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

                     A S I A   P A C I F I C

             Monday, August 1, 2005, Vol. 8, No. 150

                            Headlines

A U S T R A L I A

AGENIX LIMITED: U.S. Clinical Experts Speak on ThromboView
AUSTRALIAN FOODS: Enters Administration
AUSTRAL SWISS: To Declare Dividend This Week
AVLA PTY: Creditors to Receive First, Final Dividend
BORETON PTY: Liquidator Set to Distribute Company Assets

CHEMEQ LIMITED: Overcomes Filtration Issue
CKN PACKAGING: Liquidator to Explain Wind Up Manner
DETPAK CARTONS: Placed Under Voluntary Liquidation
EKKA DECKER: Creditors Resolve to Wind Up Company
FELTEX CARPETS: Cuts Staff, Reduces Production to Boost Profit

F.I.T. TRAINING: Inability To Pay Debt Prompts Wind-up Action
FURNIMEX PTY: Members to Convene in Final Meeting
GARY LENG: Set to Distribute Dividend Soon
GOLDSTAR FORMWORK: Members Opt for Voluntary Liquidation
HIH INSURANCE: APRA Disqualifies Former Director

KASPER TRANSPORT: Liquidator to Detail Wind-up Process
KNIGHTS INSOLVENCY: June Net Cash Flow Lower Than May's
MALGORWIN PTY: Members Decide to End Operations
MARLEESH PTY: Stephen MacNamara Named Liquidator
MAYNE GROUP: Potential Investor Drops Interest

NATIONAL AUSTRALIA: Boss Says Things Have Changed at NAB
PAN PHARMACEUTICALS: Boss to Face Trial Next Year
PANTHER PETROLEUM: Begins Winding Up Proceedings
RENA WARE: Appoints Official Liquidator
RIGHT ON TARGET: Wind-up Process Initiated

STRATHFIELD: Admits Woes Are Not Over
TFC NOMINEES: Official Liquidator Named
TOPUP INTERNATIONAL: Members Decide to Liquidate
VOITRAINT NO.1424: Members Pass Winding Up Resolution
WESTERN ELECTRICAL: Creditors OK Liquidator's Appointment


C H I N A  &  H O N G  K O N G

BANK OF CHINA: UK Bank on Track to Acquire Stake
CAPITALCORP HONGKONG: Enters Voluntary Liquidation
ENGLONG INTERNATIONAL: Releases Creditors Meeting Notice
FAN IN ARTS: Schedules Winding Up Hearing August 31
FOUNDATION CONSTRUCTION: Receives Closure Notice

GOLDEN GOAL: Court to Hear Wind-up Petition August 24
HIGHGROVE LIMITED: Commences Winding Up Process
JILIN CHEMICAL: Notes Unusual Volume Movement
LAI SUN: Redeems HK$266M Bonds With HK$251 Mln
MEGA REWARD: Begins Liquidation Proceedings

SEMICONDUCTOR MANUFACTURING: Elects New Chairman
SUN'S GROUP: Adjourns Winding Up Hearing to October 10
TIME HILL: To Undergo Liquidation Process
XIN CORPORATION: FY/2005 Net Loss Shrinks to HK$11 Mln


I N D O N E S I A

BANK GLOBAL: Takes Final Steps Toward Dissolution
DIRGANTARA INDONESIA: To Supply Airplane Parts to Europe Agency
TELEKOMUNIKASI INDONESIA: Records Surge in Net Profit


J A P A N

HITACHI LIMITED: Details Stock Acquisition Rights
HITACHI LIMITED: To Launch Joint Monorail-engineering Firm
JAPAN AIRLINES: Unveil Route Changes
JAPAN AIRLINES: First Quarter Net Loss Narrows to JPY38.3 Bln
KAJIMA CORPORATION: Dissolves 3 Subsidiaries

MATSUSHITA ELECTRIC: Unveils 1Q/2005 Financial Result
SANYO ELECTRIC: Lease-Backed Trust Certificate Rated 'AAA'
SANYO ELECTRIC: To Unveil New Restructuring Scheme
UFJ HOLDINGS: Clarifies Merger Plan Report


K O R E A

KOOKMIN BANK: BOK Joins Hand with FSS on Probe
HYNIX SEMICONDUCTOR: 2Q/FY2005 Results Better than Expected


M A L A Y S I A

AFFIN HOLDINGS: To Negotiate Transfer of Shareholdings
GULA PERAK: Bourse Reprimands Firm
HAP SENG: Buys Back 108,600 Ordinary Shares
HARVEST COURT: Prepares for Proposed Corporate Exercise
METROPLEX BERHAD: Denies Content of News Article

PADIBERAS NASIONAL: Issues Additional Shares for Listing
POH KONG: Bourse Lists, Quotes Additional Shares
POLY GLASS: AGM Slated for Next Month
SETEGAP BERHAD: Withdraws Penang Road Project
TANJONG PUBLIC: Posts Changes in Share Capital Interest

WAH SEONG: Unit Enters Into Acquisition Agreement
WCT ENGINEERING: Unit Appeals Dismissal of Application
WCT ENGINEERING: Updates on Various Proposals


P H I L I P P I N E S

COLLEGE ASSURANCE: Disputes SEC's Takeover Plan
MAKATI MEDICAL: PLDT, Smart Denies Investment Plans
MAKATI MEDICAL: Mulls Expansion Amid Problems
MAYNILAD WATER: Php2.4-Bln Debt Payment Signals Lopezes' Exit
NATIONAL BANK: BPI Loses Interest in Stake

NATIONAL BANK: Indian Bank Puts Off Bidding Plans
NATIONAL POWER: Assures Uninterrupted Power Supply
NATIONAL POWER: Rate Hike Shores Up Cash Flow, Cuts Losses
NATIONAL POWER: ADB Gives Clearance to Transfer Assets to PSALM


S I N G A P O R E

CHARTERED SEMICONDUCTOR: Increases Bond Size, Lowers Yield
CITIRAYA INDUSTRIES: Court Approves Extension of Stay Order
D&Y BUILDERS: Creditors to Discuss Liquidator's Wind Up Report
FUSIEN HOLDINGS: Court Orders Wind Up
RECREAIDS PTE: Enters Liquidation Process

XUNG ASIA: Creditor Seeks Wind Up


T H A I L A N D

EMC: Acquires New Contract from Thai Central Chemical
TANAYONG: Moves Office Location

     -  -  -  -  -  -  -  -

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

AGENIX LIMITED: U.S. Clinical Experts Speak on ThromboView
----------------------------------------------------------
The development of Agenix's lead blood clot-imaging technology,
ThromboView, is accelerating as it continues to meet all key
milestones on its path to commercialization.

Final Phase Ib DVT clinical study results released last month
confirmed ThromboView is safe when administered to patients, and
the project is now nine months into the crucial Phase II DVT
trials in North America.

Agenix is now pleased to give shareholders and investors a
timely progress briefing. Two key U.S. clinical experts involved
in Phase II trials will join with Professor Paul Eisenberg and
Mr. Don Home to update you with this important information.

Briefings in Sydney and Melbourne will cover the latest study
data, the future clinical and commercial plans for ThromboView,
status of new product development opportunities, and allow
investors to hear directly from some of the world's leading
experts in the treatment of DVT and PE.

Speakers at each briefing will be:
Mr. Don Home
Managing Director
Agenix Limited

Professor Paul Eisenberg
Chair of Agenix's Molecular Diagnostic
Imaging Scientific Advisory Board

Professor Richard White
Professor of Medicine, Chief
University of California, Davis,
Sacramento and
Associate Professor Tim Morris
Associate Professor - Division of
Pulmonology and Critical Care
Medicine
University of California, San Diego

Mr. Home will discuss ThromboView's commercialization strategy,
including key milestones being targeted for the near future.

Professor Eisenberg will discuss ThromboView's progress in
clinical trials, including key milestones achieved, future
plans, and the quality of key collaborators involved in the
ThromboView project.

Professor White, who will speak at the Melbourne briefing, and
Associate Professor Morris, who will address the Sydney
briefing, are highly regarded clinical investigators from the
ongoing Phase II DVT study. They will discuss the current
clinical needs for accurate diagnosis of DVT and PE and also
outline additional potential applications for ThromboView in
clinical practice.

This is an important briefing that will appeal to all Agenix
shareholders and investors wanting the latest information in
biotechnology development.

SYDNEY

Date: Tuesday 9th August
Venue: The Grace Hotel
Address: 77 York Street
Time: 4.30pm - 6.00pm

MELBOURNE

Date: Wednesday 10th August
Venue: The Novotel Melbourne
Address: 270 Collins Street
Time: 4.30pm - 6.00pm

Information presented at the briefings will be available at
www.agenix.com from 9 August, for those unable to attend.

RSVP: Kerry Ryan (rsvp@agenix.com) or phone: 07 3370 6310 by
August 4th please.

CONTACT:

Agenix Limited
11 Durbell Street
Acacia Ridge QLD 4110
Phone: +61 7 3370 6396
Fax: +61 7 3370 6347
E-mail: mail@agenix.com
Web site: www.agenix.com


AUSTRALIAN FOODS: Enters Administration
---------------------------------------
An administrator has been named for Australian Foods Company
(AFC) this month, according to Countryman News.

Attadale's Newman Partners principal Glenn Trinick was on July
12 appointed administrator of the company, which owes WA farmers
and other creditors about AU$7 million.

Mr. Trinick, who was tapped by South Australian court-appointed
liquidator Alan Scott, of Sims Partners, is tasked to make a
report on the company's affairs so creditors can decide its
future, even though WA Supreme Court-appointed receiver manager
Barry Honey has already written a report regarding AFC's
financial arrangements, lodged with the WA Supreme Court last
year.

This report recommended the company be wound up, finding debts
in the order of AU$7 million, and at the time, assets of
approximately AU$300,000, which are likely to be wiped out in
fees to the receiver manager.

Mr. Trinick said an initial meeting of the creditors was held a
week ago.

The meeting confirmed the appointment of Mr. Trinick as
administrator and agreed to appoint a committee of creditors
comprising Alan Milson, John Cornwall, David Godfrey, Barry
Harrap and Philip Spark.

Mr. Trinick said it was required that a second meeting be called
within five business days after 21 days from his appointment -
where creditors had to vote on whether to liquidate, or accept a
proposed deed of company arrangement, or they could call for the
meeting to be adjourned for up to 60 days.

Meanwhile, the Australian Securities and Investments Commission
(ASIC) is continuing investigations into AFC despite dropping
Supreme Court action seeking to wind up the company.

The corporate watchdog withdrew its WA Supreme Court application
to have AFC wound-up in May 2005, on the basis that subsequent
to ASIC launching initial proceedings over concerns of AFC's
solvency in October 2004, the grain trader had been placed into
liquidation by the Supreme Court of South Australia.

According to ASIC, it had sought the orders, made on May 12, to
dismiss its winding up application in respect of AFC because
"the Supreme Court of South Australia had ordered that AFC be
wound up and appointed Mr. Alan Scott of SimsPartners as
liquidator or AFC".

The action, which resulted in the appointment of liquidator Alan
Scott, in the South Australia Supreme Court in January this
year, was brought against AFC by South Australian farming
business Dunbar Pastoral, owed AU$39,611, and as independent of
the ASIC led proceedings in the WA Supreme Court.

Regardless, it appears that there is little money left for AFC
creditors. AFC's debt, according to court-appointed receiver
manager Barry Honey, is AU$7 million.

CONTACT:

Australian Foods Company
Level 9, Septimus Roe Square,
256 Adelaide Terrace, Perth 6000
Western Australia
Phone: 0061 8 9225 4988
Fax: 0061 8 9225 6392
E-mail: info@australianfoods.com
Web site: http://www.australianfoods.com.au


AUSTRAL SWISS: To Declare Dividend This Week
--------------------------------------------
Austral Swiss Knitting Pty Limited is set to declare a first and
final dividend on Aug. 5, 2005.

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

Dated this 24th day of June 2005

Nick Malanos
Liquidator
Star Dean-Willcocks
Level 1, 32 Martin Place
Sydney NSW 2000


AVLA PTY: Creditors to Receive First, Final Dividend
----------------------------------------------------
A first and final dividend is to be declared on Aug. 3, 2005,
for Avla Pty Limited.

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

Dated this 22nd day of June 2005

Kim Holbrook
Holbrook & Associates
Chartered Accountants
Level 2, 19 Pier Street (GPO Box M925)
Perth WA 6001


BORETON PTY: Liquidator Set to Distribute Company Assets
--------------------------------------------------------
Notice is hereby given that a duly constituted meeting of
members of Boreton Pty Limited was held on June 22, 2005, where
members passed the following special resolutions:

(1) That the company be wound up voluntarily;

(2) That the liquidator be and hereby authorized to distribute
in specie or kind such assets of the Company as the liquidator
may deem fit.

At the same meeting, Anthony M. Long of Boyce Chartered
Accountants, 19 Montague Street Goulburn, was appointed as the
Company's liquidator.

Dated this 22nd day of June 2005

Anthony M. Long
Liquidator
c/o Boyce
Chartered Accountants
19 Montague Street, Goulburn NSW 2580


CHEMEQ LIMITED: Overcomes Filtration Issue
------------------------------------------
Chemeq Limited on Friday announced that the recent installation
of new equipment at the Company's Rockingham manufacturing
facility has been successful and shown to overcome the
filtration issue identified during commissioning of the plant.

On initial commission at Chemeq's manufacturing plant, the
formulation of end product, CHEMEQ polymeric antimicrobial,
which incorporates its active pharmaceutical ingredient (API),
proceeded in accordance with expectations. However, the
filtration step in the production of API did not operate as
expected at a commercial scale - and this limited total output
of CHEMEQ polymeric antimicrobial at the plant.

To address this issue, Chemeq tested its developmental concept
by recently installing a new unit, designed to increase the
capacity of the filtration step in the production process. In
production tests, the newly installed unit has given rise to a
total process capability of 55% of nameplate capacity.

Chemeq will now install a further unit which should allow,
combined with current manufacturing process improvements in-
hand, still-higher total process capacity.

Chemeq Executive Chairman Dr. Graham Melrose said that based on
production tests following installation of the first unit,
Chemeq has overcome the filtration issue.

"The first unit has worked as planned, and we will now install,
commission and validate the second unit over coming months."

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/


CKN PACKAGING: Liquidator to Explain Wind Up Manner
---------------------------------------------------
Notice is hereby given that pursuant to Section 509 of the
Corporations Law, the Final Meeting of CKN Packaging Pty Limited
will be held on Aug. 9, 2005, 10:00 a.m. at Level 3, 1 Bogler
Street, Campbelltown, NSW, to lay before the meeting the
liquidator's final account and report and giving any explanation
thereof.

Dated this 27th day of June 2005

Michael William Elsley
Liquidator
Level 3, 1 Bogler Street
Campbelltown NSW


DETPAK CARTONS: Placed Under Voluntary Liquidation
--------------------------------------------------
At an Extraordinary General Meeting of Detpak Cartons Pty
Limited held on June 21, 2005, the Company's members resolved to
wind up the Company, and to appoint Timothy Paul Burfield and
Anthony Stevens Smith of Ernst & Young, Level 21, 91 King
William Street, Adelaide, South Australia as joint and several
Liquidators for such purpose.

Dated this 21st day of June 2005

Timothy P. Burfield
Anthony S. Smith
Joint and Several Liquidators
Ernst & Young
Level 21, 91 King William Street
Adelaide SA 5000
Telephone (08) 8233 7111


EKKA DECKER: Creditors Resolve to Wind Up Company
-------------------------------------------------
Notice is hereby given that at a creditors' meeting of Ekka
Decker Pty Limited held on June 22, 2005, creditors resolved
that the Company be wound up pursuant to section 491(1) of the
Corporations Act, and appointed John Vouris to be Liquidator for
such purpose.

Dated this 24th day of June 2005

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


FELTEX CARPETS: Cuts Staff, Reduces Production to Boost Profit
--------------------------------------------------------------
The Feltex Board announced that after a profitable fourth
quarter for the year ended 30 June 2005, the preliminary
unaudited operating result (before one-off restructuring costs)
for the 2005 financial year is NZ$13 million (NPAT). This is
NZ$1 million higher than the 20 June Earnings Guidance. The
Board reaffirms that no final dividend will be payable.

The Board continues to move with urgency on its commitment to
improve operating profitability. Forty-two additional salaried
positions will be made redundant, in addition to the four senior
executives whose departure was announced earlier. Inventory
levels are being reduced to match sales demand. The review of
operations is continuing. And the Board has resolved to seek
financial information from Godfrey Hirst to further consider
their request for merger discussions.

Preliminary unaudited operating result for the year ended 30
June 2005:

The preliminary unaudited operating result for the year ended 30
June 2005 is NZ$13 million (NPAT) which is NZ$1 million or 8.3%
higher than the 20 June Earnings Guidance of NZ$11.5million to
NZ$12million. This is before providing for one-off restructuring
costs for the CEO and four senior executives who are leaving the
company.

The slight improvement in the NPAT is due to several factors:
slightly higher sales; slightly lower sales rebates to
retailers; tighter control of overheads; the slightly better
performance of Carpet Call, the 50% owned carpet retailer; and
the accounting for previously unrecognized timing differences in
taxation.

As previously announced, there is an one-off restructuring cost
for the four senior executives of NZ$1.2million (NZ$840,000
after tax), mainly comprising contractual employment
entitlements, that will be provided for in the 2005 financial
year result. The cost associated with the departure of the CEO,
Mr. Sam Magill will be provided for in the audited results for
the 2005 financial year. The announcement of the audited result
on 24 August will include a full review and analysis of the
financial performance of the company, quantifying one-off costs
incurred during the year.

Operating Conditions

The operating conditions that were experienced in the 4th
quarter of lower sales, pressure from imports and tighter
margins are expected to continue into the first quarter of the
2006 financial year. The company is operating profitably under
these conditions, but at a level that is unsatisfactory to the
Board. The review of operations will generate savings that will
improve profitability for the 2006 year.

Operational review

The Board is making 42 salaried positions redundant as part of
the first phase of the operational review, in addition to the
previously announced departure of four senior executives. The
annualized savings for the 46 positions will be NZ$4 million
before tax and for the 2006 year the savings will be
approximately NZ$3.2 million before tax. The one-off redundancy
costs, including the NZ$1.2 million restructuring cost for the
earlier announced four executives, total NZ$3.4 million before
tax.

A full review of the manufacturing operations is underway,
assisted by external advisors. Initial decisions on the review
of manufacturing operations will be implemented this year and
deliver savings in this financial year.

Inventory Levels

With the slowdown in sales as a result of market conditions,
particularly in Australia, inventory levels have increased over
the last five months. This is being addressed by reducing
production levels. Consultation is underway with staff and
unions at North Island yarn and carpet plants to temporarily
reduce the working week. The cooperation of the unions and staff
in working towards the objective of reducing production to bring
inventory levels back in line with demand is appreciated.

Further details on the plan to lower inventory levels and
decrease working capital levels will be provided with the
audited annual result on 24 August.

New CEO

The Board is working with an international search firm and it
remains the Board's objective that an announcement on the new
CEO will be made by the Annual Shareholders Meeting in December.

Godfrey Hirst's request for discussions on a possible merger

In late June, the privately owned family company, Godfrey Hirst
Australia Pty Ltd acquired 5.8% of the company's shares and
proposed to Feltex that the two companies consider merger
discussions. Following an initial meeting with Godfrey Hirst,
the Board has resolved to request Godfrey Hirst to provide to
Feltex financial information that is comparable to the publicly
available information on Feltex.

The Board is looking constructively at the request for merger
discussions and with a clear understanding that any merger must
be fair and reasonable to Feltex shareholders. Any merger must
create value for Feltex shareholders in excess of the
improvement in value that will arise from the changes to the
company that the Board has underway, or will be evaluating in
the near future. It should also create value in excess of
external alternative opportunities that it is considering and
evaluating.

In the meantime the Board will continue with its programme of
restructuring the business to restore earnings to levels that
reflect the required return on funds employed.

Conclusion

A full analysis of the 2005 year will be provided with the
audited annual results to be released on 24 August. The company
is trading profitability and a range of measures that will
positively impact on current profitability is being implemented.

CONTACT:

Feltex Carpets Ltd
Feltex Centre
145 Symonds Street
PO Box 2884
Auckland
Telephone: +64 9 379 1900
Fax: +64 9 379 1911
E-mail: feedback@feltex.com
Web site: http://www.feltex.com/


F.I.T. TRAINING: Inability To Pay Debt Prompts Wind-up Action
-------------------------------------------------------------
Notice is hereby given that at an Extraordinary General Meeting
of F.I.T. Training Company Pty Limited held on June 21, 2005,
the following Special Resolution was duly passed:

That as the Company may not be able to pay its debts within 12
months, it would be wound up voluntarily by creditors.

Chris Chamberlain of Nicholls & Co. Chartered Accountants, Suite
103, 1st Floor, Wollundry Chambers, Johnston Street, Wagga Wagga
NSW was appointed Liquidator for the winding up.

Dated this 22nd day of June 2005

Chris Chamberlain
Liquidator
Suite 103, 1st Floor
Wollundry Chambers, Johnston Street
Wagga Wagga NSW 2650


FURNIMEX PTY: Members to Convene in Final Meeting
-------------------------------------------------
Notice is hereby given that the final meeting of members of
Furnimex Pty Limited will be held on Aug. 8, 2005, 11:00 a.m. at
Suite 601, 3 Waverley Street, Bondi Junction, for the purpose of
having laid before its members by the liquidator an account
showing how the winding up has been conducted and the property
of the Company disposed of.

Dated this 27th day of June 2005

G. A. Marx
Liquidator
Suite 601, 3 Waverley Street
Bondi Junction NSW 2022


GARY LENG: Set to Distribute Dividend Soon
------------------------------------------
Gary Leng Transport Pty Limited will declare a first and final
dividend on Aug. 5, 2005.

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

Dated this 22nd day of June 2005

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


GOLDSTAR FORMWORK: Members Opt for Voluntary Liquidation
--------------------------------------------------------
Notice is hereby given that at a general meeting of members of
Goldstar Formwork Pty Limited held on June 23, 2005, it was
resolved that the company be wound up voluntarily and that for
such purpose, Joseph Sleiman, Certified Practising Accountant of
Sleiman & Co, 8th Floor 65 York Street, Sydney, be appointed
liquidator of the Company.

Dated this 23rd day of June 2005

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


HIH INSURANCE: APRA Disqualifies Former Director
------------------------------------------------
The Australian Prudential Regulation Authority (APRA) has
announced the disqualification of Mr. Dominic Fodera from being
or acting as a director or senior manager of a general insurer
under the Insurance Act 1973.

Mr. Fodera held various senior positions at HIH Insurance Group
from 1995 to March 2001 including, at various times- Group Chief
Financial Officer, HIH Finance Director and Chief Operating
Officer.

A delegate of APRA found that during the period 1998 to 2000
there were a number of instances where Mr. Fodera failed to
disclose to HIH's Board and auditors material information and
advice. He did so, knowing that, if this information was
appropriately assessed and accounted for, it would have resulted
in a more accurate but far less favorable financial condition
and solvency position for HIH.

APRA's Deputy Chairman, Mr. Ross Jones, said that the regulator
expects the senior management of authorized insurers to ensure
that financial arrangements are properly reported and booked,
and that boards, auditors and APRA are fully informed about any
matters likely to materially affect an insurer's financial
position.

CONTACT:

Ardele Blignault
Head of Public Affairs
Australian Prudential Regulation Authority
Telephone: 02 9210 3384
Mobile: 0438 124 524


KASPER TRANSPORT: Liquidator to Detail Wind-up Process
------------------------------------------------------
Notice is hereby given that a final meeting of members and
creditors of Kasper Transport Services Pty Limited will be held
on Aug. 8, 2005, 10:00 a.m. at The Meeting Room, Level 14, 25
Bligh Street, Sydney, to have an account laid before them
showing the manner in which the winding up has been conducted
and the Company property disposed of, and hearing any
explanations that may be given by the Liquidator.

Dated this 5th day of July 2005

G. G. Woodgate
Liquidator
Woodgate & Co.
Phone: (02) 9233 6088
Fax:   (02) 9233 1616


KNIGHTS INSOLVENCY: June Net Cash Flow Lower Than May's
-------------------------------------------------------
Knights Insolvency Administration Limited has released its
unaudited Appendix 4C for the month ended June 30, 2005.

The final cash flow for the year is subject to audit. In
addition, the Company makes the following comments in relation
to the Appendix 4C in accordance with the requirements of the
ASX Listing Rules relating to Continuous Disclosure.

The net operating cash flow for the month of June was AU$0.148
million which was less than the outflow of AU$0.219 million in
May.

The Company continues to extract cost savings from the expense
base to reduce its monthly cash outflows.

Cash Receipts from Customers for the month of June were AU$0.543
million. This was AU$0.212 million above that achieved in May.

As detailed in last month's announcement, the Company secured an
additional funding facility from ANZ bank that should, with some
additional funding from a share issue, enable the Company's
operations to be funded until a General Meeting can be called in
September to approve a recapitalization proposal that is
currently under consideration. The facility is an overdraft
facility.

A further announcement relating to the General Meeting is
expected to be made in the coming weeks.

CONTACT:

Knights Insolvency Administration Ltd
Level 14, Brisbane Club Tower
241 Adelaide Street
Brisbane QLD 4000
Phone: 61-7-3004 3200
Fax: 61-7-3004 3201
Web site: http://www.knights.com.au/


MALGORWIN PTY: Members Decide to End Operations
-----------------------------------------------
Notice is hereby given that at a shareholders' meeting of
Malgorwin Pty Limited duly convened and held on June 21, 2005,
it was resolved that the Company be wound up voluntarily, and
that Mr. Grantham Charles Beeston and Mr. Marco Carlei of Moore
Stephens HF, Chartered Accountants, 14th Floor, 607 Bourke
Street, Melbourne be appointed Joint and Several Liquidators for
such purpose.

Dated this 28th day of June 2005

Grantham C. Beeston
Marco Carlei
Joint & Several Liquidators
Moore Stephens HF
Chartered Accountant
14th Floor, 607 Bourke Street
Melbourne Vic 3000


MARLEESH PTY: Stephen MacNamara Named Liquidator
------------------------------------------------
Notice is hereby given that at a general meeting of Marleesh Pty
Limited duly convened and held on June 17, 2005, the following
special resolution was duly 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


MAYNE GROUP: Potential Investor Drops Interest
----------------------------------------------
Mayne Group has strived to convince the market it is not up for
sale following the unveiling of its demerger plan earlier in the
year, according to The Age.

There has been much speculations going on particularly in
relation to the company's domestic businesses, but one potential
acquirer of the global pharmaceutical business appears to have
removed itself from the game.

The world's largest generic drug maker, Teva Pharmaceuticals, is
in negotiations to buy U.S. player Ivax Corporation for a
reported US$7.5 billion (AU$9.8 billion) in cash and stock in
the latest round of consolidation to hit the industry.

The Israeli company knows the Mayne business. It had an option
to buy it for US$350 million a few years back, but it seemed
like it too busy right now to consider another takeover.

Analysts have valued Mayne at US$1.5-US$2 billion.

CONTACT:

Mayne Group
Level 21/390 St Kilda Rd
Melbourne 3004
Phone: +613 9868-0700
Web site: http://www.maynegroup.com/


NATIONAL AUSTRALIA: Boss Says Things Have Changed at NAB
--------------------------------------------------------
National Australia Bank's (NAB) chief executive officer was
proud to say that things have changed for the better at NAB
after the bank found, probed and apologized for its AU$80-
million snafu, The Age relates.

Ahmed Fahour said NAB's discovery and admission that it has
unintentionally overcharged thousands of its customers is proof
the bank has improved and is no longer afraid to lay its
mistakes out in the open.

Mr. Fahour, who joined NAB almost a year ago, said he was proud
of his staff for uncovering the mistakes, saying the
investigation that exposed the errors might not have taken place
under previous regimes.

The new CEO is striving to restore NAB's reputation tarnished by
last year's forex scandal and board disintegration.

His comments came after NAB revealed more information about the
account overcharging that was first disclosed about six months
ago. It emerged that as many as 140,000 customers, mostly
business customers, were wrongly charged debits tax totaling
about AU$10 million.

NAB will reimburse all wrongly charged accounts and pay AU$18
million in lost interest. Mr. Fahour has apologized.

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/


PAN PHARMACEUTICALS: Boss to Face Trial Next Year
-------------------------------------------------
Pan Pharmaceuticals founder and former chief executive, Jim
Selim, is set to face a four-week trial next year, according to
The Australian.

New South Wales District Court Justice Peter Berman on Friday
ordered Mr. Selim to stand trial, beginning March 13 next year,
for deliberately destroying evidence which showed drug tests
results had been changed.

Mr. Selim is charged of procuring the destruction of computer
data, knowing it would be required for judicial proceedings.

Pan Pharmaceuticals fell into voluntary administration in May
2003 after the Therapeutic Goods Administration (TGA) ordered a
recall of the drug maker's nutritional supplements and
medicines, including the travel sickness medication Travacalm.

It has been alleged that Mr. Selim asked Pan Pharmaceuticals' IT
manager to get rid of tests results from the company computer, a
day after a TGA auditor discovered the results had been
manipulated.

It was alleged the computer files showed the company had changed
test results, which found the active ingredient in Travacalm was
34 times higher than the correct dose.

Mr. Selim's bail has been continued.


PANTHER PETROLEUM: Begins Winding Up Proceedings
------------------------------------------------
Notice is hereby given that at an extraordinary general meeting
of members of Panther Petroleum Pty Limited held on June 24,
2005, it was resolved that the Company be wound up voluntarily
and at a meeting of creditors held later that day it was
resolved that for such purpose, Peter Paul Krejci of GHK Green
Krejci, Level 9, 179 Elizabeth Street, Sydney NSW 2000 be
appointed Liquidator.

Dated this 24th day of June 2005

Peter P. Krejci
Liquidator
GHK Green Krejci
Level 9, 179 Elizabeth Street
Sydney NSW 2000


RENA WARE: Appoints Official Liquidator
---------------------------------------
Notice is hereby given that at a general meeting of members of
Rena Ware Distributors Pty Limited held on June 23, 2005, it was
resolved that the Company be wound up voluntarily and that
Kenneth M. Whittingham of BDO Chartered Accountants & Advisers,
2 Market Street, Sydney, be appointed liquidator of the Company.

Dated this 23rd day of June 2005

Kenneth M. Whittingham
Liquidator
BDO Chartered Accountants & Advisers
Level 19, 2 Market Street
Sydney NSW 2000


RIGHT ON TARGET: Wind-up Process Initiated
------------------------------------------
Notice is given that Morgan Lane and Ivor Worrell, Registered
Liquidators of Worrells, Level 3, 333 George Street, Sydney NSW
2000, were appointed Liquidators of Right on Target Marketing
Pty Limited at a general meeting of the Company's members on
June 22, 2005.

Dated this 24th day of June 2005
Morgan Lane
Ivor Worrell
Liquidators
Worrells Solvency & Forensic Accountants
Level 3, 333 George Street
Sydney NSW 2000
Web site: http://www.worrells.net.au


STRATHFIELD: Admits Woes Are Not Over
-------------------------------------
It seemed like there's more trouble ahead for embattled car
audio retailer Strathfield Group, the Sydney Morning Herald has
learned.

On Thursday, Strathfield admitted it was in default of covenants
to key financiers, downgraded its profit for the fourth time
this year, and announced that founder and director Andrew Kelly
planned to cut ties in a deal leaving the ailing retailer down
AU$3 million.

Detailing an AU$13.92 million rights issue, Strathfield said it
now expected its full-year loss could be up to AU$7.5 million
due mainly to sluggish winter sales.

Strathfield's shares have plunged as much as 84 percent since
December following successive profit warnings and the
resignation of three directors, who cited concerns about
corporate governance.

The non-renounceable rights issue involves issuing one new
ordinary fully paid ordinary share at 4 cents for every share
held, plus one free option exercisable at 7 cents before March
2008.

Strathfield has secured a further AU$5 million in funding, not
yet approved by the board, to cover repayment of current
convertible notes due later this year.

The retailer also disclosed Mr. Kelly was seeking an
"alternative repayment plan" on the AU$7.6 million "owed" by his
Cavastowe company whereby he would resign from Strathfield's
board and repay just AU$5.5 million on "an extended interest-
free repayment timetable". Strathfield would pay the shortfall
with a "net present value profit impact of an additional AU$3
million loss".

On Monday, the Company has inked a "forbearance agreement" with
financiers GE Commercial, admitting "it is in default of certain
non-monetary covenants under the facility with GE.

GE has reportedly agreed at the request of the company to
forbear from exercising its rights as a result of the default"
until May 31, 2006, and to continue to provide financial
accommodation under the facility agreement.

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/


TFC NOMINEES: Official Liquidator Named
---------------------------------------
Notice is given that at a general meeting of the members of TFC
Nominees Pty Limited held on June 16, 2005, Paul Burness,
Registered Liquidator of Worrells, Level 5 15 Queen Street,
Melbourne Vic 3000, was appointed Liquidator of the Company.

Paul Burness
Liquidator
Worrells Solvency & Forensic Accountants
Web site: http://www.worrells.net.au


TOPUP INTERNATIONAL: Members Decide to Liquidate
------------------------------------------------
At a general meeting of the members of Topup International Pty
Limited duly convened and on June 22, 2005, the following
special resolution was passed:

That the company be wound up voluntarily.

Dated this 22nd day of June 2005

Neil Lindsay Hermes
Director
c/o Frank Lo Pilato
RSM Bird Cameron Partners
103-105 Northbourne Avenue
Turner ACT 2611
Phone: (02) 6247 5988


VOITRAINT NO.1424: Members Pass Winding Up Resolution
-----------------------------------------------------
Notice is hereby given that at a general meeting of members of
Voitraint No.1424 Pty Limited held on June 16, 2005, it was
resolved that the Company be wound up voluntarily, and that Paul
Burness and Morgan Lane of Messrs Worrells, Solvency & Forensic
Accountants, Level 5, 15 Queen Street, Melbourne Vic 3000 be
appointed Liquidators for such winding up.

Paul Burness
Morgan Lane
Meesrs. Worrells
Solvency & Forensic Accountants
Level 5, 15 Queen Street
Melbourne, Vic 3000


WESTERN ELECTRICAL: Creditors OK Liquidator's Appointment
---------------------------------------------------------
Notice is hereby given that at a General Meeting of Members of
Western Electrical Maintenance Pty Limited held on June 20,
2005, a Special Resolution that the Company be wound up
voluntarily was passed by members, and M. F. Cooper was
appointed Liquidator. Creditors later confirmed the Liquidator's
appointment at a meeting of creditors held that same day.

Dated this 23rd day of July 2005

M. F. Cooper
Liquidator
Frasers Insolvency Advisory
Level 9, 99 Elizabeth Street
Sydney NSW 2000


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

BANK OF CHINA: UK Bank on Track to Acquire Stake
------------------------------------------------
Royal Bank of Scotland Plc. is set to acquire a 15-percent stake
in the Bank of China (BOC) by early next month, the South China
Morning Post reports.

The Edinburgh-based bank signed a memorandum of understanding
(MoU) with BOC in April and the two parties were negotiating a
sale of as much as 15 percent, which could amount to US$5
billion, the newspaper said.

The deal would be another step in the massive restructuring of
China's banking sector as the country is fully opening the
sector to foreign competition by the end of next year.

China has injected US$60 billion into BOC, China Construction
Bank and Industrial & Commercial Bank of China (ICBC) and
encouraged them to look for strategic investors to help improve
operating standards and risk controls.

CONTACT:

Bank of China
1 Fuxingmen Nei Dajie
Beijing, 100818, China
Phone: +86-10-6659-6688
Fax: +86-10-6601-4024
Web site: http://www.bank-of-china.com


CAPITALCORP HONGKONG: Enters Voluntary Liquidation
---------------------------------------------------
Notice is hereby given that the creditors of Capitalcorp
Hongkong Limited (In Creditors' Voluntary Liquidation) are
required on or before the close of business on August 5, 2005 to
send their names, addresses and descriptions, full particulars
of their debts or claims, as well as the names and addresses of
their solicitors (if any) to the undersigned at 27th Floor,
Alexandra House, 16-20 Chater Road, Central, Hong Kong.

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

Dated this 22nd day of July 2005

NICHOLAS PETER ETCHES
Joint and Several Liquidator


ENGLONG INTERNATIONAL: Releases Creditors Meeting Notice
--------------------------------------------------------
Notice is hereby given that pursuant to Section 207(7) of the
Companies Ordinance (Chapter 32), a meeting of creditors of
Englong International Limited (In Voluntary Liquidation) will be
held at 13th Floor, Gloucester Tower, The Landmark, 11 Pedder
Street, Central, Hong Kong on August 10, 2005 at 11 a.m. for the
purpose of considering and if deemed appropriate filling the
vacancy in the Committee of Inspection arising from the
resignation of a committee member.

Creditors may attend and vote either in person or by proxy.
Proxies to be used at the meeting must be lodged at 13th Floor,
Gloucester Tower, The Landmark, 11 Pedder Street, Central, Hong
Kong or sent by fax to 2218 3534 not later than 4 p.m. on the
day before the meeting or any adjourned meeting at which they
are to be used.

Datd this 29th day of July 2005

Wong Kwok Man
Joint & Several Liquidator


FAN IN ARTS: Schedules Winding Up Hearing August 31
---------------------------------------------------
Notice is hereby given that a Petition for the Winding up of Fan
In Arts and Crafts Company Limited by the High Court of Hong
Kong Special Administrative Region was on July 4, 2005 presented
to the said Court by Bank of China (Hong Kong) Limited (the
successor banking corporation to Kincheng Banking Corporation
pursuant to Bank of China (Hong Kong) Limited (Merger) Ordinance
(Cap.1167) whose registered office is situated at 14th Floor,
Bank of China Tower, 1 Garden Road, Hong Kong.  

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

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

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

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

Note:

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


FOUNDATION CONSTRUCTION: Receives Closure Notice
------------------------------------------------
Foundation Construction Company Limited whose place of business
is located at Room 1816, Parklane Square, No. 2 Tuen Hi Road,
Tuen Mun, New Territories was issued a winding up order notice
by the High Court of the Hong Kong Special Administrative Region
Court of First Instance on July 13, 2005.

Date of Presentation: May 18, 2005

Dated this 22nd day of July 2005

Lee Mei Yee May
Acting Official Receiver


GOLDEN GOAL: Court to Hear Wind-up Petition August 24
-----------------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Golden Goal Media Limited by the High Court of Hong Kong was on
June 22, 2005 presented to the said Court by Leung Hoi Yan of
Room 1923, Ming Yan Lau, Jat Min Chuen, Shatin, New Territories,
Hong Kong.  

The said petition is to be heard before the Court at 9:30 a.m.
on August 24, 2005.

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

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

(BETTY CHAN)
For Director of Legal Aid
34th Floor, Hopewell Centre
183 Queen's Road East, Wanchai
Hong Kong

Note:

Any person who intends to appear at the hearing of the said
petition must serve on or send by post to the abovenamed, notice
in writing of his intention to do so.  The Notice must state the
name and address of the person, or if a firm or his or their
Solicitor (if any) and must be served or if posted, must be sent
by post in sufficient time to reach the abovenamed not later
than six o'clock in the afternoon of August 23, 2005.


HIGHGROVE LIMITED: Commences Winding Up Process
-----------------------------------------------
Highgrove Limited whose place of business is located at Room
2401, 24/F, Well Tech Centre, No 7-9 Pat Tat Street, San Po
Kong, 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 13, 2005

Dated this 22nd day of July 2005

Lee Mei Yee May
Acting Official Receiver


JILIN CHEMICAL: Notes Unusual Volume Movement
---------------------------------------------
The Stock Exchange has received a message from Jilin Chemical
Industrial Company Limited, which is reproduced as follows:

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

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

The Company also confirm that there are no negotiations or
agreements relating to intended acquisitions or realizations
which are discloseable under rule 13.23, neither is the Board
aware of any matter discloseable under the general obligation
imposed by rule 13.09, which is or may be of a price-sensitive
nature.

Made by the order of the Board of Jilin Chemical Industrial
Company Limited, the directors of which individually and jointly
accept responsibility for the accuracy of this statement.

(Executive directors Yu Li, Shi Jianxun, Zhang Xingfu; non-
executive directors Xu Fengli, Ni Muhua, Jiang Jixiang, Lan
Yunsheng and independent non-executive directors Lu Yanfeng,
Wang Peirong, Zhou Henglong, Fanny Li)
    
By order of the Board

Zhang Liyan
Company Secretary
Jilin, the People's Republic of China
July 28, 2005"


LAI SUN: Redeems HK$266M Bonds With HK$251 Mln
----------------------------------------------
The Directors of Lai Sun Development Company Limited announced
the redemption in full of the outstanding principal amount of
the HK$266,058,100 Zero Coupon Guaranteed Bonds due December 31,
2005 issued by Lai Sun International Finance (2004A) Limited and
guaranteed by Lai Sun Development Company Limited.

This announcement is made under the general disclosure
requirements under Rule 13.09 of the Listing Rules.

For a copy of the press release, go to
http://bankrupt.com/misc/tcrap_laisun0729.pdf

CONTACT:

Lai Sun Development Company Limited
11/F Lai Sun Commercial Centre
680 Cheung Sha Wan Road
Kowloon, Hong Kong
Phone: 27410391  
Fax: 27852775  
Web site: http://www.laisun.com.hk


MEGA REWARD: Begins Liquidation Proceedings
-------------------------------------------
Mega Reward Construction Limited whose place of business is
located at Flat 2, 30/F, Yan Kuk House, Yan Ming Court, 100 Po
Lam Road NOrth, Tseung Kwan O, New Territories was issued a
winding up order notice by the High Court of the Hong Kong
Special Administrative Region Court of First Instance on July
13, 2005.

Date of Presentation: May 13, 2005

Dated this 22nd day of July 2005

Lee Mei Yee May
Acting Official Receiver


SEMICONDUCTOR MANUFACTURING: Elects New Chairman
------------------------------------------------
Semiconductor Manufacturing International Corporation announces
that in order to comply with code provision A2.1. of the Code on
Corporate Governance Practices contained in Appendix 14 of the
Rules Governing the Listing of Securities on The Stock Exchange
of Hong Kong Limited regarding the segregation of the roles of
chairman and chief executive officer of the Company, the board
of directors of the Company elected Professor Yang Yuan Wang ,
an existing independent non-executive director of the Company,
as chairman of the Board (the Chairman) to succeed Dr. Richard
Ru Gin Chang with effect from July 28, 2005.

Prof. Wang will remain as an independent non-executive director
of the Company. Dr. Chang will remain as an executive director
and the Chief Executive Officer of the Company.

Prof. Wang, age 70, has been a Company director since 2001.
Prof. Wang has more than 40 years of experience related to the
semiconductor industry. He is the chairman of the board of
directors of Semiconductor Manufacturing International
(Shanghai) Corporation, Semiconductor Manufacturing
International (Beijing) Corporation and Semiconductor
Manufacturing International (Tianjin) Corporation and is also
the Chief Scientist of the Microelectronics Research Institute
at Beijing University.

He is a fellow of the Chinese Academy of Sciences, of The
Institute of Electrical and Electronics Engineers (USA) and of
The Institute of Electrical Engineer (UK). Prof. Wang has not
entered into any services contract with the Company. Prof.
Wang's appointment as Chairman will cease upon his ceasing to be
a director of the Company. In accordance with the Articles of
Association of the Company, he will retire as a director at the
Company's 2007 annual general meeting of the shareholders and
will then be eligible for re-election to hold office for an
additional three years.

Prof. Wang currently is interested in 500,000 shares in the
Company within the meaning of Part XV of the Securities and
Futures Ordinance. Prof. Wang is not related to any director or
the senior management of the Company or with any substantial or
controlling shareholder of the Company.

As at the date of this announcement, the directors of the
Company are Yang Yuan Wang as Chairman and independent non-
executive director of the Company; Richard R. Chang as executive
director of the Company; Lai Xing Cai and Fang Yao (alternate
director to Lai Xing Cai) as non-executive directors of the
Company; and Ta-Lin Hsu, Yen-Pong Jou, Tsuyoshi Kawanishi, Henry
Shaw and Lip-Bu Tan as independent non-executive directors of
the Company.

Semiconductor Manufacturing International Corporation
Richard R. Chang
Chief Executive Officer
Shanghai, PRC
July 28, 2005

CONTACT:

Reiko Chang (For America & Europe)
Phone: +86 (21) 5080 2000 ext 10544
Fax: +86 (21) 5080 2868
E-mail: PR@smics.com
or
Angela Miao (For Asia Pacific & other regions)
Phone: +86 (21) 5080 2000 ext 10088
Fax: +86 (21) 5080 2868
E-mail: PR@smics.com


SUN'S GROUP: Adjourns Winding Up Hearing to October 10
------------------------------------------------------
The Sun's Group Limited announced that the hearing of its
winding-up petitions has been further adjourned to October 10.

The Company will keep the public informed by making further
announcements as appropriate.

Please note that this announcement is only released on the AMS/3
Trading Terminal and the website of The Stock Exchange of Hong
Kong Limited without publishing on the newspapers as required by
the Listing Rules due to the liquidity problem of the Company.

Trading in the shares of the Company has been suspended since
24th April 2003 and will remain suspended until further notice.

For and on behalf of
The Sun's Group Limited
(Provisional Liquidators Appointed)
Joseph K.C. Lo
Joint and Several Provisional Liquidator

By Order of the Board
The Sun's Group Limited
(Provisional Liquidators Appointed)
Pang Ho Chuen, Lawrence
Director
Hong Kong, 27th July 2005

CONTACT:

The Sun's Group Limited
29/F &30/F, Pearl Oriental Centre
200 Gloucester Road, Wanchai
Hong Kong  
Phone: 25216262  
Fax: 25371800  
Web site: http:///www.sunsgrouphk.com


TIME HILL: To Undergo Liquidation Process
-----------------------------------------
Time Hill Asia Limited whose place of business is located at
Flat D, 21/F, CNT Tower, 338 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 13, 2005.

Date of Presentation: May 18, 2005

Dated this 22nd day of July 2005

Lee Mei Yee May
Acting Official Receiver


XIN CORPORATION: FY/2005 Net Loss Shrinks to HK$11 Mln
------------------------------------------------------
The board of directors of Xin Corporation Limited disclosed its
audited consolidated results for the year ended March 31, 2005
together with comparative figures for the previous year as
follows:

CONSOLIDATED PROFIT AND LOSS ACCOUNT

For the years ended 31 March

                                            2005      2004
                                   Notes   HK$'000   HK$'000

TURNOVER                             3     180,892    22,531
Cost of sales                             (171,602)  (30,953)
Gross profit/(loss)                          9,290    (8,422)
Other revenue and gains                      1,390     1,577
Gain on disposal of subsidiaries             8,030       -
Selling and distribution costs              (1,293)   (1,433)
Administrative expenses                     (20,939)  (18,323)
Other operating income/(expenses), net        1,015    (707)
LOSS FROM OPERATING ACTIVITIES 4             (2,507)  (27,308)
Finance costs 5                              (4,049)  (4,951)

LOSS BEFORE TAX                              (6,556)  (32,259)
Tax                                  6       (1,608)   836
LOSS BEFORE MINORITY INTERESTS               (8,164)  (31,423)
Minority interests                           (2,915)   525
NET LOSS FROM ORDINARY ACTIVITIES
ATTRIBUTABLE TO SHAREHOLDERS                 (11,079) (30,898)
LOSS PER SHARE                       7
Basic                                        (HK$0.19) (HK$0.83)
Diluted                                        N/A       N/A


The calculation of basic loss per share is based on the net loss
attributable to shareholders for the year of HK$11,079,000
(2004: HK$30,898,000), and the weighted average of 58,849,004
(2004: 37,161,976, restated to reflect the open offer during the
year ended 31 March 2005 and share consolidation after 31 March
2005) ordinary shares in issue during the year, as adjusted to
reflect the open offer during the year and the share
consolidation after the balance sheet date.

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

The Board does not recommend paying any final dividend for the
year ended 31 March 2005 (2004: Nil).

On behalf of the Board
Lo Ming Chi, Charles
Chairman
Hong Kong, 28 July 2005


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

BANK GLOBAL: Takes Final Steps Toward Dissolution
-------------------------------------------------
The Indonesian government has verified all and honored most of
the depositor accounts of soon-to-be-closed Bank Global
International, the last step in the closing of the bank, reports
the Jakarta Post.

Bank Global was officially closed on Jan. 13, 2005 by state
central Bank Indonesia, due to its financial situation and
evidence of fraud in the bank. But despite the many case of bank
fraud, the government has guaranteed all deposits to make sure
that the public wouldn't lose trust in banks.

In the government's blanket guarantee scheme, it will repay a
bank's obligations to customers after verifying the accounts,
when a bank is shut down by a state authority. In Bank Global's
case, the Finance & Development Comptroller (BPKP) and the
finance ministry's blanket guarantee implementation unit (UP3)
verified a total of 9,872 accounts worth IDR1.25 trillion, to
determine which accounts the government will repay.

The government will honor 79% (5,213) of the accounts, amounting
to IDR818.9 billion in its guarantee scheme, while 1,485
accounts worth IDR778.2 billion will not be repaid as they were
found to be connected to the fraud that led to the bank's
shutdown.

Some 1, 888 accounts await further verification, and were set
aside because of auditors' suspicions that they are fake
accounts used by bank management to transfer fund or
"overdraft". After the final verification, 553 savings accounts
worth IDR142.31 billion and one non-savings account of IDR5.2
million will covered by the government's guarantee scheme.

All in all, the government will be paying IDR793.44 billion in
5,146 savings accounts and IDR25.46 billion in 67 non-savings
accounts under its blanket guarantee scheme. Payments will be
made beginning Aug. 3 through selected Bank Negara Indonesia
(BNI) branches.

CONTACT:

Bank Global International
C/o PT Bank Negara Indonesia Terbuka
Jalan Jenderal Sudirman Kav 1
Jakarta, 10220
Indonesia
Phone: +62 21 2511946
Fax: +62 21 2511214
Web site: http://www.bni.co.id


DIRGANTARA INDONESIA: To Supply Airplane Parts to Europe Agency
---------------------------------------------------------------
State aircraft manufacturer PT Dirgantara Indonesia signed a
IDR441.5 billion contract to make CN-235 and C-295 aircraft
components for the European Aerospace & Defense System (EADS),
Asia Pulse reports.

In the contract, which will last for 7 years, Dirgantara
Indonesia has to produce about 10,000 parts (e.g. airplane
noses, center and rear fuselages, etc.) annually to manufacture
CN-235-300 and C-395 airplanes. The contract was signed last
July 27, 2005 by Company operations and production director Budi
Wuraskito and EADS Vice-President Jose Maria Novo.

PT Dirgantara Indonesia, which also produces parts for airplanes
such as Boeing B737s and Airbus A320s, was established in 1976,
and has been manufacturing CN-235 planes for military and cargo
transport since 1980.

CONTACT:

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


TELEKOMUNIKASI INDONESIA: Records Surge in Net Profit
-----------------------------------------------------
An increase in the number of subscribers for new mobile phones
has resulted in a 47.6% increase in net profit for state
telecommunications firm PT Telekomunikasi Indonesia (Telkom),
reports Reuters News.

In the first half of 2005, which ended June 30, the Company
posted an impressive net profit of IDR3.70 trillion, compared to
last year's net profit of IDR2.51 trillion in the same period.

Indonesia Telkom H1 profit soars on mobile growth
JAKARTA, July 29 (Reuters) - Indonesia's largest capitalised
company, PT Telekomunikasi Indonesia Tbk (Telkom), reported a
47.6 percent increase in its net profit in the first half of
2005, fueled by a skyrocketing number of new mobile phone
subscribers.

Telkom unit PT Telekomunikasi Selular (Telkomsel) also boasted a
50% increase in mobile phone subscribers, from 12.4 million in
June 2004 to 22.5 million last month. Telkomsel is 65% owned by
Telekomunikasi Indonesia.

PT Telekomunikasi Indonesia owns more than 50% of the state's
mobile communications market, and recently appointed Bank Negara
Vice President Mr. Arwin Rasyid to be its new president
director.

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: Details Stock Acquisition Rights
-------------------------------------------------
Hitachi, Ltd. announced that the details of stock acquisition
rights to be issued as stock options, resolved at the 136th
Ordinary General Meeting of Shareholders held June 24, 2005,
have been determined as follows.

1. Date of issue of stock acquisition rights (the Rights): July
28, 2005

2. Total number of the Rights to be issued: 1,201 Rights

3. Class and number of shares to be issued upon exercise of the
Rights:
1,201,000 shares of the Company's common stock (1,000 shares per
Right)

4. Issue price of the Rights: No consideration shall be paid.

5. Amount to be paid upon exercise of the Rights: JPY719 per
share

6. Total amount of the Company's common stock to be issued or
transferred upon exercise of all the Rights: JPY863,519,000

7. Period during which the Rights may be exercised: From July
29, 2006 through July 28, 2009

8. Amount to be transferred to stated capital out of the issue
price of the shares to be issued upon exercise of the Rights:
JPY360 per share

9. Qualified persons to be allocated the Rights: 73 persons in
total consisting of Directors, Executive Officers (including a
new Executive Officer to be appointed as of August 1, 2005),
Corporate Officers and Fellows of the
Company

About Hitachi

Hitachi, Ltd., (NYSE:HIT/TSE:6501), headquartered in Tokyo,
Japan, is a leading global electronics company with
approximately 347,000 employees worldwide. Fiscal 2004 (ended
March 31, 2005) consolidated sales totaled 9,027.0 billion yen
($84.4 billion). The company offers a wide range of systems,
products and services in market sectors including information
systems, electronic devices, power and industrial systems,
consumer products, materials and financial services. For more
information on Hitachi, please visit the company's Website at
http://www.hitachi.com

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


HITACHI LIMITED: To Launch Joint Monorail-engineering Firm
----------------------------------------------------------
Hitachi Limited and Mitsui & Co. plans to set up a joint venture
company with Chinese entities to build more monorails in China
where traffic congestion is becoming serious, Kyodo News
reports.

The joint engineering firm, to be named Chongqing Monorail
Engineering, will be owned a combined 5 percent by Hitachi,
Mitsui and a few other Japanese companies while the Chinese side
will own the majority, including the government of Chongqing and
some state-owned firms in Sichuan Province.


JAPAN AIRLINES: Unveil Route Changes
------------------------------------
The Japan Airlines (JAL) has decided on changes in route
network, frequency and fleet plans in the second half of the
current business year ending March 31 2006.

Up to now JAL has tried to overcome the effects of rising fuel
prices through restructuring and cost improvements but the
company has reviewed its previous plans placing further emphasis
on increasing profitability.

The following fundamental policies have been applied to each
business segment.

International passenger business: JAL will suspend under-
performing routes in order to maximize profitability. Low cost
subsidiary, JALways, will be introduced on more routes to
increase cost competitiveness. In the period JAL will retire a
total of four 747 aircraft, three more than was initially
planned.

Domestic passenger business: JAL will continue to develop
network plans in an effort to increase passenger convenience at
the same time as maximizing profitability.

International Cargo: JAL will review freighter route and
frequency to meet changes in market demand and increase revenue.

This is a company press release.

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


JAPAN AIRLINES: First Quarter Net Loss Narrows to JPY38.3 Bln
-------------------------------------------------------------
Japan Airlines Corporation (JAL) posted a net loss of JPY38.3
billion for the fiscal first-quarter ended June 30, showing
improvement compared to the JPY40.7 billion net loss it had for
the same period last year.

For more information, go to
http://bankrupt.com/misc/tcrap_jal0729.pdf


KAJIMA CORPORATION: Dissolves 3 Subsidiaries
--------------------------------------------
Kajima Corporatino issued a notice that the dissolutions of the
following three subsidiaries have been resolved.

1. Dia Kaihatsu Kabushiki Kaisha
1.1 Corporate summary

1)  Headquarters: 8-1, Kasumigaseki 3-chome, Chiyoda-ku, Tokyo
100-0013, Japan
2)  Represented by: Teruaki Yamaguchi, President
3)  Incorporated in: February 1996
4)  Common Stock: Yen 30,000,000 (Japanese Yen Thirty Million
Only)

5)  Stockholders: 100% owned by Kajima Corporation

1.2 Causes for dissolution

The above subsidiary, having conducted real estate business in
Japan as part of Kajima group, shall be liquidated upon the
cease of business.

1.3 Future outlook

No material loss shall be incurred in connection with the
liquidation of the said subsidiary.

(The completion of liquidation is expected in the financial year
ending on March 31, 2006.)

2. Kajima France Engineering S.A.R.L.
2.1 Corporate summary

1)  Headquarters: 10, Rue de La Paix, 75002, Paris, France
2)  Represented by: Mikitaka Aoki, Managing Director
3)  Incorporated in: August 1991

4)  Common Stock: EUR 597,752.60 (Euro Five Hundred Ninety Seven
Thousand Seven Hundred and Fifty Two and Sixty Cents Only)

5)  Stockholders: 100% owned by Kajima Europe S.A.S., a wholly
owned subsidiary of Kajima Corporation

2.2 Causes for dissolution

The dissolution of the above subsidiary, having conducted
construction business in France as part of Kajima group, has
been resolved, and the liquidation has been completed upon the
reorganization of business.

2.3 Future outlook

No material loss shall be incurred in connection with the
liquidation of the said subsidiary.

3. Kajima GmbH
3.1 Corporate summary

1)  Headquarters: Niedenau 61-63, 60325 Frankfurt am Main,
Germany

2)  Represented by: Masahiro Tomita, Managing Director

3)  Incorporated in: November 1991

4)  Common Stock: EUR 3,579,043 (Euro Three Million Five Hundred
Seventy Nine Thousand and Forty Three Only)

5) Stockholders: 100% owned by Kajima Europe Deutschland Holding
B.V., a wholly owned subsidiary of Kajima Corporation

3.2 Causes for dissolution

The above subsidiary, having conducted construction and real
estate business in Germany as part of Kajima group, shall be
liquidated upon the reorganization of business.

3.3 Future outlook

No material loss shall be incurred in connection with the
liquidation of the said subsidiary.

(The completion of liquidation is expected in the financial year
ending on  March 31, 2007.)

Further information is available at:

Mr. Naohiko Ikawa
General Manager
Office of Investor Relations
Corporate Management Department
Corporate Planning Division

Kajima Corporation
2-7, Motoakasaka 1-chome,
Minato-ku, Tokyo 107-8388, Japan
Telephone (03) 3404-3311;      
International 81-3-3404-3311
Facsimile (03) 3746-7052;      
International 81-3-3746-7052
E-mail: ir@ml.kajima.com


MATSUSHITA ELECTRIC: Unveils 1Q/2005 Financial Result
-----------------------------------------------------
Matsushita Electric Industrial Co., Ltd. reported its
consolidated financial results for the first quarter, ended June
30, 2005, of the current fiscal year ending March 31, 2006
(fiscal 2006).

First-quarter Results

Consolidated group sales for the first quarter decreased 3
percent to 2,048.2 billion yen (U.S.$18.62 billion), from
JPY2,102.0 billion in the same three-month period a year ago.
Explaining the first quarter results, the company cited sales
gains in digital audiovisual (AV) products, especially V-
products, both in Japan and overseas, as well as an increase in
domestic sales of air conditioners, a result of collaboration
with Matsushita Electric Works, Ltd. (MEW).

Such gains, however, were offset by sales declines in components
and devices, particularly semiconductors and general components.
Of the consolidated group total, domestic sales increased 1
percent to 1,064.7 billion yen ($9.68 billion), from 1,052.8
billion yen a year ago. Overseas sales were down 6 percent, to
983.5 billion yen ($8.94 billion), from 1,049.2 billion yen in
the first quarter of fiscal 2005.

For a copy of the press release, go to
http://bankrupt.com/misc/tcrap_matsushita0729.pdf

CONTACT:

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


SANYO ELECTRIC: Lease-Backed Trust Certificate Rated 'AAA'
----------------------------------------------------------
Standard & Poor's Ratings Services has assigned its 'AAA' rating
to Sanyo Electric Credit Lease Receivables JPY10 billion fixed-
rate senior trust certificate class A.

The certificate is ultimately backed by a pool of lease
receivables originated by Sanyo Electric Credit Co. Ltd. The
receivables have been transferred to a master trust created with
Sumitomo Trust & Banking Co. Ltd.

This transaction is the fifth series of securities to be issued
by the master trust, which was originally established in
February 2002.

The rating addresses the full and timely payment of interest and
the ultimate repayment of principal by the transaction's legal
final maturity date, which is scheduled to take place six years
following the occurrence of an amortization method conversion
trigger event.

The rating is based on:

Ample credit support provided by subordination equivalent to 9%
of the investor interests, based on a discount rate of 3.5% on
the lease receivables. An ample cash reserve to be funded at
closing;

Rigorous early amortization events that will convert principal
redemption to a pass-through structure under certain adverse
circumstances; and

The excellent servicing capabilities of Quoq Inc., which has
been appointed as the backup servicer for this transaction.

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: To Unveil New Restructuring Scheme
--------------------------------------------------
Struggling Sanyo Electric Co. Ltd. plans to unveil some concrete
restructuring steps by late October, according to Reuters.

The electronics maker plans to slash about 15 percent of its
global workforce, shutter plants and halve debt in a sweeping
restructuring to return to profit, but did not give details.


UFJ HOLDINGS: Clarifies Merger Plan Report
------------------------------------------
UFJ Holdings Inc. clarified certain media reports dated July 28,
stating that Mitsubishi Tokyo Financial Group, Inc. (MTFG) and
UFJ Holdings, Inc. (UFJH) are considering postponement of the
planned merger of their subsidiary banks. However, no such
consideration is taking place.

Furthermore, no request to postpone the merger has been received
from Japan's Financial Services Agency.

MTFG and UFJH are assiduously pursuing their preparations for
integration on October 1, 2005, as scheduled.

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
=========

KOOKMIN BANK: BOK Joins Hand with FSS on Probe
----------------------------------------------
The Bank of Korea (BOK) in collaboration with the Financial
Supervisory Service (FSS) will soon investigate Kookmin Bank to
check its overall management system, The Korea Times relates.

The probe will be conducted in order to look into a variety of
sectors. These sectors include, loan businesses and risk
management.  The FSS will dispatch several banking inspectors to
the headquarters of Kookmin Bank in Seoul.

"The investigation will check whether the bank lent to small-
and mid-sized enterprises (SMEs) appropriately and whether it
charges interest rates in line with related regulations," a
source said on condition of anonymity.

Recently, BOK has increased loans to commercial banks at a
preferential interest rate to encourage them to expand SMEs
lending.
The central bank will look into how Kookmin spent the funds.

BOK will also try to see if the commercial bank's financial
statements coordinate with regulators to gauge the lender's
profitability.

The joint inspection is a separate probe from the CD-related
embezzlement case Kookmin is recently facing.

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


HYNIX SEMICONDUCTOR: 2Q/FY2005 Results Better than Expected
-----------------------------------------------------------
Hynix Semiconductor Inc. recorded a 62 percent plunged in net
profit for the second quarter, according to the Associated
Press.

Hynix said it earned KRW238.4 billion in the three months ended
June 30, down from KRW625.2 billion a year earlier.

The decrease was mainly attributed to a steep decline in memory-
chip prices amid a supply glut.  

The Company's sales for the second quarter fell 27 percent to
KRW1.23 trillion compared to the previous year's KRW1.68
trillion.

However, according to analysts polled by Thomson Financial,
Hynix's results came in well above expectations.  The Company
was expected to post net profit of KRW168.9 billion on sales of
KRW1.19 trillion.

To view a summary the financial statement, click
http://bankrupt.com/misc/HynixSemiconductorSummaryofFS.pdf

CONTACT:

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


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

AFFIN HOLDINGS: To Negotiate Transfer of Shareholdings
------------------------------------------------------
Affin Holdings Berhad issued to Bursa Malaysia Securities Berhad
details of the:

- Proposed acquisition by Boustead Holdings Berhad (Boustead) of
the London Assurance's shareholdings in Royal & Sun Alliance
Insurance (M) Bhd

- Proposed transfer of Boustead's entire shareholdings in Royal
& Sun Alliance Insurance (M) Bhd to Axa Affin Assurance Berhad

The Board of Directors (Board) of AHB advised the bourse that
Bank Negara Malaysia (BNM) had vide its letter dated July 21,
2005 stated that it has no objection in principle for Boustead
(a company related to AHB by virtue of LTAT being a common major
shareholder in AHB and Boustead) to commence negotiations to
acquire the entire 45.0 percent equity interest held by The
London Assurance (London Assurance) in Royal & Sun Alliance
Insurance (M) Bhd (RoyalSun).

The approval in principle from BNM for commencement of the
negotiations is not an approval for the proposed acquisition.

Thereafter, Boustead intends to rationalize its shareholdings in
RoyalSun and consolidate its interests in RoyalSun into AXA
Affin Assurance Berhad, a 40.0 percent associated company of
Affin Holdings Berhad.

The Board expects negotiations to commence soon and further
announcement will be made to Bursa Malaysia Securities Berhad on
any relevant development.

CONTACT:

Affin Holdings Berhad
Jalan Bukit Bintang
55100 Kuala Lumpur, Kuala Lumpur 55100
Malaysia
Telephone: +60 3 2142 9569
Fax: +60 2143 1057


GULA PERAK: Bourse Reprimands Firm
----------------------------------
Bursa Malaysia Securities Berhad (Bursa Securities) publicly
reprimanded Gula Perak Berhad and Hwang-DBS Securities Berhad
for breaches of Paragraph 8.11(1) of the Listing Requirements
(LR) of Bursa Malaysia Securities Berhad.

Paragraph 8.11(1) of the Bursa Securities LR states that a
listed issuer must ensure that any circular issued to the
securities holders of the listed issuer:

(a) Is factual, clear, unambiguous, accurate, succinct and
contains all such information as securities holders and their
professional advisers would reasonably require and reasonably
expect to find in a circular of that nature, for the purpose of
making an informed decision; and

(b) Is not misleading.

Paragraph 8.11(2) of the Bursa Securities LR states that where
an adviser is appointed by the listed issuer for the preparation
and/or submission of the circular to Bursa Securities, such
adviser must also comply with subparagraph (1) above.

GPERAK has breached Paragraph 8.11(1)(a) and (b) of the Bursa
Securities LR for representing in the circular dated March 22,
2005 that the entitlement date for the Proposed Bonus Issue for
the Irredeemable Convertible Secured Loan Stocks (ICSLS) and
Redeemable Convertible Secured Notes (RCSN) holders is the date
of the shareholders' approval of the Proposed Bonus Issue i.e.
April 6, 2005 and further represented that if any conversion of
GPERAK's ICSLS and RCSN to shares leading to holders of the
ICSLS and RCSN being registered as shareholders of GPERAK before
the entitlement date shall be entitled to the Bonus Issue.

Hwang-DBS has also breached Paragraph 8.11(1)(a) and (b) read
together with Paragraph 8.11(2) of the Bursa Securities LR for
representing in the circular dated March 22, 2005 that the
entitlement date for the Proposed Bonus Issue for the ICSLS and
RCSN holders is the date of the shareholders' approval i.e.
April 2, 2005 and further represented that if any conversion of
GPERAK's ICSLS and RCSN to shares leading to holders of the
ICSLS and RCSN being registered as shareholders of GPERAK before
the entitlement date shall be entitled to the Bonus Issue. .

The public reprimand were imposed pursuant to Paragraph 16.17(1)
of the Bursa Securities LR after taking into consideration all
circumstances of the matter.

Bursa Securities views this contravention seriously and hereby
cautions the Company, the Adviser and their board of directors
on their responsibility to maintain appropriate standards of
corporate responsibility and accountability in order to achieve
greater disclosure and transparency to its shareholders and the
investing public.

CONTACT:

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


HAP SENG: Buys Back 108,600 Ordinary Shares
-------------------------------------------
Hap Seng Consolidated Berhad posted at Bursa Malaysia Securities
Berhad a notice of shares buy back with the following details:
   
Date of buy back from: July 12, 2005

Date of buy back to: July 20, 2005

Total number of shares purchased (units): 108,600

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

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

Total amount paid for shares purchased (RM): 231,200.91

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

Number of shares purchased retained in treasury (units): 108,600

Total number of shares retained in treasury (units): 32,870,500

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

Total issued capital as diminished: 0

Date lodged with registrar of companies: July 25, 2005

Lodged by: Cheah Yee Leng

CONTACT:

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


HARVEST COURT: Prepares for Proposed Corporate Exercise
-------------------------------------------------------
Harvest Court Industries Berhad (HCIB) disclosed a compliance
with the minimum share capital requirements pursuant to
Paragraph 8.16A of the Listing Requirements of Bursa Malaysia
Securities Berhad (Bursa Securities) (Bursa Securities LR).

Following the announcement dated July 6, 2005, the Company had
obtained an extension of time until July 21, 2005 to submit the
Proposed Corporate Exercise to the relevant authorities for
approval so as to comply with Paragraph 8.16A of the Bursa
Securities LR.

Presently, HCIB is still in the midst of preparing an
application on the Proposed Corporate Exercise to be submitted
to the relevant authorities.

In this respect, the Company has on the July 22, 2005 sought a
further extension of time of one (1) month from July 21, 2005 to
August 21, 2005 from Bursa Securities to submit the Proposed
Corporate Exercise to the relevant authorities for approval. The
decision of Bursa Securities for the said extension of time is
still pending and an announcement on the outcome of the
application shall be made in due course.

CONTACT:

Harvest Court Industries Sdn Bhd
111, Pusat Perniagaan NBC
Jalan Menu 41050
Klang Selangor
Telephone: +603-3165 2218/345/1150
Fax Number: +603-3168 1336/345 /1151


METROPLEX BERHAD: Denies Content of News Article
------------------------------------------------
Metroplex Berhad (MB) refers to Bursa Malaysia Securities
Berhad's letter dated July 22, 2005 in relation to "Metroplex to
sell its properties for MYR500 million to pay debts" which
appeared in Nanyang Siang Pau, Nanyang Business Section, page C4
on Friday, July 22, 2005 which took us by surprise as nobody has
contacted MB pertaining to the contents of the said article.

The Company informed the bourse that as part of MB's proposed
debt restructuring, MB's negotiation with potential buyers has
been an on-going exercise.

However, no Sale and Purchase Agreements have been signed as at
todate. The Company will make the appropriate announcement to
Bursa Malaysia Securities Berhad (Bursa Securities), where
required, in accordance with the Listing Requirements of Bursa
Securities.

To view a copy of the Query Letter, click
http://bankrupt.com/misc/QueryLetterMetroplex072205.pdf

This announcement is dated 25 July 2005.

CONTACT:

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


PADIBERAS NASIONAL: Issues Additional Shares for Listing
--------------------------------------------------------
Padiberas Nasional Berhad advised that its additional 103,500
new ordinary shares of MYR1.00 each issued pursuant to the
aforesaid Scheme will be granted listing and quotation with
effect from 9:00 a.m., Wednesday, July 27, 2005.

CONTACT:

Padiberas Nasional Bhd
Malaysia
Phone: 60 3 7660 4545
Fax: 60 3 7660 4646
Web site: http://www.bernas.com.my


POH KONG: Bourse Lists, Quotes Additional Shares
------------------------------------------------
Poh Kong Holdings Berhad advised that its additional 36,000 new
ordinary shares of MYR1.00 each arising from the conversion of
MYR57,600 nominal value irredeemable convertible unsecured loan
stocks 2004/2007 (conversion) will be granted listing and
quotation with effect from 9:00 a.m., Wednesday, 27 July 2005.


POLY GLASS: AGM Slated for Next Month
-------------------------------------
Poly Glass Fibre (M) Bhd. informed Bursa Malaysia Securities
Berhad that the 15th Annual General Meeting (AGM) of the Company
will be held at Kelawai Room, Lobby Level, Evergreen Laurel
Hotel, No. 53, Persiaran Gurney, 10250 Penang on August 18, 2005
at 10:30 a.m.

Click to view a notice of the 15th AGM:
http://bankrupt.com/misc/PolyGlass15AGM.doc

This announcement is dated 25th day of July 2005.


SETEGAP BERHAD: Withdraws Penang Road Project
---------------------------------------------
Setegap Berhad refers to the article appearing in the Malay
Mail, MailMoney, page 35 on Friday, July 22, 2005 and to the
query by Bursa Malaysia Securities Berhad on July 22, 2005.

The Company confirmed that due to its current financial status,
it is no longer involved in the promotion of the Penang Road
Project.

As mentioned in the article, the government has yet to approve
the terms pertaining to the project, thus a concession agreement
has not been finalized and the status of which is uncertain. The
envisaged 10 percent stake in the consortium that made the
proposal to the government at this stage has relatively little
material value. Setegap has sold the stake to a nominated party
of the majority shareholders at cost of MYR5,000.00.

To view a copy of the Query Letter, click
http://bankrupt.com/misc/SetegapBerhad072205.doc

CONTACT:

Setegap Berhad
72B&C, Jalan SS22/25
Damansara Jaya
47400 Petaling Jaya
Malaysia
Phone: 03-77297009
Fax: 03-77271555
Web site: http://www.setegap.com.my


TANJONG PUBLIC: Posts Changes in Share Capital Interest
-------------------------------------------------------
Tanjong Public Limited Company advised Bursa Malaysia Securities
Berhad that it has on July 25, 2005 been notified by Pacific
States Investment Limited (PSIL), Excorp Holdings N.V. (Excorp),
PanOcean Management Limited (PanOcean) and Ananda Krishnan
Tatparanandam (TAK) under Section 198 of the United Kingdom
Companies Act, 1985 (UKCA) of the change to the particulars of
their interest in the share capital of Tanjong as follows:

That 8,656,000 shares of 7.5 pence of the Company in which Usaha
Tegas Sdn Bhd (UTSB) has an interest and in which PSIL, Excorp,
PanOcean and TAK have a corresponding deemed interest, which
were previously registered in the name of Cartaban Nominees
(Tempatan) Sdn. Bhd., are now registered in the name of UTSB.

For details of Notifications, please refer to;

Annexure A
http://bankrupt.com/misc/TanjongPublicAnnexureA-Sec198.doc

Annexure B
http://bankrupt.com/misc/TanjongPublicAnnexureBSec198.doc

Annexure C
http://bankrupt.com/misc/TanjongPublicAnnexureC-Sec198.doc

Annexure D
http://bankrupt.com/misc/TanjongPublicAnnexure

CONTACT:

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


WAH SEONG: Unit Enters Into Acquisition Agreement
-------------------------------------------------
Wah Seong Corporation Berhad disclosed to Bursa Malaysia
Securities Berhad on the proposed acquisition of the business of
Mackenzie Hydrocarbons Pty Ltd (Administrator Appointed) (the
vendor).

(1) Introduction

The Company (WSC) advised that its wholly owned subsidiary,
Jutasama Sdn Bhd (Jutasama) has on July 25, 2005 entered into a
Sale of Business Agreement (SBA) with Mr. Peter Robert Vince,
the Administrator of the Vendor to inter alia:

(a) Acquire the Vendor's business of providing engineering
consultancy and fabrication services based in Melbourne,
Australia (the Business) and generally, to take over certain
assets including goodwill of the business, stock, contracts,
work in progress and plant and equipment in their current
condition (the Assets) for an initial cash consideration of
AU$170,000 (Australian Dollar One Hundred and Seventy Thousand
only) (equivalent to MYR491,300 based on the exchange rate of
AU$1.00 to MYR2.89) which sum shall be finally determined after
adjusting for any Work-In-Progress (WIP) value at Completion
Date; and

(b) Incorporate a wholly owned subsidiary (Newco) in Melbourne,
Australia to be called "Mackenzie Hydrocarbons (Australia) Pty
Ltd" (or such other name as the authorities may approve) for the
purposes of effecting the transactions as contemplated in the
SBA. (hereafter collectively referred to as the Proposed
Acquisition).

(2) Information on the vendor and Jutasama

The Vendor was incorporated in Australia on February 9, 1990 and
having its principal place of business at 648 Nicholson Street,
Fitzroy North in the State of Victoria, Australia. It is
principally involved in the provision of engineering consultancy
and fabrication services. Mr. Peter Robert Vince had inter alia,
been appointed the Administrator of the Vendor since April 29,
2005 pursuant to Section 436A of the Australian Corporations Act
2001.

Jutasama was established on January 11, 1983 as a private
company limited by shares under the Companies Act, 1965 and
having its registered office at No. 59-2, The Boulevard, Mid
Valley City, Lingkaran Syed Putra, 59200 Kuala Lumpur. It is
principally involved in the contracting of industrial
engineering projects. Its present authorized share capital is
MYR10,000,000.00 comprising 10,000,000 ordinary shares of
MYR1.00 each, whilst its present issued and paid up share
capital is MYR6,874,484.00 comprising 6,874,484 ordinary shares
of MYR1.00 each. Jutasama is a wholly owned subsidiary of WSC.

(3) Contents of the SBA

The salient terms of the SBA are inter alia as follows:

(a) This acquisition is subject to the Vendor having secured the
requisite approvals/consents of the relevant parties to effect
the sale and transfer of the Business and the Assets to Jutasama
and/or Newco.

(b) The purchase price is payable as follows:

(i) An initial non-refundable Deposit of AU$17,000 shall be paid
immediately upon signing of the SBA.

(ii) The balance (after adjusting for any WIP valuation) shall
be paid on Completion Date.

(c) The above transaction is expected to be completed on/by
August 25, 2005 (the Completion Date) or such other date as the
parties may mutually agree.

(4) Basis of Consideration

The total purchase consideration of AU$170,000 for the Proposed
Acquisition is derived on a "willing seller, willing buyer"
basis after taking into consideration the goodwill and net book
values of the Business and Assets of the Vendor on "as is, where
is" basis.

The total purchase consideration shall be fully settled by
Jutasama in cash through its internally generated income and/or
bank borrowings.

(5) Rationale for the Proposed Acquisition

The Proposed Acquisition will complement the existing businesses
of Jutasama in providing an expanded scope of engineering
consultancy and fabrication services. By the enhanced
engineering technology, capabilities and available capacities,
Jutasama will be poised to venture into other areas of services
for the industrial engineering sector through widening its
international networks and contacts overseas.

The above acquisition is also in line with WSC's plan to inter
alia enhance the engineering capabilities of WSC's Industrial
Engineering Division which now comprises of the recently
acquired group of GSI (Gas Services International) companies as
well as Jutasama.

(6) Financial effects of the Proposed Acquisition

(6.1) Share Capital

The Proposed Acquisition will not have any effect on the share
capital of WSC although the effective interest of WSC through
Jutasama in Newco will be increased from 0% to 100 percent.

(6.2) Earnings

The Proposed Acquisition is not expected to have any material
effect on the consolidated earnings of WSC and its group of
companies for the financial year ending 31 December 2005.
However, the revenue from Newco is expected to contribute
positively to its future earnings.

(6.3) Substantial Shareholding

The Proposed Acquisition will cause Jutasama's direct equity
shareholding in Newco to increase from 0 percent to 100 percent.

(6.4) Net Tangible Assets (NTA)

The Proposed Acquisition will not have any material effect on
the consolidated NTA value of WSC and its group of companies for
the year ending December 31, 2005.

(7) Directors' Statement

None of the directors, major shareholders, persons connected to
directors or persons connected to the major shareholders of the
Company or any of its subsidiaries has any interest, direct or
indirect, in the Proposed Acquisition.

(8) Directors' Statement

Having considered all aspects of the acquisition, the Board of
Directors is of the opinion that the Proposed Acquisition is in
the best interest of the Company.

(9) Approvals

This Proposed Acquisition is not subject to the approvals of any
other governmental authority and the shareholders of WSC.

(10) Documents for Inspection

Details of the SBA are available for inspection at the principal
office of WSC at No. 59-2, The Boulevard, Mid Valley City,
Lingkaran Syed Putra, 59200 Kuala Lumpur for one (1) week from
date of this Announcement during normal business hours from
Mondays to Fridays.

Yours faithfully,

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

CONTACT:

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


WCT ENGINEERING: Unit Appeals Dismissal of Application
------------------------------------------------------
Further to the announcement on July 15, 2005, the Board of
Directors of WCT Engineering Berhad informed the following to
Bursa Malaysia Securities Berhad:

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

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

(1) The Court had dismissed Maju's application for stay of
WCTC's application to strike out Maju's Writ of Summons (WS)
with costs.

(2) The decision on WCTC's application to strike out Maju's WS
has been fixed on August 3, 2005.

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

(1) The Hearing date for WCTC's application to strike out Maju's
Originating Summons (OS) had been adjourned to September 15,
2005.

(2) The Court had allowed Maju's application to amend their
Originating Summons with costs and the hearing date had been
fixed on September 15, 2005.

Writ of summons served by WCT Construction Sdn. Bhd. (WCTC) on
Maju Holdings Sdn Bhd (Maju) (Kuala Lumpur High Court Suit No.
S1-22-324-05).

(1) The Court had allowed WCTC's application to strike out
Maju's counterclaim with costs.

(2) WCTC's application for an order to enter judgment against
Maju was dismissed with costs.

WCTC shall appeal against the decision on the aforementioned
dismissal of WCTC's application for summary judgement.

This announcement is dated 25 July 2005.

CONTACT:

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


WCT ENGINEERING: Updates on Various Proposals
---------------------------------------------
WCT Engineering Berhad (WCT) issued to Bursa Malaysia Securities
Berhad an update to the following proposals:

(I) Proposed bonus issue of up to 66,578,074 new ordinary shares
of MYR1.00 each in WCT (bonus shares) on the basis of two (2)
bonus shares for every five (5) existing ordinary shares of
MYR1.00 each (shares) held in WCT on an entitlement date to be
determined;

(II) Proposed amendments to the by-laws of WCT'S existing
employees' share option scheme (ESOS);

(III) Proposed amendments to the articles of association of WCT;
and

(IV) Proposed allocation of options to the eligible directors of
WCT (collectively known as the proposals)

(1) Introduction

On behalf of WCT, AmMerchant Bank Berhad (AmMerchant Bank) (a
member of AmInvestment Group) disclosed the following proposals:

(i) A bonus issue of up to 66,578,074 Bonus Shares on the basis
of two (2) Bonus Shares for every five (5) existing Shares held
in WCT on an entitlement date to be determined (Proposed Bonus
Issue);

(ii) Amendments to the by-laws (By-Laws) of WCT's existing ESOS
(Existing ESOS) (Proposed Amendments to By-Laws);

(iii) Amendments to the Articles of Association of WCT to,
inter-alia, facilitate the allocation and issuance of new Shares
to non-executive directors (NEDs) (Proposed Amendments to
Articles); and

(iv) Allocation of ESOS options to the eligible Directors of WCT
pursuant to the Proposed Amendments to By-Laws (Proposed
Allocation of Options).

To view a full copy of the announcement, click
http://bankrupt.com/misc/WCTEngineering1stAnnTables5EDMS.pdf


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

COLLEGE ASSURANCE: Disputes SEC's Takeover Plan
-----------------------------------------------
College Assurance Plans Philippines Inc. (CAP) doubts the
corporate regulator is capable of taking over the ailing pre-
need provider, The Manila Times reports.

CAP raised the possibility that the Securities and Exchange
Commission (SEC) may incur losses during the proposed management
takeover period and said this may be unfair to planholders.

Moreover, CAP said that the management committee to be formed by
the commission would also have to face its payments for its
720,000 plans, more than 160,000 of which are currently
availing. The company would need Php1.2 billion-worth of tuition
support for the second semester alone.

CAP would like to know if SEC will be financially responsible
for any losses incurred during its management.

CAP also cried foul over announcements that the government
corporate watchdog might file criminal and administrative
charges against the company for alleged violations of pre-need
rules. The SEC has ordered CAP o justify within 10 days why SEC
should not implement the recommendations of the third oversight
committee, which included a management takeover.

SEC Commissioner Jesus Martinez previously said that the omnibus
also included eight or nine Securities Regulations Code
violations committed by CAP, including the firm's failure to
file audited financial statements which were properly attested
to by an actuary.

However, CAP said that it submitted its financial statement as
early as April 15, 2005, based on the assessments of the Pre-
Need Uniform Chart of Accounts (PNUCA) and that CAP opted to
file a new FS based on IAS 39 and not on PNUCA, which CAP's
external auditors are examining.

"The commission has been properly advised about this. It is not
as if CAP just ignored the reporting requirements," the company
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


MAKATI MEDICAL: PLDT, Smart Denies Investment Plans
---------------------------------------------------
Contrary to a news report, which appeared on 28th July 2005, at
the Business Section of the Philippine Star, we wish to state
that neither PLDT nor Smart Communications Inc. has any plan,
intention, or commitment to invest in a medical institution,
including Makati Medical Center.

Both PLDT and Smart remain focused and committed to developing
its telecommunications and ICT businesses.

FLORENTINO D. MABASA, JR.
Assistant Corporate Secretary

CONTACT:

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


MAKATI MEDICAL: Mulls Expansion Amid Problems
---------------------------------------------
Troubled Makati Medical Center is considering expanding its
operations despite its current financial woes, BusinessWorld
says.

Makati Med president Gabino A. Mendoza said the hospital is
planning to put up a new building inside its compound in Makati,
or putting up a new hospital in the city.

The expansion, according to Mr. Mendoza, is not a plan but an
option.

Hospital management is still discussing sources of funding for
either of the two options. Costs to putting up a new building in
the Makati Med compound was earlier estimated at Php2 billion.
There are as yet no cost estimates on the option to put up a new
hospital.

Makati Med is reportedly holding discussions with investors
interested to invest in the proposed new hospital.

A firmer decision on the expansion will be reached in two to
three months.

Makati Med, at one time one of the best hospitals in the
country, had been incurring losses for the past three years. The
hospital only found out last December that it had incurred
Php300 million in losses since 2002.

Makati Med is also working to restructure a Php1.2-billion debt
to bank creditors. The hospital is looking for investors who
could put in at least Php100 million in fresh funds.


MAYNILAD WATER: Php2.4-Bln Debt Payment Signals Lopezes' Exit
-------------------------------------------------------------
The Lopez Group will have to prepare for their exit from
Maynilad Water Services Inc. since the debt-ridden water firm
has already paid Php2.41 billion to creditors last week,
BusinessWorld reports.

As part of its court-approved rehabilitation plan, Maynilad gave
creditors an up-front payment of US$30.6 million for the dollar
component and Php100 million for the peso component of their
loans.

Maynilad, which has already paid interest amounting to US$7.19
million for the dollar component and Php202.98 million for the
peso loans, said it remitted a total of Php2.41 billion in
compliance with the debt and capital restructuring agreement
approved by the court. All the restructured debts will be paid
in full by 2013.

The ailing water utility firm reportedly paid the Php2.41
billion from internal funds.

Maynilad's rehabilitation plan provides the company would pay
debts up-front to foreign and local banks totaling P10 billion.

Based on the repayment scheme, the next payment of US$26 million
will be made next year. The remainder of the debts will be paid
over seven to eight years.

The rehabilitation plan also provides the resignation of Benpres
representatives in order for the firm to promptly implement the
restructuring. Benpres is also required to surrender its shares
in Maynilad to the rehabilitation receiver for "safekeeping"
until the shares need to be surrendered to Maynilad.

The Metropolitan Waterworks and Sewerage System (MWSS) will take
over Maynilad from Benpres on an interim basis. MWSS would
manage the west zone concessionaire until it finds a private
investor to take the place of Benpres.

CONTACT:

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


NATIONAL BANK: BPI Loses Interest in Stake
------------------------------------------
Ayala-led Bank of the Philippine Islands (BPI) is unlikely to
bid for state-run Philippine National Bank (PNB) after it inked
an agreement to acquire at least 80 percent of Prudential Bank,
BusinessWorld says.

After the transaction with the Santos family, BPI said it will
no longer acquire any other bank this year, so it could
concentrate on the Prudential Bank acquisition.

The Philippine Daily Inquirer earlier reported that BPI had
submitted the documents needed to prequalify for the PNB auction
on Aug. 12 of a 67-percent stake in PNB held jointly by the
government and the Tan group.

The newspaper said that a potential merger with BPI and PNB can
catapult the bank into the country's biggest and finally edge
out taipan George Ty's Metropolitan Bank and Trust
Co., which has been at the top since 1996.

But BPI President Aurelio Montinola insisted BPI merely
submitted a letter of intent.

"We've received a lot of press on PNB but effectively what's
happening there, if you look at it effectively, BPI Capital is
looking at it and we're always looking at... alternatives," Mr.
Montinola said.

CONTACT:

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


NATIONAL BANK: Indian Bank Puts Off Bidding Plans
-------------------------------------------------
The State Bank of India has dropped plans to bid for the
controlling stake in Philippine National Bank (PNB), The Journal
Group reports.

India's largest bank said it has decided not to bid for PNB at a
time when the Philippines' political situation is unstable.
However, it is still keen on acquiring a local bank next year.

Aside from the Indian bank, The Union Bank of the Philippines
and the Philam group are also said to be interested.


NATIONAL POWER: Assures Uninterrupted Power Supply
--------------------------------------------------
The National Power Corporation (NPC) has placed on heightened
vigilance all of its power plants nationwide to ensure that
these facilities will be able to provide efficient and
uninterrupted power supply.

In a series of management meetings, NPC President Cyril C. del
Callar has ordered all of the senior executives and plant
managers of the state-owned power firm to stay focused on the
twin tasks of ensuring that all of NPC's generation facilities
are running efficiently and of delivering adequate electricity
supply to the public.

Mr. del Callar assured that NPC will continue performing its
mandate as the main supplier of electricity in the country. In
Luzon, for example, NPC supplies the critical peaking power
requirements of the grid and bulk of its reserve capacity. With
a dependable capacity of about 8,745 megawatts (MW), NPC
supplies about 63 percent of the Luzon grid's requirements.

In 2004, NPC's Luzon-based plants also boasted of a capacity
factor of 32.89 percent, or higher than the 2003 figure of 31.03
percent.

At the same time, NPC provides all the capacity reserves and
power assurance capacity of the country's distribution
utilities, including the Manila Electric Company (Meralco). NPC,
however, only supplies about 50 percent of Meralco's total
energy needs, while the other 50 percent comes from Meralco's
own Independent Power Producers (IPPS). These IPPs include the
Quezon Power (Philippines) Limited Co., which operates the
Mauban coal-fired power plant; First Gas Power Corporation,
which operates the Sta. Rita gas-fired power plant; and First
Private Power Corporation.

CONTACT:

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


NATIONAL POWER: Rate Hike Shores Up Cash Flow, Cuts Losses
----------------------------------------------------------
Recent cost cuts and rate increases are expected to further pare
National Power Corporation's  (Napocor) losses, The Manila
Bulletin reports.

Last year, the provisional adjustment of initial average Php0.98
per kilowatt (kWh) increase in Napocor's generation charges
effectively trimmed down the level of its losses last year by
Php29.9 billion.

The state power firm expects further cuts in Napocor's losses
from Php117 billion in 2003 to Php87.1 billion in 2004, and an
even leaner figure this year.

Energy Secretary Raphael P.M. Lotilla said the losses were
attributed to its rate increase and other cost-cutting measures,
including the reduction in the utilization of oil-fired plants.

With the total Php1.03 per kWh increase in NPC's rates rendered
in the Energy Regulatory Commission's final ruling in April, NPC
and Power Sector Assets and Liabilities Management Corporation
(PSALM) officials are hinting that the power firm's losses would
be pared down by as much as Php40 billion this year.

Its forecast level of losses for 2005 was actually set at
Php48.5 billion, with PSALM expecting that the additional
increase of Php0.0556 per kwh on NPC's generation charge made
effective in June billing cycle will be bringing in some
Php9.728 billion additional revenues.

The rate adjustment is likewise seen bringing down the power
firm's level of borrowings, at roughly US$500 million this year,
instead of the usual US$1.0 billion programmed loan procurement
to plug its cash deficit.

PSALM has reported that aside from the rate adjustments, NPC's
losses will experience further cutback due to reduction in
interest expense that accounts for the expected additional
revenues.


NATIONAL POWER: ADB Gives Clearance to Transfer Assets to PSALM
---------------------------------------------------------------
The Asian Development Bank (ADB) has authorized the transfer of
assets and liabilities of National Power Corporation (Napocor)
to the Power Sector Assets and Liabilities Management Corp.
(PSALM), The Manila Standard has learned.

Energy Secretary Raphael Lotilla said the approval is expected
to hasten the privatization of Napocor's generating assets.
Mr. Lotilla confirmed that the ADB board gave its full consent
to the Napocor assets/debt transfer with no objection received
from the board of directors.

But other Napocor creditors, such as the World Bank and the
Japan Bank for International Cooperation, have not given their
consent to the transfer of the assets and liabilities of Napocor
to PSALM, citing unfavorable economic conditions. Creditors, in
particular, have not given their formal consent to the sale of
Masinloc coal-thermal plant in Zambales province to winning
bidder YNN Pacific Consortium Inc. Creditors' consent is
required before the government can transfer ownership of and
eventually close the sale of Masinloc.


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

CHARTERED SEMICONDUCTOR: Increases Bond Size, Lowers Yield
----------------------------------------------------------
Singapore chipmaker Chartered Semiconductor Manufacturing
Limited increased the size of its proposed two-part bond and
lowered the indicative yield for such bond, Reuters News
reports.

The two-part bond issuance is now up to SGDI.104 billion from
SGD747.4 billion; the first part, which matures in 5 years, is  
worth SGD622.7 million, while the second part, which expires in
10 years, is worth SGD415.2 million. The bond's indicative yield
has been lowered, with the first part having a yield of 190
basis points over comparable U.S. Treasuries (from a previous
210 basis points), while the second part has a yield of 230
basis points (from 250 basis points as earlier reported).

According to a market source, the Company's bond is
oversubscribed, three times more than the previous offering size
worth SGD747.4 billion. The Company has not been doing well
lately, suffering a net loss of SGD111.5 million net loss for
the quarter ended June 30, and expects a SGD70 million to 86
million loss for the third quarter ending September.

The bond issuance would be used to repay the Company's maturing
debt of SGD955.2 million in senior convertible notes, due to
expire next April.

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


CITIRAYA INDUSTRIES: Court Approves Extension of Stay Order
-----------------------------------------------------------
In a recent update to Citiraya Industries' application to seek
an extension on a stay order, the Singapore High Court granted
the extension, reports Channel News Asia.

The Company had earlier sought a stay order to prevent creditors
from running after it, to force it to pay its debts. The order
prevents creditors from pursuing legal action against the
Company for nonpayment of debts.

Citiraya Industries, which is finalizing a scheme of arrangement
with its creditors in order to pay 50% of its liabilities, which
have amounted to SGD110 million, made headlines recently when
four employees were charged with accepting bribes to sell
rejected microchips on the black market.

As the Company plans to hold a meeting with its creditors very
soon, it asked for an extension on the stay order; the Company
has until Aug. 8 to file an application to convene creditors in
a meeting, after which the stay order would expire.


CONTACT:

Citiraya Industries Ltd
65 Tech Park Crescent
Singapore 637787
Phone: 65 62644338
Fax:   65 62666731
Web site: http://www.citiraya.com


D&Y BUILDERS: Creditors to Discuss Liquidator's Wind Up Report
--------------------------------------------------------------
Notice is hereby given that a meeting of creditors of D&Y
Builders Pte Limited will be held on Aug. 16, 2005, 10:30 a.m.
at 18 Cross Street, #08-01 Marsh & McLennan Centre (China Square
Central), Singapore 048423 for the following purposes:

AGENDA:

(1) To table a Liquidators' Report;

(2) To consider and if thought fit, to appoint a committee of
inspection; and

(3) Any other business.

Dated this 28th day of July 2005

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


FUSIEN HOLDINGS: Court Orders Wind Up
-------------------------------------
Notice is hereby given that creditor Bank of China Limited
(formerly Bank of China) filed for a winding up petition against
Fusien Holdings Pte Limited on July 11, 2005.

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

Any Company creditor or contributory desiring to support or
oppose the making of an Order on the Petition may appear at the
time of hearing by themselves or their Counsel for that purpose;
and a copy of the Petition will be furnished to any creditor or
contributory of the Company requiring the copy of the Petition
by the undersigned on payment of the regulated charge for the
same.

The Petitioner's address is 4 Battery Road, Bank of China
Building, Singapore 049908. The Petitioner's solicitors are
Messrs. RAJAH & TANN of 4 Battery Road, #15-01 Bank of China
Building, Singapore 049908 (Ref. RCH/tlc/104854/04940)

Dated this 13th day of July 2005

Messrs Rajah & Tann
Solicitors for the Petitioner

Note:

Any person who intends to appear on the hearing of the Petition
must serve on or send by post to the Petitioner's solicitors,
Messrs Rajah & Tann of 4 Battery Road, #15-01 Bank of China
Building, Singapore 049908, notice in writing of his intention
to do so. The notice must state the name and address of the
person, or, if a firm, the name and address of the firm, and
must be signed by the person or firm, or his or their solicitors
(if any) and must be served, or, if posted must be sent by post
in sufficient time to reach the Petitioner's solicitors not
later 12:00 p.m. on Aug. 4, 2005 (the working day before the day
appointed for the hearing of the Petition).

CONTACT:

Fusien Holdings Pte Limited
15 Chin Bee Road Singapore 619825
Phone: 65 65368182   
Fax:   65 65365363


RECREAIDS PTE: Enters Liquidation Process
-----------------------------------------
In the matter of Recreaids Pte Limited, the Singapore High Court
issued a winding up order on the Company on July 15, 2005, with
the following details:

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

Dated this 18th day of July 2005

Messrs. NIRU & CO.
Solicitors for the Petitioners

Note:

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

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

CONTACT:

Recreaids Pte Limited
21 Tan Quee Lan Street
#02-08 Heritage Place
Singapore 188108
Phone: 65 63347735   
Fax:   65 63393802


XUNG ASIA: Creditor Seeks Wind Up
---------------------------------
Notice is hereby given that judgment creditors New Era Press Pte
Limited presented a winding up petition against Xung Asia Pte
Limited on July 8, 2005.

The said Petition is to be heard before the Court sitting at
Singapore High Court 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 hearing by himself or his Counsel for
that purpose, and a copy of the said Petition will be furnished
to any creditor or contributory of the Company requiring the
same by the undersigned on payment of the regulated charge for
the same.

The Petitioners' address is 26 Kallang Place #01-04/07,
Singapore 339157.

The Petitioners' solicitors are Messrs. TOMMY CHOO MARK GO &
PARTNERS of 20 Upper Circular Road, #02-01 The Riverwalk,
Singapore 058416

Note: Any person who intends to appear at the hearing of the
said Petition must serve on or send by post to the solicitors
Messrs. Tommy Choo Mark Go & Partners of 20 Upper Circular Road,
#02-01 The Riverwalk, Singapore 058416 notice in writing of his
intention to do so. The notice must state the name and address
of the person, or if a firm, the name and address of the firm
and must be signed by the person or firm, or by 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(the day before the day
appointed for the hearing of the Petition).

CONTACT:

Xung Asia Pte Limited
Robinson Road P.O. Box 992
Singapore 901942
Phone: 65 67378077
Fax:   65 67379182
Email: info@xungasia.com


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

EMC: Acquires New Contract from Thai Central Chemical
-----------------------------------------------------
EMC Public Company Limited informed the Stock Exchange of
Thailand (SET) that it has been awarded a new contract.

Project name: New Finished Goods Warehouse
Employer: Thai Central Chemical Public Co., Ltd.
Scope of work:

-Construction of structural work, including piling work

-Architectural work

-Construction of toilet building including, including  
electrical and sanitary systems

-Construction of external roads and fences

-Construction of warehouse building

Working period:

Date of commencement: July 20, 2005

Date of completion: February 28, 2006

Contract value: THB115,000,000 (including VAT)

The execution of above-mentioned work is regarded as normal
business transaction according to the company action plan.

Please be informed accordingly.

Yours faithfully,
Lt. Gen. Samang Thongpan
Director

CONTACT:

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


TANAYONG: Moves Office Location
-------------------------------
Tanayong Public Company Limited, by the Central Bankruptcy
Court's order had moved office from 100-100/1 Moo 4 Bangna-Trad
Highway Km.14 Bangchalong, Bangplee, Samutprakarn to 21 TST
Tower, Soi Choei Phuang, Vipavadee-Rangsit road, Jompol,
Jatujak, Bangkok and changed the Memorandum of Association No.5
to be 5. The location of head office will be in Bangkok.

The effective date was on July 26, 2005.
  
Please be informed accordingly.

Yours sincerely,
Mr. Sudha Liptawat / Mr. Rangsin Kritalug
By Tanayong Public Company Limited
On behalf of the Plan Administrator of
Tanayong Public Company Limited  

CONTACT:

Tanayong Public Company Limited   
100-100/1 Moo 4, Km.14,Bangna-Trat Road,
Bang Plee, Samut Prakarn    
Telephone: 0-2273-8511-15   
Fax: 0-2273-8516-17   
Website: http://www.tanayong.co.th
  










                            *********


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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 S. 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.

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