TCRAP_Public/050802.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

             Tuesday, August 2, 2005, Vol. 8, No. 151

                            Headlines


A U S T R A L I A

AIR NEW ZEALAND: Remaining State-owned, Though Part May Be Sold
ALISCO PTY: Members Opt for Voluntary Liquidation
AMP LIMITED: Exits Joint Venture Operation in India
B.&M. BUILDING: Creditors, Members to Convene in Final Meeting
COLEMATT PTY: To Distribute Dividend to Creditors

C.R. STACKHOUSE: Liquidator to Explain Wind Up Manner
DOUG CLARK: Appoints Official Liquidator
GLENRAE PTY: Placed Under Voluntary Liquidation
GOLDEN CHEF: Liquidation Puts 300 Jobs at Risk
HADOWAND PTY: Stephen Preen Named Liquidator

HARCLAY NOMINEES: Members, Creditors to Hear Liquidator's Report
HERITAGE FINE: Investors Offer Liquidator Payment by the Bottle
HIH INSURANCE: Class Action Wavers as Lawyer Reaps AU$1-Mln Fees
JANE COOPER: Schedules Final Meeting August 8
MOTOKOV AUSTRALIA: Liquidator to Explain Wind Up to Members

MURRAROGAN PTY: Begins Winding Up Proceedings
NEWCASTLE TOWN: Creditors to Hear Winding Up Report
OCEANVIEW CONFERENCE: Liquidator Details Final Meeting Agenda
PENDULUM DAIRY: Creditors Pass Winding Up Resolution
PETROCON PTY: Creditors Ratify Liquidator's Appointment

PFS BUSINESS: ASIC Shuts Down Self-managed Adviser
PRO-COM INTERIORS: Creditors Wind Up Company
PROVEST CAPITAL: Former Financial Adviser Permanently Banned
QANTAS AIRWAYS: Flags More Cost Cuts
QANTAS AIRWAYS: Mobile Phone Policy Goes International

QUADENT PTY: Members Decide to Close Operations
TRESATE PTY: Enters Liquidation
ULR MOTORS: Final Members Meeting Fixed August 9
WELLMART AUSTRALIA: Creditors Set to Receive Interim Dividend
* ASIC Bans Director of Failed Pharmaceutical Companies


C H I N A  &  H O N G  K O N G

ARTS TAISEI: Winding Up Hearing Slated for August 30
CHINA INTERNATIONAL: Court to Hear Wind-up Petition August 25
CHINA SOUTHERN: Teams Up With PRC, AVIS
CHINA SOUTHERN: Morgan Stanley Ups Rating to Equalweight
CHINA SOUTHERN SECURITIES: Jianyin to Acquire 74 Outlets

DELTA LOGISTICS: Winding Up Process Initiated
FAIR HALL: Receives Winding Up Order
LAW'S CONTAINER: Court to Hear Wind-up Petition August 24
MAJOR SALES: Court Releases Winding Up Order
SHAANXI NORTHWEST: Deloitte Auditors Quit Job

PCCW LIMITED: Updates Composite Offer Deal
SEMICONDUCTOR MANUFACTURING: Posts Third Quarterly Loss
TOPOWER MARBLE: Receives Order to End Ops
V&T INVESTMENTS: Sets Creditors, Contributories Meeting
WOW FACTOR: Begins Liquidation Proceedings

YAMAMOTO AV: Enters Liquidation
ZHU KUAN: Creditors Accept HK$3 Bln Settlement Offer


I N D O N E S I A

BANK MANDIRI: NPLS Rise in First Half of 2005
PERTAMINA: Negotiates With Sinopec for Oil Search
SEMEN GRESIK: Posts 74% Increase in Net Profit


J A P A N

HITACHI LIMITED: Unveils Executive, Management Changes
KANEBO LIMITED: Creates Big Slush Funds
KYUSHU INDUSTRIAL: IRCJ to Dispose Of Entire Equity
MITSUBISHI MOTORS: To Boost Operations in India
MITSUBISHI MOTORS: Sues 7 Former Execs Over Car Defect Coverups

NIPPON SHINPAN: METI OKs Changes in Restructuring Plan
UFJ CARD: Restructuring Scheme Gets Go Signal


K O R E A

CITIBANK KOREA: Fitch Ups Individual Rating to B/C
DAEWOO SHIPBUILDING: Wins US$1.20Mln Contract from Qatari
KOOKMIN BANK: Issues Report on CD Embezzlement
KOOKMIN BANK: Releases Unaudited First Half Earnings Result


M A L A Y S I A

ANCOM BERHAD: Buys Back Ordinary Shares
DATUK KERAMAT: Stock Trading Halted Until Submission of AAA2004
DATUK KERAMAT: Court Rejects Application for Extension of Time
DUOPHARMA BIOTECH: Issues Additional Shares for Listing
FABER GROUP: Bourse to List, Quote Additional Shares

GEORGE TOWN: Application for Extension of Time Denied
GEORGE TOWN: Fails to Submit Reports on Time
HABIB CORPORATION: Inks Share Subscription Agreement with Scomi
JIN LIN: Seeks More Time to Submit Report
KEMAYAN CORPORATION: Disposes Of Properties

KIG GLASS: Asked To Pay US$1,441,250.49 to UOB Shenzen
MAGNUM CORPORATION: Granted New Shares Listing, Quotation
PARK MAY: Applies for Extension of Scheme Implementation
PROMTO BERHAD: Court Grants Extension of 90 Days for TRO
QUALITY CONCRETE: Unveils Acquisition, Disposal of Securities

TENAGA NASIONAL: Issues 3,312,100 New Shares for Listing


P H I L I P P I N E S

COLLEGE ASSURANCE: SEC Eyes Three to Head Takeover
DMCI HOLDINGS: Jumps on Hopes it Will Snag More Contracts
MAYNILAD WATER: Benpres Turns Over Shares to Receiver
NATIONAL BANK: Books Six-Fold Growth in First Half
NATIONAL BANK: Renato Castillo Joins Team

NATIONAL BANK: Four U.S. Funds Show Interest in Stake Sale
NATIONAL BANK: Metrobank Not Keen on Acquiring Stake
NATIONAL POWER: PSALM Sets Calaca Power Plant Bidding for Sept.
NATIONAL TRANSMISSION: DoE Says Sale Still on Track
PHILIPPINE TELEGRAPH: Postpones Annual Stockholders' Meeting

UNIWIDE HOLDINGS: Denies Puregold's Acquisition of 10 Outlets


S I N G A P O R E

AIROCEAN GROUP: Reelects Executive, Non-executive Directors
BORED PILING: Creditor Seeks to Wind Up Company
CHARTERED SEMICONDUCTOR: Sells Bonds for SGD1.07 Bln
ELITE MANAGEMENT: Distributes Dividend to Creditors
ENG WAH: Disposes of Stake Air-Conditioning Firm

PAN PACIFIC PUBLICATIONS: Enters Voluntary Liquidation
VA-SINGAPORE PTE: Creditors Required to Submit Debt Claims


T H A I L A N D

HANTEX: Fails to Submit FS on Time
THAI ENGINE: Court OKs Resolution Passed at Meeting
BOND PRICING: For the Week 1 August to 5 August 2005

     -  -  -  -  -  -  -  -

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

AIR NEW ZEALAND: Remaining State-owned, Though Part May Be Sold
---------------------------------------------------------------
Regardless of who wins the country's general election, Air New
Zealand will remain state-owned, Dow Jones Newswires reports.

The national flag carrier is over 80-percent owned by the state
after the current Labour-led government bailed out the airline
in 2001 for NZ$885 million.

The airline is now in the best financial position it has been
for years, and with polls indicating the country's Sept. 17
general election will be too close to call, both the ruling
Labour party and opposition National party have said they will
keep a majority stake in the airline. However, lawmakers from
both major parties will consider selling a stake to another
airline.

Singapore Airlines and Australia's Qantas Airways Ltd. have
previously signified their intention to take sizable stakes in
Air New Zealand, with mixed fortunes.

Singapore Airlines owned a 25-percent stake in the company until
the government's 2001 bailout diluted its holding, which it has
since sold. But prior to the government's rescue package,
Singapore Airlines had signaled an interest in raising its Air
New Zealand stake, a move the Labour-led government is accused
by opposition parties of scuppering due to its concerns about
high levels of foreign ownership.

Labour later supported an attempt by Qantas to take a 23-percent
stake in Air New Zealand, which would have lowered the
government's shareholding, but the deal was halted by the New
Zealand Commerce Commission on anticompetitive grounds.

Air New Zealand was one of several state-owned companies sold to
private investors in the late 1980's as the country's then-
Labour government controversially embarked on major economic
reforms.

CONTACT:

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


ALISCO PTY: Members Opt for Voluntary Liquidation
-------------------------------------------------
At a general meeting of the members of Alisco Pty Limited held
on June 22, 2005, a special resolution that the Company be wound
up voluntarily was passed.

Stepehn G. Longley
David L. McEvoy
Liquidators
Freshwater Place, 2 Southbank Boulevard
Melbourne Vic 3001


AMP LIMITED: Exits Joint Venture Operation in India
---------------------------------------------------
AMP Limited on Monday announced the sale of its joint venture
life insurance business in India, AMP Sanmar, to Reliance Life
Insurance Company, a subsidiary of Reliance Capital Limited.

AMP Life has a 26 per cent stake in the joint venture business
with the balance held by Indian partner Sanmar. Reliance Capital
is an Indian financial services company with interests in asset
management and mutual funds, stockbroking, insurance and related
activities.

The transaction is subject to regulatory approvals from Indian
authorities.

AMP announced on 6 June 2005 that it was exploring options for
restructuring the ownership of AMP Sanmar. Following an
extensive review, a sale to a local buyer was determined to be
the best option.

AMP Chief Executive Officer Andrew Mohl said the divestment of
its interest in the Indian joint venture operation reflected a
desire to focus on the company's core wealth management
businesses in Australia and New Zealand.

"AMP has been clear that its primary focus is on driving
shareholder value through its core operations in Australia and
New Zealand," Mr. Mohl said.

"Our presence in Asia will be purely around our asset management
business, AMP Capital Investors, which is already active in the
region in targeted asset classes and countries. This approach
more readily leverages our capabilities and is significantly
less capital intensive than the Indian life insurance business."

The Chennai-based AMP Sanmar began operations in January 2002.
AMP Sanmar has approximately 900 staff and 9000 agents

The transaction will have no material effect on AMP's financial
accounts.

CONTACT:

AMP Limited
Level 24, 33 Alfred St.
Sydney 2000, Australia
Phone: +61-2-9257-5000
Fax: +61-2-8275-0199
Web site: http://www.amp.com.au


B.&M. BUILDING: Creditors, Members to Convene in Final Meeting
--------------------------------------------------------------
Notice is hereby given that a final meeting of creditors and
members of B.&M. Building & Carpentry Pty Limited will be held
at the office of the Liquidator on Aug. 11, 2005, 11:00 a.m. for
the purpose of having an account laid before the meeting showing
the manner in which the winding up has been conducted and the
property of the Company disposed of, and hearing any
explanations that may be given by the Liquidator.

Proxies to be used at the meeting must be lodged with the
Liquidator.

Dated this 17th day of June 2005

Anthony R. Cant
Liquidator
2nd Floor, 106 Hardware Street
Melbourne 3000


COLEMATT PTY: To Distribute Dividend to Creditors
-------------------------------------------------
Colematt Pty Limited is set to declare a first and final
dividend on Aug. 16, 2005.

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

Dated this 10th day of June 2005

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


C.R. STACKHOUSE: Liquidator to Explain Wind Up Manner
-----------------------------------------------------
Notice is given, pursuant to Section 509 of the Corporations
Act, 2001 that a meeting of the members of C.R. Stackhouse Pty
Limited will be held on Aug. 8, 2005, 9:00 a.m. at the offices
of Jones Condon, Chartered Accountants, 77 Station Street,
Malvern Vic 3144, to lay an account before them showing the
manner in which the winding up was conducted and the property of
the Company disposed of, and to hear any explanations that may
be given by the Liquidator.

Dated this 23rd day of June 2005

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


DOUG CLARK: Appoints Official Liquidator
----------------------------------------
Notice is hereby given that at a general meeting of members of
Doug Clark Motors 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.

Dated this 23rd day of June 2005

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


GLENRAE PTY: Placed Under Voluntary Liquidation
-----------------------------------------------
Notice is hereby given that at a general meeting of Glenrae Pty
Limited duly convened and held on June 22, 2005, the following
special resolution was passed:

That the company be wound up as a members' voluntary
liquidation, and that the Company's assets may be distributed in
whole or in part to the members in specie, should the liquidator
so desire.

Dated this 24th day of June 2005

Brian V. Cotton
Liquidator
6 Gerald Avenue
Roseville NSW 2069


GOLDEN CHEF: Liquidation Puts 300 Jobs at Risk
----------------------------------------------
The Supreme Court has ordered that catering firm Golden Chef be
put under liquidation and that a liquidator be appointed, The
Advertiser reports.

Court-appointed liquidator Maris Rudeks said there is the
distinct possibility 300 jobs will be lost in South Australia
and the interstate.

But managing director Pantelis Charitopoulos denied the
liquidation, saying one of Golden Chef's subsidiary companies,
which handled purchasing, had had some problems with a creditor,
but all would be ironed out.

A source said the company had tried to negotiate a deal with
creditors, involving it paying its debts, plus 20 per cent, to
pay off older amount owed.

Mr. Charitopoulos said last year the company was in talks to set
up businesses in Asia and aimed to triple annual turnover to
AU$90 million by June this year.

Liquidator Rudaks says job losses are a distinct possibility but
Golden Chef's owners say it is business as usual for the time
being.

CONTACT:

Golden Chef
203-205 Hanson Road
Athol Park South Australia 5012
Phone: 1300 881 588/ 08 8348 1700
Fax: 08 8445 6488
Web site: http://www.goldenchef.com.au/


HADOWAND PTY: Stephen Preen Named Liquidator
--------------------------------------------
Notice is hereby given that at a general meeting of members of
Hadowand Pty Limited held on June 27, 2005 it was resolved that
the Company would be wound up voluntarily, and that Stephen
Keith Preen of Level 19, 207 Kent Street, Sydney NSW 2000 be
appointed Liquidator for such purpose.

Dated this 28th day of June 2005

Stephen K. Preen
Liquidator
Level 19, 207 Kent Street
Sydney NSW 2000


HARCLAY NOMINEES: Members, Creditors to Hear Liquidator's Report
----------------------------------------------------------------
Notice is hereby given that a final meeting of members and
creditors of Harclay Nominees Pty Limited will be held on Aug.
9, 2005, 9:30 a.m. at the offices of Brooke Bird & Co, Chartered
Accountants, 471 Riversdale Road, Hawthorn East, to lay an
account before them showing the manner in which the winding up
was conducted and the property of the Company disposed of, and
to hear any explanations that may be given by the Liquidators.

Dated this 21st day of June 2005

Robyn Erskine
Peter Goodin
Joint & Several Liquidators
Brooke Bird & Co.
Chartered Accountants
471 Riversdale Road, Hawthorn East 3123
Phone: (03) 9882 6666


HERITAGE FINE: Investors Offer Liquidator Payment by the Bottle
---------------------------------------------------------------
Heritage Fine Wines Pty Ltd liquidator Nicholas Crouch said
investors want to pay about AU$2.20 a bottle to cover the costs
of his mop-up operation, says The Australian Associated Press.

At meetings in Melbourne and Sydney last week, Mr. Crouch told
investors that to have any hope of getting back their wine they
would have to spend more money to enable him to fully
investigate the company's activities.

Left with few options, investors backed Mr. Crouch's proposal to
recover liquidation costs and expenses by levying a fee of about
AU$2.20 a bottle.

"Mr. Crouch told the meeting that he remained optimistic that,
subject to funding, most of the wine should be able to be
reconciled to individual investors," Crouch Insolvency said in a
statement.

Mr. Crouch was appointed receiver and manager in May following
concerns of a substantial shortfall between the records of wine
purchased by investors and bottles held in the company's
warehouses.

About 3,000 investors are believed to have spent in over AU$68
million on 1.5 million bottles of wine to be stored by the
company on their behalf - but there is a shortfall of about
250,000 bottles.

Investors also resolved to support a proposal that the receiver
should undertake investigations into certain aspects of the
company's failure and conduct.

CONTACT:

Nicholas Crouch
Liquidator
Crouch Insolvency
Chartered Accountants
Level 5, 82 Elizabeth Street,
Sydney NSW 2000
Phone: 02 9221 0266
Fax: 02 9221 0566
E-mail: admin@crouch.net.au


HIH INSURANCE: Class Action Wavers as Lawyer Reaps AU$1-Mln Fees
----------------------------------------------------------------
A case run by a solicitor representing 3000 small victims of the
collapse of HIH Insurance is perceived to be "in trouble",
according to The Australian.

The class action run solely by Sydney-based lawyer Bruce Dennis
is said to be in grave difficulty, as the New South Wales (NSW)
legal watchdog pushes for greater regulation on the conduct of
class actions.

Mr. Dennis, who has so far collected AU1 million in fees, is in
dire straits since the cases he has been handling have been
subject of a complaint to Legal Services Commissioner Steve
Mark.

Mr. Dennis is running four class actions on behalf of 4500
shareholders from collapsed companies HIH, One.Tel, Sons of
Gwalia and ION Limited.

Mr. Mark questioned the practice of Mr. Dennis, who is asking
that claimants pay an upfront fee of AU$550 each to cover
"lodging, the proof of, and managing" claims. Mr. Dennis has
also instructed a marketing company to contact potential
claimants via share registers, a move that Mr. Mark called
"unacceptable".

Mr. Dennis last week defended the use of the share register to
recruit clients.

"I believe we can contact people in relation to the holding of
their shares, with permission of the company,'' he said.

"But in cases where the legal position is in doubt, we have
stopped sending letters out."

Legal sources told The Australian they believed the HIH case was
in deep trouble.

Of central concern is the apparent difficulty with the way the
case was pleaded. Successive statements of claim left the door
open for defendants to make successful strikeout applications,
leaving former HIH director Ray Williams now standing as the
sole defendant. When the case was first launched, Mr Dennis
listed 13 named defendants, including Rodney Adler.

The HIH class action, which is vigorously defended, has not gone
smoothly. The legal basis of the action has been heavily
criticized by Federal Court judge Brian Tamberlin, who found
"substantial and pervasive" deficiencies in the case that would
"warrant the striking out of the entire Application and
Statement of Claim".

But Mr.Dennis stressed the initial problems with pleadings had
now been sorted out and he remained optimistic of winning the
case.

At least one complaint against Mr. Dennis has been lodged with
the Legal Services Commissioner but no disciplinary action has
been taken.


JANE COOPER: Schedules Final Meeting August 8
---------------------------------------------
Notice is hereby given that a final meeting of members and
creditors of Jane Cooper Clothing Pty Limited will be held on
Aug. 8, 2005, 9:30 a.m. at the offices of Brooke Bird & Co.,
Chartered Accountants, 471 Riversdale Road, Hawthorn East, 3123
to view the report on the how the winding up was conducted and
the Company property was disposed of, and to hear any of the
Liquidator's explanations.

Dated this 21st day of June 2005

Robyn Erskine
Peter Goodin
Joint & Several Liquidators
Brooke Bird & Co.
Chartered Accountants
471 Riversdale Road, Hawthorn East 3123
Phone: (03) 9882 6666


MOTOKOV AUSTRALIA: Liquidator to Explain Wind Up to Members
-----------------------------------------------------------
Notice is given that the final meeting of the members of Motokov
Australia Pty Limited will be held on Aug. 9, 2005, 10:30 a.m.
at the offices of Deloitte Touche Tohmatsu, Level 14, 180
Lonsdale Street, Melbourne, for the following purpose:

AGENDA:

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

Dated this 27th day of June 2005

Simon A. Wallace-Smith
Andrew W. Beck
Liquidators
Motokov Australia Pty Limited


MURRAROGAN PTY: Begins Winding Up Proceedings
---------------------------------------------
Notice is hereby given that at a meeting of Shareholders of
Murrarogan Pty Limited A.C.N. 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 the winding up.

Dated this 28th day of June 2005

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


NEWCASTLE TOWN: Creditors to Hear Winding Up Report
---------------------------------------------------
Notice is given pursuant to Section 509 of the Corporation
Act 2001, that a general meeting of the creditors of Newcastle
Town & Country Steelcrafted Homes Pty Limited will be held on
Aug. 12, 2005, 10:00 a.m. at the offices of
PricewaterhouseCoopers, Level 10, 201 Sussex Street, Sydney NSW
2000 to have an account laid before them showing how the winding
up was conducted and the Company property was disposed of, and
to hear any explanations that may be given by the Liquidator.

Dated this 24th day of June 2005

G. W. HALL
Liquidator
PricewaterhouseCoopers
Level 10, 201 Sussex Street
Sydney NSW 2000


OCEANVIEW CONFERENCE: Liquidator Details Final Meeting Agenda
-------------------------------------------------------------
Notice is hereby given that a final combined meeting of the
members and creditors of Oceanview Conference Center Pty Limited
will be held on Aug. 8, 2005, 11:00 a.m. at the offices of
Knights Insolvency Administration, Level 7, Suncorp Plaza, 61-73
Sturt Street, Townsville.

AGENDA:

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

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

Dated this 22nd day of June 2005

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


PENDULUM DAIRY: Creditors Pass Winding Up Resolution
----------------------------------------------------
Notice is hereby given that at a meeting of creditors of
Pendulum Dairy Gates Pty Limited held on June 21, 2005, it was
resolved that the company be wound up, and pursuant to Section
446A(4) of the Corporations Act 2001, George Georges and John
Ross Lindholm of Ferrier Hodgson, Level 29, 600 Bourke Street,
Melbourne, Victoria were appointed joint and several
Liquidators.

Dated this 24th day of June 2005

George Georges
John R. Lindholm
Liquidators
Ferrier Hodgson
Level 29, 600 Bourke Street
Melbourne Vic 3000


PETROCON PTY: Creditors Ratify Liquidator's Appointment
-------------------------------------------------------
Notice is hereby given that at an extraordinary general meeting
of members of Petrocon Pty Limited held on June 20, 2005, it was
resolved that the Company be wound up voluntarily, and at a
meeting of creditors held on the same day it was resolved that
for such purpose, Robert Molesworth Hobill Cole of Cole Downey &
Co., Chartered Accountants, Unit 2, 6 Moorabool Street, Geelong
Vic 3220 be appointed Liquidator.

Dated this 21st day of June 2005

Robert M. H. Cole
Liquidator
Cole Downey & Co.
Chartered Accountants
Unit 2, 6 Moorabool Street
Geelong Vic 3220


PFS BUSINESS: ASIC Shuts Down Self-managed Adviser
--------------------------------------------------
The Australian Securities and Investments Commission (ASIC) has
on Monday obtained interim orders in the Supreme Court of
Victoria restraining Mr. Shaun Oliver White, and nine related
companies, from carrying on a business relating to
superannuation.

ASIC also obtained orders appointing a provisional liquidator to
PFS Business Development Group Pty Ltd and eight other
companies.

His Honour Justice Philip Mandie ordered that Mr. Gess Rambaldi
and Mr. Andrew Yeo, of Pitcher Partners, be appointed jointly
and severally as the provisional liquidator of the companies.

ASIC successfully applied for orders restraining each of the
following parties (the PFS Group) from carrying on a financial
services business without holding an Australian Financial
Services Licence (AFSL) or from carrying on a business related
to superannuation interests (without holding an AFSL):

PFS Business Development Group Pty Ltd
PFS Construction Consulting Group Pty Ltd
PFS Construction Consulting Group (Ashridge Lane A) Pty Ltd
PFS Construction Consulting Group (Ashridge Lane B) Pty Ltd
PFS Construction Consulting Group (Ashridge Lane C) Pty Ltd
Kaluski White & Associates (Black Gully Road) Limited
Meridian Event Management Pty Ltd
Nycam Werd Pty Ltd
Kaluski White & Associates Pty Ltd (In Administration)
Shaun Oliver White
Nicole White
Damian Tolson

ASIC has alleged, amongst other things, that the PFS Group
misled investors and acted unconscionably, leading investors to
roll over approximately AU$800,000 of existing superannuation
funds into self-managed superannuation funds (SMSFs) that the
PFS Group established for them, while also leading investors to
invest a further AU$700,000 into joint venture investments with
the PFS Group.

ASIC is continuing to investigate how the funds invested with
the PFS Group have been used.

ASIC's application to have a provisional liquidator appointed to
two other related companies, PFS Wholesale Mortgage Corporation
Pty Ltd and Shaun White Pty Ltd, was adjourned until 19 August
2005.

Mr. Rambaldi and Mr. Yeo will provide their report as
provisional liquidators to the court on 9 September 2005.

"ASIC's allegations in this proceeding emphasize the serious
issues that face consumers who are considering transferring
their superannuation to a self-managed superannuation fund,
commonly referred to as a 'SMSF' or 'DIY Fund'," Ms Jan Redfern,
ASIC's Executive Director of Enforcement said.

"The introduction of super choice means that more consumers can
now make decisions to establish their own superannuation fund. I
would remind consumers considering setting up a self-managed
superannuation fund to check that their adviser is the holder of
an Australian Financial Services license.

"A licensed adviser must consider whether the amount of a
person's superannuation savings is sufficient to justify the
costs involved to establish and maintain a self-managed
superannuation fund," Ms Redfern said.

This action arose out of ASIC's superannuation switching
campaign which was developed to ensure advisers fulfill their
obligations in relation to providing advice concerning a
client's existing super fund and any new fund that might be
recommended.

The obligations of financial advisers and trustees of SMSFs are
set out in Meeting Your Obligations, a booklet recently
published by the ASIC and the ATO. It also details the approach
ASIC and the ATO will take to ensure people comply with their
obligations.


PRO-COM INTERIORS: Creditors Wind Up Company
--------------------------------------------
Notice is hereby given that at a meeting of creditors of Pro-Com
Interiors Pty Limited held on June 21, 2005, it was resolved
that the Company be wound up, and Daniel I. Cvitanovic of
Ferrier Hodgson, Level 1, 121-123 Crown Street, Wollongong was
appointed Liquidator for such purpose.

Dated this 21st day of June 2005

Daniel I. Cvitanovic
Liquidator
Ferrier Hodgson
Level 1, 121-123 Crown Street
Wollongong NSW 2500


PROVEST CAPITAL: Former Financial Adviser Permanently Banned
------------------------------------------------------------
The Australian Securities and Investments Commission (ASIC) has
permanently banned Mr. Rick Alan O'Toole, formerly of Newstead
in Queensland, from providing financial services.

Mr. O'Toole, an accountant and registered auditor, had
personally, or through his company, Provest Capital Pty Ltd
(Provest), been operating a financial services business in New
South Wales between 8 August 2003 and 5 January 2004.

ASIC found that Mr. O'Toole had changed a client's address
without permission, enabling him to obtain AU$55,761.52 of a
client's funds by deception, and dishonestly dealt with a loan
of AU$400,000 from the client. Upon discovery of the deceptive
conduct, the money was repaid and following legal action, the
loan was also repaid.

ASIC concluded that Mr. O'Toole had engaged in conduct relating
to a client which was misleading and deceptive, engaged in
dishonest conduct, and had made representations that his conduct
was authorized and on behalf of another person. Furthermore,
ASIC found Mr. O'Toole was carrying on a financial services
business without holding an Australian Financial Services
license or acting as a representative of a licensee.

ASIC banned Mr. O'Toole after finding that there is reason to
believe he would not comply with financial services laws in the
future.

In arriving at its decision, ASIC also took account of the fact
that Mr. O'Toole has been an undischarged bankrupt since 11
January 2005.

"ASIC will take action to ensure that participants in the
financial services industry act honestly and with integrity when
dealing with clients," ASIC's Deputy Executive Director of
Enforcement, Mr. Allen Turton said.

"It is vital that consumers are aware of their rights in
relation to the financial services industry, and information is
available on ASIC's website at www.fido.gov.au or by calling
1300 300 630," Mr. Turton added.

Mr. O'Toole has the right to lodge an application with the
Administrative Appeals Tribunal for a review of ASIC's decision.


QANTAS AIRWAYS: Flags More Cost Cuts
------------------------------------
Qantas celebrated an important milestone in its history last
weekend, with 31 July the 10th anniversary of its listing as a
public company.

The Chief Executive Officer of Qantas, Mr. Geoff Dixon, said
that in a constantly evolving and highly competitive
environment, the Qantas Group had achieved a great deal since
1995.

"As well as dealing with the huge cultural, financial and
operational change associated with the transition from a
Government-owned company to a fully privatized business, Qantas
has weathered one of the most turbulent periods in aviation in
the years since privatization - particularly the last five
years," Mr. Dixon said.

"With the support of its staff, Qantas has managed the
challenges better than most to ensure that the company is
currently in a reasonably strong position.

"Over the past 10 years, we have delivered good returns to our
shareholders, employed large numbers of Australians and provided
domestic and international aviation services that are generally
regarded as being among the world's best."

Mr. Dixon said that since privatization in 1995, Qantas had:

(1) Grown staff numbers by almost 30 per cent - from 30,000 in
1995 to more than 38,400 staff today - the vast majority of them
in Australia;

(2) More than doubled the number of passengers carried each
year, from 16 million in 1995 to more than 32 million in 2005;

(3) Increased the number of flights it operates from 1,900
flights a week (including 250 international services) to more
than 5,000 a week (including 600 international services);

(4) Expanded its network significantly, from 86 destinations in
26 countries, including 48 in Australia, in 1995 to 145
destinations in 40 countries, including 62 in Australia operated
by four Qantas Group airlines today; and

(5) Grown its fleet by 47 per cent, from 136 aircraft in 1995 to
200 in 2005.

Key financial statistics for the 10 years include:

(1) Total shareholder return since the float (including dividend
reinvestment) of more than 340 per cent (based on an issue price
at float of $1.90);

(2) Total dividends paid to shareholders to date of $2.15 per
share (prior to final dividend payment for the current year);
and

(3) Projected revenue growth of 77 per cent from $7.2 billion in
1995 to over $12.5 billion in 2005.

He said other highlights for the Group over the 10 years
included:

(1) Qantas' role as a founding member of oneworld in 1998;

(2) The announcement of the airline's 10-year, multi-billion
dollar fleet plan in 2000, which included the purchase of new
aircraft types such as the revolutionary Airbus A380;

(3) The launch of the QantasLink brand in 2001, followed by the
purchase of Impulse;

(4) The launch of Australian Airlines in 2002;

(5) The introduction of the airline's new International Business
Class, including the award-winning sleeper seat Skybed, in 2003;
and

(6) The launch of the Group's very successful low cost domestic
carrier Jetstar, which commenced operations in 2004.

"All Qantas' achievements will ultimately mean little if the
Group does not continue to address a wide range of challenges,"
Mr. Dixon said.

"Chief among these is the continuing escalation in oil prices
that show no sign of falling to sustainable levels," Mr. Dixon
said.

"This has the real potential to cancel out the cost savings we
have achieved across the business through our Sustainable Future
program.

"Our aim is to find and deliver further cost and efficiency
benefits to ensure we are able to generate strong profits,
continue to provide adequate returns for our investors, invest
further in aircraft and product and continue to employ
Australians."

CONTACT:

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


QANTAS AIRWAYS: Mobile Phone Policy Goes International
------------------------------------------------------
Qantas has extended its policy on the use of mobile phones to
include all of the airline's international services, New Zealand
domestic operations and Australian Airlines services from
Monday, August 1, 2005.

Under the policy, which was introduced for Australian domestic
services in June 2005, mobile phones can be used once an
aircraft has landed and vacated the runway. An announcement by
cabin crew shortly after landing informs customers when they can
use their mobile phones.

Qantas Executive General Manager John Borghetti said Qantas was
pleased to be able to extend the policy to international
services.

"We have had positive feedback from our Australian domestic
customers - in particular business travellers, who have welcomed
the ability to access messages and use their phones for calls at
an earlier stage of arrival," Mr Borghetti said.

Under the new policy, 'flight mode' capable mobile phones and
personal digital assistants (such as Blackberrys and Palm
Pilots) can be used from the time the seat belt sign has been
extinguished after take-off until the aircraft has begun its
descent. However, 'flight mode' must be activated prior to
turning the device off.

Mr. Borghetti said customers could continue to use mobile phones
on aerobridges at departure and arrival.

"It is important to note, however, that most electronic
equipment must still remain switched off during both take-off
and landing," he said.

Portable electronic equipment such as laptop computers, personal
music and electronic games devices may be used when the aircraft
seat belt sign is extinguished after take-off and until the top
of descent.

The new arrangements meet the standards set by the Civil
Aviation Safety Authority in Australia and New Zealand's Civil
Aviation Authority.


QUADENT PTY: Members Decide to Close Operations
-----------------------------------------------
Notice is hereby given that at an extraordinary general meeting
of members of Quadent Pty Limited held on June 21, 2005, it was
resolved that the Company be wound up voluntarily, and at a
meeting of creditors held that day, it was resolved that Richard
Herbert Judson of Judson & Co., Chartered Accountants, Level 1,
10 Park Road, Cheltenham be appointed liquidator.

Dated this 21st day of June 2005

Richard H. Judson
Liquidator
Judson & Co.
Chartered Accountants
Suite 4, Level 1, 10 Park Road,
Cheltenham, Vic 3192
Phone: 9585 4155


TRESATE PTY: Enters Liquidation
-------------------------------
Notice is hereby given that pursuant to section 509 of the
Corporations Act 2001, the final meeting of members of Tresate
Pty Limited will be held on Aug. 9, 2005, 10:00 a.m. at the
offices of Kellaway Cridland Pty Ltd, Chartered Accountants, 48
Hunter Street, Sydney, to lay before the meeting the
Liquidator's final accounts and report and giving any
explanation thereof.

Dated this 28th day of June 2005

Peter L. Kellaway
Liquidator
Chartered Accountant
Level 4, 48 Hunter Street
Sydney NSW 2000


ULR MOTORS: Final Members Meeting Fixed August 9
------------------------------------------------
Notice is given that the final meeting of the members of ULR
Motors Employee Share Plan Pty Limited will be held on Aug. 9,
2005, 2:30 p.m. at the offices of Deloitte Touche Tohmatsu,
Level 14, 180 Lonsdale Street, Melbourne.
AGENDA:

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

Dated this 27th day of June 2005

Salvatore Algeri
Simon Wallace-Smith
Liquidators
Deloitte Touche Tohmatsu
Level 14, 180 Lonsdale Street
Melbourne


WELLMART AUSTRALIA: Creditors Set to Receive Interim Dividend
-------------------------------------------------------------
Wellmart Australia Pty Limited will declare a first interim
dividend on Aug. 10, 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

Adam Shepard
Liquidator
Star Dean-Willcocks
Level 1, 32 Martin Place
Sydney NSW 2000

* ASIC Bans Director of Failed Pharmaceutical Companies
-------------------------------------------------------
The Australian Securities and Investments Commission (ASIC) has
banned Mr. Detlef Friedrichs, of Adelaide, from managing
corporations for three years.

ASIC banned Mr. Friedrichs following an investigation into his
involvement in three failed pharmaceutical companies, Friedprop
Pty Ltd, Derma Plus Pty Ltd and Synopharn International Pty
Limited.

Friedprop, Derma Plus and Synopharn International were wound up
after the liquidators reported the companies would be unable to
pay creditors more than 50 cents in the dollar.

In total, the failed companies left debts totaling nearly $1
million. Another of Mr. Friedrich's companies, Derma
Pharmaceuticals Pty Ltd, is also currently in liquidation with a
reported deficiency of $273,000. Derma Pharmaceuticals is not
part of this disqualification action.

ASIC found that Mr. Friedrichs had breached provisions of the
Corporations Act 2001 concerning the requirement to keep
adequate financial records and the requirement to provide
assistance to a liquidator, including the provision of
information relating to the financial circumstances of a failed
company.

In banning Mr. Friedrich, ASIC also took into account his
conviction on 2 September 2003, in the Adelaide Magistrates
Court, for continuing to act as officer of a company while it
was being wound up.

"Directors who do not carry out their duties properly pose a
threat to consumers and the wider business community. ASIC will
not hesitate to take banning action against directors who
intentionally or negligently fail to fulfill their
responsibilities," ASIC's Director of National Assessment and
Action, Mr. Adrian Borchok said.

Mr. Friedrichs has the right to appeal to the Administrative
Appeals Tribunal for a review of ASIC's decision.


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

ARTS TAISEI: Winding Up Hearing Slated for August 30
----------------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Arts Taisei Denki Limited by the High Court of Hong Kong Special
Administrative Region was on June 5, 2005 presented to the said
Court by Draka Cables (Hong Kong) Limited whose registered
office is situate at 6th Floor, MRL Warehouse, Phase 11, Berth
One, Kwai Chung Container Terminal, Kwai Chung, New Territories,
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.

FAN WONG & TSO
Solicitors for the Petitioner
Room 2102, 21st Floor, Tower 11
Lippo Centre, 89 Queensway
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.


CHINA INTERNATIONAL: Court to Hear Wind-up Petition August 25
-------------------------------------------------------------
China International Business Development hereby gives notice
that the application by the Official Receiver and Provisional
Liquidator will be heard before Master S. Kwang of the High
Court for consideration of the resolutions and determinations
(if any) of the first meeting of creditors and the first meeting
of contributories held on May 12, 2005, deciding the differences
(if any), and making such order of appointments as the court may
think fit.

Date and Time of Hearing:  August 25, 2005 at 10 a.m.

Place of hearing: High Court Building, No. 38 Queensway, Hong
Kong

Any creditor or contributory of the Company is entitled to
attend and be heard at the above hearing.

Dated this 29th day of July 2005

E.T. O'CONNELL
Official Receiver & Provisional
Liquidator


CHINA SOUTHERN: Teams Up With PRC, AVIS
---------------------------------------
China Southern Airlines, the largest airline in The People's
Republic of China, has teamed up with AVIS for an exciting new
FFP promotion.

In a press release, China Southern Airlines' Sky Pearl Club
members can earn all-new benefits with AVIS, www.avischina.com,
including 400 kilometers credit (per qualified rental) at any of
5,000 AVIS locations throughout more than 170 countries around
the world.

AVIS will periodically provide special programs which may
include special rates, free car class upgrade, discounts, free
day rentals or extra bonus credits. Sky Pearl Club members will
be informed of available promotional offers directly from AVIS
and via China Southern's web site and Sky Pearl Club
Newsletters.

Rentals on successive days count for a single kilometers credit.
Different rentals on successive days from the same AVIS location
will count for a single kilometers credit. And rentals in
conjunction with a frequent flyer car rental award, wholesale
tour packages, airport transfers, chauffeur drive rates, staff
rates and travel industry discounts or insurance/dealer
replacement are not eligible for kilometers credit.

For additional information, please contact AVIS Worldwide
Reservations, toll free, at 800-820-5818 or book online at
www.avischina.com (available in both Chinese and English).

Please provide your Sky Pearl Club membership number when making
your AVIS reservation. Keep copies of all vehicle rental bills
for possible mileage retro claim and contact AVIS within six
months after the rental at 800-820-5818.

Avis Rent A Car System, Inc. and its subsidiaries operate the
world's second largest general-use car rental brand, providing
business and leisure customers with a wide range of services at
nearly 1,900 locations in the United States, Canada, Australia,
New Zealand and the Latin American / Caribbean region. Avis is
one of the world's top brands for customer loyalty, ranking as
the number one car rental company in the 2005 Brand Keys?
Customer Loyalty Index. The company is part of Cendant Car
Rental Group, a wholly owned subsidiary of Cendant Corporation
(NYSE: CD), a diversified global provider of business and
consumer services primarily within the real estate and travel
sectors. For more information visit www.avis.com or
www.cendant.com/media.

Avis Europe is a leading car rental company in Europe, Africa,
the Middle East and Asia, serving customers through a network of
some 3100 locations in 108 countries.

The largest airline in The People's Republic of China for the
past 26 years, China Southern Airlines - www.cs-air.com/en -
connects more than 80 cities around the globe.Major business and
vacation destinations served in China include: Beijing, Chengdu,
Guangzhou, Guilin, Hong Kong, Kunming, Shanghai, Shenzhen and
Wuhan and as well as international service, including:
Amsterdam, Bangkok, Fukuoka, Hanoi, Ho Chi Minh City, Islamabad,
Kuala Lumpur, Jakarta, Los Angeles, Manila, Melbourne, Moscow,
Osaka, Paris, Penang, Phnom Penh, Seoul, Singapore, Sydney and
Tokyo.

For China Southern Airlines reservations and information, please
contact your local travel agent.

This is a Company press release.

CONTACT:

Mr. Jeff Ruffolo Manager
Public Relations Office 1 -909 -734 -6141
Cellular 1-949-278-6440
Fax 1 -909 -734 -6144
E-Mail: RuffoloPR@aol.com
Web site: www.cs-air.com/en


CHINA SOUTHERN: Morgan Stanley Ups Rating to Equalweight
--------------------------------------------------------
Morgan Stanley has upgraded China Southern Airlines (ZNH) to
equalweight from underweight, saying a new domestic passenger
fuel surcharge and a stronger yuan exchange rate will benefit
the airline, according to Dow Jones.

The investment house said the introduction of the domestic
passenger fuel surcharge is "a major positive for the Chinese
airline industry, as this can help to protect earnings from
future oil price shocks."

CONTACT:

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


CHINA SOUTHERN SECURITIES: Jianyin to Acquire 74 Outlets
--------------------------------------------------------
China Jianyin Investment Ltd said it would sign agreement on
August 1 to take over 74 outlets and investment bank business of
debt-ridden China Southern Securities anytime this month,
Infocast News reports.

Jianyin will then set up a new securities firm while Southern
Securities will no longer exist.

The China Securities Regulatory Commission and the Shenzhen
municipal government seized control of China Southern Securities
in 2004 because of the alleged misuse of customer funds and
manipulated stocks.


DELTA LOGISTICS: Winding Up Process Initiated
---------------------------------------------
Delta Logistics (Holdings) Limited whose place of business is
located at Flat D, 29th Floor, Kenyon Court, 50 Bonham Road,
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 20, 2005.

Date of Presentation: April 30, 2005

Dated this 29nd day of July 2005

ET O'Connell
Official Receiver


FAIR HALL: Receives Winding Up Order
------------------------------------
Fair Hall Limited whose place of business is located at Flat 6-
7, 3/F, Chanway Shopping Centre, 11-17 Shatin Centre Street,
Shatin, New Territories was issued a winding up order notice by
the High Court of the Hong Kong Special Administrative Region
Court of First Instance on July 13, 2005.

Date of Presentation: May 18, 2005

Dated this 22nd day of July 2005

Lee Mei Yee May
Acting Official Receiver


LAW'S CONTAINER: Court to Hear Wind-up Petition August 24
---------------------------------------------------------
Notice is hereby given that a petition for the winding-up of
Law's Container Service Company Limited by the High Court of
Hong Kong was on June 27, 2005, presented to the said Court by
Chiu Yue Ming of Room G, 46/F, Block 2, Vianni Cove, 33 Tin Kwai
Road, Tin Shui Wai, New Territories.

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
34/F, 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, the name
and address of the firm, and must be signed by the person or
firm or his or their solicitor  (if any), and must be served, or
if posted, must be sent by post in sufficient time to reach the
abovenamed not later than six o'clock in the afternoon of August
23, 2005.


MAJOR SALES: Court Releases Winding Up Order
--------------------------------------------
Major Sales Enterprise Limited whose place of business is
located at 215 Decca Industrial Centre, 12 Kut Shing Street,
Chaiwan, 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


SHAANXI NORTHWEST: Deloitte Auditors Quit Job
---------------------------------------------
The board of directors of Shaanxi Northwest New Technology
Industry Company Limited announced that by a letter dated July
26, 2005, Messrs. Deloitte Touche Tohmatsu has tendered its
resignation as auditors of the Company.

The reasons for Deloitte's resignation as mentioned in the
Letter are: (i) the Company has kept delaying the announcement
of its results for the year ended December 31m 2004 as set out
in the announcements of the Company dated March 23, 2005 and
June 29, 2005; (ii) the Company has failed to pay the deposit of
50% of the agreed audit fee; and (iii) in any event Deloitte has
been informed that the Company is not willing to allow Deloitte
to commence audit work until certain on going litigation is
finalized.

The Board realizes that the on going litigation as referred to
in the Letter is the legal proceedings in relation the monetary
disputes between the shareholders of the Company, namely Shaanxi
Northwest Industry (Group) Limited and Shaanxi Jing Dian
Investment Company Limited, details of which have been disclosed
in the announcements dated May 18, 2004, December 24, 2004 and
April 21, 2005 respectively.

Deloitte have confirmed in the Letter that save as the aforesaid
reasons, there were no circumstances connected with their
resignation which they considered should be brought to the
attention of the shareholders and The Company wishes to state
that Deloitte's resignation is consequent on the interruptions
arising from the freezing of the bank account of the Company as
disclosed in the announcement dated May 13, 2005.

Save as disclosed herein, the Board considered that there are no
circumstances in respect of the change of auditors which it
considers should be brought to the attention of the shareholders
of the Company. The Company proposes to appoint CCIF CPA Limited
as the new auditors of the Company to fill the casual vacancy
following Deloitte's resignation and will make a further
announcement upon the appointment of CCIF CPA Limited.

Suspension of Trading

At the request of the Company, trading in its H shares has been
suspended with effect from 9:30 a.m. on 31 March 2005 pending
the release of an announcement in relation to the audited
results of the Company for the year ended 31 December 2004.

The directors of the Company confirm that he/she has not dealt
in any shares of the Company since February 28, 2005 and has
undertaken not to do so until the audited results of the Company
for the year ended December 31, 2004 are published.

By order of the Board
Shaanxi Northwest New Technology Industry Company Limited*
Wang Cong
Chairman
Xi'an, the PRC, 29 July 2005

CONTACT:

Shaanxi Northwest New Technology Industry Company Limited
Suite 1002, Aon China Building
29 Queen's Road Central, Hong Kong
Phone: 86-29-8375006
Fax: 86-29-8375297
Web site: http://www.faith-chem.com


PCCW LIMITED: Updates Composite Offer Deal
------------------------------------------
Reference is made to the joint announcements of PCCW Limited and
SUNDAY dated June 22, 2005 and July 7, 2005, and the composite
offer document dated July 8, 2005 (Composite Offer Document).
Unless otherwise defined herein, capitalized terms and
expressions shall have the same meanings as used in the
Composite Offer Document.

LEVEL OF ACCEPTANCES

As at 4:00 p.m. on July 29, 2005, being the latest time for
receiving acceptances under the Offer, the Offeror had received
valid acceptances in respect of 515,013,960 Shares under the
Offer, representing approximately 42.92% of the Shares under the
Offer and approximately 17.22% of the issued share capital of
SUNDAY. Valid acceptances in respect of 26,954,103 Outstanding
Share Options under the Offer had also been received,
representing approximately 97.96% of the Outstanding Share
Options granted under the Share Option Scheme.

Prior to the Offer, the Offeror beneficially owned 1,790,134,000
Shares, representing approximately 59.87% of the issued share
capital of SUNDAY. In addition, persons presumed under the
Takeovers Code to be acting in concert with the Offeror
beneficially owned an aggregate of 24,981,000 Shares,
representing approximately 0.83% of the issued share capital of
SUNDAY.

The acceptances under the Offer referred to above include those
24,981,000 Shares previously held by persons presumed under the
Takeovers Code to be acting in concert with the Offeror, which
Shares have been tendered under the Offer and acquired by the
Offeror. Taking into account the valid acceptances tendered
under the Offer, the Offeror is interested in 2,305,147,960
Shares, representing approximately 77.10% of the issued share
capital of SUNDAY as at the date of this announcement.

EXTENSION OF OFFER PERIOD

In order to allow Shareholders and Option Holders who may wish
to accept the Offer further time to do so, the time for
accepting the Offer has been extended and the Offer will remain
open for acceptance until further notice. A further announcement
will be made at least 14 days before the Offer is closed.

All the other terms of the Offer as set out in the Composite
Offer Document and in the white form of acceptance and transfer
for the Offer Shares and the yellow form of acceptance and
cancellation for the Outstanding Share Options remain unchanged
and apply to the extended Offer.

NO INCREASE IN OFFER PRICE

The Offer Price for the Offer Shares and the Outstanding Share
Options remains unchanged at HK$0.65 per Offer Share and
HK$0.001 per Outstanding Share Option respectively.

COMPULSORY ACQUISITION AND PRIVATISATION OF SUNDAY

If the level of acceptances of the Offer reaches the prescribed
level (being not less than 90% of the Shares affected by the
Offer) as required by Section 88 of the Companies Law and Rule
2.11 of the Takeovers Code permits a compulsory acquisition, the
Offeror intends to proceed with the privatization of SUNDAY and
the withdrawal of the listing of the Shares from the Stock
Exchange pursuant to Rule 6.15 of the Listing Rules.

By Order of the Board
PCCW Limited
Hubert Chak
Company Secretary

By Order of the Board
SUNDAY Communications Limited
Raymond Wai Man Mak
Company Secretary

Hong Kong, 29th July, 2005


SEMICONDUCTOR MANUFACTURING: Posts Third Quarterly Loss
-------------------------------------------------------
Semiconductor Manufacturing International Corporation, one of
the leading semiconductor foundries in the world, announced its
consolidated results of operations for the three months ended
June 30, 2005.

Sales increased 12.3 percent in the second quarter of 2005 to
US$279.5 million from US$248.8 million in the prior quarter. The
Company reported an increase in capacity to 139,025 8-inch
equivalent wafers per month and a utilization rate of 87 percent
in the second quarter of 2005.

Net loss increased to US$40.4 million in the second quarter of
2005 compared to a loss of US$30.0 million in the first quarter
of 2005.

"The second quarter of 2005 marked what we believe to be the
trough of this current semiconductor cycle," said Dr. Richard
Chang, President and Chief Executive Officer of SMIC.

"During this period, our financial performance was consistent
with our expectations. Despite the general weakness in the
semiconductor industry as a whole in particular the foundry
sector, we continued to increase our revenues during the second
quarter of 2005. Based on the demand forecasts provided by our
customers, we believe that the second half of 2005 will be a
period of financial growth and improvement and have increased
our projected capital expenditure budget to $1.1 billion for
2005.

"With the semiconductor industry gearing up for a rebound in the
second half of the year, we have secured an additional $600
million in financing which we believe, together with our
expected cash flow from operations will be sufficient to cover
our funding requirements for 2005 and into 2006.

"During the quarter we added 20 new customers, over half of
which came from Mainland China. We are pleased to see continuous
progress from our customers in China. On the technology front,
our first customer products at 90nm are currently under
qualification and remain on-schedule. Further along the
technology roadmap, we are now developing our 65nm technology
process flow in our 300mm fabs.

"(On Monday the Company announced two separate projects). The
first relates to a partnership, which SMIC has formed with
Saifun Semiconductors, Ltd. to license Saifun's NROM1 technology
for the production of flash memory-based products. Our new
flash-memory strategy will enable us to meet the increasing
demand for flash-based products in the consumer electronics and
telecommunication sectors.

"The second project relates to the wafer reclamation project in
Shanghai to produce solar power modules.

"The company will start facility installation in the third
quarter and anticipate equipment move-in during the fourth
quarter.

"In addition to our core foundry business, we will continue to
look for ways to increase shareholder value and maximize our
position as the leading foundry in China."

About SMIC

SMIC (NYSE: SMI, SEHK: 0981.HK) is one of the leading
semiconductor foundries in the world, providing integrated
circuit (IC) manufacturing at 0.35-micron to 0.11-micron and
finer line technologies to customers worldwide. Established in
2000, SMIC has four 8-inch wafer fabrication facilities in
volume production in Shanghai and Tianjin.

In the first quarter of 2005, SMIC commenced commercial
production at its 12-inch wafer fabrication facility in Beijing.
SMIC also maintains customer service and marketing offices in
the U.S., Europe, and Japan, and a representative office in Hong
Kong. As part of its dedication towards providing high-quality
services, SMIC strives to comply with or exceed international
standards and has achieved ISO9001, ISO/TS16949, OHSAS18001,
TL9000 and ISO14001 certifications. For additional information,
please visit http://www.smics.com.

By order of the Board
Semiconductor Manufacturing International Corporation
Richard R. Chang
Chief Executive Officer
Shanghai, PRC
July 29, 2005

CONTACT:

Semiconductor Manufacturing Internatioanal Corporation
18 Zhangjiang Road, Pudong New Area
Shanghai 201203, PRC
Phone: 86-21-5080-2000
Fax: 86-21-5080-2868
Web site: http://www.smics.com


TOPOWER MARBLE: Receives Order to End Ops
-----------------------------------------
Topower Marble Works Company Limited whose place of business is
located at Room 913, Tower B Hunghom Commercial Centre, 37 Matu
Wai Road, Hung Hom, 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 20, 2005.

Date of Presentation: May 4, 2005

Dated this 29nd day of July 2005

ET O'Connell
Official Receiver


V&T INVESTMENTS: Sets Creditors, Contributories Meeting
-------------------------------------------------------
Notice is hereby given that the meetings of creditors and
contributories of V&T Investments Limited will be held at the
official Receiver's Office, 10th Floor, Queensway Government
Offices, 66 Queensway, Hong Kong on August 11, 2005 at the
following times:

(1) Meeting of Creditors: 3 p.m.
(2) Meeting of Contributories: 3s:30 p.m.

Dated this 29th day of July 2005

E T O'CONNELL
Official Receiver & Provisional
Liquidator


WOW FACTOR: Begins Liquidation Proceedings
------------------------------------------
Wow Factor Design Limited whose place of business is located at
2nd Floor, California Place, 25 D Aguilar Street, Central, 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 20, 2005.

Date of Presentation: May 4, 2005

Dated this 29nd day of July 2005

ET O'Connell
Official Receiver


YAMAMOTO AV: Enters Liquidation
-------------------------------
Yamamoto AV Limited whose place of business is located at G/F,
64 Sai Yeung Choi Street South, Mongkok, Kowllon 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 20, 2005

Dated this 22nd day of July 2005

Lee Mei Yee May
Acting Official Receiver


ZHU KUAN: Creditors Accept HK$3 Bln Settlement Offer
----------------------------------------------------
Creditors of bankrupt Zhu Kuan Group has accepted a HK$3 billion
settlement offer from the Zhuhai government in a deal that
returns almost 40 percent of the HK$8 billion owed, The Standard
reports.

Bank of China and Deutsche Bank were among the largest
creditors, which also included Standard Chartered Bank, Societe
Generale and Bank of America.

Zhu Kuan failed to make payments on outstanding loans in 1999.
The banks have been locked in a bitter battle with both the firm
and the government to get their money back ever since.

Zhu Kuan changed its name to Jiuzhou Development in December and
manages a tourist resort, theme park and port facilities in the
special economic zone across the border from Macau.


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

BANK MANDIRI: NPLS Rise in First Half of 2005
---------------------------------------------
State-owned Bank Mandiri is set to report more bad loans for the
first six months of the year as its new management tries to
clean its records, reports Dow Jones.

After being the subject of a lending scam involving the lending
of up to IDR1 trillion to ineligible companies, the bank had
reported an increase in its non-performing loans to 17.38%. Non-
performing loans amounted to 10.3% of the bank's total loans,
two times more than the 5% ceiling set by Indonesia's central
bank.

According to new Bank Mandiri CEO Agus Martowardojo, it is very
likely that the bank's NPL ratio may increase further before
finally going down. This may come as a shock to investors who
expected that the bank's loan problems were fully accounted for,
following an increase in its NPL ratio last March.

An ongoing review of the bank' s commercial and corporate loans
has shown that 31% of its loans were non-performing. A special
team is being created within the bank to deal with the problem
of the bad loans, but may take up to three years to fully
resolve such problem.

Since the bank's current capital adequacy ratio is 26% (more
than three times the required 8% ratio), it doesn't have to
raise more capital. But it might reduce its total asset base in
order to improve its financial ratio, added Mr. Martowardojo.

CONTACT:

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


PERTAMINA: Negotiates With Sinopec for Oil Search
-------------------------------------------------
State oil and gas firm PT Pertamina is currently in talks with
China Petrochemical Corporation (Sinopec) for the right to
explore for oil and gas in exchange for investing in a proposed
refinery to be built in east Java, The Standard reports.

According to a Sinopec source, Pertamina needs capital to build
refineries, and Sinopec wants to join in oil exploration
projects in Indonesia, so a relationship would benefit both
firms, but obviously if Sinopec is not able to get production -
sharing contracts in the state's gas blocks, it wouldn't also
invest in such projects. The Chinese firm said that it wants a
guarantee in exchange for its investment in the Company's
project.

Pertamina recently signed an agreement with Sinopec on the
proposed building of the Company's 10th oil refinery in Tuban,
East Java, on Indonesian president Susilo Bambamg Yudhoyono's
recent visit to China last month.

However, the firm is uncertain whether Sinopec or its Hong-Kong
arm China Petroleum & Chemical Corporation (SNP), would make the
investment.

CONTACT:

PT Pertamina Tbk
Jalan Merdeka, Timur No. 1 A
Jakarta 10110
Indonesia
Phone: (62)(21) 3815111
Fax:   3846865/ 3843882
Web site: http://www.pertamina.com


SEMEN GRESIK: Posts 74% Increase in Net Profit
----------------------------------------------
State cement manufacturer PT Semen Gresik Tbk reported an
impressive 74% increase in net profit for the first six months
of 2005, reports Reuters News.

The Company's total net profit for January to June 2005 was
IDR321.2 billion, compared to a IDR184.2 billion net profit in
the same period last year. Revenues also increased by 16% from
IDR2.82 trillion in 2004 to IDR3.27 trillion in 2005.

The increase in net profit may be due to rising demand for
cement, as the Company said that Indonesia used 2.76 million
tons of cement in June alone, as compared to a consumption of
2.59 million tons last year. Analysts had expected demand to
increase by 5% to 10% this year.

The state-owned firm, which can produce up to 16 million tons of
cement annually, was able to produce 15.6 million tons last
year, amounting to half of the total national cement output.

PT Semen Gresik is 51% owned by the government, 25.5% owned by
Cemex SA, while the remaining stake is owned by the public.

CONTACT:

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


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

HITACHI LIMITED: Unveils Executive, Management Changes
------------------------------------------------------
Hitachi, Ltd. announced the management changes in accordance
with the determination made by the Board of Directors meeting
held on July 28 and by the authorized executive officer. The
appointment is scheduled for August 1, 2005.

1. New Executive Officer

Gaku Suzuki, Vice President and Executive Officer, President &
Chief Executive Officer of Industrial Systems Group, General
Manager of Transportation Systems Division; currently General
Manager of Transportation Systems Division, Industrial Systems
Group

2. Management Change

Shigeharu Mano, Vice President and Executive Officer, President
& Chief Executive Officer of Power Systems Group, President and
Director of Babcock-Hitachi K.K.; currently Vice President and
Executive Officer, President & Chief Executive Officer of Power
Systems Group Kazuhiro Mori, Vice President and Executive
Officer, in charge of Hitachi group companies management
assistance, President and Director of Hitachi Displays, Ltd.;
currently Vice President and Executive Officer, President &
Chief Executive Officer of Industrial Systems Group

3. Others

Fumiaki Yonai, President and Director of IPS Alpha Technology,
Ltd., Director of Hitachi Displays, Ltd.; currently President
and Director of Hitachi Displays, Ltd., President and Director
of IPS Alpha Technology, Ltd.

Hayato Ogawa, Adviser, Babcock-Hitachi K.K.; currently President
and Director of Babcock-Hitachi K.K., Executive Vice President
of Power Systems Group of Hitachi, Ltd.

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


KANEBO LIMITED: Creates Big Slush Funds
---------------------------------------
Kanebo Ltd used the pretext of buying back cosmetics products
that were being sold at heavily discounted prices to raise money
for slush funds, Japan Times relates.

Meanwhile, prosecutors arrested former Kanebo President Takashi
Hoashi and two other former executives of the company Friday on
suspicion of submitting falsified financial statements to
authorities.

CONTACT:

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


KYUSHU INDUSTRIAL: IRCJ to Dispose Of Entire Equity
---------------------------------------------------
The Industrial Revitalization Corporation of Japan has resolved
to sell the equity it holds in Kyushu Industrial Transportation
Co., Ltd. (Kyushu
Transportation).

1. Background

On August 28, 2003 the IRCJ approved an application for
assistance by Kyushu Transportation under Article 22, Clause 3
of the Industrial Revitalization Corporation Act of 2003. On
November 27 of the same year the IRCJ reached agreement on the
purchase of Kyushu Transportation's debt under Article 25,
Clause 1 of the same act, and in February 2004 a capital
decrease and subsequent recapitalization was implemented. Since
then, the IRCJ has been supporting the target company in a
number of ways.

A certain amount of progress has been made toward
revitalization, enabling the IRCJ to begin preparations for the
sale of its equity. Following a decision to sell equity held in
Kyushu Transportation, an agreement was completed with H.I.S.

Kyushu Industrial Transportation Investment Partnership (H.I.S.-
H.S. Kyushu), the recipient company jointly set up by H.I.S.
Co., Ltd. and H.S. Securities Co., Ltd. IRCJ will complete the
sale of equity by the end of September 2005 through accepting a
takeover bid for H.I.S.-H.S. Kyushu

2. Capital amounts, etc.

The IRCJ, through a capital injection of 350 million and a
partial debt-equity swap (amounting to around JPY350 million),
currently holds ordinary shares amounting to 67.03% of voting
rights in Kyushu Transportation. Following this sale, the IRCJ
will retain no shares in Kyushu Transportation.

3. Comment from the State Ministers in charge of the Industrial
Revitalization
Corporation of Japan

None expressed.

Note on comments from ministers: The IRCJ is a quasi-
governmental organization.
As such the IRCJ is required to obtain comments from the
government ministers in charge of the IRCJ about decisions to
assist or engage in other initiatives
relating to private sector companies.

For more information, please contact
Corporate Planning Department
The Industrial Revitalization Corporation of Japan
Tel: 03-6212-6437

About the IRCJ

The IRCJ was established jointly by the public and private
sector on April 16, 2003, with the aim of providing
revitalization assistance beneficial to both the industrial and
the financial sectors in Japan. It targets assistance at
companies that have sound business fundamentals but are unable
to thrive because of excessive debt levels or other factors. The
IRCJ has approximately 200 employees and is based in Tokyo. For
more information please visit www.ircj.co.jp.


MITSUBISHI MOTORS: To Boost Operations in India
-----------------------------------------------
Mitsubishi Motors Corporation will expand its operations in
India jointly with Hindustan Motors Ltd, Hindu Business Line
reports.

Hindustan Motors now makes Mitsubishi's Lancer sedan and
assembles the Pajero sports utility vehicle, at its plant on the
outskirts of Chennai.

The report said that Hindustan Motors would start manufacturing
another model in the Lancer range in January 2006. Hindustan
Motors would also add other Mitsubishi models such as Pajero,
Outlander and Grandis to its line up of imported built-up
models.

All these models would be sold through Hindustan Motors' sales
network.

CONTACT:

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


MITSUBISHI MOTORS: Sues 7 Former Execs Over Car Defect Coverups
---------------------------------------------------------------
Mitsubishi Motors Corporation on Friday filed a lawsuit with the
Tokyo District Court seeking US$10 million in damages from its
former Chairman, Hirokazu Nakamura, and six other former
executives over defect and recall cover-ups, Kyodo News reports.

The carmaker claims the seven were responsible for the problems
as they failed to deal with them appropriately as corporate
executives.


NIPPON SHINPAN: METI OKs Changes in Restructuring Plan
------------------------------------------------------
Changes to the business restructuring plan submitted to the
Ministry of Economy Trade and Industry (METI) by Nippon Shinpan
Co., Ltd., originally approved on March 15, 2004, were examined
pursuant to Article 4, Paragraph 1 of the Law on Special
Measures for Industrial Revitalization, and found to fulfill the
requirements.

Changes were consequently approved by METI on July 29, 2005.

CONTACT:

Nippon Shinpan Co. Ltd.
Address:  33-5, 3-chome, Hongo, Bunkyo-ku
Tokyo 113-8411, Japan
Phone: +81-3-3811-3111
Fax: +81-3-3817-8775


UFJ CARD: Restructuring Scheme Gets Go Signal
---------------------------------------------
The business restructuring plans submitted by UFJ Card Co., Ltd.
and Minami Nippon Shinpan Co., Ltd. were evaluated pursuant to
Article 3, Paragraph 6 of the Law on Special Measures for
Industrial Revitalization, and found to fulfill the requirements
of Article 2, Paragraph 2.1 concerning business restructuring,
and of Article 2, Paragraph 2.2 concerning business innovation.

The plans were consequently approved by the Ministry of Economy
Trade and Industry on July 29, 2005.

CONTACT:

Ministry of Economy, Trade and Industry (METI)
3-1 Kasumigaseki 1-Chome
Chiyoda-ku, Tokyo
Phone: 81-3-3501-1511
Email: webmail@meti.go.jp
Web site: http://www.meti.go.jp/english/index.html


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

CITIBANK KOREA: Fitch Ups Individual Rating to B/C
--------------------------------------------------
Fitch Ratings has upgraded Citibank Korea Inc.'s (CBK)
Individual rating to 'B/C' from 'C'. At the same time, the
agency has affirmed the bank's other ratings at Long-term 'A+'
with Stable Outlook, Short-term 'F1' and Support '1'.

CBK's upper tier 2 subordinated debt is upgraded to 'A' from 'A-
' (A minus) in line with Fitch's general notching policy while
its lower tier 2 subordinated debt is affirmed at 'A'.

The upgrade of CBK's Individual rating reflects its improved
capital position as well as robust operating performance in 2004
and the first quarter of 2005.

Following Citigroup's successful public tender offer for the
former KorAm Bank in May 2004, Citibank Korea Inc., the merged
entity of the former KorAm and Citibank's Seoul operations, was
officially established on November 1 2004, and renamed Citibank
Korea Inc. At end-2004, retail loans accounted for over 50% of
its loan book. Its asset quality measures are now amongst the
best in the domestic industry. CBK's non-performing loan ratio
(substandard and below loans) was 1.4% at end-2004, down from
1.60% a year earlier.

In 2004, the bank posted KRW247.7 billion of net income with a
return on equity (ROE) of 11.49% and return on assets (ROA) of
0.52%. This is up from the KRW46.2bn (2.86% ROE and 0.12% ROA)
reported by KorAm Bank in 2003 when credit card provisioning and
SK Network-related credit cost constrained its bottom line.

In H12005, the bank recorded KRW134.4bn net income (with an
annualised 20.8% ROE and 0.80% ROA) compared with KRW118.4bn for
KorAm Bank in the H12004. Capital has been maintained at an
adequate level. Thanks to retained earnings and the transfer of
the KorAm Bank's assets and liabilities, the bank's Tier 1
capital ratio improved to 9.52% at end-March 2005 from 6.63% at
end-2003. The total capital adequacy ratio stood at 12.44% at
end-March 2005.

CONTACT:

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

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

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


DAEWOO SHIPBUILDING: Wins US$1.20Mln Contract from Qatari
---------------------------------------------------------
Daewoo Shipbuilding & Marine Engineering Co. acquired a contract
from a Qatari gas producer to build five large liquefied natural
gas (LNG) tankers valued at US$1.20 billion, relates Yonhap
News.

The five LNG tankers have a capacity of up to 210,100 cubic
meters of LNG.

"So far this year we have clinched orders for 32 ships and
marine plants worth $4.99 billion, which accounted for 83
percent of this year's target," a Daewoo Shipbuilding official
said.

Since last year, Daewoo Shipbuilding has acquired nine out of 20
large LNG tankers for Qatar Liquefied Natural Gas II.  Qatar LNG
which is a venture between Exxon Mobil Corp. and state-run Qatar
Petroleum, will issue orders for 52 LNG tankers in total by
early 2007.

Aside from the Qatar order, Daewoo Shipbuilding also won a $192
million order to build two very large gas carriers from a Greek
shipping company.

CONTACT:

Daewoo Shipbuilding and Marine Engineering
South Korea
Phone: 82 2 2129 0263
Web: http://www.daewooshipbuilding.com


KOOKMIN BANK: Issues Report on CD Embezzlement
----------------------------------------------
On July 27, 2005, the Korea Exchange (KRX) requested Kookmin
Bank to confirm reports relating to the embezzlement of
certificates of deposit (CDs) by one of its employees. Pursuant
to this request, Kookmin Bank announced as follows:

The Embezzlement of Certificates of Deposit by an Employee of
Kookmin Bank

- Date on which the incident is acknowledged: July 26, 2005

- Total embezzled amount: KRW25 billion

Kookmin Bank believes that one of its employees replaced lawful
CDs with forged CDs in its vault and circulated the lawful CDs
amounting to KRW25 billion in the private bond market.

Kookmin Bank filed charges against the suspect at the South
Regional Prosecutors' Office in Korea.

- Forged Certificates of Deposit without Actual Cash Deposits

- Date on which the incident is acknowledged: July 26, 2005

- Total amount of forged CDs: KRW40 billion

Forged CDs amounting to KRW40 billion deposited in Kookmin
Bank's safety box. Kookmin Bank is in the process of
investigating the origination of the forgeries.

If Kookmin Bank discovers any further material information with
respect to the forged CDs, we will disclose such information
with the relevant authorities.

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


KOOKMIN BANK: Releases Unaudited First Half Earnings Result
-----------------------------------------------------------
Kookmin Bank disclosed at an earnings conference its operating
results for the first half of 2005.

The company's auditors have not fully reviewed the figures
presented in the table; therefore they are subject to change in
the due course of review process.

Accounting policy with respect to the gain or loss on the sale
of loans was changed in 2004. However, in these figures, the
company did not reflect the policy change in order to ease the
reader's comparative analysis.

Financial Highlights

(1.1) Balance sheet figures

(in trillions of Won) As of the date indicated

          June 30, 2005    December 31, 2004*  % Change (YTD)

Total Assets       181.0   179.8                   0.7

Loans in Won       119.7   122.7                   2.4

Total Liabilities  170.0   170.6                   0.4

Deposits in Won    128.2   129.1                   0.7

Total Stockholders'
Equity              11.0     9.2                  19.6

(1.2) Operating results

(in billions of Won)    For the six months period ended
                       2005         2004*   % Change (YoY)

Operating Income    1,242.5         245.7       405.7

Non-operating Income   95.1         109.6        13.2

Net Income            909.9         240.8       277.9

(2) Asset Quality

(in billions of Won)  As of the date indicated

           June 30, 2005    December 31, 2004    % Change (YTD)

Total Loans
for NPL
Management     134,687.0        136,317.8             1.2

Substandard
& Below Loans    3,391.2          3,595.2             5.7

Allowance
for Loan Losses  3,191.7          3,150.1             1.3

Substandard &
Below Ratio          2.52%           2.64%            0.12%p

Coverage Ratio      94.1%            87.6%            6.5%p

Delinquency
Ratio                2.52%            2.67%           0.15%p

* Adjusted figures in the financial statements of 2004
according to the changed accounting policy with respect to
wholly owned beneficiary certificates (WOBCs).


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

ANCOM BERHAD: Buys Back Ordinary Shares
---------------------------------------
Ancom Berhad issued to Bursa Malaysia Securities Berhad a notice
of its shares buy back on July 26, 2005 with the following
details:

Date of buy back: 26/07/2005

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

Total number of shares purchased (units): 128,200

Minimum price paid for each share purchased (MYR): 0.685

Maximum price paid for each share purchased (MYR): 0.710

Total consideration paid (MYR):

Number of shares purchased retained in treasury (units): 128,200

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

Cumulative net outstanding treasury shares as at to-date
(units): 11,853,000

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

CONTACT:

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


DATUK KERAMAT: Stock Trading Halted Until Submission of AAA2004
---------------------------------------------------------------
Datuk Keramat Holdings Berhad issued the following announcements
to Bursa Malaysia Securities Berhad:

(1) The Company has yet to submit the AAA2004 as at todate.

(2) The Company is not able to submit the AAA2004 on or before
the expiry of the 3 months period from April 30, 2005 i.e. July
31, 2005.

(3) The trading in the securities of the Company will be
suspended on the market day following the expiry of 3 months
from April 30, 2005 i.e. August 1, 2005 and shall only be
uplifted on the market day following the submission of the
outstanding AAA2004.

(4) The reason for the above is that the Company is still in the
midst of working on the proposed restructuring scheme as
announced earlier to the Exchange.

CONTACT:

Datuk Keramat Holdings Berhad
16B 3rd Floor
Jalan 14/20 Section 14
46100 Petaling Jaya
Malaysia
Phone: 03-79588166
Fax: 03-79566766


DATUK KERAMAT: Court Rejects Application for Extension of Time
--------------------------------------------------------------
Datuk Keramat Holdings Berhad advised Bursa Malaysia Securities
Berhad that its application to the Kuala Lumpur High Court for
an extension of time to the Restraining Order given to the
Company on March 9, 2005 was not granted by the Court.

The Company is in the process of making an appeal to the Court
of Appeal. Announcement will be made to the Exchange upon the
appeal is made.


DUOPHARMA BIOTECH: Issues Additional Shares for Listing
-------------------------------------------------------
Duopharma Biotech Bhd advised that its additional 707,000 new
ordinary shares of MYR0.50 each issued pursuant to the
Employees' Share Option Scheme (Scheme) will be granted listing
and quotation with effect from 9:00 a.m., Thursday, July 28,
2005.


FABER GROUP: Bourse to List, Quote Additional Shares
----------------------------------------------------
Faber Group Berhad advised that its additional 188,000 new
ordinary shares of MYR1.00 each arising from the conversion of
MYR376,000 Nominal Value of 2000/2005 Irredeemable Convertible
Unsecured Loan Stocks into 188,000 New Ordinary Shares will be
granted listing and quotation with effect from 9:00 a.m.,
Thursday, 28 July 2005.

CONTACT:

Faber Group Berhad
20th Floor
Menara 2 Faber Towers,
Jalan Desa Bahagia
Taman Desa, Off Jalan Klang Lama
58100 Kuala Lumpur
Telephone: 03-76282888
Fax: 03-76282828


GEORGE TOWN: Application for Extension of Time Denied
-----------------------------------------------------
George Town Holdings Berhad disclosed that its application to
the Kuala Lumpur High Court for an extension of time to the
Restraining Order given to the Company on March 9, 2005 was not
granted by the Court.

The Company is in the process of making an appeal to the Court
of Appeals. Announcement will be made to the Exchange upon the
appeal is made.

CONTACT:

George Town Holdings Berhad
Jalan 14/20 Section 14
46100 Petaling Jaya, Selangor Darul Ehsan 50300
Malaysia
Telephone: +60 3 7958 8166
Fax: +60 3 7957 8471


GEORGE TOWN: Fails to Submit Reports on Time
--------------------------------------------
George Town Holdings Berhad issued to Bursa Malaysia Securities
Berhad an announcement pursuant to the annual audited accounts
together with the auditors' and directors' reports for the
financial year ended December 31, 2004 (AAA2004).

(1) The Company has yet to submit the AAA2004 as at todate.

(2) The Company is not able to submit the AAA2004 on or before
the expiry of the 3 months period from April 30, 2005 i.e. July
31, 2005.

(3) The trading in the securities of the Company will be
suspended on the market day following the expiry of 3 months
from April 30, 2005 i.e. August 1, 2005 and shall only be
uplifted on the market day following the submission of the
outstanding AAA2004.

(4) The reason for the above is that the Company is still in the
midst of working on the proposed restructuring scheme as
announced earlier to the Exchange.


HABIB CORPORATION: Inks Share Subscription Agreement with Scomi
---------------------------------------------------------------
Habib Corporation Berhad (HCB) issued to Bursa Malaysia
Securities Berhad an update on:

(I) Proposed Acquisitions;

(II) Fund Raising Proposals;

(III) Proposed Authorized Share Capital Increase; and

(IV) Proposed Amendments to the Memorandum and Articles of
Association of HCB.

(Collectively known as the proposals)

The company refers to its announcements dated February 14, 2005,
April 6, 2005 and July 25, 2005 in relation to the Proposals.
All abbreviations and definitions used in this announcement
shall be the same as those used in the abovementioned
announcements unless otherwise specified.

Letter of Variation

Commerce International Merchant Bankers Berhad, on behalf of
HCB, advised that HCB and Scomi Group Bhd (SCOMI), being parties
of the share subscription agreement dated February 14, 2005
(Share Subscription Agreement), had on July 26, 2005 executed a
letter of variation as a supplement to the Share Subscription
Agreement (Letter of Variation).

Pursuant to the Letter of Variation, HCB and SCOMI agreed that
the Approval Date (as defined under Clause 1.1 of the Share
Subscription Agreement) shall be the date falling eight (8)
months from the date of the Share Subscription Agreement, i.e.
from February 14, 2005 to October 14, 2005.

Except as supplemented and varied by the Letter of Variation,
the Share Subscription Agreement shall continue in full force
and effect in all other respects and be binding on HCB and
SCOMI.

This announcement is dated 27 July 2005.

CONTACT:

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


JIN LIN: Seeks More Time to Submit Report
-----------------------------------------
Avenue Securities Sdn Bhd, on behalf of Jin Lin Wood Industries
Berhad (Jin Lin), informed Bursa Malaysia Securities Berhad
that, on July 20, 2005, the Company through its solicitors,
filed an application for an extension of time in relation to the
Restraining Order under Section 176(10) of the Companies Act
1965. The outcome of the Court's decision will be announced in
due course.

This announcement is dated 26 July 2005.

CONTACT:

Jin Lin Wood Industries Bhd.
Phone: 60 3 2710 5555
Fax: 60 3 2710 3108
E-mail: jlwood@po.jaring.my


KEMAYAN CORPORATION: Disposes Of Properties
-------------------------------------------
Kemayan Corporation Berhad (KCB) advised Bursa Malaysia
Securities Berhad on the proposed disposal of Menara Kemayan - A
15-Storey Commercial Office Building and an Annexe 2-Storey
Podium Block With A Basement Level Carpark Held Under Geran
10010 Lot 238 Section 43, Town & District of Kuala Lumpur,
Negeri Wilayah Persekutuan and bearing address No. 160, Jalan
Ampang, 50450 Kuala Lumpur (Property) (Proposed Disposal of
Property).

(1) Introduction

Public Merchant Bank Berhad (PMBB), on behalf of the Board of
Directors of KCB advised that it had entered into a Sale and
Purchase Agreement (SPA) on July 21, 2005, the SPA of which was
received by PMBB on July 22, 2005, with Waterfront Assets Sdn
Bhd (the Purchaser or WASB) for the Proposed Disposal of
Property, for a total cash consideration of MYR34 million
(Purchase Price).

(2) Details of the Proposed Disposal

(2.1) Information on the Property

The Property, which is also known as Menara Kemayan is located
on a freehold land with a provisional land area of approximately
23,013 square feet and a net built-up and lettable area of
85,208 square feet.

KCB acquired the Property in year 1985 with an original cost of
investment of MYR44.08 million. The age of the Property is
approximately 20 years and based on KCB's unaudited accounts as
at May 31, 2005, the Property's recorded Net Book Value (NBV)
stood at MYR28 million.

The Property is presently charged to a consortium of financial
lenders whose outstanding debts are secured debts amounting to
approximately MYR169.58 million as at May 31, 2001 (Consortium
Financial Lenders).

This is in relation to a Guarantee Facility Agreement, under
which the Consortium Financial Lenders had agreed to guarantee
the payment obligations of KCB in respect of MYR184.95 million
bonds, which was issued on February 28, 1996, in accordance with
the trust deed dated February 13, 1996.

Currently, the Property is being occupied by 24 tenants or 98
percent occupancy rate, generating rental income of
approximately MYR2.12 million per annum.

(2.2) Information on the Purchaser

WASB was incorporated in Malaysia on September 7, 1991 as a
private limited company under the Companies Act, 1965. To date,
WASB has an authorized share capital of MYR5,000,000 divided
into 5,000,000 ordinary shares of MYR1.00 each and its issued
and paid-up share capital is 100,000 divided into 100,000
ordinary shares of MYR1.00 each.

WASB's principal activity is investment holding.

(3) Salient Terms of the SPA

(3.1) Liabilities assumed by the Purchaser

The Property including the fixtures and fittings installed by
the Company will be sold to the Purchaser on an "as is where is"
basis, and free from all claims, charges, liens, encumbrances
and equities with vacant possession but subject to the tenancies
and the conditions and restrictions in interest (if any)
affecting the document of title of the Property.

(3.2) Basis of the Purchase Price

The Purchase Price of MYR34 million was arrived at on a willing
buyer-willing seller basis after taking into consideration the
valuation of market value of MYR28 million as appraised by
Messrs. Jones Lang Wooton, being the appointed independent
valuer, based on observed market prices of similar properties as
indicated by Messrs. Jones Lang Wooton, in its valuation report
dated September 29, 2003.

(3.3) Terms of payment

The agreed terms of payment are as follows:

(3.3.1) Upon acceptance of the offer by the Purchaser on July 1,
2005, a sum equivalent to 2 percent of the Purchase Price
constituting the earnest money amounting to MYR680,000 shall be
paid to Messrs. KH Tan & Chua (the Stakeholder).

(3.3.2) Upon execution of a sale and purchase agreement, a sum
equivalent to an additional 8 percent of the Purchase Price
amounting to MYR2,720,000 shall be paid to the Stakeholder.

(3.3.3) Within 7 days from effective date, being the date of
receipt by the Purchaser's solicitors of a copy of all approvals
under the conditions precedent or written confirmation of the
Purchaser's solicitors that all approvals under the conditions
precedent have been obtained or waived by mutual consent of the
parties involved, the Purchaser shall pay the balance of 90
percent of the Purchase Price (the Balance Purchase Price)
equivalent to MYR30,600,000 to the Consortium Financial Lenders'
solicitors toward settlement of the redemption sum.

Subject to the delivery of vacant possession of the Property to
the Purchaser, the Stakeholder shall apply the Purchase Price in
the following manner and priority:

(a) Firstly, to release the relevant part of the Purchase Price
to the Chargee, being Affin Discount Berhad or the Consortium
Financial Lenders' solicitors towards settlement of the
redemption sum (i.e. 96 percent of the Purchase Price); and

(b) Secondly, upon receipt of written notification by the
Purchaser's solicitors that the memorandum of transfer and all
other relevant documents have been presented for registration at
the appropriate Land Office/Registry or upon the completion
date, whichever is earlier, to utilize the balance Purchase
Price (i.e. 4 percent) towards settlement of the expenses to be
incurred for completion of the transaction, including the
transfer by KCB of the deposits paid by the existing tenants of
MYR456,650 to the Purchaser.

In the event the Purchaser fails to pay the Balance Purchase
Price within the time stipulated in 3.3.3, the Company shall
grant an extension of 1 month PROVIDED ALWAYS that the Purchaser
shall pay to the Company an agreed interest of 5 percent per
annum on the outstanding balance of the Balance Purchase Price
to be calculated on a daily basis for the actual number of days
of extension and such interest shall not be construed as
liquidated damages.

(3.4) Real Property Gains Tax

(3.4.1) KCB warrants that no real property gains tax is payable
in respect of the Proposed Disposal of Property because the
acquisition price of the Property is higher than the Purchase
Price and the parties agree that the Stakeholder is not required
to retain any sum out of the Purchase Price as retain sum
because the Purchase Price shall be utilized towards settlement
of the redemption sum and expenses to be incurred for completion
of the transaction.

(3.4.2) In the event there shall be any tax assessed by the
Director General of Inland Revenue, KCB shall pay tax assessed
to the Stakeholder within 14 days of notification by the
Stakeholder or the Purchaser's solicitors.

(4) Rationale for the Proposed Disposal of Property

The Proposed Disposal of Property will provide the Consortium
Financial Lenders with part recoverability of the debts owing to
them by the KCB Group. This is in addition to the new ordinary
shares of MYR1.00 each in Jawira Holding Berhad (Jawira Shares)
and the Irredeemable Convertible Unsecured Loan Stocks (ICULS)
to be issued to them under the proposed debt settlement, which
formed part of the Proposed Restructuring Scheme undertaken by
KCB.

(5) Effects of the Proposed Disposal of Property

(5.1) Issued and paid-up share capital and shareholding of
substantial shareholders

The Proposed Disposal of Property will be settled via cash and
thus it will not have any effect on the issued and paid-up share
capital and shareholdings of the substantial shareholders of
KCB.

(5.2) Earnings

KCB is expected to realize a capital gain of approximately
MYR6,000,000 (before deductions of any expenses to be incurred
to complete the transaction) from the Proposed Disposal of
Property for the financial year ending May 31, 2006.

The total sale proceeds will be used as part settlement of debts
owing to the Consortium Financial Lenders amounting to MYR169.58
million as at 31 May 2001. In addition, as the proceeds from the
Proposed Disposal of Property will be used to redeem the amount
owing to the Consortium Financial Lenders, this will further
reduce the interest costs.

(5.3) Net Tangible Assets (NTA)

The Proposed Disposal of Property is not expected to have any
material effects on the proforma NTA of KCB for the financial
year ending May 31, 2006.

(6) Approvals Required

The Proposed Disposal of Property is subject to the following:

(i) Foreign Investment Committee's approval, to be obtained by
the Purchaser;

(ii) The Consortium Financial Lenders' consent to the
disposition of the Property for the redemption of MYR32.66
million, being part settlement to the Consortium Financial
Lenders under the Proposed Restructuring Scheme, to be obtained
by KCB;

(iii) The Chargee's approval, to be obtained by KCB;

(iv) The High Court of Malaysia's approval to the disposition of
the Property under Section 176 of the Companies Act, 1965, to be
obtained by KCB;

(v) The Securities Commission's approval or waiver, if required,
to be obtained by KCB;

(vi) The approval of the shareholders of KCB; and

(vii) Any other approval from relevant authorities (if
required).

The above approvals must be satisfied within 3 months from the
date of the SPA, with an automatic extension of another 3 months
or such other extended period as may be mutually agreed in
writing, by the parties involved:

(7) Directors' and Major Shareholders' Interests

None of the Directors and/or major shareholders of KCB or
persons connected to them have any interest in the Proposed
Disposal of Property.

(8) Directors' Recommendation

The Board of Directors of KCB, having considered all aspects of
the Proposed Disposal of Property believes that the Proposed
Disposal of Property is in the best interest of the Company.

(9) Estimated Timeframe for Completion

The Proposed Disposal of Property is expected to be completed by
the fourth quarter of 2005.

(10) Departure from the Securities Commission's Policies and
Guidelines on Issue/Offer of Securities (SC Guidelines)

There is no departure from the SC Guidelines in respect of the
Proposed Disposal of Property.

(11) Documents Available for Inspection

The SPA and the valuation report by Messrs. Jones Lang Wooton
dated 29 September 2003 are available for inspection at KCB's
office at 10th Floor, Menara Kemayan, 160 Jalan Ampang, 50450,
Kuala Lumpur.

CONTACT:

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


KIG GLASS: Asked To Pay US$1,441,250.49 to UOB Shenzen
------------------------------------------------------
KIG Glass Industrial Berhad (KIG) issued to Bursa Malaysia
Securities Berhad an update on the high court of the Republic of
Singapore Suit No.S217/2005/J United Overseas Bank Ltd (Shenzen
Branch) being the Successors-in-Title of Overseas Union Bank
Limited V. KIG Glass Industrial Berhad and Anor.

The Board of Directors of KIG advised that a Judgment was
entered at the High Court of the Republic of Singapore on July
20, 2005, favoring United Overseas Bank Ltd (Shenzen Branch)
(UOB Shenzen) against KIG and another defendant. KIG has been
named as the 1st defendant in the aforesaid suit.

Background

UOB Shenzen had by a Credit Facility Agreement dated May 12,
1994 and a Supplemental Agreement dated February 19, 1997
(collectively referred to as the Agreement) and facility letters
dated January 31, 2001, August 5, 2002 and May 16, 2003
(collectively referred to as the Facility Letters) granted to
KIG's subsidiary in China,Zibo Jiali Glass Industry Co. Ltd
(Zibo Jiali) a term loan (the TL Facility).

Both KIG and the 2nd defendant gave a corporate guarantee for
the aforesaid TL Facility. Zibo Jiali subsequently defaulted in
payment of principal and interest of TL Facility.

Judgment

KIG having entered appearance on July 20, 2005, in the High
Court of the Republic of Singapore and the Court having under
the Order 14, Rule 3, ordered that judgment as hereafter
provided be entered for the Plaintiffs against KIG (1st
Defendants).

It was adjudged that KIG pays the Plaintiffs:

(a) The balance sum of USD1,441,250.49 as at January 31, 2005;

(b) Interest on the principal sum at the rate of 7.50 percent
above Singapore Inter Bank Offered Rate (SIBOR) compounded
monthly from February 1, 2005 (inclisive) until the date of full
payment; and

(c) Costs at SGD8,800.00

CONTACT:

KIG Glass Industrial Berhad
PLO 340 Jalan Perak 4
81707 Pasir Gudang, Johor Darul Ta'zim 80400
Malaysia
Telephone: +60 7 251 5282
Fax: +60 7 251 5278


MAGNUM CORPORATION: Granted New Shares Listing, Quotation
---------------------------------------------------------
Magnum Corporation Berhad advised that its additional 30,000 new
ordinary shares of MYR0.50 each issued pursuant to the
Employees' Share Option Scheme will be granted listing and
quotation with effect from 9:00 a.m., Thursday, July 28, 2005.

CONTACT:

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


PARK MAY: Applies for Extension of Scheme Implementation
--------------------------------------------------------
As an affected listed issuer under PN4, Park May Berhad (Park
May) is required to, amongst others, regularize its financial
condition within the timeframe stipulated by the authorities in
approving the Company's plan to regularize its financial
condition (Proposed Restructuring Scheme) and announce its
compliance or failure to comply with a particular obligation, as
and when such obligation becomes due.

On July 13, 2005, the Company had announced that an application
was submitted to the Securities Commission (SC) on July 8, 2005
for an extension of time of three (3) months from July 27, 2005
until October 26, 2005 for the Company to implement and complete
the Proposed Restructuring Scheme as the SC's approval which was
obtained via its letter dated July 27, 2004 will expired. As at
the date of this announcement however, the application is still
pending the SC's decision.

In this respect, AmMerchant Bank Berhad (a member of
AmInvestment Group), on behalf of the Company, announced that in
the event the Company's application is not approved by the SC,
the Bursa Malaysia Securities Berhad (Bursa Securities) may
regard the Company as a listed issuer whose financial condition
does not warrant continued trading and/or listing pursuant to
Paragraph 8.1 of PN4. Accordingly, the Bursa Securities may
commence the delisting procedures against Park May.

The Company endeavors to obtain the SC's approval on the said
application and will keep shareholders informed of any
developments.

The announcement is dated 26 July 2005.

CONTACT:

Park May Berhad
Lot 18115 Batu 5
Jalan Kelang Lama
58100 Kuala Lumpur
Telephone: 0379827060
Fax: 03-76254987
Web site: http://www.parmayberhad.com


PROMTO BERHAD: Court Grants Extension of 90 Days for TRO
--------------------------------------------------------
The Board of Directors of Promto Berhad informed Bursa Malaysia
Securities Berhad that the Company has been granted an extension
for a further period of 90 days effective from July 26, 2005 to
October 24, 2005 for the Restraining Order (RO) pursuant to
Section 176(10) of the Companies Act, 1965.

The Company does not expect the RO to have any material effect
on the financial and operational matters of the Company.

This announcement is dated 26 July 2005.

CONTACT:

Promto Berhad
Lot 13A-2, Level 13A
Menara Milenium
Jalan Damanlela
Damansara Heights
50490 Kuala Lumpur
Telephone: 03-271 02332
Fax: 03-271 02662
Web site: http://www.promto.com


QUALITY CONCRETE: Unveils Acquisition, Disposal of Securities
-------------------------------------------------------------
The Board of Directors advised Bursa Malaysia Securities Berhad
that Quality Concrete Holdings Berhad has entered into the
following disposals and acquisitions of quoted securities on
various dates as per Appendix I:

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

Click to view a full copy of Appendix I
http://bankrupt.com/misc/QualityConcrete080205.pdf


(2) Aggregate value of consideration for transactions on July
26, 2005: MYR163,717

This value represents the aggregate of actual purchases.

(3) Effect of the transactions on Company:

NTA per share as at January 31, 2005 MYR2.2850
NTA per share after the transactions MYR2.2815

The Company has on July 26, 2005:

(1) Acquired 100,000 ordinary shares of MYR1.00 each in AFFIN.

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


TENAGA NASIONAL: Issues 3,312,100 New Shares for Listing
--------------------------------------------------------
Tenaga Nasional Bhd advised that its additional 3,312,100 new
ordinary shares of MYR1.00 each issued pursuant to the Employee
Share Option Scheme (Scheme) will be granted listing and
quotation with effect from 9:00 a.m., Thursday, July 28, 2005.

CONTACT:

Tenaga Nasional Berhad
129 Jalan Bangsar
59200 Kuala Lumpur, 59200
Malaysia
Telephone: +60 3 2296 5566 /+60 3 2283 3686


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

COLLEGE ASSURANCE: SEC Eyes Three to Head Takeover
--------------------------------------------------
The corporate watchdog is planning to install three high-ranking
individuals as heads of the management committee that will take
over ailing College Assurance Plans Philippines Inc. (CAP), The
Manila Standard says.

The Securities and Exchange Commission (SEC) is working to get
the three to commit to joining the CAP management committee.

They are former Finance secretary and former head of the
Philippine Stock Exchange Ernest Leung, former SEC commissioner
and former chairman of Petron Corp. Monico Jacob and University
of Asia and the Pacific dean of school of economics Bernardo
Villegas.

The SEC is preparing to take over CAP, should the pre-need firm
fail to answer by this week the seven alleged violations it
committed as detailed in the show cause order issued by the SEC
on July 22.

An informed source said that an entry of an investor would not
be enough to stop the SEC from taking CAP under its control
since the additional capital will be reflected in the Company's
capitalization and not in its illiquid trust fund, which is the
main problem of the Company.

SEC data show that CAP's trust fund is now down to Php4.7
billion comprising mainly of assets and not enough to cover
Php17 billion worth of liabilities posted as of end 2003.

According to the source, CAP could prevent the management
takeover if the pre-need provider filed for corporate
rehabilitation with the courts. But the court, the source said,
is unlikely to agree to rehabilitate CAP since it is not a going
concern.

Meanwhile, the SEC would not be responsible for the financial
problems of CAP once it decided to take over its management.

A CAP official earlier said planholders will be forced to go to
the SEC and the management committee for their tuition payments
once the commission decides to install a management committee.

CONTACT:

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


DMCI HOLDINGS: Jumps on Hopes it Will Snag More Contracts
---------------------------------------------------------
DMCI Holdings Inc was sharply higher mid-session Monday
following a report that the company expects to win half of the
Php8 billion pesos worth of construction project it is bidding
for this year, according to BusinessWorld.

DMCI was up 0.15 pesos or 5.45 percent at 2.90 on 2.3 million
shares.

The Philippine Daily Inquirer reported that DMCI was bidding for
the construction of a Php6-billion hospital, the Php1.2-billion
Subic-Clark-Tarlac expressway project and several residential
property ventures.

In the first quarter to March, DMCI's net profit jumped to
Php2.2 billion from Php57 million in the same period last year,
largely because of earnings from the sale of a portion of its
stake in unit Semirara Mining Corp, the country's largest coal
producer.

CONTACT:

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


MAYNILAD WATER: Benpres Turns Over Shares to Receiver
-----------------------------------------------------
Maynilad Water Services Inc.'s rehabilitation has finally
commenced after Benpres Holdings Corp turned over to a court-
appointed receiver all its shares and proxies in the cash-
strapped water utility firm, reports The Philippine Daily
Inquirer.

Benpres last week said it was ready to let go of Maynilad after
the eater distributor paid a total of Php2.41 billion in
principal interest.

In June, a local court approved Maynilad's rehabilitation plan,
which entails Benpres's exit from the financially troubled water
distributor.

Benpres had a 60-percent controlling stake in Maynilad, with its
French partner, Suez Lyonnaise, owning the remaining 40 percent.

The government, through the Metropolitan Waterworks and Sewerage
System (MWSS), will initially retake control of Maynilad. But
the regulator is likely to offer the Maynilad concession to
other private groups eventually.

Benpres has said it expects to return to profitability and cut
its debt this year after it writes off its investment in
Maynilad, which has Php10-billion in debts.

CONTACT:

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


NATIONAL BANK: Books Six-Fold Growth in First Half
--------------------------------------------------
The Philippine National Bank (PNB) sustained its strong
profitability momentum and ended the first half of 2005 with a
net income of Php315 million, already approximating 2004's full-
year bottomline of Php353 million.

The figure is more than a six-fold growth over first semester
2004 net income of Php40 million and double the Bank's net
profit of Php151 million in the first quarter of this year.

The significant rise in net income was made on the back of a
robust growth in interest income, which advanced by over 25% to
Php5.125 billion by the end of the first semester. The figure
reflects the Bank's successes in converting its bad loans to
performing status and improving yields and mix in investment
securities. Interest expense, meanwhile, was kept down
effectively by the growth in CASA deposits.

As a result, net interest income rose to Php2.213 billion, up by
91% from Php1.158 billion in the same period last year.

Focused management of the Bank's fee structures expanded fee-
based income to Php2.774 billion, 22% higher than the Php2.272
billion recorded in the first six months of last year.
Complementing this was the single-digit rise in other operating
expenses that resulted from the continuing effort to keep a
tight watch on administrative and overhead expenses. The gains
for the period thus allowed the Bank to put up a stronger shield
for probable losses. By the end of the first six months of this
year, the Bank was able to afford a thicker Php1.052 billion
cover for probable losses, up from Php100 million provided for
the first half of 2004.

Looking at PNB's balance sheet accounts further confirm a
continued strengthening of the Bank's financial performance. As
of the end of the first semester this year, Total Resources grew
to Php221.6 billion from end-June 2004 figure of Php216.0
billion. Customers' continued patronage and trust translated to
a continued inflow of new deposits, pulling PNB's aggregate
deposits up to Php166.1 billion, 5% higher than the previous
year's Php158.2 billion.

Focused restructuring and work-out activities as well as the SPV
option enabled the Bank to substantially reduce non-performing
loans (NPLs) which dropped to Php25.5 billion, from Php37.6
billion at the end of 2004 and Php47.4 billion in end-June 2004.
NPL ratio therefore showed a significant improvement, from 45.6%
in June 2004 to 39% as of end-2004 and 23.6% by the end of the
first semester of 2005.

All in all, PNB's financial performance in the first half of
2005 only affirmed that the Bank is well on its way to achieving
its P604 million net income goal for 2005. It likewise underpins
the resolve of the Bank's Board of Directors and Management not
to let up on the gains so far realized under the Bank's 5-year
rehabilitation program, which is now on Year 3.

In fact, the Bank's successes in terms of quantitative
performance measures have been complemented by awards it has
been reaping recently for its various initiatives. In the first
BSP Stakeholders Awards held last July 8, the Bangko Sentral ng
Pilipinas named PNB Commercial Bank of the Year with the Highest
Reported OFW Remittances affirming the Bank's market leadership
in the highly competitive remittance business.

For the second straight year, PNB was voted a Gold Superbrand by
international publication Reader's Digest, confirming that PNB
is among the most trusted and popular banking brands in the
country.

Finally, the Bank's low maintenance Budget Checking Account was
chosen as the "Best Checking Account" in the country by the
Philippine Marketing Excellence Awards Institute, composed of
leading marketing and consumer executives in the country.

The joint sale of the government's and the Lucio Tan Group's 67%
stake in PNB, expected to be completed by mid-September 2005, is
seen as a catalyst for a further strengthening of the Bank's
franchise and operational competitiveness.

PNB will remain to be a government depository bank until May
2007.

At the Bank's Stockholders' Meeting last May 24, Director
Florencia G. Tarriela was elected new Chair of the Board, Omar
Byron Mier as Vice Chair and President & CEO, Vicente Perez,
Jr., former Energy Secretary, Virgilio Angelo, President & CEO
of TIDCORP and former OWWA Administrator, and Eric Recto, former
Finance Undersecretary, as new DIrectors. Former PNB President
Feliciano Miranda, Jr. was elected back to the Board. Re-elected
Directors were Domingo Chua, Lucio C. Tan, Ricardo M. Tan,
Macario Te, and Washington Sycip.

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: Renato Castillo Joins Team
-----------------------------------------
The Philippine National Bank (PNB) advised that during the
Executive Session of the Board of Directors Friday, July 29,
2005, the Board approved and confirmed the hiring of Mr. Renato
A. Castillo as Head of Remedial Management Group and Chief
Credit Officer with the rank of First Senior Vice President
effective upon assumption of his duties.

RENATO J. FERNANDEZ
Corporate Secretary
Direct Lines: 536-0540
Fax: 536-0530
Trunk Lines: 526-3131
to 70/891-6040 to 70
Locals: 4032;4033


NATIONAL BANK: Four U.S. Funds Show Interest in Stake Sale
----------------------------------------------------------
The Philippine National Bank (PNB)'s 67-percent stake auction on
August 12 has attracted the attention of four U.S.-based fund
managers, according to The Manila Standard.

But due to a confidentiality clause, PNB declined to identify
the American fund managers.

The finance department said at least 10 groups had expressed
interest in the PNB auction but the number could decline during
the auction proper if some parties decided to join forces.

Union Bank of the Philippines (UBP), the country's 13th largest
in terms of assets, has expressed interest in the PNB bidding.

But thee Ayala-controlled Bank of the Philippine Islands (BPI),
which earlier said its investment house BPI Capital was looking
at PNB, backed out from the bidding after it signed a deal to
acquire Prudential Bank.

The government and taipan Lucio Tan own 44.98 percent each of
PNB, the country's sixth largest bank in terms of assets. The 67
percent block is currently held in escrow by JP Morgan Chase.
The government stands to earn Php8 billion from the bidding even
if the auction fails.

Tan's acceptance of the floor price of Php43 per share, under
the joint sale agreement signed in 2002, obliges him to buy
government's shares in the event of a failed bidding.

Government sources are hopeful that bids for the block would
fetch more than the Php43 per share floor price because of the
bank's good performance.


NATIONAL BANK: Metrobank Not Keen on Acquiring Stake
----------------------------------------------------
The Metropolitan Trust & Bank Co., the country's largest bank,
is not interested in acquiring the semiprivate Philippine
National Bank (PNB), BusinessWorld reports, citing a top
Metrobank official.

The official, who requested anonymity, said that the bank has no
plans of buying a stake in PNB, even in light of the move of
second largest lender Bank of the Philippine Islands (BPI) to
acquire Prudential Bank.

BPI's move to buy Prudential Bank is expected to build up the
Ayala bank's assets to Php438 billion, only Php23 billion short
of dislodging Metrobank as the biggest bank.

A study by CLSA Asia-Pacific Markets said Metrobank may be
looking at PNB and the Yuchengcos' Rizal Commercial Banking Corp
(RCBC).

A BusinessWorld source in the Metrobank group said the bank is
not in an acquisition mode because it is set on unloading its
bad assets, placed at around Php60 billion.

He added that there are still other banks that could be acquired
if PNB or RCBC will no longer be available when Metrobank is
again on the lookout for possible acquisitions.


NATIONAL POWER: PSALM Sets Calaca Power Plant Bidding for Sept.
---------------------------------------------------------------
After canceling a scheduled sale in June, the national
government has fixed the tender of National Power Corporation's
(Napocor) Calaca power facility next month, Dow Jones Newswires
relates.

The Power Sector Assets and Liabilities Management Corp. (PSALM)
identified at least four local and foreign group are keen on
participating in the bidding being planned for last week of
September.

Last month, the June 28 bidding for the 600-megawatt coal-fired
power plant was cancelled after two of three potential bidders
backed out in the absence of a guaranteed market for energy to
be generated by the facility.

The government is still negotiating with the country's largest
power distributor, Manila Electric Co. (MERB.PH), which controls
around 70% of the electricity market in Luzon, to purchase the
energy that will be generated by Calaca.

But it has already signed a contract with small power
distributors Visayan Electric Co., Davao Light and Power Co.,
and Cagayan de Oro Power and Light Co., who will buy Calaca's
energy.

PSALM vice president Froilan Tampinco said First Gen Luzon Power
Corp, the only one that submitted final bid documents during the
June 28 original bidding, will again bid for Calaca in
September.

One of the two buyers that backed out during the June 28
bidding, Japan's Mitsui & Co. Ltd and Filipino-Malaysian firm
Phil-Mal Petroenergy Corp., is also poised to bid, Mr. Tampico
said.

CONTACT:

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


NATIONAL TRANSMISSION: DoE Says Sale Still on Track
---------------------------------------------------
The Department of Energy (DoE) has assured that the
privatization of the National Transmission Corp. (TransCo) is
right on schedule, The Manila Standard has learned.

The privatization of TransCo's operation and management
concession is slated for the least quarter of this year.

Energy Secretary Raphael Lotilla said the Power Sector Assets
and Liabilities Management Corp. (Psalm), which is tasked to
handle TransCo's privatization, is preparing its "virtual room"
for investors. The virtual room will provide investors with
information needed for due diligence processes.

According to Sec. Lotilla, TransCo's privatization will generate
US$2 to US$2.5 billion in proceeds for the national government.

The concession agreement for the operation of TransCo will be
for a 25-year period and renewable for another 25 years
depending on its performance conditions.

TransCo went through two failed biddings last year. In June,
only one party -- Singapore -- Power participated in the
bidding.

The second bidding was held in August. It was also declared a
failure with only the same party submitting an Expression of
Interest

CONTACT:

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


PHILIPPINE TELEGRAPH: Postpones Annual Stockholders' Meeting
------------------------------------------------------------
Per Resolution of the Board during its Regular Meeting held on
July 29, 2005, the Annual Stockholders' meeting of Philippine
Telegraph and Telephone Corporation (PT&T) scheduled on
September 30, 2005 for Fiscal Year ending 2004 has been reset to
6 January 2006.

Further, the Annual Stockholders' meeting for Fiscal Year ending
2005 scheduled on 28 October 2005 has likewise postponed to 28
April 2006. The Resolution of the Board is hereby quoted as
follows:

RESOLUTION

"Resolved, that the Annual Stockholders' meeting of the company,
scheduled on 30 September 2005 be, as it is hereby, postponed to
6 January 2006, pending finalization of the company's audited
Financial Statements for Fiscal Year ending 2004."

"Resolved further, that the Annual Stockholders' meeting for
Fiscal Year ending 2005 scheduled on 28 October 2005 be as it is
hereby likewise postponed to 28 April 2006."

CONTACT:

Philippine Telegraph & Telephone Corporation
106 Carlos Palanca Jr St Legaspi Village
Spirit Of Communication Centre Building
Makati City 1229
Philippines
Phone: +63 2 818 0511
Fax: +63 2 8180511


UNIWIDE HOLDINGS: Denies Puregold's Acquisition of 10 Outlets
-------------------------------------------------------------
Uniwide Holdings Inc. advised that there is no truth to the
report in Monday's issue of the Philippine Daily Inquirer -
Cocktales Section that Puregold's owner Lucio Co. has acquired
all 10 stores of Uniwide.

The said report can be attributed perhaps to the just concluded
assets-sale between Bargains Specialists Inc. (BSI) and
Puregold.

BSI operates the Uniwide Warehouse Club in San Pedro, laguna
under franchise or license with Uniwide Holdings Inc. (UHI).

With the decision of BSI's owner to sell its San Pedro store to
Puregold, it necessarily follows that the franchise agreement
between BSI and UHI will have to be terminated.

About Uniwide Holdings

Uniwide Holdings, Inc.'s (UW) roots can be traced back when Mr.
Jimmy Gow established a small textile trading firm in 1975,
which immediately expanded to RTW, accessories, houseware,
appliances and groceries. In 1983 the company opened its first
supermarket and became a full-pledged corporation under the name
Uniwide Sales, Inc. Following its expansion through the opening
of new branches, Mr. Gow opened its first department store in
1985. In between this year and 1993, two more department stores
were opened. In 1988, the company's first Warehouse Club was
introduced and it grew to a total of seven outlets. Each of the
Warehouse Club and Department stores is individually
incorporated.

It was on September 15, 1994 when the Company incorporated
Uniwide Holdings, Inc. (UHI) to be the central franchiser of the
system of operating Warehouse Clubs and Department Stores under
the Uniwide Sales tradename and to consolidate the real estate
interests of the Gow Family. It started commercial operation on
July 1, 1995 and went public on August 19, 1996 as a holding
firm. Among others, UHI is engaged in the business of investment
by way of acquisition, transfer, exchange or disposal of real or
personal property, whether tangible or intangible.

UW does not engage in retail activities itself, but provides
support services to franchisees in the areas of inventory
management, merchandising, marketing, advertising and training.
It also engages in two kinds of real estate operations. The
first is the acquisition, development, holding and leasing of
land and buildings used to house Warehouse Clubs, Department
Stores and Family Stores. The second is property development
principally involving the acquisition, horizontal development
and sale of land for residential communities and commercial lots
adjacent to Warehouse Clubs, and the development of shopping
malls anchored by Warehouse Clubs.

The principal sources of operating revenues for the Company are
(I) franchise income, (ii) rental income and (iii) income from
the sale of residential and commercial lots.

CONTACT:

Uniwide Holdings, Inc.
Upper Ground Floor Pearl Plaza Bldg.
0165 Quirino Avenue, Brgy. Tambo
Paranaque City
Telephone Number: (632)-851-12-58


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

AIROCEAN GROUP: Reelects Executive, Non-executive Directors
-----------------------------------------------------------
Airocean Group Limited announced that all proposed resolutions
were duly passed at the Company's Annual General Meeting (AGM)
held on July 29, 2005.

Company executive director Chong Keng Ban was reelected at the
AGM, while non-executive director Ong Chow Hong was also
reelected during the meeting; he is stilla member of the
Company's Nominating Committee and Remuneration Committee, and
is chairman of the Audit Committee.

By Order of the Board
Seow Han Chiang Winston
Joint Company Secretary
29 July 2005

CONTACT:

Airocean Group Limited
80 Robinson Road #08-01/02
Singapore 068898
Phone: 65 62255111
Fax:   65 62243594
Web site: http://www.airocean.com.sg


BORED PILING: Creditor Seeks to Wind Up Company
-----------------------------------------------
Notice is hereby given that creditor Lim Sing Piling Pte Limited
filed a winding up petition against Bored Piling Pte Limited on
July 19, 2005.

The said Petition is to be heard before the Singapore High Court
on Aug. 12, 2005, 10:00 a.m.

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

A copy of the Petition will be furnished to the 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 No. 61 Kaki Bukit Avenue 1, #02-40
Shun Li Industrial Park, Singapore 417943.

The Petitioners' solicitors are Messrs. Rabi Ahmad & Co. of 32
Wallich Street, #03-59 Wallich Building, Singapore 078880.

Dated this 28th day of July 2005

Messrs Rabi Ahmad & Co.
Solicitors for the Petitioners

Note:

Any person who intends to appear at the hearing of the Petition
must serve on or send by post to the above-named Messrs Rabi
Ahmad & Co., notice in writing of his intention to do so. The
notice must state the name and address of the person, or if a
firm, the name and address of the firm, and must be signed by
the person, firm or his or their solicitor (if any) and must be
served, or, if posted, must be sent by post in sufficient time
to reach the solicitors not later than 12:00 p.m. of Aug. 11,
2005 (one day before the day appointed for the hearing of the
Petition).


CHARTERED SEMICONDUCTOR: Sells Bonds for SGD1.07 Bln
----------------------------------------------------
Aiming high, microchip maker Chartered Semiconductor
Manufacturing Limited sold SGD1.07 billion in five- and ten-year
bonds, Dow Jones reports.

The proceeds from the bond sale will go to the repurchase of
2.5% notes worth SGD954.08 million, maturing in April 2006. The
redemption amount of the convertible notes is worth 1.1 billion,
including the yield to maturity.

The Company is also set to raise SGD350.1 million in a
convertible preference shares issue, and another SGD64.71
million in a bond amortization through Goldman Sachs.

According to its Chief Financial Officer George Thomas, this
would lengthen the Company's debt maturity profile when interest
rates are low, and allow it to refinance a smaller part of its
debt with equity.

With the larger-than-expected bond sale, Chartered Semiconductor
will be able to buy back the notes all at one time; it had
expected to raise SGD746.6 million from the bond sale, but
strong interest enabled the Company to increase its bond price
and size.

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


ELITE MANAGEMENT: Distributes Dividend to Creditors
---------------------------------------------------
Elite Management Services Pte Limited, formerly of 51 Anson
Road, #13-55 Anson Center, Singapore 079904, posted a notice of
intended dividend at the Government Gazette, Electronic Edition
with the following details:

Name of Company: Elite Management Services Pte Limited
Court: Singapore High Court
Number of Matter: Companies Winding Up No. 403 of 1999
Amount Per Centum: 36.58%.
When Payable: July 21, 2005
Name  & address of Liquidators: The Official Receiver
The URA Centre (East Wing)
45 Maxwell Road #06-11
Singapore 069118

Dated: July 29, 2005
Karen Loh
Assistant Official Receiver


ENG WAH: Disposes of Stake Air-Conditioning Firm
------------------------------------------------
Eng Wah Organization Limited announced that the Company,
together with director Goh Eng Wah and subsidiary Kin Wah Pte
Limited, has sold its entire shareholding in Daikin Air-
Conditioning (Singapore) Pte Limited (DSP) to majority
shareholder Daikin Industries Limited.

The Company disposed of its entire 20.63% stake in DSP, together
with Mr. Goh Eng Wah who sold off his 2.25% stake, and
subsidiary Kin Wah Limited sold off its 18.38% stake in the
firm. The disposal is in relation to two suits filed in the
Singapore High Court against DSP by the Company and its
subsidiary, and Mr. Goh Eng Wah.

To view the Company's report on the disposal, go to:

http://bankrupt.com/misc/tcrap_engwah080205.pdf


PAN PACIFIC PUBLICATIONS: Enters Voluntary Liquidation
------------------------------------------------------
SNP Corporation Limited announces that its unit, Pan Pacific Pte
Limited, placed subsidiary Pan Pacific Publications (Singapore)
Pte Limited under members' voluntary liquidation on July 28,
2005.

Pan Pacific Publications Pte Limited was incorporated in
Singapore on March 27, 1993, and has been dormant since Jan. 1,
2001. The Company's winding up will not affect the Company's net
tangible assets and earnings per share.

CONTACT:

Pan Pacific Publications (Singapore) Pte Limited
C/o SNP Panpac Pte Ltd
97 Ubi Avenue 4
Singapore 408754
Phone: (65) 6741 2500
Fax:   (65) 6745 4129


VA-SINGAPORE PTE: Creditors Required to Submit Debt Claims
----------------------------------------------------------
Notice is hereby given that the creditors of VA-Singapore Pte
Limited, which is being wound up voluntarily, are required on or
before Aug. 29, 2005 to send in their names and addresses and
the particulars of their debts or claims, and the names and
addresses of their solicitors (if any), to the liquidators, c/o
47 Hill Street, #05-01 Chinese Chamber of Commerce & Industry
Building, Singapore 179365, and if so required are to come in
and prove their debts or claims as shall be specified or in
default will be excluded from the benefits of any distribution
made before such proof.

Date: July 29, 2005

Kon Yin Tong
Wong Kian Kok
Aw Eng Hai
Joint Liquidators
C/o 47 Hill Street
#05-01 Chinese Chamber of Commerce
& Industry Building
Singapore 179365


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

HANTEX: Fails to Submit FS on Time
----------------------------------
With reference to Hantex Public Co. Ltd's previous information
regarding the submission of the Financial Statement of January
2005 within July 29, 2005, the company informed the Stock
Exchange of Thailand (SET) that it was unable to submit the
Financial Statement on the said date.

The company is currently working on the Financial Statement in
order to submit it as soon as possible.

Please acknowledge

Yours sincerely,

Monchai Pongstabadee
Director

CONTACT:

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


THAI ENGINE: Court OKs Resolution Passed at Meeting
---------------------------------------------------
Thai Engine Manufacturing Public Co. Ltd. informed the Stock
Exchange of Thailand (SET) that the Official Receiver arranged a
creditors meeting on June 27 to consider and approve the
appointment of a new Plan Administrator.

The creditors approved the appointment of the company as plan
administrator.  Thus, on July 7 the Court has ordered and
approved the resolution of the creditors meeting.

Please be informed accordingly.

Your sincerely,

Thai Engine Manufacturing Public Company Limited
Mr. Theerasak Kanjanasakchai
Chairman & Plan Administrator




BOND PRICING: For the Week 1 August to 5 August 2005
----------------------------------------------------

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


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

  KOREA
  -----

Korea Electric                        7.950%     4/01/96    49



MALAYSIA
--------

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


SINGAPORE
---------

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




                            *********


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

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

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

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without
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contained herein is obtained from sources believed to be
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subscription or balance thereof are $25 each.  For subscription
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                 *** End of Transmission ***