TCRAP_Public/050804.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

             Thursday, August 4, 2005, Vol. 8, No. 153

                            Headlines

A U S T R A L I A

ABLIAS PTY: Members Decide to End Operations
AILISON INTERNATIONAL: Court Orders Winding Up
ANVIL MINING: Ends Legal Battle with Mutoshi
BYGAN PTY: Enters Liquidation
C&C PTY: Creditors Must Submit Claims by August 15

COLLANDER PASTORAL: Members, Creditors Convene in Final Meeting
CRYFIN PTY: Appoints Official Liquidator
DEBRUMIN PTY: Members Opt for Voluntary Liquidation
FREE SPIRIT: To Undergo Winding Up Procedures
HIH INSURANCE: Cooper Says He Can't Pay Lawyers

LAWFORDS FURNITURE: Peter Goodin Named Liquidator
LITTLE BEAVER: Begins Winding Up Proceedings
MOTOR YACHT: Members Agree to Wind Up Firm
MR. FINANCE: Batten Pleads Guilty to Managing Firm While Banned
MULTIPLEX GROUP: Completes Viaduct Works at White City

PARMOX PTY: Set to Wind Up Business
PETRO ENERGY: Members Tap Liquidator Rodney Parker
QANTAS AIRWAYS: Jetstar to Attack Tasman Routes
R&B PTY: Court Issues Winding Up Order
ROBKAT PTY: Shuts Down Operations

SPANDREL PTY: Placed Under Voluntary Liquidation
TOWNSVILLE YOUTH: Liquidator Details Final Meeting Agenda
TUNNEY'S WHOLESALE: Issues Notice of Winding Up
UGORT PTY: Winding Up Process Initiated
WILLIAMS EARTHMOVING: Members, Creditors to Meet August 9

XANADU WINES: Remains Upbeat Despite Hefty Losses


C H I N A  &  H O N G  K O N G

BEAUTIFUL MIND: Falls Into Liquidation
CHINA SOUTHERN: COO to Outline Future Plans at Confab
FULL FORTUNE: Begins Liquidation Proceedings
GUANGDONG KELON: May Fall Into Rival's Hands
GUANGDONG KELON: To Resume Production in Mid-August

IRE YIN: Court Issues Winding Up Notice
LAI SUN: EGM Slated for August 26
NEWHABIT.COM LIMITED: Receives Winding Up Order


I N D O N E S I A

PERTAMINA: Coal, Oil Firms Question 15% Price Hike
PERTAMINA: Government Seeks IDR14.63-Trillion Loan from China
PERUSAHAAN LISTRIK: Pefindo Upgrades Rating to 'idA'
PERUSAHAAN LISTRIK: Issues Smaller Bonds Worth IDR1.7 Trillion


J A P A N

HITACHI LIMITED: Unit Acquires U.S. Consulting Firm
JAPAN AIRLINES: May Resume Flights to Northern Mariannas
JAPAN TOBACCO: Posts Q1/2005 JPY47.5-Bln Net Profit
JAPAN TOBACCO: Morgan Stanley "Overweight" Target Price Raised
KANEBO LIMITED: Ex-VP Bullied Accountants into Cooking Books

MATSUSHITA ELECTRIC: Launches New Wage Scheme
MITSUBISHI FUSO: Names New President, CEO
MITSUBISHI MOTORS: Unveils July U.S. Sales
MITSUBISHI MOTORS: Eyes Business Realignment Plan in 2006
TOSHIBA CORPORATION: Shipments Increase by More Than 80%


K O R E A

ASIANA AIRLINES: Industrial Action Hits 18th Day
SAMSUNG SECURITIES: Restructuring Hurts Profit


M A L A Y S I A

AMTEL HOLDINGS: Books MYR557,000 in Losses
ANCOM BERHAD: Net Loss Widens to MYR6,000,000
AVANGARDE RESOURCES: To Defend Winding Up Petition
BRIGHT PACKAGING: Net Loss Balloons to MYR605,000
CHG INDUSTRIES: Court Extends Restraining Order Until October

CONSOLIDATED FARMS: Unit Faces Lawsuit by Enviroserve
GADANG HOLDINGS: Unit Wins MYR58.4-Mln Contract
HPI RESOURCES: Net Loss Dips Further
JIN LIN: Court Grants Extension of Restraining Order
KILANG PAPAN: Shareholders Ratify All AGM Resolutions

KILANG PAPAN: Aims to Secure OK on Revised Restructuring Scheme
METACORP BERHAD: Unit Disposes Of Properties for MYR6 Mln
NAIM INDAH: Lists, Quotes Additional Shares
SUREMAX GROUP: Posts MYR1,560,000 in Net Loss
TA ENTERPRISE: Subsidiary Enters Winding Up Process


P H I L I P P I N E S

COLLEGE ASSURANCE: SEC Says 20-day Reprieve Won't Affect Case
DMCI HOLDINGS: Redeems Preferred Shares for June, July 2005
GLASGOW CREDIT: Watchdog Lodges Criminal Complaint
MAYNILAD WATER: MWSS May Urge New Concessionaire to Raise Bond
NATIONAL POWER: PSALM Mulls Additional Borrowing in 2005

* Regulator Orders 4 Pre-need Firms to Show Cause


S I N G A P O R E

CHARTERED SEMICONDUCTOR: CDS Premiums May Rise Due to Losses
EXCEL GOLF: Liquidator Asks Creditors to Submit Debt Claims
INTER METALLCO: Creditor Seeks Wind Up
REGION AIR: Creditors to Discuss Winding Up
SMRT CORPORATION: Temasek Holdings Cuts Stake by 5%

VANGUARD REALTY: To Pay Dividend to Preferential Creditors


T H A I L A N D

CHRISTIANI & NIELSEN: Snags Construction Project Contract
DATAMAT: Seeks Extension for Submission of Q1/FY05 Results
PICNIC CORPORATION: Alters Fund-raising to Offer D/E Swap
PICNIC CORPORATION: SET Halts Trading Over Resignation Report

     -  -  -  -  -  -  -  -

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

ABLIAS PTY: Members Decide to End Operations
--------------------------------------------
Notice is hereby given that a general meeting of members of
Ablias Pty Limited duly convened and held on June 24, 2005,
members passed a special resolution to wind up the company be
and appointed Kenneth John Sneddon as liquidator.

Dated this 24th day of June 2005

Kenneth John Sneddon
Chartered Accountant
Office 1, 11 Swan Street
Hamilton NSW 2303


AILISON INTERNATIONAL: Court Orders Winding Up
----------------------------------------------
On June 28, 2005 the Supreme Court of New South Wales, Equity
Division, ordered that Ailison International Pty Limited be
wound up by the Court and appointed Steven Nicols to be
Liquidator for such purpose.

Steven Nicols
Level 2, 350 Kent Street
Sydney NSW 2000


ANVIL MINING: Ends Legal Battle with Mutoshi
--------------------------------------------
Anvil Mining Limited announced that on July 13, 2005 the Court
of Grande Instances of Lubumbashi (Lubumbashi Court) ruled that
the claim by Chemaf that it had purchased an interest in the
Mutoshi Joint Venture in 2003, was inadmissible.

The action was lodged by Chemaf in June in the Lubumbashi Court
against Societe Miniere Kolwezi sprl (SMK), Emiko sprl and Anvil
Mining Congo SARL, alleging that it had acquired 55% of the
shares in SMK (formerly SRM) pursuant to a sales contract
entered into in 2003 with Emiko.

Subsequent to the Lubumbashi Court ruling, all the parties have
reached a confidential settlement whereby Chemaf have signed an
undertaking that no further legal action, claims, rights or
demands will be made, or can be made against the current
shareholders in the Mutoshi Joint Venture.

Bill Turner, President and CEO of Anvil Mining Limited stated;
"We are pleased this matter has been concluded in a satisfactory
manner that allows us to continue the development of the
Kulumaziba coarse rejects/tailings copper deposit which is
expected to be into commercial production by year-end 2005".

CONTACT:

Anvil Mining Limited
2nd Floor, 35 Ventnor Avenue
West Perth WA 6005
Australia
Telephone: +(61 8) 9481 4700
Fax: +(61 8) 9481 4800
E-mail: anvil@anvil.com.au
Web site: http://www.anvil.com.au/


BYGAN PTY: Enters Liquidation
-----------------------------
Notice is hereby given that at an extraordinary general meeting
of members of Bygan Pty Limited held on June 21, 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
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


C&C PTY: Creditors Must Submit Claims by August 15
--------------------------------------------------
Creditors of C&C (Richmond) Pty Limited whose debts or claims
have not already been admitted are required on or before Aug.
15, 2005 to prove their debts or claims and to establish any
title they may have to priority by delivering or sending through
the post to the Liquidator a formal proof of debt or claim in
accordance with Form 535 or 536.

In default thereof, they will be excluded from the benefit of
any distribution made before their debts or claims are proved or
their priority is established, and from objecting to the
distribution.

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

Dated this 28th day of June 2005

Paul Patrick Atkins
77 Willarong Road, Caringbah NSW 2229
Phone: 9525 8788


COLLANDER PASTORAL: Members, Creditors Convene in Final Meeting
---------------------------------------------------------------
Notice is given that a final meeting of members and creditors of
Collander Pastoral Pty Limited will be held on Aug. 11, 2005,
10:00 a.m. in the office of Anthony Matthews & Associates,
Ground Floor, 91 Hutt Street, Adelaide, South Australia.

AGENDA:

(1) To receive an account showing how the winding up was
conducted and the property of the Company disposed of.

(2) Any other business.

Dated this 22nd day of June 2005

A.C. Matthews
Liquidator
Anthony Matthews & Associates
Chartered Accountants
Ground Floor, 91 Hutt Street
Adelaide SA 5000
Phone: (08) 8232 8885
Fax:   (08) 8232 8886
Email: info@matthewsassociates.com.au

Note:

Notice states that a person is not entitled to vote as a
creditor at a meeting unless he or she has lodged with the
Chairperson of the meeting particulars of the debt or claim,
which he or she claims to be due from the company.


CRYFIN PTY: Appoints Official Liquidator
----------------------------------------
On June 20, 2005, the Supreme Court of New South Wales, Equity
Division, ordered that Cryfin Pty Limited be wound up by the
Court, and appointed Steven Nicols to be Liquidator for such
purpose.

Steven Nicols
Level 2, 350 Kent Street
Sydney NSW 2000


DEBRUMIN PTY: Members Opt for Voluntary Liquidation
---------------------------------------------------
Notice is hereby given that at a General Meeting of Members of
Debrumin Pty Limited held on June 27, 2005, it was resolved that
the Company be wound up voluntarily and that for such purpose,
Julian Herzl Lee of 8 Neeworra Avenue, Northbridge be appointed
Liquidator.

Dated this 27th day of June 2005

Julian Herzl Lee
Liquidator
8 Neeworra Avenue
Northbridge


FREE SPIRIT: To Undergo Winding Up Procedures
---------------------------------------------
Notice is hereby given that at an Extraordinary General Meeting
of Members of Free Spirit Charters Pty Limited held on June 24,
2005, it was resolved that the Company be wound up voluntarily
and that for such purpose, Alan Edward Lewis and James Alexander
Shaw of Ferrier Hodgson, Chartered Accountants, Level 3, 2
Market Street, Newcastle NSW 2300 be appointed Joint
Liquidators.

Dated this 24th day of June 2005

Alan E. Lewis
James A. Shaw
Joint Liquidators
Ferrier Hodgson
Chartered Accountants
Level 3, 2 Market Street
Newcastle NSW 2300


HIH INSURANCE: Cooper Says He Can't Pay Lawyers
-----------------------------------------------
Entrepreneur Brad Copper is still trying to arrange legal
representation, less than a week before his trial on 13 criminal
charges relating to the collapse of HIH Insurance, according to
the Sydney Morning Herald.

On Tuesday, the Supreme Court heard that Mr. Cooper might apply
for postponement on Monday since he was refused legal aid and
had been unable to make alternative arrangements.

Mr. Copper has found funding for solicitors and senior and
junior counsel to argue this week that his trial should be
permanently stayed. However, Mr. Cooper's lawyers had not been
retained for the trial itself, expected to last six to eight
weeks.

The stay application is expected to be resolved today at the
earliest, after most of Tuesday was taken up with a painstaking
examination of how evidence was compiled from former HIH finance
executive Bill Howard.

Mr. Howard became the key Crown witness when he admitted in
December 2003 that he accepted AU$124,000 in bribes from Mr.
Cooper during negotiations over Mr. Cooper's claims HIH owed him
millions of dollars.

The Australian Securities and Investments Commission (ASIC)
argued successfully in 2003 that Mr. Howard should receive a
non-custodial sentence because of his cooperation and his
promise to give evidence against Mr. Cooper.

But lawyers argued that in these circumstances, ASIC should not
have allowed Howard's solicitor Robert Mangioni of Watson
Mangioni and his barrister Jamie Stephenson to compile his
witness statements.

Mr. Stephenson took the witness stand Tuesday, and Crown
prosecutor Lionel Robberds, QC, took him paragraph by paragraph
through Howard's formal witness statements.


LAWFORDS FURNITURE: Peter Goodin Named Liquidator
-------------------------------------------------
Notice is hereby given that at a general meeting of members of
Lawfords Furniture Pty Limited held on June 22, 2005, it was
resolved that the Company be wound up voluntarily, and that
Peter Goodin, Chartered Accountant of Brooke Bird & Co.,
Chartered Accountants, 471 Riversdale Road, East Hawthorn, 3123,
be appointed Liquidator.

Peter Goodin
Liquidator
Brooke Bird & Co.
Chartered Accountants
471 Riversdale Road
East Hawthorn 3123
Phone: 9882 6666


LITTLE BEAVER: Begins Winding Up Proceedings
--------------------------------------------
Notice is now given that at a meeting of members and creditors
of Little Beaver Stump Removal Pty Limited convened and held on
June 22, 2005, creditors resolved that the Company be wound up,
and appointed R. A. Sutcliffe to be liquidator.

Dated this 22nd day of June 2005

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


MOTOR YACHT: Members Agree to Wind Up Firm
------------------------------------------
Notice is hereby given that, at an extraordinary General Meeting
of Members of Motor Yacht Holdings Pty Limited held on June 24,
2005, it was resolved that the Company be wound up voluntarily
and that for such purpose, Alan Edward Lewis and James Alexander
Shaw of Ferrier Hodgson Chartered Accountants, Level 3, 2 Market
Street, Newcastle NSW 2300 be appointed Joint Liquidators.

Dated this 24th day of June 2005

Alan E. Lewis
James A. Shaw
Joint Liquidators
Ferrier Hodgson
Chartered Accountants
Level 3, 2 Market Street
Newcastle NSW 2300


MR. FINANCE: Batten Pleads Guilty to Managing Firm While Banned
---------------------------------------------------------------
Mr. Matthew John Batten, of Port Melbourne, Victoria, has
pleaded guilty in the Magistrates Court of Victoria at Melbourne
to a charge of managing a corporation while disqualified,
brought by the Australian Securities and Investments Commission
(ASIC).

ASIC's charge against Mr. Batten followed an investigation into
the affairs of Mr. Finance Pty Ltd (Mr. Finance).

ASIC alleged that between May 2002 and March 2004, Mr. Batten
made, or participated in making, decisions that affected the
whole, or a substantial part, of the business of Mr. Finance, a
finance broking business. During that time Mr. Batten was
automatically disqualified from managing corporations as a
result of previous convictions for offences involving
dishonesty.

On 20 July 2004, Samuel Richwol was appointed liquidator of Mr.
Finance in a creditor's voluntary winding up.

Mr. Batten was convicted and fined AU$2,000. Mr. Batten was
further ordered to pay costs of AU$482.80.

The matter was prosecuted by the Commonwealth Director of Public
Prosecutions.


MULTIPLEX GROUP: Completes Viaduct Works at White City
------------------------------------------------------
Multiplex Group advised that works associated with the railway
viaduct at the White City project in London which have been
subject to recent analyst commentary have completed
successfully.

London Underground rail services on the Hammersmith and City
line which were affected by the works have now returned to
normal operations as scheduled.

Multiplex is a New South Wales-based company engaged in property
funds management, property development, construction and
facilities, and infrastructure management.

CONTACT:

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


PARMOX PTY: Set to Wind Up Business
-----------------------------------
The following Special Resolution was passed at a meeting of
members of Parmox Pty Limited, held on 28th June 28, 2005:

That the Company be voluntarily wound up, and that David Bryan
Gurney be appointed Liquidator for such winding up.

Dated this 28th day of June 2005

David B. Gurney
Liquidator
c/o PF Fisher & Co Pty Ltd
Level 5, 55 Phillip Street
Parramatta NSW 2150


PETRO ENERGY: Members Tap Liquidator Rodney Parker
--------------------------------------------------
At a general meeting of members of Petro Energy Pty Limited duly
convened and held on June 22, 2005, a special resolution was
passed that the Company be wound up as a Members' Voluntary
Liquidation, and an ordinary resolution was passed that Rodney
P. Parker be appointed liquidator for winding up the affairs and
distributing the assets of the company.

Dated this 23rd day of June 2005

Rodney P. Parker
c/o Parker Crofts & Co.
Suite 14, 73 Calley Drive
Leeming WA 6149


QANTAS AIRWAYS: Jetstar to Attack Tasman Routes
-----------------------------------------------
Qantas Airways' low-cost offshoot Jetstar is looking to fly to
New Zealand and slash fares by up to 40 percent, in a move that
will heighten the air war over the Tasman.

The Sydney Morning Herald was told that Jetstar will announce
plans very soon to launch flights from Christchurch to Sydney,
Brisbane, Melbourne and the Gold Coast on December 1.

Jetstar is not only seen attacking Virgin Blue's share of the
Australian market, but the budget carrier is also planning to
establish a foothold in Pacific Blue's home base of
Christchurch.

But Jetstar's move to Christchurch is not only seen as an
assault on Pacific Blue and Air NZ, but on Qantas as well.

In December, Qantas will surrender some of its trans-Transman
services to the low-cost offshoot, reflecting moves it has
already made on low-yielding destinations in Australia such as
the Gold Coast.

Jetstar will replace the Qantas daily services from Brisbane to
Christchurch and Qantas's daily return services from Melbourne
to Christchurch with 9 weekly services.

Qantas will scale back its nine weekly Sydney-Christchurch
services to seven, with Jetstar starting with 10 weekly returns
on the route.

The changes, however, will still result in a 14 per cent
increase in Qantas's capacity over the Tasman.

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


R&B PTY: Court Issues Winding Up Order
--------------------------------------
On June 28, 2005, the Supreme Court of New South Wales, Equity
Division, ordered the wind up of R&B Pty, and appointed Steven
Nicols to be Liquidator of the Company.

Steven Nicols
Level 2, 350 Kent Street
Sydney NSW 2000


ROBKAT PTY: Shuts Down Operations
---------------------------------
Notice is hereby given that at an Extraordinary General Meeting
of the members of Robkat Pty Limited held on June 28, 2005, the
following Special and Ordinary Resolutions were duly passed:

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

Dated this 28th day of June 2005

Arthur Eady
Liquidator
Chartered Accountant
Level 6, 131 Clarence Street
Sydney


SPANDREL PTY: Placed Under Voluntary Liquidation
------------------------------------------------
Notice is hereby given that at an extraordinary general meeting
of members of Spandrel Pty Limited held on June 21, 2005, it was
resolved that the Company be wound up voluntarily and at a
creditors' meeting held later 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


TOWNSVILLE YOUTH: Liquidator Details Final Meeting Agenda
---------------------------------------------------------
Notice is hereby given that a final combined meeting of the
members and creditors of Townsville Youth Entertainment Inc. (In
Liquidation) will be held on Aug. 16, 2005, 10:00 a.m. at the
offices of Knights Insolvency Administration, Level 7, Suncorp
Plaza, 61-73 Sturt Street, Townsville Qld 4810

AGENDA:

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

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

Dated this 16th day of June 2005

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


TUNNEY'S WHOLESALE: Issues Notice of Winding Up
-----------------------------------------------
On June 24, 2005, it was resolved by special resolution that
Tunney's Wholesale Proprietary Limited be wound up voluntarily
and that Dianne Bernadette Tucker of 6 Robert Street Glenelg
South SA 5045 be appointed the liquidator for the winding up and
to distribute the Company property.

Dated this 5th day of July 2005

Rankines Solicitors
Solicitors for the liquidator
Level 1, 190 Flinders Street, Adelaide SA 5000
Phone: (08) 8223 5055


UGORT PTY: Winding Up Process Initiated
---------------------------------------
Notice is given that at a meeting of members of Ugort Pty
Limited held on June 30, 2005 it was unanimously resolved to
voluntarily liquidate the Company and to appoint Neil Chisholm
as the liquidator for the winding up.

Dated this 30th day of June 2005

Neil Chisholm
Liquidator
6 Chiltern Crescent
Castle Hill NSW 2154


WILLIAMS EARTHMOVING: Members, Creditors to Meet August 9
---------------------------------------------------------
Notice is given that the final combined meeting of the members
and creditors of Williams Earthmoving Queensland Pty Limited
will be held on Aug. 9, 2005, 11:00 a.m. at the offices of
Horwath Jefferson Stevenson, Level 4, 370 Queen Street, Brisbane
Qld 4000, to have an account laid before them showing the manner
of the winding up and how the Company property was disposed of,
and to hear any explanations that may be given by the
Liquidator.

Dated this 22nd day of June 2005

Gerald T. Collins
Liquidator
c/o Horwath Jefferson Stevenson
Level 4, 370 Queen Street
Brisbane Qld 4000


XANADU WINES: Remains Upbeat Despite Hefty Losses
-------------------------------------------------
Embattled winemaker Xanadu Wines has forecast a huge full-year
loss, five weeks after it sold its remaining and flagship brand
names for AU$26.2 million, the Sydney Morning Herald relates.

Thanks to heavy write-downs of its now sold wineries, Xanadu
chief executive Sam Atkins said the company was on track to
trump the AU$9.5 million loss it posted last August.

Xanadu's recent performance has failed to live up to the upbeat
commentary Mr. Atkins provided last August when he said he was
"in full control of the issues".

But with Xanadu planning to change its name to Global Wine
Ventures, Mr. Atkins believe the Company "really does have a
future".

The distressed winemaker has attempted be more optimistic about
its future, despite shares plummeting well below its 2001
listing price, and the company being forced to offload all of
its vineyards to pay off debts.

The company is left with three wine brands, 1.57 million litres
of "bulk" wine with a book value of AU$3.17 million, some
uncollected debts and a "small collection of assets" on its
balance sheet.

Mr. Atkins said Global Wine Ventures would position itself for
future acquisitions, possibly via future equity raisings.

Ironically, given Xanadu's recent woes, the company said the
rebranded Global Wine Ventures would "seek opportunities in
newly formed, small scale, under-valued or under-capitalized
wine businesses, which are often ignored by the larger wine
groups and investors

CONTACT:

Xanadu Wines
Boodjidup Road, Margaret River
West Australia 6285
Phone: (61) 8 9757 2581
Fax: (61) 8 9757 3389


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

BEAUTIFUL MIND: Falls Into Liquidation
--------------------------------------
Beautiful Mind Worldwide Limited whose place of business is
located at Room 907, 9/F, Grand City Plaza, No. 1 Sai Lau Kok
Road, Tsuen Wan, New Territories was issued a winding up order
notice by the High Court of the Hong Kong Special Administrative
Region Court of First Instance on July 20, 2005.

Date of Presentation: May 25, 2005

Dated this 29nd day of July 2005

ET O'Connell
Official Receiver


CHINA SOUTHERN: COO to Outline Future Plans at Confab
-----------------------------------------------------
China Southern Airlines hereby advised that Mr. Li Kun, COO,
will be a headlining speaker at this week's second annual North
Asia Low Cost Airline Symposium being held at the brand-new
Kitakyushu Airport, currently under construction in Southern
Japan.

At the conference, slated for this Thursday and Friday, Mr. Li
is expected to review the opening up of Chinese civil aviation
as well as the growth and future goals of China Southern
Airlines during his presentation, entitled "Looking Into The
Future ... Coexistence of Opportunities & Challenges."

The Second Annual North Asia Low Cost Airline Symposium on
August 4-5, 2005 is convened by the Centre for Asia Pacific
Aviation and government bodies, aviation organizations,
airlines, airports and suppliers will attend this landmark
event, which is expected to attract several hundred delegates.

According to Mr. Li, "During the next 15 years, the Chinese
civil aviation industry will be faced with extraordinary
opportunities and challenges including rapid growth of the
national economy; China's entry into the World Trade
Organization; hosting the 2008 Summer Olympic Games in Beijing;
the 2010 World Expo in Shanghai and the Asian Games in Guangzhou
... as well as reforms and consolidation within the civil
aviation industry."

He will add that, "as we strategically review the future
aviation market, we can forecast that by the Year 2010, the air
transportation business of China Southern Airlines will grow by
an annual rate of 12%. To obtain this ambitious goal, we not
only need to increase China Southern Airlines' capacity and
optimize the structure of our fleet but also tap into the
potential of the current fleet and enhance the efficiency of
aircraft utilization, so to drive the growth of traffic volume.
For a considerably long period of time, the company will
continue to pursue its current strategy of focusing on the
domestic market."

Mr. Li is expected to further outline China Southern Airlines'
future plans, stating, "We plan to mainly introduce 150-seat and
200-seat aircraft, which are two major types of aircraft that
China Southern Airlines now primarily operates on its domestic
routes and some of its international routes. These two types of
aircraft are suitable for the development of the company given
their proper size and excellent economics. As we further
consolidate and develop the domestic market, we will also
steadily tap into the International marketplace. We will
introduce a certain number of long-range wide-body passenger
airplanes and freighters, including the superjumbo Airbus A380,
so as to enhance our competitiveness in the International
marketplace.

"The types of aircraft, flight frequencies and schedules must be
adjusted according to market demand and take advantage of our
extensive network. In terms of route network construction, China
Southern Airlines will continue to focus on domestic routes as
it steadily taps into the International market, integrate its
hubs with point-to-point routes, build up its Guangzhou and
Beijing hubs and develop five major markets, namely, Beijing,
Guangzhou, Hong Kong, Shenzhen and Shanghai."

Mr. Li explained that, "At the same time, we will make more
input into our routes in the eastern, southwestern and
northwestern parts of China to improve our domestic route
network. We will add more frequencies to our current
International routes and plan to launch some new European and US
routes with flights departing from our Beijing and Guangzhou
hubs.

"We also plan to operate Airbus A380 aircraft on these trans-
continental routes, establishing connections with our domestic
flights through flight number integration. Since Urumqi is an
ideal gateway that links China with the Middle Asia, West Asia,
Middle East, Russia and countries of the former Soviet Union, we
will take full advantage of its favorable geographical location
to operate smaller aircraft on some international routes to
these surrounding countries and gradually add flight frequency.
We will continue to operate our routes to Southeast Asia and
Northeast Asia, which are traditionally advantageous
International routes for China Southern Airlines whose flights
depart from Guangzhou, Dalian and Shenyang."

For additional information regarding this conference, please go
to the Centre for Aviation web site at:
www.centreforaviation.com/conferences.

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.

CONTACT:

China Southern Airlines
Jeff Ruffolo, 714-532-2054
E-mail: RuffoloPR@aol.com


FULL FORTUNE: Begins Liquidation Proceedings
--------------------------------------------
Full Fortune Engineering Limited whose place of business is
located at Flat 6, 9/F, Fashion Centre, 51 Wing Hong Street,
Cheung Sha Wan, Kowloon was issued a winding up order notice by
the High Court of the Hong Kong Special Administrative Region
Court of First Instance on July 20, 2005.

Date of Presentation: May 27, 2005

Dated this 29nd day of July 2005

ET O'Connell
Official Receiver


GUANGDONG KELON: May Fall Into Rival's Hands
--------------------------------------------
Household appliance maker Hisense Group has expressed interest
in taking over Guangdong Kelon Electrical Holdings for an
undisclosed sum, The Standard reports.

Guangdong Kelon confirmed Tuesday that its Chairman and four
executives have been taken into custody in the mainland by
police investigating alleged economic crimes.

Possible suitors for the company include Whirlpool of the United
States and Chinese rivals Midea, Gree and Sichuan Changhong.

Also detained were Executive Director and Vice President Yan
Yousong, finance supervisor Jiang Baojun, Vice Chief supervisor
of finance and resources An Kuoyu, and vice manager of finance
and resources Liu Ke.

The officials were alleged of embezzlement and fraud connected
to trading violations investigated by the China Securities
Regulatory Commission.

CONTACT:

Guangdong Kelon Electrical Holdings Company Limited
2502-2505 Harbour Center
25 Harbour Road
Wanchai, Hong Kong
Phone: 25110363
Fax: 28023434
Web site: http://www.kelon.com


GUANGDONG KELON: To Resume Production in Mid-August
---------------------------------------------------
Fridge maker Guangdong Kelon Electrical Holdings Co. said it is
in talks with some financial institutions and material suppliers
so that it can immediately resume production in mid August,
Xinhuanet News reports.

The Company plans to restore sales to the level of this May
within three months and entirely resume the original production
scale by the end of this year if it has CNY700 to CNY800 million
starting funds (US$84.6-96.7 million).

Mr. Liu said he hope that the problem of the major shareholders
will not affect the entire company. "The interests of
shareholders and the staff will never be really maintained
unless Kelon resumes production as quickly as possible."


IRE YIN: Court Issues Winding Up Notice
---------------------------------------
Ire Yin Labourers and Merchants Mutual Association Limited whose
place of business is located at Flat B2, 1st Floor, Samtoh
Building, No 386, Queen's Road West, 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 25, 2005

Dated this 29nd day of July 2005

ET O'Connell
Official Receiver


LAI SUN: EGM Slated for August 26
---------------------------------
Notice is hereby given that an extraordinary general meeting of
Lai Sun Garment (International) Limited will be held at the
Chater Room 1, Function room Level (B1), The Ritz-Carlton Hong
Kong, 3 Connaught Road Central, Hong Kong on Friday, August 26,
2005 at 10 a.m. for the purpose of considering and, if thought
fit, passing the following resolution as a Special Resolution:

"That the capital of the Company of HK$2,000,000,000 divided
into 4,000,000,000 shares of HK$0.50 each be reduced to
HK$40,000,000 divided into 4,000,000,000 shares of HK$0.01 each
and that the nominal amount of all the issued and unissued
shares in the capital of the Company be re-designated from
HK$0.50 to HK$0.01 per share,"

By Order of the Board
Lai Sun Garment (International) Limited
Yeung Kam Hoi
Company Secretary
Hong Kong, August 3, 2005

CONTACT:

Lai Sun Commercial Centre
11 Floor, 680 Chueng Sha Wan Road
Kowloon, Hong Kong


NEWHABIT.COM LIMITED: Receives Winding Up Order
-----------------------------------------------
Newhabit.com Limited whose place of business is located at Unit
1501, Hollywood Plaza, 610 Nathan Road, Mongkok, Kowloon was
issued a winding up order notice by the High Court of the Hong
Kong Special Administrative Region Court of First Instance on
July 20, 2005.

Date of Presentation: May 26, 2005

Dated this 29nd day of July 2005

ET O'Connell
Official Receiver


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

PERTAMINA: Coal, Oil Firms Question 15% Price Hike
--------------------------------------------------
State-owned oil and gas firm PT Pertamina has raised its oil
prices by 15% for deliveries this month, which has led coal and
oil firms to question how the hike was computed, the Jakarta
Post reports.

According to the Indonesian Mining Association (IMA) chairman
Jeffry Mulyono, the Company did not say how it came up with the
15% increase, which is more than expected. IMA and the
Inodnesian Coal Mining Association plan to file an official
statement with the Company, asking questions on how the fuel
prices were raised.

Pertamina fuel division chief Achmad Faisal said that the
Company's new prices said that they were based on the average
prices of Mid Oil Platts Singapore (MOPS) last month, which is
MOPS plus 15% (distribution, transportation fees), plus 10%
value added tax.

Pertamina had raised fuel prices for the products to be used by
oil and gas companies, companies who use up more than 500
kiloliters of oil per month, as well as mining firms, from
IDR4,740/liter to IDR5,840/liter; marine diesel fuel prices have
also risen 15% from IDR2,900/liter to IDR3,150/liter.

The increase in fuel prices was allowed by the government in
order to ease the already strained budget for fuel subsidies.

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


PERTAMINA: Government Seeks IDR14.63-Trillion Loan from China
-------------------------------------------------------------
During the state visit of Indonesian president Susilo Bambang
Yudhoyono to China last week, the government asked China if it
could borrow IDR14.63 trillion to fund oil imports, reports Dow
Jones.

According to Minister for Economy Aburizal Bakire, the
government asked the Chinese government for a working capital
loan of up to IDR14.63 trillion for state-owned oil & gas firm
PT Pertamina. The loan would enable Pertamina to fund its oil
imports, in turn strengthening the local currency by maintaining
state foreign exchange reserves.

Mr. Bakrie added that Pertamina had depleted the government's
foreign exchange reserves recently by using dollars from the
central bank in order to import oil, which in turn weakened the
Indonesian rupiah.

Both countries are set to sign an agreement where a Chinese oil
corporation would fund the construction of a refinery for
Pertamina, in exchange for rights to explore oil and gas in
certain islands.


PERUSAHAAN LISTRIK: Pefindo Upgrades Rating to 'idA'
----------------------------------------------------
Pefindo Credit Rating Agency upgraded its ratings for PT
(Persero) Perusahaan Listrik Negara (PLN) and the Company's
IDR600 billion Bond VI/1997 to "idA" from "idA-". The rating
upgrades reflect the Company's improved operating profit,
strengthened cash flow protection, and continued strong support
from the government. The upgrades, however, are still
constrained by the Company's unfavorable cost structure,
inflexible tariff adjustment and large exposures to foreign
exchange currency risks. PLN is a company owned by the state of
Indonesia, engaging in generation, transmission and distribution
of electricity throughout the country.

CONTACT:

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


PERUSAHAAN LISTRIK: Issues Smaller Bonds Worth IDR1.7 Trillion
--------------------------------------------------------------
State power firm PT Perusahaan Listrik Negara issued bonds worth
IDR1.7 trillion instead of its originally planned issuance worth
IDR2.5 trillion, Asia Pulse reports.

It was earlier reported that the bond would be used to help
finance the construction of a IDR3 trillion liquefied natural
gas (LNG) terminal in Banten, but according to PLN finance
director Parno Isworo, proceeds from the 5-year bond would go to
increasing the Company's working capital.

The bond, which is set to be issued next month or in October,
has a 12.5% annual coupon rate. The following securities firms
have been chosen to underwrite the bond:

1) PT Andalan Artha Advisindo Sekuritas Indonesia
2) PT Bhana Securities
3) PT Danareksa Sekuritas
4) PT Mandiri Sekuritas
5) PT Trimegah Securities


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

HITACHI LIMITED: Unit Acquires U.S. Consulting Firm
---------------------------------------------------
With continued market momentum, Hitachi Consulting, the business
and IT consulting company of Hitachi Ltd. announced the
acquisition of Boston-based Dove Consulting Group, Inc. Dove
Consulting is a nationally known business strategy and
organization effectiveness consulting firm, with more than 20
years experience in providing strategy leadership to Global 1000
companies.

"Dove Consulting brings key strategy and organizational
consulting capabilities our clients require, that we have only
been able to provide on a limited basis," said Michael Travis,
President and COO of Hitachi Consulting. "Dove's experience in
the Communications and Consumer Products industries is very
complementary to ours, and they bring a significant and
established leadership position in the Financial Services
industry, which will be a new target market for Hitachi
Consulting."

Dove Consulting also has established credentials as a research
firm, most recently publishing the 2005 Study of Consumer
Education Preferences on using and purchasing new broadband
features. Hitachi Consulting plans to expand these research
initiatives across a number of industries including
Communications, Food & Beverage, Technology, Manufacturing and
Aerospace & Defense.

"Joining Hitachi Consulting significantly expands the value we
can provide to our clients," said David Dove, President and
Founder of Dove Consulting. "In addition to the critical mass we
need to broaden and deepen our strategy and organization
effectiveness client services, Hitachi Consulting's proven
solutions capabilities across the enterprise give us an entirely
new dimension of value to offer our clients. In the payments
space, where we have been developing strategies for more than 20
years, this is particularly significant. As part of Hitachi
Consulting, we have the ability to build out solutions, not just
design them."

"The combination of the two organizations is attractive along a
number of dimensions for both of us," Dove continued. "We bring
strategy services to a very large Hitachi Consulting client
base, and they bring solution delivery capabilities to ours. All
of our clients should see benefits from this."

Last year, Hitachi Consulting acquired Aspirity, LLC, as the
cornerstone for their national business intelligence (BI)
practice. Its BI revenue for 2005 has grown substantially over
the same period in 2004. Hitachi Consulting has the same
expectations for the Dove acquisition.

David Dove will become the Managing Vice President of Hitachi
Consulting's Strategy and Organizational Effectiveness national
consulting practice. "David is a great addition to our
leadership team and will help us drive the company toward the
results Hitachi, Ltd. envisioned when they formed us in 2000,"
said Travis. "In addition, the team that Dove brings to Hitachi
Consulting has the same focus on client satisfaction and
providing the highest quality services."

Hitachi Consulting, which serves many Fortune 1000 clients, has
been expanding its U.S. based consulting practice, and last year
grew revenues by 18% over the prior year. In addition, the
Company has been working with Hitachi, Ltd. to enhance overall
global business and IT consulting and services, leveraging
Hitachi's significant presence and customer base in Japan, Asia
and other parts of the world. "Over the next 18 months, we plan
to have several important announcements that enhance our
services and geographic reach in the U.S. and establish Hitachi
and Hitachi Consulting as a global consulting services player,"
said Travis.

About Dove Consulting Group

Dove Consulting is a Boston-based consulting firm specializing
in strategy and organization effectiveness. The firm's Financial
Services practice is a leader in developing retail payments,
distribution, and customer strategies. The firm has performed
payment strategy work with seven of the Top 10 U.S. banks, major
payment networks, and government entities. Dove client
consulting work is supported by an ongoing commitment to
industry research spanning consumer payment preferences, ATM and
debit studies, and check conversion assessments. In addition,
Dove has practices in Consumer Broadband, where it advises the
largest cable companies in the U.S., Consumer Packaged Goods,
where it provides strategy and organization work to large
beverage, food and consumer product companies in the U.S., and
Government, where it provides consulting services to the
intelligence community, DoD, and the Federal Reserve Bank.

On Payments is a periodic Financial Service e-newsletter
publication distributed by Dove Consulting. To view the latest
issue of On Payments, and to learn more about Dove, please visit
our website at www.doveconsulting.com.

About Hitachi Consulting

As Hitachi, Ltd.'s (NYSE: HIT - News) global consulting company,
Hitachi Consulting is a recognized leader in delivering proven
business and IT solutions to Global 2000 companies across many
industries. We leverage decades of business process, vertical
industry, and leading-edge technology experience to understand
each company's unique business needs. From business strategy
development through application deployment, our consultants are
committed to helping clients quickly realize measurable business
value and achieve sustainable ROI.

Hitachi Consulting's client base includes nearly 30 percent of
the Fortune 100 as well as many leading mid-market companies. We
offer a client-focused, collaborative approach and transfer
knowledge throughout each engagement. For more information, call
1.877.664.0010 or visit www.hitachiconsulting.com.

Hitachi Consulting -- Inspiring your next success

About Hitachi

Hitachi, Ltd., (NYSE:HIT - News), 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 Web
site at http://www.hitachi.com.

Contact:

Hitachi Consulting
Jim Budkie, 513-939-0312
jbudkie@hitachiconsulting.com
or
Weber Shandwick Worldwide
David Nieland, 972-830-2663
dnieland@webershandwick.com


JAPAN AIRLINES: May Resume Flights to Northern Mariannas
--------------------------------------------------------
Japan Airlines Inc. said it could resume flights to the Northern
Marianas in 2007 once the extension of runway B at Narita
International Airport in Tokyo is completed, ABC Radio Australia
reports.

The airline plans to suspend its operations on the Islands in
October. It also aims to fly again to Saipan in two to three
years time.

The carrier is also either cutting or suspending flights to
Honolulu, Guam, Bali, Seoul and Ho Chi Minh City.

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


JAPAN TOBACCO: Posts Q1/2005 JPY47.5-Bln Net Profit
---------------------------------------------------
Japan Tobacco Inc. incurred a net profit of JPY47.5 billion in
the April to June first quarter on cost cuts and solid overseas
sales, according to Reuters.

The world's third-biggest tobacco company has carried out a
sweeping restructuring to counter weaker cigarette demand at
home, reflecting a series of tax hikes and an increasingly
health-conscious public.

The Company stuck to its projection that net profit would nearly
triple to JPY180 billion this business year through March. A
Reuters Estimates poll of 10 analysts forecast a profit of
JPY181 billion.

CONTACT:

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


JAPAN TOBACCO: Morgan Stanley "Overweight" Target Price Raised
--------------------------------------------------------------
Analyst Taizo Demura of Morgan Stanley maintains his
"overweight" rating on Japan Tobacco (JAT.BER), Newratings.com
reports.

The target price has been raised from JPY1,600,000 to
JPY1,820,000.

The analyst mentions that the company reported its first quarter
operating profits ahead of the estimates on account of its cost
trimming initiatives in Japan and an increase in product prices
in the international markets.

Japan Tobacco's domestic tobacco sales for the quarter were
sluggish, the analyst says. The operating profit estimates for
FY05 and FY06 have been raised from JPY305 billion to JPY312
billion and from JPY326 billion to JPY333 billion, respectively.


KANEBO LIMITED: Ex-VP Bullied Accountants into Cooking Books
------------------------------------------------------------
Former Kanebo Ltd. Vice President Takashi Miyahara allegedly
threatened the company's accounting executives to window dress
its financial statements for fiscal 2001, The Japan Times
reports.

Company officials including former President Takashi Hoashi and
former executive Kenzaburo Shimada, was arrested on Friday, for
allegedly submitting false financial statements to authorities.

The three arrested executives was accused of covering up a
capital deficit of more than JPY70 billion in fiscal 2001 and
2002, and a JPY5.7 billion consolidated net loss in fiscal 2001,
according to prosecutors.

The three have owned up to the charges, according to
investigative sources.

CONTACT:

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


MATSUSHITA ELECTRIC: Launches New Wage Scheme
---------------------------------------------
Matsushita Electric Industrial Co. has introduced a new wage
system that ties the semi-annual bonuses of all its employees to
the earnings performances of the divisions they belong to, the
Nihon Keizai Shimbun reports.

The plan will take effect beginning with this summer's payouts,
with the difference in the annual bonus received by workers at
the best performing division and those with the same job rank at
one that does poorly widening to more than JPY1 million.

Bonuses will no longer be tied to seniority for higher-ranking
employees and those links have been substantially scaled back
for lower-level workers.

CONTACT:

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


MITSUBISHI FUSO: Names New President, CEO
-----------------------------------------
Mitsubishi Fuso Truck and Bus Corporation announced the
appointment of Robert McDowell (49), who currently holds the
office of Senior Vice President and COO, as successor to Isao
Toda (60), the current CEO of Mitsubishi Fuso Truck of America,
Inc. (MFTA). Mr. Robert McDowell is the first American CEO to be
appointed from within MFTA.

The new CEO Mr. McDowell was employed as District Sales Manager,
when MFTA was established, and he demonstrated his ability at
developing the sales network. He made an impressive achievement
in sales with his abundant experiences, and he was appointed
Regional Vice President of the Eastern Region in 1990. Later he
became Senior Vice President in charge of sales, and in 2000, he
assumed the office of Executive Vice President and COO. The new
CEO, who has strong relationships with dealers, is expected to
make a significant contribution in raising the profile and
improving the image of the Mitsubishi Fuso brand.

The new president McDowell said: "It's an honor and a privilege
to be asked to serve as president of MFTA. I will make the
continuous growth in the North American market the top priority
management task. We have an organization that I feel is truly
second to none in our industry, the people we have are
outstanding, and Mr. Toda has left us well positioned for strong
growth. I'm confident that together we can carry out his
vision".

Mitsubishi Fuso Truck of America was founded in 1985, and the
company markets American commercial vehicles in segments of
"class 3" to "class 7". It has a sales network of approximately
170 dealers throughout the U.S. and Canada, and sold 5,298 units
in the fiscal year 2004, marking a 17% increase over the
previous year. In addition, the company achieved record-setting
monthly sales in March of this year.

CONTACT:

Mitsubishi Fuso Truck and Bus Corporation
2-16-4, Kounan,
Minato-ku,Tokyo 108-8285,
Phone: +81-3-6719-4821
Fax: +81-3-6719-0111
Web site: http://www.mitsubishi-fuso.com


MITSUBISHI MOTORS: Unveils July U.S. Sales
------------------------------------------
Mitsubishi Motors North America, Inc., (MMNA) reported total
July 2005 U.S. sales of 10,376 units. Continuing with
outstanding sales performance of the all-new 2006 Eclipse, this
month also is the first time retail sales have topped 10,000
units since last August for Mitsubishi Motors North America.

"The successful launch of the all-new Eclipse is continuing to
gain momentum and has energized the entire Mitsubishi lineup of
products," said David Schembri, executive vice president of
sales and marketing at Mitsubishi Motors North America.  "In
addition to the Eclipse launch, we are excited about the launch
of the Raider pickup truck this fall followed by four more new
models in the next 24 months."

Specifically, the Eclipse closed its best month this year with
2,331 units sold in July -- up nine percent from last month's
volume and up 140 percent year over year.  July also was the
best month of the year for the Outlander with 1,559 units sold,
up 26 percent from last month and up seven percent year over
year.  Galant was the volume leader in July, with 2,522 units
sold and up two percent from last month.

Mitsubishi Motors North America, Inc., (MMNA) is responsible for
all manufacturing, finance, sales, marketing, research and
development operations of the Mitsubishi Motors Corporation in
the United States.  Mitsubishi Motors sells coupes,
convertibles, sedans and sport utility vehicles through a
network of approximately 570 dealers.  For more information,
contact the Mitsubishi Motors News Bureau at (888) 560-6672 or
visit media.mitsubishicars.com.

Contact:

Mitsubishi Motors North America Inc.
Dotty Diemer, 714-372-5528
E-mail: ddiemer@mmsa.com
or
Mitsubishi News Bureau
888-560-MMSA (6672)
E-mail: newsbureau@mmsa.com

This is a company press release.


MITSUBISHI MOTORS: Eyes Business Realignment Plan in 2006
---------------------------------------------------------
Mitsubishi Motors Corporation plans to lay out the blueprint of
its global business realignment within 2006, Kyodo News reports,
citing Mitsubishi Motors President Osamu Masuko.

The automaker, affected by a string of defect coverups and
recalls, "needs to determine a global strategy in an early
timing once we can achieve our sales targets as stipulated in
our rehabilitation plan," Masuko said in Okazaki, Aichi
Prefecture.

Mr. Masuko denied a planned top management reshuffle at
DaimlerChrysler AG of Germany, Mitsubishi Motors' largest
shareholder, would affect the Japanese automaker's future
reconstruction.

"While maintaining a cooperative relationship, we are keeping
the business alliance that is mutually beneficial," he said.

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


TOSHIBA CORPORATION: Shipments Increase by More Than 80%
--------------------------------------------------------
Toshiba America Information Systems Inc., Digital Solutions
Division (TAIS DSD), today announced that its line shipments
increased by 81.6 percent between first Quarter 2002 and first
Quarter 2005, moving from 99,700 to 181,100 lines shipped for
those quarters, respectively.

This increase in shipments puts Toshiba in sixth place in Total
Customer Premise Equipment (CPE) shipments, up from eighth place
in 2002, according to industry market analyst InfoTech of
Parsippany, N.J. CPE includes key hybrid, PBX and IP PBX
systems.

InfoTech also reports that Toshiba holds a market share of 19.4
percent in the Key Telephone Systems (KTS) category for the
First Quarter 2005. Toshiba's shipments increased 13.8 percent
in the first quarter of 2005 over the same quarter last year,
out-performing the market, which declined by 17 percent by
comparison.

InfoTech attributed Toshiba's success to its competitive Strata
family of business communication systems, which is one of the
industry's only IP systems that can be TDM-enabled and provides
a smooth migration path from Toshiba's Strata CTX(R) TDM
systems. InfoTech also credits Toshiba's dealer incentives and
promotions, which have included the industry's only seven-year
optional manufacturer's warranty, affordable leasing programs,
extensive sales and technical training, hands-on tech support
with among the shortest wait-times in the industry, and its
National Accounts Program that connects dealers across the
country into a cohesive sales and service machine.

"Toshiba's U.S. growth over the past couple of years and the
first quarter of 2005, in particular, has been impressive," said
Frank Stinson, program director at InfoTech. "New products,
product enhancements, and the growth focus of its management
team have all played a significant role in Toshiba's market
performance."

"We attribute our increase in sales to our highly competitive
Strata family of IP-enabled digital business communication
systems and to the success of our channel service and support
programs, which have given us the industry's most loyal and
supportive Authorized Dealer Network," said Larry Meyer, vice
president, sales and marketing, of TAIS DSD. "By continuing to
invest in product development, hire market-facing positions and
deliver dealer programs, we have been able to make significant
strides in market share."

About Toshiba America Information Systems Inc.

Headquartered in Irvine, Calif., TAIS is comprised of three
divisions: Digital Products Division, Digital Solutions Division
and the Storage Device Division. Together, the three divisions
provide mobile products and solutions, telecommunications,
imaging and storage products and services. Products include
industry leading portable computers, projectors, DVD/CD
recordable products and hard disk drives for computers,
telephony products, digital imaging systems, wireless solutions
and services.

TAIS provides sales, marketing and services for its wide range
of information products in the United States and Latin America.
TAIS is an independent operating company owned by Toshiba
America, Inc., a subsidiary of Toshiba Corporation, which is a
world leader in high technology and integrated manufacturing of
electrical and electronic components, products and systems.
Toshiba has global sales of over $52 billion and more than 300
subsidiaries and affiliates worldwide. For more information,
visit the company's Web site at www.toshiba.com.

Contacts:

Teri Bruno Public Relations
Teri Bruno, 714-536-8407
teribruno@aol.com

This is a company press release.


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

ASIANA AIRLINES: Industrial Action Hits 18th Day
------------------------------------------------
Asiana Airlines continue to be at loggerheads with the pilot's
union, as the prolonged pilot strike reaches its 18th day, Asia
Pulse reports.

Negotiations between the two parties remain in deadlock, after
the union refused the "final proposal" from the Asiana
management Monday.

The pilot's union insists the proposal was just publicity, and
is not directed to address mounting complaints over the
carrier's protracted flight disruptions.

The management's final proposal suggested pilots fly no more
than 960 hours a year, excluding "deadhead" hours between
flights, while the current rule states they work 1,000 hours.
The union demands 1,000 hours a year, including the deadhead
hours.

More than 300 unionized pilots launched a walkout on July 17,
calling for more rest days, raising the mandatory retirement age
from 55 to 58 and a greater say in personnel management
decisions. The airline has 826 pilots, 310 of whom are not union
members.

In continuing cancellations on Wednesday, Asiana cancelled 89
out of 172 domestic flights, five out of the 110 international
flights and nine of 11 cargo flights.

The carrier estimated a KRW91 billion (US$91 million) sales loss
this week alone should the strike continue. The one-week loss
during the peak season was nearly as much as the KRW110 billion
the carrier lost since the protest began.

CONTACT:

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


SAMSUNG SECURITIES: Restructuring Hurts Profit
----------------------------------------------
Restructuring costs has caused Samsung Securities Co.'s net
profit to nosedive 41 percent in the latest quarter, Reuters has
learned.

Samsung's earnings were hit by amortization costs of KRW14.6
billion for the quarter related to its 2000 purchase of asset
manager Samsung Investment Trust and Securities and after
writing off KRW4.9 billion of bad debt.

However, the brokerage firm expects its earnings to grow by the
end of the year due to higher commissions from new cash piling
into the equity markets, as well as savings delivered from last
year's cost-cutting.

The brokerage is seeking to penetrate the more profitable asset
management business to reduce its dependence on lower margin
trading commissions.

Sohn Hyun-ho, an analyst at Goodmorning Shinhan Securities, said
earnings would improve, but costs related to its purchase of an
asset manager would drag on earnings for a while.

Samsung, South Korea's number two brokerage, posted a KRW21.6
billion (US$21 million) net profit in its first quarter ended
June, as against a KRW36.5 billion profit a year earlier and a
KRW3.4 billion loss in the prior quarter.


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

AMTEL HOLDINGS: Books MYR557,000 in Losses
------------------------------------------
Amtel Holdings Berhad furnished Bursa Malaysia Securities Berhad
a copy of its second quarterly report for the financial period
ended May 31, 2005.

Summary of Key Financial Information

Individual Period                      Cumulative Period
Current Year   Preceding Year      Current Year   Preceding Year
Quarter  Corresponding Quarter     to Date  Corresponding Period
MYR'000  MYR'000              MYR'000   MYR'000

(1) Revenue

    15,244     35,510           30,800        62,840

(2) Profit/(loss) before tax

    -524       -254           -1,589        13

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

    -557       -984           -1,797      -783

(4) Net profit/(loss) for the period

    -557       -984           -1,797      -783

(5) Basic earnings/(loss) per shares (sen)

    -1.32       -2.35            -4.27     -1.87

(6) Dividend per share (sen)

    0.00         0.00        0.00      0.00

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

(7) Net tangible assets per share (MYR)

    0.7896                           0.8133

To view a full copy of the financial result, click
http://bankrupt.com/misc/AmtelHoldings080305.doc
http://bankrupt.com/misc/AmtelHoldings080305results.xls

CONTACT:

Amtel Holdings Bhd.
Malaysia
Phone: 60 3 5632 2449
Fax: 60 3 5637 0042


ANCOM BERHAD: Net Loss Widens to MYR6,000,000
---------------------------------------------
Ancom Berhad issued to Bursa Malaysia Securities Berhad a copy
of its unaudited fourth quarterly report for the financial
period ended May 31, 2005.

     Individual Period                      Cumulative Period
Current Year   Preceding Year      Current Year   Preceding Year
Quarter    Corresponding Quarter  to Date   Corresponding Period
31/05/2005    31/05/2004        31/05/2005   31/05/2004
MYR'000   MYR'000         MYR'000    MYR'000

(1) Revenue

    304,473   270,324         1,098,203    978,681

(2) Profit/(loss) before tax

    -413    -66           648         37,900

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

    -6,000   -8,442           130     15,829

(4) Net profit/(loss) for the period

    -6,000        -8,442           130   15,829

(5) Basic earnings/(loss) per shares (sen)

     -3.04         -4.29          0.07     8.06

(6) Dividend per share (sen)

    0.00           3.00           0.00     13.00

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

(7) Net tangible assets per share (MYR)

    1.2100                  1.0500

To view a full copy of the report, click
http://bankrupt.com/misc/AncomBerhad080405.doc
http://bankrupt.com/misc/AncomBerhad0803405results.xls

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


AVANGARDE RESOURCES: To Defend Winding Up Petition
--------------------------------------------------
Avangarde Resources Berhad advised Bursa Malaysia Securities
Berhad that on July 28, 2005 the Company received a winding-up
Petition No. D4-28-512-05 to the Kuala Lumpur High Court from
C.I. Readymix Sdn. Bhd. for a claim of MYR182,278.50 together
with interest as at April 15, 2005 amounting to MYR45,406.20 and
still continuing at the rate of 1.50% per month from April 16,
2005 until full settlement.

The said Petition is fixed for hearing on September 23, 2005 and
was handed to the solicitor, M/s. C.L. Chin & Associates for
further action.

The Company shall defend the said petition.

CONTACT:

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


BRIGHT PACKAGING: Net Loss Balloons to MYR605,000
-------------------------------------------------
Bright Packaging Industry Berhad furnished Bursa Malaysia
Securities Berhad a copy of its unaudited third quarterly report
for the financial period ended May 31, 2005.

    Individual Period                      Cumulative Period
Current Year   Preceding Year    Current Year   Preceding Year
Quarter     Corresponding Quarter  to Date  Corresponding Period
31/05/2005    31/05/2004         31/05/2005   31/05/2004
MYR'000   MYR'000          MYR'000      MYR'000

(1) Revenue

    15,073   10,379          39,817    27,082

(2) Profit/(loss) before tax

    -635     -94            -88    -2,750

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

    -605    -114            -33    -2,617

(4) Net profit/(loss) for the period

    -605    -114            -33        -2,617

(5) Basic earnings/(loss) per shares (sen)

    -1.40    -0.26           -0.08     -6.05

(6) Dividend per share (sen)

    0.00      0.00               0.00      0.00

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

(7) Net tangible assets per share (MYR)

   0.4700                     0.5400

To view a full copy of the report, click
http://bankrupt.com/misc/BrightPackaging080405.doc
http://bankrupt.com/misc/BrightPackaging080405results.xls

CONTACT:

Bright Packaging Industry Berhad
23 Jalan Delima 1/3
Shah Alam, Selangor Darul Alam 40000
Malaysia
Phone: +60 3 5635 1949
Fax:   +60 3 5635 1984


CHG INDUSTRIES: Court Extends Restraining Order Until October
-------------------------------------------------------------
Further to the announcement dated April 26, 2005 in respect of
(A) Kuala Lumpur High Court Ex-Parte Originating Summons No. D7-
24-181-2004 Restraining Order pursuant to section 176(10) of the
Companies Act, 1965, CHG Industries Berhad informed Bursa
Malaysia Securities Berhad that the Kuala Lumpur High Court has
on July 27, 2005 extended the Restraining Order pursuant to
Section 176(10) of the Companies Act, 1965 for a further period
of ninety (90) days from July 28, 2005 to October 25, 2005.

The Restraining Order extended to restrain proceedings by Bursa
Malaysia Securities Berhad (Bursa Malaysia) to de-list the
securities of CHG from the Official List of the Bursa Malaysia
is also extended for a further period of ninety (90) days from
July 28, 2005 or until the date that the Securities Commission
communicates its decision to the Company in respect of the
submission made by the Company to the Securities Commission (as
announced on December 30, 2004), whichever is earlier. Both
Bursa Malaysia and the Company are at liberty to apply to the
Court for such further orders and/or relief as the parties, as
the case may be, deem fit and/or just.

In relation to (B) Kuala Lumpur High Court Originating Summons
No. D1-24-199-2005 Court Order to convene meetings of creditors
and members pursuant to Section 176(1) of the Companies Act,
1965, the company notified that the Kuala Lumpur High Court has
on July 25, 2005 granted an Order in accordance with Section
176(1) of the Companies Act, 1965 pursuant to which, inter alia,
CHG, CHG Plywood and Cheng Hin Timber are at liberty at any time
thereafter to each convene a meeting and/or meetings, as the
case may be, with their respective financial institution and
non-financial institution creditors at such venue and on such
date(s) and time(s) as will be notified in writing to their said
respective financial institution and non-financial institution
creditors for the purpose of considering and if thought fit,
approving, with or without modification, proposed schemes of
arrangement for the said respective financial institution and
non-financial institution creditors.

Pursuant to the said Court Order, CHG is further at liberty at
any time thereafter to convene a meeting with its members at
such venue and on such date(s) and time(s) as will be notified
in writing to its members for the purpose of considering and if
thought fit, approving, with or without modification, a proposed
scheme of arrangement for its members.

CONTACT:

CHG Industries Berhad
8th Mile Jalan Cheras
Cheras, Selangor Darul Ehsan 43200
Malaysia
Telephone: +60 3 907 58811
Fax: +60 3 907 66215


CONSOLIDATED FARMS: Unit Faces Lawsuit by Enviroserve
-----------------------------------------------------
The Board of Directors of Consolidated Farms Berhad advised
Bursa Malaysia Securities Berhad that Consolidated Liquid Eggs
Sdn. Bhd., (CLESB), its wholly owned subsidiary, had been named
as defendant in a Writ of Summon, dated July 6, 2005, filed by
Enviroserve Sdn. Bhd. (Enviroserve) in the Session Court of
Kuala Lumpur and served on CLESB on July 28, 2005.

The suit is in respect of goods supplied by Enviroserve to
CLESB. Enviroserve had claimed for the amount of MYR106,079.00
from CLESB, together with interest of 8 percent per year from
July 21, 2004 until full resolution, indemnity costs and any
other relief to be granted by the Court and the mention date for
the suit has been fixed on October 5, 2005.

The Company had on May 31, 2005 been granted a restraining and
stay order (RO) for a period of 90 days effective from May 31,
2005 to August 29, 2005 by the High Court of Malaya at Kuala
Lumpur pursuant to Section 176(10) of the Companies Act, 1965.

This announcement is dated 28 July, 2005.

CONTACT:

Consolidated Farms Berhad
24-1 Jalan 24/70A,
Desa Sri Hartamas,
50480 Kuala Lumpur
Telephone: 03-23001199
Fax: 03-23002299


GADANG HOLDINGS: Unit Wins MYR58.4-Mln Contract
-----------------------------------------------
Gadang Holdings Berhad (Gadang) informed Bursa Malaysia
Securities Berhad that its wholly owned subsidiary, Gadang
Engineering (M) Sdn Bhd (GESB) had received a Letter of Award
dated July 27, 2005 from Jaya 33 Sdn Bhd for the award of the
Proposed Superstructure Works for "Cadangan Pembangunan
Integrasi Di Atas Lot 33, Jalan Semangat, Section 13, 46100
Petaling Jaya, Selangor Darul Ehsan" (the Project) for a
contract sum of MYR58.4 million.

The contract period shall be 78 weeks from the commencement
date, which has been fixed on August 1, 2005.

The Project is expected to contribute positively to Gadang
Group's future earnings.
None of the directors or substantial shareholders or persons
connected to them, has any interest, direct or indirect, in the
Project.

CONTACT:

Gadang Holdings Berhad
Wisma Gadang 52, Jalan Tago 2
Off Jalan Persiaran Utama
Sri Damansara 52200 Kuala Lumpur
Telephone: 03-6275 6888
Fax: 03-6275 2136


HPI RESOURCES: Net Loss Dips Further
------------------------------------
HPI Resources Berhad issued to Bursa Malaysia Securities Berhad
a copy of its unaudited fourth Quarter report for the financial
period ended May 31, 2005.

Summary of Key Financial Information

   Individual Period                      Cumulative Period
Current Year   Preceding Year     Current Year   Preceding Year
Quarter    Corresponding Quarter  to Date   Corresponding Period
31/05/2005    31/05/2004        31/05/2005   31/05/2004
MYR'000       MYR'000           MYR'000      MYR'000

(1) Revenue

    53,973   47,525              194,232     170,557

(2) Profit/(loss) before tax

    -707     34          -589      57

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

    -1,146     -267          -964     -410

(4) Net profit/(loss) for the period

    -1,146     -267          -964     -410

(5) Basic earnings/(loss) per shares (sen)

    -2.69    -0.63         -2.26    -0.96

(6) Dividend per share (sen)

    0.00      0.00           0.00     0.00

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

(7) Net tangible assets per share (MYR)

    1.5623                        1.7434

Click to view a full copy of the report:
http://bankrupt.com/misc/HPIResources080405.doc


JIN LIN: Court Grants Extension of Restraining Order
----------------------------------------------------
Further to the announcement dated July 26, 2005, Avenue
Securities Sdn Bhd, on behalf of Jin Lin Wood Industries Berhad,
advised Bursa Malaysia Securities Berhad that on July 28, 2005,
Jin Lin and its subsidiaries have been granted an extension of
the restraining order for a further period of 120 days effective
from July 27, 2005 to November 23, 2005 by the Kuala Lumpur High
Court pursuant to Section 176(10) of the Companies Act, 1965.

This announcement is dated 28 July 2005

CONTACT:

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


KILANG PAPAN: Shareholders Ratify All AGM Resolutions
-----------------------------------------------------
The Board of Kilang Papan Seribu Daya Berhad announced that at
the Sixteenth Annual General Meeting (AGM) held on 29 July 2005,
the shareholders of the company had approved all the resolutions
set out in the Notice of AGM dated 7 July 2005.

Kilang Papan's principal activities are the manufacturing and
marketing of timber and timber related products; and trading of
rubber wood products. Products exported to Japan, USA and
Europe. Products include sawn timber and moulded timber.

CONTACT:

Kilang Papan Seribu Daya Berhad
Lot 1 Harmoni Industrial Estate
Kolombong, Inanam 88100
Malaysia
Phone: +60 88 423 385
Fax:   +60 88 423 287


KILANG PAPAN: Aims to Secure OK on Revised Restructuring Scheme
---------------------------------------------------------------
Further to our announcement dated 1 July 2005, AmMerchant Bank
Berhad, a member of AmInvestment Group, on behalf of Kilang
Papan Seribu Daya Berhad (KPSD), wishes to inform that KPSD is
currently waiting for approvals from the Securities Commission
and Foreign Investment Committee on its revised Proposed
Restructuring Scheme.

Save as disclosed above, there is no material change to the
Company's plan to regularize its financial condition.


METACORP BERHAD: Unit Disposes Of Properties for MYR6 Mln
---------------------------------------------------------
Metacorp Berhad (Metacorp) wishes to announce that Metacorp
Development Sdn Bhd (MDSB) a wholly owned subsidiary of
Metacorp, has on 2 August 2005 executed a Sale and Purchase
Agreement (SPA) with Pelita Samudra Pertama (M) Sdn Bhd for the
disposal of two (2) adjoining 4 1/2 storey terrace shoplots
presently held under H.S. (M) 23292 Lot No. PT 23252 and H.S.
(M) 23293 Lot No. PT 23253, both in Mukim of Ampang, Daerah of
Ulu Langat and State of Selangor Darul Ehsan (Properties) for a
total consideration of MYR6,000,000 (Ringgit Malaysia Six
Million) only upon the terms and conditions as stipulated in the
said SPA (Proposed Disposal).

DETAILS OF THE PROPOSED DISPOSAL

1. Information On The Properties

The Properties measuring a total area of approximately 3938
square feet and bear assessment No. 76 & 77, Lorong Mamanda 1,
Ampang Point, Selangor Darul Ehsan.

2. The Vendor

Pelita Samudra Pertama (M) Sdn Bhd (481477-P) (Purchaser) was
incorporated in Malaysia on 19 April 1999 under the Companies
Act, 1965 having its registered and business address at No. 52,
Lorong Kurau Satu, Taman Chai Leng, 13700 Perai.

3. Basis Of The Purchase Consideration

The purchase consideration of MYR6,000,000 (Purchase
Consideration) was arrived at on a willing-buyer willing-seller
basis.

4. Salient Terms Of The SPA

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

4.1 MDSB shall dispose the Properties free from encumbrances and
with vacant possession and subject to the terms and conditions
of the SPA.

4.2 The Purchase Consideration shall be fully settled by the
Purchaser in the following manner:

(i) 10% of the Purchase Consideration (MYR600,000.00) upon
signing of the SPA (Deposit);

(ii) 90% balance of the Purchase Consideration (MYR5,400,000.00)
(Balance Purchase Price) within 90 days from the date of the SPA
(Completion Date).

In the event the Purchaser is unable to pay the Balance Purchase
Price within the Completion Date, then the time for payment of
the Balance Purchase Price shall be extended for a further
ninety [90] days commencing from the day after the expiry of the
Completion Date with the Purchaser paying interest to the MDSB
on the Balance Purchase Price or any part thereof that remains
unpaid as at the Completion Date at the rate of eight per centum
[8%] per annum calculated on daily rests.

4.3 MDSB shall deliver the vacant possession of the land upon
full payment of the Purchase Consideration.

STATEMENT BY DIRECTORS

The Board of Directors of Metacorp are of the opinion that the
transaction is in the best interest of the Company. The
transaction has not departed from the Securities Commission's
Policies and Guidelines on Issue/Offer of Securities.

DIRECTORS' MAJOR SHAREHOLDER' INTEREST

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

DOCUMENTS FOR INSPECTION

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

This announcement is dated 2 August 2005.

CONTACT:

Metacorp Berhad
22 Jalan 2/6, Dataran Templer
Bandar Baru Selayang
68100 Batu Caves, Selangor
Malaysia
Phone: (603 61201118)
Fax : (603 61205558)
Web site: http://www.metacorp.com.my


NAIM INDAH: Lists, Quotes Additional Shares
-------------------------------------------
Naim Indah Corporation Berhad's additional 224,000 new ordinary
shares of MYR0.20 each arising from the Conversion of 224,000
Nominal Value of MYR0.20 Irredeemable Convertible Unsecured Loan
Stocks 2003/2006 into 224,000 New Ordinary Shares (Conversion)
will be granted listing and quotation with effect from 9.00
a.m., Thursday, 4 August 2005.

CONTACT:

Naim Indah Corporation Berhad
Jalan Kampar Off Jalan Tun Razak
50400 Kuala Lumpur
Malaysia
Phone: +60 3 4043 9411


SUREMAX GROUP: Posts MYR1,560,000 in Net Loss
---------------------------------------------
Suremax Group Berhad furnished Bursa Malaysia Securities Berhad
a copy of its unaudited third quarter report for the financial
period ended May 31, 2005.

Summary of Key Financial Information

   Individual Period                      Cumulative Period
Current Year   Preceding Year     Current Year   Preceding Year
Quarter    Corresponding Quarter  to Date   Corresponding Period
31/05/2005    31/05/2004        31/05/2005   31/05/2004
MYR'000       MYR'000           MYR'000      MYR'000

(1) Revenue

    2,785   6,588         11,519     18,424

(2) Profit/(loss) before tax

    -1,558   -1,709         -3,075     -5,626

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

    -1,560    -1,762          -3,082     -5,699

(4) Net profit/(loss) for the period
    -1,560     -1,762         -3,082     -5,699

(5) Basic earnings/(loss) per shares (sen)

    -2.36      -2.67          -4.67      -8.63

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

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

(7) Net tangible assets per share (MYR)

    0.4921                      0.5388

To view a full copy of the report, click:
http://bankrupt.com/misc/SureMaxGroup080405.doc
http://bankrupt.com/misc/SureMaxGroup080405results.xls

CONTACT:

Suremax Group Berhad
Level 7, Menara Melenium
Jalan Damanlela, Pusat Bandar
Damansara, Damansara Heights
50490 Kuala Lumpur
Malaysia
Phone: 03-20957077
Fax:   03-20949940


TA ENTERPRISE: Subsidiary Enters Winding Up Process
---------------------------------------------------
The Board of Directors of TA Enterprise Berhad informed Bursa
Malaysia Securities Berhad that Chief Factor Sdn Bhd (CFSB), a
wholly owned subsidiary of TA Properties Sdn Bhd, which in turn
is wholly owned by the Company, has commenced a Members'
Voluntary Winding Up on July 28, 2005.

CFSB is currently a dormant company and has been inactive since
year 2004. The cost of investment in CFSB amounted to
MYR250,000.00.

The paid up capital of CFSB is MYR250,000.00 divided into
250,000 ordinary shares of MYR1.00 each.

The above transaction has no material financial and operational
effect on the Company.

This announcement is dated 28 July 2005.

CONTACT:

TA Enterprise Berhad
No 22 Jalan P Ramlee
50250 Kuala Lumpur, 50250
Malaysia
Telephone: +60 3 2072 1277
Fax: +60 3 2031 6608


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

COLLEGE ASSURANCE: SEC Says 20-day Reprieve Won't Affect Case
-------------------------------------------------------------
The corporate watchdog claimed the 20-day extension for College
Assurance Plans Philippines Inc. (CAP) to respond to the show-
cause order issued will not affect a class suit filed against
the pre-need firm, according to The Manila Times.

SEC Secretary Gerard Lukban explained the commission's authority
is "separate and distinct" from the judicial powers of the court
when it came out with the decision Monday.

CAP is currently facing a class action suit filed before the
Makati Regional Trial Court by CAP's 780,000 policy holders.

The SEC on Monday granted CAP's request for a 20-day extension
to reply to the SEC's show-cause order explaining why it should
not be sanctioned for breach of pre-need rules. The extension,
however, was final and non-extendable.

The extension would also allow SEC to study its own options
against the beleaguered pre-need company.

CONTACT:

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


DMCI HOLDINGS: Redeems Preferred Shares for June, July 2005
-----------------------------------------------------------
Further to Circular for Brokers No. 2669-2005 dated June 1,
2005, DMCI Holdings Inc., through SEC Form 17-C dated August 1,
2005, disclosed that:

"Of the total preferred shares issued, below is the remaining
balance after taking into account the following:

2,400,000 Total number of preferred shares issued
(596,895) Shares held as of April 5, 2002
(1,153,854)Shares redeemed for April 9-December 31, 2002
   (62,170)Shares redeemed for January 1-December 31, 2003
  (105,850)Shares redeemed for January 1-December 31, 2004
    (2,300)Shares redeemed for the period of January-July 2005
                    January 1-31 - none
                   February 1-28 - none
                      March 1-31 - none
                      April 1-30 - none
                        May 1-30 - none
                       June 1-30 - 300
                       July 1-31 - 2,000
  (145,391)Acquired by D.M. Consuji, Inc.
  (179,100)Redemption as agreed as of August 31, 2003
           (10,000 - redeemed on April 2, 2003)
            (9,200 - redeemed on February 2004)
          (134,500 - redeemed on September 2004)
            (5,400 - redeemed on January 2005)
  (136,950)Redemption as agreed as of January 31, 2005

    17,490 Remaining number of outstanding preferred shares

In view thereof, a total of 2,300 preferred shares shall be
delisted from the Official Registry of the Exchange effective
Wednesday, August 3, 2005. This brings the number of the
Company's outstanding preferred shares to 17,490.

The designated stock and transfer agent is hereby authorized to
cancel in its books the above number of preferred shares.

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


GLASGOW CREDIT: Watchdog Lodges Criminal Complaint
--------------------------------------------------
The Securities and Exchange Commission (SEC) has filed with the
Department of Justice a criminal suit against the owner-
directors of Glasgow Credit and Collection Services Inc. for
breaching the Securities Regulation Code, The Philippine Star
has learned.

Glasgow, one of the first batch of pseudo-investment companies
that failed to pay promised return to investors, illegally sold
investment contracts to 8,921 investors with the promise of a
15-percent interest a month for six-month placements.

Upon signing of the contract, investors were issued seven post-
dated checks, covering the six monthly interest payments and the
principal.

In its complaint, the SEC said the "illegal activity" of Glasgow
which victimized massive individuals is a clear manifestation
that directors of the firm caused and participated in said
illegal scheme to the damage and prejudice of the investing
public.

Among those that were recommended for criminal prosecution are
Manuel Roldan (president), Radiacion Baldias, Jenilyn Condes,
Roldan Estacio, and Jonathan Condes.

These illegal acts, according to the SEC, constituted bad faith
and gross negligence on the part of the respective directors of
Glasgow which give rounds for personal liability of said persons

In 2002, a permanent Cease and Desist Order (CDO) was issued
against Glasgow for the sale of unregistered securities.

A copy of the Order is available for downloading free of charge
at:
http://bankrupt.com/misc/TCRAP_glasgow080305.pdf.

CONTACT:

Securities and Exchange Commission
SEC Building, EDSA, Greenhills
Mandaluyong City Philippines.


MAYNILAD WATER: MWSS May Urge New Concessionaire to Raise Bond
--------------------------------------------------------------
The new operator of cash-strapped Maynilad Water Services Inc.
may be required by the Metropolitan Waterworks and Sewerage
System (MWSS) to put up a performance bond as proof that it will
fulfill its financial commitments, BusinessWorld says.

But Maynilad's court-appointed receiver Rosario Bernaldo
commented the requirement may discourage firms from taking over
Maynilad since it would add to the repayment structure under the
rehabilitation plan.

MWSS was not available for comment.

Meanwhile, Maynilad has already transferred to the government
early this year the US$120-million. Performance bond put up by
the Lopez group. The bond served as insurance MWSS will be paid
concession fees.

Last month, Maynilad paid Php2.41 billion to creditors out of
"internally generated funds."
Remaining debts will be paid over seven to eight years.

Ms. Bernaldo said the delays in the rehabilitation plan is due
to MWSS' indecision whether to press an immediate takeover or
wait for a private investor to come in.

She said however that current officers of Maynilad will not
allow any disruptions in business operations even with any
developments, and even as the Lopezes already wrote-off their
shares.

"All capital expenditure programs will still push through."

CONTACT:

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


NATIONAL POWER: PSALM Mulls Additional Borrowing in 2005
--------------------------------------------------------
The power Sector Assets and Liabilities Management Corp. (PSALM)
is looking to borrow from the international market to provide
additional funding for debt-saddled National Power Corporation
(Napocor), Reuters reports.

PSALM, the state agency tasked with privatizing Napocor's
assets, will secure between US$200 million to US$400 million
this year to fund Napocor's financing requirements.

Napocor last tapped the debt market in May when it sold a little
over Php5 billion in five- and seven-year bonds domestically to
fund its operations and pay a portion of its debt.

The state utility hasn't been able to issue bonds under its own
name in the international market over the past few years,
prompting the government to borrow on its behalf. International
investors are wary of lending directly to Napocor, given its
mounting losses and a huge debt pile.

Napocor, which was aiming to reverse years of losses in 2005, is
likely to use the extra borrowings to service existing debt and
for operating funds.

The utility firm, whose debts are the single biggest drain on
government finances, said in a statement it expected to at least
break even this year on projections of higher revenues after it
was allowed to hike electricity rates.

It had a revised net loss of Php29.9 billion (US$533 million) in
2004.

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/


* Regulator Orders 4 Pre-need Firms to Show Cause
-------------------------------------------------
Four embattled pre-need providers were directed to explain why
they should not be sanctioned for violation of the rules on the
sale and registration of pre-need plans, The Philippine Star
relates.

The Securities and Exchange Commission (SEC) has already sent
show-cause letters to Platinum Plans, Pryce Plans, AMA Plans and
Primanila Plans. The regulator is now awaiting their reply prior
to imposing sanctions against the four companies.

Platinum Plans sought a moratorium last month on the payment of
its debts due to liquidity problems. In its petition, Platinum
Plans said it could settle only up to P75 million of its
maturing obligations to planholders. The pre-need firm intends
to sell assets to raise funds to cover obligations to
planholders.

The SEC has received several complaints from the public against
Platinum Plans for delayed or non-payment of maturing
obligations. The pre-need firm has also been accused of issuing
bouncing checks.

The SEC is closely monitoring pre-need firms that offered open-
ended educational plans in light of reports that some of them
are experiencing liquidity problems.

Following the collapse of Pacific Plans, the SEC has stepped up
its monitoring of pre-need plan firms to ensure their compliance
with existing regulations. The regulator is now conducting on-
site audits on pre-need companies to confirm the veracity of
financial information submitted to it (SEC) as part of
additional measures to safeguard the interests of the investing
public.

Some lawmakers, however, are blaming the SEC for being remiss in
its duty to monitor and supervise the industry, now plagued with
controversies arising from the financial difficulties facing
pre-need firms.

The number of pre-need firms licensed by the SEC to sell
securities to the public has dropped to 33 from 42 last year.


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

CHARTERED SEMICONDUCTOR: CDS Premiums May Rise Due to Losses
------------------------------------------------------------
Concerns on losses and a bad credit rating for Chartered
Semiconductor Manufacturing Limited may increase the Company's
credit default swap (CDS) premiums, reports Reuters News.

The Company's five-year CDS premiums reached 147/160 basis
points from 110/140 basis points a week earlier, on the issuance
of a SGD1.03 billion bond last week. While its 10-year bonds
reached a high of 190/260 basis points from 160/240 basis
points.

Its 5-year premiums have gone down recently to 127/133 basis
points, but this may not last for long as investors are more
cautious about Chartered Semiconductor's ability to compete with
its rivals in Taiwan.

The Company, which recently issued five-year bonds worth
SGD619.75 million and ten-year bonds at SGD413.25 million,
received a near-junk rating for the bonds, making them a very
risky investment, according to Standard & Poor's corporate
ratings director Greg Pau.

Standard & Poor's Rating Service issued a BBB- rating for the
bonds, while Moody's gave the bonds a Baa3 rating.

Chartered Semiconductor has been posting losses since 2001, but
is expected to break even in the last quarter of this year or in
the first quarter next year.  The Company is 60% owned by
Singapore investment agency Temasek Holdings Pte Limited.

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


EXCEL GOLF: Liquidator Asks Creditors to Submit Debt Claims
-----------------------------------------------------------
Notice is hereby given that the creditors of Excel Golf Pte
Limited, which is being wound up by a Court order, are required
on or before Aug. 31, 2005 to send in their names and addresses,
with particulars of their debts or claims and the names and
addresses of their solicitors (if any) to the Liquidator of the
Company.

If so required by notice in writing by the said Liquidator, they
are by their solicitors, or personally, to come in and prove
their said debts or claims at the time and place designated in
the notice.

In default thereof, they will be excluded from the benefit of
any distribution made before such debts are proved.

Dated this 22nd day of July 2005

Chan Ket Teck
Liquidator
c/o 97B Upper Thomson Road #17-05
Singapore 574328


INTER METALLCO: Creditor Seeks Wind Up
--------------------------------------
Notice is hereby given that Oversea-Chinese Banking Corporation
Limited, a creditor of Inter Metallco Pte Limited, filed a
winding up petition against the Company on July 20, 2005 in the
Singapore High Court.

The petition is to be heard before the Court sitting at 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 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 company requiring the copy of the petition
by the undersigned on payment of the regulated charge for the
same.

The Petitioner's address is at 65 Chulia Street #29-02/04 OCBC
Center, Singapore 049513

The Petitioner's solicitors are Messrs. Shook Lin & Bok of 1
Robinson Road, #18-00 AIA Tower, Singapore 048542

Note:

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

CONTACT:

Inter Metallco Pte Limited
76 South Bridge Road
#03-00 Merchant Buiding
Singapore 058706
Phone: 65 6538 2755
Fax:   65 6534 0004, 6534 5617
E-mail: intermet@pacific.net.sg


REGION AIR: Creditors to Discuss Winding Up
-------------------------------------------
Notice is hereby given that the first meeting of the creditors
of Region Air Pte Limited concerning the winding up of the
Company will be held on Aug. 17, 2005, 9:30 a.m. at 47 Hill
Street, 2nd Floor-Chinese Chamber Conference Room, Chinese
Chamber of Commerce & Industry Building, Singapore 179365 to
consider the following:

1. To receive an update from the Liquidators on the conduct of
the liquidation.

2. To consider and approve the payment of dividends to
preferential and unsecured creditors.

3. To appoint committee of inspection, if the creditors so
desire.

4. Any other business.

Creditors must lodge their proof of claims with the Liquidator
on or before 12:00 p.m. of Aug. 15, 2005 to be entitled to vote
in the meeting. Proxies to be used at the meeting must be lodged
with the Liquidator not later than 12:00 p.m. of Aug. 15, 2005.

Dated this 1st day of August 2005

Kon Yin Tong
Liquidator
Foo, Kon Tan Grant Thornton
47 Hill Street #05-01
Chinese Chamber of Commerce & Industry Building
Singapore 179365

CONTACT:

Region Air Pte Ltd
50 Cuscaden Road
#06-01 Orchard
Pl Shopping Center
Singapore 249724


SMRT CORPORATION: Temasek Holdings Cuts Stake by 5%
---------------------------------------------------
State investment agency Temasek Holdings Pte Limited reduced its
stake in local transportation firm SMRT Corporation Limited from
62.1% to 54.8%, Reuters News reports.

Temasek Holdings cut its stake in the Company through a share
placement, which would widen the Company's investor base and
improve the liquidity of its stock, according to the investment
agency. It placed 110 million SMRT shares to institutional
investors at SGD1.11 per share, and raised around SGD122 million
from the shares placement. JPMorgan was the bookrunner for the
placement.

As of Aug. 3, 2005, SMRT shares were down 2.6% at SGD1.13 per
share, but have risen 32% since January 2005.

CONTACT:

SMRT Corporation Ltd
251 North Bridge Road
Singapore 179102
Telephone: 65 63311000
Fax: 65 63340247
Web site: http://www.smrtcorp.com


VANGUARD REALTY: To Pay Dividend to Preferential Creditors
----------------------------------------------------------
Vanguard Realty & Development Pte Limited of 5 Shenton Way
#15-01 UIC Building, Singapore 068808230, posted a notice of
intended dividend at the Government Gazette, Electronic Edition
with the following details:

Name of Company: Vanguard Realty & Development Pte Limited
Type of Dividend: Final Dividend
Amount Per Centum: 84.3% (Interim dividend of 15.7% paid on June
20, 1989)
When Payable: Aug. 12, 2005
Where Payable: KPMG
16 Raffles Quay
#22-00 Hong Leong Building
Singapore 048581

Dated this 29th day of July 2005

Bobby Chin Yoke Choong
Liquidator
C/o KPMG
16 Raffles Quay
#22-00 Hong Leong Building
Singapore 048581


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

CHRISTIANI & NIELSEN: Snags Construction Project Contract
---------------------------------------------------------
Christiani & Nielsen (Thai) Public Company Limited notified the
Stock Exchange of Thailand that the Company has been awarded the
following construction project:

Name of Project:       S.B. Furniture Warehouse

Owner:                 S.B. Furniture Industry Co., Ltd.

Contract Value:        THB108,500,000 (including VAT)

Commencement Date:     1 June 2005

Construction Period:   245 days

Description of Work:   Construction of warehouse, Utility
Building, Garbage
                       Heated Chamber Building and other
ancillary works.

Please be informed accordingly.

Danuch Yontararak
Managing Director

CONTACT:

Christiani & Nielsen (Thai) Pcl
50/670 Soi Sukhumvit 105,
Sukhumvit Rd, Bang Na,
Phra Khanong Bangkok
Telephone: 0-2398-0158
Fax: 0-2398-9860
Web site: http://www/cn-thai.co.th


DATAMAT: Seeks Extension for Submission of Q1/FY05 Results
----------------------------------------------------------
Datamat Public Co. Ltd. informed the Stock Exchange of Thailand
(SET) that the Company was requesting the Securities and
Exchange Commission Office for the extension of submission of
First Quarter Financial Statement of Year 2005 from July 29,
2005 to be August 16, 2005.

The Company will soon release further information about the
matter.

Bhana Sawasdibutara
President of Executive Officer and Managing Director

CONTACT:

Datamat Public Company Limited
Asoke Towers, Floor 17, 18 And 19,
219 Soi Asoke (Sukhumvit 21),
Sukhumvit Road, Klongtoey Nua,
Watthana Bangkok
Telephone: 0-2310-5111
Fax: 0-2319-8208
Web site: http://www.datamat.co.th


PICNIC CORPORATION: Alters Fund-raising to Offer D/E Swap
---------------------------------------------------------
Picnic Corporation has changed its capital increase plans to
give creditors the chance to swap existing debt for equity,
reports Bangkok Post.

The cooking gas distributor announced that directors on Monday
agreed to scrap earlier plans to issue 1.485 billion new shares
with a par value of one baht each.

The capital increase, announced on July 7, was to involve the
placement of 1.47 billion shares in a 1:1 rights issue priced at
THB1.50 each, with the remaining shares reserved for conversion
by warrant holders.

The revised plan offers the same number of new shares and
pricing as before, but allows the board to place any new
unallocated shares with existing shareholders seeking
overallotment, through a private placement or to Picnic
creditors through a swap for outstanding bills of exchange.

Picnic faces short-term debt obligations of THB2.25 billion
payable by year-end, which it hopes to pay down using funds
raised from the share issue. Shareholders will vote on the plan
on August 22.

Picnic's shares have lost 76 percent in value over the past
three months. Last month, the regulator accused two Picnic
executives of accounting fraud and securities violations in
various transactions.

CONTACT:

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


PICNIC CORPORATION: SET Halts Trading Over Resignation Report
-------------------------------------------------------------
The Stock Exchange of Thailand (SET) has ordered the trading
halt of Picnic Corporation Public Company Limited (PICNI)
because the SET have received information from Dr. Suphot
Phatanasri concerning the resignation of PICNI's managing
director.

PICNI has not advised the SET regarding the resignation, which
is likely to affect PICNI's securities trading.

Therefore, the SET has temporarily halted trading of the
Company's securities, effective August 3, 2005 at 11.35 a.m.
until the company has clarified or disclosed this information to
the SET and allowed such information to be disseminated to the
public.



                            *********


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
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                 *** End of Transmission ***