TCRAP_Public/050805.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

             Friday, August 5, 2005, Vol. 8, No. 154

                            Headlines

A U S T R A L I A

A.B. & J.M.: Members Resolve to Wind Up Firm
ANGUS & SONS: Liquidator to Detail Winding Up Manner
AUSSITALIA PTY: Members, Creditors to Hear Liquidator's Report
BIG KEV: Inability to Pay Debt Prompts Wind-up Action
BONLAC FOODS: Fonterra Gets Approval to Take Full Control

BONLAC FOODS: Releases Quarterly Report to Perpetual Trustees
BRASUCA CEMENT: Supreme Court Issues Wind Up Order
CAMBERWELL PROPERTIES: Placed in Voluntary Liquidation
COOL CHANGE: Can't Pay Debts, Members Decide to Wind Up
CRANE GROUP: Swings Back to Black After Restructure

CRANE GROUP: Closes Down Conex Joint Venture
DECACRAFT PTY: Creditors OK Liquidator's Appointment
DM ENTERTAINMENT: Members, Creditors to Convene in Final Meeting
FARINGDON INVESTMENTS: Andrew McLellan Named Liquidator
FONCECA PTY: Set to Pay Dividend to Creditors Today

GOLDEN CHEF: Expert Lays Out Rescue Plan
HOLLYWOOD HOLDINGS: Members Opt for Voluntary Liquidation
INTERNATIONAL WINE: Unveils Net Tangible Asset Backing
MOVIE HIRE: Liquidator to Distribute Company Assets
NATIONAL AUSTRALIA: Ex-exec Says Smoothing Done After U.S. Sale

NYLEX: CSFB Downgrades Rating to Underperform
ORMOND PODIATRY: To Declare First, Final Dividend August 8
PERISUMA PTY: Begins Winding Up Proceedings
QUERCUS ENTERPRISES: Members Agree to Close Down Business
RISING TIDE: Appoints Official Liquidators

TONANG PTY: Court Orders Winding Up
WENDY HOLDINGS: Enters Liquidation
XANADU WINES: Sets Meeting to Approve Sale of Biz, Name Change
YEOH TIONG: Members Pass Winding Up Resolution
* ASIC Targets Corporate Insolvency


C H I N A  &  H O N G  K O N G

GUANGDONG KELON: Creditors Move to Freeze Assets
GUANGDONG KELON: CSRC Says Kelon Chief Did Wrong
HONGKONG CONSTRUCTION: Appoints Executive Director
KINGSTAR LIMITED: Falls Into Liquidation
JUN CHENG: Receives Winding Up Notice

LUCKWAY INTERNATIONAL: Court Issues Winding Up Notice
QUORUM ASSOCIATES: Succumbs to Liquidation
SHENYIN & WANGUO: Central Bank to Bail Out Broker
SHENYIN & WANGUO: Holds Meeting to Appoint Part-time Inspectors
ZHU KUAN: Expects $3.2-Bln Bailout from ICBC


I N D O N E S I A

BANK DANAMON: Government Stake Sale Rakes IDR2.7 Trillion
PERTAMINA: U.S. Debt Balloons to IDR3 Trillion
TELEKOMUNIKASI INDONESIA: Looks to Expand Abroad



J A P A N

HITACHI LIMITED: Offers JPY50-Bln 0.70% 5-Year Bonds
HITACHI LIMITED: Moody's Assigns 'A1' Rating to Domestic Bonds
MATSUSHITA ELECTRIC: Files Suit Against MediaTek
MITSUBISHI MOTOR: Canada Reports July 2005 Sales
MITSUBISHI MOTORS: Develops Two New MIVEC Engines

MITSUBISHI MOTORS: Expects to Sell Australian Plant


K O R E A

ASIANA AIRLINES: Government to Meddle if Strike Continues
DAEWOO ELECTRONICS: Welcomes New CEO
LG CARD: Second Quarter Profit Jumps 63%


M A L A Y S I A

AKTIF LIFESTYLE: Net Loss Narrows to MYR157,000
ANCOM BERHAD: Unit Disposes Of Ordinary Shares
CONSOLIDATED FARMS: Passes All AGM Resolutions
DATAPREP HOLDINGS: Seeks Shareholders' OK on Proposed Mandate
DUOPHARMA BIOTECH: Director to Report Dealings in Securities

GADANG HOLDINGS: To Seek Shareholders' OK on Proposed Mandate
INTAN UTILITIES: SC Grants Vista Meranti Deadline Extension
KEMAYAN CORPORATION: Unveils Level of Foreign Shareholdings
K.P. KENINGAU: Total Payment Default Reaches MYR40,175,649.05
LITYAN HOLDINGS: Updates Proposed Restructuring Scheme

MBF HOLDINGS: Court Adjourns Case Hearing
MERCES HOLDINGS: Served with Winding Up Petition
NALURI BERHAD: Unit Completes Stock Conversion in World Airways
PILECON ENGINEERING: No Changes in Payment Default Status
TECHVENTURE BERHAD: Still Working Out Debt-Restructuring Scheme

WEMBLEY INDUSTRIES: Status of Default in Payment Unchanged


P H I L I P P I N E S

ABS-CBN BROADCASTING: To Hold Investors', Analysts' Briefing
COLLEGE ASSURANCE: SEC Chair Says Takeover Very Likely
EVER GOTESCO: Postpones Annual Stockholders' Meeting
NATIONAL POWER: Masinloc Sale Gets ADB Nod
NATIONAL POWER: Expects Turnaround After 6 Years of Losses
PILIPINO TELEPHONE: Higher Operating Revenue Boosts Profit


S I N G A P O R E

CITIRAYA INDUSTRIES: Hopes Up for Creditors
FOCUS INDUSTRIES: Declares Final Dividend
KEISO GIKEN: Pays Dividend to Creditors
QUANTEC REALTY: Creditor Seeks Winding Up of Business
SOPS INTER-TRANS: Creditors Must Submit Claims This Month

UNITED FIBER: Borrows SGD50 Mln from Cornell Via Loan Note
ZHIHUI INVESTMENTS: Liquidators Seek Proof of Creditors' Claims


T H A I L A N D

CIRCUIT ELECTRONIC: Director Steps Down
* Large Companies With Insolvent Balance Sheets

     -  -  -  -  -  -  -  -

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

A.B. & J.M.: Members Resolve to Wind Up Firm
--------------------------------------------
Notice is hereby given that at general meetings of members of
A.B. & J.M. Scott Pty Limited held on June 24, 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 for such purpose.

Alan B. Scott
Director
Brooke Bird & Co.
Chartered Accountants
471 Riversdale Road
East Hawthorn 3123
Phone: 9882 6666


ANGUS & SONS: Liquidator to Detail Winding Up Manner
----------------------------------------------------
Notice is given that pursuant to Section 509 of the
Corporations Act 2001, a meeting of members of Angus & Sons Pty
Limited will be held on Aug. 10, 2005, 10:00 a.m. at the office
of the Liquidator, c/o Moore Stephens PMN, Chartered
Accountants, Level 6, 460 Church Street, North Parramatta, to
lay accounts before the meeting showing the manner in which the
winding up was conducted and the property of the Company
disposed of, and to hear any explanations that may be given by
the Liquidator; and also to determine the manner in which the
books, accounts and documents of the Company and of the
Liquidator thereof shall be disposed of.

Dated this 12th day of July 2005

R. J. Porter
Liquidator
Level 6, 460 Church Street
Parramatta NSW 2150


AUSSITALIA PTY: Members, Creditors to Hear Liquidator's Report
--------------------------------------------------------------
Notice is given that a Final Meeting of Members and Creditors of
Aussitalia Pty Ltd will be held on Aug. 11, 2005, 11:00 a.m. in
the Boardroom, Venn Milner & Co. Chartered Accountants, Suite 1,
43 Railway Road, Blackburn, Vic 3130.

The purpose of the meeting is to lay accounts before it showing
the manner in which the winding up was conducted and the
property of the Company disposed of, and to hear any explanation
that may be given by the Liquidator.

Dated this 29th day of June 2005

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


BIG KEV: Inability to Pay Debt Prompts Wind-up Action
-----------------------------------------------------
Notice is hereby given that at a General Meeting of Big Kev
Distributors Pty Limited duly convened and held on June 23,
2005, the following resolutions were passed:

SPECIAL RESOLUTION

That it has been proved to the satisfaction of the Company
members, that the company cannot continue its business as it is
unable to meet its liabilities, and accordingly the company be
wound up voluntarily.

ORDINARY RESOLUTION

That Raymond William Richards and Maree Ann Henry, Sims Partners
Level 11, 145 Eagle Street, Brisbane be appointed Joint and
Several Liquidators for the purpose of winding up of the
Company.

Dated this 23rd day of June 2005

Greg Cocking
Chairperson
Sims Partners
Level 11, 145 Eagle Street
Brisbane Qld 4000
Phone: (07) 3831 2700
Fax:   (07) 3831 2799


BONLAC FOODS: Fonterra Gets Approval to Take Full Control
---------------------------------------------------------
Fonterra Cooperative Group Limited has won approval to take 100-
percent ownership of Bonlac Foods Limited, Dow Jones relates.

New Zealand-based Fonterra, which already controls half of
Australia's Bonlac, said majority of Bonlac's 1,500 farmjer
shareholders voted in favor of the AU$85 million takeover and
restructure at a shareholder meeting in Melbourne.

Seeking to strengthen its position as a processor and marketer
of milk in Australia, Fonterra unveiled the takeover plan as
part of a restructure of its Australian operations in June. The
move on Bonlac came after it was outbid by San Miguel Corp. for
control of Australia's biggest dairy company National Foods Ltd.

Fonterra, which took a 25-percent stake in Bonlac four years
ago, before doubling its shareholding in September 2003, will
issue 85 million AU$1 unsecured capital notes in exchange for
the cancellation of 67.2 million shares held in Bonlac Foods by
the farmer shareholder umbrella group Bonlac Supply Co.

Fonterra's immediate priority is to  "optimize capacity" at
Bonlac's plants as well as growing milk supply. This is a
critical move for Fonterra, which aims to establish a foothold
in Australia.

CONTACT:

Bonlac Foods Limited
Level 7/636 St Kilda Rd
Melbourne
VIC 3004
Phone: +61 3 9270 0922
Fax: +61 3 9270 0911
Web site: http://www.bonlacfoods.com/


BONLAC FOODS: Releases Quarterly Report to Perpetual Trustees
-------------------------------------------------------------
Bonlac Foods Limited (the Company) reported, in accordance with
the Unsecured Notes Trust Deed dated April 28, 1998 (the Deed)
between the Company and Perpetual Trustees Victoria Limited (the
Trustee) and s283BF of the Corporations Act, that there are no
matters materially adversely affecting the notes and interest of
the Noteholders, including:

(1) The Company has complied with, and not exceeded the
limitation set out in clause 3 of the Deed in that:

    - the principal payable on outstanding Notes does not exceed
the Maximum Amount (AU$500,000,000), and
    - the Company has not borrowed more than the maximum Amount
(AU$500,000,00) under the Deed;

(2) The Company has complied with each of the other covenants
given under the terms of the Notes, provisions of the Deed and
Chapter 2L of the Corporations Act;

(3) The total number of the Notes outstanding as at June 30,
2005 was 1,000,000;

(4) The total number of other Perpetual Notes on issue as at
June 30, 2005 was Nil;

(5) At at June 30, 2005:

    - distributable profit was AU$13,065,000 (unaudited)
    - consolidated shareholders' funds were AU$226,180,000
(unaudited)
    - subordinated debt was AU$59,296,000 (unaudited)


(6) Interest was due and paid at a rate of 8.97% p.a.
(AU$4.485cents per note), on June 30, 2005 in accordance with
the Deed;

(7) The Board has not resolved to repay any principal;

(8) No event has happened during the quarter which has caused,
or could cause (whether with the passage of time or otherwise):

    - Any amount deposited or lent under the Notes to become
immediately payable;
    - The Notes or any other right or remedy under the terms of
the Notes or provisions of the Deed to become immediately
enforeceable;

    (ii) There has been no substantial change in the nature of
the business conducted by the Company or any of the entities it
controls during the quarter;

(9) No event referred to in clause 18 of the Deed has occurred
or will, with the giving of notice or lapse of time or both,
occur. Specifically:

    - There has been no failure to repay principal
    - There has been no order or resolution for the winding up
of the Company, nor has an administrator been appointed nor deed
of arrangement entered into
    - There has been no judgment executed or enforced against
the Company exceeding AU$10,000,000.
    - No controller (as defined by the Corporations Act) has
been appointed
    - There has not been any suspension of debts, and the
Company is able to pay debts as and when they fall due within
the meaning of the Corporations Act.
    - The Company has not entered into any arrangement or
composition with Creditors under Section 411 of the Corporations
Act;

(10)The Company has not deposited money with, lent money to, or
assumed liability of any related body corporate during the
quarter and the balance of loans to related bodies corporate at
the end of the quarter is nil;

(11)The Company has adequately insured the assets of the Company
and the entities it controls against fire and other risks
normally insured;

(12)No circumstance has occurred during the quarter that would
materially prejudice the Company or any of the entities it
controls or any security or charge included in or created by the
Notes or the Deed;

(13) No event has occurred during the quarter that would cause
the Company to appoint a guarantor;

(14) There have been no charges created;

(15) No matters have arisen that may materially prejudice the
interests of the Noteholders.


BRASUCA CEMENT: Supreme Court Issues Wind Up Order
--------------------------------------------------
On June 25, 2005, the Supreme Court of New South Wales, Equity
Division, ordered the winding up of Brasuca Cement Rendering Pty
Limited, and appointed Steven Nicols to be Liquidator for such
purpose.

Steven Nicols
Level 2, 350 Kent Street
Sydney NSW 2000


CAMBERWELL PROPERTIES: Placed in Voluntary Liquidation
------------------------------------------------------
At a general meeting of the members of Camberwell Properties Pty
Limited held on June 24, 2005, a special resolution to
voluntarily wind-up was passed by the Company's members.

Timothy James Cuming
David Clement Pratt
Liquidator
Level 15, 201 Sussex Street
Sydney NSW 1171


COOL CHANGE: Can't Pay Debts, Members Decide to Wind Up
-------------------------------------------------------
Notice is hereby given that at a meeting of Cool Change
International Pty Limited held on June 28, 2005, the following
Special Resolution was passed:

That the Company be wound up voluntarily as it is unable to pay
its debts as and when they fall due, and that Geoffrey Reidy and
Robert Moodie be appointed Joint Liquidators for the winding up.

Robert Moddie
Geoffrey Reidy
Joint Liquidators
c/o Rodgers Reidy
Level 8, 333 George Street
Sydney NSW 2000


CRANE GROUP: Swings Back to Black After Restructure
---------------------------------------------------
Pipeline systems maker Crane Group says it will return to black
this year, as earnings in 2005-06 will in line with those in
2004-05, The Advertiser relates.

Crane reported yearly profit of AU$38.654 million, a turnaround
after a loss of AU$15.141 million in the previous year.

Crane Group expects its reported earnings for 2005-06 to be
higher as a result of the introduction of International
Financial Reporting Standards.

"On a like-for-like basis, however, assuming continued softening
in the Australian domestic building sector, FY06 (financial year
2006) earnings are expected to be broadly in line with those of
FY05," the group said.

The group said its ongoing focus remained on improving
efficiencies, brand management and capital allocation.

During the year ended June 30, 2005, sales revenue lifted by 4.1
percent to AU$2.2 billion.

Crane Group managing director Greg Sedgwick said the annual
result was brought about by solid performances from CDNZ, Iplex
and Tradelink businesses.

"We are now seeing benefits from the recent restructuring
changes, an improvement in control from our integrated IT system
and strong performance focus in our management team," Mr.
Sedgwick said.

The Tradelink business, which comprises 189 plumbing supplies
outlets across Australia, achieved an 18 percent improvement in
earnings before interest, tax and amortization to AU$16.6
million, despite receiving slightly lower revenue.

"The ongoing focus for Tradelink is continued improvement in the
management of expenses to sales, specifically through the
simplification of business processes and improvements in supply-
chain efficiencies," Crane said.

The CDNZ business, a New Zealand plumbing and electrical
supplier, boosted EBITA by 47 per cent to AU$20.7 million due to
strong management and excellent product and brand execution.

Iplex, a supplier of plastic pipeline systems, 75 percent owned
by Crane Group, lifted EBITA by 14 percent to AU$59.8 million.

"An ongoing focus within Iplex is the continued growth in non-
residential revenues, specifically the irrigation and civil
markets, as well as the further rollout of new products," Crane
said.

EBITA for the metals division was down 25 percent to AU$26.2
million, partly as a result of continuing market contraction and
increases in raw material prices within the division's
manufacturing businesses.

Crane declared a fully franked final dividend of 30c per share,
the same as the previous corresponding period, taking total
dividends for the year to 60c per share.

CONTACT:

Crane Group
Level 14, Philips House
15 Blue Street, North Sydney
NSW 2060 Australia
Phone: (02) 8923 3000
Fax: (02) 9954 5544
E-mail: corporate@crane.com.au
Web site: http://www.crane.com.au/


CRANE GROUP: Closes Down Conex Joint Venture
--------------------------------------------
Crane Group Limited announced that Consolidated Extrusions Pty
Ltd (Conex), Crane Group Limited's two-thirds owned joint
venture with Sims Group Limited, will be closed.
Conex is a manufacturer of copper alloy rod and bar extrusions
based at Ingleburn NSW. The closure will be staged over a 6-
month period which is expected to be finalised by December 2005.

This closure is a reflection of increasingly difficult
conditions in the market in which Conex competes, in particular
high raw material prices, a diminishing Australian market and
strong import competition.

No costs in relation to the closure of Conex have been incurred
in the financial year ended 30 June 2005. All costs will be
incurred in the financial year ending 30 June 2006 and are not
expected to materially affect Crane Group's profit for that
year.


DECACRAFT PTY: Creditors OK Liquidator's Appointment
----------------------------------------------------
Notice is given that at a meeting of members of Decacraft Pty
Limited held on June 29, 2005, it was resolved that the Company
be wound up and that Gerald T. Collins and Matthew L. Joiner be
nominated as Joint and Several Liquidators, and creditors
confirmed such appointment at a creditors' meeting held later
that day.

Dated this 1st day of July 2005
Gerald T. Collins
Joint and Several Liquidator
Horwath Jefferson Stevenson
Chartered Accountants
Level 4, 370 Queen Street
Brisbane Qld 4000


DM ENTERTAINMENT: Members, Creditors to Convene in Final Meeting
----------------------------------------------------------------
Notice is given that a Final Meeting of Members and Creditors of
DM Entertainment Pty Limited will be held on Aug. 11, 2005,
11:30 a.m. in the Boardroom, Venn Milner & Co. Chartered
Accountants, Suite 1, 43 Railway Road, Blackburn, Vic 3130.

The purpose of the meeting is to lay accounts before it, showing
the manner of the Company's winding up and disposal of property
and to hear any explanation that may be given by the Liquidator.

Dated this 4th day of July 2005

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


FARINGDON INVESTMENTS: Andrew McLellan Named Liquidator
-------------------------------------------------------
Notice is hereby given that at an Extraordinary General Meeting
of Faringdon Investments Pty Limited held on June 21, 2005, it
was resolved that the Company be wound up voluntarily and that
Andrew McLellan of PPB Chartered Accountants, Level 10, 90
Collins Street, Melbourne, Victoria, 3000 be appointed as
Liquidator for such purpose.

Dated this 21st day of June 2005

Andrew McLellan
Liquidator
PPB Chartered Accountants
Level 10, 90 Collins Street
Melbourne Vic 3000


FONCECA PTY: Set to Pay Dividend to Creditors Today
---------------------------------------------------
Fonceca Pty Limited will declare a first and final dividend
today, Aug. 5, 2005.

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

Dated this 28th day of June 2005

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


GOLDEN CHEF: Expert Lays Out Rescue Plan
----------------------------------------
Business recovery expert Bruce Carter has offered to help mobile
food company Golden Chef trade through insolvency, The
Advertiser has learned.

Mr. Carter's offer came after one company within the Golden Chef
group of up to 80 companies was placed into liquidation on
Friday. The company's unsecured creditors are owed about  
AU$1.4 million.

Mr. Carter, an insolvency specialist who previously worked with
Balfours and Harris Scarfe, believes Golden Chef has a number of
significant assets that would help the company survive.
                                       
Earlier, the Supreme Court has ordered that the catering firm be
put under liquidation and that a liquidator be appointed.

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

But while the liquidator pointed out the possibility of job
losses, Golden Chef's owners say it is business as usual for the
time being.

CONTACT:

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


HOLLYWOOD HOLDINGS: Members Opt for Voluntary Liquidation
---------------------------------------------------------
Notice is hereby given that at a general meeting of members of
Hollywood Holdings (Nom) Pty Limited held on June 23, 2005, it
was resolved that the Company be wound up voluntarily and that
Barry Keith Taylor of B.K. Taylor & Co., 8th Floor, 608 St.
Kilda Road, Melbourne, Victoria 3004 be appointed to act as
Liquidator for the winding up.

Dated this 24th day of June 2005

Barry Keith Taylor
Liquidator
B. K. Taylor & Co.
8th Floor, 608 St. Kilda Road
Melbourne, Victoria 3004


INTERNATIONAL WINE: Unveils Net Tangible Asset Backing
------------------------------------------------------
The unaudited pre-tax net tangible asset (NTA) of the
International Wine Investment Fund as at June 30, 2005 was
AU$3.23 per unit.

Based on the closing price of AU$2.60 per unit on the last
trading day of June 2005, the Wine Fund was trading at an
estimated 19.5% discount to the NTA.

The Wine Fund's four (4) largest listed investments as at June
30, 2005 are as follows:

Investments                    Value as at       % of Total
                               30 June 2005      Assets
Constellation Brands Inc.      AU$58.6 million   26%
Hawesko AG (Germany)           AU$10.5 million    5%
Foster's Group Limited          AU$4.7 million    2%
McGuigan Simeon Wines Ltd       AU$4.4 million    2%
Sub Total                      AU$78.2 million   35%

Other                         AU$144.7 million   65%

Total Assets                  AU$222.9 million  100%


The Wine Fund's categorization of its investments:

Category                       Value as at       % of Total
                               30 June 2005      Assets
Australian Listed Securities   AU$13.7 million    6%
Australian Unlisted Securities  AU$7.5 million    3%
Constellation Securities       AU$58.6 million   26%
International Listed SecuritiesAU$12.5 million    6%
International Unlisted
Securities                     AU$30.1 million   14%
Cash and Order                AU$100.5 million   45%

Total Assets                  AU$222.9 million  100%

It is the Wine Fund's accounting policy to value trading
securities at lower cost or market value at reporting period
ends. The above investment values are after the application of
this policy.

In addition to this and in accordance with the listing rules,
the following additional information is provided.

  - There is no net unrealized tax liability for the listed
investments of the International Wine Investment Fund's
controlled entity, The International Wine Investments Fund Pty
Limited;

  - The realization cost of the listed investments based on an
average broking cost, net of reduced input tax credit, amounting
to about AU$0.015 cents per unit.

If the above factors were taken into account in the calculation
of the NTA as at June 30, 2005, the resulting figure would be an
estimated NTA of AU$3.22 with a discount to NTA of 19% based on
the closing price of AU$2.60 on the last trading day of June
2005.

It should be noted that the Wine Fund was in the process of
liquidating certain assets as at June 30, 2005 with a view to
making the redemption payment which occurred in July. This
process was not completed until July and so the assets held have
therefore changed from the items shown above.

CONTACT:

Berren Asset Management Limited
Telephone: 61 8 8373 9900

International Wine Investment Fund
Ground Floor
26 Greenhill Road
Wayville, South Australia 5034
P.O. Box 59
Goodwood South Australia 5034
Telephone: +618 8373 9900
Facsimile: + 618 8373 9911
Web site: http://www.iwif.com.au/index.htm


MOVIE HIRE: Liquidator to Distribute Company Assets
---------------------------------------------------
At the General Meeting of Movie Hire & Moviegrams Pty Limited
duly convened and held on June 22, 2005, the following Special
Resolution was passed:

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

Dated this 23rd day of June 2005

Graeme A. Hallam
Morton Watson & Young
51 Robinson Street
Dandenong Vic 3175


NATIONAL AUSTRALIA: Ex-exec Says Smoothing Done After U.S. Sale
---------------------------------------------------------------
A sacked former National Australia Bank (NAB) manager claimed in
court that NAB instructed its forex dealers to manipulate
trading data and disguise volatility after the sale of the
bank's U.S. assets, the Sydney Morning Herald says.

Former NAB senior manager Gary Dillon, sacked last year after
the bank's forex scandal, told the Melbourne Magistrate's Court
Wednesday that the practice of changing data to disguise extreme
volatility in trades, called smoothing, was not actively
discouraged.

Mr. Dillon said smoothing was not encouraged except on two
occasions where the traders were asked to smooth the profit and
loss after the sale of the banks that NAB owned in the US.

Mr. Dillon was the fourth witness to testify at the committal
hearing of two of NAB's alleged rogue traders, Vincent Ficarra,
and Gianni Gray. Mr. Dillon was the immediate superior of
trading desk boss Luke Duffy, who was last month sentenced to 16
months jail after pleading guilty to dishonestly using his
position for personal gain.

Mr. Ficarra, Mr. Gray and Mr. Duffy, with a fourth man, David
Bullen, are accused of fraudulent trading that lost NAB AU$360
million. Mr. Dillon, one of several executives sacked after the
losses were discovered, told the court that the bank had never
explained to him why he had lost his job.

Mr.Ficarra and Mr. Gray face charges of using their position to
dishonestly obtain an advantage and of obtaining a financial
advantage by deception.

The hearing continues.

CONTACT:

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


NYLEX: CSFB Downgrades Rating to Underperform
---------------------------------------------
Credit Suisse First Boston (CSFB) downgrades Nylex Limited to
Underperform from Neutral, cutting target price to 25 cents from
30 cents, according to Dow Jones Newswires.

CSFB won't review earnings forecasts until the financial year
result in September gives more insight into performance of
Nylex's divisions.

In the meantime, CSFB believes the stock deserves to trade at
discount to market although the company is likely to continue
suffering from input costs pressures.

CSFB thinks it may have been a little generous with its 2006
forecasts for Nylex.

Although CSFB sees some potential in the water business, the
broker finds it hard to believe that the business will be able
to achieve revenue of AU$50 million in such a fragmented market
without making acquisitions.

However, CEFB appears to be alone in this negative stance as all
three of the other major brokers and advisers covering the
stock, SB Citigroup, Merrill Lynch and Aspect Huntley, all rate
the stock a Buy.

CONTACT:

Nylex Limited
Level 2/ 564 St Kilda Rd
Melbourne 3004
Phone:
Phone: (03) 9533 9333
Fax: (03) 9533 9388
Web site: http://www.nylexlimited.com.au
E-mail: contactus@nylexlimited.com.au


ORMOND PODIATRY: To Declare First, Final Dividend August 8
----------------------------------------------------------
A first and final dividend is to be declared on Aug. 8, 2005 for
Ormond Podiatry Services Pty Limited.

Creditors whose debt or claims have not already been admitted
are required on or before Aug. 4, 2005 to formally prove their
debts or claims. If they do not, they will be excluded from the
benefit of the dividend.

Dated this 25th day of June 2005

H. B. GRAY
Liquidator
c/o Gray Perry DFK
89-92 South Terrace
Adelaide SA 5000


PERISUMA PTY: Begins Winding Up Proceedings
-------------------------------------------
Notice is hereby given that at an extraordinary general meeting
of members of Perisuma Pty Limited held on June 27, 2005, it was
resolved that the Company be wound up voluntarily and that
Michael Oscar Basedow of mhm - a personal approach to business,
Level 1, 121 Greenhill Road, Unley, South Australia be appointed
as Liquidator for such winding up.

Dated this 27th day of June 2005

Michael O. Basedow
Liquidator
mhm - a personal approach to business
Level 1, 121 Greenhill Road
Unley SA 5061


QUERCUS ENTERPRISES: Members Agree to Close Down Business
---------------------------------------------------------
Notice is hereby given that at a general meeting of members of
Quercus Enterprises Pty Limited held on June 27, 2005, it was
resolved that the Company be wound up voluntarily and that Robyn
Erskine & Peter Goodin of Brooke Bird & Co. Chartered
Accountants, 471 Riversdale Road, Hawthorn East, 3123, be
appointed Liquidators for such purpose.

Karen Edmonds
Director
Brooke Bird & Co.
Chartered Accountants
471 Riversdale Road, Hawthorn East 3123
Phone: 9882 6666


RISING TIDE: Appoints Official Liquidators
------------------------------------------
At an extraordinary General Meeting of Rising Tide Constructions
Pty Limited convened and held on June 28, 2005, Raid Tayeh and
Antony de Vries were appointed as Joint Liquidators for thw
winding up of the Company.

Dated this 28th day of June 2005

Antony de Vries
Riad Tayeh
Joint Liquidators
de Vries Tayeh
c/o Level 3, 95 Macquarie Street
Parramatta NSW 2150


TONANG PTY: Court Orders Winding Up
-----------------------------------
On June 28, 2005, the Supreme Court of New South Wales, Equity
Division, issued an order to wind up Tonang Pty Limited, and
appointed Steven Nicols to be Liquidator of the Company.

Steven Nicols
Level 2, 350 Kent Street
Sydney NSW 2000


WENDY HOLDINGS: Enters Liquidation
----------------------------------
At a General Meeting of members of Wendy Holdings Pty Limited
duly convened and held on July 29, 2005, the following Special
Resolution was passed:

That the company be wound up voluntarily.

Dated this 29th day of June 2005

Wendy Margaret Mackie
Director
c/o Stewart, Tracy & Mylon
91 Hume Street, Wodonga Vic 3690


XANADU WINES: Sets Meeting to Approve Sale of Biz, Name Change
--------------------------------------------------------------
Xanadu Wines Limited has called for a shareholders meeting for
today, August 5, 2005 to approve the sale of Xanadu Wines
Business to Shuttlehaven Pty Ltd and to change the Company name
to Global Wine Ventures Limited.

On the basis of shareholder approval the company will retain the
Jindawarra, Cow Rock, Featherwhite and associated brands,
1,570,000 litres of bulk wine from vintage 2003, 2004 and 2005,
the remaining fire insurance receivable and uncollected debtors
and a small collection of assets including motor vehicles,
office and computer equipment.

Xanadu will continue to be listed on the Australian Stock
Exchange (ASX), have significant carry forward tax losses and a
limited level of external debt.

The sale agreement with Shuttlehaven provides for payment of
AU$14.5 million in full satisfaction of the company's debt with
Westpac, up to AU$5.7 million to the convertible note Trustee to
pay out all convertible notes to holders wishing to redeem their
notes and up to AU$2.27 million to Norvest Corporate to pay out
their outstanding secured loan.

Should shareholders approve the sale, completion is likely to
occur on or about August 22, 2005.

CONTACT:

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


YEOH TIONG: Members Pass Winding Up Resolution
----------------------------------------------
Notice is hereby given that at the general meeting of Yeoh Tiong
Yong Pty Limited duly convened and held on June 27, 2005, the
following resolutions were proposed and passed:

As a special resolution:

That the company be wound up voluntarily.

That the liquidator be free to divide amongst the members in
kind the whole or any part of the Company property.

As an ordinary resolution:

That William Gerard Malone of Malone Business Advisors, 4th
Floor, 457 Upper Edward Street, Brisbane, be appointed
Liquidator for such winding up.

Dated this 27th day of June 2005

William G. Malone
Malone Business Advisors
4th Floor, 457 Upper Edward Street
Brisbane


* ASIC Targets Corporate Insolvency
-----------------------------------
ASIC Commissioner Professor Berna Collier on Thursday outlined
ASIC's increased focus on corporate insolvency in a presentation
to the Practical Insolvency and Practice Management conference
in Sydney.

"Complementing the government's announcements in relation to
insolvency law reform in March of this year, corporate
insolvency in Australia has been identified as a key national
regulatory priority for ASIC this financial year," Professor
Collier said.

"ASIC is currently addressing corporate insolvency through a
variety of measures, including through our contribution to
insolvency law reform, policy and guidance initiatives and,
where appropriate, enforcement action.

"Our commitment to tackling corporate insolvency, and assisting
company directors address financial difficulties early is
demonstrated through ASIC's National Insolvent Trading Program.

"Through the program, ASIC aims to have company directors
actively manage their company's financial position and seek
early advice when financial difficulties arise. As well as
reducing the risk of insolvent trading, with its potentially
serious impact on creditors and the business community, active
engagement by directors in financial difficulties their company
is experiencing can improve the company's overall performance.

"At the end of its second year of operation, the National
Insolvent Trading Program continues to have a positive impact in
the market place," Professor Collier said.

Professor Collier announced that in the 2004/05 financial year
as part of the National Insolvent Trading Program, ASIC visited
488 companies suspected of trading while insolvent, including a
number of related companies.

ASIC visits companies as a result of information received by the
agency from a number of sources, including complaints, market
intelligence and referrals within ASIC.

"Many positive outcomes were achieved by these visits, ranging
from companies seeking professional advice or obtaining an
accurate financial position, through to restructuring,
refinancing or raising further capital," Professor Collier said.

"However, some companies visited could not be saved and required
the appointment of an insolvency practitioner. It is better if
insolvency practitioners are appointed 'sooner rather than
later," she added.

ASIC's involvement contributed to the appointment of external
administrators 'sooner rather than later' to 63 of these
companies, which included five listed companies. With ten of
these companies, ASIC applied to the court for the appointment
of an external administrator.

Prominent companies in the sixty-three include:

(1) Australian Foods Company Pty Ltd
(2) Henry Walker Eltin Group Ltd
(3) Collins Booksellers Pty Ltd
(4) Sam's Seafood Holdings Ltd

"While ASIC prefers directors to take their own action to
appoint an external administrator where the company is insolvent
or likely to become insolvent, ASIC will not hesitate to pursue
its own action if they are unable or unwilling to do so,"
Professor Collier said.

Professor Collier said much of the success of the program can be
attributed to the use of specialist insolvency staff to carry
out the reviews. Since 1 July 2004, Deloitte, McGrath Nicol &
Partners, Bentleys MRI, Ferrier Hodgson, Horwath,
PricewaterhouseCoopers, and PPB have provided secondments to
support ASIC's own senior insolvency staff.

"The coming financial year will see the program continue to
focus on directors of companies in financial difficulty, as well
as focusing on specific industries that are potentially
struggling as a result of changing market conditions. For
example, we have recently looked at a number of boat building
companies in Queensland and building and construction companies
in Victoria," Professor Collier said.

A summary of actions arising from ASIC's National Insolvent
Trading Program (2004/05) is attached to this media release.

Other insolvency initiatives for the current financial year
include new guidance for registered liquidators, ASIC's
Liquidator Assistance program and a program of practitioner
compliance activities.

Background

Established in July 2003, the National Insolvent Trading Program
is a focused approach to dealing with possible insolvent trading
before it occurs. It involves a review of a company for the
purposes of ensuring compliance by directors of their duties as
set out in section 180 of the Corporations Act 2001 (the Act)
and directors' duties to prevent insolvent trading under section
588G of the Act.

The program has received encouraging feedback from directors,
company accountants and solicitors, as well as the accounting
and legal professions generally, particularly in relation to the
secondment opportunities it offers their staff.

A copy of the Summary of actions relating to ASIC's National
Insolvent Trading Program (2004/05) is available for download
free of charge at:
http://bankrupt.com/misc/TCRAP_ASIC080405.pdf


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

GUANGDONG KELON: Creditors Move to Freeze Assets
------------------------------------------------
The Bank of Communications persuaded a court in Foshan city,
Guangdong, to freeze for one year CNY75 million (HK$71.96
million) in deposits belonging to Guangdong Kelon Electrical
Holdings, The Standard reports.

Another creditor, Shanghai Pudong Development Bank, also
successfully urged Shenzhen's court to freeze Guangdong's 60.67
percent stake in Shanghai-listed Yangzhou Yaxing Motor Coach for
one year.

Kelon confirmed Tuesday that its Chairman Gu Chujun and four
other executives were taken into custody by police investigating
alleged embezzlement and fraud connected to trading violations
investigated by the China Securities Regulatory Commission.

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 CSRC said it would hold a hearing to decide what action the
commission might take against Mr. Gu and the others.

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: CSRC Says Kelon Chief Did Wrong
------------------------------------------------
The China Securities Regulatory Commission (CSRC) said it
believes that Mr. Gu Chujun, the Chairman of Guangdong Kelon
Electrical Holdings, has violated several articles of the
securities law, including inflating profits and capital
embezzlement.

According to China Daily, Mr. Gu is likely to be punished by the
CSRC, which has already asked the police to detain him. Officers
are investigating if there is also a criminal case to answer.

Five other senior Kelon officials have also been detained.


HONGKONG CONSTRUCTION: Appoints Executive Director
--------------------------------------------------
The board of directors of HongKong Construction (Holdings)
Limited announces that Mr. Cheng Sum Hing Sam had been appointed
as an executive director of the Company with effect from August
1, 2005.

Mr. Cheng, aged 48, obtained a Bachelor of Science (Hons.)
degree in Building Economics and Measurement from the Aston
University in Birmingham, England and a Bachelor of Law degree
from the Beijing University. He is a fellow of the Hong Kong
Institute of Surveyors, a member of the Hong Kong Institute of
Facility Management and a member of the Royal Institution of
Chartered Surveyors, United Kingdom.

He has more than 25 years of experience in cost control and
contract administration of major construction and infrastructure
projects in Hong Kong, the People's Republic of China and South
East Asia.

Mr. Cheng had worked at WT Partnership in London, Davis Langdon
& Seah in Philippines and Hong Kong, and held senior management
positions in Jardine Engineering Corporation and Levett & Bailey
Chartered Quantity Surveyors Limited. Before joining the
Company, he was a director of Widnell Limited since 1994. He is
currently the Chairman of Quantity Surveying Division of the
Hong Kong Institute of Surveyors, a director of the Professional
Green Building Council, a council member of the China
Engineering Cost Association and an assistant director of Hebei
Province Architecture Industry Association.

Mr. Cheng has not held any directorship in public listed
companies in the past three years. Mr. Cheng had not held any
position with the Company and its subsidiaries immediately
before the date of his appointment. He does not have any
relationship with any directors, senior management or
substantial or controlling shareholders of the Company and there
is a service contract between the Company and Mr. Cheng. His
term of appointment as a director is subject to the retirement
by rotation and re-election requirements as set out in the
Articles of Association of the Company. The remuneration package
under the service contract of Mr. Cheng as an executive director
is approximately HK$2 million which was determined at market
rate.

As at the date of this announcement, Mr. Cheng does not have any
interests in the Company or its associated corporations within
the meaning of Part XV of the Securities and Futures Ordinance.
The Board is not aware of other matters, which need to be
brought to the attention of the shareholders of the Company in
respect of the appointment of Mr. Cheng.

The Board would like to take this opportunity to welcome Mr.
Cheng as its new member.

By order of the Board,
Hong Kong Construction (Holdings) Limited
OEI Kang Eric
Managing Director and Chief Executive Officer
Hong Kong, 3 August 2005

CONTACT:

Hong Kong Construction (Holdings) Ltd.
801-802 East Ocean Centre
98 Granville Road
Kowloon, Hong Kong
Phone: 23693949
Fax: 27212526
Web site: http://www.hkconstruction.com


KINGSTAR LIMITED: Falls Into Liquidation
----------------------------------------
Kingstar Limited whose place of business is located at G/F, Shop
A & B Hong Yuen Court, 1-5 Tak Shing Street, Kowloon was issued
a winding up order notice by the High Court of the Hong Kong
Special Administrative Region Court of First Instance on July
20, 2005.

Date of Presentation: May 27, 2005

Dated this 29nd day of July 2005

ET O'Connell
Official Receiver


JUN CHENG: Receives Winding Up Notice
-------------------------------------
Jun Cheng Group Company Limited whose place of business is
located at 22nd Floor, Effectual Building, 16 Hennessy Road,
Wanchai, Hong Kong was issued a winding up order notice by the
High Court of the Hong Kong Special Administrative Region Court
of First Instance on July 20, 2005.

Date of Presentation: May 27, 2005

Dated this 29nd day of July 2005

ET O'Connell
Official Receiver


LUCKWAY INTERNATIONAL: Court Issues Winding Up Notice
------------------------------------------------------
Luckway International Holdings Limited whose place of business
is located at Unit 806, Delta House, 3 On Yiu Street, Shatin New
Territories was issued a winding up order notice by the High
Court of the Hong Kong Special Administrative Region Court of
First Instance on July 20, 2005.

Date of Presentation: May 27, 2005

Dated this 29nd day of July 2005

ET O'Connell
Official Receiver


QUORUM ASSOCIATES: Succumbs to Liquidation
------------------------------------------
Quorum Associates Limited whose place of business is located at
Suite 1909, 19th Floor, Cheung Kong Center, 2 Queen's Road
Central, Hong Kong was issued a winding up order notice by the
High Court of the Hong Kong Special Administrative Region Court
of First Instance on July 20, 2005.

Date of Presentation: May 27, 2005

Dated this 29nd day of July 2005

ET O'Connell
Official Receiver


SHENYIN & WANGUO: Central Bank to Bail Out Broker
-------------------------------------------------
China's central bank will inject CNY2.5 billion (US$308 million)
into the nation's third largest broker, Shenyin & Wanguo
Securities Co., Xinhua News reports.

Central Huijin Investment Co., the central bank's investment
arm, will offer the money and get a 33 percent stake in the
company.

Shenyin & Wanguo's loss in the first half of the year ballooned
to more than CNY3.8 billion from a loss of CNY177 million for
all of last year.

The bailout is part of a broader move by the government to
support the struggling but critical industry, which has been hit
by weak trading as the nation's stock markets have lost about 14
percent of their value so far this year.

CONTACT:

Shenyin & Wanguo Securities Co., Ltd
171 Changshu Road, Shanghai, 200031
Phone: 021-54033888
Fax: 021-64678588
Web site: www.sywg.com.cn


SHENYIN & WANGUO: Holds Meeting to Appoint Part-time Inspectors
---------------------------------------------------------------
Shenyin & Wanguo Securities Co., Ltd (SYWG) held the part-time
inspectors appointment meeting at the Multi-Function Conference
Hall on July 22.

Participants of the meeting included the company's Party and
administration leaders, secretaries of each general Party
division, secretaries of each Party branch, major directors all
divisions and business departments and all part-time inspectors.

Feng Shurong, Deputy Secretary of the Shanghai Financial Work
Commission of the CPC and Secretary of the Discipline Inspection
Commission, who came to extend congratulations and gave a
significant speech. Feng Guorong, Party Secretary, concurrently
President and CEO of SYWG, also delivered a speech at the
meeting.

SYWG's Chairman of Board of Supervisors Tian Enmin Presided over
the meeting and Vice President Huang Xiaowei declared the
company's decision on establishing the part-time inspector team
and the name list of the 137 part-time inspectors.

In an inspection training session, held by SYWG on the afternoon
of July 23 (Saturday), Zhao Zenghui, a member of the Standing
Committee of the Shanghai Discipline Inspection Commission and
Deputy Director of the Shanghai Municipal Supervisory Commission
and Wu Dawei, a Division Chief of the People's Procuratorate of
Shanghai Municipality, were invited to give some tutorial
lectures on the special subject.

This is a company press release.


ZHU KUAN: Expects $3.2-Bln Bailout from ICBC
--------------------------------------------
Industrial & Commercial Bank of China plans to inject HK$3.2
billion ($412 million) to Zhu Kuan Group as part of a loan
package to the Zhuhai government, Bloomberg News reports.

Creditors received a letter on August 4 setting out the
parameters of the settlement after they signed a memorandum of
understanding last Friday.

Land and assets seized by court-appointed liquidators in Hong
Kong will be returned to the Zhuhai government.

The assets will then be held by Industrial Bank as security on
the HK$3.2 billion loan being advanced to the government as part
of a financing agreement. There will be a stay of the winding-up
proceedings.

Liquidators estimate the group and its main Hong Kong subsidiary
hold assets in land, accounts receivable and securities with
book value of HK$10.122 billion.


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

BANK DANAMON: Government Stake Sale Rakes IDR2.7 Trillion
---------------------------------------------------------
The Indonesian government's sale of its 10.5% stake in lender PT
Bank Danamon Tbk generated IDR2.68 trillion in revenues, which
would go to reducing the state budget deficit, reports Reuters
News.

The recent stake sale would increase the government's total
earnings from asset sales to IDR5 trillion, close to the
targeted IDR7.5 trillion it hopes to earn within the year.

The Indonesian government, which took over many banks after the
1997 Asian financial crisis, is now looking to sell many of the
banks in efforts to raise funds in preparation for an expected
budget deficit that could go as high as 1% of the country's
gross domestic product (GDP), caused by rising global oil prices
and the need for fuel subsidies.

The bank's shares, which were suspended on Aug. 3, closed at
IDR5,300 as of Aug. 2, 2005, and has risen 21.1% this year
alone. According to Indonesia's Finance Minister Jusuf Anwar,
the government is planning to increase its asset sales this year
in order to alleviate the strained financial situation due to a
higher budget deficit.

CONTACT:

PT Bank Danamon Indonesia Terbuka
Jl Jend Sudirman Kav 45
Wisma Bank Danamon
Jakarta 12930
Indonesia
Phone: +62 1 577 0551
Fax: +62 1 577 0716
Web site: http://www.danamon.co.id/


PERTAMINA: U.S. Debt Balloons to IDR3 Trillion
----------------------------------------------
In a dispute over a geothermal project, a debt owed by state oil
and gas firm PT Pertamina to U.S. firm Karaha Bodas Company
(KBC) has risen from IDR2.54 trillion to IDR2.99 trillion, Asia
Pulse reports.

The debt increased when in 2003, a U.S. court ordered the
Company to pay compensation to KBC, relating to an international
arbitration decision, when the Indonesian government halted a
project in Karaha Bodas, East Java.

Since that time, the debt has steadily risen due to the
Company's failure to pay the compensation immediately.

Lawyer Todus Mulya Lubis was chosen to represent Pertamina and
the Indonesian government to find a solution to the dispute.

Mr. Lubis said that because the arbitration decision in Geneva
is final and binding, Pertamina has no choice but to seek a
solution that benefits both parties. He also added that the debt
should be paid as soon as possible so as to prevent any further
increase.

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


TELEKOMUNIKASI INDONESIA: Looks to Expand Abroad
------------------------------------------------
State-owned telecommunications firm PT Telekomunikasi Indonesia
(Telkom) is looking into the possibility of expanding its
operations abroad, reports the Jakarta Post.

According to Telkom chief executive officer Arwin Rasyid, the
Company's market capitalization was high enough for them to
consider expanding the business to the international market.
They are following in the footsteps of rival Singaporean firm
Singtel, whose market capitalization is three times that of
Telkom, owing to its worldwide expansion.

Telkom is looking to expand in Africa and South America, with
Mr. Rasyid adding that they have started talks with Gambia,
Ecuador and Venezuela. He believes that it is a worthwhile
venture, as the Company's cash flow is sound (with a target
market capitalization of IDR15 trillion by 2010), and it has the
technology to expand abroad.

Telkom is currently listed in the Jakarta, Surabaya, London and
New York Stock Exchange, and owns 65% of unit Telkomsel, while
the other 35% is owned by Singtel. The Company's shares have
risen 19% in 2005, and accounts for almost 15% of the Jakarta
Stock Exchange's total market capitalization.

CONTACT:

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


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

HITACHI LIMITED: Offers JPY50-Bln 0.70% 5-Year Bonds
----------------------------------------------------
Hitachi, Ltd. announced the launch of unsecured straight bonds
(13th series and 14th) with the terms shown below.

The purpose of this issuance is to partially appropriate the
funds to roll over the straight bond 11th series which will
mature in February 2006.

The summary terms and conditions are as follows:

13th series

Name: Hitachi, Ltd. 13th series with inter-bond pari passu
clause

Issue amount: 50 billion yen

Coupon rate: 0.70%  

Issue price: 99.96%

Redemption price: 100.00%

Payment date: August 18, 2005

Maturity date: August 18, 2010 (5years)

Type of offering Public offering

Redemption: Bullet, with the option of the company to repurchase
from and including one day after the payment date.

Fiscal covenants: Negative pledge with the outstanding unsecured
bonds and the unsecured bonds to be issued (including series
No.14 which is launched on the same date, excluding convertible
bonds with stock acquisition rights and unsecured bonds with
commissioned companies for bondholders)

Underwriters: Mizuho Securities Co.,Ltd, Nomura Securities
Co.,Ltd., Daiwa Securities SMBC Co.Ltd. Nikko Citigroup Limited
Mitsubishi Securities Co.,Ltd. GoldmanSachs(Japan)Ltd.
Merrill Lynch Japan Securities Co.,Ltd. Morgan Stanley Japan
Limited J.P.Morgan Securities Asia Pte. Limited

Fiscal Agent: Mizuho Corporate Bank,Ltd.

(14th series)

Name: Hitachi, Ltd. 14th series with inter-bond pari passu
clause

Issue amount: 50 billion yen

Coupon rate: 1.56%

Issue price: 99.95%

Redemption price: 100.00%

Payment date: August 18, 2005

Maturity date: August 18 , 2015 (10years)

Type of offering: Public offering

Redemption: Bullet, with the option of the company to repurchase
from and including one day after the payment date.

Fiscal covenants: Negative pledge with the outstanding unsecured
bonds and the unsecured bonds to be issued (including series
No.13 which is launched on the same date, excluding convertible
bonds with stock acquisition rights and unsecured bonds with
commissioned companies for bondholders)  

Underwriters: Nomura Securities Co., Ltd., Mizuho Securities
Co.,Ltd. UFJ Tsubasa Securities Co.,Ltd.  Fiscal Agent : UFJ
Bank Limited

About Hitachi, Ltd.

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


HITACHI LIMITED: Moody's Assigns 'A1' Rating to Domestic Bonds
--------------------------------------------------------------
Moody's Investors Service has assigned 'A1' ratings to Hitachi
Ltd.'s (Hitachi) JPY50 billion domestic unsecured straight bonds
due 2010 and JPY50 billion domestic unsecured straight bonds due
2015. The rating outlook is positive.

The A1 ratings reflect Hitachi's strong position in the global
market for IT (information technology) related products and its
relatively sound financial profile. The ratings also incorporate
Moody's view that the company should be able to further
stabilize and improve its profitability while preserving its
sound balance sheet structure, thanks to a refocusing of its
business portfolio that has significantly reduced profitability
fluctuations.

Hitachi has in the past several years significantly reduced the
weight of semiconductors in its business portfolio while
focusing on hardware that is globally competitive -- such as
data storage systems using HDDs (hard disk drives) -- and the IT
software/solution business.

The company transferred its DRAM business to Elpida Memory Inc.
(Elpida), which was established as a 50/50 joint venture with
NEC Corporation. Elpida was successfully listed on the Tokyo
Stock Exchange in November 2004, reducing the ownership of the
parent companies to less than 50% each. Moody's believes that
the parent companies are no longer obliged to support Elpida,
even if it were to face financial difficulties.

Hitachi also established, jointly with Mitsubishi Electric
Corporation (Melco), Renesas Technology Corp. (Renesas), which
succeeded the two companies' respective system LSI businesses.

Renesas is consolidated on an equity method basis by both
Hitachi and Melco, despite shareholdings of 55% by the former
and 45% by the latter. Renesas focuses on application-specific
semiconductors, whose volatility in profitability is smaller
than that of commodity-type products such as DRAM. Moody's
expects that the two parent companies will support Renesas if
necessary.

Moody's believes Hitachi's current business plan has good
potential to further improve the company's operating
performance. The domestic social infrastructure-related markets,
such as electricity and telecommunications equipment -- from
which Hitachi used to enjoy good and stable profit margins --
are mature, and hardware for these markets is unlikely to grow.

Meanwhile, the software/service providing business for these
markets, as well as for the growing systems integration (SI)
market, is forecast to expand.

In addition, Moody's believes that Hitachi's core competence
still lies in hardware manufacturing, so the Company's refocus
on selected hardware products is rational.

The positive rating outlook reflects Moody's view that Hitachi
will be able to stabilize profitability fluctuations while
increasingly improve its financial stability in the
intermediate-to-long term. Moody's also expects that the company
remains committed to its conservative financial policy.

Hitachi Ltd., headquartered in Tokyo, is a leading integrated
electronics company in Japan.

Tokyo
Naoki Takahashi
VP - Senior Credit Officer
Rating Group
Moody's Japan K.K.
JOURNALISTS: (03) 5408-4110
SUBSCRIBERS: (03) 5408-4100

Tokyo
Takahiro Morita
Managing Director
Rating Group
Moody's Japan K.K.
JOURNALISTS: (03) 5408-4110
SUBSCRIBERS: (03) 5408-4100


MATSUSHITA ELECTRIC: Files Suit Against MediaTek
------------------------------------------------
Matsushita Electric Industrial Co., Ltd. announced that it has
filed a lawsuit in the United States District Court for the
Northern District of California charging MediaTek Inc. with
infringement of three Matsushita patents by certain MediaTek
integrated circuit chips.

The suit also names two companies whose DVD devices use the
MediaTek IC chips, OPPO Digital, Inc. and Micro-Star
International Co., Ltd. The filing came after negotiations
between Matsushita and MediaTek failed to result in MediaTek's
agreement to take a license.

Being one of the largest consumer electronics companies in the
world, Matsushita is committed to protecting its innovations
through vigorous enforcement of its intellectual property
rights. Matsushita filed this lawsuit to prevent MediaTek's
further unlicensed use of Matsushita's patented technology.

Media Contacts:

Akira Kadota (Japan)
International PR
(Phone: +81-3-3578-1237)
Panasonic News Bureau (Japan)
(Phone: +81-3-3542-6205)
Bill Pritchard (U.S.)
(Phone: +1-201-348-7182)
Brendon Gore (Europe)
(Phone: +44-20-8899-2217)


MITSUBISHI MOTOR: Canada Reports July 2005 Sales
------------------------------------------------
Mitsubishi Motor Sales of Canada, Inc. (MMSCAN) reported July
sales of 943 vehicles, a year-over-year sales increase of 15.4
per cent.

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 and Canada.

Mitsubishi Motors sells coupes, convertibles, sedans and sport
utility vehicles through a network of approximately 650 dealers.
Mitsubishi Motors sold its first vehicle in the U.S. in 1981,
and began building cars in 1988 at its manufacturing facility in
Normal, Illinois.

For further information:
Laura Hooker
Fleishman-Hillard Canada, Inc.
Phone: (416) 645-8181
E-mail: hookerl@fleishman.com

This is a company press release.


MITSUBISHI MOTORS: Develops Two New MIVEC Engines
-------------------------------------------------
Mitsubishi Motors Corporation (MMC) has developed two MIVEC*1
aluminum cylinder block engines to power two new models slated
for introduction in the domestic Japanese market later this
fiscal year.

The new Outlander SUV, due to debut in showrooms this October,
is to be powered by a new 4-cylinder 2.4-liter MIVEC engine. The
new-concept minicar i, scheduled to join the MMC lineup in
January next year, will use a new 3-cylinder 660cc MIVEC engine.

Main features of new MIVEC engines

The two new MIVEC engines announced today incorporate the
technologies listed below and have been developed with a common
concept of more power, better fuel economy and reduced weight,
size and cost.

The concept behind the technologies built into the two new MIVEC
engines is also common to the A9-type engine jointly developed
with DaimlerChrysler in 2004. The A9 engine currently powers
Mitsubishi Colt and Colt Plus and enjoys high critical acclaim
both in Japan and Europe. In addition to the core elements
listed below, the new engines announced today incorporate other
new and proprietary technologies.

Mitsubishi Innovative Valve timing Electronic Control (MIVEC)
Aluminum cylinder block
4-valve direct-drive valvetrain
Timing chain
Resin components (incl. intake manifold, head cover)
Rear exhaust engine mounting layout

Both new MIVEC engines employ weight-reducing technologies such
as the aluminum cylinder block to achieve a more than 10 percent
weight reduction, which contributes to improved fuel economy and
driving performance. Also, in order to assure high quality and
reliability, these engines have been developed through strict
development processes that conform to the MMDS (Mitsubishi
Motors Development System) as well as the company's vehicle
development processes.

1. Features of new 4-cylinder MIVEC engine

The new 4-cylinder 2.4-liter MIVEC engine employs MMC's
proprietary intake and exhaust cylinder head port design and
intake/exhaust systems to deliver best-in-class output power and
torque. The engine uses MMC's proprietary MIVEC variable valve
timing system, a double-wall stainless exhaust manifold and a
high-performance catalytic converter to deliver outstanding
mileage and emissions performance.

As a result, the new powerplant achieves a more than 5% increase
in output over the current 4G69-type 2.4-liter MIVEC engine. The
Outlander that will use this new engine is expected to achieve
both a 4-star LEV rating for emission levels that is 75% lower
than Japanese 2005 Low-emission Vehicle requirements and a fuel
economy rating that is 5% better than the Japanese 2010 fuel
economy standards. Furthermore, the improved combustion
characteristics resulting from the MIVEC system applied to both
intake and exhaust valves, the use of a compact balancer module
with an integrated oil pump, and the use of a silent timing
chain will all reduce noise levels throughout all engine speeds.
With the rear exhaust layout, the width of the engine has been
reduced which contributes to crashworthiness by allowing a
larger front crushable zone.

The basic design of the new 2.4-liter MIVEC engine was developed
through the World Engine project, the alliance among MMC, the
Chrysler Group and Hyundai Motors. While enjoying high levels of
technical excellence and cost competitiveness made available by
the combined resources of the three companies, each company has
been responsible for final application development, tailoring
the engine to individual model and market needs.

The new 2.4-liter powerplant will go into production in
September at MMC's engine factory in Shiga Prefecture, Japan
using the very latest manufacturing systems. Destined to become
MMC's mainstay powerplant, the company plans to phase the new
engine into future models following its introduction in the
Outlander.

2. Features of new 3-cylinder MIVEC engine

The new 3-cylinder 660cc MIVEC engine delivers outstanding power
and torque, fuel economy and emissions performance. The
turbocharged unit produces 47kW (64PS) of power. In addition,
with the MIVEC variable valve timing system, it is expected to
return a 15% better fuel economy than the current eK Sport model
powered by the 3G83-type turbocharged unit, based on the 10-15
driving cycle, and to earn a 3-star LEV rating for emission
levels that is 50% cleaner than Japanese 2005 Low-Emission
Vehicle requirements. The midship location and 45-degree
rearward tilt of the new engine have allowed greater flexibility
in developing the front end and also a longer wheelbase. These
features contribute to excellent handling and stability as well
as to an attractive body shape wrapped in softly flowing lines.
In addition, the use of an electronically controlled throttle
realizes silky-smooth but powerful acceleration that suffers
none of the jerkiness associated with turbocharged engines and
contributes to strain-free drivability and satisfying fun-to-
drive qualities. To further enhance the driving experience and
realize a level of occupant comfort normally found in larger
cars, careful attention has been given to reducing noise and
vibration. Measures employed include the use of a silent timing
chain, while the use of an aluminum oil pan adds stiffness to
the engine block.

The new 3-cylinder MIVEC will be produced at MMC's Mizushima
powertrain factory.


CONTACT:

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


MITSUBISHI MOTORS: Expects to Sell Australian Plant
---------------------------------------------------
Mitsubishi Motors Australia expects to complete the sale of the
Lonsdale engine plant site within the next couple of months, ABC
Online reports.

Mitsubishi Chief Executive Tom Phillips says there are several
parties interested in buying the site, although their identity
is confidential.

"We've got several parties involved in taking over all or part
of the factory and we're working through that process now," he
said.

CONTACT:

Mitsubishi Motors Australia, Ltd. (MMAL)
Head Office: 1284 South Road
Clovelly Park South Australia, 5042 AUSTRALIA
Phone: 08 8275 7443
Fax: 08 8275 7309
E-mail: careers@mmal.com.au
Web site: www.mitsubishi-motors.com.au


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

ASIANA AIRLINES: Government to Meddle if Strike Continues
---------------------------------------------------------
The government threatened to intervene if striking pilots of
Asiana Airlines Inc. pursue the strike until the weekend,
reports Asia Pulse.

Asiana President Park Chan-bup has urged the pilots to return to
work in order to avoid arbitration from the government.  The
strike has reached its 19th day.

"The president will ask for their return to work soon and a
resumption of negotiations," Asiana spokeswoman Kim Su-jung
said.

Since last Sunday's negotiations, no talks have been held.  Sale
losses are estimated to have reached KRW150 billion.

The Labor Ministry issued an ultimatum Wednesday to end their
strike or face government intervention.  Minister Kim Dae-hwan
suggested "extreme measures," including exertion of the
government's emergency arbitration rights, in a press
conference.

It is remembered that the government only intervened twice and
resorted to such extreme measures during labor unrest as Korea
Shipbuilding Corp. in 1969 and at Hyndai Motor in 1993.

The pilots' union has denounced arbitration by the government
and sought a televised public debate with the management to "get
to the essence" of their walkout and the carrier's managerial
problems.

On Thursday, Asiana dropped 90 out of 171 domestic flights, nine
out of 110 international flights and all seven cargo flights.

CONTACT:

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


DAEWOO ELECTRONICS: Welcomes New CEO
------------------------------------
Daewoo Electronics Corp. has appointed a new chief executive
officer Thursday, according to Asia Pulse.

Lee Seung-chang, was promoted from a directorship will be
responsible of the company starting Monday upon the exit of
former CEO Kim Choong-hoon.

Mr. Lee has worked for Daewoo companies for 28 years, serving in
key posts.  He said he would place top priority on raising the
company's value and strengthening marketing activity.

"The front-burner task is to boost Daewoo Electronics' corporate
value by maximizing its domestic and global sales network," Mr.
Lee told reporters.        

Creditors are planning to end Daewoo Electronics' supervision
around the end of next year following a stake sale from the
current quarter.

The company has been under a debt workout program since January
2000, months after the parent group collapsed under debts of
nearly US$80 billion in mid 1999.

CONTACT:

Daewoo Electronics Company Ltd
541 Namdaemunno 5-Ga
Chung-Gu Seoul, 100-714
Korea (South)
Telephone: +82 2 360 7114


LG CARD: Second Quarter Profit Jumps 63%
----------------------------------------
A reduction on bad-loan reserves and falling financing costs
made LG Card Co.'s second quarter profit jump 63 percent, says
Asia Pulse, citing Yonhap News.

The card company's net profit amounted to KRW479 in the April to
June period, compared with KRW292 billion in the previous three
months.  Operating income surged 21.3 percent to KRW355 billion,
but revenue fell 4 percent to KRW672 billion.

LG Card has posted its third straight quarterly profit since the
last quarter of 2004.  The second-quarter bottom line also
marked a turnaround from a loss of KRW481.7 billion in the same
period a year earlier.

Improvement in business performance is another factor that
helped cut LG Card's financing costs.  Funding costs averaged
5.5 percent in the first six months of this year, compared with
6.6 percent in the year-earlier period, according to LG Card.

Early last year, creditors and affiliated companies rescued LG
Card for KRW5 trillion.  At the end of December another KRW1
trillion was raised to prevent the firm from being delisted.

CONTACT:

LG Card Company Limited
Fax: (02) 3420-7002
E-mail: webmaster@card.lg.co.kr
Web site: http://www.lgcard.com


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

AKTIF LIFESTYLE: Net Loss Narrows to MYR157,000
------------------------------------------------
Aktif Lifestyle Corp. Berhad furnished Bursa Malaysia Securities
Berhad a copy of its first quarter report for the financial
period ended May 31, 2005.

Summary of Key Financial Information
31/05/2005

    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  

    17       26,612          17      26,612

(2) Profit/(loss) before tax  

    -157      -6,396         -157      -6,396

(3) Profit/(loss) after tax and minorityinterest  

    -157      -6,396         -157      -6,396

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

    -157       -6,396         -157      -6,396

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

   -0.77        -31.23         -0.77      -31.23

(6) Dividend per share (sen)  

    0.00  0.00           0.00       0.00
       
      As at end of          As at Preceding Financial
      Current Quarter       Year End

(7) Net tangible assets per share (MYR)
        0.1000            0.1100
       
To view a full copy of the financial results, click
http://bankrupt.com/misc/AktifLifestyle080505.xls

CONTACT:

Aktif Lifestyle Corporation Berhad
Level 10, Grand Seasons Avenue, No. 72,
Jalan Pahang, 53000 Kuala Lumpur
Malaysia
Phone: (60) 3 2693 1828
Fax: (60) 3 2691 2798


ANCOM BERHAD: Unit Disposes Of Ordinary Shares
----------------------------------------------
Ancom Berhad issued to Bursa Malaysia Securities Berhad details
on the disposal of 4,250,000 Ordinary Shares of MYR1.00 each in
Tubex Sdn Bhd.

(1) Introduction

Ancom Berhad (Ancom) advised Bursa Malaysia that its 50.2
percent-owned subsidiary, Ancom Energy & Services Sdn Bhd (AES),
together with Suhaimi bin Haji Mukhtar (SM) and Datuk Hj Ismail
bin Hj Hashim (DIH) (collectively Vendors), has entered into a
conditional Share Sale Agreement (SSA) with Eastern Pacific
Industrial Corporation Berhad (EPIC) for the disposal of its
entire 4,250,000 ordinary shares of MYR1.00 each representing
85% equity interest in Tubex Sdn Bhd (Tubex) for cash
consideration of MYR16,575,000 (Proposed Disposal).

SM and DIH are also disposing their respective 5 percent
interests in Tubex to EPIC for MYR975,000 each.

(2) Information on Tubex

Tubex was incorporated in Malaysia as Excel Tubulars Sdn Bhd
under the Companies Act, 1965 on December 16, 1988. The name was
changed to the present form on April 18, 1992. Its principal
activities are providing threading and ancillary services to the
oil and gas industries.

The current authorized share capital of Tubex is MYR5,000,000
divided into 5,000,000 ordinary shares of MYR1.00 each of which
have been fully issued and paid up.

Currently AES holds 4,250,000 ordinary shares of RM1.00 each in
Tubex. The other shareholders of Tubex are SM (10%) and DIH (5
percent).

(3) Information on EPIC

EPIC was incorporated in Malaysia under the Companies Act, 1965
on January 17, 1981 as Corrugated Carton Products Sdn. Bhd. The
name was changed to its present form on March 5, 1996. EPIC was
listed on the Second Board of Bursa Malaysia Securities Berhad
on November 8, 1991. The listing was transferred to the Main
Board on August 11, 1995.

The current authorized share capital of EPIC is MYR1,000,000,000
comprising 1,000,000,000 ordinary shares of MYR1.00 each. Its
issued and paid up share capital as at July 25, 2005 is
MYR164,311,000. The principal activities of EPIC are investment
holding and provision of management services to subsidiaries.

The principal activities of the Group consist of managing
petroleum supply base, providing and maintaining port services
and facilities, property development and environmental
management.

(4) The Proposed Disposal

(4.1) Salient Terms of the SSA

(a) A sum of MYR1,657,500 (Deposit) is to be paid to AES's
solicitors as stakeholder upon the execution of the SSA and the
balance consideration sum of MYR14,917,500 is to be paid on
completion date as defined in the SSA (Completion Date).

(b) Within seven (7) business days from the date of the SSA, a
due diligence on the accounts of Tubex is to be conducted by
EPIC. The due diligence is deemed to be completed on the expiry
of three (3) months from the date of the SSA or such other
extended dates as agreed by the parties.

(c) In the event the net tangible assets (NTA) of Tubex as in
the management accounts for the financial year ended May 31,
2005 is higher than the NTA in the audited accounts of the same
period by MYR250,000 or more (Differential Amount), the sale
consideration will be reduced by the Differential Amount. The
sale consideration will not be increased or adjusted should the
NTA in the audited accounts is more than that in the management
accounts.

(d) AES will settle the inter-company advances owing to Tubex on
the Completion Date.

(3.2) Basis of the Consideration

The sale consideration of MYR16,5750,000 was negotiated on a
willing buyer willing seller basis after taken into
consideration of the NTA and earning potential of Tubex.

The sale consideration will be settled in full by EPIC on the
Completion Date.

(3.3) Cost of Investment

AES's cost of investment in Tubex is MYR5.43 million. The
Proposed Disposal will result in a gain of approximately MYR4.00
million at Ancom Group level.

(4) Rationale for the Proposed Disposal

The Proposed Disposal is to enable the Ancom Group to realize
the capital gain on the investment in Tubex.
The sale proceeds will be used as working capital for the Ancom
Group.

(5) Condition Precedent

The Proposed Disposal is subject to the approval of the Foreign
Investment Committee being obtained within a period of 3 months
from the date of execution of the SSA or such other extended
dates as agreed by the parties.

(6) Financial Effects

(6.1) Share Capital and Shareholding Structure

The Proposed Disposal will not change the share capital and
shareholding structure of Ancom. Tubex will cease to be a
subsidiary of AES and Ancom after the completion of the Proposed
Disposal.

(6.2) NTA

The NTA of the Ancom Group will increase by approximately
MYR4.00 million after the completion of the Proposed Disposal.

(6.3) Earnings

The Proposed Disposal, which is expected to be completed in the
first half of the financial year ending May 31, 2006, will not
have any material effect on the earnings of the Group for the
financial year ending May 31, 2006.

(7) Directors' and Substantial Shareholders' Interests

None of the Directors or substantial shareholders of Ancom or
persons connected to them has any interest, directly or
indirectly, in the Proposed Disposal.

(8) Directors' Opinion

The Directors of Ancom are of the opinion that the terms of the
Proposed Disposal are fair and not to the detriment of the
shareholders of the Company and that the Proposed Disposal is in
the best interest of the Company.

(9) Documents for Inspection

The SSA will be available for inspection at the registered
office of Ancom at Level 14, Uptown 1, No.1 Jalan SS21/58,
Damansara Uptown, 47400 Petaling Jaya, Selangor Darul Ehsan
during normal office hours from Monday to Friday (except public
holidays) for 14 days from the date of this announcement.

This announcement is dated 29 July 2005.

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


CONSOLIDATED FARMS: Passes All AGM Resolutions
----------------------------------------------
Consolidated Farms Berhad informed Bursa Malaysia Securities
Berhad that all resolutions as per the Notice of the Twenty-
Second Annual General Meeting of the company dated July 6, 2005
were duly passed at the Twenty-Second Annual General Meeting
held at Dewan Seroja, Kelab Golf Perkhidmatan Awam, Bukit Kiara,
Off Jalan Damansara, 60000 Kuala Lumpur on Friday, July 29, 2005
at 10:00 a.m.

CONTACT:

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


DATAPREP HOLDINGS: Seeks Shareholders' OK on Proposed Mandate
-------------------------------------------------------------
The Board of Directors of Dataprep Holdings Berhad advised Bursa
Malaysia Securities Berhad that it intends to seek shareholders'
approval for the proposed shareholders' mandate in respect of
recurrent related party transactions of a revenue or trading
nature at the annual general meeting to be convened at a later
date.

A circular to shareholders containing information on the above
will be issued in due course.

CONTACT:

Dataprep Holdings Berhad
Lot 69-73, Jalan Setiabakti
Bandar Damansara
50490 Kuala Lumpur, WP
Malaysia
Phone: 603-2539625
Fax:   603-2539620


DUOPHARMA BIOTECH: Director to Report Dealings in Securities
------------------------------------------------------------
Pursuant to Paragraphs 14.03 and 14.08(a) of the Listing
Requirements of Bursa Malaysia Securities Berhad, Duopharma
Biotech Berhad notified the bourse of the intention of Mr. Chek
Wu Kong to deal in the Company's shares during the closed
period.

In accordance with Paragraph 14.08(c) of the Listing
Requirements of Bursa Malaysia Securities Berhad, Mr. Chek Wu
Kong will inform Bursa Securities on the details of his dealing
within one (1) full trading day after the transaction.

The current shareholding of Mr. Chek Wu Kong is as follows:

Name                    No. of Ordinary Shares Held

Chek Wu Kong HSBC Nominees     100,000
(Tempatan) Sdn Bhd

Pledged Securities             43,000
Account for Chek Wu Kong


GADANG HOLDINGS: To Seek Shareholders' OK on Proposed Mandate
-------------------------------------------------------------
The Board of Directors of Gadang Holdings Berhad (the Company)
advised Bursa Malaysia Securities Berhad that it intends to seek
the approval of its shareholders for the proposed renewal of the
shareholders' mandate for existing recurrent related party
transactions and proposed new mandate for additional recurrent
related party transactions of a revenue or trading nature
(Proposed Mandate) at the forthcoming Annual General Meeting
(AGM) of the Company to be convened at a later date.

A circular setting out the details of the Proposed Mandate
together with the Notice of the AGM will be dispatched to the
shareholders of the Company in due course.

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


INTAN UTILITIES: SC Grants Vista Meranti Deadline Extension
-----------------------------------------------------------
Intan Utilities Berhad advised Bursa Malaysia Securities Berhad
that Vista Meranti Sdn Berhad (VM) has obtained the approval of
the Securities Commission (SC), vide its letter dated July 26,
2005, for an extension of time to October 29, 2005 for VM to
meet the requisite public shareholding spread of Intan to ensure
the continued listing of Intan (Approval), subject to a progress
report on the implementation of the proposal to meet the public
shareholding spread of Intan being submitted to the SC, within
two (2) months from the date of the Approval.

This announcement is dated 29 July 2005.

CONTACT:

Intan Utilities Berhad
11th Floor Menara Berjaya,
KL Plaza, 179 Jalan Bukit Bintang,
55100 Kuala Lumpur
Telephone: 03-2935 8888
Fax: 03-29358043
Web site: http://www3.jaring.my/intan


KEMAYAN CORPORATION: Unveils Level of Foreign Shareholdings
-----------------------------------------------------------
The Board of Directors of Kemayan Corporation Berhad (Kemayan)
furnished Bursa Malaysia Securities Berhad the following
information on the level of foreign shareholdings as at June 30,
2005:

(1) The percentage shareholdings of entitled foreigners as at
June 30, 2005 is 49 percent; and

(2) The percentage shareholdings of non-entitled foreigners as
at June 30, 2005 is 6.73 percent

Kemayan had already approved to award non-entitled foreigners
all rights and privileges etc. except the right to vote at the
General Meeting of the Company.

CONTACT:

Kemayan Corp. Berhad
167, Jln Glasiar
Taman Tasek
80200 Johor Bahru
Johor
Telephone: 07-2362390  
Fax: 07-2365307


K.P. KENINGAU: Total Payment Default Reaches MYR40,175,649.05
-------------------------------------------------------------
In compliance with Bursa Malaysia Securities Berhad Practice
Note 1/2001, K.P. Keningau Bhd (KPK) provided Bursa Malaysia
Securities Berhad an update on its default in payments status as
at June 30, 2005 as per attachment in Appendix A.

Total defaults by KPK and its subsidiaries on principal sums
plus accrued interest as at June 30, 2005 amounted to
MYR40,175,649.05. The defaulted amounts to financial
institutions are in respect past banking facilities, which
comprised of trade financing, term loans, revolving creditors
and overdrafts.

Current status of legal claims is as follows:

On the Writ of Summons and Statement of Claims re Suit No: K22-
165-2004 and K22-169-2004 respectively, the hearing date for the
appeals to the Judge-in-Chambers on the summary judgments
entered against the defendants has been fixed for October 16,
2006.

On Suit No: K22-164-2004, the mention date has been postponed to
August 23, 2005. As for the Writ of Summon and Statement of
Claim - Suit No: K22-32-2005, no mention date has yet been fixed
by the courts. KPK would provide periodical updates on status of
the above legal suits.

Save for the above, there is no new development on the default
in payments since the previous announcement made pursuant to
this Practice Note.

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

This announcement is dated 29 July 2005.

CONTACT:

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


LITYAN HOLDINGS: Updates Proposed Restructuring Scheme
------------------------------------------------------
Lityan Holdings Berhad (Lityan) issued to Bursa Malaysia
Securities Berhad an update on the following proposals:

- Proposed Acquisition of Guanhong Group;
- Proposed Exemption;
- Proposed Scheme of Arrangement with Shareholders;
- Proposed Scheme of Arrangement with Creditors;
- Proposed Issuance of Shares;
- Proposed Offer for Sale;
- Proposed Transfer of Listing Status; and
- Proposed Disposal (collectively, the proposed restructuring
scheme)

(1) Introduction

On behalf of Lityan, Avenue Securities Sdn Bhd (Avenue) advised
that Lityan had on July 29, 2005 entered into a conditional
restructuring agreement (Restructuring Agreement) with Giant
Best Corporation Limited (Vendor), Chen Xinmin and Lim Chu Fatt
(collectively, the Guanhong Principal Shareholders) wherein
Lityan, the Vendor and the Guanhong Principal Shareholders have
agreed in principle to undertake the Proposed Restructuring
Scheme with the intention of restoring Lityan onto stronger
financial footing via an injection of new viable businesses.

The Proposed Restructuring Scheme to be undertaken by Lityan
shall entail the following:

(i) Proposed acquisition by NewCo, (a company incorporated or to
be incorporated to serve as the holding company, to facilitate
the implementation of the Proposed Restructuring Scheme) of the
entire equity interest in Hong Kong Kwun Wang International
Holdings Limited (KWIH) upon completion of the Guanhong Internal
Restructuring Exercise (as defined hereunder) from the Vendor
for an indicative purchase consideration of MYR475,000,000
(Guanhong Group Purchase Consideration) to be satisfied by the
allotment and issuance of new ordinary shares of MYR1.00 each in
NewCo (NewCo Shares), the aggregate value of which is equivalent
to the Guanhong Group Purchase Consideration, to the Vendor
(Proposed Acquisition of Guanhong Group).

KWIH, Shishi Guanhong Clothing Printer Co. Ltd (Guanhong) and
Fujian Guanyuan Printing & Dyeing Co., Ltd (Guanyuan)
(collectively the Guanhong Group) are currently undertaking an
internal restructuring exercise which will result in the
corporate and shareholding structure of the Guanhong Group as
shown in Table 1 below (Guanhong Internal Restructuring
Exercise);

(ii) Upon completion of the Proposed Acquisition of Guanhong
Group, the Vendor is expected to hold more than 99.99 percent
(but less than 100.00 percent) equity interest in NewCo. In
accordance with Paragraph 6(1)(a) of Part II of the Malaysian
Code on Take-overs and Mergers, 1998 (Code), the Vendor together
with Guanhong Principal Shareholders are obliged to undertake a
mandatory general offer for all the remaining NewCo Shares not
already held by them upon completion of the Proposed Acquisition
of Guanhong Group.

In this respect, the Vendor together with the Guanhong Principal
Shareholders intend to apply to the Securities Commission (SC)
for an exemption under the relevant provisions of the Code from
having to undertake the mandatory offer (Proposed Exemption);

(iii) Proposed scheme of arrangement with Lityan's shareholders
involving:

(a) Proposed reduction of the existing issued and paid-up share
capital of Lityan of MYR102,806,000 comprising 102,806,000
ordinary shares of MYR1.00 each in Lityan (Lityan Shares) to
MYR5,140,300 comprising 102,806,000 ordinary shares of MYR0.05
each in Lityan. The proposed reduction of Lityan's share capital
will result in a credit of MYR97,665,700 which will be utilised
to reduce the accumulated losses of Lityan (Proposed Capital
Reduction);

(b) Proposed consolidation of 102,806,000 ordinary shares of
MYR0.05 each in Lityan into 5,140,300 Lityan Shares (Proposed
Consolidation); and

(c) Proposed share exchange of the entire issued and paid-up
share capital in Lityan of 5,140,300 Lityan Shares for 5,140,300
new NewCo Shares at par on the basis of one (1) NewCo Share for
every one (1) existing Lityan Share held after the Proposed
Consolidation (Proposed Share Exchange).

(Collectively, the Proposed Scheme of Arrangement with
Shareholders)

(iv) Proposed settlement and/or compromise of the liabilities
(including contingent liabilities) owing by Lityan to its
creditors (Scheme Creditors) via inter-alia, the issuance by
NewCo of not more than 15,000,000 new NewCo Shares to the Scheme
Creditors as full and final settlement of the liabilities owing
(Proposed Scheme of Arrangement With Creditors);

(v) Proposed issuance of up to 50,000,000 new NewCo Shares to
the existing shareholders of Lityan and/or identified investors
and/or the public at a minimum issue price of MYR1.00 per share
(Proposed Issuance of Shares);

(vi) Proposed offer for sale of up to 70,000,000 NewCo Shares by
the Vendor upon completion of the Proposed Acquisition of
Guanhong Group to the existing shareholders of Lityan and/or
eligible investors to be identified in order to meet the public
spread requirement as stipulated under the Listing Requirements
of Bursa Malaysia Securities Berhad (Bursa Securities) (Proposed
Offer for Sale);

(vii) Proposed transfer of the listing status of Lityan on the
Main Board of Bursa Securities to NewCo (Proposed Transfer of
Listing Status); and

(viii) Proposed disposal of the entire issued and paid-up share
capital of Lityan to a purchaser to be identified (Lityan Group
Purchaser) (Proposed Disposal).

(Collectively, the Proposed Restructuring Scheme)

To view a full copy of the announcement, click
http://bankrupt.com/misc/LityanHoldingsBerhad080505.pdf
http://bankrupt.com/misc/LityanHoldingsBerhadTables080505.doc

CONTACT:

Lityan Holdings Berhad
Bangunan Lityan,
Peremba Square Saujana Resort,
Section U2, 40150 Shah Alam
Selangor Darul Ehsan, Malaysia
Phone: + 603-7622-1188
Fax:   +603-7666-6870
E-mail: enquiry@lityan.com.my


MBF HOLDINGS: Court Adjourns Case Hearing
-----------------------------------------
Further to the announcement on July 12, 2005, MBf Holdings
Berhad advised Bursa Malaysia Securities Berhad that the
Defendant's application for summary judgment against MBf
Automobile Sdn Bhd and MBfH via Kuala Lumpur High Court Suit
No.D5-22-1573-2004 which was fixed for decision on July 28,
2005, has now been postponed to September 2, 2005.

Yours faithfully,

For and on behalf of
MBf Holdings Berhad
Ding Lien Bing
Company Secretary
29 July 2005

CONTACT:

Mbf Holdings Berhad
No 8 Jalan Yap Kwan Seng
50450 Kuala Lumpur, Selangor Darul Ehsan 46150
Malaysia
Telephone: +60 2167 8000
Fax: +60 2164 6985


MERCES HOLDINGS: Served with Winding Up Petition
------------------------------------------------
The Board of Directors of Merces Holdings Berhad (MHB) is
obliged to announce that a Winding-Up Petition has been served
on MHB as follows:

(1) MHB has been served with a sealed copy of the Winding-Up
Petition by ICP Marketing Sdn Bhd (the Petitioner) on Thursday,
July 28, 2005 at the Registered Office.

(2) As per the Petition, MHB is indebted to the Petitioner for
the sum of MYR500,000 together with interest thereon at the rate
of 8 percent per annum on the principal sum of MYR500,000 from
01/11/2001 until full realization and the costs of MYR225.

(3) The circumstances leading to the filing of the Winding Up
Petition were due to default on the part of MHB in respect of
the amount under a judgment obtained by the Petitioner at the
Shah Alam High Court vide suite No. MT5-22-209-2002 on 12 July
2004. The Winding-Up Petition will be heard at the High Court
Kuala Lumpur on Thursday, September 8, 2005.

In the Shah Alam High Court suite MT 5-22-209-2002 the
Petitioner claimed MYR854,369.37 against Merces Builders Sdn Bhd
(MBSB) for goods sold and delivered to Likas Sport Complex
Project at Kota Kinabalu; MYR500,000 against Dato Lee Hock Soon
as Personal Guarantor for MBSB and MYR500,000 against MHB as
Corporate Guarantor for MBSB. Summary judgement were obtained by
the Petitioner for the amounts claimed.

(4) There shall be no additional expected losses arising from
the Winding-Up Petition other than the amount claimed.

(5) The steps taken and proposed to be taken by MHB

MHB, under legal advise from its solicitors are taking the
appropriate actions to resist the said winding up petition.
Necessary announcement will be made to Bursa Malaysia Securities
Berhad as and when it is required.


NALURI BERHAD: Unit Completes Stock Conversion in World Airways
---------------------------------------------------------------
Naluri Berhad issued to Bursa Malaysia Securities Berhad a
material development in investment.

(1) Introduction

The company informed the bourse that in July 2005, Naluri
International Limited (NIL) a wholly owned subsidiary of the
Company, has successfully completed the conversion of the stocks
in World Airways, Inc. (WAI), an investment that NIL has held
since 1994, into stocks in World Air Holdings, Inc. (WAH) and
removed the restriction on trading/sale previously imposed. As a
result, the investment of the WAI stocks are now reclassified as
quoted investment in WAH, and the impairment loss of MYR38.2
million previously provided is now reversed. The investment is
now recorded at cost of MYR38.2 million.

(2) Background Information on NIL and WAH

Naluri International Berhad (NIL) a wholly owned subsidiary of
Naluri Berhad has held shares in WAI since 1994. As at December
31, 2004, NIL holds 1,217,000 common stocks in WAI. The
investment in WAI has been fully written off in the books of NIL
as result of diminution in value of the investment over the
years.

WAI is a company incorporated in March 1948, in the State of
Delaware, United States of America, and is a US certified air
carrier providing customized transportation servicing for major
international cargo and passenger carriers, the United States
military, and international leisure tour. WAI was listed on the
NASDAQ Stock Market Inc. in October 1995.

World Air Holdings, Inc (WAH), the holding company of WAI, went
through a restructuring plan, which resulted in all stockholders
of WAI becoming stockholders of WAH. WAH is currently listed on
NASDAQ.

CONTACT:

Naluri Berhad
161B Jalan Ampang
50450 Kuala Lumpur, 50450
Malaysia
Telephone: +60 3 2162 0878
Fax: +60 3 2162 0676


PILECON ENGINEERING: No Changes in Payment Default Status
---------------------------------------------------------
Further to the announcement made by Pilecon Engineering Berhad
on June 30, 2005 with regards to the status of default in
payment pursuant to Practice Note 1/2001, the Company advised
Bursa Malaysia Securities Berhad that there have not been any
changes to the status of default since then.

The Company's Revised Proposed Scheme of Arrangement (Revised
Scheme) had been approved by the Securities Commission vide
their letter dated May 13, 2005 under Section 32(5) of the
Securities Commission Act 1993 subject to the terms and
conditions stipulated in the said letter.

Please refer to the announcements dated May 17, 2005, July 11,
2005 and July 12, 2005 made by the Company on the Revised Scheme
for more details and information.

CONTACT:

Pilecon Engineering Berhad
No 2 Jalan U1/26 Seksyen U1
40150 Shah Alam, Selangor Darul Ehsan 40150
Malaysia
Telephone: +60 3 7804 1888
Fax: +60 3 7804 3888


TECHVENTURE BERHAD: Still Working Out Debt-Restructuring Scheme
---------------------------------------------------------------
Further to the announcement on June 30, 2005, Techventure Berhad
informed Bursa Malaysia Securities Berhad that there has been no
significant change in the status of the debt.

The Company and Ernst & Young are still working out the proposed
debt-restructuring scheme with the lenders.

The company shall keep Bursa Malaysia informed of the status of
the debt-restructuring scheme.

This announcement is dated 29 July 2005


WEMBLEY INDUSTRIES: Status of Default in Payment Unchanged
----------------------------------------------------------
Wembley Industries Holdings Berhad refers to its announcement
dated June 30, 2005 in respect of the Default in Payment
pursuant to Practice Note No. 1/2001.

Further to the said announcement, in relation to the status of
default in payment pursuant to PN1/2001, the Board of Directors
of the Company informed the bourse that there is no change to
the status of default in payments of interest and principal sums
to the Lenders since then.

In compliance with Paragraph 3.2 of PN1/2001, the Company hereby
announces that the Company is in the process of taking steps to
secure an extension of the said cut-off date to fulfill the
conditions precedent stipulated in the DRA and thereafter to
implement the restructuring therein.

The Board of Directors of the Company will make available to
Bursa Malaysia Securities Berhad any updates on the
restructuring of the DRA.

This announcement is dated July 29, 2005.

CONTACT:

Wembley Industries Holdings Berhad
No 1 Jalan Pandungan
Kuching, Sarawak 93100
Malaysia
Phone: +60 82 236920
Fax: +60 82 236922


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

ABS-CBN BROADCASTING: To Hold Investors', Analysts' Briefing
------------------------------------------------------------
ABS-CBN Broadcasting Corporation will be holding an Investors'
and Analysts' Briefing to discuss the Company's Second Quarter
and First Half 2005 Financial Results on Thursday, 11 August
2005, at 2:00PM in Chronicle Lounge, 9501 Restaurant, 14/F ELJ
Communications Center, Sgt. Esguerra Ave., Quezon City.

For additional information on the company or the event, visit
www.abscbn-ir.com.

CONTACT:

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


COLLEGE ASSURANCE: SEC Chair Says Takeover Very Likely
------------------------------------------------------
A takeover of cash-strapped College Assurance Plans Philippines
Inc. (CAP) by the Securities and Exchange Commission (SEC) is
very likely, The Philippine Star reports.

The corporate regulator seeks to take over the embattled pre-
need provider, in a bid to protect CAP's more than 700,000
policyholders.

SEC chairman Fe Barin told a House hearing Wednesday that the
agency will take over CAP if the pre-need firm fails to comply
with requirements within a 20-day period.

The regulator has given CAP a 20-day extension to explain why it
has failed to bring in investors and additional equity as
repeatedly required by the commission.

SEC has given the ailing firm sufficient time since it started
encountering difficulties early last year to come up with fresh
capital to answer for future obligations. But none of the
promised cash injections has materialized, bloating CAP's
shortfall from Php3 billion last year to about Php25 billion at
present.

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


EVER GOTESCO: Postpones Annual Stockholders' Meeting
----------------------------------------------------
In the Special Meeting of the Board of Directors of Ever Gotesco
Resources and Holdings, Inc. (hereinafter EGRHI) attended by a
majority of the members of the Board of Directors, held this
noon, August 3, 2005 at the Ever Gotesco Corporate Center, 1958
C. M. Recto, Avenue, Manila, the following matters were taken up
and approved:

In view of the fact that the Corporation does not have enough
time to hold its scheduled Annual Stockholders Meeting on the
last Friday of August of 2005, the Board of Directors
unanimously approved the proposal of Management to postpone its
scheduled Annual Stockholders Meeting on a later date.

The Board shall again convene to consider the preferable date,
time and venue for the purpose.

CONTACT:

Ever-Gotesco Resources And Holdings, Inc.
12/F, Ever Gotesco Corporate Center
1958 C. M. Recto Ave., Manila
Phone:  735-6901; 735-0271 to 81 (TL)
Fax:  735-5905; 734-8275


NATIONAL POWER: Masinloc Sale Gets ADB Nod
------------------------------------------
The Asian Development Bank has given its go-signal for the sale
of National Power Corporation's (Napocor) 600-megawatt Masinloc
coal-fired power plant, The Philippine Star reports. Japan Bank
for International Cooperation (JBIC) is expected to shortly
follow suit.

The Power Sector Assets and Liabilities Management Corp.
(PSALM), which is tasked to handle Napocor's privatization, said
that the creditor consent extended to Masinloc coincided with
ADB's approval of the transfer of Napocor's liabilities and
eligible generation assets.

The board of directors of ADB approved government's request for
the transfer of liabilities and generation assets of Napocor to
PSALM and all of Napocor's transmission and sub-transmission
assets to the National Transmission Corp. (Transco), subject to
execution and performance of the Omnibus Amendment Agreement.

PSALM President Nieves Osorio said the welcome developments will
boost government's efforts to speed up the power industry's
restructuring and privatization program because the creditor
consent from ADB sends a positive signal that will encourage the
entry of more investors.

A major condition for the completion of the sale and transfer of
Napocor assets is the consent of Napocor's creditors.

Since March last year, PSALM sold six plants, generating
US$566.9 million or about Php31.75 billion. Masinloc was the
single biggest sale, fetching a bid price of US$561.7 million
from YNN Pacific Consortium in partnership with an Australian
company.

Mr. Osorio said the ADB creditor consent will pave the way for
the turnover of the Masinloc power plant to the YNN consortium.

CONTACT:

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


NATIONAL POWER: Expects Turnaround After 6 Years of Losses
----------------------------------------------------------
National Power Corporation (Napocor) is seen to end 2005 in the
black after being the biggest state burden for six years, The
Philippine Daily Inquirer reports.

The state-owned power firm expects to at least break even this
year due to reduced interest expenses and operational costs.

Napocor projected that the turnaround, the first since 1998,
resulted mainly from the reduction in the state firms interest
expenses to Php22.64 billion from Php30.25 billion last year.

The reduction in interest charges stems from the government's
absorption of P200 billion of Napocor's debts last year.

The Energy Regulatory Commission's full approval of Napocor's
rate hike petition in April is also expected to contribute to
the state firms good performance this year. Napocor hopes to
further boost sales this year by getting more customers.


PILIPINO TELEPHONE: Higher Operating Revenue Boosts Profit
----------------------------------------------------------
Mobile phone operator Pilipino Telephone Corp. (Piltel) on
Thursday posted sharply higher first-half earnings, boosted by
higher revenue from its operations, reports Dow Jones Newswires.

The company said its net profit in the six months to June rose
sharply to Php4.6 billion from Php659 million in the same period
last year. The figure includes foreign exchange gains as
required with the adoption by the company of certain
international accounting standards.

Excluding foreign exchange gains or losses, Piltel's net profit
in the first half stood at Php4 billion, still sharply higher
compared to the year-ago level of Php709 million.

Service revenue for the period expanded 80 percent on year to
Php5.19 billion. First-half other income also improved to Php219
million from Php88 million. The higher service revenue and other
income offset the decline in non-service revenue for the period
to Php280 million from Php1.33 billion.

Piltel attributed the sharp rise in its service revenue to
improved contribution from its Talk 'N Text brand, which had a
subscriber base of 5 million as of end June, with a 350,000 net
subscriber addition registered in the first half. Piltel also
had 45,593 fixed-line telephone subscribers as of end-June.

Expenses for the period dropped 71 percent on year to Php1.10
billion, mainly due to the lower cost of handsets and subscriber
information module, or SIM, packs sold, as well as a foreign
exchange gain compared to a foreign exchange loss a year
earlier, said the company.

Piltel said it recorded a financing gain of Php252 million in
the first six months of the year compared to an expense of
Php726 million in the same period in 2004. A foreign exchange
gain of Php599 million was recorded as the peso appreciated
against the dollar and the yen in the first half, compared to
the same period last year when a Php49 million foreign exchange
loss was booked due mainly to Piltel's dollar and yen
denominated debt.

As of the end of June, Piltel said its long-term debts stood at
Php18.5 billion.

"We are extremely pleased that Piltel has continued to post a
profit. Our goal is to sustain this profitability by maintaining
revenue growth and controlling costs," said Piltel President and
Chief Executive Napoleon Nazareno.

Piltel is a unit of Smart Communications Inc., which in turn is
a subsidiary of Philippine Long Distance Telephone Co. (PHI), or
PLDT, the country's largest telecommunications group.

CONTACT:

Pilipino Telephone Corporation
G/F Mobiline Centre
6764 Ayala Avenue
1200 Makati City
Philippines
Telephone: 63 2 811 8888
Fax: 63 2 817 6888


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

CITIRAYA INDUSTRIES: Hopes Up for Creditors
-------------------------------------------
Creditors of troubled waste recycling firm Citiraya Industries
Limited may be surprised to know that their debts may be fully
paid, after expecting a 50% debt writeoff by the Company, Today
News reports.

According to an unnamed source close to Citiraya, the Company's
creditors may be fully or almost fully paid, depending on how
many they are. Citiraya's top priority is to pay its debts to
the creditors who sought legal action against the Company.

The Company was recently under fire for corruption charges
brought against four executives accused of accepting bribes to
sell rejected microchips on the international black market.

Citiraya Industries applied for an extension of a stay order
that prohibits creditors from legally running after it, so that
it could finalize a debt repayment plan with scheme creditors.

In its financial statements dated Sept. 30, 2004, the Company's
total assets are listed at USD227.6 million (USD50.75 million
cash), while its total liabilities are atYSD110.13 million,
mostly made up of bank loans.

Five creditors, including DBS Bank and 3M have claimed debt
amounting to USD45.92 million.

Aside from a repayment plan, Citiraya is looking for "white
knights" interested in investing in the firm, while its shares
have been suspended from trading since Jan. 24, 2005.

CONTACT:

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


FOCUS INDUSTRIES: Declares Final Dividend
-----------------------------------------
Focus Industries Pte Limited, formerly of 123 Bukit Merah, Lane
1, #03-86 Singapore 150123, posted a notice of intended dividend
at the Government Gazette, Electronic Edition with the following
details:

Name of Company: Focus Industries Pte Limited
Court: Supreme Court, Singapore
Number of Matter: Companies Winding Up No. 7 of 2000
Amount per centum: 1.876%
When Payable: May 27, 2005
Name  & address of Liquidator: The Official Receiver
The URA Centre (East Wing)
45 Maxwell Road #06-11
Singapore 069118

Dated: July 29, 2005

Chan Wang Ho
Assistant Official Receiver


KEISO GIKEN: Pays Dividend to Creditors
---------------------------------------
Keiso Giken Kaisha Instrumentation Pte Limited, formerly of 531A
Upp Cross Street, #04-100 Hong Lim Complex, Singapore 051531,
posted a notice of dividend to preferential creditors at the
Government Gazette, Electronic Edition with the following
details:

Name of Company: Keiso Giken Kaisa Instrumentation Pte Limited
Court: Supreme Court, Singapore
Number of Matter: Companies Winding Up No. 216 of 1993
Amount per centum: 100%
When Payable: July 13, 2005
Name  & address of Liquidator: The Official Receiver
The URA Centre (East Wing)
45 Maxwell Road #06-11
Singapore 069118

Dated: July 29, 2005

Sunari Bin Kateni
Assistant Official Receiver


QUANTEC REALTY: Creditor Seeks Winding Up of Business
-----------------------------------------------------
Notice is hereby given that a winding up petition was filed
against Quantec Realty Pte Limited by its creditor, Standard
Chartered Bank, on July 15, 2005.

The Petition is to be heard before the Court sitting at
Singapore 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 themselves or their 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 51 Bras Basah Road, #02-
01/02/03/04 Plaza By The Park, Singapore 189554.

The Petitioner's solicitors are Messrs. Rajah & Tann of No. 4
Battery Road, #15-01 Bank of China Building, Singapore 049908.

Dated this 29th day of July 2005

Messrs RAJAH & TANN
Solicitors for the Petitioners

Note:

Any person who intends to appear at the hearing of the Petition
must serve on or send by post to the Petitioner's solicitors,
Messrs. Rajah & Tann of No. 4 Battery Road, #15-01 Bank of China
Building, Singapore 049908, notice in writing of his intention
to do so. The notice must state the name and address of the
person, or, if a firm, the name and address of the firm, and
must be signed by the person or firm, or his or their solicitors
(if any) and must be served, or, if posted must be sent by post
in sufficient time to reach the Petitioner's solicitors not
later 12:00 p.m. of Aug. 11, 2005 (the day before the day
appointed for the hearing of the Petition).

CONTACT:

Quantec Realty Pte Limited
28 Mohamed Sultan Road
Singapore 238972
Phone: 65 6736 1214


SOPS INTER-TRANS: Creditors Must Submit Claims This Month
---------------------------------------------------------
Notice is hereby given that the creditors of SOPS Inter-Trans
Services Pte Limited, which is being wound up voluntarily, are
required on or before Aug. 30, 2005 to send in their names and
addresses, with particulars of their debts and claims, and the
names and addresses of their solicitors (if any) to the the
liquidators of the Company.

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

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

Dated this 29th day of July 2005

Low Sok Lee Mona
Teo Chai Choo
Liquidators
c/o Low, Yap & Associates
4 Shenton Way
#04-01 SGX Centre 2
Singapore 068807


UNITED FIBER: Borrows SGD50 Mln from Cornell Via Loan Note
----------------------------------------------------------
United Fiber System Limited announced that on Aug. 4, 2005, the
Company secured a SGD50 million loan note from Cornell Capital
Partners Offshore LP.

The loan note is backed by a SGD165 million amended and restated
Equity Line of Credit Agreement, which the Company entered into
with Cornell on Aug. 2, 2005. The loan note is repayable within
380 days, either via cash or drawdowns from the credit
agreement.

For further details on the report, go to:

http://bankrupt.com/misc/tcrap_unitedfiber080405.pdf

CONTACT:

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


ZHIHUI INVESTMENTS: Liquidators Seek Proof of Creditors' Claims
---------------------------------------------------------------
Notice is hereby given that the creditors of Zhihui Investments
Pte Limited, which is being wound up voluntarily, are required
on or before Aug. 29, 2005 to send in their names and addresses
and particulars of their debts or claims, and the names and
addresses of their solicitors (if any) to the Company's
Liquidators.

If required by notice in writing by the said Liquidators,
creditors are (by their solicitors or personally) to come in and
prove their debts or claims at such time and place as specified
in such notice.

Failure to do so would exclude them from the benefit of any
distribution made before such debts are proved.

Dated this 29th day of July 2005

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


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

CIRCUIT ELECTRONIC: Director Steps Down
---------------------------------------
Circuit Electronic Industries Public Co. Ltd. informed the Stock
Exchange of Thailand (SET) that Mr. Chaisit Sidhiyadhorn has
resigned from the position of Independent Director and President
of Audit committee of the company effective August 1, 2005 for
the reason of "Providing the company with the opportunity to
select a new rehabilitation board of director."

Please be informed.

Yours faithfully,
Mr. Sukit Nganthavee
Director

CONTACT:

Circuit Electronic Industries Public Company Limited   
45 Moo 12,Rojana Industrial Park, Amphoe Uthai Ayutthya    
Telephone: 0-3533-0556-9, 0-3522-6280-9, 0-3522-6711   
Fax: 0-3533-0560, 0-3522-6710   
Web site: http://www.cei.co.th




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

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


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


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

MALAYSIA
--------

Kemayan Corp Bhd                KOP      (-353.12)      84.89
Panglobal Bhd                   PGL       (-50.36)     189.92

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

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

SINGAPORE
---------

Pacific Century Regional          PAC      -145.53    1289.71

THAILAND
--------

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




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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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re-mailing and photocopying) is strictly prohibited without
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subscription or balance thereof are $25 each.  For subscription
information, contact Christopher Beard at 240/629-3300.

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