TCRAP_Public/050729.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

             Friday, July 29, 2005, Vol. 8, No. 149

                            Headlines

A U S T R A L I A

ANDERSON BRYANT: Begins Winding Up Proceedings
AUSTRAL COAL: Glencore Seeks Review of Takeovers Panel Decision
AXTEAN FINANCE: Members to Hold Final Meeting
BALINGHAM PTY: Placed Under Voluntary Liquidation
BARROLASS PTY: Jamieson Louttit Named Liquidator

CHEMEQ LIMITED: Unveils Key Terms of Appointment of CEO
D&E AIR: Members Decide to Close Operations
DOUGDALE INVESTMENTS: Appoints Official Liquidator
ESI PTY: Creditors Agree to Quit Business
HIGHGATE SOFTWARE: Liquidator to Explain Winding Up Manner

HOMESAFE EQUITIES: ASIC Charges Three Former Builders
KENWELL INVESTMENT: Enters Voluntary Liquidation
LASER FINANCE: Liquidator Details Final Meeting Agenda
LIBAN NET: ASIC Warns Insurance Holders to Consider Re-insurance
LUDMAR PTY: Members Pass Winding Up Resolution

MARSON CONSTRUCTIONS: To Distribute Dividend Soon
MERRINDALE AUTOMOTIVE: Creditors Ratify Liquidator's Appointment
MULTIPLEX: Rumors of Sale Plan Spark Before Results Announcement
NATIONAL AUSTRALIA: British Arm May Lose AU$40-Mln in Revenues
NATIONAL AUSTRALIA: Acknowledges Two Overcharging Errors

NATIONAL AUSTRALIA: To Reimburse Overcharged Customers
QANTAS AIRWAYS: Looks at Two Boeing Planes
RANARLA PTY: Final Meeting Scheduled Next Month
ROJEN INVESTMENTS: Set to Pay Dividend to Creditors
SPORTSVIEW.COM.AU PTY: Members to Hear Liquidator's Report

STANTON ROAD: Members Opt for Voluntary Liquidation
STRATHFIELD: Suffers Fourth Profit Downgrade
TEDDY BEAR PTY: Liquidator to Distribute Assets to Members
TEDDY BEAR LANE: Creditors Must File Debt Claims by August 5
VAGABOND PTY: Members Wind Up Company


C H I N A  &  H O N G  K O N G

ATLEX FAR EAST: Court Issues Winding Up Order
CHINA WATER: FY05 Net Loss Narrows to HK$29 Mln
EXPRESS BUILDING: High Court Orders Business Closure
HELLO KING: Commences Winding Up Process
HOUSEHOLD SERVICES: Receives Order to Wind-up

NISON ENERGY: Enters Winding Up Proceedings
NORTH POINT: Creditors Meeting Set August 24
RICH NICE: Begins Liquidation Proceedings
SHANGHAI LAND: Issues Settlement Proposal; Enters Liquidation
TSUEN WAN: Creditors Meeting Fixed August 24

* Government to Bail Out Troubled Brokerage Firms


I N D O N E S I A

GARUDA INDONESIA: To Close Loss-Making Routes
PERUSAHAAN LISTRIK: Charges Market Price for Electricity
TELEKOMUNIKASI INDONESIA: To Employ 3G Technology



J A P A N

HITACHI LIMITED: U.S. Warns Unit Over Problems With MRI Systems
HITACHI LIMITED: Releases Financial Results for 1Q/FY05
JAPAN AIRLINES: To Trim Some International Routes to Cut Cost
KANEBO LIMITED: Giant Firms Eye Takeover
MISAWA HOMES: Enters Alliance With Toyota Finance

MITSUBISHI MOTORS: Unveils Production, Sales for 1H/FY2005
PIONEER CORPORATION: Unveils First Quarter Results for FY/2006
SANYO ELECTRIC: To Absorb 2 Units in Restructuring
SANYO ELECTRIC: Workforce Reduced in First Half
TOSHIBA CORPORATION: First Quarter Loss Widens to JPY8.92 Bln

UFJ HOLDINGS: Updates Corporate Loan Guarantee


K O R E A

ASIANA AIRLINES: Management Hopes New Talks Would End Strike
DOOSAN GROUP: FKI Urges Chairman Elect to Settle Probe Quickly
KOOKMIN BANK: FSS Launches Probe on KRW65Bln Worth of Fake CDs
* Number of Companies Failing to Complete Debt Workout Soared


M A L A Y S I A

ACP INDUSTRIES: Drops Proposals, Withdraws EGM
AVANGARDE RESOURCES: Loss Slides to MYR2,380,000
MAXIS COMMUNICATIONS: CEO Disposes of Ordinary Shares
METACORP BERHAD: Unit Enters Into SPA to Acquire Parcels of Land
HABIB CORPORATION: Issues New Shares to Raise Fund

HAP SENG: Purchases Ordinary Shares on Buy Back
HONG LEONG: To Discuss Unit's Liquidation at Meeting
K.P. KENINGAU: Bourse Rejects Request for Time Extension
K.P. KENINGAU: Bourse Suspends Trading of Securities
MTD CAPITAL: Repurchases 185,400 Shares

PAN MALAYSIA: Acquires Ordinary Shares at Buy Back
QUALITY CONCRETE: Unveils Disposal, Acquisition of Securities
SRIWANI HOLDINGS: Seeks Shareholders OK to Purchase Own Shares
TELEKOM MALAYSIA: Issues Additional Shares for Listing
TIMBERWELL BERHAD: Director Issues Notice to Deal in Securities


P H I L I P P I N E S

ABS-CBN BROADCASTING: Unaware of Purchase Offer from PLDT
BAYAN TELECOMMUNICATIONS: Revenues Grow 9% in H1
COLLEGE ASSURANCE: Watchdog Bares Pre-need Rule Violations
DMCI HOLDINGS: Stockholders Elect New Officers, Directors
DMCI HOLDINGS: Sees Php3.6-Bln Earnings in 2005

MAKATI MEDICAL: Smart Vows to Infuse Php100 Mln
MANILA ELECTRIC: Working to Implement Phase IVA of Refund
METRO PACIFIC: Shares in PLDT Diluted
PHILIPPINE AIRLINES: Posts Php1.2-bln Turnaround Profit
PRICESMART INCORPORATED: Rules Out Expansion for Now


S I N G A P O R E

CHARTERED SEMICONDUCTOR: Sets Indicative Bond Yield
EVERBLOOM MUSHROOM: To Be Wound Up by Creditor
FIKE SOUTH: Distributes Dividend to Creditors
IPS-ORU ASIA: Court Issues Winding Up Order
TONG HUP: Placed Under Liquidation by Court

* Stronger Economy Accounts for Drop in Bankruptcies


T H A I L A N D

THAI HEAT: SET Allows Trading of Securities
POWER-P: SEC to Consider Request for Extension
* Large Companies With Insolvent Balance Sheets

     -  -  -  -  -  -  -  -

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

ANDERSON BRYANT: Begins Winding Up Proceedings
----------------------------------------------
Notice is hereby given that at the general meeting of Anderson
Bryant 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 be distributed in whole or in
part to the members in specie, should the Liquidator so desire.

Dated this 20th day of June 2005

Craig L. Farrow
Liquidator
Brentnalls SA
Chartered Accountants
255 Port Road
Hindmarsh SA 5007


AUSTRAL COAL: Glencore Seeks Review of Takeovers Panel Decision
---------------------------------------------------------------
The Takeovers Panel announced on July 25, 2005 that unacceptable
circumstances existed in relation to the failure of Glencore
International A.G. and Fornax Investments Limited (together
Glencore) to disclose combined holdings of physical and swap
shares in Austral Coal Limited (Austral). On Wednesday, Glencore
served an application seeking a judicial review of this
decision.

The application seeks orders that the Takeovers Panel reconsider
its decision. The Takeovers Panel is named as the First
Defendant. The other Defendants are Centennial, Australian
Securities and Investments Commission (ASIC), Austral, Credit
Suisse First Boston International and ABN AMRO Bank NV.

The Directors of Centennial are of the view that the application
does not impact Austral or Centennial's 85.6% shareholding in
Austral.

Centennial is considering what role (if any) it will take in
relation to this application.

CONTACT:

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


AXTEAN FINANCE: Members to Hold Final Meeting
---------------------------------------------
Notice is hereby given that a final meeting of the Members of
Axtean Finance Pty Limited will be held on Aug. 5, 2005 at Hall
Chadwick, Level 29, 31 Market Street, Sydney.

BUSINESS
(1) To receive a report from the Liquidator, being an account of
his acts and dealings and of the conduct of the winding up
during the liquidation period, ending on Aug. 5, 2005.

(2) That subject to any provisions under the Corporations Act
2001 to the contrary, the Liquidator be empowered to destroy all
Company books and records on completion of all duties.

(3) Any other business.

Dated this 17th day of June 2005

Geoffrey McDonald
Liquidator
c/o Hall Chadwick
Level 29, 31 Market Street
Sydney NSW 2000


BALINGHAM PTY: Placed Under Voluntary Liquidation
-------------------------------------------------
At a General Meeting of Balingham Pty Limited duly convened and
held on June 17, 2005, the following Special Resolutions were
passed:

(a) That the company be wound up as a Members' Voluntary Winding
Up, and that Eric Rainsford Baker of 45 Billyard Avenue,
Wahroonga, NSW be appointed liquidator of the company for such
winding up.

(b) That the liquidator be and is hereby authorized to
distribute in specie such assets of the company as he may deem
fit.

Dated this 17th day of June 2005

Eric R. Baker
Liquidator
45 Billyard Avenue, Wahroonga NSW


BARROLASS PTY: Jamieson Louttit Named Liquidator
------------------------------------------------
Barrolass Pty Limited was wound up voluntarily and placed In
Members' Voluntary Liquidation on June 24, 2005, and Jamieson
Louttit was appointed Liquidator of the Company for such
purpose.

Jamieson Louttit
Liquidator
Jamieson Louttit & Associates
Level 16, 88 Pitt Street
Sydney NSW 2000
Phone: (02) 9231 0505
Fax:   (02) 9231 0303


CHEMEQ LIMITED: Unveils Key Terms of Appointment of CEO
-------------------------------------------------------
Chemeq Limited announced the appointment of Mr. David Williams
as Chief Executive Officer on 26 July 2005.

In accordance with disclosure best practice, Chemeq is announced
the key terms and conditions of Mr. Williams' contract of
employment as Chief Executive Officer.

Term

1. Mr. Williams' contract of employment has a fixed term of two
years ending on 31 July 2007, subject to the right of Chemeq at
least 12 months prior to the end of the period to offer Mr.
Williams a further term on such terms and conditions as may be
appropriate at the time.


Remuneration

2. Mr. Williams' remuneration package is made up of the
following components:

Base Package

(a) a base package of $400,000 per annum made up of cash salary,
superannuation contributions and other non-cash components to be
agreed with Mr Williams;

Short-Term Incentive

(b) a short term performance based cash bonus of a maximum of
$100,000 per annum. For the financial year ending 30 June 2006,
$60,000 of the maximum bonus will be payable to Mr. Williams if
Chemeq has obtained the approval of the Australian Pesticides
and Veterinary Medicines Authority to the supply of CHEMEQ
polymeric antimicrobial (for pigs) by Chemeq in Australia by 30
April 2006 (or such later date as Chemeq agrees with the holders
of Convertible Bonds in Chemeq). Performance hurdles for the
remaining $40,000 potential bonus for the financial year ending
30 June 2006 are to be provided to Mr. Williams by 24 August
2005; and

Share Incentive

(c) a share incentive component under which:
   
    (i) in relation to the first year of Mr. Williams' term,
Chemeq agrees to issue:

       (A) $100,000 worth of Chemeq shares on commencement of
Mr. Williams' employment (the number of shares to be calculated
based on the volume weighted average price (VWAP) of Chemeq
shares for the 30 ASX trading days prior to 25 July 2005); and

       (B) a further $50,000 worth of Chemeq shares on 1 July
2006 (the number of shares to be calculated based on the VWAP of
Chemeq shares for the 30 ASX trading days prior to 25 July
2005) only if the VWAP of Chemeq shares for the 30 ASX trading
days prior to 1 July 2006 is equal to or greater than $2.40 per
share;

    (ii) in relation to the second year of Mr. Williams' term,
Chemeq agrees to issue:

       (A) $100,000 worth of Chemeq shares on 1 July 2006 (the
number of shares calculated based on the VWAP of Chemeq shares
for the 30 ASX trading days prior to 1 July 2006); and

        (B) a further $50,000 worth of Chemeq shares on 1 July
2007 (the number of shares calculated based on the VWAP of
Chemeq shares for the 30 ASX trading days prior to 1 July 2006)
only if the VWAP of Chemeq shares for the 30 ASX trading days
prior to 1 July 2007 is equal to or greater than $1.60 per share
more than the VWAP of Chemeq shares for the 30 ASX trading days
prior to 1 July 2006; and

    (iii) Mr. Williams is to be restricted from trading any
shares issued under the share incentive for a period of two
years from the date of issue unless Mr. Williams' employment is
terminated by Chemeq prior to that date, in which event Mr.
Williams is free (subject to any legal restrictions) to trade
those shares from the date of termination.


3. Mr. Williams' remuneration package is to be reviewed annually
(with changes effective on 1 July of each year) having regard to
CPI increases and other applicable market data.

Termination

4. Mr. Williams may terminate his contract of employment upon
giving six months' written notice to Chemeq. If Mr. Williams is
required to work the entire notice period, he will be entitled
to 50% of the maximum short term performance based cash bonus
that would otherwise have been due to him following the end of
the financial year during which the notice period expires.
However, if Mr. Williams is not required to work out his notice
period, he will not be entitled to any short term performance
based cash bonus.

5. Chemeq may terminate the contract of employment at any time.
However, if Chemeq gives notice of termination:

   (a) during the first 10 months of the two year term, then
Chemeq will be required to provide Mr. Williams with payment in
lieu until the end of the two year term. This payment in lieu
will be based on Mr Williams' base package along with 50% of the
potential maximum short term performance based cash bonus that
would have been payable at the end of the financial year in
which the termination occurred. However, no further shares will
be issued to Mr. Williams under the share incentive component;
and

   (b) during the last 14 months of the two year term, then
Chemeq will be required to provide Mr. Williams with payment in
lieu until the end of the two year term. This payment in lieu
will be based on the base package and Mr. Williams will also be
entitled to receive all bonus payments and share issues
contemplated by his contract of employment as if he had
fulfilled all of his obligations pursuant to the contract of
employment, subject to any relevant performance hurdles in
respect of the issues of shares having been achieved.
Restrictive Covenant

6. Mr. Williams is subject to restraints on (among other things)
accepting any position with a competitor of Chemeq for up to 1
year from termination of his contract of employment.

CONTACT:

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


D&E AIR: Members Decide to Close Operations
-------------------------------------------
At a General Meeting of D&E Air Conditioning (1978) Pty Limited
held on June 16, 2005, the following Special Resolution was
passed:

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

Dated this 21st day of June 2005

Quentin James Olde
Liquidator
Taylor Woodings
Chartered Accountants
Level 26, 56 Pitt Street
Sydney NSW 2000


DOUGDALE INVESTMENTS: Appoints Official Liquidator
--------------------------------------------------
Notice is hereby given that at a General Meeting of members of
Dougdale Investments Co. Pty Limited held on June 21, 2005, it
was resolved that the Company be wound up voluntarily and that
for such purposes, Ronald Charles Crooks of 112A Norfolk Road
North Epping NSW 2121 be appointed liquidator, and that Paul
Bridle, Chartered Accountant, assist the liquidator in carrying
out his statutory obligations.

Dated this 21st day of June 2005

Ronald C. Crooks
Liquidator
c/o Paul Bridle
Level 12, 1 Pacific Highway
North Sydney NSW 2060


ESI PTY: Creditors Agree to Quit Business
-----------------------------------------
Notice is hereby given that at a meeting of creditors of ESI
(ACT) Pty Limited held on June 16, 2005, it was resolved that
the Company be wound up and pursuant to Section 491 of the
Corporations Act 2001, Henry Kazar of SimsPartners, Chartered
Accountants, Suite 5, 32 Thesiger Court, Deakin West ACT 2600
was appointed Liquidator for the winding up.

Dated this 28th day of June 2005

Henry Kazar
Liquidator
SimsPartners
Chartered Accountants
PO Box 211, Deakin West ACT 2600
Phone: (02) 6285 1310


HIGHGATE SOFTWARE: Liquidator to Explain Winding Up Manner
----------------------------------------------------------
Notice is given that the final meeting of members and creditors
of Highgate Software Pty Limited will be held on Aug.5 2005,
10:00 a.m. at Level 1, 32 Martin Place, Sydney, NSW for the
following reasons:

AGENDA

To consider the account by the liquidator on the conduct of the
winding up and the disposal of the Company's property.

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

Dated this 22nd day of June 2005

Nicholas Craig Malanos
Liquidator
Level 1, 32 Martin Place
Sydney, NSW


HOMESAFE EQUITIES: ASIC Charges Three Former Builders
-----------------------------------------------------
Three Victorian men have appeared before the Melbourne
Magistrates Court on charges in relation to Homesafe Equities
Pty Ltd (Homesafe) and Builders & Owners Pty Ltd (B&O) following
an investigation by the Australian Securities and Investments
Commission (ASIC).

The charges relate to the provision and distribution of builders
warranty insurance in Victoria between June 2003 and February
2004.

Mr. Gary Mepstead, of Patterson Lakes, Victoria, pleaded guilty
to one charge of providing a financial service without holding
an Australian Financial Services license between 1 July 2003 and
15 February 2004 under the Corporations Act 2001.

Magistrate Lisa Hannon sentenced Mr. Mepstead, a director of
B&O, to a non-conviction bond under the Crimes Act 1914 (Cth) in
the amount of $2,000 to be of good behavior for 12 months
subject to a condition that he pay $1,500 to the Court Fund and
costs.

Mr. James Alexander Scott, of Mentone, Victoria, was charged
with 231 offences, including providing a financial service
without holding an Australian Financial Services license, making
misleading statements in relation to financial products and
engaging in dishonest conduct in relation to financial products
between 1 July 2003 and 25 March 2004. His father, Mr. Anthony
John Scott, of Blackburn, Victoria, faces 15 similar charges.

Messrs James Scott and Anthony Scott were directors of Homesafe,
and will both appear again in the Melbourne Magistrates Court
for a filing hearing on 25 August 2005.

The Commonwealth Director of Public Prosecutions is prosecuting
the matter.

Background

Builders in Victoria are required, under the Building Act 1993
(the Act), to be covered by an insurance policy that complies
with the Act and a related Ministerial Order. For domestic
building contracts, the required insurance covers property
owners against non-completion of work and structural defects for
a specified period, where the builder dies, disappears or
becomes insolvent.

ASIC conducted an investigation into the activities of Homesafe,
Home & Renovators Group Pty Ltd (HRG) and B&O and alleges that
between June 2003 and February 2004, Homesafe issued
approximately 790 builder's warranty and financial guarantee
bonds to builders in Victoria. B&O distributed a large number of
the bonds.

ASIC obtained orders in the Supreme Court of Victoria in August
2004 appointing Mr. Gess Rambaldi as liquidator to Homesafe and
HRG. In his report to the court, Mr. Rambaldi found that both
companies were insolvent.

Further, ASIC permanently banned Mr. James Scott from providing
any financial services, and banned Mr. Anthony Scott from
providing any financial services for five years. ASIC has also
banned Mr. Mepstead from providing any financial services for
three years.

Mr. James Scott has appealed ASIC's decision to the
Administrative Appeals Tribunal.


KENWELL INVESTMENT: Enters Voluntary Liquidation
------------------------------------------------
Notice is hereby given that at a General Meeting of Members of
Kenwell Investment Co. Pty Limited held on June 21, 2005, it was
resolved that the company be wound up voluntarily and that for
such purpose, Margaret Baker-Crooks of Unit 2, 125 Kurraba Road
Neutral Bay NSW 2089 be appointed liquidator, and that Paul
Sidney Bridle, Chartered Accountant, be requested to assist the
liquidator.

Dated this 21st day of June 2005

Margaret Baker-Crooks
Liquidator
c/o Paul Bridle
Level 12, 1 Pacific Highway
North Sydney NSW 2060


LASER FINANCE: Liquidator Details Final Meeting Agenda
------------------------------------------------------
Notice is given that the final meeting of the members of Laser
Finance Corporation Pty Limited will be held on Aug. 5, 2005,
10:00 a.m. at the offices of Bacchus Associates Pty Limited,
Suite 31, The Upper Deck, Jones Bay Wharf, 26-32 Pirrama Road,
Pyrmont, NSW, 2009.

AGENDA:

To lay before the meeting an account showing how the winding up
was conducted and how the property of the Company was disposed
of, and giving any explanation of the account.

Dated this 22nd day of June 2005

R. N. Yabsley
Liquidator
c/o Bacchus Associates Pty Limited
Suite 31, The Upper Deck
Jones Bay Wharf
26-32 Pirrama Road
Pyrmont NSW 2009


LIBAN NET: ASIC Warns Insurance Holders to Consider Re-insurance
----------------------------------------------------------------
The Australian Securities and Investments Commission (ASIC) is
urging anyone who obtained car insurance through Australian
Private Insurance or API to consider reinsuring their motor
vehicles with an authorized insurer, after Sydenham-based Liban
Net Pty Limited (Liban Net) and its sole director, Mr. Gaby
Haddad, of Yagoona in New South Wales, failed to comply with an
order of the Federal Court relating to ASIC's current action.

Liban Net and Mr. Haddad, which allegedly own Australian Private
Insurance and API, have failed to provide ASIC with a list of
the names and addresses of all persons having been issued
policies of insurance by it, in its name or in the name of API
or Australian Private Insurance.

Further, Mr. Haddad and Liban Net failed to appear at today's
court directions hearing.

ASIC is concerned that the insurance cover provided by Liban Net
and Mr. Haddad under the trading names of Australian Private
Insurance or API may not be valid, and is encouraging anyone who
bought insurance through them to consider reinsuring their motor
vehicles through an authorized insurer.

Australian Private Insurance and API are not associated with API
Insurance Services, a business owned by the Australian Post-Tel
Institute (SA & NT) Incorporated.

The matter has been listed for a final hearing on Tuesday 16
August 2005.

Background

ASIC is concerned that Liban Net offered and issued
comprehensive and third party car insurance policies to members
of the public without the authority to offer and issue such
insurance.

ASIC is also concerned that representations made by Liban Net
that the insurance policies issued by Australian Private
Insurance or API are underwritten by Zurich are false.

The effect of Liban Net and Mr. Haddad's conduct is that the
insurance policies issued by Australian Private Insurance or API
may be worthless, given that Liban Net, Mr. Haddad, Australian
Private Insurance and API are not:

(1) Holders of an Australian Financial Services license;

(2) Holders of authority to act as representatives of licensees;
or

(3) Authorized insurers with the Australian Prudential
Regulation Authority, as legally required.

On 29 June 2005, the Federal Court also ordered that Liban Net
and Mr. Haddad be restrained from dealing with, or disposing of
any money received from any person who has purchased insurance
contracts issued by or on behalf of Liban Net, or in the names
Australian Private Insurance or API.

ASIC will be seeking declarations of contraventions of
provisions of the Corporations Act 2001 and the ASIC Act 2001
against the defendants. Any person who suffers loss or damage as
a result the contraventions may rely on the declarations and
seek recovery of the amount of the loss or damage from the
defendants.


LUDMAR PTY: Members Pass Winding Up Resolution
----------------------------------------------
Notice is hereby given that at a general meeting of Ludmar Pty
Limited duly convened and held on June 17, 2005, the following
special resolution was passed:

That the Company be wound up voluntarily, and that Stephen
Damien McNamara be and is now appointed liquidator of the
Company.

Dated this 5th day of July 2005

Stephen Damien McNamara
Liquidator
c/o Harrington McNamara
Chartered Accountants
Level 7, 11 Help Street
Chatswood NSW 2067


MARSON CONSTRUCTIONS: To Distribute Dividend Soon
-------------------------------------------------
Marson Constructions Australia Pty Limited will declare a
dividend on Aug. 17, 2005.

Creditors whose debts or claims have not already been admitted
are required on or before Aug. 1, 2005 to formally prove their
debts or claims. If they do not, they will be excluded from the
benefit of the dividend.

Dated this 17th day of June 2005

Paul Burness
Liquidator
Worrells
Solvency & Forensic Accountants
Level 5, 15 Queen Street
Melbourne Vic 3000
Web site: http://www.worrells.net.au


MERRINDALE AUTOMOTIVE: Creditors Ratify Liquidator's Appointment
----------------------------------------------------------------
Notice is hereby given that by Special Resolution of the members
of Merrindale Automotive Developments Pty Limited, the Company
was wound up voluntarily on June 20, 2005 and that Anthony
Robert Cant of Romanis Cant, Chartered Accountants, 106
Hardware Street, Melbourne was appointed Liquidator for the
winding up. Creditors confirmed the Liquidator's appointment at
the duly convened meetings held later that day.

Dated this 20th day of June 2005

Anthony R. Cant
Liquidator
Romanis Cant Chartered Accountants
106 Hardware Street, Melbourne


MULTIPLEX: Rumors of Sale Plan Spark Before Results Announcement
----------------------------------------------------------------
Speculations are rife that Multiplex could be offloading some
strategic property stakes, mainly in Britain, Sydney Morning
Herald reports.

The market rumors spark as Multiplex prepares to release its
much-awaited profit for the 2004-05 year around three weeks from
now.

The Times has reported that Multiplex is set to sell part of its
50 percent interest in the proposed GBP3 billion (AU$6.9
billion) mixed-use development site in Cricklewood, north
London, to a Saudi consortium linked to Shaid Luqman, who runs
Lexi Holdings.

In December last year, Multiplex paid GBP18.6 million for its
half share, together with British-based property developer
Hammerson.

If the sale goes through, Multiplex is expected to retain the
construction contract for the project.

Broker Goldman Sachs JBWere said any sale would be consistent
with Multiplex's recent moves (White City and Barnsley, for
example) to reduce its exposure to capital-hungry British
projects.

CONTACT:

Multiplex Group
Level 4, 1 Kent Street,
SYDNEY, NSW, AUSTRALIA, 2000
Telephone: (02) 9256 5000
Fax: (02) 9256 5001
Web site: http://www.multiplex.com.au


NATIONAL AUSTRALIA: British Arm May Lose AU$40-Mln in Revenues
--------------------------------------------------------------
National Australia Bank's (NAB) Clydesdale bank looks set to
lose GBP17m million (AU$40 million) of revenues following a U.K.
Treasury announcement it is seeking increased asset requirements
on banknote issuing banks.

This potential revenue loss represents up to a 0.75% reduction
in earnings per share in the 2006 financial year. Macquarie
Research Equities (MRE) maintain an outperform recommendation
and 12-month share price target of $32.60, suggesting that any
weakness may represent a buying opportunity.

NAB's Clydesdale is an issuer of banknotes. Scotland and
Northern Ireland are among the few places commercial banks are
permitted to issue their own banknotes. Of these banknotes,
NAB's Clydesdale Bank issues around 21% of the estimated
GBP4.2bn in circulation (and a third of the estimated GBP2.7
billion issued in Scotland).

U.K. treasury identifies unfair advantage. By law issuing banks
must back their banknotes with risk-free, non-interest bearing
assets (calculations are made each Saturday). However, HM
Treasury found during the week some banks have been replacing
the backing assets with other, interest-earning assets. For NAB
and other issuing banks, this replacement generates an estimated
GBP70m/year financial advantage over non-banknote issuing banks.

NAB's GBP17.4 million (AU$40 million) share of the benefit at
risk. As part of proposed legislation, on Tuesday HM Treasury
issued consultation documents which threaten the issuers' GBP70
million/year in benefits (as well as another estimated
GBP10million/year). Based upon NAB's 21% share of the currency
on issue, this could result in NAB UK forfeiting GBP17 million
per year in interest income (5.5% of forecast FY06 U.K. profits
and an 8bp reduction to net interest margins).

Of note, HM Treasury also stated it does not expect the GBP80
million sacrifice to be passed on through higher banking
charges, rather it expects to see this worn by shareholders of
the issuing banks that have enjoyed this advantage.

NAB's potential revenue loss represents up to a 0.75% reduction
in FY06 EPS. However, as a formal bill has yet to be introduced
into Parliament, MRE have not yet downgraded our earnings
forecasts.

NAB is MRE's preferred short term bank exposure, as banks which
announce large cost restructurings historically outperform their
peers over the next 6-9 months. Outperform rating retained,
price target $32.60.

Traders looking for maximum exposure to short-term movements in
the NAB share price should consider the following equity
warrants for a high-risk, high-return strategy.

Investors and traders looking for short to medium-term leveraged
exposure to the NAB share price should consider Macquarie
Instalments for a higher risk, higher return alternative to
direct share investment.

Long term, more conservative investors looking for a simple,
"set and forget" investment should consider the Self Funding
Instalments over NAB. SFI's are moderately geared, have no
annual resets and a maturity date in up to five years.

CONTACT:

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


NATIONAL AUSTRALIA: Acknowledges Two Overcharging Errors
--------------------------------------------------------
National Australia Bank (NAB) has provided further details about
two overcharging errors that were announced with the Bank's Half
Year Results on 11 May 2005.

(1) Incorrect debiting of Bank Account Debits Tax (Debits tax)

NAB has incorrectly collected Debits tax from approximately
140,000 accounts (this consists of 15,000 currently open
accounts and 125,000 closed accounts).  These are predominantly
business customers.  NAB will shortly commence refunding these
customers.  The estimated extent of this overcharging comes to
approximately $10 million.

(2) Incorrect charging of package fees

This error relates to the incorrect charging of an annual fee
related to certain financial package offers.  Based on
assessments of records back to 2000, and estimates for the
period back to 1994 when these packages were introduced,
approximately 55,000 financial packages have been incorrectly
charged. The estimated overcharging of package fees is AU$52
million, which represents an average of AU$5 million per year
over the last ten years.

The estimated total overcharging of both issues amounts to
approximately $62 million.

In addition, NAB will also reimburse customers approximately
AU$18 million in interest charges.  (This consists of estimated
interest charges of AU$4 million for the Debits tax error, and
AU$14 million for the package fee error.)

NAB will also set aside AU$30 million to cover remedial
activities and contingencies.

A charge of AU$66 million after tax will be taken in the second
half of the 2004-2005 financial year for estimated refunds and
necessary remedial work.

Where we find customers have been overcharged, they will be
reimbursed for any fees overcharged, with interest.

In March 2005 NAB revised processes in order to prevent
incorrect collection of Debits tax and since 1 July, the tax has
been abolished in all states.

Processes have also been revised in order to prevent ongoing
overcharging of annual package fees and a long term systems
solution to address the problem will be implemented.

NAB is working with ASIC on the two issues and has also asked
independent accounting firm, Deloitte, to review compensation
calculations.

The cost of the Debits tax error was provisioned for in the
half-year results and the cost of the package fee compensation
and remediation will be recognized in the full year results for
the Australian banking business.

Mr. Ahmed Fahour, Executive Director and CEO of the NAB's
Australian business said: "We unreservedly apologize to our
customers for these errors, which go back more than 10 years."

"Our aim is to resolve these issues to the satisfaction of our
customers and government regulators. Where we find customers
have been overcharged, they will be reimbursed with interest.

"As a part of the NAB's new direction we've had an increased
focus on compliance and resolving customer issues.

"Our new management team will continue this focus on compliance
as well as review our processes and complaints handling to
improve operational risk management.

"We have established a special team to examine the underlying
causes of these errors and why we failed to address them
earlier," Mr. Fahour said.

In the next couple of weeks NAB will contact customers it
believes have been incorrectly charged package fees between 2000
and now.  It is also writing to all current customers with a
financial package where it does not believe they have been
overcharged.

Customers currently identified as affected by the Debits tax
matter will be sent refunds starting mid August.

The NAB will also run press advertisements from today.

Customers with any further enquires are being asked to contact a
dedicated help line on  1800 724 638.

An announcement has also been made to the ASX, this is available
on the web site for our Australian businesses at
www.national.com.au or visit the web site for the corporate
headquarters www.nabgroup.com.

Broadcast quality audio news grabs with NAB Executive Director
and CEO Australia, Ahmed Fahour, will be available for download
free of charge from www.mediagame.com.au. If you are not already
a subscriber, you can do so instantly on the site.

CONTACT:

Mikala Sabin
Corporate Affairs
National Australia Bank
Phone: 03 8634 1572
Mobile: 0404 863 976

Geoff Lynch
Head of Media Relations
National Australia Bank
Phone: 03 8634 1564
Mobile: 0405 319 819


NATIONAL AUSTRALIA: To Reimburse Overcharged Customers
------------------------------------------------------
The Managing Director of the National Australia Bank (NAB), Mr.
John Stewart, announced the full impact of remedial measures for
reimbursing customers for over-charging of fees on a range of
financial packages, as well as updating initial estimates in
relation to over-charging of Bank Account Debits tax.  

This was initially announced at the half-year results in May
2005.

These issues date back several years.  Incorrect collection of
Debits tax may date back to 1982 when the tax was first
introduced, while overcharging on package fees may date back to
1994, when the first package was launched.  Mr. Stewart said
quantifying the total cost of reimbursements involved an
extensive analysis of our records.  

The estimated total overcharging for both the package fees and
Bank Account Debits tax amounts to approximately AU$62 million
before tax.  This consists of an estimated AU$10 million for
Debits tax, and AU$52 million for package fees that will be
reimbursed.

In addition, NAB will reimburse customers approximately AU$18
million in interest. This consists of approximately AU$4 million
for Debits tax, and AU$14 million for package fees.

NAB will also set aside AU$30 million to cover remedial
activities and contingencies.

"A charge of AU$7 million after tax for the Bank Accounts Debit
tax was taken in the first half accounts.  A further AU$66
million after tax charge will be taken in the second half of the
2004-2005 financial year for estimated refunds and necessary
remedial work," he said.

Mr. Stewart also reconfirmed guidance provided at the half year
results in May that: "Assuming there are no external shocks or
further changes to regulatory capital, the Board would expect to
pay a second half dividend of 83 cents franked to 80 per cent."

For further information:

Samantha Evans
Group Corporate Affairs
Phone: 03 8641 4982
Mobile: 0404 883 509

Hany Messieh
Manager
Investor Relations
Phone: 03 8641 2312
Mobile: 0414 446 876


QANTAS AIRWAYS: Looks at Two Boeing Planes
------------------------------------------
Boeing's 787 Dreamliner team is confident about sales of super-
efficient aircraft in Australia and has confirmed Qantas Airways
is looking at two versions of its newest plane, according to The
Australian.

Qantas, which is working out a multi-billion-dollar plan to buy
60 aircraft, is searching for replacements for its Boeing 747
and 767 aircraft and has been investigating offers from both
Boeing and European manufacturer Airbus.

The national flag carrier was originally expected to make a
decision in May but has yet to reveal its strategy.

Boeing Vice-President in charge of the 787 program, Mike Bair,
said Qantas was looking at the short-range 787-3 and the bigger
787-9.

Boeing plans to launch its first version of the Dreamliner, the
787-8, in 2008. The first version of the plane will be able to
carry 223 passengers sitting in three classes for 15,700km and
is expected to use up to 20 per cent less fuel than similar
aircraft on comparable missions. An extensive use of composite
materials will allow it to raise the humidity and pressure in
passenger cabins and help prevent some of the discomforts of
long-distance air travel.

The 787-3 Qantas is investigating has a wing structure optimized
for shorter range flights and can carry 296 passengers in a two
class configuration of up to 6500km, making it a contender for
domestic and trans-Tasman or Pacific island flights.

The 787-9 is a slightly bigger version of the 787-8 and can
carry up to 259 passengers in a three-class configuration up to
15,400km, making it a good mid-sized option for Asian and South-
East Asian flights.

One problem Qantas may face is that existing orders for the 787
mean production for the first three years is already spoken for.

However, Mr. Bair said said the first aircraft of the versions
Qantas was considering were not due for delivery until late
2010.

CONTACT:

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


RANARLA PTY: Final Meeting Scheduled Next Month
-----------------------------------------------
Take note that a final meeting of the members of Ranaria Pty
Limited will be held on Aug. 8, 2005, 10:00 a.m. at the offices
of Hamiltons Chartered Accountants, Level 17, 25 Bligh Street,
Sydney, New South Wales.

The purpose of the meeting is to lay before the meeting an
account showing how the winding up was conducted and the
property of the Company disposed of, and to give any explanation
thereon.

Dated this 21st day of June 2005

W. J. Hamilton
Liquidator
c/o Hamiltons Chartered Accountants
Level 17, 25 Bligh Street
Sydney NSW 2000
Phone: (02) 9232 6611
Fax: (02) 9232 6166
DX 1208


ROJEN INVESTMENTS: Set to Pay Dividend to Creditors
---------------------------------------------------
A first dividend is to be declared on Aug. 5, 2005 for Rojen
Investments Pty Limited.

Creditors whose debts or claims have not already been admitted
are required to formally prove their debts or claims on or
before Aug. 5, 2005. If they do not, they will be excluded from
the benefit of the dividend.

Dated this 21st day of June 2005

Paul H. Jeffrey
Liquidator
c/o Crispin & Jeffery
Chartered Accountants
Level 2, 57 Grosvenor Street
Neutral Bay


SPORTSVIEW.COM.AU PTY: Members to Hear Liquidator's Report
----------------------------------------------------------
Notice is given that Sportsview.com.au Pty Limited will hold a
final meeting of members on Aug. 5, 2005.

The purpose of the meeting is to receive the Liquidator's
account showing how the winding up was conducted and the
property of the Company disposed of, and to receive any
explanation of the account.

Stephen T. Bennett
Liquidator
Bentleys MRI Canberra
Level 1, 13 London Circuit
Canberra ACT 2601


STANTON ROAD: Members Opt for Voluntary Liquidation
---------------------------------------------------
Notice is hereby given that at a General Meeting of Members of
Stanton Road Pty Limited held on June 20, 2005, a Special
Resolution that the Company be wound up voluntarily was passed,
and Mr. P. Ngan and Mr G. Parker were appointed Joint and
Several Liquidators.

The appointment of Liquidators was confirmed by creditors at a
meeting of creditors held that same day.

Dated this 24th day of June 2005

P. Ngan
G. Parker
Joint Liquidators
Ngan & Co.
Chartered Accountants
Level 5, 49 Market Street
Sydney NSW 2000


STRATHFIELD: Suffers Fourth Profit Downgrade
--------------------------------------------
Strathfield Group has again downgraded its 2004-05 earnings
forecast for the fourth time this year, according to The
Australian.

The struggling car audio retailer estimated its full-year loss
to reach AU$7.5 million, excluding an additional AU$3 million
loss that would be incurred if an alternative payment plan for a
receivable owing to Strathfield was accepted by shareholders.

Strathfield was reportedly considering a third party's rescue
scheme following a spate of profit warnings this year.

Last month, Strathfield first acknowledged the existence of an
"unsolicited" financial white knight when it announced its third
profit downgrade since March.

CONTACT:

Strathfield Group Ltd
PO Box 1057,
Burwood North, NSW 2134
Australia
Head Office Phone: (02) 9747 7777
International: +61 2 9747 7777
Fax Head Office: (02) 9747 7882
Web site: http://www.strathfield.com/


TEDDY BEAR PTY: Liquidator to Distribute Assets to Members
----------------------------------------------------------
At a General Meeting of Teddy Bear Pty Limited duly convened and
held on June 23, 2005, the following Special Resolution was
passed:

That the Company be wound up as 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 5th day of July 2005

Michael Grew
Liquidator
BLG House, 63a Market Street
Wollongong NSW 2520


TEDDY BEAR LANE: Creditors Must File Debt Claims by August 5
------------------------------------------------------------
Notice is hereby given that creditors of Teddy Bear Lane Pty
Limited whose debts or claims have not already been admitted,
are required to formally prove their debts or claims on or
before Aug. 5, 2005.

Failure to do so would exclude them from any benefit of the
dividend.

Forms of proof may be obtained at the Liquidator's office.

Dated this 5th day of July 2005

Michael Grew
Liquidator
BLG House, 63a Market Street
Wollongong NSW 2520


VAGABOND PTY: Members Wind Up Company
-------------------------------------
Notice is hereby given that at an Extraordinary General Meeting
of the members of Vagabond Pty Limited held on June 21, 2005,
the following Special and Ordinary Resolutions were duly passed:

That the Company be wound up voluntarily and that Arthur Eady,
Chartered Accountant of Level 6, 131 Clarence Street, Sydney be
appointed Liquidator for the winding up.

Dated this 21st day of June 2005

Arthur Eady
Liquidator
Level 6, 131 Clarence Street
Sydney


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

ATLEX FAR EAST: Court Issues Winding Up Order
---------------------------------------------
Atlex Far East Limited whose place of business is located at
Suite 1411, Star House, 3 Salisbury Road, Tsimshatsui, Kowloon
was issued a winding up order notice by the High Court of the
Hong Kong Special Administrative Region Court of First Instance
on July 13, 2005.

Date of Presentation: May 11, 2005

Dated this 22nd day of July 2005

Lee Mei Yee May
Acting Official Receiver


CHINA WATER: FY05 Net Loss Narrows to HK$29 Mln
-----------------------------------------------
China Water Affairs Group posted a net loss of HK$29.269 million
for the fiscal year ended March 31, compared to a net loss of
HK$97.618 million a year earlier.

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                           : 48,467             33,187            
Profit/(Loss) from Operations      : (11,652)           (34,528)          
Finance cost                       : (2,998)            (2,424)           
Share of Profit/(Loss) of
  Associates                       : (3,292)            (9,654)           
Share of Profit/(Loss) of
  Jointly Controlled Entities      : N/A                N/A               
Profit/(Loss) after Tax & MI       : (29,269)           (97,618)          
% Change over Last Period          : N/A       %
EPS/(LPS)-Basic (in dollars)       : (0.07)             (0.47)            
         -Diluted (in dollars)     : N/A                N/A               
Extraordinary (ETD) Gain/(Loss)    : N/A                N/A               
Profit/(Loss) after ETD Items      : (29,269)           (97,618)          
Final Dividend                     : NIL                NIL
  per Share                                              
(Specify if with other             : N/A                N/A
  options)                                               
                                                         
B/C Dates for
  Final Dividend                   : N/A   
Payable Date                       : N/A
B/C Dates for (-)            
  General Meeting                  : N/A   
Other Distribution for             : N/A
  Current Period                     
                                     
B/C Dates for Other
  Distribution                     : N/A   
  
CONTACT:

China Water Affairs Group Limited
Room 2606, 26/F, West Tower
Shun Tak Centre
No.168-200 Connaught Road Central
Sheung Wan, Hong Kong  
Phone: 29509866  
Fax: 29500766  


EXPRESS BUILDING: High Court Orders Business Closure
----------------------------------------------------
Express Building Contractors Company Limited whose place of
business is located at Room 2002, 20th Floor, Emperor Group
Centre, 288 Hennessy Road, Wan Chai, 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 11, 2005

Dated this 22nd day of July 2005

Lee Mei Yee May
Acting Official Receiver


HELLO KING: Commences Winding Up Process
----------------------------------------
Hello King International Company Limited whose place of business
is located at Room 2109, Pakpolee Commercial Centre, 1A Sai
Yeung Choi Street, Mongkok, 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 13, 2005.

Date of Presentation: May 12, 2005

Dated this 22nd day of July 2005

Lee Mei Yee May
Acting Official Receiver


HOUSEHOLD SERVICES: Receives Order to Wind-up
---------------------------------------------
Household Services Limited whose place of business is located at
Room 902, 9/F, Bank Centre, 636 Nathan Road, 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 11, 2005

Dated this 22nd day of July 2005

Lee Mei Yee May
Acting Official Receiver


NISON ENERGY: Enters Winding Up Proceedings
-------------------------------------------
Nison Energy & Technologies (H.K.) Limited whose place of
business is located at Suite 1411, Star House, 3 Salisbury Road,
Tsimshatsui, Kowloon was issued a winding up order notice by the
High Court of the Hong Kong Special Administrative Region Court
of First Instance on July 13, 2005.

Date of Presentation: May 11, 2005

Dated this 22nd day of July 2005

Lee Mei Yee May
Acting Official Receiver


NORTH POINT: Creditors Meeting Set August 24
--------------------------------------------
Notice is hereby given that, pursuant to Section 248 of the
Companies Ordinance, the final meeting of the members and
creditors of North Point Treasure Restaurant Company Limited
will be held at the place, date and time as prescribed below:

Venue 1 - Room 304, 29/F., Wing On Centre, 111 Connaught Road
Central, Hong Kong on August 24, 2005 at 12 o'clock in the
afternoon.

Venue 2 - Room 209, Duke of Windsor Social Service Building, 15
Hennessy Road, Wanchai, Hong Kong on August 25, 2005 at 12:20
p.m.

The final meetings of the members and of the creditors of the
Company will be held for the purpose of having an account laid
before them showing the manner in which the winding-up of the
Companies have been conducted and the properties of the
Companies disposed of, and of hearing any explanation that may
be given by the Liquidator, and also of considering and if
thought fit, passing the following resolutions:

(i) THAT pursuant to Section 248 of the Companies Ordinance,
the liquidator's final statement of account be adopted;

(ii) THAT the books, accounts and documents of the Company to
be destroyed at the expiration of three months from the
dissolution of the Company; and

(iii) THAT the final Liquidator's fee is settled.

A member or creditor entitled to attend and vote at nay of the
above meetings may appoint a proxy to attend and vote instead of
him. A proxy need not be a member or creditor of the Companies.

Forms of proxy for any of the meetings must be lodged at 29/F.,
Wing On Centre, 111 Connaught Road Central, Hong Kong or via fax
at 2543 1051 no later than 4:00 p.m. on the day before the
meeting.

Dated this 22nd day of July 2005
KONG CHI HOW, JOHNSON
Liquidator


RICH NICE: Begins Liquidation Proceedings
-----------------------------------------
Rich Nice (Group) Limited whose place of business is located at
Flat A, 14th Floor, North Cape Commercial Building, Nos 386-388
King's Road, North Point, 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 10, 2005

Dated this 22nd day of July 2005

Lee Mei Yee May
Acting Official Receiver


SHANGHAI LAND: Issues Settlement Proposal; Enters Liquidation
-------------------------------------------------------------
Shanghai Land Holdings Limited (0067) announced the entry into
settlement proposal with multiple parties, involving a voluntary
winding-up. The company proposed to distribute assets to the
shareholders.

The company's asset value is approximately $1.956 billion, with
$1.16 billion being cash and cash equivalent. After deducting
the liquidation expenses, minority shareholders interested in an
aggregate of 25 percent of the company's shares will be
distributed a total of $480 million in cash, representing a
distribution of $0.629 per share.

For a copy of the company press release, go to
http://bankrupt.com/misc/tcrap_shanghailand072805.pdf

CONTACT:

Shanghai Land Holdings Limited
18/F., Two International Finance Centre
8 Finance Street, Central
Hong Kong  
Phone: 22326767  
Fax: 22326700  
Web site: http://www.shanghailand.com


TSUEN WAN: Creditors Meeting Fixed August 24
--------------------------------------------
Notice is hereby given that, pursuant to Section 248 of the
Companies Ordinance, the final meeting of the members and
creditors of Tsuen Wan Treasure Restaurant Limited (In
Creditors' Voluntary Liquidation) will be held at the place,
date and time as prescribed below:

Venue 1 - Room 304, 29/F., Wing On Centre, 111 Connaught Road
Central, Hong Kong on August 24, 2005 at 12:25 p.m.

Venue 2 - Room 209, Duke of Windsor Social Service Building, 15
Hennessy Road, Wanchai, Hong Kong on August 25, 2005 at 1 p.m.

The final meetings of the members and of the creditors of the
Company will be held for the purpose of having an account laid
before them showing the manner in which the winding-up of the
Companies have been conducted and the properties of the
Companies disposed of, and of hearing any explanation that may
be given by the Liquidator, and also of considering and if
thought fit, passing the following resolutions:

(i) THAT pursuant to Section 248 of the Companies Ordinance,
the liquidator's final statement of account be adopted;

(ii) THAT the books, accounts and documents of the Company to
be destroyed at the expiration of three months from the
dissolution of the Company; and

(iii) THAT the final Liquidator's fee be settled.

A member or creditor entitled to attend and vote at nay of the
above meetings may appoint a proxy to attend and vote instead of
him. A proxy need not be a member or creditor of the Companies.

Forms of proxy for any of the meetings must be lodged at 29/F.,
Wing On Centre, 111 Connaught Road Central, Hong Kong or via fax
at 2543 1051 no later than 4:00 p.m. on the day before the
meeting.

Dated this 22nd day of July 2005
KONG CHI HOW, JOHNSON
Liquidator


* Government to Bail Out Troubled Brokerage Firms
-------------------------------------------------
The Chinese government has unveiled rules to help troubled
securities firms pay back debt owed to retail investors, as the
country tries to clean up the loss-making brokerage sector, The
Standard reports.

The Ministry of Finance, the central bank and the China
Securities and Regulatory Commission issued the rules, which
cover the handing out of low-interest loans and the purchase by
local authorities of the bad debt.

China will effectively offer retail investors a basic form of
deposit insurance by agreeing to buy all debts worth less than
CNY100,000 entrusted to brokerages, although Beijing will only
assume 90 percent of debts above that amount.

Once the debts have been declared to regulators, brokerages can
apply to the central bank for low-interest loans, set aside to
help troubled securities firms. The rules did not say when the
loan issuance would start.


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

GARUDA INDONESIA: To Close Loss-Making Routes
---------------------------------------------
State-owned airline PT Garuda Indonesia is set to close losing
routes in order to become more efficient in its operations,
reports Antara News.

According to Garuda Indonesia President Director Emirsyah Satar,
the Company is studying which routes should be closed, but said
that they would close around 8 to 10 routes that weren't
profitable anymore.

Mr. Satar also said that because of the rising price of fuel,
Garuda Indonesia, which is a flight operator, had to close
certain unprofitable routes, because flight operators enjoyed a
four-month peak season only, while the remaining six months were
off-peak season.  

Despite the fact that planes may reach 82% capacity for
international flights and 87% for domestic flights during peak
season, this shouldn't influence whether a route should be
closed or not, because off-peak season is longer than peak
season; hence, if the route is not profitable, it would be
closed.

The Company is also studying whether it should market itself to
middle-class passengers, as the trend seemed to indicate that
more of the middle class were taking Garuda flights.

CONTACT:

PT Garuda Indonesia
Garuda Indonesia Bldg.,
Jalan Merdeka Selatan No. 13
Jakarta, 10110, Indonesia
Phone: +62 21 231 0082
Fax:   +62 21 231 1679
Web site: http://www.garuda-indonesia.com


PERUSAHAAN LISTRIK: Charges Market Price for Electricity
--------------------------------------------------------
The Indonesian government has allowed state power firm PT
Perusahaan Listrik Negara (PLN) to increase its power rates to
that of market prices, in a bid to reduce the increasing use of
fuel in the country, the Jakarta Post reports.

Of course, PLN would not be able to charge the same rates to
everybody, as the government will continue to maintain
subsidized prices for the following classes: small households,
small and medium enterprises, special purposes (e.g. donations
and emergency use). But the Company would raise its power rates
for large industrial users.

According to Minister of Energy & Mineral Resources Purnomo
Yusgiantoro, if the demand for power should increase, the
government may reduce the Company's fuel subsidy. PLN has
already consumed 5.5 million kiloliters of its 9.5 million
kiloliter quota for 2005.

With current oil prices at USD58 per barrel, the government
cannot anymore absorb the price difference, as the state budget
for fuel subsidies is beyond the IDR130 trillion limit, hence
the need to raise fuel and power prices.

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


TELEKOMUNIKASI INDONESIA: To Employ 3G Technology
-------------------------------------------------
State-owned telecommunications firm PT Telekomunikasi Indonesia
Tbk (Telkom) announced that its plan to replace equipment may
cost up to IDR1.36 trillion, reports Reuters News.

The Indonesian government's reforms to monitor the use of
frequency bands for third generation (3G) mobile phone
technology has prompted such replacement. The Company's Telkom
Flexi fixed wireless telephone system would also be affected, as
Telkom would withdraw from using the frequency bands currently
being used by Telkom Flexi.

And so with the introduction of 3G technology, other
telecommunication firms such as PT Excelcomindo Pratama and PT
Telekomunikasi Selular (Telkomsel) could provide better service
to customers. Telkomsel is a 65% owned subsidiary of
Telekomunikasi Indonesia.

CONTACT:

P.T. Telekomunikasi Indonesia (Persero)
Jalan Japati No 1
Bandung 40133
Indonesia
Phone: +62 22 452 1108
Fax:   +62 22 452 1408
Web site: http://www.telkom.co.id/


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

HITACHI LIMITED: U.S. Warns Unit Over Problems With MRI Systems
---------------------------------------------------------------
The U.S. Food and Drug Administration has warned Hitachi Medical
Systems America Inc. over its failure to report burns, hearing
problems and other injuries to patients using magnetic resonance
imaging (MRI) systems produced by its Japanese parent firm,
Kyodo News reports.

"Failure to promptly correct these deviations may result in
regulatory action being initiated by the Food and Drug
Administration without further notice. These actions include,
but are not limited to, seizure, injunction, and/or civil money
penalties." the FDA said in a July 13 letter to the Ohio-based
sales unit of Hitachi Medical Corporation.

CONTACT:

Public Health Service
Food and Drug Administration
Cincinnati District Office
Central Region
6751 Steger Drive
Cincinnati, OH 45237-3097
Telephone: (513) 679-2700
FAX: (513) 679-2771


HITACHI LIMITED: Releases Financial Results for 1Q/FY05
-------------------------------------------------------
Hitachi Limited announced its consolidated financial results for
the first quarter of fiscal 2005, ended June 30, 2005.

                                         Business Results:

                               Three months ended June 30, 2005

                           Billion of Year-over-year Millions of
                               yen %   change      U.S. dollars

Revenues                    2,048.7     (1%)       18,457
Operating income            1.2        (97%)          12

Income before income taxes and 4.8     (89%)          44

Loss before minority interests (12.8)     -          (115)
minority interests         

Net Loss                       (24.0)     -          (217)

As a result, Hitachi recorded income before income taxes and
minority interests of JPY4.8 billion, down 89 percent year on
year. After income taxes of JPY17.6 billion, Hitachi posted a
loss before minority interests of JPY12.8 billion. Hitachi also
posted a net loss of JPY24.0 billion, compared with net income
of JPY16 billion in the first quarter of fiscal 2004.

For more information, go to
http://bankrupt.com/misc/tcrap_hitachi072805.pdf

CONTACT:

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


JAPAN AIRLINES: To Trim Some International Routes to Cut Cost
-------------------------------------------------------------
Japan Airlines Corporation will discontinue flights on several
unprofitable international routes as part of its cost cutting
scheme, Dow Jones Newswires reports.

In the medium term, the airline plans to cut costs by JPY75
billion by the end of fiscal 2007.

On October 3, JAL will end flights from Fukuoka to Seoul and
Hong Kong and from Nagoya to Guam; on October 5, it will end
Fukuoka-Honolulu flights. From October 4, JAL will withdraw
flights from Tokyo and Osaka to Saipan. From October 1, the
Osaka-Honolulu flight will be reduced to once a day from twice a
day.

Cabin crews on these routes will be allocated to other routes,
according to the report.

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


KANEBO LIMITED: Giant Firms Eye Takeover
----------------------------------------
Kao Corporation, L'Oreal SA, Proctor & Gamble Co. and other
firms will likely step forward as would-be acquirers of
struggling Kanebo Limited when the fund puts it on sale later
this year, reports the Wall Street Journal.

The first round of bids likely won't occur until the middle of
next month, but investors are already watching closely. Whoever
wins Kanebo -- bankers expect it to fetch close to $5 billion --
will be getting the second-biggest cosmetics maker in Japan.

Kanebo sells about $1.8 billion of cosmetics in Japan's $13
billion annual cosmetics market, which is second only to the
U.S. market in size.

CONTACT:

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


MISAWA HOMES: Enters Alliance With Toyota Finance
-------------------------------------------------
Misawa Homes Holdings Inc. has agreed to tie up with Toyota
Finance Co. in the home mortgage business as part of its
revitalization plan supported by an alliance led by the
automaker, reports Japan Times.

The partnership will allow customers of Misawa Homes to use
loans by Toyota Finance Co. when purchasing houses that Misawa
Homes' Tokyo unit will start selling next month.

Misawa Homes has already entered a capital partnership with the
alliance, also including Nomura Principal Finance Co. and Aioi
Insurance Co., for a total investment of JPY25.8 billion in the
company.

CONTACT:

Misawa Homes Co Ltd
4-5 Takaido-Higashi 2-Chome
Suginami-Ku 168-8533, Tokyo 168-8533
Japan
Phone: +81 3 3331 1111
Fax: +81 3 5381 7830
Web site: http://www.misawa.co.jp/


MITSUBISHI MOTORS: Unveils Production, Sales for 1H/FY2005
----------------------------------------------------------
Mitsubishi Motors Corporation announced production, domestic
sales and export results for June 2005 and the six months to
June 30, 2005.

JUNE 2005 RESULTS

Total global production was 119,720 units, a decline of 5.9
percent from June 2004. Domestically, 55,586 units were produced
in the month, 3.3 percent more than the same period last year.

Total Sales in Japan increased year-on-year for two consecutive
months, to 18,845 units, or 104.7 percent of the previous
period's figure. Total sales for passenger cars were 11,967
units, 107.6 percent of last year's volume, while commercial
vehicle sales remained stable, reaching 6,878 units, or 100.1
percent year-on-year.

Overseas production for the month decreased to 64,134 units, or
87.4 percent of the amount manufactured last year. European
production dropped to 8,022 units, or 68.2 percent of the
previous year. Production in Asia declined to 44,346 units, or
95.7 percent of last year's figure for June. Production in North
America also fell 26.4 percent to 7,379 units.

Total exports from Japan increased by 9.4 percent to 31,300
units. Exports to Europe reached 14,281 units, or 116.3 percent
year-on-year. Exports to Asia were down by 54.3 percent, for a
total of 2,995 units, while exports to North America also
decreased to 1,856 units, or 83.6 percent compared to the year
before.

JANUARY TO JUNE 2005 RESULTS

Global production for the six months ended June 30, 2005 totaled
659,899 units, a decline of 12 percent from the same period last
year. In Japan, 305,638 units were produced in the first half,
or 14.1 percent less than the year before.

Total Sales in Japan were off 18.8 percent on year to 128,946
units. Total sales for passenger cars were 85,239 units, 76.4
percent of last year's volume, while commercial vehicles sold
43,707 units, or 92.4 percent year-on-year.

Overseas production for the period decreased to 354,261 units,
or 10 percent less than the amount manufactured last year.
European production dropped to 37,765 units, or 97.2 percent of
that for the previous year. Production in Asia declined to
255,433 units, or 98.4 percent of last year's figure for the
period. Production in North America also fell 41.9 percent to
39,592 units.

Total exports from Japan declined 8.1 percent to 157,934 units.
Exports to Europe and North America dropped 11.8 percent and 3.8
percent to 53,792 units and 18,515 units, respectively. Exports
to Asia also were down by 48.3 percent, for a total of 18,675
units.

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

This is a company press release.


PIONEER CORPORATION: Unveils First Quarter Results for FY/2006
--------------------------------------------------------------
Pioneer Corporation announced its consolidated first-quarter
business results for the period ended June 30, 2005.

For the first quarter of fiscal 2006, ended June 30, 2005,
consolidated operating revenue was JPY164,183 million
(US$1,479.1 million), approximately the same as the
corresponding period of the previous year.

Operating loss, however, was JPY8,869 million (US$79.9 million),
compared with operating income of JPY5,012 million for the
corresponding period of the previous year and net loss amounted
to JPY5,343 million (US$48.1 million), compared with net income
of JPY1,497 million for the corresponding period of the previous
year.

For more details, go to
http://bankrupt.com/misc/tcrap_pioneer072805.pdf

For further information, please contact:
Investor Relations Department, Corporate Branding and
Communications Division
Pioneer Corporation, Tokyo
Phone: +81-3-3495-6774 / Fax: +81-3-3495-4301
E-mail: pioneer_ir@post.pioneer.co.jp
IR Website: http://www.pioneer.co.jp/ir-e/


SANYO ELECTRIC: To Absorb 2 Units in Restructuring
--------------------------------------------------
Sanyo Electric Co. will absorb two of its units on October 1
under the Sanyo group's fiscal 2005-2007 reorganization program
to regain profitability, according to Kyodo News.

The absorption of Sanyo Air-conditioners Corporation and Sanyo
Electric Biomedical Company will improve the business management
efficiency for the whole of the Sanyo group, the parent company
said.

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


SANYO ELECTRIC: Workforce Reduced in First Half
-----------------------------------------------
Sanyo Electric Co. revealed that 600 employees had quit their
jobs in the April-June quarter, Kyodo News relates.

Earlier this month, the struggling electric home appliance maker
said it would cut its global workforce by 15 percent or 14,000
workers in three years from fiscal 2005, which started last
April.

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


TOSHIBA CORPORATION: First Quarter Loss Widens to JPY8.92 Bln
-------------------------------------------------------------
Toshiba Corporation announced its consolidated results for the
first quarter (April-June) of fiscal year 2005 ending March
2006.

In a press release, consolidated operating income (loss) was
minus JPY1.9 billion (minus US$17 million), a decrease of
JPY16.0 billion from the same period a year ago. Digital
Products and Social Infrastructure saw improvement in operating
income (loss) compared to the same period a year ago, while
Electronic Devices saw lower operating income than in the year-
earlier period, the result of price erosion.

Income (loss) before income taxes and minority interest was
minus JPY3.6 billion (minus US$32 million), down by 3.9 billion
yen from the year-earlier period. The net loss widened by JPY1.1
billion from the same period a year ago to minus JPY8.9 billion
(minus US$80 million)

For more details, go to
http://bankrupt.com/misc/tcrap_toshiba072805.pdf

CONTACT:

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


UFJ HOLDINGS: Updates Corporate Loan Guarantee
----------------------------------------------
UFJ Holdings, Inc. hereby gives notice that boards of directors
of UFJ Bank Limited (UFJ Bank), Nippon Shinpan Co., Ltd. (Nippon
Shinpan) and Minami Nippon Shinpan Co., Ltd. (Minami Nippon
Shinpan) have resolved that UFJ Bank will succeed corporate loan
guarantee business of Nippon Shinpan and Minami
Nippon Shinpan by means of corporate split scheduled on
September 16, 2005, subject to the approval of relevant
authorities.

1. Objective

UFJ Bank signed an agreement of strategic alliance with Nippon
Shinpan in January 2004 in order to create a leading financial
group in the retail finance market in Japan. UFJ Bank and Nippon
Shinpan have been implementing various initiatives for the
strategic alliance and UFJ Bank is scheduled to convert Nippon
Shinpan into consolidated subsidiary on October 1, 2005.

In order to satisfy certain legal conditions for the
consolidation, UFJ Bank will succeed the corporate loan
guarantee business of Nippon Shinpan and Minami Nippon Shinpan
by means of corporate split.

(UFJ Bank is scheduled to merge with the Bank of Tokyo-
Mitsubishi, Ltd. on
October 1,2005)

2. Outline

(1) Schedule

July 28, 2005: Board meetings to approve the corporate split
plan

July 28, 2005: Conclusion of the corporate split agreement

September 16, 2005: Date of the corporate split (scheduled)

September 16, 2005: Registration of the corporate split
(scheduled)


(2) Measures of corporate split

- An assimilation-type corporate split, whereby Nippon Shinpan
and Minami Nippon Shinpan will be divided companies and UFJ Bank
will be a successor company. This transaction doesn't require
approval of general shareholders meeting.

- In the corporate split based on the Industrial Revitalization
Law, UFJ Bank will pay Nippon Shinpan and Minami Nippon Shinpan
Yen 10 million each instead of new share issuance.

(3) Share allotment

- No share will be allotted.

(4) Split related cash distribution

- No cash distribution will be made.

(5) Outline of rights and obligations to be transferred, the
amounts of assets and liabilities

- UFJ Bank will succeed assets, liabilities, positions on
contracts and other rights and obligations belonging to the
operations of the corporate loan guarantee business.

- Succession of liabilities and obligations will be based on a
method of debt assumption without recourse.

- The amount of guarantees to be transferred from Nippon
Shinpan and Minami Nippon Shinpan will be Yen 22,001 million.
(As of March 2005)

CONTACT:

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

This is a company press release.


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

ASIANA AIRLINES: Management Hopes New Talks Would End Strike
------------------------------------------------------------
Negotiations aimed at ending the strike at Asiana Airlines Inc.
was to resume Thursday, according to Yonhap News.

Asiana Vice President Joo Jae-hong went to Cheongju Airport, 140
kilometers southeast of Seoul in time for the 2:00 p.m.
negotiations.

"Positions are still far apart, but we can at least have some
expectations (of success). Our management's negotiation team
were determined not to come back until they made a
breakthrough," Asiana Spokeswoman Kim Su-jeong said.

On Friday's talks, the conflicting parties narrowed down their
differences on issues concerning retirement age and some welfare
issues.

Key to the talks were two demands from the pilots, one that
their flight schedules be limited to 1,000 hours a year,
including 'deadhead' hours between flights, and the second that
the union participates when the management decides on promotions
and disciplinary actions for pilots.

According to Asiana management, the two demands go beyond their
rules on flight safety and managerial rights.

"There has been no change in both parties' opinions, and
although it's difficult to comment, this negotiation doesn't
seem to be bringing about a breakthrough," said union spokesman
Lee Sang-jun, a pilot with eight years of experience.

Mr. Lee said pilots of international carriers fly more than
1,000 hours. Their colleagues in Singapore Airlines and Brazil's
Varig, for example, fly 850 hours a year, he said.

The unionized pilot began the strike July 17 on demands for more
rest days, the raising of the retirement age from 55 to 58 and a
greater say in personnel management decisions. The airline has
826 pilots, 310 of whom are non-union members.

CONTACT:

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


DOOSAN GROUP: FKI Urges Chairman Elect to Settle Probe Quickly
--------------------------------------------------------------
Doosan Group incoming chairman, Park Yong-sun was called on by
the Cheju Federation of Korean Industries (FKI) chairman to
quickly resolve the ongoing fraternal feud in the firm, The
Korea Times reveals.

Kang Shin-ho urged Mr. Park to quickly resolve the conflicts
within the family in order not to drag the problem deeper.  Mr.
Kang told the chairman elect of Daewoo to resolve the conflict
in an amicable manner. Mr. Park has called Mr. Kang to apologize
for causing public concerns.

"I told him that it's not desirable for family members to
confront each other over the wealth they inherited from their
father," Mr. Kang said. "I also told him that it's no good for
the image of the whole business community."

On July 21 former chairman Park Yong-oh filed a complaint with
the prosecutors office on the argument that the appointment of
his brother to the chairmanship is unjust.  He claimed that his
brothers tried to drive him out of the family business.  He also
alleged his brothers of hoarding KRW170 billion in slush funds.

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/


KOOKMIN BANK: FSS Launches Probe on KRW65Bln Worth of Fake CDs
--------------------------------------------------------------
Two Kookmin and Chohung Bank employees were alleged to have
embezzled KRW85 billion in certificates of deposit (CDs) and
have apparently flew out of the country, reports The Korea
Times.

The two employees issued fake CDs to deposit holders and took
the real CDs, sold them at a discount on the black market, the
Financial Supervisory Service (FSS) said.  

The issuance of the fake CDs was discovered following the
redemption of the CDs by the real owner.

The fake CDs issued by the Kookmin Bank were said to be worth
KRW65 billion, while the Chohung bank employee issued KRW20
billion worth of fake CDs.

The same incident also happened in the Industrial Bank of Korea
a month prior to the incident in the two banks. The FSS has
launched a probe into the case and plans to hold accountable
those found responsible.

The total losses incurred by banks on fake CDs have reached KRW
49 trillion as of end of May.

Bank officials say that banking thefts tend to take place right
before company restructuring or layoffs. "Employees are
extremely fearful for their jobs during a layoff period, and
they seem to be tempted to embezzle," a banker said.

Kookmin and Chohung Bank is expected to restructure ahead of its
merger with Shinhan

Kookmin Bank is in the process of restructuring and Chohung Bank
is also expected to restructure ahead of its merger with Shinhan
Bank in 2006.

CONTACT:

Kookmin Bank
9-1 Namdaemoonro 2-ga
Chung-gu, Seoul 100-092
Korea (South)
Telephone: +82 2 317 2114
Fax: +82 2 776 5637


* Number of Companies Failing to Complete Debt Workout Soared
-------------------------------------------------------------
The Financial Supervisory Service (FSS) revealed that the number
of companies failing to complete creditor-led debt workout
skyrocketed in the first half compared to the previous six
months, says Yonhap News.

In the January to June period, the number of companies that
suspended their debt workout program reached 182, up 600 percent
from the second half of last year, the financial watchdog said.

There is a 24.9 increase in the number of companies that went
into the debt workout program.  The total number of those
companies reached 1,178.  On the other hand, 179 companies have
completed the program, a 258 percent increase.

A group of 1,684 SMEs were involved in the debt workout program
as of the end of June, the FSS said.

Since July 2004, a total of KRW2.8 trillion worth of debt, or
82.5 percent of the debt of SMEs have been rescheduled.

Debt rescheduling, or extending maturity on loans, was the
primary means that the creditor banks depended on when they
attempted to recoup their loans, according to the FSS.


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

ACP INDUSTRIES: Drops Proposals, Withdraws EGM
----------------------------------------------
ACP Industries Berhad (ACPI) issued to Bursa Malaysia Industries
Berhad an update on the:

(I) Proposed amendments to the bylaws governing the employees'
share option scheme of ACPI (ESOS);

(II) Proposed amendments to the articles of association of ACPI;
and

(III) Proposed grant of options to Dato' Dr Nik Hussain Bin
Abdul Rahman, Dato' Azmil Khalili Bin Dato' Khalid, Khalid Bin
Abd Karim, Tan Chai Tiam, Dato' Kamaruddin Bin Ahmad, Dato' Haji
Noordin Bin Omar and Mohd Pauzi Bin Ab Hamid under the ESOS.

(collectively, the proposals)

The Company refers to its announcement dated September 29, 2004
on the adjournment of the extraordinary general meeting of ACPI
(EGM) on the Proposals.

On behalf of the Board of Directors of ACPI (Board), the company
announced that the Board has decided to abort the Proposals and
accordingly, the EGM has been withdrawn.

Click, to view a copy of the notice to shareholders on the
withdrawal of the EGM is enclosed
http://bankrupt.com/misc/ACPindustries072205.pdf

This announcement is dated 22 July 2005.

CONTACT:

ACP Industries Berhad
18A Jalan 51A/223
46100 Petaling Jaya, Selangor Darul Ehsan 46100
Malaysia
Telephone: +60 3 7956 5186
Fax: +60 3 7958 6130


AVANGARDE RESOURCES: Loss Slides to MYR2,380,000
------------------------------------------------
Avangarde Resources Berhad Quarterly report for the financial
period ended June 30, 2005.

Summary of Key Financial Information

    Individual period              Cumulative period
current year  preceding year  current year   preceding year
quarter       corresponding   to date        corresponding
              quarter                              period
30/06/2004     30/06/2003    30/06/2004  30/06/2003
MYR'000     MYR'000          MYR'000      MYR'000

(1) Revenue  

    10           449             117             1,155
(2) Profit/(loss) before tax  

     -2,380       -2,406         -4,123        -3,675

(3) Profit/(loss) after tax and minority interest  

     -2,380       -2,406         -4,123        -3,675

(4) Net profit/(loss) for the period
     
      -2,380       -2,406        -4,123        -3,675

(5) Basic earnings/(loss) per shares (sen)  
     
     -5.44         -5.50         -9.42        -8.40

(6) Dividend per share (sen)  
    
     0.00           0.00           0.00        0.00

As at End of Current     As at preceding Financial Year
Quarter                       End

(7) Net tangible assets per share (RM)  

    0.7662                0.8587

For more information, click
http://bankrupt.com/misc/AvangardeResources072105.xls
http://bankrupt.com/misc/AvangardeResources2ndQ05-Addinfo.doc
http://bankrupt.com/misc/AvangardeResources2ndQ05-notes.doc

CONTACT:

Avangarde Resources Berhad
2nd Floor, 17 & 19, Jalan Brunei Barat,
Pudu 55100, Kuala Lumpur Malaysia
Telephone: (60) 3 242 6689
Fax: (60) 3 244 1854


MAXIS COMMUNICATIONS: CEO Disposes of Ordinary Shares
-----------------------------------------------------
Maxis Communications Berhad (Maxis) having received a
notification on July 22, 2005 pursuant to Paragraph 14.09(a) of
the Listing Requirements from Y. Bhg. Dato' Jamaludin Ibrahim, a
Director and Chief Executive Officer of the Company, notified
Bursa Malaysia Securities Berhad of his dealing in the
securities of the Company as set out below:

The disposal of 100,000 ordinary shares of MYR0.10 each
(representing 0.004 percent of the issued share capital of
Maxis) at MYR10.00 each on July 19, 2005 (the Disposal).

Upon completion of the Disposal, the balance number of shares
held by Y. Bhg. Dato' Jamaludin Ibrahim is 750,000 shares
representing 0.03 percent of the total issued share capital of
the Company.

This announcement is dated 22 July 2005.

CONTACT:

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


METACORP BERHAD: Unit Enters Into SPA to Acquire Parcels of Land
----------------------------------------------------------------
Metacorp Berhad issued to Bursa Malaysia Securities Berhad the
details of the proposed acquisition of two (2) pieces of
freehold lands held under Geran No. 7725 and 7726, LOT NO. 40512
and 40513, Mukim and Daerah Kuala Lumpur, Wilayah Persekutuan

(1) Introduction

Metacorp Berhad (Metacorp) advised the bourse that Landview
Tower Sdn Bhd, (Landview) a wholly owned subsidiary of Metacorp,
had entered into a Sale and Purchase Agreement (SPA) with Mr.
Ong Yew Teik (NRIC No. 650719-10-6303) (the Vendor) for the
purpose of acquiring the two (2) pieces of freehold lands held
under Geran No. 7725 and 7726 for Lot No. 40512 and 40513
respectively, both in the Mukim and Daerah of Kuala Lumpur,
Wilayah Persekutuan measuring in total area of approximately
22,798 square feet (Lands) for a total purchase price of
MYR5,129,550.00 (Ringgit Malaysia: Five Million One Hundred
Twenty Nine Thousand Five Hundred and Fifty) only upon the terms
and conditions as stipulated in the said SPA (Proposed
Acquisition).

(2) Details of the Proposed Acquisition

(2.1) Description of the Land

(2.1.1) The Lands consist of two (2) pieces of vacant
residential freehold lands located in Jalan Medang Tanduk,
Bangsar, Kuala Lumpur identified as Lots 40512 and 40513
comprising an aggregate area of 22,798 square feet.

(2.1.2) Both lands are sloping down and each has a frontage of
105 feet. It also has an obstructed view of University Malaya
and Damansara Heights. The Lands are in a prime location,
secluded and away from main traffic.

(2.1.3) The Vendor is selling the Lands with approved building
plans for 3 units of 3-4 storey detached houses designed with
swimming pool.

(2.2) The Vendor

The Vendor is an individual of Lot 5, Dataran Tunku, Bukit
Tunku, 52100 Kuala Lumpur who is the registered owner of the
Lands.

(2.3) Basis of the Purchase Consideration

The purchase consideration of MYR5,129,550.00 (Purchase
Consideration) which is at MYR225.00 per square feet was arrived
at on a willing-buyer willing-seller basis after taking into
consideration that the market valuation of lands in the vicinity
is between MYR220 to MYR230 per square feet as appraised by
Messrs Henry Butcher, Lim & Long and the asking price of 2
storey detached houses in the vicinity is between MYR5 million
to MYR6 million.

(2.4) Salient Terms of the Spa

The salient terms of the SPA, are, inter alia, as follows:

(2.4.1) Landview shall acquire the Lands on an 'as is where is'
basis but otherwise free from encumbrances and with vacant
possession and subject to the terms and conditions of the SPA.

(2.4.2) Landview shall be a cash buyer and shall not require
financing from any bank or financial institution or any third
party.

(2.4.3) The Purchase Consideration shall be fully settled by
Landview in the following manner:

(i) 10 percent of the Purchase Consideration (MYR512,955.00)
upon signing of the SPA (Deposit)

(ii) 90 percent balance of the Purchase Consideration
(MYR4,616,595.00) within 90 days from and including the date of
the SPA (Completion Date).

(2.4.4) The Vendor shall deliver the vacant possession of the
land within 3 working days upon full payment of the Purchase
Consideration.

(2.4.5) If the Vendor shall breach any material terms of the SPA
or if the Memorandum of Transfer of the Lands cannot be
registered in favor of Landview for any reason due to the
Vendor's fault, the Vendor shall rectify the breach in order to
complete the SPA within 14 working days from the receipt of the
Vendor's written notification, failing which Landview shall be
entitled to:

(a) Enforce this agreement by specific performance; or

(b) In the alternative; terminate the SPA whereupon the Vendor
shall immediately refund all monies paid under the SPA and a
further sum equivalent to the amount of Deposit as agreed
liquidated damages.

(2.4.6) If Landview shall fail to pay Purchase Consideration
before the Completion Date the Vendor shall be entitled to
enforce the SPA or forthwith terminate the SPA and forfeit the
Deposit absolutely as agreed liquidated damages.

(2.4.7) Landview will not assume any liabilities arising out
from the Proposed Acquisition.

(2.5) Rationale of the Proposed Acquisition

(2.5.1) The intended principal activity of Landview is to carry
out the business of property development and investment. The
Proposed Acquisition will enable Landview to own a land bank to
enhance its core business as a property developer.

(2.5.2) The proposed development on the Lands will be to:

(a) Adopt the approved building plans for the Lands, build and
sell the 3 units of 3-4 storey detached houses designed with
swimming pool; or

(b) Alternatively to design and sell 7 units of lifestyle 3 to 3
and one-half level villas, subject to approvals of the relevant
authorities.

(2.5.3) The proposed development is anticipated to generate a
good return given the current economic conditions.

(2.6) Effect of the Proposed Acquisition

(2.6.1) The proposed acquisition will not have any effect on the
share capital and the substantial shareholding of Metacorp.

(2.6.2) The proposed acquisition is not expected to have any
material effect on the net tangible assets of Metacorp for the
financial year ending 2006.

(2.6.3) The proposed acquisition is expected to enhance the
future earnings of Metacorp when the proposed development comes
onstream.

(2.7) Source of Funding

The proposed acquisition and the development costs for the
proposed development will be funded by internally generated
funds and/or bank borrowings.

(2.8) Prospect and Risk

The prospect for the successful development of the Lands is good
as there will always be demands for high end dwellings in prime
choice locations and the downside of the Proposed Acquisition if
any, will be at most 15 percent but as the trend shows, in the
last two decades, with each market correction, the price
rebounded higher than before the correction especially the cases
of prime location properties.

(2.9) Statement by Directors

Having considered all aspect of the proposed acquisition, the
Board of Directors of Metacorp are of the opinion that the
transaction is fair and reasonable and is in the best interest
of the Company. The transaction has not departed from the
Securities Commission's Policies and Guidelines on Issue/Offer
of Securities.

(2.10) Directors' Major Shareholder' Interest

None of the Directors or Major Shareholders of the Metacorp nor
persons connected to them have any direct or indirect interest
in the transaction.

(2.11) Documents for Inspection

The SPA is available for inspection at the Registered Office of
Metacorp during normal office hours from Mondays to Fridays
(except public holidays) for a period of 14 days from the date
of this announcement.

This announcement is dated 22 July 2005.


HABIB CORPORATION: Issues New Shares to Raise Fund
--------------------------------------------------
Habib Corporation Berhad (HABIB) issued to Bursa Malaysia an
update on the:

(I) Proposed acquisitions of the Marine Logistics and offshore
businesses of Chuan Hup Holdings Limited (Chuan Hup) for a total
purchase price of SGD570,621,190 to be satisfied via a cash
payment of SGD485,621,190 and the issuance of 170,000,000 new
ordinary shares of MYR1.00 each in the capital of Habib (Habib
Shares) at an issue price of MYR1.15 each

(Proposed Acquisitions);

(II) Fund Raising Proposals Comprising:

(A) The proposed issuance of 173,913,043 new Habib shares to
Scomi Group Bhd at an issue price of MYR1.15 each;

(B) The proposed renounceable rights issue of 74,000,000 new
Habib shares on the basis of one (1) new share for each existing
Habib share held at an issue price of MYR1.15 each;

(C) The proposed placement of up to 96,000,000 new Habib shares
to institutional investors (to be identified) at a minimum issue
price of MYR1.25 each;

(D) The proposed issuance of 160,000,000 new redeemable
convertible cumulative preference shares of MYR0.01 each in the
capital of Habib (Habib RCCPS) to certain investors (to be
identified) at an issue price of MYR1.00 each;

(III) Proposed increase in the authorized share capital of Habib
from MYR100,000,000 comprising 100,000,000 Habib shares to
MYR802,000,000 comprising 800,000,000 Habib shares and
200,000,000 Habib RCCPS; and

(IV) Proposed amendments to the memorandum and articles of
association of Habib

((I) To (IV) are collectively referred to as the proposals)

The company refers to the announcement made on June 29, 2005.

On behalf of Habib, Commerce International Merchant Bankers
Berhad is pleased to announce that the shareholders of Habib
have approved the ordinary and special resolutions pertaining to
the Proposals as set out in the Circular dated June 30, 2005 at
the Extraordinary General Meeting of Habib.

All the approvals from the relevant authorities for the
Proposals have been obtained, except for the approval of Bursa
Malaysia Securities Berhad (Bursa Securities) for the listing of
and quotation for the new Habib shares on the Bursa Securities
which shall be procured in due course and the approval of the
shareholders of Chuan Hup for the Proposed Acquisitions by Habib
in its extraordinary general meeting to be held on August 3,
2005.

This announcement is dated 22 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


HAP SENG: Purchases Ordinary Shares on Buy Back
-----------------------------------------------
Hap Seng Consolidated Berhad posted at Bursa Malaysia Securities
Berhad a notice of shares buy back on July 22, 2005 with the
following details:
   
Description of shares purchased: Ordinary shares of MYR1.00 each

Total number of shares purchased (units): 6,000

Minimum price paid for each share purchased (MYR): 2.120

Maximum price paid for each share purchased (MYR): 2.140

Total consideration paid (MYR): 12,854.69

Number of shares purchased retained in treasury (units): 6,000

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

Cumulative net outstanding treasury shares as at to-date
(units): 32,883,500

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

CONTACT:

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


HONG LEONG: To Discuss Unit's Liquidation at Meeting
----------------------------------------------------
Further to Hong Leong Industries Berhad's (HLI) announcement
dated February 17, 2005 in connection with the Member's
Voluntary Liquidation of its subsidiary, Plaspack Marketing Sdn
Bhd (Plaspack), HLI now informed the bourse that the Liquidator
of Plaspack had convened a Final Meeting to conclude the
Member's Voluntary Liquidation of Plaspack.

A Return by Liquidator Relating to Final Meeting was lodged on
July 22, 2005 with the Companies Commission of Malaysia and the
Official Receiver, and on the expiration of 3 months after the
said filing date, Plaspack will be dissolved.

This announcement is dated 22 July 2005.

CONTACT:

Hong Leong Industries Berhad
Level 9, Wisma Hong Leong
18, Jalan Perak
50450 Kuala Lumpur
Malaysia
Phone: 03-2164 2631
Fax: 03-2164 2514
Web site: http://www.hongleong.com


K.P. KENINGAU: Bourse Rejects Request for Time Extension
--------------------------------------------------------
K.P. Keningau Bhd (KPK) issued to Bursa Malaysia Securities
Berhad an update on Practice Note 4/2001 (PN 4) on criteria and
obligations pursuant to Paragraph 8.14 of the Listing
Requirements of Bursa Malaysia Securities Berhad (Listing
Requirements).

(1) Notice of Suspension in Trading of Securities of KPK

The company refers to KPK's application to Bursa Malaysia
Securities Berhad (Bursa Securities) on June 24, 2005 seeking
Bursa Securities' approval for an extension of time of three (3)
months from June 22, 2005 for the Company to make a Requisite
Announcement on or before September 22, 2005 (Application).

In connection to the above, Southern Investment Bank Berhad
(SIBB), on behalf of the Company, announced that Bursa
Securities, vide its letter dated July 22, 2005, had rejected
the Application.

In the same letter, Bursa Securities also stated that it has
decided to impose a suspension on the trading of the securities
of the Company pursuant to paragraphs 8.14 and 16.02 of the
Listing Requirements with effect from 9:00 a.m., Monday, August
1, 2005 until further notice.

(2) Notice to Show Cause on De-listing of Securities of KPK

On behalf of the Company, SIBB also wishes to announce that
Bursa Securities, vide another letter dated July 22, 2005,
issued a notice to show cause on de-listing of securities of KPK
(Show Cause Notice).

Pursuant to the Show Cause Notice, the Company disclosed that:

(a) The Company has been accorded 14 days by Bursa Securities to
make written representations to Bursa Securities on why its
securities should not be removed from the Official List of Bursa
Securities;

(b) In the event Bursa Securities decides to de-list the
Company, the securities of the Company shall be removed from the
Official List of Bursa Securities upon the expiry of 14 days
from the date of notification of the decision to de-list the
Company or upon such other date as may be specified by Bursa
Securities; and

(c) In the event Bursa Securities decides not to de-list the
Company, other appropriate action/penalty(ies) may be imposed
pursuant to paragraph 16.17 of the Listing Requirements.

This announcement is dated 22 July 2005.

CONTACT:

K.P. Keningau Berhad
Lot 10, The Highway Centre
Jln 51/205 46050 Petaling Jaya,
Selangor
Telephone: 03-7784 3922
Fax: 03-7784 1988


K.P. KENINGAU: Bourse Suspends Trading of Securities
----------------------------------------------------
K.P. Keningau Berhad informed Bursa Malaysia Securities Berhad
that it has failed to make a Requisite Announcement pursuant to
paragraph 5.1 of Practice Note 4/2001 which was due on June 22,
2005.

The company advised that the trading in its securities will be
suspended with effect from 9:00 a.m., Monday, August 1, 2005
until further notice.


MTD CAPITAL: Repurchases 185,400 Shares
---------------------------------------
MTD Capital Bhd issued to Bursa Malaysia Securities Berhad the
details of its shares buy back on July 22, 2005.
   
Description of shares purchased: Ordinary shares of MYR1.00 each

Total number of shares purchased (units): 185,400

Minimum price paid for each share purchased (MYR): 2.200

Maximum price paid for each share purchased (MYR): 2.200

Total consideration paid (MYR): 407,880.00

Number of shares purchased retained in treasury (units): 185,400

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

Cumulative net outstanding treasury shares as at to-date
(units): 18,751,300

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

CONTACT:

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


PAN MALAYSIA: Acquires Ordinary Shares at Buy Back
--------------------------------------------------
Pan Malaysia Corporation Berhad issued to Bursa Malaysia
Securities Berhad a notice of shares buy back on July 22, 2005
with the following details:
   
Description of shares purchased: Ordinary shares of MYR0.50 each

Total number of shares purchased (units): 1,400,000

Minimum price paid for each share purchased (MYR): 0.500

Maximum price paid for each share purchased (MYR): 0.510

Total consideration paid (MYR): 710,874.58

Number of shares purchased retained in treasury (units):
1,400,000

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

Cumulative net outstanding treasury shares as at to-date
(units): 15,400,000

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

CONTACT:

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


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

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

Click to view Appendix I
http://bankrupt.com/misc/QualityConcrete072205.pdf

(2) Aggregate value of consideration for transactions on July
22, 2005: MYR159,377

This value represents the aggregate of actual sales and purchase
proceeds received and paid respectively.

(3) Effect of the transactions on Company:

NTA per share as at January 31, 2005 MYR2.2850
NTA per share after the transactions MYR2.2822
Loss per share MYR0.0008

The Company has on 22nd July, 2005:

(1) Acquired 50,000 ordinary shares of MYR1.00 each in AFFIN;
and
(2) Disposed off 67,000 ordinary shares of MYR1.00 each in OSK.

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


SRIWANI HOLDINGS: Seeks Shareholders OK to Purchase Own Shares
--------------------------------------------------------------
Sriwani Holdings Berhad (SHB) issued to Bursa Malaysia
Securities Berhad an update on the following proposals:

(I) Proposed share buy-back scheme of SHB to purchase its own
ordinary shares of up to 10 percent of the issued and paid-up
ordinary share capital of the company (Proposed Share Buy-Back)

(II) Proposed Amendments to the Articles of Association of SHB
(Proposed Amendments)

(collectively referred to as the Proposals)

(1) Introduction

Commerce International Merchant Bankers Berhad (CIMB), on behalf
of the Board of Directors (Board) of SHB, advised the bourse
that the Company proposes to seek authority from its
shareholders to purchase its own ordinary shares of up to 10
percent of the issued and paid-up ordinary share capital of the
Company.

In addition, the Company proposes to amend its articles of
association (Articles) to enable the Company to implement the
Proposed Share Buy-Back.

(2) Details of the Proposals

(2.1) Details of the Proposed Share Buy-Back

The Proposed Share Buy-Back shall involve the Company purchasing
its own ordinary shares of up to 10 percent of the issued and
paid-up ordinary share capital of the Company, subject to
compliance with Section 67A of the Companies Act 1965 (Act) (as
may be amended, modified or re-enacted from time to time) and
any prevailing laws, rules, regulations, orders, guidelines, and
requirements issued by the relevant authorities.

As at June 30, 2005 the issued and paid-up ordinary share
capital of SHB is MYR112,955,288 comprising 112,955,288 ordinary
shares of MYR1.00 each in SHB (SHB Shares). As at the same date,
the Company has the following securities outstanding:

(i) 19,987,012 five (5)-year irredeemable convertible preference
shares (ICPS)-A of MYR0.10 each in SHB, which are convertible
into 1,817,001 SHB Shares by way of tendering the equivalent par
value of ICPS-A at the conversion price of MYR1.10 for every one
(1) new SHB Share;

(ii) 36,459,703 ICPS-B1 of MYR0.10 each, 36,459,703 ICPS-B2 of
MYR0.10 each and 22,472,574 ICPS-C of MYR0.10 each, which are
subject to a moratorium on conversion of three (3) years, four
(4) years and four (4) years respectively from 9 December 2004.
Accordingly, these ICPS are not expected to be convertible into
SHB Shares during the period in which the authority for the
Proposed Share Buy-Back is effective.

The Company also has an existing employee share option scheme
(ESOS). However, as at June 30, 2005, there were no outstanding
ESOS options granted to employees and directors of SHB.
As at June 30, 2005 and based on the assumption that all the
ICPS-A are converted into new SHB Shares in the manner stated in

(i) Above, the Proposed Share Buy-Back will enable SHB to
purchase up to a maximum of 11,477,228 SHB Shares, representing
10% of the proforma enlarged issued and paid-up ordinary share
capital of the Company.

The purchase of SHB's own shares will be carried out through
Bursa Malaysia Securities Berhad (Bursa Securities) via a
stockbroker(s) to be appointed by SHB.

Based on the latest audited financial statements of the Company
for the financial year ended 31 December 2004, the audited share
premium and accumulated losses position of SHB stood at
MYR97.363 million and MYR209.849million respectively. The
unaudited share premium and accumulated losses position of SHB
as at March 31, 2005 were MYR100.307 million and MYR141.065
million respectively.

The maximum amount of funds to be utilized by SHB for any
purchase of its own shares must not exceed the retained profits
and/or share premium account of the Company.

In accordance with Section 67A of the Act, the Directors of SHB
would be able to deal with any SHB Shares so purchased by the
Company in the following manner:

(i) The SHB Shares so purchased could be cancelled; or

(ii) The SHB Shares so purchased could be retained as treasury
shares for distribution as dividends to the shareholders of the
Company (depending on the availability of profits) and/or re-
sale through Bursa Securities in accordance with the relevant
rules of Bursa Securities and/or cancellation subsequently; or

(iii) The SHB Shares so purchased could in part be retained as
treasury shares and the remainder be cancelled.

If such purchased SHB Shares were held as treasury shares, the
rights attaching to them in relation to voting, dividends and
participation in any other distribution or otherwise would be
suspended and the treasury shares would not be taken into
account in calculating the number or percentage of shares or a
class of shares in the Company for any purposes including the
determination of substantial shareholdings, take-overs, notices,
the requisitioning of meetings, the quorum for meetings and the
result of a vote on resolution(s) at meetings.

If the authority for the Proposed Share Buy-Back is conferred on
the Board of SHB by shareholders of SHB, it would be effective
immediately from the passing of the ordinary resolution in
relation to the Proposed Share Buy-Back until:

(i) The conclusion of the next annual general meeting ("AGM") of
SHB following the extraordinary general meeting ("EGM") at which
such resolution was passed at which time the authority would
lapse unless renewed by ordinary resolution, either
unconditionally or conditionally; or

(ii) The expiration of the period within which the next AGM
after the date is required by law to be held; or

(iii) The authority is revoked or varied by ordinary resolution
passed by the shareholders of the Company in a general meeting,
whichever occurs first.

Pursuant to the Listing Requirements of Bursa Securities
(Listing Requirements), SHB may only purchase its own shares at
a price which is not more than 15% above the weighted average
market price (WAMP) of SHB Shares for the five (5) market days
immediately preceding the date of any purchase(s).

In the case of a resale of treasury shares, the Company may only
resell any purchased SHB Shares held as treasury shares through
Bursa Securities at a price, which is:

(i) Not less than the WAMP of the SHB Shares for the five (5)
market days immediately prior to the resale; or

(ii) Not less than 5 percent below the WAMP of the SHB Shares
for the five (5) market days immediately prior to the resale
provided that:

(a) The resale takes place no earlier than thirty (30) days from
the date of purchase; and

(b) The resale price is not less than the cost of purchase of
the SHB Shares being resold.

The Board of SHB undertakes that any proposed purchase of SHB's
own shares would only be conducted in accordance with laws
prevailing at the time of the purchase including compliance with
the 25 percent public shareholding spread as required by the
Listing Requirements.

For more information, click
http://bankrupt.com/misc/SriwaniHoldings072105.doc

CONTACT:

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


TELEKOM MALAYSIA: Issues Additional Shares for Listing
------------------------------------------------------
Telekom Malaysia Berhad advised that its additional 155,000 new
ordinary shares of MYR1.00 each issued pursuant to the
Employees' Share Option Scheme will be granted listing and
quotation with effect from 9:00 a.m., Wednesday, July 27, 2005.

CONTACT:

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


TIMBERWELL BERHAD: Director Issues Notice to Deal in Securities
---------------------------------------------------------------
Pursuant to Paragraph 14.08(a) of the Listing Requirements of
the Bursa Malaysia Securities Berhad, Timberwell Berhad advised
Bursa Malaysia Securities Berhad that Mr. Loh Tung Sing being
the Managing Director of the Company has given notice of his
intention to deal in the securities of the Company during the
closed period pending announcement of the Company's quarterly
result for the Second Quarter ended June 30, 2005.


Name of Director: Loh Tung Sing

Interest      No. of shares held    % of Issued Capital

Direct          8,515,361                  14.02

Indirect           -                         -


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

ABS-CBN BROADCASTING: Unaware of Purchase Offer from PLDT
---------------------------------------------------------
ABS-CBN Broadcasting Corp. issued this announcement in response
to the news article "PLDT offers to buy stake in ABS-CBN"
published in the July 27, 2005 issue of the Philippine Star
which stated:

"Telecommunications giant Philippine Long Distance Telephone Co.
(PLDT) has offered to acquire a stake in Lopez-owned ABS-CBN
Broadcasting Corp., The STAR has learned. But like GMA Network,
ABS-CBN is not too keen on letting the PLDT Group, led by Manuel
V. Pangilinan, in... Meanwhile, an ABS-CBN top executive told
The Star that Pangilinan wants a majority stake but the Lopezes
are not about to give up control of the network."

ABS-CBN would like to inform the Exchange that the Company has
not received any offer from PLDT or any other party with regards
to buying a stake in ABS-CBN or any of its subsidiaries.

This information is being submitted in compliance with the rules
of the Securities and Exchange Commission and the Philippine
Stock Exchange.

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/


BAYAN TELECOMMUNICATIONS: Revenues Grow 9% in H1
------------------------------------------------
Bayan Telecommunications Inc. (BayanTel) saw its net revenues
climb 9 percent to Php2.90 billion for the first half of the
year compared to Php2.66 billion during the same period in 2004,
The Manila Times reports.

The company's earnings before income tax, depreciation and
amortization (EBITDA) also grew 19 percent from January to June
at Php1.30 billion compared to Php1.09 billion last year.

The continued increase in company revenues and expanding
subscriber base was attributed to the telco's customer focused
approach.

Bayantel said data services grew 17 percent in the first half of
2005 due to strong growth from international private lines,
frame relay and IP-VPN services.

DSL revenues also posted a 96 percent increase at Php130 million
compared to Php66 million in the first half of 2004.

As of June 2005, BayanTel's fixed line subscribers have grown
close to 280,000, the highest it has achieved since its heydays
in the late 1990s. DSL subscribers have also seen solid growth
particularly in the SME and residential markets in Metro Manila
and key provinces.

CONTACT:

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


COLLEGE ASSURANCE: Watchdog Bares Pre-need Rule Violations
----------------------------------------------------------
The Securities and Exchange Commission (SEC) has revealed seven
violations that College Assurance Plans Philippines Inc. (CAP)
has allegedly committed against the New Rules on the
Registration and Sale of Pre-need Plans, BusinessWorld says.

The list supports the corporate watchdog's long-standing
discovery of CAP's trust fund shortfall, which triggered a move
to consider a management takeover of the pre-need firm as early
as next week if CAP fails to explain the purported shortcomings.

The SEC advised that CAP:

(1) Failed to meet the mandated capital requirement;

(2) Failed to deposit Php6.86 billion in the trust fund to cover
the two-year amortization of the regulatory leeway for CAP's
Php17-billion trust fund deficiency in 2002;

(3) Failed to meet the deposit requirements of the restricted
trust funds in two Philippine Veterans Bank trust accounts, in
violation of Rule 19.1 of the Pre-Need Rules;

(4) Failed to comply with the SEC's Oct. 12, 2004 directive to
preserve and keep intact the proceeds it held in certain
suspense accounts/suspended payments;

(5) Failed to submit the audited financial statement and
actuarial valuation report for 2004 in spite of repeated orders
of the SEC;

(6) Issued unauthorized of plans worth Php325 million as of Aug.
31, 2004 in spite of two SEC orders to stop selling new plans;
and

(7) Failed to pay the penalties imposed by the commission as of
July 12 amounting to more than Php1 million.

According to the SEC, CAP's 2003 audited financial statements
revealed that the firm had a capital deficiency of Php20.1
billion as of Dec. 31, 2003. However, CAP's unaudited financial
results showed that the firm incurred only a capital deficiency
of Php9.2 billion as of Dec. 31, 2004.

The deposit requirements of the restricted trust funds which CAP
failed to meet relate to sales made from March 2004 to April
2005, amounting to Php181.94 million, which were subject to the
additional 15 percent and 10 percent deposit requirement with
regard to the collections for the first and second years.

As for CAP's failure to preserve the proceeds in suspended
accounts and payments, the regulator said the firm made
unauthorized disbursements of approximately Php29 million.

The SEC said it has repeatedly called the attention of CAP to
aforementioned violations through letters and conferences with
its officials. It added CAP has been given more than sufficient
time and opportunity to comply with the requirements of the Pre-
Need Rules.

A CAP official said CAP will address the outlined issues at the
proper time.

"It is just unfortunate that the SEC has leaked it out at a time
when CAP is still studying the issues and preparing its answer
and, therefore, could not respond to the issues in the media at
this time," the CAP official said.

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


DMCI HOLDINGS: Stockholders Elect New Officers, Directors
---------------------------------------------------------
At the annual stockholder's meeting of DMCI Holdings Inc. held
on July 27, 2005, the following were elected as directors of the
Corporation who shall serve as such for the year 2005-2006:

DAVID M. CONSUNJI
CESAR A. BUENAVENTURA
ISIDRO A. CONSUNJI
JORGE A. CONSUNJI
VICTOR A. CONSUNJI
MA. EDWINA C. LAPERAL
HERBERT M. CONSUNJI
EVARISTO T. FRANCISCO
OSCAR S. REYES

Likewise, immediately after the annual stockholder's meeting,
the following were elected as officers for the year 2005-2006:

DAVID M. CONSUNJI - Chairman of the Board
CESAR A. BUENAVENTURA - Vice-Chairman of the Board
ISIDRO A. CONSUNJI - President & Chief Executive Officer
MA. EDWINA C. LAPERAL - Treasurer
CRISTINA C. GOTIANUN - Asst. Treasurer
HERBERT M. CONSUNJI - Vice President and Chief Finance Officer
NOEL A. LAMAN - Corporate Secretary
ZENAIDA L. SALIPSIP - Assistant Corporate Secretary

Also during the organizational meeting, the Board have nominated
and elected the respective heads and members of Corporate
Governance Committees:

Nomination and Election Committee

OSCAR S. REYES (Independent)        Chairman
DAVID M. CONSUNJI                   Member
ISIDRO A. CONSUNJI                  Member

Compensation and Remuneration Committee

OSCAR S. REYES (Independent)        Chairman
MA. EDWINA C. LAPERAL               Member
CESAR A. BUENAVENTURA               Member

Audit Committee

EVARISTO T. FRANCISCO (Independent) Chairman
OSCAR S. REYES (Independent)        Member
ISIDRO A. CONSUNJI                  Member
HERBERT M. CONSUJI                  Compliance Officer
CRISTINA C. GOTIANUN                Internal Auditor
JORGE A. CONSUJI                    Special Committee on
                                    Violations of the Manual

CONTACT:

DMCI Holdings Incorporated
3/F, Dacon Building
2281 Chino Roces Ave. Ext.
Makati City 1231
Telephone:  888-3000
Fax:  816-7362
E-mail Address: dmcihi@dmcinet.com
Web site: http://www.dmchi.com


DMCI HOLDINGS: Sees Php3.6-Bln Earnings in 2005
-----------------------------------------------
DMCI Holdings Inc. expects to rake in Php3.6 billion in earnings
this year on a one-time gain from the sale of Php2 billion worth
of shares in coal unit Semirara Mining Corp., BusinessWorld
relates.

DMCI's higher profit this year is attributed to the better
performance of its subsidiaries.

DMCI President Isidro A. Consuji said a substantial increase in
parent net income is expected due to the one-time gain on the
international placement of Semirara shares that reduced DMCI's
equity in Semirara from 94 percent to 60 percent.

Semirara sold 89.87 million shares overseas and 15.18 million
domestically. DMCI sold 42.991 million Semirara shares to
international investors and 15.18 million shares to local
buyers, bringing down its equity in the coal company to 66
percent from 94 percent.

DMCI finance chief Herbert M. Consuji said the holding Company
intends to buy back 12 million shares of Semirara within the
year worth some Php360 million.

Meanwhile, the finance chief disclosed that aside from
Australian financial services firm Macquarie Securities and
Japanese firm Marubeni two unnamed foreign financial
institutions have expressed interest to join the consortium led
by DMCI in the bid for Maynilad Water Services, Inc.

DMCI, Inc. wants a 100% stake in Maynilad. The firm had finished
its due diligence on the west zone concessionaire. However, the
company is still waiting for the terms of reference.


MAKATI MEDICAL: Smart Vows to Infuse Php100 Mln
-----------------------------------------------
PLDT Group has vowed to shell out Php100 million from Smart
Communications to infuse into cash-strapped Makati Medical
Center, according to The Philippe Star.

Makati Med, which has recently named PLDT Group Chairman Manuel
Pangilinan as chairman, badly needs at least Php100 million to
balance its finances.

Mr. Pangilinan's group, however, has no intention of acquiring a
majority stake in Makati Med, but is coming in just to
rehabilitate the ailing institution.

PLDT Group has not yet decided which corporate vehicle will be
utilized in the investments in Makati Med, but the funds will
definitely come from Smart, PLDT's wireless subsidiary and
consistent cash cow.

Makati Med, which accumulated losses of Php335 million since
2002, sacked 295 employees in June as part of cost-cutting
measures.

Makati Med president Gabino Mendoza was earlier quoted as saying
that the hospital's recovery would depend on how soon the new
investments would come in.

The hospital was reportedly in talks with six potential
investors, including Mr. Pangilinan to bring in an initial
Php100 million, but it was the PLDT top man who finally said
yes.

Makati Med will need another Php200 to Php400 million in new
funds to refurbish the hospital and buy new equipment.

CONTACT:

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


MANILA ELECTRIC: Working to Implement Phase IVA of Refund
---------------------------------------------------------
The Manila Electric Company (Meralco) said it has formally
communicated with BIR-Officer-in-Charge Atty. Jose Mario Bunag
to facilitate the release of the revenue memorandum order (RMO)
that will spell out the Bureau of Internal Revenue's (BIR)
implementing guidelines on the withholding tax for Phase IV
customers.

Meralco Refund Management Task Force Head Leonardo Mabale said,
"Once we have incorporated the RMO guidelines in the refund
process, we can already start releasing the letters to our
customers in August for Phase IVA and in September for Phase
IVB.

"Some pre-processing activities are necessary, but should the
actual implementation be delayed. Meralco assures that the
refund is retroactive to July 2005 for those belonging to Phase
IVA. We hope to be on schedule for Phase IVB," Mabale added.

Customers will have to select which refund option they 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). It is important that all the
documents submitted are in order so as not to delay the release
of the refund. Since the average refund amount of customers
under Phase IV is much bigger than those under Phases I to II,
Meralco must ensure that the refund will be given to the person
or entity entitled to it.

Meanwhile, the transfer and reclassification of all government
accounts from Phase IVB to Phase IVA increased the gross refund
amount under Phase IVA from Php2.2 billion to Php3.3 billion. A
total of 1,447 government services (active and terminated
status) were classified. This modification from the original
proposal increased the refund outlays for 2005 and 2006.
Meralco, however, will no longer appeal this order.

On the other hand, the requirement to publish in the newspapers
the refund details of unclaimed terminated accounts of Phases I
to III will be very costly to implement. Meralco intends to
propose to the Energy Regulatory Commission (ERC) alternative
options on how to inform the customers of these terminated
accounts of their unclaimed refund.

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


METRO PACIFIC: Shares in PLDT Diluted
-------------------------------------
The stake of Metro Pacific Resources Inc. in giant telco
Philippine Long Distance Telephone Co. (PLDT) was diluted to
less than 10 percent after PLDT issued new common shares on June
6, according to BusinessWorld.

Metro Pacific used to hold 0.74 percent shareholding in PLDT.

In a disclosure, PLDT Chairman Manuel V. Pangilinan said Metro
Pacific Resources was notified by PLDT on July 14 of the telco's
issuance of 340,997 new common shares. The issuance of the new
common shares diluted Metro Pacific Resources' stake in PLDT to
9.99 percent from 10.03 percent.

As of June 6, Metro Pacific Resources owns 17,112,534 of PLDT's
common shares. PLDT, on the other hand, has 171,328,560 common
shares as of the same date.

CONTACT:

Metro Pacific Corporation
10/F MGO Bldg., Legazpi cor. dela Rosa St.,
Legazpi Village 0721 Makati City, Philippines
Telephone No.: 888-0888
Fax No.: 888-0830


PHILIPPINE AIRLINES: Posts Php1.2-bln Turnaround Profit
-------------------------------------------------------
Tycoon Lucio Tan's Philippine Airlines (PAL) managed to bounce
back to black in the fiscal year ending March with a net income
of Php1.2 billion from a previous loss of Php643-million, The
Philippine Star reveals.

The national flag carrier's turnaround profit was mainly due to
higher revenues and foreign exchange gains.

Operating revenues grew 22 percent to Php53.97 billion from
Php44.09 billion, largely due to the increase in net yield per
revenue passenger kilometer and in the number of passengers
carried, as well as higher exchange rates of the Philippine peso
against the US dollar.

Higher fuel consumption, however, resulted in a 16 percent jump
in the carrier's operating expenses and charges to Php51.95
billion compared with only Php44.73 billion. Fuel cost rose 38
percent to Php13.53 billion as against Php9.78 billion. Also
contributing to the increase in expenses were the higher fuel
prices per barrel from US$40.19 to US$47.74.

Increase in the number of flights during the current fiscal year
as well as the effect of the peso-dollar movement had the effect
of increasing the maintenance cost by eight percent or Php626
million.

As of end-March 2005, PAL's total assets amounted to Php103.56
billion, four percent lower than the previous level's Php107.82
billion. The reduction represents mainly the decline in the
property equipment by Php7.49 billion offset by the increase in
total current assets by Php3.04 billion.

PAL's total liabilities, on the other hand, fell five percent
from Php104.87 billion as of March 31,2004 as a result of the
servicing of various liabilities covered by the airlines'
amended and restated rehabilitation plan.

PAL's improving performance puts the flag carrier firmly back on
the growth track and shows how the company managed through tough
times and survived one crisis after another. In the first year
of its 10-year rehabilitation, PAL reported a meager profit of
Php44 million, ending six straight years of massive losses.

By the second year, the company reported earnings of Php419
million, securing one of the dramatic turnaround stories in
Philippine business.

In the third year, the airline would have been in the black had
it not been for the debilitating impact of the Sept. 11
terrorist attack in the US. It registered a Php1.6-billion net
loss, with a dip in cargo revenues and a spike in operating
expenses. But for fiscal year 2002-2003, PAL was back in the
black, posting a net income of Php295 million, albeit much less
than the original target of a billion pesos due to the outbreak
of the Iraq war and the SARS scare.

Under its approved rehabilitation plan, PAL had to scale down
its manpower, reduce the number of operating divisions into
three: commercial group, finance and operations, and cut down
its international routes mainly only those with the highest load
factors. The airlines also reduced its fleet from 56 aircraft to
22.

Just last week, PAL approved the sale of some of its equipment
to US-based Danbee Aerospace for US$2 million.

CONTACT:

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


PRICESMART INCORPORATED: Rules Out Expansion for Now
----------------------------------------------------
PriceSmart Incorporated is temporarily shelving plans to expand
in the Philippines through its local subsidiary, PSMT
Philippines Inc., as it focuses on developing four existing
warehouses, BusinessWorld has learned.

PSMT, the pioneer in warehouse shopping in the country, said it
will re-consider expansion plans if its present ventures prove
successful.

Aside form its newest branch in Baclaran the U.S.-based firm
also has warehouses at Fort Bonifacio, Congressional Avenue in
Quezon City and Alabang. Its warehouse in Libis, Quezon City has
been closed earlier.

PriceSmart boasts of being the first retailer to respect the
Filipino as a consumer, introducing cheap prices and organized
shopping.

About PriceSmart

PriceSmart, headquartered in San Diego, owns and operates U.S.-
style membership shopping warehouse clubs in Central America,
the Caribbean, and the Philippines, selling high quality
merchandise at low prices to PriceSmart members. PriceSmart now
operates 26 warehouse clubs in 12 countries and one U.S.
territory (four each in Panama and the Philippines; three in
Costa Rica; two each in Dominican Republic, El Salvador,
Guatemala, Honduras, and Trinidad; and one each in Aruba,
Barbados, Jamaica, Nicaragua and the United States Virgin
Islands).

CONTACT:

Pricesmart Inc.
9740 Scranton Road
San Diego, CA 92121
Phone: (858) 404-8800
Fax: (858) 581-4500
E-mail: jcahill@psmt.usa.com  
Web Site: http://www.pricesmart.com

PSMT Philippines, Inc.
1781 Alabang Zapote Road, Filinvest
8/F Times Plaza Bldg., UN Ave. Cor. Taft Ave.
Ermita Manila
Phone no.: 8880433
Fax No.: 8880689


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

CHARTERED SEMICONDUCTOR: Sets Indicative Bond Yield
---------------------------------------------------
Microchip maker Chartered Semiconductor Manufacturing set an
indicative yield for its proposed SGD750.4 million bond this
week, Reuters News reports.

The bond, which has been rated BBB-, is made up of two parts, to
mature in five and ten years' time. The five-year tranche has an
indicative yield of 210 basis points over comparable U.S.
Treasuries, while the 10-year trance would yield around 250
basis points. The price for the two-part bond is to be set
today, July 29, 2005, with Citigroup and Goldman Sachs managing
the deal.

The proceeds from the bond issue will be used by the Company to
buy back senior convertible notes worth SGD958.8 million (which
matures early next year), along with a private placement for
SGD416.9 million, which it has already completed.

Chartered Semiconductor Manufacturing, Limited is an independent
semiconductor foundry that provides wafer fabrication services
and technologies to semiconductor suppliers and systems
companies primarily in North America, Europe, and Asia. The
company manufactures semiconductor wafers for various end market
applications, including communication, computing, and consumer
electronics. It also provides access to a selection of test and
assembly capabilities that include prototyping and production
stages regarding wafer sort, final test, bumping, and package
solutions. Chartered Semiconductor is 60% owned by Singapore
Technologies Semiconductors Pte Limited, a wholly owned
subsidiary of Temasek Holdings (Private) Limited, as of December
31, 2004.

CONTACT:

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


EVERBLOOM MUSHROOM: To Be Wound Up by Creditor
----------------------------------------------
Notice is hereby given that a Petition for the Winding Up of
Everbloom Mushroom Pte Limited by the Singapore High Court was
on the 8th day of July, 2005, presented by creditor Templar
Investments Limited  (Saffrey Square, Suite 205, Bank Lane, PO
Box N-8188 Nassau, Bahamas) on July 8, 2005.

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

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

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

The Petitioner's address is Saffrey Square, Suite 205, Bank
Lane, PO Box N-8188 Nassau, Bahamas.

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

Drew & Napier LLC
Solicitors for the Petitioner.

Note:

Any person who intends to appear at the hearing of the said
Petition must serve on or send by post to solicitors Drew &
Napier LLC a written notice of his intention to do so. The
notice must state the name and address of the person, or if a
firm, the name and address of the firm, and must be signed by
the person or firm, or his or their Solicitors (if any) and must
be served, or if posted must be sent by post in sufficient time
to reach the solicitors not later than 12:00 p.m. of Aug. 4,
2005.

CONTACT:

Everbloom Mushroom Pte Limited
9 Seletar West Farmway 5
Singapore 2879
Phone: 482 1070
Fax:   482 1657


FIKE SOUTH: Distributes Dividend to Creditors
---------------------------------------------
Fike South East 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 South East 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  & address of Liquidators: Chee Yoh Chuang and Lim Lee Meng
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

CONTACT:

Fike South East Asia Pte Limited
81 Loyang Way
Singapore 508767
Phone: 65 545 1188
Fax:   65 545 2139


IPS-ORU ASIA: Court Issues Winding Up Order
-------------------------------------------
In the matter of IPS-ORU Asia Pacific Pte Limited, the Singapore
High Court issued a winding up order against the Company on July
8, 2005, with the following details:

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

Lee & Lee
Solicitors for the Petitioner

CONTACT:

IPS-ORU Asia Pacific Pte Limited
71 Tech Park Crescent
Tuas Tech Park
Singapore 638072
Phone: 65 68618770   
Fax:   65 68618768


TONG HUP: Placed Under Liquidation by Court
-------------------------------------------
In the matter of Tong Hup Construction Co. Pte Limited, a
winding up order was made on July 15, 2005, with the following
details:

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

Note:

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

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


* Stronger Economy Accounts for Drop in Bankruptcies
----------------------------------------------------
As Singapore's economy gets better in the second quarter of the
year, the number of new bankruptcies was also reduced for the
second month in a row, reports Reuters News.

From a high number of 378 bankruptcy orders in April (including
those filed by firms and individuals), the number dropped to 272
in May and again to 255 last month, a 6.3% drop in the number of
persons and companies who filed for bankruptcy. This is a huge
improvement from last June's number of bankruptcies, recorded at
357.

After a 12.3 rebound for the country's economy, the total number
of undischarged bankrupts as of June 30 was 22, 283, a slight
0.5% increase from the month before. The government is hoping
that with a recovery in the electronics sector, the economy
would continue to pick up, and has predicted strong growth from
2.5% to 4.5% for 2005.


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

THAI HEAT: SET Allows Trading of Securities
-------------------------------------------
Starting July 29, 2005 the Stock Exchange of Thailand
(SET) allowed the securities of Thai Heat Exchange Public
Company Limited (THECO) to be traded on the SET after finishing
capital increase procedures.         

Name: THECO

Issued and Paid up Capital

Old: THB61,985,800
                   
Number of common Shares: 61,985,800 shares

New: THB123,971,600

Number of common Shares: 123,971,600 shares

Par value: THB1

Allocate to:  Existing Shareholders amount 61,985,800 shares

Ratio: 1 ordinary share: 1 new ordinary share

Offering Price: THB1

Subscription and payment period: July 4 to 18, 2005

CONTACT:

Thai Heat Exchange Pcl   
1364 Ramkhamhaeng Road,
Suan Luang Bangkok    
Telephone: 0-2318-2478-9, 0-2314-4582, 0-2319-1911-5   
Fax: 0-2318-2655, 0-2319-4268   
Web site: http://www.thaiheat.com
  

POWER-P: SEC to Consider Request for Extension
----------------------------------------------
The Securities and Exchange Commission (SEC) is looking over
Power-P Public Co. Ltd. and TCJ Asia Public Co. Ltd. request for
an extension of a previous order to conduct special audits on
their 2004 financial statements, Bangkok Post relates.

Both companies were requested to undergo special audit and
results should be submitted Monday.  Power-P requested for an
extension until August 31 while TCJ sought an August 5
submission.

TCJ was made to submit its 2004 financial and profit-and-loss
statements and conduct a special audit regarding goodwill
recognition in the acquisition of Toyo Millennium.

Power-P was directed to resubmit its 2004 and first-quarter 2005
statements and conduct a special audit on revenue recognition
and information disclosure.

SEC spokeswoman Nataya Niyamanusorn, said they would consider
the case this week. In the event that the companies would not be
able to submit the reports on time in case their requests are
denied, both would be in deem violation of SEC regulations.  

CONTACT:

Power-P Public Company Limited   
Laopengnguan Bldg 1,
333 Vibhavadi Rangsit Road,
Chatu Chak, Bangkok    
Telephone: 0-2618-8555-7, 0-2618-8888   
Fax: 6188078, 6188140-2



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

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


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


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

MALAYSIA
--------

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

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

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

SINGAPORE
---------

Pacific Century Regional          PAC      -145.53    1289.71

THAILAND
--------

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






                            *********


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

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

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

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without
prior written permission of the publishers.  Information
contained herein is obtained from sources believed to be
reliable, but is not guaranteed.

The TCR -- Asia Pacific subscription rate is $575 for 6 months
delivered via e-mail. Additional e-mail subscriptions for
members of the same firm for the term of the initial
subscription or balance thereof are $25 each.  For subscription
information, contact Christopher Beard at 240/629-3300.

                 *** End of Transmission ***