primelife) in the proceedings on 1 April 2005 (See ASIC
Media Release 05-80). While ASIC has entered into terms of
settlement with Primelife, most of the proceedings remain on
foot against the other defendants.

In those proceedings in which ASIC has entered terms of
settlement with the non-Primelife defendants, Mr Justice
Goldberg of the Federal Court of Australia made declarations and
orders by consent on 1 June 2005, which included:

(1) The schemes defined in the orders are managed investment
schemes which were and are required to be registered under the
Corporations Law and the Act but were not registered;

(2) The schemes be wound up pursuant to the Act;

(3) Pursuant to the Act, Mr. Andrew James McLellan be appointed
as independent accountant (the Independent Accountant) to
inquire into and report to the Court as to the affairs of the
Schemes.

In relation to the particular schemes which are the subject of
His Honor's orders:

(1) Mr. McLellan is due to provide his report to the Court
shortly;

(2) Upon receiving the report from Mr. McLellan, ASIC will
forward a copy of it to investors. Investors and parties to the
proceedings will then have an opportunity to provide proposals
for the form the winding up may take to the Court and ASIC.
Investors will be provided with a copy of any such proposal in
accordance with the Court's orders and then have the opportunity
to make comment on such proposals prior to the proceedings
returning for final hearing before the Court. Those hearings are
due to occur later this year.

CONTACT:

Primelife Corporation Limited
Melbourne
Victoria, Victoria 3000
Australia
Phone: +61 3 9618 5500
Fax: +61 3 9618 5599
Web site: http://www.primelife.com.au/


RA CARIDI: Liquidator Authorized to Distribute Assets
-----------------------------------------------------
At a general meeting of the members of RA Caridi Pty Limited
duly convened and held on June 17, 2005, the following special
resolutions were passed:

1) That the Company be wound up under the provisions applicable
to a Members' Voluntary Liquidation and that Angela Ann Gaffney
be and is hereby appointed Liquidator for the winding up.

2) That the Liquidator is hereby authorized to distribute in
specie such of the assets as she sees fit and on such conditions
as she deems necessary to any one or more of the members of the
company.

Dated this 17th day of June 2005

P. M. CARIDI
Director
c/o RSM Bird Cameron
1st Floor, 8 St Georges Terrace
Perth WA 6000


R&J TRANSPORT: Court Releases Wind-up Order
-------------------------------------------
Notice is hereby given that on June 16, 2005, the Supreme Court
of New South Wales, Equity Division, appointed Ozem Kassem as
Official Liquidator of R&J Transport Pty Limited.

Ozem Kassem
Liquidator
Bentleys MRI
Sydney Business Recovery & Insolvency
Partnership
PO Box Q1165, QVB Post Office
Sydney NSW 1230
Phone: (02) 8221 8433
Fax:   (02) 8221 8422


SANTOS LIMITED: Delivers Record AU$1.02 Bln First Half Revenue
--------------------------------------------------------------
Record second quarter sales revenue reported Wednesday by Santos
Limited has driven the Australian oil and gas group's first half
revenue above AU$1 billion for the first time.

Total sales revenue for the three months to June 30, 2005 was a
record AU$553 million - a 19% increase on AU$466 million in the
first quarter and up 66% on AU$334 million in the second quarter
of 2004.

The second quarter result has taken Santos' revenue to AU$1.02
billion for the opening six months of the current calendar year,  
up 73% on the previous corresponding period, eclipsing the
Company's previous highest first half revenue of AU$751 million
achieved in 2001.

The higher revenue reflected increased production and sales
volumes, combined with continuing higher oil and gas prices.

Total production for the second quarter of 13.8 million barrels
of oil equivalent (mmboe) was 10% above the strong first quarter
result and 19% above the previous corresponding period.

Sales volumes were up to 15.1 mmboe from 13.6 mmboe in the first
quarter, taking sales volumes for the opening half of 2005 to
28.7 mmboe from 22.0 mmboe in the previous corresponding period

The average realised gas price for the quarter increased by 11%
to $3.61 per gigajoule (GJ) from $3.25 per GJ in the same period
of 2004, and the average realized oil price of AU$70.20
(US$54.06) per barrel was 18% higher than AU$59.70 (US$43.97) in
the first quarter.

"The latest quarter has continued a buoyant start to 2005 for
Santos and its expanding group operations," Santos' Managing
Director, Mr John Ellice-Flint, said today.

"As well as our increased production, the Company's higher sales
volumes have been achieved in a period of stronger prices for
most products," he said.

Mr Ellice-Flint said the improved production was largely due to
the successful early start-up of production from the Mutineer-
Exeter development, in the Carnarvon Basin offshore Western
Australia.

"The 24% stronger first half production of 26.3 mmboe has us on
track to achieve our previously stated guidance of approximately
54 mmboe for the full year compared with 47 mmboe in 2004," he
said.

Santos has also previously forecast a further 10% increase in
production for the 2006 calendar year.

Other significant developments during the second quarter
included:

(1) $200 million Casino gas development awarded production
license by Victorian Government.     Project on target to
commence production in the first quarter of 2006;

(2) Positive development drilling results on the Casino field;

(3) Development go-ahead for the first Santos operated
Indonesian development - the Oyong oil and gas field;

(4) The signing of the gas sales agreement for the entire gas
reserves from the Maleo field in Indonesia, which is expected to
generate revenue of more than A$700 million over the life of the
field;

(5) Securing a 10-year contract to supply gas to the $340
million Braemar Power Project in Queensland;

(6) Drilling of successful development wells on the John Brookes
gas field, offshore WA; and

(7) Application submitted by the Kipper joint venture for a
production licence over the field, offshore eastern Victoria, to
commence production in 2009.

Since 30 June 2005, Santos has announced its intention to
acquire US listed Tipperary Corporation Inc and Tipperary Oil
and Gas Australia Pty Ltd, including an approximate 75% working
interest in the Fairview coal seam methane field in central
Queensland.  This transaction, valued at approximately US$466
million (AU$612 million), remains subject to Tipperary
Corporation shareholder approval, which is expected early in the
fourth quarter of 2005.

The Company also earlier this month announced a further
expansion of its oil and gas exploration in the Sorell Basin,
offshore Tasmania, and outlined plans to sell its interest in
the undeveloped Golden Beach gas field, offshore Victoria.

CONTACT:

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


SHADOWFIELDS PTY: Manger Steps Aside
------------------------------------
Notice is hereby given that Brian Raymond Silvia, Receiver and
Manager of the property of Shadowfields Pry Limited, which is in
liquidation, ceased to act as such on June 20, 2005.

Dated this 20th day of June 2005

Brian R. Silvia
Ferrier Hodgson
GPO Box 4114, Sydney NSW 2001
Phone: 9286 9999
Fax:   9286 9888


SIRIUS RETAIL: Intends to Pay Dividend to Creditors
---------------------------------------------------
A first and final dividend is to be declared on Aug. 12, 2005
for Sirius Retail Television Pty Limited.

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

Neil Singleton
Liquidator
SimsPartners
Chartered Accountants
Level 24, Australia Square
264 George Street, Sydney NSW 2000


THORLEY'S TRANSPORT: Liquidator to Explain Wind Up Manner
---------------------------------------------------------
Notice is hereby given that a final combined meeting of the
members and creditors of Thorley's Transport NQ Pty Limited will
be held on Aug. 16, 2005, 11:00 a.m. at the offices of Knights
Insolvency Administration, Level 7, Suncorp Plaza, 61-73 Sturt
Street, Townsville Qld 4810.

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

(2) Any other business which may be lawfully considered with the
foregoing.

Dated this 16th day of June 2005

D. J. Offermans
Liquidator
Knights Insolvency Administration
Level 7, Suncorp Plaza
61-73 Sturt Street, Townsville Old 4810


TR CARTY: To Undergo Voluntary Liquidation
------------------------------------------
Notice is hereby given that at a general meeting of members of
TR Carty Pty Limited held on June 17, 2005, it was resolved that
the Company be wound up voluntarily and that for such purpose,
Russell Graeme Peake and Geoffrey Charles Ridgeway, Chartered
Accountants and Registered Liquidators of Jenkins Peake & Co.,
1st Floor, Lexen Building, 200 Malop Street, Geelong 3220, be
appointed Joint and Several Liquidators.

Dated this 20th day of June 2005

Russell G. Peake
Geoffrey C. Ridgeway
Liquidator
Jenkins Peake & Co.

PO Box 1570, Geelong 3220
Phone: (03) 5223 1000
Fax:   (03) 5221 4938


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

ASIA PACIFIC: Court Orders Winding Up
-------------------------------------
Asia Pacific International Investment Holdings Limited whose
place of business is located at Rooms 2703-2706, 27th Floor,
Office Tower Convention Plaza, No 1 Harbour Road, 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: May 9, 2s005

Dated this 22nd day of July 2005

Lee Mei Yee May
Acting Official Receiver


BESTWAY INTERNATIONAL: To Offset Part of Accumulated Losses
-----------------------------------------------------------
The Board of Directors of Bestway International Holdings Limited
intends to put forward to the Shareholders a proposal for
approval to reduce the entire amount standing to the credit of
the share premium account of the Company on the Effective Date
pursuant to Section 46 of the Companies Act and bye-law 6 of the
Bye-laws of the Company.

In a disclosure to the Hong Kong Stock Exchange, it is proposed
that, subject to fulfillment of the conditions as set out below,
the entire amount standing to the credit of the share premium
account of the Company on the Effective Date so reduced will be
utilized in accordance with the Bye-laws and all applicable laws
to offset part of the Accumulated Losses as at the Effective
Date.

As at the Latest Practicable Date, the unaudited amount standing
to the credit of the share premium account of the Company was
estimated to stand at approximately HK$254,100,000. According to
the audited financial statements of the Company as at 31st March
2005, the amount standing to the credit of the share premium
account of the Company was HK$186,340,000 and the Accumulated
Losses were HK$397,101,000.

Reasons for the Share Premium Reduction

The unaudited amount standing to the credit of the share premium
account of the Company as at the Latest Practicable Date was
estimated to stand at approximately HK$254,100,000 and the
Accumulated Losses as at 31st March 2005 were HK$397,101,000.

The Company is not permitted to declare or pay dividends to the
Shareholders while it is not solvent, meaning that there are
reasonable grounds for believing that the Company is or would
after the payment be unable to pay its liabilities as they
become due or the realizable value of the Company's assets would
thereby be less than the aggregate of its liabilities and its
issued share capital and share premium account. The Directors
propose that, subject to the fulfillment of conditions set out
below, the entire amount standing to the credit of the share
premium account of the Company as at the Effective Date be
reduced with the credit arising there from being directly
applied to offset part of the Accumulated Losses as at the
Effective Date.

The Board considers that the reduction of the Accumulated Losses
will give the Company more flexibility to declare dividends to
the Shareholders at an earliest opportunity in the future as and
when the Board considers appropriate. The Board believes that
the Share Premium Reduction is beneficial to the Company and its
Shareholders as a whole.

Effects of the Share Premium Reduction

Save for the expenses to be incurred in relation to the Share
Premium Reduction, the Board considers that the implementation
of the Share Premium Reduction will not, in itself, alter the
underlying assets, business operations, management or financial
position of the Company or the proportionate interests of the
Shareholders in the underlying assets of the Company. The Board
considers that the Share Premium Reduction is in the interests
of the Company and the Shareholders as a whole.

Conditions of the Share Premium Reduction

The Share Premium Reduction is conditional upon:

1. The passing of a special resolution to approve the Share
Premium Reduction at the SGM;

2. Compliance with Section 46(2) of the Companies Act, including
publication of a notice of the Share Premium Reduction in an
appointed newspaper in Bermuda on a date not more than thirty
days and not less than fifteen days before the effective Date
and that there are no reasonable grounds for believing that the
Company is, and after the Share Premium Reduction would be,
unable to pay its liabilities as they become due.

GENERAL

A circular containing, among other things, details of the Share
Premium Reduction, together with a notice convening the SGM,
will be despatched to the Shareholders as soon as practicable.

As at the date of this announcement, the Board comprises of 5
executive directors, namely, Mr. Tang Kuan Chien (Chairman), Mr.
Chang Bin Lin, Mr. Tang Wei Lun, Mr. Yang Ting and Mr. Cheung
Ming Leung Denver and 3 independent non-executive directors,
namely, Mr. Hung Shean-I, Mr. Wong Nai Ping and Mr. Au Kwok Yee
Benjamin.

By Order of the Board
Bestway International Holdings Limited
Tang Kuan Chien
Chairman
Hong Kong, 25th July 2005

CONTACT:

Bestway International Holdings Limited
18/F, Tesbury Centre
28 Queen's Road East
Wanchai, Hong Kong
Phone: 28151199
Fax: 28541076


BESTWAY INTERNATIONAL: FY05 Net Loss Widens to HK$27.1 Mln
----------------------------------------------------------
Bestway International Holdings Limited (718) announced its
financial results ended March 31, 2005.

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

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

Turnover                           : 331,795            283,601           
Profit/(Loss) from Operations      : (19,742)           (711)             
Finance cost                       : (7,877)            (8,726)           
Share of Profit/(Loss) of
  Associates                       : 0                  0                 
Share of Profit/(Loss) of
  Jointly Controlled Entities      : 483                78                
Profit/(Loss) after Tax & MI       : (27,131)           (6,962)           
% Change over Last Period          : N/A       %
EPS/(LPS)-Basic (in dollars)       : (0.0081)           (0.0024)          
         -Diluted (in dollars)     : N/A                N/A               
Extraordinary (ETD) Gain/(Loss)    : 0                  0                 
Profit/(Loss) after ETD Items      : (27,131)           (6,962)           
Final Dividend                     : NIL                NIL
  per Share                                              
(Specify if with other             : N/A                N/A
  options)                                               
                                                         
B/C Dates for
  Final Dividend                   : N/A   
Payable Date                       : N/A
B/C Dates for Annual         
  General Meeting                  : 06/09/2005         to
12/09/2005 bdi.
Other Distribution for             : N/A
  Current Period                     
                                     
B/C Dates for Other
  Distribution                     : N/A   

The calculation of the basic loss per share is based on the net
loss from ordinary activities attributable to shareholders for
the year of HK$27,131,000 (2004: HK$6,962,000), and the weighted
average of 3,363,419,178 (2004: 2,851,200,000) ordinary shares
in issue during the year.

Diluted loss per share amounts for the years ended March 31,
2005 and 2004 have not been disclosed, as the convertible bonds
outstanding during the years had an anti-dilutive effect on the
basic loss per share for the years.


BRILLIANT TECHNOLOGY: Court Orders Closure
------------------------------------------
Brilliant Technology Hong Kong Limited whose place of business
is located at Room 538, 5th Floor, Fung King Industrial
Building, 24-28 Lam Tin Street, Kwai Chung, 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 13, 2005.

Date of Presentation: May 10, 2005

Dated this 22nd day of July 2005

Lee Mei Yee May
Acting Official Receiver


BULLETS EXPRESS: Winding Up Process Initiated
---------------------------------------------
Bullets Express International Company Limited whose place of
business is located at Shop H, G/F, Hunghom Gardens, 3 Tsing
Chau Street, 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 9, 2005

Dated this 22nd day of July 2005

Lee Mei Yee May
Acting Official Receiver


CELESTIAL SECURITIES: Receives Court Order to Shut Down
-------------------------------------------------------
Celestial (International) Securities & Investment Limited whose
place of business is located at 21st Floor, The Centre, 99
Queens Road Central, Hong Kongs 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: April 25, 2005

Dated this 22nd day of July 2005

Lee Mei Yee May
Acting Official Receiver


DRANSFIELD HOLDINGS: Issues Notice of Creditors' Meeting
--------------------------------------------------------
Notice is hereby given that pursuant to Section 241 of the Hong
Kong Companies Ordinance, a meeting of the creditors of
Dransfield Holdings Limited will be held at 5/F, Allied Kajima
Building, 138 Gloucester Road, Wanchai, Hong Kong at 11:30 a.m.
on Thursday, 4 August 2005 for the purposes of considering
matters in relation to Sections 241, 242, 243, 244, 255A and 283
of the Companies Ordinance.

Creditors may vote either in person or by proxy.

Proxies must be lodged at 5/F Allied Kajima Building, 138
Gloucester Road, Wanchai, Hong Kong not later than 4:00 p.m. on
3 August 2005.

Dated this 26th day of July 2005

Yu Gui Xiang
Director
Dransfield Holdings Limited



FU MING: Receives Wind-up Order
-------------------------------
Fu Ming Management Company Limited whose place of business is
located at G/F, No. 18B on Lok Mun Street, On Lok Tsuen,
Fanling, 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 9, 2005

Dated this 22nd day of July 2005

Lee Mei Yee May
Acting Official Receiver


HAPPY BRIGHT: Winding Up Hearing Slated for September 14
--------------------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Happy Bright Industrial Limited the High Court of Hong Kong
Special Administrative Region was on July 7, 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 September 14, 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.

OR, NG & CHAN
Solicitors for the Petitioner
15th Floor, The Bank of East Asia Buiding
No. 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 September 13, 2005.


HUNG HING: Receives Bankruptcy Order
------------------------------------
Notice is hereby given that the Bankruptcy Order against Chan
Hung Fong trading as Hung Hing Restaurant was made on July 13,
2005. All debts due to the estate should be paid to the official
receiver.

Dated this 22nd day of July 2005.

Lee Mei Yee May
Acting Official Receiver


KAR LUNG: Begins Liquidation Proceedings
----------------------------------------
Kar Lung Industrial Company Limited whose place of business is
located at Flat 3, 9th Floor, Block A, Veristrong Industrial
Centre, 34-36 Au Pui Wan Street, Fotan, Shatin, 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 6, 2005

Dated this 22nd day of July 2005

Lee Mei Yee May
Acting Official Receiver


ORIENT POWER: Notes Unusual Volume Movement
-------------------------------------------
The Stock Exchange of Hong Kong has received a message from
Orient Power Holdings Limited, which is reproduced as follows:

"This statement is made at the request of The Stock Exchange of
Hong Kong Limited.

The Company has noted an increase in the trading volume of the
shares of the Company on July 27 and wishes to state that it is
not aware of any reasons for such increase.

The Company also confirm that save as disclosed in the
announcement of the Company dated July 25, 2005, there are no
negotiations or agreements relating to intended acquisitions or
realizations which are discloseable under rule 13.23, neither is
the board aware of any matter discloseable under the general
obligation imposed by rule 13.09, which is or may be of a price-
sensitive nature.

As at the date of this announcement, the directors of the
Company comprise Messrs. Poon Ka Hung, Wu Lai Ping and Lin Hoo
Fun as executive directors; Mr. Leung Chun Pong, Ms. Jennifer
Cheung Mei Ha and Mr. Edward Fung Chi Kong as non-executive
directors; and Messrs. Joseph Chan Wing Tai, Tay Chee Hung and
Tang Tin Ying as independent non-executive directors.

Made by the order of the board of the Company the directors of
which individually and jointly accept responsibility for the
accuracy of this statement.

By order of the Board

Jennifer Cheung Mei Ha
Company Secretary
Hong Kong, 26th July, 2005"


PCCW LIMITED: Launches New Financial Channel
--------------------------------------------
PCCW Limited will launch a financial channel focusing on
financial, stock, foreign exchange and property market news,
Infocast News reports.

The amount of the project was not disclosed, but so assured that
the launching of the new channel will not delay the break-even
schedule for the company's NOW broadband TV operation.

The Company said it would recruit a former management member of
South China Group's magazine operation to assist in the founding
of the financial channel.  

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


SOUTH LIGHT: Creditors Meeting Fixed August 22
----------------------------------------------
Notice is hereby given that the Creditors of South Light Limited
(In Members' Voluntary Liquidation), which is being voluntarily
wound up, are required on or before 4:00 p.m. on Monday, August
22, 2005 to send their names, addresses and descriptions, full
particulars of their debts or claims, as well as the names and
addresses of their solicitors (if any) to Mr. Chui Che Hung,
Henry, Liquidator of the said Company.

If so required by notice in writing from the said liquidators to
prove their debts or claims at such time and place as shall be
specified in such notice, or in default thereof, they will be
excluded from the benefit of any distribution before such debts
are proved.

Dated this 22nd day of July 2005

CHUI CHE HUNG, HENRY
Liquidator
Room 1903, New World Tower
18 Queen's Road, Central
Hong Kong


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

BANK MANDIRI: AGO to Seize Key Graft Suspect's Assets
-----------------------------------------------------
A key suspect in an alleged graft case at Bank Mandiri will not
get his hands on his personal assets and bank accounts for some
time, The Jakarta Post learned.

Prosecutors at the Attorney General's Office (AGO) are now ready
to freeze the assets of former Bank Mandiri president director
E.C.W. Neloe. They are currently collecting data on Mr. Neloe's
assets and accounts.

Deputy Attorney General for Special Crimes Hendarman Supandji
confirmed the AGO has confiscated Mr. Neloe's local bank
accounts, and is set to seize his overseas accounts, as well.

Mr. Neloe was earlier arrested along with vice president I Wayan
Pugeg and director of corporate banking M. Sholeh Tasripan for
their alleged role in a lending scam that caused losses to the
bank of IDR12 trillion (US$1.22 billion).

CONTACT:

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


BANK PERMATA: Tax Payments Cut 23.6% on Net Profit
--------------------------------------------------
PT Bank Permata saw its first half earnings fall by 23.60
percent to IDR218.80 billion due to tax provisions deferred from
previous loss-making years, AFX News reveals.

The bank's net interest income in the first half, however, rose
to IDR1.50 trillion, up from the previous IDR1.40 trillion.
Outstanding loans grew by 56 percent year-on-year to IDR18.8
trillion.

Due to healthy profitability level backed by good asset quality
and control over third-party fund costs, Bank Permata's net
interest income climbed to IDR847.66 billion against IDR765.77
billion.

Non-interest income, meanwhile, rose by 38 pct year-on-year to
IDR211.9 billion, brought about by improvements in its fee-based
income.

Bank Permata expects further growth in its fee-based income,
citing access to the international network of its parent firms
Standard Chartered Bank and PT Astra International after last
year's acquisition. Standard Chartered and Astra each own a
31.55 pct stake in the bank.

The bank's first-half net profit before tax rose to IDR319.31
billion from IDR300.41 billion.

But due to inclusion of taxes that have become effective this
year, thye bank's tax burden hit IDR100.50 billion from IDR14.08
billion, resulting in the lower net profit of IDR218.80 billion.

Previously, the taxes were not charged under a tax-loss carry-
forward policy from the five banks, prior to their merger into
Bank Permata in 2002.

Bank Permata's end of June capital adequacy ratio stood at 11.7
percent from 12.3 percent a year earlier, while its loan-to-
deposit ratio rose to 78.1 percent from 48.7 percent.

CONTACT:

Pt Bank Permata Terbuka
Jalan Jend Sudirman Kav 27
Jakarta, 12920
Indonesia
Phone: +62 21 523 7899
Fax:   +62 21 250 0680


PERUSAHAAN LISTRIK: Growing Demand May Drive Power Shortage
-----------------------------------------------------------
PT Perusahaan Listrik Negara (PLN) has warned of another power
outage amid increasing demand during the dry season, The Jakarta
Post reports.

The state-owned electricity firm fears that declining rainfall
may affect the capacities of hydropower plants, which contribute
around 10 percent of the total grid's capacity.

PLN President Director Eddie Widiono is concerned that the power
supply may not be able to meet demand in the Java-Bali grid at
peak times should the energy-saving drive fail.

Data from the company shows the ideal minimum reserve capacity
should be at the level of 1,290 MW. At present, the power
reserves in peak time stand at about 600 MW.

Although the Java-Bali grid has a total installed capacity of
19,615 MW, the usable capacity hovers at around 15,500 MW, as
power plants have to be shut down in turns for maintenance.

Although a reserve of 120 MW does not necessarily mean blackouts
in densely populated islands, PLN will have to make sure that
all other plants, fueled by diesel, coal, gas, and other
sources, run smoothly.

A failure in even one of the bigger plants would be likely to
cause blackouts in some areas.

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
=========

FUJITSU LIMITED: Revises 1H/FY05 Financial Results Forecast
-----------------------------------------------------------
Fujitsu Limited announced on July 27 that it has revised its
forecast consolidated and unconsolidated financial results for
the first half of fiscal 2005 (the period from April 1 to
September 30, 2005) from its previous forecast announced on
April 27, 2005. Details are as follows.

1) Revised First-Half FY 2005 Consolidated Financial Results
Forecast

(For fiscal half-year period from April 1, 2005 to September 30,
2005)
(Billion yen)

                         Net Sales  Operating Income Net Income
                                       (Loss)       (Loss)  

Previous Forecast (A)      2,200.0      15.0    (30.0)
Revised Forecast (B)       2,200.0      30.0    (15.0)  
Increase or Decrease (B-A)  --          15.0     15.0  
Percentage of Increase or Decrease  --  100.0%  50.0%  

FY 2004 First-Half Results
(For half year ended September 30, 2004)  2,220.0  33.2  (8.1)  

2) Revised First-Half FY 2005 Unconsolidated Financial Results
Forecast

(For fiscal half-year period from April 1, 2005 to September 30,
2005) (Billion yen)

                         Net Sales  Operating Income Net Income
                                      (Loss)     (Loss)  

Previous Forecast (A)     1,265.0     (25.0)     (5.0)  
Revised Forecast (B)      1,265.0     (20.0)     15.0
Increase or Decrease (B-A)  --         5.0       20.0  
Percentage of Increase or Decrease  --  20.0%  400.0%  

FY 2004 First-Half Results
(For half year ended September 30, 2004)  1,295.7  (23.6)  
(12.1)  

3) Explanation of Revisions to Financial Results Forecast

First-Half FY 2005 Consolidated Earnings Forecast

The recovery in IT spending in Japan has been patchy at best,
and such investment has yet to regain its former strength.
Nevertheless, in light of increasing demand for mobile phone-
related equipment in Japan and optical transmission systems in
North America, as well as steady growth in demand for hard disk
drives and efficiency gains from reductions in costs and
expenses, Fujitsu has decided to increase its consolidated
operating income forecast for the first half of fiscal 2005 by
15.0 billion yen. As a result of the projected improvement in
operating income, along with an expected upturn in other income
(expenses) owing to foreign currency transaction gains arising
from the weaker yen and a gain on settlement of litigation
relating to hard disk drives, the company now forecasts a
narrowing of its projected first-half net loss by 15.0 billion
yen.

Regarding fiscal 2005 full-year earnings projections, in
addition to an anticipated delay in the recovery of the
semiconductor market, there are a number of major uncertainties
with respect to the IT market in the second half. Accordingly,
Fujitsu is leaving its initial full-year earnings forecast
unchanged.

First-Half FY 2005 Unconsolidated Earnings Forecast

For similar reasons to those cited above for consolidated
performance, Fujitsu is revising upwards its forecast for
unconsolidated operating income for the first half. Likewise,
due to projected improvement in operating income, an expected
upturn in other income (expenses) owing to foreign currency
transaction gains arising from the weaker yen, a projected
increase in dividends from subsidiaries, and the gain on
settlement of litigation relating to hard disk drives, the
company has raised its net income forecast.

[For Reference]

Status of First-Quarter FY 2005 Consolidated Financial Results
(Billion yen)

               Latest Forecast 1Q FY 2004 Increase April
Forecast

Net Sales         
               1,026.3       1,008.1     18.1     1.010.0

Operating Income (Loss)
                14.8           (4.3)     19.1     (10.0)

Net Income (Loss)
                2.4            (11.8)    14.3     (30.0)


First-quarter FY 2005 financial results will be announced on
July 28, 2005.

About Fujitsu

Fujitsu is a leading provider of customer-focused IT and
communications solutions for the global marketplace. Pace-
setting device technologies, highly reliable computing and
communications products, and a worldwide corps of systems and
services experts uniquely position Fujitsu to deliver
comprehensive solutions that open up infinite possibilities for
its customers' success. Headquartered in Tokyo, Fujitsu Limited
(TSE:6702) reported consolidated revenues of JPY4.7 trillion
(US$44.5 billion) for the fiscal year ended March 31, 2005.

CONTACT:

Fujitsu Limited
Shiodome City Center
1-5-2 Higashi-Shimbashi
Minato-ku, Tokyo
Japan, 105-7123
Phone: +81 (0) 3-6252-2176
Fax: +81 (0) 3-6252-2783
Web site: http://www.fujitsu.com

This is a company press release.


JAPAN TOBACCO: To Realign Domestic Leaf Tobacco Division
--------------------------------------------------------
Japan Tobacco Inc. announced that the company plans to realign
its domestic leaf tobacco division as one measure for improving
cost competitiveness and optimizing the JT organization.

This realignment is in response to the tough market conditions
in the domestic tobacco business and the changing environment in
domestic leaf tobacco cultivation, including the decline of
acreage and number of growers, as a result of the company
proposal that asked if growers would volunteer to terminate
their tobacco cultivation last year.

JT reviewed the present structure of the six Regional Leaf
Tobacco Headquarters, which are responsible for procuring leaf
tobacco in each region, four Regional Leaf Tobacco Offices and
one Local Leaf Tobacco Office, which are branch offices of the
Regional Leaf Tobacco Headquarters. All four Regional Leaf
Tobacco Offices and the one Local Leaf Tobacco Office will be
closed while the six Regional Leaf Tobacco Headquarters will be
maintained. In addition, the Sukagawa and Kumamoto leaf
processing factories, which are located on the same site as the
Regional Leaf Tobacco Headquarters, will be integrated into the
Naka-Nihon Regional Leaf Tobacco Headquarters and the Kyushu
Regional Leaf Tobacco Headquarters, respectively.

Moreover, a total of 33 Leaf Tobacco Procurement Stations and
five Leaf Tobacco Procurement Centers, which are facilities that
JT uses to purchase leaf tobacco from domestic tobacco growers
were also reviewed. The closure of 16 Leaf Tobacco Procurement
Stations at the end of March 2006 was already announced, but JT
decided to close four additional Leaf Tobacco Procurement
Stations at the same time. Thus, under the new structure, the
company will use 13 Stations and five Leaf Tobacco Procurement
Centers to purchase leaf tobacco from domestic growers.

Along with the above measures, the Leaf Tobacco Research Center
in Oyama, which carries out research and development on leaf
tobacco will integrate two Leaf Tobacco Technology Centers in
Morioka and Kagoshima, which have been researching and
developing the technologies relating to the variety-specific
characteristics of leaf tobacco.

The new structure will take effect in April 2006.

CONTACT:

Yukiko Seto
Associate General Manager
Media and Investor Relations
Japan Tobacco Inc.
2-1, Toranomon 2-chome, Minato-ku
Tokyo 105-8422 Japan
Phone: +81-3-5572-4292

This is a company press release.


MATSUSHITA ELECTRIC: Unit Shares Up 1.75% on Wednesday
------------------------------------------------------
Matsushita Electric Co. (M) Berhad shares surged 1.75 percent on
Wednesday to RM11.60 on solid fundamentals and good management
among other factors, The Star Online reports.

The company is expected to return to the black in 2006 with a
profit of RM 59 million.

The report added that over the years, the company had been
generous with its dividend payout and the trend was likely to
continue.

CONTACT:

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


MITSUBISHI MOTORS: Launches Low Indoor VOC in Mini Vehicles
-----------------------------------------------------------
Mitsubishi Motors Corporation will reduce the levels of volatile
organic compound (VOC) concentrations in vehicles by combining
several measures to improve vehicle interior environments, Japan
Corporate News reports.

Specifically, the carmaker has set targets below the guideline
targets for 13 compounds set by the Ministry of Health, Labor
and Welfare.

As an initial step, Mitsubishi will introduce a new mini
vehicle, I, in the spring of 2006.

The company will be 1.3 years ahead of what is stipulated by the
guidelines for indoor VOC concentrations formulated by the Japan
Automobile Manufacturers Association.

CONTACT:

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


RESONA HOLDINGS: 1Q/FY05 Profit Falls 12% on Lending Slump
----------------------------------------------------------
Resona Holdings Inc. said profit fell 12 percent in its first
quarter results ending in March 2006 because of a slump in
lending, Bloomberg News reports.

Net income in the three months ended June 30 dropped to JPY122.7
billion ($1.1 billion), or 10.78 yen a share, from 139.3 billion
yen, or 12.24 yen a share, a year earlier, the Osaka-based bank
said in a statement on Wednesday.

For a copy of the Company press release, go to
http://bankrupt.com/misc/tcrap_resona072705.pdf


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: Incurs JPY26.2-Bln Quarterly Loss
-------------------------------------------------
Sanyo Electric Co. announced a third straight quarterly loss in
the fiscal first quarter as demand for digital cameras and
semiconductors slumped, Bloomberg News relates.

The company posted a net loss of JPY26.2 billion (US$232
million) for the three months ended June 30, versus a net income
of JPY2.33 billion a year earlier. It left its full-year
forecast unchanged.

Sales fell to JPY569 billion from JPY622.4 billion. The company
had an operating loss of JPY9.4 billion from a JPY13.6 billion
in operating profit a year ago.

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


SOFTBANK CORPORATION: Sells Shares in Advanced Media
----------------------------------------------------
Softbank Corporation announced that Softbank BB Corporation (our
wholly-owned subsidiary, head office: Minato-ku, Tokyo,
representative: Masayoshi Son) sold its all shares held in
Advanced Media, Inc.

1. Outline of sale

(1) Shares for sale:  2,700 shares held in Advanced Media, Inc.

(2) Sale price:  Approximately 2.8 billion yen

2. Effect on consolidated financial results

Gain on sale of investment securities would be recognized
approximately 2.8 billion yen on a consolidated basis in the 2nd
quarter for the fiscal year ending March 31, 2006.

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: Eyes Cuts in International Flights This Week
-------------------------------------------------------------
The international passenger flights of Asiana Airlines Inc.
would most likely experience rough roads ahead if the strike
will not come to a halt, reports The Korea Herald.

Asiana is expecting that anytime this week the international
flight will be having problems with its operations. The company
predicts that all Sydney, Australia route will be cancelled for
the time being, and cuts on flights to Los Angeles would follow
suit.

Asiana also mulls a reduction in the number of short-haul
international flights during the strike.

International flight accounts for more than 60 percent of
Asiana's business. A prolonged strike would cause severe
disruptions and would entail a major impact on the carriers
business.

"The union should return to work and begin earnest negotiations
with us, taking into account the huge damage the walkout is
inflicting on the public and the national economy," Asiana said.

The ruling Uri Party has asked for the government's intervention
to put a stop to the strike.  The government said that it would
impose a binding arbitration if the walkout is protracted, but
labor and management should try solving the matter themselves
first.  No deadline for intervention action was mentioned.

Since last Friday, negotiations between Asiana and the pilots'
union have been cancelled.  Asiana management said it will only
resume talks with the pilots on the condition that the pilots
drop demands related to managerial and personnel policies.

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: Unveils Amended Flight Schedules
-------------------------------------------------
Asiana Airlines Inc. unveiled in its company website a list of
flight schedules for July 28.

Asiana Airlines sincerely regrets any inconvenience to its
customers caused by the pilot strike. The following are the
flight schedule for July 28:

Domestic Flights

The following 18 flights departing from/arriving to Jeju have
been cancelled:

- Gimpo-Jeju way/ 7 flights

- OZ8901
- OZ8917
- OZ8925
- OZ8943
- OZ8953
- OZ8959
- OZ8963

- Jeju-Gimpo one way /7 flight

- OZ8968
- OZ8902
- OZ8924
- OZ8948
- OZ8950
- OZ8958
- OZ8964


- Busan-Jeju one way/ 2 fights

- OZ8105
- OZ8109

- Jeju- Busan one way/ 2 flights

- OZ8104 and OZ8110 are canceled.

- The following 2 flights excluding Jeju routes will go forward
with normal operations:

- Inchoen-Busan one way/ 1flight(OZ8531)

- Busan-Incheon one way/ 1 flight(OZ8532)

All other domestic flights are canceled.

International Flights (7 flights of our 112 flights will be
cancelled.)

- Flights departing to Sydney(OZ601), L.A(OZ204), Delhi(OZ767),
Guilin(OZ325) are canceled.

- Flights departing from Sydney(OZ602), Guilin(OZ326),
Takamatsu(OZ165) are canceled.

All other international flights will operate on schedule.

Union pilots that are not participating in the strike, non-union
pilots, and foreign pilots are doing their best to operate as
many flights as possible, but please acknowledge that some
domestic flights will have to be cancelled due to the lack of
pilots.

In spite of the pilot strike, mostly normal operation is
expected for all Jeju and international services.


CITIBANK KOREA: Exim Demands Payment for Daewoo Corp's Debt
-----------------------------------------------------------
The Export-Import (Exim) Bank of Korea is asking Citibank Korea
Inc. to pay Daewoo Corp's debt, according to The Korea Times.

Exim filed a lawsuit against Citibank Korea claiming $60 million
in damages.  Exim said that Citibank as Daewoo Corp's guarantor
pledged a written guarantee to pay the latter's debt in case it
becomes insolvent.

The case dates back to 1996, when the state-run policy bank
issued loans amounting to $290 million to Daewoo Corp. to
relocate automobile production facilities to India.

The court asked Citibank Korea (formerly Koram Bank) in August
of 2004 to issue documents promising to pay Exim Bank instead of
Daewoo. As Citibank refused the court's order, Exim seek for the
courts mandate last April to let Citibank Korea pay its dues.

"It seems that Citibank resisted the payment as there is a
possibility that bank employees who signed the contract (in
1996) will have full responsibility," an Exim Bank official
said.

Other banks who stands as guarantor are SC First Bank (then
Korea First Bank) and Kwangju Bank with debt guarantee pledges
of $20 million and $100 million, respectively. Exim Bank also
filed similar lawsuits against the commercial banks.

CONTACT:

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

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

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


DOOSAN GROUP: Seoul Prosecutors Office Launches Probe
-----------------------------------------------------
A probe into Doosan Group has commenced Tuesday on alleged
accounting fraud and slush funds, reveals The Korea Herald.

The Seoul Prosecutors Office launched the probe and prompted a
freeze on business plans at Doosan.  The office will start to
check the credibility of the accusations made by former chairman
Park Yong-oh.  Mr. Park will most likely be called in for
questioning.

Mr. Park filed the accusation right after his younger brother,
Yong-sung, took over the chairmanship. However, his dismissal is
pending shareholder approval in September.

He accused Yong-sung and Yong-man of corporate misconduct worth
more that KRW100 billion.  Doosan plans to skip the chairman
nominee's official succession ceremony, which was slated for
August.

"The group chairman status is not regulated by law. Although
there will be no inauguration ceremony, Park Yong-sung is
already the acting chairman of the group and is playing the role
of representing the board of directors," said a Doosan official.

Mr. Yong-sung on Friday said his older brother's allegations
stemmed from a power struggle, not a family feud.  Mr. Yong-oh
wanted one of Doosan's units to be separated and given to him
when he stepped down as group chairman, but that the
conglomerate had denied his request.

Doosan Group wants to become a global business. It aims to
increase its shares of overseas sales to 70 percent by 2008.

For more information, click
http://bankrupt.com/misc/DoosanGroupPR071905.pdf

CONTACT:

Doosan Corporation
13 Munrae-dong 6-ga,
Youngdungpo-gu
Seoul, Seoul 150-096
Korea (South)  
Phone: +82 2 3398 1121
Fax: +82 2 3398 1135  
Web site: http://www.doosancorp.co.kr/


HYNIX SEMICONDUCTOR: Investigation on DRAM Duties Extended
----------------------------------------------------------
The Ministry of Economy, Trade and Industry advised in a press
release that the extension of an investigation on imposition of
countervailing duties (CVD) on DRAM semiconductors made by Hynix
Semiconductor Inc. has been extended for six months in order to
adequately examine evidence that been additionally submitted by
the interested parties.

The completion of the investigation was originally set on August
3, 2005.

The interested parties have been notified of this decision.

CONTACT:

Hynix Semiconductor Inc. (HIS)
891 Daechi-dong, Kangnam-gu,
Seoul, Korea
Telephone: 82-2-3459-3470   
Fax: 82-2-3459-5987/8
Web site: http://www.hynix.com


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

ANCOM BERHAD: Purchases 469,400 Shares on Buy Back
--------------------------------------------------
Ancom Berhad issued to Bursa Malaysia Securities Berhad a notice
of shares buy back with the following details:   

Date of buy back from: July 8, 2005

Date of buy back to: July 18, 2005

Total number of shares purchased (units): 469,400

Minimum price paid for each share purchased (RM): 0.670

Maximum price paid for each share purchased (RM): 0.800

Total amount paid for shares purchased (RM): 357,866.45

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

Number of shares purchased retained in treasury (units): 469,400

Total number of shares retained in treasury (units): 11,383,500

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

Total issued capital as diminished:  

Date lodged with registrar of companies: July 21, 2005

Lodged by:

PFA Corporate Services
S/B Level 14,
Uptown 1, D'sara
Uptown 47400 PJ

CONTACT:

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


AYER HITAM: Unit Served with Winding Up Order
---------------------------------------------
The Board of Directors of Ayer Hitam Tin Dredging Malaysia
Berhad advised Bursa Malaysia Securities Berhad that a winding-
up petition has been served on Pembinaan AHT Sdn Bhd (PAHT) on
July 19, 2005 at its registered office in Kuala Lumpur. The
details are as follows:

(1) Date of Petition Served

The winding up petition was presented at the High Court of
Malaya at Kuala Lumpur on July 4, 2005 and the Petition was
served on PAHT on July 19, 2005 by Messrs Lim & Yeoh for Kwong
Ngai Cheung & Ho Yoke Shih @ Ho Yoke Har (the Petitioners) vide
Companies Winding-Up No. D5-28-481-2005. The hearing date of the
Petition has been fixed on October 4, 2005.

(2) Particulars of Claim

The Petitioners have claimed for the sum of RM65,452.84 being
money due and owing as at December 16, 2004 pursuant to the
Judgment dated May 17, 2004 obtained against PAHT vide Kuala
Lumpur Sessions Court Summons No. 1-52-9045-2002 which consists
of the principal sum of MYR53,598.91, interest on MYR53,598.91
at the rate of 8% per annum calculated from June 26, 2002 until
the date of full settlement and costs of MYR1,234.00.

(3) The details of Default

The claim by the Petitioners is for the debt due from PAHT to
the Petitioners for the claim on late delivery of vacant
possession and common facilities of two (2) units of properties     
- shop and office, Taman Juara Jaya (Merchant Square), Balakong
pursuant to Sale and Purchase Agreements dated October 31, 1996
signed between PAHT and the Petitioners.

The debt arose due to insufficient fund available in PAHT. The
Petitioners had demanded the outstanding debt to be paid
immediately.

(4) The total cost of investment in PAHT by AHTIN

The total cost of investment of AHTIN's investment in PAHT is
MYR5,803,751.83.

(5) The financial and operational impact on the Group

There is no material financial impact on the Group as the amount
had already been provided for in the accounts of PAHT. However,
on the operational side, there will be an interruption on PAHT's
future development in Balakong in the event that the winding up
petition succeeds.

(6) The expected losses, if any

The expected losses, if any, would be the corresponding legal
costs.

(7) Steps taken or proposed to be taken by PAHT

PAHT has instructed its solicitors to resist the winding up
petition.

This announcement is dated 21 July 2005.

CONTACT:

Ayer Hitam Tin Dredging Malaysia Berhad
8 Jalan Raja Chulan
50200 Kuala Lumpur, 50200
Malaysia
Telephone: +60 3 2031 9633
Phone: +60 3 2031 6920


DUOPHARMA BIOTECH: Bourse Suspends Trading of Shares
----------------------------------------------------
Duopharma Biotech Bhd advised Bursa Malaysia Securities Berhad
that trading of its shares has been suspended with effect from
9:00 a.m., Thursday, July 21, 2005. Trading in the shares will
resume with effect from 9:00 a.m., Friday, July 22, 2005.

Your attention is drawn to the announcement made by Chemical
Company of Malaysia Berhad on July 20, 2005.


DUOPHARMA BIOTECH: Shareholders Enter into SPA with Tekan Maju
--------------------------------------------------------------
Duopharma Biotech Berhad (DBB) issued to Bursa Malaysia
Securities Berhad an update on the proposed disposal by Chia
Ting Poh @ Cheah Ting Poh and Ang Bee Lian, the major
shareholders of the company, of their equity interest in DBB to
Tekan Maju Sdn Bhd (TMSB), a wholly owned subsidiary of Chemical
Company Of Malaysia Berhad (CCM).

DBB advised the bourse that it had on July 21, 2005 received a
notification from its major shareholders, Mr. Chia Ting Poh @
Cheah Ting Poh and Mdm Ang Bee Lian that they had on July 20,
2005 entered into a sale and purchase agreement with TMSB to
dispose of a total of 47,934,390 ordinary shares of MYR0.50 each
in DBB (representing approximately 36 percent equity interest in
DBB as at the date of the announcement) to TMSB.

Please refer to the announcement released by Avenue Securities
Sdn Bhd on behalf of CCM on July 20, 2005 in relation thereto.


DUOPHARMA BIOTECH: Bourse to List Additional Shares
---------------------------------------------------
Duopharma Biotech Bhd advised that its additional 293,500 new
ordinary shares of MYR0.50 each issued pursuant to the
Employees' Share Option Scheme will be granted listing and
quotation with effect from 9:00 a.m., Monday, July 25, 2005.


HABIB CORPORATION: Clarifies Various Items Stated in Circular
-------------------------------------------------------------
Habib Corporation Berhad (HCB) issued to Bursa Malaysia
Securities Berhad an update on the following proposals:

(I) Proposed Acquisitions;

(II) Proposed Restricted Issue;

(III) Proposed Rights Issue;

(IV) Proposed Placement; and

(V) Proposed RCCPS Issue

(collectively known as the proposals)

The company refers to the announcements dated February 14, 2005,
April 6, 2005, June 24, 2005, June 29, 2005 and July 8, 2005
respectively, in relation to the Proposals, the circular to
shareholders dated June 30, 2005 and the conditional sale and
purchase agreement and the conditional subscription agreement,
both dated February 14, 2005.

We refer particularly to Section 19.1 (Inter-Conditionality) of
the abovementioned circular which states that "The Proposed
Acquisitions, Proposed Rights Issue, Proposed Restricted Issue,
Proposed Placement and Proposed RCCPS Issue are inter-
conditional with each other."

Commerce International Merchant Bankers Berhad, on behalf of
HCB, clarified, in relation to the aforementioned statement of
the circular, that:

(a) Completion of the Proposed Acquisitions is, amongst others,
conditional upon relevant approvals being obtained for, and
completion of, the Fund Raising Proposals (which comprises the
Proposed Rights Issue, Proposed Restricted Issue, Proposed
Placement and Proposed RCCPS Issue);

(b) Completion of each of the Proposed Rights Issue, Proposed
Restricted Issue, Proposed Placement and Proposed RCCPS Issue
is, amongst others, conditional upon relevant regulatory
approvals being obtained for each of such Fund Raising Proposal;
and

(c) The Proposed Rights Issue, Proposed Restricted Issue,
Proposed Placement and Proposed RCCPS may, but will not
necessarily be, implemented simultaneously.

This announcement is dated 21 July 2005.

CONTACT:

Habib Corporation Berhad
1st Floor, Bangunan Habib Corporation,
Lot 106, Lorong Mamanda 2, Ampang Point,
68000 Ampang, Selangor
Malaysia
Telephone: (60) 3 452 7777
Fax: (60) 3 452 2143


KEMAYAN CORPORATION: Gets More Time to Fulfill Set of Conditions
----------------------------------------------------------------
Public Merchant Bank Berhad (PMBB), on behalf of Kemayan Corp.
Berhad (KCB), advised the following to Bursa Malaysia Securities
Berhad:

(i) The vendors of Satujaya Sdn Bhd (Satujaya) had, via their
letter to Jawira Holdings Berhad (Jawira) dated June 30, 2005,
which was received by PMBB on July 20, 2005, agreed to extend
the period for the fulfillment of the conditions precedent as
set out in the conditional sale and purchase agreement between
Jawira and the vendors of Satujaya dated October 21, 2002, as
amended by supplemental agreements dated November 14, 2002, July
2, 2003 and January 21, 2004, in respect of the Proposed
Acquisition of Satujaya, to November 30, 2005;

(ii) The shareholders of Major Entrepreneur Sdn Bhd (MESB) had,
via their letters to Jawira dated July 14, 2004, which was
received by PMBB on July 20, 2005, agreed to extend the period
for the fulfilment of the conditions precedent as set out in the
conditional subscription agreement between Jawira, MESB and the
shareholders of MESB dated October 21, 2002, as amended by
supplemental agreement dated April 12, 2004, in respect of the
Proposed Subscription in MESB to October 13, 2005.

(iii) The continuing vendors of Amber Resources Sdn Bhd (Amber)
had, via their letter to Jawira dated July 8, 2005, which was
received by PMBB on July 20, 2005, agreed to extend the period
for the fulfillment of the conditions precedent as set out in
the conditional sale and purchase agreement between Jawira and
the continuing vendors of Amber dated October 31, 2002, as
amended by the supplemental agreements dated August 25, 2003,
June 22, 2004 and December 27, 2004, in respect of the Proposed
Acquisition of Amber, to September 5, 2005; and

(iv) The vendors of CDM Sdn Bhd (CDM) had, via their letter to
Jawira dated July 8, 2005, which was received by PMBB on July
20, 2005, agreed to extend the period for the fulfillment of the
conditions precedent as set out in the conditional sale and
purchase agreement between Jawira and the vendors of CDM dated
October 31, 2002, as amended by the supplemental agreements
dated August 25, 2003, June 22, 2004 and December 27, 2004, in
respect of the Proposed Acquisition of CDM, to September 5,
2005.

The extension of period as agreed by the vendors of Amber and
CDM above, are subject to the following conditions:

(i) The vendors reserve the absolute right to discretionary
terminate the conditional sale and purchase agreements prior to
the expiry of the extension period if they are not satisfied
with the progress of the Proposed Restructuring Scheme of KCB;

(ii) The vendors also reserve the absolute right to terminate
the conditional sale and purchase agreements based on any reason
whatsoever which they deem at their discretion to be detrimental
to the completion of the disposal of their shares; and

(iii) The vendors are advised in writing immediately upon the
occurrence of the following events:

(a) Approval of the Scheme Creditors at the Court Convened
meetings or its outcome; and

(b) Upon filing of the application to the High Court of Malaya
for sanction for the scheme of arrangements under the Proposed
Restructuring Scheme of KCB.

Further developments in relation to the Proposed Restructuring
Scheme will be made to the Exchange in due course.

This announcement is dated 21 July 2005.

CONTACT:

Kemayan Corporation Berhad
Jalan Mewah Ria 2/1 Tawan Bukit Mewah
81200 Johor Bahru, Johor Darul Takzim 80200
Malaysia
Telephone: +60 7 238 9888
Fax: +60 7 236 5307


MAGNUM CORPORATION: Unlikely to Fulfill Conditions of Agreement
---------------------------------------------------------------
Magnum Corp. Berhad issued to Bursa Malaysia Securities Berhad
an update on the:

(I) Proposed Disposal of 51.54 percent Equity Interest in Magnum
International Holdings Limited; and

(II) Settlement of Inter-Company Loans Extended to MIHL

Magnum refers to its announcement made on April 11, 2005 with
regard to the proposed disposal of the entire 51.54 percent
equity shareholding in Magnum International Holdings Limited
(MIHL) held by the Magnum Corporation Berhad (Magnum) Group to
Unichina Enterprises Limited (Unichina) (Proposed MIHL Disposal)
and the proposed settlement of all outstanding inter-company
loans extended by the Magnum Group to MIHL (Proposed Loan
Settlement).

The sale and purchase agreement dated April 8, 2005 entered into
with Unichina in respect of the Proposed MIHL Disposal (S&P
Agreement) contained a number of conditions precedent which had
to be satisfied by July 31, 2005, including the approval by
independent MIHL shareholders for matters relating to the
Proposed Loan Settlement. Upon the completion of the Proposed
MIHL Disposal, MIHL will cease to be a subsidiary of Magnum.

In relation to the above, the Board of Directors (Board) of
Magnum disclosed that a Special General Meeting (SGM) of MIHL
was held on June 24, 2005 to consider a number of resolutions,
including resolutions relating to the Proposed Loan Settlement
(SGM Resolutions).

MIHL has published an announcement dated July 20, 2005 in Hong
Kong stating inter alia that the SGM Resolutions tabled at the
SGM held on June 24, 2005 were not passed by independent
shareholders of MIHL.

Arising from the outcome of the SGM of MIHL held on June 24,
2005, the Magnum Board announced that the conditions precedent
in the S&P Agreement are unlikely to be fulfilled by July 31,
2005 and accordingly, the completion of the Proposed MIHL
Disposal and the Proposed Loan Settlement cannot take effect.

This announcement is dated 21 July 2005.

CONTACT:

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


MAXIS COMMUNICATIONS: Issues Additional Shares for Listing
----------------------------------------------------------
Maxis Communications Berhad advised that its additional
1,579,000 new ordinary shares of MYR0.10 each issued pursuant to
the Employee Share Option Scheme will be granted listing and
quotation by Bursa Malaysia Securities Berhad with effect from
9:00 a.m., Tuesday, July 26, 2005.

CONTACT:

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


METROPLEX BERHAD: Hearing to Appoint Liquidator Adjourned
---------------------------------------------------------
Metroplex Berhad (MB) refer to its announcements dated April 28,
2005, May 10, 2005 and June 27, 2005 on the winding-up petition
served on MB by Morgan Stanley Emerging Markets, Inc. (MSEMI).

The Company informed the bourse that the hearing of MSEMI's
application for the appointment of a provisional liquidator is
adjourned to August 3, 2005.

This announcement is dated 21 July 2005.

CONTACT:

Metroplex Berhad
Level 10, Grand Seasons Avenue,
No. 72, Jalan Pahang,
53000 Kuala Lumpur.
Telephone: 03-2931828, 03-4431828
Fax: 03-2912798


SARAWAK ENTERPRISE: Bourse Extends Time to Complete Acquisition
---------------------------------------------------------------
The Board of Directors of Sarawak Enterprise Corporation Berhad
(SECB) wishes to announce that:

(i) Pursuant to the completion of the acquisition by SECB of
257,852,000 ordinary shares of MYR1.00 each in Sarawak
Electricity Supply Corporation (SESCo) (Acquisition of SESCo) on
June 30, 2005, based on records as at that date, the public
shareholding spread of the Company is 18.86 percent with 14,755
public shareholders holding more than 100 ordinary shares of
MYR1.00 each;

(ii) Bursa Securities, via its letter dated July 20, 2005
granted the Company an extension of time of six (6) months from
the date of completion of the Acquisition of SESCo ie. from  
June 30, 2005 until December 30, 2005 to comply with the 25
percent public shareholding spread requirement;

(iii) The Company is looking into various options to address the
shortfall including the assistance of its major shareholder
other than the State Financial Secretary Sarawak (SFS), a body
corporate incorporated under the State Financial Secretary
(Incorporation) Ordinance of Sarawak and wholly-owned by the
State Government of Sarawak, to dispose / place out its
shareholdings in SECB to public investors.

The Economic Planning Unit, in approving the disposal by the SFS
of the 257,852,000 shares in SESCo had, inter alia, imposed an
equity condition whereby the State Government of Sarawak must
increase its shareholdings in SECB to not less than 70 percent
before or on December 31, 2006; and

(iv) Based on the various options being considered, the Company
shall endeavour to achieve compliance with the 25 percent public
shareholding spread by December 30, 2005.

Dated this 21st day of July 2005

CONTACT:

Sarawak Enterprise Corporation Berhad
Lot 2679 Jalan Rock
93200 Kuching, Sarawak 93673
Malaysia
Telephone: +60 82 244 000
Fax:  +60 82 248 588


SARAWAK ENTERPRISE: New Shares Listed on Bourse
-----------------------------------------------
Sarawak Enterprise Corp. Berhad advised Bursa Malaysia
Securities Berhad that its additional 348,255,474 new ordinary
shares of MYR1.00 each issued pursuant to the acquisition of
257,852,000 ordinary shares of MYR1.00.

Each share represents approximately 51.6 percent of its issued
and paid-up share capital in Sarawak Electricity Supply
Corporation (SESCO) from the State Financial Secretary Sarawak
for a purchase consideration of MYR1,032.0 million satisfied by
the issuance of 348,255,474 new ordinary shares of MYR1.00 each
at an issue price of MYR1.37 per share and 554,890,000 new 5-
year 5% Redeemable Convertible Preference Shares (RCPS) of
MYR0.10 each at an issue price of MYR1.00 per RCPS [Acquisition]
will be granted listing and quotation with effect from 9:00
a.m., Monday, 25 July 2005.


SRIWANI HOLDINGS: Petitioner Files Appeal
-----------------------------------------
Sriwani Holdings Berhad (Sriwani) refers to the previous
announcements made to Bursa Malaysia Securities Berhad in
particular the announcement dated June 17, 2005 in relation to
Petition No. D2-26-88-2004 filed by Adenan bin Ismail against
Sriwani and others (Petition).

The Company disclosed that Adenan bin Ismail had on July 15,
2005 filed an appeal to the Court of Appeal against the High
Court decision of June 17, 2005.

This announcement is dated 21 July 2005.


TANJONG PUBLIC: Passes All AGM Resolutions
------------------------------------------
The Board of Directors of Tanjong Public Limited Company
(Tanjong) advised Bursa Malaysia Securities Berhad that all
resolutions including the Special Resolution as set out in the
Notice of the 78th Annual General Meeting (AGM) of the Company
dated June 27, 2005 and tabled at the said meeting were duly
passed.

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


TRU-TECH HOLDINGS: Undertakes Supplemental MA
---------------------------------------------
Tru-Tech Holdings Berhad (Tru-Tech) issued to Bursa Malaysia
Securities Berhad an update on the following proposals:

- Proposed Capital Reconstruction;
- Proposed Scheme of Arrangement with Creditors;
- Proposed Acquisition;
- Proposed JVA Settlement;
- Proposed Exemption;
- Proposed Listing Transfer;
- Proposed Disposal;
- Proposed Offer For Sale; and
- Proposed Placement

(collectively, the Proposed Restructuring Scheme)

Unless otherwise indicated, specified or defined in this
Announcement, the definitions contained in the Company's
announcement dated November 10, 2004 shall apply throughout this
Announcement)

The company refers to the announcement made on November 10,
2004. Avenue Securities Sdn Bhd (Avenue), on behalf of Tru-Tech
announced that the Company had on July 21, 2005, entered into a
supplemental master agreement (Supplemental MA) with Yap Sing
Lee, Yap Seng Maw and Yap Sheng Poo (Vendors) and Renewed Group
Sdn Bhd (RGSB) to effect the revision of certain terms of the
original Proposed Restructuring Scheme.

The Supplemental MA has been undertaken to revise the sequence
of the Proposed Restructuring Scheme whereby Tru-Tech, the
Vendors and RGSB agreed inter alia, that the completion of the
Proposed Acquisition shall take place prior to the
implementation of the Proposed Capital Reconstruction.

With the revision, the Vendors intend to apply to the SC for the
Proposed Exemption under Practice Note 2.9.6 of the Code instead
of Practice Note 2.9.3 of the Code in the original Proposed
Restructuring Scheme.

The effects of the revision on the issued and paid up share
capital, NTA and gearing and substantial shareholdings of Tru-
Tech and RGSB are set out in Table 1, 2 and 3 respectively.

This announcement is dated 21 July 2005.

FILES FOR UPLOAD

CONTACT:

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


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

ABS-CBN BROADCASTING: PLDT Mulls Acquisition
--------------------------------------------
ABS-CBN Broadcasting Corporation has received an offer from
Philippine Long Distance Telephone Co. (PLDT) to acquire a stake
in the embattled broadcast network, The Philippine Star reveals.

PLDT has been considering new investments, with its landline
business now recovering and debts down to more manageable
levels.

But ABS-CBN wants does not intend to let the giant telco in.

The Star was told that PLDT boss Manuel V. Pangilinan wants a
majority stake in the network but the Lopezes are not about to
give up control on the Company.

The Lopez group said it can turn around ABS-CBN this year, and
that an infusion of funds from outside sources is not necessary.
The network posted hefty losses in the first quarter of the
financial year.

CONTACT:

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


COLLEGE ASSURANCE: May Face Charges for Breaking Pre-need Rules
---------------------------------------------------------------
The Securities and Exchange Commission is likely to impose
administrative and criminal charges against College Assurance
Plans Philippines Inc. (CAP, this on top of its financial woes.

The Philippine Star learned that the troubled pre-need firm may
face criminal and administrative charges for violation of pre-
need rules and the Revised Penal Code.

The SEC will conduct a comprehensive audit into the books and
records of CAP to determine the pre-need firm's compliance with
securities rules.

CAP has been given until Monday next week to explain why no
sanctions should be imposed against it for its failure to comply
with rules governing the pre-need industry, including the
infusion of fresh capital to reduce its trust fund deficit which
currently stands at over Php17 billion.

SEC records showed that CAP's trust fund stood at only P4.7
billion as of end-March this year. CAP was also found to have
been remiss in filing reportorial requirements with the SEC.

Earlier, the regulator approved a proposal for a management
takeover of CAP following a careful review of the terminal
reports prepared by the SEC oversight committee. The creation of
the management committee (mancom) was necessary to prevent
further erosion of the pre-need firm's assets, which are mostly
made up of real estate properties.

The mancom will be tasked with drafting a settlement plan that
would allocate the remaining funds of the company not only among
planholders with maturing obligations but also of those
planholders availing of payments in the future.

However, CAP earlier assured planholders it would not default in
its obligations and that it remains committed to delivering
services promised to investors, saying it expects to receive
fresh equity infusions from European-based fund manager
International Global Capital Holdings and a local financial
services group.

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


MANILA ELECTRIC: Seeks Withholding Tax Guidelines for Refund
------------------------------------------------------------
Manila Electric Company (Meralco) is asking the Bureau of
Internal Revenue (BIR) to issue a revenue memorandum order (RMO)
that would serve as the company's guide on withholding taxes for
customers under its Phase IV refund scheme, The Philippine Star
reports.

Meralco's Refund Management Task Force head Leonardo Mabale said
the company wants to incorporate the RMO guidelines in the
refund process as soon as possible so it can start releasing
letters to its customers in August for Phase IV-A and in
September for Phase IV-B.

Meralco is scheduled to pay a total of P5.5 billion under Phase
IV of its P30-billion refund program.

Customers are allowed to choose which refund option they would
prefer, whether through post-dated checks or credit-to-future
bills with cash option.

Depending on their choice, customers will then be asked to
submit the documents required. One of these is the BIR
Certificate of Registration, which indicates the customer's tax
identification number (TIN)).

Mr. Mabale said it is important that all the documents submitted
are in order to avoid delays in the release of the refund. Since
the average refund amount of customers under Phase IV is much
bigger than those under Phases I to III, Meralco should ensure
that the refund will be given to the person or entity entitled
to it.

Meralco, which recently posted a Php2.7-billion net loss,
intends to implement the final phase of its P30-billion refund
program for its customers by next month.

CONTACT:

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


MANILA ELECTRIC: Rakes in Profit in Q2
--------------------------------------
Manila Electric Company (Meralco) has booked Php1.78 billion
(US$31.7 million) profits in the second quarter, up 66 percent
from a year ago, on strong sales, according to The Manila Times.

The beleaguered power utility firm reversed its Php1.71 billion
net loss in the first quarter, when it was forced to set aside
provisions after a court stopped it from raising its rates.

The firm's net income in the second quarter was up from Php1.07
billion in the same period last year.

The firm had a net loss of Php2.6 billion in 2004.

Meralco, which supplies power to four million homes and
businesses in Manila and surrounding areas, said in a statement
its operating revenues grew nearly 30 percent to Php46.6
billion.

It attributed the increase in revenues to the 1.4 percent growth
in the volume of power sold to 6,529 gigawatt hours, following a
slight contraction in the first quarter of 2005.

The company said it also set aside provisions of Php1.65 billion
in the second quarter to prepare for possible legal obstacles to
raising its rates. It set aside provisions of P9.8 billion in
2004 and P1.4 billion in the first quarter.

In June, MERALCO sought an average 2.1 percent rate increase
from the energy regulator, a bigger rise than the one rejected
by the Court of Appeals in January. The firm proposed a rate
hike of 14.76 centavos per kilowatt hour, 1.2 centavos more than
the 13.58 centavos it applied for in October 2003.

The Energy Regulatory Commission (ERC) earlier granted Meralco
provisional approval to increase its rate by an average of
Php0.12 per kilowatt hour effective January 2004. The
implementation, however, was blocked by the Court.

The court eventually annulled the commission's provisional
approval after receiving complaints from consumer groups, who
said regulators had not consulted them before authorizing the
rate rise, Meralco's first since 1994.


MANILA ELECTRIC: ERC Order Hikes Refund Budget by Php1.1 Bln
------------------------------------------------------------
A new order from the Energy Regulatory Commission (ERC) will
force Manila Electric Co. (Meralco) to allot an additional
Php1.1 billion for the first tranche of the last phase of its
Php30-billion refund program, The Philippine Daily Inquirer
says.

Meralco said that provision in the ERC's Phase 4 refund order
that the power retailer include all government agencies in the
refund program raised refund outlays to Php3.3 billion from
Php2.2 billion.

Meralco refund management task force head Leonardo Mabale
earlier said the company had initially expressed concern on the
impact of that provision, as the company's computations were
based on having some government accounts classified under Phase
4B of the refund program and not Phase 4A.

However, although it had put all government accounts under Phase
4A, which effectively accelerates the refund timeframe for some
of them by a few years, Meralco said it would not appeal the
order.


MAYNILAD WATER: Manila Water Eyes 30% Stake
-------------------------------------------
Manila Water Co. has signified its interest in acquiring a 30-
percent interest in cash-strapped Maynilad Water Services Inc.,
according to BusinessWorld.

Ayala-led Manila Water said it wants its participation in
Maynilad to be separate from Manila Water operations.

East water concessionaire Manila Water announced it has already
undertaken a due diligence process and is looking to acquire the
west water concessionaire at a six-month period.

Manila Water's latest plan is aimed at enhancing revenue and
shareholder value. The water firm said it wants to contribute
operating efficiency improvements to the struggling Maynilad.

CONTACT:

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


MAYNILAD WATER: Directors to Quit in MWSS Favor
-----------------------------------------------
Five directors of ailing water utility firm Maynilad Water
Services Inc. are set to step down, as Benpres Holdings prepares
to turn over the water firm to the government, BusinessWorld
reports.

In line with Maynilad's court-approved rehabilitation plan,
Maynilad board members are asked to resign to be replaced by an
interim board selected by the government.

Metropolitan Waterworks and Sewerage System (MWSS) deputy
administrator Macra Cruz said the resignations were expected
this week, although their actual schedule would depend on court-
appointed receiver Rosario Bernaldo.

Lawyer Helena Calo of Maynilad confirmed that directors Oscar
Lopez, Steve Psinakis, Angel Ong, Eugenio Lopez III, and Jorge
Lichauco would all quit in favor of government nominees once
told to do so by MWSS.

But the court receiver added that Benpres, initially, would just
nominate proxies on behalf of MWSS.

She noted that MWSS-nominated directors could sit on the
Maynilad board only if the Securities and Exchange Commission
would approve the water firm's rehabilitation plan, which could
be in September.

Ms. Bernaldo added that under the debt and capital restructuring
program of Maynilad, Benpres would nominate proxies until the
new majority shareholder stepped in.


NATIONAL BANK: Unaware of Identities of Potential Investors
-----------------------------------------------------------
The Philippine National Bank (PNB) issued this announcement in
reference to the news article entitled "Foreign firms eye PNB"
published in the July 22, issue of the BusinessWorld (Internet
Edition).

The article reported in part that:

"At least three foreign financial institutions led by Newbridge
Capital Inc. are bidding for the controlling stake in
semiprivate Philippine National Bank (PNB), sources said. Asude
from Newbridge, sources said that BA Marathon, State Bank of
India, Union Bank of the Philippines and Philamlife's Philam
Savings Bank were among the 10 foreign and local investors that
have pre-qualified for the bid.

"Cristina Orbeta, executive vice-president of the Philippine
Deposit Insurance Corp. (PDIC) and chairman of the technical
committee, said some of the prospective bidders have discussed
the possibility of forming a consortium that will then
participate in the bidding.

"Four investor groups have already began their due diligence on
PNB, Mr. Teves said."

PNB, in its letter dated July 26, 2005, advised the Exchange
that:

"That we have no official information concerning the identities
of the local and foreign financial investors who have indicated
an interest in bidding for the 67% equity holdings of the
Government/Philippine Deposit Insurance Corporation (PDIC) and
the Lucio Tan Group (LTG) in PNB. Likewise, we are not privy to
any information as to who pre-qualified for the bidding and who
are forming consortium/consortia to participate in the bidding,
which are within the purview of the Joint Technical Committee of
the Department of Finance (DOF) and the PDIC.

"There have been groups who have begun their due diligence in
PNB but they are known in confidence by ING Bank B.V. which is
managing the due diligence process."

For your information.

CONTACT:

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


NATIONAL BANK: Awaits SEC Advisory on Tender Rule Exemption
-----------------------------------------------------------
Philippine National Bank (PNB) issued this announcement in
reference to the news article entitled "SEC exempts sale of 67%
stake in PNB from tender offer rule" published in the July 26,
2005 issue of The Philippine Star (Internet Edition).

The article reported in part that:

"The Securities and Exchange Commission (SEC) has agreed to
exempt the public bidding for the government and tobacco beer
magnate Lucio Tan's joint 67-percent stake in Philippine
National bank from the mandatory tender offer rule.

"The 67-percent stake comprises the government's entire
shareholdings and a portion of tobacco and beer magnate Lucio
Tan's stake in PNB. The government and Tan each own 45 percent
of PNB while 10 percent of PNB is publicly listed.

"A SEC official said the commission agreed to the seller's
request since the proposed transaction falls under exempt
transactions considering that the shares to be offered are held
by the government."

PNB, in its letter dated July 26, 2005 advised the Exchange
that:

"As of this date, we have not received any official
communicating/ruling from the Securities and Exchange Commission
exempting the sale of the 67% equity holding of the
Government/Philippine Deposit Insurance Corporation (PDIC) and
the Lucio Tan Group (LTG) in PNB from the tender offer rule."

For your information.


NATIONAL POWER: ADB Likely to OK Transfer of Debts to PSALM
-----------------------------------------------------------
The Asian Development Bank is expected to approve the transfer
of National Power Corporation's (Napocor) debts to the Power
Sector Assets and Liabilities Management Corp. (PSALM) in the
next two weeks, according to The Philippine Star.

In accordance with the Electric Power Industry Reform Act,
Napocor creditors such as the World Bank (WB) and the Japan Bank
for International Cooperation (JBIC) have absorbed some of the
power firm's debts. The debt absorption is a precondition for
giving their consent to the sale and transfer of Napocor assets.

PSALM earlier proposed that the National Government absorb the
Napocor debts and repay these following the original payment
schedule.

The creditors likewise required PSALM to then transfer some of
Napocor's Php200-billion debts to the National Government before
giving their consent on the transfer of the power firm's assets
to PSALM.

Energy Secretary Raphael Lotilla said the government is
confident of the creditors' commitment and is anticipating a
positive response from the ADB in the next few weeks.

The ADB earlier pledged it could extend a partial credit
guarantee for Napocor's future borrowings. The amount of the
credit guarantee has yet to be finalized, but Sec. Lotilla said
ADB expressed its willingness to guarantee a maximum amount.

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/


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

D'ORIGINAL SATAY: Court Orders Liquidation
------------------------------------------
In the matter of D'Original Satay Club Pte Limited, the
Singapore High Court issued a winding up order on the Company on
July 15, 2005, with the following details:

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

Messrs KHATTARWONG
Solicitors for the Petitioner


FIKE SOUTHEAST: Receiving Proofs of Debt Until August 10
--------------------------------------------------------
Fike Southeast Asia Pte Limited, formerly of 30 Loyang Way
#07-07 Loyang Industrial Estate, Singapore 508769, posted a
notice of intended dividend at the Government Gazette,
Electronic Edition with the following details:

Name of Company: Fike Southeast Asia Pte Limited
Court: Singapore High Court
Number of Matter: Companies Winding Up No. 43 of 2002/X
Last day of receiving proofs: Aug. 10, 2005

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

Dated this 25th day of July 2005

Chee Yoh Chuang
Lim Lee Meng
Liquidators


HESHE HOLDINGS: Unit Sells Shares in Heshe-Kabil
------------------------------------------------
The Board of Directors of Heshe Holdings Limited (the Company)
announced that the Company's subsidiary, Hinterland Property
Development Pte Ltd (Hinterland), has July 26, 2005 entered into
an agreement (the Agreement) with inter alia, Inter-Premium
Corporation Pte Ltd (Inter-Premium) for the sale of 500,000
ordinary shares (the Shares) in the issued share capital of
Heshe-Kabil Industrial Developments Pte Ltd (Heshe-Kabil) by
Hinterland to Inter-Premium.

The Shares represent a 50% interest in the issued share capital
of Heshe-Kabil.

Inter-Premium is the holder of the remaining 50% interest in the
issued share capital of Heshe-Kabil.

Heshe-Kabil is engaged in the business of real estate developers
in Indonesia and has developed, constructed and marketed
industrial properties located at Kabil Industrial Estate, Batam
Island, Indonesia on behalf of PT Kabil Indonesia Estate.

The sale price for the Shares is S$340,688.00 in cash which is
based on the net tangible assets of Heshe-Kabil represented by
the Shares as reflected in the accounts of Heshe-Kabil as at 31
December 2004. Payment of the sale price was paid to Hinterland
today. As part of the terms of the agreement between the
parties, Inter-Premium will procure that Heshe-Kabil will repay
the sum of S$2,759,312.00 being part of the shareholder's loans
previously granted by Hinterland to Heshe-Kabil. The loan will
be repaid by Heshe-Kabil by way of 14 monthly installments
commencing Tuesday.

The net tangible asset value of the Shares as at 31 December
2004 was S$340,688.00. No formal valuation has been performed on
the Shares. Based on the book value of the Shares in the
accounts of Hinterland as at 31 December 2004, there will be a
loss of S$7,274.00 to Hinterland arising from the disposal of
the Shares.

Based on the latest announced consolidated accounts of the
Company as at 31 December 2004, the net loss attributable to the
Shares is S$2,000.00 for the 6-month period ending 31 December
2004.

The directors of Hinterland intend to use the proceeds from the
sale of the Shares and the repayment of the shareholder's loan
as working capital for Hinterland.

A copy of the entire release is made available at:
http://bankrupt.com/misc/TCRAP_HESHE072705.pdf

CONTACT:

Heshe Holdings Limited
78 Shenton Way
079120
SINGAPORE
Phone: +65 6372 4300
Fax: +65 6220 4327


LIANG HUAT: Replies to SGX Queries on Annual Results
----------------------------------------------------
Liang Huat Aluminium Limited refers to the Annual Report for the
Year ended 31 December 2004 that was circulated to members.
Further to the release of the said report, queries as set out
below, were received from the Exchange regarding the same.

The responses of the Company in relation to the respective
queries are as follow:

1. Rule 713(1) of the Listing Manual stipulates that an issuer
must disclose in its annual report the date of appointment of
the audit partner in charge of auditing the issuer and its group
of companies. Please provide the required information.

The audit partner in charge of the audit, Mr Wong Kian Kok of
Foo Kon Tan Grant Thornton, Certified Public Accountants, was
appointed on 30 April 2004.

2. We noted several discrepancies between the audited financial
statements (balance sheet, income statement and cash flow
statement) and the unaudited financial statements in the
Company's announcement of 30 April 2005. Please provide
explanations for the variances with breakdowns for each item.

The variance between the unaudited income statement released on
30 April 2005 and the audited income statement are mainly in the
cost of sales, operating income and other items which
contributed to the increase net loss by $3.54 million from
$96.19 million in the unaudited income statement released on 30
April 2005 to $99.73 million in the audited income statement.
The differences that arose were due largely to:

    a) the de-consolidation of results of subsidiaries, namely
Lian Huat Metal Pte Ltd and Liang Huat Metal (Hong Kong) Limited
("Subsidiaries") that are in liquidation and the writing off of
inter-company debts due to the Company from these Subsidiaries
(amounting to approximately $6.55 million); and

    b) re-classifications and stocks written off (amounting to
approximately $0.95 million);
offset by:

    a) a write-back of the provision for contract work-in-
progress (amounting to $3.99 million)

As a result, the differences in the balance sheet and cashflow
statement as per the audited financial statements compared with
unaudited financial statements provided in the 30 April 2005
announcement reflect the corresponding changes made in the
income statement.

CONTACT:

Liang Huat Aluminium Limited
Blk 8 #07-05
Liang Huat Industrial Complex
51 Benoi Road
Singapore 629908
Phone: 65 68622228
Fax:   65 68624962
Web site: http://www.lianghuatgroup.com.sg/


MYRIAD FORTE: Creditor Files Winding Up Petition
------------------------------------------------
Notice is hereby given that creditor Nan Guan Construction Pte
Limited filed a winding up petition against Myriad Forte
Projects Pte Limited at the Singapore High Court on July 8,
2005.

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

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

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

The Petitioners' address is 24A Kandahar Street, Singapore
198887.
The Petitioners' solicitors are UniLegal LLC, 22 Malacca Street,
#03-01 Royal Brothers Building, Singapore 048980.

UNILEGAL 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 solicitors UniLegal 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 or 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
solicitors not later than 12:00 p.m. of Aug. 4, 2005.


PDC CORP: Bares Names of Creditors Not Participants in Scheme
-------------------------------------------------------------
The Directors of PDC Corp Ltd (the Company) clarified that the
following creditors who have in recent weeks served legal
notices to the Company, are not participants of the Company's
Scheme of Arrangement (Scheme).

The Scheme was disclosed in the Company's announcements on
MASNET and SGXNET on 8 October 2004, 21 October 2004, 15
December 2004 and 20 January 2005.

The following creditors are not participants of the Company's
Scheme:
Lau Yen Eng
Hock Heng Seng Contractor Pte Ltd
Malayan Banking Berhad
Oversea-Chinese Banking Corporation Limited

As disclosed earlier, the participating creditors of the
Company's Scheme were the unsecured creditors of the Company's
subsidiary Hong Lai Huat Construction Pte Ltd (HLHC) and their
claims were verified by the Judicial Manager of HLHC prior to a
creditors' meeting on 15 December 2004.


UNITED FIBER: Sets Hands on Kiani Kertas Pulp Mill
--------------------------------------------------
United Fiber System Ltd (UFS or the Company) announced that it
will be managing the operations of PT Kiani Kertas (KK), which
owns a pulp mill located at East Kalimantan in Indonesia, via an
acquisition of PT Succsani Smart Works (SSW). SSW is a special
purpose vehicle that entered into an Operational Management
Agreement (OMA) on 25 July 2005 to manage the operations of KK.

UFS had earlier announced the execution of a Letter of Intent
with Kingsclere Finance Limited (Kingsclere) on 29 June 2005 to
buy a majority stake in KK (KK Acquisition). Whilst the due
diligence for the KK Acquisition is ongoing, the OMA will allow
UFS to effectively operate and manage the pulp mill to generate
immediate returns prior to the completion of the KK Acquisition.

SSW will manage the operations of KK and receive the proceeds
from the sale of the pulp product. SSW will provide funding in
the form of working capital and be responsible for all the
production costs of the mill until the completion of the
proposed acquisition of KK by Kingsclere.

Based on a technical opinion from Sandwell Engineering Inc. of
Canada, an independent pulp industry consultant, SSW expects the
pulp mill to operate at a capacity of above 60% on a monthly
basis. If for any reason, this minimum threshold is not
achieved, or if operations are suspended due to a major
shutdown, SSW has the right to suspend payment of the monthly
overheads of the pulp mill.

To manage the operations of the pulp mill, UFS will deploy a
team comprising industry professionals with extensive regional
and international experience. The pulp mill has ready suppliers
of raw materials and UFS will engage a world leading pulp trader
to guarantee the purchase of the entire finished product.

Mr Kishore Dass, UFS' Chief Executive Officer, said: "All the
elements are there to guarantee success. By operating Kiani
Kertas, we will immediately generate strong revenues to boost
our financial performance for the second half of this year. We
plan to produce at least 30,000 tonnes of pulp per month and the
current market price for bleached hardwood kraft pulp is around
US$ 500 per tonne. It simply makes good business sense!"

KK is a modern pulp mill that has been in commercial operation
since November 1999. It has the capacity to produce 525,000
tonnes of high quality bleached hardwood kraft pulp per annum or
approximately 43,750 tonnes per month. The pulp mill is fully
integrated with infrastructure and facilities including a 126 MW
co-generation power-plant, a bleaching chemical plant, a water
and effluent treatment plant, an air strip, a deep water harbour
and a township which can accommodate up to 800 employees.

"The Kiani Kertas acquisition, when completed, fits nicely into
our overall strategy of becoming a leading global market pulp
producer. The construction of our Wood Chip Mill is scheduled
for commercial production by first quarter of 2006 and our
Greenfield Pulp Mill is expected to be completed by the end of
2007." Mr Dass added.

The Board of Directors of UFS is of the view that barring any
unforeseen circumstances, the OMA will have a positive impact on
the Company's financial performance for the second half of
financial year ending 31 December 2005.

CONTACT:

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


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

PICNIC CORPORATION: EGM Slated Next Month
-----------------------------------------
Picnic Corp. Public Co. Ltd. informed the Stock Exchange of
Thailand (SET) on the resolutions of the board of directors
meeting on July 27, 2005 at 4:00 p.m.

(1) Resolved to amend agenda 6 of the October 2005 board of
directors' meeting regarding allotment of the following ordinary
shares:

Allot the ordinary shares of 1,485,000,000 shares as follow

(1) Allot the ordinary shares of 1,477,673,297 shares to the
existing shareholders at the ratio of 1 existing common shares
to 1 newly issued share at THB1.50 per share.
           
(2) Reserve the ordinary shares of 7,326,703 shares for the
conversion ratio adjustment of Picnic warrant no. 1 (PICNI-W1)
as stated in the terms and conditions of the warrant issuance.

Moreover, empower the board of director or the delegate or the
managing director to determine the details and other conditions
related to the issuance and the offering of the above increasing
common shares such as price, subscription and payment periods
etc., sign all relevant documents including taking any necessary
and suitable actions relating to the issuance and offering
increasing shares, listing the shares to the SET and providing
information, documents to the SEC, the SET, the ministry of
commerce and all other related authorities.

In case that there are shares left from the allocation, the
board of directors is authorized to allot the shares left to the
existing shareholders who show their intension to subscribe the
shares over their rights by means of Pro Rata Basis.

In case that there are any shares left from the allocation as
stipulated in the previous paragraph, the shares left will be
offered in a single or multiple time by mean of private
placement as defined in the Security and Exchange Commission
Notice no. Kor Jor. 12/2543 regarding the application and
permission to offer the newly issued shares and/or offer the
shares left to the company's lenders in the form of debt-equity
swap in which the process will comply with the related laws and
regulations.

The board of directors or delegate has the authority to
determine the details and other conditions relating to the
issuance of common shares such as price, subscription periods
etc. and sign any related documents. In case that the offering
price is lower than market price as defined in the Security and
Exchange Commission Notice mentioned above, the company will
comply with related rules and regulations stated in such notice.

All other agenda in the board of directors' meeting no.10/2005
other than the agenda no. 6 remain unchanged.

The Company informed that the EGM 2/2005 will be held at the
Ballroom of the Landmark Bangkok, 7th floor, 138 Sukhumvit Road,
Bangkok 10110, Thailand at 2:00 p.m. of August 15, 2005.

Please be informed accordingly

Sincerely yours,
Mr. Nirun Fukanjananon
Assistant Managing Director

CONTACT:

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


SUN TECH: Offers New Shares in Capital Restructuring
----------------------------------------------------
The Central Bankruptcy Court issued an order approving the
application for amendment of the business reorganization plan
(Amended Plan) of Suntech Group Public Company Limited (Company)
on July 13, 2005.

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

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

And for the date on which shareholders register is closed for
the subscription for warrants, ratio 2 shares to 1 unit at 0.01
baht each will be noticed after the right offering approved by
the Securities and Exchange Commission.

Please be informed accordingly.

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

CONTACT:

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




                            *********


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