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

                     A S I A   P A C I F I C

             Thursday, August 11, 2005, Vol. 8, No. 158

                            Headlines

A U S T R A L I A

AMV SSAS: Intends to Declare Dividend August 23
ATAJ PTY: Members, Creditors Convene in Final Meeting
BAKKANO PTY: Members Seek to Wind Up
BARNES WATSON: To Distribute Dividend Next Week
CALDSKI PTY: Liquidator to Detail Wind Up Manner

CITRON GARDENS: Creditors Ratify Liquidator's Appointment
CTS FUND: Timmins Committed on Fraud Charges
DEKA PHARMACEUTICALS: John Brogan Named Official Liquidator
HAY QUYNH: Supreme Court Orders Liquidation
HIH INSURANCE: Founder Pleaded Innocence to Priest

KARIJINI ABORIGINAL: To Pay Dividend to Creditors
KU-RING-GAI REMOVALS: Liquidator Lays Out Final Meeting Agenda
LAM'S TRADING: Appoints Official Liquidator
MORECRAFT KITCHENS: Members, Creditors to Discuss Wind-up Report
NATIONAL AUSTRALIA: Patricia Cross Joins Board

NATIONAL AUSTRALIA: Unveils Employee Opinion Survey Results
NQ BAKE: Collapse Leaves Staff Penniless
PASAD PTY: Liquidator Details Wind Up Manner
PREMIER PROPERTY: Placed Under Voluntary Liquidation
QANTAS AIRWAYS: Mulls Fifth Fuel Surcharge

QANTAS AIRWAYS: Budget Unit Plans Fare Hike
SOLAR RESOURCE: Begins Winding Up Process
TIFMAJO PTY: Members Decide to Close Operations
VALE ENGINEERING: Enters Liquidation
VENEERED PANELS: Creditors Mull Voluntary Winding Up

WHITE INVESTCO: Decides to Quit Business
W.H. LEWIS: Members Agree to Wind Up Operations
* Cricketers Mired in Kovelan Bangaru Failure


C H I N A  &  H O N G  K O N G

BANK OF CHINA: Temasek Eyes Stake
CAPITAL PUBLICATIONS: 1H/2005 Net Loss Widens to HK$2.77 Mln
CHINA SOUTHERN: July Passenger Volume Up 59%
DIALIGHT COMPANY: Enters Liquidation Proceedings
GUANGDONG KELON: ICBC Transfers Stake to Huarong

HINLOON INTERNATIONAL: Creditors Meeting Slated for September 9
ID INNOVATION: Creditors Meeting Fixed September 1
KANHAN TECHNOLOGIES: 1H/2005 Net Loss Hikes to HK$1.8 Mln
LAI SUN: Executive Director Resigns
MICHELANGELO MARBLE: Receives Winding Up Notice

ONSHINE INDUSTRIAL: Court Issues Winding Up Order
PROSTEN TECHNOLOGY: Posts 1H/2005 HK$6.71 Mln Net Loss
SOUTHERN CHAIN: Sets Creditors Meeting September 9
STOCKMARTNET HOLDINGS: Net Loss Shrinks to HK$4.33 Mln
* Three Brokers Obtain US$179 Mln Loan


I N D O N E S I A

DIRGANTARA INDONESIA: Delivers Aircraft to Malaysia
GARUDA INDONESIA: Closure of Union Office Causes Tension
PERTAMINA: Wants to Be Sole Operator of Cepu Gas Block
PERTAMINA: Workers Poised to Strike Today
PERUSAHAAN LISTRIK: Reduces Daily Power Demand by 500 Megawatts


J A P A N

HOKKAIDO INTERNATIONAL: To Offer Haneda-Memambetsu Service
JAPAN AIRLINES: Toyota Steers Group Cargo Operations at Narita
JAPAN AIRLINES: To Suspend 6 Routes Amid High Fuel Costs
JAPAN TOBACCO: D-Spec Sales Momentum Pushes Sales
NHJ LIMITED: Files For Semi-Voluntary Bankruptcy

TOSHIBA CORPORATION: To Focus Investment on Semiconductors
* Japan's Construction Companies Reduce Downside Earnings Risk


K O R E A

ASIANA AIRLINES: New Talks May Avert State Intervention
DAEWOO GROUP: Founder Admits to Accounting Fraud Charges


M A L A Y S I A

ANCOM BERHAD: Purchases 97,500 Ordinary Shares
CAMERLIN GROUP: Receives Offer from CIMB-GK
DATUK KERAMAT: Denies Danaharta's Claims
DFZ CAPITAL: Enters Into SPA with Naluri
HABIB CORPORATION: To Acquire Chuan Hup's Marine, Offshore Ops

KILANG PAPAN: Shareholders Pass All AGM Resolutions
MBF HOLDINGS: Lawsuit Concluded
PAN MALAYSIA: Repurchases Ordinary Shares
PAN PACIFIC: Enters Into Conditional Disposal Agreement
PILECON ENGINEERING: Unsecured Creditors in Favor of Scheme

PUNCAK NIAGA: SC OKs Proposed MGO Exemption
PWE INDUSTRIES: 31st AGM Slated for August 26
SATERAS RESOURCES: Appeals Court Order on Salwan Case
TRADEWINDS CORPORATION: Proposed Disposal of Shares Extended


P H I L I P P I N E S

AYALA CORPORATION: Proposes Debt-Restructuring Strategy
COLLEGE ASSURANCE: SEC Takeover Not The Ultimate Solution
NATIONAL BANK: SEC Denies Petition for Exemptive Relief
NATIONAL BANK: Tycoon May Seek Approval to Match Highest Bid
NATIONAL BANK: Court Clears 'Jawo' of Php400-Mln Loan Obligation

NATIONAL FOOD: Braces for Lean Months
NATIONAL FOOD: Notes 76% Actual Rice Arrivals
NATIONAL POWER: Benguet to Sell Off Assets
NATIONAL TRANSMISSION: Explores All Geothermal Fields
PHILIPPINE AIRLINES: Touts Experience in New Ad Campaign

PHILIPPINE AIRLINES: Enhances Service to First Class Travelers
UNIWIDE HOLDINGS: Axed Workers Run to DOLE's Aid


S I N G A P O R E

CITIRAYA INDUSTRIES: Seeks to Spread Debt Repayment Over 5 Years
OVERSEAS ENTERPRISE: Creditor Seeks to Wind Up Business
REGIONAL-BEING: Creditor Files Winding Up Petition
STAMFORD OVERSEAS: Court Orders Winding Up


T H A I L A N D

EMC: Directors Amend Terms of Convertible Debentures
INTER FAR EAST: Posts 2Q Financial Statement
PACIFIC ASSETS: Replies to SET's Request
PREECHA GROUP: Books THB5,778,000 in Net Profit
THAI PETROCHEMICAL: Creditors to Manage Unit's Stake Sale

     -  -  -  -  -  -  -  -

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

AMV SSAS: Intends to Declare Dividend August 23
-----------------------------------------------
AMV SSAS Solutions Pty Limited is set to declare a first and
final dividend on Aug. 23, 2005.

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

Dated this 16th day of June 2005

Glenn Michael Shannon
Liquidator
Knights Insolvency Administration
Level 14 Brisbane Club Tower
241 Adelaide Street
Brisbane Qld 4000


ATAJ PTY: Members, Creditors Convene in Final Meeting
-----------------------------------------------------
Take notice that Ataj (Australasia) Pty Limited will hold a
final meeting for its members and creditors on Aug. 18, 2005,
10:00 a.m. at the offices of Hamiltons Chartered Accountants,
Level 17, 25 Bligh Street, Sydney, New South Wales.

The purpose of the meeting is to lay before it an account
showing how the winding up was conducted and the property of the
Company disposed of, and to give any explanation thereon.

Dated this 6th day of July 2005

Pino Fiorentino
Liquidator
c/o Hamiltons
Chartered Accountants
Level 17, 25 Bligh Street
Sydney NSW 2000
Phone: (02) 9232 6611
Fax:   (02) 9232 6166, DX 1208


BAKKANO PTY: Members Seek to Wind Up
------------------------------------
At a general meeting of the members of Bakkano Pty Limited duly
convened and held on June 30, 2005, the following special
resolution was duly passed:

That the company be wound up voluntarily.

Dated this 30th day of June 2005

Douglas J. G. Macculloch
Liquidator
c/o RSM Bird Cameron
143 Bourke Street, Goulburn NSW 2580
Phone: (02) 4821 1066


BARNES WATSON: To Distribute Dividend Next Week
-----------------------------------------------
Barnes Watson Pty Limited will declare a first dividend on Aug.
16, 2005.

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

Dated this 4th day of July 2005

A. S. R. Hewitt
Liquidator
Grant Thornton
Rialto Towers, Level 35, South Tower
525 Collins Street, Melbourne Vic 3000


CALDSKI PTY: Liquidator to Detail Wind Up Manner
------------------------------------------------
Notice is given that the final meeting of members and creditors
of Caldksi Pty Limited will be held on Aug. 17, 2005, 10:00 a.m.
for the following purposes:

AGENDA

To consider the liquidator's account 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
start of the meeting.

Dated this 5th day of July 2005

I. J. Purchas
Liquidator
C/o Level 1, 32 Martin Place
Sydney NSW


CITRON GARDENS: Creditors Ratify Liquidator's Appointment
---------------------------------------------------------
Notice is hereby given that at a meeting of members of Citron
Gardens Pty Limited duly convened and held on June 30, 2005, it
was resolved that the Company be wound up voluntarily. For such
purposes, Steven Nicols of Nicols & Brien, Level 2, 350 Kent
Street, was confirmed as Liquidator by creditors, at a meeting
of creditors held later that same day.

Dated this 30th day of June 2005

Steven Nicols
Liquidator
Nicols & Brien
Level 2, 350 Kent Street
Sydney NSW 2000
Phone: 9299 2289
Fax:   9299 2239
Web site: http://www.bankrupt.com.au


CTS FUND: Timmins Committed on Fraud Charges
--------------------------------------------
Mr. Chad Timmins of the Gold Coast has appeared at committal
proceedings in the Southport Magistrates Court on charges
brought by the Australian Securities and Investments Commission
(ASIC).

Mr. Timmins was committed to stand trial in the District Court
at Southport on eight counts of fraud. The charges relate to the
early release of preserved superannuation benefits and to
dishonestly applying other people's property to his own use.

ASIC alleged that Mr. Timmins, operating under the name CTS Fund
Management on the Gold Coast, gave superannuation investment
advice and promoted a facility through which the early release
of preserved superannuation benefits could be arranged.

Under the Superannuation Industry (Supervision) Act 1993, the
preserved component of a person's superannuation benefits cannot
be paid out in cash until the person turns a minimum age of 55
and has permanently retired from the workforce, or meets certain
other limited criteria.

Mr. Timmins did not enter a plea and was remanded on bail.

The Commonwealth Director of Public Prosecutions is prosecuting
the charges.


DEKA PHARMACEUTICALS: John Brogan Named Official Liquidator
-----------------------------------------------------------
Notice is hereby given that at a general meeting of the members
of Deka Pharmaceuticals Pty Limited held on 30 June 2005, it was
resolved that the Company be wound up voluntarily as a members'
Voluntary winding up, and that John Dominic Brogan be appointed
to act as Liquidator for the Company's winding up and
distribution of its property.

Dated this 30th day of June 2005

John D. Brogan
Liquidator
PO Box 509, Collaroy NSW 2097


HAY QUYNH: Supreme Court Orders Liquidation
-------------------------------------------
On June 30, 2005, the Supreme Court of New South Wales, Equity
Division, ordered the winding up of Hay Quynh Links Pty Limited
and appointed Steven Nicols to be Liquidator of the Company.

Steven Nicols
Level 2, 350 Kent Street
Sydney NSW 2000


HIH INSURANCE: Founder Pleaded Innocence to Priest
--------------------------------------------------
A priest recently claimed HIH Insurance founder Ray Williams is
innocent and only agreed to plead guilty to three charges
because he believed it was the only way he could avoid a jail
term.

The Advertiser reported that Father Dave Smith of the Holy
Trinity Anglican Church in Sydney's Dulwich Hill has revealed
that Mr. Williams believed the corporate watchdog and
prosecuting authorities would do everything to make him look
guilty "no matter what".

In a treatise published on the On Line Opinion website on
Monday, Father Dave said Mr. Williams told him the Commonwealth
Director of Public Prosecutions would drop other charges if he
confessed to three charges.

Mr. Williams is considered the biggest catch from the probe into
the AU$5.3 billion collapse of HIH four years ago.

"He was told in no uncertain terms that if he did not confess to
the three little crimes, the legal team would pursue him with
everything they had and the case would drag on for another two
to three years. It would cost him $2 million to $3 million more
in legal fees and he would certainly end up in jail at the end
of it all," Father Dave wrote.

He said Mr. Williams told him, before his sentencing in the NSW
Supreme Court in April, that he was innocent. "These things they
want me to plead guilty to ... I didn't do them," the priest
writes.

Mr. William, 68, is serving a 2 3/4-year non-parole period at
Cessnock Prison north of Sydney.

Father Dave submitted a character reference for Williams to the
court but did not take the stand on his behalf.

Mr. Williams, and HIH, donated money and did volunteer work for
the church and Father Dave's youth program before he was jailed.

ASIC Deputy Director of Enforcement Allen Turton said Father
Dave's words were "unusual, with some extraordinary statements",
but declined to comment further.


KARIJINI ABORIGINAL: To Pay Dividend to Creditors
-------------------------------------------------
Karijini Aboriginal Corporation will declare a first and final
dividend on Aug. 15, 2005.

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

Dated this 11th day of July 2005

Brian McMaster
Liquidator
KordaMentha
Level 11, 37 St Georges Terrace
Perth WA 6000


KU-RING-GAI REMOVALS: Liquidator Lays Out Final Meeting Agenda
--------------------------------------------------------------
Notice is given that a Final Meeting of the Members and
Creditors of Ku-ring-gai Removals & Storage Pty Limited will be
held on Aug. 18, 2005, 10:30 a.m. at Ngan & Co., Level 5, 49
Market Street, Sydney NSW 2000.

AGENDA:

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

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

Dated this 4th day of July 2005

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


LAM'S TRADING: Appoints Official Liquidator
-------------------------------------------
On July 5, 2005, the Supreme Court of New South Wales, Equity
Division ordered that Christopher J. Palmer be the Official
Liquidator for the winding up of Lam's Trading Pty Limited.

Dated this 19th day of July 2005

Christopher J. Palmer
Official Liquidator
O'Brien Palmer
Level 4, 23-25 Hunter Street
Sydney NSW 2000


MORECRAFT KITCHENS: Members, Creditors to Discuss Wind-up Report
----------------------------------------------------------------
Notice is hereby given that a Final Meeting of the Members and
Creditors of Morecraft Kitchens & Joinery (Australia) Pty
Limited will be held on Aug. 18, 2005, 10:00 a.m. at Ngan & Co.,
Level 5, 49 Market Street, Sydney NSW 2000.

AGENDA:

(1) To receive the Liquidator's account showing the manner of
the Company's wind up and disposal of property, and to receive
any explanation required thereof.

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

Dated this 4th day of July 2005

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


NATIONAL AUSTRALIA: Patricia Cross Joins Board
----------------------------------------------
The Chairman of the National Australia Bank Graham Kraehe on
Wednesday announced the appointment of Patricia Cross as a non-
executive director.

Mrs. Cross will join the National's Board in early December
2005. She is also a director of Qantas and Wesfarmers.

Mrs. Cross brings 25 years of experience in banking and finance
to the National's Board. Prior to taking up a range of non-
executive directorships in 1996, Mrs. Cross worked in senior
management roles with Chase Manhattan Bank, Banque Nationale de
Paris and National Australia Bank. In 2003, she received a
Centenary medal for service to Australian society through the
finance industry.

"Patricia has a strong background in banking and financial
services," Mr. Kraehe said.

"With her roles as a non-executive director and experience in
corporate governance, I am sure Patricia will provide a great
contribution to the National," he said.

Mrs. Cross said: "It is an exciting time to be joining the
National. It is a company of great significance to a large
number of Australians as shareholders, customers and employees."

Mrs. Cross holds a Bachelor of Science degree (Hons-Econ) from
Georgetown University in the United States.

Further background on Patricia Cross is available at
www.nabgroup.com.

CONTACT:

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


NATIONAL AUSTRALIA: Unveils Employee Opinion Survey Results
-----------------------------------------------------------
The National Australia Bank Group's Managing Director and CEO,
Mr. John Stewart, on Wednesday released the results of the
Group's 2005 Employee Opinion Survey, which provides an overview
of employees' attitudes and perceptions across the organization.

Mr. Stewart said employee satisfaction across the National was
steady, at 71%, compared with the last employee survey in 2003.
Employee engagement, which measures employees' commitment to the
organization, also remained steady at 35%.

"We are only just over one year into a three year turnaround,
and given that over this time we have significantly restructured
our business and leadership teams, I thought it was likely
employee satisfaction levels could have dropped.  In this sense,
the survey results are encouraging.  However, they are also
clearly not where we want them to be," he said.

Over the past 18 months, the National's turnaround program has
included a substantial amount of work to improve the experience
customers have, and the Employee Opinion Survey showed staff
believe real progress has been made in this area.

"We have been focusing on improving the customer experience,
stabilizing the business and improving policies and procedures
to make us easier to do business with.  This is working - our
staff tell us that our customer focus is clearly the right way
to go.

"But they are also telling us there is more we can do to further
improve our systems and processes to make their jobs easier and
provide a better service to customers.  This is very valuable
feedback for us because it gives us the view of the customer
'experts' - those people who deal with customers on a daily
basis.  We will now analyze this feedback and use it as a basis
for developing better ways for our staff to work, and better
processes for customers.

"We also need to focus more on improving our employee
satisfaction and engagement by making sure we recognize and
value their contributions, while also continuing to make it
easier for them to do their jobs.  Most importantly, we have to
make sure what we are saying matches our actions.

"It's very important we get this right.  If we have happy staff,
it will be much easier to make sure we have happy customers, and
ultimately, happy shareholders."

National Australia Bank Employee Satisfaction - 2005

Total National Australia Bank Group 71%
New Zealand  80%
Australia 74%
Institutional Markets & Services 72%
United Kingdom 59%

More than 30,000 employees from across the National's regions
and businesses took part in the survey.

For further information:

Brandon Phillips
Group Manager, External Relations
Phone: 03 8641 3857
Mobile: 0419 369 058


NQ BAKE: Collapse Leaves Staff Penniless
----------------------------------------
NQ Bake's collapse has left around 50 workers virtually out of
pocket, according to Cairns Post.

Far North Queensland's largest bakery fell into administration
last month, owing thousands of dollars to employees. A tax
office debt reportedly contributed mainly to the firm's
downfall.

The Deputy Commissioner of Taxation appointed Brisbane-based
liquidators SV Partners to assess the assets of the Company.

And unsecured creditors may have little chance of recovering
cash owed to them because the banks and employees have first
stab at any money left after the equipment and premises are
sold.

Mareeba-based NQ Bake produced about 60,000 loaves of bread a
week and supplied bread and bakery products to 32 percent of the
Cairns market, making it the largest automated bread line plant
outside of Brisbane.

CONTACT:

NQ Bake
313 Byrnes St Mareeba QLD 4880
Phone: (61 7) 4092 2010


PASAD PTY: Liquidator Details Wind Up Manner
--------------------------------------------
Notice is given that Pasad Pty Limited will hold a Final Meeting
of its Members and Creditors of the Company on Aug. 18, 2005,
10:15 a.m. at Ngan & Co, Level 5, 49 Market Street, Sydney NSW
2000 for the following purposes:

AGENDA

(1) To receive the Liquidator's account 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 4th day of July 2005

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


PREMIER PROPERTY: Placed Under Voluntary Liquidation
----------------------------------------------------
At a general meeting of Premier Property Services Pty Limited
held on June 30, 2005, the following Special Resolution was
passed:

That the Company be wound up as a Members' Voluntary Liquidation
and that Peter John Hurley, Chartered Accountant of Suite 239,
813 Pacific Highway, Chatswood, be appointed as liquidator for
such winding up.

Dated this 5th day of July 2005

Peter J. HURLEY
Liquidator
813 Pacific Highway
Chatswood NSW 2067


QANTAS AIRWAYS: Mulls Fifth Fuel Surcharge
------------------------------------------
National flag carrier Qantas Airways Limited plans to impose a
fifth fuel surcharge on travelers to cover an AU$600 million
(US$457.8 million) deficit caused by soaring oil prices,
according to Asia Pulse.

Qantas chief financial officer Peter Gregg said if prices stayed
at current levels, Qantas' fuel bill was likely to exceed that
of last year's by AU$1.2 billion. He added that despite hedging
and surcharges, the carrier will still face AU$600 million
shortfall compared with last year.

At present, passengers now pay AU$20 fuel surcharge per sector
with Qantas and AU$19 with Jetstar and Virgin Blue.

Meanwhile, Qantas revealed it had axed almost 200 managers as
part of a continuing review of its operations to confront new
competition and cut costs.

Fairfax newspapers reported that the airline had slashed the
senior management positions through redundancies, attrition and
leaving positions unfilled.

However, Qantas said the 15 percent cut in management jobs did
not imply the same level of cuts would be imposed across its
entire workforce.

CONTACT:

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


QANTAS AIRWAYS: Budget Unit Plans Fare Hike
-------------------------------------------
Qantas Airways' low-cost unit Jetstar Airways is looking at a
possible fuel surcharge increase amid skyrocketing global oil
prices, Asia Pulse reports.

The development follows an announcement by Qantas chief
financial officer Peter Gregg that the airline was considering
imposing a fifth fuel surcharge on ticket prices.

Jetstar Chief Executive Alan Joyce said that like the Qantas
group overall, Jetstar would react in the same way to the
increase in oil prices and is reviewing the fuel surcharge.

Mr. Joyce, however, said any fuel surcharge increase could
impact demand.

"I think there are a few things to be considered in that debate
- the potential impact it would have on demand - and we are
looking at all aspects of it, but no firm decision has been made
yet," he said.

World oil prices have recently risen above US$64 a barrel.


SOLAR RESOURCE: Begins Winding Up Process
-----------------------------------------
Notice is hereby given that at a general meeting of members of
Solar Resource Pty Limited held on July 1, 2005, it was resolved
that the Company be wound up as a members' voluntary
liquidation, and that Ian Landon Smith be appointed liquidator
for the winding up.

Dated this 1st day of July 2005

Ian L. Smith
Liquidator
38 Kintore Street
Wahroonga NSW 2076


TIFMAJO PTY: Members Decide to Close Operations
-----------------------------------------------
Notice is hereby given that at a general meeting of the members
of Tifmajo Pty Limited held on July 5, 2005, it was resolved
that the Company be wound up voluntarily and that Michael Edward
Slaven of Rangott Slaven Hundy, Unit 12, Level 3 Engineering
House, 11 National Circuit, Barton ACT be appointed Liquidator
for such purpose.

Dated this 19th day of July 2005

Michael E. Slaven
Rangott Slaven Hundy
Unit 12, Level 3 Engineering House
11 National Circuit, Barton ACT


VALE ENGINEERING: Enters Liquidation
------------------------------------
Notice is hereby given that at a General Meeting of Members of
Vale Engineering Co. Pty Limited held on June 30, 2005, a
Special Resolution to voluntarily wind up the Company was passed
by members, and G. M. Rambaldi was appointed Liquidator for the
winding up.

Dated this 5th day of July 2005

G. M. Rambaldi
Liquidator
Pitcher Partners
Level 19, 15 William Street
Melbourne Vic 3000


VENEERED PANELS: Creditors Mull Voluntary Winding Up
----------------------------------------------------
Notice is hereby given that on July 1, 2005, the following
special resolution was passed:

That Veneered Panels (Victoria) Pty Limited be wound up
voluntarily in accordance with the Corporations Act 2001
relating to a Creditors' Voluntary Winding Up, and that Mr K.
L. Sutherland and Mr H. A. MacKinnon, Chartered Accountants of
332 St Kilda Road, Melbourne be appointed joint and several
Liquidators for the Company.

Dated this 1st day of July 2005

H. A. Mackinnon
K. L. Sutherland
Joint and Several Liquidators
Bent & Cougle
Chartered Accountants
332 St Kilda Road,
Melbourne Vic 3004


WHITE INVESTCO: Decides to Quit Business
----------------------------------------
Notice is given that at an extraordinary general meeting of the
members of White Investco Pty Limited held on June 30, 2005, it
was resolved that the Company be wound up voluntarily, and that
Philip Newman of HLB Mann Judd Chartered Accountants, Level 1,
160 Queen Street, Melbourne, be appointed as the liquidator for
such winding up.

Dated this 4th day of July 2005

Philip Newman
Liquidator
HLB Mann Judd
Chartered Accountants
Level 1, 160 Queen Street
Melbourne


W.H. LEWIS: Members Agree to Wind Up Operations
-----------------------------------------------
Notice is hereby given that at a general meeting of the members
of W.H. Lewis & Co. Pty Limited held on June 30, 2005, it was
resolved that the company be wound up voluntarily, and that
Martin David Lewis, Chartered Accountant of Ferrier Hodgson,
Level 6, 81 Flinders Street, Adelaide be appointed Liquidator.

Dated this 30th day of June 2005

M. D. Lewis
Liquidator
Ferrier Hodgson
Level 6, 81 Flinders Street
Adelaide SA 5000


* Cricketers Mired in Kovelan Bangaru Failure
---------------------------------------------
Three Australian cricket stars could lose the more than AU$2
million they were repaid over failed property deals with
flamboyant developer Kovelan Bangaru, as other creditors seek
the AU$50 million they're owed, reports the Sydney Morning
Herald.

Hundreds of angry unsecured creditors, some of whom could lose
their homes, heard they probably helped fund Mr. Bangaru's
luxury lifestyle and they were unlikely to recover anything they
invested in seven of his companies that went into administration
last month.

Fast bowler Brett Lee, his brother Shane Lee and former Test
player Michael Slater are also expected to lose a combined
AU$2.3 million they recovered last month from one of the
companies that went into administration, Hall Chadwick
administrator Geoff McDonald said.

Mr. McDonald's comments came after a first meeting of about 320
creditors and about 30 investors, who are owed about AU$50
million, after investing in seven companies that now own
properties worth about AU$30 million.

Unsecured creditors were unlikely to recover anything, Mr.
McDonald added.

"The money appears to have gone on lifestyle, it was reported to
be a very good lifestyle, but also financing the highly geared
properties or fundamentally paying the interest on the loans."

The process of tracking down the money would take months, he
said.

Death threats allegedly kept Mr. Bangaru from the meeting but he
apologized via telephone and denied allegations of stashing the
money away or funding a lavish lifestyle.

Investors will ask the Australian Securities and Investments
Commission (ASIC) to strip Mr. Bangaru of his passports, saying
he was a flight risk who had talked of moving to the United
States.

ASIC has twice investigated complaints against Mr. Bangaru
without taking action against him, the meeting heard.

Mr. McDonald said it was too soon to tell if it would be
worthwhile suing Mr. Bangaru.


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

BANK OF CHINA: Temasek Eyes Stake
---------------------------------
Temasek Holdings is in talks with the Bank of China (BOC) to buy
a stake that could be worth more than US$1 billion, Shenzhen
Daily reports, citing the Financial Times.

The move would give Temasek an unprecedented foothold in China's
"Big Four" state lenders following its US$1.4 billion purchase
of a 5.1 percent interest in China Construction Bank in June.

BOC, China's second-largest bank, refused to confirm the deal
but said an announcement would be made in the coming weeks.

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


CAPITAL PUBLICATIONS: 1H/2005 Net Loss Widens to HK$2.77 Mln
------------------------------------------------------------
Capital Publications incurred a net loss of HK$2.772 million for
the first half of 2005, versus a net loss of HK$981,000 for the
same period a year earlier, Infocast News reports.

Loss per share (LPS) was 0.55 cent. No second quarter dividend
was declared.

CONTACT:

Capital Publications Limited
Unit A, 3th Floor
Wah Shing Centre
5 Fung Yip Street
Chai Wan
Phone: 22025338
Fax: 25560426
Web site: http://www.capital-hk.com


CHINA SOUTHERN: July Passenger Volume Up 59%
--------------------------------------------
China Southern Airlines said Tuesday that it carried 4.298
million passengers and 61,930 metric tonnes of cargo in July, up
59 percent and 34.1 percent year-on-year respectively, Infocast
News reports.

In the first 7 months of this year, it carried 24.557 million
passengers, representing an increase of 53.3 percent. Meanwhile,
409,940 tonnes were carried, an increase of 31 percent.

The carrier's load factor for paying passengers was 74.4 percent
for July, down 1.7 percentage points from the level of 76.1
percent a year ago. The overall load factor was 64.9 percent,
down 0.9-percentage point on year.

CONTACT:

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


DIALIGHT COMPANY: Enters Liquidation Proceedings
------------------------------------------------
Dialight Company Limited whose place of business is located at
G/F, 363-365 Ki Lung Street, Shamshuipo, 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 2, 2005

Dated this 5th day of August 2005

ET O'Connell
Official Receiver


GUANGDONG KELON: ICBC Transfers Stake to Huarong
------------------------------------------------
Industrial and Commercial Bank of China (ICBC) has transferred a
6.9 percent stake in Guangdong Kelon Electrical Holdings Co. to
China Huarong Asset Management Corporation, Shenzhen Daily
reports.

The refrigerator maker said in a statement the stake transfer by
ICBC's Guangdong branch was in accordance with the share reform
plans and financial restructuring of the State bank, without
elaborating. An official at Guangdong Kelon declined to comment.

Huarong is one of four-asset management companies created
several years ago under a State Council directive to deal with
the nonperforming loans held by the country's four largest
banks.

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


HINLOON INTERNATIONAL: Creditors Meeting Slated for September 9
---------------------------------------------------------------
Notice is hereby given that pursuant to Section 241 of the
Companies Ordinance (Cap 32) that the first meeting of the
creditors of Hinloon International Limited will be held at "Star
Seafood Restaurant", 1st Floor, 271-285 Des Voeux Road West,
Hong Kong on September 9, 2005 at 9:05 a.m. to appoint a
Liquidator and to consider further matters relevant to the
creditors' voluntary winding-up of the above-named Companies
pursuant to Sections 241, 242, 243, 244 and 255A of the
Companies Ordinance.

Creditors may vote either in person or by proxy.

Proxies to be used at the meetings must be duly completed and
lodged at the office of Room 1410, Harbour Centre, 25 Harbour
Road, Wan Chai, Hong Kong not later than 24 hour before the time
appointed for the holding of the meetings.

Dated this 5th day of August 2005

LUO JIANHUA
Director


ID INNOVATION: Creditors Meeting Fixed September 1
--------------------------------------------------
Notice is hereby given that, that a meeting of the members of iD
Innovation Limited (In Creditors' Voluntary Liquidation) will be
held at 21st Floor, Wing On Centre, 111 Connaught Road Central,
Hong Kong on September 1, 2005 at 3 p.m. and will be followed by
a meeting of the creditors of the company to be held at the same
place at 3:30 p.m. respectively for the purpose of having an
account of the liquidators' acts and dealings and of the conduct
of the winding up of the company during the year ended June 5,
2005 pursuant to Section 247 of the Companies Ordinance (Chapter
32).

A member or creditor entitled to attend and vote at either of
the above meetings is entitled to appoint a proxy to attend and
on a poll, vote instead of him. A proxy need not be a member or
creditor of the company.

Proxies used at the meeting must be lodged at 26/F., Wing On
Centre, 111 Connaught Road Central, Hong Kong not later than 4
p.m. on the day before the meeting.

Dated this 5th day of August 2005

LAI KAR YAN (DEREK)
DARACH E. HAUGHEY
Joint and Several Liquidators


KANHAN TECHNOLOGIES: 1H/2005 Net Loss Hikes to HK$1.8 Mln
---------------------------------------------------------
KanHan Technologies reported a net loss of HK$1.817 million for
the first half of 2005, versus a net loss of HK$1.75 million a
year earlier, according to Infocast News.

Loss per share (LPS) was 0.31 cent. No second quarter dividend
was declared.

CONTACT:

Kanhan Technologies Group Limited
15/F, Sun House 181 Des Voeux Road Ventral
Hong Kong
Phone: 28653800
Fax: 28611830
Web site: http://www.kanhan.com


LAI SUN: Executive Director Resigns
-----------------------------------
The Board of Directors of Lai Sun Development Company Limited
announces that Mr. Wu Shiu Kee, Keith has resigned as an
Executive Director of the Company with effect from August 8,
2005 due to personal reasons.

Mr. Wu joined the Company in November 1997 and has been closely
involved in the corporate finance activities of the Company. The
Company initiated a debt restructuring exercise in the second
half of 1999, which culminated in successful completion of
settlement of indebtedness of the Company in December 2004, and
the re-establishment of a firmer financial footing for the
Company. Mr. Wu assumed a leading role in this exercise and made
valuable contribution to this notable achievement throughout
these eventful years.

The Board respects the wishes of Mr. Wu and has accepted his
resignation with reluctance as he is leaving the Company to
pursue his interest in the academic arena. Mr. Wu has confirmed
that there is no disagreement with the Board and there are no
matters, which need to be brought to the attention of holders of
securities of the Company.

The Board would like to take this opportunity to express its
gratitude to Mr. Wu for his dedication and valuable contribution
to the Company during his tenure of office.

By Order of the Board
Lai Sun Development Company Limited
Yeung Kam Hoi
Company Secretary
Hong Kong, 9th August, 2005

CONTACT:

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


MICHELANGELO MARBLE: Receives Winding Up Notice
-----------------------------------------------
Michelangelo Marble Limited whose place of business is located
at Room 401, Crocodilie House 2, 55 Connaught Road Central, Hong
Kong was issued a winding up order notice by the High Court of
the Hong Kong Special Administrative Region Court of First
Instance on July 27, 2005.

Date of Presentation of Petition: June 1, 2005

Dated this 5th day of August 2005

ET O'Connell
Official Receiver


ONSHINE INDUSTRIAL: Court Issues Winding Up Order
-------------------------------------------------
Onshine Industrial Limited whose place of business is located at
Unit 25, 7/F, Block A, Hi-tech Industrial Centre, 5-21 Pak Tin
Par Street, Tssuen Wan New Territories was issued a winding up
order notice by the High Court of the Hong Kong Special
Administrative Region Court of First Instance on July 27, 2005.

Date of Presentation of Petition: June 1, 2005

Dated this 5th day of August 2005

ET O'Connell
Official Receiver


PROSTEN TECHNOLOGY: Posts 1H/2005 HK$6.71 Mln Net Loss
------------------------------------------------------
Prosten Technology Holdings incurred a net loss of HK$6.714
million for the year ended June 30, versus a net loss of
HK$10.39 million a year earlier.

Loss per share (LPS) was $0.013. No dividend was declared.

CONTACT:

Prosten Technology Holdings Limited
Room 1506, 15/F
Tai Tung Buildinig
8 Fleming Road
Wan Chai, Hong Kong
Phone: 28388873
Fax: 28382922
Web site: http://www.prosten.com


SOUTHERN CHAIN: Sets Creditors Meeting September 9
--------------------------------------------------
Notice is hereby given that pursuant to Section 241 of the
Companies Ordinance (Cap 32) that the first meeting of the
creditors of Southern Chain (Hong Kong) Limited will be held at
"Star Seafood Restaurant", 1st Floor, 271-285 Des Voeux Road
West, Hong Kong on September 9, 2005 at 9:15 a.m. to appoint a
Liquidator.

Creditors may vote either in person or by proxy.

Proxies to be used at the meetings must be duly completed and
lodged at the office of Room 1410, Harbour Centre, 25 Harbour
Road, Wan Chai, Hong Kong not later than 24 hour before the time
appointed for the holding of the meetings.

Dated this 5th day of August 2005

LUO JIANHUA
Director


STOCKMARTNET HOLDINGS: Net Loss Shrinks to HK$4.33 Mln
------------------------------------------------------
StockMartnet Holdings Ltd. posted a net loss of HK$4.33 million
for the first half of 2005, against a net loss of HK$5.64
million a year earlier.

Loss per share (LPS) was 0.39 cent. No second quarter dividend
was declared.

CONTACT:

Stockmartnet Holdings Ltd
Rooms 2501-03 25/F Wing On Centre
111 Connaught Road Central
Hong Kong
Phone: 2868-2298
Fax: 2810-1300
Web site: http://www.stockmartnet.com


* Three Brokers Obtain US$179 Mln Loan
--------------------------------------
Three major brokerages have received a total of CNY1.45 billion
(US$179 milion) in revolving loans from state lenders as part of
China's efforts to shore up the struggling sector, Xinhua News
reports, citing the Shanghai Securities.

China Merchants Securities Co. received CNY350 million (US$43.16
million) in loans from China Construction Bank. Oriental
Securities Co. picked up a loan of CNY600 million and Huatai
Securities Co got CNY500 million from the Industrial and
Commercial Bank of China. The debts carry an interest rate of
3.87 percent.

China's central bank was reportedly ready to offer up to CNY10
billion in loans to the nation's troubled stock brokerages.


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

DIRGANTARA INDONESIA: Delivers Aircraft to Malaysia
---------------------------------------------------
National airplane manufacturer PT Dirgantara Indonesia (DI)
delivered earlier this week one of two VIP-configured military
CN-235 airplanes that the Malaysian air force ordered, Asia
Pulse reports.

The plane, worth IDR334.62 billion and ordered in 2002, was
handed over by the Company's operations & production director
Budi Wuraskito to Malaysain air force chief General Nik Ismail
bin Mohamed, with minister of State Enterprises Sugiharto and
Indonesian air force chief Marshal Djoko Suyanto.

According to Mr. Wuraskito, they are scheduled to deliver the
second aircraft this year. The contract to purchase the two
specially configured airplanes was concluded in November 2002 by
PT DI president director Edwin Sudarmo and Malaysia's Defense
Ministry secretary-general Hashim Meon.

General Nik Ismail said that the purchase contract was born out
of the good relationship between Indonesia and Malaysia. He
praised the CN-235 aircraft for its quality and improvement in
technology.

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

CONTACT:

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


GARUDA INDONESIA: Closure of Union Office Causes Tension
--------------------------------------------------------
As a prelude to a planned strike by the employees of national
airline Garuda Indonesia, the Company forcibly closed the
offices of the Association of Cabin Attendants (Ikagi) in an
international airport in Cengkareng, reports the Jakarta Post.

This maneuver angered the cabin crew union, which plans to file
a complaint with the National Commission of Human Rights on the
office closure, seen as an act of intimidation against Garuda
employees who plan to go on strike beginning Aug. 12, in protest
of a "discriminative" remuneration system.

Ikagi represents the labor union of Garuda Indonesia, and has
threatened to go on strike this weekend as a protest to the
Company's unfair compensation system, which, according to Ikagi
Chairman Zainuddin Malik, does not pay its flight attendants on
the basis of their skills and performance, along with the
exclusion of holiday pay.

Garuda Indonesia announced that the Company has taken the
necessary steps to continue normal operations in case the strike
pushes through, with Minister of State Enterprises Sugiharto
saying that the airline would most likely be aided by the cabin
crews of other airlines.

The International Transportation Federation (ITF) has asked
President Susilo Bambang Yudhoyono to intervene in seeking a
peaceful settlement of the dispute, stating in a letter to the
Company that they strongly protest Garuda management's arbitrary
act and ask that they reverse the decision to close the union
offices. The ITF also sent a letter to the President, seeking
support for the Company's cabin crew to be more professional and
repair Garuda's image as the state carrier.

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


PERTAMINA: Wants to Be Sole Operator of Cepu Gas Block
------------------------------------------------------
State-owned oil and gas firm PT Pertamina is asking the
Indonesian government for permission to be the sole operator of
the oil-rich black in Cepu, due to its exclusive right as a
state firm, the Jakarta Post reports.

This could complicate a deal negotiated by the government by
U.S. firm ExxonMobil, the current operator of the Pertamina-
owned gas block until 2010. ExxonMobil, which discovered oil
reserves in the block, had been negotiating with Pertamina for
four years to extend its contract before the government reached
a tentative agreement with the U.S.-based firm after suffering
from oil shortage.

In the agreement, the government would get 85% of the profits
generated from the oil block while both ExxonMobil and Pertamina
would share the remaining 15%, if global oil prices averaged at
more than USD45 per barrel. The split would be 70%-30% if oil
prices would drop to USD30 per barrel.

But according to Pertamina President Widya Purnama, since
Pertamina owns the Cepu block, then it should also have the
right to run it. Mr. Purnama said on Aug. 8 that the Company
would hold 55% of voting rights to the Company. It also wants
the profit split to be changed to 60% for the government, and
40% to Pertamina, according to Law No. 8/1971, which stipulates
that both parties comply with such a split.

But a new law on oil & gas, Law No. 22/2001, overrules Law No.
8/1971, stating that Pertamina's contracts maintain the terms of
such contract until it expires. Mr. Purnama however insists that
the Company's privileges were intact, as it is wholly owned by
the state.

ExxonMobil officials could not be reached to comment on the
matter.

The Cepu gas block is estimated to have oil reserves of over 500
million barrels, and is expected to produce up to 170,000
barrels of oil on a daily basis, accounting for 19% of the
country's total oil output.

CONTACT:

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


PERTAMINA: Workers Poised to Strike Today
-----------------------------------------
Employees of state-owned oil and gas firm PT Pertamina are
scheduled to go on strike today to protest the Company's plan to
terminate 4,015 workers, the Jakarta Post reports.

Pertamina's labor union (FSPPB) Chairman Ugan Gandar said that
the Company's branches in several regions have confirmed that
they will join in today's strike. FSPPB has around 17,000
members. Mr. Gandar added that the goal of the strike is to
defend employees' interests, as some employees have been with
Pertamina for 20 years.

The strike is scheduled to push through in all of the Company's
branches, including East Kalimantan, Central & West Java, Papua,
North & South Sumatra and Riau.

On July 26, 2005, Pertamina President Widya Purnama decided to
terminate the Company's non-permanent workers, which prompted
FSPPB to send a letter to President Susilo Bambang Yudhoyono,
asking him to revoke the decision in accordance with Law No.
13/2003, which prohibits unilateral mass dismissal of employees.


PERUSAHAAN LISTRIK: Reduces Daily Power Demand by 500 Megawatts
---------------------------------------------------------------
State-owned power firm PT Perusahaan Listrik Negara (PLN) has
reduced the daily power demand by 500 megawatts, saving IDR2.5
billion in the process, and aims to lower the demand by another
500 megawatts, reports the Jakarta Post.

According to PLN president Eddie Widiono, the Company aims to
reduce the daily power demand by 1,000 megawatts in lieu of its
plan to raise power rates by next month in response to the
recent fuel price hike.

PLN announced that it would raise the multiplier on which it
bases its rates from 6:00 p.m. to 10:00 p.m. for firms with more
than 14 kilovolt ampere (kVA) power utilization capacities and
businesses with more than 200 kVA capacities.

There will be a penalty that doubles the power rate for use
during peak hours if a company exceeds a set quota of half of
its average power use. However, the Company would give a
discount to companies that can shift more than 50% of their
power usage in peak hours to off-peak hours. PLN is also looking
into the possibility of reducing costs by converting its oil-
fired generators to other (cheaper) fuels.

The recent fuel price hike (allowed by the government) has
prompted companies to switch to PLN for power usage instead of
generating their own electricity. In order to prevent a power
rate increase, the Company plans to lower the daily power demand
and depend on state subsidies to reduce costs.

As of June 2005, the government disbursed IDR784.billion in
subsided for PLN; the Company has said that it needs around
IDR8.6 trillion in subsidies for the year.

CONTACT:

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


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

HOKKAIDO INTERNATIONAL: To Offer Haneda-Memambetsu Service
----------------------------------------------------------
Hokkaido International Airlines, also known as Air Do, applied
to the transport ministry Tuesday for approval to fly between
Tokyo's Haneda airport and Memambetsu, Hokkaido, as its fourth
service route, Kyodo News reports.

The carrier plans to fly Boeing 737-400 aircraft between Haneda
and Memambetsu for three round-trip services a day, starting
next February 10.

The airline expects strong demand for flights to Memambetsu from
tourists wishing to visit the nearby Shiretoko area, registered
as a UNESCO natural heritage site earlier this year, Hokkaido
International President Susumu Takizawa said at a news
conference.


JAPAN AIRLINES: Toyota Steers Group Cargo Operations at Narita
--------------------------------------------------------------
By applying the ingenuity and originality of the Toyota
Production System to their cargo operations at Tokyo's Narita
Airport, Japan Airlines (JAL) are on the way to saving millions
of dollars annually and making huge strides in improving
efficiency and productivity, while at the same time maintaining
service quality and safety.

JAL Cargo is the first airline in the world to adopt the
production techniques of the renowned automobile maker in their
cargo handling operations through a project started by the
airline in October 2004.

Narita Airport is the world's second busiest airport in terms of
international cargo volume handled, with a total throughput of
2,311,417 tons in 2004. Hong Kong's Check Lap Kok airport is
number one. JAL Group's Narita cargo operations, including their
own traffic and that of about 40 foreign carrier customers,
account for nearly half of the import and export cargo passing
through Japan's major gateway, with a total JAL-handled
throughput of import and export cargo, of *1,093,036 tons in
FY2004 (*transit not included).

Controlling the JAL Narita cargo operation is a complex and
challenging task, involving nine different warehousing sites
covering 121,000 square meters and involving 2,400 personnel,
including subsidiaries. Yearly costs, including handling
services for three JAL Group airlines and their many customer
carriers, run to 20 billion yen (nearly US$ 200 million). JAL is
aiming at a 10% productivity improvement using the Toyota know-
how.

In 2004, the JAL cargo division was under increasing pressure to
make changes. The cargo business environment was rapidly
changing following airport expansion and wider deregulation.
Traditional profit structure has also changed, with higher fuel
costs and downward pressure on yield. To make cargo operations
more profitable in these circumstances and give the JAL Group a
competitive edge, it became increasingly important to improve
airport- to- airport profitability.

At this point JAL Cargo decided to call in Toyota and from
October last year the JAL Project M3 got under way.

The key word in the Toyota vocabulary is kaizen, which
translates as continuous improvement, the constant search for
ways to do the job better.

JAL named their plan the M3 Project after the three main
elements in the Toyota Production System's (TPS) philosophy of
eliminating muda (waste), mura (eliminating the lack of
standardization) and muri (taking the strain out of the job).

The ultimate aims of the TPS are to cut out the three M's-muda,
mura, and muri - and put into practice the four S's-seiri
[sorting], seiton [simplifying], soji [systematic cleaning] and
seiketsu [cleanliness].

In the case of export cargo, the process from cargo intake,
build-up and out shipment to the ramp is basically the same as
the flow of materials and action in a manufacturing plant. JAL
cargo planners felt that there was much to be learned from the
Toyota system and decided to introduce it.

Narita was the obvious choice for action, because even moderate
kaizen efforts were found to yield considerable savings. For
example, just by turning off the lights in offices during lunch
hour and in all the warehouses during the day, JAL found it
could save three million yen (US$28,000) yearly.

On October 1 last year, the company-wide Project M3 team at
Narita including members from JAL, JALTOS - the airlines' cargo
handling operator - and subsidiary AGS Aircraft Service (AAC)
started work under project leader Hiroshi O'Hara, JAL's director
of cargo at the Narita Terminal. Included in the team were two
Toyota consultants.

They decided to implement the Project M3 at two locations in the
JAL cargo complex at Narita, the JL1 import cargo warehouse and
the JL5 export cargo warehouse

The team established a schedule of three phases.

In phase one from October to the end of December, the team drew
up project plans and identified some 150 kaizen items. Phase
two, from January to June, covered the introduction of the
project and developing and identifying further kaizen ideas. The
Toyota consultants stayed for this nine-month period. In phase
three now under way, JAL is expanding the TPS scheme to other
departments and is embarking on an autonomous kaizen process.

In accepting new ideas the project team found that the people
who had been on the job longest, ever since Narita started
operating, and who had a lot of accumulated know-how and
experience, had the most difficulty accepting in new ideas. The
perspective from inside the company tended to be narrowly
focused and it was hard to make changes, so the team started by
trying to change attitudes with the help of the Toyota know-how.

The team carried out their project by encouraging personnel to
take on challenges. The team discovered that staff needed to
learn that making a mistake while acting proactively was not a
problem. The problem lay in not attempting to do anything at
all.

The 150 kaizen items drawn up at the end of Phase 1, were
grouped into three categories: those than could be implemented
immediately, those which need to be considered, and those for
which certain conditions needed to be met.

In April this year the JAL Group Narita cargo operations were
reorganized. The Narita cargo administration office and the
terminal operating company, JALTOS, were combined into one unit
and subsidiary companies AGS Aircargo Service Company (AAC) and
Narita Logistic Terminal Company (NLT), which handle loading and
unloading, were combined into one company under the AAC banner.
This new organizational setup has already increased efficiency.

From the Toyota perspective, closely examining worksite
processes and evaluating each one in order to improve
productivity was a new approach for JAL and the experience was a
good opportunity for the airline to reevaluate operations in
terms of both quality/safety and productivity.

For some cargo workers, the Toyota approach was a real eye-
opener. Where once unquestioning acceptance of the methodology
was simply taken for granted, workers started looking at the
work more objectively and are identifying where there are wasted
efforts and unnecessary processes and are becoming more cost-
conscious.

The manufacturing process involves the flow of parts into an
assembly plant along a production line. Similarly, cargo
handling involves the flow of cargo shipments and documents.

Kaizen examples pinpointed in the JAL project range over
processes and stage in export and import cargo handling. They
included re-establishing reasons for doing tasks in a certain
way. Here the team often used shot videos of wasteful activities
to show doubtful staff where they could make changes.

Re-positioning cargo containers and pallets on the warehouse
reduced time and effort. And by better positioning and routing
in the warehouses reduced forklift requirements.

Greater efficiency was achieved after the working floor in cargo
building JL1 was divided into two separate areas, one for cargo
shipment checking, the other for unloading.

Setting specific routes for vehicle such as forklifts eliminated
waste movements, as did placing equipment in the best locations
for worker access and proximity to actual use.

Export cargo deliveries tended to build up to huge levels in
mid-afternoon and some of this included shipments due out the
next day. JAL worked out a system to control the flow, seeking
the cooperation of freight-forwarders to work to a revised cargo
acceptance schedule.

Basic training of new employees has been expanded, to encourage
more individual initiative.

Some tasks, once handled separately, have been integrated, to
improve efficiency. Of these, the biggest example is the
integration of the two ground handlers, AGS Airport Cargo and
Narita Logistics Terminal into one company. This has resulted in
a reduction of work processes and a reduction in the number of
forklift trucks - somewhat ironic as JAL buys most of its
forklifts from Toyota.

Company officials stress that JAL cargo has always worked
positively to improve productivity, safety and quality in cargo
handling. With TPS they are aiming at more and more improvements
in total service.

The use of TPS is not a one-off project. It is being
continuously applied to JAL cargo handling to improve not only
productivity but also safety and quality.

JAL Cargo is now systemizing and accumulating know-how on
safety, quality and productivity in cargo handling, which has
now been enhanced by the Toyota experience. JAL Cargo will
maximize the application of this accumulated know-how for
further development of its cargo services.

For further information contact:

geoffrey.tudor@jal.com
stephen.pearlman@jal.com
Telephone: 81-3-5460-3109
Fax: 81-3-5769-6487
Web site: www.jal.com/en/corporate/

This is a company press release.


JAPAN AIRLINES: To Suspend 6 Routes Amid High Fuel Costs
--------------------------------------------------------
Jetliners of Japan Airlines (JAL) are suspending six routes as
it remains deeply in the red, hit by high fuel costs, safety
concerns and anti-Japanese feeling in China, Monday Morning
reports.

JAL said that high fuel prices and anti-Japanese sentiment in
China hurt them in the three months to June but they would ride
out the trouble by closing some routes and passing on extra
costs to customers.

The airline incurred a net loss of JPY38.38 billion (343 million
dollars) in the quarter to June, only marginally better than a
year before, and said it would cut more costs to meet its full-
year profit forecast.

The company plans to close two routes to Saipan, a resort island
in the Western Pacific, and one route each to Guam, Honolulu,
Hong Kong and Seoul. It also reduced the frequency of its
flights between Osaka and Honolulu.

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


JAPAN TOBACCO: D-Spec Sales Momentum Pushes Sales
-------------------------------------------------
Japan Tobacco Inc. announced that, on September 1, 2005, it
would expand the sales area of two D-spec products, which were
launched in February 2005 within a limited sales area, to
nationwide coverage.

Both "Seven Stars Revo Lights Menthol Box," and "Lucia Citrus
Fresh Menthol One" have received high marks and sales momentum
is continuing.

"Seven Stars Revo Lights Menthol Box" was launched in Nagano and
Gunma prefectures where the product gained a 0.7 percent market
share (as of June 2005), largely surpassing JT's initial targets
and breaking a record for sales in the 300yen or above segment
for new products.

"Lucia Citrus Fresh Menthol One" was launched in Aichi
prefecture where it gained a 0.34 percent market share (as of
June 2005), enjoying solid sales since its launch. In addition,
consumers nationwide are now beginning to encourage JT to launch
a 1mg tar version of a Lucia brand family product.

"D-spec," reduced odor segment products (known as Less Smoke
Smell products abroad), incorporates the company's odor-reducing
technology in response to consumer demands for a reduction in
the unpleasant smell of smoke. After six years of research and
development efforts, JT introduced this new and innovative
technology to mask the unpleasant odors. And, in its latest
medium-term management plan, "JT PLAN-V," JT stated that the
company would, as part of its top-line growth strategies, create
a new segment - reduced odor products heralded by "Lucia Citrus
Fresh Menthol." Since its announcement, D-spec products have
gained a solid share in the Japanese market in line with "JT
PLAN-V." In addition, with very encouraging results in Japan,
"Lucia Citrus Fresh Menthol" has since been introduced to the
Russian and Korean market and "Lucia Citrus Fresh Menthol One"
has been introduced to the Korean market. This D-spec momentum
has allowed the company to take increased market share back from
competitors.

With the nationwide sales expansion for these two products, five
D-spec products will be available nationwide and six other D-
spec products remain available in limited sales areas. Taking
advantage of the nationwide sales expansion, the company will
now redesign "Lucia Citrus Fresh Menthol One" to make the brand
more attractive to consumers while differentiating the product
from other offerings in the Lucia brand family.

This is a company press release.

CONTACT:

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


NHJ LIMITED: Files For Semi-Voluntary Bankruptcy
------------------------------------------------
MicroEmissive Displays Group Plc (MED) has noted from the
electronic edition of the Nikkei newspaper that NHJ Limited, a
Japanese consumer electronics company, filed for semi-voluntary
bankruptcy in the Tokyo district courts on 8 August 2005.

UK Wire reports that MED's AIM admission document dated November
23, 2004, that the MED Group had received a purchase order for
5,000 microdisplay modules from NHJ. In MED's results for the
year to 31 December 2004, it was further noted that the first
customer application for MED's microdisplay is in an ultra-
compact USB-enabled Digital Still Camera to be introduced by
NHJ. Further customer orders have since been received.

As announced on June 3, 2005, MED plans to ship product in Q4
2005. MED is currently in discussion with a number of potential
customers the demand from whom is expected to exceed the
capacity of MED's in house pilot manufacturing facility in
Edinburgh.

As it seeks to clarify the position with NHJ, MED has taken
immediate steps to advise customers of a potential increase in
scheduled product allocations.

CONTACT:

NHJ Limited (Japan)
2/F., Takanawa-ono Bldg.,
2-15-21, Takanawa,
Minato-ku, Tokyo, Japan. 108-0074
Phone: +81 (3) 5319-5728


TOSHIBA CORPORATION: To Focus Investment on Semiconductors
----------------------------------------------------------
Toshiba Corporation will invest JPY550 billion on semiconductor
operations, half of its total capital investment in three years
through March 2008, Kyodo News reports, citing Toshiba President
Atsutoshi Nishida.

The move is aimed at strengthening the company's revenue base to
offset the effects of falling chip prices and tougher
competition, Mr. Nishida said at a news conference.

CONTACT:

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


* Japan's Construction Companies Reduce Downside Earnings Risk
--------------------------------------------------------------
Standard & Poor's Ratings Services said that while the business
environment surrounding the Japanese construction industry
remains challenging, the financial profiles of three of the four
major Japanese construction companies rated by Standard & Poor's
are expected to improve over the next two to three years.

In fiscal 2004 (ended March 31, 2005), Kajima Corp.
(BB+/Stable/--), Taisei Corp. (BB+/Stable/--), Shimizu Corp.
(BBB-/Stable/--), and Obayashi Corp. (BBB-/Stable/--) recorded
an average 16% growth in construction orders, a level far
greater than that of smaller peers. Although an increase in
construction orders does not contribute directly to higher
profitability, the companies' downside risk in earnings has
fallen, and earnings fluctuation has been reduced following cost
cuts and elimination of unprofitable contracts.

"The medium-to-long term challenges for the Japanese
construction companies are to continue to cut costs and steadily
improve profit margins from the construction business," said
Standard & Poor's credit analyst Junko Miyakawa.

Based on the stabilized net profits of three of the rated
Japanese construction companies, as well as expectations for
continuing profitability improvement underpinned by ongoing debt
reductions over the next two to three years, Standard & Poor's
today upgraded Kajima, Taisei, and Shimizu (see "S&P Upgrades
Three Japanese Construction Firms On Restructuring Progress,"
published today). The ratings on Obayashi and two midsize
Japanese construction companies, Nishimatsu Construction Co.
Ltd. (BB+/Stable/--) and Maeda Corp. (BB+/Stable/--), remain
unchanged.

Japan's general construction companies have started to focus on
private finance initiatives (PFI) for future profit
contributions. They have also begun to shift their attention to
real estate development and overseas projects, which carry
higher risks. However, developing these businesses into stable
profit sources may be difficult due to their volatile nature.
Furthermore, such investments may serve to detract from profits
and hinder the progress in improvement of the companies'
financial profiles, as they seek a balance between price
structures, technology, and innovating design proposals.


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

ASIANA AIRLINES: New Talks May Avert State Intervention
-------------------------------------------------------
Asiana Airlines Inc. and unionized pilots have resumed talks
Wednesday to avoid government arbitration, Associated Press
relates, citing a union spokesman.

According to union spokesman Lee Sang-jun, they have to make a
progress with the negotiations in order to avert the
government's threat to use its special powers in the event the
conflicting parties don't reach an agreement.  The spokesman
said they were willing to make a good offer to Asiana.

A focus of the talks has been 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.

"The possibility is high that the two sides may reach an
agreement," said Labor Ministry spokesman Kang Woon-kyong.

He said as both sides have requested more time the government
has delayed its decision to step in.

If the strike continues, the government would undertake a step
used in industries considered critical to the economy by
immediately stopping the strike for 30 days.

Since the strike began July 17, around 2,000 domestic and 136
international flights were forcibly cancelled.  Even profitable
long-haul routes to New York and Los Angeles were cancelled.
About 90 of cargo flights were also cancelled.

CONTACT:

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


DAEWOO GROUP: Founder Admits to Accounting Fraud Charges
--------------------------------------------------------
Arrested Daewoo Group founder Kim Woo-choong admitted to most of
the charges filed against him before the Seoul Central District
Court Tuesday, reveals People's Daily Online.

Prosecutors cross-examined Mr. Kim during the court hearing over
suspicion that he directed the manipulation of accounting
figures of KRW27 trillion ($21 billion) and obtained KRW5.7
trillion in bank loans through falsified company documents.

Mr. Kim was also accused of remitting $15.7 billion in foreign
currency abroad without permission from the authorities.

Mr. Kim took responsibility for the accounting fraud charge.  He
said the group had no choice but to cook the books on fear that
it could not obtain bank loans easily if it accurately reported
its financial statements as it is experiencing financial
difficulties due to the 1997 Asian financial crisis.

When asked about the British Finance Center (BFC), which was
considered Kim's secret financial operation, Kim claimed that it
was an official organization to manage financial resources
abroad more efficiently.

Mr. Kim has been suspected of using some of the KRW25 trillion
diverted to the BFC to bribe politicians and other influential
figures in a desperate effort to bail out his trouble
conglomerate in 1999.

The founder was arrested upon his return to South Korea in June
after nearly six years of hiding abroad. Daewoo Group collapsed
in 1999 bearing US$80 billion debt.


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

ANCOM BERHAD: Purchases 97,500 Ordinary Shares
----------------------------------------------
Ancom Berhad issued to Bursa Malaysia Securities Berhad a notice
of shares buy back on August 3, 2005 with the following details:

Date of buy back: August 3, 2005

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

Total number of shares purchased (units): 97,500

Minimum price paid for each share purchased (MYR): 0.655

Maximum price paid for each share purchased (MYR): 0.695

Total consideration paid (MYR):

Number of shares purchased retained in treasury (units): 97,500

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

Cumulative net outstanding treasury shares as at to-date
(units): 12,082,100

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

CONTACT:

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


CAMERLIN GROUP: Receives Offer from CIMB-GK
-------------------------------------------
Camerlin Group Berhad informed Bursa Malaysia Securities Berhad
that its associated company, BIL International Limited (BIL) has
released announcement in relation to the mandatory conditional
cash offer by High Gloryinvestments Limited for BIL.

Click to view a copy of BIL's announcement dated August 3, 2005
http://bankrupt.com/misc/CamerlinGroup081005.pdf

This announcement is dated 3 August 2005.

CONTACT:

Camerlin Group Berhad
18 Jalan Perak
50450 Kuala Lumpur,
Malaysia
Telephone: +60 3 2164 2631
Fax: +60 3 2164 2514


DATUK KERAMAT: Denies Danaharta's Claims
----------------------------------------
Datuk Keramat Holdings Berhad refers to its letter dated August
1, 2005 in respect of Danaharta Urus Sdn Bhd (Danaharta).

Circumstances leading to the suit:

The Company had entered into a restructured facility agreement
with Danaharta. However the company plans to enter into a
proposed Debt Restructuring Scheme with the creditors of the
Company and sought the views of Danaharta.

After various meetings with Danaharta and based upon the
agreement of Danaharta to support the proposed Debt
Restructuring Scheme, the Company had appointed Merchant Bankers
and circulated the proposed Debt Restructuring Scheme to the
creditors of the Company including Danaharta. The Company will
issue ICULs under the proposed Debt Restructuring Scheme to its
creditors including Danaharta.

The Company had agreed with Danaharta that it would pay the sum
of MYR150,000 per month for the initial letter of offer of the
restructured facility to be suspended. The Company had complied
with its part of the agreement and Danaharta had accepted the
payments without any pre-conditions prior to the suit being
commenced. In breach of the agreement, Danaharta had commenced a
suit against the Company.

The Company contends that the suit filed by Danaharta is without
any merits or basis and the Company is therefore defending the
unfounded claims.

In the light of the above, the Company was of the view that
Danaharta's claim is without any merit and therefore the sum of
MYR88,384,865 is not due and owed to Danaharta and accordingly
the Company denies the statement stated in the abovementioned
article.

No cause of action:

The Company denies any sum is due and owed to Danaharta for the
reasons set out above. Danaharta had obtained a judgment before
the Senior Assistant Registrar. The company has appealed to the
High Court Judge.

The Company has also applied to strike out the claim by
Danaharta and the matter is before the High Court Judge.

The Company has applied to strike out the statement of claim on
the following grounds:

(a) The statement of claim does not give a detailed breakdown of
the alleged amount claimed;

(b) The statement of claim does not disclose a cause of action.

The Company will take all further necessary action to protect
its rights.

To view a full copy of query letter, click
http://bankrupt.com/misc/DatukKeramat081005.doc

CONTACT:

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


DFZ CAPITAL: Enters Into SPA with Naluri
----------------------------------------
DFZ Capital Berhad (formerly known as Sriwani Holdings Berhad)
(DFZ) issued to Bursa Malaysia Securities Berhad details of the
proposed disposal by Orchard Boulevard Sdn Bhd, a wholly owned
subsidiary of DFZ, of 4,000,000 ordinary shares of MYR1.00 each
in Blossom Time Sdn Bhd (BTSB) (BTSB shares) representing the
entire issued and paid-up share capital of BTSB to Naluri
Corporation Berhad (formerly known as Naluri Berhad) (Naluri)
for a total cash consideration of MYR150,000 (proposed BTSB
disposal).

(1) Introduction

The Board of Directors of DFZ disclosed that on August 3, 2005,
Orchard Boulevard Sdn Bhd (OBSB), a wholly owned subsidiary of
the Company has entered into a conditional sale and purchase
agreement (SPA) with Naluri for the disposal of 4,000,000 BTSB
Shares, representing the entire issued and paid-up share capital
of BTSB to Naluri for a cash consideration of MYR150,000
(Disposal Price).

The Disposal Price to be received pursuant to the Proposed BTSB
Acquisition was determined on a willing buyer-willing seller
basis after taking into account the unaudited net liabilities
and loss after taxation of BTSB for the six (6) month financial
period ended June 30, 2005 of MYR593 and MYR721 respectively.

No other liabilities will be assumed by Naluri pursuant to the
Proposed BTSB Disposal and the Proposed BTSB Disposal is
expected to complete by the end of this financial year.

(2) Salient terms of the SPA

The salient terms of the SPA are as follows:

(i) The BTSB Shares to be purchased by Naluri will be free from
interest or equity of any person (including among others, any
rights to acquire, option or rights of pre-emption) any
mortgage, deposit, charge, pledge, lien or assignment, or any
other form of encumbrance, priority or security interest or
arrangement of whatsoever nature and with all rights attaching
thereto;

(ii) The Disposal Price will be satisfied in the following
manner:

(a) Naluri will pay an Initial Deposit in the sum of MYR15,000
to OBSB within 30 days from the date of execution of the SPA;
and

(b) Naluri will pay OBSB the balance of the Disposal Price minus
the Initial Deposit in the sum of MYR135,000 as full and final
settlement upon the completion of the SPA.

(iii) The SPA is conditional upon, inter-alia, the following:

(a) Naluri shall within 90 days from the date of the SPA, make
the relevant applications to the following authorities for their
respective approvals:

(aa) The Foreign Investment Committee for the Proposed BTSB
Acquisition; and

(bb) The approval, consent, authorization or waiver from any
other authorities required for the completion of the SPA.

(b) The satisfactory due diligence audit by Naluri on BTSB
pursuant to the terms and conditions of the SPA.

(4) Information on BTSB

BTSB was incorporated on February 24, 1992 as a private limited
company in Malaysia under the Companies Act, 1965 (Act). BTSB
has an authorized share capital of MYR5,000,000 comprising
5,000,000 BTSB Shares, of which 4,000,000 BTSB Shares have been
issued and are fully paid-up.

BTSB is presently a wholly owned subsidiary of OBSB, which in
turn, is a wholly owned subsidiary of DFZ. As at July 21, 2005,
the Directors of BTSB are Mr. Wong Peng Yew, Mr. Kan Weng Hin
and Mr. Wong Soo Teong, Terry, all of whom do not hold any BTSB
Shares.

The principal activity of BTSB is that of resort development. As
at July 21, 2005, BTSB does not have any subsidiaries or
associated companies.

On December 10, 2004, BTSB completed the disposal of its
principal assets comprising three (3) parcels of vacant freehold
development land held under Lot 31 (Geran Mukim 29), Lot 478
(Geran 16796) and Lot 479 (Geran 16797), Mukim 17, Daerah Timur
Laut, Bandar Batu Ferringhi Pulau Pinang to Naluri for a
purchase consideration of MYR11.150 million for cash as part of
a restructuring scheme of DFZ.

The audited net liabilities and loss after taxation of BTSB
based on the latest audited financial statements of BTSB for the
financial year ended December 31, 2004 was MYR18.88 million and
MYR6.92 million, respectively. The net liabilities and loss
after taxation of BTSB mainly relates to the loss on disposal
arising from the disposal of the abovementioned land.

The net liabilities and loss after taxation of BTSB based on the
latest management accounts of BTSB for the six (6) month
financial period ended June 30, 2005 is MYR593 and MYR721
respectively.

(5) Information on OBSB

OBSB was incorporated on February 26, 1992 as a private limited
company in Malaysia under the Act. The principal activities of
OBSB is investment holding and resort development. As at July
21, 2005, OBSB's authorized share capital is MYR3,000,000
comprising 3,000,000 ordinary shares of MYR1.00 each in OBSB
(OBSB Shares), all of which have been issued and are fully paid-
up.

OBSB is a wholly owned subsidiary of DFZ. The Directors of OBSB
as at July 21, 2005 are Mr. Wong Peng Yew and Mr. Wong Soo
Teong, Terry, all of whom do not hold any OBSB Shares.

The original cost of investment of OBSB in BTSB is set out in
Table 1 herein

(6) Rationale

After the recent restructuring of DFZ, DFZ and its subsidiaries
(DFZ Group) intend to focus mainly on its core business of
running duty free operations. The principal activity of BTSB is
resort development and is not in line with the core business of
DFZ Group. The Proposed BTSB Disposal will enable DFZ to realize
a small profit on disposal, which will be used for working
capital purposes.

(7) Effects of the proposed BTSB disposal

The Proposed BTSB Disposal will not have any effect on the share
capital and shareholding structure of DFZ as the consideration
is in the form of cash.

The Proposed BTSB Disposal is not expected to have any material
impact on the net tangible asset (NTA) or NTA per share of DFZ
Group as well as any material impact on the earnings per share
of DFZ Group for the financial year ending December 31, 2005.

(8) Directors' and Major Shareholders' Interests

Pursuant to the Listing Requirements of Bursa Malaysia
Securities Berhad, the Proposed BTSB Disposal is considered a
related party transaction due to the following:

(i) Naluri is a major shareholder of DFZ; and

(ii) Dato' Khalid bin Mohamad Jiwa is a director of both Naluri
and DFZ, and was a major shareholder of DFZ in the past twelve
(12) months.

Save as disclosed above, none of the directors or major
shareholders of DFZ, or persons connected with them have any
interest in the Proposed BTSB Disposal.

(9) Approvals Required

The Proposed BTSB Disposal shall be conditional upon the
approval of the Foreign Investment Committee and any other
relevant authorities, where applicable.

(10) Directors' Statement

The Directors of DFZ (save for Dato' Khalid bin Mohamad Jiwa who
is deemed interested in the Proposed BTSB Disposal), having
considered all aspects of the Proposed BTSB Disposal, are of the
opinion that the Proposed BTSB Disposal is in the best interest
of the Company.

(11) Departure from Securities Commission's policies and

Guidelines on issue/offer of securities (SC Guidelines

There are no departures from the SC Guidelines.

(12) Documents for Inspection

The SPA will be made available for inspection at the registered
office of DFZ at 418 Chulia Street, 10200 Pulau Pinang during
normal office hours from Monday to Friday (except on public
holidays) for a period of three (3) months from the date of this
announcement.

To view a full copy of Naluri Berhad announcement, click
http://bankrupt.com/misc/NaluriBerhad081005.pdf

This announcement is dated 3 August 2005.


Table 1

The total cost and date of investment of OBSB in BTSB are as
follows:

Date of investment               Cost of investment
                                 RM

27.4.1992                        2

7.7.1992                         999,998

30.5.1997                        3,000,000

                                 4,000,000


HABIB CORPORATION: To Acquire Chuan Hup's Marine, Offshore Ops
--------------------------------------------------------------
Habib Corporation Berhad (Habib) issued to Bursa Malaysia
Securities Berhad details of the:

(I) Proposed acquisitions of the Marine Logistics and offshore
businesses of Chuan Hup Holdings Limited for a total purchase
price of SGD570,621,190 to be satisfied via a cash payment of
SGD485,621,190 and the issuance of 170,000,000 new ordinary
shares OF MYR1.00 each in the capital of Habib (Habib Shares) at
an issue price of MYR1.15 each.

(Proposed Acquisitions);

(II) Fund raising proposals comprising:

(A) The proposed issuance of 173,913,043 new Habib shares to
Scomi Group Bhd at an issue price of MYR1.15 each;

(B) The proposed renounceable rights issue of 74,000,000 new
Habib shares on the basis of one (1) new share for each existing
Habib share held at an issue price of MYR1.15 EACH;

(C) The proposed placement of up to 96,000,000 new Habib shares
to institutional investors (to be identified) at a minimum issue
price of MYR1.25 each;

(D) The proposed issuance of 160,000,000 new Redeemable
Convertible Cumulative Preference Shares of MYR0.01 each in the
capital of Habib (Habib RCCPS) to certain investors (to be
identified) at an issue price of MYR1.00 each;

(III) Proposed increase in the authorized share capital of Habib
from MYR100,000,000 comprising 100,000,000 Habib shares to
MYR802,000,000 comprising 800,000,000 Habib shares and
200,000,000 HABIB RCCPS; and

(IV) Proposed amendments to the Memorandum and Articles of
Association of Habib

((I) To (IV) are collectively referred to as the proposals)

On behalf of Habib, Commerce International Merchant Bankers
Berhad disclosed that the shareholders of Chuan Hup Holdings
Limited have approved the sale of their marine logistics and
offshore businesses to Habib at their Extraordinary General
Meeting.

This announcement is dated 3 August 2005.

CONTACT:

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


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

CONTACT:

Kilang Papan Seribu Daya Berhad
Lot 1, Harmoni Industrial Estate Inanam
88100 Kota Kinabalu, Sabah
Telephone: 088-423385
Fax: 088-423287


MBF HOLDINGS: Law Suit Concluded
--------------------------------
MBf Holdings Berhad (MBfH) issued to Bursa Malaysia Securities
Berhad an update on the Kuala Lumpur High Court Suit No.D5-22-
1818-2003 (MBfH vs Advent International Corporation (Advent) and
Atox Cards Sdn Bhd (Formerly known as Arab-Malaysian Capital
Markets Group Sdn Bhd) (ACSB) and Messrs Tay & Partners and MBF
Cards (M'sia) Sdn Bhd) (MBF Cards).

Further to the announcement on July 19, 2005, the Company
informed the bourse that a Notice of Discontinuance had been
filed for the abovementioned suit and that the hearing on August
2, 2005 vacated. Consequently the above matter has been
concluded.

Yours faithfully,

For and on behalf of
MBf Holdings Berhad
Ding Lien Bing
Company Secretary
3 August 2005

CONTACT:

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


PAN MALAYSIA: Repurchases Ordinary Shares
-----------------------------------------
Pan Malaysia Corporation Berhad issued to Bursa Malaysia
Securities Berhad a notice of shares buy back on August 3, 2005
with the following details:

Date of buy back: August 3, 2005

Description of shares purchased: Ordinary shares of MYR0.50 each

Total number of shares purchased (units): 2,500,000

Minimum price paid for each share purchased (MYR): 0.500

Maximum price paid for each share purchased (MYR): 0.515

Total consideration paid (MYR): 1,274,099.50

Number of shares purchased retained in treasury (units):
2,500,000

Number of shares purchased which are proposed to be cancelled
(units): 0

Cumulative net outstanding treasury shares as at to-date
(units): 31,466,900

Adjusted issued capital after cancellation (no. of shares)
(units): 0

CONTACT:

Pan Malaysia Holdings Berhad
Jalan P Ramlee
Kuala Lumpur, 50250
Malaysia
Telephone: +60 3 2031 6722
Fax: +60 3 2031 1299


PAN PACIFIC: Enters Into Conditional Disposal Agreement
-------------------------------------------------------
Pan Pacific Asia Berhad (PPAB) issued to Bursa Malaysia
Securities Berhad an update on:

- Proposed Acquisition;

- Proposed Exemption;

- Proposed Scheme of Arrangement with creditors;

- Proposed Scheme of Arrangement with shareholders;

- Proposed Restricted Issue;

- Proposed Listing Transfer; and

- Proposed Disposal/Liquidation

(collectively, the Proposed Restructuring Scheme)

(Unless otherwise indicated, specified or defined (or redefined)
in this Announcement, the definitions contained in the Company's
announcement dated December 15, 2004 shall apply throughout this
Announcement)

The company refers to the announcement dated December 15, 2004
in relation to the above matter. Under the terms of the Proposed
Restructuring Scheme which has been approved by the Securities
Commission vide its letters dated May 26, 2005 and June 16,
2005, Compugates Holdings Berhad (CHB) shall transfer the entire
issued and paid-up share capital of PPAB comprising 6,428,900
PPAB Shares to a special purpose vehicle to be identified upon
completion of the Proposed Acquisition, Proposed Exemption,
Proposed Scheme of Arrangement with Creditors, Proposed Scheme
of Arrangement with Shareholders, Proposed Restricted Issue and
Proposed Listing Transfer (Proposed Disposal/Liquidation).

This is to facilitate the disposal, winding-up and/or
liquidation of PPAB and its subsidiaries.

In relation thereto, Avenue Securities Sdn Bhd, on behalf of
PPAB, announced that Pacific Stage Sdn Bhd (PSSB), a special
purpose vehicle identified to facilitate the Proposed
Disposal/Liquidation and Compugates Holdings Berhad (CHB) had on
August 3, 2005 entered into a conditional disposal agreement for
the Proposed Disposal/Liquidation (SPA-Disposal).

The salient terms of the SPA-Disposal includes, inter-alia the
following:

(i) CHB agrees to sell and transfer to PSSB the entire issued
and paid-up share capital of PPAB for a nominal cash
consideration of MYR1.00;

(ii) The SPA-Disposal is conditional upon the following
conditions precedent being fulfilled on or before the date
falling eighteen (18) months from the date of Restructuring
Agreement or by such later date(s) as the parties may mutually
agree in writing:

(a) The Proposed Restructuring Scheme having become
unconditional when all the conditions precedent referred to in
the Restructuring Agreement have been fulfilled;

(b) The SPA-CSB has become unconditional; and

(c) The implementation and completion of the Proposed Scheme of
Arrangement with Shareholders;

(iii) The completion of the SPA-Disposal shall take place on the
date the entire enlarged issued and paid-up share capital of CHB
is listed on the Official List of the Main Board of Bursa
Securities in place of PPAB.

This announcement is dated 3 August 2005.

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


PILECON ENGINEERING: Unsecured Creditors in Favor of Scheme
-----------------------------------------------------------
On behalf of the Board of Directors of Pilecon Engineering
Berhad, Alliance Merchant Bank Berhad (Alliance) advised Bursa
Malaysia Securities Berhad that Pilecon has successfully
convened the Court Convened Meeting with its Unsecured Creditors
for the purpose of considering and, if thought fit, approving,
with or without modifications, the Scheme.

The Scheme has been approved without modifications by a majority
of the Unsecured Creditors present and voting with the support
of 93.33% in number of Unsecured Creditors representing 97.82
percent in value of the total indebtedness of Pilecon admitted
for purposes of voting.

The results of the poll conducted at the Court Convened Meeting
in respect of the Scheme are as follows:

The results of the poll conducted at the Court Convened Meeting
in respect of the Scheme are as follows:

         Number of Unsecured          Amount of total
         Creditors (present           indebtedness
         and voted)                   represented by
                               %      votes (RM)            %

For the        14           93.33     346,751,236.55      97.82
Scheme

Against         1            6.67       7,742,546.97       2.18
the
Scheme

Total         15           100.00      345,493,783.52    100.00

This announcement is dated 3 August 2005.

CONTACT:

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


PUNCAK NIAGA: SC OKs Proposed MGO Exemption
-------------------------------------------
Puncak Niaga Holdings Berhad (Puncak) issued to Bursa Malaysia
Securities Berhad an update on the Proposed Exemption sought by
Central Plus (M) Sdn Bhd and Persons Acting in Concert from the
Obligation to Undertake a Mandatory General Offer for the
remaining shares in Puncak not already owned by them, subsequent
to the implementation of the purchase by Puncak of its own
shares, as permitted under Practice Note 2.9.10 of the Malaysian
Code on Take Overs and Mergers 1998.

Aseambankers Malaysia Berhad, on behalf of Puncak, disclosed
that the Securities Commission (SC) via its letter dated July
28, 2005 (which was received on August 2, 2005), had approved
the Proposed MGO Exemption subject to the condition that Central
Plus (M) Sdn Bhd and Persons Acting In Concert, namely Tan Sri
Dato' (Dr) Rozali Ismail, Shaari Ismail, Dato' Mat Hairi Ismail
and Corporate Line (M) Sdn Bhd must at all times disclose to the
SC all acquisitions or purchases of the voting shares of Puncak
made by them in a 12-month period from the date of the granting
of the said exemption (July 28, 2005), as required under
paragraph (10), Practice Note 2.9.10 of the Malaysian Code On
Take-Overs And Mergers 1998.

This announcement is dated 3 August 2005.

CONTACT:

Puncak Niaga Holdings Berhad
Suite 1401-1406, 14th Floor
Plaza See Hoy Chan
Jalan Raja Chulan
50200 Kuala Lumpur
Phone: 03-20318648
Fax: 03-20784386
Web site: http://www.puncakniaga.com.my


PWE INDUSTRIES: 31st AGM Slated for August 26
---------------------------------------------
Notice is hereby given that the Thirty-First Annual General
Meeting of PWE Industries Berhad will be held at Ballroom I,
Santubong Kuching Resort, Jalan Santubong, 93748 Kuching,
Sarawak on Friday, August 26, 2005 at 9:00 a.m. for the
following purposes:

(1) To receive the Audited Financial Statements for the
financial year ended March 31, 2005 together with the Reports of
the Directors and Auditors thereon. Resolution 1

(2) To approve the payment of Directors' fees for the financial
year ended March 31, 2005. Resolution 2

(3) To consider and, if thought fit, to pass the following
resolution pursuant to Section 129(6) of the Companies Act,
1965:

"That pursuant to Section 129(6) of the Companies Act, 1965, YM
Tunku Dato' Seri Mahmud bin Tunku Besar Burhanuddin, who has
exceeded the age of seventy (70) years, be re-appointed as
Director of the Company and to hold office until the conclusion
of the next Annual General Meeting." Resolution 3

(4) To re-elect Mr. Nicholas John Lough @ Sharif Lough Abdullah
who shall retire pursuant to Article 91 of the Company's
Articles of Association. Resolution 4

(5) To re-appoint Messrs. Ernst & Young as Auditors of the
Company until the conclusion of the next Annual General Meeting
and to authorize the Directors to fix their remuneration.
Resolution 5

(6) As Special Business: Resolution 6

To consider and, if thought fit, to pass the following
resolution as Ordinary Resolution:

Ordinary Resolution

- Authority to allot shares pursuant to Section 132D of the
Companies Act, 1965

"THAT pursuant to Section 132D of the Companies Act, 1965, the
Directors be and are hereby empowered to issue and allot shares
in the Company, at any time and upon such terms and conditions
and for such purposes as the Directors may, in their absolute
discretion deem fit, provided that the aggregate number of
shares issued pursuant to this resolution does not exceed 10% of
the issued share capital of the Company for the time being and
that the Directors be and are also empowered to obtain the
approval for the listing of and quotation for the additional
shares so issued on the Bursa Malaysia Securities Berhad and
that such authority shall continue in force until the conclusion
of the next Annual General Meeting of the Company, subject
always to the Companies Act, 1965, the Articles of Association
of the Company and approval of all relevant regulatory bodies
being obtained for such allotment and issues."

(7) To transact any other ordinary business of which due notice
has been given in accordance with the Companies Act, 1965.

By Order of the Board
Yeo Puay Huang (LS 0000577)
Chua Siew Chuan (MAICSA 0777689)
Company Secretaries
Kuala Lumpur
4 August 2005

Explanatory Notes To Special Business

The above Ordinary Resolution, if passed, will empower the
Directors of the Company to issue and allot shares at any time
in their absolute discretion without convening a general meeting
provided that the aggregate number of shares issued does not
exceed 10% of the issued share capital of the Company for the
time being.

Notes:

(1) A member entitled to attend and vote at the meeting is
entitled to appoint one or more proxies to attend and vote in
his stead. A proxy may but need not be a member of the Company
and a member may appoint any person to be his proxy without
limitation and the provision of Section 149(1)(b) of the
Companies Act, 1965 shall not apply to the Company

(2) Where a member appoints two or more proxies, the
appointments shall be invalid unless he specifies the proportion
of his holdings to be represented by each proxy.

(3) Where a member of the Company is an authorised nominee as
defined under the Central Depositories Act, it may appoint at
least one proxy in respect of each securities account it holds
with ordinary shares of the Company standing to the credit of
the said securities account.

(4) The Form of Proxy, in the case of an individual, shall be
signed by the appointer or his attorney, and in the case of a
corporation, either under seal or under the hand of an officer
or attorney duly authorized.

(5) The Form of Proxy must be deposited at the Registered Office
of the Company at Lot 5428-5429, Block 16 KCLD, Lorong Lapangan
Terbang Baru 1, 93350 Kuching, Sarawak no later than forty-eight
(48) hours before the time appointed for the meeting or any
adjournment thereof.

CONTACT:

PWE Industries Berhad
Lorong Lapangan Terbang Baru 1
Level 16 Wisma Ting Pek Khiing
93350 Kuching, Sarawak 93100
Malaysia
Telephone: +60 82 450 908
Fax: +60 82 450 922


SATERAS RESOURCES: Appeals Court Order on Salwan Case
-----------------------------------------------------
The Board of Directors advised Bursa Malaysia Securities Berhad
that on April 1, 2005, Sateras Resources (Malaysia) Berhad filed
an action against Salwan Corporation Berhad and its target
shareholders in which relief sought include inter alia, a
declaration that the Definitive Agreement of May 9, 2003 entered
into between the company and Salwan and its target shareholders
in conjunction with the Company's restructuring scheme is still
valid and subsisting.

On April 1, 2005 Salwan purportedly issued a notice to terminate
the said Definitive Agreement on the ground that the Company had
failed to obtain the requisite sanction from the High Court
within the stipulated period, of which ground has yet been
determined by the Appellate Court.

Pending disposal of the case by the Court, the Company had on
April 5, 2005 obtained 2 ex-parte orders against Salwan and its
target shareholders restraining the parties from terminating the
Definitive Agreement and from publishing information relating to
the purported notice of termination. The ex-parte orders were
valid for 21 days and expired on April 25, 2005 on which date
the Company's applications for injunctions were fixed for inter-
partes hearings.

Salwan then made applications to set aside the ex-parte orders
which were also fixed for hearing on April 25, 2005 and which
were subsequently adjourned. Ad-interim orders were granted by
the Court to preserve the status quo of the matter pending the
hearing of the said application filed by the Company as well as
by Salwan.

On August 1, 2005, the High Court made the following orders in
respect of the matter referred to above:

(i) An Order dissolving the ad-interim injunctions granted to
the Company in relation to the Company's applications for
injunctions inter alia, to restrain Salwan from terminating the
Definitive Agreement and to restrain Salwan from publishing
information relating to the purported notice of termination of
April 1, 2005.

(ii) An Order dismissing the Company's inter partes application
for an interim injunction inter alia to restrain Salwan from
terminating the said Definitive Agreement.

(iii) An Order dismissing the Company's inter partes application
for an interim injunction inter alia to restrain Salwan from
publishing information relating to the purported notice of
termination of April 1, 2005.

(iv) An Order granting Salwan's application inter alia to set
aside the Ex-Parte Order of April 5, 2005 which amongst others,
restrained Salwan from terminating the Definitive Agreement and

(v) An Order granting Salwan's application inter alia to set
aside the Ex-Parte Order of April 5, 2005 which amongst others,
restrained Salwan from publishing information relating to the
purported notice of termination of April 1, 2005.

The Company has filed an appeal to the Court of Appeal against
the said Orders granted on August 1, 2005 in respect of the
injunctions. The Company clarified the bourse that the main suit
filed on April 1, 2005 against Salwan which seeks a declaration
that the purported termination of the Definitive Agreement is
invalid, is still pending determination.

CONTACT:

Sateras Resources (malaysia) Berhad
19 Jalan Pinang
50450 Kuala Lumpur, Kuala Lumpur 50450
Malaysia
Telephone: +60 3 2162 5288
Fax: +60 3 2161 8529


TRADEWINDS CORPORATION: Proposed Disposal of Shares Extended
------------------------------------------------------------
Tradewinds Corporation Berhad (TCB) disclosed to Bursa Malaysia
Securities Berhad an update on the proposed disposal by TCB OF
57,153,500 ordinary shares of MYR1.00 each in United Malayan
Land Bhd (UM Land) (Sale Shares), representing approximately
24.63 percent equity interest in the issued and paid-up share
capital of UM Land as at June 15, 2004, to Wawasan Perangsang
Mewah Sdn Bhd (WPM) for a total cash consideration of
MYR131,453,050 (Proposed Disposal).

On behalf of TCB, at the request of WPM, has agreed to extend
the date of completion of the second tranche of the Proposed
Disposal involving the remaining 28,892,630 Sale Shares to
September 30, 2005.

This announcement is dated 3 August 2005.


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

AYALA CORPORATION: Proposes Debt-Restructuring Strategy
-------------------------------------------------------
Ayala Corporation's officials have approved the firm's planned
issue of fixed-rate corporate bonds, which is still subject to
regulatory approval, The Manila Times reports.

The bond issue is part of a scheme to further pare down its debt
maturing this year.

The aggregate face value of the notes is Php3 billion. It will
be arranged by the First Metro Investment Corp. (FMIC) and Banco
de Oro Capital and Investment Corp.

An FMIC official previously confirmed that it is helping the
Ayala group's holding company finance the bonds. The proceeds,
the FMIC official said will be used for debt refinancing
purposes.

Ayala Corp.'s maturing debt has already dropped to US$80 million
from US$230 million in the first few months of the year.

AC said "the notes will be issued clean of any security and
subject to an optional redemption by the corporation in whole
[and not a part only] of the relevant outstanding notes on any
coupon payment date beginning from the third year anniversary
date from issue."

AC said the notes will have a maturity of five years and one day
and a coupon rate of 10 percent per annum. It will be issued to
not more than 19 primary institutional lenders, based on the
Securities and Regulations Rule 9.9 (2) (B) of the Amended
Implementing Rules and Regulations of the Securities and
Exchange Commission.

CONTACT:

Ayala Corporation
34F Tower One
Ayala Triangle Ayala Avenue
Makati City 1226 Philippines
Phone: (632) 848 5643
       (632) 848 5758
       (632) 841 5446
       (632) 841 5453
Fax: (632) 848 5846
E-mail: ong.jam@ayala.com.ph
Web site: http://www.ayala.com.ph


COLLEGE ASSURANCE: SEC Takeover Not The Ultimate Solution
---------------------------------------------------------
A committee formed by the Securities and Exchange Commission to
oversee the embattled College Assurance Plans Philippines Inc.
(CAP) said the planned management takeover is not an assurance
the planholders will be paid in full, The Manila Times says.

The regulator's third oversight committee said in a report that
if CAP is liquidated at this time, the liquidation proceeds can
only cover 27 percent of the premiums of the pre-need firm's
plan holders.

SEC Secretary Gerard Lukban said although a management takeover
is still the best solution to the problem, it will not be a
perfect one.

According to Sec. Lukban, a management takeover of CAP may
eventually lead to the liquidation of the Company's assets.
However, CAP's fate still hinges on the pre-need firm's real
financial status, which the SEC has yet to determine.

Sec. Lukban said the regulator's management committee cannot be
held liable for losses incurred by the company unless there was
gross negligence or fraud on the part of the committee.

Meanwhile businessman and self-styled consumer advocate Raul T.
Concepcion lent his support to the government takeover of the
preneed firm.

He said the move underlines the lack of transparency in CAP's
operations and financial situation, six months after it admitted
to be in default.

Despite this admission, CAP has been unable to disclose the
exact number of its plan holders, the actual amount of maturing
plans due for school years 2006 to 2010, and the level of the
company's actuarial reserve liability, Mr. Concepcion pointed
out.

He said a SEC takeover of the preneed firm is needed to protect
plan holders and may help address CAP's depleted trust fund.

There must a reputable and internationally recognized accounting
firm to examine and verify the actual financial condition of
CAP's trust funds, he said.

CONTACT:

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


NATIONAL BANK: SEC Denies Petition for Exemptive Relief
-------------------------------------------------------
Philippine National bank (PNB) issued this announcement in
reference to the news article entitled "SEC to reject PNB
request for extension of warrants" published in the August 9,
2005 issue of the Manila Times.

The article reported in part that:

"The Securities and Exchange Commission is expected to
disapprove the request of the Philippine National Bank to extend
the warrant on its shares, asserting that the request would
violate the bank's contract with its shareholders.

"This [extension] could be altering the terms of contract they
entered into with the stockholders [the group of tycoon Lucio
Tan, Philippine Deposit Insurance Corp. (PDIC) and the
government]," a SEC official said, referring to the bank's
request to extend its warrant until May 3, 2007.

"The warrant, which is an option to buy the bank's shares at an
agreed-upon date and price, is scheduled to lapse on November
16, 2005. The bank requested a warrant extension to accommodate
the affectivity of the agreement signed between the government
through the Department of Finance, PDIC and the Lucio Tan
group."

Philippine National Bank (PNB), in its letter dated August 9,
2005 advised the Exchange that:

"We have received a copy of SEC Resolution No.366, s. of 2005
which denied our request for exemptive relief to extend the
exercise period of our Warrants pursuant to Rule 72 of the
Amended Implementing Rules and Regulations of the Securities
Regulation Code. For the reasons stated in the foregoing SEC
Resolution, the gist of the article cited regarding the denial
of PNB's petition for exemptive relief is basically correct."
CONTACT:

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


NATIONAL BANK: Tycoon May Seek Approval to Match Highest Bid
------------------------------------------------------------
A group headed by business tycoon Lucio Tan is expected to
request the Monetary Board's (MB) approval of the Bangko Sentral
ng Pilipinas (central bank) offer to match the highest bid for
the 67-percent stake in the Philippine National Bank (PNB), The
Philippine Star reports.

Mr. Tan has an option to have a pre-clearance from MB to avoid
any problem if he matches other groups' bids. Mr. Tan may use
another corporation as long as it complies with the 40-percent
ownership ceiling imposed under BSP rules.

The government and the Tan Group are jointly selling the PNB
shares on Friday, Aug. 12, for at least Php11 billion. The sale
is an offshoot of an agreement in 2001 when the government
helped Tan and bailed out PNB. The stake to be sold is evenly
owned by Tan and the government.

Upon request of the Philippine Deposit Insurance Corp. (PDIC),
all interested parties who want to participate in the bidding
for PNB shares will have to seek the approval of the MB to avoid
future "conflicts" in the future.

Meanwhile, the MB has approved the application of Union Bank of
the Philippines and its partner, US-based foreign investment
bank, AvenueAsia Capital Group, to bid for the joint sale of
PNB.

There are no other banks that have submitted an application with
the BSP to participate in the bidding for PNB shares.


NATIONAL BANK: Court Clears 'Jawo' of Php400-Mln Loan Obligation
----------------------------------------------------------------
The Court of Appeals (CA) has cleared former senator Robert
Jaworski ("Jawo") of assertions by a former business partner
that he should share in repayment of more than Php400-million
loans from the Philippine National Bank (PNB).

According to The Philippine Star, the CA affirmed an earlier
ruling of the Manila Regional Trial Court (RTC) that Jawo and
his wife were no longer bound by obligations of the shipping
firm, Supreme Marine Co. Inc. (SMCI), after he "divorced"
himself from his business partners, Doroteo Gaerlan and his wife
Marilen, in August 1998.

The CA said the PNB had freed Mr. Jaworski and his wife from
their obligations by virtue of a board resolution dated May 13,
1999, as attested by PNB board secretary Roderick Salazar III.

Salazar's statements were corroborated by PNB Vice President
Arsenia Banaag, who stated that the Jaworskis had been released
in their personal capacities and as officers of SMCI from any
liabilities with the bank.

The CA gave weight to the testimonies of the two PNB executives.

Court records showed Mr. Jaworski signed a memorandum of
agreement with Mr. Gaerlan in August 1998 to formally dissolve
their "joint and solidary" agreement two years after entering
into a shipping venture and organizing SMCI in March 1995.

On Feb. 25, 1997, Mr. Jaworski and Mr. Gaerlan signed a joint
agreement prepared by the PNB.

For more than two years, the management, control and operations
of SMCI fell exclusively on Mr. Gaerlan because of his
experience in the shipping business.

In August 1998, Mr. Jaworski and Mr. Gaerlan agreed to a
"business divorce," and Mr. Jaworski agreed to give up his share
in Arabian Horse II to Mr. Gaerlan who assumed all the loans
related to the vessel.

Mr. Jaworski and Mr. Gaerlan related to the PNB their execution
of a memorandum of agreement with the information that the $4
million loan should be shouldered exclusively by Mr. Gaerlan.

PNB officials met with Mr. Jaworski and he was informed that
they would endorse to the board his request for a release and
likewise agreed to restructure the loan for Mr. Gaerlan.

The bank proceeded to transact business with the Gaerlans under
the restructured loan terms, but the MGG and the SMCI failed to
make payments to the PNB, prompting the bank to foreclose on the
collaterals.

The Gaerlans ran short by several millions of pesos and asked
the Jaworskis to help shoulder part of the obligation, which led
the Jaworskis to file a case for declaratory relief before the
Manila RTC to protect their rights and interests.

In July 2002, Mr. Jaworski's loan obligation with the PNB was
raised as a reason for his defection to the administration,
which eventually established the majority bloc in the Senate and
caused Franklin Drilon to be elected Senate president.


NATIONAL FOOD: Braces for Lean Months
-------------------------------------
The National Food Authority established a Monitoring and
Enforcement Task Force to intensify its monitoring efforts to
put order and instill discipline in the grains industry
especially during lean months.

Twenty-eight grains businessmen were apprehended by the members
of the task force. Violations include rebagging, no NFA license,
non-renewal of license and non-display of signboard. Penalty
means indefinite suspension of NFA accreditation and a fine of
not less than Php1,000 and a maximum of Php4, 000.

The agency also strategically injects rice in areas where supply
tends to be insufficient therefore prevents unnecessary increase
in the commodity.

According to the Bureau of Agricultural Statistics, the average
rice produced in the province is 25, 133, 939 metric tons
annually and the average consumption is 114.14 kg per person
annually. To help compensate the shortage in supply, the NFA
imports rice from Vietnam.

CONTACT:

National Food Authority
101 E. Rodriguez Sr. Ave.,
Quezon City, 1100
Philippines
Web site: http://www.nfa.gov.ph/


NATIONAL FOOD: Notes 76% Actual Rice Arrivals
---------------------------------------------
More than 1.3 million metric tons of rice contracted by the
government through the National Food Authority have arrived the
various disports in the country.

This was reported by NFA administrator Gregorio Y. Tan, Jr.,
citing an accomplishment of 76% in actual arrivals as the
country has slated to import a total of 1.742 million metric
tons (MMT) this year. The balance of more than 455,800 MT is due
to arrive until September this year.

Tan said the imports come from Vietnam, Pakistan and Thailand.
The imports will beef -up government stocks especially at this
time of lean production in most parts of the country.

Several biddings had been held by the agency for interested
supplies of the rice, which is of good quality at 15% and 25%
brokens.

This month, a total of more than 314,000 MT are due to arrive in
the designated disports.

Discharging operations will resume after suspension for several
days due to the rains, he added.

Tan assured that the country's rice supply remain stable with
the arrival of the imports, which have been programmed for
distribution especially in the deficit and non-production areas.
The imports will substantially contribute to supply stability at
this time when the country is visited by about 18 to 22
typhoons, which destroy agricultural crops in many provinces


NATIONAL POWER: Benguet to Sell Off Assets
------------------------------------------
The Benguet Provincial Board (PB) is set to auction off National
Power Corporation's (Napocor) assets after the firm failed to
pay franchise taxes to the province, the SunStar Daily has
learned.

The PB adopted a proposal from the committee on ways and means
recommending that Governor Borromeo Melchor and Provincial
Treasurer Mauricio Ambanloc assess the real properties of
Napocor in the province and auction them off in accordance with
the Local Government Code.

The committee also suggested that the province's claim be
annotated in all the tax declarations of Napocor.

The PB earlier asked Napocor, through the Power Sector Assets
and Liabilities Management Corp. (PSALM), to pay around Php54
million in franchise taxes it owes to te province. The amount
includes interests and surcharges accumulated since 1995.

The board officials warned the province would exercise options
to possess and sell Napocor's properties should the power firm
fail to settle the amount.

PSALM, the state agency tasked to handle Napocor's
privatization, claimed it is exempted from paying taxes and
franchise dues as provided by Republic Act 9136 or the Electric
Power Industry Reform Act (EPIRA).

But Provincial Legal Officer Arthuro Bataclao refuted this
contention, saying the passage of the Local Government Code
withdrew such an exemption. He also said that since Napocor is
not yet abolished pursuant to the EPIRA Law, it maybe
appropriate that the franchise taxes be demanded from Napocor
and PSALM.

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: Explores All Geothermal Fields
-----------------------------------------------------
National Transmission Corporation (TransCo) is exploring all
geothermal fields in the Visayas for possible construction of
geothermal power plants to address the growing demand and save
money, according to Freeman News.

TransCo President Alan Ortiz said that the government could save
as much as Php7.2 million annually in fuel costs just by
operating geothermal plants in the Visayas alone.

TransCo is currently focusing on the construction of the Leyte-
Mindanao interconnection, which is expected to provide
additional power to Mindanao with around 200MW to 400MW
capacity.

TransCo officials also announced recently that before the end of
the month, the Leyte-Cebu Interconnection Uprating Project,
which is expected to double the carrying capacity of the
existing cables from 200MW to 400MW, would be inaugurated and
operational.

They said all the works for the project are 100 percent done and
they are expected to energize it by August 23.

CONTACT:

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


PHILIPPINE AIRLINES: Touts Experience in New Ad Campaign
--------------------------------------------------------
Philippine Airlines recently rolled out a new advertising
campaign anchored on the flag carrier's decades-long experience
in serving the nation and the flying public.

The dual-media campaign, covering print and radio, expounds on
PAL's current tagline "It's about experience" by highlighting
some of the airline's most important service attributes, honed
by 65 years of experience.

The print campaign comprises a series of four advertisements,
each running for up to three weeks in major PAL markets.

The ads sport a uniform look, with the main visual showing an
aspect of PAL's modern service set against a sepia-toned image
from the company archives, which depicts the same attribute in
the setting of a long-gone era.

"By juxtaposing images of our past and present service, we are
conveying to the public that when they fly PAL, they are flying
with an airline that knows the business inside out," said PAL
executive vice president Henry So Uy. "Our passengers can only
benefit from this wealth of experience."

The first ad, which debuted this week, touts the flag carrier's
superior flight-deck, cabin-crew and technical skills, products
of years of rigid training, as well as its fleet of modern
aircraft.

The value to customers is aptly captured in the phrase "gentle
landings" - a trademark skill of PAL pilots - and portrayed by
an image of a pregnant passenger with her son snugly asleep
beside her.

Subsequent advertisements highlight the airline's inflight and
on-ground conveniences; the ease of connection between
international and domestic flights; and even its role in
reuniting families, a nod to PAL's status as the largest carrier
of balikbayan traffic to the Philippines.

The print ads are supplemented by 30-second radio spots, in
English and Tagalog versions, focusing on the same key points.

The launch of the ad campaign leads up to PAL's 65th anniversary
next March 15, when the company celebrates a milestone in its
history. Founded in 1941, PAL is Asia's oldest active airline, a
pioneer in commercial aviation and a longtime partner in nation-
building.

CONTACT:

Philippine Airlines
Mabuhay Miles Service Center
Ground Floor, Philippine Airlines Center
Legazpi Street, Legaspi Village
Makati City 0750, Philippines
Phone : Manila (632) 817-8000
       USA/CANADA 1-800-747-1959
Fax : (632) 818-4921 ; 893-6884
E-mail : mabuhaymiles@pal.com.ph
Web site: www.philippineairlines.com


PHILIPPINE AIRLINES: Enhances Service to First Class Travelers
--------------------------------------------------------------
Philippine Airlines is proud to unveil a new, fresh and refined
design of its Amenity Kits for First Class and Mabuhay
(Business) Class on all its long-haul flights this September. "A
Touch of Luxury and Comfort" is the theme of the new kit that
addresses the demand for a plush and pampered in-flight
experience.

First Class and Mabuhay Class passengers will receive a kit
packed in a sleek and elegant zipper case containing top of the
line items aimed to promote their well-being onboard. The new
kit carries essentials for travel including toiletries from
BVLGARI's Eau Parfum‚e Au Th‚ Vert collection. It includes a
refreshing towel, body lotion and cologne all infused with the
revitalizing properties of green tea, giving a sensation of
exclusive comfort and vitality.

Other grooming items are also provided to give a further touch
of comfort. These include a foldable hairbrush and mirror, comb
and dental set (toothbrush and toothpaste). Knitted socks and
slumber mask make up the entire package.

Philippine Airlines aims to create a one-of-a-kind travel
experience by providing a touch of luxury and comfort through
this collection of beauty and hygiene. This creation marks a
celebration of the airline's constant commitment to quality and
the spirit of distinction.


UNIWIDE HOLDINGS: Axed Workers Run to DOLE's Aid
------------------------------------------------
Around 270 sacked employees of Uniwide Holdings Inc. have asked
the Department of Labor and Employment (DOLE) to help them claim
their entitlements, BusinessWorld reports.

Deo M. Tiongson, president of the Uniwide Sales Employees Union,
confirmed the workers have sought mediation hearings at the
National Conciliation and Mediation Board after Company
officials failed to provide adequate monetary remuneration to
the retrenched employees.

The union also filed a notice of strike with the agency should
the issue remained unresolved.

Mr. Tiongson told BusinessWorld that most of the retrenched
employees have an average 20 years of employment (at Uniwide)
and must have been given an equal amount of benefit for each
year of service they rendered. But management said they can only
provide as much as six years' worth benefits.

Uniwide officials claimed the Company cannot afford to give the
full benefits since Uniwide is still under receivership.

About the Company

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

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

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

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

CONTACT:

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


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

CITIRAYA INDUSTRIES: Seeks to Spread Debt Repayment Over 5 Years
----------------------------------------------------------------
As part of a proposed scheme arrangement to repay its creditors,
waste recycling firm Citiraya Industries Limited is seeking to
distribute the SGD50 million debt over five years in six-month
installments, Channel News Asia reports.

In the scheme of arrangement, which was filed on Aug. 8, the
Company is proposing that the distribution start on Sept. 30,
2005. After five years, Citiraya would also repay its creditors
with the money it recovers in legal proceedings against certain
employees and officials linked to possible fraud.

But if the parties are not in agreement, and Citiraya cannot
find a white knight to invest in the firm, then it would arrange
to sell its assets, the proceeds of which would go to its
creditors. If shareholders and regulators don't approve of the
asset sale, then the Company would hire a liquidator to dispose
of its assets.

According to the Company, the cash distribution would amount to
a full and final settlement of creditors' claims against it;
however, creditors who hold more than 25% of the Company's debts
are against some elements of its proposed scheme of arrangement.

Citiraya is currently negotiating with these creditors to
resolve the dispute, which means that its proposed scheme may
need to be amended.

Meanwhile, two potential "white knights" are in the process of
carrying out due diligence on the Company.

CONTACT:

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


OVERSEAS ENTERPRISE: Creditor Seeks to Wind Up Business
-------------------------------------------------------
Notice is hereby given that Traders Consulting Services Pte
Limited, a creditor of Overseas Enterprise Holdings Pte Limited
filed a winding up petition against the Company on April 25,
2005.

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

Any creditor or contributory of the Company desiring to support
or oppose the making of an order on the Petition may appear at
the time of hearing by himself of his Counsel for that purpose.

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

The Petitioner's address is 20 Upper Circular Road, #03-10/11
The Riverwalk, Singapore 058416.

The Petitioner's Solicitors are Messrs Edwin Seah & KS Teo of
101 Cecil Street, #12-06 Tong Eng Building, Singapore 069533.

Edwin Seah & KS Teo
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 the Petitioner's
Solicitors, Messrs. Edwin Seah & KS Teo, notice in writing of
his intention to do so. The notice must state the name and
address of the person, or, if a firm, the name and address of
the firm, and must be signed by the person or firm, or his or
their Solicitors (if any) and must be served, or if posted, must
be sent by post in sufficient time to reach the solicitors not
later than 12:00 pm. Of Aug. 11, 2005 (the day before the day
appointed for the hearing of the Petition).


REGIONAL-BEING: Creditor Files Winding Up Petition
--------------------------------------------------
Notice is hereby given that a Petition for the Winding Up of
Regional-Being Semiconductors Pte Limited by the Singapore High
Court was filed on July 28, 2005 by Company creditor Louis Yen
Singapore Pte Limited.

The Petition is to be heard before the Court sitting on Aug. 19,
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 such purpose.

A copy of the Petition will be furnished to any Company Creditor
or Contributory requiring the same by the undersigned on payment
of the regulated charge for the same.

The Petitioner's address is 60 Kaki Bukit Place, #04-01 Eunos
Techpark, Singapore 415979.

The Petitioner's solicitors are Messrs. UniLegal LLC of 24
Raffles Place, #19-06 Clifford Centre, Singapore 048621.

Messrs. Unilegal LLC
Solicitors for the Petitioner

Note:

Any person who intends to appear at the hearing of the Petition
must serve on or send by post to solicitors Messrs. UniLegal LLC
of 24 Raffles Place, #19-06 Clifford Centre, Singapore 048621,
notice in writing of his intention so to do. 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. 18, 2005 (the day
before the day appointed for the hearing of the Petition).

CONTACT:

Regional-Being Semi-Conductors Pte lIMITED
1 Rochor Road
#02-622 Rochor Center
Singapore 180001
Phone: 65 62954388
Fax:   65 62952128


STAMFORD OVERSEAS: Court Orders Winding Up
------------------------------------------
In the matter of Stamford Overseas Development Pte Limited, the
Singapore High Court issued a winding up order against the
Company on July 22, 2005 with the following details:

Name and address of Liquidator: The Official Receiver
The URA Centre (East Wing)
45 Maxwell Road #06-11
Singapore 069118

Messrs. EDWIN SEAH & KS TEO
Solicitors for the Petitioner
101 Cecil Street #12-06
Tong Eng Building
Singapore 069533

Note:

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

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


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

EMC: Directors Amend Terms of Convertible Debentures
----------------------------------------------------
EMC Public Company Limited unveiled to the Stock Exchange of
Thailand (SET) that the Board of Directors meeting held on June
27, 2005 resolved the amendment of terms and conditions of the
convertible debentures, EMC Public Company Limited Convertible
Debentures no. 1 to be Due in 2011  (Terms of CD).

The convertible debentures were issued in accordance to the
rehabilitation plan approved by the Central Bankruptcy Court
regarding the terms of convertible debentures as stated in
clause 4.1.1 of the Terms of CD as follows.

Previous Terms

Date of conversion:

Under the provision stated in the terms, convertible debenture
holder has the right to convert the debentures to ordinary
shares on the dates of conversion stated below. The right of
convertible debenture holder in converting the convertible
debentures to shares and/ or in receiving cash in accordance
with clause 4.4 in the terms of right will be called conversion
right, and to follow the provision of this term, the convertible
debenture holder may use the conversion right on June 30 and
December 30 of every year.

The convertible debenture holder was able to use the conversion
right for the first time on June 30, 2002.

However, the last time of conversion date will be on
October 19, 2011 according to the condition in clause 4.2.1.

The following are the amendments:

Date of conversion:

Under the provision stated in the terms, convertible debenture
holder has the right to convert the debentures to ordinary
shares on the date of conversion as stated below. The right of
convertible debenture holder in converting the convertible
debentures to shares and/ or in receiving cash in accordance
with clause 4.4 in the terms of right will be called conversion
right, and to follow the provision of this term, the convertible
debenture holder may use the conversion right on every working
day of the company, and the last time of conversion date will be
on October 19, 2011 according to the condition in clause 4.2.1.

The Company informed the SET that the Term of Conversion Right
has been amended under the consent of the Shareholder, Bangkok
Bank Public Limited, on July 6, 2005 and acknowledged by
Securities and Exchange Commission, Thailand and The Stock
Exchange of Thailand on August 9, 2005. Thus the amendment of
the Term of Conversion Right will be effective as from July 6,
2005 onwards.

Please be informed accordingly.

Yours faithfully,
Lt. Gen. Samang Thongpan
Director

CONTACT:

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


INTER FAR EAST: Posts 2Q Financial Statement
--------------------------------------------
Inter Far East Engineering Public Co. Ltd. furnished the Stock
Exchange of Thailand (SET) a summary of its Reviewed Quarterly
Financial Statements for the second quarter.

Inter Far East Engineering Public Company Limited
Ending June 30
(In thousands)

                      Quarter 2            For 6 Months

Year                2005        2004    2005        2004

Net profit (loss)  11,091       22,197       20,954      137,012

EPS (baht)           0.27         0.54         0.51         3.36

Type of report: Unqualified Opinion

Comment: Please see details in financial statements, auditor's
report and remarks from SET SMART.

"The company hereby certifies that the information above is
correct and complete. In addition, the company has already
reported and disseminated its financial statements in full via
the SET Electronic Listed Company Information Disclosure
(ELCID), and has also submitted the original report to the
Securities and Exchange Commission."

Mr. Narong Taychachaiwong
Mr. Suthep Dansiriviroj
Director
Authorized to sign on behalf of the company

CONTACT:

Inter Far East Engineering Pcl
29 Soi Jitranukhroh,
Ramkhamhaeng 22 Road, Bang Kapi Bangkok
Telephone: 0-2318-3272
Fax: 0-2318-0574
Web site: http://www.ifct.co.th


PACIFIC ASSETS: Replies to SET's Request
----------------------------------------
Following the request from the Stock Exchange of Thailand (SET),
Pacific Assets Company Limited disclosed an information
regarding the selling price of the Company's assets in the
amount of THB3,220 million and reasons why the conditions has
not been disclosed immediately after the Board of Directors had
a resolution in the June 27, 2005 meeting.

The company clarified the following to the SET:

(1) Conditions regarding the selling price of the Company's
assets amounting to THB3,220 million are as follows:

(1.1) Interested investors will purchase all of the assets and
cannot purchase either one of the assets at the price which is
agreed by the Company and interested investors. At the sale of
assets and investments of the Company, Liabilities in relation
to Assets will be deducted from the price of assets at the
closing date of the sale. In case of purchasing the common
shares of a company that owns such asset, Liabilities in
relation to Assets, accountability in relation to the company
owner and Cash balance will be deducted at the closing date of
the sale.

Moreover, Account Receivable and Cash Received from the Company
as at June 30, 2005 after deducting Expenses will be rightfully
assumed by the purchaser. The above-mentioned price based on the
assumption that all disposed assets and related business are
without liabilities and charges and the Company who owns those
disposed assets has no liabilities and charges.

(1.2) Income from selling the assets of the Company might be
reduced if there is a breach of representations and warranties
due to the incorrect information given by the Company in
relation to disposed assets. In the Engagement Letter with
Lehman Brothers (Thailand) Ltd., Retention of 10 percent of the
purchasing amount of the disposed assets for a period of 1 year.

This condition had been agreed upon because those assets are
over 15 years, in this regard, there might be possible damage
incurred (which varies from the information given at the
purchasing date).

The purchaser, therefore, will provide a bank guarantee of the
same amount to the seller, which will be refunded to the seller
at the expiry date if there is no damage incurred according to
the breach of representations and warranties.

(1.3) The Company will have expenses involved in selling
disposed assets at the approximate amount of THB100 million,
including expenses in arranging for the due diligence for the
disposed assets and fees to be paid to the consultants, i.e.
Independent Appraiser (C.B. Richard Ellis Co. Ltd.), Manager and
Sale Administrator (Far East Advisory Co., Ltd.), Independent
Financial Advisor (Siam City Securities Co., Ltd.) and Legal
Advisor (White and Case (Thailand) Co., Ltd.).

(2) The Company did not disclose the conditions firstly after
the Board of Directors had as resolution because:

(2.1) In the Engagement Letter, the condition specified therein
did not allow us to disclose such information to the public.
However, when the Stock Exchange of Thailand requested our
cooperation to disclose conditions in the Engagement Letter to
the public, the Company then informed Lehman Brothers (Thailand)
Ltd. for the necessity to disclose those information which had
been relaxed.  The Company then disclosed those information to
the public.

(2.2) For the Retention of 10 percent of the purchasing amount
of the disposed assets of THB3,220 million, the Company
considered this condition as normal business practice and will
not have major a negative impact to the purchasing amount.  In
this case, the purchaser will get benefit from the retention
only when there is damage incurred according to the breach of
representations and warranties.  Consequently, the retention
will be refunded to the Company in full amount.  The case of
breach of representations and warranties will not occur because
the Company intends to provide full and complete information
related to the disposed assets.

(2.3) For the expenses involved in selling disposed assets at
the approximate amount of THB100 million, it is not involved
with the Engagement letter with Lehman Brothers.  Such expenses
are approximate amount that the Company is obliged to pay to the
parties involved in selling disposed assets.

Please be informed accordingly.

Sincerely yours,
Mr. Alex Te-Heng Ho
Vice Chairman

CONTACT:

Pacific Assets Public Company Limited
Two Pacific Place, Floor 23,
142 Sukhumvit Road,
Khlong Toei, Bangkok
Telephone: 0-2254-9900
Fax: 0-2254-9909, 0-2254-9287


PREECHA GROUP: Books THB5,778,000 in Net Profit
-----------------------------------------------
Preecha Group Public Co. Ltd. issued to the Stock Exchange of
Thailand (SET) a copy of its Reviewed Quarter 2 and Consolidated
financial statement.

Preecha Group Public Company Limited
Reviewed Ending June 30
(In thousands)

                        Quarter 2         For 6 Months
Year                 2005      2004      2005        2004

Net profit (loss)     5,778    24,916    (192)    33,744

EPS (baht)             0.04    0.22      (0.00)     0.30

Type of report: Unqualified Opinion

Comment: Please see details in financial statements, auditor's
report and remarks from SET SMART.

"The company hereby certifies that the information above is
correct and complete. In addition, the company has already
reported and disseminated its financial statements in full via
the SET Electronic Listed Company Information Disclosure
(ELCID), and has also submitted the original report to the
Securities and Exchange Commission."

Authorized to sign on behalf of the company

CONTACT:

Preecha Group Public Company Limited
1919 Pattanakarn Road, Suan Luang Bangkok
Telephone: 0-2722-8855
Fax: 0-2722-8844-5
Web site: http://www.preecha.com


THAI PETROCHEMICAL: Creditors to Manage Unit's Stake Sale
---------------------------------------------------------
Creditors of Thai Petrochemical Industry Public Company Limited
(TPI) was chosen to manage the sale of TPI Polene Pcl's 249
million shares following a failed electronic auction Tuesday,
reports Bangkok Post.

According to Siri Jirapongphan, a planning team member, they
have decided to for the creditors to manage the sale since they
think it is difficult to gain over $250 million of proceeds.

The planner earlier expected that the sales of TPI Polene shares
should generate more than $250 million, the debt repayment
amount set in the rehabilitation plan of TPI, Thailand's most
indebted company after the 1997 economic crisis.

If the shares are sold for more than $250 million, TPI will reap
a capital gain. If no one can sell the shares for more than $250
million, the creditors will then receive the right to manage the
actual shares, and the $250 million debt will be written off the
TPI balance sheet.

The share sale is part of the $2.7 billion debt restructuring
plan of TPI.  The proceeds would be used as debt repayment to
TPI creditors.  Once the official rights transfer of the TPI
Polene shares has been done, TPI would no longer have a hand on
TPI Polene shares.

Mr. Siri said the planning team was still confident that TPI
could come out from rehabilitation by next month.

CONTACT:

Thai Petrochemical Industry Pcl
TPI Tower, Floor 8, 26/56
New Jun Road, Thungmahamek, Sathon Bangkok
Telephone: 0-2678-5000, 0-2678-5100
Fax: 0-2678-5001-5
Web site: http://www.tpigroup.co.th





                            *********


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

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

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

This material is copyrighted and any commercial use, resale or
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                 *** End of Transmission ***