TCRAP_Public/050809.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

             Tuesday, August 9, 2005, Vol. 8, No. 156

                            Headlines

A U S T R A L I A

ABT HOLDINGS: Members Decide to Close Operations
ACG ENGINEERING: Members, Creditors to Convene in Final Meeting
ARISTOCRAT LEISURE: Adopts New Constitution
BG INVESTMENTS: Owner Faces Fraud Charges
CHARLES TUNNEY: Liquidator to Distribute Company Assets

G.L. SURF: Placed Under Voluntary Liquidation
GREAT TASTE: Appoints Official Liquidator
INTERNATIONAL WINE: Berren Confirms Issued Capital
INTRONA INVESTMENTS: Dominic Introna Named Liquidator
ION LIMITED: ATS Acquires Warsaw Asset for US$28 Mln

KENLEY PTY: Begins Winding Up Proceedings
K.H. HOLDINGS: Members Pass Winding Up Resolution
KNIGHTS INSOLVENCY: Losses Could Hit AU$22 Mln
KOGEN PTY: Creditors OK Liquidator's Appointment
MAINTAIN SERVICES: Members Opt for Voluntary Liquidation

MAYFIELD HARDWARE: Appoints Official Liquidator
NATIONAL BUSINESS: Liquidator to Detail Wind Up Manner
PAN PHARMACEUTICALS: Liquidators Release Second Annual Report
PASBARB PTY: Members, Creditors to Meet August 16
QANTAS AIRWAYS: Foreign Ownership Level Now 42.60%

RABBIT & CO.: Set to Declare Dividend August 22
RAZORBACK SPORTS: Supreme Court Orders Wind Up
SONS OF GWALIA: Chief Executive Officer Resigns
SUMALO PTY: Members to Hear Liquidator's Report
SYDNEY PROTECTION: Wind-up Process Initiated

TRIMEX HOLDINGS: Members Agree to Quit Business
VERNON PARK: Creditors to Discuss Winding Up Matters
WESTBUS: Bosnjak Brothers Continue Duel for Control
WORD FORCE: Final Meeting Fixed August 15


C H I N A  &  H O N G  K O N G

BANK OF CHINA: Eyes Four Pre-IPO Foreign Investors
BESTWAY INTERNATIONAL: Aims to Reduce Share Premium Account
BESTWAY INTERNATIONAL: AGM Slated for September 12
CHUENG FAT: Begins Liquidation Proceedings
CHEUNG SING: Receives Bankruptcy Order

DRAGON PALACE: Court Issues Winding Up Order
EAST FINE: Winding Up Hearing Fixed September 13
GREENCOOL TECHNOLOGY: Clarifies Reports on Boss' Arrest
ISTEELASIA HOLDINGS: Notes Unusual Volume Movement
GUANGDONG KELON: Konka Signifies Interest in Assets

HONESTY CORPORATION: Receives Winding Up Notice
NAM FONG: Company Secretary Quits
SINCERE COMPANY: Sees Turnaround for Department Store Unit
TOTAL TRADE: Begins Winding Up Proceedings
WENG HENG: To Appoint Liquidators, Committee Inspectors

WENG HENG: Adjourns Creditors Meeting for September 12


I N D O N E S I A

ASIA PULP: Ops Accidentally Damaged Protected Forests
BANK MANDIRI: Expects Increase in Bad Loans
GARUDA INDONESIA: Cabin Crew Wants More Pay, Threatens Walk Out


J A P A N

MATSUSHITA ELECTRIC: Sets Up Subsidiary in Vietnam
MITSUBISHI MOTORS: Lines Up More Models for India
SANYO ELECTRIC: Develops Hydrofluoric Acid Recycling System
TOSHIBA CORPORATION: Develops 30GB Recordable HD-DVD
UFJ HOLDINGS: Swings to Profit in First Half


K O R E A

ASIANA AIRLINES: Another Settlement Talk Fails
HYUNDAI MOTOR: S&P Assigns 'BB+' Rating
LG CARD: Creditors to Recoup Bailout Funds Soon
LG CARD: Issues ABS Worth US$400 Mln


M A L A Y S I A

MYCOM BERHAD: Restructuring Scheme Status Still Unchanged
OILCORP BERHAD: Unveils Director's Dealing in Shares
OLYMPIA INDUSTRIES: Sees No Development in Rehab Scheme Status
OMEGA HOLDINGS: Awaits SC's OK on Plans to Regularize Condition
PAN PACIFIC: To Dispatch Circular to Shareholders Soon

PANTAI HOLDINGS: Issues Additional Shares for Listing, Quotation
PARK MAY: Application to SC Awaits Approval
POHMAY HOLDINGS: In Talks with Lenders to Restructure Loans
POLY GLASS: Manufacturing Division Props Up Financial Results
RHB CAPITAL: Unveils Call Warrants Movement

SETEGAP BERHAD: In the Process of Finalizing Scheme
SINORA INDUSTRIES: Board Discusses Ways to Regularize Condition
TANCO HOLDINGS: Default Payment Status Unchanged
TANCO HOLDINGS: Court Grants Six-Month Extension on RO
TRU-TECH HOLDINGS: Undertakes Supplemental MA

UNITED CHEMICAL: Provides No Update on Proposed Restructure


P H I L I P P I N E S

ABS-CBN BROADCASTING: Globe Mulls Stake Buy
ACESITE HOTEL: Net Loss Balloons to Php81 Mln
DMCI HOLDINGS: Pays Php2.6-Mln Penalty
LEPANTO CONSOLIDATED: Strike Brings Php360-Mln Losses
MANILA ELECTRIC: Cleared of Tax Liabilities

NATIONAL POWER: ERC Decision to Hasten Sale of Assets
NATIONAL TRANSMISSION: Offers Investors Good RoE
NATIONAL TRANSMISSION: Metro Pacific Eyes Assets
VICTORIAS MILLING: Files Amended Articles of Incorporation


S I N G A P O R E

ACCORD CUSTOMER: Restates 2004 Results, Posts SG$37-Mln Loss
ACTIVE BUILDING: To Pay Dividend to Preferential Creditors
AIROCEAN GROUP: Uses Share Sale Proceeds to Fund Unit Operations
CHINA AVIATION: Unit Tender Attracts Strong Interest
ORIENT NETWORKS: Court Releases Wind-up Order

UNITED FIBER: Secures Wood Supply for Indonesian Paper Firm
WESCOL PTE: Creditor Seeks Winding Up in Court


T H A I L A N D

INTER FAR EAST: Names New Audit Committee Members
NATURAL PARK: Completes Registration of Capital Reduction
BOND PRICING: For the Week 8 August to 12 August 2005

     -  -  -  -  -  -  -  -

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

ABT HOLDINGS: Members Decide to Close Operations
------------------------------------------------
The following Special Resolution was passed by all the members
of ABT Holdings Pty Limited, at a General Meeting held on June
28, 2005:

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

Dated this 28th day of June 2005

Vincent Choy
Liquidator
Auswild & Co.
1st Floor, 50 Montgomery Street
Kogarah NSW 2217


ACG ENGINEERING: Members, Creditors to Convene in Final Meeting
---------------------------------------------------------------
Notice is given that the final meeting of members and creditors
of ACG Engineering Pty Limited will be held on Aug. 15, 2005,
10:00 a.m. at Level 1, 32 Martin Place, Sydney NSW for the
following reasons:

AGENDA

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

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

Dated this 29th day of June 2005

Ron Dean-Willcocks
Liquidator
C/o Level 1, 32 Martin Place
Sydney, NSW


ARISTOCRAT LEISURE: Adopts New Constitution
---------------------------------------------
At the Annual General Meeting of Aristocrat Leisure Limited on
May 3,2005, it was resolved to approve and adopt a new
Constitution to replace the existing Constitution (previously
called the Memorandum and Articles of Association) with effect
from the date on which the Directors announce to the Australian
Stock Exchange that the Company has received any necessary
approvals from regulatory authorities or legislative bodies.

Inquiries of gaming regulators have indicated that no regulatory
or legislative approvals are required.

The Directors accordingly announced that the new Constitution
takes effect from Monday, August 8, 2005.

A copy of the Company's New Constitution can be downloaded free
of charge at:
http://bankrupt.com/misc/TCRAP_ARISTOCRATLEISURE080805.pdf.

CONTACT:

Aristocrat Leisure Ltd.
71 Longueville Road,
Lane Cove, Nsw,
Australia, 2066
Telephone: (02) 9413 6300
Fax: (02) 9420 1352
Web site: http://www.aristocratgaming.com


BG INVESTMENTS: Owner Faces Fraud Charges
-----------------------------------------
Mr. Shane William Hoy, 33, of Kuraby in Queensland, on Friday
appeared in the Brisbane Magistrates Court on seven charges
brought by the Australian Securities and Investments Commission
(ASIC).

ASIC alleged that Mr. Hoy operated a high yield investment
scheme through his company BG Investments International Pty Ltd
(BG Investments International) and that he dishonestly obtained
AU$270,000. He obtained this money by inviting investors to
deposit funds, of between AU$10,000 and AU$100,000, into various
company and personal bank accounts, on the promise that their
funds would be deposited into a fixed term deposit account with
a balance of US$10,000,000 or more, and yield a return of at
least 10 per cent per month. It was further alleged that Mr. Hoy
then used this money for his own purposes.

In addition, ASIC alleged that Mr. Hoy:

(1) Sold shares to an investor in his company Biograd Filters
Pty Ltd (Biograd Filters) and that the total proceeds of
AU$13,000 were then transferred to a third party account and
used for his own purposes;

(2) Carried on a financial services business without holding an
Australian Financial Services Licence; and

(3) Made false statements during an examination conducted by
ASIC officers.

Mr. Hoy was not required to enter a plea and was granted bail on
his own undertaking. His next court appearance is a mention on
the 26 August 2005.

The matter is being prosecuted by the Commonwealth Director of
Public Prosecutions.

Background

On 22 April 2005, ASIC obtained orders from the Supreme Court of
Queensland permanently restraining Mr. Hoy from:

(1) Making statements or disseminating information concerning
private placement programs, bank guarantees, bank debentures or
any other financial products;

(2) Making any offers to sell shares in Biograd Filters Pty Ltd;
and

(3) Operating any financial services business without first
obtaining an Australian Financial Services Licence.

At the same time, the Court issued permanent injunctions against
Mr. Victor Lynas, Mr. James Lynas and Ms Christine Lynas, all of
Kuraby, preventing them from making statements or disseminating
information concerning private placement programs, bank
guarantees, bank debentures or any other financial products.

The court further ordered that Mr. Hoy's companies BG
Investments International, Pathlawn Pty Ltd, Biograd Filters and
Biograd Developments Pty Ltd be wound up and a liquidator be
appointed over them.

Mr. Hoy surrendered his passport to the Supreme Court of
Queensland in April 2005.


CHARLES TUNNEY: Liquidator to Distribute Company Assets
-------------------------------------------------------
On June 24, 2005, Charles Tunney & Sons Proprietary Limited
resolved by special resolution that the Company be wound up
voluntarily, and that Dianne Bernadette Tucker of 6 Robert
Street, Glenelg South SA 5045 be appointed the liquidator for
the winding up of the Company and distribution of Company
property.

Dated this 5th day of July 2005

Dianne B. Tucker
Liquidator
6 Robert Street
Glenelg South, SA 5045


G.L. SURF: Placed Under Voluntary Liquidation
---------------------------------------------
Notice is given that on June 24, 2005, the creditors of G.L.
Surf International Pty Limited resolved that the Company be
wound up under subsection 439C(c) of the Corporations Act.
Accordingly, the company is taken because of the application of
Section 446A to have passed a special resolution on June 24,
2005 under Section 491 that the Company be wound up voluntarily.

Dated this 27th day of June 2005

R. E. Murphy
Liquidator
Level 9, 46 Edward Street
Brisbane Qld 4000


GREAT TASTE: Appoints Official Liquidator
-----------------------------------------
At a general meeting of The Great Taste Company Pty Limited duly
convened and held on June 24, 2005, the following was resolved:

That the Company be wound up voluntarily, and that Kim David
Holbrook of Holbrook & Associates Chartered Accountants, Level
2, 19 Pier Street, Perth, Western Australia be appointed
Liquidator of the Company for the winding up.

Dated this 24th day of June 2005

K. D. Holbrook (representing A. W. Kinnane)
Holbrook & Associates
Chartered Accountants
Level 2, 19 Pier Street (GPO Box M925), Perth WA
6001


INTERNATIONAL WINE: Berren Confirms Issued Capital
--------------------------------------------------
Berren Asset Management Limited, the responsible entity for The
International Wine Investment Fund (IWIF) confirms the proceeds
of the Unit Redemption Offer was paid to Unitholders on
Thursday, July 28, 2005.

Berren further advised that the final number of units
participating in the Unit Redemption Offer was 40,750,637 units.
These units were redeemed effective June 29, 2005.

The current issued capital of IWIF is 22,539,317 units.

CONTACT:

Malcolm Mowat
Company Secretary
Berren Asset Management Limited
Phone: 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


INTRONA INVESTMENTS: Dominic Introna Named Liquidator
-----------------------------------------------------
Notice is hereby given that at an extraordinary general meeting
of Introna Investments Pty Limited held on June 30, 2005, the
following resolutions were passed:

That the Company be wound up voluntarily;

That Dominic Anthony Introna be appointed as liquidator for such
winding up.

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

Dominic Anthony Introna
Liquidator
C/o Wynn & Bennett
Chartered Accountants
Level 10, 5 Elizabeth Street
Sydney NSW 2000


ION LIMITED: ATS Acquires Warsaw Asset for US$28 Mln
----------------------------------------------------
The Administrators of ION Limited are pleased to announced that
the ION Group's automotive wheel plant in Warsaw Kentucky was
sold by Argent Metals Technology (Kentucky) LLC (Argent) to ATS
Beteiligungs GmbH (ATS) on Saturday, August 6, 2005.

ATS, which is 74% owned by South African based automotive wheel
manufacturer Tiger Wheels Limited, is a strategic purchaser with
aluminum wheel manufacturing facilities in Polans, Germany and
the United States.

The headline purchase price for this transaction is US$28
million plus working capital assets net of closing adjustments
as at June 30, 2005, the effective date of sale. The sale
agreement includes an "Earn-Out" mechanism pursuant to which up
to US$4 million of the purchase price will be paid to the Seller
over a two-year period based on the plant's production output.

The purchase price represents a premium of approximately US$8
million over amounts advanced by the Administrators to fund the
ongoing commissioning of this plant. The net realizable value of
these assets, in the absence of continued funding by the
Administrators, was less than the value of outstanding liens and
other priority claims.

The Administrators wish to thank the management and employees of
Argent who have worked tirelessly to successfully commission
this facility on time and on budget. The Administrators also
wish to acknowledge the key role played by sale advisers Credit
Suisse First Boston and the important contribution of Allens
Arthur Robinson as Australian legal counsel representing the
Administrators.

CONTACT:

Colin Nicol
Deed Administrator
Level 9, 10 Shelley Street,
Sydney NSW 2000
Australia
Phone: +61 2 9338 2600
Fax: +61 2 9338 2699
E-mail: cnicol@mcnp.com.au
Web site: http://www.mcgrathnicol.com.au


KENLEY PTY: Begins Winding Up Proceedings
-----------------------------------------
Notice is hereby given that at a general meeting of the members
of Kenley Pty Limited held on June 27, 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.

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


K.H. HOLDINGS: Members Pass Winding Up Resolution
-------------------------------------------------
At a general meetings of the members of K.H. Holdings Pty
Limited held on June 24, 2005, a special resolution to wind up
the Company was voluntarily passed.

Timothy J. Cuming
David C. Pratt
Liquidator
Level 15, 201 Sussex Street
Sydney NSW 1171


KNIGHTS INSOLVENCY: Losses Could Hit AU$22 Mln
----------------------------------------------
Listed insolvency firm Knights Insolvency forecasts between
AU$16 million and AU$22 million losses for the 2005 June year,
just 12 months after expressing confidence that profits would
keep growing.

The bottom line could be even deeper in the red after Knights
recently revealed it had passed franking credits to shareholders
that the company might not have been entitled to claim.

Knights, which itself tries to revive or sell off struggling
businesses, said accounting policies would become more
conservative. Now it would only record revenue on a cash basis
and stop recording movement of work-in-progress (WIP).

The Australian Securities and Investments Commission has been
scrutinizing the WIP with industry questions about whether a
more conservative approach should have been taken last year.

Knights upped provisions for unrecoverable amounts by AU$1.8
million and included a 15 percent buffer for uncertainties. The
firm claimed this was partly due to legal matters and a "more
conservative" provisioning approach.

The anticipated pre-tax result for fiscal 2005 is a AU$16.2
million-AU$22 million loss.

Knights would review the value of assets including software
development expenses and a client database, which was obtained
from a private company linked to former managing director John
Schmierer.

After the 2004 profit result of AU$3.7 million, Knights paid
shareholders a 2.5 franked dividend. But that year's tax return
was not finished until December 2004.

Knights also announced a 2.27 million share issue at 2.2 a share
to raise almost AU$50,000 to fund current operations.

It is hoping to recapitalize with possibilities including a
share issue and the sale of Indian operations to Mr. Schmierer
and former Nationals Senator Bill O'Chee, who is no longer
listed as Knights legal counsel.

CONTACT:

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


KOGEN PTY: Creditors OK Liquidator's Appointment
------------------------------------------------
Notice is hereby given that at a General Meeting of Members of
Kogen Pty Limited duly convened and held on June 29, 2005, a
Special Resolution that the Company be wound up voluntarily was
passed by members, and Gregory J. Parker was appointed
Liquidator.

The Liquidator's appointment was confirmed by creditors at a
meeting of creditors held later that day.

Dated this 29th day of June 2005

Gregory J. Parker
Liquidator
Parker Advisory
Level 5, 49 Market Street
Sydney NSW 2000


MAINTAIN SERVICES: Members Opt for Voluntary Liquidation
--------------------------------------------------------
Notice is hereby given that at a general meeting of Maintain
Services Pty Limited held on June 29, 2005, it was resolved that
the Company be wound up voluntarily and that Michael Edward
Slaven of Rangott Slaven Hundy, U12, Level 3 Engineering
House, 11 National Circuit, Barton ACT be appointed Liquidator
for such winding up.

Dated this 12th day of July 2005

Michael E. Slaven
Rangott Slaven Hundy, U12
Level 3 Engineering House
11 National Circuit
Barton ACT


MAYFIELD HARDWARE: Appoints Official Liquidator
-----------------------------------------------
Notice is hereby given that at a general meeting of members of
Mayfield Hardware Pty Limited held on June 30, 2005, it was
resolved that the Company be wound up voluntarily and that for
such purpose, John O'Toole was appointed Liquidator of the
Company.

Dated this 30th day of June 2005

John O'Toole
Liquidator
Solvent Company Consultants
GPO Box 1014, Sydney NSW 2001
Web site: http://www.scconsultants.com.au


NATIONAL BUSINESS: Liquidator to Detail Wind Up Manner
------------------------------------------------------
Notice is hereby given that the affairs of National Business
Magazines Pty Limited have been wound up, and the Company will
hold a final meeting with its creditors on Aug. 15, 2005, 2:00
p.m.

The purpose of the meeting is to table an account indicating how
the winding up was conducted, the property of the
Company disposed of and to give an explanation thereof.

Dated this 4th day of July 2005

S. J. Parbery
M. J. Robinson
Joint Liquidators
c/o PPB
15th Floor, 25 Bligh Street
Sydney NSW 2000
Phone: (02) 9233 4955
Fax:   (02) 9221 1310


PAN PHARMACEUTICALS: Liquidators Release Second Annual Report
-------------------------------------------------------------
This is the Liquidators' second annual report to creditors and
shareholders of Pan Pharmaceuticals Limited (In Liquidation).
The report sets out an account of the Liquidators' acts and
dealings and of the conduct of the winding up of the Company for
the year ended 21 May 2005. 1.2

The principal developments during the year have been as follows:

(1)  Receipt of a further AU$625,000 in debtor recoveries;
  
(2)  Receipt of AU$1.6 million in respect of GST previously paid
by Pan in relation to goods subject to the product recall. The
estimated further recoveries of GST are expected to exceed
previous estimates by between AU$100,00 and AU$300,000;
  
(3)  Receipt of AU$378,000 in respect of adverse cost orders,
exceeding previous estimates by AU$82,000;

(4)  Preparation and submission of Pan's 2002/3 income tax
return resulting in the receipt of AU$5.6 million since the year
end. As no recovery had previously been estimated this
represents a significant outcome for creditors;

(5)  Increased estimated future receipt from Pan Laboratories by
AU$600,000 to AU$18 million as a result of an income tax
repayment secured by the Liquidators on behalf of that company;

(6)  Commencement of mediation of the damages claim against Jim
Selim. Whilst the mediation did not settle the claim at that
stage, it remains open for further negotiation in the future. In
the meantime, the litigation is ongoing and, with the agreement
of the Committee of Inspection, it will continue to be funded by
liquidation funds;
  
(7)  Receipt of a further AU$40 million of creditors' claims,
predominantly from Sponsors, bringing the total value of claims
received at the year-end to AU$377 million;
  
(8)  Completion of adjudication of all trade creditors' claims
and 83% of all Sponsors' claims. The completed percentage of
Sponsors' claims had increased to 85% at the date of this report
leaving 22 out of the original 204 (excluding claims stood over
pending the outcome of the court appeals);

(9)  Filing of court appeals by four Sponsors against the
rejection of future loss of profits claims totaling AU$12.3
million. Two of the Sponsors have withdrawn their appeals
totaling AU$3.9 million since the year-end. The hearing for the
first of the remaining two appeals is expected to occur during
October 2005;
  
(10) Following adjudication, a decrease in the creditor pool at
the year-end by AU$74 million to AU$239 million, inclusive of
the original four court appeals. As a result of further work,
the pool had decreased by an additional AU$9 million to AU$230
million as at the date of this report, allowing the Liquidators
to revise the expected final pool downwards by AU$10 million to
AU$220 million, assuming successful outcomes to the court
appeals;

(11) Payment of a second interim dividend of 5 cents in the
dollar, bringing total dividends declared to 15 cents in the
dollar at the year-end. Dividend payments at the year-end
increased to AU$9.5 million of which AU$7.9 million was
distributed during the year. Total dividend payments at the date
of this report are AU$10.4 million;

(12) A net AU$4 million increase from AU$48 million to AU$52
million in the estimated funds expected to be available to
creditors, leading to a 3 cents in the dollar increase in the
overall estimated creditors' dividends. The estimated dividends
assuming successful and unsuccessful action against Mr. Selim
are now 45 cents in the dollar and 20 cents in the dollar
respectively;

(13) Prospects of the payment of a third interim dividend in the
region of 3 cents in the dollar at the end of 2005, subject to
completion of adjudication of the Sponsors' residual claims and
assuming a successful outcome of the current court appeals;

(14) Commencement of criminal proceedings against Pan, Jim Selim
and Shyama Jain, a former Pan employee. These proceedings are
not expected to adversely affect the liquidation of Pan or the
damages claim against Mr. Selim;
  
(15) Confirmation that there will be no return to shareholders
even in the event of a successful outcome of the damages claim
against Mr. Selim.

Meanwhile, the annual meeting of creditors and the annual
general meeting of the members of Pan will be held jointly for
the purposes of receiving this report at The Grace Hotel, 77
York Street, Sydney, NSW 2000 on 16 August 2005 at 10:30 am.

A copy of the entire Liquidators' Report is available for
download free of charge at:
http://bankrupt.com/misc/tcrap_panpharmaceuticals080805.pdf.

CONTACT:

McGrathNicol and Partners
Level 9, 10 Shelley Street,
Sydney NSW 2000
Australia
Phone: +61 2 9338 2600
Fax: +61 2 9338 2699
Web site: http://www.mcgrathnicol.com.au


PASBARB PTY: Members, Creditors to Meet August 16
-------------------------------------------------
Notice is given that a Final Meeting of the Members and
Creditors of Pasbarb Pty Limited will be held on Aug. 16, 2005
at Ngan & Co., Level 5, 49 Market Street, Sydney NSW 2000.

AGENDA:

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

(2) To consider any other business brought before the meeting.

Dated this 29th day of June 2005

P. Ngan
Liquidator
Ngan & Co.
Level 5, 49 Market Street
Sydney NSW 2000


QANTAS AIRWAYS: Foreign Ownership Level Now 42.60%
--------------------------------------------------
Qantas Airways Limited on August 8, 2005 provided an update on
the level of foreign relevant interest in Qantas shares.

Under the Qantas Constitution, the maximum aggregate level of
relevant interest that foreign persons are permitted to hold in
Qantas is 49%.

On July 12, 2005, Qantas advised the market that foreign persons
had a relevant interest in approximately 45.96% of the Qantas
issued share capital.

Listing Rule 3.19.3 requires that Qantas advise the market when
the level of foreign relevant interest falls below 44%.

Based on the most recent reconciliation, Qantas advised the
market that recent foreign sales have resulted in foreign
persons having a relevant interest in less than 44% of Qantas
shares. The current level of foreign ownership is approximately
42.60%.

In accordance with Listing Rule 3.19, Qantas will advise the
market immediately it becomes aware that the level of relevant
interest is more than 44%.

Notification Obligations

Qantas reminds the market that, under its Constitution, foreign
purchasers are required to notify Qantas, within 10 days of
becoming registered, of their acquisition of a relevant interest
in Qantas shares. Foreign Ownership Notifications are available
from the Qantas Share Registry on (02) 8280 7390.

It is the order of receipt of complete Foreign Ownership
Notifications which determines the priority for entry, upon
reconciliation to a registered shareholding, to the Qantas
Foreign Sub-Register.

Qantas investigates foreign share purchases and, upon
reconciliation of the relevant Foreign Ownership Notifications
to a registered shareholding, enters the purchases on the Qantas
Foreign Sub-Register. Should the level of foreign ownership on
the Qantas Foreign Sub-Register exceed 49%, the Qantas
Constitution contains provisions to notify those foreign
shareholders. Should such a Notice be required to be sent, it
results in the registered holder of the offending shares not
being entitled to vote the shares at a meeting of shareholders
and it may lead to the disposal of those shares.

CONTACT:

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


RABBIT & CO.: Set to Declare Dividend August 22
-----------------------------------------------
Rabbit & Co. Management Pty Limited will declare a first and
final dividend on Aug. 22, 2005.

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

Dated this 4th day of July 2005

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


RAZORBACK SPORTS: Supreme Court Orders Wind Up
----------------------------------------------
On June 28, 2005, the Supreme Court of New South Wales, Equity
Division, ordered the winding up of Razorback Sports (Australia)
Pty Limited, and appointed Steven Nicols to be Liquidator for
such purpose.

Steven Nicols
Level 2, 350 Kent Street
Sydney NSW 2000


SONS OF GWALIA: Chief Executive Officer Resigns
-----------------------------------------------
Sons of Gwalia Limited (Administrators Appointed) advised that
Mr. Luke Tonkin will cease to act as Chief Executive Officer of
(and cease employment with) of the Company on or before October
25, 2005.

Mr. Luke Tonkin has accepted a position with Mount Gibson Iron
Ltd (MGX).

The Administrators are currently exploring alternatives for
replacement of the Company's Chief Executive Officer.

GARRY TREVOR, ANDREW LOVE and DARREN WEAVER
Joint and Several Administrators of
Sons of Gwalia Limited

CONTACT:

Sons of Gwalia Limited
16 Parliament Place
West Perth, Western Australia 6005
Australia
Phone: +61 8 9263 5555
Fax: +61 8 9481 1271
Web site: http://www.sog.com.au/


SUMALO PTY: Members to Hear Liquidator's Report
-----------------------------------------------
Notice is hereby given that a Final Meeting of the Members of
Sumalo Pty Limited will be held on Aug. 15, 2005, 10:00 a.m. at
48 Mintaro Avenue, Strathfield, NSW 2135.

The purpose of this meeting is to consider the following:

(1) To receive and adopt the report of the liquidator's act and
dealings during the conduct of the winding up.

(2) To receive and adopt Australian Securities and Investments
Commission Form 524 Accounts and Statement by a Liquidator.

(3) To transact any other business which may properly be brought
forward at the meeting.

Bruce Leonard Bailey
Liquidator
C/o 48 Mintaro Avenue
Strathfield, NSW 2135


SYDNEY PROTECTION: Wind-up Process Initiated
--------------------------------------------
Notice is hereby given that at an extraordinary general meeting
of members of Sydney Protection Security Services Pty Limited
held on June 29, 2005, it was resolved that the Company be wound
up voluntarily.

At a meeting of creditors held on the same day, it was resolved
that for such purpose, Peter Paul Krejci of GHK Green Krejci,
Level 9, 179 Elizabeth Street, Sydney NSW 2000 be appointed
Liquidator.

Dated this 29th day of June 2005

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


TRIMEX HOLDINGS: Members Agree to Quit Business
-----------------------------------------------
At a general meeting of the members of Trimex Holdings Pty
Limited held on June 30, 2005, a special resolution that the
Company be wound up voluntarily was passed.

David C. Pratt
Simon Cathro
Liquidators
Level 15, 201 Sussex Street
Sydney NSW 1171


VERNON PARK: Creditors to Discuss Winding Up Matters
----------------------------------------------------
Notice is given that a meeting of the creditors of Vernon Park
Pty Ltd will be held on Aug. 17, 2005, 11:00 a.m. at the offices
of Maris Rudaks, Chartered Accountant, Level 2, 99 Frome Street,
Adelaide, South Australia, 5000.

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 22nd day of June 2005

Maris A. Rudaks
Liquidator
Maris Rudaks & Associates
Chartered Accountants
Level 2, 99 Frome Street
Adelaide SA 5000
Phone: (08) 8236 1500
Fax:   (08) 8236 1555


WESTBUS: Bosnjak Brothers Continue Duel for Control
---------------------------------------------------
The administrators of failed Westbus has shed light to the
ongoing battled between the bus firm's owners, just days before
the announcement of Westbus' buyer, according to the Daily
Telegraph.

It has been found that while brothers Bob and Jim Bosnjak
continue their decade-long war in the courts, there is a chance
Jim may once again take control of Westbus while current
shareholder Bob will limp away with nothing.

Administrator Peter Yates refused to reveal any of the potential
buyers but industry sources said Jim Bosnjak, in consortium with
heavyweight investors Macquarie Bank, was up against a joint bid
by Busways and French transport giant Transdev.

Also in the running is multinational Connex and a highly favored
consortium of Singapore Bus Company and Cabcharge founder Reg
Kermode.

State Transit is keen to get its hands on Westbus' lucrative
city routes.

Westbus, which collapsed in January with debts of AU$80 million,
should fetch between AU$80 million and AU$120 million, ensuring
all creditors, except major shareholder National Bus Company
(NBC), are repaid 100 cents in the dollar. The firm's downfall
was due to management's inability to service loans from NBC as
it sought to update its ageing bus fleet.

The creditor's report reveals a AU$73 million bid by Bob
Bosnjak, which promised to pay all employees full entitlements
but return just 70c in the dollar to creditors, was rejected by
Mr. Yates.

Bob has for years been battling younger brother Jim, who counts
Gough Whitlam, Nick Greiner and Bruce Baird as friends and
splits his time between his Western Suburbs mansion and the
family's native Croatia, where he is involved in re-developing
tourist resorts. The creditor's report reveals court action Bob
brought against Jim and their brother John's widow Carol, is yet
to be resolved.

Bob has accused them of using family company Bosnjak Holdings to
secure a contract for NBC, in which they had shares, to the
detriment of Westbus.

The NSW Court of Appeal found in favour of Bob over an agreement
between Westbus and Transcard, another company in which Jim was
a director.

Bob Bosnjak is also suing Bosnjak Holdings for unfair dismissal,
after he was made redundant in July 2001.

The disputes follow a nine-year legal brawl over their parents'
estate, worth an estimated AU$5 million.

CONTACT:

Westbus Pty Ltd
Level 12, 100 George Street
Parramatta, NSW 2150
Web site: http://www.westbus.com.au


WORD FORCE: Final Meeting Fixed August 15
-----------------------------------------
Notice is given that the final meeting of members and creditors
of Word Force Pty Limited will be held on Aug. 15, 2005, 10:30
a.m. at Level 1, 32 Martin Place Sydney NSW.

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

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

Dated this 29th day of June 2005

Adam Shepard
Liquidator
C/o Level 1, 32 Martin Place
Sydney NSW


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

BANK OF CHINA: Eyes Four Pre-IPO Foreign Investors
--------------------------------------------------
Four foreign investors will spend US$6 billion for a nearly 25
percent stake in Bank of China, China Daily reports.

The deal would bring in investors Royal Bank of Scotland,
Singapore's state investment agency Temasek Holdings, Swiss
investment bank UBS and the Asian Development Bank.

Royal Bank of Scotland and Temasek would each acquire 9.9
percent stakes in Bank of China while UBS and the ADB would
jointly hold 5 percent, it said, citing an unidentified source
familiar with the deal.

The Bank of China has been trying to attract strategic foreign
investors as it overhauls operations and prepares for a multi-
billion-dollar public share sale by 2006.

CONTACT:

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


BESTWAY INTERNATIONAL: Aims to Reduce Share Premium Account
-----------------------------------------------------------
As mentioned in the announcement of Bestway International
Holdings Limited dated July 25, 2005, the Board proposed to put
forward to the Shareholders a proposal to reduce the entire
amount standing to the credit of the share premium account of
the Company as at the Effective Date.

The purpose of this circular is to provide information on the
Share Premium Reduction and to give you notice of the SGM to be
convened for the purpose of seeking approval of the Share
Premium Reduction.

SHARE PREMIUM REDUCTION

The Board intends to put forward to the Shareholders a proposal
for approval to reduce the entire amount standing to the credit
of the share premium account of the Company on the Effective
Date pursuant to Section 46 of the Companies Act and bye-law 6
of the Bye-laws of the Company. It is proposed that, subject to
fulfillment of the conditions as set out below, the entire
amount standing to the credit of the share premium account of
the Company on the Effective Date so reduced will be utilized in
accordance with the Byelaws and all applicable laws to offset
part of the Accumulated Losses as at the Effective Date.

As at the Latest Practicable Date, the unaudited amount standing
to the credit of the share premium account of the Company was
estimated to stand at approximately HK$254,100,000. According to
the audited financial statements of the Company as at 31 March
2005, the amount standing to the credit of the share premium
account of the Company was HK$186,340,000 and the Accumulated
Losses were HK$397,101,000.

The Directors anticipate that as at the Effective Date the
Accumulated Losses will be greater than the entire amount
standing to the credit of the share premium account of the
Company. Therefore, only part of the Accumulated Losses will be
offset on the Effective Date as a result of the Share Premium
Reduction, and there will not be any excess share premium amount
being reduced.

REASONS FOR THE SHARE PREMIUM REDUCTION

As mentioned above, the Company recorded audited Accumulated
Losses of HK$397,101,000 as at 31 March 2005. The Company is not
permitted to declare or pay dividends to the Shareholders while
it is not solvent, meaning that there are reasonable grounds for
believing that the Company is or would after the payment be
unable to pay its liabilities as they become due or the
realisable value of the Company's assets would thereby be less
than the aggregate of its liabilities and its issued share
capital and share premium account.

The Directors propose that, subject to the fulfillment of
conditions set out below, the entire amount standing to the
credit of the share premium account of the Company as at the
Effective Date be reduced with the credit arising therefrom
being directly applied to offset part of the Accumulated Losses
as at the Effective Date.

The Board considers that the reduction of the Accumulated Losses
will give the Company more flexibility to declare dividends to
the Shareholders at an earliest opportunity in the future as and
when the Board considers appropriate. The Board believes that
the Share Premium Reduction is beneficial to the Company and its
Shareholders as a whole.

EFFECTS OF THE SHARE PREMIUM REDUCTION

Save for the expenses to be incurred in relation to the Share
Premium Reduction, the Board considers that the implementation
of the Share Premium Reduction will not, in itself, alter the
underlying assets, business operations, management or financial
position of the Company or the proportionate interests of the
Shareholders in the underlying assets of the Company. The Board
considers that the Share Premium Reduction is in the interests
of the Company and the Shareholders as a whole.

Conditions of the Share Premium Reduction

The Share Premium Reduction is conditional upon:

1. The passing of a special resolution to approve the Share
Premium Reduction at the SGM; and

2. Compliance with Section 46(2) of the Companies Act, including
publication of a notice of the Share Premium Reduction in an
appointed newspaper in Bermuda on a date not more than thirty
days and not less than fifteen days before the Effective Date
and that there are no reasonable grounds for believing that the
Company is on the Effective Date, and after the Effective Date
would be, unable to pay its liabilities as they become due.

Assuming the above conditions are fulfilled, it is expected that
the Share Premium Reduction will become effective on the date of
passing of the special resolution to approve the Share Premium
Reduction.

RECOMMENDATION

The Directors believe that the Share Premium Reduction is in the
best interests of the Company and the Shareholders as a whole.
Accordingly, the Directors recommend the Shareholders to vote in
favor of the special resolution to be proposed at the SGM to
approve the Share Premium Reduction.

Yours faithfully,
Tang Kuan Chien
Chairman of the Board

CONTACT:

Bestway International Holdings Limited
18/F, Tesbury Centre
28 Queen's Road East
Wanchai, Hong Kong
Phone: 28151199
Fax: 28541076


BESTWAY INTERNATIONAL: AGM Slated for September 12
--------------------------------------------------
Notice is hereby given that the Special General Meeting of
Bestway International Holdings Limited will be held at
Chairman's Suite, 38th Floor, World Trade Centre, 280 Gloucester
Road, Causeway Bay, Hong Kong on Monday, September 12, 2005 at
9:30 a.m. (or so soon thereafter as the annual general meeting
of the Company convened for the same day at the same place at
9:00 a.m. shall have been concluded or adjourned) for the
purpose of considering and, if thought fit, passing (with or
without modification) the following resolution as a special
resolution of the Company:

AS A SPECIAL RESOLUTION

(a) Subject to the compliance of section 46(2) of the Companies
Act 1981 of Bermuda (as amended) and with effect from the date
of the passing of this resolution (the Effective Date), the
entire amount standing to the credit of the share premium
account of the Company on the Effective Date be reduced and the
directors of the Company be and are hereby authorized to utilize
the credit arising from the aforesaid reduction of the share
premium account of the Company to offset part of the accumulated
losses of the Company as at the Effective Date (the Share
Premium Reduction); and

(b) the directors of the Company be and are hereby authorized to
do all such acts and things (including, without limitation to
the generality of the foregoing, the execution of any additional
document, instrument or agreement) as they may, in their
absolution discretion, consider necessary, desirable or
expedient to implement and/or to give effect to the Share
Premium Reduction.

By order of the Board
Tang Kuan Chien
Chairman of the Board
Hong Kong, 8 August 2005


CHUENG FAT: Begins Liquidation Proceedings
------------------------------------------
Cheung Fat Construction & Engineering Limited whose place of
business is located at Flat A, 19/F, Hom Shing Commercial
Building, 41-43 Chi Kiang Street, Hunghom, 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
27, 2005.

Date of Presentation of Petition: June 1, 2005

Dated this 5th day of August 2005

ET O'Connell
Official Receiver


CHEUNG SING: Receives Bankruptcy Order
--------------------------------------
Notice is hereby given that the Bankruptcy Order against Wong
Ming Kong trading as Cheung Sing Tours Bus Co. was made on July
27, 2005. All debts due to the estate should be paid to its
official receiver.

Dated this 5th day of August 2005.

ET O'Connell
Official Receiver


DRAGON PALACE: Court Issues Winding Up Order
--------------------------------------------
Dragon Palace International Limited whose place of business is
located at Room 501-2, 5/F Block 4, Tai Ping Industrial Centre,
51A Ting Kok road, Tai Po, 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 27, 2005.

Date of Presentation of Petition: June 1, 2005

Dated this 5th day of August 2005

ET O'Connell
Official Receiver


EAST FINE: Winding Up Hearing Fixed September 13
------------------------------------------------
Notice is hereby given that a Petition for the Winding up of
East Fine Investment Limited by the High Court of Hong Kong
Special Administrative Region was on the 14th day of July 2005
present to the said Court by Bank of China (Hong Kong) Limited
(the successor banking corporation to Kincheng Banking
Corporation pursuant to Bank of China (Hong Kong) Limited
(Merger) Ordinance (Cap.1167) whose registered office is
situated at 14th Floor, Bank of China Tower, 1 Garden Road, Hong
Kong.  

The said Petition is to be heard before the Court at 9:30 a.m.
on September 14, 2005.

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

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

MESSRS. ARTHUR K.H. CHAN & CO.
Solicitors for the Petitioner
Unit C1, 15th Floor, United Centre
No. 95 Queensway
Hong Kong

Note:

Any person who intends to appear at the hearing of the said
petition must serve on or send by post to the abovenamed, notice
in writing of his intention to do so.  The Notice must state the
name and address of the person, or if a firm or his or their
Solicitor (if any) and must be served or if posted, must be sent
by post in sufficient time to reach the abovenamed not later
than six o'clock in the afternoon of September 13, 2005.


GREENCOOL TECHNOLOGY: Clarifies Reports on Boss' Arrest
-------------------------------------------------------
Greencool Technology Holdings Limited noted various newspaper
articles in Hong Kong published earlier last week relating to
the arrest of its Chairman, Mr. Gu Chu Jun and certain senior
management of Guangdong Kelon Electrical Holdings Company
Limited and the alleged disposal by Mr. Gu of his shares in the
Company. Other than Mr. Gu, the other persons named in the
announcement dated August 1, 2005 by Guangdong Kelon in this
matter do not have management positions in the Company and its
subsidiaries (the Group).

The Company has been unable to contact Mr. Gu since the evening
of July 29, 2005 and therefore it is unable to verify. The
Company also notes certain press reports in Hong Kong published
on August 2, 2005 which reports that the Group's Chief Operating
Officer (COO), Mr. Zhang Xi Han has also been the subject of
current investigations by PRC regulatory authorities.

Since August 1, 2005, the Company has been unable to contact Mr.
Zhang. Apart from Mr. Gu and Mr. Zhang, all directors of the
Company are Mr. Zhang, as COO, had overall responsibility for
the operations of the Group and been coordinating the submission
of financial reports by the Company's subsidiaries to its
offices in Shenzhen as part of the Company's preparation of the
Group's interim financial statements for the six months ended 30
June, 2005. In the absence of its COO, the Board has established
a working committee to, among other things, (a) investigate the
impact on the Group of recent events relating to Mr. Gu and
Guangdong Kelon; and (b) for the working committee to make
direct contact with the Company's major subsidiaries to
ascertain the status of delivery of management accounts as these
are vital to the preparation of its interim accounts.

In the circumstances, the Company is very likely to have to
delay the publication of its interim financial statements for
the six months ended June 30, 2005. On August 1, 2005, the
Company had requested a suspension in the trading of its shares
commencing from 10 a.m. that day pending the publication of this
announcement. Suspension in the trading of the shares of the
Company will continue until the Company makes further
announcement about the Group's financial and trading position.

The Company will, subject to the applicable laws and
regulations, also make further announcement if it receives
notice from any PRC regulatory authority that it is the subject
of any PRC regulatory investigation.

CONTACT:

Greencool Technology Holdings Limited
Unit 1406-07, 14/F
West Tower, Shun Tak Centre
168-200 Connaught Road Central
Hong Kong  
Phone: 25259133  
Fax: 25259191  
Web site: http://www.greencool.com.hk


ISTEELASIA HOLDINGS: Notes Unusual Volume Movement
--------------------------------------------------
ISteelAsia Holdings has noted the decrease in price and increase
in trading volume of the shares of the company and wishes to
state that it is not aware of any reasons for such movement.

Save as disclosed in the announcement dated May 19, 2005 and the
announcement regarding the results of open offer dated August 5,
2005, the company also confirm that there are no negotiations or
agreements relating to intended acquisitions or realizations
which are discloseable under Chapters 19 and 20 of the GEM
Listing Rules, neither is the board of Directors aware of any
matter discloseable under the general obligation imposed by rule
17.10 of the GEM Listing Rules, which is or may be of a price-
sensitive nature.

By Order of the Board
Desmond Hay Ching Fu
Director and Chief Executive Officer
Hong Kong, 8th August 2005

CONTACT:

ISteelAsia Holdings Limited
Room 4902-8, Hoppewell Centre
183 Queen'st Road East
Wanchai, Hong Kong
Phone: 28657106
Fax: 28650578
Web site: http://www.isteelasia.com


GUANGDONG KELON: Konka Signifies Interest in Assets
---------------------------------------------------
Konka Group is keen on acquiring the assets of Guangdong Kelon
Electrical Holdings Limited but no agreement has been reached,
The Standard relates, citing Konka official Chang Qiling.

Meanwhile, Guangdong Kelon declined to comment on media reports
that vice-Chairman Liu Congmeng, placed in charge of operations
this week, had quit to distance himself from the scandal.

The Company confirmed that a Shenzhen court has frozen until
next July 27 the 26.4 percent Kelon stake held by Guangdong
Greencool, which is 60 percent-owned by Kelon chairman Gu
Chujun. Gu and four executives have been detained in the
mainland in connection with an embezzlement investigation.

Up to 11 mainland electronics firms are said to be interested in
Guangdong Kelon. However, Hisense Group denied reports it
offered CNY1.1 billion (HK$1.05 billion) for a quarter of the
Guangdong Kelon's shares.

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


HONESTY CORPORATION: Receives Winding Up Notice
-----------------------------------------------
Honesty Corporation Limited whose place of business is located
at Flat A, 5th Floor, Wui Wah Factory Building, 1037 Yee Kuk
West Street, Castle Peak Road, Kowloon was issued a winding up
order notice by the High Court of the Hong Kong Special
Administrative Region Court of First Instance on July 27, 2005.

Date of Presentation: May 19, 2005

Dated this 5th day of August 2005

ET O'Connell
Official Receiver


NAM FONG: Company Secretary Quits
---------------------------------
The board of directors Nam Fong International Holdings Limited
announces that Ms. Chung Kam Man resigned as company secretary
of the Company due to personal reasons with effect from April 7,
2005.

Ms. Chung has confirmed that there is no disagreement with the
Board and there is no other matter relating to her resignation
that needs to be brought to the attention of the shareholders of
the Company.

The Board also announces the appointment of Ms Ma Oi Ming as
company secretary of the Company with effect from April 26,
2005. Ms Ma is an associate member of the Hong Kong Institute of
Company Secretaries. Delay in announcement is mainly because Ms.
Ma needs to apply for associate ship in order to meet the
requirement under the rules governing the listing of the
securities on the Stock Exchange of Hong Kong Limited and
requests the publication to be made after probation.

The Board would like to express its gratitude to Ms. Chung for
her contribution to the Company during her tenure of office and
also express its warm welcome to Ms. Ma.

CONTACT:

Nam Fong International Holdings Limited
16/F, Dah Sing Financial Centre
108 Gloucester Road
Wanchai, Hong Kong
Phone: 25062322
Fax: 25061013


SINCERE COMPANY: Sees Turnaround for Department Store Unit
----------------------------------------------------------
Department store operator Sincere Company said Hong Kong sales
increased 20 percent in the first five months and it expects the
retail unit to return to profit this year, The Standard reports,
citing Sincere's group managing director Philip Ma.

Sincere, which now runs three department stores in the city,
narrowed losses from the unit to HK$30.25 million for the fiscal
year ended February from HK$56 million a year earlier.

Mr. Ma said benefits from the influx of mainland tourists were
limited as they accounted for less than 10 percent of sales.

For the fiscal year ended February, net loss narrowed to
HK$118.71 million from HK$169.69 million a year earlier,
affected by a bad debts write-off for property investments.

CONTACT:

The Sincere Company Limited
24/F., Leighton Ctr.
77 Leighton Road, Hong Kong  
Phone: 25442688  
Fax: 25417977  
Web site: http://www.sincere.com.hk


TOTAL TRADE: Begins Winding Up Proceedings
------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Total Trade Limited by the High Court of Hong Kong Special
Administrative Region was on July 22, 2005 presented to the said
Court by Bank of China (Hong Kong) Limited (the successor
banking corporation to Kincheng Banking Corporation pursuant to
Bank of China (Hong Kong) Limited (Merger) Ordinance (Cap.1167)
whose registered office is situated at 14th Floor, Bank of China
Tower, 1 Garden Road, Hong Kong.  

The said Petition is directed to be heard before the Court at
9:30 a.m. on September 14, 2005 and any creditor or contributory
of the said company desirous to support or oppose the making of
an order on the said petition may appear at the time of hearing
by himself or his counsel for that purpose.

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

FORD KWAN AND COMPANY
Solicitors for the Petitioner
Rooms 1202-1206, 12th Floor
Wheelock House, 20 Pedder Street
Central, Hong Kong
Tel: 2810 8388    Fax: 2810 6537

Note:

Any person who intends to appear on the hearing of the said
petition must serve on or send by post to the abovenamed, notice
in writing of his intention to do so. Notice must state the name
and address of the person, or if a firm or his or their
Solicitor (if any) and must be served or if posted, must be sent
by post in sufficient time to reach the abovenamed not later
than six o'clock in the afternoon of September 13, 2005.


WENG HENG: To Appoint Liquidators, Committee Inspectors
-------------------------------------------------------
Weng Heng Investment Company Limited hereby announced that an
application by the Official Receiver and Provisional Liquidator
will be heard before Master S. Kwang of the High Court for
consideration of the resolutions and determinations (if any) of
the first meeting of creditors held on April 26, 2005 and the
first meeting of contributories and the adjourned first meeting
of contributories held on April 26, 2005 and May 4, 2005
respectively, deciding the differences (if any) and making such
order of appointments as the court may think fit.

Date and Time of Hearing: September 12, 2005 (Monday) at 10:30
a.m.

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

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

Dated this 5th day of August 2005
E.T. O'CONNELL
Official Receiver & Provisional Liquidator


WENG HENG: Adjourns Creditors Meeting for September 12
------------------------------------------------------
Weng Heng Investment Company Limited hereby gives notice that an
application by the Official Receiver and Provisional Liquidator
will be heard before Master S. Kwang of the High Court for
consideration of the resolutions and determinations (if any) of
the first meetings of creditors held on 26 April 2005 and the
first meeting of contributories and adjourned first meeting of
contributories held on 26 April 2005 and 4 May 2005
respectively, deciding the differences (if any), and making such
order of appointments as the court may think fit.

Date and Time of Hearing:
12 September 2005 (Monday) at 10:30 a.m.

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

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


Dated this 5th day of August 2005

E T O'CONNELL
Official Receiver & Provisional Liquidator


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

ASIA PULP: Ops Accidentally Damaged Protected Forests
-----------------------------------------------------
Paper firm Asia Pulp & Paper Co., Limited (APP) was reported to
have damaged protected forests in its operations in China, but
the damage was accidental, reports Xinhua News.

According to a report from the State Forestry Administration's
office in Haikoku, Hainan province, the Company's operations in
Hainan led to the partial destruction of natural forests in the
surrounding area, but that such was unintentional.

APP submitted a written promise to the State Forestry
Administration office, stating that it would abide by the law
and send regular reports on its activities to the
administration.

APP has recently come under fire from environmentalist group
Greenpeace, which accused APP unit Hainan Jinhai Pulp & Paper
Co. Limited of illegal logging in order to fill a gap in its
timber supply, and the Beijing News, which reported mass logging
of roadside trees for the Company's projects.

The State Forestry Administration concluded in its report that
APP projects don't necessarily destroy protected forests;
however, the destruction of forests is not common.
    
CONTACT:

Asia Pulp & Paper Company Ltd.
69 Loyang Dr.
508958 Singapore
Phone: +65-6477-6118
Fax: +65-6477-6116
Web site: http://www.asiapulppaper.com


BANK MANDIRI: Expects Increase in Bad Loans
-------------------------------------------
State-owned PT Bank Mandiri's non-performing loans are expected
to rise from 10.3% earlier this year before they would finally
fall, Reuters News reports.

Bank Mandiri president director Agus Martowardojo told foreign
news agencies that the bank targets its NPL level to be at 5% by
2007, and stated that the bank's 2005 net profit would be lower
than its 2004 IDR5.26 trillion net profit, without explaining
further.

The bank's loan growth target had also been cut from 35% to 15%,
since it has to consolidate its corporate banking segment, as
Mr. Martowardojo said.

Bank Mandiri has been the focus of a recent lending scam that
led to huge state losses and the arrest of its former president
director E.C.W. Neloe and two other bank directors.

New president Martowardojo aims to turn Bank Mandiri into an
"anchor bank," so that it can acquire other banks. So far, the
bank has fulfilled all but one of the state central bank's
requirements to become an anchor bank: that of maintaining a 5%
NPL limit. Mr. Martowardojo said that it would take up to three
years to resolve the bank's non-performing loan problem.

Bank Mandiri, which has assets worth IDR249 trillion, is 70%
owned by the government. Its net profit slid 70% in the first
quarter of the year due to increased bad loan provisions and
lower income from asset securities sales.

CONTACT:

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


GARUDA INDONESIA: Cabin Crew Wants More Pay, Threatens Walk Out
---------------------------------------------------------------
Over 2,300 cabin attendants of national airline PT Garuda
Indonesia are threatening to stage a strike from Aug. 12-14,
2005 if airline management won't agree to a pay hike and other
benefits, reports the Jakarta Post.

According to the Association of Garuda Cabin Attendants (Ikagi)
chairman Zainuddin Malik, the planned strike is set to push
through, as there were no signs that management would agree to
the union's demands. The association had already informed
customers of the planned strike, so that they could reschedule
their flights accordingly. But flight attendants would continue
serving the Aceh route, as some customers on the route are
volunteers and activists.

According to Mr. Malik, the strike is a last resort for Garuda
employees, as Ikagi knows how much the airline would stand to
lose from the strike, but negotiations were concluded in 2003
without any results.

Garuda Indonesia spokesman Pudjoboroto asked the attendants to
reconsider the strike, knowing the impact it would cause, and
said that airline management is open to negotiations, having
hired a consulting firm to review the employees' compensation
system, which is similar to that of other airlines.

CONTACT:

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


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

MATSUSHITA ELECTRIC: Sets Up Subsidiary in Vietnam
--------------------------------------------------
Matsushita Electric Industrial Co. Ltd. will set up the first
wholly foreign-invested holding company in Vietnam to be named
Panasonic Vietnam Ltd. Co., according to Asia Pulse.

With an investment capital of US$14.448 million, Panasonic
Vietnam will begin operation as of October 2005. It will market,
sell and export all products produced in Vietnam and products
imported from Matsushita Group companies.

The Ministry of Planning and Investment said 56 Japanese applied
to increase their investment to a combined $379.199 million in
the first seven months of this year.

CONTACT:

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


MITSUBISHI MOTORS: Lines Up More Models for India
-------------------------------------------------
Mitsubishi Motors Corporation will launch a series of models in
India over the next few months in partnership with Hindustan
Motors, The Hindu reports, citing Hindustan Motors President R.
Santhanam.

The new models include Lancer Cedia, mini-van Grandis and SUVs
Montero and Outlander.

However, Mr. Santhanam conceded that these would be "limited
volume, high-price products".

In May, Mitsubishi Motors announced plans to broaden its
alliance with Hindustan Motors to improve sales and cut costs.
It may source parts from India in a bid to cut costs.

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


SANYO ELECTRIC: Develops Hydrofluoric Acid Recycling System
-----------------------------------------------------------
Sanyo Electric recently announced that its Human Ecology
Research Center of Sanyo R&D headquarters and Sanyo Aqua
Technology have developed an efficient recycling system for
hydrofluoric acid wastewater.

Based on Sanyo's proprietary wastewater treatment technologies
designed for semiconductor manufacturing, the new system can
efficiently improve the quality of treated water, regardless of
the fluorite level of wastewater, while recovering high-purity
fluorite.

The latest technology saves space and consumes less power than
the conventional coagulation sedimentation-based wastewater
treatment system. The new system can be applied to hydrofluoric
acid wastewater emitted from not only semiconductor plants but
also fluorinated gas treatment facilities.

CONTACT:

Sanyo Electric Co. Ltd.
5-5 Keihan-Hondori, 2-chome
Moriguchi, Osaka 570-8677, Japan
Phone: +81-6-6991-1181
Fax: +81-6-6991-2086

This is a company press release.


TOSHIBA CORPORATION: Develops 30GB Recordable HD-DVD
----------------------------------------------------
Clariant International AG and Toshiba Corporation have jointly
developed a dye that is necessary for dual-layer recordable HD-
DVD discs capable of storing 30G bytes of data, IDG News Service
reports.

HD-DVD is one of two next-generation optical disc formats that
are competing to replace today's DVDs. The other format is Blu-
ray Disc.

In addition to developing the dye, which is used on each
recording layer, the two companies also produced prototype dual-
layer discs and verified that they work, said Junko Furuta, a
spokeswoman for Toshiba in Tokyo.

At present, the highest capacity HD-DVD-R discs that have been
standardized are single-layer 15G-byte discs. The two companies
have already proposed the dual-layer disc to the DVD Forum
standards body with the hope that approval will come by the end
of this year, said Furuta.

There are two other formats that make up the HD-DVD family. The
read-only HD-DVD-ROM format will be used for prerecorded content
like movies and has already been standardized at 15G-bytes
single-layer and 30G-bytes dual-layer. A triple-layer version
capable of storing 45G bytes is going through the
standardization process. There is also a rewritable format
called HD-DVD-RW that has been standardized at 20G bytes. A
future version of the rewritable disc that can hold around 32G
bytes is under development.

CONTACT:

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


UFJ HOLDINGS: Swings to Profit in First Half
--------------------------------------------
UFJ Holdings Inc. posted a net profit of JPY163.53 billion
(US$1.46 billion) in the first quarter ended in June 31, versus
a loss of JPY91.6 billion in the same period a year earlier,
according to Reuters.

The bank reiterated its projection for group net profit of
JPY140 billion in the half year through September, despite
exceeding that total in the first quarter.

UFJ and Mitsubishi Tokyo are set to merge on October 1 in a move
to create the world's largest banking group by assets, though
bank sources have said integration of the firms' core commercial
banks will be delayed until next year because of computer
glitches.

But UFJ has been slower to clear problem debts than its peers,
suffering a JPY555 billion full-year loss in 2004/05. Its
weakened finances helped push it to seek the merger.

CONTACT:

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


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

ASIANA AIRLINES: Another Settlement Talk Fails
----------------------------------------------
Asiana Airlines Inc. executives and striking pilots failed to
resolve conflict early Monday in the hopes of reaching an
immediate compromise as the government threatened to use
emergency powers to put a stop to the strike, Associated Press
reveals.

Asiana President C.B. Park and other top executives would meet
again Monday to decide on their next move, the airline's
spokesman Oh Kyung-keun said.

"The government will wait and anticipate an autonomous agreement
between management and labor," Kang Woon-kyong, a spokesman at
the Labor Ministry, said Sunday after ministry officials held an
afternoon meeting on the strike.

"But the (labor) minister has said to make all preparations to
use emergency powers if the negotiations come to a point where
we cannot expect an agreement," Mr. Kang said.

The government arbitration would force the unionized pilots to
stop the strike for 30 days, a step used in sectors considered
critical to the national economy.  Should the government use its
emergency powers to end the strike, this would be the third time
of doing it since 1993 during unrest at Hyundai Motor Co., and
in 1969 at Korea Shipbuilding Corp.

A series of negotiations has been done between Asiana management
and the unionized pilots but still both have not reached a
common ground.  The strike has reached its 23rd day, and so far
has affected some 450,000 passengers.

The talks have focused on so-called "deadhead" hours, the time
spent traveling by air to locations from where pilots are
scheduled to fly aircraft. The pilots want that time to be
counted as part of their total flying hours.

Asiana unveiled that it was canceling a total of 314
international flights, which could lead to larger losses.  On
Sunday, Asiana alone has reported KRW201 billion in losses.  
Travel agencies and exporters as well have suffered losses. All
in all losses have totaled KRW353 billion.

CONTACT:

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


HYUNDAI MOTOR: S&P Assigns 'BB+' Rating
---------------------------------------
Standard & Poor's Ratings Services assigned 'BB+' corporate
credit and 'BB+' senior accredited debt ratings on Hyundai Motor
Co. and Kia Motors Corp. on CreditWatch with positive
implications.

The CreditWatch placements follow improving competitiveness of
the Hyundai group in their key overseas markets. Both Hyundai
and Kia have continued to show market share improvements in the
North American, European, and Chinese markets, offsetting weak
sales in the Korean domestic market.

"Despite the group's aggressive expansion strategy, both Hyundai
and Kia continue to show improving global market positions
through enhanced product quality and brand image with the launch
of new models, thus reducing our concerns regarding the
investment risks associated with both companies' expansion
plans," said Standard & Poor's credit analyst Eun Jin Kim.

"However, with over 70% of export sales, the group has
substantial exposure to foreign currency fluctuations. The
recent strong won and higher steel costs have led to pressures
on earnings for both companies," Ms. Kim added.

The recent announcement of the partial sale of Hyundai Card to
General Electric Capital Corp. (AAA/Stable/A-1+) further
enhances the group's credit quality as the sale alleviates risks
regarding the group's financial policy to support weaker group
companies that have limited relations to their core auto
business.

Both the potential need for and size of additional support that
Hyundai and Kia could provide to Hyundai Card will be lowered by
the reduction in their ownership of the subsidiary and expected
financial improvement, following the capital injection and
application of GE Capital's advanced risk management policies.

Following the sale, scheduled to close at the end of September
2005, Hyundai Motor, Kia Motors, INI Steel and GE Capital will
inject capital into Hyundai Card by the end of October 2005,
with ownership of the company finalized as follows: Hyundai
Motor 33.3%, Kia Motors 12.1%, INI Steel 5.7%, GE Capital 43%,
and Korea Asset Management Corp. (KAMCO) (KAMCO) 5.8%.

The CreditWatch placements will be resolved after further
discussions with each company's management to assess the
sustainability of the individual company's competitiveness in
their key overseas markets, ability to improve profitability
margins through cost cutting plans or improvements in average
selling prices, and ability to maintain the quality of models in
new overseas operations.

CONTACT:

Hyundai Motor
Yangjae 2-dong Seocho-gu
Seoul, Seoul 137-938
Korea (South)
Telephone: +82 2 3464 1114
Fax: +82 2 3464 3414


LG CARD: Creditors to Recoup Bailout Funds Soon
-----------------------------------------------
The creditors of LG Card Co. would soon be able to recover the
KRW4 trillion-bailout fund it provided the company as it nears
sale, Bloomberg says.

The improvement in LG Card's performance has attracted bidders.
Among them are Shinhan Financial Group Ltd. and Hana Bank.  The
Korean lenders are said to be interested in bidding for LG Card,
betting improvements in managing credit-card risk will yield
profit as Asia's third-largest economy recovers.  

Big gains in LG Card's shares have increased its market value to
KRW4.4 trillion.

"LG Card has precious assets and a good brand name that appeals
to buyers," said Seo Young Soo, an analyst at Hannuri Investment
& Securities Co. in Seoul. "There will be lots of potential
bidders."

According to the Korea Economic Daily, creditors of LG Card may
start the sale process as early as the end of this month.  

Aside from the Korean lenders, Woori Finance Holdings Co. has
also expressed interest to bid for the card issuer.  Also,
National Agricultural Cooperative Federation President Jeong
Yong Keun said last week the second- biggest shareholder of LG
Card might join a race to buy the company in partnership with a
buyout firm.

LG Card's finances also helped it sell securities for the first
time in eight months.  LG Card sold US$400 million of bonds
backed by credit-card receivables to overseas investors arranged
by Merrill Lynch & Co.

CONTACT:

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


LG CARD: Issues ABS Worth US$400 Mln
------------------------------------
LG Card Co. said it has issued asset-backed securities (ABS)
worth US$400 million, Asia Pulse reports, citing Yonhap News.

The card issuer floated the 39-month ABS against card
receivables and other assets. Merrill Lynch was tasked to lead-
manage the sale.

According to LG Card the interest will amount to the London
Interbank Offered Rate plus a spread of 0.35 percent.

The sale of ABS comes amid improvements in LG Card's
performance.  The card company recently posted a net income of
KRW479.8 billion in the April to June period.  At the end of
June its delinquency ratio fell to 9.69 percent of loans
outstanding from the 11.15 percent at the end of March.

Creditors of LG have been putting the company up for sale.  
Shinhan Financial Group Ltd, Woori Finance Holdings Co. and Hana
Bank have expressed interest to buy the card issuer.


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

MYCOM BERHAD: Restructuring Scheme Status Still Unchanged
---------------------------------------------------------
The Board of Mycom Berhad advised Bursa Malaysia Securities
Berhad that there is no new development to the status of
implementation of the Restructuring Scheme of the Company since
the last announcement made on July 29, 2005.

Mycom Berhad's principal activities are the provisions of
granite quarry services, manufactures and sells latex rubber
thread, tape, plywood, laminated board and sawn timber,
cultivates oil palm fruits, and develops property.

Other activities include hotel operation, provision of
management and financial services and investment holding.
Operations of the Group are carried out in Malaysia and South
Africa. Granite quarry accounted for 59% of fiscal 2002
revenues; manufacturing, 19%; property development, 13%;
plantation, 8% and investment holding and other, 1%.

CONTACT:

Mycom Berhad
No 8 Jalan Raja Chulan
Kuala Lumpur, 50200
Malaysia
Phone: +60 3 2072 3993
Fax: +60 3 2072 3996


OILCORP BERHAD: Unveils Director's Dealing in Shares
----------------------------------------------------
Oilcorp Berhad informed Bursa Malaysia Securities Berhad that
the following Substantial Shareholder and Director of the
Company has intention to deal in shares of the Company which is
currently in the closed period pending announcement of its
results for the Second Quarter ended June 30, 2005. His current
shareholdings are as follows:

Name of         Direct       Direct    Indirect    Indirect
Director/
Substantial
Shareholder

Ng Huat Tian   No. of        % of the   No. of   % of the
               Shares        Company's  shares   company's
                             issued              issued
                             and paid-up         and paid-up
                             share               share
                             capital             capital

                39,580,520   26.1      383,000   0.25

CONTACT:

Oilcorp Berhad (553069-T)  
No. 2-2, Jalan SS 6/6,
Kelana Jaya, 47301 Petaling Jaya,
Selangor Darul Ehsan, Malaysia
Telephone: 603 7804 4843
Fax: 603 7804 6212
E-mail: info@oilcorp.com.my


OLYMPIA INDUSTRIES: Sees No Development in Rehab Scheme Status
--------------------------------------------------------------
The Board of Olympia Industries Berhad advised Bursa Malaysia
Securities Berhad that there is no new development to the status
of implementation of the Restructuring Scheme of the Company
since the last announcement made on July 29, 2005.

This announcement is dated 1 August 2005.

CONTACT:

Olympia Industries Bhd.
Malaysia
Phone: 60 3 2070 0033
Fax: 60 3 2070 0011
E-mail: olympia@oib.com.my


OMEGA HOLDINGS: Awaits SC's OK on Plans to Regularize Condition
---------------------------------------------------------------
Further to the announcements made to Bursa Malaysia Securities
Berhad made on July 1, 2005 and July 11, 2005, there has been no
material development in respect of Omega Holdings Berhad's
(OMEGA) plan to regularize its financial position.

The applications to regularize the financial condition of Omega
which were submitted to the Securities Commission and Foreign
Investment Committee on February 28, 2005 are currently pending
their approvals.

This announcement is dated 1 August 2005.

CONTACT:

Omega Holdings Berhad
Jalan Semantan Damansara Heights
50490 Kuala Lumpur, Selangor Darul Ehsan 46050
Malaysia
Telephone: +60 3 2713 2160
Fax: +60 3 2713 2170


PAN PACIFIC: To Dispatch Circular to Shareholders Soon
------------------------------------------------------
The Board of Directors of Pan Pacific Asia Berhad (PPAB)
informed Bursa Malaysia Securities Berhad that the Company had
on July 19, 2005 received the comments from Bursa Securities on
the Explanatory Statement cum Circular to Shareholders.

The Company, together with its advisor, Avenue Securities Sdn
Bhd, has incorporated the comments of Bursa Securities. The
Company expects to dispatch the Explanatory Statement cum
Circular to Shareholders in due course.

CONTACT:

Pan Pacific Asia Bhd
5 Jalan SS 21/39 Damansara Uptown
Unit No. 602b Level 6, Tower B, Uptown 5
47400 Petaling Jaya, Selangor Darul Ehsan 47400
Malaysia
Telephone: +60 3 7727 8168
Fax: +60 3 7727 1622  
Web site: http://www.dno.no


PANTAI HOLDINGS: Issues Additional Shares for Listing, Quotation
----------------------------------------------------------------
Pantai Holdings Berhad advised that its additional 33,000 new
ordinary shares of MYR1.00 each arising from the conversion of
MYR36,960 Nominal Value of Irredeemable Convertible Unsecured
Loan Stocks 2002/2007 into 33,000 New Ordinary Shares
(Conversion) will be granted listing and quotation with effect
from 9:00 a.m., Wednesday, August 3, 2005.

CONTACT:

Pantai Holdings Berhad
8 Jalan Damansara Endah
Damansara Heights Kuala Lumpur, Malaysia 50490
Malaysia
Telephone: +60 3 2713 2282
Fax: +60 3 2094 4528


PARK MAY: Application to SC Awaits Approval
-------------------------------------------
In line with PN4 of the Bursa Securities' Listing Requirements
which requires an announcement on the status of an affected
listed issuer's plan to regularize its financial condition to be
made on the first market day of each month, AmMerchant Bank
Berhad (a member of AmInvestment Group), on behalf of Park May
Berhad (Park May), informed that there has been no significant
development in respect of the plan to regularize the Park May
group of companies' financial position (Proposed Restructuring
Scheme).

The company also refers to the announcement of the Company on
July 26, 2005 where it was announced, inter-alia, that an
application was submitted to the Securities Commission (SC) on
July 8, 2005 for an extension of time of three (3) months from
July 27, 2005 until October 26, 2005 for the Company to
implement and complete the Proposed Restructuring Scheme as the
SC's approval which was obtained via its letter dated July 27,
2004 expired on July 26, 2005.

As at the date of this announcement, the application is still
pending the SC's decision.

This announcement is dated 1 August 2005.

CONTACT:

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


POHMAY HOLDINGS: In Talks with Lenders to Restructure Loans
-----------------------------------------------------------
In relation to the status of default in payment pursuant to
PN1/2001, the Board of Directors of Pohmay Holdings Bhd informed
Bursa Malaysia Securities Berhad that there is no change to the
status of default in payments of interest and principal sums to
the Lenders since the last announcement on July 1, 2005.

In compliance with Paragraph 3.2 of PN1/2001, the Company
announced that it is in the process of negotiation with its
lenders to restructure the Group's loans and is actively working
on various schemes to alleviate the Group from its current
financial predicament.

The Board of Directors of the Company will make available to
Bursa Malaysia Securities Berhad its plan to regularize once
completed.

This announcement is dated 1 August 2005.

CONTACT:

Pohmay Holdings Berhad   
No. 23, Jalan Maharajalela,
Kuala Lumpur Wilayah
Persekutuan 50150 Malaysia
Telephone: 03-21419500   
Fax: 03-21417730


POLY GLASS: Manufacturing Division Props Up Financial Results
-------------------------------------------------------------
In compliance with the requirements of Paragraph 3.1(b) of
PN17/2005, Poly Glass Fibre (M) Bhd informed Bursa Malaysia
Securities Berhad that the Company is currently examining ways
to overcome the auditors' qualifications as stated in the
financial statements of the Company for the financial year ended
February 28, 2005.

For information, the Company would like to note that the Group
has a glasswool manufacturing division which contributed
significantly to its revenue and profit of the Group's results
for the financial year ended February 28, 2005.

Dated this 1st day of August 2005.

CONTACT:

Poly Glass Fibre (M) Bhd.   
2449, Lorong Perusahaan 10,
Kawasan Perusahaan Prai,
Perai Penang 10600 Malaysia
Telephone: 04-3908460   
Fax: 04-3996197


RHB CAPITAL: Unveils Call Warrants Movement
-------------------------------------------
On behalf of Rashid Hussain Berhad, RHB Capital Berhad disclosed
to Bursa Malaysia Securities Berhad the movement of the Call
Warrants 2003/2007 up to July 31, 2005, pursuant to paragraph
5.11(2) of the Bursa Securities LR:

Particulars           Number of Call Warrants 2003/2007

The number of
Call Warrants
2003/2007
exercised during
the month of
July 2005                         Nil

The cumulative
number of Call
Warrants 2003/2007
exercised up
July 31, 2005                      Nil

The number of
Call Warrants
2003/2007
outstanding as
at July 31, 2005                  340,438,934

This announcement is dated 1 August 2005

CONTACT:

RHB Capital Bhd   
Level 8, Tower Three RHB Centre,
Jalan Tun Razak,
Kuala Lumpur Wilayah
Persekutuan 50400 Malaysia
Telephone: 03-92806777   
Fax: 03-92806507


SETEGAP BERHAD: In the Process of Finalizing Scheme
---------------------------------------------------
The Board of Directors of Setegap Bhd. announced Bursa Malaysia
Securities Berhad that there is no new development since the
date of the last announcement and, the Company is still in the
midst of finalizing the scheme to regularize its financial
condition.

This announcement is dated 1 August 2005

CONTACT:

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


SINORA INDUSTRIES: Board Discusses Ways to Regularize Condition
---------------------------------------------------------------
Sinora Industries Berhad (Sinora) refers to the announcement
made by us on behalf of Sinora to Bursa Malaysia Securities
Berhad (Bursa Securities) on July 7, 2005 wherein it was
announced that pursuant to Practice Note No. 17/2005 of the
Listing Requirements of Bursa Securities (Bursa Securities LR)
(PN17), Sinora has been categorized as an Affected Listed
Issuer.

On behalf of Sinora, the Board of Directors of Sinora is still
deliberating on the possible plans to regularize Sinora's
condition. Sinora will announce the Regularization Plan as
defined in paragraph 8.14C(3) of the Bursa Securities LR, to
Bursa Securities upon finalization.

This announcement is dated 1 August 2005

CONTACT:

Sinora Industries Berhad
Likas Bay
Kota Kinabalu, 88817
Malaysia
Telephone: +60 88 326 572
Fax: +60 88 432 104


TANCO HOLDINGS: Default Payment Status Unchanged
------------------------------------------------
Tanco Holdings Berhad issued to Bursa Malaysia Securities Berhad
an update on:

(1) Monthly announcement on default in payment of interest and
principal sums by the company and certain of its subsidiaries
(The Group) pursuant to Practice Note 1/2001(PN1/2001).

(2) Monthly announcement on the status of plan to regularize its
financial condition pursuant to Practice Note 17/2005
(PN17/2005)  

In relation to the status of default in payment pursuant to PN
1/2001, the Board of Directors of the Company disclosed that
there is no change to the status of default in payments of
interest and principal sums to the Lenders since our last
announcement made.

In compliance with the requirements of Paragraph 3.2 of PN1/2001
and Paragraph 3.1(b) of PN17/2005, the Company hereby announces
that since its last announcement on the matter, AmBank Berhad,
one of the Scheme creditors has given their conditional approval
to the Company's outright cash settlement proposal (the Cash
Proposal) of which its detail has been announced by us on
February 28, 2005.

This approval received together with six other approvals that we
have secured previously from six other Scheme creditors amounted
to about 88 percent of the debts sum that the Group has proposed
to settle under the Cash Proposal.

The announcement is dated 1 August 2005.

CONTACT:

Tanco Holdings Berhad
Jalan Desa Bandar Country Homes
48000 Rawang, Selangor Darul Ehsan 48000
Malaysia
Telephone: +60 3 6092 8333
Fax: +60 3 6091 3188


TANCO HOLDINGS: Court Grants Six-Month Extension on RO
------------------------------------------------------
Further to the announcement dated April 15, 2005 in relation to
the Restraining Order pursuant to Section 176 (10) of the
Companies Act, 1965 (the RO), Tanco Holdings Berhad advised
Bursa Malaysia Securities Berhad that it has been advised by its
solicitors, Messrs. Cheang & Ariff in a letter dated August 1,
2005 that the High Court of Malaya in Kuala Lumpur High Court
(the Court) has on July 28, 2005 granted to the Company and its
following affected subsidiaries a further extension of six (6)
months on the Restraining Order (RO) which is now expiring on
January 13, 2006:

(1) JKMB Development Sdn. Bhd. [Company No. 284683-H]
(2) Palm Springs Development Sdn. Bhd. [Company No. 72160-X]
(3) Palm Springs Resort Management Berhad [Company No. 382001-H]
(4) Popular Elegance (M) Sdn. Bhd. [Company No. 358335-K]
(5) Tanco Development Sdn. Bhd. [Company No. 231587-D]
(6) Tanco Land Sdn. Bhd. [Company No. 251830-M]
(7) Tanco Properties Sdn. Bhd. [Company No. 75902-X]
(8) Tanco Resorts Berhad [Company No. 237900-H]
(9) Tanco Club Berhad [Company No. 219037-P]

In conjunction with the grant of the further extension of the
RO, the Court has also approved Mr. William Leong Jee Keen to
act as a Director of the Company pursuant to Section 176(10A)(d)
of the Companies Act, 1965 and whose nomination has the consent
from the majority of the creditors to represent their interest.

This announcement is dated 1 August 2005.


TRU-TECH HOLDINGS: Undertakes Supplemental MA
---------------------------------------------
On July 21, 2005, Avenue Securities Sdn Bhd, on behalf of Tru-
Tech Holdings announced that the Company had entered into a
supplemental master agreement (Supplemental MA) with Yap Sing
Lee, Yap Seng Maw and Yap Sheng Poo (Vendors) and Renewed Group
Sdn Bhd (RGSB) to effect the revision of certain terms of the
original Proposed Restructuring Scheme.

The Supplemental MA has been undertaken to revise the sequence
of the Proposed Restructuring Scheme whereby Tru-Tech, the
Vendors and RGSB agreed inter alia, that the completion of the
Proposed Acquisition shall take place prior to the
implementation of the Proposed Capital Reconstruction.

Save as disclosed above, there has been no material development
in respect of the Company's plan to regularize its financial
position.

The applications to regularize the financial condition of Tru-
Tech which were submitted to the Securities Commission and
Foreign Investment Committee on December 31, 2004 are currently
pending approvals from the relevant authorities.

This announcement is dated 1 August 2005.

CONTACT:

Tru-tech Holdings Berhad
Lot 45, Batu 12
Jalan Johor Bahru - Kota Tinggi
Mukim Plentong
81800 Ulu Tiram
Johor
Telephone: 07-8615220
Fax: 07-8616371


UNITED CHEMICAL: Provides No Update on Proposed Restructure
-----------------------------------------------------------
Further to our announcement dated July 1, 2005, Alliance
Merchant Bank Berhad, on behalf of the Board of Directors of
United Chemical Industries Berhad (UCI), advised Bursa Malaysia
Securities Berhad that there is no new development to the
Proposed Restructuring of UCI.

This announcement is dated 1 August 2005.

CONTACT:

United Chemical Industries Bhd
Malaysia
Phone: 60 3 4043 9411
Fax: 60 3 4043 1233
Web site: http://www.uci.com.my


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

ABS-CBN BROADCASTING: Globe Mulls Stake Buy
-------------------------------------------
Globe Telecom is reportedly interested in taking a stake in ABS-
CBN Broadcasting Corp., The Philippine Star has learned.

Globe has hinted on its intention to acquire ABS-CBN after the
Philippine Long Distance Telephone Co. failed to make a formal
bid for the ABS-CBN stake.

An ABS-CBN official said there has been no formal offer from
Globe or the Ayala Group but disclosed that "feelers" have been
sent.

While the network said it does not seek new investors at the
moment, it would welcome an offer from any group.

According to sources, Globe has already started due diligence
investigation on ABS-CBN. But Globe officials said the company
is not interested in ABS-CBN, and even if it is, it cannot make
the acquisition because the Constitution requires that entities
in mass media be wholly Filipino-owned.

But industry experts said that even if Globe is partly owned by
Singapore Telecom, it is still a Filipino company being at least
60 percent Filipino-owned. Therefore, there is no prohibition
against Globe investing in ABS-CBN. The same rule will apply to
PLDT, which is partly owned by Japan's NTT.

ABS-CBN earlier reported a Php141 million loss during the first
quarter of 2005, its first loss in several years. The first
quarter performance was a sharp reversal form a net profit of
Php124 million in the same period last year. But ABS-CBN
chairman Eugenio Lopez III has expressed confidence that they
can turn around the situation for the company.

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/


ACESITE HOTEL: Net Loss Balloons to Php81 Mln
---------------------------------------------
Acesite (Philippines) Hotel Corp. has incurred a net loss of
Php81.12 million for the first half of the current fiscal year,
according to The Philippine Daily Inquirer. The recent net loss
is higher compared to a net loss of Php78.43 million in the same
period last year.

The company's gross income during the six-month period however
stood higher at Php304.08 million from Php286.57 million in
2004.

The lower earnings for the first half of the year was blamed on
higher cost of sales and services and other expenses. Acesite's
financial statements showed it spent some Php192.64 million for
cost of sales and services compared with some Php176.30 million
it spent last year. Fixed, financial, operating and other
expenses on the other hand stood at Php69.33 million versus
Php61.5 million last year.

For the second quarter of the year alone, Acesite already
registered a net loss of Php27.19 million versus a net income of
Php1.11 million in the second quarter of 2004. This despite
revenues amounting to Php151.71 million which is an increase of
9.15 percent versus same period last year.

Despite a higher net loss, the company reported significant
improvements in areas such as hotel occupancy and room sales.

Hotel occupancy hovered 64.04 percent for the first half of
2005, higher than the 60.14 percent posted for the first half of
2004 due to more aggressive marketing undertaken by the hotel
staff. Average room rate also improved at Php1,684 versus the
Php1,595 registered over the same period last year. Its food and
beverage sales, which account for the bulk of the company's
revenues during the six-month period improved from Php94.02
million last year to Php110.04 million this year.

The Manila Pavilion is currently undergoing renovation as part
of the recent buy in of the Gatchalian Group into Acesite. An
amount of P150 million has been earmarked for the renovation
work at the Manila Pavilion.

Gatchalian-led hotel operator Waterfront Philippines, Inc. took
over Acesite last year and plans to rename Manila Pavilion into
Waterfront Hotel.

Acesite (Philippines) Hotel Corp. is the current owner and
operator of the Manila Pavilion Hotel in Ermita, Manila.

CONTACT:

Acesite (Phils.) Hotel Corporation
Room 527, Manila Pavilion Hotel
U. N. Ave., Ermita, Manila 1000
Phone:  526-1212 loc. 2403
Fax:  521-4150
E-mail:  r.ricardo@manilapavilion.com.ph
Web site:  http://www.manilapavilion.com.ph


DMCI HOLDINGS: Pays Php2.6-Mln Penalty
--------------------------------------
DMCI Holdings Inc. has settled over Php2.6-million fine imposed
upon it by the corporate watchdog for failure to file its
financial reports on time, The Manila Bulletin has learned.

The Securities and Exchange Commission (SEC), through its
Corporation Finance Department (CFD) penalized DMCI Php1.35
million for late filing of its first quarter report (17-Q) and
another Php1.3 million for late filing of its annual report (17-
A).

The Securities Regulation Code (SRC) requires publicly traded
companies and other covered institutions to submit quarterly and
annual reports. This is specifically stated under Section 17.1
of the SRC.

Publicly listed DMCI is one of the companies that have signified
interest in acquiring an interest in cash-strapped Maynilad
Water Services Inc.

DMCI President Isidro Consunji earlier said the company will
join a consortium that would bid for MWSI. The consortium, he
said will be 60 percent Filipino-owned as required by law and
that DMCI would be the lead proponent of the consortium. Mr.
Consunji also hinted that the company is scouting for foreign
partners to join the consortium.

CONTACT:

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


LEPANTO CONSOLIDATED: Strike Brings Php360-Mln Losses
-----------------------------------------------------
Lepanto Consolidated Mining Co. claimed the long-standing labor
strike has cost it around Php360 million in losses, The Manila
Times reports.

The two-month-old industrial action, participated by over 2,000
workers of the Lepanto Employees Union, has virtually crippled
the miner's underground operations.

Lepanto area vice president manager admitted the present strike
is the biggest in Lepanto's 68 years existence.

The strike started on June 2 after the union filed a notice
following the failure of the negotiations for the collective
bargaining agreement.

After a series of negotiation, the union has defied two orders
by the Department of Labor and Employment. The first order was
for the department to assume jurisdiction. The second was a
return-to-work order.

The union has asked for a wage increase of Php29 for 2004, Php29
for 2005 and Php33 for 2006. The company's proposal is a Php21-
26-28 plan, which the union rejected. The laborers have also
demanded for an increase in housing allowances, rest leaves a
month and retrenchment pay.

On June 15 the labor department ordered both parties to conclude
a CBA that stipulated a Php25-27-29 wage increase for a three-
year period, the grant of a housing allowance of Php200 a month,
a retention of existing provisions on rest leaves and an
increase in the rates of retrenchment pay.

The union has refused to accept the agreement, saying that
unless the management reverses its decision to "dismiss" its 19
officials and 143 workers who had been on strike, they would not
go back to work.

Lepanto has been plagued with financial difficulties this year
due to the absence of foreign investors willing to infuse fresh
investments to fuel the miner's exploration projects.

CONTACT:

Lepanto Consolidated Mining Co.
21st Floor, Lepanto Building
8747 Paseo de Roxas
1226 City of Makati
Telephone No. 815-9447
Fax: 63 (2) 812-0451/63 (2) 810-5583
E-mail: mis@lepantomining.com
Web site: http://www.lepantomining.com


MANILA ELECTRIC: Cleared of Tax Liabilities
-------------------------------------------
The Court of Appeals has lifted from Manila Electric Company's
(Meralco) shoulders more than Php3.3-billion franchise tax
liabilities supposedly owed to the Makati City government from
1997 to 2001, The Manila Standard says.

On July 21 the CA's Ninth Division handed down a 17-page
decision, saying that the Makati government has no power to levy
such tax at the time it did against the power utility firm.

The CA noted that the assailed franchise tax was imposed against
Meralco by using an ordinance approved and enacted into law on
March 30, 1993 by the Sangguniang Bayan when Makati was still a
municipality.

In its decision, affirming a May 2003 decision of the Pasig
Regional Trial Court Branch 267, the CA noted that under Article
137 of the Local Government Code, franchise taxes may be imposed
by provinces, but municipalities had no authority to impose it.

In a letter dated June 7, 1999, the Makati City Treasurer's
Office ordered Meralco to submit its financial statements
showing gross receipts covering the period 1992 to 1998 for
purposes of assessing the liability of Meralco for franchise
taxes.

After another demand from the Makati Treasurer's Office, Meralco
refused to submit the documents, arguing that the provisions of
Municipal Ordinance 92-072 imposing a franchise tax are null and
void since it was enacted when Makati was still a municipality
and has limited tax power.

The Makati Treasurer's Office was to secure a copy of Meralco's
audited financial statements from the Securities and Exchange
Commission, from where it computed Meralco's franchise tax
liabilities from 1997 to 2000 in the total amount of
Php2,588,896,534.25, inclusive of interests and surcharges

CONTACT:

Manila Electric Co.
Lopez Building
Ortigas Avenue, Pasig City
Phone:  16220 (TL); 633-4553 (Corp. Sec.)
Fax:  (0632) 631-5572
E-mail Address: corcom@meralco.com.ph
Web site: http://www.meralco.com.ph


NATIONAL POWER: ERC Decision to Hasten Sale of Assets
-----------------------------------------------------
The Energy Regulatory Commission's (ERC) approval of the
template for the mandatory transition supply contracts (TSCs)
between the state-owned power firm and its distribution
utilities (DUs) is expected to speed up the privatization of
National Power Corporation (Napocor).

The Philippine Star reported that ERC'srecent resolution to
adopt a standard format for the TSCs between Napocor and the DUs
will facilitate the approval of the TSCs.

Napocor president said Cyril C. del Callar said the TSCx will
improve the attractiveness of Napocor's generation assets and
will boost the market value of the power plants that are
intended for sale and further operation.

Mr. Del Callar explained it will be easier to sell a power plant
if it has a TSC since the contract guarantees the future owner
of that asset a ready market for the power plant's output.

The TSCs will also benefit ordinary electricity consumers by
protecting them from frequent price fluctuations while the power
generation sector is shifting from a highly regulated to a fully
deregulated regime.

The Electric Power Industry Reform law mandates Napocor to
negotiate a TSC with each of its power distributor-customers in
preparation for retail competition and open access in the
distribution sector.

Napocor data show that it has 77 customers with supplemental
agreements that have to be converted to TSCs. As of June 17,
only 20 of these agreements have been filed with the ERC, while
the other 57 are still under negotiation.

Another 50 customers are required to enter into new TSCs with
Napocor. Of these, only 14 have so far signed new TSCs with the
state power firm.

CONTACT:

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


NATIONAL TRANSMISSION: Offers Investors Good RoE
------------------------------------------------
In a bid to entice fresh interest in the 25-year concession
contract for the National Transmission Corporation (TransCo),
the government has guaranteed investors of a reasonable rate of
return (RoE), relates The Manila Bulletin.

The Power Sector Assets and Liabilities Management Corporation
(PSALM) said it will assure consumers that the capital and
operating expenditures as well as taxes are pass-through costs
that would not be a source of windfall profits for the
concessionaire who would be assured of a reasonable return for
their investments.

PSALM, the agency tasked to handle TransCo's privatization, is
rescheduling TransCo's bidding either by the end of the year or
early next year.

Newly-installed PSALM president Nieves L. Osorio believes that
the conclusion of the next regulatory reset which will update
Transco's transmission wheeling rates will give a clearer
picture to investors on the company's revenue stream; thus,
business environment turns out more predictable for them.

The departure from the traditional return on rate base (RORB)
scheme and the onward foray into the performance-based rate
setting (PBR) methodology sets a five-year regulatory period for
power utilities.

Since its operation was officially spun off from National Power
Corporation in 2001, this is the first time that the company's
assets would be undergoing re-appraisal, currently undertaken by
its consultant Sinclair Knight Merz (SKM) and due for completion
this month. SKM is working with the Cuervo Appraisers Inc. and
PricewaterhouseCoopers Financial Advisors, Inc.

For purposes of other necessary adjustments in its wheeling
tariffs, primarily on the fluctuations on its load factor, the
ERC is likewise considering setting out the so-called
transmission rate adjustment mechanism. (MMV)

CONTACT:

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


NATIONAL TRANSMISSION: Metro Pacific Eyes Assets
------------------------------------------------
Metro Pacific Corp. (MPC) is keen on acquiring some of National
Transmission Corp.'s (TransCo) assets, The Philippine Star
reveals.

MPC chairman Manuel V. Pangilinan confirmed the Company is on
the lookout for power infrastructures and is interested at
TransCo privatization.

MPC earlier announced it was considering participating in the
bidding of TransCo's assets. In fact, it has already teamed up
with Trans-Grid of Australia.

It also confirmed reports that it was holding exploratory talks
for possible investments in the local power sector.  

The Power Sector Assets and Liabilities and Management Corp.
(PSALM) which oversees the disposal of the country's power
generation and transmission assets is scheduled to auction
Transco by end December or in the first quarter of 2006.

Transco's privatization was originally set for October this year
but PSALM president Nieves Osorio said the determination of the
Energy Regulatory Commission on Transco's transmission revenue
cap is crucial to investors interest.

The revenue cap would assure electricity consumers of Transco
that fair electricity rates will be charged even after the
privatization of Transco.

Several parties have expressed interest in bidding for Transco.
These are the Electricity Generating Authority of Thailand
(Egat) and CITRA of Indonesia, Japan's Tokyo Electric Corp., US-
based Trans-Electric and San Miguel Corp. with Morgan Stanley
and the group composed of Hydro Quebec, which is connected with
the Delgados, formerly of IslaCommunications, and SNC Lavalin.

Transco's sale is estimated to generate US$2 billion.


VICTORIAS MILLING: Files Amended Articles of Incorporation
----------------------------------------------------------
This is in reference to Circular for Brokers No. 1836-2005 dated
April 20, 2005, in connection with the approval by the
stockholders of Victorias Milling Company, Inc. (VMC or the
Corporation) of the amendment in its Articles of Incorporation
and the adoption of the New By-Laws of the Corporation.

In relation thereto, the Corporation, through the SEC Form 17-C
dated August 3, 2005, which was received by the Exchange on
August 4, 2005, furnished the Exchange copies of the Certificate
of Filing of Amended Articles of Incorporation with the approved
Amended Articles of Incorporation as well as the Certificate of
Filing of Amended By-Laws with the approved New By-Laws of the
Corporation by the Securities and Exchange Commission on July
19, 2005.

For your information.

(Original Signed)
JURISITA M. QUINTOS
Senior Vice President

CONTACT:

Victorias Milling Co. Inc.
9126 Sultana cor. Honradez Sts.
Barangay Olympia, Makati City
Phone No/s: 896-0381; 899-0485
Fax No/s: 895-4150
E-mail Address: fal@philonline.com
Web site: http://www.victoriasmilling.com


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

ACCORD CUSTOMER: Restates 2004 Results, Posts SG$37-Mln Loss
------------------------------------------------------------
Mobile phone repair company Accord Customer Care Solutions
Limited (ACCS) restated its 2004 financial results on Aug. 5,
2005, stating that instead of a SGD47.4 million net profit, it
actually incurred a whopping net loss of SGD37 million, Dow
Jones reports.

The Company has also restated its revenues and net profits for
2003, as well. ACCS also expects to incur losses for 2005,
according to Company chairman Philip Eng. Last May, ACCS had
earlier reported that its net loss for 2004 was pegged at
SGD14.6 million, on revenues of SGD280.4 million.

Mr. Eng said that the restatement of the Company's financial
results is due to the overstated revenues and profit of its
newly started phone refurbishing business.

ACCS is currently undergoing a restructuring program, and is
negotiating with potential investors to inject more funds into
the Company, which is also working to reinstate its banking
facilities.

Singapore's Commercial Affairs Department is investigating the
Company's affairs, and ACCS shares have been suspended since
February; the Company has also sought PricewaterhouseCoopers to
conduct a separate investigation into its affairs.

To view a copy of the Company's news release, click on:

http://bankrupt.com/misc/tcrap_AccordCustomer080805.pdf

CONTACT:

Accord Customer Care Solutions Limited
20 Toh Guan Road #07-00
Accord Distri Centre
Singapore 608839
Telephone: 65 64102600
Fax: 65 64102610
Web site: http://www.accordccs.com


ACTIVE BUILDING: To Pay Dividend to Preferential Creditors
----------------------------------------------------------
Active Building & Civil Construction Pte Limited, formerly of 55
Cuppage Road, #07-12 Cuppage Center, Singapore 229467 posted a
notice of intended dividend at the Government Gazette,
Electronic Edition with the following details:

Name of Company: Active Building & Civil Construction Pte
Limited
Last Day of Receiving Proofs: Aug. 19, 2005.
Name and Address of Liquidator: Bobby Chin Yoke Choong
c/o KPMG
16 Raffles Quay #22-00
Hong Leong Building
Singapore 048581

Dated this 5th day of August 2005

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


AIROCEAN GROUP: Uses Share Sale Proceeds to Fund Unit Operations
----------------------------------------------------------------
In an update to the issuance and allotment of new ordinary
shares in Airocean Group Limited's capital to Janco Strategic
Biz Pte Limited, the Company announces that it has advanced a
total of SGD3.9 million of the proceeds from the shares sale to
Lima-Ubi Transport International Co. Limited as working capital
for its express courier business (SGD1.7 million) and freight
forwarding business (SGD2.2 million).

BY ORDER OF THE BOARD

Winston Seow Han Chiang
Joint Company Secretary
Aug. 5, 2005

CONTACT:

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


CHINA AVIATION: Unit Tender Attracts Strong Interest
----------------------------------------------------
China Aviation Oil (Singapore) Corporation Ltd (CAO) announced
on Aug. 5, 2005 that its wholly owned subsidiary, China Aviation
Oil Trading Pte Ltd (CAOT), has closed its latest physical Jet
Fuel tender for deliveries in September to December 2005.

CAOT's fifth tender for the year was highly successful and
received a strong response from 22 physical jet fuel suppliers
(tenderers), which included both the oil majors and major
trading houses. In this tender, a total volume of 630,000 metric
tons of Jet A-1 Fuel was awarded and the tender was
approximately 5.5 times oversubscribed.

Mdm Gu Yanfei, Non-Executive Director of CAO and Special Task
Force Leader said: "I am once again happy to note that CAOT has
received a good response from the market for this tender. CAOT
has successfully completed tenders for a total of 2.27 million
metric tons of Jet A-1 Fuel to date."

CAOT will award the mandates to the most competitive tenderers,
and states that the tenders received for this latest tender
exercise complied with CAOT's standard terms and conditions.
"We are encouraged by the continued strong support from the
industry this year, through this difficult time. The
continuation of our Jet Fuel business is a key element of our
ongoing restructuring process, and this was made possible
through the continued support and facilitation by our holding
company, CAOHC." Mdm Gu added.

The Company, on behalf of CAOT, expresses its appreciation and
thanks to all tenderers for their continued support of its jet
fuel procurement business.

CONTACT:

China Aviation Oil (S) Corp.
Phone: (65)6334 8979
Fax:   (65)6333 5283
Web site: http://www.caosco.com/


ORIENT NETWORKS: Court Releases Wind-up Order
---------------------------------------------
In the matter of Orient Networks Holdings Limited, the Singapore
High Court issued an order to wind up the Company o July 29,
2005, with the following details:

Name and address of Liquidators: Kon Yin Tong and Wong Kian Kok
Messrs. Foo Kon Tan Grant Thorton
47 Hill Street, #05-01 Singapore Chinese
Chamber of Commerce & Industry Building
Singapore 179365

Note:

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

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


UNITED FIBER: Secures Wood Supply for Indonesian Paper Firm
-----------------------------------------------------------
United Fiber System Ltd (UFS) has on Aug. 8, 2005, secured a
supply of 1 million metric tons of Acacia Mangium wood from PT
Inhutani II, an Indonesian state-owned corporation.

The purchase price for the wood is based on prevailing rates and
this contract is valid until Dec. 31, 2008.

This is a significant development for UFS, as the wood will be
used as raw material for PT Kiani Kertas (KK), a pulp mill in
East Kalimantan that UFS will be managing with the intention of
generating immediate returns for the Group, prior to the
acquisition of KK.

"We are pleased that PT Inhutani II is able to provide us with a
steady source of plantation wood. With this secured wood supply,
we can begin operating again by end-August 2005," said UFS' CEO,
Mr. Kishore Dass.

The President Director of PT Inhutani II Ir. Arifin Trihastoyo
commented: "We welcome UFS' presence in East Kalimantan and
their plan to revive the KK mill. We now have a buyer for our
plantation wood and we expect to establish a long-term
relationship with UFS, which will mutually benefit both
parties."

UFS is in the process of acquiring KK. While conducting due
diligence, it has, through its subsidiary PT Succsani Smart
Works, entered into an Operational Management Agreement to
manage the KK pulp mill and receive proceeds from the sale of
the pulp product.

This will translate into immediate revenues for the UFS group.

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


WESCOL PTE: Creditor Seeks Winding Up in Court
----------------------------------------------
Notice is hereby given that Fastrack Projects Pte Limited, a
creditor of Wecol (Asia-Pacific) Pte Limited filed a winding up
petition against the Company on Aug. 1, 2005.

The petition is to be heard before the Court sitting at the High
Court on Aug. 26, 2005, 10:00 a.m.

Any creditor or contributory of the Company desiring to support
or oppose the making of an order on the petition may appear at
the time of hearing by himself or his counsel for the 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 1 Fifth Avenue, #04-04/05 Guthrie
House, Singapore 268802.

The Petitioner's solicitors are Messrs. CH Partners of 230
Orchard Road, #07-232A Faber House, Singapore 238854.

Dated the 5th day of August 2005

CH Partners
Solicitors for the Petitioner

Note:

Any person who intends to appear at the hearing of the said
Petition must serve on or send by post to solicitors Messrs. CH
Partners of 230 Orchard Road, #07-232A Faber House, Singapore
238854, notice in writing of his intention to do so. The notice
must state the name and address of the person, or, if a firm the
name and address of the firm, and must be signed by the person
or firm, or his or their solicitor (if any) and must be served,
or, if posted, must be sent by post in sufficient time to reach
the solicitors not later than 12:00 p.m. of Aug. 25, 2005 (the
day before the day appointed for the hearing of the Petition).

CONTACT:

Wescol (Asia-Pacific) Pte Limited
1 Fifth Avenue
#04-04/05, Guthrie House
Singapore 268802
Phone: 65 62595159
Fax:  65 62597105


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

INTER FAR EAST: Names New Audit Committee Members
-------------------------------------------------
The board of directors meeting of Inter Far East Engineering
Public Company Limited, held on August 5, 2005 passed a
resolution to appoint members of the Audit Committee.

The following are the newly appointed members of the Audit
Committee (Independent Directors):

(1) Mr. Marut Simasathien: Chairman of the Audit
                           Committee  

(2) Mr. Somnuk Laiwejpitaya: Audit Committee    

(3) Mrs. Somjai Viriyabanditkul: Audit Committee    
    Effective from August 5, 2005

Terms of holding office

Chairman of the Audit Committee: 3 years

Audit Committee: 3 years
  
The Audit Committee of the Company has the following scope of
duties and responsibilities and shall report to the Company's
board of directors:

(1) To review the sufficiency, credibility and objectivity of
the financial reporting.

(2) To review the adequacy and effectiveness of internal  
control systems and internal audit functions.

(3) To review compliance with the Securities and Exchange Acts,
Regulation of the SET and any other relevant laws.

(4) To consider and advise the appointment of the external
auditors including the audit fee by considering the
creditability.

(5) To consider compliance with all connected transaction
disclosures or the conflict-of-interests disclosures.

(6) To take care of any other matters assigned to it by the
board of directors.

(7) To report the activities of the audit committee in the
company's annual report.

The Company hereby certifies that the aforementioned members
meet all the qualifications prescribed by the Stock Exchange of  
Thailand.

Please be informed accordingly.

Sincerely yours,
Mr. Suthep Dansirvroj
Director and
Senior Executive Vice President
Inter Far East Engineering Public
Company Limited


NATURAL PARK: Completes Registration of Capital Reduction
---------------------------------------------------------
Natural Park Public Company Limited notified the Stock Exchange
of Thailand (SET) that it has completed the registration of
reduction of the registered capital from the existing amount of
THB30,171,480,000 to THB10,057,160,000.

The reduction of registered capital was done by reducing the par
value of the Company shares from the existing par value of THB3
per share to THB1 per share, which the paid-up capital of the
Company reduced from the existing paid-up capital of
THB24,171,480,000 to THB8,057,160,000, divided into
8,057,160,000 ordinary shares, par value of THB1 per share,
under the resolution of the Ordinary General Meeting of
Shareholders No. 1/2005, held on April 28, 2005, as submitted to
the Department of Business Development, Ministry of Commerce on
August 2, 2005.

Please be informed accordingly.

Sincerely yours,
Mr. Sermsin Samalapa
President & Chief Executive Officer

CONTACT:

Natural Park Public Company Limited   
Address: 88 Soi Klang (Sukhumvit 49),
Sukhumvit Road, Wattana, Bangkok
Telephone: 0-2259-4800-11   
Fax: 0-2259-4819, 0-2259-4815   




BOND PRICING: For the Week 8 August to 12 August 2005
-----------------------------------------------------

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


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

  KOREA
  -----

Korea Electric                        7.950%     4/01/96    48



MALAYSIA
--------

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


SINGAPORE
---------

Sengkang Mall                         8.000%     11/20/12    1
Structural System Singapore          11.000%      6/30/07    1
Tampines Assets Ltd                   5.625%     12/07/06    1
Tincel Limited                        7.400%      6/13/11    1





                            *********


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

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

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

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                 *** End of Transmission ***